{"annotation_id":"776f27fe-1055-40d2-bff2-6650fff50c55","file_hash":"8af4043aa088f814da48baf8b22a2d63f30a79ba6ead04869c345a58d34db8e3","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"cea2614d-4947-4bbf-9deb-edf859d3ae31","block_type":"box","text":"MI Tatton Oak ICVC","page_number":1,"box":{"x":98,"y":344,"width":320,"height":18}},{"id":"5209fc4d-12ac-4602-8a45-da1021eb9477","block_type":"box","text":"(formerly VT Tatton Oak ICVC)","page_number":1,"box":{"x":96,"y":371,"width":423,"height":22}},{"id":"ba4f3741-fb37-4532-a9bc-abe807ce3f3d","block_type":"box","text":"Annual Report and Financial Statements for the year ended 30 April 2026","page_number":1,"box":{"x":95,"y":423,"width":797,"height":16}},{"id":"734b2e54-026a-4194-831b-a66a9ef0ede6","block_type":"box","text":"Contents","page_number":2,"box":{"x":96,"y":86,"width":92,"height":12}},{"id":"842b47aa-3580-417c-961b-ff5a7415d5de","block_type":"box","text":"Page","page_number":2,"box":{"x":854,"y":86,"width":47,"height":16}},{"id":"25d4d80d-3389-4c0e-a621-fcf8e9a2089f","block_type":"box","text":"Company Overview","page_number":2,"box":{"x":96,"y":111,"width":117,"height":11}},{"id":"25a37689-a43d-4970-b359-7788431a36fd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":221,"y":118,"width":437,"height":1}},{"id":"331f8d41-a087-455d-91d9-c3383c3d39da","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":663,"y":118,"width":227,"height":1}},{"id":"65bd8de9-4241-4976-8a71-2d794bd303d2","block_type":"box","text":"1","page_number":2,"box":{"x":896,"y":112,"width":3,"height":7}},{"id":"0dee74a8-a15f-437b-a163-855d5e3a4308","block_type":"box","text":"Statement of the Authorised Corporate Director’s Responsibilities","page_number":2,"box":{"x":95,"y":126,"width":398,"height":10}},{"id":"4e60fe32-0ab8-4188-a6f1-e36482f92f5f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":502,"y":133,"width":388,"height":1}},{"id":"b7b80c9f-b68a-4ab7-a979-0425dd46d7cf","block_type":"box","text":"2","page_number":2,"box":{"x":895,"y":126,"width":6,"height":8}},{"id":"17d78fbc-117d-4ecb-b022-d79218f98356","block_type":"box","text":"Statement of the Depositary’s Responsibilities and Report of the Depositary to the Shareholders of MI Tatton Oak ICVC","page_number":2,"box":{"x":95,"y":140,"width":720,"height":11}},{"id":"dd69d6f7-7239-42bf-911c-86bf76d157c9","block_type":"box","text":"(formerly VT Tatton Oak ICVC)","page_number":2,"box":{"x":95,"y":155,"width":180,"height":10}},{"id":"d4dc549a-c6b4-444f-9007-898121c2a493","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":284,"y":162,"width":437,"height":1}},{"id":"6eaea78e-af1b-4d6f-ae33-a2e29bc458b3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":727,"y":162,"width":163,"height":1}},{"id":"84c09dd0-9d87-4165-832d-0ba164e147d3","block_type":"box","text":"3","page_number":2,"box":{"x":895,"y":155,"width":6,"height":8}},{"id":"40d03ee5-c35a-4052-a23c-40a6a17621cf","block_type":"box","text":"Independent Auditor’s Report to the Shareholders of MI Tatton Oak ICVC","page_number":2,"box":{"x":96,"y":169,"width":441,"height":11}},{"id":"5487c700-162f-46a0-940d-01a07c29b290","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":544,"y":176,"width":346,"height":1}},{"id":"fd51a3d5-f21d-4b37-b059-367eaf44cfce","block_type":"box","text":"4","page_number":2,"box":{"x":895,"y":170,"width":7,"height":7}},{"id":"739ac38b-bf33-44dd-93e1-2b411ec5d7d7","block_type":"box","text":"Accounting Policies","page_number":2,"box":{"x":95,"y":184,"width":116,"height":10}},{"id":"d524722a-22ed-4401-929e-13992c2840ce","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":221,"y":191,"width":437,"height":1}},{"id":"a198db7e-1a0b-462f-b212-3737ac2d505a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":663,"y":191,"width":227,"height":1}},{"id":"eb6944bd-e3c8-4a99-9f89-e8e9c4a8d392","block_type":"box","text":"8","page_number":2,"box":{"x":895,"y":184,"width":6,"height":8}},{"id":"0b7f2caa-e594-4537-b74c-a3c013485a07","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":2,"box":{"x":96,"y":205,"width":214,"height":11}},{"id":"ef2203d0-a7ed-4834-9f58-a258455ea568","block_type":"box","text":"(formerly VT Active Portfolio Overlay Fund)","page_number":2,"box":{"x":315,"y":205,"width":265,"height":11}},{"id":"8d6a26dd-b3c6-4ab6-a4e8-2df834f0ac8d","block_type":"box","text":"Sub-fund Overview*","page_number":2,"box":{"x":95,"y":219,"width":123,"height":9}},{"id":"d4dfb2f5-cbc8-4a28-9b2d-7d2314eb4990","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":227,"y":226,"width":438,"height":2}},{"id":"5846b5e9-432a-4ddd-aa3f-42bbf3a71bfe","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":670,"y":226,"width":213,"height":2}},{"id":"1fd9ae0a-e225-41b2-8cea-d082e9489f23","block_type":"box","text":"12","page_number":2,"box":{"x":888,"y":220,"width":13,"height":7}},{"id":"500176e0-face-434a-9f50-3cf05cdc1a8d","block_type":"box","text":"Investment Manager’s Review*","page_number":2,"box":{"x":96,"y":234,"width":187,"height":11}},{"id":"7c34f50b-5d5e-4292-9b58-31a8b854f2aa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":290,"y":241,"width":438,"height":1}},{"id":"81be47f7-bb41-47ef-89c1-c2bb870963c7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":733,"y":241,"width":149,"height":1}},{"id":"bbc0c274-265c-4f39-8a4e-f0de73af6062","block_type":"box","text":"14","page_number":2,"box":{"x":888,"y":234,"width":14,"height":8}},{"id":"d912b0fb-0fc9-49b4-9320-f0142d2826dc","block_type":"box","text":"Performance Record","page_number":2,"box":{"x":96,"y":248,"width":123,"height":9}},{"id":"bc2a8630-e4e9-4de0-8d94-b7c3ac3d1bf7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":227,"y":255,"width":438,"height":2}},{"id":"b103d671-1a74-430c-a52d-aa9a869742c9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":670,"y":255,"width":213,"height":2}},{"id":"fd334571-589d-4c88-9b71-480dd8978b99","block_type":"box","text":"16","page_number":2,"box":{"x":888,"y":249,"width":13,"height":8}},{"id":"a34b4ac3-e70c-41cc-b2b7-d0c435bca87c","block_type":"box","text":"Risk and Reward Profile","page_number":2,"box":{"x":96,"y":263,"width":143,"height":8}},{"id":"43ab1db8-ba7a-4bf2-b811-062fc7249c14","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":248,"y":270,"width":438,"height":1}},{"id":"8e1e4b31-788b-47a9-8dad-2b7db48e6a2c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":691,"y":270,"width":192,"height":1}},{"id":"d61294f1-81b9-4019-9e5a-040793da3bcf","block_type":"box","text":"16","page_number":2,"box":{"x":888,"y":263,"width":13,"height":8}},{"id":"4ca73b90-7f3c-4c8f-8bfe-af6deab5e39b","block_type":"box","text":"Portfolio Statement*","page_number":2,"box":{"x":96,"y":277,"width":125,"height":9}},{"id":"e4364606-615f-4550-9109-7d43e3dbbf73","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":227,"y":284,"width":438,"height":2}},{"id":"c964f4df-7a9c-4c2f-89b2-f6cc06f619d1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":670,"y":284,"width":213,"height":2}},{"id":"901c4866-f086-465a-a9b3-14e711b5f97d","block_type":"box","text":"17","page_number":2,"box":{"x":888,"y":278,"width":13,"height":7}},{"id":"68e7f0d3-355d-4496-bc88-1187d4b4fc8e","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":2,"box":{"x":95,"y":292,"width":247,"height":10}},{"id":"ab158482-b20e-40e7-b639-913e44ed6251","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":347,"y":299,"width":437,"height":1}},{"id":"08cc7dc3-0acf-4d0a-afe0-be142956f0d6","block_type":"box","text":". . . . . . . . . . . . . .","page_number":2,"box":{"x":789,"y":299,"width":93,"height":1}},{"id":"38df5122-8ab6-4199-b587-350a2b2fb904","block_type":"box","text":"18","page_number":2,"box":{"x":888,"y":292,"width":13,"height":8}},{"id":"91ac7af7-9ea4-4458-809b-3354a8e0c7f8","block_type":"box","text":"Statement of Total Return","page_number":2,"box":{"x":95,"y":306,"width":156,"height":9}},{"id":"309cbe8e-714c-4932-9b12-3cccfc1738d3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":262,"y":313,"width":438,"height":2}},{"id":"0b5369dd-313c-4f7c-b586-b46eac89b881","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":705,"y":313,"width":177,"height":2}},{"id":"3f3e4c81-0865-48f1-8cca-7fc9cc11b005","block_type":"box","text":"19","page_number":2,"box":{"x":888,"y":307,"width":13,"height":8}},{"id":"62bd99cb-55a1-43ac-bf98-34ba0f945171","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":2,"box":{"x":95,"y":321,"width":393,"height":10}},{"id":"a8c29369-3ed3-443d-a307-1b2fd122d3d6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":494,"y":328,"width":389,"height":1}},{"id":"7bd3bfc3-71b9-4f3a-a0d4-33fea10cbc65","block_type":"box","text":"19","page_number":2,"box":{"x":888,"y":321,"width":13,"height":8}},{"id":"ade20461-c3fb-48f8-af0f-9f60f2e7f535","block_type":"box","text":"Balance Sheet","page_number":2,"box":{"x":96,"y":335,"width":85,"height":9}},{"id":"6a356a02-3b9e-4206-90be-5229e54a989c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":192,"y":342,"width":438,"height":2}},{"id":"911daec6-8856-4a72-b6a6-ef3380ba0c1e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":635,"y":342,"width":248,"height":2}},{"id":"1d4bbef3-7573-4284-9618-66453fde4f0b","block_type":"box","text":"20","page_number":2,"box":{"x":887,"y":336,"width":14,"height":7}},{"id":"6b67df0f-8119-42db-80f9-9fd27e4807c4","block_type":"box","text":"Notes to the Financial Statements","page_number":2,"box":{"x":96,"y":350,"width":204,"height":8}},{"id":"194c8910-a5c8-4264-ab58-7dd31a3ed09e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":312,"y":357,"width":437,"height":1}},{"id":"02e47b0a-2388-4b52-ae25-c5ab36b8726d","block_type":"box","text":". . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":754,"y":357,"width":128,"height":1}},{"id":"ee8e7998-6437-43e0-83d0-dc5b52841178","block_type":"box","text":"21","page_number":2,"box":{"x":887,"y":350,"width":12,"height":8}},{"id":"4e67e333-1503-4fc0-9302-309898f8c7a4","block_type":"box","text":"Distribution Tables","page_number":2,"box":{"x":96,"y":364,"width":113,"height":8}},{"id":"6bfa2241-e16e-4d3e-892f-bd67be7c832e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":220,"y":371,"width":438,"height":1}},{"id":"073af28d-ad69-4785-be52-7027caa5f402","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":663,"y":371,"width":220,"height":1}},{"id":"f8fc0e28-53e2-44c3-a4d3-41555e72a5f2","block_type":"box","text":"27","page_number":2,"box":{"x":887,"y":365,"width":14,"height":7}},{"id":"582fb348-c31c-4043-a168-b98487517851","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":2,"box":{"x":96,"y":385,"width":244,"height":11}},{"id":"d7cf39f7-8ab9-42e3-87ed-27e57e523a0f","block_type":"box","text":"(formerly VT Aggressive Portfolio Overlay Fund)","page_number":2,"box":{"x":345,"y":385,"width":294,"height":11}},{"id":"4631a529-e581-438a-be1c-f442247841d5","block_type":"box","text":"Sub-fund Overview*","page_number":2,"box":{"x":95,"y":400,"width":123,"height":8}},{"id":"654b7315-fc4e-4fea-a8d0-51936956b32f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":227,"y":407,"width":438,"height":1}},{"id":"7d2e6b9a-13aa-442b-a7e2-a96e090942b5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":670,"y":407,"width":213,"height":1}},{"id":"b6ad2c9a-e9ad-4175-b0b9-1a9e71dab3ac","block_type":"box","text":"28","page_number":2,"box":{"x":887,"y":400,"width":14,"height":8}},{"id":"a972eeee-6feb-4924-b611-d28bcca85200","block_type":"box","text":"Investment Manager’s Review*","page_number":2,"box":{"x":96,"y":414,"width":187,"height":11}},{"id":"ab5e6f14-59e3-4a22-86fc-727b19981d37","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":290,"y":421,"width":438,"height":2}},{"id":"2de54458-d5a8-4896-93d1-2d4d102b1b0c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":733,"y":421,"width":149,"height":2}},{"id":"b9ab01ec-bbb3-4b0c-8afe-e25b0555c1ed","block_type":"box","text":"30","page_number":2,"box":{"x":887,"y":415,"width":14,"height":8}},{"id":"4a518406-02f1-437a-afc8-98cbf7b8ffa7","block_type":"box","text":"Performance Record","page_number":2,"box":{"x":96,"y":429,"width":123,"height":8}},{"id":"17d1de54-137c-4eab-be0c-59bb28a5c409","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":227,"y":436,"width":438,"height":1}},{"id":"45a472ef-c606-43c3-a8f4-e6dce8957da5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":670,"y":436,"width":213,"height":1}},{"id":"37a0d06a-80e3-4ec1-a67c-41ea4faa51be","block_type":"box","text":"32","page_number":2,"box":{"x":887,"y":429,"width":14,"height":8}},{"id":"c4361adf-0e51-40bc-8fc4-e534b0df66b9","block_type":"box","text":"Risk and Reward Profile","page_number":2,"box":{"x":96,"y":443,"width":143,"height":9}},{"id":"9d6b586c-4798-4c5c-ad41-c002cf182089","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":248,"y":450,"width":438,"height":2}},{"id":"9b3c75b4-a7b7-4f30-ad4f-27012807229e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":691,"y":450,"width":192,"height":2}},{"id":"ef5e8467-0dbe-4fcc-9992-67bf4e753b25","block_type":"box","text":"32","page_number":2,"box":{"x":887,"y":444,"width":14,"height":8}},{"id":"c4cb4793-e1a5-4908-89c3-e5f2af20f90a","block_type":"box","text":"Portfolio Statement*","page_number":2,"box":{"x":96,"y":458,"width":125,"height":8}},{"id":"4a170301-f807-49e3-81b6-5b283fd08182","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":227,"y":465,"width":438,"height":1}},{"id":"a3a3a4c3-aafe-4e96-b4e7-508e39e6eab6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":670,"y":465,"width":213,"height":1}},{"id":"fb4a1181-993d-4e72-a10a-30774c6ee990","block_type":"box","text":"33","page_number":2,"box":{"x":887,"y":458,"width":14,"height":8}},{"id":"675f6893-dbfb-428c-b1e8-b553652c1eb6","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":2,"box":{"x":95,"y":472,"width":247,"height":11}},{"id":"35c5c098-a6d9-4ac2-a44c-49160033f271","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":347,"y":479,"width":437,"height":2}},{"id":"daaa01f8-1978-4865-b4f7-528e1f48f4c1","block_type":"box","text":". . . . . . . . . . . . . .","page_number":2,"box":{"x":789,"y":479,"width":93,"height":2}},{"id":"f810568f-2e1f-413c-bcb3-3fbe0add66a0","block_type":"box","text":"34","page_number":2,"box":{"x":887,"y":473,"width":15,"height":8}},{"id":"a2af52c5-8f10-4453-b7ac-bf5e0de83c33","block_type":"box","text":"Statement of Total Return","page_number":2,"box":{"x":95,"y":487,"width":156,"height":8}},{"id":"d374e923-293b-448e-a7e6-8acf013c20b6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":262,"y":494,"width":438,"height":1}},{"id":"4b37cf07-2e06-43c4-a1f3-58454bae3d5a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":705,"y":494,"width":177,"height":1}},{"id":"8312158f-911e-4b1f-888b-309fe67439d9","block_type":"box","text":"35","page_number":2,"box":{"x":887,"y":487,"width":14,"height":8}},{"id":"d993b368-b860-41d2-ad6e-921b5e66eb0e","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":2,"box":{"x":95,"y":501,"width":393,"height":11}},{"id":"b4c67104-b53e-4410-9c58-aca221bca4e2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":494,"y":508,"width":389,"height":2}},{"id":"96253fb0-e49c-4c67-b46b-8f078415607b","block_type":"box","text":"35","page_number":2,"box":{"x":887,"y":502,"width":14,"height":8}},{"id":"c6e0628b-1cd5-445d-9836-5f252d916029","block_type":"box","text":"Balance Sheet","page_number":2,"box":{"x":96,"y":516,"width":85,"height":8}},{"id":"ff7d01b6-30b2-468d-a435-350342b29961","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":192,"y":523,"width":438,"height":1}},{"id":"a0151cbf-688d-4622-b15e-dcb0aadb69fb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":635,"y":523,"width":248,"height":1}},{"id":"4409dfc1-2ac6-4314-bba1-8b975df78ea2","block_type":"box","text":"36","page_number":2,"box":{"x":887,"y":516,"width":14,"height":8}},{"id":"5c8b7218-4c95-40fe-9481-ead1ddd056b5","block_type":"box","text":"Notes to the Financial Statements","page_number":2,"box":{"x":96,"y":530,"width":204,"height":9}},{"id":"1eba1068-b507-4391-98c8-bb8a2d5019fd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":312,"y":537,"width":437,"height":2}},{"id":"1c933a0f-5c64-48f1-aa63-e62c6e90e6ce","block_type":"box","text":". . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":754,"y":537,"width":128,"height":2}},{"id":"28350bb9-c623-47d1-a775-e245aaefbad8","block_type":"box","text":"37","page_number":2,"box":{"x":887,"y":531,"width":14,"height":8}},{"id":"d89ece76-af2e-40ac-919e-ea9045472ff0","block_type":"box","text":"Distribution Tables","page_number":2,"box":{"x":96,"y":545,"width":113,"height":8}},{"id":"461e6a64-9bb8-456a-aedc-28900848dd67","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":220,"y":552,"width":438,"height":1}},{"id":"96136693-f917-4134-80a8-fe1abf3231e0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":663,"y":552,"width":220,"height":1}},{"id":"04f93f70-eec4-4ef1-8ff6-e6fc73caa623","block_type":"box","text":"43","page_number":2,"box":{"x":887,"y":545,"width":14,"height":8}},{"id":"b634f45f-c498-4afa-8aaf-5ae27e6b94a9","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":2,"box":{"x":96,"y":566,"width":234,"height":11}},{"id":"103fd5fb-4ac8-49cc-945d-4cbce0ea4b8f","block_type":"box","text":"(formerly VT Balanced Portfolio Overlay Fund)","page_number":2,"box":{"x":335,"y":566,"width":285,"height":11}},{"id":"ea40d0ef-e765-4071-9e7d-da04fea0c89c","block_type":"box","text":"Sub-fund Overview*","page_number":2,"box":{"x":95,"y":581,"width":123,"height":8}},{"id":"ebfea689-8d4e-466f-a091-e3c14abb978e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":227,"y":588,"width":438,"height":1}},{"id":"763a018e-2090-4670-ab57-c1e3b46506ef","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":670,"y":588,"width":213,"height":1}},{"id":"63c05cdb-0e33-42ee-8e84-7d04c815e012","block_type":"box","text":"44","page_number":2,"box":{"x":887,"y":581,"width":15,"height":8}},{"id":"1ccacefb-0697-4089-8e3e-e02f0716dfc6","block_type":"box","text":"Investment Manager’s Review*","page_number":2,"box":{"x":96,"y":595,"width":187,"height":11}},{"id":"7b2cc423-6820-4722-9952-0d14b049a890","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":290,"y":602,"width":438,"height":1}},{"id":"a2755d2b-950e-42d3-8cf8-3b68b94fc8f4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":733,"y":602,"width":149,"height":1}},{"id":"12a0f4fb-5ed6-4b20-9b11-a3a3cfaad6b4","block_type":"box","text":"46","page_number":2,"box":{"x":887,"y":595,"width":14,"height":8}},{"id":"78b3c381-881c-4c06-bc4b-29cd919c00b2","block_type":"box","text":"Performance Record","page_number":2,"box":{"x":96,"y":610,"width":123,"height":8}},{"id":"b0bfbe10-1337-489f-8a1e-2721aae04c0f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":227,"y":617,"width":438,"height":1}},{"id":"cc9e8a2a-3ac9-4901-8ff5-67909ba518da","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":670,"y":617,"width":213,"height":1}},{"id":"64069f0c-26a5-459b-b9c2-1f29cc478336","block_type":"box","text":"48","page_number":2,"box":{"x":887,"y":610,"width":14,"height":8}},{"id":"b141eaa0-8fe5-4074-ab05-71e2b75f0362","block_type":"box","text":"Risk and Reward Profile","page_number":2,"box":{"x":96,"y":624,"width":143,"height":8}},{"id":"549d3211-e8fb-4e32-8497-2418eb7ae764","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":248,"y":631,"width":438,"height":1}},{"id":"07c90e95-14a2-4dd3-8e87-4b2d04054cea","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":691,"y":631,"width":192,"height":1}},{"id":"b4d47549-0ec4-45ee-a39c-cd8d8d438be2","block_type":"box","text":"48","page_number":2,"box":{"x":887,"y":624,"width":14,"height":8}},{"id":"81b8637b-30b7-4044-b1a8-00cc2953356e","block_type":"box","text":"Portfolio Statement*","page_number":2,"box":{"x":96,"y":639,"width":125,"height":8}},{"id":"4b4fb827-58e1-4cfd-81c8-be1c13cdecb0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":227,"y":645,"width":438,"height":2}},{"id":"64fcd4ad-6626-44c1-825e-b3eded44038e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":670,"y":645,"width":213,"height":2}},{"id":"4eb5b74a-79fd-40fe-b986-3be24d529124","block_type":"box","text":"49","page_number":2,"box":{"x":887,"y":639,"width":14,"height":8}},{"id":"0525c93e-adb8-4895-963f-35f4e3fc1421","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":2,"box":{"x":95,"y":653,"width":247,"height":11}},{"id":"25888502-06dc-415f-aff6-b75f7589a61d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":347,"y":660,"width":437,"height":1}},{"id":"16133838-40bf-4125-8688-1e2d6d69bb16","block_type":"box","text":". . . . . . . . . . . . . .","page_number":2,"box":{"x":789,"y":660,"width":93,"height":1}},{"id":"9451b168-95e1-45af-9dd9-b50a9f439b71","block_type":"box","text":"50","page_number":2,"box":{"x":888,"y":653,"width":13,"height":8}},{"id":"a627caa0-ba79-4bbe-9ade-65a149bbce27","block_type":"box","text":"Statement of Total Return","page_number":2,"box":{"x":95,"y":668,"width":156,"height":8}},{"id":"652bddfc-29d5-46ae-8643-8a7b5789b7e4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":262,"y":674,"width":438,"height":2}},{"id":"b953b729-6517-46b3-a78d-87ae352143b3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":705,"y":674,"width":177,"height":2}},{"id":"fda67055-c679-47fe-9e72-b6889795ea03","block_type":"box","text":"51","page_number":2,"box":{"x":888,"y":668,"width":11,"height":8}},{"id":"24ebc68b-c43a-4855-b911-4eb15b67e642","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":2,"box":{"x":95,"y":682,"width":393,"height":11}},{"id":"a5718eae-bcca-4aad-a57a-139c0262e299","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":494,"y":689,"width":389,"height":1}},{"id":"b3cffe8c-b3f5-4c6e-9320-823c0f8020d5","block_type":"box","text":"51","page_number":2,"box":{"x":888,"y":683,"width":11,"height":7}},{"id":"ba460d07-f757-4790-9450-fa85498632de","block_type":"box","text":"Balance Sheet","page_number":2,"box":{"x":96,"y":697,"width":85,"height":8}},{"id":"fa54c7b5-5c01-4cb1-b510-bb9d529b06e8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":192,"y":703,"width":438,"height":2}},{"id":"5983d049-12ba-4d40-86fa-cdad8f982802","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":635,"y":703,"width":248,"height":2}},{"id":"d151e795-187b-4e87-90a4-ad62cd325820","block_type":"box","text":"52","page_number":2,"box":{"x":888,"y":697,"width":13,"height":8}},{"id":"9b544aae-b72e-48b4-96a4-ff5692dc757e","block_type":"box","text":"Notes to the Financial Statements","page_number":2,"box":{"x":96,"y":711,"width":204,"height":8}},{"id":"fb85518a-1398-45bb-8ea4-abee55bbab5b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":312,"y":718,"width":437,"height":1}},{"id":"13b22f3a-6f42-43ac-ad78-4f62b7c203a7","block_type":"box","text":". . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":754,"y":718,"width":128,"height":1}},{"id":"bff18642-9e47-4eb0-9e57-04665fc0a063","block_type":"box","text":"53","page_number":2,"box":{"x":888,"y":711,"width":13,"height":8}},{"id":"4c7d84d2-0ed3-4546-8107-f26c2ba8d392","block_type":"box","text":"Distribution Tables","page_number":2,"box":{"x":96,"y":726,"width":113,"height":8}},{"id":"9541a717-036d-409f-bbf9-2a44f9ae9d7b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":220,"y":732,"width":438,"height":2}},{"id":"566652af-c675-432d-864d-a1a9e6b4a6f5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":663,"y":732,"width":220,"height":2}},{"id":"5626216d-02cb-40e6-9b3b-e6d532804caa","block_type":"box","text":"59","page_number":2,"box":{"x":888,"y":726,"width":13,"height":8}},{"id":"f70afc7d-0897-493c-ac49-780ec9bb3dc2","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":2,"box":{"x":96,"y":747,"width":231,"height":10}},{"id":"5493166a-bdab-4e3b-97ff-ecd5d0417b6a","block_type":"box","text":"(formerly VT Cautious Portfolio Overlay Fund)","page_number":2,"box":{"x":332,"y":747,"width":283,"height":10}},{"id":"06a9b448-c237-4ca6-b364-7e5f48a055bd","block_type":"box","text":"Sub-fund Overview*","page_number":2,"box":{"x":95,"y":761,"width":123,"height":8}},{"id":"702dac2d-f8ad-4fa8-92dd-90c7d469662c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":227,"y":768,"width":438,"height":1}},{"id":"b8507a2a-f233-4af8-a773-86876be8af93","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":670,"y":768,"width":213,"height":1}},{"id":"0813de5c-6665-407a-952e-879dea1455c4","block_type":"box","text":"60","page_number":2,"box":{"x":888,"y":762,"width":13,"height":7}},{"id":"eec090c7-e0b2-4a8c-b80f-2bcea5d26a35","block_type":"box","text":"Investment Manager’s Review*","page_number":2,"box":{"x":96,"y":776,"width":187,"height":10}},{"id":"0b42723a-babd-4562-a748-ef6483161c66","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":290,"y":783,"width":438,"height":1}},{"id":"05e54c02-e06c-4737-8308-51682180edfd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":733,"y":783,"width":149,"height":1}},{"id":"3cc3d433-e0b8-41d3-834f-18978db03a5e","block_type":"box","text":"62","page_number":2,"box":{"x":888,"y":776,"width":13,"height":8}},{"id":"e3be7127-3400-4b22-8fc2-b500344a4cc0","block_type":"box","text":"Performance Record","page_number":2,"box":{"x":96,"y":790,"width":123,"height":8}},{"id":"aef698b3-ead6-4e15-bc89-f15d088bf56d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":227,"y":797,"width":438,"height":1}},{"id":"3da0f189-915f-45cc-b0b8-534e50e869dd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":670,"y":797,"width":213,"height":1}},{"id":"5a5f5b42-bb60-4637-84e7-13f575a2993f","block_type":"box","text":"64","page_number":2,"box":{"x":888,"y":791,"width":14,"height":7}},{"id":"4af70dfe-f68e-4d83-9ed5-f3977f692325","block_type":"box","text":"Risk and Reward Profile","page_number":2,"box":{"x":96,"y":805,"width":143,"height":8}},{"id":"c1044eb6-e43a-4ade-b241-3bb4b4d7049f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":248,"y":812,"width":438,"height":1}},{"id":"c4b54bb3-5b0c-4ec7-99b7-eb233a737ff1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":691,"y":812,"width":192,"height":1}},{"id":"cc2475ba-e31b-4e35-bd48-21862062f8fa","block_type":"box","text":"64","page_number":2,"box":{"x":888,"y":805,"width":14,"height":8}},{"id":"cebe510d-a4c0-4d03-852b-8a96834da057","block_type":"box","text":"Portfolio Statement*","page_number":2,"box":{"x":96,"y":819,"width":125,"height":8}},{"id":"6acd7412-2264-4d04-a1fa-cfe7c6f87aa5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":227,"y":826,"width":438,"height":1}},{"id":"b7cd5e37-069f-4f63-9582-9b78f522699f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":670,"y":826,"width":213,"height":1}},{"id":"1b88da6e-8c62-49e8-b984-052f6156bbad","block_type":"box","text":"65","page_number":2,"box":{"x":888,"y":820,"width":13,"height":7}},{"id":"7022ca04-7363-4bcc-ab06-d5c3ebdb5213","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":2,"box":{"x":95,"y":834,"width":247,"height":10}},{"id":"bdb8464f-675c-4923-9cbc-926679a31d17","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":347,"y":841,"width":437,"height":1}},{"id":"54174e2f-e14f-4399-9aa6-6916eb73a826","block_type":"box","text":". . . . . . . . . . . . . .","page_number":2,"box":{"x":789,"y":841,"width":93,"height":1}},{"id":"99528b86-bf99-4430-81f6-9e3162d1e804","block_type":"box","text":"66","page_number":2,"box":{"x":888,"y":834,"width":13,"height":8}},{"id":"10ab06ef-a93e-4571-b420-2539780f7ff8","block_type":"box","text":"Statement of Total Return","page_number":2,"box":{"x":95,"y":848,"width":156,"height":8}},{"id":"85dddadf-c139-4816-b29b-59bb8d8fdaa0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":262,"y":855,"width":438,"height":1}},{"id":"a8b46bbc-d937-47bb-b364-a0a293cbc7bf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":705,"y":855,"width":177,"height":1}},{"id":"ec733695-a874-4e2a-980c-8331aad7765c","block_type":"box","text":"67","page_number":2,"box":{"x":888,"y":849,"width":13,"height":7}},{"id":"29045ea3-b03f-4943-a8d8-1592ff4c1150","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":2,"box":{"x":95,"y":863,"width":393,"height":10}},{"id":"6e0fa225-6782-493e-927b-0e27815da9cd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":494,"y":870,"width":389,"height":1}},{"id":"a0d15a3c-f2b8-4f74-b2eb-e0d51a5b0e3b","block_type":"box","text":"67","page_number":2,"box":{"x":888,"y":863,"width":13,"height":8}},{"id":"59466987-23b3-4b08-aab3-ee108bad3e75","block_type":"box","text":"Balance Sheet","page_number":2,"box":{"x":96,"y":877,"width":85,"height":8}},{"id":"277fe971-22cf-4caa-85f5-e426fee7d965","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":192,"y":884,"width":438,"height":1}},{"id":"dae85b9f-c6f3-4d48-8367-cac4916c54b2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":635,"y":884,"width":248,"height":1}},{"id":"6f93a8d8-8c20-4eb3-b4d8-1e066a7b20ef","block_type":"box","text":"68","page_number":2,"box":{"x":888,"y":878,"width":13,"height":7}},{"id":"da3c2b3a-706b-4643-ae37-1a0485bce297","block_type":"box","text":"Notes to the Financial Statements","page_number":2,"box":{"x":96,"y":892,"width":204,"height":8}},{"id":"282b084f-160e-44ad-b406-5a997c0b2f0a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":312,"y":899,"width":437,"height":1}},{"id":"6f365e2e-80fc-4d7a-be3a-0efb8d3f5650","block_type":"box","text":". . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":754,"y":899,"width":128,"height":1}},{"id":"81b39272-4c79-44db-b425-b0428cb9547e","block_type":"box","text":"69","page_number":2,"box":{"x":888,"y":892,"width":13,"height":8}},{"id":"acb10519-e616-4ad9-a675-1c7d4466fc87","block_type":"box","text":"Distribution Tables","page_number":2,"box":{"x":96,"y":906,"width":113,"height":8}},{"id":"7511d5a0-140b-4f67-a788-29aea7472529","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":220,"y":913,"width":438,"height":1}},{"id":"3b404953-1fde-4ebc-98fb-7322986baee8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":2,"box":{"x":663,"y":913,"width":220,"height":1}},{"id":"e98df709-7f64-4269-8c1f-6fec24ec1161","block_type":"box","text":"75","page_number":2,"box":{"x":887,"y":907,"width":14,"height":7}},{"id":"c76ef5d1-45b6-4c40-b0dd-d339d85845f5","block_type":"box","text":"MI Tatton Oak ICVC","page_number":2,"box":{"x":687,"y":38,"width":217,"height":13}},{"id":"d52b8794-ae7a-4fb3-bea9-c3fa8174d5aa","block_type":"box","text":"Contents (continued)","page_number":3,"box":{"x":96,"y":85,"width":217,"height":16}},{"id":"0df51be1-3d27-452e-a6a0-47bad870654c","block_type":"box","text":"Page","page_number":3,"box":{"x":854,"y":86,"width":47,"height":16}},{"id":"667e0834-eccd-47f0-b6ba-58f2c61be480","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":3,"box":{"x":96,"y":112,"width":239,"height":11}},{"id":"22962a29-87c5-4af9-99ac-4a4c7b1c1e54","block_type":"box","text":"(formerly VT Defensive Portfolio Overlay Fund)","page_number":3,"box":{"x":340,"y":112,"width":289,"height":11}},{"id":"6678b358-5490-4282-9cf3-15437670a1bd","block_type":"box","text":"Sub-fund Overview*","page_number":3,"box":{"x":95,"y":128,"width":123,"height":8}},{"id":"f15c3d78-ab22-488e-b1de-5793a6ae5c02","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":227,"y":134,"width":438,"height":2}},{"id":"11e1dd43-3595-44fb-b1c3-c268956bb862","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":670,"y":134,"width":213,"height":2}},{"id":"f9a574cf-e41b-465a-8e02-dba5641c5b0a","block_type":"box","text":"76","page_number":3,"box":{"x":887,"y":128,"width":14,"height":8}},{"id":"7504f9d0-211a-48cc-b69b-1c99e002151b","block_type":"box","text":"Investment Manager’s Review*","page_number":3,"box":{"x":96,"y":143,"width":187,"height":11}},{"id":"6086175c-78f5-4762-84d2-90d02e3c2ad8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":290,"y":150,"width":438,"height":1}},{"id":"10fc836e-f360-4a43-961d-b75d6ff2895d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":733,"y":150,"width":149,"height":1}},{"id":"504cbd45-edf9-40a5-9c83-6c6fa49205ee","block_type":"box","text":"78","page_number":3,"box":{"x":887,"y":143,"width":14,"height":8}},{"id":"b3fad530-f82b-41a8-952e-78d963c9909f","block_type":"box","text":"Performance Record","page_number":3,"box":{"x":96,"y":158,"width":123,"height":9}},{"id":"7455017e-58c0-4978-a6ef-964e2b5578af","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":227,"y":165,"width":438,"height":2}},{"id":"3c7ae440-cc16-4f87-b2da-0538dfb8a224","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":670,"y":165,"width":213,"height":2}},{"id":"ea017650-ea21-472d-b26a-9b4ee743cbc1","block_type":"box","text":"80","page_number":3,"box":{"x":887,"y":159,"width":14,"height":8}},{"id":"983aebdd-574e-43b3-8f2b-cd3569d79aea","block_type":"box","text":"Risk and Reward Profile","page_number":3,"box":{"x":96,"y":174,"width":143,"height":8}},{"id":"d45248c1-90b4-40eb-965b-525b877bbb2b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":248,"y":181,"width":438,"height":1}},{"id":"4da7b16f-e819-4ada-b99b-85ce49c3e5d4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":691,"y":181,"width":192,"height":1}},{"id":"43766842-c430-422a-b9b5-560b02797fe8","block_type":"box","text":"80","page_number":3,"box":{"x":887,"y":174,"width":14,"height":8}},{"id":"45b9161f-0eb9-4a02-8e01-fa0ad05045ab","block_type":"box","text":"Portfolio Statement*","page_number":3,"box":{"x":96,"y":189,"width":125,"height":9}},{"id":"c302a0e9-43dd-46bf-a9fc-44d7c0912292","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":227,"y":196,"width":438,"height":2}},{"id":"75486e56-ace6-4ed3-90f9-63da398956de","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":670,"y":196,"width":213,"height":2}},{"id":"d420403a-3b78-4c48-9762-50741ee9ae97","block_type":"box","text":"81","page_number":3,"box":{"x":887,"y":190,"width":12,"height":8}},{"id":"1b649f98-08f6-4c5b-acf1-8365fb6d6a5f","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":3,"box":{"x":95,"y":205,"width":247,"height":10}},{"id":"1617b40b-706f-4120-9db7-e9eb86a6c4f7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":347,"y":212,"width":437,"height":1}},{"id":"a6d193d2-0c7d-4038-aa5d-30749c5aba8f","block_type":"box","text":". . . . . . . . . . . . . .","page_number":3,"box":{"x":789,"y":212,"width":93,"height":1}},{"id":"5f9fc36e-02d8-480e-aabe-2a099c8b3d54","block_type":"box","text":"82","page_number":3,"box":{"x":887,"y":205,"width":14,"height":8}},{"id":"8f1a7cd8-8d78-467a-81ea-624127775a7c","block_type":"box","text":"Statement of Total Return","page_number":3,"box":{"x":95,"y":220,"width":156,"height":8}},{"id":"c62defc0-c3f4-4513-bab1-c0018a86f001","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":262,"y":227,"width":438,"height":1}},{"id":"6b92b7f0-90a2-491f-aeaf-19c650cce441","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":705,"y":227,"width":177,"height":1}},{"id":"16380f60-6bf7-48ee-b8d4-8b535a9122b4","block_type":"box","text":"83","page_number":3,"box":{"x":887,"y":221,"width":14,"height":7}},{"id":"fa35a6a1-1360-4988-94f9-2475a266abf7","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":3,"box":{"x":95,"y":236,"width":393,"height":10}},{"id":"70f7edb1-bcaf-4200-a25c-26f06abbcafa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":494,"y":243,"width":389,"height":1}},{"id":"9bedef1b-ffee-4676-b1a6-57bc874fd150","block_type":"box","text":"83","page_number":3,"box":{"x":887,"y":236,"width":14,"height":8}},{"id":"c0f129bf-3283-42fd-918e-81a533152a1a","block_type":"box","text":"Balance Sheet","page_number":3,"box":{"x":96,"y":251,"width":85,"height":8}},{"id":"940cc97b-7d09-4429-8ab8-c97ce9dea56f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":192,"y":258,"width":438,"height":1}},{"id":"3787da5c-fc67-456b-baec-560e67d401f6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":635,"y":258,"width":248,"height":1}},{"id":"500dad6b-d0a1-4945-9075-16eedc97ef7f","block_type":"box","text":"84","page_number":3,"box":{"x":887,"y":251,"width":15,"height":8}},{"id":"d91e3516-03d3-4bd5-bb2f-b3a6149f90a7","block_type":"box","text":"Notes to the Financial Statements","page_number":3,"box":{"x":96,"y":267,"width":204,"height":8}},{"id":"2591d479-061e-48a8-a088-86c85fb4b70d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":312,"y":273,"width":437,"height":2}},{"id":"496b5e24-3adb-4e81-af01-85893728b254","block_type":"box","text":". . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":754,"y":273,"width":128,"height":2}},{"id":"af069a3d-c0f6-4b26-aabb-c810f19c0163","block_type":"box","text":"85","page_number":3,"box":{"x":887,"y":267,"width":14,"height":8}},{"id":"fae001ba-ca0f-4561-ac19-39f24387b94e","block_type":"box","text":"Distribution Tables","page_number":3,"box":{"x":96,"y":282,"width":113,"height":8}},{"id":"92a3c33d-0f6b-4ddc-acec-91c6ff4feb3f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":220,"y":289,"width":438,"height":1}},{"id":"067d58c9-b376-4439-9a07-036d6fb1e27c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":663,"y":289,"width":220,"height":1}},{"id":"4e843909-a1d1-45a8-8eac-e3f9fca6f280","block_type":"box","text":"91","page_number":3,"box":{"x":887,"y":282,"width":12,"height":8}},{"id":"c07fe007-c2c8-4c2c-8d51-0adc2658900b","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":3,"box":{"x":96,"y":304,"width":202,"height":8}},{"id":"354dce04-174b-49c9-9a3f-ce88936013b6","block_type":"box","text":"(formerly VT Tatton Blended Active Fund)","page_number":3,"box":{"x":303,"y":304,"width":256,"height":11}},{"id":"7dcffb20-da57-4072-b755-7521657ee9d8","block_type":"box","text":"Sub-fund Overview*","page_number":3,"box":{"x":95,"y":320,"width":123,"height":8}},{"id":"d319242c-b04b-404a-9b94-0c30f5308037","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":227,"y":327,"width":438,"height":1}},{"id":"efa70129-760b-4d2c-8a7e-44b5b5fd46d9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":670,"y":327,"width":213,"height":1}},{"id":"77372497-2cb4-46eb-b4e1-3a0a241947cd","block_type":"box","text":"92","page_number":3,"box":{"x":887,"y":320,"width":14,"height":8}},{"id":"329b953e-0d22-44b3-9949-6acaaf5e6712","block_type":"box","text":"Investment Manager’s Review*","page_number":3,"box":{"x":96,"y":335,"width":187,"height":11}},{"id":"5a5de521-eecb-4531-bc11-8d387692a99b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":290,"y":342,"width":438,"height":1}},{"id":"774719b3-6dd6-4859-a165-f489b44469e9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":733,"y":342,"width":149,"height":1}},{"id":"d3f682d1-6b94-49b2-a071-a20b2784a161","block_type":"box","text":"94","page_number":3,"box":{"x":887,"y":335,"width":15,"height":8}},{"id":"b53fedea-b203-4e0d-8cdd-59b30d16eb34","block_type":"box","text":"Performance Record","page_number":3,"box":{"x":96,"y":350,"width":123,"height":9}},{"id":"a3ca1859-4f97-47c9-8d94-9d00efae9942","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":227,"y":357,"width":438,"height":2}},{"id":"b3d9d706-a99d-48d0-aba1-2187be53687e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":670,"y":357,"width":213,"height":2}},{"id":"11232d72-a64a-488a-89e9-9f4b5c3a8644","block_type":"box","text":"96","page_number":3,"box":{"x":887,"y":351,"width":14,"height":8}},{"id":"afb212ae-f6ee-4605-a7d4-3f21c5b45403","block_type":"box","text":"Risk and Reward Profile","page_number":3,"box":{"x":96,"y":366,"width":143,"height":8}},{"id":"7913cedc-cfa0-4363-9199-b4f30315abcd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":248,"y":373,"width":438,"height":1}},{"id":"1e175741-7fb2-42f3-8250-cb6158a42bdf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":691,"y":373,"width":192,"height":1}},{"id":"9b13c5a2-38a7-43ae-b908-d386b072f7dc","block_type":"box","text":"96","page_number":3,"box":{"x":887,"y":366,"width":14,"height":8}},{"id":"4ec8b5fc-a947-4706-9679-bf4b5b56d69b","block_type":"box","text":"Portfolio Statement*","page_number":3,"box":{"x":96,"y":381,"width":125,"height":9}},{"id":"6eddf17b-b179-4b75-a948-881b2979c2e8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":227,"y":388,"width":438,"height":2}},{"id":"b7996c3b-65f4-4d28-96bd-0b87c5cfd6d9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":670,"y":388,"width":213,"height":2}},{"id":"92b079b9-2a4d-493c-b427-b52b1179e6e3","block_type":"box","text":"97","page_number":3,"box":{"x":887,"y":382,"width":14,"height":8}},{"id":"c45b3107-2467-46e8-849a-91825f99a622","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":3,"box":{"x":95,"y":397,"width":247,"height":10}},{"id":"2e14391e-dbeb-4d35-a0a5-30e7f32c1fa2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":347,"y":404,"width":437,"height":1}},{"id":"df5ee2ee-5198-41a0-bcb8-ee72ccedfdef","block_type":"box","text":". . . . . . . . . . . . . .","page_number":3,"box":{"x":789,"y":404,"width":93,"height":1}},{"id":"68013e4c-28a3-4c03-8508-24c08338a308","block_type":"box","text":"98","page_number":3,"box":{"x":887,"y":397,"width":14,"height":8}},{"id":"11b9894e-8414-46f6-81b0-8065f40f9cae","block_type":"box","text":"Statement of Total Return","page_number":3,"box":{"x":95,"y":412,"width":156,"height":8}},{"id":"dd8ad0e4-7287-4a3d-924e-d2d2cef05157","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":262,"y":419,"width":438,"height":1}},{"id":"b5ec96ad-5897-4548-852c-5a0ac21b1dd4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":705,"y":419,"width":177,"height":1}},{"id":"278902ad-cb39-426e-89f1-0d64b7655e58","block_type":"box","text":"99","page_number":3,"box":{"x":887,"y":413,"width":14,"height":7}},{"id":"51c33256-15b9-4336-bf67-fa8eb1869b74","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":3,"box":{"x":95,"y":428,"width":393,"height":10}},{"id":"141ffa69-84e5-44af-8556-a6284f4bf157","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":494,"y":435,"width":389,"height":1}},{"id":"29135b3b-1494-46c4-a224-7fdc39504f8a","block_type":"box","text":"99","page_number":3,"box":{"x":887,"y":428,"width":14,"height":8}},{"id":"cd85074b-d76e-4943-8a10-86dd87a349f5","block_type":"box","text":"Balance Sheet","page_number":3,"box":{"x":96,"y":443,"width":85,"height":8}},{"id":"75a4b386-58f9-446c-87ad-47d4ceb0fde5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":192,"y":450,"width":437,"height":1}},{"id":"47d071a4-2108-4074-a819-8e663f082d7f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":634,"y":450,"width":241,"height":1}},{"id":"057c0fc1-42dc-45d0-9873-4ef567e91b57","block_type":"box","text":"100","page_number":3,"box":{"x":880,"y":444,"width":21,"height":7}},{"id":"2cc3c90f-99d0-4ad3-b828-a934c1d12f94","block_type":"box","text":"Notes to the Financial Statements","page_number":3,"box":{"x":96,"y":459,"width":204,"height":8}},{"id":"e36060b5-569a-4551-abb2-2326fbb95fe8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":311,"y":465,"width":438,"height":2}},{"id":"434efd3a-b05e-4e44-a036-d2f2bd0a8608","block_type":"box","text":". . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":754,"y":465,"width":121,"height":2}},{"id":"0929d2c4-7313-431a-bc12-1715cc56fb48","block_type":"box","text":"101","page_number":3,"box":{"x":880,"y":459,"width":19,"height":8}},{"id":"a2ee4754-2e3d-4976-b3e3-c30af2ba4015","block_type":"box","text":"Distribution Tables","page_number":3,"box":{"x":96,"y":474,"width":113,"height":8}},{"id":"09e15f25-97b8-4c95-bf5b-6206c13614a2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":220,"y":481,"width":437,"height":1}},{"id":"6cdd4ae9-ecd5-4412-bf6b-f3fd6f299df6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":662,"y":481,"width":213,"height":1}},{"id":"7f499927-3119-4fd5-8c18-f9f5205554c0","block_type":"box","text":"107","page_number":3,"box":{"x":880,"y":474,"width":21,"height":8}},{"id":"1d2d0c46-0bac-4a2a-bff3-913eeab33f06","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":3,"box":{"x":96,"y":496,"width":222,"height":8}},{"id":"3059b59d-d5f5-46d7-9ff6-d1fb1c1e3beb","block_type":"box","text":"(formerly VT Tatton Blended Balanced Fund)","page_number":3,"box":{"x":323,"y":496,"width":276,"height":11}},{"id":"df0e4572-7c1d-4589-9966-d27892e6c649","block_type":"box","text":"Sub-fund Overview*","page_number":3,"box":{"x":95,"y":512,"width":123,"height":8}},{"id":"763c60d0-2ab4-46e1-9a4d-51bea3713767","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":227,"y":519,"width":437,"height":1}},{"id":"a9877e88-5044-4142-a5e9-02f60d84800e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":669,"y":519,"width":206,"height":1}},{"id":"782c3ff4-ce69-4100-aef2-4d9dfccf5943","block_type":"box","text":"108","page_number":3,"box":{"x":880,"y":512,"width":21,"height":8}},{"id":"810db1c9-ac3d-421a-b427-74e351c49909","block_type":"box","text":"Investment Manager’s Review*","page_number":3,"box":{"x":96,"y":527,"width":187,"height":11}},{"id":"6eaf72af-fedc-464e-ab84-228a3cf10525","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":290,"y":534,"width":437,"height":1}},{"id":"60db59f6-b876-4226-a909-690f298e6be3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":733,"y":534,"width":142,"height":1}},{"id":"7f602a53-5e16-4516-b9d1-728a0003e603","block_type":"box","text":"110","page_number":3,"box":{"x":880,"y":527,"width":21,"height":8}},{"id":"2b67b72a-bea8-4394-954b-b079b010d315","block_type":"box","text":"Performance Record","page_number":3,"box":{"x":96,"y":542,"width":123,"height":9}},{"id":"c20cb6f5-eb4b-4705-8735-d1b7101d7e98","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":227,"y":549,"width":437,"height":2}},{"id":"77be7cd2-7b80-4493-84c5-df557f559b0a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":669,"y":549,"width":206,"height":2}},{"id":"cb4e2d9a-0e57-4f9b-80dc-defd3c401139","block_type":"box","text":"112","page_number":3,"box":{"x":880,"y":543,"width":21,"height":8}},{"id":"3853d776-9e60-447d-b9ee-4db6f954200a","block_type":"box","text":"Risk and Reward Profile","page_number":3,"box":{"x":96,"y":558,"width":143,"height":8}},{"id":"22e913ff-7fc9-4fd1-a460-1c9a62c828b6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":248,"y":565,"width":437,"height":1}},{"id":"d526df68-dd04-4e1d-ae82-ff7611275a4d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":691,"y":565,"width":184,"height":1}},{"id":"a8b50e69-cff0-4116-a27e-cbfe5059407e","block_type":"box","text":"112","page_number":3,"box":{"x":880,"y":558,"width":21,"height":8}},{"id":"e0e0ce60-67b7-4477-8aba-79725b455211","block_type":"box","text":"Portfolio Statement*","page_number":3,"box":{"x":96,"y":573,"width":125,"height":9}},{"id":"53e80f26-1d15-4162-9027-c2c4e7addca0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":227,"y":580,"width":437,"height":2}},{"id":"9d79b2fb-f4cf-476f-b02b-7fa0b8efb55b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":669,"y":580,"width":206,"height":2}},{"id":"5d53e86c-6910-415c-a3a8-37116ed19533","block_type":"box","text":"113","page_number":3,"box":{"x":880,"y":574,"width":21,"height":8}},{"id":"9e81d244-acba-44d5-96b4-97903d1fd30b","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":3,"box":{"x":95,"y":589,"width":247,"height":11}},{"id":"3b5cc412-f598-4eb9-8b8a-3f4b1d19147a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":353,"y":596,"width":438,"height":1}},{"id":"e4df7219-feac-4c2a-af98-bdedd8ae1524","block_type":"box","text":". . . . . . . . . . . .","page_number":3,"box":{"x":796,"y":596,"width":79,"height":1}},{"id":"d9012974-2210-4bf7-9352-204e68b9c8fb","block_type":"box","text":"114","page_number":3,"box":{"x":880,"y":589,"width":22,"height":8}},{"id":"62581d2c-fbd8-44b0-9c66-f8c31e5caa1b","block_type":"box","text":"Statement of Total Return","page_number":3,"box":{"x":95,"y":604,"width":156,"height":9}},{"id":"3a374462-6708-427b-928e-26bd1dae8c0a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":262,"y":611,"width":437,"height":2}},{"id":"3fd05cd4-d96f-457e-b29f-8c1ef2852a35","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":705,"y":611,"width":170,"height":2}},{"id":"294781d8-9bf0-4e87-a3de-e303cee51ca4","block_type":"box","text":"115","page_number":3,"box":{"x":880,"y":605,"width":21,"height":8}},{"id":"2432826b-1073-4bd1-8518-83ec32d803f7","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":3,"box":{"x":95,"y":620,"width":393,"height":10}},{"id":"454f60f2-c769-4557-88a6-b34c8a565e12","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":494,"y":627,"width":381,"height":1}},{"id":"be1c4cb3-0edf-43c9-b0ba-fd0a24cfddad","block_type":"box","text":"115","page_number":3,"box":{"x":880,"y":620,"width":21,"height":8}},{"id":"f6e51be4-e553-4d39-9e5e-a71d9cc857f6","block_type":"box","text":"Balance Sheet","page_number":3,"box":{"x":96,"y":635,"width":85,"height":8}},{"id":"209127e9-7954-4a9f-810b-87734a425f39","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":192,"y":642,"width":437,"height":1}},{"id":"cfad3848-678b-4fe3-acf8-316cfa55d141","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":634,"y":642,"width":241,"height":1}},{"id":"56f6a078-93aa-45f3-b211-790be2f83bee","block_type":"box","text":"116","page_number":3,"box":{"x":880,"y":636,"width":21,"height":7}},{"id":"d031558c-e479-4263-bafa-5768e1bf0b6c","block_type":"box","text":"Notes to the Financial Statements","page_number":3,"box":{"x":96,"y":651,"width":204,"height":8}},{"id":"aff67e01-b1bd-4681-afbf-4e117aa9437a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":311,"y":658,"width":438,"height":1}},{"id":"ea0e9ef5-e59e-4632-8948-7625253eedf6","block_type":"box","text":". . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":754,"y":658,"width":121,"height":1}},{"id":"7b6de5a9-c68b-4643-b376-80828d376a34","block_type":"box","text":"117","page_number":3,"box":{"x":880,"y":651,"width":21,"height":8}},{"id":"e89a26ea-5529-4c38-849e-53e93a4d0380","block_type":"box","text":"Distribution Tables","page_number":3,"box":{"x":96,"y":666,"width":113,"height":8}},{"id":"8b58df78-c8dd-4d09-9a28-2247afd5d160","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":220,"y":673,"width":437,"height":1}},{"id":"9f6be79d-474c-487b-9c43-4d2fc9bfda3d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":662,"y":673,"width":213,"height":1}},{"id":"5a9e022b-4eec-40ef-9aa4-652025bd86c9","block_type":"box","text":"123","page_number":3,"box":{"x":880,"y":666,"width":21,"height":8}},{"id":"a2a7ae75-b0cc-4bc9-8f4d-5199a97c7ca1","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":3,"box":{"x":96,"y":688,"width":220,"height":8}},{"id":"5ebff731-35a5-484d-923b-8bc5e8253651","block_type":"box","text":"(formerly VT Tatton Blended Cautious Fund)","page_number":3,"box":{"x":321,"y":688,"width":272,"height":11}},{"id":"ae996404-5751-42fa-a4c9-bdb049529905","block_type":"box","text":"Sub-fund Overview*","page_number":3,"box":{"x":95,"y":704,"width":123,"height":8}},{"id":"c7fd3c56-2008-4f57-a23f-8cbdf51730a7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":227,"y":711,"width":437,"height":1}},{"id":"23db2162-d003-4725-a38b-4d9edc32a53f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":669,"y":711,"width":206,"height":1}},{"id":"b026fb67-9829-484a-a1e0-7cfdcf682739","block_type":"box","text":"124","page_number":3,"box":{"x":880,"y":704,"width":22,"height":8}},{"id":"f95b4204-0aff-4ba7-9eb8-1bff833defd6","block_type":"box","text":"Investment Manager’s Review*","page_number":3,"box":{"x":96,"y":719,"width":187,"height":11}},{"id":"0f067997-e56c-4b51-8296-6ea243c44baa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":290,"y":726,"width":437,"height":1}},{"id":"45a48622-d69c-4a1a-9c4a-1d8c478760c3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":733,"y":726,"width":142,"height":1}},{"id":"a37f50b8-1dae-47c9-954b-9b15ae9b77db","block_type":"box","text":"126","page_number":3,"box":{"x":880,"y":719,"width":21,"height":8}},{"id":"297b2fa1-198b-49f3-9842-4f74dbbd7af2","block_type":"box","text":"Performance Record","page_number":3,"box":{"x":96,"y":734,"width":123,"height":9}},{"id":"214e07a7-e74b-4c5d-ac03-941d218c1068","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":227,"y":741,"width":437,"height":2}},{"id":"96f2d46f-7cd3-4914-b265-388e9068a814","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":669,"y":741,"width":206,"height":2}},{"id":"b1c5549c-5a8d-47f1-ad3d-0729b7ed10d2","block_type":"box","text":"128","page_number":3,"box":{"x":880,"y":735,"width":21,"height":8}},{"id":"fc8b83f1-d0d6-4966-b6db-ab58f18773f9","block_type":"box","text":"Risk and Reward Profile","page_number":3,"box":{"x":96,"y":750,"width":143,"height":8}},{"id":"627cde0c-9f99-42a3-92a1-61c4d6f564f6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":248,"y":757,"width":437,"height":1}},{"id":"732a53b9-8e19-451a-8a5b-4a10234ffbc3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":691,"y":757,"width":184,"height":1}},{"id":"cadccef5-e5c5-462c-a284-f9cac3328ef2","block_type":"box","text":"128","page_number":3,"box":{"x":880,"y":750,"width":21,"height":8}},{"id":"5db43043-74a2-4c40-9bab-f2bfa26756d6","block_type":"box","text":"Portfolio Statement*","page_number":3,"box":{"x":96,"y":765,"width":125,"height":9}},{"id":"65f5dd78-02db-443b-9c31-06d439287636","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":227,"y":772,"width":437,"height":2}},{"id":"504a1234-838a-4465-853b-a82673cf7640","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":669,"y":772,"width":206,"height":2}},{"id":"8fc157f1-2acc-45fc-9400-9b7f4a1b1df2","block_type":"box","text":"129","page_number":3,"box":{"x":880,"y":766,"width":21,"height":8}},{"id":"d9c7837a-3cd9-4c8b-b412-1bd091dfb62b","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":3,"box":{"x":95,"y":781,"width":247,"height":11}},{"id":"fce13197-e3b9-4a02-ab20-c5ebd3f2c807","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":353,"y":788,"width":438,"height":1}},{"id":"50bb4cda-f96e-4ba1-852e-507a49406dcd","block_type":"box","text":". . . . . . . . . . . .","page_number":3,"box":{"x":796,"y":788,"width":79,"height":1}},{"id":"17693d68-5409-4a15-83bf-33dad6d2185d","block_type":"box","text":"130","page_number":3,"box":{"x":880,"y":781,"width":21,"height":8}},{"id":"664736c5-b34f-46ad-9e43-599bf5440593","block_type":"box","text":"Statement of Total Return","page_number":3,"box":{"x":95,"y":796,"width":156,"height":9}},{"id":"7ed1a4d2-96e4-415f-baca-8ccddff17d37","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":262,"y":803,"width":437,"height":2}},{"id":"eb472af4-3fb8-4e37-a531-c5e4e3c58ab6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":705,"y":803,"width":170,"height":2}},{"id":"29ff6208-a33a-48a3-8136-91f497c0bcf4","block_type":"box","text":"131","page_number":3,"box":{"x":880,"y":797,"width":19,"height":8}},{"id":"ef676459-8e4e-4325-a401-db2a1c13bbcd","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":3,"box":{"x":95,"y":812,"width":393,"height":10}},{"id":"23635c4b-ca92-41a1-bdbb-7ae53c67917f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":494,"y":819,"width":381,"height":1}},{"id":"d3466280-4c37-44d5-a4a1-71eff481e11b","block_type":"box","text":"131","page_number":3,"box":{"x":880,"y":812,"width":19,"height":8}},{"id":"1f34593f-6b1f-4844-b231-b003030f095e","block_type":"box","text":"Balance Sheet","page_number":3,"box":{"x":96,"y":827,"width":85,"height":8}},{"id":"6d1bd17e-526d-4748-b1df-8bd71a1bb673","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":192,"y":834,"width":437,"height":1}},{"id":"7c663861-6183-4266-b823-927fc2a5db06","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":634,"y":834,"width":241,"height":1}},{"id":"a380fb77-001d-4114-8f6e-d0d1007f968a","block_type":"box","text":"132","page_number":3,"box":{"x":880,"y":828,"width":21,"height":7}},{"id":"879a0c5d-f7bb-4a25-97bf-acf992f4f9bd","block_type":"box","text":"Notes to the Financial Statements","page_number":3,"box":{"x":96,"y":843,"width":204,"height":8}},{"id":"78b40c96-6e9c-4ea4-a90c-a652b3c38cbf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":311,"y":850,"width":438,"height":1}},{"id":"20d444e3-ad4a-4251-9c82-f7f334409d03","block_type":"box","text":". . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":754,"y":850,"width":121,"height":1}},{"id":"bffa5dcc-2036-496b-8ee4-6f87cdde32f2","block_type":"box","text":"133","page_number":3,"box":{"x":880,"y":843,"width":21,"height":8}},{"id":"44bee014-57b5-4bec-9f93-de472fc93667","block_type":"box","text":"Distribution Tables","page_number":3,"box":{"x":96,"y":858,"width":113,"height":8}},{"id":"28d693be-a691-475d-8ff5-3be3286e06a7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":220,"y":865,"width":437,"height":1}},{"id":"7f1edee4-b253-4c24-8d64-d6e8748d53b4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":3,"box":{"x":662,"y":865,"width":213,"height":1}},{"id":"454638cf-1ab6-413f-bf38-1e001d6e3638","block_type":"box","text":"139","page_number":3,"box":{"x":880,"y":858,"width":21,"height":8}},{"id":"e7b81399-f807-4b24-94a5-a5ab9a0da894","block_type":"box","text":"MI Tatton Oak ICVC","page_number":3,"box":{"x":97,"y":38,"width":216,"height":13}},{"id":"f9f197b9-1cbf-4740-9cad-3e31a9af6d00","block_type":"box","text":"Contents (continued)","page_number":4,"box":{"x":96,"y":85,"width":217,"height":16}},{"id":"1c22f518-4a91-4fda-91c6-8b401a3110cc","block_type":"box","text":"Page","page_number":4,"box":{"x":854,"y":86,"width":47,"height":16}},{"id":"e140a6b0-de2d-4d53-979a-bb0e66536acd","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":4,"box":{"x":96,"y":112,"width":233,"height":11}},{"id":"72b19b55-9ae0-4458-a0ab-df668c5cbb38","block_type":"box","text":"(formerly VT Tatton Blended Aggressive Fund)","page_number":4,"box":{"x":334,"y":112,"width":284,"height":11}},{"id":"f32d4d2b-43ff-4a27-b7cc-9d323ae007ff","block_type":"box","text":"Sub-fund Overview*","page_number":4,"box":{"x":95,"y":128,"width":123,"height":8}},{"id":"3367027e-ed62-4352-a4bf-4f98a7bfd5f2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":227,"y":134,"width":437,"height":2}},{"id":"f49886b1-0ac6-4704-942d-ecb995d20152","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":669,"y":134,"width":206,"height":2}},{"id":"5cea71bc-ebb3-4c4a-9c3b-0caa2b4e4d95","block_type":"box","text":"140","page_number":4,"box":{"x":880,"y":128,"width":21,"height":8}},{"id":"fa7050ee-bd47-4342-8a7e-e589e0f806db","block_type":"box","text":"Investment Manager’s Review*","page_number":4,"box":{"x":96,"y":143,"width":187,"height":11}},{"id":"c25621df-2955-4490-beb8-527b8dc0ce5f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":290,"y":150,"width":437,"height":1}},{"id":"e0292aa4-df6f-471b-832f-1bc149317cec","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":733,"y":150,"width":142,"height":1}},{"id":"b0c5c30a-d02a-449b-995b-313cd8f86a5e","block_type":"box","text":"142","page_number":4,"box":{"x":880,"y":143,"width":21,"height":8}},{"id":"8b7e16ee-39df-4ad6-ba72-4160bb8965a8","block_type":"box","text":"Performance Record","page_number":4,"box":{"x":96,"y":158,"width":123,"height":9}},{"id":"dc21bf3e-d4b6-4cd8-bf05-afbb45a1a2f3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":227,"y":165,"width":437,"height":2}},{"id":"089924f4-1b15-4e69-b611-2d35d98ecdb4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":669,"y":165,"width":206,"height":2}},{"id":"77251a6c-da52-45ce-a89f-f648764144da","block_type":"box","text":"144","page_number":4,"box":{"x":880,"y":159,"width":22,"height":8}},{"id":"36acd107-434d-461e-8036-76ccd1bbb3a2","block_type":"box","text":"Risk and Reward Profile","page_number":4,"box":{"x":96,"y":174,"width":143,"height":8}},{"id":"6f99748c-f420-49ec-bc98-364f5166530e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":248,"y":181,"width":437,"height":1}},{"id":"8a21623a-93b3-4188-9549-edc7e2a05826","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":691,"y":181,"width":184,"height":1}},{"id":"14b52820-caaa-4124-969d-73fb58a80686","block_type":"box","text":"144","page_number":4,"box":{"x":880,"y":174,"width":22,"height":8}},{"id":"a68319c7-8531-415f-90db-ccc16d27279e","block_type":"box","text":"Portfolio Statement*","page_number":4,"box":{"x":96,"y":189,"width":125,"height":9}},{"id":"e5058719-a07e-4edd-8b8e-248289cd0e5c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":227,"y":196,"width":437,"height":2}},{"id":"6e2972fc-a0a4-42d9-9b0d-56e6191c6576","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":669,"y":196,"width":206,"height":2}},{"id":"9a075484-5719-4215-a78e-dd3b15b6388f","block_type":"box","text":"145","page_number":4,"box":{"x":880,"y":190,"width":21,"height":8}},{"id":"57f64741-bccb-490d-80f5-c891e216526b","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":4,"box":{"x":95,"y":205,"width":247,"height":10}},{"id":"453a2f5a-881d-46f8-9800-7cd19ea51e79","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":353,"y":212,"width":438,"height":1}},{"id":"f05fa32b-eca3-4af8-9ee8-0df289adcb55","block_type":"box","text":". . . . . . . . . . . .","page_number":4,"box":{"x":796,"y":212,"width":79,"height":1}},{"id":"b17bf48e-b001-4682-9fd9-51f0d4ac1088","block_type":"box","text":"146","page_number":4,"box":{"x":880,"y":205,"width":21,"height":8}},{"id":"c63d7b85-5bc7-450b-84bc-fdb2e3dd99ce","block_type":"box","text":"Statement of Total Return","page_number":4,"box":{"x":95,"y":220,"width":156,"height":8}},{"id":"2554b7fa-49e5-4d31-98a3-17f7df8d50a5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":262,"y":227,"width":437,"height":1}},{"id":"67971f97-f8ed-428b-a501-1a4bf11d2175","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":705,"y":227,"width":170,"height":1}},{"id":"49926283-4cfa-4085-95a8-437b813ec4fa","block_type":"box","text":"147","page_number":4,"box":{"x":880,"y":221,"width":21,"height":7}},{"id":"5e3df87b-5ce0-44c2-9c36-3cc57a487125","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":4,"box":{"x":95,"y":236,"width":393,"height":10}},{"id":"c42a4408-fe01-4f3b-9517-e6685c14b689","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":494,"y":243,"width":381,"height":1}},{"id":"145b3d23-3664-460d-8964-2d36c9245f9f","block_type":"box","text":"147","page_number":4,"box":{"x":880,"y":236,"width":21,"height":8}},{"id":"83d8489b-4777-4570-a6d2-4cb32283b4df","block_type":"box","text":"Balance Sheet","page_number":4,"box":{"x":96,"y":251,"width":85,"height":8}},{"id":"93a2105a-f062-4177-af02-45ac84f370ca","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":192,"y":258,"width":437,"height":1}},{"id":"ac766843-f064-4edc-8cab-67ad75d72ae2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":634,"y":258,"width":241,"height":1}},{"id":"747b65ff-0bc4-4516-baea-80602080e6d5","block_type":"box","text":"148","page_number":4,"box":{"x":880,"y":251,"width":21,"height":8}},{"id":"c5482cb1-6467-4ba0-a680-acd67d77162f","block_type":"box","text":"Notes to the Financial Statements","page_number":4,"box":{"x":96,"y":267,"width":204,"height":8}},{"id":"ee2f99b4-b4c4-471a-b9e6-afbb0d4c40a7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":311,"y":273,"width":438,"height":2}},{"id":"008b45da-ca83-4833-91e1-419d7d2908c7","block_type":"box","text":". . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":754,"y":273,"width":121,"height":2}},{"id":"3042620a-a905-42c8-8fd9-d87709b58111","block_type":"box","text":"149","page_number":4,"box":{"x":880,"y":267,"width":21,"height":8}},{"id":"09aafada-08f1-4d6f-b730-5b548904d0a1","block_type":"box","text":"Distribution Tables","page_number":4,"box":{"x":96,"y":282,"width":113,"height":8}},{"id":"145ce6d4-82b6-4b52-8d6c-c1feecdfca8a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":220,"y":289,"width":437,"height":1}},{"id":"ec8c60a9-1bba-4d90-975a-4ff3d0fe816b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":662,"y":289,"width":213,"height":1}},{"id":"6e7fe79a-4afc-435d-aadb-44ae6d77ec5a","block_type":"box","text":"155","page_number":4,"box":{"x":880,"y":282,"width":21,"height":8}},{"id":"4259b495-3eca-4c71-8fa5-d3ef601b7bb9","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":4,"box":{"x":96,"y":304,"width":234,"height":11}},{"id":"48068b3b-1185-4db7-a96c-7eeaba1f382c","block_type":"box","text":"(formerly VT Tatton Oak Capital Growth Fund)","page_number":4,"box":{"x":335,"y":304,"width":284,"height":11}},{"id":"51cb30b1-59ae-4519-b795-0bad1df33b0b","block_type":"box","text":"Sub-fund Overview*","page_number":4,"box":{"x":95,"y":320,"width":123,"height":8}},{"id":"781feeb2-7f24-49ac-8a65-f61d1ce5f597","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":227,"y":327,"width":437,"height":1}},{"id":"ae1d4a6a-e4f5-4873-8d7a-6fd096a1a507","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":669,"y":327,"width":206,"height":1}},{"id":"6bea8053-d9dc-4674-881c-185022b024ff","block_type":"box","text":"156","page_number":4,"box":{"x":880,"y":320,"width":21,"height":8}},{"id":"a19ee987-b036-4f5d-a87b-b2600e7fd8bb","block_type":"box","text":"Investment Manager’s Review*","page_number":4,"box":{"x":96,"y":335,"width":187,"height":11}},{"id":"52ef6812-c66e-45c3-be34-0a3f1cb91f75","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":290,"y":342,"width":437,"height":1}},{"id":"5e707938-a0b9-465b-af51-452774f82fe5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":733,"y":342,"width":142,"height":1}},{"id":"f1a72793-9744-4b62-b156-41712d21e28a","block_type":"box","text":"158","page_number":4,"box":{"x":880,"y":335,"width":21,"height":8}},{"id":"3bec361a-3187-40d9-9742-c740edec0737","block_type":"box","text":"Performance Record","page_number":4,"box":{"x":96,"y":350,"width":123,"height":9}},{"id":"ff51d538-9e78-4a6c-85de-4a2e5b6e81cc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":227,"y":357,"width":437,"height":2}},{"id":"c5133b95-6a36-4d58-baf9-7407064b5f55","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":669,"y":357,"width":206,"height":2}},{"id":"714b552c-043e-4871-ac5e-67fd3e724660","block_type":"box","text":"160","page_number":4,"box":{"x":880,"y":351,"width":21,"height":8}},{"id":"b499a71a-cbc1-4e87-9fee-dedb07f33a1f","block_type":"box","text":"Risk and Reward Profile","page_number":4,"box":{"x":96,"y":366,"width":143,"height":8}},{"id":"71b5575d-6c65-488d-b4fd-34e1e15e1eeb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":248,"y":373,"width":437,"height":1}},{"id":"6cef2f41-4edb-4452-9c62-13a543873969","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":691,"y":373,"width":184,"height":1}},{"id":"ed070f1b-e900-46fe-8e0c-4ccc67c387b3","block_type":"box","text":"161","page_number":4,"box":{"x":880,"y":366,"width":19,"height":8}},{"id":"6635c85b-447a-4041-aea4-210d9dc82e10","block_type":"box","text":"Portfolio Statement*","page_number":4,"box":{"x":96,"y":381,"width":125,"height":9}},{"id":"97f41295-b2f2-46b2-91df-374f923055b0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":227,"y":388,"width":437,"height":2}},{"id":"fb56d674-b189-4739-93b9-c9120661f296","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":669,"y":388,"width":206,"height":2}},{"id":"aa268b57-dced-4377-a502-721842b8ae0c","block_type":"box","text":"162","page_number":4,"box":{"x":880,"y":382,"width":21,"height":8}},{"id":"482e0113-37bb-4195-9cc0-2e5841508e5b","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":4,"box":{"x":95,"y":397,"width":247,"height":10}},{"id":"c2d1e90d-f49c-43ca-a8cc-1c0603743686","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":353,"y":404,"width":438,"height":1}},{"id":"6e1f9d0e-8919-4f15-8823-07ecb3413457","block_type":"box","text":". . . . . . . . . . . .","page_number":4,"box":{"x":796,"y":404,"width":79,"height":1}},{"id":"0ad9a205-d5c9-4701-97a5-9486efbee125","block_type":"box","text":"163","page_number":4,"box":{"x":880,"y":397,"width":21,"height":8}},{"id":"1e9b8dfe-152c-4a1c-a28c-78bc5cd24fab","block_type":"box","text":"Statement of Total Return","page_number":4,"box":{"x":95,"y":412,"width":156,"height":8}},{"id":"5276b014-36aa-4413-aea0-5a888c13f4a1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":262,"y":419,"width":437,"height":1}},{"id":"d29f98ee-0f08-4917-bf8d-f1989b82cbbd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":705,"y":419,"width":170,"height":1}},{"id":"347ac938-2b9d-4eb5-9721-75940607c484","block_type":"box","text":"164","page_number":4,"box":{"x":880,"y":413,"width":22,"height":7}},{"id":"905398ca-55c7-489c-bf7e-cca5ced686c2","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":4,"box":{"x":95,"y":428,"width":393,"height":10}},{"id":"6eff7b97-7c2f-4a3a-87d8-2795653d6782","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":494,"y":435,"width":381,"height":1}},{"id":"bcc2fab1-1816-4148-a817-f2d068198c83","block_type":"box","text":"164","page_number":4,"box":{"x":880,"y":428,"width":22,"height":8}},{"id":"bc03526f-c1bc-445e-bf99-d55b7e1c389f","block_type":"box","text":"Balance Sheet","page_number":4,"box":{"x":96,"y":443,"width":85,"height":8}},{"id":"37a139b2-e74c-4ace-b3e7-1589f207a6ff","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":192,"y":450,"width":437,"height":1}},{"id":"25dc241d-8f26-4fc0-a9b0-e59fb18df786","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":634,"y":450,"width":241,"height":1}},{"id":"250bfc03-c5eb-45ec-bca3-ca72fa4ecc74","block_type":"box","text":"165","page_number":4,"box":{"x":880,"y":444,"width":21,"height":7}},{"id":"8885ef57-ddbc-418f-a71c-061bc5450661","block_type":"box","text":"Notes to the Financial Statements","page_number":4,"box":{"x":96,"y":459,"width":204,"height":8}},{"id":"04c69cac-c54a-4c0d-a34e-dd6608e23c52","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":311,"y":465,"width":438,"height":2}},{"id":"cab66a15-a11d-4d17-bb6a-8581f41c6e88","block_type":"box","text":". . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":754,"y":465,"width":121,"height":2}},{"id":"3c139866-9ca5-4c9f-baf2-087e51891051","block_type":"box","text":"166","page_number":4,"box":{"x":880,"y":459,"width":21,"height":8}},{"id":"e6a98208-12af-4204-883f-38876351d685","block_type":"box","text":"Distribution Tables","page_number":4,"box":{"x":96,"y":474,"width":113,"height":8}},{"id":"ba9524ce-0b6c-4b93-9100-14d12afd084d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":220,"y":481,"width":437,"height":1}},{"id":"1b101be1-666a-4edf-9039-afeba6f4e508","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":662,"y":481,"width":213,"height":1}},{"id":"0fd2395e-661f-4345-92ad-7f2df1d571de","block_type":"box","text":"172","page_number":4,"box":{"x":880,"y":474,"width":21,"height":8}},{"id":"6139e320-8484-4635-a368-d90f5bd06a4b","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":4,"box":{"x":96,"y":496,"width":245,"height":8}},{"id":"5af68d37-edf3-4c77-8dd2-a551249ab8db","block_type":"box","text":"(formerly VT Tatton Oak Cautious Growth Fund)","page_number":4,"box":{"x":346,"y":496,"width":296,"height":11}},{"id":"3c7d35f3-d638-48aa-bd3e-d03c15707f1b","block_type":"box","text":"Sub-fund Overview*","page_number":4,"box":{"x":95,"y":512,"width":123,"height":8}},{"id":"aa76ffef-d755-44bb-b0c7-118bd5185f8d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":227,"y":519,"width":437,"height":1}},{"id":"1aa300f2-1ca6-489b-bf21-139f9db15c80","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":669,"y":519,"width":206,"height":1}},{"id":"b5509fc0-f83c-4062-acbb-628592ff2fe8","block_type":"box","text":"173","page_number":4,"box":{"x":880,"y":512,"width":21,"height":8}},{"id":"e58b44f2-ea21-4c61-8bf5-99e7355a57a0","block_type":"box","text":"Investment Manager’s Review*","page_number":4,"box":{"x":96,"y":527,"width":187,"height":11}},{"id":"429f472f-7741-4500-937b-1c7e2265cab2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":290,"y":534,"width":437,"height":1}},{"id":"0724e386-b847-4657-8073-3746809a7aa2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":733,"y":534,"width":142,"height":1}},{"id":"f1d59a99-1e42-4f8f-8207-5d41cd3e152f","block_type":"box","text":"175","page_number":4,"box":{"x":880,"y":528,"width":21,"height":7}},{"id":"1661db80-6fc9-4c28-b0fd-9f918fa689be","block_type":"box","text":"Performance Record","page_number":4,"box":{"x":96,"y":542,"width":123,"height":9}},{"id":"dddb1847-6d24-4776-b495-3d2a818e84a0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":227,"y":549,"width":437,"height":2}},{"id":"8c26feff-f647-4b66-951c-317597881197","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":669,"y":549,"width":206,"height":2}},{"id":"87141027-d37d-490a-b2ae-233b493f3394","block_type":"box","text":"177","page_number":4,"box":{"x":880,"y":543,"width":21,"height":8}},{"id":"e6e01398-a006-49b8-8855-e794c7113d98","block_type":"box","text":"Risk and Reward Profile","page_number":4,"box":{"x":96,"y":558,"width":143,"height":8}},{"id":"3d7a938d-f830-48ec-8cbc-c4ce76a0a895","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":248,"y":565,"width":437,"height":1}},{"id":"54bf6b17-94d2-462c-b52e-fc1b04f34fc6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":691,"y":565,"width":184,"height":1}},{"id":"6a70a1a4-fcf8-47d7-ad07-8dd60a1cb7d0","block_type":"box","text":"178","page_number":4,"box":{"x":880,"y":558,"width":21,"height":8}},{"id":"ba6d07d1-4a2a-4608-a7fe-e51bf3ab03f3","block_type":"box","text":"Portfolio Statement*","page_number":4,"box":{"x":96,"y":573,"width":125,"height":9}},{"id":"f8f92998-3e51-4aad-90f7-6d40fb40e9ae","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":227,"y":580,"width":437,"height":2}},{"id":"a46de8a9-d4c8-4ad7-945d-40edfbf501d1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":669,"y":580,"width":206,"height":2}},{"id":"a12de086-5298-4d8b-812f-6aa4d5042b12","block_type":"box","text":"179","page_number":4,"box":{"x":880,"y":574,"width":21,"height":8}},{"id":"25237c9d-0d15-40eb-a686-d5c650f03942","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":4,"box":{"x":95,"y":589,"width":247,"height":11}},{"id":"658d734a-1fbc-495a-b723-896037014f3f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":353,"y":596,"width":438,"height":1}},{"id":"05550a47-7322-4a02-a480-574138522b6e","block_type":"box","text":". . . . . . . . . . . .","page_number":4,"box":{"x":796,"y":596,"width":79,"height":1}},{"id":"0a114c4b-26f7-4a06-b26d-ed1cc603383b","block_type":"box","text":"180","page_number":4,"box":{"x":880,"y":589,"width":21,"height":8}},{"id":"6bae5a5e-8f97-4a39-afd4-e163cf96c13d","block_type":"box","text":"Statement of Total Return","page_number":4,"box":{"x":95,"y":604,"width":156,"height":9}},{"id":"7dc95f94-db27-4cad-ac5e-213281944b53","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":262,"y":611,"width":437,"height":2}},{"id":"d41eee03-4bd4-4141-85be-bc1e33504fdf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":705,"y":611,"width":170,"height":2}},{"id":"3f684854-3e1d-4208-a29a-80b967eb5309","block_type":"box","text":"181","page_number":4,"box":{"x":880,"y":605,"width":19,"height":8}},{"id":"83994e4b-931a-4541-b808-72b0c21b2a90","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":4,"box":{"x":95,"y":620,"width":393,"height":10}},{"id":"9b1f9d63-07c5-4923-a87e-45570ff68cfa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":494,"y":627,"width":381,"height":1}},{"id":"4438f461-29b5-4e1e-903a-32632673de58","block_type":"box","text":"181","page_number":4,"box":{"x":880,"y":620,"width":19,"height":8}},{"id":"97d06c28-79fd-41ef-bca4-c9e1a6e96cb0","block_type":"box","text":"Balance Sheet","page_number":4,"box":{"x":96,"y":635,"width":85,"height":8}},{"id":"3db234cd-a9b4-438c-9999-23df6a2a8933","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":192,"y":642,"width":437,"height":1}},{"id":"99171c6c-d597-48cd-a254-bbec464974c9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":634,"y":642,"width":241,"height":1}},{"id":"7e647b47-104d-41ad-9893-72664c318e9d","block_type":"box","text":"182","page_number":4,"box":{"x":880,"y":636,"width":21,"height":7}},{"id":"66b5d2fc-70d0-49f2-9578-2c08a8229c3f","block_type":"box","text":"Notes to the Financial Statements","page_number":4,"box":{"x":96,"y":651,"width":204,"height":8}},{"id":"5a2eccb6-305c-4359-abbd-b40304ce8f2d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":311,"y":658,"width":438,"height":1}},{"id":"caf51e2b-59af-4044-80a0-5021b15bb78a","block_type":"box","text":". . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":754,"y":658,"width":121,"height":1}},{"id":"a600e225-7abf-4daf-945f-00b829f859e6","block_type":"box","text":"183","page_number":4,"box":{"x":880,"y":651,"width":21,"height":8}},{"id":"f72da853-1f6d-4440-b866-7cba675bb079","block_type":"box","text":"Distribution Tables","page_number":4,"box":{"x":96,"y":666,"width":113,"height":8}},{"id":"ecc6e201-5ae2-4792-af42-e40f73a6d4ba","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":220,"y":673,"width":437,"height":1}},{"id":"2e23f020-911e-4544-baee-da0c34310fd6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":662,"y":673,"width":213,"height":1}},{"id":"7ecd0a0d-57bd-4eaa-aa11-c51a0222e431","block_type":"box","text":"189","page_number":4,"box":{"x":880,"y":666,"width":21,"height":8}},{"id":"4a53cc8c-3626-466d-bafb-7a8a4814711a","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":4,"box":{"x":96,"y":688,"width":227,"height":8}},{"id":"b7648d95-b87d-415b-95c4-863d7e7395c8","block_type":"box","text":"(formerly VT Tatton Blended Defensive Fund)","page_number":4,"box":{"x":328,"y":688,"width":279,"height":11}},{"id":"0dec4fcc-1b78-4bf2-bfd1-d4696cb899ce","block_type":"box","text":"Sub-fund Overview*","page_number":4,"box":{"x":95,"y":704,"width":123,"height":8}},{"id":"904a6a66-18b0-45f1-871e-c2a8e05e99e5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":227,"y":711,"width":437,"height":1}},{"id":"c8353ea2-d60b-4dc0-8469-5ca593b0e531","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":669,"y":711,"width":206,"height":1}},{"id":"b5fe4180-ce7a-4fb1-9e45-9a11f2cf01c2","block_type":"box","text":"190","page_number":4,"box":{"x":880,"y":704,"width":21,"height":8}},{"id":"4624dbd1-c32a-4ceb-b837-a2c93e35679f","block_type":"box","text":"Investment Manager’s Review*","page_number":4,"box":{"x":96,"y":719,"width":187,"height":11}},{"id":"dbde107d-3c26-45b9-8dd3-91995c841c13","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":290,"y":726,"width":437,"height":1}},{"id":"2a30663f-39e4-4980-8cc9-400d13330700","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":733,"y":726,"width":142,"height":1}},{"id":"445f5dee-4743-4495-84ea-821ade39296d","block_type":"box","text":"192","page_number":4,"box":{"x":880,"y":719,"width":21,"height":8}},{"id":"20415f16-d7d4-4711-83d1-0cde10f087bd","block_type":"box","text":"Performance Record","page_number":4,"box":{"x":96,"y":734,"width":123,"height":9}},{"id":"8fa837c5-93e2-4f7b-85b2-13a4c9d841ed","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":227,"y":741,"width":437,"height":2}},{"id":"46bb20bb-3b41-4ba3-adfa-b8230a036d92","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":669,"y":741,"width":206,"height":2}},{"id":"11df258a-7ac7-400d-918b-401ab063f6d4","block_type":"box","text":"194","page_number":4,"box":{"x":880,"y":735,"width":22,"height":8}},{"id":"ef885638-87f1-4487-b39f-2b6a42725df6","block_type":"box","text":"Risk and Reward Profile","page_number":4,"box":{"x":96,"y":750,"width":143,"height":8}},{"id":"92da0ca1-69f5-4c0b-85cd-795eec8e0674","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":248,"y":757,"width":437,"height":1}},{"id":"10861252-b896-40e9-a2c4-efde93f87d31","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":691,"y":757,"width":184,"height":1}},{"id":"cf093d40-c311-4e2e-a263-42bfff43d199","block_type":"box","text":"195","page_number":4,"box":{"x":880,"y":750,"width":21,"height":8}},{"id":"b73959fc-1d14-4d89-9ab2-c0b05edc882a","block_type":"box","text":"Portfolio Statement*","page_number":4,"box":{"x":96,"y":765,"width":125,"height":9}},{"id":"77d14d28-f608-487c-9301-065b63c7990f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":227,"y":772,"width":437,"height":2}},{"id":"71fbea05-6444-4bb3-b563-c71085163040","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":669,"y":772,"width":206,"height":2}},{"id":"7bcc1bd4-b34b-41de-ae82-5d275e294f64","block_type":"box","text":"196","page_number":4,"box":{"x":880,"y":766,"width":21,"height":8}},{"id":"8f693185-08e2-4a11-89df-d574fb767214","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":4,"box":{"x":95,"y":781,"width":247,"height":11}},{"id":"86a82d6c-1160-459c-a8ec-6204deb520a9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":353,"y":788,"width":438,"height":1}},{"id":"34e10a29-569e-4ff0-ae08-053691701d9a","block_type":"box","text":". . . . . . . . . . . .","page_number":4,"box":{"x":796,"y":788,"width":79,"height":1}},{"id":"a6917e92-a93e-4d93-82ed-973b966672f7","block_type":"box","text":"197","page_number":4,"box":{"x":880,"y":781,"width":21,"height":8}},{"id":"02b3cc9c-7343-487c-b401-3d5340d113c0","block_type":"box","text":"Statement of Total Return","page_number":4,"box":{"x":95,"y":796,"width":156,"height":9}},{"id":"9052a85b-5884-400a-8998-c392cc2329ca","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":262,"y":803,"width":437,"height":2}},{"id":"77efe9ec-1edc-4e35-9581-588b67121939","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":705,"y":803,"width":170,"height":2}},{"id":"435d6f9f-8365-4f4e-992c-89dd9f0f67bf","block_type":"box","text":"198","page_number":4,"box":{"x":880,"y":797,"width":21,"height":8}},{"id":"f9852e49-6298-44ad-9ab6-b8267e665dec","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":4,"box":{"x":95,"y":812,"width":393,"height":10}},{"id":"1029fc83-f818-46d8-9b8a-4a868b36ca07","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":494,"y":819,"width":381,"height":1}},{"id":"2d05e2e7-8262-47e5-9d69-f3fa5b48b0c9","block_type":"box","text":"198","page_number":4,"box":{"x":880,"y":812,"width":21,"height":8}},{"id":"89b9743d-7141-4986-81f9-2e5c31a80925","block_type":"box","text":"Balance Sheet","page_number":4,"box":{"x":96,"y":827,"width":85,"height":8}},{"id":"dba81352-eeae-48f6-8475-dd430cd74adb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":192,"y":834,"width":437,"height":1}},{"id":"f5005a17-8820-4dc1-93bc-96ca878999bf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":634,"y":834,"width":241,"height":1}},{"id":"c18ccf2a-e00b-4630-b4ac-080e5b6bc1e2","block_type":"box","text":"199","page_number":4,"box":{"x":880,"y":828,"width":21,"height":7}},{"id":"e9bf570c-d105-43b2-923a-4697f6487a2c","block_type":"box","text":"Notes to the Financial Statements","page_number":4,"box":{"x":96,"y":843,"width":204,"height":8}},{"id":"48be1e52-8277-4933-9d0a-d1925a443f14","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":311,"y":850,"width":438,"height":1}},{"id":"f2337e3c-7101-40db-8d10-207a71c9c4f3","block_type":"box","text":". . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":754,"y":850,"width":121,"height":1}},{"id":"7c26f494-d286-4706-bf60-892854d92ed5","block_type":"box","text":"200","page_number":4,"box":{"x":880,"y":843,"width":21,"height":8}},{"id":"082805db-84ba-454b-807d-2453176da64a","block_type":"box","text":"Distribution Tables","page_number":4,"box":{"x":96,"y":858,"width":113,"height":8}},{"id":"a618993a-57ab-42a3-9c62-38173bdd3d1e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":220,"y":865,"width":437,"height":1}},{"id":"20ab86c1-10c8-4cb6-a15d-d4ea69d801cf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":4,"box":{"x":662,"y":865,"width":213,"height":1}},{"id":"74a0b811-5c56-4e34-91b3-80376ed2e2a8","block_type":"box","text":"206","page_number":4,"box":{"x":880,"y":858,"width":21,"height":8}},{"id":"3e5be9d0-6305-445f-a58f-5e40cd9abb46","block_type":"box","text":"MI Tatton Oak ICVC","page_number":4,"box":{"x":687,"y":38,"width":217,"height":13}},{"id":"6dfe4389-ff0a-48de-96f7-2283f273e136","block_type":"box","text":"Contents (continued)","page_number":5,"box":{"x":96,"y":85,"width":217,"height":16}},{"id":"f52112b9-f4f1-4962-88d8-ad2f0666eb9b","block_type":"box","text":"Page","page_number":5,"box":{"x":854,"y":86,"width":47,"height":16}},{"id":"1bb75760-318e-41e3-8218-b7b506584524","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":5,"box":{"x":96,"y":112,"width":217,"height":8}},{"id":"5a1f271d-d8fd-4f8f-a199-f72fc3b97679","block_type":"box","text":"(formerly VT Tatton Passive Balanced Fund)","page_number":5,"box":{"x":318,"y":112,"width":269,"height":11}},{"id":"409a7a05-c83e-4fc0-aabc-10a4f43d7ed5","block_type":"box","text":"Sub-fund Overview*","page_number":5,"box":{"x":95,"y":128,"width":123,"height":8}},{"id":"0428ba2f-869c-414f-b358-e00b783fcab2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":227,"y":134,"width":437,"height":2}},{"id":"f914c444-865a-4697-b0bd-55a64332bb50","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":669,"y":134,"width":206,"height":2}},{"id":"c6b8b955-fdfd-4686-b978-5d0cf8ce486f","block_type":"box","text":"207","page_number":5,"box":{"x":880,"y":128,"width":21,"height":8}},{"id":"66601fec-f5c5-4cfc-a09e-0c6660fe3fa8","block_type":"box","text":"Investment Manager’s Review*","page_number":5,"box":{"x":96,"y":143,"width":187,"height":11}},{"id":"b10d170d-c0a7-46ae-90b1-c654fed7b8e2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":290,"y":150,"width":437,"height":1}},{"id":"cbe4b941-9710-479e-8ce5-45b56c974f0f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":733,"y":150,"width":142,"height":1}},{"id":"b0a951b8-474a-43aa-9d4e-145bf58a2ebf","block_type":"box","text":"209","page_number":5,"box":{"x":880,"y":143,"width":21,"height":8}},{"id":"85d24e3f-d9b7-4177-9347-c7d4cbe26281","block_type":"box","text":"Performance Record","page_number":5,"box":{"x":96,"y":158,"width":123,"height":9}},{"id":"5fcaac88-690a-4443-a65e-b494ea5779ca","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":227,"y":165,"width":437,"height":2}},{"id":"75d10800-dffd-4b26-b286-956cc61565ea","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":669,"y":165,"width":206,"height":2}},{"id":"f15610c6-2457-4857-8cd4-d6e0d5b62cf0","block_type":"box","text":"211","page_number":5,"box":{"x":880,"y":159,"width":19,"height":8}},{"id":"8f2334fd-e362-430a-af91-bd9c64b4acf4","block_type":"box","text":"Risk and Reward Profile","page_number":5,"box":{"x":96,"y":174,"width":143,"height":8}},{"id":"0c97ee35-84f9-44d9-b46a-ace8c7c46453","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":248,"y":181,"width":437,"height":1}},{"id":"797be7ad-494b-449c-b796-ffbb5477176f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":691,"y":181,"width":184,"height":1}},{"id":"125613d1-39a5-4562-b601-69565ad047d0","block_type":"box","text":"211","page_number":5,"box":{"x":880,"y":174,"width":19,"height":8}},{"id":"acba02c4-f339-4483-b250-be11400f2ca1","block_type":"box","text":"Portfolio Statement*","page_number":5,"box":{"x":96,"y":189,"width":125,"height":9}},{"id":"5181e6ab-ec49-4b78-8fa8-dad905a1f6d3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":227,"y":196,"width":437,"height":2}},{"id":"ae538c2b-d0c8-44d8-9cbb-1de1f7b762a8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":669,"y":196,"width":206,"height":2}},{"id":"8d233ff3-21e0-417e-8d33-bb421ed33939","block_type":"box","text":"212","page_number":5,"box":{"x":880,"y":190,"width":21,"height":7}},{"id":"6377f582-6538-434a-80c4-e208e16a069d","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":5,"box":{"x":95,"y":205,"width":247,"height":10}},{"id":"794eac51-1f3f-4fc4-9591-f1bc1d3b8c21","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":353,"y":212,"width":438,"height":1}},{"id":"111211d0-db04-4a2e-b61b-ed92639d2679","block_type":"box","text":". . . . . . . . . . . .","page_number":5,"box":{"x":796,"y":212,"width":79,"height":1}},{"id":"bdaa1e24-36bf-4dea-a918-570fee839caf","block_type":"box","text":"213","page_number":5,"box":{"x":880,"y":205,"width":21,"height":8}},{"id":"d21c6c23-e4d2-47b1-86f1-b3e5954b4d57","block_type":"box","text":"Statement of Total Return","page_number":5,"box":{"x":95,"y":220,"width":156,"height":8}},{"id":"19aaf6eb-0f01-4231-a67a-4e1cd154e149","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":262,"y":227,"width":437,"height":1}},{"id":"a95173b5-628b-49fb-b3a0-16d466bbc083","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":705,"y":227,"width":170,"height":1}},{"id":"915fcf97-9bba-4e45-84c3-ac26c0bb21b9","block_type":"box","text":"214","page_number":5,"box":{"x":880,"y":221,"width":22,"height":7}},{"id":"f7f30833-3704-432d-abdc-b8f1a57b4e28","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":5,"box":{"x":95,"y":236,"width":393,"height":10}},{"id":"0604e54e-fa7b-4e18-9b0e-375397cbe307","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":494,"y":243,"width":381,"height":1}},{"id":"24cfeb4e-878b-4501-a65c-884227725fbd","block_type":"box","text":"214","page_number":5,"box":{"x":880,"y":236,"width":22,"height":8}},{"id":"1d05116e-fd9d-4d4b-8655-43da7c7dac76","block_type":"box","text":"Balance Sheet","page_number":5,"box":{"x":96,"y":251,"width":85,"height":8}},{"id":"90a9d80f-e8f3-437b-aec8-301cf5f6990e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":192,"y":258,"width":437,"height":1}},{"id":"76085520-14cb-4264-8104-4e54f2a4fef0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":634,"y":258,"width":241,"height":1}},{"id":"9d15b192-6457-448a-b3a1-8b5e0d2c5f59","block_type":"box","text":"215","page_number":5,"box":{"x":880,"y":251,"width":21,"height":8}},{"id":"9eb8cc16-c889-464f-a8c2-1440b64bf9c0","block_type":"box","text":"Notes to the Financial Statements","page_number":5,"box":{"x":96,"y":267,"width":204,"height":8}},{"id":"bb6b4a7d-3f26-4b1c-81e8-c69694d69ff8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":311,"y":273,"width":438,"height":2}},{"id":"90a70e28-5d39-4bab-8a40-ee8b4290a4f7","block_type":"box","text":". . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":754,"y":273,"width":121,"height":2}},{"id":"e5f019a7-1888-4aec-bbcc-23eae76cc030","block_type":"box","text":"216","page_number":5,"box":{"x":880,"y":267,"width":21,"height":8}},{"id":"ae66060e-3b1d-4be6-b133-8e166adb3535","block_type":"box","text":"Distribution Tables","page_number":5,"box":{"x":96,"y":282,"width":113,"height":8}},{"id":"0384df49-2da7-43fa-814b-9f51db47e1d1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":220,"y":289,"width":437,"height":1}},{"id":"da39f477-1d7f-4db8-bd5a-e67f901972e1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":662,"y":289,"width":213,"height":1}},{"id":"49924011-748d-49b0-8cad-82afcd4114ab","block_type":"box","text":"222","page_number":5,"box":{"x":880,"y":282,"width":21,"height":8}},{"id":"9880084c-20b0-4816-b408-187f0b6e3491","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":5,"box":{"x":96,"y":304,"width":214,"height":8}},{"id":"f26fe12e-fef2-441d-bc5b-8c774f0ebaf4","block_type":"box","text":"(formerly VT Tatton Passive Cautious Fund)","page_number":5,"box":{"x":315,"y":304,"width":267,"height":11}},{"id":"e22b0280-59e2-41ac-bbf2-301bbbf1053a","block_type":"box","text":"Sub-fund Overview*","page_number":5,"box":{"x":95,"y":320,"width":123,"height":8}},{"id":"b28f87af-8c6d-4cd0-92bd-1ef5466e8a0d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":227,"y":327,"width":437,"height":1}},{"id":"482f0fcb-5cde-4754-bd60-0f4aee63b0ad","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":669,"y":327,"width":206,"height":1}},{"id":"a58954f5-ee95-405e-b910-325f81945ca9","block_type":"box","text":"223","page_number":5,"box":{"x":880,"y":320,"width":21,"height":8}},{"id":"8bde3d48-0b25-4f86-b40c-ae7af38b4a3a","block_type":"box","text":"Investment Manager’s Review*","page_number":5,"box":{"x":96,"y":335,"width":187,"height":11}},{"id":"d67b94b9-c6d1-4a3c-9eaa-e0d30ebd2213","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":290,"y":342,"width":437,"height":1}},{"id":"9dfe4d66-65a1-467b-a8ab-02eacf64bd97","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":733,"y":342,"width":142,"height":1}},{"id":"8757690d-b649-4f53-b7f6-32a221abc729","block_type":"box","text":"225","page_number":5,"box":{"x":880,"y":335,"width":21,"height":8}},{"id":"7caa2dcc-b384-4eff-bfcc-7a6b91a7a887","block_type":"box","text":"Performance Record","page_number":5,"box":{"x":96,"y":350,"width":123,"height":9}},{"id":"7d925a81-9206-4b68-9d60-d14fa53171f2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":227,"y":357,"width":437,"height":2}},{"id":"2f0665ab-e0d1-4615-8555-3a145c1d6450","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":669,"y":357,"width":206,"height":2}},{"id":"98ff6c90-1846-4613-b0a8-865e831e3140","block_type":"box","text":"227","page_number":5,"box":{"x":880,"y":351,"width":21,"height":8}},{"id":"e21cdcf6-21ba-4d9e-9324-c5a064149e2f","block_type":"box","text":"Risk and Reward Profile","page_number":5,"box":{"x":96,"y":366,"width":143,"height":8}},{"id":"4abcc61c-c316-47d5-8604-8fb8fa28515d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":248,"y":373,"width":437,"height":1}},{"id":"0858d887-c0c8-4c96-b48e-5865ec5518ac","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":691,"y":373,"width":184,"height":1}},{"id":"96bdb322-dde7-48e9-8b96-3c51c0eb79f0","block_type":"box","text":"227","page_number":5,"box":{"x":880,"y":366,"width":21,"height":8}},{"id":"91956cfe-8b7a-461a-872e-006745ade73b","block_type":"box","text":"Portfolio Statement*","page_number":5,"box":{"x":96,"y":381,"width":125,"height":9}},{"id":"85afafd9-4522-4270-a0e2-b38e72425890","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":227,"y":388,"width":437,"height":2}},{"id":"d989b799-62a5-4c52-a6a5-d8a5b732ca6c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":669,"y":388,"width":206,"height":2}},{"id":"fcc14e8a-e69e-4d0d-b1ab-68dc33d3352b","block_type":"box","text":"228","page_number":5,"box":{"x":880,"y":382,"width":21,"height":8}},{"id":"0817ee33-e99e-4575-a63f-6ded97b7c874","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":5,"box":{"x":95,"y":397,"width":247,"height":10}},{"id":"c3bc6965-6377-4094-b689-b40e00eece6c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":353,"y":404,"width":438,"height":1}},{"id":"16aa9751-a256-488b-8130-d93a6e2707d2","block_type":"box","text":". . . . . . . . . . . .","page_number":5,"box":{"x":796,"y":404,"width":79,"height":1}},{"id":"48165395-3c83-464c-a6a9-d94aac799ba1","block_type":"box","text":"229","page_number":5,"box":{"x":880,"y":397,"width":21,"height":8}},{"id":"4ee4cba8-f09e-4b25-9482-21b19cd9a684","block_type":"box","text":"Statement of Total Return","page_number":5,"box":{"x":95,"y":412,"width":156,"height":8}},{"id":"72e13df1-cca0-45fc-97cd-7ea0da204574","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":262,"y":419,"width":437,"height":1}},{"id":"5626b8c2-a46b-4ed0-8241-597a44d0637f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":705,"y":419,"width":170,"height":1}},{"id":"f0f407fc-0cd5-42db-8ef3-323c781fa8c1","block_type":"box","text":"230","page_number":5,"box":{"x":880,"y":413,"width":21,"height":7}},{"id":"c24b41db-501a-4e8b-a5eb-25c2e76840a0","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":5,"box":{"x":95,"y":428,"width":393,"height":10}},{"id":"50e53918-2beb-48a4-acd5-8b1429362a7f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":494,"y":435,"width":381,"height":1}},{"id":"9576060a-df5b-4dd6-89db-4b49f366f193","block_type":"box","text":"230","page_number":5,"box":{"x":880,"y":428,"width":21,"height":8}},{"id":"07490c8c-eb02-43bf-add1-040139d9143b","block_type":"box","text":"Balance Sheet","page_number":5,"box":{"x":96,"y":443,"width":85,"height":8}},{"id":"2743baec-1700-45d9-9003-97fa29db8985","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":192,"y":450,"width":437,"height":1}},{"id":"15e92462-7b77-40f4-872f-4adf6aa1d48c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":634,"y":450,"width":241,"height":1}},{"id":"eb6af6f5-4b10-43ee-9b29-8dbf52a14349","block_type":"box","text":"231","page_number":5,"box":{"x":880,"y":444,"width":19,"height":7}},{"id":"49e18d88-e74d-4d5e-9380-eb9d87376af1","block_type":"box","text":"Notes to the Financial Statements","page_number":5,"box":{"x":96,"y":459,"width":204,"height":8}},{"id":"a5c24b22-0970-4a21-9819-1f29b026f721","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":311,"y":465,"width":438,"height":2}},{"id":"cd6a33c0-4058-4508-8b98-aa41ac445db9","block_type":"box","text":". . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":754,"y":465,"width":121,"height":2}},{"id":"8553425c-b47e-4f76-a74b-ada359169aff","block_type":"box","text":"232","page_number":5,"box":{"x":880,"y":459,"width":21,"height":8}},{"id":"f90ed4fb-9f2d-47f3-90c7-ff718cfce0cc","block_type":"box","text":"Distribution Tables","page_number":5,"box":{"x":96,"y":474,"width":113,"height":8}},{"id":"298528cf-7886-45aa-8cf0-4cdc76249f2b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":220,"y":481,"width":437,"height":1}},{"id":"de01b3b5-b094-4a69-b9ad-906faffb40b7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":662,"y":481,"width":213,"height":1}},{"id":"ac8d1f7b-6fd8-4b4c-a656-33cc85476da1","block_type":"box","text":"238","page_number":5,"box":{"x":880,"y":474,"width":21,"height":8}},{"id":"99265435-ec8a-494d-a4e3-8ccd6e60236b","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":5,"box":{"x":96,"y":496,"width":206,"height":8}},{"id":"acbcf0f2-e09b-4465-8911-5d63364330e6","block_type":"box","text":"(formerly VT Tatton Passive Growth Fund)","page_number":5,"box":{"x":307,"y":496,"width":259,"height":11}},{"id":"57d83fd0-8fcf-452c-9413-935e42a6f595","block_type":"box","text":"Sub-fund Overview*","page_number":5,"box":{"x":95,"y":512,"width":123,"height":8}},{"id":"63d2ce06-95c7-4609-88ee-058079c8157a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":227,"y":519,"width":437,"height":1}},{"id":"c0d302f8-2023-48b4-9ff1-68ef0e0dddac","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":669,"y":519,"width":206,"height":1}},{"id":"7397f9d1-0c97-4088-9f6a-3f8f850552ca","block_type":"box","text":"239","page_number":5,"box":{"x":880,"y":512,"width":21,"height":8}},{"id":"1da09890-c126-4661-ae00-fb80f389070f","block_type":"box","text":"Investment Manager’s Review*","page_number":5,"box":{"x":96,"y":527,"width":187,"height":11}},{"id":"5fd959f2-c543-4e0f-ac00-c87d0baf009d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":290,"y":534,"width":437,"height":1}},{"id":"b14fab88-0e39-4e5b-92b1-12aef9af4112","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":733,"y":534,"width":142,"height":1}},{"id":"a54ec7e7-8f22-4a53-85c7-db8960edc106","block_type":"box","text":"241","page_number":5,"box":{"x":880,"y":527,"width":19,"height":8}},{"id":"a31548f5-664d-4943-93b2-3a64ddfdc546","block_type":"box","text":"Performance Record","page_number":5,"box":{"x":96,"y":542,"width":123,"height":9}},{"id":"938788a1-058c-4d6c-bce7-f906c3a63a09","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":227,"y":549,"width":437,"height":2}},{"id":"3e95f9b7-a87e-45b0-9229-4c47181d2d8f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":669,"y":549,"width":206,"height":2}},{"id":"6bc4b454-a1d7-477e-a543-e8bc0552fb6b","block_type":"box","text":"243","page_number":5,"box":{"x":880,"y":543,"width":21,"height":8}},{"id":"94e4aacf-364d-42ab-947e-2ac6c51ab1c2","block_type":"box","text":"Risk and Reward Profile","page_number":5,"box":{"x":96,"y":558,"width":143,"height":8}},{"id":"b62350d7-d36c-4a65-8221-7a40a5dc44e5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":248,"y":565,"width":437,"height":1}},{"id":"0b72925c-f7e2-4f1a-b024-8464e1fc3bb3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":691,"y":565,"width":184,"height":1}},{"id":"744e9604-fbd0-445e-9e3d-a3096205b620","block_type":"box","text":"243","page_number":5,"box":{"x":880,"y":558,"width":21,"height":8}},{"id":"fb61db6f-791b-44cb-8481-4a89139b7a2e","block_type":"box","text":"Portfolio Statement*","page_number":5,"box":{"x":96,"y":573,"width":125,"height":9}},{"id":"d5e3cff5-464d-47f5-b1b9-43d281fe5acf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":227,"y":580,"width":437,"height":2}},{"id":"056cbbed-a131-4b82-aa9e-3808eff5f4cd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":669,"y":580,"width":206,"height":2}},{"id":"e7e3c996-57a3-4a20-bdb9-c018afda089f","block_type":"box","text":"244","page_number":5,"box":{"x":880,"y":574,"width":22,"height":8}},{"id":"d361eeef-0dcb-43e5-b6a6-ec2e3491b45f","block_type":"box","text":"Summary of Material Portfolio Changes*","page_number":5,"box":{"x":95,"y":589,"width":247,"height":11}},{"id":"ce12f460-25d3-4c65-a1d5-a9b797ec007b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":353,"y":596,"width":438,"height":1}},{"id":"7cd0bf55-21a9-431a-8c4e-9212ef17dec7","block_type":"box","text":". . . . . . . . . . . .","page_number":5,"box":{"x":796,"y":596,"width":79,"height":1}},{"id":"0ba6c7c5-0200-42d2-b4dd-807e341f88c3","block_type":"box","text":"245","page_number":5,"box":{"x":880,"y":589,"width":21,"height":8}},{"id":"1f82d557-dae6-494d-8aa1-d37f92819261","block_type":"box","text":"Statement of Total Return","page_number":5,"box":{"x":95,"y":604,"width":156,"height":9}},{"id":"6d6c04c6-d2d9-4d89-b287-24659029d415","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":262,"y":611,"width":437,"height":2}},{"id":"e9ab69a2-a8aa-43c3-9918-3c86ad4a61cf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":705,"y":611,"width":170,"height":2}},{"id":"0a000fad-43a9-4520-a5fd-1cfa9ebd4288","block_type":"box","text":"246","page_number":5,"box":{"x":880,"y":605,"width":21,"height":8}},{"id":"903faa05-ec20-4577-8220-c6a42f1c9a6c","block_type":"box","text":"Statement of Changes in Net Assets Attributable to Shareholders","page_number":5,"box":{"x":95,"y":620,"width":393,"height":10}},{"id":"a9601904-8731-4b8b-a7db-01674d8080d1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":494,"y":627,"width":381,"height":1}},{"id":"ca4c32ac-7530-4d20-a1e4-ecc9732f305e","block_type":"box","text":"246","page_number":5,"box":{"x":880,"y":620,"width":21,"height":8}},{"id":"83ed1ab1-0e35-4f2e-83c2-1a5c46bf6a3e","block_type":"box","text":"Balance Sheet","page_number":5,"box":{"x":96,"y":635,"width":85,"height":8}},{"id":"af7f7926-4ab8-46d1-ba33-6f1f4925d7fa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":192,"y":642,"width":437,"height":1}},{"id":"9d5d5aba-d2fe-4710-b5bd-dd32d2e72003","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":634,"y":642,"width":241,"height":1}},{"id":"95ef5bb1-3910-4647-8fe2-31821f096a77","block_type":"box","text":"247","page_number":5,"box":{"x":880,"y":636,"width":21,"height":7}},{"id":"68f10833-b6ab-4374-a5d0-eef760528d5b","block_type":"box","text":"Notes to the Financial Statements","page_number":5,"box":{"x":96,"y":651,"width":204,"height":8}},{"id":"8e76fbf6-545a-478d-bb50-ccc6c2bfeb7d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":311,"y":658,"width":438,"height":1}},{"id":"521e83c4-d566-4128-a53f-026fd3732a2c","block_type":"box","text":". . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":754,"y":658,"width":121,"height":1}},{"id":"8ae9f568-afb2-4aec-83d3-96598d8bcfef","block_type":"box","text":"248","page_number":5,"box":{"x":880,"y":651,"width":21,"height":8}},{"id":"3f587636-e8a5-4f6b-ab10-198e4173f4c7","block_type":"box","text":"Distribution Tables","page_number":5,"box":{"x":96,"y":666,"width":113,"height":8}},{"id":"a0a9aa73-1589-42a1-85ce-7fe77eab8e22","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":220,"y":673,"width":437,"height":1}},{"id":"7f964e68-e1d2-4869-8865-48e7557ca086","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":662,"y":673,"width":213,"height":1}},{"id":"e7011499-6fc0-406b-b85e-d6f700b6c0d5","block_type":"box","text":"254","page_number":5,"box":{"x":880,"y":666,"width":22,"height":8}},{"id":"210cdc72-449a-4670-8729-b5db18c21b1e","block_type":"box","text":"Information for Investors*","page_number":5,"box":{"x":96,"y":688,"width":158,"height":8}},{"id":"02b2d964-442e-4e5f-a513-c60b14ae263c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":262,"y":695,"width":437,"height":1}},{"id":"32e63f3d-538c-430c-bb45-8920f7fe9760","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":705,"y":695,"width":170,"height":1}},{"id":"d0c8da1c-3858-43ab-8f3d-323fc35d908a","block_type":"box","text":"255","page_number":5,"box":{"x":880,"y":689,"width":21,"height":7}},{"id":"75ba64f9-3927-4f79-a903-797b67154e3e","block_type":"box","text":"Corporate Directory*","page_number":5,"box":{"x":96,"y":710,"width":127,"height":11}},{"id":"d40cc411-42d0-4bc6-918a-82d64242e142","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":234,"y":717,"width":437,"height":2}},{"id":"abaecece-4fe5-42c5-a0b6-0bb07713703d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":5,"box":{"x":676,"y":717,"width":199,"height":2}},{"id":"12ec999d-dcb6-4780-92b1-f5b2123ff330","block_type":"box","text":"257","page_number":5,"box":{"x":880,"y":711,"width":21,"height":8}},{"id":"553a9ac1-3409-4a06-ab2e-728ea5e2f3ed","block_type":"box","text":"*These collectively comprise the Authorised Corporate Director’s Report.","page_number":5,"box":{"x":95,"y":755,"width":441,"height":10}},{"id":"20ce669e-8824-4445-bf76-d5ce001b761f","block_type":"box","text":"MI Tatton Oak ICVC","page_number":5,"box":{"x":97,"y":38,"width":216,"height":13}},{"id":"515efc12-03c7-4b21-a0b8-68735c1a3028","block_type":"box","text":"Company Overview","page_number":6,"box":{"x":96,"y":85,"width":200,"height":17}},{"id":"a97cecac-cc40-4e04-bf95-5d2dc6255f1c","block_type":"box","text":"Type of Company","page_number":6,"box":{"x":95,"y":135,"width":127,"height":12}},{"id":"21dccd5b-6336-4ff2-9c50-16eb35158763","block_type":"box","text":"MI Tatton Oak ICVC (formerly VT Tatton ICVC) (the Company) is an investment company with variable capital incorporated in Engla","page_number":6,"box":{"x":96,"y":152,"width":791,"height":10}},{"id":"1927cc9c-7096-49df-8029-bd9ceabd196c","block_type":"box","text":"nd","page_number":6,"box":{"x":889,"y":152,"width":14,"height":8}},{"id":"34c3a015-0559-42ca-89d7-da7e1a35b91a","block_type":"box","text":"and Wales under registered number IC000737 and authorised by the Financial Conduct Authority (FCA) with effect from 13 March","page_number":6,"box":{"x":95,"y":167,"width":808,"height":11}},{"id":"bcf889be-0e32-4592-8ff5-e0923155856d","block_type":"box","text":"2009. The FCA PRN is 494501. The Company has an unlimited duration.","page_number":6,"box":{"x":95,"y":183,"width":432,"height":10}},{"id":"45e3cc32-f4ac-4b18-b924-afa1fd5daeb1","block_type":"box","text":"Shareholders are not liable for the debts of the Company.","page_number":6,"box":{"x":95,"y":205,"width":350,"height":10}},{"id":"bae06dd3-0118-4798-a1b2-eedf1e0f41bd","block_type":"box","text":"The Company is a ‘Non-UCITS Retail Scheme (NURS)’ and the base currency of the Company and each Sub-fund is pounds Sterling. Th","page_number":6,"box":{"x":95,"y":227,"width":801,"height":11}},{"id":"e82ac885-6408-43dd-85f5-1b7bdc5fb651","block_type":"box","text":"e","page_number":6,"box":{"x":898,"y":229,"width":6,"height":6}},{"id":"bffdab2e-cd68-401d-9f18-2495d9bb0ca2","block_type":"box","text":"Company is structured as an umbrella company, and different Sub-funds may be established from time to time. Each Sub-fund would","page_number":6,"box":{"x":96,"y":242,"width":807,"height":11}},{"id":"ee3e64da-b382-46a7-8bb9-63944121db05","block_type":"box","text":"be a NURS if it had a separate authorisation order.","page_number":6,"box":{"x":96,"y":258,"width":306,"height":11}},{"id":"893420db-4c10-4f5a-9333-d1fd506635ff","block_type":"box","text":"Changes to the Company","page_number":6,"box":{"x":96,"y":295,"width":183,"height":11}},{"id":"b01d766b-62bf-48e9-b3fc-5c86f030452c","block_type":"box","text":"On 02 May 2026, VT Tatton Oak ICVC changed its name to MI Tatton Oak ICVC.","page_number":6,"box":{"x":96,"y":311,"width":472,"height":11}},{"id":"04d4f731-9500-4621-bb53-d69627d7da7f","block_type":"box","text":"On the same date, Valu","page_number":6,"box":{"x":96,"y":333,"width":138,"height":10}},{"id":"7b06cebf-46ac-452b-a6c1-7e6640bf0f21","block_type":"box","text":"-","page_number":6,"box":{"x":236,"y":337,"width":4,"height":2}},{"id":"8ce040b8-5b43-44c0-ad57-f3c5014bc1b2","block_type":"box","text":"Trac Investment Management Limited resigned as Authorised Fund Manager, and Apex Fundrock Limited was","page_number":6,"box":{"x":241,"y":333,"width":663,"height":11}},{"id":"39771ab6-8e5b-4564-a17b-75939d471d71","block_type":"box","text":"appointed as Authorised Corporate Director.","page_number":6,"box":{"x":95,"y":349,"width":271,"height":10}},{"id":"cb6b6d42-cc19-42d2-a735-a14e619b56fa","block_type":"box","text":"MI Tatton Oak ICVC also changed its Depositary from NatWest Trustee and Depositary Services Limited to Citibank UK Limited.","page_number":6,"box":{"x":96,"y":371,"width":766,"height":10}},{"id":"246a8a56-5178-481b-88c9-26d7e91dc7e3","block_type":"box","text":"In addition, the auditor of MI Tatton Oak ICVC changed from Johnston Carmichael LLP to Grant Thornton UK LLP.","page_number":6,"box":{"x":96,"y":393,"width":682,"height":11}},{"id":"b3266ac4-8149-4dd0-9595-78223694f4cb","block_type":"box","text":"MI Tatton Oak ICVC","page_number":6,"box":{"x":687,"y":38,"width":217,"height":13}},{"id":"444e66ec-14ad-43ef-8dde-94423f4e744d","block_type":"box","text":"1","page_number":6,"box":{"x":972,"y":960,"width":5,"height":8}},{"id":"d7ece91f-6f5c-4e23-84af-46046129f95d","block_type":"box","text":"Statement of the Authorised Corporate Director’s Responsibilities","page_number":7,"box":{"x":96,"y":85,"width":679,"height":17}},{"id":"9ace1014-7e2f-43e4-9649-228df82dbaba","block_type":"box","text":"The Collective Investment Schemes Sourcebook published by the FCA, (‘the COLL Rules’) requires the Authorised Corporate Directo","page_number":7,"box":{"x":95,"y":121,"width":803,"height":11}},{"id":"64888d9f-f70c-475b-b48c-6a1efd082932","block_type":"box","text":"r","page_number":7,"box":{"x":900,"y":123,"width":4,"height":6}},{"id":"f3161147-d320-4555-a46d-95c165b83402","block_type":"box","text":"(‘ACD’) to prepare financial statements for each annual accounting period which give a true and fair view of the financial posi","page_number":7,"box":{"x":95,"y":136,"width":768,"height":11}},{"id":"44077f71-eb29-4e40-9c1d-e83f6130f33a","block_type":"box","text":"tion of","page_number":7,"box":{"x":864,"y":136,"width":41,"height":9}},{"id":"554944dd-b306-4ddd-b72d-00c3e4e5358d","block_type":"box","text":"the Company and of the net revenue and net gains or losses on the property of the Company for the year.","page_number":7,"box":{"x":95,"y":152,"width":643,"height":10}},{"id":"0643f1f1-1327-4176-8831-4cad9da9e173","block_type":"box","text":"In preparing the financial statements the ACD is responsible for:","page_number":7,"box":{"x":96,"y":174,"width":388,"height":11}},{"id":"c334a6cc-7e8a-4d36-b568-f87fdd033018","block_type":"box","text":"n","page_number":7,"box":{"x":95,"y":198,"width":10,"height":6}},{"id":"675a159a-958d-483b-b1e5-5960802317e3","block_type":"box","text":"selecting suitable accounting policies and then applying them consistently;","page_number":7,"box":{"x":119,"y":196,"width":453,"height":11}},{"id":"0a9f91d8-c76e-4b03-ac5f-a442cf2bf041","block_type":"box","text":"n","page_number":7,"box":{"x":95,"y":220,"width":10,"height":6}},{"id":"5bcca0ba-1ad4-4038-944a-7c34f16b51fc","block_type":"box","text":"making judgements and estimates that are reasonable and prudent;","page_number":7,"box":{"x":120,"y":218,"width":414,"height":11}},{"id":"f453e75d-1481-4f73-a4aa-afc7289711be","block_type":"box","text":"n","page_number":7,"box":{"x":95,"y":242,"width":10,"height":7}},{"id":"136f9f71-53f0-4208-a125-a26a5b5cc1da","block_type":"box","text":"following UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Irel","page_number":7,"box":{"x":119,"y":240,"width":757,"height":11}},{"id":"bc853d40-e5f1-4774-836d-6fede1c692f9","block_type":"box","text":"and;","page_number":7,"box":{"x":878,"y":240,"width":25,"height":10}},{"id":"3254dd7a-ffad-46a3-98fd-9d90faf946c6","block_type":"box","text":"n","page_number":7,"box":{"x":95,"y":264,"width":10,"height":7}},{"id":"802019b6-4b52-4599-8ecd-45fbec7196f6","block_type":"box","text":"complying with the disclosure requirements of the Statement of Recommended Practice for Financial Statements of UK Authorised","page_number":7,"box":{"x":119,"y":263,"width":784,"height":10}},{"id":"34395189-f6a7-48ac-b002-90639649e85d","block_type":"box","text":"Funds issued by the Investment Association (‘IA’) in May 2014 as amended in June 2017;","page_number":7,"box":{"x":120,"y":278,"width":532,"height":11}},{"id":"a7ad4948-9e96-4dc1-b21e-aeb65f9b4b6b","block_type":"box","text":"n","page_number":7,"box":{"x":95,"y":302,"width":10,"height":6}},{"id":"22f13385-cac3-44a9-a995-87c5b8b9f1b2","block_type":"box","text":"keeping proper accounting records which enable it to demonstrate that the financial statements as prepared comply with the","page_number":7,"box":{"x":120,"y":300,"width":784,"height":11}},{"id":"f7dded86-ddb5-4242-9462-eb8685d50d3a","block_type":"box","text":"above requirements;","page_number":7,"box":{"x":119,"y":316,"width":126,"height":10}},{"id":"84f3baf7-277d-4997-b8e0-ffd160eff811","block_type":"box","text":"n","page_number":7,"box":{"x":95,"y":339,"width":10,"height":7}},{"id":"2f746322-e77d-4440-bac4-076876c23fe2","block_type":"box","text":"assessing the Company and its Sub-funds’ ability to continue as a going concern, disclosing, as applicable, matters related to","page_number":7,"box":{"x":119,"y":338,"width":748,"height":11}},{"id":"c8930883-9420-44f9-b6ed-0671138e7f1a","block_type":"box","text":"going","page_number":7,"box":{"x":871,"y":338,"width":33,"height":11}},{"id":"0492d770-8166-4036-914f-d9a01edc850f","block_type":"box","text":"concern;","page_number":7,"box":{"x":119,"y":356,"width":51,"height":7}},{"id":"f29b9f50-d32c-4078-b799-1bdc0b4f09a8","block_type":"box","text":"n","page_number":7,"box":{"x":95,"y":377,"width":10,"height":7}},{"id":"2f1b7023-a6f9-400b-986b-2f4d5544bcfa","block_type":"box","text":"using the going concern basis of accounting unless they either intend to liquidate the Company or terminate a Sub-fund or to ce","page_number":7,"box":{"x":120,"y":375,"width":763,"height":11}},{"id":"d49dd6d0-269e-4586-a302-fb4928ea99ab","block_type":"box","text":"ase","page_number":7,"box":{"x":884,"y":378,"width":20,"height":6}},{"id":"d278b906-3558-452e-b02d-7444dcad26be","block_type":"box","text":"operations, or have no realistic alternative but to do so;","page_number":7,"box":{"x":119,"y":391,"width":337,"height":11}},{"id":"ea030499-9d0a-4fad-99b3-19d5685e7c2b","block_type":"box","text":"n","page_number":7,"box":{"x":95,"y":415,"width":10,"height":6}},{"id":"1000fb1b-ef8e-4d15-872a-891d2ef34b14","block_type":"box","text":"such internal control as they determine is necessary to enable the preparation of financial statements that are free from mater","page_number":7,"box":{"x":119,"y":413,"width":771,"height":11}},{"id":"7682f519-5061-4834-a1d1-c7f8bf0a1735","block_type":"box","text":"ial","page_number":7,"box":{"x":891,"y":413,"width":12,"height":8}},{"id":"e1fbee61-cf90-4a36-939f-26465e7ea583","block_type":"box","text":"misstatement, whether due to fraud or error; and","page_number":7,"box":{"x":120,"y":428,"width":301,"height":10}},{"id":"38c776bf-f3d2-4f79-8c80-d32d6ee28daa","block_type":"box","text":"n","page_number":7,"box":{"x":95,"y":452,"width":10,"height":7}},{"id":"1e6020f2-b793-4dfb-900e-0d17860317f7","block_type":"box","text":"taking reasonable steps for the prevention and detection of fraud and irregularities.","page_number":7,"box":{"x":119,"y":451,"width":510,"height":10}},{"id":"a444cf11-2185-4862-9b15-fe6b7415c97b","block_type":"box","text":"The ACD is responsible for the management of the Company in accordance with its Instrument of Incorporation, the Prospectus and","page_number":7,"box":{"x":95,"y":473,"width":808,"height":11}},{"id":"a1d62fd4-1b95-445b-bf65-f184601530fe","block_type":"box","text":"the COLL Rules.","page_number":7,"box":{"x":95,"y":488,"width":94,"height":9}},{"id":"cacf4bc0-17c9-40aa-8668-64da4ceadfe4","block_type":"box","text":"The ACD is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial","page_number":7,"box":{"x":95,"y":510,"width":756,"height":11}},{"id":"10b19c51-e183-46f4-b5c6-c80ac368e374","block_type":"box","text":"position","page_number":7,"box":{"x":856,"y":511,"width":47,"height":10}},{"id":"b36f9f3f-c91f-4d10-a521-98a26bf43d9f","block_type":"box","text":"of the Company and to enable it to ensure that the financial statements comply with the Sourcebook. The ACD is also responsible","page_number":7,"box":{"x":95,"y":526,"width":787,"height":11}},{"id":"3fa541fb-29ab-43ce-82cc-e7319694e9d1","block_type":"box","text":"for","page_number":7,"box":{"x":887,"y":526,"width":17,"height":8}},{"id":"ae5e78ea-993e-4980-9d7c-f87e055de65a","block_type":"box","text":"safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and othe","page_number":7,"box":{"x":95,"y":541,"width":803,"height":11}},{"id":"5dbf96cd-b576-464e-8495-a7bdd98db79f","block_type":"box","text":"r","page_number":7,"box":{"x":900,"y":544,"width":4,"height":5}},{"id":"a6c6e2ea-f4f0-4fc3-9cc8-4230a536142e","block_type":"box","text":"irregularities.","page_number":7,"box":{"x":96,"y":557,"width":79,"height":10}},{"id":"6ca165e4-ece4-4474-8f75-464b2e487244","block_type":"box","text":"In so far as the ACD is aware:","page_number":7,"box":{"x":96,"y":579,"width":174,"height":8}},{"id":"2ac8fc33-dea5-44da-8b58-52b716a01bb8","block_type":"box","text":"n","page_number":7,"box":{"x":95,"y":603,"width":10,"height":6}},{"id":"df52cb14-b578-4fd2-aa01-22689b909923","block_type":"box","text":"there is no relevant audit information of which the Company’s Auditor is unaware; and","page_number":7,"box":{"x":119,"y":601,"width":526,"height":11}},{"id":"d7d5022c-0ea3-4265-be76-8e425362c6d7","block_type":"box","text":"n","page_number":7,"box":{"x":95,"y":625,"width":10,"height":6}},{"id":"dfc94163-c3ac-4278-8ccf-7941fe02db50","block_type":"box","text":"the ACD has taken all steps that it ought to have taken to make itself aware of any relevant audit information and to establish","page_number":7,"box":{"x":119,"y":623,"width":756,"height":11}},{"id":"ad5b4d0e-8d54-4585-a412-00881418f18e","block_type":"box","text":"that","page_number":7,"box":{"x":880,"y":623,"width":24,"height":9}},{"id":"c601deed-43e1-4623-8e5e-12eb1a0d9030","block_type":"box","text":"the Auditor is aware of that information.","page_number":7,"box":{"x":119,"y":639,"width":245,"height":8}},{"id":"7b9f2f0d-4eff-47ce-9393-d94bc191ab28","block_type":"box","text":"Certification of the Annual Report by the Authorised Corporate Director","page_number":7,"box":{"x":96,"y":675,"width":741,"height":17}},{"id":"a6c75756-daac-4c86-90c5-ad3a144eed5a","block_type":"box","text":"This report has been prepared in accordance with the requirements of the Financial Conduct Authority’s Collective Investment Sc","page_number":7,"box":{"x":95,"y":708,"width":768,"height":11}},{"id":"e788b66c-cfeb-4e61-a5b0-54dc8a4781ab","block_type":"box","text":"hemes","page_number":7,"box":{"x":865,"y":708,"width":39,"height":9}},{"id":"b4c1bc68-c8e5-4dda-b27f-2b3f828e4d06","block_type":"box","text":"Sourcebook (‘the COLL Sourcebook’) and the Statement of Recommended Practice for Financial Statements of UK Authorised Funds","page_number":7,"box":{"x":95,"y":724,"width":809,"height":10}},{"id":"cd63faf3-2358-40bc-8924-920a27bd6817","block_type":"box","text":"issued by the IA.","page_number":7,"box":{"x":96,"y":739,"width":97,"height":11}},{"id":"aec17a8f-7af8-4857-867f-3e28402f2836","block_type":"box","text":"A.C. Deptford","page_number":7,"box":{"x":95,"y":828,"width":88,"height":11}},{"id":"478a2ad9-fa2e-4c20-923a-1e3231b61670","block_type":"box","text":"P.J. Foley-Brickley","page_number":7,"box":{"x":96,"y":843,"width":117,"height":11}},{"id":"2a01d2bf-1bd9-41f2-909e-8e5b24611939","block_type":"box","text":"S.J. Gunson","page_number":7,"box":{"x":95,"y":859,"width":73,"height":10}},{"id":"0411f1dd-038a-4473-9f71-dcac4a7df541","block_type":"box","text":"L.A. Poynter","page_number":7,"box":{"x":96,"y":875,"width":79,"height":10}},{"id":"73c885ec-9331-465e-9654-6e2165bbff5d","block_type":"box","text":"On behalf of Apex Fundrock Limited","page_number":7,"box":{"x":96,"y":890,"width":217,"height":10}},{"id":"ab1a6166-e89e-42a3-bc7b-4484bd203be9","block_type":"box","text":"Authorised Corporate Director","page_number":7,"box":{"x":95,"y":905,"width":185,"height":11}},{"id":"112b32e8-29ec-426d-9806-e9711f4bca40","block_type":"box","text":"18 August 2026","page_number":7,"box":{"x":96,"y":921,"width":92,"height":10}},{"id":"b834cf9d-ce4f-412d-a87e-96e85ab29ec6","block_type":"box","text":"MI Tatton Oak ICVC","page_number":7,"box":{"x":97,"y":38,"width":216,"height":13}},{"id":"a3afc48a-591e-445f-925a-e1482d98d6e3","block_type":"box","text":"2","page_number":7,"box":{"x":19,"y":960,"width":8,"height":8}},{"id":"da2da872-7df4-4970-8012-532709dcc464","block_type":"box","text":"Statement of the Depositary’s Responsibilities and Report of the Depositary to","page_number":8,"box":{"x":96,"y":85,"width":807,"height":17}},{"id":"c28e45b3-7044-49e6-8826-446477619d07","block_type":"box","text":"the Shareholders of MI Tatton Oak ICVC (formerly VT Tatton Oak ICVC)","page_number":8,"box":{"x":95,"y":104,"width":723,"height":17}},{"id":"1e3e2614-f8ea-41e8-b1ed-7cd5167d0559","block_type":"box","text":"For the year ended 30 April 2026","page_number":8,"box":{"x":96,"y":124,"width":198,"height":11}},{"id":"b26120ba-bba3-4477-9429-600e42daf03a","block_type":"box","text":"The Depositary must ensure that the Company is managed in accordance with the Financial Conduct Authority’s Collective Investme","page_number":8,"box":{"x":95,"y":147,"width":796,"height":10}},{"id":"964528b3-2c41-4686-819b-01a683b75768","block_type":"box","text":"nt","page_number":8,"box":{"x":893,"y":148,"width":11,"height":7}},{"id":"ecf37c93-9fc7-400e-a734-237e1a2a96cb","block_type":"box","text":"Schemes Sourcebook, the Investment Funds Sourcebook, the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228)","page_number":8,"box":{"x":95,"y":162,"width":809,"height":11}},{"id":"b59a8f99-d989-4ca0-a5ec-67f228bde71a","block_type":"box","text":"(the OEIC Regulations), as amended, the Financial Services and Markets Act 2000, as amended, (together \"the Regulations\"), and","page_number":8,"box":{"x":95,"y":177,"width":785,"height":11}},{"id":"b3dd6a7b-b06a-4f88-a82a-948f1c55808b","block_type":"box","text":"the","page_number":8,"box":{"x":884,"y":177,"width":20,"height":9}},{"id":"a760cb85-14c9-42b2-8137-dd2037218973","block_type":"box","text":"Company’s Instrument of Incorporation and Prospectus (together \"the Scheme documents\") as detailed below.","page_number":8,"box":{"x":96,"y":193,"width":674,"height":11}},{"id":"50eddbd6-7de7-4343-9204-c6cb289b999e","block_type":"box","text":"The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the","page_number":8,"box":{"x":95,"y":215,"width":747,"height":11}},{"id":"70b048df-6f05-4674-bd4e-31bda59d2d04","block_type":"box","text":"Company","page_number":8,"box":{"x":847,"y":215,"width":57,"height":11}},{"id":"6700c1da-0ef4-4bfd-a5b2-376a857f0591","block_type":"box","text":"and its investors.","page_number":8,"box":{"x":95,"y":231,"width":102,"height":8}},{"id":"608d743b-b786-4666-b687-d25515f2e7cd","block_type":"box","text":"The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the C","page_number":8,"box":{"x":95,"y":253,"width":759,"height":10}},{"id":"1d91a7e8-6f55-48af-bdc0-ee6e07609b11","block_type":"box","text":"ompany","page_number":8,"box":{"x":855,"y":255,"width":49,"height":8}},{"id":"7fdd41d5-b3d6-439b-9e70-1c92fc30ce18","block_type":"box","text":"in accordance with the Regulations.","page_number":8,"box":{"x":96,"y":268,"width":214,"height":11}},{"id":"4633a50a-9528-4d20-a402-1c894701a073","block_type":"box","text":"The Depositary must ensure that:","page_number":8,"box":{"x":95,"y":290,"width":202,"height":11}},{"id":"ed4565a4-c291-4b01-9cb9-b49fdabd98ce","block_type":"box","text":"n","page_number":8,"box":{"x":95,"y":314,"width":10,"height":7}},{"id":"60344035-7551-4d8e-b755-06bed41fdd1a","block_type":"box","text":"the Company’s cash flows are properly monitored and that cash of the Company is booked into the cash accounts in accordance","page_number":8,"box":{"x":119,"y":312,"width":785,"height":11}},{"id":"97c8d88c-0c05-4e27-a6e0-83412bb9c059","block_type":"box","text":"with the Regulations;","page_number":8,"box":{"x":119,"y":328,"width":127,"height":11}},{"id":"9e1a8616-bbc9-47f8-8000-eebcd4413b6a","block_type":"box","text":"n","page_number":8,"box":{"x":95,"y":352,"width":10,"height":6}},{"id":"99ba6f76-8fcd-4a3a-b8d6-961a63e44894","block_type":"box","text":"the sale, issue, redemption and cancellation of shares are carried out in accordance with the Regulations;","page_number":8,"box":{"x":119,"y":350,"width":641,"height":11}},{"id":"c4c32aab-1e77-4a96-a8e2-60855e52ceb5","block_type":"box","text":"n","page_number":8,"box":{"x":95,"y":374,"width":10,"height":6}},{"id":"60ffd90e-3923-423d-a9fc-047681651414","block_type":"box","text":"the value of shares in the Company is calculated in accordance with the Regulations;","page_number":8,"box":{"x":119,"y":372,"width":512,"height":11}},{"id":"a421d49a-4364-4359-8b30-5b4386091c70","block_type":"box","text":"n","page_number":8,"box":{"x":95,"y":396,"width":10,"height":7}},{"id":"da3caf6d-dd96-417b-a0c9-4c198548ed6b","block_type":"box","text":"any consideration relating to transactions in the Company’s assets is remitted to the Company within the usual time limits;","page_number":8,"box":{"x":119,"y":394,"width":744,"height":11}},{"id":"afbfff08-cf6f-403a-b1f4-41efb9063bf5","block_type":"box","text":"n","page_number":8,"box":{"x":95,"y":418,"width":10,"height":7}},{"id":"8d2bf4bc-0737-4a8b-9f17-cdc564a93715","block_type":"box","text":"the Company’s income is applied in accordance with the Regulations; and","page_number":8,"box":{"x":119,"y":417,"width":446,"height":10}},{"id":"4275c17e-0fc5-4336-b466-d1758bf5f7dd","block_type":"box","text":"n","page_number":8,"box":{"x":95,"y":440,"width":10,"height":7}},{"id":"ff214576-68bc-4abb-a150-0ee32cfe9904","block_type":"box","text":"the instructions of the Authorised Corporate Director (‘ACD’) are carried out (unless they conflict with the Regulations).","page_number":8,"box":{"x":119,"y":439,"width":720,"height":10}},{"id":"f6674f29-4524-4a4e-81b8-64b7fcc589d4","block_type":"box","text":"The Depositary also has a duty to take reasonable care to ensure that the Company is managed in accordance with the Regulations","page_number":8,"box":{"x":95,"y":461,"width":809,"height":11}},{"id":"eea9e424-6037-4262-a7a4-2877b0c14360","block_type":"box","text":"and the Scheme documents in relation to the investment and borrowing powers applicable to the Company.","page_number":8,"box":{"x":95,"y":476,"width":659,"height":11}},{"id":"4ec33ec7-8595-4991-ba09-d87c553f27bd","block_type":"box","text":"Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Company, it","page_number":8,"box":{"x":96,"y":499,"width":771,"height":10}},{"id":"79e73b52-249b-4415-a6df-5aeefa2f08d9","block_type":"box","text":"is our","page_number":8,"box":{"x":871,"y":499,"width":33,"height":8}},{"id":"8a2dce59-2331-42ec-9ca2-c0e78c3e7373","block_type":"box","text":"opinion, based on the information available to us and the explanations provided, that in all material respects the Company, act","page_number":8,"box":{"x":95,"y":514,"width":790,"height":11}},{"id":"9db39282-dd10-425f-841c-f9891ba66737","block_type":"box","text":"ing","page_number":8,"box":{"x":887,"y":514,"width":17,"height":11}},{"id":"20bd3682-58b9-4873-a06c-8b18e3ba1bd3","block_type":"box","text":"through the ACD:","page_number":8,"box":{"x":95,"y":529,"width":104,"height":11}},{"id":"c3c80117-fa63-4f04-a87a-7433de54b01c","block_type":"box","text":"(i)","page_number":8,"box":{"x":95,"y":552,"width":11,"height":9}},{"id":"2710f949-6336-4855-83fe-f83cdc4cacd4","block_type":"box","text":"has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares and applicat","page_number":8,"box":{"x":120,"y":552,"width":765,"height":10}},{"id":"380b06f8-1226-4149-8ec9-bd8cf1c73710","block_type":"box","text":"ion","page_number":8,"box":{"x":886,"y":552,"width":17,"height":8}},{"id":"8430c869-8d9d-4be1-8e05-0e1b446abc1c","block_type":"box","text":"of the Company’s income in accordance with the Regulations and the Scheme documents of the Company, and","page_number":8,"box":{"x":119,"y":567,"width":674,"height":11}},{"id":"ca20829b-c187-40aa-826b-ebe185845dea","block_type":"box","text":"(ii)","page_number":8,"box":{"x":95,"y":590,"width":15,"height":9}},{"id":"d552e0d5-ce90-4b51-b2cb-b9a3e6ea78a6","block_type":"box","text":"has observed the Investment and borrowing powers and restrictions applicable to the Company.","page_number":8,"box":{"x":120,"y":589,"width":586,"height":11}},{"id":"b790ce21-7ca3-4da2-b541-49bffbac90e2","block_type":"box","text":"NatWest Trustee and Depositary Services Limited","page_number":8,"box":{"x":96,"y":634,"width":327,"height":10}},{"id":"9f92e2c3-8fae-47e9-b3ba-e31eb48f3633","block_type":"box","text":"18 August 2026","page_number":8,"box":{"x":96,"y":649,"width":92,"height":11}},{"id":"136e6482-8428-4cee-bfac-fd0662a016ca","block_type":"box","text":"MI Tatton Oak ICVC","page_number":8,"box":{"x":687,"y":38,"width":217,"height":13}},{"id":"2bdf5113-ce21-49ed-a578-500f3b98c31c","block_type":"box","text":"3","page_number":8,"box":{"x":972,"y":960,"width":8,"height":9}},{"id":"2900544f-1a33-436e-9db6-6e8015dded78","block_type":"box","text":"Independent Auditor’s Report to the Shareholders of MI Tatton Oak ICVC","page_number":9,"box":{"x":97,"y":85,"width":807,"height":17}},{"id":"5f43e03c-079e-40f8-b943-b3ccc2889cfb","block_type":"box","text":"(formerly VT Tatton Oak ICVC)","page_number":9,"box":{"x":96,"y":104,"width":308,"height":17}},{"id":"1d927806-18a0-4266-843e-d1f65f8c88c4","block_type":"box","text":"Opinion","page_number":9,"box":{"x":96,"y":140,"width":51,"height":11}},{"id":"ba9bc991-3da7-4011-8570-4ea4bb94a5f9","block_type":"box","text":"We have audited the financial statements of MI Tatton Oak ICVC (formerly VT Tatton ICVC, the ‘Company’) for the year ended 30 A","page_number":9,"box":{"x":95,"y":155,"width":789,"height":11}},{"id":"d05226e8-e1f0-4e45-bb35-22c116745615","block_type":"box","text":"pril","page_number":9,"box":{"x":885,"y":155,"width":18,"height":11}},{"id":"a1306ff1-136a-4170-abbf-64b28b1d679e","block_type":"box","text":"2026. These financial statements comprise together the statement of accounting policies, and the individual financial statement","page_number":9,"box":{"x":95,"y":171,"width":787,"height":10}},{"id":"315082da-cded-4362-a9c6-a4af75b0441d","block_type":"box","text":"s of","page_number":9,"box":{"x":882,"y":171,"width":23,"height":8}},{"id":"6e654b2a-72dd-41b7-a7f5-e7af71fe4282","block_type":"box","text":"each of the following Sub-funds (the ‘Sub-funds’) of the Company:","page_number":9,"box":{"x":95,"y":186,"width":400,"height":11}},{"id":"808d68ed-89d0-426b-b9c8-b43ebde82485","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":210,"width":10,"height":6}},{"id":"1a137160-9713-4ca6-83c3-1b101c9dc28d","block_type":"box","text":"MI Active Portfolio Overlay Fund (formerly VT Active Portfolio Overlay Fund)","page_number":9,"box":{"x":120,"y":208,"width":457,"height":11}},{"id":"5368dc30-f26e-4075-ba5b-afeb665e8ee0","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":225,"width":10,"height":7}},{"id":"38f8a26f-98fb-413b-8550-9a99adf255f3","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund (formerly VT Aggressive Portfolio Overlay Fund)","page_number":9,"box":{"x":120,"y":224,"width":513,"height":10}},{"id":"090cb819-a3fb-4406-9841-5eb6457b026e","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":241,"width":10,"height":6}},{"id":"0fddce28-e8c4-4616-8fc1-6d2c86d49b24","block_type":"box","text":"MI Balanced Portfolio Overlay Fund (formerly VT Balanced Portfolio Overlay Fund)","page_number":9,"box":{"x":120,"y":239,"width":497,"height":11}},{"id":"2a0b97a5-79c7-474f-8a08-9fff566be827","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":256,"width":10,"height":7}},{"id":"1d2b7a48-75f4-44c2-b171-452f090a8835","block_type":"box","text":"MI Cautious Portfolio Overlay Fund (formerly VT Cautious Portfolio Overlay Fund)","page_number":9,"box":{"x":120,"y":255,"width":491,"height":10}},{"id":"60737237-3c63-4646-aa67-60bcbd792759","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":272,"width":10,"height":6}},{"id":"d206e8d8-e0ee-4563-96b1-d89594c3aba0","block_type":"box","text":"MI Defensive Portfolio Overlay Fund (formerly VT Defensive Portfolio Overlay Fund)","page_number":9,"box":{"x":120,"y":270,"width":504,"height":11}},{"id":"30d8b635-c96f-4f41-a59f-a3055abfdd68","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":287,"width":10,"height":7}},{"id":"01cd777d-b178-4c7c-8f15-8cd19fc3a95e","block_type":"box","text":"MI Tatton Blended Active Fund (formerly VT Tatton Blended Active Fund)","page_number":9,"box":{"x":120,"y":285,"width":439,"height":11}},{"id":"c9b7e439-783d-489c-b0a9-dcefc0b4d1a7","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":303,"width":10,"height":6}},{"id":"2d8395ef-7e83-4eaa-b6c6-4621a787dd66","block_type":"box","text":"MI Tatton Blended Balanced Fund (formerly VT Tatton Blended Balanced Fund)","page_number":9,"box":{"x":120,"y":301,"width":479,"height":11}},{"id":"e6cc61a0-f286-443d-8e02-1e2439ae1683","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":318,"width":10,"height":7}},{"id":"4ec43ed4-0234-4bd4-9529-04ff063a9f4e","block_type":"box","text":"MI Tatton Blended Cautious Fund (formerly VT Tatton Blended Cautious Fund)","page_number":9,"box":{"x":120,"y":316,"width":473,"height":11}},{"id":"39c89299-6f71-44f9-8193-c208e9ad1484","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":333,"width":10,"height":7}},{"id":"404e6a08-ab01-4b09-b354-cf6cd9720547","block_type":"box","text":"MI Tatton Blended Aggressive Fund (formerly VT Tatton Blended Aggressive Fund)","page_number":9,"box":{"x":120,"y":332,"width":495,"height":11}},{"id":"32811afd-2753-4bc6-8468-3504d1fa049d","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":349,"width":10,"height":6}},{"id":"ad75431d-1d54-4dad-85d9-2104f486194d","block_type":"box","text":"MI Tatton Oak Capital Growth Fund (formerly VT Tatton Oak Capital Growth Fund)","page_number":9,"box":{"x":120,"y":347,"width":496,"height":11}},{"id":"74f14568-55db-49a9-a7e1-9936c69ece7f","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":364,"width":10,"height":7}},{"id":"bc79156a-744e-4133-949c-feb7e8589fc9","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund (formerly VT Tatton Oak Cautious Growth Fund)","page_number":9,"box":{"x":120,"y":363,"width":518,"height":10}},{"id":"4d475e93-2d8e-4f2f-b6de-bd64a21e2417","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":380,"width":10,"height":6}},{"id":"42dee2ed-327c-431a-83b2-cdcd62dd47d8","block_type":"box","text":"MI Tatton Blended Defensive Fund (formerly VT Tatton Blended Defensive Fund)","page_number":9,"box":{"x":120,"y":378,"width":486,"height":11}},{"id":"841fb2d5-72ff-4566-8d24-ef938cf6b294","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":395,"width":10,"height":7}},{"id":"54b8043e-65a6-4925-b5b3-f2a66b514dfc","block_type":"box","text":"MI Tatton Passive Balanced Fund (formerly VT Tatton Passive Balanced Fund)","page_number":9,"box":{"x":120,"y":394,"width":467,"height":10}},{"id":"3f000ebe-67ec-42ae-8784-0258b657a9d1","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":411,"width":10,"height":6}},{"id":"6d326c3f-9010-410d-b132-dcf23b69ffb0","block_type":"box","text":"MI Tatton Passive Cautious Fund (formerly VT Tatton Passive Cautious Fund)","page_number":9,"box":{"x":120,"y":409,"width":461,"height":11}},{"id":"95daf65a-1b03-454f-8a34-95f219437c56","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":426,"width":10,"height":7}},{"id":"457d7c3e-481e-4adc-9ea8-6a22fe0c6514","block_type":"box","text":"MI Tatton Passive Growth Fund (formerly VT Tatton Passive Growth Fund)","page_number":9,"box":{"x":120,"y":424,"width":446,"height":11}},{"id":"b4104f43-2231-4fc1-a056-1005e1c9107c","block_type":"box","text":"The individual financial statements for each of the Company’s Sub-funds comprise the Statement of Total Return, the Statement o","page_number":9,"box":{"x":95,"y":447,"width":804,"height":10}},{"id":"b9d33730-0aa6-4111-820c-e8cf1dd5e214","block_type":"box","text":"f","page_number":9,"box":{"x":900,"y":447,"width":5,"height":8}},{"id":"8f3a864c-1555-45c3-909b-d1966a6a9e4c","block_type":"box","text":"change in Net Assets Attributable to Shareholders, Balance Sheet, Notes to the Financial Statements and the Distribution Tables","page_number":9,"box":{"x":95,"y":462,"width":769,"height":11}},{"id":"d3b00221-6823-4bd6-8792-d0ea5e118b80","block_type":"box","text":".","page_number":9,"box":{"x":866,"y":469,"width":2,"height":1}},{"id":"e928d395-2046-4068-9ec0-f7917c52a5ba","block_type":"box","text":"The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting St","page_number":9,"box":{"x":95,"y":484,"width":757,"height":11}},{"id":"e4a8bdd6-164c-4f9e-92e1-272aa8729479","block_type":"box","text":"andards,","page_number":9,"box":{"x":852,"y":484,"width":51,"height":10}},{"id":"c99f862e-d1b1-4229-b281-05039d4f8fac","block_type":"box","text":"including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (Uni","page_number":9,"box":{"x":96,"y":500,"width":787,"height":10}},{"id":"f05eeadd-324c-454b-91e3-ba8aae941b33","block_type":"box","text":"ted","page_number":9,"box":{"x":884,"y":500,"width":19,"height":8}},{"id":"aae05dfe-f081-40e2-8daf-66cdbe65c241","block_type":"box","text":"Kingdom Generally Accepted Accounting Practice) and the Statement of Recommended Practice (‘SORP’) for Financial Statements of","page_number":9,"box":{"x":96,"y":515,"width":789,"height":11}},{"id":"c8117bca-c10b-4a86-a037-c298687bd9a6","block_type":"box","text":"UK","page_number":9,"box":{"x":888,"y":516,"width":16,"height":7}},{"id":"03d78d6c-61a0-4828-b312-86f6ab597e34","block_type":"box","text":"Authorised Funds issued by the Investment Association in May 2014 as amended in June 2017, the rules of the Collective Investme","page_number":9,"box":{"x":95,"y":531,"width":796,"height":10}},{"id":"7ec1232e-013c-49ee-8442-75e9a6343fd6","block_type":"box","text":"nt","page_number":9,"box":{"x":893,"y":532,"width":11,"height":7}},{"id":"45151b48-469d-4d7b-a1ba-9c53550073c8","block_type":"box","text":"Schemes Sourcebook and the Company’s Instrument of Incorporation.","page_number":9,"box":{"x":95,"y":546,"width":424,"height":11}},{"id":"7e6d822d-ad8a-444a-8d12-418092824bdf","block_type":"box","text":"In our opinion, the financial statements:","page_number":9,"box":{"x":96,"y":568,"width":240,"height":11}},{"id":"8a4ccff9-a145-4464-a683-97ceb047da90","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":592,"width":10,"height":7}},{"id":"b1f036b9-c3ef-4de2-aad8-e7ede6f3118e","block_type":"box","text":"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","page_number":9,"box":{"x":119,"y":590,"width":733,"height":11}},{"id":"994ab6c0-02f7-4118-ab96-5085c3c2a57b","block_type":"box","text":"revenue","page_number":9,"box":{"x":856,"y":593,"width":48,"height":6}},{"id":"253637cb-9b0c-4ecd-9d9c-f4af3da07bb1","block_type":"box","text":"and net capital gains/(losses) on the scheme property of the Company and each of the Sub-funds for the year then ended, and","page_number":9,"box":{"x":119,"y":606,"width":761,"height":11}},{"id":"9c922b3e-5e56-480f-9b58-4a6e079258d6","block_type":"box","text":"n","page_number":9,"box":{"x":95,"y":630,"width":10,"height":6}},{"id":"d7d1ba9c-1c1e-463f-8071-1ff06449874b","block_type":"box","text":"have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, the Statement of","page_number":9,"box":{"x":120,"y":628,"width":785,"height":11}},{"id":"15fc657d-1ff9-4b5c-932f-85261e5a9f75","block_type":"box","text":"Recommended Practice for Financial Statements of UK Authorised Funds issued by the Investment Association in May 2014 as","page_number":9,"box":{"x":120,"y":643,"width":784,"height":11}},{"id":"f4c54f46-7763-4c95-9f58-570810ce5d98","block_type":"box","text":"amended in June 2017, the rules of the Collective Investment Schemes Sourcebook, and the Company’s Instrument of Incorporation.","page_number":9,"box":{"x":119,"y":659,"width":784,"height":11}},{"id":"e21e34d0-64db-45ce-a86a-8b02385bd391","block_type":"box","text":"Basis for opinion","page_number":9,"box":{"x":96,"y":681,"width":110,"height":11}},{"id":"8a68fd86-5be3-41ab-afc8-ad634dade53b","block_type":"box","text":"We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsi","page_number":9,"box":{"x":95,"y":697,"width":769,"height":10}},{"id":"abae6462-be04-46e6-bd3d-157d05c335c0","block_type":"box","text":"bilities","page_number":9,"box":{"x":866,"y":697,"width":38,"height":8}},{"id":"de71a78a-6df7-45ac-b04b-4e8f37cd2054","block_type":"box","text":"under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ secti","page_number":9,"box":{"x":96,"y":712,"width":750,"height":11}},{"id":"51cc24bc-b0ac-4d0e-a3fe-50eb91cc7c69","block_type":"box","text":"on of our","page_number":9,"box":{"x":848,"y":712,"width":56,"height":8}},{"id":"ea7a2a95-9c86-4940-9658-9fcfadc3c9d8","block_type":"box","text":"report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the fin","page_number":9,"box":{"x":96,"y":727,"width":772,"height":11}},{"id":"9ca22776-b1de-4687-ae25-b16013f2d99c","block_type":"box","text":"ancial","page_number":9,"box":{"x":869,"y":727,"width":34,"height":9}},{"id":"79b6c395-62b8-40ab-813e-19706905d743","block_type":"box","text":"statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accorda","page_number":9,"box":{"x":95,"y":743,"width":757,"height":11}},{"id":"b02acb7f-25c1-4801-8796-080f0c05195b","block_type":"box","text":"nce with","page_number":9,"box":{"x":854,"y":743,"width":49,"height":8}},{"id":"882f2f1a-e0fb-44c6-8d4c-986e65cea331","block_type":"box","text":"these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ou","page_number":9,"box":{"x":95,"y":758,"width":751,"height":11}},{"id":"99a7921f-d304-44f6-92b7-0d177faaa00e","block_type":"box","text":"r opinion.","page_number":9,"box":{"x":848,"y":759,"width":55,"height":10}},{"id":"82272383-72c4-465b-a512-c6b8f8fe0c64","block_type":"box","text":"Conclusions relating to going concern","page_number":9,"box":{"x":96,"y":780,"width":248,"height":11}},{"id":"e26183f3-63bb-4c87-9053-427894067319","block_type":"box","text":"We are responsible for concluding on the appropriateness of the Authorised Corporate Director’s use of the going concern basis","page_number":9,"box":{"x":95,"y":796,"width":792,"height":11}},{"id":"ee6ce2b0-e11c-402c-8dd9-be50c0e3f3e1","block_type":"box","text":"of","page_number":9,"box":{"x":893,"y":796,"width":12,"height":8}},{"id":"8a08c83f-1fdd-4cae-92de-7e0740519415","block_type":"box","text":"accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions tha","page_number":9,"box":{"x":95,"y":811,"width":775,"height":11}},{"id":"8bbb926b-5a28-44bd-9482-92166bb08ce2","block_type":"box","text":"t may","page_number":9,"box":{"x":871,"y":812,"width":33,"height":10}},{"id":"dd6e0b44-5e72-4406-9900-0aadcf5eeaba","block_type":"box","text":"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","page_number":9,"box":{"x":96,"y":827,"width":796,"height":10}},{"id":"6420cff8-33fc-416c-8ea1-ca3a630cf6f3","block_type":"box","text":"a","page_number":9,"box":{"x":898,"y":829,"width":5,"height":6}},{"id":"df5d7116-b60f-403e-a406-42dd79e4d4ec","block_type":"box","text":"material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statem","page_number":9,"box":{"x":96,"y":842,"width":760,"height":11}},{"id":"2d7371f5-b4e2-4698-8ff3-4c1581a2de55","block_type":"box","text":"ents or,","page_number":9,"box":{"x":858,"y":843,"width":45,"height":9}},{"id":"c61321b6-e788-43b0-9cf8-cd7ea0bdd6c9","block_type":"box","text":"if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained u","page_number":9,"box":{"x":96,"y":858,"width":783,"height":10}},{"id":"3dda2375-1ce8-42b9-9f5b-7a095e06158c","block_type":"box","text":"p to","page_number":9,"box":{"x":881,"y":859,"width":23,"height":9}},{"id":"5b21e570-c07c-4108-9e2a-bbfd3224cdd6","block_type":"box","text":"the date of our report. However, future events or conditions may cause the Company and each of the Sub-funds to cease to contin","page_number":9,"box":{"x":95,"y":873,"width":793,"height":11}},{"id":"6a2e56ea-3a79-491d-b02e-67ed06ad0d8e","block_type":"box","text":"ue","page_number":9,"box":{"x":890,"y":875,"width":14,"height":6}},{"id":"6fcd3601-dc0d-4a8f-ab8f-7cb3d42f39eb","block_type":"box","text":"as a going concern.","page_number":9,"box":{"x":95,"y":889,"width":117,"height":10}},{"id":"46dababe-8518-4a58-9b86-c3be2b245bfc","block_type":"box","text":"MI Tatton Oak ICVC","page_number":9,"box":{"x":97,"y":38,"width":216,"height":13}},{"id":"49b893cf-b4b0-46e5-8a31-dd911f9f9d22","block_type":"box","text":"4","page_number":9,"box":{"x":19,"y":960,"width":9,"height":8}},{"id":"a9767b5d-ba6f-4667-b6b6-f32c3c22643f","block_type":"box","text":"Independent Auditor’s Report to the Shareholders of MI Tatton Oak ICVC","page_number":10,"box":{"x":97,"y":85,"width":807,"height":17}},{"id":"b417bdd6-edca-497c-9503-0e73f8c52c7d","block_type":"box","text":"(formerly VT Tatton Oak ICVC) (continued)","page_number":10,"box":{"x":96,"y":104,"width":434,"height":17}},{"id":"1daae00e-bdea-465f-b796-d008bf5be844","block_type":"box","text":"In our evaluation of the Authorised Corporate Director’s conclusions, we considered the inherent risks associated with the Comp","page_number":10,"box":{"x":96,"y":140,"width":777,"height":11}},{"id":"b3045fe2-95a5-427f-970d-8638cf008a19","block_type":"box","text":"any’s","page_number":10,"box":{"x":874,"y":140,"width":30,"height":11}},{"id":"7b5c1d28-fb69-451d-9876-d050343d4b0e","block_type":"box","text":"and each of the Sub-fund’s business model including effects arising from macro-economic uncertainties such as geopolitical unce","page_number":10,"box":{"x":95,"y":155,"width":769,"height":11}},{"id":"2d014105-4b64-4fcf-b683-4fb6f866288b","block_type":"box","text":"rtainty","page_number":10,"box":{"x":866,"y":156,"width":38,"height":10}},{"id":"d265c671-2bb9-4210-bd10-0204e900cda2","block_type":"box","text":"and cost of living crisis, we assessed and challenged the reasonableness of estimates made by the Authorised Corporate Director","page_number":10,"box":{"x":95,"y":171,"width":782,"height":10}},{"id":"e02aa952-ffbf-447a-afb7-79f1c72c78ba","block_type":"box","text":"and","page_number":10,"box":{"x":881,"y":171,"width":22,"height":8}},{"id":"92afbf1e-9d48-4ca4-b8dd-e22f738dc1e1","block_type":"box","text":"the related disclosures and analysed how those risks might affect the Company’s and each of the Sub-fund’s financial resources","page_number":10,"box":{"x":95,"y":186,"width":791,"height":11}},{"id":"b4a50be5-bcb8-4229-88bd-629483739849","block_type":"box","text":"or","page_number":10,"box":{"x":892,"y":188,"width":12,"height":6}},{"id":"a83efe5a-1f42-40e1-b165-d2e776d09e60","block_type":"box","text":"ability to continue operations over the going concern period.","page_number":10,"box":{"x":95,"y":202,"width":369,"height":10}},{"id":"a8f34c10-0e6d-4590-806f-b4f9f120131c","block_type":"box","text":"Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,","page_number":10,"box":{"x":96,"y":224,"width":807,"height":10}},{"id":"de0817b6-37ad-4823-a238-9b84b6176a71","block_type":"box","text":"individually or collectively, may cast significant doubt on the Company’s and each of the Sub-fund’s ability to continue as a g","page_number":10,"box":{"x":96,"y":239,"width":731,"height":11}},{"id":"f10c6490-d429-4a7d-b700-6fa928cf9587","block_type":"box","text":"oing concern","page_number":10,"box":{"x":828,"y":239,"width":75,"height":11}},{"id":"467a5425-18d8-4dcd-bb0c-15cb49ed4016","block_type":"box","text":"for a period of at least twelve months from when the financial statements are authorised for issue.","page_number":10,"box":{"x":95,"y":255,"width":600,"height":10}},{"id":"3771f97d-621b-4514-bea8-b25525d063ef","block_type":"box","text":"In auditing the financial statements, we have concluded that the Authorised Corporate Director’s use of the going concern basis","page_number":10,"box":{"x":96,"y":277,"width":791,"height":11}},{"id":"76ac360c-b209-4058-88bc-9898c25b542a","block_type":"box","text":"of","page_number":10,"box":{"x":893,"y":277,"width":12,"height":8}},{"id":"35b48c56-f5bf-4ab4-93e6-511f642b55df","block_type":"box","text":"accounting in the preparation of the financial statements is appropriate.","page_number":10,"box":{"x":95,"y":292,"width":439,"height":11}},{"id":"0b52904f-bf57-435c-bfef-5839754c4aad","block_type":"box","text":"The responsibilities of the Authorised Corporate Director with respect to going concern are described in the ‘Responsibilities","page_number":10,"box":{"x":95,"y":314,"width":768,"height":11}},{"id":"42cb83e8-8e4d-4404-87e5-a255d407c6b2","block_type":"box","text":"of the","page_number":10,"box":{"x":869,"y":314,"width":35,"height":9}},{"id":"c5a5286c-27b6-4b5d-8660-38fc7097e664","block_type":"box","text":"Authorised Corporate Director for the financial statements’ section of this report.","page_number":10,"box":{"x":95,"y":330,"width":492,"height":11}},{"id":"8f631bc6-b644-4503-82c3-b8b705acfca1","block_type":"box","text":"Other information","page_number":10,"box":{"x":96,"y":352,"width":121,"height":8}},{"id":"7161d507-7f73-4f33-beaf-1fb72c140295","block_type":"box","text":"The other information comprises the information included in the annual report, other than the financial statements and our audi","page_number":10,"box":{"x":95,"y":367,"width":781,"height":11}},{"id":"8b968c7a-90a5-4f67-b5a8-dc9f6306516f","block_type":"box","text":"tor’s","page_number":10,"box":{"x":878,"y":367,"width":26,"height":8}},{"id":"f676fe16-cf6d-4f56-b6d8-d306cef6a06d","block_type":"box","text":"report thereon. The Authorised Corporate Director is responsible for the other information contained within the annual report.","page_number":10,"box":{"x":96,"y":382,"width":780,"height":10}},{"id":"dbffdcee-2397-4a45-8736-ec7509a427ca","block_type":"box","text":"Our","page_number":10,"box":{"x":882,"y":382,"width":22,"height":8}},{"id":"842971f3-0c84-4a2c-a7cf-a681f5c5ef1e","block_type":"box","text":"opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated","page_number":10,"box":{"x":95,"y":397,"width":768,"height":10}},{"id":"2245fb03-df1f-4204-846d-5e5042865b53","block_type":"box","text":"in our","page_number":10,"box":{"x":869,"y":397,"width":35,"height":8}},{"id":"659ee9a3-dd36-45a5-8825-2edb61b1877c","block_type":"box","text":"report, we do not express any form of assurance conclusion thereon.","page_number":10,"box":{"x":96,"y":411,"width":419,"height":11}},{"id":"d6c8b9d0-b6b7-4e65-9e5d-f214d8fd0417","block_type":"box","text":"Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inco","page_number":10,"box":{"x":96,"y":433,"width":759,"height":11}},{"id":"56e1bb71-6db6-4ba3-beb6-a3d324018df2","block_type":"box","text":"nsistent","page_number":10,"box":{"x":857,"y":433,"width":47,"height":8}},{"id":"4e5c3290-cad1-44fa-8f25-5c48fd8977bd","block_type":"box","text":"with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we ide","page_number":10,"box":{"x":95,"y":448,"width":781,"height":11}},{"id":"6e5a93cb-201e-4be4-a7ad-64b0f3cc59e5","block_type":"box","text":"ntify","page_number":10,"box":{"x":878,"y":448,"width":26,"height":11}},{"id":"cb770a45-d74b-41bb-8657-a4592a3adaa4","block_type":"box","text":"such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material","page_number":10,"box":{"x":95,"y":463,"width":808,"height":10}},{"id":"7d6242c4-a0ff-45eb-9bd7-8ae0b1757b56","block_type":"box","text":"misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have per","page_number":10,"box":{"x":96,"y":478,"width":760,"height":10}},{"id":"cc755e2e-ce2c-49a8-840f-05ebf3646da0","block_type":"box","text":"formed,","page_number":10,"box":{"x":856,"y":478,"width":47,"height":9}},{"id":"2b0ce906-bd5a-4ea9-bf73-223408dadf91","block_type":"box","text":"we conclude that there is a material misstatement of this other information, we are required to report that fact.","page_number":10,"box":{"x":95,"y":492,"width":678,"height":11}},{"id":"cd5fe1df-e2f0-412b-b540-a05567c8df0e","block_type":"box","text":"We have nothing to report in this regard.","page_number":10,"box":{"x":95,"y":514,"width":248,"height":11}},{"id":"3fa505ce-0483-4ffb-90a1-c7a3de2a6e64","block_type":"box","text":"Opinion on other matters prescribed by the Collective Investment Schemes Sourcebook","page_number":10,"box":{"x":96,"y":536,"width":582,"height":11}},{"id":"aad74b8e-12f5-4ec4-a52b-972da0bb27f5","block_type":"box","text":"In our opinion:","page_number":10,"box":{"x":96,"y":551,"width":88,"height":11}},{"id":"38e422ba-07be-4c2f-b6f4-aa7da38a8228","block_type":"box","text":"n","page_number":10,"box":{"x":95,"y":575,"width":10,"height":6}},{"id":"22414d34-6b6d-4af4-97d8-6aa3579d8465","block_type":"box","text":"we have been given all the information and explanations, which, to the best of our knowledge and belief, are necessary for the","page_number":10,"box":{"x":119,"y":573,"width":785,"height":11}},{"id":"aac11c0b-d7d3-4431-b197-c84213928959","block_type":"box","text":"purposes of our audit, and","page_number":10,"box":{"x":120,"y":589,"width":160,"height":10}},{"id":"f26028ab-0de7-4f11-baad-b9e1513b887a","block_type":"box","text":"n","page_number":10,"box":{"x":95,"y":612,"width":10,"height":7}},{"id":"6c31973c-f3da-47d0-b28a-9be512cae7d9","block_type":"box","text":"the information given in the Authorised Corporate Director’s Report (which comprises; on page 255, Information for Investors,","page_number":10,"box":{"x":119,"y":611,"width":784,"height":11}},{"id":"0b714b88-7ec7-4c2e-b048-f240bc94a45f","block_type":"box","text":"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,","page_number":10,"box":{"x":120,"y":626,"width":783,"height":11}},{"id":"c6ddcabd-12cf-4265-b1e2-7271cbd0db0a","block_type":"box","text":"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","page_number":10,"box":{"x":120,"y":642,"width":784,"height":10}},{"id":"bb3cbea3-50a3-4491-88b1-ccf45711fe3c","block_type":"box","text":"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,","page_number":10,"box":{"x":120,"y":657,"width":784,"height":10}},{"id":"0c3be771-50fd-4c65-831b-7e5b7999e0e9","block_type":"box","text":"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","page_number":10,"box":{"x":119,"y":673,"width":753,"height":10}},{"id":"e2af98c6-76f1-4537-a50b-bbf3103a3f6e","block_type":"box","text":"ment","page_number":10,"box":{"x":873,"y":674,"width":31,"height":7}},{"id":"da304200-e9b7-4eaf-9a9d-059561cc9561","block_type":"box","text":"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","page_number":10,"box":{"x":119,"y":688,"width":785,"height":11}},{"id":"4e4b5d19-385e-423b-b9b3-e3df08047679","block_type":"box","text":"pages 18, 34, 50, 66, 82, 98, 114, 130, 146, 163, 180, 197, 213, 229 and 245) is consistent with the financial statements.","page_number":10,"box":{"x":120,"y":703,"width":719,"height":11}},{"id":"6c39c0ee-ed68-4450-9371-328a41faf222","block_type":"box","text":"Matters on which we are required to report by exception","page_number":10,"box":{"x":96,"y":726,"width":376,"height":10}},{"id":"0b613759-eab4-4902-b66a-fa8e3ff03ccc","block_type":"box","text":"We have nothing to report in respect of the following matters where the Collective Investment Schemes Sourcebook requires us to","page_number":10,"box":{"x":95,"y":740,"width":809,"height":11}},{"id":"2f111c2e-b2a1-4bad-8be7-4af68100d3cc","block_type":"box","text":"report to you if, in our opinion:","page_number":10,"box":{"x":96,"y":755,"width":186,"height":11}},{"id":"8373a0e3-1474-4d0a-bc12-ea94ddfb1d21","block_type":"box","text":"n","page_number":10,"box":{"x":95,"y":779,"width":10,"height":7}},{"id":"43c4fc3f-fed6-4a56-a97d-1605dd135eb0","block_type":"box","text":"proper accounting records for the Company or a Sub-fund have not been kept, or","page_number":10,"box":{"x":120,"y":777,"width":495,"height":11}},{"id":"14532dfa-2c07-4fab-b152-a8e57b2e836d","block_type":"box","text":"n","page_number":10,"box":{"x":95,"y":801,"width":10,"height":7}},{"id":"7d004c2d-10db-441e-a3a7-9e7a2cc43aee","block_type":"box","text":"the financial statements are not in agreement with those accounting records.","page_number":10,"box":{"x":119,"y":800,"width":468,"height":10}},{"id":"e1c8b147-cdb9-4c04-ab96-f1c45211bf3e","block_type":"box","text":"Responsibilities of the Authorised Fund Manager","page_number":10,"box":{"x":96,"y":822,"width":323,"height":11}},{"id":"b92cccbe-df3a-47bf-b397-07553b054109","block_type":"box","text":"As explained more fully in the Statement of the Authorised Corporate Director’s Responsibilities, as set out on page 2, the Aut","page_number":10,"box":{"x":95,"y":837,"width":763,"height":11}},{"id":"4db6a21f-cea9-4871-ae59-0e7904d9a582","block_type":"box","text":"horised","page_number":10,"box":{"x":859,"y":837,"width":44,"height":9}},{"id":"3a6bd7de-a9bf-48d5-a7ca-5f19c1560cd4","block_type":"box","text":"Corporate Director is responsible for the preparation of the financial statements and for being satisfied that they give a true","page_number":10,"box":{"x":96,"y":853,"width":756,"height":10}},{"id":"7a515824-b25b-46a7-9f45-2912802d5bde","block_type":"box","text":"and fair","page_number":10,"box":{"x":857,"y":853,"width":47,"height":8}},{"id":"7bf3bb7e-3701-464a-8486-1320939634f9","block_type":"box","text":"view, and for such internal control as the Authorised Corporate Director determines is necessary to enable the preparation of f","page_number":10,"box":{"x":95,"y":868,"width":762,"height":11}},{"id":"c412cc50-105a-41a6-b85d-ea2cb6ea7591","block_type":"box","text":"inancial","page_number":10,"box":{"x":858,"y":868,"width":45,"height":8}},{"id":"c6ec0618-ad6b-47c0-910b-098e7ab155bf","block_type":"box","text":"statements that are free from material misstatement, whether due to fraud or error.","page_number":10,"box":{"x":95,"y":884,"width":513,"height":9}},{"id":"237492d8-3014-4ebb-a2b8-81c26de22983","block_type":"box","text":"MI Tatton Oak ICVC","page_number":10,"box":{"x":687,"y":38,"width":217,"height":13}},{"id":"6534e711-72f5-46a2-9b0b-67ff875a4b3c","block_type":"box","text":"5","page_number":10,"box":{"x":972,"y":960,"width":8,"height":9}},{"id":"9202a16a-64a3-48a7-9c43-9be663180784","block_type":"box","text":"Independent Auditor’s Report to the Shareholders of MI Tatton Oak ICVC","page_number":11,"box":{"x":97,"y":85,"width":807,"height":17}},{"id":"0cbc85f3-a2cb-465e-a6d8-6c30856447b9","block_type":"box","text":"(formerly VT Tatton Oak ICVC) (continued)","page_number":11,"box":{"x":96,"y":104,"width":434,"height":17}},{"id":"bbd4cac7-3106-4aa7-a4ba-5995236c0d27","block_type":"box","text":"In preparing the financial statements, the Authorised Corporate Director is responsible for assessing the Company’s and each of","page_number":11,"box":{"x":96,"y":140,"width":785,"height":11}},{"id":"1d6d91d4-c913-40db-9a31-ea2cc0c64af7","block_type":"box","text":"the","page_number":11,"box":{"x":884,"y":140,"width":20,"height":8}},{"id":"ba088fd7-3943-4439-b9f0-b6bf0557646a","block_type":"box","text":"Sub-fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the go","page_number":11,"box":{"x":95,"y":155,"width":739,"height":11}},{"id":"0420395e-1bf0-4346-bf52-dc05b9dd6441","block_type":"box","text":"ing concern","page_number":11,"box":{"x":836,"y":156,"width":67,"height":10}},{"id":"8ee9a004-f76e-4c89-9ef4-ba4eab5fa4ee","block_type":"box","text":"basis of accounting unless the Authorised Corporate Director either intends to terminate a Sub-fund, wind up the Company or to","page_number":11,"box":{"x":96,"y":171,"width":770,"height":10}},{"id":"e4b066eb-b448-466e-bc4f-7222354a127b","block_type":"box","text":"cease","page_number":11,"box":{"x":871,"y":173,"width":33,"height":6}},{"id":"82b09391-fcc0-45f7-b41a-d15957b45f35","block_type":"box","text":"operations, or has no realistic alternative but to do so.","page_number":11,"box":{"x":95,"y":186,"width":329,"height":11}},{"id":"7c6836d8-a2f9-4cb7-9245-117aed583f05","block_type":"box","text":"Auditor’s responsibilities for the audit of the financial statements","page_number":11,"box":{"x":95,"y":208,"width":436,"height":11}},{"id":"eddd0b49-4e25-4df3-ae6e-4c96d2fae3d3","block_type":"box","text":"Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material","page_number":11,"box":{"x":96,"y":224,"width":807,"height":10}},{"id":"4248f85a-8f8f-4dde-81d0-d8d1ff6bf8cb","block_type":"box","text":"misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance i","page_number":11,"box":{"x":96,"y":239,"width":790,"height":11}},{"id":"11ebfd98-8457-4a99-805f-b4b14ab1359c","block_type":"box","text":"s a","page_number":11,"box":{"x":887,"y":242,"width":16,"height":5}},{"id":"03cc1d7e-7303-4145-b120-cbe82bf20b56","block_type":"box","text":"high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a mater","page_number":11,"box":{"x":96,"y":255,"width":793,"height":10}},{"id":"d71ef178-7887-4405-aea6-8f3a4029dc4f","block_type":"box","text":"ial","page_number":11,"box":{"x":891,"y":255,"width":12,"height":8}},{"id":"cad2b4a5-39ba-44c0-bd2b-30231c1a3bb1","block_type":"box","text":"misstatement when it exists.","page_number":11,"box":{"x":96,"y":270,"width":172,"height":8}},{"id":"03bd835c-46d7-483e-81d7-719aaf4efd4f","block_type":"box","text":"Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reason","page_number":11,"box":{"x":96,"y":292,"width":763,"height":11}},{"id":"35a3e11e-fd24-425f-9e1f-989fe25194bd","block_type":"box","text":"ably be","page_number":11,"box":{"x":861,"y":292,"width":43,"height":11}},{"id":"a8d47a0f-64ab-46e0-94c5-5bc40355837c","block_type":"box","text":"expected to influence the economic decisions of users taken on the basis of these financial statements.","page_number":11,"box":{"x":95,"y":308,"width":626,"height":10}},{"id":"9ca399d0-a190-4b82-9de7-fff9550d748f","block_type":"box","text":"Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud","page_number":11,"box":{"x":95,"y":329,"width":666,"height":11}},{"id":"fd82b00d-6470-4c4f-a6f3-64e15bf5becb","block_type":"box","text":"Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with o","page_number":11,"box":{"x":96,"y":345,"width":794,"height":10}},{"id":"9717b273-c001-40fa-8cbd-86ba6be5ac41","block_type":"box","text":"ur","page_number":11,"box":{"x":892,"y":347,"width":12,"height":6}},{"id":"d162e561-3e3e-46c5-af50-9d622ed34b6f","block_type":"box","text":"responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the","page_number":11,"box":{"x":96,"y":360,"width":751,"height":11}},{"id":"b03cbd18-e2af-4a4c-8750-3712dd49c552","block_type":"box","text":"inherent","page_number":11,"box":{"x":853,"y":360,"width":51,"height":8}},{"id":"e367b756-c1f7-4d72-98b1-8d68d3f2536d","block_type":"box","text":"limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detect","page_number":11,"box":{"x":96,"y":376,"width":757,"height":10}},{"id":"1e9fb573-7030-4bbd-bfdd-5be9a8e0125d","block_type":"box","text":"ed, even","page_number":11,"box":{"x":854,"y":376,"width":49,"height":9}},{"id":"ac142288-1e29-484d-bf86-21ba8f63d92d","block_type":"box","text":"though the audit is properly planned and performed in accordance with ISAs (UK).","page_number":11,"box":{"x":95,"y":391,"width":499,"height":11}},{"id":"f39ad594-1c6a-4268-b5e8-ec3ff3318124","block_type":"box","text":"The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:","page_number":11,"box":{"x":95,"y":413,"width":662,"height":11}},{"id":"b624fc97-0a22-4b4a-82b2-c3ca92ecb6ff","block_type":"box","text":"n","page_number":11,"box":{"x":95,"y":437,"width":10,"height":7}},{"id":"ae8755a0-045f-4745-916c-cb93261cc3e2","block_type":"box","text":"We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it","page_number":11,"box":{"x":119,"y":435,"width":785,"height":11}},{"id":"b066aea2-b56c-4e81-b710-e3e0f132bc6c","block_type":"box","text":"operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financ","page_number":11,"box":{"x":119,"y":451,"width":771,"height":11}},{"id":"c448b82e-19c4-4f04-833a-a2ea2c723e22","block_type":"box","text":"ial","page_number":11,"box":{"x":891,"y":451,"width":12,"height":8}},{"id":"fab8e899-f89b-490d-a15f-0820a324292e","block_type":"box","text":"statements from our sector experience and through discussion with management. We determined that the most significant laws","page_number":11,"box":{"x":119,"y":466,"width":785,"height":11}},{"id":"8d1c4a00-af1a-4e8b-89db-ed5995676e27","block_type":"box","text":"and regulations were United Kingdom Generally Accepted Accounting practice, the Collective Investment Schemes Sourcebook,","page_number":11,"box":{"x":119,"y":482,"width":784,"height":10}},{"id":"e67b0028-5561-47bc-a9e4-033fd23ad861","block_type":"box","text":"the Statement of Recommended Practice for Financial Statements of UK Authorised Funds issued by the Investment Association in","page_number":11,"box":{"x":119,"y":497,"width":784,"height":11}},{"id":"295f33f7-1bfd-4e52-bbb4-1e1a33be235c","block_type":"box","text":"May 2014 as amended in June 2017, United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard","page_number":11,"box":{"x":120,"y":513,"width":783,"height":10}},{"id":"6d95d788-4ea2-4038-8d3c-9950a48df4ce","block_type":"box","text":"applicable in the UK and Republic of Ireland’ and the Company’s Instrument of Incorporation;","page_number":11,"box":{"x":119,"y":528,"width":567,"height":11}},{"id":"2c965c2c-161f-4707-808f-86cc230934ad","block_type":"box","text":"n","page_number":11,"box":{"x":95,"y":552,"width":10,"height":6}},{"id":"17a065cc-79d3-412e-aecf-ca4df919b65e","block_type":"box","text":"We enquired of the Authorised Corporate Director and management to obtain an understanding of how the Company is complying","page_number":11,"box":{"x":119,"y":550,"width":785,"height":11}},{"id":"63ef4916-1130-48d6-bffa-a1902d6f5091","block_type":"box","text":"with those legal and regulatory frameworks and whether there were any instances of non-compliance with laws and regulations","page_number":11,"box":{"x":119,"y":566,"width":785,"height":10}},{"id":"92d0841c-9e0c-4ac6-83a4-f7a6ce983d18","block_type":"box","text":"and whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our","page_number":11,"box":{"x":119,"y":581,"width":785,"height":11}},{"id":"6022fc12-71ac-4376-8e28-1bb36c3092bd","block_type":"box","text":"review of the breaches register and the fund’s Prospectus;","page_number":11,"box":{"x":120,"y":597,"width":352,"height":10}},{"id":"ffc61b11-3369-4a89-9b15-78e039517f8e","block_type":"box","text":"n","page_number":11,"box":{"x":95,"y":620,"width":10,"height":7}},{"id":"4a8147ae-c336-4901-8ebb-e75938f66dca","block_type":"box","text":"In assessing the potential risks of material misstatement, we obtained an understanding of: the Company’s operations, including","page_number":11,"box":{"x":120,"y":619,"width":784,"height":10}},{"id":"888b737c-a06a-448b-a70b-c51dba62c108","block_type":"box","text":"the nature of its revenue sources, and of its objective to understand the classes of transactions, account balances, expected f","page_number":11,"box":{"x":119,"y":634,"width":739,"height":11}},{"id":"1207773d-cb0c-44ad-9ee7-25b8cc23c6f3","block_type":"box","text":"inancial","page_number":11,"box":{"x":859,"y":634,"width":44,"height":8}},{"id":"8843f548-00e2-4ef8-b60f-1b975c013831","block_type":"box","text":"statement disclosures and business risks that may result in risks of material misstatement and the Company’s control environmen","page_number":11,"box":{"x":119,"y":650,"width":776,"height":10}},{"id":"e524c057-af63-4db0-9386-9e73c61db7c0","block_type":"box","text":"t,","page_number":11,"box":{"x":896,"y":651,"width":7,"height":8}},{"id":"9366ac23-1a0a-4746-a24d-612be29b8ae5","block_type":"box","text":"including the policies and procedures implemented to mitigate risks of fraud or non-compliance with the relevant laws and","page_number":11,"box":{"x":120,"y":665,"width":783,"height":11}},{"id":"51d7a1a4-acac-44a9-b675-c7d308e7d7dd","block_type":"box","text":"regulations;","page_number":11,"box":{"x":120,"y":681,"width":70,"height":10}},{"id":"8bdb6a96-1259-4425-9a6d-c97e32d2ed84","block_type":"box","text":"n","page_number":11,"box":{"x":95,"y":704,"width":10,"height":7}},{"id":"60df5e14-1f9a-4ffa-8bd7-0f7d3f12106a","block_type":"box","text":"We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur","page_number":11,"box":{"x":119,"y":703,"width":785,"height":10}},{"id":"31d23f56-b166-4772-bb5b-027df3e7ddf0","block_type":"box","text":"by evaluating management’s incentives and opportunities for manipulation of the financial statements. This included an evaluati","page_number":11,"box":{"x":120,"y":718,"width":767,"height":11}},{"id":"5bb09866-4cf6-4a78-b04a-4ee1ecbd1c3b","block_type":"box","text":"on","page_number":11,"box":{"x":889,"y":720,"width":14,"height":6}},{"id":"25e033bb-d941-48fa-a24a-f6b3509fa29c","block_type":"box","text":"of the risk of management override of controls. Audit procedures performed by the engagement team in connection with the risks","page_number":11,"box":{"x":119,"y":734,"width":785,"height":10}},{"id":"2b955eca-27a8-46f6-9109-e8a545070c25","block_type":"box","text":"identified included:","page_number":11,"box":{"x":120,"y":749,"width":116,"height":8}},{"id":"2bdc06e4-6da6-41dc-8e01-7b889f694915","block_type":"box","text":"n","page_number":11,"box":{"x":119,"y":774,"width":7,"height":5}},{"id":"0f807b8c-d430-4f62-948f-6f9c1c8fe504","block_type":"box","text":"evaluation of the design and implementation of controls that management has put in place to prevent and detect fraud;","page_number":11,"box":{"x":134,"y":771,"width":729,"height":11}},{"id":"e75d070e-bc8f-4bba-a68b-26063344e373","block_type":"box","text":"n","page_number":11,"box":{"x":119,"y":796,"width":7,"height":5}},{"id":"3d3f8208-63a4-4ba6-935d-165b8bc1b394","block_type":"box","text":"testing journal entries, including manual journal entries processed at the year end for financial statements preparation; and","page_number":11,"box":{"x":133,"y":793,"width":754,"height":11}},{"id":"c7dfcb99-4a8f-4793-9aca-aa668f3443f5","block_type":"box","text":"n","page_number":11,"box":{"x":119,"y":818,"width":7,"height":5}},{"id":"abad4715-d009-4c4d-8459-a121c8c72dc8","block_type":"box","text":"challenging the assumptions and judgements made by management in its significant accounting estimates.","page_number":11,"box":{"x":134,"y":815,"width":650,"height":11}},{"id":"bd2ce9b5-006a-4087-a45b-a49d13a1bf69","block_type":"box","text":"n","page_number":11,"box":{"x":95,"y":839,"width":10,"height":6}},{"id":"1552b405-795f-4a1b-ad4f-b6eb280f1b2e","block_type":"box","text":"These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or","page_number":11,"box":{"x":119,"y":837,"width":785,"height":11}},{"id":"f4bf8095-3f08-45d0-8676-87331c55bdf6","block_type":"box","text":"error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting fr","page_number":11,"box":{"x":119,"y":852,"width":765,"height":11}},{"id":"ca06adc3-b9f1-40ca-a07b-8c67256fed23","block_type":"box","text":"om","page_number":11,"box":{"x":885,"y":855,"width":18,"height":6}},{"id":"571ca9bc-96e7-4ab8-9e82-be5c4ae4311f","block_type":"box","text":"error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from er","page_number":11,"box":{"x":119,"y":868,"width":746,"height":11}},{"id":"cdb5a106-68a0-4bf4-941e-8e8267ab2b84","block_type":"box","text":"ror, as","page_number":11,"box":{"x":866,"y":870,"width":38,"height":7}},{"id":"82030ba0-f1f1-4211-a82c-653d1df1d9c3","block_type":"box","text":"fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non","page_number":11,"box":{"x":119,"y":883,"width":785,"height":11}},{"id":"bcb7f4de-6d68-44de-a239-0b10c9ac490f","block_type":"box","text":"compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we","page_number":11,"box":{"x":119,"y":899,"width":744,"height":10}},{"id":"c22a42d3-783a-42c3-a343-a874521a7676","block_type":"box","text":"would","page_number":11,"box":{"x":867,"y":899,"width":36,"height":8}},{"id":"2c33773e-9548-4f85-bc0c-78fdaaba4d22","block_type":"box","text":"become aware of it;","page_number":11,"box":{"x":120,"y":914,"width":118,"height":10}},{"id":"6cc7f720-21db-4dbb-b7f1-2f7d399673fa","block_type":"box","text":"MI Tatton Oak ICVC","page_number":11,"box":{"x":97,"y":38,"width":216,"height":13}},{"id":"80c5fca7-5f84-42c1-9673-bdc681d228f7","block_type":"box","text":"6","page_number":11,"box":{"x":19,"y":960,"width":8,"height":9}},{"id":"663d36e4-1df1-4bf0-99c8-6fdb562cc2c8","block_type":"box","text":"Independent Auditor’s Report to the Shareholders of MI Tatton Oak ICVC","page_number":12,"box":{"x":97,"y":85,"width":807,"height":17}},{"id":"054ffa10-7750-4a70-90d5-2f019b6d1dfe","block_type":"box","text":"(formerly VT Tatton Oak ICVC) (continued)","page_number":12,"box":{"x":96,"y":104,"width":434,"height":17}},{"id":"6da8e5c7-30de-442f-8341-465ddc3efb2b","block_type":"box","text":"n","page_number":12,"box":{"x":95,"y":141,"width":10,"height":7}},{"id":"1b469476-ff61-4d46-8f98-16aeea7f6625","block_type":"box","text":"The engagement partner’s assessment of the appropriateness of the collective competence and capabilities of the engagement","page_number":12,"box":{"x":119,"y":140,"width":785,"height":11}},{"id":"e9a1f620-17c6-4ef8-991b-2bc8e009f4d7","block_type":"box","text":"team included consideration of the engagement team’s:","page_number":12,"box":{"x":119,"y":155,"width":339,"height":11}},{"id":"aee7ba98-331c-4dcf-beb9-bd36b1dc7c41","block_type":"box","text":"n","page_number":12,"box":{"x":119,"y":180,"width":7,"height":5}},{"id":"4c6e4480-d34d-4d36-9cbc-6704afcf5f56","block_type":"box","text":"understanding of, and practical experience with, audit engagements of a similar nature and complexity, through appropriate","page_number":12,"box":{"x":134,"y":177,"width":769,"height":11}},{"id":"eaa7a9de-066e-49a3-ae44-37c12fbcf193","block_type":"box","text":"training and participation;","page_number":12,"box":{"x":133,"y":192,"width":158,"height":11}},{"id":"53cb7dd2-1870-4b10-b3cf-9527bb63d3ce","block_type":"box","text":"n","page_number":12,"box":{"x":119,"y":218,"width":7,"height":4}},{"id":"bfd9dea7-5789-4b4f-864a-8debb3d35ef9","block_type":"box","text":"knowledge of the industry in which the Company operates; and","page_number":12,"box":{"x":134,"y":214,"width":384,"height":11}},{"id":"387ae23d-2707-4403-9881-88cb99b72509","block_type":"box","text":"n","page_number":12,"box":{"x":119,"y":239,"width":7,"height":5}},{"id":"9823d873-fdb4-49b2-a0b2-2084755138dd","block_type":"box","text":"understanding of the legal and regulatory frameworks applicable to the Company.","page_number":12,"box":{"x":134,"y":236,"width":499,"height":11}},{"id":"58e4168f-126b-4f30-a5f8-b9d79ea5e414","block_type":"box","text":"n","page_number":12,"box":{"x":95,"y":260,"width":10,"height":7}},{"id":"bd842a20-16cc-4771-b6dc-ab041760f580","block_type":"box","text":"We communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert","page_number":12,"box":{"x":119,"y":258,"width":785,"height":11}},{"id":"1cfea7e1-2dc9-4d59-a58a-e5e61fa44ce3","block_type":"box","text":"to any indications of fraud or non-compliance with laws and regulations throughout the audit.","page_number":12,"box":{"x":119,"y":274,"width":571,"height":11}},{"id":"c7d9720e-cbab-4098-8c58-1563999d6273","block_type":"box","text":"A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting C","page_number":12,"box":{"x":95,"y":296,"width":763,"height":11}},{"id":"3fe876fd-6d6f-4736-844e-43152eeffb9e","block_type":"box","text":"ouncil’s","page_number":12,"box":{"x":859,"y":296,"width":45,"height":8}},{"id":"464f9661-23a0-4fda-be47-c8ad1422bd6a","block_type":"box","text":"website at:www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.","page_number":12,"box":{"x":95,"y":311,"width":622,"height":11}},{"id":"77ebd4fa-6ba2-43d0-9af8-d62e10f792d2","block_type":"box","text":"Use of our report","page_number":12,"box":{"x":96,"y":334,"width":112,"height":10}},{"id":"e0951619-176d-49c6-b1cf-592f6e681695","block_type":"box","text":"This report is made solely to the Company’s Shareholders, as a body, in accordance with regulation 67(2) of the Open-Ended Inve","page_number":12,"box":{"x":95,"y":349,"width":766,"height":11}},{"id":"bc7d47d5-3551-4b6a-8402-fe4a2b0c9d38","block_type":"box","text":"stment","page_number":12,"box":{"x":862,"y":350,"width":42,"height":7}},{"id":"a33415bb-5086-4050-bb7a-3478dc9e1002","block_type":"box","text":"Companies Regulations 2001, and with Rule 4.5.12 of the Collective Investment Schemes Sourcebook. Our audit work has been","page_number":12,"box":{"x":96,"y":365,"width":807,"height":10}},{"id":"28a8480a-659a-4060-b7ea-eb98b489e78c","block_type":"box","text":"undertaken so that we might state to the Company’s Shareholders those matters we are required to state to them in an auditor’s","page_number":12,"box":{"x":96,"y":380,"width":766,"height":11}},{"id":"284a230d-f741-4507-9d3a-757883f10b05","block_type":"box","text":"report","page_number":12,"box":{"x":867,"y":381,"width":37,"height":10}},{"id":"6cf27db6-ce82-4e32-8e2c-09d84002e229","block_type":"box","text":"and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other tha","page_number":12,"box":{"x":95,"y":395,"width":777,"height":11}},{"id":"ddff246f-d582-4fd5-98f6-58d2f8a8c57c","block_type":"box","text":"n the","page_number":12,"box":{"x":874,"y":395,"width":30,"height":9}},{"id":"12964070-41af-4887-91a2-d5f0fcd01e15","block_type":"box","text":"Company and the Company’s Shareholders as a body, for our audit work, for this report, or for the opinions we have formed.","page_number":12,"box":{"x":96,"y":411,"width":760,"height":11}},{"id":"37dbaafc-1a62-4905-a935-0e7bbffce023","block_type":"box","text":"Grant Thornton UK LLP","page_number":12,"box":{"x":96,"y":479,"width":151,"height":9}},{"id":"8c3afab0-a9d3-4164-9511-e61bc7cefc48","block_type":"box","text":"Statutory Auditor, Chartered Accountants","page_number":12,"box":{"x":95,"y":495,"width":252,"height":11}},{"id":"f51c76be-e337-42cc-9760-17db077a9509","block_type":"box","text":"London. United Kingdom","page_number":12,"box":{"x":96,"y":510,"width":150,"height":11}},{"id":"b22a4efc-bc53-4c4c-a242-f784621fe7a7","block_type":"box","text":"18 August 2026","page_number":12,"box":{"x":96,"y":526,"width":92,"height":10}},{"id":"1ea94b86-9cb7-4c79-a489-5eac80de7762","block_type":"box","text":"MI Tatton Oak ICVC","page_number":12,"box":{"x":687,"y":38,"width":217,"height":13}},{"id":"8f65b0b6-de18-4422-9d14-48034af96c34","block_type":"box","text":"7","page_number":12,"box":{"x":972,"y":960,"width":8,"height":8}},{"id":"3d624700-dabb-4dfb-9971-a0c37275091c","block_type":"box","text":"Accounting Policies and Risk Management Policies","page_number":13,"box":{"x":95,"y":85,"width":521,"height":17}},{"id":"3f460d2f-4ddf-47f0-84e3-81d3536ae644","block_type":"box","text":"for the year ended 30 April 2026","page_number":13,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"156d2b60-f204-48a6-a957-03125ef19d44","block_type":"box","text":"The financial statements for MI Tatton Oak ICVC Funds comprises the individual financial statements for each Sub-fund and the","page_number":13,"box":{"x":95,"y":128,"width":808,"height":10}},{"id":"8994c87d-aed8-42ed-bbc9-7ca4250ac9ec","block_type":"box","text":"accounting policies and risk management policies below:","page_number":13,"box":{"x":95,"y":143,"width":345,"height":11}},{"id":"aff30ef4-736d-4e34-aa29-082950eff726","block_type":"box","text":"1. Accounting Policies","page_number":13,"box":{"x":96,"y":163,"width":143,"height":10}},{"id":"41035618-508b-4c2b-bbe5-c88c8e80851b","block_type":"box","text":"(a) Basis of accounting","page_number":13,"box":{"x":95,"y":185,"width":150,"height":11}},{"id":"09118fb9-1179-4a56-898b-6f731787a8ca","block_type":"box","text":"The financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments and","page_number":13,"box":{"x":95,"y":200,"width":792,"height":11}},{"id":"5c1401b1-ec3f-437a-9e2b-fbccc63614d3","block_type":"box","text":"in","page_number":13,"box":{"x":894,"y":201,"width":9,"height":8}},{"id":"0298dda0-902e-432a-b9a2-cef637051ba6","block_type":"box","text":"accordance with FRS 102 and the Statement of Recommended Practice (‘SORP’) for Financial Statements of UK Authorised Funds issu","page_number":13,"box":{"x":95,"y":216,"width":793,"height":10}},{"id":"dc003f2b-9d6c-44e1-af3f-9f54e0fd3e7d","block_type":"box","text":"ed","page_number":13,"box":{"x":890,"y":216,"width":13,"height":8}},{"id":"55e0c68d-8228-47e7-bb58-fab7e58a71bd","block_type":"box","text":"by the Investment Association (‘IA’) in May 2014 and amended in June 2017.","page_number":13,"box":{"x":96,"y":231,"width":459,"height":11}},{"id":"35c67287-567b-4461-a02f-fcd8c49792df","block_type":"box","text":"The financial statements have been prepared on the going concern basis.","page_number":13,"box":{"x":95,"y":253,"width":445,"height":11}},{"id":"61aa06b7-e7d0-40e1-9a7c-abc35274ff6f","block_type":"box","text":"The Authorised Status and head office of the Company can be found within the corporate directory starting on page 257.","page_number":13,"box":{"x":95,"y":276,"width":734,"height":10}},{"id":"c2f900af-143e-44a6-9258-a47de924735f","block_type":"box","text":"The Certification of the Annual Report by the Authorised Corporate Director can be found on page 2.","page_number":13,"box":{"x":95,"y":298,"width":610,"height":11}},{"id":"ce299713-862f-4e9d-85bb-75fd68794085","block_type":"box","text":"(b) Recognition of revenue","page_number":13,"box":{"x":95,"y":320,"width":176,"height":11}},{"id":"a6ec7678-67fd-4b3c-b1a7-22c27c056ff7","block_type":"box","text":"Revenue is included in the Statement of Total Return on the following basis:","page_number":13,"box":{"x":96,"y":335,"width":459,"height":11}},{"id":"e76f59e8-f728-4c68-be00-cd171e809fbf","block_type":"box","text":"Dividends on quoted equities and preference shares are recognised when the securities are quoted ex-dividend.","page_number":13,"box":{"x":96,"y":358,"width":683,"height":10}},{"id":"fe1f2fe0-a704-4467-9b12-ac84b09ea51e","block_type":"box","text":"Distributions from collective investment schemes are recognised when the schemes are quoted ex-distribution. Equalisation retur","page_number":13,"box":{"x":96,"y":380,"width":785,"height":10}},{"id":"5692047e-dcac-4b25-a850-2a8e247ab7ff","block_type":"box","text":"ned","page_number":13,"box":{"x":882,"y":380,"width":21,"height":8}},{"id":"ce0d3e27-31ff-4720-bd34-e75a90c39dfa","block_type":"box","text":"with the distribution is deducted from the cost of the investment and does not form part of the distributable revenue.","page_number":13,"box":{"x":95,"y":395,"width":716,"height":11}},{"id":"78a4537d-8af2-434f-a844-e879d353c410","block_type":"box","text":"Any reported revenue from an offshore reporting fund is recognised as revenue no later than the date on which the reporting fun","page_number":13,"box":{"x":95,"y":417,"width":800,"height":11}},{"id":"a4f9a11e-624a-488e-81dd-0c2563343b26","block_type":"box","text":"d","page_number":13,"box":{"x":897,"y":417,"width":6,"height":9}},{"id":"d66cb038-89d7-49bc-88f9-73ed5bb005d8","block_type":"box","text":"makes the information available.","page_number":13,"box":{"x":96,"y":433,"width":198,"height":8}},{"id":"99a10eae-3e9c-4eff-83a8-772711701ab2","block_type":"box","text":"Interest on debt securities is recognised on an accruals basis. Interest on bank and short-term deposits is recognised on a rec","page_number":13,"box":{"x":96,"y":455,"width":778,"height":11}},{"id":"c57c850f-7e2f-4241-87cd-1cbb6097477f","block_type":"box","text":"eipts","page_number":13,"box":{"x":875,"y":455,"width":29,"height":11}},{"id":"004f77b0-1d63-499b-bcb3-fe732d234f19","block_type":"box","text":"basis.","page_number":13,"box":{"x":96,"y":470,"width":33,"height":9}},{"id":"7eec1089-1b05-4d33-a851-c6dd5374079d","block_type":"box","text":"In the case of debt securities any difference between acquisition cost and maturity value is recognised as revenue over the lif","page_number":13,"box":{"x":96,"y":493,"width":762,"height":10}},{"id":"56ef57a5-9861-46c2-81cc-1f31471fad1c","block_type":"box","text":"e of the","page_number":13,"box":{"x":858,"y":493,"width":46,"height":8}},{"id":"8b6b985e-6a03-4b90-9ac6-6789a4596562","block_type":"box","text":"security using the effective yield basis of calculating amortisation.","page_number":13,"box":{"x":95,"y":508,"width":397,"height":11}},{"id":"04058986-e431-43c6-8816-1a458160a2fc","block_type":"box","text":"All revenue includes withholding taxes but excludes irrecoverable tax credits.","page_number":13,"box":{"x":95,"y":530,"width":469,"height":11}},{"id":"5a7031d6-61c6-4806-9652-759d60ca8c5a","block_type":"box","text":"(c) Treatment of stock and special dividends","page_number":13,"box":{"x":95,"y":552,"width":293,"height":11}},{"id":"f938cec5-50f1-4c51-b060-181ef985f18f","block_type":"box","text":"The ordinary element of stocks received in lieu of cash dividends is credited to capital in the first instance followed by a tr","page_number":13,"box":{"x":95,"y":568,"width":754,"height":11}},{"id":"e061449a-748b-4a5a-94a0-690d9a429923","block_type":"box","text":"ansfer to","page_number":13,"box":{"x":850,"y":568,"width":54,"height":8}},{"id":"a8c89e97-2478-4dbc-b15f-eabc40d25a33","block_type":"box","text":"revenue of the cash equivalent being offered and this forms part of the distributable revenue. In the case of an enhanced stock","page_number":13,"box":{"x":96,"y":583,"width":753,"height":11}},{"id":"05972353-6424-4010-bdce-6c3998b214b3","block_type":"box","text":"dividend","page_number":13,"box":{"x":852,"y":583,"width":51,"height":9}},{"id":"db8e3213-3252-416c-8270-97f577de0be2","block_type":"box","text":"the value of the enhancement is treated as capital.","page_number":13,"box":{"x":95,"y":599,"width":307,"height":10}},{"id":"08f50626-9b51-4797-824e-23dad4974614","block_type":"box","text":"Special dividends are reviewed on a case by case basis in determining whether the dividend is to be treated as revenue or capit","page_number":13,"box":{"x":95,"y":621,"width":795,"height":11}},{"id":"a1629bb6-054c-4307-b49c-d0bb87788f26","block_type":"box","text":"al.","page_number":13,"box":{"x":890,"y":621,"width":13,"height":8}},{"id":"86a510ed-9dd7-4e3b-86fc-4fe8deee726c","block_type":"box","text":"Amounts recognised as revenue will form part of the distributable revenue. The tax accounting treatment follows the treatment o","page_number":13,"box":{"x":95,"y":636,"width":781,"height":11}},{"id":"a32cffab-76a7-4913-b67a-3fd4f0892517","block_type":"box","text":"f the","page_number":13,"box":{"x":877,"y":636,"width":27,"height":9}},{"id":"040bdfc1-e3ee-4afd-8da1-a2a62af14957","block_type":"box","text":"principal amount.","page_number":13,"box":{"x":96,"y":652,"width":106,"height":11}},{"id":"f49899ae-cb62-46fc-baba-31f2f58c2091","block_type":"box","text":"(d) Treatment of expenses","page_number":13,"box":{"x":95,"y":674,"width":174,"height":11}},{"id":"7f1d8cfb-c178-4f48-bca9-fb10f43b6d74","block_type":"box","text":"All expenses, except for those relating to the purchase and sale of investments, are charged against revenue for the year on an","page_number":13,"box":{"x":95,"y":689,"width":755,"height":11}},{"id":"9e3fc7a2-f4b8-43df-b6a3-4591f9fc0344","block_type":"box","text":"accruals","page_number":13,"box":{"x":855,"y":689,"width":49,"height":9}},{"id":"a2da028a-7bf8-480a-951d-7c257e9ba20c","block_type":"box","text":"basis.","page_number":13,"box":{"x":96,"y":705,"width":33,"height":8}},{"id":"a2f90595-b076-40fb-9a7a-a875962c322b","block_type":"box","text":"For MI Tatton Blended Defensive Fund, all expenses are reallocated to capital, net of any tax effect for distribution purposes.","page_number":13,"box":{"x":96,"y":727,"width":756,"height":11}},{"id":"a5029beb-a402-4c7c-82d6-0eb794a0e18f","block_type":"box","text":"Rebates of annual management charges on underlying investments are accounted for on an accruals basisand recognised as revenue","page_number":13,"box":{"x":96,"y":749,"width":807,"height":11}},{"id":"4c396cdf-c4f6-4cf7-9e1e-494a1b73c20c","block_type":"box","text":"or capital in line with the treatment of the charge on the underlying Fund.","page_number":13,"box":{"x":95,"y":765,"width":448,"height":10}},{"id":"9d5bee77-25f6-4bd7-a4df-5011329bb42a","block_type":"box","text":"(e) Allocation of revenue and expenses to multiple share classes","page_number":13,"box":{"x":95,"y":787,"width":425,"height":11}},{"id":"0e7e2f4e-cfab-4cd9-a34d-a374f2ce11cd","block_type":"box","text":"Any revenue or expense not directly attributable to a particular Sub-fund will normally be allocated pro-rata to the net assets","page_number":13,"box":{"x":95,"y":802,"width":769,"height":11}},{"id":"867192c2-cb6c-4942-b3c9-7779f0393438","block_type":"box","text":"of the","page_number":13,"box":{"x":869,"y":802,"width":35,"height":9}},{"id":"109b1465-4cb6-4b98-9450-b2392a7cb0d3","block_type":"box","text":"relevant share classes and Sub-funds on the day that the revenue or expense is recognised.","page_number":13,"box":{"x":96,"y":818,"width":555,"height":10}},{"id":"10a4da96-6b9a-45a0-b4e7-74b6ee2243b3","block_type":"box","text":"With the exception of the Investment Manager’s fee which is directly attributable to individual share classes, all revenue and","page_number":13,"box":{"x":95,"y":840,"width":748,"height":11}},{"id":"7c965604-cfd0-47e7-b72c-d6ae86ed8f8f","block_type":"box","text":"expenses","page_number":13,"box":{"x":848,"y":842,"width":56,"height":9}},{"id":"f660c0ec-e78c-4d73-af0c-3f60c48f028c","block_type":"box","text":"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","page_number":13,"box":{"x":95,"y":855,"width":758,"height":11}},{"id":"2fca2e64-1095-42e7-b86c-aa63f93f1695","block_type":"box","text":"that the","page_number":13,"box":{"x":856,"y":855,"width":48,"height":9}},{"id":"06f6ad36-2f12-4f10-8fdf-7e46185b2368","block_type":"box","text":"revenue or expense is recognised.","page_number":13,"box":{"x":96,"y":871,"width":206,"height":10}},{"id":"d4f2fb52-e9a4-4331-9396-3b70b09bf356","block_type":"box","text":"MI Tatton Oak ICVC","page_number":13,"box":{"x":97,"y":38,"width":216,"height":13}},{"id":"f90c0f15-cf01-4f2e-bb53-ca1fea78a036","block_type":"box","text":"8","page_number":13,"box":{"x":19,"y":960,"width":8,"height":9}},{"id":"93977be7-50d8-4e88-aa1a-bfbe9bafcf55","block_type":"box","text":"Accounting Policies and Risk Management Policies (continued)","page_number":14,"box":{"x":95,"y":85,"width":647,"height":17}},{"id":"04aef00b-e214-48e7-af93-bad522216e29","block_type":"box","text":"for the year ended 30 April 2026","page_number":14,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"a7e20c84-f7bb-4ce7-b2aa-4da2da03ee31","block_type":"box","text":"1. Accounting Policies (continued)","page_number":14,"box":{"x":96,"y":125,"width":224,"height":11}},{"id":"f52379ec-0be1-4ecd-b7b7-5a333120d197","block_type":"box","text":"(f) Taxation","page_number":14,"box":{"x":95,"y":147,"width":76,"height":10}},{"id":"e55362b9-1459-4d80-a804-9be3abdb9a4c","block_type":"box","text":"Corporation tax is provided at 20% on revenue, after deduction of expenses.","page_number":14,"box":{"x":96,"y":163,"width":464,"height":10}},{"id":"7ca4cd76-7863-4191-8639-82a8892bca2f","block_type":"box","text":"Deferred tax is provided using the liability method on all timing differences arising on the treatment of certain items for tax","page_number":14,"box":{"x":96,"y":185,"width":750,"height":11}},{"id":"90a67389-6d2f-4cdb-a6c9-59b6ca472003","block_type":"box","text":"ation and","page_number":14,"box":{"x":847,"y":185,"width":56,"height":8}},{"id":"f75058cb-861f-4470-bab9-7ec09b9a3480","block_type":"box","text":"accounting purposes, calculated at the rate at which it is anticipated the timing differences will reverse. Deferred tax assets","page_number":14,"box":{"x":95,"y":200,"width":784,"height":11}},{"id":"7608a5b7-efdd-4784-9987-ccc2bef3a641","block_type":"box","text":"are","page_number":14,"box":{"x":885,"y":203,"width":19,"height":6}},{"id":"1598c66b-e099-4476-8612-33f5d03f3a48","block_type":"box","text":"recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the","page_number":14,"box":{"x":96,"y":216,"width":720,"height":11}},{"id":"9b844a20-115a-440b-9074-98ce67af1727","block_type":"box","text":"future against","page_number":14,"box":{"x":820,"y":216,"width":84,"height":11}},{"id":"ffeb7696-28fd-47a5-abde-9ea86a796db9","block_type":"box","text":"which the deferred tax asset can be offset.","page_number":14,"box":{"x":95,"y":231,"width":258,"height":9}},{"id":"292d3464-0e22-4c18-91b4-1aece1fd86d6","block_type":"box","text":"(g) Distribution policy","page_number":14,"box":{"x":95,"y":253,"width":145,"height":11}},{"id":"f79ee1e6-6c39-48f8-939a-202fd45da7c8","block_type":"box","text":"The net revenue after taxation as disclosed in the financial statements, after adjustment for items of a capital nature, is dis","page_number":14,"box":{"x":95,"y":269,"width":748,"height":11}},{"id":"d88e9bd8-2d1a-4fbb-8a08-2a98e7051200","block_type":"box","text":"tributable","page_number":14,"box":{"x":844,"y":269,"width":60,"height":8}},{"id":"a95d95e5-ddb1-466c-b521-075a1a894ff2","block_type":"box","text":"to Shareholders as Dividend distributions. Any revenue deficit is funded from capital.","page_number":14,"box":{"x":95,"y":284,"width":517,"height":11}},{"id":"fef64f22-ea24-4bc0-ad98-f16186d6d975","block_type":"box","text":"Interim distributions may be made at the ACD’s discretion and the balance of revenue is distributed in accordance with the regu","page_number":14,"box":{"x":96,"y":306,"width":763,"height":11}},{"id":"ad498d18-2f5a-4bfd-9697-61735d5309a2","block_type":"box","text":"lations.","page_number":14,"box":{"x":861,"y":307,"width":42,"height":8}},{"id":"af51ea32-6a3d-4655-9327-923a996c2f52","block_type":"box","text":"In the case of debt securities any difference between acquisition cost and maturity value is recognised as revenue over the lif","page_number":14,"box":{"x":96,"y":329,"width":762,"height":10}},{"id":"186b2bbd-6474-4a68-a15e-fbe01a7d12d6","block_type":"box","text":"e of the","page_number":14,"box":{"x":858,"y":329,"width":46,"height":8}},{"id":"fdf184bc-30c3-4d8d-9b33-bc0be48ef9a3","block_type":"box","text":"security using the effective yield basis of calculating amortisation. This may constrain the capital growth of the Sub-fund.","page_number":14,"box":{"x":95,"y":344,"width":732,"height":11}},{"id":"a533a58c-146b-4cf8-80c2-1ada1706dfd5","block_type":"box","text":"For the purpose of enhancing revenue entitlement, all expenses (including those relating to the purchase and sale of investment","page_number":14,"box":{"x":96,"y":366,"width":774,"height":11}},{"id":"8864fbf8-3c49-486f-aaa2-c55a98cc61d7","block_type":"box","text":"s) are","page_number":14,"box":{"x":871,"y":367,"width":33,"height":9}},{"id":"5f1f619f-15dd-4680-9fd3-5ee72539674b","block_type":"box","text":"allocated to capital for the year on an accruals basis. This will reduce the capital growth of the Sub-fund.","page_number":14,"box":{"x":95,"y":382,"width":632,"height":10}},{"id":"334afd6f-09f6-4e07-99b4-578af99ffa4d","block_type":"box","text":"Distributions not claimed within a six year period will be forfeited and added back to the capital of the Sub-fund.","page_number":14,"box":{"x":96,"y":404,"width":683,"height":11}},{"id":"d128a2c7-3aeb-4093-9802-c0e7c6b8834a","block_type":"box","text":"The Sub-funds issue accumulation shares except for the MI Tatton Blended Defensive Fund which issues both income and accumulati","page_number":14,"box":{"x":95,"y":426,"width":793,"height":11}},{"id":"02278e21-224c-4ff6-a644-9aa5589828bf","block_type":"box","text":"on","page_number":14,"box":{"x":889,"y":428,"width":14,"height":6}},{"id":"44416143-38a9-4951-9a33-89a8f9836468","block_type":"box","text":"shares. The Sub-funds, except for the MI Tatton Blended Defensive Fund, goes ex-dividend annually and pay any income available","page_number":14,"box":{"x":95,"y":442,"width":793,"height":10}},{"id":"2233845c-00ef-4002-b6f5-6fd2da951383","block_type":"box","text":"to","page_number":14,"box":{"x":892,"y":443,"width":12,"height":7}},{"id":"8f583e5a-47ff-4f1a-956e-e20039caf651","block_type":"box","text":"the shareholder four months in arrears, as a dividend distribution. MI Tatton Blended Defensive Fund goes ex-dividend quarterly","page_number":14,"box":{"x":95,"y":457,"width":783,"height":11}},{"id":"a4c9a4b7-1f59-4a9b-9977-47126fed4dec","block_type":"box","text":"and","page_number":14,"box":{"x":881,"y":457,"width":22,"height":8}},{"id":"e519bd71-6a74-4926-b811-62c59c94ae20","block_type":"box","text":"pays any income available to the shareholder two months in arrears, as an interest distribution subject to it meeting the requi","page_number":14,"box":{"x":96,"y":472,"width":756,"height":11}},{"id":"10632ede-4614-4402-ac8d-152e90ed89c2","block_type":"box","text":"rements","page_number":14,"box":{"x":854,"y":474,"width":50,"height":7}},{"id":"849d18d3-0d17-4bfe-9deb-1d0d1c860992","block_type":"box","text":"to pay an interest distribution under UK tax rules. Any revenue deficit at the year end is funded from capital.","page_number":14,"box":{"x":95,"y":488,"width":658,"height":11}},{"id":"8048c373-2b26-4ea4-86c7-009a3e9f315f","block_type":"box","text":"(h) Basis of valuation of investments","page_number":14,"box":{"x":95,"y":510,"width":243,"height":10}},{"id":"6cb0da7c-120d-4427-9cab-f4cd8c29e134","block_type":"box","text":"Listed investments are valued at close of business bid prices on the last business day of the accounting year excluding any acc","page_number":14,"box":{"x":96,"y":525,"width":779,"height":11}},{"id":"c453da8c-d80f-41ea-83fa-f4bbf0d2e7b2","block_type":"box","text":"rued","page_number":14,"box":{"x":877,"y":526,"width":26,"height":8}},{"id":"5424104b-1798-406b-9525-205fa8141c26","block_type":"box","text":"interest in the case of fixed and floating rate interest securities.","page_number":14,"box":{"x":96,"y":541,"width":383,"height":11}},{"id":"95133154-4e6e-427a-9bce-b422f34ccad9","block_type":"box","text":"Collective investment schemes are valued at quoted bid price for dual priced funds and at quoted price for single priced funds,","page_number":14,"box":{"x":96,"y":563,"width":765,"height":11}},{"id":"a9c8abdd-be0c-47dd-a45e-3cfe61dc625b","block_type":"box","text":"on the","page_number":14,"box":{"x":866,"y":563,"width":38,"height":8}},{"id":"b331a400-ca7f-4910-9296-c59fb825f9bd","block_type":"box","text":"last business day of the accounting year.","page_number":14,"box":{"x":96,"y":579,"width":244,"height":10}},{"id":"4bda7373-9fc6-4cfe-bdb1-ce46d943561f","block_type":"box","text":"Unlisted or suspended investments are valued by the ACD taking into account where appropriate, latest dealing prices, valuation","page_number":14,"box":{"x":96,"y":601,"width":769,"height":10}},{"id":"d0f2f63b-ba51-4bc5-8f1f-c798c294a957","block_type":"box","text":"s from","page_number":14,"box":{"x":866,"y":601,"width":37,"height":8}},{"id":"e60b9b82-5dc3-4dcb-8a95-ee6c8e99b5cd","block_type":"box","text":"reliable sources, financial performance and other relevant factors.","page_number":14,"box":{"x":96,"y":616,"width":402,"height":11}},{"id":"0ca2375a-3866-4aab-a01b-4306ed4dd3a4","block_type":"box","text":"The fair value of open forward foreign currency contracts is calculated with reference to the changes in the spot rate, changes","page_number":14,"box":{"x":95,"y":638,"width":745,"height":11}},{"id":"13baff04-206c-4f85-81c3-b094fac728f7","block_type":"box","text":"in interest","page_number":14,"box":{"x":845,"y":639,"width":59,"height":8}},{"id":"b00ac3e8-3620-4ddc-9baa-4419837be4bd","block_type":"box","text":"rate differential and the reduced term left to maturity.","page_number":14,"box":{"x":96,"y":654,"width":328,"height":10}},{"id":"9e84b19c-cb76-474a-829b-79ea7cb04ae3","block_type":"box","text":"Market value is defined by the SORP as fair value, which generally is the bid value of each security.","page_number":14,"box":{"x":96,"y":676,"width":596,"height":11}},{"id":"312eece9-cdf6-42da-b8f6-08a604e7d313","block_type":"box","text":"Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair","page_number":14,"box":{"x":96,"y":698,"width":771,"height":11}},{"id":"d8319f4e-3859-463c-a223-b57878cbeeeb","block_type":"box","text":"value","page_number":14,"box":{"x":871,"y":698,"width":33,"height":8}},{"id":"9ff80e7c-dc76-4cbf-8608-29cde36c860d","block_type":"box","text":"measurement of the relevant asset as follows:","page_number":14,"box":{"x":96,"y":714,"width":278,"height":8}},{"id":"8ad66e9e-e28b-4f05-811a-066cab03be25","block_type":"box","text":"n","page_number":14,"box":{"x":95,"y":737,"width":10,"height":7}},{"id":"9a660c05-7ba3-4ebf-9ca8-ca834afad357","block_type":"box","text":"Level 1 – Unadjusted quoted price in an active market for identical instrument.","page_number":14,"box":{"x":120,"y":736,"width":477,"height":10}},{"id":"c4cff02a-e802-4986-8457-34decaf80148","block_type":"box","text":"n","page_number":14,"box":{"x":95,"y":753,"width":10,"height":6}},{"id":"39f8f2ef-c946-4bbd-82a7-8cde690cf5df","block_type":"box","text":"Level 2 – Valuation techniques using observable inputs other than quoted prices within Level 1.","page_number":14,"box":{"x":120,"y":751,"width":578,"height":11}},{"id":"204a3460-aa23-406a-8e1b-6854a9194c44","block_type":"box","text":"n","page_number":14,"box":{"x":95,"y":768,"width":10,"height":7}},{"id":"5d6d6894-26e7-408f-95a3-c1583feb0463","block_type":"box","text":"Level 3 – Valuation techniques using unobservable inputs.","page_number":14,"box":{"x":120,"y":767,"width":351,"height":10}},{"id":"4e0af986-80d4-4fd9-8b78-e2d0910f2ebf","block_type":"box","text":"(i) Exchange rates","page_number":14,"box":{"x":95,"y":789,"width":118,"height":11}},{"id":"093bcbe5-9a77-49bd-9af5-981cefbe9a28","block_type":"box","text":"Transactions in foreign currencies are recorded in sterling at the rate ruling at the date of the transactions. Assets and liab","page_number":14,"box":{"x":95,"y":804,"width":775,"height":11}},{"id":"4b0e616f-1376-4bfc-8e98-52a70cbf45c4","block_type":"box","text":"ilities","page_number":14,"box":{"x":872,"y":804,"width":32,"height":8}},{"id":"5663de40-244d-4a61-95c4-3624ddbaf344","block_type":"box","text":"expressed in foreign currencies at the end of the accounting year are translated into sterling at the closing exchange rates ru","page_number":14,"box":{"x":95,"y":820,"width":766,"height":10}},{"id":"9c86b0ce-56f8-45e9-8c8d-a63206e9c03e","block_type":"box","text":"ling on","page_number":14,"box":{"x":864,"y":820,"width":39,"height":10}},{"id":"3cfe0229-9239-47ec-85ed-06936d2a5724","block_type":"box","text":"that date.","page_number":14,"box":{"x":95,"y":835,"width":58,"height":8}},{"id":"b25fc70b-c4bc-4ac3-9ad6-121d92b12779","block_type":"box","text":"MI Tatton Oak ICVC","page_number":14,"box":{"x":687,"y":38,"width":217,"height":13}},{"id":"a2905a12-4fff-4502-909e-038d8a19464a","block_type":"box","text":"9","page_number":14,"box":{"x":972,"y":960,"width":8,"height":9}},{"id":"f05d0e62-cd96-43ab-acf4-9f9a1882dc99","block_type":"box","text":"Accounting Policies and Risk Management Policies (continued)","page_number":15,"box":{"x":95,"y":85,"width":647,"height":17}},{"id":"f31affd1-3e33-479a-b1da-2a4590edb69d","block_type":"box","text":"for the year ended 30 April 2026","page_number":15,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"6986f713-fc9a-488a-b358-dfb68ef4b5c4","block_type":"box","text":"2. Risk Management Policies","page_number":15,"box":{"x":95,"y":125,"width":189,"height":11}},{"id":"42c65c09-7731-4b4a-b521-d7ca9f32dc7e","block_type":"box","text":"(j) Dilution adjustment","page_number":15,"box":{"x":95,"y":147,"width":151,"height":11}},{"id":"a13fd7d8-db47-4d91-b7eb-a643b91b8900","block_type":"box","text":"The ACD may require a dilution adjustment on the sale and redemption of shares if, in its opinion, the existing Shareholders (f","page_number":15,"box":{"x":95,"y":163,"width":759,"height":10}},{"id":"172b0bcf-cae9-4a17-af66-0d9aa09c644e","block_type":"box","text":"or sales)","page_number":15,"box":{"x":854,"y":163,"width":50,"height":10}},{"id":"340a927e-51f2-4994-bf53-ae7dae167837","block_type":"box","text":"or remaining Shareholders (for redemptions) might otherwise be adversely affected. In particular, the dilution adjustment may b","page_number":15,"box":{"x":95,"y":178,"width":801,"height":11}},{"id":"9bdf8f97-72fb-4078-a141-ca486ea8d3e7","block_type":"box","text":"e","page_number":15,"box":{"x":898,"y":181,"width":6,"height":5}},{"id":"d853588b-fbda-401d-bb57-72025a8d098a","block_type":"box","text":"charged in the following circumstances: where the scheme property is in continual decline; on a Sub-fund experiencing large lev","page_number":15,"box":{"x":95,"y":194,"width":777,"height":10}},{"id":"6b0d0397-e564-4a9a-bd71-5409b385c18a","block_type":"box","text":"els of","page_number":15,"box":{"x":873,"y":194,"width":32,"height":8}},{"id":"bede71b0-c45d-4f8b-aa18-be5f5823bbc4","block_type":"box","text":"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","page_number":15,"box":{"x":96,"y":209,"width":733,"height":11}},{"id":"d9635113-378f-416f-a305-2cc7dcd9dc72","block_type":"box","text":"hareholders","page_number":15,"box":{"x":831,"y":209,"width":73,"height":8}},{"id":"d2572004-e5e2-4e5e-9ca1-e14e6c7a0f46","block_type":"box","text":"require the imposition of a dilution adjustment.","page_number":15,"box":{"x":96,"y":225,"width":288,"height":10}},{"id":"0f517422-46a1-408c-8fe3-47d76f677b67","block_type":"box","text":"In pursuing its investment objectives, the Sub-funds may hold a number of financial instruments. These financial instruments co","page_number":15,"box":{"x":96,"y":247,"width":765,"height":10}},{"id":"9e99d143-070d-4ffc-a2b0-c83f000f14ff","block_type":"box","text":"mprise","page_number":15,"box":{"x":863,"y":247,"width":41,"height":10}},{"id":"c472d74d-ed0c-47fe-86ec-b528d8945768","block_type":"box","text":"securities and other investments, cash balances, debtors and creditors that arise directly from the Sub-fund’s operations, for","page_number":15,"box":{"x":95,"y":262,"width":750,"height":11}},{"id":"7ff2e660-b022-400e-809f-a5684942a6a7","block_type":"box","text":"example,","page_number":15,"box":{"x":849,"y":262,"width":54,"height":11}},{"id":"5e5961d4-818b-4dd0-aa87-3131925e5494","block_type":"box","text":"in respect of sales and purchases awaiting settlement, amounts receivable for creations and payable for redemptions and debtors","page_number":15,"box":{"x":96,"y":278,"width":787,"height":10}},{"id":"2b036e94-b685-48ce-b180-abc79ce76703","block_type":"box","text":"for","page_number":15,"box":{"x":887,"y":278,"width":17,"height":8}},{"id":"ac534027-0e66-4041-b57a-149b439302ce","block_type":"box","text":"accrued revenue.","page_number":15,"box":{"x":95,"y":293,"width":104,"height":8}},{"id":"eb98982d-7cdf-46be-9005-55b5187c46f3","block_type":"box","text":"In doing so, the ACD accepts market price risk and currency risk in relation to the investment portfolio and foreign cash posit","page_number":15,"box":{"x":96,"y":315,"width":757,"height":11}},{"id":"d6dfbaae-27a9-4cc1-b15e-ce58353d057c","block_type":"box","text":"ions.","page_number":15,"box":{"x":854,"y":316,"width":28,"height":7}},{"id":"e628cbb3-c575-49d7-9913-c4cbaa922981","block_type":"box","text":"The risks arising from financial instruments and the ACD’s policies for the monitoring and managing of these risks are stated b","page_number":15,"box":{"x":95,"y":337,"width":765,"height":11}},{"id":"d8abeb8f-6eb4-46d0-8a81-d86229e13e67","block_type":"box","text":"elow in","page_number":15,"box":{"x":861,"y":337,"width":42,"height":9}},{"id":"ad73ed19-14aa-48d9-908e-41f4e6406187","block_type":"box","text":"accordance with the Risk Management Policy of the ACD.","page_number":15,"box":{"x":95,"y":353,"width":345,"height":11}},{"id":"f5f4d5d7-d986-45c3-b619-8e1ee2b81900","block_type":"box","text":"These policies have been consistent for both years through which these financial statements relate.","page_number":15,"box":{"x":95,"y":375,"width":604,"height":11}},{"id":"208261c8-1aa0-4566-8956-5aeff8e4e6f1","block_type":"box","text":"Market price risk","page_number":15,"box":{"x":96,"y":397,"width":113,"height":11}},{"id":"e83ea6b9-fe23-45c1-ab97-4c0d6d615678","block_type":"box","text":"Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential","page_number":15,"box":{"x":96,"y":413,"width":756,"height":10}},{"id":"4dbaac00-5a10-4bcf-9477-e41406a28806","block_type":"box","text":"loss the","page_number":15,"box":{"x":858,"y":413,"width":46,"height":8}},{"id":"ae1ab9d1-563b-47d6-89fd-81b16d7e7b8e","block_type":"box","text":"Sub-fund might suffer through holding market positions in the face of price movements. This means the value of an investor’s ho","page_number":15,"box":{"x":95,"y":428,"width":778,"height":11}},{"id":"cdb459bd-5250-44cf-8b37-ba0f56faaf1e","block_type":"box","text":"lding","page_number":15,"box":{"x":875,"y":428,"width":29,"height":11}},{"id":"50564feb-8369-4c10-950e-9fc5ed91c117","block_type":"box","text":"may go down as well as up and an investor may not recover the amount invested. Investors should consider the degree of exposure","page_number":15,"box":{"x":96,"y":443,"width":808,"height":11}},{"id":"8cd33b2c-da9c-4421-9416-e3a849884ae9","block_type":"box","text":"of the Sub-fund in the context of all their investments.","page_number":15,"box":{"x":95,"y":459,"width":328,"height":8}},{"id":"65022d78-8469-4e9a-b13b-5569d1060903","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD as per the policies","page_number":15,"box":{"x":95,"y":481,"width":771,"height":11}},{"id":"de2a8589-910d-4f4c-a5d4-ea8296a0aa31","block_type":"box","text":"as set","page_number":15,"box":{"x":870,"y":482,"width":34,"height":7}},{"id":"3b6f030d-0646-4d00-87cc-529258ad61f3","block_type":"box","text":"out in the Prospectus. The investment guidelines and investment and borrowing powers set out in the Instrument of Incorporation","page_number":15,"box":{"x":95,"y":497,"width":804,"height":10}},{"id":"90196231-6ae6-479f-92e5-f2d0eee35b12","block_type":"box","text":",","page_number":15,"box":{"x":901,"y":504,"width":2,"height":2}},{"id":"de1c817f-14d2-4cdf-bf19-d0302daae47c","block_type":"box","text":"the Prospectus and in the Financial Conduct Authority’s Collective Investment Schemes Sourcebook describe the nature of the mar","page_number":15,"box":{"x":95,"y":512,"width":790,"height":11}},{"id":"63404370-7249-47e0-a63e-ee4f8fe5f6f1","block_type":"box","text":"ket","page_number":15,"box":{"x":886,"y":512,"width":18,"height":8}},{"id":"e4a41268-1657-4a87-9e52-0567bc1f0d34","block_type":"box","text":"risk to which the Sub-fund will be exposed.","page_number":15,"box":{"x":96,"y":527,"width":260,"height":11}},{"id":"cce0aaa7-cc0f-45f1-8bfe-861ab46e6552","block_type":"box","text":"In addition to any direct currency and interest rate risk in the Sub-funds there may also be indirect exposure via the underlyi","page_number":15,"box":{"x":96,"y":550,"width":754,"height":10}},{"id":"e3a52466-c790-45d4-9eb9-77ab50816357","block_type":"box","text":"ng funds","page_number":15,"box":{"x":852,"y":550,"width":52,"height":10}},{"id":"5a01464e-876e-4d29-bed8-d42dc5d4f5b7","block_type":"box","text":"held by the Sub-funds.","page_number":15,"box":{"x":96,"y":565,"width":136,"height":11}},{"id":"95281ea5-4030-4501-8dc9-a1506ad5a3c6","block_type":"box","text":"Currency risk","page_number":15,"box":{"x":96,"y":587,"width":88,"height":11}},{"id":"19ab250d-11f7-4b41-93e5-2c1371594350","block_type":"box","text":"Although the Sub-fund’s capital and income are denominated in sterling, a proportion of the Sub-fund’s investments may have cur","page_number":15,"box":{"x":95,"y":603,"width":776,"height":10}},{"id":"d1f6cd38-0319-4e6d-a91a-ca15b3a0f3a3","block_type":"box","text":"rency","page_number":15,"box":{"x":872,"y":605,"width":32,"height":8}},{"id":"9f10ab8b-b5d1-4b58-8530-d72665343e58","block_type":"box","text":"exposure and, as a result, the income and capital value of the Sub-fund are affected by currency movements.","page_number":15,"box":{"x":95,"y":618,"width":663,"height":11}},{"id":"460de793-9bb5-413d-893a-77fd58aaac34","block_type":"box","text":"Currency risk is the risk that the value of the Sub-fund’s investments will fluctuate as a result of changes in currency exchan","page_number":15,"box":{"x":96,"y":640,"width":754,"height":11}},{"id":"8a65dab7-295f-4862-88a2-7564c94b3e69","block_type":"box","text":"ge rates.","page_number":15,"box":{"x":852,"y":641,"width":51,"height":10}},{"id":"bdd81f76-f38b-4e81-a18f-603fab6ff88b","block_type":"box","text":"For Sub-funds where a proportion of the net assets of the Sub-fund is denominated in currencies other than sterling, the balanc","page_number":15,"box":{"x":96,"y":656,"width":764,"height":10}},{"id":"8e089c19-cc46-4786-b935-f0036e3c8a70","block_type":"box","text":"e sheet","page_number":15,"box":{"x":861,"y":656,"width":43,"height":8}},{"id":"12dfb3f4-30e3-4d17-83f9-e66bc5ffe164","block_type":"box","text":"can be affected by movements in exchange rates. The Company monitors the currency exposure of the Sub-funds and may seek to","page_number":15,"box":{"x":95,"y":671,"width":809,"height":11}},{"id":"e27d9108-fb45-4684-9f4a-3f08b7427e11","block_type":"box","text":"manage exposure to currency movements by using forward exchange contracts or by hedging the sterling value of investments that","page_number":15,"box":{"x":96,"y":687,"width":808,"height":10}},{"id":"58d283b0-bb8e-4b61-b423-0be6260bf92a","block_type":"box","text":"are priced in other currencies.","page_number":15,"box":{"x":95,"y":702,"width":183,"height":11}},{"id":"28061615-82db-438a-9424-bab0554e1726","block_type":"box","text":"Interest rate risk","page_number":15,"box":{"x":96,"y":724,"width":111,"height":9}},{"id":"89243415-4451-4ce1-b14a-383150d7d449","block_type":"box","text":"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","page_number":15,"box":{"x":96,"y":740,"width":722,"height":10}},{"id":"276a6033-e3b2-4d65-8e2f-abfb7d7d2b20","block_type":"box","text":"ates. The Sub","page_number":15,"box":{"x":819,"y":740,"width":85,"height":8}},{"id":"a94a00ae-fa72-4520-96d8-4e6c5c9500e5","block_type":"box","text":"funds may invest in fixed and floating rate securities or schemes that invest in fixed or floating rate securities. The revenue","page_number":15,"box":{"x":95,"y":755,"width":755,"height":11}},{"id":"db404766-bed0-4e55-8e22-236942e96cf3","block_type":"box","text":"of these","page_number":15,"box":{"x":855,"y":755,"width":49,"height":8}},{"id":"257e022d-6e30-4fe3-bfc1-abc3c56aef99","block_type":"box","text":"Sub-funds may be affected by changes in interest rates relevant to particular securities or as a result of the ACD being unable","page_number":15,"box":{"x":95,"y":771,"width":750,"height":10}},{"id":"245f8ccb-12f3-4429-a168-a761e23b9ca7","block_type":"box","text":"to secure","page_number":15,"box":{"x":849,"y":772,"width":55,"height":7}},{"id":"f5c0e1b7-edf9-4108-9383-4a8ef9a6af9f","block_type":"box","text":"similar returns on the expiry of contracts or sale of securities. The value of fixed interest securities may be affected by int","page_number":15,"box":{"x":95,"y":786,"width":749,"height":11}},{"id":"a0769788-380c-4f47-baf1-7219cc349490","block_type":"box","text":"erest rate","page_number":15,"box":{"x":845,"y":787,"width":59,"height":7}},{"id":"d3584d69-6ac2-4163-b1e9-bd0381929f9e","block_type":"box","text":"movements or the expectation of such movements in the future.","page_number":15,"box":{"x":96,"y":801,"width":391,"height":11}},{"id":"925e67ad-e909-4c84-a5cd-69a70d348ffb","block_type":"box","text":"Interest receivable on bank deposits or payable on bank overdraft positions will be affected by fluctuations in interest rates.","page_number":15,"box":{"x":96,"y":824,"width":753,"height":10}},{"id":"33b119b0-3471-4121-b8d9-567980d291e4","block_type":"box","text":"A risk limit system is employed to monitor the risks related to the investment types, concentration and diversification of the","page_number":15,"box":{"x":95,"y":846,"width":741,"height":11}},{"id":"57a79fab-8002-49bc-a4bb-01c562984e14","block_type":"box","text":"Sub-funds’","page_number":15,"box":{"x":840,"y":846,"width":64,"height":8}},{"id":"178c5877-d567-41cc-916d-79f97203776d","block_type":"box","text":"portfolios.","page_number":15,"box":{"x":96,"y":861,"width":61,"height":11}},{"id":"ab060663-b04b-457d-bdf1-d46217022635","block_type":"box","text":"MI Tatton Oak ICVC","page_number":15,"box":{"x":97,"y":38,"width":216,"height":13}},{"id":"516f6879-55ea-46ce-9ba1-5bace907b326","block_type":"box","text":"10","page_number":15,"box":{"x":15,"y":960,"width":17,"height":9}},{"id":"74e26972-dc76-4979-9321-f67d09e2e01e","block_type":"box","text":"Accounting Policies and Risk Management Policies (continued)","page_number":16,"box":{"x":95,"y":85,"width":647,"height":17}},{"id":"34720ed8-90b3-4a62-b275-ae8b628f80a3","block_type":"box","text":"for the year ended 30 April 2026","page_number":16,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"304befba-d4c3-4c7d-87e4-7fec5d6ffc5e","block_type":"box","text":"2. Risk Management Policies (continued)","page_number":16,"box":{"x":95,"y":125,"width":270,"height":11}},{"id":"34846a56-398e-4d01-931a-7f969f91f5af","block_type":"box","text":"Credit risk","page_number":16,"box":{"x":96,"y":147,"width":68,"height":9}},{"id":"bc961821-8a52-42ab-8f09-14d41ea397b9","block_type":"box","text":"Credit risk arises from two main sources. Firstly, the possibility that the issuer of a security will be unable to pay interest","page_number":16,"box":{"x":96,"y":163,"width":725,"height":10}},{"id":"5e616eb6-3ef2-4b04-84ec-fd010310fffd","block_type":"box","text":"and principal","page_number":16,"box":{"x":825,"y":163,"width":78,"height":10}},{"id":"88b3b706-c776-4124-8958-e1546214f4c2","block_type":"box","text":"in a timely manner. Secondly, there is the possibility of default of the issuer and default in the underlying assets of a Colle","page_number":16,"box":{"x":96,"y":178,"width":779,"height":11}},{"id":"f7a2cb79-3b74-412a-aacf-1be3a5888c3a","block_type":"box","text":"ctive","page_number":16,"box":{"x":876,"y":179,"width":28,"height":7}},{"id":"bee853a2-7345-4d48-b0db-bdb69d824e0a","block_type":"box","text":"Investment Scheme, meaning that a sub-fund may not receive back the full principal originally invested. Adhering to investment","page_number":16,"box":{"x":96,"y":194,"width":808,"height":10}},{"id":"3d56c2c4-7ec2-4973-9c2b-0bd381ce489e","block_type":"box","text":"guidelines and avoiding excessive exposure to one particular issuer or scheme can limit credit risk.","page_number":16,"box":{"x":95,"y":209,"width":599,"height":11}},{"id":"e150b3bc-4799-4434-a697-1d391691b92d","block_type":"box","text":"There are no net borrowings or unlisted securities. Stress testing and scenario analysis is carried out on a regular basis.","page_number":16,"box":{"x":95,"y":231,"width":725,"height":11}},{"id":"97fcc0c2-c4f4-42db-a7ba-a0433f998488","block_type":"box","text":"Liquidity risk","page_number":16,"box":{"x":96,"y":253,"width":86,"height":11}},{"id":"f703d535-94f8-40ab-9478-688bbfddab52","block_type":"box","text":"Liquidity risk is the risk that a Sub-fund cannot raise sufficient cash to meet its liabilities when due. One of the key factor","page_number":16,"box":{"x":96,"y":269,"width":731,"height":11}},{"id":"3e94db63-3905-4502-9df4-9cd2dca9d193","block_type":"box","text":"s influencing","page_number":16,"box":{"x":828,"y":269,"width":76,"height":11}},{"id":"4ef3a8c6-1ddd-45c8-bdc5-2c4c16f8e69c","block_type":"box","text":"this will be the ability to sell investments at, or close to, the fair value without a significant loss being realised.","page_number":16,"box":{"x":95,"y":284,"width":665,"height":11}},{"id":"ffab03e2-c58c-4100-bca8-5ad89a5817d1","block_type":"box","text":"Under normal circumstances, a Sub-fund will remain close to fully invested. However, where circumstances require: either becaus","page_number":16,"box":{"x":96,"y":306,"width":790,"height":11}},{"id":"0e863fef-28a4-4c64-9279-ea9819c14557","block_type":"box","text":"e a","page_number":16,"box":{"x":887,"y":309,"width":16,"height":6}},{"id":"baeb14f9-fdc1-4d9c-9b52-0459d3ae146c","block_type":"box","text":"view of illiquid securities markets or high levels of redemptions in the Sub-fund, the Sub-fund may hold cash and/or more liqui","page_number":16,"box":{"x":95,"y":322,"width":756,"height":11}},{"id":"d969cd05-7bdf-4943-a093-e0932125638c","block_type":"box","text":"d assets.","page_number":16,"box":{"x":853,"y":322,"width":50,"height":8}},{"id":"0227bb6f-1c7d-40e4-a4ab-1b635fd726ba","block_type":"box","text":"Temporary higher liquidity levels may also arise during the carrying out of a change in asset allocation policy or following a","page_number":16,"box":{"x":95,"y":337,"width":740,"height":11}},{"id":"d5605810-010b-4632-890e-78160ec15493","block_type":"box","text":"large issue","page_number":16,"box":{"x":841,"y":337,"width":63,"height":11}},{"id":"95b800f6-b266-45ff-b581-1210c36f4d24","block_type":"box","text":"of shares.","page_number":16,"box":{"x":95,"y":353,"width":58,"height":8}},{"id":"bf6bb1c6-f3f5-42af-b4e3-dba873836b53","block_type":"box","text":"The ACD manages the Sub-fund’s cash to ensure they can meet their liabilities. In addition, the ACD monitors market liquidity o","page_number":16,"box":{"x":95,"y":375,"width":786,"height":11}},{"id":"7891c7e3-3497-47af-aefd-4697acdd6c39","block_type":"box","text":"f all","page_number":16,"box":{"x":882,"y":375,"width":21,"height":8}},{"id":"055108be-4b07-4854-a8f0-29175840924e","block_type":"box","text":"securities, seeking to ensure the Sub-funds maintains sufficient liquidity to meet known and potential redemption activity. Sub","page_number":16,"box":{"x":95,"y":390,"width":767,"height":11}},{"id":"d875d9c8-6ba0-47d9-80e8-17b519199169","block_type":"box","text":"-funds’","page_number":16,"box":{"x":863,"y":390,"width":41,"height":9}},{"id":"ac01c94e-81e9-4193-95f6-17a8260abc0e","block_type":"box","text":"cash balances are monitored daily by the ACD and the Investment Advisor. All of the Sub-fund’s financial liabilities are payabl","page_number":16,"box":{"x":95,"y":406,"width":780,"height":11}},{"id":"627ff560-0c14-4790-bb6c-96839271e2db","block_type":"box","text":"e on","page_number":16,"box":{"x":877,"y":408,"width":26,"height":6}},{"id":"bfd92179-c0e0-4ea9-8bb8-f8cbeb0e61ab","block_type":"box","text":"demand or in less than one year.","page_number":16,"box":{"x":95,"y":421,"width":199,"height":11}},{"id":"92cf04b1-a40b-4716-b435-6099a9a6e7d4","block_type":"box","text":"Apex Fundrock Limited (‘AFL’) conducts regular monitoring to ensure the liquidity profile of the Sub-funds’ investments comply","page_number":16,"box":{"x":95,"y":443,"width":779,"height":11}},{"id":"2d35cdd1-e4fe-4d20-9e64-ed4e0fbf76b2","block_type":"box","text":"with","page_number":16,"box":{"x":878,"y":444,"width":25,"height":8}},{"id":"a8f22d8e-f413-4aa4-8b24-a391f1769c6b","block_type":"box","text":"their underlying obligations, particularly their ability to meet redemption requests.","page_number":16,"box":{"x":95,"y":459,"width":503,"height":11}},{"id":"9e62b074-a9eb-4728-9878-56950d70cbf7","block_type":"box","text":"Stress tests are undertaken, under normal and exceptional liquidity conditions, in order to assess the liquidity risk of each f","page_number":16,"box":{"x":95,"y":481,"width":751,"height":11}},{"id":"647d67c7-d23c-4586-85f1-d1ecb12e2802","block_type":"box","text":"und.","page_number":16,"box":{"x":846,"y":481,"width":26,"height":8}},{"id":"10c68cd1-9b41-4076-8b1f-327c5c2aaed6","block_type":"box","text":"Counterparty risk","page_number":16,"box":{"x":96,"y":503,"width":117,"height":11}},{"id":"da559392-e288-4397-b35d-6b0f012578b0","block_type":"box","text":"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","page_number":16,"box":{"x":95,"y":519,"width":757,"height":10}},{"id":"db821425-2221-4b54-a6fa-2e7cccad994e","block_type":"box","text":"lfilled its","page_number":16,"box":{"x":854,"y":519,"width":50,"height":8}},{"id":"17ee801a-d893-43eb-b9ee-13dce97d7fd5","block_type":"box","text":"responsibilities which could result in the Sub-fund suffering a loss. The Investment Manager minimises the risk by conducting t","page_number":16,"box":{"x":96,"y":534,"width":774,"height":11}},{"id":"1035c827-bc0a-4317-9535-9f9f4104db72","block_type":"box","text":"rades","page_number":16,"box":{"x":871,"y":534,"width":33,"height":8}},{"id":"166fdcef-6dd1-4584-989d-3ab89a80f9dd","block_type":"box","text":"through only the most reputable counterparties.","page_number":16,"box":{"x":95,"y":550,"width":294,"height":10}},{"id":"bb567a32-e37c-459a-b834-cac71992308e","block_type":"box","text":"Fair value of financial assets and liabilities","page_number":16,"box":{"x":96,"y":572,"width":281,"height":8}},{"id":"b44bcc3b-fb25-4cdd-82a9-511c073e73c3","block_type":"box","text":"Investments disclosed as at the balance sheet date are at fair value. Current assets and liabilities disclosed in the balance s","page_number":16,"box":{"x":96,"y":587,"width":742,"height":9}},{"id":"6550cfe5-51dc-4da7-8e69-496a1bb8456a","block_type":"box","text":"heet are at","page_number":16,"box":{"x":840,"y":587,"width":64,"height":9}},{"id":"3d44063d-14fe-440b-a80e-ed1b11a90a18","block_type":"box","text":"amortised cost which is approximate to fair value.","page_number":16,"box":{"x":95,"y":603,"width":303,"height":10}},{"id":"f0d8ec9a-b138-44ec-8dc1-e0f58d70e495","block_type":"box","text":"MI Tatton Oak ICVC","page_number":16,"box":{"x":687,"y":38,"width":217,"height":13}},{"id":"eeeb7252-a5fc-4d30-bc83-41d3fcb7547e","block_type":"box","text":"11","page_number":16,"box":{"x":967,"y":960,"width":15,"height":8}},{"id":"62aa1500-389a-4e0b-97af-68895c2a28cd","block_type":"box","text":"Sub-fund Overview","page_number":17,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"5d885b8e-8853-4c4d-97cc-f745096e618c","block_type":"box","text":"Name of Sub-fund","page_number":17,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"def50b96-9dce-47d5-870e-5b9275847871","block_type":"box","text":"MI Active Portfolio Overlay Fund (formerly VT Active Portfolio Overlay Fund)","page_number":17,"box":{"x":96,"y":143,"width":457,"height":11}},{"id":"0af19d39-7a1d-4276-b773-1f50c57d023b","block_type":"box","text":"Size of Sub-fund","page_number":17,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"1bd9df34-69c1-41d5-8cc6-4a674f7a7415","block_type":"box","text":"£1,087,322,073","page_number":17,"box":{"x":95,"y":181,"width":93,"height":9}},{"id":"6385b3ca-99d9-46cb-8145-44bd980d0919","block_type":"box","text":"Launch date","page_number":17,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"af63babd-48ca-4698-afcf-5620bdf26bcf","block_type":"box","text":"07 December 2015","page_number":17,"box":{"x":95,"y":218,"width":114,"height":8}},{"id":"8025848b-0229-4796-aaac-ce5a5f9eb134","block_type":"box","text":"Investment objective and policy","page_number":17,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"bb589435-f662-491e-b89b-0ae02aa85e43","block_type":"box","text":"The objective of the Sub-fund is to maximise potential total return (i.e. capital and income growth).","page_number":17,"box":{"x":95,"y":256,"width":601,"height":11}},{"id":"fe677d26-c09f-4152-9a8f-c4ac581a6124","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as equities. For this Sub-fund, over the long term","page_number":17,"box":{"x":96,"y":278,"width":748,"height":11}},{"id":"ae9df137-d099-405d-8793-16a2e4e047f5","block_type":"box","text":"(7 years),","page_number":17,"box":{"x":849,"y":279,"width":54,"height":10}},{"id":"f45b9b1f-f444-40e5-8baf-e0d2c98ecf3e","block_type":"box","text":"it is expected that the proportion of the Sub-fund exposed to equities will be approximately 75%.","page_number":17,"box":{"x":96,"y":293,"width":589,"height":11}},{"id":"a0b9bbe4-6976-48ef-9760-d620bb6e40ac","block_type":"box","text":"In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by","page_number":17,"box":{"x":96,"y":316,"width":772,"height":10}},{"id":"a18e345b-ee0e-4061-8ea8-b5f8696a6dc1","block_type":"box","text":"more","page_number":17,"box":{"x":873,"y":318,"width":31,"height":6}},{"id":"0eaf6ce5-d2aa-4fb2-8ddf-eb8bd1fa9c79","block_type":"box","text":"than ± 12.5%.","page_number":17,"box":{"x":95,"y":331,"width":82,"height":8}},{"id":"60a6fecb-0d82-4eee-b631-2d4abc0746a1","block_type":"box","text":"The Investment Manager will manage the portfolio in order to achieve its investment objective by investing in collective invest","page_number":17,"box":{"x":95,"y":353,"width":777,"height":11}},{"id":"c45c7046-f2dc-4dc3-b847-6925c10dfe8e","block_type":"box","text":"ment","page_number":17,"box":{"x":873,"y":354,"width":31,"height":7}},{"id":"b5e70b2d-884a-4a72-b40f-c5d0f98d8526","block_type":"box","text":"schemes such as unit trusts, OEICs and other UCITS funds and closed ended schemes. The Sub-fund may also invest in individual s","page_number":17,"box":{"x":95,"y":369,"width":774,"height":10}},{"id":"12e699db-b571-44f2-9e2f-cd8891a1b6c3","block_type":"box","text":"tocks,","page_number":17,"box":{"x":869,"y":369,"width":34,"height":9}},{"id":"80227439-564f-4abe-b833-fa65cf719934","block_type":"box","text":"bonds, and derivatives if considered appropriate to meet the investment objective.","page_number":17,"box":{"x":96,"y":384,"width":503,"height":11}},{"id":"61a4900b-4a3c-4384-a1ce-4aef9e695491","block_type":"box","text":"The Sub-fund will seek exposure to a diverse portfolio of assets, with the overall portfolio having an equity allocation in lin","page_number":17,"box":{"x":95,"y":406,"width":743,"height":11}},{"id":"a27b65b8-5d0b-4a9b-a12f-89a593f34209","block_type":"box","text":"e with that","page_number":17,"box":{"x":840,"y":406,"width":64,"height":9}},{"id":"c904fc28-28d9-4b59-be64-2876b9a60bee","block_type":"box","text":"in the investment objective. Other underlying assets in the portfolio (to which there will be indirect exposure) may include bo","page_number":17,"box":{"x":96,"y":422,"width":781,"height":10}},{"id":"dae18052-94ed-4ea2-838c-bb0bad5d2c3f","block_type":"box","text":"nds,","page_number":17,"box":{"x":879,"y":422,"width":24,"height":9}},{"id":"74033424-2252-457e-9ad3-65c9fbf0c0ea","block_type":"box","text":"commodities, property, private equity, derivatives and other instruments. Some of these investments will be denominated in fore","page_number":17,"box":{"x":95,"y":437,"width":790,"height":11}},{"id":"df180521-3007-40cd-a03d-8047d79c4206","block_type":"box","text":"ign","page_number":17,"box":{"x":887,"y":437,"width":16,"height":11}},{"id":"94a2f5a0-0e13-4e3f-8759-7ad2713d4e58","block_type":"box","text":"currencies which may or may not be hedged back to Pounds Sterling.","page_number":17,"box":{"x":95,"y":453,"width":420,"height":10}},{"id":"ddf4fe39-f684-4b56-a4be-eb709bcdc5c5","block_type":"box","text":"The Sub-fund may also invest, at the ACD’s discretion, in other transferable securities, money market instruments, cash and nea","page_number":17,"box":{"x":95,"y":475,"width":769,"height":11}},{"id":"c765f290-8ae1-468e-b5ae-7abc3de203d8","block_type":"box","text":"r cash,","page_number":17,"box":{"x":866,"y":475,"width":37,"height":9}},{"id":"4f4da67c-8fee-4e46-828d-2fc53639e8c7","block_type":"box","text":"deposits and any other permitted asset type deemed appropriate to meet the investment objective.","page_number":17,"box":{"x":95,"y":490,"width":607,"height":11}},{"id":"526882c3-65e3-46c6-b799-20c2ebfa92c5","block_type":"box","text":"Derivatives","page_number":17,"box":{"x":96,"y":512,"width":74,"height":9}},{"id":"14440b0a-4217-47f7-a4e8-4aa2513cb9d2","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":17,"box":{"x":95,"y":528,"width":686,"height":11}},{"id":"b532200d-e273-4afa-a9ae-3ee88197c10e","block_type":"box","text":"Benchmark","page_number":17,"box":{"x":96,"y":550,"width":76,"height":8}},{"id":"87f7f0ff-51ee-445b-bd1d-06d139455dd0","block_type":"box","text":"No explicit benchmark is stated for the Sub-fund. However multi-asset portfolios or peer group averages with a similar weight i","page_number":17,"box":{"x":96,"y":565,"width":758,"height":11}},{"id":"8f740693-265d-4f1a-a208-ff998cb6c6da","block_type":"box","text":"n equity","page_number":17,"box":{"x":857,"y":566,"width":47,"height":10}},{"id":"54dc28bf-4bd0-472c-9d90-f0767a516205","block_type":"box","text":"may be useful in assessing the performance of the Sub-fund. An example for this Sub-fund may be the IA OE Mixed Investment 40-","page_number":17,"box":{"x":96,"y":581,"width":808,"height":11}},{"id":"7ceb5559-93f7-49fe-8313-107e476ac4dc","block_type":"box","text":"85% Shares.","page_number":17,"box":{"x":95,"y":596,"width":74,"height":9}},{"id":"704be6c6-b73a-46d2-9aaa-f2069596b657","block_type":"box","text":"The Sub-fund provides comparative performance against a relevant Investment Association sector benchmark in order for investors","page_number":17,"box":{"x":95,"y":619,"width":809,"height":10}},{"id":"50988ff4-9952-4398-a056-028dbe6a15c7","block_type":"box","text":"to compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association M","page_number":17,"box":{"x":95,"y":634,"width":782,"height":11}},{"id":"7d19b840-117a-4b1b-9af8-b4079b255e66","block_type":"box","text":"ixed","page_number":17,"box":{"x":880,"y":634,"width":23,"height":8}},{"id":"85b85d2f-45dc-42ac-bd7b-f5761ce039a8","block_type":"box","text":"Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a","page_number":17,"box":{"x":95,"y":649,"width":800,"height":11}},{"id":"9312f63c-037e-4b2f-8a42-c678d4f27590","block_type":"box","text":"n","page_number":17,"box":{"x":897,"y":652,"width":6,"height":6}},{"id":"db9adbea-f33c-47b3-bdb9-47c4940c29b7","block_type":"box","text":"indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or","page_number":17,"box":{"x":96,"y":665,"width":756,"height":11}},{"id":"06a33215-5fa6-4f33-abde-31f1eb234e87","block_type":"box","text":"investor","page_number":17,"box":{"x":856,"y":665,"width":48,"height":8}},{"id":"dd196143-3f37-4c1d-8139-a39bc63fee6b","block_type":"box","text":"expectations.","page_number":17,"box":{"x":95,"y":681,"width":80,"height":10}},{"id":"f91c5115-7cfb-476b-8cfe-1e6d7ca08ed6","block_type":"box","text":"Final accounting date","page_number":17,"box":{"x":96,"y":702,"width":142,"height":11}},{"id":"4725c541-f7bd-40b8-9e14-8410bf96f3b9","block_type":"box","text":"30 April","page_number":17,"box":{"x":95,"y":718,"width":46,"height":11}},{"id":"e079a4ee-e0bf-4013-90fa-4eedef037318","block_type":"box","text":"Interim accounting date","page_number":17,"box":{"x":96,"y":740,"width":159,"height":11}},{"id":"1eca6d38-0f85-429a-918c-49520601f963","block_type":"box","text":"31 October","page_number":17,"box":{"x":95,"y":756,"width":68,"height":8}},{"id":"9c567d83-cc9d-4e0b-bff8-fb4cc6def56e","block_type":"box","text":"Income distribution date","page_number":17,"box":{"x":96,"y":778,"width":164,"height":8}},{"id":"fffdb3ef-dec3-4941-9088-56654d0ac1d1","block_type":"box","text":"31 August","page_number":17,"box":{"x":95,"y":794,"width":60,"height":10}},{"id":"606282da-dd5b-4384-a943-bb0972edf938","block_type":"box","text":"ISA status","page_number":17,"box":{"x":96,"y":816,"width":64,"height":8}},{"id":"1f2b5ab9-c00c-4842-a963-2bc0ce62cb79","block_type":"box","text":"Qualifying Investment for stocks and shares ISA – however direct ISA investment is not currently available.","page_number":17,"box":{"x":96,"y":831,"width":643,"height":10}},{"id":"f5a1e71d-52d6-45e5-8829-2e33a8e4c5de","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":17,"box":{"x":97,"y":38,"width":362,"height":17}},{"id":"a1e9b496-1be8-4547-8fb9-dc517b5f97a9","block_type":"box","text":"12","page_number":17,"box":{"x":15,"y":960,"width":17,"height":8}},{"id":"9cc2bfa8-b4b9-44cb-b68e-85af32125615","block_type":"box","text":"Sub-fund Overview (continued)","page_number":18,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"4e8435ce-3eeb-4381-9a56-5c08668a5c18","block_type":"box","text":"Class of shares","page_number":18,"box":{"x":96,"y":128,"width":96,"height":8}},{"id":"43f6e94b-f869-448f-bce4-ec560f797519","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":18,"box":{"x":334,"y":128,"width":213,"height":9}},{"id":"2fe6d94d-85ee-4f3b-a5cc-3136e238dd1a","block_type":"box","text":"Initial charge","page_number":18,"box":{"x":96,"y":150,"width":86,"height":10}},{"id":"f95aaf1d-d889-4f7b-8274-c62b0a33473b","block_type":"box","text":"0% (of the amount invested by an investor)","page_number":18,"box":{"x":334,"y":150,"width":261,"height":10}},{"id":"4c9d0043-cf77-40cd-851f-11cf93d97c22","block_type":"box","text":"Redemption charge","page_number":18,"box":{"x":96,"y":172,"width":129,"height":11}},{"id":"1fa34cb7-9b72-4f07-9287-dc3346265d32","block_type":"box","text":"0%","page_number":18,"box":{"x":334,"y":172,"width":17,"height":8}},{"id":"c902e102-f9af-4eb0-aa9f-17ebccb8aa1d","block_type":"box","text":"Annual management charge","page_number":18,"box":{"x":95,"y":194,"width":188,"height":11}},{"id":"b230beb4-851d-4a07-a863-53f2a975067b","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":18,"box":{"x":96,"y":210,"width":213,"height":9}},{"id":"68acfa5e-aa6d-4ea2-b146-80c5fa883763","block_type":"box","text":"0.25%","page_number":18,"box":{"x":334,"y":210,"width":36,"height":8}},{"id":"fd2e913d-1dbe-4df4-993b-abb870d002e2","block_type":"box","text":"Minimum initial investment","page_number":18,"box":{"x":96,"y":232,"width":167,"height":8}},{"id":"ac87ba2e-58b0-484e-b966-c0337002ea46","block_type":"box","text":"£2,500,000","page_number":18,"box":{"x":333,"y":232,"width":67,"height":9}},{"id":"cc040717-1cd8-42bc-8fd5-cc4b7bca6e31","block_type":"box","text":"Minimum subsequent investment","page_number":18,"box":{"x":96,"y":254,"width":205,"height":11}},{"id":"d0b40cd9-f248-4fe1-a114-efdd0b7399b5","block_type":"box","text":"£1,000,000","page_number":18,"box":{"x":333,"y":254,"width":67,"height":9}},{"id":"8da128fb-22ad-4fdf-94c3-d2dafbc7a820","block_type":"box","text":"Minimum holding","page_number":18,"box":{"x":96,"y":276,"width":107,"height":11}},{"id":"aec4c393-7fbe-47c8-b1f3-64a0de2b3476","block_type":"box","text":"£1,000,000","page_number":18,"box":{"x":333,"y":276,"width":67,"height":10}},{"id":"3d3d5345-3af5-4699-a347-03737733ab12","block_type":"box","text":"Minimum redemption","page_number":18,"box":{"x":96,"y":298,"width":133,"height":11}},{"id":"464a6c45-3150-41c2-8bc9-3c5ffb425dfa","block_type":"box","text":"None","page_number":18,"box":{"x":334,"y":299,"width":31,"height":7}},{"id":"6394a745-ebab-4b54-9cd6-2aa0235279cf","block_type":"box","text":"Regular savings plan","page_number":18,"box":{"x":96,"y":320,"width":135,"height":11}},{"id":"5475f79b-cb6d-431c-9a9d-5a91dda2546e","block_type":"box","text":"N/A","page_number":18,"box":{"x":334,"y":321,"width":22,"height":8}},{"id":"ab1afba3-0df5-4fa0-aa5a-49d82314506e","block_type":"box","text":"Regular withdrawal facility","page_number":18,"box":{"x":96,"y":343,"width":180,"height":10}},{"id":"43a97322-1820-4a5b-819a-4e9b11c80a3a","block_type":"box","text":"N/A","page_number":18,"box":{"x":334,"y":343,"width":22,"height":8}},{"id":"c70bb3b0-4fca-407c-bcd8-dba65577f62e","block_type":"box","text":"Investment in this Sub-fund is restricted to investors who are investing through the Tatton Investment Management discretionary","page_number":18,"box":{"x":96,"y":365,"width":808,"height":10}},{"id":"35461b2b-fd13-466a-8e53-323c4d8a4d9b","block_type":"box","text":"management proposition.","page_number":18,"box":{"x":96,"y":380,"width":157,"height":11}},{"id":"e0c1103e-e2a1-4405-8296-69da3e6513f9","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":18,"box":{"x":541,"y":38,"width":361,"height":17}},{"id":"f4a7b5fb-d8fa-4926-b865-db2377896159","block_type":"box","text":"13","page_number":18,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"13b5255d-0d2e-4aa5-ae38-b723d1282bff","block_type":"box","text":"Investment Manager’s Review","page_number":19,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"b3e892c2-d6df-419e-bf38-4812e4d4c901","block_type":"box","text":"for the year ended 30 April 2026","page_number":19,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"4c08b794-f8ed-4930-81af-6e374e239b92","block_type":"box","text":"Investment review","page_number":19,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"32de6812-8fca-44e9-8f7d-9ede6432bb1a","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":19,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"949f057a-84d0-45a0-9dec-d216dc3c7393","block_type":"box","text":"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","page_number":19,"box":{"x":95,"y":165,"width":809,"height":11}},{"id":"5002894d-b1b7-4fee-9f52-77c6db15ad3f","block_type":"box","text":"benchmark returned 3.14% meaning the fund outperformed by 0.97% over the period.","page_number":19,"box":{"x":96,"y":181,"width":528,"height":10}},{"id":"6638e58e-7ac1-41e2-80a3-effc74604958","block_type":"box","text":"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","page_number":19,"box":{"x":96,"y":203,"width":777,"height":10}},{"id":"b3b7ef89-4e2b-45e8-acb5-9889e4b72845","block_type":"box","text":"-85%","page_number":19,"box":{"x":874,"y":203,"width":30,"height":8}},{"id":"a8f99d80-3c9f-4dda-848c-1c1f61cc9f9e","block_type":"box","text":"Shares reference index returned 17.89%, meaning the fund outperformed by 3.42% over the period.","page_number":19,"box":{"x":95,"y":218,"width":611,"height":11}},{"id":"a755eb22-e6d1-4b6d-8014-ed21c451ac44","block_type":"box","text":"Overview","page_number":19,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"8ff5d2b3-253e-44e8-bbd3-7f063b095264","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":19,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"209d1634-f0a9-4f14-aaac-754403a7fd9c","block_type":"box","text":"market","page_number":19,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"51279900-fd4c-45f7-957d-c3d756c4f1c5","block_type":"box","text":"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.","page_number":19,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"6495aa0c-6ca9-487c-aff5-2af9d69bf3b5","block_type":"box","text":"Since last","page_number":19,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"43ef6d16-972c-4bda-8007-912daf5cde27","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":19,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"4b5d0c5f-7845-4ab5-9c20-7b406cc518f2","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":19,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"21d9bb8d-c875-4496-ad7d-42ba5fd40fbb","block_type":"box","text":"eral Reserve","page_number":19,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"34d9caf5-893c-485a-bc16-7a33121bb0a2","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":19,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"41234ac9-39c5-4b0f-bc55-21bea60d5765","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":19,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"6d348f04-d676-465c-a697-fc855e8255a5","block_type":"box","text":"ons of","page_number":19,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"314ad50d-5d7d-49b3-9719-333755e4fabf","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":19,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"935ee96d-87f7-475d-aa7f-f416b50ad05e","block_type":"box","text":"than","page_number":19,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"5c638cb9-3994-4791-9618-59ddcda76ced","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":19,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"e628bd0f-a4fc-477f-87bf-6e1cc8ca834c","block_type":"box","text":"le AI","page_number":19,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"5a4e78fd-8eb0-48c2-9b9a-4eabea372a80","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":19,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"d89b994c-b1af-4f2f-8178-6dc4816296d3","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":19,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"df8a9c8f-91da-4a77-97d7-664f2ea5dcad","block_type":"box","text":"edia","page_number":19,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"ebf8f139-03ef-4281-86a2-a752667fb739","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":19,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"76172cb4-2050-48e2-b0c6-331b73de2c03","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":19,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"805d907d-5d5a-4901-8ea7-1176e58c51b3","block_type":"box","text":"interest","page_number":19,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"cdbe1cc6-f7a7-464e-bdc4-2a4906abfaa7","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":19,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"2d40539f-0e99-4f4f-84ae-6139baad2134","block_type":"box","text":"d wider","page_number":19,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"f3fbbdec-70c0-47c2-b72e-db39be32f445","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":19,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"83c3c68f-b273-4264-b5ed-1ba28867745f","block_type":"box","text":"Outlook","page_number":19,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"e6b938e0-b0f9-4120-a790-eb3a0aa39571","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":19,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"18ae7e56-4493-4fe6-bbba-652bccd44afd","block_type":"box","text":"for","page_number":19,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"ad3257fd-0152-41dc-a5fd-73e9281ac1b5","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":19,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"f577e78e-a564-46c2-a71a-7e55e2b7dd61","block_type":"box","text":"of","page_number":19,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"ee4acff6-cbce-43a2-a9fd-08275734d380","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":19,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"2c6bfe97-e6df-4bcd-8bcd-fac938dfd137","block_type":"box","text":"ll take time","page_number":19,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"81b77055-737e-46e6-94a3-08d7382356fd","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":19,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"c429adf9-f589-4e3a-ac32-77ba20fa4764","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":19,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"a351753f-3976-405c-bef2-c6627128ca7e","block_type":"box","text":". Oil","page_number":19,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"f1030a78-b402-4087-b1d7-5a767a5ae4c9","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":19,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"76cc8798-b7ae-437a-a6c4-17935ff5c837","block_type":"box","text":"expectation","page_number":19,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"5af91a8c-8d58-44fc-914f-ff04abf3dc8f","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":19,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"4689a1a4-3f60-4ba7-972f-3d92a4220b4d","block_type":"box","text":"sell-off","page_number":19,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"0851064e-07c6-4159-87f8-0bc933e1a1c4","block_type":"box","text":"we might have expected).","page_number":19,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"3b353403-a85b-458b-b378-2ce28a81f566","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":19,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"50bd4d71-50f8-41b3-abb3-08daa5203475","block_type":"box","text":"ries","page_number":19,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"c287cfa0-bde3-4bf6-931e-bdcc85c558b3","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":19,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"2ce24054-f324-40d8-bd59-3c7e9d4403be","block_type":"box","text":"rowth can","page_number":19,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"57004cb5-4f84-48d6-9353-4f4415369545","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":19,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"26f92506-9e92-4040-ad95-2fda7e3ced2f","block_type":"box","text":"g.","page_number":19,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"349bcdf2-9ad5-4415-bbd0-90b6c00cfba1","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":19,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"2f636294-db03-4d03-a348-c20187d5c782","block_type":"box","text":"y","page_number":19,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"dff9a5f2-c374-4887-9aca-1e183dfef894","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":19,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"db1a2aa8-9fe6-4b52-98af-8fc7b6de0bb4","block_type":"box","text":"cle.","page_number":19,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"2fe0a2a1-8bd1-4370-af00-d3ebb7d28551","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":19,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"108aa578-0ed7-420f-a687-32bbcfeede72","block_type":"box","text":"Fund positioning","page_number":19,"box":{"x":96,"y":764,"width":111,"height":11}},{"id":"e6721c47-6f83-46e6-91c9-980657079814","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":19,"box":{"x":95,"y":780,"width":769,"height":10}},{"id":"8a8f816a-b71a-4be2-852f-1c02e33e284d","block_type":"box","text":"d fund","page_number":19,"box":{"x":865,"y":780,"width":38,"height":8}},{"id":"7dda6e13-2828-4c5e-9591-6475055a69a2","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":19,"box":{"x":95,"y":795,"width":473,"height":11}},{"id":"7026dc5a-a838-431e-9863-787840e807dc","block_type":"box","text":"On 8 May 2025, changes were made to the portfolio. Some asset allocation changes were made; Bonds were increased and Equities","page_number":19,"box":{"x":96,"y":817,"width":808,"height":11}},{"id":"3d0d3730-b02a-4137-98a2-8275caee68f0","block_type":"box","text":"were decreased. During this update, sub-asset allocations were amended; Europe Equity was increased, North America Equity was","page_number":19,"box":{"x":95,"y":833,"width":809,"height":10}},{"id":"77a340e2-f781-4162-bce5-14476f38e618","block_type":"box","text":"decreased and Strategic Bond was increased. Fund managers within the portfolio were adjusted; HSBC European Index Fund was","page_number":19,"box":{"x":95,"y":848,"width":809,"height":11}},{"id":"1d3ef79f-b12d-4b6f-951f-b19fe9cd5287","block_type":"box","text":"increased and iShares MSCI Europe Mid Cap ETF was removed.","page_number":19,"box":{"x":96,"y":864,"width":381,"height":10}},{"id":"4050d455-37b1-443c-94aa-a0612ba38195","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":19,"box":{"x":97,"y":38,"width":362,"height":17}},{"id":"fc04ee62-4fa8-4f63-b68f-9f2e5c951579","block_type":"box","text":"14","page_number":19,"box":{"x":15,"y":960,"width":18,"height":8}},{"id":"8ea1a302-d94d-4a3b-bbd2-59a491acccf3","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":20,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"5b401482-ef6b-440f-8f7e-91f39431c69d","block_type":"box","text":"for the year ended 30 April 2026","page_number":20,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"ce0fc6e2-c38c-46ec-bdd2-ae3e8d2d00b1","block_type":"box","text":"The portfolio underwent an update on 11 July 2025. Changes were implemented in the asset class allocations; Bonds were decrease","page_number":20,"box":{"x":95,"y":128,"width":800,"height":10}},{"id":"e6b366cc-f063-408d-af52-57abf92bdf06","block_type":"box","text":"d","page_number":20,"box":{"x":897,"y":128,"width":6,"height":8}},{"id":"5919b935-04f8-4b99-b3b5-650c5c5419d9","block_type":"box","text":"and Equities were increased. The fund’s sub-asset allocation was updated; Government Bond was decreased, North America Equity","page_number":20,"box":{"x":95,"y":143,"width":809,"height":11}},{"id":"50be4c42-e23c-4a62-8d9c-7a88786d012b","block_type":"box","text":"was increased and Strategic Bond was decreased. Manager positions were updated; HSBC American Index Fund was increased, HSBC","page_number":20,"box":{"x":95,"y":158,"width":809,"height":11}},{"id":"bbbaab80-af55-4a13-843c-070dbd268ebe","block_type":"box","text":"Global Aggregate Bond UCITS ETF was decreased and HSBC Global Government Bond UCITS ETF was decreased.","page_number":20,"box":{"x":96,"y":174,"width":679,"height":11}},{"id":"071cae14-d93a-45f9-b81a-a3adffb1573d","block_type":"box","text":"Some changes to the portfolio were implemented on 12 August 2025. The portfolio’s sub-asset class distribution was revised;","page_number":20,"box":{"x":95,"y":196,"width":808,"height":11}},{"id":"c81ecb15-c819-4cdd-81f9-61ab76c4472e","block_type":"box","text":"Government Bond was increased, North America Equity was increased and Strategic Bond was decreased. The portfolio’s fund manage","page_number":20,"box":{"x":96,"y":211,"width":802,"height":11}},{"id":"ab2c863f-7c18-4dda-aadc-5a5265332d79","block_type":"box","text":"r","page_number":20,"box":{"x":900,"y":214,"width":4,"height":6}},{"id":"bacddd48-71bb-4881-85cd-e44c91aa0589","block_type":"box","text":"allocations were updated; Amundi Prime Japan was added, Dimensional Global Ultra Short Fixed Income Fund was removed, HSBC","page_number":20,"box":{"x":95,"y":227,"width":809,"height":11}},{"id":"29cc65ff-d07e-4c55-9d30-fe2c986dbd2c","block_type":"box","text":"American Index Fund was decreased, HSBC Global Emerging Market Government Bond Index Fund was added, Loomis Sayles Global","page_number":20,"box":{"x":95,"y":242,"width":808,"height":11}},{"id":"21c4b788-b745-4aad-8460-136f69f37151","block_type":"box","text":"Opportunistic Bond Fund was decreased, Schroder Recovery Fund was removed and State Street SPDR S&P500 Quality Aristocrats ETF","page_number":20,"box":{"x":96,"y":258,"width":808,"height":11}},{"id":"21ae9f78-8b84-463b-ad69-77ff0801afb4","block_type":"box","text":"was added.","page_number":20,"box":{"x":95,"y":273,"width":69,"height":9}},{"id":"583621d8-a879-4bda-8b20-04e000c42390","block_type":"box","text":"The fund’s positioning was changed on 30 October 2025. During this update some manager changes were made; HSBC Global","page_number":20,"box":{"x":95,"y":295,"width":808,"height":11}},{"id":"8ae98cd8-0515-4331-93b4-72e652a65568","block_type":"box","text":"Government Bond UCITS ETF was increased, SVM UK Opportunities Fund was removed, iShares $ Treasury Bd 20+y ETF was removed","page_number":20,"box":{"x":96,"y":311,"width":807,"height":11}},{"id":"751cd1d5-cf14-4e57-9a3a-00c788f657ba","block_type":"box","text":"and RGI UK Opportunities Fund was added.","page_number":20,"box":{"x":95,"y":326,"width":264,"height":11}},{"id":"daa638d1-b699-406d-946e-57db96d358d8","block_type":"box","text":"On 3 November 2025, changes were made to the portfolio. The portfolio’s fund manager allocations were updated; Barings Emerging","page_number":20,"box":{"x":96,"y":348,"width":808,"height":11}},{"id":"0ee7e4bf-99e3-41da-bdfa-7c30bf027e8b","block_type":"box","text":"Markets Debt Blended Total Return Fund was removed, HSBC Global Emerging Market Government Bond Index Fund was removed,","page_number":20,"box":{"x":96,"y":364,"width":807,"height":11}},{"id":"0a14f0b2-451d-414f-b0af-65c97a441903","block_type":"box","text":"iShares UK Equity Index Fund (UK) was decreased, Emerging Markets Debt Opportunities Fund was added and Jupiter UK Dynamic","page_number":20,"box":{"x":96,"y":379,"width":808,"height":11}},{"id":"c29b26dc-4039-4c73-b393-aef8f0650508","block_type":"box","text":"Equity Fund was added.","page_number":20,"box":{"x":96,"y":395,"width":143,"height":11}},{"id":"dc556f7f-9fa2-459d-9f3d-c05ebed77cc7","block_type":"box","text":"Some changes to the portfolio were implemented on 2 December 2025. The portfolio’s fund manager lineup was revised; the iShares","page_number":20,"box":{"x":95,"y":417,"width":809,"height":11}},{"id":"6f51faaf-7b43-4975-98c1-72b7db6b0e0f","block_type":"box","text":"UK Equity Index Fund (UK) share class was changed.","page_number":20,"box":{"x":96,"y":432,"width":314,"height":11}},{"id":"b002287c-30c6-4208-9406-f44bb8c488d9","block_type":"box","text":"The portfolio was updated on 12 January 2026. One manager selection change was made; Dimensional Global Ultra Short Fixed Incom","page_number":20,"box":{"x":95,"y":455,"width":801,"height":10}},{"id":"cb41dd2c-7fe9-4d12-b68d-77caf8699c82","block_type":"box","text":"e","page_number":20,"box":{"x":898,"y":457,"width":6,"height":6}},{"id":"0942b00f-5a32-4d03-a925-7c5e8f4d7e64","block_type":"box","text":"Fund was added.","page_number":20,"box":{"x":96,"y":470,"width":102,"height":8}},{"id":"d89f3001-b5d9-490f-a3e0-c0d236f106da","block_type":"box","text":"On 25 March 2026, changes were made to the portfolio. Updates were made to the asset class split; Bonds were decreased and Equi","page_number":20,"box":{"x":96,"y":492,"width":786,"height":11}},{"id":"002189b2-5564-45f8-ab09-56b2ab0d23a2","block_type":"box","text":"ties","page_number":20,"box":{"x":883,"y":493,"width":21,"height":7}},{"id":"4f4b849b-3223-44e8-b2ec-c33ca282e7c9","block_type":"box","text":"were increased. A sub-asset allocation change was made; UK Equity was increased.","page_number":20,"box":{"x":95,"y":508,"width":504,"height":10}},{"id":"7b784d20-ec23-412e-aefe-9bf409b48cb5","block_type":"box","text":"Tatton Investment Management Limited","page_number":20,"box":{"x":95,"y":552,"width":269,"height":11}},{"id":"8791328a-21fe-4608-ac68-830e461c46cd","block_type":"box","text":"Investment Manager to the Fund","page_number":20,"box":{"x":96,"y":567,"width":198,"height":11}},{"id":"5526ad34-8b60-40c1-9da4-ba922e37c0f9","block_type":"box","text":"May 2026","page_number":20,"box":{"x":96,"y":583,"width":58,"height":11}},{"id":"2061d705-f17e-44c4-b41c-420351e28acc","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":20,"box":{"x":541,"y":38,"width":361,"height":17}},{"id":"bf99f053-ab15-4f85-8052-8a8330683efb","block_type":"box","text":"15","page_number":20,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"e46ad169-d3a7-413d-b16c-167b69d31119","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":21,"box":{"x":97,"y":38,"width":362,"height":17}},{"id":"128d471f-2a76-4315-b261-2fbabb42c123","block_type":"box","text":"16","page_number":21,"box":{"x":15,"y":960,"width":17,"height":9}},{"id":"30463f83-820f-4782-9315-b4f3247a3abc","block_type":"box","text":"Performance Record","page_number":21,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"e66c60b1-5225-4fcd-ae7c-508e7f61f0fe","block_type":"box","text":"Financial Highlights","page_number":21,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"350eb575-7822-43e2-ab6b-0f367606f6ee","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":21,"box":{"x":100,"y":149,"width":237,"height":9}},{"id":"2e2201fd-f0c0-43fc-9947-ed727d7d4d0f","block_type":"box","text":"30.04.26","page_number":21,"box":{"x":418,"y":149,"width":54,"height":8}},{"id":"f0fa6e9d-f7e6-4b3d-8877-8fd25174adcd","block_type":"box","text":"30.04.25","page_number":21,"box":{"x":527,"y":149,"width":54,"height":8}},{"id":"b13fa645-5316-46e0-a589-8cc195946fef","block_type":"box","text":"30.04.24","page_number":21,"box":{"x":637,"y":149,"width":54,"height":8}},{"id":"5095ff6d-242d-4b14-9ba2-6c37c0ce1552","block_type":"box","text":"p","page_number":21,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"abf4940b-dec5-4414-a056-fccd6fd192a5","block_type":"box","text":"p","page_number":21,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"a137f81f-c248-4db9-999b-42df3b9f8061","block_type":"box","text":"p","page_number":21,"box":{"x":661,"y":161,"width":6,"height":9}},{"id":"06f4697a-439a-4ae6-979c-4518a8405636","block_type":"box","text":"Opening net asset value per share","page_number":21,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"c8ed191f-4bb9-44e4-aea9-43a9beb59eb7","block_type":"box","text":"187.2228","page_number":21,"box":{"x":435,"y":178,"width":54,"height":8}},{"id":"db29728f-c6d1-4be6-8d81-122749fbd89f","block_type":"box","text":"181.1464","page_number":21,"box":{"x":544,"y":178,"width":55,"height":8}},{"id":"30cb5bf4-409f-4515-bda6-3c36b20e4c91","block_type":"box","text":"163.0829","page_number":21,"box":{"x":654,"y":178,"width":54,"height":8}},{"id":"977963f6-e666-4671-bc71-6bf9311d86a2","block_type":"box","text":"Return before operating charges","page_number":21,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"b1db02f6-4cbe-4d4f-b85a-1b407f7acb2b","block_type":"box","text":"40.8414","page_number":21,"box":{"x":441,"y":191,"width":49,"height":8}},{"id":"75cd3f18-57ac-4bcf-94aa-3b470791b0e4","block_type":"box","text":"6.9605","page_number":21,"box":{"x":559,"y":191,"width":40,"height":8}},{"id":"c48488af-0969-46ee-9d20-cdb436c326c9","block_type":"box","text":"18.9757","page_number":21,"box":{"x":661,"y":191,"width":47,"height":8}},{"id":"7767b0e5-a09d-4039-9814-1766f13809a7","block_type":"box","text":"Operating charges (note 1)","page_number":21,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"0ee89cee-6dff-40e1-9a15-506c7362cd73","block_type":"box","text":"(0.9934)","page_number":21,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"8e2ea141-ee53-469e-bfec-9acee7bfca9a","block_type":"box","text":"(0.8841)","page_number":21,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"7b1050d6-8a05-4de4-aa86-620a9b8362c2","block_type":"box","text":"(0.9122)","page_number":21,"box":{"x":660,"y":204,"width":48,"height":9}},{"id":"8a752f98-e889-4a8f-bcaf-6ddecfc36e32","block_type":"box","text":"Return after operating charges","page_number":21,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"e11b483c-fe40-4ffa-910d-162e5a9384b1","block_type":"box","text":"39.8480","page_number":21,"box":{"x":442,"y":217,"width":47,"height":8}},{"id":"9ff0be48-0cf4-4464-8bb6-2b825d3673fe","block_type":"box","text":"6.0764","page_number":21,"box":{"x":559,"y":217,"width":40,"height":8}},{"id":"9ddaf7e9-842e-4e28-a976-a6101037ce9e","block_type":"box","text":"18.0635","page_number":21,"box":{"x":661,"y":217,"width":47,"height":8}},{"id":"fda3ef2c-3d9a-4bf4-913e-84bf5dc10dd9","block_type":"box","text":"Closing net asset value per share","page_number":21,"box":{"x":100,"y":230,"width":217,"height":10}},{"id":"6124fb42-2261-429a-a1f9-90b0a5c8e77a","block_type":"box","text":"227.0708","page_number":21,"box":{"x":431,"y":230,"width":59,"height":8}},{"id":"bb23ee1a-79a5-472e-bc77-0de229eebc81","block_type":"box","text":"187.2228","page_number":21,"box":{"x":541,"y":230,"width":58,"height":8}},{"id":"70fec129-15db-4fa5-bf6b-0d6cdf668c64","block_type":"box","text":"181.1464","page_number":21,"box":{"x":651,"y":230,"width":58,"height":8}},{"id":"324366be-10f8-42b8-946c-1f723f976652","block_type":"box","text":"Retained distributions on accumulated shares","page_number":21,"box":{"x":101,"y":243,"width":278,"height":8}},{"id":"84d81959-84c2-4499-a871-a769bbb39cfd","block_type":"box","text":"3.3879","page_number":21,"box":{"x":449,"y":243,"width":40,"height":8}},{"id":"7cf194c6-cb6e-40c6-aa6a-ba06f25f5b38","block_type":"box","text":"2.7014","page_number":21,"box":{"x":559,"y":243,"width":40,"height":8}},{"id":"b04c5bf3-abff-4bba-a142-e19aae400e11","block_type":"box","text":"3.7378","page_number":21,"box":{"x":668,"y":243,"width":40,"height":8}},{"id":"17990600-15b7-4c85-9d48-9d77a34f095c","block_type":"box","text":"After direct transactions costs of","page_number":21,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"0fe19f75-e43a-4c5e-b6a7-589b16813b30","block_type":"box","text":"–","page_number":21,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"b7e00dbd-8abc-4e5a-aa3d-b05898c66e3f","block_type":"box","text":"–","page_number":21,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"09b0f451-9d6c-4e06-a148-51b14a8f2302","block_type":"box","text":"–","page_number":21,"box":{"x":702,"y":261,"width":6,"height":0}},{"id":"483cce2b-a107-495a-a062-9dd9b8174d05","block_type":"box","text":"Performance","page_number":21,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"088aebdf-ff72-42e2-86d1-9f9c0735c530","block_type":"box","text":"Return after charges","page_number":21,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"3251bed8-80ad-41eb-b044-c13876352c09","block_type":"box","text":"21.28%","page_number":21,"box":{"x":446,"y":282,"width":43,"height":8}},{"id":"b2bbcf83-df88-4c76-b398-3d065b1396e1","block_type":"box","text":"3.35%","page_number":21,"box":{"x":563,"y":282,"width":36,"height":8}},{"id":"287d04ae-1177-4b90-8cc4-73d21f8ff44e","block_type":"box","text":"11.08%","page_number":21,"box":{"x":665,"y":282,"width":43,"height":8}},{"id":"b7a4eb87-9d92-4ff4-b956-7f441cd72cd2","block_type":"box","text":"Other information","page_number":21,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"86e79b14-4539-48e3-a5db-6758da3f9bd7","block_type":"box","text":"Closing net asset value","page_number":21,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"9d1dda52-6596-4712-b4e2-34518956bc38","block_type":"box","text":"£1,087,322,073","page_number":21,"box":{"x":397,"y":308,"width":92,"height":10}},{"id":"ebb9d996-bd1a-4ca2-8d7c-ae9e3e2261ca","block_type":"box","text":"£832,683,442","page_number":21,"box":{"x":517,"y":308,"width":82,"height":10}},{"id":"ac9eb1f1-c478-4b83-b1e5-4922d1a612ba","block_type":"box","text":"£766,451,900","page_number":21,"box":{"x":627,"y":308,"width":81,"height":10}},{"id":"176e79a1-cefc-4c4e-ac7c-a6fb96361467","block_type":"box","text":"Closing number of shares","page_number":21,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"05ce4e05-613a-4876-b6fa-c943dbd0a56b","block_type":"box","text":"478,847,250","page_number":21,"box":{"x":415,"y":321,"width":74,"height":10}},{"id":"c2a3b66b-2e12-4801-b2f2-3309e8cab88b","block_type":"box","text":"444,755,354","page_number":21,"box":{"x":525,"y":321,"width":74,"height":10}},{"id":"0d5c4c88-caf2-490f-b1f9-db7e006686e0","block_type":"box","text":"423,111,904","page_number":21,"box":{"x":634,"y":321,"width":75,"height":10}},{"id":"cf3f6666-1063-4804-8e5c-a661d3dd8857","block_type":"box","text":"Operating charges (note 2)","page_number":21,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"333581ad-774d-42e7-bb0d-5805553e02e2","block_type":"box","text":"0.48%","page_number":21,"box":{"x":453,"y":335,"width":36,"height":7}},{"id":"8aa293fc-92c9-4dfd-89c5-5a1a644a51d0","block_type":"box","text":"0.48%","page_number":21,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"e43f2b51-97c8-4829-96c4-7b14c05458f3","block_type":"box","text":"0.53%","page_number":21,"box":{"x":672,"y":335,"width":36,"height":7}},{"id":"7dc892b9-a9fa-4654-8ecd-937c28c0b1f0","block_type":"box","text":"Direct transaction