open/document-extraction

Added by Kamaji | Added: 2026-10-23 22:36 | Edited: 2026-10-23 22:36 | Views: 7 | Model: dorsalhub/pdf-extractor

This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.

MI Tatton Oak ICVC

(formerly VT Tatton Oak ICVC)

Annual Report and Financial Statements for the year ended 30 April 2026

Page 2

Contents Page

Company Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Statement of the Authorised Corporate Director’s Responsibilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Statement of the Depositary’s Responsibilities and Report of the Depositary to the Shareholders of MI Tatton Oak ICVC (formerly VT Tatton Oak ICVC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Independent Auditor’s Report to the Shareholders of MI Tatton Oak ICVC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Accounting Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

MI Active Portfolio Overlay Fund (formerly VT Active Portfolio Overlay Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 MI Aggressive Portfolio Overlay Fund (formerly VT Aggressive Portfolio Overlay Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43

MI Balanced Portfolio Overlay Fund (formerly VT Balanced Portfolio Overlay Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

MI Cautious Portfolio Overlay Fund (formerly VT Cautious Portfolio Overlay Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

MI Tatton Oak ICVC

Page 3

Contents (continued) Page

MI Defensive Portfolio Overlay Fund (formerly VT Defensive Portfolio Overlay Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

MI Tatton Blended Active Fund (formerly VT Tatton Blended Active Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

MI Tatton Blended Balanced Fund (formerly VT Tatton Blended Balanced Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123

MI Tatton Blended Cautious Fund (formerly VT Tatton Blended Cautious Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139

MI Tatton Oak ICVC

Page 4

Contents (continued) Page

MI Tatton Blended Aggressive Fund (formerly VT Tatton Blended Aggressive Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155

MI Tatton Oak Capital Growth Fund (formerly VT Tatton Oak Capital Growth Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172

MI Tatton Oak Cautious Growth Fund (formerly VT Tatton Oak Cautious Growth Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189

MI Tatton Blended Defensive Fund (formerly VT Tatton Blended Defensive Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206

MI Tatton Oak ICVC

Page 5

Contents (continued) Page

MI Tatton Passive Balanced Fund (formerly VT Tatton Passive Balanced Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222

MI Tatton Passive Cautious Fund (formerly VT Tatton Passive Cautious Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238

MI Tatton Passive Growth Fund (formerly VT Tatton Passive Growth Fund) Sub-fund Overview* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239 Investment Manager’s Review* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 Performance Record . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243 Risk and Reward Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243 Portfolio Statement* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244 Summary of Material Portfolio Changes* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245 Statement of Total Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246 Statement of Changes in Net Assets Attributable to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246 Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247 Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248 Distribution Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254

Information for Investors* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255

Corporate Directory* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257

*These collectively comprise the Authorised Corporate Director’s Report.

MI Tatton Oak ICVC

Page 6

Company Overview

Type of Company MI Tatton Oak ICVC (formerly VT Tatton ICVC) (the Company) is an investment company with variable capital incorporated in Engla nd and Wales under registered number IC000737 and authorised by the Financial Conduct Authority (FCA) with effect from 13 March 2009. The FCA PRN is 494501. The Company has an unlimited duration.

Shareholders are not liable for the debts of the Company.

The Company is a ‘Non-UCITS Retail Scheme (NURS)’ and the base currency of the Company and each Sub-fund is pounds Sterling. Th e Company is structured as an umbrella company, and different Sub-funds may be established from time to time. Each Sub-fund would be a NURS if it had a separate authorisation order.

Changes to the Company On 02 May 2026, VT Tatton Oak ICVC changed its name to MI Tatton Oak ICVC.

On the same date, Valu - Trac Investment Management Limited resigned as Authorised Fund Manager, and Apex Fundrock Limited was appointed as Authorised Corporate Director.

MI Tatton Oak ICVC also changed its Depositary from NatWest Trustee and Depositary Services Limited to Citibank UK Limited.

In addition, the auditor of MI Tatton Oak ICVC changed from Johnston Carmichael LLP to Grant Thornton UK LLP.

MI Tatton Oak ICVC

Page 7

Statement of the Authorised Corporate Director’s Responsibilities

The Collective Investment Schemes Sourcebook published by the FCA, (‘the COLL Rules’) requires the Authorised Corporate Directo r (‘ACD’) to prepare financial statements for each annual accounting period which give a true and fair view of the financial posi tion of the Company and of the net revenue and net gains or losses on the property of the Company for the year.

In preparing the financial statements the ACD is responsible for:

n selecting suitable accounting policies and then applying them consistently;

n making judgements and estimates that are reasonable and prudent;

n following UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Irel and;

n complying with the disclosure requirements of the Statement of Recommended Practice for Financial Statements of UK Authorised Funds issued by the Investment Association (‘IA’) in May 2014 as amended in June 2017;

n keeping proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the above requirements;

n assessing the Company and its Sub-funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern;

n using the going concern basis of accounting unless they either intend to liquidate the Company or terminate a Sub-fund or to ce ase operations, or have no realistic alternative but to do so;

n such internal control as they determine is necessary to enable the preparation of financial statements that are free from mater ial misstatement, whether due to fraud or error; and

n taking reasonable steps for the prevention and detection of fraud and irregularities.

The ACD is responsible for the management of the Company in accordance with its Instrument of Incorporation, the Prospectus and the COLL Rules.

The ACD is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable it to ensure that the financial statements comply with the Sourcebook. The ACD is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and othe r irregularities.

In so far as the ACD is aware:

n there is no relevant audit information of which the Company’s Auditor is unaware; and

n the ACD has taken all steps that it ought to have taken to make itself aware of any relevant audit information and to establish that the Auditor is aware of that information.

Certification of the Annual Report by the Authorised Corporate Director

This report has been prepared in accordance with the requirements of the Financial Conduct Authority’s Collective Investment Sc hemes Sourcebook (‘the COLL Sourcebook’) and the Statement of Recommended Practice for Financial Statements of UK Authorised Funds issued by the IA.

A.C. Deptford P.J. Foley-Brickley S.J. Gunson L.A. Poynter On behalf of Apex Fundrock Limited Authorised Corporate Director 18 August 2026

MI Tatton Oak ICVC

Page 8

Statement of the Depositary’s Responsibilities and Report of the Depositary to the Shareholders of MI Tatton Oak ICVC (formerly VT Tatton Oak ICVC) For the year ended 30 April 2026

The Depositary must ensure that the Company is managed in accordance with the Financial Conduct Authority’s Collective Investme nt Schemes Sourcebook, the Investment Funds Sourcebook, the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228) (the OEIC Regulations), as amended, the Financial Services and Markets Act 2000, as amended, (together "the Regulations"), and the Company’s Instrument of Incorporation and Prospectus (together "the Scheme documents") as detailed below.

The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Company and its investors.

The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the C ompany in accordance with the Regulations.

The Depositary must ensure that:

n the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash accounts in accordance with the Regulations;

n the sale, issue, redemption and cancellation of shares are carried out in accordance with the Regulations;

n the value of shares in the Company is calculated in accordance with the Regulations;

n any consideration relating to transactions in the Company’s assets is remitted to the Company within the usual time limits;

n the Company’s income is applied in accordance with the Regulations; and

n the instructions of the Authorised Corporate Director (‘ACD’) are carried out (unless they conflict with the Regulations).

The Depositary also has a duty to take reasonable care to ensure that the Company is managed in accordance with the Regulations and the Scheme documents in relation to the investment and borrowing powers applicable to the Company.

Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Company, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Company, act ing through the ACD:

(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares and applicat ion of the Company’s income in accordance with the Regulations and the Scheme documents of the Company, and

(ii) has observed the Investment and borrowing powers and restrictions applicable to the Company.

NatWest Trustee and Depositary Services Limited 18 August 2026

MI Tatton Oak ICVC

Page 9

Independent Auditor’s Report to the Shareholders of MI Tatton Oak ICVC (formerly VT Tatton Oak ICVC)

Opinion We have audited the financial statements of MI Tatton Oak ICVC (formerly VT Tatton ICVC, the ‘Company’) for the year ended 30 A pril 2026. These financial statements comprise together the statement of accounting policies, and the individual financial statement s of each of the following Sub-funds (the ‘Sub-funds’) of the Company:

n MI Active Portfolio Overlay Fund (formerly VT Active Portfolio Overlay Fund) n MI Aggressive Portfolio Overlay Fund (formerly VT Aggressive Portfolio Overlay Fund) n MI Balanced Portfolio Overlay Fund (formerly VT Balanced Portfolio Overlay Fund) n MI Cautious Portfolio Overlay Fund (formerly VT Cautious Portfolio Overlay Fund) n MI Defensive Portfolio Overlay Fund (formerly VT Defensive Portfolio Overlay Fund) n MI Tatton Blended Active Fund (formerly VT Tatton Blended Active Fund) n MI Tatton Blended Balanced Fund (formerly VT Tatton Blended Balanced Fund) n MI Tatton Blended Cautious Fund (formerly VT Tatton Blended Cautious Fund) n MI Tatton Blended Aggressive Fund (formerly VT Tatton Blended Aggressive Fund) n MI Tatton Oak Capital Growth Fund (formerly VT Tatton Oak Capital Growth Fund) n MI Tatton Oak Cautious Growth Fund (formerly VT Tatton Oak Cautious Growth Fund) n MI Tatton Blended Defensive Fund (formerly VT Tatton Blended Defensive Fund) n MI Tatton Passive Balanced Fund (formerly VT Tatton Passive Balanced Fund) n MI Tatton Passive Cautious Fund (formerly VT Tatton Passive Cautious Fund) n MI Tatton Passive Growth Fund (formerly VT Tatton Passive Growth Fund)

The individual financial statements for each of the Company’s Sub-funds comprise the Statement of Total Return, the Statement o f change in Net Assets Attributable to Shareholders, Balance Sheet, Notes to the Financial Statements and the Distribution Tables . The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting St andards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (Uni ted Kingdom Generally Accepted Accounting Practice) and the Statement of Recommended Practice (‘SORP’) for Financial Statements of UK Authorised Funds issued by the Investment Association in May 2014 as amended in June 2017, the rules of the Collective Investme nt Schemes Sourcebook and the Company’s Instrument of Incorporation.

In our opinion, the financial statements:

n give a true and fair view of the financial position of the Company and each of the Sub-funds as at 30 April 2026 and of the net revenue and net capital gains/(losses) on the scheme property of the Company and each of the Sub-funds for the year then ended, and

n have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, the Statement of Recommended Practice for Financial Statements of UK Authorised Funds issued by the Investment Association in May 2014 as amended in June 2017, the rules of the Collective Investment Schemes Sourcebook, and the Company’s Instrument of Incorporation.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsi bilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ secti on of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the fin ancial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accorda nce with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ou r opinion.

Conclusions relating to going concern We are responsible for concluding on the appropriateness of the Authorised Corporate Director’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions tha t may cast significant doubt on the Company’s and each of the Sub-fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statem ents or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained u p to the date of our report. However, future events or conditions may cause the Company and each of the Sub-funds to cease to contin ue as a going concern.

MI Tatton Oak ICVC

Page 10

Independent Auditor’s Report to the Shareholders of MI Tatton Oak ICVC (formerly VT Tatton Oak ICVC) (continued)

In our evaluation of the Authorised Corporate Director’s conclusions, we considered the inherent risks associated with the Comp any’s and each of the Sub-fund’s business model including effects arising from macro-economic uncertainties such as geopolitical unce rtainty and cost of living crisis, we assessed and challenged the reasonableness of estimates made by the Authorised Corporate Director and the related disclosures and analysed how those risks might affect the Company’s and each of the Sub-fund’s financial resources or ability to continue operations over the going concern period.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s and each of the Sub-fund’s ability to continue as a g oing concern for a period of at least twelve months from when the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the Authorised Corporate Director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

The responsibilities of the Authorised Corporate Director with respect to going concern are described in the ‘Responsibilities of the Authorised Corporate Director for the financial statements’ section of this report.

Other information The other information comprises the information included in the annual report, other than the financial statements and our audi tor’s report thereon. The Authorised Corporate Director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inco nsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we ide ntify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have per formed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Collective Investment Schemes Sourcebook In our opinion:

n we have been given all the information and explanations, which, to the best of our knowledge and belief, are necessary for the purposes of our audit, and

n the information given in the Authorised Corporate Director’s Report (which comprises; on page 255, Information for Investors, page 257 Corporate Directory and within the Sub-funds, the Sub-fund Overview on pages 12-13, 28-29, 44-45, 60-61, 76-77, 92-93, 108-109, 124-125, 140-141, 156-157, 173-174, 190-191, 207-208, 223-224 and 239-240, the Investment Manager’s Review on pages 14-15, 30-31, 46-47, 62-63, 78-79, 94-95, 110-111, 126-127, 142-143, 158-159, 175-176, 192-193, 209-210, 225-226 and 241-242, the Risk and Reward Profile on page 16, 32, 48, 64, 80, 96, 112, 128, 144, 161, 178, 195, 211, 227 and 243, the Portfolio State ment on pages 17, 33, 49, 65, 81, 97, 113, 129, 145, 162, 179, 196, 212, 228 and 244, the Summary of Material Portfolio Changes on pages 18, 34, 50, 66, 82, 98, 114, 130, 146, 163, 180, 197, 213, 229 and 245) is consistent with the financial statements.

Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Collective Investment Schemes Sourcebook requires us to report to you if, in our opinion:

n proper accounting records for the Company or a Sub-fund have not been kept, or

n the financial statements are not in agreement with those accounting records.

Responsibilities of the Authorised Fund Manager As explained more fully in the Statement of the Authorised Corporate Director’s Responsibilities, as set out on page 2, the Aut horised Corporate Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Authorised Corporate Director determines is necessary to enable the preparation of f inancial statements that are free from material misstatement, whether due to fraud or error.

MI Tatton Oak ICVC

Page 11

Independent Auditor’s Report to the Shareholders of MI Tatton Oak ICVC (formerly VT Tatton Oak ICVC) (continued)

In preparing the financial statements, the Authorised Corporate Director is responsible for assessing the Company’s and each of the Sub-fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the go ing concern basis of accounting unless the Authorised Corporate Director either intends to terminate a Sub-fund, wind up the Company or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance i s a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a mater ial misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reason ably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with o ur responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detect ed, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

n We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financ ial statements from our sector experience and through discussion with management. We determined that the most significant laws and regulations were United Kingdom Generally Accepted Accounting practice, the Collective Investment Schemes Sourcebook, the Statement of Recommended Practice for Financial Statements of UK Authorised Funds issued by the Investment Association in May 2014 as amended in June 2017, United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Company’s Instrument of Incorporation;

n We enquired of the Authorised Corporate Director and management to obtain an understanding of how the Company is complying with those legal and regulatory frameworks and whether there were any instances of non-compliance with laws and regulations and whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our review of the breaches register and the fund’s Prospectus;

n In assessing the potential risks of material misstatement, we obtained an understanding of: the Company’s operations, including the nature of its revenue sources, and of its objective to understand the classes of transactions, account balances, expected f inancial statement disclosures and business risks that may result in risks of material misstatement and the Company’s control environmen t, including the policies and procedures implemented to mitigate risks of fraud or non-compliance with the relevant laws and regulations;

n We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by evaluating management’s incentives and opportunities for manipulation of the financial statements. This included an evaluati on of the risk of management override of controls. Audit procedures performed by the engagement team in connection with the risks identified included:

n evaluation of the design and implementation of controls that management has put in place to prevent and detect fraud;

n testing journal entries, including manual journal entries processed at the year end for financial statements preparation; and

n challenging the assumptions and judgements made by management in its significant accounting estimates.

n These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting fr om error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from er ror, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;

MI Tatton Oak ICVC

Page 12

Independent Auditor’s Report to the Shareholders of MI Tatton Oak ICVC (formerly VT Tatton Oak ICVC) (continued)

n The engagement partner’s assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s:

n understanding of, and practical experience with, audit engagements of a similar nature and complexity, through appropriate training and participation;

n knowledge of the industry in which the Company operates; and

n understanding of the legal and regulatory frameworks applicable to the Company.

n We communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting C ouncil’s website at:www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report This report is made solely to the Company’s Shareholders, as a body, in accordance with regulation 67(2) of the Open-Ended Inve stment Companies Regulations 2001, and with Rule 4.5.12 of the Collective Investment Schemes Sourcebook. Our audit work has been undertaken so that we might state to the Company’s Shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other tha n the Company and the Company’s Shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

Grant Thornton UK LLP Statutory Auditor, Chartered Accountants London. United Kingdom 18 August 2026

MI Tatton Oak ICVC

Page 13

Accounting Policies and Risk Management Policies for the year ended 30 April 2026

The financial statements for MI Tatton Oak ICVC Funds comprises the individual financial statements for each Sub-fund and the accounting policies and risk management policies below: 1. Accounting Policies

(a) Basis of accounting The financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments and in accordance with FRS 102 and the Statement of Recommended Practice (‘SORP’) for Financial Statements of UK Authorised Funds issu ed by the Investment Association (‘IA’) in May 2014 and amended in June 2017.

The financial statements have been prepared on the going concern basis.

The Authorised Status and head office of the Company can be found within the corporate directory starting on page 257.

The Certification of the Annual Report by the Authorised Corporate Director can be found on page 2.

(b) Recognition of revenue Revenue is included in the Statement of Total Return on the following basis:

Dividends on quoted equities and preference shares are recognised when the securities are quoted ex-dividend.

Distributions from collective investment schemes are recognised when the schemes are quoted ex-distribution. Equalisation retur ned with the distribution is deducted from the cost of the investment and does not form part of the distributable revenue.

Any reported revenue from an offshore reporting fund is recognised as revenue no later than the date on which the reporting fun d makes the information available.

Interest on debt securities is recognised on an accruals basis. Interest on bank and short-term deposits is recognised on a rec eipts basis.

In the case of debt securities any difference between acquisition cost and maturity value is recognised as revenue over the lif e of the security using the effective yield basis of calculating amortisation.

All revenue includes withholding taxes but excludes irrecoverable tax credits.

(c) Treatment of stock and special dividends The ordinary element of stocks received in lieu of cash dividends is credited to capital in the first instance followed by a tr ansfer to revenue of the cash equivalent being offered and this forms part of the distributable revenue. In the case of an enhanced stock dividend the value of the enhancement is treated as capital.

