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7IM
OPPORTUNITY
FUNDS
Annual Report and Audited Financial Statements
for the year r ended 31 May 202 6
7IM Real Return Fund
7IM Select Moderately Cautious Fund
7IM Select Balanced Fund
7IM Select Moderately Adventurous Fund
7IM Select Adventurous Fund
7IM Pathbuilder 1 Fund
7IM Pathbuilder 2 Fund
7IM Pathbuilder 3 Fund
7IM Pathbuilder 4 Fund
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7IM OPPORTUNITY FUNDS
7IM OPPORTUNITY FUNDS
DIRECTORY
Authorised Corporate Director (‘ACD’) Seven Investment Management LLP 4th Floor 1 Angel Court London EC2R 7HJ (Authorised and regulated by the Financial Conduct Authority)
Address for correspondence: Seven Investment Management LLP Sunderland SR43 4BG
Members of the Board of Seven Investment Management LLP A. Grace (Non-executive Chair) D. Proctor (Executive) D. Walker (Executive) D. Young (Non-executive)
Depositary Northern Trust Investor Services Limited 50 Bank Street Canary Wharf London E14 5NT (Authorised and regulated by the Financial Conduct Authority)
Registrar & Administrator Northern Trust Global Services SE (UK Branch) 50 Bank Street London E14 5NT (principal place of business)
Independent Auditor BDO LLP 55 Baker Street London W1U 7EU
7IM OPPORTUNITY FUNDS
7IM OPPORTUNITY FUNDS
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CONTENTS (continued)
7IM OPPORTUNITY FUNDS
1
Authorised Status 3 Remuneration Disclosures 3 Director’s Statement 4 Statement of ACD’s Responsibilities in Relation to the Financial Statements 5 Statement of Depositary’s Responsibilities 6 Report of the Depositary 6 Independent Auditor’s Report to the Shareholders of 7IM Opportunity Funds 7 Notes to the Financial Statements 11
7IM Real Return Fund ACD’s Report - Investment Objective and Policy 16 - Investment Manager’s Report 16 Fund Information 18 Portfolio Statement 24 Statement of Total Return 26 Statement of Change in Net Assets Attributable to Shareholders 26 Balance Sheet 27 Notes to the Financial Statements 28 Distribution Tables 38
7IM Select Moderately Cautious Fund ACD’s Report - Investment Objective and Policy 39 - Investment Manager’s Report 39 Fund Information 40 Portfolio Statement 47 Statement of Total Return 48 Statement of Change in Net Assets Attributable to Shareholders 48 Balance Sheet 49 Notes to the Financial Statements 50 Distribution Tables 57
7IM Select Balanced Fund ACD’s Report - Investment Objective and Policy 58 - Investment Manager’s Report 58 Fund Information 59 Portfolio Statement 66 Statement of Total Return 67 Statement of Change in Net Assets Attributable to Shareholders 67 Balance Sheet 68 Notes to the Financial Statements 69 Distribution Tables 80
7IM Select Moderately Adventurous Fund ACD’s Report - Investment Objective and Policy 83 - Investment Manager’s Report 83 Fund Information 84 Portfolio Statement 92 Statement of Total Return 93 Statement of Change in Net Assets Attributable to Shareholders 93 Balance Sheet 94 Notes to the Financial Statements 95 Distribution Tables 106
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CONTENTS (continued)
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7IM OPPORTUNITY FUNDS
7IM Select Adventurous Fund ACD’s Report - Investment Objective and Policy 109 - Investment Manager’s Report 109 Fund Information 110 Portfolio Statement 117 Statement of Total Return 118 Statement of Change in Net Assets Attributable to Shareholders 118 Balance Sheet 119 Notes to the Financial Statements 120 Distribution Tables 128
7IM Pathbuilder 1 Fund ACD’s Report - Investment Objective and Policy 129 - Investment Manager’s Report 129 Fund Information 132 Portfolio Statement 137 Statement of Total Return 138 Statement of Change in Net Assets Attributable to Shareholders 138 Balance Sheet 139 Notes to the Financial Statements 140 Distribution Tables 151
7IM Pathbuilder 2 Fund ACD’s Report - Investment Objective and Policy 152 - Investment Manager’s Report 152 Fund Information 155 Portfolio Statement 160 Statement of Total Return 161 Statement of Change in Net Assets Attributable to Shareholders 161 Balance Sheet 162 Notes to the Financial Statements 163 Distribution Tables 174
7IM Pathbuilder 3 Fund ACD’s Report - Investment Objective and Policy 175 - Investment Manager’s Report 175 Fund Information 178 Portfolio Statement 183 Statement of Total Return 184 Statement of Change in Net Assets Attributable to Shareholders 184 Balance Sheet 185 Notes to the Financial Statements 186 Distribution Tables 196
7IM Pathbuilder 4 Fund ACD’s Report - Investment Objective and Policy 197 - Investment Manager’s Report 197 Fund Information 200 Portfolio Statement 205 Statement of Total Return 206 Statement of Change in Net Assets Attributable to Shareholders 206 Balance Sheet 207 Notes to the Financial Statements 208 Distribution Tables 219
General Information (unaudited) 220
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7IM OPPORTUNITY FUNDS
3
Authorised Status horised StatusAUTHORISED STATUS 7IM Opportunity Funds (‘the Company’) is an umbrella investment company with variable capital incorporated in England and Wales under registered number IC000929 and authorised by the Financial Conduct Authority with effect from 29 December 2011. The Company has an unlimited duration.
It is a ‘UCITS Scheme’ and the currency of the Company is Pounds Sterling.
Shareholders are not liable for the debts of the Company. Shareholders are not liable to make any further payment to the Company after they have paid the price on purchase of the shares.
The 7IM Select Moderately Cautious Fund, 7IM Select Adventurous Fund, 7IM Select Balanced Fund, and 7IM Select Moderately Adventurous Fund are in the process of termination following an internal merger. As a result, the financial statements for these sub-funds have been prepared on a basis other than going concern.
The financial statements for the 7IM Real Return Fund, 7IM Pathbuilder 1 Fund, 7IM Pathbuilder 2 Fund, 7IM Pathbuilder 3 Fund and 7IM Pathbuilder 4 Fund have been prepared on a going concern basis.
Remuneration Disclosures uresREMUNERATION DISCLOSURES The provisions of the Undertaking in Collective Investments Schemes Directive (‘UCITS V’) took effect on 18 March 2016. That legislation requires the Authorised Corporate Director (‘ACD’), Seven Investment Management LLP, to establish and maintain remuneration policies for its staff which are consisten t with and promote sound and effective risk management.
The ACD’s remuneration policies are the responsibility of a Remuneration Committee which includes the Non-Executive Chairman and all Non-Executives. The Remuneration Committee has established a remuneration policy which sets out a framework for determining the level of fixed and variable remuneration of staff, including maintaining an appropriate balance between the two.
Arrangements for variable remuneration are calculated primarily by reference to the performance of each individual. The policies are designed to reward high performance, to directly link to the ACD’s profitability, and to form part of overall compensation in relation to market competitors.
All staff are employed by the ACD with none employed directly by the Company.
The total remuneration of those individuals who are fully or partly involved in the activities of the UCITS scheme for the financial year ending 31 December 2025, is analysed below:
Fixed Remuneration £3,986,505 Variable Remuneration £591,500
Total £4,578,005 FTE Number of staff: 32 Four of the staff members included in the total remuneration figures above are considered to be senior management whilst there are three staff members whose actions are considered to have a material impact on the risk profile of the Fund. The table below provides an alternative analysis of the remuneration data.
Aggregate remuneration of:
Senior management £1,484,625 Staff whose actions may have a material impact on the funds £723,808 Other £2,369,572
Total £4,578,005
The staff members included in the above analysis support all the UCITS funds managed by the ACD. It is not considered feasible or useful to attempt to apportion these figures to indi vidual funds.
The management has reviewed the general principles of the Remuneration Policy and its application in the last year which has resulted in no material changes to the Policy.
The total remuneration figures disclosed represent the latest available information as at the date of approval of these financial statements.
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4
NTAC:3NS - 20
7IM OPPORTUNITY FUNDS
SUB - FUND CROSS - HOLDINGS No sub - fund held shares in any other sub - fund within the Company during the current or prior year.
DIRECTOR’S STATEMENT This report has been prepared in accordance with the requirements of the Collective Investment Schemes Sourcebook as issued and amended by the Financial Conduct Authority.
D. Walker On behalf of Seven Investment Management LLP ACD of 7IM Opportunity Funds 29 September 2026
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7IM OPPORTUNITY FUNDS
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Statement of ACD’s Responsibilities in Relation to the Financial Statements S ACD’s Responsibilities in Relation to the Financial Statements STATEMENT OF ACD’S RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Collective Investment Schemes sourcebook published by the FCA (‘the COLL Rules’) requires the Authorised Corporate Director (‘ACD’) to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the Company and of the net income or expense and net gains or losses on the property of the Company for the period.
In preparing the financial statements the ACD is responsible for:
• selecting suitable accounting policies and then apply them consistently;
• making judgements and estimates that are reasonable and prudent;
• following UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland;
• complying with the disclosure requirements of the Statement of Recommended Practice, as issued by the Investment Association in May 2014 (‘SORP’) and amended in June 2017;
• keeping proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements;
• assessing the Company and its sub-funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern;
• using the going concern basis of accounting unless they either intend to liquidate the Company or its sub-funds or to cease operations, or have no realistic alternative but to do so. As disclosed in note 2(a) to the financial statements, the 7IM Select Moderately Cautious Fund, 7IM Select Adventurous Fund, 7IM Select Balanced Fund, and 7IM Select Moderately Adventurous Fund are in the process of termination following an internal merger. As a result, the financial statements for these sub-funds have been prepared on a basis other than going concern.
• such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; and
• taking reasonable steps for the prevention and detection of fraud and irregularities.
The ACD is responsible for the management of the Company in accordance with its Instrument of Incorporation, the Prospectus and the COLL Rules.
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7IM OPPORTUNITY FUNDS
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STATEMENT OF THE DEPOSITARY’S RESPONSIBILITIES IN RESPECT OF THE SCHEME AND REPORT OF THE DEPOSITARY TO THE SHAREHOLDERS OF THE 7IM OPPORTUNITY FUNDS ("THE COMPANY") FOR THE Statement of Depositary’s Responsibilities YEAR ENDED 31 MAY 2026 The Depositary must ensure that the Company is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook (‘the COLL Rules’), the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228), as amended, the Financial Services and Markets Act 2000, as amended, (together 'the Regulations'), the Company’s Instrument of Incorporation and Prospectus (together 'the Scheme documents') as detailed below.
The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Company and its investors.
The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Company in accordance with the Regulations.
The Depositary must ensure that:
• the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash accounts in accordance with the Regulations; • the sale, issue, repurchase, redemption and cancellation of shares are carried out in accordance with the Regulations; • the value of shares of the Company are calculated in accordance with the Regulations; • any consideration relating to transactions in the Company’s assets is remitted to the Company within the usual time limits; • the Company’s income is applied in accordance with the Regulations; and • the instructions of the Authorised Fund Manager ('the AFM'), which is the UCITS Management Company, are carried out (unless they conflict with the Regulations).
Report of the Depositary ryREPORT OF THE DEPOSITARY The Depositary also has a duty to take reasonable care to ensure that Company is managed in accordance with the Regulations and Scheme documents in relation to the investment and borrowing powers applicable to the Company.
Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Company, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Company, acting through the AFM:
(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares and the application of the Company’s income in accordance with the Regulations and the Scheme documents of the Company; and
(ii) has observed the investment and borrowing powers and restrictions applicable to the Company.
Northern Trust Investor Services Limited UK Trustee and Depositary Services 29 September 2026
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7IM OPPORTUNITY FUNDS
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INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF 7IM OPPORTUNITY FUNDS (‘THE COMPANY’)
t Auditor’s Report to the Shareholders of 7IM Opportunity Funds (
ndependent Auditor’s Report to the Shareholders of (
7IM (
Opportunity Funds Opinion In our opinion, the financial statements:
• give a true and fair view of the financial position of the sub-funds as at 31 May 2026, and of the net revenue and the net capital gains or losses on the scheme property attributable to the sub-funds for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, the Company’s Instrument of Incorporation, the Statement of Recommended Practice for the Financial Statements of UK Authorised Funds’ issued by the Investment Association in May 2014 and amended in June 2017 (the "SORP"), and the rules in the Collective Investment Schemes Sourcebook issued by the Financial Conduct Authority (“the COLL Rules”).
We have audited the financial statements of 7IM Opportunity Funds (“the Company”) and its sub-funds, for the year ended 31 May 2026. These financial statements comprise the Statements of Total Return, the Statements of Change in Net Assets Attributable to Shareholders, the Balance Sheets, the Notes to the Financial Statements, including a summary of significant accounting policies, and the Distribution Tables. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice), the SORP, the COLL Rules and the Company’s Instrument of Incorporation.
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence We are independent of the Company and its sub-funds in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern In auditing the financial statements, we have concluded that the Authorised Corporate Director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate for the Company, 7IM Real Return Fund, 7IM Pathbuilder 1 Fund, 7IM Pathbuilder 2 Fund, 7IM Pathbuilder 3 Fund and 7IM Pathbuilder 4 Fund.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's or 7IM Real Return Fund, 7IM Pathbuilder 1 Fund, 7IM Pathbuilder 2 Fund, 7IM Pathbuilder 3 Fund and 7IM Pathbuilder 4 Fund’s ability to continue as a going concern for a period of at least twelve months from when the financial s tatements are authorised for issue.
Our responsibilities and the responsibilities of the Authorised Corporate Director with respect to going concern are described in the relevant sections of this report.
Emphasis of matter – financial statements of 7IM Select Moderate ly Cautious Fund, 7IM Select Balanced Fund, 7IM Select Moderately Adventurous Fund and 7IM Select Adventurous Fund prepared on a basis other than going concern We draw attention to Note 2(a) to the financial statement which explains that 7IM Select Moderately Cautious Fund, 7IM Select Balanced Fund, 7IM Select Moderately Adventurous and 7IM Select Adventurous Fund sub-funds are in the process of being terminated and therefore, the ACD does not consider it to be appropriate to adopt the going concern basis of accounting in preparing their financial statements. Accordingly, the financial statements of this sub-funds have been prepared on a basis other than going concern as described in Note 2(a). The financial statements do not include any adjustments as a result of preparing them on a basis other than going concern. Our opinion is not modified in respect of this matter.
Other information The Authorised Corporate Director (“ACD”) is responsible for the other information. The other information comprises the information included in the Annual Report and Audited Financial Statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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7IM OPPORTUNITY FUNDS
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Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the COLL Rules In our opinion based on the work undertaken in the course of th e audit: • the information given in the ACD report for the financial year for which the financial statements are prepared is consistent with the financial statements; and • we have been given all the information and explanations which, to best of our knowledge and belief, are necessary for the purpose of our audit. We have nothing to report in respect of the following matters where the COLL Rules requires us to report to you if, in our opinion: • proper accounting records have not been kept; or • the financial statements are not in agreement with the accountin g records.
Responsibilities of Authorised Corporate Director (“ACD”) As explained more fully in the Statement of ACD’s Responsibilities in relation to the financial statements, the ACD is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the ACD determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the ACD is responsible for assessing the Company and its sub-funds’ ability to continue as going concerns, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the ACD either intend to liquidate the Company or its sub-funds or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statem ents Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregul arities, including fraud is detailed below:
Non-compliance with laws and regulations
Based on: • Our understanding of the Company and sub-funds and the industry in which they operate; • Discussion with management and those charged with governance; and • Obtaining an understanding of the ACD’s policies and procedures regarding compliance with laws and regulations;
We considered the significant laws and regulations to be the SORP, the COLL Rules and United Kingdom Generally Accepted Accounting Practice.