costs","page_number":21,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"4ff8ba28-e1a7-4e7d-bdab-e65beac14fa2","block_type":"box","text":"0.00%","page_number":21,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"5b279cb0-54f8-4db5-9a65-5948e6143f52","block_type":"box","text":"0.00%","page_number":21,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"7f38830b-674d-4f25-ad3c-f757463a8315","block_type":"box","text":"0.00%","page_number":21,"box":{"x":672,"y":348,"width":36,"height":7}},{"id":"476dd542-2537-4bc9-8943-c56439e37c8b","block_type":"box","text":"Prices","page_number":21,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"5b012078-2edf-4ddf-b77a-21bf36465ff6","block_type":"box","text":"Highest share price","page_number":21,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"13bb086f-efa7-45c8-8354-a71bffb08a18","block_type":"box","text":"230.2517","page_number":21,"box":{"x":434,"y":374,"width":55,"height":8}},{"id":"33fb9146-7ee3-4cf8-9413-3cf40cde9733","block_type":"box","text":"200.9482","page_number":21,"box":{"x":544,"y":374,"width":55,"height":8}},{"id":"3b376df0-8b3d-4ab7-bedd-f04ebccf81e0","block_type":"box","text":"183.0308","page_number":21,"box":{"x":654,"y":374,"width":54,"height":8}},{"id":"bc8dd300-25e4-437a-b6d7-46d61dad195e","block_type":"box","text":"Lowest share price","page_number":21,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"1a413760-ee1b-47d2-b70a-5be752094342","block_type":"box","text":"187.2228","page_number":21,"box":{"x":435,"y":387,"width":54,"height":8}},{"id":"9f285486-e48e-4d07-8732-121b15ac6a0a","block_type":"box","text":"177.4570","page_number":21,"box":{"x":544,"y":387,"width":55,"height":8}},{"id":"6f860a01-3a79-43a5-ba68-7cfca66e0a36","block_type":"box","text":"160.0846","page_number":21,"box":{"x":654,"y":387,"width":54,"height":8}},{"id":"8dbc9ab2-a136-426c-89ac-bed270844155","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":21,"box":{"x":96,"y":414,"width":758,"height":11}},{"id":"d5c498bb-e8e5-43e0-bd6f-3fcca88151a7","block_type":"box","text":"aluation","page_number":21,"box":{"x":855,"y":414,"width":48,"height":8}},{"id":"93085872-b0f0-4223-8553-55cea0677a68","block_type":"box","text":"per share throughout the period.","page_number":21,"box":{"x":96,"y":429,"width":200,"height":10}},{"id":"2512dafa-a25d-4d52-8c1f-d1202b2167d2","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":21,"box":{"x":95,"y":448,"width":787,"height":11}},{"id":"fd138357-7512-4fdf-a32f-f4750398322a","block_type":"box","text":"age","page_number":21,"box":{"x":883,"y":451,"width":21,"height":8}},{"id":"1593176d-207e-425f-bd43-2c7f7eaa02f9","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":21,"box":{"x":96,"y":463,"width":778,"height":11}},{"id":"f66b03f7-47af-4278-a639-7a03fc60d6e3","block_type":"box","text":"und.","page_number":21,"box":{"x":874,"y":463,"width":26,"height":8}},{"id":"761a9c07-80ef-44ea-bfe7-52d206857026","block_type":"box","text":"Risk and Reward Profile","page_number":21,"box":{"x":97,"y":513,"width":244,"height":13}},{"id":"424ae0e4-7960-42f4-b737-9893e8629379","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":21,"box":{"x":95,"y":549,"width":785,"height":10}},{"id":"b3d961b1-a0cf-45bd-9740-a07c486b95b8","block_type":"box","text":"the","page_number":21,"box":{"x":884,"y":549,"width":20,"height":8}},{"id":"76b4cd03-5fb1-4ee7-bcdc-16d52bfe9edb","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":21,"box":{"x":96,"y":564,"width":752,"height":11}},{"id":"c056dfa9-2e67-463e-a4b1-9368702ef36d","block_type":"box","text":"and may","page_number":21,"box":{"x":852,"y":564,"width":52,"height":11}},{"id":"c98ce18b-325e-4dc2-aa37-ef1b0a3d6456","block_type":"box","text":"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’","page_number":21,"box":{"x":96,"y":580,"width":753,"height":10}},{"id":"a7d736b7-8aa7-46df-b844-1fb893af39b4","block_type":"box","text":"s ranking","page_number":21,"box":{"x":849,"y":580,"width":55,"height":10}},{"id":"29821304-33d3-46b3-bc96-fccb452e8ff5","block_type":"box","text":"on the risk and reward indicator.","page_number":21,"box":{"x":95,"y":595,"width":199,"height":8}},{"id":"204964b6-6822-44ed-b4f3-94cac228d469","block_type":"box","text":"Typically lower rewards,","page_number":21,"box":{"x":128,"y":617,"width":162,"height":11}},{"id":"0e162e85-ba06-4997-b848-54180b92fa25","block_type":"box","text":"Typically higher rewards,","page_number":21,"box":{"x":706,"y":617,"width":167,"height":11}},{"id":"dddea9b8-c270-4f8f-9145-b3d6445043de","block_type":"box","text":"lower risk","page_number":21,"box":{"x":177,"y":633,"width":65,"height":8}},{"id":"8279f4e7-4793-4c60-98fc-3c19fcc0ec5a","block_type":"box","text":"higher risk","page_number":21,"box":{"x":755,"y":633,"width":71,"height":10}},{"id":"38342d9e-61b9-4822-890c-050d9833f1f5","block_type":"box","text":"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","page_number":21,"box":{"x":96,"y":692,"width":738,"height":11}},{"id":"63837769-3455-4197-8122-6e31863320e3","block_type":"box","text":"y in the Key","page_number":21,"box":{"x":835,"y":693,"width":69,"height":10}},{"id":"dcb3b368-947a-4d13-b6e5-80330dc9d86d","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 5). The Sub-fund is ranked ‘4’ because weekly historical performance data","page_number":21,"box":{"x":96,"y":708,"width":807,"height":11}},{"id":"d3b34e6e-f63e-46d9-af97-96393a13bb64","block_type":"box","text":"indicates that relatively high rises and falls in market prices would have occurred historically. The higher the rank, the grea","page_number":21,"box":{"x":96,"y":723,"width":765,"height":11}},{"id":"94840145-c4e3-4ab0-b142-74581bd0c209","block_type":"box","text":"ter the","page_number":21,"box":{"x":863,"y":723,"width":41,"height":9}},{"id":"66ab4a68-e5e3-4be3-9e32-091dbaf0ad47","block_type":"box","text":"potential reward but the greater the risk of losing money.","page_number":21,"box":{"x":96,"y":739,"width":348,"height":11}},{"id":"98da42d0-415a-470c-a027-e93d7c89eb23","block_type":"box","text":"1","page_number":21,"box":{"x":148,"y":667,"width":8,"height":12}},{"id":"fbf2a8cc-5143-456f-88cb-b6246a3fb854","block_type":"box","text":"2","page_number":21,"box":{"x":263,"y":667,"width":10,"height":12}},{"id":"2e62ae30-41ef-405f-b9b4-24b660bfc85e","block_type":"box","text":"3","page_number":21,"box":{"x":379,"y":667,"width":10,"height":12}},{"id":"127773ca-8734-4283-a236-2313a1fc2726","block_type":"box","text":"4","page_number":21,"box":{"x":494,"y":667,"width":11,"height":12}},{"id":"8b2320c2-93d6-4985-a4ad-8bad42d2375e","block_type":"box","text":"5","page_number":21,"box":{"x":611,"y":667,"width":10,"height":12}},{"id":"a329402c-dbb5-4857-8149-d22868fd672d","block_type":"box","text":"6","page_number":21,"box":{"x":726,"y":667,"width":10,"height":12}},{"id":"c287642c-0e07-43f4-8cbc-504f8c9ae93e","block_type":"box","text":"7","page_number":21,"box":{"x":841,"y":667,"width":11,"height":12}},{"id":"9da2adc2-a6b3-4199-8b51-d435f1871cb5","block_type":"box","text":"Portfolio Statement","page_number":22,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"4174329c-379a-44a6-9cf7-ac46296ea3cb","block_type":"box","text":"as at 30 April 2026","page_number":22,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"559b2f89-7fd8-41ef-b390-137ed0ef9eb4","block_type":"box","text":"Market","page_number":22,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"11623349-66a3-406a-9577-24438b4a1583","block_type":"box","text":"% of total","page_number":22,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"176858a4-d290-48e1-a31d-8f7fd1b963a3","block_type":"box","text":"value","page_number":22,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"71d2bd56-6d99-4faf-86db-b30371ce2c8a","block_type":"box","text":"net assets","page_number":22,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"b4fd62e2-e8fc-4e7c-b2c0-af25d0416b73","block_type":"box","text":"Holding","page_number":22,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"1ef1613a-ca6d-47de-8261-ad76f35a5e41","block_type":"box","text":"Investment","page_number":22,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"a44cf3a6-ff3c-465b-a019-5cabb7d01b7a","block_type":"box","text":"£","page_number":22,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"354481e6-beae-4a32-9d8a-3217808ecc8d","block_type":"box","text":"2026","page_number":22,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"b3f4ba12-3f32-4d8a-b219-0ab4afc60f4a","block_type":"box","text":"Collective Investment Schemes (30.04.2025: 92.82%)","page_number":22,"box":{"x":210,"y":176,"width":346,"height":10}},{"id":"c182ce43-e284-44ca-afae-60f7f62e5a32","block_type":"box","text":"9,070,166","page_number":22,"box":{"x":131,"y":191,"width":58,"height":9}},{"id":"e514d88a-b40e-4399-be9e-e52d04dbae73","block_type":"box","text":"Artemis US Select Fund","page_number":22,"box":{"x":209,"y":190,"width":140,"height":8}},{"id":"681116ff-15c7-48ee-bc83-e2b4b52d5860","block_type":"box","text":"47,648,304","page_number":22,"box":{"x":742,"y":191,"width":67,"height":9}},{"id":"9364f84d-211f-4a16-b27d-02746f6c2ffa","block_type":"box","text":"4.38%","page_number":22,"box":{"x":862,"y":191,"width":37,"height":7}},{"id":"1f55c31f-8c2d-49b7-a9f2-1a8e6d8f82b7","block_type":"box","text":"12,095,449","page_number":22,"box":{"x":124,"y":205,"width":65,"height":9}},{"id":"e2e4beb7-6978-47e1-baa8-6844db830473","block_type":"box","text":"AXA Framlington UK Mid Cap Fund","page_number":22,"box":{"x":209,"y":204,"width":209,"height":11}},{"id":"422d7657-8a18-4860-867e-f2964637f3f9","block_type":"box","text":"15,095,121","page_number":22,"box":{"x":743,"y":205,"width":63,"height":9}},{"id":"2801d459-f00b-42a0-a202-50f702d4f4d3","block_type":"box","text":"1.39%","page_number":22,"box":{"x":863,"y":205,"width":36,"height":8}},{"id":"1e9d58fa-71f2-4a96-a295-2de95f7c557d","block_type":"box","text":"16,415","page_number":22,"box":{"x":150,"y":219,"width":39,"height":9}},{"id":"e1f5fc70-6e99-4390-a503-f781dc2ab326","block_type":"box","text":"Baring Hong Kong China Fund","page_number":22,"box":{"x":210,"y":219,"width":180,"height":10}},{"id":"492c392c-ab2e-4060-8ee3-72a369036f87","block_type":"box","text":"18,594,052","page_number":22,"box":{"x":743,"y":219,"width":65,"height":9}},{"id":"c35d66f2-e127-4851-9f0e-fe7b5f837c0b","block_type":"box","text":"1.71%","page_number":22,"box":{"x":863,"y":219,"width":36,"height":8}},{"id":"6a413992-e5cb-40bc-98e1-10e236e57706","block_type":"box","text":"48,182,998","page_number":22,"box":{"x":123,"y":233,"width":66,"height":9}},{"id":"440474ef-fccd-43bb-9a7a-8d2b10ff9c6b","block_type":"box","text":"BNY Mellon US Equity Income Fund","page_number":22,"box":{"x":210,"y":233,"width":214,"height":11}},{"id":"b1e533b3-1546-414b-9ebf-8d3f09a5dfb4","block_type":"box","text":"53,738,497","page_number":22,"box":{"x":742,"y":233,"width":66,"height":9}},{"id":"6d5c68e5-b4a1-436e-843a-fe64c9c9a926","block_type":"box","text":"4.94%","page_number":22,"box":{"x":862,"y":233,"width":37,"height":8}},{"id":"9b6fdfb2-ff56-4550-ba62-7fcae51f689f","block_type":"box","text":"68,007","page_number":22,"box":{"x":149,"y":248,"width":40,"height":9}},{"id":"6c2418e5-fe37-4a8d-b3f0-51f0f3d08106","block_type":"box","text":"Cheyne Global Credit Fund","page_number":22,"box":{"x":210,"y":247,"width":161,"height":11}},{"id":"1f752b3c-9fa5-44f4-8bbb-1413eed886b9","block_type":"box","text":"8,364,806","page_number":22,"box":{"x":750,"y":248,"width":58,"height":9}},{"id":"0799b849-146d-417c-8584-a0a8d36e455b","block_type":"box","text":"0.77%","page_number":22,"box":{"x":863,"y":248,"width":36,"height":7}},{"id":"51021a7d-a2fd-45c6-a943-66a05f110405","block_type":"box","text":"963,378","page_number":22,"box":{"x":142,"y":262,"width":47,"height":9}},{"id":"75c24473-c7ef-443b-8e9b-49665f0d670d","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":22,"box":{"x":210,"y":261,"width":307,"height":9}},{"id":"8020469b-15de-46b6-8b03-389d1f4267d4","block_type":"box","text":"11,859,188","page_number":22,"box":{"x":743,"y":262,"width":65,"height":9}},{"id":"d0f0c806-d8a7-4d30-9d18-ed8475453da8","block_type":"box","text":"1.09%","page_number":22,"box":{"x":863,"y":262,"width":36,"height":8}},{"id":"978bc2dc-be5c-44b9-88cc-525f5001d826","block_type":"box","text":"36,050,066","page_number":22,"box":{"x":123,"y":276,"width":66,"height":9}},{"id":"467fa306-c9e2-40eb-8d67-56962a2398dc","block_type":"box","text":"ES Alliance Bernstein Concentrated US Equity Fund","page_number":22,"box":{"x":210,"y":276,"width":308,"height":10}},{"id":"2bcae342-5649-4bd0-be99-354e1cb58b09","block_type":"box","text":"64,133,067","page_number":22,"box":{"x":742,"y":276,"width":66,"height":9}},{"id":"dc86b72d-07ca-4286-ade2-60247a531454","block_type":"box","text":"5.90%","page_number":22,"box":{"x":863,"y":276,"width":36,"height":8}},{"id":"56a17a21-49a8-4fe6-8259-57e85e6874c7","block_type":"box","text":"12,989,258","page_number":22,"box":{"x":124,"y":290,"width":65,"height":9}},{"id":"dfc91b26-f832-416b-998c-667647d72bb4","block_type":"box","text":"FTF Brandywine Global Income Optimiser Fund","page_number":22,"box":{"x":210,"y":290,"width":285,"height":11}},{"id":"d7d761da-ed2f-43cf-812b-f67760af4ce6","block_type":"box","text":"16,860,057","page_number":22,"box":{"x":743,"y":290,"width":65,"height":9}},{"id":"96a97467-03ea-4a53-b075-295701684101","block_type":"box","text":"1.55%","page_number":22,"box":{"x":863,"y":290,"width":36,"height":8}},{"id":"1a61610f-a89e-42db-b064-b225ee582aed","block_type":"box","text":"3,253,811","page_number":22,"box":{"x":131,"y":305,"width":56,"height":9}},{"id":"845074c9-c07a-4659-9f96-21e239c657b8","block_type":"box","text":"Goldman Sachs EM Ex-China CORE® Equity Fund","page_number":22,"box":{"x":210,"y":304,"width":297,"height":11}},{"id":"be2ca2e5-d672-4964-ad3f-23893f412c24","block_type":"box","text":"62,245,398","page_number":22,"box":{"x":742,"y":305,"width":66,"height":9}},{"id":"8c52e1a7-feb9-43e7-8041-b00a37ef9805","block_type":"box","text":"5.72%","page_number":22,"box":{"x":863,"y":305,"width":36,"height":7}},{"id":"eba2a39a-595f-42d3-aef1-77089328b992","block_type":"box","text":"240,500","page_number":22,"box":{"x":142,"y":319,"width":47,"height":9}},{"id":"2c664566-4805-470f-8b56-79e0004dec59","block_type":"box","text":"Harrington Cooper Snyder US All Cap Equity Fund","page_number":22,"box":{"x":210,"y":318,"width":300,"height":11}},{"id":"d08af5c6-fbd1-4a56-8e04-ec3b795b8a94","block_type":"box","text":"35,721,526","page_number":22,"box":{"x":742,"y":319,"width":66,"height":9}},{"id":"be97977c-4455-448b-b8e5-da21a6127ef5","block_type":"box","text":"3.29%","page_number":22,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"ed108f6d-c639-4da2-9e30-6eda6f82af88","block_type":"box","text":"5,610,318","page_number":22,"box":{"x":131,"y":333,"width":58,"height":9}},{"id":"c2dbef35-0920-4f86-8268-64d14ed90439","block_type":"box","text":"HSBC American Index Fund","page_number":22,"box":{"x":210,"y":333,"width":164,"height":8}},{"id":"bccbf98e-9447-470c-b2d9-57fdc76acaf9","block_type":"box","text":"85,669,552","page_number":22,"box":{"x":742,"y":333,"width":66,"height":9}},{"id":"c6490d74-2328-4b82-be11-8168d711a3b3","block_type":"box","text":"7.88%","page_number":22,"box":{"x":863,"y":333,"width":36,"height":8}},{"id":"c88b8d6b-b20c-4ecd-a354-fb47f02c0aa6","block_type":"box","text":"2,106,573","page_number":22,"box":{"x":131,"y":347,"width":58,"height":9}},{"id":"357845a0-ea32-490a-b81e-ab410c5daef4","block_type":"box","text":"HSBC European Index Fund","page_number":22,"box":{"x":210,"y":347,"width":166,"height":11}},{"id":"764adb70-c04d-431e-af8e-fcdec05d2364","block_type":"box","text":"36,359,444","page_number":22,"box":{"x":742,"y":347,"width":67,"height":9}},{"id":"ffa7bf2c-ad5c-48da-a335-243414e406d7","block_type":"box","text":"3.34%","page_number":22,"box":{"x":863,"y":347,"width":36,"height":8}},{"id":"3d2bfea1-9ed5-40bd-96e9-0d07d4e2541b","block_type":"box","text":"5,491,539","page_number":22,"box":{"x":131,"y":362,"width":58,"height":9}},{"id":"4c4fbaca-5f15-4e9c-9256-461da2feecea","block_type":"box","text":"Invesco Perpetual UK Enhanced Index Fund","page_number":22,"box":{"x":210,"y":361,"width":263,"height":11}},{"id":"0b2ec4d4-01e1-4c00-8079-a3c77a88c30d","block_type":"box","text":"54,770,965","page_number":22,"box":{"x":742,"y":362,"width":66,"height":9}},{"id":"1bd6fc82-6349-4a8e-8ac3-199dea00e374","block_type":"box","text":"5.04%","page_number":22,"box":{"x":863,"y":362,"width":36,"height":7}},{"id":"2ffc68fc-766b-4870-8040-59df49963d5a","block_type":"box","text":"23,076,956","page_number":22,"box":{"x":123,"y":376,"width":66,"height":9}},{"id":"cc51eb4f-927d-4362-88b5-5a05123856ba","block_type":"box","text":"iShares UK Equity Index Fund","page_number":22,"box":{"x":210,"y":375,"width":177,"height":11}},{"id":"90dde003-3c6b-4a7f-a95c-ef13c95587fa","block_type":"box","text":"92,371,471","page_number":22,"box":{"x":742,"y":376,"width":64,"height":9}},{"id":"8388ecdb-f79f-4e2e-9721-a604f23b5bb1","block_type":"box","text":"8.50%","page_number":22,"box":{"x":863,"y":376,"width":36,"height":8}},{"id":"5c49c07a-7869-49f4-81cb-eb049c8ac0de","block_type":"box","text":"1,277,217","page_number":22,"box":{"x":131,"y":390,"width":58,"height":9}},{"id":"4cb84645-0aec-4b2c-9d2b-f673675234a5","block_type":"box","text":"Janus Henderson Global Multi-Strategy Fund","page_number":22,"box":{"x":208,"y":390,"width":271,"height":10}},{"id":"3989c1ac-ad2e-4087-8eea-8e6bdd5f11a7","block_type":"box","text":"15,806,966","page_number":22,"box":{"x":743,"y":390,"width":65,"height":9}},{"id":"7cdaf171-b9cc-4b21-825c-008fb1420059","block_type":"box","text":"1.45%","page_number":22,"box":{"x":863,"y":390,"width":36,"height":8}},{"id":"c5a8fc33-521b-4794-a9c2-a269159e0378","block_type":"box","text":"5,602,202","page_number":22,"box":{"x":131,"y":404,"width":58,"height":9}},{"id":"ece32253-c25c-4038-a404-9f5d838266f7","block_type":"box","text":"JPM Europe Dynamic ex-UK Fund","page_number":22,"box":{"x":208,"y":404,"width":201,"height":11}},{"id":"b2a6a437-1986-4cd3-89cc-715a4658079f","block_type":"box","text":"27,030,625","page_number":22,"box":{"x":742,"y":404,"width":66,"height":9}},{"id":"0e20c067-c973-4bfe-b985-996eba4885c0","block_type":"box","text":"2.49%","page_number":22,"box":{"x":863,"y":404,"width":36,"height":8}},{"id":"df304e3c-d23f-445a-b829-f78e8c3fa823","block_type":"box","text":"1,855,243","page_number":22,"box":{"x":131,"y":419,"width":58,"height":9}},{"id":"e66e10b7-85a1-4bde-9111-ef1806d34597","block_type":"box","text":"JPM Japan Fund","page_number":22,"box":{"x":208,"y":418,"width":96,"height":11}},{"id":"c57667b3-87d9-49d7-bfe3-9949a58f1760","block_type":"box","text":"8,652,853","page_number":22,"box":{"x":750,"y":419,"width":58,"height":9}},{"id":"c0f05b01-ebf8-4fec-b7cf-da691be5828b","block_type":"box","text":"0.80%","page_number":22,"box":{"x":863,"y":419,"width":36,"height":7}},{"id":"369fd26c-5bc4-4e9f-a38d-7d05bd40166d","block_type":"box","text":"12,516,760","page_number":22,"box":{"x":124,"y":433,"width":65,"height":9}},{"id":"a35311a6-d080-4c92-a5af-312c5a7b9cbd","block_type":"box","text":"Jupiter Merian North American Equity Fund","page_number":22,"box":{"x":208,"y":432,"width":264,"height":11}},{"id":"54a74eac-b2cf-44fa-a010-57e741faecdd","block_type":"box","text":"73,224,300","page_number":22,"box":{"x":742,"y":433,"width":66,"height":9}},{"id":"a7a09f6e-7b54-4b4d-a7e7-41ed4624497b","block_type":"box","text":"6.73%","page_number":22,"box":{"x":863,"y":433,"width":36,"height":8}},{"id":"520e0913-6c89-4e10-89d7-8c37ffe39bca","block_type":"box","text":"7,865,569","page_number":22,"box":{"x":131,"y":447,"width":58,"height":9}},{"id":"4c9cf8ac-724d-45cd-9f72-09d74656c9e3","block_type":"box","text":"Jupiter UK Special Situations Fund","page_number":22,"box":{"x":208,"y":447,"width":206,"height":10}},{"id":"a9263e6d-621f-4a3c-8634-4eac712fff5b","block_type":"box","text":"34,668,280","page_number":22,"box":{"x":742,"y":447,"width":66,"height":9}},{"id":"f26c60bf-8bd8-400b-a5fb-5fc3fedd3a43","block_type":"box","text":"3.19%","page_number":22,"box":{"x":863,"y":447,"width":36,"height":8}},{"id":"cbd2104e-8202-41a8-bc04-d28a7e546b44","block_type":"box","text":"4,822,074","page_number":22,"box":{"x":130,"y":461,"width":60,"height":9}},{"id":"fefd2eb6-6eda-4a3c-9db5-01f60df9fabc","block_type":"box","text":"Liontrust European Dynamic Fund","page_number":22,"box":{"x":210,"y":461,"width":206,"height":11}},{"id":"15c63d6a-b4c5-477c-8ae4-73bc45085c4d","block_type":"box","text":"22,956,199","page_number":22,"box":{"x":742,"y":461,"width":66,"height":9}},{"id":"a1df7cc5-af32-467b-84ac-8e9621961c4d","block_type":"box","text":"2.11%","page_number":22,"box":{"x":863,"y":461,"width":36,"height":8}},{"id":"b2d8a765-57d2-4963-b8e3-aaef9b1a227e","block_type":"box","text":"1,439,591","page_number":22,"box":{"x":131,"y":476,"width":56,"height":9}},{"id":"82c0764a-8ef8-4d22-9e1b-bca86d8c69c7","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":22,"box":{"x":210,"y":475,"width":284,"height":11}},{"id":"b127c057-2231-44c7-954c-719c05b6fcc2","block_type":"box","text":"16,440,128","page_number":22,"box":{"x":743,"y":476,"width":65,"height":9}},{"id":"82be7639-1657-4fd8-b0a7-56384fec2abd","block_type":"box","text":"1.51%","page_number":22,"box":{"x":863,"y":476,"width":36,"height":7}},{"id":"fdc267d3-daf8-4ba7-bdb0-40b736501622","block_type":"box","text":"8,710,434","page_number":22,"box":{"x":131,"y":490,"width":59,"height":9}},{"id":"7246f553-4bcc-403b-aa8b-dee30130a637","block_type":"box","text":"M&G Japan Fund","page_number":22,"box":{"x":210,"y":489,"width":101,"height":11}},{"id":"a38416a7-a4dc-40a3-87f7-7bc6bb89712a","block_type":"box","text":"19,471,305","page_number":22,"box":{"x":743,"y":490,"width":65,"height":9}},{"id":"d7d7756d-96ef-42b7-8bf5-4b5a35f2b2d6","block_type":"box","text":"1.79%","page_number":22,"box":{"x":863,"y":490,"width":36,"height":8}},{"id":"2e1070ee-8357-4c93-bc8c-2eebd53c79a0","block_type":"box","text":"755,087","page_number":22,"box":{"x":142,"y":504,"width":47,"height":9}},{"id":"9bc7680b-5bcd-41ac-8011-9dae3f65c21a","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":22,"box":{"x":210,"y":504,"width":363,"height":10}},{"id":"3d6138b4-5e98-455e-8d1c-9164526d77a4","block_type":"box","text":"21,119,790","page_number":22,"box":{"x":742,"y":504,"width":66,"height":9}},{"id":"c7038912-2f1e-4e63-a5b8-9d286c4afbe7","block_type":"box","text":"1.94%","page_number":22,"box":{"x":863,"y":504,"width":36,"height":8}},{"id":"392e9996-8b3e-4de7-9189-faf6a1721fbc","block_type":"box","text":"4,140,143","page_number":22,"box":{"x":130,"y":518,"width":59,"height":9}},{"id":"7ca95978-eca1-47fe-8f71-ad991bab4f7e","block_type":"box","text":"RGI UK Opportunities Fund","page_number":22,"box":{"x":210,"y":518,"width":163,"height":11}},{"id":"62dde0e1-78f2-40ba-9ab3-edbffdfea800","block_type":"box","text":"34,811,149","page_number":22,"box":{"x":742,"y":518,"width":66,"height":9}},{"id":"5cc75755-898d-428f-a0c9-21de2e323ff6","block_type":"box","text":"3.20%","page_number":22,"box":{"x":863,"y":518,"width":36,"height":8}},{"id":"77b66fb0-9fd4-4fb6-9bd3-28290fb96979","block_type":"box","text":"58,308","page_number":22,"box":{"x":150,"y":533,"width":39,"height":9}},{"id":"055a9c9f-1c56-485a-86b0-3ff536bd4d53","block_type":"box","text":"Robeco QI Dynamic High Yield Fund","page_number":22,"box":{"x":210,"y":532,"width":216,"height":11}},{"id":"b7e4ed27-4763-4247-855f-8fe08db56a65","block_type":"box","text":"7,892,571","page_number":22,"box":{"x":750,"y":533,"width":56,"height":9}},{"id":"9e650ce3-c0c6-460e-b8f2-5b672abaf5cf","block_type":"box","text":"0.73%","page_number":22,"box":{"x":863,"y":533,"width":36,"height":7}},{"id":"fa8ddcee-80ea-4c84-b06d-888169b07f90","block_type":"box","text":"221,257","page_number":22,"box":{"x":142,"y":547,"width":47,"height":9}},{"id":"a1ed39af-c9b9-4212-a318-61eb4e0edb4a","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":22,"box":{"x":209,"y":546,"width":211,"height":11}},{"id":"4828c668-28f9-4220-86e4-f3a8e72ce511","block_type":"box","text":"23,875,598","page_number":22,"box":{"x":742,"y":547,"width":66,"height":9}},{"id":"919d2d71-e3d5-4540-a275-68b00f6ee6ec","block_type":"box","text":"2.20%","page_number":22,"box":{"x":863,"y":547,"width":36,"height":8}},{"id":"f52862dc-c5cd-424e-99ae-5c144629124f","block_type":"box","text":"214,614","page_number":22,"box":{"x":142,"y":561,"width":48,"height":9}},{"id":"a651660c-f65a-4aab-abab-56b0f2bdaf73","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":22,"box":{"x":209,"y":561,"width":265,"height":10}},{"id":"acf8de9f-92f6-4ccc-b0f9-0d42af696593","block_type":"box","text":"18,129,074","page_number":22,"box":{"x":743,"y":561,"width":66,"height":9}},{"id":"9060ce43-5a8a-47d5-be19-8710824c7bd8","block_type":"box","text":"1.67%","page_number":22,"box":{"x":863,"y":561,"width":36,"height":8}},{"id":"f56873e5-f3be-4cae-a586-d97d36f0defd","block_type":"box","text":"927,510,286","page_number":22,"box":{"x":735,"y":582,"width":73,"height":9}},{"id":"eea311f3-526b-42b3-abf6-a5e1b05d4cd5","block_type":"box","text":"85.31%","page_number":22,"box":{"x":855,"y":582,"width":44,"height":8}},{"id":"6418dd1d-4340-4c90-ace5-840b0ced0d44","block_type":"box","text":"Exchange Traded Funds (30.04.2025: 6.36%)","page_number":22,"box":{"x":210,"y":603,"width":287,"height":10}},{"id":"06dab532-d01b-4218-8bf1-6cf25d8de421","block_type":"box","text":"136,633","page_number":22,"box":{"x":142,"y":617,"width":47,"height":9}},{"id":"9763d3ea-21a0-4b66-a0c9-5759dd689c6e","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":22,"box":{"x":209,"y":617,"width":243,"height":11}},{"id":"0f85c374-d39c-44ff-b040-2f2caa5cf3fb","block_type":"box","text":"12,197,227","page_number":22,"box":{"x":743,"y":617,"width":65,"height":9}},{"id":"5d5083b6-47a1-41d5-822e-fe9720be1913","block_type":"box","text":"1.12%","page_number":22,"box":{"x":863,"y":617,"width":36,"height":8}},{"id":"e6221298-ac53-4166-b3a9-377e8bb96c21","block_type":"box","text":"291,385","page_number":22,"box":{"x":142,"y":632,"width":47,"height":9}},{"id":"e5b4e224-27de-40b1-9d7b-064493fe76c5","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":22,"box":{"x":209,"y":631,"width":188,"height":11}},{"id":"9ccb5341-50fe-47bd-ad65-71080564987d","block_type":"box","text":"8,508,441","page_number":22,"box":{"x":750,"y":632,"width":56,"height":9}},{"id":"535ebe40-85c8-4b8b-aafe-13d402911cc8","block_type":"box","text":"0.78%","page_number":22,"box":{"x":863,"y":632,"width":36,"height":7}},{"id":"afff93ba-6df5-4aa4-b220-0b0700516c63","block_type":"box","text":"2,851,579","page_number":22,"box":{"x":131,"y":646,"width":58,"height":9}},{"id":"90b3e53e-529f-4b43-a274-84ffdd2c8dee","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":22,"box":{"x":210,"y":645,"width":239,"height":11}},{"id":"b95aa831-a8e8-487d-b40f-514e4e7672af","block_type":"box","text":"28,802,377","page_number":22,"box":{"x":742,"y":646,"width":66,"height":9}},{"id":"83e037bf-f4f6-48e0-929c-2e8627b9fb59","block_type":"box","text":"2.65%","page_number":22,"box":{"x":863,"y":646,"width":36,"height":8}},{"id":"4506a8b3-0619-4bb0-9b7e-3aee78c16d39","block_type":"box","text":"5,409,947","page_number":22,"box":{"x":131,"y":660,"width":58,"height":9}},{"id":"de57392a-14ed-471b-92ae-f379a5fba61e","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":22,"box":{"x":210,"y":660,"width":255,"height":8}},{"id":"d2762b62-f0aa-4bcb-bcd9-e62b075d72ba","block_type":"box","text":"56,255,879","page_number":22,"box":{"x":742,"y":660,"width":66,"height":9}},{"id":"8a75105c-7802-4089-9a23-b5cd57d316c5","block_type":"box","text":"5.17%","page_number":22,"box":{"x":863,"y":660,"width":36,"height":8}},{"id":"6f5923ba-a824-4411-818a-a75d25390839","block_type":"box","text":"4,408,862","page_number":22,"box":{"x":130,"y":674,"width":59,"height":9}},{"id":"b37daff6-1d6d-4784-9b32-ba180ff068c6","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":22,"box":{"x":210,"y":674,"width":338,"height":11}},{"id":"de6fd0b2-9543-4b87-b167-1bdd1c722961","block_type":"box","text":"38,898,177","page_number":22,"box":{"x":742,"y":674,"width":66,"height":9}},{"id":"00b7b83c-8beb-4ae0-b551-edf5c545f4c9","block_type":"box","text":"3.58%","page_number":22,"box":{"x":863,"y":674,"width":36,"height":8}},{"id":"0c0508a5-d131-4b32-a641-1210e0057c47","block_type":"box","text":"144,662,101","page_number":22,"box":{"x":735,"y":695,"width":71,"height":9}},{"id":"c1ecb6ef-9d03-4fbf-b39f-1913636df3cf","block_type":"box","text":"13.30%","page_number":22,"box":{"x":856,"y":695,"width":43,"height":8}},{"id":"46e8ecb6-aae0-4000-b260-e7a5f8d5871c","block_type":"box","text":"Portfolio of investments (30.04.2025: 99.18%)","page_number":22,"box":{"x":210,"y":723,"width":300,"height":10}},{"id":"3ac3ac09-fd69-4b6f-83a2-5a833a40ce0b","block_type":"box","text":"1,072,172,387","page_number":22,"box":{"x":719,"y":724,"width":90,"height":9}},{"id":"ef53a061-dac5-48b8-9d37-e111ecf06909","block_type":"box","text":"98.61%","page_number":22,"box":{"x":852,"y":724,"width":47,"height":8}},{"id":"eaa7b347-4e65-4b41-8a36-24d5d3d7c9cb","block_type":"box","text":"Net other assets (30.04.2025: 0.82%)","page_number":22,"box":{"x":210,"y":738,"width":240,"height":10}},{"id":"f541fd9e-672a-47ca-97a8-7b939e1d0649","block_type":"box","text":"15,149,686","page_number":22,"box":{"x":739,"y":738,"width":70,"height":9}},{"id":"2b05ca5a-f7f8-4fc5-b909-d8ea31ba5b7e","block_type":"box","text":"1.39%","page_number":22,"box":{"x":860,"y":738,"width":39,"height":8}},{"id":"5262e2bf-fd4d-49d9-9a2c-e54adf36c707","block_type":"box","text":"1,087,322,073","page_number":22,"box":{"x":719,"y":759,"width":89,"height":9}},{"id":"c67ba946-0b3a-4625-8c17-aeb7ba3fe019","block_type":"box","text":"100.00%","page_number":22,"box":{"x":844,"y":759,"width":55,"height":8}},{"id":"c4c037c3-4439-4958-a9e3-5dd30cec96bf","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":22,"box":{"x":541,"y":38,"width":361,"height":17}},{"id":"081d1a92-4459-472b-86a4-4a5e7522a276","block_type":"box","text":"17","page_number":22,"box":{"x":967,"y":960,"width":18,"height":8}},{"id":"a9a6f9b7-fa9a-48f8-806a-eff0b378a3b4","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":23,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"6c593b11-417b-471d-8865-07cc6bc746bc","block_type":"box","text":"£","page_number":23,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"21db78c3-a2bf-4a8c-aecf-09268090906c","block_type":"box","text":"Total purchases for the year (note 14)","page_number":23,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"e6d0093f-1999-4eec-abbf-f9628c915bdc","block_type":"box","text":"575,884,832","page_number":23,"box":{"x":636,"y":143,"width":77,"height":10}},{"id":"214eb96a-0806-4c99-bef9-05329bd6a6f2","block_type":"box","text":"iShares UK Equity Index Fund","page_number":23,"box":{"x":96,"y":174,"width":176,"height":11}},{"id":"2b7b7407-f05f-4076-a4c6-947bd5b6e13a","block_type":"box","text":"88,127,964","page_number":23,"box":{"x":647,"y":174,"width":67,"height":9}},{"id":"edf3a302-80d0-491c-8a0f-3bda7d377eb2","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":23,"box":{"x":96,"y":189,"width":254,"height":9}},{"id":"83bcaac0-8aba-4fa2-a16a-77d64094acbb","block_type":"box","text":"49,460,104","page_number":23,"box":{"x":647,"y":190,"width":67,"height":9}},{"id":"7ab1339a-97df-462a-9174-283c0150f39c","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":23,"box":{"x":95,"y":205,"width":339,"height":10}},{"id":"807412be-9f96-45cb-a9df-d8dd825331ff","block_type":"box","text":"36,454,870","page_number":23,"box":{"x":647,"y":205,"width":66,"height":9}},{"id":"cbcf9406-1f55-40ee-a8ed-36a9b64f9fa5","block_type":"box","text":"Jupiter UK Special Situations Fund","page_number":23,"box":{"x":94,"y":220,"width":206,"height":11}},{"id":"9ab8ef58-34b7-42bf-861c-89dd7a4cc9d2","block_type":"box","text":"33,581,126","page_number":23,"box":{"x":647,"y":221,"width":66,"height":9}},{"id":"58bc7d0e-fb3e-4c7f-befc-a97d1f1d83f8","block_type":"box","text":"HSBC American Index Fund","page_number":23,"box":{"x":96,"y":236,"width":164,"height":8}},{"id":"b02db9dc-594f-426c-a4cd-5251cbe8cfe3","block_type":"box","text":"29,181,580","page_number":23,"box":{"x":647,"y":236,"width":66,"height":9}},{"id":"96d173a2-dfea-476d-b45a-7f884db5f905","block_type":"box","text":"HSBC European Index Fund","page_number":23,"box":{"x":96,"y":251,"width":165,"height":11}},{"id":"49fb6e0c-0ee0-4856-8086-055b0d1ff839","block_type":"box","text":"27,209,685","page_number":23,"box":{"x":647,"y":251,"width":66,"height":10}},{"id":"71aae656-5ae8-4bfe-815a-e860fdcf6b44","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":23,"box":{"x":96,"y":267,"width":239,"height":10}},{"id":"e7d6ef68-989a-409f-9af9-84380553c28c","block_type":"box","text":"23,396,616","page_number":23,"box":{"x":647,"y":267,"width":66,"height":9}},{"id":"f944511a-4df3-4f4b-a37e-11b99fe7d4ed","block_type":"box","text":"ES Alliance Bernstein Concentrated US Equity Fund","page_number":23,"box":{"x":96,"y":282,"width":307,"height":11}},{"id":"58b02fe6-51a4-4427-9d91-877c5194e034","block_type":"box","text":"23,279,508","page_number":23,"box":{"x":647,"y":282,"width":66,"height":9}},{"id":"726971d6-2d13-48e6-ad60-5cbad6212711","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":23,"box":{"x":96,"y":297,"width":363,"height":11}},{"id":"0d08f885-56ce-4ee9-98ce-614f27d25442","block_type":"box","text":"20,223,110","page_number":23,"box":{"x":647,"y":298,"width":66,"height":9}},{"id":"421ad9e6-e211-4c10-9a9b-fe4347da9034","block_type":"box","text":"iShares UK Equity Index Fund","page_number":23,"box":{"x":96,"y":313,"width":176,"height":11}},{"id":"797dd333-2fcf-4c8d-a37f-1eb180ef9448","block_type":"box","text":"18,338,171","page_number":23,"box":{"x":647,"y":313,"width":64,"height":9}},{"id":"7397ec05-9ec1-4441-90dd-d67b28f1c907","block_type":"box","text":"Various other purchases","page_number":23,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"504683ee-de77-459d-b7e6-f9e36674e994","block_type":"box","text":"226,632,098","page_number":23,"box":{"x":639,"y":329,"width":74,"height":9}},{"id":"09db8c86-4bbc-4bc4-ac54-6fe5224da6cb","block_type":"box","text":"£","page_number":23,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"40b81b28-d0e6-4299-a93a-9da5c98a9982","block_type":"box","text":"Total sales for the year (note 14)","page_number":23,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"6b4d6f67-d91c-4480-a0af-844502a2cf16","block_type":"box","text":"515,361,872","page_number":23,"box":{"x":636,"y":375,"width":77,"height":9}},{"id":"460cb925-0fe2-4d26-a67b-776bc2a5c8d6","block_type":"box","text":"iShares UK Equity Index Fund","page_number":23,"box":{"x":96,"y":406,"width":176,"height":10}},{"id":"59aea012-c56f-47a2-8596-f1c08c1e20ac","block_type":"box","text":"102,257,218","page_number":23,"box":{"x":640,"y":406,"width":73,"height":9}},{"id":"c7f44ebe-c2ac-4665-8251-a497364e22bd","block_type":"box","text":"HSBC American Index Fund","page_number":23,"box":{"x":96,"y":421,"width":164,"height":8}},{"id":"22b39578-2122-478d-b7cc-cff9007b59bf","block_type":"box","text":"37,086,685","page_number":23,"box":{"x":647,"y":421,"width":66,"height":9}},{"id":"6d07e6e2-6219-4860-8cad-70647bb9d012","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":23,"box":{"x":96,"y":436,"width":239,"height":11}},{"id":"422b77e9-66bb-400b-9d89-b2be69b597f6","block_type":"box","text":"36,072,451","page_number":23,"box":{"x":647,"y":437,"width":64,"height":9}},{"id":"fa4cc584-0440-40a8-bd59-e4a2682fcd98","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":23,"box":{"x":96,"y":452,"width":254,"height":8}},{"id":"4129c9ea-69e8-4ef5-879f-bbe4d8af4316","block_type":"box","text":"34,086,533","page_number":23,"box":{"x":647,"y":452,"width":66,"height":9}},{"id":"11d7081f-ef05-4e2f-8137-df7507c64695","block_type":"box","text":"M&G Japan Fund","page_number":23,"box":{"x":96,"y":467,"width":101,"height":11}},{"id":"26d1de4d-96d9-41e7-a94e-0a58f117d29c","block_type":"box","text":"25,153,574","page_number":23,"box":{"x":647,"y":468,"width":67,"height":9}},{"id":"f490545a-b724-477b-829c-831b82f61150","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":23,"box":{"x":96,"y":483,"width":284,"height":10}},{"id":"0884a708-ae21-478a-b08b-e8672603eab1","block_type":"box","text":"24,663,173","page_number":23,"box":{"x":647,"y":483,"width":66,"height":9}},{"id":"ffa2f738-b56f-4aad-add0-078b7204f978","block_type":"box","text":"Schroder Recovery Fund","page_number":23,"box":{"x":95,"y":498,"width":147,"height":11}},{"id":"d36b8d0f-13c5-4d03-a89a-b72f50e34bb6","block_type":"box","text":"23,985,220","page_number":23,"box":{"x":647,"y":499,"width":66,"height":9}},{"id":"492e5189-a47c-49c1-83fb-98d7ef9b2abc","block_type":"box","text":"Neuberger Berman Uncorrelated Strategies Fund","page_number":23,"box":{"x":96,"y":514,"width":298,"height":10}},{"id":"7b756f93-d892-4b7a-88b8-620057709323","block_type":"box","text":"21,040,874","page_number":23,"box":{"x":647,"y":514,"width":67,"height":9}},{"id":"b3bcae7d-f8d7-4b4c-a23c-1c644012cf5c","block_type":"box","text":"iShares MSCI Europe Mid Cap UCITS ETF","page_number":23,"box":{"x":96,"y":529,"width":243,"height":11}},{"id":"d29c3d98-fa21-4bbd-826f-16aa9be2ec22","block_type":"box","text":"19,903,108","page_number":23,"box":{"x":647,"y":529,"width":66,"height":10}},{"id":"df0a265d-e664-4514-a6a1-c5809b153c54","block_type":"box","text":"iShares $ Treasury Bond 20+yr ETF","page_number":23,"box":{"x":96,"y":544,"width":209,"height":11}},{"id":"02d6eb2d-09b7-4d26-aa72-3001286f632a","block_type":"box","text":"19,655,529","page_number":23,"box":{"x":647,"y":545,"width":66,"height":9}},{"id":"f457ab9b-5108-4c98-b9fd-0bdda5b36238","block_type":"box","text":"Various other sales","page_number":23,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"41bd3a0e-8436-4863-b09b-8e93913af99d","block_type":"box","text":"171,457,507","page_number":23,"box":{"x":640,"y":560,"width":73,"height":9}},{"id":"f756e1ad-ce82-483b-8420-1a6e1bdd41d9","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":23,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"51526946-a968-4c9b-8ded-f7df5eed32f3","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":23,"box":{"x":97,"y":38,"width":362,"height":17}},{"id":"66eac5c0-b4e8-4e37-86d6-2426b4bd5f86","block_type":"box","text":"18","page_number":23,"box":{"x":15,"y":960,"width":17,"height":9}},{"id":"0e3d3d65-73c4-4940-9073-3ebb9c47294c","block_type":"box","text":"Statement of Total Return","page_number":24,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"312e62ae-dc0b-4a97-a046-ef00c5c88070","block_type":"box","text":"for the year ended 30 April 2026","page_number":24,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"42052217-c383-4c2f-adcd-55a96dd927f8","block_type":"box","text":"30.04.26","page_number":24,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"4f075a8e-0725-4a9b-8283-74164d171ceb","block_type":"box","text":"30.04.25","page_number":24,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"1dfdb68c-baac-48b0-b195-9cbb25a81eba","block_type":"box","text":"Note","page_number":24,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"83d9916f-e089-436e-ae4b-efa3bacd715d","block_type":"box","text":"£","page_number":24,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"b17c0901-2c19-4c74-a5ce-81b74d116c33","block_type":"box","text":"£","page_number":24,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"dcf456d9-a97f-4387-a87a-f6217ad79741","block_type":"box","text":"£","page_number":24,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"4bfd2f85-cb9e-4967-a734-b5fac8551f2f","block_type":"box","text":"£","page_number":24,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"1c38cad4-d1a2-423b-ab07-3579f71c9ed2","block_type":"box","text":"Income","page_number":24,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"01f7c5a2-f92d-4bfa-b314-c954baaf2cd3","block_type":"box","text":"Net capital","page_number":24,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"6c95f2af-c4ec-4176-9ba5-0ebe86d64c72","block_type":"box","text":"2","page_number":24,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"e4decd2b-121c-4b4e-898f-0fe5443291f8","block_type":"box","text":"168,495,206","page_number":24,"box":{"x":592,"y":169,"width":74,"height":9}},{"id":"bce986c1-cb0d-450b-a065-c7586cf8d186","block_type":"box","text":"14,266,299","page_number":24,"box":{"x":831,"y":169,"width":65,"height":9}},{"id":"956c6d79-68e5-420b-b913-b77bc71ed706","block_type":"box","text":"Revenue","page_number":24,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"b9f6549e-a9ce-416b-9a5f-189486fa7913","block_type":"box","text":"3","page_number":24,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"33817303-ce65-4689-8620-cda8ec594b20","block_type":"box","text":"18,888,128","page_number":24,"box":{"x":485,"y":184,"width":66,"height":9}},{"id":"87295148-f4c0-4e78-9f42-192e4555390a","block_type":"box","text":"15,084,680","page_number":24,"box":{"x":719,"y":184,"width":66,"height":9}},{"id":"f430fa9c-f10c-469b-b72a-9b2b80d127e0","block_type":"box","text":"Expenses","page_number":24,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"aa33fbae-37b4-4902-8e46-7f0bd0ba9680","block_type":"box","text":"4","page_number":24,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"4a9d2b6a-8bdb-4e31-95f7-a734b6d0e7f2","block_type":"box","text":"(2,779,105)","page_number":24,"box":{"x":488,"y":200,"width":68,"height":9}},{"id":"42051923-d71f-48a8-a3cf-297f2c62bf81","block_type":"box","text":"(2,334,626)","page_number":24,"box":{"x":721,"y":200,"width":68,"height":9}},{"id":"a5a71ab8-881e-4585-96d7-a6b33a32437f","block_type":"box","text":"Interest payable and similar charges","page_number":24,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"d649d6c3-1ee6-4ad0-bc97-7686c3185bbc","block_type":"box","text":"4","page_number":24,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"06ecf648-beba-4e8b-aa46-a9614460760c","block_type":"box","text":"(81,921)","page_number":24,"box":{"x":507,"y":222,"width":49,"height":9}},{"id":"ba741106-f19b-4c28-adb5-22c6699031fb","block_type":"box","text":"(136,553)","page_number":24,"box":{"x":733,"y":222,"width":56,"height":9}},{"id":"76bf8f16-e689-4009-845a-8160e896460c","block_type":"box","text":"Net revenue before taxation","page_number":24,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"ecb7876b-fddc-436a-a0f0-f713852609a7","block_type":"box","text":"16,027,102","page_number":24,"box":{"x":485,"y":244,"width":66,"height":9}},{"id":"8a21c5cb-6552-4a6d-bcd2-714b14f8531f","block_type":"box","text":"12,613,501","page_number":24,"box":{"x":719,"y":244,"width":64,"height":9}},{"id":"05c690c1-bec1-45f6-950b-e98108421a2d","block_type":"box","text":"Taxation","page_number":24,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"b8fa7845-1ef8-4351-b6ae-ba5b23240dfb","block_type":"box","text":"5","page_number":24,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"d8d14dac-e1a5-4746-b718-e1d1b218b8aa","block_type":"box","text":"(1,060,278)","page_number":24,"box":{"x":488,"y":266,"width":68,"height":10}},{"id":"be4d7734-f2f4-413b-9b80-4b535083032c","block_type":"box","text":"(824,673)","page_number":24,"box":{"x":733,"y":266,"width":56,"height":10}},{"id":"4ff6f70e-3f54-47de-8d92-54abd82a6893","block_type":"box","text":"Net revenue after taxation","page_number":24,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"be5cbe24-ca79-4961-b40a-7373d2bdd181","block_type":"box","text":"14,966,824","page_number":24,"box":{"x":600,"y":289,"width":66,"height":9}},{"id":"df985c6e-6520-409b-bfad-11035d69a36e","block_type":"box","text":"11,788,828","page_number":24,"box":{"x":831,"y":289,"width":66,"height":9}},{"id":"63f0ac3b-29d9-4eea-8102-09b1d37ff95e","block_type":"box","text":"Total return before distributions","page_number":24,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"991dadc7-fa86-4eac-86f3-eeaffc6e0df1","block_type":"box","text":"183,462,030","page_number":24,"box":{"x":588,"y":311,"width":78,"height":9}},{"id":"fda2da82-c4b8-430b-8541-b0a6185ea8bc","block_type":"box","text":"26,055,127","page_number":24,"box":{"x":826,"y":311,"width":71,"height":9}},{"id":"f12b7007-4c64-47f4-b68d-4d7e049ed94f","block_type":"box","text":"Distributions","page_number":24,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"498e22e1-ce9f-4a91-8a66-891e574dd5f7","block_type":"box","text":"6","page_number":24,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"0a900582-529e-4a23-ba91-69fb1d6fc90c","block_type":"box","text":"(15,755,164)","page_number":24,"box":{"x":595,"y":333,"width":75,"height":9}},{"id":"38419a6c-ee28-4e79-bcf4-50525a6cc77a","block_type":"box","text":"(11,791,628)","page_number":24,"box":{"x":826,"y":333,"width":75,"height":9}},{"id":"254cbf5b-2fac-4613-8117-8c7d00945acb","block_type":"box","text":"Change in net assets attributable to","page_number":24,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"5bc47227-4d77-4178-a29f-972c62e32ac0","block_type":"box","text":"Shareholders from investment activities","page_number":24,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"32bfe789-1232-4e67-922b-acecbf306141","block_type":"box","text":"167,706,866","page_number":24,"box":{"x":588,"y":369,"width":78,"height":9}},{"id":"5cc50b54-c4b1-4be3-bb15-80a56d51fb9f","block_type":"box","text":"14,263,499","page_number":24,"box":{"x":827,"y":369,"width":70,"height":9}},{"id":"ca28ca21-ebb1-44d1-bced-208e93e21710","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":24,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"f972c2fc-f8c0-4527-b393-ffff6c43ccb4","block_type":"box","text":"for the year ended 30 April 2026","page_number":24,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"2c13f4df-9016-401c-b9be-bc76676d5f14","block_type":"box","text":"30.04.26","page_number":24,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"847aafa7-eab3-4101-a605-894a4730e8de","block_type":"box","text":"30.04.25","page_number":24,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"2e78d7ab-ff4e-4524-9cb2-e1d2a0d5c8da","block_type":"box","text":"£","page_number":24,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"b65be765-d4b7-47ed-bd8e-ecd7656c6bc1","block_type":"box","text":"£","page_number":24,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"067d8407-08da-4279-a76f-1b90274f8ebf","block_type":"box","text":"£","page_number":24,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"47a70528-3f7f-4974-a796-12dbece7f79e","block_type":"box","text":"£","page_number":24,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"2772668a-9a8c-41bb-afe8-cd73379fc68c","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":24,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"a388cef3-f892-45f5-a06d-0c36d7303fde","block_type":"box","text":"832,557,155","page_number":24,"box":{"x":588,"y":482,"width":78,"height":9}},{"id":"62ca4fc0-69b0-43f1-8ffd-de8168b07612","block_type":"box","text":"765,675,382","page_number":24,"box":{"x":819,"y":482,"width":78,"height":9}},{"id":"f892cd4e-9693-4c25-a3fc-5b65cc23e4e9","block_type":"box","text":"Amounts receivable on creation of shares","page_number":24,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"4090937d-4c24-49a3-ab78-0caa9174c673","block_type":"box","text":"250,710,987","page_number":24,"box":{"x":477,"y":505,"width":74,"height":9}},{"id":"1618f3c6-3845-4955-a86f-98c7a29b4890","block_type":"box","text":"198,350,347","page_number":24,"box":{"x":711,"y":505,"width":74,"height":9}},{"id":"40a610e1-69ce-42a9-aec4-59ed37752df7","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":24,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"20720a40-5f79-484f-a290-33faa11feb6a","block_type":"box","text":"(179,875,955)","page_number":24,"box":{"x":473,"y":527,"width":83,"height":9}},{"id":"be09ea21-aa84-4f1d-9110-db4039504b59","block_type":"box","text":"(157,746,514)","page_number":24,"box":{"x":706,"y":527,"width":83,"height":9}},{"id":"a6769430-7891-40c0-bebf-f5b4e25c8f27","block_type":"box","text":"70,835,032","page_number":24,"box":{"x":599,"y":549,"width":66,"height":9}},{"id":"ccc2f71a-be11-473b-95c1-75989618dccf","block_type":"box","text":"40,603,833","page_number":24,"box":{"x":830,"y":549,"width":66,"height":9}},{"id":"e3513360-0414-4af1-9e7d-8477e908d384","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":24,"box":{"x":96,"y":571,"width":300,"height":10}},{"id":"d1ccda45-a61c-4a5a-911a-c8bad1e09900","block_type":"box","text":"from investment activities (see above)","page_number":24,"box":{"x":95,"y":586,"width":231,"height":10}},{"id":"75cc3995-8435-4473-bdc4-0f314c7f096c","block_type":"box","text":"167,706,866","page_number":24,"box":{"x":592,"y":586,"width":74,"height":10}},{"id":"16554423-7293-41d4-ba21-f2e3ccc27b65","block_type":"box","text":"14,263,499","page_number":24,"box":{"x":831,"y":586,"width":65,"height":10}},{"id":"cc0992c7-a89e-4bb3-a4c7-d1f382d07a8f","block_type":"box","text":"Accumulation distributions retained","page_number":24,"box":{"x":95,"y":608,"width":218,"height":9}},{"id":"8bac2b36-67a1-4a04-8b85-a989a298a562","block_type":"box","text":"16,223,020","page_number":24,"box":{"x":600,"y":609,"width":66,"height":9}},{"id":"014f8a75-6223-4c27-b77e-a80d0823c1d5","block_type":"box","text":"12,014,441","page_number":24,"box":{"x":831,"y":609,"width":63,"height":9}},{"id":"f2de64dd-5e01-4868-bb2e-e79b69522d8a","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":24,"box":{"x":96,"y":630,"width":311,"height":11}},{"id":"f26411af-ef04-4e21-bfaf-ace21f97cdc6","block_type":"box","text":"1,087,322,073","page_number":24,"box":{"x":576,"y":631,"width":90,"height":9}},{"id":"30d7782a-0080-4095-8a01-3f2389beb8a7","block_type":"box","text":"832,557,155","page_number":24,"box":{"x":819,"y":631,"width":78,"height":9}},{"id":"e12ba549-02c6-4cef-b380-e787a946aefb","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":24,"box":{"x":541,"y":38,"width":361,"height":17}},{"id":"301ff5af-25aa-4d34-919a-a54e28051dba","block_type":"box","text":"19","page_number":24,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"14c27cae-aeee-46bc-a4dc-5699ce98355b","block_type":"box","text":"Balance Sheet","page_number":25,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"b31cce80-aab5-4a73-a055-dcb736d0388a","block_type":"box","text":"as at 30 April 2026","page_number":25,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"24ac277a-5bf3-402f-9244-46f996f8a845","block_type":"box","text":"30.04.26","page_number":25,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"b1a3bb13-c0eb-47b0-9547-d119faf94646","block_type":"box","text":"30.04.25","page_number":25,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"0be66c52-cb7d-4d68-b1b6-59793da07e66","block_type":"box","text":"Note","page_number":25,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"8fc65bb6-bea5-4839-bd3c-d2e0d75cd293","block_type":"box","text":"£","page_number":25,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"33ea1971-3ac2-4238-9ab4-ce2f90393cae","block_type":"box","text":"£","page_number":25,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"0c68ede8-e45a-4b50-b339-db135c635f00","block_type":"box","text":"£","page_number":25,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"5b85fd6e-1617-411e-8ccf-54be0a45f899","block_type":"box","text":"£","page_number":25,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"e8d00563-caf9-452a-ad22-ec0c821d3c6e","block_type":"box","text":"ASSETS","page_number":25,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"61331ce6-090a-4387-aaad-b07da4ebcfd4","block_type":"box","text":"Investments assets","page_number":25,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"d84ce617-b4a1-427e-ba2b-4df861cef8b1","block_type":"box","text":"1,072,172,387","page_number":25,"box":{"x":576,"y":169,"width":90,"height":9}},{"id":"3f32f67d-6657-4500-86aa-bd012c3bd287","block_type":"box","text":"825,676,710","page_number":25,"box":{"x":819,"y":169,"width":78,"height":9}},{"id":"182196e5-5475-416e-945c-6031ab0574f1","block_type":"box","text":"Current assets","page_number":25,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"8f86e44c-1129-4c4b-b41a-f3624ddf10c8","block_type":"box","text":"Debtors","page_number":25,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"5eb176bf-e64f-4bf9-866e-6f0b4c2652c7","block_type":"box","text":"7","page_number":25,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"a106053c-3484-4778-9cbf-3ce35647de2f","block_type":"box","text":"3,983,789","page_number":25,"box":{"x":493,"y":207,"width":58,"height":9}},{"id":"0d883cea-652b-43f5-b7a6-d1803787308e","block_type":"box","text":"2,178,387","page_number":25,"box":{"x":726,"y":207,"width":59,"height":9}},{"id":"a8792e39-ab79-436f-b708-6d6b475a59e1","block_type":"box","text":"Cash and bank balances","page_number":25,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"b17228e7-e7c1-444f-8723-81f5b40f6a8a","block_type":"box","text":"8","page_number":25,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"8fd137bc-440c-439d-b150-8c119a2e00da","block_type":"box","text":"14,768,780","page_number":25,"box":{"x":485,"y":222,"width":66,"height":9}},{"id":"b3efc148-89d5-4b00-95de-9eb51523dca9","block_type":"box","text":"10,558,468","page_number":25,"box":{"x":719,"y":222,"width":66,"height":9}},{"id":"1c319437-c918-4f08-994a-37a9fe00e44c","block_type":"box","text":"Total current assets","page_number":25,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"c5472fec-223c-4318-9255-9c5364d1dff8","block_type":"box","text":"18,752,569","page_number":25,"box":{"x":596,"y":244,"width":70,"height":9}},{"id":"9fbf0502-4776-4f85-b61c-212424952129","block_type":"box","text":"12,736,855","page_number":25,"box":{"x":827,"y":244,"width":69,"height":9}},{"id":"dbeccc9f-9ea1-44aa-abd4-ed73975e3a6a","block_type":"box","text":"Total assets","page_number":25,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"a08015ae-1b82-4c09-8b82-41f574689727","block_type":"box","text":"1,090,924,956","page_number":25,"box":{"x":576,"y":266,"width":90,"height":9}},{"id":"041338b1-bf17-417c-800a-d63889c1a6e2","block_type":"box","text":"838,413,565","page_number":25,"box":{"x":819,"y":266,"width":78,"height":9}},{"id":"8b603c82-84ee-40ee-8c14-093fdfc1ddb1","block_type":"box","text":"Current liabilities","page_number":25,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"b7d28f1c-6ee1-44b3-89f8-517a5cf1c55a","block_type":"box","text":"Bank overdraft","page_number":25,"box":{"x":106,"y":319,"width":89,"height":8}},{"id":"8f18a693-323c-4873-af65-30712817b0d7","block_type":"box","text":"8","page_number":25,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"9c9cd01a-313a-441d-af14-fb1694c2cda1","block_type":"box","text":"–","page_number":25,"box":{"x":545,"y":324,"width":6,"height":1}},{"id":"2a93d834-04fb-4c76-b675-15d9e16894ca","block_type":"box","text":"(2,924,852)","page_number":25,"box":{"x":721,"y":319,"width":68,"height":10}},{"id":"92241947-a244-46b1-b4ff-248c0a019c10","block_type":"box","text":"Creditors","page_number":25,"box":{"x":105,"y":334,"width":55,"height":9}},{"id":"6833836a-273d-4271-ae7d-b2a04635c032","block_type":"box","text":"9","page_number":25,"box":{"x":421,"y":335,"width":6,"height":8}},{"id":"e0684470-e70c-4a4d-9189-a9dec82dd8ab","block_type":"box","text":"(3,602,883)","page_number":25,"box":{"x":488,"y":335,"width":68,"height":9}},{"id":"913d6f56-2615-4162-8350-a556b6898092","block_type":"box","text":"(2,931,558)","page_number":25,"box":{"x":721,"y":335,"width":68,"height":9}},{"id":"ed5b4749-2358-49d4-95f3-05fd23417ed3","block_type":"box","text":"Total current liabilities","page_number":25,"box":{"x":95,"y":357,"width":152,"height":8}},{"id":"f264d90a-399d-4881-8919-bd48edfff939","block_type":"box","text":"(3,602,883)","page_number":25,"box":{"x":599,"y":357,"width":72,"height":9}},{"id":"61d8d83f-f43e-4907-a9f6-c2b28643d40f","block_type":"box","text":"(5,856,410)","page_number":25,"box":{"x":830,"y":357,"width":71,"height":9}},{"id":"bb4c4cc7-9052-4f84-a01a-15707e6f915a","block_type":"box","text":"Net assets attributable to Shareholders","page_number":25,"box":{"x":96,"y":379,"width":261,"height":8}},{"id":"6621bb7b-7099-4711-a081-18911cc35465","block_type":"box","text":"1,087,322,073","page_number":25,"box":{"x":576,"y":379,"width":90,"height":9}},{"id":"048338b3-c22d-49f5-806f-58b258804f6a","block_type":"box","text":"832,557,155","page_number":25,"box":{"x":819,"y":379,"width":78,"height":9}},{"id":"75d5a686-a8a7-48a2-bd7a-9234240fe1f0","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":25,"box":{"x":97,"y":38,"width":362,"height":17}},{"id":"db0f03fb-3336-40d1-a414-64667018197e","block_type":"box","text":"20","page_number":25,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"ecc70654-0806-464b-bef6-37d4f3671610","block_type":"box","text":"Notes to the Financial Statements","page_number":26,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"e9eb91e9-e3df-4eae-8508-55af4b58ca90","block_type":"box","text":"for the year ended 30 April 2026","page_number":26,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"07d9b728-dd0e-468e-8f97-d9ee4a938c49","block_type":"box","text":"1. Accounting policies","page_number":26,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"7c53f946-5d25-4436-929b-3932ab0d0f34","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":26,"box":{"x":95,"y":154,"width":641,"height":11}},{"id":"34ada723-46a9-4bd1-a19e-922e28561f3f","block_type":"box","text":"2. Net capital gains","page_number":26,"box":{"x":95,"y":196,"width":127,"height":10}},{"id":"84d70901-bc83-432a-a90b-a6e0443962e4","block_type":"box","text":"30.04.26","page_number":26,"box":{"x":730,"y":196,"width":55,"height":8}},{"id":"95241b93-e4f1-4e02-8869-a7a621f06e38","block_type":"box","text":"30.04.25","page_number":26,"box":{"x":840,"y":196,"width":54,"height":8}},{"id":"71c4ae5c-7af9-481b-b12a-f1eafb115089","block_type":"box","text":"£","page_number":26,"box":{"x":778,"y":212,"width":7,"height":7}},{"id":"43ce219a-6ca3-42c2-8771-5b88ff83e072","block_type":"box","text":"£","page_number":26,"box":{"x":888,"y":212,"width":6,"height":7}},{"id":"9e701dce-b74e-4213-9c35-b7e81a8d889a","block_type":"box","text":"The net capital gains comprise:","page_number":26,"box":{"x":95,"y":227,"width":187,"height":10}},{"id":"1c19b4ef-e4a5-4ab3-a55b-7acdd49791e8","block_type":"box","text":"Non-derivative securities gains/(losses): realised","page_number":26,"box":{"x":96,"y":245,"width":292,"height":11}},{"id":"51c8ce65-1336-4c57-a86a-29dc298fdd1d","block_type":"box","text":"60,722,752","page_number":26,"box":{"x":718,"y":246,"width":67,"height":9}},{"id":"429bd7d8-ef0a-4c2a-9bd3-16be42ecf5c7","block_type":"box","text":"38,026,746","page_number":26,"box":{"x":828,"y":246,"width":66,"height":9}},{"id":"dd39b310-0ab1-4836-b717-d832e671b98d","block_type":"box","text":"Non-derivative securities (losses)/gains","page_number":26,"box":{"x":96,"y":264,"width":237,"height":11}},{"id":"b1f19f0e-a641-42f3-866a-c98a8355aa15","block_type":"box","text":": unrealised","page_number":26,"box":{"x":335,"y":264,"width":69,"height":8}},{"id":"e3b8097c-4dd3-4446-b5b2-1b014860c97a","block_type":"box","text":"107,848,863","page_number":26,"box":{"x":711,"y":265,"width":73,"height":9}},{"id":"fffd594e-7ebd-4bed-bf10-a3eca7aa5e6d","block_type":"box","text":"(23,757,155)","page_number":26,"box":{"x":823,"y":265,"width":76,"height":9}},{"id":"2cbfe324-d88a-4337-af8d-e1cad18733fe","block_type":"box","text":"Foreign currency (losses)","page_number":26,"box":{"x":96,"y":283,"width":150,"height":11}},{"id":"52b3b221-07f1-482f-b9b9-deca46c5682d","block_type":"box","text":"(156,586)","page_number":26,"box":{"x":733,"y":283,"width":56,"height":10}},{"id":"17302f73-425d-4eaf-89b8-7aaeffab333f","block_type":"box","text":"–","page_number":26,"box":{"x":888,"y":288,"width":6,"height":1}},{"id":"b51ec043-f695-454c-9992-d3e640a2426e","block_type":"box","text":"Transaction charges (custodian)","page_number":26,"box":{"x":95,"y":302,"width":193,"height":10}},{"id":"15775456-41a7-4c24-9f26-de13b706f672","block_type":"box","text":"44","page_number":26,"box":{"x":770,"y":302,"width":15,"height":8}},{"id":"c7512062-56c7-47fe-98b2-5495ff8d537e","block_type":"box","text":"(2,715)","page_number":26,"box":{"x":857,"y":302,"width":42,"height":10}},{"id":"1b919335-ae9c-4c90-8a7d-2cdff2a1f390","block_type":"box","text":"Rebates from underlying holdings","page_number":26,"box":{"x":96,"y":321,"width":205,"height":10}},{"id":"6c1fd20a-015b-4fda-8483-af7db34f9d04","block_type":"box","text":"80,133","page_number":26,"box":{"x":745,"y":321,"width":39,"height":9}},{"id":"7be94586-ea9c-479c-9c41-c8c0e675bd8f","block_type":"box","text":"(577)","page_number":26,"box":{"x":868,"y":321,"width":30,"height":9}},{"id":"a6d9c1d0-0d4a-42f9-8d43-e84fc97f1e73","block_type":"box","text":"Total net capital gains","page_number":26,"box":{"x":95,"y":343,"width":146,"height":10}},{"id":"cd839cc2-3f1c-4a95-9e54-eedc4128bdd3","block_type":"box","text":"168,495,206","page_number":26,"box":{"x":707,"y":343,"width":78,"height":9}},{"id":"0eb09882-703a-49ab-a5ff-21285edb8e88","block_type":"box","text":"14,266,299","page_number":26,"box":{"x":824,"y":343,"width":70,"height":9}},{"id":"d06c0d00-7cbe-4b2a-a032-01ae2334ca5f","block_type":"box","text":"3. Revenue","page_number":26,"box":{"x":95,"y":389,"width":72,"height":8}},{"id":"c4e21b76-bde6-4b84-a00e-ba82e806a875","block_type":"box","text":"30.04.26","page_number":26,"box":{"x":730,"y":389,"width":55,"height":8}},{"id":"5f4302ab-d447-4a6e-a5c3-cb95c5a1d626","block_type":"box","text":"30.04.25","page_number":26,"box":{"x":840,"y":389,"width":54,"height":8}},{"id":"1c3f7c99-6b85-46d9-9035-fb2f5e472d7d","block_type":"box","text":"£","page_number":26,"box":{"x":778,"y":405,"width":7,"height":8}},{"id":"c5226ca7-1c29-43fc-8fe0-32cfa7784c06","block_type":"box","text":"£","page_number":26,"box":{"x":888,"y":405,"width":6,"height":8}},{"id":"6815de6a-62fd-4d58-98d1-c2e5f1f0337c","block_type":"box","text":"Non-taxable dividends","page_number":26,"box":{"x":96,"y":427,"width":136,"height":8}},{"id":"617c5966-b3b2-4882-851d-5197f9043b64","block_type":"box","text":"10,805,847","page_number":26,"box":{"x":719,"y":427,"width":66,"height":9}},{"id":"b6f34785-1d77-4153-a690-7ee38ed815aa","block_type":"box","text":"8,489,562","page_number":26,"box":{"x":835,"y":427,"width":59,"height":9}},{"id":"278dcc0c-b1ff-4ac9-bd7e-25c1c3ddbe81","block_type":"box","text":"Annual payment from UK CIS","page_number":26,"box":{"x":95,"y":445,"width":176,"height":11}},{"id":"febf878d-cf77-4700-ad84-cafb8f8806c0","block_type":"box","text":"8,863","page_number":26,"box":{"x":752,"y":446,"width":32,"height":9}},{"id":"34c80cb0-5bd7-4cb0-8608-1a558b7d202b","block_type":"box","text":"83,052","page_number":26,"box":{"x":854,"y":446,"width":40,"height":9}},{"id":"10908898-d84e-4595-922c-431e53b91ec0","block_type":"box","text":"Interest from non-derivative securities","page_number":26,"box":{"x":96,"y":464,"width":232,"height":9}},{"id":"4206dc5b-122d-466d-b955-deacd575e617","block_type":"box","text":"5,276,654","page_number":26,"box":{"x":726,"y":465,"width":59,"height":9}},{"id":"f3ccee51-2193-43d0-a4b4-df2a7befd75b","block_type":"box","text":"3,882,130","page_number":26,"box":{"x":835,"y":465,"width":59,"height":9}},{"id":"28921229-7a60-4615-b18b-0ef145f55379","block_type":"box","text":"Rebates from underlying holdings","page_number":26,"box":{"x":96,"y":483,"width":205,"height":11}},{"id":"7d1f252e-0bda-4901-a637-653b1e3c790e","block_type":"box","text":"2,338,424","page_number":26,"box":{"x":726,"y":484,"width":59,"height":9}},{"id":"0426c172-17a6-4ffc-a5dd-e17410210927","block_type":"box","text":"2,068,885","page_number":26,"box":{"x":835,"y":484,"width":59,"height":9}},{"id":"7e0624b5-084b-4292-bbd9-134f6d76d500","block_type":"box","text":"Bank interest","page_number":26,"box":{"x":96,"y":502,"width":80,"height":8}},{"id":"d760b82b-7a9f-4f5d-98b4-b120ee9f2ba5","block_type":"box","text":"458,340","page_number":26,"box":{"x":737,"y":502,"width":48,"height":9}},{"id":"9a3809f6-a29c-48dd-8f4a-1db1947cb70d","block_type":"box","text":"561,051","page_number":26,"box":{"x":847,"y":502,"width":45,"height":9}},{"id":"90cb530a-fa6f-4c1b-916c-272591a2a76c","block_type":"box","text":"Total revenue","page_number":26,"box":{"x":95,"y":524,"width":91,"height":8}},{"id":"0a708ada-7b7f-4799-9943-abc12527b336","block_type":"box","text":"18,888,128","page_number":26,"box":{"x":715,"y":525,"width":70,"height":9}},{"id":"ad03459c-b523-4fe5-89da-72e3641a76e1","block_type":"box","text":"15,084,680","page_number":26,"box":{"x":824,"y":525,"width":70,"height":9}},{"id":"aaf0dd6e-b281-4307-b916-0b3df81aac82","block_type":"box","text":"4. Expenses","page_number":26,"box":{"x":95,"y":571,"width":76,"height":10}},{"id":"92a83fbc-42ea-47dd-b321-670a1a15ab6f","block_type":"box","text":"30.04.26","page_number":26,"box":{"x":730,"y":571,"width":55,"height":8}},{"id":"dddb9eb9-e483-47a3-b58e-f263fbf8a43f","block_type":"box","text":"30.04.25","page_number":26,"box":{"x":840,"y":571,"width":54,"height":8}},{"id":"13a9c018-07b6-4144-afd4-8d54a7d39257","block_type":"box","text":"£","page_number":26,"box":{"x":778,"y":586,"width":7,"height":8}},{"id":"d90cdd1e-72e4-48c1-84fb-35c2146c8304","block_type":"box","text":"£","page_number":26,"box":{"x":888,"y":586,"width":6,"height":8}},{"id":"ea14f62b-69e7-4346-9140-7cbd900cf924","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":26,"box":{"x":96,"y":601,"width":549,"height":11}},{"id":"8ccdbe82-a09b-4896-8061-b1ae05883cfc","block_type":"box","text":"agents of either of them:","page_number":26,"box":{"x":95,"y":617,"width":149,"height":10}},{"id":"8653460f-2032-4b0f-9e00-0527717307be","block_type":"box","text":"Annual management charge","page_number":26,"box":{"x":104,"y":636,"width":172,"height":10}},{"id":"12528428-4c86-4be0-9588-efc3f88ee87e","block_type":"box","text":"2,456,494","page_number":26,"box":{"x":726,"y":636,"width":59,"height":9}},{"id":"13e3859d-baae-4066-9691-e940323b5be7","block_type":"box","text":"2,059,279","page_number":26,"box":{"x":835,"y":636,"width":59,"height":9}},{"id":"f37d7841-2d4f-44b1-b15f-4f517a433eed","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":26,"box":{"x":96,"y":658,"width":514,"height":10}},{"id":"98b5b35f-4ee0-4e21-b5cc-1e4b519d4746","block_type":"box","text":"Depositary’s fee","page_number":26,"box":{"x":106,"y":677,"width":95,"height":10}},{"id":"948895bf-6391-4d75-873c-456b07498e5f","block_type":"box","text":"184,604","page_number":26,"box":{"x":738,"y":677,"width":47,"height":9}},{"id":"3ec070ac-227d-412b-aa2c-6d2f9646f64a","block_type":"box","text":"156,998","page_number":26,"box":{"x":847,"y":677,"width":47,"height":9}},{"id":"3658967f-9f0a-479a-895c-e8ec9c3d9788","block_type":"box","text":"Safe custody fee","page_number":26,"box":{"x":105,"y":692,"width":98,"height":11}},{"id":"b830be1b-23f4-45d0-a102-8f6b4972a48a","block_type":"box","text":"83,079","page_number":26,"box":{"x":745,"y":692,"width":39,"height":10}},{"id":"b5d0bcaf-ad8a-4dc8-b4fe-48e88416c921","block_type":"box","text":"73,465","page_number":26,"box":{"x":854,"y":692,"width":40,"height":10}},{"id":"26619eb3-f1f5-4a55-98a2-92db32f1ad65","block_type":"box","text":"267,683","page_number":26,"box":{"x":737,"y":715,"width":47,"height":9}},{"id":"a3c694a9-12cd-47f5-b5f0-b37ded6d6bde","block_type":"box","text":"230,463","page_number":26,"box":{"x":847,"y":715,"width":47,"height":9}},{"id":"6573857a-e0f2-4190-bebc-d142176964b2","block_type":"box","text":"Other expenses:","page_number":26,"box":{"x":96,"y":730,"width":97,"height":10}},{"id":"247dade4-0456-49a5-a31c-9f4421a4e2f3","block_type":"box","text":"Audit fee*","page_number":26,"box":{"x":104,"y":748,"width":62,"height":9}},{"id":"21caeff7-9d50-4398-880b-1643c6f875af","block_type":"box","text":"9,720","page_number":26,"box":{"x":752,"y":749,"width":33,"height":9}},{"id":"78febed0-89c8-4f32-9998-28a71dc2a6d1","block_type":"box","text":"8,150","page_number":26,"box":{"x":862,"y":749,"width":32,"height":9}},{"id":"cdabe817-5395-414c-87d2-da1f5b89220b","block_type":"box","text":"Legal fee","page_number":26,"box":{"x":106,"y":764,"width":52,"height":11}},{"id":"08e362e7-97e4-4a40-b8b5-061ef7b7c21f","block_type":"box","text":"4,500","page_number":26,"box":{"x":752,"y":764,"width":33,"height":9}},{"id":"e976c97e-93ff-4da4-866d-67c1f67d6675","block_type":"box","text":"–","page_number":26,"box":{"x":888,"y":769,"width":6,"height":0}},{"id":"d968cbbf-8f38-428e-88e2-6eb88940b35c","block_type":"box","text":"Other expenses","page_number":26,"box":{"x":105,"y":779,"width":95,"height":11}},{"id":"f537a08e-f721-49fa-8c84-17a0d362cd78","block_type":"box","text":"40,708","page_number":26,"box":{"x":744,"y":780,"width":41,"height":9}},{"id":"8a83c3bb-0f89-41a4-a5d8-8b83333d5557","block_type":"box","text":"36,734","page_number":26,"box":{"x":854,"y":780,"width":41,"height":9}},{"id":"4758b5f9-aa1f-4f83-865e-4e86653220b7","block_type":"box","text":"54,928","page_number":26,"box":{"x":745,"y":802,"width":40,"height":9}},{"id":"92b3891d-7a0c-4400-b952-fe98da921879","block_type":"box","text":"44,884","page_number":26,"box":{"x":854,"y":802,"width":41,"height":9}},{"id":"8f2155af-14c9-409b-8493-a25e2a290d71","block_type":"box","text":"Expenses","page_number":26,"box":{"x":96,"y":837,"width":60,"height":10}},{"id":"d7a96987-f194-4f2b-b852-f5411c48fc0f","block_type":"box","text":"2,779,105","page_number":26,"box":{"x":722,"y":837,"width":63,"height":9}},{"id":"d2cd0c9a-7203-49a3-9c14-f3405e27ea3a","block_type":"box","text":"2,334,626","page_number":26,"box":{"x":832,"y":837,"width":62,"height":9}},{"id":"f2e57665-d9cb-4905-8946-fffe0d135398","block_type":"box","text":"Interest payable and similar charges","page_number":26,"box":{"x":96,"y":859,"width":219,"height":11}},{"id":"7ae7f2c3-6034-478b-a9a9-452a04ad67a0","block_type":"box","text":"81,921","page_number":26,"box":{"x":745,"y":859,"width":38,"height":9}},{"id":"f9876b47-c8d8-4bad-8df8-54825d389d37","block_type":"box","text":"136,553","page_number":26,"box":{"x":847,"y":859,"width":47,"height":9}},{"id":"ef1fd3d4-9604-4695-a222-6cecd2cec2f1","block_type":"box","text":"Total","page_number":26,"box":{"x":95,"y":881,"width":33,"height":8}},{"id":"7d6aeaf1-163f-40d0-9b98-ba7b8845f8f6","block_type":"box","text":"2,861,026","page_number":26,"box":{"x":722,"y":881,"width":63,"height":10}},{"id":"b95638f5-577d-4343-9b35-620b45bbe2b7","block_type":"box","text":"2,471,179","page_number":26,"box":{"x":832,"y":881,"width":62,"height":10}},{"id":"f4006b09-038a-4e00-8794-e202897f0351","block_type":"box","text":"*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","page_number":26,"box":{"x":95,"y":903,"width":809,"height":11}},{"id":"3d6d827a-ccac-4d21-8b91-c61f4ed03aaa","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":26,"box":{"x":96,"y":919,"width":174,"height":10}},{"id":"b29a5034-71e3-44f3-883b-6f1872fa9600","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":26,"box":{"x":541,"y":38,"width":361,"height":17}},{"id":"16541c61-7b64-4e85-a1e8-964067033774","block_type":"box","text":"21","page_number":26,"box":{"x":967,"y":960,"width":15,"height":8}},{"id":"ee226a53-1ed2-4efd-b97b-a2dbb986a6ac","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":27,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"5c94f638-dd8c-457e-b169-1e38a8ef9fe8","block_type":"box","text":"for the year ended 30 April 2026","page_number":27,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"dc947861-ec69-4a82-b99c-e8ef5aba3298","block_type":"box","text":"5. Taxation","page_number":27,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"b7b9a9d2-09a3-40ef-9a42-5f8b3b82e1f6","block_type":"box","text":"30.04.26","page_number":27,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"1efc8c34-8d0c-4423-af8a-c5ee5bec195b","block_type":"box","text":"30.04.25","page_number":27,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"fce4d4b7-f40f-40e5-865c-9a758a81b3a4","block_type":"box","text":"£","page_number":27,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"d76ebf08-e327-4066-a57c-fe9fa70da0e2","block_type":"box","text":"£","page_number":27,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"52e17854-57cb-404b-8480-b4eea5eb9250","block_type":"box","text":"(a) Analysis of charge in the year","page_number":27,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"2ac3c14f-6e4a-4ef1-90de-120f0434b4ec","block_type":"box","text":"UK corporation tax","page_number":27,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"b6b562d2-1046-4dec-8277-5de13025221a","block_type":"box","text":"1,060,278","page_number":27,"box":{"x":726,"y":191,"width":59,"height":9}},{"id":"5d85a890-5da5-408b-aaa7-08013c0a7bbc","block_type":"box","text":"824,673","page_number":27,"box":{"x":847,"y":191,"width":47,"height":9}},{"id":"45fc8283-ec0e-4cc4-b942-a3015de30fb2","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":27,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"db5ee358-dd4f-47c6-8076-7b807d56015c","block_type":"box","text":"1,060,278","page_number":27,"box":{"x":723,"y":213,"width":62,"height":9}},{"id":"76576f6a-c659-42a2-a86c-a33024424222","block_type":"box","text":"824,673","page_number":27,"box":{"x":844,"y":213,"width":50,"height":9}},{"id":"75425cd7-f2ac-42df-9291-3498000f4165","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":27,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"b315299c-bc8d-4e8b-b0c4-e9c090e2a48a","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":27,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"995b8a49-db58-4381-aed9-99e36509cf03","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":27,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"c18c0602-4e6f-4c36-bf7f-82d8f1d8d30c","block_type":"box","text":"Net revenue before UK corporation tax","page_number":27,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"9398f9e5-4915-4f00-aee7-bebe9233385d","block_type":"box","text":"16,027,102","page_number":27,"box":{"x":719,"y":304,"width":66,"height":9}},{"id":"4b4d4023-beac-48bd-ac08-5ae9869d24a9","block_type":"box","text":"12,613,501","page_number":27,"box":{"x":828,"y":304,"width":64,"height":9}},{"id":"f336e0ee-bedb-4b41-8015-c267e3bc3677","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":27,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"cababf8a-7f75-409f-9113-e5787b1553f7","block_type":"box","text":"3,205,420","page_number":27,"box":{"x":726,"y":326,"width":59,"height":9}},{"id":"5893884e-c52b-4fbe-9b55-554ec2d5898d","block_type":"box","text":"2,522,700","page_number":27,"box":{"x":835,"y":326,"width":59,"height":9}},{"id":"46373a9c-5ab5-45d6-89c8-9b0b40871c02","block_type":"box","text":"Effects of:","page_number":27,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"63b8c54f-caf9-4208-a294-a7e2c0d2505e","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":27,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"f57ce306-2910-44d2-a401-a3f94a3d2081","block_type":"box","text":"(2,161,169)","page_number":27,"box":{"x":721,"y":364,"width":68,"height":9}},{"id":"1780aedb-4ace-424f-9362-368efe89fac8","block_type":"box","text":"(1,697,912)","page_number":27,"box":{"x":831,"y":364,"width":68,"height":9}},{"id":"e3643e96-1dfb-4f3e-99d4-8f7edb579eb8","block_type":"box","text":"Tax effect of rebates in capital","page_number":27,"box":{"x":95,"y":382,"width":181,"height":11}},{"id":"ff2dc124-d091-4393-9edf-b2765a8c369d","block_type":"box","text":"16,027","page_number":27,"box":{"x":745,"y":383,"width":40,"height":9}},{"id":"d6cbf1a0-71d0-4476-b6b0-8aa328389808","block_type":"box","text":"(115)","page_number":27,"box":{"x":868,"y":383,"width":31,"height":9}},{"id":"a5994e35-1ab9-45f0-87aa-7861aec9a003","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":27,"box":{"x":95,"y":404,"width":251,"height":11}},{"id":"ae5ea7b4-553c-4589-b653-72bb4fa267e1","block_type":"box","text":"1,060,278","page_number":27,"box":{"x":723,"y":405,"width":62,"height":9}},{"id":"e8d16ff2-6dff-4759-82ce-984dfe653b70","block_type":"box","text":"824,673","page_number":27,"box":{"x":844,"y":405,"width":50,"height":9}},{"id":"c1f1b406-f7c0-42f5-84fb-1ab212ae6b5a","block_type":"box","text":"(c) Provision for deferred taxation","page_number":27,"box":{"x":95,"y":435,"width":205,"height":10}},{"id":"aa94c589-6222-447b-9820-10462ee7fde3","block_type":"box","text":"At 30 April 2026 there is a potential deferred tax asset of £nil (30 April 2025: £nil) in relation to surplus management expens","page_number":27,"box":{"x":95,"y":457,"width":753,"height":11}},{"id":"b9c9f7c9-9417-47f0-bf52-e1e2c9d7f7e6","block_type":"box","text":"es.","page_number":27,"box":{"x":850,"y":460,"width":15,"height":6}},{"id":"92066699-e818-473d-b3a0-ad3099f2d9e8","block_type":"box","text":"6. Distributions","page_number":27,"box":{"x":95,"y":510,"width":102,"height":9}},{"id":"0615d33e-982b-4b5c-a672-e6b2543a74e6","block_type":"box","text":"30.04.26","page_number":27,"box":{"x":730,"y":526,"width":55,"height":8}},{"id":"b34edd52-8325-4812-b1a1-702b9c1b31c3","block_type":"box","text":"30.04.25","page_number":27,"box":{"x":840,"y":526,"width":54,"height":8}},{"id":"5008266b-8eaf-4a48-9bd7-c160630b6111","block_type":"box","text":"£","page_number":27,"box":{"x":778,"y":542,"width":7,"height":7}},{"id":"24913dc5-0aae-4887-a8bf-eedd186ee8e6","block_type":"box","text":"£","page_number":27,"box":{"x":888,"y":542,"width":6,"height":7}},{"id":"3232a9b2-7c5e-4f6a-9ab9-85ce0d43baa3","block_type":"box","text":"Final dividend distribution","page_number":27,"box":{"x":96,"y":564,"width":158,"height":8}},{"id":"53eee26e-864c-4ed3-9751-16c1be9e6bb0","block_type":"box","text":"16,223,020","page_number":27,"box":{"x":719,"y":564,"width":66,"height":9}},{"id":"9c6d6d28-58ba-4f8b-acfe-d410081dc39b","block_type":"box","text":"12,014,441","page_number":27,"box":{"x":828,"y":564,"width":64,"height":9}},{"id":"b83bfef6-c750-4472-89eb-a1f6522b08e5","block_type":"box","text":"16,223,020","page_number":27,"box":{"x":719,"y":586,"width":66,"height":9}},{"id":"ff523866-b5b4-4cc6-a0b7-57f6dcb41210","block_type":"box","text":"12,014,441","page_number":27,"box":{"x":828,"y":586,"width":64,"height":9}},{"id":"e1743ed6-fe28-4a78-8f56-f86cb9da8269","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":27,"box":{"x":95,"y":604,"width":300,"height":9}},{"id":"0d2be6ee-93db-4c0f-a2a1-e47e1aa9350d","block_type":"box","text":"1,324,363","page_number":27,"box":{"x":726,"y":605,"width":58,"height":9}},{"id":"cbdcd4fe-7f61-484a-8e59-abb292864f60","block_type":"box","text":"1,061,289","page_number":27,"box":{"x":836,"y":605,"width":58,"height":9}},{"id":"1dd6d371-0df6-4dfe-bd7c-ea4a289e75dc","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":27,"box":{"x":96,"y":623,"width":289,"height":9}},{"id":"e42447f6-57a5-448c-86ff-8efadecddb8a","block_type":"box","text":"(1,792,219)","page_number":27,"box":{"x":721,"y":624,"width":68,"height":9}},{"id":"6985a011-ee8f-461f-958b-33960a5506d7","block_type":"box","text":"(1,284,102)","page_number":27,"box":{"x":831,"y":624,"width":68,"height":9}},{"id":"1511902c-6a0d-45bc-909e-b85b3f5ce160","block_type":"box","text":"Distributions","page_number":27,"box":{"x":96,"y":645,"width":86,"height":9}},{"id":"ab83b1d3-134e-410e-bc8f-4840c20f7338","block_type":"box","text":"15,755,164","page_number":27,"box":{"x":719,"y":646,"width":66,"height":9}},{"id":"fc980a4d-7811-4173-8bf7-3b63ea955e7c","block_type":"box","text":"11,791,628","page_number":27,"box":{"x":828,"y":646,"width":66,"height":9}},{"id":"3c5da32b-389b-4132-a77b-1eb05716d75d","block_type":"box","text":"Reconciliation of distributions","page_number":27,"box":{"x":96,"y":683,"width":200,"height":8}},{"id":"a0e5797a-6347-424f-8264-83a3422adfc9","block_type":"box","text":"Net revenue after taxation","page_number":27,"box":{"x":96,"y":702,"width":159,"height":8}},{"id":"9b268da3-f2d8-455f-839b-01054b88cc40","block_type":"box","text":"14,966,824","page_number":27,"box":{"x":719,"y":702,"width":66,"height":9}},{"id":"ee6271ce-6eb1-4d78-baed-79d22cc3c7dd","block_type":"box","text":"11,788,828","page_number":27,"box":{"x":828,"y":702,"width":66,"height":9}},{"id":"d48b4910-2522-4a63-8a7a-aba4bc92cd8c","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":27,"box":{"x":96,"y":717,"width":301,"height":11}},{"id":"e6150e53-67e4-4d4f-b110-2df104910b85","block_type":"box","text":"738,468","page_number":27,"box":{"x":737,"y":718,"width":48,"height":9}},{"id":"3e488c83-0b76-4448-b033-1f0e7e4b8dff","block_type":"box","text":"800,441","page_number":27,"box":{"x":847,"y":718,"width":45,"height":9}},{"id":"164285d2-808f-42a3-b98a-e5f74f994e4a","block_type":"box","text":"Marginal tax relief on rebates in capital","page_number":27,"box":{"x":96,"y":733,"width":236,"height":10}},{"id":"5f55a45d-612e-4cb0-8c47-3060be87346a","block_type":"box","text":"–","page_number":27,"box":{"x":778,"y":738,"width":7,"height":0}},{"id":"e1336a29-f116-4143-9c05-a9e13695b6b0","block_type":"box","text":"(115)","page_number":27,"box":{"x":868,"y":733,"width":31,"height":10}},{"id":"ac07cea6-fcac-4db2-930c-cff070ee626c","block_type":"box","text":"Capital corporation tax","page_number":27,"box":{"x":96,"y":748,"width":138,"height":11}},{"id":"8c684f3a-0ca8-42f5-9e20-7f4680dc1d11","block_type":"box","text":"16,027","page_number":27,"box":{"x":745,"y":749,"width":40,"height":9}},{"id":"72bae956-160a-4138-b1d0-663b2cb3d215","block_type":"box","text":"–","page_number":27,"box":{"x":888,"y":753,"width":6,"height":1}},{"id":"b4ed11ef-59af-4798-a723-8ddcc7e03058","block_type":"box","text":"Balance brought forward","page_number":27,"box":{"x":96,"y":764,"width":150,"height":10}},{"id":"877dbf95-0a14-4dcc-bd98-62fc8267e01b","block_type":"box","text":"29,775","page_number":27,"box":{"x":745,"y":764,"width":39,"height":9}},{"id":"66291d86-e21c-4f40-bad4-dc3d8598e064","block_type":"box","text":"(767,751)","page_number":27,"box":{"x":842,"y":764,"width":57,"height":9}},{"id":"3f0239ca-8458-48e4-9fb8-869ad3b68702","block_type":"box","text":"Balance carried forward","page_number":27,"box":{"x":96,"y":779,"width":144,"height":8}},{"id":"96c75d67-c041-4834-9c0e-f85d800d576a","block_type":"box","text":"4,070","page_number":27,"box":{"x":752,"y":780,"width":33,"height":9}},{"id":"24d17d50-38fa-434d-bed0-375b0e361f86","block_type":"box","text":"(29,775)","page_number":27,"box":{"x":850,"y":780,"width":49,"height":9}},{"id":"237f8179-137e-4946-9750-78e3b6bafb07","block_type":"box","text":"Net distribution for the year","page_number":27,"box":{"x":96,"y":801,"width":187,"height":11}},{"id":"ead7dc3a-eab4-47c8-8ab2-b1398c14a712","block_type":"box","text":"15,755,164","page_number":27,"box":{"x":715,"y":802,"width":70,"height":9}},{"id":"13b6ea8d-9743-4ab9-ba1c-c47a5643eaae","block_type":"box","text":"11,791,628","page_number":27,"box":{"x":824,"y":802,"width":70,"height":9}},{"id":"0b9d06bc-38b9-42c6-963e-e120887e5c03","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":27,"box":{"x":97,"y":38,"width":362,"height":17}},{"id":"861a6c79-86ed-4a7a-b71f-b8ae9671ace6","block_type":"box","text":"22","page_number":27,"box":{"x":14,"y":960,"width":18,"height":8}},{"id":"9ade89bb-a7f7-4c1e-977d-86390ba25a81","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":28,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"6304beb2-2b29-4f45-a9e3-36c083b16abc","block_type":"box","text":"for the year ended 30 April 2026","page_number":28,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"170926ea-3433-4e4b-9612-a45bf443dd3b","block_type":"box","text":"7. Debtors","page_number":28,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"04910cb9-2683-4a5e-9ceb-c0551e978237","block_type":"box","text":"30.04.26","page_number":28,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"4fe8d526-2fa2-4d30-b5bf-2ff8b65558a8","block_type":"box","text":"30.04.25","page_number":28,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"bb05f8a5-683b-4cd1-9463-fcd271a26ffb","block_type":"box","text":"£","page_number":28,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"4087a52d-e593-490b-a1dc-509a5aaa93c4","block_type":"box","text":"£","page_number":28,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"00dd60ad-572a-4a38-9c78-17abb54bd4aa","block_type":"box","text":"Amounts receivable on creation of shares","page_number":28,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"d809b6ef-2fef-4488-b28f-898d36de01af","block_type":"box","text":"3,162,517","page_number":28,"box":{"x":726,"y":172,"width":59,"height":9}},{"id":"6fbdc30c-d8a2-4164-8122-092cbcb398bb","block_type":"box","text":"1,617,959","page_number":28,"box":{"x":836,"y":172,"width":58,"height":9}},{"id":"19dcc1b9-01df-4775-be2b-cf3ba05b9363","block_type":"box","text":"Accrued revenue:","page_number":28,"box":{"x":95,"y":191,"width":105,"height":8}},{"id":"61a1e793-ca8d-4136-b3e6-c832635c6ab9","block_type":"box","text":"Rebates from underlying holdings","page_number":28,"box":{"x":96,"y":209,"width":205,"height":11}},{"id":"3e06d9b1-f3ec-40d0-b9fa-b7ae965b0f87","block_type":"box","text":"798,392","page_number":28,"box":{"x":737,"y":210,"width":47,"height":9}},{"id":"471bf53a-1dfd-454e-859a-b245c3f1773d","block_type":"box","text":"543,755","page_number":28,"box":{"x":847,"y":210,"width":47,"height":9}},{"id":"a0fed77f-90a7-43ca-b18c-17444611bf02","block_type":"box","text":"Income tax recoverable","page_number":28,"box":{"x":96,"y":228,"width":141,"height":9}},{"id":"76825f78-2d45-4f83-8ff5-b6f1744a1042","block_type":"box","text":"18,383","page_number":28,"box":{"x":745,"y":229,"width":39,"height":9}},{"id":"f62a0157-de73-40a1-8f0f-796e56f13e09","block_type":"box","text":"16,610","page_number":28,"box":{"x":855,"y":229,"width":39,"height":9}},{"id":"0daa3857-f71d-4ed8-9bd7-2ec68a85f906","block_type":"box","text":"Bank interest receivable","page_number":28,"box":{"x":96,"y":247,"width":145,"height":8}},{"id":"91e970c3-a7f3-40ba-9e5b-df04efa1b67e","block_type":"box","text":"4,497","page_number":28,"box":{"x":752,"y":248,"width":33,"height":9}},{"id":"f58f9cc7-754d-43b8-8595-bc3636e8017c","block_type":"box","text":"–","page_number":28,"box":{"x":888,"y":252,"width":6,"height":1}},{"id":"42e6cdaa-62a4-428d-a301-3ec19c551965","block_type":"box","text":"Prepayments","page_number":28,"box":{"x":96,"y":266,"width":79,"height":11}},{"id":"e5167d75-d52b-46bc-b850-7e477ffca492","block_type":"box","text":"–","page_number":28,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"00839e75-fb75-426d-b4cd-315def5c0d08","block_type":"box","text":"63","page_number":28,"box":{"x":880,"y":266,"width":14,"height":8}},{"id":"0f0ab379-d64d-463f-9ee1-814fcf497d26","block_type":"box","text":"Total debtors","page_number":28,"box":{"x":95,"y":288,"width":88,"height":8}},{"id":"1c47b1d0-316f-4354-973d-dc587b886756","block_type":"box","text":"3,983,789","page_number":28,"box":{"x":723,"y":289,"width":62,"height":9}},{"id":"fe5f8bb2-4a6d-4d12-b703-2a8b95821d8c","block_type":"box","text":"2,178,387","page_number":28,"box":{"x":832,"y":289,"width":62,"height":9}},{"id":"d328714d-fd36-4458-a0d9-33d3d009fbf8","block_type":"box","text":"8. Cash and bank balances","page_number":28,"box":{"x":95,"y":341,"width":174,"height":8}},{"id":"556f3d07-236c-4abb-ac05-f7a2efb90f32","block_type":"box","text":"30.04.26","page_number":28,"box":{"x":730,"y":342,"width":55,"height":7}},{"id":"4fbf1b6e-8684-4dae-a3e8-bac88ad6aa6e","block_type":"box","text":"30.04.25","page_number":28,"box":{"x":840,"y":342,"width":54,"height":7}},{"id":"0dd50707-e1f2-43cd-9684-1667f46f7447","block_type":"box","text":"£","page_number":28,"box":{"x":778,"y":357,"width":7,"height":8}},{"id":"7a7c620a-e3f7-48b4-8519-2914c354b7d4","block_type":"box","text":"£","page_number":28,"box":{"x":888,"y":357,"width":6,"height":8}},{"id":"c3482b4d-4225-405c-af18-4ab5a179857a","block_type":"box","text":"Cash and bank balances","page_number":28,"box":{"x":96,"y":379,"width":146,"height":8}},{"id":"dd92bedb-0366-4f6a-b681-0282f1c561f2","block_type":"box","text":"14,768,780","page_number":28,"box":{"x":719,"y":379,"width":66,"height":9}},{"id":"12150b18-47f7-4b18-836f-16145ba83001","block_type":"box","text":"10,558,468","page_number":28,"box":{"x":828,"y":379,"width":66,"height":9}},{"id":"f1641e69-6e2f-4cb5-8e82-3b74d03d7e8b","block_type":"box","text":"Bank overdraft","page_number":28,"box":{"x":96,"y":398,"width":89,"height":8}},{"id":"338ac42d-ed1e-4336-b607-eb286d6e13d9","block_type":"box","text":"–","page_number":28,"box":{"x":778,"y":403,"width":7,"height":0}},{"id":"b75ccb60-a5b6-42cc-9464-21307c462b16","block_type":"box","text":"(2,924,852)","page_number":28,"box":{"x":831,"y":398,"width":68,"height":9}},{"id":"afa8ab15-410e-4eaa-8d0d-77f99508addb","block_type":"box","text":"Total","page_number":28,"box":{"x":95,"y":420,"width":33,"height":8}},{"id":"96866902-ac2b-4574-a851-a57a3a20b27e","block_type":"box","text":"14,768,78","page_number":28,"box":{"x":723,"y":420,"width":62,"height":9}},{"id":"2fc3154b-91c2-4c26-8369-faa08d4f0bb6","block_type":"box","text":"7,633,616","page_number":28,"box":{"x":832,"y":420,"width":62,"height":9}},{"id":"79d85a40-4fdc-4b8d-9c50-417a8dd4fe46","block_type":"box","text":"9. Creditors","page_number":28,"box":{"x":95,"y":473,"width":76,"height":8}},{"id":"cb06180c-16f5-471b-9a0f-683af91e597a","block_type":"box","text":"30.04.26","page_number":28,"box":{"x":730,"y":473,"width":55,"height":8}},{"id":"18d66e66-ebe4-4da7-9a6b-8c8baa2aa878","block_type":"box","text":"30.04.25","page_number":28,"box":{"x":840,"y":473,"width":54,"height":8}},{"id":"f8b72532-d4bd-4c83-8a5a-25cceeabd5c2","block_type":"box","text":"£","page_number":28,"box":{"x":778,"y":489,"width":7,"height":7}},{"id":"195bf76d-c068-474b-a76d-809a5d4647df","block_type":"box","text":"£","page_number":28,"box":{"x":888,"y":489,"width":6,"height":7}},{"id":"c0160294-a958-465b-8fb8-139e2c74a984","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":28,"box":{"x":95,"y":510,"width":261,"height":11}},{"id":"6172c48b-be66-4877-a09e-a878c37201f9","block_type":"box","text":"2,924,165","page_number":28,"box":{"x":726,"y":511,"width":58,"height":9}},{"id":"2a5933db-35cc-41da-baef-9da25ceed6e8","block_type":"box","text":"2,224,903","page_number":28,"box":{"x":835,"y":511,"width":59,"height":9}},{"id":"efb7fa3f-ac6e-4b61-806d-5274b16eff75","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":28,"box":{"x":96,"y":529,"width":549,"height":11}},{"id":"02fcd357-cc79-4506-bc77-60369943f695","block_type":"box","text":"agents of either of them:","page_number":28,"box":{"x":95,"y":545,"width":149,"height":10}},{"id":"ce532106-090a-4c2e-b37d-354acaada94e","block_type":"box","text":"Annual management charge","page_number":28,"box":{"x":104,"y":564,"width":172,"height":10}},{"id":"872d99f9-bb90-40d3-ab89-8399bcb3df11","block_type":"box","text":"220,530","page_number":28,"box":{"x":737,"y":564,"width":48,"height":9}},{"id":"ba05e646-5c64-4f74-ac7c-efdba26ea74a","block_type":"box","text":"168,592","page_number":28,"box":{"x":847,"y":564,"width":47,"height":9}},{"id":"106fef58-6143-4dc9-8d2b-1f74e92e9287","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":28,"box":{"x":96,"y":586,"width":514,"height":10}},{"id":"7406c81e-871c-4cba-8b3e-e4b1fd66ebef","block_type":"box","text":"Depositary fee","page_number":28,"box":{"x":106,"y":604,"width":86,"height":11}},{"id":"2621d3c4-a8bf-4fea-beb9-f987491dd786","block_type":"box","text":"16,614","page_number":28,"box":{"x":745,"y":605,"width":40,"height":9}},{"id":"676e7ebe-c17e-4557-99af-ef724eb7e352","block_type":"box","text":"13,338","page_number":28,"box":{"x":855,"y":605,"width":39,"height":9}},{"id":"2ef13852-b8dc-4534-8ca7-ef480055a8b9","block_type":"box","text":"Safe custody and other custodian charges","page_number":28,"box":{"x":105,"y":620,"width":253,"height":11}},{"id":"b2b0d517-0018-4422-bc03-f4cb3e0dd00e","block_type":"box","text":"193","page_number":28,"box":{"x":764,"y":620,"width":20,"height":8}},{"id":"5fecae79-0a21-42ef-8b93-57bf37a7a20f","block_type":"box","text":"84,786","page_number":28,"box":{"x":854,"y":620,"width":40,"height":9}},{"id":"50bf737b-6dc9-4967-800a-f79075d47b08","block_type":"box","text":"16,807","page_number":28,"box":{"x":745,"y":643,"width":40,"height":9}},{"id":"4d94ce6a-da4b-4e6f-ba94-d69cefd56199","block_type":"box","text":"98,124","page_number":28,"box":{"x":854,"y":643,"width":41,"height":9}},{"id":"f2420653-9499-4f6a-8ed7-9e87ac81c17c","block_type":"box","text":"Other expenses:","page_number":28,"box":{"x":96,"y":664,"width":97,"height":11}},{"id":"5dd90e8b-c24f-45cf-a312-d7246a11a8be","block_type":"box","text":"UK corporation tax","page_number":28,"box":{"x":105,"y":683,"width":114,"height":11}},{"id":"b3fd8864-943c-4ddc-a347-78a911a98425","block_type":"box","text":"413,022","page_number":28,"box":{"x":737,"y":683,"width":47,"height":10}},{"id":"f57ffbc2-114e-4780-b3d1-56a703667971","block_type":"box","text":"425,250","page_number":28,"box":{"x":846,"y":683,"width":48,"height":10}},{"id":"6eae2af8-5e5b-4b95-9ee5-9a64123224a7","block_type":"box","text":"Audit fee*","page_number":28,"box":{"x":104,"y":699,"width":62,"height":8}},{"id":"565328bb-b25b-4e8a-841d-d26c31a0a23d","block_type":"box","text":"9,720","page_number":28,"box":{"x":752,"y":699,"width":33,"height":9}},{"id":"9ebd7b15-6f09-4744-b4e0-edaaa32f7037","block_type":"box","text":"7,862","page_number":28,"box":{"x":862,"y":699,"width":32,"height":9}},{"id":"c2a87579-b088-436a-99b5-7dc7d6ceaf94","block_type":"box","text":"Bank interest payable","page_number":28,"box":{"x":106,"y":714,"width":130,"height":11}},{"id":"609da0e7-afe5-45ca-a703-b82b8b5b7e53","block_type":"box","text":"5,890","page_number":28,"box":{"x":752,"y":714,"width":33,"height":10}},{"id":"c0271774-da5c-4910-aacd-6a8915649b1c","block_type":"box","text":"–","page_number":28,"box":{"x":888,"y":719,"width":6,"height":1}},{"id":"824e18b9-749a-4006-966b-d5fee6748398","block_type":"box","text":"Other accrued expenses","page_number":28,"box":{"x":105,"y":729,"width":147,"height":11}},{"id":"ecaadcec-a3bd-41ea-b534-4712c92f0a91","block_type":"box","text":"12,749","page_number":28,"box":{"x":745,"y":730,"width":39,"height":9}},{"id":"f1078859-580b-4e43-8f28-54e95d26e6ce","block_type":"box","text":"6,827","page_number":28,"box":{"x":862,"y":730,"width":32,"height":9}},{"id":"988a2ec3-2e29-4103-b94e-ad2470d7a40b","block_type":"box","text":"441,381","page_number":28,"box":{"x":737,"y":752,"width":46,"height":9}},{"id":"269e6d96-fb11-4467-bdff-8a49b7812d0d","block_type":"box","text":"439,939","page_number":28,"box":{"x":846,"y":752,"width":48,"height":9}},{"id":"cee030f8-d171-48ef-b92d-31d39ee1d958","block_type":"box","text":"Total creditors","page_number":28,"box":{"x":95,"y":787,"width":97,"height":8}},{"id":"79a37e93-5881-47b7-9bda-e2b29765afe3","block_type":"box","text":"3,602,883","page_number":28,"box":{"x":723,"y":787,"width":62,"height":9}},{"id":"3d19947f-a596-4550-ae0a-c75f8ac1b75f","block_type":"box","text":"2,931,558","page_number":28,"box":{"x":832,"y":787,"width":62,"height":9}},{"id":"57607e1f-810f-471e-8879-a261c7af96d3","block_type":"box","text":"*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","page_number":28,"box":{"x":95,"y":809,"width":809,"height":11}},{"id":"88d33b40-2302-439a-8892-c5419db64e94","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":28,"box":{"x":96,"y":824,"width":174,"height":10}},{"id":"79326fed-c9bd-4c2f-819e-c24a340ccfb9","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":28,"box":{"x":541,"y":38,"width":361,"height":17}},{"id":"e731920e-1629-45a6-9d17-be0de4312e68","block_type":"box","text":"23","page_number":28,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"8b42b481-1eec-4df5-adbf-73f14ad6ccf9","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":29,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"46057b46-9ba4-41d0-9381-7aa40fc6733d","block_type":"box","text":"for the year ended 30 April 2026","page_number":29,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"19940d1a-de94-429c-ad55-c9c367f3155e","block_type":"box","text":"10. Risk management policies","page_number":29,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"fc40f02a-8e51-43c5-980c-fad56eeb3142","block_type":"box","text":"In pursuing its investment objective as stated on page 12, the Sub-fund holds a number of financial instruments. The Sub-fund’s","page_number":29,"box":{"x":96,"y":150,"width":754,"height":10}},{"id":"5eca6b4d-794d-408b-b579-537a3ae218ec","block_type":"box","text":"financial","page_number":29,"box":{"x":854,"y":150,"width":49,"height":8}},{"id":"8d60f9bd-70c8-42c1-9e3a-71886604272b","block_type":"box","text":"instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from its operat","page_number":29,"box":{"x":96,"y":165,"width":779,"height":11}},{"id":"2606bca0-06a8-4dc2-b21b-3324991708a7","block_type":"box","text":"ions,","page_number":29,"box":{"x":876,"y":165,"width":27,"height":10}},{"id":"3c678eed-66d3-43dc-923f-0e870f8218fa","block_type":"box","text":"for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for redemptions a","page_number":29,"box":{"x":95,"y":181,"width":792,"height":10}},{"id":"f73fe820-c14c-4964-af0f-c45055f04d3a","block_type":"box","text":"nd","page_number":29,"box":{"x":889,"y":181,"width":14,"height":8}},{"id":"0d874ecf-decd-47e2-93c6-2c28a1023cf5","block_type":"box","text":"debtors for accrued revenue.","page_number":29,"box":{"x":95,"y":196,"width":176,"height":8}},{"id":"081da23c-27e4-4d6c-8f60-0842452ba681","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":29,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"02a959f2-c6b8-4f75-8c1f-c1cbcebf7550","block_type":"box","text":"anaging","page_number":29,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"01c9895d-623c-4e7a-9af8-8bebb2c38424","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":29,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"4361f909-9ff7-4d60-8c00-17108dbf0a84","block_type":"box","text":"Market price risk","page_number":29,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"b0803f1a-509b-4d7b-bbc3-f888e2a35d65","block_type":"box","text":"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","page_number":29,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"afef9963-016c-46a2-85aa-f2c11b51af1f","block_type":"box","text":"ket prices","page_number":29,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"9dc578a0-1122-47e9-9d16-eb27ecd879f1","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":29,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"1bcb5211-ef4b-4d81-905c-dffdee0c3191","block_type":"box","text":"future","page_number":29,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"584914b1-b0ae-4b88-9fa9-f02a0bf8a758","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":29,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"572006d3-3e2d-4602-a98f-b101eb7d7782","block_type":"box","text":"market","page_number":29,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"b1272ad1-8fe2-40c3-a803-8aff0db17269","block_type":"box","text":"positions in the face of price movements.","page_number":29,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"1582fa82-a003-4c91-96e3-6dc14828d8af","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":29,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"abe1de40-9c2f-4268-a3e3-b26b0b8d625d","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":29,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"c5364c8b-c007-417c-8255-96be23a7c502","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":29,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"c5e35189-e4be-4098-b75b-fe56bb98d35f","block_type":"box","text":"ectus","page_number":29,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"9583f10b-0eb4-4cb8-bc6b-6bddeccfeaf4","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":29,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"5a53bb9d-915a-42b7-8870-ecbab2c30e8a","block_type":"box","text":"exposure","page_number":29,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"d39be651-bd26-43bf-ba92-a9568273718a","block_type":"box","text":"to any particular type of security or issuer.","page_number":29,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"a6a889be-82ae-4c4c-83fa-fec3b26fd4ae","block_type":"box","text":"If market prices at the balance sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":29,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"62a553e8-deef-4b85-9af0-5491ab1b87c0","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £107,217,23","page_number":29,"box":{"x":95,"y":446,"width":801,"height":11}},{"id":"d874126a-b878-45cb-9990-0a87b25ead9d","block_type":"box","text":"9","page_number":29,"box":{"x":897,"y":446,"width":6,"height":8}},{"id":"e302096a-d8cc-42ef-b00d-78c96c0b48aa","block_type":"box","text":"(30 April 2025: £82,567,671).","page_number":29,"box":{"x":95,"y":461,"width":174,"height":11}},{"id":"85d2c643-800c-4fd0-b3c7-ef8d5706e2dc","block_type":"box","text":"Foreign currency risk","page_number":29,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"82bddc2a-e323-4b6f-bbd2-dc63b1402f8d","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":29,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"513dd2b7-082a-4e49-a75b-03d35c874318","block_type":"box","text":"foreign","page_number":29,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"c9dfdd00-07cb-49c8-a204-47b0b0bc4d7c","block_type":"box","text":"currency exchange rates.","page_number":29,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"8f71cf6d-d428-4047-8751-44fa8b6233c2","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":29,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"30ea629a-ae15-493c-976e-26d5b3f00548","block_type":"box","text":"nvest","page_number":29,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"76427aa2-bb33-4cd1-b3b0-f878744df71a","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":29,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"e25960fd-1d40-4655-b778-1f1c0ad9f7c4","block_type":"box","text":"e","page_number":29,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"a465213a-0eb1-45b8-a7ef-d0c6437a6172","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":29,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"2d5b3316-7a5f-430b-bb6c-a457581a3cc7","block_type":"box","text":"ced","page_number":29,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"1fe59111-2716-4ad2-ab31-697db5cdc2a9","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":29,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"6806478e-42dd-4e02-8208-01a59ce6002b","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":29,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"0890bf64-e2ae-436a-9d9c-c1b95cd131a8","block_type":"box","text":"Net monetary","page_number":29,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"7619ca5b-7930-4738-ba9c-496b05fe4e9e","block_type":"box","text":"Non-monetary","page_number":29,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"1d41d4cc-74ef-4eec-8ec5-969f0e79987a","block_type":"box","text":"Total net","page_number":29,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"eece5e42-3ebc-4423-af47-e21cb1307e9a","block_type":"box","text":"assets and liabilities","page_number":29,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"a757de27-c582-4253-868c-f1c93f98b43d","block_type":"box","text":"assets","page_number":29,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"8a2767fa-9159-436c-b4ae-112fe037364a","block_type":"box","text":"assets","page_number":29,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"2bd3106d-5d07-4bd0-8b0c-a3b32e664fc7","block_type":"box","text":"£","page_number":29,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"b3180e9b-fdd8-4e70-8650-45d61e6c1545","block_type":"box","text":"£","page_number":29,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"39ec58e9-ce4e-4a85-a7bb-2867307f2212","block_type":"box","text":"£","page_number":29,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"79a3f0c3-cc29-40f9-8f83-c329649774ca","block_type":"box","text":"£","page_number":29,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"733fc173-b49f-4a4c-862d-26ac794fdbe0","block_type":"box","text":"£","page_number":29,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"46cf5435-af89-4644-866c-9e24a899aa5e","block_type":"box","text":"£","page_number":29,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"a76c49f6-6e62-48b3-abaa-813d88f6ad6e","block_type":"box","text":"30.04.26","page_number":29,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"8ca8c861-874f-4c97-aafa-31655bba8fa9","block_type":"box","text":"30.04.25","page_number":29,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"b0616a3c-fe3d-45c8-b75c-48724b66c7d3","block_type":"box","text":"30.04.26","page_number":29,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"21e4b398-975c-43f1-921b-bdc207a377fa","block_type":"box","text":"30.04.25","page_number":29,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"0afed095-3775-4bda-9001-17115b0c34e4","block_type":"box","text":"30.04.26","page_number":29,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"17c8a0a7-5e6c-4525-974c-bad52d4ed8e8","block_type":"box","text":"30.04.25","page_number":29,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"a4125da0-9e08-4db5-8262-321cb6432004","block_type":"box","text":"Sterling","page_number":29,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"a8559696-35d5-4c3e-80bf-0be022e5d785","block_type":"box","text":"15,149,686","page_number":29,"box":{"x":281,"y":680,"width":66,"height":9}},{"id":"ba94d7e9-4997-48a9-9d61-3b4a5ca29735","block_type":"box","text":"6,880,445","page_number":29,"box":{"x":397,"y":680,"width":59,"height":9}},{"id":"8531ce39-10ca-4516-a2a6-8ea3bf1c2288","block_type":"box","text":"1,033,274,210","page_number":29,"box":{"x":481,"y":680,"width":85,"height":9}},{"id":"613562b8-d722-4ec4-9800-b5a419cf0412","block_type":"box","text":"806,256,142","page_number":29,"box":{"x":601,"y":680,"width":74,"height":9}},{"id":"a4188def-faf8-4d93-9113-b6eea64cf81e","block_type":"box","text":"1,048,423,896","page_number":29,"box":{"x":700,"y":680,"width":85,"height":9}},{"id":"754ca582-ea0d-4f0f-ab9a-aad085157533","block_type":"box","text":"813,136,587","page_number":29,"box":{"x":820,"y":680,"width":74,"height":9}},{"id":"076135b7-0d7f-4417-ad15-735c8fcbb5cb","block_type":"box","text":"EUR","page_number":29,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"fd2f060d-62e0-4486-b29c-726c1804d564","block_type":"box","text":"–","page_number":29,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"2ee97808-df07-41f2-a01b-9c8233e3a5e8","block_type":"box","text":"–","page_number":29,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"d30fb975-e569-44b1-a142-e5db59af1f6f","block_type":"box","text":"–","page_number":29,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"69432ca7-38f8-4055-898e-1593409bcc46","block_type":"box","text":"19,420,568","page_number":29,"box":{"x":609,"y":695,"width":66,"height":9}},{"id":"35374ef1-8944-448b-9a61-2073ca4aeabb","block_type":"box","text":"–","page_number":29,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"0d1ca7ea-c4c1-471f-b32b-9f11e79f1aaf","block_type":"box","text":"19,420,568","page_number":29,"box":{"x":828,"y":695,"width":66,"height":9}},{"id":"b9d02323-f5df-4a41-b0c7-11a7ef58b499","block_type":"box","text":"USD","page_number":29,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"a070e9ae-81b1-498b-9fb1-304d68885ccf","block_type":"box","text":"–","page_number":29,"box":{"x":340,"y":715,"width":7,"height":1}},{"id":"58e9763e-1221-4622-abf9-05c1f0901f76","block_type":"box","text":"–","page_number":29,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"aa4adc74-4064-41df-8524-e8f5fc8d1ac2","block_type":"box","text":"38,898,177","page_number":29,"box":{"x":499,"y":711,"width":67,"height":9}},{"id":"9f49e179-dfd1-4003-a06a-c16dc924e065","block_type":"box","text":"–","page_number":29,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"551104d1-d8c6-4f90-ab24-452a6f2aafd4","block_type":"box","text":"38,898,177","page_number":29,"box":{"x":718,"y":711,"width":67,"height":9}},{"id":"4de20394-ef86-41de-99b4-f3710520135b","block_type":"box","text":"–","page_number":29,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"4d484448-57df-4c6e-a154-0c78eb6935f1","block_type":"box","text":"15,149,686","page_number":29,"box":{"x":277,"y":733,"width":70,"height":9}},{"id":"17306dee-a731-4c74-a69e-ea508efa1dd9","block_type":"box","text":"6,880,445","page_number":29,"box":{"x":394,"y":733,"width":62,"height":9}},{"id":"119a204b-c60f-4a68-94d8-a4f9ecd9ee36","block_type":"box","text":"1,072,172,387","page_number":29,"box":{"x":476,"y":733,"width":90,"height":9}},{"id":"a99425cc-5e6c-422c-8f05-f683ddd907a8","block_type":"box","text":"825,676,710","page_number":29,"box":{"x":597,"y":733,"width":78,"height":9}},{"id":"77720485-ed11-4bb2-8942-9dbb105e6773","block_type":"box","text":"1,087,322,073","page_number":29,"box":{"x":695,"y":733,"width":90,"height":9}},{"id":"27429623-f11f-4782-8b84-6ba52e3421e1","block_type":"box","text":"832,557,155","page_number":29,"box":{"x":816,"y":733,"width":78,"height":9}},{"id":"8182b3fd-7528-4f56-8147-5a0d98780551","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":29,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"f2f4298e-54a5-4a38-bd9f-d02b2a8bfe01","block_type":"box","text":"he","page_number":29,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"87dbe5ad-a765-46f4-af81-f1630ab95765","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £3,8","page_number":29,"box":{"x":96,"y":770,"width":767,"height":11}},{"id":"f0ef5b9a-7a9f-499d-98e0-31dd0a8af80c","block_type":"box","text":"89,818","page_number":29,"box":{"x":864,"y":771,"width":40,"height":9}},{"id":"e1900508-3e10-4fcf-8ea4-3191474e7bc9","block_type":"box","text":"(30 April 2025: £1,942,057).","page_number":29,"box":{"x":95,"y":786,"width":166,"height":10}},{"id":"7fe0ee94-a8e3-464b-bf33-dddb4e5d4951","block_type":"box","text":"Interest rate risk","page_number":29,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"78e894c1-1d6d-47b6-96f3-ee7cef2c7c99","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":29,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"23ddca3f-ceca-42fc-a563-2746baf2fefc","block_type":"box","text":"se change","page_number":29,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"fc09fae6-2b79-4fe2-932b-7a66379aaf35","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":29,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"0e3aeb04-c301-40de-b5a2-31ceaf0ecb32","block_type":"box","text":"nterest","page_number":29,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"6b320a50-d9ef-45f6-82e7-51985c6007c3","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short-term in","page_number":29,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"37158871-adda-4783-9cd9-84669d3f39c3","block_type":"box","text":"struments.","page_number":29,"box":{"x":840,"y":853,"width":63,"height":8}},{"id":"36d4b0fc-de18-4468-8365-0e49e52b3a5e","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":29,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"a3815bd4-2777-4e30-8666-4f4fd4606845","block_type":"box","text":"ited","page_number":29,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"abfb26f8-f204-4da5-b2fc-718169e1bb17","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":29,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"34b5400e-cb7f-41a2-8861-b4831ef72901","block_type":"box","text":"n the","page_number":29,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"6de097ca-24df-4afa-a0d3-2341fb72a8ed","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":29,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"f8d1c6ab-7fc7-44d3-a23e-f4cf6b028281","block_type":"box","text":"ses as","page_number":29,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"446dd573-1700-41d2-aba1-6176dbaa4e8b","block_type":"box","text":"interest rates increase.","page_number":29,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"7d6be533-4c01-40cb-adb2-8c28f91e47f8","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":29,"box":{"x":97,"y":38,"width":362,"height":17}},{"id":"81fab948-ba79-4a56-a148-6d07c41f526f","block_type":"box","text":"24","page_number":29,"box":{"x":14,"y":960,"width":19,"height":8}},{"id":"f59ca0a7-15fa-43a4-a066-3eb97b37064a","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":30,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"589ead50-6c26-447b-b7a4-80dd121150c3","block_type":"box","text":"for the year ended 30 April 2026","page_number":30,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"7dac1ee2-4288-4cf1-9259-37535927b31e","block_type":"box","text":"Interest rate risk (continued)","page_number":30,"box":{"x":96,"y":134,"width":192,"height":10}},{"id":"c0608902-7b66-47be-84be-38fa186ea03c","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":30,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"2b20d25d-bf37-4fe9-a1af-8488d70e4992","block_type":"box","text":"30.04.26","page_number":30,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"21802a85-4b20-4ad9-94f3-677a1aeba59a","block_type":"box","text":"30.04.25","page_number":30,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"c88a3c1e-4211-445b-a56b-99d6a9a2b626","block_type":"box","text":"£","page_number":30,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"c140db0f-8965-443a-b8af-5dca0387ad91","block_type":"box","text":"£","page_number":30,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"f3e1edda-1dfb-437f-831f-a8a47b3fc4b4","block_type":"box","text":"Financial assets floating rate","page_number":30,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"ce1fc665-6509-4653-a95a-ce6d29555959","block_type":"box","text":"14,768,780","page_number":30,"box":{"x":719,"y":210,"width":66,"height":9}},{"id":"a395983e-59fa-4db1-ad10-e7a8d6f1417b","block_type":"box","text":"10,558,468","page_number":30,"box":{"x":828,"y":210,"width":66,"height":9}},{"id":"8ce32fb3-f3b3-4b41-8af4-ef8a2820aa98","block_type":"box","text":"Financial assets interest bearing instruments","page_number":30,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"74eaaeb7-2e94-4199-9d4e-7ce1d1012fa7","block_type":"box","text":"225,406,434","page_number":30,"box":{"x":711,"y":229,"width":74,"height":9}},{"id":"1904ca13-3268-4e54-948e-a93ca8bcc31a","block_type":"box","text":"188,756,246","page_number":30,"box":{"x":821,"y":229,"width":73,"height":9}},{"id":"008da0f4-d24e-4edb-8598-6e56ef1d88d9","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":30,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"2d7339a6-179e-4a35-8725-be31272337d1","block_type":"box","text":"850,749,742","page_number":30,"box":{"x":711,"y":248,"width":74,"height":9}},{"id":"cc829a8f-6e73-4dfb-9d54-7c3ad14cfa75","block_type":"box","text":"639,098,851","page_number":30,"box":{"x":820,"y":248,"width":72,"height":9}},{"id":"db464bdf-a306-472e-b3f4-4b26935ac918","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":30,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"2a451528-23dc-4c10-8d9d-f73147a9c7d8","block_type":"box","text":"(3,602,883)","page_number":30,"box":{"x":721,"y":266,"width":68,"height":10}},{"id":"d1139f93-bfad-4a0d-8bdc-275093403969","block_type":"box","text":"(2,931,558)","page_number":30,"box":{"x":831,"y":266,"width":68,"height":10}},{"id":"02b93ee3-e1a4-4ba6-b845-5f2dab8afa03","block_type":"box","text":"Financial liabilities floating rate","page_number":30,"box":{"x":96,"y":285,"width":187,"height":10}},{"id":"6aa16af4-83cf-48dc-93f0-d62756187055","block_type":"box","text":"–","page_number":30,"box":{"x":778,"y":290,"width":7,"height":0}},{"id":"70973aac-72fa-4f4c-83b4-99432d4d9930","block_type":"box","text":"(2,924,852)","page_number":30,"box":{"x":831,"y":285,"width":68,"height":10}},{"id":"51bc73ef-5a81-40db-b105-ebf9b4593e3c","block_type":"box","text":"1,087,322,073","page_number":30,"box":{"x":695,"y":307,"width":90,"height":9}},{"id":"fb1568e4-2ad6-427f-9c81-009ad00f1b64","block_type":"box","text":"832,557,155","page_number":30,"box":{"x":816,"y":307,"width":78,"height":9}},{"id":"ea666201-c3b1-4dd6-9dfb-4c4f3a89a7a4","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":30,"box":{"x":95,"y":342,"width":767,"height":11}},{"id":"0696b8fb-0a55-4f1d-8606-56be8905f331","block_type":"box","text":"assets","page_number":30,"box":{"x":867,"y":343,"width":37,"height":7}},{"id":"1d9d06b7-5442-4ac5-a37f-618f013fad17","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £36,922 (30 April 2025: £19,084).","page_number":30,"box":{"x":95,"y":358,"width":755,"height":10}},{"id":"4897168d-3481-4d0e-9da6-ae1fd9b770c2","block_type":"box","text":"Maturity of financial liabilities","page_number":30,"box":{"x":96,"y":380,"width":201,"height":10}},{"id":"20e58442-a4c9-419d-a4a4-1386f781e2ef","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":30,"box":{"x":95,"y":395,"width":655,"height":11}},{"id":"86f0960b-ab1a-4d84-a0e7-bd69a23a3854","block_type":"box","text":"Liquidity risk","page_number":30,"box":{"x":96,"y":417,"width":86,"height":11}},{"id":"80eb4555-26db-4aea-891f-6fe17ceaf031","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":30,"box":{"x":95,"y":433,"width":742,"height":11}},{"id":"f409a1e4-2c03-44cf-bd22-8eb1875aa87f","block_type":"box","text":"any shares","page_number":30,"box":{"x":840,"y":433,"width":64,"height":11}},{"id":"509e79a1-054c-4851-a883-665d37a6dd38","block_type":"box","text":"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","page_number":30,"box":{"x":95,"y":448,"width":732,"height":11}},{"id":"4db371d8-b745-4d66-bc08-2972c31cc608","block_type":"box","text":"edemptions.","page_number":30,"box":{"x":828,"y":448,"width":75,"height":11}},{"id":"14a7745a-5608-45e3-a66f-34b8b668cd2e","block_type":"box","text":"Credit risk","page_number":30,"box":{"x":96,"y":470,"width":68,"height":9}},{"id":"a60fb2e6-7277-45b3-a511-e074c1af67b1","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":30,"box":{"x":96,"y":486,"width":722,"height":11}},{"id":"2e25ad9e-8798-4c2c-b14c-332c96a2cd3c","block_type":"box","text":"he investment","page_number":30,"box":{"x":819,"y":486,"width":85,"height":8}},{"id":"38041863-2e68-43be-bb99-0115c7b5229c","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":30,"box":{"x":95,"y":501,"width":759,"height":11}},{"id":"ffb28339-1973-4ff9-a2c8-3423be861193","block_type":"box","text":"stments","page_number":30,"box":{"x":856,"y":502,"width":48,"height":8}},{"id":"beae2050-ec94-425a-a446-67a7c099618f","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":30,"box":{"x":95,"y":517,"width":808,"height":10}},{"id":"38a6bafe-f5d3-4eed-a02b-1a67ec407114","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar","page_number":30,"box":{"x":96,"y":532,"width":738,"height":11}},{"id":"46b8dbeb-5cf3-4706-9520-e2a713fed3f4","block_type":"box","text":"e reviewed.","page_number":30,"box":{"x":835,"y":532,"width":68,"height":8}},{"id":"6268a1e6-f652-4343-ae5e-8d81736f761c","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":30,"box":{"x":96,"y":554,"width":733,"height":11}},{"id":"bb9a6bcb-d7e9-4888-b4aa-3ff5e383b1b9","block_type":"box","text":"cash is held","page_number":30,"box":{"x":834,"y":554,"width":69,"height":9}},{"id":"7687da41-9f4e-452c-8690-2aee2a694d61","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":30,"box":{"x":95,"y":570,"width":735,"height":11}},{"id":"59612370-80d3-4263-a387-511473d4c983","block_type":"box","text":"lectives that","page_number":30,"box":{"x":832,"y":570,"width":72,"height":8}},{"id":"c089eb18-f789-4650-b12d-e3a8b1382f02","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":30,"box":{"x":96,"y":585,"width":650,"height":11}},{"id":"e4e308e6-7124-4750-bfe4-1b71aa77d98b","block_type":"box","text":"Fair value disclosure","page_number":30,"box":{"x":96,"y":607,"width":135,"height":9}},{"id":"d7fc279d-e5b4-40eb-8016-bc0878fe4e3a","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":30,"box":{"x":95,"y":623,"width":731,"height":11}},{"id":"1bc73b2d-fe96-47ea-b2d5-dbadad17e26e","block_type":"box","text":". The highest","page_number":30,"box":{"x":828,"y":623,"width":76,"height":11}},{"id":"81e9a74d-c08c-46df-b20c-4f796a5a49cb","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":30,"box":{"x":96,"y":638,"width":739,"height":11}},{"id":"970cfc94-9237-4532-b9f6-17a6183624a2","block_type":"box","text":"els in these","page_number":30,"box":{"x":836,"y":638,"width":68,"height":9}},{"id":"721225df-aaa3-4997-bfaf-0b374f2d78d1","block_type":"box","text":"financial statements are as follows:","page_number":30,"box":{"x":95,"y":654,"width":213,"height":8}},{"id":"a2bbd044-b9ff-4f63-adc8-1e5d1933f719","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":30,"box":{"x":96,"y":676,"width":489,"height":11}},{"id":"4acf35bc-b84f-44d1-8011-ce8950431472","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":30,"box":{"x":96,"y":698,"width":568,"height":11}},{"id":"0eb40006-8fcd-44c0-827e-d81daaa9f9cb","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":30,"box":{"x":96,"y":720,"width":344,"height":11}},{"id":"c15b053c-fc01-4979-b687-5c024ac9f3b6","block_type":"box","text":"Valuation technique","page_number":30,"box":{"x":95,"y":743,"width":135,"height":10}},{"id":"10a5324f-85cb-4f0e-a2c1-d1d8a9e0bde4","block_type":"box","text":"30.04.26","page_number":30,"box":{"x":534,"y":743,"width":55,"height":8}},{"id":"62a37191-6414-4f15-84c1-2a35ec8f4e22","block_type":"box","text":"30.04.25","page_number":30,"box":{"x":801,"y":743,"width":54,"height":8}},{"id":"8db0c630-2d0a-4ad4-b99e-bc5d011bb235","block_type":"box","text":"Assets","page_number":30,"box":{"x":452,"y":756,"width":42,"height":8}},{"id":"95011731-0ff9-4abd-9d99-7ffa8d490ef6","block_type":"box","text":"Liabilities","page_number":30,"box":{"x":564,"y":756,"width":64,"height":8}},{"id":"cdfac6f8-5ac5-4115-a226-52e05397b6d9","block_type":"box","text":"Assets","page_number":30,"box":{"x":719,"y":756,"width":42,"height":8}},{"id":"83588592-feaf-4d54-b6e8-dfdc40374c4a","block_type":"box","text":"Liabilities","page_number":30,"box":{"x":833,"y":756,"width":64,"height":8}},{"id":"08ee1ada-98b1-4ceb-be74-b5266c34c232","block_type":"box","text":"(£000's)","page_number":30,"box":{"x":444,"y":769,"width":50,"height":9}},{"id":"89e9cb15-f0b1-4012-9dd8-22f02891d4bc","block_type":"box","text":"(£000's)","page_number":30,"box":{"x":577,"y":769,"width":50,"height":9}},{"id":"cf86f466-d6fa-4bfc-a713-90fe260954e7","block_type":"box","text":"(£000's)","page_number":30,"box":{"x":710,"y":769,"width":51,"height":9}},{"id":"4dc8aa93-34e0-4e4e-9a0a-3dd268366ed8","block_type":"box","text":"(£000's)","page_number":30,"box":{"x":846,"y":769,"width":51,"height":9}},{"id":"621f622c-247f-453b-989f-bd2119184cc9","block_type":"box","text":"Level 1","page_number":30,"box":{"x":96,"y":784,"width":38,"height":8}},{"id":"6725a957-53c8-4d9c-87ff-948f7828a6cd","block_type":"box","text":"144,662","page_number":30,"box":{"x":447,"y":784,"width":47,"height":10}},{"id":"0c21f331-e9d3-4e2c-8625-8174f3215b74","block_type":"box","text":"–","page_number":30,"box":{"x":621,"y":789,"width":6,"height":1}},{"id":"2e3466ce-5385-4bd3-b5bd-ff436a922568","block_type":"box","text":"52,969","page_number":30,"box":{"x":721,"y":784,"width":40,"height":10}},{"id":"8bc19ba2-b645-487a-80cc-0f6182638fa4","block_type":"box","text":"–","page_number":30,"box":{"x":890,"y":789,"width":7,"height":1}},{"id":"d9ef7fdd-644d-4f5d-8ed4-1a5a08c72fcb","block_type":"box","text":"Level 2","page_number":30,"box":{"x":96,"y":800,"width":40,"height":8}},{"id":"00ecb619-64b9-420f-a6e6-7ce799565019","block_type":"box","text":"927,510","page_number":30,"box":{"x":447,"y":800,"width":47,"height":9}},{"id":"daf5ec05-5bbc-483d-b4e0-5c074cbb769c","block_type":"box","text":"–","page_number":30,"box":{"x":621,"y":804,"width":6,"height":1}},{"id":"d247802a-e66b-4f08-afdd-50d89273690e","block_type":"box","text":"772,708","page_number":30,"box":{"x":713,"y":800,"width":48,"height":9}},{"id":"36828ffe-1fa9-4328-9c9a-45667d1bf82c","block_type":"box","text":"–","page_number":30,"box":{"x":890,"y":804,"width":7,"height":1}},{"id":"060b15ab-20dc-4c19-aec0-b3f549b9c13e","block_type":"box","text":"Level 3","page_number":30,"box":{"x":96,"y":815,"width":40,"height":8}},{"id":"931382e8-0753-4e48-82ab-714716270dae","block_type":"box","text":"–","page_number":30,"box":{"x":488,"y":820,"width":6,"height":1}},{"id":"373cb1b2-eb07-47dc-a867-4ddf4ea55460","block_type":"box","text":"–","page_number":30,"box":{"x":621,"y":820,"width":6,"height":1}},{"id":"17713a89-41e3-4db7-a971-d009d3091519","block_type":"box","text":"–","page_number":30,"box":{"x":754,"y":820,"width":7,"height":1}},{"id":"1029fc83-35c2-4690-a7cb-bb8dadbf8347","block_type":"box","text":"–","page_number":30,"box":{"x":890,"y":820,"width":7,"height":1}},{"id":"8499430d-e772-4de4-bd17-ffbc52feb8d4","block_type":"box","text":"1,072,172","page_number":30,"box":{"x":432,"y":838,"width":62,"height":9}},{"id":"0df13aa3-09c2-4ef6-90f6-34aa0f96921e","block_type":"box","text":"–","page_number":30,"box":{"x":621,"y":842,"width":7,"height":1}},{"id":"3bc88dc3-6b8e-48e2-98c3-cd97981d96ac","block_type":"box","text":"825,677","page_number":30,"box":{"x":711,"y":838,"width":50,"height":9}},{"id":"6a385500-0570-4642-9ea2-0c042384a308","block_type":"box","text":"–","page_number":30,"box":{"x":890,"y":842,"width":7,"height":1}},{"id":"0f9a9dd1-d510-46a8-8e1d-206d11306270","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":30,"box":{"x":541,"y":38,"width":361,"height":17}},{"id":"cb245c51-86e9-4be8-8bc4-e571759bf213","block_type":"box","text":"25","page_number":30,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"ba9ae045-2863-41b2-9ff6-b977c849e21a","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":31,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"5c2a04da-993e-4d98-b4df-a203ddf0f040","block_type":"box","text":"for the year ended 30 April 2026","page_number":31,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"e785b9bb-5497-4316-9d5e-e09a5613468b","block_type":"box","text":"11. Shares held","page_number":31,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"4663e42e-6cc0-4db8-bb13-8fe83b13052d","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":31,"box":{"x":96,"y":156,"width":236,"height":10}},{"id":"a28a075e-1874-481e-8dbe-2f4eb6d26014","block_type":"box","text":"Opening shares at 01.05.2025","page_number":31,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"407a875d-d38a-4b97-9438-227fa1d6380d","block_type":"box","text":"444,755,354","page_number":31,"box":{"x":416,"y":179,"width":79,"height":9}},{"id":"a4d500fb-b934-4418-a819-71f8d0312392","block_type":"box","text":"Shares issued during the year","page_number":31,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"39ee1502-10a7-461c-9802-392474d96f08","block_type":"box","text":"119,262,365","page_number":31,"box":{"x":421,"y":194,"width":73,"height":10}},{"id":"2de51f37-5801-4efc-92ae-e9ebf97a4483","block_type":"box","text":"Shares cancelled during the year","page_number":31,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"882d2c6b-2165-4881-aa9c-72d35b6e01e1","block_type":"box","text":"(85,170,469)","page_number":31,"box":{"x":419,"y":210,"width":75,"height":9}},{"id":"b3bf3445-85e0-41d1-b40e-9e822cfa9073","block_type":"box","text":"Shares converted during the year","page_number":31,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"a17db3a9-94bc-49ae-81de-20f3dc1f5b19","block_type":"box","text":"–","page_number":31,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"fb048abe-6061-49ac-b2ee-0b4b66db753c","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":31,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"eb3b8aa5-ed95-4505-b73a-a02f7c63806e","block_type":"box","text":"478,847,250","page_number":31,"box":{"x":416,"y":248,"width":78,"height":9}},{"id":"615092e2-01d1-46ef-8c62-e4d406a1ae4d","block_type":"box","text":"12. Contingent assets and liabilities","page_number":31,"box":{"x":96,"y":293,"width":234,"height":11}},{"id":"6765ce9d-496a-4a2f-a73d-3aed7cf54e5a","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).","page_number":31,"box":{"x":95,"y":309,"width":585,"height":11}},{"id":"b5d102c1-dd3c-4be9-afa1-2221d96615c4","block_type":"box","text":"13. Post balance sheet events","page_number":31,"box":{"x":96,"y":355,"width":194,"height":8}},{"id":"95574af1-d9b5-4cfc-90df-c833db398c8f","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":31,"box":{"x":95,"y":374,"width":425,"height":11}},{"id":"1fd0122c-d75a-4188-894d-f63661d367e4","block_type":"box","text":"14. Direct transactions costs","page_number":31,"box":{"x":96,"y":420,"width":186,"height":9}},{"id":"e4f00b55-4abc-45aa-8d0d-35ca638ba700","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":31,"box":{"x":96,"y":439,"width":755,"height":11}},{"id":"345bf59a-4ea0-4f62-9611-75b9aa9aff53","block_type":"box","text":"herefore","page_number":31,"box":{"x":853,"y":439,"width":51,"height":8}},{"id":"611129a1-113f-4e3e-989c-1cf8b1b50147","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":31,"box":{"x":95,"y":455,"width":444,"height":10}},{"id":"0b523e85-0e3a-4395-80e0-619754e47eb9","block_type":"box","text":"15. Portfolio dealing spread","page_number":31,"box":{"x":96,"y":501,"width":181,"height":11}},{"id":"6b0ddcd3-d16f-4b82-9964-178c2a84c16d","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.04% (30 April 2025: 0.02%).","page_number":31,"box":{"x":95,"y":523,"width":517,"height":11}},{"id":"9fac53c4-2aa6-441e-b606-b99013c2ec44","block_type":"box","text":"16. Related party transactions","page_number":31,"box":{"x":96,"y":569,"width":199,"height":11}},{"id":"bc967f03-912b-4486-a25e-04c93af72320","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":31,"box":{"x":95,"y":592,"width":707,"height":10}},{"id":"285f8349-b9bb-4616-972a-ffb468055b33","block_type":"box","text":"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","page_number":31,"box":{"x":95,"y":614,"width":765,"height":10}},{"id":"65a77c19-3112-45c8-88f0-e20034d6f725","block_type":"box","text":"e sheet","page_number":31,"box":{"x":861,"y":614,"width":43,"height":8}},{"id":"6eaa40cd-2212-453a-b9dd-80cd3484ddde","block_type":"box","text":"date are disclosed in note 9.","page_number":31,"box":{"x":95,"y":629,"width":171,"height":8}},{"id":"f244759a-6596-470d-b773-1b43d80b16f3","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":31,"box":{"x":97,"y":38,"width":362,"height":17}},{"id":"acbd79ac-1ee1-47e3-be5c-bf318112fdb1","block_type":"box","text":"26","page_number":31,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"2b43979d-24ad-49c5-961d-06da189128d9","block_type":"box","text":"MI Active Portfolio Overlay Fund","page_number":32,"box":{"x":541,"y":38,"width":361,"height":17}},{"id":"66cfc497-1510-4b4b-a708-08eca7a01e05","block_type":"box","text":"27","page_number":32,"box":{"x":967,"y":960,"width":18,"height":8}},{"id":"1b005cfb-caac-4fdb-96f6-aae552b6e084","block_type":"box","text":"Distribution Tables","page_number":32,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"e632f155-c75e-4614-8193-ac97fb904e82","block_type":"box","text":"for the year ended 30 April 2026","page_number":32,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"fad3196e-d485-4c46-b1da-61a6c274c366","block_type":"box","text":"Accumulation Share Distributions","page_number":32,"box":{"x":95,"y":134,"width":224,"height":9}},{"id":"31f2768c-484a-47e8-99ed-751431e35147","block_type":"box","text":"Share class","page_number":32,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"3628715e-96c3-4e5f-a978-52f94c6a74a0","block_type":"box","text":"Distribution","page_number":32,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"d5987dc5-0401-45b6-aafb-ccdc4c55601a","block_type":"box","text":"Shares","page_number":32,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"03980283-c034-4439-8d8d-3e0251feb08d","block_type":"box","text":"Net","page_number":32,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"e588f453-c151-45a9-a1a5-807b76e8348f","block_type":"box","text":"Equalisation","page_number":32,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"b07fa393-1b7c-4c07-a0ac-2a33721c042f","block_type":"box","text":"Distribution","page_number":32,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"e19d5b65-e918-4def-a4b1-d8763d0dcc0f","block_type":"box","text":"Distribution","page_number":32,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"9f34402c-e48b-4b12-a3b9-de0c22db64b2","block_type":"box","text":"revenue","page_number":32,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"0bc0ca5a-fff7-4b65-b3ec-2a6c9a868bf0","block_type":"box","text":"31.08.2026","page_number":32,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"bc260697-da78-43b7-b7f6-0893a28d347f","block_type":"box","text":"29.08.2025","page_number":32,"box":{"x":812,"y":165,"width":70,"height":8}},{"id":"f08896fb-6d92-4af8-b35a-b119db6a8c11","block_type":"box","text":"31.08.2026","page_number":32,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"e4a87eaf-20f4-4429-b98c-67cfe9f51f98","block_type":"box","text":"p","page_number":32,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"e72557cb-d2ae-43d7-891f-1a33c9cee805","block_type":"box","text":"p","page_number":32,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"136744a9-647b-4409-8e36-70ba75bc6966","block_type":"box","text":"p","page_number":32,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"3c13f4e3-350e-48b3-9a66-e2010c7a94c9","block_type":"box","text":"p","page_number":32,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"06fa91ee-bdc8-415f-a999-6cb0d00ce24d","block_type":"box","text":"C","page_number":32,"box":{"x":105,"y":207,"width":7,"height":8}},{"id":"314885ac-1ff7-4a0e-9047-da4c1f7f5181","block_type":"box","text":"Final","page_number":32,"box":{"x":267,"y":207,"width":27,"height":8}},{"id":"65edf0a1-cccc-4716-a383-92598fa460bb","block_type":"box","text":"Group 1","page_number":32,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"dc1696b3-8b8f-448b-a067-db0038241261","block_type":"box","text":"3.3879","page_number":32,"box":{"x":513,"y":207,"width":40,"height":8}},{"id":"06448ffb-2c7c-411b-838b-a8e98e949216","block_type":"box","text":"–","page_number":32,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"30ad641e-cbc7-4bd8-af46-7f1779ef7a08","block_type":"box","text":"3.3879","page_number":32,"box":{"x":722,"y":207,"width":40,"height":8}},{"id":"630498d9-1ab1-439e-9089-a6a7fd4235fb","block_type":"box","text":"2.7014","page_number":32,"box":{"x":827,"y":207,"width":41,"height":8}},{"id":"4e281f64-58dc-467a-93f1-0bc3f0b19ff7","block_type":"box","text":"Group 2","page_number":32,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"48577144-6278-470e-b2ea-f46081a88b64","block_type":"box","text":"1.8748","page_number":32,"box":{"x":513,"y":221,"width":40,"height":8}},{"id":"1bdd2496-cc1e-4537-a82d-13e292b287b7","block_type":"box","text":"1.5131","page_number":32,"box":{"x":618,"y":221,"width":38,"height":8}},{"id":"0f84b77f-0d49-4780-8c6e-6931021d0778","block_type":"box","text":"3.3879","page_number":32,"box":{"x":722,"y":221,"width":40,"height":8}},{"id":"dd77b500-ecf8-4975-868c-8c06ccfb79d2","block_type":"box","text":"2.7014","page_number":32,"box":{"x":827,"y":221,"width":41,"height":8}},{"id":"1993b347-c068-49b8-b94f-7e4c4139b152","block_type":"box","text":"Final distribution in pence per share","page_number":32,"box":{"x":96,"y":252,"width":240,"height":11}},{"id":"fd16e6e0-2194-431e-aa60-47f01a1badba","block_type":"box","text":"Group 1:","page_number":32,"box":{"x":96,"y":268,"width":51,"height":10}},{"id":"d9987ab0-d955-4220-a52b-4b209ad01f0e","block_type":"box","text":"Shares purchased prior to 1 May 2025","page_number":32,"box":{"x":181,"y":267,"width":231,"height":11}},{"id":"c6988981-f031-4a07-9e80-1a6d9b6d7c95","block_type":"box","text":"Group 2:","page_number":32,"box":{"x":96,"y":283,"width":51,"height":11}},{"id":"75ba91d0-20c4-4f68-accc-6a2387e78c52","block_type":"box","text":"Shares purchased on or after 1 May 2025 and on or before 30 April 2026","page_number":32,"box":{"x":181,"y":283,"width":441,"height":11}},{"id":"ada9b3bf-32d3-4be6-947e-01430c11e715","block_type":"box","text":"Sub-fund Overview","page_number":33,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"3f851230-bcc7-4454-a8b4-1c0bd9d71853","block_type":"box","text":"Name of Sub-fund","page_number":33,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"c4d6c3b9-6c97-48ba-a5f9-f360f8b4bc49","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund (formerly VT Aggressive Portfolio Overlay Fund)","page_number":33,"box":{"x":96,"y":143,"width":514,"height":11}},{"id":"9d149d51-deaa-4b39-9656-7585d1b6b1dc","block_type":"box","text":"Size of Sub-fund","page_number":33,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"b44a04e5-1ade-41b5-8322-975ef50cea36","block_type":"box","text":"£388,667,574","page_number":33,"box":{"x":95,"y":181,"width":82,"height":9}},{"id":"a5f53e69-6b7f-4f17-8723-7d4fec724e91","block_type":"box","text":"Launch date","page_number":33,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"6a69dbf1-5f1f-43d8-a0be-415fe6d48cff","block_type":"box","text":"07 December 2015","page_number":33,"box":{"x":95,"y":218,"width":114,"height":8}},{"id":"0c5b5592-8883-4aad-a299-0862b813b33e","block_type":"box","text":"Investment objective and policy","page_number":33,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"718ac8e5-0b11-492a-9bb5-116445fba93a","block_type":"box","text":"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","page_number":33,"box":{"x":95,"y":256,"width":775,"height":11}},{"id":"ac423b59-8025-4d6e-ad6c-9dcf96058e4a","block_type":"box","text":"come","page_number":33,"box":{"x":871,"y":258,"width":33,"height":6}},{"id":"26713ef0-4777-432e-b3d7-e2ed36f49d7a","block_type":"box","text":"generation.","page_number":33,"box":{"x":95,"y":272,"width":69,"height":10}},{"id":"bb26b09c-b7c5-4a2c-ab7b-f1675a7f2019","block_type":"box","text":"The Investment Manager will manage the portfolio in order to achieve its investment objective by investing at least 70% in coll","page_number":33,"box":{"x":95,"y":293,"width":773,"height":11}},{"id":"1bbfd564-313a-4392-8d2e-e96eb3598521","block_type":"box","text":"ective","page_number":33,"box":{"x":869,"y":294,"width":35,"height":8}},{"id":"afa6a322-7b87-4167-8dbe-aa05f8c572b2","block_type":"box","text":"investment schemes such as unit trusts, OEICs and other UCITS Sub-funds and closed ended schemes.","page_number":33,"box":{"x":96,"y":309,"width":620,"height":9}},{"id":"1898e585-a6de-4c81-97e9-d8b01ec9393f","block_type":"box","text":"The Sub-fund will seek exposure to a diverse (by geography and sector) portfolio of assets, with the overall portfolio having a","page_number":33,"box":{"x":95,"y":331,"width":753,"height":11}},{"id":"24d74c22-16aa-4395-9cae-d9a5bebf5f33","block_type":"box","text":"focus on","page_number":33,"box":{"x":853,"y":331,"width":50,"height":8}},{"id":"44af95ea-4bb8-4557-848b-4f8914a4a28f","block_type":"box","text":"shares in companies.","page_number":33,"box":{"x":95,"y":347,"width":128,"height":10}},{"id":"c34ccc39-ae2b-461d-8d90-2fbc8413e79f","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as shares in companies. For this Sub-fund, over per","page_number":33,"box":{"x":96,"y":369,"width":767,"height":10}},{"id":"42b34c43-5cd8-4115-8d90-5e0d16f19341","block_type":"box","text":"iods of","page_number":33,"box":{"x":864,"y":369,"width":41,"height":8}},{"id":"657262a8-bb7e-49a2-a633-e38fb45c3212","block_type":"box","text":"at least 8 years, in normal market conditions it is expected that the proportion of the Sub-fund exposed to shares (directly an","page_number":33,"box":{"x":95,"y":384,"width":737,"height":11}},{"id":"84512c41-4bf2-40fa-bc7b-edbb4cc06979","block_type":"box","text":"d indirectly)","page_number":33,"box":{"x":834,"y":384,"width":70,"height":11}},{"id":"07e771e3-60a5-46e6-b4e7-eb1cb7ab6b4b","block_type":"box","text":"will be approximately 85%.","page_number":33,"box":{"x":95,"y":400,"width":163,"height":10}},{"id":"db0368a2-aa4f-4bcd-a49a-0ea24de540f7","block_type":"box","text":"In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by","page_number":33,"box":{"x":96,"y":422,"width":772,"height":10}},{"id":"406b53f1-da6d-42a7-821b-2038ab288a9b","block_type":"box","text":"more","page_number":33,"box":{"x":873,"y":424,"width":31,"height":6}},{"id":"53b9b275-82ff-4eb2-bed1-c58c9119be25","block_type":"box","text":"than ±12.5%.","page_number":33,"box":{"x":95,"y":437,"width":79,"height":8}},{"id":"821c87f4-4ed9-4adb-868a-fe267fc2bac1","block_type":"box","text":"To the extent not invested in shares, other underlying assets in the portfolio (to which there will be indirect exposure) may i","page_number":33,"box":{"x":95,"y":459,"width":767,"height":11}},{"id":"6af649ef-092a-4ad3-9c37-be8d14e15cd5","block_type":"box","text":"nclude","page_number":33,"box":{"x":864,"y":459,"width":40,"height":9}},{"id":"d261690d-a243-41fe-85ad-7a3d0b537860","block_type":"box","text":"government and corporate bonds (including investment grade and high yield bonds), commodities, property, hedge fund strategies,","page_number":33,"box":{"x":95,"y":475,"width":808,"height":11}},{"id":"2b1d9e00-ae34-4bdf-9b10-72ca7bb2d7bc","block_type":"box","text":"private equity and derivatives. Some of these investments will be denominated in foreign currencies which may or may not be hed","page_number":33,"box":{"x":96,"y":490,"width":785,"height":11}},{"id":"c7fb38d7-75d6-435f-92b9-48f417ee7f2b","block_type":"box","text":"ged","page_number":33,"box":{"x":882,"y":490,"width":21,"height":11}},{"id":"36ba0767-2431-4a30-8e12-b04caec4de8b","block_type":"box","text":"back to Pounds Sterling.","page_number":33,"box":{"x":96,"y":506,"width":145,"height":10}},{"id":"ac47b78f-5c29-4ceb-b937-948aae628c10","block_type":"box","text":"The Sub-fund may also invest, at the ACD’s discretion, directly in other transferable securities including shares and bonds, mo","page_number":33,"box":{"x":95,"y":528,"width":786,"height":11}},{"id":"27f74138-f897-4557-8749-827b945598f1","block_type":"box","text":"ney","page_number":33,"box":{"x":883,"y":530,"width":21,"height":9}},{"id":"70eb9bbc-d8d8-4a32-90f4-3b16cae722b9","block_type":"box","text":"market instruments (such as money market Sub-funds or government treasury bills), cash and near cash, deposits and any other","page_number":33,"box":{"x":96,"y":543,"width":808,"height":11}},{"id":"f5ab7928-e047-4187-a680-6017be64f79c","block_type":"box","text":"permitted asset type deemed appropriate to meet the investment objective.","page_number":33,"box":{"x":96,"y":559,"width":462,"height":10}},{"id":"be2517e8-8c38-4202-ab2e-f2c876e8aba3","block_type":"box","text":"The Sub-fund may temporarily depart from this investment policy in response to the Investment Manager’s perception of extraordi","page_number":33,"box":{"x":95,"y":581,"width":781,"height":11}},{"id":"8da23abf-8c0c-4a0d-8e8f-00c3e9e937e9","block_type":"box","text":"nary","page_number":33,"box":{"x":878,"y":583,"width":26,"height":9}},{"id":"8da601ed-9c5a-4de4-9ab5-8c304df95944","block_type":"box","text":"market or political conditions. During these periods and for as long as the Investment Manager deems it necessary, the Sub-fund","page_number":33,"box":{"x":96,"y":596,"width":778,"height":11}},{"id":"e0838e84-4904-4f70-acb6-4211dca3bec8","block_type":"box","text":"may","page_number":33,"box":{"x":879,"y":599,"width":25,"height":8}},{"id":"c5df0f50-dff5-4c97-ad5a-3827dd8a25ae","block_type":"box","text":"adjust the stated percentages with a view to avoiding losses.","page_number":33,"box":{"x":95,"y":612,"width":366,"height":11}},{"id":"298eb7b6-1362-4ba3-b9d9-44699cecb4f5","block_type":"box","text":"Derivatives","page_number":33,"box":{"x":96,"y":634,"width":74,"height":8}},{"id":"b11d5b77-70da-4775-882c-3637f90289d5","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":33,"box":{"x":95,"y":649,"width":686,"height":11}},{"id":"1b2347b2-a8fc-4d4f-96c8-617603c42e47","block_type":"box","text":"Benchmark","page_number":33,"box":{"x":96,"y":672,"width":76,"height":8}},{"id":"eda40d88-8ebe-47e8-a45b-888da7eb1759","block_type":"box","text":"No explicit benchmark is stated for the Sub-fund. However multi-asset portfolios or peer group averages with a similar weight i","page_number":33,"box":{"x":96,"y":687,"width":758,"height":11}},{"id":"e06eb700-ca3c-436d-82c3-6fb141adf5c6","block_type":"box","text":"n equity","page_number":33,"box":{"x":857,"y":687,"width":47,"height":11}},{"id":"3e6607d4-9d67-47ab-ac02-7e65b3a571a5","block_type":"box","text":"may be useful in assessing the performance of the Sub-fund. An example for this Sub-fund may be IA OE Flexible Investment.","page_number":33,"box":{"x":96,"y":702,"width":760,"height":11}},{"id":"4a4fc431-5c8b-42ca-8790-e2c82424cf06","block_type":"box","text":"The Sub-fund provides comparative performance against a relevant Investment Association sector benchmark in order for investors","page_number":33,"box":{"x":95,"y":725,"width":809,"height":10}},{"id":"b1e407d6-c0d3-4934-aa51-414a72bd835f","block_type":"box","text":"to compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association M","page_number":33,"box":{"x":95,"y":740,"width":782,"height":11}},{"id":"da63e4e8-69ad-45f0-8c91-1874033d3235","block_type":"box","text":"ixed","page_number":33,"box":{"x":880,"y":740,"width":23,"height":8}},{"id":"f988451e-b021-4aa6-9df4-01b9b111dd3a","block_type":"box","text":"Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a","page_number":33,"box":{"x":95,"y":756,"width":800,"height":10}},{"id":"4b2e567a-b7d0-4af7-85ce-20633bcd3155","block_type":"box","text":"n","page_number":33,"box":{"x":897,"y":758,"width":6,"height":6}},{"id":"c441825c-6b86-4bd9-b9b0-bfda968d522a","block_type":"box","text":"indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or","page_number":33,"box":{"x":96,"y":771,"width":756,"height":11}},{"id":"9861a274-17f7-4a85-95f8-486f80f5f69b","block_type":"box","text":"investor","page_number":33,"box":{"x":856,"y":771,"width":48,"height":8}},{"id":"f5243c25-79bb-45ce-9a7a-dc9bac769a80","block_type":"box","text":"expectations.","page_number":33,"box":{"x":95,"y":787,"width":80,"height":10}},{"id":"bbc4e583-e95e-49b4-922e-47624e3b040a","block_type":"box","text":"Final accounting date","page_number":33,"box":{"x":96,"y":809,"width":142,"height":10}},{"id":"2771b8a9-2c81-4b9b-8c4e-20c2595b6e21","block_type":"box","text":"30 April","page_number":33,"box":{"x":95,"y":824,"width":46,"height":11}},{"id":"2534b7ab-7c3b-4c43-97ee-f1f28e86ec87","block_type":"box","text":"Interim accounting date","page_number":33,"box":{"x":96,"y":846,"width":159,"height":11}},{"id":"4eb0ca71-4cfc-4b87-8d44-8ff8c9695c15","block_type":"box","text":"31 October","page_number":33,"box":{"x":95,"y":862,"width":68,"height":8}},{"id":"380e75e0-dbbf-49b2-9878-b5dd04b79524","block_type":"box","text":"Distribution date","page_number":33,"box":{"x":96,"y":884,"width":112,"height":8}},{"id":"adc84c88-1553-4d39-9739-2b05facb4308","block_type":"box","text":"31 August","page_number":33,"box":{"x":95,"y":900,"width":60,"height":10}},{"id":"2dbb9ed6-2758-4a22-ad9b-798e752a8ca5","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":33,"box":{"x":97,"y":38,"width":413,"height":17}},{"id":"818036b5-5a3c-4cdf-9bda-71c2a462a7ad","block_type":"box","text":"28","page_number":33,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"76e0cb53-6dce-4b84-a3fc-6b2fc8440ee6","block_type":"box","text":"Sub-fund Overview (continued)","page_number":34,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"f330a254-bf48-409d-a3ed-6679bdb0733c","block_type":"box","text":"ISA status","page_number":34,"box":{"x":96,"y":128,"width":64,"height":8}},{"id":"f63c81db-5ffe-4245-837c-3818edc7b6b5","block_type":"box","text":"Qualifying Investment for stocks and shares ISA – however direct ISA investment is not currently available.","page_number":34,"box":{"x":96,"y":143,"width":643,"height":11}},{"id":"8be1f1e8-8d85-407a-b289-263300aeea31","block_type":"box","text":"Class of shares","page_number":34,"box":{"x":96,"y":165,"width":96,"height":8}},{"id":"64266c95-7025-4235-bee5-e0d39ec1beaa","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":34,"box":{"x":334,"y":165,"width":213,"height":10}},{"id":"30a0514c-6233-4df1-be11-c130a4cfecef","block_type":"box","text":"Initial charge","page_number":34,"box":{"x":96,"y":187,"width":86,"height":11}},{"id":"0284f7c9-dff7-47fa-ac17-392defa59265","block_type":"box","text":"0% (of the amount invested by an investor)","page_number":34,"box":{"x":334,"y":187,"width":261,"height":11}},{"id":"a18c2db1-87df-44d8-8d4e-6453b8dc06d6","block_type":"box","text":"Redemption charge","page_number":34,"box":{"x":96,"y":210,"width":129,"height":10}},{"id":"49278e99-7fa1-4272-a5ce-5d9a6e841848","block_type":"box","text":"0%","page_number":34,"box":{"x":334,"y":210,"width":17,"height":8}},{"id":"eb08579f-cc4b-4e58-a504-65f54c121498","block_type":"box","text":"Annual management charge","page_number":34,"box":{"x":95,"y":232,"width":188,"height":10}},{"id":"ef3589c3-4654-4393-add9-fc941e09ee3c","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":34,"box":{"x":96,"y":247,"width":213,"height":10}},{"id":"e942ff6a-3f93-4ad1-bd17-9d84bb5dc219","block_type":"box","text":"0.25%","page_number":34,"box":{"x":334,"y":248,"width":36,"height":7}},{"id":"eb436419-83a4-4a19-9dc0-43bb3e8721d7","block_type":"box","text":"Minimum initial investment","page_number":34,"box":{"x":96,"y":269,"width":167,"height":9}},{"id":"32d69894-df60-47d8-ac11-576d0f77e891","block_type":"box","text":"£2,500,000","page_number":34,"box":{"x":333,"y":270,"width":67,"height":9}},{"id":"44d04b76-d60b-43bd-8b7a-298d43a8a670","block_type":"box","text":"Minimum subsequent investment","page_number":34,"box":{"x":96,"y":292,"width":205,"height":10}},{"id":"1e9d8800-0887-4f6a-a44b-3cef3a468c30","block_type":"box","text":"£1,000,000","page_number":34,"box":{"x":333,"y":292,"width":67,"height":9}},{"id":"58de9c7f-d0fc-4841-aa77-7ff5b8507aad","block_type":"box","text":"Minimum holding","page_number":34,"box":{"x":96,"y":314,"width":107,"height":10}},{"id":"8b0e7355-ee65-4989-822f-997cafe03567","block_type":"box","text":"£1,000,000","page_number":34,"box":{"x":333,"y":314,"width":67,"height":9}},{"id":"f66a81c3-e0e0-4fe9-8fc4-21948f630b18","block_type":"box","text":"Minimum redemption","page_number":34,"box":{"x":96,"y":336,"width":133,"height":11}},{"id":"1d689450-319f-4484-aa4f-aa406636cb86","block_type":"box","text":"None","page_number":34,"box":{"x":334,"y":336,"width":31,"height":8}},{"id":"b880f481-6e5c-46a8-a6ce-8649c2d10912","block_type":"box","text":"Regular savings plan","page_number":34,"box":{"x":96,"y":358,"width":135,"height":11}},{"id":"3cb641c8-5ac7-48e3-ab85-d1fd2453eb81","block_type":"box","text":"N/A","page_number":34,"box":{"x":334,"y":359,"width":22,"height":7}},{"id":"285b1116-4051-4036-82b8-d119ee9b2702","block_type":"box","text":"Regular withdrawal facility","page_number":34,"box":{"x":96,"y":380,"width":180,"height":11}},{"id":"d2bfbaa6-fb22-40d7-a207-13680fba0524","block_type":"box","text":"N/A","page_number":34,"box":{"x":334,"y":381,"width":22,"height":7}},{"id":"0b6f27f3-b2f2-434d-adc0-bb500e9a89b3","block_type":"box","text":"Investment in this Sub-fund is restricted to investors who are investing through the Tatton Investment Management discretionary","page_number":34,"box":{"x":96,"y":402,"width":808,"height":11}},{"id":"85060fc3-2edf-4b2a-ab0f-511a297494cc","block_type":"box","text":"management proposition.","page_number":34,"box":{"x":96,"y":418,"width":157,"height":11}},{"id":"29e9f240-6b35-4b4e-9401-1fba1838e73b","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":34,"box":{"x":489,"y":38,"width":413,"height":17}},{"id":"7e0fd3e6-8e97-42eb-83b2-2b105ad07f0b","block_type":"box","text":"29","page_number":34,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"29afd092-87d5-4b80-90f0-c7e6ce533f25","block_type":"box","text":"Investment Manager’s Review","page_number":35,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"7709d227-e733-4c5b-92b1-413a47c5981e","block_type":"box","text":"for the year ended 30 April 2026","page_number":35,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"a3f4c5a0-78e2-4924-abe5-3feae0f5199d","block_type":"box","text":"Investment review","page_number":35,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"3303f12f-4732-4087-b14f-f15e660c26a9","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":35,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"013ba3f4-814d-4810-bd74-42f559f4bde4","block_type":"box","text":"The MI Aggressive Portfolio Overlay C Acc returned 4.71% in the six months to 30 April 2026. The IA Flexible Investment benchma","page_number":35,"box":{"x":95,"y":165,"width":796,"height":11}},{"id":"6e25e677-a129-4429-b405-c62a6600a171","block_type":"box","text":"rk","page_number":35,"box":{"x":893,"y":165,"width":11,"height":8}},{"id":"f4da7336-6146-408e-b4c9-92c25ecfbae2","block_type":"box","text":"returned 3.21% meaning the fund outperformed by 1.5% over the period.","page_number":35,"box":{"x":96,"y":181,"width":447,"height":10}},{"id":"f4ac631c-49c5-4475-9606-d205551a0030","block_type":"box","text":"Over the last 12-months to 30 April 2026, the MI Aggressive Portfolio Overlay C Acc has returned 23.94%. The IA Flexible Invest","page_number":35,"box":{"x":96,"y":203,"width":776,"height":10}},{"id":"48f455a4-fb5f-485e-b45c-5ddbc01887b1","block_type":"box","text":"ment","page_number":35,"box":{"x":873,"y":204,"width":31,"height":7}},{"id":"5e6e6f4c-be63-4145-b979-74e65c784467","block_type":"box","text":"reference index returned 19.35%, meaning the fund outperformed by 4.59% over the period.","page_number":35,"box":{"x":96,"y":218,"width":565,"height":11}},{"id":"6f56c3f8-ddf8-405a-a0f9-aaff6b75f5c6","block_type":"box","text":"Overview","page_number":35,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"a2893d2d-a899-4a92-a979-b51611ca92dd","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":35,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"1844e6c1-ff4b-4ebf-b763-46f6e5817c07","block_type":"box","text":"market","page_number":35,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"daf0767a-a3f6-44b2-8874-3b0e6e0a13c4","block_type":"box","text":"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.","page_number":35,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"7953ae29-e171-4321-aa57-16836a450af2","block_type":"box","text":"Since last","page_number":35,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"f5e35398-f733-4e59-935a-611ae6e678e4","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":35,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"1b6ac1e8-729e-4ef9-826b-02ddabd4e92f","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":35,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"ac4d5359-eef0-4420-8b65-c2ddaf9f101e","block_type":"box","text":"eral Reserve","page_number":35,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"0248902f-60e9-4e73-9278-d26d8f021940","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":35,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"f387d7b8-9031-4b6a-be44-93a15a06bd04","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":35,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"f9923393-e071-43e6-a306-2c001f3fe29f","block_type":"box","text":"ons of","page_number":35,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"01c1b490-916d-4cb8-9370-4f6aa378aeb0","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":35,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"9095761f-55df-4a6b-ae1a-3ce5799d3a7e","block_type":"box","text":"than","page_number":35,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"112f38e2-5fda-4516-b8fe-0d3990d97f38","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":35,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"10a46d09-2569-4775-a542-f35c4da62ae2","block_type":"box","text":"le AI","page_number":35,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"ed05d802-028b-4b4f-91d1-613c6c8e676c","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":35,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"32228599-8fa7-4d6f-969c-692e0d33221f","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":35,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"dd1ce3d8-e330-4cc8-8830-373460295499","block_type":"box","text":"edia","page_number":35,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"663bc44c-f7c8-4ff0-9668-b9e0078e2120","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":35,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"7cbed804-ea6d-4f6e-a335-1bd0d245cb1a","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":35,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"204d7a7a-40cd-416c-83ea-eb201691492b","block_type":"box","text":"interest","page_number":35,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"2e0edd05-dffc-43a7-89b0-dc9829d5568d","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":35,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"b0aa309c-0ef8-4767-b1a9-773a6baa4b7d","block_type":"box","text":"d wider","page_number":35,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"8102ab4e-2dae-4847-a4ca-c6a2d058f613","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":35,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"71d700f1-6d12-4fe7-9c69-c01fe8519552","block_type":"box","text":"Outlook","page_number":35,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"f745834c-c5b1-425a-b90f-6f5a00c81837","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":35,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"aec570bc-15de-474e-93f3-1c7ad6d2ac70","block_type":"box","text":"for","page_number":35,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"c9cd0d97-3ec3-4b90-961f-2f80eb12bc15","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":35,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"34e47689-25c5-49ce-b0d2-433ef1d2d5a8","block_type":"box","text":"of","page_number":35,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"61b88825-53e3-4d94-9271-c276e72dc40c","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":35,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"27e41baf-3d5c-4354-85aa-ad470f741945","block_type":"box","text":"ll take time","page_number":35,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"571516f6-dbda-48ec-8790-b7897a0d6af7","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":35,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"47f6c4f8-8ae1-4f7a-9b50-2d9e70e73a7d","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":35,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"f941594e-52e7-465b-80b5-9007ccf2ffa3","block_type":"box","text":". Oil","page_number":35,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"1c782039-054a-475b-88a9-e03f4d9f6644","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":35,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"6ee9499b-a172-48f2-8c42-3242931371e3","block_type":"box","text":"expectation","page_number":35,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"9fc33566-6c76-4d96-af49-f96a80e4c57d","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":35,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"b69de96f-2b35-45a0-81e1-209ead295897","block_type":"box","text":"sell-off","page_number":35,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"517b9f95-6c7e-4394-a423-eb558c658064","block_type":"box","text":"we might have expected).","page_number":35,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"c1faba70-a56f-4492-9e21-642f24e1383f","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":35,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"0e47d217-4eea-470e-8b1b-22c101e1e048","block_type":"box","text":"ries","page_number":35,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"d41d1f5a-b204-4ea6-a3f1-25a70b0f6386","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":35,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"b36b35d8-0bb2-463a-9ee9-99b8ea012a57","block_type":"box","text":"rowth can","page_number":35,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"6f2af4f3-0e3c-4273-9907-88c575740d33","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":35,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"4a1ad06f-9cc1-48f8-a713-c28b86b24265","block_type":"box","text":"g.","page_number":35,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"7163cd3f-b74f-4473-aa5f-987cde04cdcd","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":35,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"cf9d292d-fc24-4ab6-974c-78e4d24d511a","block_type":"box","text":"y","page_number":35,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"8d67ec15-7ba6-462e-8dc6-032cfa462648","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":35,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"0b3fb328-ebd8-4808-9f72-1d238f88f5e8","block_type":"box","text":"cle.","page_number":35,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"c311074b-1114-4720-b47f-97767e8896bc","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":35,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"29087120-32ac-4599-8a33-d1e1c489fe75","block_type":"box","text":"Fund positioning","page_number":35,"box":{"x":96,"y":764,"width":111,"height":11}},{"id":"ed5816c8-dad3-4edb-81bf-c65bf1559c3b","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":35,"box":{"x":95,"y":780,"width":769,"height":10}},{"id":"79bea7eb-ee5c-4d7b-8068-bba049a27f0b","block_type":"box","text":"d fund","page_number":35,"box":{"x":865,"y":780,"width":38,"height":8}},{"id":"99eba5aa-2ae1-477c-9702-8aa1a679bbfd","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":35,"box":{"x":95,"y":795,"width":473,"height":11}},{"id":"221af125-89be-488f-9fe2-53eec514a2d2","block_type":"box","text":"The fund’s positioning was changed on 8 May 2025. The portfolio’s asset class distribution was revised; Bonds were increased an","page_number":35,"box":{"x":95,"y":817,"width":800,"height":11}},{"id":"9f18af0d-ea0f-489b-8b13-b20355c24727","block_type":"box","text":"d","page_number":35,"box":{"x":897,"y":817,"width":6,"height":9}},{"id":"1e43e360-3a0a-44af-86b9-d0b2ac478a91","block_type":"box","text":"Equities were decreased. Adjustments were made to the sub-asset class allocations; Europe Equity was increased, North America E","page_number":35,"box":{"x":96,"y":833,"width":777,"height":10}},{"id":"a82f6c95-4159-4868-bfd4-8035d04d7f0c","block_type":"box","text":"quity","page_number":35,"box":{"x":875,"y":833,"width":29,"height":10}},{"id":"2158014e-797a-4660-b1a2-4ae242f8cf52","block_type":"box","text":"was decreased and Strategic Bond was increased. Updates were made to the portfolio’s fund managers; Artemis US Select Fund was","page_number":35,"box":{"x":95,"y":848,"width":809,"height":11}},{"id":"4c9e2396-9998-4985-a2be-fa174f941891","block_type":"box","text":"decreased, HSBC American Index Fund was decreased, HSBC European Index Fund was increased and iShares MSCI Europe Mid Cap","page_number":35,"box":{"x":95,"y":864,"width":809,"height":10}},{"id":"d561d78a-db48-46d6-aaa0-6d68848ab949","block_type":"box","text":"ETF was removed.","page_number":35,"box":{"x":96,"y":879,"width":108,"height":8}},{"id":"14a0f191-2779-46c3-a8be-147f65826109","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":35,"box":{"x":97,"y":38,"width":413,"height":17}},{"id":"cd68dc3e-eddc-4bdb-98cd-602bea0c8783","block_type":"box","text":"30","page_number":35,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"68dceddc-9a8e-406b-94cf-c5bb3704d4cf","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":36,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"6c6e2736-2e1c-4bcb-8462-ab8df2df7722","block_type":"box","text":"for the year ended 30 April 2026","page_number":36,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"aa660dac-0817-4e24-bb44-4c5ce1d1a1de","block_type":"box","text":"The fund’s positioning was changed on 11 July 2025. The fund’s asset allocation was updated; Bonds were decreased and Equities","page_number":36,"box":{"x":95,"y":128,"width":775,"height":10}},{"id":"5bcd83fb-0e37-4628-8758-d791076d7180","block_type":"box","text":"were","page_number":36,"box":{"x":874,"y":130,"width":30,"height":6}},{"id":"c52c142e-caf0-4dba-b8c6-0b828bd73fca","block_type":"box","text":"increased. During this update, sub-asset allocations were amended; Government Bond was decreased, North America Equity was","page_number":36,"box":{"x":96,"y":143,"width":808,"height":11}},{"id":"f4213ff9-a920-4cb7-ade6-c875c16fb436","block_type":"box","text":"increased and Strategic Bond was decreased. Manager positions were updated; HSBC American Index Fund was increased, HSBC Global","page_number":36,"box":{"x":96,"y":158,"width":807,"height":11}},{"id":"c91943cb-5a29-428b-8e76-e3b310ca54d7","block_type":"box","text":"Aggregate Bond UCITS ETF was decreased and HSBC Global Government Bond UCITS ETF was decreased.","page_number":36,"box":{"x":95,"y":174,"width":637,"height":11}},{"id":"84982c43-a6a9-4dc7-9cad-b388e4d9e993","block_type":"box","text":"The portfolio was updated on 12 August 2025. Sub-asset allocation was changed; Japan Equity was decreased, North America Equity","page_number":36,"box":{"x":95,"y":196,"width":809,"height":11}},{"id":"f578e0bd-0df1-4bc6-b972-182976605f77","block_type":"box","text":"was increased and UK Equity was decreased. Fund managers within the portfolio were adjusted; Amundi IS Prime Japan was added,","page_number":36,"box":{"x":95,"y":211,"width":808,"height":11}},{"id":"ecc79ff3-6061-4627-8529-6ffdb52181de","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund was removed, HSBC American Index Fund was decreased, Schroder Recovery Fund","page_number":36,"box":{"x":96,"y":227,"width":807,"height":11}},{"id":"c6b9ae23-b8d6-40a3-85f8-5f9c6e3a130d","block_type":"box","text":"was removed and State Street SPDR S&P500 Quality Aristocrats ETF was added.","page_number":36,"box":{"x":95,"y":242,"width":481,"height":11}},{"id":"5900b8c3-476c-43af-a589-5aed1fe1a2c1","block_type":"box","text":"The portfolio was updated on 30 October 2025. Changes were made to manager positioning; HSBC Global Government Bond UCITS","page_number":36,"box":{"x":95,"y":265,"width":809,"height":10}},{"id":"affbe4fa-debe-4bd2-ba45-95ab27f1ed7f","block_type":"box","text":"ETF was increased, SVM UK Opportunities Fund was removed, iShares $ Treasury Bond 20+y ETF was removed and RGI UK Opportunities","page_number":36,"box":{"x":96,"y":280,"width":808,"height":11}},{"id":"3e32be17-ef42-4fc1-8a53-8b5d6db2f90d","block_type":"box","text":"Fund was added.","page_number":36,"box":{"x":96,"y":295,"width":102,"height":9}},{"id":"15de1859-8b5c-473d-a4f4-7494610190a9","block_type":"box","text":"The portfolio underwent an update on 3 November 2025. During this update, fund manager allocations were amended; Barings","page_number":36,"box":{"x":95,"y":318,"width":809,"height":10}},{"id":"9431a8bc-d52a-4282-b8e2-12c5ff13a0f4","block_type":"box","text":"Emerging Markets Debt Blended Total Return Fund was removed, iShares UK Equity Index Fund (UK) was decreased, Emerging Markets","page_number":36,"box":{"x":96,"y":333,"width":808,"height":11}},{"id":"2f7198f8-1901-454c-94d8-bb7b53f232bd","block_type":"box","text":"Debt Opportunities Fund was added and Jupiter UK Dynamic Equity Fund was added.","page_number":36,"box":{"x":96,"y":349,"width":516,"height":10}},{"id":"6ec331ff-730d-4b41-a626-78d06a974989","block_type":"box","text":"On 2 December 2025 the portfolio was updated. During this update, fund manager allocations were amended; the iShares UK Equity","page_number":36,"box":{"x":96,"y":371,"width":808,"height":10}},{"id":"05ebed11-8c34-4104-bfff-e7e239148947","block_type":"box","text":"Index Fund (UK) share class was changed.","page_number":36,"box":{"x":96,"y":386,"width":252,"height":11}},{"id":"2ab2611c-d206-419f-bcab-0eb379f4cd53","block_type":"box","text":"The portfolio underwent an update on 12 January 2026. The portfolio’s fund manager allocations were updated; Dimensional Global","page_number":36,"box":{"x":95,"y":408,"width":808,"height":11}},{"id":"ef8a3848-f7d4-40e2-b79a-630b7a796698","block_type":"box","text":"Ultra Short Fixed Income Fund was added and Neuberger Berman Uncorrelated Strategies Fund was removed.","page_number":36,"box":{"x":96,"y":424,"width":672,"height":10}},{"id":"b7f95c37-20b8-49a0-943c-4b14e8c27a53","block_type":"box","text":"On 25 March 2026, changes were made to the portfolio. The asset allocation blend was adjusted; Bonds were decreased and Equitie","page_number":36,"box":{"x":96,"y":446,"width":801,"height":11}},{"id":"72ec19fa-c8c4-42df-94df-f2728cf7ed20","block_type":"box","text":"s","page_number":36,"box":{"x":899,"y":448,"width":5,"height":6}},{"id":"4a276c9f-41c4-4b4b-bf19-50a65aa6aa6b","block_type":"box","text":"were increased. Updates were made to the sub-asset class split; High Yield Bond was removed, Japan Equity was decreased and UK","page_number":36,"box":{"x":95,"y":461,"width":809,"height":11}},{"id":"a1633dec-15d8-43c4-96d6-8640b06c8114","block_type":"box","text":"Equity was increased.","page_number":36,"box":{"x":96,"y":477,"width":129,"height":10}},{"id":"5420152b-7887-4ec8-b0ff-154896f10579","block_type":"box","text":"Tatton Investment Management Limited","page_number":36,"box":{"x":95,"y":521,"width":269,"height":11}},{"id":"4236b2d8-8121-417e-9f2f-dd9864dc0528","block_type":"box","text":"Investment Manager to the Fund","page_number":36,"box":{"x":96,"y":537,"width":198,"height":10}},{"id":"5a47f820-f33b-4a91-be2d-63f0133a3ad6","block_type":"box","text":"May 2026","page_number":36,"box":{"x":96,"y":552,"width":58,"height":11}},{"id":"2694b0f7-e80a-4f33-81e4-de8d3364abf4","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":36,"box":{"x":489,"y":38,"width":413,"height":17}},{"id":"cd2cc20d-e701-46aa-b2f5-9364d8a8a5aa","block_type":"box","text":"31","page_number":36,"box":{"x":967,"y":960,"width":15,"height":9}},{"id":"ef79fe3e-7cdf-42c9-8319-8b099eb6674a","block_type":"box","text":"Performance Record","page_number":37,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"ca9de5ea-af56-4b6e-b90d-40f4c9822028","block_type":"box","text":"Financial Highlights","page_number":37,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"24bacded-c23b-488c-8b89-a0dcae8f4afe","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":37,"box":{"x":100,"y":149,"width":237,"height":9}},{"id":"b66afa08-9627-400e-a817-9451201d12d1","block_type":"box","text":"30.04.26","page_number":37,"box":{"x":418,"y":149,"width":54,"height":8}},{"id":"8471c5ed-ab18-4ee4-a652-cff42b028ea7","block_type":"box","text":"30.04.25","page_number":37,"box":{"x":527,"y":149,"width":54,"height":8}},{"id":"0c905247-7027-4875-85af-3952b5792204","block_type":"box","text":"30.04.24","page_number":37,"box":{"x":637,"y":149,"width":54,"height":8}},{"id":"9db1acc6-b3f2-434d-81e4-ccbd0d7a8016","block_type":"box","text":"p","page_number":37,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"3d7dae82-f6e8-46fe-9d3c-e627a0e5fe2f","block_type":"box","text":"p","page_number":37,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"47dafc17-7df1-4057-af7e-92080d4cd637","block_type":"box","text":"p","page_number":37,"box":{"x":661,"y":161,"width":6,"height":9}},{"id":"1fe799d5-d5e6-4a94-920e-49b5b7eb1fd8","block_type":"box","text":"Opening net asset value per share","page_number":37,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"563f53d7-edce-4549-9c3a-b7069eeef88e","block_type":"box","text":"209.0314","page_number":37,"box":{"x":434,"y":178,"width":56,"height":8}},{"id":"c820b3bb-6f6a-43d1-adf5-2308bc275585","block_type":"box","text":"203.3248","page_number":37,"box":{"x":544,"y":178,"width":55,"height":8}},{"id":"b91fefdf-f558-4ee7-a5bc-ea4ba3f70f03","block_type":"box","text":"179.9293","page_number":37,"box":{"x":654,"y":178,"width":54,"height":8}},{"id":"3db0b403-e17f-448c-8963-df5d88068ef4","block_type":"box","text":"Return before operating charges","page_number":37,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"24499523-79c4-4bb8-a7f7-401f0ffb72fe","block_type":"box","text":"51.1255","page_number":37,"box":{"x":442,"y":191,"width":47,"height":8}},{"id":"8ec36eec-2ac1-40a4-80db-ea0dda89212b","block_type":"box","text":"6.6344","page_number":37,"box":{"x":559,"y":191,"width":40,"height":8}},{"id":"cca66257-f33b-4fab-af4d-f7caac6fdeb6","block_type":"box","text":"24.4111","page_number":37,"box":{"x":661,"y":191,"width":45,"height":8}},{"id":"31e30944-34c4-4322-a197-5fccdfa49c72","block_type":"box","text":"Operating charges (note 1)","page_number":37,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"54208a50-5338-4d04-9f3f-56fa0a0bb5ec","block_type":"box","text":"(1.1501)","page_number":37,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"0abb62fe-9ae0-4e6f-97f5-4903093892f2","block_type":"box","text":"(0.9278)","page_number":37,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"632d4aea-b0f9-4a82-8672-04adf224d249","block_type":"box","text":"(1.0156)","page_number":37,"box":{"x":660,"y":204,"width":48,"height":9}},{"id":"74244002-2162-4bf7-8e7e-67747e1c2f80","block_type":"box","text":"Return after operating charges","page_number":37,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"643e369e-d8ff-4e1a-bec1-bcf1a46209a6","block_type":"box","text":"49.9754","page_number":37,"box":{"x":441,"y":217,"width":49,"height":8}},{"id":"5f67ad16-8dda-47cb-928e-9a0e84202c11","block_type":"box","text":"5.7066","page_number":37,"box":{"x":559,"y":217,"width":40,"height":8}},{"id":"25297d9c-709d-4e0c-a279-91dae3327b25","block_type":"box","text":"23.3955","page_number":37,"box":{"x":661,"y":217,"width":47,"height":8}},{"id":"9fb202e2-64d6-432e-9e57-3cb70ed8f81c","block_type":"box","text":"Closing net asset value per share","page_number":37,"box":{"x":100,"y":230,"width":217,"height":10}},{"id":"b9c49daf-04ac-4211-ba2f-eb7f652d67c6","block_type":"box","text":"259.0068","page_number":37,"box":{"x":431,"y":230,"width":59,"height":8}},{"id":"ace2db78-22a0-4029-b7f5-3bc3dff67772","block_type":"box","text":"209.0314","page_number":37,"box":{"x":541,"y":230,"width":58,"height":8}},{"id":"a335dedd-7958-48af-9c74-81334f9f8667","block_type":"box","text":"203.3248","page_number":37,"box":{"x":650,"y":230,"width":59,"height":8}},{"id":"639f7c54-dbec-48b8-bfc6-a0d6a792a186","block_type":"box","text":"Retained distributions on accumulated shares","page_number":37,"box":{"x":101,"y":243,"width":278,"height":8}},{"id":"d7feec8b-908e-4f1d-9f0e-75e9916aa854","block_type":"box","text":"3.8304","page_number":37,"box":{"x":449,"y":243,"width":41,"height":8}},{"id":"90ec65e7-ecb8-4482-9c43-9a1a557e363c","block_type":"box","text":"3.2517","page_number":37,"box":{"x":559,"y":243,"width":40,"height":8}},{"id":"f35ba606-bf2d-4f54-8c64-d5274154a326","block_type":"box","text":"3.7711","page_number":37,"box":{"x":668,"y":243,"width":38,"height":8}},{"id":"58fdb3a7-1b31-47dd-8b46-b80b09beffc7","block_type":"box","text":"After direct transactions costs of","page_number":37,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"2562d36b-a6c2-4cad-88db-0227c54ec212","block_type":"box","text":"–","page_number":37,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"6a5d9d0a-a5a5-4c9e-aa49-ed7fa0953aa5","block_type":"box","text":"–","page_number":37,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"a6543533-5a88-43c3-af0e-5a04ce903a11","block_type":"box","text":"–","page_number":37,"box":{"x":702,"y":261,"width":6,"height":0}},{"id":"fd4db2db-4f4e-4d5f-abae-78fd663894d4","block_type":"box","text":"Performance","page_number":37,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"7f69f2fd-facf-45eb-975e-523128147aa4","block_type":"box","text":"Return after charges","page_number":37,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"6352559d-9fdb-4208-9bb0-dc36dce7657c","block_type":"box","text":"23.91%","page_number":37,"box":{"x":446,"y":282,"width":43,"height":8}},{"id":"a8405bde-cbb0-4d23-a260-d3370ef92ac6","block_type":"box","text":"2.81%","page_number":37,"box":{"x":563,"y":282,"width":36,"height":8}},{"id":"87416d3e-a280-4fb1-bf96-9dd16db80f0b","block_type":"box","text":"13.00%","page_number":37,"box":{"x":665,"y":282,"width":43,"height":8}},{"id":"ef634852-8cd0-4cd2-b9aa-c257355bad5c","block_type":"box","text":"Other information","page_number":37,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"a23b4ce9-e064-433f-a952-f55fa97e01f0","block_type":"box","text":"Closing net asset value","page_number":37,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"ccdd3e6d-1038-4912-8d38-21d276c82aa5","block_type":"box","text":"£388,667,574","page_number":37,"box":{"x":408,"y":308,"width":82,"height":10}},{"id":"07e6e2b8-61d1-40ba-855c-ae3aa92e6e0c","block_type":"box","text":"£270,757,370","page_number":37,"box":{"x":517,"y":308,"width":82,"height":10}},{"id":"139046bc-29aa-464d-a085-98edc4ef5dfe","block_type":"box","text":"£224,894,950","page_number":37,"box":{"x":627,"y":308,"width":81,"height":10}},{"id":"d4627e41-1076-452c-b613-417970d7ac84","block_type":"box","text":"Closing number of shares","page_number":37,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"2a30f1b5-0ebc-4fc7-9b9c-a7ecee074997","block_type":"box","text":"150,060,759","page_number":37,"box":{"x":416,"y":321,"width":73,"height":10}},{"id":"bac2bd7c-8696-4f48-ac7f-57d2a3c869aa","block_type":"box","text":"129,529,505","page_number":37,"box":{"x":526,"y":321,"width":73,"height":10}},{"id":"8a66ad8a-9904-4c62-a53c-354cb89dc446","block_type":"box","text":"110,608,737","page_number":37,"box":{"x":635,"y":321,"width":73,"height":10}},{"id":"ab438288-0c1e-4442-a280-06871519bd40","block_type":"box","text":"Operating charges (note 2)","page_number":37,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"59c880e6-6459-46f2-9a93-5dff39a27961","block_type":"box","text":"0.49%","page_number":37,"box":{"x":453,"y":335,"width":36,"height":7}},{"id":"6732b821-077b-49ba-8bdb-c801530f3bec","block_type":"box","text":"0.45%","page_number":37,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"0276e38e-8814-4e21-9514-92c93f3197f3","block_type":"box","text":"0.53%","page_number":37,"box":{"x":672,"y":335,"width":36,"height":7}},{"id":"0543641f-1905-4129-88c1-8f916fab5c7e","block_type":"box","text":"Direct transaction costs","page_number":37,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"d42f0adc-628b-42e8-9917-3cd2156e838b","block_type":"box","text":"0.00%","page_number":37,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"77b51ea3-eadc-4fca-bc2d-7426eddc4188","block_type":"box","text":"0.00%","page_number":37,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"ddb5a046-42a8-40ee-b828-942f0755d598","block_type":"box","text":"0.00%","page_number":37,"box":{"x":672,"y":348,"width":36,"height":7}},{"id":"093b88f0-a005-4a61-af63-7ece98bd94f8","block_type":"box","text":"Prices","page_number":37,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"ea421a12-eeb7-4701-829d-9b32d5c80251","block_type":"box","text":"Highest share price","page_number":37,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"80c99891-5dc3-4204-b996-a1b70973ee79","block_type":"box","text":"262.2699","page_number":37,"box":{"x":434,"y":374,"width":55,"height":8}},{"id":"4c16270e-faa2-4769-8723-619897c88e5f","block_type":"box","text":"227.1923","page_number":37,"box":{"x":544,"y":374,"width":55,"height":8}},{"id":"f6c087d5-20ae-4f8e-9446-3534780940cd","block_type":"box","text":"205.4476","page_number":37,"box":{"x":653,"y":374,"width":55,"height":8}},{"id":"bfe2ebe2-c531-4a3a-af5f-11c42ce62012","block_type":"box","text":"Lowest share price","page_number":37,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"cf2fc2c5-cc46-41b3-82c9-e4f65bd8803c","block_type":"box","text":"209.0314","page_number":37,"box":{"x":434,"y":387,"width":56,"height":8}},{"id":"911dcab0-8231-44de-8cc5-928ed1ed7008","block_type":"box","text":"196.6846","page_number":37,"box":{"x":544,"y":387,"width":55,"height":8}},{"id":"be43acca-8a51-4b96-b036-b28d977eadc2","block_type":"box","text":"177.1665","page_number":37,"box":{"x":654,"y":387,"width":54,"height":8}},{"id":"770872ad-14e7-4d98-a6f0-0369586735d1","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":37,"box":{"x":96,"y":414,"width":758,"height":11}},{"id":"cf36ab4a-ff62-46d9-b663-ebd142f72754","block_type":"box","text":"aluation","page_number":37,"box":{"x":855,"y":414,"width":48,"height":8}},{"id":"b32d9b33-0b20-4526-ad61-cd5f02e47b79","block_type":"box","text":"per share throughout the period.","page_number":37,"box":{"x":96,"y":429,"width":200,"height":10}},{"id":"2c743789-7f9d-48b4-a3ba-8d376f67536e","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":37,"box":{"x":95,"y":448,"width":787,"height":11}},{"id":"da477bda-04f6-420c-bc97-ccc1b5169f3e","block_type":"box","text":"age","page_number":37,"box":{"x":883,"y":451,"width":21,"height":8}},{"id":"5bfb6f88-7179-428d-9ddc-4ac2e8232337","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":37,"box":{"x":96,"y":463,"width":778,"height":11}},{"id":"a4b64a21-ef43-45f0-a3ea-62b7c151b894","block_type":"box","text":"und.","page_number":37,"box":{"x":874,"y":463,"width":26,"height":8}},{"id":"b5aee8d1-293a-4f7c-b4c4-2579591679a7","block_type":"box","text":"Risk and Reward Profile","page_number":37,"box":{"x":97,"y":513,"width":244,"height":13}},{"id":"1ee7633e-771b-4a4e-8588-94f4e63ae605","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":37,"box":{"x":95,"y":549,"width":785,"height":10}},{"id":"1883c1db-d578-4149-b367-4d62b0b52b05","block_type":"box","text":"the","page_number":37,"box":{"x":884,"y":549,"width":20,"height":8}},{"id":"fe0862c0-5560-49da-90fc-dcdd7e2894ff","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":37,"box":{"x":96,"y":564,"width":752,"height":11}},{"id":"267e5924-fc8a-466c-a828-c3ae9d9d39cc","block_type":"box","text":"and may","page_number":37,"box":{"x":852,"y":564,"width":52,"height":11}},{"id":"68514be7-d441-45cd-8c19-7ce9d546ae69","block_type":"box","text":"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’","page_number":37,"box":{"x":96,"y":580,"width":753,"height":10}},{"id":"b1691362-4e4e-4e63-8335-5e17bc47684c","block_type":"box","text":"s ranking","page_number":37,"box":{"x":849,"y":580,"width":55,"height":10}},{"id":"91748950-e09c-4dc4-b8e1-2f03a7165b64","block_type":"box","text":"on the risk and reward indicator.","page_number":37,"box":{"x":95,"y":595,"width":199,"height":8}},{"id":"59bc0343-0f47-4fcd-ba83-9316416d391f","block_type":"box","text":"Typically lower rewards,","page_number":37,"box":{"x":128,"y":617,"width":162,"height":11}},{"id":"a881ba73-7e48-4209-966d-52906cbd0271","block_type":"box","text":"Typically higher rewards,","page_number":37,"box":{"x":706,"y":617,"width":167,"height":11}},{"id":"ef318fb8-bb78-4d32-8e8b-ebd84d96bede","block_type":"box","text":"lower risk","page_number":37,"box":{"x":177,"y":633,"width":65,"height":8}},{"id":"6b0223a6-3648-4216-95ae-ec07357edcb6","block_type":"box","text":"higher risk","page_number":37,"box":{"x":755,"y":633,"width":71,"height":10}},{"id":"f1ad9f23-fac5-4a5a-8bc2-b14a5ca12925","block_type":"box","text":"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","page_number":37,"box":{"x":96,"y":692,"width":738,"height":11}},{"id":"14334732-4845-4d02-94c3-66f5d7cee041","block_type":"box","text":"y in the Key","page_number":37,"box":{"x":835,"y":693,"width":69,"height":10}},{"id":"f2f8f40f-2ea2-4b5c-b873-023daa1cc103","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 5). The Sub-fund is ranked ‘5’ because weekly historical performance data","page_number":37,"box":{"x":96,"y":708,"width":807,"height":11}},{"id":"906f85c9-3b5b-41dd-8e4f-667cd73b8383","block_type":"box","text":"indicates that relatively high rises and falls in market prices would have occurred historically. The higher the rank, the grea","page_number":37,"box":{"x":96,"y":723,"width":765,"height":11}},{"id":"2191136a-be86-421d-935e-22b26eda40f8","block_type":"box","text":"ter the","page_number":37,"box":{"x":863,"y":723,"width":41,"height":9}},{"id":"b3e9070d-1fe9-4f8b-ac1e-f335d5a3aef0","block_type":"box","text":"potential reward but the greater the risk of losing money.","page_number":37,"box":{"x":96,"y":739,"width":348,"height":11}},{"id":"ce433ec0-931c-41e2-ae2a-bf9d4b34f7f9","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":37,"box":{"x":97,"y":38,"width":413,"height":17}},{"id":"bf67a6f4-31d2-41d7-9f88-b638787a78a6","block_type":"box","text":"32","page_number":37,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"bad608bc-7ee9-43ac-a7d7-d0a3c89346b2","block_type":"box","text":"1","page_number":37,"box":{"x":148,"y":668,"width":8,"height":12}},{"id":"1f78dada-cdfa-4546-ad67-02181e99d785","block_type":"box","text":"2","page_number":37,"box":{"x":263,"y":668,"width":10,"height":12}},{"id":"3926234d-8346-4d20-af28-8ad8301f4042","block_type":"box","text":"3","page_number":37,"box":{"x":379,"y":668,"width":10,"height":12}},{"id":"c48511e3-7f43-4bdc-907e-a08d84239c62","block_type":"box","text":"4","page_number":37,"box":{"x":494,"y":668,"width":11,"height":12}},{"id":"f0ce5fc5-c88a-4c10-a8ba-dd353d567060","block_type":"box","text":"5","page_number":37,"box":{"x":611,"y":668,"width":10,"height":12}},{"id":"debebace-ad21-4fc3-ac17-9cad6c0250c2","block_type":"box","text":"6","page_number":37,"box":{"x":726,"y":668,"width":10,"height":12}},{"id":"d08375fc-baf3-435c-bff2-282ee70be8cc","block_type":"box","text":"7","page_number":37,"box":{"x":841,"y":668,"width":11,"height":12}},{"id":"f1458803-badf-4f94-b34d-f3870bf7863d","block_type":"box","text":"Portfolio Statement","page_number":38,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"c127af74-f1b0-4336-a14e-cbe8d0844722","block_type":"box","text":"as at 30 April 2026","page_number":38,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"44e07136-6301-42d8-9ee3-046c43c9b8d4","block_type":"box","text":"Market","page_number":38,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"e6a5c80e-b2e5-4519-b279-53b704d6d7f4","block_type":"box","text":"% of total","page_number":38,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"7fb7a026-383c-4175-bcf9-730bc30436d7","block_type":"box","text":"value","page_number":38,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"f39939db-57e9-4fac-90d9-2a992eac7ffa","block_type":"box","text":"net assets","page_number":38,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"14a33ae8-fe65-4ce6-9321-6dfa04135ba4","block_type":"box","text":"Holding","page_number":38,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"6b7c5d51-fe2a-4f0b-a8fd-4478e7667d46","block_type":"box","text":"Investment","page_number":38,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"190dc6cc-49a0-4ed3-ac0b-eef511915169","block_type":"box","text":"£","page_number":38,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"f2eaa28a-7109-4c2f-bdf5-766b4b9110ac","block_type":"box","text":"2026","page_number":38,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"6ebfdab9-81ab-46ad-8f3d-4436bc4a6c20","block_type":"box","text":"Collective Investment Schemes (30.04.2025: 92.11%)","page_number":38,"box":{"x":210,"y":176,"width":346,"height":10}},{"id":"3edf3c67-9d63-4417-96a9-c2459c7538b7","block_type":"box","text":"3,789,661","page_number":38,"box":{"x":131,"y":191,"width":56,"height":9}},{"id":"8aed1964-a063-4534-8cc6-54cbbc213dbc","block_type":"box","text":"Artemis US Select Fund","page_number":38,"box":{"x":209,"y":190,"width":140,"height":8}},{"id":"20784bc6-6545-410c-9bae-22e801f88154","block_type":"box","text":"19,908,226","page_number":38,"box":{"x":743,"y":191,"width":65,"height":9}},{"id":"25904873-078a-47dc-bfd6-b9db4036f1cc","block_type":"box","text":"5.12%","page_number":38,"box":{"x":863,"y":191,"width":36,"height":7}},{"id":"8a6d2c2c-e47e-4013-84c8-66ef90920fae","block_type":"box","text":"5,872,425","page_number":38,"box":{"x":131,"y":205,"width":58,"height":9}},{"id":"cad6125f-a2d6-4bb7-81ab-d864bee95bb6","block_type":"box","text":"AXA Framlington UK Mid Cap Fund","page_number":38,"box":{"x":209,"y":204,"width":209,"height":11}},{"id":"61b507e0-fb69-4bde-a606-f299027bd650","block_type":"box","text":"7,328,786","page_number":38,"box":{"x":750,"y":205,"width":58,"height":9}},{"id":"aa5c2cba-5948-4160-b4dd-e71581823413","block_type":"box","text":"1.89%","page_number":38,"box":{"x":863,"y":205,"width":36,"height":8}},{"id":"1471d225-753f-4613-926f-f2afd4b17426","block_type":"box","text":"6,564","page_number":38,"box":{"x":157,"y":219,"width":33,"height":9}},{"id":"5f07a18a-3267-4139-bffe-0a695e539700","block_type":"box","text":"Baring Hong Kong China Fund","page_number":38,"box":{"x":210,"y":219,"width":180,"height":10}},{"id":"c72316fc-b84c-40fa-a9ae-3af40f399865","block_type":"box","text":"7,435,664","page_number":38,"box":{"x":750,"y":219,"width":59,"height":9}},{"id":"f8d3791d-49f4-41df-b00a-e458f48a648d","block_type":"box","text":"1.91%","page_number":38,"box":{"x":863,"y":219,"width":36,"height":8}},{"id":"c2ac7974-bcbd-4ae3-9960-6fdeaac0cde5","block_type":"box","text":"20,217,243","page_number":38,"box":{"x":123,"y":233,"width":66,"height":9}},{"id":"3a41c37a-6fb1-47db-9413-b11129020d57","block_type":"box","text":"BNY Mellon US Equity Income Fund","page_number":38,"box":{"x":210,"y":233,"width":214,"height":11}},{"id":"acb73e24-3370-4159-a065-9a89ff9b0613","block_type":"box","text":"22,548,291","page_number":38,"box":{"x":742,"y":233,"width":64,"height":9}},{"id":"65f06e59-fd18-4a83-9f2d-950f7d1bc3a9","block_type":"box","text":"5.80%","page_number":38,"box":{"x":863,"y":233,"width":36,"height":8}},{"id":"3ca2caef-1b2b-4921-b924-a18736cad69e","block_type":"box","text":"149,926","page_number":38,"box":{"x":142,"y":248,"width":47,"height":9}},{"id":"e46ee7e9-e83c-4d3f-a8cf-bbbf6015d7c6","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":38,"box":{"x":210,"y":247,"width":307,"height":8}},{"id":"ef564f7c-79fc-480d-8e2c-6e1f198d62df","block_type":"box","text":"1,845,589","page_number":38,"box":{"x":750,"y":248,"width":58,"height":9}},{"id":"fdebdf59-e06f-47c3-9453-e2143cd6c37f","block_type":"box","text":"0.47%","page_number":38,"box":{"x":863,"y":248,"width":36,"height":7}},{"id":"965f38ed-2da1-470d-8444-5eb52c74a5df","block_type":"box","text":"14,188,555","page_number":38,"box":{"x":124,"y":262,"width":65,"height":9}},{"id":"bf174fcd-7b53-46aa-b9bd-29d38db5dba9","block_type":"box","text":"ES Alliance Bernstein Concentrated US Equity Fund","page_number":38,"box":{"x":210,"y":261,"width":308,"height":11}},{"id":"c4f9ef02-bb70-4729-912a-6641f913719e","block_type":"box","text":"25,241,439","page_number":38,"box":{"x":742,"y":262,"width":66,"height":9}},{"id":"8336a39f-7b0b-4176-973a-9a2ee736f25e","block_type":"box","text":"6.49%","page_number":38,"box":{"x":863,"y":262,"width":36,"height":8}},{"id":"52e75872-2bfa-4595-9029-2520a7976f15","block_type":"box","text":"2,889,230","page_number":38,"box":{"x":131,"y":276,"width":58,"height":9}},{"id":"6da8e087-2c8a-46af-b257-b9317b6c4081","block_type":"box","text":"FTF Brandywine Global Income Optimiser Fund","page_number":38,"box":{"x":210,"y":276,"width":285,"height":10}},{"id":"0bf65f1a-04c1-4cb0-ba4c-2393e8a91a6a","block_type":"box","text":"3,750,221","page_number":38,"box":{"x":750,"y":276,"width":56,"height":9}},{"id":"7577cbd5-3ac7-44b9-9dea-9f5f52d4cf4e","block_type":"box","text":"0.96%","page_number":38,"box":{"x":863,"y":276,"width":36,"height":8}},{"id":"fd1235e3-b704-48e0-90c7-02cd15b9e731","block_type":"box","text":"1,243,975","page_number":38,"box":{"x":131,"y":290,"width":58,"height":9}},{"id":"e335581b-a813-4581-8498-20fe674f1ce4","block_type":"box","text":"Goldman Sachs EM Ex-China CORE® Equity Fund","page_number":38,"box":{"x":210,"y":290,"width":297,"height":11}},{"id":"f55e439c-2fef-4bdc-a4a7-fd83d62d96ab","block_type":"box","text":"23,797,242","page_number":38,"box":{"x":742,"y":290,"width":66,"height":9}},{"id":"42630299-3e40-40a3-a616-75c8dac0dfb0","block_type":"box","text":"6.12%","page_number":38,"box":{"x":863,"y":290,"width":36,"height":8}},{"id":"4d8c0c8b-1f68-4678-ab6a-e4a54a8a2c9a","block_type":"box","text":"92,467","page_number":38,"box":{"x":149,"y":305,"width":40,"height":9}},{"id":"554b0890-800f-409b-8cd0-8f40155be2e5","block_type":"box","text":"Harrington Cooper Snyder US All Cap Equity Fund","page_number":38,"box":{"x":210,"y":304,"width":300,"height":11}},{"id":"3822a24d-84a2-4365-b445-2e7ffa9c7eee","block_type":"box","text":"13,734,094","page_number":38,"box":{"x":743,"y":305,"width":66,"height":9}},{"id":"0cb9fb47-ae97-434b-baab-6d7c71660382","block_type":"box","text":"3.53%","page_number":38,"box":{"x":863,"y":305,"width":36,"height":7}},{"id":"c8700a2c-d047-4be8-ade0-c95529703d43","block_type":"box","text":"2,265,903","page_number":38,"box":{"x":131,"y":319,"width":58,"height":9}},{"id":"bff95f55-b34f-4ec0-adb0-725cc83cc876","block_type":"box","text":"HSBC American Index Fund","page_number":38,"box":{"x":210,"y":318,"width":164,"height":9}},{"id":"e97d7f2c-5269-42ca-bf43-43de5351c98a","block_type":"box","text":"34,600,344","page_number":38,"box":{"x":742,"y":319,"width":67,"height":9}},{"id":"720fa164-4ce8-45e2-b6c1-deb832c3333c","block_type":"box","text":"8.90%","page_number":38,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"62b1e064-d5ea-42eb-b268-dd400fbd4e2a","block_type":"box","text":"764,867","page_number":38,"box":{"x":142,"y":333,"width":47,"height":9}},{"id":"9aed5050-ec00-4753-89ab-ead844387d27","block_type":"box","text":"HSBC European Index Fund","page_number":38,"box":{"x":210,"y":333,"width":166,"height":10}},{"id":"cc84fa0b-7f02-4472-bc06-e6d78bcdb75c","block_type":"box","text":"13,201,605","page_number":38,"box":{"x":743,"y":333,"width":65,"height":9}},{"id":"d3f6d885-8336-408c-a2cf-4816ced631d3","block_type":"box","text":"3.40%","page_number":38,"box":{"x":863,"y":333,"width":36,"height":8}},{"id":"a3833ddb-9a78-4984-bdbf-e8cb4af59440","block_type":"box","text":"2,136,469","page_number":38,"box":{"x":131,"y":347,"width":58,"height":9}},{"id":"f0f81341-0642-4eb3-b8ce-47c497571569","block_type":"box","text":"Invesco Perpetual UK Enhanced Index Fund","page_number":38,"box":{"x":210,"y":347,"width":263,"height":11}},{"id":"4de9ffe3-1955-4208-ad8e-5ad6cc9da9ee","block_type":"box","text":"21,308,504","page_number":38,"box":{"x":742,"y":347,"width":67,"height":9}},{"id":"e922cf38-5b2e-49fb-af35-d2d83fe2b666","block_type":"box","text":"5.48%","page_number":38,"box":{"x":863,"y":347,"width":36,"height":8}},{"id":"60f063f1-7742-475e-beeb-944509163e56","block_type":"box","text":"9,118,454","page_number":38,"box":{"x":131,"y":362,"width":59,"height":9}},{"id":"7d08522c-84a3-4c37-9a37-33a95df64dfb","block_type":"box","text":"iShares UK Equity Index Fund","page_number":38,"box":{"x":210,"y":361,"width":177,"height":11}},{"id":"f0a8a095-214b-41aa-a213-c2ff399c78e2","block_type":"box","text":"36,498,964","page_number":38,"box":{"x":742,"y":362,"width":67,"height":9}},{"id":"cf044181-2689-4d8e-b22a-9946a18d7a22","block_type":"box","text":"9.39%","page_number":38,"box":{"x":863,"y":362,"width":36,"height":7}},{"id":"09d65fd9-2ac0-4a0d-8933-c88572f690ce","block_type":"box","text":"301,928","page_number":38,"box":{"x":142,"y":376,"width":47,"height":9}},{"id":"c3df7f55-a7a1-4602-b92a-9d9e5f848578","block_type":"box","text":"Janus Henderson Global Multi-Strategy Fund","page_number":38,"box":{"x":208,"y":375,"width":271,"height":11}},{"id":"d791846b-6e4d-4c26-89d6-e090bae8f662","block_type":"box","text":"3,736,691","page_number":38,"box":{"x":750,"y":376,"width":56,"height":9}},{"id":"f335eaa4-8627-4fe9-b7c3-4182e7cb33e7","block_type":"box","text":"0.96%","page_number":38,"box":{"x":863,"y":376,"width":36,"height":8}},{"id":"fcc402e2-0f16-4581-b6c0-197e7693094d","block_type":"box","text":"2,044,159","page_number":38,"box":{"x":131,"y":390,"width":58,"height":9}},{"id":"9fa1fdd3-1222-4a3c-8a1a-b2db0a63c789","block_type":"box","text":"JPM Europe Dynamic ex-UK Fund","page_number":38,"box":{"x":208,"y":390,"width":201,"height":10}},{"id":"8bb8db7d-ab7a-4b85-a5d8-9f815bc73dc8","block_type":"box","text":"9,863,065","page_number":38,"box":{"x":750,"y":390,"width":58,"height":9}},{"id":"5fe15ea6-1fee-4f50-84be-cd91d317eadd","block_type":"box","text":"2.54%","page_number":38,"box":{"x":863,"y":390,"width":36,"height":8}},{"id":"ee2ec791-9b0a-46bd-99f5-e5e15583af5b","block_type":"box","text":"705,428","page_number":38,"box":{"x":142,"y":404,"width":47,"height":9}},{"id":"a498f85a-1bb3-4292-b7e2-d89c81c5efb5","block_type":"box","text":"JPM Japan Fund","page_number":38,"box":{"x":208,"y":404,"width":96,"height":11}},{"id":"ea7fc161-4683-4e8c-9dfe-ecb06ce2c449","block_type":"box","text":"3,290,114","page_number":38,"box":{"x":750,"y":404,"width":59,"height":9}},{"id":"edfe53a0-62f6-4b44-99d3-1d664e9d28a5","block_type":"box","text":"0.85%","page_number":38,"box":{"x":863,"y":404,"width":36,"height":8}},{"id":"0e799ce2-f36b-459b-ac88-cb29f9a1ed90","block_type":"box","text":"5,252,966","page_number":38,"box":{"x":131,"y":419,"width":58,"height":9}},{"id":"a09142d2-90c6-4fc9-9cb7-da2c88e52ee6","block_type":"box","text":"Jupiter Merian North American Equity Fund","page_number":38,"box":{"x":208,"y":418,"width":264,"height":11}},{"id":"b5f17b2e-0877-499d-8cb9-4fcf4f5778c8","block_type":"box","text":"30,730,379","page_number":38,"box":{"x":742,"y":419,"width":66,"height":9}},{"id":"eac732f9-0e4e-4f4e-8fef-ebf1127198db","block_type":"box","text":"7.91%","page_number":38,"box":{"x":863,"y":419,"width":36,"height":7}},{"id":"7eb45c9c-a3fd-4937-9984-2e2f5ad3a000","block_type":"box","text":"3,030,428","page_number":38,"box":{"x":131,"y":433,"width":58,"height":9}},{"id":"effa8bf1-f4d5-43d9-8593-2f437ae467a3","block_type":"box","text":"Jupiter UK Special Situations Fund","page_number":38,"box":{"x":208,"y":432,"width":206,"height":11}},{"id":"0c2447ce-6942-4096-abe6-8a2e2a18f0b5","block_type":"box","text":"13,356,913","page_number":38,"box":{"x":743,"y":433,"width":65,"height":9}},{"id":"074af5b0-eb52-44bf-a958-35179c93b352","block_type":"box","text":"3.44%","page_number":38,"box":{"x":863,"y":433,"width":36,"height":8}},{"id":"55d20e7c-345c-47ac-bbb8-606584118760","block_type":"box","text":"1,721,750","page_number":38,"box":{"x":131,"y":447,"width":58,"height":9}},{"id":"659acaa8-c008-4942-83bb-904eee82f6fe","block_type":"box","text":"Liontrust European Dynamic Fund","page_number":38,"box":{"x":210,"y":447,"width":206,"height":10}},{"id":"d84df5c7-056b-4f69-84dc-eb4b24d1a545","block_type":"box","text":"8,196,646","page_number":38,"box":{"x":750,"y":447,"width":58,"height":9}},{"id":"165665f0-48e9-4e6a-a92e-b0f5f8e9008e","block_type":"box","text":"2.11%","page_number":38,"box":{"x":863,"y":447,"width":36,"height":8}},{"id":"501e449b-2707-4376-84c5-696d4335b047","block_type":"box","text":"320,163","page_number":38,"box":{"x":142,"y":461,"width":47,"height":9}},{"id":"1fd0144b-51e6-4f04-9652-83b02d4b76c2","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":38,"box":{"x":210,"y":461,"width":284,"height":11}},{"id":"d76cf244-fc1b-4174-84c0-db43e23f8dee","block_type":"box","text":"3,656,259","page_number":38,"box":{"x":750,"y":461,"width":58,"height":9}},{"id":"35cdda35-e1cc-411d-b6c3-25b21ce0ebe9","block_type":"box","text":"0.94%","page_number":38,"box":{"x":863,"y":461,"width":36,"height":8}},{"id":"25eb8c31-791c-4c33-9f91-bb9e1e6ab3b9","block_type":"box","text":"3,034,021","page_number":38,"box":{"x":131,"y":476,"width":56,"height":9}},{"id":"781f831d-8e06-4da3-a594-0f2cdc0b538c","block_type":"box","text":"M&G Japan Fund","page_number":38,"box":{"x":210,"y":475,"width":101,"height":11}},{"id":"a24804f7-cd98-4edc-a198-d6a1e202fa6e","block_type":"box","text":"6,782,251","page_number":38,"box":{"x":750,"y":476,"width":56,"height":9}},{"id":"777d30e8-20cb-473c-91e5-d45a46c8fc43","block_type":"box","text":"1.75%","page_number":38,"box":{"x":863,"y":476,"width":36,"height":7}},{"id":"14032537-5671-45d3-898e-681bc833935e","block_type":"box","text":"135,941","page_number":38,"box":{"x":142,"y":490,"width":45,"height":9}},{"id":"569f322d-bffc-4d3c-9685-bcf8d01df41e","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":38,"box":{"x":210,"y":489,"width":363,"height":11}},{"id":"dfbc9057-c91e-4144-a613-7942c2acb6f5","block_type":"box","text":"3,802,270","page_number":38,"box":{"x":750,"y":490,"width":58,"height":9}},{"id":"25bfbb3c-fb2a-4ba7-88be-b530299e1b6f","block_type":"box","text":"0.98%","page_number":38,"box":{"x":863,"y":490,"width":36,"height":8}},{"id":"10b49a6e-9684-4d25-8841-55dbcb409dbb","block_type":"box","text":"1,503,057","page_number":38,"box":{"x":131,"y":504,"width":58,"height":9}},{"id":"6e813b9b-1668-412e-9670-12df79049971","block_type":"box","text":"RGI UK Opportunities Fund","page_number":38,"box":{"x":210,"y":504,"width":163,"height":10}},{"id":"e45ae9c9-1660-4965-b150-d54537edbabf","block_type":"box","text":"12,638,005","page_number":38,"box":{"x":743,"y":504,"width":65,"height":9}},{"id":"55ee9428-e0e8-4502-8360-a017b0991b4b","block_type":"box","text":"3.25%","page_number":38,"box":{"x":863,"y":504,"width":36,"height":8}},{"id":"acf60ae9-42f1-4ac0-85fe-0a4c536214c0","block_type":"box","text":"34,476","page_number":38,"box":{"x":149,"y":518,"width":40,"height":9}},{"id":"315690d8-15b4-4b28-ae9f-dc39c0270ae0","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":38,"box":{"x":209,"y":518,"width":211,"height":11}},{"id":"ac1b639b-7da6-4ccd-84ac-82e31ebb4226","block_type":"box","text":"3,720,322","page_number":38,"box":{"x":750,"y":518,"width":58,"height":9}},{"id":"58ac61d9-e961-4edf-b6f1-534259535d79","block_type":"box","text":"0.96%","page_number":38,"box":{"x":863,"y":518,"width":36,"height":8}},{"id":"5d34dc7f-0116-4bcc-8dd1-739282cc5dbf","block_type":"box","text":"330,971,884","page_number":38,"box":{"x":735,"y":539,"width":74,"height":9}},{"id":"42feb249-34b5-47be-8a9b-625a440fb89b","block_type":"box","text":"85.15%","page_number":38,"box":{"x":855,"y":539,"width":44,"height":8}},{"id":"ebc7e038-8355-49aa-9a96-a6768aaa6830","block_type":"box","text":"Exchange Traded Funds (30.04.2025: 6.95%)","page_number":38,"box":{"x":210,"y":560,"width":287,"height":11}},{"id":"695e83d5-e5fe-48bc-9b50-62380f043e1f","block_type":"box","text":"96,549","page_number":38,"box":{"x":149,"y":575,"width":40,"height":9}},{"id":"9150f0db-d1d2-4cc3-b33b-5fe3df7af3c3","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":38,"box":{"x":209,"y":574,"width":243,"height":11}},{"id":"2a160a4c-a318-4441-9a11-c4eebf3cfb79","block_type":"box","text":"8,618,929","page_number":38,"box":{"x":750,"y":575,"width":58,"height":9}},{"id":"e28b61a6-4de0-46f6-a1aa-539f356f1035","block_type":"box","text":"2.22%","page_number":38,"box":{"x":863,"y":575,"width":36,"height":7}},{"id":"34ded658-ab18-4fd2-88be-ee5d27545d2a","block_type":"box","text":"104,258","page_number":38,"box":{"x":142,"y":589,"width":47,"height":9}},{"id":"ffcdd7ae-c3ce-4632-93c7-3c80165beaa1","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":38,"box":{"x":209,"y":588,"width":188,"height":11}},{"id":"3d1fda69-fa3d-48c4-b208-7004bf010c79","block_type":"box","text":"3,044,334","page_number":38,"box":{"x":750,"y":589,"width":59,"height":9}},{"id":"7425d7cc-f283-4126-832b-6f2f61111db0","block_type":"box","text":"0.78%","page_number":38,"box":{"x":863,"y":589,"width":36,"height":8}},{"id":"74906847-ea4d-4584-98e6-2e2801643903","block_type":"box","text":"852,561","page_number":38,"box":{"x":142,"y":603,"width":45,"height":9}},{"id":"afbf3703-63e5-4370-bf48-9497be72ab19","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":38,"box":{"x":210,"y":603,"width":239,"height":10}},{"id":"c1fb8813-0a24-494f-b294-bcd6943e0418","block_type":"box","text":"8,611,290","page_number":38,"box":{"x":750,"y":603,"width":58,"height":9}},{"id":"53fc488e-7c94-47a9-81bc-88d104cebfc9","block_type":"box","text":"2.22%","page_number":38,"box":{"x":863,"y":603,"width":36,"height":8}},{"id":"626d10f1-7bce-4fa2-b8e5-905039180a5a","block_type":"box","text":"1,414,990","page_number":38,"box":{"x":131,"y":617,"width":58,"height":9}},{"id":"c91ac131-67a1-45a0-87cd-0f7d2bcaca18","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":38,"box":{"x":210,"y":617,"width":255,"height":8}},{"id":"6002c5c7-f890-461e-9c33-db58e44fdaf4","block_type":"box","text":"14,713,916","page_number":38,"box":{"x":743,"y":617,"width":65,"height":9}},{"id":"bffd0618-9d58-4322-a3ef-9eb45061deba","block_type":"box","text":"3.79%","page_number":38,"box":{"x":863,"y":617,"width":36,"height":8}},{"id":"3ac79ae0-ea68-471e-9303-e86d784284de","block_type":"box","text":"1,971,830","page_number":38,"box":{"x":131,"y":632,"width":58,"height":9}},{"id":"157165b4-137f-4c5d-a127-cc8f7eda940b","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":38,"box":{"x":210,"y":631,"width":338,"height":11}},{"id":"3fae19c5-7b42-4eb6-8adf-8441bd82da41","block_type":"box","text":"17,396,914","page_number":38,"box":{"x":743,"y":632,"width":66,"height":9}},{"id":"70696752-e66f-4a7e-92c9-ba56e1bc5566","block_type":"box","text":"4.47%","page_number":38,"box":{"x":862,"y":632,"width":37,"height":7}},{"id":"739f2e8f-8a9e-473d-8c76-2869976f1430","block_type":"box","text":"52,385,383","page_number":38,"box":{"x":742,"y":653,"width":66,"height":9}},{"id":"963b1f37-98d4-494b-8b45-99ad4ebb581f","block_type":"box","text":"13.48%","page_number":38,"box":{"x":856,"y":653,"width":43,"height":7}},{"id":"057091e5-535e-4547-9ab8-7e7ad728cd09","block_type":"box","text":"Portfolio of investments (30.04.2025: 99.06%)","page_number":38,"box":{"x":210,"y":681,"width":300,"height":10}},{"id":"d02c4901-b8d9-4731-8ccb-b251a29af44f","block_type":"box","text":"383,357,267","page_number":38,"box":{"x":731,"y":681,"width":78,"height":9}},{"id":"acbbbd3e-9242-4659-9cc1-86dfb5def90b","block_type":"box","text":"98.63%","page_number":38,"box":{"x":852,"y":681,"width":47,"height":8}},{"id":"ac8cfeee-cfca-4a59-b87f-e9102d6d9656","block_type":"box","text":"Net other assets (30.04.2025: 0.94%)","page_number":38,"box":{"x":210,"y":695,"width":240,"height":10}},{"id":"edd8b2f7-ff80-4749-84ca-801901f6ea9e","block_type":"box","text":"5,310,307","page_number":38,"box":{"x":747,"y":695,"width":62,"height":9}},{"id":"a53acd5c-ae9f-436c-af30-57aad6a99d15","block_type":"box","text":"1.37%","page_number":38,"box":{"x":860,"y":695,"width":39,"height":8}},{"id":"6ca8fb2f-383b-4056-9133-55fa1e03e5d6","block_type":"box","text":"388,667,574","page_number":38,"box":{"x":731,"y":716,"width":78,"height":9}},{"id":"dbfe1ae0-b749-44f6-b16e-33a30d801f74","block_type":"box","text":"100.00%","page_number":38,"box":{"x":844,"y":716,"width":55,"height":8}},{"id":"05db32b6-8e82-44be-95a4-98d63b28f642","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":38,"box":{"x":489,"y":38,"width":413,"height":17}},{"id":"e6e4c2c4-1dfe-490f-89d3-2ad985bfdd26","block_type":"box","text":"33","page_number":38,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"97253d80-9f87-4215-8afe-6b8d1e3da613","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":39,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"42912acc-6aef-4e92-b23a-87a7eab9fc33","block_type":"box","text":"£","page_number":39,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"64f7a257-ad17-4e76-ba33-8e369870c645","block_type":"box","text":"Total purchases for the year (note 14)","page_number":39,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"a0e1beca-0fb2-489e-b000-757f2bde3bb0","block_type":"box","text":"229,347,016","page_number":39,"box":{"x":635,"y":143,"width":78,"height":10}},{"id":"eb6b0267-e33b-4bc6-b691-26036299494a","block_type":"box","text":"iShares UK Equity Index Fund","page_number":39,"box":{"x":96,"y":174,"width":176,"height":11}},{"id":"bfa9b465-dfb4-4711-b64a-9b91edd93431","block_type":"box","text":"36,438,127","page_number":39,"box":{"x":647,"y":174,"width":66,"height":9}},{"id":"bf21bcf3-d1e6-4a26-9297-596b0e75aa84","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":39,"box":{"x":95,"y":189,"width":339,"height":11}},{"id":"46e112ba-c8a9-4fae-bfcf-5eda75a8a993","block_type":"box","text":"16,338,336","page_number":39,"box":{"x":647,"y":190,"width":66,"height":9}},{"id":"4aa0001c-c162-4605-93fd-fab276c870f5","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":39,"box":{"x":96,"y":205,"width":254,"height":8}},{"id":"5b7b9379-1519-41e1-9650-a774d798a0cd","block_type":"box","text":"15,962,617","page_number":39,"box":{"x":647,"y":205,"width":66,"height":9}},{"id":"253b73db-df2c-41d4-addc-a5ca3a4185a0","block_type":"box","text":"Jupiter UK Special Situations Fund","page_number":39,"box":{"x":94,"y":220,"width":206,"height":11}},{"id":"5d2d5fcf-1d2c-4a54-9251-e1f9727e6638","block_type":"box","text":"12,942,048","page_number":39,"box":{"x":647,"y":221,"width":66,"height":9}},{"id":"687e50a2-c749-4542-a71c-a6867d71efcd","block_type":"box","text":"HSBC European Index Fund","page_number":39,"box":{"x":96,"y":236,"width":165,"height":10}},{"id":"f4bdfe51-a18a-4ad0-8b7e-e63248b296d7","block_type":"box","text":"12,555,512","page_number":39,"box":{"x":647,"y":236,"width":66,"height":9}},{"id":"543cb54f-999e-4330-9255-64db7d21db10","block_type":"box","text":"HSBC American Index Fund","page_number":39,"box":{"x":96,"y":251,"width":164,"height":8}},{"id":"736da03c-1e70-4097-820a-6d2f114155f2","block_type":"box","text":"11,764,303","page_number":39,"box":{"x":647,"y":251,"width":66,"height":10}},{"id":"c46a7172-b813-467c-a1d0-5edcce3cc4b4","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":39,"box":{"x":96,"y":267,"width":239,"height":10}},{"id":"4d0c2815-0432-4442-8ab1-c209952c3f5c","block_type":"box","text":"11,300,084","page_number":39,"box":{"x":647,"y":267,"width":67,"height":9}},{"id":"b2281441-1798-4e12-b9b5-331e099c8461","block_type":"box","text":"BNY Mellon US Equity Income Fund","page_number":39,"box":{"x":96,"y":282,"width":213,"height":11}},{"id":"e4eaf73e-e6b2-4c95-8057-50805ddc9a0a","block_type":"box","text":"10,213,944","page_number":39,"box":{"x":647,"y":282,"width":67,"height":9}},{"id":"c0208c40-dd63-4daf-92b9-efb05d97055d","block_type":"box","text":"iShares UK Equity Index Fund","page_number":39,"box":{"x":96,"y":297,"width":176,"height":11}},{"id":"a5183c4d-3f34-4627-bd7c-0144a6b001ef","block_type":"box","text":"9,575,716","page_number":39,"box":{"x":654,"y":298,"width":59,"height":9}},{"id":"4cc72d67-1fcb-4d19-8fe3-1a37459fa0ff","block_type":"box","text":"ES Alliance Bernstein Concentrated US Equity Fund","page_number":39,"box":{"x":96,"y":313,"width":307,"height":11}},{"id":"a28bcc28-5e66-436a-be92-63c15acf7585","block_type":"box","text":"9,509,844","page_number":39,"box":{"x":654,"y":313,"width":60,"height":9}},{"id":"12403a30-5f07-455d-a631-5329cb4e22ab","block_type":"box","text":"Various other purchases","page_number":39,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"c8973521-5701-41d0-8cb5-1b7ff30c3d40","block_type":"box","text":"82,746,485","page_number":39,"box":{"x":647,"y":329,"width":66,"height":9}},{"id":"70825ee6-852a-48a7-9a9b-cbc272fa39f0","block_type":"box","text":"£","page_number":39,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"6a97b536-514a-4f59-ae6f-ca98029fdc49","block_type":"box","text":"Total sales for the year (note 14)","page_number":39,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"993578fe-91b4-4c17-b2d2-b2d19d6aacb6","block_type":"box","text":"185,088,577","page_number":39,"box":{"x":636,"y":375,"width":77,"height":9}},{"id":"d4b85614-1b3c-4fb4-8b9a-27eec03f9463","block_type":"box","text":"iShares UK Equity Index Fund","page_number":39,"box":{"x":96,"y":406,"width":176,"height":10}},{"id":"e28ad234-8f45-4f98-853b-36c53c43340a","block_type":"box","text":"40,004,091","page_number":39,"box":{"x":647,"y":406,"width":64,"height":9}},{"id":"93905fd0-2ffe-4819-b6f1-db80c00fb0a7","block_type":"box","text":"HSBC American Index Fund","page_number":39,"box":{"x":96,"y":421,"width":164,"height":8}},{"id":"75d4e6fd-0708-421e-adea-78c559e15cc0","block_type":"box","text":"12,419,148","page_number":39,"box":{"x":647,"y":421,"width":66,"height":9}},{"id":"bcae37f9-8d83-4ca1-a923-82dec47a73d2","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":39,"box":{"x":96,"y":436,"width":239,"height":11}},{"id":"f8483c97-e4f2-4000-ab29-b2f9b7aa2dd3","block_type":"box","text":"11,668,386","page_number":39,"box":{"x":647,"y":437,"width":66,"height":9}},{"id":"38e5f698-78de-431a-9c50-0328baf6f9ca","block_type":"box","text":"M&G Japan Fund","page_number":39,"box":{"x":96,"y":452,"width":101,"height":11}},{"id":"a1f599b6-026a-41e8-9e75-f3072af52df8","block_type":"box","text":"11,030,167","page_number":39,"box":{"x":647,"y":452,"width":66,"height":9}},{"id":"29cc6ec1-a04a-46f6-903f-37631beddd85","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":39,"box":{"x":96,"y":467,"width":254,"height":9}},{"id":"229149f0-82af-4434-916a-ecadbfafba56","block_type":"box","text":"10,380,616","page_number":39,"box":{"x":647,"y":468,"width":66,"height":9}},{"id":"a0b3cbe7-deb9-4fa0-baf6-9439f3fe8e35","block_type":"box","text":"iShares $ Treasury Bond 20+yr ETF","page_number":39,"box":{"x":96,"y":483,"width":209,"height":10}},{"id":"22cfe073-b6bd-48ec-9bb1-ff10fb4f327e","block_type":"box","text":"9,195,502","page_number":39,"box":{"x":654,"y":483,"width":59,"height":9}},{"id":"e40e9987-6d8e-4310-84b4-12a5ec237509","block_type":"box","text":"Schroder Recovery Fund","page_number":39,"box":{"x":95,"y":498,"width":147,"height":11}},{"id":"e8d8a921-b4c9-4cf4-856a-414fe65dfee6","block_type":"box","text":"8,630,304","page_number":39,"box":{"x":654,"y":499,"width":60,"height":9}},{"id":"9bf6249b-c6d9-4f9e-aa08-0b36f4be88a7","block_type":"box","text":"Goldman Sachs EM Ex-China CORE® Equity Fund","page_number":39,"box":{"x":96,"y":514,"width":297,"height":10}},{"id":"015f220c-a0df-46ed-8060-672f5df5ddc3","block_type":"box","text":"8,523,361","page_number":39,"box":{"x":654,"y":514,"width":57,"height":9}},{"id":"ce7a0ce2-d788-468f-9ce0-7bf27d3276e6","block_type":"box","text":"iShares MSCI Europe Mid Cap UCITS ETF","page_number":39,"box":{"x":96,"y":529,"width":243,"height":11}},{"id":"9883ec99-a2f4-4f95-be43-83c083f2e697","block_type":"box","text":"7,054,601","page_number":39,"box":{"x":654,"y":529,"width":57,"height":10}},{"id":"d67988ca-abf5-484e-99da-1cc445eca27e","block_type":"box","text":"JPM Japan Fund","page_number":39,"box":{"x":94,"y":544,"width":95,"height":11}},{"id":"1d7922fc-f5a0-4431-a9ff-d11168f81f30","block_type":"box","text":"6,160,102","page_number":39,"box":{"x":655,"y":545,"width":58,"height":9}},{"id":"5e71ca5d-751f-48d3-829d-1a202b08ee67","block_type":"box","text":"Various other sales","page_number":39,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"4354f412-92eb-422f-978a-053c832b020a","block_type":"box","text":"60,022,299","page_number":39,"box":{"x":647,"y":560,"width":66,"height":9}},{"id":"f80c1926-79fd-428c-aa30-a0b1c47927f5","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":39,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"95034fd1-986c-49c6-8a79-5ddfff13c693","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":39,"box":{"x":97,"y":38,"width":413,"height":17}},{"id":"4f262e15-3eac-4146-b8f6-7971282743db","block_type":"box","text":"34","page_number":39,"box":{"x":14,"y":960,"width":19,"height":9}},{"id":"60e8e913-0217-4489-9714-6747bea3bc22","block_type":"box","text":"Statement of Total Return","page_number":40,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"31f837d2-bc61-429d-9b8b-81bd1ded12cb","block_type":"box","text":"for the year ended 30 April 2026","page_number":40,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"80978d7f-d833-47c2-96d4-deeabbfd9dac","block_type":"box","text":"30.04.26","page_number":40,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"82659dd9-076f-4d92-9786-3a653621d03f","block_type":"box","text":"30.04.25","page_number":40,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"5f62df5e-9d8a-40f7-9525-fd512df76416","block_type":"box","text":"Note","page_number":40,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"aea0f00b-86a0-4ac9-aa80-3eb6cc9895a4","block_type":"box","text":"£","page_number":40,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"20ed024d-0f6b-45bf-8b35-7feaa3a0866c","block_type":"box","text":"£","page_number":40,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"0e03b0a3-2683-4142-8604-05fd2587e957","block_type":"box","text":"£","page_number":40,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"fddd4883-c233-43ab-96d4-424d3ed6b453","block_type":"box","text":"£","page_number":40,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"36de436a-2573-4a01-bf10-da3bcf0bb059","block_type":"box","text":"Income","page_number":40,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"343ef392-7a4e-41eb-ac05-942aa506c1fb","block_type":"box","text":"Net capital","page_number":40,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"4b0d1a3a-8a9f-461a-b169-783fcafdd111","block_type":"box","text":"2","page_number":40,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"1751c56a-7ca0-49b6-9b82-882e50139bbb","block_type":"box","text":"65,045,312","page_number":40,"box":{"x":599,"y":169,"width":66,"height":9}},{"id":"be94bffb-3e33-43d8-933e-a3f7c9c885bb","block_type":"box","text":"2,036,212","page_number":40,"box":{"x":838,"y":169,"width":58,"height":9}},{"id":"17178b85-140f-4f79-b8d5-ca3af909189d","block_type":"box","text":"Revenue","page_number":40,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"8df220fb-c396-4693-8eef-ddfbe544ea24","block_type":"box","text":"3","page_number":40,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"876434f7-c5cc-49c9-8667-84b567b37110","block_type":"box","text":"6,455,739","page_number":40,"box":{"x":493,"y":184,"width":58,"height":9}},{"id":"5e28591b-533c-4af7-9464-81a154046785","block_type":"box","text":"4,469,786","page_number":40,"box":{"x":725,"y":184,"width":60,"height":9}},{"id":"6801c9f1-054d-4ca3-9bf7-9147f9c45085","block_type":"box","text":"Expenses","page_number":40,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"be12944f-d590-4fcb-ab3f-7ee26ed969b0","block_type":"box","text":"4","page_number":40,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"73723e6c-7180-48f6-9fb5-bea1d2bbe2ac","block_type":"box","text":"(996,378)","page_number":40,"box":{"x":499,"y":200,"width":57,"height":9}},{"id":"a2c05a35-2e35-4302-b829-3df8fb08aba3","block_type":"box","text":"(750,409)","page_number":40,"box":{"x":733,"y":200,"width":56,"height":9}},{"id":"c1740819-1e60-4bc8-bb13-4d20581c697a","block_type":"box","text":"Interest payable and similar charges","page_number":40,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"926d1c9f-8fd5-48b8-8132-bd0333a63aa5","block_type":"box","text":"4","page_number":40,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"ae49655b-873c-4a4c-a937-5ab59e64c63e","block_type":"box","text":"(24,491)","page_number":40,"box":{"x":507,"y":222,"width":49,"height":9}},{"id":"629c59b2-4767-4c63-a3b4-a4f81d6bd134","block_type":"box","text":"(29,269)","page_number":40,"box":{"x":740,"y":222,"width":49,"height":9}},{"id":"15ab854a-ddf4-4edb-97d8-1decdfb4af99","block_type":"box","text":"Net revenue before taxation","page_number":40,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"282ed42d-93f9-4c49-90fb-1eae8ba892b3","block_type":"box","text":"5,434,870","page_number":40,"box":{"x":493,"y":244,"width":58,"height":9}},{"id":"be6cc1da-44df-4bd3-bd25-4bbc1b636755","block_type":"box","text":"3,690,108","page_number":40,"box":{"x":726,"y":244,"width":59,"height":9}},{"id":"02f3d7c3-48c7-47ba-83ff-dee7355cb915","block_type":"box","text":"Taxation","page_number":40,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"785b0b0f-b51a-4532-917b-7f9c892c838d","block_type":"box","text":"5","page_number":40,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"abf8122d-1287-48a8-87e5-b2984c24b8a5","block_type":"box","text":"(233,741)","page_number":40,"box":{"x":499,"y":266,"width":57,"height":10}},{"id":"1bc98ced-6e7e-4cb0-82f4-8e122d0bc043","block_type":"box","text":"(113,076)","page_number":40,"box":{"x":733,"y":266,"width":56,"height":10}},{"id":"a50bc997-fb2c-4826-a0c0-0dfa18810ee3","block_type":"box","text":"Net revenue after taxation","page_number":40,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"9b3ca2f1-b7cd-405f-a76e-256a065a07f8","block_type":"box","text":"5,201,129","page_number":40,"box":{"x":607,"y":289,"width":58,"height":9}},{"id":"0613e4d2-1cad-46bf-9583-2d53957f2276","block_type":"box","text":"3,577,032","page_number":40,"box":{"x":838,"y":289,"width":58,"height":9}},{"id":"74aa8ac8-da7b-4dd3-9d5e-a32df775e346","block_type":"box","text":"Total return before distributions","page_number":40,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"4304d253-acad-4073-a986-d6f9871f176c","block_type":"box","text":"70,246,441","page_number":40,"box":{"x":596,"y":311,"width":68,"height":9}},{"id":"b5d40a7f-4aff-45b3-ba5e-c155f3bfcb95","block_type":"box","text":"5,613,244","page_number":40,"box":{"x":835,"y":311,"width":62,"height":9}},{"id":"f8b7e489-f34e-450e-b434-a480fbe70a30","block_type":"box","text":"Distributions","page_number":40,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"4fc7a2f6-2aa8-4f6f-8935-9182b207810f","block_type":"box","text":"6","page_number":40,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"bc485c56-4e51-4372-ba3f-f44141a5e899","block_type":"box","text":"(5,495,994)","page_number":40,"box":{"x":602,"y":333,"width":68,"height":9}},{"id":"548c0fdd-7424-4bde-b2e2-b4229a263dbe","block_type":"box","text":"(3,931,310)","page_number":40,"box":{"x":833,"y":333,"width":68,"height":9}},{"id":"9830edc3-e9f3-4292-bcd7-316e315a0e06","block_type":"box","text":"Change in net assets attributable to","page_number":40,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"280d31fe-d39c-4c2c-a3be-bbcbd21edfd7","block_type":"box","text":"Shareholders from investment activities","page_number":40,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"c29f0c00-90aa-40d3-9832-4b9938427374","block_type":"box","text":"64,750,447","page_number":40,"box":{"x":596,"y":369,"width":70,"height":9}},{"id":"ff72ca80-7170-4b28-9fb1-c332066f7bd0","block_type":"box","text":"1,681,934","page_number":40,"box":{"x":835,"y":369,"width":62,"height":9}},{"id":"b3ca9223-5f25-4df7-8ff9-e1087c80f475","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":40,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"dfa60de9-d5aa-4a45-b060-21278f148907","block_type":"box","text":"for the year ended 30 April 2026","page_number":40,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"5650e17c-e554-4954-928c-eea6f9992a03","block_type":"box","text":"30.04.26","page_number":40,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"74978ae6-f1dc-4c29-8e63-11faad3737ed","block_type":"box","text":"30.04.25","page_number":40,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"aa1db353-3c9c-4ad5-93c9-ffa54b02be68","block_type":"box","text":"£","page_number":40,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"ebc2aaeb-2b8f-45b5-ab5e-96d12b88e3d2","block_type":"box","text":"£","page_number":40,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"b4d287ad-3d70-4103-add7-898e2485bb18","block_type":"box","text":"£","page_number":40,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"cb23167b-7fd5-466b-a85f-3dccef6bd203","block_type":"box","text":"£","page_number":40,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"1bc3145f-92a2-4a17-9238-26658295d3a4","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":40,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"184ef399-3fa3-4420-b9cd-01f157b79c7b","block_type":"box","text":"270,783,027","page_number":40,"box":{"x":588,"y":482,"width":78,"height":9}},{"id":"70ce8be0-ade3-404f-aa5a-5fcabf63286e","block_type":"box","text":"224,894,949","page_number":40,"box":{"x":819,"y":482,"width":78,"height":9}},{"id":"d60b4251-9019-402c-80a2-d17ba3e6d049","block_type":"box","text":"Amounts receivable on creation of shares","page_number":40,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"55aa162b-b0fd-4210-a182-28348193630f","block_type":"box","text":"119,747,227","page_number":40,"box":{"x":478,"y":505,"width":73,"height":9}},{"id":"65b52a77-8d94-4853-a45f-692b5c2e8120","block_type":"box","text":"87,246,172","page_number":40,"box":{"x":718,"y":505,"width":67,"height":9}},{"id":"80cda737-d112-42cd-912c-f272d9fdc246","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":40,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"0967fa3e-e0d8-4f65-832c-6afeb16afd05","block_type":"box","text":"(72,361,053)","page_number":40,"box":{"x":481,"y":527,"width":75,"height":9}},{"id":"f7b4c498-8fbf-4d0c-aca8-3b9b0e0b2fcb","block_type":"box","text":"(47,251,967)","page_number":40,"box":{"x":714,"y":527,"width":75,"height":9}},{"id":"22be96d5-ac72-4a17-aca5-3b195a42aa08","block_type":"box","text":"47,386,174","page_number":40,"box":{"x":599,"y":549,"width":67,"height":9}},{"id":"2a4288c9-2094-4d48-9f3e-eb513e1a6dc3","block_type":"box","text":"39,994,205","page_number":40,"box":{"x":830,"y":549,"width":66,"height":9}},{"id":"b7c5dcfa-0cf9-4902-9570-2e29d5810a96","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":40,"box":{"x":96,"y":571,"width":300,"height":10}},{"id":"b2ce71cd-e4a7-4ce2-af95-9fd0ae13823f","block_type":"box","text":"from investment activities (see above)","page_number":40,"box":{"x":95,"y":586,"width":231,"height":10}},{"id":"41b264ca-4434-4576-96cc-eb539e6973a7","block_type":"box","text":"64,750,447","page_number":40,"box":{"x":599,"y":586,"width":67,"height":10}},{"id":"fb40018e-a8a3-4c97-bbe4-56340d6680e7","block_type":"box","text":"1,681,934","page_number":40,"box":{"x":838,"y":586,"width":59,"height":10}},{"id":"bb0b73f4-53fa-4807-a6b9-c00c265c9f3f","block_type":"box","text":"Accumulation distributions retained","page_number":40,"box":{"x":95,"y":608,"width":218,"height":9}},{"id":"f7cf48f9-99b0-4aad-a3c2-ceb144ddb894","block_type":"box","text":"5,747,926","page_number":40,"box":{"x":607,"y":609,"width":59,"height":9}},{"id":"7662a114-a696-40e8-8fc9-bcd781db51e2","block_type":"box","text":"4,211,939","page_number":40,"box":{"x":837,"y":609,"width":59,"height":9}},{"id":"701e3157-a09a-4302-aa6d-fc50c8dd6009","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":40,"box":{"x":96,"y":630,"width":311,"height":11}},{"id":"3966f028-90ad-48e2-acad-68bdd8b630f9","block_type":"box","text":"388,667,574","page_number":40,"box":{"x":588,"y":631,"width":78,"height":9}},{"id":"5092c56d-4f4f-48ac-b286-bf961a24d8c2","block_type":"box","text":"270,783,027","page_number":40,"box":{"x":819,"y":631,"width":78,"height":9}},{"id":"016541dc-3b01-47ec-b31f-34fcda02c1ef","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":40,"box":{"x":489,"y":38,"width":413,"height":17}},{"id":"294aec71-1d57-4ad3-becd-c56ffae121e6","block_type":"box","text":"35","page_number":40,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"f8005861-54a3-4853-b65c-60deb9f10d40","block_type":"box","text":"Balance Sheet","page_number":41,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"072cecd0-0d2a-4723-8513-961bcacdd045","block_type":"box","text":"as at 30 April 2026","page_number":41,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"37b43852-b732-44a7-b4a9-4b7a4a0a7474","block_type":"box","text":"30.04.26","page_number":41,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"081f3cd5-1076-4fd5-914c-670a5fa1d543","block_type":"box","text":"30.04.25","page_number":41,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"e37043cd-49cc-4f76-8c55-c0bc6ab7ef5d","block_type":"box","text":"Note","page_number":41,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"eb70e652-ed63-477a-aac9-3b79dd525902","block_type":"box","text":"£","page_number":41,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"9d48358b-36fa-4c0a-9022-2a461b103a05","block_type":"box","text":"£","page_number":41,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"5888909e-7b4a-4c3a-b7b9-dfc656f39082","block_type":"box","text":"£","page_number":41,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"10c6ae92-a434-4e04-a5ed-57057760759a","block_type":"box","text":"£","page_number":41,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"ef036f1c-98fe-4bdb-b2cb-867c3e8f20f1","block_type":"box","text":"ASSETS","page_number":41,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"c84c6071-fe16-41b5-83f6-056d0d634d19","block_type":"box","text":"Investments assets","page_number":41,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"8a0c5300-0ba9-459a-92ac-ff255323cc5f","block_type":"box","text":"383,357,267","page_number":41,"box":{"x":588,"y":169,"width":78,"height":9}},{"id":"2b2aa007-fe27-4999-aa50-655d8b04c0a0","block_type":"box","text":"268,245,852","page_number":41,"box":{"x":819,"y":169,"width":78,"height":9}},{"id":"50b5a896-4e67-4b42-b56f-4cac354f1f1a","block_type":"box","text":"Current assets","page_number":41,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"ff8623cb-7fd3-4e9e-8bc8-830aaf306d17","block_type":"box","text":"Debtors","page_number":41,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"79507033-7bf8-4b04-b8a5-c106f6d71857","block_type":"box","text":"7","page_number":41,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"8254302d-9065-4dc9-b2bb-404d31b6faf7","block_type":"box","text":"1,321,981","page_number":41,"box":{"x":493,"y":207,"width":56,"height":9}},{"id":"b6a9e9fb-1da4-487a-bdad-f24d66f86d95","block_type":"box","text":"899,311","page_number":41,"box":{"x":737,"y":207,"width":46,"height":9}},{"id":"e3ab7d98-5854-4aab-97e5-d12d9ac441cd","block_type":"box","text":"Cash and bank balances","page_number":41,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"39541cfe-b66b-46b4-86dc-b10088162d83","block_type":"box","text":"8","page_number":41,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"e6c266b9-c396-4798-9f2d-b88b7bc1e3ee","block_type":"box","text":"5,166,680","page_number":41,"box":{"x":493,"y":222,"width":58,"height":9}},{"id":"64b7c189-b62f-45cc-983d-72bd13165813","block_type":"box","text":"2,622,883","page_number":41,"box":{"x":726,"y":222,"width":58,"height":9}},{"id":"ff903702-8967-4cf4-b791-5d8547d08574","block_type":"box","text":"Total current assets","page_number":41,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"12a6dc1f-0f6a-4d5b-a6dd-ddaf106a7888","block_type":"box","text":"6,488,661","page_number":41,"box":{"x":603,"y":244,"width":61,"height":9}},{"id":"7648fbc2-f4b0-4237-ba2e-a8001d1f95c6","block_type":"box","text":"3,522,194","page_number":41,"box":{"x":834,"y":244,"width":63,"height":9}},{"id":"7ca45f49-241b-4d85-9e78-28d340c1b64f","block_type":"box","text":"Total assets","page_number":41,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"8e93a7a6-9474-4c8a-98db-867981c87e3c","block_type":"box","text":"389,845,928","page_number":41,"box":{"x":588,"y":266,"width":78,"height":9}},{"id":"9fde06a8-84cf-4f03-8506-626d5d1bcc55","block_type":"box","text":"271,768,046","page_number":41,"box":{"x":819,"y":266,"width":78,"height":9}},{"id":"01bd32bd-e15a-4c91-b94e-45295fe7830b","block_type":"box","text":"Current liabilities","page_number":41,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"37df45f3-e4c2-481e-b270-2fda408e8c89","block_type":"box","text":"Bank overdraft","page_number":41,"box":{"x":106,"y":319,"width":89,"height":8}},{"id":"5163547f-a0ba-4002-9539-409202942af7","block_type":"box","text":"8","page_number":41,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"3efd12e9-54d3-42e5-9e91-49874f815522","block_type":"box","text":"–","page_number":41,"box":{"x":545,"y":324,"width":6,"height":1}},{"id":"21c88dd8-739a-4cd1-baf8-6ce4314c5a89","block_type":"box","text":"(359,645)","page_number":41,"box":{"x":733,"y":319,"width":56,"height":10}},{"id":"4713ca01-e5c5-4487-b0c7-01f83bb2170f","block_type":"box","text":"Creditors","page_number":41,"box":{"x":105,"y":334,"width":55,"height":9}},{"id":"f209b570-dc43-4fc0-a16c-863b5f89d9c4","block_type":"box","text":"9","page_number":41,"box":{"x":421,"y":335,"width":6,"height":8}},{"id":"688efe6a-63b4-4e2d-9384-7c50ab338339","block_type":"box","text":"(1,178,354)","page_number":41,"box":{"x":488,"y":335,"width":68,"height":9}},{"id":"c30196db-6f42-455c-8cbc-8b028fc9a52a","block_type":"box","text":"(625,374)","page_number":41,"box":{"x":733,"y":335,"width":56,"height":9}},{"id":"eb0855f0-b73f-4917-96cf-71a5c392c7bb","block_type":"box","text":"Total current liabilities","page_number":41,"box":{"x":95,"y":357,"width":152,"height":8}},{"id":"49fef2ab-a7fd-4342-b210-88022c4f94ce","block_type":"box","text":"(1,178,354)","page_number":41,"box":{"x":599,"y":357,"width":72,"height":9}},{"id":"58faf73e-9ed5-408b-bf72-7bc98c4a25a2","block_type":"box","text":"(985,019)","page_number":41,"box":{"x":842,"y":357,"width":59,"height":9}},{"id":"28e38aad-287a-40c1-aff1-a8d7b93e1ba8","block_type":"box","text":"Net assets attributable to Shareholders","page_number":41,"box":{"x":96,"y":379,"width":261,"height":8}},{"id":"02a0605f-4122-4c7c-8323-5021e8655fea","block_type":"box","text":"388,667,574","page_number":41,"box":{"x":588,"y":379,"width":78,"height":9}},{"id":"14d12037-9d47-4563-9712-f960a0838ccd","block_type":"box","text":"270,783,027","page_number":41,"box":{"x":819,"y":379,"width":78,"height":9}},{"id":"3a912071-4ace-4582-a587-d8d9cb2b5063","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":41,"box":{"x":97,"y":38,"width":413,"height":17}},{"id":"46accd5b-ab78-42a3-9657-9719f578c93a","block_type":"box","text":"36","page_number":41,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"24274ef9-4753-434c-b702-bde6b0c1dd8a","block_type":"box","text":"Notes to the Financial Statements","page_number":42,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"b1c7a7ed-83c6-49fa-b05c-725c71f5a991","block_type":"box","text":"for the year ended 30 April 2026","page_number":42,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"afe76d97-43db-4452-99f5-c1b76fa3b8ac","block_type":"box","text":"1. Accounting policies","page_number":42,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"3a62c423-84a5-48fc-ba59-ce493e108f69","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":42,"box":{"x":95,"y":154,"width":641,"height":11}},{"id":"beedf89b-f3af-436b-924c-8b19cc697a50","block_type":"box","text":"2. Net capital gains","page_number":42,"box":{"x":95,"y":196,"width":127,"height":10}},{"id":"54dbe2f5-4de9-46b3-8089-9db9f64fc8bd","block_type":"box","text":"30.04.26","page_number":42,"box":{"x":730,"y":196,"width":55,"height":8}},{"id":"494664f1-ab5d-42bc-824a-a5495ac2bd60","block_type":"box","text":"30.04.25","page_number":42,"box":{"x":840,"y":196,"width":54,"height":8}},{"id":"2ef1daa5-81c0-4f8e-9ec2-b4d5b033cd79","block_type":"box","text":"£","page_number":42,"box":{"x":778,"y":212,"width":7,"height":7}},{"id":"dfab6915-d455-41e3-bd6c-0f924a2ea9c9","block_type":"box","text":"£","page_number":42,"box":{"x":888,"y":212,"width":6,"height":7}},{"id":"f56c1457-55c0-404d-bf77-65a406d3f389","block_type":"box","text":"The net capital gains comprise:","page_number":42,"box":{"x":95,"y":227,"width":187,"height":10}},{"id":"e9079e1d-5f22-4fdf-8e25-cba8d5d02d9b","block_type":"box","text":"Non-derivative securities gains/(losses): realised","page_number":42,"box":{"x":96,"y":245,"width":292,"height":11}},{"id":"56dc1b3d-7d06-4b71-b5e4-1e823c3959b0","block_type":"box","text":"21,136,301","page_number":42,"box":{"x":718,"y":246,"width":65,"height":9}},{"id":"a7d409b9-7cc5-4d6c-a14c-36154d33b4e5","block_type":"box","text":"8,583,206","page_number":42,"box":{"x":835,"y":246,"width":59,"height":9}},{"id":"c321176e-1ba1-4fb3-bfcf-7fa9d6765e34","block_type":"box","text":"Non-derivative securities (losses)/gains","page_number":42,"box":{"x":96,"y":264,"width":237,"height":11}},{"id":"dda54e8e-787c-4a08-b607-d251dbdd6d4f","block_type":"box","text":": unrealised","page_number":42,"box":{"x":335,"y":264,"width":69,"height":8}},{"id":"e323f181-02e4-4de9-a583-e0529d36f293","block_type":"box","text":"43,999,115","page_number":42,"box":{"x":718,"y":265,"width":67,"height":9}},{"id":"649de080-81eb-4e68-8876-0aa6228a365d","block_type":"box","text":"(6,544,848)","page_number":42,"box":{"x":831,"y":265,"width":68,"height":9}},{"id":"2d60b0e4-9584-441e-a653-0001dda20a61","block_type":"box","text":"Foreign currency gains/(losses)","page_number":42,"box":{"x":96,"y":283,"width":187,"height":11}},{"id":"7886b559-b7ab-4614-9183-f3fd44a8720d","block_type":"box","text":"(112,642)","page_number":42,"box":{"x":733,"y":283,"width":56,"height":10}},{"id":"e2d0a762-fdb0-4b11-bc33-d2e3f98a383c","block_type":"box","text":"1","page_number":42,"box":{"x":888,"y":283,"width":4,"height":8}},{"id":"c52a27bd-b075-4202-8a87-a97fc96e4e3c","block_type":"box","text":"Transaction charges (custodian)","page_number":42,"box":{"x":95,"y":302,"width":193,"height":10}},{"id":"6f4a602f-02cb-44f3-ab88-15736a63a74f","block_type":"box","text":"707","page_number":42,"box":{"x":763,"y":302,"width":22,"height":8}},{"id":"8706d57e-d768-46d7-95e1-cc8e8f3267dc","block_type":"box","text":"(3,334)","page_number":42,"box":{"x":857,"y":302,"width":42,"height":10}},{"id":"82f9db0b-e56b-41c0-bd39-050dda30d6e8","block_type":"box","text":"Rebates from underlying holdings","page_number":42,"box":{"x":96,"y":321,"width":205,"height":10}},{"id":"974564f9-2c80-401a-bbe7-ab5065b8675f","block_type":"box","text":"21,831","page_number":42,"box":{"x":745,"y":321,"width":38,"height":9}},{"id":"835537e2-821c-4e95-8190-276f975a210c","block_type":"box","text":"1,187","page_number":42,"box":{"x":862,"y":321,"width":32,"height":9}},{"id":"a30da3aa-c770-41cf-9a50-9768b2b49d7f","block_type":"box","text":"Total net capital gains","page_number":42,"box":{"x":95,"y":343,"width":146,"height":10}},{"id":"9dd7590f-f6c6-4c93-b9b3-206ccbb37575","block_type":"box","text":"65,045,312","page_number":42,"box":{"x":715,"y":343,"width":70,"height":9}},{"id":"ba6c7513-f9e0-45ff-9743-ee52d87cb4d5","block_type":"box","text":"2,036,212","page_number":42,"box":{"x":832,"y":343,"width":62,"height":9}},{"id":"8dbb2e3c-3806-4d90-8ff0-f9abd81d5da4","block_type":"box","text":"3. Revenue","page_number":42,"box":{"x":95,"y":389,"width":72,"height":8}},{"id":"b12c0bf8-46ab-4863-a116-e31cd6041aed","block_type":"box","text":"30.04.26","page_number":42,"box":{"x":730,"y":389,"width":55,"height":8}},{"id":"fe3ede19-214a-4236-b99b-350cb18d580c","block_type":"box","text":"30.04.25","page_number":42,"box":{"x":840,"y":389,"width":54,"height":8}},{"id":"ebebd9b5-2ef0-475c-b27d-008fd0b8329e","block_type":"box","text":"£","page_number":42,"box":{"x":778,"y":405,"width":7,"height":8}},{"id":"2982e746-cdf0-4043-972c-a22fdbfe90f6","block_type":"box","text":"£","page_number":42,"box":{"x":888,"y":405,"width":6,"height":8}},{"id":"4c4a71f1-d7e0-4267-ab5f-5f1906ded9a4","block_type":"box","text":"Non-taxable dividends","page_number":42,"box":{"x":96,"y":427,"width":136,"height":8}},{"id":"a8ee3d95-fcac-4757-b534-3956a07a3e06","block_type":"box","text":"4,287,997","page_number":42,"box":{"x":725,"y":427,"width":60,"height":9}},{"id":"053c4a59-5f10-4f80-93a9-9014663e7ca4","block_type":"box","text":"2,764,746","page_number":42,"box":{"x":835,"y":427,"width":59,"height":9}},{"id":"511a6714-da51-4cf2-924a-9bcb9ac165a9","block_type":"box","text":"Annual payment from UK CIS","page_number":42,"box":{"x":95,"y":445,"width":176,"height":11}},{"id":"962d72ab-25ed-410a-8b79-6496c5ae2245","block_type":"box","text":"3,285","page_number":42,"box":{"x":752,"y":446,"width":32,"height":9}},{"id":"aedf3c64-f81b-4e76-9912-6014da64abca","block_type":"box","text":"25,771","page_number":42,"box":{"x":854,"y":446,"width":38,"height":9}},{"id":"5034190e-e1ff-4b8c-a984-b1492c24f0a6","block_type":"box","text":"Interest from non-derivative securities","page_number":42,"box":{"x":96,"y":464,"width":232,"height":9}},{"id":"4429e362-91af-4b02-a588-42f1e9118224","block_type":"box","text":"1,186,301","page_number":42,"box":{"x":726,"y":465,"width":57,"height":9}},{"id":"bcc260bd-12f8-47f4-96cf-9000217045cc","block_type":"box","text":"767,390","page_number":42,"box":{"x":846,"y":465,"width":48,"height":9}},{"id":"dba48877-a323-42ac-b5bb-7563acfd0899","block_type":"box","text":"Rebates from underlying holdings","page_number":42,"box":{"x":96,"y":483,"width":205,"height":11}},{"id":"e30dd7b5-64cc-45ea-8fbf-12254687a431","block_type":"box","text":"827,072","page_number":42,"box":{"x":737,"y":484,"width":47,"height":9}},{"id":"cbf423ec-d94f-44ab-8d66-cea7d06c595c","block_type":"box","text":"757,376","page_number":42,"box":{"x":846,"y":484,"width":48,"height":9}},{"id":"e4ca9267-676b-4b1e-9b71-a4700d97f727","block_type":"box","text":"Bank interest","page_number":42,"box":{"x":96,"y":502,"width":80,"height":8}},{"id":"63074e59-6273-4884-b6cd-7cea73cc7d09","block_type":"box","text":"151,084","page_number":42,"box":{"x":738,"y":502,"width":47,"height":9}},{"id":"59589209-e4b2-4eb4-85c9-84e5edbcb265","block_type":"box","text":"154,503","page_number":42,"box":{"x":847,"y":502,"width":47,"height":9}},{"id":"dc64e1ce-aebc-496c-a43c-dadeb0b288fd","block_type":"box","text":"Total revenue","page_number":42,"box":{"x":95,"y":524,"width":91,"height":8}},{"id":"1aa59edd-fa63-426f-8a16-b6a3858c434e","block_type":"box","text":"6,455,739","page_number":42,"box":{"x":723,"y":525,"width":62,"height":9}},{"id":"c0ca83d6-02a1-4cdf-92a3-256a1b177867","block_type":"box","text":"4,469,786","page_number":42,"box":{"x":832,"y":525,"width":62,"height":9}},{"id":"eda0cf20-7c46-4b6d-9100-bf90e52a85f6","block_type":"box","text":"4. Expenses","page_number":42,"box":{"x":95,"y":571,"width":76,"height":10}},{"id":"58f5515c-e4e8-4728-9238-3af446d003e9","block_type":"box","text":"30.04.26","page_number":42,"box":{"x":730,"y":571,"width":55,"height":8}},{"id":"586ce94b-d8c7-4083-bd60-a562cbcb9c91","block_type":"box","text":"30.04.25","page_number":42,"box":{"x":840,"y":571,"width":54,"height":8}},{"id":"aa434157-c4d0-452b-a883-f73998cf1637","block_type":"box","text":"£","page_number":42,"box":{"x":778,"y":586,"width":7,"height":8}},{"id":"06899701-c976-4679-9935-c8d2556cf12a","block_type":"box","text":"£","page_number":42,"box":{"x":888,"y":586,"width":6,"height":8}},{"id":"d3eeb4dc-4097-4718-8247-948ec23029a6","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":42,"box":{"x":96,"y":601,"width":549,"height":11}},{"id":"adf53ab2-8aac-4320-9ceb-a6b0516b1baa","block_type":"box","text":"agents of either of them:","page_number":42,"box":{"x":95,"y":617,"width":149,"height":10}},{"id":"ed20c4e1-0ab9-4076-a611-4b30a84ee70d","block_type":"box","text":"Annual management charge","page_number":42,"box":{"x":104,"y":636,"width":172,"height":10}},{"id":"65f331a5-0200-4162-a56c-fbdf4de7771d","block_type":"box","text":"856,879","page_number":42,"box":{"x":737,"y":636,"width":47,"height":9}},{"id":"94a5b4c2-fa93-4d9a-97ca-fba0341be3e8","block_type":"box","text":"641,543","page_number":42,"box":{"x":847,"y":636,"width":47,"height":9}},{"id":"696721b5-f2d1-405c-81aa-cad6ce53a6f3","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":42,"box":{"x":96,"y":658,"width":514,"height":10}},{"id":"bbb791b8-130b-4d35-b9d4-cb9dc5512481","block_type":"box","text":"Depositary’s fee","page_number":42,"box":{"x":106,"y":677,"width":95,"height":10}},{"id":"fddff732-2d56-4b90-a434-cfce4570c02d","block_type":"box","text":"70,009","page_number":42,"box":{"x":744,"y":677,"width":40,"height":9}},{"id":"fffed15c-c72b-470f-a1de-6345cf579d61","block_type":"box","text":"54,948","page_number":42,"box":{"x":854,"y":677,"width":40,"height":9}},{"id":"b7b22637-8f6e-4849-a0fd-3dc068980bc8","block_type":"box","text":"Safe custody fee","page_number":42,"box":{"x":105,"y":692,"width":98,"height":11}},{"id":"405497dc-75c9-4643-a29e-a6d71206e6ee","block_type":"box","text":"29,115","page_number":42,"box":{"x":745,"y":692,"width":39,"height":10}},{"id":"ca4d0301-6a62-4c72-99a6-371e2d8f1010","block_type":"box","text":"22,610","page_number":42,"box":{"x":854,"y":692,"width":40,"height":10}},{"id":"94298a09-985f-4407-8c1b-c7e19c8dafdd","block_type":"box","text":"99,124","page_number":42,"box":{"x":745,"y":715,"width":40,"height":9}},{"id":"a31e9650-a043-467f-9440-2eda1b0c0070","block_type":"box","text":"77,558","page_number":42,"box":{"x":854,"y":715,"width":40,"height":9}},{"id":"e59e578b-8c9c-4c2d-b9f1-6d74c378d8c5","block_type":"box","text":"Other expenses:","page_number":42,"box":{"x":96,"y":730,"width":97,"height":10}},{"id":"c4f73e5b-c6a5-424b-875c-d9790c45f2ff","block_type":"box","text":"Audit fee*","page_number":42,"box":{"x":104,"y":748,"width":62,"height":9}},{"id":"8ebe580e-e765-407e-b3a6-3326bf75ba78","block_type":"box","text":"9,720","page_number":42,"box":{"x":752,"y":749,"width":33,"height":9}},{"id":"c4d9ebf4-ab88-4228-8e5b-bdfe341064b6","block_type":"box","text":"8,150","page_number":42,"box":{"x":862,"y":749,"width":32,"height":9}},{"id":"fa197805-24bf-4653-902f-d39e15673ab4","block_type":"box","text":"Legal fee","page_number":42,"box":{"x":106,"y":764,"width":52,"height":11}},{"id":"2c2f1251-103d-44cc-bc7f-24a2040986f9","block_type":"box","text":"4,500","page_number":42,"box":{"x":752,"y":764,"width":33,"height":9}},{"id":"5c91ac6b-be3a-4c30-95cf-5713aebb2425","block_type":"box","text":"–","page_number":42,"box":{"x":888,"y":769,"width":6,"height":0}},{"id":"86772433-242e-4514-8c2d-5fb0ebcb8441","block_type":"box","text":"Other expenses","page_number":42,"box":{"x":105,"y":779,"width":95,"height":11}},{"id":"a6b43027-b98c-468f-9a4d-c9deed8906da","block_type":"box","text":"26,155","page_number":42,"box":{"x":745,"y":780,"width":39,"height":9}},{"id":"4164576f-23ef-4486-aeb2-ade5f1f00918","block_type":"box","text":"23,018","page_number":42,"box":{"x":854,"y":780,"width":40,"height":9}},{"id":"e89359f1-e924-402f-8a79-be333124a94c","block_type":"box","text":"40,375","page_number":42,"box":{"x":744,"y":802,"width":40,"height":9}},{"id":"f1bde935-8fd2-4d42-a396-8316977dccd1","block_type":"box","text":"31,308","page_number":42,"box":{"x":854,"y":802,"width":40,"height":9}},{"id":"d9d0e27a-e1f1-412a-8eba-4c3be3f69c39","block_type":"box","text":"Expenses","page_number":42,"box":{"x":96,"y":837,"width":60,"height":10}},{"id":"b5f9acd1-a247-4829-a4cf-7a01d2582f4a","block_type":"box","text":"996,378","page_number":42,"box":{"x":734,"y":837,"width":51,"height":9}},{"id":"26315236-3300-42a2-8092-7d106fbde77a","block_type":"box","text":"750,409","page_number":42,"box":{"x":844,"y":837,"width":50,"height":9}},{"id":"18acda12-adb5-4b77-86ca-546895dc06bf","block_type":"box","text":"Interest payable and similar charges","page_number":42,"box":{"x":96,"y":859,"width":219,"height":11}},{"id":"77668dd8-912e-4975-8d08-fd65191f18de","block_type":"box","text":"24,491","page_number":42,"box":{"x":745,"y":859,"width":38,"height":9}},{"id":"ce14cb8c-28ac-4cbc-aed3-be013e8f9303","block_type":"box","text":"29,269","page_number":42,"box":{"x":854,"y":859,"width":40,"height":9}},{"id":"fd7ac779-aaff-444e-93d7-2649e6c9f8fa","block_type":"box","text":"Total","page_number":42,"box":{"x":95,"y":881,"width":33,"height":8}},{"id":"c2cdc705-9784-4f58-bdc4-ea639d1ad6b9","block_type":"box","text":"1,020,869","page_number":42,"box":{"x":723,"y":881,"width":62,"height":10}},{"id":"a32d7c3f-a899-4b31-bab1-d118c6b263e6","block_type":"box","text":"779,678","page_number":42,"box":{"x":844,"y":881,"width":50,"height":10}},{"id":"a2b7a03c-43d1-49ea-b034-fa81c409b075","block_type":"box","text":"*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","page_number":42,"box":{"x":95,"y":903,"width":809,"height":11}},{"id":"55ae47b8-99d6-4d20-9a72-f749761319b0","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":42,"box":{"x":96,"y":919,"width":174,"height":10}},{"id":"879cfc31-e525-476b-9c7d-e131e6f017f0","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":42,"box":{"x":489,"y":38,"width":413,"height":17}},{"id":"cb5d4bb7-9a09-41c9-9415-27d12ffb08f3","block_type":"box","text":"37","page_number":42,"box":{"x":967,"y":960,"width":18,"height":9}},{"id":"6ab30538-0e7b-4574-8350-52d6e94306d7","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":43,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"2ff70009-d72d-4e8b-9ccd-d7b63aa2a2e0","block_type":"box","text":"for the year ended 30 April 2026","page_number":43,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"7b857178-ec7a-428d-971a-f6a4b688dcc2","block_type":"box","text":"5. Taxation","page_number":43,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"ec3a90ae-f8b4-456d-82d4-97287326fbea","block_type":"box","text":"30.04.26","page_number":43,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"14b3300a-641e-438d-8a6e-abbc90e4b8c9","block_type":"box","text":"30.04.25","page_number":43,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"3c0ccd98-f9fc-482e-a941-3e0dc92f8749","block_type":"box","text":"£","page_number":43,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"74d341d5-ad9d-4681-a372-23c0f1d183cd","block_type":"box","text":"£","page_number":43,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"3d7a9aac-3661-489a-85b6-c28b8e7affdb","block_type":"box","text":"(a) Analysis of charge in the year","page_number":43,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"b3b3213a-f0e4-4cb0-9868-5228ca1400a2","block_type":"box","text":"UK corporation tax","page_number":43,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"686bf35d-00ad-489c-90ec-3770dae4bf5b","block_type":"box","text":"233,741","page_number":43,"box":{"x":737,"y":191,"width":46,"height":9}},{"id":"a762cfc9-750b-4613-a391-685ecc7d462f","block_type":"box","text":"113,076","page_number":43,"box":{"x":847,"y":191,"width":47,"height":9}},{"id":"37d631aa-2310-4d65-b2ea-fca59340dc3f","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":43,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"32eaaa51-d414-4d02-874f-2f9ac8510938","block_type":"box","text":"233,741","page_number":43,"box":{"x":734,"y":213,"width":49,"height":9}},{"id":"3c617dda-7672-404e-b862-0c84228e2bd4","block_type":"box","text":"113,076","page_number":43,"box":{"x":844,"y":213,"width":50,"height":9}},{"id":"3192fab5-4afa-4b34-8b14-f0c7bd17a821","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":43,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"1088a370-bb58-48cc-87c0-1be1b1d6a064","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":43,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"10e93fe7-690d-4d4f-b8f6-75c0c8b345e2","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":43,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"2b77a9bb-08f2-407f-a505-e24a78fe4edf","block_type":"box","text":"Net revenue before UK corporation tax","page_number":43,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"58017249-d7aa-4d6b-a099-d5e9d5e56e6c","block_type":"box","text":"5,434,870","page_number":43,"box":{"x":726,"y":304,"width":59,"height":9}},{"id":"73d1e969-98fd-451d-93b0-316cc2f10d61","block_type":"box","text":"3,690,108","page_number":43,"box":{"x":835,"y":304,"width":59,"height":9}},{"id":"80999886-44f2-44b1-be95-4d9519def6ce","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":43,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"8876fc62-139f-4af6-8b66-7ec6af2fcf00","block_type":"box","text":"1,086,974","page_number":43,"box":{"x":726,"y":326,"width":59,"height":9}},{"id":"c9c2574e-9a74-4774-874c-be4dfb334e1d","block_type":"box","text":"738,022","page_number":43,"box":{"x":846,"y":326,"width":48,"height":9}},{"id":"f834ad2d-ca70-4f8c-85ac-5ebce4dba65a","block_type":"box","text":"Effects of:","page_number":43,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"6e961a40-ca53-40db-8145-c35d8902f958","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":43,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"ceb4ddf4-13bc-4aa2-b383-1b12b045547a","block_type":"box","text":"(857,599)","page_number":43,"box":{"x":733,"y":364,"width":56,"height":9}},{"id":"445a6d3a-6003-411e-9154-3a685b9eabc3","block_type":"box","text":"(552,949)","page_number":43,"box":{"x":842,"y":364,"width":57,"height":9}},{"id":"57c7df52-7d82-472c-9b0b-3e7acfcaf849","block_type":"box","text":"Tax effect of rebates in capital","page_number":43,"box":{"x":95,"y":382,"width":181,"height":11}},{"id":"7c4c785d-0e05-4308-952a-0ea2e29c5200","block_type":"box","text":"4,366","page_number":43,"box":{"x":752,"y":383,"width":33,"height":9}},{"id":"b248cb16-afcc-4126-9c40-77f4a05d7c00","block_type":"box","text":"237","page_number":43,"box":{"x":873,"y":383,"width":21,"height":7}},{"id":"aa7c01cd-ff80-4788-baef-ddd09941606d","block_type":"box","text":"Excess management expenses (utilised)","page_number":43,"box":{"x":96,"y":401,"width":240,"height":11}},{"id":"da4b8ea1-8c1b-4698-bd34-d681cc5c37c1","block_type":"box","text":"–","page_number":43,"box":{"x":778,"y":406,"width":7,"height":1}},{"id":"6bc8ff06-7770-48dc-9ece-97727222a6d7","block_type":"box","text":"(72,234)","page_number":43,"box":{"x":850,"y":401,"width":49,"height":10}},{"id":"a8d27e06-ac95-4a2a-aa28-d1019a6a8cf2","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":43,"box":{"x":95,"y":423,"width":251,"height":11}},{"id":"4850d65e-372d-423d-9df5-3b6336ea712c","block_type":"box","text":"233,741","page_number":43,"box":{"x":734,"y":424,"width":49,"height":9}},{"id":"25cc3ad9-9654-427b-b5af-2696ffe583a0","block_type":"box","text":"113,076","page_number":43,"box":{"x":844,"y":424,"width":50,"height":9}},{"id":"6d581a77-b07a-4f81-9abc-8a3bf2ce16ad","block_type":"box","text":"(c) Provision for deferred taxation","page_number":43,"box":{"x":95,"y":454,"width":205,"height":10}},{"id":"9dfb9794-0a40-42f7-9a48-9e4cfb26ad9a","block_type":"box","text":"At 30 April 2026 there is a potential deferred tax asset of £nil (30 April 2025: £nil) in relation to surplus management expens","page_number":43,"box":{"x":95,"y":476,"width":753,"height":11}},{"id":"a7bc6235-be69-4e3f-8932-99ec73f978a0","block_type":"box","text":"es.","page_number":43,"box":{"x":850,"y":479,"width":15,"height":5}},{"id":"4d09b6b9-8520-4279-a15d-fc7e7a1cad53","block_type":"box","text":"6. Distributions","page_number":43,"box":{"x":95,"y":529,"width":102,"height":9}},{"id":"5523573b-4f9f-4ea5-adbc-c71b52f96618","block_type":"box","text":"30.04.26","page_number":43,"box":{"x":730,"y":545,"width":55,"height":8}},{"id":"88a8320b-83d6-432a-b01f-60401ba413cb","block_type":"box","text":"30.04.25","page_number":43,"box":{"x":840,"y":545,"width":54,"height":8}},{"id":"92dedd5b-ad31-4fee-87e0-e3946de8ab21","block_type":"box","text":"£","page_number":43,"box":{"x":778,"y":561,"width":7,"height":7}},{"id":"933a5bcf-23e8-4692-9b0e-91831554369d","block_type":"box","text":"£","page_number":43,"box":{"x":888,"y":561,"width":6,"height":7}},{"id":"a39004a5-382a-43c9-b4b9-20e826738f03","block_type":"box","text":"Final dividend distribution","page_number":43,"box":{"x":96,"y":582,"width":158,"height":9}},{"id":"b97d51e7-c3fb-4074-9a48-2161f1717595","block_type":"box","text":"5,747,926","page_number":43,"box":{"x":726,"y":583,"width":59,"height":9}},{"id":"6eb527da-6459-4e47-aec3-ac619a50f56f","block_type":"box","text":"4,211,939","page_number":43,"box":{"x":835,"y":583,"width":59,"height":9}},{"id":"f0a5b191-7599-4ad0-b66f-448c3894e52e","block_type":"box","text":"5,747,926","page_number":43,"box":{"x":726,"y":605,"width":59,"height":9}},{"id":"d4064f45-fac1-4e42-af13-ed8f2a37f514","block_type":"box","text":"4,211,939","page_number":43,"box":{"x":835,"y":605,"width":59,"height":9}},{"id":"4cc5dc82-9c8c-41f0-94b8-09352f0bfe75","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":43,"box":{"x":95,"y":623,"width":300,"height":9}},{"id":"063567a4-3572-4dfe-9ebd-b7de2d14561a","block_type":"box","text":"596,366","page_number":43,"box":{"x":737,"y":624,"width":48,"height":9}},{"id":"e600a179-f9fb-4576-a791-c63a27c32f73","block_type":"box","text":"379,314","page_number":43,"box":{"x":847,"y":624,"width":48,"height":9}},{"id":"5a76c249-30c6-4372-8013-cb81cbb79828","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":43,"box":{"x":96,"y":642,"width":289,"height":8}},{"id":"406d9b34-c955-41af-86aa-63a5c0657081","block_type":"box","text":"(848,298)","page_number":43,"box":{"x":733,"y":643,"width":56,"height":9}},{"id":"398e3322-a561-4785-bb0d-33bc2cd74955","block_type":"box","text":"(659,943)","page_number":43,"box":{"x":842,"y":643,"width":57,"height":9}},{"id":"93997635-7ba2-47dd-a34a-15e83a3f34df","block_type":"box","text":"Distributions","page_number":43,"box":{"x":96,"y":664,"width":86,"height":9}},{"id":"ce646490-4244-47ee-a377-b88b1079c704","block_type":"box","text":"5,495,994","page_number":43,"box":{"x":726,"y":665,"width":59,"height":9}},{"id":"4ba10db6-ee1c-40d5-8b84-382967b7dc54","block_type":"box","text":"3,931,310","page_number":43,"box":{"x":835,"y":665,"width":59,"height":9}},{"id":"922e7f9c-e228-44c5-8749-c68cdbf5acb8","block_type":"box","text":"Reconciliation of distributions","page_number":43,"box":{"x":96,"y":702,"width":200,"height":8}},{"id":"9e0133df-f989-4977-92a5-923029c91a24","block_type":"box","text":"Net revenue after taxation","page_number":43,"box":{"x":96,"y":721,"width":159,"height":8}},{"id":"f3746290-1a99-414e-baed-43050dbe2cc2","block_type":"box","text":"5,201,129","page_number":43,"box":{"x":726,"y":721,"width":58,"height":9}},{"id":"1c7412e2-674f-4375-8f36-802b9c44e9f2","block_type":"box","text":"3,577,032","page_number":43,"box":{"x":835,"y":721,"width":59,"height":9}},{"id":"fd670c28-7c2e-4460-af80-197487fa407f","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":43,"box":{"x":96,"y":736,"width":301,"height":11}},{"id":"ab60b2b4-8699-48d6-b945-c8cf10538442","block_type":"box","text":"232,668","page_number":43,"box":{"x":737,"y":737,"width":48,"height":9}},{"id":"babd1cf8-96c1-42ac-91a0-5eef8633e475","block_type":"box","text":"405,204","page_number":43,"box":{"x":846,"y":737,"width":49,"height":9}},{"id":"77bddc66-b44f-4e58-b65b-bf1f1e4d6bd1","block_type":"box","text":"Marginal tax relief on rebates in capital","page_number":43,"box":{"x":96,"y":752,"width":236,"height":10}},{"id":"9d55298a-dd6e-4183-8d35-96ad6df3d3cc","block_type":"box","text":"–","page_number":43,"box":{"x":778,"y":756,"width":7,"height":1}},{"id":"bb524446-47e3-4184-8312-756a2cc57672","block_type":"box","text":"237","page_number":43,"box":{"x":873,"y":752,"width":21,"height":8}},{"id":"8d0cba40-7fad-46e4-8ddf-2bd3d7dc2a97","block_type":"box","text":"Capital corporation tax","page_number":43,"box":{"x":96,"y":767,"width":138,"height":11}},{"id":"20bc44e3-ef16-4b64-bc4c-42232f6517ce","block_type":"box","text":"4,366","page_number":43,"box":{"x":752,"y":767,"width":33,"height":10}},{"id":"9f0fc27b-e47f-4d12-a8d7-19444d32a25c","block_type":"box","text":"–","page_number":43,"box":{"x":888,"y":772,"width":6,"height":1}},{"id":"49d3882c-6120-42b8-bc33-153b652d2233","block_type":"box","text":"Balance brought forward","page_number":43,"box":{"x":96,"y":782,"width":150,"height":11}},{"id":"f7c85fd9-777a-43d2-b769-2547809a8bff","block_type":"box","text":"57,743","page_number":43,"box":{"x":745,"y":783,"width":39,"height":9}},{"id":"f600009b-aa1a-4069-bffe-6a6dfedcfbb2","block_type":"box","text":"6,580","page_number":43,"box":{"x":862,"y":783,"width":32,"height":9}},{"id":"133780b4-8c96-432d-97f5-5b7c032e4572","block_type":"box","text":"Balance carried forward","page_number":43,"box":{"x":96,"y":798,"width":144,"height":8}},{"id":"1132c89c-6deb-418a-810f-7439b8b9f649","block_type":"box","text":"88","page_number":43,"box":{"x":771,"y":798,"width":14,"height":8}},{"id":"90dcbf7c-dacc-4e11-a2a4-742f24261abc","block_type":"box","text":"(57,743)","page_number":43,"box":{"x":850,"y":798,"width":49,"height":10}},{"id":"5e31d619-4e2e-46bf-88e0-75bcfddfbb16","block_type":"box","text":"Net distribution for the year","page_number":43,"box":{"x":96,"y":820,"width":187,"height":11}},{"id":"d4820184-f6d7-4f2c-bbc2-6f6507fa86cd","block_type":"box","text":"5,495,994","page_number":43,"box":{"x":723,"y":821,"width":62,"height":9}},{"id":"a6c097fc-c911-4f5c-ad09-4c041cad1373","block_type":"box","text":"3,931,310","page_number":43,"box":{"x":832,"y":820,"width":62,"height":10}},{"id":"bd506501-c3b7-40c0-87a1-a06be56e3725","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":43,"box":{"x":97,"y":38,"width":413,"height":17}},{"id":"79e329e3-83d9-405b-9410-d59d25b5075d","block_type":"box","text":"38","page_number":43,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"0dfae554-171c-412d-90c3-1979ba09e2a6","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":44,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"0fb47162-3987-49bc-871e-55c0cad81a4e","block_type":"box","text":"for the year ended 30 April 2026","page_number":44,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"39e77fb4-bcf6-4f82-a1a4-303d38090ac6","block_type":"box","text":"7. Debtors","page_number":44,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"29ef7515-4971-4880-b492-7d54e5ca8f22","block_type":"box","text":"30.04.26","page_number":44,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"4e3e9dcd-6b2a-44b2-be0c-9a25aaba333e","block_type":"box","text":"30.04.25","page_number":44,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"8b20ab6e-bef5-4e72-99a2-eb2692b96a10","block_type":"box","text":"£","page_number":44,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"719850fe-11e9-47ea-ab7c-02cf0197aff1","block_type":"box","text":"£","page_number":44,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"748af606-9023-456d-b251-09e90bcaf354","block_type":"box","text":"Amounts receivable on creation of shares","page_number":44,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"676a60a9-f13f-477e-9d16-b8dbdf99bcbb","block_type":"box","text":"1,011,151","page_number":44,"box":{"x":726,"y":172,"width":57,"height":9}},{"id":"4a27d3c0-fc2a-49fd-8a27-dbe66235ce5b","block_type":"box","text":"717,645","page_number":44,"box":{"x":846,"y":172,"width":48,"height":9}},{"id":"d1dcc974-4377-458a-aa91-bc863f5154a7","block_type":"box","text":"Accrued revenue:","page_number":44,"box":{"x":95,"y":191,"width":105,"height":8}},{"id":"c8354747-e3be-40be-9ee3-09b8f0a72c57","block_type":"box","text":"Rebates from underlying holdings","page_number":44,"box":{"x":96,"y":209,"width":205,"height":11}},{"id":"282577e3-223d-409b-a727-7df0801544a3","block_type":"box","text":"308,103","page_number":44,"box":{"x":737,"y":210,"width":47,"height":9}},{"id":"d43fcce6-cd4b-4e30-87a6-a2ba248c7d56","block_type":"box","text":"176,449","page_number":44,"box":{"x":847,"y":210,"width":47,"height":9}},{"id":"55243299-6051-4dd6-a2ac-9f6f14832d35","block_type":"box","text":"Income tax recoverable","page_number":44,"box":{"x":96,"y":228,"width":141,"height":9}},{"id":"b916e721-8c95-4f69-bee3-846a9ed29d0d","block_type":"box","text":"657","page_number":44,"box":{"x":763,"y":229,"width":22,"height":8}},{"id":"12383f8f-9b5f-4226-9efb-8f98ae7a8081","block_type":"box","text":"5,154","page_number":44,"box":{"x":862,"y":229,"width":33,"height":9}},{"id":"e1b9d73a-8d61-4b0b-977e-ad49093fc846","block_type":"box","text":"Bank interest receivable","page_number":44,"box":{"x":96,"y":247,"width":145,"height":8}},{"id":"f02fe81c-1c47-47d7-a34a-b5b3cbb5edcd","block_type":"box","text":"2,070","page_number":44,"box":{"x":752,"y":248,"width":33,"height":9}},{"id":"c685e392-28f8-4c74-ac9b-c7d061b06342","block_type":"box","text":"–","page_number":44,"box":{"x":888,"y":252,"width":6,"height":1}},{"id":"57ec4359-a87d-403e-8513-b9ffb1b9591a","block_type":"box","text":"Prepayments","page_number":44,"box":{"x":96,"y":266,"width":79,"height":11}},{"id":"703839c0-9a8f-4c3c-b557-c55764cb62de","block_type":"box","text":"–","page_number":44,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"d0d4f353-ba05-44a2-96f7-4c31a50e3806","block_type":"box","text":"63","page_number":44,"box":{"x":880,"y":266,"width":14,"height":8}},{"id":"a133c431-894b-48f2-a352-25d5fc062acd","block_type":"box","text":"Total debtors","page_number":44,"box":{"x":95,"y":288,"width":88,"height":8}},{"id":"bff731cf-2885-42ce-abca-b4d5f2afb387","block_type":"box","text":"1,321,981","page_number":44,"box":{"x":723,"y":289,"width":60,"height":9}},{"id":"652c4723-e3f7-4a86-b74a-b8a5fac90e13","block_type":"box","text":"899,311","page_number":44,"box":{"x":844,"y":289,"width":49,"height":9}},{"id":"47e99952-8c22-4ced-9db1-56802342885b","block_type":"box","text":"8. Cash and bank balances","page_number":44,"box":{"x":95,"y":341,"width":174,"height":8}},{"id":"98475adb-1b5a-4e04-9fd9-1dbcccfc86ce","block_type":"box","text":"30.04.26","page_number":44,"box":{"x":730,"y":342,"width":55,"height":7}},{"id":"1f413999-5d10-44bf-a61a-ee8098fe203a","block_type":"box","text":"30.04.25","page_number":44,"box":{"x":840,"y":342,"width":54,"height":7}},{"id":"f347cde1-e443-45d6-85aa-b87f03377f69","block_type":"box","text":"£","page_number":44,"box":{"x":778,"y":357,"width":7,"height":8}},{"id":"2dd79d85-0fda-447c-9ab5-079d1f65d3ce","block_type":"box","text":"£","page_number":44,"box":{"x":888,"y":357,"width":6,"height":8}},{"id":"cdb08ae7-80f9-4ccf-8a5c-52e9f2d912e0","block_type":"box","text":"Cash and bank balances","page_number":44,"box":{"x":96,"y":379,"width":146,"height":8}},{"id":"f0960f50-21da-412b-aa71-1f39a81fd4b3","block_type":"box","text":"5,166,680","page_number":44,"box":{"x":726,"y":379,"width":59,"height":9}},{"id":"d728fa35-e905-4f74-96bb-31a50df55d03","block_type":"box","text":"2,622,883","page_number":44,"box":{"x":835,"y":379,"width":59,"height":9}},{"id":"12402874-cc0f-44b1-a76c-1afa03a736c2","block_type":"box","text":"Bank