Special dividends are reviewed on a case by case basis in determining whether the dividend is to be treated as revenue or capit al. Amounts recognised as revenue will form part of the distributable revenue. The tax accounting treatment follows the treatment o f the principal amount.

(d) Treatment of expenses All expenses, except for those relating to the purchase and sale of investments, are charged against revenue for the year on an accruals basis.

For MI Tatton Blended Defensive Fund, all expenses are reallocated to capital, net of any tax effect for distribution purposes.

Rebates of annual management charges on underlying investments are accounted for on an accruals basisand recognised as revenue or capital in line with the treatment of the charge on the underlying Fund.

(e) Allocation of revenue and expenses to multiple share classes Any revenue or expense not directly attributable to a particular Sub-fund will normally be allocated pro-rata to the net assets of the relevant share classes and Sub-funds on the day that the revenue or expense is recognised.

With the exception of the Investment Manager’s fee which is directly attributable to individual share classes, all revenue and expenses are apportioned to the Sub-fund’s share classes pro-rata to the value of the net assets of the relevant share class on the day that the revenue or expense is recognised.

MI Tatton Oak ICVC

Page 14

Accounting Policies and Risk Management Policies (continued) for the year ended 30 April 2026 1. Accounting Policies (continued)

(f) Taxation Corporation tax is provided at 20% on revenue, after deduction of expenses.

Deferred tax is provided using the liability method on all timing differences arising on the treatment of certain items for tax ation and accounting purposes, calculated at the rate at which it is anticipated the timing differences will reverse. Deferred tax assets are recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the future against which the deferred tax asset can be offset.

(g) Distribution policy The net revenue after taxation as disclosed in the financial statements, after adjustment for items of a capital nature, is dis tributable to Shareholders as Dividend distributions. Any revenue deficit is funded from capital.

Interim distributions may be made at the ACD’s discretion and the balance of revenue is distributed in accordance with the regu lations.

For the purpose of enhancing revenue entitlement, all expenses (including those relating to the purchase and sale of investment s) are allocated to capital for the year on an accruals basis. This will reduce the capital growth of the Sub-fund.

Distributions not claimed within a six year period will be forfeited and added back to the capital of the Sub-fund.

The Sub-funds issue accumulation shares except for the MI Tatton Blended Defensive Fund which issues both income and accumulati on shares. The Sub-funds, except for the MI Tatton Blended Defensive Fund, goes ex-dividend annually and pay any income available to the shareholder four months in arrears, as a dividend distribution. MI Tatton Blended Defensive Fund goes ex-dividend quarterly and pays any income available to the shareholder two months in arrears, as an interest distribution subject to it meeting the requi rements to pay an interest distribution under UK tax rules. Any revenue deficit at the year end is funded from capital.

(h) Basis of valuation of investments Listed investments are valued at close of business bid prices on the last business day of the accounting year excluding any acc rued interest in the case of fixed and floating rate interest securities.

Collective investment schemes are valued at quoted bid price for dual priced funds and at quoted price for single priced funds, on the last business day of the accounting year.

Unlisted or suspended investments are valued by the ACD taking into account where appropriate, latest dealing prices, valuation s from reliable sources, financial performance and other relevant factors.

The fair value of open forward foreign currency contracts is calculated with reference to the changes in the spot rate, changes in interest rate differential and the reduced term left to maturity.

Market value is defined by the SORP as fair value, which generally is the bid value of each security.

Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset as follows:

n Level 1 – Unadjusted quoted price in an active market for identical instrument. n Level 2 – Valuation techniques using observable inputs other than quoted prices within Level 1. n Level 3 – Valuation techniques using unobservable inputs.

(i) Exchange rates Transactions in foreign currencies are recorded in sterling at the rate ruling at the date of the transactions. Assets and liab ilities expressed in foreign currencies at the end of the accounting year are translated into sterling at the closing exchange rates ru ling on that date.

MI Tatton Oak ICVC

Page 15

Accounting Policies and Risk Management Policies (continued) for the year ended 30 April 2026 2. Risk Management Policies

(j) Dilution adjustment The ACD may require a dilution adjustment on the sale and redemption of shares if, in its opinion, the existing Shareholders (f or sales) or remaining Shareholders (for redemptions) might otherwise be adversely affected. In particular, the dilution adjustment may b e charged in the following circumstances: where the scheme property is in continual decline; on a Sub-fund experiencing large lev els of net sales relative to its size; on ‘large deals’; in any case where the ACD is of the opinion that the interests of remaining S hareholders require the imposition of a dilution adjustment.

In pursuing its investment objectives, the Sub-funds may hold a number of financial instruments. These financial instruments co mprise securities and other investments, cash balances, debtors and creditors that arise directly from the Sub-fund’s operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for creations and payable for redemptions and debtors for accrued revenue.

In doing so, the ACD accepts market price risk and currency risk in relation to the investment portfolio and foreign cash posit ions.

The risks arising from financial instruments and the ACD’s policies for the monitoring and managing of these risks are stated b elow in accordance with the Risk Management Policy of the ACD.

These policies have been consistent for both years through which these financial statements relate.

Market price risk Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Sub-fund might suffer through holding market positions in the face of price movements. This means the value of an investor’s ho lding may go down as well as up and an investor may not recover the amount invested. Investors should consider the degree of exposure of the Sub-fund in the context of all their investments.

The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD as per the policies as set out in the Prospectus. The investment guidelines and investment and borrowing powers set out in the Instrument of Incorporation , the Prospectus and in the Financial Conduct Authority’s Collective Investment Schemes Sourcebook describe the nature of the mar ket risk to which the Sub-fund will be exposed.

In addition to any direct currency and interest rate risk in the Sub-funds there may also be indirect exposure via the underlyi ng funds held by the Sub-funds.

Currency risk Although the Sub-fund’s capital and income are denominated in sterling, a proportion of the Sub-fund’s investments may have cur rency exposure and, as a result, the income and capital value of the Sub-fund are affected by currency movements.

Currency risk is the risk that the value of the Sub-fund’s investments will fluctuate as a result of changes in currency exchan ge rates. For Sub-funds where a proportion of the net assets of the Sub-fund is denominated in currencies other than sterling, the balanc e sheet can be affected by movements in exchange rates. The Company monitors the currency exposure of the Sub-funds and may seek to manage exposure to currency movements by using forward exchange contracts or by hedging the sterling value of investments that are priced in other currencies.

Interest rate risk Interest rate risk is the risk that the value of the Sub-fund’s investments will fluctuate as a result of changes in interest r ates. The Sub funds may invest in fixed and floating rate securities or schemes that invest in fixed or floating rate securities. The revenue of these Sub-funds may be affected by changes in interest rates relevant to particular securities or as a result of the ACD being unable to secure similar returns on the expiry of contracts or sale of securities. The value of fixed interest securities may be affected by int erest rate movements or the expectation of such movements in the future.

Interest receivable on bank deposits or payable on bank overdraft positions will be affected by fluctuations in interest rates.

A risk limit system is employed to monitor the risks related to the investment types, concentration and diversification of the Sub-funds’ portfolios.

MI Tatton Oak ICVC

Page 16

Accounting Policies and Risk Management Policies (continued) for the year ended 30 April 2026 2. Risk Management Policies (continued)

Credit risk Credit risk arises from two main sources. Firstly, the possibility that the issuer of a security will be unable to pay interest and principal in a timely manner. Secondly, there is the possibility of default of the issuer and default in the underlying assets of a Colle ctive Investment Scheme, meaning that a sub-fund may not receive back the full principal originally invested. Adhering to investment guidelines and avoiding excessive exposure to one particular issuer or scheme can limit credit risk.

There are no net borrowings or unlisted securities. Stress testing and scenario analysis is carried out on a regular basis.

Liquidity risk Liquidity risk is the risk that a Sub-fund cannot raise sufficient cash to meet its liabilities when due. One of the key factor s influencing this will be the ability to sell investments at, or close to, the fair value without a significant loss being realised.

Under normal circumstances, a Sub-fund will remain close to fully invested. However, where circumstances require: either becaus e a view of illiquid securities markets or high levels of redemptions in the Sub-fund, the Sub-fund may hold cash and/or more liqui d assets. Temporary higher liquidity levels may also arise during the carrying out of a change in asset allocation policy or following a large issue of shares.

The ACD manages the Sub-fund’s cash to ensure they can meet their liabilities. In addition, the ACD monitors market liquidity o f all securities, seeking to ensure the Sub-funds maintains sufficient liquidity to meet known and potential redemption activity. Sub -funds’ cash balances are monitored daily by the ACD and the Investment Advisor. All of the Sub-fund’s financial liabilities are payabl e on demand or in less than one year.

Apex Fundrock Limited (‘AFL’) conducts regular monitoring to ensure the liquidity profile of the Sub-funds’ investments comply with their underlying obligations, particularly their ability to meet redemption requests.

Stress tests are undertaken, under normal and exceptional liquidity conditions, in order to assess the liquidity risk of each f und.

Counterparty risk The risk that the counterparty will not deliver the investments for a purchase or the cash for a sale after the Sub-fund has fu lfilled its responsibilities which could result in the Sub-fund suffering a loss. The Investment Manager minimises the risk by conducting t rades through only the most reputable counterparties.

Fair value of financial assets and liabilities Investments disclosed as at the balance sheet date are at fair value. Current assets and liabilities disclosed in the balance s heet are at amortised cost which is approximate to fair value.

MI Tatton Oak ICVC

Page 17

Sub-fund Overview

Name of Sub-fund MI Active Portfolio Overlay Fund (formerly VT Active Portfolio Overlay Fund)

Size of Sub-fund £1,087,322,073

Launch date 07 December 2015

Investment objective and policy The objective of the Sub-fund is to maximise potential total return (i.e. capital and income growth).

One measure of risk is the proportion invested in the riskiest assets, such as equities. For this Sub-fund, over the long term (7 years), it is expected that the proportion of the Sub-fund exposed to equities will be approximately 75%.

In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by more than ± 12.5%.

The Investment Manager will manage the portfolio in order to achieve its investment objective by investing in collective invest ment schemes such as unit trusts, OEICs and other UCITS funds and closed ended schemes. The Sub-fund may also invest in individual s tocks, bonds, and derivatives if considered appropriate to meet the investment objective.

The Sub-fund will seek exposure to a diverse portfolio of assets, with the overall portfolio having an equity allocation in lin e with that in the investment objective. Other underlying assets in the portfolio (to which there will be indirect exposure) may include bo nds, commodities, property, private equity, derivatives and other instruments. Some of these investments will be denominated in fore ign currencies which may or may not be hedged back to Pounds Sterling.

The Sub-fund may also invest, at the ACD’s discretion, in other transferable securities, money market instruments, cash and nea r cash, deposits and any other permitted asset type deemed appropriate to meet the investment objective.

Derivatives The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.

Benchmark No explicit benchmark is stated for the Sub-fund. However multi-asset portfolios or peer group averages with a similar weight i n equity may be useful in assessing the performance of the Sub-fund. An example for this Sub-fund may be the IA OE Mixed Investment 4085% Shares.

The Sub-fund provides comparative performance against a relevant Investment Association sector benchmark in order for investors to compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association M ixed Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a n indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or investor expectations.

Final accounting date 30 April

Interim accounting date 31 October

Income distribution date 31 August

ISA status Qualifying Investment for stocks and shares ISA – however direct ISA investment is not currently available.

MI Active Portfolio Overlay Fund

Page 18

Sub-fund Overview (continued)

Class of shares C Class (Institutional) Accumulation

Initial charge 0% (of the amount invested by an investor)

Redemption charge 0%

Annual management charge C Class (Institutional) Accumulation 0.25%

Minimum initial investment £2,500,000

Minimum subsequent investment £1,000,000

Minimum holding £1,000,000

Minimum redemption None

Regular savings plan N/A

Regular withdrawal facility N/A

Investment in this Sub-fund is restricted to investors who are investing through the Tatton Investment Management discretionary management proposition.

MI Active Portfolio Overlay Fund

Page 19

Investment Manager’s Review for the year ended 30 April 2026

Investment review All data is sourced from Morningstar Direct as at 30 April 2026.

The MI Active Portfolio Overlay C Acc returned 4.11% in the six months to 30 April 2026. The IA Mixed Investment 40-85% Shares benchmark returned 3.14% meaning the fund outperformed by 0.97% over the period.

Over the last 12-months to 30 April 2026, the MI Active Portfolio Overlay C Acc has returned 21.31%. The IA Mixed Investment 40 -85% Shares reference index returned 17.89%, meaning the fund outperformed by 3.42% over the period.

Overview Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first market flashpoint of the US president’s second term, and the oil shock, emanating from the US and Israel’s war on Iran, is the latest. Since last April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.

Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed eral Reserve interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.

However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati ons of resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather than the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca le AI powered obsolescence in the economic data, but that has not stopped gloomy predictions.

Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M edia comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.

The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and interest rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an d wider stock markets, but neither have yet returned to the levels seen before the war.

Outlook The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal for the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings of their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi ll take time to work through the disruption to global supply chains that have already been inflicted.

Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level . Oil futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’ expectation of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the sell-off we might have expected).

Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove ries can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g rowth can resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin g. The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit y gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy cle. If oil prices come down further – as futures pricing suggests – that cycle is still achievable.

Fund positioning To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an d fund changes under 2% other than full sales and new positions have been omitted.

On 8 May 2025, changes were made to the portfolio. Some asset allocation changes were made; Bonds were increased and Equities were decreased. During this update, sub-asset allocations were amended; Europe Equity was increased, North America Equity was decreased and Strategic Bond was increased. Fund managers within the portfolio were adjusted; HSBC European Index Fund was increased and iShares MSCI Europe Mid Cap ETF was removed.

MI Active Portfolio Overlay Fund

Page 20

Investment Manager’s Review (continued) for the year ended 30 April 2026

The portfolio underwent an update on 11 July 2025. Changes were implemented in the asset class allocations; Bonds were decrease d and Equities were increased. The fund’s sub-asset allocation was updated; Government Bond was decreased, North America Equity was increased and Strategic Bond was decreased. Manager positions were updated; HSBC American Index Fund was increased, HSBC Global Aggregate Bond UCITS ETF was decreased and HSBC Global Government Bond UCITS ETF was decreased.

Some changes to the portfolio were implemented on 12 August 2025. The portfolio’s sub-asset class distribution was revised; Government Bond was increased, North America Equity was increased and Strategic Bond was decreased. The portfolio’s fund manage r allocations were updated; Amundi Prime Japan was added, Dimensional Global Ultra Short Fixed Income Fund was removed, HSBC American Index Fund was decreased, HSBC Global Emerging Market Government Bond Index Fund was added, Loomis Sayles Global Opportunistic Bond Fund was decreased, Schroder Recovery Fund was removed and State Street SPDR S&P500 Quality Aristocrats ETF was added.

The fund’s positioning was changed on 30 October 2025. During this update some manager changes were made; HSBC Global Government Bond UCITS ETF was increased, SVM UK Opportunities Fund was removed, iShares $ Treasury Bd 20+y ETF was removed and RGI UK Opportunities Fund was added.

On 3 November 2025, changes were made to the portfolio. The portfolio’s fund manager allocations were updated; Barings Emerging Markets Debt Blended Total Return Fund was removed, HSBC Global Emerging Market Government Bond Index Fund was removed, iShares UK Equity Index Fund (UK) was decreased, Emerging Markets Debt Opportunities Fund was added and Jupiter UK Dynamic Equity Fund was added.

Some changes to the portfolio were implemented on 2 December 2025. The portfolio’s fund manager lineup was revised; the iShares UK Equity Index Fund (UK) share class was changed.

The portfolio was updated on 12 January 2026. One manager selection change was made; Dimensional Global Ultra Short Fixed Incom e Fund was added.

On 25 March 2026, changes were made to the portfolio. Updates were made to the asset class split; Bonds were decreased and Equi ties were increased. A sub-asset allocation change was made; UK Equity was increased.

Tatton Investment Management Limited Investment Manager to the Fund May 2026

MI Active Portfolio Overlay Fund

Page 21

MI Active Portfolio Overlay Fund

Performance Record

Financial Highlights

C Class (Institutional) Accumulation 30.04.26 30.04.25 30.04.24 p p p Opening net asset value per share 187.2228 181.1464 163.0829 Return before operating charges 40.8414 6.9605 18.9757 Operating charges (note 1) (0.9934) (0.8841) (0.9122) Return after operating charges 39.8480 6.0764 18.0635 Closing net asset value per share 227.0708 187.2228 181.1464 Retained distributions on accumulated shares 3.3879 2.7014 3.7378 After direct transactions costs of – – Performance Return after charges 21.28% 3.35% 11.08% Other information Closing net asset value £1,087,322,073 £832,683,442 £766,451,900 Closing number of shares 478,847,250 444,755,354 423,111,904 Operating charges (note 2) 0.48% 0.48% 0.53% Direct transaction costs 0.00% 0.00% 0.00% Prices Highest share price 230.2517 200.9482 183.0308 Lowest share price 187.2228 177.4570 160.0846

1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v aluation per share throughout the period. 2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver age net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f und.

Risk and Reward Profile

The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Sub-fund. The shaded area in the table below shows the Sub-fund’ s ranking on the risk and reward indicator.

Typically lower rewards, Typically higher rewards, lower risk higher risk

Based on past data, the Sub-fund is ranked a ‘4’ on the synthetic risk and reward indicator scale (of 1 to 7) as described full y in the Key Investor Information Document (30 April 2025: ranked 5). The Sub-fund is ranked ‘4’ because weekly historical performance data indicates that relatively high rises and falls in market prices would have occurred historically. The higher the rank, the grea ter the potential reward but the greater the risk of losing money.

