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with the Financial Conduct Authority’s Collective","page_number":8,"box":{"x":60,"y":121,"width":884,"height":11}},{"id":"cabaed01-53db-4ceb-a0cc-d0bf8197ed8c","block_type":"box","text":"Investment Schemes Sourcebook (‘the COLL Rules’), the Open-Ended Investment Companies Regulations 2001 (SI","page_number":8,"box":{"x":62,"y":135,"width":882,"height":11}},{"id":"67e64df2-d993-4037-a3de-9c5add0eaf75","block_type":"box","text":"2001/1228), as amended, the Financial Services and Markets Act 2000, as amended, (together 'the Regulations'), the","page_number":8,"box":{"x":60,"y":150,"width":884,"height":11}},{"id":"4e227ff3-b079-4506-a7d7-ddb4fbef6149","block_type":"box","text":"Company’s Instrument of Incorporation and Prospectus (together 'the Scheme documents') as detailed below.","page_number":8,"box":{"x":61,"y":164,"width":794,"height":11}},{"id":"564a4ead-8f3e-42f4-969b-354fa36865ae","block_type":"box","text":"The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the","page_number":8,"box":{"x":60,"y":186,"width":884,"height":11}},{"id":"5689dcda-7643-4be2-8a1c-71767a983d00","block_type":"box","text":"Company and its investors.","page_number":8,"box":{"x":61,"y":200,"width":196,"height":11}},{"id":"42151a0a-80ed-4cc9-b407-052f04791c35","block_type":"box","text":"The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the","page_number":8,"box":{"x":60,"y":222,"width":883,"height":11}},{"id":"fa99a16b-3c56-4cf7-8f0b-8586079346e6","block_type":"box","text":"Company in accordance with the Regulations.","page_number":8,"box":{"x":61,"y":236,"width":332,"height":11}},{"id":"c808a152-b170-4477-a650-07608760361e","block_type":"box","text":"The Depositary must ensure 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time","page_number":8,"box":{"x":84,"y":333,"width":860,"height":11}},{"id":"8ea9f3db-15c7-4b50-97db-cb6ed6fb475e","block_type":"box","text":"limits;","page_number":8,"box":{"x":85,"y":348,"width":39,"height":10}},{"id":"5ad40b3e-351b-4d7c-aeff-0073f7b74c27","block_type":"box","text":"•","page_number":8,"box":{"x":61,"y":365,"width":4,"height":3}},{"id":"15c97be5-fc41-4c56-8734-5eb2cb0410ee","block_type":"box","text":"the Company’s income is applied in accordance with the Regulations; and","page_number":8,"box":{"x":84,"y":362,"width":535,"height":11}},{"id":"5375fdf9-a77a-4e77-b59c-3d3bb0c312f8","block_type":"box","text":"•","page_number":8,"box":{"x":61,"y":379,"width":4,"height":3}},{"id":"1cf915da-8145-41bf-a33f-04191fc0813e","block_type":"box","text":"the instructions of the Authorised Fund Manager ('the AFM'), which is the UCITS Management Company, are carried","page_number":8,"box":{"x":84,"y":376,"width":860,"height":11}},{"id":"5732c70b-4482-4e05-a917-4ff672263c79","block_type":"box","text":"out (unless they conflict with the Regulations).","page_number":8,"box":{"x":84,"y":390,"width":332,"height":11}},{"id":"77738179-0921-4057-a028-bfd02fd1931d","block_type":"box","text":"Report of the Depositary","page_number":8,"box":{"x":60,"y":425,"width":2,"height":1}},{"id":"600228c7-8891-4cda-ab54-6f6bc28906f4","block_type":"box","text":"ryREPORT OF THE DEPOSITARY","page_number":8,"box":{"x":62,"y":416,"width":285,"height":10}},{"id":"a05db8a6-662b-47a8-a48a-7e81aa90e168","block_type":"box","text":"The Depositary also has a duty to take reasonable care to ensure that Company is managed in accordance with the","page_number":8,"box":{"x":60,"y":432,"width":884,"height":11}},{"id":"f794c5bc-b1c6-43fe-bf14-1890880d8d19","block_type":"box","text":"Regulations and Scheme documents in relation to the investment and borrowing powers applicable to the Company.","page_number":8,"box":{"x":61,"y":446,"width":841,"height":11}},{"id":"ca24fe60-d2b4-4896-9582-66f06bc5b0c1","block_type":"box","text":"Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the","page_number":8,"box":{"x":61,"y":468,"width":883,"height":11}},{"id":"d45a9535-a52d-4df8-b11b-062be99a223d","block_type":"box","text":"Company, it is our opinion, based on the information available to us and the explanations provided, that in all material","page_number":8,"box":{"x":61,"y":482,"width":883,"height":11}},{"id":"42a86a83-5506-4709-af95-10548db2c8a4","block_type":"box","text":"respects the Company, acting through the AFM:","page_number":8,"box":{"x":61,"y":496,"width":345,"height":12}},{"id":"54b68567-f29b-47f3-8bdc-01548a00c587","block_type":"box","text":"(i)","page_number":8,"box":{"x":61,"y":518,"width":13,"height":12}},{"id":"91c943d7-80fa-4eb7-926f-b73b3a5a900d","block_type":"box","text":"has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares","page_number":8,"box":{"x":82,"y":518,"width":862,"height":12}},{"id":"292a85d1-7a3a-4a8c-87c5-a7e8aa36f97a","block_type":"box","text":"and the application of the Company’s income in accordance with the Regulations and the Scheme documents of the","page_number":8,"box":{"x":83,"y":533,"width":861,"height":11}},{"id":"0538fe43-ffad-41d7-b158-2d94961265af","block_type":"box","text":"Company; and","page_number":8,"box":{"x":83,"y":547,"width":106,"height":11}},{"id":"ed3ec95e-ba82-45d9-8bb7-09b426f46d52","block_type":"box","text":"(ii)","page_number":8,"box":{"x":61,"y":569,"width":17,"height":11}},{"id":"5fd70c24-f29b-48a3-91dd-daed501b2747","block_type":"box","text":"has observed the investment and borrowing powers and restrictions applicable to the Company.","page_number":8,"box":{"x":84,"y":569,"width":692,"height":11}},{"id":"a85bcf5e-8e5e-4681-a2f3-99af4482c0f6","block_type":"box","text":"Northern Trust Investor Services Limited","page_number":8,"box":{"x":61,"y":611,"width":291,"height":9}},{"id":"cb8ecc8a-3802-4b62-aa6e-0be8fdb3eae2","block_type":"box","text":"UK Trustee and Depositary Services","page_number":8,"box":{"x":61,"y":626,"width":264,"height":11}},{"id":"d7bc7e3c-af8c-4538-a75e-84d3fee210fb","block_type":"box","text":"29 September 2026","page_number":8,"box":{"x":60,"y":640,"width":144,"height":11}},{"id":"1fd995bf-16ee-49be-916d-051d139f70e4","block_type":"box","text":"7IM OPPORTUNITY FUNDS","page_number":9,"box":{"x":61,"y":47,"width":322,"height":13}},{"id":"8990046c-72ad-488c-8d91-00bc8081dd9d","block_type":"box","text":"7","page_number":9,"box":{"x":930,"y":945,"width":8,"height":8}},{"id":"8b7b97ae-0675-4226-8734-fa63394f460e","block_type":"box","text":"INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF 7IM 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of","page_number":9,"box":{"x":60,"y":100,"width":4,"height":1}},{"id":"470ea008-a396-4bcf-8201-ee3ed6408c34","block_type":"box","text":"(\r\n7IM","page_number":9,"box":{"x":64,"y":100,"width":0,"height":1}},{"id":"f340bf1b-2d5e-4167-b5a8-b0ceab3cd729","block_type":"box","text":"(\r\nOpportunity","page_number":9,"box":{"x":64,"y":100,"width":1,"height":1}},{"id":"27e5051b-8150-4982-b316-c6a60b41011b","block_type":"box","text":"Funds","page_number":9,"box":{"x":65,"y":100,"width":0,"height":1}},{"id":"1287edd4-becc-47f7-aa4b-7871f485e669","block_type":"box","text":"Opinion","page_number":9,"box":{"x":61,"y":115,"width":60,"height":11}},{"id":"2e7673b8-701b-4e6d-836d-55b2ccfc2d68","block_type":"box","text":"In our opinion, the financial statements:","page_number":9,"box":{"x":62,"y":130,"width":282,"height":11}},{"id":"449c98ef-c3ba-4787-9017-08e209f9e39b","block_type":"box","text":"•","page_number":9,"box":{"x":61,"y":151,"width":4,"height":3}},{"id":"ede0b110-1fda-40f6-988c-366d34d6ea04","block_type":"box","text":"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","page_number":9,"box":{"x":84,"y":148,"width":860,"height":11}},{"id":"cf58c9f0-7eac-4645-80e4-9a3f2c2eb2a4","block_type":"box","text":"capital gains or losses on the scheme property attributable to the sub-funds for the year then ended;","page_number":9,"box":{"x":84,"y":162,"width":724,"height":11}},{"id":"578db1d6-91f4-4219-92ed-c34d6f7f8143","block_type":"box","text":"•","page_number":9,"box":{"x":61,"y":179,"width":4,"height":3}},{"id":"da416dc5-ea93-4591-b2e8-b2af1e650420","block_type":"box","text":"have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, the","page_number":9,"box":{"x":85,"y":176,"width":859,"height":11}},{"id":"e054b550-0930-4b49-beea-593a25ee764e","block_type":"box","text":"Company’s Instrument of Incorporation, the Statement of Recommended Practice for the Financial Statements of UK","page_number":9,"box":{"x":84,"y":190,"width":860,"height":12}},{"id":"4dd07bd0-9623-4e53-bc0e-0210df8b1485","block_type":"box","text":"Authorised Funds’ issued by the Investment Association in May 2014 and amended in June 2017 (the \"SORP\"), and the","page_number":9,"box":{"x":83,"y":205,"width":861,"height":11}},{"id":"5bafd7de-35ea-4b75-a71f-0e99ae5676db","block_type":"box","text":"rules in the Collective Investment Schemes Sourcebook issued by the Financial Conduct Authority (“the COLL Rules”).","page_number":9,"box":{"x":85,"y":219,"width":852,"height":11}},{"id":"4c4ca451-f866-4571-9fe5-7e18003921f1","block_type":"box","text":"We have audited the financial statements of 7IM Opportunity Funds (“the Company”) and its sub-funds, for the year ended","page_number":9,"box":{"x":60,"y":247,"width":884,"height":12}},{"id":"d68b9e88-6479-4e43-a44f-e952320c095e","block_type":"box","text":"31 May 2026. These financial statements comprise the Statements of Total Return, the Statements of Change in Net","page_number":9,"box":{"x":61,"y":262,"width":883,"height":11}},{"id":"5d9d6891-a69c-4ff7-84ff-8b480a13b7dd","block_type":"box","text":"Assets Attributable to Shareholders, the Balance Sheets, the Notes to the Financial Statements, including a summary","page_number":9,"box":{"x":60,"y":276,"width":884,"height":11}},{"id":"d075a81f-3883-405c-9d9e-896c32e06006","block_type":"box","text":"of significant accounting policies, and the Distribution Tables. The financial reporting framework that has been applied in","page_number":9,"box":{"x":61,"y":290,"width":883,"height":11}},{"id":"36caa063-d5b3-428e-81ff-ba7af97dbccc","block_type":"box","text":"their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard","page_number":9,"box":{"x":60,"y":305,"width":884,"height":11}},{"id":"8bc90951-cade-477b-a62a-beb1455c20f2","block_type":"box","text":"102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted","page_number":9,"box":{"x":62,"y":319,"width":882,"height":11}},{"id":"86ec65f0-b234-4ed8-a719-9ef6a37e1540","block_type":"box","text":"Accounting Practice), the SORP, the COLL Rules and the Company’s Instrument of Incorporation.","page_number":9,"box":{"x":60,"y":333,"width":707,"height":11}},{"id":"0185f345-fc2b-4ecc-9de1-0f57f79c46ae","block_type":"box","text":"Basis for opinion","page_number":9,"box":{"x":61,"y":356,"width":132,"height":11}},{"id":"e8cd0b06-90f0-4374-8da7-d7d0df2f0182","block_type":"box","text":"We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our","page_number":9,"box":{"x":60,"y":370,"width":884,"height":11}},{"id":"a9a39892-084a-4a03-b4b1-3570fd4602d6","block_type":"box","text":"responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial","page_number":9,"box":{"x":61,"y":384,"width":883,"height":11}},{"id":"b3a78c1a-241d-4481-ae64-f7d9a6550284","block_type":"box","text":"statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to","page_number":9,"box":{"x":60,"y":398,"width":884,"height":12}},{"id":"fa7af895-405d-4bdc-8f53-cce9c4dc33ba","block_type":"box","text":"provide a basis for our opinion.","page_number":9,"box":{"x":61,"y":413,"width":222,"height":11}},{"id":"cc97c870-997a-4fa6-9d85-c2865525ea5d","block_type":"box","text":"Independence","page_number":9,"box":{"x":61,"y":436,"width":109,"height":11}},{"id":"45fada3f-9cda-47f4-8b2d-6c0309c65f41","block_type":"box","text":"We are independent of the Company and its sub-funds in accordance with the ethical requirements that are relevant to","page_number":9,"box":{"x":60,"y":450,"width":884,"height":11}},{"id":"6870b84c-c5d4-4034-87d1-99f2b00ef757","block_type":"box","text":"our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical","page_number":9,"box":{"x":61,"y":464,"width":883,"height":11}},{"id":"b282c98b-24de-497c-9efa-c72f2cf71cb6","block_type":"box","text":"responsibilities in accordance with these requirements.","page_number":9,"box":{"x":61,"y":479,"width":402,"height":10}},{"id":"e1dc02c8-ee51-4feb-9366-67989ec55803","block_type":"box","text":"Conclusions relating to going concern","page_number":9,"box":{"x":61,"y":501,"width":299,"height":11}},{"id":"a3ec2729-b2e0-4159-9bab-4a51be0abb84","block_type":"box","text":"In auditing the financial statements, we have concluded that the Authorised Corporate Director’s use of the going concern","page_number":9,"box":{"x":62,"y":515,"width":882,"height":12}},{"id":"eb2ae225-39cd-462b-a693-8f917170475f","block_type":"box","text":"basis of accounting in the preparation of the financial statements is appropriate for the Company, 7IM Real Return Fund,","page_number":9,"box":{"x":61,"y":530,"width":883,"height":11}},{"id":"0a19a1f5-e54a-43c7-baf0-119b99e02d38","block_type":"box","text":"7IM Pathbuilder 1 Fund, 7IM Pathbuilder 2 Fund, 7IM Pathbuilder 3 Fund and 7IM Pathbuilder 4 Fund.","page_number":9,"box":{"x":61,"y":544,"width":740,"height":10}},{"id":"417714e4-29c3-4eb2-83df-d718c57d2e7c","block_type":"box","text":"Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions","page_number":9,"box":{"x":61,"y":572,"width":883,"height":12}},{"id":"41b809f8-b157-43f2-9342-b202a137b421","block_type":"box","text":"that, individually or collectively, may cast significant doubt on the Company's or 7IM Real Return Fund, 7IM Pathbuilder 1","page_number":9,"box":{"x":60,"y":587,"width":884,"height":11}},{"id":"6aa2a783-03a3-41af-b47b-33147936d9f2","block_type":"box","text":"Fund, 7IM Pathbuilder 2 Fund, 7IM Pathbuilder 3 Fund and 7IM Pathbuilder 4 Fund’s ability to continue as a going concern","page_number":9,"box":{"x":61,"y":601,"width":883,"height":11}},{"id":"d9ba9f52-4f79-4679-adce-d982bdfe9d63","block_type":"box","text":"for a period of at least twelve months from when the financial s","page_number":9,"box":{"x":60,"y":615,"width":454,"height":11}},{"id":"a3ec61e3-c5cd-4fc3-b6dd-cd14510958c2","block_type":"box","text":"tatements are authorised for issue.","page_number":9,"box":{"x":515,"y":615,"width":251,"height":9}},{"id":"208e67a2-0d26-4202-8081-d783bd79aa27","block_type":"box","text":"Our responsibilities and the responsibilities of the Authorised Corporate Director with respect to going concern are described","page_number":9,"box":{"x":61,"y":644,"width":883,"height":11}},{"id":"848929f2-05d9-4869-bd85-98affd08607a","block_type":"box","text":"in the relevant sections of this report.","page_number":9,"box":{"x":61,"y":658,"width":265,"height":11}},{"id":"2218bde5-c3c6-4a72-8cf4-ec8f72f5808d","block_type":"box","text":"Emphasis of matter – financial statements of 7IM Select Moderate","page_number":9,"box":{"x":61,"y":681,"width":511,"height":11}},{"id":"223f3049-282f-4cf0-94a8-b7b173bfca39","block_type":"box","text":"ly Cautious Fund, 7IM Select Balanced Fund,","page_number":9,"box":{"x":573,"y":681,"width":354,"height":11}},{"id":"c34bbb28-4eb2-45ee-b42f-2ab837e6b23d","block_type":"box","text":"7IM Select Moderately Adventurous Fund and 7IM Select Adventurous Fund prepared on a basis other than","page_number":9,"box":{"x":61,"y":695,"width":835,"height":11}},{"id":"23ced42b-ba7b-4dad-8d85-84740223aaa2","block_type":"box","text":"going concern","page_number":9,"box":{"x":61,"y":709,"width":112,"height":11}},{"id":"dd256a20-601b-4c8c-ba28-5879bbe43792","block_type":"box","text":"We draw attention to Note 2(a) to the financial statement which explains that 7IM Select Moderately Cautious Fund,","page_number":9,"box":{"x":60,"y":723,"width":877,"height":12}},{"id":"b9ee0f57-846d-40f5-a8aa-48974758937e","block_type":"box","text":"7IM Select Balanced Fund, 7IM Select Moderately Adventurous and 7IM Select Adventurous Fund sub-funds are in the","page_number":9,"box":{"x":61,"y":738,"width":877,"height":11}},{"id":"a41cd2a9-4691-4789-9694-3262b2ee216c","block_type":"box","text":"process of being terminated and therefore, the ACD does not consider it to be appropriate to adopt the going concern","page_number":9,"box":{"x":61,"y":752,"width":877,"height":11}},{"id":"19dbd863-ac9c-403a-9fa5-96ea12561b20","block_type":"box","text":"basis of accounting in preparing their financial statements. Accordingly, the financial statements of this sub-funds have","page_number":9,"box":{"x":61,"y":766,"width":877,"height":11}},{"id":"4267ac3b-1cb5-43aa-8337-7b0b8298e218","block_type":"box","text":"been prepared on a basis other than going concern as described in Note 2(a). The financial statements do not include any","page_number":9,"box":{"x":61,"y":780,"width":878,"height":12}},{"id":"10cbd624-e02d-48bc-b3ed-6eb1f93f5217","block_type":"box","text":"adjustments as a result of preparing them on a basis other than going concern. Our opinion is not modified in respect of","page_number":9,"box":{"x":61,"y":795,"width":878,"height":11}},{"id":"4d273f95-6ac1-43b0-82f2-bdce3055348c","block_type":"box","text":"this matter.","page_number":9,"box":{"x":60,"y":809,"width":79,"height":9}},{"id":"2652f8aa-934b-45b1-a609-7a380bbb8769","block_type":"box","text":"Other information","page_number":9,"box":{"x":61,"y":832,"width":137,"height":9}},{"id":"9e7a8b82-4f23-483c-ac5c-f421990e7cc1","block_type":"box","text":"The Authorised Corporate Director (“ACD”) is responsible for the other information. The other information comprises the","page_number":9,"box":{"x":60,"y":846,"width":884,"height":11}},{"id":"bc1891e0-dd6e-40e2-8c59-78ed3a20b8a3","block_type":"box","text":"information included in the Annual Report and Audited Financial Statements, other than the