overdraft","page_number":44,"box":{"x":96,"y":398,"width":89,"height":8}},{"id":"7d80a7cd-24e7-4bdd-87ea-4f2e92aa578e","block_type":"box","text":"–","page_number":44,"box":{"x":778,"y":403,"width":7,"height":0}},{"id":"c9261fab-a022-4b28-ab58-94080aa692a1","block_type":"box","text":"(359,645)","page_number":44,"box":{"x":842,"y":398,"width":57,"height":9}},{"id":"35cc3c1f-3e54-4e80-880d-972c1d701471","block_type":"box","text":"Total","page_number":44,"box":{"x":95,"y":420,"width":33,"height":8}},{"id":"f33ab5ac-4c97-4b62-ac46-6a33a145be7d","block_type":"box","text":"5,166,680","page_number":44,"box":{"x":723,"y":420,"width":62,"height":9}},{"id":"5e24f947-09ea-40f4-b329-b91e93642fa2","block_type":"box","text":"2,263,238","page_number":44,"box":{"x":832,"y":420,"width":62,"height":9}},{"id":"efe47ba3-e08f-4d52-b03f-ea7e78d92156","block_type":"box","text":"9. Creditors","page_number":44,"box":{"x":95,"y":473,"width":76,"height":8}},{"id":"e6eb23b9-a785-48af-94e2-df39a509399a","block_type":"box","text":"30.04.26","page_number":44,"box":{"x":730,"y":473,"width":55,"height":8}},{"id":"88df262c-9404-4d0e-984b-f1e694893854","block_type":"box","text":"30.04.25","page_number":44,"box":{"x":840,"y":473,"width":54,"height":8}},{"id":"0c0e39b0-69f5-418e-b67a-7e76cf0ec0bb","block_type":"box","text":"£","page_number":44,"box":{"x":778,"y":489,"width":7,"height":7}},{"id":"ff20f522-8cdf-49cb-8fbe-3bd41180c8d7","block_type":"box","text":"£","page_number":44,"box":{"x":888,"y":489,"width":6,"height":7}},{"id":"f6cc0ffe-8151-4a23-8a0b-8a4e57c3acdb","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":44,"box":{"x":95,"y":510,"width":261,"height":11}},{"id":"f0c0a1a4-569e-4451-9f25-316911a97da6","block_type":"box","text":"942,478","page_number":44,"box":{"x":737,"y":511,"width":48,"height":9}},{"id":"6d990315-21a2-4302-a73c-a77ca4e1312c","block_type":"box","text":"413,990","page_number":44,"box":{"x":846,"y":511,"width":48,"height":9}},{"id":"eda349e2-7870-4c26-a80b-0a4d10289e6e","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":44,"box":{"x":96,"y":529,"width":549,"height":11}},{"id":"1c08b9c5-4eec-4e07-a7df-124a44683b6c","block_type":"box","text":"agents of either of them:","page_number":44,"box":{"x":95,"y":545,"width":149,"height":10}},{"id":"7a28ec0b-5ab2-44ba-8192-079162580fbf","block_type":"box","text":"Annual management charge","page_number":44,"box":{"x":104,"y":564,"width":172,"height":10}},{"id":"0a03e169-86e3-4b97-9304-a9ae7a31f7b1","block_type":"box","text":"78,901","page_number":44,"box":{"x":744,"y":564,"width":39,"height":9}},{"id":"be90893b-fe2f-414c-bf26-304034f98740","block_type":"box","text":"54,481","page_number":44,"box":{"x":854,"y":564,"width":38,"height":9}},{"id":"a1cbee2c-29b3-4135-80a0-a8609671481c","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":44,"box":{"x":96,"y":586,"width":514,"height":10}},{"id":"61134c5e-c833-4902-8647-2ef6e45d55ba","block_type":"box","text":"Depositary fee","page_number":44,"box":{"x":106,"y":604,"width":86,"height":11}},{"id":"3e70300f-f7f6-4567-a029-71331af1600b","block_type":"box","text":"6,420","page_number":44,"box":{"x":752,"y":605,"width":33,"height":9}},{"id":"91d2bde3-5cc3-427d-a469-d0a1742ace01","block_type":"box","text":"4,808","page_number":44,"box":{"x":861,"y":605,"width":33,"height":9}},{"id":"37107801-cfe4-4ba8-ad03-1dd593339dd1","block_type":"box","text":"Safe custody and other custodian charges","page_number":44,"box":{"x":105,"y":620,"width":253,"height":11}},{"id":"7190053f-323d-4cce-868d-b89351c10a08","block_type":"box","text":"2,187","page_number":44,"box":{"x":752,"y":620,"width":33,"height":9}},{"id":"e783c443-f5b2-4a50-986a-9799a43a1bb0","block_type":"box","text":"29,000","page_number":44,"box":{"x":854,"y":620,"width":40,"height":9}},{"id":"aa0fa0f7-10f9-4b02-81d1-f18c4850cb13","block_type":"box","text":"8,607","page_number":44,"box":{"x":752,"y":643,"width":33,"height":9}},{"id":"b8944154-ab51-4be7-8700-73aba3b87b69","block_type":"box","text":"33,808","page_number":44,"box":{"x":854,"y":643,"width":40,"height":9}},{"id":"12b9e13a-f628-4bdc-987d-ed80d95207e9","block_type":"box","text":"Other expenses:","page_number":44,"box":{"x":96,"y":664,"width":97,"height":11}},{"id":"a4861410-3ff8-4f81-950e-77133250c7ed","block_type":"box","text":"UK corporation tax","page_number":44,"box":{"x":105,"y":683,"width":114,"height":11}},{"id":"53310374-cd16-4fec-9279-e512c7b2f132","block_type":"box","text":"132,714","page_number":44,"box":{"x":738,"y":684,"width":47,"height":9}},{"id":"64fb296f-ab30-4a1e-9ab2-b1255f2a375d","block_type":"box","text":"113,076","page_number":44,"box":{"x":847,"y":683,"width":47,"height":10}},{"id":"9cb058b3-85e9-4b7f-b2e9-2ea1d67e533c","block_type":"box","text":"Audit fee*","page_number":44,"box":{"x":104,"y":699,"width":62,"height":8}},{"id":"8e8646da-183d-42e7-a937-22877123ae8c","block_type":"box","text":"9,720","page_number":44,"box":{"x":752,"y":699,"width":33,"height":9}},{"id":"b45e33ed-93f9-4725-b8b2-62b3c3fba476","block_type":"box","text":"7,862","page_number":44,"box":{"x":862,"y":699,"width":32,"height":9}},{"id":"f1c98ac2-e818-441b-b8e6-de3ee6185056","block_type":"box","text":"Other accrued expenses","page_number":44,"box":{"x":105,"y":714,"width":147,"height":11}},{"id":"2e4b7e51-55df-4b82-9c4b-0e0f212d8642","block_type":"box","text":"5,934","page_number":44,"box":{"x":752,"y":714,"width":33,"height":10}},{"id":"431c31fd-20ee-474f-b067-db9b0fb6f82a","block_type":"box","text":"2,157","page_number":44,"box":{"x":862,"y":714,"width":32,"height":10}},{"id":"27468e25-e72b-409b-b957-995482dceb46","block_type":"box","text":"148,368","page_number":44,"box":{"x":738,"y":737,"width":47,"height":9}},{"id":"b602c433-c007-46dd-95b7-4e41ca88abe0","block_type":"box","text":"123,095","page_number":44,"box":{"x":847,"y":737,"width":47,"height":9}},{"id":"f541d39d-4e61-40d6-9cb4-e02e69ff8530","block_type":"box","text":"Total creditors","page_number":44,"box":{"x":95,"y":771,"width":97,"height":9}},{"id":"75f8c8a4-8879-41e3-87a7-e9dcfde4b71a","block_type":"box","text":"1,178,354","page_number":44,"box":{"x":723,"y":772,"width":62,"height":9}},{"id":"5342e09b-bede-439c-94d4-367888618419","block_type":"box","text":"625,374","page_number":44,"box":{"x":844,"y":772,"width":51,"height":9}},{"id":"77d11da7-ccb4-4978-ac69-81f7b2144092","block_type":"box","text":"*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","page_number":44,"box":{"x":95,"y":794,"width":809,"height":10}},{"id":"74c7f5c1-bed4-4ed1-85e3-06754123f718","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":44,"box":{"x":96,"y":809,"width":174,"height":10}},{"id":"260c7b9e-c3ae-4a76-a611-8edcb4ea9a0f","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":44,"box":{"x":489,"y":38,"width":413,"height":17}},{"id":"b011da07-48db-496c-89bf-e9f25ee9d7f4","block_type":"box","text":"39","page_number":44,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"68f94fb1-28f3-47a8-ae12-4da291c35f22","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":45,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"fec43bce-e861-4471-b643-62afbe728a57","block_type":"box","text":"for the year ended 30 April 2026","page_number":45,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"f59ee0fb-c2a1-4c9c-b0b6-f728356b112c","block_type":"box","text":"10. Risk management policies","page_number":45,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"9f9e868a-b73a-4e62-9536-a35f25371bf0","block_type":"box","text":"In pursuing its investment objective as stated on page 28, the Sub-fund holds a number of financial instruments. The Sub-fund’s","page_number":45,"box":{"x":96,"y":150,"width":754,"height":10}},{"id":"6dfe0a51-2732-44fb-9676-136c4dc36dcb","block_type":"box","text":"financial","page_number":45,"box":{"x":854,"y":150,"width":49,"height":8}},{"id":"ac1d4255-953d-423e-975f-856271695be6","block_type":"box","text":"instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from its operat","page_number":45,"box":{"x":96,"y":165,"width":779,"height":11}},{"id":"cf985989-dc62-414a-a87d-3f4f1c26e480","block_type":"box","text":"ions,","page_number":45,"box":{"x":876,"y":165,"width":27,"height":10}},{"id":"20f05660-bca4-4e60-8d03-687dcb684ada","block_type":"box","text":"for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for redemptions a","page_number":45,"box":{"x":95,"y":181,"width":792,"height":10}},{"id":"48f6b258-20f2-4efd-bdfc-846042ecf25a","block_type":"box","text":"nd","page_number":45,"box":{"x":889,"y":181,"width":14,"height":8}},{"id":"1adf90e3-051d-48b8-961a-4be9abe1544b","block_type":"box","text":"debtors for accrued revenue.","page_number":45,"box":{"x":95,"y":196,"width":176,"height":8}},{"id":"62b73969-beed-4904-919f-6b49b11c9568","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":45,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"1b60fde8-90df-4111-a0c6-36c548b40e8f","block_type":"box","text":"anaging","page_number":45,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"09b76e2d-24e4-4d45-8b98-46e8a7475655","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":45,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"85978619-08d7-47f6-ad66-ad88b9d1969d","block_type":"box","text":"Market price risk","page_number":45,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"7c1ecc80-044c-45b9-8992-9010fae3efe4","block_type":"box","text":"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","page_number":45,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"1f9a2929-876f-410a-b929-a0f0e07e32f7","block_type":"box","text":"ket prices","page_number":45,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"fad64b0f-750a-4c4a-8a34-dd7b6b8dacef","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":45,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"91774058-3122-48eb-875c-da88a31e5eef","block_type":"box","text":"future","page_number":45,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"c693890f-45d1-4ed0-8891-4f7f61fc8c5a","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":45,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"dd547169-b572-4ad4-9362-b882867e0cf2","block_type":"box","text":"market","page_number":45,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"c5a5ea70-90e8-4c5e-85f4-7372d4b4ece2","block_type":"box","text":"positions in the face of price movements.","page_number":45,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"4dc1743e-5af4-474d-a396-c6e95fc4e58f","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":45,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"a804f698-3eb6-4938-91d3-cc4582650966","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":45,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"17f12a08-c31e-428c-9776-603042b2cdea","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":45,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"7f8edf23-26cd-44b4-9fb9-f80cde0bc2aa","block_type":"box","text":"ectus","page_number":45,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"f30f0503-946d-4b0d-9dc9-24cabaf4b58e","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":45,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"2a4eded0-e72f-4517-9f67-102437d18b86","block_type":"box","text":"exposure","page_number":45,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"2cdf01a6-e8ce-4479-b4b0-c2cb3294c146","block_type":"box","text":"to any particular type of security or issuer.","page_number":45,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"8951d2a2-7ed9-4d3f-92f0-ee414693764e","block_type":"box","text":"If market prices at the Balance Sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":45,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"6b658868-790f-465c-b031-1e54b53ecce8","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £38,335,727","page_number":45,"box":{"x":95,"y":446,"width":809,"height":11}},{"id":"a24c180b-1fce-4cf4-a56e-969fbfb9f529","block_type":"box","text":"(30 April 2025: £26,824,585).","page_number":45,"box":{"x":95,"y":461,"width":174,"height":11}},{"id":"6a237842-be25-4474-9669-9fd0604622d8","block_type":"box","text":"Foreign currency risk","page_number":45,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"5d9a9163-59f7-4a59-92db-f39f38f32fdc","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":45,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"90684e8e-5814-4877-8b04-49145acd6c1e","block_type":"box","text":"foreign","page_number":45,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"414c5348-dc46-4631-a44f-e6a8763e7714","block_type":"box","text":"currency exchange rates.","page_number":45,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"71ff5413-e7f9-4eab-a7db-4981a63cfa27","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":45,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"b99b210d-bda7-494c-a81f-b832c5a8fe21","block_type":"box","text":"nvest","page_number":45,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"1b7feb25-2631-42f3-809e-e59c0cf5b0b3","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":45,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"3fc0ab07-58a7-49ad-86a2-58278dd2face","block_type":"box","text":"e","page_number":45,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"7adb097d-624b-4ada-8562-dc602c510dce","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":45,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"a43b9396-8ba7-4866-be47-57324673bcda","block_type":"box","text":"ced","page_number":45,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"bcd1dc9a-79b2-4595-8ca9-8b74ab8e71f7","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":45,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"53ff308f-1216-402d-afd9-9b174776e139","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":45,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"658de53f-9baf-43db-8d7b-4e22ba2c4a6b","block_type":"box","text":"Net monetary","page_number":45,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"d705ea15-d394-41ad-82ff-0a9dd8f89976","block_type":"box","text":"Non-monetary","page_number":45,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"58da70ee-f3c6-4a6e-a091-fa96062a853b","block_type":"box","text":"Total net","page_number":45,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"82dfcf9f-b378-4e74-8de7-4a027ab0c859","block_type":"box","text":"assets and liabilities","page_number":45,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"678a0a4c-f234-408d-8690-d5ce447c5b33","block_type":"box","text":"assets","page_number":45,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"e3f893f9-b45d-40e5-896d-251c7480e356","block_type":"box","text":"assets","page_number":45,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"28bdf54e-0083-4218-9b06-040116b4f604","block_type":"box","text":"£","page_number":45,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"fde049e5-1ea2-451a-a7d9-434f22f54101","block_type":"box","text":"£","page_number":45,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"e3214125-dbc9-44f4-908a-535d168864a3","block_type":"box","text":"£","page_number":45,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"ff1c6db6-a321-4ba4-ad30-19880afa71d0","block_type":"box","text":"£","page_number":45,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"446ed126-620c-48ac-a875-8893db640747","block_type":"box","text":"£","page_number":45,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"9cdca951-e3b6-44d7-880e-bbcf11e47e44","block_type":"box","text":"£","page_number":45,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"329b4de6-3a6c-41eb-99f9-df749ef35216","block_type":"box","text":"30.04.26","page_number":45,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"38f44474-5e8e-4320-a10e-626dc984c0d6","block_type":"box","text":"30.04.25","page_number":45,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"e6293801-abc1-4286-9e9d-4719ec30bd08","block_type":"box","text":"30.04.26","page_number":45,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"04797465-137f-4890-991a-037125f78297","block_type":"box","text":"30.04.25","page_number":45,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"b3d89a16-4a57-4549-88d1-a68c15f6353e","block_type":"box","text":"30.04.26","page_number":45,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"f038a62f-54e0-4ec5-b517-c54b0dab0c0f","block_type":"box","text":"30.04.25","page_number":45,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"9e986b51-9093-4e80-9bc1-fd600aa73a13","block_type":"box","text":"Sterling","page_number":45,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"46778218-5a11-4da3-b8c4-be081fe61489","block_type":"box","text":"5,310,307","page_number":45,"box":{"x":288,"y":680,"width":59,"height":9}},{"id":"f70c651c-367b-4ee0-892b-7813b526f04e","block_type":"box","text":"2,537,175","page_number":45,"box":{"x":397,"y":680,"width":59,"height":9}},{"id":"8fda17f9-f3d7-4003-bd9f-7063f3851f51","block_type":"box","text":"365,960,353","page_number":45,"box":{"x":492,"y":680,"width":73,"height":9}},{"id":"a82a744d-bedf-4c41-8de1-5ecd462795bc","block_type":"box","text":"261,337,816","page_number":45,"box":{"x":601,"y":680,"width":74,"height":9}},{"id":"a51d6aff-ae4d-4fc7-bbe5-72a3d47a5e5f","block_type":"box","text":"371,270,660","page_number":45,"box":{"x":711,"y":680,"width":74,"height":9}},{"id":"9f11d6a0-eab7-4261-87a9-a275a5188eb5","block_type":"box","text":"263,874,991","page_number":45,"box":{"x":820,"y":680,"width":72,"height":9}},{"id":"1208808a-b6a9-4498-aa4a-0f5e16add4d6","block_type":"box","text":"EUR","page_number":45,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"8641a84c-9c67-4dae-a19d-d93af7910e00","block_type":"box","text":"–","page_number":45,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"fa69cadf-02e4-435a-a3bc-65138822df2c","block_type":"box","text":"–","page_number":45,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"f457416a-6d08-4d0a-ad93-c184e58f2dff","block_type":"box","text":"–","page_number":45,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"4bf19b3a-fa20-4230-9ae1-bdf99baa76f4","block_type":"box","text":"6,908,036","page_number":45,"box":{"x":616,"y":695,"width":59,"height":9}},{"id":"38050a38-de72-4f8e-92c2-a739954cf6ac","block_type":"box","text":"–","page_number":45,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"c6c38f8d-bc5b-45d5-8477-eb30b4145fa5","block_type":"box","text":"6,908,036","page_number":45,"box":{"x":835,"y":695,"width":59,"height":9}},{"id":"544c8d14-f0ba-48de-ae8a-9e8a4bebe232","block_type":"box","text":"USD","page_number":45,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"c85d8e42-e2a4-472b-b56a-e00361498635","block_type":"box","text":"–","page_number":45,"box":{"x":340,"y":715,"width":7,"height":1}},{"id":"702b5de5-836a-469e-a007-9de2ee903584","block_type":"box","text":"–","page_number":45,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"adb92aac-6b25-4509-a1bf-c6269fbc20db","block_type":"box","text":"17,396,914","page_number":45,"box":{"x":500,"y":711,"width":66,"height":9}},{"id":"e4b38df2-59f6-4d41-8df5-0c5b096e7fd1","block_type":"box","text":"–","page_number":45,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"b661019f-7ba2-4691-9406-4c585d8105d0","block_type":"box","text":"17,396,914","page_number":45,"box":{"x":719,"y":711,"width":66,"height":9}},{"id":"4544c46b-309b-4c20-97fc-8fb8f1808dbf","block_type":"box","text":"–","page_number":45,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"3d76c53c-2c02-40af-b7eb-5f3023d8d867","block_type":"box","text":"5,310,307","page_number":45,"box":{"x":285,"y":733,"width":62,"height":9}},{"id":"2283e077-03a1-4971-b178-c2b7096e6258","block_type":"box","text":"2,537,175","page_number":45,"box":{"x":394,"y":733,"width":62,"height":9}},{"id":"248daeb8-5b7d-426d-8008-a0b766fb8270","block_type":"box","text":"383,357,267","page_number":45,"box":{"x":488,"y":733,"width":78,"height":9}},{"id":"d8d2bb81-50e0-42fc-bfc9-1a020ee5adef","block_type":"box","text":"268,245,852","page_number":45,"box":{"x":597,"y":733,"width":78,"height":9}},{"id":"6132be49-5c4d-4927-9e9d-7fd82a275f00","block_type":"box","text":"388,667,574","page_number":45,"box":{"x":707,"y":733,"width":78,"height":9}},{"id":"b4defa40-e182-4e53-8310-d6247b1a53a1","block_type":"box","text":"270,783,027","page_number":45,"box":{"x":816,"y":733,"width":78,"height":9}},{"id":"ee3e1644-23ae-49c9-b85d-31d7aeabbc5d","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":45,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"d57b253a-957e-4436-ac86-ab8135df8128","block_type":"box","text":"he","page_number":45,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"72ba4669-9cda-4f47-802b-dd4e38f6bfbd","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £1,7","page_number":45,"box":{"x":96,"y":770,"width":767,"height":11}},{"id":"8578e2f8-aaf8-467d-85a5-0009c41f86e5","block_type":"box","text":"39,691","page_number":45,"box":{"x":864,"y":771,"width":38,"height":9}},{"id":"3e6d7f8b-d210-44b8-b3d1-f615fa560c3c","block_type":"box","text":"(30 April 2025: £690,804).","page_number":45,"box":{"x":95,"y":786,"width":155,"height":10}},{"id":"56048087-1035-4a8e-ab8c-020738905eed","block_type":"box","text":"Interest rate risk","page_number":45,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"f801150f-e909-47be-a358-c692d7eb93c5","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":45,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"33cc0208-f91f-4622-abf2-1e699c330f82","block_type":"box","text":"se change","page_number":45,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"52493b7a-4b46-4c8b-8035-f83de6e0b8ee","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":45,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"3a0d25a3-bdc5-43ce-9e9d-578cfdf0a173","block_type":"box","text":"nterest","page_number":45,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"2958154e-be0f-4b83-8c07-09c1cb800644","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short-term in","page_number":45,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"2cbe1a5d-c2cc-43ef-b53c-c3ded47ac5f1","block_type":"box","text":"struments.","page_number":45,"box":{"x":840,"y":853,"width":63,"height":8}},{"id":"dc70fefb-118d-4f5b-bd34-199825455049","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":45,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"70adf0e4-4d42-44a9-89e4-21a9e332e21e","block_type":"box","text":"ited","page_number":45,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"62023730-e4b6-4b9c-b25b-85761a55de9e","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":45,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"f7d58905-4e99-4ad6-a7dd-a82a4c136c8c","block_type":"box","text":"n the","page_number":45,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"529d68f2-f2bd-4ee5-b750-1874357d2b6f","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":45,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"8ae051f2-6bef-480e-bbfa-aaa801eede6a","block_type":"box","text":"ses as","page_number":45,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"4e80968c-4494-454c-b64b-4693ea7300b3","block_type":"box","text":"interest rates increase.","page_number":45,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"fe7aa432-4998-4551-817c-8ff2d368958a","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":45,"box":{"x":97,"y":38,"width":413,"height":17}},{"id":"dced1b19-90b1-40df-ae6e-ab2c87b5bc78","block_type":"box","text":"40","page_number":45,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"4160a8e4-5349-4749-81aa-0ed817dfd8cf","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":46,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"3dc3c32e-a518-4ac8-837f-4f966881a35b","block_type":"box","text":"for the year ended 30 April 2026","page_number":46,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"cc0b553a-a9d4-4893-9ab6-e3712ffad053","block_type":"box","text":"Interest rate risk (continued)","page_number":46,"box":{"x":96,"y":134,"width":192,"height":10}},{"id":"9f0260bd-9936-4cf0-8a33-982da1baf6ee","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":46,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"d5d6a638-2b46-4323-b5a8-7636977b9935","block_type":"box","text":"30.04.26","page_number":46,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"198b5241-c7ab-41e3-8eb1-276bb672efab","block_type":"box","text":"30.04.25","page_number":46,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"176a24bd-1ecb-46ae-b6a6-62e39820c360","block_type":"box","text":"£","page_number":46,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"c400265b-ba64-4f50-a0c9-83ff0866ab8d","block_type":"box","text":"£","page_number":46,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"d3342d56-7edc-4b4e-9ef6-65c3a58f1d24","block_type":"box","text":"Financial assets floating rate","page_number":46,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"7df43089-c767-4c3a-8eaf-b36ffc3fae2d","block_type":"box","text":"5,166,680","page_number":46,"box":{"x":726,"y":210,"width":59,"height":9}},{"id":"d1a1bd82-086f-4ce7-9789-c88ab6e4e3f7","block_type":"box","text":"2,622,883","page_number":46,"box":{"x":835,"y":210,"width":59,"height":9}},{"id":"f9f4835b-8114-4647-a84b-ca035dc6dbb3","block_type":"box","text":"Financial assets interest bearing instruments","page_number":46,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"e019748d-c816-42d1-920e-4159af1d0166","block_type":"box","text":"43,836,558","page_number":46,"box":{"x":718,"y":229,"width":67,"height":9}},{"id":"c07e112a-df81-4fd5-99a5-9a203c87fc20","block_type":"box","text":"39,478,970","page_number":46,"box":{"x":828,"y":229,"width":66,"height":9}},{"id":"aae67019-271f-461a-90e5-62b08140aba6","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":46,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"a6fc88d8-61ba-4d81-9f87-d999eb7af7cb","block_type":"box","text":"340,842,690","page_number":46,"box":{"x":711,"y":248,"width":74,"height":9}},{"id":"f66d7cf6-a743-44c8-8134-819769efea89","block_type":"box","text":"229,666,193","page_number":46,"box":{"x":820,"y":248,"width":74,"height":9}},{"id":"0fc4b858-8a1b-45ea-a815-2bc2d0271a09","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":46,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"b32567f6-c7e0-4f73-8f8a-1d8e07f6ac44","block_type":"box","text":"(1,178,354)","page_number":46,"box":{"x":721,"y":266,"width":68,"height":10}},{"id":"bf5c1259-e22a-4612-91f2-96ea12e8b2ca","block_type":"box","text":"(625,374)","page_number":46,"box":{"x":842,"y":266,"width":57,"height":10}},{"id":"2fdf7252-eb05-478e-8bb0-4fab1773b5bc","block_type":"box","text":"Financial liabilities floating rate","page_number":46,"box":{"x":96,"y":285,"width":187,"height":10}},{"id":"63fd357e-929b-4792-989f-ef12a22779bf","block_type":"box","text":"–","page_number":46,"box":{"x":778,"y":290,"width":7,"height":0}},{"id":"b44b42bc-99bd-45e0-986f-f326b41354d5","block_type":"box","text":"(359,645)","page_number":46,"box":{"x":842,"y":285,"width":57,"height":10}},{"id":"1511e7bb-1135-451c-9ef5-73c33336722d","block_type":"box","text":"388,667,574","page_number":46,"box":{"x":707,"y":307,"width":78,"height":9}},{"id":"20bea6e7-0bfc-45eb-bcfa-507812db7603","block_type":"box","text":"270,783,027","page_number":46,"box":{"x":816,"y":307,"width":78,"height":9}},{"id":"fe3c522a-9987-4a06-85c5-8d3208b70eaa","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":46,"box":{"x":95,"y":342,"width":767,"height":11}},{"id":"5e5637a1-67d6-4530-abde-fd25672d9594","block_type":"box","text":"assets","page_number":46,"box":{"x":867,"y":343,"width":37,"height":7}},{"id":"ed805e1c-5f84-4e94-8af4-141b6adc06d5","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £12,917 (30 April 2025: £5,658).","page_number":46,"box":{"x":95,"y":358,"width":748,"height":10}},{"id":"1e63802a-51aa-4d94-8203-b1a9ce552120","block_type":"box","text":"Maturity of financial liabilities","page_number":46,"box":{"x":96,"y":380,"width":201,"height":10}},{"id":"605f003c-b202-4c93-831b-d61376bc83fa","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":46,"box":{"x":95,"y":395,"width":655,"height":11}},{"id":"7b8910d8-12c2-424a-b1cd-2de08447253f","block_type":"box","text":"Liquidity risk","page_number":46,"box":{"x":96,"y":417,"width":86,"height":11}},{"id":"bb940bc1-212e-4e9b-b241-7ac3f136a5a7","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":46,"box":{"x":95,"y":433,"width":742,"height":11}},{"id":"072315c3-f26d-412a-8981-6dadcdf32823","block_type":"box","text":"any shares","page_number":46,"box":{"x":840,"y":433,"width":64,"height":11}},{"id":"02c8fbf8-ae27-4ed7-a02b-f35276557cf4","block_type":"box","text":"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","page_number":46,"box":{"x":95,"y":448,"width":732,"height":11}},{"id":"71552589-5807-410e-a940-6eb186476c88","block_type":"box","text":"edemptions.","page_number":46,"box":{"x":828,"y":448,"width":75,"height":11}},{"id":"ed93a8f6-d689-4f3c-a16e-038520649a1e","block_type":"box","text":"Credit risk","page_number":46,"box":{"x":96,"y":470,"width":68,"height":9}},{"id":"9194e883-8567-4e9d-8410-fd8ceba208c1","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":46,"box":{"x":96,"y":486,"width":722,"height":11}},{"id":"3fb8b998-b8ac-4659-80d5-157feaad8633","block_type":"box","text":"he investment","page_number":46,"box":{"x":819,"y":486,"width":85,"height":8}},{"id":"0ab71d26-77dd-4064-96c0-dada9d82be48","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":46,"box":{"x":95,"y":501,"width":759,"height":11}},{"id":"a5df7d59-5ad5-49f6-b539-3bc23c27a7a1","block_type":"box","text":"stments","page_number":46,"box":{"x":856,"y":502,"width":48,"height":8}},{"id":"1b4b5264-15b1-4eb1-9a25-6881c717cc72","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":46,"box":{"x":95,"y":517,"width":808,"height":10}},{"id":"708b39b2-b7b2-461e-b5a4-bf02ab9f7cbf","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings a","page_number":46,"box":{"x":96,"y":532,"width":732,"height":11}},{"id":"f3a8bfb5-4293-450d-84f4-81877a4d7293","block_type":"box","text":"re reviewed.","page_number":46,"box":{"x":831,"y":532,"width":72,"height":8}},{"id":"f2f7e37a-325a-4087-a95e-1d7151ce2a3e","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":46,"box":{"x":96,"y":554,"width":733,"height":11}},{"id":"60eefc08-25be-47ce-971e-b07570246f07","block_type":"box","text":"cash is held","page_number":46,"box":{"x":834,"y":554,"width":69,"height":9}},{"id":"5df94319-1fa0-45e6-8324-f9c054684f78","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":46,"box":{"x":95,"y":570,"width":735,"height":11}},{"id":"f51c91d3-6a36-431e-9b5f-88fe7c798c65","block_type":"box","text":"lectives that","page_number":46,"box":{"x":832,"y":570,"width":72,"height":8}},{"id":"9793efdc-cf84-4706-b928-af2ecc32712a","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":46,"box":{"x":96,"y":585,"width":650,"height":11}},{"id":"306043db-54bc-4dea-b21b-964fc736121d","block_type":"box","text":"Fair value disclosure","page_number":46,"box":{"x":96,"y":607,"width":135,"height":9}},{"id":"816e7afe-c8fc-4867-9660-cfe5d3ec73ec","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":46,"box":{"x":95,"y":623,"width":731,"height":11}},{"id":"85d0aa3b-b04b-42c9-b48b-e14d4142d9c7","block_type":"box","text":". The highest","page_number":46,"box":{"x":828,"y":623,"width":76,"height":11}},{"id":"be3f2e3c-35aa-4586-8060-ff5f762b318d","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":46,"box":{"x":96,"y":638,"width":739,"height":11}},{"id":"6aa41e48-763a-451c-8813-b9d8a02b61d3","block_type":"box","text":"els in these","page_number":46,"box":{"x":836,"y":638,"width":68,"height":9}},{"id":"e15fa0b9-ebc7-4556-9278-09529c667aae","block_type":"box","text":"financial statements are as follows:","page_number":46,"box":{"x":95,"y":654,"width":213,"height":8}},{"id":"5237c96c-cd43-42e6-9677-1239088bd89c","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":46,"box":{"x":96,"y":676,"width":489,"height":11}},{"id":"12f4a057-0e62-4d0f-8b97-5308fab459b2","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":46,"box":{"x":96,"y":698,"width":568,"height":11}},{"id":"a65c1a31-2b0d-4ff2-b8c7-7afe4091cd33","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":46,"box":{"x":96,"y":720,"width":344,"height":11}},{"id":"26b68e4a-9267-4cda-beaa-7e6d4de6fa6a","block_type":"box","text":"Valuation technique","page_number":46,"box":{"x":95,"y":743,"width":135,"height":10}},{"id":"2f0bf134-cfe7-4733-bf61-9536a9504274","block_type":"box","text":"30.04.26","page_number":46,"box":{"x":534,"y":743,"width":55,"height":8}},{"id":"e5daca7e-ef98-469b-9d11-5b086a3615ea","block_type":"box","text":"30.04.25","page_number":46,"box":{"x":801,"y":743,"width":54,"height":8}},{"id":"b51b155f-3537-424a-9db9-a424017b90f1","block_type":"box","text":"Assets","page_number":46,"box":{"x":452,"y":756,"width":42,"height":8}},{"id":"b97bbe9b-170b-47b1-816f-4e3a60a82194","block_type":"box","text":"Liabilities","page_number":46,"box":{"x":564,"y":756,"width":64,"height":8}},{"id":"2ce466b2-5f32-48d9-b26d-736a9c7fd4ec","block_type":"box","text":"Assets","page_number":46,"box":{"x":719,"y":756,"width":42,"height":8}},{"id":"a48c1aee-6ea4-4322-abe2-565ff508453b","block_type":"box","text":"Liabilities","page_number":46,"box":{"x":833,"y":756,"width":64,"height":8}},{"id":"88878384-7f2e-40b2-a3e8-228bae4d19f8","block_type":"box","text":"(£000’s)","page_number":46,"box":{"x":444,"y":769,"width":50,"height":9}},{"id":"1dc7cb71-6c6a-4cd7-8c0b-1f4c089c4c6e","block_type":"box","text":"(£000’s)","page_number":46,"box":{"x":577,"y":769,"width":50,"height":9}},{"id":"7c7e7457-4685-4ce1-b8a1-e2137b76b55b","block_type":"box","text":"(£000’s)","page_number":46,"box":{"x":711,"y":769,"width":50,"height":9}},{"id":"61b62c09-b74a-466c-8708-5a6847df5705","block_type":"box","text":"(£000’s)","page_number":46,"box":{"x":846,"y":769,"width":51,"height":9}},{"id":"9f0d0631-27f8-4483-bf2f-004d0c37ac1b","block_type":"box","text":"Level 1","page_number":46,"box":{"x":96,"y":784,"width":38,"height":8}},{"id":"2027554a-7fcb-4e52-bab3-add37a602ecf","block_type":"box","text":"52,385","page_number":46,"box":{"x":454,"y":784,"width":40,"height":10}},{"id":"2e5c9f15-91ab-436c-bd3a-f1d42e013b5b","block_type":"box","text":"–","page_number":46,"box":{"x":621,"y":789,"width":6,"height":1}},{"id":"fef40b70-037e-4b10-bf21-daeb1be3517e","block_type":"box","text":"18,817","page_number":46,"box":{"x":721,"y":784,"width":40,"height":10}},{"id":"6166793e-01cd-4715-affb-31a21f2f7d5f","block_type":"box","text":"–","page_number":46,"box":{"x":890,"y":789,"width":7,"height":1}},{"id":"38666b04-d19d-44c0-ba4d-4bbcd049a457","block_type":"box","text":"Level 2","page_number":46,"box":{"x":96,"y":800,"width":40,"height":8}},{"id":"57f70ada-bc6d-488e-85e7-d3a440c93919","block_type":"box","text":"330,972","page_number":46,"box":{"x":447,"y":800,"width":47,"height":9}},{"id":"dce61781-90e3-40bf-810a-0d3db5ae94b7","block_type":"box","text":"–","page_number":46,"box":{"x":621,"y":804,"width":6,"height":1}},{"id":"fb2c9297-d357-449b-8047-d057ca3580ff","block_type":"box","text":"249,429","page_number":46,"box":{"x":713,"y":800,"width":48,"height":9}},{"id":"c738fc92-d5d0-4c9f-83c1-a84425316cdd","block_type":"box","text":"–","page_number":46,"box":{"x":890,"y":804,"width":7,"height":1}},{"id":"dc4b04a0-cf11-4856-a0de-427cd544563d","block_type":"box","text":"Level 3","page_number":46,"box":{"x":96,"y":815,"width":40,"height":8}},{"id":"42150289-b5b2-49b6-9922-8a9650fd731d","block_type":"box","text":"–","page_number":46,"box":{"x":488,"y":820,"width":6,"height":1}},{"id":"50a4cc42-c919-4c7c-a7f2-5c90872800b0","block_type":"box","text":"–","page_number":46,"box":{"x":621,"y":820,"width":6,"height":1}},{"id":"d677b49d-793f-4654-8648-8337c479bd77","block_type":"box","text":"–","page_number":46,"box":{"x":754,"y":820,"width":7,"height":1}},{"id":"b4c79864-0c04-4c7d-9c58-aaf1cc5320ac","block_type":"box","text":"–","page_number":46,"box":{"x":890,"y":820,"width":7,"height":1}},{"id":"fcba20e1-5892-462a-911d-61cc702f5e10","block_type":"box","text":"383,357","page_number":46,"box":{"x":444,"y":838,"width":50,"height":9}},{"id":"78758eb3-901c-4e6a-8c05-d439138baf56","block_type":"box","text":"–","page_number":46,"box":{"x":621,"y":842,"width":7,"height":1}},{"id":"8b95980b-feb4-46c3-b62c-52e5eb4226bd","block_type":"box","text":"268,246","page_number":46,"box":{"x":711,"y":838,"width":50,"height":9}},{"id":"a90f6f26-7cbd-4fd6-9633-c1c88b257848","block_type":"box","text":"–","page_number":46,"box":{"x":890,"y":842,"width":7,"height":1}},{"id":"f47f286a-adb7-424a-89d8-da024e46c533","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":46,"box":{"x":489,"y":38,"width":413,"height":17}},{"id":"c4a576ed-ceaf-44dc-8aee-1623e10f664b","block_type":"box","text":"41","page_number":46,"box":{"x":966,"y":960,"width":16,"height":8}},{"id":"e08af9f9-bb3c-4cdb-930f-57863ad9dac7","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":47,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"00e3eef9-7718-4e80-a69d-e2edaa6dcb7e","block_type":"box","text":"for the year ended 30 April 2026","page_number":47,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"d2428b39-7590-46df-8e14-aaaff8b5ce4d","block_type":"box","text":"11. Shares held","page_number":47,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"2e8c2004-aa57-4993-a32e-ab87e6a306ff","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":47,"box":{"x":96,"y":156,"width":236,"height":10}},{"id":"4e1f0f72-a176-42dd-b188-c0913278a2e3","block_type":"box","text":"Opening shares at 01.05.2025","page_number":47,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"2bf2ed52-52e2-4afa-bd1a-7004c3bfcc3a","block_type":"box","text":"129,529,505","page_number":47,"box":{"x":417,"y":179,"width":77,"height":9}},{"id":"40e7a9cf-7c55-424b-b39a-efef5ba11a76","block_type":"box","text":"Shares issued during the year","page_number":47,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"02042424-e404-498a-88a5-ed8dec9f77fd","block_type":"box","text":"50,529,874","page_number":47,"box":{"x":428,"y":194,"width":67,"height":10}},{"id":"2b2182da-e1e5-4f31-be7e-083789faf611","block_type":"box","text":"Shares cancelled during the year","page_number":47,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"b6b80a55-4465-452f-b159-534527968ede","block_type":"box","text":"(29,998,620)","page_number":47,"box":{"x":419,"y":210,"width":75,"height":9}},{"id":"4455b5a1-6e34-4614-bc08-bc7eae21ee64","block_type":"box","text":"Shares converted during the year","page_number":47,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"125d4fd4-1c8e-4df2-9503-f91869412c22","block_type":"box","text":"–","page_number":47,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"6340963e-e52e-4802-8dc0-685ba1ccf8be","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":47,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"6b40031f-7467-4eeb-a89f-ec4ff6179d69","block_type":"box","text":"150,060,759","page_number":47,"box":{"x":417,"y":248,"width":77,"height":9}},{"id":"3d12767a-58a0-4eca-bae2-4d7e78416996","block_type":"box","text":"12. Contingent assets and liabilities","page_number":47,"box":{"x":96,"y":293,"width":234,"height":11}},{"id":"af5ae864-3adf-4246-a80b-369f3dad0217","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).","page_number":47,"box":{"x":95,"y":309,"width":585,"height":11}},{"id":"204e8661-7bec-49c2-8720-96de0258d7e2","block_type":"box","text":"13. Post balance sheet events","page_number":47,"box":{"x":96,"y":355,"width":194,"height":8}},{"id":"0fb551a9-34f3-4e92-8a1e-eb3c19b3c573","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":47,"box":{"x":95,"y":374,"width":425,"height":11}},{"id":"7446666d-cfb3-488d-80bb-5432d57c4b6d","block_type":"box","text":"14. Direct transactions costs","page_number":47,"box":{"x":96,"y":420,"width":186,"height":9}},{"id":"710f2fd5-4332-4c41-a1c7-c3e690c13dd1","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":47,"box":{"x":96,"y":439,"width":755,"height":11}},{"id":"402703c8-ae6e-4ef7-9b24-46c8a7efbe94","block_type":"box","text":"herefore","page_number":47,"box":{"x":853,"y":439,"width":51,"height":8}},{"id":"4681749e-616e-485e-a707-01c70d2fe5dd","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":47,"box":{"x":95,"y":455,"width":444,"height":10}},{"id":"f388744e-0b41-46cf-8707-b47159913832","block_type":"box","text":"15. Portfolio dealing spread","page_number":47,"box":{"x":96,"y":501,"width":181,"height":11}},{"id":"3e2b39da-d17b-48f9-824b-73f754ddc9b6","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.06% (30 April 2025: 0.02%).","page_number":47,"box":{"x":95,"y":523,"width":517,"height":11}},{"id":"3ecf8df2-9a3e-4224-996f-3d96498baef8","block_type":"box","text":"16. Related party transactions","page_number":47,"box":{"x":96,"y":569,"width":199,"height":11}},{"id":"d63c251f-d7b5-4a75-a26f-b3a290553f18","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":47,"box":{"x":95,"y":592,"width":707,"height":10}},{"id":"2b92f3b8-e5f4-4c67-a9d0-ee002cff22b1","block_type":"box","text":"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","page_number":47,"box":{"x":95,"y":614,"width":765,"height":10}},{"id":"b367772e-7890-46eb-99c6-b7737dcedc24","block_type":"box","text":"e sheet","page_number":47,"box":{"x":861,"y":614,"width":43,"height":8}},{"id":"ac6a5110-1007-4d1f-a6ef-f6a69c5c0838","block_type":"box","text":"date are disclosed in note 9.","page_number":47,"box":{"x":95,"y":629,"width":171,"height":8}},{"id":"53e0a1fe-2068-4c0f-ad20-13e43abcb8fd","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":47,"box":{"x":97,"y":38,"width":413,"height":17}},{"id":"c76934da-324c-43ba-8f2d-20eb9a52898c","block_type":"box","text":"42","page_number":47,"box":{"x":14,"y":960,"width":18,"height":8}},{"id":"1791ce14-419a-4d8e-8427-36ad984faf55","block_type":"box","text":"Distribution Tables","page_number":48,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"d1a6c8ac-e3ef-4e72-9604-8968da49a778","block_type":"box","text":"for the year ended 30 April 2026","page_number":48,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"c27ba339-67ed-4f40-95b3-25c6d68a226d","block_type":"box","text":"Accumulation Share Distributions","page_number":48,"box":{"x":95,"y":134,"width":224,"height":9}},{"id":"686f053f-cd68-423e-9f5e-eb27f89320b3","block_type":"box","text":"Share class","page_number":48,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"4068dce6-399b-4bcc-97d2-fb01a78b0609","block_type":"box","text":"Distribution","page_number":48,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"d84b2cc8-8478-4a17-9748-d11608772a96","block_type":"box","text":"Shares","page_number":48,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"76d9ef70-5190-4c78-8fa0-a2ddbe28caef","block_type":"box","text":"Net","page_number":48,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"d5bc43e8-84b9-4098-a718-534fedbded67","block_type":"box","text":"Equalisation","page_number":48,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"33ff2aa6-45d8-42b2-8a73-fac5a379f639","block_type":"box","text":"Distribution","page_number":48,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"63f7326b-a655-4f37-a533-aa7a528b3148","block_type":"box","text":"Distribution","page_number":48,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"26b0c952-f46a-4501-85cf-134f1f10464e","block_type":"box","text":"revenue","page_number":48,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"0dec14c0-bba1-4bd9-b87c-86d3090bfe6f","block_type":"box","text":"31.08.2026","page_number":48,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"a224e101-b88c-4b9e-a155-3d25e39fba38","block_type":"box","text":"29.08.2025","page_number":48,"box":{"x":812,"y":165,"width":70,"height":8}},{"id":"9a0d4846-912f-4028-ab50-20f70230abc9","block_type":"box","text":"31.08.2026","page_number":48,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"7fe449ec-8934-44e1-bc97-c83f06623bd0","block_type":"box","text":"p","page_number":48,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"ebe2efcb-aec4-4081-b3b5-9c73be884da9","block_type":"box","text":"p","page_number":48,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"5dc8733d-399a-4c2c-8b44-7c53409a509a","block_type":"box","text":"p","page_number":48,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"2c71964b-46dc-4462-b5a2-1d65c6555fef","block_type":"box","text":"p","page_number":48,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"684039a7-84f4-41cd-b743-ff9dd9ab256a","block_type":"box","text":"C","page_number":48,"box":{"x":105,"y":207,"width":7,"height":8}},{"id":"847316e5-f739-41bb-8cc5-1dc5b67e3c12","block_type":"box","text":"Final","page_number":48,"box":{"x":267,"y":207,"width":27,"height":8}},{"id":"35d9e557-9ce8-467a-b6b9-1672b83bc003","block_type":"box","text":"Group 1","page_number":48,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"8fb6196f-a9d7-4bb5-91f5-956378d968f3","block_type":"box","text":"3.8304","page_number":48,"box":{"x":513,"y":207,"width":40,"height":8}},{"id":"a8a03755-fc44-4e7e-8268-79e4cc803d2a","block_type":"box","text":"–","page_number":48,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"ff747c7e-ffa8-4685-a17c-bdbb7f73fc4a","block_type":"box","text":"3.8304","page_number":48,"box":{"x":722,"y":207,"width":41,"height":8}},{"id":"de6ccc13-b33e-479d-8f96-20b80a438f2f","block_type":"box","text":"3.2517","page_number":48,"box":{"x":827,"y":207,"width":40,"height":8}},{"id":"993470bc-5f3a-471b-b7c5-dc36671da1ee","block_type":"box","text":"Group 2","page_number":48,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"2244d8f0-5ed1-4948-ace2-96aeb3becf7a","block_type":"box","text":"2.0858","page_number":48,"box":{"x":513,"y":221,"width":40,"height":8}},{"id":"19e97f4e-a93d-48c1-8487-6e783a5b4b91","block_type":"box","text":"1.7446","page_number":48,"box":{"x":618,"y":221,"width":40,"height":8}},{"id":"87576e4e-3e9a-47cd-acd2-9052dbafa30e","block_type":"box","text":"3.8304","page_number":48,"box":{"x":722,"y":221,"width":41,"height":8}},{"id":"0f36be00-4ee9-4ab2-a54b-88b6b939478f","block_type":"box","text":"3.2517","page_number":48,"box":{"x":827,"y":221,"width":40,"height":8}},{"id":"36fcd672-2014-4b54-b198-c69806a7ebed","block_type":"box","text":"Final distribution in pence per share","page_number":48,"box":{"x":96,"y":252,"width":240,"height":11}},{"id":"e3842881-399d-4b7b-b03d-639ed9f04a60","block_type":"box","text":"Group 1:","page_number":48,"box":{"x":96,"y":268,"width":51,"height":10}},{"id":"f2d6d8a9-b66c-4504-bc10-44201b0d065f","block_type":"box","text":"Shares purchased prior to 01 May 2025","page_number":48,"box":{"x":181,"y":267,"width":239,"height":11}},{"id":"9b2bd01a-8450-46d9-bec5-e7a7d5e51d62","block_type":"box","text":"Group 2:","page_number":48,"box":{"x":96,"y":283,"width":51,"height":11}},{"id":"da911dba-ee61-4799-990f-d518cc302437","block_type":"box","text":"Shares purchased on or after 01 May 2025 and on or before 30 April 2026","page_number":48,"box":{"x":181,"y":283,"width":448,"height":11}},{"id":"5e58454b-6195-4610-8519-f83a6ea419e7","block_type":"box","text":"MI Aggressive Portfolio Overlay Fund","page_number":48,"box":{"x":489,"y":38,"width":413,"height":17}},{"id":"dcbf448e-38f3-4870-886f-f89cdd855722","block_type":"box","text":"43","page_number":48,"box":{"x":966,"y":960,"width":18,"height":9}},{"id":"13caa05c-9f91-4365-8f0e-f077c3e9b465","block_type":"box","text":"Sub-fund Overview","page_number":49,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"70e07157-ed5d-4528-a327-173c27ff5380","block_type":"box","text":"Name of Sub-fund","page_number":49,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"007ae94e-7d67-46e7-92ab-5d7020ebcac4","block_type":"box","text":"MI Balanced Portfolio Overlay Fund (formerly VT Balanced Portfolio Overlay Fund)","page_number":49,"box":{"x":96,"y":143,"width":497,"height":11}},{"id":"f994f77d-8ae8-48bb-b066-32055294370d","block_type":"box","text":"Size of Sub-fund","page_number":49,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"bcf3de91-3edd-4c3f-ac28-78a9f5391182","block_type":"box","text":"£1,630,099,545","page_number":49,"box":{"x":95,"y":181,"width":93,"height":9}},{"id":"3e13e48e-1cd1-44e6-a586-6905318d8c99","block_type":"box","text":"Launch date","page_number":49,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"857fe609-b824-469a-85f9-237986d11374","block_type":"box","text":"07 December 2015","page_number":49,"box":{"x":95,"y":218,"width":114,"height":8}},{"id":"c5e88294-c5f6-4ac4-901a-c6d8b69efa03","block_type":"box","text":"Investment objective and policy","page_number":49,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"c137f4ac-2d1a-4dfd-a71c-a69eea4bfa46","block_type":"box","text":"The objective of the Sub-fund is to maximise potential total return (i.e. capital and income growth).","page_number":49,"box":{"x":95,"y":256,"width":601,"height":11}},{"id":"7b9a7fdd-705f-4299-a33b-9ca645e7d258","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as equities. For this Sub-fund, over the long term","page_number":49,"box":{"x":96,"y":278,"width":748,"height":11}},{"id":"4f563a36-ba59-4aba-a175-afffac531a24","block_type":"box","text":"(7 years),","page_number":49,"box":{"x":849,"y":279,"width":54,"height":10}},{"id":"84d7550f-92d9-4402-80bd-6ddfb5fcdcc7","block_type":"box","text":"it is expected that the proportion of the Sub-fund exposed to equities will be approximately 60%.","page_number":49,"box":{"x":96,"y":293,"width":589,"height":11}},{"id":"9b93fb14-3657-42b6-a99f-7e57897ad774","block_type":"box","text":"In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by","page_number":49,"box":{"x":96,"y":316,"width":772,"height":10}},{"id":"ea7e7cb4-1614-4c1f-91cf-92d3cde59044","block_type":"box","text":"more","page_number":49,"box":{"x":873,"y":318,"width":31,"height":6}},{"id":"46ac19b3-a7dd-41ec-845f-f6890a632e5e","block_type":"box","text":"than ± 12.5%.","page_number":49,"box":{"x":95,"y":331,"width":82,"height":8}},{"id":"a2001015-104c-4613-8f4d-7c06b20b33ac","block_type":"box","text":"The Investment Manager will manage the portfolio in order to achieve its investment objective by investing in collective invest","page_number":49,"box":{"x":95,"y":353,"width":777,"height":11}},{"id":"51f04917-847c-4385-b003-cc9a57d44f87","block_type":"box","text":"ment","page_number":49,"box":{"x":873,"y":354,"width":31,"height":7}},{"id":"5df2dc30-d579-4500-b628-52386ba9fd8a","block_type":"box","text":"schemes such as unit trusts, OEICs and other UCITS funds and closed ended schemes. The Sub-fund may also invest in individual s","page_number":49,"box":{"x":95,"y":369,"width":774,"height":10}},{"id":"0071f38e-7076-4b0f-9159-be3fa72f1303","block_type":"box","text":"tocks,","page_number":49,"box":{"x":869,"y":369,"width":34,"height":9}},{"id":"844e4f3f-4867-445e-aa5c-1284dbd1b0e5","block_type":"box","text":"bonds, and derivatives if considered appropriate to meet the investment objective.","page_number":49,"box":{"x":96,"y":384,"width":503,"height":11}},{"id":"442fc51c-1313-4f8f-a30e-148eb9056486","block_type":"box","text":"The Sub-fund will seek exposure to a diverse portfolio of assets, with the overall portfolio having an equity allocation in lin","page_number":49,"box":{"x":95,"y":406,"width":743,"height":11}},{"id":"415a0f45-4fe6-424e-89d1-f56ede04c7d4","block_type":"box","text":"e with that","page_number":49,"box":{"x":840,"y":406,"width":64,"height":9}},{"id":"ee440ba9-1fe7-499b-82e0-9344d0ea0943","block_type":"box","text":"in the investment objective. Other underlying assets in the portfolio (to which there will be indirect exposure) may include bo","page_number":49,"box":{"x":96,"y":422,"width":781,"height":10}},{"id":"ae46a4b6-0cfe-4923-8c42-2939d7d6290e","block_type":"box","text":"nds,","page_number":49,"box":{"x":879,"y":422,"width":24,"height":9}},{"id":"f1cfccdd-3da8-4364-b07c-615bb606177c","block_type":"box","text":"commodities, property, private equity, derivatives and other instruments. Some of these investments will be denominated in fore","page_number":49,"box":{"x":95,"y":437,"width":790,"height":11}},{"id":"84fe5889-49e2-4d11-a6a4-463f6a4eb552","block_type":"box","text":"ign","page_number":49,"box":{"x":887,"y":437,"width":16,"height":11}},{"id":"528b1b4d-ef88-41f2-835c-f48d5bcf53bb","block_type":"box","text":"currencies which may or may not be hedged back to Pounds Sterling.","page_number":49,"box":{"x":95,"y":453,"width":420,"height":10}},{"id":"70551638-7774-406c-a6e0-7a43d52ea8fb","block_type":"box","text":"The Sub-fund may also invest, at the ACD’s discretion, in other transferable securities, money market instruments, cash and nea","page_number":49,"box":{"x":95,"y":475,"width":769,"height":11}},{"id":"e78d9018-5298-4c49-bc34-0f6ccdd7b01f","block_type":"box","text":"r cash,","page_number":49,"box":{"x":866,"y":475,"width":37,"height":9}},{"id":"d643a967-d784-4437-b235-955812ab2995","block_type":"box","text":"deposits and any other permitted asset type deemed appropriate to meet the investment objective.","page_number":49,"box":{"x":95,"y":490,"width":607,"height":11}},{"id":"24de2025-3268-4a10-9eff-dc9444eae621","block_type":"box","text":"Derivatives","page_number":49,"box":{"x":96,"y":512,"width":74,"height":9}},{"id":"d91e92c2-962d-41f0-9eb1-7a3af7f4b03a","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":49,"box":{"x":95,"y":528,"width":686,"height":11}},{"id":"af5652e7-0735-4740-9d87-f018d9fbafa8","block_type":"box","text":"Benchmark","page_number":49,"box":{"x":96,"y":550,"width":76,"height":8}},{"id":"b91f2773-4f25-45d3-889c-561c7aa2b79e","block_type":"box","text":"No explicit benchmark is stated for the Sub-fund. However multi-asset portfolios or peer group averages with a similar weight i","page_number":49,"box":{"x":96,"y":565,"width":758,"height":11}},{"id":"f0c1079a-ad46-42e5-bb64-75290863b9ab","block_type":"box","text":"n equity","page_number":49,"box":{"x":857,"y":566,"width":47,"height":10}},{"id":"66bc5a5f-2cbd-404c-998b-19290380c530","block_type":"box","text":"may be useful in assessing the performance of the Sub-fund. An example for this Sub-fund may be a blend (50%) of the IA OE Mixe","page_number":49,"box":{"x":96,"y":581,"width":799,"height":11}},{"id":"b95bea2c-1e64-4b1d-9b02-5388b5c9984a","block_type":"box","text":"d","page_number":49,"box":{"x":897,"y":581,"width":6,"height":8}},{"id":"f0ca38b4-36a3-4287-97c3-a11e28310a70","block_type":"box","text":"Investment 20-60% Shares - (50%) IA OE Mixed Investment 40-85% Shares.","page_number":49,"box":{"x":96,"y":596,"width":454,"height":10}},{"id":"e2c9a864-6ccb-456e-a07a-401b6bbd2b5b","block_type":"box","text":"The Sub-fund provides comparative performance against a relevant Investment Association sector benchmark in order for investors","page_number":49,"box":{"x":95,"y":619,"width":809,"height":10}},{"id":"f9862278-3492-4754-ae87-caa25f55fbae","block_type":"box","text":"to compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association M","page_number":49,"box":{"x":95,"y":634,"width":782,"height":11}},{"id":"3a7c463a-ed77-41de-8ff1-e37f52f2dbfc","block_type":"box","text":"ixed","page_number":49,"box":{"x":880,"y":634,"width":23,"height":8}},{"id":"43d18af0-6a26-46e8-87f2-1e3a9e634c44","block_type":"box","text":"Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a","page_number":49,"box":{"x":95,"y":649,"width":800,"height":11}},{"id":"0e1aa545-0618-4c8b-ad5a-5000b2f4b106","block_type":"box","text":"n","page_number":49,"box":{"x":897,"y":652,"width":6,"height":6}},{"id":"11537ca1-1304-48a0-b508-98548e034c35","block_type":"box","text":"indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or","page_number":49,"box":{"x":96,"y":665,"width":756,"height":11}},{"id":"9b15fffb-5b87-4ed5-b4f0-7f7e0cc8f097","block_type":"box","text":"investor","page_number":49,"box":{"x":856,"y":665,"width":48,"height":8}},{"id":"8dfac1bd-64af-4512-a87d-ba18f42896d6","block_type":"box","text":"expectations.","page_number":49,"box":{"x":95,"y":681,"width":80,"height":10}},{"id":"89341347-6021-4a1c-bcb1-671fd2f1aa8c","block_type":"box","text":"Final accounting date","page_number":49,"box":{"x":96,"y":702,"width":142,"height":11}},{"id":"323c2319-a1ab-41d6-94ad-9483c2db43af","block_type":"box","text":"30 April","page_number":49,"box":{"x":95,"y":718,"width":46,"height":11}},{"id":"2bcf343c-d759-4bc6-b324-07206f23e3ff","block_type":"box","text":"Interim accounting date","page_number":49,"box":{"x":96,"y":740,"width":159,"height":11}},{"id":"f2984abb-5428-4b11-9d3f-6b8c34f580dd","block_type":"box","text":"31 October","page_number":49,"box":{"x":95,"y":756,"width":68,"height":8}},{"id":"8ec66bf4-d017-4fd7-a01d-03e4fb4bb511","block_type":"box","text":"Distribution date","page_number":49,"box":{"x":96,"y":778,"width":112,"height":8}},{"id":"2ec5fb7a-10f5-4288-a55a-3441386b25d3","block_type":"box","text":"31 August","page_number":49,"box":{"x":95,"y":794,"width":60,"height":10}},{"id":"3adc19c8-1704-48c7-9547-e5d4fb374158","block_type":"box","text":"ISA status","page_number":49,"box":{"x":96,"y":816,"width":64,"height":8}},{"id":"3136e150-1de4-4c6b-8522-921866945c87","block_type":"box","text":"Qualifying Investment for stocks and shares ISA – however direct ISA investment is not currently available.","page_number":49,"box":{"x":96,"y":831,"width":643,"height":10}},{"id":"a1f51a24-1198-40f8-a6c3-bb8604c8ee26","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":49,"box":{"x":97,"y":38,"width":396,"height":17}},{"id":"cd794b21-1038-4adc-a87f-9d8e157bde04","block_type":"box","text":"44","page_number":49,"box":{"x":14,"y":960,"width":19,"height":8}},{"id":"def5dddc-6d67-4c46-8cb7-691169b48821","block_type":"box","text":"Sub-fund Overview (continued)","page_number":50,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"094a2338-cac0-46ba-9ed9-0a81f94282d7","block_type":"box","text":"Class of shares","page_number":50,"box":{"x":96,"y":128,"width":96,"height":8}},{"id":"683e3f96-2cea-43c4-93ab-46178d9b7c2e","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":50,"box":{"x":334,"y":128,"width":213,"height":9}},{"id":"17258ee1-df57-44e3-a6ab-4e26230ef5a1","block_type":"box","text":"Initial charge","page_number":50,"box":{"x":96,"y":150,"width":86,"height":10}},{"id":"0cb408ce-5d45-4a06-92dc-f6192eefc165","block_type":"box","text":"0% (of the amount invested by an investor)","page_number":50,"box":{"x":334,"y":150,"width":261,"height":10}},{"id":"a865c49f-d54b-4416-bff0-dda808c64fd0","block_type":"box","text":"Redemption charge","page_number":50,"box":{"x":96,"y":172,"width":129,"height":11}},{"id":"b8453360-9f5a-4cfa-9c73-407d49f0b5ab","block_type":"box","text":"0%","page_number":50,"box":{"x":334,"y":172,"width":17,"height":8}},{"id":"aae94656-aa5e-4a34-bc96-70b2ba5cbdf5","block_type":"box","text":"Annual management charge","page_number":50,"box":{"x":95,"y":194,"width":188,"height":11}},{"id":"5fdc8c4e-b834-4d44-944c-f648daa9db8d","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":50,"box":{"x":96,"y":210,"width":213,"height":9}},{"id":"8db57047-f295-4677-9c82-383e02233bc0","block_type":"box","text":"0.25%","page_number":50,"box":{"x":334,"y":210,"width":36,"height":8}},{"id":"328c836a-a39e-4aee-afd1-78c32fde5a5a","block_type":"box","text":"Minimum initial investment","page_number":50,"box":{"x":96,"y":232,"width":167,"height":8}},{"id":"64d22709-940e-4124-9efa-507384cb6f3d","block_type":"box","text":"£2,500,000","page_number":50,"box":{"x":333,"y":232,"width":67,"height":9}},{"id":"ca5a7c8c-8198-45b2-aed7-4ce8cfd1a408","block_type":"box","text":"Minimum subsequent investment","page_number":50,"box":{"x":96,"y":254,"width":205,"height":11}},{"id":"c43c471f-5b5a-4e4a-8d75-56284b4423ff","block_type":"box","text":"£1,000,000","page_number":50,"box":{"x":333,"y":254,"width":67,"height":9}},{"id":"cd7aeae6-a2e3-4f8a-922d-ee54c249c33e","block_type":"box","text":"Minimum holding","page_number":50,"box":{"x":96,"y":276,"width":107,"height":11}},{"id":"73e7b076-7725-4ed8-8ac0-91affa16251e","block_type":"box","text":"£1,000,000","page_number":50,"box":{"x":333,"y":276,"width":67,"height":10}},{"id":"4a4e1a8a-7896-411f-bd26-2c787aff7961","block_type":"box","text":"Minimum redemption","page_number":50,"box":{"x":96,"y":298,"width":133,"height":11}},{"id":"cf5cfcb1-6184-4092-8297-ac344a4f17f9","block_type":"box","text":"None","page_number":50,"box":{"x":334,"y":299,"width":31,"height":7}},{"id":"0b26cb28-bffc-49a3-8479-19ea65e4f875","block_type":"box","text":"Regular savings plan","page_number":50,"box":{"x":96,"y":320,"width":135,"height":11}},{"id":"d3d91d27-ce48-47ae-83d6-87dfcc0caf81","block_type":"box","text":"N/A","page_number":50,"box":{"x":334,"y":321,"width":22,"height":8}},{"id":"886a8ab3-b2ad-4fcd-998f-c87f6a68f362","block_type":"box","text":"Regular withdrawal facility","page_number":50,"box":{"x":96,"y":343,"width":180,"height":10}},{"id":"e721b650-ac0c-4e70-bf93-5fc987411359","block_type":"box","text":"N/A","page_number":50,"box":{"x":334,"y":343,"width":22,"height":8}},{"id":"fca4cd23-7d4e-4cfd-a47f-9f51aedb7209","block_type":"box","text":"Investment in this Sub-fund is restricted to investors who are investing through the Tatton Investment Management discretionary","page_number":50,"box":{"x":96,"y":365,"width":808,"height":10}},{"id":"fdd9b49f-1963-4d8a-864c-a00db2cb5fe4","block_type":"box","text":"management proposition.","page_number":50,"box":{"x":96,"y":380,"width":157,"height":11}},{"id":"4d43b5fd-31d9-4d13-b037-eab4b3a7a22d","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":50,"box":{"x":506,"y":38,"width":396,"height":17}},{"id":"92a1b315-1d3f-4db7-ae14-db9f654988fd","block_type":"box","text":"45","page_number":50,"box":{"x":966,"y":960,"width":18,"height":9}},{"id":"0173192e-d5be-48d1-a56b-7149275ba657","block_type":"box","text":"Investment Manager’s Review","page_number":51,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"9392c3b1-3d24-47a3-bf44-f9453afc456a","block_type":"box","text":"for the year ended 30 April 2026","page_number":51,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"488a90b0-99bf-4e2d-ab6c-382425473732","block_type":"box","text":"Investment review","page_number":51,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"b977e3a1-7e72-49e6-95fb-5ca62c1ce384","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":51,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"197eacda-28f3-4fc1-bd5e-e1010d52a54a","block_type":"box","text":"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","page_number":51,"box":{"x":95,"y":165,"width":802,"height":11}},{"id":"46b9563a-4b61-4d25-a481-21de49176a21","block_type":"box","text":"s","page_number":51,"box":{"x":899,"y":167,"width":5,"height":6}},{"id":"78819c52-3b89-489b-b0ee-6bb3db6d1924","block_type":"box","text":"benchmark returned 3.14% meaning the fund outperformed by 0.35% over the period.","page_number":51,"box":{"x":96,"y":181,"width":528,"height":10}},{"id":"c259d433-895c-4219-ba7f-76cdd12d4791","block_type":"box","text":"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","page_number":51,"box":{"x":96,"y":203,"width":796,"height":10}},{"id":"e4c2e3d1-669b-43af-a372-762b639b16f9","block_type":"box","text":"0-","page_number":51,"box":{"x":893,"y":203,"width":11,"height":8}},{"id":"17c2dc69-1c32-42ff-b6eb-886550b94b94","block_type":"box","text":"85% Shares reference index returned 17.89%, meaning the fund underperformed by -0.19% over the period.","page_number":51,"box":{"x":95,"y":218,"width":662,"height":11}},{"id":"8677d6bb-ca22-48f3-a489-30441220e72d","block_type":"box","text":"Overview","page_number":51,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"1a72dd51-a8b8-4770-8f65-79d96e6b4d96","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":51,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"a6daa567-7c29-4905-b239-44ad4bdf6768","block_type":"box","text":"market","page_number":51,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"b18d2d4a-34a3-4765-b12c-1b81208ba164","block_type":"box","text":"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.","page_number":51,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"eeafe024-8768-4bcf-9bc6-a8e622931cf3","block_type":"box","text":"Since last","page_number":51,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"766d644e-cf9f-4947-8472-876d1c2ef89c","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":51,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"a2d6c6db-7ec4-4c9d-aff6-ce7b37e80db3","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":51,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"eab69a23-5ce3-4daa-956e-1c78f2285eb2","block_type":"box","text":"eral Reserve","page_number":51,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"892f2d3e-3f0e-4943-a548-8b2a883ce942","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":51,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"a10141a7-30d2-4bf8-8bcd-43e4ab5d3142","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":51,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"b9144419-ec69-4fcc-ac56-06346af947ed","block_type":"box","text":"ons of","page_number":51,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"d52fc51c-caf1-4108-927a-c6c59418e998","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":51,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"77ae254c-e0c6-4800-87b0-251eaba26366","block_type":"box","text":"than","page_number":51,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"f8adce3a-fd5d-45c3-8a7a-f2972eb9dd9d","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":51,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"ff393420-4344-4d2a-8b83-23a74091b0fc","block_type":"box","text":"le AI","page_number":51,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"f8116b89-5f4e-4174-83e4-827b5f78fc71","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":51,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"17816755-937d-4f56-9e05-8a4ade88942f","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":51,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"abc7d416-5540-489f-bfc7-08cc849a0d19","block_type":"box","text":"edia","page_number":51,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"898b9b4f-1fa0-435c-8db4-6786fb05f6ad","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":51,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"950f8a6a-d0b2-42d3-94a8-816674a0a198","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":51,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"948bc2de-093c-490f-b76a-197f16270b4e","block_type":"box","text":"interest","page_number":51,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"cdc44109-23e7-46b0-9d7f-c29935a5d19d","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":51,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"aa2dd1ee-9409-45a0-b1e8-06f80841f7be","block_type":"box","text":"d wider","page_number":51,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"c7403a65-1b50-42f1-8223-c2d443d21cf8","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":51,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"47f9015f-93be-4ab0-b9e6-a3b64196f22c","block_type":"box","text":"Outlook","page_number":51,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"799e65e8-abd8-426d-834c-076396d83b6f","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":51,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"5edc29d4-4c22-4c82-8b5c-67c07a2ac9ea","block_type":"box","text":"for","page_number":51,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"8ce1b472-1844-4e8f-8da6-aa9bd2af96eb","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":51,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"3f4432e9-9434-4bba-af42-565392d4a969","block_type":"box","text":"of","page_number":51,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"be85bcad-76e2-4766-9654-a47de1f17b5a","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":51,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"c99b76ad-b0b8-4ad2-9b92-e56892fef28f","block_type":"box","text":"ll take time","page_number":51,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"07903382-9b98-483c-9297-f09930b5106c","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":51,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"3e2aa6ad-3b01-49e1-947b-db55ea94bd9d","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":51,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"ed8504a4-fed9-45ad-9ac6-3051f8794bcf","block_type":"box","text":". Oil","page_number":51,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"b626f7cf-c339-48fb-b193-b5394e89bf82","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":51,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"dd7cd99f-95fb-4d3e-b5d3-83c9b6e6a601","block_type":"box","text":"expectation","page_number":51,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"f0e2b7eb-ea18-4ab7-a04a-def0d2b2098f","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":51,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"a9852837-9390-4d0d-8569-cb6c4e0deafd","block_type":"box","text":"sell-off","page_number":51,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"743ee36b-a22a-412e-aceb-8d6d10885cb6","block_type":"box","text":"we might have expected).","page_number":51,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"d2863bf7-e3c9-47c2-83ca-118ba9dbc4d0","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":51,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"21b0cf36-9238-4e33-8091-aa7d2f3d24fe","block_type":"box","text":"ries","page_number":51,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"484b19ad-7c8f-47be-8c4a-094a56687633","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":51,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"072f00c9-7802-4d02-b761-d69412dc29fa","block_type":"box","text":"rowth can","page_number":51,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"d342dd27-6a1e-46cb-ab37-93bb16c95ada","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":51,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"adf99a7f-4495-4f51-b236-67c55e35b650","block_type":"box","text":"g.","page_number":51,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"06b9a118-441f-4250-92d2-0fbb1750baca","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":51,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"0cc09b8f-e76f-460c-a190-c067c422d4c9","block_type":"box","text":"y","page_number":51,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"55081ad4-63a7-45c1-98a6-e50dfe92b4d0","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":51,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"1973224b-797a-468d-b0fa-dd402184e7e1","block_type":"box","text":"cle.","page_number":51,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"d2795a21-dda4-4dd4-9c0a-75c1875b0e3a","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":51,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"6cb5b000-80cf-4d7e-8fbc-291b9feba977","block_type":"box","text":"Fund positioning","page_number":51,"box":{"x":96,"y":764,"width":111,"height":11}},{"id":"f99238d9-6c71-4baf-835d-80c288f1cc5f","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":51,"box":{"x":95,"y":780,"width":769,"height":10}},{"id":"8f4e7a94-92b1-4f6e-b30a-4e196f169d16","block_type":"box","text":"d fund","page_number":51,"box":{"x":865,"y":780,"width":38,"height":8}},{"id":"7008dc8f-0ff2-484b-92f7-b47811785e8f","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":51,"box":{"x":95,"y":795,"width":473,"height":11}},{"id":"ece889ac-65a6-449c-bd5b-a96e6212c1a4","block_type":"box","text":"The portfolio was updated on 8 May 2025. Changes were implemented in the asset class allocations; Bonds were increased and Equi","page_number":51,"box":{"x":95,"y":817,"width":787,"height":11}},{"id":"890469ed-093e-483f-8783-eedbdce93514","block_type":"box","text":"ties","page_number":51,"box":{"x":883,"y":818,"width":21,"height":8}},{"id":"3ce8981b-767b-4c18-b45b-36ed10c1386d","block_type":"box","text":"were decreased. Sub-asset allocation was changed; North America Equity was decreased and Strategic Bond was increased. One","page_number":51,"box":{"x":95,"y":833,"width":809,"height":10}},{"id":"2603f91f-becb-4d41-bee5-f51d154b049f","block_type":"box","text":"manager selection change was made; iShares MSCI Europe Mid Cap ETF was removed.","page_number":51,"box":{"x":96,"y":848,"width":524,"height":11}},{"id":"0715c9ec-376d-4189-bad6-64522c8e0310","block_type":"box","text":"The portfolio was updated on 11 July 2025. Asset allocation was changed; Bonds were decreased and Equities were increased. The","page_number":51,"box":{"x":95,"y":870,"width":809,"height":11}},{"id":"4aca69a7-decd-4202-a005-0208bd4f3225","block_type":"box","text":"fund’s sub-asset allocation was updated; Government Bond was decreased, North America Equity was increased and Strategic Bond","page_number":51,"box":{"x":95,"y":886,"width":808,"height":11}},{"id":"0381a927-fad0-4371-a080-2c964145e827","block_type":"box","text":"was decreased. Changes were made to manager positioning; HSBC American Index Fund was increased, HSBC Global Aggregate Bond","page_number":51,"box":{"x":95,"y":901,"width":808,"height":11}},{"id":"2082aedc-1546-48bc-8fa9-8899eb87cf3d","block_type":"box","text":"UCITS ETF was decreased and HSBC Global Government Bond UCITS ETF was decreased.","page_number":51,"box":{"x":96,"y":917,"width":535,"height":8}},{"id":"4e78ed5e-2281-4973-b2ba-fc4840d3196b","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":51,"box":{"x":97,"y":38,"width":396,"height":17}},{"id":"25609212-5d2f-4824-b073-a78cc4b041a8","block_type":"box","text":"46","page_number":51,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"1eb524b4-52fa-43ae-93eb-b404b6827541","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":52,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"c1d2339c-429c-4571-b600-a4984ad84903","block_type":"box","text":"for the year ended 30 April 2026","page_number":52,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"4edd8b3b-15e2-4914-9e18-d698652c05ce","block_type":"box","text":"Some changes to the portfolio were implemented on 12 August 2025. Updates were made to the sub-asset class split; Emerging Mark","page_number":52,"box":{"x":95,"y":128,"width":797,"height":10}},{"id":"757314e9-3131-4b0b-ba11-6555cc724152","block_type":"box","text":"et","page_number":52,"box":{"x":893,"y":129,"width":11,"height":7}},{"id":"3a5dd1e2-82c6-4f73-a1f2-647b76bcaf06","block_type":"box","text":"Bond was increased, Government Bond was increased, North America Equity was increased and Strategic Bond was decreased. During","page_number":52,"box":{"x":96,"y":143,"width":808,"height":11}},{"id":"1e40940a-a419-4765-a5f9-687402738f48","block_type":"box","text":"this update, fund manager allocations were amended; Amundi Prime Japan was added, Dimensional Global Ultra Short Fixed Inc Fund","page_number":52,"box":{"x":95,"y":158,"width":808,"height":11}},{"id":"08b245c3-0acd-44fd-ae81-415b011e4e14","block_type":"box","text":"was removed, HSBC Global Aggregate Bond UCITS ETF was decreased, HSBC Global Emerging Market Government Bond Index Fund","page_number":52,"box":{"x":95,"y":174,"width":808,"height":11}},{"id":"7de9c804-1929-4fd5-9b71-b39b67c3868a","block_type":"box","text":"was added, Loomis Sayles Global Opportunistic Bond Fund was decreased, Schroder Recovery Fund was removed and State Street","page_number":52,"box":{"x":95,"y":189,"width":809,"height":11}},{"id":"cbf62a67-752b-4829-83a8-95f86d31b50b","block_type":"box","text":"SPDR S&P500 Quality Aristocrats ETF was added.","page_number":52,"box":{"x":95,"y":205,"width":294,"height":10}},{"id":"3323d97e-a869-48e4-b783-d4d49ed58272","block_type":"box","text":"The portfolio underwent an update on 30 October 2025. Some manager changes were made; HSBC Global Government Bond UCITS","page_number":52,"box":{"x":95,"y":227,"width":809,"height":11}},{"id":"af1d3806-5e24-4965-ad7b-4b5c3284eec6","block_type":"box","text":"ETF was increased, SVM UK Opportunities Fund was removed, iShares $ Treasury Bond 20+y ETF was removed and RGI UK Opportunities","page_number":52,"box":{"x":96,"y":242,"width":808,"height":11}},{"id":"d06f86dc-e3c4-4e5b-a57e-f6d7c9641d43","block_type":"box","text":"Fund was added.","page_number":52,"box":{"x":96,"y":258,"width":102,"height":8}},{"id":"09d4dd49-f3d7-4fe5-9cbd-2bd1cc8a8013","block_type":"box","text":"On 3 November 2025 the portfolio was updated. The portfolio’s fund manager allocations were updated; Barings Emerging Markets","page_number":52,"box":{"x":96,"y":280,"width":808,"height":11}},{"id":"0019d2a1-3b1d-43fb-8103-debf78aef273","block_type":"box","text":"Debt Blended Total Return Fund was removed, HSBC Global Emerging Market Government Bond Index Fund was removed, iShares","page_number":52,"box":{"x":96,"y":295,"width":808,"height":11}},{"id":"9dbf3b41-731d-4d6e-b9ac-28a4c9e87916","block_type":"box","text":"UK Equity Index Fund (UK) was decreased, Emerging Markets Debt Opportunities Fund was added and Jupiter UK Dynamic Equity Fund","page_number":52,"box":{"x":96,"y":311,"width":807,"height":11}},{"id":"6b5dfe1d-ac33-4773-baa3-558c9b1f65f8","block_type":"box","text":"was added.","page_number":52,"box":{"x":95,"y":326,"width":69,"height":9}},{"id":"7070dfda-211d-4de9-8b09-cfd916c23789","block_type":"box","text":"The fund’s positioning was changed on 2 December 2025. During this update, fund manager allocations were amended; the iShares","page_number":52,"box":{"x":95,"y":348,"width":809,"height":11}},{"id":"20b2d7b7-c022-4cdc-909e-593215e150b4","block_type":"box","text":"UK Equity Index Fund (UK) share class was changed.","page_number":52,"box":{"x":96,"y":364,"width":314,"height":11}},{"id":"3cd3d3ad-768c-4bca-8d79-402d5f6b8b49","block_type":"box","text":"An update to the portfolio was made on 12 January 2026. The fund’s asset allocation was updated; Alternatives were decreased an","page_number":52,"box":{"x":95,"y":386,"width":800,"height":11}},{"id":"369c4661-f0e4-486b-8061-0beb8cc6d023","block_type":"box","text":"d","page_number":52,"box":{"x":897,"y":386,"width":6,"height":8}},{"id":"b986f61b-c51b-4b2f-b2e7-bc3fd3558c0a","block_type":"box","text":"Bonds were increased. The portfolio’s sub-asset class distribution was revised; Alternative was decreased and IG Bond was incre","page_number":52,"box":{"x":96,"y":402,"width":775,"height":10}},{"id":"8331dabe-e0f1-4c7f-8aaa-dc6519193e89","block_type":"box","text":"ased.","page_number":52,"box":{"x":872,"y":402,"width":31,"height":8}},{"id":"c1d496bb-b743-4e29-b389-7ec2973c1255","block_type":"box","text":"One manager selection change was made; Dimensional Global Ultra Short Fixed Income Fund was added.","page_number":52,"box":{"x":96,"y":417,"width":641,"height":11}},{"id":"a15c202f-c03e-446d-81d0-34ad994d467a","block_type":"box","text":"On 25 March 2026 the portfolio was updated. The asset allocation blend was adjusted; Bonds were decreased and Equities were","page_number":52,"box":{"x":96,"y":439,"width":808,"height":11}},{"id":"f4abca12-9700-4f73-9211-4aa5af01807b","block_type":"box","text":"increased. A sub-asset allocation change was made; UK Equity was increased.","page_number":52,"box":{"x":96,"y":455,"width":469,"height":10}},{"id":"1d45914c-6821-4825-89ef-682a0ce6c49e","block_type":"box","text":"Tatton Investment Management Limited","page_number":52,"box":{"x":95,"y":499,"width":269,"height":11}},{"id":"7308e455-1698-461f-9332-90e41ae0e6b9","block_type":"box","text":"Investment Manager to the Fund","page_number":52,"box":{"x":96,"y":514,"width":198,"height":11}},{"id":"4c88a894-f634-47f9-9112-b971f9413bbe","block_type":"box","text":"May 2026","page_number":52,"box":{"x":96,"y":530,"width":58,"height":11}},{"id":"4ef1bf00-68b7-438d-bbc4-286f9cae8977","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":52,"box":{"x":506,"y":38,"width":396,"height":17}},{"id":"faa08207-2045-4663-bd5a-b03f1ed2aa00","block_type":"box","text":"47","page_number":52,"box":{"x":966,"y":960,"width":19,"height":8}},{"id":"7b3c6b7f-30b3-4d8e-ad37-9fd931333e90","block_type":"box","text":"Performance Record","page_number":53,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"78ed09cc-1a83-41ac-8023-528e8347f168","block_type":"box","text":"Financial Highlights","page_number":53,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"4e9eb61b-94eb-4400-83a8-ded75cf9e676","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":53,"box":{"x":100,"y":149,"width":237,"height":9}},{"id":"3e9c1169-0086-44ec-af8b-794d73004819","block_type":"box","text":"30.04.26","page_number":53,"box":{"x":418,"y":149,"width":54,"height":8}},{"id":"1623cf81-898f-4cb5-a16f-07e4f0077818","block_type":"box","text":"30.04.25","page_number":53,"box":{"x":527,"y":149,"width":54,"height":8}},{"id":"7a481e3d-ccc7-4aa1-8c0e-dc0ea04a5d62","block_type":"box","text":"30.04.24","page_number":53,"box":{"x":637,"y":149,"width":54,"height":8}},{"id":"2cf6cae9-4f8f-4871-b701-d746f3e98401","block_type":"box","text":"p","page_number":53,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"8e6f89f4-7b68-490d-99e3-2d839dc6ea51","block_type":"box","text":"p","page_number":53,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"745ed23b-8ec4-492f-a1ab-b722ccf08aa5","block_type":"box","text":"p","page_number":53,"box":{"x":661,"y":161,"width":6,"height":9}},{"id":"f96c8f8d-0860-44ad-932f-8a6e11023a85","block_type":"box","text":"Opening net asset value per share","page_number":53,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"d2df3e62-8c5c-4082-a86e-3b28423f356a","block_type":"box","text":"170.1815","page_number":53,"box":{"x":435,"y":178,"width":54,"height":8}},{"id":"7dcea443-3430-40e0-889f-31e55478fec9","block_type":"box","text":"163.9209","page_number":53,"box":{"x":544,"y":178,"width":55,"height":8}},{"id":"d21cd9b5-25b6-4d22-8a91-aec57a5c845c","block_type":"box","text":"150.6129","page_number":53,"box":{"x":654,"y":178,"width":54,"height":8}},{"id":"d3e65880-2533-4e85-8ed3-2b57931230c1","block_type":"box","text":"Return before operating charges","page_number":53,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"314422f3-1f3f-4540-87d1-23a13c337746","block_type":"box","text":"31.0130","page_number":53,"box":{"x":442,"y":191,"width":47,"height":8}},{"id":"83d3509c-3cdb-4a29-8f3d-7d4230f7ffdc","block_type":"box","text":"7.0959","page_number":53,"box":{"x":559,"y":191,"width":40,"height":8}},{"id":"47eda57c-66fe-4d6e-96fe-0cc54b04e058","block_type":"box","text":"14.1415","page_number":53,"box":{"x":661,"y":191,"width":47,"height":8}},{"id":"df5e86b4-46ba-4554-9b67-244a57617fdf","block_type":"box","text":"Operating charges (note 1)","page_number":53,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"3e7c30bd-e012-4152-adb3-383d0a8378eb","block_type":"box","text":"(0.9159)","page_number":53,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"072a0797-f8fc-469b-b934-d6cbc4be276b","block_type":"box","text":"(0.8353)","page_number":53,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"d11db612-f10e-4a20-8b5e-eda55354ecf9","block_type":"box","text":"(0.8335)","page_number":53,"box":{"x":660,"y":204,"width":48,"height":9}},{"id":"10cee202-3f91-435c-85ca-cb2e879f32f5","block_type":"box","text":"Return after operating charges","page_number":53,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"99868f57-9b96-4ff7-9355-b189ffe1b5f0","block_type":"box","text":"30.0971","page_number":53,"box":{"x":442,"y":217,"width":45,"height":8}},{"id":"4c4a4998-2255-4786-954c-8f0d6ac031c8","block_type":"box","text":"6.2606","page_number":53,"box":{"x":559,"y":217,"width":40,"height":8}},{"id":"458f5da8-3685-4ae1-bdde-68c4c906b25d","block_type":"box","text":"13.3080","page_number":53,"box":{"x":661,"y":217,"width":47,"height":8}},{"id":"50013524-f96b-459c-b564-f3fa8e557179","block_type":"box","text":"Closing net asset value per share","page_number":53,"box":{"x":100,"y":230,"width":217,"height":10}},{"id":"eac0d95e-3fba-4ae4-8dfe-f09faf09e6f8","block_type":"box","text":"200.2786","page_number":53,"box":{"x":431,"y":230,"width":59,"height":8}},{"id":"4d06ea0f-7c37-448d-ab73-8f9a42947f09","block_type":"box","text":"170.1815","page_number":53,"box":{"x":541,"y":230,"width":58,"height":8}},{"id":"f1acaeb4-d5a1-40d0-9017-de5b5c2611bd","block_type":"box","text":"163.9209","page_number":53,"box":{"x":651,"y":230,"width":58,"height":8}},{"id":"8314c72d-21c0-4af6-a557-373020c9917f","block_type":"box","text":"Retained distributions on accumulated shares","page_number":53,"box":{"x":101,"y":243,"width":278,"height":8}},{"id":"089b91e3-fe8d-4860-ae28-8337edf6544c","block_type":"box","text":"3.0363","page_number":53,"box":{"x":449,"y":243,"width":40,"height":8}},{"id":"cc30b8bd-8abc-4a5e-9e1c-3f6d630015e4","block_type":"box","text":"2.6241","page_number":53,"box":{"x":559,"y":243,"width":38,"height":8}},{"id":"5bf42477-1db8-490f-a25d-657997683d8d","block_type":"box","text":"3.8123","page_number":53,"box":{"x":668,"y":243,"width":40,"height":8}},{"id":"243ef721-6725-4521-9e52-debeba5099cf","block_type":"box","text":"After direct transactions costs of","page_number":53,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"609ac20f-806d-4ecf-a131-ade3f708d242","block_type":"box","text":"–","page_number":53,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"798c43ec-a3de-4b49-ad14-db4b2494b9de","block_type":"box","text":"–","page_number":53,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"a597b1f6-9d4b-4115-9c7a-767e272af3ba","block_type":"box","text":"–","page_number":53,"box":{"x":702,"y":261,"width":6,"height":0}},{"id":"ab451add-ac01-47ca-b2ec-136a47731ecb","block_type":"box","text":"Performance","page_number":53,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"6c71b54b-30f2-4771-9c43-83f36853c5bc","block_type":"box","text":"Return after charges","page_number":53,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"7c5f1a11-a8c6-4f16-b689-198b07123f5a","block_type":"box","text":"17.69%","page_number":53,"box":{"x":446,"y":282,"width":43,"height":8}},{"id":"1f0c6c60-7fb2-44ba-8be2-d48a6e881c1c","block_type":"box","text":"3.82%","page_number":53,"box":{"x":563,"y":282,"width":36,"height":8}},{"id":"ebfd66ee-ce38-4354-bfeb-cfa5f0b39753","block_type":"box","text":"8.84%","page_number":53,"box":{"x":672,"y":282,"width":36,"height":8}},{"id":"3fd1054b-feed-4e34-9ce1-deb93d7bd9ce","block_type":"box","text":"Other information","page_number":53,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"d7bdfeec-f613-4d3a-bc43-05eb794b1e66","block_type":"box","text":"Closing net asset value","page_number":53,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"dd206c6c-02fb-4a13-a2f9-449f784fb176","block_type":"box","text":"£1,630,099,545","page_number":53,"box":{"x":397,"y":308,"width":92,"height":10}},{"id":"735924df-6a88-49f3-b855-6a00a8915d20","block_type":"box","text":"£1,335,370,730","page_number":53,"box":{"x":506,"y":308,"width":93,"height":10}},{"id":"1b20f49f-f8b5-4108-996b-f4352de0a3de","block_type":"box","text":"£1,272,654,639","page_number":53,"box":{"x":616,"y":308,"width":92,"height":10}},{"id":"98a97563-2756-4a61-bc18-143610bbcd87","block_type":"box","text":"Closing number of shares","page_number":53,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"4a5ac5b2-b213-476a-9db4-d0a21a186b11","block_type":"box","text":"813,916,051","page_number":53,"box":{"x":416,"y":321,"width":71,"height":10}},{"id":"dcc9d141-36f0-459d-bd85-b5b011404938","block_type":"box","text":"784,674,554","page_number":53,"box":{"x":525,"y":321,"width":74,"height":10}},{"id":"0edf9252-a6b8-4abd-870c-606c5300e5a1","block_type":"box","text":"776,383,284","page_number":53,"box":{"x":635,"y":321,"width":74,"height":10}},{"id":"5da3aa02-0583-4805-b927-d796fce47c1b","block_type":"box","text":"Operating charges (note 2)","page_number":53,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"18f871b1-6547-4baa-b8f7-a8b47947d0fa","block_type":"box","text":"0.49%","page_number":53,"box":{"x":453,"y":335,"width":36,"height":7}},{"id":"0da77be7-db7a-48f3-8e85-917b2d416ece","block_type":"box","text":"0.50%","page_number":53,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"903101d0-3fda-4d81-a2b8-12011aaaf963","block_type":"box","text":"0.53%","page_number":53,"box":{"x":672,"y":335,"width":36,"height":7}},{"id":"7b9f9779-282a-4ca5-94ba-fd08aa176553","block_type":"box","text":"Direct transaction costs","page_number":53,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"66ac532b-74e2-4afd-b9e5-1b90aeff28ab","block_type":"box","text":"0.00%","page_number":53,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"f53120b9-15cf-43b3-b8ca-43a628c576bb","block_type":"box","text":"0.00%","page_number":53,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"82528ec4-6f24-4de1-8002-3e04ec2fea4a","block_type":"box","text":"0.00%","page_number":53,"box":{"x":672,"y":348,"width":36,"height":7}},{"id":"a16a0173-0690-48ca-8f89-2cf1e7fa572a","block_type":"box","text":"Prices","page_number":53,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"35871629-bdfc-42c5-89ce-e951d64ed6ab","block_type":"box","text":"Highest share price","page_number":53,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"eb01e4dd-d648-4eab-b4e2-9c9eb4a28077","block_type":"box","text":"203.0195","page_number":53,"box":{"x":434,"y":374,"width":55,"height":8}},{"id":"4621ca98-3484-450d-8160-c81008c327e8","block_type":"box","text":"179.7114","page_number":53,"box":{"x":544,"y":374,"width":55,"height":8}},{"id":"9b5a23ba-7ca1-4a0d-a00c-c38c497bf476","block_type":"box","text":"165.8777","page_number":53,"box":{"x":654,"y":374,"width":54,"height":8}},{"id":"7500c3b0-aa6e-4117-ab67-3bc73b0ae383","block_type":"box","text":"Lowest share price","page_number":53,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"708d3ba3-5fc2-4949-8f43-6d2b61726c71","block_type":"box","text":"170.1815","page_number":53,"box":{"x":435,"y":387,"width":54,"height":8}},{"id":"6a83f179-dbde-465b-a9b6-62a0d3a83063","block_type":"box","text":"162.7636","page_number":53,"box":{"x":544,"y":387,"width":55,"height":8}},{"id":"56bcca7b-fe74-401c-9f56-85625779b87c","block_type":"box","text":"146.7018","page_number":53,"box":{"x":654,"y":387,"width":54,"height":8}},{"id":"72b0ee18-7d19-4ffd-b154-2c480df42224","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":53,"box":{"x":96,"y":414,"width":758,"height":11}},{"id":"7639be5d-4924-4ada-8151-e67e6ad4f7e6","block_type":"box","text":"aluation","page_number":53,"box":{"x":855,"y":414,"width":48,"height":8}},{"id":"a6e10156-9a89-4639-a5aa-9c02989c9456","block_type":"box","text":"per share throughout the period.","page_number":53,"box":{"x":96,"y":429,"width":200,"height":10}},{"id":"1647cc97-b3e5-4148-a604-66d03ee2b1a7","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":53,"box":{"x":95,"y":448,"width":787,"height":11}},{"id":"eeea6bc2-f8dd-4fec-acfc-cc4fc55d5a6e","block_type":"box","text":"age","page_number":53,"box":{"x":883,"y":451,"width":21,"height":8}},{"id":"9d7a1008-e780-45a5-9daa-53510bcc37ee","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":53,"box":{"x":96,"y":463,"width":778,"height":11}},{"id":"48404763-f775-4912-9677-afbd3f0d3029","block_type":"box","text":"und.","page_number":53,"box":{"x":874,"y":463,"width":26,"height":8}},{"id":"9d6b30e7-72f2-46fb-a7e4-a9e8a1eb4ced","block_type":"box","text":"Risk and Reward Profile","page_number":53,"box":{"x":97,"y":513,"width":244,"height":13}},{"id":"8c6f29bf-e74e-47ed-a5ee-01c29253da5b","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":53,"box":{"x":95,"y":549,"width":785,"height":10}},{"id":"96156c27-434e-4b27-b217-d15247540f44","block_type":"box","text":"the","page_number":53,"box":{"x":884,"y":549,"width":20,"height":8}},{"id":"14918daf-6a86-4233-88ea-aac9f1b61469","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":53,"box":{"x":96,"y":564,"width":752,"height":11}},{"id":"6fddf9e1-6385-4272-a5c0-443e94f51a5b","block_type":"box","text":"and may","page_number":53,"box":{"x":852,"y":564,"width":52,"height":11}},{"id":"bbcf5caf-4f25-4775-b330-faf8af1d1fee","block_type":"box","text":"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’","page_number":53,"box":{"x":96,"y":580,"width":753,"height":10}},{"id":"b3079195-5515-42e5-8493-edf9c4c19a71","block_type":"box","text":"s ranking","page_number":53,"box":{"x":849,"y":580,"width":55,"height":10}},{"id":"be393f35-1f0b-4732-ad92-659f6b50f8c9","block_type":"box","text":"on the risk and reward indicator.","page_number":53,"box":{"x":95,"y":595,"width":199,"height":8}},{"id":"56d16c01-24a8-402a-8e83-8eafd91771de","block_type":"box","text":"Typically lower rewards,","page_number":53,"box":{"x":128,"y":617,"width":162,"height":11}},{"id":"97921489-01df-4765-b3fe-6531e42ec4eb","block_type":"box","text":"Typically higher rewards,","page_number":53,"box":{"x":706,"y":617,"width":167,"height":11}},{"id":"18c88f79-9e17-4046-82a3-70d3bd72fbdc","block_type":"box","text":"lower risk","page_number":53,"box":{"x":177,"y":633,"width":65,"height":8}},{"id":"2f77111d-e978-42c9-a596-bdfc9972f23d","block_type":"box","text":"higher risk","page_number":53,"box":{"x":755,"y":633,"width":71,"height":10}},{"id":"ca2ba95c-69f1-4b95-8f31-a2e90aa918cf","block_type":"box","text":"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","page_number":53,"box":{"x":96,"y":692,"width":738,"height":11}},{"id":"95f32b09-2f7f-4c8c-8647-0d7d2fcf2912","block_type":"box","text":"y in the Key","page_number":53,"box":{"x":835,"y":693,"width":69,"height":10}},{"id":"dfdc7bd8-ee13-4417-9594-9d52a4974f0e","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 4). The Sub-fund is ranked ‘4’ because weekly historical performance data","page_number":53,"box":{"x":96,"y":708,"width":807,"height":11}},{"id":"88728b7e-0305-4f45-8be1-e337285cecc9","block_type":"box","text":"indicates that relatively high rises and falls in market prices would have occurred historically. The higher the rank, the grea","page_number":53,"box":{"x":96,"y":723,"width":765,"height":11}},{"id":"7e04dadf-ee5d-4a78-9925-4ec7a25b039c","block_type":"box","text":"ter the","page_number":53,"box":{"x":863,"y":723,"width":41,"height":9}},{"id":"87d6f3fb-07d8-4328-abd9-d7bb48893c80","block_type":"box","text":"potential reward but the greater the risk of losing money.","page_number":53,"box":{"x":96,"y":739,"width":348,"height":11}},{"id":"8fd548d8-a05c-4d98-8c78-1a330bb2e79c","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":53,"box":{"x":97,"y":38,"width":396,"height":17}},{"id":"53c45227-333e-4e3b-82bc-e52280d4a55a","block_type":"box","text":"48","page_number":53,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"57a19196-2884-457e-9249-6a3b66356172","block_type":"box","text":"1","page_number":53,"box":{"x":148,"y":668,"width":8,"height":12}},{"id":"8a975627-51e2-441f-865b-4281326b7be6","block_type":"box","text":"2","page_number":53,"box":{"x":263,"y":668,"width":10,"height":12}},{"id":"5743a477-aa76-4861-80b8-c061f9fb8940","block_type":"box","text":"3","page_number":53,"box":{"x":379,"y":668,"width":10,"height":12}},{"id":"acd63989-8afb-4f80-91e1-e706f953b0fd","block_type":"box","text":"4","page_number":53,"box":{"x":494,"y":668,"width":11,"height":12}},{"id":"c8a53740-ba02-4def-8e62-92f38405e2ae","block_type":"box","text":"5","page_number":53,"box":{"x":611,"y":668,"width":10,"height":12}},{"id":"81ed5e06-08d7-4ba3-958c-72a3e982bb13","block_type":"box","text":"6","page_number":53,"box":{"x":726,"y":668,"width":10,"height":12}},{"id":"f8f28e12-1f97-4dec-90a1-b7664265986d","block_type":"box","text":"7","page_number":53,"box":{"x":841,"y":668,"width":11,"height":12}},{"id":"8ba2c8cd-857d-4474-a344-2829129b6f58","block_type":"box","text":"Portfolio Statement","page_number":54,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"594533dc-45ad-416a-8675-3708baff10b7","block_type":"box","text":"as at 30 April 2026","page_number":54,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"a7fb51fa-a38c-49f0-8ced-2f8203d9a801","block_type":"box","text":"Market","page_number":54,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"b51e9df8-8c6f-49da-9e74-53ca70cfc34b","block_type":"box","text":"% of total","page_number":54,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"c0541d49-36aa-4fef-8b83-6ceda6018960","block_type":"box","text":"value","page_number":54,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"e684d8ec-bb53-4f78-af16-5c6ff8aae9f9","block_type":"box","text":"net assets","page_number":54,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"0b9a1531-8c32-47d0-aabc-0f8ee201c384","block_type":"box","text":"Holding","page_number":54,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"ff545879-93ea-4021-a41e-0c8389bc2863","block_type":"box","text":"Investment","page_number":54,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"b6322e20-7960-4aaa-8844-9264fb325845","block_type":"box","text":"£","page_number":54,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"356d9ed1-eb98-4097-99b3-5c427ddacd0f","block_type":"box","text":"2026","page_number":54,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"04707e84-ef5f-4a56-8150-a1d67b8ad7d6","block_type":"box","text":"Collective Investment Schemes (30.04.2025: 94.27%)","page_number":54,"box":{"x":210,"y":176,"width":346,"height":10}},{"id":"fef9e352-8cc3-4eeb-98c3-defcbb450adb","block_type":"box","text":"11,727,861","page_number":54,"box":{"x":124,"y":191,"width":63,"height":9}},{"id":"19df9ffd-455f-42dc-aa0a-ba62aab3aa2a","block_type":"box","text":"Artemis US Select Fund","page_number":54,"box":{"x":209,"y":190,"width":140,"height":8}},{"id":"e8518b0e-cfe6-4c6f-b54d-5f880373e9d0","block_type":"box","text":"61,609,970","page_number":54,"box":{"x":742,"y":191,"width":66,"height":9}},{"id":"d4c5b9c5-3886-453b-856f-724d168b6eb0","block_type":"box","text":"3.78%","page_number":54,"box":{"x":863,"y":191,"width":36,"height":7}},{"id":"166003e5-be1f-41cb-b327-a28f32a6bafa","block_type":"box","text":"15,680,103","page_number":54,"box":{"x":124,"y":205,"width":65,"height":9}},{"id":"d65b064e-2ac1-4226-bac8-6330fb3349ee","block_type":"box","text":"AXA Framlington UK Mid Cap Fund","page_number":54,"box":{"x":209,"y":204,"width":209,"height":11}},{"id":"abe22032-78fb-4cfb-b72d-37c54cc70036","block_type":"box","text":"19,568,769","page_number":54,"box":{"x":743,"y":205,"width":65,"height":9}},{"id":"351ac07f-c0e7-4ee7-a776-502e57028448","block_type":"box","text":"1.20%","page_number":54,"box":{"x":863,"y":205,"width":36,"height":8}},{"id":"d050f2be-1a20-40c8-a351-4fca2ae9965f","block_type":"box","text":"22,639","page_number":54,"box":{"x":149,"y":219,"width":40,"height":9}},{"id":"1a20c0db-6381-4174-b15b-ba5ab7084b9d","block_type":"box","text":"Baring Hong Kong China Fund","page_number":54,"box":{"x":210,"y":219,"width":180,"height":10}},{"id":"197ca348-45e1-4a7e-8b0c-d05fba9db84a","block_type":"box","text":"25,644,316","page_number":54,"box":{"x":742,"y":219,"width":66,"height":9}},{"id":"489447e5-1f7b-437f-9c85-c8b7ac51b5f0","block_type":"box","text":"1.57%","page_number":54,"box":{"x":863,"y":219,"width":36,"height":8}},{"id":"af228be4-1b1c-4991-8388-d1bb3084c6a6","block_type":"box","text":"57,701,716","page_number":54,"box":{"x":123,"y":233,"width":66,"height":9}},{"id":"7b9939fc-b555-473e-b398-75f9f91d2c60","block_type":"box","text":"BNY Mellon US Equity Income Fund","page_number":54,"box":{"x":210,"y":233,"width":214,"height":11}},{"id":"5511daa1-b68d-4eba-afba-aeacf6260868","block_type":"box","text":"64,354,724","page_number":54,"box":{"x":742,"y":233,"width":67,"height":9}},{"id":"f06e188d-8b32-438c-9b71-280fee5f5386","block_type":"box","text":"3.95%","page_number":54,"box":{"x":863,"y":233,"width":36,"height":8}},{"id":"41e8e0a7-3fcd-4bac-beca-d09f4119be15","block_type":"box","text":"147,998","page_number":54,"box":{"x":142,"y":248,"width":47,"height":9}},{"id":"aa132250-13f1-490f-94bf-a59fa4aace8c","block_type":"box","text":"Cheyne Global Credit Fund","page_number":54,"box":{"x":210,"y":247,"width":161,"height":11}},{"id":"5465864f-f026-4db9-bce8-a22a0d04aab9","block_type":"box","text":"18,203,774","page_number":54,"box":{"x":743,"y":248,"width":66,"height":9}},{"id":"524ec3d4-f9a6-48f8-8a56-81b7424fb8e1","block_type":"box","text":"1.12%","page_number":54,"box":{"x":863,"y":248,"width":36,"height":7}},{"id":"4ae743d5-d0b4-49c5-afd0-fb0c0d193007","block_type":"box","text":"2,153,990","page_number":54,"box":{"x":131,"y":262,"width":58,"height":9}},{"id":"0093204e-c210-4f38-bfeb-e2a1c32d4da3","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":54,"box":{"x":210,"y":261,"width":307,"height":9}},{"id":"3aaffb27-fc53-4f6e-b703-3fdd81f044b7","block_type":"box","text":"26,515,616","page_number":54,"box":{"x":742,"y":262,"width":66,"height":9}},{"id":"af0e2f60-752e-43ff-92c7-e6a23a181fe2","block_type":"box","text":"1.63%","page_number":54,"box":{"x":863,"y":262,"width":36,"height":8}},{"id":"dc0aa7dd-eec2-4b11-9eda-c151ba4ab6ff","block_type":"box","text":"43,620,248","page_number":54,"box":{"x":123,"y":276,"width":66,"height":9}},{"id":"c9db73de-49f4-4179-b511-21dbce7f1822","block_type":"box","text":"ES Alliance Bernstein Concentrated US Equity Fund","page_number":54,"box":{"x":210,"y":276,"width":308,"height":10}},{"id":"cdcd4c39-9c15-4702-86a4-76e4af852151","block_type":"box","text":"77,600,421","page_number":54,"box":{"x":742,"y":276,"width":64,"height":9}},{"id":"c75a7ce2-dbbd-4f68-846e-e5e985679d9d","block_type":"box","text":"4.76%","page_number":54,"box":{"x":862,"y":276,"width":37,"height":8}},{"id":"607b09a9-5e7c-4001-b674-b62f4e115869","block_type":"box","text":"34,471,904","page_number":54,"box":{"x":123,"y":290,"width":67,"height":9}},{"id":"34a2e610-c874-4cb3-a0b2-540d4b47cb7e","block_type":"box","text":"FTF Brandywine Global Income Optimiser Fund","page_number":54,"box":{"x":210,"y":290,"width":285,"height":11}},{"id":"5944ad2f-d5ef-4766-a459-33c06c5084ef","block_type":"box","text":"44,744,532","page_number":54,"box":{"x":742,"y":290,"width":66,"height":9}},{"id":"c2c29e9b-be99-4068-90f2-124f71c53d64","block_type":"box","text":"2.74%","page_number":54,"box":{"x":863,"y":290,"width":36,"height":8}},{"id":"fe7bc16d-90e0-418c-afa2-212da11c72d8","block_type":"box","text":"4,057,581","page_number":54,"box":{"x":130,"y":305,"width":57,"height":9}},{"id":"5ce53e49-938d-40c9-9d9c-4f90d82670c9","block_type":"box","text":"Goldman Sachs EM Ex-China CORE® Equity Fund","page_number":54,"box":{"x":210,"y":304,"width":297,"height":11}},{"id":"21a04877-a626-4dd4-af13-b29e64acb96d","block_type":"box","text":"77,621,525","page_number":54,"box":{"x":742,"y":305,"width":66,"height":9}},{"id":"84b7f49f-1149-45b8-ad3b-17eee88576ab","block_type":"box","text":"4.76%","page_number":54,"box":{"x":862,"y":305,"width":37,"height":7}},{"id":"aa6185ae-2025-4b72-8240-dce9240aa05f","block_type":"box","text":"282,333","page_number":54,"box":{"x":142,"y":319,"width":47,"height":9}},{"id":"c1e39e8a-b11d-4c10-813a-1832ca802c2a","block_type":"box","text":"Harrington Cooper Snyder US All Cap Equity Fund","page_number":54,"box":{"x":210,"y":318,"width":300,"height":11}},{"id":"58140e57-5540-41d2-a286-6204f59d33b1","block_type":"box","text":"41,934,871","page_number":54,"box":{"x":742,"y":319,"width":64,"height":9}},{"id":"0cbb6b29-0889-4746-b661-9bef65a710eb","block_type":"box","text":"2.57%","page_number":54,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"fb2ea78a-2968-4c6c-8827-dce6be1cd8ce","block_type":"box","text":"6,460,026","page_number":54,"box":{"x":131,"y":333,"width":58,"height":9}},{"id":"953d605d-0e65-45eb-bb40-38faf4360d48","block_type":"box","text":"HSBC American Index Fund","page_number":54,"box":{"x":210,"y":333,"width":164,"height":8}},{"id":"0cd19aaf-2f99-4469-bec7-ebb3b573404e","block_type":"box","text":"98,644,603","page_number":54,"box":{"x":742,"y":333,"width":66,"height":9}},{"id":"cb28d650-fcc1-4577-b2ae-e4f9b4dcc592","block_type":"box","text":"6.05%","page_number":54,"box":{"x":863,"y":333,"width":36,"height":8}},{"id":"b7172847-f0b4-4855-af6e-cb97e56c0d63","block_type":"box","text":"2,663,226","page_number":54,"box":{"x":131,"y":347,"width":58,"height":9}},{"id":"0ee22fef-829a-4977-8cc9-4a89f7596092","block_type":"box","text":"HSBC European Index Fund","page_number":54,"box":{"x":210,"y":347,"width":166,"height":11}},{"id":"e3961082-4bb1-4964-8481-0e0ff71f539f","block_type":"box","text":"45,967,286","page_number":54,"box":{"x":742,"y":347,"width":66,"height":9}},{"id":"ba5117e7-cb6c-4653-9426-5cd854c11c10","block_type":"box","text":"2.82%","page_number":54,"box":{"x":863,"y":347,"width":36,"height":8}},{"id":"45505feb-8cb9-424f-9e18-2d8b82c82c0c","block_type":"box","text":"7,661,395","page_number":54,"box":{"x":131,"y":362,"width":58,"height":9}},{"id":"0180343e-ea7d-4244-932b-2af2aa6c53f1","block_type":"box","text":"Invesco Perpetual UK Enhanced Index Fund","page_number":54,"box":{"x":210,"y":361,"width":263,"height":11}},{"id":"ddfa6cb6-f4ba-4f2a-a852-13fcb06c39fd","block_type":"box","text":"76,412,460","page_number":54,"box":{"x":742,"y":362,"width":66,"height":9}},{"id":"e2d3f302-abcb-4bae-969e-1364a3d7cc6e","block_type":"box","text":"4.69%","page_number":54,"box":{"x":862,"y":362,"width":37,"height":7}},{"id":"50d46a50-1f46-4a00-963e-5d4f8712d4ac","block_type":"box","text":"25,783,816","page_number":54,"box":{"x":123,"y":376,"width":66,"height":9}},{"id":"81f0ca17-107a-468a-932c-c2171997ff1c","block_type":"box","text":"iShares UK Equity Index Fund","page_number":54,"box":{"x":210,"y":375,"width":177,"height":11}},{"id":"fd59cf72-81b2-4aec-b952-3a0400cff874","block_type":"box","text":"103,206,377","page_number":54,"box":{"x":735,"y":376,"width":73,"height":9}},{"id":"666886a1-a0fd-4ae6-81a0-a0809b8bfbaf","block_type":"box","text":"6.33%","page_number":54,"box":{"x":863,"y":376,"width":36,"height":8}},{"id":"45e80ce3-7d4d-45ab-a200-31bbd15ba05b","block_type":"box","text":"2,544,068","page_number":54,"box":{"x":131,"y":390,"width":58,"height":9}},{"id":"9d7702d2-c076-4218-a0ee-45ba8ebcfecf","block_type":"box","text":"Janus Henderson Global Multi-Strategy Fund","page_number":54,"box":{"x":208,"y":390,"width":271,"height":10}},{"id":"cc5cbf3a-cbdd-4ab4-9fd3-0402fcd03f01","block_type":"box","text":"31,485,646","page_number":54,"box":{"x":742,"y":390,"width":66,"height":9}},{"id":"a2c6991b-522f-41d9-8400-d82829a6e728","block_type":"box","text":"1.93%","page_number":54,"box":{"x":863,"y":390,"width":36,"height":8}},{"id":"cf6539ce-05db-4100-b38e-4ae358417b2e","block_type":"box","text":"7,286,905","page_number":54,"box":{"x":131,"y":404,"width":58,"height":9}},{"id":"06b05513-a2ab-46a6-95db-5ef5f20bc0a8","block_type":"box","text":"JPM Europe Dynamic ex-UK Fund","page_number":54,"box":{"x":208,"y":404,"width":201,"height":11}},{"id":"2f2753e2-253f-4d52-bd19-815b2bf29e45","block_type":"box","text":"35,159,315","page_number":54,"box":{"x":742,"y":404,"width":66,"height":9}},{"id":"8d6fac7b-3a69-4e0e-a4e7-fd5688e845a6","block_type":"box","text":"2.16%","page_number":54,"box":{"x":863,"y":404,"width":36,"height":8}},{"id":"3c4d8872-395a-4b85-b052-ec581c9c3aed","block_type":"box","text":"2,105,495","page_number":54,"box":{"x":131,"y":419,"width":58,"height":9}},{"id":"cf1c8902-e653-4668-a74a-5dc06c960476","block_type":"box","text":"JPM Japan Fund","page_number":54,"box":{"x":208,"y":418,"width":96,"height":11}},{"id":"b72cd142-83bf-4545-bc0d-277dec20e286","block_type":"box","text":"9,820,027","page_number":54,"box":{"x":750,"y":419,"width":58,"height":9}},{"id":"f4ad5531-50d5-4bdd-ae04-b53367100e2e","block_type":"box","text":"0.60%","page_number":54,"box":{"x":863,"y":419,"width":36,"height":7}},{"id":"942c5e1c-01d9-4ed7-a2c3-cbb3fa6f50c2","block_type":"box","text":"15,373,918","page_number":54,"box":{"x":124,"y":433,"width":65,"height":9}},{"id":"b6249773-0c43-4fb4-b3b9-5fc88bde00d1","block_type":"box","text":"Jupiter Merian North American Equity Fund","page_number":54,"box":{"x":208,"y":432,"width":264,"height":11}},{"id":"d8036b2c-ea4d-47bf-8447-1d9491a20048","block_type":"box","text":"89,938,959","page_number":54,"box":{"x":742,"y":433,"width":66,"height":9}},{"id":"1df5dfe5-dc77-4a2c-a1ae-d6e07af6b71b","block_type":"box","text":"5.52%","page_number":54,"box":{"x":863,"y":433,"width":36,"height":8}},{"id":"a3241f77-bef3-411f-a0ae-9f7e447213a0","block_type":"box","text":"9,517,747","page_number":54,"box":{"x":131,"y":447,"width":58,"height":9}},{"id":"e24a712b-4a0f-41b1-a6a0-b2cc3bae4564","block_type":"box","text":"Jupiter UK Special Situations Fund","page_number":54,"box":{"x":208,"y":447,"width":206,"height":10}},{"id":"0892a1a6-a178-4f33-a044-7a9f7fb82b7d","block_type":"box","text":"41,950,422","page_number":54,"box":{"x":742,"y":447,"width":66,"height":9}},{"id":"45eddb49-664d-4ade-a51d-e25a449eacea","block_type":"box","text":"2.57%","page_number":54,"box":{"x":863,"y":447,"width":36,"height":8}},{"id":"d6b9e31d-8d1e-43e5-bcd5-de5e3e501bb5","block_type":"box","text":"6,771,804","page_number":54,"box":{"x":131,"y":461,"width":59,"height":9}},{"id":"62bf5e08-471e-44d3-a748-42c565132196","block_type":"box","text":"Liontrust European Dynamic Fund","page_number":54,"box":{"x":210,"y":461,"width":206,"height":11}},{"id":"0dbbc3ad-0da8-4187-b709-9ff37d4a3c9f","block_type":"box","text":"32,238,177","page_number":54,"box":{"x":742,"y":461,"width":66,"height":9}},{"id":"d24621b4-aecf-4c6e-8255-1c6498c4c924","block_type":"box","text":"1.98%","page_number":54,"box":{"x":863,"y":461,"width":36,"height":8}},{"id":"23a6c1df-5bc7-47b3-97d8-3980523b0031","block_type":"box","text":"3,839,675","page_number":54,"box":{"x":131,"y":476,"width":58,"height":9}},{"id":"39108eb4-bdb2-4758-80e2-5f83a25ee710","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":54,"box":{"x":210,"y":475,"width":284,"height":11}},{"id":"1278e203-e924-47d1-9990-4377e675c0cc","block_type":"box","text":"43,849,084","page_number":54,"box":{"x":742,"y":476,"width":67,"height":9}},{"id":"4acc769a-0cdf-4969-9884-3ac9475719b6","block_type":"box","text":"2.69%","page_number":54,"box":{"x":863,"y":476,"width":36,"height":7}},{"id":"a4693e37-b3c0-45eb-b0fc-54d206ca7a29","block_type":"box","text":"8,428,810","page_number":54,"box":{"x":131,"y":490,"width":58,"height":9}},{"id":"c976e3b2-f342-4d33-a858-1761aeeb342a","block_type":"box","text":"M&G Japan Fund","page_number":54,"box":{"x":210,"y":489,"width":101,"height":11}},{"id":"cbdf2373-bf8a-45c9-b1b6-7eff9b8d59b2","block_type":"box","text":"18,841,761","page_number":54,"box":{"x":743,"y":490,"width":63,"height":9}},{"id":"22189f4b-19ef-44ed-8185-d0b5c184a756","block_type":"box","text":"1.16%","page_number":54,"box":{"x":863,"y":490,"width":36,"height":8}},{"id":"06bad63d-bc28-4c43-bde5-039ba6837906","block_type":"box","text":"2,284,264","page_number":54,"box":{"x":131,"y":504,"width":59,"height":9}},{"id":"7d1c2b9f-eda0-4a60-906d-d6520d018a8f","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":54,"box":{"x":210,"y":504,"width":363,"height":10}},{"id":"ba2bfb8f-a666-416f-9497-194321531829","block_type":"box","text":"63,890,878","page_number":54,"box":{"x":742,"y":504,"width":66,"height":9}},{"id":"4262b343-5a50-4787-9ae0-6616e37b7eb6","block_type":"box","text":"3.92%","page_number":54,"box":{"x":863,"y":504,"width":36,"height":8}},{"id":"5bd7daf0-30e1-4312-80e3-c69c4685dd80","block_type":"box","text":"4,529,557","page_number":54,"box":{"x":130,"y":518,"width":59,"height":9}},{"id":"4138783b-0efa-4751-adf1-789589de9be6","block_type":"box","text":"RGI UK Opportunities Fund","page_number":54,"box":{"x":210,"y":518,"width":163,"height":11}},{"id":"c1625fa2-e459-4bd2-a1fe-0fe9b820e298","block_type":"box","text":"38,085,422","page_number":54,"box":{"x":742,"y":518,"width":66,"height":9}},{"id":"933028c8-2925-438e-a2df-ffdd09999e54","block_type":"box","text":"2.34%","page_number":54,"box":{"x":863,"y":518,"width":36,"height":8}},{"id":"6c2b8227-6573-4970-b193-5fd6ba15e872","block_type":"box","text":"205,513","page_number":54,"box":{"x":142,"y":533,"width":47,"height":9}},{"id":"ce04ffda-7236-4cdd-9a8d-db7b54e882c0","block_type":"box","text":"Robeco QI Dynamic High Yield Fund","page_number":54,"box":{"x":210,"y":532,"width":216,"height":11}},{"id":"4f4712bf-598b-417e-859c-5501c736ecd6","block_type":"box","text":"27,818,248","page_number":54,"box":{"x":742,"y":533,"width":66,"height":9}},{"id":"eb5d3632-b83c-4267-a677-5f250c40d1b5","block_type":"box","text":"1.71%","page_number":54,"box":{"x":863,"y":533,"width":36,"height":7}},{"id":"71a90ce3-b9c7-4acb-bdb4-3ed4c1fffa0f","block_type":"box","text":"247,301","page_number":54,"box":{"x":142,"y":547,"width":45,"height":9}},{"id":"419e1c22-9509-4244-b39a-e9ec133cd907","block_type":"box","text":"Vanguard Global Credit Bond Institutional Fund","page_number":54,"box":{"x":209,"y":546,"width":288,"height":11}},{"id":"6a5da6e3-de84-4dda-baef-b74bdb8ab84f","block_type":"box","text":"26,686,034","page_number":54,"box":{"x":742,"y":547,"width":67,"height":9}},{"id":"9d171ed6-d8fa-48d0-a03f-a90810608b25","block_type":"box","text":"1.64%","page_number":54,"box":{"x":863,"y":547,"width":36,"height":8}},{"id":"797354f5-0d00-4d75-bb52-a28df3730eb8","block_type":"box","text":"507,064","page_number":54,"box":{"x":142,"y":561,"width":48,"height":9}},{"id":"19b29149-075f-4ce4-9b22-a9d6a76757d7","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Institutional Fund","page_number":54,"box":{"x":209,"y":561,"width":342,"height":10}},{"id":"d2065332-6b42-43cf-91d2-477a709450ab","block_type":"box","text":"42,833,172","page_number":54,"box":{"x":742,"y":561,"width":66,"height":9}},{"id":"ec113550-96ba-476c-b6db-1d39e0c95175","block_type":"box","text":"2.63%","page_number":54,"box":{"x":863,"y":561,"width":36,"height":8}},{"id":"092f5afc-37a6-4fa6-99c7-2b41c9d4bd3f","block_type":"box","text":"1,284,626,389","page_number":54,"box":{"x":724,"y":582,"width":84,"height":9}},{"id":"229db4dd-8dec-4941-b56e-2ac8a3f88887","block_type":"box","text":"78.81%","page_number":54,"box":{"x":855,"y":582,"width":44,"height":8}},{"id":"ef5f6ba0-6122-4e76-9c4e-0ebf9a8b0f82","block_type":"box","text":"Exchange Traded Funds (30.04.2025: 4.81%)","page_number":54,"box":{"x":210,"y":603,"width":287,"height":10}},{"id":"d53667ef-1f5e-419d-ad9a-24dbbb0ee91f","block_type":"box","text":"206,671","page_number":54,"box":{"x":142,"y":617,"width":45,"height":9}},{"id":"6dde4e51-626c-4702-aa39-9f66b72ea7b2","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":54,"box":{"x":209,"y":617,"width":243,"height":11}},{"id":"b4db0ce3-4f26-4ca8-9761-cb56e98136cb","block_type":"box","text":"18,449,520","page_number":54,"box":{"x":743,"y":617,"width":65,"height":9}},{"id":"08aa1750-1e27-447f-8000-90df7bac264b","block_type":"box","text":"1.13%","page_number":54,"box":{"x":863,"y":617,"width":36,"height":8}},{"id":"bc211115-eb2a-4c08-91cd-03cf345e1b26","block_type":"box","text":"302,990","page_number":54,"box":{"x":142,"y":632,"width":47,"height":9}},{"id":"f20a87fe-3da1-47d1-a772-1f54b518c16b","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":54,"box":{"x":209,"y":631,"width":188,"height":11}},{"id":"4af701db-6b6f-4150-9dbc-516a78128cef","block_type":"box","text":"8,847,309","page_number":54,"box":{"x":750,"y":632,"width":58,"height":9}},{"id":"64c14cb2-f940-4a8c-8236-9ca9eea07d3b","block_type":"box","text":"0.54%","page_number":54,"box":{"x":863,"y":632,"width":36,"height":7}},{"id":"cc2e9ec1-2818-43dd-b97e-ecfdc56974c0","block_type":"box","text":"8,329,985","page_number":54,"box":{"x":131,"y":646,"width":58,"height":9}},{"id":"39b10450-7f78-4fe7-8012-1f3ac362bbb5","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":54,"box":{"x":210,"y":645,"width":239,"height":11}},{"id":"732d37e0-47ea-4c58-bbfe-27373277d20b","block_type":"box","text":"84,137,018","page_number":54,"box":{"x":742,"y":646,"width":66,"height":9}},{"id":"4c78b442-59e0-4b67-ae39-46d69914a41a","block_type":"box","text":"5.16%","page_number":54,"box":{"x":863,"y":646,"width":36,"height":8}},{"id":"6242a0da-fae0-4af9-9dda-212e1b97728e","block_type":"box","text":"2,948,217","page_number":54,"box":{"x":131,"y":660,"width":58,"height":9}},{"id":"90af7511-401e-4cf2-96ae-6f3b8a05394d","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":54,"box":{"x":210,"y":660,"width":240,"height":10}},{"id":"f6e22a70-5f8d-4803-aeff-06e7666dcb2b","block_type":"box","text":"34,434,881","page_number":54,"box":{"x":742,"y":660,"width":64,"height":9}},{"id":"8f8d5d69-fee8-41d8-aac2-c7145576e4f4","block_type":"box","text":"2.11%","page_number":54,"box":{"x":863,"y":660,"width":36,"height":8}},{"id":"93ca552e-7018-45e2-9617-cdb0fa96b4fe","block_type":"box","text":"12,769,726","page_number":54,"box":{"x":124,"y":674,"width":65,"height":9}},{"id":"4d1c75ff-ad7c-4e13-9bb9-bf8204399d3d","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":54,"box":{"x":210,"y":674,"width":255,"height":8}},{"id":"40a148d0-9cf2-45c8-9c57-ee8e3a2d34f7","block_type":"box","text":"132,787,275","page_number":54,"box":{"x":735,"y":674,"width":73,"height":9}},{"id":"4ef32c7d-9f3c-465e-83c2-5d627d019c2c","block_type":"box","text":"8.15%","page_number":54,"box":{"x":863,"y":674,"width":36,"height":8}},{"id":"43d1637f-8bf2-41b0-8aaa-6649a8f136df","block_type":"box","text":"5,371,937","page_number":54,"box":{"x":131,"y":689,"width":58,"height":9}},{"id":"3d5bc601-e3c5-4419-88c1-270e23b1dddb","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":54,"box":{"x":210,"y":688,"width":338,"height":11}},{"id":"b206d4a3-8e9f-4d0a-9360-94731e8ec264","block_type":"box","text":"47,395,124","page_number":54,"box":{"x":742,"y":689,"width":67,"height":9}},{"id":"9f2c84fe-8cd6-4dd1-9731-8c4b78f60e19","block_type":"box","text":"2.91%","page_number":54,"box":{"x":863,"y":689,"width":36,"height":7}},{"id":"e39b2ae1-7fcc-488e-8851-a218355f3a61","block_type":"box","text":"326,051,127","page_number":54,"box":{"x":735,"y":710,"width":73,"height":9}},{"id":"3ece1e48-7946-4167-8435-ffcdbe6d1834","block_type":"box","text":"20.00%","page_number":54,"box":{"x":855,"y":710,"width":44,"height":7}},{"id":"fbce8c7c-febb-4b4e-b0b8-fa69f5a0b98b","block_type":"box","text":"Portfolio of investments (30.04.2025: 99.08%)","page_number":54,"box":{"x":210,"y":738,"width":300,"height":10}},{"id":"67f5f8a7-ce39-4ec3-bb07-d6fb5e6c21e4","block_type":"box","text":"1,610,677,516","page_number":54,"box":{"x":719,"y":738,"width":90,"height":9}},{"id":"414dc902-dc3e-4b7d-9472-3ad58d1e684a","block_type":"box","text":"98.81%","page_number":54,"box":{"x":852,"y":738,"width":47,"height":8}},{"id":"c3a1ae77-8b2e-4901-8a29-dd24c28572c0","block_type":"box","text":"Net other assets (30.04.2025: 0.92%)","page_number":54,"box":{"x":210,"y":752,"width":240,"height":10}},{"id":"4d68cd74-1ea8-44d1-8287-74373f4a4a53","block_type":"box","text":"19,422,029","page_number":54,"box":{"x":739,"y":752,"width":70,"height":10}},{"id":"d91644e7-2c50-4791-9304-56dc6ef99bf3","block_type":"box","text":"1.19%","page_number":54,"box":{"x":860,"y":752,"width":39,"height":8}},{"id":"28dc5e23-ce85-4782-81ea-6c5add567067","block_type":"box","text":"1,630,099,545","page_number":54,"box":{"x":719,"y":773,"width":89,"height":9}},{"id":"11cece20-f28e-45da-aafa-ebe566954b6e","block_type":"box","text":"100.00%","page_number":54,"box":{"x":844,"y":773,"width":55,"height":8}},{"id":"c8d17ec4-1201-4abb-91ad-c6a051fed85f","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":54,"box":{"x":506,"y":38,"width":396,"height":17}},{"id":"bdb18073-1f2a-4b91-9266-960829f63fda","block_type":"box","text":"49","page_number":54,"box":{"x":966,"y":960,"width":18,"height":9}},{"id":"64801e05-cef5-4f47-8c53-aa0364340aa0","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":55,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"162e29ac-c088-416f-a06d-d6a92b110d7b","block_type":"box","text":"£","page_number":55,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"752547cc-edd7-48e4-a84f-bb4c6bcb1d68","block_type":"box","text":"Total purchases for the year (note 14)","page_number":55,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"9ba3ad1f-6b23-451c-bbb0-fc196f4ce6cb","block_type":"box","text":"811,533,214","page_number":55,"box":{"x":635,"y":143,"width":79,"height":10}},{"id":"359d665e-8e09-4bf9-acdc-7b16012993fb","block_type":"box","text":"iShares UK Equity Index Fund","page_number":55,"box":{"x":96,"y":174,"width":176,"height":11}},{"id":"3f4c6d7a-bf6d-48e3-88bc-5add9570846a","block_type":"box","text":"96,831,025","page_number":55,"box":{"x":647,"y":174,"width":66,"height":9}},{"id":"adebd5ef-696d-45e7-8e3d-7e41d4aa71d7","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":55,"box":{"x":96,"y":189,"width":254,"height":9}},{"id":"0caf7f80-cce9-4a6b-aff1-e43ced9428ce","block_type":"box","text":"66,895,063","page_number":55,"box":{"x":647,"y":190,"width":66,"height":9}},{"id":"ec8488e2-e9e7-4946-bf68-cc9048eafdab","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":55,"box":{"x":96,"y":205,"width":363,"height":10}},{"id":"ebf1829c-5b15-4252-a134-6fd65ca5615f","block_type":"box","text":"62,082,953","page_number":55,"box":{"x":647,"y":205,"width":66,"height":9}},{"id":"f67e8367-78e4-450f-84e7-cd0a3453a1e8","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":55,"box":{"x":95,"y":220,"width":339,"height":11}},{"id":"0761c881-457e-4b87-9db3-a4867d6aa6a2","block_type":"box","text":"44,891,412","page_number":55,"box":{"x":647,"y":221,"width":66,"height":9}},{"id":"8e81a297-1b11-4dd2-9671-db5a90856cd4","block_type":"box","text":"Jupiter UK Special Situations Fund","page_number":55,"box":{"x":94,"y":236,"width":206,"height":10}},{"id":"25bc69eb-01df-441a-b886-ae20451f502e","block_type":"box","text":"40,638,467","page_number":55,"box":{"x":647,"y":236,"width":66,"height":9}},{"id":"4a6e62a3-a8ed-4169-a48b-105c0132d6ba","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":55,"box":{"x":96,"y":251,"width":239,"height":11}},{"id":"587eb9d3-c389-4c0c-b1d4-a386933cf344","block_type":"box","text":"39,993,146","page_number":55,"box":{"x":647,"y":251,"width":66,"height":10}},{"id":"9f946c00-483a-4d85-af94-8c77869d05af","block_type":"box","text":"HSBC American Index Fund","page_number":55,"box":{"x":96,"y":267,"width":164,"height":8}},{"id":"a3131e21-c82e-48a5-91ea-d1154a2b452c","block_type":"box","text":"38,233,220","page_number":55,"box":{"x":647,"y":267,"width":66,"height":9}},{"id":"af826b99-a965-4b35-8803-67e5f18a2f4d","block_type":"box","text":"HSBC European Index Fund","page_number":55,"box":{"x":96,"y":282,"width":165,"height":11}},{"id":"9631d281-8917-40ff-b2a7-d47e124d8b8b","block_type":"box","text":"33,394,450","page_number":55,"box":{"x":647,"y":282,"width":66,"height":9}},{"id":"55e3864b-718f-4e2c-872c-de54901edb58","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":55,"box":{"x":96,"y":297,"width":306,"height":9}},{"id":"0c0184d8-508f-4c9b-ad23-f56c6ecac237","block_type":"box","text":"33,102,236","page_number":55,"box":{"x":647,"y":298,"width":66,"height":9}},{"id":"3d4ced86-2481-4fcd-a4ff-c36f2205e7ea","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":55,"box":{"x":95,"y":313,"width":265,"height":11}},{"id":"a37eaf6d-1b22-460b-93b4-c9471ac052e7","block_type":"box","text":"31,400,407","page_number":55,"box":{"x":647,"y":313,"width":66,"height":9}},{"id":"d08db681-c6b9-47fd-9ba9-4e59b26ab957","block_type":"box","text":"Various other purchases","page_number":55,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"6c859535-5b24-4566-9261-f435781c98ea","block_type":"box","text":"324,070,835","page_number":55,"box":{"x":639,"y":329,"width":74,"height":9}},{"id":"8bfed674-5249-493f-9602-57d7c8ec47d4","block_type":"box","text":"£","page_number":55,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"33589438-090a-4f22-809b-14a2ab7a95d2","block_type":"box","text":"Total sales for the year (note 14)","page_number":55,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"478b4e6f-af6e-4a8e-b130-6958e9d908a2","block_type":"box","text":"769,097,812","page_number":55,"box":{"x":635,"y":375,"width":78,"height":9}},{"id":"7fdc5d0d-2468-4a75-8398-ecbe030e33d8","block_type":"box","text":"iShares UK Equity Index Fund","page_number":55,"box":{"x":96,"y":406,"width":176,"height":10}},{"id":"6376db59-8306-414d-9e19-c7aa18746e19","block_type":"box","text":"118,673,024","page_number":55,"box":{"x":640,"y":406,"width":74,"height":9}},{"id":"0ec0327e-6693-44fa-a5ce-1928854f1655","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":55,"box":{"x":96,"y":421,"width":239,"height":11}},{"id":"50d24257-0e70-4070-8895-45ba23b2c84b","block_type":"box","text":"89,046,174","page_number":55,"box":{"x":647,"y":421,"width":67,"height":9}},{"id":"ddeccd6d-b527-495c-b1d2-36a67572e73a","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":55,"box":{"x":96,"y":436,"width":254,"height":9}},{"id":"1493767b-798e-45b5-a57f-5969944e77e0","block_type":"box","text":"46,028,074","page_number":55,"box":{"x":647,"y":437,"width":67,"height":9}},{"id":"c2853534-7d98-49dc-8282-cdaaab551fa1","block_type":"box","text":"M&G Japan Fund","page_number":55,"box":{"x":96,"y":452,"width":101,"height":11}},{"id":"4a1c6162-be41-4231-85c7-857d885a8402","block_type":"box","text":"40,584,101","page_number":55,"box":{"x":647,"y":452,"width":64,"height":9}},{"id":"d129214f-7ee1-4fdb-b3de-d5c74372be77","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":55,"box":{"x":96,"y":467,"width":284,"height":11}},{"id":"c6738bac-e672-465e-8158-3aa47d47c1be","block_type":"box","text":"37,783,345","page_number":55,"box":{"x":647,"y":468,"width":66,"height":9}},{"id":"abd404d6-1c38-4a29-b07c-fcf73c6fe182","block_type":"box","text":"Neuberger Berman Uncorrelated Strategies Fund","page_number":55,"box":{"x":96,"y":483,"width":298,"height":10}},{"id":"6589c55b-0f14-47a6-a15b-032bd7f05a3b","block_type":"box","text":"37,673,844","page_number":55,"box":{"x":647,"y":483,"width":67,"height":9}},{"id":"f3d5c690-2a8f-4ffe-a8b1-e9b740e3611f","block_type":"box","text":"HSBC American Index Fund","page_number":55,"box":{"x":96,"y":498,"width":164,"height":8}},{"id":"275f6421-ca30-4171-a25a-ec31f90d0c99","block_type":"box","text":"33,759,933","page_number":55,"box":{"x":647,"y":499,"width":66,"height":9}},{"id":"0819e85d-9507-43e5-be05-a52cf062145c","block_type":"box","text":"Artemis US Select Fund","page_number":55,"box":{"x":95,"y":514,"width":140,"height":8}},{"id":"3951dcc3-058c-4ffe-b93a-68216e6d49e1","block_type":"box","text":"32,367,213","page_number":55,"box":{"x":647,"y":514,"width":66,"height":9}},{"id":"55025e66-93c9-4729-8f78-bda2aaecea2b","block_type":"box","text":"iShares $ Treasury Bond 20+yr ETF","page_number":55,"box":{"x":96,"y":529,"width":209,"height":11}},{"id":"4e845287-e232-4506-852d-33b7c6e93ad1","block_type":"box","text":"30,568,211","page_number":55,"box":{"x":647,"y":529,"width":64,"height":10}},{"id":"2f89b01b-8032-479a-b029-8846c98dc908","block_type":"box","text":"Barings Emerging Markets Debt Blended Total Return Fund","page_number":55,"box":{"x":96,"y":544,"width":357,"height":11}},{"id":"4fb11e98-52b8-450e-8e89-2ba1ce706402","block_type":"box","text":"30,423,735","page_number":55,"box":{"x":647,"y":545,"width":66,"height":9}},{"id":"33ef1314-1439-417d-b419-38f11c8545aa","block_type":"box","text":"Various other sales","page_number":55,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"ef59bae6-8599-49a6-b209-0ab581b05545","block_type":"box","text":"272,190,158","page_number":55,"box":{"x":639,"y":560,"width":74,"height":9}},{"id":"c326d5a3-525b-4c28-849b-78f96d00a0ea","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":55,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"6c5caafd-9e16-4efd-9a48-90063ce2dee4","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":55,"box":{"x":97,"y":38,"width":396,"height":17}},{"id":"908646d3-a198-452b-9608-a2991b011b79","block_type":"box","text":"50","page_number":55,"box":{"x":15,"y":960,"width":17,"height":9}},{"id":"2574abe1-1f65-4332-a28b-9e1d5c1868e5","block_type":"box","text":"Statement of Total Return","page_number":56,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"93b05cee-32fc-43a4-ad88-36861a839c9b","block_type":"box","text":"for the year ended 30 April 2026","page_number":56,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"d11e16c2-4e9b-4c9d-9ed7-4f6c89ecf619","block_type":"box","text":"30.04.26","page_number":56,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"c219d81e-9c1c-4af9-9255-081abaa6b890","block_type":"box","text":"30.04.25","page_number":56,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"b3ed983d-1581-454d-9c9f-7fc264100161","block_type":"box","text":"Note","page_number":56,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"129162f2-e15d-4df1-9281-5cf4123bd0ac","block_type":"box","text":"£","page_number":56,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"6010027c-1090-45d0-8818-8531fc872412","block_type":"box","text":"£","page_number":56,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"b7d407f7-b121-4e96-b4fe-8c5189a1bb5b","block_type":"box","text":"£","page_number":56,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"04f14e97-a631-4dff-a126-541463483b53","block_type":"box","text":"£","page_number":56,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"2e47ac1e-ba6a-4619-be5a-2120a732bb5b","block_type":"box","text":"Income","page_number":56,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"f7255eba-bd95-4e11-ba28-28562132e4b1","block_type":"box","text":"Net capital","page_number":56,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"5f7089c8-86fe-409b-ab6c-460f2267e0a4","block_type":"box","text":"2","page_number":56,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"a02dfb26-be4d-4d7f-921b-648136eef94a","block_type":"box","text":"216,757,956","page_number":56,"box":{"x":592,"y":169,"width":74,"height":9}},{"id":"900cb6e9-0586-4190-a745-9a80fdb27500","block_type":"box","text":"30,312,986","page_number":56,"box":{"x":830,"y":169,"width":67,"height":9}},{"id":"46face69-8f6e-4140-8e21-049fe0eaccba","block_type":"box","text":"Revenue","page_number":56,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"8d91aa58-8470-44fc-9229-9cf149c1b569","block_type":"box","text":"3","page_number":56,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"845d2d3f-5f9d-43d6-accf-e7964b93d79b","block_type":"box","text":"30,596,526","page_number":56,"box":{"x":485,"y":184,"width":66,"height":9}},{"id":"b0351453-c17c-49d9-9ef1-c4c25eb2d00f","block_type":"box","text":"27,485,656","page_number":56,"box":{"x":718,"y":184,"width":67,"height":9}},{"id":"49d1d688-7d3d-40c7-9d6d-e72afdf2e510","block_type":"box","text":"Expenses","page_number":56,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"19e9ddff-ceec-4bac-ab62-b0a99e6533e9","block_type":"box","text":"4","page_number":56,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"d81701d9-7e41-4299-82d1-053674241099","block_type":"box","text":"(4,250,390)","page_number":56,"box":{"x":488,"y":200,"width":68,"height":9}},{"id":"e65b7360-0f2c-4fd8-9119-9a5e26b3f222","block_type":"box","text":"(3,765,899)","page_number":56,"box":{"x":721,"y":200,"width":68,"height":9}},{"id":"d74e2964-7156-4b82-b20d-4c41f40969da","block_type":"box","text":"Interest payable and similar charges","page_number":56,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"08dfa08c-7127-4a14-acc7-348a20fd2c3b","block_type":"box","text":"4","page_number":56,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"a31ed22d-c930-416f-a67d-9393594e4712","block_type":"box","text":"(186,477)","page_number":56,"box":{"x":499,"y":222,"width":57,"height":9}},{"id":"0a3de458-12df-4ca8-8dd8-8255cff4b854","block_type":"box","text":"(370,812)","page_number":56,"box":{"x":733,"y":222,"width":56,"height":9}},{"id":"8a996f8a-e018-495a-82e7-e7b852cc0d15","block_type":"box","text":"Net revenue before taxation","page_number":56,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"9fc3a37d-b261-4f45-a008-0d317c85e84e","block_type":"box","text":"26,159,659","page_number":56,"box":{"x":485,"y":244,"width":66,"height":9}},{"id":"7cf3733d-d124-4a20-ba36-106bc6493503","block_type":"box","text":"23,348,945","page_number":56,"box":{"x":718,"y":244,"width":67,"height":9}},{"id":"2a882dd7-e3bb-4380-99f8-a7da52b0ffd8","block_type":"box","text":"Taxation","page_number":56,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"40fb1ced-10fa-49e3-b364-376b231026ea","block_type":"box","text":"5","page_number":56,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"0d38309f-a5c6-40c2-83fb-cb50ae6f657c","block_type":"box","text":"(2,503,546)","page_number":56,"box":{"x":488,"y":266,"width":68,"height":10}},{"id":"8fd11808-759e-4a82-83b3-ac68eddb9e5c","block_type":"box","text":"(2,454,127)","page_number":56,"box":{"x":721,"y":266,"width":68,"height":10}},{"id":"53ecc6c1-bea7-4992-895c-44cfeb13e92a","block_type":"box","text":"Net revenue after taxation","page_number":56,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"0a512d98-1589-46ba-81ea-5616d87ce86d","block_type":"box","text":"23,656,113","page_number":56,"box":{"x":599,"y":289,"width":66,"height":9}},{"id":"519bf5c2-696c-47b8-9c4c-c95f1e7f1bdb","block_type":"box","text":"20,894,818","page_number":56,"box":{"x":830,"y":289,"width":67,"height":9}},{"id":"ea378ee1-8e84-4d1d-a471-437ee71991a5","block_type":"box","text":"Total return before distributions","page_number":56,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"86cf28eb-7414-4bda-80db-8dd9aa6fcae1","block_type":"box","text":"240,414,069","page_number":56,"box":{"x":588,"y":311,"width":78,"height":9}},{"id":"3160f040-9f8a-4b7c-bb2e-682df9e1c744","block_type":"box","text":"51,207,804","page_number":56,"box":{"x":827,"y":311,"width":70,"height":9}},{"id":"e4f6da80-0046-45f6-bf9a-cfee821290e0","block_type":"box","text":"Distributions","page_number":56,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"b07be60b-e030-4c41-b4b8-111be9c0ba8d","block_type":"box","text":"6","page_number":56,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"ebff33d1-ac8c-4f83-8d07-e0e4852c1bb6","block_type":"box","text":"(24,400,535)","page_number":56,"box":{"x":595,"y":333,"width":75,"height":9}},{"id":"1be8e8bf-77da-45bc-8c5c-c0d625c43249","block_type":"box","text":"(20,547,970)","page_number":56,"box":{"x":826,"y":333,"width":75,"height":9}},{"id":"3654f3be-3975-4aa1-adae-b8959215e418","block_type":"box","text":"Change in net assets attributable to","page_number":56,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"4ff4b168-c3ea-4dc9-8c4d-b46b10e94da8","block_type":"box","text":"Shareholders from investment activities","page_number":56,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"afee8697-6f94-480a-8bf9-948d865e0c0b","block_type":"box","text":"216,013,534","page_number":56,"box":{"x":588,"y":369,"width":78,"height":9}},{"id":"3472459f-c5bf-48f8-ac03-ec3f51b00f94","block_type":"box","text":"30,659,834","page_number":56,"box":{"x":827,"y":369,"width":70,"height":9}},{"id":"8924ef35-718b-4556-bb8e-a5a48bde67db","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":56,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"debac783-2221-4d9b-b411-ea4967b1efe6","block_type":"box","text":"for the year ended 30 April 2026","page_number":56,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"b197f07d-05f4-4d3c-9215-a383fcc2fb18","block_type":"box","text":"30.04.26","page_number":56,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"a266d2cf-a1ac-45b5-a28b-db2f9eb4b689","block_type":"box","text":"30.04.25","page_number":56,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"5493414c-7968-4faf-8829-d79599c07be8","block_type":"box","text":"£","page_number":56,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"20671af9-e198-438e-bc1a-16bda2aa64a8","block_type":"box","text":"£","page_number":56,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"86debb17-8fd8-4ca3-bafe-94beab2bb9d2","block_type":"box","text":"£","page_number":56,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"381b769a-385f-42a9-8900-41d42771775e","block_type":"box","text":"£","page_number":56,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"4c0e3450-656b-490e-b96d-00115a4ad8a6","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":56,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"5141788d-2d0b-4e46-a039-c8fb793be91b","block_type":"box","text":"1,335,315,338","page_number":56,"box":{"x":576,"y":482,"width":90,"height":9}},{"id":"34df97a0-9e9a-48a1-b319-f0a75fc88269","block_type":"box","text":"1,271,417,382","page_number":56,"box":{"x":807,"y":482,"width":90,"height":9}},{"id":"a0a956c6-8e5d-47c6-9467-e30504b8dbce","block_type":"box","text":"Amounts receivable on creation of shares","page_number":56,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"e0e22f7b-2ee2-4df9-8e67-3bf4f6afefc3","block_type":"box","text":"308,957,635","page_number":56,"box":{"x":477,"y":505,"width":74,"height":9}},{"id":"5da557d7-3cbc-4e1d-b4be-18c9e1581bee","block_type":"box","text":"298,042,954","page_number":56,"box":{"x":711,"y":505,"width":74,"height":9}},{"id":"dd131762-8892-4727-b334-67a01212fa79","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":56,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"16cf8a78-d314-4926-a08c-95099d55e8cd","block_type":"box","text":"(254,899,607)","page_number":56,"box":{"x":473,"y":527,"width":83,"height":9}},{"id":"28459303-21b0-4fdd-891a-d5a604a2cb7d","block_type":"box","text":"(285,395,700)","page_number":56,"box":{"x":706,"y":527,"width":83,"height":9}},{"id":"20f0cf97-e990-4115-8ab2-e1802d30bfb6","block_type":"box","text":"54,058,028","page_number":56,"box":{"x":599,"y":549,"width":67,"height":9}},{"id":"e872538a-1a3d-4135-91af-c4f401b44ca2","block_type":"box","text":"12,647,254","page_number":56,"box":{"x":831,"y":549,"width":66,"height":9}},{"id":"3615522e-bed7-4f6b-bdd4-319940a5e6ff","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":56,"box":{"x":96,"y":571,"width":300,"height":10}},{"id":"5e455bd7-d405-4fd3-b529-41c70c5bd784","block_type":"box","text":"from investment activities (see above)","page_number":56,"box":{"x":95,"y":586,"width":231,"height":10}},{"id":"fa2df8c6-d1c8-4629-b64d-22c9fac365c6","block_type":"box","text":"216,013,534","page_number":56,"box":{"x":592,"y":586,"width":74,"height":10}},{"id":"a78406d0-2812-4af6-b429-a59873f3d81c","block_type":"box","text":"30,659,834","page_number":56,"box":{"x":830,"y":586,"width":67,"height":10}},{"id":"6ab75691-d47d-4a53-9265-2e6a1ff95835","block_type":"box","text":"Accumulation distributions retained","page_number":56,"box":{"x":95,"y":608,"width":218,"height":9}},{"id":"38e2a591-2c6b-4c17-bdd4-36676d01035e","block_type":"box","text":"24,712,645","page_number":56,"box":{"x":599,"y":609,"width":66,"height":9}},{"id":"1d7db4fa-a719-44c5-a5b5-35dbd4c39372","block_type":"box","text":"20,590,868","page_number":56,"box":{"x":830,"y":609,"width":67,"height":9}},{"id":"95a18325-e9a7-41cb-916a-8c39eb397cb1","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":56,"box":{"x":96,"y":630,"width":311,"height":11}},{"id":"e7f6339d-5dfa-4ac6-a9ef-8a38d6a55a0b","block_type":"box","text":"1,630,099,545","page_number":56,"box":{"x":576,"y":631,"width":90,"height":9}},{"id":"828eeeb7-9a0d-451c-9f5d-864e7d3873b8","block_type":"box","text":"1,335,315,338","page_number":56,"box":{"x":807,"y":631,"width":90,"height":9}},{"id":"3d9106c1-1511-4d8d-85b5-faccf903aad7","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":56,"box":{"x":506,"y":38,"width":396,"height":17}},{"id":"0277b899-d880-4299-baa0-a6e5cbd90606","block_type":"box","text":"51","page_number":56,"box":{"x":967,"y":960,"width":15,"height":9}},{"id":"e8e98444-95ea-49b3-bd2b-3276d95b89d0","block_type":"box","text":"Balance Sheet","page_number":57,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"21f09161-cb64-4776-b612-568c4144c390","block_type":"box","text":"as at 30 April 2026","page_number":57,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"02c886e8-5fd9-428b-9f2a-144bd62f361e","block_type":"box","text":"30.04.26","page_number":57,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"5920cbd8-009c-4d99-9a1d-ac61137f45c1","block_type":"box","text":"30.04.25","page_number":57,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"ef796f19-6915-4b7c-9468-989d0ca3486d","block_type":"box","text":"Note","page_number":57,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"993ea425-c000-436f-9b09-e4e2bec8bfb8","block_type":"box","text":"£","page_number":57,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"54c839ca-1cf4-4a23-acfc-b33eb10f56e0","block_type":"box","text":"£","page_number":57,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"b1413866-c0ad-4fbd-88ad-6ca74c5f505f","block_type":"box","text":"£","page_number":57,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"d170f150-cc01-481c-986d-5d968cfe7868","block_type":"box","text":"£","page_number":57,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"57946bd7-c93d-44f5-9ced-36295f92eb94","block_type":"box","text":"ASSETS","page_number":57,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"094d792f-1c38-48d6-84a0-c3b3f4b483c5","block_type":"box","text":"Investments assets","page_number":57,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"0f238aa0-b029-42b6-8302-7426028ba79d","block_type":"box","text":"1,610,677,516","page_number":57,"box":{"x":576,"y":169,"width":90,"height":9}},{"id":"5d56ae3a-08ff-40e9-add6-5c8da0db2b1a","block_type":"box","text":"1,323,077,742","page_number":57,"box":{"x":807,"y":169,"width":90,"height":9}},{"id":"2626d58e-9ab1-4f59-89d9-e6edad2a2a07","block_type":"box","text":"Current assets","page_number":57,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"86feceb7-59ba-4bae-861e-b7d1c99cca23","block_type":"box","text":"Debtors","page_number":57,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"527f530a-9d35-415d-b271-fee16d0db24e","block_type":"box","text":"7","page_number":57,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"f6a81477-8b6d-45e0-9fb7-f4e198308cd5","block_type":"box","text":"3,983,177","page_number":57,"box":{"x":493,"y":207,"width":58,"height":9}},{"id":"d171571e-a92c-4955-895b-257f5df47810","block_type":"box","text":"4,819,792","page_number":57,"box":{"x":725,"y":207,"width":59,"height":9}},{"id":"ecb19465-f893-4a6c-88cb-60c088ef8ff6","block_type":"box","text":"Cash and bank balances","page_number":57,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"afbccdfd-a470-43c0-877f-17378e6101f2","block_type":"box","text":"8","page_number":57,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"b7779320-6598-4649-8a53-058b82899dac","block_type":"box","text":"20,881,231","page_number":57,"box":{"x":485,"y":222,"width":64,"height":9}},{"id":"5bc458d2-e889-46f9-a702-0ab507c8b214","block_type":"box","text":"17,203,119","page_number":57,"box":{"x":719,"y":222,"width":65,"height":9}},{"id":"b406fd7c-3bd2-41f5-8d20-71d6f97a5f64","block_type":"box","text":"Total current assets","page_number":57,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"b425f275-0a0a-413e-b90f-69f4bd0abf7a","block_type":"box","text":"24,864,408","page_number":57,"box":{"x":596,"y":244,"width":70,"height":9}},{"id":"f2d4b688-a325-404f-85d7-ddc9464bde64","block_type":"box","text":"22,022,911","page_number":57,"box":{"x":826,"y":244,"width":69,"height":9}},{"id":"7d52e3be-cf2e-4e63-85c9-37c68d64ebb9","block_type":"box","text":"Total assets","page_number":57,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"ebc903e5-4da0-4d67-9a71-06c49afc5020","block_type":"box","text":"1,635,541,924","page_number":57,"box":{"x":576,"y":266,"width":90,"height":9}},{"id":"31073fa8-68cd-4378-bd65-9efbb3b81c5c","block_type":"box","text":"1,345,100,653","page_number":57,"box":{"x":807,"y":266,"width":90,"height":9}},{"id":"0597a5d0-3683-420f-a3c0-44a4b9b00d54","block_type":"box","text":"Current liabilities","page_number":57,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"740e0a3d-cdae-4fe7-9d33-e7b20c932b60","block_type":"box","text":"Bank overdraft","page_number":57,"box":{"x":106,"y":319,"width":89,"height":8}},{"id":"276306e8-ecfa-4c93-bb1d-6d733cf839f3","block_type":"box","text":"8","page_number":57,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"6802e821-7421-4403-bd44-6b1386bff824","block_type":"box","text":"(875,892)","page_number":57,"box":{"x":499,"y":319,"width":57,"height":10}},{"id":"625d13fd-79af-4b9f-8d6f-6413bc9c44e1","block_type":"box","text":"(5,752,919)","page_number":57,"box":{"x":721,"y":319,"width":68,"height":10}},{"id":"0cd0a771-02c4-4696-aa09-db1ea465eb10","block_type":"box","text":"Creditors","page_number":57,"box":{"x":105,"y":334,"width":55,"height":9}},{"id":"6c2e949e-3c5b-4aea-b628-91760e33a16a","block_type":"box","text":"9","page_number":57,"box":{"x":421,"y":335,"width":6,"height":8}},{"id":"f2777394-467e-470c-bf8d-8d439067bc3c","block_type":"box","text":"(4,566,487)","page_number":57,"box":{"x":488,"y":335,"width":68,"height":9}},{"id":"8d6bd815-0486-4423-a626-a2fa11510e74","block_type":"box","text":"(4,032,396)","page_number":57,"box":{"x":721,"y":335,"width":68,"height":9}},{"id":"ddc066a0-6d58-45ff-b28a-0e6b96c79e8d","block_type":"box","text":"Total current liabilities","page_number":57,"box":{"x":95,"y":357,"width":152,"height":8}},{"id":"ae3e76ce-4929-4beb-8192-bcce9849f105","block_type":"box","text":"(5,442,379)","page_number":57,"box":{"x":599,"y":357,"width":72,"height":9}},{"id":"c1f82ce4-d970-4df1-8f52-6bfe6ab198f5","block_type":"box","text":"(9,785,315)","page_number":57,"box":{"x":830,"y":357,"width":71,"height":9}},{"id":"19e06748-9315-4008-b9d1-7d49e139357f","block_type":"box","text":"Net assets attributable to Shareholders","page_number":57,"box":{"x":96,"y":379,"width":261,"height":8}},{"id":"95ab4983-b420-4998-a8a8-70365e91baca","block_type":"box","text":"1,630,099,545","page_number":57,"box":{"x":576,"y":379,"width":90,"height":9}},{"id":"f431487f-3969-4241-8f7a-ba5a9a287232","block_type":"box","text":"1,335,315,338","page_number":57,"box":{"x":807,"y":379,"width":90,"height":9}},{"id":"fcb096cd-7560-4e5b-b92f-b8a4a73e9820","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":57,"box":{"x":97,"y":38,"width":396,"height":17}},{"id":"2daaeed6-8457-491f-b1da-8e4113460235","block_type":"box","text":"52","page_number":57,"box":{"x":15,"y":960,"width":17,"height":9}},{"id":"7f82fd9c-3184-40f3-b765-d098fc8a4c2f","block_type":"box","text":"Notes to the Financial Statements","page_number":58,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"8656ca4a-e8c4-4cbf-9820-9d351676e44e","block_type":"box","text":"for the year ended 30 April 2026","page_number":58,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"3e54fc03-0941-49ca-aad6-1aa05c7d4783","block_type":"box","text":"1. Accounting policies","page_number":58,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"26cf7628-eb93-42dc-968e-4d14d2755599","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":58,"box":{"x":95,"y":154,"width":641,"height":11}},{"id":"e85d5f5a-d1d5-40f8-8877-7639da10d4b5","block_type":"box","text":"2. Net capital gains","page_number":58,"box":{"x":95,"y":196,"width":127,"height":10}},{"id":"8d5f492b-9d59-4c81-92d2-3a66e450eab6","block_type":"box","text":"30.04.26","page_number":58,"box":{"x":730,"y":196,"width":55,"height":8}},{"id":"a508c6ac-2ef2-4f73-a600-dcf1436efc1e","block_type":"box","text":"30.04.25","page_number":58,"box":{"x":840,"y":196,"width":54,"height":8}},{"id":"4549cb23-b812-4023-a823-a1c09f415d79","block_type":"box","text":"£","page_number":58,"box":{"x":778,"y":212,"width":7,"height":7}},{"id":"deeac2b0-b914-453e-979f-b7bed74319e2","block_type":"box","text":"£","page_number":58,"box":{"x":888,"y":212,"width":6,"height":7}},{"id":"300ce8e6-e999-4c17-8efb-edfd7d73491c","block_type":"box","text":"The net capital gains comprise:","page_number":58,"box":{"x":95,"y":227,"width":187,"height":10}},{"id":"34a3164c-e805-4068-a818-16b2932ecd75","block_type":"box","text":"Non-derivative securities gains/(losses): realised","page_number":58,"box":{"x":96,"y":245,"width":292,"height":11}},{"id":"eeeadbb1-b354-4a07-89e0-474db9caa871","block_type":"box","text":"85,155,183","page_number":58,"box":{"x":718,"y":246,"width":66,"height":9}},{"id":"940fa9a1-2d5b-485f-a5e9-4a4c6ab1e7d2","block_type":"box","text":"52,112,826","page_number":58,"box":{"x":828,"y":246,"width":66,"height":9}},{"id":"c45caac1-f6cb-4e43-aee1-6e921544689b","block_type":"box","text":"Non-derivative securities (losses)/gains","page_number":58,"box":{"x":96,"y":264,"width":237,"height":11}},{"id":"f2a47d01-b67a-413c-ab1d-4a7f25b9d334","block_type":"box","text":": unrealised","page_number":58,"box":{"x":335,"y":264,"width":69,"height":8}},{"id":"0827b082-18ca-4a58-8a27-61a91af075ba","block_type":"box","text":"131,659,612","page_number":58,"box":{"x":711,"y":265,"width":74,"height":9}},{"id":"1ee704a7-f868-4e79-97df-cd9a6daa42c1","block_type":"box","text":"(21,795,437)","page_number":58,"box":{"x":823,"y":265,"width":76,"height":9}},{"id":"2fc814db-30c9-4b9e-b06b-18cdd55d91f6","block_type":"box","text":"Foreign currency (losses)","page_number":58,"box":{"x":96,"y":283,"width":150,"height":11}},{"id":"d8bd0ae6-6f51-4ffe-a8b5-1b9e1d0379d2","block_type":"box","text":"(169,918)","page_number":58,"box":{"x":733,"y":283,"width":56,"height":10}},{"id":"2530f63e-b034-443a-8e3e-e5601f0bf352","block_type":"box","text":"–","page_number":58,"box":{"x":888,"y":288,"width":6,"height":1}},{"id":"0ba8f894-298a-439d-b3fd-929cda28ce12","block_type":"box","text":"Transaction charges (custodian)","page_number":58,"box":{"x":95,"y":302,"width":193,"height":10}},{"id":"9c002a9f-96e9-491b-8b67-6a7226a54052","block_type":"box","text":"1,185","page_number":58,"box":{"x":753,"y":302,"width":31,"height":9}},{"id":"7601798e-62ee-46e6-af68-1e1d090edd91","block_type":"box","text":"(3,218)","page_number":58,"box":{"x":857,"y":302,"width":42,"height":10}},{"id":"77c4b2a9-7fe0-4600-97f7-4b78ee86f4df","block_type":"box","text":"Rebates from underlying holdings","page_number":58,"box":{"x":96,"y":321,"width":205,"height":10}},{"id":"9362c2ce-c71a-447a-a02a-52d5314db9ca","block_type":"box","text":"111,894","page_number":58,"box":{"x":738,"y":321,"width":47,"height":9}},{"id":"d5806fd0-718c-494d-82dd-1aa19ff4ae05","block_type":"box","text":"(1,185)","page_number":58,"box":{"x":857,"y":321,"width":42,"height":9}},{"id":"038546f9-db9c-4aa2-8285-86a8746c5c54","block_type":"box","text":"Total net capital gains","page_number":58,"box":{"x":95,"y":343,"width":146,"height":10}},{"id":"f51b0fe3-6281-436c-9f89-8e27984fcd6d","block_type":"box","text":"216,757,956","page_number":58,"box":{"x":707,"y":343,"width":78,"height":9}},{"id":"b1a1b78e-22f4-4719-a57f-2c9bccae96c7","block_type":"box","text":"30,312,986","page_number":58,"box":{"x":824,"y":343,"width":70,"height":9}},{"id":"f1a88b15-14bc-4d76-90fa-076165728cf9","block_type":"box","text":"3. Revenue","page_number":58,"box":{"x":95,"y":389,"width":72,"height":8}},{"id":"e9c68682-66bf-4969-8312-d1aa01a72227","block_type":"box","text":"30.04.26","page_number":58,"box":{"x":730,"y":389,"width":55,"height":8}},{"id":"9f03d8e0-4e26-45bc-9fbc-0b55bbe132e4","block_type":"box","text":"30.04.25","page_number":58,"box":{"x":840,"y":389,"width":54,"height":8}},{"id":"ebd52891-c568-4a1d-aa77-5fe86918279b","block_type":"box","text":"£","page_number":58,"box":{"x":778,"y":405,"width":7,"height":8}},{"id":"aec07c09-b14e-4fb0-9eba-85bd79eb8387","block_type":"box","text":"£","page_number":58,"box":{"x":888,"y":405,"width":6,"height":8}},{"id":"efa06859-7911-48ac-891d-1c8c845c4fd5","block_type":"box","text":"Non-taxable dividends","page_number":58,"box":{"x":96,"y":427,"width":136,"height":8}},{"id":"2f60f905-1968-4296-a3b8-5275c02a5b8b","block_type":"box","text":"13,753,824","page_number":58,"box":{"x":719,"y":427,"width":66,"height":9}},{"id":"7510d44b-f855-4d4d-80a5-3f0cf04a11f1","block_type":"box","text":"11,077,129","page_number":58,"box":{"x":828,"y":427,"width":66,"height":9}},{"id":"998c4b31-d403-4730-b4b6-ebce351241c2","block_type":"box","text":"Annual Payment from UK CIS","page_number":58,"box":{"x":95,"y":445,"width":176,"height":11}},{"id":"10b1d463-e830-4de0-b947-d2034bb4bdc7","block_type":"box","text":"10,650","page_number":58,"box":{"x":745,"y":446,"width":40,"height":9}},{"id":"761a5332-ecf9-4d89-9258-c83f427dcb4b","block_type":"box","text":"78,376","page_number":58,"box":{"x":854,"y":446,"width":40,"height":9}},{"id":"37bb874d-1336-4d43-ad91-141259046130","block_type":"box","text":"Interest from non-derivative securities","page_number":58,"box":{"x":96,"y":464,"width":232,"height":9}},{"id":"df2e73c6-88ba-4b94-87c5-369f644cb345","block_type":"box","text":"13,148,261","page_number":58,"box":{"x":719,"y":465,"width":64,"height":9}},{"id":"8b70bc76-e67c-4350-84f6-15abdaa703f5","block_type":"box","text":"12,551,473","page_number":58,"box":{"x":828,"y":465,"width":66,"height":9}},{"id":"aac5d5dd-4204-4b7a-90e8-821a40621d02","block_type":"box","text":"Rebates from underlying holdings","page_number":58,"box":{"x":96,"y":483,"width":205,"height":11}},{"id":"d70268b3-c4db-4c57-affa-19b156abf0b3","block_type":"box","text":"2,889,382","page_number":58,"box":{"x":726,"y":484,"width":58,"height":9}},{"id":"7eef59e4-9e37-4549-b688-358dc57d822d","block_type":"box","text":"2,800,886","page_number":58,"box":{"x":835,"y":484,"width":59,"height":9}},{"id":"ed710645-6c96-465a-a112-037d4658bd37","block_type":"box","text":"Bank interest","page_number":58,"box":{"x":96,"y":502,"width":80,"height":8}},{"id":"a24919df-22a6-4368-8b5c-8f0e589b07bc","block_type":"box","text":"794,409","page_number":58,"box":{"x":737,"y":502,"width":47,"height":9}},{"id":"c7128426-a493-43ea-9585-f1d9c9633d5f","block_type":"box","text":"977,792","page_number":58,"box":{"x":847,"y":502,"width":47,"height":9}},{"id":"b4aabe98-7b94-4f69-9e3d-ce795de629ae","block_type":"box","text":"Total revenue","page_number":58,"box":{"x":95,"y":524,"width":91,"height":8}},{"id":"9de6af4c-92e0-4241-8faf-b66771cffdb7","block_type":"box","text":"30,596,526","page_number":58,"box":{"x":715,"y":525,"width":70,"height":9}},{"id":"376353c1-9647-4001-9365-c7f387621609","block_type":"box","text":"27,485,656","page_number":58,"box":{"x":824,"y":525,"width":70,"height":9}},{"id":"a355dcee-d1fa-4fa8-9b09-9422195fdc80","block_type":"box","text":"4. Expenses","page_number":58,"box":{"x":95,"y":571,"width":76,"height":10}},{"id":"34f44715-65f4-4368-8bb2-3f2cef9483b0","block_type":"box","text":"30.04.26","page_number":58,"box":{"x":730,"y":571,"width":55,"height":8}},{"id":"3ccdc846-9acc-4d3a-a51d-e3c1bdb81514","block_type":"box","text":"30.04.25","page_number":58,"box":{"x":840,"y":571,"width":54,"height":8}},{"id":"ea346ab2-7d3c-4cb1-ba3f-d7956e2435e6","block_type":"box","text":"£","page_number":58,"box":{"x":778,"y":586,"width":7,"height":8}},{"id":"0a4f025e-47f2-4a4d-ae49-1ff1c6ffab48","block_type":"box","text":"£","page_number":58,"box":{"x":888,"y":586,"width":6,"height":8}},{"id":"cfae03d2-81b4-4c31-89d9-7561e7602b8d","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":58,"box":{"x":96,"y":601,"width":549,"height":11}},{"id":"1a387810-1318-4105-96c8-7f60f6e2b893","block_type":"box","text":"agents of either of them:","page_number":58,"box":{"x":95,"y":617,"width":149,"height":10}},{"id":"72984f6f-79f1-43a1-9e8f-fa6ea5284f61","block_type":"box","text":"Annual management charge","page_number":58,"box":{"x":104,"y":636,"width":172,"height":10}},{"id":"5f5b714e-3d3b-4f8a-94d0-7464e09f6c26","block_type":"box","text":"3,780,567","page_number":58,"box":{"x":726,"y":636,"width":59,"height":9}},{"id":"8d1254a3-7423-4910-93bb-700fae2b6cf3","block_type":"box","text":"3,348,329","page_number":58,"box":{"x":835,"y":636,"width":59,"height":9}},{"id":"65eddfe1-bd18-43c5-a806-10d0b54752de","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":58,"box":{"x":96,"y":658,"width":514,"height":10}},{"id":"2b422303-7529-4fa0-9a89-7c3ebf061841","block_type":"box","text":"Depositary’s fee","page_number":58,"box":{"x":106,"y":677,"width":95,"height":10}},{"id":"0711a75b-f351-47c6-bacf-173729bbf9ea","block_type":"box","text":"279,865","page_number":58,"box":{"x":737,"y":677,"width":47,"height":9}},{"id":"068b75a4-6e14-40ce-840a-330f54af7c95","block_type":"box","text":"249,878","page_number":58,"box":{"x":847,"y":677,"width":47,"height":9}},{"id":"cdfc4f66-c12a-4fbb-b13f-b74667fca411","block_type":"box","text":"Safe custody fee","page_number":58,"box":{"x":105,"y":692,"width":98,"height":11}},{"id":"00d3d914-1605-4c9f-ad03-f56464de98d7","block_type":"box","text":"129,058","page_number":58,"box":{"x":738,"y":692,"width":47,"height":10}},{"id":"a9429bbf-6173-4b2f-a22a-90c8815e38a1","block_type":"box","text":"117,509","page_number":58,"box":{"x":847,"y":692,"width":47,"height":10}},{"id":"26799f02-27ef-4df4-9912-e485021b3123","block_type":"box","text":"408,923","page_number":58,"box":{"x":737,"y":715,"width":47,"height":9}},{"id":"392fd941-c743-4ccd-9b30-1694b112fc5b","block_type":"box","text":"367,387","page_number":58,"box":{"x":847,"y":715,"width":47,"height":9}},{"id":"3b7ddae1-5fe4-47c1-8dbe-fcc0e4089371","block_type":"box","text":"Other expenses:","page_number":58,"box":{"x":96,"y":730,"width":97,"height":10}},{"id":"3ed35ee9-7226-4716-b9ef-13c993d538bd","block_type":"box","text":"Audit fee*","page_number":58,"box":{"x":104,"y":748,"width":62,"height":9}},{"id":"c96f9f27-7c58-4ace-a3b9-253320e4bac7","block_type":"box","text":"9,720","page_number":58,"box":{"x":752,"y":749,"width":33,"height":9}},{"id":"271fd451-dc68-42b7-b7f7-5ef80f58f185","block_type":"box","text":"8,150","page_number":58,"box":{"x":862,"y":749,"width":32,"height":9}},{"id":"156b95b3-36b0-4e96-b818-5eb42da1554a","block_type":"box","text":"Legal fee","page_number":58,"box":{"x":106,"y":764,"width":52,"height":11}},{"id":"ea6f387e-2cfd-45c6-b6e6-8f11cf882c07","block_type":"box","text":"4,500","page_number":58,"box":{"x":752,"y":764,"width":33,"height":9}},{"id":"ca07279b-bfa2-43f9-a296-42bd990332aa","block_type":"box","text":"–","page_number":58,"box":{"x":888,"y":769,"width":6,"height":0}},{"id":"ee6f70fa-e2ae-443e-b984-79c4c24a1f0a","block_type":"box","text":"Other expenses","page_number":58,"box":{"x":105,"y":779,"width":95,"height":11}},{"id":"dc2ba972-14e4-478c-a0b3-687b69ef9c34","block_type":"box","text":"46,680","page_number":58,"box":{"x":744,"y":780,"width":41,"height":9}},{"id":"f701d9d4-f9fd-4539-a67b-ded2569f52d2","block_type":"box","text":"42,033","page_number":58,"box":{"x":854,"y":780,"width":40,"height":9}},{"id":"55a60302-a5aa-4d9a-ad3b-fcdb702af964","block_type":"box","text":"60,900","page_number":58,"box":{"x":745,"y":802,"width":40,"height":9}},{"id":"6e406aee-c4a8-4dde-947b-14281aaa9f92","block_type":"box","text":"50,183","page_number":58,"box":{"x":854,"y":802,"width":40,"height":9}},{"id":"78bcf515-d604-4efe-bf72-beb0946b2c22","block_type":"box","text":"Expenses","page_number":58,"box":{"x":96,"y":837,"width":60,"height":10}},{"id":"1d38d0a4-dc77-4a26-a91b-dcb4971fc614","block_type":"box","text":"4,250,390","page_number":58,"box":{"x":722,"y":837,"width":63,"height":9}},{"id":"e6cd6a07-de9d-41c3-ae12-450a1e9f1385","block_type":"box","text":"3,765,899","page_number":58,"box":{"x":832,"y":837,"width":62,"height":9}},{"id":"6ddb5759-c29a-4971-9092-ecb5d00b9859","block_type":"box","text":"Interest payable and similar charges","page_number":58,"box":{"x":96,"y":859,"width":219,"height":11}},{"id":"3ff77786-5767-4fd4-898c-949b61321a1d","block_type":"box","text":"186,477","page_number":58,"box":{"x":738,"y":859,"width":47,"height":9}},{"id":"10c5c20f-5b71-4c6a-8014-5cb09c3e0d50","block_type":"box","text":"370,812","page_number":58,"box":{"x":847,"y":859,"width":47,"height":9}},{"id":"a6a1dfb1-9ba3-44b2-8502-487dbf3745af","block_type":"box","text":"Total","page_number":58,"box":{"x":95,"y":881,"width":33,"height":8}},{"id":"114b50c4-f26b-43c7-b1dc-58cbaca5c963","block_type":"box","text":"4,436,867","page_number":58,"box":{"x":722,"y":881,"width":63,"height":10}},{"id":"2518180d-02d9-44bf-a615-2669389dce5f","block_type":"box","text":"4,136,711","page_number":58,"box":{"x":832,"y":881,"width":61,"height":10}},{"id":"5d46fdba-8987-43a7-99bc-bd90236a7337","block_type":"box","text":"*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","page_number":58,"box":{"x":95,"y":903,"width":809,"height":11}},{"id":"0a18403d-964e-4bc6-97e3-edbd7d44310b","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":58,"box":{"x":96,"y":919,"width":174,"height":10}},{"id":"acd49286-b39c-4899-b333-702243f4185c","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":58,"box":{"x":506,"y":38,"width":396,"height":17}},{"id":"f1d9cbd7-ebdf-4d7f-8fa2-c3c759b78b56","block_type":"box","text":"53","page_number":58,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"3462008f-20fb-44cc-907f-4fcf577423a0","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":59,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"2c1fa842-7b71-4ee6-b46d-b5e3a948726b","block_type":"box","text":"for the year ended 30 April 2026","page_number":59,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"65bd18b1-0b47-48ab-b7ac-531685347461","block_type":"box","text":"5. Taxation","page_number":59,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"959fda4b-b332-4d7a-b838-fed0029fb349","block_type":"box","text":"30.04.26","page_number":59,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"60ad1d00-9c0d-49b1-b6bf-2e4cce66d69d","block_type":"box","text":"30.04.25","page_number":59,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"758b8fa6-8bee-4eec-83dd-8af304afe718","block_type":"box","text":"£","page_number":59,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"c6ec1f3e-b495-4f34-bf17-6e95106644b7","block_type":"box","text":"£","page_number":59,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"3a6260f4-37bf-4c47-900c-de45458f8f1e","block_type":"box","text":"(a) Analysis of charge in the year","page_number":59,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"b187ed66-9d1a-47e1-a229-b6674dda0ef4","block_type":"box","text":"UK corporation tax","page_number":59,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"783901a1-d59f-483e-9fb0-40d4f6ee86c9","block_type":"box","text":"2,503,546","page_number":59,"box":{"x":726,"y":191,"width":59,"height":9}},{"id":"4e76cc9e-0f08-4cbb-8463-28ca9303ba3d","block_type":"box","text":"2,454,127","page_number":59,"box":{"x":835,"y":191,"width":59,"height":9}},{"id":"35090ad2-d9be-456e-826a-f1a37b1ef2fa","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":59,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"f517e524-05ae-4fe0-aef5-576229d6847d","block_type":"box","text":"2,503,546","page_number":59,"box":{"x":722,"y":213,"width":63,"height":9}},{"id":"c2e34a14-8769-43ad-8e8d-64ec6c26ddbf","block_type":"box","text":"2,454,127","page_number":59,"box":{"x":832,"y":213,"width":62,"height":9}},{"id":"f7133a1b-94ca-4a7b-9353-3c9d392b563b","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":59,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"ff13b42b-e083-43ac-82a7-928d51afe209","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":59,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"c60b8802-95b1-445a-9922-83dcc408d4ec","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":59,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"b99415ec-573d-47a2-be9b-784e6308a3b5","block_type":"box","text":"Net revenue before UK corporation tax","page_number":59,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"35d75fa3-c65f-467d-9dcb-daf3c402e5b2","block_type":"box","text":"26,159,659","page_number":59,"box":{"x":718,"y":304,"width":66,"height":9}},{"id":"67d0a305-6840-4a66-9683-8092593fb071","block_type":"box","text":"23,348,945","page_number":59,"box":{"x":828,"y":304,"width":66,"height":9}},{"id":"f66dc5af-3c57-48e4-8b9f-c43b1cc33b86","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":59,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"15aa9efe-e0ec-4831-a96e-3b7c90e53fa0","block_type":"box","text":"5,231,932","page_number":59,"box":{"x":726,"y":326,"width":58,"height":9}},{"id":"3d951ac1-9368-4818-b41d-be6dcd5a0661","block_type":"box","text":"4,669,789","page_number":59,"box":{"x":835,"y":326,"width":59,"height":9}},{"id":"ffd2becd-de1e-4716-aed8-571c3c9249c2","block_type":"box","text":"Effects of:","page_number":59,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"5a19ab5a-2c84-4798-8b2e-2ae44bdf7384","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":59,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"94d16468-62d1-46c4-a22f-6752f6968eb5","block_type":"box","text":"(2,750,765)","page_number":59,"box":{"x":721,"y":364,"width":68,"height":9}},{"id":"d9ea277d-01ce-4c52-b9d8-a89d52497a12","block_type":"box","text":"(2,215,426)","page_number":59,"box":{"x":831,"y":364,"width":68,"height":9}},{"id":"7be1b42d-9069-44e0-9c74-f158136c23f6","block_type":"box","text":"Tax effect of rebates in capital","page_number":59,"box":{"x":95,"y":382,"width":181,"height":11}},{"id":"951b218a-936c-4077-99ce-a184219a8524","block_type":"box","text":"22,379","page_number":59,"box":{"x":745,"y":383,"width":39,"height":9}},{"id":"4fe487ea-0012-46f0-8758-26504fd11185","block_type":"box","text":"(236)","page_number":59,"box":{"x":868,"y":383,"width":31,"height":9}},{"id":"711af562-0830-40b2-a9ac-44cb2d868622","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":59,"box":{"x":95,"y":404,"width":251,"height":11}},{"id":"a2115177-ccaa-43ea-b36e-1efc1865b42f","block_type":"box","text":"2,503,546","page_number":59,"box":{"x":722,"y":405,"width":63,"height":9}},{"id":"810d71f8-d3bd-4396-86ee-ab8ce1eca1cc","block_type":"box","text":"2,454,127","page_number":59,"box":{"x":832,"y":405,"width":62,"height":9}},{"id":"496a9b99-bd25-4ddf-ba46-f62a0a283313","block_type":"box","text":"(c) Provision for deferred taxation","page_number":59,"box":{"x":95,"y":435,"width":205,"height":10}},{"id":"65098311-00e6-4f1f-9e88-d093b95374f7","block_type":"box","text":"At 30 April 2026 there is a potential deferred tax asset of £nil (30 April 2025: £nil) in relation to surplus management expens","page_number":59,"box":{"x":95,"y":457,"width":753,"height":11}},{"id":"a98ca9e9-de2a-452a-bf71-15b04e7782d3","block_type":"box","text":"es.","page_number":59,"box":{"x":850,"y":460,"width":15,"height":6}},{"id":"2f4f1d8d-9264-4e79-89b0-cac5c5fc0f82","block_type":"box","text":"6. Distributions","page_number":59,"box":{"x":95,"y":510,"width":102,"height":9}},{"id":"3a9e7b99-9d27-49d7-ac29-fdaef084fbfa","block_type":"box","text":"30.04.26","page_number":59,"box":{"x":730,"y":526,"width":55,"height":8}},{"id":"31b7bbbd-7d17-4b94-b555-64cf35a008c4","block_type":"box","text":"30.04.25","page_number":59,"box":{"x":840,"y":526,"width":54,"height":8}},{"id":"e501dd0f-790e-4c98-8aa6-81753321a9cb","block_type":"box","text":"£","page_number":59,"box":{"x":778,"y":542,"width":7,"height":7}},{"id":"782b3575-4cda-4e27-ae46-c603ac57de33","block_type":"box","text":"£","page_number":59,"box":{"x":888,"y":542,"width":6,"height":7}},{"id":"39a300c8-5080-42c4-8622-5160b3957393","block_type":"box","text":"Final dividend distribution","page_number":59,"box":{"x":96,"y":564,"width":158,"height":8}},{"id":"a4149bbc-22f5-4720-9405-21f11517936d","block_type":"box","text":"24,712,645","page_number":59,"box":{"x":718,"y":564,"width":67,"height":9}},{"id":"9c70a82e-1e94-425e-8ea4-29c41087e4be","block_type":"box","text":"20,590,868","page_number":59,"box":{"x":828,"y":564,"width":66,"height":9}},{"id":"aad6172f-f6aa-4f0c-9dfc-28b55cf3212f","block_type":"box","text":"24,712,645","page_number":59,"box":{"x":718,"y":586,"width":67,"height":9}},{"id":"747f8d4b-0ce7-4c60-ae90-da08c493981d","block_type":"box","text":"20,590,868","page_number":59,"box":{"x":828,"y":586,"width":66,"height":9}},{"id":"127449c4-4191-4a2f-94ca-5fbb3fcb0875","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":59,"box":{"x":95,"y":604,"width":300,"height":9}},{"id":"295093f2-fe64-45c1-b7b7-a56b36bde740","block_type":"box","text":"1,796,594","page_number":59,"box":{"x":726,"y":605,"width":59,"height":9}},{"id":"a2fb66f1-dc0a-4114-8395-ab34e93c7fa3","block_type":"box","text":"1,766,590","page_number":59,"box":{"x":836,"y":605,"width":58,"height":9}},{"id":"aa219563-64d0-4478-99af-1e32f44921a8","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":59,"box":{"x":96,"y":623,"width":289,"height":9}},{"id":"124a5dc3-71b1-41ce-964a-4a5ac21bc1ec","block_type":"box","text":"(2,108,704)","page_number":59,"box":{"x":721,"y":624,"width":68,"height":9}},{"id":"7677a68c-86c0-44e6-93c3-504fb3abc17f","block_type":"box","text":"(1,809,488)","page_number":59,"box":{"x":831,"y":624,"width":68,"height":9}},{"id":"cdf54843-3d19-424b-bb37-6e38dd32d589","block_type":"box","text":"Distributions","page_number":59,"box":{"x":96,"y":645,"width":86,"height":9}},{"id":"c6bb68af-69c7-4753-b99a-8fc85d4b4de2","block_type":"box","text":"24,400,535","page_number":59,"box":{"x":718,"y":646,"width":67,"height":9}},{"id":"2e72340e-d5a8-41e0-9917-742a6616bd86","block_type":"box","text":"20,547,970","page_number":59,"box":{"x":828,"y":646,"width":66,"height":9}},{"id":"a3a4bb39-93ac-4e53-a58b-7d325c35e2f7","block_type":"box","text":"Reconciliation of distributions","page_number":59,"box":{"x":96,"y":683,"width":200,"height":8}},{"id":"ee9a0cc8-910d-47b8-8062-970dcd0436c6","block_type":"box","text":"Net revenue after taxation","page_number":59,"box":{"x":96,"y":702,"width":159,"height":8}},{"id":"390dc57f-8423-4142-8e5b-c74b23c662da","block_type":"box","text":"23,656,113","page_number":59,"box":{"x":718,"y":702,"width":66,"height":9}},{"id":"778cff81-e57c-4c64-abdd-22a2772d0d88","block_type":"box","text":"20,894,818","page_number":59,"box":{"x":828,"y":702,"width":66,"height":9}},{"id":"1c36c06c-dd98-4f53-ad68-dc84418ae66a","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":59,"box":{"x":96,"y":717,"width":301,"height":11}},{"id":"66760792-4501-4194-ae1e-c50042ee53be","block_type":"box","text":"625,393","page_number":59,"box":{"x":737,"y":718,"width":47,"height":9}},{"id":"cef2eaba-3cd8-4a59-a5a7-e3bd9fb172e4","block_type":"box","text":"1,158,871","page_number":59,"box":{"x":836,"y":718,"width":56,"height":9}},{"id":"1c6d51a5-627e-4c22-bee0-9c2bd20b6fbd","block_type":"box","text":"Marginal tax relief on rebates in capital","page_number":59,"box":{"x":96,"y":733,"width":236,"height":10}},{"id":"8c4af23f-178f-48d7-b2b2-eb375682f71a","block_type":"box","text":"–","page_number":59,"box":{"x":778,"y":738,"width":7,"height":0}},{"id":"4f43139c-e245-43ec-8f94-221a96b73e47","block_type":"box","text":"(236)","page_number":59,"box":{"x":868,"y":733,"width":31,"height":10}},{"id":"97ad77ed-fc49-466b-ac7b-cd06cc470ac9","block_type":"box","text":"Capital corporation tax","page_number":59,"box":{"x":96,"y":748,"width":138,"height":11}},{"id":"9e1e752a-bac4-4c10-a115-4542969ce03d","block_type":"box","text":"22,379","page_number":59,"box":{"x":745,"y":749,"width":39,"height":9}},{"id":"e08066ff-783f-4b55-a13a-e3fec53123a8","block_type":"box","text":"–","page_number":59,"box":{"x":888,"y":753,"width":6,"height":1}},{"id":"75a3e1cf-6bc3-4f58-b0a6-87bfa71a4a90","block_type":"box","text":"Balance brought forward","page_number":59,"box":{"x":96,"y":764,"width":150,"height":10}},{"id":"0d0ae721-069d-419c-b0ab-4f9317dd6b4a","block_type":"box","text":"90,311","page_number":59,"box":{"x":745,"y":764,"width":38,"height":9}},{"id":"519a6444-ed26-4218-a7a8-4ea30a97605f","block_type":"box","text":"(1,415,172)","page_number":59,"box":{"x":831,"y":764,"width":68,"height":9}},{"id":"477d866e-b84e-4b2e-bb8e-bb3aa31b833c","block_type":"box","text":"Balance carried forward","page_number":59,"box":{"x":96,"y":779,"width":144,"height":8}},{"id":"97bb7d4f-541c-4d01-b836-9e391027ab17","block_type":"box","text":"6,339","page_number":59,"box":{"x":752,"y":780,"width":32,"height":9}},{"id":"a96b2ba5-9bc9-47ec-a98a-71abf8c6a374","block_type":"box","text":"(90,311)","page_number":59,"box":{"x":850,"y":780,"width":49,"height":9}},{"id":"f468be54-b323-4b0a-a56e-d8553d8fdd93","block_type":"box","text":"Net distribution for the year","page_number":59,"box":{"x":96,"y":801,"width":187,"height":11}},{"id":"f55ffd27-7a41-47a1-bdc4-5f4523bf8fcc","block_type":"box","text":"24,400,535","page_number":59,"box":{"x":715,"y":802,"width":70,"height":9}},{"id":"ad06baa3-7a63-4a1f-aa1b-f4c78e3f8aa4","block_type":"box","text":"20,547,970","page_number":59,"box":{"x":824,"y":802,"width":70,"height":9}},{"id":"476a854c-fd2c-43c3-87dc-eb7fb86ebd89","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":59,"box":{"x":97,"y":38,"width":396,"height":17}},{"id":"d8718347-d626-4bec-9538-d91fe850d53e","block_type":"box","text":"54","page_number":59,"box":{"x":15,"y":960,"width":18,"height":9}},{"id":"b4db439c-ef54-4f5e-94be-ee930d066bb8","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":60,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"24c82c2f-8355-400d-b8f7-bf50870334f7","block_type":"box","text":"for the year ended 30 April 2026","page_number":60,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"4bc87e41-6069-4b88-af5f-e6114fa28aec","block_type":"box","text":"7. Debtors","page_number":60,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"a819cf26-0f09-4cc1-a539-03bd0c3cce94","block_type":"box","text":"30.04.26","page_number":60,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"f1854dc2-f743-4732-95d9-e12a4cad53e4","block_type":"box","text":"30.04.25","page_number":60,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"12c3c0b5-c96d-426a-af86-2c982a549b2c","block_type":"box","text":"£","page_number":60,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"908d54e2-aebe-4956-bcb2-cf2f39d9f377","block_type":"box","text":"£","page_number":60,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"e2ace043-9c49-4868-a5cb-bc6e8b7a8027","block_type":"box","text":"Amounts receivable on creation of shares","page_number":60,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"0cd5007b-2827-4380-bbe4-58f8058a719e","block_type":"box","text":"2,841,022","page_number":60,"box":{"x":726,"y":172,"width":58,"height":9}},{"id":"cc3afc0b-f661-4b49-b1f5-0853d495ad06","block_type":"box","text":"4,119,810","page_number":60,"box":{"x":835,"y":172,"width":59,"height":9}},{"id":"22204173-5584-4bf0-b644-da501e0d61fa","block_type":"box","text":"Accrued revenue:","page_number":60,"box":{"x":95,"y":191,"width":105,"height":8}},{"id":"dd6be66e-4972-4862-8ca3-942fe2180f92","block_type":"box","text":"Rebates from underlying holdings","page_number":60,"box":{"x":96,"y":209,"width":205,"height":11}},{"id":"e11e23db-af21-4b62-b902-7ae4f3d2f54e","block_type":"box","text":"1,052,970","page_number":60,"box":{"x":726,"y":210,"width":59,"height":9}},{"id":"93a0c165-3406-4bac-a2a4-dd09631d89c5","block_type":"box","text":"684,244","page_number":60,"box":{"x":847,"y":210,"width":48,"height":9}},{"id":"781fef8c-6303-44e0-85d5-01df18503196","block_type":"box","text":"Income tax recoverable","page_number":60,"box":{"x":96,"y":228,"width":141,"height":9}},{"id":"489e6fae-e24b-4699-88f5-cc9c1da0afbd","block_type":"box","text":"17,805","page_number":60,"box":{"x":745,"y":229,"width":39,"height":9}},{"id":"fec6e0ab-b4d8-4477-9965-89dabe71ff95","block_type":"box","text":"15,675","page_number":60,"box":{"x":855,"y":229,"width":39,"height":9}},{"id":"9682c81c-75ec-4f62-bbb7-f90ca68a6ddd","block_type":"box","text":"Corporation tax repayable","page_number":60,"box":{"x":96,"y":247,"width":158,"height":11}},{"id":"a68eef93-0aa4-4a6b-9c21-a94fa8f154b8","block_type":"box","text":"60,301","page_number":60,"box":{"x":745,"y":248,"width":38,"height":9}},{"id":"3c0d6135-ba14-438c-8e27-8de1c5e08cfe","block_type":"box","text":"–","page_number":60,"box":{"x":888,"y":252,"width":6,"height":1}},{"id":"433fcca3-f79b-4488-bf00-f07390f0adac","block_type":"box","text":"Bank interest receivable","page_number":60,"box":{"x":96,"y":266,"width":145,"height":8}},{"id":"ecda7b4d-b8c2-4908-9be4-84681b6cfb0c","block_type":"box","text":"11,079","page_number":60,"box":{"x":745,"y":266,"width":39,"height":9}},{"id":"44b471e7-9284-4fa6-96a3-5f67e9ddae9a","block_type":"box","text":"–","page_number":60,"box":{"x":888,"y":271,"width":6,"height":1}},{"id":"2815f5a6-7b9f-4818-91a5-348d59051c2a","block_type":"box","text":"Prepayments","page_number":60,"box":{"x":96,"y":285,"width":79,"height":10}},{"id":"92d99e99-4abc-4e1e-bcf4-83680ae6d10b","block_type":"box","text":"–","page_number":60,"box":{"x":778,"y":290,"width":7,"height":0}},{"id":"b089bdc3-cffb-4117-97e0-b8b092e7b0b8","block_type":"box","text":"63","page_number":60,"box":{"x":880,"y":285,"width":14,"height":8}},{"id":"01596693-c6f1-4c81-90ab-3d7f7ef0a62a","block_type":"box","text":"Total debtors","page_number":60,"box":{"x":95,"y":307,"width":88,"height":8}},{"id":"211be59c-9ca4-4d0c-bb6f-1f2538d7ca3c","block_type":"box","text":"3,983,177","page_number":60,"box":{"x":723,"y":307,"width":62,"height":9}},{"id":"e1d33e9c-bb9e-4a67-930b-e0b1f6bcae6b","block_type":"box","text":"4,819,792","page_number":60,"box":{"x":832,"y":307,"width":62,"height":9}},{"id":"5910749a-5e60-4efe-b1bf-e106339cde31","block_type":"box","text":"8. Cash and bank balances","page_number":60,"box":{"x":95,"y":360,"width":174,"height":8}},{"id":"16420320-71ee-4d13-b019-2e48291b5271","block_type":"box","text":"30.04.26","page_number":60,"box":{"x":730,"y":360,"width":55,"height":8}},{"id":"36ec6f76-60cc-4647-a9a6-b3fa57852039","block_type":"box","text":"30.04.25","page_number":60,"box":{"x":840,"y":360,"width":54,"height":8}},{"id":"83c93fd7-e0b0-40a2-96af-b76172fb1249","block_type":"box","text":"£","page_number":60,"box":{"x":778,"y":376,"width":7,"height":8}},{"id":"1094bf6b-aa81-4ce8-9ff5-125900cf77c4","block_type":"box","text":"£","page_number":60,"box":{"x":888,"y":376,"width":6,"height":8}},{"id":"31b8df0a-49f8-4c04-bb52-012574cf85a0","block_type":"box","text":"Cash and bank balances","page_number":60,"box":{"x":96,"y":398,"width":146,"height":8}},{"id":"bbda043e-c313-451c-a720-2e6839fd3cb3","block_type":"box","text":"20,881,231","page_number":60,"box":{"x":718,"y":398,"width":65,"height":9}},{"id":"f83376ee-f5be-456b-8f7e-1abc11b5b011","block_type":"box","text":"17,203,119","page_number":60,"box":{"x":828,"y":398,"width":66,"height":9}},{"id":"560de4a8-56fb-4494-b146-e9d3c54afe41","block_type":"box","text":"Bank overdraft","page_number":60,"box":{"x":96,"y":416,"width":89,"height":9}},{"id":"a0f8e8ff-06e1-4c7d-847a-584cf89a727c","block_type":"box","text":"(875,892)","page_number":60,"box":{"x":733,"y":417,"width":56,"height":9}},{"id":"83d397ad-eea5-4278-b0fd-43709cb607b2","block_type":"box","text":"(5,752,919)","page_number":60,"box":{"x":831,"y":417,"width":68,"height":9}},{"id":"0f4d78c7-7c07-4d48-ac20-b670ee6049a0","block_type":"box","text":"Total","page_number":60,"box":{"x":95,"y":439,"width":33,"height":8}},{"id":"443d62e1-e35b-4f9f-9b40-e9257f107376","block_type":"box","text":"20,005,339","page_number":60,"box":{"x":715,"y":439,"width":70,"height":9}},{"id":"6b3ec7b3-5942-47fe-9125-32127dfde125","block_type":"box","text":"11,450,200","page_number":60,"box":{"x":824,"y":439,"width":70,"height":9}},{"id":"a8aee333-bd48-468f-8bf8-e3b92b5f3d5a","block_type":"box","text":"9. Creditors","page_number":60,"box":{"x":95,"y":492,"width":76,"height":8}},{"id":"744a7eac-9484-4d89-9f8d-9906f1a6b1e6","block_type":"box","text":"30.04.26","page_number":60,"box":{"x":730,"y":492,"width":55,"height":8}},{"id":"26dc79b0-a045-4250-8a1a-b97ead048814","block_type":"box","text":"30.04.25","page_number":60,"box":{"x":840,"y":492,"width":54,"height":8}},{"id":"02386319-983d-42b7-9430-70514961f6c2","block_type":"box","text":"£","page_number":60,"box":{"x":778,"y":507,"width":7,"height":8}},{"id":"cdf6f577-53e1-494d-bbe5-1e04e8d49f8f","block_type":"box","text":"£","page_number":60,"box":{"x":888,"y":507,"width":6,"height":8}},{"id":"59d1045c-404b-41b4-b1c2-7ebd7fa6f79e","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":60,"box":{"x":95,"y":529,"width":261,"height":11}},{"id":"290c01c6-e037-4d8e-a156-8dae14b6ba58","block_type":"box","text":"4,168,315","page_number":60,"box":{"x":725,"y":530,"width":59,"height":9}},{"id":"847a6766-5994-4c24-895c-d6c5bf469931","block_type":"box","text":"2,459,757","page_number":60,"box":{"x":835,"y":530,"width":59,"height":9}},{"id":"266e6966-55f1-410b-99e1-46d58345a145","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":60,"box":{"x":96,"y":548,"width":549,"height":11}},{"id":"b41d1242-d1f2-46be-9005-af41d7b526cd","block_type":"box","text":"agents of either of them:","page_number":60,"box":{"x":95,"y":563,"width":149,"height":11}},{"id":"b3f0b187-0260-4352-84df-f0b166f7e137","block_type":"box","text":"Annual management charge","page_number":60,"box":{"x":104,"y":582,"width":172,"height":11}},{"id":"712034f4-4340-4023-8e5e-635b4ec80592","block_type":"box","text":"331,679","page_number":60,"box":{"x":737,"y":583,"width":47,"height":9}},{"id":"21a13cbb-6596-4232-8f96-3c7b7a2c19a3","block_type":"box","text":"269,933","page_number":60,"box":{"x":847,"y":583,"width":47,"height":9}},{"id":"9df7a63e-320b-4da9-8243-600712268043","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":60,"box":{"x":96,"y":604,"width":514,"height":11}},{"id":"43dbddc5-eed1-4646-8a64-b870dc3af97e","block_type":"box","text":"Depositary fee","page_number":60,"box":{"x":106,"y":623,"width":86,"height":11}},{"id":"51508405-62fa-45fa-b6dd-44d61edc97b7","block_type":"box","text":"24,614","page_number":60,"box":{"x":745,"y":624,"width":40,"height":9}},{"id":"f81dff11-6c34-4fac-aff3-3ca8562a91d4","block_type":"box","text":"20,715","page_number":60,"box":{"x":854,"y":624,"width":40,"height":9}},{"id":"2051a70b-3eb0-4e47-a77c-f8bdc20ffb32","block_type":"box","text":"Safe custody and other custodian charges","page_number":60,"box":{"x":105,"y":639,"width":253,"height":10}},{"id":"aa3860b8-14f7-43c2-ae58-8e600aa3675c","block_type":"box","text":"10,481","page_number":60,"box":{"x":745,"y":639,"width":38,"height":9}},{"id":"74699d2d-a18e-46f7-9708-95df55ee2cc4","block_type":"box","text":"135,636","page_number":60,"box":{"x":847,"y":639,"width":47,"height":9}},{"id":"b26f9ef4-8695-4247-814e-bc13f8eae644","block_type":"box","text":"35,095","page_number":60,"box":{"x":745,"y":661,"width":39,"height":9}},{"id":"038cb595-519a-4d19-9765-765ecfe43292","block_type":"box","text":"156,351","page_number":60,"box":{"x":847,"y":661,"width":45,"height":9}},{"id":"fe5b7d9e-70e8-4a57-b673-d7c3895bbe06","block_type":"box","text":"Other expenses:","page_number":60,"box":{"x":96,"y":683,"width":97,"height":11}},{"id":"422bfa1d-63f5-4ab4-8c76-6e54a066b002","block_type":"box","text":"UK corporation tax","page_number":60,"box":{"x":105,"y":702,"width":114,"height":11}},{"id":"631ca3e5-f99e-4d14-99d4-93dddd365930","block_type":"box","text":"–","page_number":60,"box":{"x":778,"y":707,"width":7,"height":1}},{"id":"5380a5c6-d2c2-4aa8-984d-159058fc95d1","block_type":"box","text":"1,134,956","page_number":60,"box":{"x":836,"y":702,"width":58,"height":9}},{"id":"499916af-ee5b-4ad9-bca8-99c40cf93cd8","block_type":"box","text":"Audit fee*","page_number":60,"box":{"x":104,"y":717,"width":62,"height":9}},{"id":"f5e503f7-e4be-4491-ac0f-106401674d5d","block_type":"box","text":"9,720","page_number":60,"box":{"x":752,"y":718,"width":33,"height":9}},{"id":"395abeee-e5f4-48bb-ac4d-9d5c7cab311c","block_type":"box","text":"7,862","page_number":60,"box":{"x":862,"y":718,"width":32,"height":9}},{"id":"914e0f49-3e3b-4286-8798-ba70cdb7f505","block_type":"box","text":"Other accrued expenses","page_number":60,"box":{"x":105,"y":733,"width":147,"height":10}},{"id":"a99cbb20-5b8a-40aa-8942-5f5da33db099","block_type":"box","text":"21,678","page_number":60,"box":{"x":745,"y":733,"width":40,"height":9}},{"id":"54948340-a6db-4cf0-93ef-c036782992fa","block_type":"box","text":"3,537","page_number":60,"box":{"x":862,"y":733,"width":32,"height":9}},{"id":"9705904c-8da8-42f4-b60c-9444b3466b1a","block_type":"box","text":"31,398","page_number":60,"box":{"x":745,"y":755,"width":40,"height":9}},{"id":"2e9a9fa2-f9de-4577-9e35-71d6ecd012b3","block_type":"box","text":"1,146,355","page_number":60,"box":{"x":836,"y":755,"width":58,"height":9}},{"id":"0f746a34-a1f2-48cd-a7df-17c6f8011fe2","block_type":"box","text":"Total creditors","page_number":60,"box":{"x":95,"y":790,"width":97,"height":8}},{"id":"0819b078-21c1-439c-84ff-043a9e87f229","block_type":"box","text":"4,566,487","page_number":60,"box":{"x":722,"y":791,"width":63,"height":9}},{"id":"add62590-d081-4e43-ae86-c732e9fb79c5","block_type":"box","text":"4,032,396","page_number":60,"box":{"x":832,"y":791,"width":62,"height":9}},{"id":"2385b89a-4f79-4d45-888d-aa519a85be5b","block_type":"box","text":"*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","page_number":60,"box":{"x":95,"y":812,"width":809,"height":11}},{"id":"e87e1488-0cb6-4716-8ac6-4113bc87b57f","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":60,"box":{"x":96,"y":828,"width":174,"height":10}},{"id":"271bdaf2-b76d-4ff0-83fd-8da1f45480b6","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":60,"box":{"x":506,"y":38,"width":396,"height":17}},{"id":"56fd749b-4af6-454f-a83e-a642837db844","block_type":"box","text":"55","page_number":60,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"be35d3df-3f19-44fe-9bb5-7fcb05fb93eb","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":61,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"2138dc0b-ecfb-4e81-993d-f280d7f926b3","block_type":"box","text":"for the year ended 30 April 2026","page_number":61,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"316439ee-3ad5-40d6-b20a-d5dd7567c681","block_type":"box","text":"10. Risk management policies","page_number":61,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"d7a9c6a5-9a12-4be4-a285-1e3f22e594d1","block_type":"box","text":"In pursuing its investment objective as stated on page 44, the Sub-fund holds a number of financial instruments. The Sub-fund’s","page_number":61,"box":{"x":96,"y":150,"width":754,"height":10}},{"id":"9d26742b-3ba9-42c3-92bb-79992aa3d522","block_type":"box","text":"financial","page_number":61,"box":{"x":854,"y":150,"width":49,"height":8}},{"id":"40b701e4-10f0-41d4-bef7-06798dc49201","block_type":"box","text":"instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from its operat","page_number":61,"box":{"x":96,"y":165,"width":779,"height":11}},{"id":"80faee58-b942-413d-a672-1faf221a4396","block_type":"box","text":"ions,","page_number":61,"box":{"x":876,"y":165,"width":27,"height":10}},{"id":"bff80f3d-686f-4b70-836f-755c2af8ed00","block_type":"box","text":"for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for redemptions a","page_number":61,"box":{"x":95,"y":181,"width":792,"height":10}},{"id":"3c8eff6f-b6a7-4f03-b9cf-5d6e3d21c822","block_type":"box","text":"nd","page_number":61,"box":{"x":889,"y":181,"width":14,"height":8}},{"id":"ddd33fd0-280a-44b2-84be-d83678d2e60f","block_type":"box","text":"debtors for accrued revenue.","page_number":61,"box":{"x":95,"y":196,"width":176,"height":8}},{"id":"6a827ca0-e6c5-4ed6-935b-91616c4e6c3a","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":61,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"03d4e724-8aa7-4f36-b96b-61e4326ebcdd","block_type":"box","text":"anaging","page_number":61,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"302f3e77-f5f0-43c9-b30b-8c339731f6b7","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":61,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"8a4bb15e-4276-4ef1-a74c-eaacc165cc92","block_type":"box","text":"Market price risk","page_number":61,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"87f90e32-9044-4f21-8be5-c79934b63c5a","block_type":"box","text":"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","page_number":61,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"ff55998d-46e3-484e-9b2c-4a732f5a90af","block_type":"box","text":"ket prices","page_number":61,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"e952b3a8-83dd-42f4-9d7e-860a3c186fd8","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":61,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"b7663310-7ac3-46f3-aa30-ce5cf138c732","block_type":"box","text":"future","page_number":61,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"a7e249f6-59ee-43be-9c73-6c4f8446b53f","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":61,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"99f8d334-594f-4615-96c5-c79dfd5af3bb","block_type":"box","text":"market","page_number":61,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"9adf1307-ee7b-441e-a1af-4fac8c95a7e5","block_type":"box","text":"positions in the face of price movements.","page_number":61,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"7b34c3fa-000b-484a-a810-aa643d52f7df","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":61,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"9d0daa97-9435-436d-bdeb-3bf79704be68","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":61,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"b883f434-ac3b-417b-b966-52e5b0e50dfc","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":61,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"9679000f-e0c0-4489-8b0c-62fa69756284","block_type":"box","text":"ectus","page_number":61,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"f845ab6d-e4ac-4fd4-8224-55991955a4e6","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":61,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"07115436-ff59-4894-a0a6-f73774d2b5b8","block_type":"box","text":"exposure","page_number":61,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"2cfbe303-98cb-40c1-a0e1-cf1ae10aee95","block_type":"box","text":"to any particular type of security or issuer.","page_number":61,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"2ca436a2-bffd-4029-b46f-42af97275995","block_type":"box","text":"If market prices at the balance sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":61,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"747b02c1-5b0f-4860-8db2-cc0fe56cd80a","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £161,067,75","page_number":61,"box":{"x":95,"y":446,"width":801,"height":11}},{"id":"bcfd0ee5-5075-4407-a745-c1b88c88d232","block_type":"box","text":"2","page_number":61,"box":{"x":897,"y":446,"width":6,"height":8}},{"id":"22aaaa84-3bdb-4804-943c-fa982dc4d8b4","block_type":"box","text":"(30 April 2025: £132,307,774).","page_number":61,"box":{"x":95,"y":461,"width":181,"height":11}},{"id":"79da54c2-ca40-4a6e-a4a0-33ad7f2003c9","block_type":"box","text":"Foreign currency risk","page_number":61,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"36c956f3-4502-4919-9b54-2d505a8c9fee","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":61,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"e57c5e8d-3b75-456e-837a-e747c5e1a281","block_type":"box","text":"foreign","page_number":61,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"8db657a0-b249-48cd-9074-1e786df1fc29","block_type":"box","text":"currency exchange rates.","page_number":61,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"93d87dcd-1c3a-43b1-bec0-3846f526674f","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":61,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"23af7225-ce68-4dbe-9af3-89eb9bd85705","block_type":"box","text":"nvest","page_number":61,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"86a36ece-c158-4380-b2e9-dba624f718a6","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":61,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"98668095-9ab7-4f39-9614-25886ebe6cb1","block_type":"box","text":"e","page_number":61,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"deec7c59-f68f-4072-bf6d-de22b54240b0","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":61,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"47b6c3c7-5975-42be-971a-9a05617514ad","block_type":"box","text":"ced","page_number":61,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"de9003fc-b12c-4a59-be06-56db70c99fd6","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":61,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"c64326c6-8005-44de-910c-d8ea46279cb8","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":61,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"ab70d8b7-80bf-4704-875c-dccee9d7aaf2","block_type":"box","text":"Net monetary","page_number":61,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"b0dbd856-a6c6-4731-ac58-7104a0a539da","block_type":"box","text":"Non-monetary","page_number":61,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"f0ba5d75-f8ff-48ba-afd6-ee7c0bd93e36","block_type":"box","text":"Total net","page_number":61,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"15ce6646-7162-480a-8f11-4e45346c3bab","block_type":"box","text":"assets and liabilities","page_number":61,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"11cd4cd4-4370-4aa3-a56c-4ceb25d4f3cb","block_type":"box","text":"assets","page_number":61,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"668f65e0-6c6a-4f83-86a9-93222eee09f9","block_type":"box","text":"assets","page_number":61,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"1f1deb8c-38a5-490f-9716-0531d071bf70","block_type":"box","text":"£","page_number":61,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"df3671de-93e2-493d-82e9-0cbb1b037539","block_type":"box","text":"£","page_number":61,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"63e75ccb-a91e-4cbb-a149-5201efc8af58","block_type":"box","text":"£","page_number":61,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"eb7f23cd-4949-44d8-90f9-d6f12bf38329","block_type":"box","text":"£","page_number":61,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"a3af68be-ff4d-4b32-a3b3-d97e8676b301","block_type":"box","text":"£","page_number":61,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"ed21d42f-984c-4819-9162-61a11bb1cfbe","block_type":"box","text":"£","page_number":61,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"ccdf45c7-0835-40b5-bfc7-28408b3524f0","block_type":"box","text":"30.04.26","page_number":61,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"83da8d3c-02f2-4fa7-924b-51aa4ef19308","block_type":"box","text":"30.04.25","page_number":61,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"8bdf9cbc-5f4d-414b-8c4e-f17cf8d334d4","block_type":"box","text":"30.04.26","page_number":61,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"55991991-26dc-4873-b87b-46054855c62a","block_type":"box","text":"30.04.25","page_number":61,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"17245f86-7a61-4a1d-92fe-a430535fa48d","block_type":"box","text":"30.04.26","page_number":61,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"4391410b-5e83-4432-ac4a-e94198f86a63","block_type":"box","text":"30.04.25","page_number":61,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"9a5c944c-87a6-4933-af29-9f333fdf776d","block_type":"box","text":"Sterling","page_number":61,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"74937a15-f704-4c61-bb4b-8b6acdfb6e94","block_type":"box","text":"19,422,029","page_number":61,"box":{"x":281,"y":680,"width":65,"height":9}},{"id":"7e18ade2-2b42-4094-ba23-cbd3d11d70e7","block_type":"box","text":"12,237,596","page_number":61,"box":{"x":390,"y":680,"width":66,"height":9}},{"id":"4e31603d-312b-4a2c-8c6f-592b862a8ba5","block_type":"box","text":"1,563,282,392","page_number":61,"box":{"x":481,"y":680,"width":84,"height":9}},{"id":"b7b9d407-ef30-40f1-9694-16ee362ef059","block_type":"box","text":"1,298,684,864","page_number":61,"box":{"x":591,"y":680,"width":85,"height":9}},{"id":"95b63df0-a2d7-43cb-b0e6-9a8f4736c636","block_type":"box","text":"1,582,704,421","page_number":61,"box":{"x":700,"y":680,"width":83,"height":9}},{"id":"25831d2f-dac1-483b-a9c3-0ea04a1d48cb","block_type":"box","text":"1,310,922,460","page_number":61,"box":{"x":810,"y":680,"width":84,"height":9}},{"id":"ba66cff8-daab-4d53-89c9-e07aed811bd3","block_type":"box","text":"EUR","page_number":61,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"9be4f3e0-9030-480a-bbe5-0a84564977d4","block_type":"box","text":"–","page_number":61,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"c5f9b7bf-2070-466b-8537-473988d7585b","block_type":"box","text":"–","page_number":61,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"e3d38dcb-ff03-4103-8c82-1c5a4d802982","block_type":"box","text":"–","page_number":61,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"0e07dcb6-654b-4783-b314-474cbfa7ebc3","block_type":"box","text":"24,392,878","page_number":61,"box":{"x":609,"y":695,"width":66,"height":9}},{"id":"a2d27a34-9aa4-4a94-86e5-6cd2db3bc664","block_type":"box","text":"–","page_number":61,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"995b0ffd-3a3b-41bc-897a-ecdc41e933e2","block_type":"box","text":"24,392,878","page_number":61,"box":{"x":828,"y":695,"width":66,"height":9}},{"id":"a6e92b22-7db5-4274-a53b-318c747ad164","block_type":"box","text":"USD","page_number":61,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"c2cd7de9-b7f2-4a55-8d94-08dd145fffee","block_type":"box","text":"–","page_number":61,"box":{"x":340,"y":715,"width":7,"height":1}},{"id":"cc484564-4fea-4b88-957f-5ada2bd8fc78","block_type":"box","text":"–","page_number":61,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"242724af-d1e0-49e3-b0fd-90067086c0e1","block_type":"box","text":"47,395,124","page_number":61,"box":{"x":499,"y":711,"width":67,"height":9}},{"id":"09002231-48ff-46c4-8ee4-16af6d3b75a3","block_type":"box","text":"–","page_number":61,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"f3647759-8bbe-481b-a776-75256fe2562d","block_type":"box","text":"47,395,124","page_number":61,"box":{"x":718,"y":711,"width":67,"height":9}},{"id":"cb2c8a45-ad70-48f8-8961-49c17310f81e","block_type":"box","text":"–","page_number":61,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"4f20b173-fab4-423d-8f60-352a787d6cb3","block_type":"box","text":"19,422,029","page_number":61,"box":{"x":277,"y":733,"width":70,"height":9}},{"id":"f0f78052-f9b5-47d0-a36b-5ff5ba9c8fe0","block_type":"box","text":"12,237,596","page_number":61,"box":{"x":386,"y":733,"width":70,"height":9}},{"id":"ee6b3eb3-0fda-492b-a34e-580c5a6c0d23","block_type":"box","text":"1,610,677,516","page_number":61,"box":{"x":476,"y":733,"width":90,"height":9}},{"id":"ddbfad89-aad6-4ba0-be4c-e0eadae02bff","block_type":"box","text":"1,323,077,742","page_number":61,"box":{"x":586,"y":733,"width":89,"height":9}},{"id":"26d3b90c-a9fd-4f59-9c93-79cc2b29ca0e","block_type":"box","text":"1,630,099,545","page_number":61,"box":{"x":695,"y":733,"width":90,"height":9}},{"id":"0a00f247-2cf1-4f37-8072-f856dc524f25","block_type":"box","text":"1,335,315,338","page_number":61,"box":{"x":805,"y":733,"width":89,"height":9}},{"id":"a9a88241-09fc-4d92-96a6-a84b655b2b1e","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":61,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"8b700bf2-81da-42a7-ba64-1480af56df00","block_type":"box","text":"he","page_number":61,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"e8c3dc81-0a9f-4910-a699-afc2de45da04","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £4,7","page_number":61,"box":{"x":96,"y":770,"width":767,"height":11}},{"id":"2bf75699-0b32-413c-ab56-321112ea5044","block_type":"box","text":"39,512","page_number":61,"box":{"x":864,"y":771,"width":40,"height":9}},{"id":"e2509393-8b48-4e69-a289-6ec4beb82afa","block_type":"box","text":"(30 April 2025: £2,439,288).","page_number":61,"box":{"x":95,"y":786,"width":166,"height":10}},{"id":"9dc89419-0eed-4b0b-ba9c-b3cd6b805b96","block_type":"box","text":"Interest rate risk","page_number":61,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"5afcfc34-11d7-4c64-9faa-89862963a743","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":61,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"1a761c7f-21a3-4c5f-8189-f6770dc4bff2","block_type":"box","text":"se change","page_number":61,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"7b2f3be2-144c-47f0-9087-fc841e64b9ca","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":61,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"e6ecaa2a-f236-4b3d-b855-0cf7da0bd55b","block_type":"box","text":"nterest","page_number":61,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"7fd16d9a-5cd9-4630-b76d-cbb5f5325d31","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short term in","page_number":61,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"f6fa03c3-6515-4bbf-b4f6-acad2b5599f7","block_type":"box","text":"struments.","page_number":61,"box":{"x":839,"y":853,"width":64,"height":8}},{"id":"0582cef6-740c-4ee9-8e99-a8d5cc893afc","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":61,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"25e4f39f-9d92-483a-b0e8-07eeaa09a083","block_type":"box","text":"ited","page_number":61,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"605caa37-53f4-4bfa-9900-3aeac0577b9d","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":61,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"b9cbdbed-84f0-4583-b5e0-88d11e520965","block_type":"box","text":"n the","page_number":61,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"f1522321-8757-4f80-ac4d-f9a8a3fd7a2c","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":61,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"3e3d1002-1a9d-4f29-a130-776672320ac2","block_type":"box","text":"ses as","page_number":61,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"f46352d0-6995-4f51-afd6-dbe4a49c24c0","block_type":"box","text":"interest rates increase.","page_number":61,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"2de484ba-fbcf-4f07-9f07-447b61192ccc","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":61,"box":{"x":97,"y":38,"width":396,"height":17}},{"id":"3988b89a-9e88-4ec0-975c-63bac6c1a84e","block_type":"box","text":"56","page_number":61,"box":{"x":15,"y":960,"width":17,"height":9}},{"id":"de60465a-4949-45a3-8a5b-07f93eee6820","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":62,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"42a6dcd9-3ca4-4d69-a071-325e937b4354","block_type":"box","text":"for the year ended 30 April 2026","page_number":62,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"5be3a712-7320-4f0f-a4a2-98b798ab6676","block_type":"box","text":"10. Risk management policies (continued)","page_number":62,"box":{"x":96,"y":134,"width":277,"height":11}},{"id":"41721dc3-819f-469e-9a79-619a56d9a184","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":62,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"487034c4-3364-4885-ad10-4030917733b5","block_type":"box","text":"30.04.26","page_number":62,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"0dfaec20-b477-45d0-aa0d-25a087c53ec1","block_type":"box","text":"30.04.25","page_number":62,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"9c4945a3-ae85-44fd-af55-cbcdc4402070","block_type":"box","text":"£","page_number":62,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"668e115e-d24d-4bc9-901c-da08e190f78e","block_type":"box","text":"£","page_number":62,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"68d6b2df-c120-4f4b-b49e-6e57f7aad882","block_type":"box","text":"Financial assets floating rate","page_number":62,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"84ae8666-276d-44f9-9f09-6602e3ada520","block_type":"box","text":"20,881,231","page_number":62,"box":{"x":718,"y":210,"width":65,"height":9}},{"id":"9a562c27-d4a7-4168-b083-9db852cd06f7","block_type":"box","text":"17,203,119","page_number":62,"box":{"x":828,"y":210,"width":66,"height":9}},{"id":"1c154362-42b2-4a30-8fce-578831101176","block_type":"box","text":"Financial assets interest bearing instruments","page_number":62,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"af7e5830-e315-4b32-82e9-75619c0f369d","block_type":"box","text":"577,386,158","page_number":62,"box":{"x":711,"y":229,"width":74,"height":9}},{"id":"6c1d80e0-cc12-472f-9b8d-c1dfdd2b3185","block_type":"box","text":"486,443,572","page_number":62,"box":{"x":820,"y":229,"width":74,"height":9}},{"id":"5c4ae36f-a07d-4a2a-8b05-4e35bca062a4","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":62,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"6d12bc0d-579d-4906-a68b-4c04c452c452","block_type":"box","text":"1,037,274,535","page_number":62,"box":{"x":700,"y":248,"width":85,"height":9}},{"id":"4680a229-dd70-44b0-9efd-80055ae2291f","block_type":"box","text":"841,453,962","page_number":62,"box":{"x":820,"y":248,"width":74,"height":9}},{"id":"2afe82f9-f65e-405c-b429-9d740a1995b6","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":62,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"93b4d817-ea27-481b-ae46-1543cf2d7977","block_type":"box","text":"(4,566,487)","page_number":62,"box":{"x":721,"y":266,"width":68,"height":10}},{"id":"a2975022-8a90-4d5f-994a-b65c139ed586","block_type":"box","text":"(4,032,396)","page_number":62,"box":{"x":831,"y":266,"width":68,"height":10}},{"id":"c582de05-581f-4ee4-b3a5-390f727746ac","block_type":"box","text":"Financial liabilities floating rate","page_number":62,"box":{"x":96,"y":285,"width":187,"height":10}},{"id":"564b0328-237b-44de-abf5-741d0add002b","block_type":"box","text":"(875,892)","page_number":62,"box":{"x":733,"y":285,"width":56,"height":10}},{"id":"52497f80-8370-473e-958e-0e374f2b88fb","block_type":"box","text":"(5,752,919)","page_number":62,"box":{"x":831,"y":285,"width":68,"height":10}},{"id":"b6ac326f-99ad-4bf7-b7e0-85118361e810","block_type":"box","text":"1,630,099,545","page_number":62,"box":{"x":695,"y":307,"width":90,"height":9}},{"id":"cf302281-7c73-4a92-a981-40448d5fd685","block_type":"box","text":"1,335,315,338","page_number":62,"box":{"x":805,"y":307,"width":89,"height":9}},{"id":"ab95e820-0abd-43b7-bb5d-00e1a19b9cf3","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":62,"box":{"x":95,"y":342,"width":767,"height":11}},{"id":"7a147e30-d6d9-43e7-bbf1-9e76d1926c9c","block_type":"box","text":"assets","page_number":62,"box":{"x":867,"y":343,"width":37,"height":7}},{"id":"f5a958f8-8101-478a-850b-dba5a32f640a","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £50,013 (30 April 2025: £28,626).","page_number":62,"box":{"x":95,"y":358,"width":755,"height":10}},{"id":"e5b7ac13-cf41-440a-99f3-7f7e77041817","block_type":"box","text":"Maturity of financial liabilities","page_number":62,"box":{"x":96,"y":380,"width":201,"height":10}},{"id":"2bf20eba-f271-4494-a8c7-46fdaa231122","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":62,"box":{"x":95,"y":395,"width":655,"height":11}},{"id":"17fd77e4-8f87-4d0d-9ff7-3f2199c4746c","block_type":"box","text":"Liquidity risk","page_number":62,"box":{"x":96,"y":417,"width":86,"height":11}},{"id":"42d96b58-955a-47f5-a060-b04ec7138616","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":62,"box":{"x":95,"y":433,"width":742,"height":11}},{"id":"0ccee5e3-2110-4c50-903f-d1d9ccfdb0e2","block_type":"box","text":"any shares","page_number":62,"box":{"x":840,"y":433,"width":64,"height":11}},{"id":"15297859-9ff5-4e30-9115-38922831a410","block_type":"box","text":"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","page_number":62,"box":{"x":95,"y":448,"width":732,"height":11}},{"id":"3a70f5bb-6410-4457-befa-5817ba96a996","block_type":"box","text":"edemptions.","page_number":62,"box":{"x":828,"y":448,"width":75,"height":11}},{"id":"2f7a5c7d-2717-4358-9b64-70d61f7d2bab","block_type":"box","text":"Credit risk","page_number":62,"box":{"x":96,"y":470,"width":68,"height":9}},{"id":"734a9483-d36c-476f-b42e-0b0a240120dc","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":62,"box":{"x":96,"y":486,"width":722,"height":11}},{"id":"9160e028-2638-4236-bede-a74e85f047e7","block_type":"box","text":"he investment","page_number":62,"box":{"x":819,"y":486,"width":85,"height":8}},{"id":"066eec76-bfd4-4863-b44a-c25cb3959521","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":62,"box":{"x":95,"y":501,"width":759,"height":11}},{"id":"8881f310-2215-426a-9630-5bbe721e3d48","block_type":"box","text":"stments","page_number":62,"box":{"x":856,"y":502,"width":48,"height":8}},{"id":"48fc1d2a-eae1-41e2-b2f1-1ac3e5cb05b7","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":62,"box":{"x":95,"y":517,"width":808,"height":10}},{"id":"9693c42c-8b55-4b8c-a2dd-f1a70b2938a7","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar","page_number":62,"box":{"x":96,"y":532,"width":738,"height":11}},{"id":"520e6225-3b64-4834-b617-49b943a7310d","block_type":"box","text":"e reviewed.","page_number":62,"box":{"x":835,"y":532,"width":68,"height":8}},{"id":"f5ff2e58-4ea7-43b7-bc64-68b3e045f866","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":62,"box":{"x":96,"y":554,"width":733,"height":11}},{"id":"abd5cfdb-4330-4953-b13d-20f3d6a92041","block_type":"box","text":"cash is held","page_number":62,"box":{"x":834,"y":554,"width":69,"height":9}},{"id":"d5643ae0-46a2-45f2-ae15-8329797e4f1b","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":62,"box":{"x":95,"y":570,"width":735,"height":11}},{"id":"993d0a38-d9b8-4df6-a6b0-1ab3fe0d98f5","block_type":"box","text":"lectives that","page_number":62,"box":{"x":832,"y":570,"width":72,"height":8}},{"id":"bae3bda9-28c7-4098-bcba-4515b3ebb482","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":62,"box":{"x":96,"y":585,"width":650,"height":11}},{"id":"acd10cf9-4f7a-4249-9a06-db9f448c4146","block_type":"box","text":"Fair value disclosure","page_number":62,"box":{"x":96,"y":607,"width":135,"height":9}},{"id":"5b37c2a1-0bed-4016-af19-a0ed9d54584d","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":62,"box":{"x":95,"y":623,"width":731,"height":11}},{"id":"383f2756-cc77-4016-84ed-3e63f39ac6ae","block_type":"box","text":". The highest","page_number":62,"box":{"x":828,"y":623,"width":76,"height":11}},{"id":"e11b4a35-cccb-43ef-8083-b9e0be70a6b2","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":62,"box":{"x":96,"y":638,"width":739,"height":11}},{"id":"243c0eb4-d544-4149-afe7-c91ce792d687","block_type":"box","text":"els in these","page_number":62,"box":{"x":836,"y":638,"width":68,"height":9}},{"id":"3acff2f5-2f43-49f2-ab1e-fe704e08a5d7","block_type":"box","text":"financial statements are as follows:","page_number":62,"box":{"x":95,"y":654,"width":213,"height":8}},{"id":"1997e8e8-3b8b-4cd7-9136-ca54ffa83633","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":62,"box":{"x":96,"y":676,"width":489,"height":11}},{"id":"f97b16dc-7a67-4cc9-9545-ac6ed86d7d2e","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":62,"box":{"x":96,"y":698,"width":568,"height":11}},{"id":"5d8cc334-cb91-4f48-95ca-80bfe5c26edf","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":62,"box":{"x":96,"y":720,"width":344,"height":11}},{"id":"5434f117-2def-4d60-b60a-4ddfc20670fb","block_type":"box","text":"Valuation technique","page_number":62,"box":{"x":95,"y":743,"width":135,"height":10}},{"id":"ba42013e-4d53-4566-86ba-d4ccfdca6dda","block_type":"box","text":"30.04.26","page_number":62,"box":{"x":534,"y":743,"width":55,"height":8}},{"id":"0df47024-bc3e-448e-bae9-a20083f94b2b","block_type":"box","text":"30.04.25","page_number":62,"box":{"x":801,"y":743,"width":54,"height":8}},{"id":"db907e02-766b-4fdf-82fa-759b00bee70d","block_type":"box","text":"Assets","page_number":62,"box":{"x":452,"y":756,"width":42,"height":8}},{"id":"fd541457-e624-42bf-859b-49a864e3cafd","block_type":"box","text":"Liabilities","page_number":62,"box":{"x":564,"y":756,"width":64,"height":8}},{"id":"7f0546d8-d117-448b-87e2-c8d48cd8438a","block_type":"box","text":"Assets","page_number":62,"box":{"x":719,"y":756,"width":42,"height":8}},{"id":"132823d1-df07-4486-8c6c-bb43349e6569","block_type":"box","text":"Liabilities","page_number":62,"box":{"x":833,"y":756,"width":64,"height":8}},{"id":"47a230c1-7188-4859-96d3-f4cb82e267ec","block_type":"box","text":"(£000’s)","page_number":62,"box":{"x":444,"y":769,"width":50,"height":9}},{"id":"362464e0-ebbd-43ca-b368-c66b3277d17d","block_type":"box","text":"(£000’s)","page_number":62,"box":{"x":577,"y":769,"width":50,"height":9}},{"id":"d4567c9a-f11c-402d-b21b-a39380e1ad90","block_type":"box","text":"(£000’s)","page_number":62,"box":{"x":711,"y":769,"width":50,"height":9}},{"id":"476dd016-029a-40f6-bc62-3cea530b25e3","block_type":"box","text":"(£000’s)","page_number":62,"box":{"x":846,"y":769,"width":51,"height":9}},{"id":"aeddca17-8147-401f-8c35-71696548b37a","block_type":"box","text":"Level 1","page_number":62,"box":{"x":96,"y":784,"width":38,"height":8}},{"id":"0aecabbf-2fe1-4723-bf24-a4dfe6f7987d","block_type":"box","text":"326,051","page_number":62,"box":{"x":447,"y":784,"width":45,"height":10}},{"id":"035bc374-0ee3-4f05-8297-f2734ba77286","block_type":"box","text":"–","page_number":62,"box":{"x":621,"y":789,"width":6,"height":1}},{"id":"4ac60cfe-6113-4a0b-bc7c-84d16c040b41","block_type":"box","text":"64,193","page_number":62,"box":{"x":721,"y":784,"width":40,"height":10}},{"id":"448b23de-85ab-451f-94bb-4ba510f6cd6c","block_type":"box","text":"–","page_number":62,"box":{"x":890,"y":789,"width":7,"height":1}},{"id":"d9293b8e-8913-45c1-b403-422fee015731","block_type":"box","text":"Level 2","page_number":62,"box":{"x":96,"y":800,"width":40,"height":8}},{"id":"5db1a115-05ef-401f-9142-fe86a1e16182","block_type":"box","text":"1,284,627","page_number":62,"box":{"x":436,"y":800,"width":58,"height":9}},{"id":"25cb398c-29e5-4f10-bf0c-1843e269d413","block_type":"box","text":"–","page_number":62,"box":{"x":621,"y":804,"width":6,"height":1}},{"id":"790228dd-4b57-49ed-9fb8-39d0f30ea0ef","block_type":"box","text":"1,258,885","page_number":62,"box":{"x":703,"y":800,"width":58,"height":9}},{"id":"fd50d440-c796-4a5e-8b5d-a29f72d02b93","block_type":"box","text":"–","page_number":62,"box":{"x":890,"y":804,"width":7,"height":1}},{"id":"eceb168e-f277-48f7-b2b3-407d9796d370","block_type":"box","text":"Level 3","page_number":62,"box":{"x":96,"y":815,"width":40,"height":8}},{"id":"b077482b-76c1-4ee1-8db4-b789d7feaf8f","block_type":"box","text":"–","page_number":62,"box":{"x":488,"y":820,"width":6,"height":1}},{"id":"dba47d7f-2184-4ad1-a38f-40fa2c378236","block_type":"box","text":"–","page_number":62,"box":{"x":621,"y":820,"width":6,"height":1}},{"id":"19998cf1-0c25-44df-ad5c-4bea192ea9be","block_type":"box","text":"–","page_number":62,"box":{"x":754,"y":820,"width":7,"height":1}},{"id":"702f086b-1206-416b-a85d-82dda9213395","block_type":"box","text":"–","page_number":62,"box":{"x":890,"y":820,"width":7,"height":1}},{"id":"113cc08f-b6fc-40d5-a0a3-9d6df709e5ee","block_type":"box","text":"1,610,678","page_number":62,"box":{"x":432,"y":838,"width":62,"height":9}},{"id":"820bed91-4bd2-418a-abc9-fd70b7670897","block_type":"box","text":"–","page_number":62,"box":{"x":621,"y":842,"width":7,"height":1}},{"id":"33f53532-a086-428d-8af5-7822e07794e5","block_type":"box","text":"1,323,078","page_number":62,"box":{"x":699,"y":838,"width":62,"height":9}},{"id":"37177ca3-e0fb-4ac5-a182-6aaf689375b5","block_type":"box","text":"–","page_number":62,"box":{"x":890,"y":842,"width":7,"height":1}},{"id":"e9668d96-1115-43c1-ad73-440d606b9c60","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":62,"box":{"x":506,"y":38,"width":396,"height":17}},{"id":"6098eb95-3d52-4a76-9c3e-34aaf4ac59a0","block_type":"box","text":"57","page_number":62,"box":{"x":967,"y":960,"width":18,"height":9}},{"id":"0ccd5c9a-6cd9-4d13-9dc6-41312a1864f5","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":63,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"aa330b98-65bb-4272-9179-88233b97f5d4","block_type":"box","text":"for the year ended 30 April 2026","page_number":63,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"73c69085-10c2-4fd6-ae11-14e403dee0ce","block_type":"box","text":"11. Shares held","page_number":63,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"831bf27a-4054-4d26-a698-17889ec1be11","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":63,"box":{"x":96,"y":156,"width":236,"height":10}},{"id":"a09ce675-59c9-44f1-9ea0-5ce802eb6ac8","block_type":"box","text":"Opening shares at 01.05.2025","page_number":63,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"d380d83c-4f29-4f2c-b27c-9be4530a50c6","block_type":"box","text":"784,674,554","page_number":63,"box":{"x":416,"y":179,"width":79,"height":9}},{"id":"7403b051-636a-441b-9959-929156e3cbfd","block_type":"box","text":"Shares issued during the year","page_number":63,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"7768e419-70e5-4ba4-9892-74ba5ba254a8","block_type":"box","text":"164,877,112","page_number":63,"box":{"x":421,"y":194,"width":73,"height":10}},{"id":"44db883c-1f62-42c6-a790-6b7385231c3f","block_type":"box","text":"Shares cancelled during the year","page_number":63,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"3a3c937b-4595-492c-b412-144ef0bd9e07","block_type":"box","text":"(135,635,615)","page_number":63,"box":{"x":412,"y":210,"width":82,"height":9}},{"id":"c0d52a58-c7a8-4bfe-9eab-06cea467c9a6","block_type":"box","text":"Shares converted during the year","page_number":63,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"a98f9e24-f694-4516-9f5b-63c8741ce9b7","block_type":"box","text":"–","page_number":63,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"749c0e7e-0361-4dc2-809f-a0a22facf0e2","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":63,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"9f86380d-acc4-4568-9e50-23d71ad30434","block_type":"box","text":"813,916,051","page_number":63,"box":{"x":416,"y":248,"width":77,"height":9}},{"id":"ccdf1074-07ac-40ed-9066-ec778f318f9d","block_type":"box","text":"12. Contingent assets and liabilities","page_number":63,"box":{"x":96,"y":293,"width":234,"height":11}},{"id":"8f6470d3-9a51-4b92-a0c8-dcae301f5160","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).","page_number":63,"box":{"x":95,"y":309,"width":585,"height":11}},{"id":"bbdabe74-8664-44ac-a62d-5cd54966c5dc","block_type":"box","text":"13. Post balance sheet events","page_number":63,"box":{"x":96,"y":355,"width":194,"height":8}},{"id":"dd6a1a30-fd63-4483-bb99-d3f0ed5a37be","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":63,"box":{"x":95,"y":374,"width":425,"height":11}},{"id":"9c2cd358-5c95-41ad-aac3-1f8f69a09aa0","block_type":"box","text":"14. Direct transactions costs","page_number":63,"box":{"x":96,"y":420,"width":186,"height":9}},{"id":"83b38f0e-8623-46b1-bbc1-21af45a1b428","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":63,"box":{"x":96,"y":439,"width":755,"height":11}},{"id":"bd963a9d-73fc-40d5-9d9c-f08b733f0d92","block_type":"box","text":"herefore","page_number":63,"box":{"x":853,"y":439,"width":51,"height":8}},{"id":"ab0e2336-5e30-4682-bc20-41a5cbcf223c","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":63,"box":{"x":95,"y":455,"width":444,"height":10}},{"id":"a45ad85c-6a88-4a29-aac3-5be09bd8825b","block_type":"box","text":"15. Portfolio dealing spread","page_number":63,"box":{"x":96,"y":501,"width":181,"height":11}},{"id":"903a2413-3174-47ab-881f-ad427bb7cc5b","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.04% (30 April 2025: 0.12%).","page_number":63,"box":{"x":95,"y":523,"width":517,"height":11}},{"id":"d8519ddf-0019-4257-9fca-8f8f1b2fdd55","block_type":"box","text":"16. Related party transactions","page_number":63,"box":{"x":96,"y":569,"width":199,"height":11}},{"id":"bcbe6f74-98c7-459e-80d7-4f22132bbecb","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":63,"box":{"x":95,"y":592,"width":707,"height":10}},{"id":"7972d1dc-3c40-4a52-87b4-2576f3d40d7d","block_type":"box","text":"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","page_number":63,"box":{"x":95,"y":614,"width":765,"height":10}},{"id":"9c2b73ca-ba38-41d0-88ea-13512fdfa46e","block_type":"box","text":"e sheet","page_number":63,"box":{"x":861,"y":614,"width":43,"height":8}},{"id":"4a4a2953-c0df-4f61-bbe4-66ebb1dac7af","block_type":"box","text":"date are disclosed in note 9.","page_number":63,"box":{"x":95,"y":629,"width":171,"height":8}},{"id":"33164eb6-2fc2-42af-88e4-ffde994d0097","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":63,"box":{"x":97,"y":38,"width":396,"height":17}},{"id":"495f63c4-6fef-4e07-acf6-a8c1dc65802c","block_type":"box","text":"58","page_number":63,"box":{"x":15,"y":960,"width":17,"height":9}},{"id":"a2898cea-2b01-4d70-bfbc-5bedfe261fb6","block_type":"box","text":"Distribution Tables","page_number":64,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"f114bdaf-595e-472a-8e43-8bd4ba550190","block_type":"box","text":"for the year ended 30 April 2026","page_number":64,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"36d93003-8b91-4bea-abc7-ff4adcc51a75","block_type":"box","text":"Accumulation Share Distributions","page_number":64,"box":{"x":95,"y":134,"width":224,"height":9}},{"id":"8cce6199-bf12-49df-8349-07689beabb66","block_type":"box","text":"Share class","page_number":64,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"b8498012-9f54-4763-9482-c0b8affcc115","block_type":"box","text":"Distribution","page_number":64,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"8679a592-c4d6-426f-87c4-3640ebde2f2d","block_type":"box","text":"Shares","page_number":64,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"3ae56be1-e25d-4e61-ab7a-1513125f216c","block_type":"box","text":"Net","page_number":64,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"d2bc31fb-6fde-4258-86fd-a74787cc854b","block_type":"box","text":"Equalisation","page_number":64,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"df9a8af7-6b76-480e-8085-a45de57fc019","block_type":"box","text":"Distribution","page_number":64,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"be558946-3598-4c26-b765-4d5a74788737","block_type":"box","text":"Distribution","page_number":64,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"2b790f08-29a9-4eb1-81cb-9ae048546b7e","block_type":"box","text":"revenue","page_number":64,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"6f6900c8-1e9d-46ae-9c66-1062d506369b","block_type":"box","text":"31.08.2026","page_number":64,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"6b8394ff-93bb-433b-909c-e4688c6c1420","block_type":"box","text":"29.08.2025","page_number":64,"box":{"x":812,"y":165,"width":70,"height":8}},{"id":"63226932-f3dd-412e-bba6-f9b08bd2f137","block_type":"box","text":"31.08.2026","page_number":64,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"95bdbed8-979d-4121-846e-18c2573dd6d6","block_type":"box","text":"p","page_number":64,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"c243916d-b610-4492-9c56-81e76f8f3a8c","block_type":"box","text":"p","page_number":64,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"f662c924-7f8f-4fc2-ac4a-256e4a79db08","block_type":"box","text":"p","page_number":64,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"900ce419-2aa0-453d-8821-252e59196299","block_type":"box","text":"p","page_number":64,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"5ca5fe83-93ef-4a1c-af42-d0825e8b2d05","block_type":"box","text":"C","page_number":64,"box":{"x":105,"y":207,"width":7,"height":8}},{"id":"83d9e22d-b763-498e-bc61-dfc5f318e106","block_type":"box","text":"Final","page_number":64,"box":{"x":267,"y":207,"width":27,"height":8}},{"id":"f2904770-25c2-4d8a-a5d8-92f153b308d6","block_type":"box","text":"Group 1","page_number":64,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"443b0142-2806-4507-9499-b07b5ca2833b","block_type":"box","text":"3.0363","page_number":64,"box":{"x":513,"y":207,"width":40,"height":8}},{"id":"f0eb0283-fc49-4341-a3b0-fd53ecc683d5","block_type":"box","text":"–","page_number":64,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"5c710140-6c71-4c52-89f0-abb4e5537be5","block_type":"box","text":"3.0363","page_number":64,"box":{"x":722,"y":207,"width":40,"height":8}},{"id":"8a874737-0e7d-494d-9e44-38a15b4c027d","block_type":"box","text":"2.6241","page_number":64,"box":{"x":827,"y":207,"width":38,"height":8}},{"id":"1e090a4e-a6f9-487d-84dc-1d2fb2bc1cc4","block_type":"box","text":"Group 2","page_number":64,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"0fb8d98c-ca47-416d-bcc3-5ff5fe03bf53","block_type":"box","text":"1.7503","page_number":64,"box":{"x":513,"y":221,"width":40,"height":8}},{"id":"36c39841-16f6-4a5d-96b1-07360c70262d","block_type":"box","text":"1.2859","page_number":64,"box":{"x":618,"y":221,"width":40,"height":8}},{"id":"1a0d29c7-90d7-4fab-ac71-2e37cbe4e500","block_type":"box","text":"3.0363","page_number":64,"box":{"x":722,"y":221,"width":40,"height":8}},{"id":"15729f54-ec1e-4467-8fe6-cf43294c2dc7","block_type":"box","text":"2.6241","page_number":64,"box":{"x":827,"y":221,"width":38,"height":8}},{"id":"1a243c34-e911-4422-8c21-7f5b7196433b","block_type":"box","text":"Final distribution in pence per share","page_number":64,"box":{"x":96,"y":252,"width":240,"height":11}},{"id":"af0d4113-827d-4df3-b5d4-011e0e3d6681","block_type":"box","text":"Group 1:","page_number":64,"box":{"x":96,"y":268,"width":51,"height":10}},{"id":"66640c25-8c34-48e6-9539-fa67551cbc76","block_type":"box","text":"Shares purchased prior to 01 May 2025","page_number":64,"box":{"x":181,"y":267,"width":239,"height":11}},{"id":"91827b1b-5328-4188-a128-9b4650144504","block_type":"box","text":"Group 2:","page_number":64,"box":{"x":96,"y":283,"width":51,"height":11}},{"id":"11a709ba-1062-494b-83da-b860706462fb","block_type":"box","text":"Shares purchased on or after 01 May 2025 and on or before 30 April 2026","page_number":64,"box":{"x":181,"y":283,"width":448,"height":11}},{"id":"7e3a9bce-1245-4413-b906-398030cc83b4","block_type":"box","text":"MI Balanced Portfolio Overlay Fund","page_number":64,"box":{"x":506,"y":38,"width":396,"height":17}},{"id":"95fb9af4-6a80-4e16-a0b2-6c605c98c9f8","block_type":"box","text":"59","page_number":64,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"06e1c978-d59d-426b-ae8a-52abb90ee524","block_type":"box","text":"Sub-fund Overview","page_number":65,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"f79ebd04-ef8e-4580-a550-180ac66f5e88","block_type":"box","text":"Name of Sub-fund","page_number":65,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"882ae1ff-626a-4143-9fc2-351810f75481","block_type":"box","text":"MI Cautious Portfolio Overlay Fund (formerly VT Cautious Portfolio Overlay Fund)","page_number":65,"box":{"x":96,"y":143,"width":492,"height":11}},{"id":"a01c8b01-0574-43d3-b261-918de8be61b8","block_type":"box","text":"Size of Sub-fund","page_number":65,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"d8b8358b-8ee5-4a04-af83-a49dc070214f","block_type":"box","text":"£524,863,944","page_number":65,"box":{"x":95,"y":181,"width":82,"height":9}},{"id":"075659e3-73ff-45d3-97b6-a04e16ccfd14","block_type":"box","text":"Launch date","page_number":65,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"4a4c8ea7-187d-4e8a-bdda-f8fb50bc544a","block_type":"box","text":"07 December 2015","page_number":65,"box":{"x":95,"y":218,"width":114,"height":8}},{"id":"b9a97151-e36a-4b01-8c3e-34735f64a9df","block_type":"box","text":"Investment objective and policy","page_number":65,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"1fda9187-8b49-43a2-a1d9-faf29659288a","block_type":"box","text":"The objective of the Sub-fund is to maximise potential total return (i.e. capital and income growth).","page_number":65,"box":{"x":95,"y":256,"width":601,"height":11}},{"id":"0973200a-0a0d-4640-81f4-d4a7f46759e9","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as equities. For this Sub-fund, over the long term","page_number":65,"box":{"x":96,"y":278,"width":748,"height":11}},{"id":"7525bf27-1956-4194-a2da-da62aeea2eda","block_type":"box","text":"(5 years),","page_number":65,"box":{"x":849,"y":279,"width":54,"height":10}},{"id":"bba07064-6a52-4fe4-823d-6adcc849a474","block_type":"box","text":"it is expected that the proportion of the Sub-fund exposed to equities will be approximately 45%.","page_number":65,"box":{"x":96,"y":293,"width":589,"height":11}},{"id":"32d11b5d-e740-4cca-92b9-f728b51bb590","block_type":"box","text":"In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by","page_number":65,"box":{"x":96,"y":316,"width":772,"height":10}},{"id":"12007a8d-797e-453d-a46c-6efce7e48b27","block_type":"box","text":"more","page_number":65,"box":{"x":873,"y":318,"width":31,"height":6}},{"id":"08b85c28-db67-44c1-88dc-20ae0afde6f7","block_type":"box","text":"than ± 12.5%.","page_number":65,"box":{"x":95,"y":331,"width":82,"height":8}},{"id":"e5e7ccd0-099a-4f66-8dfc-c1892f4b817a","block_type":"box","text":"The Investment Manager will manage the portfolio in order to achieve its investment objective by investing in collective invest","page_number":65,"box":{"x":95,"y":353,"width":777,"height":11}},{"id":"a2c0019d-b02c-4dbc-a606-ee79023a9610","block_type":"box","text":"ment","page_number":65,"box":{"x":873,"y":354,"width":31,"height":7}},{"id":"03acc20f-1be1-4cbf-a913-9163556412b1","block_type":"box","text":"schemes such as unit trusts, OEICs and other UCITS funds and closed ended schemes. The Sub-fund may also invest in individual s","page_number":65,"box":{"x":95,"y":369,"width":774,"height":10}},{"id":"ce6bf6e6-38de-49ed-b8a7-8250572bb0ba","block_type":"box","text":"tocks,","page_number":65,"box":{"x":869,"y":369,"width":34,"height":9}},{"id":"7e3d07cf-33f6-4580-84d5-b7f855226ba4","block_type":"box","text":"bonds, and derivatives if considered appropriate to meet the investment objective.","page_number":65,"box":{"x":96,"y":384,"width":503,"height":11}},{"id":"5d9417a6-ce7b-41a2-8edc-d2a59f9a6aef","block_type":"box","text":"The Sub-fund will seek exposure to a diverse portfolio of assets, with the overall portfolio having an equity allocation in lin","page_number":65,"box":{"x":95,"y":406,"width":743,"height":11}},{"id":"8a2dbac6-3b9b-4b79-b0d2-b776ae9bba15","block_type":"box","text":"e with that","page_number":65,"box":{"x":840,"y":406,"width":64,"height":9}},{"id":"b4aea701-cf07-47eb-abd8-5be12791c80b","block_type":"box","text":"in the investment objective. Other underlying assets in the portfolio (to which there will be indirect exposure) may include bo","page_number":65,"box":{"x":96,"y":422,"width":781,"height":10}},{"id":"b0527fec-eced-4cc1-9305-e9cce1a65548","block_type":"box","text":"nds,","page_number":65,"box":{"x":879,"y":422,"width":24,"height":9}},{"id":"40e9688f-1b3a-40c2-bc75-f619c038a581","block_type":"box","text":"commodities, property, private equity, derivatives and other instruments. Some of these investments will be denominated in fore","page_number":65,"box":{"x":95,"y":437,"width":790,"height":11}},{"id":"8899c7a9-a6df-45c7-8420-61b3101ad280","block_type":"box","text":"ign","page_number":65,"box":{"x":887,"y":437,"width":16,"height":11}},{"id":"ef1f01a7-997d-4ff2-844e-0c89c67d56e7","block_type":"box","text":"currencies which may or may not be hedged back to Pounds Sterling.","page_number":65,"box":{"x":95,"y":453,"width":420,"height":10}},{"id":"22ce1eb2-2c18-41a8-b9e0-bc179624b0ca","block_type":"box","text":"The Sub-fund may also invest, at the ACD’s discretion, in other transferable securities, money market instruments, cash and nea","page_number":65,"box":{"x":95,"y":475,"width":769,"height":11}},{"id":"ea09f3ea-967c-4e3e-8c71-9693244b6144","block_type":"box","text":"r cash,","page_number":65,"box":{"x":866,"y":475,"width":37,"height":9}},{"id":"26a2651e-d73b-4a75-9422-f73d54479fae","block_type":"box","text":"deposits and any other permitted asset type deemed appropriate to meet the investment objective.","page_number":65,"box":{"x":95,"y":490,"width":607,"height":11}},{"id":"b32da303-fd2b-42c7-b3d8-5db4bedcfdf2","block_type":"box","text":"Derivatives","page_number":65,"box":{"x":96,"y":512,"width":74,"height":9}},{"id":"7dbd8d72-d82b-4287-b411-faf2cbfbc7f6","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":65,"box":{"x":95,"y":528,"width":686,"height":11}},{"id":"270d0130-425c-404c-a69f-73cb1980bd54","block_type":"box","text":"Benchmark","page_number":65,"box":{"x":96,"y":550,"width":76,"height":8}},{"id":"b087f1f9-b3e2-4875-8d0d-8a94118552f5","block_type":"box","text":"No explicit benchmark is stated for the Sub-fund. However multi-asset portfolios or peer group averages with a similar weight i","page_number":65,"box":{"x":96,"y":565,"width":758,"height":11}},{"id":"6cfde24f-932a-4ee0-b266-437e84265f4f","block_type":"box","text":"n equity","page_number":65,"box":{"x":857,"y":566,"width":47,"height":10}},{"id":"99fa19c1-92b8-41e2-bcc4-38a64eec499a","block_type":"box","text":"may be useful in assessing the performance of the Sub-fund. An example for this Sub-fund may be the IA OE Mixed Investment 20-","page_number":65,"box":{"x":96,"y":581,"width":808,"height":11}},{"id":"75bf719e-b724-4205-8493-4ed6ce301a46","block_type":"box","text":"60% Shares.","page_number":65,"box":{"x":96,"y":596,"width":73,"height":9}},{"id":"031ffe34-0d58-4279-b4a2-2170dc4c898b","block_type":"box","text":"The Sub-fund provides comparative performance against a relevant Investment Association sector benchmark in order for investors","page_number":65,"box":{"x":95,"y":619,"width":809,"height":10}},{"id":"b3c14a10-fe9b-45c2-9892-a72c09b308b4","block_type":"box","text":"to compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association M","page_number":65,"box":{"x":95,"y":634,"width":782,"height":11}},{"id":"2983df7b-aba4-491f-8690-c978c6d366e0","block_type":"box","text":"ixed","page_number":65,"box":{"x":880,"y":634,"width":23,"height":8}},{"id":"925142f9-45e4-46a8-b13c-f172e4165520","block_type":"box","text":"Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a","page_number":65,"box":{"x":95,"y":649,"width":800,"height":11}},{"id":"deaa2c85-3fb5-452a-a924-c493a467d2ec","block_type":"box","text":"n","page_number":65,"box":{"x":897,"y":652,"width":6,"height":6}},{"id":"6fe13046-a14f-410d-b6db-bc7511df43fd","block_type":"box","text":"indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or","page_number":65,"box":{"x":96,"y":665,"width":756,"height":11}},{"id":"397e2185-f71d-4e6b-9d64-645a26512f28","block_type":"box","text":"investor","page_number":65,"box":{"x":856,"y":665,"width":48,"height":8}},{"id":"846018a7-2387-4df0-b0dd-01aefe2b2c25","block_type":"box","text":"expectations.","page_number":65,"box":{"x":95,"y":681,"width":80,"height":10}},{"id":"36a3a36c-960b-4d45-b03a-bc398b760f76","block_type":"box","text":"Final accounting date","page_number":65,"box":{"x":96,"y":702,"width":142,"height":11}},{"id":"5650def9-56fa-470a-b11c-280eaf9aefde","block_type":"box","text":"30 April","page_number":65,"box":{"x":95,"y":718,"width":46,"height":11}},{"id":"442fb16a-6a2f-400e-9472-c82646cb4070","block_type":"box","text":"Interim accounting date","page_number":65,"box":{"x":96,"y":740,"width":159,"height":11}},{"id":"f907ce03-7e21-4adc-a88e-90050ae2228f","block_type":"box","text":"31 October","page_number":65,"box":{"x":95,"y":756,"width":68,"height":8}},{"id":"796a464d-6b52-4fb4-a245-3207ecc46120","block_type":"box","text":"Distribution date","page_number":65,"box":{"x":96,"y":778,"width":112,"height":8}},{"id":"fbecdd49-978b-47a9-b403-a8e997e5d243","block_type":"box","text":"31 August","page_number":65,"box":{"x":95,"y":794,"width":60,"height":10}},{"id":"81ca99e1-32ae-44ea-bce9-0331fa4b6bc5","block_type":"box","text":"ISA status","page_number":65,"box":{"x":96,"y":816,"width":64,"height":8}},{"id":"00b76313-e50e-468d-8ae9-63e1fab63c30","block_type":"box","text":"Qualifying Investment for stocks and shares ISA – however direct ISA investment is not currently available.","page_number":65,"box":{"x":96,"y":831,"width":643,"height":10}},{"id":"7b6e778f-2370-4278-b2f4-632b51f86ee9","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":65,"box":{"x":97,"y":38,"width":392,"height":17}},{"id":"c08abfc4-55af-4df9-8f45-6bfede50005c","block_type":"box","text":"60","page_number":65,"box":{"x":15,"y":960,"width":17,"height":9}},{"id":"d3b0ab2a-a3fc-447b-86db-5cff1f994d1e","block_type":"box","text":"Sub-fund Overview (continued)","page_number":66,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"28c5e189-dfa6-41c3-8ffd-2986c27496ac","block_type":"box","text":"Class of shares","page_number":66,"box":{"x":96,"y":128,"width":96,"height":8}},{"id":"2eadf262-cc2d-42e5-abe7-c43702ab02f9","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":66,"box":{"x":334,"y":128,"width":213,"height":9}},{"id":"0566119d-604e-4bb9-afe8-08d5407bcd2b","block_type":"box","text":"Initial charge","page_number":66,"box":{"x":96,"y":150,"width":86,"height":10}},{"id":"475f8e87-71e7-407f-86f2-d43a4fa5cddb","block_type":"box","text":"0% (of the amount invested by an investor)","page_number":66,"box":{"x":334,"y":150,"width":261,"height":10}},{"id":"cb3d5cc5-bcd2-4050-acc3-0405742e0ff6","block_type":"box","text":"Redemption charge","page_number":66,"box":{"x":96,"y":172,"width":129,"height":11}},{"id":"dd9900f7-fdcc-4dca-9593-5366070294b2","block_type":"box","text":"0%","page_number":66,"box":{"x":334,"y":172,"width":17,"height":8}},{"id":"8cf3c377-caaa-44ea-94eb-d2d1b3aa1d84","block_type":"box","text":"Annual management charge","page_number":66,"box":{"x":95,"y":194,"width":188,"height":11}},{"id":"2365bf79-e7a4-414c-9547-ac53aa8d1430","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":66,"box":{"x":96,"y":210,"width":213,"height":9}},{"id":"5cdea90e-10d6-46ec-98d8-1c2f8484a543","block_type":"box","text":"0.25%","page_number":66,"box":{"x":334,"y":210,"width":36,"height":8}},{"id":"b30bacfc-8737-447c-9901-700d70d77cbc","block_type":"box","text":"Minimum initial investment","page_number":66,"box":{"x":96,"y":232,"width":167,"height":8}},{"id":"2bd2975a-6490-4186-8609-6f1d22308168","block_type":"box","text":"£2,500,000","page_number":66,"box":{"x":333,"y":232,"width":67,"height":9}},{"id":"40529575-e6bd-4211-a8d1-871b2271a5b3","block_type":"box","text":"Minimum subsequent investment","page_number":66,"box":{"x":96,"y":254,"width":205,"height":11}},{"id":"51ee2a41-2909-49d6-b32e-1967a9d6efec","block_type":"box","text":"£1,000,000","page_number":66,"box":{"x":333,"y":254,"width":67,"height":9}},{"id":"3348d940-e86e-46da-969d-491e03055864","block_type":"box","text":"Minimum holding","page_number":66,"box":{"x":96,"y":276,"width":107,"height":11}},{"id":"cd4a052a-428d-47e9-b65e-18f3d0fa6daa","block_type":"box","text":"£1,000,000","page_number":66,"box":{"x":333,"y":276,"width":67,"height":10}},{"id":"cb82c1a2-3612-4ba7-8108-842a8509277b","block_type":"box","text":"Minimum redemption","page_number":66,"box":{"x":96,"y":298,"width":133,"height":11}},{"id":"8615f116-8d67-4e0e-9a37-d408ab2a3ddc","block_type":"box","text":"None","page_number":66,"box":{"x":334,"y":299,"width":31,"height":7}},{"id":"721abe99-cd0c-4336-8686-3910de03ffa3","block_type":"box","text":"Regular savings plan","page_number":66,"box":{"x":96,"y":320,"width":135,"height":11}},{"id":"cdd78d42-4f09-4881-9f5a-492fa5196a36","block_type":"box","text":"N/A","page_number":66,"box":{"x":334,"y":321,"width":22,"height":8}},{"id":"d13b382b-7040-48ee-982b-2dceeae978d5","block_type":"box","text":"Regular withdrawal facility","page_number":66,"box":{"x":96,"y":343,"width":180,"height":10}},{"id":"cc6b1d3b-575c-44d2-b6d1-ed97155d912b","block_type":"box","text":"N/A","page_number":66,"box":{"x":334,"y":343,"width":22,"height":8}},{"id":"3ebcad98-3c67-4f3c-9d5b-56176ac468d5","block_type":"box","text":"Investment in this Sub-fund is restricted to investors who are investing through the Tatton Investment Management discretionary","page_number":66,"box":{"x":96,"y":365,"width":808,"height":10}},{"id":"e8cae8bb-dc39-4062-a1f9-d5bea63dfb2c","block_type":"box","text":"management proposition.","page_number":66,"box":{"x":96,"y":380,"width":157,"height":11}},{"id":"1247c775-a389-4bc3-9c2b-4e064be00147","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":66,"box":{"x":510,"y":38,"width":392,"height":17}},{"id":"95a48157-48b6-4ab5-a4af-978474d84799","block_type":"box","text":"61","page_number":66,"box":{"x":967,"y":960,"width":15,"height":9}},{"id":"26275543-fa87-4b6c-827e-0451f412c78c","block_type":"box","text":"Investment Manager’s Review","page_number":67,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"73614b67-248d-4f74-ba18-b57affe9f157","block_type":"box","text":"for the year ended 30 April 2026","page_number":67,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"357938db-f878-4f04-bfb5-228dbfcbba4e","block_type":"box","text":"Investment review","page_number":67,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"33fc8d94-de88-4eb4-b18a-0017a95dd2c3","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":67,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"2c94d384-534f-40e3-a993-486021af833b","block_type":"box","text":"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","page_number":67,"box":{"x":95,"y":165,"width":802,"height":11}},{"id":"e8989587-c5e5-4544-84db-84c4a6afd2d5","block_type":"box","text":"s","page_number":67,"box":{"x":899,"y":167,"width":5,"height":6}},{"id":"e7195281-12ba-44ee-914d-4af9ef42a0c0","block_type":"box","text":"benchmark returned 2.53% meaning the fund outperformed by 0.2% over the period.","page_number":67,"box":{"x":96,"y":181,"width":520,"height":10}},{"id":"ec753547-7500-4984-a806-6f0de86a92f7","block_type":"box","text":"Over the last 12-months to 30 April 2026, the MI Cautious Portfolio Overlay C Acc has returned 14.03%. The IA Mixed Investment","page_number":67,"box":{"x":96,"y":203,"width":785,"height":10}},{"id":"213c1285-0b74-4af8-ba36-6db41a715728","block_type":"box","text":"20-","page_number":67,"box":{"x":885,"y":203,"width":19,"height":8}},{"id":"fe843d49-d080-42b7-bbe6-0042dcc5170a","block_type":"box","text":"60% Shares reference index returned 13.04%, meaning the fund outperformed by 0.99% over the period.","page_number":67,"box":{"x":96,"y":218,"width":640,"height":11}},{"id":"cb7a6653-0a20-4ae0-a5ba-dc7e34dc80eb","block_type":"box","text":"Overview","page_number":67,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"b2deb18a-148e-4542-b887-ba7b0a713869","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":67,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"46c0c525-166c-4469-84e4-5f5f9ccea74b","block_type":"box","text":"market","page_number":67,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"28d6fa0a-5df6-4ba9-bcf4-d6d79476dc14","block_type":"box","text":"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.","page_number":67,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"8cb8dec8-3b12-415e-8839-358d6d10acba","block_type":"box","text":"Since last","page_number":67,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"617a79ca-7b3f-454a-bbe2-a0ee6f0a5dab","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":67,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"96b114e4-c38c-452c-8e58-f692dac1dd00","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":67,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"4881304e-ee08-4bd8-88b9-4c52782c9055","block_type":"box","text":"eral Reserve","page_number":67,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"c0baa7d6-426f-4281-993d-55de92cfadd7","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":67,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"7c3b8207-21d0-414a-822c-fad3f049d71a","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":67,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"50764958-25a3-4c8d-8a04-2fc2eda47f5e","block_type":"box","text":"ons of","page_number":67,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"60a328fa-2dc7-4dee-9b12-0ddbbf633b0a","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":67,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"3efdb9d7-9eb3-4d19-b6a9-234aa0b63aa2","block_type":"box","text":"than","page_number":67,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"f7f97544-7085-4712-bd90-e62ecc6177d9","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":67,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"39403443-d617-42a9-9521-316418e96a41","block_type":"box","text":"le AI","page_number":67,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"22c7cfc3-55e3-4993-b0c2-a70856d7522b","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":67,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"2243d17d-1713-4b99-a77a-5712331915e0","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":67,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"c816c027-8f38-4db3-a725-150e26630de0","block_type":"box","text":"edia","page_number":67,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"4eca50a6-5a9a-48a6-86e1-8644014d79d8","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":67,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"310b87da-5bfd-43ca-a4a5-1799945853ca","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":67,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"a04f25bc-7943-45ff-83b5-3ed5d3fea43d","block_type":"box","text":"interest","page_number":67,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"df1b6460-e79b-4e47-b546-a5640149b6cd","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":67,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"9fc9c6eb-2c7d-4c7b-8034-6ae95d504437","block_type":"box","text":"d wider","page_number":67,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"710042d3-ba65-40e4-ab67-15c9a5d82e0b","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":67,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"59d16251-cf38-4f82-84b7-805013304323","block_type":"box","text":"Outlook","page_number":67,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"8b40ed65-acfb-492f-a93b-96f9c6bb1796","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":67,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"976c9624-778e-4506-8c22-35be02decd02","block_type":"box","text":"for","page_number":67,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"1841a750-78be-4491-9c96-4b8c4a0a53b2","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":67,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"a718b2d0-e696-427b-9224-b52c9e0456da","block_type":"box","text":"of","page_number":67,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"4fb14356-add0-4745-a0f7-b56b8a78c31e","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":67,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"be1eaaa1-dbbb-4ce0-abd0-0bce495886e3","block_type":"box","text":"ll take time","page_number":67,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"8453d798-a175-40ae-8f51-407c28289523","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":67,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"cca8183b-b28d-4b3b-a141-8a4359fe042f","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":67,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"242df444-6b5e-4a0f-918b-4b8e4f674d21","block_type":"box","text":". Oil","page_number":67,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"23392a29-3efc-49a9-ba84-84f82d7fee41","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":67,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"517da872-be9f-442c-850c-54a6c8aa8930","block_type":"box","text":"expectation","page_number":67,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"30ba179f-0d65-4f32-ba26-e536c9c9f5d0","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":67,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"e1a7aa14-f10c-4e97-bcaf-788f98cba778","block_type":"box","text":"sell-off","page_number":67,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"4f247be9-212f-49a8-b0d7-867133921663","block_type":"box","text":"we might have expected).","page_number":67,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"6a2242ba-655d-4529-9e5d-40cf7454c260","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":67,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"d79109eb-b646-46fe-ba71-17815ade0729","block_type":"box","text":"ries","page_number":67,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"4b8bb062-f76c-4c84-8277-66b82d59858a","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":67,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"3edffaeb-38a1-436e-ae0e-2cc63672e20c","block_type":"box","text":"rowth can","page_number":67,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"6fdc69bb-43dd-470c-be99-a2c93953f649","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":67,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"04c8da5e-e39b-4948-9240-5d4b543cbefa","block_type":"box","text":"g.","page_number":67,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"f6034cf3-aa8a-401c-83da-88becb97982e","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":67,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"961cc1dd-4ebe-4eae-b6ff-37019e6fbfa6","block_type":"box","text":"y","page_number":67,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"d1d62c54-7e5a-457d-aae1-e9468e05b4fa","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":67,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"159e6515-6b28-4a8b-a17c-dd52039fe0e1","block_type":"box","text":"cle.","page_number":67,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"2e47cd8e-09b9-44f4-be7d-e5cac69178b2","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":67,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"08baa3f2-fe23-4880-b0c0-ca2782caab9e","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":67,"box":{"x":97,"y":38,"width":392,"height":17}},{"id":"9cc1f323-3c5b-477f-8b37-d8c0cd413519","block_type":"box","text":"62","page_number":67,"box":{"x":15,"y":960,"width":17,"height":9}},{"id":"49d68718-89e0-44b7-a90b-97e3fa0d2ee7","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":68,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"65e53d42-dd4d-4487-8b62-50293ce2fbbb","block_type":"box","text":"for the year ended 30 April 2026","page_number":68,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"b88dbc10-c4d1-4291-97c0-49f435d423ba","block_type":"box","text":"Fund positioning","page_number":68,"box":{"x":96,"y":128,"width":111,"height":10}},{"id":"7fc5b3b4-95fd-4d3f-b800-ddebad708380","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":68,"box":{"x":95,"y":143,"width":769,"height":11}},{"id":"14ea84f1-e279-4280-8989-6ebfdcde3216","block_type":"box","text":"d fund","page_number":68,"box":{"x":865,"y":143,"width":38,"height":8}},{"id":"c95a5545-f14a-491d-ab8c-9e5f4ef132ce","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":68,"box":{"x":95,"y":158,"width":473,"height":11}},{"id":"2571c52e-34d2-4b55-8988-494b386117bf","block_type":"box","text":"On 8 May 2025, changes were made to the portfolio. During this update, the asset allocation was amended; Bonds were increased","page_number":68,"box":{"x":96,"y":181,"width":807,"height":10}},{"id":"4f4e0e2d-b37d-489b-9b89-d997793eb4ea","block_type":"box","text":"and Equities were decreased. Sub-asset allocation was changed; North America Equity was decreased and Strategic Bond was increa","page_number":68,"box":{"x":95,"y":196,"width":783,"height":11}},{"id":"6426aafb-6f18-4444-b7f7-f0c22c7ca60e","block_type":"box","text":"sed.","page_number":68,"box":{"x":880,"y":196,"width":23,"height":8}},{"id":"b8619eb1-9b99-4e71-a82e-4f66c34892d6","block_type":"box","text":"One manager selection change was made; iShares MSCI Europe Mid Cap ETF was removed.","page_number":68,"box":{"x":96,"y":212,"width":553,"height":10}},{"id":"4fa29812-ee07-4d9f-b934-3a0fbe86173e","block_type":"box","text":"On 11 July 2025, changes were made to the portfolio. The portfolio’s asset class distribution was revised; Bonds were decreased","page_number":68,"box":{"x":96,"y":234,"width":780,"height":10}},{"id":"1bb11026-4b4e-4896-95d8-d4571014a3aa","block_type":"box","text":"and","page_number":68,"box":{"x":881,"y":234,"width":22,"height":8}},{"id":"5c401245-13a0-49b1-a711-61b4d5e2b97c","block_type":"box","text":"Equities were increased. Sub-asset allocation was changed; Government Bond was decreased, North America Equity was increased","page_number":68,"box":{"x":96,"y":249,"width":807,"height":11}},{"id":"a100d7a1-35c6-45ad-9f1b-b6867c8e9f2c","block_type":"box","text":"and Strategic Bond was decreased. Manager positions were updated; HSBC American Index Fund was increased, HSBC Global Aggregate","page_number":68,"box":{"x":95,"y":265,"width":808,"height":10}},{"id":"5dfb8e85-b684-43ec-a4b6-1b1fe0689ff4","block_type":"box","text":"Bond UCITS ETF was decreased and HSBC Global Government Bond UCITS ETF was decreased.","page_number":68,"box":{"x":96,"y":280,"width":571,"height":8}},{"id":"f69227b5-d5e8-493a-bbed-bd6c445b3f6f","block_type":"box","text":"On 12 August 2025, the portfolio underwent a change. The sub-asset class allocation structure was modified; Emerging Market Bon","page_number":68,"box":{"x":96,"y":302,"width":799,"height":11}},{"id":"2eb79215-5b86-463c-b627-aea70634e654","block_type":"box","text":"d","page_number":68,"box":{"x":897,"y":302,"width":6,"height":8}},{"id":"10a49bbe-2d3f-4eac-afdc-caba62d2c386","block_type":"box","text":"was increased, Government Bond was increased, North America Equity was increased and Strategic Bond was decreased. Updates","page_number":68,"box":{"x":95,"y":318,"width":809,"height":10}},{"id":"bc1827f9-a487-4b5e-a4cd-24c8d0d12926","block_type":"box","text":"were made to the portfolio’s fund managers; Amundi Prime Japan was added, Dimensional Global Ultra Short Fixed Income Fund was","page_number":68,"box":{"x":95,"y":333,"width":809,"height":11}},{"id":"55a59d9d-e32e-45a9-ab55-a3612fab8336","block_type":"box","text":"removed, HSBC Global Aggregate Bond UCITS ETF was decreased, HSBC Global Emerging Market Government Bond Index Fund was","page_number":68,"box":{"x":96,"y":349,"width":808,"height":10}},{"id":"5b8f3e9b-0146-4505-996b-ce492e3e0940","block_type":"box","text":"added, HSBC Global Government Bond UCITS ETF was increased, Loomis Sayles Global Opportunistic Bond Fund was decreased,","page_number":68,"box":{"x":95,"y":364,"width":808,"height":11}},{"id":"28328373-3584-440a-8740-7eebc255b5a6","block_type":"box","text":"Schroder Recovery Fund was removed and State Street SPDR S&P500 Quality Aristocrats ETF was added.","page_number":68,"box":{"x":95,"y":379,"width":633,"height":11}},{"id":"2d60dbca-ecf4-4a2d-a6e6-4aa1c6d046af","block_type":"box","text":"Some changes to the portfolio were implemented on 30 October 2025. Fund managers within the portfolio were adjusted; HSBC Globa","page_number":68,"box":{"x":95,"y":402,"width":805,"height":10}},{"id":"5377a988-0357-4bcb-80a1-5a817a7c3f9c","block_type":"box","text":"l","page_number":68,"box":{"x":902,"y":402,"width":1,"height":8}},{"id":"576ef7c0-35bc-4233-a01b-066bea63831d","block_type":"box","text":"Government Bond UCITS ETF was increased, SVM UK Opportunities Fund was removed, iShares $ Treasury Bond 20+y ETF was removed","page_number":68,"box":{"x":96,"y":417,"width":807,"height":11}},{"id":"24837018-a7cf-4540-a13f-d1a439f8b5a8","block_type":"box","text":"and RGI UK Opportunities Fund was added.","page_number":68,"box":{"x":95,"y":432,"width":264,"height":11}},{"id":"49c522bf-6dcd-4e99-bf87-8a901b235ce1","block_type":"box","text":"On 3 November 2025 the portfolio was updated. The portfolio’s fund manager allocations were updated; Barings Emerging Markets","page_number":68,"box":{"x":96,"y":455,"width":808,"height":10}},{"id":"01e84e93-03f0-4af1-b4ea-3495da4b6785","block_type":"box","text":"Debt Blended Total Return Fund was removed, HSBC Global Emerging Market Government Bond Index Fund was removed, Emerging","page_number":68,"box":{"x":96,"y":470,"width":808,"height":11}},{"id":"38789cd6-7a7c-4b80-8f94-185484b2e242","block_type":"box","text":"Markets Debt Opportunities Fund was added and Jupiter UK Dynamic Equity Fund was added.","page_number":68,"box":{"x":96,"y":486,"width":570,"height":10}},{"id":"c191d815-20b9-4135-9936-e290f4c0ce99","block_type":"box","text":"Some changes to the portfolio were implemented on 2 December 2025. Manager positions were updated; the iShares UK Equity Index","page_number":68,"box":{"x":95,"y":508,"width":809,"height":10}},{"id":"acb0f690-3622-4d46-a223-8301a1f1a0da","block_type":"box","text":"Fund (UK) share class was changed.","page_number":68,"box":{"x":96,"y":523,"width":215,"height":11}},{"id":"a46916c2-8b66-4137-8bc5-10d387eba8e0","block_type":"box","text":"On 12 January 2026, changes were made to the portfolio. The asset allocation blend was adjusted; Alternatives were decreased an","page_number":68,"box":{"x":96,"y":545,"width":799,"height":11}},{"id":"ca37b716-297d-4710-b9e8-6987d37239af","block_type":"box","text":"d","page_number":68,"box":{"x":897,"y":545,"width":6,"height":9}},{"id":"30b65cb0-3b88-4c8e-8bc3-2d3b438eeae4","block_type":"box","text":"Bonds were increased. Updates were made to the sub-asset class split; Alternative was decreased and IG Bond was increased. The","page_number":68,"box":{"x":96,"y":561,"width":808,"height":10}},{"id":"a33b9ca9-3983-40ea-9784-371f8677071b","block_type":"box","text":"portfolio’s fund manager allocations were updated; Dimensional Global Ultra Short Fixed Income Fund was added and Neuberger","page_number":68,"box":{"x":96,"y":576,"width":808,"height":11}},{"id":"517d3996-3ef4-4274-b162-320e2b7645fa","block_type":"box","text":"Berman Uncorrelated Strategies Fund was removed.","page_number":68,"box":{"x":96,"y":592,"width":317,"height":10}},{"id":"b3ac5536-ddb0-4cec-b783-a59024ac8d18","block_type":"box","text":"The portfolio was updated on 25 March 2026. Adjustments were made to the asset class allocations; Bonds were decreased and Equi","page_number":68,"box":{"x":95,"y":614,"width":787,"height":10}},{"id":"bb07a2fb-d367-45cd-ad77-e22a7563b882","block_type":"box","text":"ties","page_number":68,"box":{"x":883,"y":614,"width":21,"height":8}},{"id":"68c62216-c425-4301-919e-143925b85dba","block_type":"box","text":"were increased. A sub-asset allocation change was made; UK Equity was increased.","page_number":68,"box":{"x":95,"y":629,"width":504,"height":11}},{"id":"4e680665-ae50-4571-bb63-55f807eacaf2","block_type":"box","text":"The portfolio was updated on 10 April 2026. One manager selection change was made; HSBC Global Government Bond UCITS ETF was","page_number":68,"box":{"x":95,"y":651,"width":809,"height":11}},{"id":"26410f66-c938-408d-bf5a-1645994dc877","block_type":"box","text":"decreased.","page_number":68,"box":{"x":95,"y":667,"width":66,"height":8}},{"id":"8c3e0255-2489-418a-800d-f2f93f777c0d","block_type":"box","text":"Tatton Investment Management Limited","page_number":68,"box":{"x":95,"y":711,"width":269,"height":11}},{"id":"06a29896-7683-463d-be82-169d71ce8996","block_type":"box","text":"Investment Manager to the Fund","page_number":68,"box":{"x":96,"y":727,"width":198,"height":10}},{"id":"04255e70-9c6d-4be3-8953-bcb00d5c1479","block_type":"box","text":"May 2026","page_number":68,"box":{"x":96,"y":742,"width":58,"height":11}},{"id":"cae4f213-4383-4fdc-b8c7-628cdd77a104","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":68,"box":{"x":510,"y":38,"width":392,"height":17}},{"id":"6f93ac7b-a44c-4d11-b049-7abac193398d","block_type":"box","text":"63","page_number":68,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"11d01142-b652-454e-b05f-b124e050b3be","block_type":"box","text":"Performance Record","page_number":69,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"1ee641d0-c437-4ff2-81ae-972145a76c90","block_type":"box","text":"Financial Highlights","page_number":69,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"b9cdecd7-1158-46c0-a514-0035266389e0","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":69,"box":{"x":100,"y":149,"width":237,"height":9}},{"id":"529dae9a-1aed-436a-ab89-40dc59087c49","block_type":"box","text":"30.04.26","page_number":69,"box":{"x":418,"y":149,"width":54,"height":8}},{"id":"3106c328-d89c-4ade-af43-a769fde36cce","block_type":"box","text":"30.04.25","page_number":69,"box":{"x":527,"y":149,"width":54,"height":8}},{"id":"cf214fd8-30c5-469e-a647-ed2b7883b534","block_type":"box","text":"30.04.24","page_number":69,"box":{"x":637,"y":149,"width":54,"height":8}},{"id":"2d2fd000-e0a1-44cc-a154-ac67833e4e28","block_type":"box","text":"p","page_number":69,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"f27438a0-feb9-41fe-9def-525df6816356","block_type":"box","text":"p","page_number":69,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"dad7d00b-5932-4f04-a926-e07b505b8431","block_type":"box","text":"p","page_number":69,"box":{"x":661,"y":161,"width":6,"height":9}},{"id":"463c677c-3ea1-434e-9e76-1c1ff30c8a63","block_type":"box","text":"Opening net asset value per share","page_number":69,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"822a9685-3d31-4d20-a8a7-ee67c4deab11","block_type":"box","text":"153.7672","page_number":69,"box":{"x":435,"y":178,"width":54,"height":8}},{"id":"d09d6fe1-b76e-456c-8fe4-831925ac9c85","block_type":"box","text":"147.4359","page_number":69,"box":{"x":544,"y":178,"width":55,"height":8}},{"id":"d906bed7-62ad-4e7b-a99f-63b55883b011","block_type":"box","text":"138.3848","page_number":69,"box":{"x":654,"y":178,"width":54,"height":8}},{"id":"b1ed1f4e-c279-4eba-8116-4e7254ad3b1e","block_type":"box","text":"Return before operating charges","page_number":69,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"36920c07-0b2a-4b5e-9914-85b6ec107ce0","block_type":"box","text":"22.3640","page_number":69,"box":{"x":442,"y":191,"width":47,"height":8}},{"id":"84d7d9bb-7006-4bc8-83f2-9935c3d38182","block_type":"box","text":"7.1144","page_number":69,"box":{"x":559,"y":191,"width":40,"height":8}},{"id":"85fe7334-bbcd-420a-ad03-7b053b01f0c4","block_type":"box","text":"9.8371","page_number":69,"box":{"x":668,"y":191,"width":38,"height":8}},{"id":"012bfcd7-8017-41e5-95c7-08f28f2c08ab","block_type":"box","text":"Operating charges (note 1)","page_number":69,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"f8addd42-79f1-457a-b568-463c37c5c670","block_type":"box","text":"(0.8187)","page_number":69,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"b8ad8008-1561-4645-b3e9-5831a49d598b","block_type":"box","text":"(0.7831)","page_number":69,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"e9c86fe0-d76b-405f-87c5-4b83c6a33158","block_type":"box","text":"(0.7860)","page_number":69,"box":{"x":660,"y":204,"width":48,"height":9}},{"id":"2dd09ece-da38-43eb-8bb8-5bec817313a6","block_type":"box","text":"Return after operating charges","page_number":69,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"27eacefc-5ad2-44e0-a3a3-1c9b4f914d02","block_type":"box","text":"21.5453","page_number":69,"box":{"x":442,"y":217,"width":47,"height":8}},{"id":"658aabac-fc03-41b0-a7e7-d698864a7041","block_type":"box","text":"6.3313","page_number":69,"box":{"x":559,"y":217,"width":40,"height":8}},{"id":"d7d00886-7057-42d0-9c38-43b53700fb52","block_type":"box","text":"9.0511","page_number":69,"box":{"x":668,"y":217,"width":38,"height":8}},{"id":"a2b9b486-c813-42cb-8563-90fcdfd55300","block_type":"box","text":"Closing net asset value per share","page_number":69,"box":{"x":100,"y":230,"width":217,"height":10}},{"id":"6d24d2b7-f897-4c9d-96bf-1e11dc6383c9","block_type":"box","text":"175.3125","page_number":69,"box":{"x":432,"y":230,"width":57,"height":8}},{"id":"c25c8d14-8fcf-438e-afd0-2a83f333ef5d","block_type":"box","text":"153.7672","page_number":69,"box":{"x":541,"y":230,"width":58,"height":8}},{"id":"fa47b782-aa8a-4a9a-b5b6-557b4e92a4c2","block_type":"box","text":"147.4359","page_number":69,"box":{"x":651,"y":230,"width":58,"height":8}},{"id":"0d0c8b22-1102-4b34-9e10-86ca5e1de6ea","block_type":"box","text":"Retained distributions on accumulated shares","page_number":69,"box":{"x":101,"y":243,"width":278,"height":8}},{"id":"a47fafd7-7706-4fea-9048-99b185c2e02d","block_type":"box","text":"2.8247","page_number":69,"box":{"x":449,"y":243,"width":40,"height":8}},{"id":"0a24757e-d3c3-4000-9040-45ba3c517b2d","block_type":"box","text":"2.6850","page_number":69,"box":{"x":559,"y":243,"width":40,"height":8}},{"id":"ed835d4a-8117-4a9f-8f9f-f4301a886e1d","block_type":"box","text":"4.3021","page_number":69,"box":{"x":668,"y":243,"width":38,"height":8}},{"id":"d474236e-011f-4001-97d3-43f8057f2ea3","block_type":"box","text":"After direct transactions costs of","page_number":69,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"3ab2ce2c-8585-4365-b5f1-6c21e936276a","block_type":"box","text":"–","page_number":69,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"59e27d69-a30f-4abe-b67a-d2810ae6b736","block_type":"box","text":"–","page_number":69,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"e0dc03a0-d8a1-4422-a2f3-b07b49beb77a","block_type":"box","text":"–","page_number":69,"box":{"x":702,"y":261,"width":6,"height":0}},{"id":"43d80a5b-f1cd-4c43-9914-d99aeff8b746","block_type":"box","text":"Performance","page_number":69,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"79ac24c7-53b7-408c-a3cf-95a1b9af004d","block_type":"box","text":"Return after charges","page_number":69,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"eb6bd4f7-73c7-4091-9ad7-6fbe49a643d0","block_type":"box","text":"14.01%","page_number":69,"box":{"x":446,"y":282,"width":43,"height":8}},{"id":"10174063-a2bd-474f-8c1e-e15a47a6fcb9","block_type":"box","text":"4.29%","page_number":69,"box":{"x":562,"y":282,"width":37,"height":8}},{"id":"aba40c44-27e5-4a47-9071-d1b6b11b3140","block_type":"box","text":"6.54%","page_number":69,"box":{"x":672,"y":282,"width":36,"height":8}},{"id":"131a7623-93d0-41b7-be07-59590da794d3","block_type":"box","text":"Other information","page_number":69,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"f322c364-a6ad-463d-8b59-28db599ec84e","block_type":"box","text":"Closing net asset value","page_number":69,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"53315912-ea62-4441-9fe1-5406de0192df","block_type":"box","text":"£524,863,944","page_number":69,"box":{"x":408,"y":308,"width":82,"height":10}},{"id":"e419f84a-05c8-46ef-a8ca-1eabacc87ca1","block_type":"box","text":"£444,490,578","page_number":69,"box":{"x":517,"y":308,"width":82,"height":10}},{"id":"84979bb0-01e2-4e8e-a8e3-5e3422f460c8","block_type":"box","text":"£444,456,549","page_number":69,"box":{"x":627,"y":308,"width":81,"height":10}},{"id":"01321eb9-9aeb-4deb-a65c-b6201e0dac96","block_type":"box","text":"Closing number of shares","page_number":69,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"e86673f2-c76c-45ee-9cd4-1ab2580a1f63","block_type":"box","text":"299,387,622","page_number":69,"box":{"x":416,"y":321,"width":73,"height":10}},{"id":"83eb1f73-1369-4f4d-894f-8af8c81e3dbf","block_type":"box","text":"289,067,314","page_number":69,"box":{"x":525,"y":321,"width":74,"height":10}},{"id":"fe22fddb-1700-40f3-8e89-5c6ba92a8b51","block_type":"box","text":"301,457,536","page_number":69,"box":{"x":635,"y":321,"width":73,"height":10}},{"id":"26084e71-0d6f-4b71-ad30-6bfd02a4b693","block_type":"box","text":"Operating charges (note 2)","page_number":69,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"fdbaa72b-b41e-40be-aee9-fe8342edd64e","block_type":"box","text":"0.50%","page_number":69,"box":{"x":453,"y":335,"width":36,"height":7}},{"id":"05ee1625-4a51-40f2-a8b4-0bf6534b84f0","block_type":"box","text":"0.52%","page_number":69,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"245f5a62-a07a-4a49-b260-39ef9457327d","block_type":"box","text":"0.55%","page_number":69,"box":{"x":672,"y":335,"width":36,"height":7}},{"id":"22fbc31d-350e-440e-aced-c589ab119106","block_type":"box","text":"Direct