1 2 3 4 5 6 7

Page 22

Portfolio Statement as at 30 April 2026

Market % of total value net assets Holding Investment £ 2026

Collective Investment Schemes (30.04.2025: 92.82%) 9,070,166 Artemis US Select Fund 47,648,304 4.38% 12,095,449 AXA Framlington UK Mid Cap Fund 15,095,121 1.39% 16,415 Baring Hong Kong China Fund 18,594,052 1.71% 48,182,998 BNY Mellon US Equity Income Fund 53,738,497 4.94% 68,007 Cheyne Global Credit Fund 8,364,806 0.77% 963,378 Dimensional Global Ultra Short Fixed Income Fund 11,859,188 1.09% 36,050,066 ES Alliance Bernstein Concentrated US Equity Fund 64,133,067 5.90% 12,989,258 FTF Brandywine Global Income Optimiser Fund 16,860,057 1.55% 3,253,811 Goldman Sachs EM Ex-China CORE® Equity Fund 62,245,398 5.72% 240,500 Harrington Cooper Snyder US All Cap Equity Fund 35,721,526 3.29% 5,610,318 HSBC American Index Fund 85,669,552 7.88% 2,106,573 HSBC European Index Fund 36,359,444 3.34% 5,491,539 Invesco Perpetual UK Enhanced Index Fund 54,770,965 5.04% 23,076,956 iShares UK Equity Index Fund 92,371,471 8.50% 1,277,217 Janus Henderson Global Multi-Strategy Fund 15,806,966 1.45% 5,602,202 JPM Europe Dynamic ex-UK Fund 27,030,625 2.49% 1,855,243 JPM Japan Fund 8,652,853 0.80% 12,516,760 Jupiter Merian North American Equity Fund 73,224,300 6.73% 7,865,569 Jupiter UK Special Situations Fund 34,668,280 3.19% 4,822,074 Liontrust European Dynamic Fund 22,956,199 2.11% 1,439,591 Loomis Sayles Global Opportunistic Bond Fund 16,440,128 1.51% 8,710,434 M&G Japan Fund 19,471,305 1.79% 755,087 Morgan Stanley Emerging Markets Debt Opportunities Fund 21,119,790 1.94% 4,140,143 RGI UK Opportunities Fund 34,811,149 3.20% 58,308 Robeco QI Dynamic High Yield Fund 7,892,571 0.73% 221,257 Vanguard Global Credit Bond Fund 23,875,598 2.20% 214,614 Vanguard UK Long Duration Gilt Index Fund 18,129,074 1.67%

927,510,286 85.31%

Exchange Traded Funds (30.04.2025: 6.36%) 136,633 Amundi MSCI Pacific Ex Japan UCITS ETF 12,197,227 1.12% 291,385 Amundi Prime Japan UCITS ETF 8,508,441 0.78% 2,851,579 HSBC Global Aggregate Bond UCITS ETF 28,802,377 2.65% 5,409,947 HSBC Global Government Bond UCITS ETF 56,255,879 5.17% 4,408,862 State Street SPDR S&P 500 Quality Aristocrats UCITS ETF 38,898,177 3.58%

144,662,101 13.30%

Portfolio of investments (30.04.2025: 99.18%) 1,072,172,387 98.61% Net other assets (30.04.2025: 0.82%) 15,149,686 1.39%

1,087,322,073 100.00%

MI Active Portfolio Overlay Fund

Page 23

Summary of Material Portfolio Changes

£ Total purchases for the year (note 14) 575,884,832

iShares UK Equity Index Fund 88,127,964 HSBC Global Government Bond UCITS ETF 49,460,104 State Street SPDR S&P 500 Quality Aristocrats UCITS ETF 36,454,870 Jupiter UK Special Situations Fund 33,581,126 HSBC American Index Fund 29,181,580 HSBC European Index Fund 27,209,685 HSBC Global Aggregate Bond UCITS ETF 23,396,616 ES Alliance Bernstein Concentrated US Equity Fund 23,279,508 Morgan Stanley Emerging Markets Debt Opportunities Fund 20,223,110 iShares UK Equity Index Fund 18,338,171 Various other purchases 226,632,098

£ Total sales for the year (note 14) 515,361,872

iShares UK Equity Index Fund 102,257,218 HSBC American Index Fund 37,086,685 HSBC Global Aggregate Bond UCITS ETF 36,072,451 HSBC Global Government Bond UCITS ETF 34,086,533 M&G Japan Fund 25,153,574 Loomis Sayles Global Opportunistic Bond Fund 24,663,173 Schroder Recovery Fund 23,985,220 Neuberger Berman Uncorrelated Strategies Fund 21,040,874 iShares MSCI Europe Mid Cap UCITS ETF 19,903,108 iShares $ Treasury Bond 20+yr ETF 19,655,529 Various other sales 171,457,507

The above transactions represent all the purchases and sales during the year.

MI Active Portfolio Overlay Fund

Page 24

Statement of Total Return for the year ended 30 April 2026

30.04.26 30.04.25 Note £ £ £ £ Income Net capital 2 168,495,206 14,266,299 Revenue 3 18,888,128 15,084,680 Expenses 4 (2,779,105) (2,334,626)

Interest payable and similar charges 4 (81,921) (136,553)

Net revenue before taxation 16,027,102 12,613,501

Taxation 5 (1,060,278) (824,673)

Net revenue after taxation 14,966,824 11,788,828

Total return before distributions 183,462,030 26,055,127

Distributions 6 (15,755,164) (11,791,628)

Change in net assets attributable to Shareholders from investment activities 167,706,866 14,263,499

Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 April 2026 30.04.26 30.04.25 £ £ £ £ Opening net assets attributable to Shareholders 832,557,155 765,675,382

Amounts receivable on creation of shares 250,710,987 198,350,347

Amounts payable on cancellation of shares (179,875,955) (157,746,514)

70,835,032 40,603,833

Change in net assets attributable to Shareholders from investment activities (see above) 167,706,866 14,263,499

Accumulation distributions retained 16,223,020 12,014,441

Closing net assets attributable to Shareholders 1,087,322,073 832,557,155

MI Active Portfolio Overlay Fund

Page 25

Balance Sheet as at 30 April 2026

30.04.26 30.04.25 Note £ £ £ £ ASSETS Investments assets 1,072,172,387 825,676,710

Current assets Debtors 7 3,983,789 2,178,387 Cash and bank balances 8 14,768,780 10,558,468

Total current assets 18,752,569 12,736,855

Total assets 1,090,924,956 838,413,565

Current liabilities Bank overdraft 8 – (2,924,852) Creditors 9 (3,602,883) (2,931,558)

Total current liabilities (3,602,883) (5,856,410)

Net assets attributable to Shareholders 1,087,322,073 832,557,155

MI Active Portfolio Overlay Fund

Page 26

Notes to the Financial Statements for the year ended 30 April 2026

1. Accounting policies

The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.

2. Net capital gains 30.04.26 30.04.25 £ £ The net capital gains comprise: Non-derivative securities gains/(losses): realised 60,722,752 38,026,746 Non-derivative securities (losses)/gains : unrealised 107,848,863 (23,757,155) Foreign currency (losses) (156,586) Transaction charges (custodian) 44 (2,715) Rebates from underlying holdings 80,133 (577)

Total net capital gains 168,495,206 14,266,299

3. Revenue 30.04.26 30.04.25 £ £

Non-taxable dividends 10,805,847 8,489,562 Annual payment from UK CIS 8,863 83,052 Interest from non-derivative securities 5,276,654 3,882,130 Rebates from underlying holdings 2,338,424 2,068,885 Bank interest 458,340 561,051

Total revenue 18,888,128 15,084,680

4. Expenses 30.04.26 30.04.25 £ £ Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and agents of either of them: Annual management charge 2,456,494 2,059,279

Payable to the depositary, associates of the depositary, and agents of either of them: Depositary’s fee 184,604 156,998 Safe custody fee 83,079 73,465

267,683 230,463 Other expenses: Audit fee* 9,720 8,150 Legal fee 4,500 Other expenses 40,708 36,734

54,928 44,884

Expenses 2,779,105 2,334,626

Interest payable and similar charges 81,921 136,553

Total 2,861,026 2,471,179

*The auditor’s remuneration is made of Audit fees of £8,100 plus irrecoverable VAT of £1,620 (2025: Audit fees of £6,792 plus irrecoverable VAT of £1,358).

MI Active Portfolio Overlay Fund

Page 27

Notes to the Financial Statements (continued) for the year ended 30 April 2026

5. Taxation 30.04.26 30.04.25 £ £

(a) Analysis of charge in the year UK corporation tax 1,060,278 824,673

Total tax charge for the year (note 5b) 1,060,278 824,673

(b) Factors affecting current tax charge for the year The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an open-ended investment company 20.00% (2025: 20.00%) The differences are explained below: Net revenue before UK corporation tax 16,027,102 12,613,501

Corporation tax at 20.00% (2025: 20.00%) 3,205,420 2,522,700 Effects of: Revenue not subject to UK corporation tax (2,161,169) (1,697,912) Tax effect of rebates in capital 16,027 (115)

Total tax charge for the year (note 5a) 1,060,278 824,673

At 30 April 2026 there is a potential deferred tax asset of £nil (30 April 2025: £nil) in relation to surplus management expens es.

6. Distributions 30.04.26 30.04.25 £ £

Final dividend distribution 16,223,020 12,014,441

16,223,020 12,014,441 Add: Revenue deducted on cancellation of shares 1,324,363 1,061,289 Deduct: Revenue received on creation of shares (1,792,219) (1,284,102)

Distributions 15,755,164 11,791,628

Reconciliation of distributions Net revenue after taxation 14,966,824 11,788,828 Equalisation from collectives allocated to revenue 738,468 800,441 Marginal tax relief on rebates in capital – (115) Capital corporation tax 16,027 Balance brought forward 29,775 (767,751) Balance carried forward 4,070 (29,775)

Net distribution for the year 15,755,164 11,791,628

MI Active Portfolio Overlay Fund

Page 28

Notes to the Financial Statements (continued) for the year ended 30 April 2026

7. Debtors 30.04.26 30.04.25 £ £

Amounts receivable on creation of shares 3,162,517 1,617,959 Accrued revenue: Rebates from underlying holdings 798,392 543,755 Income tax recoverable 18,383 16,610 Bank interest receivable 4,497 Prepayments – 63

Total debtors 3,983,789 2,178,387

8. Cash and bank balances 30.04.26 30.04.25 £ £

Cash and bank balances 14,768,780 10,558,468 Bank overdraft – (2,924,852)

Total 14,768,78 7,633,616

9. Creditors 30.04.26 30.04.25 £ £

Amounts payable on cancellation of shares 2,924,165 2,224,903 Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and agents of either of them: Annual management charge 220,530 168,592

Payable to the depositary, associates of the depositary, and agents of either of them: Depositary fee 16,614 13,338 Safe custody and other custodian charges 193 84,786

16,807 98,124

Other expenses: UK corporation tax 413,022 425,250 Audit fee* 9,720 7,862 Bank interest payable 5,890 Other accrued expenses 12,749 6,827

441,381 439,939

Total creditors 3,602,883 2,931,558

*The auditor’s remuneration is made of Audit fees of £8,100 plus irrecoverable VAT of £1,620 (2025: Audit fees of £6,552 plus irrecoverable VAT of £1,310).

MI Active Portfolio Overlay Fund

Page 29

Notes to the Financial Statements (continued) for the year ended 30 April 2026

10. Risk management policies In pursuing its investment objective as stated on page 12, the Sub-fund holds a number of financial instruments. The Sub-fund’s financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from its operat ions, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for redemptions a nd debtors for accrued revenue.

The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m anaging these risks are summarised below. These policies have been applied throughout the year.

Market price risk Market price risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in mar ket prices caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about future prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding market positions in the face of price movements.

The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the investment objective and policy as set out in the Prospectus.

Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp ectus and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive exposure to any particular type of security or issuer.

If market prices at the balance sheet date had been 10% higher or lower while all other variables remained constant, the return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £107,217,23 9 (30 April 2025: £82,567,671).

Foreign currency risk Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in foreign currency exchange rates.

The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i nvest in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag e exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri ced in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.

Net currency assets and liabilities consist of: Net monetary Non-monetary Total net assets and liabilities assets assets £ £ £ £ £ £ 30.04.26 30.04.25 30.04.26 30.04.25 30.04.26 30.04.25 Sterling 15,149,686 6,880,445 1,033,274,210 806,256,142 1,048,423,896 813,136,587 EUR – – – 19,420,568 – 19,420,568 USD – – 38,898,177 – 38,898,177 15,149,686 6,880,445 1,072,172,387 825,676,710 1,087,322,073 832,557,155

If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t he return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £3,8 89,818 (30 April 2025: £1,942,057).

Interest rate risk Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver se change in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i nterest rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short-term in struments.

The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim ited by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i n the Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa ses as interest rates increase.

MI Active Portfolio Overlay Fund

Page 30

Notes to the Financial Statements (continued) for the year ended 30 April 2026

Interest rate risk (continued) The table below details the interest rate risk profile at the balance sheet date:

30.04.26 30.04.25 £ £

Financial assets floating rate 14,768,780 10,558,468 Financial assets interest bearing instruments 225,406,434 188,756,246 Financial assets non-interest bearing instruments 850,749,742 639,098,851 Financial liabilities non-interest bearing instruments (3,602,883) (2,931,558) Financial liabilities floating rate – (2,924,852)

1,087,322,073 832,557,155

At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net assets attributable to shareholders of the Sub-fund would increase or decrease by approximately £36,922 (30 April 2025: £19,084).

Maturity of financial liabilities The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.

Liquidity risk The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of any shares that the investors wish to sell. Assets of the Sub-fund may need to be sold if insufficient cash is available to finance such r edemptions.

Credit risk Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t he investment for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve stments through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition, limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar e reviewed.

Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that cash is held with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col lectives that invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.

Fair value disclosure The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities . The highest priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev els in these financial statements are as follows:

Level 1: Unadjusted quoted price in an active market for an identical instrument;

Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;

Level 3: Valuation techniques using unobservable inputs.

Valuation technique 30.04.26 30.04.25 Assets Liabilities Assets Liabilities (£000's) (£000's) (£000's) (£000's) Level 1 144,662 – 52,969 Level 2 927,510 – 772,708 Level 3 – – – 1,072,172 – 825,677 –

MI Active Portfolio Overlay Fund

Page 31

Notes to the Financial Statements (continued) for the year ended 30 April 2026

11. Shares held

C Class (Institutional) Accumulation

Opening shares at 01.05.2025 444,755,354 Shares issued during the year 119,262,365 Shares cancelled during the year (85,170,469) Shares converted during the year Closing shares as at 30.04.2026 478,847,250

12. Contingent assets and liabilities At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).

13. Post balance sheet events There were no notifiable events post the year end balance sheet date.

14. Direct transactions costs For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T herefore the direct transaction costs on purchases, sales and overall are all 0.00%.

15. Portfolio dealing spread

The average portfolio dealing spread at 30 April 2026 is 0.04% (30 April 2025: 0.02%).

16. Related party transactions

Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.

Amounts paid to the ACD and its associates are disclosed in note 4. The amounts due to the ACD and its associates at the balanc e sheet date are disclosed in note 9.

MI Active Portfolio Overlay Fund

Page 32

MI Active Portfolio Overlay Fund

Distribution Tables for the year ended 30 April 2026

Accumulation Share Distributions Share class Distribution Shares Net Equalisation Distribution Distribution revenue 31.08.2026 29.08.2025 31.08.2026 p p p p C Final Group 1 3.3879 – 3.3879 2.7014 Group 2 1.8748 1.5131 3.3879 2.7014

Final distribution in pence per share Group 1: Shares purchased prior to 1 May 2025 Group 2: Shares purchased on or after 1 May 2025 and on or before 30 April 2026

Page 33

Sub-fund Overview

Name of Sub-fund MI Aggressive Portfolio Overlay Fund (formerly VT Aggressive Portfolio Overlay Fund)

Size of Sub-fund £388,667,574

Launch date 07 December 2015

Investment objective and policy The objective of the Sub-fund is to provide returns over a period of at least 8 years by a combination of capital growth and in come generation.

The Investment Manager will manage the portfolio in order to achieve its investment objective by investing at least 70% in coll ective investment schemes such as unit trusts, OEICs and other UCITS Sub-funds and closed ended schemes.

The Sub-fund will seek exposure to a diverse (by geography and sector) portfolio of assets, with the overall portfolio having a focus on shares in companies.

One measure of risk is the proportion invested in the riskiest assets, such as shares in companies. For this Sub-fund, over per iods of at least 8 years, in normal market conditions it is expected that the proportion of the Sub-fund exposed to shares (directly an d indirectly) will be approximately 85%.

In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by more than ±12.5%.

To the extent not invested in shares, other underlying assets in the portfolio (to which there will be indirect exposure) may i nclude government and corporate bonds (including investment grade and high yield bonds), commodities, property, hedge fund strategies, private equity and derivatives. Some of these investments will be denominated in foreign currencies which may or may not be hed ged back to Pounds Sterling.

The Sub-fund may also invest, at the ACD’s discretion, directly in other transferable securities including shares and bonds, mo ney market instruments (such as money market Sub-funds or government treasury bills), cash and near cash, deposits and any other permitted asset type deemed appropriate to meet the investment objective.

The Sub-fund may temporarily depart from this investment policy in response to the Investment Manager’s perception of extraordi nary market or political conditions. During these periods and for as long as the Investment Manager deems it necessary, the Sub-fund may adjust the stated percentages with a view to avoiding losses.

Derivatives The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.

Final accounting date 30 April

Interim accounting date 31 October

Distribution date 31 August

MI Aggressive Portfolio Overlay Fund

Page 34

Sub-fund Overview (continued)

ISA status Qualifying Investment for stocks and shares ISA – however direct ISA investment is not currently available.

Class of shares C Class (Institutional) Accumulation

Initial charge 0% (of the amount invested by an investor)

Redemption charge 0%

Annual management charge C Class (Institutional) Accumulation 0.25%

Minimum initial investment £2,500,000

Minimum subsequent investment £1,000,000

Minimum holding £1,000,000

Minimum redemption None

Regular savings plan N/A

Regular withdrawal facility N/A

Investment in this Sub-fund is restricted to investors who are investing through the Tatton Investment Management discretionary management proposition.

MI Aggressive Portfolio Overlay Fund

Page 35

Investment Manager’s Review for the year ended 30 April 2026

Investment review All data is sourced from Morningstar Direct as at 30 April 2026.

The MI Aggressive Portfolio Overlay C Acc returned 4.71% in the six months to 30 April 2026. The IA Flexible Investment benchma rk returned 3.21% meaning the fund outperformed by 1.5% over the period.