financial statements and our","page_number":9,"box":{"x":61,"y":860,"width":883,"height":11}},{"id":"9d3300f3-fd78-41c1-b83b-35087dd72809","block_type":"box","text":"auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the","page_number":9,"box":{"x":61,"y":875,"width":883,"height":11}},{"id":"e16e463a-ac27-49ac-83f2-621495a304d4","block_type":"box","text":"extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.","page_number":9,"box":{"x":61,"y":889,"width":782,"height":11}},{"id":"bb3e9a00-20f7-462f-a807-be91c3da2273","block_type":"box","text":"7IM OPPORTUNITY FUNDS","page_number":10,"box":{"x":61,"y":47,"width":322,"height":13}},{"id":"10e64f76-32cc-4d0c-be8b-256b25f386a0","block_type":"box","text":"8","page_number":10,"box":{"x":61,"y":945,"width":8,"height":8}},{"id":"51f28c3f-422e-450a-8a8f-7b2cc058ac2e","block_type":"box","text":"Our responsibility is to read the other information and, in doing so, consider whether the other information is materially","page_number":10,"box":{"x":61,"y":129,"width":883,"height":11}},{"id":"e91ce413-225c-4223-89a6-119921d76229","block_type":"box","text":"inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be","page_number":10,"box":{"x":61,"y":143,"width":883,"height":11}},{"id":"99b2009f-5db9-41bf-97e8-f957ccd59d52","block_type":"box","text":"materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to","page_number":10,"box":{"x":61,"y":157,"width":883,"height":11}},{"id":"a8a753af-ca1d-453f-98c0-11eaca3a1645","block_type":"box","text":"determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work","page_number":10,"box":{"x":61,"y":171,"width":883,"height":12}},{"id":"95be2f24-7c3e-44d1-a090-c030d6862d87","block_type":"box","text":"we have performed, we conclude that there is a material misstatement of this other information, we are required to report","page_number":10,"box":{"x":60,"y":186,"width":884,"height":11}},{"id":"5d74fb5e-9492-4dd7-bea6-bc1986704b14","block_type":"box","text":"that fact.","page_number":10,"box":{"x":60,"y":200,"width":61,"height":9}},{"id":"e83e6663-591e-48d2-994e-9a42908b7fe1","block_type":"box","text":"We have nothing to report in this regard.","page_number":10,"box":{"x":60,"y":229,"width":291,"height":11}},{"id":"1ed46c7c-8357-4bfa-9df3-9578d361cd13","block_type":"box","text":"Opinion on other matters prescribed by the COLL Rules","page_number":10,"box":{"x":61,"y":251,"width":435,"height":12}},{"id":"efa719c2-db41-4e08-b584-5fb960440be9","block_type":"box","text":"In our opinion based on the work undertaken in the course of th","page_number":10,"box":{"x":62,"y":266,"width":457,"height":11}},{"id":"2a1d01ca-9768-4908-a9cc-3f19cc7153dd","block_type":"box","text":"e audit:","page_number":10,"box":{"x":521,"y":266,"width":51,"height":8}},{"id":"86d831db-c620-4c42-9767-a6145af59a54","block_type":"box","text":"•","page_number":10,"box":{"x":61,"y":283,"width":4,"height":3}},{"id":"89998e6c-c17a-4152-b755-5059a9bd3f07","block_type":"box","text":"the information given in the ACD report for the financial year for which the financial statements are prepared is consistent","page_number":10,"box":{"x":84,"y":280,"width":860,"height":11}},{"id":"8fd510ee-ab5c-4eb5-bfd5-5701cdb7bc93","block_type":"box","text":"with the financial statements; 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The risk profile of a sub-fund may be higher than it would otherwise have been as a consequence of the","page_number":17,"box":{"x":86,"y":470,"width":858,"height":11}},{"id":"cfb5e549-7659-4cfa-9d6c-d1d990bcdb78","block_type":"box","text":"use of derivatives as described above.","page_number":17,"box":{"x":86,"y":484,"width":277,"height":9}},{"id":"86e06e19-3eb8-4f12-9947-7184bfad8300","block_type":"box","text":"The Investment Manager may also employ derivatives for the purposes of hedging with the aim of reducing the risk","page_number":17,"box":{"x":86,"y":506,"width":858,"height":11}},{"id":"daebdded-c8b4-4e58-ad1a-0dadaa0d909c","block_type":"box","text":"profile of a Sub-fund, or reducing costs, or generating additional capital or revenue, in accordance with Efficient Portfolio","page_number":17,"box":{"x":86,"y":520,"width":858,"height":11}},{"id":"50b28766-6cf5-466b-8241-c0e3879f4c9f","block_type":"box","text":"Management (‘EPM’).","page_number":17,"box":{"x":86,"y":534,"width":157,"height":11}},{"id":"5de54b11-ef8b-4570-b499-c99ff9a45e7f","block_type":"box","text":"To the extent that derivative instruments are utilised for hedging purposes, the risk of loss to a sub-fund may be","page_number":17,"box":{"x":86,"y":556,"width":858,"height":11}},{"id":"56469c54-9147-43a6-a040-3ba1039ef651","block_type":"box","text":"increased where the value of the derivative instrument and the value of the security or position which it is hedging are","page_number":17,"box":{"x":86,"y":570,"width":858,"height":11}},{"id":"dc18cd76-5c92-445a-b511-61ee374f5020","block_type":"box","text":"insufficiently correlated.","page_number":17,"box":{"x":86,"y":584,"width":169,"height":11}},{"id":"e0bfa8ee-8560-4c60-a546-8447fbfa40e3","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS","page_number":17,"box":{"x":62,"y":78,"width":384,"height":9}},{"id":"03379099-4f77-4e1b-a057-8f2e59cf6b4d","block_type":"box","text":"(continued)","page_number":17,"box":{"x":447,"y":78,"width":89,"height":12}},{"id":"11e4c655-6124-457e-8ce6-9348a745fea2","block_type":"box","text":"for the","page_number":17,"box":{"x":60,"y":93,"width":51,"height":8}},{"id":"3f5a5255-f4c6-4c24-9053-be68821bd058","block_type":"box","text":"year","page_number":17,"box":{"x":111,"y":95,"width":32,"height":9}},{"id":"045e8ce0-7cf7-4aec-bfaa-9ce385ecf819","block_type":"box","text":"r ended","page_number":17,"box":{"x":143,"y":93,"width":55,"height":8}},{"id":"118af94a-b55e-49af-8b60-970071dbb5ac","block_type":"box","text":"31 May 202","page_number":17,"box":{"x":199,"y":93,"width":84,"height":11}},{"id":"12f45521-fec8-498e-a58e-eff926f6f421","block_type":"box","text":"6","page_number":17,"box":{"x":285,"y":93,"width":7,"height":8}},{"id":"aa253d0f-be92-4147-a9c2-199d3c0ed3ce","block_type":"box","text":"3.","page_number":17,"box":{"x":61,"y":121,"width":12,"height":9}},{"id":"dace0b44-4039-448b-81a8-3bffcbaa7831","block_type":"box","text":"Risk Management Policies","page_number":17,"box":{"x":86,"y":121,"width":211,"height":11}},{"id":"f6f129cd-0c6f-4ffe-bf1f-7b31623f57d5","block_type":"box","text":"(continued)","page_number":17,"box":{"x":298,"y":121,"width":80,"height":11}},{"id":"95ea632e-785f-4af8-ad25-c8ea0c808dbd","block_type":"box","text":"7IM REAL RETURN FUND","page_number":18,"box":{"x":61,"y":47,"width":304,"height":13}},{"id":"eeabb946-42fa-40e4-a5c1-3e478abbaf69","block_type":"box","text":"16","page_number":18,"box":{"x":62,"y":944,"width":16,"height":9}},{"id":"df293826-efca-46e9-b50b-c83ca43cd623","block_type":"box","text":"ACD’S REPORT","page_number":18,"box":{"x":60,"y":78,"width":143,"height":9}},{"id":"4b1839dc-6bb8-4191-94af-52fc6f46b556","block_type":"box","text":"for the year ended","page_number":18,"box":{"x":60,"y":93,"width":138,"height":11}},{"id":"bc4a480d-9239-4d59-bace-fb78eae8ccce","block_type":"box","text":"31 May 202","page_number":18,"box":{"x":199,"y":93,"width":84,"height":11}},{"id":"797ca180-3de1-46a8-a7b0-7d815d0d2eec","block_type":"box","text":"6","page_number":18,"box":{"x":285,"y":93,"width":7,"height":8}},{"id":"11f0463f-283c-4655-bc24-763a91d4d0be","block_type":"box","text":"Investment Objective and Policy \r\nctive and Policy","page_number":18,"box":{"x":61,"y":121,"width":251,"height":12}},{"id":"099be2e1-8927-4944-9bdd-114f901520e7","block_type":"box","text":"Investment Objective and Policy","page_number":18,"box":{"x":60,"y":130,"width":2,"height":0}},{"id":"069551f1-a1e3-4e7e-84f9-ea5dd0c8d1af","block_type":"box","text":"The investment objective of 7IM Real Return Fund (‘the Sub-fund’) is to seek growth in real terms over the medium to longer","page_number":18,"box":{"x":60,"y":136,"width":884,"height":12}},{"id":"c87b8911-66e6-41a4-9075-6a5de1501df5","block_type":"box","text":"term. The Sub-fund will aim to provide a total return, net of fees, that exceeds UK inflation (as measured by Consumer","page_number":18,"box":{"x":60,"y":151,"width":884,"height":11}},{"id":"b34281cb-e33a-4e4e-9639-7dc7b543146d","block_type":"box","text":"Prices Index-All Items) by 2% on average over a rolling three-year horizon. Capital invested in the Sub-fund is at risk and","page_number":18,"box":{"x":61,"y":165,"width":882,"height":11}},{"id":"72012b33-2a9d-459b-8334-dbd3d3d3d201","block_type":"box","text":"there is no guarantee that a positive return will be delivered over any one or a number of rolling three-year periods. There","page_number":18,"box":{"x":60,"y":179,"width":884,"height":11}},{"id":"c2eabd5f-9de9-4d3a-ad52-6cf284d933b6","block_type":"box","text":"may be a moderate risk to capital.","page_number":18,"box":{"x":61,"y":194,"width":250,"height":11}},{"id":"65681cf1-b61f-4dd1-b4f0-4523f8549c68","block_type":"box","text":"The Sub-fund will have a flexible investment policy, allowing investment in transferable securities, money market","page_number":18,"box":{"x":60,"y":212,"width":884,"height":11}},{"id":"3a0761fa-fb9d-47e8-8b6e-bc37c5d16314","block_type":"box","text":"instruments, units in collective investment schemes, deposits, cash, near cash, and derivative instruments including","page_number":18,"box":{"x":61,"y":227,"width":883,"height":11}},{"id":"97df1443-eae7-4556-976f-d3a99af97b1a","block_type":"box","text":"forward transactions in accordance with the FCA Rules.","page_number":18,"box":{"x":60,"y":241,"width":408,"height":9}},{"id":"712340b5-3a04-4f70-8625-87554e4440a5","block_type":"box","text":"There will be no restrictions on the underlying content of the investments held, in terms of investment type, geographical","page_number":18,"box":{"x":60,"y":259,"width":884,"height":12}},{"id":"af4c2d14-4527-4937-8ae9-d6543c3bd318","block_type":"box","text":"or economic sector and as a consequence, the ACD has the absolute discretion to weight the portfolio towards any","page_number":18,"box":{"x":61,"y":274,"width":883,"height":11}},{"id":"96ca3199-c619-4ab1-b260-1362d9f4b334","block_type":"box","text":"investment type or sector, including cash at any time.","page_number":18,"box":{"x":61,"y":288,"width":389,"height":11}},{"id":"3c01acc9-2591-43ea-999d-d1d3a31433e5","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes as wel","page_number":18,"box":{"x":60,"y":307,"width":479,"height":11}},{"id":"d53445b9-401b-4a0c-91e8-f7aa74eb45c4","block_type":"box","text":"l as for Efficient Portfolio Management.","page_number":18,"box":{"x":542,"y":307,"width":285,"height":11}},{"id":"82e83210-c718-4444-9ef0-0390a5a66b24","block_type":"box","text":"Comparator Benchmark","page_number":18,"box":{"x":61,"y":329,"width":187,"height":11}},{"id":"a807b4cf-c340-4f1d-9f39-ec1ee81daabd","block_type":"box","text":"The Consumer Prices Index-All Items (plus 2%) has been selected as a target benchmark because it is a key measure of","page_number":18,"box":{"x":60,"y":344,"width":883,"height":11}},{"id":"5ae92888-5271-4f92-ae24-6743c9bba5e1","block_type":"box","text":"consumer inflation in the United Kingdom and is therefore an appropriate target for the Sub-fund. Shareholders should use","page_number":18,"box":{"x":61,"y":358,"width":883,"height":11}},{"id":"d60b75eb-b24e-4806-8036-14c47fdae9e2","block_type":"box","text":"the Index to assess the performance of the Sub-fund.","page_number":18,"box":{"x":60,"y":372,"width":386,"height":11}},{"id":"cb86b2b4-7ccb-40f4-ba04-c57db9ff18a0","block_type":"box","text":"Investment Manager’s Report \r\nager’s Report","page_number":18,"box":{"x":61,"y":394,"width":230,"height":11}},{"id":"e3ff5323-a061-4475-9b1a-440f68d416ef","block_type":"box","text":"Investment Manager’s Report","page_number":18,"box":{"x":60,"y":403,"width":2,"height":0}},{"id":"79cfd4b4-2140-4f67-9af8-233cfb1920a2","block_type":"box","text":"Performance Report","page_number":18,"box":{"x":61,"y":412,"width":157,"height":11}},{"id":"3a5ffbcd-c091-4009-b9c2-ad60c3b15e3b","block_type":"box","text":"In the reporting year, 1 June 2025 to 31 May 2026, the portfolio delivered a total return of 4.10%","page_number":18,"box":{"x":62,"y":427,"width":698,"height":11}},{"id":"7a07e084-f368-4ceb-b2a8-0c6e85a96052","block_type":"box","text":"1","page_number":18,"box":{"x":762,"y":427,"width":2,"height":5}},{"id":"de31449c-7f98-440d-ad30-4b3bbd34f86f","block_type":"box","text":", lagging the Sub-fund's","page_number":18,"box":{"x":767,"y":427,"width":177,"height":11}},{"id":"ded948d1-aaca-4db2-92bc-99011ddb1203","block_type":"box","text":"objective of CPI +2%, which equated to 4.90%.","page_number":18,"box":{"x":61,"y":441,"width":340,"height":12}},{"id":"be1ce2eb-a3be-4506-b8d4-485c2a7eafc7","block_type":"box","text":"The Sub-fund underperformed its CPI +2% benchmark over the last year, although returns in absolute terms were positive.","page_number":18,"box":{"x":60,"y":460,"width":884,"height":11}},{"id":"f693bfb2-b9df-4c68-b08e-846faacb7de5","block_type":"box","text":"Inflation remained elevated during the period, influenced in part by ongoing geopolitical tensions and supply-side pressures,","page_number":18,"box":{"x":62,"y":474,"width":882,"height":12}},{"id":"37fe681f-b34e-4bda-a307-c00fd8cd85df","block_type":"box","text":"which raised the hurdle for real return strategies. The 1 year, 3 year and 5 year relative performance to the benchmark was","page_number":18,"box":{"x":60,"y":489,"width":883,"height":11}},{"id":"226d66c9-95cb-49c6-865b-ba5887891834","block_type":"box","text":"(0.9)%, (3.0)%, (32.4)% respectively.","page_number":18,"box":{"x":61,"y":503,"width":265,"height":11}},{"id":"1f36ca3f-335c-4ca9-8e52-50eb30567e70","block_type":"box","text":"Investment Background","page_number":18,"box":{"x":61,"y":525,"width":192,"height":11}},{"id":"e89a1683-8801-42ff-a809-d7eb7cd6728e","block_type":"box","text":"Over the past 12 months, markets have shown a remarkable ability to look through political, economic and geopolitical","page_number":18,"box":{"x":61,"y":540,"width":883,"height":11}},{"id":"f126935e-517b-43eb-88c3-9e1443532641","block_type":"box","text":"uncertainty. What began with escalating tensions in the Middle East and concerns over global trade evolved into a year","page_number":18,"box":{"x":61,"y":554,"width":883,"height":11}},{"id":"a8a56e15-8d29-4c74-aa9e-a4433d424971","block_type":"box","text":"defined by resilience, strong corporate earnings and continued e","page_number":18,"box":{"x":61,"y":568,"width":466,"height":11}},{"id":"db098b18-13f5-4259-9703-f65136b77f22","block_type":"box","text":"nthusiasm for artificial intelligence.","page_number":18,"box":{"x":529,"y":568,"width":247,"height":11}},{"id":"d42cf281-f688-4ed0-af68-e6e72a14bc58","block_type":"box","text":"During the second half of 2025, equity markets delivered robust returns despite events that would traditionally have","page_number":18,"box":{"x":61,"y":590,"width":883,"height":11}},{"id":"0fa735fb-8513-4d2c-aeac-4921eed57697","block_type":"box","text":"unsettled investors. The conflict between Israel and Iran, tariff negotiations and political uncertainty across Europe failed","page_number":18,"box":{"x":61,"y":604,"width":883,"height":12}},{"id":"b5f5d48f-c64b-484b-b3c7-fc98502372ad","block_type":"box","text":"to derail market momentum. Instead, investors increasingly adopted a “buy the dip” mentality, helping major indices such","page_number":18,"box":{"x":60,"y":619,"width":884,"height":11}},{"id":"38eab9d6-545a-4cc3-a147-f956ae231e4c","block_type":"box","text":"as the S&P 500 and FTSE 100 reach record highs. Supportive central bank policy, easing inflation and strong corporate","page_number":18,"box":{"x":61,"y":633,"width":883,"height":11}},{"id":"f69c6161-3c3a-48f2-b5ca-133f4033e2b5","block_type":"box","text":"earnings-particularly from large technology companies-further underpinned performance. Returns broadened beyond the","page_number":18,"box":{"x":61,"y":647,"width":883,"height":11}},{"id":"1cd16279-a6b1-423f-b717-f0c4203c760e","block_type":"box","text":"US, with Asia, emerging markets and Latin America also posting strong gains, while AI-related investment remained a key","page_number":18,"box":{"x":61,"y":662,"width":883,"height":11}},{"id":"736ed364-078b-45bf-a2be-ec80e591d9b5","block_type":"box","text":"driver of market leadership.","page_number":18,"box":{"x":61,"y":676,"width":196,"height":11}},{"id":"ead94e4a-225d-4c33-b6f5-c34e28bd1f83","block_type":"box","text":"Bond markets experienced periods of volatility as investors balanced falling inflation against concerns surrounding","page_number":18,"box":{"x":61,"y":698,"width":877,"height":11}},{"id":"bed5e070-fe49-4cb1-8c15-1837e37ba226","block_type":"box","text":"government borrowing and economic growth. However, diversified fixed income exposure continued to deliver positive","page_number":18,"box":{"x":61,"y":712,"width":877,"height":11}},{"id":"1f605e52-511a-4f80-b49a-a06a1e6599c2","block_type":"box","text":"returns overall, with shorter-dated bonds and corporate credit generally outperforming longer-duration holdings.","page_number":18,"box":{"x":61,"y":726,"width":804,"height":11}},{"id":"ba0e2b79-48c4-4917-9f1e-4b1d1d2a0ff2","block_type":"box","text":"The positive momentum carried into early 2026, although the market environment became more challenging. Rising","page_number":18,"box":{"x":60,"y":748,"width":878,"height":11}},{"id":"80d18397-098d-40ba-ba35-15590a8c4c70","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":18,"box":{"x":61,"y":762,"width":878,"height":12}},{"id":"2de1c953-9030-4936-986b-582587853aa6","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":18,"box":{"x":60,"y":777,"width":878,"height":11}},{"id":"1dedb607-d656-4662-a23d-074efc423504","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was","page_number":18,"box":{"x":60,"y":791,"width":878,"height":11}},{"id":"9d965b99-b7ac-43b2-a5ca-1784d6e146a2","block_type":"box","text":"occasionally