transaction costs","page_number":69,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"f34c09db-8aae-4463-9123-df2d65194762","block_type":"box","text":"0.00%","page_number":69,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"b5cf41c6-b0c3-4d09-9242-2b2c17732318","block_type":"box","text":"0.00%","page_number":69,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"9904f9d6-5b1a-4d00-a795-2d954b8d8b7e","block_type":"box","text":"0.00%","page_number":69,"box":{"x":672,"y":348,"width":36,"height":7}},{"id":"7e61fa77-7e0e-41db-a461-328b395e1c26","block_type":"box","text":"Prices","page_number":69,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"19ce42e3-64d9-4d4a-b9ea-08dd0c32899b","block_type":"box","text":"Highest share price","page_number":69,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"c1a7f34c-07c1-4e95-8754-b8e34561c333","block_type":"box","text":"177.7635","page_number":69,"box":{"x":435,"y":374,"width":54,"height":8}},{"id":"d7d40849-435e-4521-ad2c-a69cb1d14de1","block_type":"box","text":"159.9170","page_number":69,"box":{"x":544,"y":374,"width":55,"height":8}},{"id":"0e83d94e-e165-49f0-88ab-3c6e2eedeef5","block_type":"box","text":"149.2839","page_number":69,"box":{"x":654,"y":374,"width":54,"height":8}},{"id":"97d5f0b5-355f-4288-bb5a-15b5604c4731","block_type":"box","text":"Lowest share price","page_number":69,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"5a7dcd9e-8f00-439e-a268-bf1dbbbbf137","block_type":"box","text":"153.7672","page_number":69,"box":{"x":435,"y":387,"width":54,"height":8}},{"id":"368151f3-206d-4834-8565-1c4004d1392e","block_type":"box","text":"146.7171","page_number":69,"box":{"x":544,"y":387,"width":53,"height":8}},{"id":"4d1187d9-7f3c-411c-b41a-795400ddba21","block_type":"box","text":"134.1485","page_number":69,"box":{"x":654,"y":387,"width":54,"height":8}},{"id":"6f9aace8-5c5d-42fb-a672-b2606681b23d","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":69,"box":{"x":96,"y":414,"width":758,"height":11}},{"id":"a228575b-7ec1-495b-8451-e61d6411e3f4","block_type":"box","text":"aluation","page_number":69,"box":{"x":855,"y":414,"width":48,"height":8}},{"id":"48ad67e1-03ff-466a-bd5e-e439557f4de9","block_type":"box","text":"per share throughout the period.","page_number":69,"box":{"x":96,"y":429,"width":200,"height":10}},{"id":"18ceae07-19b0-4b66-8284-e4f7bfd996da","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":69,"box":{"x":95,"y":448,"width":787,"height":11}},{"id":"ccb0b21f-5512-4a0a-b307-18595ec9767a","block_type":"box","text":"age","page_number":69,"box":{"x":883,"y":451,"width":21,"height":8}},{"id":"5343f0aa-d6f6-4ea2-b897-4afdb10aae3d","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":69,"box":{"x":96,"y":463,"width":778,"height":11}},{"id":"5dcdc491-cabc-4536-9a5f-23e5da4f1c8a","block_type":"box","text":"und.","page_number":69,"box":{"x":874,"y":463,"width":26,"height":8}},{"id":"8f53b898-9f90-4487-aaa3-b8a1373ec4f9","block_type":"box","text":"Risk and Reward Profile","page_number":69,"box":{"x":97,"y":513,"width":244,"height":13}},{"id":"07acb41e-2314-40d2-8e70-6ddad164bb1a","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":69,"box":{"x":95,"y":549,"width":785,"height":10}},{"id":"9e3ef8bb-9597-405a-a718-8c4416e2ef8a","block_type":"box","text":"the","page_number":69,"box":{"x":884,"y":549,"width":20,"height":8}},{"id":"01620ed1-20f8-4546-b974-a6017597be6d","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":69,"box":{"x":96,"y":564,"width":752,"height":11}},{"id":"c7e3dab1-e797-4eac-8291-5333a80eb925","block_type":"box","text":"and may","page_number":69,"box":{"x":852,"y":564,"width":52,"height":11}},{"id":"9ce84014-921b-4609-b30d-f532dde333e4","block_type":"box","text":"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’","page_number":69,"box":{"x":96,"y":580,"width":753,"height":10}},{"id":"6c73c6e3-7f1b-4995-acda-60467600fcba","block_type":"box","text":"s ranking","page_number":69,"box":{"x":849,"y":580,"width":55,"height":10}},{"id":"80fd8c28-827d-4534-a23a-c16fd1e45406","block_type":"box","text":"on the risk and reward indicator.","page_number":69,"box":{"x":95,"y":595,"width":199,"height":8}},{"id":"cbbf66a6-8a66-4c28-892d-80ad23f83bc9","block_type":"box","text":"Typically lower rewards,","page_number":69,"box":{"x":128,"y":617,"width":162,"height":11}},{"id":"94651367-a3c2-4ad7-8c93-28fd663b8d5c","block_type":"box","text":"Typically higher rewards,","page_number":69,"box":{"x":706,"y":617,"width":167,"height":11}},{"id":"fcc5f84a-785e-4e45-9e91-282e93d980c8","block_type":"box","text":"lower risk","page_number":69,"box":{"x":177,"y":633,"width":65,"height":8}},{"id":"5fa9fdc1-d218-4ff8-8b3e-e06b5f42fef1","block_type":"box","text":"higher risk","page_number":69,"box":{"x":755,"y":633,"width":71,"height":10}},{"id":"832cfd96-3c25-4540-a811-b17cdb112486","block_type":"box","text":"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","page_number":69,"box":{"x":96,"y":692,"width":738,"height":11}},{"id":"8af17276-00fc-4798-a24a-023be405db32","block_type":"box","text":"y in the Key","page_number":69,"box":{"x":835,"y":693,"width":69,"height":10}},{"id":"7e16ab03-56bd-48ef-bc58-76477ca9246d","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 4). The Sub-fund is ranked ‘4’ because weekly historical performance data","page_number":69,"box":{"x":96,"y":708,"width":807,"height":11}},{"id":"bc6da363-51a3-4f4a-b995-b62463f6f4a5","block_type":"box","text":"indicates that average rises and falls in prices would have occurred historically. The higher the rank, the greater the potenti","page_number":69,"box":{"x":96,"y":723,"width":749,"height":11}},{"id":"5615e691-4c07-4da8-bcd0-1a7cb4b28701","block_type":"box","text":"al reward","page_number":69,"box":{"x":847,"y":723,"width":56,"height":9}},{"id":"47c027e3-3060-4c08-8520-99956101e1d5","block_type":"box","text":"but the greater the risk of losing money.","page_number":69,"box":{"x":96,"y":739,"width":242,"height":11}},{"id":"1039d63d-50ad-48ea-86fb-d6628c894a0b","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":69,"box":{"x":97,"y":38,"width":392,"height":17}},{"id":"2441a050-3013-4c0a-85e4-51c6371d863c","block_type":"box","text":"64","page_number":69,"box":{"x":15,"y":960,"width":18,"height":9}},{"id":"429376a9-b386-4d85-8d62-abf5cf1fa55d","block_type":"box","text":"1","page_number":69,"box":{"x":148,"y":667,"width":8,"height":12}},{"id":"0336d0fa-aef3-4097-994f-2eb591993310","block_type":"box","text":"2","page_number":69,"box":{"x":263,"y":667,"width":10,"height":12}},{"id":"c7f5069b-26b8-4337-a52e-39f78a4e930e","block_type":"box","text":"3","page_number":69,"box":{"x":379,"y":667,"width":10,"height":12}},{"id":"572f230b-fc06-4cd5-b388-aaafb4e6d44d","block_type":"box","text":"4","page_number":69,"box":{"x":494,"y":667,"width":11,"height":12}},{"id":"6347df66-e869-44b8-a9f2-5724b757bc22","block_type":"box","text":"5","page_number":69,"box":{"x":611,"y":667,"width":10,"height":12}},{"id":"fc7f3f3f-a547-46bc-b951-116170b7f385","block_type":"box","text":"6","page_number":69,"box":{"x":726,"y":667,"width":10,"height":12}},{"id":"158ef2da-20a7-4137-baa2-068ec3f24c6c","block_type":"box","text":"7","page_number":69,"box":{"x":841,"y":667,"width":11,"height":12}},{"id":"08994745-75d0-4b76-8507-a9b910883967","block_type":"box","text":"Portfolio Statement","page_number":70,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"bd461440-9efb-4024-be81-b1c31d34661b","block_type":"box","text":"as at 30 April 2026","page_number":70,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"dfcc6a55-1ef5-4f3e-b85f-06058a56192b","block_type":"box","text":"Market","page_number":70,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"212fbb6c-827c-4eec-913d-55f84b83c110","block_type":"box","text":"% of total","page_number":70,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"e84b363a-193e-4443-8c1a-0c05295e72a9","block_type":"box","text":"value","page_number":70,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"9a9416ce-8efc-4079-92fc-b7b5efe4ced3","block_type":"box","text":"net assets","page_number":70,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"691cad00-78a6-4088-a352-876593c0d794","block_type":"box","text":"Holding","page_number":70,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"437d2f03-c072-47a0-8d27-b42395586083","block_type":"box","text":"Investment","page_number":70,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"aede15bc-0613-4cba-a87c-ba8eeedcbf07","block_type":"box","text":"£","page_number":70,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"e8803dae-d3c4-444b-b0a2-f2fcd8b6f270","block_type":"box","text":"2026","page_number":70,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"eb9aea6d-10e9-4921-a830-eaeca9718b65","block_type":"box","text":"Collective Investment Schemes (30.04.2025: 94.87%)","page_number":70,"box":{"x":210,"y":176,"width":346,"height":10}},{"id":"a39d2de1-4e82-4ebb-bdf4-23bd43aba8e5","block_type":"box","text":"2,849,663","page_number":70,"box":{"x":131,"y":191,"width":58,"height":9}},{"id":"3d3be5af-1a8c-4ba3-867b-6cc0c669b76b","block_type":"box","text":"Artemis US Select Fund","page_number":70,"box":{"x":209,"y":190,"width":140,"height":8}},{"id":"7a29b982-e660-4ac2-8483-6d3b07eddaad","block_type":"box","text":"14,970,135","page_number":70,"box":{"x":743,"y":191,"width":65,"height":9}},{"id":"66f58c33-a7eb-46ed-aa22-2ee0dd4315e4","block_type":"box","text":"2.85%","page_number":70,"box":{"x":863,"y":191,"width":36,"height":7}},{"id":"d0ae1fa2-e4d5-4d1d-afd2-dfc01ea7a628","block_type":"box","text":"5,104,283","page_number":70,"box":{"x":131,"y":205,"width":58,"height":9}},{"id":"11e8a579-7321-4f45-a072-9272800e8c95","block_type":"box","text":"AXA Framlington UK Mid Cap Fund","page_number":70,"box":{"x":209,"y":204,"width":209,"height":11}},{"id":"658791ad-f90e-4fd6-be8c-b689f50522b3","block_type":"box","text":"6,370,145","page_number":70,"box":{"x":750,"y":205,"width":58,"height":9}},{"id":"ff79bf4e-dfae-4a91-a920-76cd00dd642a","block_type":"box","text":"1.21%","page_number":70,"box":{"x":863,"y":205,"width":36,"height":8}},{"id":"4b32a972-2a38-4f72-bdd4-4ad3c645056c","block_type":"box","text":"5,469","page_number":70,"box":{"x":157,"y":219,"width":32,"height":9}},{"id":"8ecbfbac-a278-45f3-8c0d-e95a078a3941","block_type":"box","text":"Baring Hong Kong China Fund","page_number":70,"box":{"x":210,"y":219,"width":180,"height":10}},{"id":"749ca073-f581-4365-bf98-103c3de490fd","block_type":"box","text":"6,194,843","page_number":70,"box":{"x":750,"y":219,"width":58,"height":9}},{"id":"1a9e8b8c-28ee-40c4-a05b-e2d10acd4823","block_type":"box","text":"1.18%","page_number":70,"box":{"x":863,"y":219,"width":36,"height":8}},{"id":"2bde95e5-ef6c-4ee6-b949-65b945b732e5","block_type":"box","text":"15,217,112","page_number":70,"box":{"x":124,"y":233,"width":65,"height":9}},{"id":"30a88b76-e635-44b4-a45a-8a8db7631b71","block_type":"box","text":"BNY Mellon US Equity Income Fund","page_number":70,"box":{"x":210,"y":233,"width":214,"height":11}},{"id":"2583b138-bb34-4434-b6fe-944e1f463bba","block_type":"box","text":"16,971,644","page_number":70,"box":{"x":743,"y":233,"width":66,"height":9}},{"id":"fff6430b-f60c-4541-b67b-88aefbd0c6af","block_type":"box","text":"3.23%","page_number":70,"box":{"x":863,"y":233,"width":36,"height":8}},{"id":"74088fcd-fa2c-497c-8619-6d0b72a38739","block_type":"box","text":"66,963","page_number":70,"box":{"x":149,"y":248,"width":40,"height":9}},{"id":"848c3750-b0c1-499c-b4fb-49eede5f8a20","block_type":"box","text":"Cheyne Global Credit Fund","page_number":70,"box":{"x":210,"y":247,"width":161,"height":11}},{"id":"a23beeea-692b-4b6c-8045-033940209471","block_type":"box","text":"8,236,459","page_number":70,"box":{"x":750,"y":248,"width":58,"height":9}},{"id":"19b66b9a-d03e-4193-9a15-9469a4f8ba91","block_type":"box","text":"1.57%","page_number":70,"box":{"x":863,"y":248,"width":36,"height":7}},{"id":"8d7df087-6e50-4494-bf97-5e72d96eb762","block_type":"box","text":"1,093,230","page_number":70,"box":{"x":131,"y":262,"width":58,"height":9}},{"id":"9c30e445-2cc4-4979-834b-77f9f03672a7","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":70,"box":{"x":210,"y":261,"width":307,"height":9}},{"id":"255e5029-e948-42a0-ab48-b41d785707bb","block_type":"box","text":"13,457,657","page_number":70,"box":{"x":743,"y":262,"width":65,"height":9}},{"id":"b67eff83-366f-4342-b3d0-23f2aef744a3","block_type":"box","text":"2.56%","page_number":70,"box":{"x":863,"y":262,"width":36,"height":8}},{"id":"6333c79e-ba57-4627-8435-e694b19648d3","block_type":"box","text":"10,061,056","page_number":70,"box":{"x":124,"y":276,"width":65,"height":9}},{"id":"8cc8d133-3ac8-41df-bf3e-64cec590a61e","block_type":"box","text":"ES Alliance Bernstein Concentrated US Equity Fund","page_number":70,"box":{"x":210,"y":276,"width":308,"height":10}},{"id":"a439b5a8-7249-40b1-bde3-ccdc88ea3796","block_type":"box","text":"17,898,619","page_number":70,"box":{"x":743,"y":276,"width":65,"height":9}},{"id":"fa140d0b-18aa-4976-9004-728cbc28006b","block_type":"box","text":"3.41%","page_number":70,"box":{"x":863,"y":276,"width":36,"height":8}},{"id":"341132ba-32ea-4757-a30f-f8875a257423","block_type":"box","text":"15,914,010","page_number":70,"box":{"x":124,"y":290,"width":65,"height":9}},{"id":"6bdcda67-5e35-47d6-b2e8-a4bfb0f8d2f0","block_type":"box","text":"FTF Brandywine Global Income Optimiser Fund","page_number":70,"box":{"x":210,"y":290,"width":285,"height":11}},{"id":"7d680a8d-7495-4cd1-bbf1-17b95fc6bc21","block_type":"box","text":"20,656,385","page_number":70,"box":{"x":742,"y":290,"width":66,"height":9}},{"id":"a4626b5b-7753-45ff-a656-efe8f088db9b","block_type":"box","text":"3.94%","page_number":70,"box":{"x":863,"y":290,"width":36,"height":8}},{"id":"4c359e1f-6ede-4956-a3bb-e3330ff22c1c","block_type":"box","text":"1,094,693","page_number":70,"box":{"x":131,"y":305,"width":58,"height":9}},{"id":"4802bae9-9d0a-4ec1-b193-d59f1d9c4a0c","block_type":"box","text":"Goldman Sachs EM Ex-China CORE® Equity Fund","page_number":70,"box":{"x":210,"y":304,"width":297,"height":11}},{"id":"d5b28b08-ea68-472f-affc-410f71cd1c80","block_type":"box","text":"20,941,471","page_number":70,"box":{"x":742,"y":305,"width":64,"height":9}},{"id":"cba8d2f8-18e5-4e86-98b7-5913a51e5d4a","block_type":"box","text":"3.99%","page_number":70,"box":{"x":863,"y":305,"width":36,"height":7}},{"id":"e1d346e0-685c-462c-9111-5fc39fa08f5b","block_type":"box","text":"74,238","page_number":70,"box":{"x":149,"y":319,"width":40,"height":9}},{"id":"4599d0b7-87ae-4109-bef2-abada5a85404","block_type":"box","text":"Harrington Cooper Snyder US All Cap Equity Fund","page_number":70,"box":{"x":210,"y":318,"width":300,"height":11}},{"id":"022f9739-16b7-4e44-bd03-9d291295eed6","block_type":"box","text":"11,026,521","page_number":70,"box":{"x":743,"y":319,"width":63,"height":9}},{"id":"98e7df51-7748-46b8-b759-cdfca7502859","block_type":"box","text":"2.10%","page_number":70,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"177cbf47-caa8-4706-80a2-dc814d35029c","block_type":"box","text":"1,604,192","page_number":70,"box":{"x":131,"y":333,"width":58,"height":9}},{"id":"1f8b93c2-81bb-4c75-a27b-7f170af6cdce","block_type":"box","text":"HSBC American Index Fund","page_number":70,"box":{"x":210,"y":333,"width":164,"height":8}},{"id":"e4c805a2-6019-4189-8365-becac9bd4d76","block_type":"box","text":"24,496,008","page_number":70,"box":{"x":742,"y":333,"width":66,"height":9}},{"id":"e81b390c-d410-439c-b494-8392b530265b","block_type":"box","text":"4.67%","page_number":70,"box":{"x":862,"y":333,"width":37,"height":8}},{"id":"cb8d5722-0108-4f3c-a85f-45cf313f9098","block_type":"box","text":"588,454","page_number":70,"box":{"x":142,"y":347,"width":48,"height":9}},{"id":"18d8bd72-cec8-4e95-b5ec-62128b3e0a4d","block_type":"box","text":"HSBC European Index Fund","page_number":70,"box":{"x":210,"y":347,"width":166,"height":11}},{"id":"93c49fa5-b958-4c71-94c6-588dc6b707d8","block_type":"box","text":"10,156,720","page_number":70,"box":{"x":743,"y":347,"width":65,"height":9}},{"id":"c3347d1a-7043-4e14-8221-783b70a32cf6","block_type":"box","text":"1.94%","page_number":70,"box":{"x":863,"y":347,"width":36,"height":8}},{"id":"1c69f0da-d475-4e9b-962c-9c4369d872d8","block_type":"box","text":"1,657,112","page_number":70,"box":{"x":131,"y":362,"width":58,"height":9}},{"id":"3d938626-2f2a-4bdd-91f3-f5d26d6d9d11","block_type":"box","text":"Invesco Perpetual UK Enhanced Index Fund","page_number":70,"box":{"x":210,"y":361,"width":263,"height":11}},{"id":"7a2b3a1b-8abb-45ca-b531-eb69a846e88e","block_type":"box","text":"16,527,542","page_number":70,"box":{"x":743,"y":362,"width":65,"height":9}},{"id":"566fca40-c180-449d-a641-ca1fd8c247c4","block_type":"box","text":"3.15%","page_number":70,"box":{"x":863,"y":362,"width":36,"height":7}},{"id":"57884168-9eef-4be5-aebb-34532f089c89","block_type":"box","text":"5,995,150","page_number":70,"box":{"x":131,"y":376,"width":58,"height":9}},{"id":"ea17161c-363d-4906-b8ea-7212f6749dfc","block_type":"box","text":"iShares UK Equity Index Fund","page_number":70,"box":{"x":210,"y":375,"width":177,"height":11}},{"id":"3b8dd845-5270-4b4b-9be9-9d164e0ec9e8","block_type":"box","text":"23,997,136","page_number":70,"box":{"x":742,"y":376,"width":66,"height":9}},{"id":"41b38ccb-e2e7-4f52-9856-a8e2e1e4192c","block_type":"box","text":"4.57%","page_number":70,"box":{"x":862,"y":376,"width":37,"height":8}},{"id":"35bab246-08f4-4635-92c9-5c22ef2d9910","block_type":"box","text":"1,242,599","page_number":70,"box":{"x":131,"y":390,"width":58,"height":9}},{"id":"601db551-c5e1-44b8-bca4-d0b0ccc398b0","block_type":"box","text":"Janus Henderson Global Multi-Strategy Fund","page_number":70,"box":{"x":208,"y":390,"width":271,"height":10}},{"id":"ac21f13f-07ef-4a04-a85f-7cdf62c204fb","block_type":"box","text":"15,378,527","page_number":70,"box":{"x":743,"y":390,"width":65,"height":9}},{"id":"62c1e15e-b523-45f0-ac2b-beb7fee30064","block_type":"box","text":"2.93%","page_number":70,"box":{"x":863,"y":390,"width":36,"height":8}},{"id":"b4075146-ebf8-4162-b38d-4d40ade9b9fa","block_type":"box","text":"1,655,145","page_number":70,"box":{"x":131,"y":404,"width":58,"height":9}},{"id":"2f88f0d3-8dda-414c-a535-40cd5c995bae","block_type":"box","text":"JPM Europe Dynamic ex-UK Fund","page_number":70,"box":{"x":208,"y":404,"width":201,"height":11}},{"id":"84b9d9bc-2ed6-4991-a4fa-a54817344bda","block_type":"box","text":"7,986,073","page_number":70,"box":{"x":750,"y":404,"width":58,"height":9}},{"id":"b4b25df4-8260-4d4b-9447-661bd0d6eb64","block_type":"box","text":"1.52%","page_number":70,"box":{"x":863,"y":404,"width":36,"height":8}},{"id":"90732c5b-3d74-4465-ac6c-6355a8167577","block_type":"box","text":"683,833","page_number":70,"box":{"x":142,"y":419,"width":47,"height":9}},{"id":"c0a39e52-850c-415c-999c-3fbf5d6e7f94","block_type":"box","text":"JPM Japan Fund","page_number":70,"box":{"x":208,"y":418,"width":96,"height":11}},{"id":"660d65d9-0c5b-4a2b-a6f7-718890d9cc12","block_type":"box","text":"3,189,398","page_number":70,"box":{"x":750,"y":419,"width":58,"height":9}},{"id":"1a5cb2e7-09e2-4270-8ae2-e11655861cdf","block_type":"box","text":"0.61%","page_number":70,"box":{"x":863,"y":419,"width":36,"height":7}},{"id":"1ef8fafd-9901-4e33-b1ae-344377b3c50c","block_type":"box","text":"3,754,292","page_number":70,"box":{"x":131,"y":433,"width":58,"height":9}},{"id":"fcd4d595-defb-4e51-913f-78197c3c4e34","block_type":"box","text":"Jupiter Merian North American Equity Fund","page_number":70,"box":{"x":208,"y":432,"width":264,"height":11}},{"id":"316cd558-30ef-4103-bbac-d34dc5e58eef","block_type":"box","text":"21,962,983","page_number":70,"box":{"x":742,"y":433,"width":66,"height":9}},{"id":"d27f06e4-65f8-47a1-a7de-b69b4b9dcff0","block_type":"box","text":"4.18%","page_number":70,"box":{"x":862,"y":433,"width":37,"height":8}},{"id":"0e908dbd-b0f0-4134-8821-3aca6e1bef13","block_type":"box","text":"2,323,392","page_number":70,"box":{"x":131,"y":447,"width":58,"height":9}},{"id":"02245444-df22-4dbf-a78c-0a3aeb38315b","block_type":"box","text":"Jupiter UK Special Situations Fund","page_number":70,"box":{"x":208,"y":447,"width":206,"height":10}},{"id":"7e1acd79-81b2-4a0d-b4ba-62a9a6ee7e9d","block_type":"box","text":"10,240,581","page_number":70,"box":{"x":743,"y":447,"width":63,"height":9}},{"id":"573b8f2a-137d-4c6d-a8bb-d3a889f72cb1","block_type":"box","text":"1.95%","page_number":70,"box":{"x":863,"y":447,"width":36,"height":8}},{"id":"7e3335d9-6264-4d75-bab7-6d644dad6086","block_type":"box","text":"1,413,319","page_number":70,"box":{"x":131,"y":461,"width":58,"height":9}},{"id":"9d7b7baf-8e09-47ab-9e3c-1a5b0d4fe215","block_type":"box","text":"Liontrust European Dynamic Fund","page_number":70,"box":{"x":210,"y":461,"width":206,"height":11}},{"id":"26a3f5d8-3632-4247-8bcc-b8944c8eff17","block_type":"box","text":"6,728,315","page_number":70,"box":{"x":750,"y":461,"width":58,"height":9}},{"id":"622c9490-cbf7-4166-bee8-e4c2de4e363e","block_type":"box","text":"1.28%","page_number":70,"box":{"x":863,"y":461,"width":36,"height":8}},{"id":"2515d7d1-f6f7-422d-af2c-c1e1cd9d10c3","block_type":"box","text":"1,780,838","page_number":70,"box":{"x":131,"y":476,"width":58,"height":9}},{"id":"b08f0a79-118b-447c-b410-79cfcef1acb3","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":70,"box":{"x":210,"y":475,"width":284,"height":11}},{"id":"56cf82dd-2ffc-4c90-b54c-4b64d3ec9fe3","block_type":"box","text":"20,337,168","page_number":70,"box":{"x":742,"y":476,"width":66,"height":9}},{"id":"7ce524cb-b9a7-49d0-89c6-a5bbbe910327","block_type":"box","text":"3.87%","page_number":70,"box":{"x":863,"y":476,"width":36,"height":7}},{"id":"d2445771-2e8d-4ff9-9159-57fd85307c60","block_type":"box","text":"2,739,001","page_number":70,"box":{"x":131,"y":490,"width":56,"height":9}},{"id":"1eb8830d-7b4f-469f-bc2b-3505aaefc0d7","block_type":"box","text":"M&G Japan Fund","page_number":70,"box":{"x":210,"y":489,"width":101,"height":11}},{"id":"15969ac6-7aa4-44e4-9051-11c2b6f01548","block_type":"box","text":"6,122,762","page_number":70,"box":{"x":750,"y":490,"width":58,"height":9}},{"id":"8cf50650-73b8-48b9-a957-4f8e08ae0c93","block_type":"box","text":"1.17%","page_number":70,"box":{"x":863,"y":490,"width":36,"height":8}},{"id":"443df07f-71e5-4912-89ba-728ac17ff45c","block_type":"box","text":"929,645","page_number":70,"box":{"x":142,"y":504,"width":47,"height":9}},{"id":"375230bb-6153-49d8-be29-c1830faf0d9a","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":70,"box":{"x":210,"y":504,"width":363,"height":10}},{"id":"7eea3337-a2a8-42cd-9eca-c00cfd890ab2","block_type":"box","text":"26,002,168","page_number":70,"box":{"x":742,"y":504,"width":66,"height":9}},{"id":"cb5c367b-2801-44e5-ac95-56a18dfb8588","block_type":"box","text":"4.95%","page_number":70,"box":{"x":862,"y":504,"width":37,"height":8}},{"id":"0720a0f3-b7c7-4d27-beca-6c3106036fd3","block_type":"box","text":"1,191,576","page_number":70,"box":{"x":131,"y":518,"width":58,"height":9}},{"id":"ccab25df-e6a5-4a43-93d2-ce2f60f06d4d","block_type":"box","text":"RGI UK Opportunities Fund","page_number":70,"box":{"x":210,"y":518,"width":163,"height":11}},{"id":"08a3d888-5495-4992-8c70-3f1dc45c78b2","block_type":"box","text":"10,019,009","page_number":70,"box":{"x":743,"y":518,"width":65,"height":9}},{"id":"96518e01-2f90-48e4-a1a6-2961c63cae60","block_type":"box","text":"1.91%","page_number":70,"box":{"x":863,"y":518,"width":36,"height":8}},{"id":"12862de2-ae13-453a-8372-740f0f4dc523","block_type":"box","text":"105,111","page_number":70,"box":{"x":142,"y":533,"width":45,"height":9}},{"id":"cc6b7204-cd8e-41a8-9ea3-8ce0e56e71fc","block_type":"box","text":"Robeco QI Dynamic High Yield Fund","page_number":70,"box":{"x":210,"y":532,"width":216,"height":11}},{"id":"629f6699-3f09-45cc-b73a-6fe5d3021d79","block_type":"box","text":"14,227,845","page_number":70,"box":{"x":743,"y":533,"width":65,"height":9}},{"id":"f3d480a9-cdea-433a-9e7f-ab9ade697d9b","block_type":"box","text":"2.71%","page_number":70,"box":{"x":863,"y":533,"width":36,"height":7}},{"id":"7497bfaa-2687-48e2-95b3-727ef6d22b9e","block_type":"box","text":"118,389","page_number":70,"box":{"x":142,"y":547,"width":47,"height":9}},{"id":"c2bc429c-8e2c-4d06-bb92-c8c6bb643853","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":70,"box":{"x":209,"y":546,"width":211,"height":11}},{"id":"bef793cf-4911-4b03-96e9-ed635a1da26a","block_type":"box","text":"12,775,227","page_number":70,"box":{"x":743,"y":547,"width":65,"height":9}},{"id":"bc7313c1-1133-448f-a5ec-d1e35faaeade","block_type":"box","text":"2.43%","page_number":70,"box":{"x":863,"y":547,"width":36,"height":8}},{"id":"7dc6654f-271c-42be-9755-0a65776fe561","block_type":"box","text":"238,797","page_number":70,"box":{"x":142,"y":561,"width":47,"height":9}},{"id":"55612763-c1fa-40be-8d63-3e981556c412","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":70,"box":{"x":209,"y":561,"width":265,"height":10}},{"id":"dba30b16-e241-4b77-bb0c-425105816544","block_type":"box","text":"20,171,847","page_number":70,"box":{"x":742,"y":561,"width":66,"height":9}},{"id":"14f37237-be8c-44e6-9b7a-65e669c850f1","block_type":"box","text":"3.84%","page_number":70,"box":{"x":863,"y":561,"width":36,"height":8}},{"id":"2ba07998-65b1-49fb-b631-5eabcbacab58","block_type":"box","text":"387,043,188","page_number":70,"box":{"x":735,"y":582,"width":73,"height":9}},{"id":"a3014c72-682b-4765-82f3-6f21fbaf34d5","block_type":"box","text":"73.72%","page_number":70,"box":{"x":855,"y":582,"width":44,"height":8}},{"id":"97bcb9ed-05a9-489b-8441-3899f6b37028","block_type":"box","text":"Exchange Traded Funds (30.04.2025: 4.61%)","page_number":70,"box":{"x":210,"y":603,"width":287,"height":10}},{"id":"9b5d4f0f-c90b-4692-b7bc-7a3c90832805","block_type":"box","text":"67,480","page_number":70,"box":{"x":149,"y":617,"width":40,"height":9}},{"id":"5126b4f5-3915-4c65-952d-d4d01f7b3245","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":70,"box":{"x":209,"y":617,"width":243,"height":11}},{"id":"5d3af3b7-54e5-421d-8fe6-38719ae8d8ed","block_type":"box","text":"6,023,940","page_number":70,"box":{"x":750,"y":617,"width":58,"height":9}},{"id":"b8a94a7a-1de2-4a38-a79f-96ee0a94b1a1","block_type":"box","text":"1.15%","page_number":70,"box":{"x":863,"y":617,"width":36,"height":8}},{"id":"1cdae2ab-ccd0-4cbd-8224-2eb7e525901f","block_type":"box","text":"98,668","page_number":70,"box":{"x":149,"y":632,"width":40,"height":9}},{"id":"361154f9-b921-4dd7-91a5-823f974e0cf9","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":70,"box":{"x":209,"y":631,"width":188,"height":11}},{"id":"8a793112-aeac-42ec-adf9-2f5efab20b8b","block_type":"box","text":"2,881,106","page_number":70,"box":{"x":750,"y":632,"width":58,"height":9}},{"id":"9b8fe246-c3e2-48c9-b4ec-9274b62f1776","block_type":"box","text":"0.55%","page_number":70,"box":{"x":863,"y":632,"width":36,"height":7}},{"id":"06c6aefb-c1b5-4c47-963a-8129eac0e9f6","block_type":"box","text":"3,511,551","page_number":70,"box":{"x":131,"y":646,"width":56,"height":9}},{"id":"4cdf539b-81e6-4e2b-b774-fe7b5482c15f","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":70,"box":{"x":210,"y":645,"width":239,"height":11}},{"id":"b29c16ed-7d22-4a02-b402-017880b140d3","block_type":"box","text":"35,468,424","page_number":70,"box":{"x":742,"y":646,"width":67,"height":9}},{"id":"2202acd6-bf71-4421-ac6d-4f95a6dd4f8f","block_type":"box","text":"6.76%","page_number":70,"box":{"x":863,"y":646,"width":36,"height":8}},{"id":"cdbbaffc-4625-4f12-bdc4-9b59cf182fb3","block_type":"box","text":"1,307,804","page_number":70,"box":{"x":131,"y":660,"width":59,"height":9}},{"id":"914c5f11-f41b-428b-99ce-a8f9337f552e","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":70,"box":{"x":210,"y":660,"width":240,"height":10}},{"id":"0e166ce7-6409-47b8-9572-aa8c9bb14cef","block_type":"box","text":"15,275,020","page_number":70,"box":{"x":743,"y":660,"width":65,"height":9}},{"id":"0355cc86-cb11-4134-9021-27e07ea4cc38","block_type":"box","text":"2.91%","page_number":70,"box":{"x":863,"y":660,"width":36,"height":8}},{"id":"798bfa02-fafd-4313-acf1-d54c47615fa4","block_type":"box","text":"6,011,864","page_number":70,"box":{"x":131,"y":674,"width":59,"height":9}},{"id":"e1d01a92-40ee-4c3f-a553-6868b2e5b7b3","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":70,"box":{"x":210,"y":674,"width":255,"height":8}},{"id":"9a8e30a1-c59b-4a19-af75-c86d9248737b","block_type":"box","text":"62,514,967","page_number":70,"box":{"x":742,"y":674,"width":66,"height":9}},{"id":"1e87fcd2-5241-45ff-8741-5f45a5842200","block_type":"box","text":"11.91%","page_number":70,"box":{"x":856,"y":674,"width":43,"height":8}},{"id":"d4449f62-288d-4b02-844e-88e923ad9be9","block_type":"box","text":"1,266,631","page_number":70,"box":{"x":131,"y":689,"width":56,"height":9}},{"id":"ae90797a-8b25-43f1-8988-ce9335028fb6","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":70,"box":{"x":210,"y":688,"width":338,"height":11}},{"id":"5282c7e7-7b66-4bb9-b83a-60f1e84936bc","block_type":"box","text":"11,175,137","page_number":70,"box":{"x":743,"y":689,"width":65,"height":9}},{"id":"6e291d88-c23e-4904-93a6-df9d878970ca","block_type":"box","text":"2.13%","page_number":70,"box":{"x":863,"y":689,"width":36,"height":7}},{"id":"71494308-b790-4da6-83b6-49487580f329","block_type":"box","text":"133,338,594","page_number":70,"box":{"x":735,"y":710,"width":74,"height":9}},{"id":"2d8998cd-d66e-4348-a352-80a3cd52c981","block_type":"box","text":"25.41%","page_number":70,"box":{"x":855,"y":710,"width":44,"height":7}},{"id":"45e4bd7f-4aa0-4a23-9e35-9cdec67565ba","block_type":"box","text":"Portfolio of investments (30.04.2025: 99.48%)","page_number":70,"box":{"x":210,"y":738,"width":300,"height":10}},{"id":"6f5e55a6-92e9-4b80-985d-fe4af5d2f7ca","block_type":"box","text":"520,381,782","page_number":70,"box":{"x":731,"y":738,"width":77,"height":9}},{"id":"d854f247-bdf1-4882-94f3-67c41dd818f4","block_type":"box","text":"99.15%","page_number":70,"box":{"x":852,"y":738,"width":47,"height":8}},{"id":"69ddd93a-0afb-4d7c-9488-de1a28c4efb3","block_type":"box","text":"Net other assets (30.04.2025: 0.52%)","page_number":70,"box":{"x":210,"y":752,"width":240,"height":10}},{"id":"b5df8427-be2e-4e92-a467-63e0f6c97cfb","block_type":"box","text":"4,482,162","page_number":70,"box":{"x":746,"y":752,"width":62,"height":10}},{"id":"3e603e62-a36b-487d-b0e4-4bb8869fe79c","block_type":"box","text":"0.85%","page_number":70,"box":{"x":860,"y":752,"width":39,"height":8}},{"id":"841c912f-7851-4d8a-a01b-070a7f016bb9","block_type":"box","text":"524,863,944","page_number":70,"box":{"x":731,"y":773,"width":78,"height":9}},{"id":"402d6f0c-569c-409e-992a-c302ff36794f","block_type":"box","text":"100.00%","page_number":70,"box":{"x":844,"y":773,"width":55,"height":8}},{"id":"69790384-f776-4c03-8fd8-ea5d79ad1a52","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":70,"box":{"x":510,"y":38,"width":392,"height":17}},{"id":"d8b5fcd5-5cd4-4a51-8e94-8fe8d2ec2883","block_type":"box","text":"65","page_number":70,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"4d8389fb-e7d6-42c3-ae97-8d76e52ca1d9","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":71,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"15566699-8f7b-4c99-92fd-baa75b775a0b","block_type":"box","text":"£","page_number":71,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"813a547b-c7a4-410b-b96c-233aff1b92ad","block_type":"box","text":"Total purchases for the year (note 14)","page_number":71,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"7ec81d72-fc20-4bc4-8b4b-0dcfea64ea44","block_type":"box","text":"266,844,425","page_number":71,"box":{"x":635,"y":143,"width":78,"height":10}},{"id":"ea63c7cf-62bf-4559-aa50-c4cb36cc1d94","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":71,"box":{"x":96,"y":174,"width":254,"height":8}},{"id":"f51b7aec-dfad-4fb1-bcd4-5e2ba7616fff","block_type":"box","text":"34,778,098","page_number":71,"box":{"x":647,"y":174,"width":66,"height":9}},{"id":"0f1cdfb7-4028-4a9a-9fd9-57d010029722","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":71,"box":{"x":96,"y":189,"width":363,"height":11}},{"id":"1e2d7168-8e77-4414-85a3-7c92b661cc6d","block_type":"box","text":"24,827,471","page_number":71,"box":{"x":647,"y":190,"width":64,"height":9}},{"id":"1a39b8be-fbc8-4c90-b172-286267d603dc","block_type":"box","text":"iShares UK Equity Index Fund","page_number":71,"box":{"x":96,"y":205,"width":176,"height":10}},{"id":"ffb3d1b0-5865-4788-be07-dbcedfe11310","block_type":"box","text":"22,595,294","page_number":71,"box":{"x":647,"y":205,"width":67,"height":9}},{"id":"e9bed1d3-44de-4469-bfb6-e61524312452","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":71,"box":{"x":96,"y":220,"width":239,"height":11}},{"id":"f7cbb21d-c70e-4e2f-91c2-f2b8206b9149","block_type":"box","text":"18,740,844","page_number":71,"box":{"x":647,"y":221,"width":67,"height":9}},{"id":"0bd0cd68-76e5-40b3-9cab-fa4cf0c4c727","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":71,"box":{"x":96,"y":236,"width":306,"height":8}},{"id":"33c05125-0ee9-4e6a-8ced-2e4ce39f23a0","block_type":"box","text":"15,519,710","page_number":71,"box":{"x":647,"y":236,"width":66,"height":9}},{"id":"b0fedcb3-33e1-4069-a1dc-29130e3c9ace","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":71,"box":{"x":95,"y":251,"width":265,"height":11}},{"id":"85e96d02-5434-4788-89b7-dcd1102522ca","block_type":"box","text":"12,199,093","page_number":71,"box":{"x":647,"y":251,"width":66,"height":10}},{"id":"e243668d-59e7-444c-9131-0c7b7bbb1f03","block_type":"box","text":"HSBC American Index Fund","page_number":71,"box":{"x":96,"y":267,"width":164,"height":8}},{"id":"4cf80d5f-fc87-466a-8567-561a28e2f3ac","block_type":"box","text":"11,479,321","page_number":71,"box":{"x":647,"y":267,"width":64,"height":9}},{"id":"b7e1f27a-b4be-4d15-b7f3-14127e56f886","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":71,"box":{"x":95,"y":282,"width":339,"height":11}},{"id":"e8da5f8c-1ce2-4ace-b64c-50272ea8a4e6","block_type":"box","text":"10,680,468","page_number":71,"box":{"x":647,"y":282,"width":66,"height":9}},{"id":"dc99ce9b-eab8-4ef2-abfd-99bcf344af81","block_type":"box","text":"Jupiter UK Special Situations Fund","page_number":71,"box":{"x":94,"y":297,"width":206,"height":11}},{"id":"9e819927-29b5-4007-a737-e81dacd02c55","block_type":"box","text":"9,929,818","page_number":71,"box":{"x":654,"y":298,"width":59,"height":9}},{"id":"34ef5346-7e9c-47c6-a449-aa012179e80d","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":71,"box":{"x":96,"y":313,"width":239,"height":11}},{"id":"76dd4dc2-adec-4b07-8bfc-343dc3865d51","block_type":"box","text":"9,859,959","page_number":71,"box":{"x":654,"y":313,"width":59,"height":9}},{"id":"a884a6e0-fdf6-436a-8012-2c24830ab218","block_type":"box","text":"Various other purchases","page_number":71,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"8b35825c-9f3f-47ef-af89-5d502ed956d7","block_type":"box","text":"96,234,349","page_number":71,"box":{"x":647,"y":329,"width":66,"height":9}},{"id":"b800cb5c-1c86-4692-b413-4a1d3680e02a","block_type":"box","text":"£","page_number":71,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"87f1c2d9-ef7d-46d6-8364-1d21860b8283","block_type":"box","text":"Total sales for the year (note 14)","page_number":71,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"c9a15a59-2000-42b7-84d8-3ebee4420524","block_type":"box","text":"253,676,692","page_number":71,"box":{"x":635,"y":375,"width":78,"height":9}},{"id":"c18b1a44-fec9-49d3-a5e4-e73b7da1adc3","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":71,"box":{"x":96,"y":406,"width":239,"height":10}},{"id":"ec1ee982-3a3d-4c8f-bdd7-f6edf9673222","block_type":"box","text":"41,450,808","page_number":71,"box":{"x":647,"y":406,"width":66,"height":9}},{"id":"f41c5fdb-3637-44ee-bfe9-f646e179c839","block_type":"box","text":"iShares UK Equity Index Fund","page_number":71,"box":{"x":96,"y":421,"width":176,"height":11}},{"id":"b03aec48-bad1-47ee-b8d7-519a435cbb97","block_type":"box","text":"28,398,746","page_number":71,"box":{"x":647,"y":421,"width":66,"height":9}},{"id":"c6c10700-79e4-48bd-bbe5-6306ec25ce98","block_type":"box","text":"Neuberger Berman Uncorrelated Strategies Fund","page_number":71,"box":{"x":96,"y":436,"width":298,"height":11}},{"id":"6a5f0c7e-ee75-4e49-959b-0d7fac3859c5","block_type":"box","text":"19,403,809","page_number":71,"box":{"x":647,"y":437,"width":66,"height":9}},{"id":"51f18db7-5e37-47f0-9f04-7adefcee25be","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":71,"box":{"x":96,"y":452,"width":254,"height":8}},{"id":"ef77d07a-f6ba-432d-848f-08720c7a58fe","block_type":"box","text":"18,878,558","page_number":71,"box":{"x":647,"y":452,"width":66,"height":9}},{"id":"1f078c30-69fb-4b1d-b2ea-b6b6c9a71b04","block_type":"box","text":"Barings Emerging Markets Debt Blended Total Return Fund","page_number":71,"box":{"x":96,"y":467,"width":357,"height":11}},{"id":"c05a318c-65ba-4e2a-994d-4d1cdb78b7e8","block_type":"box","text":"15,088,657","page_number":71,"box":{"x":647,"y":468,"width":66,"height":9}},{"id":"966fa7f2-5779-43b4-9751-2b6d0f5f09c3","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":71,"box":{"x":96,"y":483,"width":284,"height":10}},{"id":"29f3d9bc-9c83-4107-a450-9219ae9f80ed","block_type":"box","text":"10,372,658","page_number":71,"box":{"x":647,"y":483,"width":66,"height":9}},{"id":"64fac2f1-69a1-466d-ae0c-14e030351392","block_type":"box","text":"Artemis US Select Fund","page_number":71,"box":{"x":95,"y":498,"width":140,"height":8}},{"id":"a001d20e-9987-42d2-89ed-95664121344c","block_type":"box","text":"10,266,186","page_number":71,"box":{"x":647,"y":499,"width":66,"height":9}},{"id":"24bc3ffe-3dcb-4031-8582-9c2051eb901d","block_type":"box","text":"iShares $ Treasury Bond 20+yr ETF","page_number":71,"box":{"x":96,"y":514,"width":209,"height":10}},{"id":"809d4cb7-3559-4c52-bea3-cc2d40cf8f8c","block_type":"box","text":"9,837,869","page_number":71,"box":{"x":654,"y":514,"width":59,"height":9}},{"id":"2dd2762c-8197-4c61-b7de-1c6addd86697","block_type":"box","text":"HSBC Global Emerging Market Government Bond Index Fund","page_number":71,"box":{"x":96,"y":529,"width":370,"height":11}},{"id":"8ceee2bf-bf19-4a57-8c18-3f7217e78a12","block_type":"box","text":"9,786,772","page_number":71,"box":{"x":654,"y":529,"width":59,"height":10}},{"id":"dcd0d479-9796-4a07-9c61-3ff3d27be787","block_type":"box","text":"M&G Japan Fund","page_number":71,"box":{"x":96,"y":544,"width":101,"height":11}},{"id":"f2eb2306-2f64-4ca1-8b8d-775b9ab2aa4c","block_type":"box","text":"9,253,102","page_number":71,"box":{"x":654,"y":545,"width":59,"height":9}},{"id":"d59e1663-78eb-40b7-a92b-e40bbd09870f","block_type":"box","text":"Various other sales","page_number":71,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"4e1b286a-2144-46aa-9208-1843446d3c4d","block_type":"box","text":"80,939,527","page_number":71,"box":{"x":647,"y":560,"width":66,"height":9}},{"id":"0e07d797-f729-4672-b74e-7bd100e2d48d","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":71,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"f5f500ed-e01b-49b5-ae29-695d337302e0","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":71,"box":{"x":97,"y":38,"width":392,"height":17}},{"id":"5a1baa02-0794-4424-87e8-3b74afd5e588","block_type":"box","text":"66","page_number":71,"box":{"x":15,"y":960,"width":17,"height":9}},{"id":"d10b0da0-b109-4753-a728-cd4522d01beb","block_type":"box","text":"Statement of Total Return","page_number":72,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"ccda278a-4981-4d70-97dd-273147672f0d","block_type":"box","text":"for the year ended 30 April 2026","page_number":72,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"9ecc37fb-3c16-415e-945a-9b68f5794e00","block_type":"box","text":"30.04.26","page_number":72,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"835b09c1-20e8-4a4a-afc7-f242e7e319c7","block_type":"box","text":"30.04.25","page_number":72,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"40145d49-e6bc-4dff-aabf-24d3114b9f76","block_type":"box","text":"Note","page_number":72,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"7a4d1d61-3b71-4744-b7cd-d9b3d8c98181","block_type":"box","text":"£","page_number":72,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"a79c70ac-0368-4d6f-8dd9-f50b89f85a02","block_type":"box","text":"£","page_number":72,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"4afa68be-8586-4a95-903b-fa52ccea97e1","block_type":"box","text":"£","page_number":72,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"48a25ff4-1dc3-4d38-aaf3-9e486f938e7f","block_type":"box","text":"£","page_number":72,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"5c252d91-616b-4932-84e5-3363f89694a6","block_type":"box","text":"Income","page_number":72,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"9bdf4ffa-1330-41cd-b91a-fac0c64ed44e","block_type":"box","text":"Net capital","page_number":72,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"888b87af-7520-4bd4-9026-331439cbd32b","block_type":"box","text":"2","page_number":72,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"35d873f4-700d-401f-b8b2-95beba799190","block_type":"box","text":"55,004,445","page_number":72,"box":{"x":599,"y":169,"width":66,"height":9}},{"id":"75d1e1d1-0aeb-4b3d-b1da-cf5e3e865bc1","block_type":"box","text":"11,247,134","page_number":72,"box":{"x":831,"y":169,"width":66,"height":9}},{"id":"1ac8180f-ff66-4447-88a9-2553836b1863","block_type":"box","text":"Revenue","page_number":72,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"4dcd4d2b-88ae-4844-8d6b-cf00efc6f6a7","block_type":"box","text":"3","page_number":72,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"041ce8f0-3c4b-484b-805a-e831d74d6b00","block_type":"box","text":"10,748,993","page_number":72,"box":{"x":485,"y":184,"width":66,"height":9}},{"id":"96a6634b-1481-4651-9308-15d17b77a581","block_type":"box","text":"10,952,904","page_number":72,"box":{"x":719,"y":184,"width":66,"height":9}},{"id":"b4782c74-63f1-45bf-849e-d3eb22b48e58","block_type":"box","text":"Expenses","page_number":72,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"2ce29dad-a4e2-49c6-83a0-bbffaa008186","block_type":"box","text":"4","page_number":72,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"47d0f04d-b691-45f3-94d9-81df174ca895","block_type":"box","text":"(1,409,680)","page_number":72,"box":{"x":488,"y":200,"width":68,"height":9}},{"id":"7bdb1de8-6bb5-4aac-98a6-14f24a93ce95","block_type":"box","text":"(1,295,535)","page_number":72,"box":{"x":721,"y":200,"width":68,"height":9}},{"id":"77b1c624-0310-4810-a00b-a2805d95970a","block_type":"box","text":"Interest payable and similar charges","page_number":72,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"3f0ee4dc-da28-4593-9681-1c7714f07d52","block_type":"box","text":"4","page_number":72,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"2dbcffe9-9d4e-48aa-9a77-62075e21a0d7","block_type":"box","text":"(83,528)","page_number":72,"box":{"x":507,"y":222,"width":49,"height":9}},{"id":"f8c27f7c-f0fb-4ad5-8caf-1a4b722aaba0","block_type":"box","text":"(184,924)","page_number":72,"box":{"x":733,"y":222,"width":56,"height":9}},{"id":"50ec08aa-0743-4e0f-9dd5-44ea4927ad5b","block_type":"box","text":"Net revenue before taxation","page_number":72,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"ecd204c2-7e9c-44bd-a363-5c443ba46ae7","block_type":"box","text":"9,255,785","page_number":72,"box":{"x":493,"y":244,"width":58,"height":9}},{"id":"d2f79f5b-4cde-45f3-8407-b7835bfe37a7","block_type":"box","text":"9,472,445","page_number":72,"box":{"x":726,"y":244,"width":58,"height":9}},{"id":"5677a623-0717-4fab-8051-4e143d92d5f2","block_type":"box","text":"Taxation","page_number":72,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"d505cc52-b162-4fe1-aba8-e82cdf40ea17","block_type":"box","text":"5","page_number":72,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"4fcbc1f6-9924-453d-95b1-d598de2145e3","block_type":"box","text":"(1,192,927)","page_number":72,"box":{"x":488,"y":266,"width":68,"height":10}},{"id":"12f33736-879a-4441-bb42-8530eab29f35","block_type":"box","text":"(1,329,009)","page_number":72,"box":{"x":721,"y":266,"width":68,"height":10}},{"id":"cee44c73-77d2-49a8-a250-56ea65ebb376","block_type":"box","text":"Net revenue after taxation","page_number":72,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"7cae088d-b351-4fe6-b89e-f71f675afb33","block_type":"box","text":"8,062,858","page_number":72,"box":{"x":607,"y":289,"width":59,"height":9}},{"id":"55b6e6d8-e27a-419c-98a2-14359171e9cf","block_type":"box","text":"8,143,436","page_number":72,"box":{"x":838,"y":289,"width":58,"height":9}},{"id":"a02edead-7828-4360-a1d4-925d2fcb6f50","block_type":"box","text":"Total return before distributions","page_number":72,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"f76ce19a-3306-4220-9810-504bd8ced2fc","block_type":"box","text":"63,067,303","page_number":72,"box":{"x":596,"y":311,"width":70,"height":9}},{"id":"e8772015-aec6-4062-9283-c88431b35e13","block_type":"box","text":"19,390,570","page_number":72,"box":{"x":827,"y":311,"width":70,"height":9}},{"id":"be613901-432d-429c-a67e-4694deb93ac8","block_type":"box","text":"Distributions","page_number":72,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"eb616b3b-c212-4d40-8f1e-fdcc1eb53365","block_type":"box","text":"6","page_number":72,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"ec47a064-28fd-44f0-8f28-fdc766c0e73e","block_type":"box","text":"(8,282,369)","page_number":72,"box":{"x":602,"y":333,"width":68,"height":9}},{"id":"e61a76c0-3704-42b7-9788-fda56fa8662c","block_type":"box","text":"(7,835,278)","page_number":72,"box":{"x":833,"y":333,"width":68,"height":9}},{"id":"7eb37919-9bd7-48fd-af99-bf9c69f39de4","block_type":"box","text":"Change in net assets attributable to","page_number":72,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"33d7b18c-e488-4528-b393-241dc61ec489","block_type":"box","text":"Shareholders from investment activities","page_number":72,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"693d770c-1e52-470f-9c08-5dd0035ab85b","block_type":"box","text":"54,784,934","page_number":72,"box":{"x":596,"y":369,"width":70,"height":9}},{"id":"defd3081-8ccd-42ad-9140-55d8ff378554","block_type":"box","text":"11,555,292","page_number":72,"box":{"x":827,"y":369,"width":70,"height":9}},{"id":"7ad49d3a-9480-4cf4-8183-788d21302544","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":72,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"1c2860b6-a91e-4703-b09f-12a38430cf93","block_type":"box","text":"for the year ended 30 April 2026","page_number":72,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"97abae66-c40c-4536-9fc6-0ef658fdf5d9","block_type":"box","text":"30.04.26","page_number":72,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"b1a6d507-8fc7-4c89-8c20-fb053ebb2693","block_type":"box","text":"30.04.25","page_number":72,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"e4937ed1-0129-4f8d-9bd0-d26756004318","block_type":"box","text":"£","page_number":72,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"130e1e6b-066f-427e-bee8-df9ce49b4758","block_type":"box","text":"£","page_number":72,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"2c42d2ec-9fd9-401e-959f-168ea5ef4328","block_type":"box","text":"£","page_number":72,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"27159814-99f2-402b-ad99-a2183c3741d9","block_type":"box","text":"£","page_number":72,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"80b91450-b99f-47d8-a884-47acc18fc93a","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":72,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"672e2528-2c0b-485a-a717-c72b06949bb1","block_type":"box","text":"444,407,827","page_number":72,"box":{"x":587,"y":482,"width":79,"height":9}},{"id":"bece611c-0ddb-47f5-a795-d162dd2914d6","block_type":"box","text":"444,025,535","page_number":72,"box":{"x":818,"y":482,"width":79,"height":9}},{"id":"ad0b6f84-3453-44ca-9209-045d84b18688","block_type":"box","text":"Amounts receivable on creation of shares","page_number":72,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"1ae35030-8fed-4595-ba7b-74a15854ba7f","block_type":"box","text":"112,047,528","page_number":72,"box":{"x":478,"y":505,"width":73,"height":9}},{"id":"64360b2a-e091-4286-9bc7-fca8993c3a45","block_type":"box","text":"91,558,668","page_number":72,"box":{"x":718,"y":505,"width":67,"height":9}},{"id":"4d51e8c6-133e-4c5b-9177-5e3a2bb63cd8","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":72,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"fcc9eeb6-09f8-462a-ad8a-11e459e40542","block_type":"box","text":"(94,833,390)","page_number":72,"box":{"x":481,"y":527,"width":75,"height":9}},{"id":"6d491d7f-a64f-4aec-adec-cb1b8c85a057","block_type":"box","text":"(110,492,421)","page_number":72,"box":{"x":706,"y":527,"width":83,"height":9}},{"id":"b373f957-5233-4ac5-b6bb-8f8add7ae432","block_type":"box","text":"17,214,138","page_number":72,"box":{"x":600,"y":549,"width":66,"height":9}},{"id":"9f2c4029-a3e8-4ab2-9618-b6dc474dda57","block_type":"box","text":"(18,933,753)","page_number":72,"box":{"x":826,"y":549,"width":75,"height":9}},{"id":"0e62a0ec-0e92-4e8b-9285-ab893768612a","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":72,"box":{"x":96,"y":571,"width":300,"height":10}},{"id":"85e4db1a-1369-4df2-8d56-869abcb11a41","block_type":"box","text":"from investment activities (see above)","page_number":72,"box":{"x":95,"y":586,"width":231,"height":10}},{"id":"b567e621-1267-4201-aa43-1f7b6167df2d","block_type":"box","text":"54,784,934","page_number":72,"box":{"x":599,"y":586,"width":67,"height":10}},{"id":"3fa6fd8f-62dc-4e6e-b78d-3f6dfc2f6c80","block_type":"box","text":"11,555,292","page_number":72,"box":{"x":831,"y":586,"width":65,"height":10}},{"id":"dd63fbb1-4717-409b-84e6-426011ed0b6e","block_type":"box","text":"Accumulation distributions retained","page_number":72,"box":{"x":95,"y":608,"width":218,"height":9}},{"id":"cd15e3d7-f1db-4aff-aba9-cbe719feae47","block_type":"box","text":"8,457,045","page_number":72,"box":{"x":607,"y":609,"width":58,"height":9}},{"id":"2c3badc5-5edc-4889-94bd-572976bdab25","block_type":"box","text":"7,760,753","page_number":72,"box":{"x":838,"y":609,"width":58,"height":9}},{"id":"a4c56373-3d48-4016-8fa7-6eb5523c7688","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":72,"box":{"x":96,"y":630,"width":311,"height":11}},{"id":"848996a2-827c-4fc1-8cd8-3aafc296b227","block_type":"box","text":"524,863,944","page_number":72,"box":{"x":588,"y":631,"width":78,"height":9}},{"id":"8478d6f9-18dd-494a-a303-4006b7b9620f","block_type":"box","text":"444,407,827","page_number":72,"box":{"x":818,"y":631,"width":79,"height":9}},{"id":"ca634b4b-7d82-4756-bb5b-35c19da7cbd8","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":72,"box":{"x":510,"y":38,"width":392,"height":17}},{"id":"063c7a42-fbb2-42c8-af46-77516429bffa","block_type":"box","text":"67","page_number":72,"box":{"x":967,"y":960,"width":18,"height":9}},{"id":"fa993d5e-a1d9-4fe4-8131-8b47793bab07","block_type":"box","text":"Balance Sheet","page_number":73,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"e1b8af32-0859-459c-996b-cd26086eaf81","block_type":"box","text":"as at 30 April 2026","page_number":73,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"dfafb684-6983-4750-963b-5794e5060b28","block_type":"box","text":"30.04.26","page_number":73,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"002f142b-6042-4ed7-8634-c8fd585ce738","block_type":"box","text":"30.04.25","page_number":73,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"f878e4cd-b598-4fb2-a291-6e07638b9399","block_type":"box","text":"Note","page_number":73,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"993ea002-edcb-4eba-acf7-a7f742319349","block_type":"box","text":"£","page_number":73,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"c2057fc6-ef6d-401c-9d0b-4b834515ff21","block_type":"box","text":"£","page_number":73,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"ab84d1b6-2d2c-4d8e-8e18-56b63b32684e","block_type":"box","text":"£","page_number":73,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"dce55087-54d5-49d0-bace-d96f8cdcebf7","block_type":"box","text":"£","page_number":73,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"ee064806-2fdb-4ec6-85d7-0cfdd1e7dea0","block_type":"box","text":"ASSETS","page_number":73,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"cf3e4f9b-1603-498f-aaeb-bf482446f51b","block_type":"box","text":"Investments assets","page_number":73,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"0af18a56-17d5-4dd1-82e6-9331dfe415fe","block_type":"box","text":"520,381,782","page_number":73,"box":{"x":588,"y":169,"width":78,"height":9}},{"id":"931d2e21-acdd-4124-9a1b-2c1ed0eb6065","block_type":"box","text":"442,078,282","page_number":73,"box":{"x":818,"y":169,"width":79,"height":9}},{"id":"18b60245-a216-491e-8439-7e979c3826ff","block_type":"box","text":"Current assets","page_number":73,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"d2737a98-e0ac-4eed-b83f-387d58bacbb8","block_type":"box","text":"Debtors","page_number":73,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"9b54a585-8bf9-4a29-851b-e347132da49d","block_type":"box","text":"7","page_number":73,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"b988670c-563f-4306-9242-0eb9f91ca71b","block_type":"box","text":"959,945","page_number":73,"box":{"x":504,"y":207,"width":47,"height":9}},{"id":"a37ce313-6b1e-4545-9bbf-adb37234874f","block_type":"box","text":"1,846,315","page_number":73,"box":{"x":726,"y":207,"width":58,"height":9}},{"id":"af98d3c0-a4f5-4722-887e-250815ae8cb4","block_type":"box","text":"Cash and bank balances","page_number":73,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"7b55a26b-ce68-48f5-a703-cd070a1834be","block_type":"box","text":"8","page_number":73,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"c5a4f370-8eb3-471c-9cfd-963e6f486e98","block_type":"box","text":"7,110,159","page_number":73,"box":{"x":492,"y":222,"width":59,"height":9}},{"id":"f02c5508-ff3c-4717-870e-2e01eee02aed","block_type":"box","text":"5,098,258","page_number":73,"box":{"x":726,"y":222,"width":59,"height":9}},{"id":"8a09c0a3-5199-4f36-9c4e-74b911025126","block_type":"box","text":"Total current assets","page_number":73,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"0c1f3fa0-a743-4956-8ae1-ead0742dc8d6","block_type":"box","text":"8,070,104","page_number":73,"box":{"x":603,"y":244,"width":63,"height":9}},{"id":"0bb5cc04-c433-407a-b6df-fd35f2f399ac","block_type":"box","text":"6,944,573","page_number":73,"box":{"x":834,"y":244,"width":63,"height":9}},{"id":"f67c0d01-8db9-4aba-97bb-c6449863d7f2","block_type":"box","text":"Total assets","page_number":73,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"b2031dfc-bb53-446b-8dee-193db71545b1","block_type":"box","text":"528,451,886","page_number":73,"box":{"x":588,"y":266,"width":78,"height":9}},{"id":"198bf214-8ccd-4397-af19-4f2e4bb47d3b","block_type":"box","text":"449,022,855","page_number":73,"box":{"x":818,"y":266,"width":79,"height":9}},{"id":"8f7f961d-1b40-46ab-a59a-6d8cd04a7cc4","block_type":"box","text":"Current liabilities","page_number":73,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"d5521243-f1c4-4c5f-b629-019aacaa9b7e","block_type":"box","text":"Bank overdraft","page_number":73,"box":{"x":106,"y":319,"width":89,"height":8}},{"id":"d4abf903-e3e3-4cdf-8eb0-9f4f9c9c7653","block_type":"box","text":"8","page_number":73,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"373f0b16-b4d6-4e2c-9ffe-4862bb681d56","block_type":"box","text":"(1,608,039)","page_number":73,"box":{"x":488,"y":319,"width":68,"height":10}},{"id":"a48a0202-7542-4047-87b1-866592c876b7","block_type":"box","text":"(2,318,460)","page_number":73,"box":{"x":721,"y":319,"width":68,"height":10}},{"id":"3b6389b5-2a89-4ade-a5ff-5937ac7f6cba","block_type":"box","text":"Creditors","page_number":73,"box":{"x":105,"y":334,"width":55,"height":9}},{"id":"7ab5389e-b296-4182-9427-f0a0d31b332b","block_type":"box","text":"9","page_number":73,"box":{"x":421,"y":335,"width":6,"height":8}},{"id":"337a168f-4a2a-4f34-8e29-7c5e0d58bffe","block_type":"box","text":"(1,979,903)","page_number":73,"box":{"x":488,"y":335,"width":68,"height":9}},{"id":"b6314544-36da-41d2-a71a-64580a2327ad","block_type":"box","text":"(2,296,568)","page_number":73,"box":{"x":721,"y":335,"width":68,"height":9}},{"id":"dfc92eec-e66b-4cc4-851e-2cb2a1ae66c7","block_type":"box","text":"Total current liabilities","page_number":73,"box":{"x":95,"y":357,"width":152,"height":8}},{"id":"412fe152-56bc-41cf-8fdb-9c3a8f4e36a6","block_type":"box","text":"(3,587,942)","page_number":73,"box":{"x":599,"y":357,"width":72,"height":9}},{"id":"9e4c3a4c-0d54-46dc-b4cf-aa522ebbfcc2","block_type":"box","text":"(4,615,028)","page_number":73,"box":{"x":830,"y":357,"width":71,"height":9}},{"id":"a33cd127-f3ab-465e-9134-293ab41c7974","block_type":"box","text":"Net assets attributable to Shareholders","page_number":73,"box":{"x":96,"y":379,"width":261,"height":8}},{"id":"15954bd3-23ef-4aee-ae81-7da61e641033","block_type":"box","text":"524,863,944","page_number":73,"box":{"x":588,"y":379,"width":78,"height":9}},{"id":"c65deae9-701f-4d50-8cff-33abea5ccef4","block_type":"box","text":"444,407,827","page_number":73,"box":{"x":818,"y":379,"width":79,"height":9}},{"id":"7c7aa81a-b772-4abf-9c37-7395ca90b3df","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":73,"box":{"x":97,"y":38,"width":392,"height":17}},{"id":"667cad85-9fe7-4298-ad2a-9125f2df36ae","block_type":"box","text":"68","page_number":73,"box":{"x":15,"y":960,"width":17,"height":9}},{"id":"e25cce62-25ef-4143-be2b-7342f41818b0","block_type":"box","text":"Notes to the Financial Statements","page_number":74,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"f9eda4fc-2ca9-4417-ac84-5105af600489","block_type":"box","text":"for the year ended 30 April 2026","page_number":74,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"c59b6745-e1f1-4023-962b-874ef7b6c130","block_type":"box","text":"1. Accounting policies","page_number":74,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"b7c57e19-093c-479b-9762-c483dc103ef5","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":74,"box":{"x":95,"y":154,"width":641,"height":11}},{"id":"ffe61eee-67d9-4ed4-a636-926ac57d2dd1","block_type":"box","text":"2. Net capital gains","page_number":74,"box":{"x":95,"y":196,"width":127,"height":10}},{"id":"2195e4a9-a82e-4942-874b-3d4eee49be03","block_type":"box","text":"30.04.26","page_number":74,"box":{"x":730,"y":196,"width":55,"height":8}},{"id":"e6def46c-6c18-4c51-889a-3814c4edc070","block_type":"box","text":"30.04.25","page_number":74,"box":{"x":840,"y":196,"width":54,"height":8}},{"id":"779dbc11-3fa6-4642-81c5-739687a775aa","block_type":"box","text":"£","page_number":74,"box":{"x":778,"y":212,"width":7,"height":7}},{"id":"4a08c7ab-49a6-4587-aa16-6139bc8466c0","block_type":"box","text":"£","page_number":74,"box":{"x":888,"y":212,"width":6,"height":7}},{"id":"995eb856-7551-4469-b8ea-6464abd8811a","block_type":"box","text":"The net capital gains comprise:","page_number":74,"box":{"x":95,"y":227,"width":187,"height":10}},{"id":"59f543fc-1375-45a3-bd56-09e24c6189ab","block_type":"box","text":"Non-derivative securities gains/(losses): realised","page_number":74,"box":{"x":96,"y":245,"width":292,"height":11}},{"id":"15496520-34c2-4909-b65d-055ee987a950","block_type":"box","text":"22,170,322","page_number":74,"box":{"x":718,"y":246,"width":67,"height":9}},{"id":"f2bb4e07-7cf7-41c4-a7e4-976a3a5db1d5","block_type":"box","text":"12,110,614","page_number":74,"box":{"x":828,"y":246,"width":67,"height":9}},{"id":"c124a25f-f832-4133-90f6-1ac5a8ed68e2","block_type":"box","text":"Non-derivative securities (losses)/gains","page_number":74,"box":{"x":96,"y":264,"width":237,"height":11}},{"id":"85c9befc-0547-448e-8bb7-dc192ea36757","block_type":"box","text":": unrealised","page_number":74,"box":{"x":335,"y":264,"width":69,"height":8}},{"id":"f08024b2-a780-4d65-a96a-5b7bff4d973b","block_type":"box","text":"32,817,907","page_number":74,"box":{"x":718,"y":265,"width":67,"height":9}},{"id":"a87da06c-7743-4931-87a9-05fc6f837384","block_type":"box","text":"(859,380)","page_number":74,"box":{"x":842,"y":265,"width":57,"height":9}},{"id":"78e341e9-8deb-4dd2-8521-6ce393a6d08e","block_type":"box","text":"Foreign currency (losses)","page_number":74,"box":{"x":96,"y":283,"width":150,"height":11}},{"id":"21865744-8e34-4a69-b58c-77293b148ad3","block_type":"box","text":"(40,211)","page_number":74,"box":{"x":740,"y":283,"width":49,"height":10}},{"id":"9912c50f-baa6-4a8c-9181-c9f4ec30915b","block_type":"box","text":"–","page_number":74,"box":{"x":888,"y":288,"width":6,"height":1}},{"id":"cb82851a-567c-4877-8128-781f73a3c947","block_type":"box","text":"Transaction charges (custodian)","page_number":74,"box":{"x":95,"y":302,"width":193,"height":10}},{"id":"1e7d43fb-2795-4b3f-b95d-517b823cf934","block_type":"box","text":"1,046","page_number":74,"box":{"x":753,"y":302,"width":32,"height":9}},{"id":"9d5a0b50-cf63-46f7-8f79-9a3be4a89b04","block_type":"box","text":"(3,540)","page_number":74,"box":{"x":857,"y":302,"width":42,"height":10}},{"id":"500d0573-46a4-437d-b05a-4350fb02a238","block_type":"box","text":"Rebates from underlying holdings","page_number":74,"box":{"x":96,"y":321,"width":205,"height":10}},{"id":"5a97937e-8755-424d-8e34-351854ef29ab","block_type":"box","text":"55,381","page_number":74,"box":{"x":745,"y":321,"width":38,"height":9}},{"id":"ba9509b7-0ca7-4d27-a332-49cedbe676b3","block_type":"box","text":"(560)","page_number":74,"box":{"x":868,"y":321,"width":30,"height":9}},{"id":"d9cf3fa6-875c-4ded-a3b4-202357199da8","block_type":"box","text":"Total net capital gains","page_number":74,"box":{"x":95,"y":343,"width":146,"height":10}},{"id":"a61245ec-c667-4988-917c-9dd21d6a4e45","block_type":"box","text":"55,004,445","page_number":74,"box":{"x":715,"y":343,"width":70,"height":9}},{"id":"bc4449d4-b5ce-4325-b2ae-10b69bbdeed5","block_type":"box","text":"11,247,134","page_number":74,"box":{"x":824,"y":343,"width":71,"height":9}},{"id":"df10f920-c685-4417-ad3d-95d9f2d49be2","block_type":"box","text":"3. Revenue","page_number":74,"box":{"x":95,"y":389,"width":72,"height":8}},{"id":"5b015a96-dc38-403c-9f8a-5c0faba8447a","block_type":"box","text":"30.04.26","page_number":74,"box":{"x":730,"y":389,"width":55,"height":8}},{"id":"0c1b8642-49dc-43b1-b8ac-b17e6f0d7dd0","block_type":"box","text":"30.04.25","page_number":74,"box":{"x":840,"y":389,"width":54,"height":8}},{"id":"4cc07600-700a-4a1f-b512-cd31af14cf56","block_type":"box","text":"£","page_number":74,"box":{"x":778,"y":405,"width":7,"height":8}},{"id":"d8866bb6-ef6c-496e-b233-2d6a16965183","block_type":"box","text":"£","page_number":74,"box":{"x":888,"y":405,"width":6,"height":8}},{"id":"b1a14330-7e72-4cbb-bd0c-309da3b7afdf","block_type":"box","text":"Non-taxable dividends","page_number":74,"box":{"x":96,"y":427,"width":136,"height":8}},{"id":"7810e858-26ed-4b88-b58d-85139ee6a532","block_type":"box","text":"3,346,531","page_number":74,"box":{"x":726,"y":427,"width":57,"height":9}},{"id":"db7632e7-f5f3-4b77-b5d1-cbf2c5dd2d3c","block_type":"box","text":"2,826,842","page_number":74,"box":{"x":835,"y":427,"width":59,"height":9}},{"id":"85ab8b21-b6be-422e-80e3-5b05b8028fdc","block_type":"box","text":"Annual Payment from UK CIS","page_number":74,"box":{"x":95,"y":445,"width":176,"height":11}},{"id":"3f31f6cd-1018-4b52-96e3-b0608c746ede","block_type":"box","text":"2,374","page_number":74,"box":{"x":752,"y":446,"width":33,"height":9}},{"id":"c39f2a32-156b-4a56-b3ae-f3bb2df32cdf","block_type":"box","text":"19,017","page_number":74,"box":{"x":855,"y":446,"width":39,"height":9}},{"id":"5c17c484-1bcd-477a-bb67-aefedacd98a0","block_type":"box","text":"Interest from non-derivative securities","page_number":74,"box":{"x":96,"y":464,"width":232,"height":9}},{"id":"969acf08-72cc-4263-b98e-08311a66ceaa","block_type":"box","text":"6,377,581","page_number":74,"box":{"x":726,"y":465,"width":57,"height":9}},{"id":"ca577e90-bf5a-405a-b058-70acb45f772b","block_type":"box","text":"6,896,333","page_number":74,"box":{"x":835,"y":465,"width":59,"height":9}},{"id":"ef590c4e-608f-4ce5-ab9a-f2f1ff703107","block_type":"box","text":"Rebates from underlying holdings","page_number":74,"box":{"x":96,"y":483,"width":205,"height":11}},{"id":"863f2ce1-218c-44c4-910c-cbdaf435bf36","block_type":"box","text":"763,375","page_number":74,"box":{"x":737,"y":484,"width":47,"height":9}},{"id":"c22086ab-155a-42f5-99fd-a3cfc8817fb9","block_type":"box","text":"830,286","page_number":74,"box":{"x":847,"y":484,"width":47,"height":9}},{"id":"6cf9f6da-6118-4266-a630-dd96e30690cc","block_type":"box","text":"Bank interest","page_number":74,"box":{"x":96,"y":502,"width":80,"height":8}},{"id":"68d51ee1-1dfa-46b4-98a4-c06c90c4ef01","block_type":"box","text":"259,132","page_number":74,"box":{"x":737,"y":502,"width":47,"height":9}},{"id":"086af313-27c4-4ebf-8d09-2a76086e9468","block_type":"box","text":"380,426","page_number":74,"box":{"x":847,"y":502,"width":47,"height":9}},{"id":"c76f76b6-7f97-42a4-bc49-ef82607e90d9","block_type":"box","text":"Total revenue","page_number":74,"box":{"x":95,"y":524,"width":91,"height":8}},{"id":"a6b5776e-7df0-4789-ab62-4648a56497c7","block_type":"box","text":"10,748,993","page_number":74,"box":{"x":715,"y":525,"width":70,"height":9}},{"id":"fd099c07-7592-44cf-9019-60af18026148","block_type":"box","text":"10,952,904","page_number":74,"box":{"x":824,"y":525,"width":71,"height":9}},{"id":"40192dc8-8d47-400f-932b-4896433498f8","block_type":"box","text":"4. Expenses","page_number":74,"box":{"x":95,"y":571,"width":76,"height":10}},{"id":"0929e9b7-1c5a-42f0-96ec-2f2e1b285ff9","block_type":"box","text":"30.04.26","page_number":74,"box":{"x":730,"y":571,"width":55,"height":8}},{"id":"b95b7afd-24f1-40ca-9119-e9378c2bd806","block_type":"box","text":"30.04.25","page_number":74,"box":{"x":840,"y":571,"width":54,"height":8}},{"id":"21d339a3-6ea0-497c-bfc0-e7bc35ff49e2","block_type":"box","text":"£","page_number":74,"box":{"x":778,"y":586,"width":7,"height":8}},{"id":"d1fdc4ab-53b1-4f70-981d-ff12340f7463","block_type":"box","text":"£","page_number":74,"box":{"x":888,"y":586,"width":6,"height":8}},{"id":"9983ad95-c454-4d7d-adc8-dedb5c2905cb","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":74,"box":{"x":96,"y":601,"width":549,"height":11}},{"id":"897659ca-a958-4908-8e6a-ac7332b76306","block_type":"box","text":"agents of either of them:","page_number":74,"box":{"x":95,"y":617,"width":149,"height":10}},{"id":"4c1ef601-b4e9-4a55-8553-d22bf2c04a7d","block_type":"box","text":"Annual management charge","page_number":74,"box":{"x":104,"y":636,"width":172,"height":10}},{"id":"7921ae8b-9a8f-47c7-a7b1-6fa92bc1f721","block_type":"box","text":"1,224,705","page_number":74,"box":{"x":726,"y":636,"width":58,"height":9}},{"id":"14a08717-1cd0-437a-9e6f-1f6e2419dc29","block_type":"box","text":"1,127,922","page_number":74,"box":{"x":836,"y":636,"width":58,"height":9}},{"id":"5f08bc2a-0a55-49de-99fd-8f2792e2c5b6","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":74,"box":{"x":96,"y":658,"width":514,"height":10}},{"id":"d712d979-46f6-405a-90b2-213009a09ad4","block_type":"box","text":"Depositary’s fee","page_number":74,"box":{"x":106,"y":677,"width":95,"height":10}},{"id":"fb2de246-9b22-4fcc-a290-654910dc358b","block_type":"box","text":"96,781","page_number":74,"box":{"x":745,"y":677,"width":38,"height":9}},{"id":"d38d570c-63c6-4ef1-9197-58812a0ccd81","block_type":"box","text":"90,261","page_number":74,"box":{"x":854,"y":677,"width":38,"height":9}},{"id":"506a31bc-d69e-4b1c-b53d-9bd8fb9c930f","block_type":"box","text":"Safe custody fee","page_number":74,"box":{"x":105,"y":692,"width":98,"height":11}},{"id":"73a0ccb1-d6a7-4046-954a-5bf406301109","block_type":"box","text":"42,760","page_number":74,"box":{"x":744,"y":692,"width":41,"height":10}},{"id":"8786db6a-3954-4003-a71a-dcb5448472e4","block_type":"box","text":"39,183","page_number":74,"box":{"x":854,"y":692,"width":40,"height":10}},{"id":"6be7c478-875a-4c1e-9b93-98ea2776f71c","block_type":"box","text":"139,541","page_number":74,"box":{"x":738,"y":715,"width":45,"height":9}},{"id":"fc553ecf-607e-4b6f-91f0-89e8325533d4","block_type":"box","text":"129,444","page_number":74,"box":{"x":847,"y":715,"width":48,"height":9}},{"id":"f148f013-ab40-4e05-bc08-294e7c10acaf","block_type":"box","text":"Other expenses:","page_number":74,"box":{"x":96,"y":730,"width":97,"height":10}},{"id":"12134329-ae7a-4a92-b227-d91a9fb4d752","block_type":"box","text":"Audit fee*","page_number":74,"box":{"x":104,"y":748,"width":62,"height":9}},{"id":"951bac87-0a1e-47d0-8d03-e0fc680daaf1","block_type":"box","text":"9,720","page_number":74,"box":{"x":752,"y":749,"width":33,"height":9}},{"id":"087c8cdf-b179-426e-8551-044a2e39e5a3","block_type":"box","text":"8,150","page_number":74,"box":{"x":862,"y":749,"width":32,"height":9}},{"id":"851588fb-e7b4-46de-963b-dd9b1c1b19a1","block_type":"box","text":"Legal fees","page_number":74,"box":{"x":106,"y":764,"width":58,"height":11}},{"id":"bec4b615-aef0-4f0b-ad6b-935f6c3642a1","block_type":"box","text":"4,500","page_number":74,"box":{"x":752,"y":764,"width":33,"height":9}},{"id":"7c0fa34a-93bf-4d63-827f-6ed26cde2c60","block_type":"box","text":"300","page_number":74,"box":{"x":873,"y":764,"width":21,"height":8}},{"id":"0655516a-f111-459d-8a6c-16fb0ffb39c7","block_type":"box","text":"Other expenses","page_number":74,"box":{"x":105,"y":779,"width":95,"height":11}},{"id":"1a0960a7-fdaf-4845-bf2c-b990ae256d0b","block_type":"box","text":"31,214","page_number":74,"box":{"x":745,"y":780,"width":40,"height":9}},{"id":"1bb5c41e-3ff7-4d59-8f90-de842b8b78eb","block_type":"box","text":"29,719","page_number":74,"box":{"x":854,"y":780,"width":40,"height":9}},{"id":"e215d307-8a58-4f1a-b4be-2f08994867bf","block_type":"box","text":"45,434","page_number":74,"box":{"x":744,"y":802,"width":41,"height":9}},{"id":"b491852d-407b-4086-a767-a60e52f82b19","block_type":"box","text":"38,169","page_number":74,"box":{"x":854,"y":802,"width":40,"height":9}},{"id":"ed5720f8-648e-4cb5-9a5c-a485daa1c7ce","block_type":"box","text":"Expenses","page_number":74,"box":{"x":96,"y":837,"width":60,"height":10}},{"id":"ee1e74f0-8e24-43ef-b17a-dd30d79b4769","block_type":"box","text":"1,409,680","page_number":74,"box":{"x":723,"y":837,"width":62,"height":9}},{"id":"8c7302e8-1940-4b53-a19d-6f83ad81f26f","block_type":"box","text":"1,295,535","page_number":74,"box":{"x":832,"y":837,"width":62,"height":9}},{"id":"102f359f-f820-436f-a9ba-ace55bf0a744","block_type":"box","text":"Interest payable and similar charges","page_number":74,"box":{"x":96,"y":859,"width":219,"height":11}},{"id":"d03e05b1-2059-4b0a-b8ed-6d28f4a6f2f7","block_type":"box","text":"83,528","page_number":74,"box":{"x":745,"y":859,"width":40,"height":9}},{"id":"c9fe95d8-5126-4ff0-9510-c3f188f28546","block_type":"box","text":"184,924","page_number":74,"box":{"x":847,"y":859,"width":48,"height":9}},{"id":"54f21b14-8c3d-4b4b-bdb7-afe2e3c7cf35","block_type":"box","text":"Total","page_number":74,"box":{"x":95,"y":881,"width":33,"height":8}},{"id":"75ee7187-7b33-4781-a2f2-b54d19e32441","block_type":"box","text":"1,493,208","page_number":74,"box":{"x":723,"y":881,"width":62,"height":10}},{"id":"58103c3a-8db2-4e55-8ec3-055dfa43230b","block_type":"box","text":"1,480,459","page_number":74,"box":{"x":832,"y":881,"width":62,"height":10}},{"id":"d0fd1d4c-5754-4f3a-91cb-f1d7013b577a","block_type":"box","text":"*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","page_number":74,"box":{"x":95,"y":903,"width":809,"height":11}},{"id":"f4a35053-71f9-4538-87e1-8f3f9b9568f5","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":74,"box":{"x":96,"y":919,"width":174,"height":10}},{"id":"1a7d0aa5-e8fc-41d0-ba70-b30b88a9e123","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":74,"box":{"x":510,"y":38,"width":392,"height":17}},{"id":"80b0113c-812e-43a3-9805-3e60abdbd8b0","block_type":"box","text":"69","page_number":74,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"1b1aae8f-0dd5-49c9-ae5e-e538be1cd12c","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":75,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"3f267f62-cfac-4d39-b89d-971bb8c60820","block_type":"box","text":"for the year ended 30 April 2026","page_number":75,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"79fccfa0-3d75-40aa-b5a0-14c10c8ce7a6","block_type":"box","text":"5. Taxation","page_number":75,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"f3acecf7-b749-46b0-a11d-9c62f3995011","block_type":"box","text":"30.04.26","page_number":75,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"39f5c537-3c90-445f-888f-e0c6ef6e35cc","block_type":"box","text":"30.04.25","page_number":75,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"aac0342d-8a72-4e85-b275-b0095fb23fdc","block_type":"box","text":"£","page_number":75,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"dcf65178-d9a7-4604-be82-82c315e71fb9","block_type":"box","text":"£","page_number":75,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"1198b0b9-2c3f-49fb-b4b2-72ad633ac65f","block_type":"box","text":"(a) Analysis of charge in the year","page_number":75,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"72636d44-c126-4230-9ea0-32e0e9065b29","block_type":"box","text":"UK corporation tax","page_number":75,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"ee187eb7-78f8-4f33-a41f-2a39e5fabca6","block_type":"box","text":"1,192,927","page_number":75,"box":{"x":726,"y":191,"width":59,"height":9}},{"id":"a8cd093e-b953-4e6a-85a5-000fb183a369","block_type":"box","text":"1,329,009","page_number":75,"box":{"x":836,"y":191,"width":58,"height":9}},{"id":"5265cb2f-94b7-4580-a9cc-395841afaadd","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":75,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"c42ef1a7-d888-4657-a22e-65b449d76d6c","block_type":"box","text":"1,192,927","page_number":75,"box":{"x":723,"y":213,"width":62,"height":9}},{"id":"dd945532-7415-4e53-b304-22f71416bf92","block_type":"box","text":"1,329,009","page_number":75,"box":{"x":832,"y":213,"width":62,"height":9}},{"id":"6a16770d-b209-4a24-9e3a-edfd3346a826","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":75,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"7d776ae1-efcf-43ac-9fd1-5845849e2963","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":75,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"ad87e5c4-764b-4ea9-8f7b-b0b9c6212b9c","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":75,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"d046aa33-b7ce-475b-b9e7-1e26c496b99d","block_type":"box","text":"Net revenue before UK corporation tax","page_number":75,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"b4c3813e-d634-4df3-94e2-feafb2a6edc8","block_type":"box","text":"9,255,785","page_number":75,"box":{"x":726,"y":304,"width":58,"height":9}},{"id":"d44e2011-197d-4eb0-ba20-2a07a8922f75","block_type":"box","text":"9,472,445","page_number":75,"box":{"x":835,"y":304,"width":59,"height":9}},{"id":"4b45a4ff-dafe-4111-9b0d-1b8b4e48cd9f","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":75,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"8895150d-7fcd-4841-9392-eadc53960b0a","block_type":"box","text":"1,851,157","page_number":75,"box":{"x":726,"y":326,"width":59,"height":9}},{"id":"5bee4331-131f-4db0-a938-943e6a394db9","block_type":"box","text":"1,894,489","page_number":75,"box":{"x":836,"y":326,"width":58,"height":9}},{"id":"bca25db1-44b7-49e0-933e-8455fb175119","block_type":"box","text":"Effects of:","page_number":75,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"2fb47bb8-a65e-4f23-8760-291983a27b6f","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":75,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"8c8cf369-f3c7-48ca-8454-88bc7befcecf","block_type":"box","text":"(669,306)","page_number":75,"box":{"x":733,"y":364,"width":56,"height":9}},{"id":"d6b6d668-6aba-4bdc-93ef-4318fb354448","block_type":"box","text":"(565,368)","page_number":75,"box":{"x":842,"y":364,"width":57,"height":9}},{"id":"e15945ee-3de9-4885-87d3-0819b4b093a1","block_type":"box","text":"Tax effect of rebates in capital","page_number":75,"box":{"x":95,"y":382,"width":181,"height":11}},{"id":"449bc125-61cb-41a1-83c7-a3a8200fe7a2","block_type":"box","text":"11,076","page_number":75,"box":{"x":745,"y":383,"width":40,"height":9}},{"id":"d746257d-0a50-4986-84b0-88adb3e16b57","block_type":"box","text":"(112)","page_number":75,"box":{"x":868,"y":383,"width":31,"height":9}},{"id":"f50cae49-5e26-41b6-9086-d1e95207eda4","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":75,"box":{"x":95,"y":404,"width":251,"height":11}},{"id":"ee61a95c-d277-437d-b4ea-0fa2c7dd64e1","block_type":"box","text":"1,192,927","page_number":75,"box":{"x":723,"y":405,"width":62,"height":9}},{"id":"6af2558a-b2a0-42c4-8472-811de16a65df","block_type":"box","text":"1,329,009","page_number":75,"box":{"x":832,"y":405,"width":62,"height":9}},{"id":"d11ce60f-870e-4ac3-a144-5d5d4d7f127c","block_type":"box","text":"(c) Provision for deferred taxation","page_number":75,"box":{"x":95,"y":435,"width":205,"height":10}},{"id":"05b8cdd2-0182-422c-84f8-0156cb07e981","block_type":"box","text":"At 30 April 2026 there is no potential deferred tax asset or liability (30 April 2025: £nil).","page_number":75,"box":{"x":95,"y":457,"width":526,"height":11}},{"id":"fcc781cb-6013-4e7e-8db4-3ccb81b7af4b","block_type":"box","text":"6. Distributions","page_number":75,"box":{"x":95,"y":510,"width":102,"height":9}},{"id":"507051a0-7479-435a-8e94-8c030b2bede1","block_type":"box","text":"30.04.26","page_number":75,"box":{"x":730,"y":526,"width":55,"height":8}},{"id":"333451a5-8eb6-4bc8-abd4-48ece68ad8f2","block_type":"box","text":"30.04.25","page_number":75,"box":{"x":840,"y":526,"width":54,"height":8}},{"id":"8073761b-450d-4181-ab52-4296dfe17f7e","block_type":"box","text":"£","page_number":75,"box":{"x":778,"y":542,"width":7,"height":7}},{"id":"01959851-62e6-4149-86c7-90d5d7218c85","block_type":"box","text":"£","page_number":75,"box":{"x":888,"y":542,"width":6,"height":7}},{"id":"fbbaf9cb-be66-4e97-b727-de4ba126870d","block_type":"box","text":"Final dividend distribution","page_number":75,"box":{"x":96,"y":564,"width":158,"height":8}},{"id":"cf88240a-e297-417a-8466-5d66e9aa2a4c","block_type":"box","text":"8,457,045","page_number":75,"box":{"x":726,"y":564,"width":58,"height":9}},{"id":"1a40fa1f-9945-496f-bd82-4db65a63a747","block_type":"box","text":"7,760,753","page_number":75,"box":{"x":835,"y":564,"width":59,"height":9}},{"id":"45855d0e-5815-42d4-a739-d40657427414","block_type":"box","text":"8,457,045","page_number":75,"box":{"x":726,"y":586,"width":58,"height":9}},{"id":"516d2351-1671-42c8-a421-f46913ec3a41","block_type":"box","text":"7,760,753","page_number":75,"box":{"x":835,"y":586,"width":59,"height":9}},{"id":"4cbe4353-15e7-4066-935f-472186b06afd","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":75,"box":{"x":95,"y":604,"width":300,"height":9}},{"id":"4b4f238e-4f30-4335-8845-6fd3f3087976","block_type":"box","text":"650,809","page_number":75,"box":{"x":737,"y":605,"width":47,"height":9}},{"id":"4aad0b63-97f7-4499-8b1a-ffd7d139ee3a","block_type":"box","text":"661,061","page_number":75,"box":{"x":847,"y":605,"width":45,"height":9}},{"id":"11fbebc1-eb61-44b1-a7a2-c2a5a1e481a2","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":75,"box":{"x":96,"y":623,"width":289,"height":9}},{"id":"7791dcac-bcdf-4bbd-a43f-b749eb821cb3","block_type":"box","text":"(825,485)","page_number":75,"box":{"x":733,"y":624,"width":56,"height":9}},{"id":"1c654fc5-ce90-482b-aedc-6cb3df7876ed","block_type":"box","text":"(586,536)","page_number":75,"box":{"x":842,"y":624,"width":57,"height":9}},{"id":"f52e200a-c127-4085-9d4d-9dc9ae9ca5e1","block_type":"box","text":"Distributions","page_number":75,"box":{"x":96,"y":645,"width":86,"height":9}},{"id":"ef857ff2-abfb-4dfb-ad69-7ba9e409a1db","block_type":"box","text":"8,282,369","page_number":75,"box":{"x":726,"y":646,"width":58,"height":9}},{"id":"8ddb6440-dad4-411b-b769-28c44c99ac07","block_type":"box","text":"7,835,278","page_number":75,"box":{"x":835,"y":646,"width":59,"height":9}},{"id":"8c04ef51-5be0-4ea7-8b50-0288e2545d2e","block_type":"box","text":"Reconciliation of distributions","page_number":75,"box":{"x":96,"y":683,"width":200,"height":8}},{"id":"077fc3d3-2c44-43fd-8a3b-b239f4ae309e","block_type":"box","text":"Net revenue after taxation","page_number":75,"box":{"x":96,"y":702,"width":159,"height":8}},{"id":"cb56f08a-6134-4005-8187-dbae2308cb91","block_type":"box","text":"8,062,858","page_number":75,"box":{"x":726,"y":702,"width":59,"height":9}},{"id":"08984606-5478-4529-a5a4-4187a4d3e911","block_type":"box","text":"8,143,436","page_number":75,"box":{"x":835,"y":702,"width":59,"height":9}},{"id":"fa142edb-17df-4080-8c8d-5fa3359b81a1","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":75,"box":{"x":96,"y":717,"width":301,"height":11}},{"id":"0008e9c5-dd18-4866-9070-222e2296eff5","block_type":"box","text":"232,171","page_number":75,"box":{"x":737,"y":718,"width":46,"height":9}},{"id":"71064d2c-c804-4261-8bd3-41d6a6b11ccd","block_type":"box","text":"486,496","page_number":75,"box":{"x":846,"y":718,"width":48,"height":9}},{"id":"c5cf73fd-dec3-4c83-80fc-3921d34340fc","block_type":"box","text":"Marginal tax relief on rebates in capital","page_number":75,"box":{"x":96,"y":733,"width":236,"height":10}},{"id":"ac4c9fd2-a117-4d60-b1e3-75c96d9cff57","block_type":"box","text":"–","page_number":75,"box":{"x":778,"y":738,"width":7,"height":0}},{"id":"0f74db9a-70b7-42cf-a3f5-485a386acddd","block_type":"box","text":"(112)","page_number":75,"box":{"x":868,"y":733,"width":31,"height":10}},{"id":"22bfdfb2-819f-41e2-84e3-63835dadc571","block_type":"box","text":"Capital corporation tax","page_number":75,"box":{"x":96,"y":748,"width":138,"height":11}},{"id":"2fd22575-9f10-4cd9-8113-90c40df5e175","block_type":"box","text":"11,076","page_number":75,"box":{"x":745,"y":749,"width":40,"height":9}},{"id":"c7f263d5-ef70-46e6-ad70-bab95243655f","block_type":"box","text":"–","page_number":75,"box":{"x":888,"y":753,"width":6,"height":1}},{"id":"775bf48a-9db9-4c9f-bbc4-4fdd9aaf8385","block_type":"box","text":"Balance brought forward","page_number":75,"box":{"x":96,"y":764,"width":150,"height":10}},{"id":"85060a07-393a-4562-a1d7-493ddbff7b4d","block_type":"box","text":"(24,151)","page_number":75,"box":{"x":740,"y":764,"width":49,"height":9}},{"id":"20f4adcc-2320-4a88-9d81-738e5fbc5612","block_type":"box","text":"(818,693)","page_number":75,"box":{"x":842,"y":764,"width":57,"height":9}},{"id":"0f19de3d-3d1d-40b5-af72-b981b55de8f0","block_type":"box","text":"Balance carried forward","page_number":75,"box":{"x":96,"y":779,"width":144,"height":8}},{"id":"653758b5-0d24-47ee-bf6f-9fcda47105a6","block_type":"box","text":"415","page_number":75,"box":{"x":763,"y":780,"width":21,"height":7}},{"id":"915d8cbb-37f8-4ff3-af08-f3f8c15b2e52","block_type":"box","text":"24,151","page_number":75,"box":{"x":854,"y":780,"width":38,"height":9}},{"id":"84891f28-794c-4669-94df-00517f91897e","block_type":"box","text":"Net distribution for the year","page_number":75,"box":{"x":96,"y":801,"width":187,"height":11}},{"id":"646b536a-4b58-4a9c-8144-64c4fb6c0a64","block_type":"box","text":"8,282,369","page_number":75,"box":{"x":722,"y":802,"width":63,"height":9}},{"id":"ca428395-20af-4caa-ba34-a6f8a30200ea","block_type":"box","text":"7,835,278","page_number":75,"box":{"x":832,"y":802,"width":62,"height":9}},{"id":"e1077f6e-df56-4001-91d8-eb1c51ecaf26","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":75,"box":{"x":97,"y":38,"width":392,"height":17}},{"id":"718d410c-7185-419c-b1b7-1154092220eb","block_type":"box","text":"70","page_number":75,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"19d1a983-a7c4-432f-99af-2c3d8a0c0084","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":76,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"557a2b74-596c-47eb-b120-c30bd1a2714e","block_type":"box","text":"for the year ended 30 April 2026","page_number":76,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"74ea1cb4-bf15-4db2-b62d-bb91dfcdd91b","block_type":"box","text":"7. Debtors","page_number":76,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"b7067684-fee2-489a-b6eb-2ac20afd2a27","block_type":"box","text":"30.04.26","page_number":76,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"be92ac83-d02b-4802-88fb-63091df1c5cb","block_type":"box","text":"30.04.25","page_number":76,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"804a3f32-d393-4480-8fd1-ef14d6ed28ee","block_type":"box","text":"£","page_number":76,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"00f6cfa0-4e4e-4cff-938a-2250436c9aee","block_type":"box","text":"£","page_number":76,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"f359981b-0c54-4175-b09a-204d7806cd9c","block_type":"box","text":"Amounts receivable on creation of shares","page_number":76,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"e464602a-9ce5-4bc3-8758-38c483ba31d8","block_type":"box","text":"657,367","page_number":76,"box":{"x":737,"y":172,"width":48,"height":9}},{"id":"6f9f8f2f-d034-4391-9188-edee4dd8de44","block_type":"box","text":"1,630,952","page_number":76,"box":{"x":836,"y":172,"width":58,"height":9}},{"id":"a0308381-58f9-4b6e-8762-5b2daf42bef2","block_type":"box","text":"Accrued revenue:","page_number":76,"box":{"x":95,"y":191,"width":105,"height":8}},{"id":"bd350577-0f9f-4d06-9589-6d84211b325e","block_type":"box","text":"Rebates from underlying holdings","page_number":76,"box":{"x":96,"y":209,"width":205,"height":11}},{"id":"85f4cc28-7bf7-4603-9ed2-98ef0ebcbd63","block_type":"box","text":"292,826","page_number":76,"box":{"x":737,"y":210,"width":48,"height":9}},{"id":"3efbbcee-03ca-400c-9028-b75f8d75a204","block_type":"box","text":"211,497","page_number":76,"box":{"x":847,"y":210,"width":47,"height":9}},{"id":"d374a834-8059-4092-9e36-dc28b087010d","block_type":"box","text":"Income tax recoverable","page_number":76,"box":{"x":96,"y":228,"width":141,"height":9}},{"id":"c479ce28-063c-4a8a-b480-3e6dee763f53","block_type":"box","text":"4,278","page_number":76,"box":{"x":752,"y":229,"width":33,"height":9}},{"id":"018fb0de-2541-4788-adae-63898a8099a3","block_type":"box","text":"3,803","page_number":76,"box":{"x":862,"y":229,"width":32,"height":9}},{"id":"ddb46189-ea8e-4bd7-bd77-60f2ac792ee6","block_type":"box","text":"Bank interest receivable","page_number":76,"box":{"x":96,"y":247,"width":145,"height":8}},{"id":"604bda00-2b23-4e5d-8dec-d373f25c57a1","block_type":"box","text":"5,474","page_number":76,"box":{"x":752,"y":248,"width":33,"height":9}},{"id":"0e12c194-b2f3-46c6-86f6-a8b794460c9b","block_type":"box","text":"–","page_number":76,"box":{"x":888,"y":252,"width":6,"height":1}},{"id":"d11cfe31-33d4-40e0-ae2a-bf2044429454","block_type":"box","text":"Prepayments","page_number":76,"box":{"x":96,"y":266,"width":79,"height":11}},{"id":"5ced5672-a629-4273-96fa-5d895c8f1ae1","block_type":"box","text":"–","page_number":76,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"b7d3f059-97fd-448b-8941-8fb2ece3b6fb","block_type":"box","text":"63","page_number":76,"box":{"x":880,"y":266,"width":14,"height":8}},{"id":"bd7be262-7fee-446f-b403-b4fa4f5f8673","block_type":"box","text":"Total debtors","page_number":76,"box":{"x":95,"y":288,"width":88,"height":8}},{"id":"671b5b74-bed1-45d0-bfe4-9c3ee0e07db4","block_type":"box","text":"959,945","page_number":76,"box":{"x":734,"y":289,"width":51,"height":9}},{"id":"0ba7f4e5-e30e-4ae0-8c4d-a8c8dc818e45","block_type":"box","text":"1,846,315","page_number":76,"box":{"x":832,"y":289,"width":62,"height":9}},{"id":"2049b81a-6c3b-40b4-a3e3-0ea5b40e7ae9","block_type":"box","text":"8. Cash and bank balances","page_number":76,"box":{"x":95,"y":341,"width":174,"height":8}},{"id":"33d1fb47-3e34-4dce-b854-48dda4f59110","block_type":"box","text":"30.04.26","page_number":76,"box":{"x":730,"y":342,"width":55,"height":7}},{"id":"b4cecb7d-dadc-48d4-a171-3ef7a10af373","block_type":"box","text":"30.04.25","page_number":76,"box":{"x":840,"y":342,"width":54,"height":7}},{"id":"cdeb6d77-0923-4c8f-9a9c-8f12d45845bc","block_type":"box","text":"£","page_number":76,"box":{"x":778,"y":357,"width":7,"height":8}},{"id":"e8aa2b51-e03a-4106-98d0-aa8e8dc3dfea","block_type":"box","text":"£","page_number":76,"box":{"x":888,"y":357,"width":6,"height":8}},{"id":"6de1348f-e3d7-4955-8037-2cf731d437ef","block_type":"box","text":"Cash and bank balances","page_number":76,"box":{"x":96,"y":379,"width":146,"height":8}},{"id":"2014ecb9-5e99-4c34-9dbd-0d117777d9be","block_type":"box","text":"7,110,159","page_number":76,"box":{"x":726,"y":379,"width":58,"height":9}},{"id":"4f0e7036-e607-4863-8f79-990727d3d8dc","block_type":"box","text":"5,098,258","page_number":76,"box":{"x":836,"y":379,"width":58,"height":9}},{"id":"46905ba1-6db2-4183-a627-dc0eb114ff22","block_type":"box","text":"Bank overdraft","page_number":76,"box":{"x":96,"y":398,"width":89,"height":8}},{"id":"06bdbc5b-3978-45a2-bbc7-9eee57b73daf","block_type":"box","text":"(1,608,039)","page_number":76,"box":{"x":721,"y":398,"width":68,"height":9}},{"id":"d30ceef3-ce59-4ea6-ba5c-83de2e37506a","block_type":"box","text":"(2,318,460)","page_number":76,"box":{"x":831,"y":398,"width":68,"height":9}},{"id":"755897cf-9ce2-4ea9-b72a-38d6f3a0909a","block_type":"box","text":"Total","page_number":76,"box":{"x":95,"y":420,"width":33,"height":8}},{"id":"24a581e5-6afa-45fb-aeeb-c2cbb1a467d5","block_type":"box","text":"5,502,120","page_number":76,"box":{"x":723,"y":420,"width":62,"height":9}},{"id":"612ae2b1-7f0d-491d-9627-92c776a0ca9f","block_type":"box","text":"2,779,798","page_number":76,"box":{"x":832,"y":420,"width":62,"height":9}},{"id":"452009d9-39cb-4da8-b2bf-63d6902bac56","block_type":"box","text":"9. Creditors","page_number":76,"box":{"x":95,"y":473,"width":76,"height":8}},{"id":"155ef299-5a27-4ed4-a5a3-bcda76d22d18","block_type":"box","text":"30.04.26","page_number":76,"box":{"x":730,"y":473,"width":55,"height":8}},{"id":"4efbc28b-7cdf-4383-9a4a-1afac8dc2962","block_type":"box","text":"30.04.25","page_number":76,"box":{"x":840,"y":473,"width":54,"height":8}},{"id":"3a69b1ff-a988-4e1a-abfe-3a42df823069","block_type":"box","text":"£","page_number":76,"box":{"x":778,"y":489,"width":7,"height":7}},{"id":"4673b37e-bb4a-48cd-a51c-b8e15c37e984","block_type":"box","text":"£","page_number":76,"box":{"x":888,"y":489,"width":6,"height":7}},{"id":"5dd04f66-fdfb-45b9-9671-a7a8256c0c65","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":76,"box":{"x":95,"y":510,"width":261,"height":11}},{"id":"0679a51c-2b56-4c9b-9e9d-bff7a735aa71","block_type":"box","text":"1,515,010","page_number":76,"box":{"x":726,"y":511,"width":59,"height":9}},{"id":"7f4ec51c-d6ef-4b4c-8911-b969ae14d2e5","block_type":"box","text":"1,536,621","page_number":76,"box":{"x":836,"y":511,"width":56,"height":9}},{"id":"559f9601-7a2e-413f-bee3-e217c41f1511","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":76,"box":{"x":96,"y":529,"width":549,"height":11}},{"id":"ee5e1a87-70de-4216-b16e-3c5ac0495f98","block_type":"box","text":"agents of either of them:","page_number":76,"box":{"x":95,"y":545,"width":149,"height":10}},{"id":"ebedda55-56e9-4c64-a282-9303c76287c0","block_type":"box","text":"Annual management charge","page_number":76,"box":{"x":104,"y":564,"width":172,"height":10}},{"id":"926b9b54-b410-4b2a-b959-6a27a4ca4016","block_type":"box","text":"107,208","page_number":76,"box":{"x":738,"y":564,"width":47,"height":9}},{"id":"c026a793-cf32-435f-b37f-f35b712ff7c4","block_type":"box","text":"90,192","page_number":76,"box":{"x":854,"y":564,"width":40,"height":9}},{"id":"8eb5c601-2bee-437c-a85a-36c1a2adb831","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":76,"box":{"x":96,"y":586,"width":514,"height":10}},{"id":"ed7bf648-7114-413b-b3fb-6c38066dd2ac","block_type":"box","text":"Depositary fee","page_number":76,"box":{"x":106,"y":604,"width":86,"height":11}},{"id":"d62dbc77-9a93-488f-b0ad-4228d49431b5","block_type":"box","text":"8,457","page_number":76,"box":{"x":752,"y":605,"width":33,"height":9}},{"id":"740f1370-be56-43b4-acd0-934c10ac3b28","block_type":"box","text":"7,382","page_number":76,"box":{"x":862,"y":605,"width":32,"height":9}},{"id":"5a3e0150-296d-4635-91b4-8a4206497323","block_type":"box","text":"Safe custody and other custodian charges","page_number":76,"box":{"x":105,"y":620,"width":253,"height":11}},{"id":"b8cfcff0-3bff-45a6-bf0f-a8327639429a","block_type":"box","text":"101","page_number":76,"box":{"x":764,"y":620,"width":19,"height":8}},{"id":"9d0fa326-1c7c-4b67-9e1b-f24d0cbf18c4","block_type":"box","text":"48,140","page_number":76,"box":{"x":854,"y":620,"width":40,"height":9}},{"id":"f852c179-915c-43cd-80ba-b62b85192903","block_type":"box","text":"8,559","page_number":76,"box":{"x":752,"y":643,"width":32,"height":9}},{"id":"2ceeba5d-0fa4-4cf6-9509-1374834aa38d","block_type":"box","text":"55,523","page_number":76,"box":{"x":854,"y":643,"width":40,"height":9}},{"id":"bc493285-beb2-4931-8e4e-607777843163","block_type":"box","text":"Other expenses:","page_number":76,"box":{"x":96,"y":664,"width":97,"height":11}},{"id":"0cd48fd9-b1a4-4c1f-917f-decb07f58066","block_type":"box","text":"UK corporation tax","page_number":76,"box":{"x":105,"y":683,"width":114,"height":11}},{"id":"ffd41172-e78c-4dbb-8147-23fac0e78fb9","block_type":"box","text":"324,947","page_number":76,"box":{"x":737,"y":684,"width":48,"height":9}},{"id":"aaedf11c-8a6d-41d6-86e3-226ba392c114","block_type":"box","text":"603,728","page_number":76,"box":{"x":847,"y":683,"width":47,"height":10}},{"id":"a6469250-866c-4097-91bf-a21b833816e2","block_type":"box","text":"Audit fee*","page_number":76,"box":{"x":104,"y":699,"width":62,"height":8}},{"id":"71eec7ff-5ec0-4695-8bfc-3c6c305cdbce","block_type":"box","text":"9,720","page_number":76,"box":{"x":752,"y":699,"width":33,"height":9}},{"id":"06553d7d-6431-424e-9a2b-085922db4f23","block_type":"box","text":"7,862","page_number":76,"box":{"x":862,"y":699,"width":32,"height":9}},{"id":"3ce6e722-3ffd-4109-aa34-0ee7e3122b78","block_type":"box","text":"Other accrued expenses","page_number":76,"box":{"x":105,"y":714,"width":147,"height":11}},{"id":"564c2233-980e-4801-bc60-2e1e30a2a209","block_type":"box","text":"14,459","page_number":76,"box":{"x":745,"y":714,"width":39,"height":10}},{"id":"bae84e51-6bcb-49ee-99a8-4245e92e8111","block_type":"box","text":"2,642","page_number":76,"box":{"x":862,"y":714,"width":32,"height":10}},{"id":"bd76009b-33ff-40a0-9689-e3cd96c369fd","block_type":"box","text":"349,126","page_number":76,"box":{"x":737,"y":737,"width":48,"height":9}},{"id":"9505818c-fdbe-4b22-8c66-a5272a5766e3","block_type":"box","text":"614,232","page_number":76,"box":{"x":847,"y":737,"width":47,"height":9}},{"id":"e4305926-4b70-405d-909c-70a609048291","block_type":"box","text":"Total creditors","page_number":76,"box":{"x":95,"y":771,"width":97,"height":9}},{"id":"901445c9-c22b-4f4b-adb8-c192c5dfa6b7","block_type":"box","text":"1,979,903","page_number":76,"box":{"x":723,"y":772,"width":62,"height":9}},{"id":"e197ccfb-0834-48a2-bf40-d98cafd86d18","block_type":"box","text":"2,296,568","page_number":76,"box":{"x":832,"y":772,"width":62,"height":9}},{"id":"0d38f5f3-0726-4aea-a5c3-fc4af5c4998c","block_type":"box","text":"*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","page_number":76,"box":{"x":95,"y":794,"width":809,"height":10}},{"id":"23261db4-2767-4083-b5cd-2b194d4b74f5","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":76,"box":{"x":96,"y":809,"width":174,"height":10}},{"id":"352f9016-dcee-4254-9709-ecf9751bff60","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":76,"box":{"x":510,"y":38,"width":392,"height":17}},{"id":"85037c7e-ecb7-4243-b5cc-a5ef2b998b90","block_type":"box","text":"71","page_number":76,"box":{"x":967,"y":960,"width":15,"height":8}},{"id":"2ced3630-8368-491e-b878-dcafb0ee3ece","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":77,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"d258a905-7aeb-401c-98aa-31bd5840dd24","block_type":"box","text":"for the year ended 30 April 2026","page_number":77,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"e699800c-0917-43a0-bbf8-4c1ba13405e2","block_type":"box","text":"10. Risk management policies","page_number":77,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"c8240b45-6621-4b20-a800-c77589bef528","block_type":"box","text":"In pursuing its investment objective as stated on page 60, the Sub-fund holds a number of financial instruments. The Sub-fund’s","page_number":77,"box":{"x":96,"y":150,"width":754,"height":10}},{"id":"9122efc4-ea00-41fd-8192-2cf9cb005103","block_type":"box","text":"financial","page_number":77,"box":{"x":854,"y":150,"width":49,"height":8}},{"id":"55fcfd68-17ef-49cc-858b-32b34917d365","block_type":"box","text":"instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from its operat","page_number":77,"box":{"x":96,"y":165,"width":779,"height":11}},{"id":"cfaefc76-3cef-41fe-88a8-18e53f0d6fa5","block_type":"box","text":"ions,","page_number":77,"box":{"x":876,"y":165,"width":27,"height":10}},{"id":"8f051bd0-22a3-4f38-8e70-f960710f8676","block_type":"box","text":"for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for redemptions a","page_number":77,"box":{"x":95,"y":181,"width":792,"height":10}},{"id":"32095d74-4263-4a07-a212-3d5bbd4ee37c","block_type":"box","text":"nd","page_number":77,"box":{"x":889,"y":181,"width":14,"height":8}},{"id":"22694207-41be-4fd5-a895-e74cd71175d8","block_type":"box","text":"debtors for accrued revenue.","page_number":77,"box":{"x":95,"y":196,"width":176,"height":8}},{"id":"dcd081a9-68e3-43ea-a2cd-1be37ffcd691","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":77,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"88ea27b5-297e-4307-9b3b-4405a1d1d66d","block_type":"box","text":"anaging","page_number":77,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"36dcd442-9258-452e-8df1-466fe010c44b","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":77,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"afb92361-f8a3-4034-a3dd-d703b04b9e2e","block_type":"box","text":"Market price risk","page_number":77,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"92f7b7a6-67da-4fb5-b6a8-8a9f5960f287","block_type":"box","text":"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","page_number":77,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"36e74c6b-4544-403e-b9b9-5ed61f35f5db","block_type":"box","text":"ket prices","page_number":77,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"5f551752-4130-44c0-9a92-dc985bf21e30","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":77,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"c4617074-3196-415a-8242-4db8f92edb41","block_type":"box","text":"future","page_number":77,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"0333d8ca-aec0-4741-a6c3-f1a4b291cbfc","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":77,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"cafa385b-872a-4423-9b53-67a5fd99789c","block_type":"box","text":"market","page_number":77,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"c0948739-381a-4fc8-8429-aa5124455dd5","block_type":"box","text":"positions in the face of price movements.","page_number":77,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"d20ef6ff-d086-40fd-9fa0-6fd5258baf75","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":77,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"f4f1cc47-80aa-4607-a0d2-d719bb756609","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":77,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"1354ca68-b62a-42d0-bc60-16b297cd5d26","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":77,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"a7809c41-cf3e-4389-b2dc-569f746455d8","block_type":"box","text":"ectus","page_number":77,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"6df141aa-c245-43b1-b023-2c0ab7ba6a35","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":77,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"bb4b224a-954e-4f86-9c8e-bc6f87b57e72","block_type":"box","text":"exposure","page_number":77,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"0f5e6634-8e3e-4cdf-b68d-3713dede5152","block_type":"box","text":"to any particular type of security or issuer.","page_number":77,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"5420d1bb-b308-4364-9bd3-cbee31211fe5","block_type":"box","text":"If market prices at the balance sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":77,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"7cac0eba-36ff-4c85-964a-373376c0c98c","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £52,038,178","page_number":77,"box":{"x":95,"y":446,"width":809,"height":11}},{"id":"b749649f-c223-4d8f-941f-5108ba565da5","block_type":"box","text":"(30 April 2025: £44,207,828).","page_number":77,"box":{"x":95,"y":461,"width":174,"height":11}},{"id":"6cf11c7c-7b90-4154-b433-62d6c1149fa2","block_type":"box","text":"Foreign currency risk","page_number":77,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"1b9b6d28-f796-490e-87c2-beef276bee5f","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":77,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"a559ae1a-4260-4529-bf0a-c785ec8f4e42","block_type":"box","text":"foreign","page_number":77,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"82227837-f27c-44e0-966f-ba03bd4329e2","block_type":"box","text":"currency exchange rates.","page_number":77,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"0f33ecf9-9eea-47f0-b05c-2c1baf0f9c79","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":77,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"c03ee732-34c4-41ae-92bc-65a063f98b55","block_type":"box","text":"nvest","page_number":77,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"135d6e63-1e4b-4bdb-9cf5-f4b77978e862","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":77,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"3f004925-4f04-4b72-b210-4036157e9cac","block_type":"box","text":"e","page_number":77,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"3fb9b71b-25e3-46d4-b48f-1b9350035f0b","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":77,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"c13f53fe-a2d3-449f-b979-675e0474f53b","block_type":"box","text":"ced","page_number":77,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"156bfc9f-5fc9-4d1f-930e-8bf9db27dda7","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":77,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"64a48cd6-77ed-49fa-b41f-ed3abc0ae4b8","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":77,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"f6fda0b6-bd04-4872-8efc-b4ae6640c1bd","block_type":"box","text":"Net monetary","page_number":77,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"a03a35e9-92c3-4817-afa6-87447665ff47","block_type":"box","text":"Non-monetary","page_number":77,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"828db4ce-41a9-4b84-aa48-9bdb66e44dba","block_type":"box","text":"Total net","page_number":77,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"527ea578-a614-4cab-ac61-1d444ab6802c","block_type":"box","text":"assets and liabilities","page_number":77,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"62035210-cf14-4b38-81f6-5aed34353109","block_type":"box","text":"assets","page_number":77,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"691fe490-5fa2-4777-9e2b-a26e5790a99c","block_type":"box","text":"assets","page_number":77,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"0d870626-7c3b-4807-9f64-4966f6bd3edb","block_type":"box","text":"£","page_number":77,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"8ff1ea60-e78f-4a36-a112-d8f5437db8d5","block_type":"box","text":"£","page_number":77,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"d78144d5-93d2-4260-8674-04b96b1cc56b","block_type":"box","text":"£","page_number":77,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"67d7694d-b7a1-4a5d-b0eb-c5c15f1a411f","block_type":"box","text":"£","page_number":77,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"2b4bd215-0b96-49b8-bac1-d463d5001812","block_type":"box","text":"£","page_number":77,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"c9b61063-0ae1-4f7e-bdc3-166712e06f28","block_type":"box","text":"£","page_number":77,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"ae31ae1e-cc06-4a0b-9d45-92a21a80947a","block_type":"box","text":"30.04.26","page_number":77,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"a3249373-f6a3-43b8-9e46-00fe9f2791c3","block_type":"box","text":"30.04.25","page_number":77,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"670ec0c0-5bd8-4226-988d-a91fde33d8ca","block_type":"box","text":"30.04.26","page_number":77,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"57f4e4e3-857c-402e-93f1-21d5aef104b4","block_type":"box","text":"30.04.25","page_number":77,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"b58ef723-38b5-4962-8d60-9bd0fbca723c","block_type":"box","text":"30.04.26","page_number":77,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"01b11f2d-8899-493c-8eae-b37107c09f67","block_type":"box","text":"30.04.25","page_number":77,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"d306dbc6-8106-4362-9cdb-acc2d95c6c42","block_type":"box","text":"Sterling","page_number":77,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"70639350-9c9a-4359-a46b-f3ebf837f78f","block_type":"box","text":"4,482,162","page_number":77,"box":{"x":287,"y":680,"width":59,"height":9}},{"id":"08d651de-678c-4664-b0c3-61979848b56d","block_type":"box","text":"2,329,545","page_number":77,"box":{"x":397,"y":680,"width":59,"height":9}},{"id":"5ce320ab-2a3f-49f9-8818-2dce925cafcc","block_type":"box","text":"509,206,645","page_number":77,"box":{"x":492,"y":680,"width":73,"height":9}},{"id":"1ffde4fd-deb7-4715-aa70-9e8f8a628afc","block_type":"box","text":"435,025,646","page_number":77,"box":{"x":601,"y":680,"width":74,"height":9}},{"id":"df8e082a-3c5b-4f3e-87d4-a329867ce783","block_type":"box","text":"513,688,807","page_number":77,"box":{"x":711,"y":680,"width":74,"height":9}},{"id":"0579b80e-79f3-4db3-bd0f-3bc30f290052","block_type":"box","text":"437,355,191","page_number":77,"box":{"x":820,"y":680,"width":72,"height":9}},{"id":"6b4767db-ded3-42b7-913c-e25d3d678a32","block_type":"box","text":"EUR","page_number":77,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"c552341e-67cf-4d93-a976-32b823410ffa","block_type":"box","text":"–","page_number":77,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"a8d3851c-d80e-421a-a1e9-1b3f4c2c52b4","block_type":"box","text":"–","page_number":77,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"44ea7ca5-d68e-48d3-bd12-47a343b4d0c5","block_type":"box","text":"–","page_number":77,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"68304d61-d1e1-4747-be2c-078e416eb2e3","block_type":"box","text":"7,052,636","page_number":77,"box":{"x":616,"y":695,"width":59,"height":9}},{"id":"e623685f-9713-405c-9afe-62547f76b1fc","block_type":"box","text":"–","page_number":77,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"b3f06ff2-c2b1-4549-a087-5c9b585890b8","block_type":"box","text":"7,052,636","page_number":77,"box":{"x":835,"y":695,"width":59,"height":9}},{"id":"0e055288-0eeb-4645-b2e0-d9e658568560","block_type":"box","text":"USD","page_number":77,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"7679ca5f-c6f4-4c41-9b5f-5f9fc0c7955e","block_type":"box","text":"–","page_number":77,"box":{"x":340,"y":715,"width":7,"height":1}},{"id":"738ef49d-5651-4936-b4f3-2cd60e00788b","block_type":"box","text":"–","page_number":77,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"d8b49fff-8ff1-4552-be84-882ee77e9061","block_type":"box","text":"11,175,137","page_number":77,"box":{"x":500,"y":711,"width":66,"height":9}},{"id":"5c031fe4-4509-424e-b245-42163502ca8e","block_type":"box","text":"–","page_number":77,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"3c0acc57-00c6-4e4e-9710-5e149d2e939b","block_type":"box","text":"11,175,137","page_number":77,"box":{"x":719,"y":711,"width":66,"height":9}},{"id":"b0d2d2d7-adc7-4e03-9333-e2cf9b1d5938","block_type":"box","text":"–","page_number":77,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"facd7e39-bd05-4b39-97da-b130c303c5bb","block_type":"box","text":"4,482,162","page_number":77,"box":{"x":284,"y":733,"width":63,"height":9}},{"id":"a159976b-739b-4cfa-aa30-733491867d2e","block_type":"box","text":"2,329,545","page_number":77,"box":{"x":394,"y":733,"width":62,"height":9}},{"id":"b4322c8c-861a-45df-a082-1cc4c6cd9a48","block_type":"box","text":"520,381,782","page_number":77,"box":{"x":488,"y":733,"width":78,"height":9}},{"id":"57b4f9a5-a4ec-4ef1-adfa-4ace8e9e43e1","block_type":"box","text":"442,078,282","page_number":77,"box":{"x":597,"y":733,"width":78,"height":9}},{"id":"450d4913-0860-4b7e-84cf-648f8cf6ee67","block_type":"box","text":"524,863,944","page_number":77,"box":{"x":707,"y":733,"width":78,"height":9}},{"id":"f5c83282-a9f0-424d-9b79-0f81659de051","block_type":"box","text":"444,407,827","page_number":77,"box":{"x":816,"y":733,"width":78,"height":9}},{"id":"0b36c170-ac8d-4114-b215-d6d3d5f62a83","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":77,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"edbc0786-640e-4b1c-9eb3-426dcdc92b13","block_type":"box","text":"he","page_number":77,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"8e62df97-07bd-459f-a093-9036857b0f53","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £1,1","page_number":77,"box":{"x":96,"y":770,"width":765,"height":11}},{"id":"e3f07df3-bcec-472f-b142-8322a13923b7","block_type":"box","text":"17,514","page_number":77,"box":{"x":865,"y":771,"width":39,"height":9}},{"id":"b33d4dca-b718-4faa-be26-fcd846922782","block_type":"box","text":"(30 April 2025: £705,264).","page_number":77,"box":{"x":95,"y":786,"width":155,"height":10}},{"id":"f2aee71e-3b35-4c0f-863f-8252ecf36e49","block_type":"box","text":"Interest rate risk","page_number":77,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"244614ff-0990-4b64-984b-0762567dd9fe","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":77,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"096c3880-55ce-4595-b2d0-9549328ed9eb","block_type":"box","text":"se change","page_number":77,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"4d9ffb8a-f622-4c65-bc8b-019f92a89c1e","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":77,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"a45a803b-d977-4ef6-bf58-bd007d6d7d41","block_type":"box","text":"nterest","page_number":77,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"e8ee67a0-1151-402b-9549-48361e7b2279","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short term in","page_number":77,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"43da5c39-3279-4cd9-83b8-b0bf8cfac970","block_type":"box","text":"struments.","page_number":77,"box":{"x":839,"y":853,"width":64,"height":8}},{"id":"19a1fd1f-6099-4d5c-8329-60dca9d2f792","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":77,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"6839bd41-57f6-4b98-b71d-7dd6776b6376","block_type":"box","text":"ited","page_number":77,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"23fad339-4a93-426f-a5a6-217a6fae9a90","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":77,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"a46bbe3c-25d4-4adc-ba6a-04e3c68703aa","block_type":"box","text":"n the","page_number":77,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"4efe5242-8be7-4ac2-ab97-114d9e657fa8","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":77,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"8b3f53fe-b916-4f40-bcc1-ac8deda7bbff","block_type":"box","text":"ses as","page_number":77,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"e345527a-dd29-42c3-b0fa-6f4ef9a83d82","block_type":"box","text":"interest rates increase.","page_number":77,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"c837aa9e-4ca4-4807-8483-9394d2c82856","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":77,"box":{"x":97,"y":38,"width":392,"height":17}},{"id":"9a2f09c4-08d4-4ce0-8dd6-cba2e62ec9e0","block_type":"box","text":"72","page_number":77,"box":{"x":14,"y":960,"width":18,"height":8}},{"id":"8a107c5e-4574-4e41-8ce5-89cb0eaac02f","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":78,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"13eccfe8-947f-4db7-8b08-6749ecf8b2d9","block_type":"box","text":"for the year ended 30 April 2026","page_number":78,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"ad323ccf-19a5-4592-bfd0-edbded09d42f","block_type":"box","text":"10. Risk management policies (continued)","page_number":78,"box":{"x":96,"y":134,"width":277,"height":11}},{"id":"5e6679e1-179f-41d5-b53d-c680b0c132c5","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":78,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"cbca423c-759d-4bf2-b094-37e1f69a1c53","block_type":"box","text":"30.04.26","page_number":78,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"89a617cc-df14-4ed5-85fb-59ae50548be2","block_type":"box","text":"30.04.25","page_number":78,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"1f62eeef-f185-40af-b0b1-e5d4b42ff493","block_type":"box","text":"£","page_number":78,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"4a48cdf1-2892-4134-b031-25f1f2e93e36","block_type":"box","text":"£","page_number":78,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"77a75c54-f592-4f9b-a33b-ca2005a000a0","block_type":"box","text":"Financial assets floating rate","page_number":78,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"550cef3d-e6aa-4ba4-96b5-cc56af10ebec","block_type":"box","text":"7,110,159","page_number":78,"box":{"x":726,"y":210,"width":58,"height":9}},{"id":"e6ec7c42-7abd-41c0-896f-30238b740c13","block_type":"box","text":"5,098,258","page_number":78,"box":{"x":836,"y":210,"width":58,"height":9}},{"id":"171a92d5-bcba-433a-b7e2-4ba53a444506","block_type":"box","text":"Financial assets interest bearing instruments","page_number":78,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"c6cce9bb-3d7e-4afb-a020-2c226341cf9a","block_type":"box","text":"264,501,694","page_number":78,"box":{"x":711,"y":229,"width":74,"height":9}},{"id":"097354aa-50f4-42f0-9352-66be15440c9d","block_type":"box","text":"220,604,441","page_number":78,"box":{"x":820,"y":229,"width":72,"height":9}},{"id":"e8abf195-9e9f-4230-8795-500157863b27","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":78,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"6ed2a62e-8816-4f8e-9132-d9ea91643209","block_type":"box","text":"256,840,033","page_number":78,"box":{"x":711,"y":248,"width":73,"height":9}},{"id":"d31eaa19-9975-42b3-bf29-3a8775749766","block_type":"box","text":"223,320,156","page_number":78,"box":{"x":820,"y":248,"width":74,"height":9}},{"id":"c771f943-ded6-4b04-9e4a-bb3be4cea10c","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":78,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"6b82be72-eec0-4331-a61b-ebedd461887a","block_type":"box","text":"(1,979,903)","page_number":78,"box":{"x":721,"y":266,"width":68,"height":10}},{"id":"0d0806ce-ae90-47ff-8781-889227e07e23","block_type":"box","text":"(2,296,568)","page_number":78,"box":{"x":831,"y":266,"width":68,"height":10}},{"id":"d7c47322-2471-4efe-88de-20dc498d91d7","block_type":"box","text":"Financial liabilities floating rate","page_number":78,"box":{"x":96,"y":285,"width":187,"height":10}},{"id":"ae88903e-9a49-43fa-9845-e33458c558e1","block_type":"box","text":"(1,608,039)","page_number":78,"box":{"x":721,"y":285,"width":68,"height":10}},{"id":"51991028-e4e8-40a9-814c-ddb4bfb1bcbd","block_type":"box","text":"(2,318,460)","page_number":78,"box":{"x":831,"y":285,"width":68,"height":10}},{"id":"939fc14d-3701-49c5-bf37-15ef6a3fc60f","block_type":"box","text":"524,863,944","page_number":78,"box":{"x":707,"y":307,"width":78,"height":9}},{"id":"80a014b4-df1a-4fc3-af04-6279b0533b43","block_type":"box","text":"444,407,827","page_number":78,"box":{"x":816,"y":307,"width":78,"height":9}},{"id":"825380ea-ddf8-4efa-983a-5e74aa5db112","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":78,"box":{"x":95,"y":342,"width":767,"height":11}},{"id":"7c2e1446-9ec3-4873-8a6c-e6000e932474","block_type":"box","text":"assets","page_number":78,"box":{"x":867,"y":343,"width":37,"height":7}},{"id":"f6512d7c-8126-4d08-83f8-3043e299437b","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £13,755 (30 April 2025: £6,950).","page_number":78,"box":{"x":95,"y":358,"width":748,"height":10}},{"id":"fa30ec71-2436-462a-b23f-f4cd3121bac2","block_type":"box","text":"Maturity of financial liabilities","page_number":78,"box":{"x":96,"y":380,"width":201,"height":10}},{"id":"5c9b6f59-2ca9-4286-a5bc-793b61a53a65","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":78,"box":{"x":95,"y":395,"width":655,"height":11}},{"id":"431ef90f-81d3-4bcb-9a50-23adf7c9c272","block_type":"box","text":"Liquidity risk","page_number":78,"box":{"x":96,"y":417,"width":86,"height":11}},{"id":"f4bc2017-f294-418a-9cd5-1b7262cb928e","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":78,"box":{"x":95,"y":433,"width":742,"height":11}},{"id":"5a9b5fe0-d8d4-4dcd-a8b3-a36085f0aed4","block_type":"box","text":"any shares","page_number":78,"box":{"x":840,"y":433,"width":64,"height":11}},{"id":"0b510180-47f7-4c34-a6ee-c6d28ec4c760","block_type":"box","text":"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","page_number":78,"box":{"x":95,"y":448,"width":732,"height":11}},{"id":"e926a2b3-da91-48e7-9458-e836dd003eca","block_type":"box","text":"edemptions.","page_number":78,"box":{"x":828,"y":448,"width":75,"height":11}},{"id":"32c18319-fd0a-47da-b946-b06a7bee93ea","block_type":"box","text":"Credit risk","page_number":78,"box":{"x":96,"y":470,"width":68,"height":9}},{"id":"823e8ec3-cd3b-497d-b3bf-d76e71e6c6b3","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":78,"box":{"x":96,"y":486,"width":722,"height":11}},{"id":"4482cade-d21e-489e-ab6e-8a5effa2f62d","block_type":"box","text":"he investment","page_number":78,"box":{"x":819,"y":486,"width":85,"height":8}},{"id":"27e0d43c-4ca9-47b0-9add-f20027879ded","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":78,"box":{"x":95,"y":501,"width":759,"height":11}},{"id":"2fa91646-841a-4220-bb7b-45757ac0f5dc","block_type":"box","text":"stments","page_number":78,"box":{"x":856,"y":502,"width":48,"height":8}},{"id":"407a6104-3f95-4c90-9d73-88777ad464db","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":78,"box":{"x":95,"y":517,"width":808,"height":10}},{"id":"9cd5bef8-d640-45c1-b9be-88754ee94892","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar","page_number":78,"box":{"x":96,"y":532,"width":738,"height":11}},{"id":"5e60f150-aefa-45cf-a677-e81f2c19fb89","block_type":"box","text":"e reviewed.","page_number":78,"box":{"x":835,"y":532,"width":68,"height":8}},{"id":"587c1a5f-120a-413b-99ba-25141ff22fb0","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":78,"box":{"x":96,"y":554,"width":733,"height":11}},{"id":"a593bb68-8c54-4eab-bb4c-99940230686a","block_type":"box","text":"cash is held","page_number":78,"box":{"x":834,"y":554,"width":69,"height":9}},{"id":"a84315ad-caea-4e5e-9589-029f62f2dd16","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":78,"box":{"x":95,"y":570,"width":735,"height":11}},{"id":"f29ffc93-e970-4e62-8296-03bf4af8709b","block_type":"box","text":"lectives that","page_number":78,"box":{"x":832,"y":570,"width":72,"height":8}},{"id":"50bb8092-ac45-4ce5-b7c1-43e3dbd758a6","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":78,"box":{"x":96,"y":585,"width":650,"height":11}},{"id":"ebf5f963-687c-4d7f-abe0-f1b08f2855a8","block_type":"box","text":"Fair value disclosure","page_number":78,"box":{"x":96,"y":607,"width":135,"height":9}},{"id":"4be0abd7-119f-44b8-86ae-76a856e65df6","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":78,"box":{"x":95,"y":623,"width":731,"height":11}},{"id":"2fdcad14-6573-4f26-a22e-d329c8881f9a","block_type":"box","text":". The highest","page_number":78,"box":{"x":828,"y":623,"width":76,"height":11}},{"id":"3aea13ef-78dc-4886-bc97-16040065212c","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":78,"box":{"x":96,"y":638,"width":739,"height":11}},{"id":"8989bdf7-d69f-4630-9284-4b82b5529fcc","block_type":"box","text":"els in these","page_number":78,"box":{"x":836,"y":638,"width":68,"height":9}},{"id":"93b05b0d-e0db-43ad-86f4-c6890303b939","block_type":"box","text":"financial statements are as follows:","page_number":78,"box":{"x":95,"y":654,"width":213,"height":8}},{"id":"0f699288-8671-4442-a8fa-835e494b9fab","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":78,"box":{"x":96,"y":676,"width":489,"height":11}},{"id":"a2b79e53-b5a1-463b-83d6-b002b9a2697b","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":78,"box":{"x":96,"y":698,"width":568,"height":11}},{"id":"40baad90-87c5-40bf-8cfd-f2684c25da78","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":78,"box":{"x":96,"y":720,"width":344,"height":11}},{"id":"e0012771-8b98-4866-8786-e4f6fea5610c","block_type":"box","text":"Valuation technique","page_number":78,"box":{"x":95,"y":743,"width":135,"height":10}},{"id":"a5fd745f-1d33-48de-bea7-4e29187ea1a9","block_type":"box","text":"30.04.26","page_number":78,"box":{"x":534,"y":743,"width":55,"height":8}},{"id":"4d9c8f54-7f74-4bf4-97c4-1ff8bb707e06","block_type":"box","text":"30.04.25","page_number":78,"box":{"x":801,"y":743,"width":54,"height":8}},{"id":"3bc3b97b-2c0d-4500-b145-b5c82b01f4b0","block_type":"box","text":"Assets","page_number":78,"box":{"x":452,"y":756,"width":42,"height":8}},{"id":"4d891f53-2f83-485e-b2f0-f237b2092895","block_type":"box","text":"Liabilities","page_number":78,"box":{"x":564,"y":756,"width":64,"height":8}},{"id":"908fbc8b-72a1-4317-8d94-9cbf8ec929a4","block_type":"box","text":"Assets","page_number":78,"box":{"x":719,"y":756,"width":42,"height":8}},{"id":"5133dee4-62bf-4bdf-9fe5-1bd546ba9492","block_type":"box","text":"Liabilities","page_number":78,"box":{"x":833,"y":756,"width":64,"height":8}},{"id":"f48c933d-167f-452d-8210-ffc159438be6","block_type":"box","text":"(£000’s)","page_number":78,"box":{"x":444,"y":769,"width":50,"height":9}},{"id":"340f6143-6b5b-446c-bdab-1878b46c33b5","block_type":"box","text":"(£000’s)","page_number":78,"box":{"x":577,"y":769,"width":50,"height":9}},{"id":"3d3a6ef2-28e5-419c-8d1f-b9b66739bb95","block_type":"box","text":"(£000’s)","page_number":78,"box":{"x":711,"y":769,"width":50,"height":9}},{"id":"f945cd49-d11a-4c51-a5ff-a5721b97166b","block_type":"box","text":"(£000’s)","page_number":78,"box":{"x":846,"y":769,"width":51,"height":9}},{"id":"4b364497-88a8-4a5d-8864-01ed547b3000","block_type":"box","text":"Level 1","page_number":78,"box":{"x":96,"y":784,"width":38,"height":8}},{"id":"c30c5862-c452-4a6c-8750-cccbcddffdf4","block_type":"box","text":"133,339","page_number":78,"box":{"x":447,"y":784,"width":47,"height":10}},{"id":"7a134c4c-7d15-4e43-b2bf-dfc1bcf9fea9","block_type":"box","text":"–","page_number":78,"box":{"x":621,"y":789,"width":6,"height":1}},{"id":"f1e8fde0-ed17-4b4b-be85-3fb36e2c90ba","block_type":"box","text":"20,460","page_number":78,"box":{"x":721,"y":784,"width":40,"height":10}},{"id":"7eee4162-5419-44b1-9880-4b68afb32855","block_type":"box","text":"–","page_number":78,"box":{"x":890,"y":789,"width":7,"height":1}},{"id":"16f50adc-0fd3-4470-88cf-0a55e567c8ce","block_type":"box","text":"Level 2","page_number":78,"box":{"x":96,"y":800,"width":40,"height":8}},{"id":"2aac9df7-3519-4a23-92d7-887c435d9efc","block_type":"box","text":"387,043","page_number":78,"box":{"x":447,"y":800,"width":47,"height":9}},{"id":"17008b6d-ed50-4573-ae7a-b2029fe6ce29","block_type":"box","text":"–","page_number":78,"box":{"x":621,"y":804,"width":6,"height":1}},{"id":"d8e3357c-ce1f-4231-9f46-6b8ee3ca2de5","block_type":"box","text":"421,618","page_number":78,"box":{"x":713,"y":800,"width":48,"height":9}},{"id":"b2cb3f05-28aa-44e0-aeb4-bf900d3e2ad2","block_type":"box","text":"–","page_number":78,"box":{"x":890,"y":804,"width":7,"height":1}},{"id":"2571e8de-f4d7-4d4d-92da-0d1f8f8fc472","block_type":"box","text":"Level 3","page_number":78,"box":{"x":96,"y":815,"width":40,"height":8}},{"id":"50cca3e8-84d7-4647-8ecb-206505b666bb","block_type":"box","text":"–","page_number":78,"box":{"x":488,"y":820,"width":6,"height":1}},{"id":"ce25192b-770f-475b-b287-a8cdbba1b9e1","block_type":"box","text":"–","page_number":78,"box":{"x":621,"y":820,"width":6,"height":1}},{"id":"65a9f149-00e8-48af-9ab6-e580dae427c7","block_type":"box","text":"–","page_number":78,"box":{"x":754,"y":820,"width":7,"height":1}},{"id":"4f9fdb9c-fe38-4f27-8f42-194d15501204","block_type":"box","text":"–","page_number":78,"box":{"x":890,"y":820,"width":7,"height":1}},{"id":"346c97d2-09a3-429f-85b8-a7f65b839196","block_type":"box","text":"520,382","page_number":78,"box":{"x":444,"y":838,"width":50,"height":9}},{"id":"1dbdf808-65fd-4a5c-8dbc-c3e3675b9b90","block_type":"box","text":"–","page_number":78,"box":{"x":621,"y":842,"width":7,"height":1}},{"id":"04d5c4ac-d51a-464d-bdb6-4ff9fdb5e361","block_type":"box","text":"442,078","page_number":78,"box":{"x":710,"y":838,"width":51,"height":9}},{"id":"1bc511f3-67da-4e93-9f19-9ef86ebc40c6","block_type":"box","text":"–","page_number":78,"box":{"x":890,"y":842,"width":7,"height":1}},{"id":"e4f0347f-803f-48fa-bbf7-6e9c77643455","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":78,"box":{"x":510,"y":38,"width":392,"height":17}},{"id":"bc225541-d429-4a10-8771-b1c80d4472f2","block_type":"box","text":"73","page_number":78,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"cf94319b-bba1-4af1-9fc0-ad24f18a814f","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":79,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"e5e82ab4-ce08-446a-89d2-cad1a1b3ef66","block_type":"box","text":"for the year ended 30 April 2026","page_number":79,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"5a635ccb-8266-4fe6-87f0-d8c6814fe67e","block_type":"box","text":"11. Shares held","page_number":79,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"15b876bc-1f54-45ab-83bf-1801ff9a6b35","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":79,"box":{"x":96,"y":156,"width":236,"height":10}},{"id":"9e965aa6-69dc-4a5c-8f86-e8bc0b4e9260","block_type":"box","text":"Opening shares at 01.05.2025","page_number":79,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"bfa3a8cc-f77c-4fa2-9c53-985903845917","block_type":"box","text":"289,067,314","page_number":79,"box":{"x":416,"y":179,"width":79,"height":9}},{"id":"a5c94c6f-3a91-474c-8760-d0a7fd4432c8","block_type":"box","text":"Shares issued during the year","page_number":79,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"7841cf1c-f302-4529-b451-147e9eed7245","block_type":"box","text":"67,559,694","page_number":79,"box":{"x":428,"y":194,"width":67,"height":10}},{"id":"6d5713fa-0041-4e99-ac96-58d3c3c86953","block_type":"box","text":"Shares cancelled during the year","page_number":79,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"9355da21-0cd1-4b6d-a666-cd0a4b939e3e","block_type":"box","text":"(57,239,386)","page_number":79,"box":{"x":419,"y":210,"width":75,"height":9}},{"id":"3f47872f-5e2e-4f61-8f54-02b3caee38e2","block_type":"box","text":"Shares converted during the year","page_number":79,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"d6e7b6b7-eac5-46ad-8484-fd95e71895fb","block_type":"box","text":"–","page_number":79,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"39f2cf21-4de6-4b48-8311-f48387f00c6a","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":79,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"84b770d0-46aa-4b1d-aa62-ec6340f018ce","block_type":"box","text":"299,387,622","page_number":79,"box":{"x":416,"y":248,"width":78,"height":9}},{"id":"ddaca4c5-b97b-4c12-a07b-87d4b6f97f19","block_type":"box","text":"12. Contingent assets and liabilities","page_number":79,"box":{"x":96,"y":293,"width":234,"height":11}},{"id":"2986e0f8-5198-484d-be42-8dafe511879a","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).","page_number":79,"box":{"x":95,"y":309,"width":585,"height":11}},{"id":"9751931d-fd59-4b75-9c8d-82ed41877a85","block_type":"box","text":"13. Post balance sheet events","page_number":79,"box":{"x":96,"y":355,"width":194,"height":8}},{"id":"113e6d1f-01fd-4541-b4c5-1a763c6dee6b","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":79,"box":{"x":95,"y":374,"width":425,"height":11}},{"id":"4cad317c-4917-46a6-a9b0-fd104211e55a","block_type":"box","text":"14. Direct transactions costs","page_number":79,"box":{"x":96,"y":420,"width":186,"height":9}},{"id":"eed857e4-192f-45ba-9a9d-deab7fca304c","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":79,"box":{"x":96,"y":439,"width":755,"height":11}},{"id":"d68699e5-9f76-4cab-bfaf-62f375eeaf62","block_type":"box","text":"herefore","page_number":79,"box":{"x":853,"y":439,"width":51,"height":8}},{"id":"dd0ab0ac-906d-473c-b4a7-bbf5a895c2e1","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":79,"box":{"x":95,"y":455,"width":444,"height":10}},{"id":"6269d573-ed21-4278-b7ee-3d1314d37854","block_type":"box","text":"15. Portfolio dealing spread","page_number":79,"box":{"x":96,"y":501,"width":181,"height":11}},{"id":"5231b3ad-cbe5-4d40-93b2-5501924d2ecd","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.03% (30 April 2025: 0.01%).","page_number":79,"box":{"x":95,"y":523,"width":517,"height":11}},{"id":"fd3d9cbe-5302-426b-8fc3-346e8625ccf8","block_type":"box","text":"16. Related party transactions","page_number":79,"box":{"x":96,"y":569,"width":199,"height":11}},{"id":"1022d24a-26e8-4ac9-84f5-939da9a29612","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":79,"box":{"x":95,"y":592,"width":707,"height":10}},{"id":"9afdcabf-5fed-429f-8c66-be0a222247f8","block_type":"box","text":"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","page_number":79,"box":{"x":95,"y":614,"width":765,"height":10}},{"id":"1e0593fc-bc75-4e11-9972-807be1f28ddb","block_type":"box","text":"e sheet","page_number":79,"box":{"x":861,"y":614,"width":43,"height":8}},{"id":"8ba46496-c5c0-43df-a5be-9712eaae79fd","block_type":"box","text":"date are disclosed in note 9.","page_number":79,"box":{"x":95,"y":629,"width":171,"height":8}},{"id":"fa695d43-4479-4b0c-a02a-ddef49ee015f","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":79,"box":{"x":97,"y":38,"width":392,"height":17}},{"id":"87c57b65-b739-4c24-b07e-ad57df52b638","block_type":"box","text":"74","page_number":79,"box":{"x":14,"y":960,"width":19,"height":8}},{"id":"90e87241-78d4-4fb1-b8d4-4cabb89c65bb","block_type":"box","text":"Distribution Tables","page_number":80,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"5f981650-3dc7-4a15-81f0-5cfe652264c3","block_type":"box","text":"for the year ended 30 April 2026","page_number":80,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"5ff676a0-632e-4af7-906e-3e08a0911338","block_type":"box","text":"Accumulation Share Distributions","page_number":80,"box":{"x":95,"y":134,"width":224,"height":9}},{"id":"3c37fb16-498e-43d3-9958-8d4f6c615bb0","block_type":"box","text":"Share class","page_number":80,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"ec8dcd8b-ef4b-44c4-bc39-8232be066e1e","block_type":"box","text":"Distribution","page_number":80,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"8f48612d-f360-4601-980c-701fbac9927a","block_type":"box","text":"Shares","page_number":80,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"69444154-f1dd-4183-a9e4-0952e53eb3c7","block_type":"box","text":"Net","page_number":80,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"96ba9c45-d29a-4ace-8601-c3a4f186624b","block_type":"box","text":"Equalisation","page_number":80,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"4fb40199-8a3d-4422-aba0-a71ba7c41c32","block_type":"box","text":"Distribution","page_number":80,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"e9b911b3-fb5e-4a3f-b799-832c0bb74eaf","block_type":"box","text":"Distribution","page_number":80,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"6970d23b-e46d-40ab-ad15-08c2e366ae65","block_type":"box","text":"revenue","page_number":80,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"5136fff1-1f01-4d26-bb84-cfaf1f257782","block_type":"box","text":"31.08.2026","page_number":80,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"8832a36b-183b-4088-998b-bb6c4bcaa6d7","block_type":"box","text":"29.08.2025","page_number":80,"box":{"x":812,"y":165,"width":70,"height":8}},{"id":"22c77675-852c-4035-8b0b-4ee3981f189c","block_type":"box","text":"31.08.2026","page_number":80,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"a802497f-970f-463b-b6e2-724e8455ee20","block_type":"box","text":"p","page_number":80,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"93572be2-7737-4dda-9a7d-5fae4d88744b","block_type":"box","text":"p","page_number":80,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"526398f4-653f-4182-acf3-631ae827c8e9","block_type":"box","text":"p","page_number":80,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"760f93ce-06f3-42c8-99f5-d22a4f44001a","block_type":"box","text":"p","page_number":80,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"82ceddb9-8fe7-446e-b369-085d1b672f7b","block_type":"box","text":"C","page_number":80,"box":{"x":105,"y":207,"width":7,"height":8}},{"id":"95b8ffc3-a04b-4f26-b337-b488653ab802","block_type":"box","text":"Final","page_number":80,"box":{"x":267,"y":207,"width":27,"height":8}},{"id":"63acabff-4e45-4326-9d85-486efc1bf665","block_type":"box","text":"Group 1","page_number":80,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"6b768fc9-58bc-46ef-b75b-0fc798dc450f","block_type":"box","text":"2.8247","page_number":80,"box":{"x":513,"y":207,"width":40,"height":8}},{"id":"bc21aa16-d82d-4039-a11a-7db954e35fa1","block_type":"box","text":"–","page_number":80,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"940757ac-1cf0-4388-bda9-8806486338e9","block_type":"box","text":"2.8247","page_number":80,"box":{"x":722,"y":207,"width":40,"height":8}},{"id":"ca8de7de-8a45-44d2-b4e8-3958b9ca2e7d","block_type":"box","text":"2.6850","page_number":80,"box":{"x":827,"y":207,"width":40,"height":8}},{"id":"cea3f81e-929c-49c7-bb5c-d71f7bdf6a17","block_type":"box","text":"Group 2","page_number":80,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"3371990c-2b6a-4e1b-84be-d9c48a289466","block_type":"box","text":"1.6051","page_number":80,"box":{"x":513,"y":221,"width":38,"height":8}},{"id":"68922779-0891-4d2d-b988-3d7acdf5488c","block_type":"box","text":"1.2196","page_number":80,"box":{"x":618,"y":221,"width":40,"height":8}},{"id":"7905eded-6d93-441d-9827-7b21a161be08","block_type":"box","text":"2.8247","page_number":80,"box":{"x":722,"y":221,"width":40,"height":8}},{"id":"f55b2802-dd6d-46c1-b1c8-e369e7c220c7","block_type":"box","text":"2.6850","page_number":80,"box":{"x":827,"y":221,"width":40,"height":8}},{"id":"abd0e673-a80c-4789-9993-c031eaeb16d4","block_type":"box","text":"Final distribution in pence per share","page_number":80,"box":{"x":96,"y":252,"width":240,"height":11}},{"id":"c557d633-1ddf-4501-af29-45eb841f6ace","block_type":"box","text":"Group 1:","page_number":80,"box":{"x":96,"y":268,"width":51,"height":10}},{"id":"82d35ddb-3d96-4c2e-bed5-5d339ce2529f","block_type":"box","text":"Shares purchased prior to 01 May 2025","page_number":80,"box":{"x":181,"y":267,"width":239,"height":11}},{"id":"b0f2d1af-eff5-4b77-81e7-0a82234a7784","block_type":"box","text":"Group 2:","page_number":80,"box":{"x":96,"y":283,"width":51,"height":11}},{"id":"96855738-8332-43cf-bfc5-b0599f267663","block_type":"box","text":"Shares purchased on or after 01 May 2025 and on or before 30 April 2026","page_number":80,"box":{"x":181,"y":283,"width":448,"height":11}},{"id":"265255d3-3028-4f59-a8d8-8c2aad788eb0","block_type":"box","text":"MI Cautious Portfolio Overlay Fund","page_number":80,"box":{"x":510,"y":38,"width":392,"height":17}},{"id":"607dd445-bd44-4cbb-b3e0-710de60f5a9f","block_type":"box","text":"75","page_number":80,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"b53d86a4-3416-4456-ad46-0cb8c67c923e","block_type":"box","text":"Sub-fund Overview","page_number":81,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"e11fa684-ee58-48e1-88fd-d4eebbb27cbc","block_type":"box","text":"Name of Sub-fund","page_number":81,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"701e7b1c-439d-4d29-aa23-d54813f26c61","block_type":"box","text":"MI Defensive Portfolio Overlay Fund (formerly VT Defensive Portfolio Overlay Fund)","page_number":81,"box":{"x":96,"y":143,"width":505,"height":11}},{"id":"e6f2f5d1-c0cb-4aff-9277-eee7bb93cb1a","block_type":"box","text":"Size of Sub-fund","page_number":81,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"9716e9a6-5b77-434b-95f5-d885c249ac20","block_type":"box","text":"£35,607,146","page_number":81,"box":{"x":95,"y":181,"width":74,"height":9}},{"id":"4843fc87-d422-453d-b18f-3ea473e274cb","block_type":"box","text":"Launch date","page_number":81,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"5c174a33-51ad-4768-9b95-2a8492aea875","block_type":"box","text":"07 December 2015","page_number":81,"box":{"x":95,"y":218,"width":114,"height":8}},{"id":"f72d1486-52c1-4fde-998a-e86f8962a7b4","block_type":"box","text":"Investment objective and policy","page_number":81,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"be70fff1-81db-484f-87fb-3f823c7040c1","block_type":"box","text":"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","page_number":81,"box":{"x":95,"y":256,"width":775,"height":10}},{"id":"c0cf0445-6532-4066-bc8b-b7748240111a","block_type":"box","text":"come","page_number":81,"box":{"x":871,"y":258,"width":33,"height":6}},{"id":"36f14b41-8c12-487a-aeb7-fed559b828fb","block_type":"box","text":"generation.","page_number":81,"box":{"x":95,"y":271,"width":69,"height":11}},{"id":"089eaaeb-9d84-4dd6-8bef-d0e4c6c734f5","block_type":"box","text":"The Investment Manager will manage the portfolio in order to achieve its investment objective by investing at least 70% in coll","page_number":81,"box":{"x":95,"y":293,"width":773,"height":11}},{"id":"389f41f1-0eb2-4872-9fe2-94fcb3308bb7","block_type":"box","text":"ective","page_number":81,"box":{"x":869,"y":293,"width":35,"height":8}},{"id":"022f70fd-16e8-44a1-bbfc-a7d57167fdcb","block_type":"box","text":"investment schemes such as unit trusts, OEICs and other UCITS Sub-funds and closed ended schemes.","page_number":81,"box":{"x":96,"y":308,"width":620,"height":10}},{"id":"dfc65b04-b324-4c04-8870-0663f7c089a9","block_type":"box","text":"The Sub-fund will seek exposure to a diverse portfolio of assets, with a focus to bonds (including government and corporate bon","page_number":81,"box":{"x":95,"y":330,"width":790,"height":11}},{"id":"aaa281a9-691a-409f-9d73-a5b2fcb13925","block_type":"box","text":"ds,","page_number":81,"box":{"x":887,"y":331,"width":16,"height":9}},{"id":"9c031128-d578-47eb-b30b-1162d0443f2b","block_type":"box","text":"which could be investment grade or high yield bonds).","page_number":81,"box":{"x":95,"y":346,"width":329,"height":11}},{"id":"4d0746a3-b272-4e7f-8349-4ff81a714f24","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as shares in companies. For this Sub-fund, over per","page_number":81,"box":{"x":96,"y":368,"width":767,"height":11}},{"id":"371f7b62-1956-4960-8503-d043010a2d04","block_type":"box","text":"iods of","page_number":81,"box":{"x":864,"y":368,"width":41,"height":8}},{"id":"28c4501a-1560-4354-840f-e3dcc4f445a4","block_type":"box","text":"at least 5 years, in normal market conditions it is expected that the proportion of the Sub-fund exposed to shares (directly an","page_number":81,"box":{"x":95,"y":383,"width":737,"height":11}},{"id":"c299efc9-7ce6-4028-92be-524a0db9c886","block_type":"box","text":"d indirectly)","page_number":81,"box":{"x":834,"y":383,"width":70,"height":11}},{"id":"9ba92cf3-2097-4689-be9d-7c9a4601f8e8","block_type":"box","text":"will be approximately 30%.","page_number":81,"box":{"x":95,"y":399,"width":163,"height":10}},{"id":"7940259b-10e2-4ad9-96dd-4e000ab7b9c9","block_type":"box","text":"In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by","page_number":81,"box":{"x":96,"y":421,"width":772,"height":10}},{"id":"9acb669d-b429-4f2c-b89a-03a01a4d8fc7","block_type":"box","text":"more","page_number":81,"box":{"x":873,"y":423,"width":31,"height":6}},{"id":"49740b3f-150a-4dbf-b2f3-a7b6621ced96","block_type":"box","text":"than ±12.5%.","page_number":81,"box":{"x":95,"y":436,"width":79,"height":8}},{"id":"c6222b8e-9a53-4071-9b1f-835d839cacee","block_type":"box","text":"To the extent not invested in shares, other underlying assets in the portfolio (to which there will be indirect exposure) may i","page_number":81,"box":{"x":95,"y":458,"width":767,"height":11}},{"id":"b885ae34-4bd8-4fef-aecd-6f68410d790f","block_type":"box","text":"nclude","page_number":81,"box":{"x":864,"y":458,"width":40,"height":8}},{"id":"ec1e46dd-1256-4e64-8c65-e5bf0283246f","block_type":"box","text":"bonds (as described above), commodities, property, hedge fund strategies, private equity and derivatives. Some of these investm","page_number":81,"box":{"x":96,"y":473,"width":781,"height":11}},{"id":"cfab3bbe-4db8-4b90-a499-d6713970c7f1","block_type":"box","text":"ents","page_number":81,"box":{"x":879,"y":474,"width":25,"height":8}},{"id":"d06f78ce-8070-4128-8039-e53354556d41","block_type":"box","text":"will be denominated in foreign currencies which may or may not be hedged back to Pounds Sterling.","page_number":81,"box":{"x":95,"y":489,"width":611,"height":10}},{"id":"5a48d311-4a38-402c-ad4d-21aac3997f12","block_type":"box","text":"The Sub-fund may also invest, at the ACD’s discretion, directly in other transferable securities including shares and bonds, mo","page_number":81,"box":{"x":95,"y":511,"width":786,"height":10}},{"id":"7b06ca71-b40e-4de5-84e4-7b102e229ec5","block_type":"box","text":"ney","page_number":81,"box":{"x":883,"y":513,"width":21,"height":8}},{"id":"ef81375e-132b-4a75-a20d-b35ef86e1f6d","block_type":"box","text":"market instruments (such as money market Sub-funds or government treasury bills), cash, near cash, deposits and any other permi","page_number":81,"box":{"x":96,"y":526,"width":783,"height":11}},{"id":"9260b1ed-15db-4940-8d71-6053ff30beb8","block_type":"box","text":"tted","page_number":81,"box":{"x":880,"y":526,"width":23,"height":8}},{"id":"81974a13-fd8d-4515-9e19-a8f51bc170f5","block_type":"box","text":"asset type deemed appropriate to meet the investment objective.","page_number":81,"box":{"x":95,"y":541,"width":398,"height":11}},{"id":"4ab3c328-5312-47a8-9e66-427f40d4cbd9","block_type":"box","text":"The Sub-fund may temporarily depart from this investment policy in response to the Investment Manager’s perception of extraordi","page_number":81,"box":{"x":95,"y":563,"width":781,"height":11}},{"id":"66575e84-e1d8-4c62-a237-50b853d2a6ba","block_type":"box","text":"nary","page_number":81,"box":{"x":878,"y":566,"width":26,"height":8}},{"id":"758a6dc1-60cc-4bc4-80b2-a9b08a03e734","block_type":"box","text":"market or political conditions. During these periods and for as long as the Investment Manager deems it necessary, the Sub-fund","page_number":81,"box":{"x":96,"y":579,"width":778,"height":10}},{"id":"d0779341-cee9-40a3-b6ef-ee1b10d2bebb","block_type":"box","text":"may","page_number":81,"box":{"x":879,"y":581,"width":25,"height":8}},{"id":"6e9b1fe7-736d-499e-a773-136be0da2252","block_type":"box","text":"adjust the stated percentages with a view to avoiding losses.","page_number":81,"box":{"x":95,"y":594,"width":366,"height":11}},{"id":"c5700314-9dfa-4060-ba45-841b2ee4b489","block_type":"box","text":"Derivatives","page_number":81,"box":{"x":96,"y":616,"width":74,"height":8}},{"id":"60d1f92a-f0c9-434d-b9c4-8f66a380ce08","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":81,"box":{"x":95,"y":631,"width":686,"height":11}},{"id":"100b0208-7254-451b-a0cf-f95d791f3471","block_type":"box","text":"Benchmark","page_number":81,"box":{"x":96,"y":653,"width":76,"height":9}},{"id":"51a7f5dc-b673-4679-9c44-7aa456cb0281","block_type":"box","text":"No explicit benchmark is stated for the Sub-fund. However multi-asset portfolios or peer group averages with a similar weight i","page_number":81,"box":{"x":96,"y":669,"width":758,"height":10}},{"id":"45508caf-9d70-4664-b09f-8c40250ed57d","block_type":"box","text":"n equity","page_number":81,"box":{"x":857,"y":669,"width":47,"height":10}},{"id":"1e98769b-57c3-4c40-a61d-519dd5f3fc87","block_type":"box","text":"may be useful in assessing the performance of the Sub-fund. An example for this Sub-fund may be the IA OE Mixed Investment 0-35","page_number":81,"box":{"x":96,"y":684,"width":796,"height":11}},{"id":"2ebdbc4b-bce4-4fb1-8907-08cf0309d111","block_type":"box","text":"%","page_number":81,"box":{"x":894,"y":684,"width":10,"height":8}},{"id":"c1a2c6e4-86f1-44f6-b7dd-b5e3284b2854","block_type":"box","text":"Shares.","page_number":81,"box":{"x":95,"y":699,"width":44,"height":9}},{"id":"e30f422d-61c0-47b5-91b0-84c6ebc288ac","block_type":"box","text":"The Sub-fund provides comparative performance against a relevant Investment Association sector benchmark in order for investors","page_number":81,"box":{"x":95,"y":721,"width":793,"height":11}},{"id":"18c33706-0aba-46e6-9d7a-fc557381316a","block_type":"box","text":"to","page_number":81,"box":{"x":892,"y":723,"width":12,"height":7}},{"id":"061a0c4a-ec35-4d92-bcc7-4e0359102e63","block_type":"box","text":"compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association Mixe","page_number":81,"box":{"x":95,"y":737,"width":766,"height":10}},{"id":"4df56f74-f526-4aaa-afc6-e5071aca27af","block_type":"box","text":"d Asset","page_number":81,"box":{"x":862,"y":737,"width":42,"height":8}},{"id":"1c2418b9-842a-49a2-a3c4-e30a083a04d5","block_type":"box","text":"Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is an indi","page_number":81,"box":{"x":95,"y":752,"width":762,"height":11}},{"id":"5c42645a-db0f-4278-bc6b-1bb493d01445","block_type":"box","text":"cator of","page_number":81,"box":{"x":858,"y":752,"width":47,"height":8}},{"id":"e0037169-39ce-44db-8ab6-0b86a6eacb8e","block_type":"box","text":"similar funds performance relative to each other and is not intended to provide an indication of future returns or investor exp","page_number":81,"box":{"x":95,"y":767,"width":750,"height":11}},{"id":"9f45c10a-223f-4104-ab86-fb1dc0d495c0","block_type":"box","text":"ectations.","page_number":81,"box":{"x":846,"y":768,"width":57,"height":8}},{"id":"fde4332e-7812-4cd5-8fee-7c430661af8c","block_type":"box","text":"Final accounting date","page_number":81,"box":{"x":96,"y":790,"width":142,"height":10}},{"id":"e5f0a121-7ba9-47c1-a0f9-160a1157febf","block_type":"box","text":"30 April","page_number":81,"box":{"x":95,"y":805,"width":46,"height":11}},{"id":"7a87a49e-b310-4dda-9b84-2d18cfb44e5f","block_type":"box","text":"Interim accounting date","page_number":81,"box":{"x":96,"y":827,"width":159,"height":11}},{"id":"da529179-1092-4a17-9209-7d520786be7c","block_type":"box","text":"31 October","page_number":81,"box":{"x":95,"y":843,"width":68,"height":8}},{"id":"f6f59562-2de7-4636-a94c-aa2922899c54","block_type":"box","text":"Distribution date","page_number":81,"box":{"x":96,"y":865,"width":112,"height":8}},{"id":"283b3c19-d672-4c15-b75b-5a777ee6209b","block_type":"box","text":"31 August","page_number":81,"box":{"x":95,"y":881,"width":60,"height":10}},{"id":"1e456469-d763-40fe-b1c1-d9476ea988ab","block_type":"box","text":"ISA status","page_number":81,"box":{"x":96,"y":903,"width":64,"height":8}},{"id":"f79e885f-443f-40aa-b2e7-03cec293d273","block_type":"box","text":"Qualifying Investment for stocks and shares ISA – however direct ISA investment is not currently available.","page_number":81,"box":{"x":96,"y":918,"width":643,"height":11}},{"id":"11130c65-bbc0-447d-8aed-d1070d14de60","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":81,"box":{"x":97,"y":38,"width":404,"height":17}},{"id":"b1d87f96-aec5-45ea-b92a-0946537a3bc7","block_type":"box","text":"76","page_number":81,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"500d95c2-d4b0-44f8-8ea1-3d757880c838","block_type":"box","text":"Sub-fund Overview (continued)","page_number":82,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"e66e5743-fe0c-45ae-84a5-95724b75eb84","block_type":"box","text":"Class of shares","page_number":82,"box":{"x":96,"y":128,"width":96,"height":8}},{"id":"465e868d-6048-4764-9308-aa85aeb9c560","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":82,"box":{"x":334,"y":128,"width":213,"height":9}},{"id":"ff10f588-34a5-4789-b3dd-86315770bb2a","block_type":"box","text":"Initial charge","page_number":82,"box":{"x":96,"y":150,"width":86,"height":10}},{"id":"1d19722e-3416-4c63-8bdd-8089b7c72526","block_type":"box","text":"0% (of the amount invested by an investor)","page_number":82,"box":{"x":334,"y":150,"width":261,"height":10}},{"id":"89dd0c44-294f-4392-9fd4-9520067fbfa7","block_type":"box","text":"Redemption charge","page_number":82,"box":{"x":96,"y":172,"width":129,"height":11}},{"id":"3394f1ca-6405-4fd1-9cfe-e1575134fba0","block_type":"box","text":"0%","page_number":82,"box":{"x":334,"y":172,"width":17,"height":8}},{"id":"2ed9b57f-8f65-4186-a705-973e763149ec","block_type":"box","text":"Annual management charge","page_number":82,"box":{"x":95,"y":194,"width":188,"height":11}},{"id":"5d2567bc-9435-445f-8cd7-b610bc409198","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":82,"box":{"x":96,"y":210,"width":213,"height":9}},{"id":"fe563464-aa47-4f5d-a051-2b8048ab76c9","block_type":"box","text":"0.25%","page_number":82,"box":{"x":334,"y":210,"width":36,"height":8}},{"id":"3651f100-c549-4bb9-ac26-6b1b1db1bde3","block_type":"box","text":"Minimum initial investment","page_number":82,"box":{"x":96,"y":232,"width":167,"height":8}},{"id":"1db309e9-d1d8-4155-9bf3-a7892635c173","block_type":"box","text":"£2,500,000","page_number":82,"box":{"x":333,"y":232,"width":67,"height":9}},{"id":"3af5ca6e-b699-4f7c-81ee-d074743df856","block_type":"box","text":"Minimum subsequent investment","page_number":82,"box":{"x":96,"y":254,"width":205,"height":11}},{"id":"7db270d6-7b00-4c38-8c09-cadf0cb9f1af","block_type":"box","text":"£1,000,000","page_number":82,"box":{"x":333,"y":254,"width":67,"height":9}},{"id":"704aee5f-94ca-4bd3-a29f-f0e20a07aafb","block_type":"box","text":"Minimum holding","page_number":82,"box":{"x":96,"y":276,"width":107,"height":11}},{"id":"92961e32-8318-4ad0-8666-9e91eff9554c","block_type":"box","text":"£1,000,000","page_number":82,"box":{"x":333,"y":276,"width":67,"height":10}},{"id":"8046b8e4-9aee-44d8-9266-109733f6676e","block_type":"box","text":"Minimum redemption","page_number":82,"box":{"x":96,"y":298,"width":133,"height":11}},{"id":"456a955a-ee35-4073-8244-fca812de7f5b","block_type":"box","text":"None","page_number":82,"box":{"x":334,"y":299,"width":31,"height":7}},{"id":"38e4cde8-00dd-49e2-8357-0cefb903407f","block_type":"box","text":"Regular savings plan","page_number":82,"box":{"x":96,"y":320,"width":135,"height":11}},{"id":"4bac298b-93fb-4093-a5b5-fad1495ab5c7","block_type":"box","text":"N/A","page_number":82,"box":{"x":334,"y":321,"width":22,"height":8}},{"id":"f4adc631-dbb2-4b38-a341-17e5df8b32ec","block_type":"box","text":"Regular withdrawal facility","page_number":82,"box":{"x":96,"y":343,"width":180,"height":10}},{"id":"213929c1-c7ed-49f8-8b62-2e814c57a5f7","block_type":"box","text":"N/A","page_number":82,"box":{"x":334,"y":343,"width":22,"height":8}},{"id":"9335c151-4982-4e21-b3d4-08c2c0aba12f","block_type":"box","text":"Investment in this Sub-fund is restricted to investors who are investing through the Tatton Investment Management discretionary","page_number":82,"box":{"x":96,"y":365,"width":808,"height":10}},{"id":"f60b636d-433f-4d61-989d-e17aab4deb1b","block_type":"box","text":"management proposition.","page_number":82,"box":{"x":96,"y":380,"width":157,"height":11}},{"id":"e46ffda4-34b0-4a0b-b37d-d4c269bf23ca","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":82,"box":{"x":498,"y":38,"width":404,"height":17}},{"id":"c029f64f-3c71-4f1b-b6dc-299752624fef","block_type":"box","text":"77","page_number":82,"box":{"x":967,"y":960,"width":18,"height":8}},{"id":"a964882a-1a1a-46c9-b346-f4f0327c2bd5","block_type":"box","text":"Investment Manager’s Review","page_number":83,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"c3eeaf7b-d56e-4ece-baff-b1a062c75245","block_type":"box","text":"for the year ended 30 April 2026","page_number":83,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"7164e251-f0a5-4e38-8619-1b99727b6015","block_type":"box","text":"Investment review","page_number":83,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"008a406b-efd2-4cf2-b6f0-42883ee6c461","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":83,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"97d99981-c377-4cf5-ba4b-9cc3e965a2e4","block_type":"box","text":"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","page_number":83,"box":{"x":95,"y":165,"width":803,"height":11}},{"id":"677b5dc3-cdaa-4fb7-a760-50547a79d0dd","block_type":"box","text":"s","page_number":83,"box":{"x":899,"y":167,"width":5,"height":6}},{"id":"a81fa49f-1592-492a-87cc-68f758deb5c8","block_type":"box","text":"benchmark returned 1.36% meaning the fund outperformed by 0.57% over the period.","page_number":83,"box":{"x":96,"y":181,"width":528,"height":10}},{"id":"3fe33a37-9ba3-4fdc-b585-b3c59970138d","block_type":"box","text":"Over the last 12-months to 30 April 2026, the MI Defensive Portfolio Overlay C Acc has returned 10.86%. The IA Mixed Investment","page_number":83,"box":{"x":96,"y":203,"width":792,"height":10}},{"id":"6471b94c-a80e-4974-9f3f-f74c563d66de","block_type":"box","text":"0-","page_number":83,"box":{"x":893,"y":203,"width":11,"height":8}},{"id":"e467ea17-74b5-476d-b150-0590a786f288","block_type":"box","text":"35% Shares reference index returned 8.66%, meaning the fund outperformed by 2.2% over the period.","page_number":83,"box":{"x":95,"y":218,"width":626,"height":11}},{"id":"e8b0b95d-6e7c-4ec2-8568-89aa91cd7199","block_type":"box","text":"Overview","page_number":83,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"24b16ea2-810c-4030-9da8-8761e7189b82","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":83,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"c2b5448f-492a-477d-80d7-ff676e1f2ead","block_type":"box","text":"market","page_number":83,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"a4144798-9f94-45c5-b00b-6b9ea4126b5f","block_type":"box","text":"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.","page_number":83,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"6a8a8564-a342-4ca7-bd93-ef3d4027adfd","block_type":"box","text":"Since last","page_number":83,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"85393478-bd6d-4c28-a526-dd84abfc644d","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":83,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"f0bde8be-b19b-42d4-b028-55aaebcdae6c","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":83,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"a8e4c9ba-b34b-4ad3-afca-d0975409d9e7","block_type":"box","text":"eral Reserve","page_number":83,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"fcc8037e-2405-43c9-a08a-49213853b1d7","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":83,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"93d43191-cb88-47ee-abab-299df4de2c40","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":83,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"f857be05-4a6a-45ee-b601-6bbda97cb60d","block_type":"box","text":"ons of","page_number":83,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"b81b5072-cdc1-4cd8-b1c9-2ca9d16f19bf","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":83,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"53dc5a19-ca8a-483a-a684-99190a3ae083","block_type":"box","text":"than","page_number":83,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"e7520386-0737-4890-bb75-933087e2a5c7","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":83,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"bbba7c61-9427-40a8-8be3-a894692c00ca","block_type":"box","text":"le AI","page_number":83,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"683c41e3-0785-4a6a-805b-25fe7b7b9f90","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":83,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"3659ab63-1ca5-432a-9eab-fcfe3029633a","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":83,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"7ecf14c7-2b66-4d1a-8787-c196a9b561d7","block_type":"box","text":"edia","page_number":83,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"8749c56f-4898-4a72-8b0b-03343ed14a14","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":83,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"657e2f65-1f25-4f66-8aa5-d57db800716e","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":83,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"217b4d09-6fd7-4cbd-b019-01c8c271ce90","block_type":"box","text":"interest","page_number":83,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"7231ecba-e074-41f9-9fc3-f94b6a534978","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":83,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"94ea3e43-f9f6-41b8-83e1-0405053b9917","block_type":"box","text":"d wider","page_number":83,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"87c58128-364e-4478-8d98-807631be4d17","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":83,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"27e9c8a4-0cc6-4ac6-80d6-75e7c4bb4743","block_type":"box","text":"Outlook","page_number":83,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"6f276325-dff5-4f0a-af4a-85a971fbecdc","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":83,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"c8de2eee-5994-431b-b7f3-ab0f763a8943","block_type":"box","text":"for","page_number":83,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"cb00457d-3bb7-4368-9a88-8008a2cb850f","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":83,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"7cad34b6-5d43-479f-89c5-a217c7ef3ac5","block_type":"box","text":"of","page_number":83,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"84f17a9b-16a9-416c-bc96-c990c068fcfc","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":83,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"e5cdeb41-d9a7-4b30-8ee3-05b4007a74b4","block_type":"box","text":"ll take time","page_number":83,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"e8013e3a-b5e7-47da-8e34-32e37520726c","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":83,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"108f39a4-1a83-4352-a105-73b3e6eac4e7","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":83,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"4004897c-a51c-40a5-a288-6591e7cd9702","block_type":"box","text":". Oil","page_number":83,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"9f900a06-64be-4ccd-838f-cfa392989397","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":83,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"5281b1fe-9abe-494c-9c8f-6ba30cd9377b","block_type":"box","text":"expectation","page_number":83,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"897704f0-8821-4dd0-b198-ebf90eee4fc2","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":83,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"2424b0c7-2e74-47cd-b034-e28c01df0c07","block_type":"box","text":"sell-off","page_number":83,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"bd0d306a-9d84-473a-8f90-643ca240e5ca","block_type":"box","text":"we might have expected).","page_number":83,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"7724e86f-0ef1-4453-9bb2-8fe86cc4eacf","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":83,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"9e8487f5-6449-4509-bd97-906512d0bb10","block_type":"box","text":"ries","page_number":83,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"60ac9244-7609-4261-a09e-414786e26443","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":83,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"80b2163f-8119-44e9-8a86-810aecea043a","block_type":"box","text":"rowth can","page_number":83,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"61adc746-3f34-48b9-b285-74c3f709cc6d","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":83,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"33ef5a83-01d3-48ed-bab6-65a40f9d09ab","block_type":"box","text":"g.","page_number":83,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"e5b65724-75fc-4b21-9314-77f36d4c6fbb","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":83,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"b12c0267-d240-4bd8-992b-cef8f9a84c9a","block_type":"box","text":"y","page_number":83,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"5e81ab0d-06fa-42b4-a009-f1c475e8e590","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":83,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"dc4bfacf-b813-473b-b0e7-93418126f0ad","block_type":"box","text":"cle.","page_number":83,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"6b7c4771-a4d4-4151-8035-f53f38953cbf","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":83,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"cd72e5b6-4384-4642-9267-747dd04e751a","block_type":"box","text":"Fund positioning","page_number":83,"box":{"x":96,"y":764,"width":111,"height":11}},{"id":"68bd23f8-f97a-4a80-a193-095fd96272db","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":83,"box":{"x":95,"y":780,"width":769,"height":10}},{"id":"622caa4d-cc8b-4d10-94d1-83b57e12421c","block_type":"box","text":"d fund","page_number":83,"box":{"x":865,"y":780,"width":38,"height":8}},{"id":"8ea5ac66-8ba8-4a5f-a94a-51508aa36120","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":83,"box":{"x":95,"y":795,"width":473,"height":11}},{"id":"6338d99c-f3d1-42c1-aa7c-0ec3c1f49fc3","block_type":"box","text":"An update to the portfolio was made on 8 May 2025. Adjustments were made to the asset class allocations; Bonds were increased a","page_number":83,"box":{"x":95,"y":817,"width":792,"height":11}},{"id":"d4330322-c8d8-4db3-8e8e-6a23ee46553d","block_type":"box","text":"nd","page_number":83,"box":{"x":889,"y":817,"width":14,"height":9}},{"id":"1682b400-9456-40aa-8a22-44ecef4c76c1","block_type":"box","text":"Equities were decreased. Adjustments were made to the sub-asset class allocations; North America Equity was decreased and Strat","page_number":83,"box":{"x":96,"y":833,"width":808,"height":10}},{"id":"ef5e07fa-39e3-4c4e-9c5f-460057f0e178","block_type":"box","text":"Bond was increased. One manager selection change was made; iShares MSCI Europe Mid Cap ETF was removed.","page_number":83,"box":{"x":96,"y":848,"width":682,"height":11}},{"id":"81b20122-f9c7-4e3c-a5f6-5d006be416cc","block_type":"box","text":"The portfolio underwent an update on 11 July 2025. The fund’s asset allocation was updated; Bonds were decreased and Equities w","page_number":83,"box":{"x":95,"y":870,"width":789,"height":11}},{"id":"a80036ac-1c1c-4f16-aec6-1487fe6a39d7","block_type":"box","text":"ere","page_number":83,"box":{"x":885,"y":873,"width":19,"height":6}},{"id":"4981fa04-3dc0-45f0-a8f9-d83d609a58dd","block_type":"box","text":"increased. Changes were implemented in the sub-asset class allocations; Government Bond was decreased, North America Equity was","page_number":83,"box":{"x":96,"y":886,"width":808,"height":11}},{"id":"a373bca9-94b6-4552-b9e3-9b0d80ac2a40","block_type":"box","text":"increased and Strategic Bond was decreased. During this update some manager changes were made; HSBC American Index Fund was","page_number":83,"box":{"x":96,"y":901,"width":808,"height":11}},{"id":"78bed3b5-0729-491f-8c30-26589a6a9744","block_type":"box","text":"increased, HSBC Global Aggregate Bond UCITS ETF was decreased and HSBC Global Government Bond UCITS ETF was decreased.","page_number":83,"box":{"x":96,"y":917,"width":782,"height":10}},{"id":"51068122-754a-48a3-8b44-02d1ba6391fe","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":83,"box":{"x":97,"y":38,"width":404,"height":17}},{"id":"b9f07113-83e1-4021-8866-f444e0a6a48b","block_type":"box","text":"78","page_number":83,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"0787b1fd-f4d6-4b69-b8c2-058b04a76b8c","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":84,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"91cb6ca0-1d40-402c-8506-f5cdba8f7562","block_type":"box","text":"for the year ended 30 April 2026","page_number":84,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"64595261-41fe-4c8e-8154-75d9e478435b","block_type":"box","text":"On 12 August 2025, the portfolio underwent a change. The sub-asset class allocation structure was modified; Emerging Market Bon","page_number":84,"box":{"x":96,"y":128,"width":799,"height":10}},{"id":"f2f48f88-8a31-4051-aba8-6b1420093b07","block_type":"box","text":"d","page_number":84,"box":{"x":897,"y":128,"width":6,"height":8}},{"id":"f74b7d6a-005a-4de3-bc83-28dfd89f10fb","block_type":"box","text":"was increased, Government Bond was increased, High Yield Bond was increased, North America Equity was increased and Strategic","page_number":84,"box":{"x":95,"y":143,"width":809,"height":11}},{"id":"c1be7750-ac55-4d8e-a78b-68947b8f2e90","block_type":"box","text":"Bond was decreased. Fund manager allocations were updated; Amundi Prime Japan was added, Dimensional Global Ultra Short Fixed","page_number":84,"box":{"x":96,"y":158,"width":807,"height":11}},{"id":"aaadc42a-57c4-4f55-b0b9-0061db87e112","block_type":"box","text":"Income Fund was removed, HSBC Global Aggregate Bond UCITS ETF was decreased, HSBC Global Corporate Bond UCITS ETF was","page_number":84,"box":{"x":96,"y":174,"width":808,"height":11}},{"id":"1d391bc6-81dc-4b6e-aa6a-bf0a6be2270e","block_type":"box","text":"increased, HSBC Global Emerging Market Government Bond Index Fund was added, HSBC Global Government Bond UCITS ETF was","page_number":84,"box":{"x":96,"y":189,"width":808,"height":11}},{"id":"9158e1ed-7a8d-494e-bd21-5cae3c0814ff","block_type":"box","text":"increased, Loomis Sayles Global Opportunistic Bond Fund was decreased, Robeco QI Dynamic High Yield was increased, Schroder","page_number":84,"box":{"x":96,"y":205,"width":808,"height":10}},{"id":"82a833ff-1def-48da-a9b0-046b97ca6cd6","block_type":"box","text":"Recovery Fund was removed and State Street SPDR S&P500 Quality Aristocrats ETF was added.","page_number":84,"box":{"x":96,"y":220,"width":573,"height":11}},{"id":"429eeba0-8183-42f9-b7be-47ec1bc00762","block_type":"box","text":"The portfolio was updated on 30 October 2025. During this update, fund manager allocations were amended; HSBC Global Government","page_number":84,"box":{"x":95,"y":242,"width":809,"height":11}},{"id":"1f03878f-f9ca-41c4-a8e5-3b13e5e3411f","block_type":"box","text":"Bond UCITS ETF was increased, SVM UK Opportunities Fund was removed, iShares $ Treasury Bond 20+y ETF was removed and RGI UK","page_number":84,"box":{"x":96,"y":258,"width":808,"height":11}},{"id":"45de8a7c-d9f1-4e3d-97e5-f2cfc1dad90e","block_type":"box","text":"Opportunities Fund was added.","page_number":84,"box":{"x":96,"y":273,"width":190,"height":11}},{"id":"d38467c1-28ab-4f33-bc53-312768578948","block_type":"box","text":"On 3 November 2025, the portfolio underwent a change. Fund manager allocations were updated; Barings Emerging Markets Debt","page_number":84,"box":{"x":96,"y":295,"width":808,"height":11}},{"id":"5fb8f790-b107-4d53-ac99-e253214deb2a","block_type":"box","text":"Blended Total Return Fund was removed, HSBC Global Emerging Market Government Bond Index Fund was removed, Emerging Markets","page_number":84,"box":{"x":96,"y":311,"width":808,"height":11}},{"id":"ba9dda4c-e493-4b9d-bc4d-dadc1d8d6d43","block_type":"box","text":"Debt Opportunities Fund was added and Jupiter UK Dynamic Equity Fund was added.","page_number":84,"box":{"x":96,"y":326,"width":516,"height":11}},{"id":"f6c162ac-5e5e-47e8-9498-f948ee7a6f3a","block_type":"box","text":"The portfolio underwent an update on 2 December 2025. Fund managers within the portfolio were adjusted; the iShares UK Equity","page_number":84,"box":{"x":95,"y":348,"width":809,"height":11}},{"id":"a54c9816-e462-4b90-a60f-17f4927575b7","block_type":"box","text":"Index Fund (UK) share class was changed.","page_number":84,"box":{"x":96,"y":364,"width":252,"height":11}},{"id":"6724100e-2af8-43cf-8021-749d75abbfdd","block_type":"box","text":"On 12 January 2026, the portfolio underwent a change. Some asset allocation changes were made; Alternatives were decreased and","page_number":84,"box":{"x":96,"y":386,"width":807,"height":11}},{"id":"547fe59f-87ec-449a-880f-fc6bd5daf692","block_type":"box","text":"Bonds were increased. Updates were made to the sub-asset class split; Alternative was decreased and IG Bond was increased. Chan","page_number":84,"box":{"x":96,"y":402,"width":787,"height":10}},{"id":"3fb94550-e1ef-42a5-ac8d-40dd46d55ade","block_type":"box","text":"ges","page_number":84,"box":{"x":884,"y":404,"width":20,"height":8}},{"id":"9098bc4f-b22d-4d1f-80d9-16a81dc40577","block_type":"box","text":"were made to manager positioning; Dimensional Global Ultra Short Fixed Income Fund was added and Neuberger Berman Uncorrelated","page_number":84,"box":{"x":95,"y":417,"width":808,"height":11}},{"id":"04388904-2eac-4209-94ba-aaa8fa967295","block_type":"box","text":"Strategies Fund was removed.","page_number":84,"box":{"x":95,"y":432,"width":182,"height":11}},{"id":"31ecb2ee-47ff-441b-bd52-028ee864eef5","block_type":"box","text":"On 25 March 2026, changes were made to the portfolio. Changes were implemented in the asset class allocations; Bonds were","page_number":84,"box":{"x":96,"y":455,"width":808,"height":10}},{"id":"4a0de775-043c-44f8-bd32-11f96c6b8ebd","block_type":"box","text":"decreased and Equities were increased.","page_number":84,"box":{"x":95,"y":470,"width":241,"height":11}},{"id":"349ad40c-266e-4382-a0cd-2c098bca26f5","block_type":"box","text":"The portfolio was updated on 10 April 2026. One manager selection change was made; HSBC Global Government Bond UCITS ETF was","page_number":84,"box":{"x":95,"y":492,"width":809,"height":11}},{"id":"1900987f-1af6-484e-a1ce-4ddf07aa1040","block_type":"box","text":"decreased.","page_number":84,"box":{"x":95,"y":508,"width":66,"height":8}},{"id":"c6d3ee8e-aa66-496b-93b2-7cc9f727e965","block_type":"box","text":"Tatton Investment Management Limited","page_number":84,"box":{"x":95,"y":552,"width":269,"height":11}},{"id":"defa81a8-410b-46ec-ac20-79c49faadc76","block_type":"box","text":"Investment Manager to the Fund","page_number":84,"box":{"x":96,"y":567,"width":198,"height":11}},{"id":"5d3e3c9b-7ce0-470b-99a9-3f6c86fa8dcf","block_type":"box","text":"May 2026","page_number":84,"box":{"x":96,"y":583,"width":58,"height":11}},{"id":"cff64455-ed49-4056-8087-37fcb138d642","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":84,"box":{"x":498,"y":38,"width":404,"height":17}},{"id":"276a1ec0-9cdc-43f1-a356-5c3a91544877","block_type":"box","text":"79","page_number":84,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"151fd3ad-6a92-4b75-9108-b07b9739dcaa","block_type":"box","text":"Performance Record","page_number":85,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"084d804e-2a45-411d-b76c-c99341bbc675","block_type":"box","text":"Financial Highlights","page_number":85,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"ee093ecb-6df7-49a4-b037-899efb563533","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":85,"box":{"x":100,"y":149,"width":237,"height":9}},{"id":"2cc894d8-50e9-4a1f-a017-d382159e4d3c","block_type":"box","text":"30.04.26","page_number":85,"box":{"x":418,"y":149,"width":54,"height":8}},{"id":"e987a98d-d0af-41aa-82bf-8f6524af306d","block_type":"box","text":"30.04.25","page_number":85,"box":{"x":527,"y":149,"width":54,"height":8}},{"id":"1d4ced3b-b82e-42cd-889d-8ba98f0b2085","block_type":"box","text":"30.04.24","page_number":85,"box":{"x":637,"y":149,"width":54,"height":8}},{"id":"ebd8bcb9-07f4-402e-98b4-c9ef3b3c0fdc","block_type":"box","text":"p","page_number":85,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"0de43345-38f1-471a-b20b-dae3603f93ef","block_type":"box","text":"p","page_number":85,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"bae72388-55a9-49e9-9afa-1cb9c83548b4","block_type":"box","text":"p","page_number":85,"box":{"x":661,"y":161,"width":6,"height":9}},{"id":"cc030ced-3eaf-40dc-9b42-9324206eea00","block_type":"box","text":"Opening net asset value per share","page_number":85,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"64ae12f0-8182-41ef-81ba-47ae7e44c7ce","block_type":"box","text":"132.6151","page_number":85,"box":{"x":435,"y":178,"width":52,"height":8}},{"id":"c5d2455a-81ec-46ed-b896-ccb35ff43125","block_type":"box","text":"127.5489","page_number":85,"box":{"x":544,"y":178,"width":55,"height":8}},{"id":"b2035159-ca26-4415-9331-73fd6ab7d9ca","block_type":"box","text":"123.3241","page_number":85,"box":{"x":654,"y":178,"width":52,"height":8}},{"id":"457960f4-b626-4839-b855-ea25564356bb","block_type":"box","text":"Return before operating charges","page_number":85,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"81a6bc80-8d22-4498-836c-183ee673b0d4","block_type":"box","text":"15.1390","page_number":85,"box":{"x":442,"y":191,"width":47,"height":8}},{"id":"cd458c0d-9171-4c71-babf-c4f0e0f564ec","block_type":"box","text":"5.8857","page_number":85,"box":{"x":559,"y":191,"width":40,"height":8}},{"id":"fde0abcb-de6a-49ab-bba4-866a5edf5c2e","block_type":"box","text":"4.9649","page_number":85,"box":{"x":668,"y":191,"width":40,"height":8}},{"id":"006cad83-28e5-42ff-8128-003ee22a3edf","block_type":"box","text":"Operating charges (note 1)","page_number":85,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"5a0c939a-a034-4279-919b-d393b8ddb33b","block_type":"box","text":"(0.7530)","page_number":85,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"d58fd6f3-7d03-4e27-af19-9b00bb9593c2","block_type":"box","text":"(0.8195)","page_number":85,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"a2ca4913-1a4f-486d-a101-c81da6e342e0","block_type":"box","text":"(0.7401)","page_number":85,"box":{"x":660,"y":204,"width":48,"height":9}},{"id":"ffae0f42-8219-460a-8f20-8d109cfb54ee","block_type":"box","text":"Return after operating charges","page_number":85,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"0be89d48-9551-4035-9a2b-739480d8c762","block_type":"box","text":"14.3860","page_number":85,"box":{"x":442,"y":217,"width":47,"height":8}},{"id":"8b6fa89b-8db0-4cf9-86c2-469d44f46a3a","block_type":"box","text":"5.0662","page_number":85,"box":{"x":559,"y":217,"width":40,"height":8}},{"id":"028c727d-c4e4-404c-9d07-3e4fff045bd1","block_type":"box","text":"4.2248","page_number":85,"box":{"x":668,"y":217,"width":40,"height":8}},{"id":"fd19f85b-fd84-48d1-876b-2e54e1b53a71","block_type":"box","text":"Closing net asset value per share","page_number":85,"box":{"x":100,"y":230,"width":217,"height":10}},{"id":"9326279e-6213-4785-9ba5-efab58066335","block_type":"box","text":"147.0011","page_number":85,"box":{"x":432,"y":230,"width":56,"height":8}},{"id":"611cb7a6-478a-4146-a626-d2a560995486","block_type":"box","text":"132.6151","page_number":85,"box":{"x":541,"y":230,"width":57,"height":8}},{"id":"97a741ba-cb87-4489-bb3d-35f7454c5df0","block_type":"box","text":"127.5489","page_number":85,"box":{"x":651,"y":230,"width":58,"height":8}},{"id":"e42a288a-0f1c-414c-b516-2108077967e2","block_type":"box","text":"Retained distributions on accumulated shares","page_number":85,"box":{"x":101,"y":243,"width":278,"height":8}},{"id":"2396cdb3-5521-4b70-9d63-97d09c559184","block_type":"box","text":"3.1882","page_number":85,"box":{"x":449,"y":243,"width":40,"height":8}},{"id":"c1d5d25b-5330-4b1c-a20a-6a2333b6f616","block_type":"box","text":"2.9842","page_number":85,"box":{"x":559,"y":243,"width":40,"height":8}},{"id":"0c6d5769-5c97-4117-aef8-fc63ca6d5a25","block_type":"box","text":"4.9723","page_number":85,"box":{"x":668,"y":243,"width":40,"height":8}},{"id":"3ed12a61-2dfb-454c-9f22-272d8a8881bc","block_type":"box","text":"After direct transactions costs of","page_number":85,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"80b4ad78-8cae-4cdb-9d2f-3e35bb6c69b5","block_type":"box","text":"–","page_number":85,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"3b2b8a4d-8e38-4b84-bafd-911de27f29b9","block_type":"box","text":"–","page_number":85,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"30b55fb5-6999-4a11-93f5-b3244c87c43d","block_type":"box","text":"–","page_number":85,"box":{"x":702,"y":261,"width":6,"height":0}},{"id":"aac3927e-1f86-47ae-8d22-935b2585f8f6","block_type":"box","text":"Performance","page_number":85,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"213f42cb-1d11-4061-bad6-071d038a99ae","block_type":"box","text":"Return after charges","page_number":85,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"6b476cbe-49fc-45a5-896c-7df4bf69c677","block_type":"box","text":"10.85%","page_number":85,"box":{"x":446,"y":282,"width":43,"height":8}},{"id":"12db6c92-27d8-45b9-96a4-19d81db32714","block_type":"box","text":"3.97%","page_number":85,"box":{"x":563,"y":282,"width":36,"height":8}},{"id":"d094ad89-b781-4cdc-bb88-68d2bbdf687c","block_type":"box","text":"3.43%","page_number":85,"box":{"x":672,"y":282,"width":36,"height":8}},{"id":"8846f47c-0676-4623-958a-21d341eaf7d1","block_type":"box","text":"Other information","page_number":85,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"d7816539-bc35-426e-a8b2-eb47c2282ad9","block_type":"box","text":"Closing net asset value","page_number":85,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"1ffdbf35-c9c8-4c04-bebf-37c38df862ee","block_type":"box","text":"£35,607,146","page_number":85,"box":{"x":415,"y":308,"width":74,"height":10}},{"id":"085318a1-6095-4e30-bebe-a70d3a39350b","block_type":"box","text":"£32,525,521","page_number":85,"box":{"x":525,"y":308,"width":72,"height":10}},{"id":"26311e99-797a-483a-a4bb-eebe02333e5d","block_type":"box","text":"£37,493,914","page_number":85,"box":{"x":635,"y":308,"width":74,"height":10}},{"id":"ddec610d-0bd7-4fe0-a15d-f40618809140","block_type":"box","text":"Closing number of shares","page_number":85,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"e2d08d07-81c7-4d33-be59-6c2d74e522d3","block_type":"box","text":"24,222,362","page_number":85,"box":{"x":423,"y":321,"width":66,"height":10}},{"id":"65c63596-279d-46f9-b0bb-b63235e0cf71","block_type":"box","text":"24,526,255","page_number":85,"box":{"x":533,"y":321,"width":66,"height":10}},{"id":"4793dddc-c9ac-4ee2-ab8d-c720d4e96036","block_type":"box","text":"29,395,712","page_number":85,"box":{"x":642,"y":321,"width":66,"height":10}},{"id":"1fd6bd89-ee72-4fc8-b3bd-8a807b42e130","block_type":"box","text":"Operating charges (note 2)","page_number":85,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"83885c15-17a4-4121-99e9-4eb13e0c9820","block_type":"box","text":"0.54%","page_number":85,"box":{"x":453,"y":335,"width":36,"height":7}},{"id":"e2405507-4216-4c8a-afcb-786eb8fba4ef","block_type":"box","text":"0.63%","page_number":85,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"ead67d5f-04e5-4cff-a633-22266bb03099","block_type":"box","text":"0.59%","page_number":85,"box":{"x":672,"y":335,"width":36,"height":7}},{"id":"2a460358-e4eb-4c44-b627-f24641b788f6","block_type":"box","text":"Direct transaction costs","page_number":85,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"4b40a83d-951d-4ded-89de-ad141d1d9b60","block_type":"box","text":"0.00%","page_number":85,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"16098843-41c2-4bf9-a065-2621d7a0b70e","block_type":"box","text":"0.00%","page_number":85,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"161b83dd-a408-42f8-b56d-7911e4b6e7d3","block_type":"box","text":"0.00%","page_number":85,"box":{"x":672,"y":348,"width":36,"height":7}},{"id":"3a09dea3-2470-44da-a9ed-aa0f2be8f4a7","block_type":"box","text":"Prices","page_number":85,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"92230dd8-8114-41b4-84c2-b6fedcdc8e63","block_type":"box","text":"Highest share price","page_number":85,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"2abab881-f50a-449c-82fe-8a59595fa349","block_type":"box","text":"149.0056","page_number":85,"box":{"x":435,"y":374,"width":54,"height":8}},{"id":"810bf2d0-c80c-48a1-a0b7-fd4115186d68","block_type":"box","text":"136.1822","page_number":85,"box":{"x":544,"y":374,"width":55,"height":8}},{"id":"21186ba6-a00a-4f5d-ba42-42433dacaa1d","block_type":"box","text":"129.3306","page_number":85,"box":{"x":654,"y":374,"width":54,"height":8}},{"id":"27e094a8-e694-48c2-919a-ecd72c906cd4","block_type":"box","text":"Lowest share price","page_number":85,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"4dcb44be-1ad6-4ba8-90a1-37722349464e","block_type":"box","text":"132.6151","page_number":85,"box":{"x":435,"y":387,"width":52,"height":8}},{"id":"3f5ea85b-514e-4edc-b153-20a5756c1aa8","block_type":"box","text":"127.0597","page_number":85,"box":{"x":544,"y":387,"width":55,"height":8}},{"id":"7fbced3b-c391-4c41-b31a-c95cbdbee7af","block_type":"box","text":"118.1610","page_number":85,"box":{"x":654,"y":387,"width":54,"height":8}},{"id":"e376fdb0-6cb9-43df-bdb5-0562d019d8cf","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":85,"box":{"x":96,"y":414,"width":758,"height":11}},{"id":"cc601c52-83f4-48de-ae9c-058dfede8ce4","block_type":"box","text":"aluation","page_number":85,"box":{"x":855,"y":414,"width":48,"height":8}},{"id":"b61aab0f-0d4d-40a9-aad4-8d4591916861","block_type":"box","text":"per share throughout the period.","page_number":85,"box":{"x":96,"y":429,"width":200,"height":10}},{"id":"1f3c8fe7-a3bd-434d-a5f1-d93b5398c636","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":85,"box":{"x":95,"y":448,"width":787,"height":11}},{"id":"f0508469-de02-4318-b7c1-5219d364c85e","block_type":"box","text":"age","page_number":85,"box":{"x":883,"y":451,"width":21,"height":8}},{"id":"c4f3cab0-fad1-4095-b21f-fcb7c940c24e","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":85,"box":{"x":96,"y":463,"width":778,"height":11}},{"id":"b6386e14-2f03-42de-8027-7db550205d7d","block_type":"box","text":"und.","page_number":85,"box":{"x":874,"y":463,"width":26,"height":8}},{"id":"0c4e37b1-4bcc-494c-8b3b-34b13de325da","block_type":"box","text":"Risk and Reward Profile","page_number":85,"box":{"x":97,"y":513,"width":244,"height":13}},{"id":"3be30c0c-9f12-46cc-b8d3-1d71584c0aae","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":85,"box":{"x":95,"y":549,"width":785,"height":10}},{"id":"b2d324f9-ce3b-4ce4-9151-6fc2d0cecac2","block_type":"box","text":"the","page_number":85,"box":{"x":884,"y":549,"width":20,"height":8}},{"id":"65b04e64-d909-4f80-9be0-a1188d68ba03","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":85,"box":{"x":96,"y":564,"width":752,"height":11}},{"id":"47765d9e-f43a-4d1b-9a58-71b8c468735b","block_type":"box","text":"and may","page_number":85,"box":{"x":852,"y":564,"width":52,"height":11}},{"id":"5a1d7566-de7b-497e-b3f5-eac17c32ad6d","block_type":"box","text":"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’","page_number":85,"box":{"x":96,"y":580,"width":753,"height":10}},{"id":"517c3662-0c21-4152-ba2a-8607cb10e3c8","block_type":"box","text":"s ranking","page_number":85,"box":{"x":849,"y":580,"width":55,"height":10}},{"id":"614a8c47-c054-45d1-a8de-3cf67192ee56","block_type":"box","text":"on the risk and reward indicator.","page_number":85,"box":{"x":95,"y":595,"width":199,"height":8}},{"id":"1af3f0e9-f8f7-4f50-a1bf-78b6e1f398b5","block_type":"box","text":"Typically lower rewards,","page_number":85,"box":{"x":128,"y":617,"width":162,"height":11}},{"id":"a33b9fb9-aa0c-43e8-a885-3165d637317b","block_type":"box","text":"Typically higher rewards,","page_number":85,"box":{"x":706,"y":617,"width":167,"height":11}},{"id":"1d443cda-146c-4dee-92a9-2308836df463","block_type":"box","text":"lower risk","page_number":85,"box":{"x":177,"y":633,"width":65,"height":8}},{"id":"07c180cb-b6c9-40b4-a88d-427f360c8479","block_type":"box","text":"higher risk","page_number":85,"box":{"x":755,"y":633,"width":71,"height":10}},{"id":"bc9a28ed-d9f7-408f-90c9-231df23aef06","block_type":"box","text":"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","page_number":85,"box":{"x":96,"y":692,"width":738,"height":11}},{"id":"b6eda520-8311-4b26-827a-f6a07bd54e31","block_type":"box","text":"y in the Key","page_number":85,"box":{"x":835,"y":693,"width":69,"height":10}},{"id":"1a61a8fe-f22b-42f2-b436-1f67393c98f3","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 4). The Sub-fund is ranked ‘4’ because weekly historical performance data","page_number":85,"box":{"x":96,"y":708,"width":807,"height":11}},{"id":"84b7eee3-e87f-4a92-9515-ba6c95e95f45","block_type":"box","text":"indicates that average rises and falls in prices would have occurred historically. The higher the rank, the greater the potenti","page_number":85,"box":{"x":96,"y":723,"width":749,"height":11}},{"id":"19ed05cf-456e-4c77-ae84-091df3d4a4e6","block_type":"box","text":"al reward","page_number":85,"box":{"x":847,"y":723,"width":56,"height":9}},{"id":"0262bac6-a981-470c-93a4-beb93a62e7b8","block_type":"box","text":"but the greater the risk of losing money.","page_number":85,"box":{"x":96,"y":739,"width":242,"height":11}},{"id":"d531e87a-e507-4df6-b508-002f269756f1","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":85,"box":{"x":97,"y":38,"width":404,"height":17}},{"id":"020f6ee0-da4d-48bb-b87e-07901c49df26","block_type":"box","text":"80","page_number":85,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"a91e2a6e-4906-41e0-b0c3-424c0c3d2590","block_type":"box","text":"1","page_number":85,"box":{"x":148,"y":667,"width":8,"height":12}},{"id":"f988496e-2ec2-41de-ac14-8e156162c242","block_type":"box","text":"2","page_number":85,"box":{"x":263,"y":667,"width":10,"height":12}},{"id":"154d07ed-2258-4222-84f1-147adb142844","block_type":"box","text":"3","page_number":85,"box":{"x":379,"y":667,"width":10,"height":12}},{"id":"75778a09-65e5-4bd6-85fa-9039577fd45b","block_type":"box","text":"4","page_number":85,"box":{"x":494,"y":667,"width":11,"height":12}},{"id":"444e943f-343e-491b-afbd-2d31a8322e3b","block_type":"box","text":"5","page_number":85,"box":{"x":611,"y":667,"width":10,"height":12}},{"id":"0ba561ef-3b0b-43c2-a2bc-8253dfd8be29","block_type":"box","text":"6","page_number":85,"box":{"x":726,"y":667,"width":10,"height":12}},{"id":"d677300f-8e49-4c13-a0f5-b9c19460587b","block_type":"box","text":"7","page_number":85,"box":{"x":841,"y":667,"width":11,"height":12}},{"id":"a47a82b6-1cb6-4fbd-b869-2341e5ba4149","block_type":"box","text":"Portfolio Statement","page_number":86,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"e057bf85-256b-4fc8-b51c-68cf2c273f8c","block_type":"box","text":"as at 30 April 2026","page_number":86,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"8d019e5a-243a-4642-82fd-7e2df484cb0b","block_type":"box","text":"Market","page_number":86,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"cc0c8306-758d-4c75-968e-b2ed53917d05","block_type":"box","text":"% of total","page_number":86,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"475675c8-80b6-4ac0-987b-e0a3470e3046","block_type":"box","text":"value","page_number":86,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"40de6207-ce5b-4531-8303-21704b9789b0","block_type":"box","text":"net assets","page_number":86,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"c4509fd7-d7df-43ab-9a59-8fe88c974ab2","block_type":"box","text":"Holding","page_number":86,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"9776dabc-9133-4cb5-b989-37703bf86586","block_type":"box","text":"Investment","page_number":86,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"dc25c59f-6883-4f81-a703-14798f8832f5","block_type":"box","text":"£","page_number":86,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"3916125a-74de-4bf2-ba46-cc7dc3b3fbe8","block_type":"box","text":"2026","page_number":86,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"28f67194-d437-4269-a9cb-7a8461e16860","block_type":"box","text":"Collective Investment Schemes (30.04.2025: 95.39%)","page_number":86,"box":{"x":210,"y":176,"width":346,"height":10}},{"id":"3fa39e19-b721-41b8-8acb-2a31d42049bf","block_type":"box","text":"142,393","page_number":86,"box":{"x":142,"y":191,"width":47,"height":9}},{"id":"ed63ef37-213d-4834-8723-46c8f90f392a","block_type":"box","text":"Artemis US Select Fund","page_number":86,"box":{"x":209,"y":190,"width":140,"height":8}},{"id":"6da6295a-c374-4846-99b2-85a8a6c71c9c","block_type":"box","text":"748,034","page_number":86,"box":{"x":761,"y":191,"width":48,"height":9}},{"id":"055ac305-3932-4798-b792-a9b55cddb89a","block_type":"box","text":"2.10%","page_number":86,"box":{"x":863,"y":191,"width":36,"height":7}},{"id":"39be3ae8-8ea8-43c0-b06a-dd804de52d6e","block_type":"box","text":"217,446","page_number":86,"box":{"x":142,"y":205,"width":47,"height":9}},{"id":"258970ed-3a27-4e20-b168-b488cd634fab","block_type":"box","text":"AXA Framlington UK Mid Cap Fund","page_number":86,"box":{"x":209,"y":204,"width":209,"height":11}},{"id":"328d3af9-80f1-413d-ac91-8fcfa2795617","block_type":"box","text":"271,373","page_number":86,"box":{"x":761,"y":205,"width":47,"height":9}},{"id":"f005e9d9-cee6-4079-b755-e40530da3a42","block_type":"box","text":"0.76%","page_number":86,"box":{"x":863,"y":205,"width":36,"height":8}},{"id":"25a69889-3f56-4c2c-9437-9f23cad9b446","block_type":"box","text":"194","page_number":86,"box":{"x":169,"y":219,"width":21,"height":8}},{"id":"04c15810-fdc6-4bd0-be58-c66ddef2bbe6","block_type":"box","text":"Baring Hong Kong China Fund","page_number":86,"box":{"x":210,"y":219,"width":180,"height":10}},{"id":"14b15b12-2338-4a29-95d5-d90f28a8e967","block_type":"box","text":"220,230","page_number":86,"box":{"x":761,"y":219,"width":47,"height":9}},{"id":"83e1fe1e-9c8b-4b84-82c0-f321bae6e2a5","block_type":"box","text":"0.62%","page_number":86,"box":{"x":863,"y":219,"width":36,"height":8}},{"id":"a0e28285-ddd5-4ef4-a488-908bcb3cc072","block_type":"box","text":"696,839","page_number":86,"box":{"x":142,"y":233,"width":47,"height":9}},{"id":"164332d5-baf1-4086-8120-82bf43c9db4a","block_type":"box","text":"BNY Mellon US Equity Income Fund","page_number":86,"box":{"x":210,"y":233,"width":214,"height":11}},{"id":"8efc906c-2522-4044-bc61-f126cb218fad","block_type":"box","text":"777,184","page_number":86,"box":{"x":761,"y":233,"width":48,"height":9}},{"id":"340daaf5-de56-4beb-a450-e6fada250b3c","block_type":"box","text":"2.18%","page_number":86,"box":{"x":863,"y":233,"width":36,"height":8}},{"id":"d382f37f-1511-4793-99f1-6d8a8bf6ba70","block_type":"box","text":"6,288","page_number":86,"box":{"x":157,"y":248,"width":32,"height":9}},{"id":"89625d32-15c0-4774-bd3c-3607056c5681","block_type":"box","text":"Cheyne Global Credit Fund","page_number":86,"box":{"x":210,"y":247,"width":161,"height":11}},{"id":"eede91e8-09ee-4452-92cc-59038542b601","block_type":"box","text":"773,435","page_number":86,"box":{"x":761,"y":248,"width":47,"height":9}},{"id":"c09a7f03-1fcb-4752-8cdd-55e4bd02f788","block_type":"box","text":"2.17%","page_number":86,"box":{"x":863,"y":248,"width":36,"height":7}},{"id":"c8516de3-318a-4d8b-8d4f-5ea857773398","block_type":"box","text":"117,135","page_number":86,"box":{"x":142,"y":262,"width":47,"height":9}},{"id":"049bc1bb-9e42-4569-9120-a98c565e9998","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":86,"box":{"x":210,"y":261,"width":307,"height":9}},{"id":"af59554c-1b03-4da1-a945-187893d7f567","block_type":"box","text":"1,441,927","page_number":86,"box":{"x":750,"y":262,"width":58,"height":9}},{"id":"49b01723-f00f-4df5-b043-e143f26a1763","block_type":"box","text":"4.05%","page_number":86,"box":{"x":862,"y":262,"width":37,"height":8}},{"id":"3704dc8f-ace6-42c3-a518-0c07c59206ba","block_type":"box","text":"483,955","page_number":86,"box":{"x":141,"y":276,"width":48,"height":9}},{"id":"789b0caa-a9a4-4eac-956f-1e2aa0a55b14","block_type":"box","text":"ES Alliance Bernstein Concentrated US Equity Fund","page_number":86,"box":{"x":210,"y":276,"width":308,"height":10}},{"id":"6eb58d07-c28a-4404-ae15-4e88c716c760","block_type":"box","text":"860,956","page_number":86,"box":{"x":761,"y":276,"width":47,"height":9}},{"id":"a1760669-8e8b-4589-987d-62578e875e38","block_type":"box","text":"2.42%","page_number":86,"box":{"x":863,"y":276,"width":36,"height":8}},{"id":"a5e36672-28dd-4462-bfbe-4545af1e60d9","block_type":"box","text":"1,356,123","page_number":86,"box":{"x":131,"y":290,"width":58,"height":9}},{"id":"c642974f-f901-40f8-aea6-951583f670f5","block_type":"box","text":"FTF Brandywine Global Income Optimiser Fund","page_number":86,"box":{"x":210,"y":290,"width":285,"height":11}},{"id":"52a0c1e7-0060-437a-94db-a79de104b6b7","block_type":"box","text":"1,760,248","page_number":86,"box":{"x":750,"y":290,"width":58,"height":9}},{"id":"ebe7e0c4-9127-49b8-8f58-2e92c8a62c4c","block_type":"box","text":"4.94%","page_number":86,"box":{"x":862,"y":290,"width":37,"height":8}},{"id":"5c8db479-4991-4f95-acf0-44f428cfcd5c","block_type":"box","text":"38,583","page_number":86,"box":{"x":149,"y":305,"width":40,"height":9}},{"id":"1ee6cc5e-402f-483d-ad30-9a0f362be094","block_type":"box","text":"Goldman Sachs EM Ex-China CORE® Equity Fund","page_number":86,"box":{"x":210,"y":304,"width":297,"height":11}},{"id":"893ccde7-e7ae-4980-a428-badec1d58579","block_type":"box","text":"738,099","page_number":86,"box":{"x":761,"y":305,"width":47,"height":9}},{"id":"8a12ca4e-5135-4983-b32b-c1ca12a2fb44","block_type":"box","text":"2.07%","page_number":86,"box":{"x":863,"y":305,"width":36,"height":7}},{"id":"05ebc275-24e9-4178-9c69-e9aab4858ffc","block_type":"box","text":"3,855","page_number":86,"box":{"x":157,"y":319,"width":32,"height":9}},{"id":"e7b3e757-3329-426f-be35-913963f106b9","block_type":"box","text":"Harrington Cooper Snyder US All Cap Equity Fund","page_number":86,"box":{"x":210,"y":318,"width":300,"height":11}},{"id":"30090bb5-dfa1-4395-ac02-f4b91e46db52","block_type":"box","text":"572,597","page_number":86,"box":{"x":761,"y":319,"width":47,"height":9}},{"id":"ca41d221-3feb-465c-9c3c-d262aeaf909e","block_type":"box","text":"1.61%","page_number":86,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"3823a3dc-2b3b-4111-b010-1813edad60f1","block_type":"box","text":"72,900","page_number":86,"box":{"x":149,"y":333,"width":40,"height":9}},{"id":"382aa95c-ebdf-4c12-82fd-f219da5df2ec","block_type":"box","text":"HSBC American Index Fund","page_number":86,"box":{"x":210,"y":333,"width":164,"height":8}},{"id":"ee4bff2c-3a9c-47fa-bba7-81bd56ea9009","block_type":"box","text":"1,113,188","page_number":86,"box":{"x":750,"y":333,"width":58,"height":9}},{"id":"caaa5ef6-4320-42be-8e38-1e50b6c582cc","block_type":"box","text":"3.13%","page_number":86,"box":{"x":863,"y":333,"width":36,"height":8}},{"id":"efef9717-be49-43f4-8d09-1b227fc00acf","block_type":"box","text":"21,772","page_number":86,"box":{"x":149,"y":347,"width":40,"height":9}},{"id":"8bff2d81-a566-43cd-940c-2c8e867fd573","block_type":"box","text":"HSBC European Index Fund","page_number":86,"box":{"x":210,"y":347,"width":166,"height":11}},{"id":"e23de660-6060-402e-a962-1a07fde22164","block_type":"box","text":"375,781","page_number":86,"box":{"x":761,"y":347,"width":45,"height":9}},{"id":"9d56966a-2eb6-4201-9ecc-a98be3e99c95","block_type":"box","text":"1.06%","page_number":86,"box":{"x":863,"y":347,"width":36,"height":8}},{"id":"ecea456a-c9c9-4a3e-a708-1af7152d7435","block_type":"box","text":"80,491","page_number":86,"box":{"x":149,"y":362,"width":38,"height":9}},{"id":"c590d7ab-5a7b-4033-8778-0e10405179ae","block_type":"box","text":"Invesco Perpetual UK Enhanced Index Fund","page_number":86,"box":{"x":210,"y":361,"width":263,"height":11}},{"id":"a2d4cab5-7aa7-4aad-9c28-ad60c50e7549","block_type":"box","text":"802,796","page_number":86,"box":{"x":761,"y":362,"width":47,"height":9}},{"id":"3159877e-0295-4739-a044-92acbe0916aa","block_type":"box","text":"2.25%","page_number":86,"box":{"x":863,"y":362,"width":36,"height":7}},{"id":"30cf3996-9401-43d4-909a-75dcb5ee76b4","block_type":"box","text":"226,319","page_number":86,"box":{"x":142,"y":376,"width":47,"height":9}},{"id":"adc8ee62-ad69-4a8b-a9cb-cb021c21d6d8","block_type":"box","text":"iShares UK Equity Index Fund","page_number":86,"box":{"x":210,"y":375,"width":177,"height":11}},{"id":"23da1b13-2925-4c3c-9f34-e0f1b5189439","block_type":"box","text":"905,899","page_number":86,"box":{"x":761,"y":376,"width":47,"height":9}},{"id":"816533ee-a004-4325-8d63-fb7cb71aba08","block_type":"box","text":"2.54%","page_number":86,"box":{"x":863,"y":376,"width":36,"height":8}},{"id":"6be06f6f-35d1-4664-8eba-583882b56ffe","block_type":"box","text":"112,938","page_number":86,"box":{"x":142,"y":390,"width":47,"height":9}},{"id":"dc76492e-fa82-4e4f-8778-1e1d5d245203","block_type":"box","text":"Janus Henderson Global Multi-Strategy Fund","page_number":86,"box":{"x":208,"y":390,"width":271,"height":10}},{"id":"28cd1175-ec40-4bb2-aa5a-749816b8dfe3","block_type":"box","text":"1,397,734","page_number":86,"box":{"x":750,"y":390,"width":59,"height":9}},{"id":"ccc987e0-b925-4d8e-a7ef-ffbdefaac85a","block_type":"box","text":"3.93%","page_number":86,"box":{"x":863,"y":390,"width":36,"height":8}},{"id":"a6877352-f166-4782-86e3-9028dbc02e50","block_type":"box","text":"82,725","page_number":86,"box":{"x":149,"y":404,"width":40,"height":9}},{"id":"2694a6ec-9ffa-491f-bc98-a514c854d8c0","block_type":"box","text":"JPM Europe Dynamic ex-UK Fund","page_number":86,"box":{"x":208,"y":404,"width":201,"height":11}},{"id":"77b47dab-d060-42d9-b4d1-988672177546","block_type":"box","text":"399,150","page_number":86,"box":{"x":761,"y":404,"width":47,"height":9}},{"id":"eff9156b-ab10-4af1-8e28-5c39a950757a","block_type":"box","text":"1.12%","page_number":86,"box":{"x":863,"y":404,"width":36,"height":8}},{"id":"a28afa5b-87c5-4f2d-9e00-bef27e623df3","block_type":"box","text":"23,351","page_number":86,"box":{"x":149,"y":419,"width":38,"height":9}},{"id":"d676ba3b-5664-4f2c-8dd3-8119a14cde54","block_type":"box","text":"JPM Japan Fund","page_number":86,"box":{"x":208,"y":418,"width":96,"height":11}},{"id":"b2503feb-1faa-4ab6-9afc-2db3353e231f","block_type":"box","text":"108,911","page_number":86,"box":{"x":761,"y":419,"width":45,"height":9}},{"id":"3a970fde-cf7b-41ad-b79c-88ef8ab1ac06","block_type":"box","text":"0.31%","page_number":86,"box":{"x":863,"y":419,"width":36,"height":7}},{"id":"b6f5b9f6-f4b8-47c3-8aa9-8d5b0b36e260","block_type":"box","text":"189,600","page_number":86,"box":{"x":142,"y":433,"width":47,"height":9}},{"id":"13a7a870-132f-49ab-949b-ad4c1ae223b6","block_type":"box","text":"Jupiter Merian North American Equity Fund","page_number":86,"box":{"x":208,"y":432,"width":264,"height":11}},{"id":"520cf5b2-5725-4040-baa2-bcd3d99f1702","block_type":"box","text":"1,109,180","page_number":86,"box":{"x":750,"y":433,"width":58,"height":9}},{"id":"2d921dab-24fd-4ed4-a553-fe91c9adba45","block_type":"box","text":"3.12%","page_number":86,"box":{"x":863,"y":433,"width":36,"height":8}},{"id":"0706c727-962f-4861-b0c0-40309209dbd6","block_type":"box","text":"101,494","page_number":86,"box":{"x":142,"y":447,"width":48,"height":9}},{"id":"8a5a55f8-eae1-4c6a-8203-6cb554c376df","block_type":"box","text":"Jupiter UK Special Situations Fund","page_number":86,"box":{"x":208,"y":447,"width":206,"height":10}},{"id":"282c53d1-2a94-4076-ab3e-7535a7c33c23","block_type":"box","text":"447,345","page_number":86,"box":{"x":760,"y":447,"width":48,"height":9}},{"id":"aabff858-abd6-4345-a2a7-07bc5ca4fb21","block_type":"box","text":"1.26%","page_number":86,"box":{"x":863,"y":447,"width":36,"height":8}},{"id":"3f40a208-88c0-4309-921d-cb46d7e8da1d","block_type":"box","text":"84,755","page_number":86,"box":{"x":149,"y":461,"width":40,"height":9}},{"id":"4c2b1d3a-8a9c-4f5d-8931-bec01fe55591","block_type":"box","text":"Liontrust European Dynamic Fund","page_number":86,"box":{"x":210,"y":461,"width":206,"height":11}},{"id":"5921f9ab-c687-49b6-87f1-844d21ecf2cc","block_type":"box","text":"403,487","page_number":86,"box":{"x":760,"y":461,"width":48,"height":9}},{"id":"3206fa9a-e682-4eff-b937-97c357a78d87","block_type":"box","text":"1.13%","page_number":86,"box":{"x":863,"y":461,"width":36,"height":8}},{"id":"284c7ede-e71b-4f01-b9c2-c6467037f8d0","block_type":"box","text":"164,812","page_number":86,"box":{"x":142,"y":476,"width":47,"height":9}},{"id":"8eac0b80-ee6b-480c-8d56-72675c6a864d","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":86,"box":{"x":210,"y":475,"width":284,"height":11}},{"id":"da4dfca6-748b-4760-a79c-a9f8eceb7cb3","block_type":"box","text":"1,882,158","page_number":86,"box":{"x":750,"y":476,"width":58,"height":9}},{"id":"1bad5780-4987-4828-ac78-f4e2064ad5ab","block_type":"box","text":"5.29%","page_number":86,"box":{"x":863,"y":476,"width":36,"height":7}},{"id":"2e222aaa-be14-417d-952c-679d9e9fe61b","block_type":"box","text":"97,493","page_number":86,"box":{"x":149,"y":490,"width":40,"height":9}},{"id":"989c012e-d404-47d4-aea0-3c84bf48e93f","block_type":"box","text":"M&G Japan Fund","page_number":86,"box":{"x":210,"y":489,"width":101,"height":11}},{"id":"ec5b813a-5ddd-4e65-9261-bf16d79e1139","block_type":"box","text":"217,935","page_number":86,"box":{"x":761,"y":490,"width":47,"height":9}},{"id":"c955d0c1-f923-46e4-bf44-dcea30407c7f","block_type":"box","text":"0.61%","page_number":86,"box":{"x":863,"y":490,"width":36,"height":8}},{"id":"1ceee807-2861-444e-93da-fefb36fe7cd6","block_type":"box","text":"76,041","page_number":86,"box":{"x":149,"y":504,"width":38,"height":9}},{"id":"5ac1b76e-5260-4ac7-9a49-963be50b456a","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":86,"box":{"x":210,"y":504,"width":363,"height":10}},{"id":"9b7abbc5-42df-465c-96da-ba9e2edaea58","block_type":"box","text":"2,126,872","page_number":86,"box":{"x":750,"y":504,"width":58,"height":9}},{"id":"a60f0179-4b91-42d3-aafb-41f72d56a9df","block_type":"box","text":"5.97%","page_number":86,"box":{"x":863,"y":504,"width":36,"height":8}},{"id":"a5cb8dc3-572e-4998-8ab4-cb95b270a3af","block_type":"box","text":"53,372","page_number":86,"box":{"x":150,"y":518,"width":39,"height":9}},{"id":"5b73e1d2-b809-4daa-b74f-797339ecb727","block_type":"box","text":"RGI UK Opportunities Fund","page_number":86,"box":{"x":210,"y":518,"width":163,"height":11}},{"id":"02a039b3-ee09-44e6-bee5-415403547f54","block_type":"box","text":"448,764","page_number":86,"box":{"x":760,"y":518,"width":49,"height":9}},{"id":"d5d560d4-49d5-4237-9e2b-57217369b419","block_type":"box","text":"1.26%","page_number":86,"box":{"x":863,"y":518,"width":36,"height":8}},{"id":"78452040-ec05-42e6-ac33-558aab36e3f8","block_type":"box","text":"9,768","page_number":86,"box":{"x":157,"y":533,"width":32,"height":9}},{"id":"1dce9974-4030-4e60-92f8-4f5a3a31dfff","block_type":"box","text":"Robeco QI Dynamic High Yield Fund","page_number":86,"box":{"x":210,"y":532,"width":216,"height":11}},{"id":"2d999211-efed-4e5d-a161-b057752fccd5","block_type":"box","text":"1,322,225","page_number":86,"box":{"x":750,"y":533,"width":58,"height":9}},{"id":"4cb34101-2fc6-4d2f-b860-272e70ae1ef8","block_type":"box","text":"3.71%","page_number":86,"box":{"x":863,"y":533,"width":36,"height":7}},{"id":"6ff551df-d4f5-40b9-bd5b-84e2f7966503","block_type":"box","text":"10,483","page_number":86,"box":{"x":150,"y":547,"width":39,"height":9}},{"id":"0e40a238-dcb4-495b-8668-2e0e8ff9f9cd","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":86,"box":{"x":209,"y":546,"width":211,"height":11}},{"id":"de51f85d-7f68-4ae3-afbc-55fddb1a21c7","block_type":"box","text":"1,131,201","page_number":86,"box":{"x":750,"y":547,"width":56,"height":9}},{"id":"6ead5536-bec1-4375-94a0-5e63c1bcd74c","block_type":"box","text":"3.18%","page_number":86,"box":{"x":863,"y":547,"width":36,"height":8}},{"id":"32bd73dc-ac66-498f-9ebf-d7b129ab683c","block_type":"box","text":"20,439","page_number":86,"box":{"x":149,"y":561,"width":40,"height":9}},{"id":"4400c610-615d-4cc5-9e59-443383c80d2e","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":86,"box":{"x":209,"y":561,"width":265,"height":10}},{"id":"5ffd9bde-23ff-4357-b890-cf88671e2bad","block_type":"box","text":"1,726,524","page_number":86,"box":{"x":750,"y":561,"width":59,"height":9}},{"id":"232faf16-f8af-4338-9266-3fd027202027","block_type":"box","text":"4.85%","page_number":86,"box":{"x":862,"y":561,"width":37,"height":8}},{"id":"46a89e40-ac32-4492-a62a-2b115d3a0d5d","block_type":"box","text":"24,083,233","page_number":86,"box":{"x":742,"y":582,"width":66,"height":9}},{"id":"ae6003bd-0b4c-4037-b253-092ba819b92a","block_type":"box","text":"67.64%","page_number":86,"box":{"x":855,"y":582,"width":44,"height":8}},{"id":"be414ec9-4f09-46c8-bc64-aff0edbc878a","block_type":"box","text":"Exchange Traded Funds (30.04.2025: 3.86%)","page_number":86,"box":{"x":210,"y":603,"width":287,"height":10}},{"id":"3036f3b1-5861-4b5f-9bae-a1c4f27360bf","block_type":"box","text":"4,786","page_number":86,"box":{"x":156,"y":617,"width":33,"height":9}},{"id":"6d0066cd-2200-4d69-9e78-451190a91cb1","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":86,"box":{"x":209,"y":617,"width":243,"height":11}},{"id":"e3c9bfbe-da9f-474f-b35f-55e178b58e86","block_type":"box","text":"427,247","page_number":86,"box":{"x":760,"y":617,"width":48,"height":9}},{"id":"9112cf7c-f225-415a-ae6b-b41a2f247577","block_type":"box","text":"1.20%","page_number":86,"box":{"x":863,"y":617,"width":36,"height":8}},{"id":"57cc86f6-9105-4cdc-9e72-cccd7d9a9403","block_type":"box","text":"3,669","page_number":86,"box":{"x":157,"y":632,"width":32,"height":9}},{"id":"dd67401e-c4e9-4af8-b881-e2a8346cac4e","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":86,"box":{"x":209,"y":631,"width":188,"height":11}},{"id":"623c9816-e586-4564-b155-eeaa05411c78","block_type":"box","text":"107,136","page_number":86,"box":{"x":761,"y":632,"width":47,"height":9}},{"id":"890389fc-e377-445c-91a8-85ed4ec545eb","block_type":"box","text":"0.30%","page_number":86,"box":{"x":863,"y":632,"width":36,"height":7}},{"id":"ac07f083-80cb-4efe-9dfa-d0b1319330fd","block_type":"box","text":"352,178","page_number":86,"box":{"x":142,"y":646,"width":47,"height":9}},{"id":"20cef3be-7496-4650-b837-abd72b75d0cc","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":86,"box":{"x":210,"y":645,"width":239,"height":11}},{"id":"6cdc60be-da3f-4a36-aea8-eb2d60db0720","block_type":"box","text":"3,557,171","page_number":86,"box":{"x":750,"y":646,"width":56,"height":9}},{"id":"573ef1b6-3933-4477-a273-26eeb4145f8f","block_type":"box","text":"9.99%","page_number":86,"box":{"x":863,"y":646,"width":36,"height":8}},{"id":"597002bd-f16d-41e3-9692-4986b4dbeea6","block_type":"box","text":"108,674","page_number":86,"box":{"x":142,"y":660,"width":48,"height":9}},{"id":"abacaaf1-0679-49fe-afd5-cc8cc5dbf11e","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":86,"box":{"x":210,"y":660,"width":240,"height":10}},{"id":"3a7def40-7196-4244-94eb-fb65e04c4e61","block_type":"box","text":"1,269,303","page_number":86,"box":{"x":750,"y":660,"width":58,"height":9}},{"id":"45da58d9-2ec3-488d-860c-0b04478726d9","block_type":"box","text":"3.56%","page_number":86,"box":{"x":863,"y":660,"width":36,"height":8}},{"id":"8bfdbfcf-8fcc-43ac-8c5d-6898d24d254b","block_type":"box","text":"512,387","page_number":86,"box":{"x":142,"y":674,"width":47,"height":9}},{"id":"76a84298-8f52-47dc-a54d-7982a3b70fd7","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":86,"box":{"x":210,"y":674,"width":255,"height":8}},{"id":"95f2c923-36b2-4486-959a-29e39ba5acb1","block_type":"box","text":"5,328,107","page_number":86,"box":{"x":750,"y":674,"width":58,"height":9}},{"id":"841298fe-de01-4d73-82cf-ea4088e73891","block_type":"box","text":"14.96%","page_number":86,"box":{"x":856,"y":674,"width":43,"height":8}},{"id":"dec5e98d-43f0-4755-8a71-371fd39d02f9","block_type":"box","text":"65,782","page_number":86,"box":{"x":149,"y":689,"width":40,"height":9}},{"id":"290f6da0-ece5-485f-97ca-d22b2ecebafe","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":86,"box":{"x":210,"y":688,"width":338,"height":11}},{"id":"07034032-d233-4daf-be9c-9f658b6da8b5","block_type":"box","text":"580,377","page_number":86,"box":{"x":761,"y":689,"width":47,"height":9}},{"id":"ec14d49a-834a-4c27-af40-e6a5cd719383","block_type":"box","text":"1.64%","page_number":86,"box":{"x":863,"y":689,"width":36,"height":7}},{"id":"61d47e63-5911-4be0-a93c-eea23d759f28","block_type":"box","text":"11,269,341","page_number":86,"box":{"x":743,"y":710,"width":63,"height":9}},{"id":"bfe926f4-a32e-4e88-88c3-13b12debb4e3","block_type":"box","text":"31.65%","page_number":86,"box":{"x":855,"y":710,"width":44,"height":7}},{"id":"f8c671cf-622f-4fa2-a771-8d5071bee923","block_type":"box","text":"Portfolio of investments (30.04.2025: 99.25%)","page_number":86,"box":{"x":210,"y":738,"width":300,"height":10}},{"id":"2d41e215-6259-46c5-ab31-d080b653f8a9","block_type":"box","text":"35,352,574","page_number":86,"box":{"x":738,"y":738,"width":71,"height":9}},{"id":"40b0af87-8982-48c3-9880-b9d7c73f02a4","block_type":"box","text":"99.29%","page_number":86,"box":{"x":852,"y":738,"width":47,"height":8}},{"id":"4d12a811-5f3f-46f9-a239-f16313219277","block_type":"box","text":"Net other assets (30.04.2025: 0.75%)","page_number":86,"box":{"x":210,"y":752,"width":240,"height":10}},{"id":"87af21ed-3fad-43a7-b6ea-406694f0c09f","block_type":"box","text":"254,572","page_number":86,"box":{"x":758,"y":752,"width":50,"height":10}},{"id":"cfbef7dd-0b18-45c2-a8e1-6a9689a5f21d","block_type":"box","text":"0.71%","page_number":86,"box":{"x":860,"y":752,"width":39,"height":8}},{"id":"b44e0b2f-004e-4426-8d77-0924fbcc8a71","block_type":"box","text":"35,607,146","page_number":86,"box":{"x":738,"y":773,"width":71,"height":9}},{"id":"6120de57-fa93-4083-9132-f069a56e57fe","block_type":"box","text":"100.00%","page_number":86,"box":{"x":844,"y":773,"width":55,"height":8}},{"id":"0d1cd148-28e2-4cf6-85c6-7cd2ae1e912e","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":86,"box":{"x":498,"y":38,"width":404,"height":17}},{"id":"4fd249b0-b460-4bed-b7b4-4f81304b918f","block_type":"box","text":"81","page_number":86,"box":{"x":967,"y":960,"width":15,"height":9}},{"id":"e2b8794d-a925-4033-aa2f-ea8f5a3205e4","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":87,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"4d6b63a0-5acd-4c3f-8c3d-89fdd6170f52","block_type":"box","text":"£","page_number":87,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"8d9d0396-e62d-48d3-a12a-21baafc37152","block_type":"box","text":"Total purchases for the year (note 14)","page_number":87,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"795aabd6-e360-4420-8ed6-0c9911a2d204","block_type":"box","text":"20,701,122","page_number":87,"box":{"x":643,"y":143,"width":70,"height":10}},{"id":"51b59e60-bc4f-4c2b-b8f6-63d70c8e1427","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":87,"box":{"x":96,"y":174,"width":254,"height":8}},{"id":"59f36112-9bc8-40c9-a245-f267202cb63c","block_type":"box","text":"3,449,316","page_number":87,"box":{"x":654,"y":174,"width":59,"height":9}},{"id":"3979c0db-f07e-4567-870a-5a16111956e6","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":87,"box":{"x":96,"y":189,"width":363,"height":11}},{"id":"30372b3e-82d8-4836-9dc6-bafa088de1e7","block_type":"box","text":"2,017,556","page_number":87,"box":{"x":654,"y":190,"width":59,"height":9}},{"id":"27f99968-a615-45b3-97bb-585cb372d0c9","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":87,"box":{"x":96,"y":205,"width":306,"height":8}},{"id":"ba1ab578-14ca-4d77-a8b8-b1ba292c203f","block_type":"box","text":"1,582,340","page_number":87,"box":{"x":655,"y":205,"width":58,"height":9}},{"id":"1fb017de-5d9e-4a17-ad18-403ecd2dc974","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":87,"box":{"x":96,"y":220,"width":239,"height":11}},{"id":"fe0ae530-1e1b-49cd-a3ff-a544decab33d","block_type":"box","text":"1,354,433","page_number":87,"box":{"x":655,"y":221,"width":58,"height":9}},{"id":"d84231be-84f8-4523-ba20-c94d27610b8e","block_type":"box","text":"iShares UK Equity Index Fund","page_number":87,"box":{"x":96,"y":236,"width":176,"height":10}},{"id":"8d97832c-72b8-461c-9da0-d5ffb179e545","block_type":"box","text":"1,269,337","page_number":87,"box":{"x":655,"y":236,"width":58,"height":9}},{"id":"183438f7-f159-49ca-80bb-76309e5b3c16","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":87,"box":{"x":95,"y":251,"width":265,"height":11}},{"id":"761d14ec-108a-49df-bb27-62ccbcf700a0","block_type":"box","text":"900,775","page_number":87,"box":{"x":666,"y":251,"width":47,"height":10}},{"id":"2a28e968-dee2-4d53-9e5c-f9c27258652f","block_type":"box","text":"HSBC American Index Fund","page_number":87,"box":{"x":96,"y":267,"width":164,"height":8}},{"id":"7b00174d-3e37-45f3-be2d-ee985ea5d6f3","block_type":"box","text":"857,030","page_number":87,"box":{"x":666,"y":267,"width":47,"height":9}},{"id":"869b86b7-ff81-4fce-be1c-6490e03d0dfa","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":87,"box":{"x":96,"y":282,"width":284,"height":11}},{"id":"509e3a6c-e649-4ea3-bac0-61f86b89d57d","block_type":"box","text":"819,155","page_number":87,"box":{"x":666,"y":282,"width":47,"height":9}},{"id":"6a8fb40a-02e3-4033-9bbd-ed9161cf1ca5","block_type":"box","text":"iShares UK Equity Index Fund","page_number":87,"box":{"x":96,"y":297,"width":176,"height":11}},{"id":"ebf288a2-ee90-49f4-9769-e7adfb6c7a0e","block_type":"box","text":"652,723","page_number":87,"box":{"x":666,"y":298,"width":47,"height":9}},{"id":"c34c504b-c59e-4d72-bbbb-89e6523a8e59","block_type":"box","text":"Robeco QI Dynamic High Yield Fund","page_number":87,"box":{"x":96,"y":313,"width":215,"height":11}},{"id":"32be70b2-d2f4-4c47-bb9a-be133c39dbb1","block_type":"box","text":"650,740","page_number":87,"box":{"x":666,"y":313,"width":47,"height":9}},{"id":"14efe89f-e279-42f4-83d6-05c2d0996657","block_type":"box","text":"Various other purchases","page_number":87,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"24e77b9c-6b3e-4332-b268-0d960b160965","block_type":"box","text":"7,147,717","page_number":87,"box":{"x":654,"y":329,"width":59,"height":9}},{"id":"59936bb6-d07c-4cfb-9008-2de03d15a1e7","block_type":"box","text":"£","page_number":87,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"30f34bb7-4b7a-4c99-ab54-00dc61399ffc","block_type":"box","text":"Total sales for the year (note 14)","page_number":87,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"9f1d313a-e54f-4c43-aade-dd17c37134f5","block_type":"box","text":"21,149,622","page_number":87,"box":{"x":643,"y":375,"width":70,"height":9}},{"id":"3f5b9b4e-0fe7-462d-b7b5-19ac544d05b5","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":87,"box":{"x":96,"y":406,"width":239,"height":10}},{"id":"9fde1b10-5034-4570-a6ca-11fcea525cad","block_type":"box","text":"2,442,508","page_number":87,"box":{"x":654,"y":406,"width":59,"height":9}},{"id":"ab9a8b2c-94db-485e-a9ab-3013de76a958","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":87,"box":{"x":96,"y":421,"width":254,"height":8}},{"id":"fe55e8b4-838e-4e14-a660-ed12c8ac5c99","block_type":"box","text":"2,229,631","page_number":87,"box":{"x":654,"y":421,"width":57,"height":9}},{"id":"ce28468d-35ee-418c-84d6-4daef5b1f976","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":87,"box":{"x":96,"y":436,"width":284,"height":11}},{"id":"1ee0e60c-e5dc-488b-bbc3-4e9219d70d85","block_type":"box","text":"2,033,951","page_number":87,"box":{"x":654,"y":437,"width":57,"height":9}},{"id":"f926be43-e1cc-47c8-8226-76076949b850","block_type":"box","text":"iShares UK Equity Index Fund","page_number":87,"box":{"x":96,"y":452,"width":176,"height":11}},{"id":"f1971f17-0cd4-40c7-8b4c-bf5e4a0d2e86","block_type":"box","text":"1,945,262","page_number":87,"box":{"x":655,"y":452,"width":58,"height":9}},{"id":"a54ad0d8-9f88-4ca0-89c0-e005568a8917","block_type":"box","text":"Neuberger Berman Uncorrelated Strategies Fund","page_number":87,"box":{"x":96,"y":467,"width":298,"height":11}},{"id":"1c279238-87b8-4645-9d0e-651151a68741","block_type":"box","text":"1,688,058","page_number":87,"box":{"x":655,"y":468,"width":58,"height":9}},{"id":"9a91cdc4-2d30-45c5-a2f4-375e49727856","block_type":"box","text":"Barings Emerging Markets Debt Blended Total Return Fund","page_number":87,"box":{"x":96,"y":483,"width":357,"height":10}},{"id":"55294566-2216-4883-abfa-cd7cbf5f46d0","block_type":"box","text":"1,512,971","page_number":87,"box":{"x":655,"y":483,"width":56,"height":9}},{"id":"ef055421-6ae2-484c-997b-5b68dd88bf23","block_type":"box","text":"iShares $ Treasury Bond 20+yr ETF","page_number":87,"box":{"x":96,"y":498,"width":209,"height":11}},{"id":"6d4310e9-74ba-4aa5-bc34-6a661012c1bb","block_type":"box","text":"686,769","page_number":87,"box":{"x":666,"y":499,"width":47,"height":9}},{"id":"aed11e87-b7f8-4601-81de-0c181b5d3c82","block_type":"box","text":"HSBC Global Emerging Market Government Bond Index Fund","page_number":87,"box":{"x":96,"y":514,"width":370,"height":10}},{"id":"eb225296-3310-43fa-8071-4e31c94700dd","block_type":"box","text":"674,760","page_number":87,"box":{"x":666,"y":514,"width":47,"height":9}},{"id":"ae2df888-1f6a-434a-9863-695e4784aa21","block_type":"box","text":"Jupiter Merian North American Equity Fund","page_number":87,"box":{"x":94,"y":529,"width":264,"height":11}},{"id":"e3185f5b-e1d7-46e7-80a4-28390c485cc4","block_type":"box","text":"560,334","page_number":87,"box":{"x":666,"y":529,"width":48,"height":10}},{"id":"71903fe4-8ac8-4d2a-86aa-686040aed4e6","block_type":"box","text":"FTF Brandywine Global Income Optimiser Fund","page_number":87,"box":{"x":96,"y":544,"width":285,"height":11}},{"id":"e51c8d47-31a2-4dfb-bffe-1ad771b55e65","block_type":"box","text":"547,728","page_number":87,"box":{"x":666,"y":545,"width":47,"height":9}},{"id":"ec31224f-cc38-4f32-b30d-55b3ec3069bb","block_type":"box","text":"Various other sales","page_number":87,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"986e0f97-21e7-45d1-8904-30f2449dd781","block_type":"box","text":"6,827,650","page_number":87,"box":{"x":655,"y":560,"width":58,"height":9}},{"id":"c2a52141-d73a-43c0-842b-3a4f74432cac","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":87,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"3786bbd3-1bc3-4f1a-a1d0-a97981717842","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":87,"box":{"x":97,"y":38,"width":404,"height":17}},{"id":"6de85ba1-033e-4dec-8e63-8b1771d12c3f","block_type":"box","text":"82","page_number":87,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"b3ae4090-d28f-472d-b547-3d69e2e4a893","block_type":"box","text":"Statement of Total Return","page_number":88,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"9fcff2b1-f6f5-445e-b54c-238a9706e3bc","block_type":"box","text":"for the year ended 30 April 2026","page_number":88,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"ad8c5170-5b19-40f9-9401-18e7320210a9","block_type":"box","text":"30.04.26","page_number":88,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"2ea3ec7c-3887-4d33-a05b-bc639c0f56cc","block_type":"box","text":"30.04.25","page_number":88,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"61ece978-ef20-4675-8e3a-c0e2afe2b1c3","block_type":"box","text":"Note","page_number":88,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"7398acff-71d0-4b72-afd9-ff4348f47bfc","block_type":"box","text":"£","page_number":88,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"45586628-696a-478c-9aa1-027301668019","block_type":"box","text":"£","page_number":88,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"a97d0939-7ed6-4bdd-840d-de50de2970a5","block_type":"box","text":"£","page_number":88,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"2cb45a28-11d4-436c-849f-f8b7c60c7f36","block_type":"box","text":"£","page_number":88,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"db36b3f1-600f-4b5a-9e53-a6ceb431c640","block_type":"box","text":"Income","page_number":88,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"679614a0-1a52-470c-896c-8b0e5415481a","block_type":"box","text":"Net capital","page_number":88,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"e0988829-2220-4ffa-9f0e-67028499f7a9","block_type":"box","text":"2","page_number":88,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"a9301018-bb59-42db-8818-b4e206bd84f1","block_type":"box","text":"2,394,965","page_number":88,"box":{"x":607,"y":169,"width":58,"height":9}},{"id":"d130f50b-15b6-44a9-b036-daa16f76d743","block_type":"box","text":"666,303","page_number":88,"box":{"x":849,"y":169,"width":47,"height":9}},{"id":"cc8bb674-75a1-46ac-bc2c-8768dff2f878","block_type":"box","text":"Revenue","page_number":88,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"dedf7e14-783b-4d10-8e43-9eb84048f1ec","block_type":"box","text":"3","page_number":88,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"0b4dad91-3f5c-49f9-b9ac-a54c1c702432","block_type":"box","text":"871,538","page_number":88,"box":{"x":504,"y":184,"width":47,"height":9}},{"id":"4f6eeb67-a1c5-4888-9e1d-4499927a3d6a","block_type":"box","text":"1,076,039","page_number":88,"box":{"x":726,"y":184,"width":58,"height":9}},{"id":"b29b8290-98b7-400a-a9c5-59d98e8e7155","block_type":"box","text":"Expenses","page_number":88,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"fbcb0fec-2a28-49c8-97c2-5712f510fe0d","block_type":"box","text":"4","page_number":88,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"40b29c40-d982-4fa4-a507-f9012d52ac73","block_type":"box","text":"(121,332)","page_number":88,"box":{"x":499,"y":200,"width":57,"height":9}},{"id":"54c1ea04-03d8-48bb-934a-5f3eec42f8c9","block_type":"box","text":"(118,226)","page_number":88,"box":{"x":733,"y":200,"width":56,"height":9}},{"id":"36e7b2e6-dce4-47ec-834d-f5c36d9b70fd","block_type":"box","text":"Interest payable and similar charges","page_number":88,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"c1215420-5689-4d19-8997-0745346a01c6","block_type":"box","text":"4","page_number":88,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"82e0ca99-7bdf-47c3-8690-503ddd733f10","block_type":"box","text":"(8,560)","page_number":88,"box":{"x":514,"y":222,"width":42,"height":9}},{"id":"33f84971-7450-4525-b82e-f1a051ef0400","block_type":"box","text":"(23,005)","page_number":88,"box":{"x":740,"y":222,"width":49,"height":9}},{"id":"ff83af74-b1e3-4e24-8675-ccb6d17eab14","block_type":"box","text":"Net revenue before taxation","page_number":88,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"0fb17071-9af7-4665-b96a-6a5524e4a29f","block_type":"box","text":"741,646","page_number":88,"box":{"x":504,"y":244,"width":47,"height":9}},{"id":"d6cce668-09dd-489b-8dea-7e8d80c9449d","block_type":"box","text":"934,808","page_number":88,"box":{"x":737,"y":244,"width":48,"height":9}},{"id":"24a909dc-64b7-4f72-80fb-8b0431c5be44","block_type":"box","text":"Taxation","page_number":88,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"30f449d2-0bd5-4bf3-80c8-9d1c9339d947","block_type":"box","text":"5","page_number":88,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"3035e1d2-7a6a-440b-b66d-4e462eded363","block_type":"box","text":"–","page_number":88,"box":{"x":545,"y":271,"width":6,"height":1}},{"id":"36b38db0-1ac7-422d-895c-3e8c540df56f","block_type":"box","text":"–","page_number":88,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"67789982-1284-4038-96e5-ffa9d54e23ce","block_type":"box","text":"Net revenue after taxation","page_number":88,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"345d1f52-d8a1-4185-a98c-ed43c3e4d0c2","block_type":"box","text":"741,646","page_number":88,"box":{"x":618,"y":289,"width":48,"height":9}},{"id":"c09aefec-4ccd-40d4-ba67-74eb7890cba1","block_type":"box","text":"934,808","page_number":88,"box":{"x":849,"y":289,"width":48,"height":9}},{"id":"3974c345-7743-4c49-9406-635c07f6f36e","block_type":"box","text":"Total return before distributions","page_number":88,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"8f7612f5-9eaa-44f5-96bf-b047d83fc385","block_type":"box","text":"3,136,611","page_number":88,"box":{"x":603,"y":311,"width":61,"height":9}},{"id":"8daa74fa-4edb-4f09-8ea1-7729c00c710a","block_type":"box","text":"1,601,111","page_number":88,"box":{"x":835,"y":311,"width":60,"height":9}},{"id":"852245e4-4349-4b7d-a1e4-b09c2437f31a","block_type":"box","text":"Distributions","page_number":88,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"1f0c854f-7e5f-496c-b008-d1877552febe","block_type":"box","text":"6","page_number":88,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"a2cb2798-b2d3-41ee-8e93-602c5cffcf39","block_type":"box","text":"(762,555)","page_number":88,"box":{"x":614,"y":333,"width":56,"height":9}},{"id":"f3a4c9dd-1179-4039-ad0e-446474ec4aa4","block_type":"box","text":"(914,706)","page_number":88,"box":{"x":845,"y":333,"width":56,"height":9}},{"id":"5cc09a93-3079-4978-a999-7b6bbb7484e3","block_type":"box","text":"Change in net assets attributable to","page_number":88,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"c52b39b1-9597-488e-a341-f178ef807e55","block_type":"box","text":"Shareholders from investment activities","page_number":88,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"b91a73a2-e281-4393-b755-3ea5e93fdacb","block_type":"box","text":"2,374,056","page_number":88,"box":{"x":603,"y":369,"width":63,"height":9}},{"id":"9ccdc38c-52bb-4631-a575-a7191b112581","block_type":"box","text":"686,405","page_number":88,"box":{"x":846,"y":369,"width":50,"height":9}},{"id":"a3ff7d23-4c6e-4ecd-b085-a90dffce9169","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":88,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"d7fd08d6-635a-4b01-87ce-22015389e89b","block_type":"box","text":"for the year ended 30 April 2026","page_number":88,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"01b57886-0e65-4802-a5e1-dbf3f969e5bb","block_type":"box","text":"30.04.26","page_number":88,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"89954c86-6e3c-4ffd-9ead-cd752e39750a","block_type":"box","text":"30.04.25","page_number":88,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"3c1f1745-2478-4dcc-a9ea-e4d55a1e58db","block_type":"box","text":"£","page_number":88,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"cebc080d-d921-4948-a2e7-934531d6caf7","block_type":"box","text":"£","page_number":88,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"204ff765-f7e3-4871-b50b-c08a1ee1d8bf","block_type":"box","text":"£","page_number":88,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"5000573e-d559-4682-88b7-e0c4ab645c7b","block_type":"box","text":"£","page_number":88,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"3229389b-19ed-479b-9044-94034a6d4d50","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":88,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"f60a23a0-51dc-429d-b3d1-bbac5097fa4a","block_type":"box","text":"32,673,565","page_number":88,"box":{"x":596,"y":482,"width":70,"height":9}},{"id":"b6bfa438-1647-4622-8ac1-247c875a3b1d","block_type":"box","text":"37,486,021","page_number":88,"box":{"x":827,"y":482,"width":68,"height":9}},{"id":"45a0e065-4c13-4599-bccb-0ab5f9cffb9f","block_type":"box","text":"Amounts receivable on creation of shares","page_number":88,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"1975dcca-b04a-4202-8948-c8a51e6a4f51","block_type":"box","text":"8,400,727","page_number":88,"box":{"x":493,"y":505,"width":58,"height":9}},{"id":"e1c85569-d17f-4e06-aa87-e4b90e1a1523","block_type":"box","text":"5,479,392","page_number":88,"box":{"x":726,"y":505,"width":58,"height":9}},{"id":"3b53b61f-56a1-4fb8-81e6-4671f370f9e7","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":88,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"e34e5640-3da3-4063-bee9-c8cb8ddceed0","block_type":"box","text":"(8,762,965)","page_number":88,"box":{"x":488,"y":527,"width":68,"height":9}},{"id":"6d51a56b-aaf1-4775-8aba-5a3869036c0f","block_type":"box","text":"(11,859,653)","page_number":88,"box":{"x":714,"y":527,"width":75,"height":9}},{"id":"5a2d620a-5bcc-4037-85d0-b73bdac6931d","block_type":"box","text":"(362,238)","page_number":88,"box":{"x":614,"y":549,"width":56,"height":9}},{"id":"badf6b6f-504d-42a7-8120-cb5ef0cf6418","block_type":"box","text":"(6,380,261)","page_number":88,"box":{"x":833,"y":549,"width":68,"height":9}},{"id":"743ce2bc-0daf-4923-b229-7fa8ad032fdf","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":88,"box":{"x":96,"y":571,"width":300,"height":10}},{"id":"48f0beac-e442-49f6-a200-adcd75393a0d","block_type":"box","text":"from investment activities (see above)","page_number":88,"box":{"x":95,"y":586,"width":231,"height":10}},{"id":"414cfaf1-a622-4482-aa9f-02c81b21cdff","block_type":"box","text":"2,374,056","page_number":88,"box":{"x":607,"y":586,"width":59,"height":10}},{"id":"0b509364-1824-47cd-908f-9913f668b938","block_type":"box","text":"686,405","page_number":88,"box":{"x":849,"y":586,"width":47,"height":10}},{"id":"2247a81e-bf45-4ee8-9fea-d09bc185703e","block_type":"box","text":"Accumulation distributions retained","page_number":88,"box":{"x":95,"y":608,"width":218,"height":9}},{"id":"05571faa-e4ea-4fc0-bd02-2f97215c7ab3","block_type":"box","text":"921,763","page_number":88,"box":{"x":618,"y":609,"width":47,"height":9}},{"id":"60108db6-c582-4989-9005-46a3227e2003","block_type":"box","text":"881,400","page_number":88,"box":{"x":849,"y":609,"width":47,"height":9}},{"id":"d2a09fad-7e91-4593-83f3-8370cfa42c28","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":88,"box":{"x":96,"y":630,"width":311,"height":11}},{"id":"1e4bb8c5-121f-4e73-ac1f-24ef2042a0ee","block_type":"box","text":"35,607,146","page_number":88,"box":{"x":596,"y":631,"width":70,"height":9}},{"id":"61e940c8-0e4f-4b5d-92ca-0efd1b5388d2","block_type":"box","text":"32,673,565","page_number":88,"box":{"x":827,"y":631,"width":69,"height":9}},{"id":"ced0c836-3984-475e-b2fd-765ff1dca5a4","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":88,"box":{"x":498,"y":38,"width":404,"height":17}},{"id":"16342d1a-f8ec-4e15-be69-31f775d7d77e","block_type":"box","text":"83","page_number":88,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"36e2c441-e107-4347-9207-4913e081665d","block_type":"box","text":"Balance Sheet","page_number":89,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"b20d26aa-2323-41c3-9d6f-a2d3965a8583","block_type":"box","text":"as at 30 April 2026","page_number":89,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"11f86562-aabd-4b3e-ac14-0cdf77055262","block_type":"box","text":"30.04.26","page_number":89,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"e7048396-39af-4646-924e-f9403b4002d5","block_type":"box","text":"30.04.25","page_number":89,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"5307270e-ccfb-4788-be2d-af4702751a96","block_type":"box","text":"Note","page_number":89,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"2f3f354b-e821-4179-8460-d6837c4d8a4a","block_type":"box","text":"£","page_number":89,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"7ff1e61e-22cb-4a01-9926-7e3d38cd3e2e","block_type":"box","text":"£","page_number":89,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"4fbbab80-d083-4641-9a0e-1394f64ecf2d","block_type":"box","text":"£","page_number":89,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"b741a953-aed7-4923-a4e7-fe357004d674","block_type":"box","text":"£","page_number":89,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"63099b2e-cedd-4353-92b2-ea1537db0b69","block_type":"box","text":"ASSETS","page_number":89,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"078611e7-9f98-4984-a19b-10b3982626e4","block_type":"box","text":"Investments assets","page_number":89,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"0811d001-1dc7-4859-836c-174573fcf285","block_type":"box","text":"35,352,574","page_number":89,"box":{"x":596,"y":169,"width":70,"height":9}},{"id":"20d478bd-34d2-48e8-97a7-1afdb63e6a9e","block_type":"box","text":"32,430,246","page_number":89,"box":{"x":827,"y":169,"width":70,"height":9}},{"id":"612d9be3-fbf4-4d66-9ea1-9a71b2141baf","block_type":"box","text":"Current assets","page_number":89,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"e30e5c27-97b9-4cd8-8026-c9e19b1ff4bf","block_type":"box","text":"Debtors","page_number":89,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"dddb61bf-805f-497d-bfb9-0882f7b85af3","block_type":"box","text":"7","page_number":89,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"7ef3b2e2-c8c8-46b4-add4-dc02a349f71f","block_type":"box","text":"21,559","page_number":89,"box":{"x":511,"y":207,"width":40,"height":9}},{"id":"a89cd28f-0d47-49eb-b1db-d7a25835a020","block_type":"box","text":"77,253","page_number":89,"box":{"x":744,"y":207,"width":40,"height":9}},{"id":"650a9efc-947e-48dc-9935-6059c7068dd3","block_type":"box","text":"Cash and bank balances","page_number":89,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"57e1b786-2656-40a0-98d4-fea807f8be78","block_type":"box","text":"8","page_number":89,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"3df3609a-9ec6-41a0-abce-c04fd2dbca88","block_type":"box","text":"612,842","page_number":89,"box":{"x":504,"y":222,"width":47,"height":9}},{"id":"7a7a05cf-7db2-4966-b945-580efa4c7bdb","block_type":"box","text":"445,180","page_number":89,"box":{"x":737,"y":222,"width":48,"height":9}},{"id":"15c32858-b056-4e5b-ad7e-5a4c4c2b9640","block_type":"box","text":"Total current assets","page_number":89,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"845ed30f-e434-496d-aadf-d20b998c8636","block_type":"box","text":"634,401","page_number":89,"box":{"x":615,"y":244,"width":49,"height":9}},{"id":"6c879e65-1ce7-4007-95f1-0a88ad713d46","block_type":"box","text":"522,433","page_number":89,"box":{"x":847,"y":244,"width":50,"height":9}},{"id":"ff5d249f-9d0b-4eea-bdc4-7040a8d267c3","block_type":"box","text":"Total assets","page_number":89,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"5f77d61f-ba9c-4ca6-83fa-1cdc143fd45c","block_type":"box","text":"35,986,975","page_number":89,"box":{"x":596,"y":266,"width":70,"height":9}},{"id":"967751af-048a-4b37-9af2-c420317e4e21","block_type":"box","text":"32,952,679","page_number":89,"box":{"x":827,"y":266,"width":70,"height":9}},{"id":"cdd8f71f-6f69-4ee9-90ce-891457373d46","block_type":"box","text":"Current liabilities","page_number":89,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"258b73da-ee2d-42e9-9699-c413ec74e3c9","block_type":"box","text":"Bank overdraft","page_number":89,"box":{"x":106,"y":319,"width":89,"height":8}},{"id":"4068fabc-4d61-4058-855d-d30774902022","block_type":"box","text":"8","page_number":89,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"3f594422-06e8-4234-9d57-0325daf005da","block_type":"box","text":"(257,895)","page_number":89,"box":{"x":499,"y":319,"width":57,"height":10}},{"id":"52b70626-1207-471d-bdcb-a8902a62d9d4","block_type":"box","text":"(128,596)","page_number":89,"box":{"x":733,"y":319,"width":56,"height":10}},{"id":"5cd1e7b3-4859-4113-a7b8-affe378d9942","block_type":"box","text":"Creditors","page_number":89,"box":{"x":105,"y":334,"width":55,"height":9}},{"id":"bc5e4a98-58dc-4353-9e15-5807f6476bf1","block_type":"box","text":"9","page_number":89,"box":{"x":421,"y":335,"width":6,"height":8}},{"id":"5bf27ad1-ef8b-4675-9eda-2b374db168c2","block_type":"box","text":"(121,934)","page_number":89,"box":{"x":499,"y":335,"width":57,"height":9}},{"id":"5dca3018-cb45-40bd-847d-a9200dc1efe7","block_type":"box","text":"(150,518)","page_number":89,"box":{"x":733,"y":335,"width":56,"height":9}},{"id":"f3aad362-8837-4efc-89fa-79f9b1884d4a","block_type":"box","text":"Total current liabilities","page_number":89,"box":{"x":95,"y":357,"width":152,"height":8}},{"id":"733513e2-e9bd-40b9-a4d0-d0b45f59a71a","block_type":"box","text":"(379,829)","page_number":89,"box":{"x":611,"y":357,"width":60,"height":9}},{"id":"e783af53-a807-476d-9040-6f8449619ce6","block_type":"box","text":"(279,114)","page_number":89,"box":{"x":842,"y":357,"width":59,"height":9}},{"id":"028c61f8-d0f8-47a9-8bef-58040eb3b03d","block_type":"box","text":"Net assets attributable to Shareholders","page_number":89,"box":{"x":96,"y":379,"width":261,"height":8}},{"id":"8a42df93-a23b-4e30-b2f2-4fcb48598992","block_type":"box","text":"35,607,146","page_number":89,"box":{"x":596,"y":379,"width":70,"height":9}},{"id":"ba2a1fa8-c228-4600-a2d4-55e2d8a12ea5","block_type":"box","text":"32,673,565","page_number":89,"box":{"x":827,"y":379,"width":69,"height":9}},{"id":"5381dbdd-c1ee-407e-a9b1-04743356eaf8","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":89,"box":{"x":97,"y":38,"width":404,"height":17}},{"id":"f4edc6e9-ed58-42a4-8317-8b08477faad9","block_type":"box","text":"84","page_number":89,"box":{"x":14,"y":960,"width":19,"height":9}},{"id":"30e99652-cc1b-45f7-8001-b82669d64149","block_type":"box","text":"Notes to the Financial Statements","page_number":90,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"af1575c1-4a5a-44a5-a5ae-a71f8b3af802","block_type":"box","text":"for the year ended 30 April 2026","page_number":90,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"b2bf0728-1203-4311-873f-ef8838c1b621","block_type":"box","text":"1. Accounting policies","page_number":90,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"65575c40-6816-4bbb-8ca6-aff2072c1267","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":90,"box":{"x":95,"y":154,"width":641,"height":11}},{"id":"ae135507-6ce4-49b7-8ddc-5aeb4dd87e31","block_type":"box","text":"2. Net capital gains","page_number":90,"box":{"x":95,"y":196,"width":127,"height":10}},{"id":"14f3726b-29c3-4a30-bd97-4c9ffd7e0e1f","block_type":"box","text":"30.04.26","page_number":90,"box":{"x":730,"y":196,"width":55,"height":8}},{"id":"9137c86b-e51d-445b-a22b-41b5418fff8d","block_type":"box","text":"30.04.25","page_number":90,"box":{"x":840,"y":196,"width":54,"height":8}},{"id":"2da4560b-3171-47e0-9639-5c85c1a88b1a","block_type":"box","text":"£","page_number":90,"box":{"x":778,"y":212,"width":7,"height":7}},{"id":"16971360-8e94-4ad3-a42c-d33b192f353a","block_type":"box","text":"£","page_number":90,"box":{"x":888,"y":212,"width":6,"height":7}},{"id":"1bd01280-e78c-4b06-badf-59903487fc52","block_type":"box","text":"The net capital gains comprise:","page_number":90,"box":{"x":95,"y":227,"width":187,"height":10}},{"id":"60914b30-3e68-4460-985c-6c56c246c06c","block_type":"box","text":"Non-derivative securities gains/(losses): realised","page_number":90,"box":{"x":96,"y":245,"width":292,"height":11}},{"id":"9fddeb52-2c34-4611-b0f3-6003f5478ad6","block_type":"box","text":"1,101,990","page_number":90,"box":{"x":726,"y":246,"width":59,"height":9}},{"id":"76e4dbc6-a7e9-4880-95b1-c1762bb6a705","block_type":"box","text":"(19,885)","page_number":90,"box":{"x":850,"y":246,"width":49,"height":9}},{"id":"faa30c83-13bc-4c44-8b0c-aea62357b752","block_type":"box","text":"Non-derivative securities (losses)/gains","page_number":90,"box":{"x":96,"y":264,"width":237,"height":11}},{"id":"3561ac9d-d6ba-4997-9de4-4de103d28c6f","block_type":"box","text":": unrealised","page_number":90,"box":{"x":335,"y":264,"width":69,"height":8}},{"id":"aff613c9-17a7-4f53-b484-dd478cea3767","block_type":"box","text":"1,291,552","page_number":90,"box":{"x":726,"y":265,"width":58,"height":9}},{"id":"207eeecb-e597-4019-a007-363f273ac759","block_type":"box","text":"691,047","page_number":90,"box":{"x":847,"y":265,"width":47,"height":9}},{"id":"a4e6b210-2a28-4fbe-8e37-955ee7c45ac9","block_type":"box","text":"Foreign currency (losses)","page_number":90,"box":{"x":96,"y":283,"width":150,"height":11}},{"id":"de63a00d-31e9-4ddf-a662-de5b5dd68384","block_type":"box","text":"(1,892)","page_number":90,"box":{"x":748,"y":283,"width":41,"height":10}},{"id":"bbf978fc-5b9e-42a9-97a0-5b002c6c52ba","block_type":"box","text":"–","page_number":90,"box":{"x":888,"y":288,"width":6,"height":1}},{"id":"5549e686-18ab-462a-8fe6-bfd60574c913","block_type":"box","text":"Transaction charges (custodian)","page_number":90,"box":{"x":95,"y":302,"width":193,"height":10}},{"id":"db7b2123-3ab5-487f-a97e-048a15ddad5b","block_type":"box","text":"808","page_number":90,"box":{"x":763,"y":302,"width":22,"height":8}},{"id":"3b90807f-d185-4c46-8fa6-da80ce2a0336","block_type":"box","text":"(4,459)","page_number":90,"box":{"x":857,"y":302,"width":42,"height":10}},{"id":"ad9f446d-cac8-4bf9-9233-755ca29dd0b7","block_type":"box","text":"Rebates from underlying holdings","page_number":90,"box":{"x":96,"y":321,"width":205,"height":10}},{"id":"600bbb84-4dbd-441d-8ef5-bcb5d951af31","block_type":"box","text":"2,507","page_number":90,"box":{"x":752,"y":321,"width":33,"height":9}},{"id":"5b356521-7e03-427d-8e3f-d733c9946950","block_type":"box","text":"(400)","page_number":90,"box":{"x":868,"y":321,"width":30,"height":9}},{"id":"26d701f6-7a21-4945-8edc-a5e22bb823e2","block_type":"box","text":"Total net capital gains","page_number":90,"box":{"x":95,"y":343,"width":146,"height":10}},{"id":"553d6dc8-2eea-4fdd-8149-5bb2fe9e842b","block_type":"box","text":"2,394,965","page_number":90,"box":{"x":722,"y":343,"width":63,"height":9}},{"id":"49e57c87-11a6-447d-81d8-6291f33539a5","block_type":"box","text":"666,303","page_number":90,"box":{"x":844,"y":343,"width":50,"height":9}},{"id":"d0585c95-bba1-46f6-8cce-959190c263f8","block_type":"box","text":"3. Revenue","page_number":90,"box":{"x":95,"y":389,"width":72,"height":8}},{"id":"3ae9d7ef-79ae-4e66-9b40-27b91f622a7e","block_type":"box","text":"30.04.26","page_number":90,"box":{"x":730,"y":389,"width":55,"height":8}},{"id":"f0ca14ba-0c60-4bd2-a926-de868f2415b4","block_type":"box","text":"30.04.25","page_number":90,"box":{"x":840,"y":389,"width":54,"height":8}},{"id":"d1d53467-4d75-47b7-a848-0bce3dd2efbb","block_type":"box","text":"£","page_number":90,"box":{"x":778,"y":405,"width":7,"height":8}},{"id":"ef75843d-e6f1-476e-9c90-5cc477f117f2","block_type":"box","text":"£","page_number":90,"box":{"x":888,"y":405,"width":6,"height":8}},{"id":"9a63490a-0bba-4dfb-936e-77c5812a0038","block_type":"box","text":"Non-taxable dividends","page_number":90,"box":{"x":96,"y":427,"width":136,"height":8}},{"id":"e7bb6194-72a5-40be-9fab-80f92be931c1","block_type":"box","text":"144,998","page_number":90,"box":{"x":738,"y":427,"width":47,"height":9}},{"id":"2dc898e1-7785-49be-8483-b3900e1ef8cb","block_type":"box","text":"110,824","page_number":90,"box":{"x":847,"y":427,"width":48,"height":9}},{"id":"4377739c-31c3-4a41-b3ea-c413ee1c94de","block_type":"box","text":"Annual Payment from UK CIS","page_number":90,"box":{"x":95,"y":445,"width":176,"height":11}},{"id":"2f34e1d1-de4d-4a9e-81eb-43433fa08cde","block_type":"box","text":"91","page_number":90,"box":{"x":771,"y":446,"width":12,"height":8}},{"id":"b350e67f-77f3-418f-80e8-368968979e28","block_type":"box","text":"964","page_number":90,"box":{"x":873,"y":446,"width":22,"height":8}},{"id":"8cf6e5b1-78ca-4de2-9b88-b24313db46e2","block_type":"box","text":"Interest from non-derivative securities","page_number":90,"box":{"x":96,"y":464,"width":232,"height":9}},{"id":"e57a4c88-7f66-47a9-b406-c6014337d3da","block_type":"box","text":"655,507","page_number":90,"box":{"x":737,"y":465,"width":48,"height":9}},{"id":"9d9cb658-4ce0-4455-9abd-8c868471b2f1","block_type":"box","text":"881,811","page_number":90,"box":{"x":847,"y":465,"width":45,"height":9}},{"id":"50935641-9d24-424b-9df7-40f9dd65f377","block_type":"box","text":"Rebates from underlying holdings","page_number":90,"box":{"x":96,"y":483,"width":205,"height":11}},{"id":"40922a8d-e5ab-4c1d-92df-43e21744ad88","block_type":"box","text":"49,346","page_number":90,"box":{"x":744,"y":484,"width":41,"height":9}},{"id":"80b4c5d1-6664-4483-9601-be46f4bc4f51","block_type":"box","text":"42,784","page_number":90,"box":{"x":854,"y":484,"width":41,"height":9}},{"id":"80b3a326-c60a-459e-928e-71fccd9c0659","block_type":"box","text":"Bank interest","page_number":90,"box":{"x":96,"y":502,"width":80,"height":8}},{"id":"62c6ce18-f435-4a88-b47b-1995e5ff792e","block_type":"box","text":"21,596","page_number":90,"box":{"x":745,"y":502,"width":40,"height":9}},{"id":"48509c88-6243-4eba-8558-486101d99ab8","block_type":"box","text":"39,656","page_number":90,"box":{"x":854,"y":502,"width":40,"height":9}},{"id":"bc63c56f-0e0f-471a-b886-cb1a18455e85","block_type":"box","text":"Total revenue","page_number":90,"box":{"x":95,"y":524,"width":91,"height":8}},{"id":"9a9a1446-998c-406c-9d94-14e2a88638da","block_type":"box","text":"871,538","page_number":90,"box":{"x":734,"y":525,"width":51,"height":9}},{"id":"77229540-a4ca-4c1a-830a-c178ea6cba9a","block_type":"box","text":"1,076,039","page_number":90,"box":{"x":832,"y":525,"width":62,"height":9}},{"id":"457fc742-48cb-463c-8665-b6fe022947b3","block_type":"box","text":"4. Expenses","page_number":90,"box":{"x":95,"y":571,"width":76,"height":10}},{"id":"ac9a8faa-ddf3-4f77-864f-d7dcb07e4120","block_type":"box","text":"30.04.26","page_number":90,"box":{"x":730,"y":571,"width":55,"height":8}},{"id":"7444d2ed-5599-4e17-9ee1-bb34882aed82","block_type":"box","text":"30.04.25","page_number":90,"box":{"x":840,"y":571,"width":54,"height":8}},{"id":"191c713d-92c2-4858-a721-ab48580acdb7","block_type":"box","text":"£","page_number":90,"box":{"x":778,"y":586,"width":7,"height":8}},{"id":"b8370d9c-b3ff-4111-b473-43c460806454","block_type":"box","text":"£","page_number":90,"box":{"x":888,"y":586,"width":6,"height":8}},{"id":"8a7170d8-124b-4d99-9607-923232b23597","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":90,"box":{"x":96,"y":601,"width":549,"height":11}},{"id":"248d257a-d1a2-409b-8ab8-75d1ff6f16fd","block_type":"box","text":"agents of either of them:","page_number":90,"box":{"x":95,"y":617,"width":149,"height":10}},{"id":"de0daa3c-c9b4-4a14-89fa-a400071b9277","block_type":"box","text":"Annual management charge","page_number":90,"box":{"x":104,"y":636,"width":172,"height":10}},{"id":"ceb493b1-6a59-40a2-a911-a71f4611e0fd","block_type":"box","text":"84,361","page_number":90,"box":{"x":745,"y":636,"width":38,"height":9}},{"id":"85a3e5cf-7232-4741-8b9a-9a45c5ad0d26","block_type":"box","text":"86,969","page_number":90,"box":{"x":854,"y":636,"width":40,"height":9}},{"id":"18a804cd-e2b4-4ed7-9a82-992e832ca87e","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":90,"box":{"x":96,"y":658,"width":514,"height":10}},{"id":"ed2cb5ac-0868-4033-ba84-65fbb8a420e9","block_type":"box","text":"Depositary’s fee","page_number":90,"box":{"x":106,"y":677,"width":95,"height":10}},{"id":"21a20e01-2b07-42a8-924f-ccad15803eb7","block_type":"box","text":"8,094","page_number":90,"box":{"x":752,"y":677,"width":33,"height":9}},{"id":"798b6b4b-8246-4b61-ac4b-4b98fc61b249","block_type":"box","text":"8,412","page_number":90,"box":{"x":862,"y":677,"width":32,"height":9}},{"id":"19d200c8-af4f-4b16-8d7e-28748b12cba6","block_type":"box","text":"Safe custody fee","page_number":90,"box":{"x":105,"y":692,"width":98,"height":11}},{"id":"dd30a003-a1cc-4882-b0da-582b17b2eb2a","block_type":"box","text":"2,960","page_number":90,"box":{"x":752,"y":692,"width":33,"height":10}},{"id":"3b68a502-7fd5-4978-b11c-176bedfbf37d","block_type":"box","text":"3,008","page_number":90,"box":{"x":862,"y":692,"width":32,"height":10}},{"id":"75f277c4-f865-49fb-88f5-c5d519315290","block_type":"box","text":"11,054","page_number":90,"box":{"x":745,"y":715,"width":40,"height":9}},{"id":"2b772ecc-57f6-4386-a795-edb9a7c59d2e","block_type":"box","text":"11,420","page_number":90,"box":{"x":855,"y":715,"width":39,"height":9}},{"id":"b15e0219-aea3-4350-8f83-10250ff75d2b","block_type":"box","text":"Other expenses:","page_number":90,"box":{"x":96,"y":730,"width":97,"height":10}},{"id":"36139886-278c-43ec-804a-3194f29f12b6","block_type":"box","text":"Audit fee*","page_number":90,"box":{"x":104,"y":748,"width":62,"height":9}},{"id":"1094b813-66f0-4ca6-a587-da091927e820","block_type":"box","text":"9,720","page_number":90,"box":{"x":752,"y":749,"width":33,"height":9}},{"id":"f86e0a71-a081-4cfa-885d-b3b0aa9d4b88","block_type":"box","text":"8,150","page_number":90,"box":{"x":862,"y":749,"width":32,"height":9}},{"id":"d0ca21da-b87a-4d24-b78d-7a0e3362d080","block_type":"box","text":"Legal fee","page_number":90,"box":{"x":106,"y":764,"width":52,"height":11}},{"id":"df3980ad-8daf-47cc-8145-f4e74d119a59","block_type":"box","text":"4,500","page_number":90,"box":{"x":752,"y":764,"width":33,"height":9}},{"id":"1c6e8803-2e35-462a-848d-62e6411ccbde","block_type":"box","text":"112","page_number":90,"box":{"x":873,"y":764,"width":21,"height":8}},{"id":"e5cc1ed9-b5ee-48c6-bb8b-0339c132dc90","block_type":"box","text":"Other expenses","page_number":90,"box":{"x":105,"y":779,"width":95,"height":11}},{"id":"2a3e52ff-e3e6-4579-9232-2e6961f2cf43","block_type":"box","text":"11,697","page_number":90,"box":{"x":745,"y":780,"width":40,"height":9}},{"id":"d89c9e41-5c58-4f06-844a-e8c1a25f47e9","block_type":"box","text":"11,575","page_number":90,"box":{"x":855,"y":780,"width":39,"height":9}},{"id":"bd127aff-c775-4360-9f09-01bb5ae554a3","block_type":"box","text":"25,917","page_number":90,"box":{"x":745,"y":802,"width":40,"height":9}},{"id":"afdd6b60-115a-456d-92ad-4b7c1b96788f","block_type":"box","text":"19,837","page_number":90,"box":{"x":855,"y":802,"width":39,"height":9}},{"id":"1900cd44-9f7f-4000-864e-02e668b1623e","block_type":"box","text":"Expenses","page_number":90,"box":{"x":96,"y":837,"width":60,"height":10}},{"id":"1402d6c1-3762-4bf9-aecf-0a0d90e0d0be","block_type":"box","text":"121,332","page_number":90,"box":{"x":735,"y":837,"width":50,"height":9}},{"id":"e52e3384-0726-4348-a55c-961c0c6a1687","block_type":"box","text":"118,226","page_number":90,"box":{"x":844,"y":837,"width":50,"height":9}},{"id":"e5f3722b-55fc-43e4-b1fd-c7c36d42b701","block_type":"box","text":"Interest payable and similar charges","page_number":90,"box":{"x":96,"y":859,"width":219,"height":11}},{"id":"421c4d1b-8e96-48ff-9c67-5272be440ad1","block_type":"box","text":"8,560","page_number":90,"box":{"x":752,"y":859,"width":33,"height":9}},{"id":"4d2d4e30-0766-4fa6-a826-79bdeb75ef6a","block_type":"box","text":"23,005","page_number":90,"box":{"x":854,"y":859,"width":40,"height":9}},{"id":"73ba2675-3cb1-4f40-9f08-ee0f790dd2f2","block_type":"box","text":"Total","page_number":90,"box":{"x":95,"y":881,"width":33,"height":8}},{"id":"82e59caa-eed4-4baf-9750-ae379b9e03ea","block_type":"box","text":"129,892","page_number":90,"box":{"x":735,"y":881,"width":50,"height":10}},{"id":"ccee3db4-513d-4eaa-8ad6-262d118053f0","block_type":"box","text":"141,231","page_number":90,"box":{"x":844,"y":881,"width":49,"height":10}},{"id":"abef954c-3951-4235-9604-583b6f10c017","block_type":"box","text":"*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","page_number":90,"box":{"x":95,"y":903,"width":809,"height":11}},{"id":"78d5da92-d628-412a-a66c-94357ec7bf02","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":90,"box":{"x":96,"y":919,"width":174,"height":10}},{"id":"9d70dbed-eea8-4051-bc8f-3385baf40235","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":90,"box":{"x":498,"y":38,"width":404,"height":17}},{"id":"2b889767-61f6-4ebb-a4fe-61f6883ac9b3","block_type":"box","text":"85","page_number":90,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"8063a246-f7d5-4149-b6eb-acc71f974f3f","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":91,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"a1436fb1-aaae-4bd8-8154-f1b9cf2d4e96","block_type":"box","text":"for the year ended 30 April 2026","page_number":91,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"e8acfb0c-1464-492e-9c77-2d978c79f258","block_type":"box","text":"5. Taxation","page_number":91,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"6f128196-aae2-4c80-96db-02f29e1ed741","block_type":"box","text":"30.04.26","page_number":91,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"8f29dd04-4857-42cb-ad6d-5f7aeee8fd0f","block_type":"box","text":"30.04.25","page_number":91,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"d1094978-a260-4919-bce8-37a6611fa4fb","block_type":"box","text":"£","page_number":91,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"a94a8029-3f6d-4054-8010-5d39d6ee0bae","block_type":"box","text":"£","page_number":91,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"5738af9f-6dbd-4aa8-aa99-822f796f2cce","block_type":"box","text":"(a) Analysis of charge in the year","page_number":91,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"4036125c-ebdb-4ee6-92f8-131fa65cd0f1","block_type":"box","text":"UK corporation tax","page_number":91,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"d5ccaf19-dd3e-4712-bda1-3445eb27ffbf","block_type":"box","text":"–","page_number":91,"box":{"x":778,"y":196,"width":7,"height":0}},{"id":"8cac08c2-ba07-4777-b5dc-5a19f7a268d2","block_type":"box","text":"–","page_number":91,"box":{"x":888,"y":196,"width":6,"height":0}},{"id":"50aa4cb4-6b30-41e7-a3b7-96777bc5bae5","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":91,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"d0288ddd-a0ec-437c-9042-cf6ba4a4137d","block_type":"box","text":"–","page_number":91,"box":{"x":778,"y":218,"width":7,"height":1}},{"id":"c4867bab-873f-4d14-aaa3-046b58efb00a","block_type":"box","text":"–","page_number":91,"box":{"x":888,"y":218,"width":6,"height":1}},{"id":"8c09e0a6-8ea2-4da5-bb05-adfc2d480368","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":91,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"8f693a0c-dc9b-4cb6-9cad-6b7865a365a4","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":91,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"fbffa736-04e1-46da-8f89-7926f837e371","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":91,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"fff28376-96db-451c-b003-ee52a2065ae3","block_type":"box","text":"Net revenue before UK corporation tax","page_number":91,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"3fa2a230-b1c4-4687-9be0-b11ce7a877a9","block_type":"box","text":"741,646","page_number":91,"box":{"x":737,"y":304,"width":48,"height":9}},{"id":"7f3fdc28-1e67-475c-82c5-000241c63bed","block_type":"box","text":"934,808","page_number":91,"box":{"x":847,"y":304,"width":47,"height":9}},{"id":"edda51b6-261e-4fde-89f8-85f19a0d9bac","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":91,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"637016e6-f81a-40c8-b2fb-5cd2a196d4c7","block_type":"box","text":"148,329","page_number":91,"box":{"x":738,"y":326,"width":46,"height":9}},{"id":"c58db428-7239-4125-8f75-7d22b8cb47f3","block_type":"box","text":"186,962","page_number":91,"box":{"x":847,"y":326,"width":47,"height":9}},{"id":"de933969-2e83-41e6-9ad5-11820d200080","block_type":"box","text":"Effects of:","page_number":91,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"fefc0145-a67d-4073-9b4a-b6451a5eb12b","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":91,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"7509d95a-cd1e-483b-80f6-349a0ebc043f","block_type":"box","text":"(29,000)","page_number":91,"box":{"x":740,"y":364,"width":49,"height":9}},{"id":"5ec7ce1f-9d64-486e-aa40-29c17ac9f334","block_type":"box","text":"(22,165)","page_number":91,"box":{"x":850,"y":364,"width":49,"height":9}},{"id":"4e19e87a-b0cf-4542-a60c-7229b42ffb8b","block_type":"box","text":"Interest distributions","page_number":91,"box":{"x":96,"y":382,"width":126,"height":8}},{"id":"4f7491a8-87ed-458b-b9cd-6daf662f6eca","block_type":"box","text":"(119,830)","page_number":91,"box":{"x":733,"y":383,"width":56,"height":9}},{"id":"dd69baee-aabc-4d21-8664-cbf339df3867","block_type":"box","text":"(164,797)","page_number":91,"box":{"x":842,"y":383,"width":57,"height":9}},{"id":"e5f13a61-67ed-4596-8594-1317b85f20d2","block_type":"box","text":"Tax effect of rebates in capital","page_number":91,"box":{"x":95,"y":401,"width":181,"height":11}},{"id":"e6b347cd-7eef-4a7e-8db8-6e495db390e2","block_type":"box","text":"501","page_number":91,"box":{"x":763,"y":401,"width":20,"height":8}},{"id":"c0bad135-c991-48e0-9ee0-0b8d707e28b3","block_type":"box","text":"–","page_number":91,"box":{"x":888,"y":406,"width":6,"height":1}},{"id":"26714831-a423-4cfb-9332-27bb9eeb3a5d","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":91,"box":{"x":95,"y":423,"width":251,"height":11}},{"id":"b68519ae-1768-473c-a0a7-c3f08f1cc07b","block_type":"box","text":"–","page_number":91,"box":{"x":778,"y":428,"width":7,"height":1}},{"id":"ce943387-5343-43d6-a7f0-13c92be412a0","block_type":"box","text":"–","page_number":91,"box":{"x":888,"y":428,"width":6,"height":1}},{"id":"c6c319dc-60ea-4cf4-8346-eed8dc1e80eb","block_type":"box","text":"(c) Provision for deferred taxation","page_number":91,"box":{"x":95,"y":454,"width":205,"height":10}},{"id":"0801f4cc-9f27-4767-886d-c44d812f8e56","block_type":"box","text":"At 30 April 2026 there is a potential deferred tax asset of £nil (30 April 2025: £nil) in relation to surplus management expens","page_number":91,"box":{"x":95,"y":476,"width":753,"height":11}},{"id":"bc852d58-abdb-4fe2-90f8-8d61682be56f","block_type":"box","text":"es.","page_number":91,"box":{"x":850,"y":479,"width":15,"height":5}},{"id":"bf703636-70f5-4f58-983a-cf57e7bebb40","block_type":"box","text":"6. Distributions","page_number":91,"box":{"x":95,"y":529,"width":102,"height":9}},{"id":"05ec286d-5b66-4d9a-a4e4-b07152e1fba0","block_type":"box","text":"30.04.26","page_number":91,"box":{"x":730,"y":545,"width":55,"height":8}},{"id":"691d899e-a5f7-438d-ad10-82d185201008","block_type":"box","text":"30.04.25","page_number":91,"box":{"x":840,"y":545,"width":54,"height":8}},{"id":"81aa0f59-66c2-4ce7-8fe8-0e2197ee7d2c","block_type":"box","text":"£","page_number":91,"box":{"x":778,"y":561,"width":7,"height":7}},{"id":"e1e8422b-b809-4f21-a003-16003b656024","block_type":"box","text":"£","page_number":91,"box":{"x":888,"y":561,"width":6,"height":7}},{"id":"a0f4fa27-e0bb-431d-b39e-2d52dea86b46","block_type":"box","text":"Final dividend distribution","page_number":91,"box":{"x":96,"y":582,"width":158,"height":9}},{"id":"abd12308-b977-4483-9b43-f0f77161c9df","block_type":"box","text":"772,272","page_number":91,"box":{"x":737,"y":583,"width":47,"height":9}},{"id":"330e9d2a-9035-4b18-bf5a-19adb6c52e32","block_type":"box","text":"881,400","page_number":91,"box":{"x":847,"y":583,"width":47,"height":9}},{"id":"8eecad52-0426-4f82-b8ee-90c4da4ff348","block_type":"box","text":"772,272","page_number":91,"box":{"x":737,"y":605,"width":47,"height":9}},{"id":"e9f76708-ee1b-49a1-9436-2bfd0cc368d2","block_type":"box","text":"881,400","page_number":91,"box":{"x":847,"y":605,"width":47,"height":9}},{"id":"63eaee24-588b-46d9-8e0a-20b2c2e9b523","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":91,"box":{"x":95,"y":623,"width":300,"height":9}},{"id":"b3d389f4-cbf8-480c-8857-41de59399762","block_type":"box","text":"50,110","page_number":91,"box":{"x":745,"y":624,"width":40,"height":9}},{"id":"9e48b5de-2ff2-4b8e-880d-f5357794c0a8","block_type":"box","text":"82,363","page_number":91,"box":{"x":854,"y":624,"width":40,"height":9}},{"id":"03955732-2e0c-4c2c-8579-9791f19d38f7","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":91,"box":{"x":96,"y":642,"width":289,"height":8}},{"id":"748cbbd8-4282-4c14-80eb-80d5d7830773","block_type":"box","text":"(59,827)","page_number":91,"box":{"x":740,"y":643,"width":49,"height":9}},{"id":"d3ef2174-2e54-47c6-b582-85959a13730c","block_type":"box","text":"(49,057)","page_number":91,"box":{"x":850,"y":643,"width":49,"height":9}},{"id":"52d6aaf2-aad6-47a1-9c35-44f587019c7e","block_type":"box","text":"Distributions","page_number":91,"box":{"x":96,"y":664,"width":86,"height":9}},{"id":"68129340-289a-4ca0-9606-cda45c7e4390","block_type":"box","text":"762,555","page_number":91,"box":{"x":737,"y":665,"width":47,"height":9}},{"id":"15a25f6c-80df-4afd-b22e-94785b5fd220","block_type":"box","text":"914,706","page_number":91,"box":{"x":847,"y":665,"width":47,"height":9}},{"id":"34993b2f-2c32-41f9-acae-3a6b4054346c","block_type":"box","text":"Reconciliation of distributions","page_number":91,"box":{"x":96,"y":702,"width":200,"height":8}},{"id":"e6d690fd-8f3b-48fd-84fb-a34c751b968a","block_type":"box","text":"Net revenue after taxation","page_number":91,"box":{"x":96,"y":721,"width":159,"height":8}},{"id":"ea523c3a-548d-4bf8-b2af-5153003efdb4","block_type":"box","text":"741,646","page_number":91,"box":{"x":737,"y":721,"width":48,"height":9}},{"id":"e947d2f8-76f9-42ba-a82c-19838f7a0c3d","block_type":"box","text":"934,808","page_number":91,"box":{"x":847,"y":721,"width":47,"height":9}},{"id":"8563ccf2-9c03-43f7-87ca-38e5bc8ee238","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":91,"box":{"x":96,"y":736,"width":301,"height":11}},{"id":"fe0a4ee5-98d1-4d4a-b30d-5a930a8fd04c","block_type":"box","text":"16,465","page_number":91,"box":{"x":745,"y":737,"width":39,"height":9}},{"id":"6617d260-c2ba-42e2-8e2b-3035d8be21eb","block_type":"box","text":"58,692","page_number":91,"box":{"x":854,"y":737,"width":40,"height":9}},{"id":"dccd3c2b-8c8c-46a5-8654-dbde86e4a2b2","block_type":"box","text":"Balance brought forward","page_number":91,"box":{"x":96,"y":752,"width":150,"height":10}},{"id":"d327c2ec-7034-4ec6-84ae-74d0191628a2","block_type":"box","text":"4,444","page_number":91,"box":{"x":752,"y":752,"width":33,"height":9}},{"id":"8e113094-a204-47fe-9b86-5685906c4ca0","block_type":"box","text":"(74,350)","page_number":91,"box":{"x":850,"y":752,"width":49,"height":9}},{"id":"69a034ad-648d-464c-9a65-960b6a5300fb","block_type":"box","text":"Balance carried forward","page_number":91,"box":{"x":96,"y":767,"width":144,"height":8}},{"id":"ed9aa20c-a48a-4c5d-8047-d27d54c55d5c","block_type":"box","text":"–","page_number":91,"box":{"x":778,"y":772,"width":7,"height":1}},{"id":"2f46303e-052c-4232-b301-0d60c2fd018c","block_type":"box","text":"(4,444)","page_number":91,"box":{"x":857,"y":768,"width":42,"height":9}},{"id":"5778b4a2-66e5-4bbf-b34e-5d946cb2a821","block_type":"box","text":"Net distribution for the year","page_number":91,"box":{"x":96,"y":789,"width":187,"height":11}},{"id":"58fe835b-7105-4c89-8d92-b64f79c7835a","block_type":"box","text":"762,555","page_number":91,"box":{"x":734,"y":790,"width":51,"height":9}},{"id":"664bc473-798c-4db2-a098-9e34c2d09c02","block_type":"box","text":"914,706","page_number":91,"box":{"x":844,"y":790,"width":50,"height":9}},{"id":"dcc7046e-a1a8-4d8b-8cdb-0de0b68abc02","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":91,"box":{"x":97,"y":38,"width":404,"height":17}},{"id":"ac71cbc6-6379-4c62-9989-9072aae70599","block_type":"box","text":"86","page_number":91,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"b21f5525-08bc-497a-a476-7fa1c2a449b9","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":92,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"d0a0dea8-3ad6-43f3-8fd0-bd5b5ca9f873","block_type":"box","text":"for the year ended 30 April 2026","page_number":92,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"3132a8b1-205d-4d64-b484-96256ab58193","block_type":"box","text":"7. Debtors","page_number":92,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"d72b1566-6029-4179-bc0a-4139008cecae","block_type":"box","text":"30.04.26","page_number":92,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"8c7371fe-c5c4-4d0d-883d-56add1dc9b15","block_type":"box","text":"30.04.25","page_number":92,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"453c2b89-9baa-4a93-a0d7-7bbf403daf72","block_type":"box","text":"£","page_number":92,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"dcb40ae4-829f-4d5f-b34a-119b3707a306","block_type":"box","text":"£","page_number":92,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"97583698-b118-4c81-bc86-94a5c5ea0bab","block_type":"box","text":"Amounts receivable on creation of shares","page_number":92,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"6df7ea86-0813-4c16-9bb8-9405c37bbc6f","block_type":"box","text":"5,784","page_number":92,"box":{"x":752,"y":172,"width":33,"height":9}},{"id":"261665c1-7df6-40ce-b032-772839aca85d","block_type":"box","text":"65,498","page_number":92,"box":{"x":854,"y":172,"width":40,"height":9}},{"id":"b9fe55ee-dd35-42ca-a28d-4105b99e49b8","block_type":"box","text":"Accrued revenue:","page_number":92,"box":{"x":95,"y":191,"width":105,"height":8}},{"id":"d41f74f7-0d47-42d5-8266-d4057bf842f6","block_type":"box","text":"Rebates from underlying holdings","page_number":92,"box":{"x":96,"y":209,"width":205,"height":11}},{"id":"4a4a5a40-fb85-4ad4-8fab-71772309c573","block_type":"box","text":"13,929","page_number":92,"box":{"x":745,"y":210,"width":39,"height":9}},{"id":"91cac3c2-00c1-42bf-a815-693a7fd895af","block_type":"box","text":"11,499","page_number":92,"box":{"x":855,"y":210,"width":39,"height":9}},{"id":"17bff5dd-f730-4584-a2b7-c11eeeb563ec","block_type":"box","text":"Income tax recoverable","page_number":92,"box":{"x":96,"y":228,"width":141,"height":9}},{"id":"8f5d7cc6-d0ac-498c-8a07-def66e92a0aa","block_type":"box","text":"18","page_number":92,"box":{"x":771,"y":229,"width":14,"height":8}},{"id":"68b257fb-ccf8-4295-91ba-0d80bcdda499","block_type":"box","text":"193","page_number":92,"box":{"x":873,"y":229,"width":21,"height":8}},{"id":"70bf3a67-791f-4f0c-844e-883a1326e5e7","block_type":"box","text":"Bank interest receivable","page_number":92,"box":{"x":96,"y":247,"width":145,"height":8}},{"id":"0171f12d-357c-4187-82a7-a41bd2141e92","block_type":"box","text":"1,828","page_number":92,"box":{"x":753,"y":248,"width":32,"height":9}},{"id":"26b76df9-e274-4ffe-aa2c-b51c1830976d","block_type":"box","text":"–","page_number":92,"box":{"x":888,"y":252,"width":6,"height":1}},{"id":"2065ab17-b48d-4307-a588-2999535e9aba","block_type":"box","text":"Prepayments","page_number":92,"box":{"x":96,"y":266,"width":79,"height":11}},{"id":"2edc3891-2607-48f4-8394-34058055415d","block_type":"box","text":"–","page_number":92,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"280f18f2-cfde-4860-92b2-a08ceb91ad47","block_type":"box","text":"63","page_number":92,"box":{"x":880,"y":266,"width":14,"height":8}},{"id":"97026578-48f6-43bf-b882-2bdb58613b7f","block_type":"box","text":"Total