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF 7IM OPPORTUNITY FUNDS (‘THE COMPANY’) ( continued )
Other information ( continued )
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We focused on laws and regulations that could give rise to a material misstatement. Our procedures in respect of the above included: • Our understanding of the Company and sub-funds and the industry in which they operate; • Discussion with management and those charged with governance; and • Obtaining an understanding of the Company’s policies and procedures regarding compliance with laws and regulations; • agreement of the financial statement disclosures to underlying s upporting documentation; • review of minutes of board meetings throughout the year for any instances of non-compliance with laws and regulations; and • review of correspondences with the regulators for any instances of non-compliance with laws and regulations.
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included: • Enquiry with management and those charged with governance regarding any known or suspected instances of fraud; • Obtaining an understanding of the Company’s policies and procedures relating to: • Detecting and responding to the risks of fraud; and • Internal controls established to mitigate risks related to fraud. • Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud; • Discussion amongst the engagement team as to how and where frau d might occur in the financial statements; and • Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Based on our risk assessment, we considered the area most susceptible to fraud to be management override of controls. Our procedures in respect of the above included: • Assessing and testing a sample of journal entries which met defined criteria, by agreeing to supporting documentation; and • Assessing significant estimates for investment valuation made by y management for bias. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF 7IM OPPORTUNITY FUNDS (‘THE COMPANY’) ( continued )
Extent to which the audit was capable of detecting irregularities, including fraud ( continued )
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Use of our report This report is made solely to the Company’s shareholders, as a body, in accordance with Rule 4.5.12R of the Collective Investment Schemes sourcebook issued by the Financial Conduct Authority (“the COLL Rules”). Our audit work has been undertaken so that we might state to the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
BDO LLP, Statutory Auditor 30 Semple Street Edinburgh EH3 8BL United Kingdom 29 September 2026
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF 7IM OPPORTUNITY FUNDS (‘THE COMPANY’) ( continued )
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7IM OPPORTUNITY FUNDS
NOTES TO THE FINANCIAL STATEMENTS for the year r ended 31 May 202 6
1. Statement of Compliance
The financial statements have been prepared in compliance with UK Financial Reporting Standard 102 (FRS 102) and in accordance with the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Association in May 2014 (2014 SORP) and amended in June 2017, the Collective Investment Schemes Sourcebook (“the COLL Rules”) and the Instrument of Incorporation.
2. Summary of Significant Accounting Policies
(a) Basis of Preparation The financial statements have been prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. Fair value is deemed to approximate the realisable value of the financial asse ts as at the reporting date. The 7IM Select Moderately Cautious Fund, 7IM Select Adventurous Fund, 7IM Select Balanced Fund, and 7IM Select Moderately Adventurous Fund are in the process of termination following an internal merger. Therefore, the financial statements for these sub-funds have been produced on a basis other than going concern for the current period. All investments previously presented as fixed assets have been reclassified as current assets. This reflects the expectation that the investments will be realised in the short term as part of the termination of these sub funds. The financial statements for the 7IM Real Return Fund, 7IM Pathbuilder 1 Fund, 7IM Pathbuilder 2 Fund, 7IM Pathbuilder 3 Fund and 7IM Pathbuilder 4 Fund have been prepared on a going concern basis under the historical cost convention as modified by the revaluation of certain financial assets and li abilities measured at fair value through profit or loss.
The Company has adopted FRS 102 and the SORP 2014, as amended in June 2017. The principal accounting policies that have been applied consistently during the accounting year are set out below.
(b) Functional and Presentation Currency The functional and presentation currency of the Company is Pounds Sterling . (c) Recognition of revenue Dividends on quoted equities and preference shares which are deemed as equity instruments are recognised when the securities are quoted ex-dividend. Distributions from collective investment schemes are recognised when the schemes are quoted ex-distribution. Equalisation returned with the distribution is deducted from the cost of the investment in the scheme and does not form part of the distributable revenue.
Distributions from money market funds are recognised as interest income, as the funds invest primarily in fixed income and cash components.
Reportable income from funds with ‘Reporting Fund’ status for UK tax purposes is recognised when the information is made available by the Reporting Fund.
Revenue on debt securities is accounted for an effective interest basis. Premiums and discounts arising on the purchase of debt securities are amortised using the effective interest method over the expected life of the instrument and are included in interest income in the statement of total return. Amortisation is recognised from the settlement date of the bond purchase until maturity, disposal, or impairment. The carrying value of the bond is adjusted accordingly, and any gain or loss on disposal is determined based on the amortised cost.
The treatment of the returns from derivatives depends upon the nature of the transaction. Both motive and circumstances are used to determine whether returns should be treated as capital or revenue.
Rebates of annual management charges (AMC rebates) from underlying investments are accounted for on an accruals basis and are recognised as revenue or capital in line with the allocation of the annual management charge between the capital and revenue distribution policies of the underlying investments.
Interest on bank and other cash deposits is recognised on an accruals basis.
Revenue is recognised gross of any withholding taxes but excludes attributable tax credits. All expenses, except for those relating to the purchase and sale of investments and stamp duty reserve tax, are charged initially against revenue.
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7IM OPPORTUNITY FUNDS
(d) Treatment of stock and special dividends The ordinary element of stock received in lieu of cash dividends is credited to capital in the first instance followed by a transfer to revenue of the cash equivalent being offered and this forms part of the distributable revenue of the sub-fund.
Special dividends are reviewed on a case by case basis in determining whether the dividend is to be treated as revenue or capital. Amounts recognised as revenue will form part of the distributable revenue. Amounts recognised as capital are deducted from the cost of the investment. The tax accounting treatment follows the treatment of the principal amount.
(e) Treatment of expenses For 7IM Real Return Fund, the ACD will bear the cost of all Fund expenses except for Portfolio Transactions (including Stamp Duty Reserve Tax and brokers' commissions) which will still be charged to the Sub-fund in accordance with the Prospectus.
Any Expenses charged to the sub-funds are charged against revenue for UK Corporation tax purposes on an accruals basis.
(f) Capped expenses Other expenses payable out of the property of the sub-funds, which exceed 0.10% of the Pathbuilder 1 Sub-fund are met by the ACD.
(g) Allocation of revenue and expenses to multiple share classes Any revenue or expense not directly attributable to a particular share class will normally be allocated pro-rata to the net assets of the relevant share classes unless a different allocati on method is more appropriate.
All share classes are ranked pari passu and have no particular rights or terms attached, including rights on winding up.
(h) Taxation Corporation tax is provided at 20% on taxable revenue, after deduction of allowable expenses. Offshore income gains, from funds without reporting status, are liable to corporation tax at 20% and any resulting tax is charged against capital.
Where overseas tax has been deducted from overseas revenue that tax can, in some instances, be set off against the corporation tax payable by way of double tax relief and where t his is the case the offset is reflected in the tax charge.
Deferred tax is provided using the liability method on all timing differences arising on the treatment of certain items for taxation and accounting purposes, calculated at the rate at which it is anticipated the timing differences will reverse. Deferred tax assets are recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the future against which the deferred tax asset can be offset.
(i) Distribution policy For the purpose of calculating the distribution, the ACD’s periodic charge is deducted from revenue for all sub-funds within this Company except from 7IM Select Moderately Cautious Fund which is deducted from capital and 7IM Select Balanced Fund which is split between revenue and capital. All other expenses within each of the sub-funds are charged against revenue with the exception of costs associated with the purchase and sale of investments and stamp duty reserve tax.
Interim distributions may be made at the ACD’s discretion. Final distributions are made in accordance with the COLL Sourcebook.
If at the end of the accounting period any share class within a sub-fund is in deficit, then funds will be transferred to cover the shortfall from capital.
Distributions which have remained unclaimed by shareholders for more than six years are credited to the capital property of the sub-fund.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 202 6
2. Summary of Significant Accounting Policies (continued)
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7IM OPPORTUNITY FUNDS
(j) Basis of valuation of investments All investments are valued at their fair value as at 12 noon on 29 May 2026, being the last business day of the financial year. The fair value for non-derivative securities is bid market price, which is not considered to be materially different from the prices at which the securities could be transacted in an orderly market. The fair value for derivative instruments is the cost of closing out the contract at the balance sheet date.
Quoted investments are valued at fair value which generally is the bid price, excluding any accrued interest in the case of debt securities. Accrued interest on debt securities is included in revenue.
Collective investment schemes are valued at quoted bid prices for dual priced funds and at quoted prices for single priced funds, on the last business day of the accounting year.
Open forward currency contracts are valued based on the difference between the contract value and the market value adjusted by the prevailing spot rate and swap curve.
Structured products are valued at the fair value, where a price can only be obtained from the issuer the value is confirmed by an independent price provider by reference to the terms as defined in the term sheet of the structured product.
The market value of over the counter (‘OTC’) derivatives is determined based on valuation pricing models which take into account relevant market inputs as well as the time values, liquidity and volatility factors underlying the positions.
For investments for which there is no quoted price or for which the quoted price is unreliable, fair value is determined by the ACD, taking into account, where appropriate, latest dealing prices, valuations from reliable sources, financial performance, maturity of the Company and other relevant factors.
(k) Exchange rates Transactions in foreign currencies are recorded in sterling at the rate ruling at the date of the transactions. Assets and liabilities expressed in foreign currencies at the end of the accounting period are translated into sterling at 12.00pm UK time of 29 May 202 6 , being the last business day of the financial year.
(l) Dilution levy The ACD may require a dilution levy on the purchase and redemption of shares if, in its opinion, the existing shareholders (for purchases) or remaining shareholders (for redemptions) might otherwise be adversely affected. For example, the dilution levy may be charged in the following circumstances: where the scheme property of a sub-fund is in continual decline; where a sub-fund is experiencing large levels of net purchases relative to its size; on ‘large deals’ (typically being a purchase or redemption of shares to a size exceeding 5% of the Net Asset Value of the relevant sub-fund); in any case where the ACD is of the opinion that the interests of existing or remaining shareholders require the imposition of a dilution levy.
(m) Cash and cash equivalents Cash and cash equivalents are measured at amortised cost and comprises cash in hand and demand deposits. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. This includes Northern Trust Global Sterling Fund, Deutsche Global Liquidity Managed Sterling Fund Platinum and JP Morgan Liquidity Fund.
3. Risk Management Policies In pursuing the investment objective a number of financial instruments are held which may comprise securities and other investments, cash balances and debtors and creditors that arise directly from operations. Derivatives, such as futures or forward currency contracts, may be utilised for investment, efficient portfolio management and hedging purposes. The main risks from the sub-funds’ holding of financial instruments, together with the ACD’s policy for managing these risks, are set out below:
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 202 6
2. Summary of Significant Accounting Policies (continued)
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The ACD has put in place a Risk Management Process Document (‘RMP’) that sets out the risks that may impact a sub fund and how the ACD seeks, where appropriate, to manage, monitor and mitigate those risks, and in particular those risks associated with the use of derivatives. The RMP sets out both the framework and the risk mitigations operated by the ACD in managing the identified risks of the sub-fund.
(a) Credit risk Credit risk is the risk that a counterparty may be unable or unwilling to make a payment or fulfil contractual obligations. This may be in terms of an actual default or by deterioration in a counterparty’s credit quality.
Certain transactions in securities that the sub-funds enters into expose it to the risk that the counterparty will not deliver the investment for a purchase, or cash for a sale after the sub-funds have fulfilled its obligations. As part of its due diligence process, the ACD undertakes a review of the controls, including initial and ongoing due diligence and business volumes placed with each counterparty. In cases which are dependent on the counterparty settling at the transaction’s maturity date, the ACD has policies in place which set out the minimum credit quality expected of a market counterparty or deposit taker at the outset of the transaction.
The bond investments held are exposed to credit risk which reflects the ability of the issuer to meet its obligations. All bonds in which the sub-funds invest are investment grade listed bonds or government securities which are generally lower risk. The sub-funds may be indirectly exposed to interest rate risk in respect of their investments in other collective investment schemes.
The sub-funds’ maximum exposure to credit risk, not taking account of the value of any collateral or other securities held, in the event that counterparties fail to perform their obligations as at the period end in relation to each class of recognised financial assets, is the carrying amount of these ass ets.
(b) Liquidity risk Liquidity risk is the risk that a sub-fund will be unable to meet its obligations as they fall due. The main liability of the sub-funds is the cancellation of any shares that investors want to sell. Investments may have to be sold to fund such cancellations should insufficient cash be held at the bank to mee t this obligation.
To reduce liquidity risk the Portfolio Manager will ensure that a substantial portion of the sub-funds’ assets consist of cash and readily realisable investments.
All financial liabilities are payable in one year or less, or on demand.
(c) Market risk Market risk is the risk that fair value or future cash flows of financial instruments will fluctuate due to changes in market variables such as interest rates, foreign exchange rates or market prices.
The sub-funds can be exposed to market risks by virtue of the financial instruments that the sub-funds invest in. The Portfolio Manager monitors the investments on a continuing basis on behalf of the sub-funds by adhering to investment guidelines and avoiding excessive exposure to one particular issuer can limit stock specific risk. Subject to compliance with the investment objective, spreading exposure across a broad range of global stocks can mitigate market risk.
(d) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
The value of fixed interest securities may be affected by changes in interest rates, either globally or locally. Changes in the rate of return in one asset class may influence the valuation basis of other classes. The amount of revenue receivable from floating rate investments and bank balances or payable on bank overdrafts will be affected by fluctuations in interest rates.
Investment in collective investment schemes exposes the sub-funds to indirect interest rate risk to the extent that they invest in interest bearing securities, the returns from which w ill be affected by fluctuations in interest rates.
The level of risk a sub-fund is exposed to is monitored on an ongoing basis. The risk function monitors a series of risk metrics including but not limited to: duration, key rate duration, sensitivity analysis and stress tests. This ensures the sub-fund is exposed to risks which are consistent with the mandate set out in the Prospectus.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 202 6
3. Risk Management Policies (continued)
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(e) Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.
Assets denominated in currencies other than sterling will provide direct exposure to currency risk as a consequence of the movement in foreign exchange rates when calculating the sterling equivalent value. Forward currency contracts are employed by the Portfolio Manager, where deemed appropriate, to mitigate the foreign exchange risk. Investment in collective investment schemes may provide indirect exposure to currency risk as a consequence of the movement in foreign exchange rates.
(f) Other price risk Other price risk is the risk that the price of a financial instrument will fluctuate due to changes in market conditions influencing, directly or indirectly, the value of the instrument.
The sub-funds’ investment portfolio is exposed to price fluctuations, which are monitored by the ACD in pursuance of the investment objective and policy. The risk is generally regarded as consisting of two elements – stock specific risk and market risk.
(g) Derivatives The Investment Manager may employ more sophisticated derivatives longer term in the pursuit of the investment objectives of a sub-fund and in accordance with its risk management policy. This means that the net asset value of a sub-fund may at times be highly volatile (in the absence of compensating investment techniques). However, it is the Investment Manager’s intention that the sub-fund owing to its portfolio composition, or the portfolio management techniques used, will not have volatility over and above the general market volatility of the markets of their underlying investments. The risk profile of a sub-fund may be higher than it would otherwise have been as a consequence of the use of derivatives as described above.
The Investment Manager may also employ derivatives for the purposes of hedging with the aim of reducing the risk profile of a Sub-fund, or reducing costs, or generating additional capital or revenue, in accordance with Efficient Portfolio Management (‘EPM’).