Over the last 12-months to 30 April 2026, the MI Aggressive Portfolio Overlay C Acc has returned 23.94%. The IA Flexible Invest ment reference index returned 19.35%, meaning the fund outperformed by 4.59% over the period.

The fund’s positioning was changed on 8 May 2025. The portfolio’s asset class distribution was revised; Bonds were increased an d Equities were decreased. Adjustments were made to the sub-asset class allocations; Europe Equity was increased, North America E quity was decreased and Strategic Bond was increased. Updates were made to the portfolio’s fund managers; Artemis US Select Fund was decreased, HSBC American Index Fund was decreased, HSBC European Index Fund was increased and iShares MSCI Europe Mid Cap ETF was removed.

MI Aggressive Portfolio Overlay Fund

Page 36

Investment Manager’s Review (continued) for the year ended 30 April 2026

The fund’s positioning was changed on 11 July 2025. The fund’s asset allocation was updated; Bonds were decreased and Equities were increased. During this update, sub-asset allocations were amended; Government Bond was decreased, North America Equity was increased and Strategic Bond was decreased. Manager positions were updated; HSBC American Index Fund was increased, HSBC Global Aggregate Bond UCITS ETF was decreased and HSBC Global Government Bond UCITS ETF was decreased.

The portfolio was updated on 12 August 2025. Sub-asset allocation was changed; Japan Equity was decreased, North America Equity was increased and UK Equity was decreased. Fund managers within the portfolio were adjusted; Amundi IS Prime Japan was added, Dimensional Global Ultra Short Fixed Income Fund was removed, HSBC American Index Fund was decreased, Schroder Recovery Fund was removed and State Street SPDR S&P500 Quality Aristocrats ETF was added.

The portfolio was updated on 30 October 2025. Changes were made to manager positioning; HSBC Global Government Bond UCITS ETF was increased, SVM UK Opportunities Fund was removed, iShares $ Treasury Bond 20+y ETF was removed and RGI UK Opportunities Fund was added.

The portfolio underwent an update on 3 November 2025. During this update, fund manager allocations were amended; Barings Emerging Markets Debt Blended Total Return Fund was removed, iShares UK Equity Index Fund (UK) was decreased, Emerging Markets Debt Opportunities Fund was added and Jupiter UK Dynamic Equity Fund was added.

On 2 December 2025 the portfolio was updated. During this update, fund manager allocations were amended; the iShares UK Equity Index Fund (UK) share class was changed.

The portfolio underwent an update on 12 January 2026. The portfolio’s fund manager allocations were updated; Dimensional Global Ultra Short Fixed Income Fund was added and Neuberger Berman Uncorrelated Strategies Fund was removed.

On 25 March 2026, changes were made to the portfolio. The asset allocation blend was adjusted; Bonds were decreased and Equitie s were increased. Updates were made to the sub-asset class split; High Yield Bond was removed, Japan Equity was decreased and UK Equity was increased.

Tatton Investment Management Limited Investment Manager to the Fund May 2026

MI Aggressive Portfolio Overlay Fund

Page 37

Performance Record

Financial Highlights

C Class (Institutional) Accumulation 30.04.26 30.04.25 30.04.24 p p p Opening net asset value per share 209.0314 203.3248 179.9293 Return before operating charges 51.1255 6.6344 24.4111 Operating charges (note 1) (1.1501) (0.9278) (1.0156) Return after operating charges 49.9754 5.7066 23.3955 Closing net asset value per share 259.0068 209.0314 203.3248 Retained distributions on accumulated shares 3.8304 3.2517 3.7711 After direct transactions costs of – – Performance Return after charges 23.91% 2.81% 13.00% Other information Closing net asset value £388,667,574 £270,757,370 £224,894,950 Closing number of shares 150,060,759 129,529,505 110,608,737 Operating charges (note 2) 0.49% 0.45% 0.53% Direct transaction costs 0.00% 0.00% 0.00% Prices Highest share price 262.2699 227.1923 205.4476 Lowest share price 209.0314 196.6846 177.1665

Risk and Reward Profile

Typically lower rewards, Typically higher rewards, lower risk higher risk

Based on past data, the Sub-fund is ranked a ‘5’ on the synthetic risk and reward indicator scale (of 1 to 7) as described full y in the Key Investor Information Document (30 April 2025: ranked 5). The Sub-fund is ranked ‘5’ because weekly historical performance data indicates that relatively high rises and falls in market prices would have occurred historically. The higher the rank, the grea ter the potential reward but the greater the risk of losing money.

MI Aggressive Portfolio Overlay Fund

1 2 3 4 5 6 7

Page 38

Portfolio Statement as at 30 April 2026

Market % of total value net assets Holding Investment £ 2026

Collective Investment Schemes (30.04.2025: 92.11%) 3,789,661 Artemis US Select Fund 19,908,226 5.12% 5,872,425 AXA Framlington UK Mid Cap Fund 7,328,786 1.89% 6,564 Baring Hong Kong China Fund 7,435,664 1.91% 20,217,243 BNY Mellon US Equity Income Fund 22,548,291 5.80% 149,926 Dimensional Global Ultra Short Fixed Income Fund 1,845,589 0.47% 14,188,555 ES Alliance Bernstein Concentrated US Equity Fund 25,241,439 6.49% 2,889,230 FTF Brandywine Global Income Optimiser Fund 3,750,221 0.96% 1,243,975 Goldman Sachs EM Ex-China CORE® Equity Fund 23,797,242 6.12% 92,467 Harrington Cooper Snyder US All Cap Equity Fund 13,734,094 3.53% 2,265,903 HSBC American Index Fund 34,600,344 8.90% 764,867 HSBC European Index Fund 13,201,605 3.40% 2,136,469 Invesco Perpetual UK Enhanced Index Fund 21,308,504 5.48% 9,118,454 iShares UK Equity Index Fund 36,498,964 9.39% 301,928 Janus Henderson Global Multi-Strategy Fund 3,736,691 0.96% 2,044,159 JPM Europe Dynamic ex-UK Fund 9,863,065 2.54% 705,428 JPM Japan Fund 3,290,114 0.85% 5,252,966 Jupiter Merian North American Equity Fund 30,730,379 7.91% 3,030,428 Jupiter UK Special Situations Fund 13,356,913 3.44% 1,721,750 Liontrust European Dynamic Fund 8,196,646 2.11% 320,163 Loomis Sayles Global Opportunistic Bond Fund 3,656,259 0.94% 3,034,021 M&G Japan Fund 6,782,251 1.75% 135,941 Morgan Stanley Emerging Markets Debt Opportunities Fund 3,802,270 0.98% 1,503,057 RGI UK Opportunities Fund 12,638,005 3.25% 34,476 Vanguard Global Credit Bond Fund 3,720,322 0.96%

330,971,884 85.15%

Exchange Traded Funds (30.04.2025: 6.95%) 96,549 Amundi MSCI Pacific Ex Japan UCITS ETF 8,618,929 2.22% 104,258 Amundi Prime Japan UCITS ETF 3,044,334 0.78% 852,561 HSBC Global Aggregate Bond UCITS ETF 8,611,290 2.22% 1,414,990 HSBC Global Government Bond UCITS ETF 14,713,916 3.79% 1,971,830 State Street SPDR S&P 500 Quality Aristocrats UCITS ETF 17,396,914 4.47%

52,385,383 13.48%

Portfolio of investments (30.04.2025: 99.06%) 383,357,267 98.63% Net other assets (30.04.2025: 0.94%) 5,310,307 1.37%

388,667,574 100.00%

MI Aggressive Portfolio Overlay Fund

Page 39

Summary of Material Portfolio Changes

£ Total purchases for the year (note 14) 229,347,016

iShares UK Equity Index Fund 36,438,127 State Street SPDR S&P 500 Quality Aristocrats UCITS ETF 16,338,336 HSBC Global Government Bond UCITS ETF 15,962,617 Jupiter UK Special Situations Fund 12,942,048 HSBC European Index Fund 12,555,512 HSBC American Index Fund 11,764,303 HSBC Global Aggregate Bond UCITS ETF 11,300,084 BNY Mellon US Equity Income Fund 10,213,944 iShares UK Equity Index Fund 9,575,716 ES Alliance Bernstein Concentrated US Equity Fund 9,509,844 Various other purchases 82,746,485

£ Total sales for the year (note 14) 185,088,577

iShares UK Equity Index Fund 40,004,091 HSBC American Index Fund 12,419,148 HSBC Global Aggregate Bond UCITS ETF 11,668,386 M&G Japan Fund 11,030,167 HSBC Global Government Bond UCITS ETF 10,380,616 iShares $ Treasury Bond 20+yr ETF 9,195,502 Schroder Recovery Fund 8,630,304 Goldman Sachs EM Ex-China CORE® Equity Fund 8,523,361 iShares MSCI Europe Mid Cap UCITS ETF 7,054,601 JPM Japan Fund 6,160,102 Various other sales 60,022,299

The above transactions represent all the purchases and sales during the year.

MI Aggressive Portfolio Overlay Fund

Page 40

Statement of Total Return for the year ended 30 April 2026

30.04.26 30.04.25 Note £ £ £ £ Income Net capital 2 65,045,312 2,036,212 Revenue 3 6,455,739 4,469,786 Expenses 4 (996,378) (750,409)

Interest payable and similar charges 4 (24,491) (29,269)

Net revenue before taxation 5,434,870 3,690,108

Taxation 5 (233,741) (113,076)

Net revenue after taxation 5,201,129 3,577,032

Total return before distributions 70,246,441 5,613,244

Distributions 6 (5,495,994) (3,931,310)

Change in net assets attributable to Shareholders from investment activities 64,750,447 1,681,934

Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 April 2026 30.04.26 30.04.25 £ £ £ £ Opening net assets attributable to Shareholders 270,783,027 224,894,949

Amounts receivable on creation of shares 119,747,227 87,246,172

Amounts payable on cancellation of shares (72,361,053) (47,251,967)

47,386,174 39,994,205

Change in net assets attributable to Shareholders from investment activities (see above) 64,750,447 1,681,934

Accumulation distributions retained 5,747,926 4,211,939

Closing net assets attributable to Shareholders 388,667,574 270,783,027

MI Aggressive Portfolio Overlay Fund

Page 41

Balance Sheet as at 30 April 2026

30.04.26 30.04.25 Note £ £ £ £ ASSETS Investments assets 383,357,267 268,245,852

Current assets Debtors 7 1,321,981 899,311 Cash and bank balances 8 5,166,680 2,622,883

Total current assets 6,488,661 3,522,194

Total assets 389,845,928 271,768,046

Current liabilities Bank overdraft 8 – (359,645) Creditors 9 (1,178,354) (625,374)

Total current liabilities (1,178,354) (985,019)

Net assets attributable to Shareholders 388,667,574 270,783,027

MI Aggressive Portfolio Overlay Fund

Page 42

Notes to the Financial Statements for the year ended 30 April 2026

1. Accounting policies

The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.

2. Net capital gains 30.04.26 30.04.25 £ £ The net capital gains comprise: Non-derivative securities gains/(losses): realised 21,136,301 8,583,206 Non-derivative securities (losses)/gains : unrealised 43,999,115 (6,544,848) Foreign currency gains/(losses) (112,642) 1 Transaction charges (custodian) 707 (3,334) Rebates from underlying holdings 21,831 1,187

Total net capital gains 65,045,312 2,036,212

3. Revenue 30.04.26 30.04.25 £ £

Non-taxable dividends 4,287,997 2,764,746 Annual payment from UK CIS 3,285 25,771 Interest from non-derivative securities 1,186,301 767,390 Rebates from underlying holdings 827,072 757,376 Bank interest 151,084 154,503

Total revenue 6,455,739 4,469,786

4. Expenses 30.04.26 30.04.25 £ £ Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and agents of either of them: Annual management charge 856,879 641,543

Payable to the depositary, associates of the depositary, and agents of either of them: Depositary’s fee 70,009 54,948 Safe custody fee 29,115 22,610

99,124 77,558 Other expenses: Audit fee* 9,720 8,150 Legal fee 4,500 Other expenses 26,155 23,018

40,375 31,308

Expenses 996,378 750,409

Interest payable and similar charges 24,491 29,269

Total 1,020,869 779,678

*The auditor’s remuneration is made of Audit fees of £8,100 plus irrecoverable VAT of £1,620 (2025: Audit fees of £6,792 plus irrecoverable VAT of £1,358).

MI Aggressive Portfolio Overlay Fund

Page 43

Notes to the Financial Statements (continued) for the year ended 30 April 2026

5. Taxation 30.04.26 30.04.25 £ £

(a) Analysis of charge in the year UK corporation tax 233,741 113,076

Total tax charge for the year (note 5b) 233,741 113,076

Corporation tax at 20.00% (2025: 20.00%) 1,086,974 738,022 Effects of: Revenue not subject to UK corporation tax (857,599) (552,949) Tax effect of rebates in capital 4,366 237 Excess management expenses (utilised) – (72,234)

Total tax charge for the year (note 5a) 233,741 113,076

At 30 April 2026 there is a potential deferred tax asset of £nil (30 April 2025: £nil) in relation to surplus management expens es.

6. Distributions 30.04.26 30.04.25 £ £

Final dividend distribution 5,747,926 4,211,939

5,747,926 4,211,939 Add: Revenue deducted on cancellation of shares 596,366 379,314 Deduct: Revenue received on creation of shares (848,298) (659,943)

Distributions 5,495,994 3,931,310

Reconciliation of distributions Net revenue after taxation 5,201,129 3,577,032 Equalisation from collectives allocated to revenue 232,668 405,204 Marginal tax relief on rebates in capital – 237 Capital corporation tax 4,366 Balance brought forward 57,743 6,580 Balance carried forward 88 (57,743)

Net distribution for the year 5,495,994 3,931,310

MI Aggressive Portfolio Overlay Fund

Page 44

Notes to the Financial Statements (continued) for the year ended 30 April 2026

7. Debtors 30.04.26 30.04.25 £ £

Amounts receivable on creation of shares 1,011,151 717,645 Accrued revenue: Rebates from underlying holdings 308,103 176,449 Income tax recoverable 657 5,154 Bank interest receivable 2,070 Prepayments – 63

Total debtors 1,321,981 899,311

8. Cash and bank balances 30.04.26 30.04.25 £ £

Cash and bank balances 5,166,680 2,622,883 Bank overdraft – (359,645)

Total 5,166,680 2,263,238

9. Creditors 30.04.26 30.04.25 £ £

Amounts payable on cancellation of shares 942,478 413,990 Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and agents of either of them: Annual management charge 78,901 54,481

Payable to the depositary, associates of the depositary, and agents of either of them: Depositary fee 6,420 4,808 Safe custody and other custodian charges 2,187 29,000

8,607 33,808

Other expenses: UK corporation tax 132,714 113,076 Audit fee* 9,720 7,862 Other accrued expenses 5,934 2,157

148,368 123,095

Total creditors 1,178,354 625,374

*The auditor’s remuneration is made of Audit fees of £8,100 plus irrecoverable VAT of £1,620 (2025: Audit fees of £6,552 plus irrecoverable VAT of £1,310).

MI Aggressive Portfolio Overlay Fund

Page 45

Notes to the Financial Statements (continued) for the year ended 30 April 2026

10. Risk management policies In pursuing its investment objective as stated on page 28, the Sub-fund holds a number of financial instruments. The Sub-fund’s financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from its operat ions, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for redemptions a nd debtors for accrued revenue.

The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the investment objective and policy as set out in the Prospectus.

If market prices at the Balance Sheet date had been 10% higher or lower while all other variables remained constant, the return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £38,335,727 (30 April 2025: £26,824,585).

Foreign currency risk Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in foreign currency exchange rates.

Net currency assets and liabilities consist of: Net monetary Non-monetary Total net assets and liabilities assets assets £ £ £ £ £ £ 30.04.26 30.04.25 30.04.26 30.04.25 30.04.26 30.04.25 Sterling 5,310,307 2,537,175 365,960,353 261,337,816 371,270,660 263,874,991 EUR – – – 6,908,036 – 6,908,036 USD – – 17,396,914 – 17,396,914 5,310,307 2,537,175 383,357,267 268,245,852 388,667,574 270,783,027

MI Aggressive Portfolio Overlay Fund

Page 46

Notes to the Financial Statements (continued) for the year ended 30 April 2026

Interest rate risk (continued) The table below details the interest rate risk profile at the balance sheet date:

30.04.26 30.04.25 £ £

Financial assets floating rate 5,166,680 2,622,883 Financial assets interest bearing instruments 43,836,558 39,478,970 Financial assets non-interest bearing instruments 340,842,690 229,666,193 Financial liabilities non-interest bearing instruments (1,178,354) (625,374) Financial liabilities floating rate – (359,645)

388,667,574 270,783,027

Maturity of financial liabilities The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.

Level 1: Unadjusted quoted price in an active market for an identical instrument;

Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;

Level 3: Valuation techniques using unobservable inputs.

Valuation technique 30.04.26 30.04.25 Assets Liabilities Assets Liabilities (£000’s) (£000’s) (£000’s) (£000’s) Level 1 52,385 – 18,817 Level 2 330,972 – 249,429 Level 3 – – – 383,357 – 268,246 –

MI Aggressive Portfolio Overlay Fund

Page 47

Notes to the Financial Statements (continued) for the year ended 30 April 2026

11. Shares held

C Class (Institutional) Accumulation

Opening shares at 01.05.2025 129,529,505 Shares issued during the year 50,529,874 Shares cancelled during the year (29,998,620) Shares converted during the year Closing shares as at 30.04.2026 150,060,759

12. Contingent assets and liabilities At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).

13. Post balance sheet events There were no notifiable events post the year end balance sheet date.

15. Portfolio dealing spread

The average portfolio dealing spread at 30 April 2026 is 0.06% (30 April 2025: 0.02%).

16. Related party transactions

Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.

Amounts paid to the ACD and its associates are disclosed in note 4. The amounts due to the ACD and its associates at the balanc e sheet date are disclosed in note 9.