debtors","page_number":92,"box":{"x":95,"y":288,"width":88,"height":8}},{"id":"e5eefe12-1916-4cba-bac1-1aa14a4d421e","block_type":"box","text":"21,559","page_number":92,"box":{"x":742,"y":289,"width":43,"height":9}},{"id":"1e91247f-390c-41c0-be5a-c932ae176b82","block_type":"box","text":"77,253","page_number":92,"box":{"x":852,"y":289,"width":42,"height":9}},{"id":"a3b2d783-b1e7-42ef-8041-b668647fa510","block_type":"box","text":"8. Cash and bank balances","page_number":92,"box":{"x":95,"y":341,"width":174,"height":8}},{"id":"76492c5b-805b-4bd3-a384-d19d18f4c396","block_type":"box","text":"30.04.26","page_number":92,"box":{"x":730,"y":342,"width":55,"height":7}},{"id":"46d9fe13-c958-45ed-a295-0855cab3c0c8","block_type":"box","text":"30.04.25","page_number":92,"box":{"x":840,"y":342,"width":54,"height":7}},{"id":"42c4cde3-1ee3-422f-920d-50541e53015b","block_type":"box","text":"£","page_number":92,"box":{"x":778,"y":357,"width":7,"height":8}},{"id":"19a2ae61-de7b-4ab7-9fa4-1735a1cd549a","block_type":"box","text":"£","page_number":92,"box":{"x":888,"y":357,"width":6,"height":8}},{"id":"11e201e3-3cf0-476c-9ce8-421a2d3395f4","block_type":"box","text":"Cash and bank balances","page_number":92,"box":{"x":96,"y":379,"width":146,"height":8}},{"id":"f4c4cd7f-cd21-487b-b6e8-ecc946539157","block_type":"box","text":"612,842","page_number":92,"box":{"x":737,"y":379,"width":47,"height":9}},{"id":"55a27827-695d-4d5e-b8c4-b3d38ef03ec3","block_type":"box","text":"445,180","page_number":92,"box":{"x":846,"y":379,"width":48,"height":9}},{"id":"d0c30592-e3f9-4eb1-810e-cc1e3f471ec6","block_type":"box","text":"Bank overdraft","page_number":92,"box":{"x":96,"y":398,"width":89,"height":8}},{"id":"51327b51-e36f-4166-944f-dcfa5f012143","block_type":"box","text":"(257,895)","page_number":92,"box":{"x":733,"y":398,"width":56,"height":9}},{"id":"6c2f9140-6ebf-475c-8b60-9256a7df0a97","block_type":"box","text":"(128,596)","page_number":92,"box":{"x":842,"y":398,"width":57,"height":9}},{"id":"4ba12667-fc81-418b-9ba5-67193feba83c","block_type":"box","text":"Total","page_number":92,"box":{"x":95,"y":420,"width":33,"height":8}},{"id":"f8223cfb-a286-46ac-8bcf-2bc6f94b2b7e","block_type":"box","text":"354,947","page_number":92,"box":{"x":734,"y":420,"width":51,"height":9}},{"id":"7c0bb7a9-2ba2-48ad-8743-38097e753073","block_type":"box","text":"316,584","page_number":92,"box":{"x":844,"y":420,"width":51,"height":9}},{"id":"3f573564-3fab-4d9b-bd3a-9a94db006d72","block_type":"box","text":"9. Creditors","page_number":92,"box":{"x":95,"y":473,"width":76,"height":8}},{"id":"162c62c4-8a47-476c-a0cb-eebe3a8f8840","block_type":"box","text":"30.04.26","page_number":92,"box":{"x":730,"y":473,"width":55,"height":8}},{"id":"ab25499a-493c-4bef-8f2d-7521eeefe630","block_type":"box","text":"30.04.25","page_number":92,"box":{"x":840,"y":473,"width":54,"height":8}},{"id":"a147d16e-d75e-4d68-9eb1-7e6324565da1","block_type":"box","text":"£","page_number":92,"box":{"x":778,"y":489,"width":7,"height":7}},{"id":"98133f00-3118-482a-af96-b21c55d75d24","block_type":"box","text":"£","page_number":92,"box":{"x":888,"y":489,"width":6,"height":7}},{"id":"4fc2686d-08af-43b3-93b2-5ff3da0bda56","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":92,"box":{"x":95,"y":510,"width":261,"height":11}},{"id":"94cae3b2-9a8b-4b50-9c99-f8aa73416241","block_type":"box","text":"102,728","page_number":92,"box":{"x":738,"y":511,"width":47,"height":9}},{"id":"2089a9ee-75ad-4b54-9bba-d0b0807b1e29","block_type":"box","text":"126,092","page_number":92,"box":{"x":847,"y":511,"width":47,"height":9}},{"id":"63f70620-5650-4ee5-9f5e-1e840e2ea9ff","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":92,"box":{"x":96,"y":529,"width":549,"height":11}},{"id":"bebe74fc-ce03-428a-87e6-dd6146cca671","block_type":"box","text":"agents of either of them:","page_number":92,"box":{"x":95,"y":545,"width":149,"height":10}},{"id":"48e495ca-d174-4fb8-a4fa-0705d13698d5","block_type":"box","text":"Annual management charge","page_number":92,"box":{"x":104,"y":564,"width":172,"height":10}},{"id":"e39daca0-bf3d-49cb-a246-67a0966007ed","block_type":"box","text":"7,292","page_number":92,"box":{"x":752,"y":564,"width":32,"height":9}},{"id":"3db3c952-fc69-48f8-8ee9-a490e431e286","block_type":"box","text":"6,614","page_number":92,"box":{"x":862,"y":564,"width":33,"height":9}},{"id":"ffa79add-659c-41c6-98ef-f539fe170a76","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":92,"box":{"x":96,"y":586,"width":514,"height":10}},{"id":"f10ed5f8-a413-4474-a0dd-d067af7c1e2e","block_type":"box","text":"Depositary fee","page_number":92,"box":{"x":106,"y":604,"width":86,"height":11}},{"id":"1323da6c-872e-4f74-a486-5e7eb91f05cc","block_type":"box","text":"700","page_number":92,"box":{"x":763,"y":605,"width":22,"height":8}},{"id":"e88d5482-b85c-4bf2-9fff-605f7b4b098b","block_type":"box","text":"645","page_number":92,"box":{"x":873,"y":605,"width":21,"height":8}},{"id":"1fc45f3a-e6b4-42eb-9100-72f011af3bc0","block_type":"box","text":"Safe custody and other custodian charges","page_number":92,"box":{"x":105,"y":620,"width":253,"height":11}},{"id":"f61bb4a1-1536-451a-a42a-c873c6872596","block_type":"box","text":"237","page_number":92,"box":{"x":763,"y":620,"width":22,"height":8}},{"id":"2b438046-3883-4130-affa-0367d45a3df0","block_type":"box","text":"8,162","page_number":92,"box":{"x":862,"y":620,"width":32,"height":9}},{"id":"eb3f8586-7fb4-4fb0-b0c0-ddc09f4c4ccf","block_type":"box","text":"937","page_number":92,"box":{"x":763,"y":643,"width":22,"height":7}},{"id":"b1990280-5a69-47ca-9278-321a34bc4824","block_type":"box","text":"8,807","page_number":92,"box":{"x":862,"y":643,"width":32,"height":9}},{"id":"13a75dd6-8343-4029-b598-614bb6e57c72","block_type":"box","text":"Other expenses:","page_number":92,"box":{"x":96,"y":664,"width":97,"height":11}},{"id":"5066b45d-1f84-453f-9065-7da8685e6a7e","block_type":"box","text":"Audit fee","page_number":92,"box":{"x":104,"y":683,"width":54,"height":8}},{"id":"7bdae6b5-02b8-4955-b6ca-0840dcf601a4","block_type":"box","text":"9,720","page_number":92,"box":{"x":752,"y":683,"width":33,"height":10}},{"id":"b5b46123-bc87-49b0-b060-42249ff253fd","block_type":"box","text":"7,862","page_number":92,"box":{"x":862,"y":684,"width":32,"height":9}},{"id":"ca3bdf61-e210-46be-9daf-2c5717c8caec","block_type":"box","text":"Other accrued expenses","page_number":92,"box":{"x":105,"y":699,"width":147,"height":10}},{"id":"bfa7687d-34c8-4dcd-b704-884999a88a21","block_type":"box","text":"1,257","page_number":92,"box":{"x":753,"y":699,"width":32,"height":9}},{"id":"f4bdb60f-97dc-4012-b50a-fa6265fb83ed","block_type":"box","text":"1,143","page_number":92,"box":{"x":862,"y":699,"width":32,"height":9}},{"id":"68644b1b-9deb-4e27-9785-a31a67e96c38","block_type":"box","text":"10,977","page_number":92,"box":{"x":745,"y":721,"width":40,"height":9}},{"id":"de189284-7255-4771-a3fb-4a8582f9ddd7","block_type":"box","text":"9.005","page_number":92,"box":{"x":862,"y":721,"width":32,"height":8}},{"id":"eea5c95a-699c-471f-9343-efdd4a249584","block_type":"box","text":"Total creditors","page_number":92,"box":{"x":95,"y":756,"width":97,"height":8}},{"id":"7d153b5f-5aaf-4476-8e2f-87f89d836b6b","block_type":"box","text":"121,934","page_number":92,"box":{"x":735,"y":756,"width":50,"height":10}},{"id":"c6b83b42-4711-41ac-b1e4-532994d2b3dc","block_type":"box","text":"150,518","page_number":92,"box":{"x":844,"y":756,"width":50,"height":10}},{"id":"5462842d-6772-4000-a751-bf7de8e65d13","block_type":"box","text":"*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","page_number":92,"box":{"x":95,"y":778,"width":809,"height":11}},{"id":"d53855eb-6071-4a4f-9afb-2bb309bd9e99","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":92,"box":{"x":96,"y":794,"width":174,"height":9}},{"id":"8e8b26f3-f3a4-4f8d-8a6a-2ba27b54e1ce","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":92,"box":{"x":498,"y":38,"width":404,"height":17}},{"id":"70312acb-1508-47ec-8b59-601f32805180","block_type":"box","text":"87","page_number":92,"box":{"x":967,"y":960,"width":18,"height":9}},{"id":"a63d4e46-0d0a-4765-9076-a58cc7c9ac49","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":93,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"5f35b99f-5e76-4549-80be-678b1381a38f","block_type":"box","text":"for the year ended 30 April 2026","page_number":93,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"0c9f6deb-cd13-4a47-85cd-b77dc8dde2f2","block_type":"box","text":"10. Risk management policies","page_number":93,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"8743f394-bb5f-4fd1-806d-64463bf16cbf","block_type":"box","text":"In pursuing its investment objective as stated on page 76, the Sub-fund holds a number of financial instruments. The Sub-fund’s","page_number":93,"box":{"x":96,"y":150,"width":754,"height":10}},{"id":"1e6bfd6c-a505-4d89-939a-e6715d3f3c65","block_type":"box","text":"financial","page_number":93,"box":{"x":854,"y":150,"width":49,"height":8}},{"id":"521d8ee7-ef49-41a6-8de9-dfbf590f60db","block_type":"box","text":"instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from its operat","page_number":93,"box":{"x":96,"y":165,"width":779,"height":11}},{"id":"fb7f6805-cc19-4daa-8729-f130b58164ce","block_type":"box","text":"ions,","page_number":93,"box":{"x":876,"y":165,"width":27,"height":10}},{"id":"3df2ab8e-f3ba-4f09-ae1d-6dfb7b5998d0","block_type":"box","text":"for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for redemptions a","page_number":93,"box":{"x":95,"y":181,"width":792,"height":10}},{"id":"3f0be9c9-36d9-423b-99c9-62df29b6e665","block_type":"box","text":"nd","page_number":93,"box":{"x":889,"y":181,"width":14,"height":8}},{"id":"edd3bc9a-56bd-4e3a-8ba8-0d87db806abb","block_type":"box","text":"debtors for accrued revenue.","page_number":93,"box":{"x":95,"y":196,"width":176,"height":8}},{"id":"468a5256-5ec0-4fd4-9ee2-e14e824eb4f3","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":93,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"83c2ab05-72f2-4924-a915-324b72f1f5cb","block_type":"box","text":"anaging","page_number":93,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"f8fd204e-e541-48e5-aa46-28739fb9b694","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":93,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"e038ce31-199e-4ee3-be7a-c976d3b9c36e","block_type":"box","text":"Market price risk","page_number":93,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"b46396ff-843b-4c8f-bfb0-eb4dd2e1e548","block_type":"box","text":"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","page_number":93,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"1c8a3139-6b27-4fd5-93b5-55b07f72a5a3","block_type":"box","text":"ket prices","page_number":93,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"c895bd93-ebb3-43c6-b89b-61c7124efeb6","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":93,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"ab63e7ca-9272-4926-af50-a1f9c5a9c50b","block_type":"box","text":"future","page_number":93,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"9098195d-20af-4ff3-85e6-67e17cabaa08","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":93,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"2d8d5a98-6854-4972-87c9-3a5ab73359b6","block_type":"box","text":"market","page_number":93,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"5fe87a67-7716-44e3-a26e-2f95c3338dbc","block_type":"box","text":"positions in the face of price movements.","page_number":93,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"19071b93-0c27-413b-87b5-bb72a3ea808e","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":93,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"f68ef092-64ec-49b7-84b8-7df8c8d9ed46","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":93,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"42476896-48bb-483b-9055-81bc4fc4ade1","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":93,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"d29e2b19-faaa-4db1-9a00-42b1a3be2f5f","block_type":"box","text":"ectus","page_number":93,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"3fe693aa-f1bc-41ac-9da8-1aaabc87a2dd","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":93,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"84cc2eeb-e95b-4ab1-aaa5-a27fbb7f5380","block_type":"box","text":"exposure","page_number":93,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"912b5f7c-d024-4c42-8506-030cc18a79ea","block_type":"box","text":"to any particular type of security or issuer.","page_number":93,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"f1e13da7-be8b-4ea6-af62-6d4c51b078c3","block_type":"box","text":"If market prices at the Balance Sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":93,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"645ccf52-f43c-4aee-80cd-3fd3d77931e3","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £3,535,257","page_number":93,"box":{"x":95,"y":446,"width":809,"height":11}},{"id":"f808beb1-2498-4861-9dcf-dcb1265c16b8","block_type":"box","text":"(30 April 2025: £3,243,025).","page_number":93,"box":{"x":95,"y":461,"width":166,"height":11}},{"id":"bb415539-0c44-40f7-b71a-0a9145926b78","block_type":"box","text":"Foreign currency risk","page_number":93,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"b60117bd-7a69-425e-86e6-115dc02b246e","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":93,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"f88bf9a2-db4a-42cb-afdc-48ab4447c1e7","block_type":"box","text":"foreign","page_number":93,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"0056ce03-c158-4b90-bf3b-f6e9c1cb54f4","block_type":"box","text":"currency exchange rates.","page_number":93,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"1175e9eb-2c12-450f-813a-f382dc5f65d0","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":93,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"4c1bae6e-0999-436a-870a-420e7f99a475","block_type":"box","text":"nvest","page_number":93,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"b1d187d9-9f2d-46e3-a374-581c51db97c0","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":93,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"6e3a390f-d35c-4fb4-84cc-93331709da29","block_type":"box","text":"e","page_number":93,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"d48fc627-d56d-45b1-9c78-6b3793a0dac8","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":93,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"9b45d2c4-e566-473a-acba-47e9da99c36d","block_type":"box","text":"ced","page_number":93,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"db54f617-ff1b-4945-9334-c87f4060d427","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":93,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"e230418b-d623-4d1e-afb3-b23e7a059f5b","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":93,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"fef67630-0269-48c4-bdd5-b8970cd43e94","block_type":"box","text":"Net monetary","page_number":93,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"41a96a0b-0db1-4677-9c1a-8b5451f09faa","block_type":"box","text":"Non-monetary","page_number":93,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"d4cb001f-9542-4313-abb1-66dde5251fe8","block_type":"box","text":"Total net","page_number":93,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"b473af06-de90-44b5-baaa-dd1c75f1b6c5","block_type":"box","text":"assets and liabilities","page_number":93,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"65775bbb-4b8e-4958-8dbf-b28e4ccb775a","block_type":"box","text":"assets","page_number":93,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"5ac121f4-498d-4270-98af-d7ea9862c8ec","block_type":"box","text":"assets","page_number":93,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"fc47ce94-1b5d-4690-8126-d61685c05796","block_type":"box","text":"£","page_number":93,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"d632f5df-b1dc-432e-8543-5e1065d422ca","block_type":"box","text":"£","page_number":93,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"d8cc8657-de6d-409e-b1dc-63f1669a4771","block_type":"box","text":"£","page_number":93,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"5721be03-69c6-4162-b01a-b80ea9ac78cc","block_type":"box","text":"£","page_number":93,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"99635e77-35dc-4802-8a18-a308c88a1e95","block_type":"box","text":"£","page_number":93,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"91b115f7-f226-463b-9d31-64f2ac233121","block_type":"box","text":"£","page_number":93,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"9f6d7803-881b-4d7c-baef-5819a4be8a91","block_type":"box","text":"30.04.26","page_number":93,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"9a575edb-236f-49b8-80a8-c853a6b56808","block_type":"box","text":"30.04.25","page_number":93,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"1f646bea-a204-4101-9cfd-3abfd9a6c0c6","block_type":"box","text":"30.04.26","page_number":93,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"40fdbb79-d26e-49d5-af1d-f372d7f5b4ed","block_type":"box","text":"30.04.25","page_number":93,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"9753ba3c-5d93-42cf-b477-9594ca9093d1","block_type":"box","text":"30.04.26","page_number":93,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"5ade4891-b08a-47ce-a6ab-db95ee66549d","block_type":"box","text":"30.04.25","page_number":93,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"587363cf-a9c2-4e37-af8b-438301ff8f4c","block_type":"box","text":"Sterling","page_number":93,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"026fdebc-fe60-42a2-b857-7057c2b2c561","block_type":"box","text":"254,572","page_number":93,"box":{"x":299,"y":680,"width":47,"height":9}},{"id":"e2005f4a-3b01-4679-9824-538b9b039e8e","block_type":"box","text":"243,319","page_number":93,"box":{"x":408,"y":680,"width":48,"height":9}},{"id":"4496d3d1-cc20-46df-a472-0e484573b171","block_type":"box","text":"34,772,197","page_number":93,"box":{"x":499,"y":680,"width":67,"height":9}},{"id":"6a2d3598-d3ea-4d89-a216-7d2b2a6735ca","block_type":"box","text":"32,169,193","page_number":93,"box":{"x":609,"y":680,"width":66,"height":9}},{"id":"24888aa3-6bc3-4ceb-94e0-2c37ff49c040","block_type":"box","text":"35,026,769","page_number":93,"box":{"x":718,"y":680,"width":66,"height":9}},{"id":"95d71523-f2d9-470c-95a1-a1c0e8af48b3","block_type":"box","text":"32,412,512","page_number":93,"box":{"x":828,"y":680,"width":66,"height":9}},{"id":"919562cc-1bcc-43cb-93eb-51d5e9df391a","block_type":"box","text":"EUR","page_number":93,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"ea95cfa3-ac67-43f4-affe-76ecba85e888","block_type":"box","text":"–","page_number":93,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"4116d2e3-c4fd-4c92-90e8-e36d0b006fe7","block_type":"box","text":"–","page_number":93,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"6277fa63-2c83-4813-bb65-a24bf8a79e00","block_type":"box","text":"–","page_number":93,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"c6a977dd-ad0c-400d-bd87-8a9b80355ff7","block_type":"box","text":"261,053","page_number":93,"box":{"x":627,"y":695,"width":48,"height":9}},{"id":"4276295a-ef20-42b1-967b-3f282e0a08f5","block_type":"box","text":"–","page_number":93,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"7afba55c-21e7-493d-b7f5-4e5c098db04a","block_type":"box","text":"261,053","page_number":93,"box":{"x":847,"y":695,"width":47,"height":9}},{"id":"3437f2c8-1245-4649-9512-d35d9dd623ee","block_type":"box","text":"USD","page_number":93,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"5a16d6c1-a571-4b53-ad52-536f015d0eb7","block_type":"box","text":"–","page_number":93,"box":{"x":340,"y":715,"width":7,"height":1}},{"id":"bfc82ee7-4baa-4d4e-8a1a-de6b492a4fa6","block_type":"box","text":"–","page_number":93,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"8cc08d84-aa4c-49d2-aefe-40ad7e4cfa70","block_type":"box","text":"580,377","page_number":93,"box":{"x":518,"y":711,"width":48,"height":9}},{"id":"0f627479-b7f0-4372-a367-d1939fb37162","block_type":"box","text":"–","page_number":93,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"b69a861f-a889-4887-b8a1-55c3319a8d48","block_type":"box","text":"580,377","page_number":93,"box":{"x":737,"y":711,"width":48,"height":9}},{"id":"ed95664d-1e1b-4cbe-9fa1-86af1447a1a2","block_type":"box","text":"–","page_number":93,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"70f8ab61-3576-4858-b8ac-2d7e05ccf4f1","block_type":"box","text":"254,572","page_number":93,"box":{"x":296,"y":733,"width":51,"height":9}},{"id":"9bc1cb3e-8563-4180-a9e2-2fdc443190b2","block_type":"box","text":"243,319","page_number":93,"box":{"x":406,"y":733,"width":50,"height":9}},{"id":"d5998360-a382-4720-9962-38e536c33256","block_type":"box","text":"35,352,574","page_number":93,"box":{"x":496,"y":733,"width":70,"height":9}},{"id":"136f082f-7842-46a0-b3c9-add4a99cd2e8","block_type":"box","text":"32,430,246","page_number":93,"box":{"x":605,"y":733,"width":70,"height":9}},{"id":"2fb99229-fcdc-4d46-828d-9560b83c77b2","block_type":"box","text":"35,607,146","page_number":93,"box":{"x":715,"y":733,"width":70,"height":9}},{"id":"bbc1a226-c1c2-48f7-badd-0f468b3e1a6e","block_type":"box","text":"32,673,565","page_number":93,"box":{"x":824,"y":733,"width":70,"height":9}},{"id":"b3b4d5c0-f421-4241-84e1-658d2055a764","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":93,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"6b8b00f3-a904-40dc-bcdb-1cc49fb2e147","block_type":"box","text":"he","page_number":93,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"142c1e8f-fab0-4395-a776-089a60d9f198","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £58,","page_number":93,"box":{"x":96,"y":770,"width":785,"height":11}},{"id":"388f3874-8c21-4b7a-8917-a78f1227c3fe","block_type":"box","text":"038","page_number":93,"box":{"x":882,"y":771,"width":22,"height":7}},{"id":"2b099569-0e4d-4047-8f56-0d59cd99ec01","block_type":"box","text":"(30 April 2025: £26,105).","page_number":93,"box":{"x":95,"y":786,"width":148,"height":10}},{"id":"235cf6be-5310-42cf-8a16-624b3b9ee203","block_type":"box","text":"Interest rate risk","page_number":93,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"2812cd57-d3e2-440d-be45-15ccadb46734","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":93,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"678f9b62-20d2-411d-94b9-6272116734a0","block_type":"box","text":"se change","page_number":93,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"cf9b80c7-dffa-4ae6-90f6-dfcaa6e9fbfb","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":93,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"236fa74a-664b-4c0c-8b06-496709c6f15a","block_type":"box","text":"nterest","page_number":93,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"c1779b31-5139-4bb7-ad0c-42504ab4265e","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short term in","page_number":93,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"74719ed0-5a85-410e-a19d-21eb4a3636b0","block_type":"box","text":"struments.","page_number":93,"box":{"x":839,"y":853,"width":64,"height":8}},{"id":"df06e349-d373-4e74-8c38-a89d66a39a99","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":93,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"06b0e089-6989-4507-a53a-c1baf06612c5","block_type":"box","text":"ited","page_number":93,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"2e716167-b1a8-41c8-a670-71d27912f056","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":93,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"f58d4052-b6ab-472a-91e5-34febf2409fb","block_type":"box","text":"n the","page_number":93,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"9acba5d8-cf80-4cf7-8093-4dd39755c1d5","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":93,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"0d86a760-f5fd-4501-bdf2-bea2d5b2de85","block_type":"box","text":"ses as","page_number":93,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"9c2c7bae-52a6-4c7b-a896-581a868f3378","block_type":"box","text":"interest rates increase.","page_number":93,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"fd7025ca-a721-46d4-aedb-ffbf87da1fa6","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":93,"box":{"x":97,"y":38,"width":404,"height":17}},{"id":"9e9491da-4a96-4e09-baff-fe60798f1de5","block_type":"box","text":"88","page_number":93,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"75ee0815-2719-490e-a680-6312c6b4e4c6","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":94,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"258ebb07-2ce6-4e06-97b1-f9f96463e899","block_type":"box","text":"for the year ended 30 April 2026","page_number":94,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"ac1a9cd1-9ea1-49f5-94e9-aa2beb0b3225","block_type":"box","text":"10. Risk management policies (continued)","page_number":94,"box":{"x":96,"y":134,"width":277,"height":11}},{"id":"e0daaed6-2d17-468a-9c9f-5bf5372ecb4d","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":94,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"06f22ca7-0e0d-441b-b5d3-03d019730013","block_type":"box","text":"30.04.26","page_number":94,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"1d82e2e6-8ff4-425a-8716-d6358a573586","block_type":"box","text":"30.04.25","page_number":94,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"7d0c7bae-a230-4970-bd88-194d94fd9d3a","block_type":"box","text":"£","page_number":94,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"7f27ef43-bba9-4a3d-9c67-e0eaa6974867","block_type":"box","text":"£","page_number":94,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"6cc54a63-e463-4820-b613-b5f408b66248","block_type":"box","text":"Financial assets floating rate","page_number":94,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"027fd699-e003-4c90-a99f-846f245aac70","block_type":"box","text":"612,842","page_number":94,"box":{"x":737,"y":210,"width":47,"height":9}},{"id":"fb448ad2-3ef3-4093-b8b3-85f71cc52b0f","block_type":"box","text":"445,180","page_number":94,"box":{"x":846,"y":210,"width":48,"height":9}},{"id":"c8e5d23d-1aa0-463b-9c5f-b27f38908029","block_type":"box","text":"Financial assets interest bearing instruments","page_number":94,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"c577b18d-2d13-4460-a235-9603fbe0d176","block_type":"box","text":"23,716,905","page_number":94,"box":{"x":718,"y":229,"width":67,"height":9}},{"id":"a7e2c030-5d4e-4a73-9805-777b810fa29c","block_type":"box","text":"20,518,681","page_number":94,"box":{"x":828,"y":229,"width":64,"height":9}},{"id":"128f916b-229c-473f-bcb8-abbd0b69679a","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":94,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"9fb90936-5ce5-429e-82b3-20d6208b168f","block_type":"box","text":"11,657,228","page_number":94,"box":{"x":719,"y":248,"width":66,"height":9}},{"id":"60017311-34ba-4fe5-ba2a-54088460b69f","block_type":"box","text":"11,988,818","page_number":94,"box":{"x":828,"y":248,"width":66,"height":9}},{"id":"515b76f4-dc7b-42ea-a43e-9d91eced1ff7","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":94,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"f6647bdc-00f9-4334-9ef5-a3c78a53e1be","block_type":"box","text":"(121,934)","page_number":94,"box":{"x":733,"y":266,"width":56,"height":10}},{"id":"d504a3eb-2740-49c3-9922-c81cd9077ef3","block_type":"box","text":"(150,518)","page_number":94,"box":{"x":842,"y":266,"width":57,"height":10}},{"id":"94148ca6-c60e-4da7-bc13-684450b27fe8","block_type":"box","text":"Financial liabilities floating rate","page_number":94,"box":{"x":96,"y":285,"width":187,"height":10}},{"id":"2d367628-f1fc-4722-a3b5-caaee244f33d","block_type":"box","text":"(257,895)","page_number":94,"box":{"x":733,"y":285,"width":56,"height":10}},{"id":"8b9b1ecc-aeeb-4431-a7d0-836603e7109b","block_type":"box","text":"(128,596)","page_number":94,"box":{"x":842,"y":285,"width":57,"height":10}},{"id":"7f0aacb7-7f1a-414d-adf3-bb2cbb8fea85","block_type":"box","text":"35,607,146","page_number":94,"box":{"x":715,"y":307,"width":70,"height":9}},{"id":"1ed57e28-a6cc-4dea-bc44-3a67809d16c9","block_type":"box","text":"32,673,565","page_number":94,"box":{"x":824,"y":307,"width":70,"height":9}},{"id":"a6d85f38-e14e-4cf0-800d-bea9b6b9135a","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":94,"box":{"x":95,"y":342,"width":767,"height":11}},{"id":"d9ea75fe-0edd-4360-828c-9f4021ce38b3","block_type":"box","text":"assets","page_number":94,"box":{"x":867,"y":343,"width":37,"height":7}},{"id":"9e0856c8-4fd5-40e9-90c2-8f258df03a85","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £887 (30 April 2025: £791).","page_number":94,"box":{"x":95,"y":358,"width":718,"height":10}},{"id":"076c24ce-0f53-4d8e-9c94-f0e8019b50c6","block_type":"box","text":"Maturity of financial liabilities","page_number":94,"box":{"x":96,"y":380,"width":201,"height":10}},{"id":"90361913-67d4-4cb2-9a54-d957acb3b8b2","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":94,"box":{"x":95,"y":395,"width":655,"height":11}},{"id":"9dd6cc78-6f90-4b55-80c9-f974b06eeb63","block_type":"box","text":"Liquidity risk","page_number":94,"box":{"x":96,"y":417,"width":86,"height":11}},{"id":"0a8c9c59-c66a-452b-ac64-ba73f01fe530","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":94,"box":{"x":95,"y":433,"width":742,"height":11}},{"id":"e0bf9373-7425-4685-984f-3b1525002694","block_type":"box","text":"any shares","page_number":94,"box":{"x":840,"y":433,"width":64,"height":11}},{"id":"4cfd9123-8708-4f78-9e00-6a8ce366425f","block_type":"box","text":"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","page_number":94,"box":{"x":95,"y":448,"width":732,"height":11}},{"id":"a8e07068-73c0-4940-ad84-0422ce7c0231","block_type":"box","text":"edemptions.","page_number":94,"box":{"x":828,"y":448,"width":75,"height":11}},{"id":"b180970e-c6da-4cb0-bac5-807a7a3b7f28","block_type":"box","text":"Credit risk","page_number":94,"box":{"x":96,"y":470,"width":68,"height":9}},{"id":"cfb5225b-a8de-4aee-b82d-165e33f23f87","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":94,"box":{"x":96,"y":486,"width":722,"height":11}},{"id":"b4505cd0-a4b5-41f6-8338-511707edb2d9","block_type":"box","text":"he investment","page_number":94,"box":{"x":819,"y":486,"width":85,"height":8}},{"id":"cd5636b5-b5be-4395-a59c-7ace554351ed","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":94,"box":{"x":95,"y":501,"width":759,"height":11}},{"id":"7c5cdd1c-c1c7-4ebb-8574-31019e8a6256","block_type":"box","text":"stments","page_number":94,"box":{"x":856,"y":502,"width":48,"height":8}},{"id":"8a4163e5-e9e8-443d-827a-cb106d1092c3","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":94,"box":{"x":95,"y":517,"width":808,"height":10}},{"id":"6bd8352b-ed27-4f77-839a-8269ef7d9596","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar","page_number":94,"box":{"x":96,"y":532,"width":738,"height":11}},{"id":"2c1a0ecf-db88-4575-b3d5-6fda682dce2a","block_type":"box","text":"e reviewed.","page_number":94,"box":{"x":835,"y":532,"width":68,"height":8}},{"id":"a63a05ef-2d9d-4089-b71d-dc29783cd815","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":94,"box":{"x":96,"y":554,"width":733,"height":11}},{"id":"97a0bf42-dc0c-43c9-87b7-a2ef1070d08c","block_type":"box","text":"cash is held","page_number":94,"box":{"x":834,"y":554,"width":69,"height":9}},{"id":"2c2541a4-115a-49f4-861f-6ef55d661ed1","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":94,"box":{"x":95,"y":570,"width":735,"height":11}},{"id":"2d840577-1bc1-438a-9aef-677d998909f6","block_type":"box","text":"lectives that","page_number":94,"box":{"x":832,"y":570,"width":72,"height":8}},{"id":"1418470b-4428-45c6-9b9b-150c1ff27726","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":94,"box":{"x":96,"y":585,"width":650,"height":11}},{"id":"ee319041-0712-4c05-a69c-5111ca24d592","block_type":"box","text":"Fair value disclosure","page_number":94,"box":{"x":96,"y":607,"width":135,"height":9}},{"id":"fea4692b-db78-4e62-82ae-f28454cbd5a4","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":94,"box":{"x":95,"y":623,"width":731,"height":11}},{"id":"269971bc-4f9e-4c9a-a194-300a1259d6b8","block_type":"box","text":". The highest","page_number":94,"box":{"x":828,"y":623,"width":76,"height":11}},{"id":"8969b22b-beb8-40f7-9db9-44cb78e4c49d","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":94,"box":{"x":96,"y":638,"width":739,"height":11}},{"id":"ba8e4596-0e3b-4d19-86ec-4bbee762a25a","block_type":"box","text":"els in these","page_number":94,"box":{"x":836,"y":638,"width":68,"height":9}},{"id":"c6879d4e-033b-47b0-b84d-336e4d6cf51d","block_type":"box","text":"financial statements are as follows:","page_number":94,"box":{"x":95,"y":654,"width":213,"height":8}},{"id":"6f772812-e33f-4dce-9a0d-14ca214e823d","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":94,"box":{"x":96,"y":676,"width":489,"height":11}},{"id":"7d7a6a3e-205a-4e16-b9ab-f85b1a0f9a9c","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":94,"box":{"x":96,"y":698,"width":568,"height":11}},{"id":"4af2cafc-a205-4b22-9a33-ae2d3a4c4b0b","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":94,"box":{"x":96,"y":720,"width":344,"height":11}},{"id":"bfb5d095-66e1-4ad7-bda2-bc328e21b45f","block_type":"box","text":"Valuation technique","page_number":94,"box":{"x":95,"y":743,"width":135,"height":10}},{"id":"adf54f11-9a62-4e88-86ed-9206f31562e3","block_type":"box","text":"30.04.26","page_number":94,"box":{"x":534,"y":743,"width":55,"height":8}},{"id":"a22046c2-bcb9-4e6c-8c64-dd1c58cc25dc","block_type":"box","text":"30.04.25","page_number":94,"box":{"x":801,"y":743,"width":54,"height":8}},{"id":"7e7864f3-c497-4170-839f-0de30353d9cf","block_type":"box","text":"Assets","page_number":94,"box":{"x":452,"y":756,"width":42,"height":8}},{"id":"2ceb2127-029b-4229-9bb1-e070f237c76d","block_type":"box","text":"Liabilities","page_number":94,"box":{"x":564,"y":756,"width":64,"height":8}},{"id":"c0d24e20-eec4-4d8d-be1e-9c2a8972be42","block_type":"box","text":"Assets","page_number":94,"box":{"x":719,"y":756,"width":42,"height":8}},{"id":"2894fe3c-4a70-4a33-a5b9-4e4cbdc244da","block_type":"box","text":"Liabilities","page_number":94,"box":{"x":833,"y":756,"width":64,"height":8}},{"id":"77c0e11d-750b-4135-b30c-26ec5e0c521e","block_type":"box","text":"(£000’s)","page_number":94,"box":{"x":444,"y":769,"width":50,"height":9}},{"id":"f0e1bc27-aff5-452e-9a4c-f8a11ac02d7b","block_type":"box","text":"(£000’s)","page_number":94,"box":{"x":577,"y":769,"width":50,"height":9}},{"id":"fb4cc0ab-27e5-4753-9307-fb05e768e075","block_type":"box","text":"(£000’s)","page_number":94,"box":{"x":711,"y":769,"width":50,"height":9}},{"id":"8f1ba9dc-1f0e-4995-a9b8-72636b4d7f68","block_type":"box","text":"(£000’s)","page_number":94,"box":{"x":846,"y":769,"width":51,"height":9}},{"id":"4309487d-3e9f-47c1-aec1-292a516b1089","block_type":"box","text":"Level 1","page_number":94,"box":{"x":96,"y":784,"width":38,"height":8}},{"id":"7266c65b-17a8-44ee-b7f7-795371422c49","block_type":"box","text":"11,270","page_number":94,"box":{"x":455,"y":784,"width":39,"height":10}},{"id":"b6a53a2b-8f19-4d13-9c76-369558c413ce","block_type":"box","text":"–","page_number":94,"box":{"x":621,"y":789,"width":6,"height":1}},{"id":"300ae9e0-d94f-454c-a193-b9d108389fa3","block_type":"box","text":"1,253","page_number":94,"box":{"x":729,"y":784,"width":32,"height":10}},{"id":"be5ecb87-5522-475f-9fb5-166dd232c0f1","block_type":"box","text":"–","page_number":94,"box":{"x":890,"y":789,"width":7,"height":1}},{"id":"74652f42-a781-408e-bc0c-fadf9d2580e5","block_type":"box","text":"Level 2","page_number":94,"box":{"x":96,"y":800,"width":40,"height":8}},{"id":"45f4a69e-1807-4742-b371-291189bc5df9","block_type":"box","text":"24,083","page_number":94,"box":{"x":454,"y":800,"width":40,"height":9}},{"id":"fd2cde43-1590-4ecb-bd00-cc6988f44cf4","block_type":"box","text":"–","page_number":94,"box":{"x":621,"y":804,"width":6,"height":1}},{"id":"1cfb60e8-8449-4f72-929f-dc5a477f4810","block_type":"box","text":"31,177","page_number":94,"box":{"x":721,"y":800,"width":40,"height":9}},{"id":"0bdc340c-65bb-4924-8d92-598d9f89035f","block_type":"box","text":"–","page_number":94,"box":{"x":890,"y":804,"width":7,"height":1}},{"id":"75b1d54e-30d0-41ba-b33d-7eaeadc7d142","block_type":"box","text":"Level 3","page_number":94,"box":{"x":96,"y":815,"width":40,"height":8}},{"id":"5e3570ac-43ba-445b-9c62-badc6238d3a1","block_type":"box","text":"–","page_number":94,"box":{"x":488,"y":820,"width":6,"height":1}},{"id":"5d92dd7f-3bf2-41ac-ba4d-36af79ff4914","block_type":"box","text":"–","page_number":94,"box":{"x":621,"y":820,"width":6,"height":1}},{"id":"d2f73a01-371d-441c-8967-a300f12d1715","block_type":"box","text":"–","page_number":94,"box":{"x":754,"y":820,"width":7,"height":1}},{"id":"c6992f0e-b88b-494c-8260-1f49f6e75647","block_type":"box","text":"–","page_number":94,"box":{"x":890,"y":820,"width":7,"height":1}},{"id":"5da6e081-0e0a-45a9-8b29-3b5a8ab787c9","block_type":"box","text":"35,353","page_number":94,"box":{"x":452,"y":838,"width":42,"height":9}},{"id":"d868e5ef-bfe3-4f76-9f6f-00f25ef6a8a2","block_type":"box","text":"–","page_number":94,"box":{"x":621,"y":842,"width":7,"height":1}},{"id":"b2cb68dc-97d7-4cfb-82b7-cfca66cfc3d2","block_type":"box","text":"32,430","page_number":94,"box":{"x":719,"y":838,"width":42,"height":9}},{"id":"0bfca789-a8a1-4faa-bab9-c0fe9459e4d5","block_type":"box","text":"–","page_number":94,"box":{"x":890,"y":842,"width":7,"height":1}},{"id":"af3c123c-ed5a-4112-a64e-0679a37a871e","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":94,"box":{"x":498,"y":38,"width":404,"height":17}},{"id":"6cca393c-abcf-434a-bdbf-7bd558603639","block_type":"box","text":"89","page_number":94,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"e5d132ac-59b4-4aef-a9cb-616c3b7fd60a","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":95,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"94d3920c-1840-477f-974f-66223654b2c7","block_type":"box","text":"for the year ended 30 April 2026","page_number":95,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"d594aa1f-effa-44e2-adff-77681b0f40a4","block_type":"box","text":"11. Shares held","page_number":95,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"4a25a130-9d4b-4be6-bd62-5834b1748fe1","block_type":"box","text":"C Class (Institutional) Accumulation","page_number":95,"box":{"x":96,"y":156,"width":236,"height":10}},{"id":"de6b3aef-a90e-4856-9786-49a5ee9ecc83","block_type":"box","text":"Opening shares at 01.05.2025","page_number":95,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"89c04dd7-da2d-4ada-bbd9-b32ede5b4db3","block_type":"box","text":"24,526,255","page_number":95,"box":{"x":424,"y":179,"width":70,"height":9}},{"id":"b146f585-1b68-4260-8ae1-465e79d49af6","block_type":"box","text":"Shares issued during the year","page_number":95,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"032a8972-e0ff-48ed-b3d1-8de81d437821","block_type":"box","text":"5,937,021","page_number":95,"box":{"x":436,"y":194,"width":56,"height":10}},{"id":"95a42371-2fae-45c9-92a0-d05712e9ba00","block_type":"box","text":"Shares cancelled during the year","page_number":95,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"16761a1e-24f9-49a6-b822-00c6b23ce96a","block_type":"box","text":"(6,240,914)","page_number":95,"box":{"x":427,"y":210,"width":67,"height":9}},{"id":"06b44adb-e978-4fe0-81e3-abb0c9af47df","block_type":"box","text":"Shares converted during the year","page_number":95,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"b8755770-5a91-4dd1-a73d-ba67508ed514","block_type":"box","text":"–","page_number":95,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"65e72f67-5ec7-4e00-8a79-3a05069797f9","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":95,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"3edbe921-6152-43d7-8503-16996df87f67","block_type":"box","text":"24,222,362","page_number":95,"box":{"x":424,"y":248,"width":70,"height":9}},{"id":"c397cae5-d2c6-403f-b594-e56481462768","block_type":"box","text":"12. Contingent assets and liabilities","page_number":95,"box":{"x":96,"y":293,"width":234,"height":11}},{"id":"b6933638-9cb3-4075-a761-c7446039374f","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).","page_number":95,"box":{"x":95,"y":309,"width":585,"height":11}},{"id":"a7af1b2e-24ef-426a-8160-8e902211c7e4","block_type":"box","text":"13. Post balance sheet events","page_number":95,"box":{"x":96,"y":355,"width":194,"height":8}},{"id":"5e842821-fc02-4b08-9e9b-b164713812e7","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":95,"box":{"x":95,"y":374,"width":425,"height":11}},{"id":"d12f8329-dc50-40f4-8602-7c7b34875030","block_type":"box","text":"14. Direct transactions costs","page_number":95,"box":{"x":96,"y":420,"width":186,"height":9}},{"id":"76f60000-482f-4118-86b1-7252886011c1","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":95,"box":{"x":96,"y":439,"width":755,"height":11}},{"id":"e02f141d-e874-4a75-8c98-758bbade3b1e","block_type":"box","text":"herefore","page_number":95,"box":{"x":853,"y":439,"width":51,"height":8}},{"id":"a0b303be-3eda-4b39-be1f-19fed38721df","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":95,"box":{"x":95,"y":455,"width":444,"height":10}},{"id":"f0451be0-298e-4e97-bdc6-29fc12a3cc7f","block_type":"box","text":"15. Portfolio dealing spread","page_number":95,"box":{"x":96,"y":501,"width":181,"height":11}},{"id":"a4a297f0-37a3-46d9-9ec0-4c5a6a1f42cf","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.02% (30 April 2025: 0.01%).","page_number":95,"box":{"x":95,"y":523,"width":517,"height":11}},{"id":"8271c97c-259e-46ca-9c3b-bdb39456ad27","block_type":"box","text":"16. Related party transactions","page_number":95,"box":{"x":96,"y":569,"width":199,"height":11}},{"id":"e64ab3e7-af4a-400d-92c0-e5bf79193f31","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":95,"box":{"x":95,"y":592,"width":707,"height":10}},{"id":"2bd5e1c9-9939-4df9-98b9-1b5626b149b5","block_type":"box","text":"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","page_number":95,"box":{"x":95,"y":614,"width":765,"height":10}},{"id":"33edba65-27e2-4ffc-a01b-9ecde669e7c0","block_type":"box","text":"e sheet","page_number":95,"box":{"x":861,"y":614,"width":43,"height":8}},{"id":"dff1f85d-5429-4872-a161-3348df538e72","block_type":"box","text":"date are disclosed in note 9.","page_number":95,"box":{"x":95,"y":629,"width":171,"height":8}},{"id":"c0e6cd97-8859-4210-a7c6-f052204dfcde","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":95,"box":{"x":97,"y":38,"width":404,"height":17}},{"id":"3c8e7713-9f99-4058-b850-321e5940d395","block_type":"box","text":"90","page_number":95,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"85f67280-0a76-4c22-8ee7-89c7e3e59af1","block_type":"box","text":"Distribution Tables","page_number":96,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"e5a0f7d0-70b7-4671-be5c-eb129f0feadd","block_type":"box","text":"for the year ended 30 April 2026","page_number":96,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"428e6a1b-fee2-492e-9c4f-64270847eefb","block_type":"box","text":"Accumulation Share Distributions","page_number":96,"box":{"x":95,"y":134,"width":224,"height":9}},{"id":"be121d63-f276-46d8-8ca3-d3605d175677","block_type":"box","text":"Share class","page_number":96,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"305a1680-5f84-46d6-8b1d-7fe2dbc1440c","block_type":"box","text":"Distribution","page_number":96,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"cc300b96-be19-4a88-95a6-a4e93f5e3c16","block_type":"box","text":"Shares","page_number":96,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"3642e78e-597d-40f4-91ec-e55452dc9fd1","block_type":"box","text":"Net","page_number":96,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"ad6679f4-f891-42f1-9409-9f3bb8df4919","block_type":"box","text":"Equalisation","page_number":96,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"49fd9ecb-aeae-4dce-94fd-cdd9d60a2019","block_type":"box","text":"Distribution","page_number":96,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"63421ab7-18db-4438-ac21-45913824fe89","block_type":"box","text":"Distribution","page_number":96,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"8b18febe-87d4-4702-9c81-ec86a32fdab5","block_type":"box","text":"revenue","page_number":96,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"f9dfdf70-42e9-4943-96aa-86f481561e44","block_type":"box","text":"31.08.2026","page_number":96,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"5ed7d82d-7a0f-4700-a4a4-99c92678a19b","block_type":"box","text":"29.08.2025","page_number":96,"box":{"x":812,"y":165,"width":70,"height":8}},{"id":"72dc66c9-04ef-4c89-b551-53b1596f8239","block_type":"box","text":"31.08.2026","page_number":96,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"55a78afc-ab85-4716-b6be-b3af3c1bd88b","block_type":"box","text":"p","page_number":96,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"8bece5fb-bd2a-405c-8eae-30551fceed9c","block_type":"box","text":"p","page_number":96,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"d96aa4aa-07a3-4635-b9d6-204e6022ee5d","block_type":"box","text":"p","page_number":96,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"0f05f193-3f78-4b11-ad84-ac2138614bd6","block_type":"box","text":"p","page_number":96,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"e0ff6fed-d8c7-4d9c-a18a-4b277b6d067d","block_type":"box","text":"C","page_number":96,"box":{"x":105,"y":207,"width":7,"height":8}},{"id":"a28b9c11-f947-4ce2-ae3a-b2cf7765ca8a","block_type":"box","text":"Final","page_number":96,"box":{"x":267,"y":207,"width":27,"height":8}},{"id":"af4ac527-99ad-461d-b253-5d8a572e5fe3","block_type":"box","text":"Group 1","page_number":96,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"b7111ca2-1672-4cbc-ae6c-f222b26dd5cd","block_type":"box","text":"3.1882","page_number":96,"box":{"x":513,"y":207,"width":40,"height":8}},{"id":"b07840f9-2c60-435a-a9ae-e637e72a317c","block_type":"box","text":"–","page_number":96,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"f630de0b-8996-426b-a919-69b1a9446f78","block_type":"box","text":"3.1882","page_number":96,"box":{"x":722,"y":207,"width":40,"height":8}},{"id":"4e639df4-e490-441c-a868-e467b5566493","block_type":"box","text":"2.9842","page_number":96,"box":{"x":827,"y":207,"width":40,"height":8}},{"id":"629f081f-fe9d-4abd-b284-26413b36780b","block_type":"box","text":"Group 2","page_number":96,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"e9d0220a-fa08-4105-82b3-59621659b72e","block_type":"box","text":"2.1735","page_number":96,"box":{"x":513,"y":221,"width":40,"height":8}},{"id":"f91f7723-8a08-4017-b133-df72d0c33f11","block_type":"box","text":"1.0147","page_number":96,"box":{"x":618,"y":221,"width":40,"height":8}},{"id":"6767fca8-521a-4716-80e7-cb31f1accd06","block_type":"box","text":"3.1882","page_number":96,"box":{"x":722,"y":221,"width":40,"height":8}},{"id":"20e00b8d-4bc8-457b-827a-b3e3de230b3f","block_type":"box","text":"2.9842","page_number":96,"box":{"x":827,"y":221,"width":40,"height":8}},{"id":"63f44a88-4568-407e-812b-6bd4ff70c589","block_type":"box","text":"Final distribution in pence per share","page_number":96,"box":{"x":96,"y":252,"width":240,"height":11}},{"id":"fa0c9dc8-6e66-496d-aed8-d96d09614054","block_type":"box","text":"Group 1:","page_number":96,"box":{"x":96,"y":268,"width":51,"height":10}},{"id":"835634d8-c5eb-4efc-9c88-9345dcdc5fc0","block_type":"box","text":"Shares purchased prior to 01 May 2025","page_number":96,"box":{"x":181,"y":267,"width":239,"height":11}},{"id":"3398ac73-c40f-4905-b975-adb9698f4163","block_type":"box","text":"Group 2:","page_number":96,"box":{"x":96,"y":283,"width":51,"height":11}},{"id":"590186a4-3b25-4cc6-b87e-f9c8d2c41baa","block_type":"box","text":"Shares purchased on or after 01 May 2025 and on or before 30 April 2026","page_number":96,"box":{"x":181,"y":283,"width":448,"height":11}},{"id":"a5b7e875-7198-4afe-a830-05d56f329aad","block_type":"box","text":"MI Defensive Portfolio Overlay Fund","page_number":96,"box":{"x":498,"y":38,"width":404,"height":17}},{"id":"96158d20-94a4-41c2-b069-1a2c10a8e17f","block_type":"box","text":"91","page_number":96,"box":{"x":967,"y":960,"width":15,"height":9}},{"id":"2543e340-d69c-4383-9ef2-4f18b83f54d6","block_type":"box","text":"Sub-fund Overview","page_number":97,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"c4e36dde-ac1e-4581-a493-e35eaa7f0a98","block_type":"box","text":"Name of Sub-fund","page_number":97,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"908a3159-3c3a-42a6-b047-174ebafe32f5","block_type":"box","text":"MI Tatton Blended Active Fund (formerly VT Tatton Blended Active Fund)","page_number":97,"box":{"x":96,"y":143,"width":439,"height":11}},{"id":"bcd4ab19-b751-433b-880f-f900f7a20026","block_type":"box","text":"Size of Sub-fund","page_number":97,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"5b71b20f-dbd7-4c75-9a3c-7b02661925cb","block_type":"box","text":"£371,775,671","page_number":97,"box":{"x":95,"y":181,"width":80,"height":9}},{"id":"21aad267-a046-46ca-b323-987de673f07c","block_type":"box","text":"Launch date","page_number":97,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"7f1d4af3-f811-45bd-a3dd-897d7cad7ed7","block_type":"box","text":"31 January 2018","page_number":97,"box":{"x":95,"y":219,"width":97,"height":10}},{"id":"979572c7-7393-47b3-956a-ce13e571ad6d","block_type":"box","text":"Investment objective and policy","page_number":97,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"2005c988-8bc4-4e8f-b102-a5679482dce0","block_type":"box","text":"The objective of the Sub-fund is to maximise potential total return (i.e. capital and income growth).","page_number":97,"box":{"x":95,"y":256,"width":601,"height":11}},{"id":"cd4a168e-f7c6-4398-9953-5a7b13e41590","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as equities. For this Sub-fund, over the long term","page_number":97,"box":{"x":96,"y":278,"width":748,"height":11}},{"id":"cff7d815-cfb4-4b4d-8401-ee96f6beea7c","block_type":"box","text":"(7 years),","page_number":97,"box":{"x":849,"y":279,"width":54,"height":10}},{"id":"d65b90dc-e854-449d-9644-8b3d22186862","block_type":"box","text":"it is expected that the proportion of the Sub-fund exposed to equities will be approximately 75%.","page_number":97,"box":{"x":96,"y":293,"width":589,"height":11}},{"id":"f2b3f82b-674a-432f-b6b6-273a91d0b240","block_type":"box","text":"In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by","page_number":97,"box":{"x":96,"y":316,"width":772,"height":10}},{"id":"a43d41c0-26c5-4514-934d-e27405195f7b","block_type":"box","text":"more","page_number":97,"box":{"x":873,"y":318,"width":31,"height":6}},{"id":"50ba491a-ad54-4d69-9a15-105da1567093","block_type":"box","text":"than ± 12.5%.","page_number":97,"box":{"x":95,"y":331,"width":82,"height":8}},{"id":"641cb293-1359-4085-8c0d-d59483ac2378","block_type":"box","text":"The Investment Manager will manage the portfolio in order to achieve its investment objective by investing in collective invest","page_number":97,"box":{"x":95,"y":353,"width":777,"height":11}},{"id":"759cc440-3d44-481f-b003-9ac8eaea8af4","block_type":"box","text":"ment","page_number":97,"box":{"x":873,"y":354,"width":31,"height":7}},{"id":"a4fd62d6-13ca-4b35-8159-aab96822918b","block_type":"box","text":"schemes such as unit trusts, OEICs and other UCITS funds and closed ended schemes. The Sub-fund may also invest in individual s","page_number":97,"box":{"x":95,"y":369,"width":774,"height":10}},{"id":"7c765d69-cae4-4c78-b98b-311b2fa1d546","block_type":"box","text":"tocks,","page_number":97,"box":{"x":869,"y":369,"width":34,"height":9}},{"id":"a30eb3bb-456e-4968-8d34-36a7c7d16460","block_type":"box","text":"bonds, and derivatives if considered appropriate to meet the investment objective.","page_number":97,"box":{"x":96,"y":384,"width":503,"height":11}},{"id":"7a2e2062-9054-46b1-a778-03696ca94077","block_type":"box","text":"The Sub-fund will seek exposure to a diverse portfolio of assets, with a balance between passive and active strategies, with th","page_number":97,"box":{"x":95,"y":406,"width":756,"height":11}},{"id":"f5969a7f-da26-428f-87dc-80cd72549370","block_type":"box","text":"e overall","page_number":97,"box":{"x":853,"y":406,"width":50,"height":9}},{"id":"c40f478f-ea24-4965-9efb-c3772e2bf978","block_type":"box","text":"portfolio having an equity allocation in line with that in the investment objective. Other underlying assets in the portfolio (","page_number":97,"box":{"x":96,"y":422,"width":755,"height":10}},{"id":"16cac4ad-cca8-44f7-b25b-91111dddf7b1","block_type":"box","text":"to which","page_number":97,"box":{"x":852,"y":422,"width":51,"height":8}},{"id":"de9e1acf-8697-4a3b-bc7d-fac739b1ce29","block_type":"box","text":"there will be indirect exposure) may include bonds, commodities, property, private equity, derivatives and other instruments. S","page_number":97,"box":{"x":95,"y":437,"width":781,"height":11}},{"id":"4f3b58d3-75f9-4767-8425-dedf2618d217","block_type":"box","text":"ome","page_number":97,"box":{"x":878,"y":440,"width":26,"height":5}},{"id":"ac7dc351-3909-4fa9-9245-52d0715b44f0","block_type":"box","text":"of these investments will be denominated in foreign currencies which may or may not be hedged back to Pounds Sterling.","page_number":97,"box":{"x":95,"y":453,"width":741,"height":10}},{"id":"088ed800-102e-4c97-a94f-5cf1ab176655","block_type":"box","text":"The Sub-fund may also invest, at the ACD’s discretion, in other transferable securities, money market instruments, cash and nea","page_number":97,"box":{"x":95,"y":475,"width":769,"height":11}},{"id":"80c02b44-fcf8-4d2b-8037-4a08f023a376","block_type":"box","text":"r cash,","page_number":97,"box":{"x":866,"y":475,"width":37,"height":9}},{"id":"79f1e874-0017-4cfe-8738-793eae485587","block_type":"box","text":"deposits and derivatives if considered appropriate to meet the objective.","page_number":97,"box":{"x":95,"y":490,"width":442,"height":11}},{"id":"7bd9571d-925c-461f-9dd3-5d07721b5953","block_type":"box","text":"The Sub-fund may also use derivatives for the purposes of efficient portfolio management.","page_number":97,"box":{"x":95,"y":512,"width":551,"height":11}},{"id":"84aa18b0-9223-4304-b02d-64fbea1080ce","block_type":"box","text":"Derivatives","page_number":97,"box":{"x":96,"y":535,"width":74,"height":8}},{"id":"05c63637-5415-4ccd-8807-ca1c0f462bca","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":97,"box":{"x":95,"y":550,"width":686,"height":11}},{"id":"7fec4317-cc86-4b91-be29-68300de3109e","block_type":"box","text":"Benchmark","page_number":97,"box":{"x":96,"y":572,"width":76,"height":8}},{"id":"851b4f70-0231-4a0f-9f6b-cad9c6e0e0ab","block_type":"box","text":"No explicit benchmark is stated for the Sub-fund. However multi-asset portfolios or peer group averages with a similar weight i","page_number":97,"box":{"x":96,"y":588,"width":758,"height":10}},{"id":"f2c3f91d-152b-491d-8ecd-1d53bec1b147","block_type":"box","text":"n equity","page_number":97,"box":{"x":857,"y":588,"width":47,"height":10}},{"id":"08ecab8b-d785-404b-a640-3f1ceb4e9538","block_type":"box","text":"may be useful in assessing the performance of the Sub-fund. An example for this Sub-fund may be the IA OE Mixed Investment 40-","page_number":97,"box":{"x":96,"y":603,"width":808,"height":11}},{"id":"96af7ea5-90e2-462f-97ed-9284237a56c1","block_type":"box","text":"85% Shares.","page_number":97,"box":{"x":95,"y":619,"width":74,"height":8}},{"id":"0bb6d088-d103-4275-9d9b-2b5e9961ef2b","block_type":"box","text":"The Sub-fund provides comparative performance against a relevant Investment Association sector benchmark in order for investors","page_number":97,"box":{"x":95,"y":641,"width":809,"height":10}},{"id":"569b2b40-ddfd-4f9d-9c53-5cdde603b11b","block_type":"box","text":"to compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association M","page_number":97,"box":{"x":95,"y":656,"width":782,"height":11}},{"id":"fb946037-1800-436e-8300-7d0bd6a44c54","block_type":"box","text":"ixed","page_number":97,"box":{"x":880,"y":656,"width":23,"height":8}},{"id":"88773ec5-0782-44e8-9077-6c353263b11e","block_type":"box","text":"Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a","page_number":97,"box":{"x":95,"y":672,"width":800,"height":10}},{"id":"d0c63382-ceff-4297-b19b-eb3526394dc6","block_type":"box","text":"n","page_number":97,"box":{"x":897,"y":674,"width":6,"height":6}},{"id":"0c06150c-3bb1-4256-a86e-bf06549dd1bf","block_type":"box","text":"indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or","page_number":97,"box":{"x":96,"y":687,"width":756,"height":11}},{"id":"2810a168-62a2-45b6-9242-453a4f10c592","block_type":"box","text":"investor","page_number":97,"box":{"x":856,"y":687,"width":48,"height":8}},{"id":"1e0c173b-8f93-4283-b572-c3169514fea0","block_type":"box","text":"expectations.","page_number":97,"box":{"x":95,"y":703,"width":80,"height":10}},{"id":"9dc722ef-9104-48b1-87ed-e1f841067627","block_type":"box","text":"Final accounting date","page_number":97,"box":{"x":96,"y":725,"width":142,"height":10}},{"id":"2d155718-08e0-409c-80b3-5d98c9766ae8","block_type":"box","text":"30 April","page_number":97,"box":{"x":95,"y":740,"width":46,"height":11}},{"id":"a62bd60b-8b14-4d61-ba51-77d5659c2447","block_type":"box","text":"Interim accounting date","page_number":97,"box":{"x":96,"y":762,"width":159,"height":11}},{"id":"61a9d9f0-ff7a-4c96-a61d-a5791edefe6a","block_type":"box","text":"31 October","page_number":97,"box":{"x":95,"y":778,"width":68,"height":8}},{"id":"3893334a-538c-4669-9db3-f923dc001585","block_type":"box","text":"Income distribution date","page_number":97,"box":{"x":96,"y":800,"width":164,"height":8}},{"id":"cde4cdc8-6ec0-45d8-b2cb-759a1b1bf2ef","block_type":"box","text":"31 August","page_number":97,"box":{"x":95,"y":816,"width":60,"height":10}},{"id":"c84e3120-1411-4cf2-a677-70b8f77b3e51","block_type":"box","text":"ISA status","page_number":97,"box":{"x":96,"y":838,"width":64,"height":8}},{"id":"9eac16ce-c92c-49f6-8273-c0b40c6e1cf6","block_type":"box","text":"Qualifying Investment for stocks and shares component","page_number":97,"box":{"x":96,"y":853,"width":339,"height":11}},{"id":"c6d22911-b3ce-4d45-a61b-217a3b38f4f3","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":97,"box":{"x":97,"y":38,"width":344,"height":13}},{"id":"50de6bd0-a710-4920-821b-c243c00b702b","block_type":"box","text":"92","page_number":97,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"abb17a52-3e95-45a8-97ff-977d82ea1072","block_type":"box","text":"Sub-fund Overview (continued)","page_number":98,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"36a9ce01-3b7d-4d65-8aa9-a444189802ab","block_type":"box","text":"Class of shares","page_number":98,"box":{"x":96,"y":128,"width":96,"height":8}},{"id":"e1805da1-94e3-4069-8f1c-13f8dbb7f9df","block_type":"box","text":"A Class (Retail) Accumulation","page_number":98,"box":{"x":95,"y":143,"width":175,"height":10}},{"id":"d78136d1-c92e-46aa-82e8-66c8b0c71121","block_type":"box","text":"A Class (Retail) Income*","page_number":98,"box":{"x":95,"y":158,"width":144,"height":10}},{"id":"caa3162d-3196-44a4-9ec1-c7a40cd1ce18","block_type":"box","text":"*Share class not yet launched","page_number":98,"box":{"x":95,"y":181,"width":179,"height":10}},{"id":"90d78aca-7833-4dd4-b417-9f07b1887555","block_type":"box","text":"Initial charge","page_number":98,"box":{"x":96,"y":203,"width":86,"height":10}},{"id":"3a69c3b1-778c-4e72-adc0-f40a33e34f05","block_type":"box","text":"0% (of the amount invested by an investor)","page_number":98,"box":{"x":95,"y":218,"width":262,"height":11}},{"id":"2291f56c-d695-4141-a882-2ed9a26a493c","block_type":"box","text":"Redemption charge","page_number":98,"box":{"x":96,"y":240,"width":129,"height":11}},{"id":"9602514a-6e9b-4996-9bc7-f3014b1335f0","block_type":"box","text":"0%","page_number":98,"box":{"x":334,"y":241,"width":17,"height":8}},{"id":"cf3128ea-3101-4a88-9943-1b18855afdc7","block_type":"box","text":"Annual management charge","page_number":98,"box":{"x":95,"y":263,"width":188,"height":10}},{"id":"1ab03460-807e-4689-953e-968bfd69439f","block_type":"box","text":"A Class (Retail) Accumulation","page_number":98,"box":{"x":95,"y":278,"width":175,"height":10}},{"id":"a57d3c92-32f8-4f72-b4b6-b557fd971611","block_type":"box","text":"0.30%","page_number":98,"box":{"x":334,"y":278,"width":36,"height":8}},{"id":"90b36e46-ca18-4d30-9eb6-204ba9433cb3","block_type":"box","text":"A Class (Retail) Income","page_number":98,"box":{"x":95,"y":293,"width":137,"height":10}},{"id":"4fb18250-6975-4074-b4bf-75e04f7f72b6","block_type":"box","text":"0.30%","page_number":98,"box":{"x":334,"y":294,"width":36,"height":8}},{"id":"83224754-99ed-4716-8fa2-23667df5b129","block_type":"box","text":"Minimum initial investment","page_number":98,"box":{"x":96,"y":316,"width":167,"height":8}},{"id":"9ae7555a-26e4-4ea8-ba0c-c5fe8e7bd6e2","block_type":"box","text":"£3,000","page_number":98,"box":{"x":333,"y":316,"width":40,"height":9}},{"id":"0f8bf624-ef45-4b81-950d-31cce03058b9","block_type":"box","text":"Minimum subsequent investment","page_number":98,"box":{"x":96,"y":338,"width":205,"height":11}},{"id":"b66f7ef5-607d-4faf-a887-28fe5090aae1","block_type":"box","text":"£1,000","page_number":98,"box":{"x":333,"y":338,"width":40,"height":9}},{"id":"34e5d103-e17c-41fc-b9d4-f274aeac9b57","block_type":"box","text":"Minimum holding","page_number":98,"box":{"x":96,"y":360,"width":107,"height":11}},{"id":"5957a9fb-68af-45e4-a64d-f01f33adb3ec","block_type":"box","text":"£1,000","page_number":98,"box":{"x":333,"y":360,"width":40,"height":10}},{"id":"bad04c1d-c2ac-470c-af38-60ba2bc5549e","block_type":"box","text":"Minimum redemption","page_number":98,"box":{"x":96,"y":382,"width":133,"height":11}},{"id":"2ebef2b1-a670-41a7-936f-8abc086ebd97","block_type":"box","text":"None","page_number":98,"box":{"x":334,"y":383,"width":31,"height":7}},{"id":"b3ec8de3-35ef-4868-ac19-080d8b40aa1e","block_type":"box","text":"Regular savings plan","page_number":98,"box":{"x":96,"y":404,"width":135,"height":11}},{"id":"da00aed4-9b7a-45d7-b7e8-bebd9172dde6","block_type":"box","text":"Minimum payment of £100 per month","page_number":98,"box":{"x":334,"y":404,"width":232,"height":11}},{"id":"818f7011-0dbc-4507-ab16-a250668ba865","block_type":"box","text":"Regular withdrawal facility","page_number":98,"box":{"x":96,"y":426,"width":180,"height":11}},{"id":"174424db-52dc-4d90-9583-c5844b7380a9","block_type":"box","text":"N/A","page_number":98,"box":{"x":334,"y":427,"width":22,"height":8}},{"id":"f4193314-6ec3-4f0d-8b3b-dea96e4bb0a9","block_type":"box","text":"Investment in this Sub-fund is restricted to investors who are investing through the Tatton Investment Management discretionary","page_number":98,"box":{"x":96,"y":449,"width":808,"height":10}},{"id":"a4d5fc15-9ab3-4178-bc0b-3acd477569c2","block_type":"box","text":"management proposition.","page_number":98,"box":{"x":96,"y":464,"width":157,"height":11}},{"id":"023853e2-5be7-4899-b7ad-88d070a8df47","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":98,"box":{"x":559,"y":38,"width":343,"height":13}},{"id":"234a1794-9da8-4990-9627-7db583fc937a","block_type":"box","text":"93","page_number":98,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"167f86be-b4c5-4926-be0d-68dbf0d0a04d","block_type":"box","text":"Investment Manager’s Review","page_number":99,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"007ae728-f63c-4b69-82df-f9747e3461f3","block_type":"box","text":"for the year ended 30 April 2026","page_number":99,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"65bd6599-c5cd-4f85-950f-6a9d5ffb934f","block_type":"box","text":"Investment review","page_number":99,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"ea72adf1-4485-46da-ab97-5e12964a2022","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":99,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"196af239-315c-4c17-8ec7-a83bdf953cf5","block_type":"box","text":"The MI Tatton Blended Active A Acc returned 3.65% in the six months to 30 April 2026. The IA Mixed Investment 40-85% Shares","page_number":99,"box":{"x":95,"y":165,"width":809,"height":11}},{"id":"c1cfe264-92b1-41eb-b997-33dc08dbe0ea","block_type":"box","text":"benchmark returned 3.14% meaning the fund outperformed by 0.51% over the period.","page_number":99,"box":{"x":96,"y":181,"width":528,"height":10}},{"id":"0e52c144-b157-454d-8a19-69227fecf7a3","block_type":"box","text":"Over the last 12-months to 30 April 2026, the MI Tatton Blended Active A Acc has returned 20.99%. The IA Mixed Investment 40-85","page_number":99,"box":{"x":96,"y":203,"width":796,"height":10}},{"id":"837359e9-9bbf-4e7e-b0dc-d7b4b8f3f14a","block_type":"box","text":"%","page_number":99,"box":{"x":894,"y":203,"width":10,"height":8}},{"id":"899dde60-c0b2-4664-8e32-69d2c19744d7","block_type":"box","text":"Shares reference index returned 17.89%, meaning the fund outperformed by 3.1% over the period.","page_number":99,"box":{"x":95,"y":218,"width":604,"height":11}},{"id":"4465e904-42f7-466e-95c7-46698337a34a","block_type":"box","text":"Overview","page_number":99,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"faa1126e-5269-4b52-8230-c27b83fcf04e","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":99,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"b558673f-960a-4a24-8fe4-1b6b581d82b4","block_type":"box","text":"market","page_number":99,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"f91f4bd5-d335-46e6-946d-1f4a9d48921b","block_type":"box","text":"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.","page_number":99,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"7cb0f222-68af-4dc7-ac1f-2faf4f5758ef","block_type":"box","text":"Since last","page_number":99,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"c2f1e580-cf49-47dd-a4f3-f85f09571755","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":99,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"65dd6e94-7305-452c-8343-8f7818f3452d","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":99,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"e25a53f7-8e87-49ec-9b24-4427c89098db","block_type":"box","text":"eral Reserve","page_number":99,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"4400b7f3-4a62-4188-bec8-a7c1a3816d2c","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":99,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"7fdddadb-51b0-400e-978d-e5b4bb9ccfb8","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":99,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"971c8d6e-cac2-4beb-b12c-fe572836abcf","block_type":"box","text":"ons of","page_number":99,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"a2378566-6326-4b8d-9783-7a2cd071ddd0","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":99,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"da6c29fe-c69a-403d-aac2-1773ac829f0b","block_type":"box","text":"than","page_number":99,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"b68eb396-6789-4fc4-a93b-f7e4ddf29e77","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":99,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"6292e4c8-6bc1-473b-a13a-2e6e2d72f7d2","block_type":"box","text":"le AI","page_number":99,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"f5b2aa51-4dff-40e0-b96b-1618027d913f","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":99,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"4329f16c-413e-4272-9980-3539d1cd2c58","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":99,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"2cd33bc6-0e45-4711-b266-f941b9bc7693","block_type":"box","text":"edia","page_number":99,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"a2059a84-a8d2-45e1-8df5-ce0a53e2ae03","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":99,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"0f30cc8e-76ce-4cb1-b21d-c82a6fb1de7f","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":99,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"3959ece3-da74-4d1f-9d6f-e20fd7c1dabe","block_type":"box","text":"interest","page_number":99,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"08c63bb4-27f3-4173-b5ff-69402b92882e","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":99,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"4bba69c4-f389-4e38-a710-bd3007e3d8bd","block_type":"box","text":"d wider","page_number":99,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"689d875e-90d3-419b-9544-f9fa85f3e2fc","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":99,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"cf266d26-2353-417b-858b-bff091d176cc","block_type":"box","text":"Outlook","page_number":99,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"b839c867-8555-4140-bd76-290d87e502af","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":99,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"64e6aa8a-d08b-4e13-a02b-a8063256c626","block_type":"box","text":"for","page_number":99,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"9d0b2525-8c96-4c8b-8d91-ea557bd7c84f","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":99,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"6d6073e7-13e1-4b45-8e8b-6b0f65764b66","block_type":"box","text":"of","page_number":99,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"3b795134-bcfe-47e6-a3d3-ceed920c003d","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":99,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"521776d9-d3cc-44af-bb91-c8b5af84d38a","block_type":"box","text":"ll take time","page_number":99,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"b4f6e262-bfbe-440b-a59f-5c2a9f2a0ff4","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":99,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"f8d02fff-6a6e-4420-80ef-b4528b2717a4","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":99,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"6f085589-859a-4bdd-adb7-43ea438a20dc","block_type":"box","text":". Oil","page_number":99,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"afefa865-3f50-4715-bd45-90e248bd987f","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":99,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"28e17175-a859-42f0-b7ed-b13c94d2a1a5","block_type":"box","text":"expectation","page_number":99,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"d5979818-53a7-4531-aaa3-3145bbec0c2c","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":99,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"0987ad29-70c0-4701-8691-03a433ef588d","block_type":"box","text":"sell-off","page_number":99,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"e2257d74-b58a-4780-bab6-b5c02c68ff8c","block_type":"box","text":"we might have expected).","page_number":99,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"16b1eab4-f520-47a4-ae2c-e6b897772ed7","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":99,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"3f97f7a0-e4b0-442e-a57e-d39cae1f0136","block_type":"box","text":"ries","page_number":99,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"f8e380c6-bd5e-4e98-8126-076717627b89","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":99,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"59656379-bf39-4f35-8162-846d1f28d518","block_type":"box","text":"rowth can","page_number":99,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"7a614121-f140-45c0-abcb-5c441fc84b41","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":99,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"09f9454d-415d-4845-835a-003b05573a70","block_type":"box","text":"g.","page_number":99,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"296d803e-a5ee-44e7-8dd5-31f60775be34","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":99,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"45cec28b-811e-4df5-8b2f-679bb56e0229","block_type":"box","text":"y","page_number":99,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"f0aeb2cd-a9bc-4f1c-8257-ff3557347150","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":99,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"5a555b02-14c8-411f-9b13-3ea44301e458","block_type":"box","text":"cle.","page_number":99,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"a52b532c-450f-449b-bb8a-43f9f914d707","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":99,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"96d05a28-fef7-477c-8130-7c269445d82a","block_type":"box","text":"Fund positioning","page_number":99,"box":{"x":96,"y":764,"width":111,"height":11}},{"id":"83f05f32-fc8e-4734-9976-fc094007a92a","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":99,"box":{"x":95,"y":780,"width":769,"height":10}},{"id":"30a7a7ee-89ea-42d0-99d3-319d4219b41a","block_type":"box","text":"d fund","page_number":99,"box":{"x":865,"y":780,"width":38,"height":8}},{"id":"5f41f81a-b691-4b47-bc9d-2178363fadfa","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":99,"box":{"x":95,"y":795,"width":473,"height":11}},{"id":"eb42d657-bff3-4d31-975d-22d990c370eb","block_type":"box","text":"On 8 May 2025, the portfolio underwent a change. Changes were implemented in the sub-asset class allocations; Europe Equity was","page_number":99,"box":{"x":96,"y":817,"width":808,"height":11}},{"id":"8d40b332-ab9f-4db7-a8db-e1ec6306f9b9","block_type":"box","text":"increased and North America Equity was decreased. Manager positions were updated; HSBC European Index Fund was increased,","page_number":99,"box":{"x":96,"y":833,"width":807,"height":10}},{"id":"c3845956-0e4d-499d-9570-26aa208c4bea","block_type":"box","text":"iShares North American Equity Index Fund (UK) was decreased, Vanguard US Equity Index Fund was decreased and iShares MSCI","page_number":99,"box":{"x":96,"y":848,"width":807,"height":11}},{"id":"a9a474a5-7c60-4f01-ace4-0e143e5e574c","block_type":"box","text":"Europe Mid Cap ETF was removed.","page_number":99,"box":{"x":96,"y":864,"width":209,"height":10}},{"id":"516d36e0-1c9b-47ed-9db7-2c8d9a908fbe","block_type":"box","text":"An update to the portfolio was made on 11 July 2025. Asset allocation was changed; Bonds were decreased and Equities were incre","page_number":99,"box":{"x":95,"y":886,"width":776,"height":11}},{"id":"3025d6ed-9ec0-4b69-a0d4-348a94772e34","block_type":"box","text":"ased.","page_number":99,"box":{"x":873,"y":886,"width":30,"height":8}},{"id":"c70a7804-0f14-4bf4-a627-df1d8ccae7ed","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":99,"box":{"x":97,"y":38,"width":344,"height":13}},{"id":"03735730-e43f-4e87-804b-8c18e034947a","block_type":"box","text":"94","page_number":99,"box":{"x":14,"y":960,"width":19,"height":9}},{"id":"9ad5ec94-1312-40d2-a208-647691c478c1","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":100,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"192dc7b3-2a59-441c-97c7-c0c4fc1f3b2f","block_type":"box","text":"for the year ended 30 April 2026","page_number":100,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"07cd1642-2fea-4b47-8110-e09205cb006a","block_type":"box","text":"The portfolio was updated on 12 August 2025. Some sub-asset allocation changes were made; Govt Bond was increased, North Americ","page_number":100,"box":{"x":95,"y":128,"width":802,"height":10}},{"id":"27fd60e4-64c8-4ad6-89cb-d64de8664be0","block_type":"box","text":"a","page_number":100,"box":{"x":898,"y":130,"width":5,"height":6}},{"id":"4df64544-82f0-4e50-ad6a-d1b658912b94","block_type":"box","text":"Equity was increased and Strategic Bond was decreased. Changes were made to manager positioning; iShares North American Equity","page_number":100,"box":{"x":96,"y":143,"width":808,"height":11}},{"id":"8ce16b33-4457-494f-99a2-1f29badf3047","block_type":"box","text":"Index Fund (UK) was removed, Schroder Recovery Fund was removed, Vanguard Global Bond Index was removed and State Street","page_number":100,"box":{"x":96,"y":158,"width":808,"height":11}},{"id":"37dd9815-8327-4972-85d8-68ed48dba67c","block_type":"box","text":"SPDR S&P500 Quality Aristocrats ETF was added.","page_number":100,"box":{"x":95,"y":174,"width":294,"height":11}},{"id":"6daf4a48-0e75-46d9-8c4d-0ceccc52f90a","block_type":"box","text":"On 30 October 2025, the portfolio underwent a change. Manager positions were updated; HSBC Global Government Bond UCITS ETF","page_number":100,"box":{"x":96,"y":196,"width":808,"height":11}},{"id":"e42b6749-5b7c-40a1-b824-a46e9c834606","block_type":"box","text":"was increased, SVM UK Opportunities Fund was removed, iShares $ Treasury Bond 20+y ETF was removed and RGI UK Opportunities","page_number":100,"box":{"x":95,"y":212,"width":809,"height":10}},{"id":"bdfb4f65-930c-4978-abbd-f539eda4d3cc","block_type":"box","text":"Fund was added.","page_number":100,"box":{"x":96,"y":227,"width":102,"height":8}},{"id":"749d31ef-eff7-4b42-b742-5beaad9cb7cb","block_type":"box","text":"On 3 November 2025 the portfolio was updated. During this update, fund manager allocations were amended; Barings Emerging","page_number":100,"box":{"x":96,"y":249,"width":808,"height":11}},{"id":"c0bd0195-6241-4c33-9790-09d11752aa78","block_type":"box","text":"Markets Debt Blended Total Return Fund was removed, HSBC MSCI Emerging Markets Equity Index was removed, Emerging Markets","page_number":100,"box":{"x":96,"y":265,"width":808,"height":10}},{"id":"ed7a0cee-b5d6-41a0-9eb1-60aadccd5ec0","block_type":"box","text":"Debt Opportunities Fund was added and Jupiter UK Dynamic Equity Fund was added.","page_number":100,"box":{"x":96,"y":280,"width":516,"height":11}},{"id":"6f3f9920-53fc-448f-bc0f-48c18b71a285","block_type":"box","text":"The portfolio underwent an update on 2 December 2025. Changes were made to manager positioning; the iShares UK Equity Index","page_number":100,"box":{"x":95,"y":302,"width":809,"height":11}},{"id":"53a62f35-6f60-401f-8d7f-ffc457662376","block_type":"box","text":"Fund (UK) share class was changed.","page_number":100,"box":{"x":96,"y":318,"width":215,"height":10}},{"id":"e7140764-934d-4e9c-8bcd-cdeaad0c3c66","block_type":"box","text":"The portfolio was updated on 25 March 2026. A sub-asset allocation change was made; UK Equity was increased.","page_number":100,"box":{"x":95,"y":340,"width":685,"height":10}},{"id":"53a2a410-4c67-410a-afc8-e3f685f18988","block_type":"box","text":"Tatton Investment Management Limited","page_number":100,"box":{"x":95,"y":384,"width":269,"height":11}},{"id":"cd710e26-7c37-4f85-8f75-97877e4d3e02","block_type":"box","text":"Investment Manager to the Fund","page_number":100,"box":{"x":96,"y":400,"width":198,"height":10}},{"id":"8aa90a53-8fd3-4d3f-9e44-f7029c4e74ac","block_type":"box","text":"May 2026","page_number":100,"box":{"x":96,"y":415,"width":58,"height":11}},{"id":"1d397590-2a06-4b29-9f5a-1b785a564d7b","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":100,"box":{"x":559,"y":38,"width":343,"height":13}},{"id":"92867d51-e9e3-486c-9f7e-b2b24645903f","block_type":"box","text":"95","page_number":100,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"abafe7e3-8489-4197-8fe6-966e71e1c10e","block_type":"box","text":"Performance Record","page_number":101,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"72057b17-102a-43bf-bdf5-556c90daada6","block_type":"box","text":"Financial Highlights","page_number":101,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"0c4d9a86-38aa-4499-a897-a4b2053adb34","block_type":"box","text":"A Class (Retail) Accumulation","page_number":101,"box":{"x":99,"y":149,"width":194,"height":9}},{"id":"10b5e3b3-17ee-44f4-8ed0-024bcb6a0240","block_type":"box","text":"30.04.26","page_number":101,"box":{"x":418,"y":149,"width":54,"height":8}},{"id":"c18bee0d-93f7-4f7f-aad4-85174a9c1592","block_type":"box","text":"30.04.25","page_number":101,"box":{"x":527,"y":149,"width":54,"height":8}},{"id":"ee45c333-f350-42e3-ac0d-029bde0d1e2a","block_type":"box","text":"30.04.24","page_number":101,"box":{"x":637,"y":149,"width":54,"height":8}},{"id":"bdec911b-cb13-416a-86d5-1720ff6c90c2","block_type":"box","text":"p","page_number":101,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"efc7c947-8102-4631-bec3-b1194a638da6","block_type":"box","text":"p","page_number":101,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"61d4f181-1956-46eb-a830-0c2fb0c8a858","block_type":"box","text":"p","page_number":101,"box":{"x":661,"y":161,"width":6,"height":9}},{"id":"dc3dcc1a-7f56-4a8d-a3f7-5e1ead642f35","block_type":"box","text":"Opening net asset value per share","page_number":101,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"21944fd3-cf18-488d-9039-29582ed59219","block_type":"box","text":"145.5370","page_number":101,"box":{"x":435,"y":178,"width":54,"height":8}},{"id":"64ae57d9-0973-4925-89bf-a17acf860047","block_type":"box","text":"140.3780","page_number":101,"box":{"x":544,"y":178,"width":55,"height":8}},{"id":"771e9f90-3ce0-49ea-93ca-1912e2a96570","block_type":"box","text":"126.1693","page_number":101,"box":{"x":654,"y":178,"width":54,"height":8}},{"id":"7ef204cb-9cbc-4972-8acf-cdcd3ef6d141","block_type":"box","text":"Return before operating charges","page_number":101,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"19d3e190-65fe-4134-83af-767fa57f13b0","block_type":"box","text":"31.3039","page_number":101,"box":{"x":442,"y":191,"width":47,"height":8}},{"id":"7b0634f0-d926-4883-8fa5-a07db68acb17","block_type":"box","text":"5.8595","page_number":101,"box":{"x":559,"y":191,"width":40,"height":8}},{"id":"a629e6b5-7443-4918-87ac-b5ff8e477546","block_type":"box","text":"14.8884","page_number":101,"box":{"x":661,"y":191,"width":48,"height":8}},{"id":"6d1cf52d-4af6-4bf4-b1fb-56c0eafa86be","block_type":"box","text":"Operating charges (note 1)","page_number":101,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"e99a1371-a3df-43f4-a5d7-89efe97bf49d","block_type":"box","text":"(0.8200)","page_number":101,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"e0e28ece-9b88-4704-b4f5-f965b2e960bb","block_type":"box","text":"(0.7005)","page_number":101,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"67e76655-29c0-4b94-a1d5-52d5e91b98c9","block_type":"box","text":"(0.6797)","page_number":101,"box":{"x":660,"y":204,"width":48,"height":9}},{"id":"86dfb9f5-5e3f-4231-9f29-59965f0f2ba6","block_type":"box","text":"Return after operating charges","page_number":101,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"c8d53470-f58a-4253-841e-87756d175186","block_type":"box","text":"30.4839","page_number":101,"box":{"x":442,"y":217,"width":47,"height":8}},{"id":"d4cf54d5-09bd-4100-bb38-ccfc1238dc0b","block_type":"box","text":"5.1590","page_number":101,"box":{"x":559,"y":217,"width":40,"height":8}},{"id":"53a9a314-4a55-4ad4-9999-0c70fc485003","block_type":"box","text":"14.2087","page_number":101,"box":{"x":661,"y":217,"width":47,"height":8}},{"id":"821ac703-3394-4bb2-90ab-db7939b3262e","block_type":"box","text":"Closing net asset value per share","page_number":101,"box":{"x":100,"y":230,"width":217,"height":10}},{"id":"92904b0a-29b1-4aa4-b8af-5e6a460d5dbe","block_type":"box","text":"176.0209","page_number":101,"box":{"x":432,"y":230,"width":57,"height":8}},{"id":"24b9b723-7eab-41ab-8ae8-a4e02f944804","block_type":"box","text":"145.5370","page_number":101,"box":{"x":541,"y":230,"width":58,"height":8}},{"id":"d314b311-3b5c-4d8e-9bdd-9019d8fafe9b","block_type":"box","text":"140.3780","page_number":101,"box":{"x":651,"y":230,"width":58,"height":8}},{"id":"173d7900-1bce-4135-95be-1414f85230ed","block_type":"box","text":"Retained distributions on accumulated shares","page_number":101,"box":{"x":101,"y":243,"width":278,"height":8}},{"id":"bd256bb3-57d8-4707-8047-3bc573d057d8","block_type":"box","text":"2.5182","page_number":101,"box":{"x":449,"y":243,"width":40,"height":8}},{"id":"6e2f3180-7c48-4869-9ec2-0c9afb0b7446","block_type":"box","text":"2.0593","page_number":101,"box":{"x":559,"y":243,"width":40,"height":8}},{"id":"682285fd-b2fe-474c-906e-7b5b4ad69940","block_type":"box","text":"2.7295","page_number":101,"box":{"x":668,"y":243,"width":40,"height":8}},{"id":"ce445c1f-f569-4671-8086-89bf11c97a73","block_type":"box","text":"After direct transactions costs of","page_number":101,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"b1660180-c4ba-4bfe-b5d1-f1018df29b6d","block_type":"box","text":"–","page_number":101,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"74225f2f-8b62-4550-9348-cdff3b0cb1e0","block_type":"box","text":"–","page_number":101,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"b28e0d47-8fe5-4710-84f3-bf655ba6fa09","block_type":"box","text":"–","page_number":101,"box":{"x":702,"y":261,"width":6,"height":0}},{"id":"116dd484-fbae-47fe-bc4e-9cf22ab9dcc7","block_type":"box","text":"Performance","page_number":101,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"0b2f6035-954f-4871-81cc-87a922325c68","block_type":"box","text":"Return after charges","page_number":101,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"1ee7c479-0a0b-4814-b40e-9903b814621a","block_type":"box","text":"20.95%","page_number":101,"box":{"x":446,"y":282,"width":43,"height":8}},{"id":"99117c77-7336-49d8-96da-b8ae3dfc54b6","block_type":"box","text":"3.68%","page_number":101,"box":{"x":563,"y":282,"width":36,"height":8}},{"id":"e95a3f93-ec15-4761-a2d1-66a88e94dde1","block_type":"box","text":"11.26%","page_number":101,"box":{"x":665,"y":282,"width":43,"height":8}},{"id":"c5695051-8af9-4ec0-945f-635a1f530a83","block_type":"box","text":"Other information","page_number":101,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"7c8bf742-29ee-4c99-8d8c-3c282c3d4ecb","block_type":"box","text":"Closing net asset value","page_number":101,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"4edadff3-85e8-4614-8867-32541f22e20a","block_type":"box","text":"£371,775,671","page_number":101,"box":{"x":408,"y":308,"width":79,"height":10}},{"id":"0c400df3-3370-4a60-b832-05c4384533f6","block_type":"box","text":"£234,503,808","page_number":101,"box":{"x":517,"y":308,"width":82,"height":10}},{"id":"c3ec0b50-b273-4c8c-811c-1f9cb52a87d4","block_type":"box","text":"£173,877,848","page_number":101,"box":{"x":627,"y":308,"width":81,"height":10}},{"id":"32d1a488-5d9f-49fe-b0fe-f16e127095bc","block_type":"box","text":"Closing number of shares","page_number":101,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"21adeb20-62b1-42e0-9b86-e5e3b25365fe","block_type":"box","text":"211,211,092","page_number":101,"box":{"x":416,"y":321,"width":73,"height":10}},{"id":"15faf4ef-8ac1-4222-9d50-a39b66d12900","block_type":"box","text":"161,130,042","page_number":101,"box":{"x":526,"y":321,"width":73,"height":10}},{"id":"9428f53a-6b89-4ecf-8d51-4ddebf3bdb11","block_type":"box","text":"123,863,998","page_number":101,"box":{"x":635,"y":321,"width":73,"height":10}},{"id":"71e4e9db-b09b-4da4-ae99-270dd97361a1","block_type":"box","text":"Operating charges (note 2)","page_number":101,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"4755bb7e-60f6-4c2b-a14e-9bede55022d5","block_type":"box","text":"0.51%","page_number":101,"box":{"x":453,"y":335,"width":36,"height":7}},{"id":"752ad9b2-1c05-405d-ade1-b4e1c0cb59f9","block_type":"box","text":"0.49%","page_number":101,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"c8c80f40-539f-4794-9c71-abc5f7212640","block_type":"box","text":"0.51%","page_number":101,"box":{"x":672,"y":335,"width":36,"height":7}},{"id":"58e4ec83-11d1-40da-a85c-af0bcf7eca3d","block_type":"box","text":"Direct transaction costs","page_number":101,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"4efaea1c-7674-438a-bb66-a72759bf2380","block_type":"box","text":"0.00%","page_number":101,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"a03c7fe6-c52a-40c7-9a05-ecdf55b3a340","block_type":"box","text":"0.00%","page_number":101,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"c64c3f05-e515-4d7f-a4aa-b174203e04eb","block_type":"box","text":"0.00%","page_number":101,"box":{"x":672,"y":348,"width":36,"height":7}},{"id":"495e1c75-527c-4e11-af45-cf1e2bd25510","block_type":"box","text":"Prices","page_number":101,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"fcb1c89f-a9f0-41a1-bf43-14b6fbcff0e3","block_type":"box","text":"Highest share price","page_number":101,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"e7293a86-8efd-4ed3-8ec4-b56aedddf438","block_type":"box","text":"178.1724","page_number":101,"box":{"x":435,"y":374,"width":55,"height":8}},{"id":"631e5181-1a8e-4b41-b073-814bf16cfae6","block_type":"box","text":"156.3792","page_number":101,"box":{"x":544,"y":374,"width":55,"height":8}},{"id":"8f655e9f-f8d3-4a20-b43f-cd14cb78dd1f","block_type":"box","text":"141.7137","page_number":101,"box":{"x":654,"y":374,"width":54,"height":8}},{"id":"9bc67498-84e5-4548-af61-4bcd4628191b","block_type":"box","text":"Lowest share price","page_number":101,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"e3f828c8-2610-41d5-a63f-23c39e513c01","block_type":"box","text":"145.5370","page_number":101,"box":{"x":435,"y":387,"width":54,"height":8}},{"id":"57d40cca-cd5d-4f61-b89c-cacce83a8d49","block_type":"box","text":"137.5664","page_number":101,"box":{"x":544,"y":387,"width":55,"height":8}},{"id":"2e90304a-c9c3-4f78-a405-ef150dd6264b","block_type":"box","text":"123.9991","page_number":101,"box":{"x":654,"y":387,"width":52,"height":8}},{"id":"044d083b-5360-44d6-a32e-b5a0f80f3169","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":101,"box":{"x":96,"y":414,"width":758,"height":11}},{"id":"28829dc9-0404-4bfb-81fd-6f5634e67028","block_type":"box","text":"aluation","page_number":101,"box":{"x":855,"y":414,"width":48,"height":8}},{"id":"291b2778-159c-4c22-bc41-3cad35ad6fda","block_type":"box","text":"per share throughout the period.","page_number":101,"box":{"x":96,"y":429,"width":200,"height":10}},{"id":"8b517e22-87c0-4bf3-9a01-0ed68f119ac5","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":101,"box":{"x":95,"y":448,"width":787,"height":11}},{"id":"e54742d0-e999-4b58-91ce-f71ea1e3e2a7","block_type":"box","text":"age","page_number":101,"box":{"x":883,"y":451,"width":21,"height":8}},{"id":"041c2927-94a8-431f-84e2-696888202bb7","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":101,"box":{"x":96,"y":463,"width":778,"height":11}},{"id":"fe336193-f55b-411d-a829-7e119bf5f2cc","block_type":"box","text":"und.","page_number":101,"box":{"x":874,"y":463,"width":26,"height":8}},{"id":"8a9428d1-d941-428c-9f73-dc24be546dc2","block_type":"box","text":"Risk and Reward Profile","page_number":101,"box":{"x":97,"y":513,"width":244,"height":13}},{"id":"8171005f-3112-470b-82b9-81abafaf86ac","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":101,"box":{"x":95,"y":549,"width":785,"height":10}},{"id":"e9875f2a-570f-47b7-b905-610aee1eaa71","block_type":"box","text":"the","page_number":101,"box":{"x":884,"y":549,"width":20,"height":8}},{"id":"095394a9-b484-4a5b-aea1-26a0a717ff9a","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":101,"box":{"x":96,"y":564,"width":752,"height":11}},{"id":"eda193c4-c7e3-403a-bf40-2c9e08574751","block_type":"box","text":"and may","page_number":101,"box":{"x":852,"y":564,"width":52,"height":11}},{"id":"8412210a-4132-4a94-a66d-921b4b63a9f2","block_type":"box","text":"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’","page_number":101,"box":{"x":96,"y":580,"width":753,"height":10}},{"id":"83b19adf-1960-4ac9-826a-2e266b4ac4ba","block_type":"box","text":"s ranking","page_number":101,"box":{"x":849,"y":580,"width":55,"height":10}},{"id":"36d2d1a2-4813-4750-8af8-6e1d1a85aae4","block_type":"box","text":"on the risk and reward indicator.","page_number":101,"box":{"x":95,"y":595,"width":199,"height":8}},{"id":"a2563776-60de-451f-a152-0e6cb786ce63","block_type":"box","text":"Typically lower rewards,","page_number":101,"box":{"x":128,"y":617,"width":162,"height":11}},{"id":"e821ac6a-7300-439d-b54f-3a94bf106db6","block_type":"box","text":"Typically higher rewards,","page_number":101,"box":{"x":706,"y":617,"width":167,"height":11}},{"id":"8f910b3d-e477-42b2-82eb-210632e0a4a1","block_type":"box","text":"lower risk","page_number":101,"box":{"x":177,"y":633,"width":65,"height":8}},{"id":"4420495d-5afa-4a5c-9244-e49b0ede03f9","block_type":"box","text":"higher risk","page_number":101,"box":{"x":755,"y":633,"width":71,"height":10}},{"id":"b81cf510-d273-444d-9535-04327ef91960","block_type":"box","text":"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","page_number":101,"box":{"x":96,"y":692,"width":738,"height":11}},{"id":"6096f4c7-b740-4fb7-9fc7-f61fe68c360a","block_type":"box","text":"y in the Key","page_number":101,"box":{"x":835,"y":693,"width":69,"height":10}},{"id":"c89becf2-8e57-4804-81eb-e6f2e920191a","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 4). The Sub-fund is ranked ‘4’ because weekly historical performance data","page_number":101,"box":{"x":96,"y":708,"width":807,"height":11}},{"id":"4561d929-1aca-43b0-b1ae-54a4661ba805","block_type":"box","text":"indicates that average rises and falls in prices would have occurred historically. The higher the rank, the greater the potenti","page_number":101,"box":{"x":96,"y":723,"width":749,"height":11}},{"id":"3f9eaef0-2fdd-4ecb-9fb2-5346c18b5bda","block_type":"box","text":"al reward","page_number":101,"box":{"x":847,"y":723,"width":56,"height":9}},{"id":"65d03382-a949-4c9c-9fe6-a78bdff1fec8","block_type":"box","text":"but the greater the risk of losing money.","page_number":101,"box":{"x":96,"y":739,"width":242,"height":11}},{"id":"a34205c2-49d3-4085-9063-4e26be1e6f37","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":101,"box":{"x":97,"y":38,"width":344,"height":13}},{"id":"2c624bbe-d372-4db0-b684-3b11da3fe836","block_type":"box","text":"96","page_number":101,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"e3197f33-5b8a-4e40-9685-ebef1461d363","block_type":"box","text":"1","page_number":101,"box":{"x":148,"y":667,"width":8,"height":12}},{"id":"ff3650f7-1981-4db5-a306-058731962587","block_type":"box","text":"2","page_number":101,"box":{"x":263,"y":667,"width":10,"height":12}},{"id":"0ef4f325-db8f-4f8e-8613-dffb617f45e8","block_type":"box","text":"3","page_number":101,"box":{"x":379,"y":667,"width":10,"height":12}},{"id":"fb72aa67-74e7-4b28-98f4-6a98e2904814","block_type":"box","text":"4","page_number":101,"box":{"x":494,"y":667,"width":11,"height":12}},{"id":"541fbc10-99c6-4e4e-97b9-44c6e8f054c2","block_type":"box","text":"5","page_number":101,"box":{"x":611,"y":667,"width":10,"height":12}},{"id":"e7b7930a-f479-4ec9-bbe4-0d286c726af7","block_type":"box","text":"6","page_number":101,"box":{"x":726,"y":667,"width":10,"height":12}},{"id":"2faa39a4-c314-4ab4-975b-60301eea264c","block_type":"box","text":"7","page_number":101,"box":{"x":841,"y":667,"width":11,"height":12}},{"id":"ce0aa376-8d36-45c6-bdcc-43f913c38e60","block_type":"box","text":"Portfolio Statement","page_number":102,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"98675117-8b6e-495e-a809-d3d638c9c32b","block_type":"box","text":"as at 30 April 2026","page_number":102,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"3554f085-4061-423d-97f8-0b3f84ea9abd","block_type":"box","text":"Market","page_number":102,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"1050cd87-0a74-4a09-a1e1-46cb208e6cc4","block_type":"box","text":"% of total","page_number":102,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"03ce0df3-8e96-4151-afe5-1e8ff53c1450","block_type":"box","text":"value","page_number":102,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"c30f5ffa-97b1-4a5d-bbab-c6480f5b997f","block_type":"box","text":"net assets","page_number":102,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"909b0b7e-3428-43ac-b950-1cc4be819dc5","block_type":"box","text":"Holding","page_number":102,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"30472407-08cd-4436-a446-7e59e99a1679","block_type":"box","text":"Investment","page_number":102,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"c643f6cb-3619-41a9-9a64-9a62f3abce8d","block_type":"box","text":"£","page_number":102,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"5ad3fb08-1589-4be0-b2a6-0a748b91406a","block_type":"box","text":"2026","page_number":102,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"0841b425-7e9f-4889-97f1-a4b7ebcab974","block_type":"box","text":"Collective Investment Schemes (30.04.2025: 87.61%)","page_number":102,"box":{"x":210,"y":176,"width":346,"height":10}},{"id":"8bf3cb7a-b1a3-4af5-a41c-089ffa076311","block_type":"box","text":"1,653,450","page_number":102,"box":{"x":131,"y":191,"width":58,"height":9}},{"id":"77e0be7c-41f8-4b9b-be58-db86307ac701","block_type":"box","text":"Artemis US Select Fund","page_number":102,"box":{"x":209,"y":190,"width":140,"height":8}},{"id":"388176c8-c916-44a0-805c-0f3ff98e0e00","block_type":"box","text":"8,686,067","page_number":102,"box":{"x":750,"y":191,"width":58,"height":9}},{"id":"4dba4c83-f255-4cf6-91a3-4a5bbc8bf659","block_type":"box","text":"2.34%","page_number":102,"box":{"x":863,"y":191,"width":36,"height":7}},{"id":"367fb979-5ea3-4472-b35f-0526981a30cd","block_type":"box","text":"2,035,192","page_number":102,"box":{"x":131,"y":205,"width":58,"height":9}},{"id":"cf80dda9-1f6a-4d85-9ad5-84e1f6a41b5f","block_type":"box","text":"AXA Framlington UK Mid Cap Fund","page_number":102,"box":{"x":209,"y":204,"width":209,"height":11}},{"id":"63ef5a79-8502-4d62-835f-d8859cda5067","block_type":"box","text":"2,539,919","page_number":102,"box":{"x":750,"y":205,"width":58,"height":9}},{"id":"1b53edec-2c62-4671-8120-a18dff2935f9","block_type":"box","text":"0.68%","page_number":102,"box":{"x":863,"y":205,"width":36,"height":8}},{"id":"39e0986d-3c0d-477e-af0c-ba8c6c70be99","block_type":"box","text":"3,250","page_number":102,"box":{"x":157,"y":219,"width":32,"height":9}},{"id":"bd3baa40-5e3d-41ae-9029-8297b5c704f9","block_type":"box","text":"Baring Hong Kong China Fund","page_number":102,"box":{"x":210,"y":219,"width":180,"height":10}},{"id":"9a18c4ed-5644-4bec-bd52-983d2064a709","block_type":"box","text":"3,681,584","page_number":102,"box":{"x":750,"y":219,"width":59,"height":9}},{"id":"fd91a50b-bc02-4c91-829c-4fafb4772980","block_type":"box","text":"0.99%","page_number":102,"box":{"x":863,"y":219,"width":36,"height":8}},{"id":"50b4a48f-3f08-4a35-8be2-39ef4d1fdf94","block_type":"box","text":"1,970,807","page_number":102,"box":{"x":131,"y":233,"width":58,"height":9}},{"id":"b0679ac8-5a99-4a52-9c50-3771778716a6","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":102,"box":{"x":210,"y":233,"width":295,"height":11}},{"id":"fa3a4efd-2235-4406-9efe-4753472c6695","block_type":"box","text":"2,465,283","page_number":102,"box":{"x":750,"y":233,"width":58,"height":9}},{"id":"ef5d7a7b-e902-4569-8361-1759a1b35258","block_type":"box","text":"0.66%","page_number":102,"box":{"x":863,"y":233,"width":36,"height":8}},{"id":"6f861b81-0952-4968-8f84-6ffc3cf02dcc","block_type":"box","text":"8,153,461","page_number":102,"box":{"x":131,"y":248,"width":56,"height":9}},{"id":"00dca3d8-f9a7-4985-b4f3-7a30e0a38551","block_type":"box","text":"BNY Mellon US Equity Income Newton Fund","page_number":102,"box":{"x":210,"y":247,"width":265,"height":11}},{"id":"5c115846-77d6-4ef8-a2be-3effdc3d7da0","block_type":"box","text":"9,240,318","page_number":102,"box":{"x":750,"y":248,"width":58,"height":9}},{"id":"be95ea5c-60e0-4685-8b6c-9ef0d3d3578d","block_type":"box","text":"2.49%","page_number":102,"box":{"x":863,"y":248,"width":36,"height":7}},{"id":"168cb953-f9fb-4b3c-ad0b-fa5e879f1299","block_type":"box","text":"15,326","page_number":102,"box":{"x":150,"y":262,"width":39,"height":9}},{"id":"0747818d-57e8-48cf-982f-dbc6e97e93a6","block_type":"box","text":"Cheyne Global Credit Fund","page_number":102,"box":{"x":210,"y":261,"width":161,"height":11}},{"id":"bc6652d8-a5b9-4739-956c-41f148381f58","block_type":"box","text":"1,885,128","page_number":102,"box":{"x":750,"y":262,"width":58,"height":9}},{"id":"c701f2d5-10a8-4b1b-97f2-624a42070733","block_type":"box","text":"0.51%","page_number":102,"box":{"x":863,"y":262,"width":36,"height":8}},{"id":"d2066c08-34dd-4cd9-aeea-a54b1c813130","block_type":"box","text":"578,186","page_number":102,"box":{"x":142,"y":276,"width":47,"height":9}},{"id":"d944215d-ea0a-4ede-946d-503875af2946","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":102,"box":{"x":210,"y":276,"width":307,"height":8}},{"id":"1f5b6555-4fd2-4a52-b7c0-fd2f02581beb","block_type":"box","text":"7,117,475","page_number":102,"box":{"x":750,"y":276,"width":58,"height":9}},{"id":"d4e9aaee-93cf-42f7-918f-54cd6f0e552c","block_type":"box","text":"1.91%","page_number":102,"box":{"x":863,"y":276,"width":36,"height":8}},{"id":"355fec3e-cc5e-4a37-a39d-2a8c983135a0","block_type":"box","text":"5,765,237","page_number":102,"box":{"x":131,"y":290,"width":58,"height":9}},{"id":"761d66eb-df0a-47e9-9f8a-662488459693","block_type":"box","text":"ES Alliance Bernstein Concentrated US Equity Fund","page_number":102,"box":{"x":210,"y":290,"width":308,"height":11}},{"id":"9edd52aa-dee4-4e10-9f75-d1fc15192b1b","block_type":"box","text":"10,256,356","page_number":102,"box":{"x":743,"y":290,"width":65,"height":9}},{"id":"6e0dc28f-c7ff-4618-ae47-84db4b8d6114","block_type":"box","text":"2.76%","page_number":102,"box":{"x":863,"y":290,"width":36,"height":8}},{"id":"fd42644a-5c30-433f-9616-a73deaa72b4b","block_type":"box","text":"2,176,295","page_number":102,"box":{"x":131,"y":305,"width":58,"height":9}},{"id":"ecc7f7cf-347d-4b47-a620-2433c69be5e7","block_type":"box","text":"FTF Brandywine Global Income Optimiser Fund","page_number":102,"box":{"x":210,"y":304,"width":285,"height":11}},{"id":"111825f9-1ecb-482b-ac4b-647ed7b08360","block_type":"box","text":"2,824,831","page_number":102,"box":{"x":750,"y":305,"width":56,"height":9}},{"id":"e225cad3-a7c6-4217-96f4-93bdb39ff018","block_type":"box","text":"0.76%","page_number":102,"box":{"x":863,"y":305,"width":36,"height":7}},{"id":"2cce2548-a9a7-4620-b548-cca896aa802b","block_type":"box","text":"500,781","page_number":102,"box":{"x":142,"y":319,"width":45,"height":9}},{"id":"135fc7bc-37c9-4706-9a75-af7f74b648ac","block_type":"box","text":"Goldman Sachs EM Ex-China CORE® Equity Fund","page_number":102,"box":{"x":210,"y":318,"width":297,"height":11}},{"id":"11060e37-db94-4b2a-a65e-e2413f8a8794","block_type":"box","text":"9,579,947","page_number":102,"box":{"x":750,"y":319,"width":58,"height":9}},{"id":"191e7e54-d184-41a8-a189-8de7ecb00721","block_type":"box","text":"2.58%","page_number":102,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"52f280b8-4c68-4f2c-8ae4-5794bcd529b5","block_type":"box","text":"44,699","page_number":102,"box":{"x":149,"y":333,"width":40,"height":9}},{"id":"0b74abc4-8baa-4045-8759-b88adfd6dd92","block_type":"box","text":"Harrington Cooper Snyder US All Cap Equity Fund","page_number":102,"box":{"x":210,"y":333,"width":300,"height":10}},{"id":"6fb675df-4be5-4a23-9dbf-98a5035bb4da","block_type":"box","text":"6,639,122","page_number":102,"box":{"x":750,"y":333,"width":58,"height":9}},{"id":"27d6cc12-2d08-441a-8d4c-b984959cf1a5","block_type":"box","text":"1.79%","page_number":102,"box":{"x":863,"y":333,"width":36,"height":8}},{"id":"12550c8d-055c-4355-a28f-900237d615a4","block_type":"box","text":"3,619,160","page_number":102,"box":{"x":131,"y":347,"width":58,"height":9}},{"id":"11b0e390-07f5-4095-ac01-f99b9133c5c3","block_type":"box","text":"HSBC American Index Fund","page_number":102,"box":{"x":210,"y":347,"width":164,"height":8}},{"id":"3037e542-dca6-42cf-bca4-938a7b6709b0","block_type":"box","text":"55,264,574","page_number":102,"box":{"x":742,"y":347,"width":67,"height":9}},{"id":"317f62a6-f357-4687-8c0d-759749cf5651","block_type":"box","text":"14.87%","page_number":102,"box":{"x":856,"y":347,"width":43,"height":8}},{"id":"f86b6bad-bfb8-494a-8e6d-ac6bcc2b7c79","block_type":"box","text":"962,731","page_number":102,"box":{"x":142,"y":362,"width":45,"height":9}},{"id":"f252cfaa-829b-4c42-ac30-cf93268784ac","block_type":"box","text":"HSBC European Index Fund","page_number":102,"box":{"x":210,"y":361,"width":166,"height":11}},{"id":"0d913491-1089-44b1-a13e-9d57caf146db","block_type":"box","text":"16,616,745","page_number":102,"box":{"x":743,"y":362,"width":65,"height":9}},{"id":"539eefed-1715-4b63-8bee-9b4eeb741027","block_type":"box","text":"4.47%","page_number":102,"box":{"x":862,"y":362,"width":37,"height":7}},{"id":"67d07031-6ce8-4bc9-a9b6-6c5b25193210","block_type":"box","text":"93,435","page_number":102,"box":{"x":149,"y":376,"width":40,"height":9}},{"id":"5c5cb9d9-f0c0-4629-a650-7cf1991847bc","block_type":"box","text":"HSBC Global Emerging Market Government Bond Index Fund","page_number":102,"box":{"x":210,"y":375,"width":370,"height":11}},{"id":"57e7c5ba-f97b-44fb-948f-07bc20b0ef94","block_type":"box","text":"1,227,993","page_number":102,"box":{"x":750,"y":376,"width":58,"height":9}},{"id":"e67210f2-b84e-47f6-9b19-7de446eadbc3","block_type":"box","text":"0.33%","page_number":102,"box":{"x":863,"y":376,"width":36,"height":8}},{"id":"5b485a23-6573-49cd-87f4-f113c93821ed","block_type":"box","text":"5,446,716","page_number":102,"box":{"x":131,"y":390,"width":58,"height":9}},{"id":"cf0f7405-de03-49bf-9938-66d5395d66e3","block_type":"box","text":"HSBC MSCI Emerging Markets ex China Equity Index Fund","page_number":102,"box":{"x":210,"y":390,"width":349,"height":10}},{"id":"1c67f1f9-b252-4405-8e81-2a6ce0cae3e5","block_type":"box","text":"9,302,990","page_number":102,"box":{"x":750,"y":390,"width":58,"height":9}},{"id":"8d3687be-13ff-4360-b9ec-87e6056c16f9","block_type":"box","text":"2.50%","page_number":102,"box":{"x":863,"y":390,"width":36,"height":8}},{"id":"86e11a37-1bb5-4fad-8665-b8109c489f32","block_type":"box","text":"1,907,040","page_number":102,"box":{"x":131,"y":404,"width":58,"height":9}},{"id":"9dfb73db-558d-4239-bcd1-8be7bfe0caf5","block_type":"box","text":"Invesco Perpetual UK Enhanced Index Fund","page_number":102,"box":{"x":210,"y":404,"width":263,"height":11}},{"id":"fe5a8530-7b90-4bc1-b0c8-7f40351027df","block_type":"box","text":"19,020,240","page_number":102,"box":{"x":743,"y":404,"width":65,"height":9}},{"id":"8ecb83d1-6d4b-43b9-97b8-2375828aaeaf","block_type":"box","text":"5.12%","page_number":102,"box":{"x":863,"y":404,"width":36,"height":8}},{"id":"38bb36f8-348f-41f0-bd85-435aa75e828a","block_type":"box","text":"24,523,969","page_number":102,"box":{"x":123,"y":419,"width":66,"height":9}},{"id":"fbf9c2be-90cd-4583-b3d1-e37ed318371e","block_type":"box","text":"iShares UK Equity Index Fund","page_number":102,"box":{"x":210,"y":418,"width":177,"height":11}},{"id":"94fb8734-4bd2-4aaf-8beb-515b482e405d","block_type":"box","text":"37,909,568","page_number":102,"box":{"x":742,"y":419,"width":66,"height":9}},{"id":"a64b7cd4-d747-44d2-8719-2ad83bd6995b","block_type":"box","text":"10.20%","page_number":102,"box":{"x":856,"y":419,"width":43,"height":7}},{"id":"cfdf7652-7c95-4825-8576-4dd5e7dca56d","block_type":"box","text":"206,081","page_number":102,"box":{"x":142,"y":433,"width":45,"height":9}},{"id":"1404705b-6ece-49ea-bb1c-3f3d4cd0ebdf","block_type":"box","text":"Janus Henderson Global Multi-Strategy Fund","page_number":102,"box":{"x":208,"y":432,"width":271,"height":11}},{"id":"cd206618-bf0d-4809-b1f8-1a10eb300240","block_type":"box","text":"2,550,485","page_number":102,"box":{"x":750,"y":433,"width":58,"height":9}},{"id":"43a21f95-becf-456b-b771-57489a77bcec","block_type":"box","text":"0.69%","page_number":102,"box":{"x":863,"y":433,"width":36,"height":8}},{"id":"36f4a516-04da-4bdd-b1ff-40c8f2aee3c8","block_type":"box","text":"1,394,929","page_number":102,"box":{"x":131,"y":447,"width":58,"height":9}},{"id":"d9dfb1db-057d-4c9c-b775-0fe75c834592","block_type":"box","text":"JPM Europe Dynamic ex-UK Fund","page_number":102,"box":{"x":208,"y":447,"width":201,"height":10}},{"id":"fc438c15-30c5-48aa-9042-f8200b281e2d","block_type":"box","text":"6,730,532","page_number":102,"box":{"x":750,"y":447,"width":58,"height":9}},{"id":"96c78079-a909-4465-b85c-46c7afec57c6","block_type":"box","text":"1.81%","page_number":102,"box":{"x":863,"y":447,"width":36,"height":8}},{"id":"5ecb60a2-2959-4161-8159-42f96558bb78","block_type":"box","text":"428,577","page_number":102,"box":{"x":141,"y":461,"width":48,"height":9}},{"id":"4218739e-03ca-44e2-80a2-f8eab0ca982b","block_type":"box","text":"JPM Japan Fund","page_number":102,"box":{"x":208,"y":461,"width":96,"height":11}},{"id":"a01bbfd5-1453-419e-929a-a26321db8b92","block_type":"box","text":"1,998,881","page_number":102,"box":{"x":750,"y":461,"width":56,"height":9}},{"id":"c17d1d20-fc1e-450d-b1dd-8ea84ff68d9b","block_type":"box","text":"0.54%","page_number":102,"box":{"x":863,"y":461,"width":36,"height":8}},{"id":"7538ba7a-2adc-4fa6-8e8b-4b78927b7627","block_type":"box","text":"2,249,953","page_number":102,"box":{"x":131,"y":476,"width":58,"height":9}},{"id":"082cd04b-6fb1-48dc-a8ca-cda206e56bec","block_type":"box","text":"Jupiter Merian North American Equity Fund","page_number":102,"box":{"x":208,"y":475,"width":264,"height":11}},{"id":"1d7303a2-69e1-4b47-9646-e45fe41f52ce","block_type":"box","text":"13,162,453","page_number":102,"box":{"x":743,"y":476,"width":65,"height":9}},{"id":"92fff6ba-5807-4c08-8efa-2569fcbcee61","block_type":"box","text":"3.54%","page_number":102,"box":{"x":863,"y":476,"width":36,"height":7}},{"id":"34d08075-ee8c-4b2c-a046-5fed45ed6d33","block_type":"box","text":"1,303,020","page_number":102,"box":{"x":131,"y":490,"width":58,"height":9}},{"id":"f01103ef-3105-4c82-a21d-60e4131dcc49","block_type":"box","text":"Jupiter UK Special Situations Fund","page_number":102,"box":{"x":208,"y":489,"width":206,"height":11}},{"id":"c687f84f-d6e6-4e97-b32f-fd57e4d8456d","block_type":"box","text":"5,743,192","page_number":102,"box":{"x":750,"y":490,"width":58,"height":9}},{"id":"77e54dca-9cfb-47e5-9f99-5fb978fa7357","block_type":"box","text":"1.54%","page_number":102,"box":{"x":863,"y":490,"width":36,"height":8}},{"id":"ab1bfafd-342d-47c5-855b-731fb55f1e3e","block_type":"box","text":"3,064,564","page_number":102,"box":{"x":131,"y":504,"width":59,"height":9}},{"id":"3bab5c13-78bb-49a9-910d-20ce385c3390","block_type":"box","text":"Legal & General Emerging Markets Government Bond Index Fund","page_number":102,"box":{"x":210,"y":504,"width":396,"height":10}},{"id":"c9f5ea62-b616-4055-b9c9-6c76d4fced7e","block_type":"box","text":"2,280,648","page_number":102,"box":{"x":750,"y":504,"width":58,"height":9}},{"id":"991a2633-dce6-43df-bb4b-29dfa2f8ba6b","block_type":"box","text":"0.61%","page_number":102,"box":{"x":863,"y":504,"width":36,"height":8}},{"id":"55601434-17bb-4f82-a78c-c61deba21467","block_type":"box","text":"1,120,168","page_number":102,"box":{"x":131,"y":518,"width":58,"height":9}},{"id":"aafb9e67-e02a-4dcf-b655-561c420a3ee8","block_type":"box","text":"Liontrust European Dynamic Fund","page_number":102,"box":{"x":210,"y":518,"width":206,"height":11}},{"id":"1d9cd2b2-75b6-486d-b036-331d9a877592","block_type":"box","text":"5,332,724","page_number":102,"box":{"x":750,"y":518,"width":59,"height":9}},{"id":"22dd28cc-d8d6-4264-802d-a680d2717c43","block_type":"box","text":"1.43%","page_number":102,"box":{"x":863,"y":518,"width":36,"height":8}},{"id":"25e9ea51-d19f-42cd-876b-e5dc794c5327","block_type":"box","text":"400,059","page_number":102,"box":{"x":141,"y":533,"width":48,"height":9}},{"id":"cb31a0e4-0138-4680-abe5-ccbed148cd3c","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":102,"box":{"x":210,"y":532,"width":284,"height":11}},{"id":"26acf538-855b-4a7a-b24c-05f6216e31b5","block_type":"box","text":"4,568,677","page_number":102,"box":{"x":749,"y":533,"width":59,"height":9}},{"id":"f74aa990-75df-4c57-b295-847db7022d06","block_type":"box","text":"1.23%","page_number":102,"box":{"x":863,"y":533,"width":36,"height":7}},{"id":"e392037d-e4dc-41c5-8b09-8da06806dd71","block_type":"box","text":"1,959,474","page_number":102,"box":{"x":131,"y":547,"width":59,"height":9}},{"id":"f1a26706-1058-4733-a80d-4a5f34858218","block_type":"box","text":"M&G Japan Fund","page_number":102,"box":{"x":210,"y":546,"width":101,"height":11}},{"id":"1e0e654d-5aa5-4709-a84c-87261f39c835","block_type":"box","text":"4,380,207","page_number":102,"box":{"x":749,"y":547,"width":59,"height":9}},{"id":"0f9e0f26-f3f5-4478-a4c4-f6093b37703e","block_type":"box","text":"1.18%","page_number":102,"box":{"x":863,"y":547,"width":36,"height":8}},{"id":"fc78ac02-515d-4877-8ef0-3bd2109f2653","block_type":"box","text":"127,092","page_number":102,"box":{"x":142,"y":561,"width":47,"height":9}},{"id":"8995b5ff-7baf-4005-8edf-6631a504d4c2","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":102,"box":{"x":210,"y":561,"width":363,"height":10}},{"id":"4ed3f665-ff5c-45a3-933c-ec8a96bd3957","block_type":"box","text":"3,554,763","page_number":102,"box":{"x":750,"y":561,"width":58,"height":9}},{"id":"a39a634d-c6b5-4ba1-8354-ce779622611d","block_type":"box","text":"0.96%","page_number":102,"box":{"x":863,"y":561,"width":36,"height":8}},{"id":"ada3ed13-46da-4d67-9348-c5b01d8867bd","block_type":"box","text":"685,204","page_number":102,"box":{"x":142,"y":575,"width":48,"height":9}},{"id":"ffa29565-e71e-4df3-878a-a31cf2c277b1","block_type":"box","text":"RGI UK Opportunities Fund","page_number":102,"box":{"x":210,"y":575,"width":163,"height":11}},{"id":"2e0c3ac7-1a6b-4e1e-9ac5-53297724e8dd","block_type":"box","text":"5,761,333","page_number":102,"box":{"x":750,"y":575,"width":58,"height":9}},{"id":"6d442099-cecc-4670-9068-ac29d6889a73","block_type":"box","text":"1.55%","page_number":102,"box":{"x":863,"y":575,"width":36,"height":8}},{"id":"b9bde8bd-8690-4d94-b21d-397ca7b06314","block_type":"box","text":"16,985","page_number":102,"box":{"x":150,"y":590,"width":39,"height":9}},{"id":"565c4f01-ce8a-4178-a919-00a632bf5c85","block_type":"box","text":"Robeco QI Dynamic High Yield Fund","page_number":102,"box":{"x":210,"y":589,"width":216,"height":11}},{"id":"1e3a0bf3-a13f-44f1-a397-2fbcdb6d83b3","block_type":"box","text":"2,299,076","page_number":102,"box":{"x":750,"y":590,"width":58,"height":9}},{"id":"4e409597-6bb9-4ef9-903d-c50c4cd772aa","block_type":"box","text":"0.62%","page_number":102,"box":{"x":863,"y":590,"width":36,"height":7}},{"id":"dc5a8306-8204-4981-9484-dbae7a91dbb2","block_type":"box","text":"40,479","page_number":102,"box":{"x":149,"y":604,"width":40,"height":9}},{"id":"0f8ffe49-91f0-4f80-99c2-744f138356fc","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":102,"box":{"x":209,"y":603,"width":211,"height":11}},{"id":"61b6ce5d-f8c1-448e-a391-54276b31dc82","block_type":"box","text":"4,368,032","page_number":102,"box":{"x":749,"y":604,"width":59,"height":9}},{"id":"1b28e34e-4530-4550-afd1-bac8c588892f","block_type":"box","text":"1.17%","page_number":102,"box":{"x":863,"y":604,"width":36,"height":8}},{"id":"1a58ba97-1330-42eb-9455-060373389011","block_type":"box","text":"72,782","page_number":102,"box":{"x":149,"y":618,"width":40,"height":9}},{"id":"f257a67d-295d-4dcb-a381-4d78b7e62953","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":102,"box":{"x":209,"y":618,"width":265,"height":10}},{"id":"ef5dd667-ef02-4e48-ae91-a4ddf33677e2","block_type":"box","text":"6,148,136","page_number":102,"box":{"x":750,"y":618,"width":58,"height":9}},{"id":"f25beea5-ce36-4361-831a-509aa73d027f","block_type":"box","text":"1.65%","page_number":102,"box":{"x":863,"y":618,"width":36,"height":8}},{"id":"f035cece-d60c-40fa-9964-f6f17ecea219","block_type":"box","text":"10,202","page_number":102,"box":{"x":150,"y":632,"width":39,"height":10}},{"id":"68737ddb-bdbd-419f-bcf9-54b202315f34","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":102,"box":{"x":209,"y":632,"width":191,"height":11}},{"id":"3b0d33fe-d9f6-46d2-b6e9-5c4260693df6","block_type":"box","text":"12,102,670","page_number":102,"box":{"x":743,"y":632,"width":65,"height":10}},{"id":"cd943f7d-ded9-4051-a1ed-aff9fba5f1dc","block_type":"box","text":"3.26%","page_number":102,"box":{"x":863,"y":632,"width":36,"height":8}},{"id":"a230acb8-51ba-4e1c-ada0-b0ee88153869","block_type":"box","text":"285,239,949","page_number":102,"box":{"x":735,"y":653,"width":73,"height":9}},{"id":"3cd276c2-e472-4cf8-91ef-53201336ebe1","block_type":"box","text":"76.74%","page_number":102,"box":{"x":855,"y":653,"width":44,"height":8}},{"id":"0bd830c2-2dd7-45a7-9e64-c6c2e85ef6b2","block_type":"box","text":"Exchange Traded Funds (30.04.2025: 10.86%)","page_number":102,"box":{"x":210,"y":674,"width":295,"height":11}},{"id":"03d1fcba-8110-45f8-ab6c-f05155b21008","block_type":"box","text":"44,006","page_number":102,"box":{"x":149,"y":689,"width":40,"height":9}},{"id":"efba94b2-3200-4b13-889c-239cdfb14740","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":102,"box":{"x":209,"y":688,"width":243,"height":11}},{"id":"573f25f3-93ae-4fc7-8a72-5aec405d47ed","block_type":"box","text":"3,928,416","page_number":102,"box":{"x":750,"y":689,"width":58,"height":9}},{"id":"09de5599-fe5e-4f6a-a590-47c8a15f8a07","block_type":"box","text":"1.06%","page_number":102,"box":{"x":863,"y":689,"width":36,"height":7}},{"id":"ee525408-b58d-492f-a532-6077f74755a0","block_type":"box","text":"196,216","page_number":102,"box":{"x":142,"y":703,"width":47,"height":9}},{"id":"3812c971-a191-421d-a63a-7becf3281378","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":102,"box":{"x":209,"y":702,"width":188,"height":11}},{"id":"e61e2b1a-250e-4963-815b-5687ac2e9f6b","block_type":"box","text":"5,729,507","page_number":102,"box":{"x":750,"y":703,"width":58,"height":9}},{"id":"3648795a-2413-4abd-b7ba-d57a77ee8df6","block_type":"box","text":"1.54%","page_number":102,"box":{"x":863,"y":703,"width":36,"height":8}},{"id":"90aff9d4-ba90-4250-ad9f-6103500a072a","block_type":"box","text":"250,182","page_number":102,"box":{"x":142,"y":717,"width":47,"height":9}},{"id":"7e501226-390f-4168-a668-4b96667a43ee","block_type":"box","text":"Amundi Prime UK Mid And Small Cap UCITS ETF","page_number":102,"box":{"x":209,"y":717,"width":290,"height":10}},{"id":"3df931cb-16fe-40f5-9340-f5b47dc06e6e","block_type":"box","text":"5,849,255","page_number":102,"box":{"x":750,"y":717,"width":58,"height":9}},{"id":"86c67fa0-53ca-48a1-9aaf-ef5da6eae20b","block_type":"box","text":"1.57%","page_number":102,"box":{"x":863,"y":717,"width":36,"height":8}},{"id":"e88bdac7-e5ea-4fed-a939-8aa35e10d71f","block_type":"box","text":"1,616,204","page_number":102,"box":{"x":131,"y":731,"width":59,"height":9}},{"id":"33123d5f-6862-42b3-a33c-a6b73506fe1f","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":102,"box":{"x":210,"y":731,"width":239,"height":11}},{"id":"de1c84bb-8006-4b86-8b29-ff5248afae2d","block_type":"box","text":"16,324,468","page_number":102,"box":{"x":743,"y":731,"width":65,"height":9}},{"id":"97a81566-f299-45e1-aa89-460f5ebae999","block_type":"box","text":"4.39%","page_number":102,"box":{"x":862,"y":731,"width":37,"height":8}},{"id":"f315b716-30ca-4ee2-9709-f33096aa1a03","block_type":"box","text":"533,096","page_number":102,"box":{"x":142,"y":746,"width":47,"height":9}},{"id":"0ff6accf-df2d-421b-a266-b595abc838f0","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":102,"box":{"x":210,"y":745,"width":240,"height":11}},{"id":"e5c0ee67-b88c-4959-9e8e-8fdb5a6ecf3c","block_type":"box","text":"6,226,504","page_number":102,"box":{"x":750,"y":746,"width":59,"height":9}},{"id":"86cd7171-6d6a-48a7-8b74-d4f9f9c10515","block_type":"box","text":"1.67%","page_number":102,"box":{"x":863,"y":746,"width":36,"height":7}},{"id":"0be51ea1-5f46-4cf7-91da-101ab0edbed4","block_type":"box","text":"1,834,145","page_number":102,"box":{"x":131,"y":760,"width":58,"height":9}},{"id":"fd4ade62-8500-4d58-acb3-25b27ce59717","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":102,"box":{"x":210,"y":759,"width":255,"height":9}},{"id":"be43212f-1514-476b-85cd-d86827eb9c7d","block_type":"box","text":"19,072,538","page_number":102,"box":{"x":743,"y":760,"width":65,"height":9}},{"id":"48237506-fa40-41d7-b9b8-6d98f8945033","block_type":"box","text":"5.13%","page_number":102,"box":{"x":863,"y":760,"width":36,"height":8}},{"id":"f9c12895-d96b-41a3-82ce-309d32844494","block_type":"box","text":"603,735","page_number":102,"box":{"x":142,"y":774,"width":47,"height":9}},{"id":"d145a8dc-4cb0-4612-b2eb-0422ee23f391","block_type":"box","text":"HSBC MSCI China UCITS ETF","page_number":102,"box":{"x":210,"y":774,"width":168,"height":8}},{"id":"bc096f26-0950-4d10-90c9-3157572589ad","block_type":"box","text":"3,483,551","page_number":102,"box":{"x":750,"y":774,"width":56,"height":9}},{"id":"75855c0a-378e-45ea-993b-0bd8256ebc46","block_type":"box","text":"0.94%","page_number":102,"box":{"x":863,"y":774,"width":36,"height":8}},{"id":"26265b9e-fffb-4fe0-98fb-1c425c4026e4","block_type":"box","text":"2,332,584","page_number":102,"box":{"x":131,"y":788,"width":59,"height":10}},{"id":"b01a00e7-965a-4b44-a713-71a52694769a","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":102,"box":{"x":210,"y":788,"width":338,"height":11}},{"id":"c43dc040-d34a-4cc6-8194-3e13157e8e7d","block_type":"box","text":"20,579,747","page_number":102,"box":{"x":742,"y":788,"width":66,"height":10}},{"id":"0f828cde-065a-4d72-9117-da4005c617ff","block_type":"box","text":"5.54%","page_number":102,"box":{"x":863,"y":788,"width":36,"height":8}},{"id":"d68a7883-11fa-41a8-9dfb-9097bb6f8a74","block_type":"box","text":"81,193,986","page_number":102,"box":{"x":742,"y":809,"width":66,"height":9}},{"id":"2296f3d2-5b11-44a2-a0a1-e5c2b554fa64","block_type":"box","text":"21.84%","page_number":102,"box":{"x":855,"y":809,"width":44,"height":8}},{"id":"d930b603-a004-4f38-8175-5b7b37bd7c91","block_type":"box","text":"Portfolio of investments (30.04.2025: 98.47%)","page_number":102,"box":{"x":210,"y":837,"width":300,"height":10}},{"id":"8c538734-234d-4d1a-a1c5-57697fc45753","block_type":"box","text":"366,433,935","page_number":102,"box":{"x":731,"y":838,"width":77,"height":9}},{"id":"9cc64313-cffe-4b52-aa8e-a2625bdc12c0","block_type":"box","text":"98.56%","page_number":102,"box":{"x":852,"y":838,"width":47,"height":8}},{"id":"528d2ac2-78e4-45c4-b30a-cb0fcec282af","block_type":"box","text":"Net other assets (30.04.2025: 1.53%)","page_number":102,"box":{"x":210,"y":852,"width":240,"height":10}},{"id":"7f915996-1f3c-4dde-bfca-ff1f52efe5b7","block_type":"box","text":"5,341,736","page_number":102,"box":{"x":747,"y":852,"width":62,"height":9}},{"id":"04908efd-5b0a-48bb-aece-a1538b6ae4ad","block_type":"box","text":"1.44%","page_number":102,"box":{"x":860,"y":852,"width":39,"height":8}},{"id":"11dd912b-a611-449b-9416-9456bc551622","block_type":"box","text":"371,775,671","page_number":102,"box":{"x":731,"y":873,"width":76,"height":9}},{"id":"253badc2-129d-4c8a-a116-6d9c50b564cd","block_type":"box","text":"100.00%","page_number":102,"box":{"x":844,"y":873,"width":55,"height":8}},{"id":"553b37d5-8d2a-46f1-b0dd-a72d0c4e470a","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":102,"box":{"x":559,"y":38,"width":343,"height":13}},{"id":"7357f97d-05b6-4371-9ad3-36c0525721b4","block_type":"box","text":"97","page_number":102,"box":{"x":967,"y":960,"width":18,"height":9}},{"id":"84c271fd-08ab-47b7-b667-2242a8b4908c","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":103,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"ce1d36e1-48b2-45a9-a41e-801cf87b8e7a","block_type":"box","text":"£","page_number":103,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"9914140e-7a67-4983-b03c-f2f4d12f528a","block_type":"box","text":"Total purchases for the year (note 14)","page_number":103,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"c6e8e179-2eb7-4ce5-ae4c-9d600222e52b","block_type":"box","text":"237,066,150","page_number":103,"box":{"x":635,"y":143,"width":78,"height":10}},{"id":"128896a2-5bfd-41f5-96d6-96e2b634f83b","block_type":"box","text":"iShares UK Equity Index Fund","page_number":103,"box":{"x":96,"y":174,"width":176,"height":11}},{"id":"886f41a8-1d23-42b9-91a2-43654a2a2968","block_type":"box","text":"35,667,043","page_number":103,"box":{"x":647,"y":174,"width":66,"height":9}},{"id":"be9725e8-bec1-43d2-aa53-827baded0bdb","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":103,"box":{"x":96,"y":189,"width":254,"height":9}},{"id":"2f67d790-4624-4a66-bb4d-869ea90a490a","block_type":"box","text":"21,043,093","page_number":103,"box":{"x":647,"y":190,"width":66,"height":9}},{"id":"759d729c-987b-4f59-aa21-de70c4eb5e81","block_type":"box","text":"HSBC American Index Fund","page_number":103,"box":{"x":96,"y":205,"width":164,"height":8}},{"id":"0ec05269-9b43-4d90-be73-c9553f81b2fd","block_type":"box","text":"20,398,937","page_number":103,"box":{"x":647,"y":205,"width":66,"height":9}},{"id":"bd1dbaa8-8c37-4879-b1d7-57ad5798fffb","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":103,"box":{"x":95,"y":220,"width":339,"height":11}},{"id":"a60bd74c-a822-4c54-957c-af30bcb4b453","block_type":"box","text":"19,889,609","page_number":103,"box":{"x":647,"y":221,"width":66,"height":9}},{"id":"d8fb8226-eff9-47ff-a595-ceba114ee980","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":103,"box":{"x":96,"y":236,"width":239,"height":10}},{"id":"8ea201f0-6ba3-4dbf-8a14-733c7c0cf09e","block_type":"box","text":"11,894,434","page_number":103,"box":{"x":647,"y":236,"width":67,"height":9}},{"id":"862e85d3-676d-4fba-90e4-4bd27571693d","block_type":"box","text":"HSBC European Index Fund","page_number":103,"box":{"x":96,"y":251,"width":165,"height":11}},{"id":"b9c848f2-a40e-4e15-b0c0-ee5021fa5d77","block_type":"box","text":"11,351,412","page_number":103,"box":{"x":647,"y":251,"width":66,"height":10}},{"id":"623aab40-857f-4a46-835a-f4a2bf92f5de","block_type":"box","text":"iShares UK Equity Index Fund","page_number":103,"box":{"x":96,"y":267,"width":176,"height":10}},{"id":"3a7140d6-d1be-44dc-957e-a08f36615f6d","block_type":"box","text":"7,749,513","page_number":103,"box":{"x":654,"y":267,"width":59,"height":9}},{"id":"7ee7601d-569d-47ad-afe8-6f9b989650ba","block_type":"box","text":"Invesco Perpetual UK Enhanced Index Fund","page_number":103,"box":{"x":96,"y":282,"width":263,"height":11}},{"id":"b11a38fa-9071-4c6d-8bf3-768261ec38db","block_type":"box","text":"7,489,923","page_number":103,"box":{"x":654,"y":282,"width":59,"height":9}},{"id":"d996243f-f23d-43ca-87ee-ddc90b425306","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":103,"box":{"x":95,"y":297,"width":188,"height":11}},{"id":"39c48efe-58c8-4978-bafb-3753c08bf837","block_type":"box","text":"6,735,313","page_number":103,"box":{"x":655,"y":298,"width":58,"height":9}},{"id":"8497868b-b130-4b73-97f9-4316ff09d933","block_type":"box","text":"ES Alliance Bernstein Concentrated US Equity Fund","page_number":103,"box":{"x":96,"y":313,"width":307,"height":11}},{"id":"eb963aef-96e8-43db-93bf-fc07a597dc1b","block_type":"box","text":"5,596,467","page_number":103,"box":{"x":655,"y":313,"width":58,"height":9}},{"id":"c8a5c7e3-655c-45f8-b940-3a0bbcc53092","block_type":"box","text":"Various other purchases","page_number":103,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"7be3bed1-6950-43d3-b919-acc40b619219","block_type":"box","text":"89,250,406","page_number":103,"box":{"x":647,"y":329,"width":66,"height":9}},{"id":"ae376812-f049-4345-95f8-1fe5297e4d3c","block_type":"box","text":"£","page_number":103,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"85dce49c-3688-403c-bb09-32f93173908d","block_type":"box","text":"Total sales for the year (note 14)","page_number":103,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"90fa69d5-3b7d-4b67-8f85-42b1f90c90d0","block_type":"box","text":"156,406,632","page_number":103,"box":{"x":636,"y":375,"width":77,"height":9}},{"id":"4bacda20-6900-46b6-9e66-28b07a95b634","block_type":"box","text":"iShares UK Equity Index Fund","page_number":103,"box":{"x":96,"y":406,"width":176,"height":10}},{"id":"77388020-9a7f-4d61-b02d-3e25d4904a41","block_type":"box","text":"34,900,398","page_number":103,"box":{"x":647,"y":406,"width":66,"height":9}},{"id":"5596a5fd-feec-4596-8804-21540e533b96","block_type":"box","text":"iShares North American Equity Index Fund","page_number":103,"box":{"x":96,"y":421,"width":256,"height":11}},{"id":"fc9ed374-ab64-43cd-8ac7-6f94e153e457","block_type":"box","text":"16,333,986","page_number":103,"box":{"x":647,"y":421,"width":66,"height":9}},{"id":"301f310c-b8e2-4513-9b40-6af2e0764f83","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":103,"box":{"x":96,"y":436,"width":239,"height":11}},{"id":"d1ad462c-1a62-44e2-8186-34903884e185","block_type":"box","text":"10,465,271","page_number":103,"box":{"x":647,"y":437,"width":64,"height":9}},{"id":"5675d9e6-72c0-464b-b213-956e46c6b713","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":103,"box":{"x":96,"y":452,"width":254,"height":8}},{"id":"006d0070-448e-4b71-a325-d2d07f5875fd","block_type":"box","text":"10,451,445","page_number":103,"box":{"x":647,"y":452,"width":66,"height":9}},{"id":"c8f20fb8-7818-4fbd-a237-52abd324acee","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":103,"box":{"x":95,"y":467,"width":188,"height":11}},{"id":"a107be29-bfe1-4534-93e7-4a10325eefee","block_type":"box","text":"8,610,082","page_number":103,"box":{"x":654,"y":468,"width":59,"height":9}},{"id":"e681e767-df4d-49c8-9166-6ccb3720e87e","block_type":"box","text":"iShares $ Treasury Bond 20+yr ETF","page_number":103,"box":{"x":96,"y":483,"width":209,"height":10}},{"id":"f8bcc957-caac-4e73-8d2a-9ea293424435","block_type":"box","text":"6,069,513","page_number":103,"box":{"x":655,"y":483,"width":58,"height":9}},{"id":"cb8fe6ab-2717-40a2-841b-6dee0e2998f8","block_type":"box","text":"iShares MSCI Europe Mid Cap UCITS ETF","page_number":103,"box":{"x":96,"y":498,"width":243,"height":11}},{"id":"5bde7d39-cfed-4232-b960-1d5500b7f5e5","block_type":"box","text":"5,549,397","page_number":103,"box":{"x":655,"y":499,"width":58,"height":9}},{"id":"492b877b-11e0-4f3c-90c8-1c9928bb052f","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":103,"box":{"x":95,"y":514,"width":191,"height":10}},{"id":"b6c6721b-1e67-4281-b8f5-606117ebc5a1","block_type":"box","text":"4,838,168","page_number":103,"box":{"x":654,"y":514,"width":59,"height":9}},{"id":"580418ed-20ad-42ef-b24f-f683425d701b","block_type":"box","text":"M&G Japan Fund","page_number":103,"box":{"x":96,"y":529,"width":101,"height":11}},{"id":"6771a2e7-130a-47c3-a8c4-9b91f8ab7f0c","block_type":"box","text":"4,671,985","page_number":103,"box":{"x":654,"y":529,"width":59,"height":10}},{"id":"00dd9e2b-836d-4d4a-b671-e3d30b5ca64d","block_type":"box","text":"HSBC American Index Fund","page_number":103,"box":{"x":96,"y":544,"width":164,"height":9}},{"id":"a056964c-25ef-4ccd-a52f-8161d876e3e5","block_type":"box","text":"4,494,713","page_number":103,"box":{"x":654,"y":545,"width":59,"height":9}},{"id":"1c32edec-7a36-4178-af64-94ffb7a5cda9","block_type":"box","text":"Various other sales","page_number":103,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"7bd59ac1-7a79-4744-b89f-4327df69baa4","block_type":"box","text":"50,021,674","page_number":103,"box":{"x":647,"y":560,"width":67,"height":9}},{"id":"70f906a4-890f-4d15-a061-217bbc5e60fd","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":103,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"8aab4088-b8db-4d99-9967-6fc6f093c81c","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":103,"box":{"x":97,"y":38,"width":344,"height":13}},{"id":"a95e25b1-5cb0-491b-a5d1-838f1fc35e09","block_type":"box","text":"98","page_number":103,"box":{"x":14,"y":960,"width":18,"height":9}},{"id":"1fb14b52-9ac7-4d1b-9b58-5309bdf37608","block_type":"box","text":"Statement of Total Return","page_number":104,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"0f05e448-9bce-489a-9c0c-5ff3e91190ec","block_type":"box","text":"for the year ended 30 April 2026","page_number":104,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"f02ee339-7757-4a6b-8def-959b8b487dad","block_type":"box","text":"30.04.26","page_number":104,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"ae4f4025-9b74-4984-b114-f10ae9d0490a","block_type":"box","text":"30.04.25","page_number":104,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"4a545baa-f3af-459e-b9c5-18023560ccd1","block_type":"box","text":"Note","page_number":104,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"41aa26f7-7d98-4408-a5cd-9a9db2f2f42c","block_type":"box","text":"£","page_number":104,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"f27d6bfa-c736-420c-8d34-0621b16eee92","block_type":"box","text":"£","page_number":104,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"5be6ae3b-9b22-453d-9963-9701e332d926","block_type":"box","text":"£","page_number":104,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"e79d4a4c-f3c4-4481-aec2-12a3e6d566c4","block_type":"box","text":"£","page_number":104,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"24081465-2af2-453b-b380-cecae1867a1e","block_type":"box","text":"Income","page_number":104,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"403c2b7b-2ce0-4703-a0f8-3058bda7ba1b","block_type":"box","text":"Net capital","page_number":104,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"86be5359-f4e8-429a-833e-b840692c74a9","block_type":"box","text":"2","page_number":104,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"efb348f9-9f60-4bc9-9eea-66882e79121d","block_type":"box","text":"49,949,789","page_number":104,"box":{"x":599,"y":169,"width":66,"height":9}},{"id":"7b78cbaf-dac6-4183-8f43-a6475ece0748","block_type":"box","text":"3,248,513","page_number":104,"box":{"x":838,"y":169,"width":58,"height":9}},{"id":"623626f5-14ee-42d7-97a0-4bbd2af1d745","block_type":"box","text":"Revenue","page_number":104,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"3152d8fe-f65a-4f63-9ae5-fc900f9e6376","block_type":"box","text":"3","page_number":104,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"5678dd89-ab0b-4707-a58d-dea1aca7b630","block_type":"box","text":"5,600,522","page_number":104,"box":{"x":493,"y":184,"width":58,"height":9}},{"id":"40d58173-1155-4f0d-a717-cc3068c08956","block_type":"box","text":"3,593,209","page_number":104,"box":{"x":726,"y":184,"width":58,"height":9}},{"id":"7a14016c-e964-4622-8a0c-96e34938fd09","block_type":"box","text":"Expenses","page_number":104,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"0f9d5414-642f-4a65-a6e6-d1306a2ec8ba","block_type":"box","text":"4","page_number":104,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"39bf8a23-29ea-47c8-87e0-4d0ec72d8eac","block_type":"box","text":"(1,037,557)","page_number":104,"box":{"x":488,"y":200,"width":68,"height":9}},{"id":"b747126f-a229-4d23-875e-b7caee87a911","block_type":"box","text":"(726,222)","page_number":104,"box":{"x":733,"y":200,"width":56,"height":9}},{"id":"f7d4f9d5-44dd-4b65-9452-99c72b2d64d6","block_type":"box","text":"Interest payable and similar charges","page_number":104,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"d01430f1-6bc5-49ed-b8f9-2e63827eaa2d","block_type":"box","text":"4","page_number":104,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"19c57b58-563a-49d7-816b-2321904cccd4","block_type":"box","text":"(15,077)","page_number":104,"box":{"x":507,"y":222,"width":49,"height":9}},{"id":"65fa3014-73dc-4919-b379-91b77c269f62","block_type":"box","text":"(24,728)","page_number":104,"box":{"x":740,"y":222,"width":49,"height":9}},{"id":"a0046d2b-414d-4a10-a4b7-8f7ff59e9249","block_type":"box","text":"Net revenue before taxation","page_number":104,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"9f8087e7-80c1-4bac-9745-03c4777d1316","block_type":"box","text":"4,547,888","page_number":104,"box":{"x":492,"y":244,"width":59,"height":9}},{"id":"6d5e3bcd-dc8b-497e-b65c-331cbaa7c1a8","block_type":"box","text":"2,842,259","page_number":104,"box":{"x":726,"y":244,"width":58,"height":9}},{"id":"8fb5e182-0b1c-4646-bb84-a0113fe07c85","block_type":"box","text":"Taxation","page_number":104,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"064ba2a7-c608-40a9-b571-b6635f47ee82","block_type":"box","text":"5","page_number":104,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"a8085c1d-c196-4714-990e-75a89094585b","block_type":"box","text":"(216,122)","page_number":104,"box":{"x":499,"y":266,"width":57,"height":10}},{"id":"549f9dbc-ddb0-499e-95f7-5505d8b77c6f","block_type":"box","text":"(140,720)","page_number":104,"box":{"x":733,"y":266,"width":56,"height":10}},{"id":"cfdbd8af-83ae-4915-969a-7161b616635a","block_type":"box","text":"Net revenue after taxation","page_number":104,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"07e87b3b-6c85-4e57-aecd-81937f340920","block_type":"box","text":"4,331,766","page_number":104,"box":{"x":606,"y":289,"width":60,"height":9}},{"id":"f7abf0d7-cb05-4fa4-9be7-e2e7735ac470","block_type":"box","text":"2,701,539","page_number":104,"box":{"x":838,"y":289,"width":58,"height":9}},{"id":"a84348ba-6398-42cd-b11c-3115252691b9","block_type":"box","text":"Total return before distributions","page_number":104,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"90128cf7-5667-4809-ba54-21b1a4a5bf55","block_type":"box","text":"54,281,555","page_number":104,"box":{"x":596,"y":311,"width":70,"height":9}},{"id":"91b98f86-59fe-4d1e-8870-33d48b756417","block_type":"box","text":"5,950,052","page_number":104,"box":{"x":835,"y":311,"width":62,"height":9}},{"id":"f92ae467-9636-4fb5-946c-e14c4538e8f1","block_type":"box","text":"Distributions","page_number":104,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"e1818197-bf12-49f4-a6e9-39130a0ab72e","block_type":"box","text":"6","page_number":104,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"d373e332-94c2-4310-a8ec-81003af4de11","block_type":"box","text":"(4,648,970)","page_number":104,"box":{"x":602,"y":333,"width":68,"height":9}},{"id":"19ac43d4-627e-471d-b4ac-a52dbbd521e4","block_type":"box","text":"(2,962,772)","page_number":104,"box":{"x":833,"y":333,"width":68,"height":9}},{"id":"cc1319f4-f8a7-48c0-af23-24ad33060284","block_type":"box","text":"Change in net assets attributable to","page_number":104,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"2e2cc2be-c118-47ea-b594-b53bf6f99d22","block_type":"box","text":"Shareholders from investment activities","page_number":104,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"70fe392b-8d71-4c95-a1d2-ca3b63573420","block_type":"box","text":"49,632,585","page_number":104,"box":{"x":595,"y":369,"width":71,"height":9}},{"id":"402ce65f-3962-4684-ae51-7d7c8dc78d9f","block_type":"box","text":"2,987,280","page_number":104,"box":{"x":834,"y":369,"width":63,"height":9}},{"id":"b89df1c4-8609-4109-b287-ce564a0f1384","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":104,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"8e61d8f0-bcaa-4df0-ada2-4cb26aad3085","block_type":"box","text":"for the year ended 30 April 2026","page_number":104,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"bffdeaae-eea3-43f6-80ec-c7309a36e8a5","block_type":"box","text":"30.04.26","page_number":104,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"91709ac4-3300-452f-825b-a5f3ee3e2d5d","block_type":"box","text":"30.04.25","page_number":104,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"6bcaf968-6cfc-4814-ad34-f2884e60b08d","block_type":"box","text":"£","page_number":104,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"48c29073-7158-45b9-84f3-77c340a79924","block_type":"box","text":"£","page_number":104,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"c537eacd-046f-43f6-8ce5-4de796bf6a5b","block_type":"box","text":"£","page_number":104,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"dbaa9c0d-8d49-4e2b-b115-e75d30c56890","block_type":"box","text":"£","page_number":104,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"bafbe24c-2329-4f2b-8e0e-8a83fca3d289","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":104,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"8939c77d-b964-4204-87dc-98f38b4648f4","block_type":"box","text":"234,467,239","page_number":104,"box":{"x":588,"y":482,"width":78,"height":9}},{"id":"727fc838-e5b3-42fa-8b04-33ccdfaab9a9","block_type":"box","text":"173,807,533","page_number":104,"box":{"x":819,"y":482,"width":78,"height":9}},{"id":"79100265-b8e8-4fb0-bc56-d11b27cf83af","block_type":"box","text":"Amounts receivable on creation of shares","page_number":104,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"e320d101-61aa-42ff-a3b2-bdd80372e7c0","block_type":"box","text":"142,511,961","page_number":104,"box":{"x":478,"y":505,"width":71,"height":9}},{"id":"268e8a72-99f0-4a31-b065-ecb74f958169","block_type":"box","text":"91,632,362","page_number":104,"box":{"x":718,"y":505,"width":67,"height":9}},{"id":"37a31c38-7411-4b01-8a3b-823c8c9143db","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":104,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"eb41c88a-07fc-4bb9-b150-37ef722a0269","block_type":"box","text":"(60,154,999)","page_number":104,"box":{"x":481,"y":527,"width":75,"height":9}},{"id":"b1faea97-55d4-4563-9a6c-3459d7327c67","block_type":"box","text":"(37,278,086)","page_number":104,"box":{"x":714,"y":527,"width":75,"height":9}},{"id":"fa1948d1-1031-4c77-9d12-4273f9c48ebf","block_type":"box","text":"82,356,962","page_number":104,"box":{"x":599,"y":549,"width":66,"height":9}},{"id":"d16038af-eac2-4ece-9dc9-15ee38f02d1d","block_type":"box","text":"54,354,276","page_number":104,"box":{"x":830,"y":549,"width":67,"height":9}},{"id":"eacd2040-6bdb-4b9b-9c58-5d47bd1ae1d3","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":104,"box":{"x":96,"y":571,"width":300,"height":10}},{"id":"5cba2e97-439d-405b-937b-b3d2d342793b","block_type":"box","text":"from investment activities (see above)","page_number":104,"box":{"x":95,"y":586,"width":231,"height":10}},{"id":"e5c6621a-abdb-4377-a0fa-a7f7b40f3aa8","block_type":"box","text":"49,632,585","page_number":104,"box":{"x":599,"y":586,"width":66,"height":10}},{"id":"89181424-0497-431c-9bed-6d4fc93b754e","block_type":"box","text":"2,987,280","page_number":104,"box":{"x":838,"y":586,"width":58,"height":10}},{"id":"eb14259a-22f3-4e76-af35-c5fa50e9e628","block_type":"box","text":"Accumulation distributions retained","page_number":104,"box":{"x":95,"y":608,"width":218,"height":9}},{"id":"697f20d9-bf5e-4183-925b-df05b53c81b2","block_type":"box","text":"5,318,885","page_number":104,"box":{"x":607,"y":609,"width":58,"height":9}},{"id":"7689b47c-8aed-4dd4-941c-5bcbc98e9764","block_type":"box","text":"3,318,150","page_number":104,"box":{"x":838,"y":609,"width":58,"height":9}},{"id":"46e28c95-1f20-4e75-998e-25411659d6ac","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":104,"box":{"x":96,"y":630,"width":311,"height":11}},{"id":"4c7279c9-ce1a-4d49-b58c-8f855be424e4","block_type":"box","text":"371,775,671","page_number":104,"box":{"x":588,"y":631,"width":76,"height":9}},{"id":"f149110a-a091-48ed-a3d7-a98a9debde1c","block_type":"box","text":"234,467,239","page_number":104,"box":{"x":819,"y":631,"width":78,"height":9}},{"id":"05b237a0-71f2-4153-ad8f-17334e3da49b","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":104,"box":{"x":559,"y":38,"width":343,"height":13}},{"id":"d9259189-982e-4854-b87c-c6b675e02cc8","block_type":"box","text":"99","page_number":104,"box":{"x":967,"y":960,"width":17,"height":9}},{"id":"0b6fd043-1b40-47bd-933f-e2a749a2937e","block_type":"box","text":"Balance Sheet","page_number":105,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"f0bf47a5-8d81-4558-997b-a3f2313768e5","block_type":"box","text":"as at 30 April 2026","page_number":105,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"34465fa9-6c27-4230-9687-0b6c0a02a659","block_type":"box","text":"30.04.26","page_number":105,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"08b7c3d6-b9fb-4b59-bddf-a7b8b403cd93","block_type":"box","text":"30.04.25","page_number":105,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"bb28f52f-8c67-4d3c-841c-01fe5d14b608","block_type":"box","text":"Note","page_number":105,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"e05f3dfb-923f-4c81-99f4-d57670cbe498","block_type":"box","text":"£","page_number":105,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"17564074-0b1d-4e27-8d37-e154ec8758d2","block_type":"box","text":"£","page_number":105,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"08f1f089-152e-4bd0-8bf0-50e105066d8a","block_type":"box","text":"£","page_number":105,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"798d9867-b56a-4536-9939-eac7b8e13647","block_type":"box","text":"£","page_number":105,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"0310dfe6-445d-40e1-a613-d1d2d5f65766","block_type":"box","text":"ASSETS","page_number":105,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"6cb189b7-2f0e-443f-a641-9aee48cd4be9","block_type":"box","text":"Investments assets","page_number":105,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"90ad2a8a-eb59-4fc3-bf4f-bbd558eb6148","block_type":"box","text":"366,433,935","page_number":105,"box":{"x":588,"y":169,"width":78,"height":9}},{"id":"df6b6926-03ce-4ab2-992e-0406945a455a","block_type":"box","text":"230,906,173","page_number":105,"box":{"x":819,"y":169,"width":78,"height":9}},{"id":"e1dbdbb6-05a6-49d9-b572-c033d42c17d1","block_type":"box","text":"Current assets","page_number":105,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"4215a475-ba82-4dc7-afba-452ffedd6d16","block_type":"box","text":"Debtors","page_number":105,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"e4914ee8-abce-4f5e-9686-ff5efb7ceb56","block_type":"box","text":"7","page_number":105,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"76f1d785-3366-418a-9542-13fc7840303a","block_type":"box","text":"2,750,747","page_number":105,"box":{"x":493,"y":207,"width":58,"height":9}},{"id":"0d17de8d-703a-4a36-99ba-f9e2c4a37bf2","block_type":"box","text":"1,445,648","page_number":105,"box":{"x":726,"y":207,"width":59,"height":9}},{"id":"387260b4-0196-4005-b199-52bb995a6f68","block_type":"box","text":"Cash and bank balances","page_number":105,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"8e055764-0fe1-4e7d-8e08-e6d8b65d9511","block_type":"box","text":"8","page_number":105,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"025a0403-4acf-4d98-8358-495e1966e778","block_type":"box","text":"4,995,247","page_number":105,"box":{"x":492,"y":222,"width":59,"height":9}},{"id":"67807849-d78d-4a34-9af6-4bc37b84d401","block_type":"box","text":"2,884,089","page_number":105,"box":{"x":726,"y":222,"width":58,"height":9}},{"id":"b005c11e-ddaf-4005-ab86-c92ab0fd16f8","block_type":"box","text":"Total current assets","page_number":105,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"98ca687f-7585-4625-86e6-ab3f77026d39","block_type":"box","text":"7,745,994","page_number":105,"box":{"x":603,"y":244,"width":63,"height":9}},{"id":"213b507e-d33f-4661-8b44-6bdfe1f413cd","block_type":"box","text":"4,329,737","page_number":105,"box":{"x":834,"y":244,"width":63,"height":9}},{"id":"5f79e154-4cd1-433d-b8f6-eeb60ff5ace7","block_type":"box","text":"Total assets","page_number":105,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"6d585b25-a1fc-4ac2-a19a-a0aa31779a2a","block_type":"box","text":"374,179,929","page_number":105,"box":{"x":588,"y":266,"width":78,"height":9}},{"id":"e0581e63-ffd2-4c8e-af4c-a1f0fea4f4c5","block_type":"box","text":"235,235,910","page_number":105,"box":{"x":819,"y":266,"width":78,"height":9}},{"id":"645f6912-c2ac-420c-a9f7-82c2a7868ec0","block_type":"box","text":"Current liabilities","page_number":105,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"a8c0defe-71db-4e33-8507-398592a8c462","block_type":"box","text":"Bank overdraft","page_number":105,"box":{"x":106,"y":319,"width":89,"height":8}},{"id":"296b076f-98e5-4856-a177-09d0a0d20950","block_type":"box","text":"8","page_number":105,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"0e485527-0f62-4483-b129-0d0fe99f9f65","block_type":"box","text":"–","page_number":105,"box":{"x":545,"y":324,"width":6,"height":1}},{"id":"21e7d9df-18e2-48f9-81e6-bcf0ad69fd55","block_type":"box","text":"(94,530)","page_number":105,"box":{"x":740,"y":319,"width":49,"height":10}},{"id":"cc5602b0-cf6d-4b88-9378-d29da44b7799","block_type":"box","text":"Creditors","page_number":105,"box":{"x":105,"y":334,"width":55,"height":9}},{"id":"36ecad9d-a732-4b02-b97c-08c8eeba51a3","block_type":"box","text":"9","page_number":105,"box":{"x":421,"y":335,"width":6,"height":8}},{"id":"cceab6dc-6755-4ae0-bb2b-da6181ae59b6","block_type":"box","text":"(2,404,258)","page_number":105,"box":{"x":488,"y":335,"width":68,"height":9}},{"id":"6ce14349-5860-4abd-9c11-6964deeca33c","block_type":"box","text":"(674,141)","page_number":105,"box":{"x":733,"y":335,"width":56,"height":9}},{"id":"87486b9a-82b3-4ea1-8032-c146420afe28","block_type":"box","text":"Total current liabilities","page_number":105,"box":{"x":95,"y":357,"width":152,"height":8}},{"id":"c5d25ff4-5496-453e-ba9e-d5570927e607","block_type":"box","text":"(2,404,258)","page_number":105,"box":{"x":599,"y":357,"width":72,"height":9}},{"id":"46c7c42e-5e67-4ae5-8caa-f6348a38e5ae","block_type":"box","text":"(768,671)","page_number":105,"box":{"x":842,"y":357,"width":59,"height":9}},{"id":"f41d84df-1867-410a-a902-00df259918b3","block_type":"box","text":"Net assets attributable to Shareholders","page_number":105,"box":{"x":96,"y":379,"width":261,"height":8}},{"id":"ba58ecfb-d511-44f1-ac05-40b4bb3f8978","block_type":"box","text":"371,775,671","page_number":105,"box":{"x":588,"y":379,"width":76,"height":9}},{"id":"405a4cea-8213-4b8f-8c7f-c142e7e9f97a","block_type":"box","text":"234,467,239","page_number":105,"box":{"x":819,"y":379,"width":78,"height":9}},{"id":"f1a2a8b4-4a7e-4d3b-8453-8d70653b3fc5","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":105,"box":{"x":97,"y":38,"width":344,"height":13}},{"id":"76a80056-7ee4-4faf-879c-7f695d385c7e","block_type":"box","text":"100","page_number":105,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"1e0f0762-660c-41fa-baba-a6018a423db9","block_type":"box","text":"Notes to the Financial Statements","page_number":106,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"708e2112-854e-4543-92a5-55a3058e5d70","block_type":"box","text":"for the year ended 30 April 2026","page_number":106,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"a9f6f6f2-36fb-4499-b328-54e56e5a5ba1","block_type":"box","text":"1. Accounting policies","page_number":106,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"01ca1c06-8e7c-42c3-ab5c-333fc75bd8c6","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":106,"box":{"x":95,"y":154,"width":641,"height":11}},{"id":"5df6950d-2e5c-4dc5-9159-393ebb6ba80a","block_type":"box","text":"2. Net capital gains","page_number":106,"box":{"x":95,"y":196,"width":127,"height":10}},{"id":"242a55b2-c905-4369-b553-386e06dd376a","block_type":"box","text":"30.04.26","page_number":106,"box":{"x":730,"y":196,"width":55,"height":8}},{"id":"941b1acb-2a59-4fae-925c-f4648e9d2a81","block_type":"box","text":"30.04.25","page_number":106,"box":{"x":840,"y":196,"width":54,"height":8}},{"id":"9256113f-9184-49fe-9ee8-d1d324ecdc0b","block_type":"box","text":"£","page_number":106,"box":{"x":778,"y":212,"width":7,"height":7}},{"id":"4acc6704-10ff-4931-9c67-191faf2d2679","block_type":"box","text":"£","page_number":106,"box":{"x":888,"y":212,"width":6,"height":7}},{"id":"51e36d98-861b-41af-b1e4-0b15c88680c6","block_type":"box","text":"The net capital gains comprise:","page_number":106,"box":{"x":95,"y":227,"width":187,"height":10}},{"id":"75bd7008-54f3-4feb-8a25-1c297f94ff2a","block_type":"box","text":"Non-derivative securities gains/(losses): realised","page_number":106,"box":{"x":96,"y":245,"width":292,"height":11}},{"id":"90b81948-7067-4be8-aa3c-ddded985e3e5","block_type":"box","text":"15,887,358","page_number":106,"box":{"x":719,"y":246,"width":66,"height":9}},{"id":"16c6fe75-f4e0-4097-8abe-65b2ecfa28de","block_type":"box","text":"5,630,332","page_number":106,"box":{"x":836,"y":246,"width":58,"height":9}},{"id":"14f20847-a98a-41e1-9ee0-18cfc4dd1c54","block_type":"box","text":"Non-derivative securities (losses)/gains","page_number":106,"box":{"x":96,"y":264,"width":237,"height":11}},{"id":"5c81c450-543b-42f4-a826-d1246c81a09c","block_type":"box","text":": unrealised","page_number":106,"box":{"x":335,"y":264,"width":69,"height":8}},{"id":"be870cd0-8ae4-401e-9bb8-4fbe9e136a67","block_type":"box","text":"34,129,576","page_number":106,"box":{"x":718,"y":265,"width":67,"height":9}},{"id":"96a78fd0-402a-43c8-9e1b-dd5647be0c4a","block_type":"box","text":"(2,377,114)","page_number":106,"box":{"x":831,"y":265,"width":68,"height":9}},{"id":"3cc11955-0ace-4c29-924c-b4604aba2480","block_type":"box","text":"Foreign currency (losses)","page_number":106,"box":{"x":96,"y":283,"width":150,"height":11}},{"id":"2bc50740-ea1e-45f9-823b-bfff049ac282","block_type":"box","text":"(76,845)","page_number":106,"box":{"x":740,"y":283,"width":49,"height":10}},{"id":"74ed85db-ae4f-4201-9c1c-6512cf449ece","block_type":"box","text":"(5)","page_number":106,"box":{"x":883,"y":283,"width":15,"height":10}},{"id":"c902643f-986a-44ba-a655-366a7d35b184","block_type":"box","text":"Transaction charges (custodian)","page_number":106,"box":{"x":95,"y":302,"width":193,"height":10}},{"id":"96e2f145-f226-46e1-81fb-0dd86f8a812e","block_type":"box","text":"396","page_number":106,"box":{"x":763,"y":302,"width":22,"height":8}},{"id":"9d9d8efc-4b9e-402f-846c-e04c1bc5aeef","block_type":"box","text":"(4,553)","page_number":106,"box":{"x":857,"y":302,"width":42,"height":10}},{"id":"f4a5a915-e573-44b4-9f67-6ed2fdc2c898","block_type":"box","text":"Rebates from underlying holdings","page_number":106,"box":{"x":96,"y":321,"width":205,"height":10}},{"id":"9747d905-68c0-40e5-bda3-0aa8db84d4e8","block_type":"box","text":"9,304","page_number":106,"box":{"x":752,"y":321,"width":33,"height":9}},{"id":"7022ec96-6662-4083-9cd3-867fd2a59cf9","block_type":"box","text":"(147)","page_number":106,"box":{"x":868,"y":321,"width":30,"height":9}},{"id":"69ca06d2-79c3-4c93-973b-a6f8aa0f5817","block_type":"box","text":"Total net capital gains","page_number":106,"box":{"x":95,"y":343,"width":146,"height":10}},{"id":"187e49b8-306f-4a17-a14f-18eec84d0b88","block_type":"box","text":"49,949,789","page_number":106,"box":{"x":714,"y":343,"width":71,"height":9}},{"id":"e9f89c84-5214-4b15-99c7-bf86158b3c44","block_type":"box","text":"3,248,513","page_number":106,"box":{"x":832,"y":343,"width":62,"height":9}},{"id":"cf5fd59d-7c1f-4595-883b-b8691fbe40c2","block_type":"box","text":"3. Revenue","page_number":106,"box":{"x":95,"y":389,"width":72,"height":8}},{"id":"b808b178-c20a-4aed-ac42-e1d100a402ab","block_type":"box","text":"30.04.26","page_number":106,"box":{"x":730,"y":389,"width":55,"height":8}},{"id":"7f022ce6-39a2-44c4-92d0-14f86e1ab3b8","block_type":"box","text":"30.04.25","page_number":106,"box":{"x":840,"y":389,"width":54,"height":8}},{"id":"422243b5-c337-4244-be8d-0383d6a39826","block_type":"box","text":"£","page_number":106,"box":{"x":778,"y":405,"width":7,"height":8}},{"id":"c6f916cb-4868-44a9-99ad-cf4478848f9c","block_type":"box","text":"£","page_number":106,"box":{"x":888,"y":405,"width":6,"height":8}},{"id":"fd074e3a-4c05-4fb7-acf9-36b7883256cd","block_type":"box","text":"Non-taxable dividends","page_number":106,"box":{"x":96,"y":427,"width":136,"height":8}},{"id":"1a7456d9-1c86-4de3-8929-7c6a7de7fb74","block_type":"box","text":"3,476,585","page_number":106,"box":{"x":726,"y":427,"width":58,"height":9}},{"id":"c46e6ba6-549a-4dd9-93bc-fa6334df0957","block_type":"box","text":"2,138,511","page_number":106,"box":{"x":835,"y":427,"width":57,"height":9}},{"id":"964390bd-61c2-4217-b419-eef613ffe3b9","block_type":"box","text":"Annual payment from UK CIS","page_number":106,"box":{"x":95,"y":445,"width":176,"height":11}},{"id":"6b0efd40-e54c-4475-9c49-3c12848f4304","block_type":"box","text":"4,155","page_number":106,"box":{"x":752,"y":446,"width":32,"height":9}},{"id":"e142a097-cf2a-4864-a634-14b26056fd8a","block_type":"box","text":"24,856","page_number":106,"box":{"x":854,"y":446,"width":40,"height":9}},{"id":"68f8eb0d-2702-443c-9949-568fcef2595a","block_type":"box","text":"Interest from non-derivative securities","page_number":106,"box":{"x":96,"y":464,"width":232,"height":9}},{"id":"62a278cd-207c-4a36-aaae-17ffec949d47","block_type":"box","text":"1,636,736","page_number":106,"box":{"x":726,"y":465,"width":59,"height":9}},{"id":"91de5bd4-bf1b-422a-98c8-c60c04002d40","block_type":"box","text":"1,038,412","page_number":106,"box":{"x":836,"y":465,"width":58,"height":9}},{"id":"660c4cc9-f358-42e2-866c-55fd01875556","block_type":"box","text":"Rebates from underlying holdings","page_number":106,"box":{"x":96,"y":483,"width":205,"height":11}},{"id":"c1cf37a3-cab5-4e57-bdb8-1dd6644a1660","block_type":"box","text":"355,955","page_number":106,"box":{"x":737,"y":484,"width":47,"height":9}},{"id":"e776b2da-b4fd-40f4-a95c-5e1de6a70d82","block_type":"box","text":"271,022","page_number":106,"box":{"x":847,"y":484,"width":47,"height":9}},{"id":"bdaab0ce-e04f-4f97-beda-d459629eb33e","block_type":"box","text":"Bank interest","page_number":106,"box":{"x":96,"y":502,"width":80,"height":8}},{"id":"caec37a2-0649-4dac-8904-9e92d2d1b32f","block_type":"box","text":"127,091","page_number":106,"box":{"x":738,"y":502,"width":45,"height":9}},{"id":"b0935656-5165-445d-b0b8-2a464aaf7075","block_type":"box","text":"120,408","page_number":106,"box":{"x":847,"y":502,"width":47,"height":9}},{"id":"624af5da-6553-4bd2-a81f-10d7d6eb6af3","block_type":"box","text":"Total revenue","page_number":106,"box":{"x":95,"y":524,"width":91,"height":8}},{"id":"349d7a74-04f3-4aa6-a003-bd49d8991321","block_type":"box","text":"5,600,522","page_number":106,"box":{"x":723,"y":525,"width":62,"height":9}},{"id":"1d85ea64-8e87-4096-bee3-dcfd6c1f2c81","block_type":"box","text":"3,593,209","page_number":106,"box":{"x":832,"y":525,"width":62,"height":9}},{"id":"801df422-1bd1-4501-b050-1eab96ade553","block_type":"box","text":"4. Expenses","page_number":106,"box":{"x":95,"y":571,"width":76,"height":10}},{"id":"d401e6cb-9e71-4f95-a4a8-fafa9274d33f","block_type":"box","text":"30.04.26","page_number":106,"box":{"x":730,"y":571,"width":55,"height":8}},{"id":"eb304ce6-5d67-4dc7-b180-0b24f203ad88","block_type":"box","text":"30.04.25","page_number":106,"box":{"x":840,"y":571,"width":54,"height":8}},{"id":"81520f96-77b6-4fd9-8a0e-1741f7245dd4","block_type":"box","text":"£","page_number":106,"box":{"x":778,"y":586,"width":7,"height":8}},{"id":"c628f01f-333d-4781-b61f-bf5280834823","block_type":"box","text":"£","page_number":106,"box":{"x":888,"y":586,"width":6,"height":8}},{"id":"236cf3c4-26be-40f8-9349-1be19537eb63","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":106,"box":{"x":96,"y":601,"width":549,"height":11}},{"id":"48823933-1a3a-4db6-8dc6-0fc2bf8564f3","block_type":"box","text":"agents of either of them:","page_number":106,"box":{"x":95,"y":617,"width":149,"height":10}},{"id":"03c3d85e-418c-4aad-9e03-36dbf71fba99","block_type":"box","text":"Annual management charge","page_number":106,"box":{"x":104,"y":636,"width":172,"height":10}},{"id":"619b749f-839d-48e1-bca4-cf041a3e83ff","block_type":"box","text":"908,919","page_number":106,"box":{"x":737,"y":636,"width":47,"height":9}},{"id":"4457d3dd-f54c-41df-b1e4-2ad5d8f5447b","block_type":"box","text":"632,302","page_number":106,"box":{"x":847,"y":636,"width":47,"height":9}},{"id":"48f09925-2999-42e0-9518-0bd39acff95d","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":106,"box":{"x":96,"y":658,"width":514,"height":10}},{"id":"b839bf11-d59d-4481-acb8-08732cd3350d","block_type":"box","text":"Depositary’s fee","page_number":106,"box":{"x":106,"y":677,"width":95,"height":10}},{"id":"8a51751e-d596-4b60-a542-41d227a2299c","block_type":"box","text":"62,836","page_number":106,"box":{"x":745,"y":677,"width":40,"height":9}},{"id":"242144b3-0c8f-4e7f-baea-9bb3a370183d","block_type":"box","text":"46,370","page_number":106,"box":{"x":854,"y":677,"width":40,"height":9}},{"id":"f0e86191-52a2-48d0-acce-bf67dcf2b9c0","block_type":"box","text":"Safe custody fee","page_number":106,"box":{"x":105,"y":692,"width":98,"height":11}},{"id":"5296bd18-8a92-4a85-9a0f-7f9dea080044","block_type":"box","text":"24,777","page_number":106,"box":{"x":745,"y":692,"width":40,"height":10}},{"id":"f8a0be24-cd05-4b2d-9f39-f15e3e548528","block_type":"box","text":"18,734","page_number":106,"box":{"x":855,"y":692,"width":40,"height":10}},{"id":"596bd0ff-4b06-4616-abdc-c724895b3ae2","block_type":"box","text":"87,613","page_number":106,"box":{"x":745,"y":715,"width":39,"height":9}},{"id":"6b76890f-cc44-4437-b79e-61afe87e8603","block_type":"box","text":"65,104","page_number":106,"box":{"x":854,"y":715,"width":41,"height":9}},{"id":"cfb3ba68-f99a-4959-ab8e-8efb7f5ee5eb","block_type":"box","text":"Other expenses:","page_number":106,"box":{"x":96,"y":730,"width":97,"height":10}},{"id":"b886e5fe-8fa8-497b-bf01-5065151dd5f8","block_type":"box","text":"Audit fee*","page_number":106,"box":{"x":104,"y":748,"width":62,"height":9}},{"id":"0e5a6667-3f75-4dbc-b6a8-1274bb7194a4","block_type":"box","text":"9,720","page_number":106,"box":{"x":752,"y":749,"width":33,"height":9}},{"id":"cebb9c87-7cd9-47a6-abf6-a6517137b7d9","block_type":"box","text":"8,150","page_number":106,"box":{"x":862,"y":749,"width":32,"height":9}},{"id":"9b420790-af3c-43a6-a99f-48f08e5c81f9","block_type":"box","text":"Legal fee","page_number":106,"box":{"x":106,"y":764,"width":52,"height":11}},{"id":"bd2e63c7-52d4-4e19-801f-53eb0f908b00","block_type":"box","text":"4,564","page_number":106,"box":{"x":752,"y":764,"width":33,"height":9}},{"id":"63c8ba0f-f2f7-4468-8cf0-a61290163a2a","block_type":"box","text":"–","page_number":106,"box":{"x":888,"y":769,"width":6,"height":0}},{"id":"e8adf721-afe6-474e-9b9f-3179395b9e19","block_type":"box","text":"Other expenses","page_number":106,"box":{"x":105,"y":779,"width":95,"height":11}},{"id":"c0106c36-2e24-43c7-9393-20145d9e64a1","block_type":"box","text":"26,741","page_number":106,"box":{"x":745,"y":780,"width":38,"height":9}},{"id":"50e51129-a6f9-4e38-b3c4-d29d43d433f7","block_type":"box","text":"20,666","page_number":106,"box":{"x":854,"y":780,"width":40,"height":9}},{"id":"2886d8b6-873c-4c0b-a76e-74360e7647e0","block_type":"box","text":"41,025","page_number":106,"box":{"x":744,"y":802,"width":40,"height":9}},{"id":"50375b91-8e91-4cc1-b046-73afd35a4603","block_type":"box","text":"28,816","page_number":106,"box":{"x":854,"y":802,"width":40,"height":9}},{"id":"7593033c-dec2-4f95-a39d-d0f2ffefee3f","block_type":"box","text":"Expenses","page_number":106,"box":{"x":96,"y":837,"width":60,"height":10}},{"id":"44a85e98-19da-4e03-b211-2111fef05009","block_type":"box","text":"1,037,557","page_number":106,"box":{"x":723,"y":837,"width":62,"height":9}},{"id":"885aed4a-3006-43c2-b413-bb6e2cf46383","block_type":"box","text":"726,222","page_number":106,"box":{"x":844,"y":837,"width":50,"height":9}},{"id":"49ecf58d-d7e2-492e-bc82-07205b14b169","block_type":"box","text":"Interest payable and similar charges","page_number":106,"box":{"x":96,"y":859,"width":219,"height":11}},{"id":"a62cfd85-b0f0-42a6-98df-45e03c5bdc62","block_type":"box","text":"15,077","page_number":106,"box":{"x":745,"y":859,"width":40,"height":9}},{"id":"8d6e4877-6d6e-4e3d-92d4-04499ae6798f","block_type":"box","text":"24,728","page_number":106,"box":{"x":854,"y":859,"width":40,"height":9}},{"id":"5324bcb5-d450-49dd-9397-8ab2e0d219e7","block_type":"box","text":"Total","page_number":106,"box":{"x":95,"y":881,"width":33,"height":8}},{"id":"8a7925a6-b286-4f73-a2f4-affaa0d8b33a","block_type":"box","text":"1,052,634","page_number":106,"box":{"x":723,"y":881,"width":62,"height":10}},{"id":"105529b6-01b5-4448-90a8-57526a078342","block_type":"box","text":"750,950","page_number":106,"box":{"x":844,"y":881,"width":50,"height":10}},{"id":"41b66dd0-686d-40df-a04c-beadc3bab0a2","block_type":"box","text":"*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","page_number":106,"box":{"x":95,"y":903,"width":809,"height":11}},{"id":"28c4a3f2-44c0-4801-8247-8e15e3fff4e2","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":106,"box":{"x":96,"y":919,"width":174,"height":10}},{"id":"7b58e30b-ab39-4272-95b2-f7300b1a6382","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":106,"box":{"x":559,"y":38,"width":343,"height":13}},{"id":"452acdc7-707c-4444-b1fa-c7dacbabac51","block_type":"box","text":"101","page_number":106,"box":{"x":963,"y":960,"width":24,"height":9}},{"id":"a141fe7b-490a-4290-a9fc-ef4ecc5ab51e","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":107,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"089b496f-f056-416d-ace4-5c0f8e870e24","block_type":"box","text":"for the year ended 30 April 2026","page_number":107,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"82cd6f0b-205e-4c0f-adc8-37f99acf3ee7","block_type":"box","text":"5. Taxation","page_number":107,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"01ce999c-9f03-4730-a407-6981a0793e58","block_type":"box","text":"30.04.26","page_number":107,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"b2f70711-3be7-42a0-a4cd-05821bba5077","block_type":"box","text":"30.04.25","page_number":107,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"333daf7f-1131-4385-aac1-ad7b931adac1","block_type":"box","text":"£","page_number":107,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"ca160f33-cb5b-4e21-8157-7bb871f82e65","block_type":"box","text":"£","page_number":107,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"a01c8ddd-8724-4871-9b1d-702d5d0c5568","block_type":"box","text":"(a) Analysis of charge in the year","page_number":107,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"48dfae81-686c-46a8-aa13-314343ebf262","block_type":"box","text":"UK corporation tax","page_number":107,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"9fcb0436-1f0e-40f8-9186-06ef5579cb95","block_type":"box","text":"216,122","page_number":107,"box":{"x":737,"y":191,"width":47,"height":9}},{"id":"3bb6cae4-acb4-4a9c-a699-a725dd26c8ae","block_type":"box","text":"140,720","page_number":107,"box":{"x":847,"y":191,"width":47,"height":9}},{"id":"8b71702b-99e1-41dd-a921-cc92bf4bd5c4","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":107,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"e8388bf7-d76d-40ea-90fe-47cb522b2a05","block_type":"box","text":"216,122","page_number":107,"box":{"x":734,"y":213,"width":51,"height":9}},{"id":"08375020-4075-4381-a74b-c902cb638642","block_type":"box","text":"140,720","page_number":107,"box":{"x":844,"y":213,"width":50,"height":9}},{"id":"fba7ea9f-7239-4272-ac5a-32ba0dc3b04f","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":107,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"85c83d4d-543a-47e5-9444-ee68f310cf44","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":107,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"80c420e4-3810-4d3e-a5bd-15423bddefac","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":107,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"f0e2c3d3-ee5a-494e-a803-ee5bce3ccf58","block_type":"box","text":"Net revenue before UK corporation tax","page_number":107,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"dcab3f66-8e69-495e-bb22-78b74ac43db6","block_type":"box","text":"4,547,888","page_number":107,"box":{"x":725,"y":304,"width":60,"height":9}},{"id":"5cd1d16f-1af6-4e6c-a002-ef09adc61c9c","block_type":"box","text":"2,842,259","page_number":107,"box":{"x":835,"y":304,"width":59,"height":9}},{"id":"35f53339-13ea-4f1d-b84a-9e5c7384bee0","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":107,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"97cf67e0-17c0-4271-bb1c-1a247a414b14","block_type":"box","text":"909,578","page_number":107,"box":{"x":737,"y":326,"width":48,"height":9}},{"id":"adf9a190-1ff3-466f-abb4-105e9649c851","block_type":"box","text":"568,452","page_number":107,"box":{"x":847,"y":326,"width":47,"height":9}},{"id":"c4f33130-6628-4c0e-9cd2-03bf4611f373","block_type":"box","text":"Effects of:","page_number":107,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"5447bb1a-ea82-4830-a0c4-edbf83d38fd9","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":107,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"deb78b49-da49-42ce-b948-aed705954ac2","block_type":"box","text":"(695,317)","page_number":107,"box":{"x":733,"y":364,"width":56,"height":9}},{"id":"b193cf3f-9fde-4de8-80ce-f35bf6a08a82","block_type":"box","text":"(427,702)","page_number":107,"box":{"x":842,"y":364,"width":57,"height":9}},{"id":"ebf76238-4388-4444-8d37-94dea671f5fa","block_type":"box","text":"Tax effect of rebates in capital","page_number":107,"box":{"x":95,"y":382,"width":181,"height":11}},{"id":"82ff9412-afda-4523-bfa4-5fb0b09c6f20","block_type":"box","text":"1,861","page_number":107,"box":{"x":753,"y":383,"width":30,"height":9}},{"id":"80c4b33e-669f-4f95-a0ba-92a77f62a8b5","block_type":"box","text":"(30)","page_number":107,"box":{"x":876,"y":383,"width":22,"height":9}},{"id":"7620f708-c007-430c-9b67-ad5981c0cec8","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":107,"box":{"x":95,"y":404,"width":251,"height":11}},{"id":"ee307e07-fe3e-4909-a553-a54ecf02ca9b","block_type":"box","text":"216,122","page_number":107,"box":{"x":734,"y":405,"width":51,"height":9}},{"id":"d5ae11c9-cb69-4681-8de5-e3015bb26b61","block_type":"box","text":"140,720","page_number":107,"box":{"x":844,"y":405,"width":50,"height":9}},{"id":"54622e1a-cb82-44a3-84e8-362e886b3080","block_type":"box","text":"(c) Provision for deferred taxation","page_number":107,"box":{"x":95,"y":435,"width":205,"height":10}},{"id":"fe2b0a8d-5375-4b7c-b1c2-e18d790ac63a","block_type":"box","text":"At 30 April 2026 there is a potential deferred tax asset of £nil (30 April 2025: £nil) in relation to surplus management expens","page_number":107,"box":{"x":95,"y":457,"width":753,"height":11}},{"id":"e0bfb746-c988-49fc-8325-002192a343ba","block_type":"box","text":"es.","page_number":107,"box":{"x":850,"y":460,"width":15,"height":6}},{"id":"ed462faf-1cf7-4a65-b0ea-04ba92d422ab","block_type":"box","text":"6. Distributions","page_number":107,"box":{"x":95,"y":510,"width":102,"height":9}},{"id":"3fbac879-c220-4578-92f8-fc0b9fe6f966","block_type":"box","text":"30.04.26","page_number":107,"box":{"x":730,"y":526,"width":55,"height":8}},{"id":"2d2a4987-2eb8-4dfc-92cc-4e7df60767a4","block_type":"box","text":"30.04.25","page_number":107,"box":{"x":840,"y":526,"width":54,"height":8}},{"id":"898461b0-7c13-47ff-b4d6-c4970a8b7329","block_type":"box","text":"£","page_number":107,"box":{"x":778,"y":542,"width":7,"height":7}},{"id":"3dc00147-3266-4cc7-8dce-c45cb2715ffc","block_type":"box","text":"£","page_number":107,"box":{"x":888,"y":542,"width":6,"height":7}},{"id":"a02128dd-b90b-4f43-8a8c-e7a630fd61ab","block_type":"box","text":"Final dividend distribution","page_number":107,"box":{"x":96,"y":564,"width":158,"height":8}},{"id":"fbc485c1-530f-48c0-9da0-725939b3f1a8","block_type":"box","text":"5,318,885","page_number":107,"box":{"x":726,"y":564,"width":58,"height":9}},{"id":"01a664b8-843d-41a0-89af-c12747d33465","block_type":"box","text":"3,318,150","page_number":107,"box":{"x":835,"y":564,"width":59,"height":9}},{"id":"8f155462-05a5-4632-9306-88b91163afc5","block_type":"box","text":"5,318,885","page_number":107,"box":{"x":726,"y":586,"width":58,"height":9}},{"id":"4aada032-c93b-497a-b6ea-91c689166a37","block_type":"box","text":"3,318,150","page_number":107,"box":{"x":835,"y":586,"width":59,"height":9}},{"id":"cd7b7ffc-93f4-4baf-8f1c-11ddcec3b9c2","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":107,"box":{"x":95,"y":604,"width":300,"height":9}},{"id":"ef7e16fe-eab7-45af-86df-127269f28d30","block_type":"box","text":"448,089","page_number":107,"box":{"x":737,"y":605,"width":47,"height":9}},{"id":"34035714-7ceb-4a4f-ae85-0783369ae0cb","block_type":"box","text":"278,710","page_number":107,"box":{"x":847,"y":605,"width":47,"height":9}},{"id":"6a2814b1-d7f8-4561-b58b-c1b331c1c2a3","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":107,"box":{"x":96,"y":623,"width":289,"height":9}},{"id":"9d9ff908-8187-44d7-a0ef-0ba00b06570c","block_type":"box","text":"(1,118,004)","page_number":107,"box":{"x":721,"y":624,"width":68,"height":9}},{"id":"aa8e252a-f405-4d8d-b2b5-2b3cd8305855","block_type":"box","text":"(634,088)","page_number":107,"box":{"x":842,"y":624,"width":57,"height":9}},{"id":"d20a4da5-0441-406a-bc8d-9c2e8fed2912","block_type":"box","text":"Distributions","page_number":107,"box":{"x":96,"y":645,"width":86,"height":9}},{"id":"09326f75-4da6-4067-813a-776b47c07a08","block_type":"box","text":"4,648,970","page_number":107,"box":{"x":725,"y":646,"width":60,"height":9}},{"id":"b8afc492-3ff2-4625-a367-5b657fb473e9","block_type":"box","text":"2,962,772","page_number":107,"box":{"x":835,"y":646,"width":59,"height":9}},{"id":"24991497-6dde-4ad3-9865-f2b3fd838817","block_type":"box","text":"Reconciliation of distributions","page_number":107,"box":{"x":96,"y":683,"width":200,"height":8}},{"id":"8637aa7e-9ef5-456a-bd91-6ad977a680db","block_type":"box","text":"Net revenue after taxation","page_number":107,"box":{"x":96,"y":702,"width":159,"height":8}},{"id":"7825b485-9411-47ca-846c-f27636edbfbd","block_type":"box","text":"4,331,766","page_number":107,"box":{"x":725,"y":702,"width":60,"height":9}},{"id":"abeccbd1-f75f-4530-aec2-87bd378ac153","block_type":"box","text":"2,701,539","page_number":107,"box":{"x":835,"y":702,"width":59,"height":9}},{"id":"8542dedf-7e5c-477c-b200-aa9c9e1d1ff4","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":107,"box":{"x":96,"y":717,"width":301,"height":11}},{"id":"e8050b41-85eb-43ec-8111-c70411328583","block_type":"box","text":"309,564","page_number":107,"box":{"x":737,"y":718,"width":48,"height":9}},{"id":"201d409f-62f6-4081-8b88-7af5f21f51c7","block_type":"box","text":"431,340","page_number":107,"box":{"x":846,"y":718,"width":48,"height":9}},{"id":"9a0f09bb-44f0-48e0-bc09-1835ad80ea7c","block_type":"box","text":"Marginal tax relief on rebates in capital","page_number":107,"box":{"x":96,"y":733,"width":236,"height":10}},{"id":"27b5bc32-f59a-40fd-adeb-d3d9318419c8","block_type":"box","text":"–","page_number":107,"box":{"x":778,"y":738,"width":7,"height":0}},{"id":"5167d144-d7dc-4742-898e-3a29db4e6051","block_type":"box","text":"(30)","page_number":107,"box":{"x":876,"y":733,"width":22,"height":10}},{"id":"20c825cd-391f-4fa4-becc-a1827d1cc8bb","block_type":"box","text":"Capital corporation tax","page_number":107,"box":{"x":96,"y":748,"width":138,"height":11}},{"id":"b377f400-aec9-4c5e-a021-578a20c3d749","block_type":"box","text":"1,861","page_number":107,"box":{"x":753,"y":749,"width":30,"height":9}},{"id":"b45c9b72-d0c4-4a6a-80f8-eb8856e1d489","block_type":"box","text":"–","page_number":107,"box":{"x":888,"y":753,"width":6,"height":1}},{"id":"3adc722f-07d8-4045-838b-24f4ddb032a8","block_type":"box","text":"Balance brought forward","page_number":107,"box":{"x":96,"y":764,"width":150,"height":10}},{"id":"ea69c861-b057-4982-8288-95758ac2034b","block_type":"box","text":"5,856","page_number":107,"box":{"x":752,"y":764,"width":33,"height":9}},{"id":"c37c0dfd-9346-4df1-9b21-0c50662cd294","block_type":"box","text":"(164,221)","page_number":107,"box":{"x":842,"y":764,"width":57,"height":9}},{"id":"66df588f-16cc-46df-b47e-c9fcefd2e599","block_type":"box","text":"Balance carried forward","page_number":107,"box":{"x":96,"y":779,"width":144,"height":8}},{"id":"d8394e10-46a3-4601-9d91-376fbb3a58fc","block_type":"box","text":"(77)","page_number":107,"box":{"x":766,"y":780,"width":23,"height":9}},{"id":"7568c05d-a370-4698-9286-26f85d9465f0","block_type":"box","text":"(5,856)","page_number":107,"box":{"x":857,"y":780,"width":42,"height":9}},{"id":"ca129105-289e-4ddc-976c-d423fa4020c1","block_type":"box","text":"Net distribution for the year","page_number":107,"box":{"x":96,"y":801,"width":187,"height":11}},{"id":"f83ac1e7-4d69-40af-bec0-f6ac963e2ecf","block_type":"box","text":"4,648,970","page_number":107,"box":{"x":722,"y":802,"width":63,"height":9}},{"id":"ba508802-8883-443c-bc67-8d3606d2d8d6","block_type":"box","text":"2,962,772","page_number":107,"box":{"x":832,"y":802,"width":62,"height":9}},{"id":"a9d13d7b-1b0c-4eb4-8c90-b58201b14d39","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":107,"box":{"x":97,"y":38,"width":344,"height":13}},{"id":"9bb80253-edaf-4ff3-9013-7bb81cad05b0","block_type":"box","text":"102","page_number":107,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"542c88f3-287f-4132-a7d4-ecbab35e43b9","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":108,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"78bfdd76-8132-41b9-9757-96abefb74759","block_type":"box","text":"for the year ended 30 April 2026","page_number":108,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"55a60885-3f44-4e8d-bd00-0b9aefcb5867","block_type":"box","text":"7. Debtors","page_number":108,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"a723172a-068e-4bd7-ac4f-88c83660911b","block_type":"box","text":"30.04.26","page_number":108,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"89549ad8-96a4-49e3-987c-010b9429cb86","block_type":"box","text":"30.04.25","page_number":108,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"aa60db5f-3d3a-4c54-9650-196fabe0dbdf","block_type":"box","text":"£","page_number":108,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"778cfbcf-80e9-488a-b56a-62558a9a9431","block_type":"box","text":"£","page_number":108,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"92d20441-9a45-4e11-a098-846b7b5bcb23","block_type":"box","text":"Amounts receivable on creation of shares","page_number":108,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"73cb32fd-edaf-4cfb-8a52-628ef2e9d701","block_type":"box","text":"2,605,957","page_number":108,"box":{"x":726,"y":172,"width":59,"height":9}},{"id":"7adc769d-3e1b-445c-ae58-a66361206d49","block_type":"box","text":"1,361,257","page_number":108,"box":{"x":836,"y":172,"width":58,"height":9}},{"id":"bf896573-996b-4801-8b95-730616eb1569","block_type":"box","text":"Accrued revenue:","page_number":108,"box":{"x":95,"y":191,"width":105,"height":8}},{"id":"e808688d-75dc-4ee7-a957-a95b7a7a5b86","block_type":"box","text":"Rebates from underlying holdings","page_number":108,"box":{"x":96,"y":209,"width":205,"height":11}},{"id":"171fcab7-a5ee-4ea2-9bbb-7f0d2cf5ad02","block_type":"box","text":"140,434","page_number":108,"box":{"x":738,"y":210,"width":47,"height":9}},{"id":"c711081e-3714-48ee-8c67-49883bde0b6b","block_type":"box","text":"79,314","page_number":108,"box":{"x":854,"y":210,"width":41,"height":9}},{"id":"163e1c6a-1a36-470b-8877-83ac29b27168","block_type":"box","text":"Income tax recoverable","page_number":108,"box":{"x":96,"y":228,"width":141,"height":9}},{"id":"6b9cef70-c04d-480d-b62f-df60be655738","block_type":"box","text":"831","page_number":108,"box":{"x":763,"y":229,"width":20,"height":8}},{"id":"61c30515-c39d-4471-82a4-3cad8fb59b18","block_type":"box","text":"4,971","page_number":108,"box":{"x":861,"y":229,"width":31,"height":9}},{"id":"47947502-1517-49f6-be34-efa01d34a9c1","block_type":"box","text":"Bank interest receivable","page_number":108,"box":{"x":96,"y":247,"width":145,"height":8}},{"id":"b6a794a7-1641-4618-8223-49c973247c1a","block_type":"box","text":"3,525","page_number":108,"box":{"x":752,"y":248,"width":32,"height":9}},{"id":"18d74320-d482-4a06-8a25-552d6b1aeaca","block_type":"box","text":"–","page_number":108,"box":{"x":888,"y":252,"width":6,"height":1}},{"id":"258f95ad-31f3-432c-b8fb-96a0e4627fa2","block_type":"box","text":"Prepayments","page_number":108,"box":{"x":96,"y":266,"width":79,"height":11}},{"id":"381691a7-e433-4761-bc1d-b0c62f0b734a","block_type":"box","text":"–","page_number":108,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"a1bb5694-62b1-4f86-8a81-4d7f1eff7795","block_type":"box","text":"106","page_number":108,"box":{"x":873,"y":266,"width":21,"height":8}},{"id":"71a625a7-26c4-4df0-8747-2e4cb266a478","block_type":"box","text":"Total debtors","page_number":108,"box":{"x":95,"y":288,"width":88,"height":8}},{"id":"19458d31-24e2-4967-aaed-2f7f740320f1","block_type":"box","text":"2,750,747","page_number":108,"box":{"x":722,"y":289,"width":63,"height":9}},{"id":"c60f4bcf-cccb-4fce-9597-2840b70f42c9","block_type":"box","text":"1,445,648","page_number":108,"box":{"x":832,"y":289,"width":62,"height":9}},{"id":"9da6522a-5f44-4a26-bfcd-d71fa283b39c","block_type":"box","text":"8. Cash and bank balances","page_number":108,"box":{"x":95,"y":341,"width":174,"height":8}},{"id":"a8ff7aec-b923-4a5c-847a-d4d71e67f78a","block_type":"box","text":"30.04.26","page_number":108,"box":{"x":730,"y":342,"width":55,"height":7}},{"id":"8e49a88b-a38c-4ae3-801b-a56ec2aefdc7","block_type":"box","text":"30.04.25","page_number":108,"box":{"x":840,"y":342,"width":54,"height":7}},{"id":"3f61b31f-cef5-4b68-a457-4e3a28a18ab9","block_type":"box","text":"£","page_number":108,"box":{"x":778,"y":357,"width":7,"height":8}},{"id":"fad67f54-ef2d-495f-9e41-45b2389d3a0e","block_type":"box","text":"£","page_number":108,"box":{"x":888,"y":357,"width":6,"height":8}},{"id":"6ababe6c-3d71-4360-9e92-00ad4779e766","block_type":"box","text":"Cash and bank balances","page_number":108,"box":{"x":96,"y":379,"width":146,"height":8}},{"id":"07f44af2-79bb-4e50-8d49-d9fb9c91ee45","block_type":"box","text":"4,995,247","page_number":108,"box":{"x":725,"y":379,"width":60,"height":9}},{"id":"09c3dd91-3fe5-4e05-bff8-a5f525e40a63","block_type":"box","text":"2,884,089","page_number":108,"box":{"x":835,"y":379,"width":59,"height":9}},{"id":"18f2a973-271b-4f2a-a9ec-03602b3cacd4","block_type":"box","text":"Bank overdraft","page_number":108,"box":{"x":96,"y":398,"width":89,"height":8}},{"id":"9bb8e9e8-7125-4a52-a2d4-2326a787d3f0","block_type":"box","text":"–","page_number":108,"box":{"x":778,"y":403,"width":7,"height":0}},{"id":"ed26a480-4287-4e95-a985-1fb30b2d6e8f","block_type":"box","text":"(94,530)","page_number":108,"box":{"x":850,"y":398,"width":49,"height":9}},{"id":"54acaeb6-5ad0-4180-a97c-3b8c5ad1d1fe","block_type":"box","text":"Total","page_number":108,"box":{"x":95,"y":420,"width":33,"height":8}},{"id":"4dca7733-2ad9-4f22-80ec-59b3d1e6b4d5","block_type":"box","text":"4,995,247","page_number":108,"box":{"x":722,"y":420,"width":63,"height":9}},{"id":"ff015eae-9a1d-4f8c-b5e8-0f3688aee154","block_type":"box","text":"2,789,559","page_number":108,"box":{"x":832,"y":420,"width":62,"height":9}},{"id":"e65e0c97-835a-4ff7-b688-8909ba61beaf","block_type":"box","text":"9. Creditors","page_number":108,"box":{"x":95,"y":473,"width":76,"height":8}},{"id":"10d0cb3e-c06d-476f-81f6-6d38699fb255","block_type":"box","text":"30.04.26","page_number":108,"box":{"x":730,"y":473,"width":55,"height":8}},{"id":"ed7663d3-7d29-4096-8b12-a700b983cebd","block_type":"box","text":"30.04.25","page_number":108,"box":{"x":840,"y":473,"width":54,"height":8}},{"id":"29dfcbd4-68a1-4896-a84f-294dce8b4fef","block_type":"box","text":"£","page_number":108,"box":{"x":778,"y":489,"width":7,"height":7}},{"id":"01b24498-aed9-4f45-b5b1-24e74ec3e0d3","block_type":"box","text":"£","page_number":108,"box":{"x":888,"y":489,"width":6,"height":7}},{"id":"40a17d5a-bc5c-461d-ab68-848202f8a00f","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":108,"box":{"x":95,"y":510,"width":261,"height":11}},{"id":"5a5356b4-7a15-4dce-9d60-77d0422281f0","block_type":"box","text":"2,193,440","page_number":108,"box":{"x":726,"y":511,"width":59,"height":9}},{"id":"0f7ed3f5-d03b-4365-9716-b8b07e4b3331","block_type":"box","text":"437,176","page_number":108,"box":{"x":846,"y":511,"width":48,"height":9}},{"id":"64ee4831-eda1-4545-9327-9909b0a338e6","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":108,"box":{"x":96,"y":529,"width":549,"height":11}},{"id":"0bd97e8b-fabd-46a9-a683-312dd2dcfe55","block_type":"box","text":"agents of either of them:","page_number":108,"box":{"x":95,"y":545,"width":149,"height":10}},{"id":"1442bda2-3f49-4bb3-af57-247b12392c84","block_type":"box","text":"Annual management charge","page_number":108,"box":{"x":104,"y":564,"width":172,"height":10}},{"id":"5bed800f-d245-45df-984a-273f90513ad6","block_type":"box","text":"89,988","page_number":108,"box":{"x":745,"y":564,"width":40,"height":9}},{"id":"6dccc313-a5c2-4922-b173-784238f4ff14","block_type":"box","text":"56,333","page_number":108,"box":{"x":854,"y":564,"width":40,"height":9}},{"id":"8b706bd4-f420-4c16-82e6-499e5ba20c8f","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":108,"box":{"x":96,"y":586,"width":514,"height":10}},{"id":"b22d8c6b-f81c-4302-8f24-ba5153516130","block_type":"box","text":"Depositary fee","page_number":108,"box":{"x":106,"y":604,"width":86,"height":11}},{"id":"0403c7fd-f2bd-4eb0-95c5-b6cc0f0d0a33","block_type":"box","text":"6,134","page_number":108,"box":{"x":752,"y":605,"width":33,"height":9}},{"id":"884beea9-0d2c-4e76-9fc0-473cd75301df","block_type":"box","text":"4,205","page_number":108,"box":{"x":861,"y":605,"width":33,"height":9}},{"id":"af620253-7601-473f-b0e0-fe9dae4b7e6a","block_type":"box","text":"Safe custody and other custodian charges","page_number":108,"box":{"x":105,"y":620,"width":253,"height":11}},{"id":"98505b24-e416-4165-93f0-c28bd5d05c42","block_type":"box","text":"1,923","page_number":108,"box":{"x":753,"y":620,"width":31,"height":9}},{"id":"23340731-476c-4db1-bd02-085b5c1e2420","block_type":"box","text":"25,577","page_number":108,"box":{"x":854,"y":620,"width":40,"height":9}},{"id":"e8935134-5cec-4af2-8229-dcbd83499f06","block_type":"box","text":"8,057","page_number":108,"box":{"x":752,"y":643,"width":33,"height":9}},{"id":"8b031bbf-77cf-49fd-a181-70abb5a04193","block_type":"box","text":"29,782","page_number":108,"box":{"x":854,"y":643,"width":40,"height":9}},{"id":"795e6a12-48ac-4f10-abd8-fc9a2d7c319d","block_type":"box","text":"Other expenses:","page_number":108,"box":{"x":96,"y":664,"width":97,"height":11}},{"id":"dbb0e97f-a989-4088-a30d-3d27378edb66","block_type":"box","text":"UK Corporation tax","page_number":108,"box":{"x":105,"y":683,"width":116,"height":11}},{"id":"b713d8e0-bae4-4a10-9c0b-6452f8f51fd6","block_type":"box","text":"97,866","page_number":108,"box":{"x":745,"y":684,"width":40,"height":9}},{"id":"b6d055e8-7749-45b7-8e9c-830820ad5a20","block_type":"box","text":"140,720","page_number":108,"box":{"x":847,"y":683,"width":47,"height":10}},{"id":"f465ad7f-e136-43db-bb66-1786090c7ca5","block_type":"box","text":"Audit fee*","page_number":108,"box":{"x":104,"y":699,"width":62,"height":8}},{"id":"f1c90ac9-b486-4ae7-8008-93acce94e8dd","block_type":"box","text":"9,720","page_number":108,"box":{"x":752,"y":699,"width":33,"height":9}},{"id":"45b3f08a-355b-4038-acdc-e436d6db164b","block_type":"box","text":"7,862","page_number":108,"box":{"x":862,"y":699,"width":32,"height":9}},{"id":"a675b6b5-122b-4b2e-ba36-724f4ebe8f5c","block_type":"box","text":"Other accrued expenses","page_number":108,"box":{"x":105,"y":714,"width":147,"height":11}},{"id":"e8fa8ddf-6a6e-4136-bd71-701dfd49c5f5","block_type":"box","text":"5,187","page_number":108,"box":{"x":752,"y":714,"width":33,"height":10}},{"id":"4604356e-bbfd-4fb4-b2f0-9f10d68bf534","block_type":"box","text":"2,268","page_number":108,"box":{"x":862,"y":714,"width":32,"height":10}},{"id":"90b81dad-14a2-4265-ac6e-8a81eeaeedd5","block_type":"box","text":"108,273","page_number":108,"box":{"x":738,"y":737,"width":46,"height":9}},{"id":"56aa4de3-dae4-4862-b790-37d9db6d81c4","block_type":"box","text":"150,850","page_number":108,"box":{"x":847,"y":737,"width":47,"height":9}},{"id":"3f5d1950-4783-4053-9673-22c6f7311cbc","block_type":"box","text":"Total creditors","page_number":108,"box":{"x":95,"y":771,"width":97,"height":9}},{"id":"e6cb1d37-49bb-4f56-b93b-a174e5c42771","block_type":"box","text":"2,404,258","page_number":108,"box":{"x":722,"y":772,"width":63,"height":9}},{"id":"1c4a7d05-db2b-4031-b351-528dd0739891","block_type":"box","text":"674,141","page_number":108,"box":{"x":844,"y":772,"width":49,"height":9}},{"id":"674f4886-841c-4a45-a39f-740f3851012d","block_type":"box","text":"*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","page_number":108,"box":{"x":95,"y":794,"width":809,"height":10}},{"id":"ab088b92-de9a-44bc-b5bd-cdb7242dc0e3","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":108,"box":{"x":96,"y":809,"width":174,"height":10}},{"id":"3d766d09-e19e-4547-a63f-3b3445e1b1de","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":108,"box":{"x":559,"y":38,"width":343,"height":13}},{"id":"0e4635af-c78f-4821-afee-01f7b01e59f8","block_type":"box","text":"103","page_number":108,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"eddb8484-9e92-421b-93d4-5363535286d8","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":109,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"b20cbe09-a287-4d3f-a4a5-0e01e0693ac3","block_type":"box","text":"for the year ended 30 April 2026","page_number":109,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"a96f72c4-3519-4e2f-9796-21ce9f661f30","block_type":"box","text":"10. Risk management policies","page_number":109,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"ee8f30d0-2e2d-4c29-8a37-eabf08c771b4","block_type":"box","text":"In pursuing its investment objective as stated on page 92, the Sub-fund holds a number of financial instruments. The Sub-fund’s","page_number":109,"box":{"x":96,"y":150,"width":754,"height":10}},{"id":"03a2a436-9acb-49ac-b9fd-f002199b53f4","block_type":"box","text":"financial","page_number":109,"box":{"x":854,"y":150,"width":49,"height":8}},{"id":"17bfcf21-3b01-4ace-ad8d-4682dc330487","block_type":"box","text":"instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from its operat","page_number":109,"box":{"x":96,"y":165,"width":779,"height":11}},{"id":"37881ca1-f80d-4fcf-91a4-8aa68bc51d83","block_type":"box","text":"ions,","page_number":109,"box":{"x":876,"y":165,"width":27,"height":10}},{"id":"94da9ed4-af89-4999-b457-88772ad11ac6","block_type":"box","text":"for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for redemptions a","page_number":109,"box":{"x":95,"y":181,"width":792,"height":10}},{"id":"598f5aaf-d010-475e-b8ba-5cb8ef4c1798","block_type":"box","text":"nd","page_number":109,"box":{"x":889,"y":181,"width":14,"height":8}},{"id":"ed5c8d53-75e3-47c1-a4a1-b87f7a4cbcb4","block_type":"box","text":"debtors for accrued revenue.","page_number":109,"box":{"x":95,"y":196,"width":176,"height":8}},{"id":"ccf58b84-c718-483e-ab9b-959ae26f68ef","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":109,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"e0c6e401-4417-434d-aecb-ca8062f0f20a","block_type":"box","text":"anaging","page_number":109,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"1f3b8067-ecdb-4454-99e4-da55b48d8335","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":109,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"fab71de9-9930-4bde-bd97-dcd71bcc75b4","block_type":"box","text":"Market price risk","page_number":109,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"743f3c16-e259-4390-823e-8a7580a7ed2a","block_type":"box","text":"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","page_number":109,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"46a6377f-d739-4caa-9acb-d875c2dbb86f","block_type":"box","text":"ket prices","page_number":109,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"f62bac1c-658f-4fa7-81bb-7a0ed694b215","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":109,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"a40e1257-039c-4968-adbb-c199c8582274","block_type":"box","text":"future","page_number":109,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"75db14e8-3684-4faf-a77e-5325dfa5f688","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":109,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"e750a366-68f7-4458-99c8-b63acdcfc366","block_type":"box","text":"market","page_number":109,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"89083c10-3bc0-4eb8-a70c-c5ca5a408172","block_type":"box","text":"positions in the face of price movements.","page_number":109,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"e67fa46e-4d23-4b3d-8779-6e334358bcc8","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":109,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"b740ba7c-ab04-4f53-b66a-a9a23f3120f5","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":109,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"67006e2b-bca2-4378-9b2b-00b1be7892ea","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":109,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"c163ab6a-fb38-4e2a-bc1b-3320288dc8b5","block_type":"box","text":"ectus","page_number":109,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"fd4daabc-a4eb-43c1-8458-5c7c42f8be79","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":109,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"a8075709-e11b-4ff7-baf5-f2ff1815731c","block_type":"box","text":"exposure","page_number":109,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"897d18a2-385f-45ea-86e3-884d048f9f00","block_type":"box","text":"to any particular type of security or issuer.","page_number":109,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"b3f5a299-da83-44fc-9488-e8ab093abf2b","block_type":"box","text":"If market prices at the Balance Sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":109,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"c9003044-6462-4237-87df-089455a20d73","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £36,643,394","page_number":109,"box":{"x":95,"y":446,"width":809,"height":11}},{"id":"8c680bf8-d455-4e94-94ee-86d85d7b34b7","block_type":"box","text":"(30 April 2025: £23,090,617).","page_number":109,"box":{"x":95,"y":461,"width":174,"height":11}},{"id":"561e984a-19c4-4d51-8c27-5ca83c4a4676","block_type":"box","text":"Foreign currency risk","page_number":109,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"0f138564-4217-4f04-a258-747f9b57bf36","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":109,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"1b69e460-11e7-413c-9c91-86259b17a4c6","block_type":"box","text":"foreign","page_number":109,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"e48615ca-71a4-4c99-8910-2da8850342fc","block_type":"box","text":"currency exchange rates.","page_number":109,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"8764ca4a-648d-4099-b7fb-777df9c45354","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":109,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"3f604c62-fdc1-476a-b9d6-44ffd6b77fc4","block_type":"box","text":"nvest","page_number":109,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"8b27ab3e-8dae-4373-96db-f08664eea5b5","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":109,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"d9151311-8f24-4bc0-81c5-7a3512c9fd6c","block_type":"box","text":"e","page_number":109,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"74ad3042-dca4-4c76-9e5a-2991c52a1aa2","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":109,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"cd2715fa-3cf9-4fa4-88c5-90eb8708ab98","block_type":"box","text":"ced","page_number":109,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"8dd81608-802d-4a95-8af2-580addfeb851","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":109,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"bd4a8953-25d3-40d9-92a3-509727b67a89","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":109,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"f02d373a-3244-4e65-ab70-033340debd57","block_type":"box","text":"Net monetary","page_number":109,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"9a94ab94-afeb-4f26-bea6-c225484c5f9d","block_type":"box","text":"Non-monetary","page_number":109,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"ab09a265-5fb6-45b9-bd42-28b9225f9aa0","block_type":"box","text":"Total net","page_number":109,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"b0586525-0eb9-419c-bbc5-7f5333cd8ebe","block_type":"box","text":"assets and liabilities","page_number":109,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"626b54c1-211c-452e-a91c-7c3eb71e7f42","block_type":"box","text":"assets","page_number":109,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"7f9377c9-f549-46e6-b51f-4db411980fb6","block_type":"box","text":"assets","page_number":109,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"166498e1-51ee-414c-859d-e61e455ee081","block_type":"box","text":"£","page_number":109,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"27628bdc-7f41-46d5-9d13-137a0be81c8d","block_type":"box","text":"£","page_number":109,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"325ab77e-21df-4c75-b6aa-586d0ab2717d","block_type":"box","text":"£","page_number":109,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"22c6fb3e-efb6-4c3e-bb30-9193edf1364f","block_type":"box","text":"£","page_number":109,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"6ac7a403-df99-4d8d-9e01-c2e5675c95a1","block_type":"box","text":"£","page_number":109,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"3d633fc3-10f2-4d50-b4ad-4b4964b777bf","block_type":"box","text":"£","page_number":109,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"e00496c8-b17f-48bd-8856-c9069b455a67","block_type":"box","text":"30.04.26","page_number":109,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"e64a6630-50fb-450b-9615-6836084cb690","block_type":"box","text":"30.04.25","page_number":109,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"0f702549-a7ee-4e37-92b6-1e4ae89dc477","block_type":"box","text":"30.04.26","page_number":109,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"f325d89f-564a-4a89-a224-35e5621d8733","block_type":"box","text":"30.04.25","page_number":109,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"79bba065-aa73-403b-ab7c-9b16778c19dc","block_type":"box","text":"30.04.26","page_number":109,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"726d2f08-f995-4047-8e7a-64649e2922a2","block_type":"box","text":"30.04.25","page_number":109,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"96887488-0096-4528-b59a-fe023f239aca","block_type":"box","text":"Sterling","page_number":109,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"80c8d7b2-efbe-42e6-a2c4-aa2d5196f169","block_type":"box","text":"5,341,736","page_number":109,"box":{"x":288,"y":680,"width":58,"height":9}},{"id":"08ccf244-4ba6-442f-a28c-68244f679964","block_type":"box","text":"3,561,066","page_number":109,"box":{"x":397,"y":680,"width":59,"height":9}},{"id":"ae504566-f2ea-4b4d-9f99-f071bc03d643","block_type":"box","text":"345,854,188","page_number":109,"box":{"x":492,"y":680,"width":74,"height":9}},{"id":"c15934df-0989-488f-b333-445b8174ec52","block_type":"box","text":"225,491,318","page_number":109,"box":{"x":601,"y":680,"width":74,"height":9}},{"id":"4175f1f6-ecaa-4295-a4a4-678258039210","block_type":"box","text":"351,195,924","page_number":109,"box":{"x":711,"y":680,"width":74,"height":9}},{"id":"775df299-0d85-401c-aac0-d724196913ef","block_type":"box","text":"229,052,384","page_number":109,"box":{"x":820,"y":680,"width":75,"height":9}},{"id":"2fb863cb-666e-44f6-af8d-bf0940df47ec","block_type":"box","text":"EUR","page_number":109,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"e53ce02f-a193-45b0-b275-388956b42581","block_type":"box","text":"–","page_number":109,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"4b5202a0-a9e6-4f69-af64-89dc0869a4ad","block_type":"box","text":"–","page_number":109,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"9315f45c-e380-4a4c-9ffe-6b9d862fce5f","block_type":"box","text":"–","page_number":109,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"deb427d8-46e4-4717-b296-17b559cda2eb","block_type":"box","text":"5,414,855","page_number":109,"box":{"x":617,"y":695,"width":58,"height":9}},{"id":"30650b07-1754-4a0e-9ecb-901554444f30","block_type":"box","text":"–","page_number":109,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"9cced85a-eaf8-407c-80aa-61ab9b102855","block_type":"box","text":"5,414,855","page_number":109,"box":{"x":836,"y":695,"width":58,"height":9}},{"id":"9b6bbbd3-e832-48fa-8c6f-f8fb214038a8","block_type":"box","text":"USD","page_number":109,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"7f7540f3-3296-4a7c-8264-b892b6e71622","block_type":"box","text":"–","page_number":109,"box":{"x":340,"y":715,"width":7,"height":1}},{"id":"0c3c4ce9-77d2-4cf8-8e78-16758f36d7d4","block_type":"box","text":"–","page_number":109,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"ec191ab5-4389-49d5-8ccd-a5fd6656b76a","block_type":"box","text":"20,579,747","page_number":109,"box":{"x":499,"y":711,"width":67,"height":9}},{"id":"6cd7015e-2eea-4a39-a5e0-6aa2973e8fd4","block_type":"box","text":"–","page_number":109,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"eb2a2151-f8ca-4fdb-8b0e-199bf8243f00","block_type":"box","text":"20,579,747","page_number":109,"box":{"x":718,"y":711,"width":67,"height":9}},{"id":"2ad72cdf-961e-402e-b858-b9ec19062ab7","block_type":"box","text":"–","page_number":109,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"98257d8b-5031-417b-a76a-fa6470f2d6a3","block_type":"box","text":"5,341,736","page_number":109,"box":{"x":285,"y":733,"width":62,"height":9}},{"id":"7dc0fde5-0a38-4379-b3e2-95efa17e9ec1","block_type":"box","text":"3,561,066","page_number":109,"box":{"x":394,"y":733,"width":62,"height":9}},{"id":"0df8cecc-2cfa-4a5d-91b9-9f0ed7d502e0","block_type":"box","text":"366,433,935","page_number":109,"box":{"x":488,"y":733,"width":78,"height":9}},{"id":"4f10d17f-c144-4ab8-a682-92efe7bb88a3","block_type":"box","text":"230,906,173","page_number":109,"box":{"x":597,"y":733,"width":78,"height":9}},{"id":"414688cf-d202-44bd-b7f1-445391dc15fd","block_type":"box","text":"371,775,671","page_number":109,"box":{"x":707,"y":733,"width":76,"height":9}},{"id":"ccc3747b-deb1-45d8-9671-707cedd313e1","block_type":"box","text":"234,467,239","page_number":109,"box":{"x":816,"y":733,"width":78,"height":9}},{"id":"7692f5ae-9143-40d8-a8e0-109045799d08","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":109,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"93f4b60b-363e-484a-a460-abeedb9687d0","block_type":"box","text":"he","page_number":109,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"6bd372af-3fb0-4b76-92be-ea1a44a509a3","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £2,0","page_number":109,"box":{"x":96,"y":770,"width":767,"height":11}},{"id":"a43be276-05d8-48dd-8d8c-f0cd5fb4d74d","block_type":"box","text":"57,975","page_number":109,"box":{"x":864,"y":771,"width":40,"height":9}},{"id":"a140afa4-13dc-4a78-934a-4c19e12e9222","block_type":"box","text":"(30 April 2025: £541,486).","page_number":109,"box":{"x":95,"y":786,"width":155,"height":10}},{"id":"f010731c-bd17-481f-b4f9-2eec86f7245e","block_type":"box","text":"Interest rate risk","page_number":109,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"4a7b71c0-4618-458d-a715-4176519618dd","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":109,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"131835d0-d36f-4b26-8f44-4ada82986785","block_type":"box","text":"se change","page_number":109,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"13ec5e30-3432-4591-8b24-6a076a38d560","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":109,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"a351a0e8-50c2-4bdb-9d3c-7b3314a39696","block_type":"box","text":"nterest","page_number":109,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"4ef689ee-1329-4943-a99a-40ece8500a56","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short term in","page_number":109,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"c3ba36a2-fa1d-4be9-8f13-87ef01b5e557","block_type":"box","text":"struments.","page_number":109,"box":{"x":839,"y":853,"width":64,"height":8}},{"id":"19325fbf-49d9-405c-873f-d33079af3f07","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":109,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"ca71cffc-ee43-4d03-9800-2aa973db4204","block_type":"box","text":"ited","page_number":109,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"75355fb3-46e2-48b6-ab0f-fd5f36a5450f","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":109,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"0b3e5299-d945-49b3-a546-473c4ceb774b","block_type":"box","text":"n the","page_number":109,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"17511e3d-bf39-4c01-ad83-d8fc4ce63c0a","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":109,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"e8303a60-2700-4d13-9adf-729fa0b4df13","block_type":"box","text":"ses as","page_number":109,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"df2278db-8656-44cd-9bba-a45b81403980","block_type":"box","text":"interest rates increase.","page_number":109,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"4ffee224-72a2-46ca-92f4-47dae2c9f5be","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":109,"box":{"x":97,"y":38,"width":344,"height":13}},{"id":"4ab1b335-4e07-4396-a61f-eeff4063a2d2","block_type":"box","text":"104","page_number":109,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"444ffb0a-b3d6-4d72-8f20-4cf8acb26de9","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":110,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"3d6f7bab-e59b-4d00-9ae9-d32e7fcaa865","block_type":"box","text":"for the year ended 30 April 2026","page_number":110,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"7da5de7d-d530-42d9-8630-1d63427eaf21","block_type":"box","text":"10. Risk management policies (continued)","page_number":110,"box":{"x":96,"y":134,"width":277,"height":11}},{"id":"a5b4206c-07ed-4dd9-b790-8ddd10161118","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":110,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"e885cf04-9864-4f28-81e6-c96b2104200f","block_type":"box","text":"30.04.26","page_number":110,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"d9720325-14bb-4187-b84f-0f172f0cbf24","block_type":"box","text":"30.04.25","page_number":110,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"c206d21c-0890-4b71-a4fb-66cb7e6cf6ab","block_type":"box","text":"£","page_number":110,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"7635d099-19f2-4bbb-b1bd-f7386a20f79e","block_type":"box","text":"£","page_number":110,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"61f486b9-c5f2-45f8-bf88-12cd53d13e3d","block_type":"box","text":"Financial assets floating rate","page_number":110,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"67c1346e-3818-4aa6-ab70-60495da8adac","block_type":"box","text":"4,995,247","page_number":110,"box":{"x":725,"y":210,"width":60,"height":9}},{"id":"f0d55024-f691-4861-8722-89d67daf77f6","block_type":"box","text":"2,884,089","page_number":110,"box":{"x":835,"y":210,"width":59,"height":9}},{"id":"8c8645d0-da18-4746-8373-04d846c03ef0","block_type":"box","text":"Financial assets interest bearing instruments","page_number":110,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"e3e0a909-0165-443f-8ef7-8095397c5c01","block_type":"box","text":"82,914,037","page_number":110,"box":{"x":718,"y":229,"width":67,"height":9}},{"id":"374b5994-f396-4891-9221-7749ca85e514","block_type":"box","text":"53,972,959","page_number":110,"box":{"x":828,"y":229,"width":66,"height":9}},{"id":"e83f678b-a74a-4cec-bf29-7fc6c9e3da35","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":110,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"438078cd-f3f7-4f54-8515-fc2ade8b9c0f","block_type":"box","text":"286,270,645","page_number":110,"box":{"x":711,"y":248,"width":74,"height":9}},{"id":"0a672669-5726-43c3-8742-f491143a9a26","block_type":"box","text":"178,378,862","page_number":110,"box":{"x":821,"y":248,"width":73,"height":9}},{"id":"3834590e-408c-465d-84e3-a0078d459929","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":110,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"1801e0de-db18-4617-9ecd-e3bbc9a5a2d0","block_type":"box","text":"(2,404,258)","page_number":110,"box":{"x":721,"y":266,"width":68,"height":10}},{"id":"2796642e-1f1b-41a0-b765-1bc71531eb8a","block_type":"box","text":"(674,141)","page_number":110,"box":{"x":842,"y":266,"width":57,"height":10}},{"id":"408a787f-aa26-42bc-a7dc-2e77671697eb","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":110,"box":{"x":96,"y":285,"width":489,"height":10}},{"id":"7f2b24b9-e2ca-42c0-b839-8fcc14e15d51","block_type":"box","text":"–","page_number":110,"box":{"x":778,"y":290,"width":7,"height":0}},{"id":"f183f527-4759-484f-bda8-bc5932a9af56","block_type":"box","text":"(94,530)","page_number":110,"box":{"x":850,"y":285,"width":49,"height":10}},{"id":"73010b3a-b196-47be-9b81-5b7560df25bd","block_type":"box","text":"371,775,671","page_number":110,"box":{"x":707,"y":307,"width":76,"height":9}},{"id":"0c0df0e3-ebc2-4db9-8ba0-722fd52e20fe","block_type":"box","text":"234,467,239","page_number":110,"box":{"x":816,"y":307,"width":78,"height":9}},{"id":"f749d3d6-b8f9-49e5-be62-e1ba2b08a951","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":110,"box":{"x":95,"y":342,"width":767,"height":11}},{"id":"b6f9daf7-fb21-4d17-a769-566565367663","block_type":"box","text":"assets","page_number":110,"box":{"x":867,"y":343,"width":37,"height":7}},{"id":"0e8f67cf-df4a-4009-aaf5-c96c46eb9422","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £12,488 (30 April 2025: £6,974).","page_number":110,"box":{"x":95,"y":358,"width":748,"height":10}},{"id":"f67d1612-f5cd-4664-aa6f-c8324060b050","block_type":"box","text":"Maturity of financial liabilities","page_number":110,"box":{"x":96,"y":380,"width":201,"height":10}},{"id":"747a70f8-ab5a-40aa-a23a-c3217fdb7c13","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":110,"box":{"x":95,"y":395,"width":655,"height":11}},{"id":"f31b9633-59ef-4abf-885b-dc5a20338be3","block_type":"box","text":"Liquidity risk","page_number":110,"box":{"x":96,"y":417,"width":86,"height":11}},{"id":"0759a78b-1dce-4fd0-8a98-32567eafb08c","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":110,"box":{"x":95,"y":433,"width":742,"height":11}},{"id":"33369d8a-9341-43a7-be44-e94d831b99a3","block_type":"box","text":"any shares","page_number":110,"box":{"x":840,"y":433,"width":64,"height":11}},{"id":"d254a1f9-a757-45f4-be1f-b0c92f7734e8","block_type":"box","text":"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","page_number":110,"box":{"x":95,"y":448,"width":732,"height":11}},{"id":"642338b1-3cb1-41e3-a095-505315e7baf0","block_type":"box","text":"edemptions.","page_number":110,"box":{"x":828,"y":448,"width":75,"height":11}},{"id":"214ee3a1-c8bf-4f27-94b1-28cf44b38de2","block_type":"box","text":"Credit risk","page_number":110,"box":{"x":96,"y":470,"width":68,"height":9}},{"id":"1de34472-318c-4fdc-95a3-e93665ab5bfb","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":110,"box":{"x":96,"y":486,"width":722,"height":11}},{"id":"37fc0464-aba5-4400-b82a-5c162c07a2e5","block_type":"box","text":"he investment","page_number":110,"box":{"x":819,"y":486,"width":85,"height":8}},{"id":"727ff56c-4246-4385-9154-b2a661abfedd","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":110,"box":{"x":95,"y":501,"width":759,"height":11}},{"id":"607968e9-2ca5-462b-bcf9-9681e90c6dac","block_type":"box","text":"stments","page_number":110,"box":{"x":856,"y":502,"width":48,"height":8}},{"id":"b6e1160b-6e59-4297-b638-a2258d778e1c","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":110,"box":{"x":95,"y":517,"width":808,"height":10}},{"id":"8188cc99-eca5-456c-b21b-b779df94b3d9","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar","page_number":110,"box":{"x":96,"y":532,"width":738,"height":11}},{"id":"a066b19b-69df-4e12-880b-985307a80bdc","block_type":"box","text":"e reviewed.","page_number":110,"box":{"x":835,"y":532,"width":68,"height":8}},{"id":"2030d948-2736-4426-8618-28fcbae3c727","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":110,"box":{"x":96,"y":554,"width":733,"height":11}},{"id":"81758c60-e7c6-410c-a20a-5e2b8e9b07c6","block_type":"box","text":"cash is held","page_number":110,"box":{"x":834,"y":554,"width":69,"height":9}},{"id":"d0e75acb-80fb-4bd1-8da7-c073029f5bbd","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":110,"box":{"x":95,"y":570,"width":735,"height":11}},{"id":"53676a99-bc05-466e-ab8f-b9e36a7db2b0","block_type":"box","text":"lectives that","page_number":110,"box":{"x":832,"y":570,"width":72,"height":8}},{"id":"5733c8a1-9199-4d52-bf72-1f8c86df52c3","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":110,"box":{"x":96,"y":585,"width":650,"height":11}},{"id":"f0a7090c-eb20-494a-b280-f2f916ce318b","block_type":"box","text":"Fair value disclosure","page_number":110,"box":{"x":96,"y":607,"width":135,"height":9}},{"id":"94a6b792-8b10-4427-8575-0d2d090238a9","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":110,"box":{"x":95,"y":623,"width":731,"height":11}},{"id":"531653ec-f999-4e73-b927-c064eba0a153","block_type":"box","text":". The highest","page_number":110,"box":{"x":828,"y":623,"width":76,"height":11}},{"id":"696bb72d-f3a2-41a2-af90-f08c688145d2","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":110,"box":{"x":96,"y":638,"width":739,"height":11}},{"id":"96352d5a-ea42-4324-9461-05b6c9b50d91","block_type":"box","text":"els in these","page_number":110,"box":{"x":836,"y":638,"width":68,"height":9}},{"id":"dbfa5889-a048-4726-8294-10a081b03437","block_type":"box","text":"financial statements are as follows:","page_number":110,"box":{"x":95,"y":654,"width":213,"height":8}},{"id":"7b95e4ea-b41c-4e7f-a115-961441ddac91","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":110,"box":{"x":96,"y":676,"width":489,"height":11}},{"id":"596c5ab5-570e-4d49-9901-16d1cb1e650f","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":110,"box":{"x":96,"y":698,"width":568,"height":11}},{"id":"34c5053a-3b36-438b-a611-17a3a22c6327","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":110,"box":{"x":96,"y":720,"width":344,"height":11}},{"id":"b13d038d-5ac7-4c1c-a927-4f38d76e87aa","block_type":"box","text":"Valuation technique","page_number":110,"box":{"x":95,"y":743,"width":135,"height":10}},{"id":"501e459e-666b-47d5-a227-72a33384090e","block_type":"box","text":"30.04.26","page_number":110,"box":{"x":534,"y":743,"width":55,"height":8}},{"id":"129bf2c9-fde9-4840-b5ab-608a76a72539","block_type":"box","text":"30.04.25","page_number":110,"box":{"x":801,"y":743,"width":54,"height":8}},{"id":"20c73844-7258-4074-94c9-7a9df530fad4","block_type":"box","text":"Assets","page_number":110,"box":{"x":452,"y":756,"width":42,"height":8}},{"id":"63b7cb5c-ee81-495e-a759-8d8fcc8550b3","block_type":"box","text":"Liabilities","page_number":110,"box":{"x":564,"y":756,"width":64,"height":8}},{"id":"b4a49927-93c1-4371-b8fa-903c993e8e5f","block_type":"box","text":"Assets","page_number":110,"box":{"x":719,"y":756,"width":42,"height":8}},{"id":"1fc3e780-d6d5-43f6-8289-f09751b8c8ce","block_type":"box","text":"Liabilities","page_number":110,"box":{"x":833,"y":756,"width":64,"height":8}},{"id":"88c78caa-9fde-47ec-ae98-6f518ab2f670","block_type":"box","text":"(£000’s)","page_number":110,"box":{"x":444,"y":769,"width":50,"height":9}},{"id":"6afb039b-d4a8-4bee-b9a3-18e34da7db9e","block_type":"box","text":"(£000’s)","page_number":110,"box":{"x":577,"y":769,"width":50,"height":9}},{"id":"80d54ec5-8b36-422b-b5cd-50fc6e84efeb","block_type":"box","text":"(£000’s)","page_number":110,"box":{"x":711,"y":769,"width":50,"height":9}},{"id":"d404ea09-aa12-4fce-87ff-d812a439f1bf","block_type":"box","text":"(£000’s)","page_number":110,"box":{"x":846,"y":769,"width":51,"height":9}},{"id":"05007b44-3298-41ac-abf7-448ec8d4e53a","block_type":"box","text":"Level 1","page_number":110,"box":{"x":96,"y":784,"width":38,"height":8}},{"id":"93a10d57-d8fa-49fe-bb8d-45823f753edb","block_type":"box","text":"81,194","page_number":110,"box":{"x":454,"y":784,"width":41,"height":10}},{"id":"37bdf4f5-47c0-4157-b24a-d32de9b10c15","block_type":"box","text":"–","page_number":110,"box":{"x":621,"y":789,"width":6,"height":1}},{"id":"d7b37e6a-988e-49c9-b45f-a656bdc84ec1","block_type":"box","text":"25,461","page_number":110,"box":{"x":721,"y":784,"width":38,"height":10}},{"id":"76eb02f5-f36b-4e29-a0a2-d6dc7f0d7ed5","block_type":"box","text":"–","page_number":110,"box":{"x":890,"y":789,"width":7,"height":1}},{"id":"d9e09566-89ed-43b2-8dc0-beaaa73ff547","block_type":"box","text":"Level 2","page_number":110,"box":{"x":96,"y":800,"width":40,"height":8}},{"id":"96dfabe4-6ac9-486e-bcb0-ad024a41a3f9","block_type":"box","text":"285,240","page_number":110,"box":{"x":447,"y":800,"width":47,"height":9}},{"id":"ccdd0090-4608-4239-ac67-a18c810968cc","block_type":"box","text":"–","page_number":110,"box":{"x":621,"y":804,"width":6,"height":1}},{"id":"026d73d7-c91d-4dfd-8928-503817117eb8","block_type":"box","text":"205,445","page_number":110,"box":{"x":713,"y":800,"width":48,"height":9}},{"id":"1f504003-bd01-4d6f-8438-0e333d04e0e3","block_type":"box","text":"–","page_number":110,"box":{"x":890,"y":804,"width":7,"height":1}},{"id":"50e62404-cf69-4fd8-8a65-e84eb4571273","block_type":"box","text":"Level 3","page_number":110,"box":{"x":96,"y":815,"width":40,"height":8}},{"id":"ddaf2cc8-38e1-4e4f-8e5e-82efb59a2bf2","block_type":"box","text":"–","page_number":110,"box":{"x":488,"y":820,"width":6,"height":1}},{"id":"c888806f-d756-4c68-b30f-d0f486d442c3","block_type":"box","text":"–","page_number":110,"box":{"x":621,"y":820,"width":6,"height":1}},{"id":"85940809-452f-4806-ac80-68af841d465a","block_type":"box","text":"–","page_number":110,"box":{"x":754,"y":820,"width":7,"height":1}},{"id":"e6d89a90-2f7f-4767-9f19-42ba8da3b57d","block_type":"box","text":"–","page_number":110,"box":{"x":890,"y":820,"width":7,"height":1}},{"id":"75fe1513-6371-4759-9a6a-e1db82bbbab2","block_type":"box","text":"366,434","page_number":110,"box":{"x":444,"y":838,"width":51,"height":9}},{"id":"1263490a-39ff-48b9-8157-192a4f900a6a","block_type":"box","text":"–","page_number":110,"box":{"x":621,"y":842,"width":7,"height":1}},{"id":"75b65dde-0ef9-40b5-9775-0bda4102c4e7","block_type":"box","text":"230,906","page_number":110,"box":{"x":711,"y":838,"width":50,"height":9}},{"id":"3bb9156c-864c-407b-a0f0-39173d5bf88c","block_type":"box","text":"–","page_number":110,"box":{"x":890,"y":842,"width":7,"height":1}},{"id":"d03e1163-59e8-4700-bca9-d9dac4f3d9e2","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":110,"box":{"x":559,"y":38,"width":343,"height":13}},{"id":"7de8e3a8-437b-40ee-bb0c-cf9f5db8cbfd","block_type":"box","text":"105","page_number":110,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"c86524c0-3035-4019-bf30-476eb71de41b","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":111,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"b88b7d1a-3ede-4792-951f-46cc2108b763","block_type":"box","text":"for the year ended 30 April 2026","page_number":111,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"3b4398c8-e034-4b23-9040-b12b96cafc16","block_type":"box","text":"11. Shares held","page_number":111,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"ba9e73a8-5969-4b19-8a8b-c3837e65ca31","block_type":"box","text":"A Class (Retail) Accumulation","page_number":111,"box":{"x":95,"y":156,"width":193,"height":10}},{"id":"e157d92f-8f23-4b47-b5d1-95d4a356164a","block_type":"box","text":"Opening shares at 01.05.2025","page_number":111,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"6dc955c6-f1a9-4182-b332-fd90a3053ac9","block_type":"box","text":"161,130,042","page_number":111,"box":{"x":417,"y":179,"width":77,"height":9}},{"id":"a204b913-f164-4fe5-8e0a-c069ae178e85","block_type":"box","text":"Shares issued during the year","page_number":111,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"511793c5-6e53-48c2-adf7-0e0eaa43b6a9","block_type":"box","text":"86,780,206","page_number":111,"box":{"x":428,"y":194,"width":66,"height":10}},{"id":"8f72a3bc-0f7a-4628-afc8-5389bd8df7a3","block_type":"box","text":"Shares cancelled during the year","page_number":111,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"75d92c16-846e-48a7-8082-3a1db5c735fa","block_type":"box","text":"(36,699,156)","page_number":111,"box":{"x":419,"y":210,"width":75,"height":9}},{"id":"e60b5307-efe1-4059-aefe-ac6907831895","block_type":"box","text":"Shares converted during the year","page_number":111,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"b4a06893-d6d4-4ae8-8640-809daf8f5ceb","block_type":"box","text":"–","page_number":111,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"0adbdf23-6315-4b75-b13c-873f041b00e0","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":111,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"50002192-a2a7-4029-b9ff-5291f2a4e5b5","block_type":"box","text":"211,211,092","page_number":111,"box":{"x":416,"y":248,"width":78,"height":9}},{"id":"60826bf7-3391-4367-a928-12a6cf7d20a2","block_type":"box","text":"12. Contingent assets and liabilities","page_number":111,"box":{"x":96,"y":293,"width":234,"height":11}},{"id":"ae8f1f0d-4b74-41ae-9a2c-cac99c2f616c","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).","page_number":111,"box":{"x":95,"y":309,"width":585,"height":11}},{"id":"9e3d914e-e711-42f6-9fae-49ffe1e229b5","block_type":"box","text":"13. Post balance sheet events","page_number":111,"box":{"x":96,"y":355,"width":194,"height":8}},{"id":"7cec9192-9e00-4845-b459-2b0e983d5d45","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":111,"box":{"x":95,"y":374,"width":425,"height":11}},{"id":"d4d2bb3b-b471-4a79-90c4-1b57eb99c856","block_type":"box","text":"14. Direct transactions costs","page_number":111,"box":{"x":96,"y":420,"width":186,"height":9}},{"id":"726374cc-2b51-4a66-a9ae-36941a277684","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":111,"box":{"x":96,"y":439,"width":755,"height":11}},{"id":"5524c559-d312-4186-a20c-19a89e490026","block_type":"box","text":"herefore","page_number":111,"box":{"x":853,"y":439,"width":51,"height":8}},{"id":"7915652c-2075-4a75-a8cc-b8239e7a8fa1","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":111,"box":{"x":95,"y":455,"width":444,"height":10}},{"id":"46af359c-2785-4341-ac0c-5b40ab9b9e69","block_type":"box","text":"15. Portfolio dealing spread","page_number":111,"box":{"x":96,"y":501,"width":181,"height":11}},{"id":"f7932be7-bcc7-434d-a842-1337bdc57233","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.07% (30 April 2025: 0.03%).","page_number":111,"box":{"x":95,"y":523,"width":517,"height":11}},{"id":"13117404-95d5-491e-b2da-5b1ab06e070c","block_type":"box","text":"16. Related party transactions","page_number":111,"box":{"x":96,"y":569,"width":199,"height":11}},{"id":"c6dc2ef6-9177-4517-9185-1c53c2b1e477","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":111,"box":{"x":95,"y":592,"width":707,"height":10}},{"id":"2b1f6ce2-9ed9-4500-95f7-b011cc6ebbaa","block_type":"box","text":"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","page_number":111,"box":{"x":95,"y":614,"width":765,"height":10}},{"id":"36d8a363-7c3b-486f-92f6-eaf72c5734b5","block_type":"box","text":"e sheet","page_number":111,"box":{"x":861,"y":614,"width":43,"height":8}},{"id":"a633cb3a-1233-4b18-bf98-e2add2003209","block_type":"box","text":"date are disclosed in note 9.","page_number":111,"box":{"x":95,"y":629,"width":171,"height":8}},{"id":"8c57f01e-b2f9-4b56-a663-62a8e34d12b3","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":111,"box":{"x":97,"y":38,"width":344,"height":13}},{"id":"d29bdd5f-5795-48b6-8cb1-c7b00763607e","block_type":"box","text":"106","page_number":111,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"b83ac678-7d7b-4efb-a7b2-fbb42d791a00","block_type":"box","text":"Distribution Tables","page_number":112,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"4900986b-7ee9-4101-8b62-acbc56bb1a0d","block_type":"box","text":"for the year ended 30 April 2026","page_number":112,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"7907261f-7bff-4c54-9b5c-3cd3290f6895","block_type":"box","text":"Accumulation Share Distributions","page_number":112,"box":{"x":95,"y":134,"width":224,"height":9}},{"id":"d03409b4-cdea-4bac-b3e2-6732eaea66c6","block_type":"box","text":"Share class","page_number":112,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"0072b051-1825-4db8-a7ea-f4a608f6d7c1","block_type":"box","text":"Distribution","page_number":112,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"e917cd5b-330e-4f75-974c-dcf1093b3602","block_type":"box","text":"Shares","page_number":112,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"c120fd74-6aa2-4527-afe3-e7e4fe977db5","block_type":"box","text":"Net","page_number":112,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"cfcf9280-740e-4a7f-8ce4-d859887862df","block_type":"box","text":"Equalisation","page_number":112,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"037b8997-2dcc-46cc-8082-d5b335e848f2","block_type":"box","text":"Distribution","page_number":112,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"1520c768-21e9-41bb-b54b-3c3ed813e173","block_type":"box","text":"Distribution","page_number":112,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"76149ba0-e210-4533-abcb-7523c4427df7","block_type":"box","text":"revenue","page_number":112,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"d5de903a-fd41-4730-bd8a-0eef15742a8e","block_type":"box","text":"31.08.2026","page_number":112,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"5761c7fb-d004-4028-a24f-a3771e0a5b58","block_type":"box","text":"29.08.2025","page_number":112,"box":{"x":812,"y":165,"width":70,"height":8}},{"id":"9555ea5b-c4c5-4fd7-92f0-2a71c5583091","block_type":"box","text":"31.08.2026","page_number":112,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"9798986b-18f2-46f1-8be4-1c6a8c86f092","block_type":"box","text":"p","page_number":112,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"846f8668-4ba7-409a-898c-51b3620b77dc","block_type":"box","text":"p","page_number":112,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"5c3e9a77-0248-4555-9400-306673458b8e","block_type":"box","text":"p","page_number":112,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"6caf318b-4b60-492e-a5a4-e0c3bb8de2ef","block_type":"box","text":"p","page_number":112,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"743fea53-681f-4861-b577-810aaeade9d5","block_type":"box","text":"A","page_number":112,"box":{"x":104,"y":207,"width":8,"height":8}},{"id":"8844b226-2b67-4c94-bc42-b5ffb82f7138","block_type":"box","text":"Final","page_number":112,"box":{"x":267,"y":207,"width":27,"height":8}},{"id":"ea7dcf77-9c41-4716-bb66-0136b22e2435","block_type":"box","text":"Group 1","page_number":112,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"16760cf1-5e68-45b4-9925-25b6d312bb92","block_type":"box","text":"2.5182","page_number":112,"box":{"x":513,"y":207,"width":40,"height":8}},{"id":"2713af5f-5754-49de-b32d-a4f9a5ddee6d","block_type":"box","text":"–","page_number":112,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"27e37a48-0b78-490e-97ee-efd6b7f7eb8b","block_type":"box","text":"2.5182","page_number":112,"box":{"x":722,"y":207,"width":40,"height":8}},{"id":"257254be-e0bb-4118-9210-913979cb9640","block_type":"box","text":"2.0593","page_number":112,"box":{"x":827,"y":207,"width":40,"height":8}},{"id":"7a8edc83-89dd-4296-b664-e1a094e077c3","block_type":"box","text":"Group 2","page_number":112,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"6a93b7c2-c192-4479-8122-9f29f0dba972","block_type":"box","text":"1.2180","page_number":112,"box":{"x":513,"y":221,"width":40,"height":8}},{"id":"f68dd596-a0e8-40eb-aea0-e4074424d288","block_type":"box","text":"1.3002","page_number":112,"box":{"x":618,"y":221,"width":40,"height":8}},{"id":"2d1e7000-7b3e-491a-ad9a-cd5c9003c80a","block_type":"box","text":"2.5182","page_number":112,"box":{"x":722,"y":221,"width":40,"height":8}},{"id":"98ae2bdf-7aeb-4218-abb7-a8f3949044f7","block_type":"box","text":"2.0593","page_number":112,"box":{"x":827,"y":221,"width":40,"height":8}},{"id":"c9605c94-303c-4447-8283-ea353de1cd60","block_type":"box","text":"Final distribution in pence per share","page_number":112,"box":{"x":96,"y":252,"width":240,"height":11}},{"id":"61ef6534-5cd2-4007-9e32-e19b93b346d9","block_type":"box","text":"Group 1:","page_number":112,"box":{"x":96,"y":268,"width":51,"height":10}},{"id":"deb426fe-5742-47e5-987b-a284d24769f0","block_type":"box","text":"Shares purchased prior to 01 May 2025","page_number":112,"box":{"x":181,"y":267,"width":239,"height":11}},{"id":"1bff466c-cfd4-4da5-ad8b-7a930f77b2cf","block_type":"box","text":"Group 2:","page_number":112,"box":{"x":96,"y":283,"width":51,"height":11}},{"id":"6bd5becf-9589-4586-8eb2-a72aed7e3e92","block_type":"box","text":"Shares purchased on or after 01 May 2025 and on or before 30 April 2026","page_number":112,"box":{"x":181,"y":283,"width":448,"height":11}},{"id":"0f0e7b79-a6af-4659-b46b-9028355a8c99","block_type":"box","text":"MI Tatton Blended Active Fund","page_number":112,"box":{"x":559,"y":38,"width":343,"height":13}},{"id":"a5e3a61e-8f61-441a-9f13-87daa02cf35a","block_type":"box","text":"107","page_number":112,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"e89aeef3-5c85-496d-a159-f3ba7adaba07","block_type":"box","text":"Sub-fund Overview","page_number":113,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"4789a559-550e-4950-a765-10d41a6cbe5a","block_type":"box","text":"Name of Sub-fund","page_number":113,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"979875dd-3d51-455c-9ebb-9797d4096d36","block_type":"box","text":"MI Tatton Blended Balanced Fund (formerly VT Tatton Blended Balanced Fund)","page_number":113,"box":{"x":96,"y":143,"width":479,"height":11}},{"id":"90a14773-ec4e-4264-b55c-0c89a4253232","block_type":"box","text":"Size of Sub-fund","page_number":113,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"abf603c0-3d4a-4827-9482-75a1b3677d85","block_type":"box","text":"£473,958,966","page_number":113,"box":{"x":95,"y":181,"width":82,"height":9}},{"id":"055eab28-7f95-434c-a19f-e710e353e44f","block_type":"box","text":"Launch date","page_number":113,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"734e425d-eaa8-4f06-8f82-e9bee209e8f1","block_type":"box","text":"31 January 2018","page_number":113,"box":{"x":95,"y":219,"width":97,"height":10}},{"id":"77c8bcad-dac0-4493-b10f-b22cd0c85560","block_type":"box","text":"Investment objective and policy","page_number":113,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"77649def-e609-4fe4-9d2a-51818ac594f5","block_type":"box","text":"The objective of the Sub-fund is to maximise potential total return (i.e. capital and income growth).","page_number":113,"box":{"x":95,"y":256,"width":601,"height":11}},{"id":"afbab4ad-e0d1-49dc-967e-5246ab5c0734","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as equities. For this Sub-fund, over the long term","page_number":113,"box":{"x":96,"y":278,"width":748,"height":11}},{"id":"67cdb574-b4f9-4cd3-bac5-c725a4f9dc4c","block_type":"box","text":"(7 years),","page_number":113,"box":{"x":849,"y":279,"width":54,"height":10}},{"id":"d8a4247b-27ed-40e8-92b3-428091711952","block_type":"box","text":"it is expected that the proportion of the Sub-fund exposed to equities will be approximately 60%.","page_number":113,"box":{"x":96,"y":293,"width":589,"height":11}},{"id":"7aa56699-dffb-42a2-8cd7-50e9ce7f7c9b","block_type":"box","text":"In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by","page_number":113,"box":{"x":96,"y":316,"width":772,"height":10}},{"id":"fadbc179-f8e8-4b82-9916-367348183ece","block_type":"box","text":"more","page_number":113,"box":{"x":873,"y":318,"width":31,"height":6}},{"id":"2f29bbca-c522-4a23-9c07-d3cab35bab4e","block_type":"box","text":"than ± 12.5%.","page_number":113,"box":{"x":95,"y":331,"width":82,"height":8}},{"id":"af9b8a85-a851-4866-94c6-c0e28e496765","block_type":"box","text":"The Investment Manager will manage the portfolio in order to achieve its investment objective by investing in collective invest","page_number":113,"box":{"x":95,"y":353,"width":777,"height":11}},{"id":"96815cbb-9484-41ba-979f-b8815841535d","block_type":"box","text":"ment","page_number":113,"box":{"x":873,"y":354,"width":31,"height":7}},{"id":"6a495991-9ebb-41ff-b303-c5414941e5d7","block_type":"box","text":"schemes such as unit trusts, OEICs and other UCITS funds and closed ended schemes. The Sub-fund may also invest in individual s","page_number":113,"box":{"x":95,"y":369,"width":774,"height":10}},{"id":"e73cca5f-9d21-4c97-9774-2a3a158d2338","block_type":"box","text":"tocks,","page_number":113,"box":{"x":869,"y":369,"width":34,"height":9}},{"id":"e6855485-a66c-47e4-a0da-825e5c207415","block_type":"box","text":"bonds, and derivatives if considered appropriate to meet the investment objective.","page_number":113,"box":{"x":96,"y":384,"width":503,"height":11}},{"id":"6a8927a1-7c95-49e1-ba65-d767dbd040b4","block_type":"box","text":"The Sub-fund will seek exposure to a diverse portfolio of assets, with a balance between passive and active strategies with the","page_number":113,"box":{"x":95,"y":406,"width":764,"height":11}},{"id":"5ed625bc-0541-43da-9e5c-d1683b30261a","block_type":"box","text":"overall","page_number":113,"box":{"x":864,"y":406,"width":39,"height":9}},{"id":"696cfa7f-aa3a-4a3d-961b-8100b1084298","block_type":"box","text":"portfolio having an equity allocation in line with that in the investment objective. Other underlying assets in the portfolio (","page_number":113,"box":{"x":96,"y":422,"width":755,"height":10}},{"id":"8d795ac3-d16c-4fa9-a66a-6acee8415d43","block_type":"box","text":"to which","page_number":113,"box":{"x":852,"y":422,"width":51,"height":8}},{"id":"33e6b729-db4b-4512-aac9-dec1620cb5d7","block_type":"box","text":"there will be indirect exposure) may include bonds, commodities, property, private equity, derivatives and other instruments. S","page_number":113,"box":{"x":95,"y":437,"width":781,"height":11}},{"id":"7e40a234-6be8-45d1-bc8e-9d54e7c0863e","block_type":"box","text":"ome","page_number":113,"box":{"x":878,"y":440,"width":26,"height":5}},{"id":"06aebf8a-4654-4bfe-94a2-c8802521191f","block_type":"box","text":"of these investments will be denominated in foreign currencies which may or may not be hedged back to Pounds Sterling.","page_number":113,"box":{"x":95,"y":453,"width":741,"height":10}},{"id":"c4f8c4f9-f2b2-4924-a6c1-48d914730c9b","block_type":"box","text":"The Sub-fund may also invest, at the ACD’s discretion, in other transferable securities, money market instruments, cash and nea","page_number":113,"box":{"x":95,"y":475,"width":769,"height":11}},{"id":"4dba18c4-8dce-49ed-98b1-126d03e3fc87","block_type":"box","text":"r cash,","page_number":113,"box":{"x":866,"y":475,"width":37,"height":9}},{"id":"d6cfbedd-030a-434c-ae0b-bd59762da794","block_type":"box","text":"deposits and any other permitted asset type deemed appropriate to meet the investment objective.","page_number":113,"box":{"x":95,"y":490,"width":607,"height":11}},{"id":"2971b95a-01e6-48fd-a823-a3b88e851596","block_type":"box","text":"The Sub-fund may also use derivatives for the purposes of efficient portfolio management.","page_number":113,"box":{"x":95,"y":512,"width":551,"height":11}},{"id":"69065c35-7edd-4f44-912b-5e4f04b2bf57","block_type":"box","text":"Derivatives","page_number":113,"box":{"x":96,"y":535,"width":74,"height":8}},{"id":"ee8e370c-1dce-40d5-bdd6-957118fc9bd9","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":113,"box":{"x":95,"y":550,"width":686,"height":11}},{"id":"aaccb1c1-28d9-4c1a-9be9-11d2f068a2b7","block_type":"box","text":"Benchmark","page_number":113,"box":{"x":96,"y":572,"width":76,"height":8}},{"id":"b357293e-e079-4dc3-bf6b-6b2dbcffbc8f","block_type":"box","text":"No explicit benchmark is stated for the Sub-fund. However multi-asset portfolios or peer group averages with a similar weight i","page_number":113,"box":{"x":96,"y":588,"width":758,"height":10}},{"id":"e993aa42-19d3-481c-87ee-bdf09492b4df","block_type":"box","text":"n equity","page_number":113,"box":{"x":857,"y":588,"width":47,"height":10}},{"id":"2ffc6084-087e-4788-9a6b-e2a8fd5dd6f9","block_type":"box","text":"may be useful in assessing the performance of the Sub-fund. An example for this Sub-fund may be a blend (50% IA OE Mixed Invest","page_number":113,"box":{"x":96,"y":603,"width":776,"height":11}},{"id":"dfdc66e7-f181-4910-b417-3d5788076b07","block_type":"box","text":"ment","page_number":113,"box":{"x":874,"y":604,"width":30,"height":7}},{"id":"f76ce18f-78ca-4ee2-bb95-bb9505517cba","block_type":"box","text":"20-60% Shares - (50%) IA OE Mixed Investment 40-85% Shares).","page_number":113,"box":{"x":95,"y":619,"width":387,"height":9}},{"id":"46292c6c-3da8-4390-8d7b-3fd8e7cb7d4d","block_type":"box","text":"The Sub-fund provides comparative performance against a relevant Investment Association sector benchmark in order for investors","page_number":113,"box":{"x":95,"y":641,"width":809,"height":10}},{"id":"f74c4bb9-65ef-4753-bb08-9e21b1e8d103","block_type":"box","text":"to compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association M","page_number":113,"box":{"x":95,"y":656,"width":782,"height":11}},{"id":"743e104b-dc50-4a61-b7fb-c56ec0b341f6","block_type":"box","text":"ixed","page_number":113,"box":{"x":880,"y":656,"width":23,"height":8}},{"id":"6c695e0b-06d4-41ce-a97f-e3f70cb39229","block_type":"box","text":"Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a","page_number":113,"box":{"x":95,"y":672,"width":800,"height":10}},{"id":"6668794a-8c5c-4935-b526-aa661f450b97","block_type":"box","text":"n","page_number":113,"box":{"x":897,"y":674,"width":6,"height":6}},{"id":"597bf4fd-da27-45e0-b96f-9bff5c6c4427","block_type":"box","text":"indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or","page_number":113,"box":{"x":96,"y":687,"width":756,"height":11}},{"id":"ac2a6457-367b-420f-8766-d0a7e0308f82","block_type":"box","text":"investor","page_number":113,"box":{"x":856,"y":687,"width":48,"height":8}},{"id":"a8df1ffa-d541-4961-9532-21c0e2e7c710","block_type":"box","text":"expectations.","page_number":113,"box":{"x":95,"y":703,"width":80,"height":10}},{"id":"92f8d37c-290d-464d-add5-7e35ce7a10ff","block_type":"box","text":"Final accounting date","page_number":113,"box":{"x":96,"y":725,"width":142,"height":10}},{"id":"4fbd46f4-97ef-4c3a-9409-8fd60118d947","block_type":"box","text":"30 April","page_number":113,"box":{"x":95,"y":740,"width":46,"height":11}},{"id":"e95af57b-554c-47e4-8e7e-1794d750d227","block_type":"box","text":"Interim accounting date","page_number":113,"box":{"x":96,"y":762,"width":159,"height":11}},{"id":"06bb0a08-143b-42a8-8dd6-8cf902f745bd","block_type":"box","text":"31 October","page_number":113,"box":{"x":95,"y":778,"width":68,"height":8}},{"id":"365529ae-1ab7-4d97-9475-ddea182ca478","block_type":"box","text":"Income distribution date","page_number":113,"box":{"x":96,"y":800,"width":164,"height":8}},{"id":"d684e748-ea19-498d-847f-253c856a02f2","block_type":"box","text":"31 August","page_number":113,"box":{"x":95,"y":816,"width":60,"height":10}},{"id":"a0860a0c-0ac1-4143-9e4e-ddd35ed27a1e","block_type":"box","text":"ISA status","page_number":113,"box":{"x":96,"y":838,"width":64,"height":8}},{"id":"8c622992-b43f-404e-bb31-6718333a8061","block_type":"box","text":"Qualifying Investment for stocks and shares component","page_number":113,"box":{"x":96,"y":853,"width":339,"height":11}},{"id":"5119d07c-6d5e-4c55-ada8-fb4b734ad9df","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":113,"box":{"x":97,"y":38,"width":379,"height":13}},{"id":"5868ee8f-c461-4272-9430-9f40c0b66dba","block_type":"box","text":"108","page_number":113,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"d9ea0a72-8fb4-449c-bb3c-7cd253ec9811","block_type":"box","text":"Sub-fund Overview (continued)","page_number":114,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"8d14dfec-7f28-49ca-98b7-284744bf47d7","block_type":"box","text":"Class of shares","page_number":114,"box":{"x":96,"y":128,"width":96,"height":8}},{"id":"a86ac037-9789-4728-98b9-727a8ac737a7","block_type":"box","text":"A Class (Retail) Accumulation","page_number":114,"box":{"x":95,"y":143,"width":175,"height":10}},{"id":"a8b4c855-fce1-4c5b-9991-ab1701cd4237","block_type":"box","text":"A Class (Retail) Income*","page_number":114,"box":{"x":95,"y":158,"width":144,"height":10}},{"id":"14cdc651-0a9b-40ad-a514-cf54895c4c90","block_type":"box","text":"*Share class not yet launched","page_number":114,"box":{"x":95,"y":181,"width":179,"height":10}},{"id":"2de928d3-506e-41bd-8ded-8f2c3b91f2b7","block_type":"box","text":"Initial charge","page_number":114,"box":{"x":96,"y":203,"width":86,"height":10}},{"id":"cab3a3e2-bdf5-4236-83a1-d86ab005c1df","block_type":"box","text":"0% (of the amount invested by an investor)","page_number":114,"box":{"x":95,"y":218,"width":262,"height":11}},{"id":"5a42b22e-7068-4073-bd0a-dece80acb917","block_type":"box","text":"Redemption charge","page_number":114,"box":{"x":96,"y":240,"width":129,"height":11}},{"id":"a27f4336-9e68-44f3-b758-ba6cb695b6c3","block_type":"box","text":"0%","page_number":114,"box":{"x":334,"y":241,"width":17,"height":8}},{"id":"b90b6499-21c4-42df-9107-45fc0023dee7","block_type":"box","text":"Annual management charge","page_number":114,"box":{"x":95,"y":263,"width":188,"height":10}},{"id":"023ece2c-3585-4733-8af1-135b60ad7c95","block_type":"box","text":"A Class (Retail) Accumulation","page_number":114,"box":{"x":95,"y":278,"width":175,"height":10}},{"id":"a8caa793-b2f2-499f-817c-17585550bfae","block_type":"box","text":"0.30%","page_number":114,"box":{"x":334,"y":278,"width":36,"height":8}},{"id":"b3e2d96f-cad7-4b37-ae7c-e1908f5947d7","block_type":"box","text":"A Class (Retail) Income","page_number":114,"box":{"x":95,"y":293,"width":137,"height":10}},{"id":"8cb346d4-9b6d-45a5-8deb-e4a937bd3d2c","block_type":"box","text":"0.30%","page_number":114,"box":{"x":334,"y":294,"width":36,"height":8}},{"id":"0c1c9d03-5342-4917-a356-08a3e63012ca","block_type":"box","text":"Minimum initial investment","page_number":114,"box":{"x":96,"y":316,"width":167,"height":8}},{"id":"fae73c7a-e2ab-419f-8589-dd7857adc080","block_type":"box","text":"£3,000","page_number":114,"box":{"x":333,"y":316,"width":40,"height":9}},{"id":"037019b7-0ab6-4909-90aa-6fc8540953f3","block_type":"box","text":"Minimum subsequent investment","page_number":114,"box":{"x":96,"y":338,"width":205,"height":11}},{"id":"3e7917cf-92c7-4711-9957-de3100bdcd52","block_type":"box","text":"£1,000","page_number":114,"box":{"x":333,"y":338,"width":40,"height":9}},{"id":"07d2f4a3-b152-4fbe-9753-bc4b8c190d62","block_type":"box","text":"Minimum holding","page_number":114,"box":{"x":96,"y":360,"width":107,"height":11}},{"id":"eb2a77d0-c556-449a-8357-c6baee5a7c78","block_type":"box","text":"£1,000","page_number":114,"box":{"x":333,"y":360,"width":40,"height":10}},{"id":"823f7ab6-7ef1-4fe3-9f3c-162c81a61b8f","block_type":"box","text":"Minimum redemption","page_number":114,"box":{"x":96,"y":382,"width":133,"height":11}},{"id":"d224d9e0-e9ad-47cb-ae13-9d5b7718a216","block_type":"box","text":"None","page_number":114,"box":{"x":334,"y":383,"width":31,"height":7}},{"id":"5dc1805a-890b-4ef1-94b9-8feaa0bdcbc1","block_type":"box","text":"Regular savings plan","page_number":114,"box":{"x":96,"y":404,"width":135,"height":11}},{"id":"f10077be-dec9-4993-8119-db60c94ceb97","block_type":"box","text":"Minimum payment of £100 per month","page_number":114,"box":{"x":334,"y":404,"width":232,"height":11}},{"id":"e1b145f2-e58f-4409-a7ea-8f6837ec2655","block_type":"box","text":"Regular withdrawal facility","page_number":114,"box":{"x":96,"y":426,"width":180,"height":11}},{"id":"f468cc40-26e3-402e-bc9c-e7d65e0383b3","block_type":"box","text":"N/A","page_number":114,"box":{"x":334,"y":427,"width":22,"height":8}},{"id":"7e83e141-4090-46ab-ae38-3d8d5e7ee1ea","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":114,"box":{"x":524,"y":38,"width":378,"height":13}},{"id":"34da6e9b-b22d-47db-a86d-2fa5f7cb457f","block_type":"box","text":"109","page_number":114,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"29aa9710-578e-4b18-9c6b-b174aafee082","block_type":"box","text":"Investment Manager’s Review","page_number":115,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"6ade77eb-e705-4e0f-8fb4-ca54cf3244fe","block_type":"box","text":"for the year ended 30 April 2026","page_number":115,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"614a5e67-87c6-45ac-a937-69a9fbb50f1a","block_type":"box","text":"Investment review","page_number":115,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"1128e92b-cfdd-4e3b-a8a1-2a615441290f","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":115,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"5d0a165e-1dac-4605-b905-fd676f47c5e9","block_type":"box","text":"The MI Tatton Blended Balanced A Acc returned 3.01% in the six months to 30 April 2026. The IA Mixed Investment 40-85% Shares","page_number":115,"box":{"x":95,"y":165,"width":809,"height":11}},{"id":"8f3e1aa5-810b-4f38-a9fe-f6a0cee876b2","block_type":"box","text":"benchmark returned 3.14% meaning the fund underperformed by -0.13% over the period.","page_number":115,"box":{"x":96,"y":181,"width":549,"height":10}},{"id":"64f9660b-bf36-4805-a173-ffc731aa91e3","block_type":"box","text":"Over the last 12-months to 30 April 2026, the MI Tatton Blended Balanced A Acc has returned 17.36%. The IA Mixed Investment 40-","page_number":115,"box":{"x":96,"y":203,"width":808,"height":10}},{"id":"2bbe3fd0-0fcf-4b01-a554-551b220f8adf","block_type":"box","text":"85% Shares reference index returned 17.89%, meaning the fund underperformed by -0.53% over the period.","page_number":115,"box":{"x":95,"y":218,"width":662,"height":11}},{"id":"5f9bc674-a0b6-4f54-8898-220d7864b196","block_type":"box","text":"Overview","page_number":115,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"c17c3615-0a15-4509-aef3-f7e7284f627f","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":115,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"bd45189c-c7c4-4d4a-8abe-6739880dfca6","block_type":"box","text":"market","page_number":115,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"e0945015-7f66-4acd-a4e8-8cee55e713f1","block_type":"box","text":"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.","page_number":115,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"20a2b0d9-1f21-4f0d-8b50-468840251c62","block_type":"box","text":"Since last","page_number":115,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"5663b69c-50e6-4316-85fd-1c48eb8d200e","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":115,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"7ea8c684-05c5-423a-bd7d-9ec29a27042f","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":115,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"2011a2e5-0fb0-406d-89c8-2500c7a0dceb","block_type":"box","text":"eral Reserve","page_number":115,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"14d28fbd-0bd1-479e-a632-1d8c0bf0066d","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":115,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"d3381125-0729-4713-a8ed-2c994bba9a59","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":115,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"fe9fd3ae-6d66-400f-a2ff-0c1082e2d1e0","block_type":"box","text":"ons of","page_number":115,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"1e004eb4-262e-4491-89d8-1b0f5688f6d2","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":115,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"b39eac26-7542-4be2-ba68-ad4dd48c5726","block_type":"box","text":"than","page_number":115,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"5d3cd08c-8d79-44f8-b2ba-f1f6288bfeae","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":115,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"4af850e7-ca9e-437c-867d-73ddd8d6ab69","block_type":"box","text":"le AI","page_number":115,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"53b59fb0-2d83-415f-bb8e-2cd285e4ffee","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":115,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"defecf6e-318b-4ac5-9666-a27c62dac6b8","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":115,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"f96153ba-3983-42fb-9181-bc20229d2b38","block_type":"box","text":"edia","page_number":115,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"8e1a2faa-dfcb-4779-8255-9681f676fa7f","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":115,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"c7a9fd34-dfe2-48f5-873d-a10792a46aca","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":115,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"6381295d-87fe-4b0e-a664-3d3978b7b2c5","block_type":"box","text":"interest","page_number":115,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"bfc3f789-cb46-4a1d-8c1f-7432fd329aaf","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":115,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"de70b9d2-dd73-4e6a-b22d-d400de4fb1aa","block_type":"box","text":"d wider","page_number":115,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"9f964792-dad1-4c3b-b8ed-873bc628f14c","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":115,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"c76d4c25-a297-42e0-bc27-405022c5fba3","block_type":"box","text":"Outlook","page_number":115,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"96cc7b3d-5724-4b5a-9eec-5a92ec779ef0","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":115,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"f4fcff86-81f8-4564-90cd-4ebff2eb0ecd","block_type":"box","text":"for","page_number":115,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"98abd3dd-6893-4bac-a0d6-3d9446b795f9","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":115,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"5347bfca-f919-498a-8428-0a5d8f5a1879","block_type":"box","text":"of","page_number":115,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"98f34050-ad48-405d-b102-8e57741d5d4d","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":115,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"3bdf8b65-c0ef-4173-8704-e76fb0648508","block_type":"box","text":"ll take time","page_number":115,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"73cd1fbc-98d1-44d8-8afe-0fdf1ff34d59","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":115,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"0a5c2fc6-7dc3-4c3b-aafa-d50995b80f9f","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":115,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"8ef04ae8-da77-4786-b2b7-bc861291662e","block_type":"box","text":". Oil","page_number":115,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"932fbdd5-2b9a-427d-a21e-85d36db29e31","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":115,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"a234b8a1-9007-4c6c-bd6c-b6956b1e5409","block_type":"box","text":"expectation","page_number":115,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"0439b4b0-89e7-4795-830e-5889da6ce9dc","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":115,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"5018ca01-44f0-49b4-aeeb-1db8bf1367b1","block_type":"box","text":"sell-off","page_number":115,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"6fe7e5dc-80c3-45b1-824a-8363892cde2a","block_type":"box","text":"we might have expected).","page_number":115,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"419fcefd-7911-49b4-b7cd-070cf439fd35","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":115,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"c857a878-9f9a-4a36-bc8b-894f3466027b","block_type":"box","text":"ries","page_number":115,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"de85838e-7584-4d34-86ea-5b376f41eae6","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":115,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"3577f00b-5079-4f3a-a367-d03c45107fa5","block_type":"box","text":"rowth can","page_number":115,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"40e3b477-afce-4029-a00c-8484902dbf23","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":115,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"4aba0ed6-0c6a-41aa-b52f-31434d7ae4e7","block_type":"box","text":"g.","page_number":115,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"04229f98-f4c5-441a-adf9-241e9c937bf3","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":115,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"b08efad2-61fb-4259-aa88-964ae772e9e4","block_type":"box","text":"y","page_number":115,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"c596993b-956d-4ef5-8ad2-5fbd63339420","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":115,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"e258fd61-b9f1-4dbd-8f3a-eb3bf0630f97","block_type":"box","text":"cle.","page_number":115,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"f1eb6890-bc85-49f4-a6d5-b7be928d4dfc","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":115,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"073b301c-a26f-4698-a191-6738756e3341","block_type":"box","text":"Fund positioning","page_number":115,"box":{"x":96,"y":764,"width":111,"height":11}},{"id":"1c0a6b26-2811-4d66-b151-83d6cd222db4","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":115,"box":{"x":95,"y":780,"width":769,"height":10}},{"id":"5f150bb2-bf2e-4979-a627-ed0ad9cec5b0","block_type":"box","text":"d fund","page_number":115,"box":{"x":865,"y":780,"width":38,"height":8}},{"id":"f9f1f8d9-6a95-493f-876f-4cc13ba2ec24","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":115,"box":{"x":95,"y":795,"width":473,"height":11}},{"id":"dfa5b6cf-0031-40ea-9c09-ea136dcd770a","block_type":"box","text":"The portfolio was updated on 8 May 2025. A sub-asset allocation change was made; North America Equity was decreased. Fund manag","page_number":115,"box":{"x":95,"y":817,"width":797,"height":11}},{"id":"cca97201-2bdd-4eaf-8bef-34ad17f009a1","block_type":"box","text":"er","page_number":115,"box":{"x":892,"y":820,"width":12,"height":6}},{"id":"50797aed-590a-49f0-8c7d-7175848dd6d6","block_type":"box","text":"allocations were updated; iShares North American Equity Index Fund (UK) was decreased and iShares MSCI Europe Mid Cap ETF was","page_number":115,"box":{"x":95,"y":833,"width":809,"height":10}},{"id":"b5e25258-9ebe-4dd8-a446-e4dabf834ce7","block_type":"box","text":"removed.","page_number":115,"box":{"x":96,"y":848,"width":56,"height":8}},{"id":"0b37badd-1727-4404-ada8-a201acea83e6","block_type":"box","text":"The fund’s positioning was changed on 11 July 2025. During this update, the asset allocation was amended; Bonds were decreased","page_number":115,"box":{"x":95,"y":870,"width":808,"height":11}},{"id":"d5b83921-a311-4d2f-b8a5-ca9781c75f08","block_type":"box","text":"and Equities were increased.","page_number":115,"box":{"x":95,"y":886,"width":174,"height":11}},{"id":"131a7ac6-8485-4b95-af9d-8ebbaaf0e872","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":115,"box":{"x":97,"y":38,"width":379,"height":13}},{"id":"0f122f3f-9b8f-4f9a-b51b-5ea7ea9bdbe4","block_type":"box","text":"110","page_number":115,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"3f9c3be8-dc6b-42f7-a62e-413b45c4dba8","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":116,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"ee9e4edf-253c-46fc-9931-9cecca4625e6","block_type":"box","text":"for the year ended 30 April 2026","page_number":116,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"54f4d996-dd04-4483-b71e-561c20f49f8a","block_type":"box","text":"The fund’s positioning was changed on 12 August 2025. Sub-asset allocation was changed; Emerging Market Bond was increased,","page_number":116,"box":{"x":95,"y":128,"width":808,"height":10}},{"id":"c4b10f88-a341-46e5-a50d-b07c0565e16b","block_type":"box","text":"Government Bond was increased, North America Equity was increased and Strategic Bond was decreased. Changes were made to","page_number":116,"box":{"x":96,"y":143,"width":808,"height":11}},{"id":"c2fc7086-8caf-4547-b864-43be355e3614","block_type":"box","text":"manager positioning; iShares North American Equity Index Fund (UK) was removed, Schroder Recovery Fund was removed, Vanguard","page_number":116,"box":{"x":96,"y":158,"width":807,"height":11}},{"id":"1fbf255f-023c-4200-a610-2d629d09b195","block_type":"box","text":"Global Bd Index was removed and State Street SPDR S&P500 Quality Aristocrat ETF was added.","page_number":116,"box":{"x":96,"y":174,"width":574,"height":11}},{"id":"6dd7a225-a8e5-478d-a4a4-75e7364c0977","block_type":"box","text":"The portfolio was updated on 30 October 2025. Updates were made to the portfolio’s fund managers; HSBC Global Government Bond","page_number":116,"box":{"x":95,"y":196,"width":808,"height":11}},{"id":"9c91d043-162d-486a-8426-4aac123c3e64","block_type":"box","text":"UCITS ETF was increased, SVM UK Opportunities Fund was removed, iShares $ Treasury Bond 20+y ETF was removed and RGI UK","page_number":116,"box":{"x":96,"y":212,"width":808,"height":10}},{"id":"f3abbb0c-91f0-47c1-88af-799d6e68679e","block_type":"box","text":"Opportunities Fund was added.","page_number":116,"box":{"x":96,"y":227,"width":190,"height":11}},{"id":"9e517fa3-d4ae-4aeb-9b42-f4b5ebef2a2d","block_type":"box","text":"On 3 November 2025 the portfolio was updated. Fund managers within the portfolio were adjusted; Barings Emerging Markets Debt","page_number":116,"box":{"x":96,"y":249,"width":808,"height":11}},{"id":"a20b339e-0aab-40a5-8ba0-aac2ea4ffe98","block_type":"box","text":"Blended Total Return Fund was removed, HSBC MSCI Emerging Markets Equity Index was removed, Emerging Markets Debt","page_number":116,"box":{"x":96,"y":265,"width":808,"height":10}},{"id":"2fe05ce2-05b5-4a3c-8723-1953c24607c0","block_type":"box","text":"Opportunities Fund was added and Jupiter UK Dynamic Equity Fund was added.","page_number":116,"box":{"x":96,"y":280,"width":484,"height":11}},{"id":"f85fe856-78b4-4723-8e7c-7c2bd0446ed6","block_type":"box","text":"The portfolio was updated on 2 December 2025. During this update, fund manager allocations were amended; the iShares UK Equity","page_number":116,"box":{"x":95,"y":302,"width":809,"height":11}},{"id":"2a370a52-b765-4afe-b015-706aca8d5755","block_type":"box","text":"Index Fund (UK) share class was changed.","page_number":116,"box":{"x":96,"y":318,"width":252,"height":10}},{"id":"d9b5aa1f-a23c-4079-b652-6ce93944c827","block_type":"box","text":"The portfolio underwent an update on 25 March 2026. A sub-asset allocation change was made; UK Equity was increased.","page_number":116,"box":{"x":95,"y":340,"width":740,"height":10}},{"id":"a3a6d16d-0c07-4092-8add-610385bece36","block_type":"box","text":"Tatton Investment Management Limited","page_number":116,"box":{"x":95,"y":384,"width":269,"height":11}},{"id":"73b59c80-8425-4e7d-8a71-b48abd4ec3b2","block_type":"box","text":"Investment Manager to the Fund","page_number":116,"box":{"x":96,"y":400,"width":198,"height":10}},{"id":"82009f3e-ff16-4fa3-866d-2ccdb9f8b9ef","block_type":"box","text":"May 2026","page_number":116,"box":{"x":96,"y":415,"width":58,"height":11}},{"id":"3be0b02c-1102-4535-a5f7-a5d01e3eddd4","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":116,"box":{"x":524,"y":38,"width":378,"height":13}},{"id":"5e675ace-909f-48ed-bf28-dee2808f4cef","block_type":"box","text":"111","page_number":116,"box":{"x":963,"y":960,"width":24,"height":8}},{"id":"0044f8bd-9d29-40c4-8f37-541612f543b9","block_type":"box","text":"Performance Record","page_number":117,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"dee6f32b-a495-49b2-9d71-819d850482df","block_type":"box","text":"Financial Highlights","page_number":117,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"70cac26f-5917-4c0e-ba08-1e7f9a720635","block_type":"box","text":"A Class (Retail) Accumulation","page_number":117,"box":{"x":99,"y":149,"width":194,"height":9}},{"id":"bd2abd93-a57b-4c27-950e-75937986e2c4","block_type":"box","text":"30.04.26","page_number":117,"box":{"x":418,"y":149,"width":54,"height":8}},{"id":"fa1d9495-ca1c-4bcb-8357-cd04753d0c17","block_type":"box","text":"30.04.25","page_number":117,"box":{"x":527,"y":149,"width":54,"height":8}},{"id":"512e296f-19b1-4bed-bb04-03b764320317","block_type":"box","text":"30.04.24","page_number":117,"box":{"x":637,"y":149,"width":54,"height":8}},{"id":"eb2bcf4d-afa3-434a-87f1-175a8c46385a","block_type":"box","text":"p","page_number":117,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"40752576-a90b-4bb4-95dd-f02cbc1b903a","block_type":"box","text":"p","page_number":117,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"72bf0360-fe31-4606-bb8e-ed7c27a09e10","block_type":"box","text":"p","page_number":117,"box":{"x":661,"y":161,"width":6,"height":9}},{"id":"925a7bc7-c19a-454c-b398-8d31ec95e854","block_type":"box","text":"Opening net asset value per share","page_number":117,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"a37e9fed-8f90-44f8-b4d2-52ab7c4f61eb","block_type":"box","text":"138.4260","page_number":117,"box":{"x":435,"y":178,"width":54,"height":8}},{"id":"6bf9bce3-5859-43e7-9f8f-d1adbc801296","block_type":"box","text":"132.9524","page_number":117,"box":{"x":544,"y":178,"width":55,"height":8}},{"id":"23f666d3-97f8-4cd8-9269-fc16cc59c71c","block_type":"box","text":"121.6337","page_number":117,"box":{"x":654,"y":178,"width":54,"height":8}},{"id":"574c3e8c-c936-4b75-98c6-fc20472a4905","block_type":"box","text":"Return before operating charges","page_number":117,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"14b47892-b273-482f-a71d-448ff94d0fab","block_type":"box","text":"24.7624","page_number":117,"box":{"x":442,"y":191,"width":48,"height":8}},{"id":"89759ec4-18b2-4ced-b2f3-c854935a0c6a","block_type":"box","text":"6.1520","page_number":117,"box":{"x":559,"y":191,"width":40,"height":8}},{"id":"f6b9d921-cb87-4263-b756-a9621630f59c","block_type":"box","text":"11.9806","page_number":117,"box":{"x":661,"y":191,"width":47,"height":8}},{"id":"84b3df16-4c5b-4481-87ec-1b27f2260ee9","block_type":"box","text":"Operating charges (note 1)","page_number":117,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"3ec75f9e-55f9-4378-a12c-46796cf1a406","block_type":"box","text":"(0.7822)","page_number":117,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"3dcdd872-29d9-4ff7-a2fd-95e7702fa7bf","block_type":"box","text":"(0.6784)","page_number":117,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"adb3754f-2e33-435e-9803-bb30f42d0a27","block_type":"box","text":"(0.6619)","page_number":117,"box":{"x":660,"y":204,"width":48,"height":9}},{"id":"afad2d67-6c29-4810-bd31-b320a4fa0419","block_type":"box","text":"Return after operating charges","page_number":117,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"1134c92a-919d-47a0-b965-c45031ea5275","block_type":"box","text":"23.9802","page_number":117,"box":{"x":442,"y":217,"width":47,"height":8}},{"id":"73c4d83c-493c-4437-8972-bf75283713c0","block_type":"box","text":"5.4736","page_number":117,"box":{"x":559,"y":217,"width":40,"height":8}},{"id":"1a982ef5-bcf5-4047-b36c-59a072b817bc","block_type":"box","text":"11.3187","page_number":117,"box":{"x":661,"y":217,"width":47,"height":8}},{"id":"40efafe1-7399-4f37-afe3-2b7e76cdaa01","block_type":"box","text":"Closing net asset value per share","page_number":117,"box":{"x":100,"y":230,"width":217,"height":10}},{"id":"665d3f9c-05f8-4e4a-9404-e9ec57a354fc","block_type":"box","text":"162.4062","page_number":117,"box":{"x":432,"y":230,"width":57,"height":8}},{"id":"55a2ee94-fdf6-4bbc-a522-f202321ef866","block_type":"box","text":"138.4260","page_number":117,"box":{"x":541,"y":230,"width":58,"height":8}},{"id":"2fcac0cb-504b-4179-a4bf-6fbc2cf3ebbc","block_type":"box","text":"132.9524","page_number":117,"box":{"x":651,"y":230,"width":58,"height":8}},{"id":"9ccd43b5-c322-4954-b588-7bd81bbd7ccf","block_type":"box","text":"Retained distributions on accumulated shares","page_number":117,"box":{"x":101,"y":243,"width":278,"height":8}},{"id":"5a0d407d-9259-42c0-9ab7-1fac69b30bb7","block_type":"box","text":"2.4509","page_number":117,"box":{"x":449,"y":243,"width":40,"height":8}},{"id":"13bde582-563f-4a68-8573-f30c5ce0cb3a","block_type":"box","text":"1.9268","page_number":117,"box":{"x":559,"y":243,"width":40,"height":8}},{"id":"7257174d-c0f5-4c32-a025-8e2d7f475fea","block_type":"box","text":"2.88185","page_number":117,"box":{"x":661,"y":243,"width":47,"height":8}},{"id":"d78abdec-4473-409f-902b-505ecc2ea8f3","block_type":"box","text":"After direct transactions costs of","page_number":117,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"c0be7be2-495f-4a5e-8aa4-8035c410f013","block_type":"box","text":"–","page_number":117,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"da361a70-8cce-492d-8a32-0beb1702ccbe","block_type":"box","text":"–","page_number":117,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"eb37b214-4a80-4363-8290-9b9dd7e7f72d","block_type":"box","text":"–","page_number":117,"box":{"x":702,"y":261,"width":6,"height":0}},{"id":"a8f9230e-b24d-4d64-9d72-ef01102b22d3","block_type":"box","text":"Performance","page_number":117,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"32fc9799-00b6-4d35-8190-978be1d1a0c9","block_type":"box","text":"Return after charges","page_number":117,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"e3937e31-b987-4232-870e-5f449a5138d8","block_type":"box","text":"17.32%","page_number":117,"box":{"x":446,"y":282,"width":43,"height":8}},{"id":"9002aac7-52af-4e65-ad77-6638e45e2110","block_type":"box","text":"4.12%","page_number":117,"box":{"x":562,"y":282,"width":37,"height":8}},{"id":"d31b8cfd-a1fc-47b4-8d87-7013ef127fa5","block_type":"box","text":"9.31%","page_number":117,"box":{"x":672,"y":282,"width":36,"height":8}},{"id":"529314bd-d390-49e9-843c-de772ca71fb9","block_type":"box","text":"Other