To the extent that derivative instruments are utilised for hedging purposes, the risk of loss to a sub-fund may be increased where the value of the derivative instrument and the value of the security or position which it is hedging are insufficiently correlated.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 202 6
3. Risk Management Policies (continued)
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ACD’S REPORT for the year ended 31 May 202 6
Investment Objective and Policy
ctive and Policy Investment Objective and Policy The investment objective of 7IM Real Return Fund (‘the Sub-fund’) is to seek growth in real terms over the medium to longer term. The Sub-fund will aim to provide a total return, net of fees, that exceeds UK inflation (as measured by Consumer Prices Index-All Items) by 2% on average over a rolling three-year horizon. Capital invested in the Sub-fund is at risk and there is no guarantee that a positive return will be delivered over any one or a number of rolling three-year periods. There may be a moderate risk to capital. The Sub-fund will have a flexible investment policy, allowing investment in transferable securities, money market instruments, units in collective investment schemes, deposits, cash, near cash, and derivative instruments including forward transactions in accordance with the FCA Rules. There will be no restrictions on the underlying content of the investments held, in terms of investment type, geographical or economic sector and as a consequence, the ACD has the absolute discretion to weight the portfolio towards any investment type or sector, including cash at any time. The Sub-fund may use derivatives for investment purposes as wel l as for Efficient Portfolio Management.
Comparator Benchmark The Consumer Prices Index-All Items (plus 2%) has been selected as a target benchmark because it is a key measure of consumer inflation in the United Kingdom and is therefore an appropriate target for the Sub-fund. Shareholders should use the Index to assess the performance of the Sub-fund.
Investment Manager’s Report
ager’s Report Investment Manager’s Report Performance Report In the reporting year, 1 June 2025 to 31 May 2026, the portfolio delivered a total return of 4.10% 1 , lagging the Sub-fund's objective of CPI +2%, which equated to 4.90%. The Sub-fund underperformed its CPI +2% benchmark over the last year, although returns in absolute terms were positive. Inflation remained elevated during the period, influenced in part by ongoing geopolitical tensions and supply-side pressures, which raised the hurdle for real return strategies. The 1 year, 3 year and 5 year relative performance to the benchmark was (0.9)%, (3.0)%, (32.4)% respectively.
Investment Background Over the past 12 months, markets have shown a remarkable ability to look through political, economic and geopolitical uncertainty. What began with escalating tensions in the Middle East and concerns over global trade evolved into a year defined by resilience, strong corporate earnings and continued e nthusiasm for artificial intelligence.
During the second half of 2025, equity markets delivered robust returns despite events that would traditionally have unsettled investors. The conflict between Israel and Iran, tariff negotiations and political uncertainty across Europe failed to derail market momentum. Instead, investors increasingly adopted a “buy the dip” mentality, helping major indices such as the S&P 500 and FTSE 100 reach record highs. Supportive central bank policy, easing inflation and strong corporate earnings-particularly from large technology companies-further underpinned performance. Returns broadened beyond the US, with Asia, emerging markets and Latin America also posting strong gains, while AI-related investment remained a key driver of market leadership.
Bond markets experienced periods of volatility as investors balanced falling inflation against concerns surrounding government borrowing and economic growth. However, diversified fixed income exposure continued to deliver positive returns overall, with shorter-dated bonds and corporate credit generally outperforming longer-duration holdings.
The positive momentum carried into early 2026, although the market environment became more challenging. Rising geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was occasionally tested as asset classes moved in tandem.
Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery, supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed. Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic backdrop has stayed supportive.
1 Calculated using 7IM Real Return C Acc shares, published prices. Source: NTRS.
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As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market noise.
Portfolio Review The 7IM Real Return Fund uses a mix of alternative-like exposures that can deliver returns through a variety of market environments. These include liquid alternatives, directional assets, real assets and defensive and hedging assets.
Our allocation to liquid alternatives contributed positively to portfolio performance over the period. The basket is a highly diversified collection of assets from specialist fund providers, as well as strategies constructed by investment banks.
Within the liquid alternatives allocation, performance varied across strategies, with a range of outcomes over the period, but with the majority of strategies delivering positively over the period. The AQR Trend strategy delivered strong and consistent progress, building returns steadily and acting as a key contributor throughout. Equity dispersion strategies followed a more varied path, softening into March 2026 before rebounding significantly in April and May 2026. Commodity curve carry saw a period of weakness through February and March 2026, as the strategy tends to be negatively exposed to oil beta, but has since shown signs of stabilising in line with recent geopolitical developments, and making only a modest impact on overall returns.
Finally, within the Real Asset bucket, gold was challenged following a period of extremely positive performance. Geopolitical developments were one of the contributing factors for the momentum unwind in gold prices, as markets began to price higher and stickier inflation from a prolonged US-Iran war.
Investment Outlook After several years in which a small number of companies and themes dominated market returns, the investment landscape has become broader. Diversification is once again being rewarded, with performance driven by a wider range of regions, sectors and asset classes rather than a single prevailing trade.
Looking ahead, we expect:
• Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more challenging environment, corporate balance sheets remain generally healthy and should help companies navigate ongoing trade tensions and economic headwinds.
• Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends and the path of interest rates. However, recent market behaviour has demonstrated a willingness to look through short-term uncertainty and focus on underlying fundamentals. We also anticipate energy prices to stabilise as supply concerns ease, although they may remain elevated compared with recent history.
• Opportunities to continue emerging beyond the technology sector and beyond the United States. Strong returns from areas such as industrials, financials and utilities, combined with improving prospects in parts of Europe, Asia and emerging markets, highlight the benefits of maintaining broad exposur e across global markets.
For us, this reinforces the case for diversified portfolios and a flexible investment approach. Alongside core allocations to equities and bonds, we continue to utilise diversifying assets and selective tactical opportunities where fundamentals remain attractive. In a world where leadership is broadening and market conditions can change quickly, spreading risk remains one of the most effective ways to navigate uncertainty a nd capture long-term opportunities.
Seven Investment Management LLP Investment Manager September 2026
ACD’S REPORT (continued) for the year ended 31 May 202 6
Investment Manager’s Report (continued) Investment Background (continued)
Page 20
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Fund Information FUND INFORMATION The Comparative Tables on pages 19 to 21 give the performance of each active share class in the Sub-fund.
The ‘Return after charges’ disclosed in the Comparative Tables is calculated as the return after operating charges per share divided by the opening net asset value per share. It differs from the Sub-fund’s performance disclosed in the ACD's report, which is calculated based on the latest published price.
Portfolio transaction costs are incurred when investments are bought or sold by a Sub-fund in order to achieve the investment objective. These transaction costs affect an investor in different ways depending on whether they are joining, leaving or continuing with their investment in the Sub-fund.
Direct transaction costs include broker commission and taxes. Broker commission includes the fee paid to a broker to execute the trades.
In addition, there are indirect portfolio transaction costs arising from the ‘dealing spread’ – the difference between the buying and selling prices of underlying investments in the portfolio. Unlike shares whereby broker commissions and stamp duty are paid by the Sub-fund on each transaction, other types of investments (such as bonds, money market instruments, derivatives) do not have separately identifiable transaction costs; these costs form part of the dealing spread. Dealing spreads vary considerably depending on the transaction value and money market sentiment.
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Comparative Tables
Class C Accumulation
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 169.84 163.75 157.63
Return before operating charges* 8.05 7.34 7.46 Operating charges (calculated on average price) (1.32) (1.25) (1.34)
Return after operating charges* 6.73 6.09 6.12
Distributions (2.12) (3.46) (2.23)
Retained distributions on accumulation shares 2.12 3.46 2.23
Closing net asset value per share 176.57 169.84 163.75
* After direct transaction costs of: 1 (0.01) (0.03) 0.01
Performance Return after charges 2 3.96% 3.72% 3.88%
Other Information Closing net asset value (£'000) 142,198 94,244 63,795 Closing number of shares 80,534,379 55,489,803 38,958,867 Operating charges 3 0.76% 0.75% 0.84% Direct transaction costs 0.00% (0.02)% 0.01%
Prices Highest share price 178.10 169.89 164.37 Lowest share price 168.71 162.47 154.79
1 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 2 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 3 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 22 .
FUND INFORMATION (continued)
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Class D Accumulation
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 180.17 173.22 166.28
Return before operating charges* 8.41 7.66 7.76 Operating charges (calculated on average price) (0.75) (0.71) (0.82)
Return after operating charges* 7.66 6.95 6.94
Distributions (2.77) (4.16) (2.84)
Retained distributions on accumulation shares 2.77 4.16 2.84
Closing net asset value per share 187.83 180.17 173.22
* After direct transaction costs of: 1 (0.01) (0.03) 0.01
Performance Return after charges 2 4.25% 4.01% 4.17%
Other Information Closing net asset value (£'000) 62 112 149 Closing number of shares 33,178 62,044 85,987 Operating charges 3 0.41% 0.40% 0.49% Direct transaction costs 0.00% (0.02)% 0.01%
Prices Highest share price 189.32 180.22 173.85 Lowest share price 179.04 171.91 163.33
1 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 2 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 3 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 22 .
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 23
7IM REAL RETURN FUND
21
Class S Accumulation
31.05.26 (pence per share)
31.05.25 (pence per share)
31.05.24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 143.46 138.20 132.93
Return before operating charges* 6.77 6.18 6.26 Operating charges (calculated on average price) (0.97) (0.92) (0.99)
Return after operating charges* 5.80 5.26 5.27
Distributions (1.91) (3.01) (1.99)
Retained distributions on accumulation shares 1.91 3.01 1.99
Closing net asset value per share 149.26 143.46 138.20
* After direct transaction costs of: 1 (0.01) (0.02) 0.01
Performance Return after charges 2 4.04% 3.81% 3.96%
Other Information Closing net asset value (£'000) 3,788 3,664 6,644 Closing number of shares 2,537,807 2,553,955 4,808,210 Operating charges 3 0.66% 0.65% 0.74% Direct transaction costs 0.00% (0.02)% 0.01%
Prices Highest share price 150.52 143.50 138.72 Lowest share price 142.52 137.13 130.54 1 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 2 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 3 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which include the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 22 .
FUND INFORMATION (continued)
Comparative Tables (continued)
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Ongoing Charges Figures
Charges Figures O
Ongoing Charges Figures As at 31 May 2026
Class C Class D Class S ACD’s periodic charge 0.60% 0.25% 0.50% Other expenses 0.00% 0.00% 0.00% 0.60% 0.25% 0.50% Collective investment scheme costs 0.16% 0.16% 0.16% Ongoing Charges Figure 0.76% 0.41% 0.66%
As at 31 May 2025
Class C Class D Class S ACD’s periodic charge 0.60% 0.25% 0.50% Other expenses 0.00% 0.00% 0.00% 0.60% 0.25% 0.50% Collective investment scheme costs 0.15% 0.15% 0.15% Ongoing Charges Figure 0.75% 0.40% 0.65%
The Ongoing Charges Figure (‘OCF’) represents the total operating expenses of the Sub-fund, expressed as a percentage of the average net assets during the accounting year.
The collective investment scheme costs represent the OCFs, or a reasonable substitute, of the underlying funds which are held as portfolio investments. Their inclusion has been calculated on a weighted basis against the Sub-fund’s net assets at the balance sheet date.
FUND INFORMATION (continued)
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7IM REAL RETURN FUND
23
Synthetic Risk and Reward Indicator
12 34 56 7
This indicator shows how much a sub-fund has risen and fallen in the past, and therefore how much a sub-fund’s returns have varied. It is a measure of a sub-fund’s volatility. The higher a sub-fund’s past volatility the higher the number on the scale and the greater the risk that investors in that sub-fund may have made losses as well as gains. The lowest number on the scale does not mean that a sub-fund is risk free.
This indicator is based on historical data and may not be a reliable indication of the future risk profile of this Sub-fund. The risk and reward profile shown is not guaranteed to remain the sa me and may change over time.
The risk and reward indicator shown above is as at the date of publication of the annual report and financial statements, the risk and reward indicator as at the year end date 31 May 2026 was three. The risk and reward rating remains the same from the last reporting period.
Fund performance to 31 May 2026 (%) 1 year 3 years 5 years 7IM Real Return Fund 1 4.10 12.10 9.50
1 Source: Bloomberg.
The performance of the Sub-fund is based on the published price per ‘C’ Accumulation share which includes reinvested income.
Details of the distributions per share for the year are shown in the Distribution Tables on page 38.
FUND INFORMATION (continued)
Page 26
7IM REAL RETURN FUND
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PORTFOLIO STATEMENT as at 31 May 202 6
Holding Portfolio of Investment
Value £
31.05.26 % ALTERNATIVES 21.40% (22.64%) 1 Alternative Strategies 21.40% (22.64%) 1 7,230,000 BNP Paribas Issuance 0.00% 04/02/2026 2 6,522,761 4.46 6,053,000 JP Morgan Structured Products 0.00% 04/11/2027 2 4,598,340 3.15 707,000 JP Morgan Structured Products 0.00% 04/11/2027 2 537,093 0.37 10,840,000 JP Morgan Structured Products 0.00% 13/10/2026 2 7,312,304 5.01 7,488,200 SG Issuer 0.00% 01/11/2027 2 5,653,472 3.87 8,531,900 SG Issuer S.A 0.00% 01/11/2027 2 6,633,485 4.54 31,257,455 21.40
DEBT SECURITIES 32.81% (33.44%) 1 Global Government Bonds 32.81% (33.44%) 1 £5,835,000 UK Treasury Bonds 1.25% 22/07/2027 5,651,612 3.87 £5,457,000 UK Treasury Bonds 1.50% 22/07/2026 5,439,786 3.72 £9,894,000 UK Treasury Bonds 3.75% 07/03/2027 9,867,449 6.76 £9,822,000 UK Treasury Bonds 4.125% 29/01/2027 9,826,031 6.73 £5,453,000 UK Treasury Bonds 4.25% 07/12/2027 5,461,009 3.74 £7,875,000 UK Treasury IL Bonds 0.125% 10/08/2028 11,666,893 7.99 47,912,780 32.81
FUTURES CONTRACTS -0.72% (-0.25%) 1 United States -0.72% (-0.25%) 1 (31) S&P 500 CME Futures June 2026 (1,051,181) (0.72)
FORWARD CURRENCY CONTRACTS -0.16% (3.03%) 1 US$(3,050,000) Vs £2,244,108 Expiry 17.07.2026 (29,234) (0.02) US$(70,421,684) Vs £52,282,329 Expiry 17.07.2026 (207,018) (0.14) US$691,616 Vs £(513,468) Expiry 17.07.2026 2,033 (234,219) (0.16)
COLLECTIVE INVESTMENT SCHEMES 30.78% (30.40%) 1 Ireland 16.26% (15.98%) 1 11,288 Source Physical Gold P-ETC 3,673,322 2.51 109,251 UBS CMCI Commodity Carry SF UCITS ETF 11,255,038 7.71 102,192 Xtrackers S&P 500 Equal Weight UCITS ETF 8,827,345 6.04 23,755,705 16.26
Luxembourg 14.52% (14.42%) 1 86,048 AQR - Managed Futures UCITS Fund 11,678,455 8.00 56,218 Fulcrum Equity Dispersion Fund 9,521,785 6.52 21,200,240 14.52
Portfolio of investment 122,840,780 84.11 Net other assets 3 23,207,360 15.89 Net assets 146,048,140 100.00
All investments are listed or traded on a regulated market unless otherwise stated . 1 Comparative figures shown in brackets relate to 31 May 2025. 2 Structured product. 3 Includes shares in the Deutsche Global Liquidity Managed Sterling Fund Platinum to the value of £10,000,000 and JP Morgan Liquidity Fund to the value of £10,000,000 which are shown as Cash equivalents in the Balance Sheet of the Sub-fund.