tested as asset classes moved in tandem.","page_number":18,"box":{"x":61,"y":805,"width":397,"height":11}},{"id":"09f4f19b-dd03-43b8-9ded-23256f42e0a6","block_type":"box","text":"Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued","page_number":18,"box":{"x":61,"y":827,"width":877,"height":11}},{"id":"961c88a3-3149-433b-ac13-f0ee0416c468","block_type":"box","text":"investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery,","page_number":18,"box":{"x":61,"y":841,"width":883,"height":12}},{"id":"de6d91f8-a83d-46ad-81c2-6096c9039c8f","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":18,"box":{"x":60,"y":856,"width":884,"height":11}},{"id":"ae35bad0-3023-478b-97d3-fe5835391c7f","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":18,"box":{"x":60,"y":870,"width":884,"height":11}},{"id":"17ec3609-8359-4dd0-97d1-4e5a0c29aa5f","block_type":"box","text":"backdrop has stayed supportive.","page_number":18,"box":{"x":61,"y":884,"width":234,"height":11}},{"id":"d148af03-e5bb-4579-8fe8-765ad5ab449b","block_type":"box","text":"1","page_number":18,"box":{"x":61,"y":906,"width":3,"height":5}},{"id":"d2dc2de4-9798-42ce-93a5-24e8db3bb141","block_type":"box","text":"Calculated using 7IM Real Return C Acc shares, published prices. Source: NTRS.","page_number":18,"box":{"x":65,"y":906,"width":598,"height":11}},{"id":"28618754-5ec2-4497-94f4-37a0b5669156","block_type":"box","text":"7IM REAL RETURN FUND","page_number":19,"box":{"x":61,"y":47,"width":304,"height":13}},{"id":"67808d30-6a5b-4c15-89b0-f0c7edd7ed9a","block_type":"box","text":"17","page_number":19,"box":{"x":922,"y":945,"width":16,"height":8}},{"id":"afea4d4c-bef0-4c6f-b1df-8ec87e80a27f","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":19,"box":{"x":60,"y":158,"width":884,"height":11}},{"id":"de8ecf6e-891c-420e-be21-6754ee0cf48d","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":19,"box":{"x":61,"y":172,"width":883,"height":11}},{"id":"ec6e7cc6-01fc-4dd0-b1f1-ab4b2a04abc7","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market","page_number":19,"box":{"x":61,"y":186,"width":883,"height":11}},{"id":"bde045b7-51fc-476e-b751-c27a1ddb7963","block_type":"box","text":"noise.","page_number":19,"box":{"x":61,"y":201,"width":41,"height":8}},{"id":"49b36bcc-ef2c-4fb3-aafb-a2b724646c77","block_type":"box","text":"Portfolio Review","page_number":19,"box":{"x":61,"y":222,"width":133,"height":9}},{"id":"c3dbb38a-f01b-4cef-8008-3a9104f2a7de","block_type":"box","text":"The 7IM Real Return Fund uses a mix of alternative-like exposures that can deliver returns through a variety of market","page_number":19,"box":{"x":60,"y":237,"width":884,"height":11}},{"id":"d02abe85-faf9-44ba-b318-705bf43eb6be","block_type":"box","text":"environments. These include liquid alternatives, directional assets, real assets and defensive and hedging assets.","page_number":19,"box":{"x":61,"y":252,"width":821,"height":11}},{"id":"c402ff5a-3ccf-4910-8f09-de6e4c75af40","block_type":"box","text":"Our allocation to liquid alternatives contributed positively to portfolio performance over the period. The basket is a highly","page_number":19,"box":{"x":61,"y":273,"width":883,"height":12}},{"id":"580ab3d3-f3a6-4262-809a-e5ea23ae7bac","block_type":"box","text":"diversified collection of assets from specialist fund providers,","page_number":19,"box":{"x":61,"y":288,"width":437,"height":11}},{"id":"75d5ea17-00df-48a5-90da-6756296556c7","block_type":"box","text":"as well as strategies constructed by investment banks.","page_number":19,"box":{"x":499,"y":288,"width":406,"height":11}},{"id":"b9ef043d-8656-43e8-a91d-12fc0a4f0ecc","block_type":"box","text":"Within the liquid alternatives allocation, performance varied across strategies, with a range of outcomes over the period,","page_number":19,"box":{"x":60,"y":310,"width":884,"height":11}},{"id":"cf5cd577-3481-491c-b789-52036a0ab237","block_type":"box","text":"but with the majority of strategies delivering positively over the period. The AQR Trend strategy delivered strong and","page_number":19,"box":{"x":61,"y":324,"width":883,"height":11}},{"id":"e42cabb7-fc30-40b7-9712-b05985dbce67","block_type":"box","text":"consistent progress, building returns steadily and acting as a key contributor throughout. Equity dispersion strategies","page_number":19,"box":{"x":61,"y":338,"width":883,"height":11}},{"id":"a107c947-0c9d-43fa-a8e4-e21e97a2fc1a","block_type":"box","text":"followed a more varied path, softening into March 2026 before rebounding significantly in April and May 2026. Commodity","page_number":19,"box":{"x":60,"y":352,"width":884,"height":12}},{"id":"217eb06a-086f-4dae-bf8c-b282240b7454","block_type":"box","text":"curve carry saw a period of weakness through February and March 2026, as the strategy tends to be negatively exposed","page_number":19,"box":{"x":61,"y":367,"width":883,"height":11}},{"id":"b907769e-80d2-4819-b41c-c1763cf822e4","block_type":"box","text":"to oil beta, but has since shown signs of stabilising in line with recent geopolitical developments, and making only a modest","page_number":19,"box":{"x":60,"y":381,"width":884,"height":11}},{"id":"8a69051a-9732-4638-b504-18b30daf9862","block_type":"box","text":"impact on overall returns.","page_number":19,"box":{"x":61,"y":395,"width":182,"height":11}},{"id":"a43b8b17-e960-4d83-b735-1f42d03fce1e","block_type":"box","text":"Finally, within the Real Asset bucket, gold was challenged following a period of extremely positive performance. Geopolitical","page_number":19,"box":{"x":61,"y":417,"width":883,"height":11}},{"id":"6361a08f-9081-43a3-ad9e-131be544cf74","block_type":"box","text":"developments were one of the contributing factors for the momentum unwind in gold prices, as markets began to price","page_number":19,"box":{"x":61,"y":431,"width":883,"height":12}},{"id":"fac50c53-12c8-407d-882e-670855f24289","block_type":"box","text":"higher and stickier inflation from a prolonged US-Iran war.","page_number":19,"box":{"x":61,"y":446,"width":416,"height":11}},{"id":"17fac9ae-6f42-411c-9c26-b563d4b0770e","block_type":"box","text":"Investment Outlook","page_number":19,"box":{"x":61,"y":468,"width":153,"height":8}},{"id":"eb789342-871b-4b06-876c-9f26a7ff763a","block_type":"box","text":"After several years in which a small number of companies and themes dominated market returns, the investment landscape","page_number":19,"box":{"x":60,"y":482,"width":884,"height":12}},{"id":"ac103a5c-08f3-467e-a173-01991c031255","block_type":"box","text":"has become broader. 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The balance due to the","page_number":33,"box":{"x":764,"y":143,"width":180,"height":8}},{"id":"db9b812e-1da4-48d9-9e26-a657e0a8ff5a","block_type":"box","text":"ACD at the year end in respect of management fees is £72,754 (2","page_number":33,"box":{"x":85,"y":157,"width":478,"height":11}},{"id":"221dce5d-7533-4e8e-be28-8598a64f50e3","block_type":"box","text":"025: £45,009).","page_number":33,"box":{"x":565,"y":157,"width":104,"height":11}},{"id":"bb2001c9-2f5a-44d4-aa3d-cf50b10eca56","block_type":"box","text":"The amounts receivable from 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year","page_number":33,"box":{"x":86,"y":175,"width":858,"height":11}},{"id":"8f992826-35b9-4d17-bfdd-f4158e5bf5b3","block_type":"box","text":"end are £Nil (2025: £Nil). The amounts payable to 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other","page_number":33,"box":{"x":86,"y":189,"width":858,"height":11}},{"id":"ef757927-c962-4403-bbe9-1b9d73a6fc74","block_type":"box","text":"balances as at year end are £Nil (2025: £Nil).","page_number":33,"box":{"x":86,"y":203,"width":333,"height":12}},{"id":"2b5220ce-d70b-46b1-b3a8-cd51a24267b1","block_type":"box","text":"The aggregate monies received by the ACD through the issue of shares and paid on cancellation of shares are disclosed","page_number":33,"box":{"x":86,"y":225,"width":858,"height":11}},{"id":"e070b649-7ca5-4ae9-9fe7-b989d9d60cb9","block_type":"box","text":"in the Statement of Change in Net Assets Attributable to Shareholders on","page_number":33,"box":{"x":86,"y":239,"width":534,"height":11}},{"id":"0e615eff-87fe-4ed8-8900-e62e94f5e601","block_type":"box","text":"page 26","page_number":33,"box":{"x":622,"y":239,"width":57,"height":11}},{"id":"6d79281e-76a6-4cfa-aea4-03d16ddd2338","block_type":"box","text":". Amounts due from and to the ACD","page_number":33,"box":{"x":682,"y":239,"width":262,"height":9}},{"id":"0da5bb97-66be-444b-b83b-ffbf8fbc5b2f","block_type":"box","text":"in respect of share transactions at the balance sheet date are £1,037,974 (2025: £4,872,929) and £1,052,940 (2025:","page_number":33,"box":{"x":86,"y":253,"width":858,"height":12}},{"id":"7840bc6f-ba1a-4603-a74e-1a65d53edfb0","block_type":"box","text":"£235,255), respectively.","page_number":33,"box":{"x":85,"y":268,"width":172,"height":11}},{"id":"6f309bc3-cd43-471b-98d6-46bdf1e85e3c","block_type":"box","text":"A shareholder may be able to exercise significant influence over the financial and operating policies of the Sub-fund and","page_number":33,"box":{"x":85,"y":289,"width":859,"height":11}},{"id":"33042f58-059d-44fd-9b20-3854f93f7c67","block_type":"box","text":"as such is deemed to be a related party. At the balance sheet date the following shareholder held in excess of 20% of","page_number":33,"box":{"x":86,"y":303,"width":858,"height":12}},{"id":"34957d54-37d5-4e06-a3ba-3044fa5d864c","block_type":"box","text":"the shares in issue of the Sub-fund.","page_number":33,"box":{"x":85,"y":318,"width":257,"height":9}},{"id":"c0ff4202-ecd6-45f3-952c-7b21ebde9053","block_type":"box","text":"Pershing Nominees Limited","page_number":33,"box":{"x":86,"y":341,"width":183,"height":10}},{"id":"4e8eedcb-6999-4874-95b9-2bc7980124b5","block_type":"box","text":"52.31% (2025: 52.23%)","page_number":33,"box":{"x":777,"y":341,"width":158,"height":10}},{"id":"d5cc9d7b-bbe9-4e27-854c-456edea55eba","block_type":"box","text":"The net value of creations and cancellations for Pershing Nominees Limited during the year totalled £260,670,281","page_number":33,"box":{"x":86,"y":359,"width":858,"height":11}},{"id":"f5bb1e40-4d08-46c6-8805-80e2807618bd","block_type":"box","text":"(2025: £10,765,791). 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these","page_number":33,"box":{"x":86,"y":710,"width":852,"height":11}},{"id":"ab340f42-4ce3-411c-8ed4-b6cf70f55556","block_type":"box","text":"risks are detailed in","page_number":33,"box":{"x":86,"y":724,"width":144,"height":9}},{"id":"27123886-bba2-40ab-86da-84d9b33cedbe","block_type":"box","text":"note 3","page_number":33,"box":{"x":238,"y":724,"width":45,"height":9}},{"id":"e53eec09-a706-403e-8f56-710f7015954b","block_type":"box","text":"on","page_number":33,"box":{"x":290,"y":726,"width":17,"height":7}},{"id":"4c9b89ee-c46f-4cf8-85bd-7003d79c2a1b","block_type":"box","text":"pages 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Further analysis and numeric disclosure of interest rate risk, foreign","page_number":33,"box":{"x":428,"y":724,"width":510,"height":11}},{"id":"f2b6d737-e248-4de3-a5f5-f0a56f349e27","block_type":"box","text":"currency risk and derivatives are shown on the next page.","page_number":33,"box":{"x":86,"y":738,"width":418,"height":11}},{"id":"79dcb9ba-fa70-4e99-b882-d4fafbf1f41c","block_type":"box","text":"NOTES TO THE FINANCIAL STATEMENTS","page_number":33,"box":{"x":62,"y":78,"width":384,"height":9}},{"id":"09ac93e6-697e-49f2-a424-2c6168422c55","block_type":"box","text":"(continued)","page_number":33,"box":{"x":452,"y":78,"width":89,"height":12}},{"id":"22ce50a9-84ef-40ec-8f25-196d6a6dd2bf","block_type":"box","text":"for 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The balance due to the","page_number":75,"box":{"x":764,"y":143,"width":180,"height":8}},{"id":"fbb437f4-f1a7-4181-a6ca-ba12419c72ff","block_type":"box","text":"ACD at the year end in respect of management fees is £1,162 (20","page_number":75,"box":{"x":85,"y":157,"width":478,"height":11}},{"id":"a4d4e13a-7708-40cc-bfb1-2d4ee7dc0f06","block_type":"box","text":"25: £71,341).","page_number":75,"box":{"x":564,"y":157,"width":95,"height":11}},{"id":"dc739ad1-771c-4987-8605-a3c90879a10c","block_type":"box","text":"The amounts receivable from 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year","page_number":75,"box":{"x":86,"y":178,"width":858,"height":11}},{"id":"162a3c23-b1be-42c9-bb7e-e14623d917d4","block_type":"box","text":"end are £Nil (2025: £Nil). 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The Sub-fund is in the process of termination.","page_number":75,"box":{"x":93,"y":377,"width":531,"height":9}},{"id":"2a3b19f0-fa5f-49f4-bc90-9dc7fd0a401a","block_type":"box","text":"The net value of creations and cancellations for Pershing Nominees Limited last year totalled (£20,913,957). 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It is not liable to Income Tax but must be deducted from the cost of the shares for Capital Gains Tax purposes.","page_number":130,"box":{"x":61,"y":554,"width":877,"height":11}},{"id":"97571362-b179-455d-9ff2-fb711ce68bc2","block_type":"box","text":"7IM PATHBUILDER 1 FUND","page_number":131,"box":{"x":61,"y":47,"width":322,"height":13}},{"id":"ceeb3be2-7acf-4351-8cb4-cd185f30cba7","block_type":"box","text":"129","page_number":131,"box":{"x":913,"y":944,"width":25,"height":9}},{"id":"3ff8c149-cc02-4d6d-8320-2d5df4f176cb","block_type":"box","text":"ACD’S REPORT","page_number":131,"box":{"x":60,"y":78,"width":143,"height":9}},{"id":"3bb86590-98db-4158-8168-ababcffcd3c1","block_type":"box","text":"for the year ended","page_number":131,"box":{"x":60,"y":93,"width":138,"height":11}},{"id":"0c5293c3-3a7f-491c-9687-987d9e846946","block_type":"box","text":"31 May 2026","page_number":131,"box":{"x":199,"y":93,"width":93,"height":11}},{"id":"807af9d8-7ad3-4e6b-92b8-16b104ba4f84","block_type":"box","text":"Investment Objective and Policy \r\nctive and Policy","page_number":131,"box":{"x":61,"y":121,"width":251,"height":12}},{"id":"4c413cba-7aee-4ce1-9ecf-a664ea6c28fa","block_type":"box","text":"Investment Objective and Policy","page_number":131,"box":{"x":60,"y":130,"width":2,"height":0}},{"id":"8d591dc9-be9b-4ac5-9912-e8bf44e4f04c","block_type":"box","text":"The 7IM Pathbuilder 1 Fund (the ‘Sub-fund’) aims to provide a return of capital and income over the medium to longer term","page_number":131,"box":{"x":60,"y":140,"width":884,"height":11}},{"id":"14f30e08-69ef-4786-8913-c17a9695b3e5","block_type":"box","text":"(5 years or more) consistent with its risk profile (as described","page_number":131,"box":{"x":61,"y":154,"width":439,"height":11}},{"id":"3c9be79b-66b5-4b5c-b934-e80069323b70","block_type":"box","text":"in the Investment Strategy section in the Prospectus).","page_number":131,"box":{"x":501,"y":154,"width":392,"height":11}},{"id":"9f24305e-309d-4146-996c-dd6de7fbc7cb","block_type":"box","text":"The Sub-fund’s investments and the proportion of its exposure to them will be determined by its risk profile in accordance","page_number":131,"box":{"x":60,"y":176,"width":884,"height":11}},{"id":"e1dd5106-ad4e-4c6c-891b-bca9c4c0a581","block_type":"box","text":"with its banding (as further described in the Investment Strategy and Benchmark sections in the Prospectus). The Sub-fund","page_number":131,"box":{"x":60,"y":190,"width":884,"height":11}},{"id":"11b3f517-ce04-447e-8112-88483e1e44db","block_type":"box","text":"is at the lowest end of the Pathbuilder Funds’ risk range.","page_number":131,"box":{"x":61,"y":204,"width":412,"height":12}},{"id":"d9a2d9f4-d6a4-445d-89b2-28eb76f8ad61","block_type":"box","text":"The Sub-fund is able to have an exposure of 45% to 90% of its assets to fixed interest securities (including cash gilts and","page_number":131,"box":{"x":60,"y":226,"width":884,"height":11}},{"id":"5e0c1acf-1481-4c53-8f3d-4bae0d7af9fc","block_type":"box","text":"global corporate bonds), primarily through indirect exposure which may be investment grade or sub-investment grade, and","page_number":131,"box":{"x":61,"y":241,"width":883,"height":11}},{"id":"ab99f601-29d1-44d8-9ba4-7ab6bf03d5fc","block_type":"box","text":"5% to 50% to equities. These exposures are, however, expected to typically be around the middle of the stated ranges.","page_number":131,"box":{"x":61,"y":255,"width":866,"height":11}},{"id":"0b74dbd6-882c-4ef0-bc2b-379aebdd812e","block_type":"box","text":"This exposure will be generated by indirect investment through collective investment schemes (which may include schemes","page_number":131,"box":{"x":60,"y":277,"width":883,"height":11}},{"id":"c2e553dc-feb5-4304-aebc-326ab6bae910","block_type":"box","text":"managed by the ACD or an associate of the ACD), investment trusts, exchange traded funds, or through derivative","page_number":131,"box":{"x":61,"y":291,"width":883,"height":11}},{"id":"ee5088e0-dc60-41c3-9b3c-38e62f955ae9","block_type":"box","text":"investments (in this way, the Sub-fund may gain exposure to asset classes such as property, commodities and private","page_number":131,"box":{"x":61,"y":305,"width":883,"height":11}},{"id":"c2114302-3f7d-4fa3-bc52-9b70e267aa9c","block_type":"box","text":"equity); and/or direct investment in a range of investment grade corporate and government bonds and warrants, and may","page_number":131,"box":{"x":61,"y":320,"width":883,"height":11}},{"id":"8a691f84-df50-4cc7-94f9-9417ff600c2f","block_type":"box","text":"also be achieved through the use of futures contracts which require cover to be