information","page_number":117,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"c610d6a6-a303-4887-aa4d-f0c7d3459cc0","block_type":"box","text":"Closing net asset value","page_number":117,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"5604b7be-c006-425c-bdeb-3b50e756d60f","block_type":"box","text":"£473,958,966","page_number":117,"box":{"x":408,"y":308,"width":81,"height":10}},{"id":"ff1419e0-3e66-4af8-8c54-98601ccf6c6d","block_type":"box","text":"£337,774,806","page_number":117,"box":{"x":517,"y":308,"width":82,"height":10}},{"id":"5b8ed969-6d95-4311-942b-0ce533f97144","block_type":"box","text":"£267,130,798","page_number":117,"box":{"x":627,"y":308,"width":81,"height":10}},{"id":"1d3e9fe7-6456-4ff3-bbc4-94cb22e2adf3","block_type":"box","text":"Closing number of shares","page_number":117,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"53118cb1-8926-467a-a06c-d9059ac3ff52","block_type":"box","text":"291,835,501","page_number":117,"box":{"x":416,"y":321,"width":71,"height":10}},{"id":"c9401336-6a67-4591-89e4-332df9264048","block_type":"box","text":"244,011,053","page_number":117,"box":{"x":525,"y":321,"width":74,"height":10}},{"id":"11b99675-07b8-4603-9109-b45cd8e0a05f","block_type":"box","text":"200,922,063","page_number":117,"box":{"x":635,"y":321,"width":73,"height":10}},{"id":"72236dbb-5092-43bb-8783-db20e5afb72b","block_type":"box","text":"Operating charges (note 2)","page_number":117,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"8c0da293-5522-401e-90a2-6af79f060cfa","block_type":"box","text":"0.52%","page_number":117,"box":{"x":453,"y":335,"width":36,"height":7}},{"id":"599aac59-c1e8-420e-be1c-501993b533ab","block_type":"box","text":"0.50%","page_number":117,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"8222b741-de8a-4bed-b424-304900550986","block_type":"box","text":"0.52%","page_number":117,"box":{"x":672,"y":335,"width":36,"height":7}},{"id":"5f592885-0532-4606-abba-04925ea4865b","block_type":"box","text":"Direct transaction costs","page_number":117,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"c33644e9-5ad2-45eb-9e85-def71e5c113f","block_type":"box","text":"0.00%","page_number":117,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"1ec8d29b-0897-4f30-a99d-0a3ebe71c11f","block_type":"box","text":"0.00%","page_number":117,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"31f9c34f-8f72-4541-a0a1-d8bd0a81902c","block_type":"box","text":"0.00%","page_number":117,"box":{"x":672,"y":348,"width":36,"height":7}},{"id":"043199d9-102c-4707-9892-323d48f72c58","block_type":"box","text":"Prices","page_number":117,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"93c8d378-a6af-4042-99fc-3d332785c68d","block_type":"box","text":"Highest share price","page_number":117,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"0c576429-0cfd-41b9-be98-a09a5b217c07","block_type":"box","text":"164.5677","page_number":117,"box":{"x":435,"y":374,"width":54,"height":8}},{"id":"24ac6232-eaea-43ee-8e7c-9d2d55bb2da9","block_type":"box","text":"146.0857","page_number":117,"box":{"x":544,"y":374,"width":55,"height":8}},{"id":"3deaea35-1c0b-4ffa-904b-cbbf2dcad68a","block_type":"box","text":"134.3571","page_number":117,"box":{"x":654,"y":374,"width":52,"height":8}},{"id":"2ac331b8-7645-4742-8e25-d62b9a1e889f","block_type":"box","text":"Lowest share price","page_number":117,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"e0f47405-2837-4de6-804b-1897aa682e7e","block_type":"box","text":"138.4260","page_number":117,"box":{"x":435,"y":387,"width":54,"height":8}},{"id":"07079bd7-29b6-4e74-9134-7528a62fc936","block_type":"box","text":"132.1895","page_number":117,"box":{"x":544,"y":387,"width":55,"height":8}},{"id":"5e006e2a-a5a0-411f-9799-b35b8b06d07d","block_type":"box","text":"119.0789","page_number":117,"box":{"x":654,"y":387,"width":54,"height":8}},{"id":"83c4e85b-8acb-4f8d-b38a-e7dd9108e6ae","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":117,"box":{"x":96,"y":414,"width":758,"height":11}},{"id":"81c42fdd-90a7-4fdf-8540-f4bf678e40f8","block_type":"box","text":"aluation","page_number":117,"box":{"x":855,"y":414,"width":48,"height":8}},{"id":"d03085be-8b57-4036-ac12-a2fd3aa2e32f","block_type":"box","text":"per share throughout the period.","page_number":117,"box":{"x":96,"y":429,"width":200,"height":10}},{"id":"548bc89b-105d-4548-b12c-700567d1b15b","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":117,"box":{"x":95,"y":448,"width":787,"height":11}},{"id":"025adbbf-301a-42d3-94ce-a36693e2073d","block_type":"box","text":"age","page_number":117,"box":{"x":883,"y":451,"width":21,"height":8}},{"id":"2fc6c095-816f-48e7-bd38-2163be6a239e","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":117,"box":{"x":96,"y":463,"width":778,"height":11}},{"id":"21ca52df-8f41-4eaa-affd-1901bb2d91f8","block_type":"box","text":"und.","page_number":117,"box":{"x":874,"y":463,"width":26,"height":8}},{"id":"273d5bfc-1e13-4b8e-a211-1695fa149ee9","block_type":"box","text":"Risk and Reward Profile","page_number":117,"box":{"x":97,"y":513,"width":244,"height":13}},{"id":"8147b315-3930-4d38-ac41-d37e12fe0260","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":117,"box":{"x":95,"y":549,"width":785,"height":10}},{"id":"5277c271-1ae4-4ba1-9482-a151d54fa277","block_type":"box","text":"the","page_number":117,"box":{"x":884,"y":549,"width":20,"height":8}},{"id":"c000e33a-7e37-4459-a25d-515127dec72d","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":117,"box":{"x":96,"y":564,"width":752,"height":11}},{"id":"d30fa2ad-cb79-4d7d-be7a-f62115efe7de","block_type":"box","text":"and may","page_number":117,"box":{"x":852,"y":564,"width":52,"height":11}},{"id":"551b8a36-8ed6-463f-bbd5-cdc3627c6c38","block_type":"box","text":"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’","page_number":117,"box":{"x":96,"y":580,"width":753,"height":10}},{"id":"f184af8f-9e7b-4f3e-9e44-68ff9e6b37fe","block_type":"box","text":"s ranking","page_number":117,"box":{"x":849,"y":580,"width":55,"height":10}},{"id":"46dd4d47-12b6-417a-8838-c160e6d5be14","block_type":"box","text":"on the risk and reward indicator.","page_number":117,"box":{"x":95,"y":595,"width":199,"height":8}},{"id":"066e3f73-40b5-481e-8eb8-d373038d1303","block_type":"box","text":"Typically lower rewards,","page_number":117,"box":{"x":128,"y":617,"width":162,"height":11}},{"id":"55769ece-1cf7-42b8-8131-d337b9068853","block_type":"box","text":"Typically higher rewards,","page_number":117,"box":{"x":706,"y":617,"width":167,"height":11}},{"id":"06962d45-def8-4f58-8b8f-edc3fd1b22c7","block_type":"box","text":"lower risk","page_number":117,"box":{"x":177,"y":633,"width":65,"height":8}},{"id":"aaa7e2c7-1a0b-4f5c-9e8f-fcef09cdcc3b","block_type":"box","text":"higher risk","page_number":117,"box":{"x":755,"y":633,"width":71,"height":10}},{"id":"5ab3d5df-5aa6-4d5c-9508-e5f899320d3c","block_type":"box","text":"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","page_number":117,"box":{"x":96,"y":692,"width":738,"height":11}},{"id":"c631b89e-a1d8-45d5-8a46-d0ebefd8cc20","block_type":"box","text":"y in the Key","page_number":117,"box":{"x":835,"y":693,"width":69,"height":10}},{"id":"b7f576af-f4b7-4eda-a406-57a540c1fa47","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 4). The Sub-fund is ranked ‘4’ because weekly historical performance data","page_number":117,"box":{"x":96,"y":708,"width":807,"height":11}},{"id":"f904e673-034e-4a55-be86-967927a81270","block_type":"box","text":"indicates that average rises and falls in prices would have occurred historically. The higher the rank, the greater the potenti","page_number":117,"box":{"x":96,"y":723,"width":749,"height":11}},{"id":"076a6b0b-1df0-46bd-ac68-ab9d32db9916","block_type":"box","text":"al reward","page_number":117,"box":{"x":847,"y":723,"width":56,"height":9}},{"id":"7e48f44e-feea-4e59-97c7-eadf146b381f","block_type":"box","text":"but the greater the risk of losing money.","page_number":117,"box":{"x":96,"y":739,"width":242,"height":11}},{"id":"ed0cbc18-bf18-487c-b9a1-c4de7e588a64","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":117,"box":{"x":97,"y":38,"width":379,"height":13}},{"id":"0284dca2-1eb0-4c0f-8f58-a022074f90ac","block_type":"box","text":"112","page_number":117,"box":{"x":10,"y":960,"width":27,"height":8}},{"id":"ed53742c-6c20-4dec-a2b7-05ddc7f12e44","block_type":"box","text":"1","page_number":117,"box":{"x":148,"y":667,"width":8,"height":12}},{"id":"e021fef1-7df3-44c2-9149-a830d63a53bb","block_type":"box","text":"2","page_number":117,"box":{"x":263,"y":667,"width":10,"height":12}},{"id":"50fb25c0-dc7c-4c17-a427-046124f665dd","block_type":"box","text":"3","page_number":117,"box":{"x":379,"y":667,"width":10,"height":12}},{"id":"4bb77503-bff6-4620-ac8f-c4770f1cb233","block_type":"box","text":"4","page_number":117,"box":{"x":494,"y":667,"width":11,"height":12}},{"id":"d60150f5-cd11-4607-b04c-09fad4142f1a","block_type":"box","text":"5","page_number":117,"box":{"x":611,"y":667,"width":10,"height":12}},{"id":"70b09ef4-e183-4ee2-b8d5-4af25ff544e2","block_type":"box","text":"6","page_number":117,"box":{"x":726,"y":667,"width":10,"height":12}},{"id":"b8709c39-2860-4e60-ac69-40efd3562e45","block_type":"box","text":"7","page_number":117,"box":{"x":841,"y":667,"width":11,"height":12}},{"id":"84208573-d570-4e70-be1c-2aa32074d1a4","block_type":"box","text":"Portfolio Statement","page_number":118,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"8a4d19da-6c35-4581-aef1-a34ecca171a9","block_type":"box","text":"as at 30 April 2026","page_number":118,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"54d47451-f757-45a7-aa21-574028a4d89f","block_type":"box","text":"Market","page_number":118,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"ee667fca-78b0-4aff-b997-6ccd0dc38db2","block_type":"box","text":"% of total","page_number":118,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"684c2259-2b46-45ba-b54f-bac437cb2086","block_type":"box","text":"value","page_number":118,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"90b48e1a-8fd6-476d-86d3-0224a1878716","block_type":"box","text":"net assets","page_number":118,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"f3d20e74-3353-40c2-96e0-197b20cfcc53","block_type":"box","text":"Holding","page_number":118,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"4ca0bd7c-e164-4823-b88b-ee25869f9c62","block_type":"box","text":"Investment","page_number":118,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"8abfdaa1-6df8-44a1-9071-b4788b08bd2e","block_type":"box","text":"£","page_number":118,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"6d239d80-ad63-4c43-9e29-f2f36c3fa3ac","block_type":"box","text":"2026","page_number":118,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"80d95aac-3a4c-4089-a831-c7ef88bebb60","block_type":"box","text":"Collective Investment Schemes (30.04.2025: 90.28%)","page_number":118,"box":{"x":210,"y":176,"width":346,"height":10}},{"id":"cc8206a8-b138-4bb0-a989-b7e5fcdc0b7d","block_type":"box","text":"1,757,890","page_number":118,"box":{"x":131,"y":191,"width":58,"height":9}},{"id":"0704ef55-7f89-4f9f-a543-242d9994fb4b","block_type":"box","text":"Artemis US Select Fund","page_number":118,"box":{"x":209,"y":190,"width":140,"height":8}},{"id":"759d1ac6-c52c-43b0-99ac-4f7d22b33814","block_type":"box","text":"9,234,726","page_number":118,"box":{"x":750,"y":191,"width":58,"height":9}},{"id":"91bf0895-8510-4529-bb36-4ed455c3722f","block_type":"box","text":"1.95%","page_number":118,"box":{"x":863,"y":191,"width":36,"height":7}},{"id":"0ebef5fe-379c-4996-be4a-bc2df199b932","block_type":"box","text":"1,692,069","page_number":118,"box":{"x":131,"y":205,"width":58,"height":9}},{"id":"32b30545-6de0-4480-8175-4c341c3a592b","block_type":"box","text":"AXA Framlington UK Mid Cap Fund","page_number":118,"box":{"x":209,"y":204,"width":209,"height":11}},{"id":"886c8d3e-3b4d-4cae-9bd3-ff3c8ee049bc","block_type":"box","text":"2,111,701","page_number":118,"box":{"x":750,"y":205,"width":56,"height":9}},{"id":"59d80f2b-1cd5-43d4-a20e-629ba96fd87c","block_type":"box","text":"0.45%","page_number":118,"box":{"x":863,"y":205,"width":36,"height":8}},{"id":"47c9efba-89e3-4c49-97c5-e35424392066","block_type":"box","text":"3,572","page_number":118,"box":{"x":157,"y":219,"width":32,"height":9}},{"id":"d6f7c346-80a3-49a1-88df-8a804a729ea4","block_type":"box","text":"Baring Hong Kong China Fund","page_number":118,"box":{"x":210,"y":219,"width":180,"height":10}},{"id":"1db10db2-0623-4a60-9e3e-5268d0858a21","block_type":"box","text":"4,045,605","page_number":118,"box":{"x":749,"y":219,"width":59,"height":9}},{"id":"6ebce0d6-2dbf-410a-b072-46607848fb09","block_type":"box","text":"0.85%","page_number":118,"box":{"x":863,"y":219,"width":36,"height":8}},{"id":"1ce025fc-cbf5-4b8f-9331-bd4d5c253bb1","block_type":"box","text":"4,368,744","page_number":118,"box":{"x":130,"y":233,"width":60,"height":9}},{"id":"fab43c42-2948-4892-9cdc-aaf377be63be","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":118,"box":{"x":210,"y":233,"width":295,"height":11}},{"id":"a8435abc-6a86-4d3e-87da-7b9f876b6289","block_type":"box","text":"5,464,862","page_number":118,"box":{"x":750,"y":233,"width":58,"height":9}},{"id":"84f76d92-5109-4dad-885b-a4fbda50bf15","block_type":"box","text":"1.15%","page_number":118,"box":{"x":863,"y":233,"width":36,"height":8}},{"id":"a307abde-30d7-4f7c-b3c2-f39ff29e564e","block_type":"box","text":"8,475,261","page_number":118,"box":{"x":131,"y":248,"width":56,"height":9}},{"id":"3cee3327-6e9d-4b68-838b-f5562c49e9c2","block_type":"box","text":"BNY Mellon US Equity Income Newton Fund","page_number":118,"box":{"x":210,"y":247,"width":265,"height":11}},{"id":"fee9de60-1beb-4bec-b5ab-cd5037ca0cfb","block_type":"box","text":"9,605,013","page_number":118,"box":{"x":750,"y":248,"width":58,"height":9}},{"id":"e72a092b-1bd7-4bdf-8834-cc38f5f25815","block_type":"box","text":"2.03%","page_number":118,"box":{"x":863,"y":248,"width":36,"height":7}},{"id":"6ce380d1-25ef-48a5-8974-89e0fb7423fb","block_type":"box","text":"33,892","page_number":118,"box":{"x":149,"y":262,"width":40,"height":9}},{"id":"6b8526da-c3b2-48fb-abfc-9d85d04ab28c","block_type":"box","text":"Cheyne Global Credit Fund","page_number":118,"box":{"x":210,"y":261,"width":161,"height":11}},{"id":"67ac5385-93e4-49d9-b36a-4e35bf4f4648","block_type":"box","text":"4,168,680","page_number":118,"box":{"x":749,"y":262,"width":59,"height":9}},{"id":"c2c4e1a7-4a63-40d2-9b18-bda3233fe9ca","block_type":"box","text":"0.88%","page_number":118,"box":{"x":863,"y":262,"width":36,"height":8}},{"id":"62aa61d5-2ad5-4520-8bbf-342f4ef2096e","block_type":"box","text":"1,168,058","page_number":118,"box":{"x":131,"y":276,"width":58,"height":9}},{"id":"4517954a-cdeb-47c7-9fe7-447f41050519","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":118,"box":{"x":210,"y":276,"width":307,"height":8}},{"id":"f4d6a094-04d2-486a-aa16-89ea964a02d1","block_type":"box","text":"14,378,789","page_number":118,"box":{"x":743,"y":276,"width":65,"height":9}},{"id":"6cb778de-49d4-405a-970f-a256f17c0aff","block_type":"box","text":"3.03%","page_number":118,"box":{"x":863,"y":276,"width":36,"height":8}},{"id":"335cf686-762d-418c-8a86-9726437567a9","block_type":"box","text":"5,885,324","page_number":118,"box":{"x":131,"y":290,"width":59,"height":9}},{"id":"67eb5cb7-1c27-4634-871f-74a655a32a6c","block_type":"box","text":"ES Alliance Bernstein Concentrated US Equity Fund","page_number":118,"box":{"x":210,"y":290,"width":308,"height":11}},{"id":"adbab927-64e5-4e0e-827a-2d8ec94024be","block_type":"box","text":"10,469,991","page_number":118,"box":{"x":743,"y":290,"width":63,"height":9}},{"id":"5e471ebf-0299-4ad8-b500-f0c62a43cd97","block_type":"box","text":"2.21%","page_number":118,"box":{"x":863,"y":290,"width":36,"height":8}},{"id":"c1d46296-605c-4786-adf6-ec329bb3c027","block_type":"box","text":"4,923,698","page_number":118,"box":{"x":130,"y":305,"width":59,"height":9}},{"id":"6cf4605b-3c16-4c15-a658-1a957f54253e","block_type":"box","text":"FTF Brandywine Global Income Optimiser Fund","page_number":118,"box":{"x":210,"y":304,"width":285,"height":11}},{"id":"59004e9b-ba58-452a-93b1-f20a8c2c3f96","block_type":"box","text":"6,390,960","page_number":118,"box":{"x":750,"y":305,"width":58,"height":9}},{"id":"80e6de32-9524-4632-865f-de5a5210a4dd","block_type":"box","text":"1.35%","page_number":118,"box":{"x":863,"y":305,"width":36,"height":7}},{"id":"36356909-685e-4183-ae9c-5205e62d28ed","block_type":"box","text":"541,117","page_number":118,"box":{"x":142,"y":319,"width":47,"height":9}},{"id":"61e76218-b336-42e9-8cdb-666ac7b960ba","block_type":"box","text":"Goldman Sachs EM Ex-China CORE® Equity Fund","page_number":118,"box":{"x":210,"y":318,"width":297,"height":11}},{"id":"e472a0f6-208e-496e-bde1-bab781e3bf63","block_type":"box","text":"10,351,573","page_number":118,"box":{"x":743,"y":319,"width":65,"height":9}},{"id":"a8e0a268-5283-43cb-9464-252f02c1b7d2","block_type":"box","text":"2.18%","page_number":118,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"b13df333-7d70-4cf9-b494-e36ec7179a9d","block_type":"box","text":"43,745","page_number":118,"box":{"x":149,"y":333,"width":40,"height":9}},{"id":"b261cbe9-35c5-40ce-8f8b-cba3006bdf2b","block_type":"box","text":"Harrington Cooper Snyder US All Cap Equity Fund","page_number":118,"box":{"x":210,"y":333,"width":300,"height":10}},{"id":"f3fd9746-c364-4218-9254-3e0c62395f49","block_type":"box","text":"6,497,385","page_number":118,"box":{"x":750,"y":333,"width":58,"height":9}},{"id":"34a56d06-c2ec-4d95-8887-6b31d4d600a0","block_type":"box","text":"1.37%","page_number":118,"box":{"x":863,"y":333,"width":36,"height":8}},{"id":"0a9f3397-4c9e-4af1-aa70-1ad86372055d","block_type":"box","text":"3,607,996","page_number":118,"box":{"x":131,"y":347,"width":58,"height":9}},{"id":"12f15f93-a77a-430d-9fd3-fdccb2fad832","block_type":"box","text":"HSBC American Index Fund","page_number":118,"box":{"x":210,"y":347,"width":164,"height":8}},{"id":"5e15cf5f-3577-4369-87c0-db703d4b07b7","block_type":"box","text":"55,094,104","page_number":118,"box":{"x":742,"y":347,"width":67,"height":9}},{"id":"107e7853-9794-45e0-a6bb-fe4b77d63f00","block_type":"box","text":"11.62%","page_number":118,"box":{"x":856,"y":347,"width":43,"height":8}},{"id":"97fdfd59-4be8-4da5-96f1-fdaecbd14a9b","block_type":"box","text":"1,094,297","page_number":118,"box":{"x":131,"y":362,"width":58,"height":9}},{"id":"282687b4-8677-424b-add5-3e32a904df22","block_type":"box","text":"HSBC European Index Fund","page_number":118,"box":{"x":210,"y":361,"width":166,"height":11}},{"id":"40661144-8f4e-4666-bfa9-aa5c7ac4c11e","block_type":"box","text":"18,887,573","page_number":118,"box":{"x":743,"y":362,"width":65,"height":9}},{"id":"52dbf2e2-728a-420e-8226-8d2cc85b2015","block_type":"box","text":"3.99%","page_number":118,"box":{"x":863,"y":362,"width":36,"height":7}},{"id":"f8336a56-4336-41ae-a89d-320997fc8db6","block_type":"box","text":"232,269","page_number":118,"box":{"x":142,"y":376,"width":47,"height":9}},{"id":"a45919a7-86c5-4b19-a67b-c9a618c6bbe7","block_type":"box","text":"HSBC Global Emerging Market Government Bond Index Fund","page_number":118,"box":{"x":210,"y":375,"width":370,"height":11}},{"id":"75d20f3e-3472-431d-bec0-8a9b86bbcac2","block_type":"box","text":"3,052,665","page_number":118,"box":{"x":750,"y":376,"width":58,"height":9}},{"id":"1c1a9e0d-3f4e-44dc-b86f-e89ba64e5597","block_type":"box","text":"0.64%","page_number":118,"box":{"x":863,"y":376,"width":36,"height":8}},{"id":"10b7ddfc-534c-43ad-863a-90421dfdfff9","block_type":"box","text":"5,834,619","page_number":118,"box":{"x":131,"y":390,"width":58,"height":9}},{"id":"69e130a5-e9a1-4898-8ea8-016f8a6c7d91","block_type":"box","text":"HSBC MSCI Emerging Markets ex China Equity Index Fund","page_number":118,"box":{"x":210,"y":390,"width":349,"height":10}},{"id":"12dd58d8-9771-4ff2-9fd0-5448d463bf84","block_type":"box","text":"9,965,529","page_number":118,"box":{"x":750,"y":390,"width":58,"height":9}},{"id":"676ef81d-3c15-4ef7-a588-64bf0cd49cc3","block_type":"box","text":"2.10%","page_number":118,"box":{"x":863,"y":390,"width":36,"height":8}},{"id":"612172ed-bb02-4ad2-9732-4170316f11c2","block_type":"box","text":"2,044,501","page_number":118,"box":{"x":131,"y":404,"width":56,"height":9}},{"id":"a45d92f2-29db-4bda-8bca-d1759cb7e31f","block_type":"box","text":"Invesco Perpetual UK Enhanced Index Fund","page_number":118,"box":{"x":210,"y":404,"width":263,"height":11}},{"id":"5d488f8c-221f-4e2c-ad28-7b53645813cf","block_type":"box","text":"20,391,235","page_number":118,"box":{"x":742,"y":404,"width":66,"height":9}},{"id":"dfc635f0-d31a-4927-898f-ec79de16cb81","block_type":"box","text":"4.30%","page_number":118,"box":{"x":862,"y":404,"width":37,"height":8}},{"id":"607b0592-9988-4f01-98a8-db468f887ca9","block_type":"box","text":"24,791,463","page_number":118,"box":{"x":123,"y":419,"width":66,"height":9}},{"id":"f66c8278-9ff5-40d8-afea-0e026c7a456f","block_type":"box","text":"iShares UK Equity Index Fund","page_number":118,"box":{"x":210,"y":418,"width":177,"height":11}},{"id":"5c00a6ec-082b-46a0-be27-d4d69201eaa7","block_type":"box","text":"38,323,065","page_number":118,"box":{"x":742,"y":419,"width":66,"height":9}},{"id":"cb2a3460-a3d0-4b8b-be9e-6c30ba152818","block_type":"box","text":"8.09%","page_number":118,"box":{"x":863,"y":419,"width":36,"height":7}},{"id":"2ad649c9-c1f9-4618-9fcb-5f02d9e26ed9","block_type":"box","text":"359,620","page_number":118,"box":{"x":142,"y":433,"width":47,"height":9}},{"id":"67df22c5-6323-44c3-ac2f-cf02ad5a61d7","block_type":"box","text":"Janus Henderson Global Multi-Strategy Fund","page_number":118,"box":{"x":208,"y":432,"width":271,"height":11}},{"id":"92dc4f81-8c75-4a96-9ef0-1e07409663a9","block_type":"box","text":"4,450,699","page_number":118,"box":{"x":749,"y":433,"width":59,"height":9}},{"id":"e059280d-30ce-4423-a3a1-6740d0c718bc","block_type":"box","text":"0.94%","page_number":118,"box":{"x":863,"y":433,"width":36,"height":8}},{"id":"aad9390c-daf4-4e61-a3eb-31f314f45e47","block_type":"box","text":"1,657,207","page_number":118,"box":{"x":131,"y":447,"width":58,"height":9}},{"id":"71b1290b-2dd3-46f2-9e11-6ff02000416e","block_type":"box","text":"JPM Europe Dynamic ex-UK Fund","page_number":118,"box":{"x":208,"y":447,"width":201,"height":10}},{"id":"255786a5-afb1-4768-a716-9bbe04eea2a8","block_type":"box","text":"7,996,025","page_number":118,"box":{"x":750,"y":447,"width":58,"height":9}},{"id":"435c2fa7-e7e6-4cb1-a04f-c5f0286fb12c","block_type":"box","text":"1.69%","page_number":118,"box":{"x":863,"y":447,"width":36,"height":8}},{"id":"8241425d-52d2-481c-a519-933e931e6ed8","block_type":"box","text":"403,343","page_number":118,"box":{"x":141,"y":461,"width":48,"height":9}},{"id":"48c69e14-aefe-4247-9b45-3034112ec35c","block_type":"box","text":"JPM Japan Fund","page_number":118,"box":{"x":208,"y":461,"width":96,"height":11}},{"id":"7da3a281-e09d-4342-864d-028f5607a313","block_type":"box","text":"1,881,190","page_number":118,"box":{"x":750,"y":461,"width":58,"height":9}},{"id":"0800c57a-b4f7-4180-b7c2-7100e27d0e8e","block_type":"box","text":"0.40%","page_number":118,"box":{"x":863,"y":461,"width":36,"height":8}},{"id":"7e417585-adc2-41a2-93cc-41be4460900f","block_type":"box","text":"2,335,062","page_number":118,"box":{"x":131,"y":476,"width":58,"height":9}},{"id":"688c749e-99bf-4067-abc3-b2338cecd3ed","block_type":"box","text":"Jupiter Merian North American Equity Fund","page_number":118,"box":{"x":208,"y":475,"width":264,"height":11}},{"id":"774ae7eb-55fd-4736-826f-8290fa6ea3fc","block_type":"box","text":"13,660,346","page_number":118,"box":{"x":743,"y":476,"width":65,"height":9}},{"id":"a2455871-e748-4269-a31d-9042242bea9b","block_type":"box","text":"2.88%","page_number":118,"box":{"x":863,"y":476,"width":36,"height":7}},{"id":"37d58144-c222-40dd-95d4-4e4661056680","block_type":"box","text":"1,368,781","page_number":118,"box":{"x":131,"y":490,"width":56,"height":9}},{"id":"7470a25b-2805-45c6-b038-eaa9df35cd39","block_type":"box","text":"Jupiter UK Special Situations Fund","page_number":118,"box":{"x":208,"y":489,"width":206,"height":11}},{"id":"f74291c5-aaf6-4c73-9d0f-a2ed41692b19","block_type":"box","text":"6,033,038","page_number":118,"box":{"x":750,"y":490,"width":58,"height":9}},{"id":"6d7e9326-abbd-426f-aac3-402390b2478d","block_type":"box","text":"1.27%","page_number":118,"box":{"x":863,"y":490,"width":36,"height":8}},{"id":"6cec85c8-b122-49b8-bb2e-32f5340b731f","block_type":"box","text":"7,925,583","page_number":118,"box":{"x":131,"y":504,"width":58,"height":9}},{"id":"2c822190-d91d-41e6-b7eb-50daebe24c33","block_type":"box","text":"Legal & General Emerging Markets Government Bond Index Fund","page_number":118,"box":{"x":210,"y":504,"width":396,"height":10}},{"id":"0d628d14-d66f-4448-94de-46f4830c0c44","block_type":"box","text":"5,898,219","page_number":118,"box":{"x":750,"y":504,"width":58,"height":9}},{"id":"44f23dbb-5ca4-453e-9415-faac710fea61","block_type":"box","text":"1.24%","page_number":118,"box":{"x":863,"y":504,"width":36,"height":8}},{"id":"9f22caf8-329d-4d70-b609-1eb3ee12ad7e","block_type":"box","text":"1,048,791","page_number":118,"box":{"x":131,"y":518,"width":56,"height":9}},{"id":"9a37648b-bbe4-4bc8-8300-410ab96bfcb8","block_type":"box","text":"Liontrust European Dynamic Fund","page_number":118,"box":{"x":210,"y":518,"width":206,"height":11}},{"id":"ab9f9aa9-5470-4a43-9198-e6dcb059b7a1","block_type":"box","text":"4,992,925","page_number":118,"box":{"x":749,"y":518,"width":59,"height":9}},{"id":"d752a0f0-d9ad-4b23-aa87-a7f6a106548c","block_type":"box","text":"1.05%","page_number":118,"box":{"x":863,"y":518,"width":36,"height":8}},{"id":"dd2998ba-0397-4585-81ef-f2ccef96b3fe","block_type":"box","text":"787,229","page_number":118,"box":{"x":142,"y":533,"width":47,"height":9}},{"id":"6cc5f76c-737d-4f3e-84ae-a2be9e8f6a5a","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":118,"box":{"x":210,"y":532,"width":284,"height":11}},{"id":"89e0a66c-63c9-4904-8142-5211879a70d7","block_type":"box","text":"8,990,158","page_number":118,"box":{"x":750,"y":533,"width":58,"height":9}},{"id":"d32690f1-aebf-49c4-a721-6b57822f3e1c","block_type":"box","text":"1.90%","page_number":118,"box":{"x":863,"y":533,"width":36,"height":7}},{"id":"86ab3934-82ab-4bc6-991b-d31403eaeefd","block_type":"box","text":"1,580,535","page_number":118,"box":{"x":131,"y":547,"width":58,"height":9}},{"id":"59d28bfb-a624-4053-99e2-63d0a20b6607","block_type":"box","text":"M&G Japan Fund","page_number":118,"box":{"x":210,"y":546,"width":101,"height":11}},{"id":"4d22f94d-54ec-4a3b-af32-f8a54ec231d5","block_type":"box","text":"3,533,128","page_number":118,"box":{"x":750,"y":547,"width":58,"height":9}},{"id":"bc054a05-dc87-4eb8-a3a4-9a01221d80ab","block_type":"box","text":"0.75%","page_number":118,"box":{"x":863,"y":547,"width":36,"height":8}},{"id":"e490bf3c-31fe-4994-8aab-217d153636f7","block_type":"box","text":"328,651","page_number":118,"box":{"x":142,"y":561,"width":45,"height":9}},{"id":"84e92c49-192f-4caf-9095-385204b7271d","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":118,"box":{"x":210,"y":561,"width":363,"height":10}},{"id":"8d06e6ee-d50b-4b11-b85a-d42dc05a72aa","block_type":"box","text":"9,192,377","page_number":118,"box":{"x":750,"y":561,"width":58,"height":9}},{"id":"b5f02e16-ea12-4959-bba2-f4871356ea0a","block_type":"box","text":"1.94%","page_number":118,"box":{"x":863,"y":561,"width":36,"height":8}},{"id":"af0cbe59-7cf6-4b62-9cac-f98cc4bd4fef","block_type":"box","text":"775,402","page_number":118,"box":{"x":142,"y":575,"width":47,"height":9}},{"id":"05570055-2be3-4418-a305-e8758ed5c079","block_type":"box","text":"RGI UK Opportunities Fund","page_number":118,"box":{"x":210,"y":575,"width":163,"height":11}},{"id":"2cc36897-af58-4853-a4f0-835922f775d4","block_type":"box","text":"6,519,732","page_number":118,"box":{"x":750,"y":575,"width":58,"height":9}},{"id":"a9571d11-7cf9-4f2b-b0fe-5ca44965ad33","block_type":"box","text":"1.38%","page_number":118,"box":{"x":863,"y":575,"width":36,"height":8}},{"id":"a68737d5-c563-441d-b314-d99bc067576c","block_type":"box","text":"38,842","page_number":118,"box":{"x":149,"y":590,"width":40,"height":9}},{"id":"ee0d7a26-dc55-4502-a4d5-4ab065af91d6","block_type":"box","text":"Robeco QI Dynamic High Yield Fund","page_number":118,"box":{"x":210,"y":589,"width":216,"height":11}},{"id":"6c1db2b4-cff9-4e66-9843-2990797c3dc8","block_type":"box","text":"5,257,599","page_number":118,"box":{"x":750,"y":590,"width":58,"height":9}},{"id":"b76082fc-ecf4-4a0c-8f31-8d4a7573ef5f","block_type":"box","text":"1.11%","page_number":118,"box":{"x":863,"y":590,"width":36,"height":7}},{"id":"007dc20b-548b-4647-a24d-18de3d4760d7","block_type":"box","text":"77,148","page_number":118,"box":{"x":149,"y":604,"width":40,"height":9}},{"id":"bed990cb-bc10-443e-ac26-aea98b54a355","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":118,"box":{"x":209,"y":603,"width":211,"height":11}},{"id":"39db402c-d959-4db1-9101-6f2651545040","block_type":"box","text":"8,324,933","page_number":118,"box":{"x":750,"y":604,"width":58,"height":9}},{"id":"49c84a41-7b64-427a-8d2e-4eee4b689634","block_type":"box","text":"1.76%","page_number":118,"box":{"x":863,"y":604,"width":36,"height":8}},{"id":"6931e7b1-e990-4f5e-8560-c505c71a1b65","block_type":"box","text":"146,744","page_number":118,"box":{"x":142,"y":618,"width":48,"height":9}},{"id":"24bea46c-dcc3-47a5-ad73-4454192e857d","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":118,"box":{"x":209,"y":618,"width":265,"height":10}},{"id":"5bcd5b23-4476-4165-a1ab-9782cb40f31c","block_type":"box","text":"12,395,859","page_number":118,"box":{"x":743,"y":618,"width":65,"height":9}},{"id":"af919e62-992f-4c25-9fc7-2d5fd9d72dad","block_type":"box","text":"2.62%","page_number":118,"box":{"x":863,"y":618,"width":36,"height":8}},{"id":"798f8ee7-7899-4825-be91-535b0bfa9b57","block_type":"box","text":"9,940","page_number":118,"box":{"x":157,"y":632,"width":32,"height":10}},{"id":"d3076462-d0d4-409a-a129-e9dd493f934f","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":118,"box":{"x":209,"y":632,"width":191,"height":11}},{"id":"d27d813e-8ddf-428b-a971-e55d29c1071c","block_type":"box","text":"11,791,418","page_number":118,"box":{"x":743,"y":632,"width":65,"height":10}},{"id":"beda9ac8-41ea-44ad-a055-79e418ad2ba4","block_type":"box","text":"2.49%","page_number":118,"box":{"x":863,"y":632,"width":36,"height":8}},{"id":"7b188c45-f1da-463c-a71d-717a6004d885","block_type":"box","text":"339,351,102","page_number":118,"box":{"x":735,"y":653,"width":73,"height":9}},{"id":"4f110a55-5073-4d05-b3b1-eb0e5b7b082b","block_type":"box","text":"71.61%","page_number":118,"box":{"x":855,"y":653,"width":44,"height":8}},{"id":"fed8f022-877e-409d-b3e0-911ca451512a","block_type":"box","text":"Exchange Traded Funds (30.04.2025:8.60%)","page_number":118,"box":{"x":210,"y":674,"width":284,"height":11}},{"id":"21fc431e-34bb-4c6c-ab76-08283e713336","block_type":"box","text":"56,896","page_number":118,"box":{"x":150,"y":689,"width":39,"height":9}},{"id":"c5a01b7a-b246-47c3-8ae8-0dd2ae76ce12","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":118,"box":{"x":209,"y":688,"width":243,"height":11}},{"id":"a2acc98b-9482-4650-921c-3246045ee386","block_type":"box","text":"5,079,106","page_number":118,"box":{"x":750,"y":689,"width":58,"height":9}},{"id":"f92aa7d2-cf91-406a-a302-bbf5bf4de0f6","block_type":"box","text":"1.07%","page_number":118,"box":{"x":863,"y":689,"width":36,"height":7}},{"id":"7a2822ed-5846-4b75-a827-7c6b15d73a74","block_type":"box","text":"174,403","page_number":118,"box":{"x":142,"y":703,"width":47,"height":9}},{"id":"3471e51a-7d4a-452a-883e-2f68919be80d","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":118,"box":{"x":209,"y":702,"width":188,"height":11}},{"id":"70f2a6a8-efae-4832-9d4c-f8d0016f62a7","block_type":"box","text":"5,092,567","page_number":118,"box":{"x":750,"y":703,"width":58,"height":9}},{"id":"1fcbe3d8-a76a-4dbf-94a5-ceb4531ce469","block_type":"box","text":"1.07%","page_number":118,"box":{"x":863,"y":703,"width":36,"height":8}},{"id":"8f09c207-0238-48dd-9ac3-2dcb31d8ac43","block_type":"box","text":"232,478","page_number":118,"box":{"x":142,"y":717,"width":47,"height":9}},{"id":"8a92c9a7-8b97-4231-b8b7-82259e5b24c2","block_type":"box","text":"Amundi Prime UK Mid And Small Cap UCITS ETF","page_number":118,"box":{"x":209,"y":717,"width":290,"height":10}},{"id":"16af0eae-f8cc-4e5f-b8c2-6737097898e1","block_type":"box","text":"5,435,336","page_number":118,"box":{"x":750,"y":717,"width":58,"height":9}},{"id":"cb9288fe-069d-42cf-a7cc-29f0099c854e","block_type":"box","text":"1.15%","page_number":118,"box":{"x":863,"y":717,"width":36,"height":8}},{"id":"63355282-5e78-47b5-a1dd-c3f25e580b76","block_type":"box","text":"1,224,103","page_number":118,"box":{"x":131,"y":731,"width":58,"height":9}},{"id":"3a20a212-4269-4090-9ae9-723d3d253fb1","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":118,"box":{"x":210,"y":731,"width":240,"height":11}},{"id":"7a45515f-0db2-47b9-b642-d7eb9d5bc69b","block_type":"box","text":"14,297,397","page_number":118,"box":{"x":743,"y":731,"width":65,"height":9}},{"id":"e09371a5-f89a-4158-8ee9-f70af3764cde","block_type":"box","text":"3.02%","page_number":118,"box":{"x":863,"y":731,"width":36,"height":8}},{"id":"42f3bd1a-aeac-48f4-aad8-22b75a83a5fd","block_type":"box","text":"3,502,194","page_number":118,"box":{"x":131,"y":746,"width":59,"height":9}},{"id":"41d9e51c-364a-4775-93f7-76c85e01e355","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":118,"box":{"x":210,"y":745,"width":239,"height":11}},{"id":"27617a40-0eb2-41b8-9a9c-b6e2c85d72d3","block_type":"box","text":"35,373,915","page_number":118,"box":{"x":742,"y":746,"width":66,"height":9}},{"id":"45b56d44-582e-4a9f-81f3-5e35230837fc","block_type":"box","text":"7.45%","page_number":118,"box":{"x":863,"y":746,"width":36,"height":7}},{"id":"13324a45-d4aa-4aec-bb2c-6c3426c13fb6","block_type":"box","text":"3,688,588","page_number":118,"box":{"x":131,"y":760,"width":58,"height":9}},{"id":"21a8f987-d5f3-4179-96b1-f18939499d50","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":118,"box":{"x":210,"y":759,"width":255,"height":9}},{"id":"34efabbb-3821-4500-8ed1-30fa53deba52","block_type":"box","text":"38,356,149","page_number":118,"box":{"x":742,"y":760,"width":66,"height":9}},{"id":"00105bd3-6584-449f-aa95-140df6356ea1","block_type":"box","text":"8.09%","page_number":118,"box":{"x":863,"y":760,"width":36,"height":8}},{"id":"94d2b02d-50d8-4b66-a4b2-4c4cd9081af0","block_type":"box","text":"663,460","page_number":118,"box":{"x":142,"y":774,"width":47,"height":9}},{"id":"c8e5c498-0454-4e34-b5be-b0ea142bd8f4","block_type":"box","text":"HSBC MSCI China UCITS ETF","page_number":118,"box":{"x":210,"y":774,"width":168,"height":8}},{"id":"6c55a5a3-397d-429b-b7b0-a0d310db564e","block_type":"box","text":"3,828,164","page_number":118,"box":{"x":750,"y":774,"width":59,"height":9}},{"id":"b94e164b-bf1f-458a-a9e0-b9191c3bbad8","block_type":"box","text":"0.81%","page_number":118,"box":{"x":863,"y":774,"width":36,"height":8}},{"id":"a9ca9c8c-1597-4e22-b1ee-a81dd5733c06","block_type":"box","text":"2,493,160","page_number":118,"box":{"x":131,"y":788,"width":58,"height":10}},{"id":"d2db545e-1bf1-4ae9-a2ec-fa4210268bb4","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":118,"box":{"x":210,"y":788,"width":338,"height":11}},{"id":"85477f91-25dd-49a7-92d0-ba5dc7594060","block_type":"box","text":"21,996,465","page_number":118,"box":{"x":742,"y":788,"width":66,"height":10}},{"id":"84eb600c-2d9e-49f7-833c-0eed2cf5a9fc","block_type":"box","text":"4.64%","page_number":118,"box":{"x":862,"y":788,"width":37,"height":8}},{"id":"e0064715-54a4-455c-9a25-fd345fd145ff","block_type":"box","text":"129,459,099","page_number":118,"box":{"x":735,"y":809,"width":73,"height":9}},{"id":"4581bb62-99f1-4b43-9515-9e8aede1de2d","block_type":"box","text":"27.30%","page_number":118,"box":{"x":855,"y":809,"width":44,"height":8}},{"id":"8cbf9f98-50dd-4d45-be02-c0047e8c2eab","block_type":"box","text":"Portfolio of investments (30.04.2025: 98.88%)","page_number":118,"box":{"x":210,"y":837,"width":300,"height":10}},{"id":"9b14023a-f485-4525-8246-9ed018162ecc","block_type":"box","text":"468,810,201","page_number":118,"box":{"x":730,"y":838,"width":77,"height":9}},{"id":"377c98e8-2df0-4707-9ada-ef07cd44ba4d","block_type":"box","text":"98.91%","page_number":118,"box":{"x":852,"y":838,"width":47,"height":8}},{"id":"2c99c024-cdc9-4907-b429-7976c7ae3454","block_type":"box","text":"Net other assets (30.04.2025: 1.12%)","page_number":118,"box":{"x":210,"y":852,"width":240,"height":10}},{"id":"21147306-bde6-4f47-8820-644d5ead7e05","block_type":"box","text":"5,148,765","page_number":118,"box":{"x":747,"y":852,"width":61,"height":9}},{"id":"ec4db605-23fb-48c8-89e5-4c8a99abcc1d","block_type":"box","text":"1.09%","page_number":118,"box":{"x":860,"y":852,"width":39,"height":8}},{"id":"717b9ea6-5354-4042-8819-e475ff5c3f95","block_type":"box","text":"473,958,966","page_number":118,"box":{"x":730,"y":873,"width":79,"height":9}},{"id":"25e0c1ec-cb7b-4214-9b83-35c599068a54","block_type":"box","text":"100.00%","page_number":118,"box":{"x":844,"y":873,"width":55,"height":8}},{"id":"9322881c-e53a-4153-98d6-c8f657e873ce","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":118,"box":{"x":524,"y":38,"width":378,"height":13}},{"id":"efc8398d-a61b-4a79-a78b-f7d5f234c9ce","block_type":"box","text":"113","page_number":118,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"f4be6e51-f849-4148-a7b4-a9cdce44be96","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":119,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"5cbcc6ee-2033-47de-9965-244bf7ec3103","block_type":"box","text":"£","page_number":119,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"45d7426d-7f84-4b5f-bcb0-d3b279c72860","block_type":"box","text":"Total purchases for the year (note 14)","page_number":119,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"109547dc-567c-4671-b442-cf9b6dab5c1e","block_type":"box","text":"268,123,900","page_number":119,"box":{"x":635,"y":143,"width":78,"height":10}},{"id":"93a39ea3-89e0-4ff2-8c5f-1cd72d434056","block_type":"box","text":"iShares UK Equity Index Fund","page_number":119,"box":{"x":96,"y":174,"width":176,"height":11}},{"id":"62c6e287-71ee-4e11-b549-c878bf62d045","block_type":"box","text":"35,965,105","page_number":119,"box":{"x":647,"y":174,"width":66,"height":9}},{"id":"d90d0d5f-748d-4fa5-8524-ac32f0c9d4b8","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":119,"box":{"x":96,"y":189,"width":254,"height":9}},{"id":"d3edbc23-baa7-4fe9-8122-8701d3a3bca5","block_type":"box","text":"30,041,076","page_number":119,"box":{"x":647,"y":190,"width":66,"height":9}},{"id":"60fed931-14ab-4836-9d1c-fba1a8237751","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":119,"box":{"x":95,"y":205,"width":339,"height":10}},{"id":"f0db4bde-3fe2-4587-b9e1-5413f8564572","block_type":"box","text":"23,375,915","page_number":119,"box":{"x":647,"y":205,"width":66,"height":9}},{"id":"c7a19a5f-4b6d-421e-a219-a96f8cd02bc4","block_type":"box","text":"HSBC American Index Fund","page_number":119,"box":{"x":96,"y":220,"width":164,"height":8}},{"id":"43578e88-fdc7-45b7-8170-1ab24a9da28b","block_type":"box","text":"16,670,575","page_number":119,"box":{"x":647,"y":221,"width":66,"height":9}},{"id":"3361261f-363a-41b2-b324-c558b6c96e30","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":119,"box":{"x":96,"y":236,"width":239,"height":10}},{"id":"eb207541-68ec-4b67-896b-b06c6e394513","block_type":"box","text":"15,217,635","page_number":119,"box":{"x":647,"y":236,"width":66,"height":9}},{"id":"2e89d463-f544-4fab-8bbf-c8b823ef0860","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":119,"box":{"x":96,"y":251,"width":306,"height":8}},{"id":"556b91b1-c10a-4ccb-b538-e6d1fd36a912","block_type":"box","text":"11,844,559","page_number":119,"box":{"x":647,"y":251,"width":66,"height":10}},{"id":"d3646c35-d965-4716-a136-e58b33c4f2f5","block_type":"box","text":"HSBC European Index Fund","page_number":119,"box":{"x":96,"y":267,"width":165,"height":10}},{"id":"706670a2-ae2a-4414-9cee-8e067db51de9","block_type":"box","text":"10,203,118","page_number":119,"box":{"x":647,"y":267,"width":66,"height":9}},{"id":"02644673-1b52-489a-a788-882d7148809e","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":119,"box":{"x":95,"y":282,"width":265,"height":11}},{"id":"cf136c21-4e53-449f-840f-1625dd64f073","block_type":"box","text":"9,590,611","page_number":119,"box":{"x":654,"y":282,"width":57,"height":9}},{"id":"2b8b71e9-80c6-4348-b638-32ac510c8b82","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":119,"box":{"x":96,"y":297,"width":363,"height":11}},{"id":"588005e7-78d7-4646-8e4e-18b27e60fad5","block_type":"box","text":"8,677,873","page_number":119,"box":{"x":654,"y":298,"width":59,"height":9}},{"id":"8c08a20b-d014-4e6b-afca-8b646869b9ae","block_type":"box","text":"Legal & General Emerging Markets Government Bond Index Fund","page_number":119,"box":{"x":96,"y":313,"width":396,"height":11}},{"id":"d054b713-3aac-4ecd-b7eb-63870eec95fa","block_type":"box","text":"8,036,111","page_number":119,"box":{"x":654,"y":313,"width":57,"height":9}},{"id":"89e20d99-4eea-4509-a7c0-2a9418155a83","block_type":"box","text":"Various other purchases","page_number":119,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"89bee47e-530f-4acf-a410-533a91727882","block_type":"box","text":"98,501,322","page_number":119,"box":{"x":647,"y":329,"width":66,"height":9}},{"id":"c68227c8-8511-43b0-abf3-b2c7182386d9","block_type":"box","text":"£","page_number":119,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"c407365f-c656-4dcf-b006-5be769c868f4","block_type":"box","text":"Total sales for the year (note 14)","page_number":119,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"e6c003e8-761d-48c6-8d16-d3993ca0a376","block_type":"box","text":"197,061,115","page_number":119,"box":{"x":636,"y":375,"width":77,"height":9}},{"id":"bf278470-f0d4-4e5b-9410-e4c592669f9a","block_type":"box","text":"iShares UK Equity Index Fund","page_number":119,"box":{"x":96,"y":406,"width":176,"height":10}},{"id":"de9e5f86-8b67-4653-a847-b4bad3d6016d","block_type":"box","text":"35,730,082","page_number":119,"box":{"x":647,"y":406,"width":66,"height":9}},{"id":"55c9e97c-4ffe-43c9-93c1-4f2f96106e2b","block_type":"box","text":"iShares North American Equity Index Fund","page_number":119,"box":{"x":96,"y":421,"width":256,"height":11}},{"id":"7be4e143-1e3a-4e72-af4c-01d3b32390a5","block_type":"box","text":"19,541,644","page_number":119,"box":{"x":647,"y":421,"width":67,"height":9}},{"id":"f5296d33-61af-4043-a7c9-5cfa800e0aa3","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":119,"box":{"x":96,"y":436,"width":254,"height":9}},{"id":"964e0769-a5ac-4830-ad2b-fd6bb9386836","block_type":"box","text":"15,643,034","page_number":119,"box":{"x":647,"y":437,"width":67,"height":9}},{"id":"e57390de-ceb8-4f64-bcf0-8c49477c610a","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":119,"box":{"x":96,"y":452,"width":239,"height":11}},{"id":"9434492b-c300-4ac8-a9ec-d506b542d842","block_type":"box","text":"14,808,683","page_number":119,"box":{"x":647,"y":452,"width":66,"height":9}},{"id":"4f2ae0db-cfca-40e4-ad2e-9fda00473812","block_type":"box","text":"Vanguard Global Bond Index Fund","page_number":119,"box":{"x":95,"y":467,"width":208,"height":11}},{"id":"145fbfc1-e99f-4f6d-9038-0648b2366a40","block_type":"box","text":"13,804,159","page_number":119,"box":{"x":647,"y":468,"width":66,"height":9}},{"id":"a45fd1ba-7aec-40fd-aaa7-e5aff4feede2","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":119,"box":{"x":95,"y":483,"width":188,"height":10}},{"id":"984a373d-9e52-4f8b-af80-64117331ddbd","block_type":"box","text":"10,378,207","page_number":119,"box":{"x":647,"y":483,"width":66,"height":9}},{"id":"83a1c7e7-f6ff-4107-b080-2a99d6221f34","block_type":"box","text":"iShares $ Treasury Bond 20+yr ETF","page_number":119,"box":{"x":96,"y":498,"width":209,"height":11}},{"id":"e41c00c0-26f4-4981-ad8d-d711f4be9ff8","block_type":"box","text":"9,421,685","page_number":119,"box":{"x":654,"y":499,"width":59,"height":9}},{"id":"b3cec7ea-023d-404b-b4c6-7e8155d74420","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":119,"box":{"x":96,"y":514,"width":306,"height":8}},{"id":"9554ccba-579a-472a-9fcc-5143d02fabee","block_type":"box","text":"7,464,194","page_number":119,"box":{"x":654,"y":514,"width":60,"height":9}},{"id":"72d3c903-1c1a-4f1c-9e2a-7d8dbdf18ae7","block_type":"box","text":"HSBC American Index Fund","page_number":119,"box":{"x":96,"y":529,"width":164,"height":8}},{"id":"22d76a47-28a3-424f-a159-6a50cc5aba4c","block_type":"box","text":"6,733,575","page_number":119,"box":{"x":655,"y":529,"width":58,"height":10}},{"id":"3afd4ec8-0e93-47cf-bd9f-d76b968bc392","block_type":"box","text":"iShares MSCI Europe Mid Cap UCITS ETF","page_number":119,"box":{"x":96,"y":544,"width":243,"height":11}},{"id":"ec4d5667-a932-4bc3-8ef9-7105e69a39a1","block_type":"box","text":"6,268,517","page_number":119,"box":{"x":655,"y":545,"width":58,"height":9}},{"id":"b1dbfc3e-a4f5-40d3-a771-29950e769d23","block_type":"box","text":"Various other sales","page_number":119,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"c8c09fee-7964-4486-a012-8289fb97e1e7","block_type":"box","text":"57,267,335","page_number":119,"box":{"x":647,"y":560,"width":66,"height":9}},{"id":"2e4eb04f-d7e2-4ab0-bbfc-20547c73601b","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":119,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"02d5ee6f-e0dd-4489-8ce0-f5dae52ba150","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":119,"box":{"x":97,"y":38,"width":379,"height":13}},{"id":"248583e7-ae7c-4d6f-b553-0320ffd0923f","block_type":"box","text":"114","page_number":119,"box":{"x":10,"y":960,"width":27,"height":8}},{"id":"fc1e7e2f-b87e-4d66-b8a1-01bcd8528aba","block_type":"box","text":"Statement of Total Return","page_number":120,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"cd1a41c8-810f-4206-981b-04417c5939c0","block_type":"box","text":"for the year ended 30 April 2026","page_number":120,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"aaf010d5-190f-405e-9de8-8437841c910f","block_type":"box","text":"30.04.26","page_number":120,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"dfdf3b20-e980-43b1-9231-075e6e384a2f","block_type":"box","text":"30.04.25","page_number":120,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"136e1f00-5082-4778-8b6a-9daf0ef4ed62","block_type":"box","text":"Note","page_number":120,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"131b6912-85dc-4996-947e-3e58e853f553","block_type":"box","text":"£","page_number":120,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"b4669743-765d-4e6b-aa5b-b57401cbfbda","block_type":"box","text":"£","page_number":120,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"9450bce0-dd4a-45e8-b516-b36d70e9d060","block_type":"box","text":"£","page_number":120,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"f30722a0-a01c-4ed5-bcaa-7ce47dc2c5bd","block_type":"box","text":"£","page_number":120,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"be4e1f8e-0c18-485e-95fe-9049cc10bbb8","block_type":"box","text":"Income","page_number":120,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"1b35e041-be13-41e2-bb73-eaa2a341332f","block_type":"box","text":"Net capital","page_number":120,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"8a0d20c8-1dae-450a-88b4-a16e6ec4e945","block_type":"box","text":"2","page_number":120,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"44161753-91f1-4781-91e5-40b7fd920c29","block_type":"box","text":"56,373,497","page_number":120,"box":{"x":599,"y":169,"width":67,"height":9}},{"id":"8dad2b3b-b2b7-4557-8f3d-d8928aa28758","block_type":"box","text":"5,949,455","page_number":120,"box":{"x":838,"y":169,"width":58,"height":9}},{"id":"532c31e4-7b0f-4aad-87b8-5397616fa8e3","block_type":"box","text":"Revenue","page_number":120,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"ba7b97be-c654-4de3-8c5c-95056322283c","block_type":"box","text":"3","page_number":120,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"69d45822-7523-4d99-b3d5-cb553dc50377","block_type":"box","text":"8,182,772","page_number":120,"box":{"x":493,"y":184,"width":58,"height":9}},{"id":"0ecda371-2ddb-458b-b39f-ae400129771c","block_type":"box","text":"6,024,909","page_number":120,"box":{"x":726,"y":184,"width":58,"height":9}},{"id":"671502b2-e736-4e14-8b9c-63d4a362862a","block_type":"box","text":"Expenses","page_number":120,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"6ee870ed-ca59-4047-9a20-ec3af4d481e5","block_type":"box","text":"4","page_number":120,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"4457d4f4-24b8-472c-96b4-9ea525526500","block_type":"box","text":"(1,384,692)","page_number":120,"box":{"x":488,"y":200,"width":68,"height":9}},{"id":"d4ed5e1c-be8c-4930-8058-7b650003a1fd","block_type":"box","text":"(1,041,636)","page_number":120,"box":{"x":721,"y":200,"width":68,"height":9}},{"id":"7e5c247a-0536-48a5-9e27-cbcaf051886a","block_type":"box","text":"Interest payable and similar charges","page_number":120,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"23fcdd8a-5bbb-43f8-9bdf-c3b892f42a24","block_type":"box","text":"4","page_number":120,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"dfc903d4-46d2-4853-929d-b34488034680","block_type":"box","text":"(31,640)","page_number":120,"box":{"x":507,"y":222,"width":49,"height":9}},{"id":"04fa7eb2-5729-4b3e-82aa-e62428e833ea","block_type":"box","text":"(51,437)","page_number":120,"box":{"x":740,"y":222,"width":49,"height":9}},{"id":"d6dc4851-7142-4d33-838c-782e37835a37","block_type":"box","text":"Net revenue before taxation","page_number":120,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"dd57bf8a-ac15-4b19-b787-676eb97e2b43","block_type":"box","text":"6,766,440","page_number":120,"box":{"x":493,"y":244,"width":58,"height":9}},{"id":"e930a775-5730-4054-96e4-e76253a377ab","block_type":"box","text":"4,931,836","page_number":120,"box":{"x":725,"y":244,"width":60,"height":9}},{"id":"c6adfae3-6bff-41b6-af63-ef1b725da7a7","block_type":"box","text":"Taxation","page_number":120,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"ea5bfb42-e63d-4486-a85c-cce809564bef","block_type":"box","text":"5","page_number":120,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"c1ebd840-2d59-4d06-a881-bf94a6cb0517","block_type":"box","text":"(584,322)","page_number":120,"box":{"x":499,"y":266,"width":57,"height":10}},{"id":"9a514639-f5dd-44b5-a3d0-ed9a6c8f73d6","block_type":"box","text":"(461,090)","page_number":120,"box":{"x":733,"y":266,"width":56,"height":10}},{"id":"c9b472ec-fb3d-44de-a752-a7d52ceb3a77","block_type":"box","text":"Net revenue after taxation","page_number":120,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"b3319c4c-41bf-4443-9cd5-b8822cf0b23a","block_type":"box","text":"6,182,118","page_number":120,"box":{"x":607,"y":289,"width":59,"height":9}},{"id":"2ef080d1-26b3-4b7c-9148-47b9fa9f1cee","block_type":"box","text":"4,470,746","page_number":120,"box":{"x":837,"y":289,"width":59,"height":9}},{"id":"321a70c0-e7b7-4101-ad65-7696d60f5c22","block_type":"box","text":"Total return before distributions","page_number":120,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"fed7a87c-228c-4d01-84d9-0ec7024a6fb7","block_type":"box","text":"62,555,615","page_number":120,"box":{"x":596,"y":311,"width":70,"height":9}},{"id":"0a08f193-6cd9-4e01-baae-7820a1e6720b","block_type":"box","text":"10,420,201","page_number":120,"box":{"x":827,"y":311,"width":68,"height":9}},{"id":"87c45c6c-ab9f-45ff-8f36-42fe341be382","block_type":"box","text":"Distributions","page_number":120,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"600cbe69-dac2-4ef6-88a4-f650fc7edae3","block_type":"box","text":"6","page_number":120,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"690bbb07-e014-4bc1-8d84-fde1c3ae0a2d","block_type":"box","text":"(6,528,262)","page_number":120,"box":{"x":602,"y":333,"width":68,"height":9}},{"id":"f1811a07-1fee-4795-8001-ed3e32295df0","block_type":"box","text":"(4,352,638)","page_number":120,"box":{"x":833,"y":333,"width":68,"height":9}},{"id":"6302b5f4-c3fd-4240-9f35-e19c8cf53313","block_type":"box","text":"Change in net assets attributable to","page_number":120,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"1850fc0a-00ff-4f6a-b422-ce715f7dffdc","block_type":"box","text":"Shareholders from investment activities","page_number":120,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"7f9fa875-eaa7-4d84-9cdf-bf85c60082ce","block_type":"box","text":"56,027,353","page_number":120,"box":{"x":596,"y":369,"width":70,"height":9}},{"id":"74aebfd6-b562-4f28-9e20-094d44ddde4d","block_type":"box","text":"6,067,563","page_number":120,"box":{"x":834,"y":369,"width":63,"height":9}},{"id":"81033669-0fec-4435-a964-ddf1f75ec4af","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":120,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"d9d8e935-181b-4c75-b372-786de8d21c64","block_type":"box","text":"for the year ended 30 April 2026","page_number":120,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"4e47e6f6-e4cd-4b0c-80b0-d622d8f2848d","block_type":"box","text":"30.04.26","page_number":120,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"8d28eb6c-a54f-4d9e-8ff6-0a591e08d076","block_type":"box","text":"30.04.25","page_number":120,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"d63add68-aeb3-498a-a353-91a222a5cbeb","block_type":"box","text":"£","page_number":120,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"899ec758-9e24-477e-aa56-8b4f9c3d631f","block_type":"box","text":"£","page_number":120,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"264d038d-1c04-499a-a370-8d23df823842","block_type":"box","text":"£","page_number":120,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"4754d155-07a4-43be-8c2c-39ae0178938d","block_type":"box","text":"£","page_number":120,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"ee478f00-03c5-4dc3-9811-fd2fa54ef83a","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":120,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"ae30d4de-0257-4ff1-b4c7-f03c0c8d62db","block_type":"box","text":"337,697,816","page_number":120,"box":{"x":588,"y":482,"width":78,"height":9}},{"id":"edd95dda-126d-4282-8156-458da0bba7c7","block_type":"box","text":"266,945,282","page_number":120,"box":{"x":819,"y":482,"width":78,"height":9}},{"id":"b04a3f7d-c1fa-4301-8ca1-0191779c9952","block_type":"box","text":"Amounts receivable on creation of shares","page_number":120,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"365300e6-76cc-453d-8b45-41a9e058fc43","block_type":"box","text":"171,804,561","page_number":120,"box":{"x":478,"y":505,"width":71,"height":9}},{"id":"062d544a-2a97-4d7c-95ad-5cb9fa7c4518","block_type":"box","text":"137,047,204","page_number":120,"box":{"x":711,"y":505,"width":74,"height":9}},{"id":"207e6bbf-eaa5-4c4e-9192-0e2c7369bd1c","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":120,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"44f772b2-31fc-4e9d-beb7-5e8437418ea3","block_type":"box","text":"(98,723,453)","page_number":120,"box":{"x":481,"y":527,"width":75,"height":9}},{"id":"818df182-705b-43ae-b07e-dfa41d80671f","block_type":"box","text":"(77,063,808)","page_number":120,"box":{"x":714,"y":527,"width":75,"height":9}},{"id":"bf5e35df-89e6-4a06-a357-d4a4a245edd4","block_type":"box","text":"73,081,108","page_number":120,"box":{"x":599,"y":549,"width":67,"height":9}},{"id":"8067fcb7-9319-4b46-aa4c-7ec00aedd503","block_type":"box","text":"59,983,396","page_number":120,"box":{"x":830,"y":549,"width":67,"height":9}},{"id":"7d6bab99-ab45-445a-a513-370987b0380e","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":120,"box":{"x":96,"y":571,"width":300,"height":10}},{"id":"7a2e8421-93aa-41fd-bb0c-9dc5344dc77d","block_type":"box","text":"from investment activities (see above)","page_number":120,"box":{"x":95,"y":586,"width":231,"height":10}},{"id":"73628df2-3530-41d4-92ab-ce887c786607","block_type":"box","text":"56,027,353","page_number":120,"box":{"x":599,"y":586,"width":66,"height":10}},{"id":"dc3d221e-916c-4c70-8375-52b9c0b5b338","block_type":"box","text":"6,067,563","page_number":120,"box":{"x":838,"y":586,"width":58,"height":10}},{"id":"8035f0db-c31b-4c2c-a4a6-eded90e1771d","block_type":"box","text":"Accumulation distributions retained","page_number":120,"box":{"x":95,"y":608,"width":218,"height":9}},{"id":"f3ff1b4a-68c0-49ad-9fac-d317bee7c6ea","block_type":"box","text":"7,152,689","page_number":120,"box":{"x":607,"y":609,"width":58,"height":9}},{"id":"b8cdd386-3f8d-4c9e-b4ab-731dc2788453","block_type":"box","text":"4,701,575","page_number":120,"box":{"x":837,"y":609,"width":59,"height":9}},{"id":"426b7dad-1653-4508-866a-02e890a14c7d","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":120,"box":{"x":96,"y":630,"width":311,"height":11}},{"id":"fdadb586-14e9-4a7b-8b40-b99611f0a8b5","block_type":"box","text":"473,958,966","page_number":120,"box":{"x":587,"y":631,"width":79,"height":9}},{"id":"59473ee3-37cf-4d65-9e87-01c261599cf4","block_type":"box","text":"337,697,816","page_number":120,"box":{"x":819,"y":631,"width":78,"height":9}},{"id":"6a5204b8-8015-44e1-bba3-c851228bd7c7","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":120,"box":{"x":524,"y":38,"width":378,"height":13}},{"id":"54052729-4575-4659-a8bc-05c0e9d5469d","block_type":"box","text":"115","page_number":120,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"0eb71901-e041-4481-8ec5-f3db75e47116","block_type":"box","text":"Balance Sheet","page_number":121,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"6f65f42d-f80a-4362-89ff-46986306d565","block_type":"box","text":"as at 30 April 2026","page_number":121,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"ca08009f-6891-4621-8ce5-a71fc365e43d","block_type":"box","text":"30.04.26","page_number":121,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"51fc3044-661f-4dd7-8e5a-5b19ab1288cf","block_type":"box","text":"30.04.25","page_number":121,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"7909bd2a-dbe0-4321-9cbb-c6692b399de5","block_type":"box","text":"Note","page_number":121,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"7db4fead-1e40-4d4a-9f80-3d0eb2f59fd4","block_type":"box","text":"£","page_number":121,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"0502c5d1-b505-4a23-a989-03c9546b5984","block_type":"box","text":"£","page_number":121,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"6fa34c0c-dc91-4443-be35-8b81a2e17e9d","block_type":"box","text":"£","page_number":121,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"8210c477-11dc-4f47-922f-0281dd3e766e","block_type":"box","text":"£","page_number":121,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"0fc14885-f896-4ec9-a25f-d92b040f7e51","block_type":"box","text":"ASSETS","page_number":121,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"a5095ae2-3e57-46fc-bddf-f6d9af7dcdc3","block_type":"box","text":"Investments assets","page_number":121,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"2ff8f129-3e83-48ca-be09-667a46848aaf","block_type":"box","text":"468,810,201","page_number":121,"box":{"x":587,"y":169,"width":77,"height":9}},{"id":"3b226966-78d0-4a90-83da-88c68a4b76af","block_type":"box","text":"333,955,630","page_number":121,"box":{"x":819,"y":169,"width":78,"height":9}},{"id":"2d69e26e-2f73-49fa-9299-9ef46b023838","block_type":"box","text":"Current assets","page_number":121,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"5c75a566-48d0-41aa-a617-9cc76f09aa8a","block_type":"box","text":"Debtors","page_number":121,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"373ab150-86ab-4d3d-a460-f54fc748d14b","block_type":"box","text":"7","page_number":121,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"826fafd0-640f-41a2-8355-5c64c7a798ce","block_type":"box","text":"2,062,961","page_number":121,"box":{"x":493,"y":207,"width":56,"height":9}},{"id":"d45c6092-1f7a-4d01-978f-ef5fa15ee86e","block_type":"box","text":"3,067,414","page_number":121,"box":{"x":726,"y":207,"width":59,"height":9}},{"id":"433fdc56-2ae4-45b7-852a-c069e8f45369","block_type":"box","text":"Cash and bank balances","page_number":121,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"57d2d238-0e71-4023-b0b2-3cefc8d5b061","block_type":"box","text":"8","page_number":121,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"cb0adcc3-1ebe-4f54-9b59-43b3b02d6311","block_type":"box","text":"7,161,574","page_number":121,"box":{"x":492,"y":222,"width":60,"height":9}},{"id":"12bb76b9-311b-4ea1-b49e-9da8b0cf7f68","block_type":"box","text":"4,357,926","page_number":121,"box":{"x":725,"y":222,"width":60,"height":9}},{"id":"f3620806-1d95-41de-8dcf-e8aadd1a9513","block_type":"box","text":"Total current assets","page_number":121,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"5fd10748-a811-4766-b9c9-0e49412a72c0","block_type":"box","text":"9,224,535","page_number":121,"box":{"x":603,"y":244,"width":63,"height":9}},{"id":"4776bd9a-db21-4316-aa9d-8bf791683f7f","block_type":"box","text":"7,425,340","page_number":121,"box":{"x":834,"y":244,"width":63,"height":9}},{"id":"33a5db43-e025-4564-b268-632c5fed7e8a","block_type":"box","text":"Total assets","page_number":121,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"dff8665f-6db9-4a39-9fe7-15a393d757e1","block_type":"box","text":"478,034,736","page_number":121,"box":{"x":587,"y":266,"width":79,"height":9}},{"id":"9c78a0e0-cc75-4ca4-b0a1-e25e9a1bf659","block_type":"box","text":"341,380,970","page_number":121,"box":{"x":819,"y":266,"width":78,"height":9}},{"id":"e816d3b3-6873-406c-b305-147c87311846","block_type":"box","text":"Current liabilities","page_number":121,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"a233ffee-c1b1-47c4-b27f-238466d321c8","block_type":"box","text":"Bank overdraft","page_number":121,"box":{"x":106,"y":319,"width":89,"height":8}},{"id":"925aab2f-9f63-4357-b6c9-855bd12e6983","block_type":"box","text":"8","page_number":121,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"12f067ff-9798-4770-aaf4-e30ad96eb1d3","block_type":"box","text":"–","page_number":121,"box":{"x":545,"y":324,"width":6,"height":1}},{"id":"1febab9b-c06f-4aa6-8961-011c82b009a5","block_type":"box","text":"(633,659)","page_number":121,"box":{"x":733,"y":319,"width":56,"height":10}},{"id":"e68a4fa4-4426-4ef0-8507-4cd0f98ad9db","block_type":"box","text":"Creditors","page_number":121,"box":{"x":105,"y":334,"width":55,"height":9}},{"id":"89bf235c-503c-4dc2-8b85-57c287a92bcf","block_type":"box","text":"9","page_number":121,"box":{"x":421,"y":335,"width":6,"height":8}},{"id":"70f47ca2-778c-4f04-a0bb-564645d11daf","block_type":"box","text":"(4,075,770)","page_number":121,"box":{"x":488,"y":335,"width":68,"height":9}},{"id":"d06d2151-7d29-46d2-9e11-714ad57050ff","block_type":"box","text":"(3,049,495)","page_number":121,"box":{"x":721,"y":335,"width":68,"height":9}},{"id":"fb289efd-a868-4602-8c57-d2a832117e0c","block_type":"box","text":"Total current liabilities","page_number":121,"box":{"x":95,"y":357,"width":152,"height":8}},{"id":"e831e5bd-ca0e-413b-a0f3-106ab82d68b0","block_type":"box","text":"(4,075,770)","page_number":121,"box":{"x":599,"y":357,"width":72,"height":9}},{"id":"11df7db1-1f6b-4dd0-a83b-53b55f48c037","block_type":"box","text":"(3,683,154)","page_number":121,"box":{"x":830,"y":357,"width":71,"height":9}},{"id":"a06c1cc3-4dbf-48e2-b44a-b435868854a1","block_type":"box","text":"Net assets attributable to Shareholders","page_number":121,"box":{"x":96,"y":379,"width":261,"height":8}},{"id":"36985943-786d-490b-ac8f-ab7be8578f99","block_type":"box","text":"473,958,966","page_number":121,"box":{"x":587,"y":379,"width":79,"height":9}},{"id":"f3ff1caf-2558-474e-9e36-0e8d0891f0f4","block_type":"box","text":"337,697,816","page_number":121,"box":{"x":819,"y":379,"width":78,"height":9}},{"id":"d5be4dba-73f8-4e0f-941d-3a289c8f092a","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":121,"box":{"x":97,"y":38,"width":379,"height":13}},{"id":"831a70cc-9a8d-4e6e-b78b-85eb1ae39343","block_type":"box","text":"116","page_number":121,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"476e5238-5af5-4638-8c0a-9e57fe4f269f","block_type":"box","text":"Notes to the Financial Statements","page_number":122,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"a2fb3408-f2bf-42bd-a057-8d0dc2957783","block_type":"box","text":"for the year ended 30 April 2026","page_number":122,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"cbeb8ee5-8c0b-4d18-842f-6175b01e2a9e","block_type":"box","text":"1. Accounting policies","page_number":122,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"c4dadd5f-9be1-4b4f-9cfa-0d8a9cb5efd7","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":122,"box":{"x":95,"y":151,"width":641,"height":10}},{"id":"7741cc92-9be1-4166-93ee-8763386adf7d","block_type":"box","text":"2. Net capital gains","page_number":122,"box":{"x":95,"y":192,"width":127,"height":11}},{"id":"b40e162e-2c7c-483b-b34c-056782f3a50e","block_type":"box","text":"30.04.26","page_number":122,"box":{"x":730,"y":193,"width":55,"height":8}},{"id":"8105c7c7-71af-4d02-abb6-722def571ff3","block_type":"box","text":"30.04.25","page_number":122,"box":{"x":840,"y":193,"width":54,"height":8}},{"id":"0d9c3ca0-9fef-44be-871e-edd75fca1239","block_type":"box","text":"£","page_number":122,"box":{"x":778,"y":208,"width":7,"height":8}},{"id":"e1da673b-651e-48cf-b488-dd897354675a","block_type":"box","text":"£","page_number":122,"box":{"x":888,"y":208,"width":6,"height":8}},{"id":"6f4aaffd-a397-4b6a-b1b7-eabf95906c9a","block_type":"box","text":"The net capital gains comprise:","page_number":122,"box":{"x":95,"y":223,"width":187,"height":11}},{"id":"0a073cb2-5bc3-4079-9e86-5bc3cd3e259c","block_type":"box","text":"Non-derivative securities gains/(losses): realised","page_number":122,"box":{"x":96,"y":242,"width":292,"height":11}},{"id":"e33f0044-7e7b-4ef9-83bc-2b96736d42ae","block_type":"box","text":"20,535,347","page_number":122,"box":{"x":718,"y":242,"width":67,"height":10}},{"id":"0d0989ef-3d43-4b74-925a-3d9d85f6b8e1","block_type":"box","text":"6,673,496","page_number":122,"box":{"x":835,"y":242,"width":59,"height":10}},{"id":"0e000fe9-6ea3-449c-9d91-2891769d24ee","block_type":"box","text":"Non-derivative securities (losses)/gains","page_number":122,"box":{"x":96,"y":261,"width":237,"height":10}},{"id":"97507813-72d8-4472-b6b3-442d67affa5e","block_type":"box","text":": unrealised","page_number":122,"box":{"x":335,"y":261,"width":69,"height":8}},{"id":"99d49171-559b-4b38-8174-7a868c02da36","block_type":"box","text":"35,933,387","page_number":122,"box":{"x":718,"y":261,"width":67,"height":9}},{"id":"5cb13302-7c97-4c02-adac-7d0fb0003dfb","block_type":"box","text":"(722,682)","page_number":122,"box":{"x":842,"y":261,"width":57,"height":10}},{"id":"9dfc7ada-0c93-415c-b8e1-d01c958b914c","block_type":"box","text":"Foreign currency (losses)","page_number":122,"box":{"x":96,"y":280,"width":150,"height":10}},{"id":"a3e04b26-6e56-45f4-a35d-ea38639c0bd4","block_type":"box","text":"(108,212)","page_number":122,"box":{"x":733,"y":280,"width":56,"height":9}},{"id":"122ea300-beba-490a-a082-67013498b817","block_type":"box","text":"(9)","page_number":122,"box":{"x":883,"y":280,"width":15,"height":9}},{"id":"a0a3fefc-4bb7-49b6-9165-28eed7c2d684","block_type":"box","text":"Transaction charges (custodian)","page_number":122,"box":{"x":95,"y":298,"width":193,"height":11}},{"id":"97e3af88-9f8f-4d96-a4b6-7e298ebfec52","block_type":"box","text":"(1,206)","page_number":122,"box":{"x":748,"y":299,"width":41,"height":9}},{"id":"9b5dbc8f-097b-4828-9444-efd86c20ffb0","block_type":"box","text":"(2,470)","page_number":122,"box":{"x":857,"y":299,"width":42,"height":9}},{"id":"4f6de74e-3d34-474d-88c5-25112ead7f91","block_type":"box","text":"Rebates from underlying holdings","page_number":122,"box":{"x":96,"y":317,"width":205,"height":11}},{"id":"b7c2c0e9-7ea3-4853-8298-65d8bbe893fb","block_type":"box","text":"14,181","page_number":122,"box":{"x":745,"y":318,"width":38,"height":9}},{"id":"5afb4ffb-0dfd-49d6-b5e2-41a237d649dc","block_type":"box","text":"1,120","page_number":122,"box":{"x":862,"y":318,"width":32,"height":9}},{"id":"ff63e00b-ded3-4fd3-a6cc-ab242790033a","block_type":"box","text":"Total net capital gains","page_number":122,"box":{"x":95,"y":339,"width":146,"height":11}},{"id":"f8b31bd1-b687-4854-a64d-39d094173d43","block_type":"box","text":"56,373,497","page_number":122,"box":{"x":715,"y":340,"width":70,"height":9}},{"id":"079118dd-3ee9-4d61-abe1-6ae44f1e8778","block_type":"box","text":"5,949,455","page_number":122,"box":{"x":832,"y":340,"width":62,"height":9}},{"id":"ae30f8dd-606d-44bd-9c75-33496c9f76d8","block_type":"box","text":"3. Revenue","page_number":122,"box":{"x":95,"y":381,"width":72,"height":8}},{"id":"9c2962ca-e755-42ee-86a7-4d7210752b7a","block_type":"box","text":"30.04.26","page_number":122,"box":{"x":730,"y":381,"width":55,"height":8}},{"id":"4490614f-cc98-49c0-a4e7-3882385c27ab","block_type":"box","text":"30.04.25","page_number":122,"box":{"x":840,"y":381,"width":54,"height":8}},{"id":"7ecda499-e88b-4573-8e5b-8dcee125e960","block_type":"box","text":"£","page_number":122,"box":{"x":778,"y":397,"width":7,"height":8}},{"id":"760ed6f9-8ec9-4872-b811-ff2e15bb52c2","block_type":"box","text":"£","page_number":122,"box":{"x":888,"y":397,"width":6,"height":8}},{"id":"42c55f8c-210b-4962-bae4-9a07a2521e53","block_type":"box","text":"Non-taxable dividends","page_number":122,"box":{"x":96,"y":419,"width":136,"height":8}},{"id":"f523206e-db44-42a1-b7b4-b8dcbe6d6334","block_type":"box","text":"3,859,012","page_number":122,"box":{"x":726,"y":419,"width":58,"height":9}},{"id":"27c55230-0b13-4cf6-aa47-08cab8dc3323","block_type":"box","text":"2,627,504","page_number":122,"box":{"x":835,"y":419,"width":60,"height":9}},{"id":"c8e8974d-054a-4e1d-9b94-bb17ca789efa","block_type":"box","text":"Taxable dividends","page_number":122,"box":{"x":95,"y":437,"width":109,"height":8}},{"id":"08403368-0175-4155-b155-d4c1e085c152","block_type":"box","text":"–","page_number":122,"box":{"x":778,"y":441,"width":7,"height":1}},{"id":"5e13b4eb-13b5-4c9d-a96f-530e54b93767","block_type":"box","text":"28,873","page_number":122,"box":{"x":854,"y":437,"width":40,"height":9}},{"id":"a9701480-dc90-4130-9e2b-cbd63a1a8bc9","block_type":"box","text":"Annual payment from UK CIS","page_number":122,"box":{"x":95,"y":454,"width":176,"height":11}},{"id":"c915c7b2-9f7b-4866-844b-b44970c56518","block_type":"box","text":"2,989","page_number":122,"box":{"x":752,"y":455,"width":32,"height":9}},{"id":"7a5659ff-a02c-461e-9391-f8d4dde01cf9","block_type":"box","text":"–","page_number":122,"box":{"x":888,"y":459,"width":6,"height":1}},{"id":"a36f0858-bb19-478e-ac11-1c440f9f4626","block_type":"box","text":"Interest from non-derivative securities","page_number":122,"box":{"x":96,"y":472,"width":232,"height":9}},{"id":"608f2712-ba91-4073-9e49-d518123f6ea0","block_type":"box","text":"3,728,344","page_number":122,"box":{"x":726,"y":473,"width":59,"height":9}},{"id":"85a2c312-6ff4-4b3d-be3f-82245b8e5615","block_type":"box","text":"2,844,511","page_number":122,"box":{"x":835,"y":473,"width":57,"height":9}},{"id":"661d3ec5-322e-48fa-8664-6bd486825a3c","block_type":"box","text":"Rebates from underlying holdings","page_number":122,"box":{"x":96,"y":490,"width":205,"height":11}},{"id":"dba7630b-38b7-4447-8f96-bf2e09f702a7","block_type":"box","text":"403,704","page_number":122,"box":{"x":737,"y":491,"width":48,"height":9}},{"id":"657b02a3-cabd-4c3e-983b-c7bf4be9bd09","block_type":"box","text":"326,367","page_number":122,"box":{"x":847,"y":491,"width":47,"height":9}},{"id":"c51942b3-551c-4c1d-8f2e-f95fbdca591b","block_type":"box","text":"Bank interest","page_number":122,"box":{"x":96,"y":508,"width":80,"height":9}},{"id":"a3928e87-5c42-4e69-9f85-7f68061a8298","block_type":"box","text":"188,723","page_number":122,"box":{"x":738,"y":509,"width":46,"height":9}},{"id":"9a28af0a-ce01-48ad-868f-020b0e1711ab","block_type":"box","text":"197,654","page_number":122,"box":{"x":847,"y":509,"width":48,"height":9}},{"id":"f881c89a-e49b-48e5-b3d1-bef6f7ddef38","block_type":"box","text":"Total revenue","page_number":122,"box":{"x":95,"y":531,"width":91,"height":8}},{"id":"e822d078-732d-41b5-b752-90e852a69b53","block_type":"box","text":"8,182,772","page_number":122,"box":{"x":722,"y":531,"width":63,"height":9}},{"id":"25082232-7272-4d61-9314-4d1284d3408a","block_type":"box","text":"6,024,909","page_number":122,"box":{"x":832,"y":531,"width":62,"height":9}},{"id":"d9fd7f2a-648c-48c9-9112-dd3e55c5897b","block_type":"box","text":"4. Expenses","page_number":122,"box":{"x":95,"y":575,"width":76,"height":10}},{"id":"246a610f-04fd-4bbb-afca-8d9867bcfbb2","block_type":"box","text":"30.04.26","page_number":122,"box":{"x":730,"y":575,"width":55,"height":8}},{"id":"621e3d91-e7b7-45eb-bcad-221f6948007f","block_type":"box","text":"30.04.25","page_number":122,"box":{"x":840,"y":575,"width":54,"height":8}},{"id":"64dbf42f-7cff-4457-9446-182c12891695","block_type":"box","text":"£","page_number":122,"box":{"x":778,"y":590,"width":7,"height":8}},{"id":"34d49c95-975f-443b-9a94-893b2ef7d4d4","block_type":"box","text":"£","page_number":122,"box":{"x":888,"y":590,"width":6,"height":8}},{"id":"9eedf6c1-6a3c-49be-be32-21a6819501a2","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":122,"box":{"x":96,"y":605,"width":549,"height":11}},{"id":"565c8d5e-d739-46f2-9297-83c1013e3648","block_type":"box","text":"agents of either of them:","page_number":122,"box":{"x":95,"y":621,"width":149,"height":11}},{"id":"49e8344d-64d3-459f-83c2-165157a1334a","block_type":"box","text":"Annual management charge","page_number":122,"box":{"x":104,"y":640,"width":172,"height":10}},{"id":"3a1fa1b2-4c37-4cee-b3e0-7d69fdb3d5c8","block_type":"box","text":"1,223,730","page_number":122,"box":{"x":726,"y":640,"width":59,"height":9}},{"id":"aea6d43f-cc65-49e0-9ced-aca122f1e4c2","block_type":"box","text":"916,570","page_number":122,"box":{"x":847,"y":640,"width":47,"height":9}},{"id":"b5329e0b-b9d2-4f59-8d82-2cb73d61b1ff","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":122,"box":{"x":96,"y":658,"width":514,"height":11}},{"id":"5c905e66-920e-4261-aa2d-7866780de384","block_type":"box","text":"Depositary’s fee","page_number":122,"box":{"x":106,"y":677,"width":95,"height":11}},{"id":"72e07ea1-0611-4ede-a2ff-10338082495d","block_type":"box","text":"81,700","page_number":122,"box":{"x":745,"y":678,"width":40,"height":9}},{"id":"6bc6dbd4-809f-4ab1-ae3a-f7964b1e5898","block_type":"box","text":"63,582","page_number":122,"box":{"x":854,"y":678,"width":40,"height":9}},{"id":"62de6eb0-b8e3-4d75-8886-a4515d46c99a","block_type":"box","text":"Safe custody fee","page_number":122,"box":{"x":105,"y":693,"width":98,"height":10}},{"id":"7330fd66-022f-4d98-9122-ba2edc81e95d","block_type":"box","text":"33,592","page_number":122,"box":{"x":745,"y":693,"width":39,"height":9}},{"id":"aed8a79d-c35f-4718-b2f6-7e7eb4613493","block_type":"box","text":"26,787","page_number":122,"box":{"x":854,"y":693,"width":40,"height":9}},{"id":"7ae77b64-d083-4fca-90e8-bc5ef4852dca","block_type":"box","text":"115,292","page_number":122,"box":{"x":738,"y":715,"width":46,"height":9}},{"id":"a6b320d6-db13-4520-b300-bdfb7d4fca09","block_type":"box","text":"90,369","page_number":122,"box":{"x":854,"y":715,"width":40,"height":9}},{"id":"9256880a-d33f-4ae2-b9c6-cc3ac23651d2","block_type":"box","text":"Other expenses:","page_number":122,"box":{"x":96,"y":730,"width":97,"height":11}},{"id":"536e359c-5484-4109-a87e-b26178852cd2","block_type":"box","text":"Audit fee*","page_number":122,"box":{"x":104,"y":749,"width":62,"height":8}},{"id":"7f5afd48-46c3-433d-b499-f6f495916b38","block_type":"box","text":"9,720","page_number":122,"box":{"x":752,"y":750,"width":33,"height":9}},{"id":"f85601a6-8df6-452e-b906-9b5cfdc5a675","block_type":"box","text":"8,150","page_number":122,"box":{"x":862,"y":750,"width":32,"height":9}},{"id":"425a050f-d5c0-4703-924d-1d421aeb4e2c","block_type":"box","text":"Legal fee","page_number":122,"box":{"x":106,"y":765,"width":52,"height":10}},{"id":"d64068bf-e626-4318-94b7-f4453409c2cd","block_type":"box","text":"4,500","page_number":122,"box":{"x":752,"y":765,"width":33,"height":9}},{"id":"7ae41e18-acc7-4103-a143-8f1eadb3a4ef","block_type":"box","text":"–","page_number":122,"box":{"x":888,"y":769,"width":6,"height":1}},{"id":"ae561f10-d61a-468e-819c-dfb39bb67fd1","block_type":"box","text":"Other expenses","page_number":122,"box":{"x":105,"y":780,"width":95,"height":11}},{"id":"a1b35722-bca2-4709-8c17-880f1a399a5a","block_type":"box","text":"31,450","page_number":122,"box":{"x":745,"y":780,"width":40,"height":10}},{"id":"d6a516cc-8b74-4c72-9b46-ebe28e5edda4","block_type":"box","text":"26,547","page_number":122,"box":{"x":854,"y":780,"width":40,"height":10}},{"id":"14214e28-661a-435b-bf8d-dd8045853740","block_type":"box","text":"45,670","page_number":122,"box":{"x":744,"y":803,"width":41,"height":9}},{"id":"2dddc035-0c62-4fb3-9735-75e8ad35013e","block_type":"box","text":"34,697","page_number":122,"box":{"x":854,"y":803,"width":40,"height":9}},{"id":"edef0e61-03d5-4f8c-896a-f9fa578004ef","block_type":"box","text":"Expenses","page_number":122,"box":{"x":96,"y":838,"width":60,"height":10}},{"id":"4a1083bf-9c2e-42fa-84ac-2df73690c6fc","block_type":"box","text":"1,384,692","page_number":122,"box":{"x":723,"y":838,"width":62,"height":9}},{"id":"bb64378b-92ad-4ed0-8096-2725364f0efe","block_type":"box","text":"1,041,636","page_number":122,"box":{"x":832,"y":838,"width":62,"height":9}},{"id":"f3a1a355-d65e-47fb-b923-f38e34d219b4","block_type":"box","text":"Interest payable and similar charges","page_number":122,"box":{"x":96,"y":860,"width":219,"height":10}},{"id":"10b45f28-dfc8-42f7-84c2-bf5e38613af7","block_type":"box","text":"31,640","page_number":122,"box":{"x":745,"y":860,"width":40,"height":9}},{"id":"8f3269a8-d108-4b5e-8637-6573ce1ff1a5","block_type":"box","text":"51,437","page_number":122,"box":{"x":854,"y":860,"width":40,"height":9}},{"id":"3af38b2e-0585-49ff-8738-e51c0932c8b0","block_type":"box","text":"Total","page_number":122,"box":{"x":95,"y":882,"width":33,"height":8}},{"id":"4becee1b-f8a5-4e15-b35b-a34732cc28cc","block_type":"box","text":"1,416,332","page_number":122,"box":{"x":723,"y":882,"width":62,"height":9}},{"id":"f5541f19-e26d-4e84-9044-339f8b4d0dc9","block_type":"box","text":"1,093,073","page_number":122,"box":{"x":832,"y":882,"width":62,"height":9}},{"id":"74b31038-767c-4081-b45c-2e4b726f6532","block_type":"box","text":"*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","page_number":122,"box":{"x":95,"y":904,"width":809,"height":11}},{"id":"c6b2cf73-4c66-4c63-b3ca-681d13b2cba7","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":122,"box":{"x":96,"y":919,"width":174,"height":10}},{"id":"ec66c766-7808-440a-a4a3-bf1bc9c3bdcc","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":122,"box":{"x":524,"y":38,"width":378,"height":13}},{"id":"1d868d53-eb62-47be-bd88-419f3e2ad531","block_type":"box","text":"117","page_number":122,"box":{"x":963,"y":960,"width":26,"height":8}},{"id":"8d6df048-229c-4b4c-bb11-52afaf4f203b","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":123,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"06f4f744-aae5-42f3-a2e9-e5a0c5286933","block_type":"box","text":"for the year ended 30 April 2026","page_number":123,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"161878e1-71b6-458f-8cd0-ef6661a3235f","block_type":"box","text":"5. Taxation","page_number":123,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"9e1cb882-4bbe-4b54-8a76-820686309f93","block_type":"box","text":"30.04.26","page_number":123,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"1a34b988-f4c8-420b-b004-c8284f31402a","block_type":"box","text":"30.04.25","page_number":123,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"36a49745-b351-4012-a78b-c73e96cf2314","block_type":"box","text":"£","page_number":123,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"7d38fd03-8049-4662-9c1f-a110e53c8985","block_type":"box","text":"£","page_number":123,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"57d74a36-c526-417f-9173-bdcfceedd6b7","block_type":"box","text":"(a) Analysis of charge in the year","page_number":123,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"6bd16bc5-b026-4bda-bdfd-bcbb3bbfd1eb","block_type":"box","text":"UK corporation tax","page_number":123,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"83c8f27d-84ff-4a2b-8e7f-778362e97baa","block_type":"box","text":"584,322","page_number":123,"box":{"x":737,"y":191,"width":47,"height":9}},{"id":"37e5051e-9079-449d-82e7-e98f63ea6b38","block_type":"box","text":"461,090","page_number":123,"box":{"x":846,"y":191,"width":48,"height":9}},{"id":"49a1ed28-4b89-4f83-89fa-8eac2d7ecaa9","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":123,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"970ddf37-7aa5-464a-a691-37bc42179900","block_type":"box","text":"584,322","page_number":123,"box":{"x":735,"y":213,"width":50,"height":9}},{"id":"647e7769-e58c-45cf-a34b-a0db7d5743b6","block_type":"box","text":"461,090","page_number":123,"box":{"x":844,"y":213,"width":50,"height":9}},{"id":"3b6236a3-8c43-4fa5-a061-9f8af611b757","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":123,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"326dad9f-deb4-483d-bd06-df51701f68f4","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":123,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"ab3343ca-1a6b-4e85-830a-b5f7d33dce5b","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":123,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"948c7701-3e6e-4f4a-bf12-3747cb406f0d","block_type":"box","text":"Net revenue before UK corporation tax","page_number":123,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"c3a858c5-c2bc-4226-ae2d-ea0c29dff809","block_type":"box","text":"6,766,440","page_number":123,"box":{"x":726,"y":304,"width":59,"height":9}},{"id":"da566150-a7e2-477c-8353-4dd1041f85c7","block_type":"box","text":"4,931,836","page_number":123,"box":{"x":835,"y":304,"width":59,"height":9}},{"id":"94a97754-eb0e-403d-a56c-35fd2587b636","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":123,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"b4ed778c-3d9c-4b41-9c80-27d055b2b513","block_type":"box","text":"1,353,288","page_number":123,"box":{"x":726,"y":326,"width":59,"height":9}},{"id":"9b89fee6-ee70-4333-9942-f212b930abca","block_type":"box","text":"986,367","page_number":123,"box":{"x":847,"y":326,"width":47,"height":9}},{"id":"af94c2e7-8d4d-482e-bf86-ca0916e5f66c","block_type":"box","text":"Effects of:","page_number":123,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"a5e4ae51-b20c-41d0-b8b2-756acad458ec","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":123,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"87a82f09-aead-46eb-ae88-37f84a839b66","block_type":"box","text":"(771,802)","page_number":123,"box":{"x":733,"y":364,"width":56,"height":9}},{"id":"7d635364-f68b-4b80-b354-dc277bbccbe3","block_type":"box","text":"(525,501)","page_number":123,"box":{"x":842,"y":364,"width":57,"height":9}},{"id":"ffdfc2b3-362e-4436-a450-926bc3ea93db","block_type":"box","text":"Tax effect of rebates in capital","page_number":123,"box":{"x":95,"y":382,"width":181,"height":11}},{"id":"3c3d68a8-5864-4e65-b37b-b9d2d650739f","block_type":"box","text":"2,836","page_number":123,"box":{"x":752,"y":383,"width":33,"height":9}},{"id":"5b26a7cd-504f-4162-b203-11fcd0e736d5","block_type":"box","text":"224","page_number":123,"box":{"x":873,"y":383,"width":22,"height":7}},{"id":"fdf22ed1-7600-4092-bc39-b3869e95e1eb","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":123,"box":{"x":95,"y":404,"width":251,"height":11}},{"id":"70c056fe-860a-4ddd-969f-320b5a063a0a","block_type":"box","text":"584,322","page_number":123,"box":{"x":735,"y":405,"width":50,"height":9}},{"id":"82d07f21-217b-44c9-9bd2-c24d21f25897","block_type":"box","text":"461,090","page_number":123,"box":{"x":844,"y":405,"width":50,"height":9}},{"id":"55e06174-04fd-4e64-a310-e7e199ce936a","block_type":"box","text":"(c) Provision for deferred taxation","page_number":123,"box":{"x":95,"y":435,"width":205,"height":10}},{"id":"d28a986b-f4b9-4264-a731-0cd4544189fb","block_type":"box","text":"At 30 April 2026 there is no potential deferred tax asset or liability (30 April 2025: £nil).","page_number":123,"box":{"x":95,"y":457,"width":526,"height":11}},{"id":"219f4674-d9a6-4618-99a7-87cfc53624af","block_type":"box","text":"6. Distributions","page_number":123,"box":{"x":95,"y":510,"width":102,"height":9}},{"id":"cd72d4b9-e50e-48eb-81dc-06aad98f2762","block_type":"box","text":"30.04.26","page_number":123,"box":{"x":730,"y":526,"width":55,"height":8}},{"id":"07d0bd76-a7f4-4b77-b186-fe78b22c9a9e","block_type":"box","text":"30.04.25","page_number":123,"box":{"x":840,"y":526,"width":54,"height":8}},{"id":"83d11b26-515e-4d78-94d9-f62a03a80cb9","block_type":"box","text":"£","page_number":123,"box":{"x":778,"y":542,"width":7,"height":7}},{"id":"0e9b02b5-de5a-4145-9889-920363c5024a","block_type":"box","text":"£","page_number":123,"box":{"x":888,"y":542,"width":6,"height":7}},{"id":"58222463-8fb8-4aa3-8646-c88847bf2a05","block_type":"box","text":"Final dividend distribution","page_number":123,"box":{"x":96,"y":564,"width":158,"height":8}},{"id":"f969cc67-cea7-48ae-b6e6-341f5eb6e983","block_type":"box","text":"7,152,689","page_number":123,"box":{"x":726,"y":564,"width":58,"height":9}},{"id":"5c20db34-7aa8-42fc-a31b-9fa9c4491a3c","block_type":"box","text":"4,701,575","page_number":123,"box":{"x":835,"y":564,"width":59,"height":9}},{"id":"b3362855-32a1-4ed5-9bde-46381a929894","block_type":"box","text":"7,152,689","page_number":123,"box":{"x":726,"y":586,"width":58,"height":9}},{"id":"9e2d365b-e41c-44c1-b09f-38b588bd4107","block_type":"box","text":"4,701,575","page_number":123,"box":{"x":835,"y":586,"width":59,"height":9}},{"id":"23437194-758e-48eb-86f1-4ebe656c56b3","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":123,"box":{"x":95,"y":604,"width":300,"height":9}},{"id":"f527eb6f-a20b-4ac9-b806-c6a69ba49032","block_type":"box","text":"746,032","page_number":123,"box":{"x":737,"y":605,"width":47,"height":9}},{"id":"f75bcdb1-6aa1-4cec-b910-6dc664d6e9b9","block_type":"box","text":"499,253","page_number":123,"box":{"x":846,"y":605,"width":48,"height":9}},{"id":"9444c600-582f-4453-8b03-353a1467f24f","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":123,"box":{"x":96,"y":623,"width":289,"height":9}},{"id":"dcc44cf0-0cd2-4fc8-a3ae-8b467b01d689","block_type":"box","text":"(1,370,459)","page_number":123,"box":{"x":721,"y":624,"width":68,"height":9}},{"id":"f32c85f6-4274-41d6-8198-be12824b4a19","block_type":"box","text":"(848,190)","page_number":123,"box":{"x":842,"y":624,"width":57,"height":9}},{"id":"094b704e-c623-4672-8b01-43dd9004fc9a","block_type":"box","text":"Distributions","page_number":123,"box":{"x":96,"y":645,"width":86,"height":9}},{"id":"2f0fbfd3-c2ce-40fb-95f9-7b3a86a7336f","block_type":"box","text":"6,528,262","page_number":123,"box":{"x":726,"y":646,"width":58,"height":9}},{"id":"52ea77ad-5a9e-425a-8e13-d8ff5cb4a783","block_type":"box","text":"4,352,638","page_number":123,"box":{"x":835,"y":646,"width":59,"height":9}},{"id":"f2edc6c7-2c20-427a-a109-45b916dbd84f","block_type":"box","text":"Reconciliation of distributions","page_number":123,"box":{"x":96,"y":683,"width":200,"height":8}},{"id":"374152e3-a828-4222-9f1e-6ffcc6e063b3","block_type":"box","text":"Net revenue after taxation","page_number":123,"box":{"x":96,"y":702,"width":159,"height":8}},{"id":"f7246935-3dbe-4e5d-8f43-7b208bb0f8ad","block_type":"box","text":"6,182,118","page_number":123,"box":{"x":726,"y":702,"width":59,"height":9}},{"id":"d88a5fee-201e-41bd-ab75-232548ded689","block_type":"box","text":"4,470,746","page_number":123,"box":{"x":835,"y":702,"width":59,"height":9}},{"id":"2f33cc02-e1ea-474f-ab59-791f00ccbf0a","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":123,"box":{"x":96,"y":717,"width":301,"height":11}},{"id":"a424262f-f4b2-4ed9-a877-1cce41d8982a","block_type":"box","text":"371,881","page_number":123,"box":{"x":737,"y":718,"width":46,"height":9}},{"id":"97ed2fdd-9846-41f0-9476-d288dd7b6cd0","block_type":"box","text":"316,521","page_number":123,"box":{"x":847,"y":718,"width":45,"height":9}},{"id":"d8f9d658-80ff-4dac-8e43-24bb2591ed46","block_type":"box","text":"Capital corporation tax","page_number":123,"box":{"x":96,"y":733,"width":138,"height":10}},{"id":"4758a2dd-ee85-4b5b-b5cb-5c43c2b90a15","block_type":"box","text":"2,836","page_number":123,"box":{"x":752,"y":733,"width":33,"height":9}},{"id":"97841a05-4b9f-4bb5-80a5-5953b95aaffb","block_type":"box","text":"–","page_number":123,"box":{"x":888,"y":738,"width":6,"height":0}},{"id":"6313c98b-a524-484b-aaa2-b72efdc600a5","block_type":"box","text":"Marginal tax relief on rebates in capital","page_number":123,"box":{"x":96,"y":748,"width":236,"height":11}},{"id":"366f91b7-1d28-4d27-b764-23eb6a7c3d90","block_type":"box","text":"–","page_number":123,"box":{"x":778,"y":753,"width":7,"height":1}},{"id":"2f050f42-9146-4c0b-b052-00dee7eb993d","block_type":"box","text":"224","page_number":123,"box":{"x":873,"y":749,"width":22,"height":7}},{"id":"a5bce11c-0b0b-4184-9a8a-a59135073ddd","block_type":"box","text":"Balance brought forward","page_number":123,"box":{"x":96,"y":764,"width":150,"height":10}},{"id":"e10ad39f-a241-4284-8b7f-38c72586bd7f","block_type":"box","text":"(28,927)","page_number":123,"box":{"x":740,"y":764,"width":49,"height":9}},{"id":"46205372-3733-4ae7-9682-282e36ebbcdf","block_type":"box","text":"(463,780)","page_number":123,"box":{"x":842,"y":764,"width":57,"height":9}},{"id":"1feafef1-2516-4ca7-a5ca-07e0c3229958","block_type":"box","text":"Balance carried forward","page_number":123,"box":{"x":96,"y":779,"width":144,"height":8}},{"id":"eab2796a-c205-4722-80f2-e72dc8eeaafc","block_type":"box","text":"354","page_number":123,"box":{"x":763,"y":780,"width":22,"height":7}},{"id":"baa9018c-63da-46d6-b22d-b81609b33ee6","block_type":"box","text":"28,927","page_number":123,"box":{"x":854,"y":780,"width":40,"height":9}},{"id":"290ddb98-55c4-4aa4-877a-c6b7426e25a5","block_type":"box","text":"Net distribution for the year","page_number":123,"box":{"x":96,"y":801,"width":187,"height":11}},{"id":"c6ad7402-9cd0-4dad-b114-a4d72172776a","block_type":"box","text":"6,528,262","page_number":123,"box":{"x":723,"y":802,"width":62,"height":9}},{"id":"f07f8089-43d9-4c1f-a599-a4cf8a508515","block_type":"box","text":"4,352,638","page_number":123,"box":{"x":832,"y":802,"width":62,"height":9}},{"id":"a72500a7-346a-4f29-9ba2-94908a76b918","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":123,"box":{"x":97,"y":38,"width":379,"height":13}},{"id":"609abbf9-4b55-4169-afcd-4a245008d0df","block_type":"box","text":"118","page_number":123,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"2b260a00-0eb3-430f-bdf5-875e9dc4340c","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":124,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"139e5db4-09c6-40dc-83ea-d858b608438d","block_type":"box","text":"for the year ended 30 April 2026","page_number":124,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"2c383eea-c5c6-4218-b85f-c0496fac27a1","block_type":"box","text":"7. Debtors","page_number":124,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"44faee23-c6ca-4f92-9f72-7012fa954fed","block_type":"box","text":"30.04.26","page_number":124,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"701aafc4-8209-439c-8e60-773062d53920","block_type":"box","text":"30.04.25","page_number":124,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"2d846103-1fce-4989-bcf8-71941895bc3b","block_type":"box","text":"£","page_number":124,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"7f69c2f6-74b3-4503-91b8-03461c77d91e","block_type":"box","text":"£","page_number":124,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"34eeebc5-b9a4-45d4-8c3e-5f28bf59bfbe","block_type":"box","text":"Amounts receivable on creation of shares","page_number":124,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"a2fb58a8-6178-4c86-88b5-c3ad9fae186f","block_type":"box","text":"1,891,882","page_number":124,"box":{"x":726,"y":172,"width":58,"height":9}},{"id":"7dc5e8e0-3826-4104-b282-9278394e27d3","block_type":"box","text":"2,956,757","page_number":124,"box":{"x":835,"y":172,"width":59,"height":9}},{"id":"157cd298-1fc7-481d-8c17-e1b448934f37","block_type":"box","text":"Accrued revenue:","page_number":124,"box":{"x":95,"y":191,"width":105,"height":8}},{"id":"46f20b16-09d9-48fd-a281-4cb11daf3be6","block_type":"box","text":"Rebates from underlying holdings","page_number":124,"box":{"x":96,"y":209,"width":205,"height":11}},{"id":"6880c541-4052-436f-9d46-1404aec8b7c9","block_type":"box","text":"165,113","page_number":124,"box":{"x":738,"y":210,"width":46,"height":9}},{"id":"11431a1f-7aaf-48c5-b61b-3f13b0017e7a","block_type":"box","text":"104,776","page_number":124,"box":{"x":847,"y":210,"width":47,"height":9}},{"id":"df0ee8a6-5cf6-4019-85e5-6a35fb5b1ff4","block_type":"box","text":"Income tax recoverable","page_number":124,"box":{"x":96,"y":228,"width":141,"height":9}},{"id":"8ad5beb5-20bc-40ff-93dc-dc2b07de7be4","block_type":"box","text":"597","page_number":124,"box":{"x":763,"y":229,"width":22,"height":8}},{"id":"d8341149-73bc-418c-a099-f1f441baef56","block_type":"box","text":"5,775","page_number":124,"box":{"x":862,"y":229,"width":32,"height":9}},{"id":"06e0ca82-01a1-4a7d-8bbd-5a78bdb437ad","block_type":"box","text":"Bank interest receivable","page_number":124,"box":{"x":96,"y":247,"width":145,"height":8}},{"id":"9fe01333-498b-4c8b-81ab-95fe3d1ef547","block_type":"box","text":"5,369","page_number":124,"box":{"x":752,"y":248,"width":32,"height":9}},{"id":"9309b096-06da-429e-a832-2fde48b6cf1e","block_type":"box","text":"–","page_number":124,"box":{"x":888,"y":252,"width":6,"height":1}},{"id":"ad15960a-f899-4c1f-a2f7-251966734684","block_type":"box","text":"Prepayments","page_number":124,"box":{"x":96,"y":266,"width":79,"height":11}},{"id":"d71bc874-ac52-4b98-8282-e89ee5dcff4a","block_type":"box","text":"–","page_number":124,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"a8cc523f-d87a-4403-b562-ac2360775018","block_type":"box","text":"106","page_number":124,"box":{"x":873,"y":266,"width":21,"height":8}},{"id":"0de6e23f-cb76-418f-999d-51a89cd4fe5b","block_type":"box","text":"Total debtors","page_number":124,"box":{"x":95,"y":288,"width":88,"height":8}},{"id":"5957f12d-beb7-4687-846f-c869e61c22ef","block_type":"box","text":"2,062,961","page_number":124,"box":{"x":722,"y":289,"width":61,"height":9}},{"id":"82747c58-a729-4f3a-9710-fda7106ab139","block_type":"box","text":"3,067,414","page_number":124,"box":{"x":832,"y":289,"width":63,"height":9}},{"id":"06f3363c-9d80-47ed-95d5-ec9ce741422b","block_type":"box","text":"8. Cash and bank balances","page_number":124,"box":{"x":95,"y":341,"width":174,"height":8}},{"id":"1bc689d7-6147-4d49-8e96-5e4483fc3d40","block_type":"box","text":"30.04.26","page_number":124,"box":{"x":730,"y":342,"width":55,"height":7}},{"id":"d7852911-1608-4bf9-9daf-12ec801cdea5","block_type":"box","text":"30.04.25","page_number":124,"box":{"x":840,"y":342,"width":54,"height":7}},{"id":"a17e6427-b243-4984-882c-55935097a130","block_type":"box","text":"£","page_number":124,"box":{"x":778,"y":357,"width":7,"height":8}},{"id":"ddcd1dfa-9401-4052-b138-0a2fb66690e8","block_type":"box","text":"£","page_number":124,"box":{"x":888,"y":357,"width":6,"height":8}},{"id":"04e46e01-7e3e-4581-801b-65e12fe0d923","block_type":"box","text":"Cash and bank balances","page_number":124,"box":{"x":96,"y":379,"width":146,"height":8}},{"id":"dc2f9614-dc10-4348-85f5-cb7e1917e9bd","block_type":"box","text":"7,161,574","page_number":124,"box":{"x":726,"y":379,"width":59,"height":9}},{"id":"7d0c4249-de5b-4411-99a4-fcc9c7d54af0","block_type":"box","text":"4,357,926","page_number":124,"box":{"x":835,"y":379,"width":59,"height":9}},{"id":"203cbdd3-eefa-40d2-8cf3-4eb404bf2079","block_type":"box","text":"Bank overdraft","page_number":124,"box":{"x":96,"y":398,"width":89,"height":8}},{"id":"a19ba4cf-00e8-4d47-b64f-9b4a040788d2","block_type":"box","text":"–","page_number":124,"box":{"x":778,"y":403,"width":7,"height":0}},{"id":"6ee6c387-edb9-40a0-b86a-dd022d659183","block_type":"box","text":"(633,659)","page_number":124,"box":{"x":842,"y":398,"width":57,"height":9}},{"id":"04abd96a-588a-4b5c-93f7-2863829ca61d","block_type":"box","text":"Total","page_number":124,"box":{"x":95,"y":420,"width":33,"height":8}},{"id":"82b8e9d6-b140-4670-ae22-a7701cfa9e42","block_type":"box","text":"7,161,574","page_number":124,"box":{"x":722,"y":420,"width":63,"height":9}},{"id":"bc859cd8-1721-438f-8195-28000ec601ee","block_type":"box","text":"3,724,267","page_number":124,"box":{"x":832,"y":420,"width":62,"height":9}},{"id":"e97a0f5d-c689-486e-ade5-3a069a4e98b9","block_type":"box","text":"9. Creditors","page_number":124,"box":{"x":95,"y":473,"width":76,"height":8}},{"id":"36e5562c-bf6b-48e3-a473-24b9aad563c2","block_type":"box","text":"30.04.26","page_number":124,"box":{"x":730,"y":473,"width":55,"height":8}},{"id":"b2253c15-fa4a-4ec6-95b6-c0a5191e195f","block_type":"box","text":"30.04.25","page_number":124,"box":{"x":840,"y":473,"width":54,"height":8}},{"id":"82a22920-4b31-4a99-8779-81d260df9b2c","block_type":"box","text":"£","page_number":124,"box":{"x":778,"y":489,"width":7,"height":7}},{"id":"fdca1dab-1138-4343-afd5-81d4611c8c40","block_type":"box","text":"£","page_number":124,"box":{"x":888,"y":489,"width":6,"height":7}},{"id":"38b413ca-d947-43f8-aa6e-3e92c512a55f","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":124,"box":{"x":95,"y":510,"width":261,"height":11}},{"id":"f3634d6d-df31-402d-8069-c73a791df0aa","block_type":"box","text":"3,650,308","page_number":124,"box":{"x":726,"y":511,"width":59,"height":9}},{"id":"7796be3b-aba9-4ede-8816-a37b6222cd91","block_type":"box","text":"1,097,790","page_number":124,"box":{"x":836,"y":511,"width":58,"height":9}},{"id":"d8fcaaf5-3431-402b-b2c5-725f42f1b085","block_type":"box","text":"Amounts payable on unsettled trades","page_number":124,"box":{"x":95,"y":529,"width":228,"height":11}},{"id":"37b510d5-6939-4a4c-b0c7-276046602974","block_type":"box","text":"–","page_number":124,"box":{"x":778,"y":534,"width":7,"height":1}},{"id":"797e87db-764c-4b67-af9c-41c60a9b2043","block_type":"box","text":"1,526,325","page_number":124,"box":{"x":836,"y":530,"width":58,"height":9}},{"id":"e16731eb-2314-43df-86ba-764b340635ad","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":124,"box":{"x":96,"y":548,"width":549,"height":11}},{"id":"047fce64-0564-497a-baff-d1dad42eebf7","block_type":"box","text":"agents of either of them:","page_number":124,"box":{"x":95,"y":563,"width":149,"height":11}},{"id":"11e6c503-72c8-4be2-b768-5dedd5dce20d","block_type":"box","text":"Annual management charge","page_number":124,"box":{"x":104,"y":582,"width":172,"height":11}},{"id":"7132adf2-7743-40cc-9a92-8fba0f4f9e1a","block_type":"box","text":"115,447","page_number":124,"box":{"x":738,"y":583,"width":47,"height":9}},{"id":"091c7968-cd6f-49c5-8b08-be5dfa921ae4","block_type":"box","text":"81,283","page_number":124,"box":{"x":854,"y":583,"width":40,"height":9}},{"id":"78e6d576-1f8e-48f3-8e03-c0931e12192b","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":124,"box":{"x":96,"y":604,"width":514,"height":11}},{"id":"ec737a9b-0c64-4146-a75f-38aff1f52d45","block_type":"box","text":"Depositary fee","page_number":124,"box":{"x":106,"y":623,"width":86,"height":11}},{"id":"b63432cc-8b6c-40f8-bc3b-e3f8657a10bc","block_type":"box","text":"8,347","page_number":124,"box":{"x":752,"y":624,"width":33,"height":9}},{"id":"2da01f8a-6348-48af-90d1-016e7ef256ce","block_type":"box","text":"5,728","page_number":124,"box":{"x":862,"y":624,"width":32,"height":9}},{"id":"36f3a3d7-64f4-43d2-b8b5-07794f98f791","block_type":"box","text":"Safe custody and other custodian charges","page_number":124,"box":{"x":105,"y":639,"width":253,"height":10}},{"id":"97891d76-ec6a-4c60-a059-abd25f10a045","block_type":"box","text":"5,679","page_number":124,"box":{"x":752,"y":639,"width":32,"height":9}},{"id":"ecc1e2f9-5854-43c4-a81f-f9850acfc270","block_type":"box","text":"33,175","page_number":124,"box":{"x":854,"y":639,"width":40,"height":9}},{"id":"dc370508-59d1-4f4b-8a4e-c385f03c42a2","block_type":"box","text":"14,026","page_number":124,"box":{"x":745,"y":661,"width":40,"height":9}},{"id":"baeb1e6b-af34-44c8-a445-0f29d61b9fc4","block_type":"box","text":"38,903","page_number":124,"box":{"x":854,"y":661,"width":40,"height":9}},{"id":"9f448f85-19ce-45a0-bd00-8a3ba4e2c2e5","block_type":"box","text":"Other expenses:","page_number":124,"box":{"x":96,"y":683,"width":97,"height":11}},{"id":"a4366480-8972-4cfd-9ed5-39c54205a02e","block_type":"box","text":"UK Corporation tax","page_number":124,"box":{"x":105,"y":702,"width":116,"height":11}},{"id":"d6b1ffda-46b2-4b67-a73c-67197ce2d29d","block_type":"box","text":"279,241","page_number":124,"box":{"x":737,"y":702,"width":46,"height":9}},{"id":"654229f2-9b13-427f-a4f2-4af3ef946f07","block_type":"box","text":"294,726","page_number":124,"box":{"x":847,"y":702,"width":47,"height":9}},{"id":"8c10a176-0504-4308-9bf4-64c13555c38b","block_type":"box","text":"Audit fee*","page_number":124,"box":{"x":104,"y":717,"width":62,"height":9}},{"id":"3f713b6a-844c-4c99-8079-204b335972eb","block_type":"box","text":"9,720","page_number":124,"box":{"x":752,"y":718,"width":33,"height":9}},{"id":"1d78af57-5a6d-47cf-a6b2-ba7f3dc5ab2a","block_type":"box","text":"7,862","page_number":124,"box":{"x":862,"y":718,"width":32,"height":9}},{"id":"f9b85b41-d62e-4569-9591-52cb06d732a1","block_type":"box","text":"Other accrued expenses","page_number":124,"box":{"x":105,"y":733,"width":147,"height":10}},{"id":"cde4d0fb-09c9-4a48-860a-a304f4614942","block_type":"box","text":"7,028","page_number":124,"box":{"x":752,"y":733,"width":33,"height":9}},{"id":"f78db9da-54b3-4c56-a4b0-972c20b69022","block_type":"box","text":"2,606","page_number":124,"box":{"x":862,"y":733,"width":32,"height":9}},{"id":"a329ae6c-a4a8-40dd-92e5-c50805e6c2bd","block_type":"box","text":"295,989","page_number":124,"box":{"x":737,"y":755,"width":47,"height":9}},{"id":"5ca956f2-f574-4252-81a1-8607fe2805bc","block_type":"box","text":"305,194","page_number":124,"box":{"x":847,"y":755,"width":48,"height":9}},{"id":"5574cf52-746e-4264-af07-050bd630d764","block_type":"box","text":"Total creditors","page_number":124,"box":{"x":95,"y":790,"width":97,"height":8}},{"id":"73283150-140a-4abc-b8c3-3524d1da805e","block_type":"box","text":"4,075,770","page_number":124,"box":{"x":722,"y":791,"width":63,"height":9}},{"id":"40020805-0aee-4571-aca5-307967d6c579","block_type":"box","text":"3,049,495","page_number":124,"box":{"x":832,"y":791,"width":62,"height":9}},{"id":"8d2759e6-eb24-4ed0-ab27-5703c194a803","block_type":"box","text":"*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","page_number":124,"box":{"x":95,"y":812,"width":809,"height":11}},{"id":"547e1f58-07a0-4913-b6cc-e6ad293efcc7","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":124,"box":{"x":96,"y":828,"width":174,"height":10}},{"id":"c3dcf2fa-e016-4ad7-ab4f-83bb80b407cc","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":124,"box":{"x":524,"y":38,"width":378,"height":13}},{"id":"394303d9-fd2a-49b0-b3df-10799cd21e6e","block_type":"box","text":"119","page_number":124,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"674f0fbf-64d4-4790-8737-635121201eed","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":125,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"a4343196-6e17-4af2-a313-150f30840d3f","block_type":"box","text":"for the year ended 30 April 2026","page_number":125,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"9d61fb3b-2131-43c0-8271-e7afd6522337","block_type":"box","text":"10. Risk management policies","page_number":125,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"a196a9fb-bdb7-45a6-9ecb-b5525e0f5ef8","block_type":"box","text":"In pursuing its investment objective as stated on page 108, the Sub-fund holds a number of financial instruments. The Sub-fund’","page_number":125,"box":{"x":96,"y":150,"width":802,"height":10}},{"id":"29c50ce9-6ed2-490d-b600-a83e717bb9af","block_type":"box","text":"s","page_number":125,"box":{"x":899,"y":152,"width":5,"height":6}},{"id":"8c13f480-7cf3-4661-9109-d984e77fec67","block_type":"box","text":"financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from","page_number":125,"box":{"x":95,"y":165,"width":789,"height":11}},{"id":"f3e72894-251e-4563-9d59-314bd750aaaf","block_type":"box","text":"its","page_number":125,"box":{"x":891,"y":165,"width":13,"height":8}},{"id":"6ab42173-1867-427f-8864-b625a531f9fb","block_type":"box","text":"operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for","page_number":125,"box":{"x":95,"y":181,"width":809,"height":10}},{"id":"10945fd3-6fc0-4225-8acb-83fcdd149402","block_type":"box","text":"redemptions and debtors for accrued revenue.","page_number":125,"box":{"x":96,"y":196,"width":284,"height":11}},{"id":"f8e00d56-dd61-49c3-8e55-fc5e129c0728","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":125,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"c2754333-8d57-461f-b94b-1bac66a70dd8","block_type":"box","text":"anaging","page_number":125,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"eec198d8-5386-48b6-96fe-ddfc3c1a0e2d","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":125,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"f2f11918-e016-426f-aac3-915756dd9442","block_type":"box","text":"Market price risk","page_number":125,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"358eb00b-329c-47c0-af9c-d1ec9b5ab346","block_type":"box","text":"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","page_number":125,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"15a0ff40-6477-4e07-802b-c978318fe25e","block_type":"box","text":"ket prices","page_number":125,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"6560b42e-03c9-4543-8b54-d0792542d2c1","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":125,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"039bfbf4-f926-443c-8810-1320898f148b","block_type":"box","text":"future","page_number":125,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"94eab95d-1277-4fb2-b079-20e723f8237e","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":125,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"5035f897-b0b4-4a4c-ac02-6dc02d37b2b6","block_type":"box","text":"market","page_number":125,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"8a269a58-605b-484b-989a-3aa8d8679352","block_type":"box","text":"positions in the face of price movements.","page_number":125,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"cba332f0-8cbf-42b2-a1ce-0c0394718152","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":125,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"27016365-0c76-40ea-a65c-3161bb200b45","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":125,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"246691f7-9ebc-4988-b201-0d2800dabfeb","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":125,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"f0fa91e0-344a-4816-950c-4aa1e39587fe","block_type":"box","text":"ectus","page_number":125,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"885b5ba3-c00f-4ef2-86d3-5a35795c1617","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":125,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"5de0fd8c-2611-4730-8664-bc1a9228cdc6","block_type":"box","text":"exposure","page_number":125,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"d00eb351-bd91-4ec0-ba4f-1a13afb2a7fd","block_type":"box","text":"to any particular type of security or issuer.","page_number":125,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"391fa4f6-a6dc-4457-91e1-93f2a60cac9c","block_type":"box","text":"If market prices at the balance sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":125,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"c7ce601e-42dd-458c-87db-a96d8723b892","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £46,881,020","page_number":125,"box":{"x":95,"y":446,"width":809,"height":11}},{"id":"52cc941c-9a66-4b30-964e-7a37c262c6cd","block_type":"box","text":"(30 April 2025: £33,395,563).","page_number":125,"box":{"x":95,"y":461,"width":174,"height":11}},{"id":"61863152-bf8a-4f74-91b5-807d4dd97525","block_type":"box","text":"Foreign currency risk","page_number":125,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"4895c6c1-d711-4a3d-80aa-33fbff270f23","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":125,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"5403b5be-0465-4135-b080-e257c9db0d52","block_type":"box","text":"foreign","page_number":125,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"542dd487-4354-4c72-b8ce-26effff0127d","block_type":"box","text":"currency exchange rates.","page_number":125,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"c871953f-d665-4a4a-942e-54b996c6e543","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":125,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"e9b70444-a262-4125-bc02-7620fb9b5248","block_type":"box","text":"nvest","page_number":125,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"a9db92da-8812-4968-96c6-edaee9425370","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":125,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"8bdec51e-fcf5-471c-b288-3307488a506d","block_type":"box","text":"e","page_number":125,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"2109c7fe-521b-45a0-9884-70ac8c92608f","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":125,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"38767299-4dd6-4a4d-bdb5-69765e8d21dc","block_type":"box","text":"ced","page_number":125,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"45ef242b-4349-4462-b9d2-0eb543e98596","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":125,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"24c54fe8-0511-470d-88ab-7de34cb0ff52","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":125,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"23466704-55ad-4d4d-9c3e-a8a56735a4d7","block_type":"box","text":"Net monetary","page_number":125,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"54bd4838-fc85-4b21-8e41-11f9ee5e34ea","block_type":"box","text":"Non-monetary","page_number":125,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"96884c97-92b0-45e4-877b-54ee3a422d55","block_type":"box","text":"Total net","page_number":125,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"f2b24168-6771-4e8c-b278-f759544121da","block_type":"box","text":"assets and liabilities","page_number":125,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"5d2a8374-9aa5-4598-b24c-1b840d731ff6","block_type":"box","text":"assets","page_number":125,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"ad749a8f-87de-4614-bd00-6c460cfe5f67","block_type":"box","text":"assets","page_number":125,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"0a44090c-f5f5-4cd5-bfd9-6edef7726ac0","block_type":"box","text":"£","page_number":125,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"33239365-8107-4ea2-a4a3-f1fa2c493bb1","block_type":"box","text":"£","page_number":125,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"a7121bab-2974-40a3-a5d2-b6c9159cdac0","block_type":"box","text":"£","page_number":125,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"fe848d30-c979-4571-b1c7-4a30ba54cd7e","block_type":"box","text":"£","page_number":125,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"b9d41799-e774-4cee-9772-bfcd5a54f0e0","block_type":"box","text":"£","page_number":125,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"b62d422a-6726-4b3d-b6a3-f312ee01ca59","block_type":"box","text":"£","page_number":125,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"4a239393-892b-4e6f-a816-d01e03fefb00","block_type":"box","text":"30.04.26","page_number":125,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"9a18e846-087a-4181-bae8-e20e1b4984fc","block_type":"box","text":"30.04.25","page_number":125,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"78e091b1-8d10-4a55-ace4-a3acfea90bbe","block_type":"box","text":"30.04.26","page_number":125,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"85b2c4dd-36df-4524-a08b-dcee2fbacdbd","block_type":"box","text":"30.04.25","page_number":125,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"2d8788f5-bba5-4dd9-bd48-1d82b616667d","block_type":"box","text":"30.04.26","page_number":125,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"40949062-102f-4b6d-a684-cb2355c14a63","block_type":"box","text":"30.04.25","page_number":125,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"0b39d02e-040b-4e33-a117-dfaa6798b932","block_type":"box","text":"Sterling","page_number":125,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"cc4e4997-c66d-4ed4-aa27-36e89dee9c87","block_type":"box","text":"5,148,765","page_number":125,"box":{"x":288,"y":680,"width":58,"height":9}},{"id":"1c0cdb53-1be6-4e66-b03c-a8acf375ca0c","block_type":"box","text":"3,742,186","page_number":125,"box":{"x":397,"y":680,"width":59,"height":9}},{"id":"c5d0191f-c177-495d-9ae8-b61d98aaee5e","block_type":"box","text":"446,813,736","page_number":125,"box":{"x":491,"y":680,"width":75,"height":9}},{"id":"e303a31e-dbf2-4269-bce5-5bbde6e296d2","block_type":"box","text":"327,839,090","page_number":125,"box":{"x":601,"y":680,"width":74,"height":9}},{"id":"8283f4ec-3a3c-4da6-adf3-36c1f0c6c735","block_type":"box","text":"451,962,501","page_number":125,"box":{"x":710,"y":680,"width":73,"height":9}},{"id":"8b99709c-cf10-4dd1-b26c-5c09b9947f94","block_type":"box","text":"331,581,276","page_number":125,"box":{"x":820,"y":680,"width":74,"height":9}},{"id":"aaf3d0a2-eb99-4d34-bf1d-fec786321058","block_type":"box","text":"EUR","page_number":125,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"86b5a7ee-cf97-48fe-846c-5ce6fad6ce2e","block_type":"box","text":"–","page_number":125,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"fbf3c00c-c3d1-41f2-a48b-6a3cb32e813c","block_type":"box","text":"–","page_number":125,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"a467f810-3448-4251-85f4-c399007422d3","block_type":"box","text":"–","page_number":125,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"a1cedb71-b350-4953-b050-cb8901f91031","block_type":"box","text":"6,116,540","page_number":125,"box":{"x":616,"y":695,"width":59,"height":9}},{"id":"44309076-018d-4868-8cf4-aaac89b879db","block_type":"box","text":"–","page_number":125,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"68a5d52f-7d95-4130-8455-3b579d5dc5e6","block_type":"box","text":"6,116,540","page_number":125,"box":{"x":835,"y":695,"width":59,"height":9}},{"id":"7330bcba-327f-4e14-98dd-1523f7f7c5cf","block_type":"box","text":"USD","page_number":125,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"c596f9a2-0e9c-4a1b-ad2a-2d6bfc0f5dab","block_type":"box","text":"–","page_number":125,"box":{"x":340,"y":715,"width":7,"height":1}},{"id":"977d6ec8-7f10-4a9b-93b8-a160745ee149","block_type":"box","text":"–","page_number":125,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"f7b0bdc0-4dbe-4f57-8817-b5f0477f25d8","block_type":"box","text":"21,996,465","page_number":125,"box":{"x":499,"y":711,"width":66,"height":9}},{"id":"eff9e570-bd9b-4101-bd93-42b051deaf3e","block_type":"box","text":"–","page_number":125,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"246c2da8-e623-45b1-bbee-861e8118ddf9","block_type":"box","text":"21,996,465","page_number":125,"box":{"x":718,"y":711,"width":67,"height":9}},{"id":"d3f7bfd8-22f7-4226-9d5e-d22cf2da5f67","block_type":"box","text":"–","page_number":125,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"8a2bb762-e297-4bfc-8ed9-f1b16c950da5","block_type":"box","text":"5,148,765","page_number":125,"box":{"x":285,"y":733,"width":61,"height":9}},{"id":"6930e2c2-24d0-4eb6-b816-184d16f03cda","block_type":"box","text":"3,742,186","page_number":125,"box":{"x":394,"y":733,"width":62,"height":9}},{"id":"835257d4-bbe4-4f00-b3f2-393b5b381e6a","block_type":"box","text":"468,810,201","page_number":125,"box":{"x":487,"y":733,"width":77,"height":9}},{"id":"1903d7e9-ff8c-41aa-9d04-79e3b41d08b7","block_type":"box","text":"333,955,630","page_number":125,"box":{"x":597,"y":733,"width":78,"height":9}},{"id":"61682101-3ddb-4cbb-b86a-0afe57b7ec17","block_type":"box","text":"473,958,966","page_number":125,"box":{"x":706,"y":733,"width":79,"height":9}},{"id":"4757b7af-a02b-4a52-82d9-90de8e1299d5","block_type":"box","text":"337,697,816","page_number":125,"box":{"x":816,"y":733,"width":78,"height":9}},{"id":"efe86f79-f70d-42ae-84be-83d62b50e069","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":125,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"6d9b092d-3731-4f7d-8f8e-04ef1a6f9828","block_type":"box","text":"he","page_number":125,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"6973a62f-1100-4a81-bae0-af4a66121914","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £2,1","page_number":125,"box":{"x":96,"y":770,"width":765,"height":11}},{"id":"175ad5ec-aaa9-47f0-a967-193aa702a84f","block_type":"box","text":"99,647","page_number":125,"box":{"x":864,"y":771,"width":40,"height":9}},{"id":"d78c3239-fcea-4382-a7c2-b5301940abd5","block_type":"box","text":"(30 April 2025: £611,654).","page_number":125,"box":{"x":95,"y":786,"width":155,"height":10}},{"id":"26cd5916-d92b-4142-b0cb-ce12855a18a3","block_type":"box","text":"Interest rate risk","page_number":125,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"9cde0cee-0070-454a-a5ea-3e2901cf0daa","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":125,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"57a651be-8c50-4ab2-99b2-3c6ded89e2db","block_type":"box","text":"se change","page_number":125,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"5830a42a-127c-4076-afef-df06be8a7019","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":125,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"add05fbf-b48f-49d4-925e-99512b40b116","block_type":"box","text":"nterest","page_number":125,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"95a3129f-bda6-4705-8e7b-eec4f2b2ca88","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short term in","page_number":125,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"6d6a2aae-2ba0-4ee5-a178-1e7d1317d468","block_type":"box","text":"struments.","page_number":125,"box":{"x":839,"y":853,"width":64,"height":8}},{"id":"6b5bbb9d-e580-41d9-ad0f-97999bec1d69","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":125,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"8b18532f-a76b-4bb5-9c99-0cbdacbfd2f7","block_type":"box","text":"ited","page_number":125,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"620eac28-fd07-43c2-be21-9b856193e5f2","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":125,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"440b6ad6-c0b8-48a1-afd9-6402de0862c6","block_type":"box","text":"n the","page_number":125,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"f9c6f47a-2406-4102-bd72-89b8428bcc8a","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":125,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"90342fa0-9ac7-4984-8b55-ca34f37f872f","block_type":"box","text":"ses as","page_number":125,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"d53c5e02-9b48-471e-bc7b-a62710413eb8","block_type":"box","text":"interest rates increase.","page_number":125,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"2ec72015-4f01-4b58-98b2-e960b15e1325","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":125,"box":{"x":97,"y":38,"width":379,"height":13}},{"id":"232e9546-ac12-4adc-a9da-cb3d707724d9","block_type":"box","text":"120","page_number":125,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"40653614-e8c4-4d1f-9612-069f3b813b69","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":126,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"c193fdf4-a243-487a-bd5c-8a3d1e7c242d","block_type":"box","text":"for the year ended 30 April 2026","page_number":126,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"c7f62f03-a2f6-4e69-9e1d-42bf42679cc8","block_type":"box","text":"10. Risk management policies (continued)","page_number":126,"box":{"x":96,"y":134,"width":277,"height":11}},{"id":"a8f64428-ef1f-4ebe-aca6-01c6a0421a17","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":126,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"480bc695-e7aa-43e1-a634-88000b9cbfda","block_type":"box","text":"30.04.26","page_number":126,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"9fd21956-338a-4967-ac58-3a12eb8e66d6","block_type":"box","text":"30.04.25","page_number":126,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"29d7f067-fd26-44a9-bdf5-fb36e22a10be","block_type":"box","text":"£","page_number":126,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"a347b3a9-67bd-447f-bac4-773f5e29edc1","block_type":"box","text":"£","page_number":126,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"beb2ff18-d4f4-4e8c-aee5-f180685bb71e","block_type":"box","text":"Financial assets floating rate","page_number":126,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"9c5803db-96cc-4d29-bab5-3dce68f0114f","block_type":"box","text":"7,161,574","page_number":126,"box":{"x":726,"y":210,"width":59,"height":9}},{"id":"ebe29d19-22ba-4ea3-87dd-322203ee8b87","block_type":"box","text":"4,357,926","page_number":126,"box":{"x":835,"y":210,"width":59,"height":9}},{"id":"5645567c-9b81-4d4a-80d0-a61b99cc8b8c","block_type":"box","text":"Financial assets interest bearing instruments","page_number":126,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"a811bb67-352b-46f1-b016-3a4cc94a043e","block_type":"box","text":"175,993,261","page_number":126,"box":{"x":711,"y":229,"width":72,"height":9}},{"id":"b9c0d900-fe93-4b5c-918b-88fcbad9fd2f","block_type":"box","text":"126,557,463","page_number":126,"box":{"x":821,"y":229,"width":73,"height":9}},{"id":"8e341d07-87a9-43db-960d-21d165e56abb","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":126,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"55767ed2-afa7-41b1-a5ec-7539e79643a3","block_type":"box","text":"294,879,901","page_number":126,"box":{"x":711,"y":248,"width":72,"height":9}},{"id":"41379f01-8e10-4155-af32-64a40cde6a3e","block_type":"box","text":"210,465,581","page_number":126,"box":{"x":820,"y":248,"width":72,"height":9}},{"id":"39367e1f-24ec-406f-a750-285a23630a9b","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":126,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"0485e968-e9d7-4917-8440-1b40ce9c4d1d","block_type":"box","text":"(4,075,770)","page_number":126,"box":{"x":721,"y":266,"width":68,"height":10}},{"id":"0431e3a0-b5d4-4483-8913-404fd9594bda","block_type":"box","text":"(3,049,495)","page_number":126,"box":{"x":831,"y":266,"width":68,"height":10}},{"id":"b998eb66-a160-4baf-949d-a3ff97691096","block_type":"box","text":"Financial liabilities floating rate","page_number":126,"box":{"x":96,"y":285,"width":187,"height":10}},{"id":"552787b5-ee8e-4eab-8dc7-25196e2e7bed","block_type":"box","text":"–","page_number":126,"box":{"x":778,"y":290,"width":7,"height":0}},{"id":"82544953-536f-4b86-ae7f-747a0bf67d56","block_type":"box","text":"(633,659)","page_number":126,"box":{"x":842,"y":285,"width":57,"height":10}},{"id":"c3fff7b4-7a21-44f3-8c28-05c6274017eb","block_type":"box","text":"473,958,966","page_number":126,"box":{"x":706,"y":307,"width":79,"height":9}},{"id":"72fb0f66-5936-4ae6-8d5a-2f6fb289f69b","block_type":"box","text":"337,697,816","page_number":126,"box":{"x":816,"y":307,"width":78,"height":9}},{"id":"1ced84d6-1a7b-4966-ae1f-6563dfdd6f85","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":126,"box":{"x":95,"y":342,"width":767,"height":11}},{"id":"60d44758-523d-4b61-af22-90d59735544a","block_type":"box","text":"assets","page_number":126,"box":{"x":867,"y":343,"width":37,"height":7}},{"id":"77c5f508-df32-4a92-85e2-738378c81ee5","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £17,904 (30 April 2025: £9,311).","page_number":126,"box":{"x":95,"y":358,"width":748,"height":10}},{"id":"f1203fc0-ca4a-47c8-a666-46ced94fa940","block_type":"box","text":"Maturity of financial liabilities","page_number":126,"box":{"x":96,"y":380,"width":201,"height":10}},{"id":"c330c014-42c0-4ec9-bbb1-7b04f0cfacca","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":126,"box":{"x":95,"y":395,"width":655,"height":11}},{"id":"8064686b-d6d4-424b-aa35-2f1eb81effcf","block_type":"box","text":"Liquidity risk","page_number":126,"box":{"x":96,"y":417,"width":86,"height":11}},{"id":"c801791c-e21c-4509-be6c-a3898f043891","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":126,"box":{"x":95,"y":433,"width":742,"height":11}},{"id":"463fccee-58a7-40a8-8854-7474d07bb9bc","block_type":"box","text":"any shares","page_number":126,"box":{"x":840,"y":433,"width":64,"height":11}},{"id":"6fd68e81-fe63-4d91-8d87-f63863a9a6b7","block_type":"box","text":"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","page_number":126,"box":{"x":95,"y":448,"width":732,"height":11}},{"id":"a7b9f79c-07be-433b-8c5b-76a4156ee27c","block_type":"box","text":"edemptions.","page_number":126,"box":{"x":828,"y":448,"width":75,"height":11}},{"id":"cdfb8b6f-fd58-4c84-aba3-2d8cfa2648c0","block_type":"box","text":"Credit risk","page_number":126,"box":{"x":96,"y":470,"width":68,"height":9}},{"id":"af760311-a12a-45ca-ba1b-68795069ac3c","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":126,"box":{"x":96,"y":486,"width":722,"height":11}},{"id":"1022d8ac-5cf1-4e00-b894-ee7ae176d526","block_type":"box","text":"he investment","page_number":126,"box":{"x":819,"y":486,"width":85,"height":8}},{"id":"a2f2ed81-0b1c-40cd-b79c-b6496ca7f079","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":126,"box":{"x":95,"y":501,"width":759,"height":11}},{"id":"52318d34-f560-47a3-862e-6da853e9bc8f","block_type":"box","text":"stments","page_number":126,"box":{"x":856,"y":502,"width":48,"height":8}},{"id":"cf7900cc-c6be-40ba-bf9b-1a4db5804bb1","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":126,"box":{"x":95,"y":517,"width":808,"height":10}},{"id":"71827f13-8b18-48a2-988f-8f6abb807105","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar","page_number":126,"box":{"x":96,"y":532,"width":738,"height":11}},{"id":"b1a3609d-572a-47c6-a127-a3939c6dbcb5","block_type":"box","text":"e reviewed.","page_number":126,"box":{"x":835,"y":532,"width":68,"height":8}},{"id":"4e3476d0-c47f-4d12-b8bb-10d37bf5fe28","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":126,"box":{"x":96,"y":554,"width":733,"height":11}},{"id":"80585d3c-f617-4975-b3a4-1ae505aeb3e7","block_type":"box","text":"cash is held","page_number":126,"box":{"x":834,"y":554,"width":69,"height":9}},{"id":"499908b6-47db-4051-9324-0e3edcd53ca7","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":126,"box":{"x":95,"y":570,"width":735,"height":11}},{"id":"0e87ff1b-4d11-42ee-85e6-d62d8c74322a","block_type":"box","text":"lectives that","page_number":126,"box":{"x":832,"y":570,"width":72,"height":8}},{"id":"1dcaac1b-9bf6-43e6-9879-33d2659c478e","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":126,"box":{"x":96,"y":585,"width":650,"height":11}},{"id":"c58c47de-9a22-4093-b1ca-36cf64739d10","block_type":"box","text":"Fair value disclosure","page_number":126,"box":{"x":96,"y":607,"width":135,"height":9}},{"id":"9901847e-da98-438c-914a-b541cfad7429","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":126,"box":{"x":95,"y":623,"width":731,"height":11}},{"id":"d6583146-07ae-4b46-8d51-82ace7bb3d9e","block_type":"box","text":". The highest","page_number":126,"box":{"x":828,"y":623,"width":76,"height":11}},{"id":"128a85db-8eb9-43ca-ac72-5e2c3da6e183","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":126,"box":{"x":96,"y":638,"width":739,"height":11}},{"id":"9c6e3e22-25e7-467d-b940-3bd445a3c0d1","block_type":"box","text":"els in these","page_number":126,"box":{"x":836,"y":638,"width":68,"height":9}},{"id":"a392898e-817d-4ec6-899a-87344a6489c5","block_type":"box","text":"financial statements are as follows:","page_number":126,"box":{"x":95,"y":654,"width":213,"height":8}},{"id":"11fdfef6-99a2-4fdc-aae7-2c6d01b3cf40","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":126,"box":{"x":96,"y":676,"width":489,"height":11}},{"id":"d777caf6-27e1-4225-b063-068ec75e83f4","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":126,"box":{"x":96,"y":698,"width":568,"height":11}},{"id":"c7054165-d017-4b1f-9395-fe6318e6ef5a","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":126,"box":{"x":96,"y":720,"width":344,"height":11}},{"id":"3e9d4da7-b247-402e-a79b-b74e7b059f83","block_type":"box","text":"Valuation technique","page_number":126,"box":{"x":95,"y":743,"width":135,"height":10}},{"id":"e663c190-68e9-4d58-beec-ff2210a3cea2","block_type":"box","text":"30.04.26","page_number":126,"box":{"x":534,"y":743,"width":55,"height":8}},{"id":"5ae70e91-976e-4689-98e0-f3d02e4d443f","block_type":"box","text":"30.04.25","page_number":126,"box":{"x":801,"y":743,"width":54,"height":8}},{"id":"02167e64-dab5-4896-ab3c-45d3b95af7b7","block_type":"box","text":"Assets","page_number":126,"box":{"x":452,"y":756,"width":42,"height":8}},{"id":"ccac2f04-6d29-4050-b7f0-dd701c5cb86d","block_type":"box","text":"Liabilities","page_number":126,"box":{"x":564,"y":756,"width":64,"height":8}},{"id":"c7a73a09-84c7-441c-8631-127229073b58","block_type":"box","text":"Assets","page_number":126,"box":{"x":719,"y":756,"width":42,"height":8}},{"id":"fd663a4f-d32a-461a-911c-ea560839eeac","block_type":"box","text":"Liabilities","page_number":126,"box":{"x":833,"y":756,"width":64,"height":8}},{"id":"b5df0f03-dc13-4ccf-b5e4-98e5fd745dca","block_type":"box","text":"(£000’s)","page_number":126,"box":{"x":444,"y":769,"width":50,"height":9}},{"id":"00c1304a-9ed7-4e07-a70e-6f88254401ea","block_type":"box","text":"(£000’s)","page_number":126,"box":{"x":577,"y":769,"width":50,"height":9}},{"id":"9005cde4-d1e8-4915-88a2-668ebb5e6d71","block_type":"box","text":"(£000’s)","page_number":126,"box":{"x":711,"y":769,"width":50,"height":9}},{"id":"16160066-b0bf-4863-96a4-038f648a9980","block_type":"box","text":"(£000’s)","page_number":126,"box":{"x":846,"y":769,"width":51,"height":9}},{"id":"6b9cb305-5b05-44c0-9495-33c63454ec2b","block_type":"box","text":"Level 1","page_number":126,"box":{"x":96,"y":784,"width":38,"height":8}},{"id":"d3116f74-7bb1-4a26-8df0-68e64adc59ac","block_type":"box","text":"129,459","page_number":126,"box":{"x":447,"y":784,"width":47,"height":10}},{"id":"30694259-9379-4467-9ae3-f6168d20acda","block_type":"box","text":"–","page_number":126,"box":{"x":621,"y":789,"width":6,"height":1}},{"id":"19b30fbc-d163-4160-9ef0-69f44ec2b7d2","block_type":"box","text":"29,075","page_number":126,"box":{"x":721,"y":784,"width":40,"height":10}},{"id":"29b436c2-bee5-4dfe-bd1d-85c2f5a13a04","block_type":"box","text":"–","page_number":126,"box":{"x":890,"y":789,"width":7,"height":1}},{"id":"a78c89a7-3b9b-4ccc-92b7-c8a0bf8278fb","block_type":"box","text":"Level 2","page_number":126,"box":{"x":96,"y":800,"width":40,"height":8}},{"id":"541343d5-53f6-4a5b-b439-3bd898567da3","block_type":"box","text":"339,351","page_number":126,"box":{"x":447,"y":800,"width":45,"height":9}},{"id":"cd5007ec-bbd4-4bf4-a231-88d5717e6da7","block_type":"box","text":"–","page_number":126,"box":{"x":621,"y":804,"width":6,"height":1}},{"id":"d3eae6ae-fe93-404e-b0a6-3886ab59004e","block_type":"box","text":"304,881","page_number":126,"box":{"x":713,"y":800,"width":46,"height":9}},{"id":"92c9a0df-b9d3-4552-b3ed-a21e6ee0e3a8","block_type":"box","text":"–","page_number":126,"box":{"x":890,"y":804,"width":7,"height":1}},{"id":"aaec94ab-afd0-401e-aa0c-6ea817fa73ca","block_type":"box","text":"Level 3","page_number":126,"box":{"x":96,"y":815,"width":40,"height":8}},{"id":"fb4500f3-aef9-4cb4-b377-7cd98cbe2518","block_type":"box","text":"–","page_number":126,"box":{"x":488,"y":820,"width":6,"height":1}},{"id":"d05b2dca-c198-4ef4-b246-8f3ce03366a5","block_type":"box","text":"–","page_number":126,"box":{"x":621,"y":820,"width":6,"height":1}},{"id":"605554e1-fc91-4142-a988-94c274a60150","block_type":"box","text":"–","page_number":126,"box":{"x":754,"y":820,"width":7,"height":1}},{"id":"54a9014e-f7a5-496b-9fcc-c49d9e4b1454","block_type":"box","text":"–","page_number":126,"box":{"x":890,"y":820,"width":7,"height":1}},{"id":"a68488a5-33ec-45e7-beb5-d4e2828de697","block_type":"box","text":"468,810","page_number":126,"box":{"x":444,"y":838,"width":50,"height":9}},{"id":"480064f8-4022-4efc-84e5-5f3b97067427","block_type":"box","text":"–","page_number":126,"box":{"x":621,"y":842,"width":7,"height":1}},{"id":"630e1368-13d4-4b95-8d2d-0d84374d379b","block_type":"box","text":"333,956","page_number":126,"box":{"x":711,"y":838,"width":50,"height":9}},{"id":"506fad10-7c05-47fa-9c17-f82a83201ba2","block_type":"box","text":"–","page_number":126,"box":{"x":890,"y":842,"width":7,"height":1}},{"id":"13ba909a-3326-4871-a2e8-277503eca1cc","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":126,"box":{"x":524,"y":38,"width":378,"height":13}},{"id":"148c8d01-f6f3-463e-9cf2-628f203cc3d0","block_type":"box","text":"121","page_number":126,"box":{"x":963,"y":960,"width":24,"height":8}},{"id":"7688cdbb-ce76-42b9-9d17-a5fd16f241ea","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":127,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"231ffa2d-2a22-413f-9edf-f42ff1a5ef69","block_type":"box","text":"for the year ended 30 April 2026","page_number":127,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"32dc66e9-e5f3-4179-ad59-d3b8a72a4754","block_type":"box","text":"11. Shares held","page_number":127,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"05391870-feaa-4e2e-83e2-07244972d61d","block_type":"box","text":"A Class (Retail) Accumulation","page_number":127,"box":{"x":95,"y":156,"width":193,"height":10}},{"id":"73bc89c7-37f7-4115-a1dd-6de2a1e8f9b2","block_type":"box","text":"Opening shares at 01.05.2025","page_number":127,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"978c84df-1855-4dfc-bd02-4e8139727e8f","block_type":"box","text":"244,011,053","page_number":127,"box":{"x":416,"y":179,"width":78,"height":9}},{"id":"b76f5734-1650-41a9-acaa-fa3e7a2809c6","block_type":"box","text":"Shares issued during the year","page_number":127,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"f86ad157-2543-4554-9144-fc0a2e611ce8","block_type":"box","text":"112,427,871","page_number":127,"box":{"x":421,"y":194,"width":71,"height":10}},{"id":"8d0ed4d6-30dd-4776-a8be-c7f02123f54d","block_type":"box","text":"Shares cancelled during the year","page_number":127,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"66b55890-f288-486b-895e-4eeb58a044e7","block_type":"box","text":"(64,603,423)","page_number":127,"box":{"x":419,"y":210,"width":75,"height":9}},{"id":"fea2fac3-3060-43a1-b859-0d10356811df","block_type":"box","text":"Shares converted during the year","page_number":127,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"213fdb2b-bf91-4e4f-96e3-006636c0482e","block_type":"box","text":"–","page_number":127,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"d0544499-883a-49a8-9656-84a390e7a89c","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":127,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"9a89d3aa-e292-463d-8f9f-9035604565c2","block_type":"box","text":"291,835,501","page_number":127,"box":{"x":416,"y":248,"width":77,"height":9}},{"id":"85a03b6e-241d-447f-b0f9-ea9ebd902b4b","block_type":"box","text":"12. Contingent assets and liabilities","page_number":127,"box":{"x":96,"y":293,"width":234,"height":11}},{"id":"b654c30b-6949-4858-a366-349af674c848","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).","page_number":127,"box":{"x":95,"y":309,"width":585,"height":11}},{"id":"ebc1d0da-0744-40ed-af81-83e2af80394e","block_type":"box","text":"13. Post balance sheet events","page_number":127,"box":{"x":96,"y":355,"width":194,"height":8}},{"id":"18a7acf3-77be-4e98-8747-045017e26d90","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":127,"box":{"x":95,"y":374,"width":425,"height":11}},{"id":"73cd57aa-afae-4ef1-87f7-ecb31436e15e","block_type":"box","text":"14. Direct transactions costs","page_number":127,"box":{"x":96,"y":420,"width":186,"height":9}},{"id":"58a1b46e-902c-47dc-8026-891b45849cb8","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":127,"box":{"x":96,"y":439,"width":755,"height":11}},{"id":"8472c529-8d96-4778-b868-4600cace2740","block_type":"box","text":"herefore","page_number":127,"box":{"x":853,"y":439,"width":51,"height":8}},{"id":"5edee431-543b-495c-b61a-a9e519537880","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":127,"box":{"x":95,"y":455,"width":444,"height":10}},{"id":"4fe9f9f4-bd23-4c1b-85b5-d54e8cfe4d04","block_type":"box","text":"15. Portfolio dealing spread","page_number":127,"box":{"x":96,"y":501,"width":181,"height":11}},{"id":"08743e32-7151-4fec-987c-942c3d0fe415","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.06% (30 April 2025: 0.02%).","page_number":127,"box":{"x":95,"y":523,"width":517,"height":11}},{"id":"8ec8c5b9-38bd-4dd1-ae01-532d53676272","block_type":"box","text":"16. Related party transactions","page_number":127,"box":{"x":96,"y":569,"width":199,"height":11}},{"id":"6d6a338b-b266-412e-adcf-e814b0bce84e","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":127,"box":{"x":95,"y":592,"width":707,"height":10}},{"id":"99d87969-d6a6-44f5-96f6-c2cac9306aa1","block_type":"box","text":"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","page_number":127,"box":{"x":95,"y":614,"width":765,"height":10}},{"id":"2d3f5d8a-6679-4aab-81f7-515b21cc9330","block_type":"box","text":"e sheet","page_number":127,"box":{"x":861,"y":614,"width":43,"height":8}},{"id":"f46f1dde-96b4-4e38-9754-28a2ca2ec8f6","block_type":"box","text":"date are disclosed in note 9.","page_number":127,"box":{"x":95,"y":629,"width":171,"height":8}},{"id":"a65e9d4b-15b6-4d9b-90ea-c4e43e221829","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":127,"box":{"x":97,"y":38,"width":379,"height":13}},{"id":"1d77c88a-25ef-4fa3-838d-58e5af063db1","block_type":"box","text":"122","page_number":127,"box":{"x":10,"y":960,"width":27,"height":8}},{"id":"81ce07c7-08bd-4dda-b23c-421d4c073b16","block_type":"box","text":"Distribution Tables","page_number":128,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"579d7826-376e-4786-a5b2-998a4d01b726","block_type":"box","text":"for the year ended 30 April 2026","page_number":128,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"1aef56cf-9a27-41f5-a5e6-820c66d5e36b","block_type":"box","text":"Accumulation Share Distributions","page_number":128,"box":{"x":95,"y":134,"width":224,"height":9}},{"id":"a1f29548-328c-438f-9023-552b548dd418","block_type":"box","text":"Share class","page_number":128,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"6d77f4fe-7d0b-4322-8d72-06fb0f4b1f9b","block_type":"box","text":"Distribution","page_number":128,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"6a57c29a-e3e5-4ff4-b593-804019169f6f","block_type":"box","text":"Shares","page_number":128,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"6ae4c9c3-a3da-4ebe-938d-e61c6f10a0fd","block_type":"box","text":"Net","page_number":128,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"78e7670e-a8e7-4bb6-a3a1-08313100d33c","block_type":"box","text":"Equalisation","page_number":128,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"25652adb-0a30-4a45-96e5-f77eef42ee70","block_type":"box","text":"Distribution","page_number":128,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"26c5d9be-bd9b-499f-a018-f027026647a5","block_type":"box","text":"Distribution","page_number":128,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"ece92bf4-7db2-41dd-afbc-e68458c94ca5","block_type":"box","text":"revenue","page_number":128,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"658f8e66-c730-4c9c-ad2b-21c9fc192139","block_type":"box","text":"31.08.2026","page_number":128,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"5fb4ec35-0c26-4144-a328-a25f26af6280","block_type":"box","text":"29.08.2025","page_number":128,"box":{"x":812,"y":165,"width":70,"height":8}},{"id":"73a3987f-5217-42bf-8b9d-3fa1dc2ebaf9","block_type":"box","text":"31.08.2026","page_number":128,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"d56304cb-7aa4-4c77-b9b6-ecb162f93d30","block_type":"box","text":"p","page_number":128,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"0a8371a6-7021-476f-bef5-93c4175d8489","block_type":"box","text":"p","page_number":128,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"5d658144-76a2-4691-be92-154cbf2c5c4a","block_type":"box","text":"p","page_number":128,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"8c2a3c97-9770-41af-85e0-cce5e3bc3624","block_type":"box","text":"p","page_number":128,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"4c1a2faf-9a51-45c9-9cf9-81d98bfd40a4","block_type":"box","text":"A","page_number":128,"box":{"x":104,"y":207,"width":8,"height":8}},{"id":"31bbad56-9996-4182-b815-087e65634de0","block_type":"box","text":"Final","page_number":128,"box":{"x":267,"y":207,"width":27,"height":8}},{"id":"1a4455c5-6c8f-409a-b37e-74a942c98da8","block_type":"box","text":"Group 1","page_number":128,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"6d420ec8-b2ef-4405-ad97-38363f89b401","block_type":"box","text":"2.4509","page_number":128,"box":{"x":513,"y":207,"width":40,"height":8}},{"id":"178878ee-7b04-4e76-9ba0-e8a074f973b8","block_type":"box","text":"–","page_number":128,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"84af4f90-fb6f-4092-825e-8484d786eebd","block_type":"box","text":"2.4509","page_number":128,"box":{"x":722,"y":207,"width":40,"height":8}},{"id":"fee38b67-8095-40bd-b11a-b54ba40fea69","block_type":"box","text":"1.9268","page_number":128,"box":{"x":828,"y":207,"width":39,"height":8}},{"id":"ccd210e6-7c6c-48e6-8cd4-8dcec5be88f8","block_type":"box","text":"Group 2","page_number":128,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"a831cb6c-c4b4-45da-9f26-cf459ab1da99","block_type":"box","text":"1.2251","page_number":128,"box":{"x":513,"y":221,"width":38,"height":8}},{"id":"d660f9b5-5a44-4712-a817-9f9f1cbe4469","block_type":"box","text":"1.2258","page_number":128,"box":{"x":618,"y":221,"width":40,"height":8}},{"id":"6eaefd81-4c5e-47c9-8ed0-4ea1e054cefc","block_type":"box","text":"2.4509","page_number":128,"box":{"x":722,"y":221,"width":40,"height":8}},{"id":"2d0ffc0a-87fc-4d0b-9e6a-4f5c5b71c8bc","block_type":"box","text":"1.9268","page_number":128,"box":{"x":828,"y":221,"width":39,"height":8}},{"id":"b33ca409-55de-483b-a5e7-1349942bc424","block_type":"box","text":"Final distribution in pence per share","page_number":128,"box":{"x":96,"y":252,"width":240,"height":11}},{"id":"2f77a3f2-3fb3-452d-91e0-8000e2a78ea8","block_type":"box","text":"Group 1:","page_number":128,"box":{"x":96,"y":268,"width":51,"height":10}},{"id":"8cc483d3-59e1-4eff-8f95-cc537d66aef3","block_type":"box","text":"Shares purchased prior to 01 May 2025","page_number":128,"box":{"x":181,"y":267,"width":239,"height":11}},{"id":"dfbe9e3b-6ea4-4aeb-b0ff-b619e2e3c3e0","block_type":"box","text":"Group 2:","page_number":128,"box":{"x":96,"y":283,"width":51,"height":11}},{"id":"4d2a3b7e-aa01-4a50-a2b1-2ef44fd6b404","block_type":"box","text":"Shares purchased on or after 01 May 2025 and on or before 30 April 2026","page_number":128,"box":{"x":181,"y":283,"width":448,"height":11}},{"id":"dee17d4c-ae99-47b6-bbde-b54d18bb4c08","block_type":"box","text":"MI Tatton Blended Balanced Fund","page_number":128,"box":{"x":524,"y":38,"width":378,"height":13}},{"id":"05336a6b-a411-4be1-bfc2-354525f5381d","block_type":"box","text":"123","page_number":128,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"47ede33a-708b-4b24-a779-37734d872cb6","block_type":"box","text":"Sub-fund Overview","page_number":129,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"8a9acf78-fb0e-43b7-8c32-f0065a87cc38","block_type":"box","text":"Name of Sub-fund","page_number":129,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"774339b7-90ae-436b-8334-72e54dfda906","block_type":"box","text":"MI Tatton Blended Cautious Fund (formerly VT Tatton Blended Cautious Fund)","page_number":129,"box":{"x":96,"y":143,"width":474,"height":11}},{"id":"612453d3-bf0d-4b6d-aae6-afda46e242ca","block_type":"box","text":"Size of Sub-fund","page_number":129,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"75f2a087-0e0b-4e66-8275-637415c0e4d9","block_type":"box","text":"£164,459,413","page_number":129,"box":{"x":95,"y":181,"width":82,"height":9}},{"id":"705b52f8-52b2-4906-ad52-2b6bb756a17b","block_type":"box","text":"Launch date","page_number":129,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"5c896826-0532-43ee-93fd-14faf7de3afd","block_type":"box","text":"31 January 2018","page_number":129,"box":{"x":95,"y":219,"width":97,"height":10}},{"id":"0097ea16-1530-474f-9f6c-49c1d83d4587","block_type":"box","text":"Investment objective and policy","page_number":129,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"11f661c2-c5ba-4fd5-b181-4ea210d2f195","block_type":"box","text":"The objective of the Sub-fund is to maximise potential total return (i.e. capital and income growth).","page_number":129,"box":{"x":95,"y":256,"width":601,"height":11}},{"id":"e678f11d-2892-476f-8dd3-c329e0448253","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as equities. For this Sub-fund, over the long term","page_number":129,"box":{"x":96,"y":278,"width":748,"height":11}},{"id":"34ce4deb-110d-454e-81cd-d0c5b5c4bdaf","block_type":"box","text":"(5 years),","page_number":129,"box":{"x":849,"y":279,"width":54,"height":10}},{"id":"c524f261-94b3-49cc-8d6d-7aef8db2daca","block_type":"box","text":"it is expected that the proportion of the Sub-fund exposed to equities will be approximately 45%.","page_number":129,"box":{"x":96,"y":293,"width":589,"height":11}},{"id":"88c2fe6d-3394-43e5-a6d1-e1fa355b07f9","block_type":"box","text":"In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by","page_number":129,"box":{"x":96,"y":316,"width":772,"height":10}},{"id":"ce456b8b-47c0-4d23-b237-3350677e2552","block_type":"box","text":"more","page_number":129,"box":{"x":873,"y":318,"width":31,"height":6}},{"id":"7d983c38-2e52-4705-a10e-9155f7e780bf","block_type":"box","text":"than ± 12.5%.","page_number":129,"box":{"x":95,"y":331,"width":82,"height":8}},{"id":"cd83b92a-6fd0-4ad0-9d86-a816b542b7a7","block_type":"box","text":"The Investment Manager will manage the portfolio in order to achieve its investment objective by investing in collective invest","page_number":129,"box":{"x":95,"y":353,"width":777,"height":11}},{"id":"8b69a8fa-350b-470b-816c-1e15ef7114ab","block_type":"box","text":"ment","page_number":129,"box":{"x":873,"y":354,"width":31,"height":7}},{"id":"a1c00349-fdcf-4f49-8000-740ff4c2db6e","block_type":"box","text":"schemes such as unit trusts, OEICs and other UCITS funds and closed ended schemes. The Sub-fund may also invest in individual s","page_number":129,"box":{"x":95,"y":369,"width":774,"height":10}},{"id":"44ef6ae2-0a3b-456d-9e7d-034ec46abf3e","block_type":"box","text":"tocks,","page_number":129,"box":{"x":869,"y":369,"width":34,"height":9}},{"id":"be9cb417-fc8c-4bdc-bf74-c4c14559b6e4","block_type":"box","text":"bonds, and derivatives if considered appropriate to meet the investment objective.","page_number":129,"box":{"x":96,"y":384,"width":503,"height":11}},{"id":"4ea8fd40-11ab-4ffd-a527-685e65066e1f","block_type":"box","text":"The Sub-fund will seek exposure to a diverse portfolio of assets, with a balance between passive and active strategies, with th","page_number":129,"box":{"x":95,"y":406,"width":756,"height":11}},{"id":"9874f856-9b92-49f4-8991-017eee7f8e8d","block_type":"box","text":"e overall","page_number":129,"box":{"x":853,"y":406,"width":50,"height":9}},{"id":"75778b76-2fce-47d9-abcd-c553f42b12c7","block_type":"box","text":"portfolio having an equity allocation in line with that in the investment objective. Other underlying assets in the portfolio (","page_number":129,"box":{"x":96,"y":422,"width":755,"height":10}},{"id":"e659a4b8-a8d2-49e5-9f92-c7064760aae5","block_type":"box","text":"to which","page_number":129,"box":{"x":852,"y":422,"width":51,"height":8}},{"id":"3c256268-f0d5-426b-8f8d-849667bda782","block_type":"box","text":"there will be indirect exposure) may include bonds, commodities, property, private equity, derivatives and other instruments. S","page_number":129,"box":{"x":95,"y":437,"width":781,"height":11}},{"id":"8fe6fdb8-70ac-4df5-8ce8-5a81268cbdda","block_type":"box","text":"ome","page_number":129,"box":{"x":878,"y":440,"width":26,"height":5}},{"id":"7a5818db-bc22-4471-942b-b31ba3b7db87","block_type":"box","text":"of these investments will be denominated in foreign currencies which may or may not be hedged back to Pounds Sterling.","page_number":129,"box":{"x":95,"y":453,"width":741,"height":10}},{"id":"53164f0e-808b-457e-9595-c68f8944ad86","block_type":"box","text":"The Sub-fund may also invest, at the ACD’s discretion, in other transferable securities, money market instruments, cash and nea","page_number":129,"box":{"x":95,"y":475,"width":769,"height":11}},{"id":"0f86fd00-23d1-44a4-a93f-6f6fdf3fedda","block_type":"box","text":"r cash,","page_number":129,"box":{"x":866,"y":475,"width":37,"height":9}},{"id":"78e6da95-7ed5-4ac7-a7bb-eee4399ddac6","block_type":"box","text":"deposits and any other permitted asset type deemed appropriate to meet the investment objective. The Sub-fund may also use","page_number":129,"box":{"x":95,"y":490,"width":809,"height":11}},{"id":"10cedb53-4b7a-44b9-af22-076bca8b56cc","block_type":"box","text":"derivatives for the purposes of efficient portfolio management.","page_number":129,"box":{"x":95,"y":506,"width":383,"height":10}},{"id":"8797fd19-2679-4d3b-afac-21ac178c7a73","block_type":"box","text":"Derivatives","page_number":129,"box":{"x":96,"y":528,"width":74,"height":8}},{"id":"eb9a6c24-b02a-4892-a9a3-b9ddc877ef98","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":129,"box":{"x":95,"y":543,"width":686,"height":11}},{"id":"9a231ec9-d811-4f89-ad0f-b8aa3cab43d2","block_type":"box","text":"Benchmark","page_number":129,"box":{"x":96,"y":566,"width":76,"height":8}},{"id":"19af71b3-561f-4e1b-8012-95156f109812","block_type":"box","text":"No explicit benchmark is stated for the Sub-fund. However multi-asset portfolios or peer group averages with a similar weight i","page_number":129,"box":{"x":96,"y":581,"width":758,"height":11}},{"id":"418ddb14-c2db-47cc-803e-75620400ba22","block_type":"box","text":"n equity","page_number":129,"box":{"x":857,"y":581,"width":47,"height":11}},{"id":"3a8cb967-d98d-497b-b3de-128958d5de82","block_type":"box","text":"may be useful in assessing the performance of the Sub-fund. An example for this Sub-fund may be the IA OE Mixed Investment 20-","page_number":129,"box":{"x":96,"y":596,"width":808,"height":11}},{"id":"9f72e579-e908-46a3-aed9-34d773dd49e7","block_type":"box","text":"60% Shares.","page_number":129,"box":{"x":96,"y":612,"width":73,"height":8}},{"id":"0bf68d09-a454-4d4b-b7a2-7e5153fd5166","block_type":"box","text":"The Sub-fund provides comparative performance against a relevant Investment Association sector benchmark in order for investors","page_number":129,"box":{"x":95,"y":634,"width":809,"height":11}},{"id":"8769fb3e-7c7d-484c-82ee-9550d84dbebd","block_type":"box","text":"to compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association M","page_number":129,"box":{"x":95,"y":649,"width":782,"height":11}},{"id":"691a4bab-6239-4cb5-b5e0-8a306c455008","block_type":"box","text":"ixed","page_number":129,"box":{"x":880,"y":649,"width":23,"height":9}},{"id":"0e11f78a-4ea8-4788-9eb7-11fba5efc6c1","block_type":"box","text":"Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a","page_number":129,"box":{"x":95,"y":665,"width":800,"height":11}},{"id":"7f82e558-0883-4af7-bec1-00191997820e","block_type":"box","text":"n","page_number":129,"box":{"x":897,"y":667,"width":6,"height":6}},{"id":"ee31e228-79a7-4bec-9eca-76b7e30adcc3","block_type":"box","text":"indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or","page_number":129,"box":{"x":96,"y":680,"width":756,"height":11}},{"id":"ea9dc346-aefb-44b5-bb81-1390fdd4b92c","block_type":"box","text":"investor","page_number":129,"box":{"x":856,"y":681,"width":48,"height":8}},{"id":"495414d8-cbfe-4aed-b26f-935301477300","block_type":"box","text":"expectations.","page_number":129,"box":{"x":95,"y":696,"width":80,"height":10}},{"id":"e11ecb7e-27a7-4f57-a616-731b4264a5b6","block_type":"box","text":"Final accounting date","page_number":129,"box":{"x":96,"y":718,"width":142,"height":11}},{"id":"f4376810-1cc3-4e11-919b-10fb3be64b1b","block_type":"box","text":"30 April","page_number":129,"box":{"x":95,"y":733,"width":46,"height":11}},{"id":"90120ceb-069d-467e-beea-311e03c2fcb2","block_type":"box","text":"Interim accounting date","page_number":129,"box":{"x":96,"y":756,"width":159,"height":10}},{"id":"64b8d2ad-3355-49e3-a01b-79ff4b4948ae","block_type":"box","text":"31 October","page_number":129,"box":{"x":95,"y":771,"width":68,"height":8}},{"id":"0a4742b8-19a0-4c27-9e80-da84a08e07fb","block_type":"box","text":"Income distribution date","page_number":129,"box":{"x":96,"y":793,"width":164,"height":8}},{"id":"670ea311-cf63-4c40-af5f-18ac02f1488d","block_type":"box","text":"31 August","page_number":129,"box":{"x":95,"y":809,"width":60,"height":10}},{"id":"2f40153d-3017-46cb-a8e2-fb89ac423f94","block_type":"box","text":"ISA status","page_number":129,"box":{"x":96,"y":831,"width":64,"height":8}},{"id":"b16fb94e-fd33-437d-ac53-c31f272764ad","block_type":"box","text":"Qualifying Investment for stocks and shares component","page_number":129,"box":{"x":96,"y":846,"width":339,"height":11}},{"id":"02e796dd-afbe-49d0-8314-f7b7cec5fda0","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":129,"box":{"x":97,"y":38,"width":374,"height":13}},{"id":"0bbe5737-e739-43ed-a256-4240e356a74b","block_type":"box","text":"124","page_number":129,"box":{"x":10,"y":960,"width":27,"height":8}},{"id":"d5acca09-f00d-4885-8c5b-69d11179d6ea","block_type":"box","text":"Sub-fund Overview (continued)","page_number":130,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"f9889560-b0ee-4245-ab99-7b418c6a1e95","block_type":"box","text":"Class of shares","page_number":130,"box":{"x":96,"y":128,"width":96,"height":8}},{"id":"5637827e-3b7d-44d6-8a7e-c7891aa00776","block_type":"box","text":"A Class (Retail) Accumulation","page_number":130,"box":{"x":95,"y":143,"width":175,"height":10}},{"id":"27edcb2a-28be-4f2b-ac76-b8d0cfe107b6","block_type":"box","text":"A Class (Retail) Income*","page_number":130,"box":{"x":95,"y":158,"width":144,"height":10}},{"id":"d8c6cce2-766d-40f4-9396-d7e8c48886a5","block_type":"box","text":"*Share class not yet launched","page_number":130,"box":{"x":95,"y":181,"width":179,"height":10}},{"id":"508418a4-9025-4aae-93c0-1fc4ad7ad3fa","block_type":"box","text":"Initial charge","page_number":130,"box":{"x":96,"y":203,"width":86,"height":10}},{"id":"92bed517-06d7-40b5-82fd-cd6e62dc3818","block_type":"box","text":"0% (of the amount invested by an investor)","page_number":130,"box":{"x":95,"y":218,"width":262,"height":11}},{"id":"9d2fb672-c2a8-44a3-b12f-fbaaa2d7c809","block_type":"box","text":"Redemption charge","page_number":130,"box":{"x":96,"y":240,"width":129,"height":11}},{"id":"51daf3ec-a1a0-4c9a-aa58-933d926c01ef","block_type":"box","text":"0%","page_number":130,"box":{"x":334,"y":241,"width":17,"height":8}},{"id":"4351bcfc-1d4d-4a25-a187-d4d7cd3ca17e","block_type":"box","text":"Annual management charge","page_number":130,"box":{"x":95,"y":263,"width":188,"height":10}},{"id":"5b450dd9-dc3b-4714-9659-e7ddfe25e4d8","block_type":"box","text":"A Class (Retail) Accumulation","page_number":130,"box":{"x":95,"y":278,"width":175,"height":10}},{"id":"a6511f9b-6c35-4740-8223-82cb69f7d23f","block_type":"box","text":"0.30%","page_number":130,"box":{"x":334,"y":278,"width":36,"height":8}},{"id":"094dd396-9bd7-40b3-8a3a-43bdfb0aafc7","block_type":"box","text":"A Class (Retail) Income","page_number":130,"box":{"x":95,"y":293,"width":137,"height":10}},{"id":"c180c646-b209-4711-afd6-51adbc049281","block_type":"box","text":"0.30%","page_number":130,"box":{"x":334,"y":294,"width":36,"height":8}},{"id":"062a2791-2871-4788-b0e6-c81dabf15c89","block_type":"box","text":"Minimum initial investment","page_number":130,"box":{"x":96,"y":316,"width":167,"height":8}},{"id":"df579683-f1d7-43c2-861b-4f3609e8b2b8","block_type":"box","text":"£3,000","page_number":130,"box":{"x":333,"y":316,"width":40,"height":9}},{"id":"9cba0b55-5679-437e-a5a7-1010dcee12e6","block_type":"box","text":"Minimum subsequent investment","page_number":130,"box":{"x":96,"y":338,"width":205,"height":11}},{"id":"8d3de8a0-fb1d-4ef0-903d-a154eba508d9","block_type":"box","text":"£1,000","page_number":130,"box":{"x":333,"y":338,"width":40,"height":9}},{"id":"0cdb1c87-3465-4cd5-9141-9867845d8aa1","block_type":"box","text":"Minimum holding","page_number":130,"box":{"x":96,"y":360,"width":107,"height":11}},{"id":"f0eca667-a201-49a1-ab03-ee4e5a248d3c","block_type":"box","text":"£1,000","page_number":130,"box":{"x":333,"y":360,"width":40,"height":10}},{"id":"67dddaaf-ddfb-4733-85f8-c2b915a3afae","block_type":"box","text":"Minimum redemption","page_number":130,"box":{"x":96,"y":382,"width":133,"height":11}},{"id":"c16e0439-c79c-4815-8012-98708a4084ac","block_type":"box","text":"None","page_number":130,"box":{"x":334,"y":383,"width":31,"height":7}},{"id":"75d2fb56-39a5-4856-8c8d-6509641e75cb","block_type":"box","text":"Regular savings plan","page_number":130,"box":{"x":96,"y":404,"width":135,"height":11}},{"id":"c13190c0-fdc5-477d-87bc-1471ae30c4f6","block_type":"box","text":"Minimum payment of £100 per month","page_number":130,"box":{"x":334,"y":404,"width":232,"height":11}},{"id":"599fab2a-3327-4a85-b9fa-73d6447a57b2","block_type":"box","text":"Regular withdrawal facility","page_number":130,"box":{"x":96,"y":426,"width":180,"height":11}},{"id":"c8a66068-4039-436a-bd3b-e2f28ad78351","block_type":"box","text":"N/A","page_number":130,"box":{"x":334,"y":427,"width":22,"height":8}},{"id":"0dcbbdaf-b1f7-4e80-b795-6864709193c0","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":130,"box":{"x":528,"y":38,"width":374,"height":13}},{"id":"a9219bfd-28c8-457a-b5b9-305679f6e9b3","block_type":"box","text":"125","page_number":130,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"83071b8c-b222-4450-b0f7-9891e824b39b","block_type":"box","text":"Investment Manager’s Review","page_number":131,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"e24f9af0-1edb-4a3c-a45f-454edd81634c","block_type":"box","text":"for the year ended 30 April 2026","page_number":131,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"82519c48-0cde-456a-98f6-76fa0388d51c","block_type":"box","text":"Investment review","page_number":131,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"9cc0f48a-2fcf-426f-a750-5ac8b2d8bba1","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":131,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"8a1f42c9-617d-4c54-8f78-84fdd1a636bb","block_type":"box","text":"The MI Tatton Blended Cautious A Acc returned 2.38% in the six months to 30 April 2026. The IA Mixed Investment 20-60% Shares","page_number":131,"box":{"x":95,"y":165,"width":809,"height":11}},{"id":"b537ef3f-919c-43b6-9cbd-641c75bb06f5","block_type":"box","text":"benchmark returned 2.53% meaning the fund underperformed by -0.15% over the period.","page_number":131,"box":{"x":96,"y":181,"width":549,"height":10}},{"id":"1efd9811-05ef-4a28-9e75-dd64ffe9d6dc","block_type":"box","text":"Over the last 12-months to 30 April 2026, the MI Tatton Blended Cautious A Acc has returned 13.66%. The IA Mixed Investment 20-","page_number":131,"box":{"x":96,"y":203,"width":808,"height":10}},{"id":"18085fae-ea23-4758-bd01-31ca1a93f7d6","block_type":"box","text":"60% Shares reference index returned 13.04%, meaning the fund outperformed by 0.62% over the period.","page_number":131,"box":{"x":96,"y":218,"width":640,"height":11}},{"id":"d1656cbe-fd1a-4279-998e-d6c0278be5dd","block_type":"box","text":"Overview","page_number":131,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"338d8a52-011e-49b8-bb24-b9ccc47e42bb","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":131,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"1dd20e3a-83aa-4758-8bf9-6b30312bedaf","block_type":"box","text":"market","page_number":131,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"a2797c34-edfe-4158-a62f-cf4ee7155897","block_type":"box","text":"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.","page_number":131,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"41d00dfa-8cb3-46aa-83f8-40d6fbc31384","block_type":"box","text":"Since last","page_number":131,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"e19cba1f-77c5-4d5d-8442-eae2c33a182b","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":131,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"be77ce7c-533b-4d00-804a-e8b811b959bf","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":131,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"069f80b8-acff-482d-b801-58480f134363","block_type":"box","text":"eral Reserve","page_number":131,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"bc67b10d-76ae-443b-8cdf-1aa110b20510","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":131,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"f0f30fd3-58a2-491d-9e2b-8461aed0fb24","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":131,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"91f3530a-8447-4999-a4cc-157d2f58692d","block_type":"box","text":"ons of","page_number":131,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"40f66862-0f42-4963-8c0f-553feff3e7fb","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":131,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"5b1d1129-b95f-446c-aa5d-1ea08797a5f6","block_type":"box","text":"than","page_number":131,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"7407498f-1a07-470c-9933-9be98bac988d","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":131,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"fc94d510-d7ec-4b10-8521-30d936d23447","block_type":"box","text":"le AI","page_number":131,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"3b43da65-4ed3-464a-94af-5d563db03cfd","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":131,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"3300e72b-1ee0-4e05-b0dd-482555dca6b8","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":131,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"c5f48433-d091-4f12-9e43-25602c8f327f","block_type":"box","text":"edia","page_number":131,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"b046062e-52fe-4e42-b2ec-7c621f8a9a76","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":131,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"3b4ec885-5f63-4f11-86df-60063caa0946","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":131,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"78cef63f-84a0-42ae-bb22-b9f3e240976c","block_type":"box","text":"interest","page_number":131,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"ab554938-0f12-41c7-b1fa-6ab3b0e5ca97","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":131,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"43a37f43-d26c-4043-9e87-b7e96a3f3454","block_type":"box","text":"d wider","page_number":131,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"aa494931-3dbc-4a55-94b1-abe3d6ff60f8","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":131,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"5d214167-4059-4ffc-9f35-3b71d8e0abba","block_type":"box","text":"Outlook","page_number":131,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"74b58dac-c67f-49b4-9cb7-050af5ad2d9b","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":131,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"d0714942-8eaa-4d2f-aabe-ca6b4262f8a8","block_type":"box","text":"for","page_number":131,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"f879360e-58fb-4fbc-9003-f94ca74b99eb","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":131,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"78ed2bdd-117b-407b-ba47-002d5010ef3f","block_type":"box","text":"of","page_number":131,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"1422f9e1-bd66-456f-af72-b25a6d990cd6","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":131,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"6e4c8de2-a349-4ad0-b48e-e7e0f8435f58","block_type":"box","text":"ll take time","page_number":131,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"db93e6d7-e162-47a4-ba5d-403052323647","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":131,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"9fc5e7a4-c93b-4e43-9ec0-5d8fb6dc6f08","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":131,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"02d649e4-2fb9-4446-8f1c-8702cc3d3ee5","block_type":"box","text":". Oil","page_number":131,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"ef2805ed-a01e-4708-9768-7893083268a3","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":131,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"7b4f6a89-047b-4401-bde6-bc74c03aa359","block_type":"box","text":"expectation","page_number":131,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"a8db1d25-7c31-4bfc-af4f-e5962150f0e8","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":131,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"b1ffdedf-748f-4852-a6ff-2b260c1a4b27","block_type":"box","text":"sell-off","page_number":131,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"bf0d8da1-eaf4-40ee-b6b9-c56d797ceadf","block_type":"box","text":"we might have expected).","page_number":131,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"f4cc0efb-3349-4480-b719-b1e8d2eb6746","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":131,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"dcd074ab-6f4c-4380-ac25-49915b4a676b","block_type":"box","text":"ries","page_number":131,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"f4b59e68-3f67-4f14-a756-424a223a3873","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":131,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"91c7d63c-5a33-4b9b-b954-ac1e1d7a60ad","block_type":"box","text":"rowth can","page_number":131,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"6ea75e06-96c4-49dd-a7f1-353ea83db075","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":131,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"c1a007ae-131b-4c1a-98aa-2e38b7c26ba5","block_type":"box","text":"g.","page_number":131,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"56e0fd47-f41a-41de-b2f8-6547e1ca2da9","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":131,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"5295991a-5b7c-4350-a9cc-1c68ca570619","block_type":"box","text":"y","page_number":131,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"3c71b7ec-02bc-4b49-99d2-3d6401a79906","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":131,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"310e70eb-50a4-495b-a26f-e377fe837722","block_type":"box","text":"cle.","page_number":131,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"48af1924-38a2-42be-9369-225fcb683cc8","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":131,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"d10cf1d6-061b-4837-94ac-36e8c4534d8f","block_type":"box","text":"Fund positioning","page_number":131,"box":{"x":96,"y":764,"width":111,"height":11}},{"id":"6a6eeeea-3531-4970-823d-b0730b6d41e4","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":131,"box":{"x":95,"y":780,"width":769,"height":10}},{"id":"7c12127b-4f74-43ef-9789-5c0cdc2165f1","block_type":"box","text":"d fund","page_number":131,"box":{"x":865,"y":780,"width":38,"height":8}},{"id":"ec8af566-d08d-4324-ba97-d26b387d3439","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":131,"box":{"x":95,"y":795,"width":473,"height":11}},{"id":"49a9059c-8f74-4c52-a291-fd18a6ab9be7","block_type":"box","text":"An update to the portfolio was made on 8 May 2025. A sub-asset allocation change was made; North America Equity was decreased.","page_number":131,"box":{"x":95,"y":817,"width":808,"height":11}},{"id":"75226963-f8e1-4bb9-b2ff-ec0bf515ebe4","block_type":"box","text":"One manager selection change was made; iShares MSCI Europe Mid Cap ETF was removed.","page_number":131,"box":{"x":96,"y":833,"width":553,"height":10}},{"id":"b2005b7b-1026-4f2e-bb0a-7efab9534bca","block_type":"box","text":"On 11 July 2025, changes were made to the portfolio. The asset class allocation structure was modified; Bonds were decreased an","page_number":131,"box":{"x":96,"y":855,"width":799,"height":11}},{"id":"aa97754f-8d62-43f3-9113-b684db6f8b37","block_type":"box","text":"d","page_number":131,"box":{"x":897,"y":855,"width":6,"height":8}},{"id":"62c9de6e-d81d-49a5-9c0f-32759af977c9","block_type":"box","text":"Equities were increased.","page_number":131,"box":{"x":96,"y":870,"width":146,"height":11}},{"id":"b83654d5-bb39-481c-a259-3c847ec20e12","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":131,"box":{"x":97,"y":38,"width":374,"height":13}},{"id":"2604ae51-c98e-45ef-bf3a-fd8cb8cc7230","block_type":"box","text":"126","page_number":131,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"20fbb661-3d4f-42b1-9ae6-ac0f4661429d","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":132,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"28f5fb1e-2f1a-43dc-91d7-b37a0e5afa2f","block_type":"box","text":"for the year ended 30 April 2026","page_number":132,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"a0f48e5d-cdc3-49ff-bb5b-dd06adc17dd1","block_type":"box","text":"The portfolio was updated on 12 August 2025. The sub-asset allocation blend was adjusted; Emerging Market Bond was increased,","page_number":132,"box":{"x":95,"y":128,"width":808,"height":10}},{"id":"156bda96-c9ec-4638-ab3b-2fe8db3a5f4d","block_type":"box","text":"Government Bond was increased, North America Equity was increased and Strategic Bond was decreased. The portfolio’s fund manage","page_number":132,"box":{"x":96,"y":143,"width":802,"height":11}},{"id":"6b6f6dbc-4f8d-417d-85af-c240300a81b0","block_type":"box","text":"r","page_number":132,"box":{"x":900,"y":145,"width":4,"height":6}},{"id":"54cc82af-d835-4b23-a775-6ffbf7bb1da5","block_type":"box","text":"allocations were updated; HSBC Global Aggregate Bond UCITS ETF was decreased, HSBC Global Government Bond UCITS ETF was","page_number":132,"box":{"x":95,"y":158,"width":809,"height":11}},{"id":"8a4a6145-b1fc-478f-bc67-f6515c1c7bec","block_type":"box","text":"increased, iShares North American Equity Index Fund (UK) was removed, Schroder Recovery Fund was removed, Vanguard Global","page_number":132,"box":{"x":96,"y":174,"width":807,"height":11}},{"id":"e2738e7d-0637-4602-b519-5a5c332042a5","block_type":"box","text":"Bond Index was removed and State Street SPDR S&P500 Quality Aristocrats ETF was added.","page_number":132,"box":{"x":96,"y":189,"width":553,"height":11}},{"id":"5e6ef16e-6f33-47d9-911a-7a414dcd9558","block_type":"box","text":"The fund’s positioning was changed on 30 October 2025. Changes were made to manager positioning; HSBC Global Government Bond","page_number":132,"box":{"x":95,"y":211,"width":808,"height":11}},{"id":"6c50a188-4076-41cc-b527-f2c4aa04edaf","block_type":"box","text":"UCITS ETF was increased, SVM UK Opportunities Fund was removed, iShares $ Treasury Bond 20+y ETF was removed and RGI UK","page_number":132,"box":{"x":96,"y":227,"width":808,"height":11}},{"id":"0dade7d5-ac61-4e8e-bdfc-e6afe6979016","block_type":"box","text":"Opportunities Fund was added.","page_number":132,"box":{"x":96,"y":242,"width":190,"height":11}},{"id":"3125f07e-59e8-42f2-a33a-a78b99e610a6","block_type":"box","text":"On 3 November 2025 the portfolio was updated. Fund manager allocations were updated; Barings Emerging Markets Debt Blended","page_number":132,"box":{"x":96,"y":265,"width":807,"height":10}},{"id":"56752131-abe5-4dbb-9187-a5c07169b943","block_type":"box","text":"Total Return Fund was removed, HSBC MSCI Emerging Markets Equity Index was removed, Emerging Markets Debt Opportunities Fund","page_number":132,"box":{"x":95,"y":280,"width":808,"height":11}},{"id":"9b809e1d-39f3-47d0-b0d6-9ebfaf6e2de6","block_type":"box","text":"was added and Jupiter UK Dynamic Equity Fund was added.","page_number":132,"box":{"x":95,"y":295,"width":362,"height":11}},{"id":"fefe147b-1a46-4d48-bf5c-b46035e91f7f","block_type":"box","text":"Some changes to the portfolio were implemented on 2 December 2025. Updates were made to the portfolio’s fund managers; the","page_number":132,"box":{"x":95,"y":318,"width":809,"height":10}},{"id":"58a6528c-6f33-4489-9d59-9e0af6bdeb5b","block_type":"box","text":"iShares UK Equity Index Fund (UK) share class was changed.","page_number":132,"box":{"x":96,"y":333,"width":363,"height":11}},{"id":"7cb55981-a1ef-4b3a-866c-7348bd5d8929","block_type":"box","text":"Tatton Investment Management Limited","page_number":132,"box":{"x":95,"y":377,"width":269,"height":11}},{"id":"bffd2bf3-586c-4c3f-862d-529d5914b71c","block_type":"box","text":"Investment Manager to the Fund","page_number":132,"box":{"x":96,"y":393,"width":198,"height":11}},{"id":"fa42495e-7111-449e-9f87-a3ab0bdd51f4","block_type":"box","text":"May 2026","page_number":132,"box":{"x":96,"y":409,"width":58,"height":10}},{"id":"82cda098-dfe9-4383-a0e8-b43ecb51a287","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":132,"box":{"x":528,"y":38,"width":374,"height":13}},{"id":"90b4d2d4-264b-4aec-8db7-af0017228b8b","block_type":"box","text":"127","page_number":132,"box":{"x":963,"y":960,"width":26,"height":8}},{"id":"324aac17-5dde-425f-b158-9870063ed80a","block_type":"box","text":"Performance Record","page_number":133,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"aad7b095-e080-4d18-a112-6069b251f5bc","block_type":"box","text":"Financial Highlights","page_number":133,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"53c4b8e1-2533-499f-9ddd-ccf43b6794d3","block_type":"box","text":"A Class (Retail) Accumulation","page_number":133,"box":{"x":99,"y":149,"width":194,"height":9}},{"id":"75ab98b8-dcbd-481d-b782-dbfd4106b9e0","block_type":"box","text":"30.04.26","page_number":133,"box":{"x":418,"y":149,"width":54,"height":8}},{"id":"a2c0fa78-d16a-48bb-9fba-5859dc88f258","block_type":"box","text":"30.04.25","page_number":133,"box":{"x":527,"y":149,"width":54,"height":8}},{"id":"7a83f509-9680-4562-afe5-4c35b06299d3","block_type":"box","text":"30.04.24","page_number":133,"box":{"x":637,"y":149,"width":54,"height":8}},{"id":"69bc5929-5c47-4492-b37b-96180564d7cf","block_type":"box","text":"p","page_number":133,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"755376b6-4bcf-4e5e-95c2-94bb741a3f93","block_type":"box","text":"p","page_number":133,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"6d49b7d7-94c1-4677-8719-39f4f1f306f2","block_type":"box","text":"p","page_number":133,"box":{"x":661,"y":161,"width":6,"height":9}},{"id":"808d3cf8-9308-4ec8-92ef-67bf305b6631","block_type":"box","text":"Opening net asset value per share","page_number":133,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"47bcc5c3-0b1a-4b6b-9292-6d2a2abd4fd6","block_type":"box","text":"130.8312","page_number":133,"box":{"x":435,"y":178,"width":54,"height":8}},{"id":"a4604c5f-86dc-47e7-8528-2cfd5dd31e0c","block_type":"box","text":"125.0451","page_number":133,"box":{"x":544,"y":178,"width":53,"height":8}},{"id":"e898aef8-f311-44b5-8159-4852be0e5b95","block_type":"box","text":"116.8213","page_number":133,"box":{"x":654,"y":178,"width":54,"height":8}},{"id":"c8d03d4f-d649-46cc-87bc-ea68d6ba98b8","block_type":"box","text":"Return before operating charges","page_number":133,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"98af4a9e-d855-44de-9e95-de3284faa507","block_type":"box","text":"18.5759","page_number":133,"box":{"x":442,"y":191,"width":47,"height":8}},{"id":"0112a717-ff07-4f6f-bcd5-5bcf438644fd","block_type":"box","text":"6.4514","page_number":133,"box":{"x":559,"y":191,"width":40,"height":8}},{"id":"e8dab3be-d9da-4e1a-afb5-c294ffdd9d84","block_type":"box","text":"8.8768","page_number":133,"box":{"x":668,"y":191,"width":40,"height":8}},{"id":"e730dccc-1d47-4123-8963-2933ded75508","block_type":"box","text":"Operating charges (note 1)","page_number":133,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"5b0cdfcd-d500-4121-b92d-e38a28655aaa","block_type":"box","text":"(0.7407)","page_number":133,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"0988263b-1465-43f9-9aaf-da2284c15003","block_type":"box","text":"(0.6653)","page_number":133,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"33176da6-fc10-4d45-a77a-bb1c298b51bf","block_type":"box","text":"(0.6530)","page_number":133,"box":{"x":660,"y":204,"width":48,"height":9}},{"id":"4632e697-edbe-43fa-a444-a2eb1b01c407","block_type":"box","text":"Return after operating charges","page_number":133,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"9ee07165-1f77-433c-8520-3cb18545cca9","block_type":"box","text":"17.8352","page_number":133,"box":{"x":442,"y":217,"width":47,"height":8}},{"id":"f453f3a8-3ec9-4b6d-8197-71881bc9ef56","block_type":"box","text":"5.7861","page_number":133,"box":{"x":559,"y":217,"width":38,"height":8}},{"id":"03ccbe70-4000-4187-ad55-1e9750fbc9e7","block_type":"box","text":"8.2238","page_number":133,"box":{"x":668,"y":217,"width":40,"height":8}},{"id":"a37f957a-3be7-4e45-9b00-5561d1b9c3c3","block_type":"box","text":"Closing net asset value per share","page_number":133,"box":{"x":100,"y":230,"width":217,"height":10}},{"id":"542f0a16-82c4-42ed-aa3a-5886e1b7fecd","block_type":"box","text":"148.6664","page_number":133,"box":{"x":432,"y":230,"width":58,"height":8}},{"id":"b3b0e773-c2bd-4704-95ad-a952dd2d3634","block_type":"box","text":"130.8312","page_number":133,"box":{"x":541,"y":230,"width":58,"height":8}},{"id":"dafcb58b-d617-44cc-bdb4-ca57b66263f3","block_type":"box","text":"125.0451","page_number":133,"box":{"x":651,"y":230,"width":56,"height":8}},{"id":"0134f7e6-1656-49f3-b770-a24989a4a16c","block_type":"box","text":"Retained distributions on accumulated shares","page_number":133,"box":{"x":101,"y":243,"width":278,"height":8}},{"id":"0dd7462b-cdff-4a2c-a677-848baca38940","block_type":"box","text":"2.4320","page_number":133,"box":{"x":449,"y":243,"width":40,"height":8}},{"id":"b8b14d4d-8041-4c43-8944-119bf3d0a872","block_type":"box","text":"1.8035","page_number":133,"box":{"x":559,"y":243,"width":40,"height":8}},{"id":"b71ea535-832d-439a-8611-7a2c10f87f3b","block_type":"box","text":"3.2051","page_number":133,"box":{"x":668,"y":243,"width":38,"height":8}},{"id":"43e77263-8dd8-490e-8f73-ae5207d2dd8b","block_type":"box","text":"After direct transactions costs of","page_number":133,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"1dc85936-4bc0-4f20-b7f7-7099c053e9ee","block_type":"box","text":"–","page_number":133,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"5acdfdac-50b1-457e-9ea0-7cbbc1413e32","block_type":"box","text":"–","page_number":133,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"d773c5eb-d3f8-471f-9674-e99cbcae118c","block_type":"box","text":"–","page_number":133,"box":{"x":702,"y":261,"width":6,"height":0}},{"id":"1c5125d6-f841-42a5-bd96-f4138238ddb7","block_type":"box","text":"Performance","page_number":133,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"36ac41ac-7a51-4f7d-8703-1dc7c0339330","block_type":"box","text":"Return after charges","page_number":133,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"34c8180b-55a5-4a09-b1cf-c1c84ab551ce","block_type":"box","text":"13.63%","page_number":133,"box":{"x":446,"y":282,"width":43,"height":8}},{"id":"81e6a3d8-d531-4d1b-97d1-aea82532ec24","block_type":"box","text":"4.63%","page_number":133,"box":{"x":562,"y":282,"width":37,"height":8}},{"id":"0a8188cd-32a2-4a73-abb8-a329b4a59877","block_type":"box","text":"7.04%","page_number":133,"box":{"x":672,"y":282,"width":36,"height":8}},{"id":"7080fb3f-4697-497c-accb-38e772b42a58","block_type":"box","text":"Other information","page_number":133,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"1be71ed8-4bb3-42cd-9d96-f68c76fe6e8a","block_type":"box","text":"Closing net asset value","page_number":133,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"1d76bac9-bac0-479e-8094-cd5c60e717d4","block_type":"box","text":"£164,459,413","page_number":133,"box":{"x":408,"y":308,"width":81,"height":10}},{"id":"df8a0b26-b05b-4782-bb66-83e611db642e","block_type":"box","text":"£128,327,233","page_number":133,"box":{"x":517,"y":308,"width":82,"height":10}},{"id":"9a0cffe6-0815-4b12-9be6-78747468422e","block_type":"box","text":"£102,317,700","page_number":133,"box":{"x":627,"y":308,"width":81,"height":10}},{"id":"039dbfd2-b8ae-4a3b-847a-cfc6ec1fa9a5","block_type":"box","text":"Closing number of shares","page_number":133,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"a9b8453e-9894-4cfe-bba7-e0dbabac682c","block_type":"box","text":"110,623,094","page_number":133,"box":{"x":416,"y":321,"width":74,"height":10}},{"id":"b5b0d02e-637b-4bb9-a111-ed65e4a455b5","block_type":"box","text":"98,086,119","page_number":133,"box":{"x":533,"y":321,"width":66,"height":10}},{"id":"edd0ca72-9b8c-45e7-90ee-c199df0522e9","block_type":"box","text":"81,824,609","page_number":133,"box":{"x":642,"y":321,"width":66,"height":10}},{"id":"9d9df6bd-9b23-4bd9-bbbf-1c05db8a09bc","block_type":"box","text":"Operating charges (note 2)","page_number":133,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"a5f31317-2bff-4e2c-8308-c69ae1800216","block_type":"box","text":"0.53%","page_number":133,"box":{"x":453,"y":335,"width":36,"height":7}},{"id":"98e489af-74a0-45dc-bea2-c0853dbbf317","block_type":"box","text":"0.52%","page_number":133,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"445ed751-6597-4ed3-8bcb-4afcf605b91d","block_type":"box","text":"0.54%","page_number":133,"box":{"x":672,"y":335,"width":36,"height":7}},{"id":"307a4e58-6872-408d-991b-b7eeaa2802f9","block_type":"box","text":"Direct transaction costs","page_number":133,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"e5d610fc-c174-4cc3-8d26-4d17388b6e7a","block_type":"box","text":"0.00%","page_number":133,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"aa4f7b58-bc27-4b95-a944-ce81f3b8a250","block_type":"box","text":"0.00%","page_number":133,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"a3954b9e-8dad-4fcf-b6a6-29cf90565bb0","block_type":"box","text":"0.00%","page_number":133,"box":{"x":672,"y":348,"width":36,"height":7}},{"id":"5e6c6cbe-0fba-40e1-80be-bba1da812b44","block_type":"box","text":"Prices","page_number":133,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"69d45671-0e62-4454-89b5-0dde9f05e816","block_type":"box","text":"Highest share price","page_number":133,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"7f1acdcc-27dd-43c6-a458-3364c794b10b","block_type":"box","text":"150.6777","page_number":133,"box":{"x":435,"y":374,"width":54,"height":8}},{"id":"8e8ccba2-e4ac-4831-b5e5-08beeb4f3805","block_type":"box","text":"135.9882","page_number":133,"box":{"x":544,"y":374,"width":55,"height":8}},{"id":"fde4452a-5a00-4d9f-a447-d49f134ffef1","block_type":"box","text":"126.4478","page_number":133,"box":{"x":654,"y":374,"width":54,"height":8}},{"id":"ab75091c-07d2-4ac7-a43b-360b412ea0b7","block_type":"box","text":"Lowest share price","page_number":133,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"de51ebb1-2a39-4456-a7fb-8ed334df4f92","block_type":"box","text":"130.8312","page_number":133,"box":{"x":435,"y":387,"width":54,"height":8}},{"id":"835c3363-812b-4154-930d-528148c37d1e","block_type":"box","text":"124.4777","page_number":133,"box":{"x":544,"y":387,"width":55,"height":8}},{"id":"d6fdbbcb-ae4e-4e0c-b7ae-f7261b9fac10","block_type":"box","text":"113.7293","page_number":133,"box":{"x":654,"y":387,"width":54,"height":8}},{"id":"adaa118b-9fe6-4bf8-b80f-5a1816d3d580","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":133,"box":{"x":96,"y":414,"width":758,"height":11}},{"id":"64d557d6-4fee-4c99-b4d4-958a6c2dc44c","block_type":"box","text":"aluation","page_number":133,"box":{"x":855,"y":414,"width":48,"height":8}},{"id":"cdbb9457-179f-4c35-b0d4-28ff468b0e0f","block_type":"box","text":"per share throughout the period.","page_number":133,"box":{"x":96,"y":429,"width":200,"height":10}},{"id":"04faafab-f58b-4402-8136-c684a6ae9c72","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":133,"box":{"x":95,"y":448,"width":787,"height":11}},{"id":"a707d568-8a9c-4304-ba6e-99106c3e90a1","block_type":"box","text":"age","page_number":133,"box":{"x":883,"y":451,"width":21,"height":8}},{"id":"47156a38-5b3a-494d-9faf-a40444b2cfca","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":133,"box":{"x":96,"y":463,"width":778,"height":11}},{"id":"4bf7615c-2356-4bf2-a3a1-8c3549c71a8d","block_type":"box","text":"und.","page_number":133,"box":{"x":874,"y":463,"width":26,"height":8}},{"id":"5cd0ccc7-37ef-4e09-9128-fa057a263a62","block_type":"box","text":"Risk and Reward Profile","page_number":133,"box":{"x":97,"y":513,"width":244,"height":13}},{"id":"ade1ca35-9580-44fb-b81d-ccf585add3ea","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":133,"box":{"x":95,"y":549,"width":785,"height":10}},{"id":"907e039c-f3c5-4caf-9a20-4e4dcb5f26e4","block_type":"box","text":"the","page_number":133,"box":{"x":884,"y":549,"width":20,"height":8}},{"id":"177b2e5b-9f3d-4892-a0de-25db902a0494","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":133,"box":{"x":96,"y":564,"width":752,"height":11}},{"id":"c96c1d88-1992-461d-af00-1287fba40061","block_type":"box","text":"and may","page_number":133,"box":{"x":852,"y":564,"width":52,"height":11}},{"id":"9d20b50d-8b3d-46db-9648-a765c9914dcb","block_type":"box","text":"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’","page_number":133,"box":{"x":96,"y":580,"width":753,"height":10}},{"id":"946d24d4-0346-4055-85e2-776c5d86cb8c","block_type":"box","text":"s ranking","page_number":133,"box":{"x":849,"y":580,"width":55,"height":10}},{"id":"8b5492a7-8796-4b75-9207-2a1a57a60a7c","block_type":"box","text":"on the risk and reward indicator.","page_number":133,"box":{"x":95,"y":595,"width":199,"height":8}},{"id":"88f0d67c-8f45-4d5d-92d8-07b0a0ba814c","block_type":"box","text":"Typically lower rewards,","page_number":133,"box":{"x":128,"y":617,"width":162,"height":11}},{"id":"64cd86a2-c54a-4544-aa21-ea1ba2da315c","block_type":"box","text":"Typically higher rewards,","page_number":133,"box":{"x":706,"y":617,"width":167,"height":11}},{"id":"7226ac11-91c7-44d9-b32d-333ac0a86bb0","block_type":"box","text":"lower risk","page_number":133,"box":{"x":177,"y":633,"width":65,"height":8}},{"id":"a172a186-2139-4fec-ac7a-66bdad93380f","block_type":"box","text":"higher risk","page_number":133,"box":{"x":755,"y":633,"width":71,"height":10}},{"id":"b5ce9667-268f-4f48-9c7b-3f5b5a44a347","block_type":"box","text":"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","page_number":133,"box":{"x":96,"y":692,"width":738,"height":11}},{"id":"faf363bb-8a5c-48b2-bbb6-2e2b7e5957ad","block_type":"box","text":"y in the Key","page_number":133,"box":{"x":835,"y":693,"width":69,"height":10}},{"id":"2c9cd3b6-0e54-4897-bd6d-f1805f21a152","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 4). The Sub-fund is ranked ‘4’ because weekly historical performance data","page_number":133,"box":{"x":96,"y":708,"width":807,"height":11}},{"id":"42ed874d-2282-43ff-bed9-3183afe8a243","block_type":"box","text":"indicates that average rises and falls in prices would have occurred historically. The higher the rank, the greater the potenti","page_number":133,"box":{"x":96,"y":723,"width":749,"height":11}},{"id":"072368f2-fe96-4dca-b626-8b17264a90dd","block_type":"box","text":"al reward","page_number":133,"box":{"x":847,"y":723,"width":56,"height":9}},{"id":"6e515140-450a-44d5-b72f-14fdb2c88b35","block_type":"box","text":"but the greater the risk of losing money.","page_number":133,"box":{"x":96,"y":739,"width":242,"height":11}},{"id":"0b49ab01-975f-40cb-82ed-846530ade512","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":133,"box":{"x":97,"y":38,"width":374,"height":13}},{"id":"fd23cbbd-4002-4442-92bc-0d7154f453d2","block_type":"box","text":"128","page_number":133,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"88139c9d-bc7b-44f1-b977-ac060000c093","block_type":"box","text":"1","page_number":133,"box":{"x":148,"y":667,"width":8,"height":12}},{"id":"5453c216-fd73-4179-b821-a732c926ea64","block_type":"box","text":"2","page_number":133,"box":{"x":263,"y":667,"width":10,"height":12}},{"id":"89d42fea-22a7-4adb-a99d-0e988fc78c13","block_type":"box","text":"3","page_number":133,"box":{"x":379,"y":667,"width":10,"height":12}},{"id":"5a5923c3-e457-44c4-9e7b-8f6b0d424241","block_type":"box","text":"4","page_number":133,"box":{"x":494,"y":667,"width":11,"height":12}},{"id":"8def25a5-fddd-43ee-9288-e0cb7cca95ff","block_type":"box","text":"5","page_number":133,"box":{"x":611,"y":667,"width":10,"height":12}},{"id":"3278200f-03f0-41ea-a62d-008a342b0aca","block_type":"box","text":"6","page_number":133,"box":{"x":726,"y":667,"width":10,"height":12}},{"id":"e5862542-385f-408c-a582-6ab1a34bd6d7","block_type":"box","text":"7","page_number":133,"box":{"x":841,"y":667,"width":11,"height":12}},{"id":"e9c052a5-89d1-46d3-9e38-23f7d79d96ed","block_type":"box","text":"Portfolio Statement","page_number":134,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"ea36acb8-6202-4409-87b9-114c14a06aa1","block_type":"box","text":"as at 30 April 2026","page_number":134,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"5a604c7f-b4cd-4369-a7e4-1ac9dc58913d","block_type":"box","text":"Market","page_number":134,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"839bbf06-7722-4ed5-bc4b-0d1113a79dd1","block_type":"box","text":"% of total","page_number":134,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"5313ea44-3334-46a6-b808-b46881acfe1a","block_type":"box","text":"value","page_number":134,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"f3707a48-8b3f-4e31-acc5-0b9f53b63f58","block_type":"box","text":"net assets","page_number":134,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"02dd3a53-a887-4f87-8962-208ce5ef7aca","block_type":"box","text":"Holding","page_number":134,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"f00574cd-b4d0-4c4e-aa06-e920c78aad32","block_type":"box","text":"Investment","page_number":134,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"546a8436-35ee-42cf-b0e4-7c416314b48b","block_type":"box","text":"£","page_number":134,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"682f185d-9c6d-4f4f-90d1-e5087b8c8ff7","block_type":"box","text":"2026","page_number":134,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"4ea1f66c-78cd-4d4a-98e6-f7f52a23f980","block_type":"box","text":"Collective Investment Schemes (30.04.2025: 91.59%)","page_number":134,"box":{"x":210,"y":176,"width":346,"height":10}},{"id":"bfcde6ff-5c35-4070-993c-bae68b3a10ca","block_type":"box","text":"423,077","page_number":134,"box":{"x":141,"y":191,"width":48,"height":9}},{"id":"f6737bf6-028e-4b7d-a9b1-2f152797602d","block_type":"box","text":"Artemis US Select Fund","page_number":134,"box":{"x":209,"y":190,"width":140,"height":8}},{"id":"cae301b4-16f8-47d5-a701-54aabaead3f8","block_type":"box","text":"2,222,551","page_number":134,"box":{"x":750,"y":191,"width":56,"height":9}},{"id":"a5c69794-29da-4e67-99f4-71425a76f412","block_type":"box","text":"1.35%","page_number":134,"box":{"x":863,"y":191,"width":36,"height":7}},{"id":"93add0b5-1c07-439f-97fc-9066315da944","block_type":"box","text":"602,731","page_number":134,"box":{"x":142,"y":205,"width":45,"height":9}},{"id":"f3cde810-6ef1-4833-80ae-d7340f3565bd","block_type":"box","text":"AXA Framlington UK Mid Cap Fund","page_number":134,"box":{"x":209,"y":204,"width":209,"height":11}},{"id":"30bfbf49-1f8f-4b55-8709-a548d88495b6","block_type":"box","text":"752,208","page_number":134,"box":{"x":761,"y":205,"width":47,"height":9}},{"id":"05eda728-661a-452a-aabd-2c3f39af55e4","block_type":"box","text":"0.46%","page_number":134,"box":{"x":863,"y":205,"width":36,"height":8}},{"id":"cdf19ddc-02b2-4dbd-bc9c-1a68bfa215b7","block_type":"box","text":"1,048","page_number":134,"box":{"x":157,"y":219,"width":32,"height":9}},{"id":"770b2b54-09c8-42c0-a9fa-a5743d49691c","block_type":"box","text":"Baring Hong Kong China Fund","page_number":134,"box":{"x":210,"y":219,"width":180,"height":10}},{"id":"e4486dcf-d59c-4ed3-93af-da5fbdc7022d","block_type":"box","text":"1,186,770","page_number":134,"box":{"x":750,"y":219,"width":58,"height":9}},{"id":"d3a1a171-6b39-4c4f-9ad8-2a296de3c439","block_type":"box","text":"0.72%","page_number":134,"box":{"x":863,"y":219,"width":36,"height":8}},{"id":"c18f9e3b-f594-4b66-a3a6-1ef76ac591a6","block_type":"box","text":"2,204,047","page_number":134,"box":{"x":131,"y":233,"width":58,"height":9}},{"id":"cd2015c4-5691-4da4-be83-8722069d9610","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":134,"box":{"x":210,"y":233,"width":295,"height":11}},{"id":"52fea2e7-71a0-467b-8cd5-6ada9a293aa3","block_type":"box","text":"2,757,042","page_number":134,"box":{"x":750,"y":233,"width":58,"height":9}},{"id":"c71d819e-e579-494c-b3df-145c0e6c7db5","block_type":"box","text":"1.68%","page_number":134,"box":{"x":863,"y":233,"width":36,"height":8}},{"id":"1d311a92-54af-407a-ba99-5ea9b9e6c00f","block_type":"box","text":"2,429,919","page_number":134,"box":{"x":131,"y":248,"width":58,"height":9}},{"id":"4ffb326a-02c4-4420-b4a4-53734705d466","block_type":"box","text":"BNY Mellon US Equity Income Newton Fund","page_number":134,"box":{"x":210,"y":247,"width":265,"height":11}},{"id":"6539c9ad-3d1f-463b-a98a-ae63e5f2ec38","block_type":"box","text":"2,753,828","page_number":134,"box":{"x":750,"y":248,"width":58,"height":9}},{"id":"677d3633-26b6-44ae-b605-46737ead7259","block_type":"box","text":"1.67%","page_number":134,"box":{"x":863,"y":248,"width":36,"height":7}},{"id":"6bf41160-82c9-409a-b90c-cd987635af3f","block_type":"box","text":"15,156","page_number":134,"box":{"x":150,"y":262,"width":39,"height":9}},{"id":"0b7b073e-1349-4ab6-883b-290aa2819f1a","block_type":"box","text":"Cheyne Global Credit Fund","page_number":134,"box":{"x":210,"y":261,"width":161,"height":11}},{"id":"3a627b3c-aa3c-48b2-9d1b-caf994ff80f2","block_type":"box","text":"1,864,220","page_number":134,"box":{"x":750,"y":262,"width":58,"height":9}},{"id":"e5aaae8e-1131-4f64-b288-cd16b47c04bf","block_type":"box","text":"1.13%","page_number":134,"box":{"x":863,"y":262,"width":36,"height":8}},{"id":"a2594049-f129-44d3-9d06-a4df2770276a","block_type":"box","text":"558,469","page_number":134,"box":{"x":142,"y":276,"width":47,"height":9}},{"id":"4233e49d-1e03-4ed8-a08b-3ded1ba5248a","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":134,"box":{"x":210,"y":276,"width":307,"height":8}},{"id":"f977b9c9-f5f3-4fb3-ae5a-280cbb31f98e","block_type":"box","text":"6,874,759","page_number":134,"box":{"x":750,"y":276,"width":58,"height":9}},{"id":"0f27ba59-8305-4b1d-bb50-720b6aa6ce71","block_type":"box","text":"4.18%","page_number":134,"box":{"x":862,"y":276,"width":37,"height":8}},{"id":"46684525-b6d1-4fd5-a6b8-96bf6b72481c","block_type":"box","text":"1,538,832","page_number":134,"box":{"x":131,"y":290,"width":58,"height":9}},{"id":"0b2a4138-547d-4ec2-af66-cc6025e47c0c","block_type":"box","text":"ES Alliance Bernstein Concentrated US Equity Fund","page_number":134,"box":{"x":210,"y":290,"width":308,"height":11}},{"id":"862aa31f-dbe4-42bd-ac90-4b1a4dec8309","block_type":"box","text":"2,737,582","page_number":134,"box":{"x":750,"y":290,"width":58,"height":9}},{"id":"5e830217-0e79-439d-a584-9d0b00f3b7c4","block_type":"box","text":"1.66%","page_number":134,"box":{"x":863,"y":290,"width":36,"height":8}},{"id":"b491ace4-168c-40ae-b7a9-5833686095a1","block_type":"box","text":"2,505,452","page_number":134,"box":{"x":131,"y":305,"width":58,"height":9}},{"id":"89ad849a-8263-4aa6-be3e-9bd3de7d15a5","block_type":"box","text":"FTF Brandywine Global Income Optimiser Fund","page_number":134,"box":{"x":210,"y":304,"width":285,"height":11}},{"id":"b5fb2324-97e5-4675-af98-98497ffad3ed","block_type":"box","text":"3,252,077","page_number":134,"box":{"x":750,"y":305,"width":58,"height":9}},{"id":"04155a59-e927-4fd2-bd96-09af28312c83","block_type":"box","text":"1.98%","page_number":134,"box":{"x":863,"y":305,"width":36,"height":7}},{"id":"f24b13d5-d03d-4755-bb32-fb3634d0fc9a","block_type":"box","text":"153,602","page_number":134,"box":{"x":142,"y":319,"width":47,"height":9}},{"id":"5c035535-9072-4dfa-ba2b-d3f1429ff6f7","block_type":"box","text":"Goldman Sachs EM Ex-China CORE® Equity Fund","page_number":134,"box":{"x":210,"y":318,"width":297,"height":11}},{"id":"bdf9b9de-fd6a-4458-ac09-d82f176bfc3f","block_type":"box","text":"2,938,409","page_number":134,"box":{"x":750,"y":319,"width":58,"height":9}},{"id":"5a66c80f-7646-4b3b-8b00-61d6e32b76e0","block_type":"box","text":"1.79%","page_number":134,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"75cc8322-3855-45a9-8f8c-bb294fcac469","block_type":"box","text":"11,128","page_number":134,"box":{"x":150,"y":333,"width":39,"height":9}},{"id":"111dee57-c8ee-44fc-a06b-63d2245ecadf","block_type":"box","text":"Harrington Cooper Snyder US All Cap Equity Fund","page_number":134,"box":{"x":210,"y":333,"width":300,"height":10}},{"id":"d5116a36-4cd0-4938-a464-42ca37a21540","block_type":"box","text":"1,652,842","page_number":134,"box":{"x":750,"y":333,"width":58,"height":9}},{"id":"971fc92f-d36c-4b94-955c-02cbabc9ee9a","block_type":"box","text":"1.01%","page_number":134,"box":{"x":863,"y":333,"width":36,"height":8}},{"id":"191102ad-c169-49c4-b6b7-ad110d07d9b2","block_type":"box","text":"905,499","page_number":134,"box":{"x":142,"y":347,"width":47,"height":9}},{"id":"7d9f64c1-6c62-4a17-85b8-bf29a600c8e0","block_type":"box","text":"HSBC American Index Fund","page_number":134,"box":{"x":210,"y":347,"width":164,"height":8}},{"id":"68da0dc8-42bf-423b-92f1-6b493d13d48f","block_type":"box","text":"13,826,976","page_number":134,"box":{"x":743,"y":347,"width":65,"height":9}},{"id":"dcc4efdd-8b8b-4e30-99bf-a37761149c7a","block_type":"box","text":"8.41%","page_number":134,"box":{"x":863,"y":347,"width":36,"height":8}},{"id":"d469d1f1-5de5-46f9-a524-088010931f1f","block_type":"box","text":"258,301","page_number":134,"box":{"x":142,"y":362,"width":45,"height":9}},{"id":"253f0a06-dee7-48c4-bbcc-805c6eda8720","block_type":"box","text":"HSBC European Index Fund","page_number":134,"box":{"x":210,"y":361,"width":166,"height":11}},{"id":"4ca7a554-4524-4044-99f2-c8f01ae3ee83","block_type":"box","text":"4,458,269","page_number":134,"box":{"x":749,"y":362,"width":59,"height":9}},{"id":"b797f8fa-0b09-4478-93ba-52cbe51430a3","block_type":"box","text":"2.71%","page_number":134,"box":{"x":863,"y":362,"width":36,"height":7}},{"id":"86398b77-9ce4-4cb6-bb36-8c5fcbc5b701","block_type":"box","text":"105,294","page_number":134,"box":{"x":142,"y":376,"width":48,"height":9}},{"id":"787cac51-3c74-45db-ac23-0893dd14acd2","block_type":"box","text":"HSBC Global Emerging Market Government Bond Index Fund","page_number":134,"box":{"x":210,"y":375,"width":370,"height":11}},{"id":"57e5538d-649f-400e-865e-64791006186d","block_type":"box","text":"1,383,857","page_number":134,"box":{"x":750,"y":376,"width":58,"height":9}},{"id":"9726e96e-abe6-43ce-b6e5-2311776e78be","block_type":"box","text":"0.84%","page_number":134,"box":{"x":863,"y":376,"width":36,"height":8}},{"id":"4b757171-576f-4f79-92d3-371c54908152","block_type":"box","text":"1,652,045","page_number":134,"box":{"x":131,"y":390,"width":58,"height":9}},{"id":"368adce5-7daf-488c-acca-936c0314a6d2","block_type":"box","text":"HSBC MSCI Emerging Markets ex China Equity Index Fund","page_number":134,"box":{"x":210,"y":390,"width":349,"height":10}},{"id":"5f64a341-846b-4047-83c9-4d83f434f0c4","block_type":"box","text":"2,821,692","page_number":134,"box":{"x":750,"y":390,"width":58,"height":9}},{"id":"21946fdb-d850-4ee9-8c84-aba378dcedcd","block_type":"box","text":"1.72%","page_number":134,"box":{"x":863,"y":390,"width":36,"height":8}},{"id":"dec76e9c-6b4a-41e3-a5c2-bebd70910e34","block_type":"box","text":"521,221","page_number":134,"box":{"x":142,"y":404,"width":45,"height":9}},{"id":"5160188e-0534-421c-bc9a-bc941ebfb5e5","block_type":"box","text":"Invesco Perpetual UK Enhanced Index Fund","page_number":134,"box":{"x":210,"y":404,"width":263,"height":11}},{"id":"23de7c99-2a65-4a04-921a-6e464b86b97b","block_type":"box","text":"5,198,504","page_number":134,"box":{"x":750,"y":404,"width":59,"height":9}},{"id":"96092c8e-f8c8-49af-974e-37b7740be762","block_type":"box","text":"3.16%","page_number":134,"box":{"x":863,"y":404,"width":36,"height":8}},{"id":"22646214-bb01-46ac-a197-6a46d55cad79","block_type":"box","text":"5,628,875","page_number":134,"box":{"x":131,"y":419,"width":58,"height":9}},{"id":"e8b8acd5-2691-4eca-bc15-4a4a3e652f13","block_type":"box","text":"iShares UK Equity Index Fund","page_number":134,"box":{"x":210,"y":418,"width":177,"height":11}},{"id":"811e7edf-195b-4b7b-94f4-7fd396a79512","block_type":"box","text":"8,701,211","page_number":134,"box":{"x":750,"y":419,"width":56,"height":9}},{"id":"d3d6a28c-bf7c-477e-a16c-b64ea89534be","block_type":"box","text":"5.29%","page_number":134,"box":{"x":863,"y":419,"width":36,"height":7}},{"id":"3a5d04f5-c9ce-4daf-97b4-bcd9da727bd9","block_type":"box","text":"192,743","page_number":134,"box":{"x":142,"y":433,"width":47,"height":9}},{"id":"ae36f0b3-ac29-4c81-96ee-484fbea35aa3","block_type":"box","text":"Janus Henderson Global Multi-Strategy Fund","page_number":134,"box":{"x":208,"y":432,"width":271,"height":11}},{"id":"6068d9d0-a149-4951-ab1c-47a40fea3ef2","block_type":"box","text":"2,385,402","page_number":134,"box":{"x":750,"y":433,"width":58,"height":9}},{"id":"5ded02ca-0478-4067-b4cb-f31a16c84abd","block_type":"box","text":"1.45%","page_number":134,"box":{"x":863,"y":433,"width":36,"height":8}},{"id":"25e67dd6-3a1f-4af6-9103-cce2f48cb995","block_type":"box","text":"364,692","page_number":134,"box":{"x":142,"y":447,"width":47,"height":9}},{"id":"42b2637d-7092-47b5-a4a6-d6babee830e8","block_type":"box","text":"JPM Europe Dynamic ex-UK Fund","page_number":134,"box":{"x":208,"y":447,"width":201,"height":10}},{"id":"0a9bc195-2888-4e99-88cf-f17106b24fb6","block_type":"box","text":"1,759,641","page_number":134,"box":{"x":750,"y":447,"width":56,"height":9}},{"id":"92c42239-4112-4db2-ba43-1bd8adedd909","block_type":"box","text":"1.07%","page_number":134,"box":{"x":863,"y":447,"width":36,"height":8}},{"id":"4b1bc5ff-96b6-4ec9-ab12-4ce3b2c647e3","block_type":"box","text":"143,689","page_number":134,"box":{"x":142,"y":461,"width":47,"height":9}},{"id":"ed4be404-d668-4845-8fbb-e85d41510d93","block_type":"box","text":"JPM Japan Fund","page_number":134,"box":{"x":208,"y":461,"width":96,"height":11}},{"id":"7dbba73c-96ad-48cf-b73f-91d893223bca","block_type":"box","text":"670,166","page_number":134,"box":{"x":761,"y":461,"width":47,"height":9}},{"id":"91d90587-85cf-4f97-8537-b586443a209e","block_type":"box","text":"0.41%","page_number":134,"box":{"x":863,"y":461,"width":36,"height":8}},{"id":"a3ae98d4-521c-4ee3-888d-e1e876340949","block_type":"box","text":"598,284","page_number":134,"box":{"x":142,"y":476,"width":48,"height":9}},{"id":"5f8c6d35-583f-4aca-9ba4-c365c63bd211","block_type":"box","text":"Jupiter Merian North American Equity Fund","page_number":134,"box":{"x":208,"y":475,"width":264,"height":11}},{"id":"693a3c83-76f0-430f-8f0e-84cfa3b828b5","block_type":"box","text":"3,500,019","page_number":134,"box":{"x":750,"y":476,"width":58,"height":9}},{"id":"b971ad11-9019-404e-b0aa-a25f6bf81e64","block_type":"box","text":"2.13%","page_number":134,"box":{"x":863,"y":476,"width":36,"height":7}},{"id":"5d8f2059-72aa-4f40-a264-dd6bf66ba89f","block_type":"box","text":"356,287","page_number":134,"box":{"x":142,"y":490,"width":47,"height":9}},{"id":"ca44aaee-458d-4fec-ad7b-7e58a0c019cc","block_type":"box","text":"Jupiter UK Special Situations Fund","page_number":134,"box":{"x":208,"y":489,"width":206,"height":11}},{"id":"213f61a3-86bb-49f9-9b5b-184ac54f3dae","block_type":"box","text":"1,570,371","page_number":134,"box":{"x":750,"y":490,"width":56,"height":9}},{"id":"3cdf9c53-99e3-4778-b75d-88fad88374a5","block_type":"box","text":"0.95%","page_number":134,"box":{"x":863,"y":490,"width":36,"height":8}},{"id":"393ee1c6-4e1f-496e-a468-388df32a8091","block_type":"box","text":"3,582,232","page_number":134,"box":{"x":131,"y":504,"width":58,"height":9}},{"id":"7d742651-7c90-483c-9d44-fc80101fe01e","block_type":"box","text":"Legal & General Emerging Markets Government Bond Index Fund","page_number":134,"box":{"x":210,"y":504,"width":396,"height":10}},{"id":"6f93e812-5edc-4045-8cad-ce8b4442187a","block_type":"box","text":"2,665,897","page_number":134,"box":{"x":750,"y":504,"width":58,"height":9}},{"id":"fdaab8c7-cb4f-4bd2-ae86-1110fa071741","block_type":"box","text":"1.62%","page_number":134,"box":{"x":863,"y":504,"width":36,"height":8}},{"id":"b356a683-463e-44e8-a3fc-9aa9c0d3bb28","block_type":"box","text":"284,690","page_number":134,"box":{"x":142,"y":518,"width":47,"height":9}},{"id":"986380e9-ffba-4717-baf4-75ce2c721101","block_type":"box","text":"Liontrust European Dynamic Fund","page_number":134,"box":{"x":210,"y":518,"width":206,"height":11}},{"id":"b107906d-8208-4e31-b356-36e3cdc65f56","block_type":"box","text":"1,355,309","page_number":134,"box":{"x":750,"y":518,"width":58,"height":9}},{"id":"42fc110d-b06d-491c-ad3d-a490931cc40c","block_type":"box","text":"0.82%","page_number":134,"box":{"x":863,"y":518,"width":36,"height":8}},{"id":"a5eb5ee6-a2f1-49f6-8e8d-0b7bd2a02518","block_type":"box","text":"364,486","page_number":134,"box":{"x":142,"y":533,"width":47,"height":9}},{"id":"b1c59edd-7c68-4af7-baee-91fb585e0a0a","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":134,"box":{"x":210,"y":532,"width":284,"height":11}},{"id":"e98d41ea-f4ca-4396-a9ae-102c0f450dfc","block_type":"box","text":"4,162,427","page_number":134,"box":{"x":749,"y":533,"width":59,"height":9}},{"id":"3b4bb6aa-89e6-4254-9eac-fcdb2419a7eb","block_type":"box","text":"2.53%","page_number":134,"box":{"x":863,"y":533,"width":36,"height":7}},{"id":"cd7e51d3-9ded-4482-93a9-2318ea1f1718","block_type":"box","text":"524,149","page_number":134,"box":{"x":142,"y":547,"width":47,"height":9}},{"id":"6c0d99df-d108-4eb6-8699-8211fbe8a7a5","block_type":"box","text":"M&G Japan Fund","page_number":134,"box":{"x":210,"y":546,"width":101,"height":11}},{"id":"213d53ae-cd63-4a89-a07b-67b324417b1b","block_type":"box","text":"1,171,682","page_number":134,"box":{"x":750,"y":547,"width":58,"height":9}},{"id":"ce86087a-13a5-45fe-88f3-874d075c0a42","block_type":"box","text":"0.71%","page_number":134,"box":{"x":863,"y":547,"width":36,"height":8}},{"id":"14e496a5-9923-4308-a2ea-decbb0443ffb","block_type":"box","text":"146,364","page_number":134,"box":{"x":142,"y":561,"width":48,"height":9}},{"id":"c751b5ae-2e2a-4770-aa0d-391a85cc4e6d","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":134,"box":{"x":210,"y":561,"width":363,"height":10}},{"id":"00d2d65e-e342-42e0-b56e-85f406cec29a","block_type":"box","text":"4,093,796","page_number":134,"box":{"x":749,"y":561,"width":59,"height":9}},{"id":"82c84e64-a5a2-464e-b23b-5b891d85f27f","block_type":"box","text":"2.49%","page_number":134,"box":{"x":863,"y":561,"width":36,"height":8}},{"id":"68436cdb-77ac-4be8-8f3d-15478eb087d0","block_type":"box","text":"187,462","page_number":134,"box":{"x":142,"y":575,"width":47,"height":9}},{"id":"fe3d7c41-a6dc-4782-9ca4-f57a2bbe1a27","block_type":"box","text":"RGI UK Opportunities Fund","page_number":134,"box":{"x":210,"y":575,"width":163,"height":11}},{"id":"75cb512a-ac22-4013-9d7d-918061173022","block_type":"box","text":"1,576,222","page_number":134,"box":{"x":750,"y":575,"width":58,"height":9}},{"id":"f3c97be8-4f7c-4482-a720-9342904fe8a6","block_type":"box","text":"0.96%","page_number":134,"box":{"x":863,"y":575,"width":36,"height":8}},{"id":"beccc72b-6706-4a0c-902b-e7ae506574cb","block_type":"box","text":"19,847","page_number":134,"box":{"x":150,"y":590,"width":39,"height":9}},{"id":"24aa9b86-a204-40df-9b7b-a2b19e78e19a","block_type":"box","text":"Robeco QI Dynamic High Yield Fund","page_number":134,"box":{"x":210,"y":589,"width":216,"height":11}},{"id":"14361eaf-1e00-4366-bdce-cc619525cdb1","block_type":"box","text":"2,686,534","page_number":134,"box":{"x":750,"y":590,"width":59,"height":9}},{"id":"2551f63b-e87b-47d4-a542-2d6c61eaa2cf","block_type":"box","text":"1.63%","page_number":134,"box":{"x":863,"y":590,"width":36,"height":7}},{"id":"9c4b3740-4836-4f3e-8852-9ef59ef22393","block_type":"box","text":"42,489","page_number":134,"box":{"x":149,"y":604,"width":40,"height":9}},{"id":"6fd47414-59a5-450a-a9d4-9b575a093f2b","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":134,"box":{"x":209,"y":603,"width":211,"height":11}},{"id":"1807d6c2-a676-4df2-a559-e6aa657cbcd4","block_type":"box","text":"4,584,942","page_number":134,"box":{"x":749,"y":604,"width":59,"height":9}},{"id":"d02afd59-4eed-4fe9-bb63-5c6e6d4cbcf7","block_type":"box","text":"2.79%","page_number":134,"box":{"x":863,"y":604,"width":36,"height":8}},{"id":"2b93d61f-cc11-4893-bc29-1e69f339b8cf","block_type":"box","text":"74,454","page_number":134,"box":{"x":149,"y":618,"width":41,"height":9}},{"id":"e190fbf6-166e-4830-af11-4e1efc790e97","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":134,"box":{"x":209,"y":618,"width":265,"height":10}},{"id":"7fd991d5-1d34-43a8-a51e-6bc6514648cb","block_type":"box","text":"6,289,365","page_number":134,"box":{"x":750,"y":618,"width":58,"height":9}},{"id":"e50fb5ca-769e-43a8-9482-e48b218b789a","block_type":"box","text":"3.82%","page_number":134,"box":{"x":863,"y":618,"width":36,"height":8}},{"id":"baa6c85e-d8a7-47df-9b29-9051604501a3","block_type":"box","text":"2,963","page_number":134,"box":{"x":157,"y":632,"width":32,"height":10}},{"id":"9c47b5cd-8709-4cbc-b714-cbbd853aaf2b","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":134,"box":{"x":209,"y":632,"width":191,"height":11}},{"id":"f4c2c193-e8e3-4418-ac21-3b97c9ddd0e2","block_type":"box","text":"3,514,447","page_number":134,"box":{"x":750,"y":632,"width":58,"height":10}},{"id":"d4fe87c0-bf4a-42ba-9ac3-9e550d169f45","block_type":"box","text":"2.14%","page_number":134,"box":{"x":863,"y":632,"width":36,"height":8}},{"id":"a055c6f1-e13b-4d60-b7b6-ea45ece56be7","block_type":"box","text":"107,369,017","page_number":134,"box":{"x":735,"y":653,"width":73,"height":9}},{"id":"f06e3598-b37d-40b6-b778-6b14535aa564","block_type":"box","text":"65.28%","page_number":134,"box":{"x":855,"y":653,"width":44,"height":8}},{"id":"ed21b314-1890-473d-9674-c2faada46f59","block_type":"box","text":"Exchange Traded Funds (30.04.2025: 7.34%)","page_number":134,"box":{"x":210,"y":674,"width":287,"height":11}},{"id":"dbdeb3c6-47fd-46ce-8e31-1e9867a45584","block_type":"box","text":"21,186","page_number":134,"box":{"x":149,"y":689,"width":40,"height":9}},{"id":"c3fa9f0b-aacf-4e0c-85d5-652b9949816b","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":134,"box":{"x":209,"y":688,"width":243,"height":11}},{"id":"a3576db2-bc7a-4d8c-9279-d157d1acb6ad","block_type":"box","text":"1,891,274","page_number":134,"box":{"x":750,"y":689,"width":59,"height":9}},{"id":"2959155f-f5a4-409f-9980-b2d6f8abd4cb","block_type":"box","text":"1.15%","page_number":134,"box":{"x":863,"y":689,"width":36,"height":7}},{"id":"6f682286-68bd-4fe5-91cd-fbfc82c365ed","block_type":"box","text":"64,943","page_number":134,"box":{"x":149,"y":703,"width":40,"height":9}},{"id":"f4607643-c661-446b-992d-5192e95a97d9","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":134,"box":{"x":209,"y":702,"width":188,"height":11}},{"id":"92cf7706-98bd-4ac3-8d18-dd045dc5b241","block_type":"box","text":"1,896,336","page_number":134,"box":{"x":750,"y":703,"width":58,"height":9}},{"id":"c174044d-8f89-40ef-b8c0-378a4c1d873c","block_type":"box","text":"1.15%","page_number":134,"box":{"x":863,"y":703,"width":36,"height":8}},{"id":"660e64bf-b61b-47b7-9430-d8435eebee56","block_type":"box","text":"68,408","page_number":134,"box":{"x":149,"y":717,"width":40,"height":9}},{"id":"5d2e9940-5676-4e59-aa43-b35ce98cc35f","block_type":"box","text":"Amundi Prime UK Mid And Small Cap UCITS ETF","page_number":134,"box":{"x":209,"y":717,"width":290,"height":10}},{"id":"a3a19e6c-3d2a-4a31-ae6c-ecba22ee7269","block_type":"box","text":"1,599,379","page_number":134,"box":{"x":750,"y":717,"width":58,"height":9}},{"id":"b8ad5492-f0d7-464e-9cad-72de9f431f6a","block_type":"box","text":"0.97%","page_number":134,"box":{"x":863,"y":717,"width":36,"height":8}},{"id":"34fa3fb7-f580-4247-bbea-06516b4634bb","block_type":"box","text":"1,767,883","page_number":134,"box":{"x":131,"y":731,"width":58,"height":9}},{"id":"5be29738-e247-47b9-ac04-6c5a0e1bf041","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":134,"box":{"x":210,"y":731,"width":239,"height":11}},{"id":"0e05d04f-ccf0-4841-8abc-ca435cffd988","block_type":"box","text":"17,856,497","page_number":134,"box":{"x":743,"y":731,"width":65,"height":9}},{"id":"4cc76fad-1b95-4810-a32a-206f2828fa33","block_type":"box","text":"10.86%","page_number":134,"box":{"x":856,"y":731,"width":43,"height":8}},{"id":"1583d132-e9c2-4677-aa35-a1676a9d09f8","block_type":"box","text":"494,435","page_number":134,"box":{"x":141,"y":746,"width":48,"height":9}},{"id":"05706874-8ae4-4b66-a8cf-4b774f33c3f4","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":134,"box":{"x":210,"y":745,"width":240,"height":11}},{"id":"c938899a-826a-497a-8a84-678da41ffa10","block_type":"box","text":"5,774,952","page_number":134,"box":{"x":750,"y":746,"width":58,"height":9}},{"id":"ac695ee1-cf7e-4d37-8411-70662b0975f6","block_type":"box","text":"3.51%","page_number":134,"box":{"x":863,"y":746,"width":36,"height":7}},{"id":"5ece6428-26b0-4545-a6d4-ef827c6ee860","block_type":"box","text":"1,874,107","page_number":134,"box":{"x":131,"y":760,"width":58,"height":9}},{"id":"9ed99fe7-a4c7-494b-a47c-fea8f0ed4ba1","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":134,"box":{"x":210,"y":759,"width":255,"height":9}},{"id":"84ab6043-9bb8-4cd3-a1f5-4d780f619bd6","block_type":"box","text":"19,488,090","page_number":134,"box":{"x":743,"y":760,"width":65,"height":9}},{"id":"a79274ce-1cdf-47cb-850f-5fa62ae24339","block_type":"box","text":"11.85%","page_number":134,"box":{"x":856,"y":760,"width":43,"height":8}},{"id":"cbfa095c-eebd-4e66-b9dc-4d0b07070dfe","block_type":"box","text":"194,636","page_number":134,"box":{"x":142,"y":774,"width":47,"height":9}},{"id":"38f4b9de-2be0-4ada-9f91-1cfc862d611b","block_type":"box","text":"HSBC MSCI China UCITS ETF","page_number":134,"box":{"x":210,"y":774,"width":168,"height":8}},{"id":"c28e9875-397e-4429-8525-6eca896d8523","block_type":"box","text":"1,123,050","page_number":134,"box":{"x":750,"y":774,"width":58,"height":9}},{"id":"eb730453-bf6d-4d6d-994b-651f7c446109","block_type":"box","text":"0.68%","page_number":134,"box":{"x":863,"y":774,"width":36,"height":8}},{"id":"b435bb9c-a7bf-44f0-af46-58fd05f851ba","block_type":"box","text":"626,641","page_number":134,"box":{"x":142,"y":788,"width":45,"height":10}},{"id":"dad5bbbd-4845-487b-97fe-c283ad52e151","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":134,"box":{"x":210,"y":788,"width":338,"height":11}},{"id":"98b65ed2-20c2-40fa-9672-9748cc47a419","block_type":"box","text":"5,528,681","page_number":134,"box":{"x":750,"y":788,"width":56,"height":10}},{"id":"596e607e-0f43-4c64-b85c-09912b547679","block_type":"box","text":"3.36%","page_number":134,"box":{"x":863,"y":788,"width":36,"height":8}},{"id":"ad9ea429-073c-419e-b972-83e1d13e1206","block_type":"box","text":"55,158,259","page_number":134,"box":{"x":742,"y":809,"width":66,"height":9}},{"id":"b8f9ceee-d6c2-45df-9f4d-944520ed2427","block_type":"box","text":"33.53%","page_number":134,"box":{"x":855,"y":809,"width":44,"height":8}},{"id":"d7dec5fa-5f18-4376-847d-4fbb3b84edde","block_type":"box","text":"Portfolio of investments (30.04.2025: 98.93%)","page_number":134,"box":{"x":210,"y":837,"width":300,"height":10}},{"id":"8ad75ba7-99fc-4386-9684-06005b64394e","block_type":"box","text":"162,527,276","page_number":134,"box":{"x":731,"y":838,"width":78,"height":9}},{"id":"b1ef380f-a587-4019-95c0-bb7742c70a19","block_type":"box","text":"98.83%","page_number":134,"box":{"x":852,"y":838,"width":47,"height":8}},{"id":"e7ae119d-91d4-49bd-bfe7-f69e2686ebd5","block_type":"box","text":"Net other assets (30.04.2025: 1.07%)","page_number":134,"box":{"x":210,"y":858,"width":240,"height":10}},{"id":"089153a2-18f1-4f9b-a10b-19ec97c7f12f","block_type":"box","text":"1,932,137","page_number":134,"box":{"x":747,"y":859,"width":62,"height":9}},{"id":"b154dd1b-74d5-43fc-a801-10f06faef4d2","block_type":"box","text":"1.17%","page_number":134,"box":{"x":860,"y":859,"width":39,"height":8}},{"id":"276062ca-7c3e-4ff5-a6e1-69767d2f4c33","block_type":"box","text":"164,459,413","page_number":134,"box":{"x":731,"y":880,"width":77,"height":9}},{"id":"ffa5bc1e-b96f-4c3b-87ae-f0a3b5001e7f","block_type":"box","text":"100.00%","page_number":134,"box":{"x":844,"y":880,"width":55,"height":8}},{"id":"bde8e8df-9e8f-4a6b-82a3-ee2b336cb2d6","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":134,"box":{"x":528,"y":38,"width":374,"height":13}},{"id":"cf0e1f12-510a-4fad-b4d0-b26ef317b08f","block_type":"box","text":"129","page_number":134,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"dbaeae23-abe2-416a-9bb8-53d584ca05f9","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":135,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"83cbcbbc-a353-4435-847d-1702f601e657","block_type":"box","text":"£","page_number":135,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"7e0e550e-a3d2-4141-a829-d31b1ee10d4f","block_type":"box","text":"Total purchases for the year (note 14)","page_number":135,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"e9772172-a684-41dd-8ee5-dd8d360705bc","block_type":"box","text":"91,461,760","page_number":135,"box":{"x":643,"y":143,"width":70,"height":10}},{"id":"7a5ace1d-c01e-44ca-9a0a-57c676a30523","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":135,"box":{"x":96,"y":174,"width":254,"height":8}},{"id":"21254f64-de1c-480d-9167-111d79e2c33b","block_type":"box","text":"13,858,128","page_number":135,"box":{"x":647,"y":174,"width":66,"height":9}},{"id":"1bef2abf-1bfd-40b4-bdbd-8ca2f70b7c82","block_type":"box","text":"iShares UK Equity Index Fund","page_number":135,"box":{"x":96,"y":189,"width":176,"height":11}},{"id":"40241efb-88b3-4742-b1cf-cdeebc3167b0","block_type":"box","text":"10,086,709","page_number":135,"box":{"x":647,"y":190,"width":66,"height":9}},{"id":"26cb324a-1354-438c-aa27-22e8e63378fc","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":135,"box":{"x":96,"y":205,"width":239,"height":10}},{"id":"f75939f3-3ba2-4547-aeea-87f88f5e4967","block_type":"box","text":"6,073,717","page_number":135,"box":{"x":655,"y":205,"width":58,"height":9}},{"id":"93dd8cb9-cbce-4c89-a8aa-b77d174e0efd","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":135,"box":{"x":95,"y":220,"width":339,"height":11}},{"id":"1f4ff81c-3a00-4f3e-88cc-3a11a97c00cf","block_type":"box","text":"5,968,822","page_number":135,"box":{"x":655,"y":221,"width":58,"height":9}},{"id":"02af5818-87e7-4395-a764-6b88a7779744","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":135,"box":{"x":95,"y":236,"width":265,"height":10}},{"id":"848ed74b-4ff1-47ce-b606-6365d57115ee","block_type":"box","text":"5,563,728","page_number":135,"box":{"x":655,"y":236,"width":58,"height":9}},{"id":"30bc1c9e-3f6c-436c-af1f-9ed2ff9a1864","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":135,"box":{"x":95,"y":251,"width":211,"height":11}},{"id":"87e3bc58-2714-4c6d-ac33-450d27a20496","block_type":"box","text":"4,418,312","page_number":135,"box":{"x":654,"y":251,"width":59,"height":10}},{"id":"d00cd368-fe63-472a-8c78-d186d064e514","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":135,"box":{"x":96,"y":267,"width":363,"height":10}},{"id":"9726f4ad-eff4-485a-bc7f-b8cfadfef750","block_type":"box","text":"4,140,897","page_number":135,"box":{"x":654,"y":267,"width":59,"height":9}},{"id":"c7e448c9-0372-4057-8d56-e167a4a24934","block_type":"box","text":"HSBC American Index Fund","page_number":135,"box":{"x":96,"y":282,"width":164,"height":8}},{"id":"42cbdd83-6009-4c9d-8d0c-803693a60f5d","block_type":"box","text":"4,011,682","page_number":135,"box":{"x":654,"y":282,"width":59,"height":9}},{"id":"a56e1255-1086-498c-adbd-33db781a7cb5","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":135,"box":{"x":96,"y":297,"width":306,"height":9}},{"id":"9b0e84e1-1202-47aa-918a-62d2eb42376f","block_type":"box","text":"3,447,670","page_number":135,"box":{"x":654,"y":298,"width":59,"height":9}},{"id":"b2f4df5d-98d7-4f00-8c79-d0377d0d8c9e","block_type":"box","text":"Legal & General Emerging Markets Government Bond Index Fund","page_number":135,"box":{"x":96,"y":313,"width":396,"height":11}},{"id":"77e7f05b-5619-4dd5-b4a0-802e9d2cd446","block_type":"box","text":"2,492,661","page_number":135,"box":{"x":654,"y":313,"width":57,"height":9}},{"id":"e160042b-3ae2-43ac-a13a-47687feec9d6","block_type":"box","text":"Various other purchases","page_number":135,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"74f61f7d-f49a-4eb5-a221-20c30ba14126","block_type":"box","text":"31,399,434","page_number":135,"box":{"x":647,"y":329,"width":67,"height":9}},{"id":"c000f2e4-fe7e-477d-8efa-a70109110abd","block_type":"box","text":"£","page_number":135,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"0f0440d6-59fe-4566-bde3-2f239b65344e","block_type":"box","text":"Total sales for the year (note 14)","page_number":135,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"192044df-be12-49f2-b719-68cad7e063b0","block_type":"box","text":"74,579,868","page_number":135,"box":{"x":643,"y":375,"width":70,"height":9}},{"id":"4a873fe8-e456-4d23-9879-24eaa1d18ae5","block_type":"box","text":"iShares UK Equity Index Fund","page_number":135,"box":{"x":96,"y":406,"width":176,"height":10}},{"id":"496cf616-8d37-4740-a064-e7deff1db7f4","block_type":"box","text":"9,562,103","page_number":135,"box":{"x":654,"y":406,"width":59,"height":9}},{"id":"d484e7a5-0941-46f8-afcc-3a94b8f58037","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":135,"box":{"x":96,"y":421,"width":254,"height":8}},{"id":"888489c3-e62b-4c5c-8d4c-c80a26ef99eb","block_type":"box","text":"6,627,837","page_number":135,"box":{"x":655,"y":421,"width":58,"height":9}},{"id":"8b0ee79d-2edc-48ed-9db7-3884a2b3a35a","block_type":"box","text":"Vanguard Global Bond Index Fund","page_number":135,"box":{"x":95,"y":436,"width":208,"height":11}},{"id":"d9864ed1-92f0-4f59-b938-b252267f3a19","block_type":"box","text":"6,413,220","page_number":135,"box":{"x":655,"y":437,"width":58,"height":9}},{"id":"34274598-5413-4ec3-a2c6-6fbd46a07fd4","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":135,"box":{"x":96,"y":452,"width":239,"height":11}},{"id":"ca78a463-f02a-497f-b77b-2d70a21b72d5","block_type":"box","text":"6,131,143","page_number":135,"box":{"x":655,"y":452,"width":58,"height":9}},{"id":"a0343930-2a15-41db-b5a3-3ac011eacf54","block_type":"box","text":"iShares $ Treasury Bond 20+yr ETF","page_number":135,"box":{"x":96,"y":467,"width":209,"height":11}},{"id":"c2bb9a78-fc00-4360-b621-588582771cf2","block_type":"box","text":"2,936,222","page_number":135,"box":{"x":654,"y":468,"width":59,"height":9}},{"id":"a8d501f5-483a-405e-9354-a591a2a87967","block_type":"box","text":"Neuberger Berman Uncorrelated Strategies Fund","page_number":135,"box":{"x":96,"y":483,"width":298,"height":10}},{"id":"e295708c-ca7b-43c2-959d-d576b4b9f955","block_type":"box","text":"2,834,038","page_number":135,"box":{"x":654,"y":483,"width":59,"height":9}},{"id":"e7c1b4de-3e9e-4a57-b37e-f571c3c9fd38","block_type":"box","text":"iShares North American Equity Index Fund","page_number":135,"box":{"x":96,"y":498,"width":256,"height":11}},{"id":"2c1a8b1e-52b2-4af1-afc1-df2c2743dc68","block_type":"box","text":"2,805,929","page_number":135,"box":{"x":654,"y":499,"width":59,"height":9}},{"id":"71344d44-722b-4cbf-b0f5-2dc34bfe5bd1","block_type":"box","text":"Goldman Sachs EM Ex-China CORE® Equity Fund","page_number":135,"box":{"x":96,"y":514,"width":297,"height":10}},{"id":"f9473f51-c204-43ea-bb3f-1f618a983bf3","block_type":"box","text":"2,452,206","page_number":135,"box":{"x":654,"y":514,"width":59,"height":9}},{"id":"20bee9bf-1355-4da2-a1b5-6f89b907fc45","block_type":"box","text":"Barings Emerging Markets Debt Blended Total Return Fund","page_number":135,"box":{"x":96,"y":529,"width":357,"height":11}},{"id":"b5078621-47e9-42df-bdc6-2422bb15f3d2","block_type":"box","text":"2,188,130","page_number":135,"box":{"x":654,"y":529,"width":59,"height":10}},{"id":"1a44142f-a1f7-4a43-b7f0-369eef67ca91","block_type":"box","text":"HSBC American Index Fund","page_number":135,"box":{"x":96,"y":544,"width":164,"height":9}},{"id":"54c34a07-ab7f-4bd6-a13a-05071293d673","block_type":"box","text":"2,104,158","page_number":135,"box":{"x":654,"y":545,"width":59,"height":9}},{"id":"1c320dbd-5257-43f4-ab3f-6494e0d005cb","block_type":"box","text":"Various other sales","page_number":135,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"951cb958-7d52-45ac-bca4-2eb48e84459b","block_type":"box","text":"30,524,882","page_number":135,"box":{"x":647,"y":560,"width":66,"height":9}},{"id":"7d71fa62-7da0-46a1-993f-c35d33e66f4b","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":135,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"6c3e01bb-c9fd-427c-8f98-d6f54f4515b3","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":135,"box":{"x":97,"y":38,"width":374,"height":13}},{"id":"1d0defbd-31ca-4a5d-952f-9ff283f9cf9b","block_type":"box","text":"130","page_number":135,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"ce361769-d156-4c42-a4c5-e8f0db861b9c","block_type":"box","text":"Statement of Total Return","page_number":136,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"69936f64-20b9-4ef3-8cc0-d610f781f9ad","block_type":"box","text":"for the year ended 30 April 2026","page_number":136,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"7369a2c9-f453-47b1-823c-2ff44739553a","block_type":"box","text":"30.04.26","page_number":136,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"4185f868-3f3c-4b4e-a439-91ddae36d2cf","block_type":"box","text":"30.04.25","page_number":136,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"86e81eae-ac90-46ea-9a87-a51b39213476","block_type":"box","text":"Note","page_number":136,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"87d401b5-dfac-4f24-8ea0-e890b8435a35","block_type":"box","text":"£","page_number":136,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"02c2463d-b0b6-42fd-9085-2f0198d59b04","block_type":"box","text":"£","page_number":136,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"6db7b2ee-596e-4fc8-a146-8d709cf4c97d","block_type":"box","text":"£","page_number":136,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"fddffba9-6eca-43cd-957e-9e984219c301","block_type":"box","text":"£","page_number":136,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"e0041401-42c3-4541-9af1-d6eecdc1f89c","block_type":"box","text":"Income","page_number":136,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"269d0e93-4f46-4fde-a0e0-569e8dc6922b","block_type":"box","text":"Net capital","page_number":136,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"c5458456-a0d2-415b-ae24-ef8c744b3d30","block_type":"box","text":"2","page_number":136,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"857d0e53-7482-44be-82fc-95cd11bd340e","block_type":"box","text":"15,705,942","page_number":136,"box":{"x":600,"y":169,"width":65,"height":9}},{"id":"f192818b-696f-4853-b97e-20933cb36a61","block_type":"box","text":"2,931,743","page_number":136,"box":{"x":838,"y":169,"width":58,"height":9}},{"id":"c878d206-665f-4460-882d-e607cc05e092","block_type":"box","text":"Revenue","page_number":136,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"1884024e-80f5-4582-aa01-98122e5364e2","block_type":"box","text":"3","page_number":136,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"27b3d813-a86f-4c9b-8da7-2675d2eef85c","block_type":"box","text":"3,269,331","page_number":136,"box":{"x":493,"y":184,"width":56,"height":9}},{"id":"971a2d62-8138-4eed-971f-6495be27f8a2","block_type":"box","text":"2,526,312","page_number":136,"box":{"x":726,"y":184,"width":58,"height":9}},{"id":"6a9a436a-f706-4102-b792-c2ca32636ab4","block_type":"box","text":"Expenses","page_number":136,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"251b122c-5d54-4e9f-a067-1a939d5ae7fc","block_type":"box","text":"4","page_number":136,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"d502693f-019d-4cc5-b116-c472bfe19042","block_type":"box","text":"(516,848)","page_number":136,"box":{"x":499,"y":200,"width":57,"height":9}},{"id":"1258d7ab-76b3-4a4b-8651-84763d95d0b5","block_type":"box","text":"(416,550)","page_number":136,"box":{"x":733,"y":200,"width":56,"height":9}},{"id":"de1fe797-f7ec-469c-b802-7ebc82b799b1","block_type":"box","text":"Interest payable and similar charges","page_number":136,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"e436455c-8a34-4a62-a049-440b063769f4","block_type":"box","text":"4","page_number":136,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"e52e1fb0-93e3-44d1-97e9-7ca7c9891d66","block_type":"box","text":"(15,503)","page_number":136,"box":{"x":507,"y":222,"width":49,"height":9}},{"id":"cf4ca7be-d5a1-406b-beaf-bd7230f033d7","block_type":"box","text":"(26,944)","page_number":136,"box":{"x":740,"y":222,"width":49,"height":9}},{"id":"6511902f-6e69-4e19-af66-105d7cd39325","block_type":"box","text":"Net revenue before taxation","page_number":136,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"fcbe8c82-985b-414d-a05c-b367f8ccf15a","block_type":"box","text":"2,736,980","page_number":136,"box":{"x":493,"y":244,"width":58,"height":9}},{"id":"fa823a4e-8549-450a-bff1-47fbbf4e3e29","block_type":"box","text":"2,082,818","page_number":136,"box":{"x":726,"y":244,"width":59,"height":9}},{"id":"af652661-57a5-4e49-8c9e-2995299dd99e","block_type":"box","text":"Taxation","page_number":136,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"bf7ee011-d0dd-4904-afec-93906157e5fb","block_type":"box","text":"5","page_number":136,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"eff95c0d-539a-47e1-989d-96e3830d43f3","block_type":"box","text":"(330,386)","page_number":136,"box":{"x":499,"y":266,"width":57,"height":10}},{"id":"274590d4-9531-4b00-86df-33a411b95714","block_type":"box","text":"(266,351)","page_number":136,"box":{"x":733,"y":266,"width":56,"height":10}},{"id":"b9ecd0d2-0123-444b-92c6-31b1eb1b73cd","block_type":"box","text":"Net revenue after taxation","page_number":136,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"7320d88b-4a27-4416-8bf4-832cbcd47a03","block_type":"box","text":"2,406,594","page_number":136,"box":{"x":607,"y":289,"width":59,"height":9}},{"id":"18071e36-2700-4f2a-b330-13455319764b","block_type":"box","text":"1,816,467","page_number":136,"box":{"x":838,"y":289,"width":59,"height":9}},{"id":"1163957f-449b-4e82-a6d1-3a4a0300bcab","block_type":"box","text":"Total return before distributions","page_number":136,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"3afd3a55-d0dc-4746-b6dd-b11c96b4a2c6","block_type":"box","text":"18,112,536","page_number":136,"box":{"x":596,"y":311,"width":70,"height":9}},{"id":"8a5cfbbc-7e0b-4509-afa1-bf7475365b5d","block_type":"box","text":"4,748,210","page_number":136,"box":{"x":834,"y":311,"width":63,"height":9}},{"id":"96fba8e1-6c2d-4113-864e-7ce15f1f0eda","block_type":"box","text":"Distributions","page_number":136,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"a5f1b581-b6e8-4adc-ba86-64a7ae34578d","block_type":"box","text":"6","page_number":136,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"6c50d517-bbf4-4c32-b186-50945231111d","block_type":"box","text":"(2,493,371)","page_number":136,"box":{"x":602,"y":333,"width":68,"height":9}},{"id":"b8b18f53-f88d-4acb-a8f1-fe10d775c1a7","block_type":"box","text":"(1,678,670)","page_number":136,"box":{"x":833,"y":333,"width":68,"height":9}},{"id":"14ef8658-6618-4f24-85fe-26ac4dfe66c8","block_type":"box","text":"Change in net assets attributable to","page_number":136,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"3410b70e-10b1-45ce-bdeb-d93263b6ccae","block_type":"box","text":"Shareholders from investment activities","page_number":136,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"240e8a00-50eb-423a-ae09-e399adcd91f2","block_type":"box","text":"15,619,165","page_number":136,"box":{"x":596,"y":369,"width":70,"height":9}},{"id":"baaa0f52-cdb3-4982-97a3-ef8a4b912b9b","block_type":"box","text":"3,069,540","page_number":136,"box":{"x":834,"y":369,"width":63,"height":9}},{"id":"13628b17-f625-44a2-8d74-f50e84af58c0","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":136,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"83a952fa-9d82-4738-8c10-ef795e2c4421","block_type":"box","text":"for the year ended 30 April 2026","page_number":136,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"da884b2f-22f8-40fa-9472-e82dc0f6be31","block_type":"box","text":"30.04.26","page_number":136,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"3cf98336-4e36-4dbb-9630-724201ed7362","block_type":"box","text":"30.04.25","page_number":136,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"95d69cc5-8134-47fc-853c-d81241636195","block_type":"box","text":"£","page_number":136,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"6ddd20de-a109-4bd5-b3a0-0e989431922f","block_type":"box","text":"£","page_number":136,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"8f64995d-7d7f-423d-bd69-5bc3379048c9","block_type":"box","text":"£","page_number":136,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"5de5eb82-cca1-48e9-a0ae-d074b46abc83","block_type":"box","text":"£","page_number":136,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"e426a3f1-7725-40a2-8028-441bdd66e0a7","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":136,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"1c14f39a-110b-4719-8473-b3bb839b9bd7","block_type":"box","text":"128,272,722","page_number":136,"box":{"x":588,"y":482,"width":78,"height":9}},{"id":"a8911d6b-bf93-4555-99dc-4d7a0871d0f3","block_type":"box","text":"102,239,679","page_number":136,"box":{"x":819,"y":482,"width":78,"height":9}},{"id":"d0381ccc-3b9f-4cac-baea-ad5418151128","block_type":"box","text":"Amounts receivable on creation of shares","page_number":136,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"13e87607-0414-4435-87d4-c8217bc7a98d","block_type":"box","text":"55,066,259","page_number":136,"box":{"x":485,"y":505,"width":66,"height":9}},{"id":"c8b9cc5a-a577-435a-8922-25b5a5b26248","block_type":"box","text":"52,759,860","page_number":136,"box":{"x":719,"y":505,"width":66,"height":9}},{"id":"9a09a29e-753c-4047-8629-0814fba8d010","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":136,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"d2e44dd5-61c9-4e5d-b488-0d37cb668208","block_type":"box","text":"(37,189,141)","page_number":136,"box":{"x":481,"y":527,"width":75,"height":9}},{"id":"a47f92e4-5e4e-442f-a3f5-3dc843cdaf2d","block_type":"box","text":"(31,565,302)","page_number":136,"box":{"x":714,"y":527,"width":75,"height":9}},{"id":"9228fe33-d86a-4b06-9e08-4b24e44be51f","block_type":"box","text":"17,877,118","page_number":136,"box":{"x":600,"y":549,"width":66,"height":9}},{"id":"d5374bda-f2ef-4c31-9d46-0a8f035b0497","block_type":"box","text":"21,194,558","page_number":136,"box":{"x":830,"y":549,"width":67,"height":9}},{"id":"ee0a2e1c-926b-4f92-8a47-a890781d0780","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":136,"box":{"x":96,"y":571,"width":300,"height":10}},{"id":"f14bef39-304d-4029-a57c-9723d1a663f3","block_type":"box","text":"from investment activities (see above)","page_number":136,"box":{"x":95,"y":586,"width":231,"height":10}},{"id":"39c645a7-44b2-47fc-8173-2e36b17a634e","block_type":"box","text":"15,619,165","page_number":136,"box":{"x":600,"y":586,"width":65,"height":10}},{"id":"51ea9978-a8fc-419b-b5d4-53b84b8c2269","block_type":"box","text":"3,069,540","page_number":136,"box":{"x":838,"y":586,"width":58,"height":10}},{"id":"8cb80816-a700-4c5f-bacb-da333038d994","block_type":"box","text":"Accumulation distributions retained","page_number":136,"box":{"x":95,"y":608,"width":218,"height":9}},{"id":"840587b4-2888-4aa1-b735-f2a00d4e4f72","block_type":"box","text":"2,690,408","page_number":136,"box":{"x":607,"y":609,"width":59,"height":9}},{"id":"11b62da8-cd15-4f9d-9da8-f1249ba76d14","block_type":"box","text":"1,768,945","page_number":136,"box":{"x":838,"y":609,"width":58,"height":9}},{"id":"e7191f9b-e0fb-4c5e-a424-5511e2476ee4","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":136,"box":{"x":96,"y":630,"width":311,"height":11}},{"id":"43b91b19-0e71-4982-89c1-e67d773d4173","block_type":"box","text":"164,459,413","page_number":136,"box":{"x":588,"y":631,"width":78,"height":9}},{"id":"5ad7fe04-9fe4-4d15-b584-2025c5affde2","block_type":"box","text":"128,272,722","page_number":136,"box":{"x":819,"y":631,"width":78,"height":9}},{"id":"e341a393-9639-4928-99b1-ee8b4463bd51","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":136,"box":{"x":528,"y":38,"width":374,"height":13}},{"id":"405806ef-b28d-4957-b460-b8e7f3f4451b","block_type":"box","text":"131","page_number":136,"box":{"x":963,"y":960,"width":24,"height":9}},{"id":"3ff643a2-da55-4f2f-a49b-f04bd5c2fee0","block_type":"box","text":"Balance Sheet","page_number":137,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"cbada708-e34d-4e18-a35d-22712ef01b9e","block_type":"box","text":"as at 30 April 2026","page_number":137,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"5b2b9b29-9184-4104-a4f7-5a7a5be8a84e","block_type":"box","text":"30.04.26","page_number":137,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"99947f3b-ea8f-4ae7-9804-05314a98b283","block_type":"box","text":"30.04.25","page_number":137,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"31bb15b7-ea11-47ab-bf72-c441e73d4d03","block_type":"box","text":"Note","page_number":137,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"041ea88b-f67d-4bfa-9a3b-0b2227676b8c","block_type":"box","text":"£","page_number":137,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"41c87ec5-a2a5-416d-81a7-31ab3c700bfd","block_type":"box","text":"£","page_number":137,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"e48b8ef8-37a8-4300-8572-64707b810324","block_type":"box","text":"£","page_number":137,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"54b8350b-c201-4327-81d7-4448488e841b","block_type":"box","text":"£","page_number":137,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"b303a9a9-b43d-4644-a3e6-b4eadc3c9f32","block_type":"box","text":"ASSETS","page_number":137,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"15b634dd-33a3-4fe2-a36d-70eab28551d4","block_type":"box","text":"Investments assets","page_number":137,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"c61be205-ff23-4405-8c4f-5181dcb26916","block_type":"box","text":"162,527,276","page_number":137,"box":{"x":588,"y":169,"width":78,"height":9}},{"id":"82f3bb73-a66d-4d73-90af-0d15201eb051","block_type":"box","text":"126,910,049","page_number":137,"box":{"x":819,"y":169,"width":78,"height":9}},{"id":"10170ba5-3a27-422b-8992-e29c8a6ae741","block_type":"box","text":"Current assets","page_number":137,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"c916971e-9e58-45dc-9525-9463987bf279","block_type":"box","text":"Debtors","page_number":137,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"0770f5f5-f3b9-4fcf-be4f-31031df611c3","block_type":"box","text":"7","page_number":137,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"8a97827c-c4df-4468-b1ff-e2654ca2fb16","block_type":"box","text":"441,954","page_number":137,"box":{"x":503,"y":207,"width":49,"height":9}},{"id":"1275afd5-bf9b-4da0-a9ab-dacbc7fac2aa","block_type":"box","text":"568,271","page_number":137,"box":{"x":737,"y":207,"width":46,"height":9}},{"id":"5516148d-6ee6-402c-942d-22e14e2950e1","block_type":"box","text":"Cash and bank balances","page_number":137,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"15df4003-c967-41ee-bba8-aa473d2ad748","block_type":"box","text":"8","page_number":137,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"fad3411d-e480-446e-bf39-d3d4dee70fd5","block_type":"box","text":"2,400,118","page_number":137,"box":{"x":493,"y":222,"width":58,"height":9}},{"id":"9507c7a1-3942-4e63-8a5c-e6523d47d776","block_type":"box","text":"1,597,614","page_number":137,"box":{"x":726,"y":222,"width":59,"height":9}},{"id":"41c4cb3c-1159-4975-8883-2f409e04fab7","block_type":"box","text":"Total current assets","page_number":137,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"15d3d163-7013-464b-94c3-2ec99c92f832","block_type":"box","text":"2,842,072","page_number":137,"box":{"x":603,"y":244,"width":63,"height":9}},{"id":"e315ac30-6be9-49b4-af04-f73b511f05b3","block_type":"box","text":"2,165,885","page_number":137,"box":{"x":834,"y":244,"width":62,"height":9}},{"id":"585f3aa1-112e-4dc6-8672-09f60004548a","block_type":"box","text":"Total assets","page_number":137,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"dbaca975-867a-4eb0-a52b-e151997d5b0a","block_type":"box","text":"165,369,348","page_number":137,"box":{"x":588,"y":266,"width":78,"height":9}},{"id":"341cd87c-ed56-4d30-ab63-58df3a9716ef","block_type":"box","text":"129,075,934","page_number":137,"box":{"x":819,"y":266,"width":78,"height":9}},{"id":"f6280d9c-49a8-490c-97d5-4400d480ea82","block_type":"box","text":"Current liabilities","page_number":137,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"3d277751-6dd4-4480-890e-5cdb9dcee3d5","block_type":"box","text":"Bank overdraft","page_number":137,"box":{"x":106,"y":319,"width":89,"height":8}},{"id":"46d9d9b5-9b0b-45d6-a230-a17af0b7671c","block_type":"box","text":"8","page_number":137,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"51eb6e93-5b28-48d9-9c3d-57e6a6fb4d8a","block_type":"box","text":"(279,151)","page_number":137,"box":{"x":499,"y":319,"width":57,"height":10}},{"id":"70e99024-a68a-479c-bfd3-16702856d143","block_type":"box","text":"(255,525)","page_number":137,"box":{"x":733,"y":319,"width":56,"height":10}},{"id":"8e82f192-ce30-40f4-a0e3-4943610e836b","block_type":"box","text":"Creditors","page_number":137,"box":{"x":105,"y":334,"width":55,"height":9}},{"id":"0de36948-8f6f-4816-b592-e770aefa277f","block_type":"box","text":"9","page_number":137,"box":{"x":421,"y":335,"width":6,"height":8}},{"id":"c9cf0f8c-59a7-4e94-a371-d5f88c0c484a","block_type":"box","text":"(630,784)","page_number":137,"box":{"x":499,"y":335,"width":57,"height":9}},{"id":"1f723560-a34c-417f-8be1-fc82a22251e3","block_type":"box","text":"(547,687)","page_number":137,"box":{"x":733,"y":335,"width":56,"height":9}},{"id":"6c80f102-319b-4235-ad4c-2ad259ed36e8","block_type":"box","text":"Total current liabilities","page_number":137,"box":{"x":95,"y":357,"width":152,"height":8}},{"id":"5ca20a08-dbd6-4d7c-825e-642dbcb76c04","block_type":"box","text":"(909,935)","page_number":137,"box":{"x":611,"y":357,"width":60,"height":9}},{"id":"46294164-ae48-4c46-96f2-603dada632c1","block_type":"box","text":"(803,212)","page_number":137,"box":{"x":842,"y":357,"width":59,"height":9}},{"id":"9126aa37-75b0-40c2-8078-70234384dae7","block_type":"box","text":"Net assets attributable to Shareholders","page_number":137,"box":{"x":96,"y":379,"width":261,"height":8}},{"id":"1c2448ee-2ae0-4547-a838-167f3902cc27","block_type":"box","text":"164,459,413","page_number":137,"box":{"x":588,"y":379,"width":78,"height":9}},{"id":"f4507270-1f6f-49e0-b38e-83fba8f2e988","block_type":"box","text":"128,272,722","page_number":137,"box":{"x":819,"y":379,"width":78,"height":9}},{"id":"547c2fdb-3f8b-4f85-89ce-568043fd4d58","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":137,"box":{"x":97,"y":38,"width":374,"height":13}},{"id":"d8cc7d61-d550-48e6-97af-41ba28056f63","block_type":"box","text":"132","page_number":137,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"e803353b-36e1-4a2a-a76c-f9b82adba5b2","block_type":"box","text":"Notes to the Financial Statements","page_number":138,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"7ce36be1-5e3d-4932-9bed-ba40e569a22d","block_type":"box","text":"for the year ended 30 April 2026","page_number":138,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"d8f608e7-02a2-479d-8fa7-15d217f57729","block_type":"box","text":"1. Accounting policies","page_number":138,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"35b46c6d-8709-4718-a90a-d040cff45375","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":138,"box":{"x":95,"y":154,"width":641,"height":11}},{"id":"f7f456a0-01ca-45c4-8698-8e27f2f9e15b","block_type":"box","text":"2. Net capital gains","page_number":138,"box":{"x":95,"y":196,"width":127,"height":10}},{"id":"cb35fe79-64a1-480c-bc1b-8ded34a9267b","block_type":"box","text":"30.04.26","page_number":138,"box":{"x":730,"y":196,"width":55,"height":8}},{"id":"78dfdd88-ce27-4a5a-abdc-d4538f9c76b3","block_type":"box","text":"30.04.25","page_number":138,"box":{"x":840,"y":196,"width":54,"height":8}},{"id":"e228b0db-be7f-40fe-8c50-019779ba0b03","block_type":"box","text":"£","page_number":138,"box":{"x":778,"y":212,"width":7,"height":7}},{"id":"82080993-27c4-410d-bde0-a56d49d7f334","block_type":"box","text":"£","page_number":138,"box":{"x":888,"y":212,"width":6,"height":7}},{"id":"c4c89e7c-daca-4abc-b81b-691a55f72740","block_type":"box","text":"The net capital gains comprise:","page_number":138,"box":{"x":95,"y":227,"width":187,"height":10}},{"id":"3a701aeb-1a05-4e76-b9ba-4405877d59d7","block_type":"box","text":"Non-derivative securities gains: realised","page_number":138,"box":{"x":96,"y":245,"width":241,"height":11}},{"id":"f74739a4-74fd-4546-9bee-b1390a97b770","block_type":"box","text":"6,646,876","page_number":138,"box":{"x":726,"y":246,"width":59,"height":9}},{"id":"b67aefc6-a5c6-4ffc-b355-9326df01c120","block_type":"box","text":"2,207,362","page_number":138,"box":{"x":835,"y":246,"width":59,"height":9}},{"id":"5c2ff309-36a5-4ffc-91c2-e178d412d332","block_type":"box","text":"Non-derivative securities gains","page_number":138,"box":{"x":96,"y":264,"width":186,"height":11}},{"id":"3b6bda22-3c8f-4b06-8b05-e12c43af14d9","block_type":"box","text":": unrealised","page_number":138,"box":{"x":283,"y":264,"width":70,"height":8}},{"id":"902891cd-8324-4893-9fc0-39f0bec1235e","block_type":"box","text":"9,070,693","page_number":138,"box":{"x":726,"y":265,"width":58,"height":9}},{"id":"9fb7ef15-3e4b-4a3a-ba2d-6c4d0aea2ef9","block_type":"box","text":"729,243","page_number":138,"box":{"x":846,"y":265,"width":48,"height":9}},{"id":"911509dc-996d-4f45-9836-5247bdae1535","block_type":"box","text":"Foreign currency (losses)","page_number":138,"box":{"x":96,"y":283,"width":150,"height":11}},{"id":"859277b0-72f6-470b-8f9e-0da163dc2629","block_type":"box","text":"(20,018)","page_number":138,"box":{"x":740,"y":283,"width":49,"height":10}},{"id":"5a234893-c307-4412-bf7b-73351d5e0504","block_type":"box","text":"–","page_number":138,"box":{"x":888,"y":288,"width":6,"height":1}},{"id":"e5d2d1bb-3238-434e-9507-9aa54f37b15a","block_type":"box","text":"Transaction charges (custodian)","page_number":138,"box":{"x":95,"y":302,"width":193,"height":10}},{"id":"b73fe641-1691-4ad0-8ae3-b0995a72200f","block_type":"box","text":"1,440","page_number":138,"box":{"x":753,"y":302,"width":32,"height":9}},{"id":"df0d69a5-8889-48d8-9ebb-56874621686e","block_type":"box","text":"(5,497)","page_number":138,"box":{"x":857,"y":302,"width":42,"height":10}},{"id":"3b0b1311-cd66-4e06-88c3-079d37ab1e20","block_type":"box","text":"Rebates from underlying holdings","page_number":138,"box":{"x":96,"y":321,"width":205,"height":10}},{"id":"a323bb71-b76c-45ca-8e2b-1719f52463ee","block_type":"box","text":"6,951","page_number":138,"box":{"x":752,"y":321,"width":31,"height":9}},{"id":"3738b42c-247a-4b5b-8ca1-b96593a9c613","block_type":"box","text":"635","page_number":138,"box":{"x":873,"y":321,"width":21,"height":8}},{"id":"1039ec28-99eb-4598-b947-f54c77fad07a","block_type":"box","text":"Total net capital gains","page_number":138,"box":{"x":95,"y":343,"width":146,"height":10}},{"id":"64d766cd-cc6e-4f51-9cf7-2c1ea48f406d","block_type":"box","text":"15,705,942","page_number":138,"box":{"x":715,"y":343,"width":70,"height":9}},{"id":"e0caeb0e-840c-4920-8310-5a9358bda377","block_type":"box","text":"2,931,743","page_number":138,"box":{"x":832,"y":343,"width":62,"height":9}},{"id":"f19127c1-a3f0-4fd7-8e48-d59f6bd03a28","block_type":"box","text":"3. Revenue","page_number":138,"box":{"x":95,"y":389,"width":72,"height":8}},{"id":"f30a3db0-4129-4140-9140-b0a625c9fe6a","block_type":"box","text":"30.04.26","page_number":138,"box":{"x":730,"y":389,"width":55,"height":8}},{"id":"43c0cc30-887c-4174-a63a-5e372165d110","block_type":"box","text":"30.04.25","page_number":138,"box":{"x":840,"y":389,"width":54,"height":8}},{"id":"fb19463c-fd03-4332-904f-17693aab9010","block_type":"box","text":"£","page_number":138,"box":{"x":778,"y":405,"width":7,"height":8}},{"id":"5e05e2dd-7257-4e67-8c31-3ab5aa670e26","block_type":"box","text":"£","page_number":138,"box":{"x":888,"y":405,"width":6,"height":8}},{"id":"0e418d9d-64cb-4dde-ae71-559ea6ce3b73","block_type":"box","text":"Non-taxable dividends","page_number":138,"box":{"x":96,"y":427,"width":136,"height":8}},{"id":"76aecba6-e483-4449-997f-f4d5470ee5cf","block_type":"box","text":"1,092,000","page_number":138,"box":{"x":726,"y":427,"width":59,"height":9}},{"id":"fdc3bdec-bb42-4dea-9a78-2c8c91405d78","block_type":"box","text":"751,700","page_number":138,"box":{"x":846,"y":427,"width":48,"height":9}},{"id":"02c00e43-ce25-4bd5-8d39-9381664a4478","block_type":"box","text":"Annual payment from UK CIS","page_number":138,"box":{"x":95,"y":445,"width":176,"height":11}},{"id":"0e265f95-6de9-4bbb-892c-28f1849f1bfd","block_type":"box","text":"758","page_number":138,"box":{"x":763,"y":446,"width":22,"height":8}},{"id":"e05e5d03-0caa-4a0c-b735-528f72443e76","block_type":"box","text":"9,453","page_number":138,"box":{"x":862,"y":446,"width":32,"height":9}},{"id":"e6a934ce-1a66-4006-b757-621762ddc14e","block_type":"box","text":"Interest from non-derivative securities","page_number":138,"box":{"x":96,"y":464,"width":232,"height":9}},{"id":"8118782f-94ed-4165-9cd1-a14b23c53c39","block_type":"box","text":"1,993,586","page_number":138,"box":{"x":726,"y":465,"width":59,"height":9}},{"id":"06ea0758-6613-4daa-8807-137b517d02b0","block_type":"box","text":"1,561,164","page_number":138,"box":{"x":836,"y":465,"width":59,"height":9}},{"id":"c9b6e4fb-bd70-4af4-8b69-20220edfb497","block_type":"box","text":"Rebates from underlying holdings","page_number":138,"box":{"x":96,"y":483,"width":205,"height":11}},{"id":"8ac4d36b-66c5-4572-a0af-7c473836981f","block_type":"box","text":"107,808","page_number":138,"box":{"x":738,"y":484,"width":47,"height":9}},{"id":"33b9aab1-3d66-460e-982a-dc349d7f2402","block_type":"box","text":"120,476","page_number":138,"box":{"x":847,"y":484,"width":47,"height":9}},{"id":"aca93dfd-fae0-4f15-b42c-fe5e60f6d0d1","block_type":"box","text":"Bank interest","page_number":138,"box":{"x":96,"y":502,"width":80,"height":8}},{"id":"538af643-f519-4917-ba24-6ce7e7b45605","block_type":"box","text":"75,179","page_number":138,"box":{"x":744,"y":502,"width":40,"height":9}},{"id":"25287c2a-228c-465e-bf68-85f63481a99b","block_type":"box","text":"83,519","page_number":138,"box":{"x":854,"y":502,"width":40,"height":9}},{"id":"c230a833-046b-467a-98aa-5aa48b69f168","block_type":"box","text":"Total revenue","page_number":138,"box":{"x":95,"y":524,"width":91,"height":8}},{"id":"15a157be-b490-4aa7-8c94-ba5760305058","block_type":"box","text":"3,269,331","page_number":138,"box":{"x":723,"y":525,"width":60,"height":9}},{"id":"7befac63-912a-472d-b49f-5fa07da6bdb4","block_type":"box","text":"2,526,312","page_number":138,"box":{"x":832,"y":525,"width":62,"height":9}},{"id":"5bac2ba4-8ed7-4f4b-b2ab-8c4f9c13ee51","block_type":"box","text":"4. Expenses","page_number":138,"box":{"x":95,"y":571,"width":76,"height":10}},{"id":"d21a5a73-baeb-4f67-8535-0815f359797f","block_type":"box","text":"30.04.26","page_number":138,"box":{"x":730,"y":571,"width":55,"height":8}},{"id":"0b156ceb-dd9f-42f1-abd6-83f0b3c908ea","block_type":"box","text":"30.04.25","page_number":138,"box":{"x":840,"y":571,"width":54,"height":8}},{"id":"a8c168b7-be40-4a70-b207-f831e687c3c7","block_type":"box","text":"£","page_number":138,"box":{"x":778,"y":586,"width":7,"height":8}},{"id":"1c464b0c-770c-4496-a210-e39026376cf2","block_type":"box","text":"£","page_number":138,"box":{"x":888,"y":586,"width":6,"height":8}},{"id":"dbdecd79-70c5-4a2d-aaab-5b9ff004f71c","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":138,"box":{"x":96,"y":601,"width":549,"height":11}},{"id":"15e8d7ae-c3ec-4a4a-8033-947eca887992","block_type":"box","text":"agents of either of them:","page_number":138,"box":{"x":95,"y":617,"width":149,"height":10}},{"id":"2f45c286-e219-4027-a9e1-257e55854717","block_type":"box","text":"Annual management charge","page_number":138,"box":{"x":104,"y":636,"width":172,"height":10}},{"id":"ee7373ba-3c66-4048-b59c-93fcf873f7e3","block_type":"box","text":"439,954","page_number":138,"box":{"x":737,"y":636,"width":48,"height":9}},{"id":"f1bf5b4a-bfcd-4b9a-9157-372af16dde35","block_type":"box","text":"350,285","page_number":138,"box":{"x":847,"y":636,"width":47,"height":9}},{"id":"5aea83a9-86fc-4d72-bd5e-0c3b55562486","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":138,"box":{"x":96,"y":658,"width":514,"height":10}},{"id":"60f0d2f8-4d56-4aba-b706-7d6a6299badb","block_type":"box","text":"Depositary fee","page_number":138,"box":{"x":106,"y":677,"width":86,"height":10}},{"id":"4ca86ccf-5883-4a54-95e8-0b1108edf8c5","block_type":"box","text":"33,523","page_number":138,"box":{"x":745,"y":677,"width":39,"height":9}},{"id":"32abd2ca-df93-4b36-8699-41ab27b08911","block_type":"box","text":"27,354","page_number":138,"box":{"x":854,"y":677,"width":41,"height":9}},{"id":"4b21c7ef-50a8-483c-a67d-3ce38d1cb4d0","block_type":"box","text":"Safe custody fee","page_number":138,"box":{"x":105,"y":692,"width":98,"height":11}},{"id":"ed896597-7ecf-477c-aae1-1609b0832ef3","block_type":"box","text":"9,972","page_number":138,"box":{"x":752,"y":692,"width":32,"height":10}},{"id":"b03234f2-6ea1-4fed-a565-b97029901449","block_type":"box","text":"12,928","page_number":138,"box":{"x":855,"y":692,"width":39,"height":10}},{"id":"bf6d1dc8-f5b1-4901-8009-884698cf6aca","block_type":"box","text":"43,495","page_number":138,"box":{"x":744,"y":715,"width":40,"height":9}},{"id":"3d04bff8-c236-4457-b15a-558d6b7a8109","block_type":"box","text":"40,282","page_number":138,"box":{"x":854,"y":715,"width":40,"height":9}},{"id":"2b24445f-4800-4586-abd6-734c2a19f232","block_type":"box","text":"Other expenses:","page_number":138,"box":{"x":96,"y":730,"width":97,"height":10}},{"id":"8481c5e0-46de-4309-84f7-ae9b7f4a114d","block_type":"box","text":"Audit fee","page_number":138,"box":{"x":104,"y":748,"width":54,"height":9}},{"id":"6db21c7d-5a24-4531-a3ce-e96f0d3f2038","block_type":"box","text":"9,720","page_number":138,"box":{"x":752,"y":749,"width":33,"height":9}},{"id":"c7cee199-ad96-441d-9d90-a8ff101e29b5","block_type":"box","text":"7,776","page_number":138,"box":{"x":862,"y":749,"width":32,"height":9}},{"id":"70d11bd1-b0c9-4f34-a449-11764f467f46","block_type":"box","text":"Legal fee","page_number":138,"box":{"x":106,"y":764,"width":52,"height":11}},{"id":"0a91e1a2-6cea-48b7-88e7-88015034cdb7","block_type":"box","text":"4,500","page_number":138,"box":{"x":752,"y":764,"width":33,"height":9}},{"id":"db4d18c1-654b-43a9-8df2-9024984484d1","block_type":"box","text":"–","page_number":138,"box":{"x":888,"y":769,"width":6,"height":0}},{"id":"9cd75c77-1bbc-4995-9a20-5f88294b2ee0","block_type":"box","text":"Other expenses","page_number":138,"box":{"x":105,"y":779,"width":95,"height":11}},{"id":"2458e2d0-ad67-4b9c-90dc-70879262ba65","block_type":"box","text":"19,179","page_number":138,"box":{"x":745,"y":780,"width":39,"height":9}},{"id":"5fb58241-2b72-423a-9648-994ad2c9dd00","block_type":"box","text":"18,207","page_number":138,"box":{"x":855,"y":780,"width":39,"height":9}},{"id":"bbbb2893-55e1-4d43-9d9b-82f9bcdb5cc2","block_type":"box","text":"33,399","page_number":138,"box":{"x":745,"y":802,"width":39,"height":9}},{"id":"b41e699c-8cab-4fe6-8a7e-e6a5049f9eac","block_type":"box","text":"25,983","page_number":138,"box":{"x":854,"y":802,"width":40,"height":9}},{"id":"4abfe2dd-4a43-468f-b3a5-e9fda226661e","block_type":"box","text":"Expenses","page_number":138,"box":{"x":96,"y":837,"width":60,"height":10}},{"id":"52d8f513-7927-4186-be75-da9702f741da","block_type":"box","text":"516,848","page_number":138,"box":{"x":735,"y":837,"width":50,"height":9}},{"id":"71ac9a0c-b6fa-44fe-8b11-8e1f49e3c069","block_type":"box","text":"416,550","page_number":138,"box":{"x":844,"y":837,"width":50,"height":9}},{"id":"0630cbba-6b4c-4e88-b56d-658397610b49","block_type":"box","text":"Interest payable and similar charges","page_number":138,"box":{"x":96,"y":859,"width":219,"height":11}},{"id":"e07f6b4a-3b43-407d-ac04-908e7c40d46e","block_type":"box","text":"15,503","page_number":138,"box":{"x":745,"y":859,"width":39,"height":9}},{"id":"73cdbf28-e8e0-4569-802f-8d4e14cf7d34","block_type":"box","text":"26,944","page_number":138,"box":{"x":854,"y":859,"width":41,"height":9}},{"id":"c67408c0-9106-4db4-a218-b0b85d9fceb9","block_type":"box","text":"Total","page_number":138,"box":{"x":95,"y":881,"width":33,"height":8}},{"id":"0cda67ca-3ed7-412a-bb10-a823f40755d3","block_type":"box","text":"532,351","page_number":138,"box":{"x":735,"y":881,"width":48,"height":10}},{"id":"7c3179b1-a7ca-4e54-a0f1-468f713c6b5a","block_type":"box","text":"443,494","page_number":138,"box":{"x":844,"y":881,"width":51,"height":10}},{"id":"8467e306-0a21-416d-a9bf-5c3c51e9bd71","block_type":"box","text":"*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","page_number":138,"box":{"x":95,"y":903,"width":809,"height":11}},{"id":"b664309d-01e8-4e28-b875-5d40f68a6440","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":138,"box":{"x":96,"y":919,"width":174,"height":10}},{"id":"de12972c-64e5-4425-8348-3ceaa346da1d","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":138,"box":{"x":528,"y":38,"width":374,"height":13}},{"id":"9b8763f1-fe65-4c17-92e3-7caed877d432","block_type":"box","text":"133","page_number":138,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"768d82dc-e8b4-42f6-aa2d-212aa94585dc","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":139,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"442c9077-2af6-4135-a1ab-4f53043fdd70","block_type":"box","text":"for the year ended 30 April 2026","page_number":139,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"91f2dc76-c34a-485e-a5cb-0b81095a719f","block_type":"box","text":"5. Taxation","page_number":139,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"8931d40c-7ad0-4f84-98d8-713423aaba7a","block_type":"box","text":"30.04.26","page_number":139,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"29d0097a-13a8-4efe-99c5-9c8c9815998d","block_type":"box","text":"30.04.25","page_number":139,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"25cfef7a-6c8f-46c1-bb31-a623722f5f8f","block_type":"box","text":"£","page_number":139,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"9431527c-42a8-4213-ac8a-ae81e0bbcf83","block_type":"box","text":"£","page_number":139,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"bfa48bb6-d93d-4b24-a429-f8e471f53ff9","block_type":"box","text":"(a) Analysis of charge in the year","page_number":139,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"dacd7154-e286-48c8-8731-bdd462684872","block_type":"box","text":"UK corporation tax","page_number":139,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"6f78bf80-267b-4709-94c8-4c4382156735","block_type":"box","text":"330,386","page_number":139,"box":{"x":737,"y":191,"width":48,"height":9}},{"id":"523a0b6b-a389-4206-b9d6-cd6fb7ba14ef","block_type":"box","text":"266,351","page_number":139,"box":{"x":847,"y":191,"width":45,"height":9}},{"id":"03754d8e-e9df-4ce2-ac12-e8cacf6e131a","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":139,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"880893ef-6043-4a86-acc6-61d9fec1ef65","block_type":"box","text":"330,386","page_number":139,"box":{"x":734,"y":213,"width":51,"height":9}},{"id":"d4b3c842-8d4c-4ed3-8c3b-b021b9698a5c","block_type":"box","text":"266,351","page_number":139,"box":{"x":844,"y":213,"width":49,"height":9}},{"id":"01470125-a015-45c7-828e-c85967429a9b","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":139,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"27aa0ce0-a909-4daa-abe0-d4e37c99dfdc","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":139,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"a3335c11-1c3b-4f35-bc6c-a33ad4eef553","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":139,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"9e392099-58d6-482c-b680-b4c0bf4ab750","block_type":"box","text":"Net revenue before UK corporation tax","page_number":139,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"e9f0aff5-f743-44ba-b90f-2ce08e64e321","block_type":"box","text":"2,736,980","page_number":139,"box":{"x":726,"y":304,"width":59,"height":9}},{"id":"c45a401a-ba50-4ba1-8f2d-bb06630953ce","block_type":"box","text":"2,082,818","page_number":139,"box":{"x":835,"y":304,"width":59,"height":9}},{"id":"a08dd090-5ec4-4446-a13a-87b3f0039c69","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":139,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"a81b23b5-ee86-4845-aa55-69a48469e337","block_type":"box","text":"547,396","page_number":139,"box":{"x":737,"y":326,"width":48,"height":9}},{"id":"51bd3589-fc71-4ab3-941f-301017bf169a","block_type":"box","text":"416,564","page_number":139,"box":{"x":846,"y":326,"width":49,"height":9}},{"id":"36e19c18-c49e-4e79-a107-24855df5b775","block_type":"box","text":"Effects of:","page_number":139,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"1d8d70c8-8249-4063-b377-72c50cafd221","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":139,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"2fc22e1e-cb9f-4632-af32-b493a17fcce3","block_type":"box","text":"(218,400)","page_number":139,"box":{"x":733,"y":364,"width":56,"height":9}},{"id":"306a5302-8d8c-41ae-bf21-6b44d0670d1b","block_type":"box","text":"(150,340)","page_number":139,"box":{"x":842,"y":364,"width":57,"height":9}},{"id":"b4b71355-9329-49f2-93b9-1242bb8b6d24","block_type":"box","text":"Tax effect of rebates in capital","page_number":139,"box":{"x":95,"y":382,"width":181,"height":11}},{"id":"5fe0d1ea-132a-48e0-a25f-a0c3eb9f52b2","block_type":"box","text":"1,390","page_number":139,"box":{"x":753,"y":383,"width":32,"height":9}},{"id":"df057ad5-8006-4aec-bc74-2b6ce4f701a0","block_type":"box","text":"127","page_number":139,"box":{"x":873,"y":383,"width":21,"height":7}},{"id":"867edee4-e834-455e-ba5d-db50185ac70b","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":139,"box":{"x":95,"y":404,"width":251,"height":11}},{"id":"d454178c-b5db-4ad3-a8fb-4dea9ce0efc2","block_type":"box","text":"330,386","page_number":139,"box":{"x":734,"y":405,"width":51,"height":9}},{"id":"c451a9f3-2b6b-4214-aeea-494a237bef02","block_type":"box","text":"266,351","page_number":139,"box":{"x":844,"y":405,"width":49,"height":9}},{"id":"bbd7245a-025f-4d70-9da4-568c2638d1f8","block_type":"box","text":"(c) Provision for deferred taxation","page_number":139,"box":{"x":95,"y":435,"width":205,"height":10}},{"id":"2a7e6a65-b8d1-4c77-8749-cdec3b50c566","block_type":"box","text":"At 30 April 2026 there is no potential deferred tax asset or liability (30 April 2025: £nil).","page_number":139,"box":{"x":95,"y":457,"width":526,"height":11}},{"id":"29132632-555e-491e-bdf6-a2703b355221","block_type":"box","text":"6. Distributions","page_number":139,"box":{"x":95,"y":510,"width":102,"height":9}},{"id":"e1b019d2-a6e5-49d7-9380-0ea19f6fe143","block_type":"box","text":"30.04.26","page_number":139,"box":{"x":730,"y":526,"width":55,"height":8}},{"id":"048edf0d-2e0a-45f6-bf62-1c3da4b0bad1","block_type":"box","text":"30.04.25","page_number":139,"box":{"x":840,"y":526,"width":54,"height":8}},{"id":"e7289e34-04ed-415e-8048-ced1a5d73105","block_type":"box","text":"£","page_number":139,"box":{"x":778,"y":542,"width":7,"height":7}},{"id":"8f936323-b3c4-4815-b755-aa2d9d075034","block_type":"box","text":"£","page_number":139,"box":{"x":888,"y":542,"width":6,"height":7}},{"id":"e8ca565b-0efa-46c2-b520-1a40b32664b8","block_type":"box","text":"Final dividend