MI Aggressive Portfolio Overlay Fund

Page 48

Distribution Tables for the year ended 30 April 2026

Accumulation Share Distributions Share class Distribution Shares Net Equalisation Distribution Distribution revenue 31.08.2026 29.08.2025 31.08.2026 p p p p C Final Group 1 3.8304 – 3.8304 3.2517 Group 2 2.0858 1.7446 3.8304 3.2517

Final distribution in pence per share Group 1: Shares purchased prior to 01 May 2025 Group 2: Shares purchased on or after 01 May 2025 and on or before 30 April 2026

MI Aggressive Portfolio Overlay Fund

Page 49

Sub-fund Overview

Name of Sub-fund MI Balanced Portfolio Overlay Fund (formerly VT Balanced Portfolio Overlay Fund)

Size of Sub-fund £1,630,099,545

Launch date 07 December 2015

Investment objective and policy The objective of the Sub-fund is to maximise potential total return (i.e. capital and income growth).

In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by more than ± 12.5%.

Derivatives The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.

Final accounting date 30 April

Interim accounting date 31 October

Distribution date 31 August

ISA status Qualifying Investment for stocks and shares ISA – however direct ISA investment is not currently available.

MI Balanced Portfolio Overlay Fund

Page 50

Sub-fund Overview (continued)

Class of shares C Class (Institutional) Accumulation

Initial charge 0% (of the amount invested by an investor)

Redemption charge 0%

Annual management charge C Class (Institutional) Accumulation 0.25%

Minimum initial investment £2,500,000

Minimum subsequent investment £1,000,000

Minimum holding £1,000,000

Minimum redemption None

Regular savings plan N/A

Regular withdrawal facility N/A

Investment in this Sub-fund is restricted to investors who are investing through the Tatton Investment Management discretionary management proposition.

MI Balanced Portfolio Overlay Fund

Page 51

Investment Manager’s Review for the year ended 30 April 2026

Investment review All data is sourced from Morningstar Direct as at 30 April 2026.

The MI Balanced Portfolio Overlay C Acc returned 3.49% in the six months to 30 April 2026. The IA Mixed Investment 40-85% Share s benchmark returned 3.14% meaning the fund outperformed by 0.35% over the period.

Over the last 12-months to 30 April 2026, the MI Balanced Portfolio Overlay C Acc has returned 17.7%. The IA Mixed Investment 4 085% Shares reference index returned 17.89%, meaning the fund underperformed by -0.19% over the period.

The portfolio was updated on 8 May 2025. Changes were implemented in the asset class allocations; Bonds were increased and Equi ties were decreased. Sub-asset allocation was changed; North America Equity was decreased and Strategic Bond was increased. One manager selection change was made; iShares MSCI Europe Mid Cap ETF was removed.

The portfolio was updated on 11 July 2025. Asset allocation was changed; Bonds were decreased and Equities were increased. The fund’s sub-asset allocation was updated; Government Bond was decreased, North America Equity was increased and Strategic Bond was decreased. Changes were made to manager positioning; HSBC American Index Fund was increased, HSBC Global Aggregate Bond UCITS ETF was decreased and HSBC Global Government Bond UCITS ETF was decreased.

MI Balanced Portfolio Overlay Fund

Page 52

Investment Manager’s Review (continued) for the year ended 30 April 2026

Some changes to the portfolio were implemented on 12 August 2025. Updates were made to the sub-asset class split; Emerging Mark et Bond was increased, Government Bond was increased, North America Equity was increased and Strategic Bond was decreased. During this update, fund manager allocations were amended; Amundi Prime Japan was added, Dimensional Global Ultra Short Fixed Inc Fund was removed, HSBC Global Aggregate Bond UCITS ETF was decreased, HSBC Global Emerging Market Government Bond Index Fund was added, Loomis Sayles Global Opportunistic Bond Fund was decreased, Schroder Recovery Fund was removed and State Street SPDR S&P500 Quality Aristocrats ETF was added.

The portfolio underwent an update on 30 October 2025. Some manager changes were made; HSBC Global Government Bond UCITS ETF was increased, SVM UK Opportunities Fund was removed, iShares $ Treasury Bond 20+y ETF was removed and RGI UK Opportunities Fund was added.

On 3 November 2025 the portfolio was updated. The portfolio’s fund manager allocations were updated; Barings Emerging Markets Debt Blended Total Return Fund was removed, HSBC Global Emerging Market Government Bond Index Fund was removed, iShares UK Equity Index Fund (UK) was decreased, Emerging Markets Debt Opportunities Fund was added and Jupiter UK Dynamic Equity Fund was added.

The fund’s positioning was changed on 2 December 2025. During this update, fund manager allocations were amended; the iShares UK Equity Index Fund (UK) share class was changed.

An update to the portfolio was made on 12 January 2026. The fund’s asset allocation was updated; Alternatives were decreased an d Bonds were increased. The portfolio’s sub-asset class distribution was revised; Alternative was decreased and IG Bond was incre ased. One manager selection change was made; Dimensional Global Ultra Short Fixed Income Fund was added.

On 25 March 2026 the portfolio was updated. The asset allocation blend was adjusted; Bonds were decreased and Equities were increased. A sub-asset allocation change was made; UK Equity was increased.

Tatton Investment Management Limited Investment Manager to the Fund May 2026

MI Balanced Portfolio Overlay Fund

Page 53

Performance Record

Financial Highlights

C Class (Institutional) Accumulation 30.04.26 30.04.25 30.04.24 p p p Opening net asset value per share 170.1815 163.9209 150.6129 Return before operating charges 31.0130 7.0959 14.1415 Operating charges (note 1) (0.9159) (0.8353) (0.8335) Return after operating charges 30.0971 6.2606 13.3080 Closing net asset value per share 200.2786 170.1815 163.9209 Retained distributions on accumulated shares 3.0363 2.6241 3.8123 After direct transactions costs of – – Performance Return after charges 17.69% 3.82% 8.84% Other information Closing net asset value £1,630,099,545 £1,335,370,730 £1,272,654,639 Closing number of shares 813,916,051 784,674,554 776,383,284 Operating charges (note 2) 0.49% 0.50% 0.53% Direct transaction costs 0.00% 0.00% 0.00% Prices Highest share price 203.0195 179.7114 165.8777 Lowest share price 170.1815 162.7636 146.7018

Risk and Reward Profile

Typically lower rewards, Typically higher rewards, lower risk higher risk

Based on past data, the Sub-fund is ranked a ‘4’ on the synthetic risk and reward indicator scale (of 1 to 7) as described full y in the Key Investor Information Document (30 April 2025: ranked 4). The Sub-fund is ranked ‘4’ because weekly historical performance data indicates that relatively high rises and falls in market prices would have occurred historically. The higher the rank, the grea ter the potential reward but the greater the risk of losing money.

MI Balanced Portfolio Overlay Fund

1 2 3 4 5 6 7

Page 54

Portfolio Statement as at 30 April 2026

Market % of total value net assets Holding Investment £ 2026

Collective Investment Schemes (30.04.2025: 94.27%) 11,727,861 Artemis US Select Fund 61,609,970 3.78% 15,680,103 AXA Framlington UK Mid Cap Fund 19,568,769 1.20% 22,639 Baring Hong Kong China Fund 25,644,316 1.57% 57,701,716 BNY Mellon US Equity Income Fund 64,354,724 3.95% 147,998 Cheyne Global Credit Fund 18,203,774 1.12% 2,153,990 Dimensional Global Ultra Short Fixed Income Fund 26,515,616 1.63% 43,620,248 ES Alliance Bernstein Concentrated US Equity Fund 77,600,421 4.76% 34,471,904 FTF Brandywine Global Income Optimiser Fund 44,744,532 2.74% 4,057,581 Goldman Sachs EM Ex-China CORE® Equity Fund 77,621,525 4.76% 282,333 Harrington Cooper Snyder US All Cap Equity Fund 41,934,871 2.57% 6,460,026 HSBC American Index Fund 98,644,603 6.05% 2,663,226 HSBC European Index Fund 45,967,286 2.82% 7,661,395 Invesco Perpetual UK Enhanced Index Fund 76,412,460 4.69% 25,783,816 iShares UK Equity Index Fund 103,206,377 6.33% 2,544,068 Janus Henderson Global Multi-Strategy Fund 31,485,646 1.93% 7,286,905 JPM Europe Dynamic ex-UK Fund 35,159,315 2.16% 2,105,495 JPM Japan Fund 9,820,027 0.60% 15,373,918 Jupiter Merian North American Equity Fund 89,938,959 5.52% 9,517,747 Jupiter UK Special Situations Fund 41,950,422 2.57% 6,771,804 Liontrust European Dynamic Fund 32,238,177 1.98% 3,839,675 Loomis Sayles Global Opportunistic Bond Fund 43,849,084 2.69% 8,428,810 M&G Japan Fund 18,841,761 1.16% 2,284,264 Morgan Stanley Emerging Markets Debt Opportunities Fund 63,890,878 3.92% 4,529,557 RGI UK Opportunities Fund 38,085,422 2.34% 205,513 Robeco QI Dynamic High Yield Fund 27,818,248 1.71% 247,301 Vanguard Global Credit Bond Institutional Fund 26,686,034 1.64% 507,064 Vanguard UK Long Duration Gilt Index Institutional Fund 42,833,172 2.63%

1,284,626,389 78.81%

Exchange Traded Funds (30.04.2025: 4.81%) 206,671 Amundi MSCI Pacific Ex Japan UCITS ETF 18,449,520 1.13% 302,990 Amundi Prime Japan UCITS ETF 8,847,309 0.54% 8,329,985 HSBC Global Aggregate Bond UCITS ETF 84,137,018 5.16% 2,948,217 HSBC Global Corporate Bond UCITS ETF 34,434,881 2.11% 12,769,726 HSBC Global Government Bond UCITS ETF 132,787,275 8.15% 5,371,937 State Street SPDR S&P 500 Quality Aristocrats UCITS ETF 47,395,124 2.91%

326,051,127 20.00%

Portfolio of investments (30.04.2025: 99.08%) 1,610,677,516 98.81% Net other assets (30.04.2025: 0.92%) 19,422,029 1.19%

1,630,099,545 100.00%

MI Balanced Portfolio Overlay Fund

Page 55

Summary of Material Portfolio Changes

£ Total purchases for the year (note 14) 811,533,214

iShares UK Equity Index Fund 96,831,025 HSBC Global Government Bond UCITS ETF 66,895,063 Morgan Stanley Emerging Markets Debt Opportunities Fund 62,082,953 State Street SPDR S&P 500 Quality Aristocrats UCITS ETF 44,891,412 Jupiter UK Special Situations Fund 40,638,467 HSBC Global Aggregate Bond UCITS ETF 39,993,146 HSBC American Index Fund 38,233,220 HSBC European Index Fund 33,394,450 Dimensional Global Ultra Short Fixed Income Fund 33,102,236 Vanguard UK Long Duration Gilt Index Fund 31,400,407 Various other purchases 324,070,835

£ Total sales for the year (note 14) 769,097,812

iShares UK Equity Index Fund 118,673,024 HSBC Global Aggregate Bond UCITS ETF 89,046,174 HSBC Global Government Bond UCITS ETF 46,028,074 M&G Japan Fund 40,584,101 Loomis Sayles Global Opportunistic Bond Fund 37,783,345 Neuberger Berman Uncorrelated Strategies Fund 37,673,844 HSBC American Index Fund 33,759,933 Artemis US Select Fund 32,367,213 iShares $ Treasury Bond 20+yr ETF 30,568,211 Barings Emerging Markets Debt Blended Total Return Fund 30,423,735 Various other sales 272,190,158

The above transactions represent all the purchases and sales during the year.

MI Balanced Portfolio Overlay Fund

Page 56

Statement of Total Return for the year ended 30 April 2026

30.04.26 30.04.25 Note £ £ £ £ Income Net capital 2 216,757,956 30,312,986 Revenue 3 30,596,526 27,485,656 Expenses 4 (4,250,390) (3,765,899)

Interest payable and similar charges 4 (186,477) (370,812)

Net revenue before taxation 26,159,659 23,348,945

Taxation 5 (2,503,546) (2,454,127)

Net revenue after taxation 23,656,113 20,894,818

Total return before distributions 240,414,069 51,207,804

Distributions 6 (24,400,535) (20,547,970)

Change in net assets attributable to Shareholders from investment activities 216,013,534 30,659,834

Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 April 2026 30.04.26 30.04.25 £ £ £ £ Opening net assets attributable to Shareholders 1,335,315,338 1,271,417,382

Amounts receivable on creation of shares 308,957,635 298,042,954

Amounts payable on cancellation of shares (254,899,607) (285,395,700)

54,058,028 12,647,254

Change in net assets attributable to Shareholders from investment activities (see above) 216,013,534 30,659,834

Accumulation distributions retained 24,712,645 20,590,868

Closing net assets attributable to Shareholders 1,630,099,545 1,335,315,338

MI Balanced Portfolio Overlay Fund

Page 57

Balance Sheet as at 30 April 2026

30.04.26 30.04.25 Note £ £ £ £ ASSETS Investments assets 1,610,677,516 1,323,077,742

Current assets Debtors 7 3,983,177 4,819,792 Cash and bank balances 8 20,881,231 17,203,119

Total current assets 24,864,408 22,022,911

Total assets 1,635,541,924 1,345,100,653

Current liabilities Bank overdraft 8 (875,892) (5,752,919) Creditors 9 (4,566,487) (4,032,396)

Total current liabilities (5,442,379) (9,785,315)

Net assets attributable to Shareholders 1,630,099,545 1,335,315,338

MI Balanced Portfolio Overlay Fund

Page 58

Notes to the Financial Statements for the year ended 30 April 2026

1. Accounting policies

The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.

2. Net capital gains 30.04.26 30.04.25 £ £ The net capital gains comprise: Non-derivative securities gains/(losses): realised 85,155,183 52,112,826 Non-derivative securities (losses)/gains : unrealised 131,659,612 (21,795,437) Foreign currency (losses) (169,918) Transaction charges (custodian) 1,185 (3,218) Rebates from underlying holdings 111,894 (1,185)

Total net capital gains 216,757,956 30,312,986

3. Revenue 30.04.26 30.04.25 £ £

Non-taxable dividends 13,753,824 11,077,129 Annual Payment from UK CIS 10,650 78,376 Interest from non-derivative securities 13,148,261 12,551,473 Rebates from underlying holdings 2,889,382 2,800,886 Bank interest 794,409 977,792

Total revenue 30,596,526 27,485,656

4. Expenses 30.04.26 30.04.25 £ £ Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and agents of either of them: Annual management charge 3,780,567 3,348,329

Payable to the depositary, associates of the depositary, and agents of either of them: Depositary’s fee 279,865 249,878 Safe custody fee 129,058 117,509

408,923 367,387 Other expenses: Audit fee* 9,720 8,150 Legal fee 4,500 Other expenses 46,680 42,033

60,900 50,183

Expenses 4,250,390 3,765,899

Interest payable and similar charges 186,477 370,812

Total 4,436,867 4,136,711

*The auditor’s remuneration is made of Audit fees of £8,100 plus irrecoverable VAT of £1,620 (2025: Audit fees of £6,792 plus irrecoverable VAT of £1,358).

MI Balanced Portfolio Overlay Fund

Page 59

Notes to the Financial Statements (continued) for the year ended 30 April 2026

5. Taxation 30.04.26 30.04.25 £ £

(a) Analysis of charge in the year UK corporation tax 2,503,546 2,454,127

Total tax charge for the year (note 5b) 2,503,546 2,454,127

Corporation tax at 20.00% (2025: 20.00%) 5,231,932 4,669,789 Effects of: Revenue not subject to UK corporation tax (2,750,765) (2,215,426) Tax effect of rebates in capital 22,379 (236)

Total tax charge for the year (note 5a) 2,503,546 2,454,127

At 30 April 2026 there is a potential deferred tax asset of £nil (30 April 2025: £nil) in relation to surplus management expens es.

6. Distributions 30.04.26 30.04.25 £ £

Final dividend distribution 24,712,645 20,590,868

24,712,645 20,590,868 Add: Revenue deducted on cancellation of shares 1,796,594 1,766,590 Deduct: Revenue received on creation of shares (2,108,704) (1,809,488)

Distributions 24,400,535 20,547,970

Reconciliation of distributions Net revenue after taxation 23,656,113 20,894,818 Equalisation from collectives allocated to revenue 625,393 1,158,871 Marginal tax relief on rebates in capital – (236) Capital corporation tax 22,379 Balance brought forward 90,311 (1,415,172) Balance carried forward 6,339 (90,311)

Net distribution for the year 24,400,535 20,547,970

MI Balanced Portfolio Overlay Fund

Page 60

Notes to the Financial Statements (continued) for the year ended 30 April 2026

7. Debtors 30.04.26 30.04.25 £ £

Amounts receivable on creation of shares 2,841,022 4,119,810 Accrued revenue: Rebates from underlying holdings 1,052,970 684,244 Income tax recoverable 17,805 15,675 Corporation tax repayable 60,301 Bank interest receivable 11,079 Prepayments – 63

Total debtors 3,983,177 4,819,792

8. Cash and bank balances 30.04.26 30.04.25 £ £

Cash and bank balances 20,881,231 17,203,119 Bank overdraft (875,892) (5,752,919)

Total 20,005,339 11,450,200

9. Creditors 30.04.26 30.04.25 £ £

Amounts payable on cancellation of shares 4,168,315 2,459,757 Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and agents of either of them: Annual management charge 331,679 269,933

Payable to the depositary, associates of the depositary, and agents of either of them: Depositary fee 24,614 20,715 Safe custody and other custodian charges 10,481 135,636

35,095 156,351

Other expenses: UK corporation tax – 1,134,956 Audit fee* 9,720 7,862 Other accrued expenses 21,678 3,537

31,398 1,146,355

Total creditors 4,566,487 4,032,396

*The auditor’s remuneration is made of Audit fees of £8,100 plus irrecoverable VAT of £1,620 (2025: Audit fees of £6,552 plus irrecoverable VAT of £1,310).

MI Balanced Portfolio Overlay Fund

Page 61

Notes to the Financial Statements (continued) for the year ended 30 April 2026

10. Risk management policies In pursuing its investment objective as stated on page 44, the Sub-fund holds a number of financial instruments. The Sub-fund’s financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from its operat ions, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for redemptions a nd debtors for accrued revenue.

The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the investment objective and policy as set out in the Prospectus.