held (typically in the form of money market","page_number":131,"box":{"x":61,"y":334,"width":883,"height":11}},{"id":"2efe3aae-73ee-4d37-81ad-df2cbe890e1e","block_type":"box","text":"funds and money market instruments).","page_number":131,"box":{"x":60,"y":348,"width":285,"height":11}},{"id":"ec108f82-7b8a-4978-9713-955625c19284","block_type":"box","text":"It is expected that collective investment schemes and exchange traded funds held by the Sub-fund will generally be","page_number":131,"box":{"x":62,"y":370,"width":882,"height":11}},{"id":"83e69c71-141a-4628-89e3-5114b9a1e63e","block_type":"box","text":"managed in accordance with passive strategies designed to track the performance of particular indices, market sectors or","page_number":131,"box":{"x":61,"y":384,"width":883,"height":11}},{"id":"4dbf1e50-a7c6-45fb-a3d3-c1731cc6badd","block_type":"box","text":"asset classes.","page_number":131,"box":{"x":61,"y":399,"width":107,"height":8}},{"id":"f3ed44aa-c2bf-4765-8824-c7e109759dd8","block_type":"box","text":"Up to 20% of the Sub-fund will be invested in assets such as cash and deposits, and may also include the use of money","page_number":131,"box":{"x":61,"y":420,"width":883,"height":12}},{"id":"663be64e-f863-42df-b75c-7ac036da7364","block_type":"box","text":"market funds and money market instruments for more general liquidity purposes. This is additional to the holding of such","page_number":131,"box":{"x":61,"y":435,"width":883,"height":11}},{"id":"2462b53c-d86d-4de2-be5e-dd5b3f6d7cdb","block_type":"box","text":"assets as cover for futures contracts as noted above.","page_number":131,"box":{"x":61,"y":449,"width":389,"height":9}},{"id":"bdf12d07-c569-4426-b98c-ac222dc65b4c","block_type":"box","text":"In extraordinary market conditions (such as political unrest, economic instability, war, the bankruptcy of large financial","page_number":131,"box":{"x":62,"y":471,"width":882,"height":11}},{"id":"f9a355b3-dac7-4fe7-b419-b725f582b593","block_type":"box","text":"institutions or closure of a relevant market(s)), the Sub-fund may temporarily invest up to 100% of its total assets in","page_number":131,"box":{"x":61,"y":485,"width":883,"height":11}},{"id":"6a6e754f-d00c-4faf-8324-6185ee9e957c","block_type":"box","text":"deposits, cash, near cash, money market funds, treasury bills, government bonds or short-term money market instruments.","page_number":131,"box":{"x":61,"y":499,"width":883,"height":12}},{"id":"d0711ab6-7132-4747-8c94-781f8661eff0","block_type":"box","text":"The Sub-fund will invest in derivatives for efficient portfolio management (EPM) (i.e. to reduce risk or cost and, or to","page_number":131,"box":{"x":60,"y":521,"width":884,"height":12}},{"id":"d344c08a-9e90-4465-a47b-8740d2690f1b","block_type":"box","text":"generate extra income). The Sub-fund may also use derivatives for investment purposes.","page_number":131,"box":{"x":61,"y":536,"width":644,"height":11}},{"id":"10afe4c8-81c4-4dc2-a09c-4a0ead6de5f4","block_type":"box","text":"Comparator Benchmark","page_number":131,"box":{"x":61,"y":558,"width":187,"height":11}},{"id":"71b11baa-f38d-459c-9d6f-395ac5c2a7ae","block_type":"box","text":"The Sub-fund does not use a comparator, constraining or target benchmark to assess performance. Performance may be","page_number":131,"box":{"x":60,"y":573,"width":884,"height":11}},{"id":"1b79c73a-dc73-4cfa-a03d-914a16c8d7ac","block_type":"box","text":"assessed by considering the extent to which the Sub-fund has met its investment objective. The Sub-fund’s returns will be","page_number":131,"box":{"x":61,"y":587,"width":883,"height":11}},{"id":"11c9f9b5-aaf5-48ec-9ca5-8920f964aa4c","block_type":"box","text":"published on www.7im.co.uk.","page_number":131,"box":{"x":61,"y":601,"width":210,"height":11}},{"id":"07009a87-2d29-4c59-948e-9af086a065b3","block_type":"box","text":"Investment Manager’s Report \r\nager’s Report","page_number":131,"box":{"x":61,"y":623,"width":230,"height":11}},{"id":"b3170d58-2434-4876-a350-9fb57945bbde","block_type":"box","text":"Investment Manager’s Report","page_number":131,"box":{"x":60,"y":632,"width":2,"height":0}},{"id":"20fe03ce-2d2e-4648-9279-4570e6c95153","block_type":"box","text":"Performance Report","page_number":131,"box":{"x":61,"y":641,"width":157,"height":11}},{"id":"b3bea882-c309-4573-98ff-4b80413ed0ab","block_type":"box","text":"In the reporting year, 1 June 2025 to 31 May 2026, the portfolio delivered a total return of 13.80%","page_number":131,"box":{"x":62,"y":656,"width":701,"height":11}},{"id":"73b22be6-8508-4fc4-be94-167177282c5c","block_type":"box","text":"1","page_number":131,"box":{"x":765,"y":656,"width":3,"height":5}},{"id":"606fa090-14c6-47ea-8d49-d595eb4961b2","block_type":"box","text":".","page_number":131,"box":{"x":771,"y":664,"width":2,"height":1}},{"id":"51052762-647b-4828-a3c5-45d7e99a6b74","block_type":"box","text":"Investment Background","page_number":131,"box":{"x":61,"y":678,"width":192,"height":11}},{"id":"7848323e-e9ba-4c1c-9f25-fd618929029a","block_type":"box","text":"Over the past 12 months, markets have shown a remarkable ability to look through political, economic and geopolitical","page_number":131,"box":{"x":61,"y":696,"width":877,"height":11}},{"id":"719add6e-40f1-49e4-aba8-179095c2d3ed","block_type":"box","text":"uncertainty. What began with escalating tensions in the Middle East and concerns over global trade evolved into a year","page_number":131,"box":{"x":61,"y":711,"width":878,"height":11}},{"id":"a834de87-ddaf-4e4e-9303-c880dd7f67c1","block_type":"box","text":"defined by resilience, strong corporate earnings and continued e","page_number":131,"box":{"x":61,"y":725,"width":466,"height":11}},{"id":"a58f0ac4-bf2f-4770-ae62-6768c6588cc9","block_type":"box","text":"nthusiasm for artificial intelligence.","page_number":131,"box":{"x":529,"y":725,"width":247,"height":11}},{"id":"f36ee427-36eb-4fd6-b80f-6b0463fa51df","block_type":"box","text":"During the second half of 2025, equity markets delivered robust returns despite events that would traditionally have","page_number":131,"box":{"x":61,"y":747,"width":877,"height":11}},{"id":"99e26b04-b887-4e26-9aa1-620280cb5306","block_type":"box","text":"unsettled investors. The conflict between Israel and Iran, tariff negotiations and political uncertainty across Europe failed","page_number":131,"box":{"x":61,"y":761,"width":877,"height":11}},{"id":"b99a2bf0-e00a-4bbd-8fde-7385923536b1","block_type":"box","text":"to derail market momentum. Instead, investors increasingly adopted a “buy the dip” mentality, helping major indices such","page_number":131,"box":{"x":60,"y":775,"width":878,"height":11}},{"id":"9ca224d0-2d50-452a-9012-c0ec6f58ba3d","block_type":"box","text":"as the S&P 500 and FTSE 100 reach record highs. Supportive central bank policy, easing inflation and strong corporate","page_number":131,"box":{"x":61,"y":789,"width":877,"height":12}},{"id":"ed06133c-8f52-46ca-bba0-9d7e19d562fd","block_type":"box","text":"earnings-particularly from large technology companies-further underpinned performance. Returns broadened beyond the","page_number":131,"box":{"x":61,"y":804,"width":877,"height":11}},{"id":"f67fbc57-f954-455b-91d9-882bd1c913f6","block_type":"box","text":"US, with Asia, emerging markets and Latin America also posting strong gains, while AI-related investment remained a key","page_number":131,"box":{"x":61,"y":818,"width":878,"height":11}},{"id":"186c4a18-895b-4dea-9be8-480768a644e8","block_type":"box","text":"driver of market leadership.","page_number":131,"box":{"x":61,"y":832,"width":196,"height":11}},{"id":"448b8886-10ee-4bce-a08a-10943cf1c71c","block_type":"box","text":"Bond markets experienced periods of volatility as investors balanced falling inflation against concerns surrounding","page_number":131,"box":{"x":61,"y":854,"width":883,"height":11}},{"id":"1ebe11f2-a365-4d4a-a674-99cd56c597ff","block_type":"box","text":"government borrowing and economic growth. However, diversified fixed income exposure continued to deliver positive","page_number":131,"box":{"x":61,"y":868,"width":883,"height":11}},{"id":"5df87fa4-a836-4c81-9667-f1946d1e524f","block_type":"box","text":"returns overall, with shorter-dated bonds and corporate credit generally outperforming longer-duration holdings.","page_number":131,"box":{"x":61,"y":883,"width":810,"height":11}},{"id":"52725da1-960b-4842-8962-9a5b02637c3f","block_type":"box","text":"1","page_number":131,"box":{"x":61,"y":904,"width":3,"height":5}},{"id":"d0897b47-5af8-4e03-8469-2d8fe91a9bb1","block_type":"box","text":"Calculated using 7IM Pathbuilder 1 Fund C Acc shares, published prices. Source: NTRS.","page_number":131,"box":{"x":65,"y":904,"width":649,"height":12}},{"id":"0060a453-dddb-4bc2-8429-2564437d3852","block_type":"box","text":"7IM PATHBUILDER 1 FUND","page_number":132,"box":{"x":61,"y":47,"width":322,"height":13}},{"id":"ba8e3fa4-6983-438f-9270-069725484861","block_type":"box","text":"130","page_number":132,"box":{"x":62,"y":945,"width":25,"height":8}},{"id":"dbd3e452-6c3a-4e43-b537-e68661653bbd","block_type":"box","text":"The positive momentum carried into early 2026, although the market environment became more challenging. Rising","page_number":132,"box":{"x":60,"y":158,"width":884,"height":11}},{"id":"4a539ecc-9171-4459-b553-91f220c9ad06","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":132,"box":{"x":61,"y":172,"width":883,"height":11}},{"id":"687e9177-6eb3-4832-a39d-18ff5d87545f","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":132,"box":{"x":60,"y":186,"width":884,"height":11}},{"id":"446dce81-e401-451c-a06f-862dc8c87c76","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was","page_number":132,"box":{"x":60,"y":200,"width":884,"height":12}},{"id":"e7d12851-57d0-4728-9b19-079eecf835c6","block_type":"box","text":"occasionally tested as asset classes moved in tandem.","page_number":132,"box":{"x":61,"y":215,"width":397,"height":11}},{"id":"4eceb6f3-d684-405e-9b8d-9aedf68b72c0","block_type":"box","text":"Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued","page_number":132,"box":{"x":61,"y":237,"width":883,"height":11}},{"id":"ccb6a0ac-70cb-4fd2-a500-b2fca5d3031a","block_type":"box","text":"investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery,","page_number":132,"box":{"x":61,"y":251,"width":883,"height":11}},{"id":"c75ef4c2-ecb7-41ba-b27b-9bc231a30c46","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":132,"box":{"x":60,"y":265,"width":884,"height":11}},{"id":"1230710e-0a03-445d-b347-026553cd76bc","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":132,"box":{"x":60,"y":279,"width":884,"height":12}},{"id":"254f5339-9bc2-4e19-87a7-2c2ce6b292e1","block_type":"box","text":"backdrop has stayed supportive.","page_number":132,"box":{"x":61,"y":294,"width":234,"height":11}},{"id":"eabf9b0f-b4bb-4877-8564-fa6f86417f2b","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":132,"box":{"x":60,"y":316,"width":884,"height":11}},{"id":"85f49479-44b6-4baf-a64b-8f18e641c7e7","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":132,"box":{"x":61,"y":330,"width":883,"height":11}},{"id":"004a49b2-e18d-4519-a06c-6e6324f09ed5","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market","page_number":132,"box":{"x":61,"y":344,"width":883,"height":11}},{"id":"5332800c-127c-4bb7-91e4-ca0750de3721","block_type":"box","text":"noise.","page_number":132,"box":{"x":61,"y":358,"width":41,"height":9}},{"id":"ba6503b0-80e3-42dc-a4f7-ec5177376a6d","block_type":"box","text":"Portfolio Review","page_number":132,"box":{"x":61,"y":380,"width":133,"height":9}},{"id":"34d4f08d-de0b-4527-9828-35157ca71e94","block_type":"box","text":"Our Pathbuilder sub-funds are made up of a range of 4 Sub-funds and are the most passively managed funds that we run.","page_number":132,"box":{"x":61,"y":395,"width":883,"height":11}},{"id":"8db234c1-57df-4e3e-a615-70e688ab5469","block_type":"box","text":"As a result, we only make changes to them once a year in line with our process for setting the strategic asset allocation","page_number":132,"box":{"x":60,"y":409,"width":884,"height":12}},{"id":"9f1f4e4b-a73b-4dba-a66e-04626c5897ad","block_type":"box","text":"(SAA).","page_number":132,"box":{"x":61,"y":424,"width":52,"height":11}},{"id":"95c3c22c-6ea6-4b4e-81e0-3a84bf320858","block_type":"box","text":"In August 2025, we refreshed our SAA in line with its annual schedule. We altered our fixed income allocations from index","page_number":132,"box":{"x":62,"y":446,"width":882,"height":11}},{"id":"d0201946-9e02-4b26-a6e9-53468482716b","block_type":"box","text":"level duration to a split of long and short duration government bonds to manage tactical positions. This was achieved by","page_number":132,"box":{"x":61,"y":460,"width":883,"height":11}},{"id":"0d9e3c08-b199-48b2-a53b-b777c5b6f7f5","block_type":"box","text":"selling some government bonds. We also undertook some small adjustments to other asset classes. Our next SAA refresh","page_number":132,"box":{"x":60,"y":474,"width":884,"height":11}},{"id":"ea4c82f5-6f1b-45f3-bd6b-645029cac1a1","block_type":"box","text":"is scheduled for August 2026.","page_number":132,"box":{"x":61,"y":488,"width":213,"height":12}},{"id":"6ee7bb0b-81a0-4ede-9b56-e196a905f9dd","block_type":"box","text":"There were no fund switches during the year, with purchase and sales in Pathbuilder 1 being driven by cash flows in and","page_number":132,"box":{"x":60,"y":510,"width":884,"height":11}},{"id":"44989201-dce5-4e75-8aeb-e3b5ed364f0a","block_type":"box","text":"out of the sub-fund. There were no material changes to the portfolio during the year and no changes to the underlying","page_number":132,"box":{"x":61,"y":525,"width":883,"height":11}},{"id":"dd9ed39b-9fce-4c67-bdd7-a6fdfe13bc3e","block_type":"box","text":"holdings.","page_number":132,"box":{"x":61,"y":539,"width":63,"height":11}},{"id":"00f6e44c-44f0-48cd-832c-b525e29ec2d3","block_type":"box","text":"Investment Outlook","page_number":132,"box":{"x":61,"y":561,"width":153,"height":9}},{"id":"02ad66f9-a55c-4840-9553-3ce2e8794727","block_type":"box","text":"After several years in which a small number of companies and themes dominated market returns, the investment landscape","page_number":132,"box":{"x":60,"y":576,"width":884,"height":11}},{"id":"673948d4-b85e-4c51-aab6-a06ae5838e35","block_type":"box","text":"has become broader. Diversification is once again being rewarded, with performance driven by a wider range of regions,","page_number":132,"box":{"x":61,"y":590,"width":883,"height":11}},{"id":"a3ad43c1-a6e4-429d-8022-3d410bd54e07","block_type":"box","text":"sectors and asset classes rather than a single prevailing trade.","page_number":132,"box":{"x":60,"y":604,"width":453,"height":11}},{"id":"cfa185a9-a681-4014-b2d7-0aa220d069be","block_type":"box","text":"Looking ahead, we expect:","page_number":132,"box":{"x":61,"y":626,"width":193,"height":11}},{"id":"c2a0040d-1b31-4357-86fd-275ac4576f9c","block_type":"box","text":"•","page_number":132,"box":{"x":68,"y":651,"width":5,"height":3}},{"id":"70fd80f1-adf0-45a5-81f4-fa7376e6b4c1","block_type":"box","text":"Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated","page_number":132,"box":{"x":84,"y":648,"width":860,"height":11}},{"id":"698c4406-ce18-4e76-a434-d7727ccb14a8","block_type":"box","text":"energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more","page_number":132,"box":{"x":83,"y":662,"width":861,"height":12}},{"id":"b565ffce-944d-4f0f-9078-9a251e8b0ee3","block_type":"box","text":"challenging environment, corporate balance sheets remain generally healthy and should help companies navigate","page_number":132,"box":{"x":83,"y":677,"width":861,"height":11}},{"id":"6af746f7-5b38-4c35-aee0-1ee914b7ac78","block_type":"box","text":"ongoing trade tensions and economic headwinds.","page_number":132,"box":{"x":83,"y":691,"width":359,"height":11}},{"id":"c14807d6-8791-4d67-886a-2fd79c676d70","block_type":"box","text":"•","page_number":132,"box":{"x":68,"y":716,"width":5,"height":3}},{"id":"35480d27-1595-42fc-8c8c-66ef897a58d5","block_type":"box","text":"Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends","page_number":132,"box":{"x":84,"y":713,"width":854,"height":11}},{"id":"ae7f6269-2fcf-48ca-99ef-3744c5cdf4ea","block_type":"box","text":"and the path of interest rates. 