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7IM REAL RETURN FUND
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Credit Quality
31.05.26 %
31.05.25 % Investment grade debt securities 26.08 33.44 Non-rated debt securities 28.13 22.64 Other investments 29.90 33.18 Net other assets 15.89 10.74 100.00 100.00
PORTFOLIO STATEMENT (continued) as at 31 May 202 6
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STATEMENT OF TOTAL RETURN for the year r ended 31 May 2026 Statement of Total Return 31.05.26 31.05.25 Notes £ £ £ £ Income Net capital gains 4 3,302,352 1,080,821 Revenue 5 2,627,692 2,396,083
Expenses 6 (747,438) (461,158) Interest payable and similar charges 8 (8,777) (2,524)
Net revenue before taxation for the year 1,871,477 1,932,401 Taxation 7 (295,247 ) (286,431)
Net revenue after taxation for the year 1,576,230 1,645,970
Total return before distributions 4,878,582 2,726,791
Distributions 8 (1,576,233) (1,645,997) Change in net assets attributable to shareholders from investment activities 3,302,349 1,080,794
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS for the year r ended 31 May 2026 Statement of Change in Net Assets Attributable to Shareholders 31.05.26 31.05.25 £ £ £ £ Opening net assets attributable to shareholders 98,019,939 70,588,493 Amounts received on creation of shares 1 69,661,646 46,196,082 Amounts paid on cancellation of shares 1 (26,603,465) (21,681,735)
43,058,181 24,514,347 Dilution levy 6,055 19,607 Change in net assets attributable to shareholders from investment activities 3,302,349 1,080,794 Retained distribution on accumulation shares 1,661,616 1,816,698 Closing net assets attributable to shareholders 146,048,140 98,019,939
1 Stated at mid-market price. The mid-market price is calculated using the midpoint of the bid and offer rates.
The notes on pages 28 to 37 are an integral part of these financial statement s.
Page 29
7IM REAL RETURN FUND
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Balance Sheet BALANCE SHEET as at 31 May 2026
31.05.26 31.05.25 Notes £ £ ASSETS
Fixed assets:
Investments 124,128,213 88,306,659
Current assets:
Debtors 9 1,493,213 8,044,010 Cash and bank balances 10 2,991,086 2,162,123 Cash equivalents 10 20,000,000 1,992,096
Total assets 148,612,512 100,504,888
LIABILITIES
Investment liabilities (1,287,433) (818,434)
Creditors:
Other creditors 11 (1,276,939) (1,666,515)
Total liabilities (2,564,372) (2,484,949)
Net assets attributable to shareholders 146,048,140 98,019,939
The notes on pages 28 to 37 are an integral part of these financial statement s.
Page 30
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7IM REAL RETURN FUND
NOTES TO THE FINANCIAL STATEMENTS for the year r ended 31 May 2026
1 Statement of Compliance
The Sub-fund’s financial statements have been prepared on the same basis as the Statement of Compliance disclosed on page 11 . 2 Summary of Significant Accounting Policies
The Sub-fund’s financial statements have been prepared on the same basis as the Summary of Significant Accounting Policies disclosed on pages 11 to 13 . 3 Risk Management Policies The Sub-fund’s Risk Management Policies are the same as the Risk Management Policies disclosed on pages 13 to 15 . 4 Net capital gains
31.05.26 31.05.25 £ £ The net capital gains during the year comprise: Non-derivative securities 5,250,220 (663,810) Derivative contracts (1,616,722) (321,912) Forward currency contracts (717,369) 1,982,624 Currency gains 385,991 83,318 CSDR penalty reimbursement 232 214 AMC rebates from underlying investments – 387 Net capital gains 3,302,352 1,080,821
5 Revenue
31.05.26
Restated 31.05.25 £ £ Non-taxable dividends 62,235 308,065 Taxable dividends 686,586 805,843 Bond interest income 1 900,449 280,591 AMC rebates from underlying investments 9,698 13,079 Bank interest 83,581 60,474 Amortisation income 1 552,129 735,465 Indexation uplift on index-linked bonds 1 333,014 192,566 Total revenue 2,627,692 2,396,083
1 During the year, the Fund separately disclosed amortisation income and indexation uplift within debt securities revenue. Comparatives have been re-presented accordingly, with no impact on total revenue, net revenue after taxation, total return, or net assets attributable to shareholders . 6 Expenses
31.05.26 31.05.25 £ £ Payable to the ACD, associates of the ACD and agents of either of them:
ACD's periodic charge 747,430 461,158 Management fee rebates 8 747,438 461,158 Total expenses 747,438 461,158
Please refer to note (2) Treatment of expenses on page 11 for further details.
Page 31
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7IM REAL RETURN FUND
7 Taxation
31.05.26 31.05.25 £ £ a) Analysis of charge for the year Corporation tax at 20% 295,245 286,431 Tax effect on capital management fees 2 Current tax charge (note 7 b) 295,247 286,431
Total taxation 295,247 286,431
b) Factors affecting current tax charge for the year The tax assessed for the year differs from the standard rate of corporation tax in the UK for an authorised fund (20%) (2025: 20%) for the reasons explained below. Net revenue before taxation 1,871,477 1,932,401
Corporation tax at 20% 374,295 386,480 Effects of: AMC rebates taken to capital 2 77 Indexed gilt edged securities adjustment (66,603) (38,513) Non-taxable dividends (12,447) (61,613) Total tax charge (note 7 a) 295,247 286,431
c) Deferred tax There is no deferred tax provision in the current year (2025: none). At the year end, there is no potential deferred tax asset (2025: none).
8 Distributions
The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares, and comprise:
31.05.26 31.05.25 £ £ Interim 992,678 1,142,382 Final 668,938 674,316 1,661,616 1,816,698 Add: Revenue deducted on cancellation of shares 47,921 87,394 Deduct: Revenue received on issue of shares (133,304) (258,095) Net distributions for the year 1,576,233 1,645,997 Interest payable and similar charges 8,777 2,524 Total distribution 1,585,010 1,648,521
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
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7IM REAL RETURN FUND
Details of the distributions per share are set out in the table on page 38 . 31.05.26 31.05.25 £ £ Distributions represented by: Net revenue after taxation 1,576,23 0 1,645,970 Allocations to capital: Capitalised expense 8 Capitalised income, net of tax relief 1 (2) 77 Equalisation on conversions 2 – (32) Net movement in revenue account (3) (18 )
Net distributions for the year 1,576,233 1,645,997
1 Please refer to note 2(i) Distributions policy on page 11 for further details. 2 Where an investor converts to a class with a higher income yield, the investor will pay or receive an equalisation as if they had held the new class throughout the period from the last distribution to the conversion date. The yield differential at the point of conversion is an equalisation which will be offset by capital erosion for the converted investor.
9 Debtors
31.05.26 31.05.25 £ £ Amounts receivable for issue of shares 1,037,974 4,872,929 Sales awaiting settlement – 3,007,904 Accrued revenue 442,010 154,557 AMC rebates from underlying investments 13,229 8,620 Total debtors 1,493,213 8,044,010
10 Cash and bank balances
31.05.26 31.05.25 £ £ Cash and bank balances 1,379,366 1,460,03 6 Cash held at clearing houses 1,611,720 702,087 Cash equivalents 20,000,000 1,992,096 Total cash and bank balances 22,991,086 4,154,2 19
11 Other creditors
31.05.26 31.05.25 £ £ Amounts payable for cancellation of shares 1,052,940 235,255 Purchases awaiting settlement – 1,231,820 Accrued expenses 1 72,754 45,009 Corporation tax payable 151,245 154,431 Total other creditors 1,276,939 1,666,515
1 Amount includes ACD’s periodic charge payable. Please refer to note 12.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
8 Distributions (continued)
Page 33
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7IM REAL RETURN FUND
12 Related party transactions
ACD’s periodic charge and other expenses payable to 7IM (the ‘ACD’) are disclosed in note 6 . The balance due to the ACD at the year end in respect of management fees is £72,754 (2 025: £45,009). The amounts receivable from 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year end are £Nil (2025: £Nil). The amounts payable to 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year end are £Nil (2025: £Nil).
The aggregate monies received by the ACD through the issue of shares and paid on cancellation of shares are disclosed in the Statement of Change in Net Assets Attributable to Shareholders on page 26 . Amounts due from and to the ACD in respect of share transactions at the balance sheet date are £1,037,974 (2025: £4,872,929) and £1,052,940 (2025: £235,255), respectively.
A shareholder may be able to exercise significant influence over the financial and operating policies of the Sub-fund and as such is deemed to be a related party. At the balance sheet date the following shareholder held in excess of 20% of the shares in issue of the Sub-fund.
Pershing Nominees Limited 52.31% (2025: 52.23%) The net value of creations and cancellations for Pershing Nominees Limited during the year totalled £260,670,281 (2025: £10,765,791). The distributions paid and payable to Pershing Nominees Limited during and as at the year end are £Nil and £Nil (2025: £Nil and £Nil), respectively.
13 Classes of Shares
The Sub-fund has three share classes: 'C', 'D' and 'S'. The annual management charge on each class is as follows:
Class C 0.60% Class D 0.25% Class S 0.50% The following table shows the shares in issue during the year:
Class
Opening Shares
Shares Created
Shares Liquidated
Shares Converted
Closing Shares Class C Accumulation 55,489,803 40,366,528 (15,321,952) – 80,534,379 Class D Accumulation 62,044 6 (28,872) – 33,178 Class S Accumulation 2,553,955 891 (17,03 9 ) – 2,537,807
14 Contingent liabilities and commitments
There are no contingent liabilities or unrecorded outstanding c ommitments at the balance sheet date (2025: none).
15 Risk Disclosures
The main risks from the Sub-fund’s holding of financial instruments, together with the ACD’s policy for managing these risks are detailed in note 3 on pages 13 to 15 . Further analysis and numeric disclosure of interest rate risk, foreign currency risk and derivatives are shown on the next page.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
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7IM REAL RETURN FUND
i. Interest rate risk
The table below shows the direct interest rate risk profile:
Interest rate exposure as at 31 May 2026
Floating Rate Financial Assets £
Fixed Rate Financial Assets £
Financial Assets not carrying interest £
Total £ US dollar – 31,257,455 3,675,355 34,932,810 Pound sterling 22,991,086 47,912,780 42,775,836 113,679,702
22,991,086 79,170,235 46,451,191 148,612,512
Floating Rate Financial Liabilities £
Fixed Rate Financial Liabilities £
Financial Liabilities not carrying interest £
Total £ US dollar – – (1,287,433) (1,287,433) Pound sterling – – (1,276,939) (1,276,939)
– – (2,564,372) (2,564,372)
Interest rate exposure as at 31 May 2025
Floating Rate Financial Assets £
Fixed Rate Financial Assets £
Financial Assets not carrying interest £
Total £ US dollar 1,393 22,193,122 2,455,733 24,650,248 Pound sterling 4,152,826 32,778,606 38,923,208 75,854,640
4,154,219 54,971,728 41,378,941 100,504,888
Floating Rate Financial Liabilities £
Fixed Rate Financial Liabilities £
Financial Liabilities not carrying interest £
Total £ US dollar – – (261,524) (261,524) Pound sterling – – (2,223,425) (2,223,425)
– – (2,484,949) (2,484,949)
The floating rate financial assets and liabilities include bank balances and bank overdraft positions which earn or pay interest at rates linked to the Bank of England base rate or its international equivalents, index-linked securities that earn interest at rates adjusted by changes in the UK Retail Prices Index (RPI) or its international equivalent and collective investment schemes that pay UK interest distributions.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
15 Risk Disclosures (continued)
Page 35
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7IM REAL RETURN FUND
Fixed Rate Financial Assets Weighted average interest rate
Weighted average period for which rate is fixed Currency 31.05.26 31.05.25 31.05.26 31.05.25 % % Years Years Pound sterling 3.07 3.00 1 1 US dollar (3.42) (5.22) 1 2 The average effective duration of the Sub-fund’s portfolio is a measure of the sensitivity of the fair value of the Sub fund’s bond portfolio (excludes all other investments) to changes in market interest rates. As at 31 May 2026 , the average effective duration was 0.32 years ( 31 May 2025 : 0.31 years).
ii. Foreign currency risk The table below shows the direct foreign currency risk profile:
Currency exposure as at 31 May 2026
Currency
Monetary Exposure £
Non-Monetary Exposure £
Total £ US dollar – 33,645,377 33,645,377
– 33,645,377 33,645,377
Pound sterling 23,207,360 89,195,403 112,402,763
Net assets 23,207,360 122,840,780 146,048,140
Currency exposure as at 31 May 2025
Currency
Monetary Exposure £
Non-Monetary Exposure £
Total £ US dollar 1,393 24,387,331 24,388,724
1,393 24,387,331 24,388,724
Pound sterling 10,530,321 63,100,894 73,631,215
Net assets 10,531,714 87,488,225 98,019,939
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
15 Risk Disclosures (continued)
i. Interest rate risk (continued)
Page 36
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7IM REAL RETURN FUND
iii. Derivatives The derivatives held by the Sub-fund during the year were for the purposes of meeting the investment objectives of the Sub-fund and for efficient portfolio management.
The Sub-fund must at any time, be capable of meeting all of its payment and delivery obligations incurred in respect of its financial derivatives instruments transactions. The Investment Manager uses a risk management technique known as absolute value-at-risk (VaR) to measure the Sub-fund's global exposure. VaR is an advanced risk measurement methodology used to assess the Sub-fund's global exposure as set out in the Sub-fund's Risk Management Process. VaR will be used by the Sub-fund on a daily basis in accordance with the requirements of the Central Bank pursuant to which VaR of the Sub-fund's portfolio shall not exceed 3.1% of the Net Asset Value of the Sub-fund and the one-tailed confidence interval shall not be less than 99% with a one day holding period. The historical observation period will be not less than 1 year.
The level of leverage of the Sub-fund (calculated using the sum of the notionals of the derivatives) under normal circumstances is expected to be around 200% of the Net Asset Value of the Sub-fund and is not expected to exceed 400%. It is possible that there may be higher leverage levels from time to time during abnormal market conditions. The lowest, highest and average leverage utilisation in the accounting year ended 31 May 2026 was 61%, 143% and 67% respectively ( 31 May 2025 : 67%, 121% and 94% respectively).
VaR is calculated for the funds under the parametric method. The time horizon for the calculation is 1 day, using a 99% confidence level. The methodology is derived from Bloomberg PORT’s risk engine and blends the VaR produced from two different risk models, namely Multi-Asset Class Model (MAC): Long Term (LT) and Monthly (M). The former applies an infinite half-life (exponential weighting) for calculating volatilities and correlations; the latter applies a 2-3 month half-life for volatilities and 10-15 month for correlations. The reported VaR is calculated formulaically as follows: VaR = 0.5*VaRLT + 0.5*MAX(VaRLT, VaRM).
The Bloomberg PORT models map individual portfolio positions onto the Bloomberg set of risk factors to backfill for a time series of volatility. The VaR numbers calculated are derived from daily volatility numbers, multiplied by an appropriate 99% confidence interval scaling factor under the ass umption of a normal distribution.
The types of derivatives held at the balance sheet date were forward foreign currency contracts, futures contracts and structured products. Details of individual contracts are disclosed in the Portfolio Statement and the total position by counterparty at the balance sheet date was as follows:
Counterparty
31.05.26 £
31.05.25 £
Futures Contracts International Monetary Market (1,051,181) (247,577) Forward Currency Contracts Northern Trust (234,219) 2,966,477 Structured Products BNP Paribas 6,522,761 4,506,606 JP Morgan 12,447,737 9,316,239 Societe Generale 12,286,957 8,370,277 Total net exposure 1 29,972,055 24,912,022
1 Net exposure represents the mark to market value of derivative contracts less any cash collateral held. Positive exposure represents the Sub-fund's exposure to that counterparty.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
15 Risk Disclosures (continued)
Page 37
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7IM REAL RETURN FUND
iv. Fair value
Investments are categorised into the following levels based on their fair value measurement:
Level 1 The unadjusted quoted price in an active market for identical instruments that the entity can access at the measurement date.
Level 2 Valuation techniques using observable inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, for example interest rates and yield curves observable at commonly quoted intervals, implied volatilities, credit spreads, inputs that are derived principally from or corroborated by observable market data by correlation or other means ('market-corroborated inputs'). The Sub-fund may have corporate bonds which fall in to this category as despite quoted prices being available, trading can be irregular and there are often significant lengths of time between traded arm’s length transactions.