Foreign currency risk Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in foreign currency exchange rates.

Net currency assets and liabilities consist of: Net monetary Non-monetary Total net assets and liabilities assets assets £ £ £ £ £ £ 30.04.26 30.04.25 30.04.26 30.04.25 30.04.26 30.04.25 Sterling 19,422,029 12,237,596 1,563,282,392 1,298,684,864 1,582,704,421 1,310,922,460 EUR – – – 24,392,878 – 24,392,878 USD – – 47,395,124 – 47,395,124 19,422,029 12,237,596 1,610,677,516 1,323,077,742 1,630,099,545 1,335,315,338

MI Balanced Portfolio Overlay Fund

Page 62

Notes to the Financial Statements (continued) for the year ended 30 April 2026

10. Risk management policies (continued) The table below details the interest rate risk profile at the balance sheet date:

30.04.26 30.04.25 £ £

Financial assets floating rate 20,881,231 17,203,119 Financial assets interest bearing instruments 577,386,158 486,443,572 Financial assets non-interest bearing instruments 1,037,274,535 841,453,962 Financial liabilities non-interest bearing instruments (4,566,487) (4,032,396) Financial liabilities floating rate (875,892) (5,752,919)

1,630,099,545 1,335,315,338

Maturity of financial liabilities The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.

Level 1: Unadjusted quoted price in an active market for an identical instrument;

Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;

Level 3: Valuation techniques using unobservable inputs.

Valuation technique 30.04.26 30.04.25 Assets Liabilities Assets Liabilities (£000’s) (£000’s) (£000’s) (£000’s) Level 1 326,051 – 64,193 Level 2 1,284,627 – 1,258,885 Level 3 – – – 1,610,678 – 1,323,078 –

MI Balanced Portfolio Overlay Fund

Page 63

Notes to the Financial Statements (continued) for the year ended 30 April 2026

11. Shares held

C Class (Institutional) Accumulation

Opening shares at 01.05.2025 784,674,554 Shares issued during the year 164,877,112 Shares cancelled during the year (135,635,615) Shares converted during the year Closing shares as at 30.04.2026 813,916,051

12. Contingent assets and liabilities At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).

13. Post balance sheet events There were no notifiable events post the year end balance sheet date.

15. Portfolio dealing spread

The average portfolio dealing spread at 30 April 2026 is 0.04% (30 April 2025: 0.12%).

16. Related party transactions

Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.

Amounts paid to the ACD and its associates are disclosed in note 4. The amounts due to the ACD and its associates at the balanc e sheet date are disclosed in note 9.

MI Balanced Portfolio Overlay Fund

Page 64

Distribution Tables for the year ended 30 April 2026

Accumulation Share Distributions Share class Distribution Shares Net Equalisation Distribution Distribution revenue 31.08.2026 29.08.2025 31.08.2026 p p p p C Final Group 1 3.0363 – 3.0363 2.6241 Group 2 1.7503 1.2859 3.0363 2.6241

Final distribution in pence per share Group 1: Shares purchased prior to 01 May 2025 Group 2: Shares purchased on or after 01 May 2025 and on or before 30 April 2026

MI Balanced Portfolio Overlay Fund

Page 65

Sub-fund Overview

Name of Sub-fund MI Cautious Portfolio Overlay Fund (formerly VT Cautious Portfolio Overlay Fund)

Size of Sub-fund £524,863,944

Launch date 07 December 2015

Investment objective and policy The objective of the Sub-fund is to maximise potential total return (i.e. capital and income growth).

One measure of risk is the proportion invested in the riskiest assets, such as equities. For this Sub-fund, over the long term (5 years), it is expected that the proportion of the Sub-fund exposed to equities will be approximately 45%.

In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by more than ± 12.5%.

Derivatives The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.

Final accounting date 30 April

Interim accounting date 31 October

Distribution date 31 August

ISA status Qualifying Investment for stocks and shares ISA – however direct ISA investment is not currently available.

MI Cautious Portfolio Overlay Fund

Page 66

Sub-fund Overview (continued)

Class of shares C Class (Institutional) Accumulation

Initial charge 0% (of the amount invested by an investor)

Redemption charge 0%

Annual management charge C Class (Institutional) Accumulation 0.25%

Minimum initial investment £2,500,000

Minimum subsequent investment £1,000,000

Minimum holding £1,000,000

Minimum redemption None

Regular savings plan N/A

Regular withdrawal facility N/A

Investment in this Sub-fund is restricted to investors who are investing through the Tatton Investment Management discretionary management proposition.

MI Cautious Portfolio Overlay Fund

Page 67

Investment Manager’s Review for the year ended 30 April 2026

Investment review All data is sourced from Morningstar Direct as at 30 April 2026.

The MI Cautious Portfolio Overlay C Acc returned 2.73% in the six months to 30 April 2026. The IA Mixed Investment 20-60% Share s benchmark returned 2.53% meaning the fund outperformed by 0.2% over the period.

Over the last 12-months to 30 April 2026, the MI Cautious Portfolio Overlay C Acc has returned 14.03%. The IA Mixed Investment 2060% Shares reference index returned 13.04%, meaning the fund outperformed by 0.99% over the period.

MI Cautious Portfolio Overlay Fund

Page 68

Investment Manager’s Review (continued) for the year ended 30 April 2026

On 8 May 2025, changes were made to the portfolio. During this update, the asset allocation was amended; Bonds were increased and Equities were decreased. Sub-asset allocation was changed; North America Equity was decreased and Strategic Bond was increa sed. One manager selection change was made; iShares MSCI Europe Mid Cap ETF was removed.

On 11 July 2025, changes were made to the portfolio. The portfolio’s asset class distribution was revised; Bonds were decreased and Equities were increased. Sub-asset allocation was changed; Government Bond was decreased, North America Equity was increased and Strategic Bond was decreased. Manager positions were updated; HSBC American Index Fund was increased, HSBC Global Aggregate Bond UCITS ETF was decreased and HSBC Global Government Bond UCITS ETF was decreased.

On 12 August 2025, the portfolio underwent a change. The sub-asset class allocation structure was modified; Emerging Market Bon d was increased, Government Bond was increased, North America Equity was increased and Strategic Bond was decreased. Updates were made to the portfolio’s fund managers; Amundi Prime Japan was added, Dimensional Global Ultra Short Fixed Income Fund was removed, HSBC Global Aggregate Bond UCITS ETF was decreased, HSBC Global Emerging Market Government Bond Index Fund was added, HSBC Global Government Bond UCITS ETF was increased, Loomis Sayles Global Opportunistic Bond Fund was decreased, Schroder Recovery Fund was removed and State Street SPDR S&P500 Quality Aristocrats ETF was added.

Some changes to the portfolio were implemented on 30 October 2025. Fund managers within the portfolio were adjusted; HSBC Globa l Government Bond UCITS ETF was increased, SVM UK Opportunities Fund was removed, iShares $ Treasury Bond 20+y ETF was removed and RGI UK Opportunities Fund was added.

On 3 November 2025 the portfolio was updated. The portfolio’s fund manager allocations were updated; Barings Emerging Markets Debt Blended Total Return Fund was removed, HSBC Global Emerging Market Government Bond Index Fund was removed, Emerging Markets Debt Opportunities Fund was added and Jupiter UK Dynamic Equity Fund was added.

Some changes to the portfolio were implemented on 2 December 2025. Manager positions were updated; the iShares UK Equity Index Fund (UK) share class was changed.

On 12 January 2026, changes were made to the portfolio. The asset allocation blend was adjusted; Alternatives were decreased an d Bonds were increased. Updates were made to the sub-asset class split; Alternative was decreased and IG Bond was increased. The portfolio’s fund manager allocations were updated; Dimensional Global Ultra Short Fixed Income Fund was added and Neuberger Berman Uncorrelated Strategies Fund was removed.

The portfolio was updated on 25 March 2026. Adjustments were made to the asset class allocations; Bonds were decreased and Equi ties were increased. A sub-asset allocation change was made; UK Equity was increased.

The portfolio was updated on 10 April 2026. One manager selection change was made; HSBC Global Government Bond UCITS ETF was decreased.

Tatton Investment Management Limited Investment Manager to the Fund May 2026

MI Cautious Portfolio Overlay Fund

Page 69

Performance Record

Financial Highlights

C Class (Institutional) Accumulation 30.04.26 30.04.25 30.04.24 p p p Opening net asset value per share 153.7672 147.4359 138.3848 Return before operating charges 22.3640 7.1144 9.8371 Operating charges (note 1) (0.8187) (0.7831) (0.7860) Return after operating charges 21.5453 6.3313 9.0511 Closing net asset value per share 175.3125 153.7672 147.4359 Retained distributions on accumulated shares 2.8247 2.6850 4.3021 After direct transactions costs of – – Performance Return after charges 14.01% 4.29% 6.54% Other information Closing net asset value £524,863,944 £444,490,578 £444,456,549 Closing number of shares 299,387,622 289,067,314 301,457,536 Operating charges (note 2) 0.50% 0.52% 0.55% Direct transaction costs 0.00% 0.00% 0.00% Prices Highest share price 177.7635 159.9170 149.2839 Lowest share price 153.7672 146.7171 134.1485

Risk and Reward Profile

Typically lower rewards, Typically higher rewards, lower risk higher risk

Based on past data, the Sub-fund is ranked a ‘4’ on the synthetic risk and reward indicator scale (of 1 to 7) as described full y in the Key Investor Information Document (30 April 2025: ranked 4). The Sub-fund is ranked ‘4’ because weekly historical performance data indicates that average rises and falls in prices would have occurred historically. The higher the rank, the greater the potenti al reward but the greater the risk of losing money.

MI Cautious Portfolio Overlay Fund

1 2 3 4 5 6 7

Page 70

Portfolio Statement as at 30 April 2026

Market % of total value net assets Holding Investment £ 2026

Collective Investment Schemes (30.04.2025: 94.87%) 2,849,663 Artemis US Select Fund 14,970,135 2.85% 5,104,283 AXA Framlington UK Mid Cap Fund 6,370,145 1.21% 5,469 Baring Hong Kong China Fund 6,194,843 1.18% 15,217,112 BNY Mellon US Equity Income Fund 16,971,644 3.23% 66,963 Cheyne Global Credit Fund 8,236,459 1.57% 1,093,230 Dimensional Global Ultra Short Fixed Income Fund 13,457,657 2.56% 10,061,056 ES Alliance Bernstein Concentrated US Equity Fund 17,898,619 3.41% 15,914,010 FTF Brandywine Global Income Optimiser Fund 20,656,385 3.94% 1,094,693 Goldman Sachs EM Ex-China CORE® Equity Fund 20,941,471 3.99% 74,238 Harrington Cooper Snyder US All Cap Equity Fund 11,026,521 2.10% 1,604,192 HSBC American Index Fund 24,496,008 4.67% 588,454 HSBC European Index Fund 10,156,720 1.94% 1,657,112 Invesco Perpetual UK Enhanced Index Fund 16,527,542 3.15% 5,995,150 iShares UK Equity Index Fund 23,997,136 4.57% 1,242,599 Janus Henderson Global Multi-Strategy Fund 15,378,527 2.93% 1,655,145 JPM Europe Dynamic ex-UK Fund 7,986,073 1.52% 683,833 JPM Japan Fund 3,189,398 0.61% 3,754,292 Jupiter Merian North American Equity Fund 21,962,983 4.18% 2,323,392 Jupiter UK Special Situations Fund 10,240,581 1.95% 1,413,319 Liontrust European Dynamic Fund 6,728,315 1.28% 1,780,838 Loomis Sayles Global Opportunistic Bond Fund 20,337,168 3.87% 2,739,001 M&G Japan Fund 6,122,762 1.17% 929,645 Morgan Stanley Emerging Markets Debt Opportunities Fund 26,002,168 4.95% 1,191,576 RGI UK Opportunities Fund 10,019,009 1.91% 105,111 Robeco QI Dynamic High Yield Fund 14,227,845 2.71% 118,389 Vanguard Global Credit Bond Fund 12,775,227 2.43% 238,797 Vanguard UK Long Duration Gilt Index Fund 20,171,847 3.84%

387,043,188 73.72%

Exchange Traded Funds (30.04.2025: 4.61%) 67,480 Amundi MSCI Pacific Ex Japan UCITS ETF 6,023,940 1.15% 98,668 Amundi Prime Japan UCITS ETF 2,881,106 0.55% 3,511,551 HSBC Global Aggregate Bond UCITS ETF 35,468,424 6.76% 1,307,804 HSBC Global Corporate Bond UCITS ETF 15,275,020 2.91% 6,011,864 HSBC Global Government Bond UCITS ETF 62,514,967 11.91% 1,266,631 State Street SPDR S&P 500 Quality Aristocrats UCITS ETF 11,175,137 2.13%

133,338,594 25.41%

Portfolio of investments (30.04.2025: 99.48%) 520,381,782 99.15% Net other assets (30.04.2025: 0.52%) 4,482,162 0.85%

524,863,944 100.00%

MI Cautious Portfolio Overlay Fund

Page 71

Summary of Material Portfolio Changes

£ Total purchases for the year (note 14) 266,844,425

HSBC Global Government Bond UCITS ETF 34,778,098 Morgan Stanley Emerging Markets Debt Opportunities Fund 24,827,471 iShares UK Equity Index Fund 22,595,294 HSBC Global Aggregate Bond UCITS ETF 18,740,844 Dimensional Global Ultra Short Fixed Income Fund 15,519,710 Vanguard UK Long Duration Gilt Index Fund 12,199,093 HSBC American Index Fund 11,479,321 State Street SPDR S&P 500 Quality Aristocrats UCITS ETF 10,680,468 Jupiter UK Special Situations Fund 9,929,818 HSBC Global Corporate Bond UCITS ETF 9,859,959 Various other purchases 96,234,349

£ Total sales for the year (note 14) 253,676,692

HSBC Global Aggregate Bond UCITS ETF 41,450,808 iShares UK Equity Index Fund 28,398,746 Neuberger Berman Uncorrelated Strategies Fund 19,403,809 HSBC Global Government Bond UCITS ETF 18,878,558 Barings Emerging Markets Debt Blended Total Return Fund 15,088,657 Loomis Sayles Global Opportunistic Bond Fund 10,372,658 Artemis US Select Fund 10,266,186 iShares $ Treasury Bond 20+yr ETF 9,837,869 HSBC Global Emerging Market Government Bond Index Fund 9,786,772 M&G Japan Fund 9,253,102 Various other sales 80,939,527

The above transactions represent all the purchases and sales during the year.

MI Cautious Portfolio Overlay Fund

Page 72

Statement of Total Return for the year ended 30 April 2026

30.04.26 30.04.25 Note £ £ £ £ Income Net capital 2 55,004,445 11,247,134 Revenue 3 10,748,993 10,952,904 Expenses 4 (1,409,680) (1,295,535)

Interest payable and similar charges 4 (83,528) (184,924)

Net revenue before taxation 9,255,785 9,472,445

Taxation 5 (1,192,927) (1,329,009)

Net revenue after taxation 8,062,858 8,143,436

Total return before distributions 63,067,303 19,390,570

Distributions 6 (8,282,369) (7,835,278)

Change in net assets attributable to Shareholders from investment activities 54,784,934 11,555,292

Statement of Change in Net Assets Attributable to Shareholders for the year ended 30 April 2026 30.04.26 30.04.25 £ £ £ £ Opening net assets attributable to Shareholders 444,407,827 444,025,535

Amounts receivable on creation of shares 112,047,528 91,558,668

Amounts payable on cancellation of shares (94,833,390) (110,492,421)

17,214,138 (18,933,753)

Change in net assets attributable to Shareholders from investment activities (see above) 54,784,934 11,555,292

Accumulation distributions retained 8,457,045 7,760,753

Closing net assets attributable to Shareholders 524,863,944 444,407,827

MI Cautious Portfolio Overlay Fund

Page 73

Balance Sheet as at 30 April 2026

30.04.26 30.04.25 Note £ £ £ £ ASSETS Investments assets 520,381,782 442,078,282

Current assets Debtors 7 959,945 1,846,315 Cash and bank balances 8 7,110,159 5,098,258

Total current assets 8,070,104 6,944,573

Total assets 528,451,886 449,022,855

Current liabilities Bank overdraft 8 (1,608,039) (2,318,460) Creditors 9 (1,979,903) (2,296,568)

Total current liabilities (3,587,942) (4,615,028)

Net assets attributable to Shareholders 524,863,944 444,407,827

MI Cautious Portfolio Overlay Fund

Page 74

Notes to the Financial Statements for the year ended 30 April 2026

1. Accounting policies

The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.

2. Net capital gains 30.04.26 30.04.25 £ £ The net capital gains comprise: Non-derivative securities gains/(losses): realised 22,170,322 12,110,614 Non-derivative securities (losses)/gains : unrealised 32,817,907 (859,380) Foreign currency (losses) (40,211) Transaction charges (custodian) 1,046 (3,540) Rebates from underlying holdings 55,381 (560)

Total net capital gains 55,004,445 11,247,134

3. Revenue 30.04.26 30.04.25 £ £

Non-taxable dividends 3,346,531 2,826,842 Annual Payment from UK CIS 2,374 19,017 Interest from non-derivative securities 6,377,581 6,896,333 Rebates from underlying holdings 763,375 830,286 Bank interest 259,132 380,426

Total revenue 10,748,993 10,952,904

4. Expenses 30.04.26 30.04.25 £ £ Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and agents of either of them: Annual management charge 1,224,705 1,127,922

Payable to the depositary, associates of the depositary, and agents of either of them: Depositary’s fee 96,781 90,261 Safe custody fee 42,760 39,183

139,541 129,444 Other expenses: Audit fee* 9,720 8,150 Legal fees 4,500 300 Other expenses 31,214 29,719

45,434 38,169

Expenses 1,409,680 1,295,535

Interest payable and similar charges 83,528 184,924

Total 1,493,208 1,480,459

*The auditor’s remuneration is made of Audit fees of £8,100 plus irrecoverable VAT of £1,620 (2025: Audit fees of £6,792 plus irrecoverable VAT of £1,358).