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The balance due to the","page_number":146,"box":{"x":764,"y":143,"width":180,"height":8}},{"id":"68213a94-a442-45cf-aa97-a6a5da86570b","block_type":"box","text":"ACD at the year end in respect of management fees is £10,429 (2","page_number":146,"box":{"x":85,"y":157,"width":478,"height":11}},{"id":"7b3d8624-61ad-4aa4-a070-14e91987a64f","block_type":"box","text":"025: £5,239).","page_number":146,"box":{"x":565,"y":157,"width":94,"height":11}},{"id":"cdf4910c-4071-42a6-a403-da449623816d","block_type":"box","text":"The amounts receivable from 7IM (the 'ACD') in respect of subsidy fee arrangements and other balances as at the year","page_number":146,"box":{"x":86,"y":178,"width":858,"height":11}},{"id":"3eae795b-047c-4103-83a8-8f06ae6473d5","block_type":"box","text":"end were £41,204 (2025: £56,596). The amounts payable to 7IM (the 'ACD') in respect of subsidy fee arrangements","page_number":146,"box":{"x":86,"y":192,"width":858,"height":12}},{"id":"7ab48db6-46e8-4bfc-8dd5-231a7110d8ad","block_type":"box","text":"and other balances as at the year end are £Nil (2025: £Nil).","page_number":146,"box":{"x":86,"y":207,"width":435,"height":11}},{"id":"3e29f386-c464-49e9-8615-36a213815138","block_type":"box","text":"The aggregate monies received by the ACD through the issue of shares and paid on cancellation of shares are disclosed","page_number":146,"box":{"x":86,"y":228,"width":858,"height":11}},{"id":"2d4882f4-0eb6-411b-89c8-16010c6900ea","block_type":"box","text":"in the Statement of Change in Net Assets Attributable to Shareholders on","page_number":146,"box":{"x":86,"y":243,"width":529,"height":11}},{"id":"aa78daa5-f590-4d83-801d-9d84ed286f50","block_type":"box","text":"page 138","page_number":146,"box":{"x":616,"y":243,"width":67,"height":11}},{"id":"cf9dc7c5-83cb-413e-aa0a-98345b323ddb","block_type":"box","text":". Amounts due from and to the ACD","page_number":146,"box":{"x":685,"y":243,"width":259,"height":8}},{"id":"0f28080f-2d3a-4060-9648-44260971408d","block_type":"box","text":"in respect of share transactions at the balance sheet date are £139,286 (2025: £64,721) and £119,895 (2025: £5,303),","page_number":146,"box":{"x":86,"y":257,"width":858,"height":11}},{"id":"d88abc59-b486-4b62-9b16-a4f49d2839ff","block_type":"box","text":"respectively.","page_number":146,"box":{"x":86,"y":271,"width":88,"height":11}},{"id":"9ecb6447-1d7e-488b-9177-aedee12b70a9","block_type":"box","text":"A shareholder may be able to exercise significant influence over the financial and operating policies of the Sub-fund and","page_number":146,"box":{"x":85,"y":293,"width":859,"height":11}},{"id":"66366c66-53d7-4cfe-baef-ddbc3ddf80e1","block_type":"box","text":"as such is deemed to be a related party. At the balance sheet date, the following shareholder held in excess of 20% of","page_number":146,"box":{"x":86,"y":307,"width":858,"height":11}},{"id":"2a05b624-4abb-458a-8bf0-0af70bdffc8b","block_type":"box","text":"the shares in issue of the Sub-fund.","page_number":146,"box":{"x":85,"y":321,"width":257,"height":9}},{"id":"3d3fc87e-96af-48d7-999f-927c61d2c008","block_type":"box","text":"Pershing Nominees Limited","page_number":146,"box":{"x":86,"y":349,"width":183,"height":10}},{"id":"6663ada8-b0c9-46a8-b29e-9c19f581820d","block_type":"box","text":"74.90% (2025: 70.64%)","page_number":146,"box":{"x":777,"y":349,"width":158,"height":10}},{"id":"47b47f2d-a1c3-4182-bd80-bcda26f8854c","block_type":"box","text":"The net value of creations and cancellations for Pershing Nominees Limited during the year totalled £22,066,701","page_number":146,"box":{"x":86,"y":372,"width":850,"height":11}},{"id":"bd1c7bd2-9b6b-4112-9870-d6dc0ec43e0f","block_type":"box","text":"(2025: £12,395,349). The distributions paid and payable to Pershing Nominees Limited during and as at the year end","page_number":146,"box":{"x":86,"y":386,"width":858,"height":12}},{"id":"45250d46-778f-4c71-9462-8bc54c2bc2ea","block_type":"box","text":"are £1,907 and £9,019 (2025: £1,555 and £945), respectively.","page_number":146,"box":{"x":86,"y":401,"width":447,"height":11}},{"id":"fab970c1-947d-48b7-935a-05584f97fc92","block_type":"box","text":"13","page_number":146,"box":{"x":61,"y":423,"width":17,"height":8}},{"id":"c12a41cb-d135-45be-b313-a1a37a98bf3b","block_type":"box","text":"Classes of Shares","page_number":146,"box":{"x":86,"y":423,"width":140,"height":8}},{"id":"4654ea44-65ac-4fed-9a10-71e412ccd892","block_type":"box","text":"The Sub-fund has","page_number":146,"box":{"x":86,"y":444,"width":130,"height":9}},{"id":"15ccb931-a538-4a0d-a242-d8e1288de4ef","block_type":"box","text":"one","page_number":146,"box":{"x":221,"y":446,"width":27,"height":7}},{"id":"99cc30f6-b41b-4a73-9139-64b7afa4830a","block_type":"box","text":"share class: ‘C’. The annual management charge on the share class is as follows:","page_number":146,"box":{"x":253,"y":444,"width":591,"height":11}},{"id":"7b00e4a3-b097-49b6-966f-a4356dd7427c","block_type":"box","text":"Class C","page_number":146,"box":{"x":86,"y":477,"width":51,"height":8}},{"id":"e9032281-6097-43ef-ba04-67415674e97a","block_type":"box","text":"0.22%","page_number":146,"box":{"x":559,"y":477,"width":41,"height":8}},{"id":"d3765136-eacd-4206-864e-3bb9714e187a","block_type":"box","text":"The following table shows the shares in issue during the 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these","page_number":146,"box":{"x":86,"y":675,"width":858,"height":11}},{"id":"fd6e0d50-376b-4ff7-a05a-1ad707cd05b1","block_type":"box","text":"risks are detailed in","page_number":146,"box":{"x":86,"y":689,"width":144,"height":9}},{"id":"72c61997-536d-499c-98cb-d22228a6a1e1","block_type":"box","text":"note 3","page_number":146,"box":{"x":238,"y":689,"width":45,"height":9}},{"id":"c991cb78-fa6b-4005-afbc-98dbc7a1bd3d","block_type":"box","text":"on","page_number":146,"box":{"x":290,"y":692,"width":17,"height":6}},{"id":"c0e9af69-118d-4c27-9717-c857c8f1908b","block_type":"box","text":"pages 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The historical observation period will be","page_number":148,"box":{"x":86,"y":630,"width":858,"height":11}},{"id":"6869f6a3-9d7b-4b32-b973-bd739c00af68","block_type":"box","text":"not less than 1 year.","page_number":148,"box":{"x":86,"y":644,"width":145,"height":11}},{"id":"fe007012-5871-48ba-97d3-3bc32c61c488","block_type":"box","text":"The level of leverage of the Sub-fund (calculated using the sum of the notionals of the derivatives) under normal","page_number":148,"box":{"x":86,"y":666,"width":858,"height":11}},{"id":"ba71b218-e7c8-4775-a650-56ad78b3db92","block_type":"box","text":"circumstances is expected to be around 40% of the Net Asset Value of the Sub-fund and is not expected to exceed","page_number":148,"box":{"x":86,"y":680,"width":858,"height":11}},{"id":"8021d097-eeff-40c4-b0b7-73988d75ca67","block_type":"box","text":"100%. It is possible that there may be higher leverage levels from time to time during abnormal market conditions. 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The Sub-fund’s returns will be","page_number":154,"box":{"x":61,"y":590,"width":883,"height":11}},{"id":"8ba77354-5c3b-4123-b2b6-5d3a9276c820","block_type":"box","text":"published on www.7im.co.uk.","page_number":154,"box":{"x":61,"y":604,"width":210,"height":11}},{"id":"318f7ebc-057f-490e-a724-9b5a32757976","block_type":"box","text":"Investment Manager’s Report \r\nager’s Report","page_number":154,"box":{"x":61,"y":626,"width":230,"height":11}},{"id":"aebc1ce0-057b-4dc6-b6b7-62a1d4d0ed85","block_type":"box","text":"Investment Manager’s Report","page_number":154,"box":{"x":60,"y":635,"width":2,"height":0}},{"id":"4aea1ea3-85d2-47a8-af54-aa15e096f924","block_type":"box","text":"Performance Report","page_number":154,"box":{"x":61,"y":644,"width":157,"height":11}},{"id":"d8459276-6299-4b55-9891-a0647bbb37b9","block_type":"box","text":"In the reporting year, 1 June 2025 to 31 May 2026, the portfolio delivered a total return of 17.40%","page_number":154,"box":{"x":62,"y":663,"width":701,"height":11}},{"id":"bcd01efa-6be2-4cc4-a2a0-eb87f5ed5bb7","block_type":"box","text":"1","page_number":154,"box":{"x":765,"y":662,"width":3,"height":5}},{"id":"44530be7-09a1-48e5-a922-11b1fd46bb9a","block_type":"box","text":".","page_number":154,"box":{"x":771,"y":670,"width":2,"height":1}},{"id":"c68f60a9-0a9c-4641-8794-2c1963428f06","block_type":"box","text":"Investment Background","page_number":154,"box":{"x":61,"y":685,"width":192,"height":11}},{"id":"94a66520-4ba6-463c-baf9-8df2e24de2f0","block_type":"box","text":"Over the past 12 months, markets have shown a remarkable ability to look through political, economic and geopolitical","page_number":154,"box":{"x":61,"y":699,"width":877,"height":11}},{"id":"75064014-1a35-43fd-ba41-1511f3f2cf23","block_type":"box","text":"uncertainty. 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Returns broadened beyond the","page_number":154,"box":{"x":61,"y":807,"width":877,"height":11}},{"id":"06883056-ed69-48a9-af29-47a1cf633300","block_type":"box","text":"US, with Asia, emerging markets and Latin America also posting strong gains, while AI-related investment remained a key","page_number":154,"box":{"x":61,"y":821,"width":878,"height":11}},{"id":"42ad0800-d538-4ff0-bd80-266678a74760","block_type":"box","text":"driver of market leadership.","page_number":154,"box":{"x":61,"y":835,"width":196,"height":11}},{"id":"d145dcb3-efbd-45d9-817a-9cb4773b772f","block_type":"box","text":"Bond markets experienced periods of volatility as investors balanced falling inflation against concerns surrounding","page_number":154,"box":{"x":61,"y":857,"width":883,"height":11}},{"id":"55769dbe-338f-4af1-a38b-d275960f5af6","block_type":"box","text":"government borrowing and economic growth. However, diversified fixed income exposure continued to deliver positive","page_number":154,"box":{"x":61,"y":871,"width":883,"height":12}},{"id":"f13c27f5-e52d-4159-b560-9fe20cd26d5f","block_type":"box","text":"returns overall, with shorter-dated bonds and corporate credit generally outperforming longer-duration holdings.","page_number":154,"box":{"x":61,"y":886,"width":804,"height":11}},{"id":"98587e78-93c1-481d-9b57-df159e6f70dc","block_type":"box","text":"1","page_number":154,"box":{"x":61,"y":907,"width":3,"height":5}},{"id":"24a9e347-57e3-46c2-a862-2a26eafd11ca","block_type":"box","text":"Calculated using 7IM Pathbuilder 2 Fund C Acc shares, published prices. 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Rising","page_number":155,"box":{"x":60,"y":158,"width":884,"height":11}},{"id":"d8db1f14-3973-4d5f-ac72-ee9f72234696","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":155,"box":{"x":61,"y":172,"width":883,"height":11}},{"id":"cc7b7e51-c37b-42f3-9f30-2d0efe138a21","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":155,"box":{"x":60,"y":186,"width":884,"height":11}},{"id":"0f0d4c64-299b-4265-a61a-862bbee542df","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was","page_number":155,"box":{"x":60,"y":200,"width":884,"height":12}},{"id":"4c61c214-65cf-4493-9e23-7d24fb2f25b5","block_type":"box","text":"occasionally tested as asset classes moved in tandem.","page_number":155,"box":{"x":61,"y":215,"width":397,"height":11}},{"id":"5d320386-db60-4cb2-80e6-e3e9a4cecd53","block_type":"box","text":"Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued","page_number":155,"box":{"x":61,"y":237,"width":883,"height":11}},{"id":"31f0cf13-eed0-411e-b047-6721dd83f998","block_type":"box","text":"investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery,","page_number":155,"box":{"x":61,"y":251,"width":883,"height":11}},{"id":"ce64c063-c951-4065-ad16-d41fee342628","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":155,"box":{"x":60,"y":265,"width":884,"height":11}},{"id":"a2c00934-8e46-4704-9636-3ed1efe0b914","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":155,"box":{"x":60,"y":279,"width":884,"height":12}},{"id":"af33b8c7-8dae-47f7-8577-d4b6bb4c33e9","block_type":"box","text":"backdrop has stayed supportive.","page_number":155,"box":{"x":61,"y":294,"width":234,"height":11}},{"id":"4a5c4ae7-a104-46f2-9b2b-682d5b05d3b3","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":155,"box":{"x":60,"y":316,"width":884,"height":11}},{"id":"8d9b31ae-0f4c-4298-8ef2-b2c98f046f59","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":155,"box":{"x":61,"y":330,"width":883,"height":11}},{"id":"1bd9b508-a4e7-43e9-9d48-338153c1e74f","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market","page_number":155,"box":{"x":61,"y":344,"width":883,"height":11}},{"id":"56b7edec-b34d-4bef-a257-f9e2f77b2389","block_type":"box","text":"noise.","page_number":155,"box":{"x":61,"y":358,"width":41,"height":9}},{"id":"1200e264-78e0-4cd6-b2be-9aca2da9080d","block_type":"box","text":"Portfolio Review","page_number":155,"box":{"x":61,"y":380,"width":133,"height":9}},{"id":"0e8728e4-c103-4f23-ae7e-50b0eef5602c","block_type":"box","text":"Our Pathbuilder sub-funds are made up of a range of 4 Sub-funds and are the most passively managed funds that we run.","page_number":155,"box":{"x":61,"y":398,"width":883,"height":12}},{"id":"8b76ecab-1195-4bca-9dc4-67aa068a20af","block_type":"box","text":"As a result, we only make changes to them once a year in line with our process for setting the strategic asset allocation","page_number":155,"box":{"x":60,"y":413,"width":884,"height":11}},{"id":"02ff64f4-6875-4cce-a292-e7c97ee9ed41","block_type":"box","text":"(SAA).","page_number":155,"box":{"x":61,"y":427,"width":52,"height":11}},{"id":"557f185b-54c8-4d63-bf0d-70d1597c274b","block_type":"box","text":"In August 2025, we refreshed our SAA in line with its annual schedule. We altered our fixed income allocations from index","page_number":155,"box":{"x":62,"y":449,"width":882,"height":11}},{"id":"f99f300b-8c7f-4e92-9d22-7238e1c77b34","block_type":"box","text":"level duration to a split of long and short duration government bonds to manage tactical positions. This was achieved by","page_number":155,"box":{"x":61,"y":463,"width":883,"height":11}},{"id":"b44e6eaa-9e8b-4d2a-8d03-d5dc33b1d6df","block_type":"box","text":"selling some government bonds. We also undertook some small adjustments to other asset classes. Our next SAA refresh","page_number":155,"box":{"x":60,"y":477,"width":884,"height":11}},{"id":"d05dfe4e-7342-4a82-9c7d-6d5eaef2a31b","block_type":"box","text":"is scheduled for August 2026.","page_number":155,"box":{"x":61,"y":492,"width":213,"height":11}},{"id":"4930e4f7-e778-42dc-9a3f-061a9100ed73","block_type":"box","text":"There were no fund switches during the year, with purchase and sales in Pathbuilder 2 being driven by cash flows in and","page_number":155,"box":{"x":60,"y":513,"width":884,"height":12}},{"id":"378d66b9-cd0f-437a-9ecf-57142c3debba","block_type":"box","text":"out of the sub-fund. There were no material changes to the portfolio during the year and no changes to the underlying","page_number":155,"box":{"x":61,"y":528,"width":883,"height":11}},{"id":"868a1393-b221-4c40-aa47-893e07d58609","block_type":"box","text":"holdings.","page_number":155,"box":{"x":61,"y":542,"width":63,"height":11}},{"id":"8f390b94-ce71-4dde-a4a4-da37e2914f61","block_type":"box","text":"Investment Outlook","page_number":155,"box":{"x":61,"y":564,"width":153,"height":9}},{"id":"0c062b03-90b1-47e7-b9cd-9f853143f1e6","block_type":"box","text":"After several years in which a small number of companies and themes dominated market returns, the investment landscape","page_number":155,"box":{"x":60,"y":579,"width":884,"height":11}},{"id":"a6e37ac3-6596-4b24-82fd-15baed3dd304","block_type":"box","text":"has become broader. Diversification is once again being rewarded, with performance driven by a wider range of regions,","page_number":155,"box":{"x":61,"y":593,"width":883,"height":11}},{"id":"54f58be3-aa29-4425-bbe6-0c6fb457fa31","block_type":"box","text":"sectors and asset classes rather than a single prevailing trade.","page_number":155,"box":{"x":60,"y":608,"width":453,"height":11}},{"id":"39bbc419-94d0-4f46-bb6b-3437fd8f72b2","block_type":"box","text":"Looking ahead, we expect:","page_number":155,"box":{"x":61,"y":629,"width":193,"height":12}},{"id":"aa209f7c-5b54-4055-a397-369694cb2448","block_type":"box","text":"•","page_number":155,"box":{"x":68,"y":654,"width":5,"height":3}},{"id":"bbf5c878-5c7e-43ca-9107-1b14499b98c7","block_type":"box","text":"Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated","page_number":155,"box":{"x":84,"y":651,"width":860,"height":11}},{"id":"fd60942a-e4ed-476b-8c0b-9f2aaf3301a3","block_type":"box","text":"energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more","page_number":155,"box":{"x":83,"y":665,"width":861,"height":12}},{"id":"ed115465-0449-4a9d-a67d-598cf4d133ee","block_type":"box","text":"challenging environment, corporate balance sheets remain generally healthy and should help companies navigate","page_number":155,"box":{"x":83,"y":680,"width":861,"height":11}},{"id":"dc0c7301-0844-49b9-afbc-531596edfe92","block_type":"box","text":"ongoing trade tensions and economic headwinds.","page_number":155,"box":{"x":83,"y":694,"width":359,"height":11}},{"id":"9311008b-55f8-49e7-804a-a07494a7e7e8","block_type":"box","text":"•","page_number":155,"box":{"x":68,"y":719,"width":5,"height":3}},{"id":"c218858b-06b2-4e76-8602-48d34623b355","block_type":"box","text":"Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends","page_number":155,"box":{"x":84,"y":716,"width":854,"height":11}},{"id":"0ffd963b-fb3d-4475-a3ee-8b49fb63e973","block_type":"box","text":"and the path of interest rates. However, recent market behaviour has demonstrated a willingness to look through","page_number":155,"box":{"x":83,"y":730,"width":855,"height":11}},{"id":"7d52f1d5-4fc3-4389-bada-51ad528f786a","block_type":"box","text":"short-term uncertainty and focus on underlying fundamentals. We also anticipate energy prices to stabilise as supply","page_number":155,"box":{"x":83,"y":745,"width":856,"height":11}},{"id":"4ae50a22-8696-4d52-b588-06b9e73eeb53","block_type":"box","text":"concerns ease, although they may remain elevated compared with recent history.","page_number":155,"box":{"x":83,"y":759,"width":588,"height":11}},{"id":"f2f6b5c5-d1b4-4988-a06d-41cae97a69d9","block_type":"box","text":"•","page_number":155,"box":{"x":68,"y":784,"width":5,"height":3}},{"id":"cc616ebc-48b3-421c-9159-05f1275a5661","block_type":"box","text":"Opportunities to continue emerging beyond the technology sector and beyond the United States. 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The balance due to the","page_number":169,"box":{"x":764,"y":143,"width":180,"height":8}},{"id":"7b32a929-1ddd-454e-99be-f4f00fcea3fe","block_type":"box","text":"ACD at the year end in respect of management fees is £52,103 (2","page_number":169,"box":{"x":85,"y":157,"width":478,"height":11}},{"id":"8d80a433-3868-41ac-a3d0-70b650248c5b","block_type":"box","text":"025: £25,431).","page_number":169,"box":{"x":565,"y":157,"width":104,"height":11}},{"id":"092b7431-d5e7-4fbd-b711-5e7db74d5b7d","block_type":"box","text":"The amounts receivable from 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year end","page_number":169,"box":{"x":86,"y":178,"width":858,"height":11}},{"id":"3ffd29f0-a50c-4c2c-a07f-7817c07b035c","block_type":"box","text":"are £Nil (2025: £20,028). 