Level 3 Valuation techniques using unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. An entity develops unobservable inputs using the best information available in the circumstances, which might include the entity's own data, taking into account all information about market participant assumptions that is reasonably available. Where assets are subject to administration, liquidation or orderly realisation processes, the ACD may adjust the price to reflect what they consider a more realistic value in the circumstances. The rationale and pricing method is agreed with the Depositary and monitored frequently by the Fair Value Pricing Panel.
31 May 2026
Level 1 £
Level 2 £
Level 3 £
Total £
Assets Bonds 47,912,780 31,257,455 – 79,170,235 Collective Investment Schemes 23,755,705 21,200,240 – 44,955,945 Derivatives – 2,033 – 2,033 Total 71,668,485 52,459,728 – 124,128,213
Liabilities Derivatives (1,051,181) (236,252) – (1,287,433)
31 May 2025
Level 1 £
Level 2 £
Level 3 £
Total £
Assets Bonds – 54,971,729 – 54,971,729 Collective Investment Schemes 15,658,541 14,139,054 – 29,797,595 Derivatives – 3,537,334 – 3,537,334
Total 15,658,541 72,648,117 – 88,306,658
Liabilities Derivatives (247,576) (570,858) – (818,434)
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
15 Risk Disclosures (continued)
Page 38
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7IM REAL RETURN FUND
16 Purchases, Sales and Transaction Costs
The following tables show portfolio transactions and their associated transaction costs. For more information about the nature of these costs please refer to the additional portfolio transaction cost information on page 18 . Analysis of direct transaction costs for the year ended 31 May 2026 :
Principal £'000
Commissions £'000
Taxes £'000
Total Transaction Costs £'000
Commissions % of principal
Taxes % of principal Purchases Bonds 58,652 – – – – Collective Investment Schemes 4,382 1 – 1 0.02 Equities 8,263 – – – – Total 71,297 1 – 1 0.02 –
Principal £'000
Commissions £'000
Taxes £'000
Total Transaction Costs £'000
Commissions % of principal
Taxes % of principal Sales Bonds 3,825 – – – – Collective Investment Schemes 796 – – – – Equities 1,029 – – – – Total 5,650 – – – – Total as a percentage of the average NAV 0.00% 0.00% 0.00%
Analysis of direct transaction costs for the year ended 31 May 2025 :
Principal £'000
Commissions £'000
Taxes £'000
Total Transaction Costs £'000
Commissions % of principal
Taxes % of principal Purchases Bonds 43,533 – – – – Collective Investment Schemes 8,771 – – – – Derivatives 2,816 – – – – Equities 9,724 – – – – Total 64,844 – – – – –
Principal £'000
Commissions £'000
Taxes £'000
Total Transaction Costs £'000
Commissions % of principal
Taxes % of principal Sales Bonds 17,596 – – – – Collective Investment Schemes 18,219 – – – – Derivatives 3,100 – – – – Equities 9,307 (6) – (6) (0.06) Total 48,222 (6) – (6) (0.06) Total as a percentage of the average NAV 0.01% 0.00% 0.01%
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
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7IM REAL RETURN FUND
Average portfolio dealing spread As at the balance sheet date, the average portfolio dealing spread was 0.30% ( 202 5 : 0. 13 %). This spread represents the difference between the values determined respectively by reference to the bid and offer prices of investments expressed as a percentage of the value determined by reference to the offer price.
17 Post Balance Sheet Events
Market price movement
As at the balance sheet date, the Net Asset Value price per share of Class C Accumulation was 176.81p. The Net Asset Value price per share of Class C Accumulation for the Sub-fund on 21 September 2026 was 180.43p. This represents an increase of 2.05% from the year end value.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
16 Purchases, Sales and Transaction Costs (continued)
Page 40
7IM REAL RETURN FUND
38
DISTRIBUTION TABLES for the year ended 31 May 2026
Interim - in pence per share Group 1 - Shares purchased prior to 1 June 2025 Group 2 - Shares purchased on or after 1 June 2025 and on or before 30 November 2025
Net Revenue Equalisation
Allocated 30.01.26
Allocated 31.01.25 Class C Accumulation Group 1 1.3099 – 1.3099 2.2961 Group 2 0.8934 0.4165 1.3099 2.2961
Net Revenue Equalisation
Allocated 30.01.26
Allocated 31.01.25 Class D Accumulation Group 1 1.6467 – 1.6467 2.6775 Group 2 1.6467 – 1.6467 2.6775
Net Revenue Equalisation
Allocated 30.01.26
Allocated 31.01.25 Class S Accumulation Group 1 1.1648 – 1.1648 1.9747 Group 2 1.1648 – 1.1648 1.9747
Final - in pence per share Group 1 - Shares purchased prior to 1 December 2025 Group 2 - Shares purchased on or after 1 December 2025 and on or before 31 May 2026
Net Revenue Equalisation
Allocated 31.07.26
Allocated 31.07.25 Class C Accumulation Group 1 0.8068 – 0.8068 1.1657 Group 2 0.4885 0.3183 0.8068 1.1657
Net Revenue Equalisation
Allocated 31.07.26
Allocated 31.07.25 Class D Accumulation Group 1 1.1187 – 1.1187 1.4836 Group 2 0.6187 0.5000 1.1187 1. 4836
Net Revenue Equalisation
Allocated 31.07.26
Allocated 31.07.25 Class S Accumulation Group 1 0.7414 – 0.7414 1.0396 Group 2 0.3709 0.3705 0.7414 1.0396
Equalisation Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It represents the accrued revenue included in the purchase price of the shares. After averaging it is returned with the distribution as a capital repayment. It is not liable to Income Tax but must be deducted from the cost of the shares for Capital Gains Tax purposes.
Page 41
7IM SELECT MODERATELY CAUTIOUS FUND
39
ACD’S REPORT for the year ended 31 May 2026
Investment Objective and Policy
ctive and Policy Investment Objective and Policy 7IM Select Moderately Cautious Fund is in the process of termination due to an internal merger. Its investment objective is therefore no longer to achieve capital growth or income, but instead to ensure the orderly realisation of its remaining assets and the distribution of proceeds to shareholders. In line with this objective, the investment policy is to hold no new investments and to dispose of existing holdings in a timely and prudent manner. Portfolio activity will be limited to asset disposals necessary to facilitate the wind-up process, while maintaining sufficient liquidity to settle all outstanding liabil ities.
Comparator Benchmark Prior to the commencement of the termination process, the Sub-fund’s performance was compared to the ARC Sterling Cautious Private Client Index. As the Sub-fund is now in the process of termination, the comparator benchmark is no longer used to assess ongoing investment performance.
Investment Manager’s Report
ager’s Report Investment Manager’s Report There is no investment manager’s report as the Sub-fund started the termination process on 22 November 2024 and is no longer open to investors.
Seven Investment Management LLP Investment Manager September 2026
Page 42
7IM SELECT MODERATELY CAUTIOUS FUND
40
Fund Information FUND INFORMATION The Comparative Tables on pages 41 to 44 give the performance of each active share class in the Sub-fund.
The ‘Return after charges’ disclosed in the Comparative Tables is calculated as the return after operating charges per share divided by the opening net asset value per share. It differs from the Sub-fund’s performance disclosed in the ACD's report, which is calculated based on the latest published price.
Portfolio transaction costs are incurred when investments are bought or sold by a Sub-fund in order to achieve the investment objective. These transaction costs affect an investor in different ways depending on whether they are joining, leaving or continuing with their investment in the Sub-fund.
Direct transaction costs include broker commission and taxes. Broker commission includes the fee paid to a broker to execute the trades.
In addition, there are indirect portfolio transaction costs arising from the ‘dealing spread’ – the difference between the buying and selling prices of underlying investments in the portfolio. Unlike shares whereby broker commissions and stamp duty are paid by the Sub-fund on each transaction, other types of investments (such as bonds, money market instruments, derivatives) do not have separately identifiable transaction costs; these costs form part of the dealing spread. Dealing spreads vary considerably depending on the transaction value and money market sentiment.
Page 43
7IM SELECT MODERATELY CAUTIOUS FUND
41
Comparative Tables
Class C Income
31.05.25 1 (pence per share)
31.05.24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 97.67 95.21
Return before operating charges* 4.39 5.62 Operating charges (calculated on average price) (0.21) (1.17)
Return after operating charges* 4.18 4.45
Distributions on income shares (1.79) (1.99)
Last quoted share price 100.06 Closing net asset value per share – 97.67
* After direct transaction costs of: 2 0.00 (0.01)
Performance Return after charges 3 4.28% 4.67%
Other Information Closing net asset value (£'000) – 2,533 Closing number of shares – 2,593,335 Operating charges 4 0.90% 1.22% Direct transaction costs 0.00% (0.01)%
Prices Highest share price 101.43 100.10 Lowest share price 97.81 91.73
1 The Sub-fund merged with 7IM Moderately Cautious Fund on 22 November 2024. As at the year end date 31 May 2026 and 31 May 2025, there is no share class in issue and the Sub-fund is in the process of being terminated. 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which includes the OCFs of the underlying funds, weighted on the basis of their investment proportion. No ongoing charges figure is disclosed for the year ended 31 May 2026 as the Sub-fund is in the process of termination.
FUND INFORMATION (continued)
Page 44
7IM SELECT MODERATELY CAUTIOUS FUND
42
Class C Accumulation
31.05.25 1 (pence per share)
31.05.24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 103.71 99.02
Return before operating charges* 2.80 5.92 Operating charges (calculated on average price) (0.27) (1.23)
Return after operating charges* 2.53 4.69
Distributions (1.90) (2.08)
Retained distributions on accumulation shares 1.90 2.08
Last quoted share price 106.24 Closing net asset value per share – 103.71
* After direct transaction costs of: 2 0.00 (0.01)
Performance Return after charges 3 2.44% 4.74%
Other Information Closing net asset value (£'000) – 22,068 Closing number of shares – 21,279,907 Operating charges 4 0.90% 1.22% Direct transaction costs 0.00% (0.01)%
Prices Highest share price 107.70 105.33 Lowest share price 103.84 95.41
1 The Sub-fund merged with 7IM Moderately Cautious Fund on 22 November 2024. As at the year end date 31 May 2026 and 31 May 2025, there is no share class in issue and the Sub-fund is in the process of being terminated. 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which includes the OCFs of the underlying funds, weighted on the basis of their investment proportion. No ongoing charges figure is disclosed for the year ended 31 May 2026 as the Sub-fund is in the process of termination.
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 45
7IM SELECT MODERATELY CAUTIOUS FUND
43
Class S Income
31.05.25 1 (pence per share)
31.05.24 (pence per share)
Opening net asset value per share 99.90 96.20
Return before operating charges* 3.42 5.82 Operating charges (calculated on average price) (0.18) (0.95)
Return after operating charges* 3.24 4.87
Distributions on income shares – (1.17)
Last quoted share price 103.14 Closing net asset value per share – 99.90
* After direct transaction costs of: 2 0.00 (0.01)
Performance Return after charges 3 3.24% 5.06%
Other Information Closing net asset value (£'000) – Closing number of shares – 108 Operating charges 4 0.65% 0.97% Direct transaction costs 0.00% (0.01)%
Prices Highest share price 103.43 101.79 Lowest share price 100.42 93.27
1 The Sub-fund merged with 7IM Moderately Cautious Fund on 22 November 2024. As at the year end date 31 May 2026 and 31 May 2025, there is no share class in issue and the Sub-fund is in the process of being terminated. 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which includes the OCFs of the underlying funds, weighted on the basis of their investment proportion. No ongoing charges figure is disclosed for the year ended 31 May 2026 as the Sub-fund is in the process of termination.
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 46
7IM SELECT MODERATELY CAUTIOUS FUND
44
Class S Accumulation
31.05.25 1 (pence per share)
31.05.24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 104.86 99.92
Return before operating charges* 2.87 5.92 Operating charges (calculated on average price) (0.20) (0.98)
Return after operating charges* 2.67 4.94
Distributions (1.92) (2.09)
Retained distributions on accumulation shares 1.92 2.09
Last quoted share price 107.53 Closing net asset value per share – 104.86
* After direct transaction costs of: 2 0.00 (0.01)
Performance Return after charges 3 2.55% 4.94%
Other Information Closing net asset value (£'000) – 2,217 Closing number of shares – 2,114,687 Operating charges 4 0.65% 0.97% Direct transaction costs 0.00% (0.01)%
Prices Highest share price 108.97 106.49 Lowest share price 105.01 96.36
1 The Sub-fund merged with 7IM Moderately Cautious Fund on 22 November 2024. As at the year end date 31 May 2026 and 31 May 2025, there is no share class in issue and the Sub-fund is in the process of being terminated. 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which includes the OCFs of the underlying funds, weighted on the basis of their investment proportion. No ongoing charges figure is disclosed for the year ended 31 May 2026 as the Sub-fund is in the process of termination.
FUND INFORMATION (continued)
Comparative Tables (continued)
Page 47
7IM SELECT MODERATELY CAUTIOUS FUND
45
Ongoing Charges Figures
Charges Figures O
Ongoing Charges Figures As at 31 May 2026
On 22 November 2024, the ACD has started the termination process for the Sub-fund, therefore no ongoing charges figure is disclosed.
FUND INFORMATION (continued)
Page 48
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46
Synthetic Risk and Reward Indicator As the Sub-fund is no longer open to investors, the synthetic risk and reward indicator is no longer relevant.
FUND INFORMATION (continued)
Page 49
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47
PORTFOLIO STATEMENT as at 31 May 2026
The Sub-fund merged into 7IM Moderately Cautious Fund on 22 November 2024. The Sub-fund had no investments at the year ends 31 May 2026 and 31 May 2025.
Page 50
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48
STATEMENT OF TOTAL RETURN for the year r ended 31 May 2026 Statement of Total Return 31.05.26 31.05.25 1 Notes £ £ £ £ Income Net capital (losses)/gains 4 (1,206) 310,613 Revenue 5 1,941 589,037
Expenses 6 857 (118,830) Interest payable and similar charges 8 – (70)
Net revenue before taxation for the year 2,798 470,137 Taxation 7 – (83,794)
Net revenue after taxation for the year 2,798 386,343
Total return before distributions 1,592 696,956
Distributions 8 – (493,729) Change in net assets attributable to shareholders from investment activities 1,592 203,227
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS for the year r ended 31 May 2026 Statement of Change in Net Assets Attributable to Shareholders 31.05.26 31.05.25 1 £ £ £ £ Opening net assets attributable to shareholders – 26,818,893 Amounts received on creation of shares 2 – 2,541,704 Amounts paid on cancellation of shares 2 – (30,001,087)
– (27,459,383) Amounts payable due to termination (1,592) (472) Change in net assets attributable to shareholders from investment activities 1,592 203,227 Retained distribution on accumulation shares – 437,735 Closing net assets attributable to shareholders – –
1 The Sub-fund merged into 7IM Moderately Cautious Fund on 22 November 2024. 2 Stated at mid-market price. The mid-market price is calculated using the midpoint of the bid and offer rates.
The notes on pages 50 to 56 are an integral part of these financial statement s.
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49
Balance Sheet BALANCE SHEET as at 31 May 2026
31.05.26 31.05.25 1 Notes £ £ ASSETS
Current assets:
Debtors 9 3 2,149 Cash and bank balances 10 26,557 117,583
Total assets 26,560 119,732
LIABILITIES
Creditors:
Other creditors 11 (26,560) (119,732)
Total liabilities (26,560) (119,732)
Net assets attributable to shareholders – –
1 The Sub-fund merged into 7IM Moderately Cautious Fund on 22 November 2024.
The notes on pages 50 to 56 are an integral part of these financial statement s.