MI Cautious Portfolio Overlay Fund

Page 75

Notes to the Financial Statements (continued) for the year ended 30 April 2026

5. Taxation 30.04.26 30.04.25 £ £

(a) Analysis of charge in the year UK corporation tax 1,192,927 1,329,009

Total tax charge for the year (note 5b) 1,192,927 1,329,009

Corporation tax at 20.00% (2025: 20.00%) 1,851,157 1,894,489 Effects of: Revenue not subject to UK corporation tax (669,306) (565,368) Tax effect of rebates in capital 11,076 (112)

Total tax charge for the year (note 5a) 1,192,927 1,329,009

At 30 April 2026 there is no potential deferred tax asset or liability (30 April 2025: £nil).

6. Distributions 30.04.26 30.04.25 £ £

Final dividend distribution 8,457,045 7,760,753

8,457,045 7,760,753 Add: Revenue deducted on cancellation of shares 650,809 661,061 Deduct: Revenue received on creation of shares (825,485) (586,536)

Distributions 8,282,369 7,835,278

Reconciliation of distributions Net revenue after taxation 8,062,858 8,143,436 Equalisation from collectives allocated to revenue 232,171 486,496 Marginal tax relief on rebates in capital – (112) Capital corporation tax 11,076 Balance brought forward (24,151) (818,693) Balance carried forward 415 24,151

Net distribution for the year 8,282,369 7,835,278

MI Cautious Portfolio Overlay Fund

Page 76

Notes to the Financial Statements (continued) for the year ended 30 April 2026

7. Debtors 30.04.26 30.04.25 £ £

Amounts receivable on creation of shares 657,367 1,630,952 Accrued revenue: Rebates from underlying holdings 292,826 211,497 Income tax recoverable 4,278 3,803 Bank interest receivable 5,474 Prepayments – 63

Total debtors 959,945 1,846,315

8. Cash and bank balances 30.04.26 30.04.25 £ £

Cash and bank balances 7,110,159 5,098,258 Bank overdraft (1,608,039) (2,318,460)

Total 5,502,120 2,779,798

9. Creditors 30.04.26 30.04.25 £ £

Amounts payable on cancellation of shares 1,515,010 1,536,621 Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and agents of either of them: Annual management charge 107,208 90,192

Payable to the depositary, associates of the depositary, and agents of either of them: Depositary fee 8,457 7,382 Safe custody and other custodian charges 101 48,140

8,559 55,523

Other expenses: UK corporation tax 324,947 603,728 Audit fee* 9,720 7,862 Other accrued expenses 14,459 2,642

349,126 614,232

Total creditors 1,979,903 2,296,568

*The auditor’s remuneration is made of Audit fees of £8,100 plus irrecoverable VAT of £1,620 (2025: Audit fees of £6,552 plus irrecoverable VAT of £1,310).

MI Cautious Portfolio Overlay Fund

Page 77

Notes to the Financial Statements (continued) for the year ended 30 April 2026

10. Risk management policies In pursuing its investment objective as stated on page 60, the Sub-fund holds a number of financial instruments. The Sub-fund’s financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from its operat ions, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for redemptions a nd debtors for accrued revenue.

The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the investment objective and policy as set out in the Prospectus.

Foreign currency risk Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in foreign currency exchange rates.

Net currency assets and liabilities consist of: Net monetary Non-monetary Total net assets and liabilities assets assets £ £ £ £ £ £ 30.04.26 30.04.25 30.04.26 30.04.25 30.04.26 30.04.25 Sterling 4,482,162 2,329,545 509,206,645 435,025,646 513,688,807 437,355,191 EUR – – – 7,052,636 – 7,052,636 USD – – 11,175,137 – 11,175,137 4,482,162 2,329,545 520,381,782 442,078,282 524,863,944 444,407,827

MI Cautious Portfolio Overlay Fund

Page 78

Notes to the Financial Statements (continued) for the year ended 30 April 2026

10. Risk management policies (continued) The table below details the interest rate risk profile at the balance sheet date:

30.04.26 30.04.25 £ £

Financial assets floating rate 7,110,159 5,098,258 Financial assets interest bearing instruments 264,501,694 220,604,441 Financial assets non-interest bearing instruments 256,840,033 223,320,156 Financial liabilities non-interest bearing instruments (1,979,903) (2,296,568) Financial liabilities floating rate (1,608,039) (2,318,460)

524,863,944 444,407,827

Maturity of financial liabilities The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.

Level 1: Unadjusted quoted price in an active market for an identical instrument;

Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;

Level 3: Valuation techniques using unobservable inputs.

Valuation technique 30.04.26 30.04.25 Assets Liabilities Assets Liabilities (£000’s) (£000’s) (£000’s) (£000’s) Level 1 133,339 – 20,460 Level 2 387,043 – 421,618 Level 3 – – – 520,382 – 442,078 –

MI Cautious Portfolio Overlay Fund

Page 79

Notes to the Financial Statements (continued) for the year ended 30 April 2026

11. Shares held

C Class (Institutional) Accumulation

Opening shares at 01.05.2025 289,067,314 Shares issued during the year 67,559,694 Shares cancelled during the year (57,239,386) Shares converted during the year Closing shares as at 30.04.2026 299,387,622

12. Contingent assets and liabilities At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).

13. Post balance sheet events There were no notifiable events post the year end balance sheet date.

15. Portfolio dealing spread

The average portfolio dealing spread at 30 April 2026 is 0.03% (30 April 2025: 0.01%).

16. Related party transactions

Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.

Amounts paid to the ACD and its associates are disclosed in note 4. The amounts due to the ACD and its associates at the balanc e sheet date are disclosed in note 9.

MI Cautious Portfolio Overlay Fund

Page 80

Distribution Tables for the year ended 30 April 2026

Accumulation Share Distributions Share class Distribution Shares Net Equalisation Distribution Distribution revenue 31.08.2026 29.08.2025 31.08.2026 p p p p C Final Group 1 2.8247 – 2.8247 2.6850 Group 2 1.6051 1.2196 2.8247 2.6850

Final distribution in pence per share Group 1: Shares purchased prior to 01 May 2025 Group 2: Shares purchased on or after 01 May 2025 and on or before 30 April 2026

MI Cautious Portfolio Overlay Fund

Page 81

Sub-fund Overview

Name of Sub-fund MI Defensive Portfolio Overlay Fund (formerly VT Defensive Portfolio Overlay Fund)

Size of Sub-fund £35,607,146

Launch date 07 December 2015

Investment objective and policy The objective of the Sub-fund is to provide returns over a period of at least 5 years by a combination of capital growth and in come generation.

The Sub-fund will seek exposure to a diverse portfolio of assets, with a focus to bonds (including government and corporate bon ds, which could be investment grade or high yield bonds).

One measure of risk is the proportion invested in the riskiest assets, such as shares in companies. For this Sub-fund, over per iods of at least 5 years, in normal market conditions it is expected that the proportion of the Sub-fund exposed to shares (directly an d indirectly) will be approximately 30%.

In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by more than ±12.5%.

To the extent not invested in shares, other underlying assets in the portfolio (to which there will be indirect exposure) may i nclude bonds (as described above), commodities, property, hedge fund strategies, private equity and derivatives. Some of these investm ents will be denominated in foreign currencies which may or may not be hedged back to Pounds Sterling.

The Sub-fund may also invest, at the ACD’s discretion, directly in other transferable securities including shares and bonds, mo ney market instruments (such as money market Sub-funds or government treasury bills), cash, near cash, deposits and any other permi tted asset type deemed appropriate to meet the investment objective.

Derivatives The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.

The Sub-fund provides comparative performance against a relevant Investment Association sector benchmark in order for investors to compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association Mixe d Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is an indi cator of similar funds performance relative to each other and is not intended to provide an indication of future returns or investor exp ectations.

Final accounting date 30 April

Interim accounting date 31 October

Distribution date 31 August

ISA status Qualifying Investment for stocks and shares ISA – however direct ISA investment is not currently available.

MI Defensive Portfolio Overlay Fund

Page 82

Sub-fund Overview (continued)

Class of shares C Class (Institutional) Accumulation

Initial charge 0% (of the amount invested by an investor)

Redemption charge 0%

Annual management charge C Class (Institutional) Accumulation 0.25%

Minimum initial investment £2,500,000

Minimum subsequent investment £1,000,000

Minimum holding £1,000,000

Minimum redemption None

Regular savings plan N/A

Regular withdrawal facility N/A

Investment in this Sub-fund is restricted to investors who are investing through the Tatton Investment Management discretionary management proposition.

MI Defensive Portfolio Overlay Fund

Page 83

Investment Manager’s Review for the year ended 30 April 2026

Investment review All data is sourced from Morningstar Direct as at 30 April 2026.

The MI Defensive Portfolio Overlay C Acc returned 1.93% in the six months to 30 April 2026. The IA Mixed Investment 0-35% Share s benchmark returned 1.36% meaning the fund outperformed by 0.57% over the period.

Over the last 12-months to 30 April 2026, the MI Defensive Portfolio Overlay C Acc has returned 10.86%. The IA Mixed Investment 035% Shares reference index returned 8.66%, meaning the fund outperformed by 2.2% over the period.

Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level . Oil

Truncated: This annotation is too large to fit. View the raw JSON.