distribution","page_number":139,"box":{"x":96,"y":564,"width":158,"height":8}},{"id":"1129dced-c384-4fb5-92a5-522361de26a1","block_type":"box","text":"2,690,408","page_number":139,"box":{"x":726,"y":564,"width":59,"height":9}},{"id":"24a731bf-1dd7-4be9-b72f-afd6714f3479","block_type":"box","text":"1,768,945","page_number":139,"box":{"x":836,"y":564,"width":58,"height":9}},{"id":"e4dbab63-eda6-4914-832b-df78f42fbde8","block_type":"box","text":"2,690,408","page_number":139,"box":{"x":726,"y":586,"width":59,"height":9}},{"id":"feb30968-8334-448b-8558-0e6a4e547b6e","block_type":"box","text":"1,768,945","page_number":139,"box":{"x":836,"y":586,"width":58,"height":9}},{"id":"92062bc1-f63d-4297-9f34-1909213ff0aa","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":139,"box":{"x":95,"y":604,"width":300,"height":9}},{"id":"54ade78c-7abc-4bdb-9294-5d6cf464754c","block_type":"box","text":"(498,474)","page_number":139,"box":{"x":733,"y":605,"width":56,"height":9}},{"id":"17c04de4-b3b8-425a-be64-a968c7816222","block_type":"box","text":"198,499","page_number":139,"box":{"x":847,"y":605,"width":47,"height":9}},{"id":"63a873a1-6678-4928-8050-c5df0402c951","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":139,"box":{"x":96,"y":623,"width":289,"height":9}},{"id":"a64fb357-9f8a-4624-b0cb-24d8f5f7caf3","block_type":"box","text":"301,437","page_number":139,"box":{"x":737,"y":624,"width":48,"height":9}},{"id":"0920952c-cd45-4705-b303-89840a37e80f","block_type":"box","text":"(288,774)","page_number":139,"box":{"x":842,"y":624,"width":57,"height":9}},{"id":"0f0213bb-b739-4e83-a660-13d270295f7c","block_type":"box","text":"Distributions","page_number":139,"box":{"x":96,"y":645,"width":86,"height":9}},{"id":"35bf1fd5-3ec0-440a-9025-9612c9d96fe9","block_type":"box","text":"2,493,371","page_number":139,"box":{"x":726,"y":646,"width":57,"height":9}},{"id":"9186fd81-e3f6-4b45-874f-3a53752604a6","block_type":"box","text":"1,678,670","page_number":139,"box":{"x":836,"y":646,"width":58,"height":9}},{"id":"f4b1877d-a454-468f-9760-b3c3d14596dd","block_type":"box","text":"Reconciliation of distributions","page_number":139,"box":{"x":96,"y":683,"width":200,"height":8}},{"id":"a6a1be96-3173-492e-ad7f-9d4c929c7b54","block_type":"box","text":"Net revenue after taxation","page_number":139,"box":{"x":96,"y":702,"width":159,"height":8}},{"id":"1fbd0d25-30c9-450b-bb41-2cd004049184","block_type":"box","text":"2,406,594","page_number":139,"box":{"x":726,"y":702,"width":59,"height":9}},{"id":"9628ad9e-6e59-4739-a81d-c9b8399e45d6","block_type":"box","text":"1,816,467","page_number":139,"box":{"x":836,"y":702,"width":58,"height":9}},{"id":"a8cb5fd4-19ac-4ceb-81cb-e26429f1a6a6","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":139,"box":{"x":96,"y":717,"width":301,"height":11}},{"id":"8336bc39-3369-4e5a-b775-c45434724f3d","block_type":"box","text":"122,884","page_number":139,"box":{"x":738,"y":718,"width":47,"height":9}},{"id":"61bf5b7d-4373-4ba3-b3c9-98d1d9a0ef93","block_type":"box","text":"116,707","page_number":139,"box":{"x":847,"y":718,"width":47,"height":9}},{"id":"b3bde1ec-3706-4b88-ac37-0e6119b1e04f","block_type":"box","text":"Capital corporation tax","page_number":139,"box":{"x":96,"y":733,"width":138,"height":10}},{"id":"1e8b7374-df2e-452f-bad3-95dfb8c3a216","block_type":"box","text":"1,390","page_number":139,"box":{"x":753,"y":733,"width":32,"height":9}},{"id":"80cf86ad-0217-412d-94c1-9d14deab2c55","block_type":"box","text":"–","page_number":139,"box":{"x":888,"y":738,"width":6,"height":0}},{"id":"d343045b-aacd-4005-ac5e-ebdf013d5b77","block_type":"box","text":"Marginal tax relief on rebates in capital","page_number":139,"box":{"x":96,"y":748,"width":236,"height":11}},{"id":"3abf30b2-0126-4fde-9e80-82dd9a75c05c","block_type":"box","text":"–","page_number":139,"box":{"x":778,"y":753,"width":7,"height":1}},{"id":"b180ffe4-82c7-42fa-90cb-354bc1dfc47f","block_type":"box","text":"127","page_number":139,"box":{"x":873,"y":749,"width":21,"height":7}},{"id":"50d3c073-5f86-40ea-b716-36aaef71543b","block_type":"box","text":"Balance brought forward","page_number":139,"box":{"x":96,"y":764,"width":150,"height":10}},{"id":"282cf143-b0e5-453a-91e4-7cefe1974d4d","block_type":"box","text":"(37,439)","page_number":139,"box":{"x":740,"y":764,"width":49,"height":9}},{"id":"4722cc80-3fad-4264-b7a6-eb8857b75ff5","block_type":"box","text":"(292,070)","page_number":139,"box":{"x":842,"y":764,"width":57,"height":9}},{"id":"b9d11495-823f-4b0c-a1b1-ff357032126c","block_type":"box","text":"Balance carried forward","page_number":139,"box":{"x":96,"y":779,"width":144,"height":8}},{"id":"24a2a5c8-510f-4676-be0f-6ec14306dc3b","block_type":"box","text":"(58)","page_number":139,"box":{"x":766,"y":780,"width":23,"height":9}},{"id":"4076897c-e2c7-4d55-be28-f0cef6933080","block_type":"box","text":"37,439","page_number":139,"box":{"x":854,"y":780,"width":40,"height":9}},{"id":"2d0c5b82-e5f9-42fa-9cd3-42f0efbba412","block_type":"box","text":"Net distribution for the year","page_number":139,"box":{"x":96,"y":801,"width":187,"height":11}},{"id":"2c4b1de6-081f-49f1-b3ce-fd00ee3dbb00","block_type":"box","text":"2,493,371","page_number":139,"box":{"x":722,"y":802,"width":61,"height":9}},{"id":"afcfe966-8658-4e7e-b238-971eaa76a6b5","block_type":"box","text":"1,678,670","page_number":139,"box":{"x":832,"y":802,"width":62,"height":9}},{"id":"6662fab2-10b4-4c72-ab29-66135d5f7b3b","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":139,"box":{"x":97,"y":38,"width":374,"height":13}},{"id":"2138441a-18df-4b3c-9f07-e412eba4f768","block_type":"box","text":"134","page_number":139,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"e5ef11a0-eee8-4de1-9e14-857d4baf0ac3","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":140,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"b2a89080-e694-4598-b491-1b15b9d646db","block_type":"box","text":"for the year ended 30 April 2026","page_number":140,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"7f0d8e20-289d-4e21-a0a7-9036a05df86c","block_type":"box","text":"7. Debtors","page_number":140,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"34a340a8-1c91-466b-8fcc-e99e276569aa","block_type":"box","text":"30.04.26","page_number":140,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"2e8ff099-7a71-4206-b41c-892efea8fafb","block_type":"box","text":"30.04.25","page_number":140,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"a4db8236-aa0e-478b-9ea0-6bfe74c86535","block_type":"box","text":"£","page_number":140,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"972f0197-6623-4a76-a3d9-f4a67f200729","block_type":"box","text":"£","page_number":140,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"053d653c-bb54-4c79-a3b5-bcc7ac65c74e","block_type":"box","text":"Amounts receivable on creation of shares","page_number":140,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"8ee7b371-eeb2-4f70-bb9f-287b05a092f2","block_type":"box","text":"354,725","page_number":140,"box":{"x":737,"y":172,"width":47,"height":9}},{"id":"532475ad-0eb2-4fd0-ad54-a3f7d98bdbf1","block_type":"box","text":"521,299","page_number":140,"box":{"x":847,"y":172,"width":47,"height":9}},{"id":"d9e79bd6-92d6-45a1-b55a-ae6393980044","block_type":"box","text":"Accrued revenue:","page_number":140,"box":{"x":95,"y":191,"width":105,"height":8}},{"id":"25c91d8b-c9e1-4b05-aa32-69e6dfbab8a4","block_type":"box","text":"Rebates from underlying holdings","page_number":140,"box":{"x":96,"y":209,"width":205,"height":11}},{"id":"b2848516-02b1-4097-8404-24a471f5e10e","block_type":"box","text":"83,309","page_number":140,"box":{"x":745,"y":210,"width":39,"height":9}},{"id":"32c2e5f1-783b-4272-a72e-51d710c5cbf3","block_type":"box","text":"44,975","page_number":140,"box":{"x":854,"y":210,"width":40,"height":9}},{"id":"62fc4404-39c2-4764-8b5e-a5872eb4d754","block_type":"box","text":"Income tax recoverable","page_number":140,"box":{"x":96,"y":228,"width":141,"height":9}},{"id":"dcf8a998-beb8-4260-9d10-939efdc3bce7","block_type":"box","text":"151","page_number":140,"box":{"x":764,"y":229,"width":19,"height":8}},{"id":"6f576a33-56c1-434c-ba2c-265cd9ce21a5","block_type":"box","text":"1,891","page_number":140,"box":{"x":862,"y":229,"width":30,"height":9}},{"id":"a86ed07d-70bd-47e6-83d7-f7321d4c9af1","block_type":"box","text":"Bank interest receivable","page_number":140,"box":{"x":96,"y":247,"width":145,"height":8}},{"id":"1c2f3800-cbba-4e73-bef3-f3d5fde752ad","block_type":"box","text":"3,769","page_number":140,"box":{"x":752,"y":248,"width":32,"height":9}},{"id":"8bc12802-db7b-4e16-b4e1-b749a84345ef","block_type":"box","text":"–","page_number":140,"box":{"x":888,"y":252,"width":6,"height":1}},{"id":"e1a8eaf4-1258-4b36-89b4-1b731019dfbb","block_type":"box","text":"Prepayments","page_number":140,"box":{"x":96,"y":266,"width":79,"height":11}},{"id":"7dd50e3e-a359-411f-ba2a-b1fa1fab878a","block_type":"box","text":"–","page_number":140,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"da855977-abec-4767-90e9-bb82448b6e42","block_type":"box","text":"106","page_number":140,"box":{"x":873,"y":266,"width":21,"height":8}},{"id":"e4fe7957-9289-421b-bc39-4424cfaf75ba","block_type":"box","text":"Total debtors","page_number":140,"box":{"x":95,"y":288,"width":88,"height":8}},{"id":"207f5f27-30d7-4d76-bc5c-752b063d8580","block_type":"box","text":"441,954","page_number":140,"box":{"x":734,"y":289,"width":51,"height":9}},{"id":"7ea4f617-d862-4b0c-8f63-de326f44c299","block_type":"box","text":"568,271","page_number":140,"box":{"x":844,"y":289,"width":49,"height":9}},{"id":"eb3fdd38-9d58-4fcc-9299-f153e849e843","block_type":"box","text":"8. Cash and bank balances","page_number":140,"box":{"x":95,"y":341,"width":174,"height":8}},{"id":"d83ab0bd-267d-4517-8099-235ec7594977","block_type":"box","text":"30.04.26","page_number":140,"box":{"x":730,"y":342,"width":55,"height":7}},{"id":"069413e6-6876-44da-9364-43c47e7e9b71","block_type":"box","text":"30.04.25","page_number":140,"box":{"x":840,"y":342,"width":54,"height":7}},{"id":"bc934d93-d302-400a-9517-7b86ec1310ad","block_type":"box","text":"£","page_number":140,"box":{"x":778,"y":357,"width":7,"height":8}},{"id":"de67deb8-fc77-4874-9ba1-c6aab61fcc34","block_type":"box","text":"£","page_number":140,"box":{"x":888,"y":357,"width":6,"height":8}},{"id":"698bd9b0-2674-4790-ab89-4e7513b55a90","block_type":"box","text":"Cash and bank balances","page_number":140,"box":{"x":96,"y":379,"width":146,"height":8}},{"id":"251b30ea-094c-4c16-9403-b6415eb22e3a","block_type":"box","text":"2,400,118","page_number":140,"box":{"x":726,"y":379,"width":59,"height":9}},{"id":"7a1a3d6c-e1a2-4da1-8715-5b5b1a85ab3e","block_type":"box","text":"1,597,614","page_number":140,"box":{"x":836,"y":379,"width":59,"height":9}},{"id":"e9e376f3-95d8-4bfd-aaee-9134b987d56c","block_type":"box","text":"Bank overdraft","page_number":140,"box":{"x":96,"y":398,"width":89,"height":8}},{"id":"f27a02e1-a67d-499b-a5e8-156d8b40ab43","block_type":"box","text":"(279,151)","page_number":140,"box":{"x":733,"y":398,"width":56,"height":9}},{"id":"3d947732-24f6-416a-9736-93f7e25a1abd","block_type":"box","text":"(255,525)","page_number":140,"box":{"x":842,"y":398,"width":57,"height":9}},{"id":"345f0112-20cf-4714-94f3-67faf27ca74f","block_type":"box","text":"Total","page_number":140,"box":{"x":95,"y":420,"width":33,"height":8}},{"id":"8b12c271-7fc9-40a9-b243-402bf9d35873","block_type":"box","text":"2,120,967","page_number":140,"box":{"x":722,"y":420,"width":63,"height":9}},{"id":"9abb4960-7dd7-46d2-b766-006b2dc589ee","block_type":"box","text":"1,342,089","page_number":140,"box":{"x":832,"y":420,"width":62,"height":9}},{"id":"f3a933eb-d944-4b15-a968-71bd951ee6b3","block_type":"box","text":"9. Creditors","page_number":140,"box":{"x":95,"y":473,"width":76,"height":8}},{"id":"78566fab-8ece-4bf0-ab97-1d8b3e9652e9","block_type":"box","text":"30.04.26","page_number":140,"box":{"x":730,"y":473,"width":55,"height":8}},{"id":"e129c717-f39e-4760-a922-f1052ebb69d2","block_type":"box","text":"30.04.25","page_number":140,"box":{"x":840,"y":473,"width":54,"height":8}},{"id":"b69011a6-df11-4874-b58a-85784819bb84","block_type":"box","text":"£","page_number":140,"box":{"x":778,"y":489,"width":7,"height":7}},{"id":"a382b0d4-d2c6-47c4-9c96-99eba4ed9f40","block_type":"box","text":"£","page_number":140,"box":{"x":888,"y":489,"width":6,"height":7}},{"id":"4b34641f-8dc1-4b30-97a7-f954062fd696","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":140,"box":{"x":95,"y":510,"width":261,"height":11}},{"id":"7d5fb87c-735d-460e-80e7-54fe0dc96c07","block_type":"box","text":"388,245","page_number":140,"box":{"x":737,"y":511,"width":47,"height":9}},{"id":"c0ba6a0a-4146-40c0-a12f-7405fa4e488c","block_type":"box","text":"218,678","page_number":140,"box":{"x":847,"y":511,"width":47,"height":9}},{"id":"2d1f2b36-583c-4dff-a4c6-4acbc639a970","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":140,"box":{"x":96,"y":529,"width":549,"height":11}},{"id":"ee656be3-f827-4183-8e79-f05d01b8bbe9","block_type":"box","text":"agents of either of them:","page_number":140,"box":{"x":95,"y":545,"width":149,"height":10}},{"id":"0019f224-c79f-4827-9d4c-2ecf2664245d","block_type":"box","text":"Annual management charge","page_number":140,"box":{"x":104,"y":564,"width":172,"height":10}},{"id":"8e2c7df1-74e9-4c37-9402-922411f7a251","block_type":"box","text":"71,963","page_number":140,"box":{"x":744,"y":564,"width":40,"height":9}},{"id":"e8e0c331-dd38-490b-b183-bfc6b146d44d","block_type":"box","text":"31,002","page_number":140,"box":{"x":854,"y":564,"width":40,"height":9}},{"id":"a988c067-73e3-439f-a55b-2b5453048061","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":140,"box":{"x":96,"y":586,"width":514,"height":10}},{"id":"2cb60cd9-077a-41b6-86e4-b66632dbae5f","block_type":"box","text":"Depositary fee","page_number":140,"box":{"x":106,"y":604,"width":86,"height":11}},{"id":"54ed9be0-9ab3-45eb-a899-e0d032ba456e","block_type":"box","text":"3,557","page_number":140,"box":{"x":752,"y":605,"width":33,"height":9}},{"id":"13d3c524-6e0f-4eec-99b1-375b633c97ac","block_type":"box","text":"2,433","page_number":140,"box":{"x":862,"y":605,"width":32,"height":9}},{"id":"9b89207f-f107-4b78-9476-5ad9eddecf14","block_type":"box","text":"Safe custody and other custodian charges","page_number":140,"box":{"x":105,"y":620,"width":253,"height":11}},{"id":"f044695e-59ad-4955-9b07-b625f5ac8148","block_type":"box","text":"1,086","page_number":140,"box":{"x":753,"y":620,"width":32,"height":9}},{"id":"2f4d383b-6f1e-4853-b163-4233d6300b61","block_type":"box","text":"19,896","page_number":140,"box":{"x":855,"y":620,"width":39,"height":9}},{"id":"262d8855-f2ec-479a-9598-ef797dd566cc","block_type":"box","text":"4,643","page_number":140,"box":{"x":752,"y":643,"width":32,"height":9}},{"id":"58cfc5d7-095a-469d-93c1-be92a7f9f1f1","block_type":"box","text":"22,329","page_number":140,"box":{"x":854,"y":643,"width":40,"height":9}},{"id":"99f34eb3-b0d0-4a97-88b7-9903e3269cfe","block_type":"box","text":"Other expenses:","page_number":140,"box":{"x":96,"y":664,"width":97,"height":11}},{"id":"4e5911f1-2737-444d-b870-87fc6a0fe00e","block_type":"box","text":"UK Corporation tax","page_number":140,"box":{"x":105,"y":683,"width":116,"height":11}},{"id":"1f12be8a-f6bc-4ef9-b652-fa7d148af35e","block_type":"box","text":"151,710","page_number":140,"box":{"x":738,"y":683,"width":47,"height":10}},{"id":"be8c5039-70f8-4e53-a5b6-809a0d3584da","block_type":"box","text":"266,351","page_number":140,"box":{"x":847,"y":684,"width":45,"height":9}},{"id":"e2a72e2a-d028-4d65-b0d6-5e50042b5d76","block_type":"box","text":"Audit fee","page_number":140,"box":{"x":104,"y":699,"width":54,"height":8}},{"id":"1659d90c-a48c-4724-8ba2-7fa223e9018a","block_type":"box","text":"9,720","page_number":140,"box":{"x":752,"y":699,"width":33,"height":9}},{"id":"08cefdb8-8e66-4a10-8c93-0df1ad11f022","block_type":"box","text":"7,488","page_number":140,"box":{"x":862,"y":699,"width":32,"height":9}},{"id":"aa65f53c-8318-4046-a19a-2dcfe1661157","block_type":"box","text":"Other accrued expenses","page_number":140,"box":{"x":105,"y":714,"width":147,"height":11}},{"id":"90afb54a-8079-4d68-9dd0-e6d21010bc78","block_type":"box","text":"4,503","page_number":140,"box":{"x":752,"y":714,"width":32,"height":10}},{"id":"ca1f8981-af01-49b9-8969-55a17cc6446a","block_type":"box","text":"1,839","page_number":140,"box":{"x":862,"y":714,"width":32,"height":10}},{"id":"a10f0f09-4464-4541-a7c2-f7ebd06ecb6f","block_type":"box","text":"165,933","page_number":140,"box":{"x":738,"y":737,"width":46,"height":9}},{"id":"ca96f2f0-7eea-4454-ab9c-2df140916f62","block_type":"box","text":"275,678","page_number":140,"box":{"x":847,"y":737,"width":47,"height":9}},{"id":"fba29d3a-2737-416d-8f49-3e66348a1933","block_type":"box","text":"Total creditors","page_number":140,"box":{"x":95,"y":771,"width":97,"height":9}},{"id":"bec4fc51-8845-4570-8575-eb58eff82702","block_type":"box","text":"630,784","page_number":140,"box":{"x":734,"y":772,"width":51,"height":9}},{"id":"70ebb162-1459-49d1-93f2-d0e989baf817","block_type":"box","text":"547,687","page_number":140,"box":{"x":844,"y":772,"width":50,"height":9}},{"id":"4cea8aa9-3b0c-4d91-a4a8-1b0194d1ded0","block_type":"box","text":"*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","page_number":140,"box":{"x":95,"y":794,"width":809,"height":10}},{"id":"eeed1279-7288-4ebc-9686-c105f8a7c4fc","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":140,"box":{"x":96,"y":809,"width":174,"height":10}},{"id":"b9f43760-4cb7-4db9-940f-11dad1cab30f","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":140,"box":{"x":528,"y":38,"width":374,"height":13}},{"id":"c507a730-d87d-4069-a6d7-cf61cb2fbfba","block_type":"box","text":"135","page_number":140,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"9954801b-fcbf-407d-ae9a-eaa428547c43","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":141,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"9103e664-c62f-4e0a-9c62-b4bf56ce5f4b","block_type":"box","text":"for the year ended 30 April 2026","page_number":141,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"049956d6-bd41-4922-ad24-f54b3b2436ca","block_type":"box","text":"10. Risk management policies","page_number":141,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"15aaa588-1897-4895-a3de-05cc3fee8aea","block_type":"box","text":"In pursuing its investment objective as stated on page 124, the Sub-fund holds a number of financial instruments. The Sub-fund’","page_number":141,"box":{"x":96,"y":150,"width":802,"height":10}},{"id":"6610b5d2-07f9-44af-bbfc-96d149bd6f86","block_type":"box","text":"s","page_number":141,"box":{"x":899,"y":152,"width":5,"height":6}},{"id":"0c4d18f4-8770-4e2a-869a-c705bc1dc455","block_type":"box","text":"financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from","page_number":141,"box":{"x":95,"y":165,"width":789,"height":11}},{"id":"16fae378-ea77-46c4-9435-d7cc2017a927","block_type":"box","text":"its","page_number":141,"box":{"x":891,"y":165,"width":13,"height":8}},{"id":"9e70d655-35b3-4e5d-998e-270d86e77a98","block_type":"box","text":"operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for","page_number":141,"box":{"x":95,"y":181,"width":809,"height":10}},{"id":"100b91e3-5d27-44a8-91b7-51cffd3c0e5f","block_type":"box","text":"redemptions and debtors for accrued revenue.","page_number":141,"box":{"x":96,"y":196,"width":284,"height":11}},{"id":"aa367b87-c411-45c0-b4b8-63f6e6eba7f4","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":141,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"d507f156-3916-45dc-ae0c-030d84770bca","block_type":"box","text":"anaging","page_number":141,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"1661772f-0237-4e6c-9e01-545eb262deef","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":141,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"272e8484-368c-4c66-9fd3-3c929c58caab","block_type":"box","text":"Market price risk","page_number":141,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"7c437b3a-a2cf-4ec6-9460-c66aad303ab2","block_type":"box","text":"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","page_number":141,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"cd846b9f-d742-4bcb-9f9d-2491579a5dff","block_type":"box","text":"ket prices","page_number":141,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"709bf636-ac6e-4ceb-b0a2-7de9b1fab32a","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":141,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"8676a023-c3ab-4fca-abe6-1edaedcbe872","block_type":"box","text":"future","page_number":141,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"87b9596d-50fd-4605-be16-1ad3b576a066","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":141,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"24ede76f-7138-4a96-84d6-e2f9cc2d8f24","block_type":"box","text":"market","page_number":141,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"d720a2f6-8623-4648-9815-6336d0150e6d","block_type":"box","text":"positions in the face of price movements.","page_number":141,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"41e188fa-90b1-4393-9592-14070670dc4c","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":141,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"6583a8eb-d14d-482a-922a-02650a64738d","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":141,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"171b8e02-54fa-408e-b96f-817d2a44773d","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":141,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"0651e374-b943-44a4-8c39-d7eadfaa266e","block_type":"box","text":"ectus","page_number":141,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"f160b0ef-42ad-4eeb-98ce-dc35c053e644","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":141,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"2f70ee0c-479e-43ab-b2e9-9fc3f0384a7e","block_type":"box","text":"exposure","page_number":141,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"b6053288-3e11-4ac9-8378-d6d671241d56","block_type":"box","text":"to any particular type of security or issuer.","page_number":141,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"5732db40-5eb1-46fd-946f-69d09284054c","block_type":"box","text":"If market prices at the balance sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":141,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"f07b8306-c9ad-496e-bd89-24c04db1550b","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £16,252.728","page_number":141,"box":{"x":95,"y":446,"width":809,"height":11}},{"id":"9367c29d-cd00-44ad-85a4-52dbec1dcb5a","block_type":"box","text":"(30 April 2025: £12,691,005).","page_number":141,"box":{"x":95,"y":461,"width":174,"height":11}},{"id":"5c8a9bd5-6eaa-4b6e-91c7-de12749d35a4","block_type":"box","text":"Foreign currency risk","page_number":141,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"df6a775b-6ac2-4069-bfc1-b42d57f07a48","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":141,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"628c942a-77fd-438a-a756-e8bdccbc58d7","block_type":"box","text":"foreign","page_number":141,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"4043b472-af62-4920-8cb2-71878721fb2a","block_type":"box","text":"currency exchange rates.","page_number":141,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"9738bd8b-68f5-4463-acf5-fe064eb3928f","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":141,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"5e9bdec3-6427-4a1a-8d56-9a398d6e82e5","block_type":"box","text":"nvest","page_number":141,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"d4dd4f31-1b5a-4492-820d-272d5bf7b7d9","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":141,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"e3e260df-2140-4718-be3e-1d9b7108d0ac","block_type":"box","text":"e","page_number":141,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"b6675b29-c9e2-43cf-81c2-1e5e558d9dbc","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":141,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"ce7d1d42-6499-4295-90c2-21b930699359","block_type":"box","text":"ced","page_number":141,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"bc5c011e-bbf2-4286-baa3-2c812230d0e3","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":141,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"4352e4c8-c216-4a72-b358-8144c62381ce","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":141,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"975890ab-5369-4213-bc4f-182e832198e9","block_type":"box","text":"Net monetary","page_number":141,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"96591cd6-6447-4eda-8907-87aa7902739c","block_type":"box","text":"Non-monetary","page_number":141,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"4b60bfef-074d-4283-a09a-b3721a8c9258","block_type":"box","text":"Total net","page_number":141,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"f4dfb370-11ba-4325-af4b-73175fd80dd6","block_type":"box","text":"assets and liabilities","page_number":141,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"addd7117-5c35-4864-a6f8-3fd4c0c2dd69","block_type":"box","text":"assets","page_number":141,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"bf068317-89f0-486b-83a0-57f88d493c44","block_type":"box","text":"assets","page_number":141,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"077d4562-c779-4948-b909-802351189e1e","block_type":"box","text":"£","page_number":141,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"01fa9543-90e8-484c-a26f-f2a27d4ae790","block_type":"box","text":"£","page_number":141,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"cf40011c-6728-454f-ad93-50ddf11d6dc7","block_type":"box","text":"£","page_number":141,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"4931f255-3121-4ef2-9c76-6068b1700223","block_type":"box","text":"£","page_number":141,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"18e66bcd-cc1d-4531-951f-96bdeb22af73","block_type":"box","text":"£","page_number":141,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"fc6af171-8614-44f7-9a3e-3817e8d2e34a","block_type":"box","text":"£","page_number":141,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"239b7567-7ab6-49b4-ad60-9b2639154371","block_type":"box","text":"30.04.26","page_number":141,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"d09fc3af-3118-41c2-8953-9c6130f68b02","block_type":"box","text":"30.04.25","page_number":141,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"b142f60c-4b1a-42e0-ad1d-6972b8265ad8","block_type":"box","text":"30.04.26","page_number":141,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"1a9a6a04-0034-4734-8aab-37a6d9940095","block_type":"box","text":"30.04.25","page_number":141,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"e9c42347-fc69-4da1-90a8-e52e8a65fb57","block_type":"box","text":"30.04.26","page_number":141,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"17f2ee41-e226-4fbb-bcbd-3618727bc547","block_type":"box","text":"30.04.25","page_number":141,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"b69f1db6-c252-467c-8d36-67f137a33a37","block_type":"box","text":"Sterling","page_number":141,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"1216651e-3f4d-4720-af99-cc22ff3a1244","block_type":"box","text":"1,932,137","page_number":141,"box":{"x":288,"y":680,"width":59,"height":9}},{"id":"16e4ab08-4df6-475d-be0b-3e8004901497","block_type":"box","text":"1,362,673","page_number":141,"box":{"x":398,"y":680,"width":58,"height":9}},{"id":"c5b0b5a2-acc6-4052-9736-29504f282763","block_type":"box","text":"156,998,595","page_number":141,"box":{"x":492,"y":680,"width":73,"height":9}},{"id":"491984cc-3bf0-4a91-9dd8-47dff54f69a7","block_type":"box","text":"124,882,336","page_number":141,"box":{"x":602,"y":680,"width":73,"height":9}},{"id":"eb853d9c-8cea-4756-bd32-6263dcf73e2b","block_type":"box","text":"158,930,732","page_number":141,"box":{"x":711,"y":680,"width":74,"height":9}},{"id":"d47688b3-4ab9-4112-8e50-437273f06112","block_type":"box","text":"126,245,009","page_number":141,"box":{"x":821,"y":680,"width":73,"height":9}},{"id":"81db08c5-5e58-4791-a869-488b0ea04215","block_type":"box","text":"EUR","page_number":141,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"73be53d8-48af-42aa-92e8-e5bed10a7c5e","block_type":"box","text":"–","page_number":141,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"b52a094d-e427-47ad-85ff-fe02d33b65ee","block_type":"box","text":"–","page_number":141,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"1f007d79-aeb5-4917-ab05-e4eac133933f","block_type":"box","text":"–","page_number":141,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"4b2db63b-ac26-4516-bcc7-bfb987cc5489","block_type":"box","text":"2,027,713","page_number":141,"box":{"x":616,"y":695,"width":59,"height":9}},{"id":"4b2a2cc2-a812-43f0-ba85-62e3bae7eb89","block_type":"box","text":"–","page_number":141,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"146761bf-407e-4a4f-9e0d-7215ff4b426e","block_type":"box","text":"2,027,713","page_number":141,"box":{"x":835,"y":695,"width":59,"height":9}},{"id":"487bf7bb-09aa-4140-939f-0e4a83dccbbc","block_type":"box","text":"USD","page_number":141,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"52079bb1-d867-40ca-ad26-2a777748e57c","block_type":"box","text":"–","page_number":141,"box":{"x":340,"y":715,"width":7,"height":1}},{"id":"4a105fd1-a2d2-480d-94a9-e930cc07aec3","block_type":"box","text":"–","page_number":141,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"46b914bd-5809-4db4-875e-9f64b085be6a","block_type":"box","text":"5,528,681","page_number":141,"box":{"x":507,"y":711,"width":57,"height":9}},{"id":"9552ddb6-1006-4b36-a599-361d89942169","block_type":"box","text":"–","page_number":141,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"c8fddc15-2a2f-44b8-b4e4-b5f988b5c3a8","block_type":"box","text":"5,528,681","page_number":141,"box":{"x":726,"y":711,"width":57,"height":9}},{"id":"3aa86ba9-5ca4-4ab5-b726-baf0d334f744","block_type":"box","text":"–","page_number":141,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"edc4fa38-3158-4d6a-9398-9cb090a3cc18","block_type":"box","text":"1,932,137","page_number":141,"box":{"x":285,"y":733,"width":62,"height":9}},{"id":"5c5aecee-78b9-422e-a630-f1970cc8a8a7","block_type":"box","text":"1,362,673","page_number":141,"box":{"x":394,"y":733,"width":62,"height":9}},{"id":"32943cca-5aa7-4e4b-b23a-65df46750fc1","block_type":"box","text":"162,527,276","page_number":141,"box":{"x":488,"y":733,"width":78,"height":9}},{"id":"f644a6d7-3e2b-4bb7-9f75-d47cb5a97c91","block_type":"box","text":"126,910,049","page_number":141,"box":{"x":598,"y":733,"width":77,"height":9}},{"id":"dfc3c4f5-d2b6-4b1d-9e5d-88346985002f","block_type":"box","text":"164,459,413","page_number":141,"box":{"x":707,"y":733,"width":78,"height":9}},{"id":"63961b56-c9e0-45e9-a029-cbcc2801866d","block_type":"box","text":"128,272,722","page_number":141,"box":{"x":817,"y":733,"width":77,"height":9}},{"id":"94ee12a9-c517-4e84-b65a-b72938f606cc","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":141,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"ffcef6e4-b230-4c24-be28-666e566469af","block_type":"box","text":"he","page_number":141,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"39d0bb06-c56d-4572-9b0b-76125c7b5480","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £552","page_number":141,"box":{"x":96,"y":770,"width":782,"height":11}},{"id":"83c71dc9-dd10-4636-adb7-bc8f6540558b","block_type":"box","text":",868","page_number":141,"box":{"x":879,"y":771,"width":25,"height":9}},{"id":"33445a6e-a30e-41da-b7af-afb8568c8bfe","block_type":"box","text":"(30 April 2025: £202,771).","page_number":141,"box":{"x":95,"y":786,"width":155,"height":10}},{"id":"f37cbd69-b348-486c-81e6-0dd00b22a90c","block_type":"box","text":"Interest rate risk","page_number":141,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"21644d78-28cc-41ad-b110-8a28f53b2677","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":141,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"5e9e0761-cb81-4920-930c-15deab8b7909","block_type":"box","text":"se change","page_number":141,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"d58da05b-4a1e-40db-9607-79ac90d7abed","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":141,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"b3363dd6-b3dd-47bf-8a88-f24b184bf9e8","block_type":"box","text":"nterest","page_number":141,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"17d92114-001e-40d3-b73f-3b82ec5e5973","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short term in","page_number":141,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"7171b058-71a3-445a-8f4c-246aa1527be6","block_type":"box","text":"struments.","page_number":141,"box":{"x":839,"y":853,"width":64,"height":8}},{"id":"e1cdb9b2-fe78-463a-8c1d-a73848c2d18b","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":141,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"18ba5dfb-6ff4-4943-9894-c28ed4397627","block_type":"box","text":"ited","page_number":141,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"c7e484fa-8276-410a-bfa6-87025cea311f","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":141,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"3809ba38-275d-4529-87e9-73cb882df441","block_type":"box","text":"n the","page_number":141,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"f1ff21a1-8fab-4383-adb2-b977eae1a926","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":141,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"cb09a551-4ca6-412d-a1d2-d037d0790fe2","block_type":"box","text":"ses as","page_number":141,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"54287060-00e8-4782-bdf7-7470715bcdf5","block_type":"box","text":"interest rates increase.","page_number":141,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"ead81eb0-07e4-44fa-99c9-57200d7d40ab","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":141,"box":{"x":97,"y":38,"width":374,"height":13}},{"id":"eed7f815-9edc-4564-816d-ed124268fe53","block_type":"box","text":"136","page_number":141,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"00c7ed8e-b7c3-4379-9c51-c9edc39c97f8","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":142,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"7d484e11-bc4a-450c-a16c-efa1b7013676","block_type":"box","text":"for the year ended 30 April 2026","page_number":142,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"89d1b04e-239f-4320-88d8-d1d01c58cb23","block_type":"box","text":"10. Risk management policies (continued)","page_number":142,"box":{"x":96,"y":134,"width":277,"height":11}},{"id":"963bb585-462c-4830-87d6-9d0fd8749d34","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":142,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"2cae514a-ca6a-4c22-85b9-9a1a2651048a","block_type":"box","text":"30.04.26","page_number":142,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"1e4fed0a-ad78-43a9-8f43-4f62d5881eb7","block_type":"box","text":"30.04.25","page_number":142,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"e617c55e-b3ce-459f-a2d7-61b9d5645685","block_type":"box","text":"£","page_number":142,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"0ad59e3a-360b-41a8-9f09-c90c77319ed3","block_type":"box","text":"£","page_number":142,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"0c7bd63d-4d8e-43f2-a1ad-018eac6375df","block_type":"box","text":"Financial assets floating rate","page_number":142,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"27f1708e-07bc-47e0-a033-0d3a438c37e5","block_type":"box","text":"2,400,118","page_number":142,"box":{"x":726,"y":210,"width":59,"height":9}},{"id":"305956f9-0883-4d03-b3cd-968b2946eebd","block_type":"box","text":"1,597,614","page_number":142,"box":{"x":836,"y":210,"width":59,"height":9}},{"id":"067a73c9-2141-4fa6-8b52-1e2f64a9faff","block_type":"box","text":"Financial assets interest bearing instruments","page_number":142,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"9f5995e6-f44b-4aef-9b29-7c9691946b80","block_type":"box","text":"86,119,857","page_number":142,"box":{"x":718,"y":229,"width":67,"height":9}},{"id":"dce63f78-d433-42eb-83ec-de753b69f283","block_type":"box","text":"66,399,858","page_number":142,"box":{"x":828,"y":229,"width":66,"height":9}},{"id":"5deb9e20-7e63-4d7d-ab50-7d8b76830788","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":142,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"689ff169-60cd-4a90-baa9-59a81f10ceba","block_type":"box","text":"76,849,373","page_number":142,"box":{"x":718,"y":248,"width":66,"height":9}},{"id":"0cd8f89a-c49b-42ce-bd71-5280e13d9276","block_type":"box","text":"61,078,462","page_number":142,"box":{"x":828,"y":248,"width":66,"height":9}},{"id":"24f1fedd-1fa5-4c32-abfc-242f62b76d69","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":142,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"e8b57454-1feb-4028-8eb9-959b4884a2f2","block_type":"box","text":"(630,784)","page_number":142,"box":{"x":733,"y":266,"width":56,"height":10}},{"id":"eaa1349a-e599-4b81-942d-be6228ef343d","block_type":"box","text":"(547,687)","page_number":142,"box":{"x":842,"y":266,"width":57,"height":10}},{"id":"7cedc46c-1d42-4fe9-9feb-570510318ced","block_type":"box","text":"Financial liabilities floating rate","page_number":142,"box":{"x":96,"y":285,"width":187,"height":10}},{"id":"7dcd079a-bce1-4461-ac4d-6bfa818c2e1c","block_type":"box","text":"(279,151)","page_number":142,"box":{"x":733,"y":285,"width":56,"height":10}},{"id":"f45217e7-9692-43c9-89b7-11f59ff43905","block_type":"box","text":"(255,525)","page_number":142,"box":{"x":842,"y":285,"width":57,"height":10}},{"id":"138f59a9-6474-48f4-8ba8-6db827e9324b","block_type":"box","text":"164,459,413","page_number":142,"box":{"x":707,"y":307,"width":78,"height":9}},{"id":"c24f41a5-a0ec-4232-87a8-ccda2db07ddb","block_type":"box","text":"128,272,722","page_number":142,"box":{"x":817,"y":307,"width":77,"height":9}},{"id":"6ac726d4-61ce-46c4-bb24-065773f53e5d","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":142,"box":{"x":95,"y":342,"width":767,"height":11}},{"id":"d12303b3-8788-44cd-81cd-131693e0d74f","block_type":"box","text":"assets","page_number":142,"box":{"x":867,"y":343,"width":37,"height":7}},{"id":"349d8ac8-29aa-4181-8b74-2c1a14cb80a4","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £5,302 (30 April 2025: £3,355).","page_number":142,"box":{"x":95,"y":358,"width":740,"height":10}},{"id":"02c729de-01b2-4301-815a-4c48fa886baf","block_type":"box","text":"Maturity of financial liabilities","page_number":142,"box":{"x":96,"y":380,"width":201,"height":10}},{"id":"e9f54861-baf7-4045-a74e-80b504a3c69e","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":142,"box":{"x":95,"y":395,"width":655,"height":11}},{"id":"0513ee2e-9e27-4afe-ace8-21fbd902a120","block_type":"box","text":"Liquidity risk","page_number":142,"box":{"x":96,"y":417,"width":86,"height":11}},{"id":"17dc3eaf-6d95-43a2-b903-2ee6daaa976d","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":142,"box":{"x":95,"y":433,"width":742,"height":11}},{"id":"0259d3ff-e797-4087-98aa-f65dd8649395","block_type":"box","text":"any shares","page_number":142,"box":{"x":840,"y":433,"width":64,"height":11}},{"id":"39363125-39bb-4bce-b27e-2894d516c0a9","block_type":"box","text":"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","page_number":142,"box":{"x":95,"y":448,"width":732,"height":11}},{"id":"6f02e3bc-d8f1-4d18-b32f-f2026483d328","block_type":"box","text":"edemptions.","page_number":142,"box":{"x":828,"y":448,"width":75,"height":11}},{"id":"d4ce79ea-293c-40b8-a1de-f2438fe2368e","block_type":"box","text":"Credit risk","page_number":142,"box":{"x":96,"y":470,"width":68,"height":9}},{"id":"709974d9-f3a1-47f3-8cc1-f9865d9f118a","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":142,"box":{"x":96,"y":486,"width":722,"height":11}},{"id":"cdacd371-8148-4a64-9d15-198c14c6f071","block_type":"box","text":"he investment","page_number":142,"box":{"x":819,"y":486,"width":85,"height":8}},{"id":"b58c2322-f35e-494e-b3ba-e09d590c470e","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":142,"box":{"x":95,"y":501,"width":759,"height":11}},{"id":"ca5905b5-39b3-4d9f-b32a-3881b320d187","block_type":"box","text":"stments","page_number":142,"box":{"x":856,"y":502,"width":48,"height":8}},{"id":"19eb1f34-eba2-48e1-a708-e265d4969738","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":142,"box":{"x":95,"y":517,"width":808,"height":10}},{"id":"0491a282-a63f-45c1-8cf8-a26f2ad20327","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar","page_number":142,"box":{"x":96,"y":532,"width":738,"height":11}},{"id":"5c2528c0-3502-4896-84d9-3aefd0af913a","block_type":"box","text":"e reviewed.","page_number":142,"box":{"x":835,"y":532,"width":68,"height":8}},{"id":"e628cf14-f006-4cfa-aea2-e1a695286da5","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":142,"box":{"x":96,"y":554,"width":733,"height":11}},{"id":"c5f6b56e-98e7-423d-9ad9-ee14eab4976a","block_type":"box","text":"cash is held","page_number":142,"box":{"x":834,"y":554,"width":69,"height":9}},{"id":"e2268ab8-7f76-4e23-b5d7-cc0090f64a14","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":142,"box":{"x":95,"y":570,"width":735,"height":11}},{"id":"df5dd800-cdb6-404d-9a11-f6d784a5d31e","block_type":"box","text":"lectives that","page_number":142,"box":{"x":832,"y":570,"width":72,"height":8}},{"id":"1c5e5aee-8c74-469c-9be4-8aa878f2acc7","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":142,"box":{"x":96,"y":585,"width":650,"height":11}},{"id":"c40642a6-9c59-435b-af4b-5855b975744c","block_type":"box","text":"Fair value disclosure","page_number":142,"box":{"x":96,"y":607,"width":135,"height":9}},{"id":"a6017f46-e9dd-43bd-90d2-c784711d47c8","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":142,"box":{"x":95,"y":623,"width":731,"height":11}},{"id":"dc5bbf5a-8952-478f-8a5c-4610cfb38271","block_type":"box","text":". The highest","page_number":142,"box":{"x":828,"y":623,"width":76,"height":11}},{"id":"5ed4772e-c703-4219-912d-60eeb10dbf8f","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":142,"box":{"x":96,"y":638,"width":739,"height":11}},{"id":"5b098a0d-f971-42e2-8d99-64847219c7e0","block_type":"box","text":"els in these","page_number":142,"box":{"x":836,"y":638,"width":68,"height":9}},{"id":"95f50ae7-5fb5-447f-97f4-1d40f6e9ef00","block_type":"box","text":"financial statements are as follows:","page_number":142,"box":{"x":95,"y":654,"width":213,"height":8}},{"id":"2603fb4f-7465-42d4-b655-11d44feecc17","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":142,"box":{"x":96,"y":676,"width":489,"height":11}},{"id":"ad5c02d7-cebf-4a0c-873e-a899a80005fe","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":142,"box":{"x":96,"y":698,"width":568,"height":11}},{"id":"474232f0-d3a6-4b2a-bb7a-4da24bce2063","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":142,"box":{"x":96,"y":720,"width":344,"height":11}},{"id":"d637b23f-cc34-4399-bc35-1e2be35f7f66","block_type":"box","text":"Valuation technique","page_number":142,"box":{"x":95,"y":743,"width":135,"height":10}},{"id":"bc7caae6-d39e-43bd-8717-3552c0e5463c","block_type":"box","text":"30.04.26","page_number":142,"box":{"x":534,"y":743,"width":55,"height":8}},{"id":"ed900639-c9a4-4461-8702-9c4cc26d146e","block_type":"box","text":"30.04.25","page_number":142,"box":{"x":801,"y":743,"width":54,"height":8}},{"id":"97f85c01-5653-4777-820c-1a5276cf563a","block_type":"box","text":"Assets","page_number":142,"box":{"x":452,"y":756,"width":42,"height":8}},{"id":"e93e9666-5331-4d67-a70d-04b590c46c1c","block_type":"box","text":"Liabilities","page_number":142,"box":{"x":564,"y":756,"width":64,"height":8}},{"id":"536f5451-9baa-49d2-b0a8-51178b99fd76","block_type":"box","text":"Assets","page_number":142,"box":{"x":719,"y":756,"width":42,"height":8}},{"id":"fb9b72f8-55d4-4e03-9f0f-ae4704ed2e16","block_type":"box","text":"Liabilities","page_number":142,"box":{"x":833,"y":756,"width":64,"height":8}},{"id":"872227e7-62c1-430f-b2f8-ac6bcfaa6424","block_type":"box","text":"(£000’s)","page_number":142,"box":{"x":444,"y":769,"width":50,"height":9}},{"id":"66b53fa6-563a-40b6-bf15-1c13ad0aa3c6","block_type":"box","text":"(£000’s)","page_number":142,"box":{"x":577,"y":769,"width":50,"height":9}},{"id":"1dc61511-da0a-4934-8f47-1fb332334844","block_type":"box","text":"(£000’s)","page_number":142,"box":{"x":711,"y":769,"width":50,"height":9}},{"id":"f1d0d727-1082-4696-91c8-9d5bb745ad2e","block_type":"box","text":"(£000’s)","page_number":142,"box":{"x":846,"y":769,"width":51,"height":9}},{"id":"a2eb47a0-0702-4cc1-aac8-dba4e3c2c0d2","block_type":"box","text":"Level 1","page_number":142,"box":{"x":96,"y":784,"width":38,"height":8}},{"id":"3294b717-efe8-42bc-b234-71147a2a59cb","block_type":"box","text":"55,158","page_number":142,"box":{"x":454,"y":784,"width":40,"height":10}},{"id":"3717b483-ec8d-4d5e-9b13-3415b6834372","block_type":"box","text":"–","page_number":142,"box":{"x":621,"y":789,"width":6,"height":1}},{"id":"e2687a4a-718d-4e84-9e40-c47f86255b52","block_type":"box","text":"9,391","page_number":142,"box":{"x":728,"y":784,"width":31,"height":10}},{"id":"4ebc5630-9613-4f41-b263-14b2a50b61c2","block_type":"box","text":"–","page_number":142,"box":{"x":890,"y":789,"width":7,"height":1}},{"id":"5995b9ee-f7c8-41a1-87d6-d4e337efab15","block_type":"box","text":"Level 2","page_number":142,"box":{"x":96,"y":800,"width":40,"height":8}},{"id":"32a8a1bf-d477-4fa4-bb7e-289e8c16710f","block_type":"box","text":"107,369","page_number":142,"box":{"x":447,"y":800,"width":47,"height":9}},{"id":"18f4efa3-2842-48fe-99a9-93985176a563","block_type":"box","text":"–","page_number":142,"box":{"x":621,"y":804,"width":6,"height":1}},{"id":"83ede96d-e882-47dc-a5f7-cac82cb0d7c1","block_type":"box","text":"117,519","page_number":142,"box":{"x":714,"y":800,"width":47,"height":9}},{"id":"312acab1-02aa-4594-8867-546b083676be","block_type":"box","text":"–","page_number":142,"box":{"x":890,"y":804,"width":7,"height":1}},{"id":"08715dd7-9450-4d1d-afe3-c5f715d71d1d","block_type":"box","text":"Level 3","page_number":142,"box":{"x":96,"y":815,"width":40,"height":8}},{"id":"53837bc1-0578-4637-88a9-581522416c1a","block_type":"box","text":"–","page_number":142,"box":{"x":488,"y":820,"width":6,"height":1}},{"id":"655cfb80-7559-4162-928a-3944ebe1ed6a","block_type":"box","text":"–","page_number":142,"box":{"x":621,"y":820,"width":6,"height":1}},{"id":"febe7abe-d9e5-41da-9d6c-c18bb6db0de1","block_type":"box","text":"–","page_number":142,"box":{"x":754,"y":820,"width":7,"height":1}},{"id":"aa0e6e4d-f826-4a88-8e53-4e207b5d0e0a","block_type":"box","text":"–","page_number":142,"box":{"x":890,"y":820,"width":7,"height":1}},{"id":"1fcaf91e-140f-498e-b61c-1cd39d7f4df9","block_type":"box","text":"162,527","page_number":142,"box":{"x":444,"y":838,"width":50,"height":9}},{"id":"ed9e7f8b-ba12-45ab-88f8-52766cda6127","block_type":"box","text":"–","page_number":142,"box":{"x":621,"y":842,"width":7,"height":1}},{"id":"83a3ab30-54b3-4e43-9ccd-11cd74e45271","block_type":"box","text":"126,910","page_number":142,"box":{"x":711,"y":838,"width":50,"height":9}},{"id":"26ec0c53-83a6-41fb-9d93-112def05030b","block_type":"box","text":"–","page_number":142,"box":{"x":890,"y":842,"width":7,"height":1}},{"id":"0ceccbe0-7158-4250-9d5b-c92c2ad3db18","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":142,"box":{"x":528,"y":38,"width":374,"height":13}},{"id":"34c2063c-0af1-4bf7-934b-c71bbe604ea0","block_type":"box","text":"137","page_number":142,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"80d77751-a2f0-4f38-9597-6cce1f93300f","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":143,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"4fd5a05f-914d-4cdd-8cbf-256389d99dec","block_type":"box","text":"for the year ended 30 April 2026","page_number":143,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"6a65bd3e-c963-4947-96dc-96d5f8d609eb","block_type":"box","text":"11. Shares held","page_number":143,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"18d72b7f-618b-45c6-802f-d2b390b0878d","block_type":"box","text":"A Class (Retail) Accumulation","page_number":143,"box":{"x":95,"y":156,"width":193,"height":10}},{"id":"90f34e36-94c5-4f5e-9e2f-6dc3f441654e","block_type":"box","text":"Opening shares at 01.05.2025","page_number":143,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"56ef8e8c-f8f5-4543-ad00-b00ceef30756","block_type":"box","text":"98,086,119","page_number":143,"box":{"x":424,"y":179,"width":70,"height":9}},{"id":"157e98b3-862e-4580-b0a6-a337b3b4f43f","block_type":"box","text":"Shares issued during the year","page_number":143,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"9a6bb2b3-2281-4754-b0cf-3808aa362db1","block_type":"box","text":"38,860,774","page_number":143,"box":{"x":428,"y":194,"width":67,"height":10}},{"id":"f9cdec82-7605-4296-a05a-810d1ffb54a9","block_type":"box","text":"Shares cancelled during the year","page_number":143,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"70528e04-a608-41b8-9cc6-0f1c23716a7a","block_type":"box","text":"(26,323,799)","page_number":143,"box":{"x":419,"y":210,"width":75,"height":9}},{"id":"e95c1f56-4095-4fac-9660-b4bf2d8a2f51","block_type":"box","text":"Shares converted during the year","page_number":143,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"03af4aa4-b7d3-474c-a9d7-5849053d357c","block_type":"box","text":"–","page_number":143,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"aa322626-2a50-4889-88cc-681b7eb5c408","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":143,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"86e94f9a-41e3-4cbd-9c1d-9eb5543a3860","block_type":"box","text":"110,623,094","page_number":143,"box":{"x":417,"y":248,"width":78,"height":9}},{"id":"be7990ef-13d4-4964-b45c-417f77f66642","block_type":"box","text":"12. Contingent assets and liabilities","page_number":143,"box":{"x":96,"y":293,"width":234,"height":11}},{"id":"eb165cc8-8c2b-46dc-9c0a-2c5e4a293c3a","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).","page_number":143,"box":{"x":95,"y":309,"width":585,"height":11}},{"id":"8471e3d0-2d53-4264-8a7e-98b63095abd4","block_type":"box","text":"13. Post balance sheet events","page_number":143,"box":{"x":96,"y":355,"width":194,"height":8}},{"id":"d4861397-0e2b-4be8-b170-08ca03088f8b","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":143,"box":{"x":95,"y":374,"width":425,"height":11}},{"id":"ddee708a-9a3a-4c80-b906-565553ed7c71","block_type":"box","text":"14. Direct transactions costs","page_number":143,"box":{"x":96,"y":420,"width":186,"height":9}},{"id":"9c18e2f7-e7de-4f7d-a035-d6ecf9fe2f44","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":143,"box":{"x":96,"y":439,"width":755,"height":11}},{"id":"a048d237-7939-4166-b02d-a157fc37eb12","block_type":"box","text":"herefore","page_number":143,"box":{"x":853,"y":439,"width":51,"height":8}},{"id":"de3af801-b066-4e2a-8271-c8d45973b97e","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":143,"box":{"x":95,"y":455,"width":444,"height":10}},{"id":"918ed901-c079-416c-b184-f85861b67ba2","block_type":"box","text":"15. Portfolio dealing spread","page_number":143,"box":{"x":96,"y":501,"width":181,"height":11}},{"id":"5f7993aa-c588-4abb-b65a-39ff87a1d255","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.05% (30 April 2025: 0.02%).","page_number":143,"box":{"x":95,"y":523,"width":517,"height":11}},{"id":"415966a0-2a0d-45e4-af29-2f23d6ae62fe","block_type":"box","text":"16. Related party transactions","page_number":143,"box":{"x":96,"y":569,"width":199,"height":11}},{"id":"bd8f2763-2d75-4c71-8958-ab6b5672ad44","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":143,"box":{"x":95,"y":592,"width":707,"height":10}},{"id":"ef2c38a3-204e-435a-b08f-9f327554c228","block_type":"box","text":"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","page_number":143,"box":{"x":95,"y":614,"width":765,"height":10}},{"id":"ab9e81a5-a469-4e96-b2c6-ed18b160fd6f","block_type":"box","text":"e sheet","page_number":143,"box":{"x":861,"y":614,"width":43,"height":8}},{"id":"74fe28d6-e7ca-4e74-93f4-9646ce3d1a8f","block_type":"box","text":"date are disclosed in note 9.","page_number":143,"box":{"x":95,"y":629,"width":171,"height":8}},{"id":"8f3176bc-516b-4e39-9b62-a7777070e6ee","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":143,"box":{"x":97,"y":38,"width":374,"height":13}},{"id":"3ac3489d-a0c3-44b4-98d4-59e000806143","block_type":"box","text":"138","page_number":143,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"4d3536ed-9233-413d-bb80-5110f58ad468","block_type":"box","text":"Distribution Tables","page_number":144,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"82880a5c-1c4d-4cc3-95e9-130af9cff067","block_type":"box","text":"for the year ended 30 April 2026","page_number":144,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"b9539d39-402d-4c76-a0bc-4511ccc69118","block_type":"box","text":"Accumulation Share Distributions","page_number":144,"box":{"x":95,"y":134,"width":224,"height":9}},{"id":"436484c2-4cbd-45bb-ac96-76b7b7c4ee4d","block_type":"box","text":"Share class","page_number":144,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"7daac6a4-6c88-4167-80f4-bd74bd958d26","block_type":"box","text":"Distribution","page_number":144,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"ee99b8f7-d813-419c-b190-bf541d8f1012","block_type":"box","text":"Shares","page_number":144,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"4a25e9d6-04d8-4f80-8eac-d504c45a1891","block_type":"box","text":"Net","page_number":144,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"417c4d1c-3151-4af7-8e08-8cd52ccd4f44","block_type":"box","text":"Equalisation","page_number":144,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"6ebdd7aa-2ffb-4f17-8464-ce4ca79d3524","block_type":"box","text":"Distribution","page_number":144,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"f98af5f9-0f78-4cb4-8678-faa28bd8f3af","block_type":"box","text":"Distribution","page_number":144,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"b2e51845-0fd5-4518-9d94-2366742542fa","block_type":"box","text":"revenue","page_number":144,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"220edc4b-cc8e-485e-8692-99628431edb6","block_type":"box","text":"31.08.2026","page_number":144,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"4930a271-021d-4ade-a564-131a241fc4dd","block_type":"box","text":"29.08.2025","page_number":144,"box":{"x":812,"y":165,"width":70,"height":8}},{"id":"0d7d7dd2-5819-4b8f-8e1a-a07328568217","block_type":"box","text":"31.08.2026","page_number":144,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"11b30e6f-2aac-45ee-8ba1-95e37c3af6ca","block_type":"box","text":"p","page_number":144,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"f33aec61-909b-495d-885c-bae4fd324fee","block_type":"box","text":"p","page_number":144,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"cc6aab18-48f1-4aad-880d-ea259ff36952","block_type":"box","text":"p","page_number":144,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"13709a04-eb39-4415-86e4-68e584874628","block_type":"box","text":"p","page_number":144,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"9156a46a-3576-4eb1-af6f-9a563fb0cff0","block_type":"box","text":"A","page_number":144,"box":{"x":104,"y":207,"width":8,"height":8}},{"id":"07c533ae-3419-43f7-989c-4fd6649819e9","block_type":"box","text":"Final","page_number":144,"box":{"x":267,"y":207,"width":27,"height":8}},{"id":"0b750010-7500-4758-9f7f-e78d6b72e472","block_type":"box","text":"Group 1","page_number":144,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"e976aa81-8dc5-4a10-a1bd-36a19128d9cd","block_type":"box","text":"2.4320","page_number":144,"box":{"x":513,"y":207,"width":40,"height":8}},{"id":"f311cfac-4341-4d17-b148-e1cf526e0c13","block_type":"box","text":"–","page_number":144,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"f9b1d7f6-fc54-4f90-8164-27bb73b6230d","block_type":"box","text":"2.4320","page_number":144,"box":{"x":722,"y":207,"width":40,"height":8}},{"id":"d17fcd28-581a-49ea-9268-454c7b03d4b3","block_type":"box","text":"1.8035","page_number":144,"box":{"x":828,"y":207,"width":39,"height":8}},{"id":"99da04cb-3210-4ab3-afe5-2c9a312e6e0a","block_type":"box","text":"Group 2","page_number":144,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"c7a327ad-eccb-4f68-b0e5-1c7c063c6e1b","block_type":"box","text":"1.1429","page_number":144,"box":{"x":513,"y":221,"width":40,"height":8}},{"id":"17f8dd0c-1d68-4d9e-9a4a-b6793764f6ba","block_type":"box","text":"1.2891","page_number":144,"box":{"x":618,"y":221,"width":38,"height":8}},{"id":"c922b8e7-e57a-4799-8da8-33b8707c08fd","block_type":"box","text":"2.4320","page_number":144,"box":{"x":722,"y":221,"width":40,"height":8}},{"id":"08817758-984a-4ecb-8184-bb44c92b290e","block_type":"box","text":"1.8035","page_number":144,"box":{"x":828,"y":221,"width":39,"height":8}},{"id":"c416f934-1cb8-4b49-bd84-7ef1ddfe8a22","block_type":"box","text":"Final distribution in pence per share","page_number":144,"box":{"x":96,"y":252,"width":240,"height":11}},{"id":"4a2c266b-1bce-4b6f-845a-613efd3852b2","block_type":"box","text":"Group 1:","page_number":144,"box":{"x":96,"y":268,"width":51,"height":10}},{"id":"a2280798-fb9e-43a8-a8fd-b7d409961335","block_type":"box","text":"Shares purchased prior to 01 May 2025","page_number":144,"box":{"x":181,"y":267,"width":239,"height":11}},{"id":"420a99bf-d89e-48ad-ab25-5456bb3752e7","block_type":"box","text":"Group 2:","page_number":144,"box":{"x":96,"y":283,"width":51,"height":11}},{"id":"0d678bf8-c7b8-46ff-be62-7d7ff88d9911","block_type":"box","text":"Shares purchased on or after 01 May 2025 and on or before 30 April 2026","page_number":144,"box":{"x":181,"y":283,"width":448,"height":11}},{"id":"c481cf29-572c-4f7f-b849-17be8edd48a1","block_type":"box","text":"MI Tatton Blended Cautious Fund","page_number":144,"box":{"x":528,"y":38,"width":374,"height":13}},{"id":"435fe303-3214-41f6-94d7-38c66732f075","block_type":"box","text":"139","page_number":144,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"ad9f9cf1-4d84-496d-a322-1ab75168df19","block_type":"box","text":"Sub-fund Overview","page_number":145,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"2b4ae108-3167-44d0-9cc8-7bb5ef0ec765","block_type":"box","text":"Name of Sub-fund","page_number":145,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"9e897867-8382-49d9-8e58-17813fc1728c","block_type":"box","text":"MI Tatton Blended Aggressive Fund (formerly VT Tatton Blended Aggressive Fund)","page_number":145,"box":{"x":96,"y":143,"width":495,"height":11}},{"id":"79824f17-366d-47b4-bf2c-3721c1a8748e","block_type":"box","text":"Size of Sub-fund","page_number":145,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"ee2a5fa6-f46f-4c90-92f6-17fa8a152c6f","block_type":"box","text":"£146,501,120","page_number":145,"box":{"x":95,"y":181,"width":82,"height":9}},{"id":"3b347f0e-dc20-4b09-8cc4-aae511539676","block_type":"box","text":"Launch date","page_number":145,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"162a2863-0c47-4dce-a2bc-1b9f51108e72","block_type":"box","text":"23 March 2009","page_number":145,"box":{"x":95,"y":218,"width":90,"height":8}},{"id":"d4db5a02-550d-4ee1-a420-ba4b5ad269ea","block_type":"box","text":"Investment objective and policy","page_number":145,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"e283557b-f692-4958-b1c8-3d30bd04bf0f","block_type":"box","text":"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","page_number":145,"box":{"x":95,"y":256,"width":775,"height":11}},{"id":"e51cd07d-760d-4f9d-9ed9-05bf2e5dbc0d","block_type":"box","text":"come","page_number":145,"box":{"x":871,"y":258,"width":33,"height":6}},{"id":"c9934243-eb94-4681-b481-33edda30c7e9","block_type":"box","text":"generation.","page_number":145,"box":{"x":95,"y":272,"width":69,"height":10}},{"id":"3aa2b652-937a-4022-91cf-277d51901fd6","block_type":"box","text":"The Investment Manager will manage the portfolio in order to achieve the investment objective by investing at least 70% in coll","page_number":145,"box":{"x":95,"y":293,"width":773,"height":11}},{"id":"f81923bd-6971-4898-b59a-0b4fa2a9a22a","block_type":"box","text":"ective","page_number":145,"box":{"x":869,"y":294,"width":35,"height":8}},{"id":"25b01eaf-8489-4de5-b268-7eb4c0439c12","block_type":"box","text":"investment schemes such as unit trusts, OEICs and other UCITS Sub-funds and closed ended schemes.","page_number":145,"box":{"x":96,"y":309,"width":620,"height":9}},{"id":"8efad4a4-ef37-4cf7-a4a0-fe7de682484c","block_type":"box","text":"The Sub-fund will seek exposure to a diverse (by geography and sector) portfolio of assets, with a balance between passive and","page_number":145,"box":{"x":95,"y":331,"width":769,"height":11}},{"id":"126deb05-8c78-4e12-81e3-ad6767bfb4ca","block_type":"box","text":"active","page_number":145,"box":{"x":869,"y":331,"width":35,"height":8}},{"id":"3fa119b3-bb4e-4951-ad49-a86696d9db2f","block_type":"box","text":"strategies, with the overall portfolio having a focus on shares on shares of companies.","page_number":145,"box":{"x":95,"y":346,"width":522,"height":11}},{"id":"6f2c6959-1c78-488d-a805-253901021663","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as shares in companies. For this Sub-fund, over per","page_number":145,"box":{"x":96,"y":369,"width":767,"height":10}},{"id":"31e9133e-e163-4cef-b056-b4d048e8bd50","block_type":"box","text":"iods of","page_number":145,"box":{"x":864,"y":369,"width":41,"height":8}},{"id":"5af6dc07-8d9c-4b61-85f5-aea9e019a6dc","block_type":"box","text":"at least 8 years, in normal market conditions it is expected that the proportion of the Sub-fund exposed to shares (directly an","page_number":145,"box":{"x":95,"y":384,"width":737,"height":11}},{"id":"4bccdaef-e5cc-4904-8cf1-e164739eb681","block_type":"box","text":"d indirectly)","page_number":145,"box":{"x":834,"y":384,"width":70,"height":11}},{"id":"3a23b992-fe09-439e-b6b1-9f109f2bd30f","block_type":"box","text":"will be approximately 85%.","page_number":145,"box":{"x":95,"y":400,"width":163,"height":10}},{"id":"53d3adf1-9a82-4c80-9f66-50e07e07db97","block_type":"box","text":"In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by","page_number":145,"box":{"x":96,"y":422,"width":772,"height":10}},{"id":"b645db4c-b1cc-4728-81e6-e3ea1e1c8e5b","block_type":"box","text":"more","page_number":145,"box":{"x":873,"y":424,"width":31,"height":6}},{"id":"e69d799c-588b-42a0-b397-fee7f85a0bf6","block_type":"box","text":"than ±12.5%.","page_number":145,"box":{"x":95,"y":437,"width":79,"height":8}},{"id":"143e3d6b-b2e9-4b36-bed1-c21967577c9f","block_type":"box","text":"To the extent not invested in shares, other underlying assets in the portfolio (to which there will be indirect exposure) may i","page_number":145,"box":{"x":95,"y":459,"width":767,"height":11}},{"id":"058ae321-3bf2-43b9-8fa2-533c8a603a04","block_type":"box","text":"nclude","page_number":145,"box":{"x":864,"y":459,"width":40,"height":9}},{"id":"3fb421eb-54e1-4624-8225-9b5deeaf0c54","block_type":"box","text":"government and corporate bonds (including investment grade and high yield bonds), commodities, property, hedge fund strategies,","page_number":145,"box":{"x":95,"y":475,"width":808,"height":11}},{"id":"ad786feb-55cd-4a69-8926-fae115f4bae4","block_type":"box","text":"private equity and derivatives. Some of these investments will be denominated in foreign currencies which may or may not be hed","page_number":145,"box":{"x":96,"y":490,"width":785,"height":11}},{"id":"e6ce5664-b75d-4021-b32a-c0aaf436c3f8","block_type":"box","text":"ged","page_number":145,"box":{"x":882,"y":490,"width":21,"height":11}},{"id":"98872cdc-2a69-47a9-846f-a8033a94a08c","block_type":"box","text":"back to Pounds Sterling.","page_number":145,"box":{"x":96,"y":506,"width":145,"height":10}},{"id":"94a37490-7e21-4ac0-8242-e629103ca55d","block_type":"box","text":"The Sub-fund may also invest, at the ACD’s discretion, directly in other transferable securities including shares and bonds, mo","page_number":145,"box":{"x":95,"y":528,"width":786,"height":11}},{"id":"c1e94252-8e2f-47e5-88de-fe841eaab3e8","block_type":"box","text":"ney","page_number":145,"box":{"x":883,"y":530,"width":21,"height":9}},{"id":"ab30f181-87a5-4207-96d1-e27e7726f371","block_type":"box","text":"market instruments (such as money market Sub-funds or government treasury bills), cash and near cash, deposits and any other","page_number":145,"box":{"x":96,"y":543,"width":808,"height":11}},{"id":"19ff2cf6-7851-463c-8759-87fea9029900","block_type":"box","text":"permitted asset type deemed appropriate to meet the investment objective.","page_number":145,"box":{"x":96,"y":559,"width":462,"height":10}},{"id":"1a624aa4-7390-4f12-a43d-909549ee5954","block_type":"box","text":"The Sub-fund may temporarily depart from this investment policy in response to the Investment Manager’s perception of extraordi","page_number":145,"box":{"x":95,"y":581,"width":781,"height":11}},{"id":"e7399fba-d75c-4d1d-8ef3-9757148cca46","block_type":"box","text":"nary","page_number":145,"box":{"x":878,"y":583,"width":26,"height":9}},{"id":"7ac3a234-3212-48e9-89e6-0fe039f9f9cc","block_type":"box","text":"market or political conditions. During these periods and for as long as the Investment Manager deems it necessary, the Sub-fund","page_number":145,"box":{"x":96,"y":596,"width":778,"height":11}},{"id":"a68591c7-e627-48db-835f-3f87f125687f","block_type":"box","text":"may","page_number":145,"box":{"x":879,"y":599,"width":25,"height":8}},{"id":"b8e5c45f-f9e0-48f3-b8b2-f3f9c4363c75","block_type":"box","text":"adjust the stated percentages with a view to avoiding losses.","page_number":145,"box":{"x":95,"y":612,"width":366,"height":11}},{"id":"f1462a13-d433-47ea-91eb-49a4f3e79fea","block_type":"box","text":"Derivatives","page_number":145,"box":{"x":96,"y":634,"width":74,"height":8}},{"id":"7a512d84-7786-4de9-8c58-7f6a6ab87f63","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":145,"box":{"x":95,"y":649,"width":686,"height":11}},{"id":"71cafe61-b56a-480c-9453-33cfbee576cf","block_type":"box","text":"Benchmark","page_number":145,"box":{"x":96,"y":672,"width":76,"height":8}},{"id":"fc15fc1c-b22f-4af6-a849-fdbc00d82e98","block_type":"box","text":"No explicit benchmark is stated for the Sub-fund. However multi-asset portfolios or peer group averages with a similar weight i","page_number":145,"box":{"x":96,"y":687,"width":758,"height":11}},{"id":"8724a843-31ef-4d69-ab49-9f31c0c53595","block_type":"box","text":"n equity","page_number":145,"box":{"x":857,"y":687,"width":47,"height":11}},{"id":"51cb1ef5-5f16-479a-b9fe-d544f40d49d3","block_type":"box","text":"may be useful in assessing the performance of the Sub-fund. An example for this Sub-fund may be the IA OE Flexible Investment.","page_number":145,"box":{"x":96,"y":702,"width":783,"height":11}},{"id":"f1f938f9-b947-45a1-8c9a-745cd258ed58","block_type":"box","text":"The Sub-fund provides comparative performance against a relevant Investment Association sector benchmark in order for investors","page_number":145,"box":{"x":95,"y":725,"width":809,"height":10}},{"id":"37844242-7c2f-4a1c-a940-bf66f98fb0fb","block_type":"box","text":"to compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association M","page_number":145,"box":{"x":95,"y":740,"width":782,"height":11}},{"id":"9aefd503-b54d-4dd4-ab71-cbe121415e64","block_type":"box","text":"ixed","page_number":145,"box":{"x":880,"y":740,"width":23,"height":8}},{"id":"c7ff87bf-f98a-41f2-a83b-7bf6a38e99bb","block_type":"box","text":"Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a","page_number":145,"box":{"x":95,"y":756,"width":800,"height":10}},{"id":"85761e13-80d2-4799-92c7-4fbd96a44a90","block_type":"box","text":"n","page_number":145,"box":{"x":897,"y":758,"width":6,"height":6}},{"id":"219ecbe2-887e-4a27-a072-88eb4a35f813","block_type":"box","text":"indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or","page_number":145,"box":{"x":96,"y":771,"width":756,"height":11}},{"id":"283bbd39-2276-4dd0-a70b-ea6cf5da5afd","block_type":"box","text":"investor","page_number":145,"box":{"x":856,"y":771,"width":48,"height":8}},{"id":"7c9808b1-6a44-4e8e-89f5-12fc65d89833","block_type":"box","text":"expectations.","page_number":145,"box":{"x":95,"y":787,"width":80,"height":10}},{"id":"732f0ae6-807d-4fbb-8a73-7132a3d076a6","block_type":"box","text":"Final accounting date","page_number":145,"box":{"x":96,"y":809,"width":142,"height":10}},{"id":"2d61aa99-f890-4829-a59a-5414c71ca0c8","block_type":"box","text":"30 April","page_number":145,"box":{"x":95,"y":824,"width":46,"height":11}},{"id":"b39fc9e1-b8b7-4c44-9fc8-23a2512a20ea","block_type":"box","text":"Interim accounting date","page_number":145,"box":{"x":96,"y":846,"width":159,"height":11}},{"id":"2b547c39-dd2e-4784-8976-7c00ae90aeb5","block_type":"box","text":"31 October","page_number":145,"box":{"x":95,"y":862,"width":68,"height":8}},{"id":"ef5eda26-1d71-412e-9114-bfcc1dff29f1","block_type":"box","text":"Income distribution date","page_number":145,"box":{"x":96,"y":884,"width":164,"height":8}},{"id":"4481b947-0a58-4ec6-a8c5-38bcebff8c0f","block_type":"box","text":"31 August","page_number":145,"box":{"x":95,"y":900,"width":60,"height":10}},{"id":"195bffdc-bff2-409a-bc9a-f2eb65db6eb7","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":145,"box":{"x":97,"y":38,"width":395,"height":17}},{"id":"6916ed69-49ab-4b32-b340-25ef197ff55e","block_type":"box","text":"140","page_number":145,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"155452a2-d123-402c-875b-d9c2338c71e2","block_type":"box","text":"Sub-fund Overview (continued)","page_number":146,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"886896e8-8dc9-4f46-b1f8-4c67d3e6d144","block_type":"box","text":"ISA status","page_number":146,"box":{"x":96,"y":128,"width":64,"height":8}},{"id":"ab708bc7-a3ad-44dc-9f7f-340a72f99df7","block_type":"box","text":"Qualifying Investment for stocks and shares component","page_number":146,"box":{"x":96,"y":143,"width":339,"height":11}},{"id":"cdd741ff-b119-41da-8fd6-f4244133a24a","block_type":"box","text":"Class of shares","page_number":146,"box":{"x":96,"y":165,"width":96,"height":8}},{"id":"aca5271a-ec60-4afb-a70e-f20ab3e8bb80","block_type":"box","text":"A Class (Retail) Accumulation","page_number":146,"box":{"x":95,"y":181,"width":175,"height":9}},{"id":"d5bbeeff-f59f-4a7f-98f5-ed756c463c6c","block_type":"box","text":"A Class (Retail) Income*","page_number":146,"box":{"x":95,"y":196,"width":144,"height":10}},{"id":"dc651e09-cba0-4e01-b79e-978be0fad021","block_type":"box","text":"*Share class not yet launched","page_number":146,"box":{"x":95,"y":218,"width":179,"height":11}},{"id":"131a664d-4675-4748-88e1-88d99b0541d5","block_type":"box","text":"Initial charge","page_number":146,"box":{"x":96,"y":240,"width":86,"height":11}},{"id":"29d89f58-5ef1-4e43-bf67-49ed8b279e16","block_type":"box","text":"0% (of the amount invested by an investor)","page_number":146,"box":{"x":95,"y":256,"width":262,"height":11}},{"id":"92c000dd-89dd-4f5f-81e1-9740854ccb8d","block_type":"box","text":"Redemption charge","page_number":146,"box":{"x":96,"y":278,"width":129,"height":11}},{"id":"b62c446b-9001-4ac9-82a9-6d7eea7378ad","block_type":"box","text":"0%","page_number":146,"box":{"x":334,"y":278,"width":17,"height":8}},{"id":"3290cced-178b-42ec-a4c1-a45bbc099022","block_type":"box","text":"Annual management charge","page_number":146,"box":{"x":95,"y":300,"width":188,"height":11}},{"id":"5dd8ea2e-861e-4770-9ac3-2129238bb5da","block_type":"box","text":"A Class (Retail) Accumulation","page_number":146,"box":{"x":95,"y":316,"width":175,"height":9}},{"id":"5133a375-40f0-4765-a1b9-01e30c82c782","block_type":"box","text":"0.30%","page_number":146,"box":{"x":334,"y":316,"width":36,"height":8}},{"id":"439cb84d-3a2c-403b-bb2e-fff1d3895011","block_type":"box","text":"A Class (Retail) Income","page_number":146,"box":{"x":95,"y":331,"width":137,"height":10}},{"id":"dcb90ed3-0f2f-4204-abf8-929024e1ee5c","block_type":"box","text":"0.30%","page_number":146,"box":{"x":334,"y":331,"width":36,"height":8}},{"id":"8208467d-d26d-412b-8a91-3d682645bd2f","block_type":"box","text":"Minimum initial investment","page_number":146,"box":{"x":96,"y":353,"width":167,"height":8}},{"id":"15ac6faf-a4bd-4a49-ad07-30a20c2f0209","block_type":"box","text":"£3,000","page_number":146,"box":{"x":333,"y":354,"width":40,"height":9}},{"id":"9687a639-dd3a-47e5-9b2e-c66a25afae35","block_type":"box","text":"Minimum subsequent investment","page_number":146,"box":{"x":96,"y":375,"width":205,"height":11}},{"id":"99a775d1-ac8b-430b-a955-d3fdcbd25d65","block_type":"box","text":"£1,000","page_number":146,"box":{"x":333,"y":376,"width":40,"height":9}},{"id":"cb4c6f3c-3d30-4ef8-9264-ff11d1d2ec00","block_type":"box","text":"Minimum holding","page_number":146,"box":{"x":96,"y":398,"width":107,"height":10}},{"id":"2a2f8800-52d9-4f89-8648-372b4fe5cc39","block_type":"box","text":"£1,000","page_number":146,"box":{"x":333,"y":398,"width":40,"height":9}},{"id":"164308c3-1d78-4c7d-a9f6-f38f4056bce4","block_type":"box","text":"Minimum redemption","page_number":146,"box":{"x":96,"y":420,"width":133,"height":10}},{"id":"dec68332-ab72-4244-9c19-a60d6575ecbc","block_type":"box","text":"None","page_number":146,"box":{"x":334,"y":420,"width":31,"height":8}},{"id":"2305d94f-e477-4825-89cb-22d44e75a306","block_type":"box","text":"Regular savings plan","page_number":146,"box":{"x":96,"y":442,"width":135,"height":11}},{"id":"6a9b4548-3be2-4acf-9da4-24c3a0020155","block_type":"box","text":"Minimum payment of £100 per month","page_number":146,"box":{"x":334,"y":442,"width":232,"height":11}},{"id":"f57e1c41-a1d3-4dee-935c-1ea35145354c","block_type":"box","text":"Regular withdrawal facility","page_number":146,"box":{"x":96,"y":464,"width":180,"height":11}},{"id":"9695d7e3-6290-4488-a179-59552cd01f08","block_type":"box","text":"N/A","page_number":146,"box":{"x":334,"y":465,"width":22,"height":7}},{"id":"221ea7f5-d6d3-488e-aae9-291d48b6c62d","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":146,"box":{"x":507,"y":38,"width":395,"height":17}},{"id":"af800d11-1e4f-4974-a85d-a25cc017e939","block_type":"box","text":"141","page_number":146,"box":{"x":963,"y":960,"width":24,"height":8}},{"id":"dd8ae8b3-3376-45a6-8632-02501e543846","block_type":"box","text":"Investment Manager’s Review","page_number":147,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"08de912b-1fdf-469f-afce-9754198811e8","block_type":"box","text":"for the year ended 30 April 2026","page_number":147,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"61956fb5-9e71-46e4-a70d-df421ddfd096","block_type":"box","text":"Investment review","page_number":147,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"9ad90215-eeb9-4c93-be87-34c1b805b789","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":147,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"ae7bb7c1-0406-460b-9eaa-019cc8e0b957","block_type":"box","text":"The MI Tatton Blended Aggressive Retail Acc returned 4.09% in the six months to 30 April 2026. The IA Flexible Investment bench","page_number":147,"box":{"x":95,"y":165,"width":777,"height":11}},{"id":"a847d48c-396c-4a4e-b678-cd8691cf359c","block_type":"box","text":"mark","page_number":147,"box":{"x":874,"y":165,"width":30,"height":8}},{"id":"0d86de7d-aadc-4370-b35a-fccd61938d43","block_type":"box","text":"returned 3.21% meaning the fund outperformed by 0.88% over the period.","page_number":147,"box":{"x":96,"y":181,"width":455,"height":10}},{"id":"b8fd02d6-2e90-4e48-993c-ef261f4466ac","block_type":"box","text":"Over the last 12-months to 30 April 2026, the MI Tatton Blended Aggressive Retail Acc has returned 23.69%. The IA Flexible Inve","page_number":147,"box":{"x":96,"y":203,"width":765,"height":10}},{"id":"5275e64f-6b76-477f-aff1-983e24b0ac04","block_type":"box","text":"stment","page_number":147,"box":{"x":862,"y":204,"width":42,"height":7}},{"id":"9ade06fa-87fa-47b1-bf5c-42b27e126e7d","block_type":"box","text":"reference index returned 19.35%, meaning the fund outperformed by 4.34% over the period.","page_number":147,"box":{"x":96,"y":218,"width":565,"height":11}},{"id":"650d2887-fc10-41b0-8bcb-5423c4705279","block_type":"box","text":"Overview","page_number":147,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"e133e17f-5a21-412f-bbad-f27724720207","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":147,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"ccf8704d-58bd-4db7-b84e-446c12acedfb","block_type":"box","text":"market","page_number":147,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"cc775206-0007-4702-bfeb-9b67ed17c39c","block_type":"box","text":"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.","page_number":147,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"9dbfa6b8-3018-4c70-ab22-fba22afbd305","block_type":"box","text":"Since last","page_number":147,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"32c0ed2f-c5ba-45fb-bf38-a4c5f1279d03","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":147,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"b9a1cfbe-87aa-4626-966a-2b6ac49386ff","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":147,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"2e29f05e-b0ad-4ff5-946f-e92495b5ab78","block_type":"box","text":"eral Reserve","page_number":147,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"935c7294-8fde-409d-8051-c00fcc3b3a64","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":147,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"f93d9aa4-d085-4657-929a-bbb26ab6a45e","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":147,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"3ad8399f-75ef-4d17-aced-5d00fda88a77","block_type":"box","text":"ons of","page_number":147,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"6a217716-db7d-479f-8e59-0d26f862ebf7","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":147,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"d2415cae-99d0-4fa1-9715-349a21371498","block_type":"box","text":"than","page_number":147,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"c781f985-6849-41d2-aa48-5838353590b1","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":147,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"19f4c553-f719-423f-96da-6889d1496995","block_type":"box","text":"le AI","page_number":147,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"113d3118-d874-4010-93dc-3172b69b3e5a","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":147,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"1deb748f-3d40-48e7-8dee-c4f5578c5a37","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":147,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"adec2ece-2920-40cf-b28e-75b46a997c2e","block_type":"box","text":"edia","page_number":147,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"8ce32fc2-7534-4e06-9f3f-a4c4839aaaa9","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":147,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"37aedaf5-0167-477d-a27b-a5fd526ee2ff","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":147,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"880ef544-aade-4cf8-904c-65c0f40d07dd","block_type":"box","text":"interest","page_number":147,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"e73048e6-11f2-4cd6-9ab0-85489aed455f","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":147,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"8ee6f846-2959-4f73-8c04-42489a5b255f","block_type":"box","text":"d wider","page_number":147,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"a6974403-85b7-448d-a1f9-14183567cee8","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":147,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"5ddb134b-1b74-41e7-8814-9b1e072eff7d","block_type":"box","text":"Outlook","page_number":147,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"120b04ae-0581-4a7a-ad7b-bdc47aa66d50","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":147,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"52412e55-39f2-4e43-ae1f-5f111de7c67c","block_type":"box","text":"for","page_number":147,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"7a9d22b6-1efb-4e44-8978-278b21e9aa09","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":147,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"dc8ff6f4-98c6-4592-bc9e-ceee6271e7a8","block_type":"box","text":"of","page_number":147,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"4b06a7c2-6202-452a-9383-5b13abe4cc1f","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":147,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"e9b4427d-d795-4aa8-a5a2-6b4ef9fdf74c","block_type":"box","text":"ll take time","page_number":147,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"2cc1d117-66e5-4883-8575-960c4306cca6","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":147,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"1536b4ac-20cf-4219-9a42-a85ed039f7f6","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":147,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"ed5dadc9-6824-429d-9939-4540a9eff76d","block_type":"box","text":". Oil","page_number":147,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"ea1797a0-a732-4f47-9d17-f4fdb974c08b","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":147,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"97023e33-7885-41a6-8f3e-cea14184a9b7","block_type":"box","text":"expectation","page_number":147,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"2ae7ddc5-8a27-4eec-9f02-f9513f1dc3cd","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":147,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"7592fc4e-6eed-445c-a1c2-cbd7fb3ad512","block_type":"box","text":"sell-off","page_number":147,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"5760e9e9-32a7-47fa-874c-7c5636c30d28","block_type":"box","text":"we might have expected).","page_number":147,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"cc492306-6f1b-4be4-8ac8-9c297e7b2801","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":147,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"2b9b250a-df42-4314-b3c0-bc46d9a17525","block_type":"box","text":"ries","page_number":147,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"5689d847-16e3-4456-b715-1ce6f1d72155","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":147,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"b98567b3-1633-442f-aa7d-f4852d73a7c7","block_type":"box","text":"rowth can","page_number":147,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"e720c361-9e6e-48df-a78c-688734ebbb90","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":147,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"b651e8e8-32b3-4c9b-8d05-d48775420755","block_type":"box","text":"g.","page_number":147,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"f13b5c0b-bb63-4ba3-9fdc-45e0aa6a5d95","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":147,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"71a6dd37-ce15-413e-abe9-e7944494de04","block_type":"box","text":"y","page_number":147,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"9ca393e9-83ca-4981-9e96-b96c2ebf1aaa","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":147,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"0516b743-de31-4988-925e-9ced80b67c3f","block_type":"box","text":"cle.","page_number":147,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"f054bf6f-cb17-46c3-a4be-d73f17c4e058","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":147,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"39bfcfd6-4d01-454c-89f8-fb2b162a28d0","block_type":"box","text":"Fund positioning","page_number":147,"box":{"x":96,"y":764,"width":111,"height":11}},{"id":"a4ce7ff3-73bc-4c79-bddc-04c76e859562","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":147,"box":{"x":95,"y":780,"width":769,"height":10}},{"id":"0469c998-6e1b-4774-98e7-e61e96caa30a","block_type":"box","text":"d fund","page_number":147,"box":{"x":865,"y":780,"width":38,"height":8}},{"id":"a27d4ef0-4a94-4cb8-bbba-ef6863ffcd89","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":147,"box":{"x":95,"y":795,"width":473,"height":11}},{"id":"7297059e-7375-45e3-8042-c81e096e60f3","block_type":"box","text":"The fund’s positioning was changed on 8 May 2025. Sub-asset allocation was changed; Europe Equity was increased, North America","page_number":147,"box":{"x":95,"y":817,"width":808,"height":11}},{"id":"e7388880-f43e-43c6-b20f-6bbf8bf1cffc","block_type":"box","text":"Equity was decreased and UK Equity was increased. The portfolio’s fund manager lineup was revised; HSBC European Index Fund was","page_number":147,"box":{"x":96,"y":833,"width":808,"height":10}},{"id":"139b82b2-fe7a-4605-abd9-4bc0b3577a63","block_type":"box","text":"increased, iShares North American Equity Index Fund (UK) was decreased and iShares MSCI Europe Mid Cap ETF was removed.","page_number":147,"box":{"x":96,"y":848,"width":770,"height":11}},{"id":"8f6ebcd5-9c06-4060-b7c2-ec6f5e1b404a","block_type":"box","text":"On 11 July 2025, changes were made to the portfolio. Changes were implemented in the asset class allocations; Bonds were decrea","page_number":147,"box":{"x":96,"y":870,"width":786,"height":11}},{"id":"4bd1ee69-a238-4a64-8e27-39e6272ebc37","block_type":"box","text":"sed","page_number":147,"box":{"x":883,"y":870,"width":20,"height":9}},{"id":"572183c1-1f65-496b-afcf-1f0ed66c295f","block_type":"box","text":"and Equities were increased.","page_number":147,"box":{"x":95,"y":886,"width":174,"height":11}},{"id":"ba9e8bc0-b9d2-4d65-8c48-58db68924b92","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":147,"box":{"x":97,"y":38,"width":395,"height":17}},{"id":"af74194a-8fc2-4821-8a7d-f4b5cda7388f","block_type":"box","text":"142","page_number":147,"box":{"x":10,"y":960,"width":27,"height":8}},{"id":"59c7551a-f714-46b7-8675-d2cc279948a6","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":148,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"2844a6f2-19fa-4008-9ca1-4afe1f7bf8e3","block_type":"box","text":"for the year ended 30 April 2026","page_number":148,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"ba98f26e-112e-44a3-8c9a-50a875dacc96","block_type":"box","text":"Some changes to the portfolio were implemented on 12 August 2025. The fund’s sub-asset allocation was updated; Japan Equity was","page_number":148,"box":{"x":95,"y":128,"width":809,"height":10}},{"id":"ff02b05d-f21d-4025-b519-d540e6a7fb25","block_type":"box","text":"decreased, North America Equity was increased and UK Equity was decreased. Updates were made to the portfolio’s fund managers;","page_number":148,"box":{"x":95,"y":143,"width":808,"height":11}},{"id":"c58fdc27-a221-4f21-9eaf-ca874fe65d70","block_type":"box","text":"iShares North American Equity Index Fund (UK) was removed, Schroder Recovery Fund was removed, Vanguard Global Bond Index","page_number":148,"box":{"x":96,"y":158,"width":808,"height":11}},{"id":"7a1e6cc0-ca7b-41dc-880f-558599c34f66","block_type":"box","text":"was removed and State Street SPDR S&P500 Quality Aristocrats ETF was added.","page_number":148,"box":{"x":95,"y":174,"width":481,"height":11}},{"id":"ad29efdf-6d1a-4dec-a7ff-35d1f37da717","block_type":"box","text":"The portfolio was updated on 30 October 2025. The portfolio’s fund manager allocations were updated; HSBC Global Government","page_number":148,"box":{"x":95,"y":196,"width":809,"height":11}},{"id":"1d416ea9-4a1b-4067-b32c-a9f5bd2b738d","block_type":"box","text":"Bond UCITS ETF was increased, SVM UK Opportunities Fund was removed, iShares $ Treasury Bd 20+y ETF was removed and RGI UK","page_number":148,"box":{"x":96,"y":212,"width":808,"height":10}},{"id":"81d75dee-b3a1-4ea9-8928-1eb6f3d5b6ac","block_type":"box","text":"Opportunities Fund was added.","page_number":148,"box":{"x":96,"y":227,"width":190,"height":11}},{"id":"13a32bd7-1338-4eed-bd6a-5b3260afd28c","block_type":"box","text":"The fund’s positioning was changed on 3 November 2025. Fund managers within the portfolio were adjusted; Barings Emerging Marke","page_number":148,"box":{"x":95,"y":249,"width":798,"height":11}},{"id":"cd6c4ea8-ec7b-46ab-ab22-520c919bf492","block_type":"box","text":"ts","page_number":148,"box":{"x":894,"y":250,"width":10,"height":7}},{"id":"dd7a79f0-7bd4-4754-ad82-b9af56695dd7","block_type":"box","text":"Debt Blended Total Return Fund was removed, HSBC MSCI Emerging Markets Equity Index was removed, Emerging Markets Debt","page_number":148,"box":{"x":96,"y":265,"width":808,"height":10}},{"id":"6e1d34cd-9537-4074-ba25-536dd3fa800d","block_type":"box","text":"Opportunities Fund was added and Jupiter UK Dynamic Equity Fund was added.","page_number":148,"box":{"x":96,"y":280,"width":484,"height":11}},{"id":"57a01f5a-7c9c-476c-98c0-fe5bc14481df","block_type":"box","text":"The portfolio was updated on 2 December 2025. Fund managers within the portfolio were adjusted; the iShares UK Equity Index Fun","page_number":148,"box":{"x":95,"y":302,"width":800,"height":11}},{"id":"201dd7e9-2412-426d-b181-9a8a60bed8ec","block_type":"box","text":"d","page_number":148,"box":{"x":897,"y":302,"width":6,"height":8}},{"id":"50e5b090-3629-4285-ae28-b2c64165bf41","block_type":"box","text":"(UK) share class was changed.","page_number":148,"box":{"x":95,"y":318,"width":181,"height":10}},{"id":"d70481a7-2c32-4be6-94ad-52f164962d94","block_type":"box","text":"The portfolio underwent an update on 25 March 2026. The sub-asset allocation blend was adjusted; Japan Equity was decreased and","page_number":148,"box":{"x":95,"y":340,"width":808,"height":10}},{"id":"83013db4-ed31-43c0-8d5a-43178d7596f1","block_type":"box","text":"UK Equity was increased.","page_number":148,"box":{"x":96,"y":355,"width":150,"height":11}},{"id":"1dc7ecd6-c20d-4147-b939-4af129f45f44","block_type":"box","text":"Tatton Investment Management Limited","page_number":148,"box":{"x":95,"y":400,"width":269,"height":10}},{"id":"351ba8bc-2184-42c6-83d4-d8ac1b68499c","block_type":"box","text":"Investment Manager to the Fund","page_number":148,"box":{"x":96,"y":415,"width":198,"height":11}},{"id":"49553b44-a0b0-4ebd-97f5-583d0fbc6357","block_type":"box","text":"May 2026","page_number":148,"box":{"x":96,"y":431,"width":58,"height":10}},{"id":"3443487e-e4af-4c0f-802e-286282d2092b","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":148,"box":{"x":507,"y":38,"width":395,"height":17}},{"id":"7e41bd80-5185-4eac-9e4d-065f61fbc326","block_type":"box","text":"143","page_number":148,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"ec8a6448-a62d-4918-861b-29af805ebfce","block_type":"box","text":"Performance Record","page_number":149,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"2de40587-b470-482b-9ff5-44f387975a1d","block_type":"box","text":"Financial Highlights","page_number":149,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"b905f77c-4bab-4d2a-a897-c481fe7e5335","block_type":"box","text":"Blended Advanced Class (Retail)","page_number":149,"box":{"x":101,"y":149,"width":211,"height":9}},{"id":"35f9de86-d3bb-4c07-917c-243fca29f177","block_type":"box","text":"30.04.26","page_number":149,"box":{"x":418,"y":149,"width":54,"height":8}},{"id":"3d5453e1-8d7b-49db-966f-963e80797fa8","block_type":"box","text":"30.04.25","page_number":149,"box":{"x":527,"y":149,"width":54,"height":8}},{"id":"1cc1ceb8-b054-4eb3-94f7-02c8c4fb0044","block_type":"box","text":"30.04.24","page_number":149,"box":{"x":637,"y":149,"width":54,"height":8}},{"id":"7b677037-5284-436e-923a-9a5d9568d64e","block_type":"box","text":"Accumulation","page_number":149,"box":{"x":99,"y":159,"width":92,"height":8}},{"id":"d1c34d7b-4285-4936-87bd-e001252f5939","block_type":"box","text":"p","page_number":149,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"e7a4ab45-4a9c-4e5f-b8b5-3d20234a828f","block_type":"box","text":"p","page_number":149,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"04ed20f9-fdba-497d-b33d-7383a7fb53f7","block_type":"box","text":"p","page_number":149,"box":{"x":661,"y":161,"width":6,"height":9}},{"id":"b9510f85-dfae-469b-9a97-c59463850afe","block_type":"box","text":"Opening net asset value per share","page_number":149,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"c9c8d345-bf19-4fe2-8fb9-adbbccc58531","block_type":"box","text":"137.0564","page_number":149,"box":{"x":435,"y":178,"width":55,"height":8}},{"id":"5faa334e-6737-425d-8c00-012db21c635a","block_type":"box","text":"132.7148","page_number":149,"box":{"x":544,"y":178,"width":55,"height":8}},{"id":"af4f6fdd-335d-433c-8628-ce24664494b3","block_type":"box","text":"117.5205","page_number":149,"box":{"x":654,"y":178,"width":54,"height":8}},{"id":"b4e6d59d-e578-4f05-a299-d2ca2b6cb172","block_type":"box","text":"Return before operating charges","page_number":149,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"fa1823eb-45ad-41e1-bd5f-5f34670ab9c5","block_type":"box","text":"33.1886","page_number":149,"box":{"x":442,"y":191,"width":47,"height":8}},{"id":"0c480715-04e7-498d-b71b-e3b2d133605e","block_type":"box","text":"5.0160","page_number":149,"box":{"x":559,"y":191,"width":40,"height":8}},{"id":"89b76209-1d2b-40a2-a731-f77be006b7c9","block_type":"box","text":"15.8950","page_number":149,"box":{"x":661,"y":191,"width":47,"height":8}},{"id":"38b1f7c2-5173-498f-830e-90eb8a563d10","block_type":"box","text":"Operating charges (note 1)","page_number":149,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"55f986a6-30b8-4f90-80f2-ee47475d1e36","block_type":"box","text":"(0.7969)","page_number":149,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"819dac62-1e87-4604-806c-562849eecba2","block_type":"box","text":"(0.6744)","page_number":149,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"b6023a08-9bfe-457e-b4c6-db5972ffd155","block_type":"box","text":"(0.7007)","page_number":149,"box":{"x":660,"y":204,"width":48,"height":9}},{"id":"9b04c375-5838-4c5a-b984-f05d7cb87e93","block_type":"box","text":"Return after operating charges","page_number":149,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"2bd864e1-877a-4c38-9118-4a54178b585e","block_type":"box","text":"32.3917","page_number":149,"box":{"x":442,"y":217,"width":47,"height":8}},{"id":"55bb067a-cd71-45fd-8736-1d0bdfa0d617","block_type":"box","text":"4.3416","page_number":149,"box":{"x":558,"y":217,"width":41,"height":8}},{"id":"f779448c-7daf-4378-b5bf-d3239d703e74","block_type":"box","text":"15.1943","page_number":149,"box":{"x":661,"y":217,"width":47,"height":8}},{"id":"25e419cc-3db5-4e08-879c-ff55a350dd46","block_type":"box","text":"Closing net asset value per share","page_number":149,"box":{"x":100,"y":230,"width":217,"height":10}},{"id":"ac6ff1c0-8649-459f-b5e5-8f2f44420631","block_type":"box","text":"169.4481","page_number":149,"box":{"x":432,"y":230,"width":56,"height":8}},{"id":"349c23b0-7ee3-403b-8dc8-c710e98cd59d","block_type":"box","text":"137.0564","page_number":149,"box":{"x":541,"y":230,"width":58,"height":8}},{"id":"ab9aebec-8f6f-42a4-b11c-2b736caedd64","block_type":"box","text":"132.7148","page_number":149,"box":{"x":651,"y":230,"width":58,"height":8}},{"id":"726be218-d7d0-496f-ad23-91af503ea667","block_type":"box","text":"Retained distributions on accumulated shares","page_number":149,"box":{"x":101,"y":243,"width":278,"height":8}},{"id":"e10b3a43-79e3-48ee-9085-dcf7fc64d941","block_type":"box","text":"2.3392","page_number":149,"box":{"x":449,"y":243,"width":40,"height":8}},{"id":"ebb33e85-0d8e-4c59-8a9a-6cf2a465c8c1","block_type":"box","text":"2.0060","page_number":149,"box":{"x":559,"y":243,"width":40,"height":8}},{"id":"ab8841bc-a113-4d58-b58a-8c7bf7437c0f","block_type":"box","text":"2.5665","page_number":149,"box":{"x":668,"y":243,"width":40,"height":8}},{"id":"072f7b4f-722c-48d0-878b-2dfb0ad4051c","block_type":"box","text":"After direct transactions costs of","page_number":149,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"f0f8e64d-6fd4-416c-8ee8-8b2eaeff1235","block_type":"box","text":"–","page_number":149,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"96e3bfbc-246a-4980-986b-e93af29fd2ba","block_type":"box","text":"–","page_number":149,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"53dc219d-d448-4525-839b-b85f7170e0ef","block_type":"box","text":"–","page_number":149,"box":{"x":702,"y":261,"width":6,"height":0}},{"id":"fdaa185b-5f87-462a-88e2-dedbf1661661","block_type":"box","text":"Performance","page_number":149,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"4df0c019-2bd1-472a-9689-5e403ae76f0c","block_type":"box","text":"Return after charges","page_number":149,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"aa82876c-a268-4b1b-b16a-b2cbce2ac482","block_type":"box","text":"23.63%","page_number":149,"box":{"x":446,"y":282,"width":43,"height":8}},{"id":"fe6d5f9a-c30f-4bda-825a-686abcb089d5","block_type":"box","text":"3.27%","page_number":149,"box":{"x":563,"y":282,"width":36,"height":8}},{"id":"418ed902-a9a9-4d54-9c6b-e0f006d34a4e","block_type":"box","text":"12.93%","page_number":149,"box":{"x":665,"y":282,"width":43,"height":8}},{"id":"c72021da-cf90-42ab-a096-9d766d103e6e","block_type":"box","text":"Other information","page_number":149,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"88a9de36-c9c0-4f11-aec6-241ef5dd3506","block_type":"box","text":"Closing net asset value","page_number":149,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"55d3d084-a5d8-49f4-aa5a-31fbce31c270","block_type":"box","text":"£146,501,120","page_number":149,"box":{"x":408,"y":308,"width":81,"height":10}},{"id":"b0369831-d8aa-4dc2-be4f-b6037a215857","block_type":"box","text":"£85,147,671","page_number":149,"box":{"x":525,"y":308,"width":72,"height":10}},{"id":"91661f62-20ed-4d24-8dfa-4c7f5dad082a","block_type":"box","text":"£49,904,392","page_number":149,"box":{"x":635,"y":308,"width":73,"height":10}},{"id":"2d8a98c5-30d8-415e-89be-cd1e7313e339","block_type":"box","text":"Closing number of shares","page_number":149,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"811f0aea-b5a8-4068-8373-33ad4a788055","block_type":"box","text":"86,457,824","page_number":149,"box":{"x":423,"y":321,"width":67,"height":10}},{"id":"6ab7de72-9956-4dc4-8b6e-f0f19b57d32c","block_type":"box","text":"62,125,992","page_number":149,"box":{"x":533,"y":321,"width":66,"height":10}},{"id":"e7fb402e-df0a-45b3-abdd-8200ea982095","block_type":"box","text":"37,602,730","page_number":149,"box":{"x":642,"y":321,"width":66,"height":10}},{"id":"4d2e76f8-96a8-4cb8-8bd7-cb9afc80778a","block_type":"box","text":"Operating charges (note 2)","page_number":149,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"94d76735-2876-482a-9986-7c38138fd564","block_type":"box","text":"0.52%","page_number":149,"box":{"x":453,"y":335,"width":36,"height":7}},{"id":"bc841f56-786f-415d-b728-d901ec8e508c","block_type":"box","text":"0.50%","page_number":149,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"e4e2bd99-b35e-4939-9b26-dd0cdbb5adfc","block_type":"box","text":"0.56%","page_number":149,"box":{"x":672,"y":335,"width":36,"height":7}},{"id":"d6f8ef2e-cbcc-48e1-ac26-9fd3dddb7fe7","block_type":"box","text":"Direct transaction costs","page_number":149,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"6a56976d-147e-42a1-be37-54dce600ce2c","block_type":"box","text":"0.00%","page_number":149,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"8be470c7-a2d7-4041-aafd-4b4e9bc69fdd","block_type":"box","text":"0.00%","page_number":149,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"f6b0d534-a1b4-4054-8be3-437c0f40e578","block_type":"box","text":"0.00%","page_number":149,"box":{"x":672,"y":348,"width":36,"height":7}},{"id":"b4935e69-71bd-480c-bc5b-da8062313ffa","block_type":"box","text":"Prices","page_number":149,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"355fe09f-ff06-4311-a683-0500b8eef156","block_type":"box","text":"Highest share price","page_number":149,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"1271a735-353f-45d8-b4ff-5097b6b4f89a","block_type":"box","text":"171.3970","page_number":149,"box":{"x":435,"y":374,"width":54,"height":8}},{"id":"d5c73648-aab3-4978-8a6c-7cb44cd257b6","block_type":"box","text":"148.9078","page_number":149,"box":{"x":544,"y":374,"width":55,"height":8}},{"id":"6c08a460-2224-4e57-b484-844759d8a982","block_type":"box","text":"134.0299","page_number":149,"box":{"x":654,"y":374,"width":54,"height":8}},{"id":"a490cedc-ba89-469a-b679-8efd8294a05b","block_type":"box","text":"Lowest share price","page_number":149,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"6a958c42-2eae-438c-8765-0981a1e816fe","block_type":"box","text":"137.0564","page_number":149,"box":{"x":435,"y":387,"width":55,"height":8}},{"id":"977bff0c-d3d4-4d3b-812f-38b24e537420","block_type":"box","text":"128.8094","page_number":149,"box":{"x":544,"y":387,"width":55,"height":8}},{"id":"3b8d276d-c7f2-4ac1-acf9-ce281bf15397","block_type":"box","text":"115.9457","page_number":149,"box":{"x":654,"y":387,"width":54,"height":8}},{"id":"48399646-69d8-485b-88ad-fc6ff12c7efe","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":149,"box":{"x":96,"y":414,"width":758,"height":11}},{"id":"1cf5ad0f-fc0c-433f-b3ef-c7f05feaa16b","block_type":"box","text":"aluation","page_number":149,"box":{"x":855,"y":414,"width":48,"height":8}},{"id":"f9289cdd-6726-49f0-8083-f5f908fefe59","block_type":"box","text":"per share throughout the period.","page_number":149,"box":{"x":96,"y":429,"width":200,"height":10}},{"id":"1c59b4fa-0ccd-4694-9bf5-9b5a79423df9","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":149,"box":{"x":95,"y":448,"width":787,"height":11}},{"id":"f45bbf11-6c4b-48ea-94ea-7536d7868fe4","block_type":"box","text":"age","page_number":149,"box":{"x":883,"y":451,"width":21,"height":8}},{"id":"563f9e64-f60a-4966-a5c7-f90510a5f1ed","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":149,"box":{"x":96,"y":463,"width":778,"height":11}},{"id":"b49a8b11-f07f-43be-ba24-b7b0ba722e16","block_type":"box","text":"und.","page_number":149,"box":{"x":874,"y":463,"width":26,"height":8}},{"id":"8d320e70-340e-4e09-82bc-be5b87f95b55","block_type":"box","text":"Risk and Reward Profile","page_number":149,"box":{"x":97,"y":513,"width":244,"height":13}},{"id":"35cb4aee-13ec-476e-81fe-cdf433f0ae57","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":149,"box":{"x":95,"y":549,"width":785,"height":10}},{"id":"dffb1151-65fa-4640-bdb2-5ed8fc90910d","block_type":"box","text":"the","page_number":149,"box":{"x":884,"y":549,"width":20,"height":8}},{"id":"d3109b36-d635-437a-b5eb-9aaef6f07cff","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":149,"box":{"x":96,"y":564,"width":752,"height":11}},{"id":"5653dd4f-3d8a-4707-a3e5-33cf0247be07","block_type":"box","text":"and may","page_number":149,"box":{"x":852,"y":564,"width":52,"height":11}},{"id":"fb271efe-7370-4846-9ee9-cd597297afd0","block_type":"box","text":"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’","page_number":149,"box":{"x":96,"y":580,"width":753,"height":10}},{"id":"9c3749cf-0ddb-4a82-86c0-04a4d4775a84","block_type":"box","text":"s ranking","page_number":149,"box":{"x":849,"y":580,"width":55,"height":10}},{"id":"3a120de7-7278-4736-a2a2-298511e9f581","block_type":"box","text":"on the risk and reward indicator.","page_number":149,"box":{"x":95,"y":595,"width":199,"height":8}},{"id":"bb48181e-f82e-48b5-b025-02284b202e71","block_type":"box","text":"Typically lower rewards,","page_number":149,"box":{"x":128,"y":617,"width":162,"height":11}},{"id":"76f06375-8909-451b-9ef0-6d1860df20f2","block_type":"box","text":"Typically higher rewards,","page_number":149,"box":{"x":706,"y":617,"width":167,"height":11}},{"id":"fc1cf342-7acc-4a92-b732-50b7fbe13599","block_type":"box","text":"lower risk","page_number":149,"box":{"x":177,"y":633,"width":65,"height":8}},{"id":"a588e356-84bc-45b3-b2f2-64d7fd2e9881","block_type":"box","text":"higher risk","page_number":149,"box":{"x":755,"y":633,"width":71,"height":10}},{"id":"b5bbbe2b-81af-4da3-95ee-1eab4c50a16a","block_type":"box","text":"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","page_number":149,"box":{"x":96,"y":692,"width":738,"height":11}},{"id":"2d236150-3189-4178-a876-b3240cb2a8a5","block_type":"box","text":"y in the Key","page_number":149,"box":{"x":835,"y":693,"width":69,"height":10}},{"id":"34a42316-0083-45db-8f44-f619b2275b6e","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 5). The Sub-fund is ranked ‘5’ because weekly historical performance data","page_number":149,"box":{"x":96,"y":708,"width":807,"height":11}},{"id":"ef90674e-f564-43f6-9381-1bbd9cbc03c3","block_type":"box","text":"indicates that relatively high rises and falls in market prices would have occurred historically. The higher the rank, the grea","page_number":149,"box":{"x":96,"y":723,"width":765,"height":11}},{"id":"433c8095-043e-42d5-ada9-3a36ec911cde","block_type":"box","text":"ter the","page_number":149,"box":{"x":863,"y":723,"width":41,"height":9}},{"id":"6cfa2e05-6c5a-437f-94e5-65c709bb203d","block_type":"box","text":"potential reward but the greater the risk of losing money.","page_number":149,"box":{"x":96,"y":739,"width":348,"height":11}},{"id":"74d7670d-6fb1-43c4-a46e-391f3258bc28","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":149,"box":{"x":97,"y":38,"width":395,"height":17}},{"id":"98c11980-99f1-49dd-b620-8a849ff76fed","block_type":"box","text":"144","page_number":149,"box":{"x":10,"y":960,"width":27,"height":8}},{"id":"9a482d8e-827c-480a-a37a-82f414a53e0a","block_type":"box","text":"1","page_number":149,"box":{"x":148,"y":667,"width":8,"height":12}},{"id":"179d4798-966c-48a5-abc4-b24759561939","block_type":"box","text":"2","page_number":149,"box":{"x":263,"y":667,"width":10,"height":12}},{"id":"2325ff78-ff8a-4aaf-b451-00f44de0bd16","block_type":"box","text":"3","page_number":149,"box":{"x":379,"y":667,"width":10,"height":12}},{"id":"123bf96d-597f-4940-a461-6bb361a91ec9","block_type":"box","text":"4","page_number":149,"box":{"x":494,"y":667,"width":11,"height":12}},{"id":"0c64fc01-5528-45f8-b84c-ae33c5a9e390","block_type":"box","text":"5","page_number":149,"box":{"x":611,"y":667,"width":10,"height":12}},{"id":"d797f726-9a3d-4bfb-9fec-31b5fabba34f","block_type":"box","text":"6","page_number":149,"box":{"x":726,"y":667,"width":10,"height":12}},{"id":"b53958b1-5bff-4397-a2f0-0a942abdd279","block_type":"box","text":"7","page_number":149,"box":{"x":841,"y":667,"width":11,"height":12}},{"id":"9fcfd879-c43b-494d-9fe4-e823aa493500","block_type":"box","text":"Portfolio Statement","page_number":150,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"9c472e44-143d-4ee1-8083-f3ce34f0a319","block_type":"box","text":"as at 30 April 2026","page_number":150,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"6f5b0fdc-b8fc-44f3-b150-42f2e0a91961","block_type":"box","text":"Market","page_number":150,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"b1a50a92-b8a9-4c66-85db-eff34c4e3237","block_type":"box","text":"% of total","page_number":150,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"a5240c3e-a323-4539-8bab-8e443ff89738","block_type":"box","text":"value","page_number":150,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"9b530d1d-6bdd-4b6c-892c-55d8b8ecc9c6","block_type":"box","text":"net assets","page_number":150,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"fdee38b7-9daa-40b1-9c4d-ce6edcebe91a","block_type":"box","text":"Holding","page_number":150,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"d4c3cb82-c4f2-42a6-98ec-5c806cd10f1b","block_type":"box","text":"Investment","page_number":150,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"cac0578f-721c-4c77-9e29-0515a3b4d7bd","block_type":"box","text":"£","page_number":150,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"b56f4b14-adea-4818-b6ab-662f1f68b3bb","block_type":"box","text":"2026","page_number":150,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"c1c53637-e74c-405a-85e0-629b857a7afe","block_type":"box","text":"Collective Investment Schemes (30.04.2025: 86.96%)","page_number":150,"box":{"x":210,"y":176,"width":346,"height":10}},{"id":"ff3e3368-0f92-4e39-98ee-57d2c1371f15","block_type":"box","text":"754,425","page_number":150,"box":{"x":142,"y":191,"width":47,"height":9}},{"id":"6afaa52c-34d3-4f08-a5cf-3e6e099c817d","block_type":"box","text":"Artemis US Select Fund","page_number":150,"box":{"x":209,"y":190,"width":140,"height":8}},{"id":"a8621ee3-b291-4c57-b417-e1b102d61268","block_type":"box","text":"3,963,223","page_number":150,"box":{"x":750,"y":191,"width":58,"height":9}},{"id":"ba3b8b34-6f1f-429f-9d59-b83369eabecd","block_type":"box","text":"2.71%","page_number":150,"box":{"x":863,"y":191,"width":36,"height":7}},{"id":"91f1ba86-3ebd-4b37-adb7-92cb762a5173","block_type":"box","text":"787,501","page_number":150,"box":{"x":142,"y":205,"width":45,"height":9}},{"id":"025f6b76-891a-40d2-ab82-3bf4b6ed0972","block_type":"box","text":"AXA Framlington UK Mid Cap Fund","page_number":150,"box":{"x":209,"y":204,"width":209,"height":11}},{"id":"d3981cb0-1697-486d-b9c1-bc5bd76e435a","block_type":"box","text":"982,801","page_number":150,"box":{"x":761,"y":205,"width":45,"height":9}},{"id":"f0620925-4dcd-40f6-88d6-18b513f873f5","block_type":"box","text":"0.67%","page_number":150,"box":{"x":863,"y":205,"width":36,"height":8}},{"id":"6e4a5ba2-db60-4971-bc31-7cc3cb178f69","block_type":"box","text":"1,446","page_number":150,"box":{"x":157,"y":219,"width":32,"height":9}},{"id":"d486fa6e-f07c-4044-8e8e-e08cee7a0718","block_type":"box","text":"Baring Hong Kong China Fund","page_number":150,"box":{"x":210,"y":219,"width":180,"height":10}},{"id":"770409c5-cef9-4ce4-b045-7484b1cc1fca","block_type":"box","text":"1,637,869","page_number":150,"box":{"x":750,"y":219,"width":58,"height":9}},{"id":"433a8a43-6946-4f17-98c9-a616e7c0168c","block_type":"box","text":"1.12%","page_number":150,"box":{"x":863,"y":219,"width":36,"height":8}},{"id":"4202a66a-8992-40a7-a3a6-5bc9e2bbf1a1","block_type":"box","text":"218,129","page_number":150,"box":{"x":142,"y":233,"width":47,"height":9}},{"id":"a0f738e6-642f-4c21-8e6d-b867dbe77c35","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":150,"box":{"x":210,"y":233,"width":295,"height":11}},{"id":"5ae76e57-e3d9-4cd7-8bbc-774cd6a49866","block_type":"box","text":"272,858","page_number":150,"box":{"x":761,"y":233,"width":47,"height":9}},{"id":"357cd229-7031-46af-8b98-c9c17de5ab0b","block_type":"box","text":"0.19%","page_number":150,"box":{"x":863,"y":233,"width":36,"height":8}},{"id":"a45ee2fa-c4d8-4876-9610-7ed42c1a97cc","block_type":"box","text":"3,558,586","page_number":150,"box":{"x":131,"y":248,"width":58,"height":9}},{"id":"0d35b6f0-9c39-4751-be49-71380596cf75","block_type":"box","text":"BNY Mellon US Equity Income Newton Fund","page_number":150,"box":{"x":210,"y":247,"width":265,"height":11}},{"id":"e6436de6-9f07-45dd-ab88-277d683a3ecd","block_type":"box","text":"4,032,946","page_number":150,"box":{"x":749,"y":248,"width":59,"height":9}},{"id":"f80a51b4-d0ac-4ff7-b163-96df16b704f9","block_type":"box","text":"2.75%","page_number":150,"box":{"x":863,"y":248,"width":36,"height":7}},{"id":"0bb35acc-0483-4bea-8694-eadf7b5a0c86","block_type":"box","text":"136,454","page_number":150,"box":{"x":142,"y":262,"width":48,"height":9}},{"id":"3c9749ad-d18a-429f-b495-4e9957e73845","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":150,"box":{"x":210,"y":261,"width":307,"height":9}},{"id":"b2bb0ddb-4207-46fa-bb07-530a3d0d3f9d","block_type":"box","text":"1,679,750","page_number":150,"box":{"x":750,"y":262,"width":58,"height":9}},{"id":"83fd65f8-e556-448a-8214-327d0ec48fd3","block_type":"box","text":"1.15%","page_number":150,"box":{"x":863,"y":262,"width":36,"height":8}},{"id":"c46ce08f-0ec1-4bdf-876f-0fd4978d5997","block_type":"box","text":"2,856,488","page_number":150,"box":{"x":131,"y":276,"width":58,"height":9}},{"id":"a7c2f228-4090-401e-af19-63617e7e3dd6","block_type":"box","text":"ES Alliance Bernstein Concentrated US Equity Fund","page_number":150,"box":{"x":210,"y":276,"width":308,"height":10}},{"id":"b413ecc0-b8b7-415f-bd79-cce31943ed42","block_type":"box","text":"5,081,692","page_number":150,"box":{"x":750,"y":276,"width":58,"height":9}},{"id":"cf879cba-db43-4583-939d-0ea041dbb476","block_type":"box","text":"3.47%","page_number":150,"box":{"x":863,"y":276,"width":36,"height":8}},{"id":"c8acc394-1537-430c-97bd-1a5ee12e4809","block_type":"box","text":"526,476","page_number":150,"box":{"x":142,"y":290,"width":47,"height":9}},{"id":"30d5405f-2c6c-42b4-be1e-bab0ccccb539","block_type":"box","text":"FTF Brandywine Global Income Optimiser Fund","page_number":150,"box":{"x":210,"y":290,"width":285,"height":11}},{"id":"92905440-6f80-4e44-b962-7836c9a4fbe0","block_type":"box","text":"683,366","page_number":150,"box":{"x":761,"y":290,"width":47,"height":9}},{"id":"c5086f0e-fa4e-4503-a59b-57c72e3a31d2","block_type":"box","text":"0.47%","page_number":150,"box":{"x":863,"y":290,"width":36,"height":8}},{"id":"f810247e-9707-4c04-8415-319240046453","block_type":"box","text":"227,789","page_number":150,"box":{"x":142,"y":305,"width":47,"height":9}},{"id":"e4702b18-206f-4193-87e9-39f15be57076","block_type":"box","text":"Goldman Sachs EM Ex-China CORE® Equity Fund","page_number":150,"box":{"x":210,"y":304,"width":297,"height":11}},{"id":"fc0c5813-d3c2-4312-a060-40e2b202c4f4","block_type":"box","text":"4,357,603","page_number":150,"box":{"x":749,"y":305,"width":59,"height":9}},{"id":"e6465b05-0948-440b-af92-6db2f9d49934","block_type":"box","text":"2.97%","page_number":150,"box":{"x":863,"y":305,"width":36,"height":7}},{"id":"e4fcc2c3-c29a-48e0-a063-ed679fe563a2","block_type":"box","text":"18,721","page_number":150,"box":{"x":150,"y":319,"width":37,"height":9}},{"id":"734d3029-0f90-468c-8d3c-6c08eda88c38","block_type":"box","text":"Harrington Cooper Snyder US All Cap Equity Fund","page_number":150,"box":{"x":210,"y":318,"width":300,"height":11}},{"id":"db5c91d3-e56a-4487-8e25-7433f26292e6","block_type":"box","text":"2,780,583","page_number":150,"box":{"x":750,"y":319,"width":58,"height":9}},{"id":"6423a0a0-9ae7-497e-abcc-6fdd4a873d80","block_type":"box","text":"1.90%","page_number":150,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"c2166a39-6d8c-4a83-8d96-1590f6eb51b9","block_type":"box","text":"1,631,531","page_number":150,"box":{"x":131,"y":333,"width":56,"height":9}},{"id":"39b6d967-8cf0-41af-941e-d57c0d645600","block_type":"box","text":"HSBC American Index Fund","page_number":150,"box":{"x":210,"y":333,"width":164,"height":8}},{"id":"74f314cd-61bc-4b6f-b97e-2b77531b4ccc","block_type":"box","text":"24,913,480","page_number":150,"box":{"x":742,"y":333,"width":66,"height":9}},{"id":"74909f79-8877-4e5e-aa01-cf8c8fdc97b2","block_type":"box","text":"17.01%","page_number":150,"box":{"x":856,"y":333,"width":43,"height":8}},{"id":"e60f3721-b9a1-424c-954f-3c727fd4e258","block_type":"box","text":"376,878","page_number":150,"box":{"x":142,"y":347,"width":47,"height":9}},{"id":"5faa9c68-e6df-4b9b-97cc-b934a01adefb","block_type":"box","text":"HSBC European Index Fund","page_number":150,"box":{"x":210,"y":347,"width":166,"height":11}},{"id":"92adfc53-f83d-4e72-8737-e8a4d099eeeb","block_type":"box","text":"6,504,910","page_number":150,"box":{"x":750,"y":347,"width":58,"height":9}},{"id":"ab3f99e3-1ad1-442d-8efa-92a6afcbf12f","block_type":"box","text":"4.44%","page_number":150,"box":{"x":862,"y":347,"width":37,"height":8}},{"id":"b6b7b6ba-c25b-48ef-a80c-56e20ad1371f","block_type":"box","text":"18,530","page_number":150,"box":{"x":150,"y":362,"width":39,"height":9}},{"id":"51089cae-09d8-4dde-af11-390458f3a06b","block_type":"box","text":"HSBC Global Emerging Market Government Bond Index Fund","page_number":150,"box":{"x":210,"y":361,"width":370,"height":11}},{"id":"3e836b6d-80bd-43c4-9993-9206edbcf3de","block_type":"box","text":"243,543","page_number":150,"box":{"x":761,"y":362,"width":47,"height":9}},{"id":"218983ef-2899-47a4-9d2e-1b57c0d32b2b","block_type":"box","text":"0.17%","page_number":150,"box":{"x":863,"y":362,"width":36,"height":7}},{"id":"72769e29-1468-4340-a5d4-b1c90babc6af","block_type":"box","text":"2,461,373","page_number":150,"box":{"x":131,"y":376,"width":58,"height":9}},{"id":"7a4cc7b8-5da2-43ac-b315-158a3dcbb125","block_type":"box","text":"HSBC MSCI Emerging Markets ex China Equity Index Fund","page_number":150,"box":{"x":210,"y":375,"width":349,"height":11}},{"id":"8b18e488-db63-4a95-84cb-5046787235e2","block_type":"box","text":"4,204,025","page_number":150,"box":{"x":749,"y":376,"width":59,"height":9}},{"id":"2990d4c4-baac-46fc-bdb8-bc1088db56dc","block_type":"box","text":"2.87%","page_number":150,"box":{"x":863,"y":376,"width":36,"height":8}},{"id":"ea33f0ce-972f-4701-9558-84c4d07e1f8f","block_type":"box","text":"798,677","page_number":150,"box":{"x":142,"y":390,"width":47,"height":9}},{"id":"dfb699fb-b9ce-4f51-962b-95412f28c3e8","block_type":"box","text":"Invesco Perpetual UK Enhanced Index Fund","page_number":150,"box":{"x":210,"y":390,"width":263,"height":10}},{"id":"b3fd4186-4718-40ca-a5e3-ee4a1d9c93e1","block_type":"box","text":"7,965,766","page_number":150,"box":{"x":750,"y":390,"width":58,"height":9}},{"id":"64186d7f-5a92-40ce-8174-1a6cc56f1824","block_type":"box","text":"5.44%","page_number":150,"box":{"x":863,"y":390,"width":36,"height":8}},{"id":"81aff016-ea63-4c1a-a386-3ee5bb1c14ad","block_type":"box","text":"10,588,542","page_number":150,"box":{"x":124,"y":404,"width":65,"height":9}},{"id":"5adad01a-98d8-4f7d-8a2b-7e5ad77401f1","block_type":"box","text":"iShares UK Equity Index Fund","page_number":150,"box":{"x":210,"y":404,"width":177,"height":11}},{"id":"e8cd599c-87c0-4ba8-a6ae-3e310fd7b056","block_type":"box","text":"16,367,948","page_number":150,"box":{"x":743,"y":404,"width":65,"height":9}},{"id":"876bcec3-7ea1-4543-b2e8-a0a6168f9c89","block_type":"box","text":"11.17%","page_number":150,"box":{"x":856,"y":404,"width":43,"height":8}},{"id":"07bfd762-fa32-423c-a991-f26744fb9f5f","block_type":"box","text":"51,997","page_number":150,"box":{"x":150,"y":419,"width":39,"height":9}},{"id":"1531dcf5-dab3-4ecf-9231-9a77d368fd0e","block_type":"box","text":"Janus Henderson Global Multi-Strategy Fund","page_number":150,"box":{"x":208,"y":418,"width":271,"height":11}},{"id":"f9f10c35-e913-4965-928d-f71e78866c7a","block_type":"box","text":"643,517","page_number":150,"box":{"x":761,"y":419,"width":47,"height":9}},{"id":"748770df-eaed-466b-82bd-44205889040d","block_type":"box","text":"0.44%","page_number":150,"box":{"x":863,"y":419,"width":36,"height":7}},{"id":"dcc7fe14-7001-4ba3-84c4-44f3b9e44a5a","block_type":"box","text":"539,802","page_number":150,"box":{"x":142,"y":433,"width":47,"height":9}},{"id":"151b233b-2e92-4258-9f99-be614602c5c6","block_type":"box","text":"JPM Europe Dynamic ex-UK Fund","page_number":150,"box":{"x":208,"y":432,"width":201,"height":11}},{"id":"d54bf7d4-e2e0-46c4-bba8-252d2a325876","block_type":"box","text":"2,604,544","page_number":150,"box":{"x":750,"y":433,"width":59,"height":9}},{"id":"2b5c85a0-3cc3-412b-b061-95f5b0aa7f42","block_type":"box","text":"1.78%","page_number":150,"box":{"x":863,"y":433,"width":36,"height":8}},{"id":"cf0ecab5-0595-404d-a223-c481c8488a05","block_type":"box","text":"150,933","page_number":150,"box":{"x":142,"y":447,"width":47,"height":9}},{"id":"2c23e237-cf24-4e43-90eb-832bb4db82e7","block_type":"box","text":"JPM Japan Fund","page_number":150,"box":{"x":208,"y":447,"width":96,"height":10}},{"id":"522c2df8-bfb2-441b-9981-427d9694f5e5","block_type":"box","text":"703,951","page_number":150,"box":{"x":761,"y":447,"width":45,"height":9}},{"id":"87126599-1e3e-4d93-8d3d-0468d0ef1678","block_type":"box","text":"0.48%","page_number":150,"box":{"x":863,"y":447,"width":36,"height":8}},{"id":"35c26f4e-8ca5-4596-98c9-bc840fb9f63d","block_type":"box","text":"993,417","page_number":150,"box":{"x":142,"y":461,"width":47,"height":9}},{"id":"461e4245-e2da-490e-87ea-12b1715630ba","block_type":"box","text":"Jupiter Merian North American Equity Fund","page_number":150,"box":{"x":208,"y":461,"width":264,"height":11}},{"id":"0dda691d-1921-474a-9ac8-f698122237f3","block_type":"box","text":"5,811,591","page_number":150,"box":{"x":750,"y":461,"width":56,"height":9}},{"id":"aa8186ea-cfe9-473a-b54d-22cfa017430e","block_type":"box","text":"3.97%","page_number":150,"box":{"x":863,"y":461,"width":36,"height":8}},{"id":"57fc218f-2869-4490-9bb0-a396402aa513","block_type":"box","text":"551,360","page_number":150,"box":{"x":142,"y":476,"width":47,"height":9}},{"id":"62974ce2-33d4-4755-958b-a3c288c5154c","block_type":"box","text":"Jupiter UK Special Situations Fund","page_number":150,"box":{"x":208,"y":475,"width":206,"height":11}},{"id":"158e7f7c-966b-4dc1-9c04-d53da13c64c8","block_type":"box","text":"2,430,174","page_number":150,"box":{"x":750,"y":476,"width":59,"height":9}},{"id":"a875433a-ae10-455f-a407-c22c768b8ceb","block_type":"box","text":"1.66%","page_number":150,"box":{"x":863,"y":476,"width":36,"height":7}},{"id":"6fdbf924-92b7-4d70-b6c8-6ad673795e20","block_type":"box","text":"547,814","page_number":150,"box":{"x":142,"y":490,"width":48,"height":9}},{"id":"24acdb57-9133-48fd-91a8-d36753f02ddd","block_type":"box","text":"Legal & General Emerging Markets Government Bond Index Fund","page_number":150,"box":{"x":210,"y":489,"width":396,"height":11}},{"id":"b832f618-4083-498a-b39c-e48c8a24256f","block_type":"box","text":"407,683","page_number":150,"box":{"x":760,"y":490,"width":48,"height":9}},{"id":"8cb6599b-9b16-4801-9dbe-428be27bc002","block_type":"box","text":"0.28%","page_number":150,"box":{"x":863,"y":490,"width":36,"height":8}},{"id":"eaaa6c20-f292-445a-992e-4953221b4dfb","block_type":"box","text":"433,405","page_number":150,"box":{"x":141,"y":504,"width":48,"height":9}},{"id":"14cacb3d-d856-466c-9c80-f975ec5882fb","block_type":"box","text":"Liontrust European Dynamic Fund","page_number":150,"box":{"x":210,"y":504,"width":206,"height":10}},{"id":"adeff82b-8265-405d-8e03-6bec9a42fd2a","block_type":"box","text":"2,063,290","page_number":150,"box":{"x":750,"y":504,"width":58,"height":9}},{"id":"53739fb6-8bde-43a4-b538-a09cd22aa21b","block_type":"box","text":"1.41%","page_number":150,"box":{"x":863,"y":504,"width":36,"height":8}},{"id":"3d67a121-443d-4e5a-abf4-e96c29761261","block_type":"box","text":"82,538","page_number":150,"box":{"x":149,"y":518,"width":40,"height":9}},{"id":"8b67777c-f34e-40a0-9d60-708cb3e0222c","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":150,"box":{"x":210,"y":518,"width":284,"height":11}},{"id":"53f90961-43bf-4416-a880-51fe8b8da207","block_type":"box","text":"942,583","page_number":150,"box":{"x":761,"y":518,"width":47,"height":9}},{"id":"8fcda352-b3a8-4f75-8949-dba2eed6017c","block_type":"box","text":"0.64%","page_number":150,"box":{"x":863,"y":518,"width":36,"height":8}},{"id":"06dc4464-2326-45e4-99b3-6507cadd9b65","block_type":"box","text":"787,965","page_number":150,"box":{"x":142,"y":533,"width":47,"height":9}},{"id":"b3f86a0b-b2cc-4943-bd0c-082d89fe9f88","block_type":"box","text":"M&G Japan Fund","page_number":150,"box":{"x":210,"y":532,"width":101,"height":11}},{"id":"6e6538c9-adf8-4249-a197-7a2810d8a21d","block_type":"box","text":"1,761,416","page_number":150,"box":{"x":750,"y":533,"width":58,"height":9}},{"id":"7b944bbf-61ab-4642-bdd8-889802fedeea","block_type":"box","text":"1.20%","page_number":150,"box":{"x":863,"y":533,"width":36,"height":7}},{"id":"1454b4a4-62b7-42c1-b81c-120b7a2fffbb","block_type":"box","text":"23,293","page_number":150,"box":{"x":149,"y":547,"width":40,"height":9}},{"id":"6071081d-cd34-44ee-b59f-cbe3d48641bd","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":150,"box":{"x":210,"y":546,"width":363,"height":11}},{"id":"d9159ca0-6803-4edb-b76b-da1ba0b2effc","block_type":"box","text":"651,500","page_number":150,"box":{"x":761,"y":547,"width":47,"height":9}},{"id":"73075bfe-a736-487d-a7eb-6f5d3358dd96","block_type":"box","text":"0.44%","page_number":150,"box":{"x":863,"y":547,"width":36,"height":8}},{"id":"e353d8ad-6be5-4dad-a5d2-9a1b1525393e","block_type":"box","text":"306,321","page_number":150,"box":{"x":142,"y":561,"width":45,"height":9}},{"id":"9e7144c9-9326-422f-9055-331398c396d5","block_type":"box","text":"RGI UK Opportunities Fund","page_number":150,"box":{"x":210,"y":561,"width":163,"height":10}},{"id":"67c9c5f2-d7c1-486c-a219-6082a8325941","block_type":"box","text":"2,575,608","page_number":150,"box":{"x":750,"y":561,"width":58,"height":9}},{"id":"87898a93-30b0-48c4-81dd-beb469919d87","block_type":"box","text":"1.76%","page_number":150,"box":{"x":863,"y":561,"width":36,"height":8}},{"id":"646e95c7-b492-4a57-8fbf-55af6981e268","block_type":"box","text":"1,521","page_number":150,"box":{"x":157,"y":575,"width":30,"height":9}},{"id":"4c2b8ddc-2e05-45a1-b03d-cf3bcdaeb264","block_type":"box","text":"Robeco QI Dynamic High Yield Fund","page_number":150,"box":{"x":210,"y":575,"width":216,"height":11}},{"id":"ec648d52-5d9f-41d0-a219-b45b347e4ba2","block_type":"box","text":"205,858","page_number":150,"box":{"x":761,"y":575,"width":47,"height":9}},{"id":"8d7464f2-67d2-4bfd-b746-c6d6ed52e178","block_type":"box","text":"0.14%","page_number":150,"box":{"x":863,"y":575,"width":36,"height":8}},{"id":"4a67f46b-329a-4fdd-8bf0-dd81ea6ab046","block_type":"box","text":"8,342","page_number":150,"box":{"x":157,"y":590,"width":32,"height":9}},{"id":"5ed79000-ed3e-4102-b2ad-65152b740ad7","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":150,"box":{"x":209,"y":589,"width":211,"height":11}},{"id":"71095d31-4a17-4319-9b8a-6308d7f7e56e","block_type":"box","text":"900,185","page_number":150,"box":{"x":761,"y":590,"width":47,"height":9}},{"id":"d10b1cd6-dca3-41ff-a760-fbdc46f35b6e","block_type":"box","text":"0.61%","page_number":150,"box":{"x":863,"y":590,"width":36,"height":7}},{"id":"ddbc9826-6030-44fb-99c7-b5b7fef4616c","block_type":"box","text":"16,316","page_number":150,"box":{"x":150,"y":604,"width":39,"height":9}},{"id":"003481cb-5bf7-46b9-a1a4-9994a77f6cc3","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":150,"box":{"x":209,"y":603,"width":265,"height":11}},{"id":"f37aa7da-d598-450e-bbf1-c8540c3ec5a2","block_type":"box","text":"1,378,257","page_number":150,"box":{"x":750,"y":604,"width":58,"height":9}},{"id":"a2236e64-d4c5-410c-b7c0-118c481a34e2","block_type":"box","text":"0.94%","page_number":150,"box":{"x":863,"y":604,"width":36,"height":8}},{"id":"5ce81144-3a3c-44ee-bf43-46a2bd7988b8","block_type":"box","text":"4,920","page_number":150,"box":{"x":156,"y":618,"width":33,"height":9}},{"id":"ce37344e-37e9-4c4b-96d7-818c1ac6f1e0","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":150,"box":{"x":209,"y":618,"width":191,"height":10}},{"id":"fc2c5f65-697a-45e2-a94f-2c50ba544b41","block_type":"box","text":"5,836,025","page_number":150,"box":{"x":750,"y":618,"width":58,"height":9}},{"id":"1bedf51c-ce85-4f5b-ace3-d8e5edd64cc8","block_type":"box","text":"3.98%","page_number":150,"box":{"x":863,"y":618,"width":36,"height":8}},{"id":"35c2b2d4-6139-4d34-90ac-7d9e118cfb82","block_type":"box","text":"114,588,545","page_number":150,"box":{"x":735,"y":639,"width":73,"height":9}},{"id":"826c066c-ba57-4b63-94d1-da66b73ee038","block_type":"box","text":"78.22%","page_number":150,"box":{"x":855,"y":639,"width":44,"height":8}},{"id":"ce58760a-6172-4528-96a3-8766a6028ce6","block_type":"box","text":"Exchange Traded Funds (30.04.2025: 11.84%)","page_number":150,"box":{"x":210,"y":660,"width":295,"height":10}},{"id":"1ed28663-1302-43b0-9809-8288754fa418","block_type":"box","text":"34,838","page_number":150,"box":{"x":149,"y":674,"width":40,"height":9}},{"id":"260bda0e-4335-4d11-bfef-c8fcb4b5230c","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":150,"box":{"x":209,"y":674,"width":243,"height":11}},{"id":"e7ffa77f-16cd-456b-aa37-bbe4adde097b","block_type":"box","text":"3,109,988","page_number":150,"box":{"x":750,"y":674,"width":58,"height":9}},{"id":"8d2e15aa-c077-40ab-b17b-915c38ea596e","block_type":"box","text":"2.12%","page_number":150,"box":{"x":863,"y":674,"width":36,"height":8}},{"id":"3582b051-341b-4daf-aeb8-0df3f7250cc5","block_type":"box","text":"75,943","page_number":150,"box":{"x":149,"y":689,"width":40,"height":9}},{"id":"1f1ec8cb-3e83-4024-a670-fda1098ddc34","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":150,"box":{"x":209,"y":688,"width":188,"height":11}},{"id":"e689470d-5256-4f06-abee-943f77531c97","block_type":"box","text":"2,217,536","page_number":150,"box":{"x":750,"y":689,"width":58,"height":9}},{"id":"7195afc7-0e67-47c4-9e3f-238444e3d732","block_type":"box","text":"1.51%","page_number":150,"box":{"x":863,"y":689,"width":36,"height":7}},{"id":"645d4844-6334-4aea-a65b-2c18a211d1ae","block_type":"box","text":"111,956","page_number":150,"box":{"x":142,"y":703,"width":47,"height":9}},{"id":"c08dc599-c61b-4e4c-b566-d4345036c69e","block_type":"box","text":"Amundi Prime UK Mid And Small Cap UCITS ETF","page_number":150,"box":{"x":209,"y":702,"width":290,"height":11}},{"id":"ea4e150b-22a3-4d7f-b27a-ad27e51deb10","block_type":"box","text":"2,617,531","page_number":150,"box":{"x":750,"y":703,"width":56,"height":9}},{"id":"7f955db3-588b-4814-a926-4737b5fe47b0","block_type":"box","text":"1.79%","page_number":150,"box":{"x":863,"y":703,"width":36,"height":8}},{"id":"13a89236-0b01-4a31-a911-080c2880d0f4","block_type":"box","text":"114,855","page_number":150,"box":{"x":142,"y":717,"width":47,"height":9}},{"id":"249b4e9c-65e1-4b13-ab6f-45d0eacd685c","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":150,"box":{"x":210,"y":717,"width":240,"height":10}},{"id":"1a27295f-4ee7-4d73-b7a8-391fb5833771","block_type":"box","text":"1,341,494","page_number":150,"box":{"x":750,"y":717,"width":59,"height":9}},{"id":"848a825e-1ffe-42c5-bfa5-b40cd6071d41","block_type":"box","text":"0.92%","page_number":150,"box":{"x":863,"y":717,"width":36,"height":8}},{"id":"0850e793-6728-4947-b064-c75b6fa2a746","block_type":"box","text":"458,829","page_number":150,"box":{"x":141,"y":731,"width":48,"height":9}},{"id":"45fc38b2-4c9e-490e-8df4-4deb0718f810","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":150,"box":{"x":210,"y":731,"width":239,"height":11}},{"id":"f6063040-4b50-426c-9f9d-e000f6e5e111","block_type":"box","text":"4,634,399","page_number":150,"box":{"x":749,"y":731,"width":59,"height":9}},{"id":"fc9006eb-c75e-49a9-bcb1-b3714aa663e3","block_type":"box","text":"3.16%","page_number":150,"box":{"x":863,"y":731,"width":36,"height":8}},{"id":"f95f51ae-0be5-40c8-b7a0-390c3024678e","block_type":"box","text":"409,200","page_number":150,"box":{"x":141,"y":746,"width":48,"height":9}},{"id":"eff1c6b8-08e6-4307-8e04-df12d49b29b8","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":150,"box":{"x":210,"y":745,"width":255,"height":8}},{"id":"3dc4cad3-e0aa-42ce-a482-589ee58294aa","block_type":"box","text":"4,255,110","page_number":150,"box":{"x":749,"y":746,"width":59,"height":9}},{"id":"bff7209c-e59d-4cf6-b876-8d3a0d91b0e5","block_type":"box","text":"2.90%","page_number":150,"box":{"x":863,"y":746,"width":36,"height":7}},{"id":"2ed3d58e-268d-45b1-8c08-9b2e3911cc2f","block_type":"box","text":"268,716","page_number":150,"box":{"x":142,"y":760,"width":47,"height":9}},{"id":"fab58a6f-5b2c-4362-8493-2a4951829587","block_type":"box","text":"HSBC MSCI China UCITS ETF","page_number":150,"box":{"x":210,"y":759,"width":168,"height":9}},{"id":"493a1a8c-641c-4361-a5a9-1f33ee947331","block_type":"box","text":"1,550,491","page_number":150,"box":{"x":750,"y":760,"width":56,"height":9}},{"id":"73e39bc8-15c5-4b7a-ad79-1d452f79d8da","block_type":"box","text":"1.06%","page_number":150,"box":{"x":863,"y":760,"width":36,"height":8}},{"id":"fc3407a5-dc4e-4ec9-90cf-1ae40f50c949","block_type":"box","text":"1,044,017","page_number":150,"box":{"x":131,"y":774,"width":58,"height":9}},{"id":"93f005fa-4ddf-4a1c-b8b4-5a2782e236e5","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":150,"box":{"x":210,"y":774,"width":338,"height":10}},{"id":"4c99278a-1c8a-4b96-a775-812f647c9009","block_type":"box","text":"9,211,075","page_number":150,"box":{"x":750,"y":774,"width":58,"height":9}},{"id":"83a4eddf-a7fc-45b6-927b-b50e6483c926","block_type":"box","text":"6.29%","page_number":150,"box":{"x":863,"y":774,"width":36,"height":8}},{"id":"0eab4300-56d6-4936-bcbe-5d4f9e3bf762","block_type":"box","text":"28,937,624","page_number":150,"box":{"x":742,"y":795,"width":67,"height":9}},{"id":"dae8a60f-59c2-450b-bea8-add4be66f1c9","block_type":"box","text":"19.75%","page_number":150,"box":{"x":856,"y":795,"width":43,"height":8}},{"id":"f3ae87b8-1284-4090-a5a6-9bf65280588b","block_type":"box","text":"Portfolio of investments (30.04.2025: 98.80%)","page_number":150,"box":{"x":210,"y":823,"width":300,"height":10}},{"id":"b1dec2ff-7b1d-4121-8239-f8aefed5e6f1","block_type":"box","text":"143,526,169","page_number":150,"box":{"x":731,"y":824,"width":78,"height":9}},{"id":"ea77942f-da18-4f60-b13d-46700446c3b5","block_type":"box","text":"97.97%","page_number":150,"box":{"x":852,"y":824,"width":47,"height":7}},{"id":"50db6b2f-a977-40bd-8696-ab13509ea7c2","block_type":"box","text":"Net other assets (30.04.2025: 1.20%)","page_number":150,"box":{"x":210,"y":837,"width":240,"height":10}},{"id":"55a9530f-3498-4335-ac42-e3296991ef99","block_type":"box","text":"2,974,951","page_number":150,"box":{"x":746,"y":838,"width":61,"height":9}},{"id":"5f029470-927c-43ed-8047-4c0e76fee021","block_type":"box","text":"2.03%","page_number":150,"box":{"x":860,"y":838,"width":39,"height":8}},{"id":"3d8ea028-b6b4-4b2e-ba66-0bb198e83990","block_type":"box","text":"146,501,120","page_number":150,"box":{"x":731,"y":859,"width":78,"height":9}},{"id":"46216804-8bb6-406e-910e-c42f36d5af08","block_type":"box","text":"100.00%","page_number":150,"box":{"x":844,"y":859,"width":55,"height":8}},{"id":"2f4ebd4f-7ff8-40f0-9a50-51f001458ccf","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":150,"box":{"x":507,"y":38,"width":395,"height":17}},{"id":"79b004a9-0eae-42be-9efa-7df5f11bdd06","block_type":"box","text":"145","page_number":150,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"786bca1a-07ba-4254-ae98-2abf79580dcc","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":151,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"c0f9a94f-6083-467b-ac3b-7d5ead986ab7","block_type":"box","text":"£","page_number":151,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"5fbc3687-e2af-4538-8cad-a9a68e29402f","block_type":"box","text":"Total purchases for the year (note 14)","page_number":151,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"e9ef45dc-041f-44b5-8ad1-fefc79c1cdc2","block_type":"box","text":"105,380,454","page_number":151,"box":{"x":636,"y":143,"width":78,"height":10}},{"id":"8f4513ac-f1a6-4c47-99ed-995e9e987d74","block_type":"box","text":"iShares UK Equity Index Fund","page_number":151,"box":{"x":96,"y":174,"width":176,"height":11}},{"id":"477dd1c3-9899-49d5-8c57-26398c7d60ad","block_type":"box","text":"16,664,579","page_number":151,"box":{"x":647,"y":174,"width":66,"height":9}},{"id":"a383c6f0-424e-40ce-ac3f-93dec11a9e42","block_type":"box","text":"HSBC American Index Fund","page_number":151,"box":{"x":96,"y":189,"width":164,"height":9}},{"id":"6dda4fc1-bd63-493a-963d-0af99986e7b7","block_type":"box","text":"11,457,324","page_number":151,"box":{"x":647,"y":190,"width":67,"height":9}},{"id":"8aaf665e-f77b-495a-a13f-6951859fc3eb","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":151,"box":{"x":95,"y":205,"width":339,"height":10}},{"id":"04c2b3a5-ba5d-4b78-adbe-51bfb10fee1b","block_type":"box","text":"10,241,201","page_number":151,"box":{"x":647,"y":205,"width":64,"height":9}},{"id":"c180753d-bc43-4dc0-9215-f79b1551b17e","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":151,"box":{"x":96,"y":220,"width":254,"height":8}},{"id":"d873e3fb-b59d-47b3-a22c-b6fb21a584a8","block_type":"box","text":"6,094,661","page_number":151,"box":{"x":655,"y":221,"width":56,"height":9}},{"id":"d431c9f6-2b62-42b9-8c4c-fe460c26298e","block_type":"box","text":"HSBC European Index Fund","page_number":151,"box":{"x":96,"y":236,"width":165,"height":10}},{"id":"e86386d6-7124-41e8-b63d-c7bdd1ada1cf","block_type":"box","text":"5,544,530","page_number":151,"box":{"x":655,"y":236,"width":58,"height":9}},{"id":"fe20ff3a-ddf3-4568-bdf7-c91457ebb3db","block_type":"box","text":"iShares UK Equity Index Fund","page_number":151,"box":{"x":96,"y":251,"width":176,"height":11}},{"id":"dc30a12f-1770-43a0-aff0-2b9eb474fbcf","block_type":"box","text":"4,568,577","page_number":151,"box":{"x":654,"y":251,"width":59,"height":10}},{"id":"bec8b1a6-c9a8-4196-9bc6-3e85c673fd50","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":151,"box":{"x":96,"y":267,"width":239,"height":10}},{"id":"f509eb7f-91cd-418d-a965-6bd9cac495f7","block_type":"box","text":"3,882,197","page_number":151,"box":{"x":654,"y":267,"width":59,"height":9}},{"id":"e75618e5-45d5-4726-b580-e3a9a8e9d35c","block_type":"box","text":"Invesco Perpetual UK Enhanced Index Fund","page_number":151,"box":{"x":96,"y":282,"width":263,"height":11}},{"id":"413cb178-0f15-4f99-ad14-29f76e98a679","block_type":"box","text":"3,861,324","page_number":151,"box":{"x":654,"y":282,"width":60,"height":9}},{"id":"c42c4827-62f9-4608-8d0e-82ef27b183d6","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":151,"box":{"x":95,"y":297,"width":191,"height":11}},{"id":"0028cd76-d74f-4b39-a739-2f394292c5fd","block_type":"box","text":"3,535,556","page_number":151,"box":{"x":654,"y":298,"width":59,"height":9}},{"id":"bb92311b-565e-48fc-82b2-b1878235a07f","block_type":"box","text":"ES Alliance Bernstein Concentrated US Equity Fund","page_number":151,"box":{"x":96,"y":313,"width":307,"height":11}},{"id":"4d2d81aa-7319-4a47-baaf-a537b8b8a41e","block_type":"box","text":"3,180,418","page_number":151,"box":{"x":654,"y":313,"width":59,"height":9}},{"id":"2d851b4b-22f9-4e51-a569-b4af76124d48","block_type":"box","text":"Various other purchases","page_number":151,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"f1c056f0-2a01-424f-a52a-a10d4d319760","block_type":"box","text":"36,350,087","page_number":151,"box":{"x":647,"y":329,"width":66,"height":9}},{"id":"37e23f74-b478-4630-8ef5-37d67eef8333","block_type":"box","text":"£","page_number":151,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"15e54c1d-6f21-4d73-84c5-6402c0f084db","block_type":"box","text":"Total sales for the year (note 14)","page_number":151,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"1e08c648-e079-4646-906a-ca88b93f120e","block_type":"box","text":"68,560,867","page_number":151,"box":{"x":643,"y":375,"width":70,"height":9}},{"id":"eb12dd74-564d-4c47-984c-050979a30901","block_type":"box","text":"iShares UK Equity Index Fund","page_number":151,"box":{"x":96,"y":406,"width":176,"height":10}},{"id":"e7e19528-1cd5-4f62-9352-6663534768d4","block_type":"box","text":"14,899,943","page_number":151,"box":{"x":647,"y":406,"width":66,"height":9}},{"id":"96c91f19-4245-4271-8b5a-fbf5208094ec","block_type":"box","text":"iShares North American Equity Index Fund","page_number":151,"box":{"x":96,"y":421,"width":256,"height":11}},{"id":"1694fb0f-5caa-4a9a-97f1-a110220b3ea8","block_type":"box","text":"8,835,647","page_number":151,"box":{"x":654,"y":421,"width":59,"height":9}},{"id":"4d63cee9-b261-4b00-bc14-3a8b91c00161","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":151,"box":{"x":96,"y":436,"width":254,"height":9}},{"id":"1a8ac9a7-bcc1-48e0-b065-fc47668aa145","block_type":"box","text":"3,918,374","page_number":151,"box":{"x":654,"y":437,"width":60,"height":9}},{"id":"ecc17b14-64b0-4de2-aa23-8f62c8eb0b96","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":151,"box":{"x":95,"y":452,"width":188,"height":11}},{"id":"24f0d880-af96-49fa-a485-fc648def8a90","block_type":"box","text":"3,712,057","page_number":151,"box":{"x":654,"y":452,"width":59,"height":9}},{"id":"428764bb-c58a-41ae-abb3-5dba1eb44941","block_type":"box","text":"HSBC American Index Fund","page_number":151,"box":{"x":96,"y":467,"width":164,"height":9}},{"id":"c92d7504-7c2d-4760-9d10-d08484d809be","block_type":"box","text":"3,256,645","page_number":151,"box":{"x":654,"y":468,"width":59,"height":9}},{"id":"0e515e3f-c519-4d86-97f8-cb3fe5bb7701","block_type":"box","text":"iShares $ Treasury Bond 20+yr ETF","page_number":151,"box":{"x":96,"y":483,"width":209,"height":10}},{"id":"b4d112cc-5095-4d97-ad34-49e3c5f9855e","block_type":"box","text":"2,694,888","page_number":151,"box":{"x":654,"y":483,"width":59,"height":9}},{"id":"007898c3-e69b-4b44-8530-950a73a2cc36","block_type":"box","text":"Goldman Sachs EM Ex-China CORE® Equity Fund","page_number":151,"box":{"x":96,"y":498,"width":297,"height":11}},{"id":"82285165-f9bf-4039-8361-ad9c755a7c3c","block_type":"box","text":"2,468,385","page_number":151,"box":{"x":654,"y":499,"width":59,"height":9}},{"id":"74f30a7b-a979-4ece-89c4-b62f4f014a4a","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":151,"box":{"x":96,"y":514,"width":239,"height":10}},{"id":"63924ca8-5119-4358-95e0-41f7fabc487c","block_type":"box","text":"2,403,275","page_number":151,"box":{"x":654,"y":514,"width":59,"height":9}},{"id":"c8581f51-006a-4b84-bfa4-cc8b44e74896","block_type":"box","text":"HSBC European Index Fund","page_number":151,"box":{"x":96,"y":529,"width":165,"height":11}},{"id":"5b7a3582-d02a-4ff5-b465-5077af37e1d6","block_type":"box","text":"2,342,621","page_number":151,"box":{"x":654,"y":529,"width":57,"height":10}},{"id":"4163dd89-7095-4a87-bc9c-830480ab824f","block_type":"box","text":"iShares MSCI Europe Mid Cap UCITS ETF","page_number":151,"box":{"x":96,"y":544,"width":243,"height":11}},{"id":"69739a7d-44ca-4ae8-ab05-f4c01be6aa06","block_type":"box","text":"2,185,276","page_number":151,"box":{"x":654,"y":545,"width":59,"height":9}},{"id":"110e1037-723b-4b0f-8d18-2dcdb26f5742","block_type":"box","text":"Various other sales","page_number":151,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"56bf8e8f-7347-42a6-b0b7-ce11bb4eb96d","block_type":"box","text":"21,843,756","page_number":151,"box":{"x":647,"y":560,"width":66,"height":9}},{"id":"fbf47962-74d6-4272-8eba-f79699501b8d","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":151,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"2bfa8b2e-2e5b-411e-b53f-58648a38f926","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":151,"box":{"x":97,"y":38,"width":395,"height":17}},{"id":"fe9e7e38-0518-4812-8350-946af7b68c6e","block_type":"box","text":"146","page_number":151,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"faa6d5a9-be61-406f-87bb-10cd090d9c45","block_type":"box","text":"Statement of Total Return","page_number":152,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"f9c6f76c-a722-4693-8e58-7121ccb87e23","block_type":"box","text":"for the year ended 30 April 2026","page_number":152,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"b374598c-71b7-42d8-b242-f55159e511ee","block_type":"box","text":"30.04.26","page_number":152,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"db5af93d-a8bb-462b-b59a-a114f45c57c5","block_type":"box","text":"30.04.25","page_number":152,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"01a52d2e-6c4b-48de-8258-f34e2ad6d019","block_type":"box","text":"Note","page_number":152,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"e44b5a17-cf4e-4a43-a0c8-413835ff4646","block_type":"box","text":"£","page_number":152,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"78a6f787-4f9b-48b0-8b0d-f959e486cb00","block_type":"box","text":"£","page_number":152,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"dd6e8213-b9b2-4263-a108-69ff4e6abf67","block_type":"box","text":"£","page_number":152,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"b3ce19d8-0305-4839-b421-e8206bd4134a","block_type":"box","text":"£","page_number":152,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"9afefe90-db94-44e6-9ac2-7a45cd5ac8af","block_type":"box","text":"Income","page_number":152,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"aa63f119-5e2e-4ff3-bc91-21569f4feaaf","block_type":"box","text":"Net capital","page_number":152,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"3b14d3cc-2d57-4a5f-98d0-2ac9cfc1ddc4","block_type":"box","text":"2","page_number":152,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"bfa81b90-8f99-4289-a667-f58581f1b307","block_type":"box","text":"20,922,058","page_number":152,"box":{"x":599,"y":169,"width":67,"height":9}},{"id":"0e6bc24f-38db-4946-b75f-9bb07282f660","block_type":"box","text":"197,940","page_number":152,"box":{"x":849,"y":169,"width":47,"height":9}},{"id":"eb34ea32-5228-4726-9690-8cef3cbf7fbd","block_type":"box","text":"Revenue","page_number":152,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"58e4e6b5-5361-4506-85fb-09d6e4aa9588","block_type":"box","text":"3","page_number":152,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"2ecaa857-7b50-431f-9e7c-782091b12eaa","block_type":"box","text":"1,976,752","page_number":152,"box":{"x":493,"y":184,"width":58,"height":9}},{"id":"e92f9be9-ad3f-4ba7-8190-c4644c7045db","block_type":"box","text":"1,091,700","page_number":152,"box":{"x":726,"y":184,"width":59,"height":9}},{"id":"2676f78d-e739-449c-92d1-433ee1270a51","block_type":"box","text":"Expenses","page_number":152,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"515a279c-f44b-42d8-9b2c-f1e466520280","block_type":"box","text":"4","page_number":152,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"25c2407f-f96e-4b06-bf08-e065409b727f","block_type":"box","text":"(408,748)","page_number":152,"box":{"x":499,"y":200,"width":57,"height":9}},{"id":"af7f7ff3-b4cd-4b4b-9129-4efeb98d7d31","block_type":"box","text":"(247,917)","page_number":152,"box":{"x":733,"y":200,"width":56,"height":9}},{"id":"548a64c9-0533-46aa-a365-41ff78cf56e4","block_type":"box","text":"Interest payable and similar charges","page_number":152,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"96940623-2adf-4316-9612-527a3cdb5d77","block_type":"box","text":"4","page_number":152,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"cefa396c-5ee1-48e3-a839-25eddece13b0","block_type":"box","text":"(6,282)","page_number":152,"box":{"x":514,"y":222,"width":42,"height":9}},{"id":"09e989e5-4e9d-4b47-b9e4-396cfe7d4095","block_type":"box","text":"(6,143)","page_number":152,"box":{"x":748,"y":222,"width":41,"height":9}},{"id":"2c57f918-5092-4863-9bdf-01489915e324","block_type":"box","text":"Net revenue before taxation","page_number":152,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"0d3ad678-264c-4709-9e14-8fb276b87d60","block_type":"box","text":"1,561,722","page_number":152,"box":{"x":493,"y":244,"width":58,"height":9}},{"id":"47cb15fb-3f23-4c2f-b4de-b08c6182331f","block_type":"box","text":"837,640","page_number":152,"box":{"x":737,"y":244,"width":48,"height":9}},{"id":"c79c2a59-cae5-48c5-9e54-1c2440377ffb","block_type":"box","text":"Taxation","page_number":152,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"be54f27f-54e9-46c7-bdfb-0c1af581d5ce","block_type":"box","text":"5","page_number":152,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"af203966-d4fa-4733-96e2-cb733a05842a","block_type":"box","text":"–","page_number":152,"box":{"x":545,"y":271,"width":6,"height":1}},{"id":"ac02908f-50fa-4579-9be9-4d5de627a3dd","block_type":"box","text":"–","page_number":152,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"0a9ce0cc-9c69-4712-bd19-01a38fb0f701","block_type":"box","text":"Net revenue after taxation","page_number":152,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"df20dc03-c08c-4343-b7a4-bd5522da923e","block_type":"box","text":"1,561,722","page_number":152,"box":{"x":607,"y":289,"width":58,"height":9}},{"id":"df4c0b17-a068-4b55-99c0-188a84ba6aae","block_type":"box","text":"837,640","page_number":152,"box":{"x":849,"y":289,"width":47,"height":9}},{"id":"50f26c08-970b-4e2e-a025-dfd37c4f0097","block_type":"box","text":"Total return before distributions","page_number":152,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"d5777904-9b16-46db-9745-b4c5af5b963d","block_type":"box","text":"22,483,780","page_number":152,"box":{"x":596,"y":311,"width":70,"height":9}},{"id":"3b66039e-80e0-401c-897a-c4a1d325ee9e","block_type":"box","text":"1,035,580","page_number":152,"box":{"x":835,"y":311,"width":62,"height":9}},{"id":"bcd68e8a-e652-43ae-baab-48775060c5fb","block_type":"box","text":"Distributions","page_number":152,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"3febe7b9-13e2-48c0-824e-622735a0f2c0","block_type":"box","text":"6","page_number":152,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"44f559f0-6e23-44fd-9e5c-beac27993bd1","block_type":"box","text":"(1,689,122)","page_number":152,"box":{"x":602,"y":333,"width":68,"height":9}},{"id":"e77d6a8f-e5d2-4b44-b7d4-16094eebbfba","block_type":"box","text":"(957,574)","page_number":152,"box":{"x":845,"y":333,"width":56,"height":9}},{"id":"b0c7e38d-0051-4874-91e3-b244d5353537","block_type":"box","text":"Change in net assets attributable to","page_number":152,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"332c90a7-960b-4999-9114-ae1e7d20c946","block_type":"box","text":"Shareholders from investment activities","page_number":152,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"7752e8a3-2de4-48dc-bacd-520d35033946","block_type":"box","text":"20,794,658","page_number":152,"box":{"x":596,"y":369,"width":70,"height":9}},{"id":"ae583905-8bd3-4943-98bb-5ce6707f2902","block_type":"box","text":"78,006","page_number":152,"box":{"x":854,"y":369,"width":43,"height":9}},{"id":"5aae17cf-0b84-481e-b272-301bbd4ada49","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":152,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"38c630b8-9058-4f0f-80b2-043de5caa1ce","block_type":"box","text":"for the year ended 30 April 2026","page_number":152,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"01c661b1-4c79-4e67-870b-0a56da6ff35a","block_type":"box","text":"30.04.26","page_number":152,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"d6035311-428d-4f31-ab60-6d767fbf2324","block_type":"box","text":"30.04.25","page_number":152,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"6a604b97-fbe8-4aaf-ada6-ba987deb26e9","block_type":"box","text":"£","page_number":152,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"1d08a5bc-4052-4fdc-ac86-9b741b49f227","block_type":"box","text":"£","page_number":152,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"7699a054-7719-4c6f-86c9-6d22de2c84fb","block_type":"box","text":"£","page_number":152,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"880c1e5b-f32e-47e6-bdc7-0ef795c006a0","block_type":"box","text":"£","page_number":152,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"666112b5-382f-44dc-82a5-40e7de019ab1","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":152,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"a8bb1802-72b5-43fd-9b50-d739ab278e32","block_type":"box","text":"85,133,871","page_number":152,"box":{"x":596,"y":482,"width":68,"height":9}},{"id":"8abddd34-814f-4bba-b802-440cc3c36fa8","block_type":"box","text":"49,902,597","page_number":152,"box":{"x":826,"y":482,"width":71,"height":9}},{"id":"0e64715a-4d50-49ab-b24c-64bd7ec51e76","block_type":"box","text":"Amounts receivable on creation of shares","page_number":152,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"c28d1f2e-72a2-40ae-ba1c-346b917393ff","block_type":"box","text":"72,419,045","page_number":152,"box":{"x":485,"y":505,"width":66,"height":9}},{"id":"2478849a-95e2-43f3-a944-4c55426a6659","block_type":"box","text":"52,868,957","page_number":152,"box":{"x":719,"y":505,"width":66,"height":9}},{"id":"5347005d-c14f-4cb5-b83a-e4f3cbbca8c6","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":152,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"1b3bad08-ea73-4076-bd1e-94b4e384daf5","block_type":"box","text":"(33,869,652)","page_number":152,"box":{"x":481,"y":527,"width":75,"height":9}},{"id":"52ce69df-4c01-4264-9323-e5d10804c69d","block_type":"box","text":"(18,962,355)","page_number":152,"box":{"x":714,"y":527,"width":75,"height":9}},{"id":"c9b0b44b-98f9-47a0-b84f-9616ef2776fe","block_type":"box","text":"Dilution levies","page_number":152,"box":{"x":96,"y":548,"width":84,"height":9}},{"id":"44b68477-8386-4478-a77b-4a8674600170","block_type":"box","text":"738","page_number":152,"box":{"x":530,"y":549,"width":21,"height":8}},{"id":"799f7607-ebf8-4e69-91f7-187fd7355efc","block_type":"box","text":"413","page_number":152,"box":{"x":763,"y":549,"width":21,"height":8}},{"id":"9547b87f-ed3a-453f-b766-7ce79e0c5a78","block_type":"box","text":"38,550,131","page_number":152,"box":{"x":599,"y":571,"width":65,"height":9}},{"id":"760f8b36-6981-403f-8a94-13b49188f17e","block_type":"box","text":"33,907,015","page_number":152,"box":{"x":830,"y":571,"width":66,"height":9}},{"id":"24662168-0346-4466-85b4-311b0111710e","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":152,"box":{"x":96,"y":593,"width":300,"height":11}},{"id":"e6a93f97-776d-422a-8813-f0e50c5bee2f","block_type":"box","text":"from investment activities (see above)","page_number":152,"box":{"x":95,"y":608,"width":231,"height":10}},{"id":"a51dbc8e-bd2f-42f6-9d96-654acea89bab","block_type":"box","text":"20,794,658","page_number":152,"box":{"x":599,"y":609,"width":67,"height":9}},{"id":"63bf1edd-03f2-4134-9bdf-b95dc402f520","block_type":"box","text":"78,006","page_number":152,"box":{"x":856,"y":609,"width":40,"height":9}},{"id":"58bd8585-6f78-40a7-a3d2-7a1ad4d09619","block_type":"box","text":"Accumulation distributions retained","page_number":152,"box":{"x":95,"y":630,"width":218,"height":9}},{"id":"541163df-604b-4d29-b3f0-539cafeea961","block_type":"box","text":"2,022,460","page_number":152,"box":{"x":607,"y":631,"width":59,"height":9}},{"id":"2ad52d0d-9b5a-4e9f-ba06-1bd172239c8f","block_type":"box","text":"1,246,253","page_number":152,"box":{"x":838,"y":631,"width":58,"height":9}},{"id":"8c13b653-f796-49ff-9d3f-f26f4da9c6b0","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":152,"box":{"x":96,"y":653,"width":311,"height":10}},{"id":"3497c3d7-6ac0-4833-8639-f26ad5ae3953","block_type":"box","text":"146,501,120","page_number":152,"box":{"x":588,"y":653,"width":78,"height":9}},{"id":"f2891e7c-2bcc-46a1-8259-1f85274c751d","block_type":"box","text":"85,133,871","page_number":152,"box":{"x":826,"y":653,"width":69,"height":9}},{"id":"30cbccdf-4e1d-48b7-8207-bf53ecd1ad16","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":152,"box":{"x":507,"y":38,"width":395,"height":17}},{"id":"08e5d6d1-427e-4ec8-85a9-693b98d6302d","block_type":"box","text":"147","page_number":152,"box":{"x":963,"y":960,"width":26,"height":8}},{"id":"cfcf2d11-8c9b-4500-921e-3c1abb50b4e5","block_type":"box","text":"Balance Sheet","page_number":153,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"79031105-30a3-40a3-ae32-fdf564612aeb","block_type":"box","text":"as at 30 April 2026","page_number":153,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"1373165d-4c37-4ffc-86ec-e433e44129f5","block_type":"box","text":"30.04.26","page_number":153,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"d15e6a6c-8477-479b-97f1-77ffa8d14c21","block_type":"box","text":"30.04.25","page_number":153,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"651a3d13-b766-4ce9-a603-26edb939f562","block_type":"box","text":"Note","page_number":153,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"81c86dc0-b8bb-401a-8e3d-db5217879ab1","block_type":"box","text":"£","page_number":153,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"f0043e0a-b1d8-4603-8cb6-a09c8570bd4f","block_type":"box","text":"£","page_number":153,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"0622a066-c2a4-4a51-94a9-5536ae04a512","block_type":"box","text":"£","page_number":153,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"69ed685a-1297-479e-9f1a-ec635c8019cd","block_type":"box","text":"£","page_number":153,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"37691b58-9fd7-4412-9f03-4468c71ea9ea","block_type":"box","text":"ASSETS","page_number":153,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"3553dbb7-d395-4f04-80ab-d0c82b1b6a70","block_type":"box","text":"Investments assets","page_number":153,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"445554ee-fa4d-483e-bba2-7b6392c70905","block_type":"box","text":"143,526,169","page_number":153,"box":{"x":588,"y":169,"width":78,"height":9}},{"id":"e1da137f-503c-4115-bbef-43ae40a91e8f","block_type":"box","text":"84,113,449","page_number":153,"box":{"x":826,"y":169,"width":71,"height":9}},{"id":"3f588ff7-0327-40f1-935f-e1462253fa52","block_type":"box","text":"Current assets","page_number":153,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"fd5c4044-9cb4-4f1f-ae73-64adcb501cbd","block_type":"box","text":"Debtors","page_number":153,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"8357845f-d16c-428a-826b-cf3c3515325e","block_type":"box","text":"7","page_number":153,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"ee13aa97-ff6b-4023-a7b8-c2231e15a52b","block_type":"box","text":"521,544","page_number":153,"box":{"x":504,"y":207,"width":48,"height":9}},{"id":"be1e6da4-f433-478a-b1ce-f055dfecb541","block_type":"box","text":"677,364","page_number":153,"box":{"x":737,"y":207,"width":48,"height":9}},{"id":"25e7f365-b18e-4f22-98c3-6391fe944d45","block_type":"box","text":"Cash and bank balances","page_number":153,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"0e5e2d5b-e8d7-4290-b254-9431e7ffed8f","block_type":"box","text":"8","page_number":153,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"304d2635-7cef-4b1e-9943-f43ad752ff19","block_type":"box","text":"2,659,911","page_number":153,"box":{"x":493,"y":222,"width":56,"height":9}},{"id":"6ec92a3b-6b72-4c6b-b93a-c2a3e5a7cf1e","block_type":"box","text":"625,697","page_number":153,"box":{"x":737,"y":222,"width":48,"height":9}},{"id":"492b471d-c32d-4e6b-87b5-50ea16ffb473","block_type":"box","text":"Total current assets","page_number":153,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"2a1103c8-48b7-42cb-9192-aca59e2a2470","block_type":"box","text":"3,181,455","page_number":153,"box":{"x":603,"y":244,"width":63,"height":9}},{"id":"b4a10cc1-8164-4a72-96d1-b22d99d71cb1","block_type":"box","text":"1,303,061","page_number":153,"box":{"x":835,"y":244,"width":60,"height":9}},{"id":"12d2dae9-c99a-4a75-ad65-709e4578c919","block_type":"box","text":"Total assets","page_number":153,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"b742f0b2-85e1-4de3-9c58-856aacf1e112","block_type":"box","text":"146,707,624","page_number":153,"box":{"x":588,"y":266,"width":78,"height":9}},{"id":"63416dc8-ff83-4e37-a584-7d4efc9f3ec7","block_type":"box","text":"85,416,510","page_number":153,"box":{"x":826,"y":266,"width":71,"height":9}},{"id":"a4314e80-7958-4e93-b740-79a1232bb184","block_type":"box","text":"Current liabilities","page_number":153,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"e9f610c4-7137-4767-8445-e340671e70de","block_type":"box","text":"Creditors","page_number":153,"box":{"x":105,"y":319,"width":55,"height":8}},{"id":"cc72428a-4afa-40f4-8e8d-7dd57ac1225b","block_type":"box","text":"9","page_number":153,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"272a4d9d-0243-45a9-b85c-5d143e3b35cf","block_type":"box","text":"(206,504)","page_number":153,"box":{"x":499,"y":319,"width":57,"height":10}},{"id":"205b1639-82fd-4dba-9c07-0a241bd2657b","block_type":"box","text":"(282,639)","page_number":153,"box":{"x":733,"y":319,"width":56,"height":10}},{"id":"3f409cb4-9c1f-43c2-9394-a9336dcc9096","block_type":"box","text":"Total current liabilities","page_number":153,"box":{"x":95,"y":341,"width":152,"height":8}},{"id":"133daaff-07ae-40f7-a559-e9e0e73637f9","block_type":"box","text":"(206,504)","page_number":153,"box":{"x":611,"y":342,"width":60,"height":9}},{"id":"295f79b8-6ba3-4322-8677-dd8b91e3051d","block_type":"box","text":"(282,639)","page_number":153,"box":{"x":842,"y":342,"width":59,"height":9}},{"id":"894aaee1-61d0-488f-acb0-db7ec05ccbf3","block_type":"box","text":"Net assets attributable to Shareholders","page_number":153,"box":{"x":96,"y":363,"width":261,"height":9}},{"id":"a1734f2d-5988-4560-96f4-97adac99d3db","block_type":"box","text":"146,501,120","page_number":153,"box":{"x":588,"y":364,"width":78,"height":9}},{"id":"1424f375-ecd6-46cb-92ee-4e877a3a8524","block_type":"box","text":"85,133,871","page_number":153,"box":{"x":826,"y":364,"width":69,"height":9}},{"id":"a84e50bb-debe-46ee-a960-8ab10be60371","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":153,"box":{"x":97,"y":38,"width":395,"height":17}},{"id":"79a39b26-de5d-41e2-943f-26e0249e7c83","block_type":"box","text":"148","page_number":153,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"f12f593d-1412-4d7e-8e31-106eb4d192fa","block_type":"box","text":"Notes to the Financial Statements","page_number":154,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"b929dec2-2627-40f8-849d-566da6076fac","block_type":"box","text":"for the year ended 30 April 2026","page_number":154,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"f2235b53-4f39-4fbe-bae7-d4e4682012e9","block_type":"box","text":"1. Accounting policies","page_number":154,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"cd91d5fd-92e1-480c-a2b8-6b586935d03b","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":154,"box":{"x":95,"y":154,"width":641,"height":11}},{"id":"857f71c6-b48d-48f0-af21-c268ba71b9b7","block_type":"box","text":"2. Net capital gains","page_number":154,"box":{"x":95,"y":196,"width":127,"height":10}},{"id":"10780fd2-fbdd-4b01-af88-fc61d6510adb","block_type":"box","text":"30.04.26","page_number":154,"box":{"x":730,"y":196,"width":55,"height":8}},{"id":"c20c7ce5-6aa4-42c9-9d6c-6529b1bf461f","block_type":"box","text":"30.04.25","page_number":154,"box":{"x":840,"y":196,"width":54,"height":8}},{"id":"dcd7b71c-ebdc-4b8b-a0f5-4b46af567011","block_type":"box","text":"£","page_number":154,"box":{"x":778,"y":212,"width":7,"height":7}},{"id":"bb8e9818-4146-40b4-b6f4-2e739afa7786","block_type":"box","text":"£","page_number":154,"box":{"x":888,"y":212,"width":6,"height":7}},{"id":"b0d67658-d5d0-4063-889c-84fbff9877ae","block_type":"box","text":"The net capital gains comprise:","page_number":154,"box":{"x":95,"y":227,"width":187,"height":10}},{"id":"4882dd49-f588-4072-a8ee-a9fa2aec1100","block_type":"box","text":"Non-derivative securities gains/(losses): realised","page_number":154,"box":{"x":96,"y":245,"width":292,"height":11}},{"id":"c3f1922c-94fe-4e72-adf8-717a16fcef32","block_type":"box","text":"6,024,605","page_number":154,"box":{"x":726,"y":246,"width":58,"height":9}},{"id":"55ab9474-1c39-498a-b02f-ecd2d40ab3cc","block_type":"box","text":"1,677,297","page_number":154,"box":{"x":836,"y":246,"width":58,"height":9}},{"id":"aeada0a5-e9b0-4a53-bc1a-d1320038b5e6","block_type":"box","text":"Non-derivative securities gains/(losses)","page_number":154,"box":{"x":96,"y":264,"width":237,"height":11}},{"id":"2e11c5f7-986e-4d5d-bc93-7a176ea0325c","block_type":"box","text":": unrealised","page_number":154,"box":{"x":335,"y":264,"width":69,"height":8}},{"id":"8323edd1-6747-4e47-9765-a53d8d8fc766","block_type":"box","text":"14,938,549","page_number":154,"box":{"x":719,"y":265,"width":65,"height":9}},{"id":"44dfe060-a898-41db-933d-00e051dcc5bd","block_type":"box","text":"(1,474,829)","page_number":154,"box":{"x":831,"y":265,"width":68,"height":9}},{"id":"1f9a7cf0-3b25-4814-876f-77dab0d9b95f","block_type":"box","text":"Foreign currency (losses)","page_number":154,"box":{"x":96,"y":283,"width":150,"height":11}},{"id":"eda2b105-eb55-4b17-b1e1-9c6c5aa0aede","block_type":"box","text":"(44,674)","page_number":154,"box":{"x":740,"y":283,"width":49,"height":10}},{"id":"11f7a989-c83d-431e-aa5f-f33c89c7dd5a","block_type":"box","text":"–","page_number":154,"box":{"x":888,"y":288,"width":6,"height":1}},{"id":"49f2efa3-010b-4529-8771-9a5d6bdc277b","block_type":"box","text":"Transaction charges (custodian)","page_number":154,"box":{"x":95,"y":302,"width":193,"height":10}},{"id":"fee28b70-784b-40ff-afa1-966edeede0d6","block_type":"box","text":"210","page_number":154,"box":{"x":763,"y":302,"width":22,"height":8}},{"id":"628f2859-66d7-40b9-9cda-29ec1920c450","block_type":"box","text":"(4,811)","page_number":154,"box":{"x":857,"y":302,"width":42,"height":10}},{"id":"6c4481d7-b5c3-4b6e-94b4-f733469cf4b5","block_type":"box","text":"Rebates from underlying holdings","page_number":154,"box":{"x":96,"y":321,"width":205,"height":10}},{"id":"27b64e4a-f3a7-4b4a-a26d-d884ebc65024","block_type":"box","text":"3,368","page_number":154,"box":{"x":752,"y":321,"width":33,"height":9}},{"id":"a4186b32-481f-4bf5-b98c-082b207867b0","block_type":"box","text":"283","page_number":154,"box":{"x":873,"y":321,"width":21,"height":8}},{"id":"a2607166-5fe0-46e6-b506-f7971d5e4ec6","block_type":"box","text":"Total net capital gains","page_number":154,"box":{"x":95,"y":343,"width":146,"height":10}},{"id":"96c50aeb-8445-417c-baff-2f2dbd8d7499","block_type":"box","text":"20,922,058","page_number":154,"box":{"x":715,"y":343,"width":70,"height":9}},{"id":"c7374da4-118d-412d-bdfe-6e4021a801e4","block_type":"box","text":"197,940","page_number":154,"box":{"x":844,"y":343,"width":50,"height":9}},{"id":"6c8e589f-3928-4847-b5c1-c073a2d55c6b","block_type":"box","text":"3. Revenue","page_number":154,"box":{"x":95,"y":389,"width":72,"height":8}},{"id":"ad07a61e-9401-482c-9e00-8c8003692e34","block_type":"box","text":"30.04.26","page_number":154,"box":{"x":730,"y":389,"width":55,"height":8}},{"id":"5abad2fb-b6df-4271-b173-e11c4de3ea90","block_type":"box","text":"30.04.25","page_number":154,"box":{"x":840,"y":389,"width":54,"height":8}},{"id":"1da44681-e9f6-432d-a1be-e1be5340263a","block_type":"box","text":"£","page_number":154,"box":{"x":778,"y":405,"width":7,"height":8}},{"id":"201350cd-29b2-40c3-8cd8-65a660f79044","block_type":"box","text":"£","page_number":154,"box":{"x":888,"y":405,"width":6,"height":8}},{"id":"bb807fa5-cbd5-462d-97ed-7955c09bd12d","block_type":"box","text":"Non-taxable dividends","page_number":154,"box":{"x":96,"y":427,"width":136,"height":8}},{"id":"341a8435-819c-4f81-a32b-7073c6b80e6e","block_type":"box","text":"1,419,384","page_number":154,"box":{"x":726,"y":427,"width":59,"height":9}},{"id":"3b9389b8-9143-4438-9f10-5afab400ada7","block_type":"box","text":"762,996","page_number":154,"box":{"x":846,"y":427,"width":48,"height":9}},{"id":"45fb5e22-d3b8-495d-912c-ebc4dc35768e","block_type":"box","text":"Annual payment from UK CIS","page_number":154,"box":{"x":95,"y":445,"width":176,"height":11}},{"id":"0374aae1-1fda-482a-8bbd-7182b410bcce","block_type":"box","text":"1,597","page_number":154,"box":{"x":753,"y":446,"width":32,"height":9}},{"id":"2a291978-d1d8-46d1-bbc8-ae8a116cfef1","block_type":"box","text":"8,567","page_number":154,"box":{"x":862,"y":446,"width":32,"height":9}},{"id":"61df0389-bbe2-4c87-9a94-555e285b75f4","block_type":"box","text":"Interest from non-derivative securities","page_number":154,"box":{"x":96,"y":464,"width":232,"height":9}},{"id":"2b38cd2e-1726-41d9-8849-9468d96a9307","block_type":"box","text":"368,422","page_number":154,"box":{"x":737,"y":465,"width":47,"height":9}},{"id":"2237dfd6-3f31-46b2-9dcf-9ae72527867c","block_type":"box","text":"180,294","page_number":154,"box":{"x":847,"y":465,"width":48,"height":9}},{"id":"3fd1a561-cea3-4afd-9baf-62acc4f89042","block_type":"box","text":"Rebates from underlying holdings","page_number":154,"box":{"x":96,"y":483,"width":205,"height":11}},{"id":"29febd90-7f6b-4a13-a3ba-f7fd7a4d2f06","block_type":"box","text":"143,029","page_number":154,"box":{"x":738,"y":484,"width":46,"height":9}},{"id":"371a0258-7a8a-4d69-9a7a-fb8f4733801b","block_type":"box","text":"104,250","page_number":154,"box":{"x":847,"y":484,"width":47,"height":9}},{"id":"846de50b-49fc-416c-b578-feee8dadc90b","block_type":"box","text":"Bank interest","page_number":154,"box":{"x":96,"y":502,"width":80,"height":8}},{"id":"f869c5b5-1fbd-4120-bd04-661c26d27ee5","block_type":"box","text":"44,320","page_number":154,"box":{"x":744,"y":502,"width":41,"height":9}},{"id":"1201dee3-59c6-4e80-9cc9-1daef4ac41ef","block_type":"box","text":"35,593","page_number":154,"box":{"x":854,"y":502,"width":40,"height":9}},{"id":"c803bcc5-52c6-4304-8e61-b798e94871db","block_type":"box","text":"Total revenue","page_number":154,"box":{"x":95,"y":524,"width":91,"height":8}},{"id":"486fde5d-8ac8-4bb8-a6c9-6c26fbed198e","block_type":"box","text":"1,976,752","page_number":154,"box":{"x":723,"y":525,"width":62,"height":9}},{"id":"583388c3-e439-4445-87ed-ae13b88c8ba9","block_type":"box","text":"1,091,700","page_number":154,"box":{"x":832,"y":525,"width":62,"height":9}},{"id":"eeb59973-2fa7-439c-8ff6-aff71b32bb42","block_type":"box","text":"4. Expenses","page_number":154,"box":{"x":95,"y":571,"width":76,"height":10}},{"id":"b6d17ee2-7cbf-4894-80b5-c81d51ce512c","block_type":"box","text":"30.04.26","page_number":154,"box":{"x":730,"y":571,"width":55,"height":8}},{"id":"208b1633-e893-4615-abf9-86c4cf885009","block_type":"box","text":"30.04.25","page_number":154,"box":{"x":840,"y":571,"width":54,"height":8}},{"id":"6f24cac7-531a-4d4e-93bf-3d1a6e545313","block_type":"box","text":"£","page_number":154,"box":{"x":778,"y":586,"width":7,"height":8}},{"id":"b6fbb812-71df-4422-b8c6-87f19e4fde89","block_type":"box","text":"£","page_number":154,"box":{"x":888,"y":586,"width":6,"height":8}},{"id":"e55c74ae-09d0-4946-8dd2-8e04ae0228ca","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":154,"box":{"x":96,"y":601,"width":549,"height":11}},{"id":"fcabe8ed-c220-4310-9d6a-94d51e258823","block_type":"box","text":"agents of either of them:","page_number":154,"box":{"x":95,"y":617,"width":149,"height":10}},{"id":"620234ea-c428-4965-a832-bf4917d9ad13","block_type":"box","text":"Annual management charge","page_number":154,"box":{"x":104,"y":636,"width":172,"height":10}},{"id":"bc544ba7-a73d-4f83-b842-345325fb3c26","block_type":"box","text":"340,972","page_number":154,"box":{"x":737,"y":636,"width":47,"height":9}},{"id":"3b257131-afa5-46a5-8f48-5faec366faf5","block_type":"box","text":"201,010","page_number":154,"box":{"x":847,"y":636,"width":47,"height":9}},{"id":"ca84beba-37d1-4031-a105-df6d3301b081","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":154,"box":{"x":96,"y":658,"width":514,"height":10}},{"id":"92b61ebf-c25c-4109-a5d2-43cbe60e5676","block_type":"box","text":"Depositary fee","page_number":154,"box":{"x":106,"y":677,"width":86,"height":10}},{"id":"4868119e-61ac-4b14-81ce-6cd7d43fafda","block_type":"box","text":"26,420","page_number":154,"box":{"x":745,"y":677,"width":40,"height":9}},{"id":"796581d0-4c84-47cd-ad2a-ef81df297358","block_type":"box","text":"15,881","page_number":154,"box":{"x":855,"y":677,"width":37,"height":9}},{"id":"789a186d-d405-4de6-bfe0-ff62b4c7cc96","block_type":"box","text":"Safe custody fee","page_number":154,"box":{"x":105,"y":692,"width":98,"height":11}},{"id":"97b2c1ca-91d1-4256-84ca-66676e9dedcb","block_type":"box","text":"9,401","page_number":154,"box":{"x":752,"y":692,"width":31,"height":10}},{"id":"b94707df-53da-4ab9-9492-c3a265724421","block_type":"box","text":"6,002","page_number":154,"box":{"x":862,"y":692,"width":32,"height":10}},{"id":"2565ea81-09df-427c-a5f0-5aa029fac56e","block_type":"box","text":"35,821","page_number":154,"box":{"x":745,"y":715,"width":38,"height":9}},{"id":"903c3ae2-7d00-48af-8953-d84adb10fd3d","block_type":"box","text":"21,883","page_number":154,"box":{"x":854,"y":715,"width":40,"height":9}},{"id":"006c8e78-74e5-4d9f-9ac4-51d9cc43e4e8","block_type":"box","text":"Other expenses:","page_number":154,"box":{"x":96,"y":730,"width":97,"height":10}},{"id":"63639104-5e00-484d-803e-8b3b24bde2e9","block_type":"box","text":"Audit fee*","page_number":154,"box":{"x":104,"y":748,"width":62,"height":9}},{"id":"a13c0297-3197-42f1-895f-0c6f0f64fe2d","block_type":"box","text":"9,720","page_number":154,"box":{"x":752,"y":749,"width":33,"height":9}},{"id":"dca5cc88-ca8d-41f8-8581-7a1d2f0cd021","block_type":"box","text":"8,150","page_number":154,"box":{"x":862,"y":749,"width":32,"height":9}},{"id":"4dc0613f-0351-4b86-8a9e-01d08526da1b","block_type":"box","text":"Legal fee","page_number":154,"box":{"x":106,"y":764,"width":52,"height":11}},{"id":"76ad6c00-0b70-48d3-a69e-7bb637c69a52","block_type":"box","text":"4,500","page_number":154,"box":{"x":752,"y":764,"width":33,"height":9}},{"id":"85cd4f5e-d475-4dd3-b7c6-5ae3e2712de8","block_type":"box","text":"–","page_number":154,"box":{"x":888,"y":769,"width":6,"height":0}},{"id":"87011a77-98a2-4a62-bb46-2155db92ffe8","block_type":"box","text":"Other expenses","page_number":154,"box":{"x":105,"y":779,"width":95,"height":11}},{"id":"eb88d896-a968-4b73-b37a-d1779c6ddb3b","block_type":"box","text":"17,735","page_number":154,"box":{"x":745,"y":780,"width":39,"height":9}},{"id":"3eeefd43-1375-4a1f-9188-5fdefdcf0b2f","block_type":"box","text":"16,874","page_number":154,"box":{"x":855,"y":780,"width":40,"height":9}},{"id":"4f9dec35-9fb0-4e2a-a524-418c02bfb861","block_type":"box","text":"31,955","page_number":154,"box":{"x":745,"y":802,"width":39,"height":9}},{"id":"2c3afc98-a390-4b81-a2d5-494c84dff9d6","block_type":"box","text":"25,024","page_number":154,"box":{"x":854,"y":802,"width":41,"height":9}},{"id":"ef039aee-1f3f-41f4-bdee-7d0973975cf5","block_type":"box","text":"Expenses","page_number":154,"box":{"x":96,"y":837,"width":60,"height":10}},{"id":"d5720e84-cbf2-4b68-8443-118f9e9ce82c","block_type":"box","text":"408,748","page_number":154,"box":{"x":734,"y":837,"width":51,"height":9}},{"id":"4146cea8-9102-492b-80e1-c19aef0f40a8","block_type":"box","text":"247,917","page_number":154,"box":{"x":844,"y":837,"width":50,"height":9}},{"id":"9714c137-6438-4985-b216-695253bec8dc","block_type":"box","text":"Interest payable and similar charges","page_number":154,"box":{"x":96,"y":859,"width":219,"height":11}},{"id":"e0e01b98-1c23-4cfe-9a62-1d56d33a43c7","block_type":"box","text":"6,282","page_number":154,"box":{"x":752,"y":859,"width":32,"height":9}},{"id":"b81f3d9c-e90e-48ce-a6e2-7b2b3f060b2d","block_type":"box","text":"6,143","page_number":154,"box":{"x":862,"y":859,"width":32,"height":9}},{"id":"e47e8a29-7f93-491c-8278-f1df6141a79a","block_type":"box","text":"Total","page_number":154,"box":{"x":95,"y":881,"width":33,"height":8}},{"id":"408001f4-894c-41b5-9304-a9e036f7bfac","block_type":"box","text":"415,030","page_number":154,"box":{"x":734,"y":881,"width":51,"height":10}},{"id":"b0cd2381-47ba-4a84-8cc6-ccdb55a102bd","block_type":"box","text":"254,060","page_number":154,"box":{"x":844,"y":881,"width":50,"height":10}},{"id":"38d10d74-1114-4aee-99c1-933cb4b21411","block_type":"box","text":"*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","page_number":154,"box":{"x":95,"y":903,"width":809,"height":11}},{"id":"e58d835d-772a-4473-9b44-a84eeaa8abd6","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":154,"box":{"x":96,"y":919,"width":174,"height":10}},{"id":"60a2a329-8ab8-494a-b0a4-14fcccc199f7","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":154,"box":{"x":507,"y":38,"width":395,"height":17}},{"id":"98b964ad-eab1-4348-923e-c478d305db29","block_type":"box","text":"149","page_number":154,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"3b43ee3e-4858-488a-a2d8-8a6ea2e41a82","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":155,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"7da7a688-4350-4f39-a63a-7706c3e8fae6","block_type":"box","text":"for the year ended 30 April 2026","page_number":155,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"d9a33c9e-b493-4759-ae13-bff74b2caece","block_type":"box","text":"5. Taxation","page_number":155,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"70752bf9-a274-4900-ab91-2e779e7f1b95","block_type":"box","text":"30.04.26","page_number":155,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"68d80891-4117-46a6-9ad9-b5e3bfdb66f6","block_type":"box","text":"30.04.25","page_number":155,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"e41f8cf5-9de2-4c9f-b8b2-7c0ff20cc90e","block_type":"box","text":"£","page_number":155,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"73a52994-8e21-4884-bfbf-e0052b37ee9d","block_type":"box","text":"£","page_number":155,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"f1c552af-5dea-4ec5-ad6d-1f1b4c63a080","block_type":"box","text":"(a) Analysis of charge in the year","page_number":155,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"70c364ec-a9ac-4c1f-a6e8-f4cd5418e0f9","block_type":"box","text":"UK corporation tax","page_number":155,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"6c6e3124-a40d-4415-ab74-1cd47a641323","block_type":"box","text":"–","page_number":155,"box":{"x":778,"y":196,"width":7,"height":0}},{"id":"fafbc92e-5137-411a-a382-3f2695a8ea87","block_type":"box","text":"–","page_number":155,"box":{"x":888,"y":196,"width":6,"height":0}},{"id":"86d6959f-ae18-47be-be14-b8351ac1813a","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":155,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"33e34524-58aa-45a4-a7cb-9b72054a5181","block_type":"box","text":"–","page_number":155,"box":{"x":778,"y":218,"width":7,"height":1}},{"id":"2126aa6c-aed9-4084-b4bc-a41766b28086","block_type":"box","text":"–","page_number":155,"box":{"x":888,"y":218,"width":6,"height":1}},{"id":"9119e821-fc05-42e8-9b6f-69706db94c1f","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":155,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"0ec3cc39-3aa2-4e2d-9a22-9120dfb01892","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":155,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"af041f22-be36-4c42-839f-4432cea0210e","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":155,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"2ca2601a-a655-40ce-9e27-3dc4ccdb2087","block_type":"box","text":"Net revenue before UK corporation tax","page_number":155,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"6f931cf6-2096-47fd-9925-6f4a1f07a38d","block_type":"box","text":"1,561,722","page_number":155,"box":{"x":726,"y":304,"width":58,"height":9}},{"id":"54950708-eef0-4896-96e7-2172dd013bb2","block_type":"box","text":"837,640","page_number":155,"box":{"x":847,"y":304,"width":47,"height":9}},{"id":"2dafa1c5-dd64-43be-8a4a-c6b3afb2f893","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":155,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"2828b9ed-77d0-4191-8e37-f3204c99826f","block_type":"box","text":"312,344","page_number":155,"box":{"x":737,"y":326,"width":48,"height":9}},{"id":"d46c40c5-d127-4cb6-a612-86d4ec59c15b","block_type":"box","text":"167,528","page_number":155,"box":{"x":847,"y":326,"width":47,"height":9}},{"id":"c4e5dfaa-c0d3-4d73-afff-728da8f6fcdf","block_type":"box","text":"Effects of:","page_number":155,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"84ed8f68-4807-45ed-9836-4ccfa3a33cd4","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":155,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"445637eb-d2c2-4499-b93b-c99359c900b1","block_type":"box","text":"(283,877)","page_number":155,"box":{"x":733,"y":364,"width":56,"height":9}},{"id":"e110476c-9a7b-495e-8d74-2f0852916c57","block_type":"box","text":"(152,599)","page_number":155,"box":{"x":842,"y":364,"width":57,"height":9}},{"id":"7b668f87-f460-4989-aa9b-ce1f5470b4c3","block_type":"box","text":"Tax effect of rebates in capital","page_number":155,"box":{"x":95,"y":382,"width":181,"height":11}},{"id":"7a23a4f0-e36b-4db4-b957-134d2304ccb6","block_type":"box","text":"674","page_number":155,"box":{"x":763,"y":383,"width":22,"height":7}},{"id":"7ff7f437-47ae-4aa8-b223-4b627bbfe48b","block_type":"box","text":"57","page_number":155,"box":{"x":881,"y":383,"width":13,"height":7}},{"id":"666ce51a-dc15-485c-999d-9a2f1df41bb5","block_type":"box","text":"Excess management expenses (utilised)","page_number":155,"box":{"x":96,"y":401,"width":240,"height":11}},{"id":"38beb1f9-97d3-4317-8387-1457bb7320fb","block_type":"box","text":"(29,141)","page_number":155,"box":{"x":740,"y":401,"width":49,"height":10}},{"id":"80d872e5-ce96-4863-937a-41689232c83a","block_type":"box","text":"(14,986)","page_number":155,"box":{"x":850,"y":401,"width":49,"height":10}},{"id":"5288676b-09a0-4800-9917-4669dfdf30df","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":155,"box":{"x":95,"y":423,"width":251,"height":11}},{"id":"8ac7bc1c-8bc9-4541-988a-e17334030889","block_type":"box","text":"–","page_number":155,"box":{"x":778,"y":428,"width":7,"height":1}},{"id":"53c78032-8850-4751-97a9-00c17416e356","block_type":"box","text":"–","page_number":155,"box":{"x":888,"y":428,"width":6,"height":1}},{"id":"a7e27cb1-1401-471d-9e5d-427c5b44fd0c","block_type":"box","text":"(c) Provision for deferred taxation","page_number":155,"box":{"x":95,"y":454,"width":205,"height":10}},{"id":"38de40d8-db53-4bde-8f2b-fdbfcc4e8aac","block_type":"box","text":"At 30 April 2026 there is a potential deferred tax asset of £339,807 (30 April 2025: £368,948) in relation to surplus managemen","page_number":155,"box":{"x":95,"y":476,"width":804,"height":11}},{"id":"ffe0f391-ba37-4f8e-8ccc-afa739312a68","block_type":"box","text":"t","page_number":155,"box":{"x":900,"y":477,"width":4,"height":7}},{"id":"d9afd5fa-d559-4d7f-9ad0-1bf6da014a66","block_type":"box","text":"expenses.","page_number":155,"box":{"x":95,"y":494,"width":60,"height":8}},{"id":"8b746d34-502a-4f36-9526-ec0288465b9a","block_type":"box","text":"6. Distributions","page_number":155,"box":{"x":95,"y":545,"width":102,"height":8}},{"id":"f4832c16-a2c1-43b3-9e7a-7f5580e59e70","block_type":"box","text":"30.04.26","page_number":155,"box":{"x":730,"y":561,"width":55,"height":7}},{"id":"10046d61-cb2d-4144-9fe5-47d061c0a043","block_type":"box","text":"30.04.25","page_number":155,"box":{"x":840,"y":561,"width":54,"height":7}},{"id":"688f2230-81d8-4a22-81ff-86fc8e272f79","block_type":"box","text":"£","page_number":155,"box":{"x":778,"y":576,"width":7,"height":8}},{"id":"99739257-d182-415c-9301-ef2b2375e785","block_type":"box","text":"£","page_number":155,"box":{"x":888,"y":576,"width":6,"height":8}},{"id":"9b57f492-b919-4508-9bbd-ae20317b66ab","block_type":"box","text":"Final dividend distribution","page_number":155,"box":{"x":96,"y":598,"width":158,"height":8}},{"id":"2613be9c-849a-4962-8237-a75a8427580b","block_type":"box","text":"2,022,460","page_number":155,"box":{"x":726,"y":598,"width":59,"height":9}},{"id":"1b8e3dc9-0f3c-441d-abb4-f438ef72a8ba","block_type":"box","text":"1,246,253","page_number":155,"box":{"x":836,"y":598,"width":58,"height":9}},{"id":"02565f4e-5aab-4224-a8cf-369b9d5175f7","block_type":"box","text":"2,022,460","page_number":155,"box":{"x":726,"y":620,"width":59,"height":9}},{"id":"de7171be-759f-4cea-bad5-f8d82b8e3725","block_type":"box","text":"1,246,253","page_number":155,"box":{"x":836,"y":620,"width":58,"height":9}},{"id":"12cc68b6-94eb-4e8b-bf18-710df128c1ea","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":155,"box":{"x":95,"y":639,"width":300,"height":8}},{"id":"42ea6ae7-76a8-4b4d-98eb-94c77a341477","block_type":"box","text":"241,024","page_number":155,"box":{"x":737,"y":639,"width":48,"height":9}},{"id":"824b2dd7-4c6e-4b9c-9e77-c4bd0fb97d67","block_type":"box","text":"149,105","page_number":155,"box":{"x":847,"y":639,"width":47,"height":9}},{"id":"5845d4a1-b3d5-4b6f-b996-b936eba601ee","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":155,"box":{"x":96,"y":658,"width":289,"height":8}},{"id":"d21a51e2-2b0a-4fe0-9c2d-bc62956aedc7","block_type":"box","text":"(574,362)","page_number":155,"box":{"x":733,"y":658,"width":56,"height":9}},{"id":"fc3cf721-ede0-47bf-b073-0c1304510ecb","block_type":"box","text":"(437,784)","page_number":155,"box":{"x":842,"y":658,"width":57,"height":9}},{"id":"ba3df6e4-c981-42fd-b229-24655fd87f75","block_type":"box","text":"Distributions","page_number":155,"box":{"x":96,"y":680,"width":86,"height":8}},{"id":"68e62f71-3ac1-4ced-8285-ead912d1c424","block_type":"box","text":"1,689,122","page_number":155,"box":{"x":726,"y":680,"width":58,"height":9}},{"id":"19753188-ce0a-4008-971a-d1a653bfcb53","block_type":"box","text":"957,574","page_number":155,"box":{"x":847,"y":680,"width":48,"height":9}},{"id":"7ffa28db-fd87-4c06-801c-cf527dc7dec5","block_type":"box","text":"Reconciliation of distributions","page_number":155,"box":{"x":96,"y":717,"width":200,"height":9}},{"id":"4fdabd1b-48fe-474d-b3d8-5016869dd377","block_type":"box","text":"Net revenue after taxation","page_number":155,"box":{"x":96,"y":736,"width":159,"height":8}},{"id":"c3922568-b8cd-4671-a9a5-b41a5ac288bf","block_type":"box","text":"1,561,722","page_number":155,"box":{"x":726,"y":737,"width":58,"height":9}},{"id":"714cb675-d236-4f7c-98ec-a983e5f7ada5","block_type":"box","text":"837,640","page_number":155,"box":{"x":847,"y":737,"width":47,"height":9}},{"id":"0bfa9feb-c6e6-4869-99c8-0d206b40f0d9","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":155,"box":{"x":96,"y":752,"width":301,"height":10}},{"id":"86354ad4-5041-47e6-b4aa-5676fac75f3b","block_type":"box","text":"121,287","page_number":155,"box":{"x":738,"y":752,"width":47,"height":9}},{"id":"fb202e67-494a-4f2d-85ce-125dd9014365","block_type":"box","text":"148,125","page_number":155,"box":{"x":847,"y":752,"width":47,"height":9}},{"id":"c56b4c18-3467-4e34-a9c5-b7649cb0b1ca","block_type":"box","text":"Marginal tax relief on rebates in capital","page_number":155,"box":{"x":96,"y":767,"width":236,"height":11}},{"id":"89d3b12b-3f5c-4eb3-92de-24190d0be725","block_type":"box","text":"674","page_number":155,"box":{"x":763,"y":767,"width":22,"height":8}},{"id":"a1ce33a3-c0bf-4801-88fb-7fc986ccb41d","block_type":"box","text":"57","page_number":155,"box":{"x":881,"y":768,"width":13,"height":7}},{"id":"cf2ff45c-4de9-4eba-9f10-14180d6554b2","block_type":"box","text":"Balance brought forward","page_number":155,"box":{"x":96,"y":782,"width":150,"height":11}},{"id":"bd9a18da-53ff-4474-9095-5e505b58af7f","block_type":"box","text":"3,564","page_number":155,"box":{"x":752,"y":783,"width":33,"height":9}},{"id":"95253aa1-51e7-466e-8b7b-3b3114b0c4f5","block_type":"box","text":"(24,684)","page_number":155,"box":{"x":850,"y":783,"width":49,"height":9}},{"id":"84860d19-8e9d-4428-ac44-592eec59aeda","block_type":"box","text":"Balance carried forward","page_number":155,"box":{"x":96,"y":798,"width":144,"height":8}},{"id":"6bb37f18-49d6-410d-9f71-6706485b881f","block_type":"box","text":"1,875","page_number":155,"box":{"x":753,"y":798,"width":31,"height":9}},{"id":"4ec3a347-b9a8-4196-8671-792529c51370","block_type":"box","text":"(3,564)","page_number":155,"box":{"x":857,"y":798,"width":42,"height":10}},{"id":"e0218ad8-0138-4955-9796-d4b02a2cca87","block_type":"box","text":"Net distribution for the year","page_number":155,"box":{"x":96,"y":820,"width":187,"height":11}},{"id":"9e0d6788-b056-4d60-98f6-157f31ca3029","block_type":"box","text":"1,689,122","page_number":155,"box":{"x":723,"y":821,"width":62,"height":9}},{"id":"f99a9ee0-1a79-4e46-a4f7-aa90fbdce62b","block_type":"box","text":"957,574","page_number":155,"box":{"x":844,"y":821,"width":51,"height":9}},{"id":"d382027b-cbe9-44e1-9fe7-b3548843ef59","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":155,"box":{"x":97,"y":38,"width":395,"height":17}},{"id":"3d38e85f-ab0b-463f-823a-96ede6c6cf3b","block_type":"box","text":"150","page_number":155,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"2c035a0c-eedb-4b9b-be3c-eac8efe7936d","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":156,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"49155acf-0402-4299-82fa-0341fadebfb6","block_type":"box","text":"for the year ended 30 April 2026","page_number":156,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"f8771cb9-5b59-4bb3-aca2-3d382db2de15","block_type":"box","text":"7. Debtors","page_number":156,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"ef264a58-3f73-4c5b-a281-c98277a84cb4","block_type":"box","text":"30.04.26","page_number":156,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"e142a467-d81c-459d-b84e-85e69eeb2a45","block_type":"box","text":"30.04.25","page_number":156,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"329db799-5cf6-4ce8-bbbb-d8295d556cb0","block_type":"box","text":"£","page_number":156,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"f13bba9f-f8e9-4dbc-bf49-cf0038b4dc3f","block_type":"box","text":"£","page_number":156,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"dfd4dc8b-e3dd-4477-8636-8bf0dd29263b","block_type":"box","text":"Amounts receivable on creation of shares","page_number":156,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"5e70092b-5204-4082-b380-5ce032c9c08b","block_type":"box","text":"458,090","page_number":156,"box":{"x":737,"y":172,"width":48,"height":9}},{"id":"638641ef-de95-40f0-b05d-d963ad3f8c59","block_type":"box","text":"641,922","page_number":156,"box":{"x":847,"y":172,"width":47,"height":9}},{"id":"202da8dc-a563-4505-bb93-787cb13780df","block_type":"box","text":"Accrued revenue:","page_number":156,"box":{"x":95,"y":191,"width":105,"height":8}},{"id":"3808b17f-81c1-4841-90ae-f163be4c9909","block_type":"box","text":"Rebates from underlying holdings","page_number":156,"box":{"x":96,"y":209,"width":205,"height":11}},{"id":"3ad7992c-3f41-44ef-94c4-86062da59779","block_type":"box","text":"60,646","page_number":156,"box":{"x":745,"y":210,"width":40,"height":9}},{"id":"9faa2755-e9b2-4d01-9698-5f3225217b7c","block_type":"box","text":"33,637","page_number":156,"box":{"x":854,"y":210,"width":40,"height":9}},{"id":"163b28fc-08df-4ffa-a4ab-2b0f02789bf6","block_type":"box","text":"Income tax recoverable","page_number":156,"box":{"x":96,"y":228,"width":141,"height":9}},{"id":"73bf5e67-68ed-45d8-85cd-4423dc58eb7d","block_type":"box","text":"319","page_number":156,"box":{"x":763,"y":229,"width":21,"height":8}},{"id":"f8936e1c-1d6f-4b0a-80c7-0308e40adddb","block_type":"box","text":"1,713","page_number":156,"box":{"x":862,"y":229,"width":32,"height":9}},{"id":"c5d8d23d-f711-43e5-86ee-cb17c1197277","block_type":"box","text":"Bank interest receivable","page_number":156,"box":{"x":96,"y":247,"width":145,"height":8}},{"id":"c6b5286a-62ae-4adc-8053-10c7a2ac34a7","block_type":"box","text":"2,489","page_number":156,"box":{"x":752,"y":248,"width":32,"height":9}},{"id":"754ff1dc-5997-45e0-9f9d-ff5a722f833c","block_type":"box","text":"–","page_number":156,"box":{"x":888,"y":252,"width":6,"height":1}},{"id":"23b7438e-d6f7-456d-bc22-bb27f880735a","block_type":"box","text":"Prepayments","page_number":156,"box":{"x":96,"y":266,"width":79,"height":11}},{"id":"c386ae91-60ff-45f0-8fcb-60cf32bd3ec9","block_type":"box","text":"–","page_number":156,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"36aeb73b-1f24-4f59-ad0c-82c2b459cfab","block_type":"box","text":"92","page_number":156,"box":{"x":880,"y":266,"width":14,"height":8}},{"id":"174ae218-fef4-45ab-bb55-b7cdc4ae4aae","block_type":"box","text":"Total debtors","page_number":156,"box":{"x":95,"y":288,"width":88,"height":8}},{"id":"da4468d0-a7ec-4ea1-bda1-1dc3ed26343c","block_type":"box","text":"521,544","page_number":156,"box":{"x":735,"y":289,"width":50,"height":9}},{"id":"a35bffa6-9099-4e1b-920c-33dcbd90ff07","block_type":"box","text":"677,364","page_number":156,"box":{"x":844,"y":289,"width":51,"height":9}},{"id":"536d92be-69d2-43c8-a276-1c2ea0fdd53c","block_type":"box","text":"8. Cash and bank balances","page_number":156,"box":{"x":95,"y":341,"width":174,"height":8}},{"id":"dbe8a08c-a8da-4510-9653-e2446e39d0d5","block_type":"box","text":"30.04.26","page_number":156,"box":{"x":730,"y":342,"width":55,"height":7}},{"id":"2a52d78c-9a66-4058-bfd2-79b54ba2d7c2","block_type":"box","text":"30.04.25","page_number":156,"box":{"x":840,"y":342,"width":54,"height":7}},{"id":"f80d3963-8e64-46e7-8f95-7e323c869a43","block_type":"box","text":"£","page_number":156,"box":{"x":778,"y":357,"width":7,"height":8}},{"id":"b180dea8-fc72-4658-91d1-39c3355de998","block_type":"box","text":"£","page_number":156,"box":{"x":888,"y":357,"width":6,"height":8}},{"id":"8e9aab5d-701e-4fbe-85b4-43a14c5e89dd","block_type":"box","text":"Cash and bank balances","page_number":156,"box":{"x":96,"y":379,"width":146,"height":8}},{"id":"26418a23-492e-4407-9d3a-82ed54631c25","block_type":"box","text":"2,659,911","page_number":156,"box":{"x":726,"y":379,"width":57,"height":9}},{"id":"e33e1e59-647f-45f7-847f-c733bf7ed6f8","block_type":"box","text":"625,697","page_number":156,"box":{"x":847,"y":379,"width":47,"height":9}},{"id":"ca2464df-b0bf-4f62-80af-aede86e66152","block_type":"box","text":"Total","page_number":156,"box":{"x":95,"y":401,"width":33,"height":8}},{"id":"cbd6763d-7978-4437-98d3-e188f5322baf","block_type":"box","text":"2,659,911","page_number":156,"box":{"x":722,"y":401,"width":61,"height":10}},{"id":"e235baff-cd91-44a1-af4e-58fe3d439266","block_type":"box","text":"625,697","page_number":156,"box":{"x":844,"y":401,"width":50,"height":10}},{"id":"7f56a19e-46f3-49a2-91a8-206cae5166d4","block_type":"box","text":"9. Creditors","page_number":156,"box":{"x":95,"y":454,"width":76,"height":8}},{"id":"88901107-910b-42e2-9be0-7a5b4fcc965b","block_type":"box","text":"30.04.26","page_number":156,"box":{"x":730,"y":454,"width":55,"height":8}},{"id":"247a2df7-5239-41de-9b26-6fe5949133ac","block_type":"box","text":"30.04.25","page_number":156,"box":{"x":840,"y":454,"width":54,"height":8}},{"id":"75e49c8e-e0b2-4de2-be40-a286abb03071","block_type":"box","text":"£","page_number":156,"box":{"x":778,"y":470,"width":7,"height":8}},{"id":"2c1ed90e-73be-4ec9-a488-455ad216e622","block_type":"box","text":"£","page_number":156,"box":{"x":888,"y":470,"width":6,"height":8}},{"id":"f1a93c60-151c-4eae-9bfe-eb70488b04cd","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":156,"box":{"x":95,"y":492,"width":261,"height":10}},{"id":"e3326d40-2444-47cc-a6b2-af1347495845","block_type":"box","text":"153,400","page_number":156,"box":{"x":738,"y":492,"width":47,"height":9}},{"id":"c87f5f92-dadb-4372-8176-cd0df75e3182","block_type":"box","text":"238,128","page_number":156,"box":{"x":847,"y":492,"width":47,"height":9}},{"id":"e24827c2-257d-4eb7-a4c4-1c559f909286","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":156,"box":{"x":96,"y":510,"width":549,"height":11}},{"id":"d250bb52-8994-4958-a88c-eadf8632dba1","block_type":"box","text":"agents of either of them:","page_number":156,"box":{"x":95,"y":526,"width":149,"height":11}},{"id":"435f5a70-2c5d-4327-aaea-09633e1db7ce","block_type":"box","text":"Annual management charge","page_number":156,"box":{"x":104,"y":545,"width":172,"height":10}},{"id":"a42b0896-ae87-450c-aa1c-fa85ebdd0a11","block_type":"box","text":"35,287","page_number":156,"box":{"x":745,"y":545,"width":40,"height":9}},{"id":"8132f926-8e6c-4e7d-b02a-bf5d1971ecb8","block_type":"box","text":"20,242","page_number":156,"box":{"x":854,"y":545,"width":40,"height":9}},{"id":"a66f19ff-1949-41df-b8a2-f507bec1b78c","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":156,"box":{"x":96,"y":567,"width":514,"height":11}},{"id":"5ef817f6-3f5b-475e-9f50-340f63b55f1a","block_type":"box","text":"Depositary fee","page_number":156,"box":{"x":106,"y":586,"width":86,"height":10}},{"id":"311cd336-67ba-4a4d-9602-213876756198","block_type":"box","text":"3,091","page_number":156,"box":{"x":752,"y":586,"width":31,"height":9}},{"id":"afbf8e46-0846-495b-9d92-f953cc75f0f8","block_type":"box","text":"1,641","page_number":156,"box":{"x":862,"y":586,"width":30,"height":9}},{"id":"0088eb43-f18a-4ec7-bc0a-ef34aa37b8a1","block_type":"box","text":"Safe custody and other custodian charges","page_number":156,"box":{"x":105,"y":601,"width":253,"height":11}},{"id":"4a4871c4-f526-4cdb-bd6d-afde2ca36171","block_type":"box","text":"84","page_number":156,"box":{"x":771,"y":602,"width":14,"height":7}},{"id":"de5baed3-6d54-4896-b92d-3b6b117e7244","block_type":"box","text":"11,859","page_number":156,"box":{"x":855,"y":602,"width":39,"height":9}},{"id":"d8f5aaed-3cb6-4511-b3b5-0e11940eb803","block_type":"box","text":"3,175","page_number":156,"box":{"x":752,"y":624,"width":32,"height":9}},{"id":"9096cee0-178c-400f-951a-a95ac56c8077","block_type":"box","text":"13,500","page_number":156,"box":{"x":855,"y":624,"width":39,"height":9}},{"id":"cc509c7e-4d01-407c-8aad-abdfd50518bc","block_type":"box","text":"Other expenses:","page_number":156,"box":{"x":96,"y":646,"width":97,"height":10}},{"id":"c19744a1-c53b-4a40-a3da-83c070c9c9f6","block_type":"box","text":"Audit fee*","page_number":156,"box":{"x":104,"y":664,"width":62,"height":9}},{"id":"45ea50db-9342-47ef-a067-f57de9e1739d","block_type":"box","text":"9,720","page_number":156,"box":{"x":752,"y":665,"width":33,"height":9}},{"id":"c42a2881-a030-45ec-a997-1eb8f6560e91","block_type":"box","text":"7,862","page_number":156,"box":{"x":862,"y":665,"width":32,"height":9}},{"id":"7a0d20b4-aae9-4f01-acbe-382dfddab4cd","block_type":"box","text":"Other accrued expenses","page_number":156,"box":{"x":105,"y":680,"width":147,"height":10}},{"id":"d2b7b39d-2f99-4849-8dc8-e25048f2ec07","block_type":"box","text":"4,922","page_number":156,"box":{"x":752,"y":680,"width":32,"height":9}},{"id":"46ab5de0-4964-4583-9022-d61d47f82bb7","block_type":"box","text":"2,907","page_number":156,"box":{"x":862,"y":680,"width":32,"height":9}},{"id":"8d80356a-3265-4cdb-ad3a-812896bed4cd","block_type":"box","text":"14,642","page_number":156,"box":{"x":745,"y":702,"width":39,"height":9}},{"id":"8951636b-d9bf-4e77-a62b-66186607fd3e","block_type":"box","text":"10,769","page_number":156,"box":{"x":855,"y":702,"width":39,"height":9}},{"id":"15ebedc1-6be6-4280-9bc3-b9138ea67460","block_type":"box","text":"Total creditors","page_number":156,"box":{"x":95,"y":737,"width":97,"height":8}},{"id":"435fe690-43bb-4a79-88e0-5c2b3abb6833","block_type":"box","text":"206,504","page_number":156,"box":{"x":734,"y":738,"width":51,"height":9}},{"id":"f571fa52-4e8b-4e97-bc2c-d9a72ef0e50f","block_type":"box","text":"282,639","page_number":156,"box":{"x":844,"y":738,"width":50,"height":9}},{"id":"c666beb9-8fb6-4ffc-a281-71176433a16d","block_type":"box","text":"*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","page_number":156,"box":{"x":95,"y":759,"width":809,"height":11}},{"id":"72d264c9-18aa-47c3-a367-855cae9d37d9","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":156,"box":{"x":96,"y":775,"width":174,"height":10}},{"id":"dc9b10ce-80fc-4145-a7d7-580de969a43a","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":156,"box":{"x":507,"y":38,"width":395,"height":17}},{"id":"5a014899-78e6-43bc-a996-daa58381ac54","block_type":"box","text":"151","page_number":156,"box":{"x":963,"y":960,"width":24,"height":9}},{"id":"162e5862-1bee-46cd-8a40-c23ca87b80ed","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":157,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"3072047e-5554-4d3b-9c95-65dc9fc5ce4c","block_type":"box","text":"for the year ended 30 April 2026","page_number":157,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"834fc072-b2ee-4977-a36c-4ddd58ef9375","block_type":"box","text":"10. Risk management policies","page_number":157,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"a405a73f-1e57-4402-8a45-7fac9d84c652","block_type":"box","text":"In pursuing its investment objective as stated on page 140, the Sub-fund holds a number of financial instruments. The Sub-fund’","page_number":157,"box":{"x":96,"y":150,"width":802,"height":10}},{"id":"1d600ee2-3378-41e9-b997-713864fb71ba","block_type":"box","text":"s","page_number":157,"box":{"x":899,"y":152,"width":5,"height":6}},{"id":"2bf52271-609a-4e44-9758-44f7f0eedebb","block_type":"box","text":"financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from","page_number":157,"box":{"x":95,"y":165,"width":789,"height":11}},{"id":"9301f285-e620-4a2e-a442-19b8413b2c9a","block_type":"box","text":"its","page_number":157,"box":{"x":891,"y":165,"width":13,"height":8}},{"id":"e3651b8f-07cf-41b7-ab88-1ac20f5f53b4","block_type":"box","text":"operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for","page_number":157,"box":{"x":95,"y":181,"width":809,"height":10}},{"id":"f83a1436-0f28-4be2-8fa0-f9f50627da2e","block_type":"box","text":"redemptions and debtors for accrued revenue.","page_number":157,"box":{"x":96,"y":196,"width":284,"height":11}},{"id":"f24fe67d-aac6-4640-877e-6a7c280d267c","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":157,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"0a5ed5b8-af43-41cc-b521-7c86e4ba9efb","block_type":"box","text":"anaging","page_number":157,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"e5d93353-6fe0-460d-96b1-ff10a688403e","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":157,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"f4411aca-8ea7-46f7-b1b7-2c4a820111a3","block_type":"box","text":"Market price risk","page_number":157,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"8aa08ec1-a713-44bd-8827-af07d1e1276b","block_type":"box","text":"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","page_number":157,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"4557076a-f8d6-4c71-a22c-ffca20f9ab5b","block_type":"box","text":"ket prices","page_number":157,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"7d881304-09c1-41d6-a2d9-70f0fa025b9b","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":157,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"a594a589-d732-4c53-83d4-a69a771ee504","block_type":"box","text":"future","page_number":157,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"b3d6c676-6cf6-4967-b6fa-6b037189eab0","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":157,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"b51766c0-360d-4748-a0ea-39ef8d4ef760","block_type":"box","text":"market","page_number":157,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"4b9063ce-1318-4ccc-bace-8bece363a1a2","block_type":"box","text":"positions in the face of price movements.","page_number":157,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"348cb8af-276f-466a-b375-f1cca44cba3d","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":157,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"2e3bd46f-5e09-41ad-b25d-c5b61067f935","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":157,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"9c783a23-b6ff-43b1-b524-6914d8d76c35","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":157,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"a9ef2d89-2c41-460d-a2e9-a83d17fc11f3","block_type":"box","text":"ectus","page_number":157,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"48cc35ad-d872-4b3e-8a3a-6ced77cd66b4","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":157,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"792b21c0-7ef9-44af-ac7d-ec9a5cc7c60b","block_type":"box","text":"exposure","page_number":157,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"451abd03-8bec-45e0-a5b8-d1bcaab0d483","block_type":"box","text":"to any particular type of security or issuer.","page_number":157,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"fd0a7dc1-84ac-43a2-b9de-4d4b59639e00","block_type":"box","text":"If market prices at the Balance Sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":157,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"f8e885c5-5a6f-4297-b218-9ff05e9244ac","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £14,352,617","page_number":157,"box":{"x":95,"y":446,"width":809,"height":11}},{"id":"25e0f10c-5eed-4153-8509-907b88864a84","block_type":"box","text":"(30 April 2025: £8,411,345).","page_number":157,"box":{"x":95,"y":461,"width":166,"height":11}},{"id":"8cfcaf0d-7789-40fd-b5a6-fd0ea769ea10","block_type":"box","text":"Foreign currency risk","page_number":157,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"68738d3d-182b-459c-b2d6-b8f5221b940a","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":157,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"f9b812c8-12d4-4e2c-8318-61b7ffdcddd3","block_type":"box","text":"foreign","page_number":157,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"0e35fc1b-5da2-4223-8acf-79644e05d473","block_type":"box","text":"currency exchange rates.","page_number":157,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"aa5bf33c-7d65-4b6a-84d5-754d209a2d14","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":157,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"94382dba-ad5a-4db1-a2d8-f5b453fe2716","block_type":"box","text":"nvest","page_number":157,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"d970ad9d-c89f-487d-8f01-d04a53c02b00","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":157,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"c915c747-849f-4de8-94ec-cbadce87d36d","block_type":"box","text":"e","page_number":157,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"3188ae55-0951-4c35-aa0b-4df97b25aed4","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":157,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"0db49ead-9518-4cfe-a6ff-00ffc0785b27","block_type":"box","text":"ced","page_number":157,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"0261d5b7-d63b-456a-9424-2454518c3778","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":157,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"f60ee4b4-bab7-42f3-bbb3-4674d82f0da3","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":157,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"4357279f-6ae6-45b5-a84d-39b38b0e77cb","block_type":"box","text":"Net monetary","page_number":157,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"a8e50483-a713-465a-9cf3-9e44237ad588","block_type":"box","text":"Non-monetary","page_number":157,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"d0cf3996-fa37-4c96-8fb3-5a363de84241","block_type":"box","text":"Total net","page_number":157,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"5de2e64e-d81c-41a9-8d3b-d89539823a14","block_type":"box","text":"assets and liabilities","page_number":157,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"15e1ece8-bac2-497e-8b1c-4cf8c77670fb","block_type":"box","text":"assets","page_number":157,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"0c35ac8e-e335-4316-90e8-dbe44f1f4807","block_type":"box","text":"assets","page_number":157,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"f93a8108-31b5-4b9f-a9e5-d7da2a76b5d3","block_type":"box","text":"£","page_number":157,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"111e9251-3386-4929-857f-62e40e4a25dc","block_type":"box","text":"£","page_number":157,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"97ef2116-5e6a-4b5c-b4ff-63417315ed60","block_type":"box","text":"£","page_number":157,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"652d2122-6037-46e4-bafa-591c7853359a","block_type":"box","text":"£","page_number":157,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"9618b8f0-91d7-4572-bb13-10bd436a06ce","block_type":"box","text":"£","page_number":157,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"60fb4a3d-67fe-43f1-81a5-e4be96f7231c","block_type":"box","text":"£","page_number":157,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"d5125521-055f-4344-9a26-4053ae428587","block_type":"box","text":"30.04.26","page_number":157,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"00a4ff3c-392a-410f-bfdf-81f1a184a6ab","block_type":"box","text":"30.04.25","page_number":157,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"af7469d8-4188-4c20-a3d9-c8c542384824","block_type":"box","text":"30.04.26","page_number":157,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"e81a98f4-26ca-4dd2-b38a-1a501d463a9c","block_type":"box","text":"30.04.25","page_number":157,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"5d30745d-9aee-4964-b6f1-8f211e449ecf","block_type":"box","text":"30.04.26","page_number":157,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"5c13a6b5-3538-4253-a00d-b666cfaa3138","block_type":"box","text":"30.04.25","page_number":157,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"09619bdb-6955-4385-8ee3-dea1197310f8","block_type":"box","text":"Sterling","page_number":157,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"83a20ea3-9dfe-4ec5-8e41-6671775f3571","block_type":"box","text":"2,974,990","page_number":157,"box":{"x":288,"y":680,"width":58,"height":9}},{"id":"b836c4d6-ab74-4384-8c6c-1d6c05bfb542","block_type":"box","text":"1,020,422","page_number":157,"box":{"x":398,"y":680,"width":58,"height":9}},{"id":"b44bd8f5-3ef4-4911-a905-f5a53c516d70","block_type":"box","text":"134,315,094","page_number":157,"box":{"x":492,"y":680,"width":74,"height":9}},{"id":"89413c9b-fe77-4698-b4ba-50f441fe7c61","block_type":"box","text":"81,981,154","page_number":157,"box":{"x":609,"y":680,"width":66,"height":9}},{"id":"37e128ef-fa94-415f-9855-f21882700f97","block_type":"box","text":"137,290,084","page_number":157,"box":{"x":711,"y":680,"width":74,"height":9}},{"id":"61149f01-8221-484c-964a-044d5f8b3ff3","block_type":"box","text":"83,001,576","page_number":157,"box":{"x":828,"y":680,"width":66,"height":9}},{"id":"2e0c3a68-9fe5-49e0-9a57-eb84bac97933","block_type":"box","text":"EUR","page_number":157,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"8db20207-6bb7-4b5a-94df-c78d09136dd9","block_type":"box","text":"–","page_number":157,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"fff5bc16-014c-4a07-89b6-79785d185692","block_type":"box","text":"–","page_number":157,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"420a7ef4-3e0c-4f92-9a4a-0f417ae59b9f","block_type":"box","text":"–","page_number":157,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"71920185-7e58-4fd2-8f70-70080f984d35","block_type":"box","text":"2,132,295","page_number":157,"box":{"x":616,"y":695,"width":59,"height":9}},{"id":"499fbd05-582d-40da-af3c-73ef2e4024aa","block_type":"box","text":"–","page_number":157,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"e4aec842-0557-42dd-a0ac-4d37b9a8cd44","block_type":"box","text":"2,132,295","page_number":157,"box":{"x":835,"y":695,"width":59,"height":9}},{"id":"8831f36d-e9de-460f-8589-e7f9398a9492","block_type":"box","text":"USD","page_number":157,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"f97d44e3-f4fb-4295-8ac4-cd50c6c17deb","block_type":"box","text":"(39)","page_number":157,"box":{"x":324,"y":711,"width":22,"height":9}},{"id":"f435ebfd-5438-47b2-a41a-a07d7eff1d5b","block_type":"box","text":"–","page_number":157,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"075db42e-8813-4f55-beb5-5e8ab1a7405c","block_type":"box","text":"9,211,075","page_number":157,"box":{"x":507,"y":711,"width":58,"height":9}},{"id":"cf40cf81-bc1f-4a42-8a18-4576bfaa6ad2","block_type":"box","text":"–","page_number":157,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"94835275-9897-4c5b-a385-9bad9dedac0a","block_type":"box","text":"9,211,036","page_number":157,"box":{"x":726,"y":711,"width":59,"height":9}},{"id":"abf44f1a-47eb-4ed0-9d71-d4033c392eb1","block_type":"box","text":"–","page_number":157,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"440761dd-28fc-4e02-9993-d291503c74c9","block_type":"box","text":"2,974,951","page_number":157,"box":{"x":284,"y":733,"width":61,"height":9}},{"id":"4db14f46-ad96-4907-ad43-2d250188d8e9","block_type":"box","text":"1,020,422","page_number":157,"box":{"x":394,"y":733,"width":62,"height":9}},{"id":"1b31dfb2-d00e-4000-bc87-d10c3a4996c8","block_type":"box","text":"143,526,169","page_number":157,"box":{"x":488,"y":733,"width":78,"height":9}},{"id":"610f585c-83e6-466f-8026-b0d7fed4df87","block_type":"box","text":"84,113,449","page_number":157,"box":{"x":605,"y":733,"width":70,"height":9}},{"id":"adc3623a-edcb-4565-89c9-7973739ee9d9","block_type":"box","text":"146,501,120","page_number":157,"box":{"x":707,"y":733,"width":78,"height":9}},{"id":"04a4bc09-2a9c-4403-9eb6-571b53ead2b5","block_type":"box","text":"85,133,871","page_number":157,"box":{"x":824,"y":733,"width":69,"height":9}},{"id":"fc02444c-9b58-478f-956c-49d4a7057c09","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":157,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"824d7e4e-505b-4248-9056-2d662bd0af5b","block_type":"box","text":"he","page_number":157,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"d20f98fa-e86a-441a-8e9a-0e258c5cb3a0","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £921","page_number":157,"box":{"x":96,"y":770,"width":780,"height":11}},{"id":"0dac873f-f8d5-4fd9-9e13-f0e784bc7b4d","block_type":"box","text":",104","page_number":157,"box":{"x":879,"y":771,"width":25,"height":9}},{"id":"fe96348a-4362-4fbc-9efa-017dd867f0dc","block_type":"box","text":"(30 April 2025: £213,230).","page_number":157,"box":{"x":95,"y":786,"width":155,"height":10}},{"id":"49662f6a-8e99-487b-bc21-8cdfe57eca06","block_type":"box","text":"Interest rate risk","page_number":157,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"0e0927f8-75fb-4384-ba91-db2e8d704c98","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":157,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"37392416-757b-4644-b4d4-b0a0c697db76","block_type":"box","text":"se change","page_number":157,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"2eabd258-12bd-4d94-bcb2-737454f241b5","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":157,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"c6e96f1c-ebba-48cb-a002-db9deda73f53","block_type":"box","text":"nterest","page_number":157,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"02d7f119-5978-4558-8233-d01155de2893","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short-term in","page_number":157,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"a4cf64da-4666-477b-a6f6-33d01ee4c530","block_type":"box","text":"struments.","page_number":157,"box":{"x":840,"y":853,"width":63,"height":8}},{"id":"9c47a2d9-864e-4e41-9c5a-fac2c39853dd","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":157,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"09ae8ab1-e08f-46b6-a4d0-4cb6af8c2b0d","block_type":"box","text":"ited","page_number":157,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"18c61383-48a6-4acb-815a-bc0fb9c89bbf","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":157,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"2577a2f8-ad71-4e73-bea5-f20657a0603a","block_type":"box","text":"n the","page_number":157,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"22bdc279-ee65-4655-9a3f-da87dabc97cc","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":157,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"66aedf40-c9ce-4433-8d5b-1c26b7586e43","block_type":"box","text":"ses as","page_number":157,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"4cae3770-b837-4e6a-bbe0-b26f4e9d0a12","block_type":"box","text":"interest rates increase.","page_number":157,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"0a6d1f83-259c-4b67-8005-5fa9a3639ab9","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":157,"box":{"x":97,"y":38,"width":395,"height":17}},{"id":"3c5909d8-8fb3-4c26-a9b9-a64f73acc45d","block_type":"box","text":"152","page_number":157,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"788a5b19-6b00-4f1a-9cf8-e3bc0565c6f5","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":158,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"f8629c8e-e228-4249-9f74-7a2dbe7eb5f7","block_type":"box","text":"for the year ended 30 April 2026","page_number":158,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"b695d64f-5ece-457c-ba5f-a59f62e6797d","block_type":"box","text":"10. Risk management policies (continued)","page_number":158,"box":{"x":96,"y":134,"width":277,"height":11}},{"id":"68059286-0fd0-4f63-9f44-52f81c68970c","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":158,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"3572c1f6-b920-499e-9a4b-fa80f6e3c4c2","block_type":"box","text":"30.04.26","page_number":158,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"110bba7d-549c-4747-9550-652751b617ac","block_type":"box","text":"30.04.25","page_number":158,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"5d250db6-d853-448c-94ea-e4b529474989","block_type":"box","text":"£","page_number":158,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"b0f3a322-0322-4017-9f8c-0687b4f9f509","block_type":"box","text":"£","page_number":158,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"0a178b8f-fb4c-4e51-bfe7-531c456fa0b1","block_type":"box","text":"Financial assets floating rate","page_number":158,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"f58953fe-5454-4e7d-8506-5f4229f6f9bd","block_type":"box","text":"2,659,911","page_number":158,"box":{"x":726,"y":210,"width":57,"height":9}},{"id":"a0346718-73a4-4059-abf9-1067fc96c602","block_type":"box","text":"625,697","page_number":158,"box":{"x":847,"y":210,"width":47,"height":9}},{"id":"60ee1f50-38b0-425f-aede-dc104273cb94","block_type":"box","text":"Financial assets interest bearing instruments","page_number":158,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"6b806952-f99c-4f76-b438-234acc106f3a","block_type":"box","text":"31,126,935","page_number":158,"box":{"x":718,"y":229,"width":67,"height":9}},{"id":"2e61a7c0-b330-4bdf-ab4d-e171df9bac64","block_type":"box","text":"12,177,865","page_number":158,"box":{"x":828,"y":229,"width":66,"height":9}},{"id":"1f74d7be-a69a-434e-bb3f-8cd4d8d8eb17","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":158,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"f7320764-5bdf-4970-a9b1-b2be891bb710","block_type":"box","text":"112,920,778","page_number":158,"box":{"x":711,"y":248,"width":74,"height":9}},{"id":"7ed58630-12b6-43b0-b0ef-efe364e93751","block_type":"box","text":"72,612,948","page_number":158,"box":{"x":828,"y":248,"width":66,"height":9}},{"id":"d4c5e80f-a8e3-4cc6-b3c6-ce2138c2853e","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":158,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"6bb01c2a-03e6-4cae-b398-6790abf81eaf","block_type":"box","text":"(206,504)","page_number":158,"box":{"x":733,"y":266,"width":56,"height":10}},{"id":"4e75aa05-cf44-4e6f-a97e-4180740c1c2b","block_type":"box","text":"(282,639)","page_number":158,"box":{"x":842,"y":266,"width":57,"height":10}},{"id":"084c54ff-0e9c-4da2-9dcf-2edf5d166bcb","block_type":"box","text":"146,501,120","page_number":158,"box":{"x":707,"y":289,"width":78,"height":9}},{"id":"cbba6702-47f8-4d07-99bb-6c44364a590e","block_type":"box","text":"85,133,871","page_number":158,"box":{"x":824,"y":289,"width":69,"height":9}},{"id":"73d0a5bc-8568-4746-9be5-d43dbd8aebf2","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":158,"box":{"x":95,"y":323,"width":767,"height":11}},{"id":"92d0876e-6a1f-48c2-b5c1-868e3ef5df01","block_type":"box","text":"assets","page_number":158,"box":{"x":867,"y":324,"width":37,"height":8}},{"id":"9a9d80d0-a574-4d84-8d18-4e0fc9cd46a2","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £6,134 (30 April 2025 £1,564).","page_number":158,"box":{"x":95,"y":339,"width":736,"height":11}},{"id":"9f90443e-bab8-4d0b-b6e0-bfb3097d437e","block_type":"box","text":"Maturity of financial liabilities","page_number":158,"box":{"x":96,"y":361,"width":201,"height":11}},{"id":"0164ba4f-1eed-40a2-ac36-ab25a166bb59","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":158,"box":{"x":95,"y":376,"width":655,"height":11}},{"id":"4d889006-dbaa-422a-9bcc-a557b3d810a2","block_type":"box","text":"Liquidity risk","page_number":158,"box":{"x":96,"y":399,"width":86,"height":10}},{"id":"85a3807a-5c6d-4f02-9041-b3354f7c264e","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":158,"box":{"x":95,"y":414,"width":742,"height":11}},{"id":"a93721eb-2a85-4ce3-93e2-102a4a74a428","block_type":"box","text":"any shares","page_number":158,"box":{"x":840,"y":414,"width":64,"height":11}},{"id":"e46b2b1a-eda6-4fa0-bee7-90ba30e2477a","block_type":"box","text":"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","page_number":158,"box":{"x":95,"y":429,"width":732,"height":11}},{"id":"32c7eeec-e31c-42a9-9a4c-2b100ce47254","block_type":"box","text":"edemptions.","page_number":158,"box":{"x":828,"y":430,"width":75,"height":10}},{"id":"02bb7a8b-7d35-4c77-af78-937dc70c5b1a","block_type":"box","text":"Credit risk","page_number":158,"box":{"x":96,"y":452,"width":68,"height":8}},{"id":"2885ed93-8bdb-4dad-919e-9c4b62a5d117","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":158,"box":{"x":96,"y":467,"width":722,"height":11}},{"id":"7b395ff5-0c5e-48df-a0d4-40d8f9101d93","block_type":"box","text":"he investment","page_number":158,"box":{"x":819,"y":467,"width":85,"height":8}},{"id":"9fdce70c-66e0-40f8-85df-b420b4c3c734","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":158,"box":{"x":95,"y":483,"width":759,"height":10}},{"id":"6359c815-cd76-46a3-8940-03757704d50c","block_type":"box","text":"stments","page_number":158,"box":{"x":856,"y":484,"width":48,"height":7}},{"id":"3b9c8265-67eb-44e8-89fb-2419dd36d837","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":158,"box":{"x":95,"y":498,"width":808,"height":11}},{"id":"7d872734-f43f-4627-bbcd-9b002251b9e8","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar","page_number":158,"box":{"x":96,"y":513,"width":738,"height":11}},{"id":"fadd04c0-65ba-4351-911a-b73571140177","block_type":"box","text":"e reviewed.","page_number":158,"box":{"x":835,"y":513,"width":68,"height":9}},{"id":"d2dbefe1-803e-42f7-9bbf-009ef65349e7","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":158,"box":{"x":96,"y":536,"width":733,"height":10}},{"id":"953de1af-f06c-4d06-ad57-539a839f4c5b","block_type":"box","text":"cash is held","page_number":158,"box":{"x":834,"y":536,"width":69,"height":8}},{"id":"5724efa2-2771-481b-899f-0647b9daf6be","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":158,"box":{"x":95,"y":551,"width":735,"height":11}},{"id":"74be959a-3d0d-4542-9584-2ab56a4940c1","block_type":"box","text":"lectives that","page_number":158,"box":{"x":832,"y":551,"width":72,"height":8}},{"id":"aed7f172-19f1-4446-95a5-b311dcc968ae","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":158,"box":{"x":96,"y":566,"width":650,"height":11}},{"id":"48f699a5-7290-4c24-b9b7-9149994448d0","block_type":"box","text":"Fair value disclosure","page_number":158,"box":{"x":96,"y":589,"width":135,"height":8}},{"id":"6deba114-6b9e-418c-b79f-403b8798d797","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":158,"box":{"x":95,"y":604,"width":731,"height":11}},{"id":"cc172d0d-56ab-43d2-9f19-f921153f869b","block_type":"box","text":". The highest","page_number":158,"box":{"x":828,"y":604,"width":76,"height":11}},{"id":"2f2da64b-f0a1-47fe-bea0-fda2ce6dbb28","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":158,"box":{"x":96,"y":620,"width":739,"height":10}},{"id":"ab480448-269d-4e2c-89e5-98b6634ad4ef","block_type":"box","text":"els in these","page_number":158,"box":{"x":836,"y":620,"width":68,"height":8}},{"id":"2be9f6dc-af3a-4dc7-80c4-5832e0575d0d","block_type":"box","text":"financial statements are as follows:","page_number":158,"box":{"x":95,"y":635,"width":213,"height":8}},{"id":"68317359-f589-42de-946d-392383502ebf","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":158,"box":{"x":96,"y":657,"width":489,"height":11}},{"id":"3a1ab58e-8603-4f18-ad28-7bafb856e24c","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":158,"box":{"x":96,"y":679,"width":568,"height":11}},{"id":"47ec0365-95ce-4ad0-b750-34c364b9a70c","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":158,"box":{"x":96,"y":702,"width":344,"height":10}},{"id":"3f3b1e9b-b7bf-4681-a4fc-197c0d105843","block_type":"box","text":"Valuation technique","page_number":158,"box":{"x":95,"y":724,"width":135,"height":10}},{"id":"2f34bd8d-920f-4d25-81d0-eb7af0e81100","block_type":"box","text":"30.04.26","page_number":158,"box":{"x":534,"y":724,"width":55,"height":8}},{"id":"c92d9206-04ff-48ed-af42-f0f66dbf293e","block_type":"box","text":"30.04.25","page_number":158,"box":{"x":801,"y":724,"width":54,"height":8}},{"id":"d3842036-15c5-409f-a9c8-31cdea086972","block_type":"box","text":"Assets","page_number":158,"box":{"x":452,"y":737,"width":42,"height":8}},{"id":"42d60463-aaed-4723-b69d-07801fef0d0a","block_type":"box","text":"Liabilities","page_number":158,"box":{"x":564,"y":737,"width":64,"height":8}},{"id":"09b6396a-18b5-4b50-83f7-5bb348c1767d","block_type":"box","text":"Assets","page_number":158,"box":{"x":719,"y":737,"width":42,"height":8}},{"id":"5c2f0012-2652-4c5c-a3f1-cedd98beee77","block_type":"box","text":"Liabilities","page_number":158,"box":{"x":833,"y":737,"width":64,"height":8}},{"id":"4208b522-8b28-4b12-86b0-000cf42e34ce","block_type":"box","text":"(£000’s)","page_number":158,"box":{"x":444,"y":750,"width":50,"height":10}},{"id":"732215f2-e24a-4aab-a604-34b881958a11","block_type":"box","text":"(£000’s)","page_number":158,"box":{"x":577,"y":750,"width":50,"height":10}},{"id":"281734fb-7ff9-4ffc-afb8-83adaecf924e","block_type":"box","text":"(£000’s)","page_number":158,"box":{"x":711,"y":750,"width":50,"height":10}},{"id":"c8c2fb16-afbf-4bb1-8581-20629bceed90","block_type":"box","text":"(£000’s)","page_number":158,"box":{"x":846,"y":750,"width":51,"height":10}},{"id":"61295ff2-2abf-4f06-8d44-60075fa37fa9","block_type":"box","text":"Level 1","page_number":158,"box":{"x":96,"y":765,"width":38,"height":8}},{"id":"c736149c-51db-49ae-ba91-552aa9cb0b23","block_type":"box","text":"28,938","page_number":158,"box":{"x":454,"y":766,"width":40,"height":9}},{"id":"2c57de37-4610-492b-a136-70906868df02","block_type":"box","text":"–","page_number":158,"box":{"x":621,"y":770,"width":6,"height":1}},{"id":"5904f4f3-c7ed-4813-b43e-1966e94d362c","block_type":"box","text":"10,080","page_number":158,"box":{"x":721,"y":766,"width":40,"height":9}},{"id":"83dfecf8-531a-40ed-a508-9491e07f3155","block_type":"box","text":"–","page_number":158,"box":{"x":890,"y":770,"width":7,"height":1}},{"id":"1e8ec89a-477d-4b99-b7f5-4b908daef991","block_type":"box","text":"Level 2","page_number":158,"box":{"x":96,"y":781,"width":40,"height":8}},{"id":"e41b752d-403a-4a7e-a28b-41741e3d7939","block_type":"box","text":"114,588","page_number":158,"box":{"x":447,"y":781,"width":47,"height":9}},{"id":"4aa94178-c632-47ac-a3bf-3d4fbde7b7fb","block_type":"box","text":"–","page_number":158,"box":{"x":621,"y":786,"width":6,"height":0}},{"id":"884524e1-6cb8-4ccc-a360-71c9b2aa905e","block_type":"box","text":"74,034","page_number":158,"box":{"x":721,"y":781,"width":40,"height":9}},{"id":"ed32524b-ce6e-4512-ba7b-22661261e353","block_type":"box","text":"–","page_number":158,"box":{"x":890,"y":786,"width":7,"height":0}},{"id":"e51fe999-1204-424f-89cd-0743eea43597","block_type":"box","text":"Level 3","page_number":158,"box":{"x":96,"y":796,"width":40,"height":8}},{"id":"6c06cb41-d121-4d3c-9fbf-2b9824715259","block_type":"box","text":"–","page_number":158,"box":{"x":488,"y":801,"width":6,"height":1}},{"id":"e69c9946-47bd-4b3b-be04-17b3e176d75a","block_type":"box","text":"–","page_number":158,"box":{"x":621,"y":801,"width":6,"height":1}},{"id":"b6f7a981-67c8-473b-8ad3-fe3b880a12f3","block_type":"box","text":"–","page_number":158,"box":{"x":754,"y":801,"width":7,"height":1}},{"id":"20eff857-2e20-4ab5-ac33-67ad5a3ae1a4","block_type":"box","text":"–","page_number":158,"box":{"x":890,"y":801,"width":7,"height":1}},{"id":"99e31260-152b-4cdb-b7f9-dc4f8683ca81","block_type":"box","text":"143,526","page_number":158,"box":{"x":444,"y":819,"width":50,"height":9}},{"id":"4eaf511c-7b9e-48cd-94d3-a983696a4c56","block_type":"box","text":"–","page_number":158,"box":{"x":621,"y":823,"width":7,"height":1}},{"id":"cd683f04-980f-4be5-b5dd-bfd04b8eb02e","block_type":"box","text":"84,114","page_number":158,"box":{"x":718,"y":819,"width":43,"height":9}},{"id":"ac8ca9ab-337e-481e-a2cb-f7a64f4b8839","block_type":"box","text":"–","page_number":158,"box":{"x":890,"y":823,"width":7,"height":1}},{"id":"f2f58e50-2ff0-4db6-86b4-c89a93c67fe1","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":158,"box":{"x":507,"y":38,"width":395,"height":17}},{"id":"272d6011-b796-455d-8a85-d9ae888a6ada","block_type":"box","text":"153","page_number":158,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"447620a8-2eda-4de4-8411-c59ac12026d5","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":159,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"2c4e5556-221d-4681-aa8b-275f9ebd69a7","block_type":"box","text":"for the year ended 30 April 2026","page_number":159,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"20ec61bf-56db-488b-bb5c-a61da32db24d","block_type":"box","text":"11. Shares held","page_number":159,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"7726839e-6e94-4b9d-8e0f-a0f7f5ef7d41","block_type":"box","text":"Blended Advanced Class (Retail) Accumulation","page_number":159,"box":{"x":96,"y":156,"width":307,"height":10}},{"id":"dbda1dc3-347c-4181-a1e3-1d087413c403","block_type":"box","text":"Opening shares at 01.05.2025","page_number":159,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"cf3fa3b8-0b10-4550-86fb-693b8b78b241","block_type":"box","text":"62,125,992","page_number":159,"box":{"x":424,"y":179,"width":70,"height":9}},{"id":"585bd5ae-ecc7-4c2a-a5e9-9e4312b65d17","block_type":"box","text":"Shares issued during the year","page_number":159,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"25f3ef6b-6cb6-4cfe-a87c-fec1fb4aab81","block_type":"box","text":"45,997,667","page_number":159,"box":{"x":427,"y":194,"width":67,"height":10}},{"id":"49274d56-59c4-442a-be11-0422629b05e2","block_type":"box","text":"Shares cancelled during the year","page_number":159,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"ed06627a-2da3-482e-8ddc-83a0ab49d885","block_type":"box","text":"(21,665,835)","page_number":159,"box":{"x":419,"y":210,"width":75,"height":9}},{"id":"3e237dbf-b985-4393-9b15-cc4ce37eebf5","block_type":"box","text":"Shares converted during the year","page_number":159,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"0fad2134-bced-4b5b-9701-c0c92df53a3f","block_type":"box","text":"–","page_number":159,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"d7e90a79-3c20-4547-90d2-843023e648d7","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":159,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"dccc9350-1c96-4009-b827-58533a93ac47","block_type":"box","text":"86,457,824","page_number":159,"box":{"x":424,"y":248,"width":71,"height":9}},{"id":"59fc239a-1d84-4acb-869c-74c4c06abeb9","block_type":"box","text":"12. Contingent assets and liabilities","page_number":159,"box":{"x":96,"y":293,"width":234,"height":11}},{"id":"5fae3327-5e7c-4a1c-8e98-b4ca01bfefed","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).","page_number":159,"box":{"x":95,"y":309,"width":585,"height":11}},{"id":"fe3b68d1-2698-4719-8d2a-15f77f4aace0","block_type":"box","text":"13. Post balance sheet events","page_number":159,"box":{"x":96,"y":355,"width":194,"height":8}},{"id":"9dc2e9e1-3fe4-432b-810d-21fd8e182d56","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":159,"box":{"x":95,"y":374,"width":425,"height":11}},{"id":"9d4a3096-43cb-46f5-bb69-84651502e2e2","block_type":"box","text":"14. Direct transactions costs","page_number":159,"box":{"x":96,"y":420,"width":186,"height":9}},{"id":"b522673a-a07b-4dca-a9b6-338beeb39a77","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":159,"box":{"x":96,"y":439,"width":755,"height":11}},{"id":"ac2925f0-e6a6-4dc6-8555-8390390081d3","block_type":"box","text":"herefore","page_number":159,"box":{"x":853,"y":439,"width":51,"height":8}},{"id":"e9fef2ae-cc83-4e98-a971-7b11128f6be6","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":159,"box":{"x":95,"y":455,"width":444,"height":10}},{"id":"b6cc0c5e-4ceb-4c80-8ec2-210d59c656f1","block_type":"box","text":"15. Portfolio dealing spread","page_number":159,"box":{"x":96,"y":501,"width":181,"height":11}},{"id":"debe57fb-6a8d-4484-8198-ae0adb3744b4","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.08% (30 April 2025: 0.04%).","page_number":159,"box":{"x":95,"y":523,"width":517,"height":11}},{"id":"a8c667f9-d20e-4f36-bf10-0f8c6925a21e","block_type":"box","text":"16. Related party transactions","page_number":159,"box":{"x":96,"y":569,"width":199,"height":11}},{"id":"f5d1cd04-17ec-4f13-91d2-5c9ef342d21b","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":159,"box":{"x":95,"y":592,"width":707,"height":10}},{"id":"cf126187-d5bd-4edf-a173-2f35a3ac2499","block_type":"box","text":"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","page_number":159,"box":{"x":95,"y":614,"width":765,"height":10}},{"id":"e4ffe963-4268-4758-8bf9-0ac217b4c052","block_type":"box","text":"e sheet","page_number":159,"box":{"x":861,"y":614,"width":43,"height":8}},{"id":"1e5b1866-6267-4019-b3cd-b3c09841f196","block_type":"box","text":"date are disclosed in note 9.","page_number":159,"box":{"x":95,"y":629,"width":171,"height":8}},{"id":"96699621-95fc-455a-b99d-c4d9153f0c9c","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":159,"box":{"x":97,"y":38,"width":395,"height":17}},{"id":"3be96a7f-a084-44fc-9116-c44710213753","block_type":"box","text":"154","page_number":159,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"620d31ea-fa77-47ed-9a06-54ea896d79e5","block_type":"box","text":"Distribution Tables","page_number":160,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"1808d93a-77d2-4f9b-9ed7-da6dce377c18","block_type":"box","text":"for the year ended 30 April 2026","page_number":160,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"54bedec4-1327-4529-a899-638dd1b6859d","block_type":"box","text":"Accumulation Share Distributions","page_number":160,"box":{"x":95,"y":134,"width":224,"height":9}},{"id":"71b97ebf-3568-46f8-9e2c-7264cc8ee7e7","block_type":"box","text":"Share class","page_number":160,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"bd2d1dec-2205-4381-82ca-5c56b915b469","block_type":"box","text":"Distribution","page_number":160,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"bebe3b85-6a21-4560-8540-318e0ddf5997","block_type":"box","text":"Shares","page_number":160,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"3b112a84-30ed-46da-bcea-a746f8607d1b","block_type":"box","text":"Net","page_number":160,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"25ca8a60-cf5f-4328-b646-807b6df404b7","block_type":"box","text":"Equalisation","page_number":160,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"249b82a6-c47f-444d-acfc-00845ebb689d","block_type":"box","text":"Distribution","page_number":160,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"a1a2eba1-c956-4639-9cab-57d44bc5c394","block_type":"box","text":"Distribution","page_number":160,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"adec5099-8042-4aef-9a28-f77f68c48097","block_type":"box","text":"revenue","page_number":160,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"1a4882ad-4305-4f45-8e28-82a27e3aaae6","block_type":"box","text":"31.08.2026","page_number":160,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"78da6dfd-0449-4ce3-9042-448f73f3d525","block_type":"box","text":"29.08.2025","page_number":160,"box":{"x":812,"y":165,"width":70,"height":8}},{"id":"98918fa4-e93a-42cb-b232-2cdcd1bf0ac4","block_type":"box","text":"31.08.2026","page_number":160,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"3fa2d4ec-9b43-4903-9fc0-c0233e7e15eb","block_type":"box","text":"p","page_number":160,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"969b6004-d343-4bb6-9b89-ff621973aa2a","block_type":"box","text":"p","page_number":160,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"6f73ef46-7069-45e2-a78f-ef7c9847a16a","block_type":"box","text":"p","page_number":160,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"92e37216-62d8-440b-82b4-4047474bd86a","block_type":"box","text":"p","page_number":160,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"e3ba1872-67dd-4fd1-b7cc-460a15b7906e","block_type":"box","text":"Advanced","page_number":160,"box":{"x":104,"y":207,"width":59,"height":8}},{"id":"f2b65c3e-6f9a-4436-acfb-eeac2f8ebcaf","block_type":"box","text":"Final","page_number":160,"box":{"x":267,"y":207,"width":27,"height":8}},{"id":"b5ad0072-93f4-4145-840c-5d08489d5df0","block_type":"box","text":"Group 1","page_number":160,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"17d0f681-fc36-4e00-8a89-e9faa4efbc4e","block_type":"box","text":"2.3392","page_number":160,"box":{"x":513,"y":207,"width":40,"height":8}},{"id":"8d1e0b88-fea1-4a66-bc3b-ceea223c32fd","block_type":"box","text":"–","page_number":160,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"678fc720-f682-4f6c-8853-3a87712b1952","block_type":"box","text":"2.3392","page_number":160,"box":{"x":722,"y":207,"width":40,"height":8}},{"id":"d5028bf5-74bf-4d64-94de-f7b933e2e40e","block_type":"box","text":"2.0060","page_number":160,"box":{"x":827,"y":207,"width":40,"height":8}},{"id":"50be728d-1503-4db0-9b49-3b54b63f2765","block_type":"box","text":"Group 2","page_number":160,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"1ebf0a21-123e-4e9f-b758-e5854b2675a6","block_type":"box","text":"1.0611","page_number":160,"box":{"x":513,"y":221,"width":38,"height":8}},{"id":"f5cf5f39-4c02-481f-9071-ba0a6e1e6469","block_type":"box","text":"1.2781","page_number":160,"box":{"x":618,"y":221,"width":38,"height":8}},{"id":"c0dcf185-e6a5-49bd-8aae-fd5c9202102a","block_type":"box","text":"2.3392","page_number":160,"box":{"x":722,"y":221,"width":40,"height":8}},{"id":"23d75902-e5b6-4ed7-9cda-e7940f68969f","block_type":"box","text":"2.0060","page_number":160,"box":{"x":827,"y":221,"width":40,"height":8}},{"id":"05ea9ff8-a06b-49e7-b35a-5ab723555a21","block_type":"box","text":"Final distribution in pence per share","page_number":160,"box":{"x":96,"y":252,"width":240,"height":11}},{"id":"f6d25396-1360-4b46-b57c-5e5e3920eb3f","block_type":"box","text":"Group 1:","page_number":160,"box":{"x":96,"y":268,"width":51,"height":10}},{"id":"5c45fca3-36e0-498e-8e0e-ead2b1aa916a","block_type":"box","text":"Shares purchased prior to 01 May 2025","page_number":160,"box":{"x":181,"y":267,"width":239,"height":11}},{"id":"a2dc3642-ed08-4d41-8fd7-fe0a37139f60","block_type":"box","text":"Group 2:","page_number":160,"box":{"x":96,"y":283,"width":51,"height":11}},{"id":"a10335a1-9dbe-4d47-885f-38bde53d66d3","block_type":"box","text":"Shares purchased on or after 01 May 2025 and on or before 30 April 2026","page_number":160,"box":{"x":181,"y":283,"width":448,"height":11}},{"id":"92cd63d5-9002-499f-8fe7-a9aa5ad0c698","block_type":"box","text":"MI Tatton Blended Aggressive Fund","page_number":160,"box":{"x":507,"y":38,"width":395,"height":17}},{"id":"749dae62-1a21-4807-83cb-62d65a057db0","block_type":"box","text":"155","page_number":160,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"47c19d85-08e8-485a-9b6a-84136de60586","block_type":"box","text":"Sub-fund Overview","page_number":161,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"6b2c406a-4d9a-4c52-9057-0338603530a4","block_type":"box","text":"Name of Sub-fund","page_number":161,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"dbc02dfc-7ae0-470c-a04b-bb8e8d43a7f4","block_type":"box","text":"MI Tatton Oak Capital Growth Fund (formerly VT Tatton Oak Capital Growth Fund)","page_number":161,"box":{"x":96,"y":143,"width":496,"height":11}},{"id":"1aac92d0-df40-4557-b435-473918d6efd2","block_type":"box","text":"Size of Sub-fund","page_number":161,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"ed7d5b24-d999-4c83-aa5c-bbb64d0bcbab","block_type":"box","text":"£19,019,030","page_number":161,"box":{"x":95,"y":181,"width":74,"height":9}},{"id":"7a7a7b7b-57a9-4f6c-935f-f37535350afa","block_type":"box","text":"Launch date","page_number":161,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"9c2f3318-fe97-46d6-b61c-a1d73d080e65","block_type":"box","text":"23 March 2009","page_number":161,"box":{"x":95,"y":218,"width":90,"height":8}},{"id":"936b7e5b-ef05-4c4c-86fe-5d2d25b86622","block_type":"box","text":"Investment objective and policy","page_number":161,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"60d867eb-1920-40fa-9f42-bace90d0b515","block_type":"box","text":"The objective of the Sub-fund is to maximise potential total return (i.e. capital and income growth).","page_number":161,"box":{"x":95,"y":256,"width":601,"height":11}},{"id":"18dd5137-09b6-44cb-a7cc-c8abf1950b37","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as equities. For this Sub-fund, over the long term","page_number":161,"box":{"x":96,"y":278,"width":748,"height":11}},{"id":"bb3c60b2-81a8-4044-a568-85cd49faaada","block_type":"box","text":"(7 years),","page_number":161,"box":{"x":849,"y":279,"width":54,"height":10}},{"id":"4aa500f6-4078-4eef-8490-1124fa14a7fc","block_type":"box","text":"it is expected that the proportion of the Sub-fund exposed to equities will be approximately 75%.","page_number":161,"box":{"x":96,"y":293,"width":589,"height":11}},{"id":"1d406b91-4f02-4e31-a1ca-2df8001d80b0","block_type":"box","text":"In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by","page_number":161,"box":{"x":96,"y":316,"width":772,"height":10}},{"id":"443102be-57f1-4764-b73c-59a0c40b18f8","block_type":"box","text":"more","page_number":161,"box":{"x":873,"y":318,"width":31,"height":6}},{"id":"aeff1026-64e7-4cac-8c39-63cd39f00764","block_type":"box","text":"than ± 12.5%.","page_number":161,"box":{"x":95,"y":331,"width":82,"height":8}},{"id":"6138bacf-3e88-487f-99d2-fef5c472a45a","block_type":"box","text":"The Investment Manager will manage the portfolio in order to achieve its investment objective by investing in collective invest","page_number":161,"box":{"x":95,"y":353,"width":777,"height":11}},{"id":"2f6c2aec-f0c3-4b29-9cf4-03e6d1f6d817","block_type":"box","text":"ment","page_number":161,"box":{"x":873,"y":354,"width":31,"height":7}},{"id":"00fd51a4-bedb-41bf-b99a-e7f396cbbb1e","block_type":"box","text":"schemes such as unit trusts, OEICs and other UCITS funds and closed ended schemes. The Sub-fund may also invest in individual s","page_number":161,"box":{"x":95,"y":369,"width":774,"height":10}},{"id":"3b7f6863-1e2e-429c-8e0c-eae43ed48cc8","block_type":"box","text":"tocks,","page_number":161,"box":{"x":869,"y":369,"width":34,"height":9}},{"id":"8d898751-fce3-4c24-9913-17283392390a","block_type":"box","text":"bonds, and derivatives if considered appropriate to meet the investment objective.","page_number":161,"box":{"x":96,"y":384,"width":503,"height":11}},{"id":"12644bf6-628b-47ed-86b6-71652a935452","block_type":"box","text":"The Sub-fund will seek exposure to a diverse portfolio of assets, with a focus on passive strategies, with the overall portfoli","page_number":161,"box":{"x":95,"y":406,"width":738,"height":11}},{"id":"5dd2cf9d-3d1d-4177-b7dc-0b0ba0c42b7d","block_type":"box","text":"o having an","page_number":161,"box":{"x":835,"y":406,"width":68,"height":11}},{"id":"6db4a38a-1b10-4746-94f3-0d4cc4b8dbf1","block_type":"box","text":"equity allocation in line with that in the investment objective. Other underlying assets in the portfolio (to which there will","page_number":161,"box":{"x":95,"y":422,"width":739,"height":10}},{"id":"383af5dd-cd17-4fcf-8b98-041e49ae5dcc","block_type":"box","text":"be indirect","page_number":161,"box":{"x":840,"y":422,"width":64,"height":8}},{"id":"de444e0e-9919-42d2-9e12-77af5b50a414","block_type":"box","text":"exposure) may include bonds, commodities, property, private equity, derivatives and other instruments. Some of these investment","page_number":161,"box":{"x":95,"y":437,"width":803,"height":11}},{"id":"3c6587d5-07b6-4ca1-ab5f-05b6c46cfa7f","block_type":"box","text":"s","page_number":161,"box":{"x":899,"y":440,"width":5,"height":5}},{"id":"51c0afdc-0773-4b35-8456-7621cbd9d4c5","block_type":"box","text":"will be denominated in foreign currencies which may or may not be hedged back to Pounds Sterling.","page_number":161,"box":{"x":95,"y":453,"width":611,"height":10}},{"id":"96c22255-cb5e-4a4b-9d2b-2fe847f5ce06","block_type":"box","text":"The Sub-fund may also invest, at the ACD’s discretion, in other transferable securities, money market instruments, cash and nea","page_number":161,"box":{"x":95,"y":475,"width":769,"height":11}},{"id":"1d10c9e0-b54b-472b-9345-09dec8d03cfe","block_type":"box","text":"r cash,","page_number":161,"box":{"x":866,"y":475,"width":37,"height":9}},{"id":"d2677e9f-3ff0-42f5-a01f-662dcb8c1dd2","block_type":"box","text":"deposits and any other permitted asset type deemed appropriate to meet the investment objective.","page_number":161,"box":{"x":95,"y":490,"width":607,"height":11}},{"id":"9938169a-3911-456b-a5ee-1b796d27ac5f","block_type":"box","text":"Derivatives","page_number":161,"box":{"x":96,"y":512,"width":74,"height":9}},{"id":"f8bd7e7c-4ce3-4139-870e-f031168ed666","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":161,"box":{"x":95,"y":528,"width":686,"height":11}},{"id":"2c129b63-efe0-430f-834e-432c651d77b1","block_type":"box","text":"Benchmark","page_number":161,"box":{"x":96,"y":550,"width":76,"height":8}},{"id":"0935e71c-eb98-4a36-afd5-20aa93aaaef5","block_type":"box","text":"No explicit benchmark is stated for the Sub-fund. However multi-asset portfolios or peer group averages with a similar weight i","page_number":161,"box":{"x":96,"y":565,"width":758,"height":11}},{"id":"425d3047-0213-45b4-820a-dba802857593","block_type":"box","text":"n equity","page_number":161,"box":{"x":857,"y":566,"width":47,"height":10}},{"id":"5d3d7d63-3fe9-4a01-8f66-ca709ddbe362","block_type":"box","text":"may be useful in assessing the performance of the Sub-fund. An example for this Sub-fund may be the IA OE Mixed Investment 40-","page_number":161,"box":{"x":96,"y":581,"width":808,"height":11}},{"id":"5f1f149f-8904-448b-b427-b831f885c8d9","block_type":"box","text":"85% Shares.","page_number":161,"box":{"x":95,"y":596,"width":74,"height":9}},{"id":"1a4467f4-19c9-4dd1-ad33-bef4fc687ffe","block_type":"box","text":"The Sub-fund provides comparative performance against a relevant Investment Association sector benchmark in order for investors","page_number":161,"box":{"x":95,"y":619,"width":809,"height":10}},{"id":"2235f924-139b-43e9-90f8-8711f1d2215a","block_type":"box","text":"to compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association M","page_number":161,"box":{"x":95,"y":634,"width":782,"height":11}},{"id":"6e31ff5a-2a10-4e3e-8ffe-15697e6841aa","block_type":"box","text":"ixed","page_number":161,"box":{"x":880,"y":634,"width":23,"height":8}},{"id":"09ac7828-41c2-42b4-b52a-79a3b701d5a7","block_type":"box","text":"Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a","page_number":161,"box":{"x":95,"y":649,"width":800,"height":11}},{"id":"124a3b18-57ce-4399-9e09-1cbe21dce0bd","block_type":"box","text":"n","page_number":161,"box":{"x":897,"y":652,"width":6,"height":6}},{"id":"50e84914-6dab-4097-a82c-9e087c60585a","block_type":"box","text":"indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or","page_number":161,"box":{"x":96,"y":665,"width":756,"height":11}},{"id":"8e4af236-8332-477b-8035-f7f35ab0aab3","block_type":"box","text":"investor","page_number":161,"box":{"x":856,"y":665,"width":48,"height":8}},{"id":"bfe216bd-1149-4e8e-9eda-8e4226cd1d8f","block_type":"box","text":"expectations.","page_number":161,"box":{"x":95,"y":681,"width":80,"height":10}},{"id":"57f77870-89f1-4f17-916f-aa17482ddb3d","block_type":"box","text":"Final accounting date","page_number":161,"box":{"x":96,"y":702,"width":142,"height":11}},{"id":"eba09fdb-f9a0-4c0c-a396-8374ce07c2d8","block_type":"box","text":"30 April","page_number":161,"box":{"x":95,"y":718,"width":46,"height":11}},{"id":"994318cb-fb05-44eb-8d55-98d82b59ef73","block_type":"box","text":"Interim accounting date","page_number":161,"box":{"x":96,"y":740,"width":159,"height":11}},{"id":"398a8fd6-dabd-4a28-a6a7-9e81141ab48f","block_type":"box","text":"31 October","page_number":161,"box":{"x":95,"y":756,"width":68,"height":8}},{"id":"3f7d88cc-aac2-473c-965c-e1020845aa5d","block_type":"box","text":"Income distribution date","page_number":161,"box":{"x":96,"y":778,"width":164,"height":8}},{"id":"6eff059d-c170-478a-96f7-cb312315dd3a","block_type":"box","text":"31 August","page_number":161,"box":{"x":95,"y":794,"width":60,"height":10}},{"id":"ce07ec3b-e335-4fd0-8aae-c332ac7e117e","block_type":"box","text":"ISA status","page_number":161,"box":{"x":96,"y":816,"width":64,"height":8}},{"id":"09e8dc51-4bd2-4244-876d-e6e5e21bba86","block_type":"box","text":"Qualifying Investment for stocks and shares component","page_number":161,"box":{"x":96,"y":831,"width":339,"height":10}},{"id":"0c409e63-17fc-44a4-8462-ce45d9a81c39","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":161,"box":{"x":97,"y":38,"width":397,"height":17}},{"id":"a391db38-8415-459c-8007-6c34df4a86be","block_type":"box","text":"156","page_number":161,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"b2b7575e-79e5-48e9-ab24-e93ec399e98d","block_type":"box","text":"Sub-fund Overview (continued)","page_number":162,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"42a3bb92-b3e6-47a2-88df-e99e2d73ff79","block_type":"box","text":"Class of shares","page_number":162,"box":{"x":96,"y":128,"width":96,"height":8}},{"id":"b1591f22-cdec-4dce-b2bb-1a26d3217f23","block_type":"box","text":"B Class (Retail) Accumulation","page_number":162,"box":{"x":96,"y":143,"width":174,"height":10}},{"id":"7f221dca-ce55-43ef-8f7c-02ca5427dee2","block_type":"box","text":"Initial charge","page_number":162,"box":{"x":96,"y":165,"width":86,"height":11}},{"id":"c143975a-94c7-404e-9287-f7522a3036fc","block_type":"box","text":"5% (of the amount invested by an investor)","page_number":162,"box":{"x":96,"y":181,"width":264,"height":10}},{"id":"1a99b8df-d24e-4d39-8ca2-ce606294f5ba","block_type":"box","text":"Redemption charge","page_number":162,"box":{"x":96,"y":203,"width":129,"height":10}},{"id":"d2c78468-7c23-4a0c-bad6-83e14eb93d51","block_type":"box","text":"0%","page_number":162,"box":{"x":334,"y":203,"width":17,"height":8}},{"id":"0516b219-c3cd-4ffc-9914-c992ad95765b","block_type":"box","text":"Annual management charge","page_number":162,"box":{"x":95,"y":225,"width":188,"height":11}},{"id":"e9035360-6b83-486c-9cb5-2cb033c7132a","block_type":"box","text":"B Class (Retail) Accumulation","page_number":162,"box":{"x":96,"y":240,"width":174,"height":10}},{"id":"d1e96379-c1bd-4780-9340-35400e11f551","block_type":"box","text":"0.75%","page_number":162,"box":{"x":334,"y":241,"width":36,"height":8}},{"id":"d71e3b27-1635-4689-8eb3-bbdf7fb4c198","block_type":"box","text":"Minimum initial investment","page_number":162,"box":{"x":96,"y":263,"width":167,"height":8}},{"id":"2d368803-b1f6-4e56-98c8-cd3b99d1c471","block_type":"box","text":"£3,000","page_number":162,"box":{"x":333,"y":263,"width":40,"height":9}},{"id":"26d115b1-6dc9-4812-91c8-5b7111696782","block_type":"box","text":"Minimum subsequent investment","page_number":162,"box":{"x":96,"y":285,"width":205,"height":10}},{"id":"8a4a9192-f784-451a-9339-4b5084a08724","block_type":"box","text":"£1,000","page_number":162,"box":{"x":333,"y":285,"width":40,"height":9}},{"id":"c998313e-d0d3-4fae-8201-b5b4e23b7652","block_type":"box","text":"Minimum holding","page_number":162,"box":{"x":96,"y":307,"width":107,"height":11}},{"id":"fb187db6-c60e-4426-b41a-87954cb0d932","block_type":"box","text":"£1,000","page_number":162,"box":{"x":333,"y":307,"width":40,"height":9}},{"id":"f1084dc8-2e6d-4500-afe7-bf91ae19e895","block_type":"box","text":"Minimum redemption","page_number":162,"box":{"x":96,"y":329,"width":133,"height":11}},{"id":"40f921e9-aabb-440b-b5a9-7e559d97c47e","block_type":"box","text":"None","page_number":162,"box":{"x":334,"y":330,"width":31,"height":7}},{"id":"0f9880b9-ed11-4b49-b8d5-a4c1b023d77a","block_type":"box","text":"Regular savings plan","page_number":162,"box":{"x":96,"y":351,"width":135,"height":11}},{"id":"509e4b98-81b6-41c8-863a-920f00c5528d","block_type":"box","text":"Minimum payment of £100 per month","page_number":162,"box":{"x":334,"y":351,"width":232,"height":11}},{"id":"5a2f12c8-e5f9-4056-a70a-4850c8ab6cb9","block_type":"box","text":"Regular withdrawal facility","page_number":162,"box":{"x":96,"y":373,"width":180,"height":11}},{"id":"b7789b60-2a96-4381-a30e-2ef3caa93b64","block_type":"box","text":"Minimum withdrawal per fund per year is £300 or 3% on a minimum qualifying investment of","page_number":162,"box":{"x":334,"y":373,"width":571,"height":11}},{"id":"c22f8161-e86b-4457-b754-1e48f6b52c6b","block_type":"box","text":"£10,000. This facility is not available if you are investing new money by direct debit in a savings","page_number":162,"box":{"x":333,"y":389,"width":571,"height":11}},{"id":"1ca3c1f1-1f1a-4fd9-8ba5-b05793125347","block_type":"box","text":"scheme on a monthly basis.","page_number":162,"box":{"x":333,"y":404,"width":168,"height":11}},{"id":"906bc7eb-11a9-4bbc-b1f1-bec982674d6c","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":162,"box":{"x":505,"y":38,"width":397,"height":17}},{"id":"a453baed-4819-4872-9215-7805dd3674d4","block_type":"box","text":"157","page_number":162,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"9b2d4123-abce-493c-8719-f0a81bd1238f","block_type":"box","text":"Investment Manager’s Review","page_number":163,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"038cb1bb-95b3-4f34-ae9f-3e1b7d2ba073","block_type":"box","text":"for the year ended 30 April 2026","page_number":163,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"3268c94f-4c76-466d-ac54-cce267dd8319","block_type":"box","text":"Investment review","page_number":163,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"3ceb7cc9-9d0c-4539-8d76-3e678eac9f1a","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":163,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"9e4b2ff1-ffa4-4e1f-b657-b9d1ebf08e29","block_type":"box","text":"The MI Tatton Oak Capital Growth B Acc returned 2.78% in the six months to 30 April 2026. The IA Mixed Investment 40-85% Shares","page_number":163,"box":{"x":95,"y":165,"width":809,"height":11}},{"id":"d923df68-d90e-41ab-8d3f-39d5e74c2522","block_type":"box","text":"benchmark returned 3.14% meaning the fund underperformed by -0.36% over the period.","page_number":163,"box":{"x":96,"y":181,"width":549,"height":10}},{"id":"5c0efb1d-9f17-4d6f-9d64-f3cfd47e8fc4","block_type":"box","text":"Over the last 12-months to 30 April 2026, the MI Tatton Oak Capital Growth B Acc has returned 20.03%. The IA Mixed Investment 4","page_number":163,"box":{"x":96,"y":203,"width":796,"height":10}},{"id":"3ad200f8-77d5-4a29-84dc-014c609517fe","block_type":"box","text":"0-","page_number":163,"box":{"x":893,"y":203,"width":11,"height":8}},{"id":"4764853b-b3b6-4879-bb63-de6b8ab5ab1d","block_type":"box","text":"85% Shares reference index returned 17.89%, meaning the fund outperformed by 2.14% over the period.","page_number":163,"box":{"x":95,"y":218,"width":641,"height":11}},{"id":"6faaa2bc-752f-4289-ac33-d55f5e590cd1","block_type":"box","text":"Overview","page_number":163,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"33568438-808d-4330-8ed5-d6b7627c660c","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":163,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"37ccfa08-7505-446c-8db8-d2ab2464798d","block_type":"box","text":"market","page_number":163,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"ac03e6de-1b3b-4f4d-8080-d138f6deac30","block_type":"box","text":"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.","page_number":163,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"37c49dd2-dff8-46da-881f-69f8c77ce7d6","block_type":"box","text":"Since last","page_number":163,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"dffc9aae-100f-4d61-8202-c78e2f8566f0","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":163,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"b2422027-5d98-4251-a338-d1f1b9edd0db","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":163,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"f5c17eef-d5e7-432b-a40e-7619ebdf63d8","block_type":"box","text":"eral Reserve","page_number":163,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"ad2a9bb1-d3ba-417c-a32d-a8eae9400d5f","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":163,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"5c438658-db97-42dc-8d7c-7ce14b405fc7","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":163,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"98f76d43-54e9-4c07-9be6-4048004d1ca2","block_type":"box","text":"ons of","page_number":163,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"d1237073-f123-4b36-98ec-64b19fa30fa5","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":163,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"9c396438-fbd6-4736-b0e7-051fcee372f6","block_type":"box","text":"than","page_number":163,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"5b4dbe75-3e9f-443b-9b06-f7d90e84905e","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":163,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"3484f6a7-0c99-436c-8b0d-b6de632cf107","block_type":"box","text":"le AI","page_number":163,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"715c38c4-4287-4456-b436-736501662eca","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":163,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"5339378e-3e40-4ca0-a96b-31a7421cd583","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":163,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"12b06cd1-6936-4e65-beb2-17bb92a283f4","block_type":"box","text":"edia","page_number":163,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"17e5cf07-5de4-4824-bf48-84c97747885c","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":163,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"3b2389b2-72ad-490c-b67b-b15918cce87e","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":163,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"e0085665-7b14-4ae9-bb60-acec4ec94878","block_type":"box","text":"interest","page_number":163,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"524744a1-1345-4eab-a6a3-2859cebf9dfa","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":163,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"16c2472e-a8b5-4e9d-b9fe-c68976331c2d","block_type":"box","text":"d wider","page_number":163,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"0d66ee95-6118-4c98-95b1-1d7e6fb04883","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":163,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"150dffbf-e661-47f4-a9ff-f8a8b5f15f45","block_type":"box","text":"Outlook","page_number":163,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"e7e9e4e2-175e-432a-90bf-9ed643ef6c01","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":163,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"ab14dc7d-60aa-4d65-b42b-065da9c949d0","block_type":"box","text":"for","page_number":163,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"6fb66d60-432a-42f4-841b-9566afdd3537","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":163,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"de7b6a07-f9c2-4051-a3da-36252538b62b","block_type":"box","text":"of","page_number":163,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"6f12e798-9b95-4809-8be3-62a856e8486f","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":163,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"4ee1d9b3-94ae-4dd8-b209-24255f25abfd","block_type":"box","text":"ll take time","page_number":163,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"7b33301a-fbed-451a-82f7-30e24f8d2098","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":163,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"d9ca2bed-e297-4727-afa1-4aaa5dfb7ab7","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":163,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"1cb86061-6ff3-4514-9ab0-8c9b776eea5c","block_type":"box","text":". Oil","page_number":163,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"d1ffd986-7ca8-4228-b0ca-4a1f406b517d","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":163,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"35dc1307-02ba-4e7c-8796-049981fc4f66","block_type":"box","text":"expectation","page_number":163,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"5972ea93-e2bb-43d9-8a12-87cfd792c481","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":163,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"287a7d64-f689-415e-b416-d175a436f298","block_type":"box","text":"sell-off","page_number":163,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"4455f42a-8cf9-45f5-ae9c-ec9769d48eaf","block_type":"box","text":"we might have expected).","page_number":163,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"dd490b12-15b9-474b-bf60-9df02d3d569a","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":163,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"54765a28-fbf4-48a7-be7d-5e6132600c0c","block_type":"box","text":"ries","page_number":163,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"30d474c7-d68a-433f-90a3-d09c87bc20db","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":163,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"46153456-19d5-47f5-9494-82dca5693ef2","block_type":"box","text":"rowth can","page_number":163,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"f180e83d-59a3-4250-b5ae-8d78866c4dba","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":163,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"49ba6b49-defa-4fa7-83bf-aa177f908eb5","block_type":"box","text":"g.","page_number":163,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"3c107d62-a2bd-4bd4-a072-4fa34355a87b","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":163,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"d5592479-c41f-4f15-8ea1-97e904fbf55e","block_type":"box","text":"y","page_number":163,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"147a9a16-37ac-4f1c-a40e-80da85c12852","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":163,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"70e9ba78-634b-440c-a6d5-7355fe5110a2","block_type":"box","text":"cle.","page_number":163,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"3bc90594-f6cd-4d8c-8cbf-ee1e7604e8ce","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":163,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"afbd054e-255f-4635-86ca-8473e0465e53","block_type":"box","text":"Fund positioning","page_number":163,"box":{"x":96,"y":764,"width":111,"height":11}},{"id":"433b4a7d-afbf-43b4-9849-e06ee7687bf3","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":163,"box":{"x":95,"y":780,"width":769,"height":10}},{"id":"86e356d4-6f67-4989-9956-0f0a63ab9060","block_type":"box","text":"d fund","page_number":163,"box":{"x":865,"y":780,"width":38,"height":8}},{"id":"53f48ea6-17b4-4c33-b628-75c31e036a69","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":163,"box":{"x":95,"y":795,"width":473,"height":11}},{"id":"818547a5-b467-4c90-8879-6ad4ae2f3ba7","block_type":"box","text":"An update to the portfolio was made on 8 May 2025. Updates were made to the sub-asset class split; Europe Equity was increased","page_number":163,"box":{"x":95,"y":817,"width":782,"height":11}},{"id":"ba7512e0-3226-4455-b944-ed6f43165b40","block_type":"box","text":"and","page_number":163,"box":{"x":881,"y":817,"width":22,"height":9}},{"id":"d42b39ea-b811-43f7-b549-c86e8e300541","block_type":"box","text":"North America Equity was decreased. Changes were made to manager positioning; HSBC European Index Fund was increased, iShares","page_number":163,"box":{"x":96,"y":833,"width":808,"height":10}},{"id":"85ebd31f-54de-45e6-aa21-c57dc808c9d5","block_type":"box","text":"North American Equity Index Fund (UK) was decreased and iShares MSCI Europe Mid Cap ETF was removed.","page_number":163,"box":{"x":96,"y":848,"width":656,"height":11}},{"id":"2bdeaf00-9409-4895-82c0-85b7daab119e","block_type":"box","text":"The fund’s positioning was changed on 11 July 2025. During this update, the asset allocation was amended; Bonds were decreased","page_number":163,"box":{"x":95,"y":870,"width":808,"height":11}},{"id":"b7818cc7-3350-4206-8dcc-4970c1710663","block_type":"box","text":"and Equities were increased.","page_number":163,"box":{"x":95,"y":886,"width":174,"height":11}},{"id":"49cc5bda-1bed-432c-a1af-cfa6ea034444","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":163,"box":{"x":97,"y":38,"width":397,"height":17}},{"id":"71d2908e-41c9-46c7-b5f6-80d0ca483845","block_type":"box","text":"158","page_number":163,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"ae4726b5-699c-4cbe-9140-83f1abf00fff","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":164,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"9d9386b7-8de4-4cbb-9a41-02e1684ae5a7","block_type":"box","text":"for the year ended 30 April 2026","page_number":164,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"79da7ba3-afd4-4668-ba36-0778588b0b09","block_type":"box","text":"An update to the portfolio was made on 12 August 2025. The sub-asset allocation blend was adjusted; Govt Bond was increased, No","page_number":164,"box":{"x":95,"y":128,"width":791,"height":10}},{"id":"abae2b52-344e-4d2d-aecd-4ba88b409257","block_type":"box","text":"rth","page_number":164,"box":{"x":887,"y":128,"width":16,"height":8}},{"id":"b8058f39-9935-4a3b-aa61-37c67be4d740","block_type":"box","text":"America Equity was increased and Strategic Bond was decreased. During this update, fund manager allocations were amended; HSBC","page_number":164,"box":{"x":95,"y":143,"width":809,"height":11}},{"id":"71ac83eb-e774-44c9-bcff-ca4b8a8c5c94","block_type":"box","text":"Global Aggregate Bond UCITS ETF was decreased, Vanguard Global Bond Index was decreased, Vanguard US Equity Index Fund was","page_number":164,"box":{"x":96,"y":158,"width":808,"height":11}},{"id":"7917b2a8-db1a-4b08-8d65-c524ece21fcb","block_type":"box","text":"decreased and State Street SPDR S&P500 Quality Aristocrats ETF was added.","page_number":164,"box":{"x":95,"y":174,"width":462,"height":11}},{"id":"c052cb80-89ca-4ff1-8159-910769296cb7","block_type":"box","text":"On 30 October 2025, changes were made to the portfolio. The portfolio’s fund manager lineup was revised; HSBC Global Government","page_number":164,"box":{"x":96,"y":196,"width":808,"height":11}},{"id":"5b56c5f0-7f4e-480b-a4b6-5d6b46716904","block_type":"box","text":"Bond UCITS ETF was increased and iShares $ Treasury Bd 20+y ETF was removed.","page_number":164,"box":{"x":96,"y":212,"width":492,"height":10}},{"id":"8ee1bb63-7151-4d19-86c2-b302edf7fe5f","block_type":"box","text":"On 3 November 2025, changes were made to the portfolio. One manager selection change was made; HSBC MSCI Emerging Markets","page_number":164,"box":{"x":96,"y":234,"width":808,"height":10}},{"id":"8757481e-e3c2-4028-a1a8-0eb343b45064","block_type":"box","text":"Equity Index was removed.","page_number":164,"box":{"x":96,"y":249,"width":162,"height":11}},{"id":"09775e82-b6b0-404e-a845-2f5be257f31b","block_type":"box","text":"The