Page 52
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NOTES TO THE FINANCIAL STATEMENTS for the year r ended 31 May 2026
1 Statement of Compliance
The Sub-fund’s financial statements have been prepared on the same basis as the Statement of Compliance disclosed on page 11 . 2 Summary of Significant Accounting Policies
The Sub-fund’s financial statements have been prepared on a basis other than going concern as the Sub-fund is in the process of termination due to an internal merger.
3 Risk Management Policies The Sub-fund’s Risk Management Policies are the same as the Risk Management Policies disclosed on pages 13 to 15 . 4 Net capital (losses)/gains
31.05.26 31.05.25 £ £ The net capital (losses)/gains during the year comprise: Non-derivative securities – 410,926 Derivative contracts – (18,656) Forward currency contracts – 79,305 Currency losses – (160,962) Transaction charges (1,206) Net capital (losses)/gains (1,206) 310,613
5 Revenue
31.05.26 31.05.25 £ £ Non-taxable dividends – 70,566 Taxable dividends – 518,372 Revenue on debt securities – (14,408) AMC rebates from underlying investments 932 3,807 Bank interest 1,009 10,700 Total revenue 1,941 589,037
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6 Expenses
31.05.26 31.05.25 £ £ Payable to the ACD, associates of the ACD and agents of either of them:
ACD's periodic charge – 97,544 Management fee rebates (187) 311 Other expenses (172) 3,519 (359) 101,374
Payable to the Depositary, associates of the Depositary and agents of either of them:
Depositary's fees 2,057 2,412 Safe custody and other bank charges – 11,558 2,057 13,970
Other expenses: Audit fee 1 – 11,683 Dealing and exchange fees – 564 FCA and other regulatory fees – (590) Legal and professional fees 56 (1,690) Market data fees – 2,576 Printing, postage and distribution costs 193 4,485 Risk analysis fees – 4,728 Subsidy of other expenses by the ACD 2 – (37,670) Provision for termination expenses (2,804) 19,400 (2,555) 3,486 Total expenses (857) 118,830
1 The Audit fee is inclusive of 20% VAT and 5% support cost. 2 Please refer to Note 2(f) Capped expenses on page 11 for further details.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
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7 Taxation
31.05.26 31.05.25 £ £ a) Analysis of charge for the year Corporation tax at 20% – 83,794
Current tax charge (note 7 b) – 83,794
Total taxation – 83,794
b) Factors affecting current tax charge for the year The tax assessed for the year differs from the standard rate of corporation tax in the UK for an authorised fund (20%) (2025: 20%) for the reasons explained below. Net revenue before taxation 2,798 470,137
Corporation tax at 20% 560 94,027 Effects of: Non-allowable expenses (560) 3,881 Non-taxable dividends – (14,114) Total tax charge (note 7a) – 83,794
c) Deferred tax There is no deferred tax provision in the current year (2025: none). At the year end, there is no potential deferred tax asset (2025: none).
8 Distributions
The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares, and comprise:
31.05.26 31.05.25 £ £ Interim – 487,577 Final – – 487,577 Add: Revenue deducted on cancellation of shares – 12,223 Deduct: Revenue received on issue of shares – (6,071) Net distributions for the year – 493,729 Interest payable and similar charges – 70 Total distribution – 493,799
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
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Details of the distributions per share are set out in the table on page 57 . 31.05.26 31.05.25 £ £ Distributions represented by: Net revenue after taxation 2,798 386,343 Allocations to capital: Capitalised expenses, net of tax relief 1 (2,954) 97,684 Income deficit 9,846 9,690 Net movement in revenue account (9,690) 12
Net distributions for the year – 493,729
1 Please refer to note 2(i) Distributions policy on page 11 for further details.
9 Debtors
31.05.26 31.05.25 £ £ Accrued revenue 3 AMC rebates from underlying investments – 2,149 Total debtors 3 2,149
10 Cash and bank balances
31.05.26 31.05.25 £ £ Cash and bank balances 26,557 117,583 Total cash and bank balances 26,557 117,583
11 Other creditors
31.05.26 31.05.25 £ £ Amounts payable from termination 2,064 472 Accrued expenses 22,970 39,439 AMC rebates from underlying investments 1,526 Corporation tax payable – 79,821 Total other creditors 26,560 119,732
12 Related party transactions
ACD’s periodic charge and other expenses payable to 7IM (the ‘ACD’) are disclosed in note 6 . The balance due to the ACD at the year end in respect of management fees is £Nil (2025 : £Nil).
The amounts receivable from 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year end are £Nil (2025: £Nil). The amounts payable to 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year end are £Nil (2025: £Nil).
The aggregate monies received by the ACD through the issue of shares and paid on cancellation of shares are disclosed in the Statement of Change in Net Assets Attributable to Shareholders on page 48 . Amounts due from and to the ACD in respect of share transactions at the balance sheet date are £Nil (2025: £Nil) and £Nil (2025: £Nil), respectively.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
8 Distributions (continued)
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7IM and its associates (including other authorized investment funds managed by 7IM) had no shareholdings in the Sub-fund.
A shareholder may be able to exercise significant influence over the financial and operating policies of the Sub-fund and as such is deemed to be a related party. At the balance sheet date, there were no shareholders holding in excess of 20% of the shares in issue of the Sub-fund.
Pershing Nominees Limited (2025:0.00%) The net value of creations and cancellations for Pershing Nominees Limited last year totalled (£26,840,094). The distributions paid and payable to Pershing Nominees Limited as at last year end are £72,760 and £Nil, respectively.
13 Classes of Shares
The Sub-fund has two share classes: 'C' and 'S'. The annual management charges for each class is as follows:
Class C 0.75% Class S 0.50%
There were no shares in issue during the year.
14 Contingent liabilities and commitments
There are no contingent liabilities or unrecorded outstanding c ommitments at the balance sheet date (2025: none).
15 Risk Disclosures
The Sub-fund is in the process of termination following its merger on 22 November 2024. As at the year end, the Sub fund holds no investments and has substantially realised all of its assets. Accordingly, the risk profile of the Sub-fund has significantly reduced and is limited to residual cash and li abilities.
i. Interest rate risk
At the balance sheet date, the Sub-fund’s exposure to interest rate risk arises solely from its cash balances.
Interest rate exposure as at 31 May 2026
Floating Rate Financial Assets £
Fixed Rate Financial Assets £
Financial Assets not carrying interest £
Total £ Pound sterling 26,557 – 3 26,560
26,557 – 3 26,560
Floating Rate Financial Liabilities £
Fixed Rate Financial Liabilities £
Financial Liabilities not carrying interest £
Total £ Pound sterling – – (26,560) (26,560)
– – (26,560) (26,560)
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
12 Related party transactions (continued)
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Interest rate exposure as at 31 May 2025
Floating Rate Financial Assets £
Fixed Rate Financial Assets £
Financial Assets not carrying interest £
Total £ Pound sterling 117,583 – 2,149 119,732
117,583 – 2,149 119,732
Floating Rate Financial Liabilities £
Fixed Rate Financial Liabilities £
Financial Liabilities not carrying interest £
Total £ Pound sterling – – (119,732) (119,732)
– – (119,732) (119,732)
The floating rate financial assets and liabilities include bank balances and bank overdraft positions which earn or pay interest at rates linked to the Bank of England base rate or its international equivalents, index-linked securities that earn interest at rates adjusted by changes in the UK Retail Prices Index (RPI) or its international equivalent and collective investment schemes that pay UK interest distributions.
ii. Foreign currency risk The Sub-fund had no exposure to foreign currencies at the balance sheet date (2025: none). Therefore, no foreign currency risk arises.
iii Derivatives
The derivatives held by the Sub-fund during the year were for the purposes of meeting the investment objectives of the Sub-fund and for efficient portfolio management.
The Sub-fund must at any time, be capable of meeting all of its payment and delivery obligations incurred in respect of its financial derivative instrument transactions. The Investment Manager uses a risk management technique known as absolute value-at-risk (VaR) to measure the Sub-fund's global exposure. VaR is an advanced risk measurement methodology used to assess the Sub-fund's global exposure as set out in the Sub-fund's Risk Management Process. VaR will be used by the Sub-fund on a daily basis in accordance with the requirements of the Central Bank pursuant to which VaR of the Sub-fund's portfolio shall not exceed 2.3% of the Net Asset Value of the Sub-fund and the one-tailed confidence interval shall not be less than 99% with a one day holding period. The historical observation period will be not less than 1 year.
The level of leverage of the Sub-fund (calculated using the sum of the notionals of the derivatives) under normal circumstances is expected to be around 100% of the Net Asset Value of the Sub-fund and is not expected to exceed 260%. It is possible that there may be higher leverage levels from time to time during abnormal market conditions. There is no lowest, highest and average leverage utilisation in the accounting year ended 31 May 2026 ( 31 May 2025 : 63%, 75% and 67% respectively).
VaR is calculated for the funds under the parametric method. The time horizon for the calculation is 1 day, using a 99% confidence level. The methodology is derived from Bloomberg PORT’s risk engine and blends the VaR produced from two different risk models, namely Multi-Asset Class Model (MAC): Long Term (LT) and Monthly (M). The former applies an infinite half-life (exponential weighting) for calculating volatilities and correlations; the latter applies a 2-3 month half life for volatilities and 10-15 month for correlations.
The reported VaR is calculated formulaically as follows: VaR = 0.5*VaRLT + 0.5*MAX(VaRLT, VaRM).
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
15 Risk Disclosures (continued)
i. Interest rate risk (continued)
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The Bloomberg PORT models map individual portfolio positions onto the Bloomberg set of risk factors to backfill for a time series of volatility. The VaR numbers calculated are derived from daily volatility numbers, multiplied by an appropriate 99% confidence interval scaling factor under the ass umption of a normal distribution.
As at the balance sheet date, there were no derivatives held by y the Sub-fund (2025: none).
iv. Fair value
As the Sub-fund holds no investments at the balance sheet date, there are no financial instruments measured at fair value. The carrying value of financial assets and liabilities approximates their fair value.
16 Purchases, Sales and Transaction Costs
The following tables show portfolio transactions and their associated transaction costs. For more information about the nature of these costs please refer to the additional portfolio transaction cost information on page 40 .
During the year ended 31 May 2026, there were no purchases and sales made by the Sub-fund and therefore no direct transaction costs were incurred.
Analysis of direct transaction costs for the year ended 31 May 2025:
Principal £'000
Commissions £'000
Taxes £'000
Total Transaction Costs £'000
Commissions % of principal
Taxes % of principal Purchases Bonds 73 – – – – Collective Investment Schemes 4,375 – – – – Derivatives 394 – – – – Equities 244 – – – – Total 5,086 – – – – –
Principal £'000
Commissions £'000
Taxes £'000
Total Transaction Costs £'000
Commissions % of principal
Taxes % of principal Sales Bonds 1,961 – – – – Collective Investment Schemes 27,041 – – – – Derivatives 1,301 – – – – Equities 1,193 – – – – Total 31,496 – – – – Total as a percentage of the average NAV 0.00% 0.00% 0.00%
Average portfolio dealing spread As at the balance sheet date, the average portfolio dealing spread was Nil (2025: Nil). This spread represents the difference between the values determined respectively by reference to the bid and offer prices of investments expressed as a percentage of the value determined by reference to the offe r price.
17 Post Balance Sheet Events
As the Sub-fund is in the process of termination and all shares have been redeemed, market price movement is not presented for the Sub-fund.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
15 Risk Disclosures (continued)
iii Derivatives (continued)
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DISTRIBUTION TABLES for the year ended 31 May 2026
The Sub-fund has no distribution for the year ended 31 May 2026 as the Sub-fund is in the process of being terminated. Comparative distribution information for the year ended 31 May 2025 is disclosed in the prior-year financial statements and comparative tables.
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ACD’S REPORT for the year r ended 31 May 2026
Investment Objective and Policy
ctive and Policy Investment Objective and Policy 7IM Select Balanced Fund (the ‘Sub-fund’) is in the process of termination due to an internal merger. Its investment objective is therefore no longer to achieve capital growth or income, but instead to ensure the orderly realisation of its remaining assets and the distribution of proceeds to shareholders. In line with this objective, the investment policy is to hold no new investments and to dispose of existing holdings in a timely and prudent manner. Portfolio activity will be limited to asset disposals necessary to facilitate the wind-up process, while maintaining sufficient liquidity to settle all outstanding liabil ities.
Comparator Benchmark Prior to the commencement of the termination process, the Sub-fund’s performance was compared to the ARC Sterling Balanced Asset Private Client Index. As the Sub-fund is now in the process of termination, the comparator benchmark is no longer used to assess ongoing investment performance.
Investment Manager’s Report
ager’s Report Investment Manager’s Report There is no investment manager’s report as the Sub-fund started the termination process on 24 October 2025 and is no longer open to investors.
Seven Investment Management LLP Investment Manager September 2026
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Fund Information FUND INFORMATION The Comparative Tables on pages 60 to 63 give the performance of each active share class in the Sub-fund.
The ‘Return after charges’ disclosed in the Comparative Tables is calculated as the return after operating charges per share divided by the opening net asset value per share. It differs from the Sub-fund’s performance disclosed in the ACD's report, which is calculated based on the latest published price.
Portfolio transaction costs are incurred when investments are bought or sold by a Sub-fund in order to achieve the investment objective. These transaction costs affect an investor in different ways depending on whether they are joining, leaving or continuing with their investment in the Sub-fund.
Direct transaction costs include broker commission and taxes. Broker commission includes the fee paid to a broker to execute the trades.
In addition, there are indirect portfolio transaction costs arising from the ‘dealing spread’ – the difference between the buying and selling prices of underlying investments in the portfolio. Unlike shares whereby broker commissions and stamp duty are paid by the Sub-fund on each transaction, other types of investments (such as bonds, money market instruments, derivatives) do not have separately identifiable transaction costs; these costs form part of the dealing spread. Dealing spreads vary considerably depending on the transaction value and money market sentiment.
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Comparative Tables
Class C Income
31.05.26 1 (pence per share)
31.05.25 (pence per share)
31.05.24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 109.49 107.95 102.85
Return before operating charges* 8.67 4.73 8.15 Operating charges (calculated on average price) (0.15) (1.23) (1.20)
Return after operating charges* 8.52 3.50 6.95
Distributions on income shares (0.77) (1.96) (1.85)
Last quoted share price 117.24 – Closing net asset value per share – 109.49 107.95
* After direct transaction costs of: 2 0.00 0.00 0.00
Performance Return after charges 3 7.78% 3.24% 6.76%
Other Information Closing net asset value (£'000) – 8,276 11,466 Closing number of shares – 7,558,684 10,621,771 Operating charges 4 0.80% 1.12% 1.14% Direct transaction costs 0.00% 0.00% 0.00%
Prices Highest share price 117.24 113.24 110.58 Lowest share price 109.36 102.79 99.57
1 The Sub-fund merged with 7IM Balanced Fund on 24 October 2025. As at the year end date 31 May 2026, there is no share class in issue and the Sub-fund is in the process of being terminated . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which includes the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 64 .
FUND INFORMATION (continued)
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Class C Accumulation
31.05.26 1 (pence per share)
31.05.25 (pence per share)
31.05.24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 117.06 113.40 106.16
Return before operating charges* 8.45 4.96 8.48 Operating charges (calculated on average price) (0.16) (1.30) (1.24)
Return after operating charges* 8.29 3.66 7.24
Distributions (0.82) (2.06) (1.92)
Retained distributions on accumulation shares 0.82 2.06 1.92
Last quoted share price 125.35 – Closing net asset value per share – 117.06 113.40
* After direct transaction costs of: 2 0.00 0.00 0.00
Performance Return after charges 3 7.08% 3.23% 6.82%
Other Information Closing net asset value (£'000) – 193,706 211,497 Closing number of shares – 165,472,618 186,501,356 Operating charges 4 0.80% 1.12% 1.14% Direct transaction costs 0.00% 0.00% 0.00%
Prices Highest share price 125.35 120.28 115.41 Lowest share price 116.94 109.18 102.78
1 The Sub-fund merged with 7IM Balanced Fund on 24 October 2025. As at the year end date 31 May 2026, there is no share class in issue and the Sub-fund is in the process of being terminated . 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which includes the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 64 .