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Amounts due from and","page_number":169,"box":{"x":765,"y":243,"width":179,"height":8}},{"id":"ae764a89-babf-405c-b621-80318f75cc0b","block_type":"box","text":"to the ACD in respect of share transactions at the balance sheet date are £1,836,369 (2025: £851,945) and £298,128","page_number":169,"box":{"x":85,"y":257,"width":859,"height":11}},{"id":"5017b230-e71e-4491-af7a-e96a1b14e111","block_type":"box","text":"(2025: £63,304), respectively.","page_number":169,"box":{"x":86,"y":271,"width":213,"height":11}},{"id":"5b655747-4286-4079-977c-1322f61f9cb9","block_type":"box","text":"A shareholder may be able to exercise significant influence over the financial and operating policies of the Sub-fund and","page_number":169,"box":{"x":85,"y":293,"width":859,"height":11}},{"id":"1899b635-471b-4020-b0d9-2bad89cf583e","block_type":"box","text":"as such is deemed to be a related party. At the balance sheet date the following shareholder held in excess of 20% of","page_number":169,"box":{"x":86,"y":307,"width":858,"height":11}},{"id":"d93d2336-a436-41c6-a436-b42e7173e732","block_type":"box","text":"the shares in issue of the Sub-fund:","page_number":169,"box":{"x":85,"y":321,"width":257,"height":9}},{"id":"d98d486c-43cb-48f9-b398-159d16fd7a25","block_type":"box","text":"Pershing Nominees Limited","page_number":169,"box":{"x":86,"y":345,"width":179,"height":9}},{"id":"2764b39d-6097-4ae5-bb70-2bd8b1009904","block_type":"box","text":"77.21% (2025: 80.87%)","page_number":169,"box":{"x":784,"y":344,"width":154,"height":10}},{"id":"065f5e99-0be4-4319-bbff-b7d86188f1ce","block_type":"box","text":"The net value of creations and cancellations for Pershing Nominees Limited during the year totalled £106,944,221","page_number":169,"box":{"x":86,"y":363,"width":858,"height":11}},{"id":"0422bb1f-5dc4-478b-8449-f4c858903d18","block_type":"box","text":"(2025: £57,753,599). 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VaR is an advanced risk measurement","page_number":171,"box":{"x":86,"y":573,"width":858,"height":11}},{"id":"286252f6-738b-4b2b-8103-cee1ebea9477","block_type":"box","text":"methodology used to assess the Sub-fund's global exposure as set out in the Sub-fund's Risk Management Process.","page_number":171,"box":{"x":86,"y":587,"width":858,"height":11}},{"id":"0836b8f5-9b47-48ae-b6f0-5d9d58a5e69c","block_type":"box","text":"VaR will be used by the Sub-fund on a daily basis in accordance with the requirements of the Central Bank pursuant to","page_number":171,"box":{"x":85,"y":602,"width":859,"height":11}},{"id":"e08afabd-e776-4dab-b679-c91faab5457e","block_type":"box","text":"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","page_number":171,"box":{"x":85,"y":616,"width":859,"height":11}},{"id":"2300656c-ab29-45f1-b241-31c26ca6f864","block_type":"box","text":"confidence interval shall not be less than 99% with a one day holding period. The historical observation period will be","page_number":171,"box":{"x":86,"y":630,"width":858,"height":11}},{"id":"3a667ae2-8205-4aab-a58e-957ddaa149f6","block_type":"box","text":"not less than 1 year.","page_number":171,"box":{"x":86,"y":644,"width":145,"height":11}},{"id":"2b5d6b8e-ff93-497e-ab5a-db45868ea8c1","block_type":"box","text":"The level of leverage of the Sub-fund (calculated using the sum of the notionals of the derivatives) under normal","page_number":171,"box":{"x":86,"y":666,"width":858,"height":11}},{"id":"42b05b41-52f2-4282-a3c3-0236a8b8dbc1","block_type":"box","text":"circumstances is expected to be around 40% of the Net Asset Value of the Sub-fund and is not expected to exceed","page_number":171,"box":{"x":86,"y":680,"width":858,"height":11}},{"id":"c25e4631-cdb6-4aa3-b7bb-271209348bc6","block_type":"box","text":"100%. It is possible that there may be higher leverage levels from time to time during abnormal market conditions. The","page_number":171,"box":{"x":87,"y":694,"width":851,"height":11}},{"id":"2ff7591f-f6c0-4a6b-82d8-32973591cad3","block_type":"box","text":"lowest, highest and average leverage utilisation in the accounting year ended","page_number":171,"box":{"x":86,"y":709,"width":564,"height":11}},{"id":"591ce643-a455-48f6-9363-3956face2885","block_type":"box","text":"31 May 2026","page_number":171,"box":{"x":657,"y":709,"width":95,"height":11}},{"id":"18fae0e0-1986-4dfe-adde-ee0e65b2e8bc","block_type":"box","text":"was 13%, 31% and 16%","page_number":171,"box":{"x":758,"y":709,"width":180,"height":10}},{"id":"708b67e8-6c35-4d4e-8d7f-82a6f6921d4b","block_type":"box","text":"respectively (","page_number":171,"box":{"x":86,"y":723,"width":95,"height":11}},{"id":"abaf7035-ff07-4bad-8e90-e162bcfbcefb","block_type":"box","text":"31 May 2025","page_number":171,"box":{"x":182,"y":723,"width":95,"height":11}},{"id":"e8434b3d-2dbc-41c5-ac76-ef75b9177fe5","block_type":"box","text":": 10%, 18% and 13% respectively).","page_number":171,"box":{"x":279,"y":723,"width":252,"height":11}},{"id":"e447bf05-499c-449d-8d9e-13ce61d69988","block_type":"box","text":"VaR is calculated for the funds under the parametric method. The time horizon for the calculation is 1 day, using a 99%","page_number":171,"box":{"x":85,"y":744,"width":853,"height":11}},{"id":"cf45106f-e529-493c-af77-ff5282231ab7","block_type":"box","text":"confidence level. The methodology is derived from Bloomberg PORT’s risk engine and blends the VaR produced from","page_number":171,"box":{"x":86,"y":758,"width":852,"height":12}},{"id":"c55c9caf-8621-45cf-b4fb-b1c04a56c750","block_type":"box","text":"two different risk models, namely Multi-Asset Class Model (MAC): Long Term (LT) and Monthly (M). 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These exposures are, however, expected to typically be around the middle of the stated ranges.","page_number":177,"box":{"x":60,"y":252,"width":860,"height":11}},{"id":"f9a8584a-ddeb-46f2-995c-484ca79f476f","block_type":"box","text":"This exposure will be generated by indirect investment through collective investment schemes (which may include schemes","page_number":177,"box":{"x":60,"y":274,"width":883,"height":11}},{"id":"750d9d0b-528e-44d8-9cf6-bd0661ff6670","block_type":"box","text":"managed by the ACD or an associate of the ACD), investment trusts, exchange traded funds, or through derivative","page_number":177,"box":{"x":61,"y":288,"width":883,"height":11}},{"id":"bfeecb4e-d9b2-44a3-9dfe-b30af4b26fc6","block_type":"box","text":"investments (in this way, the Sub-fund may gain exposure to asset classes such as property, commodities and private","page_number":177,"box":{"x":61,"y":302,"width":883,"height":11}},{"id":"b8ebdf3e-84c3-4ef3-92da-b506fbfa9d9d","block_type":"box","text":"equity); and/or direct investment in a range of investment grade corporate and government bonds and warrants, and may","page_number":177,"box":{"x":61,"y":316,"width":883,"height":11}},{"id":"a1c736e6-4772-4303-a4bc-46ba680a0b7f","block_type":"box","text":"also be achieved through the use of futures contracts which require cover to be held (typically in the form of money market","page_number":177,"box":{"x":61,"y":331,"width":883,"height":11}},{"id":"0f0493cf-1563-4d0b-92d3-a0f3495196d9","block_type":"box","text":"funds and money market instruments).","page_number":177,"box":{"x":60,"y":345,"width":279,"height":11}},{"id":"5f010e3a-c311-40c0-a6b1-34a55391ed4b","block_type":"box","text":"It is expected that collective investment schemes and exchange traded funds held by the Sub-fund will generally be","page_number":177,"box":{"x":62,"y":367,"width":882,"height":11}},{"id":"ef3f8f58-5633-4199-8b8f-199827888389","block_type":"box","text":"managed in accordance with passive strategies designed to track the performance of particular indices, market sectors or","page_number":177,"box":{"x":61,"y":381,"width":883,"height":11}},{"id":"6073b3a6-6ec4-484d-ae11-4af4163a3206","block_type":"box","text":"asset classes.","page_number":177,"box":{"x":61,"y":395,"width":101,"height":9}},{"id":"64bcd171-ad4e-4919-93c3-1202d3f5e1f5","block_type":"box","text":"Up to 20% of the Sub-fund will be invested in assets such as cash and deposits, and may also include the use of money","page_number":177,"box":{"x":61,"y":417,"width":883,"height":11}},{"id":"813f6741-2fd2-492a-8ed2-8f84eb60e5c9","block_type":"box","text":"market funds and money market instruments for more general liquidity purposes. This is additional to the holding of such","page_number":177,"box":{"x":61,"y":432,"width":883,"height":11}},{"id":"63b8326b-8ae7-4f4c-9511-acd413fb71a8","block_type":"box","text":"assets as cover for futures contracts as noted above.","page_number":177,"box":{"x":61,"y":446,"width":383,"height":9}},{"id":"9d7e11f4-0ae8-4109-853e-37c30e04e0f1","block_type":"box","text":"In extraordinary market conditions (such as political unrest, economic instability, war, the bankruptcy of large financial","page_number":177,"box":{"x":62,"y":468,"width":882,"height":11}},{"id":"31ba65cf-3416-4018-b80f-3e395f49793f","block_type":"box","text":"institutions or closure of a relevant market(s)), the Sub-fund may temporarily invest up to 100% of its total assets in deposit","page_number":177,"box":{"x":61,"y":482,"width":865,"height":11}},{"id":"9899515e-277f-4c8e-b315-7b0d1f936a72","block_type":"box","text":"s,","page_number":177,"box":{"x":927,"y":484,"width":17,"height":8}},{"id":"78e5b217-1d48-4d74-b8ec-37e2d18faf7d","block_type":"box","text":"cash, near cash, money market funds, Treasury bills, government bonds or short-term money market instruments.","page_number":177,"box":{"x":61,"y":496,"width":824,"height":11}},{"id":"30fa5898-d8fc-4c77-9819-4f018f853b9a","block_type":"box","text":"The Sub-fund will invest in derivatives for efficient portfolio management (EPM) (i.e. to reduce risk or cost and, or to","page_number":177,"box":{"x":60,"y":518,"width":884,"height":11}},{"id":"fb990819-6fce-40be-8eaa-f5af2b2b58f5","block_type":"box","text":"generate extra income). The Sub- fund may also use derivatives for investment purposes.","page_number":177,"box":{"x":61,"y":532,"width":648,"height":12}},{"id":"8383e5c3-a956-4e38-a538-e5ead1715eb4","block_type":"box","text":"Comparator Benchmark","page_number":177,"box":{"x":61,"y":554,"width":187,"height":11}},{"id":"3997f4a2-ca5c-4c34-ad93-e072b009b660","block_type":"box","text":"The Sub-fund does not use a comparator, constraining or target benchmark to assess performance. Performance may be","page_number":177,"box":{"x":60,"y":573,"width":884,"height":11}},{"id":"de30ed04-a8f4-42c5-978d-054d6c0d06a8","block_type":"box","text":"assessed by considering the extent to which the Sub-fund has met its investment objective. The Sub-fund’s returns will be","page_number":177,"box":{"x":61,"y":587,"width":883,"height":11}},{"id":"9837a693-a221-44d2-bf79-e1502ad4c0b2","block_type":"box","text":"published on www.7im.co.uk.","page_number":177,"box":{"x":61,"y":601,"width":210,"height":11}},{"id":"0d7cce2e-c7cc-492c-8fcb-40a6ee0f35b0","block_type":"box","text":"Investment Manager’s Report \r\nager’s Report","page_number":177,"box":{"x":61,"y":623,"width":230,"height":11}},{"id":"5095bbab-9067-43aa-8a34-de1f3ee0108b","block_type":"box","text":"Investment Manager’s Report","page_number":177,"box":{"x":60,"y":632,"width":2,"height":0}},{"id":"567a6f8a-ad1f-42a9-8411-4fd716cd7e30","block_type":"box","text":"Performance Report","page_number":177,"box":{"x":61,"y":641,"width":157,"height":11}},{"id":"3ddf91c1-cfad-4003-8cd6-20a162fc6f88","block_type":"box","text":"In the reporting year, 1 June 2025 to 31 May 2026, the portfolio returned 22.00%","page_number":177,"box":{"x":62,"y":656,"width":581,"height":11}},{"id":"3cbe9dfa-4813-40b8-a8b8-84fff1914ff4","block_type":"box","text":"1","page_number":177,"box":{"x":645,"y":656,"width":3,"height":5}},{"id":"2fb9c59c-158e-4809-ac9c-8d1f3b074bac","block_type":"box","text":".","page_number":177,"box":{"x":651,"y":664,"width":2,"height":1}},{"id":"168583cb-5ad8-4ede-964b-e087681634c2","block_type":"box","text":"Investment Background","page_number":177,"box":{"x":61,"y":678,"width":192,"height":11}},{"id":"4ba6f8c6-aff9-4146-a8e9-aff607c099db","block_type":"box","text":"Over the past 12 months, markets have shown a remarkable ability to look through political, economic and geopolitical","page_number":177,"box":{"x":61,"y":693,"width":877,"height":11}},{"id":"6cbddef8-7a5b-4a49-ae93-14965f557ca8","block_type":"box","text":"uncertainty. What began with escalating tensions in the Middle East and concerns over global trade evolved into a year","page_number":177,"box":{"x":61,"y":707,"width":878,"height":11}},{"id":"83dbf2ae-0509-413d-ba2a-c017b97308cb","block_type":"box","text":"defined by resilience, strong corporate earnings and continued e","page_number":177,"box":{"x":61,"y":721,"width":466,"height":12}},{"id":"6e73e68a-41cb-44f9-9474-6b59f5491a67","block_type":"box","text":"nthusiasm for artificial intelligence.","page_number":177,"box":{"x":529,"y":721,"width":247,"height":12}},{"id":"eb178c8b-51ec-4081-b7c7-9e7566a4cc7c","block_type":"box","text":"During the second half of 2025, equity markets delivered robust returns despite events that would traditionally have","page_number":177,"box":{"x":61,"y":743,"width":877,"height":12}},{"id":"e6a1a1ed-3406-4a0d-bd05-2a18859c1b6e","block_type":"box","text":"unsettled investors. The conflict between Israel and Iran, tariff negotiations and political uncertainty across Europe failed","page_number":177,"box":{"x":61,"y":758,"width":877,"height":11}},{"id":"6791545b-8d95-46e7-97b5-6a95ea71a02a","block_type":"box","text":"to derail market momentum. Instead, investors increasingly adopted a “buy the dip” mentality, helping major indices such","page_number":177,"box":{"x":60,"y":772,"width":878,"height":11}},{"id":"76e71aee-4c8e-420b-b2b3-540a1dd5dca5","block_type":"box","text":"as the S&P 500 and FTSE 100 reach record highs. Supportive central bank policy, easing inflation and strong corporate","page_number":177,"box":{"x":61,"y":786,"width":877,"height":11}},{"id":"d753fe34-78a3-4dd4-9e9c-ae9cf52c81bf","block_type":"box","text":"earnings-particularly from large technology companies-further underpinned performance. Returns broadened beyond the","page_number":177,"box":{"x":61,"y":800,"width":877,"height":12}},{"id":"2737c19f-30b6-4688-a212-c1c2276b99b2","block_type":"box","text":"US, with Asia, emerging markets and Latin America also posting strong gains, while AI-related investment remained a key","page_number":177,"box":{"x":61,"y":815,"width":878,"height":11}},{"id":"a42f4aa8-cba3-4024-ba74-14236b46d4bb","block_type":"box","text":"driver of market leadership.","page_number":177,"box":{"x":61,"y":829,"width":196,"height":11}},{"id":"79351f10-eb21-4d9e-b505-68bf67fa54a8","block_type":"box","text":"Bond markets experienced periods of volatility as investors balanced falling inflation against concerns surrounding","page_number":177,"box":{"x":61,"y":851,"width":883,"height":11}},{"id":"ef4b5343-1ed7-498a-89ef-1bb5ef166958","block_type":"box","text":"government borrowing and economic growth. However, diversified fixed income exposure continued to deliver positive","page_number":177,"box":{"x":61,"y":865,"width":883,"height":11}},{"id":"25486c23-96f1-4290-931f-38d743ad8064","block_type":"box","text":"returns overall, with shorter-dated bonds and corporate credit generally outperforming longer-duration holdings.","page_number":177,"box":{"x":61,"y":879,"width":810,"height":12}},{"id":"da5f41b9-125a-452b-bc42-9f8d8b56c865","block_type":"box","text":"1","page_number":177,"box":{"x":61,"y":922,"width":3,"height":5}},{"id":"e2e2cb2c-1752-47d7-b467-33571a67a74d","block_type":"box","text":"Calculated using","page_number":177,"box":{"x":66,"y":922,"width":120,"height":12}},{"id":"ae337a05-f68b-4210-a5e6-50ea4e1bd0a1","block_type":"box","text":"7IM Pathbuilder 3 Fund C Acc shares, published prices. Source: NTRS.","page_number":177,"box":{"x":190,"y":922,"width":518,"height":11}},{"id":"d9de79ac-8533-4129-9255-1c46b53945c9","block_type":"box","text":"7IM PATHBUILDER 3 FUND","page_number":178,"box":{"x":61,"y":47,"width":322,"height":13}},{"id":"deec6d1b-e5d0-4148-9c26-dd6af68f1db6","block_type":"box","text":"176","page_number":178,"box":{"x":62,"y":945,"width":25,"height":8}},{"id":"f913c49a-8444-4f78-b26e-e6eb127b2667","block_type":"box","text":"The positive momentum carried into early 2026, although the market environment became more challenging. Rising","page_number":178,"box":{"x":60,"y":158,"width":884,"height":11}},{"id":"035cc84c-a56f-407f-bbf9-2500b72c12de","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":178,"box":{"x":61,"y":172,"width":883,"height":11}},{"id":"fe55e181-6be2-4573-9ce3-70645031ca03","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":178,"box":{"x":60,"y":186,"width":884,"height":11}},{"id":"3f4d2e3d-43c4-43f7-a323-e1737995d0aa","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was","page_number":178,"box":{"x":60,"y":200,"width":884,"height":12}},{"id":"836f6b2e-8f45-4511-ba98-1411c1f482ef","block_type":"box","text":"occasionally tested as asset classes moved in tandem.","page_number":178,"box":{"x":61,"y":215,"width":397,"height":11}},{"id":"a4fcf8e4-7ded-4ded-8afe-ec1162fa91f4","block_type":"box","text":"Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued","page_number":178,"box":{"x":61,"y":237,"width":883,"height":11}},{"id":"9d142cab-e451-47de-988f-a188e03d6458","block_type":"box","text":"investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery,","page_number":178,"box":{"x":61,"y":251,"width":883,"height":11}},{"id":"4c9a0689-3ceb-4cd3-8217-ed40e5223691","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":178,"box":{"x":60,"y":265,"width":884,"height":11}},{"id":"b46af219-4e0a-4c2b-b08f-4b5701a82844","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":178,"box":{"x":60,"y":279,"width":884,"height":12}},{"id":"eeb5e55a-6ce6-4620-94dd-1415f127e576","block_type":"box","text":"backdrop