{
  "annotation_id": "d7f0c9b5-cdaf-40f5-a3f3-154507a0018d",
  "date_created": "2026-10-23T22:36:09.283000Z",
  "date_modified": "2026-10-23T22:36:52.098000Z",
  "file_hash": "8af4043aa088f814da48baf8b22a2d63f30a79ba6ead04869c345a58d34db8e3",
  "private": false,
  "record": {
    "attributes": {
      "chunk_type": "page_range",
      "end_page": 263,
      "start_page": 1
    },
    "blocks": [
      {
        "block_type": "box",
        "box": {
          "height": 18,
          "width": 320,
          "x": 98,
          "y": 344
        },
        "id": "cea2614d-4947-4bbf-9deb-edf859d3ae31",
        "page_number": 1,
        "text": "MI Tatton Oak ICVC"
      },
      {
        "block_type": "box",
        "box": {
          "height": 22,
          "width": 423,
          "x": 96,
          "y": 371
        },
        "id": "5209fc4d-12ac-4602-8a45-da1021eb9477",
        "page_number": 1,
        "text": "(formerly VT Tatton Oak ICVC)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 16,
          "width": 797,
          "x": 95,
          "y": 423
        },
        "id": "ba4f3741-fb37-4532-a9bc-abe807ce3f3d",
        "page_number": 1,
        "text": "Annual Report and Financial Statements for the year ended 30 April 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 92,
          "x": 96,
          "y": 86
        },
        "id": "734b2e54-026a-4194-831b-a66a9ef0ede6",
        "page_number": 2,
        "text": "Contents"
      },
      {
        "block_type": "box",
        "box": {
          "height": 16,
          "width": 47,
          "x": 854,
          "y": 86
        },
        "id": "842b47aa-3580-417c-961b-ff5a7415d5de",
        "page_number": 2,
        "text": "Page"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 117,
          "x": 96,
          "y": 111
        },
        "id": "25d4d80d-3389-4c0e-a621-fcf8e9a2089f",
        "page_number": 2,
        "text": "Company Overview"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 437,
          "x": 221,
          "y": 118
        },
        "id": "25a37689-a43d-4970-b359-7788431a36fd",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 227,
          "x": 663,
          "y": 118
        },
        "id": "331f8d41-a087-455d-91d9-c3383c3d39da",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 3,
          "x": 896,
          "y": 112
        },
        "id": "65bd8de9-4241-4976-8a71-2d794bd303d2",
        "page_number": 2,
        "text": "1"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 398,
          "x": 95,
          "y": 126
        },
        "id": "0dee74a8-a15f-437b-a163-855d5e3a4308",
        "page_number": 2,
        "text": "Statement of the Authorised Corporate Director\u2019s Responsibilities"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 388,
          "x": 502,
          "y": 133
        },
        "id": "4e60fe32-0ab8-4188-a6f1-e36482f92f5f",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 6,
          "x": 895,
          "y": 126
        },
        "id": "b7b80c9f-b68a-4ab7-a979-0425dd46d7cf",
        "page_number": 2,
        "text": "2"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 720,
          "x": 95,
          "y": 140
        },
        "id": "17d78fbc-117d-4ecb-b022-d79218f98356",
        "page_number": 2,
        "text": "Statement of the Depositary\u2019s Responsibilities and Report of the Depositary to the Shareholders of MI Tatton Oak ICVC"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 180,
          "x": 95,
          "y": 155
        },
        "id": "dd69d6f7-7239-42bf-911c-86bf76d157c9",
        "page_number": 2,
        "text": "(formerly VT Tatton Oak ICVC)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 437,
          "x": 284,
          "y": 162
        },
        "id": "d4dc549a-c6b4-444f-9007-898121c2a493",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 163,
          "x": 727,
          "y": 162
        },
        "id": "6eaea78e-af1b-4d6f-ae33-a2e29bc458b3",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 6,
          "x": 895,
          "y": 155
        },
        "id": "84c09dd0-9d87-4165-832d-0ba164e147d3",
        "page_number": 2,
        "text": "3"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 441,
          "x": 96,
          "y": 169
        },
        "id": "40d03ee5-c35a-4052-a23c-40a6a17621cf",
        "page_number": 2,
        "text": "Independent Auditor\u2019s Report to the Shareholders of MI Tatton Oak ICVC"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 346,
          "x": 544,
          "y": 176
        },
        "id": "5487c700-162f-46a0-940d-01a07c29b290",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 7,
          "x": 895,
          "y": 170
        },
        "id": "fd51a3d5-f21d-4b37-b059-367eaf44cfce",
        "page_number": 2,
        "text": "4"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 116,
          "x": 95,
          "y": 184
        },
        "id": "739ac38b-bf33-44dd-93e1-2b411ec5d7d7",
        "page_number": 2,
        "text": "Accounting Policies"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 437,
          "x": 221,
          "y": 191
        },
        "id": "d524722a-22ed-4401-929e-13992c2840ce",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 227,
          "x": 663,
          "y": 191
        },
        "id": "a198db7e-1a0b-462f-b212-3737ac2d505a",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 6,
          "x": 895,
          "y": 184
        },
        "id": "eb6944bd-e3c8-4a99-9f89-e8e9c4a8d392",
        "page_number": 2,
        "text": "8"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 214,
          "x": 96,
          "y": 205
        },
        "id": "0b7f2caa-e594-4537-b74c-a3c013485a07",
        "page_number": 2,
        "text": "MI Active Portfolio Overlay Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 265,
          "x": 315,
          "y": 205
        },
        "id": "ef2203d0-a7ed-4834-9f58-a258455ea568",
        "page_number": 2,
        "text": "(formerly VT Active Portfolio Overlay Fund)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 123,
          "x": 95,
          "y": 219
        },
        "id": "8d6a26dd-b3c6-4ab6-a4e8-2df834f0ac8d",
        "page_number": 2,
        "text": "Sub-fund Overview*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 438,
          "x": 227,
          "y": 226
        },
        "id": "d4dfb2f5-cbc8-4a28-9b2d-7d2314eb4990",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 213,
          "x": 670,
          "y": 226
        },
        "id": "5846b5e9-432a-4ddd-aa3f-42bbf3a71bfe",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 13,
          "x": 888,
          "y": 220
        },
        "id": "1fd9ae0a-e225-41b2-8cea-d082e9489f23",
        "page_number": 2,
        "text": "12"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 187,
          "x": 96,
          "y": 234
        },
        "id": "500176e0-face-434a-9f50-3cf05cdc1a8d",
        "page_number": 2,
        "text": "Investment Manager\u2019s Review*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 438,
          "x": 290,
          "y": 241
        },
        "id": "7c34f50b-5d5e-4292-9b58-31a8b854f2aa",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 149,
          "x": 733,
          "y": 241
        },
        "id": "81be47f7-bb41-47ef-89c1-c2bb870963c7",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 888,
          "y": 234
        },
        "id": "bbc0c274-265c-4f39-8a4e-f0de73af6062",
        "page_number": 2,
        "text": "14"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 123,
          "x": 96,
          "y": 248
        },
        "id": "d912b0fb-0fc9-49b4-9320-f0142d2826dc",
        "page_number": 2,
        "text": "Performance Record"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 438,
          "x": 227,
          "y": 255
        },
        "id": "bc2a8630-e4e9-4de0-8d94-b7c3ac3d1bf7",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 213,
          "x": 670,
          "y": 255
        },
        "id": "b103d671-1a74-430c-a52d-aa9a869742c9",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 13,
          "x": 888,
          "y": 249
        },
        "id": "fd334571-589d-4c88-9b71-480dd8978b99",
        "page_number": 2,
        "text": "16"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 143,
          "x": 96,
          "y": 263
        },
        "id": "a34b4ac3-e70c-41cc-b2b7-d0c435bca87c",
        "page_number": 2,
        "text": "Risk and Reward Profile"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 438,
          "x": 248,
          "y": 270
        },
        "id": "43ab1db8-ba7a-4bf2-b811-062fc7249c14",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 192,
          "x": 691,
          "y": 270
        },
        "id": "8e1e4b31-788b-47a9-8dad-2b7db48e6a2c",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 13,
          "x": 888,
          "y": 263
        },
        "id": "d61294f1-81b9-4019-9e5a-040793da3bcf",
        "page_number": 2,
        "text": "16"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 125,
          "x": 96,
          "y": 277
        },
        "id": "4ca73b90-7f3c-4c8f-8bfe-af6deab5e39b",
        "page_number": 2,
        "text": "Portfolio Statement*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 438,
          "x": 227,
          "y": 284
        },
        "id": "e4364606-615f-4550-9109-7d43e3dbbf73",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 213,
          "x": 670,
          "y": 284
        },
        "id": "c964f4df-7a9c-4c2f-89b2-f6cc06f619d1",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 13,
          "x": 888,
          "y": 278
        },
        "id": "901c4866-f086-465a-a9b3-14e711b5f97d",
        "page_number": 2,
        "text": "17"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 247,
          "x": 95,
          "y": 292
        },
        "id": "68e7f0d3-355d-4496-bc88-1187d4b4fc8e",
        "page_number": 2,
        "text": "Summary of Material Portfolio Changes*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 437,
          "x": 347,
          "y": 299
        },
        "id": "ab158482-b20e-40e7-b639-913e44ed6251",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 93,
          "x": 789,
          "y": 299
        },
        "id": "08cc7dc3-0acf-4d0a-afe0-be142956f0d6",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 13,
          "x": 888,
          "y": 292
        },
        "id": "38df5122-8ab6-4199-b587-350a2b2fb904",
        "page_number": 2,
        "text": "18"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 156,
          "x": 95,
          "y": 306
        },
        "id": "91ac7af7-9ea4-4458-809b-3354a8e0c7f8",
        "page_number": 2,
        "text": "Statement of Total Return"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 438,
          "x": 262,
          "y": 313
        },
        "id": "309cbe8e-714c-4932-9b12-3cccfc1738d3",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 177,
          "x": 705,
          "y": 313
        },
        "id": "0b5369dd-313c-4f7c-b586-b46eac89b881",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 13,
          "x": 888,
          "y": 307
        },
        "id": "3f3e4c81-0865-48f1-8cca-7fc9cc11b005",
        "page_number": 2,
        "text": "19"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 393,
          "x": 95,
          "y": 321
        },
        "id": "62bd99cb-55a1-43ac-bf98-34ba0f945171",
        "page_number": 2,
        "text": "Statement of Changes in Net Assets Attributable to Shareholders"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 389,
          "x": 494,
          "y": 328
        },
        "id": "a8c29369-3ed3-443d-a307-1b2fd122d3d6",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 13,
          "x": 888,
          "y": 321
        },
        "id": "7bd3bfc3-71b9-4f3a-a0d4-33fea10cbc65",
        "page_number": 2,
        "text": "19"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 85,
          "x": 96,
          "y": 335
        },
        "id": "ade20461-c3fb-48f8-af0f-9f60f2e7f535",
        "page_number": 2,
        "text": "Balance Sheet"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 438,
          "x": 192,
          "y": 342
        },
        "id": "6a356a02-3b9e-4206-90be-5229e54a989c",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 248,
          "x": 635,
          "y": 342
        },
        "id": "911daec6-8856-4a72-b6a6-ef3380ba0c1e",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 14,
          "x": 887,
          "y": 336
        },
        "id": "1d4bbef3-7573-4284-9618-66453fde4f0b",
        "page_number": 2,
        "text": "20"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 204,
          "x": 96,
          "y": 350
        },
        "id": "6b67df0f-8119-42db-80f9-9fd27e4807c4",
        "page_number": 2,
        "text": "Notes to the Financial Statements"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 437,
          "x": 312,
          "y": 357
        },
        "id": "194c8910-a5c8-4264-ab58-7dd31a3ed09e",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 128,
          "x": 754,
          "y": 357
        },
        "id": "02e47b0a-2388-4b52-ae25-c5ab36b8726d",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 12,
          "x": 887,
          "y": 350
        },
        "id": "ee8e7998-6437-43e0-83d0-dc5b52841178",
        "page_number": 2,
        "text": "21"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 113,
          "x": 96,
          "y": 364
        },
        "id": "4e67e333-1503-4fc0-9302-309898f8c7a4",
        "page_number": 2,
        "text": "Distribution Tables"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 438,
          "x": 220,
          "y": 371
        },
        "id": "6bfa2241-e16e-4d3e-892f-bd67be7c832e",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 220,
          "x": 663,
          "y": 371
        },
        "id": "073af28d-ad69-4785-be52-7027caa5f402",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 14,
          "x": 887,
          "y": 365
        },
        "id": "f8fc0e28-53e2-44c3-a4d3-41555e72a5f2",
        "page_number": 2,
        "text": "27"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 244,
          "x": 96,
          "y": 385
        },
        "id": "582fb348-c31c-4043-a168-b98487517851",
        "page_number": 2,
        "text": "MI Aggressive Portfolio Overlay Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 294,
          "x": 345,
          "y": 385
        },
        "id": "d7cf39f7-8ab9-42e3-87ed-27e57e523a0f",
        "page_number": 2,
        "text": "(formerly VT Aggressive Portfolio Overlay Fund)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 123,
          "x": 95,
          "y": 400
        },
        "id": "4631a529-e581-438a-be1c-f442247841d5",
        "page_number": 2,
        "text": "Sub-fund Overview*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 438,
          "x": 227,
          "y": 407
        },
        "id": "654b7315-fc4e-4fea-a8d0-51936956b32f",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 213,
          "x": 670,
          "y": 407
        },
        "id": "7d2e6b9a-13aa-442b-a7e2-a96e090942b5",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 887,
          "y": 400
        },
        "id": "b6ad2c9a-e9ad-4175-b0b9-1a9e71dab3ac",
        "page_number": 2,
        "text": "28"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 187,
          "x": 96,
          "y": 414
        },
        "id": "a972eeee-6feb-4924-b611-d28bcca85200",
        "page_number": 2,
        "text": "Investment Manager\u2019s Review*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 438,
          "x": 290,
          "y": 421
        },
        "id": "ab5e6f14-59e3-4a22-86fc-727b19981d37",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 149,
          "x": 733,
          "y": 421
        },
        "id": "2de54458-d5a8-4896-93d1-2d4d102b1b0c",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 887,
          "y": 415
        },
        "id": "b9ab01ec-bbb3-4b0c-8afe-e25b0555c1ed",
        "page_number": 2,
        "text": "30"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 123,
          "x": 96,
          "y": 429
        },
        "id": "4a518406-02f1-437a-afc8-98cbf7b8ffa7",
        "page_number": 2,
        "text": "Performance Record"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 438,
          "x": 227,
          "y": 436
        },
        "id": "17d1de54-137c-4eab-be0c-59bb28a5c409",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 213,
          "x": 670,
          "y": 436
        },
        "id": "45a472ef-c606-43c3-a8f4-e6dce8957da5",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 887,
          "y": 429
        },
        "id": "37a0d06a-80e3-4ec1-a67c-41ea4faa51be",
        "page_number": 2,
        "text": "32"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 143,
          "x": 96,
          "y": 443
        },
        "id": "c4361adf-0e51-40bc-8fc4-e534b0df66b9",
        "page_number": 2,
        "text": "Risk and Reward Profile"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 438,
          "x": 248,
          "y": 450
        },
        "id": "9d6b586c-4798-4c5c-ad41-c002cf182089",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 192,
          "x": 691,
          "y": 450
        },
        "id": "9b3c75b4-a7b7-4f30-ad4f-27012807229e",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 887,
          "y": 444
        },
        "id": "ef5e8467-0dbe-4fcc-9992-67bf4e753b25",
        "page_number": 2,
        "text": "32"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 125,
          "x": 96,
          "y": 458
        },
        "id": "c4cb4793-e1a5-4908-89c3-e5f2af20f90a",
        "page_number": 2,
        "text": "Portfolio Statement*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 438,
          "x": 227,
          "y": 465
        },
        "id": "4a170301-f807-49e3-81b6-5b283fd08182",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 213,
          "x": 670,
          "y": 465
        },
        "id": "a3a3a4c3-aafe-4e96-b4e7-508e39e6eab6",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 887,
          "y": 458
        },
        "id": "fb4a1181-993d-4e72-a10a-30774c6ee990",
        "page_number": 2,
        "text": "33"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 247,
          "x": 95,
          "y": 472
        },
        "id": "675f6893-dbfb-428c-b1e8-b553652c1eb6",
        "page_number": 2,
        "text": "Summary of Material Portfolio Changes*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 437,
          "x": 347,
          "y": 479
        },
        "id": "35c5c098-a6d9-4ac2-a44c-49160033f271",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 93,
          "x": 789,
          "y": 479
        },
        "id": "daaa01f8-1978-4865-b4f7-528e1f48f4c1",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 15,
          "x": 887,
          "y": 473
        },
        "id": "f810568f-2e1f-413c-bcb3-3fbe0add66a0",
        "page_number": 2,
        "text": "34"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 156,
          "x": 95,
          "y": 487
        },
        "id": "a2af52c5-8f10-4453-b7ac-bf5e0de83c33",
        "page_number": 2,
        "text": "Statement of Total Return"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 438,
          "x": 262,
          "y": 494
        },
        "id": "d374e923-293b-448e-a7e6-8acf013c20b6",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 177,
          "x": 705,
          "y": 494
        },
        "id": "4b37cf07-2e06-43c4-a1f3-58454bae3d5a",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 887,
          "y": 487
        },
        "id": "8312158f-911e-4b1f-888b-309fe67439d9",
        "page_number": 2,
        "text": "35"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 393,
          "x": 95,
          "y": 501
        },
        "id": "d993b368-b860-41d2-ad6e-921b5e66eb0e",
        "page_number": 2,
        "text": "Statement of Changes in Net Assets Attributable to Shareholders"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 389,
          "x": 494,
          "y": 508
        },
        "id": "b4c67104-b53e-4410-9c58-aca221bca4e2",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 887,
          "y": 502
        },
        "id": "96253fb0-e49c-4c67-b46b-8f078415607b",
        "page_number": 2,
        "text": "35"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 85,
          "x": 96,
          "y": 516
        },
        "id": "c6e0628b-1cd5-445d-9836-5f252d916029",
        "page_number": 2,
        "text": "Balance Sheet"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 438,
          "x": 192,
          "y": 523
        },
        "id": "ff7d01b6-30b2-468d-a435-350342b29961",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 248,
          "x": 635,
          "y": 523
        },
        "id": "a0151cbf-688d-4622-b15e-dcb0aadb69fb",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 887,
          "y": 516
        },
        "id": "4409dfc1-2ac6-4314-bba1-8b975df78ea2",
        "page_number": 2,
        "text": "36"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 204,
          "x": 96,
          "y": 530
        },
        "id": "5c8b7218-4c95-40fe-9481-ead1ddd056b5",
        "page_number": 2,
        "text": "Notes to the Financial Statements"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 437,
          "x": 312,
          "y": 537
        },
        "id": "1eba1068-b507-4391-98c8-bb8a2d5019fd",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 128,
          "x": 754,
          "y": 537
        },
        "id": "1c933a0f-5c64-48f1-aa63-e62c6e90e6ce",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 887,
          "y": 531
        },
        "id": "28350bb9-c623-47d1-a775-e245aaefbad8",
        "page_number": 2,
        "text": "37"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 113,
          "x": 96,
          "y": 545
        },
        "id": "d89ece76-af2e-40ac-919e-ea9045472ff0",
        "page_number": 2,
        "text": "Distribution Tables"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 438,
          "x": 220,
          "y": 552
        },
        "id": "461e6a64-9bb8-456a-aedc-28900848dd67",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 220,
          "x": 663,
          "y": 552
        },
        "id": "96136693-f917-4134-80a8-fe1abf3231e0",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 887,
          "y": 545
        },
        "id": "04f93f70-eec4-4ef1-8ff6-e6fc73caa623",
        "page_number": 2,
        "text": "43"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 234,
          "x": 96,
          "y": 566
        },
        "id": "b634f45f-c498-4afa-8aaf-5ae27e6b94a9",
        "page_number": 2,
        "text": "MI Balanced Portfolio Overlay Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 285,
          "x": 335,
          "y": 566
        },
        "id": "103fd5fb-4ac8-49cc-945d-4cbce0ea4b8f",
        "page_number": 2,
        "text": "(formerly VT Balanced Portfolio Overlay Fund)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 123,
          "x": 95,
          "y": 581
        },
        "id": "ea40d0ef-e765-4071-9e7d-da04fea0c89c",
        "page_number": 2,
        "text": "Sub-fund Overview*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 438,
          "x": 227,
          "y": 588
        },
        "id": "ebfea689-8d4e-466f-a091-e3c14abb978e",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 213,
          "x": 670,
          "y": 588
        },
        "id": "763a018e-2090-4670-ab57-c1e3b46506ef",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 15,
          "x": 887,
          "y": 581
        },
        "id": "63c05cdb-0e33-42ee-8e84-7d04c815e012",
        "page_number": 2,
        "text": "44"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 187,
          "x": 96,
          "y": 595
        },
        "id": "1ccacefb-0697-4089-8e3e-e02f0716dfc6",
        "page_number": 2,
        "text": "Investment Manager\u2019s Review*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 438,
          "x": 290,
          "y": 602
        },
        "id": "7b2cc423-6820-4722-9952-0d14b049a890",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 149,
          "x": 733,
          "y": 602
        },
        "id": "a2755d2b-950e-42d3-8cf8-3b68b94fc8f4",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 887,
          "y": 595
        },
        "id": "12a0f4fb-5ed6-4b20-9b11-a3a3cfaad6b4",
        "page_number": 2,
        "text": "46"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 123,
          "x": 96,
          "y": 610
        },
        "id": "78b3c381-881c-4c06-bc4b-29cd919c00b2",
        "page_number": 2,
        "text": "Performance Record"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 438,
          "x": 227,
          "y": 617
        },
        "id": "b0bfbe10-1337-489f-8a1e-2721aae04c0f",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 213,
          "x": 670,
          "y": 617
        },
        "id": "cc9e8a2a-3ac9-4901-8ff5-67909ba518da",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 887,
          "y": 610
        },
        "id": "64069f0c-26a5-459b-b9c2-1f29cc478336",
        "page_number": 2,
        "text": "48"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 143,
          "x": 96,
          "y": 624
        },
        "id": "b141eaa0-8fe5-4074-ab05-71e2b75f0362",
        "page_number": 2,
        "text": "Risk and Reward Profile"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 438,
          "x": 248,
          "y": 631
        },
        "id": "549d3211-e8fb-4e32-8497-2418eb7ae764",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 192,
          "x": 691,
          "y": 631
        },
        "id": "07c90e95-14a2-4dd3-8e87-4b2d04054cea",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 887,
          "y": 624
        },
        "id": "b4d47549-0ec4-45ee-a39c-cd8d8d438be2",
        "page_number": 2,
        "text": "48"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 125,
          "x": 96,
          "y": 639
        },
        "id": "81b8637b-30b7-4044-b1a8-00cc2953356e",
        "page_number": 2,
        "text": "Portfolio Statement*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 438,
          "x": 227,
          "y": 645
        },
        "id": "4b4fb827-58e1-4cfd-81c8-be1c13cdecb0",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 213,
          "x": 670,
          "y": 645
        },
        "id": "64fcd4ad-6626-44c1-825e-b3eded44038e",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 887,
          "y": 639
        },
        "id": "4eb5b74a-79fd-40fe-b986-3be24d529124",
        "page_number": 2,
        "text": "49"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 247,
          "x": 95,
          "y": 653
        },
        "id": "0525c93e-adb8-4895-963f-35f4e3fc1421",
        "page_number": 2,
        "text": "Summary of Material Portfolio Changes*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 437,
          "x": 347,
          "y": 660
        },
        "id": "25888502-06dc-415f-aff6-b75f7589a61d",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 93,
          "x": 789,
          "y": 660
        },
        "id": "16133838-40bf-4125-8688-1e2d6d69bb16",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 13,
          "x": 888,
          "y": 653
        },
        "id": "9451b168-95e1-45af-9dd9-b50a9f439b71",
        "page_number": 2,
        "text": "50"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 156,
          "x": 95,
          "y": 668
        },
        "id": "a627caa0-ba79-4bbe-9ade-65a149bbce27",
        "page_number": 2,
        "text": "Statement of Total Return"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 438,
          "x": 262,
          "y": 674
        },
        "id": "652bddfc-29d5-46ae-8643-8a7b5789b7e4",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 177,
          "x": 705,
          "y": 674
        },
        "id": "b953b729-6517-46b3-a78d-87ae352143b3",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 11,
          "x": 888,
          "y": 668
        },
        "id": "fda67055-c679-47fe-9e72-b6889795ea03",
        "page_number": 2,
        "text": "51"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 393,
          "x": 95,
          "y": 682
        },
        "id": "24ebc68b-c43a-4855-b911-4eb15b67e642",
        "page_number": 2,
        "text": "Statement of Changes in Net Assets Attributable to Shareholders"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 389,
          "x": 494,
          "y": 689
        },
        "id": "a5718eae-bcca-4aad-a57a-139c0262e299",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 11,
          "x": 888,
          "y": 683
        },
        "id": "b3cffe8c-b3f5-4c6e-9320-823c0f8020d5",
        "page_number": 2,
        "text": "51"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 85,
          "x": 96,
          "y": 697
        },
        "id": "ba460d07-f757-4790-9450-fa85498632de",
        "page_number": 2,
        "text": "Balance Sheet"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 438,
          "x": 192,
          "y": 703
        },
        "id": "fa54c7b5-5c01-4cb1-b510-bb9d529b06e8",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 248,
          "x": 635,
          "y": 703
        },
        "id": "5983d049-12ba-4d40-86fa-cdad8f982802",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 13,
          "x": 888,
          "y": 697
        },
        "id": "d151e795-187b-4e87-90a4-ad62cd325820",
        "page_number": 2,
        "text": "52"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 204,
          "x": 96,
          "y": 711
        },
        "id": "9b544aae-b72e-48b4-96a4-ff5692dc757e",
        "page_number": 2,
        "text": "Notes to the Financial Statements"
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 437,
          "x": 312,
          "y": 718
        },
        "id": "fb85518a-1398-45bb-8ea4-abee55bbab5b",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 1,
          "width": 128,
          "x": 754,
          "y": 718
        },
        "id": "13b22f3a-6f42-43ac-ad78-4f62b7c203a7",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 13,
          "x": 888,
          "y": 711
        },
        "id": "bff18642-9e47-4eb0-9e57-04665fc0a063",
        "page_number": 2,
        "text": "53"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 113,
          "x": 96,
          "y": 726
        },
        "id": "4c7d84d2-0ed3-4546-8107-f26c2ba8d392",
        "page_number": 2,
        "text": "Distribution Tables"
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 438,
          "x": 220,
          "y": 732
        },
        "id": "9541a717-036d-409f-bbf9-2a44f9ae9d7b",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 2,
          "width": 220,
          "x": 663,
          "y": 732
        },
        "id": "566652af-c675-432d-864d-a1a9e6b4a6f5",
        "page_number": 2,
        "text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 13,
          "x": 888,
          "y": 726
        },
        "id": "5626216d-02cb-40e6-9b3b-e6d532804caa",
        "page_number": 2,
        "text": "59"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 231,
          "x": 96,
          "y": 747
        },
        "id": "f70afc7d-0897-493c-ac49-780ec9bb3dc2",
        "page_number": 2,
        "text": "MI Cautious Portfolio Overlay Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
     ...