FUND INFORMATION (continued)
Comparative Tables (continued)
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Class S Income
31.05.26 1 (pence per share)
31.05.25 (pence per share)
31.05.24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 114.28 112.56 107.18
Return before operating charges* 9.14 4.88 7.73 Operating charges (calculated on average price) (0.11) (1.00) (0.31)
Return after operating charges* 9.03 3.88 7.42
Distributions on income shares (0.85) (2.16) (2.04)
Last quoted share price 122.46 – Closing net asset value per share – 114.28 112.56
* After direct transaction costs of: 2 0.00 0.00 0.00
Performance Return after charges 3 7.90% 3.45% 6.92%
Other Information Closing net asset value (£'000) – 2,358 2,465 Closing number of shares – 2,063,085 2,189,558 Operating charges 4 0.55% 0.87% 0.89% Direct transaction costs 0.00% 0.00% 0.00%
Prices Highest share price 122.46 118.18 115.35 Lowest share price 114.15 107.30 103.81
1 The Sub-fund merged with 7IM Balanced Fund on 24 October 2025. As at the year end date 31 May 2026 , there is no share class in issue and the Sub-fund is in the process of being terminated. 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which includes the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 64 .
FUND INFORMATION (continued)
Comparative Tables (continued)
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Class S Accumulation
31.05.26 1 (pence per share)
31.05.25 (pence per share)
31.05.24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 118.63 114.69 107.16
Return before operating charges* 8.61 4.96 8.51 Operating charges (calculated on average price) (0.11) (1.02) (0.98)
Return after operating charges* 8.50 3.94 7.53
Distributions (0.88) (2.21) (2.05)
Retained distributions on accumulation shares 0.88 2.21 2.05
Last quoted share price 127.13 – Closing net asset value per share – 118.63 114.69
* After direct transaction costs of: 2 0.00 0.00 0.00
Performance Return after charges 3 7.17% 3.44% 7.03%
Other Information Closing net asset value (£'000) – 30,726 31,033 Closing number of shares – 25,900,000 27,057,349 Operating charges 4 0.55% 0.87% 0.89% Direct transaction costs 0.00% 0.00% 0.00%
Prices Highest share price 127.13 121.82 116.71 Lowest share price 118.51 110.61 103.83
1 The Sub-fund merged with 7IM Balanced Fund on 24 October 2025. As at the year end date 31 May 2026 , there is no share class in issue and the Sub-fund is in the process of being terminated. 2 Direct transaction costs are stated after deducting the proportion of the amounts collected from dilution adjustments or dilution levies that relate to direct transaction costs. A negative transaction costs figure might arise where there is a timing difference between inflows and the settlement of the resultant purchases. 3 The return after charges is calculated as the return after operating charges per share divided by the opening net asset value per share. 4 Operating charges, otherwise known as the OCF is the ratio of the Sub-fund’s total disclosable costs (excluding securities lending fees and overdraft interest) to the average net assets of the Sub-fund. The OCF is intended to provide a reliable figure which gives the most accurate measure of what it costs to invest in a sub-fund and is calculated based on the last period's figures. Included within the OCF are synthetic costs which includes the OCFs of the underlying funds, weighted on the basis of their investment proportion. A detailed breakdown of the OCF per share class is shown on page 64 .
FUND INFORMATION (continued)
Comparative Tables (continued)
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64
Ongoing Charges Figures
Charges Figures O
Ongoing Charges Figures As at 31 May 2026
On 24 October 2025, the ACD has started the termination process for the Sub-fund, therefore no ongoing charges figure is disclosed.
As at 31 May 2025
Class C Class S ACD’s periodic charge 0.75% 0.50% Other expenses 0.05% 0.05% 0.80% 0.55% Collective investment scheme costs 0.32% 0.32% Ongoing Charges Figure 1.12% 0.87%
The Ongoing Charges Figure (‘OCF’) represents the total operating expenses of the Sub-fund, expressed as a percentage of the average net assets during the accounting year.
The collective investment scheme costs represent the OCFs, or a reasonable substitute, of the underlying funds which are held as portfolio investments. Their inclusion has been calculated on a weighted basis against the Sub-fund’s net assets at the balance sheet date.
FUND INFORMATION (continued)
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65
Synthetic Risk and Reward Indicator As the Sub-fund is no longer open to investors, the synthetic risk and reward indicator is no longer relevant.
FUND INFORMATION (continued)
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66
PORTFOLIO STATEMENT as at 31 May 2026
Holding Portfolio of Investment
Value £
31.05.26 % ALTERNATIVES 0.00% (7.71%) 1 Alternative Strategies 0.00% (7.71%) 1
EQUITY 0.00% (4.22%) 1
Luxembourg 0.00% (1.67%) 1
United Kingdom 0.00% (2.55%) 1
Futures Contracts 0.00% (0.01%) 1
United States 0.00% (0.01%) 1
Forward Currency Contracts 0.00% (1.18%) 1
Collective Investment Schemes 0.00% (84.64%) 1
Ireland 0.00% (19.50%) 1
Japan 0.00% (1.72%) 1
Luxembourg 0.00% (27.05%) 1
United Kingdom 0.00% (36.37%) 1
Portfolio of investment – Net other liabilities – Net assets – –
As at 31 May 2026, the Sub-fund held no investments following its merger into 7IM Balanced Fund on 24 October 2025.
1 Comparative figures shown in brackets relate to 31 May 2025.
Credit Quality
31.05.26 %
31.05.25 % Non-rated debt securities – 7.71 Other investments – 90.05 Net other assets – 2.24
– 100.00
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67
STATEMENT OF TOTAL RETURN for the year r ended 31 May 2026 Statement of Total Return 31.05.26 1 31.05.25 Notes £ £ £ £ Income Net capital gains 4 14,706,943 4,523,553 Revenue 5 2,312,239 5,992,622
Expenses 6 (726,015) (1,894,276) Interest payable and similar charges 8 (3,700) (1,782)
Net revenue before taxation for the year 1,582,524 4,096,564 Taxation 7 (206,416) (375,412)
Net revenue after taxation for the year 1,376,108 3,721,152
Total return before distributions 16,083,051 8,244,705
Distributions 8 (1,588,482) (4,440,843) Change in net assets attributable to shareholders from investment activities 14,494,569 3,803,862
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS for the year r ended 31 May 2026 Statement of Change in Net Assets Attributable to Shareholders 31.05.26 1 31.05.25 £ £ £ £ Opening net assets attributable to shareholders 235,066,400 256,461,755 Amounts received on creation of shares 2 3,631,962 46,828,662 Amounts paid on cancellation of shares 2 (254,649,473) (76,159,952)
(251,017,511) (29,331,290) Amounts payable due to termination (19,194) Change in net assets attributable to shareholders from investment activities 14,494,569 3,803,862 Retained distribution on accumulation shares 1,475,736 4,132,073 Closing net assets attributable to shareholders – 235,066,400
1 The Sub-fund merged into 7IM Balanced on 24 October 2025. 2 Stated at mid-market price. The mid-market price is calculated using the midpoint of the bid and offer rates.
The notes on pages 69 to 79 are an integral part of these financial statement s.
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Balance Sheet BALANCE SHEET as at 31 May 2026
31.05.26 1 31.05.25 Notes £ £ ASSETS
Current assets:
Debtors 9 58,045 607,905 Cash and bank balances 10 159,798 5,291,424 Investments 10 – 230,441,564
Total assets 217,843 236,340,893
LIABILITIES
Investment liabilities – (632,189)
Creditors:
Distribution payable 8 – (71,440) Other creditors 11 (217,843) (570,864)
Total liabilities (217,843) (1,274,493)
Net assets attributable to shareholders – 235,066,400
1 The Sub-fund merged into 7IM Balanced Fund on 24 October 2025.
The notes on pages 69 to 79 are an integral part of these financial statement s.
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NOTES TO THE FINANCIAL STATEMENTS for the year r ended 31 May 2026
1 Statement of Compliance
The Sub-fund’s financial statements have been prepared on the same basis as the Statement of Compliance disclosed on page 11 . 2 Summary of Significant Accounting Policies
The Sub-fund’s financial statements have been prepared on a basis other than going concern as the Sub-fund is in the process of termination due to an internal merger.
3 Risk Management Policies The Sub-fund’s Risk Management Policies are the same as the Risk Management Policies disclosed on pages 13 to 15 . 4 Net capital gains
31.05.26 31.05.25 £ £ The net capital gains during the year comprise: Non-derivative securities 15,039,177 2,985,767 Derivative contracts 54,106 50,374 Forward currency contracts 136,810 1,316,772 Currency (losses)/gains (532,877) 132,170 Transaction charges (2,651) (2,964) CSDR penalty reimbursement – 289 AMC rebates from underlying investments 12,378 41,145 Net capital gains 14,706,943 4,523,553
5 Revenue
31.05.26 31.05.25 £ £ Non-taxable dividends 576,198 2,260,646 Taxable dividends 1,600,629 3,526,694 Revenue on debt securities – (43,062) AMC rebates from underlying investments 89,165 99,998 Bank interest 46,247 148,346 Total revenue 2,312,239 5,992,622
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6 Expenses
31.05.26 31.05.25 £ £ Payable to the ACD, associates of the ACD and agents of either of them:
ACD's periodic charge 666,502 1,776,770 Other expenses 3,028 6,998 669,530 1,783,768
Payable to the Depositary, associates of the Depositary and agents of either of them:
Depositary's fees 13,622 35,775 Safe custody and other bank charges 11,246 28,857 24,868 64,632
Other e xpenses: Audit fee 1 8,596 15,391 Dealing and exchange fees (981) 7,321 FCA and other regulatory fees (762) 65 Legal and professional fees 2,149 (1,387) Market data fees 3,382 5,192 Printing, postage and distribution costs 3,766 11,133 Risk analysis fees 3,967 8,161 Provision for termination expenses 11,500 31,617 45,876 Total expenses 726,015 1,894,276
1 The Audit fee is inclusive of 20% VAT and 5% support cost.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
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7 Taxation
31.05.26 31.05.25 £ £ a) Analysis of charge for the year Corporation tax at 20% 206,416 375,412 Double taxation relief (16,899) Irrecoverable CIS income tax 16,899 Current tax charge (note 7 b) 206,416 375,412
Total taxation 206,416 375,412
b) Factors affecting current tax charge for the year The tax assessed for the year differs from the standard rate of corporation tax in the UK for an authorised fund (20%) (2025: 20%) for the reasons explained below. Net revenue before taxation 1,582,524 4,096,564
Corporation tax at 20% 316,505 819,313 Effects of: AMC rebates taken to capital 2,476 8,228 Double taxation relief expensed (16,899) Irrecoverable CIS income tax written off 16,899 Non-allowable expenses 2,675 Non-taxable dividends (115,240) (452,129) Total tax charge (note 7 a) 206,416 375,412
c) Deferred tax There is no deferred tax provision in the current year (2025: none). At the year end, there is no potential deferred tax asset (2025: none).
8 Distributions
The distributions take account of revenue received on the issue of shares and revenue deducted on cancellation of shares, and comprise:
31.05.26 31.05.25 £ £ Interim 1,550,591 2,758,658 Final 1 – 1,560,315 1,550,591 4,318,973 Add: Revenue deducted on cancellation of shares 44,783 310,259 Deduct: Revenue received on issue of shares (6,892) (188,389) Net distributions for the year 1,588,482 4,440,843 Interest payable and similar charges 3,700 1,782 Total distribution 1,592,182 4,442,625
Details of the distributions per share are set out in the table on pages 80 to 82 .
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
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31.05.26 31.05.25 £ £ Distributions represented by: Net revenue after taxation 1,376,108 3,721,152 Allocations to capital: Capitalised income, net of tax relief2 f2 280,576 718,937 Equalisation on conversions 3 – 611 Net movement in revenue account (68,202) 143
Net distributions for the year 1,588,482 4,440,843
1 Distribution payable at the year end of £Nil (2025: £ 71,440 ) is disclosed in the Balance Sheet on page 68 . 2 Please refer to Note 2( i ) Distribution Policy on page 1 1 for further details. 3 Where an investor converts to a class with a higher income yield, the investor will pay or receive an equalisation as if they had held the new class throughout the period from the last distribution to the conversion date. The yield differential at the point of conversion is an equalisation which will be offset by capital erosion for the converted investor.
9 Debtors
31.05.26 31.05.25 £ £ Amounts receivable for issue of shares – 390,606 Accrued revenue 125 133,007 AMC rebates from underlying investments 57,912 84,292 Prepaid expenses 8 Total debtors 58,045 607,905
10 Cash and bank balances
31.05.26 31.05.25 £ £ Cash and bank balances 159,798 5,120,595 Cash held at clearing houses – 170,829 Total cash and bank balances 159,798 5,291,424
11 Other Creditors
31.05.26 31.05.25 £ £ Amounts payable for cancellation of shares – 111,631 Purchases awaiting settlement – 91,443 Accrued expenses 1 89,780 231,857 Corporation tax payable 108,869 135,933 Amounts payable from termination 19,194 Total other creditors 217,843 570,864
1 This amount includes ACD’s periodic charge payable. Please refer to note 12.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
8 Distributions (continued)
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12 Related party transactions
ACD’s periodic charge and other expenses payable to 7IM (the ‘ACD’) are disclosed in note 6 . The balance due to the ACD at the year end in respect of management fees is £1,162 (20 25: £71,341).
The amounts receivable from 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year end are £Nil (2025: £Nil). The amounts payable to 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year end are £Nil (2025: £Nil).
The aggregate monies received by the ACD through the issue of shares and paid on cancellation of shares are disclosed in the Statement of Change in Net Assets Attributable to Shareholders on page 67 . Amounts due from and to the ACD in respect of share transactions at the balance sheet date are £Nil (2025: £390,606) and £Nil (2025: £111,631), respectively.
A shareholder may be able to exercise significant influence over the financial and operating policies of the Sub-fund and as such is deemed to be a related party. At the balance sheet date, the following shareholder held in excess of 20% of the shares in issue of the Sub-fund.
Pershing Nominees Limited 1 (2025: 100.00%)
1 Considered a related party in the prior year but ceased to be a related party following the merger with 7IM Balanced Fund on 24 October 2025, which reduced the ownership interest to nil. The Sub-fund is in the process of termination.
The net value of creations and cancellations for Pershing Nominees Limited last year totalled (£20,913,957). The distributions paid and payable to Pershing Nominees Limited as at the last year end are £209,111 and £71,440, respectively.
13 Classes of Shares
The Sub-fund has two share classes: ‘C’ and ‘S’. The annual management charge on each class is as follows:
Class C 0.75% Class S 0.50%
The table below shows the movement in shares during the year. Following the merger of the Sub-fund with the 7IM Balanced Fund on 24 October 2025, no shares remained in issue at the year end.
Class
Opening Shares
Shares Created
Shares Liquidated
Shares Converted
Closing Shares Class C Income 7,558,684 33,638 (7,592,322) – Class C Accumulation 165,472,618 2,925,903 (168,398,521) – Class S Income 2,063,085 – (2,063,085) – Class S Accumulation 25,900,000 59,207 (25,959,207) – –
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
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14 Contingent liabilities and commitments
There are no contingent liabilities or unrecorded outstanding c ommitments at the balance sheet date (2025: none).