has stayed supportive.","page_number":178,"box":{"x":61,"y":294,"width":234,"height":11}},{"id":"2cd9ff5c-1222-4fcf-b014-6981d79027eb","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":178,"box":{"x":60,"y":316,"width":884,"height":11}},{"id":"e66726e1-008c-4956-9eb4-ad879ea2c2e3","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":178,"box":{"x":61,"y":330,"width":883,"height":11}},{"id":"19f23c61-9342-4237-a714-d16e290197b7","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market","page_number":178,"box":{"x":61,"y":344,"width":883,"height":11}},{"id":"02e1e77d-f113-490b-ba5d-d05900e83c8e","block_type":"box","text":"noise.","page_number":178,"box":{"x":61,"y":358,"width":48,"height":9}},{"id":"618dd29a-7747-41a5-81a1-71d1559aeb6a","block_type":"box","text":"Portfolio Review","page_number":178,"box":{"x":61,"y":380,"width":133,"height":9}},{"id":"0bb8b78a-ab61-4860-807e-9b2deec372a8","block_type":"box","text":"Our Pathbuilder sub-funds are made up of a range of 4 Sub-funds and are the most passively managed funds that we run.","page_number":178,"box":{"x":61,"y":395,"width":883,"height":11}},{"id":"b030e3ae-ffd2-4b99-85ac-9b49c9757b39","block_type":"box","text":"As a result, we only make changes to them once a year in line with our process for setting the strategic asset allocation","page_number":178,"box":{"x":60,"y":409,"width":884,"height":12}},{"id":"be49f0b0-2330-4aaa-8b22-04b2b974ced2","block_type":"box","text":"(SAA).","page_number":178,"box":{"x":61,"y":424,"width":52,"height":11}},{"id":"250f79ed-d5b0-4d7b-868f-609253fc86db","block_type":"box","text":"In August 2025, we refreshed our SAA in line with its annual schedule. We altered our fixed income allocations from index","page_number":178,"box":{"x":62,"y":446,"width":882,"height":11}},{"id":"c8c0b913-d90a-4ad9-83df-d8106f37f13f","block_type":"box","text":"level duration to a split of long and short duration government bonds to manage tactical positions. This was achieved by","page_number":178,"box":{"x":61,"y":460,"width":883,"height":11}},{"id":"bc12b729-a452-4ec2-b1c0-7d055ce9ad71","block_type":"box","text":"selling some government bonds. We also undertook some small adjustments to other asset classes. Our next SAA refresh","page_number":178,"box":{"x":60,"y":474,"width":884,"height":11}},{"id":"c7f56573-7dfb-4a4d-ab20-dbaf57f2d08c","block_type":"box","text":"is scheduled for August 2026.","page_number":178,"box":{"x":61,"y":488,"width":213,"height":12}},{"id":"ebbe59cf-8dea-4e6c-b47a-d2680cc11f60","block_type":"box","text":"There were no fund switches during the year, with purchase and sales in Pathbuilder 3 being driven by cash flows in and","page_number":178,"box":{"x":60,"y":510,"width":884,"height":11}},{"id":"2fa8954e-0690-45b7-8a1d-1075e3d26491","block_type":"box","text":"out of the sub-fund. There were no material changes to the portfolio during the year and no changes to the underlying","page_number":178,"box":{"x":61,"y":525,"width":883,"height":11}},{"id":"e0d8a72c-105c-448a-b827-3e5a7a201769","block_type":"box","text":"holdings.","page_number":178,"box":{"x":61,"y":539,"width":63,"height":11}},{"id":"e4236069-3176-47d4-913c-0bdf395a5eb6","block_type":"box","text":"Investment Outlook","page_number":178,"box":{"x":61,"y":561,"width":153,"height":9}},{"id":"e70e23d2-4bc8-4118-81c2-1984ea1fab17","block_type":"box","text":"After several years in which a small number of companies and themes dominated market returns, the investment landscape","page_number":178,"box":{"x":60,"y":576,"width":884,"height":11}},{"id":"7179a223-64e2-4c11-8070-fa074152c09c","block_type":"box","text":"has become broader. Diversification is once again being rewarded, with performance driven by a wider range of regions,","page_number":178,"box":{"x":61,"y":590,"width":883,"height":11}},{"id":"b3d915e4-a9cb-442d-a882-356fd5007a03","block_type":"box","text":"sectors and asset classes rather than a single prevailing trade.","page_number":178,"box":{"x":60,"y":604,"width":453,"height":11}},{"id":"dda8735e-dabb-4718-bee4-31491d4d75a7","block_type":"box","text":"Looking ahead, we expect:","page_number":178,"box":{"x":61,"y":626,"width":193,"height":11}},{"id":"6a12e04a-e743-4051-910a-0dce2f4e69ba","block_type":"box","text":"•","page_number":178,"box":{"x":68,"y":651,"width":5,"height":3}},{"id":"e5b828a9-be1d-4722-900d-7f76fd5ec5e6","block_type":"box","text":"Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated","page_number":178,"box":{"x":84,"y":648,"width":860,"height":11}},{"id":"dad93c67-0ba0-48af-9eb1-3027c9e13e4f","block_type":"box","text":"energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more","page_number":178,"box":{"x":83,"y":662,"width":861,"height":12}},{"id":"bf0ddccc-4f69-4cd0-aa84-887ce3460814","block_type":"box","text":"challenging environment, corporate balance sheets remain generally healthy and should help companies navigate","page_number":178,"box":{"x":83,"y":677,"width":861,"height":11}},{"id":"ad6097dd-2d1f-4833-92c5-8b28595c2f00","block_type":"box","text":"ongoing trade tensions and economic headwinds.","page_number":178,"box":{"x":83,"y":691,"width":359,"height":11}},{"id":"190ce950-2d2b-478d-bf1e-5d7d6bcac99a","block_type":"box","text":"•","page_number":178,"box":{"x":68,"y":716,"width":5,"height":3}},{"id":"3ff708e2-a5ef-4a9d-b115-877d265e6f98","block_type":"box","text":"Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends","page_number":178,"box":{"x":84,"y":713,"width":854,"height":11}},{"id":"96d5571b-692f-4200-bc08-b9f53d36e31e","block_type":"box","text":"and the path of interest rates. However, recent market behaviour has demonstrated a willingness to look through","page_number":178,"box":{"x":83,"y":727,"width":855,"height":11}},{"id":"394744d7-b0a0-4255-a964-8eaaa3670a35","block_type":"box","text":"short-term uncertainty and focus on underlying fundamentals. We also anticipate energy prices to stabilise as supply","page_number":178,"box":{"x":83,"y":741,"width":856,"height":11}},{"id":"8dce918f-2502-45a5-a818-582c349da31e","block_type":"box","text":"concerns ease, although they may remain elevated compared with recent history.","page_number":178,"box":{"x":83,"y":756,"width":588,"height":11}},{"id":"14ea5442-1778-43a4-a62d-561ceb9936de","block_type":"box","text":"•","page_number":178,"box":{"x":68,"y":781,"width":5,"height":2}},{"id":"0c29e457-271e-4db6-8edb-6c0ebaf4ffb6","block_type":"box","text":"Opportunities to continue emerging beyond the technology sector and beyond the United States. 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The balance due to the","page_number":192,"box":{"x":85,"y":143,"width":859,"height":11}},{"id":"c75d8643-9f24-4adc-8aa1-1a6fb45f7de7","block_type":"box","text":"ACD at the year end in respect of management fees is £56,450 (2","page_number":192,"box":{"x":85,"y":157,"width":478,"height":11}},{"id":"3b78eeff-0e3f-48bc-8dfa-1f6511701f78","block_type":"box","text":"025: £25,867).","page_number":192,"box":{"x":565,"y":157,"width":104,"height":11}},{"id":"a2c679ea-3f58-42c2-89f2-237f72a7f2dd","block_type":"box","text":"The amounts receivable from 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year","page_number":192,"box":{"x":86,"y":178,"width":858,"height":11}},{"id":"045646eb-12a1-46b6-b15f-587f697edc7d","block_type":"box","text":"end are £Nil (2025: £20,983). The amounts payable to 7IM (the ‘ACD’) as at year end are in respect of subsidy fee","page_number":192,"box":{"x":86,"y":192,"width":858,"height":12}},{"id":"b7747eed-0e7a-4727-bfd0-a4b8111f90d7","block_type":"box","text":"arrangements and other balances £Nil (2025: £Nil).","page_number":192,"box":{"x":86,"y":207,"width":370,"height":11}},{"id":"7642c225-d908-4b63-8153-502b4072bbe1","block_type":"box","text":"The aggregate monies received by the ACD through the issue of shares and paid on cancellation of shares are","page_number":192,"box":{"x":86,"y":228,"width":858,"height":11}},{"id":"f51b1602-9d6e-40fc-869a-594d54518612","block_type":"box","text":"disclosed in the Statement of Change in Net Assets Attributable to Shareholders on page 184. 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The historical observation period will be","page_number":194,"box":{"x":86,"y":480,"width":858,"height":11}},{"id":"0bf0f1bf-01ac-445b-82aa-867d8e0d771e","block_type":"box","text":"not less than 1 year.","page_number":194,"box":{"x":86,"y":494,"width":145,"height":12}},{"id":"51182429-4ab3-41a5-a6f5-804ba5973ff8","block_type":"box","text":"The level of leverage of the Sub-fund (calculated using the sum of the notionals of the derivatives) under normal","page_number":194,"box":{"x":86,"y":516,"width":858,"height":11}},{"id":"578ed718-0fa1-4cc0-b1f4-522b6369ca0e","block_type":"box","text":"circumstances is expected to be around 40% of the Net Asset Value of the Sub-fund and is not expected to exceed","page_number":194,"box":{"x":86,"y":530,"width":858,"height":11}},{"id":"a65d24ee-d2c5-4e4b-8f58-cf5d6239ba95","block_type":"box","text":"100%. 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These exposures are, however, expected to typically be around the middle of the stated ranges.","page_number":199,"box":{"x":60,"y":255,"width":860,"height":11}},{"id":"567205d8-c637-4d72-bbab-e66dc767e38a","block_type":"box","text":"This exposure will be generated by: indirect investment through collective investment schemes (which may include","page_number":199,"box":{"x":60,"y":277,"width":884,"height":11}},{"id":"ea670d2e-4e06-4921-9b6f-35d1f773ef23","block_type":"box","text":"schemes managed by the ACD or an associate of the ACD), investment trusts, exchange traded funds, or through derivative","page_number":199,"box":{"x":60,"y":291,"width":884,"height":11}},{"id":"01d0d043-24f7-4894-81b4-1eb42b5f2e0c","block_type":"box","text":"investments (in this way, the Sub-fund may gain exposure to asset classes such as property, commodities and private","page_number":199,"box":{"x":61,"y":305,"width":883,"height":11}},{"id":"a1d69976-94fc-46d4-8cb5-eed236222f3f","block_type":"box","text":"equity); and/or direct investment in a range of investment grade corporate and government bonds and warrants, and may","page_number":199,"box":{"x":61,"y":320,"width":883,"height":11}},{"id":"3952e440-9046-4bfa-877d-1c55231a0816","block_type":"box","text":"also be achieved through the use of futures contracts which require cover to be held (typically in the form of money market","page_number":199,"box":{"x":61,"y":334,"width":883,"height":11}},{"id":"3a921381-8175-4b45-b2d2-b410263ba229","block_type":"box","text":"funds and money market instruments).","page_number":199,"box":{"x":60,"y":348,"width":279,"height":11}},{"id":"d7ae67db-58a6-4b79-bb5d-57a6608afa61","block_type":"box","text":"It is expected that collective investment schemes and exchange traded funds held by the Sub-fund will generally be","page_number":199,"box":{"x":62,"y":370,"width":882,"height":11}},{"id":"c591cd1a-5a71-4e98-8599-237f4592a4c4","block_type":"box","text":"managed in accordance with passive strategies designed to track the performance of particular indices, market sectors or","page_number":199,"box":{"x":61,"y":384,"width":883,"height":11}},{"id":"559de852-794e-41a3-bb85-0a7bbe30b33c","block_type":"box","text":"asset classes.","page_number":199,"box":{"x":61,"y":399,"width":101,"height":8}},{"id":"7bff076c-aa3f-46be-9419-4a4f109bd724","block_type":"box","text":"Up to 20% of the Sub-fund will be invested in assets such as cash and deposits, and may also include the use of money","page_number":199,"box":{"x":61,"y":420,"width":883,"height":12}},{"id":"12083bf7-de8e-4456-a6fb-01652047eaae","block_type":"box","text":"market funds and money market instruments for more general liquidity purposes. This is additional to the holding of such","page_number":199,"box":{"x":61,"y":435,"width":883,"height":11}},{"id":"183cccfd-5756-44be-b54f-68f9d50e1168","block_type":"box","text":"assets as cover for futures contracts as noted above. In extraordinary market conditions (such as political unrest economic","page_number":199,"box":{"x":61,"y":449,"width":883,"height":11}},{"id":"388efdc2-286f-4911-bd3e-2f193df84992","block_type":"box","text":"instability, war, the bankruptcy of large financial institutions or closure of a relevant market(s)), the Sub-fund may temporarily","page_number":199,"box":{"x":61,"y":463,"width":883,"height":11}},{"id":"7d27c245-f751-4a77-9896-b9c5ee63b6d9","block_type":"box","text":"invest up to 100% of its total assets in deposits, cash, near cash, money market funds, treasury bills, government bonds","page_number":199,"box":{"x":61,"y":478,"width":883,"height":11}},{"id":"f9e1e775-b22f-421e-b059-5faf9b16c97f","block_type":"box","text":"or short-term money market instruments.","page_number":199,"box":{"x":61,"y":492,"width":295,"height":11}},{"id":"8f8b29e8-46a8-4876-8a26-3cddb4f00d81","block_type":"box","text":"The Sub-fund will invest in derivatives for efficient portfolio management (EPM) (i.e. to reduce risk or cost and, or to","page_number":199,"box":{"x":60,"y":514,"width":884,"height":11}},{"id":"839ed683-e7de-4b6d-8c7c-c02be9246365","block_type":"box","text":"generate extra income). The Sub-fund may also invest in derivatives for investment purposes.","page_number":199,"box":{"x":61,"y":528,"width":677,"height":11}},{"id":"36084a17-5440-49c9-b2f4-f9bf11264691","block_type":"box","text":"Comparator Benchmark","page_number":199,"box":{"x":61,"y":550,"width":187,"height":11}},{"id":"b22cc355-bddc-44b1-98d6-3a423f5a6b4a","block_type":"box","text":"The Sub-fund does not use a comparator, constraining or target benchmark to assess performance. Performance may be","page_number":199,"box":{"x":60,"y":568,"width":884,"height":11}},{"id":"5d66b73d-74af-414e-a249-d4f94fd6d632","block_type":"box","text":"assessed by considering the extent to which the Sub-fund has met its investment objective. The Sub-fund’s returns will be","page_number":199,"box":{"x":61,"y":582,"width":883,"height":11}},{"id":"d3230f24-08fe-42a4-a51b-89305b176b1e","block_type":"box","text":"published on www.7im.co.uk.","page_number":199,"box":{"x":61,"y":597,"width":210,"height":11}},{"id":"34fe8d81-7e9e-4ee3-aeeb-d2f1be26d989","block_type":"box","text":"Investment Manager’s Report \r\nager’s Report","page_number":199,"box":{"x":61,"y":619,"width":230,"height":11}},{"id":"9864a6a4-9037-45ca-859b-e9a9e1ecaaa3","block_type":"box","text":"Investment Manager’s Report","page_number":199,"box":{"x":60,"y":627,"width":2,"height":0}},{"id":"743a1672-2c15-4739-ad1a-8c10fdc6d49c","block_type":"box","text":"Performance Report","page_number":199,"box":{"x":61,"y":637,"width":157,"height":11}},{"id":"4154488f-df7a-42f0-9de5-e2b521f2c3a3","block_type":"box","text":"In the reporting year, 1 June 2025 to 31 May 2026, the portfolio delivered a total return of 25.70%","page_number":199,"box":{"x":62,"y":655,"width":701,"height":11}},{"id":"8f2284ab-57e6-4a92-9ece-477a755b3924","block_type":"box","text":"1","page_number":199,"box":{"x":765,"y":655,"width":3,"height":5}},{"id":"e0ec5187-8822-4179-be04-605b4b756103","block_type":"box","text":".","page_number":199,"box":{"x":771,"y":662,"width":2,"height":1}},{"id":"4aff6a2b-87f7-4915-b754-d86aa27b3d2a","block_type":"box","text":"Investment Background","page_number":199,"box":{"x":61,"y":677,"width":192,"height":11}},{"id":"d02e0473-aad0-4b92-8642-93fbbfa7a91d","block_type":"box","text":"Over the past 12 months, markets have shown a remarkable ability to look through political, economic and geopolitical","page_number":199,"box":{"x":61,"y":692,"width":877,"height":11}},{"id":"2bc7589a-f466-4da5-84c4-f88b25512671","block_type":"box","text":"uncertainty. What began with escalating tensions in the Middle East and concerns over global trade evolved into a year","page_number":199,"box":{"x":61,"y":706,"width":878,"height":11}},{"id":"9b9807b1-b02b-419a-8949-51c7caed1935","block_type":"box","text":"defined by resilience, strong corporate earnings and continued e","page_number":199,"box":{"x":61,"y":720,"width":466,"height":11}},{"id":"7cbbfba4-9f1b-49c6-944d-7eb50c032074","block_type":"box","text":"nthusiasm for artificial intelligence.","page_number":199,"box":{"x":529,"y":720,"width":247,"height":11}},{"id":"55376efd-3472-41c2-a140-0da0d9478449","block_type":"box","text":"During the second half of 2025, equity markets delivered robust returns despite events that would traditionally have","page_number":199,"box":{"x":61,"y":742,"width":877,"height":11}},{"id":"259f31f8-445a-4247-9418-a0ab43edcfd0","block_type":"box","text":"unsettled investors. The conflict between Israel and Iran, tariff negotiations and political uncertainty across Europe failed","page_number":199,"box":{"x":61,"y":756,"width":877,"height":12}},{"id":"3671aca1-b1a9-4525-9ac6-0d73603112a1","block_type":"box","text":"to derail market momentum. Instead, investors increasingly adopted a “buy the dip” mentality, helping major indices such","page_number":199,"box":{"x":60,"y":771,"width":878,"height":11}},{"id":"cb3ab57d-d100-4c1f-8f19-f41d5c64d019","block_type":"box","text":"as the S&P 500 and FTSE 100 reach record highs. Supportive central bank policy, easing inflation and strong corporate","page_number":199,"box":{"x":61,"y":785,"width":877,"height":11}},{"id":"51a8c9e8-77ae-4492-af74-3e9d9c637ba2","block_type":"box","text":"earnings-particularly from large technology companies-further underpinned performance. Returns broadened beyond