15 Risk Disclosures
The Sub-fund is in the process of termination following its merger on 24 October 2025. As at the year end, the Sub-fund holds no investments and has substantially realised all of its assets. Accordingly, the risk profile of the Sub-fund has significantly reduced and is limited to residual cash and liabil ities.
i. Interest rate risk
At the balance sheet date, the Sub-fund’s exposure to interest rate risk arises solely from its cash balances.
Interest rate exposure as at 31 May 2026
Floating Rate Financial Assets £
Fixed Rate Financial Assets £
Financial Assets not carrying interest £
Total £ Pound sterling 159,798 – 58,045 217,843
159,798 – 58,045 217,843
Floating Rate Financial Liabilities £
Fixed Rate Financial Liabilities £
Financial Liabilities not carrying interest £
Total £ Pound sterling – – (217,843) (217,843)
– – (217,843) (217,843)
Interest rate exposure as at 31 May 2025
Floating Rate Financial Assets £
Fixed Rate Financial Assets £
Financial Assets not carrying interest £
Total £ Euro 44,405 – – 44,405 US dollar – 18,121,713 34,593,422 52,715,135 Pound sterling 5,247,019 – 178,334,334 183,581,353
5,291,424 18,121,713 212,927,756 236,340,893
Floating Rate Financial Liabilities £
Fixed Rate Financial Liabilities £
Financial Liabilities not carrying interest £
Total £ Pound sterling – – (1,274,493) (1,274,493)
– – (1,274,493) (1,274,493)
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
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The floating rate financial assets and liabilities include bank balances and bank overdraft positions which earn or pay interest at rates linked to the Bank of England base rate or its international equivalents, index-linked securities that earn interest at rates adjusted by changes in the UK Retail Prices Index (RPI) or its international equivalent and collective investment schemes that pay UK interest distributions.
Fixed Rate Financial Assets Weighted average interest rate
Weighted average period for which rate is fixed Currency 31.05.26 31.05.25 31.05.26 31.05.25 % % Years Years US dollar – (6.70) – 1 The average effective duration of the Sub-fund’s portfolio is a measure of the sensitivity of the fair value of the Sub fund’s bond portfolio (excludes all other investments) to changes in market interest rates. As at 31 May 2026 , the average effective duration was 0.00 years ( 31 May 2025 : 1.83 years).
ii. Foreign currency risk The Sub-fund had no exposure to foreign currencies at the balance sheet date. Therefore, no foreign currency risk arises. The table below shows the direct foreign currency risk profile:
Currency exposure as at 31 May 2025
Currency
Monetary Exposure £
Non-Monetary Exposure £
Total £ Euro 44,405 – 44,405 US dollar – 52,715,135 52,715,135
44,405 52,715,135 52,759,540
Pound sterling 5,212,620 177,094,240 182,306,860
Net assets 5,257,025 229,809,375 235,066,400
iii. Derivatives
The derivatives held by the Sub-fund during the year were for the purposes of meeting the investment objectives of the Sub-fund and for efficient portfolio management.
The Sub-fund must at any time, be capable of meeting all of its payment and delivery obligations incurred in respect of its financial derivative instrument transactions. The Investment Manager uses a risk management technique known as absolute value-at-risk (VaR) to measure the Sub-fund's global exposure. VaR is an advanced risk measurement methodology used to assess the Sub-fund's global exposure as set out in the Sub-fund's Risk Management Process. VaR will be used by the Sub-fund on a daily basis in accordance with the requirements of the Central Bank pursuant to which VaR of the Sub-fund's portfolio shall not exceed 3.1% of the Net Asset Value of the Sub-fund and the one-tailed confidence interval shall not be less than 99% with a one day holding period. The historical observation period will be not less than 1 year.
The level of leverage of the Sub-fund (calculated using the sum of the notionals of the derivatives) under normal circumstances is expected to be around 100% of the Net Asset Value of the Sub-fund and is not expected to exceed 260%. It is possible that there may be higher leverage levels from time to time during abnormal market conditions. The lowest, highest and average leverage utilisation in the accounting year ended 31 May 2026 was 22%, 36% and 27% respectively ( 31 May 2025 : 24%, 47% and 34% respectively).
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
15 Risk Disclosures (continued)
i. Interest rate risk (continued)
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VaR is calculated for the funds under the parametric method. The time horizon for the calculation is 1 day, using a 99% confidence level. The methodology is derived from Bloomberg PORT’s risk engine and blends the VaR produced from two different risk models, namely Multi-Asset Class Model (MAC): Long Term (LT) and Monthly (M). The former applies an infinite half-life (exponential weighting) for calculating volatilities and correlations; the latter applies a 2-3 month half-life for volatilities and 10-15 month for correlations. The reported VaR is calculated formulaically as follows: VaR = 0.5*VaRLT + 0.5*MAX(VaRLT, VaRM).
The Bloomberg PORT models map individual portfolio positions onto the Bloomberg set of risk factors to backfill for a time series of volatility. The VaR numbers calculated are derived from daily volatility numbers, multiplied by an appropriate 99% confidence interval scaling factor under the ass umption of a normal distribution.
During the year, prior to the merger, the Sub-fund held forward foreign currency contracts, futures contracts and structured products. As at the balance sheet date, there were no derivatives held by the Sub-fund.
Counterparty
31.05.26 1 £
31.05.25 £
Futures Contracts Chicago Board of Trade – 17,073 Forward Currency Contracts Northern Trust – 2,771,152 Structured Products JP Morgan – 6,387,734 Societe Generale – 5,834,327 Total net exposure 2 – 15,010,286
1 As at the balance sheet date, there were no derivatives held by the Sub-fund. 2 Net exposure represents the mark to market value of derivative contracts less any cash collateral held. Positive exposure represents the Sub-fund's exposure to that counterparty. iv. Fair value
In the opinion of the ACD, there is no material difference between the value of the financial assets and liabilities, as shown in the balance sheet, and their fair value.
Investments are categorised into the following levels based on their fair value measurement:
Level 1 The unadjusted quoted price in an active market for identical instruments that the entity can access at the measurement date.
Level 2 Valuation techniques using observable inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, for example interest rates and yield curves observable at commonly quoted intervals, implied volatilities, credit spreads, inputs that are derived principally from or corroborated by observable market data by correlation or other means ('market-corroborated inputs').
The Sub-fund may have corporate bonds which fall in to this category as despite quoted prices being available, trading can be irregular and there are often significant lengths of time between traded arm’s length transactions.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
15 Risk Disclosures (continued)
iii. Derivatives (continued)
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Level 3 Valuation techniques using unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. An entity develops unobservable inputs using the best information available in the circumstances, which might include the entity's own data, taking into account all information about market participant assumptions that is reasonably available.
Where assets are subject to administration, liquidation or orderly realisation processes, the ACD may adjust the price to reflect what they consider a more realistic value in the circumstances. The rationale and pricing method is agreed with the Depositary and monitored frequently by the Fair Value Pricing Panel.
The Sub-fund merged with 7IM Balanced Fund on 24 October 2025. As at the year end date 31 May 2026, there is no fair value hierarchy disclosed as Sub-fund is in the process of being terminated. There were no investments held at the year end 31 May 2026.
31 May 2025
Level 1 £
Level 2 £
Level 3 £
Total £
Assets Bonds – 18,121,713 – 18,121,713 Collective Investment Schemes 27,971,726 171,003,612 – 198,975,338 Derivatives 17,073 3,403,341 – 3,420,414 Equities 9,924,099 – – 9,924,099 Total 37,912,898 192,528,666 – 230,441,564
Liabilities Derivatives – (632,189) – (632,189)
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
15 Risk Disclosures (continued)
iv. Fair value (continued)
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16 Purchases, Sales and Transaction Costs
The following tables show portfolio transactions and their associated transaction costs. For more information about the nature of these costs please refer to the additional portfolio transaction cost information on page 59 . Analysis of direct transaction costs for the year ended 31 May 2026 :
Principal £'000
Commissions £'000
Taxes £'000
Total Transaction Costs £'000
Commissions % of principal
Taxes % of principal Purchases Collective Investment Schemes 51,306 1 – 1 – Equities 4,515 – – – – Total 55,821 1 – 1 – –
Principal £'000
Commissions £'000
Taxes £'000
Total Transaction Costs £'000
Commissions % of principal
Taxes % of principal Sales Bonds 18,031 – – – – Collective Investment Schemes 234,831 (2) – (2) – Derivatives 10,911 – – – – Equities 35,960 – – – – Total 299,733 (2) – (2) – Total as a percentage of the average NAV 0.00% 0.00% 0.00%
Analysis of direct transaction costs for the year ended 31 May 2025 :
Principal £'000
Commissions £'000
Taxes £'000
Total Transaction Costs £'000
Commissions % of principal
Taxes % of principal Purchases Bonds 9,490 – – – – Collective Investment Schemes 91,321 – – – – Derivatives 5,810 – – – – Equities 37,632 – – – – Total 144,253 – – – – –
Principal £'000
Commissions £'000
Taxes £'000
Total Transaction Costs £'000
Commissions % of principal
Taxes % of principal Sales Bonds 9,308 – – – – Collective Investment Schemes 119,397 – – – – Derivatives 6,848 – – – – Equities 14,870 – – – – Total 150,423 – – – – Total as a percentage of the average NAV 0.00% 0.00% 0.00%
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
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Average portfolio dealing spread As at the balance sheet date, the average portfolio dealing spread was 0.00% ( 2025 : 0.03%). This spread represents the difference between the values determined respectively by reference to the bid and offer prices of investments expressed as a percentage of the value determined by reference to the offer price.
17 Post Balance Sheet Events
Market price movement As the Sub-fund merged into 7IM Balanced Fund on 24 October 2025 and no shares remained in issue at the year end, market price movement is not presented for the Sub-fund.
NOTES TO THE FINANCIAL STATEMENTS (continued) for the year r ended 31 May 2026
16 Purchases, Sales and Transaction Costs (continued)
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DISTRIBUTION TABLES for the year ended 31 May 2026
Ad Hoc Distribution - in pence per share 1 Group 1 - Shares purchased prior to 1 June 2025 Group 2 - Shares purchased on or after 1 June 2025 and on or before 24 October 2025
Net Revenue Equalisation
Paid 24.12.25 1 Class C Income Group 1 0.7706 – 0.7706 Group 2 0.7706 – 0.7706
Net Revenue Equalisation
Allocated 24.12.25 1 Class C Accumulation Group 1 0.8236 – 0.8236 Group 2 0.5926 0.2310 0.8236
Net Revenue Equalisation
Paid 24.12.25 1 Class S Income Group 1 0.8517 – 0.8517 Group 2 0.8517 – 0.8517
Net Revenue Equalisation
Allocated 24.12.25 1 Class S Accumulation Group 1 0.8843 – 0.8843 Group 2 0.6632 0.2211 0.8843
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DISTRIBUTION TABLES (continued) for the year ended 31 May 2026
Interim - in pence per share 1 Group 1 - Shares purchased prior to 1 June 2025 Group 2 - Shares purchased on or after 1 June 2025 and on or before 30 November 2025
Net Revenue Equalisation
Paid 31.01.26 1
Paid 31.01.25 Class C Income Group 1 – – – 1.2328 Group 2 – – – 1.2328
Net Revenue Equalisation
Allocated 31.01.26 1
Allocated 31.01.25 Class C Accumulation Group 1 – – – 1.2949 Group 2 – – – 1.2949
Net Revenue Equalisation
Paid 31.01.26 1
Paid 31.01.25 Class S Income Group 1 – – – 1.3434 Group 2 – – – 1.3434
Net Revenue Equalisation
Allocated 31.01.2 6 1
Allocated 31.01.25 Class S Accumulation Group 1 – – – 1.3692 Group 2 – – – 1.3692
Final - in pence per share 1 Group 1 - Shares purchased prior to 1 December 2025 Group 2 - Shares purchased on or after 1 December 2025 and on or before 31 May 2026
Net Revenue Equalisation
Paid 31.07.26 1
Paid 31.07.25 Class C Income Group 1 – – – 0.7234 Group 2 – – – 0.7234
Net Revenue Equalisation
Allocated 31.07.26 1
Allocated 31.07.25 Class C Accumulation Group 1 – – – 0.7687 Group 2 – – – 0.7687
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DISTRIBUTION TABLES (continued) for the year ended 31 May 2026
Net Revenue Equalisation
Paid 31.07.26 1
Paid 31.07.25 Class S Income Group 1 – – – 0.8124 Group 2 – – – 0.8124
Net Revenue Equalisation
Allocated 31.07.26 1
Allocated 31.07.25 Class S Accumulation Group 1 – – – 0.8374 Group 2 – – – 0.8374
1 The Sub-fund merged with 7IM Balanced Fund on 24 October 2025. As at the year end date 31 May 2026, there is no share class in issue and the Sub-fund is in the process of being terminated.
Equalisation Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It represents the accrued revenue included in the purchase price of the shares. After averaging it is returned with the distribution as a capital repayment. It is not liable to Income Tax but must be deducted from the cost of the shares for Capital Gains Tax purposes.
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ACD’S REPORT for the year r ended 31 May 2026
Investment Objective and Policy
ctive and Policy Investment Objective and Policy The 7IM Select Moderately Adventurous Fund (the ‘Sub-fund’) is in the process of termination due to an internal merger. Its investment objective is therefore no longer to achieve capital growth or income, but instead to ensure the orderly realization of its remaining assets and the distribution of proceeds to shareholders.
In line with this objective, the investment policy is to hold no new investments and to dispose of existing holdings in a timely and prudent manner. Portfolio activity will be limited to asset disposals necessary to facilitate the wind-up process, while maintaining sufficient liquidity to settle all outstanding liabil ities.
Comparator Benchmark Prior to the commencement of the termination process, the Sub-fund’s performance was compared to the ARC Sterling Steady Growth Private Client Index. As the Sub-fund is now in the process of termination, the comparator benchmark is no longer used to assess ongoing investment performance.
Investment Manager’s Report
ager’s Report Investment Manager’s Report There is no investment manager’s report as the Sub-fund started the termination process on 24 October 2025 and is no longer open to investors.
Seven Investment Management LLP Investment Manager September 2026
Page 86
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84
FUND INFORMATION The Comparative Tables on pages 85 to 89 give the performance of each active share class in the Sub-fund.
The ‘Return after charges’ disclosed in the Comparative Tables is calculated as the return after operating charges per share divided by the opening net asset value per share. It differs from the Sub-fund’s performance disclosed in the ACD's report, which is calculated based on the latest published price.
Portfolio transaction costs are incurred when investments are bought or sold by a Sub-fund in order to achieve the investment objective. These transaction costs affect an investor in different ways depending on whether they are joining, leaving or continuing with their investment in the Sub-fund.
Direct transaction costs include broker commission and taxes. Broker commission includes the fee paid to a broker to execute the trades.
In addition, there are indirect portfolio transaction costs arising from the ‘dealing spread’ – the difference between the buying and selling prices of underlying investments in the portfolio. Unlike shares whereby broker commissions and stamp duty are paid by the Sub-fund on each transaction, other types of investments (such as bonds, money market instruments, derivatives, collective investment schemes) do not have separately identifiable transaction costs; these costs form part of the dealing spread. Dealing spreads vary considerably depending on the transaction value and money market sentiment. Fund Information
Page 87
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85
Comparative Tables
Class C Income
31.05.26 1 (pence per share)
31.05.25 (pence per share)
31.05.24 (pence per share) Change in Net Asset Value Per Share Opening net asset value per share 120.53 118.20 110.59
Return before operating charges* 10.39 5.28 10.11 Operating charges (calculated on average price) (0.18) ( 1.39 ) (1.36)
Return after operating charges* 10.21 3.89 8.75
Distributions on income shares (0.37) (1.56) (1.14)
Last quoted share price 130.37 – Closing net asset value per share – 120.53 118.20
* After direct transaction costs of: 2 0.00 0.00 0.00
Truncated: This annotation is too large to fit.
View the raw JSON.
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