the","page_number":199,"box":{"x":61,"y":799,"width":877,"height":11}},{"id":"6a596c9c-facd-4dd0-9b16-96893296739e","block_type":"box","text":"US, with Asia, emerging markets and Latin America also posting strong gains, while AI-related investment remained a key","page_number":199,"box":{"x":61,"y":813,"width":878,"height":12}},{"id":"9cdb525c-4466-4b6c-9681-4f0438b1a2f3","block_type":"box","text":"driver of market leadership.","page_number":199,"box":{"x":61,"y":828,"width":196,"height":11}},{"id":"86f851b7-1760-4d42-ad02-a34689466a6d","block_type":"box","text":"Bond markets experienced periods of volatility as investors balanced falling inflation against concerns surrounding","page_number":199,"box":{"x":61,"y":849,"width":883,"height":12}},{"id":"c4aac372-daba-4f62-91a8-b19daa75484b","block_type":"box","text":"government borrowing and economic growth. However, diversified fixed income exposure continued to deliver positive","page_number":199,"box":{"x":61,"y":864,"width":883,"height":11}},{"id":"b8b56cd7-f3d4-4e0e-a0f5-9f93b07adef5","block_type":"box","text":"returns overall, with shorter-dated bonds and corporate credit generally outperforming longer-duration holdings.","page_number":199,"box":{"x":61,"y":878,"width":810,"height":11}},{"id":"70a1695b-3a0d-4746-a4a4-9274bac5c245","block_type":"box","text":"1","page_number":199,"box":{"x":61,"y":922,"width":3,"height":5}},{"id":"c3292333-9f5c-410b-8695-6d30be8436f2","block_type":"box","text":"Calculated using 7IM Pathbuilder 4 Fund C Acc shares, published prices. Source: NTRS.","page_number":199,"box":{"x":71,"y":922,"width":643,"height":11}},{"id":"51109e34-08d0-46c7-9538-e0dfc2cbb3b6","block_type":"box","text":"7IM PATHBUILDER 4 FUND","page_number":200,"box":{"x":61,"y":47,"width":322,"height":13}},{"id":"f643104d-4855-4aeb-a3b9-c5f63c56eb4d","block_type":"box","text":"198","page_number":200,"box":{"x":62,"y":945,"width":25,"height":8}},{"id":"2ffff717-0387-4da0-b14d-761c8d6faf0e","block_type":"box","text":"The positive momentum carried into early 2026, although the market environment became more challenging. Rising","page_number":200,"box":{"x":60,"y":158,"width":884,"height":11}},{"id":"59564371-6289-46db-98a8-76d81bb306fb","block_type":"box","text":"geopolitical tensions in the Middle East pushed energy prices higher and reignited inflation concerns, leading to a weaker","page_number":200,"box":{"x":61,"y":172,"width":883,"height":11}},{"id":"f8aa06c9-eb6d-41dd-a993-832faf645a7b","block_type":"box","text":"first quarter for both equities and bonds. Market performance became more uneven, with clear distinctions between","page_number":200,"box":{"x":60,"y":186,"width":884,"height":11}},{"id":"9cd2f6ca-bf08-48b2-9f2f-4aa2effe7444","block_type":"box","text":"sectors benefiting from higher commodity prices and those more sensitive to interest rates. Traditional diversification was","page_number":200,"box":{"x":60,"y":200,"width":884,"height":12}},{"id":"a2d142dd-ff4c-4642-82d0-429e3c7d245b","block_type":"box","text":"occasionally tested as asset classes moved in tandem.","page_number":200,"box":{"x":61,"y":215,"width":397,"height":11}},{"id":"519d65ee-50f1-452d-8643-7ddd90ef156b","block_type":"box","text":"Sentiment improved as the spring progressed. Strong corporate earnings, resilient consumer spending and continued","page_number":200,"box":{"x":61,"y":237,"width":883,"height":11}},{"id":"36d87140-5088-465a-b5b3-c4b97fbc09d2","block_type":"box","text":"investment in AI-related technologies helped shift the focus back to company fundamentals. US equities led the recovery,","page_number":200,"box":{"x":61,"y":251,"width":883,"height":11}},{"id":"68e5e95e-e420-4723-9946-bf0ddaf0a49f","block_type":"box","text":"supported by robust profit growth and positive earnings surprises, while technology stocks once again outperformed.","page_number":200,"box":{"x":60,"y":265,"width":884,"height":11}},{"id":"a8dae91a-1b20-4b6a-ab32-2778833e855f","block_type":"box","text":"Although inflation, interest-rate expectations and geopolitical risks remain important considerations, the broader economic","page_number":200,"box":{"x":60,"y":279,"width":884,"height":12}},{"id":"2c4c4f35-7665-449d-879a-5959d9262aa9","block_type":"box","text":"backdrop has stayed supportive.","page_number":200,"box":{"x":61,"y":294,"width":234,"height":11}},{"id":"dac03552-7877-4902-a637-93766c55e92b","block_type":"box","text":"As we move into the second half of the year, markets continue to be supported by healthy corporate earnings and stable","page_number":200,"box":{"x":60,"y":316,"width":884,"height":11}},{"id":"7e0d2e42-6073-4605-910d-9092b1261749","block_type":"box","text":"economic conditions. While periods of volatility are likely to persist, the past year has highlighted the benefits of maintaining","page_number":200,"box":{"x":61,"y":330,"width":883,"height":11}},{"id":"a8349eb3-d356-4272-8881-619a11318146","block_type":"box","text":"a diversified, long-term investment approach and focusing on underlying fundamentals rather than short-term market","page_number":200,"box":{"x":61,"y":344,"width":883,"height":11}},{"id":"84677a70-8de4-4167-9126-5aec9eaf59b0","block_type":"box","text":"noise.","page_number":200,"box":{"x":61,"y":358,"width":41,"height":9}},{"id":"445f2738-4380-4aab-8c2b-0b2584919714","block_type":"box","text":"Portfolio Review","page_number":200,"box":{"x":61,"y":380,"width":133,"height":9}},{"id":"0bfe1e86-bcf2-4179-8735-e9755fc3e816","block_type":"box","text":"Our Pathbuilder sub-funds are made up of a range of 4 Sub-funds and are the most passively managed funds that we run.","page_number":200,"box":{"x":61,"y":395,"width":883,"height":11}},{"id":"a6b1bd37-4d15-4e75-833e-9ec3e8fe7b5a","block_type":"box","text":"As a result, we only make changes to them once a year in line with our process for setting the strategic asset allocation","page_number":200,"box":{"x":60,"y":409,"width":884,"height":12}},{"id":"f69e6c7b-a558-416d-a155-d79f2f2f735d","block_type":"box","text":"(SAA).","page_number":200,"box":{"x":61,"y":424,"width":52,"height":11}},{"id":"1711c4ad-c6d1-48ac-8879-fbc2df92b54e","block_type":"box","text":"In August 2025, we refreshed our SAA in line with its annual schedule. We altered our fixed income allocations from index","page_number":200,"box":{"x":62,"y":446,"width":882,"height":11}},{"id":"0c528e87-19eb-4ba3-8e4d-3e4bcf8a115a","block_type":"box","text":"level duration to a split of long and short duration government bonds to manage tactical positions. This was achieved by","page_number":200,"box":{"x":61,"y":460,"width":883,"height":11}},{"id":"acb1249e-71ef-4c77-a545-dc1ae2103be5","block_type":"box","text":"selling some government bonds. We also undertook some small adjustments to other asset classes. Our next SAA refresh","page_number":200,"box":{"x":60,"y":474,"width":884,"height":11}},{"id":"b9bde4cd-0fc3-47c8-b7a6-52c70eacc6f9","block_type":"box","text":"is scheduled for August 2026.","page_number":200,"box":{"x":61,"y":488,"width":213,"height":12}},{"id":"eb1ecc66-4028-4532-b386-9db64c398b73","block_type":"box","text":"There were no fund switches during the year, with purchase and sales in Pathbuilder 4 being driven by cash flows in and","page_number":200,"box":{"x":60,"y":510,"width":884,"height":11}},{"id":"3863d232-fa76-41c7-a1e8-e8da66010ae8","block_type":"box","text":"out of the sub-fund. There were no material changes to the portfolio during the year and no changes to the underlying","page_number":200,"box":{"x":61,"y":525,"width":883,"height":11}},{"id":"654d244f-02f3-4702-950e-2c9c1c58ebef","block_type":"box","text":"holdings.","page_number":200,"box":{"x":61,"y":539,"width":63,"height":11}},{"id":"fa6ade3f-abae-44ba-9d8e-0ec6ca2cf496","block_type":"box","text":"Investment Outlook","page_number":200,"box":{"x":61,"y":561,"width":153,"height":9}},{"id":"9f7bf4a0-db82-48ee-9d32-8ea2a72172a7","block_type":"box","text":"After several years in which a small number of companies and themes dominated market returns, the investment landscape","page_number":200,"box":{"x":60,"y":576,"width":884,"height":11}},{"id":"e5729fcc-0de7-467d-9448-44e1384f7a80","block_type":"box","text":"has become broader. Diversification is once again being rewarded, with performance driven by a wider range of regions,","page_number":200,"box":{"x":61,"y":590,"width":883,"height":11}},{"id":"8c8d8657-4b19-4fce-986c-b688c366e59c","block_type":"box","text":"sectors and asset classes rather than a single prevailing trade.","page_number":200,"box":{"x":60,"y":604,"width":453,"height":11}},{"id":"3b45e13c-d24c-4bcb-b91b-5100a4b829c1","block_type":"box","text":"Looking ahead, we expect:","page_number":200,"box":{"x":61,"y":626,"width":193,"height":11}},{"id":"59d4daaf-daaf-4c88-9614-c1f9369616bf","block_type":"box","text":"•","page_number":200,"box":{"x":68,"y":651,"width":5,"height":3}},{"id":"9172e75e-f0e3-4ec6-ba1a-e722028b2ab8","block_type":"box","text":"Growth to remain positive, albeit at a more moderate pace, as the lingering effects of higher interest rates, elevated","page_number":200,"box":{"x":84,"y":648,"width":860,"height":11}},{"id":"4f00b75a-6318-432a-ad89-4ced0a3869f7","block_type":"box","text":"energy costs and political uncertainty weigh on confidence. While consumers and businesses are facing a more","page_number":200,"box":{"x":83,"y":662,"width":861,"height":12}},{"id":"eea46560-d01e-4e24-84b4-e1c1911c50a6","block_type":"box","text":"challenging environment, corporate balance sheets remain generally healthy and should help companies navigate","page_number":200,"box":{"x":83,"y":677,"width":861,"height":11}},{"id":"6e73d07b-1da3-4327-9060-49fed317e24c","block_type":"box","text":"ongoing trade tensions and economic headwinds.","page_number":200,"box":{"x":83,"y":691,"width":359,"height":11}},{"id":"b4185c01-7eaf-49e8-8812-064b35c32c22","block_type":"box","text":"•","page_number":200,"box":{"x":68,"y":716,"width":5,"height":3}},{"id":"fc3fcd22-57a4-4a38-8d5e-831824504759","block_type":"box","text":"Markets to remain volatile in the near term as investors continue to assess geopolitical developments, inflation trends","page_number":200,"box":{"x":84,"y":713,"width":854,"height":11}},{"id":"da0808a8-de16-4701-baf6-cf6ff59c6d83","block_type":"box","text":"and the path of interest rates. 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The balance due to the","page_number":214,"box":{"x":764,"y":143,"width":180,"height":8}},{"id":"b5abe923-a155-4a8f-a1b0-b855a55d7cac","block_type":"box","text":"ACD at the year end in respect of management fees is £69,078 (2","page_number":214,"box":{"x":85,"y":157,"width":478,"height":11}},{"id":"714552b6-fdbc-4c07-9a31-fe2e12f9c099","block_type":"box","text":"025: £27,418).","page_number":214,"box":{"x":565,"y":157,"width":104,"height":11}},{"id":"1faecc9d-1e43-458d-bf6d-a75af3311570","block_type":"box","text":"The amounts receivable from 7IM (the ‘ACD’) in respect of subsidy fee arrangements and other balances as at year end","page_number":214,"box":{"x":86,"y":178,"width":858,"height":11}},{"id":"f9932493-c63c-4372-9041-bca04503c315","block_type":"box","text":"are £Nil (2025: £20,603). 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At the balance sheet date, the following shareholder held in excess of 20% of","page_number":214,"box":{"x":86,"y":307,"width":858,"height":11}},{"id":"d6e8dfc7-781b-4f90-a367-0cc32627cef2","block_type":"box","text":"the shares in issue of the Sub-fund.","page_number":214,"box":{"x":85,"y":321,"width":257,"height":9}},{"id":"8b285d72-2a39-45c3-ae60-610d6b9a940b","block_type":"box","text":"Aegon Nominee Limited","page_number":214,"box":{"x":85,"y":365,"width":160,"height":10}},{"id":"9f97f68d-2387-4d5a-9cf3-7c2ad4f7b3c0","block_type":"box","text":"1","page_number":214,"box":{"x":247,"y":364,"width":3,"height":5}},{"id":"fe875236-4a6b-430b-a47b-d878d3d332a2","block_type":"box","text":"(2025: 24.46%)","page_number":214,"box":{"x":832,"y":365,"width":102,"height":10}},{"id":"e14c62e7-ac7d-4743-b9f6-e67b6cb6b18c","block_type":"box","text":"Pershing Nominees Limited","page_number":214,"box":{"x":86,"y":377,"width":183,"height":10}},{"id":"8160e079-6881-4c0d-8c14-f4751ec3cea0","block_type":"box","text":"68.16% (2025: 54.91%)","page_number":214,"box":{"x":777,"y":377,"width":158,"height":10}},{"id":"e4cd077b-84b0-414e-a2a6-76812f43773b","block_type":"box","text":"1","page_number":214,"box":{"x":85,"y":403,"width":2,"height":4}},{"id":"1307424d-f3bd-4ae5-9162-2a347d63dbb8","block_type":"box","text":"Considered related party in the prior year but ceased to be a related party in the current year due to ownership interest below the 20% threshold.","page_number":214,"box":{"x":93,"y":403,"width":845,"height":9}},{"id":"57d8cc8a-bd59-41ec-93f5-05d7c7928c46","block_type":"box","text":"The net value of creations and cancellations for Aegon last year totalled £25,266,608. 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The","page_number":222,"box":{"x":238,"y":631,"width":628,"height":11}},{"id":"0cb6ef41-2c00-4f15-b169-2a319dad8da9","block_type":"box","text":"ACD may","page_number":222,"box":{"x":870,"y":631,"width":75,"height":11}},{"id":"d34fcc57-5b46-43bc-84f9-ed576afe1e86","block_type":"box","text":"vary these times at its discretion. Requests to deal in shares may also be made by telephone on each business day (at the","page_number":222,"box":{"x":60,"y":645,"width":885,"height":12}},{"id":"185dea63-bae5-4d8d-bdc0-473fa49a7909","block_type":"box","text":"ACD’s discretion) between 9.00am and 5.30pm London time directly to the office of the","page_number":222,"box":{"x":60,"y":660,"width":624,"height":11}},{"id":"5401e658-ff89-45fd-9de5-1f8086b68936","block_type":"box","text":"ACD (telephone: 0870 870 7431 or","page_number":222,"box":{"x":688,"y":660,"width":257,"height":11}},{"id":"b86ccced-5247-464c-97cc-5c6355b20711","block_type":"box","text":"such other number as published from time to time). The initial purchase must, at the discretion of the ACD, be accompanied","page_number":222,"box":{"x":60,"y":674,"width":885,"height":11}},{"id":"ce877fa5-1c17-452c-9013-34bc0c3c043d","block_type":"box","text":"by an application form.","page_number":222,"box":{"x":61,"y":688,"width":163,"height":11}},{"id":"08e767f4-5347-4d3c-9374-537e07507305","block_type":"box","text":"Prices","page_number":222,"box":{"x":61,"y":712,"width":48,"height":8}},{"id":"1aa08644-f437-4f90-bdbf-9631af97bd6b","block_type":"box","text":"The prices of all shares are published on the ACD’s website: www.7im.co.uk. 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Copies of these may be obtained upon","page_number":223,"box":{"x":61,"y":146,"width":883,"height":11}},{"id":"55c4d2a7-3bb5-48a6-a2b4-db601118848d","block_type":"box","text":"application and, excepting the Instrument of Incorporation, can be found on our website, www.7im.co.uk.","page_number":223,"box":{"x":61,"y":160,"width":754,"height":11}},{"id":"1fa140c2-27a3-4688-a32e-1d1ea1e532dc","block_type":"box","text":"Shareholders who have any complaints about the operation of the Company should contact the ACD or the Depositary in","page_number":223,"box":{"x":61,"y":182,"width":883,"height":11}},{"id":"5be1be69-2832-48ad-aef5-dc87590dd17e","block_type":"box","text":"the first instance. 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The data protection laws and other laws","page_number":223,"box":{"x":60,"y":263,"width":884,"height":11}},{"id":"b83bf416-7593-497f-ae85-0388f892cf53","block_type":"box","text":"of these countries may not be as comprehensive as those that apply within the EEA. In these instances, the ACD will take","page_number":223,"box":{"x":61,"y":278,"width":883,"height":11}},{"id":"088e8f47-5f13-49c8-9f10-0a72d437c5e7","block_type":"box","text":"steps to ensure that your privacy rights are respected.","page_number":223,"box":{"x":60,"y":292,"width":390,"height":11}},{"id":"ade18d17-f061-4a56-80d8-049349a511da","block_type":"box","text":"Further information on the circumstances in which we may transfer your personal data and the data protection measures","page_number":223,"box":{"x":61,"y":311,"width":883,"height":11}},{"id":"7a22e01a-0d5c-4cbd-b214-0c89d785f773","block_type":"box","text":"we take are set out in our Privacy Notice.","page_number":223,"box":{"x":60,"y":325,"width":297,"height":11}},{"id":"9ebe3124-5844-45db-90e9-3fc03b754f7f","block_type":"box","text":"Risk Warning","page_number":223,"box":{"x":61,"y":348,"width":103,"height":11}},{"id":"eaa53e89-b076-44ac-b8eb-5b0dc3ad1961","block_type":"box","text":"An investment in an open-ended investment company should be regarded as a medium to long term investment. 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Investments denominated in currencies","page_number":223,"box":{"x":60,"y":392,"width":884,"height":11}},{"id":"a3f45d83-c657-4c8f-a9aa-26d6091dd77c","block_type":"box","text":"other than the base currency are subject to fluctuation in excha","page_number":223,"box":{"x":61,"y":406,"width":456,"height":11}},{"id":"864fab1a-fe70-453a-80ac-2be7aabf9e97","block_type":"box","text":"nge rates, which can be favourable or unfavourable.","page_number":223,"box":{"x":518,"y":406,"width":376,"height":11}},{"id":"8cc805b0-3e66-4a31-95a9-01b21f77b549","block_type":"box","text":"Assessment of value","page_number":223,"box":{"x":60,"y":429,"width":163,"height":9}},{"id":"4194a9ba-861b-4c59-a0f3-78925423fab8","block_type":"box","text":"For each of its sub-funds, Seven Investment Management LLP, will publish an Assessment of Value covering the financial","page_number":223,"box":{"x":61,"y":444,"width":883,"height":11}},{"id":"f5b7333b-8724-4968-a4f7-a1dce2c15c38","block_type":"box","text":"year ended 31 May 2026. 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