fund’s positioning was changed on 2 December 2025. Updates were made to the portfolio’s fund managers; iShares North Americ","page_number":164,"box":{"x":95,"y":271,"width":794,"height":11}},{"id":"4c85cdab-81a4-413a-82eb-4b166ee65594","block_type":"box","text":"an","page_number":164,"box":{"x":890,"y":274,"width":13,"height":6}},{"id":"b48e4070-da1e-4236-8dae-cccd8bdf1a7e","block_type":"box","text":"Equity Index Fund (UK) was removed, the iShares UK Equity Index Fund (UK) share class was changed.","page_number":164,"box":{"x":96,"y":287,"width":618,"height":10}},{"id":"1e170be4-9c3b-41f5-9885-467738d603f7","block_type":"box","text":"On 25 March 2026 the portfolio was updated. A sub-asset allocation change was made; UK Equity was increased.","page_number":164,"box":{"x":96,"y":309,"width":684,"height":11}},{"id":"ba834540-3c74-45da-bf57-548a46287a2e","block_type":"box","text":"Tatton Investment Management Limited","page_number":164,"box":{"x":95,"y":353,"width":269,"height":11}},{"id":"df5f24de-1923-41fe-860b-8e002e912b34","block_type":"box","text":"Investment Manager to the Fund","page_number":164,"box":{"x":96,"y":369,"width":198,"height":10}},{"id":"7e65a373-a647-4cea-8390-d16fac89589e","block_type":"box","text":"May 2026","page_number":164,"box":{"x":96,"y":385,"width":58,"height":10}},{"id":"c04a32b1-8066-4623-9400-b95a83b16138","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":164,"box":{"x":505,"y":38,"width":397,"height":17}},{"id":"b595035b-2fde-4611-bd87-f0f64025ca8b","block_type":"box","text":"159","page_number":164,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"212176b2-4b97-45fc-be3a-1d315009e680","block_type":"box","text":"Performance Record","page_number":165,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"26b866c5-0b79-43e7-8d06-abeeb2269df7","block_type":"box","text":"Financial Highlights","page_number":165,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"4f244855-cd94-4324-9a6c-26103eaef79f","block_type":"box","text":"A Class (Retail) Accumulation","page_number":165,"box":{"x":99,"y":149,"width":194,"height":9}},{"id":"eba09362-0d9c-4269-a3a8-f473df997838","block_type":"box","text":"31.05.24^","page_number":165,"box":{"x":414,"y":149,"width":62,"height":8}},{"id":"f9d7d8b9-ec29-44d4-9a77-856894e6e4ec","block_type":"box","text":"30.04.24","page_number":165,"box":{"x":527,"y":149,"width":55,"height":8}},{"id":"2991fcc2-7fec-483c-ae22-febaf9ea7212","block_type":"box","text":"p","page_number":165,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"dc97c4bb-4711-4756-bfcc-e3e96606bf94","block_type":"box","text":"p","page_number":165,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"22f3b767-dee5-4cfb-bb90-a9fc83b7cd1b","block_type":"box","text":"Opening net asset value per share","page_number":165,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"ee5e1436-3c6a-4c79-97de-ee66fece8bce","block_type":"box","text":"288.2045","page_number":165,"box":{"x":434,"y":178,"width":55,"height":8}},{"id":"1292f39c-4c9d-4e7c-bfc2-08d7d29c8a21","block_type":"box","text":"261.1673","page_number":165,"box":{"x":544,"y":178,"width":55,"height":8}},{"id":"d94f9b49-0222-4a39-95bd-f8464044104f","block_type":"box","text":"Return before operating charges","page_number":165,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"db81ace4-80ca-42c1-8777-8e0701504ce0","block_type":"box","text":"2.9911","page_number":165,"box":{"x":449,"y":191,"width":38,"height":8}},{"id":"3828ab49-9782-418a-86f2-29cd11bb8e9e","block_type":"box","text":"31.6519","page_number":165,"box":{"x":551,"y":191,"width":48,"height":8}},{"id":"c8c70866-54d9-47a5-908d-b316b03110e0","block_type":"box","text":"Operating charges (note 1)","page_number":165,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"1862d54b-0a63-4356-ae2e-130871acd127","block_type":"box","text":"(0.4101)","page_number":165,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"cb047fc7-5808-417f-95f6-27f14b172557","block_type":"box","text":"(4.6147)","page_number":165,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"7aad85f7-6eac-4b05-8d23-9dd50313c8f8","block_type":"box","text":"Return after operating charges","page_number":165,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"c4ab2ec3-62bd-46e5-b940-0e8ede6fe66f","block_type":"box","text":"2.5914","page_number":165,"box":{"x":449,"y":217,"width":41,"height":8}},{"id":"6e42328c-84de-44ed-aa52-281d75d007f2","block_type":"box","text":"27.0372","page_number":165,"box":{"x":551,"y":217,"width":48,"height":8}},{"id":"ffc420d0-b9e3-481b-96cf-0402cf4ae8fb","block_type":"box","text":"Closing net asset value per share","page_number":165,"box":{"x":100,"y":230,"width":217,"height":10}},{"id":"1504c5ba-5565-49a2-abf4-631c6789ae38","block_type":"box","text":"290.7959","page_number":165,"box":{"x":431,"y":230,"width":58,"height":8}},{"id":"2b4d3406-5937-4149-b476-1e65c1129189","block_type":"box","text":"288.2045","page_number":165,"box":{"x":541,"y":230,"width":58,"height":8}},{"id":"a33ce401-6805-4c99-b97c-323a87cdda98","block_type":"box","text":"Retained distributions on accumulated shares","page_number":165,"box":{"x":101,"y":243,"width":278,"height":8}},{"id":"4a25d183-42da-4b82-aa52-8e41f7b990e2","block_type":"box","text":"–","page_number":165,"box":{"x":483,"y":248,"width":6,"height":0}},{"id":"3d98be0b-7c5c-478d-bdb8-6f20e269cbb4","block_type":"box","text":"4.2024","page_number":165,"box":{"x":558,"y":243,"width":41,"height":8}},{"id":"5091b30e-0e53-4662-9e20-fb94e4774a5d","block_type":"box","text":"After direct transactions costs of","page_number":165,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"08713c10-6154-413c-a8a3-50a2a46e5be8","block_type":"box","text":"–","page_number":165,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"53ca7df0-aaea-4998-a2e1-ae62c552b474","block_type":"box","text":"–","page_number":165,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"1d8d43e2-78e8-41cc-9ac3-0476b6aa4689","block_type":"box","text":"Performance","page_number":165,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"dfcdf366-c9c7-405f-a686-5d33fe6fedce","block_type":"box","text":"Return after charges","page_number":165,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"46fcd1af-0c90-463f-8fce-21e6ba8a1615","block_type":"box","text":"0.90%","page_number":165,"box":{"x":453,"y":282,"width":36,"height":8}},{"id":"5426d87f-ee1a-4d16-843e-f7d7a3291895","block_type":"box","text":"10.35%","page_number":165,"box":{"x":556,"y":282,"width":43,"height":8}},{"id":"747c9a1d-9ff7-4c16-adbd-ac14cf4d35c3","block_type":"box","text":"Other information","page_number":165,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"df087be4-3e8a-4279-b2da-a72774969a9b","block_type":"box","text":"Closing net asset value","page_number":165,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"b9b1d405-1ebf-41cf-842d-8c96f16a162a","block_type":"box","text":"–","page_number":165,"box":{"x":483,"y":313,"width":6,"height":1}},{"id":"30aa9f30-8a01-4b84-b523-0b6c0631b2bd","block_type":"box","text":"£3,283,743","page_number":165,"box":{"x":533,"y":308,"width":66,"height":10}},{"id":"0f45d049-6379-4706-951b-350836952b61","block_type":"box","text":"Closing number of shares","page_number":165,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"45118d2c-e88b-4010-b2c1-03e8da9daf47","block_type":"box","text":"–","page_number":165,"box":{"x":483,"y":326,"width":6,"height":1}},{"id":"af0daf7e-bb17-49a2-839b-700df06aedc7","block_type":"box","text":"1,139,380","page_number":165,"box":{"x":541,"y":321,"width":58,"height":10}},{"id":"8366cd36-7c3e-41ca-b8c5-f2ea98658999","block_type":"box","text":"Operating charges (note 2)","page_number":165,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"f16bd05f-78b6-4d03-acba-f8e5bd8e130d","block_type":"box","text":"1.70%","page_number":165,"box":{"x":454,"y":335,"width":35,"height":7}},{"id":"76dba162-faf2-4aa6-a258-bd150f8a4187","block_type":"box","text":"1.68%","page_number":165,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"a2a3451b-cda5-4cde-b0da-2e01d027b695","block_type":"box","text":"Direct transaction costs","page_number":165,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"40f8fb0d-dbf8-4cad-84dc-78c7e4599a0f","block_type":"box","text":"0.00%","page_number":165,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"e26092a9-ded1-4c0b-b9e7-29c566f52676","block_type":"box","text":"0.00%","page_number":165,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"95363f4b-363e-442a-bbdf-93be9010fff9","block_type":"box","text":"Prices","page_number":165,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"70532b1a-f43e-4b74-b393-5ab68366839f","block_type":"box","text":"Highest share price","page_number":165,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"50c20723-e93a-4a36-a902-88d680030539","block_type":"box","text":"295.1303","page_number":165,"box":{"x":434,"y":374,"width":55,"height":8}},{"id":"59636e4f-29bd-4d12-9942-ab4c04fa2f1c","block_type":"box","text":"291.0253","page_number":165,"box":{"x":544,"y":374,"width":55,"height":8}},{"id":"67ea355f-99cf-4fa3-81cc-d066f89cba91","block_type":"box","text":"Lowest share price","page_number":165,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"8ba42aea-6571-432b-a80f-d829334b6316","block_type":"box","text":"286.4299","page_number":165,"box":{"x":434,"y":387,"width":55,"height":8}},{"id":"6a3b106d-48f5-4fa6-b873-89a91691ab0e","block_type":"box","text":"255.8522","page_number":165,"box":{"x":544,"y":387,"width":55,"height":8}},{"id":"29a9da83-7b36-42c8-a4c7-5f6ee780e572","block_type":"box","text":"^Share class closed on 31 May 2024 after conversion to B Class (Retail) Accumulation","page_number":165,"box":{"x":95,"y":413,"width":516,"height":10}},{"id":"ecc2d7ee-578a-4f75-95c1-46b236b27146","block_type":"box","text":"B Class (Retail) Accumulation","page_number":165,"box":{"x":101,"y":440,"width":192,"height":10}},{"id":"78c5fba0-fa76-4155-bdcd-aeecb7497603","block_type":"box","text":"30.04.26","page_number":165,"box":{"x":418,"y":440,"width":54,"height":8}},{"id":"632cb65a-f975-4cdd-9218-563ceb630231","block_type":"box","text":"30.04.25","page_number":165,"box":{"x":527,"y":440,"width":54,"height":8}},{"id":"983137be-9703-4863-9f08-06402c7c38bc","block_type":"box","text":"30.04.24","page_number":165,"box":{"x":637,"y":440,"width":54,"height":8}},{"id":"49883603-ad34-42e2-82d3-ea826a014f08","block_type":"box","text":"p","page_number":165,"box":{"x":441,"y":453,"width":7,"height":8}},{"id":"96700542-4b5f-4098-94b3-da6bfd89b524","block_type":"box","text":"p","page_number":165,"box":{"x":551,"y":453,"width":7,"height":8}},{"id":"12c88c7d-c25e-4cb3-94f3-96f7a5112a17","block_type":"box","text":"p","page_number":165,"box":{"x":661,"y":453,"width":6,"height":8}},{"id":"c44800be-4a17-4914-a9e5-3abdd11e89fe","block_type":"box","text":"Opening net asset value per share","page_number":165,"box":{"x":100,"y":469,"width":226,"height":10}},{"id":"a4858a75-27cc-49a9-903c-e8aeb4e93726","block_type":"box","text":"334.3403","page_number":165,"box":{"x":434,"y":469,"width":55,"height":8}},{"id":"d86fcdb6-9e68-4a27-8465-ff47d735d359","block_type":"box","text":"321.9996","page_number":165,"box":{"x":544,"y":469,"width":55,"height":8}},{"id":"53cdb7fe-a0cf-44ec-a0ee-a755c5c5a66d","block_type":"box","text":"289.5959","page_number":165,"box":{"x":653,"y":469,"width":55,"height":8}},{"id":"7fe30e1c-f115-4e90-87ec-55af235a1a5b","block_type":"box","text":"Return before operating charges","page_number":165,"box":{"x":101,"y":482,"width":197,"height":10}},{"id":"99fd6d13-712e-45d0-8384-1d6a0233bedb","block_type":"box","text":"70.3858","page_number":165,"box":{"x":442,"y":482,"width":47,"height":8}},{"id":"ea5fa22a-ca1e-49f6-a3f9-44d9db0e684e","block_type":"box","text":"15.4583","page_number":165,"box":{"x":552,"y":482,"width":47,"height":8}},{"id":"8391cd0a-4e58-4238-8010-e7c49301e967","block_type":"box","text":"35.2476","page_number":165,"box":{"x":661,"y":482,"width":47,"height":8}},{"id":"cf53d34d-dba2-4836-8a1a-ace722233a9e","block_type":"box","text":"Operating charges (note 1)","page_number":165,"box":{"x":100,"y":495,"width":162,"height":10}},{"id":"286d51f3-69d1-40ab-9a51-0fb116a7742b","block_type":"box","text":"(3.6133)","page_number":165,"box":{"x":440,"y":495,"width":49,"height":10}},{"id":"8624d2ee-ceb4-4eaf-952b-a6df57de90c1","block_type":"box","text":"(3.1176)","page_number":165,"box":{"x":550,"y":495,"width":49,"height":10}},{"id":"d5848eca-3e5a-4a9b-800e-284e602ab2b2","block_type":"box","text":"(2.8439)","page_number":165,"box":{"x":660,"y":495,"width":48,"height":10}},{"id":"6c1c2ea0-0d9b-49eb-9a53-d1d32bdf8985","block_type":"box","text":"Return after operating charges","page_number":165,"box":{"x":101,"y":508,"width":185,"height":11}},{"id":"d9d58118-344d-41ec-8986-e87060bf1bf0","block_type":"box","text":"66.7725","page_number":165,"box":{"x":442,"y":508,"width":47,"height":8}},{"id":"f3c1b49b-b316-4a74-828c-96fbeb47b888","block_type":"box","text":"12.3407","page_number":165,"box":{"x":552,"y":508,"width":47,"height":8}},{"id":"ac029492-3080-448d-8311-eaef10eee461","block_type":"box","text":"32.4037","page_number":165,"box":{"x":661,"y":508,"width":47,"height":8}},{"id":"bc1f78fb-2af9-4095-92a1-96a629ffb205","block_type":"box","text":"Closing net asset value per share","page_number":165,"box":{"x":100,"y":521,"width":217,"height":11}},{"id":"c64f0111-5ad4-4b2a-8739-12984b50d038","block_type":"box","text":"401.1128","page_number":165,"box":{"x":431,"y":521,"width":59,"height":8}},{"id":"58583962-b451-4e79-8251-23d70e81ec1b","block_type":"box","text":"334.3403","page_number":165,"box":{"x":541,"y":521,"width":58,"height":8}},{"id":"1732d810-d76a-4c01-897a-e9fdaf43920b","block_type":"box","text":"321.9996","page_number":165,"box":{"x":650,"y":521,"width":59,"height":8}},{"id":"e8e940b8-dff9-4062-845b-d0f4e232cf81","block_type":"box","text":"Retained distributions on accumulated shares","page_number":165,"box":{"x":101,"y":534,"width":278,"height":8}},{"id":"34fc871b-7aa5-4521-b550-2375194dab05","block_type":"box","text":"5.5188","page_number":165,"box":{"x":449,"y":534,"width":40,"height":8}},{"id":"016b1b65-1d32-4685-bf15-b7cd045023a9","block_type":"box","text":"3.6087","page_number":165,"box":{"x":559,"y":534,"width":40,"height":8}},{"id":"a272eb8d-f863-4b78-921e-d11aca599bf4","block_type":"box","text":"6.9457","page_number":165,"box":{"x":668,"y":534,"width":40,"height":8}},{"id":"fad6bc60-971d-4e05-9367-8899ff23498d","block_type":"box","text":"After direct transactions costs of","page_number":165,"box":{"x":99,"y":547,"width":198,"height":8}},{"id":"622b3507-4dec-44f1-9ef5-10594debe5af","block_type":"box","text":"–","page_number":165,"box":{"x":483,"y":552,"width":6,"height":1}},{"id":"991c2b05-2d9e-468e-956b-d01a8c0e3254","block_type":"box","text":"–","page_number":165,"box":{"x":593,"y":552,"width":6,"height":1}},{"id":"00e97b63-9de9-4f76-8893-327a6750787e","block_type":"box","text":"–","page_number":165,"box":{"x":702,"y":552,"width":6,"height":1}},{"id":"422d493d-23b8-49e9-a69e-7fce9eb89115","block_type":"box","text":"Performance","page_number":165,"box":{"x":101,"y":560,"width":85,"height":8}},{"id":"dd6f7f65-c162-462a-89b6-ce4f5a4adf97","block_type":"box","text":"Return after charges","page_number":165,"box":{"x":101,"y":573,"width":123,"height":11}},{"id":"16974739-fba2-4efe-9770-be81e93de237","block_type":"box","text":"19.97%","page_number":165,"box":{"x":446,"y":574,"width":43,"height":7}},{"id":"5be9c6fc-92af-412c-82fa-8e0ac21eba0e","block_type":"box","text":"3.83%","page_number":165,"box":{"x":563,"y":574,"width":36,"height":7}},{"id":"3e92b200-4f97-495f-9bb7-125e71e03c37","block_type":"box","text":"11.19%","page_number":165,"box":{"x":665,"y":574,"width":43,"height":7}},{"id":"69ecc8a5-81a4-4b83-ae18-6540ffa88675","block_type":"box","text":"Other information","page_number":165,"box":{"x":100,"y":586,"width":121,"height":8}},{"id":"cc9bf418-336f-448f-8504-875602df71a8","block_type":"box","text":"Closing net asset value","page_number":165,"box":{"x":100,"y":599,"width":137,"height":11}},{"id":"f515ea6a-2f34-4556-a838-1847f53dcc52","block_type":"box","text":"£19,019,030","page_number":165,"box":{"x":415,"y":600,"width":74,"height":9}},{"id":"eb6f7c7c-0ab2-4992-a217-ab8e3cc2d9b8","block_type":"box","text":"£18,735,811","page_number":165,"box":{"x":525,"y":600,"width":72,"height":9}},{"id":"0feac09e-ab52-4232-81f2-9d98c463cadb","block_type":"box","text":"£19,624,749","page_number":165,"box":{"x":635,"y":600,"width":73,"height":9}},{"id":"789ca17e-8857-429c-abc0-8ab312ba6d69","block_type":"box","text":"Closing number of shares","page_number":165,"box":{"x":100,"y":612,"width":155,"height":11}},{"id":"cbab77cd-a7a7-4d2b-80b2-31bd20b3d0da","block_type":"box","text":"4,741,567","page_number":165,"box":{"x":430,"y":613,"width":59,"height":9}},{"id":"028e99c7-6c6a-4826-9d6d-2340d6cae17e","block_type":"box","text":"5,603,814","page_number":165,"box":{"x":540,"y":613,"width":59,"height":9}},{"id":"de6d83ef-fb1b-4d05-b98f-fcd33b2d7ae6","block_type":"box","text":"6,094,650","page_number":165,"box":{"x":650,"y":613,"width":58,"height":9}},{"id":"db0c80b0-1fe1-4fcf-81e8-407d15c198b4","block_type":"box","text":"Operating charges (note 2)","page_number":165,"box":{"x":100,"y":625,"width":162,"height":11}},{"id":"7f8aa804-8b3a-4e32-ac48-44d8a34f036b","block_type":"box","text":"0.98%","page_number":165,"box":{"x":453,"y":626,"width":36,"height":8}},{"id":"af3a3a4a-e58b-48ae-9928-482a8594c12a","block_type":"box","text":"0.95%","page_number":165,"box":{"x":563,"y":626,"width":36,"height":8}},{"id":"caf53255-2d36-4a28-96eb-11298bc33b80","block_type":"box","text":"0.93%","page_number":165,"box":{"x":672,"y":626,"width":36,"height":8}},{"id":"b4d07b90-abd8-4805-b3e1-70f2eba3bf45","block_type":"box","text":"Direct transaction costs","page_number":165,"box":{"x":101,"y":639,"width":141,"height":8}},{"id":"c9364936-7788-43f3-ba89-17f3b1fe35da","block_type":"box","text":"0.00%","page_number":165,"box":{"x":453,"y":639,"width":36,"height":8}},{"id":"5b7109cd-527a-4198-9249-f92ea79f9618","block_type":"box","text":"0.00%","page_number":165,"box":{"x":563,"y":639,"width":36,"height":8}},{"id":"c18c444f-54b2-48a8-b43f-4cf9b16ce293","block_type":"box","text":"0.00%","page_number":165,"box":{"x":672,"y":639,"width":36,"height":8}},{"id":"7b0c5280-ecef-4285-b832-3a2d650081db","block_type":"box","text":"Prices","page_number":165,"box":{"x":101,"y":652,"width":38,"height":8}},{"id":"6bdeb103-640d-4bda-9b64-7e8e3ea70ba9","block_type":"box","text":"Highest share price","page_number":165,"box":{"x":101,"y":665,"width":115,"height":10}},{"id":"03fa2ab2-207a-46b7-b4c4-7409c61bc361","block_type":"box","text":"405.9945","page_number":165,"box":{"x":434,"y":665,"width":55,"height":8}},{"id":"88e50ca2-fbd2-4a9b-8d70-fa492664263d","block_type":"box","text":"359.1395","page_number":165,"box":{"x":544,"y":665,"width":55,"height":8}},{"id":"952ebaa8-0cfa-4366-b215-1b802389b0c2","block_type":"box","text":"324.9717","page_number":165,"box":{"x":653,"y":665,"width":55,"height":8}},{"id":"91a579aa-f3da-4904-bc01-63c23910ac6b","block_type":"box","text":"Lowest share price","page_number":165,"box":{"x":101,"y":678,"width":112,"height":10}},{"id":"5a5df1a4-11f8-4e16-a428-7983102adbbb","block_type":"box","text":"334.3403","page_number":165,"box":{"x":434,"y":678,"width":55,"height":8}},{"id":"ac79ff43-2d70-40e4-b008-877f0418714d","block_type":"box","text":"315.2865","page_number":165,"box":{"x":544,"y":678,"width":55,"height":8}},{"id":"63b11b2c-73e0-44d2-aeea-64f9fbc9a552","block_type":"box","text":"284.7836","page_number":165,"box":{"x":653,"y":678,"width":55,"height":8}},{"id":"20442791-8975-4902-bca0-d77364b1828c","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":165,"box":{"x":96,"y":705,"width":758,"height":11}},{"id":"7565ac01-07bd-4696-99d9-2c0e88e9ee1b","block_type":"box","text":"aluation","page_number":165,"box":{"x":855,"y":705,"width":48,"height":9}},{"id":"31d2a90c-059f-4539-8395-e26d6db77446","block_type":"box","text":"per share throughout the period.","page_number":165,"box":{"x":96,"y":720,"width":200,"height":11}},{"id":"5b9c6775-7fe7-466f-8e67-c1435e71d49e","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":165,"box":{"x":95,"y":740,"width":787,"height":10}},{"id":"4630989a-7d9d-4b4a-ae95-655c88cab9a5","block_type":"box","text":"age","page_number":165,"box":{"x":883,"y":742,"width":21,"height":8}},{"id":"eec4170f-b8ce-4299-9dac-83401683ccec","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":165,"box":{"x":96,"y":754,"width":778,"height":11}},{"id":"83ed0285-37cc-4ebe-b3ef-7a4b8eb7e246","block_type":"box","text":"und.","page_number":165,"box":{"x":874,"y":754,"width":26,"height":9}},{"id":"b312ced1-5594-4512-bfc9-987e89f6616a","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":165,"box":{"x":97,"y":38,"width":397,"height":17}},{"id":"2ae438b2-d370-41e1-96d3-18b532163eaa","block_type":"box","text":"160","page_number":165,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"d6d3555b-9048-4868-b3d1-8d780063d3e3","block_type":"box","text":"Risk and Reward Profile","page_number":166,"box":{"x":97,"y":85,"width":244,"height":13}},{"id":"31a9c05e-6d85-4124-8cf4-af7b6c73a307","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":166,"box":{"x":95,"y":121,"width":785,"height":11}},{"id":"35227051-79c6-4f9f-8f28-598aa890806e","block_type":"box","text":"the","page_number":166,"box":{"x":884,"y":121,"width":20,"height":8}},{"id":"95114926-f0b1-4c22-9c53-2a47c6194c93","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":166,"box":{"x":96,"y":136,"width":752,"height":11}},{"id":"1952885d-16fa-4a74-bdb8-cf34f8bd90b0","block_type":"box","text":"and may","page_number":166,"box":{"x":852,"y":136,"width":52,"height":11}},{"id":"3507c51b-8c8c-4ef7-9aae-73ea16d9eeaf","block_type":"box","text":"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’","page_number":166,"box":{"x":96,"y":152,"width":753,"height":10}},{"id":"304ce787-a019-40f2-9df7-306d9c47e622","block_type":"box","text":"s ranking","page_number":166,"box":{"x":849,"y":152,"width":55,"height":10}},{"id":"a3ec84fb-a43e-43e3-b502-090ddb1ccf8d","block_type":"box","text":"on the risk and reward indicator.","page_number":166,"box":{"x":95,"y":167,"width":199,"height":8}},{"id":"7e6a8169-14d6-472d-b828-72a9c9e2fa7f","block_type":"box","text":"Typically lower rewards,","page_number":166,"box":{"x":128,"y":189,"width":162,"height":11}},{"id":"18d474b9-188c-44ff-9588-29c520a56274","block_type":"box","text":"Typically higher rewards,","page_number":166,"box":{"x":706,"y":189,"width":167,"height":11}},{"id":"9cfedcee-b5e3-4c24-bd84-ad220e0fcb5c","block_type":"box","text":"lower risk","page_number":166,"box":{"x":177,"y":205,"width":65,"height":8}},{"id":"90425ac3-c800-4b42-b8b0-1f289c8a45e5","block_type":"box","text":"higher risk","page_number":166,"box":{"x":755,"y":205,"width":71,"height":10}},{"id":"de6d19fc-17d7-4edf-bbaf-3cd860715c2f","block_type":"box","text":"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","page_number":166,"box":{"x":96,"y":265,"width":738,"height":10}},{"id":"0ab0089b-0090-4a9b-9e30-d18c529664f9","block_type":"box","text":"y in the Key","page_number":166,"box":{"x":835,"y":265,"width":69,"height":10}},{"id":"7582df34-798e-4f04-bda0-3d121012410f","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 5). The Sub-fund is ranked ‘4’ because weekly historical performance data","page_number":166,"box":{"x":96,"y":280,"width":807,"height":11}},{"id":"8044c7cc-a219-4609-b663-2ea074eeae2c","block_type":"box","text":"indicates that relatively high rises and falls in market prices would have occurred historically. The higher the rank, the grea","page_number":166,"box":{"x":96,"y":295,"width":765,"height":11}},{"id":"4092530e-bc59-4188-9c62-b6327f21659b","block_type":"box","text":"ter the","page_number":166,"box":{"x":863,"y":295,"width":41,"height":9}},{"id":"a4c4b0c8-fac3-4173-944a-5e9aba26498c","block_type":"box","text":"potential reward but the greater the risk of losing money.","page_number":166,"box":{"x":96,"y":311,"width":348,"height":11}},{"id":"b88dec84-95c8-4f2f-b8c6-f9ba3cab9158","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":166,"box":{"x":505,"y":38,"width":397,"height":17}},{"id":"10430e86-edf1-48b3-8ce8-7e99aaaeb945","block_type":"box","text":"161","page_number":166,"box":{"x":963,"y":960,"width":24,"height":9}},{"id":"ddcc080e-3cb4-491d-940f-068b0c6f56d9","block_type":"box","text":"1","page_number":166,"box":{"x":148,"y":239,"width":8,"height":11}},{"id":"b93a97f2-edc7-45f2-bcfb-9c69e5f22dc1","block_type":"box","text":"2","page_number":166,"box":{"x":263,"y":238,"width":10,"height":12}},{"id":"dcefd932-6b2a-4e6e-b2a4-91a42dfc1f19","block_type":"box","text":"3","page_number":166,"box":{"x":379,"y":238,"width":10,"height":13}},{"id":"29a440fa-5002-45ef-b26f-00cbbe23ed63","block_type":"box","text":"4","page_number":166,"box":{"x":494,"y":239,"width":12,"height":11}},{"id":"12ea8567-13c8-4002-af26-9a5f8d449dd3","block_type":"box","text":"5","page_number":166,"box":{"x":611,"y":239,"width":10,"height":12}},{"id":"effe198c-ac56-4fed-a299-952a6274976a","block_type":"box","text":"6","page_number":166,"box":{"x":726,"y":238,"width":11,"height":13}},{"id":"a3cc3188-926b-46f5-8c95-521ec57fc359","block_type":"box","text":"7","page_number":166,"box":{"x":841,"y":239,"width":11,"height":11}},{"id":"5d3ec195-af47-45b9-bf39-5425b2401e00","block_type":"box","text":"Portfolio Statement","page_number":167,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"50e22317-f864-4fca-852d-e5467a2bc82b","block_type":"box","text":"as at 30 April 2026","page_number":167,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"d2af3939-24a6-424e-988c-a8a603be536f","block_type":"box","text":"Market","page_number":167,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"10d2435c-ae1c-4f92-b038-e92f5c19dad1","block_type":"box","text":"% of total","page_number":167,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"4a89111b-d818-49ab-9a30-2ea01e167250","block_type":"box","text":"value","page_number":167,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"96b56759-c274-4eb6-85fa-cc1c702a5751","block_type":"box","text":"net assets","page_number":167,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"a111ffc6-7d9e-4285-bf75-11b1046f5ee7","block_type":"box","text":"Holding","page_number":167,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"4e690969-4ecb-4454-8e85-66bf3c581b21","block_type":"box","text":"Investment","page_number":167,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"54a9147d-94ef-4015-87b0-d9c8de8d8c61","block_type":"box","text":"£","page_number":167,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"751eff90-fc5d-40b7-b300-3033e9f0a954","block_type":"box","text":"2026","page_number":167,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"0606d269-29f3-41dc-9b49-d9c065ec0f1a","block_type":"box","text":"Collective Investment Schemes (30.04.2025: 83.18%)","page_number":167,"box":{"x":210,"y":176,"width":346,"height":10}},{"id":"d0a48beb-f78e-4ea9-94ec-c675efa1da3f","block_type":"box","text":"158,403","page_number":167,"box":{"x":142,"y":191,"width":47,"height":9}},{"id":"ec6824b2-b67f-4ede-ad54-9be1402477dc","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":167,"box":{"x":210,"y":190,"width":295,"height":11}},{"id":"db3f0a92-691e-4f7e-959e-8421ebe734b2","block_type":"box","text":"198,147","page_number":167,"box":{"x":761,"y":191,"width":47,"height":9}},{"id":"671c30fa-1b54-4f4d-b1c4-03bee0d7dd53","block_type":"box","text":"1.04%","page_number":167,"box":{"x":863,"y":191,"width":36,"height":7}},{"id":"f4eb9c85-0df0-47e0-bfc9-a28598dd2701","block_type":"box","text":"41,202","page_number":167,"box":{"x":149,"y":205,"width":40,"height":9}},{"id":"1f6df93b-12f3-42ad-bcc1-72cacfad489b","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":167,"box":{"x":210,"y":204,"width":307,"height":9}},{"id":"8feee6d0-4ee4-4335-90f4-e852afcfe2ea","block_type":"box","text":"507,195","page_number":167,"box":{"x":761,"y":205,"width":47,"height":9}},{"id":"a9b9ab5c-2c11-4377-8215-b5d7c608f2f9","block_type":"box","text":"2.67%","page_number":167,"box":{"x":863,"y":205,"width":36,"height":8}},{"id":"708d27ff-3c04-4c56-8619-4d940a696c0e","block_type":"box","text":"218,083","page_number":167,"box":{"x":142,"y":219,"width":47,"height":9}},{"id":"fdbfb6ff-baeb-4efa-903c-6c85b1e926f3","block_type":"box","text":"HSBC American Index Fund","page_number":167,"box":{"x":210,"y":219,"width":164,"height":8}},{"id":"e04b5c5b-3dae-4ed3-9fbb-c17b9ad36027","block_type":"box","text":"3,330,127","page_number":167,"box":{"x":750,"y":219,"width":58,"height":9}},{"id":"a56c1e29-2c89-4ad5-a5ca-510af7db526d","block_type":"box","text":"17.51%","page_number":167,"box":{"x":856,"y":219,"width":43,"height":8}},{"id":"46f0d50c-5025-4c25-aa34-fd9ea0c389bd","block_type":"box","text":"88,303","page_number":167,"box":{"x":149,"y":233,"width":40,"height":9}},{"id":"4e06e1a2-89c9-44e0-bc4e-689cd5bcb592","block_type":"box","text":"HSBC European Index Fund","page_number":167,"box":{"x":210,"y":233,"width":166,"height":11}},{"id":"4c0be8c5-ca2b-45f7-b0c1-d5b59bf6fcc6","block_type":"box","text":"1,524,108","page_number":167,"box":{"x":750,"y":233,"width":58,"height":9}},{"id":"14074bb7-babf-4ca0-82c2-accad17ae6c0","block_type":"box","text":"8.01%","page_number":167,"box":{"x":863,"y":233,"width":36,"height":8}},{"id":"3aca172c-5ac0-40b4-ad66-21d13d2fae40","block_type":"box","text":"10,013","page_number":167,"box":{"x":150,"y":248,"width":39,"height":9}},{"id":"fdeef11e-4098-4086-940e-47948061ecb8","block_type":"box","text":"HSBC Global Emerging Market Government Bond Index Fund","page_number":167,"box":{"x":210,"y":247,"width":370,"height":11}},{"id":"914d19a0-244c-4f07-a8de-317123eb61e4","block_type":"box","text":"131,598","page_number":167,"box":{"x":761,"y":248,"width":47,"height":9}},{"id":"70b80c85-c995-4d54-b4ed-58094187917b","block_type":"box","text":"0.69%","page_number":167,"box":{"x":863,"y":248,"width":36,"height":7}},{"id":"5459aada-50e4-4faa-bf36-c8967dcb077b","block_type":"box","text":"518,023","page_number":167,"box":{"x":142,"y":262,"width":47,"height":9}},{"id":"45cea908-a8cb-4f75-896b-e3f4c1c99deb","block_type":"box","text":"HSBC MSCI Emerging Markets ex China Equity Index Fund","page_number":167,"box":{"x":210,"y":261,"width":349,"height":11}},{"id":"6c77b819-bf2c-4e94-8ab8-6c8db2f102fa","block_type":"box","text":"884,783","page_number":167,"box":{"x":761,"y":262,"width":47,"height":9}},{"id":"bf16cbf0-235d-4231-9bbc-c3601dc572d9","block_type":"box","text":"4.65%","page_number":167,"box":{"x":862,"y":262,"width":37,"height":8}},{"id":"97b90944-0097-4068-a9e2-ef5176c593c3","block_type":"box","text":"93,090","page_number":167,"box":{"x":149,"y":276,"width":40,"height":9}},{"id":"d4aeda08-0cbc-4cc6-be08-75690bddba76","block_type":"box","text":"Invesco Perpetual UK Enhanced Index Fund","page_number":167,"box":{"x":210,"y":276,"width":263,"height":10}},{"id":"f6996c31-622a-4c6d-a5bc-a570b65e9f40","block_type":"box","text":"928,449","page_number":167,"box":{"x":761,"y":276,"width":47,"height":9}},{"id":"5513f4c0-a988-41dc-aaf9-3397ce8ada56","block_type":"box","text":"4.88%","page_number":167,"box":{"x":862,"y":276,"width":37,"height":8}},{"id":"af0bec6a-9140-4e25-b549-175e085f0261","block_type":"box","text":"380,325","page_number":167,"box":{"x":142,"y":290,"width":47,"height":9}},{"id":"4756f889-4114-4020-8853-e295fdb7b090","block_type":"box","text":"iShares North American Equity Index Fund","page_number":167,"box":{"x":210,"y":290,"width":256,"height":11}},{"id":"3ee7bc60-0044-4221-af7d-45d1a36c0091","block_type":"box","text":"601,770","page_number":167,"box":{"x":761,"y":290,"width":47,"height":9}},{"id":"879b6a0a-c420-410a-ba45-3c89426de13f","block_type":"box","text":"3.16%","page_number":167,"box":{"x":863,"y":290,"width":36,"height":8}},{"id":"d52cbc0c-05f5-455d-890c-6f372bf92460","block_type":"box","text":"1,552,334","page_number":167,"box":{"x":131,"y":305,"width":59,"height":9}},{"id":"5190bec8-66f0-4417-847b-5458796abf58","block_type":"box","text":"iShares UK Equity Index Fund","page_number":167,"box":{"x":210,"y":304,"width":177,"height":11}},{"id":"62c7e188-936b-4e26-8a3f-9a8e3c819a2f","block_type":"box","text":"2,399,624","page_number":167,"box":{"x":750,"y":305,"width":59,"height":9}},{"id":"701a6fe3-805f-416e-b37e-48ca2410926b","block_type":"box","text":"12.62%","page_number":167,"box":{"x":856,"y":305,"width":43,"height":7}},{"id":"f855c95c-ec23-40b5-8536-91ade0b133e1","block_type":"box","text":"325,628","page_number":167,"box":{"x":142,"y":319,"width":47,"height":9}},{"id":"5dd8e611-9f7d-4a10-95a5-17abe4512784","block_type":"box","text":"Legal & General Emerging Markets Government Bond Index Fund","page_number":167,"box":{"x":210,"y":318,"width":396,"height":11}},{"id":"cf818973-324b-4655-9e82-2d50192af9e4","block_type":"box","text":"242,332","page_number":167,"box":{"x":761,"y":319,"width":47,"height":9}},{"id":"b8c3f2f6-7f15-40d3-b65d-e35f3d265701","block_type":"box","text":"1.27%","page_number":167,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"5dcbcd95-5679-40e4-9aae-8395c7a5b14b","block_type":"box","text":"1,159","page_number":167,"box":{"x":157,"y":333,"width":32,"height":9}},{"id":"997124e2-dcf0-4334-ad33-aa29d92c50a5","block_type":"box","text":"Vanguard Global Bond Index Fund","page_number":167,"box":{"x":209,"y":333,"width":209,"height":10}},{"id":"271227f6-7ab1-4df3-8153-ce43bc9efa08","block_type":"box","text":"184,358","page_number":167,"box":{"x":761,"y":333,"width":47,"height":9}},{"id":"187c4d0f-3dc1-4a5c-9bd6-2f4740f3cbfb","block_type":"box","text":"0.97%","page_number":167,"box":{"x":863,"y":333,"width":36,"height":8}},{"id":"703e7a23-9b7d-4c24-987f-7fea31ea1036","block_type":"box","text":"3,794","page_number":167,"box":{"x":157,"y":347,"width":33,"height":9}},{"id":"fcda57f6-9ad4-439e-afd8-c9d231cb11e6","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":167,"box":{"x":209,"y":347,"width":265,"height":11}},{"id":"02ae1786-22e5-4b01-b138-1a67cd772ce5","block_type":"box","text":"320,477","page_number":167,"box":{"x":761,"y":347,"width":47,"height":9}},{"id":"2318f14b-7131-4cc1-98d6-ec2446e651ee","block_type":"box","text":"1.69%","page_number":167,"box":{"x":863,"y":347,"width":36,"height":8}},{"id":"b15e2318-d1fe-4325-819e-d073465eaa99","block_type":"box","text":"1,216","page_number":167,"box":{"x":157,"y":362,"width":32,"height":9}},{"id":"06817bb5-f901-40de-86d7-374b60ad4d34","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":167,"box":{"x":209,"y":361,"width":191,"height":11}},{"id":"543961e6-7db5-4231-8b6c-040264b183c0","block_type":"box","text":"1,443,114","page_number":167,"box":{"x":750,"y":362,"width":59,"height":9}},{"id":"888a5c91-05ca-44a5-ab04-1139db3858fc","block_type":"box","text":"7.59%","page_number":167,"box":{"x":863,"y":362,"width":36,"height":7}},{"id":"d91111ce-3fd8-4808-b575-8a9dae5ce556","block_type":"box","text":"12,696,082","page_number":167,"box":{"x":743,"y":383,"width":65,"height":9}},{"id":"332f6fd0-f51a-400b-a5fe-e55c974bc199","block_type":"box","text":"66.75%","page_number":167,"box":{"x":855,"y":383,"width":44,"height":7}},{"id":"6bff3ddf-61af-4b65-9448-a3035c56932e","block_type":"box","text":"Exchange Traded Funds (30.04.2025: 15.70%)","page_number":167,"box":{"x":210,"y":403,"width":295,"height":11}},{"id":"12c7a3d1-98f5-4c11-b235-84658c73be74","block_type":"box","text":"2,338","page_number":167,"box":{"x":157,"y":418,"width":32,"height":9}},{"id":"b1215aea-e534-40b8-949a-3deb4ed9315f","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":167,"box":{"x":209,"y":417,"width":243,"height":11}},{"id":"5b630aec-7e3c-49ad-a483-8ea5f4fd208e","block_type":"box","text":"208,713","page_number":167,"box":{"x":761,"y":418,"width":47,"height":9}},{"id":"2dd7abdc-8c9a-4444-90e4-b7a068382e7b","block_type":"box","text":"1.10%","page_number":167,"box":{"x":863,"y":418,"width":36,"height":8}},{"id":"b44a12b9-0946-4fda-9c86-af40be60647c","block_type":"box","text":"21,823","page_number":167,"box":{"x":149,"y":432,"width":40,"height":9}},{"id":"73b882ae-8fb8-48c1-8061-cb18f28565b1","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":167,"box":{"x":209,"y":432,"width":188,"height":10}},{"id":"b86f27f7-6a17-4a1f-9119-c14ab842698a","block_type":"box","text":"637,232","page_number":167,"box":{"x":761,"y":432,"width":47,"height":9}},{"id":"88bef127-3c60-422b-bef7-c5b2d76dacf4","block_type":"box","text":"3.35%","page_number":167,"box":{"x":863,"y":432,"width":36,"height":8}},{"id":"d8ce8579-5887-4f97-8e60-54d4bd2a2f55","block_type":"box","text":"24,919","page_number":167,"box":{"x":149,"y":446,"width":40,"height":9}},{"id":"96fab9a3-2260-4a8d-a53b-ff038a07b0b9","block_type":"box","text":"Amundi Prime UK Mid And Small Cap UCITS ETF","page_number":167,"box":{"x":209,"y":446,"width":290,"height":11}},{"id":"4d6f0e04-7674-4721-8064-0439f69e09f6","block_type":"box","text":"582,606","page_number":167,"box":{"x":761,"y":446,"width":47,"height":9}},{"id":"9addfa85-eaeb-4773-8660-11277d5dae26","block_type":"box","text":"3.06%","page_number":167,"box":{"x":863,"y":446,"width":36,"height":8}},{"id":"bac9d638-fbe6-438b-9a76-40a6e623e615","block_type":"box","text":"95,817","page_number":167,"box":{"x":149,"y":461,"width":40,"height":9}},{"id":"1c083a0f-828e-4415-8686-9bc63e9cd789","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":167,"box":{"x":210,"y":460,"width":239,"height":11}},{"id":"8dd66a9b-e613-4702-b13c-443d033290be","block_type":"box","text":"996,362","page_number":167,"box":{"x":761,"y":461,"width":47,"height":9}},{"id":"5ab8fd96-dc1a-4b8e-9772-1109ab2ad2b9","block_type":"box","text":"5.24%","page_number":167,"box":{"x":863,"y":461,"width":36,"height":7}},{"id":"94da70ef-2c6c-43a8-8a71-1558149e7058","block_type":"box","text":"91,182","page_number":167,"box":{"x":149,"y":475,"width":40,"height":9}},{"id":"2bfe7b70-6c69-40b3-b6d3-12fc23e3cb33","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":167,"box":{"x":210,"y":474,"width":240,"height":11}},{"id":"b37d456c-1c74-48de-87e8-3b1852d5ef40","block_type":"box","text":"920,980","page_number":167,"box":{"x":761,"y":475,"width":47,"height":9}},{"id":"e9caebf8-291c-41e0-9635-198099daa6b9","block_type":"box","text":"4.84%","page_number":167,"box":{"x":862,"y":475,"width":37,"height":8}},{"id":"2e86119d-bd0a-462a-9286-bc44217748af","block_type":"box","text":"57,860","page_number":167,"box":{"x":150,"y":489,"width":39,"height":9}},{"id":"a300f713-eb64-4524-9f3c-f2ffb7f6c955","block_type":"box","text":"HSBC MSCI China UCITS ETF","page_number":167,"box":{"x":210,"y":489,"width":168,"height":8}},{"id":"51efc516-91b7-4182-8f9f-820f95e30fad","block_type":"box","text":"675,793","page_number":167,"box":{"x":761,"y":489,"width":47,"height":9}},{"id":"7932b341-88db-4513-8b8c-549a0da8cff3","block_type":"box","text":"3.55%","page_number":167,"box":{"x":863,"y":489,"width":36,"height":8}},{"id":"8a8a96f6-d152-4c11-a44f-6b8c254c7fa6","block_type":"box","text":"65,575","page_number":167,"box":{"x":149,"y":503,"width":40,"height":9}},{"id":"94ad8439-dfef-48fb-8766-2e23ed809534","block_type":"box","text":"HSBC MSCI Emerging Markets ex China Equity Index Fund","page_number":167,"box":{"x":210,"y":503,"width":349,"height":11}},{"id":"7e48916f-a68f-4b1c-bdbd-970a68fa074b","block_type":"box","text":"378,368","page_number":167,"box":{"x":761,"y":503,"width":47,"height":9}},{"id":"debf2ee8-b2d7-42c6-8f4a-d9373b981343","block_type":"box","text":"1.99%","page_number":167,"box":{"x":863,"y":503,"width":36,"height":8}},{"id":"d4abe17b-698a-46bf-a144-8282fc4174c0","block_type":"box","text":"165,384","page_number":167,"box":{"x":142,"y":518,"width":48,"height":9}},{"id":"3792d21b-1329-4fa3-ac8f-7ad63df93afb","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":167,"box":{"x":210,"y":517,"width":338,"height":11}},{"id":"9fec3582-6962-4138-9215-e5de8500b79e","block_type":"box","text":"1,459,138","page_number":167,"box":{"x":750,"y":518,"width":58,"height":9}},{"id":"598c9c70-aebf-41a7-89cb-0b5cd80363cd","block_type":"box","text":"7.67%","page_number":167,"box":{"x":863,"y":518,"width":36,"height":7}},{"id":"3ef32a7a-b840-42b1-a4d4-58f0444c1c44","block_type":"box","text":"5,859,192","page_number":167,"box":{"x":750,"y":539,"width":58,"height":9}},{"id":"1d0c2282-36f1-41c4-a251-39d72bd2aa41","block_type":"box","text":"30.80%","page_number":167,"box":{"x":855,"y":539,"width":44,"height":7}},{"id":"9b399888-5a60-4ca0-bd51-56dc3f0cea4e","block_type":"box","text":"Portfolio of investments (30.04.2025: 98.88%)","page_number":167,"box":{"x":210,"y":567,"width":300,"height":9}},{"id":"88469d3a-3b86-41e1-8971-5afd46152be6","block_type":"box","text":"18,555,274","page_number":167,"box":{"x":739,"y":567,"width":70,"height":9}},{"id":"afcfd546-33ee-43a0-915e-6dbaaacbddfa","block_type":"box","text":"97.56%","page_number":167,"box":{"x":852,"y":567,"width":47,"height":8}},{"id":"26339f09-1f9d-4b17-92d1-367502a83987","block_type":"box","text":"Net other assets (30.04.2025:1.12%)","page_number":167,"box":{"x":210,"y":581,"width":237,"height":10}},{"id":"b2e18c7a-61a6-49a6-a064-5a97a3d53b6f","block_type":"box","text":"463,756","page_number":167,"box":{"x":758,"y":581,"width":51,"height":9}},{"id":"e483ad21-8b31-425d-a324-b9fecf3bd028","block_type":"box","text":"2.44%","page_number":167,"box":{"x":860,"y":581,"width":39,"height":8}},{"id":"a6393efd-d377-4f85-bfbe-94bca8d60cca","block_type":"box","text":"19,019,030","page_number":167,"box":{"x":739,"y":602,"width":70,"height":9}},{"id":"db9899ab-072f-43fd-bf57-e7296f3489bc","block_type":"box","text":"100.00%","page_number":167,"box":{"x":844,"y":602,"width":55,"height":8}},{"id":"fce16fd8-d1c0-492b-806d-3249805c7bc5","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":167,"box":{"x":97,"y":38,"width":397,"height":17}},{"id":"1664a1c1-7393-4821-a7b1-5b4ca690f011","block_type":"box","text":"162","page_number":167,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"4b0ad87e-8f4e-446b-9c11-ee90035800bd","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":168,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"74eb0bc1-937b-40e7-9a53-123e44c1c465","block_type":"box","text":"£","page_number":168,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"61d2f180-2205-4ffb-95aa-7b10b2371a5f","block_type":"box","text":"Total purchases for the year (note 14)","page_number":168,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"d2db8c58-ce5e-4faa-bdad-a958e72f7c70","block_type":"box","text":"9,660,009","page_number":168,"box":{"x":651,"y":143,"width":62,"height":10}},{"id":"f96ce346-7f01-4b73-a450-2e06f48afb0d","block_type":"box","text":"iShares UK Equity Index Fund","page_number":168,"box":{"x":96,"y":174,"width":176,"height":11}},{"id":"3edccf0f-4e76-4e5d-a664-77d4101e1e98","block_type":"box","text":"2,449,693","page_number":168,"box":{"x":654,"y":174,"width":59,"height":9}},{"id":"141cc960-77b0-4067-872c-fae8501dc6fd","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":168,"box":{"x":95,"y":189,"width":339,"height":11}},{"id":"5f1e7bfc-6e4c-42cb-ae94-893062114e19","block_type":"box","text":"1,553,521","page_number":168,"box":{"x":655,"y":190,"width":56,"height":9}},{"id":"6ad224d1-cfad-4b32-8d2d-3ab0403f3c25","block_type":"box","text":"HSBC European Index Fund","page_number":168,"box":{"x":96,"y":205,"width":165,"height":10}},{"id":"e606e0b0-5c9f-4150-aee1-fd031ee24b0f","block_type":"box","text":"974,898","page_number":168,"box":{"x":666,"y":205,"width":47,"height":9}},{"id":"8a605d3a-8db1-46e5-9991-e9dd1c53e282","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":168,"box":{"x":96,"y":220,"width":254,"height":8}},{"id":"7d8010eb-33c9-40f8-89d8-d81b3c20a6db","block_type":"box","text":"824,652","page_number":168,"box":{"x":666,"y":221,"width":47,"height":9}},{"id":"6ec939ac-ca22-41e5-9b93-bae1b48bc18a","block_type":"box","text":"iShares North American Equity Index Fund","page_number":168,"box":{"x":96,"y":236,"width":256,"height":10}},{"id":"86c83aec-130d-49f5-ae9d-b21bdbf17f46","block_type":"box","text":"593,194","page_number":168,"box":{"x":666,"y":236,"width":48,"height":9}},{"id":"19e5d9f7-ebad-4362-9c84-092b51a2b8df","block_type":"box","text":"HSBC MSCI China UCITS ETF","page_number":168,"box":{"x":96,"y":251,"width":168,"height":8}},{"id":"47fe4eb9-2a76-45f6-ac7e-c6e775f1103c","block_type":"box","text":"318,208","page_number":168,"box":{"x":666,"y":251,"width":47,"height":10}},{"id":"9826dae7-698a-4fd5-a186-f85b4d93dc6f","block_type":"box","text":"iShares UK Equity Index Fund","page_number":168,"box":{"x":96,"y":267,"width":176,"height":10}},{"id":"618e7e28-8fc0-4325-a4f7-fea60b8dd7a7","block_type":"box","text":"312,092","page_number":168,"box":{"x":666,"y":267,"width":47,"height":9}},{"id":"11bdd0f6-d058-4178-adac-65523e7190d1","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":168,"box":{"x":96,"y":282,"width":239,"height":11}},{"id":"49acf4f4-c68a-4172-8dbd-68967e77b304","block_type":"box","text":"308,519","page_number":168,"box":{"x":666,"y":282,"width":47,"height":9}},{"id":"4affd1bf-e179-4e96-8b1b-6dae065d6e08","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":168,"box":{"x":96,"y":297,"width":239,"height":11}},{"id":"f948d412-48a0-42cf-8569-a12e3d4ad0f9","block_type":"box","text":"304,805","page_number":168,"box":{"x":666,"y":298,"width":47,"height":9}},{"id":"c5a13995-5a92-4c1a-8c50-513991c1d548","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":168,"box":{"x":95,"y":313,"width":188,"height":11}},{"id":"5f93a2b4-9811-4790-893b-3961d8c98d70","block_type":"box","text":"262,792","page_number":168,"box":{"x":666,"y":313,"width":47,"height":9}},{"id":"1a59aeb6-7762-4674-8417-e545c4d100f5","block_type":"box","text":"Various other purchases","page_number":168,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"39fa1aa6-02f4-4104-bcea-f7158f0f13cb","block_type":"box","text":"1,757,635","page_number":168,"box":{"x":655,"y":329,"width":58,"height":9}},{"id":"0079dc4f-f9ee-44de-a79f-c6a3ff3da65d","block_type":"box","text":"£","page_number":168,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"6d47e899-5463-49a9-88de-2cfaa694af12","block_type":"box","text":"Total sales for the year (note 14)","page_number":168,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"cc7d9ef6-3774-4433-9b6e-898d84360ab9","block_type":"box","text":"13,312,232","page_number":168,"box":{"x":643,"y":375,"width":70,"height":9}},{"id":"7851c515-53a3-478c-9c0a-35791903413a","block_type":"box","text":"iShares UK Equity Index Fund","page_number":168,"box":{"x":96,"y":406,"width":176,"height":10}},{"id":"09706194-d1a6-4124-8d67-6faeff5d0e96","block_type":"box","text":"2,615,961","page_number":168,"box":{"x":654,"y":406,"width":57,"height":9}},{"id":"98681fa1-e7c0-4b94-85a4-d781d377c7b9","block_type":"box","text":"iShares North American Equity Index Fund","page_number":168,"box":{"x":96,"y":421,"width":256,"height":11}},{"id":"99ea2158-2f72-4c54-9cb4-3985031b4b0f","block_type":"box","text":"2,175,603","page_number":168,"box":{"x":654,"y":421,"width":59,"height":9}},{"id":"cb513a0d-0926-4701-b510-9c7c290dcfda","block_type":"box","text":"HSBC American Index Fund","page_number":168,"box":{"x":96,"y":436,"width":164,"height":9}},{"id":"1950e805-103d-4c67-a7c5-bf643cce629b","block_type":"box","text":"879,571","page_number":168,"box":{"x":666,"y":437,"width":45,"height":9}},{"id":"3238efb3-f3b7-4e91-97fd-6f5b6e2d404f","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":168,"box":{"x":95,"y":452,"width":191,"height":11}},{"id":"98cb931d-335e-4239-ae56-fcd5ab2c3805","block_type":"box","text":"827,973","page_number":168,"box":{"x":666,"y":452,"width":47,"height":9}},{"id":"ee49f7c7-3ede-4190-83fd-1cad8809ed39","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":168,"box":{"x":95,"y":467,"width":188,"height":11}},{"id":"a5f45b5d-24bb-4835-a5ad-fb7b96ee6850","block_type":"box","text":"818,466","page_number":168,"box":{"x":666,"y":468,"width":47,"height":9}},{"id":"3d7404b9-0db6-4750-b054-944bba0298a6","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":168,"box":{"x":96,"y":483,"width":239,"height":10}},{"id":"f7fc7256-27f9-4c19-b9fb-90fd02841ad4","block_type":"box","text":"683,089","page_number":168,"box":{"x":666,"y":483,"width":47,"height":9}},{"id":"38a65f87-40d9-4500-961f-13683079d5af","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":168,"box":{"x":96,"y":498,"width":254,"height":8}},{"id":"de82ff83-a07c-448c-b4fb-20aecdc75abd","block_type":"box","text":"514,997","page_number":168,"box":{"x":666,"y":499,"width":47,"height":9}},{"id":"5a13a786-e925-44b8-bbff-ca290b3c3981","block_type":"box","text":"iShares MSCI Europe Mid Cap UCITS ETF","page_number":168,"box":{"x":96,"y":514,"width":243,"height":10}},{"id":"71964c3d-aa3c-4dd3-aa14-9266fc04a7d5","block_type":"box","text":"450,782","page_number":168,"box":{"x":665,"y":514,"width":48,"height":9}},{"id":"43d2b649-f794-4ae9-b01f-ec3e975192a1","block_type":"box","text":"HSBC MSCI Emerging Markets ex China Equity Index Fund","page_number":168,"box":{"x":96,"y":529,"width":349,"height":11}},{"id":"e9b519be-8ae3-455f-ae4d-8e65606989f0","block_type":"box","text":"450,091","page_number":168,"box":{"x":665,"y":529,"width":46,"height":10}},{"id":"d4c02524-1505-498b-a796-64b8a465fa03","block_type":"box","text":"HSBC European Index Fund","page_number":168,"box":{"x":96,"y":544,"width":165,"height":11}},{"id":"c3ec2549-82f7-497b-aaa1-9b9bcd465d75","block_type":"box","text":"442,219","page_number":168,"box":{"x":665,"y":545,"width":48,"height":9}},{"id":"2c91a297-36a3-4db5-a40d-eb25bc7d9495","block_type":"box","text":"Various other sales","page_number":168,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"4414e3d5-ec89-4659-8353-1b7686fcf42f","block_type":"box","text":"3,453,480","page_number":168,"box":{"x":654,"y":560,"width":59,"height":9}},{"id":"92503c27-1b97-49d2-93c9-6cce39b47468","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":168,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"216b5382-9f8f-416b-9a7e-2509b5a4f0b6","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":168,"box":{"x":505,"y":38,"width":397,"height":17}},{"id":"7b6d98c8-bba0-47a3-9fc9-8da8447bbb3e","block_type":"box","text":"163","page_number":168,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"3ea6f8ac-a10f-46be-bf11-0ebdb35f7740","block_type":"box","text":"Statement of Total Return","page_number":169,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"2aa3c7b1-5938-47a7-8437-813ffbf68a55","block_type":"box","text":"for the year ended 30 April 2026","page_number":169,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"84f83153-3062-4685-90ac-c803357bde02","block_type":"box","text":"30.04.26","page_number":169,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"1ff4b369-7e3a-435a-aa21-b8cc30bdc935","block_type":"box","text":"30.04.25","page_number":169,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"3f683e21-3d4f-4946-acd4-80eac7550dda","block_type":"box","text":"Note","page_number":169,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"dc6b2f05-b946-4954-ba3a-84b40f24a406","block_type":"box","text":"£","page_number":169,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"a43dbc46-750e-4dfd-883e-1ee902130d13","block_type":"box","text":"£","page_number":169,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"6e25286a-70e8-4641-b11d-e596b4789ff7","block_type":"box","text":"£","page_number":169,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"92d96e02-1e4f-4560-8ae6-616b1e788b04","block_type":"box","text":"£","page_number":169,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"8d100461-df53-456d-bd4b-3fa6f242a44b","block_type":"box","text":"Income","page_number":169,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"28a81e17-7734-4ec8-9797-4388aff9adc1","block_type":"box","text":"Net capital","page_number":169,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"ef230dfe-0dc7-455e-aa6b-1791a4269605","block_type":"box","text":"2","page_number":169,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"81cae394-1644-41e5-8f2c-677c6b9fe902","block_type":"box","text":"3,298,902","page_number":169,"box":{"x":607,"y":169,"width":58,"height":9}},{"id":"558855a0-de58-4998-8886-0b74cfd56513","block_type":"box","text":"755,581","page_number":169,"box":{"x":849,"y":169,"width":45,"height":9}},{"id":"f88802c8-a417-4246-8416-dbdc69e70b53","block_type":"box","text":"Revenue","page_number":169,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"428b6312-7934-4662-923c-f181e9515d1a","block_type":"box","text":"3","page_number":169,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"1fc087fd-0c4c-4d53-8740-50e5288c4959","block_type":"box","text":"448,128","page_number":169,"box":{"x":503,"y":184,"width":48,"height":9}},{"id":"74b49ae7-a73a-42f6-a92e-a0a058a3f79f","block_type":"box","text":"476,702","page_number":169,"box":{"x":737,"y":184,"width":47,"height":9}},{"id":"749e6a48-cca1-4ee1-9598-4a0d591cf0af","block_type":"box","text":"Expenses","page_number":169,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"42c4e9b7-d7d2-44c4-ae9b-35ff478df26e","block_type":"box","text":"4","page_number":169,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"d265dd96-0947-45b2-a75a-62692d1d6cc0","block_type":"box","text":"(175,918)","page_number":169,"box":{"x":499,"y":200,"width":57,"height":9}},{"id":"05d4c3e6-12b8-4c9e-b042-d979855fc123","block_type":"box","text":"(193,730)","page_number":169,"box":{"x":733,"y":200,"width":56,"height":9}},{"id":"9e0f8a1c-cadb-49de-b158-6fe74170dd91","block_type":"box","text":"Interest payable and similar charges","page_number":169,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"97787f1f-acf0-473d-8a71-4615d7770869","block_type":"box","text":"4","page_number":169,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"efaae8ad-977d-4c99-b353-6fe35b1e3d4d","block_type":"box","text":"(2,436)","page_number":169,"box":{"x":514,"y":222,"width":42,"height":9}},{"id":"98c42e3d-dd8b-434f-9b11-6c25749c21fc","block_type":"box","text":"(6,056)","page_number":169,"box":{"x":748,"y":222,"width":41,"height":9}},{"id":"d02b8258-f206-4b98-8b49-16ecd1d1b11e","block_type":"box","text":"Net revenue before taxation","page_number":169,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"bf640f2f-6155-4be6-9f89-ff39cf511300","block_type":"box","text":"269,774","page_number":169,"box":{"x":504,"y":244,"width":48,"height":9}},{"id":"170747af-9f01-4fed-8d25-c787a406f5ce","block_type":"box","text":"276,916","page_number":169,"box":{"x":737,"y":244,"width":48,"height":9}},{"id":"8693857d-b472-4e2f-9068-6a40b65c7328","block_type":"box","text":"Taxation","page_number":169,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"c60bbfec-fa9e-4c9d-b820-1ac83ee74a9d","block_type":"box","text":"5","page_number":169,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"9c2771a4-6946-4a87-9845-d01f9b74b8e1","block_type":"box","text":"–","page_number":169,"box":{"x":545,"y":271,"width":6,"height":1}},{"id":"7d1845f7-da7c-4483-8756-9f32ed0aa0af","block_type":"box","text":"–","page_number":169,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"902b0425-72c2-4fb4-b516-6288d1ad66b0","block_type":"box","text":"Net revenue after taxation","page_number":169,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"1cda5098-36a8-4798-89ba-30dfea962228","block_type":"box","text":"269,774","page_number":169,"box":{"x":618,"y":289,"width":48,"height":9}},{"id":"8fa9680c-cf8e-47b0-b721-1ccf97324381","block_type":"box","text":"276,916","page_number":169,"box":{"x":849,"y":289,"width":47,"height":9}},{"id":"4da9ab02-8a86-4a05-93bb-0c5259b4786e","block_type":"box","text":"Total return before distributions","page_number":169,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"080b3592-45a2-487d-bace-956d5fe2657f","block_type":"box","text":"3,568,676","page_number":169,"box":{"x":603,"y":311,"width":63,"height":9}},{"id":"2e0ab17a-402b-4d81-9c80-b12898fd4785","block_type":"box","text":"1,032,497","page_number":169,"box":{"x":835,"y":311,"width":62,"height":9}},{"id":"bc0b641b-82b2-4cb1-b339-e40a77ad6c9a","block_type":"box","text":"Distributions","page_number":169,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"e79e7291-e3de-489f-8007-7b6d728e5389","block_type":"box","text":"6","page_number":169,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"91c6edb9-6659-4bc0-b989-32912919c8c1","block_type":"box","text":"(286,259)","page_number":169,"box":{"x":614,"y":333,"width":56,"height":9}},{"id":"91e7fb6d-9ef6-4289-8a35-f91d03279af3","block_type":"box","text":"(226,469)","page_number":169,"box":{"x":845,"y":333,"width":56,"height":9}},{"id":"b16b4520-6e60-42c8-bc7d-1f983c90e9b9","block_type":"box","text":"Change in net assets attributable to","page_number":169,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"553fd9fb-ae51-47d3-a543-1c23c4a83e20","block_type":"box","text":"Shareholders from investment activities","page_number":169,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"c958ee6c-d92e-44d5-bcd6-e50d2f803f16","block_type":"box","text":"3,282,417","page_number":169,"box":{"x":603,"y":369,"width":63,"height":9}},{"id":"d7596b0a-4091-4b17-9324-84fbf89c1609","block_type":"box","text":"806,028","page_number":169,"box":{"x":846,"y":369,"width":51,"height":9}},{"id":"eb3a86fb-081c-4094-be89-50945ee3d055","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":169,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"896bc0f8-0e07-47f1-9ff3-9c49c48e5c0e","block_type":"box","text":"for the year ended 30 April 2026","page_number":169,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"cc4dd1fa-9b12-46f1-bfe5-ed3bc3984b35","block_type":"box","text":"30.04.26","page_number":169,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"445aa85f-7a5d-4d4c-8dea-d38778a66e95","block_type":"box","text":"30.04.25","page_number":169,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"946a3e84-4ecf-48ca-84f2-c566ed5354f2","block_type":"box","text":"£","page_number":169,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"f5ac6052-9266-4542-b488-b70868445aba","block_type":"box","text":"£","page_number":169,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"8f4b88f5-abf3-4a40-8ecf-693891685ccc","block_type":"box","text":"£","page_number":169,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"30faa56c-3de1-492b-90c6-cca0d13bd95e","block_type":"box","text":"£","page_number":169,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"c760c74c-f726-42d9-bf94-655d04a3beff","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":169,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"27a3a81a-1d48-429b-bb0d-6ad0824b3a2c","block_type":"box","text":"18,731,964","page_number":169,"box":{"x":596,"y":482,"width":70,"height":9}},{"id":"48efbf2c-ab95-4cbf-af13-cb6fadec5c5d","block_type":"box","text":"22,907,168","page_number":169,"box":{"x":826,"y":482,"width":71,"height":9}},{"id":"5ee7b1e0-e9eb-49a2-8343-7356d11c0913","block_type":"box","text":"Amounts receivable on creation of shares","page_number":169,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"35433e2e-7a2e-4144-a107-3aeff3d06d4a","block_type":"box","text":"1,071,907","page_number":169,"box":{"x":493,"y":505,"width":58,"height":9}},{"id":"172d6294-d138-40ca-b5fc-2a12ac852415","block_type":"box","text":"1,756,946","page_number":169,"box":{"x":726,"y":505,"width":59,"height":9}},{"id":"8745020d-f4f4-442d-b49a-dbc512dbf643","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":169,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"2879d861-59ae-455f-bd4b-99d9a9b62016","block_type":"box","text":"(4,328,939)","page_number":169,"box":{"x":488,"y":527,"width":68,"height":9}},{"id":"91279adf-0b17-4f2b-9e6d-384aebdc802c","block_type":"box","text":"(6,940,926)","page_number":169,"box":{"x":721,"y":527,"width":68,"height":9}},{"id":"4c412679-1f16-4e87-be1d-a64304e368e1","block_type":"box","text":"Dilution levies","page_number":169,"box":{"x":96,"y":548,"width":84,"height":9}},{"id":"e7aee93a-c2b4-4b67-8504-a06ac7c805e4","block_type":"box","text":"–","page_number":169,"box":{"x":545,"y":553,"width":6,"height":1}},{"id":"86e51209-28a3-43b1-91fb-eb37c9d5a574","block_type":"box","text":"521","page_number":169,"box":{"x":763,"y":549,"width":20,"height":8}},{"id":"ed9ddc2c-27e8-4024-976b-e6f6aa3f9998","block_type":"box","text":"(3,257,032)","page_number":169,"box":{"x":602,"y":571,"width":68,"height":9}},{"id":"7a0895c7-b7b5-42ad-92d0-8bb6481cf3fa","block_type":"box","text":"(5,183,459)","page_number":169,"box":{"x":833,"y":571,"width":68,"height":9}},{"id":"7549388e-bf0b-4dae-87d1-7c980e73933b","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":169,"box":{"x":96,"y":593,"width":300,"height":11}},{"id":"662b5386-0e07-4d65-b0fc-30b4e3701241","block_type":"box","text":"from investment activities (see above)","page_number":169,"box":{"x":95,"y":608,"width":231,"height":10}},{"id":"d005bdc4-6ce7-4b2c-aba2-76b184703c50","block_type":"box","text":"3,282,417","page_number":169,"box":{"x":607,"y":609,"width":59,"height":9}},{"id":"068e542d-a0c6-4915-857f-5d42562ffaf0","block_type":"box","text":"806,028","page_number":169,"box":{"x":849,"y":609,"width":48,"height":9}},{"id":"3ebbd496-a242-4bbd-aa56-68c66e70307e","block_type":"box","text":"Accumulation distributions retained","page_number":169,"box":{"x":95,"y":630,"width":218,"height":9}},{"id":"2bb7eb42-a12b-408d-9ef1-4a163f6f48cf","block_type":"box","text":"261,681","page_number":169,"box":{"x":618,"y":631,"width":46,"height":9}},{"id":"ecaa1841-d024-4232-b5e6-d7151de760f9","block_type":"box","text":"202,227","page_number":169,"box":{"x":849,"y":631,"width":47,"height":9}},{"id":"2b8a9966-5222-4f8e-ad89-1e65a1b2583d","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":169,"box":{"x":96,"y":653,"width":311,"height":10}},{"id":"213c7d57-26af-411f-a9c8-c375f14655fd","block_type":"box","text":"19,019,030","page_number":169,"box":{"x":596,"y":653,"width":70,"height":9}},{"id":"861b392a-e61e-45c9-a76f-b4da4878f499","block_type":"box","text":"18,731,964","page_number":169,"box":{"x":827,"y":653,"width":70,"height":9}},{"id":"34134b13-7871-4dac-b4ec-055f411ebd0a","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":169,"box":{"x":97,"y":38,"width":397,"height":17}},{"id":"2bea377e-f606-4f21-80f4-26f154c425b3","block_type":"box","text":"164","page_number":169,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"76ef4ac4-c357-4b0c-83bf-c45dcd34aaa3","block_type":"box","text":"Balance Sheet","page_number":170,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"847a76f6-f0e6-463e-afc2-2c29f5199a83","block_type":"box","text":"as at 30 April 2026","page_number":170,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"b9d17b16-a137-40be-9e2a-60ed598cf423","block_type":"box","text":"30.04.26","page_number":170,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"ec2b4256-5ce8-44bb-940f-0ae916fbd47f","block_type":"box","text":"30.04.25","page_number":170,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"df0305ae-3c2d-4ce6-ada6-56edeb7720d0","block_type":"box","text":"Note","page_number":170,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"ab8a0f28-9094-48ff-b5d2-0ba40d3e5f7c","block_type":"box","text":"£","page_number":170,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"ebb19def-4575-4d84-9180-78297d5933f6","block_type":"box","text":"£","page_number":170,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"5e00c8f5-7c71-43c5-bbc7-959ecae6492d","block_type":"box","text":"£","page_number":170,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"45310cd8-c969-46a2-b0be-66801fe80521","block_type":"box","text":"£","page_number":170,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"94ff0138-b631-48d4-a433-1e7e5aae6fa8","block_type":"box","text":"ASSETS","page_number":170,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"d960a67b-1996-4f0d-87e1-cd8c90c6cc50","block_type":"box","text":"Investments assets","page_number":170,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"8280575d-8fb1-4f57-8478-0baa70cd3ee7","block_type":"box","text":"18,555,274","page_number":170,"box":{"x":596,"y":169,"width":70,"height":9}},{"id":"0a517907-ba4b-4fd4-878a-a3f6824fb3ef","block_type":"box","text":"18,522,025","page_number":170,"box":{"x":827,"y":169,"width":69,"height":9}},{"id":"585dfefb-5097-4966-8899-604ef89db7f7","block_type":"box","text":"Current assets","page_number":170,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"f52d282d-cf34-4ca5-817a-54700aeb9c85","block_type":"box","text":"Debtors","page_number":170,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"589d92a7-c89b-4167-8ab4-095113c7ce90","block_type":"box","text":"7","page_number":170,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"3ec11924-8bda-40dd-9986-71d6261e0513","block_type":"box","text":"3,362","page_number":170,"box":{"x":519,"y":207,"width":32,"height":9}},{"id":"b2beca29-3f59-4305-9046-82788765bf99","block_type":"box","text":"146,436","page_number":170,"box":{"x":738,"y":207,"width":47,"height":9}},{"id":"b9363d89-5c3c-4da4-b333-f61e205275f5","block_type":"box","text":"Cash and bank balances","page_number":170,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"7c6e00bf-562b-420d-a922-58bce0f7e6ea","block_type":"box","text":"8","page_number":170,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"c2e40717-f9f4-40bc-bbc2-c9a7949f93b9","block_type":"box","text":"497,691","page_number":170,"box":{"x":503,"y":222,"width":46,"height":9}},{"id":"ee158556-9b2d-4d24-8bde-c7912767e118","block_type":"box","text":"249,256","page_number":170,"box":{"x":737,"y":222,"width":48,"height":9}},{"id":"0e89c971-7847-4915-b7a8-faf95a90f397","block_type":"box","text":"Total current assets","page_number":170,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"45d767f1-f7c3-4198-b752-2f99fcf0d825","block_type":"box","text":"501,053","page_number":170,"box":{"x":616,"y":244,"width":50,"height":9}},{"id":"6aa8eac9-cc60-40c4-99e1-d44e2c2d9093","block_type":"box","text":"395,692","page_number":170,"box":{"x":846,"y":244,"width":51,"height":9}},{"id":"cfc15194-342a-4478-9655-1f7b954e436e","block_type":"box","text":"Total assets","page_number":170,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"2809403c-9543-4e3d-9ebc-c216f7befbca","block_type":"box","text":"19,056,327","page_number":170,"box":{"x":596,"y":266,"width":70,"height":9}},{"id":"63fb6e10-7c27-4b75-915f-1cb926ec0ebb","block_type":"box","text":"18,917,717","page_number":170,"box":{"x":827,"y":266,"width":70,"height":9}},{"id":"b93cdf82-fe39-4aed-a953-8a98830548e4","block_type":"box","text":"Current liabilities","page_number":170,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"fb0b7b6e-3f13-46f0-bbf6-d03e97d5e691","block_type":"box","text":"Bank overdraft","page_number":170,"box":{"x":106,"y":319,"width":89,"height":8}},{"id":"e7d96aef-550c-4c5c-adf9-c298cc9ed431","block_type":"box","text":"8","page_number":170,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"b1557d51-7dbb-436e-9d2b-1ed789d9acb1","block_type":"box","text":"–","page_number":170,"box":{"x":545,"y":324,"width":6,"height":1}},{"id":"6c56e825-7899-4728-b7d0-4db9ffaf9ac0","block_type":"box","text":"(147,214)","page_number":170,"box":{"x":733,"y":319,"width":56,"height":10}},{"id":"09c157cd-5964-4e16-88e4-7af872ed2db9","block_type":"box","text":"Creditors","page_number":170,"box":{"x":105,"y":334,"width":55,"height":9}},{"id":"5ff1bf47-a904-4089-a17f-75b1861e9d44","block_type":"box","text":"9","page_number":170,"box":{"x":421,"y":335,"width":6,"height":8}},{"id":"5060d0a1-7515-42c3-8dd9-681469993083","block_type":"box","text":"(37,297)","page_number":170,"box":{"x":507,"y":335,"width":49,"height":9}},{"id":"42cba6f9-360e-4fb3-b7bc-fe89dfe76ace","block_type":"box","text":"(38,539)","page_number":170,"box":{"x":740,"y":335,"width":49,"height":9}},{"id":"847250a0-c942-464e-9daa-b299b5c60d37","block_type":"box","text":"Total current liabilities","page_number":170,"box":{"x":95,"y":357,"width":152,"height":8}},{"id":"2ae785e0-be6c-4f98-ae15-1f4148a7cf10","block_type":"box","text":"(37,297)","page_number":170,"box":{"x":618,"y":357,"width":53,"height":9}},{"id":"d6eb50d0-29ca-4022-9568-f92c0b1e6718","block_type":"box","text":"(185,753)","page_number":170,"box":{"x":842,"y":357,"width":59,"height":9}},{"id":"547ea971-af8c-43a4-8512-c80877cef567","block_type":"box","text":"Net assets attributable to Shareholders","page_number":170,"box":{"x":96,"y":379,"width":261,"height":8}},{"id":"507d1277-85a5-4f9b-9e2d-11cb9227ca72","block_type":"box","text":"19,019,030","page_number":170,"box":{"x":596,"y":379,"width":70,"height":9}},{"id":"dc7e6981-e687-4dd9-a5fd-660bbabf7a75","block_type":"box","text":"18,731,964","page_number":170,"box":{"x":827,"y":379,"width":70,"height":9}},{"id":"2eff5521-256f-4519-b71d-6bee21b02c5b","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":170,"box":{"x":505,"y":38,"width":397,"height":17}},{"id":"313dddb8-6a7b-489a-b26f-6d51f64a5986","block_type":"box","text":"165","page_number":170,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"e3655f53-cf4b-432e-b24f-3a96b03e43fc","block_type":"box","text":"Notes to the Financial Statements","page_number":171,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"17adbac5-5e81-4620-8641-6243bf2e8291","block_type":"box","text":"for the year ended 30 April 2026","page_number":171,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"605d77f6-dfae-4b89-8de8-9a165b94ed71","block_type":"box","text":"1. Accounting policies","page_number":171,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"9912d23e-2abb-4606-b508-08b4d9f76f18","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":171,"box":{"x":95,"y":154,"width":641,"height":11}},{"id":"26c183b0-91d5-44c0-a210-8ea3060dcc75","block_type":"box","text":"2. Net capital gains","page_number":171,"box":{"x":95,"y":196,"width":127,"height":10}},{"id":"c66c37fc-a615-427a-a0a4-3b0a5d26fa92","block_type":"box","text":"30.04.26","page_number":171,"box":{"x":730,"y":196,"width":55,"height":8}},{"id":"6ee9df85-d06f-4831-bed2-272a02f0d404","block_type":"box","text":"30.04.25","page_number":171,"box":{"x":840,"y":196,"width":54,"height":8}},{"id":"e34b5598-0643-40c4-914e-87ec072d7cc7","block_type":"box","text":"£","page_number":171,"box":{"x":778,"y":212,"width":7,"height":7}},{"id":"17917c5f-b8e4-4254-ac8e-5ef2579e3dd6","block_type":"box","text":"£","page_number":171,"box":{"x":888,"y":212,"width":6,"height":7}},{"id":"fcff13cf-80a1-4e04-9df2-e5bd43fbaa9d","block_type":"box","text":"The net capital gains comprise:","page_number":171,"box":{"x":95,"y":227,"width":187,"height":10}},{"id":"773478bb-99b2-426c-b56f-00f1f0daaaf6","block_type":"box","text":"Non-derivative securities gains/(losses): realised","page_number":171,"box":{"x":96,"y":245,"width":292,"height":11}},{"id":"404b0590-c1a0-4b78-9f2e-6abe37178124","block_type":"box","text":"2,189,503","page_number":171,"box":{"x":726,"y":246,"width":58,"height":9}},{"id":"1ae211c8-08f5-46aa-aec1-e162c432aa91","block_type":"box","text":"1,506,896","page_number":171,"box":{"x":836,"y":246,"width":58,"height":9}},{"id":"19e56d12-ae3e-483a-a6a2-46007354c9be","block_type":"box","text":"Non-derivative securities gains/(losses)","page_number":171,"box":{"x":96,"y":264,"width":237,"height":11}},{"id":"5f873d5e-1f02-4a5f-9bc8-f4be2d1a4732","block_type":"box","text":": unrealised","page_number":171,"box":{"x":335,"y":264,"width":69,"height":8}},{"id":"9c7b63e4-44a2-477d-aeb3-3260d3a68c0e","block_type":"box","text":"1,113,216","page_number":171,"box":{"x":726,"y":265,"width":59,"height":9}},{"id":"0e772382-6608-4cd4-916a-bb826a497839","block_type":"box","text":"(750,537)","page_number":171,"box":{"x":842,"y":265,"width":57,"height":9}},{"id":"0b4dc62f-8af2-40bc-823a-54b8b54bf2e8","block_type":"box","text":"Foreign currency (losses)","page_number":171,"box":{"x":96,"y":283,"width":150,"height":11}},{"id":"6bfaea9f-9361-433d-95d3-7156cde9cd25","block_type":"box","text":"(3,475)","page_number":171,"box":{"x":748,"y":283,"width":41,"height":10}},{"id":"e87451ac-87a7-494d-8157-7ecf9c546e9b","block_type":"box","text":"–","page_number":171,"box":{"x":888,"y":288,"width":6,"height":1}},{"id":"c84cfab6-c613-40a5-9e2d-a1ffb1ca513f","block_type":"box","text":"Transaction charges (custodian)","page_number":171,"box":{"x":95,"y":302,"width":193,"height":10}},{"id":"28081725-925d-40fa-a4b3-3dd9f9fd3cbb","block_type":"box","text":"(524)","page_number":171,"box":{"x":759,"y":302,"width":30,"height":10}},{"id":"aca597ac-a60c-4d49-b311-38886bd456ba","block_type":"box","text":"(794)","page_number":171,"box":{"x":868,"y":302,"width":31,"height":10}},{"id":"57e0d9d7-1eb0-442f-b483-96ab13d22b39","block_type":"box","text":"Rebates from underlying holdings","page_number":171,"box":{"x":96,"y":321,"width":205,"height":10}},{"id":"f7799757-8b78-44fa-8d3c-3a8478d76380","block_type":"box","text":"182","page_number":171,"box":{"x":764,"y":321,"width":20,"height":8}},{"id":"621a4356-73c1-4b12-bc74-e1add99d9552","block_type":"box","text":"16","page_number":171,"box":{"x":881,"y":321,"width":13,"height":8}},{"id":"f8c0fcba-6423-4603-a145-1e891beb7601","block_type":"box","text":"Total net capital gains","page_number":171,"box":{"x":95,"y":343,"width":146,"height":10}},{"id":"31c00afb-fe1c-4284-a9f7-7af16bca783c","block_type":"box","text":"3,298,902","page_number":171,"box":{"x":723,"y":343,"width":62,"height":9}},{"id":"e8f04525-f417-48b1-aee3-a449bf400d97","block_type":"box","text":"755,581","page_number":171,"box":{"x":844,"y":343,"width":49,"height":9}},{"id":"27b79de9-4ebc-44e3-8752-c6833421548c","block_type":"box","text":"3. Revenue","page_number":171,"box":{"x":95,"y":389,"width":72,"height":8}},{"id":"c730521e-2b01-4a42-b6a1-f6c69778ef80","block_type":"box","text":"30.04.26","page_number":171,"box":{"x":730,"y":389,"width":55,"height":8}},{"id":"17bc20c3-cd58-48a5-b93d-63547b338cb7","block_type":"box","text":"30.04.25","page_number":171,"box":{"x":840,"y":389,"width":54,"height":8}},{"id":"0a772e86-1f21-45fa-9cb7-70f6a1533b24","block_type":"box","text":"£","page_number":171,"box":{"x":778,"y":405,"width":7,"height":8}},{"id":"af944519-d98b-4971-955f-af7ad553132f","block_type":"box","text":"£","page_number":171,"box":{"x":888,"y":405,"width":6,"height":8}},{"id":"40a3139c-cf00-46e4-8524-7c95ad125622","block_type":"box","text":"Non-taxable dividends","page_number":171,"box":{"x":96,"y":427,"width":136,"height":8}},{"id":"be8ddce5-a444-4582-97d6-ef7666a6e703","block_type":"box","text":"288,190","page_number":171,"box":{"x":737,"y":427,"width":48,"height":9}},{"id":"29547e1f-a6be-4d7b-bfdf-163b779867df","block_type":"box","text":"275,930","page_number":171,"box":{"x":847,"y":427,"width":47,"height":9}},{"id":"d181852f-c124-400d-b349-7d4e3b911a03","block_type":"box","text":"Annual Payment from UK CIS","page_number":171,"box":{"x":95,"y":445,"width":176,"height":11}},{"id":"6fabb3e9-c9cd-4524-9fd8-66ab8653a0a5","block_type":"box","text":"488","page_number":171,"box":{"x":763,"y":446,"width":22,"height":8}},{"id":"90d36f75-ebbb-4452-b2aa-749570bf01bf","block_type":"box","text":"4,384","page_number":171,"box":{"x":861,"y":446,"width":34,"height":9}},{"id":"2ca411c7-d6dd-4c47-94a9-f29aa1a64213","block_type":"box","text":"Interest from non-derivative securities","page_number":171,"box":{"x":96,"y":464,"width":232,"height":9}},{"id":"44a828ff-815a-4a44-b9e7-30b35386d1a7","block_type":"box","text":"146,737","page_number":171,"box":{"x":738,"y":465,"width":47,"height":9}},{"id":"ea8a0213-6349-484c-ad22-835250a809ce","block_type":"box","text":"176,540","page_number":171,"box":{"x":847,"y":465,"width":47,"height":9}},{"id":"5835ad9c-0cd0-4020-94f0-cb8c2faa0025","block_type":"box","text":"Rebates from underlying holdings","page_number":171,"box":{"x":96,"y":483,"width":205,"height":11}},{"id":"8d436e0a-b545-4878-821e-4c2026c41b53","block_type":"box","text":"3,075","page_number":171,"box":{"x":752,"y":484,"width":32,"height":9}},{"id":"658c0c65-0282-4997-bbca-04052ae38102","block_type":"box","text":"3,203","page_number":171,"box":{"x":862,"y":484,"width":32,"height":9}},{"id":"de57801b-b5fa-4dd8-9a61-0e63baf42ecc","block_type":"box","text":"Bank interest","page_number":171,"box":{"x":96,"y":502,"width":80,"height":8}},{"id":"0f9d48f7-9d02-4b64-966c-6b39602b4a2f","block_type":"box","text":"9,638","page_number":171,"box":{"x":752,"y":502,"width":33,"height":9}},{"id":"d76076bd-dba3-4b96-b206-c724c954aec9","block_type":"box","text":"16,645","page_number":171,"box":{"x":855,"y":502,"width":39,"height":9}},{"id":"b3117b78-1e21-4ec8-b1a2-caf2d77af24e","block_type":"box","text":"Total revenue","page_number":171,"box":{"x":95,"y":524,"width":91,"height":8}},{"id":"e709be3b-50b1-4497-954e-0e5ca2ce6d24","block_type":"box","text":"448,128","page_number":171,"box":{"x":734,"y":525,"width":51,"height":9}},{"id":"de9f8da4-2e30-4494-a5b2-b5915da11b7b","block_type":"box","text":"476,702","page_number":171,"box":{"x":844,"y":525,"width":50,"height":9}},{"id":"d1aceefa-6720-476f-87f1-899071fc588e","block_type":"box","text":"4. Expenses","page_number":171,"box":{"x":95,"y":571,"width":76,"height":10}},{"id":"622e845c-c73d-45f5-a602-a52029fbf8c6","block_type":"box","text":"30.04.26","page_number":171,"box":{"x":730,"y":571,"width":55,"height":8}},{"id":"a471b5d2-7f91-421f-bbd5-c1de149d273b","block_type":"box","text":"30.04.25","page_number":171,"box":{"x":840,"y":571,"width":54,"height":8}},{"id":"4b8d530c-40a6-4dd6-b99f-7c40dd08abc4","block_type":"box","text":"£","page_number":171,"box":{"x":778,"y":586,"width":7,"height":8}},{"id":"5ab14f0e-964f-4f0c-86d9-18c50320cdf0","block_type":"box","text":"£","page_number":171,"box":{"x":888,"y":586,"width":6,"height":8}},{"id":"b217d1ed-d1cc-456d-a802-07d5b19ce16d","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":171,"box":{"x":96,"y":601,"width":549,"height":11}},{"id":"06a068dd-77a6-4efd-bbc4-049cbc0f5b14","block_type":"box","text":"agents of either of them:","page_number":171,"box":{"x":95,"y":617,"width":149,"height":10}},{"id":"9034a772-d878-4de4-abda-9b04bb8deb10","block_type":"box","text":"Annual management charge","page_number":171,"box":{"x":104,"y":636,"width":172,"height":10}},{"id":"cd743c05-7c6e-4afb-be58-21b79ca7f8c6","block_type":"box","text":"146,558","page_number":171,"box":{"x":738,"y":636,"width":47,"height":9}},{"id":"66a2cd0f-7d5d-496a-bb78-3990b123f824","block_type":"box","text":"166,989","page_number":171,"box":{"x":847,"y":636,"width":47,"height":9}},{"id":"1b63d09b-c70c-4876-a991-8f100f1c1197","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":171,"box":{"x":96,"y":658,"width":514,"height":10}},{"id":"27a0d92e-42c1-4b0e-8d26-5f9a7d96eea3","block_type":"box","text":"Depositary fee","page_number":171,"box":{"x":106,"y":677,"width":86,"height":10}},{"id":"d9f88a01-cb77-4d24-a21f-77b424f74b0b","block_type":"box","text":"4,703","page_number":171,"box":{"x":752,"y":677,"width":32,"height":9}},{"id":"9cccbd98-874a-4685-8fc9-a52a3f059cd5","block_type":"box","text":"5,313","page_number":171,"box":{"x":862,"y":677,"width":32,"height":9}},{"id":"1f638562-49c2-499a-963b-c573bb63d0a4","block_type":"box","text":"Safe custody fee","page_number":171,"box":{"x":105,"y":692,"width":98,"height":11}},{"id":"9cf55219-8746-4422-9a06-e1d67f33813d","block_type":"box","text":"2,202","page_number":171,"box":{"x":752,"y":692,"width":32,"height":10}},{"id":"58d29700-5c7e-45ad-b0a9-f5246cb9fe5b","block_type":"box","text":"2,275","page_number":171,"box":{"x":862,"y":692,"width":32,"height":10}},{"id":"9910875d-dbe5-4c9e-9331-56712db0280e","block_type":"box","text":"6,905","page_number":171,"box":{"x":752,"y":715,"width":32,"height":9}},{"id":"5cafca93-6a5d-45fe-ab51-f8296d9265ea","block_type":"box","text":"7,588","page_number":171,"box":{"x":862,"y":715,"width":32,"height":9}},{"id":"9243d469-7564-418a-9e6a-4022f83db999","block_type":"box","text":"Other expenses:","page_number":171,"box":{"x":96,"y":730,"width":97,"height":10}},{"id":"ef3a27a6-41e9-4627-9bd7-309a5fb78ff4","block_type":"box","text":"Audit fee*","page_number":171,"box":{"x":104,"y":748,"width":62,"height":9}},{"id":"4db900f7-8e21-4e23-829d-70873336ef73","block_type":"box","text":"9,720","page_number":171,"box":{"x":752,"y":749,"width":33,"height":9}},{"id":"5e4064ac-fc1e-4a18-9c37-1aa64794d3c9","block_type":"box","text":"8,150","page_number":171,"box":{"x":862,"y":749,"width":32,"height":9}},{"id":"09d68d32-f9e4-4f07-a933-d525c1b7cf72","block_type":"box","text":"Legal fee","page_number":171,"box":{"x":106,"y":764,"width":52,"height":11}},{"id":"bdcbb432-ea6d-4207-bcca-bc2c22ee0ba3","block_type":"box","text":"4,500","page_number":171,"box":{"x":752,"y":764,"width":33,"height":9}},{"id":"a2734abc-0ddd-4548-9070-5d366e0e5a10","block_type":"box","text":"–","page_number":171,"box":{"x":888,"y":769,"width":6,"height":0}},{"id":"b24f6cab-29ce-466c-b6ad-685f4782dc46","block_type":"box","text":"Other expenses","page_number":171,"box":{"x":105,"y":779,"width":95,"height":11}},{"id":"f577344c-967d-4df3-8ba3-180d25d806d3","block_type":"box","text":"8,235","page_number":171,"box":{"x":752,"y":780,"width":32,"height":9}},{"id":"2ae32656-0808-4780-97d3-3ece83f59332","block_type":"box","text":"11,003","page_number":171,"box":{"x":855,"y":780,"width":39,"height":9}},{"id":"16344cd3-0a66-47ca-9db5-fd8036405a7a","block_type":"box","text":"22,455","page_number":171,"box":{"x":745,"y":802,"width":39,"height":9}},{"id":"260cf776-69b8-4b05-871d-c6a585efb71b","block_type":"box","text":"19,153","page_number":171,"box":{"x":855,"y":802,"width":39,"height":9}},{"id":"7e1e1970-e13e-4b09-af38-d8a87b309ff6","block_type":"box","text":"Expenses","page_number":171,"box":{"x":96,"y":837,"width":60,"height":10}},{"id":"c28a1fc3-8f23-4c6c-b67b-9471fa698045","block_type":"box","text":"175,918","page_number":171,"box":{"x":735,"y":837,"width":50,"height":9}},{"id":"2218229f-3fe3-4bcb-98ad-850eb12ff087","block_type":"box","text":"193,730","page_number":171,"box":{"x":844,"y":837,"width":50,"height":9}},{"id":"b25e527b-515e-4e65-b1de-457f88db591b","block_type":"box","text":"Interest payable and similar charges","page_number":171,"box":{"x":96,"y":859,"width":219,"height":11}},{"id":"5108ce5f-4c98-4215-b839-15502600a78f","block_type":"box","text":"2,436","page_number":171,"box":{"x":752,"y":859,"width":33,"height":9}},{"id":"d622833f-2ba8-4f3b-81fe-ddf8f308fd2a","block_type":"box","text":"6,056","page_number":171,"box":{"x":862,"y":859,"width":32,"height":9}},{"id":"9af4b092-bebb-491f-995f-312b538f1f2e","block_type":"box","text":"Total","page_number":171,"box":{"x":95,"y":881,"width":33,"height":8}},{"id":"f2d78fef-0f6f-4893-ae1f-50c7aabb6b5f","block_type":"box","text":"178,354","page_number":171,"box":{"x":735,"y":881,"width":50,"height":10}},{"id":"1ca259d3-0022-44a5-a544-60010795798b","block_type":"box","text":"199,786","page_number":171,"box":{"x":844,"y":881,"width":50,"height":10}},{"id":"c6fff12b-629b-4a20-9ff9-d0dba2c8a99b","block_type":"box","text":"*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","page_number":171,"box":{"x":95,"y":903,"width":809,"height":11}},{"id":"cc74a4a0-2316-4f62-8175-4d4dd78f959c","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":171,"box":{"x":96,"y":919,"width":174,"height":10}},{"id":"dbb13da7-6857-4b60-8532-ae439e6eb3b5","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":171,"box":{"x":97,"y":38,"width":397,"height":17}},{"id":"0b1cd465-73bb-42a8-931a-e50e1e5db0ed","block_type":"box","text":"166","page_number":171,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"157492b1-e139-4bdf-8bc0-ea2a18ba7936","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":172,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"48f39fe0-278c-4fe5-b99a-c6fdc025c984","block_type":"box","text":"for the year ended 30 April 2026","page_number":172,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"acea8b60-e9c1-4ce8-83b5-db27e4a6040a","block_type":"box","text":"5. Taxation","page_number":172,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"4b7cf2b4-b56d-4ef1-82cd-0b1ca18e78ea","block_type":"box","text":"30.04.26","page_number":172,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"287011f4-357b-444f-bef8-8c4a44d66819","block_type":"box","text":"30.04.25","page_number":172,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"1097f784-b3b7-4f24-b3fb-d226b12441d9","block_type":"box","text":"£","page_number":172,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"aaa18195-2d21-4519-a2c6-b59c73c9a7dd","block_type":"box","text":"£","page_number":172,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"68c0a96a-9028-4750-bfbf-f0a5e2a3571e","block_type":"box","text":"(a) Analysis of charge in the year","page_number":172,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"93538ab9-ba3d-4e8f-90f3-9f9d2482b51f","block_type":"box","text":"UK corporation tax","page_number":172,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"e93cba21-0164-450c-8fdd-5b657d7a4d86","block_type":"box","text":"–","page_number":172,"box":{"x":778,"y":196,"width":7,"height":0}},{"id":"f023b9cb-70d1-4034-948d-418dce2e637a","block_type":"box","text":"–","page_number":172,"box":{"x":888,"y":196,"width":6,"height":0}},{"id":"4613547e-cab5-4aed-a26c-a2f50efc9746","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":172,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"59281f19-193c-47bf-a8a3-4a6fcc24db96","block_type":"box","text":"–","page_number":172,"box":{"x":778,"y":218,"width":7,"height":1}},{"id":"6fabf2f7-348a-4298-bfec-cf8c6a636160","block_type":"box","text":"–","page_number":172,"box":{"x":888,"y":218,"width":6,"height":1}},{"id":"f18e2ccd-582b-4995-bfee-bd14f88af99e","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":172,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"f96e01cc-6d4b-401b-ab47-4535fa502182","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":172,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"e8067869-86d6-4a1b-8d78-1bcc05cec4ab","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":172,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"c19c9a86-a7c3-43f9-bff4-f0f6007ae90a","block_type":"box","text":"Net revenue before UK corporation tax","page_number":172,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"b7b56152-efb4-4db3-af5c-bf970ef509eb","block_type":"box","text":"269,774","page_number":172,"box":{"x":737,"y":304,"width":48,"height":9}},{"id":"5b42f26e-6ed4-4424-b085-b5e272ff22a5","block_type":"box","text":"276,916","page_number":172,"box":{"x":847,"y":304,"width":47,"height":9}},{"id":"fb45141f-0c3a-49eb-9d97-1077082c967e","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":172,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"f5602566-3b8f-42ee-a6b9-19da10621b0e","block_type":"box","text":"53,955","page_number":172,"box":{"x":745,"y":326,"width":39,"height":9}},{"id":"f64506e3-1bd0-40b4-8864-8ccf5ebd0372","block_type":"box","text":"55,383","page_number":172,"box":{"x":854,"y":326,"width":40,"height":9}},{"id":"959b0046-d0ba-4a71-ab85-0701eb38958e","block_type":"box","text":"Effects of:","page_number":172,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"c62c3d0f-6220-4656-a845-fb13295623a1","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":172,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"2f1d90f3-d9c1-495f-82dd-d01b6dc5d99f","block_type":"box","text":"(57,637)","page_number":172,"box":{"x":740,"y":364,"width":49,"height":9}},{"id":"60082ac4-7aa1-40b6-8cfc-0fb0af621929","block_type":"box","text":"(55,185)","page_number":172,"box":{"x":850,"y":364,"width":49,"height":9}},{"id":"7f713ed5-7b85-44f8-81e2-383feb51079b","block_type":"box","text":"Tax effect of rebates in capital","page_number":172,"box":{"x":95,"y":382,"width":181,"height":11}},{"id":"5d00c41f-0a7e-41bf-9f33-43d53f052b66","block_type":"box","text":"36","page_number":172,"box":{"x":771,"y":383,"width":14,"height":7}},{"id":"a0e9569a-1496-402f-9797-d6ce30bbd4c2","block_type":"box","text":"3","page_number":172,"box":{"x":888,"y":383,"width":6,"height":7}},{"id":"59a824c6-d30b-469b-a670-2afbf1097fb0","block_type":"box","text":"Excess management expenses not utilised/(utilised)","page_number":172,"box":{"x":96,"y":401,"width":314,"height":11}},{"id":"d374ee7c-e0e3-45cb-bf16-1f8e4f370cc2","block_type":"box","text":"3,646","page_number":172,"box":{"x":752,"y":401,"width":33,"height":9}},{"id":"9861b203-02b2-4b86-8031-f6016521b446","block_type":"box","text":"(201)","page_number":172,"box":{"x":868,"y":401,"width":30,"height":10}},{"id":"74f2fb0c-4acd-4aa4-a709-2d19829d8980","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":172,"box":{"x":95,"y":423,"width":251,"height":11}},{"id":"3db4be7c-9c94-4dc1-8feb-25e715975ef9","block_type":"box","text":"–","page_number":172,"box":{"x":778,"y":428,"width":7,"height":1}},{"id":"c5c8db91-b0d1-4953-89de-df743c8c3154","block_type":"box","text":"–","page_number":172,"box":{"x":888,"y":428,"width":6,"height":1}},{"id":"7e439336-de33-45d4-a333-ac001b350a11","block_type":"box","text":"(c) Provision for deferred taxation","page_number":172,"box":{"x":95,"y":454,"width":205,"height":10}},{"id":"3684929b-47f4-4716-9048-f54fb1326eab","block_type":"box","text":"At 30 April 2026 there is a potential deferred tax asset of £742,267 (30 April 2025: £738,621) in relation to surplus managemen","page_number":172,"box":{"x":95,"y":476,"width":804,"height":11}},{"id":"e573d0ca-4e7b-4c28-8292-e9711002bfc3","block_type":"box","text":"t","page_number":172,"box":{"x":900,"y":477,"width":4,"height":7}},{"id":"a7656aef-33e5-4c30-a023-a0d5f050a835","block_type":"box","text":"expenses.","page_number":172,"box":{"x":95,"y":494,"width":60,"height":8}},{"id":"1f06f45a-ccce-486c-9550-14dd58d83136","block_type":"box","text":"6. Distributions","page_number":172,"box":{"x":95,"y":545,"width":102,"height":8}},{"id":"fa787008-23e1-4585-80de-1b5cd62e2402","block_type":"box","text":"30.04.26","page_number":172,"box":{"x":730,"y":561,"width":55,"height":7}},{"id":"6cd3bf19-e6e9-407e-89b9-dc0c4667386b","block_type":"box","text":"30.04.25","page_number":172,"box":{"x":840,"y":561,"width":54,"height":7}},{"id":"a9fb5f81-5189-4170-b333-69cd538af4ac","block_type":"box","text":"£","page_number":172,"box":{"x":778,"y":576,"width":7,"height":8}},{"id":"27fab3d2-1789-4734-8913-bc6254ba8999","block_type":"box","text":"£","page_number":172,"box":{"x":888,"y":576,"width":6,"height":8}},{"id":"e97a12b1-0fb4-4cfe-82bb-b3de799c07ab","block_type":"box","text":"Final dividend distribution","page_number":172,"box":{"x":96,"y":598,"width":158,"height":8}},{"id":"cc3b842c-e128-43a5-a79f-cc1317e6d718","block_type":"box","text":"261,681","page_number":172,"box":{"x":737,"y":598,"width":46,"height":9}},{"id":"04d71062-e6dc-4d84-9b8a-f4fc4de998e6","block_type":"box","text":"202,227","page_number":172,"box":{"x":847,"y":598,"width":47,"height":9}},{"id":"d0a0296e-be05-4cd7-aaa5-763f05e18c44","block_type":"box","text":"261,681","page_number":172,"box":{"x":737,"y":620,"width":46,"height":9}},{"id":"a07e302c-ff94-429e-acd8-788cbc7cdc77","block_type":"box","text":"202,227","page_number":172,"box":{"x":847,"y":620,"width":47,"height":9}},{"id":"3a533850-a77a-456d-9261-333720201b1b","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":172,"box":{"x":95,"y":639,"width":300,"height":8}},{"id":"7b41a414-1352-435a-8e98-87aff444fc47","block_type":"box","text":"32,071","page_number":172,"box":{"x":745,"y":639,"width":38,"height":9}},{"id":"6ed045f3-4ba9-4d5b-9f8e-7b3d4b9055b3","block_type":"box","text":"35,273","page_number":172,"box":{"x":854,"y":639,"width":40,"height":9}},{"id":"50050839-6cc2-4bb3-bdc4-6a132577290d","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":172,"box":{"x":96,"y":658,"width":289,"height":8}},{"id":"d8d49237-c915-4281-aa48-de3a56d50fff","block_type":"box","text":"(7,493)","page_number":172,"box":{"x":748,"y":658,"width":41,"height":9}},{"id":"f91583c9-f705-4e81-9faa-042480594292","block_type":"box","text":"(11,031)","page_number":172,"box":{"x":850,"y":658,"width":49,"height":9}},{"id":"212f584d-ae10-4abf-a7b6-470a1b11d8e3","block_type":"box","text":"Distributions","page_number":172,"box":{"x":96,"y":680,"width":86,"height":8}},{"id":"97234b1c-f55d-49a0-8934-69ad38138e50","block_type":"box","text":"286,259","page_number":172,"box":{"x":737,"y":680,"width":47,"height":9}},{"id":"02ebfeb8-2d4e-41b7-86df-4d965a32846d","block_type":"box","text":"226,46","page_number":172,"box":{"x":854,"y":680,"width":40,"height":9}},{"id":"aa97d581-7a62-4b35-95a4-964f91b72ceb","block_type":"box","text":"Reconciliation of distributions","page_number":172,"box":{"x":96,"y":717,"width":200,"height":9}},{"id":"7920b575-a8c6-4de0-a9f7-192589f6f9a2","block_type":"box","text":"Net revenue after taxation","page_number":172,"box":{"x":96,"y":736,"width":159,"height":8}},{"id":"b6ecc0e0-a64f-422d-8d19-0d99a3c8925f","block_type":"box","text":"269,774","page_number":172,"box":{"x":737,"y":737,"width":48,"height":9}},{"id":"b1554b41-c56a-429f-93fc-8c143385ce6d","block_type":"box","text":"276,916","page_number":172,"box":{"x":847,"y":737,"width":47,"height":9}},{"id":"95fddd1a-949b-48fc-9ba7-a3ed52d9ba0b","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":172,"box":{"x":96,"y":752,"width":301,"height":10}},{"id":"848c8bb2-d18e-4db7-89b0-4dd54bd32d1b","block_type":"box","text":"16,264","page_number":172,"box":{"x":745,"y":752,"width":40,"height":9}},{"id":"9824416c-a81c-4240-9c80-540c776a2445","block_type":"box","text":"19,336","page_number":172,"box":{"x":855,"y":752,"width":39,"height":9}},{"id":"1b1c8e75-551e-4ecf-85d2-bec6806cd091","block_type":"box","text":"Marginal tax relief on rebates in capital","page_number":172,"box":{"x":96,"y":767,"width":236,"height":11}},{"id":"e097f1df-b39d-4cc0-8d4f-6da0b8f8fbf4","block_type":"box","text":"36","page_number":172,"box":{"x":771,"y":767,"width":14,"height":8}},{"id":"111df6bc-a072-4cbc-95e2-acd45765dc7b","block_type":"box","text":"3","page_number":172,"box":{"x":888,"y":767,"width":6,"height":8}},{"id":"a18d2d38-aaaa-4cbe-b5b2-8a666d9e55c7","block_type":"box","text":"Balance brought forward","page_number":172,"box":{"x":96,"y":782,"width":150,"height":11}},{"id":"d72e1eb7-6623-4360-bb65-516ffe856fd0","block_type":"box","text":"185","page_number":172,"box":{"x":764,"y":783,"width":20,"height":8}},{"id":"e13cc900-8694-4502-aaed-f283e86a9d6e","block_type":"box","text":"(69,601)","page_number":172,"box":{"x":850,"y":783,"width":49,"height":9}},{"id":"458bae3b-6029-42a5-a22d-e390a3a3544f","block_type":"box","text":"Balance carried forward","page_number":172,"box":{"x":96,"y":798,"width":144,"height":8}},{"id":"d951c386-c84e-442c-8f96-08a9ba1d5728","block_type":"box","text":"–","page_number":172,"box":{"x":778,"y":803,"width":7,"height":1}},{"id":"da89182c-cfe2-4fe7-9dd4-c3a8c1054bc6","block_type":"box","text":"(185)","page_number":172,"box":{"x":868,"y":798,"width":30,"height":10}},{"id":"98030e28-3a61-4009-ab8b-7518ca1bd888","block_type":"box","text":"Net distribution for the year","page_number":172,"box":{"x":96,"y":820,"width":187,"height":11}},{"id":"b4ebccb8-9adb-4261-9ae1-3f65d170376c","block_type":"box","text":"286,259","page_number":172,"box":{"x":734,"y":821,"width":51,"height":9}},{"id":"c37f49ba-4eae-4187-8047-25f2944fa083","block_type":"box","text":"226,469","page_number":172,"box":{"x":844,"y":821,"width":50,"height":9}},{"id":"6ee9645a-1fef-42c3-94db-44d610b7fda6","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":172,"box":{"x":505,"y":38,"width":397,"height":17}},{"id":"cfcfbe78-53bd-4ff7-8adf-9398607ece8a","block_type":"box","text":"167","page_number":172,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"401e725a-c23e-4d22-ad45-6630fa695c7e","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":173,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"c36d6f09-c8bb-46f8-86d4-4662c0f60947","block_type":"box","text":"for the year ended 30 April 2026","page_number":173,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"1a24bd3c-1d65-4c38-950e-f44785178efa","block_type":"box","text":"7. Debtors","page_number":173,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"a3e21b98-686c-4879-b247-d74cb69962d7","block_type":"box","text":"30.04.26","page_number":173,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"5c540976-032f-448b-b601-e670aa360ab4","block_type":"box","text":"30.04.25","page_number":173,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"c69bc4e1-3b59-4a95-a50f-bb1676ff3bee","block_type":"box","text":"£","page_number":173,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"32e3c0b6-b074-4188-a3e5-7b97d46b4034","block_type":"box","text":"£","page_number":173,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"5cb1eb9c-1bfe-472c-8ed5-80df49e93552","block_type":"box","text":"Amounts receivable on creation of shares","page_number":173,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"5344a663-85a0-498d-8add-d4d69cb71ac6","block_type":"box","text":"97","page_number":173,"box":{"x":771,"y":172,"width":14,"height":8}},{"id":"e281cdc6-8597-4c0c-91a2-9f5a67d5ee36","block_type":"box","text":"2,230","page_number":173,"box":{"x":862,"y":172,"width":32,"height":9}},{"id":"60c03e25-9d29-4205-ad85-93bc93e9e349","block_type":"box","text":"Amounts receivable from unsettled trades","page_number":173,"box":{"x":95,"y":191,"width":257,"height":8}},{"id":"f4e224b0-d7c8-4331-b11d-fe11a7bba9b7","block_type":"box","text":"–","page_number":173,"box":{"x":778,"y":196,"width":7,"height":0}},{"id":"98921347-b095-4f43-af4b-9224aae35e21","block_type":"box","text":"140,860","page_number":173,"box":{"x":847,"y":191,"width":47,"height":9}},{"id":"b66aca37-a9ea-4e61-8e9b-7daa781c18b9","block_type":"box","text":"Accrued revenue:","page_number":173,"box":{"x":95,"y":210,"width":105,"height":8}},{"id":"22edefc0-bc44-41d9-a111-7d2335c0080d","block_type":"box","text":"Rebates from underlying holdings","page_number":173,"box":{"x":96,"y":228,"width":205,"height":11}},{"id":"d44f9a16-27d0-4d09-9205-cb5a2f1dc534","block_type":"box","text":"1,351","page_number":173,"box":{"x":753,"y":229,"width":30,"height":9}},{"id":"a0858e7f-0fc6-4b68-a90f-8b689c18bb8c","block_type":"box","text":"2,406","page_number":173,"box":{"x":862,"y":229,"width":32,"height":9}},{"id":"f234e1d3-e1d3-4dbc-8eee-cbe199d52c3c","block_type":"box","text":"Income tax recoverable","page_number":173,"box":{"x":96,"y":247,"width":141,"height":8}},{"id":"4cd1f3e3-5505-49bc-90a8-69a9355397d9","block_type":"box","text":"98","page_number":173,"box":{"x":771,"y":248,"width":14,"height":7}},{"id":"63bb4779-5946-4de6-bd76-0ca845a72511","block_type":"box","text":"877","page_number":173,"box":{"x":873,"y":248,"width":21,"height":7}},{"id":"f4c29b6e-8787-4dcb-a310-0c66e2fe80ed","block_type":"box","text":"Bank interest receivable","page_number":173,"box":{"x":96,"y":266,"width":145,"height":8}},{"id":"5c968cdc-c408-4f4e-a699-e113c24739c4","block_type":"box","text":"1,816","page_number":173,"box":{"x":753,"y":266,"width":32,"height":9}},{"id":"8ec02aa9-2620-4419-babf-6e4f3bfdb5e9","block_type":"box","text":"–","page_number":173,"box":{"x":888,"y":271,"width":6,"height":1}},{"id":"e2605f83-e727-4d4e-a9c7-1b8817b96c89","block_type":"box","text":"Prepayments","page_number":173,"box":{"x":96,"y":285,"width":79,"height":10}},{"id":"0f068688-52a1-4c4e-9c77-858e74b98c5c","block_type":"box","text":"–","page_number":173,"box":{"x":778,"y":290,"width":7,"height":0}},{"id":"a9a5e12f-2afb-459e-b68d-931f76b5e72d","block_type":"box","text":"63","page_number":173,"box":{"x":880,"y":285,"width":14,"height":8}},{"id":"99f732f2-7fd6-4507-b5dc-28cbe37b0336","block_type":"box","text":"Total debtors","page_number":173,"box":{"x":95,"y":307,"width":88,"height":8}},{"id":"3f150f13-ac60-4495-b960-6112bd6e1c3d","block_type":"box","text":"3,362","page_number":173,"box":{"x":750,"y":307,"width":35,"height":9}},{"id":"5d49b477-8494-4d2c-8120-b064165a1f94","block_type":"box","text":"146,436","page_number":173,"box":{"x":844,"y":307,"width":50,"height":9}},{"id":"93f4f584-983a-449c-8243-cecf554f79fc","block_type":"box","text":"8. Cash and bank balances","page_number":173,"box":{"x":95,"y":360,"width":174,"height":8}},{"id":"58e2fbdb-c198-4d36-8a30-44aad8a3582e","block_type":"box","text":"30.04.26","page_number":173,"box":{"x":730,"y":360,"width":55,"height":8}},{"id":"7f5c9677-434e-45f9-a5cb-9f8954ad54ab","block_type":"box","text":"30.04.25","page_number":173,"box":{"x":840,"y":360,"width":54,"height":8}},{"id":"b67d1104-3db1-4f33-b539-2bbdae399e71","block_type":"box","text":"£","page_number":173,"box":{"x":778,"y":376,"width":7,"height":8}},{"id":"89e77459-3aa4-460d-8fbc-4bc4dfde9da5","block_type":"box","text":"£","page_number":173,"box":{"x":888,"y":376,"width":6,"height":8}},{"id":"8786899d-acc2-4ac1-8411-e94570582510","block_type":"box","text":"Cash and bank balances","page_number":173,"box":{"x":96,"y":398,"width":146,"height":8}},{"id":"8fcd0dc8-fb9f-4a8e-a19e-17da1fa516f9","block_type":"box","text":"497,691","page_number":173,"box":{"x":737,"y":398,"width":46,"height":9}},{"id":"88c6c7a2-2311-4b54-b414-ec654ab4ed06","block_type":"box","text":"249,256","page_number":173,"box":{"x":847,"y":398,"width":47,"height":9}},{"id":"3418c3c6-ec21-44a1-91df-f538ef161fba","block_type":"box","text":"Bank overdraft","page_number":173,"box":{"x":96,"y":416,"width":89,"height":9}},{"id":"5c95ded6-ec7a-4a12-868b-30821a687ec2","block_type":"box","text":"–","page_number":173,"box":{"x":778,"y":421,"width":7,"height":1}},{"id":"334c08d3-f3f9-4cf0-bb4a-7e6109401db4","block_type":"box","text":"(147,214)","page_number":173,"box":{"x":842,"y":417,"width":57,"height":9}},{"id":"edc7ff22-5b5e-43eb-bf47-ad8f699668ae","block_type":"box","text":"Total","page_number":173,"box":{"x":95,"y":439,"width":33,"height":8}},{"id":"da82afec-abdf-4ac9-9e20-b8d3e6f4640b","block_type":"box","text":"497,691","page_number":173,"box":{"x":734,"y":439,"width":49,"height":9}},{"id":"ae9fba1b-7b88-4d9a-8cbb-544faf3b46af","block_type":"box","text":"102,042","page_number":173,"box":{"x":844,"y":439,"width":50,"height":9}},{"id":"4e551ecb-8d53-4352-bc6f-b2cfb0fcf047","block_type":"box","text":"9. Creditors","page_number":173,"box":{"x":95,"y":492,"width":76,"height":8}},{"id":"3ff3b5c3-1492-468e-8f21-a674291f38ee","block_type":"box","text":"30.04.26","page_number":173,"box":{"x":730,"y":492,"width":55,"height":8}},{"id":"8b1aedfa-18f1-49a7-9be1-a057fcdcc7c2","block_type":"box","text":"30.04.25","page_number":173,"box":{"x":840,"y":492,"width":54,"height":8}},{"id":"3808c77f-b152-4e5b-ae93-0b5fdd54a778","block_type":"box","text":"£","page_number":173,"box":{"x":778,"y":507,"width":7,"height":8}},{"id":"8c69e401-b6cd-4b0c-91fa-30da0d99fa87","block_type":"box","text":"£","page_number":173,"box":{"x":888,"y":507,"width":6,"height":8}},{"id":"c3146ab4-dd8e-4799-8a85-238572a028d1","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":173,"box":{"x":95,"y":529,"width":261,"height":11}},{"id":"15485afa-a937-43c4-b7a7-1e9e74b25760","block_type":"box","text":"12,641","page_number":173,"box":{"x":745,"y":530,"width":38,"height":9}},{"id":"6c81f280-c8f3-464f-b088-18e72701606a","block_type":"box","text":"14,364","page_number":173,"box":{"x":855,"y":530,"width":40,"height":9}},{"id":"690e3504-791c-405d-a8db-6e65c1d30fc8","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":173,"box":{"x":96,"y":548,"width":549,"height":11}},{"id":"498b94a9-2e71-48b6-8408-5295d9d23f62","block_type":"box","text":"agents of either of them:","page_number":173,"box":{"x":95,"y":563,"width":149,"height":11}},{"id":"f1dd2d0c-2d35-43ba-9b93-aa28f3934b72","block_type":"box","text":"Annual management charge","page_number":173,"box":{"x":104,"y":582,"width":172,"height":11}},{"id":"f9e42249-6b28-444f-b31b-b13677d969c9","block_type":"box","text":"11,646","page_number":173,"box":{"x":745,"y":583,"width":40,"height":9}},{"id":"ec337c09-4250-4b8e-af2f-8b0f09296292","block_type":"box","text":"11,386","page_number":173,"box":{"x":855,"y":583,"width":39,"height":9}},{"id":"e40dcf8e-8c45-4843-8ad8-8b675eb11fd3","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":173,"box":{"x":96,"y":604,"width":514,"height":11}},{"id":"c486067a-e4f1-44f5-82a9-f6864154fe53","block_type":"box","text":"Depositary fee","page_number":173,"box":{"x":106,"y":623,"width":86,"height":11}},{"id":"959dff40-feae-4749-a98a-bec0712601d0","block_type":"box","text":"373","page_number":173,"box":{"x":763,"y":624,"width":21,"height":8}},{"id":"20ff64f6-ace2-44f8-8b2c-a6627d43d264","block_type":"box","text":"379","page_number":173,"box":{"x":873,"y":624,"width":21,"height":8}},{"id":"1ec155bf-163b-4f50-b1f4-4ca66309c590","block_type":"box","text":"Safe custody and other custodian charges","page_number":173,"box":{"x":105,"y":639,"width":253,"height":10}},{"id":"25840d1f-4f25-46e8-95bb-474904cdfe3f","block_type":"box","text":"112","page_number":173,"box":{"x":764,"y":639,"width":20,"height":8}},{"id":"6c39aa29-33c1-4441-939b-2997d96a5948","block_type":"box","text":"3,522","page_number":173,"box":{"x":862,"y":639,"width":32,"height":9}},{"id":"c0899ce9-0576-4950-ab40-97345f7cca62","block_type":"box","text":"485","page_number":173,"box":{"x":763,"y":661,"width":21,"height":8}},{"id":"d2f313e0-a086-4afe-8b3e-0d1b227710c1","block_type":"box","text":"3,901","page_number":173,"box":{"x":862,"y":661,"width":30,"height":9}},{"id":"0c579c58-dd5f-4ea2-968d-f4aef06ceadd","block_type":"box","text":"Other expenses:","page_number":173,"box":{"x":96,"y":683,"width":97,"height":11}},{"id":"c44d5698-2762-4446-aed5-f22bd6b60c91","block_type":"box","text":"Audit fee","page_number":173,"box":{"x":104,"y":702,"width":54,"height":8}},{"id":"c1b3ca4b-744d-4bb0-b032-1595c4f728e1","block_type":"box","text":"9,720","page_number":173,"box":{"x":752,"y":702,"width":33,"height":9}},{"id":"849049e6-2f87-4cd4-a388-d73a91971a20","block_type":"box","text":"7,862","page_number":173,"box":{"x":862,"y":702,"width":32,"height":9}},{"id":"87ad64a1-6176-4163-be83-37e6d6967f2a","block_type":"box","text":"Other accrued expenses","page_number":173,"box":{"x":105,"y":717,"width":147,"height":11}},{"id":"6e8247fc-ea56-455f-b6e8-9485e70ae42d","block_type":"box","text":"2,805","page_number":173,"box":{"x":752,"y":718,"width":32,"height":9}},{"id":"7a20a6f7-509f-4020-9e5b-98d283795961","block_type":"box","text":"1,026","page_number":173,"box":{"x":862,"y":718,"width":32,"height":9}},{"id":"825c1358-cf56-47ce-bdb0-fd7156e0616a","block_type":"box","text":"12,525","page_number":173,"box":{"x":745,"y":740,"width":39,"height":9}},{"id":"1fddf5fa-6425-41e7-9242-90af8db33641","block_type":"box","text":"8,888","page_number":173,"box":{"x":862,"y":740,"width":32,"height":9}},{"id":"2666cb6f-cfd5-4390-b0d3-a252a0044f91","block_type":"box","text":"Total creditors","page_number":173,"box":{"x":95,"y":775,"width":97,"height":8}},{"id":"b553edf4-b31f-4ac4-937e-517ec38b3a27","block_type":"box","text":"37,297","page_number":173,"box":{"x":742,"y":775,"width":43,"height":9}},{"id":"3110cf2f-6001-4208-868b-2ff1ff58fefe","block_type":"box","text":"38,539","page_number":173,"box":{"x":852,"y":775,"width":42,"height":9}},{"id":"6a4416c2-5d7f-43c7-b226-6177f875356b","block_type":"box","text":"*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","page_number":173,"box":{"x":95,"y":797,"width":809,"height":11}},{"id":"bd1a3334-ea52-4c9d-863d-d40989093101","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":173,"box":{"x":96,"y":812,"width":174,"height":10}},{"id":"af48f44a-df15-4f03-bd1b-3f28de94d564","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":173,"box":{"x":97,"y":38,"width":397,"height":17}},{"id":"6b3de7d9-8c99-42e8-9b6e-4208e75081d5","block_type":"box","text":"168","page_number":173,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"88cef326-dfed-417c-afd0-f462a2224462","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":174,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"4aa107c7-10d3-42f6-9cf0-0716fa90ce7b","block_type":"box","text":"for the year ended 30 April 2026","page_number":174,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"ce1c65de-a850-4fb9-b40a-2c47dc35ed7f","block_type":"box","text":"10. Risk management policies","page_number":174,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"4813ac0b-8912-49d8-95fa-43b097a31e8b","block_type":"box","text":"In pursuing its investment objective as stated on page 156, the Sub-fund holds a number of financial instruments. The Sub-fund’","page_number":174,"box":{"x":96,"y":150,"width":802,"height":10}},{"id":"50ecbff4-6eee-4134-83c9-d2ab7d7cdd11","block_type":"box","text":"s","page_number":174,"box":{"x":899,"y":152,"width":5,"height":6}},{"id":"b02ac632-4ec9-47f1-802c-23e5b7cd1d52","block_type":"box","text":"financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from","page_number":174,"box":{"x":95,"y":165,"width":789,"height":11}},{"id":"d3241060-260d-4f9c-b4f9-74055098fed9","block_type":"box","text":"its","page_number":174,"box":{"x":891,"y":165,"width":13,"height":8}},{"id":"e0bdc587-fc14-4deb-b995-95bfb7b9a8a1","block_type":"box","text":"operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for","page_number":174,"box":{"x":95,"y":181,"width":809,"height":10}},{"id":"a32a7701-e169-4f19-a50b-3067a3e1a23a","block_type":"box","text":"redemptions and debtors for accrued revenue.","page_number":174,"box":{"x":96,"y":196,"width":284,"height":11}},{"id":"28026b67-751d-43f3-a841-cf67bd191217","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":174,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"6e4fcf45-fec2-4c77-b0a9-8a5a39ad9ac1","block_type":"box","text":"anaging","page_number":174,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"46534bbc-5ca8-481d-b366-0704538353bb","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":174,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"205bad6c-1276-45ed-bf20-d5a6447e3afe","block_type":"box","text":"Market price risk","page_number":174,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"da488b36-6c73-4bd7-aebd-a4800b01e648","block_type":"box","text":"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","page_number":174,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"9d562976-6a98-4f8c-8546-c1d395a4d416","block_type":"box","text":"ket prices","page_number":174,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"bf5a536b-10de-4dff-a537-eb12bb07e51e","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":174,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"9cc72f09-8406-4221-bece-8a8e90ccee15","block_type":"box","text":"future","page_number":174,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"30ab4b35-a822-483d-8c0a-508c4bdeb787","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":174,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"1f154388-8e6c-4155-93a3-2d9ac8a2f9ab","block_type":"box","text":"market","page_number":174,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"01f767aa-dad7-425e-ae1d-ff464a998700","block_type":"box","text":"positions in the face of price movements.","page_number":174,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"38281a7a-6501-4f38-8e39-95d7bde86416","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":174,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"38e47964-d73c-47c4-8f35-ec03e080732f","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":174,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"49144d49-4d2f-451e-abc9-f443dad53941","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":174,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"d1e56b1c-894b-4636-9e03-2c4fd6bca63b","block_type":"box","text":"ectus","page_number":174,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"0766ee01-71c0-4aed-9bf2-b2b522b528f4","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":174,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"7d65e04b-ec27-4d5f-a639-d10016771efb","block_type":"box","text":"exposure","page_number":174,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"4743cc87-64c9-48b7-9a34-de114aa60bab","block_type":"box","text":"to any particular type of security or issuer.","page_number":174,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"b9fe25cf-9be4-4cb1-a861-383019e5a36d","block_type":"box","text":"If market prices at the Balance Sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":174,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"12214163-23ad-46ec-aac9-dd9177729c3e","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £1,855,527","page_number":174,"box":{"x":95,"y":446,"width":786,"height":11}},{"id":"a6380596-b71c-4eb0-8d76-31770ca5538a","block_type":"box","text":"(30","page_number":174,"box":{"x":885,"y":446,"width":19,"height":10}},{"id":"2bb2ddd1-61f1-4e43-ae10-a1fcec81bf02","block_type":"box","text":"April 2025: £1,852,203).","page_number":174,"box":{"x":95,"y":461,"width":144,"height":11}},{"id":"fc60712a-dedd-4590-a7d0-6443529b5c53","block_type":"box","text":"Foreign currency risk","page_number":174,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"2751f14a-ad76-48df-b11c-692e8eb9761b","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":174,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"09fde4da-e6ff-4eff-b703-0957ad76cabd","block_type":"box","text":"foreign","page_number":174,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"aae71721-9837-485c-9a25-d216ae3df26d","block_type":"box","text":"currency exchange rates.","page_number":174,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"fe32b840-619d-412f-ba7b-682b5c683e12","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":174,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"73187640-8bf9-4622-9862-8b556b29615c","block_type":"box","text":"nvest","page_number":174,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"d4dbe350-c382-4564-9a80-418b1d2600e4","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":174,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"10e2bd29-7b34-4965-ae6a-4e8ca7ff205e","block_type":"box","text":"e","page_number":174,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"5f37287d-37c5-4b98-bb91-e8f4aef4ebd2","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":174,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"1fd1ca2d-3410-435f-bcb7-70d98fde0d09","block_type":"box","text":"ced","page_number":174,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"b665c7be-4378-41ea-9388-d1bded92f292","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":174,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"d4e94400-8552-4ee4-8df3-5b6c13cf8b9f","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":174,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"a1e2da94-c517-497b-b215-8f37ec1f226a","block_type":"box","text":"Net monetary","page_number":174,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"77a01e30-cf64-438d-96db-9bbd42321319","block_type":"box","text":"Non-monetary","page_number":174,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"edebba50-af4c-475f-af02-d03677871548","block_type":"box","text":"Total net","page_number":174,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"5ff43e69-7f2d-4b75-acf2-72e11748b3bd","block_type":"box","text":"assets and liabilities","page_number":174,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"f5a76135-9207-48d2-b469-0ce8e81a10f3","block_type":"box","text":"assets","page_number":174,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"d528b482-0829-48df-b884-bcc6db45f064","block_type":"box","text":"assets","page_number":174,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"a7a8fddb-f072-4908-bbaa-d16a4eb05628","block_type":"box","text":"£","page_number":174,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"ad8becfb-d11a-4ccc-a8a2-d94747489f45","block_type":"box","text":"£","page_number":174,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"dfcf1dd8-4640-4d0d-9eb3-5d34a0bb8867","block_type":"box","text":"£","page_number":174,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"cbab761b-888c-46d8-a3a0-5f676a133e74","block_type":"box","text":"£","page_number":174,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"afcee8cb-0c20-4ff8-b29b-78c703d1d721","block_type":"box","text":"£","page_number":174,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"a08f3c7d-db04-40d8-9a31-0f8021c68966","block_type":"box","text":"£","page_number":174,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"5731bafa-c116-435d-bbb5-376158bcb5c0","block_type":"box","text":"30.04.26","page_number":174,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"2b31914b-91b3-4a00-80fa-92597d65888f","block_type":"box","text":"30.04.25","page_number":174,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"a915e63e-1c3c-44ca-9597-ece89c68bf77","block_type":"box","text":"30.04.26","page_number":174,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"11be4448-126b-4ea9-9683-7f0b2a9931fa","block_type":"box","text":"30.04.25","page_number":174,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"a072e8ae-b170-40d4-a66b-8e09a62f7ce1","block_type":"box","text":"30.04.26","page_number":174,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"047d8ecf-4796-4645-901d-b14b43c75ae8","block_type":"box","text":"30.04.25","page_number":174,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"b603bbcb-c7a0-4a9a-8904-95f32bf1bd49","block_type":"box","text":"Sterling","page_number":174,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"bc8ac239-da01-47bc-965d-f4cedd0aa140","block_type":"box","text":"463,756","page_number":174,"box":{"x":299,"y":680,"width":47,"height":9}},{"id":"a3b04067-e881-4101-96c8-9c938c41ee00","block_type":"box","text":"209,939","page_number":174,"box":{"x":408,"y":680,"width":48,"height":9}},{"id":"0926f69c-c8c9-4df2-9d57-e81468a7b3a2","block_type":"box","text":"17,096,136","page_number":174,"box":{"x":500,"y":680,"width":66,"height":9}},{"id":"c2c4304d-a546-4c46-a92f-484e917758b3","block_type":"box","text":"18,522,025","page_number":174,"box":{"x":609,"y":680,"width":66,"height":9}},{"id":"ebed1c89-3cb4-4156-b881-c494a2d7aa46","block_type":"box","text":"17,559,892","page_number":174,"box":{"x":719,"y":680,"width":66,"height":9}},{"id":"8535f355-c62a-4bcc-8f96-ffdd4752e8a8","block_type":"box","text":"18,731,964","page_number":174,"box":{"x":828,"y":680,"width":67,"height":9}},{"id":"bee265f6-f235-41e9-b5a7-e67e0c7bdb2b","block_type":"box","text":"EUR","page_number":174,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"879a74f2-e476-4459-9765-96a8bc6606f5","block_type":"box","text":"–","page_number":174,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"ec7420f7-a3c6-4293-89dc-e90cdd8ea4fd","block_type":"box","text":"–","page_number":174,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"5c7ebc4a-877d-44fd-9f49-911c206d84bc","block_type":"box","text":"–","page_number":174,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"37b7465a-703f-4c70-b945-3d8960b6e57a","block_type":"box","text":"439,853","page_number":174,"box":{"x":627,"y":695,"width":48,"height":9}},{"id":"feb87ac0-a393-41e2-abb1-d7cd078ba3ec","block_type":"box","text":"–","page_number":174,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"f79c7953-d1c1-454d-a774-4028c63c75bc","block_type":"box","text":"439,853","page_number":174,"box":{"x":846,"y":695,"width":48,"height":9}},{"id":"250ab1cf-a39e-48da-8823-cd9144e893c4","block_type":"box","text":"USD","page_number":174,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"95c49f48-dbd4-44b5-8ccd-59ce8ca66116","block_type":"box","text":"–","page_number":174,"box":{"x":340,"y":715,"width":7,"height":1}},{"id":"19f9c64a-c772-4bfe-8cd8-b8456e027967","block_type":"box","text":"–","page_number":174,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"26c1daa5-554c-49d2-8bf6-545d2105447f","block_type":"box","text":"1,459,138","page_number":174,"box":{"x":507,"y":711,"width":59,"height":9}},{"id":"647b43fc-838c-4d60-929b-f06ed2d69313","block_type":"box","text":"–","page_number":174,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"fc75d394-8233-40ba-9ca6-4d5723cdb9a0","block_type":"box","text":"1,459,138","page_number":174,"box":{"x":726,"y":711,"width":59,"height":9}},{"id":"c4cabfac-3336-489a-8a6f-f15b6abe383b","block_type":"box","text":"–","page_number":174,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"12b59de3-091c-40c3-9d8d-bc62aad03b8b","block_type":"box","text":"463,756","page_number":174,"box":{"x":296,"y":733,"width":51,"height":9}},{"id":"1f457759-6f3e-4710-91e3-1df115c2248d","block_type":"box","text":"209,939","page_number":174,"box":{"x":406,"y":733,"width":50,"height":9}},{"id":"373110a2-33ca-4e5e-a758-a19bafc6a73d","block_type":"box","text":"18,555,274","page_number":174,"box":{"x":496,"y":733,"width":70,"height":9}},{"id":"66df32c2-450b-42b2-b2d4-2394309e7694","block_type":"box","text":"18,522,025","page_number":174,"box":{"x":605,"y":733,"width":70,"height":9}},{"id":"603885ef-a134-427e-a488-d28e30f142ae","block_type":"box","text":"19,019,030","page_number":174,"box":{"x":715,"y":733,"width":70,"height":9}},{"id":"1f2b6abc-4ce0-4f51-bf5e-58ef664d1dd5","block_type":"box","text":"18,731,964","page_number":174,"box":{"x":824,"y":733,"width":71,"height":9}},{"id":"71958cf0-95e9-4ff2-a857-b06e19536dd6","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":174,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"b34a1559-e97c-4070-8e8a-80f165aa5b16","block_type":"box","text":"he","page_number":174,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"76a620e7-1400-489c-8a11-cde059b08938","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £145","page_number":174,"box":{"x":96,"y":770,"width":782,"height":11}},{"id":"bb85c661-a199-4dc5-819f-371c57d74089","block_type":"box","text":",914","page_number":174,"box":{"x":879,"y":771,"width":25,"height":9}},{"id":"54db3075-6a9c-49f7-9c75-8f711157f00f","block_type":"box","text":"(30 April 2025: £43,985).","page_number":174,"box":{"x":95,"y":786,"width":148,"height":10}},{"id":"6c3ddbe5-b06b-474f-b7b1-0a6794938c6e","block_type":"box","text":"Interest rate risk","page_number":174,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"b2d1b9e8-320d-42e0-bf0f-3bea01ee14af","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":174,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"88a03ee6-2e91-4c30-a401-09ceb19e0aca","block_type":"box","text":"se change","page_number":174,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"cdb2b57b-264b-49a6-8a6d-9265bfb521f5","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":174,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"b6d42f99-73a1-4be7-81a4-e8d2d8f537f3","block_type":"box","text":"nterest","page_number":174,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"473c754b-ea99-4d09-815a-5d4f1c8ec710","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short-term in","page_number":174,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"6e6b800a-c6f7-4b70-a15e-33db77baf055","block_type":"box","text":"struments.","page_number":174,"box":{"x":840,"y":853,"width":63,"height":8}},{"id":"872b075a-a17d-4ab2-b26b-92e33e86e511","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":174,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"29f170fe-8254-4ae7-a21b-a5f41e67f78c","block_type":"box","text":"ited","page_number":174,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"ed29c535-7b17-40ce-aef1-72a7e78a6ae6","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":174,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"0eaa8143-64f4-4d41-a53f-539a9cad6011","block_type":"box","text":"n the","page_number":174,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"1b5404d5-3192-4391-b6a0-c1151191fd48","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":174,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"640a06cf-c699-4b38-b1ee-5a142f3ef51e","block_type":"box","text":"ses as","page_number":174,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"c7a62837-36f5-46f0-994c-ce78ac842c27","block_type":"box","text":"interest rates increase.","page_number":174,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"dee4bfaa-61f1-4cfd-ba2e-af218a2bdf00","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":174,"box":{"x":505,"y":38,"width":397,"height":17}},{"id":"6b7600a4-89a2-449c-a73a-aa0832c75c87","block_type":"box","text":"169","page_number":174,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"236a420c-4d1b-4821-83ca-da687690498c","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":175,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"8836a62e-69f7-4e25-8f66-062a997fae75","block_type":"box","text":"for the year ended 30 April 2026","page_number":175,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"c61373e2-6a6c-4960-a5b3-266314aaf51c","block_type":"box","text":"10. Risk management policies (continued)","page_number":175,"box":{"x":96,"y":134,"width":277,"height":11}},{"id":"c5dafacd-6780-4dd3-be4b-e245507d7e62","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":175,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"b455c565-6638-414c-b01c-aa6ef3b6636e","block_type":"box","text":"30.04.26","page_number":175,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"72d6b29c-9d03-421e-9733-91fd634df621","block_type":"box","text":"30.04.25","page_number":175,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"49a3c140-9627-4f6c-9fc9-de2c4ab10177","block_type":"box","text":"£","page_number":175,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"4f85e00f-a295-451f-af07-46c72c368aa5","block_type":"box","text":"£","page_number":175,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"c41e5f6d-e408-43de-9543-ba829cc2516b","block_type":"box","text":"Financial assets floating rate","page_number":175,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"1cc1377f-7f21-4bdc-b27f-a73f5227b275","block_type":"box","text":"497,691","page_number":175,"box":{"x":737,"y":210,"width":46,"height":9}},{"id":"7569de8d-d84a-45ef-8d3c-00d4b68cf4a1","block_type":"box","text":"249,256","page_number":175,"box":{"x":847,"y":210,"width":47,"height":9}},{"id":"da78a655-dd70-46e5-b30a-45da003db2ba","block_type":"box","text":"Financial assets interest bearing instruments","page_number":175,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"4305bf23-2505-4d73-9833-6a4069332d35","block_type":"box","text":"4,177,242","page_number":175,"box":{"x":725,"y":229,"width":59,"height":9}},{"id":"38ea937a-2e78-4a45-8859-0d997cfbacab","block_type":"box","text":"4,557,546","page_number":175,"box":{"x":835,"y":229,"width":59,"height":9}},{"id":"ac6dfcb8-0c43-40bc-8b3a-3054752387d8","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":175,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"b63c83da-7cfd-4f6a-8ff4-f21f10c5b6a1","block_type":"box","text":"14,381,394","page_number":175,"box":{"x":719,"y":248,"width":66,"height":9}},{"id":"9cefe040-1403-412b-956d-d55b2575c8f8","block_type":"box","text":"14,110,915","page_number":175,"box":{"x":828,"y":248,"width":66,"height":9}},{"id":"3361bc38-0e80-469d-a2c4-a951fa9fac21","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":175,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"3f8042f4-3cde-4961-98cc-1d9f80b0b017","block_type":"box","text":"(37,297)","page_number":175,"box":{"x":740,"y":266,"width":49,"height":10}},{"id":"610ec02b-e380-4587-8619-d19efb7b40b8","block_type":"box","text":"(38,539)","page_number":175,"box":{"x":850,"y":266,"width":49,"height":10}},{"id":"f5296dba-8251-4408-be4d-e6170c7e8671","block_type":"box","text":"Financial liabilities floating rate","page_number":175,"box":{"x":96,"y":285,"width":187,"height":10}},{"id":"6afabd3c-694e-416e-b932-9ff17ffa69ab","block_type":"box","text":"–","page_number":175,"box":{"x":778,"y":290,"width":7,"height":0}},{"id":"fe977422-1106-4125-84f5-f64c4a5453fd","block_type":"box","text":"(147,214)","page_number":175,"box":{"x":842,"y":285,"width":57,"height":10}},{"id":"133119bb-0f37-4809-ab51-0e36c03a9507","block_type":"box","text":"19,019,030","page_number":175,"box":{"x":715,"y":307,"width":70,"height":9}},{"id":"69efb621-f6d2-4953-8d7b-13bdc160b35c","block_type":"box","text":"18,731,964","page_number":175,"box":{"x":824,"y":307,"width":71,"height":9}},{"id":"f4f329d9-c1e1-4cb6-9538-45a03d77b654","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":175,"box":{"x":95,"y":342,"width":767,"height":11}},{"id":"530d81a5-99ec-4b89-9d58-cda952533de5","block_type":"box","text":"assets","page_number":175,"box":{"x":867,"y":343,"width":37,"height":7}},{"id":"2f553dd1-f29d-4da3-8b6f-e1e074a37b7f","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £1,244 (30 April 2025: £255).","page_number":175,"box":{"x":95,"y":358,"width":729,"height":10}},{"id":"57370655-0697-4c9d-b025-e6a1ee63c0e5","block_type":"box","text":"Maturity of financial liabilities","page_number":175,"box":{"x":96,"y":380,"width":201,"height":10}},{"id":"74d945bc-f4d7-4dfc-9f0a-d3106f45657b","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":175,"box":{"x":95,"y":395,"width":655,"height":11}},{"id":"03f772e6-5f6d-448f-9053-3b0ae9e41ac5","block_type":"box","text":"Liquidity risk","page_number":175,"box":{"x":96,"y":417,"width":86,"height":11}},{"id":"25dd731d-cef0-451e-a943-acee56d54e0a","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":175,"box":{"x":95,"y":433,"width":742,"height":11}},{"id":"5f1c37d7-e908-4466-a35b-65d1146f5dc2","block_type":"box","text":"any shares","page_number":175,"box":{"x":840,"y":433,"width":64,"height":11}},{"id":"5f44cf47-074c-4a35-a1cb-c1a01701bd67","block_type":"box","text":"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","page_number":175,"box":{"x":95,"y":448,"width":732,"height":11}},{"id":"a01d9e7f-d5d4-4b53-9d57-38608eea9d23","block_type":"box","text":"edemptions.","page_number":175,"box":{"x":828,"y":448,"width":75,"height":11}},{"id":"2f7a1664-9778-4a7d-b438-ddf15a57834a","block_type":"box","text":"Credit risk","page_number":175,"box":{"x":96,"y":470,"width":68,"height":9}},{"id":"4d405abc-22cc-4f46-b560-e23a8927cd5b","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":175,"box":{"x":96,"y":486,"width":722,"height":11}},{"id":"fdb47150-6d6f-4892-9f22-570e59851a6b","block_type":"box","text":"he investment","page_number":175,"box":{"x":819,"y":486,"width":85,"height":8}},{"id":"ad6ea895-cf67-4c60-9867-6a1f02b2ca8e","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":175,"box":{"x":95,"y":501,"width":759,"height":11}},{"id":"d76f487f-1be7-434e-a5e9-4408d9e5eb07","block_type":"box","text":"stments","page_number":175,"box":{"x":856,"y":502,"width":48,"height":8}},{"id":"62a66f57-a0f5-4753-ba62-3d9e955acf0d","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":175,"box":{"x":95,"y":517,"width":808,"height":10}},{"id":"1236a714-a5bc-4d53-8999-5fecf203fded","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar","page_number":175,"box":{"x":96,"y":532,"width":738,"height":11}},{"id":"81b07b02-abda-416f-98f2-a895a392e0b8","block_type":"box","text":"e reviewed.","page_number":175,"box":{"x":835,"y":532,"width":68,"height":8}},{"id":"0bd5cae3-2502-49ef-9e29-d51b509b9abe","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":175,"box":{"x":96,"y":554,"width":733,"height":11}},{"id":"6dd82f7c-ec99-4abd-b683-ccbf8b18f802","block_type":"box","text":"cash is held","page_number":175,"box":{"x":834,"y":554,"width":69,"height":9}},{"id":"02e50148-2898-48b2-8abc-7ce3c10fd6bc","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":175,"box":{"x":95,"y":570,"width":735,"height":11}},{"id":"6287c6c9-2db9-41e6-b874-631e42db8a51","block_type":"box","text":"lectives that","page_number":175,"box":{"x":832,"y":570,"width":72,"height":8}},{"id":"9de1ddae-a3c9-482a-9bf2-10520169f398","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":175,"box":{"x":96,"y":585,"width":650,"height":11}},{"id":"bb9bc644-a0df-46ed-aa70-4d29048e2ed0","block_type":"box","text":"Fair value disclosure","page_number":175,"box":{"x":96,"y":607,"width":135,"height":9}},{"id":"2aca50db-2ceb-4c23-8a5b-b6b752ee81cc","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":175,"box":{"x":95,"y":623,"width":731,"height":11}},{"id":"30aa1246-0e9f-4460-a5bb-2e7d1320d89f","block_type":"box","text":". The highest","page_number":175,"box":{"x":828,"y":623,"width":76,"height":11}},{"id":"704c2ebf-eb58-4505-926e-42814de1808e","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":175,"box":{"x":96,"y":638,"width":739,"height":11}},{"id":"1ca55821-5bdb-46ca-8a3f-e473b4322fba","block_type":"box","text":"els in these","page_number":175,"box":{"x":836,"y":638,"width":68,"height":9}},{"id":"21f4f4b0-da29-4fe1-8a0a-a8af589cdd16","block_type":"box","text":"financial statements are as follows:","page_number":175,"box":{"x":95,"y":654,"width":213,"height":8}},{"id":"9f6544ae-573f-4cfa-9252-77834fc7387c","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":175,"box":{"x":96,"y":676,"width":489,"height":11}},{"id":"6fcd6270-b572-4e36-a187-58e0a5758ac7","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":175,"box":{"x":96,"y":698,"width":568,"height":11}},{"id":"c4471992-93e7-4381-9cbc-43b6e96d168d","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":175,"box":{"x":96,"y":720,"width":344,"height":11}},{"id":"fbf7c957-3881-4ada-a97b-ea796585de1e","block_type":"box","text":"Valuation technique","page_number":175,"box":{"x":95,"y":743,"width":135,"height":10}},{"id":"b30594a6-efb9-4d80-8785-a882044fd4d3","block_type":"box","text":"30.04.26","page_number":175,"box":{"x":534,"y":743,"width":55,"height":8}},{"id":"8cb7d327-cf14-49b5-b626-c4e76ad271de","block_type":"box","text":"30.04.25","page_number":175,"box":{"x":801,"y":743,"width":54,"height":8}},{"id":"69c97fea-aaf4-4c62-aa82-06a271d0d4cd","block_type":"box","text":"Assets","page_number":175,"box":{"x":452,"y":756,"width":42,"height":8}},{"id":"76d4769e-6376-40fe-8de8-53a3ae8ef386","block_type":"box","text":"Liabilities","page_number":175,"box":{"x":564,"y":756,"width":64,"height":8}},{"id":"209c9880-a7b0-4356-9f49-e30b71f0836e","block_type":"box","text":"Assets","page_number":175,"box":{"x":719,"y":756,"width":42,"height":8}},{"id":"8f88fd84-8b08-4119-a131-ea9d648c71ad","block_type":"box","text":"Liabilities","page_number":175,"box":{"x":833,"y":756,"width":64,"height":8}},{"id":"fb62dfed-8f79-46c8-891b-5aa8ec7212aa","block_type":"box","text":"(£000’s)","page_number":175,"box":{"x":444,"y":769,"width":50,"height":9}},{"id":"42c7afd9-4e8c-43a5-a584-33a096547578","block_type":"box","text":"(£000’s)","page_number":175,"box":{"x":577,"y":769,"width":50,"height":9}},{"id":"86da6723-18b8-4397-9197-ffacaaddf17f","block_type":"box","text":"(£000’s)","page_number":175,"box":{"x":711,"y":769,"width":50,"height":9}},{"id":"efb9875f-164c-4d0b-953f-35df231ce013","block_type":"box","text":"(£000’s)","page_number":175,"box":{"x":846,"y":769,"width":51,"height":9}},{"id":"34293096-8984-4b9c-b339-4ec772088ec6","block_type":"box","text":"Level 1","page_number":175,"box":{"x":96,"y":784,"width":38,"height":8}},{"id":"b30e3843-8c10-4fdd-a619-9f6b0a1e2f42","block_type":"box","text":"5,859","page_number":175,"box":{"x":462,"y":784,"width":32,"height":10}},{"id":"3de0c07a-f156-4a44-8a80-e48aa1a1fbfc","block_type":"box","text":"–","page_number":175,"box":{"x":621,"y":789,"width":6,"height":1}},{"id":"8bb665e7-60c2-488e-a464-32c45ad35954","block_type":"box","text":"2,941","page_number":175,"box":{"x":728,"y":784,"width":31,"height":10}},{"id":"6b89055b-e1eb-4674-a99a-6e3042ffea7f","block_type":"box","text":"–","page_number":175,"box":{"x":890,"y":789,"width":7,"height":1}},{"id":"60b39fef-c3a3-43f7-a2dd-4a0dbafddf6a","block_type":"box","text":"Level 2","page_number":175,"box":{"x":96,"y":800,"width":40,"height":8}},{"id":"526c7b0a-5335-4519-8caa-df0eb586af03","block_type":"box","text":"12,696","page_number":175,"box":{"x":455,"y":800,"width":39,"height":9}},{"id":"0e7c5ac5-99c0-449b-9aca-cd2cc1dd2045","block_type":"box","text":"–","page_number":175,"box":{"x":621,"y":804,"width":6,"height":1}},{"id":"004a1b2f-607d-4b82-890a-fbd417f92948","block_type":"box","text":"15,581","page_number":175,"box":{"x":721,"y":800,"width":38,"height":9}},{"id":"c453715f-820d-4f90-b937-0b1a03f301c7","block_type":"box","text":"–","page_number":175,"box":{"x":890,"y":804,"width":7,"height":1}},{"id":"43b47e89-5742-4dec-9e16-f567ceb52568","block_type":"box","text":"Level 3","page_number":175,"box":{"x":96,"y":815,"width":40,"height":8}},{"id":"96532429-0d04-428c-9bc8-08aa85ac3b66","block_type":"box","text":"–","page_number":175,"box":{"x":488,"y":820,"width":6,"height":1}},{"id":"d23bfc77-c206-41c1-a65c-e904fc1d26f3","block_type":"box","text":"–","page_number":175,"box":{"x":621,"y":820,"width":6,"height":1}},{"id":"8b6ce1b3-b37f-4e8f-ad97-a32f0ee3c6ec","block_type":"box","text":"–","page_number":175,"box":{"x":754,"y":820,"width":7,"height":1}},{"id":"05b22096-650d-4717-a6eb-de741e1eebe7","block_type":"box","text":"–","page_number":175,"box":{"x":890,"y":820,"width":7,"height":1}},{"id":"bbc42e67-e756-4608-97ce-38101a452b0f","block_type":"box","text":"18,555","page_number":175,"box":{"x":452,"y":838,"width":42,"height":9}},{"id":"0ab15889-d825-42b6-aebb-218c6e134481","block_type":"box","text":"–","page_number":175,"box":{"x":621,"y":842,"width":7,"height":1}},{"id":"6ead5023-476c-43b0-afe3-ee2708ef45d6","block_type":"box","text":"18,522","page_number":175,"box":{"x":719,"y":838,"width":42,"height":9}},{"id":"0ecf57c1-861d-412f-96c9-151ec7a34dcc","block_type":"box","text":"–","page_number":175,"box":{"x":890,"y":842,"width":7,"height":1}},{"id":"5b3a8ae2-c8ef-4c25-b232-bd2e3d7d38bf","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":175,"box":{"x":97,"y":38,"width":397,"height":17}},{"id":"76c9bac7-fa97-4fc8-b696-466f8a9be407","block_type":"box","text":"170","page_number":175,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"a5d61b15-e2e2-4626-9a31-045bb31f67ce","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":176,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"84ddb840-d29c-43ac-b5f8-8eba2ddad988","block_type":"box","text":"for the year ended 30 April 2026","page_number":176,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"ba1f5ae5-c8b9-41b2-9984-ee6b529e87c9","block_type":"box","text":"11. Shares held","page_number":176,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"f2ad3ec1-69f9-4ee4-897f-3460fc164709","block_type":"box","text":"B Class (Retail) Accumulation","page_number":176,"box":{"x":96,"y":156,"width":192,"height":10}},{"id":"8274e5fa-0dae-44a1-8b06-78facac0e32a","block_type":"box","text":"Opening shares at 01.05.2025","page_number":176,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"68360c4d-093e-4c80-a8ce-285a0443d1a6","block_type":"box","text":"5,603,814","page_number":176,"box":{"x":432,"y":179,"width":63,"height":9}},{"id":"96761a35-c8d7-4226-92c8-7b0d40eb73c1","block_type":"box","text":"Shares issued during the year","page_number":176,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"a944a910-75ec-4577-b5ce-6ebed0fbe6c3","block_type":"box","text":"286,732","page_number":176,"box":{"x":447,"y":194,"width":47,"height":10}},{"id":"ab14a348-964f-4322-a929-ab7606def0cc","block_type":"box","text":"Shares cancelled during the year","page_number":176,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"8d070131-1778-4e74-9411-efa328b2c2b6","block_type":"box","text":"(1,148,980)","page_number":176,"box":{"x":427,"y":210,"width":67,"height":9}},{"id":"7d3201c1-8e44-4915-882d-e51ddf1bbc26","block_type":"box","text":"Shares converted during the year","page_number":176,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"e0c8aa22-dd9b-4af6-a411-41fcaf88283e","block_type":"box","text":"–","page_number":176,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"2d31c5fa-7b07-4fd4-9e14-aeaab8b5ab6e","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":176,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"e3b3c35f-2e07-4b67-bc67-311d7b0128db","block_type":"box","text":"4,741,567","page_number":176,"box":{"x":432,"y":248,"width":62,"height":9}},{"id":"9e0cf6a8-a77a-49ad-b242-942ff5e657db","block_type":"box","text":"12. Contingent assets and liabilities","page_number":176,"box":{"x":96,"y":293,"width":234,"height":11}},{"id":"0c3bc6cc-158f-4d98-8409-e86ce4c8dbda","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).","page_number":176,"box":{"x":95,"y":309,"width":585,"height":11}},{"id":"179bdd38-4365-4fd0-85cb-5d269aa7d353","block_type":"box","text":"13. Post balance sheet events","page_number":176,"box":{"x":96,"y":355,"width":194,"height":8}},{"id":"b74b4532-5739-4b50-85bb-812e89285d4a","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":176,"box":{"x":95,"y":374,"width":425,"height":11}},{"id":"4e28cc79-3e10-4533-a767-cee199955735","block_type":"box","text":"14. Direct transactions costs","page_number":176,"box":{"x":96,"y":420,"width":186,"height":9}},{"id":"b59d01b6-c322-43cf-b728-383fcc55ffcd","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":176,"box":{"x":96,"y":439,"width":755,"height":11}},{"id":"7f6f184f-2ea4-4be7-9468-f689723ab047","block_type":"box","text":"herefore","page_number":176,"box":{"x":853,"y":439,"width":51,"height":8}},{"id":"10fa7645-582a-40e1-8abb-14f0f5359a6c","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":176,"box":{"x":95,"y":455,"width":444,"height":10}},{"id":"e691e795-eed3-4581-8c74-1d8bdf614342","block_type":"box","text":"15. Portfolio dealing spread","page_number":176,"box":{"x":96,"y":501,"width":181,"height":11}},{"id":"014e36ed-c616-43c0-aff9-4de89cd8416a","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.10% (30 April 2025: 0.05%).","page_number":176,"box":{"x":95,"y":523,"width":517,"height":11}},{"id":"60ca728a-8ce4-46c4-995a-f56fbde1ea89","block_type":"box","text":"16. Related party transactions","page_number":176,"box":{"x":96,"y":569,"width":199,"height":11}},{"id":"54517d15-093b-4ade-a93e-a0a4ceb60f75","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":176,"box":{"x":95,"y":592,"width":707,"height":10}},{"id":"ed6fda06-08ef-467f-8da3-d4a00738e0ef","block_type":"box","text":"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","page_number":176,"box":{"x":95,"y":614,"width":765,"height":10}},{"id":"e19da74f-20f7-4e7c-8710-1b825a18f1b4","block_type":"box","text":"e sheet","page_number":176,"box":{"x":861,"y":614,"width":43,"height":8}},{"id":"cf946f26-dd0f-4c6b-87ce-6379d8794068","block_type":"box","text":"date are disclosed in note 9.","page_number":176,"box":{"x":95,"y":629,"width":171,"height":8}},{"id":"52e903fb-5d00-43ed-83c0-2b98bb876bf8","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":176,"box":{"x":505,"y":38,"width":397,"height":17}},{"id":"dc3f6fc8-f0c3-4e39-8574-3ac237270943","block_type":"box","text":"171","page_number":176,"box":{"x":963,"y":960,"width":24,"height":8}},{"id":"e145df8f-ac79-4ef0-96d5-098f7bfca40b","block_type":"box","text":"Distribution Tables","page_number":177,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"8d494673-2d6b-4afd-9f5d-0ea6a35ce369","block_type":"box","text":"for the year ended 30 April 2026","page_number":177,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"321687d8-88ac-43a4-b86f-51e558c003c0","block_type":"box","text":"Accumulation Share Distributions","page_number":177,"box":{"x":95,"y":134,"width":224,"height":9}},{"id":"d2df725c-6829-4180-b7b4-2e60230bc6c9","block_type":"box","text":"Share class","page_number":177,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"4e0c591b-0a67-4e8c-9877-ed19296a8d0e","block_type":"box","text":"Distribution","page_number":177,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"b27943e8-d3a6-467c-b421-2078fb7497b1","block_type":"box","text":"Shares","page_number":177,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"293f85d0-3054-4ea7-bf07-2cef9b5916bb","block_type":"box","text":"Net","page_number":177,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"8ace67d2-7032-4bc3-8ed2-17a6a9c2e776","block_type":"box","text":"Equalisation","page_number":177,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"c171efdb-5a98-4aab-99bc-2836a12ae8bb","block_type":"box","text":"Distribution","page_number":177,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"a3cd481d-4890-4509-9ffc-7cd59e8a77b5","block_type":"box","text":"Distribution","page_number":177,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"b69190ca-50cc-4b33-a684-1c4855535e38","block_type":"box","text":"revenue","page_number":177,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"1d604297-8e5d-4178-8d2f-42727f8ef35d","block_type":"box","text":"31.08.2026","page_number":177,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"fc2321ae-b6f5-4b39-954e-9da06d3103b3","block_type":"box","text":"29.08.2025","page_number":177,"box":{"x":812,"y":165,"width":70,"height":8}},{"id":"e712a5a3-40b1-462a-81ea-3883bdfbe16b","block_type":"box","text":"31.08.2026","page_number":177,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"3a32c25d-a227-42e1-a5c8-286021b74268","block_type":"box","text":"p","page_number":177,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"83a9385a-4af5-4acf-a66a-76331b11fa74","block_type":"box","text":"p","page_number":177,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"28145d71-b422-426d-a57e-cdf45020beb5","block_type":"box","text":"p","page_number":177,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"4a821e01-c6ab-4f7c-81fa-be88d086bb64","block_type":"box","text":"p","page_number":177,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"718f9a05-8de0-432c-a5e1-675b01d55168","block_type":"box","text":"B","page_number":177,"box":{"x":106,"y":207,"width":6,"height":8}},{"id":"5fe04ac7-99d5-4646-ab27-644361d9e10f","block_type":"box","text":"Final","page_number":177,"box":{"x":267,"y":207,"width":27,"height":8}},{"id":"0d395fb9-5ce4-4a34-8329-864c456f8bff","block_type":"box","text":"Group 1","page_number":177,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"0884981d-495c-444c-a5da-d281ef634eea","block_type":"box","text":"5.5188","page_number":177,"box":{"x":513,"y":207,"width":40,"height":8}},{"id":"4e21b766-300b-41e6-876f-28119768f257","block_type":"box","text":"–","page_number":177,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"fa13a0ab-0b09-475b-b648-0e75d6b11025","block_type":"box","text":"5.5188","page_number":177,"box":{"x":723,"y":207,"width":39,"height":8}},{"id":"a9ad8e38-8a9d-4572-87d5-cd8d893a2061","block_type":"box","text":"3.6087","page_number":177,"box":{"x":827,"y":207,"width":40,"height":8}},{"id":"96987c12-075d-44bf-86f2-152203a7851b","block_type":"box","text":"Group 2","page_number":177,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"8f9f2b38-3c02-4624-89a3-9140aa32c717","block_type":"box","text":"2.9056","page_number":177,"box":{"x":513,"y":221,"width":40,"height":8}},{"id":"283d75ef-45fb-4bac-9001-5199bd0c1cc6","block_type":"box","text":"2.6132","page_number":177,"box":{"x":618,"y":221,"width":40,"height":8}},{"id":"4b6bf184-1a4f-49f9-ab9f-7a302709bfc4","block_type":"box","text":"5.5188","page_number":177,"box":{"x":723,"y":221,"width":39,"height":8}},{"id":"2bffc04f-72bb-4d04-a6c0-d43e45b1384b","block_type":"box","text":"3.6087","page_number":177,"box":{"x":827,"y":221,"width":40,"height":8}},{"id":"8b7361bd-1344-4e5e-bf52-495d3548cf6f","block_type":"box","text":"Final distribution in pence per share","page_number":177,"box":{"x":96,"y":252,"width":240,"height":11}},{"id":"83f67f79-c404-4b50-9354-9c765d400062","block_type":"box","text":"Group 1:","page_number":177,"box":{"x":96,"y":268,"width":51,"height":10}},{"id":"350769d0-a03a-4c9c-bb0e-3d9d20c29787","block_type":"box","text":"Shares purchased prior to 01 May 2025","page_number":177,"box":{"x":181,"y":267,"width":239,"height":11}},{"id":"6f039b61-156e-4916-83e4-c8156edb6f4d","block_type":"box","text":"Group 2:","page_number":177,"box":{"x":96,"y":283,"width":51,"height":11}},{"id":"6afaf921-ab45-4c21-b8bc-d86d8bafed0b","block_type":"box","text":"Shares purchased on or after 01 May 2025 and on or before 30 April 2026","page_number":177,"box":{"x":181,"y":283,"width":448,"height":11}},{"id":"638bcc48-6cfc-47d2-84ad-4402d08e4d4f","block_type":"box","text":"MI Tatton Oak Capital Growth Fund","page_number":177,"box":{"x":97,"y":38,"width":397,"height":17}},{"id":"b388466d-f856-48c6-8fb7-d07f297898f0","block_type":"box","text":"172","page_number":177,"box":{"x":10,"y":960,"width":27,"height":8}},{"id":"80dada79-4275-43e2-a58c-9b010bffbe32","block_type":"box","text":"Sub-fund Overview","page_number":178,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"10990d95-458b-4f55-8134-ab0d58a75ccd","block_type":"box","text":"Name of Sub-fund","page_number":178,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"3ead7bf0-204b-43ce-8770-4701e4e9104b","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund (formerly VT Tatton Oak Cautious Growth Fund)","page_number":178,"box":{"x":96,"y":143,"width":519,"height":11}},{"id":"e683b444-7278-441d-a24b-2a3ec48cc281","block_type":"box","text":"Size of Sub-fund","page_number":178,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"ddfb4fe5-c804-42da-9b3b-d2e3dcaede69","block_type":"box","text":"£12,079,027","page_number":178,"box":{"x":95,"y":181,"width":74,"height":9}},{"id":"3b9f8bd4-452a-41bd-bfca-cc679b051520","block_type":"box","text":"Launch date","page_number":178,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"f453438e-3f8e-4659-90a6-5099bcebe08e","block_type":"box","text":"23 March 2009","page_number":178,"box":{"x":95,"y":218,"width":90,"height":8}},{"id":"ca01b8e7-d626-47c4-a24b-33b169f8f169","block_type":"box","text":"Investment objective and policy","page_number":178,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"30c4339f-c680-4e24-9cb0-a91a31f35f30","block_type":"box","text":"The objective of the Sub-fund is to maximise potential total return (i.e. capital and income growth).","page_number":178,"box":{"x":95,"y":256,"width":601,"height":11}},{"id":"88ed3f8c-5bb7-4332-9354-7bc06b8c086d","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as equities. For this Sub-fund, over the long term","page_number":178,"box":{"x":96,"y":278,"width":748,"height":11}},{"id":"9bd75015-1529-431e-89cd-e7ead0ab81b4","block_type":"box","text":"(5 years),","page_number":178,"box":{"x":849,"y":279,"width":54,"height":10}},{"id":"2d31025a-ccea-4842-a1d2-09e219b57597","block_type":"box","text":"it is expected that the proportion of the Sub-fund exposed to equities will be approximately 45%.","page_number":178,"box":{"x":96,"y":293,"width":589,"height":11}},{"id":"6a2f7e46-0784-407b-ad14-2e63e2a38643","block_type":"box","text":"In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by","page_number":178,"box":{"x":96,"y":316,"width":772,"height":10}},{"id":"29a61d23-e031-4fe7-b355-db5bcaf5ed8b","block_type":"box","text":"more","page_number":178,"box":{"x":873,"y":318,"width":31,"height":6}},{"id":"4910e488-e00b-4781-8e1c-a77a0a1021d4","block_type":"box","text":"than ± 12.5%.","page_number":178,"box":{"x":95,"y":331,"width":82,"height":8}},{"id":"c1fec1da-5bda-4415-9fa6-9f4f29542e4d","block_type":"box","text":"The Investment Manager will manage the portfolio in order to achieve its investment objective by investing in collective invest","page_number":178,"box":{"x":95,"y":353,"width":777,"height":11}},{"id":"c8df1471-d366-4fe9-8157-bc5e7284d213","block_type":"box","text":"ment","page_number":178,"box":{"x":873,"y":354,"width":31,"height":7}},{"id":"5a5b60ad-4bd0-40fe-8cc9-2cfece2448c8","block_type":"box","text":"schemes such as unit trusts, OEICs and closed ended schemes. The Sub-fund may also invest in individual stocks, bonds and deriv","page_number":178,"box":{"x":95,"y":369,"width":774,"height":10}},{"id":"7d3724b7-688e-4e14-80d5-d3a55068baaf","block_type":"box","text":"atives","page_number":178,"box":{"x":870,"y":369,"width":34,"height":8}},{"id":"eaa9bad8-94e9-4c19-a8f4-4dc7a13e21f2","block_type":"box","text":"if considered appropriate to meet the investment objective.","page_number":178,"box":{"x":96,"y":384,"width":361,"height":11}},{"id":"65b0e57e-05fe-4c88-818e-f74ae267bec7","block_type":"box","text":"The Sub-fund will seek exposure to a diverse portfolio of assets, with a focus on passive strategies, with the overall portfoli","page_number":178,"box":{"x":95,"y":406,"width":738,"height":11}},{"id":"64623d9c-05e9-46ca-a768-a2257f792b4e","block_type":"box","text":"o having an","page_number":178,"box":{"x":835,"y":406,"width":68,"height":11}},{"id":"77b7171b-6fcc-44f3-83d3-180b76b2b5b5","block_type":"box","text":"equity allocation in line with that in the investment objective. Other underlying assets in the portfolio (to which there will","page_number":178,"box":{"x":95,"y":422,"width":739,"height":10}},{"id":"5c5abd3c-f860-4ccf-924d-34dabae5306d","block_type":"box","text":"be indirect","page_number":178,"box":{"x":840,"y":422,"width":64,"height":8}},{"id":"db36b612-33f4-4247-98af-a4d5df7168eb","block_type":"box","text":"exposure) may include bonds, commodities, property, private equity, derivatives and other instruments. Some of these investment","page_number":178,"box":{"x":95,"y":437,"width":803,"height":11}},{"id":"8e18ecc7-ecc5-4bdb-a8cd-6949347193ae","block_type":"box","text":"s","page_number":178,"box":{"x":899,"y":440,"width":5,"height":5}},{"id":"f2910bf4-f202-44db-ab7a-ce5ea55be5dd","block_type":"box","text":"will be denominated in foreign currencies which may or may not be hedged back to Pounds Sterling.","page_number":178,"box":{"x":95,"y":453,"width":611,"height":10}},{"id":"c376f582-369a-4852-a291-d6e5f2b554dc","block_type":"box","text":"The Sub-fund may also invest, at the ACD’s discretion, in other transferable securities, money market instruments, cash and nea","page_number":178,"box":{"x":95,"y":475,"width":769,"height":11}},{"id":"0694d687-1ac9-47ee-9deb-a371af58d1be","block_type":"box","text":"r cash,","page_number":178,"box":{"x":866,"y":475,"width":37,"height":9}},{"id":"49bd7e11-e723-4f75-a6bd-c12c96b85e8a","block_type":"box","text":"deposits and any other permitted asset type deemed appropriate to meet the investment objective.","page_number":178,"box":{"x":95,"y":490,"width":607,"height":11}},{"id":"5d3d329f-e71e-4bbb-85b0-a0853372c8a9","block_type":"box","text":"Derivatives","page_number":178,"box":{"x":96,"y":512,"width":74,"height":9}},{"id":"e5732e94-9d2e-4d15-807f-75f1b4ebd4ff","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":178,"box":{"x":95,"y":528,"width":686,"height":11}},{"id":"d3e344ee-c91c-436f-ac12-e877925ba635","block_type":"box","text":"Benchmark","page_number":178,"box":{"x":96,"y":550,"width":76,"height":8}},{"id":"183730b3-23b3-4fe2-9b4b-f9100c17be8c","block_type":"box","text":"No explicit benchmark is stated for the Sub-fund. However multi-asset portfolios or peer group averages with a similar weight i","page_number":178,"box":{"x":96,"y":565,"width":758,"height":11}},{"id":"2c8696d6-e7b7-4a8a-9a75-e1d8c9ab9078","block_type":"box","text":"n equity","page_number":178,"box":{"x":857,"y":566,"width":47,"height":10}},{"id":"9bf90bc9-368e-4529-b461-f6cd3b1df8ba","block_type":"box","text":"may be useful in assessing the performance of the Sub-fund. An example for this Sub-fund may be the IA OE Mixed Investment 20-","page_number":178,"box":{"x":96,"y":581,"width":808,"height":11}},{"id":"c6e74ba4-faac-4a6f-b9d5-4db6df474270","block_type":"box","text":"60% Shares.","page_number":178,"box":{"x":96,"y":596,"width":73,"height":9}},{"id":"cf043ca1-8b23-465d-9171-c5b8f20175c9","block_type":"box","text":"The Sub-fund provides comparative performance against a relevant Investment Association sector benchmark in order for investors","page_number":178,"box":{"x":95,"y":619,"width":809,"height":10}},{"id":"8a89e764-d145-467d-9f1d-2cdb2328aa6d","block_type":"box","text":"to compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association M","page_number":178,"box":{"x":95,"y":634,"width":782,"height":11}},{"id":"117da6d9-731e-46ff-b350-cc479e71cf27","block_type":"box","text":"ixed","page_number":178,"box":{"x":880,"y":634,"width":23,"height":8}},{"id":"dcd3b2fd-d347-4b86-9ec1-5f95a6f07cac","block_type":"box","text":"Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a","page_number":178,"box":{"x":95,"y":649,"width":800,"height":11}},{"id":"46ac3b13-3342-4fc8-8d2e-f2b7a3726d4a","block_type":"box","text":"n","page_number":178,"box":{"x":897,"y":652,"width":6,"height":6}},{"id":"7de59748-98c6-4823-ae21-e57a575b7d03","block_type":"box","text":"indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or","page_number":178,"box":{"x":96,"y":665,"width":756,"height":11}},{"id":"ead48247-6163-4538-938e-bd39a8304e0e","block_type":"box","text":"investor","page_number":178,"box":{"x":856,"y":665,"width":48,"height":8}},{"id":"2329229f-08da-4fe4-9daf-670981fa6db5","block_type":"box","text":"expectations.","page_number":178,"box":{"x":95,"y":681,"width":80,"height":10}},{"id":"e31f03ab-6e86-4eda-8967-d843d658a440","block_type":"box","text":"Final accounting date","page_number":178,"box":{"x":96,"y":702,"width":142,"height":11}},{"id":"e8c26561-757f-45e1-a60f-73c2604f96f7","block_type":"box","text":"30 April","page_number":178,"box":{"x":95,"y":718,"width":46,"height":11}},{"id":"b0bdf2cd-e5ee-46d6-8452-bb335aa7d9a1","block_type":"box","text":"Interim accounting date","page_number":178,"box":{"x":96,"y":740,"width":159,"height":11}},{"id":"ddc8041c-5128-4636-9793-6fb25a158bca","block_type":"box","text":"31 October","page_number":178,"box":{"x":95,"y":756,"width":68,"height":8}},{"id":"0f5e05bd-b975-4dbe-a56f-07a40bc716a2","block_type":"box","text":"Income distribution date","page_number":178,"box":{"x":96,"y":778,"width":164,"height":8}},{"id":"c1e1f9be-0d49-435c-a02e-5fa6bdb71dda","block_type":"box","text":"31 August","page_number":178,"box":{"x":95,"y":794,"width":60,"height":10}},{"id":"1049df1b-11b6-4f9d-80e5-ddf4978c27fe","block_type":"box","text":"ISA status","page_number":178,"box":{"x":96,"y":816,"width":64,"height":8}},{"id":"870e88c7-5b80-4976-b37e-c4c974ee209e","block_type":"box","text":"Qualifying Investment for stocks and shares component","page_number":178,"box":{"x":96,"y":831,"width":339,"height":10}},{"id":"f228d3e4-b24d-497d-a78d-40f8de11643a","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":178,"box":{"x":484,"y":38,"width":418,"height":13}},{"id":"66c1be54-146e-47e0-b7da-62aaa25f1cd7","block_type":"box","text":"173","page_number":178,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"23a218f4-7386-45e3-9ed0-4192bffe177c","block_type":"box","text":"Sub-fund Overview (continued)","page_number":179,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"ac9f4439-cdbd-406f-bf3b-59be20ffbcd0","block_type":"box","text":"Class of shares","page_number":179,"box":{"x":96,"y":128,"width":96,"height":8}},{"id":"e05ebb34-4f4b-4f68-a265-ffc7033154e5","block_type":"box","text":"B Class (Retail) Accumulation","page_number":179,"box":{"x":96,"y":143,"width":174,"height":10}},{"id":"d6852078-1545-4d5e-9d02-0ed4de76abad","block_type":"box","text":"Initial charge","page_number":179,"box":{"x":96,"y":165,"width":86,"height":11}},{"id":"b485a0de-eb3d-4556-aacd-2328dce92f65","block_type":"box","text":"5% (of the amount invested by an investor)","page_number":179,"box":{"x":96,"y":181,"width":264,"height":10}},{"id":"0ad6e6b5-12f7-4faf-8601-2623279703bd","block_type":"box","text":"Redemption charge","page_number":179,"box":{"x":96,"y":203,"width":129,"height":10}},{"id":"d403bcde-c80f-4e80-8941-9c1e30175181","block_type":"box","text":"0%","page_number":179,"box":{"x":334,"y":203,"width":17,"height":8}},{"id":"90a67d77-3869-4dca-8aee-dbbaef965d16","block_type":"box","text":"Annual management charge","page_number":179,"box":{"x":95,"y":225,"width":188,"height":11}},{"id":"4102ec3f-f5b6-460d-99d2-62193b9f6ed6","block_type":"box","text":"B Class (Retail) Accumulation","page_number":179,"box":{"x":96,"y":240,"width":174,"height":10}},{"id":"3e781959-b054-489b-8284-f770fab57bd2","block_type":"box","text":"0.75%","page_number":179,"box":{"x":334,"y":241,"width":36,"height":8}},{"id":"4f9a7217-259d-4289-b305-c64317cfe1cb","block_type":"box","text":"Minimum initial investment","page_number":179,"box":{"x":96,"y":263,"width":167,"height":8}},{"id":"e92eb303-1718-4e48-8a92-b70e58a8ba94","block_type":"box","text":"£3,000","page_number":179,"box":{"x":333,"y":263,"width":40,"height":9}},{"id":"ce6fbfd6-e21f-49b0-be17-f8a03703f9ac","block_type":"box","text":"Minimum subsequent investment","page_number":179,"box":{"x":96,"y":285,"width":205,"height":10}},{"id":"f11eba23-c6b9-4470-af99-5daba2fb59ca","block_type":"box","text":"£1,000","page_number":179,"box":{"x":333,"y":285,"width":40,"height":9}},{"id":"353e8dc5-8bd9-4d27-90ba-2838a38bafef","block_type":"box","text":"Minimum holding","page_number":179,"box":{"x":96,"y":307,"width":107,"height":11}},{"id":"17c79b50-f023-4108-9d00-a3065061872e","block_type":"box","text":"£1,000","page_number":179,"box":{"x":333,"y":307,"width":40,"height":9}},{"id":"8160f0b5-531f-425e-b282-5b6cde441e6f","block_type":"box","text":"Minimum redemption","page_number":179,"box":{"x":96,"y":329,"width":133,"height":11}},{"id":"ffe10141-722a-42af-9b08-6e34b3c3feb2","block_type":"box","text":"None","page_number":179,"box":{"x":334,"y":330,"width":31,"height":7}},{"id":"b735aaa2-f119-4249-aba9-1861a2f8d097","block_type":"box","text":"Regular savings plan","page_number":179,"box":{"x":96,"y":351,"width":135,"height":11}},{"id":"a318f896-4eee-44a8-a49f-d0a32ca2c631","block_type":"box","text":"Minimum payment of £100 per month","page_number":179,"box":{"x":334,"y":351,"width":232,"height":11}},{"id":"1034935c-ffe3-4c38-8613-370fd18ca028","block_type":"box","text":"Regular withdrawal facility","page_number":179,"box":{"x":96,"y":373,"width":180,"height":11}},{"id":"ef4ea24c-18cc-4f52-8ee0-ae85b104743b","block_type":"box","text":"Minimum withdrawal per fund per year is £300 or 3% on a minimum qualifying investment of","page_number":179,"box":{"x":334,"y":373,"width":571,"height":11}},{"id":"beebb610-0970-40ee-80bb-6139f23a8ad3","block_type":"box","text":"£10,000. This facility is not available if you are investing new money by direct debit in a savings","page_number":179,"box":{"x":333,"y":389,"width":571,"height":11}},{"id":"7be74f6a-0d86-40e1-beb9-6e47c9290b35","block_type":"box","text":"scheme on a monthly basis.","page_number":179,"box":{"x":333,"y":404,"width":168,"height":11}},{"id":"cc75c8b4-c52b-4e13-a92b-450f7553836f","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":179,"box":{"x":97,"y":38,"width":418,"height":13}},{"id":"ead416c8-be25-496c-88a1-787d913c5502","block_type":"box","text":"174","page_number":179,"box":{"x":10,"y":960,"width":27,"height":8}},{"id":"4b05df53-6328-426b-8a8e-0176aa7967c3","block_type":"box","text":"Investment Manager’s Review","page_number":180,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"49684cbb-30db-41aa-a8db-e108e15c71fd","block_type":"box","text":"for the year ended 30 April 2026","page_number":180,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"22094775-024f-4779-9d65-219c108e864d","block_type":"box","text":"Investment review","page_number":180,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"1cd46d4e-b937-4392-a737-e6f23f329a97","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":180,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"7ab66f5d-8ea6-41da-afb9-ea8c81fd3fd4","block_type":"box","text":"The MI Tatton Oak Cautious Growth B Acc returned 1.45% in the six months to 30 April 2026. The IA Mixed Investment 20-60% Share","page_number":180,"box":{"x":95,"y":165,"width":802,"height":11}},{"id":"dd1c30ce-e64d-4f8c-9d16-0298ea36e5c6","block_type":"box","text":"s","page_number":180,"box":{"x":899,"y":167,"width":5,"height":6}},{"id":"8276d436-c525-4500-90f2-8993e50bf01a","block_type":"box","text":"benchmark returned 2.53% meaning the fund underperformed by -1.08% over the period.","page_number":180,"box":{"x":96,"y":181,"width":549,"height":10}},{"id":"25f73715-05af-4bd5-bec1-03e0ed534e58","block_type":"box","text":"Over the last 12-months to 30 April 2026, the MI Tatton Oak Cautious Growth B Acc has returned 12.34%. The IA Mixed Investment","page_number":180,"box":{"x":96,"y":203,"width":785,"height":10}},{"id":"84c4d409-53b8-4020-91b3-c96c8d7b642c","block_type":"box","text":"20-","page_number":180,"box":{"x":885,"y":203,"width":19,"height":8}},{"id":"a080bf0a-a043-45b9-b291-d29441ab6785","block_type":"box","text":"60% Shares reference index returned 13.04%, meaning the fund underperformed by -0.7% over the period.","page_number":180,"box":{"x":96,"y":218,"width":653,"height":11}},{"id":"14c7e18f-83ba-4cb9-b1a5-0716ac70f1fe","block_type":"box","text":"Overview","page_number":180,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"850420fd-d15d-42a3-b515-9e118873267d","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":180,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"3c676137-e673-4fd0-8a2d-986756c962aa","block_type":"box","text":"market","page_number":180,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"3043bd25-0f7f-4e99-9327-0905700bfd46","block_type":"box","text":"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.","page_number":180,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"dd101017-8841-44c7-a3c1-0fc67d26749a","block_type":"box","text":"Since last","page_number":180,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"af3a71ee-3cdf-4c75-88f3-c39a619feb0d","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":180,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"85a26fd7-ea6b-45c7-bef9-2ab29863169a","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":180,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"9d0aca83-2db8-4665-b708-9a13f799d4a9","block_type":"box","text":"eral Reserve","page_number":180,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"eecb89a7-ef4b-4a90-a353-b4e56048a66f","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":180,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"87071a7c-e623-4694-8478-db049cd33871","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":180,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"d8ef33f5-f606-4b73-acd7-4bc0fd021da7","block_type":"box","text":"ons of","page_number":180,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"f09d384b-0e14-4719-aa60-1606ab1fb853","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":180,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"4299efdc-9039-4797-a2f0-f87a7d26e7e5","block_type":"box","text":"than","page_number":180,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"9fb4c39f-0ba0-4936-840b-d45098be37ae","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":180,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"3490e3dd-6cf7-4f01-81a7-0d58e21a1ae7","block_type":"box","text":"le AI","page_number":180,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"28e72f38-713b-4313-97bb-0ad18abc5630","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":180,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"3c4176fc-659a-4187-b450-5f97754233b6","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":180,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"abe0530f-04c4-41c8-9328-f2b070df03ed","block_type":"box","text":"edia","page_number":180,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"2277a591-fa31-4743-bc22-7eadcab1ac69","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":180,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"63245f34-8b3f-473b-9846-36698aaf625a","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":180,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"ed373eb1-ea92-4072-bf18-a80fd8db2390","block_type":"box","text":"interest","page_number":180,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"e7f1fef0-385e-4157-adf2-8687033c5320","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":180,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"bc353196-0d92-4342-80b6-21cd14e3fdaa","block_type":"box","text":"d wider","page_number":180,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"6dcea417-2408-45b5-9985-f3f4afc4278b","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":180,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"3fd703cf-f805-439e-a4f1-485f90f1ce04","block_type":"box","text":"Outlook","page_number":180,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"b9eaa0a2-b39b-4b2e-b81e-8095a741ab74","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":180,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"e0ab98bd-7eb6-47cd-8994-175ae6791ae0","block_type":"box","text":"for","page_number":180,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"8f14e281-931d-40d2-9d80-8c985fa0055e","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":180,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"9bace2a6-f287-482d-a371-df65ef3b8f75","block_type":"box","text":"of","page_number":180,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"0382018e-d57d-4d21-aa7e-24e6636b357b","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":180,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"c273aedb-c868-4aee-9a92-f4bfee4e71bc","block_type":"box","text":"ll take time","page_number":180,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"d4cf153f-f379-4d6a-b2cd-e286d2f7dcab","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":180,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"afe34f9f-b989-46a9-8052-034cf1f5c561","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":180,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"fb1faaf0-8946-4857-994b-eb277fe004b6","block_type":"box","text":". Oil","page_number":180,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"7b3b9c90-ded9-49f0-942e-6f45b0ca071f","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":180,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"3afcde62-03d9-4e66-9a0f-4742d6e1f9c8","block_type":"box","text":"expectation","page_number":180,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"32ccd10a-e117-4b86-916f-af87ae4d9c36","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":180,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"26feaf38-296c-4e51-80ee-2c16f297e1a8","block_type":"box","text":"sell-off","page_number":180,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"401d4614-4669-4061-8116-31b2e5f9653e","block_type":"box","text":"we might have expected).","page_number":180,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"84faa570-34c1-4f41-bb72-bad19a17e00f","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":180,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"f6567742-4fad-4db6-adcf-e11f68886f1f","block_type":"box","text":"ries","page_number":180,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"cf75316d-74c1-4c0b-ae30-169e30bf5d2f","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":180,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"519d81a8-3e76-41d0-bec9-ea8cc7de2f43","block_type":"box","text":"rowth can","page_number":180,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"5e6cb2d3-3fd5-48de-a6ff-5a700c24759e","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":180,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"3620e1bf-5d42-4a08-9602-983f0b5dc0d2","block_type":"box","text":"g.","page_number":180,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"a78a20d7-cb95-4082-8e67-a67c07ddbaab","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":180,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"477a39ab-be7c-45ce-8d1e-ad8697d838af","block_type":"box","text":"y","page_number":180,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"a586d555-83a5-46af-b6be-6ac0c2e99eff","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":180,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"3d1e631a-caab-4e52-afe5-50a675b0782d","block_type":"box","text":"cle.","page_number":180,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"53c24310-01e6-42bf-999e-c4e8937bda27","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":180,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"2cce9450-9b41-464d-9ab6-b1f1e551b3b9","block_type":"box","text":"Fund positioning","page_number":180,"box":{"x":96,"y":764,"width":111,"height":11}},{"id":"e3690678-5879-4d16-b012-82ab31990d25","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":180,"box":{"x":95,"y":780,"width":769,"height":10}},{"id":"1c2458b4-5e69-4ea1-97c7-7089dbc45a88","block_type":"box","text":"d fund","page_number":180,"box":{"x":865,"y":780,"width":38,"height":8}},{"id":"80cf72f5-0871-42a8-96bd-93163d4e2f1e","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":180,"box":{"x":95,"y":795,"width":473,"height":11}},{"id":"5c5b6526-f118-4263-8ae0-a31cd73fdb53","block_type":"box","text":"The fund’s positioning was changed on 8 May 2025. A sub-asset allocation change was made; North America Equity was decreased.","page_number":180,"box":{"x":95,"y":817,"width":808,"height":11}},{"id":"2b64cb79-4510-4a11-951f-9af2ad6a1e60","block_type":"box","text":"Manager positions were updated; HSBC European Index Fund was increased, iShares North American Equity Index Fund (UK) was","page_number":180,"box":{"x":96,"y":833,"width":808,"height":10}},{"id":"0462ae47-93e3-4d9d-98a1-e8da5bee28dc","block_type":"box","text":"removed and iShares MSCI Europe Mid Cap ETF was removed.","page_number":180,"box":{"x":96,"y":848,"width":377,"height":11}},{"id":"d952d0e8-5c06-4fd5-844f-54b0ffd6bac9","block_type":"box","text":"Some changes to the portfolio were implemented on 11 July 2025. The asset allocation blend was adjusted; Bonds were decreased","page_number":180,"box":{"x":95,"y":870,"width":808,"height":11}},{"id":"ef7c49ea-b47e-4c26-9789-6c654b0a1021","block_type":"box","text":"and Equities were increased.","page_number":180,"box":{"x":95,"y":886,"width":174,"height":11}},{"id":"639f6702-7f4e-429a-b6bf-32941ca15ab6","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":180,"box":{"x":484,"y":38,"width":418,"height":13}},{"id":"8ae0e614-9c95-4356-9a00-e04b01844d43","block_type":"box","text":"175","page_number":180,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"0204e117-567f-4ad0-b985-671600040b28","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":181,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"03f70d48-576e-47ba-8258-a6c311417d81","block_type":"box","text":"for the year ended 30 April 2026","page_number":181,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"bf55f0b2-a8a4-4fe3-9e32-54f023a4a0b7","block_type":"box","text":"The portfolio was updated on 12 August 2025. The fund’s sub-asset allocation was updated; Emerging Market Bond was increased,","page_number":181,"box":{"x":95,"y":128,"width":808,"height":10}},{"id":"9a71e1af-8d00-4266-adc5-8dff1b8bae3e","block_type":"box","text":"Government Bond was increased, North America Equity was increased and Strategic Bond was decreased. Updates were made to the","page_number":181,"box":{"x":96,"y":143,"width":808,"height":11}},{"id":"405b2552-7f01-4b25-bd93-463a1fddd905","block_type":"box","text":"portfolio’s fund managers; HSBC Global Aggregate Bond UCITS ETF was decreased, HSBC Global Corporate Bond UCITS ETF was","page_number":181,"box":{"x":96,"y":158,"width":808,"height":11}},{"id":"57ca7c2e-58e4-45ca-a247-d501b8d61ab9","block_type":"box","text":"increased, HSBC Global Government Bond UCITS ETF was increased, Vanguard Global Bond Index was decreased and State Street","page_number":181,"box":{"x":96,"y":174,"width":808,"height":11}},{"id":"47a3bee0-6ac1-4210-876b-b05395e0217e","block_type":"box","text":"SPDR S&P500 Quality Aristocrats ETF was added.","page_number":181,"box":{"x":95,"y":189,"width":294,"height":11}},{"id":"0be630ff-0420-4d08-9c47-a4a256fe185e","block_type":"box","text":"Some changes to the portfolio were implemented on 30 October 2025. Updates were made to the portfolio’s fund managers; HSBC","page_number":181,"box":{"x":95,"y":211,"width":809,"height":11}},{"id":"001fe969-f9f6-4dfa-b55c-2e98a65cf0b4","block_type":"box","text":"Global Government Bond UCITS ETF was increased and iShares $ Treasury Bond 20+y ETF was removed.","page_number":181,"box":{"x":96,"y":227,"width":631,"height":11}},{"id":"0f3f6902-d270-4299-be4b-8f8d3707680f","block_type":"box","text":"The fund’s positioning was changed on 3 November 2025. One manager selection change was made; HSBC MSCI Emerging Markets","page_number":181,"box":{"x":95,"y":249,"width":809,"height":11}},{"id":"c0c0a8ec-d75d-4bc9-897c-5d438cb555cf","block_type":"box","text":"Equity Index was removed.","page_number":181,"box":{"x":96,"y":265,"width":162,"height":10}},{"id":"03774dad-c2fa-4fae-a6ae-8aa0fd2f0973","block_type":"box","text":"On 2 December 2025, the portfolio underwent a change. The portfolio’s fund manager lineup was revised; the iShares UK Equity In","page_number":181,"box":{"x":96,"y":287,"width":785,"height":10}},{"id":"04ba7143-4477-44c8-98ad-354dd49bafce","block_type":"box","text":"dex","page_number":181,"box":{"x":883,"y":287,"width":21,"height":8}},{"id":"7e535c10-c58f-47ec-b836-6efe17aed02f","block_type":"box","text":"Fund (UK) share class was changed.","page_number":181,"box":{"x":96,"y":302,"width":215,"height":11}},{"id":"f9ee6202-35fe-447d-a318-dfbd8995e7a4","block_type":"box","text":"An update to the portfolio was made on 10 April 2026. One manager selection change was made; HSBC Global Government Bond","page_number":181,"box":{"x":95,"y":324,"width":808,"height":11}},{"id":"e206d65c-59cf-415d-af08-f67c2177c809","block_type":"box","text":"UCITS ETF was decreased.","page_number":181,"box":{"x":96,"y":340,"width":155,"height":8}},{"id":"e247faf5-282c-4e00-8a5c-374ad9047b5f","block_type":"box","text":"Tatton Investment Management Limited","page_number":181,"box":{"x":95,"y":384,"width":269,"height":11}},{"id":"df50ea8a-cc62-4526-9aab-78931f618977","block_type":"box","text":"Investment Manager to the Fund","page_number":181,"box":{"x":96,"y":400,"width":198,"height":10}},{"id":"4bed1345-64db-413e-9120-85e075731e1f","block_type":"box","text":"May 2026","page_number":181,"box":{"x":96,"y":415,"width":58,"height":11}},{"id":"cd0a15f3-bc51-4143-bf70-c5b2cad1c2e9","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":181,"box":{"x":97,"y":38,"width":418,"height":13}},{"id":"64fa6652-180a-4065-86b7-a8f75b00470f","block_type":"box","text":"176","page_number":181,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"730d9161-0276-401c-82e9-b90772b0b246","block_type":"box","text":"Performance Record","page_number":182,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"ae4a1864-4d72-45ee-a7a6-9c8212cdf52a","block_type":"box","text":"Financial Highlights","page_number":182,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"c8a23025-04f5-43cc-9dae-a6daa029093f","block_type":"box","text":"A Class (Retail) Accumulation","page_number":182,"box":{"x":99,"y":149,"width":194,"height":9}},{"id":"f8559346-faf1-4160-8a1a-697479dc9e2f","block_type":"box","text":"31.05.24^","page_number":182,"box":{"x":414,"y":149,"width":62,"height":8}},{"id":"4b4304c0-3826-4f41-87de-ab915d214095","block_type":"box","text":"30.04.24","page_number":182,"box":{"x":527,"y":149,"width":55,"height":8}},{"id":"8d2b50f6-72a6-4e06-a6d0-aef8210c1653","block_type":"box","text":"p","page_number":182,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"c7070663-0bba-41ba-8531-dd2fab676adf","block_type":"box","text":"p","page_number":182,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"36714222-8217-4247-b400-71aa32f556ae","block_type":"box","text":"Opening net asset value per share","page_number":182,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"f34137e8-3b8f-4581-8c03-b4e0922f84ab","block_type":"box","text":"213.3218","page_number":182,"box":{"x":434,"y":178,"width":55,"height":8}},{"id":"4c774949-0f2b-4510-94e8-6debe1d83642","block_type":"box","text":"200.9841","page_number":182,"box":{"x":544,"y":178,"width":53,"height":8}},{"id":"84a924d7-8b3f-4083-9ebc-d0cd5c6944cf","block_type":"box","text":"Return before operating charges","page_number":182,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"6392c648-4c90-46ef-973d-a4ccfc6731c4","block_type":"box","text":"1.6663","page_number":182,"box":{"x":450,"y":191,"width":39,"height":8}},{"id":"ad3162a0-5544-4002-8779-b746aabf97e0","block_type":"box","text":"15.9007","page_number":182,"box":{"x":552,"y":191,"width":47,"height":8}},{"id":"32976539-643e-498c-937a-ce229fae832d","block_type":"box","text":"Operating charges (note 1)","page_number":182,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"fde88f2e-41d3-43a2-9954-8c24510276a3","block_type":"box","text":"(0.3050)","page_number":182,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"ea4cab87-0016-406d-9c3d-ce6a53087c9a","block_type":"box","text":"(3.5630)","page_number":182,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"d6d21e2d-e373-4f05-b17a-3c0a68d601e9","block_type":"box","text":"Return after operating charges","page_number":182,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"6ce3fb39-47e0-462a-87eb-fab4b184cbd9","block_type":"box","text":"1.3655","page_number":182,"box":{"x":450,"y":217,"width":39,"height":8}},{"id":"f1c9e7e2-5932-4d04-a7eb-71f7a2d67763","block_type":"box","text":"12.3377","page_number":182,"box":{"x":552,"y":217,"width":47,"height":8}},{"id":"1d70b6a3-939b-4b65-b74e-92fc4538b140","block_type":"box","text":"Closing net asset value per share","page_number":182,"box":{"x":100,"y":230,"width":217,"height":10}},{"id":"9cfa0359-4612-4464-bd10-a34160cfc5a2","block_type":"box","text":"214.6873","page_number":182,"box":{"x":431,"y":230,"width":58,"height":8}},{"id":"ab9c98a3-4a27-459a-bae9-5f74d969749c","block_type":"box","text":"213.3218","page_number":182,"box":{"x":541,"y":230,"width":58,"height":8}},{"id":"238394aa-55e4-4a23-9c9f-68f2902c3be7","block_type":"box","text":"Retained distributions on accumulated shares","page_number":182,"box":{"x":101,"y":243,"width":278,"height":8}},{"id":"ac7362d8-ec09-41d5-973a-66e3cf22c59d","block_type":"box","text":"–","page_number":182,"box":{"x":483,"y":248,"width":6,"height":0}},{"id":"0497cdaa-fa00-49df-8d8d-3b5c567602e5","block_type":"box","text":"4.6783","page_number":182,"box":{"x":558,"y":243,"width":41,"height":8}},{"id":"886c47be-260c-4061-9100-6c4de459500a","block_type":"box","text":"After direct transactions costs of","page_number":182,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"a792c31f-b841-4f68-bc7e-7e481b00ae78","block_type":"box","text":"–","page_number":182,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"47ac63a9-7d76-4acb-ae33-743694b64f3d","block_type":"box","text":"–","page_number":182,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"71e926fc-a0a6-4cd5-b9d2-a6d62698a8a0","block_type":"box","text":"Performance","page_number":182,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"6dfd2ecd-9ba4-49db-8cbb-35aa519da33e","block_type":"box","text":"Return after charges","page_number":182,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"abf82690-0b4f-4be6-9c21-55df8ea397d7","block_type":"box","text":"0.64%","page_number":182,"box":{"x":453,"y":282,"width":36,"height":8}},{"id":"2e5386fe-e57a-4933-ac9b-4c2440e61067","block_type":"box","text":"6.14%","page_number":182,"box":{"x":563,"y":282,"width":36,"height":8}},{"id":"d8258517-0d4a-4814-9df7-5836e36a5d9c","block_type":"box","text":"Other information","page_number":182,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"2f2ad86d-660c-42b9-918a-9000f788a4c8","block_type":"box","text":"Closing net asset value","page_number":182,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"228ac574-be0c-4257-8e69-69fec3324096","block_type":"box","text":"–","page_number":182,"box":{"x":483,"y":313,"width":6,"height":1}},{"id":"59e21e19-ef8e-4da1-9682-66fb88dfe102","block_type":"box","text":"£2,315,621","page_number":182,"box":{"x":533,"y":308,"width":64,"height":10}},{"id":"2f167668-dcf6-4d8e-9f11-86420cd21600","block_type":"box","text":"Closing number of shares","page_number":182,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"45f3e45a-5dab-4049-867c-8e30b95ffd82","block_type":"box","text":"–","page_number":182,"box":{"x":483,"y":326,"width":6,"height":1}},{"id":"3e6c3346-f4dc-4df6-9a45-eb685ad8b4b8","block_type":"box","text":"1,085,506","page_number":182,"box":{"x":541,"y":321,"width":58,"height":10}},{"id":"d6c78a36-9782-4e7d-aa84-d36caecd9fa8","block_type":"box","text":"Operating charges (note 2)","page_number":182,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"0460742b-c694-4ea5-b120-2241a15201e3","block_type":"box","text":"1.71%","page_number":182,"box":{"x":454,"y":335,"width":35,"height":7}},{"id":"09cfa483-9def-4637-b0c4-0d1a8419161e","block_type":"box","text":"1.72%","page_number":182,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"354e3235-b445-4aab-8dbf-68209a227bfd","block_type":"box","text":"Direct transaction costs","page_number":182,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"9172461e-4154-4689-9eee-4dec17af2f20","block_type":"box","text":"0.00%","page_number":182,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"30c0c058-3d91-4839-b4f7-1cf75a2ed462","block_type":"box","text":"0.00%","page_number":182,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"ff77e4ab-6106-49f4-9e10-0edc5e03771e","block_type":"box","text":"Prices","page_number":182,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"1dc39dac-e8d8-4374-81cb-d009952f8623","block_type":"box","text":"Highest share price","page_number":182,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"040fd1c4-a10f-43c5-b8b0-7ff3b2b28083","block_type":"box","text":"217.3865","page_number":182,"box":{"x":434,"y":374,"width":55,"height":8}},{"id":"d2d9ba2d-48fe-4b54-b89b-eb43b208fbb5","block_type":"box","text":"215.6971","page_number":182,"box":{"x":544,"y":374,"width":53,"height":8}},{"id":"28014b13-44b0-44f6-be20-3dcca14771ed","block_type":"box","text":"Lowest share price","page_number":182,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"9b98c284-7a64-4391-8b87-808547fee482","block_type":"box","text":"212.3916","page_number":182,"box":{"x":434,"y":387,"width":55,"height":8}},{"id":"89fe5043-0c8c-4cde-860b-4d1e1304dd4b","block_type":"box","text":"195.0982","page_number":182,"box":{"x":544,"y":387,"width":55,"height":8}},{"id":"638fdf74-ed43-4619-9d17-fc2fec44e68d","block_type":"box","text":"^Share class closed on 31 May 2024 after conversion to B Class (Retail) Accumulation","page_number":182,"box":{"x":95,"y":413,"width":516,"height":10}},{"id":"d1364fac-e016-44c4-be53-c4563adb9c1f","block_type":"box","text":"B Class (Retail) Accumulation","page_number":182,"box":{"x":101,"y":440,"width":192,"height":10}},{"id":"0986c1ba-ec9a-443c-af79-d80f3d0cbbb9","block_type":"box","text":"30.04.26","page_number":182,"box":{"x":418,"y":440,"width":54,"height":8}},{"id":"c02b8c53-3128-4631-890d-73c8ca93658a","block_type":"box","text":"30.04.25","page_number":182,"box":{"x":527,"y":440,"width":54,"height":8}},{"id":"52bfe3b2-c89b-434e-b6b5-f755880c50fc","block_type":"box","text":"30.04.24","page_number":182,"box":{"x":637,"y":440,"width":54,"height":8}},{"id":"40abe6cc-05e2-4562-8670-8783a202cf76","block_type":"box","text":"p","page_number":182,"box":{"x":441,"y":453,"width":7,"height":8}},{"id":"d99bc90d-02f0-473a-9e84-ce3b75a89f80","block_type":"box","text":"p","page_number":182,"box":{"x":551,"y":453,"width":7,"height":8}},{"id":"97184679-d4e9-408f-bd08-c5635292d29b","block_type":"box","text":"p","page_number":182,"box":{"x":661,"y":453,"width":6,"height":8}},{"id":"3aeb9553-8c2b-4524-9edb-c551909eaf92","block_type":"box","text":"Opening net asset value per share","page_number":182,"box":{"x":100,"y":469,"width":226,"height":10}},{"id":"d2e81974-0fc9-43bb-b7fe-a4ddc63a9147","block_type":"box","text":"247.3002","page_number":182,"box":{"x":434,"y":469,"width":55,"height":8}},{"id":"7376d45a-b983-4f53-bd40-4b4d9df1d992","block_type":"box","text":"236.6109","page_number":182,"box":{"x":544,"y":469,"width":55,"height":8}},{"id":"19c0d81e-7750-4b1a-af52-63ad8198aebd","block_type":"box","text":"221.2472","page_number":182,"box":{"x":653,"y":469,"width":55,"height":8}},{"id":"59067555-0be1-4e39-9e12-ff24bc03402e","block_type":"box","text":"Return before operating charges","page_number":182,"box":{"x":101,"y":482,"width":197,"height":10}},{"id":"3275e3a4-75a4-44aa-a9c0-7930863389bd","block_type":"box","text":"33.0861","page_number":182,"box":{"x":442,"y":482,"width":45,"height":8}},{"id":"ea5dd920-704e-4a78-aae0-17a30b5e31ad","block_type":"box","text":"14.8993","page_number":182,"box":{"x":552,"y":482,"width":47,"height":8}},{"id":"ba8142c4-5627-4f05-bac4-e7f4272717e6","block_type":"box","text":"17.5843","page_number":182,"box":{"x":661,"y":482,"width":47,"height":8}},{"id":"6f8c52e8-e045-42a3-88ca-d541ae303316","block_type":"box","text":"Operating charges (note 1)","page_number":182,"box":{"x":100,"y":495,"width":162,"height":10}},{"id":"ec8e21ee-9322-4ffc-846f-a951904842e3","block_type":"box","text":"(2.6470)","page_number":182,"box":{"x":440,"y":495,"width":49,"height":10}},{"id":"147ae6a9-4f5c-4051-aa52-3568fd532b2e","block_type":"box","text":"(4.2100)","page_number":182,"box":{"x":550,"y":495,"width":49,"height":10}},{"id":"c3b7c78b-5f57-4193-b7ea-7a6a7922bbcf","block_type":"box","text":"(2.2206)","page_number":182,"box":{"x":660,"y":495,"width":48,"height":10}},{"id":"31b6c616-2eaa-4fa6-beb6-0bb5b73c9ead","block_type":"box","text":"Return after operating charges","page_number":182,"box":{"x":101,"y":508,"width":185,"height":11}},{"id":"96f4bfa8-2124-48dd-9ad8-0725e89a2c46","block_type":"box","text":"30.4391","page_number":182,"box":{"x":442,"y":508,"width":45,"height":8}},{"id":"9a6e8548-e18b-42a8-91f5-9ce75bbf6b1e","block_type":"box","text":"10.6893","page_number":182,"box":{"x":552,"y":508,"width":47,"height":8}},{"id":"fdf89db2-2b65-4a02-ac5a-5dc1b909b629","block_type":"box","text":"15.3637","page_number":182,"box":{"x":661,"y":508,"width":47,"height":8}},{"id":"13175e36-dc51-4b0c-ab74-7e77edec1a5b","block_type":"box","text":"Closing net asset value per share","page_number":182,"box":{"x":100,"y":521,"width":217,"height":11}},{"id":"d7f14903-134b-4aa0-9d3e-ab85570ecb2c","block_type":"box","text":"277.7393","page_number":182,"box":{"x":431,"y":521,"width":58,"height":8}},{"id":"9d38688a-f272-482f-8c51-544e8b6115af","block_type":"box","text":"247.3002","page_number":182,"box":{"x":541,"y":521,"width":58,"height":8}},{"id":"d2602b58-0f60-461a-9fd3-27edcd29c3fa","block_type":"box","text":"236.6109","page_number":182,"box":{"x":650,"y":521,"width":59,"height":8}},{"id":"b332427e-8827-4068-815b-90369451b8ba","block_type":"box","text":"Retained distributions on accumulated shares","page_number":182,"box":{"x":101,"y":534,"width":278,"height":8}},{"id":"e1211809-3bb3-4a7c-b33d-6bbf4168e8ea","block_type":"box","text":"4.4231","page_number":182,"box":{"x":449,"y":534,"width":38,"height":8}},{"id":"44f6fdc7-2321-4665-9b22-bf73813c5fcf","block_type":"box","text":"2.3931","page_number":182,"box":{"x":559,"y":534,"width":38,"height":8}},{"id":"57b4221e-bc42-4d5e-a994-a2b82df9b794","block_type":"box","text":"6.8767","page_number":182,"box":{"x":668,"y":534,"width":40,"height":8}},{"id":"916d6062-62d7-48a1-a278-1a98ca4a6d7c","block_type":"box","text":"After direct transactions costs of","page_number":182,"box":{"x":99,"y":547,"width":198,"height":8}},{"id":"603cf4dd-3b21-443c-ae56-c2b3b7ccd705","block_type":"box","text":"–","page_number":182,"box":{"x":483,"y":552,"width":6,"height":1}},{"id":"dadb5556-4d14-4547-bb1e-c0d361a312bc","block_type":"box","text":"–","page_number":182,"box":{"x":593,"y":552,"width":6,"height":1}},{"id":"8af5be0b-5e68-465a-a6d2-4f05ebef5611","block_type":"box","text":"–","page_number":182,"box":{"x":702,"y":552,"width":6,"height":1}},{"id":"2eabb39a-aae5-4f85-ba29-a6c90a129ac5","block_type":"box","text":"Performance","page_number":182,"box":{"x":101,"y":560,"width":85,"height":8}},{"id":"5b8af78d-08a8-4470-8eee-3ddc58378b77","block_type":"box","text":"Return after charges","page_number":182,"box":{"x":101,"y":573,"width":123,"height":11}},{"id":"e078b3fa-f677-4ce1-8292-554193bb6c20","block_type":"box","text":"12.34%","page_number":182,"box":{"x":446,"y":574,"width":43,"height":7}},{"id":"23fc66e0-e689-4c89-8dd4-d26e1c087078","block_type":"box","text":"4.52%","page_number":182,"box":{"x":562,"y":574,"width":37,"height":7}},{"id":"c24cbfd6-265e-46bc-9167-a8326b33dcae","block_type":"box","text":"6.94%","page_number":182,"box":{"x":672,"y":574,"width":36,"height":7}},{"id":"a4703507-a4b1-4e56-b2a2-b54626ece912","block_type":"box","text":"Other information","page_number":182,"box":{"x":100,"y":586,"width":121,"height":8}},{"id":"78749c6e-f7d7-4fb8-94e7-e67190519790","block_type":"box","text":"Closing net asset value","page_number":182,"box":{"x":100,"y":599,"width":137,"height":11}},{"id":"a3296852-a568-4750-a3d5-01aec7aed6b2","block_type":"box","text":"£12,079,027","page_number":182,"box":{"x":415,"y":600,"width":74,"height":9}},{"id":"b03601e2-3126-4d1f-8f4a-fb458eee9b35","block_type":"box","text":"£13,829,500","page_number":182,"box":{"x":525,"y":600,"width":74,"height":9}},{"id":"6fbbdcc1-9302-4295-b996-ca60f9fe946e","block_type":"box","text":"£13,203,735","page_number":182,"box":{"x":635,"y":600,"width":73,"height":9}},{"id":"6cee1e54-d376-46fa-9c96-54dd659088f1","block_type":"box","text":"Closing number of shares","page_number":182,"box":{"x":100,"y":612,"width":155,"height":11}},{"id":"66eab8b4-d5a3-4743-9f7f-e2b6ec414bf6","block_type":"box","text":"4,349,053","page_number":182,"box":{"x":430,"y":613,"width":59,"height":9}},{"id":"ac5c3cb0-631d-4b64-873f-d0828fa8f8c4","block_type":"box","text":"5,592,190","page_number":182,"box":{"x":540,"y":613,"width":59,"height":9}},{"id":"db41b69f-c4ad-4137-a1c5-994db795eeb6","block_type":"box","text":"5,580,359","page_number":182,"box":{"x":650,"y":613,"width":58,"height":9}},{"id":"acde94b6-e9a6-4a35-823b-b4dd7e78a72c","block_type":"box","text":"Operating charges (note 2)","page_number":182,"box":{"x":100,"y":625,"width":162,"height":11}},{"id":"eee27fb7-25f7-4e13-8280-7e249d4223c6","block_type":"box","text":"1.01%","page_number":182,"box":{"x":454,"y":626,"width":35,"height":8}},{"id":"59171a33-8afd-49c6-aa23-65f9e7b8819d","block_type":"box","text":"1.74%","page_number":182,"box":{"x":563,"y":626,"width":36,"height":8}},{"id":"af41fa41-03c4-49a9-b82c-16f2a86b8307","block_type":"box","text":"0.97%","page_number":182,"box":{"x":672,"y":626,"width":36,"height":8}},{"id":"317d80b8-38dc-4fb0-bdb5-ffbef9433123","block_type":"box","text":"Direct transaction costs","page_number":182,"box":{"x":101,"y":639,"width":141,"height":8}},{"id":"02118a7e-cf78-48d5-8af6-1afcc9a90bdc","block_type":"box","text":"0.00%","page_number":182,"box":{"x":453,"y":639,"width":36,"height":8}},{"id":"ab22d463-9ae1-463f-bcdf-09419843bf21","block_type":"box","text":"0.00%","page_number":182,"box":{"x":563,"y":639,"width":36,"height":8}},{"id":"3792097a-75f9-45a0-80b0-c2ee26fee6fb","block_type":"box","text":"0.00%","page_number":182,"box":{"x":672,"y":639,"width":36,"height":8}},{"id":"b5d42cce-ea23-45b6-a0de-03ec83e0b3d2","block_type":"box","text":"Prices","page_number":182,"box":{"x":101,"y":652,"width":38,"height":8}},{"id":"a45dfe95-0bdf-4e28-aeef-5fd2f146ad26","block_type":"box","text":"Highest share price","page_number":182,"box":{"x":101,"y":665,"width":115,"height":10}},{"id":"2b130060-8e76-4e83-b503-e465c78f75da","block_type":"box","text":"282.1120","page_number":182,"box":{"x":434,"y":665,"width":55,"height":8}},{"id":"eaaf13a3-2b76-4133-9543-adea9a77f2bf","block_type":"box","text":"256.9146","page_number":182,"box":{"x":544,"y":665,"width":55,"height":8}},{"id":"d6ec663e-4d91-4e94-9659-fff60958bfa2","block_type":"box","text":"239.1084","page_number":182,"box":{"x":653,"y":665,"width":56,"height":8}},{"id":"f162cdd3-bd00-4a01-a9ef-cdd217e046da","block_type":"box","text":"Lowest share price","page_number":182,"box":{"x":101,"y":678,"width":112,"height":10}},{"id":"8e10ba14-26dc-42ec-8966-59637ec69530","block_type":"box","text":"247.3002","page_number":182,"box":{"x":434,"y":678,"width":55,"height":8}},{"id":"7bd41c82-f113-4b87-95cd-3c6a81025297","block_type":"box","text":"235.5891","page_number":182,"box":{"x":544,"y":678,"width":53,"height":8}},{"id":"8f639036-5c10-49f6-91af-8afb1540d28b","block_type":"box","text":"215.5879","page_number":182,"box":{"x":653,"y":678,"width":55,"height":8}},{"id":"b625cb24-92c1-4136-8257-735da8e1398b","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":182,"box":{"x":96,"y":705,"width":758,"height":11}},{"id":"774f07c6-90a5-4d67-a310-214089c51a2c","block_type":"box","text":"aluation","page_number":182,"box":{"x":855,"y":705,"width":48,"height":9}},{"id":"998e516b-1ade-4700-9ccc-094bf71d26a8","block_type":"box","text":"per share throughout the period.","page_number":182,"box":{"x":96,"y":720,"width":200,"height":11}},{"id":"21cae39b-e304-48c6-aef0-7ba570535e69","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":182,"box":{"x":95,"y":740,"width":787,"height":10}},{"id":"07e90a72-14d5-4f5c-a651-4f9c492d695f","block_type":"box","text":"age","page_number":182,"box":{"x":883,"y":742,"width":21,"height":8}},{"id":"a364342a-7d02-4b44-8382-47733039646c","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":182,"box":{"x":96,"y":754,"width":778,"height":11}},{"id":"2a20fdc7-fe13-4a60-b365-faa5752f4e3b","block_type":"box","text":"und.","page_number":182,"box":{"x":874,"y":754,"width":26,"height":9}},{"id":"eb180166-1032-4747-b301-8e81066ade54","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":182,"box":{"x":484,"y":38,"width":418,"height":13}},{"id":"1b494d8b-6af3-4984-8189-cc25dd80d960","block_type":"box","text":"177","page_number":182,"box":{"x":963,"y":960,"width":26,"height":8}},{"id":"05c6b359-63aa-4f90-accf-bfc9400687b9","block_type":"box","text":"Risk and Reward Profile","page_number":183,"box":{"x":97,"y":85,"width":244,"height":13}},{"id":"79ed8f74-dfd7-4739-b708-18e4e07eea26","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":183,"box":{"x":95,"y":121,"width":785,"height":11}},{"id":"cc61639c-7b64-4cfc-b96a-b5187d1bcf5c","block_type":"box","text":"the","page_number":183,"box":{"x":884,"y":121,"width":20,"height":8}},{"id":"906da833-551b-42e3-9c78-5c9886e86090","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":183,"box":{"x":96,"y":136,"width":752,"height":11}},{"id":"d336399d-93bd-4868-96a8-89622faa07a2","block_type":"box","text":"and may","page_number":183,"box":{"x":852,"y":136,"width":52,"height":11}},{"id":"0e139425-0f3a-4834-aecf-9aee8e09fe2c","block_type":"box","text":"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’","page_number":183,"box":{"x":96,"y":152,"width":753,"height":10}},{"id":"78f9f13d-3d5f-432b-a46e-d37c3c7564fa","block_type":"box","text":"s ranking","page_number":183,"box":{"x":849,"y":152,"width":55,"height":10}},{"id":"9b304052-ccbd-431d-8961-5c4530be795a","block_type":"box","text":"on the risk and reward indicator.","page_number":183,"box":{"x":95,"y":167,"width":199,"height":8}},{"id":"30936c69-920b-43e7-936b-fc713ff7a3a6","block_type":"box","text":"Typically lower rewards,","page_number":183,"box":{"x":128,"y":189,"width":162,"height":11}},{"id":"902bf9c3-5b44-4750-9da1-942bc7578add","block_type":"box","text":"Typically higher rewards,","page_number":183,"box":{"x":706,"y":189,"width":167,"height":11}},{"id":"b9bd6fdd-2883-43c0-bf66-2058171ad746","block_type":"box","text":"lower risk","page_number":183,"box":{"x":177,"y":205,"width":65,"height":8}},{"id":"419dc147-35fa-49ef-942a-f51ae425e5eb","block_type":"box","text":"higher risk","page_number":183,"box":{"x":755,"y":205,"width":71,"height":10}},{"id":"8cc8c8c0-8f2b-47ad-8602-d8872f777ab6","block_type":"box","text":"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","page_number":183,"box":{"x":96,"y":265,"width":738,"height":10}},{"id":"f971e47c-7135-44b2-9ba4-c1f81093ae02","block_type":"box","text":"y in the Key","page_number":183,"box":{"x":835,"y":265,"width":69,"height":10}},{"id":"6fef56cf-c415-4f78-8763-f0bdac1a8e67","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 5). The Sub-fund is ranked ‘4’ because weekly historical performance data","page_number":183,"box":{"x":96,"y":280,"width":807,"height":11}},{"id":"b968358c-78d6-4f9d-9f61-e8701c914743","block_type":"box","text":"indicates that relatively high rises and falls in market prices would have occurred historically. The higher the rank, the grea","page_number":183,"box":{"x":96,"y":295,"width":765,"height":11}},{"id":"5828cdd1-30a7-4eae-ab30-73a322a7f0b7","block_type":"box","text":"ter the","page_number":183,"box":{"x":863,"y":295,"width":41,"height":9}},{"id":"6f678f96-f5fa-4b85-b6ab-cc2cfe7593c6","block_type":"box","text":"potential reward but the greater the risk of losing money.","page_number":183,"box":{"x":96,"y":311,"width":348,"height":11}},{"id":"fd60b3a3-100a-44a6-8399-02ad5d5925c7","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":183,"box":{"x":97,"y":38,"width":418,"height":13}},{"id":"6d8de0da-cf29-4b50-a846-f53ae524b73e","block_type":"box","text":"178","page_number":183,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"1d96f822-9f31-44f3-88b8-b9b954d6cbd5","block_type":"box","text":"1","page_number":183,"box":{"x":148,"y":238,"width":8,"height":12}},{"id":"1c107c0c-4127-4733-a5c5-63306bbe0b5c","block_type":"box","text":"2","page_number":183,"box":{"x":263,"y":238,"width":10,"height":12}},{"id":"63da7aba-b5fb-4351-b62e-389a858a674f","block_type":"box","text":"3","page_number":183,"box":{"x":379,"y":238,"width":10,"height":12}},{"id":"4b2080a7-50f7-431f-9382-515f0c5bfbdf","block_type":"box","text":"4","page_number":183,"box":{"x":494,"y":238,"width":11,"height":12}},{"id":"dee9b6cd-b7c4-49c1-aba2-3b5cfbcc3d39","block_type":"box","text":"5","page_number":183,"box":{"x":611,"y":238,"width":10,"height":12}},{"id":"bd102a7a-3fc1-415e-95fd-5d1f936e4f4e","block_type":"box","text":"6","page_number":183,"box":{"x":726,"y":238,"width":10,"height":12}},{"id":"a4d14173-66c9-4b41-af8e-4593f4df071b","block_type":"box","text":"7","page_number":183,"box":{"x":841,"y":238,"width":11,"height":12}},{"id":"e0f9391d-9985-453b-a094-dac73b587ff2","block_type":"box","text":"Portfolio Statement","page_number":184,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"f3af2ee6-bef2-4478-afac-594f3704d811","block_type":"box","text":"as at 30 April 2026","page_number":184,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"913628f7-4b01-4225-a93f-fbe107929001","block_type":"box","text":"Market","page_number":184,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"bdd159a3-5be6-4deb-b722-1e4b2c169b13","block_type":"box","text":"% of total","page_number":184,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"a02d59e2-51e8-4a1b-a86e-0c3ccd079eed","block_type":"box","text":"value","page_number":184,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"9d1753c7-afdc-479a-940b-399542b82215","block_type":"box","text":"net assets","page_number":184,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"876ff2af-af71-4441-9953-cdafa2ee6d54","block_type":"box","text":"Holding","page_number":184,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"cfa8e1f7-b9e2-4934-af28-57a9ab35bc61","block_type":"box","text":"Investment","page_number":184,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"7371f9a0-a53d-4e5f-843f-9734aedf68f5","block_type":"box","text":"£","page_number":184,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"d800aaeb-6719-4977-a0da-af087682528d","block_type":"box","text":"2026","page_number":184,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"86f6a5d2-763d-44f1-a007-a41605a3cca2","block_type":"box","text":"Collective Investment Schemes (30.04.2025: 88.86%)","page_number":184,"box":{"x":210,"y":176,"width":346,"height":10}},{"id":"1281d6c8-3779-45e6-a344-264f8739eb21","block_type":"box","text":"324,285","page_number":184,"box":{"x":142,"y":191,"width":47,"height":9}},{"id":"a5057101-06ec-4b3c-bffe-6244725f93c4","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":184,"box":{"x":210,"y":190,"width":295,"height":11}},{"id":"61468767-3f63-4a79-8a92-59fbc83fde40","block_type":"box","text":"405,648","page_number":184,"box":{"x":760,"y":191,"width":48,"height":9}},{"id":"f961c82a-e996-40d2-9da5-ea3b89cab820","block_type":"box","text":"3.36%","page_number":184,"box":{"x":863,"y":191,"width":36,"height":7}},{"id":"84b67272-a409-497f-bfdb-1d78eb45d9fc","block_type":"box","text":"55,766","page_number":184,"box":{"x":150,"y":205,"width":39,"height":9}},{"id":"c5252070-2374-4ce4-b167-2c14c451031a","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":184,"box":{"x":210,"y":204,"width":307,"height":9}},{"id":"75432789-5794-4eec-a4dd-6b316de9e814","block_type":"box","text":"686,485","page_number":184,"box":{"x":761,"y":205,"width":47,"height":9}},{"id":"c938eb11-75c9-4ed1-a249-31ce3807c484","block_type":"box","text":"5.68%","page_number":184,"box":{"x":863,"y":205,"width":36,"height":8}},{"id":"21d73420-04e9-495e-ac17-9bc338f5c195","block_type":"box","text":"100,011","page_number":184,"box":{"x":142,"y":219,"width":45,"height":9}},{"id":"45229451-a188-4bfa-b3bd-b50ba10a9345","block_type":"box","text":"HSBC American Index Fund","page_number":184,"box":{"x":210,"y":219,"width":164,"height":8}},{"id":"ef4d04f5-d270-4981-ad60-8e74fea84bbf","block_type":"box","text":"1,527,171","page_number":184,"box":{"x":750,"y":219,"width":56,"height":9}},{"id":"763eb94b-e0cf-4793-a453-aa7d31c0aab0","block_type":"box","text":"12.64%","page_number":184,"box":{"x":856,"y":219,"width":43,"height":8}},{"id":"0a378ac1-4c48-4e43-9c94-abe3252a169e","block_type":"box","text":"29,568","page_number":184,"box":{"x":149,"y":233,"width":40,"height":9}},{"id":"6da2560d-02ca-44a0-9dbe-d28bb3bde217","block_type":"box","text":"HSBC European Index Fund","page_number":184,"box":{"x":210,"y":233,"width":166,"height":11}},{"id":"03490a47-bbb0-4b25-b16b-586513f18120","block_type":"box","text":"510,351","page_number":184,"box":{"x":761,"y":233,"width":45,"height":9}},{"id":"907e7bfc-0ea8-4db0-b2f5-4669ba24fc40","block_type":"box","text":"4.23%","page_number":184,"box":{"x":862,"y":233,"width":37,"height":8}},{"id":"98305287-b9c6-4a5a-bab7-916808c09c56","block_type":"box","text":"15,777","page_number":184,"box":{"x":150,"y":248,"width":39,"height":9}},{"id":"1d87b846-ef3b-4eaf-8270-1b9071c9b040","block_type":"box","text":"HSBC Global Emerging Market Government Bond Index Fund","page_number":184,"box":{"x":210,"y":247,"width":370,"height":11}},{"id":"d57eda9c-79d0-4dc5-b4a3-f9917381cd3b","block_type":"box","text":"207,360","page_number":184,"box":{"x":761,"y":248,"width":47,"height":9}},{"id":"6e9fc63b-0aae-48bd-a7c2-5348d899d9e4","block_type":"box","text":"1.72%","page_number":184,"box":{"x":863,"y":248,"width":36,"height":7}},{"id":"1c9e17cb-89f4-4c13-bccd-c54631e88c79","block_type":"box","text":"218,674","page_number":184,"box":{"x":142,"y":262,"width":48,"height":9}},{"id":"6ea55910-0d3a-4cdc-9f0d-3566b436c1cd","block_type":"box","text":"HSBC MSCI Emerging Markets ex China Equity Index Fund","page_number":184,"box":{"x":210,"y":261,"width":349,"height":11}},{"id":"54761414-e1e6-4124-b1a0-805feff13a53","block_type":"box","text":"373,494","page_number":184,"box":{"x":761,"y":262,"width":48,"height":9}},{"id":"ae2f6f96-f8bf-4ebd-be08-e9428bf82824","block_type":"box","text":"3.09%","page_number":184,"box":{"x":863,"y":262,"width":36,"height":8}},{"id":"f743428a-40a5-474e-bb7e-6dab68863025","block_type":"box","text":"37,644","page_number":184,"box":{"x":149,"y":276,"width":41,"height":9}},{"id":"6464c672-d6d8-48d2-81cc-4b9881176840","block_type":"box","text":"Invesco Perpetual UK Enhanced Index Fund","page_number":184,"box":{"x":210,"y":276,"width":263,"height":10}},{"id":"b1bcca68-4743-4bb2-a2c5-1c769013c0b1","block_type":"box","text":"375,447","page_number":184,"box":{"x":761,"y":276,"width":47,"height":9}},{"id":"ae087a50-df15-4663-86db-c74f672d9d4d","block_type":"box","text":"3.11%","page_number":184,"box":{"x":863,"y":276,"width":36,"height":8}},{"id":"d813bd77-131d-4f91-878e-c4a79b555d6e","block_type":"box","text":"563,651","page_number":184,"box":{"x":142,"y":290,"width":45,"height":9}},{"id":"e76b6e64-4120-448f-bb7d-f3e79bed8d49","block_type":"box","text":"iShares UK Equity Index Fund","page_number":184,"box":{"x":210,"y":290,"width":177,"height":11}},{"id":"90eb461c-9e6d-43ff-a089-de0ce205b048","block_type":"box","text":"871,301","page_number":184,"box":{"x":761,"y":290,"width":45,"height":9}},{"id":"6be23442-af43-4692-8d7a-35ab83395766","block_type":"box","text":"7.21%","page_number":184,"box":{"x":863,"y":290,"width":36,"height":8}},{"id":"0e94c90d-9a8f-4168-9941-70c91e8a33e7","block_type":"box","text":"535,643","page_number":184,"box":{"x":142,"y":305,"width":47,"height":9}},{"id":"602e159f-e7b6-4e9a-92ea-11683c0f1d95","block_type":"box","text":"Legal & General Emerging Markets Government Bond Index Fund","page_number":184,"box":{"x":210,"y":304,"width":396,"height":11}},{"id":"7f9dd016-db16-4828-867b-00a96f2c40ef","block_type":"box","text":"398,625","page_number":184,"box":{"x":761,"y":305,"width":47,"height":9}},{"id":"7e826787-5ca7-461d-bf9f-532435ebb2b2","block_type":"box","text":"3.30%","page_number":184,"box":{"x":863,"y":305,"width":36,"height":7}},{"id":"d0be0f64-eaee-4008-9392-31301a58c92c","block_type":"box","text":"2,250","page_number":184,"box":{"x":157,"y":319,"width":32,"height":9}},{"id":"bb6db3ed-490d-4493-a6a4-c3266d002d56","block_type":"box","text":"Vanguard Global Bond Index Fund","page_number":184,"box":{"x":209,"y":318,"width":209,"height":11}},{"id":"924a4994-7249-4a21-8d38-a49a508cbe5c","block_type":"box","text":"357,850","page_number":184,"box":{"x":761,"y":319,"width":47,"height":9}},{"id":"b7d08a2c-0ae3-4b53-b897-6559c74b8914","block_type":"box","text":"2.96%","page_number":184,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"a5a004d5-183a-4690-bd2b-44ae573b07a1","block_type":"box","text":"5,548","page_number":184,"box":{"x":157,"y":333,"width":32,"height":9}},{"id":"6e2f6823-c7f2-42b0-8757-44d9c4192812","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":184,"box":{"x":209,"y":333,"width":265,"height":10}},{"id":"1421b3d5-435b-4479-9d39-6eb83b444ade","block_type":"box","text":"468,614","page_number":184,"box":{"x":760,"y":333,"width":49,"height":9}},{"id":"e587a28a-4207-4703-bf6c-b01602ace80b","block_type":"box","text":"3.88%","page_number":184,"box":{"x":863,"y":333,"width":36,"height":8}},{"id":"ad58c57f-2072-4ca1-8541-01f302cde934","block_type":"box","text":"418","page_number":184,"box":{"x":168,"y":347,"width":21,"height":8}},{"id":"570574e4-750c-4a7e-b1d8-a0efee4a5d88","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":184,"box":{"x":209,"y":347,"width":191,"height":11}},{"id":"162f57b6-34bf-4624-9683-3db9d684e0a3","block_type":"box","text":"495,289","page_number":184,"box":{"x":760,"y":347,"width":48,"height":9}},{"id":"aa035ee6-3a37-4c8e-9a69-7cb75bb6cd31","block_type":"box","text":"4.10%","page_number":184,"box":{"x":862,"y":347,"width":37,"height":8}},{"id":"82ef925e-6513-4385-9ef4-259a80380b43","block_type":"box","text":"6,677,635","page_number":184,"box":{"x":750,"y":368,"width":58,"height":9}},{"id":"5f359e68-3d8c-497a-a42c-53f783e6bb46","block_type":"box","text":"55.28%","page_number":184,"box":{"x":855,"y":368,"width":44,"height":8}},{"id":"1c30ae1c-5dcd-4630-bf73-35a9c9c45851","block_type":"box","text":"Exchange Traded Funds (30.04.2025: 10.23%)","page_number":184,"box":{"x":210,"y":389,"width":295,"height":11}},{"id":"d1906150-3337-4607-a42d-38356d542c00","block_type":"box","text":"1,582","page_number":184,"box":{"x":157,"y":404,"width":32,"height":9}},{"id":"31010c88-264a-422c-9477-68445e4f2e65","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":184,"box":{"x":209,"y":403,"width":243,"height":11}},{"id":"5bb79c44-87b6-4bda-8bdb-89a238c761f8","block_type":"box","text":"141,225","page_number":184,"box":{"x":761,"y":404,"width":47,"height":9}},{"id":"125d3cd3-e32f-4544-92d2-af7d378948c8","block_type":"box","text":"1.17%","page_number":184,"box":{"x":863,"y":404,"width":36,"height":7}},{"id":"d9e678a0-2778-4af9-9a65-8394e27de0b2","block_type":"box","text":"9,488","page_number":184,"box":{"x":157,"y":418,"width":32,"height":9}},{"id":"82c7d9ce-6823-4bde-b955-545539889a0e","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":184,"box":{"x":209,"y":417,"width":188,"height":11}},{"id":"0f987de8-be64-4826-ade7-e17bd0e6f6ea","block_type":"box","text":"277,050","page_number":184,"box":{"x":761,"y":418,"width":47,"height":9}},{"id":"31f18083-afac-4136-acab-bd5183236ade","block_type":"box","text":"2.29%","page_number":184,"box":{"x":863,"y":418,"width":36,"height":8}},{"id":"70dff557-e084-4a3c-9c4d-a160da3ea909","block_type":"box","text":"8,872","page_number":184,"box":{"x":157,"y":432,"width":32,"height":9}},{"id":"3b1b9bf5-c569-4a28-a7ef-0fcbd900e01f","block_type":"box","text":"Amundi Prime UK Mid And Small Cap UCITS ETF","page_number":184,"box":{"x":209,"y":432,"width":290,"height":10}},{"id":"24864c59-7116-42f7-9798-d8ec62704d9a","block_type":"box","text":"207,427","page_number":184,"box":{"x":761,"y":432,"width":47,"height":9}},{"id":"ff025f4e-cb6c-4794-a2a6-3d08d6deab2b","block_type":"box","text":"1.72%","page_number":184,"box":{"x":863,"y":432,"width":36,"height":8}},{"id":"b7d1bb1a-f988-4b72-bcf7-6eef84e5bded","block_type":"box","text":"142,014","page_number":184,"box":{"x":142,"y":446,"width":48,"height":9}},{"id":"664b19e4-83ee-4b7c-a469-e3f4a68b4d92","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":184,"box":{"x":210,"y":446,"width":239,"height":11}},{"id":"58939ec5-1a60-4219-984c-9bb63eb93039","block_type":"box","text":"1,434,417","page_number":184,"box":{"x":750,"y":446,"width":58,"height":9}},{"id":"5ba786b2-7c99-40d0-bef1-10821a8040e5","block_type":"box","text":"11.88%","page_number":184,"box":{"x":856,"y":446,"width":43,"height":8}},{"id":"94c26e31-9cd0-4e0c-abff-339c4cadcd04","block_type":"box","text":"78,672","page_number":184,"box":{"x":149,"y":461,"width":40,"height":9}},{"id":"3e2c4227-093e-4a1a-a909-bae53ec9b6e4","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":184,"box":{"x":210,"y":460,"width":240,"height":11}},{"id":"c31d9743-8687-4bce-813f-c55c9447dedd","block_type":"box","text":"918,878","page_number":184,"box":{"x":761,"y":461,"width":47,"height":9}},{"id":"7b2127db-d80f-4843-bdca-72ed47626aa7","block_type":"box","text":"7.61%","page_number":184,"box":{"x":863,"y":461,"width":36,"height":7}},{"id":"58e9ce23-7f54-4fb8-a400-6703bf1f06ce","block_type":"box","text":"140,044","page_number":184,"box":{"x":142,"y":475,"width":48,"height":9}},{"id":"ecad99ee-0441-4f2f-807d-db12ed26a0dc","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":184,"box":{"x":210,"y":474,"width":255,"height":9}},{"id":"d03e605a-dbeb-419e-abf0-0724e6de85c2","block_type":"box","text":"1,456,261","page_number":184,"box":{"x":750,"y":475,"width":56,"height":9}},{"id":"4e95816b-5699-4ec1-a1d5-308886001350","block_type":"box","text":"12.06%","page_number":184,"box":{"x":856,"y":475,"width":43,"height":8}},{"id":"d179d159-361e-4a02-ae81-94380c8eea47","block_type":"box","text":"27,221","page_number":184,"box":{"x":149,"y":489,"width":38,"height":9}},{"id":"1eafd776-57a6-48cc-af2e-9b5d6bb9adc8","block_type":"box","text":"HSBC MSCI China UCITS ETF","page_number":184,"box":{"x":210,"y":489,"width":168,"height":8}},{"id":"1fbfcbe6-7f0f-46bd-ac3a-cf59541172f3","block_type":"box","text":"157,065","page_number":184,"box":{"x":761,"y":489,"width":47,"height":9}},{"id":"6df58567-ba1e-487a-ab3d-0ace6a12309d","block_type":"box","text":"1.30%","page_number":184,"box":{"x":863,"y":489,"width":36,"height":8}},{"id":"7b7a5407-3258-4684-a35c-56355d4f4143","block_type":"box","text":"61,973","page_number":184,"box":{"x":149,"y":503,"width":40,"height":9}},{"id":"03dbb66a-5f25-4850-bfda-552acd807e09","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":184,"box":{"x":210,"y":503,"width":338,"height":11}},{"id":"61aa346a-f347-4689-b4d2-8d1b516c02a5","block_type":"box","text":"546,771","page_number":184,"box":{"x":761,"y":503,"width":45,"height":9}},{"id":"37d7d09e-b7fb-4ed1-ac5f-dbb3dac6cb17","block_type":"box","text":"4.53%","page_number":184,"box":{"x":862,"y":503,"width":37,"height":8}},{"id":"61aa8698-fad0-4f4f-aaaa-db73e84659d5","block_type":"box","text":"5,139,094","page_number":184,"box":{"x":750,"y":524,"width":59,"height":9}},{"id":"61195b94-5c33-4cdc-92f7-4fddc37ef0e7","block_type":"box","text":"42.55%","page_number":184,"box":{"x":855,"y":524,"width":44,"height":8}},{"id":"a703f94d-73b6-4db0-8ed1-8812f10ec793","block_type":"box","text":"Portfolio of investments (30.04.2025: 99.09%)","page_number":184,"box":{"x":210,"y":552,"width":300,"height":10}},{"id":"c92f3990-3c12-4022-953d-e5adb6f3477c","block_type":"box","text":"11,816,729","page_number":184,"box":{"x":739,"y":553,"width":70,"height":9}},{"id":"ad9574eb-70b6-4662-ac77-807752545697","block_type":"box","text":"97.83%","page_number":184,"box":{"x":852,"y":553,"width":47,"height":8}},{"id":"1892a3cb-f123-478f-8eab-d9f29b02b676","block_type":"box","text":"Net other assets (30.04.2025: 0.91%)","page_number":184,"box":{"x":210,"y":567,"width":240,"height":9}},{"id":"95a8a6b6-2a24-4136-b3da-a034c6473560","block_type":"box","text":"262,298","page_number":184,"box":{"x":758,"y":567,"width":51,"height":9}},{"id":"97dccceb-30c9-43e8-8665-740dd6b0013e","block_type":"box","text":"2.17%","page_number":184,"box":{"x":860,"y":567,"width":39,"height":8}},{"id":"591343b1-3a14-4362-8748-045dd51040dd","block_type":"box","text":"12,079,027","page_number":184,"box":{"x":739,"y":588,"width":70,"height":9}},{"id":"003b3446-469c-40da-a8b6-dded13413796","block_type":"box","text":"100.00%","page_number":184,"box":{"x":844,"y":588,"width":55,"height":8}},{"id":"75136d2d-82cd-4ded-964c-c29ccdb62206","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":184,"box":{"x":484,"y":38,"width":418,"height":13}},{"id":"5715b07c-18cc-470a-896c-d8698b5f7018","block_type":"box","text":"179","page_number":184,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"5ce3a459-c497-404a-a62d-799854ad2676","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":185,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"f231aaea-da14-4742-9c9e-ea30b4b3b9d5","block_type":"box","text":"£","page_number":185,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"d82acac5-ebf3-4d19-a3b1-33441579c420","block_type":"box","text":"Total purchases for the year (note 14)","page_number":185,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"c3b8d677-61aa-4730-9413-3bf0790a6e4b","block_type":"box","text":"5,576,814","page_number":185,"box":{"x":651,"y":143,"width":63,"height":10}},{"id":"8b81a462-dce7-460c-b1da-fe965465e597","block_type":"box","text":"iShares UK Equity Index Fund","page_number":185,"box":{"x":96,"y":174,"width":176,"height":11}},{"id":"4fc5d7d4-cb11-4b98-9de3-1ca61a6c5ee9","block_type":"box","text":"992,456","page_number":185,"box":{"x":666,"y":174,"width":47,"height":9}},{"id":"88ce16d0-7278-4956-a626-2e348d4c5f25","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":185,"box":{"x":96,"y":189,"width":254,"height":9}},{"id":"ec5383f4-fbc8-4199-9301-dacca113bf49","block_type":"box","text":"890,318","page_number":185,"box":{"x":666,"y":190,"width":47,"height":9}},{"id":"8efbfaed-bedd-44aa-9be2-81cbedb498e0","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":185,"box":{"x":95,"y":205,"width":339,"height":10}},{"id":"5e8c4cc1-9dc5-4980-88c3-c4a1fc5ea5f7","block_type":"box","text":"632,793","page_number":185,"box":{"x":666,"y":205,"width":47,"height":9}},{"id":"4bcc84d6-d6e1-41e2-8a24-a03fd3dbea32","block_type":"box","text":"Legal & General Emerging Markets Government Bond Index Fund","page_number":185,"box":{"x":96,"y":220,"width":396,"height":11}},{"id":"ff338946-3a1c-45f7-bd64-197502851e91","block_type":"box","text":"357,804","page_number":185,"box":{"x":666,"y":221,"width":48,"height":9}},{"id":"69b30198-435a-4053-b17b-fe60e2a1d5eb","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":185,"box":{"x":96,"y":236,"width":239,"height":10}},{"id":"c6b10729-7543-49a0-ba54-d0e9cae73035","block_type":"box","text":"348,463","page_number":185,"box":{"x":666,"y":236,"width":47,"height":9}},{"id":"a90d0ed3-b89d-4941-bbe7-85e810a69cd1","block_type":"box","text":"HSBC European Index Fund","page_number":185,"box":{"x":96,"y":251,"width":165,"height":11}},{"id":"5862022e-cbf7-4421-bd4d-4e2682c2f4bd","block_type":"box","text":"339,313","page_number":185,"box":{"x":666,"y":251,"width":47,"height":10}},{"id":"51d94459-cef1-4323-b6b7-5874312fb8cd","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":185,"box":{"x":96,"y":267,"width":239,"height":10}},{"id":"3575e413-232b-4d5d-954f-e8f87fa9620f","block_type":"box","text":"296,728","page_number":185,"box":{"x":666,"y":267,"width":47,"height":9}},{"id":"4d8ca62c-03d0-43e1-a4f3-852875f45087","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":185,"box":{"x":95,"y":282,"width":265,"height":11}},{"id":"c011d45e-32c1-4537-accd-00e4c3b11fac","block_type":"box","text":"258,391","page_number":185,"box":{"x":666,"y":282,"width":45,"height":9}},{"id":"aed5584d-7e90-44fc-90d7-647e9af2eee3","block_type":"box","text":"iShares UK Equity Index Fund","page_number":185,"box":{"x":96,"y":297,"width":176,"height":11}},{"id":"6ce2264a-c2c6-43dc-b833-6777a7ddbca9","block_type":"box","text":"182,187","page_number":185,"box":{"x":666,"y":298,"width":47,"height":9}},{"id":"d5937045-7b09-4d23-9de0-25316f958f2f","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":185,"box":{"x":96,"y":313,"width":294,"height":11}},{"id":"cb63c8f9-25d6-4b6b-a772-5cf45a7432f2","block_type":"box","text":"164,487","page_number":185,"box":{"x":666,"y":313,"width":47,"height":9}},{"id":"1b47be5a-1ebe-4a7e-bcb4-a834d2d89b4d","block_type":"box","text":"Various other purchases","page_number":185,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"d4f2299c-8c6a-470d-8133-318a9b45645e","block_type":"box","text":"1,113,874","page_number":185,"box":{"x":655,"y":329,"width":59,"height":9}},{"id":"8ec30103-f85b-464e-989d-aad8a127bd57","block_type":"box","text":"£","page_number":185,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"fe82130c-17d3-4023-b2d2-ca3d500d503e","block_type":"box","text":"Total sales for the year (note 14)","page_number":185,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"7ac86d92-0531-49c6-9fa3-07105e2b7da3","block_type":"box","text":"9,172,642","page_number":185,"box":{"x":651,"y":375,"width":62,"height":9}},{"id":"de4a424d-793b-4e49-89f7-54e355c946a9","block_type":"box","text":"iShares UK Equity Index Fund","page_number":185,"box":{"x":96,"y":406,"width":176,"height":10}},{"id":"76977668-c290-4cb1-8bba-123ae5df9f7c","block_type":"box","text":"1,140,921","page_number":185,"box":{"x":655,"y":406,"width":56,"height":9}},{"id":"7154d022-419e-417a-88b4-c0e2276504fd","block_type":"box","text":"Vanguard Global Bond Index Fund","page_number":185,"box":{"x":95,"y":421,"width":208,"height":11}},{"id":"0b16a539-beec-4e39-b326-f9bd54efdf89","block_type":"box","text":"996,972","page_number":185,"box":{"x":666,"y":421,"width":47,"height":9}},{"id":"2c77d7c1-cc7e-4bfe-b0c8-dc0a96c6c81a","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":185,"box":{"x":96,"y":436,"width":239,"height":11}},{"id":"7cd115a8-ab0c-4c23-a680-8e0a8271e145","block_type":"box","text":"824,676","page_number":185,"box":{"x":666,"y":437,"width":47,"height":9}},{"id":"2584ac58-2808-4a3f-9ccb-4f10a80f5d67","block_type":"box","text":"HSBC American Index Fund","page_number":185,"box":{"x":96,"y":452,"width":164,"height":8}},{"id":"dae8f231-01a1-4dce-acfd-c43feeec8bab","block_type":"box","text":"771,102","page_number":185,"box":{"x":666,"y":452,"width":47,"height":9}},{"id":"db14cffb-49e8-4123-acd4-2a7c099219b9","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":185,"box":{"x":96,"y":467,"width":254,"height":9}},{"id":"83f2818f-8e42-4a6b-9db1-15a779a255be","block_type":"box","text":"717,361","page_number":185,"box":{"x":666,"y":468,"width":45,"height":9}},{"id":"1fb83b49-8223-453d-b9a2-8a40328deb60","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":185,"box":{"x":95,"y":483,"width":191,"height":10}},{"id":"1e07245f-c41b-4619-a4b5-8d4dc0e02941","block_type":"box","text":"555,516","page_number":185,"box":{"x":666,"y":483,"width":47,"height":9}},{"id":"5f78097d-09ad-44fa-984c-88f7b40ecefb","block_type":"box","text":"iShares North American Equity Index Fund","page_number":185,"box":{"x":96,"y":498,"width":256,"height":11}},{"id":"37550bcc-8551-4aaa-98a5-bed606c90630","block_type":"box","text":"486,724","page_number":185,"box":{"x":665,"y":499,"width":49,"height":9}},{"id":"adac20d8-5ed2-423a-bb1e-5458d5477ec2","block_type":"box","text":"HSBC European Index Fund","page_number":185,"box":{"x":96,"y":514,"width":165,"height":10}},{"id":"4eee9cbf-1bc6-4a3d-89bf-120e4cc55e7e","block_type":"box","text":"387,669","page_number":185,"box":{"x":666,"y":514,"width":47,"height":9}},{"id":"534047d9-9391-46d0-94d5-fbec62639ed9","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":185,"box":{"x":95,"y":529,"width":188,"height":11}},{"id":"c3d50899-3054-4d64-9247-9e0f91a7fe40","block_type":"box","text":"379,828","page_number":185,"box":{"x":666,"y":529,"width":47,"height":10}},{"id":"a6d301db-e745-45bd-b7d6-7bf011463b9f","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":185,"box":{"x":96,"y":544,"width":306,"height":9}},{"id":"1946bf77-4bb2-4faf-ab19-1fe157524938","block_type":"box","text":"364,811","page_number":185,"box":{"x":666,"y":545,"width":45,"height":9}},{"id":"90fe63ea-8091-48a1-8a24-c96106cf879b","block_type":"box","text":"Various other sales","page_number":185,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"00846809-71dd-45ee-becb-a32a56a7cdc4","block_type":"box","text":"2,547,062","page_number":185,"box":{"x":654,"y":560,"width":59,"height":9}},{"id":"a783dc34-fe9b-42ca-833a-31cd338c9974","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":185,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"5a8fd649-c65f-4e63-8338-0aa7eb926824","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":185,"box":{"x":97,"y":38,"width":418,"height":13}},{"id":"26614230-15cc-471c-82c4-1a070f149013","block_type":"box","text":"180","page_number":185,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"b062b7ac-5c20-46b2-bd8e-7af9c5f91f7c","block_type":"box","text":"Statement of Total Return","page_number":186,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"66b945bf-667f-4616-aee9-b22841537362","block_type":"box","text":"for the year ended 30 April 2026","page_number":186,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"42deb729-85ae-4aff-9d36-16d638decb8f","block_type":"box","text":"30.04.26","page_number":186,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"4626a42d-3924-4867-9b43-47e3fdea01b1","block_type":"box","text":"30.04.25","page_number":186,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"e84a92f4-e7c6-4d17-b2d9-bac7ac5afe5a","block_type":"box","text":"Note","page_number":186,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"cecd3fca-192f-48cf-9ba3-28aa097d7d30","block_type":"box","text":"£","page_number":186,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"cd771820-79bd-41cc-a32a-1bfa543f2313","block_type":"box","text":"£","page_number":186,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"a852bccc-141e-480d-83d7-dc2bd5a08c34","block_type":"box","text":"£","page_number":186,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"b1547242-87ea-43ff-868f-7d424d482105","block_type":"box","text":"£","page_number":186,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"16323733-48e5-44e7-bba6-7a59d692036a","block_type":"box","text":"Income","page_number":186,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"c1f778a4-ff7d-4d2d-80c2-1f23db9bf68f","block_type":"box","text":"Net capital","page_number":186,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"f968ff1d-bbba-48db-a817-19d3f1d9dba8","block_type":"box","text":"2","page_number":186,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"a6082254-2b60-4eb2-ac6a-d6426a4bbb9c","block_type":"box","text":"1,381,727","page_number":186,"box":{"x":607,"y":169,"width":59,"height":9}},{"id":"2e147b18-7ae8-4b4d-9933-ef8ce14d64f9","block_type":"box","text":"462,171","page_number":186,"box":{"x":849,"y":169,"width":45,"height":9}},{"id":"688ca003-9bc6-4f8e-9d33-a495db492d6c","block_type":"box","text":"Revenue","page_number":186,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"45c4e34a-9110-47dd-9b44-5fc7c5c63018","block_type":"box","text":"3","page_number":186,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"1d36e1ce-d914-42d2-b84f-cd815f656240","block_type":"box","text":"370,946","page_number":186,"box":{"x":504,"y":184,"width":47,"height":9}},{"id":"abbec4f7-6db0-4eb0-8829-c876691d3732","block_type":"box","text":"366,750","page_number":186,"box":{"x":737,"y":184,"width":48,"height":9}},{"id":"442f21fb-6137-4107-8ab9-fb580bd17c2d","block_type":"box","text":"Expenses","page_number":186,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"e8108cfc-51be-48d6-9339-75800c8f6195","block_type":"box","text":"4","page_number":186,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"e203716b-d522-46d3-945d-2e4d3f1fe1cc","block_type":"box","text":"(124,877)","page_number":186,"box":{"x":499,"y":200,"width":57,"height":9}},{"id":"1dbdfe9e-ee6d-4669-944a-74160c49c3a8","block_type":"box","text":"(133,435)","page_number":186,"box":{"x":733,"y":200,"width":56,"height":9}},{"id":"98755bcd-4d13-46c5-909a-fa7471639929","block_type":"box","text":"Interest payable and similar charges","page_number":186,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"cc6fcd5f-2856-40a1-acff-6b10de943ba0","block_type":"box","text":"4","page_number":186,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"4be0d38e-121a-4cba-a227-d2e844584c5b","block_type":"box","text":"(2,010)","page_number":186,"box":{"x":514,"y":222,"width":42,"height":9}},{"id":"e7f63656-1400-47b6-9dde-59a210c896ba","block_type":"box","text":"(6,066)","page_number":186,"box":{"x":748,"y":222,"width":41,"height":9}},{"id":"772cb469-5502-4300-85a6-d5b2b787d100","block_type":"box","text":"Net revenue before taxation","page_number":186,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"462809bf-9691-4637-8763-3daedabcc70d","block_type":"box","text":"244,059","page_number":186,"box":{"x":504,"y":244,"width":47,"height":9}},{"id":"0edd536c-dcef-4bb1-92dd-f0e3f62326af","block_type":"box","text":"227,249","page_number":186,"box":{"x":737,"y":244,"width":47,"height":9}},{"id":"1772de37-7675-436c-8911-e07a6161aad9","block_type":"box","text":"Taxation","page_number":186,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"60019687-a3bb-4a25-bcbd-43520774f251","block_type":"box","text":"5","page_number":186,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"548857d5-8138-4185-9b9f-35f438ab6671","block_type":"box","text":"(25,410)","page_number":186,"box":{"x":507,"y":266,"width":49,"height":10}},{"id":"caedfd76-3fd5-4f46-a26e-5630e3665e2a","block_type":"box","text":"(24,193)","page_number":186,"box":{"x":740,"y":266,"width":49,"height":10}},{"id":"a03bc749-16a7-4272-87eb-f1901b16b580","block_type":"box","text":"Net revenue after taxation","page_number":186,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"0fbb2bc5-60c9-4f64-8da0-c42110b657a2","block_type":"box","text":"218,649","page_number":186,"box":{"x":618,"y":289,"width":47,"height":9}},{"id":"7537cafa-35e6-44d0-8791-a5c414093c80","block_type":"box","text":"203,056","page_number":186,"box":{"x":849,"y":289,"width":47,"height":9}},{"id":"56182b48-0f03-4075-b4b3-f93ff3e3d358","block_type":"box","text":"Total return before distributions","page_number":186,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"044ea51f-8265-43bb-9c05-273e5b6bd0e3","block_type":"box","text":"1,600,376","page_number":186,"box":{"x":604,"y":311,"width":62,"height":9}},{"id":"6f1d527a-a95a-473b-b4ed-292bec854f31","block_type":"box","text":"665,227","page_number":186,"box":{"x":846,"y":311,"width":51,"height":9}},{"id":"8f1d685f-fc29-4caa-b727-4726400b4328","block_type":"box","text":"Distributions","page_number":186,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"7112c3be-2911-44d5-8d69-7e5db1b01097","block_type":"box","text":"6","page_number":186,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"cb3bea78-9e0c-4bea-9b5a-e3dad237a7fe","block_type":"box","text":"(217,167)","page_number":186,"box":{"x":614,"y":333,"width":56,"height":9}},{"id":"9a3efa40-d963-4664-b8fb-918ab0676c6d","block_type":"box","text":"(138,655)","page_number":186,"box":{"x":845,"y":333,"width":56,"height":9}},{"id":"491a5389-0571-4ed5-929e-e9a07517ac02","block_type":"box","text":"Change in net assets attributable to","page_number":186,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"a5110d7c-6dd3-4f02-a25b-6e6def1e4d5f","block_type":"box","text":"Shareholders from investment activities","page_number":186,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"8f1b2677-607c-467c-88d3-d3d8f4419291","block_type":"box","text":"1,383,209","page_number":186,"box":{"x":604,"y":369,"width":62,"height":9}},{"id":"eee00eb9-6f7d-4683-b32b-f13fcac07acc","block_type":"box","text":"526,572","page_number":186,"box":{"x":847,"y":369,"width":50,"height":9}},{"id":"42eb75a9-cc32-41e4-8bae-541bd50e6dcc","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":186,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"4362ff1a-7ad5-41f4-ae59-10c40c4ad163","block_type":"box","text":"for the year ended 30 April 2026","page_number":186,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"3d131da0-80e6-45fd-87b9-3a8514e2fcd8","block_type":"box","text":"30.04.26","page_number":186,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"511d3164-21e1-4ecc-a1af-255932b2f03d","block_type":"box","text":"30.04.25","page_number":186,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"001a6107-1177-475d-98a4-6f85c965451b","block_type":"box","text":"£","page_number":186,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"18c22869-cf09-48ed-ac35-d8b5489e8131","block_type":"box","text":"£","page_number":186,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"41db9d4a-380b-48d1-8436-ff5e39f0e995","block_type":"box","text":"£","page_number":186,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"c07dbe38-85fd-48d9-b516-6772285d4911","block_type":"box","text":"£","page_number":186,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"714353d8-3820-42ee-aec3-dd122ec53daa","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":186,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"2c3f0850-41f7-4e98-881b-de7fde43f085","block_type":"box","text":"13,815,560","page_number":186,"box":{"x":596,"y":482,"width":70,"height":9}},{"id":"60b26aa0-6030-426a-a1f7-f257c4c3e1f4","block_type":"box","text":"15,524,525","page_number":186,"box":{"x":827,"y":482,"width":69,"height":9}},{"id":"29fe88b9-cbcd-48c1-ac92-8024ae613114","block_type":"box","text":"Amounts receivable on creation of shares","page_number":186,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"b1c6ad03-7400-4623-a774-3d313a696077","block_type":"box","text":"423,427","page_number":186,"box":{"x":503,"y":505,"width":48,"height":9}},{"id":"d6ddaac1-21f9-4f17-b627-22bd66903293","block_type":"box","text":"892,600","page_number":186,"box":{"x":737,"y":505,"width":48,"height":9}},{"id":"f84d0b5a-95a9-4c93-b4af-9c578d2d733b","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":186,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"b9cd2d59-1182-416a-8afc-bd4ae77f2710","block_type":"box","text":"(3,735,994)","page_number":186,"box":{"x":488,"y":527,"width":68,"height":9}},{"id":"0d847f86-1764-4771-a14a-aad7bf935bf4","block_type":"box","text":"(3,261,965)","page_number":186,"box":{"x":721,"y":527,"width":68,"height":9}},{"id":"5992108e-2dc9-4e68-9463-a22e15afacf2","block_type":"box","text":"Dilution levies","page_number":186,"box":{"x":96,"y":548,"width":84,"height":9}},{"id":"76b6845e-de23-431a-ae09-55938e84d272","block_type":"box","text":"460","page_number":186,"box":{"x":530,"y":549,"width":21,"height":8}},{"id":"e6582204-05c2-4956-88d1-689e17524dd4","block_type":"box","text":"–","page_number":186,"box":{"x":778,"y":553,"width":7,"height":1}},{"id":"60f6606f-31fb-441e-b6e9-67925014314b","block_type":"box","text":"(3,312,107)","page_number":186,"box":{"x":602,"y":571,"width":68,"height":9}},{"id":"0e01dce4-4a42-4a31-a9d2-9fb53e7b7f8f","block_type":"box","text":"(2,369,365)","page_number":186,"box":{"x":833,"y":571,"width":68,"height":9}},{"id":"f6f1e750-cb6c-4343-bd6c-59f39662198e","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":186,"box":{"x":96,"y":593,"width":300,"height":11}},{"id":"5286f63d-91ae-40c9-8e19-e9cff3ffa4fa","block_type":"box","text":"from investment activities (see above)","page_number":186,"box":{"x":95,"y":608,"width":231,"height":10}},{"id":"ef8b0961-63cb-4d0d-923d-1af38aa0e582","block_type":"box","text":"1,383,209","page_number":186,"box":{"x":607,"y":609,"width":58,"height":9}},{"id":"54a3f793-4ff3-4467-a8fd-46b01d476f59","block_type":"box","text":"526,572","page_number":186,"box":{"x":849,"y":609,"width":47,"height":9}},{"id":"50ad132f-d123-4f10-99c0-32f7dc91ed62","block_type":"box","text":"Accumulation distributions retained","page_number":186,"box":{"x":95,"y":630,"width":218,"height":9}},{"id":"4ee223db-7215-47ef-92a0-29b6d9ea394e","block_type":"box","text":"192,365","page_number":186,"box":{"x":618,"y":631,"width":47,"height":9}},{"id":"9850bf6b-6fb8-4a9d-b90d-4bf31cca7171","block_type":"box","text":"133,828","page_number":186,"box":{"x":849,"y":631,"width":48,"height":9}},{"id":"3114e709-a4c0-4219-be84-2d78e7d84db2","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":186,"box":{"x":96,"y":653,"width":311,"height":10}},{"id":"afc8bbc1-2775-4b2c-b3e3-737f8f841814","block_type":"box","text":"12,079,027","page_number":186,"box":{"x":596,"y":653,"width":70,"height":9}},{"id":"3ac89b05-df36-47e4-a7d3-ebec9c33fb21","block_type":"box","text":"13,815,560","page_number":186,"box":{"x":827,"y":653,"width":70,"height":9}},{"id":"432ae0d7-feb5-4ced-8874-eb998115e44e","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":186,"box":{"x":484,"y":38,"width":418,"height":13}},{"id":"27bf057c-6ad2-4e0a-98e0-51c5ea2d5dbf","block_type":"box","text":"181","page_number":186,"box":{"x":963,"y":960,"width":24,"height":9}},{"id":"901471c3-5fbd-4f62-9791-bbc62e9d3cd5","block_type":"box","text":"Balance Sheet","page_number":187,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"f9c7bed9-5f63-42f8-afec-4d4e843416ae","block_type":"box","text":"as at 30 April 2026","page_number":187,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"f6dd499f-d8f2-4a1d-a808-f7a746b2b661","block_type":"box","text":"30.04.26","page_number":187,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"c02b556f-2f0a-49f6-b219-6d18f2ea2b74","block_type":"box","text":"30.04.25","page_number":187,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"4077f257-0227-47d6-b644-5390e09ddeb0","block_type":"box","text":"Note","page_number":187,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"7f6a3754-4235-41f4-ab6e-e9ba0b99e101","block_type":"box","text":"£","page_number":187,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"bcd81666-5964-4b46-92d9-de8ef901295b","block_type":"box","text":"£","page_number":187,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"c64d4338-7c2a-41e1-ae89-2c024d6eae10","block_type":"box","text":"£","page_number":187,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"37b2baf0-5ad8-4159-a02c-c59cbab3afb6","block_type":"box","text":"£","page_number":187,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"abd56195-7587-45a8-a6d0-5491826e1a12","block_type":"box","text":"ASSETS","page_number":187,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"6931d424-0841-45af-b5c1-649bfc0987e4","block_type":"box","text":"Investments assets","page_number":187,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"640476de-85ae-4bab-831c-bd43c43b0958","block_type":"box","text":"11,816,729","page_number":187,"box":{"x":596,"y":169,"width":70,"height":9}},{"id":"d4462d0a-95fb-4a45-a201-4f6173211e61","block_type":"box","text":"13,689,438","page_number":187,"box":{"x":827,"y":169,"width":70,"height":9}},{"id":"19241d7c-6c00-494a-9b13-7560b70ad335","block_type":"box","text":"Current assets","page_number":187,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"d90691d9-aee4-4866-9b82-e8ec80a84f32","block_type":"box","text":"Debtors","page_number":187,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"1ae54f1d-9e62-482d-a6c9-dd4a9d7a3920","block_type":"box","text":"7","page_number":187,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"5779b426-4fad-4aa6-a7a1-44c04d005d1b","block_type":"box","text":"2,956","page_number":187,"box":{"x":519,"y":207,"width":32,"height":9}},{"id":"b8eaae20-52c7-4058-a102-cd21ff406138","block_type":"box","text":"178,334","page_number":187,"box":{"x":738,"y":207,"width":47,"height":9}},{"id":"976cf258-1b8a-4563-a3b3-58b5de637195","block_type":"box","text":"Cash and bank balances","page_number":187,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"0242499f-76ad-45aa-9d66-5550bd95e746","block_type":"box","text":"8","page_number":187,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"99c3ee16-88ea-4bd8-98da-38db0082e63d","block_type":"box","text":"351,091","page_number":187,"box":{"x":504,"y":222,"width":45,"height":9}},{"id":"cff527cc-e449-425d-bafa-2283dea013f5","block_type":"box","text":"205,387","page_number":187,"box":{"x":737,"y":222,"width":48,"height":9}},{"id":"0573157d-b814-4775-bdcb-acd222b0cb29","block_type":"box","text":"Total current assets","page_number":187,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"96007694-7cdf-4188-97e8-241a7b0c6e57","block_type":"box","text":"354,047","page_number":187,"box":{"x":615,"y":244,"width":51,"height":9}},{"id":"6109006f-8b3a-4810-b2a3-64c7725f427c","block_type":"box","text":"383,721","page_number":187,"box":{"x":846,"y":244,"width":49,"height":9}},{"id":"5ff51cee-bf56-43ef-98e1-d19030e94a82","block_type":"box","text":"Total assets","page_number":187,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"2506c72c-3f0d-4ca3-8278-f90eff90bd9e","block_type":"box","text":"12,170,776","page_number":187,"box":{"x":596,"y":266,"width":70,"height":9}},{"id":"0067abcb-2076-4aa4-8732-254b122e92f0","block_type":"box","text":"14,073,159","page_number":187,"box":{"x":827,"y":266,"width":70,"height":9}},{"id":"3b42e86c-52d2-48d9-9ca8-33433f226a10","block_type":"box","text":"Current liabilities","page_number":187,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"ce3da721-a4b4-40aa-b326-4b68571c2962","block_type":"box","text":"Bank overdraft","page_number":187,"box":{"x":106,"y":319,"width":89,"height":8}},{"id":"1e4f304a-3676-4e05-9d98-3910d8826670","block_type":"box","text":"8","page_number":187,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"09965b8b-f530-46db-9609-952ca0acb532","block_type":"box","text":"–","page_number":187,"box":{"x":545,"y":324,"width":6,"height":1}},{"id":"d4a70d5d-8729-4f41-9451-25b8fd78afc7","block_type":"box","text":"(92,325)","page_number":187,"box":{"x":740,"y":319,"width":49,"height":10}},{"id":"1cb4fb21-cfec-4e8f-a619-70b419161bf3","block_type":"box","text":"Creditors","page_number":187,"box":{"x":105,"y":334,"width":55,"height":9}},{"id":"3b13efc4-e613-405f-8226-7a3fa2f494cc","block_type":"box","text":"9","page_number":187,"box":{"x":421,"y":335,"width":6,"height":8}},{"id":"5c805dcc-e93c-4a8e-97c6-679708890d46","block_type":"box","text":"(91,749)","page_number":187,"box":{"x":507,"y":335,"width":49,"height":9}},{"id":"962c20a5-f459-4bd8-b23c-9774c2faa795","block_type":"box","text":"(165,274)","page_number":187,"box":{"x":733,"y":335,"width":56,"height":9}},{"id":"92d2ed1c-0727-4e93-9223-02d6d96aa561","block_type":"box","text":"Total current liabilities","page_number":187,"box":{"x":95,"y":357,"width":152,"height":8}},{"id":"40d0f50d-4ea3-4611-bcd4-4b6c0b4fb70c","block_type":"box","text":"(91,749)","page_number":187,"box":{"x":618,"y":357,"width":53,"height":9}},{"id":"84b3dc45-4517-420c-bae0-ce67469763d8","block_type":"box","text":"(257,599)","page_number":187,"box":{"x":842,"y":357,"width":59,"height":9}},{"id":"aeb38d40-5767-4e31-a10d-57f60316baad","block_type":"box","text":"Net assets attributable to Shareholders","page_number":187,"box":{"x":96,"y":379,"width":261,"height":8}},{"id":"330373ac-01f5-4de7-a68a-1ba3948358e4","block_type":"box","text":"12,079,027","page_number":187,"box":{"x":596,"y":379,"width":70,"height":9}},{"id":"f3de6bff-55c8-44d8-ad78-1fb3fb8c5249","block_type":"box","text":"13,815,560","page_number":187,"box":{"x":827,"y":379,"width":70,"height":9}},{"id":"a02e8ea4-4c07-4160-b68d-b82f2ddd966e","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":187,"box":{"x":97,"y":38,"width":418,"height":13}},{"id":"95dc4884-9f8c-4419-a0db-5808e95af088","block_type":"box","text":"182","page_number":187,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"d8605437-85ff-4199-9aee-931b36b29bdc","block_type":"box","text":"Notes to the Financial Statements","page_number":188,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"7c76d4c9-04f4-4353-9dec-4908ee177f84","block_type":"box","text":"for the year ended 30 April 2026","page_number":188,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"78714baf-711a-4c98-95b5-4a85f3ae12e5","block_type":"box","text":"1. Accounting policies","page_number":188,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"2c21f5be-e87a-4c06-9154-44cc4396005d","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":188,"box":{"x":95,"y":154,"width":641,"height":11}},{"id":"31d510d8-3e7e-46c1-ba1f-a6f652819c81","block_type":"box","text":"2. Net capital gains","page_number":188,"box":{"x":95,"y":196,"width":127,"height":10}},{"id":"598923dd-f3f7-4837-a247-d59145c92db1","block_type":"box","text":"30.04.26","page_number":188,"box":{"x":730,"y":196,"width":55,"height":8}},{"id":"15667ccf-bc6d-415b-9c1c-af11c3a06d55","block_type":"box","text":"30.04.25","page_number":188,"box":{"x":840,"y":196,"width":54,"height":8}},{"id":"867671ee-4f28-43a3-9e32-4976370dffda","block_type":"box","text":"£","page_number":188,"box":{"x":778,"y":212,"width":7,"height":7}},{"id":"f15768e0-80c3-456d-a80b-0dda05d11f85","block_type":"box","text":"£","page_number":188,"box":{"x":888,"y":212,"width":6,"height":7}},{"id":"5c375e90-489a-4acd-9afd-6a0065d2f8bc","block_type":"box","text":"The net capital gains comprise:","page_number":188,"box":{"x":95,"y":227,"width":187,"height":10}},{"id":"afe6af1b-a1e9-441b-a7eb-258ca85ef194","block_type":"box","text":"Non-derivative securities gains: realised","page_number":188,"box":{"x":96,"y":245,"width":241,"height":11}},{"id":"fda30d4a-cfe8-4007-b238-09c27e00a209","block_type":"box","text":"1,011,265","page_number":188,"box":{"x":726,"y":246,"width":58,"height":9}},{"id":"45259131-8815-4b7c-b934-1404412b003d","block_type":"box","text":"395,870","page_number":188,"box":{"x":847,"y":246,"width":47,"height":9}},{"id":"4b51ec27-0223-4fc2-a445-e0bac0ce8380","block_type":"box","text":"Non-derivative securities gains","page_number":188,"box":{"x":96,"y":264,"width":186,"height":11}},{"id":"5bcfda35-df0d-4e86-941f-e628915cf20c","block_type":"box","text":": unrealised","page_number":188,"box":{"x":283,"y":264,"width":70,"height":8}},{"id":"b2a3b9e3-7132-479a-8d7c-c176676fc949","block_type":"box","text":"372,233","page_number":188,"box":{"x":737,"y":265,"width":47,"height":9}},{"id":"40fd81ef-fbf1-48a6-8638-46e13dc209e3","block_type":"box","text":"67,960","page_number":188,"box":{"x":854,"y":265,"width":40,"height":9}},{"id":"c6303225-ce5d-4618-a629-7644dd0be33e","block_type":"box","text":"Foreign currency (losses)","page_number":188,"box":{"x":96,"y":283,"width":150,"height":11}},{"id":"5aa36761-2afa-4855-a1c2-c047cfc56421","block_type":"box","text":"(1,606)","page_number":188,"box":{"x":748,"y":283,"width":41,"height":10}},{"id":"91ecb750-d772-4d44-8177-b6ee5ddb2d87","block_type":"box","text":"–","page_number":188,"box":{"x":888,"y":288,"width":6,"height":1}},{"id":"8bc00716-743b-4bb7-92a7-06f29ee1bf05","block_type":"box","text":"Transaction charges (custodian)","page_number":188,"box":{"x":95,"y":302,"width":193,"height":10}},{"id":"52bea8c3-a977-4f78-a946-692b33127994","block_type":"box","text":"(511)","page_number":188,"box":{"x":759,"y":302,"width":30,"height":10}},{"id":"7f6738e5-14c2-4fd2-ab1c-bcca660f21c4","block_type":"box","text":"(1,732)","page_number":188,"box":{"x":857,"y":302,"width":42,"height":10}},{"id":"e47012a8-bf46-42f9-89b1-40ba1a826660","block_type":"box","text":"Rebates from underlying holdings","page_number":188,"box":{"x":96,"y":321,"width":205,"height":10}},{"id":"fc5f9c55-f6bb-4146-9ca0-06359ac6777e","block_type":"box","text":"346","page_number":188,"box":{"x":763,"y":321,"width":22,"height":8}},{"id":"b4eda4f5-5c16-41c3-af8c-94e72eaee1c4","block_type":"box","text":"73","page_number":188,"box":{"x":880,"y":321,"width":14,"height":8}},{"id":"05c9bb9b-61b7-42a5-8c28-a8141259001f","block_type":"box","text":"Total net capital gains","page_number":188,"box":{"x":95,"y":343,"width":146,"height":10}},{"id":"1f032d83-3a87-445b-a172-e4bd0c7a523f","block_type":"box","text":"1,381,727","page_number":188,"box":{"x":723,"y":343,"width":62,"height":9}},{"id":"9d073f04-92e9-419c-b20d-2389338a4afc","block_type":"box","text":"462,171","page_number":188,"box":{"x":844,"y":343,"width":49,"height":9}},{"id":"a5f560e6-bda0-4315-9e4d-25f596ad52dc","block_type":"box","text":"3. Revenue","page_number":188,"box":{"x":95,"y":389,"width":72,"height":8}},{"id":"94403028-81b0-4234-8e21-94d17d4ef933","block_type":"box","text":"30.04.26","page_number":188,"box":{"x":730,"y":389,"width":55,"height":8}},{"id":"b0d56d40-bed2-4f19-9be6-d9d018ca8ead","block_type":"box","text":"30.04.25","page_number":188,"box":{"x":840,"y":389,"width":54,"height":8}},{"id":"330a1f9b-858c-4810-a30e-a5a7f809503b","block_type":"box","text":"£","page_number":188,"box":{"x":778,"y":405,"width":7,"height":8}},{"id":"895f6e40-052d-4c9d-a972-5a05cab0cc38","block_type":"box","text":"£","page_number":188,"box":{"x":888,"y":405,"width":6,"height":8}},{"id":"6c7465bf-499a-4cb0-9a06-2c6c79cfec1d","block_type":"box","text":"Non-taxable dividends","page_number":188,"box":{"x":96,"y":427,"width":136,"height":8}},{"id":"c4d20c1a-7a49-48f1-917d-49de17b81f0d","block_type":"box","text":"117,349","page_number":188,"box":{"x":738,"y":427,"width":46,"height":9}},{"id":"88ebc49f-39d7-491d-9224-7bdf61b98b50","block_type":"box","text":"106,360","page_number":188,"box":{"x":847,"y":427,"width":47,"height":9}},{"id":"328bf3fc-f00b-422b-a408-f30c8970b7ab","block_type":"box","text":"Annual Payment from UK CIS","page_number":188,"box":{"x":95,"y":445,"width":176,"height":11}},{"id":"27800d92-2622-4dcd-b574-9bd8ef442d52","block_type":"box","text":"151","page_number":188,"box":{"x":764,"y":446,"width":19,"height":8}},{"id":"8306d5ea-a6ff-46e4-b127-e033ccbe6d3e","block_type":"box","text":"1,516","page_number":188,"box":{"x":862,"y":446,"width":32,"height":9}},{"id":"83ab4270-9ef8-4960-adc8-2856e10b3d75","block_type":"box","text":"Interest from non-derivative securities","page_number":188,"box":{"x":96,"y":464,"width":232,"height":9}},{"id":"016d6f1b-5032-4ada-b42f-008e23bf28a2","block_type":"box","text":"243,399","page_number":188,"box":{"x":737,"y":465,"width":47,"height":9}},{"id":"1420d1c0-8850-4f5f-94dc-db8d444c0e40","block_type":"box","text":"244,110","page_number":188,"box":{"x":847,"y":465,"width":47,"height":9}},{"id":"cd55a5cd-0a8c-43a7-8da7-05547c77bac9","block_type":"box","text":"Rebates from underlying holdings","page_number":188,"box":{"x":96,"y":483,"width":205,"height":11}},{"id":"bc8d2c3a-067a-4025-9680-e1d45927e5ef","block_type":"box","text":"2,972","page_number":188,"box":{"x":752,"y":484,"width":32,"height":9}},{"id":"739da2c9-d333-43f8-8731-58a911110877","block_type":"box","text":"1,825","page_number":188,"box":{"x":862,"y":484,"width":32,"height":9}},{"id":"bc3c18bf-b732-4fab-ad74-e0ba67bf3fe4","block_type":"box","text":"Bank interest","page_number":188,"box":{"x":96,"y":502,"width":80,"height":8}},{"id":"04966cd5-814e-47a8-8b4e-97576e6b0358","block_type":"box","text":"7,075","page_number":188,"box":{"x":752,"y":502,"width":32,"height":9}},{"id":"e8368b15-7eb6-47b4-b6a9-5dc388af15de","block_type":"box","text":"12,939","page_number":188,"box":{"x":855,"y":502,"width":39,"height":9}},{"id":"0a374a0a-7afd-4b87-a1f5-65cb227dcef2","block_type":"box","text":"Total revenue","page_number":188,"box":{"x":95,"y":524,"width":91,"height":8}},{"id":"5d895789-3bea-42cf-947a-69eb2078cdac","block_type":"box","text":"370,946","page_number":188,"box":{"x":734,"y":525,"width":51,"height":9}},{"id":"3347513b-7319-4f5a-bc35-e9d272cf623d","block_type":"box","text":"366,750","page_number":188,"box":{"x":844,"y":525,"width":50,"height":9}},{"id":"81104f23-c450-4c90-8584-df397f53b8b1","block_type":"box","text":"4. Expenses","page_number":188,"box":{"x":95,"y":571,"width":76,"height":10}},{"id":"d40ccdc5-fd9a-4f70-bd9c-f77f084425af","block_type":"box","text":"30.04.26","page_number":188,"box":{"x":730,"y":571,"width":55,"height":8}},{"id":"f6e729ea-5c26-4eaa-9567-8123e70ed65a","block_type":"box","text":"30.04.25","page_number":188,"box":{"x":840,"y":571,"width":54,"height":8}},{"id":"3c25f2f8-7915-4a26-b94b-0c344a1c227f","block_type":"box","text":"£","page_number":188,"box":{"x":778,"y":586,"width":7,"height":8}},{"id":"7b0e8aa8-5687-48db-a33e-0e18f7cc999d","block_type":"box","text":"£","page_number":188,"box":{"x":888,"y":586,"width":6,"height":8}},{"id":"7a96fa24-5375-4166-83d6-29c003cf20ae","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":188,"box":{"x":96,"y":601,"width":549,"height":11}},{"id":"34cbdabb-4059-43dc-9ca1-a0db6770bdb2","block_type":"box","text":"agents of either of them:","page_number":188,"box":{"x":95,"y":617,"width":149,"height":10}},{"id":"8c2ef7ec-1dc8-4f46-b2af-6337722bf6be","block_type":"box","text":"Annual management charge","page_number":188,"box":{"x":104,"y":636,"width":172,"height":10}},{"id":"d44131cb-2cc3-4d08-af63-5a06258e42eb","block_type":"box","text":"99,060","page_number":188,"box":{"x":745,"y":636,"width":40,"height":9}},{"id":"7a8dfa81-5fb8-4bac-abe7-ac2f097bb41f","block_type":"box","text":"112,448","page_number":188,"box":{"x":847,"y":636,"width":47,"height":9}},{"id":"5a72d631-6854-487f-a25c-81fb0bbd9094","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":188,"box":{"x":96,"y":658,"width":514,"height":10}},{"id":"2133eaff-402f-4680-b754-58469782f685","block_type":"box","text":"Depositary fee","page_number":188,"box":{"x":106,"y":677,"width":86,"height":10}},{"id":"0e703bae-9bef-4f7e-86b0-31c2c4e5c459","block_type":"box","text":"3,194","page_number":188,"box":{"x":752,"y":677,"width":33,"height":9}},{"id":"843eefdf-c908-47d6-98e3-161f222897c3","block_type":"box","text":"3,564","page_number":188,"box":{"x":862,"y":677,"width":33,"height":9}},{"id":"f4c83a2d-f5cf-416a-b368-6989361bbce8","block_type":"box","text":"Safe custody fee","page_number":188,"box":{"x":105,"y":692,"width":98,"height":11}},{"id":"24fbb79c-15c8-4835-ad49-0549addfb329","block_type":"box","text":"1,417","page_number":188,"box":{"x":753,"y":692,"width":32,"height":10}},{"id":"6196ed63-3dd6-4949-8b8a-3992b84047af","block_type":"box","text":"1,278","page_number":188,"box":{"x":862,"y":692,"width":32,"height":10}},{"id":"764e79f2-7667-4bf0-a451-6775e7ded186","block_type":"box","text":"4,611","page_number":188,"box":{"x":752,"y":715,"width":31,"height":9}},{"id":"08caff67-e202-4c6e-bca3-008ca3083d02","block_type":"box","text":"4,842","page_number":188,"box":{"x":861,"y":715,"width":33,"height":9}},{"id":"7b911e29-eb8b-4260-8f88-631331582491","block_type":"box","text":"Other expenses:","page_number":188,"box":{"x":96,"y":730,"width":97,"height":10}},{"id":"252b6058-0bd5-4319-9fdd-7821ab0d20a7","block_type":"box","text":"Audit fee*","page_number":188,"box":{"x":104,"y":748,"width":62,"height":9}},{"id":"8d2a4509-6697-40a4-a03c-79717100e660","block_type":"box","text":"9,720","page_number":188,"box":{"x":752,"y":749,"width":33,"height":9}},{"id":"a9a0437e-fe74-4712-bfa2-cd9cf4397ae2","block_type":"box","text":"8,150","page_number":188,"box":{"x":862,"y":749,"width":32,"height":9}},{"id":"6b4eb0a2-fc79-43c8-9247-e0e640ba2ab0","block_type":"box","text":"Legal fee","page_number":188,"box":{"x":106,"y":764,"width":52,"height":11}},{"id":"52a26013-bd34-4dca-a834-a40edd9dd82b","block_type":"box","text":"4,500","page_number":188,"box":{"x":752,"y":764,"width":33,"height":9}},{"id":"f48e5709-b948-40e6-ad37-d6556bac1056","block_type":"box","text":"–","page_number":188,"box":{"x":888,"y":769,"width":6,"height":0}},{"id":"ce229dc6-5f59-4b87-aa41-30e46538418b","block_type":"box","text":"Other expenses","page_number":188,"box":{"x":105,"y":779,"width":95,"height":11}},{"id":"68c5e6b3-e2c6-46e3-ae7f-e8cc00659c42","block_type":"box","text":"6,986","page_number":188,"box":{"x":752,"y":780,"width":33,"height":9}},{"id":"55e18f7c-76ef-4487-8ab2-1cb78a02f4b7","block_type":"box","text":"7,995","page_number":188,"box":{"x":862,"y":780,"width":32,"height":9}},{"id":"50672c93-a6e9-41f1-8efb-4b7b2abae511","block_type":"box","text":"21,206","page_number":188,"box":{"x":745,"y":802,"width":40,"height":9}},{"id":"bc5171a8-c196-4865-9dcf-40d92f63288e","block_type":"box","text":"16,145","page_number":188,"box":{"x":855,"y":802,"width":39,"height":9}},{"id":"a092c0fd-f910-42e1-b8be-52d46f46a118","block_type":"box","text":"Expenses","page_number":188,"box":{"x":96,"y":837,"width":60,"height":10}},{"id":"27fdd744-5421-4751-80d2-cce8814344d9","block_type":"box","text":"124,877","page_number":188,"box":{"x":735,"y":837,"width":50,"height":9}},{"id":"ab8abaf4-d8d9-4c61-9267-d6f11c5ff026","block_type":"box","text":"133,435","page_number":188,"box":{"x":844,"y":837,"width":50,"height":9}},{"id":"5802ad3e-da3f-4476-840f-45507743c564","block_type":"box","text":"Interest payable and similar charges","page_number":188,"box":{"x":96,"y":859,"width":219,"height":11}},{"id":"b5bc3b08-cb41-4f58-9fa0-006876454cfe","block_type":"box","text":"2,010","page_number":188,"box":{"x":752,"y":859,"width":33,"height":9}},{"id":"2a7b48b6-e11f-4689-b830-0c58e744bcf8","block_type":"box","text":"6,066","page_number":188,"box":{"x":862,"y":859,"width":32,"height":9}},{"id":"367dcb01-30b7-40f8-a4ba-4207d914d327","block_type":"box","text":"Total","page_number":188,"box":{"x":95,"y":881,"width":33,"height":8}},{"id":"0e5710fe-cc0a-4728-933b-b19e3143b9d1","block_type":"box","text":"126,887","page_number":188,"box":{"x":735,"y":881,"width":50,"height":10}},{"id":"cb19997a-58d2-4c77-b188-8500f7d4e8b2","block_type":"box","text":"139,501","page_number":188,"box":{"x":844,"y":881,"width":49,"height":10}},{"id":"eb5fb553-39d7-4c84-9941-95811749b0b0","block_type":"box","text":"*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","page_number":188,"box":{"x":95,"y":903,"width":809,"height":11}},{"id":"3be3ff75-4b28-49bf-9939-d5cc5ff1abbd","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":188,"box":{"x":96,"y":919,"width":174,"height":10}},{"id":"dcc5d40c-22dd-451a-b36e-d643a2e29009","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":188,"box":{"x":484,"y":38,"width":418,"height":13}},{"id":"68db1ed3-21b8-44ae-a5bb-2aa3efaa2b78","block_type":"box","text":"183","page_number":188,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"f27fca5c-3e56-407c-8263-b65e82416056","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":189,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"c7a37a09-666e-45fa-9b86-66da9cf92417","block_type":"box","text":"for the year ended 30 April 2026","page_number":189,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"9a7f0f7c-af4c-47bb-b35e-6ae71ea99695","block_type":"box","text":"5. Taxation","page_number":189,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"c06f727b-c084-45c0-9ddb-3ef6f6b29411","block_type":"box","text":"30.04.26","page_number":189,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"7c315996-6df1-40fa-a2e5-3b41c20bff35","block_type":"box","text":"30.04.25","page_number":189,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"e80384b5-7516-462e-aa13-d10a38377744","block_type":"box","text":"£","page_number":189,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"93f5f9b5-bf76-4144-bb44-58207a6c87c6","block_type":"box","text":"£","page_number":189,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"ac09b070-72ad-4090-8bcb-9f09c29d9a21","block_type":"box","text":"(a) Analysis of charge in the year","page_number":189,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"dd5a8f02-d4ee-48c3-8554-99d98a652c02","block_type":"box","text":"UK corporation tax","page_number":189,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"341eb923-53b4-4318-9437-1658cbb85a25","block_type":"box","text":"25,410","page_number":189,"box":{"x":745,"y":191,"width":40,"height":9}},{"id":"9ab934ed-593b-47a3-abd3-6c1a88e83ec2","block_type":"box","text":"24,193","page_number":189,"box":{"x":854,"y":191,"width":40,"height":9}},{"id":"f4696c1b-7aff-4ff1-82a8-c9ebf9dd04d3","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":189,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"552ca822-6e82-4825-ac01-01153cc6c880","block_type":"box","text":"25,410","page_number":189,"box":{"x":742,"y":213,"width":43,"height":9}},{"id":"dd0ab068-d4a0-429e-b32e-24ec6c5506c7","block_type":"box","text":"24,193","page_number":189,"box":{"x":852,"y":213,"width":42,"height":9}},{"id":"b2787b6a-891f-4506-9d23-3b8d86a6fa16","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":189,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"790cfede-6cb6-4449-8d02-835ec3106017","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":189,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"5008c867-4eac-4912-ac35-efc37fd8683a","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":189,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"3df75221-8bfe-4967-8015-89c5cafe8cbd","block_type":"box","text":"Net revenue before UK corporation tax","page_number":189,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"ef2009ba-0984-4ae9-8386-5f614dc365e4","block_type":"box","text":"244,059","page_number":189,"box":{"x":737,"y":304,"width":47,"height":9}},{"id":"7fbaf38f-e531-4629-b16a-93c64ee9ef6c","block_type":"box","text":"227,249","page_number":189,"box":{"x":847,"y":304,"width":47,"height":9}},{"id":"02a09b7d-4fdf-41f6-adca-062a7020b2c5","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":189,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"5bfe831e-432d-4f09-9eeb-a31e752b3a42","block_type":"box","text":"48,812","page_number":189,"box":{"x":744,"y":326,"width":40,"height":9}},{"id":"6b61c41e-9c0a-4b9c-8cbd-ede40db3e629","block_type":"box","text":"45,450","page_number":189,"box":{"x":854,"y":326,"width":40,"height":9}},{"id":"d6f5a3b9-e143-4fa6-a7f3-6cb9436eba58","block_type":"box","text":"Effects of:","page_number":189,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"8e6b6297-88cd-4737-98ae-953adf7518b6","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":189,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"388912fb-4c1c-49d2-b9b6-3f45eec1879e","block_type":"box","text":"(23,470)","page_number":189,"box":{"x":740,"y":364,"width":49,"height":9}},{"id":"c3a4a287-ffef-4856-b7b2-fa844f6aed75","block_type":"box","text":"(21,272)","page_number":189,"box":{"x":850,"y":364,"width":49,"height":9}},{"id":"6e510630-4446-4413-83a6-b4103e31bcca","block_type":"box","text":"Tax effect of rebates in capital","page_number":189,"box":{"x":95,"y":382,"width":181,"height":11}},{"id":"1fec96be-53e7-4edf-b169-4301c648adf9","block_type":"box","text":"68","page_number":189,"box":{"x":771,"y":383,"width":14,"height":7}},{"id":"40a48e01-a24f-4154-adf2-789c28313897","block_type":"box","text":"15","page_number":189,"box":{"x":881,"y":383,"width":13,"height":7}},{"id":"198e47a2-94ea-45b4-ae9d-3a72cde3c287","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":189,"box":{"x":95,"y":404,"width":251,"height":11}},{"id":"96dceb35-b5b2-49d4-a26f-1101469368ce","block_type":"box","text":"25,410","page_number":189,"box":{"x":742,"y":405,"width":43,"height":9}},{"id":"80a67872-de0d-4b41-8bd6-00bd2a972a04","block_type":"box","text":"24,193","page_number":189,"box":{"x":852,"y":405,"width":42,"height":9}},{"id":"97eabe0a-3eda-4252-bf84-16f362625cde","block_type":"box","text":"(c) Provision for deferred taxation","page_number":189,"box":{"x":95,"y":435,"width":205,"height":10}},{"id":"84e15c27-9f9e-4b2a-82f1-1252dca38409","block_type":"box","text":"At 30 April 2026 there is no potential deferred tax asset or liability (30 April 2025: £nil).","page_number":189,"box":{"x":95,"y":457,"width":526,"height":11}},{"id":"94704dfc-cbc6-46c1-9eaa-85d075bb0dfb","block_type":"box","text":"6. Distributions","page_number":189,"box":{"x":95,"y":510,"width":102,"height":9}},{"id":"91cd1484-e912-4245-ae8a-837a3f6120b7","block_type":"box","text":"30.04.26","page_number":189,"box":{"x":730,"y":526,"width":55,"height":8}},{"id":"12ebdcd9-38f3-42e5-bf2a-1b999f4f3acc","block_type":"box","text":"30.04.25","page_number":189,"box":{"x":840,"y":526,"width":54,"height":8}},{"id":"5e9d2924-a8f2-4746-94e3-534ac95f1f3b","block_type":"box","text":"£","page_number":189,"box":{"x":778,"y":542,"width":7,"height":7}},{"id":"62e357db-75ef-479b-ad4e-7060b20efb57","block_type":"box","text":"£","page_number":189,"box":{"x":888,"y":542,"width":6,"height":7}},{"id":"2b395258-cfa8-4816-9b39-f5b2a69b77e0","block_type":"box","text":"Final dividend distribution","page_number":189,"box":{"x":96,"y":564,"width":158,"height":8}},{"id":"916524ea-0039-4b9a-a841-48f1ae94d682","block_type":"box","text":"192,365","page_number":189,"box":{"x":738,"y":564,"width":46,"height":9}},{"id":"0096a20c-e97e-4f8f-8b2a-bb15ac929e35","block_type":"box","text":"133,828","page_number":189,"box":{"x":847,"y":564,"width":47,"height":9}},{"id":"8011b28c-8538-438a-882e-d49d83a6dde1","block_type":"box","text":"192,365","page_number":189,"box":{"x":738,"y":586,"width":46,"height":9}},{"id":"bee378c3-e462-4870-bc1b-6561355ba167","block_type":"box","text":"133,828","page_number":189,"box":{"x":847,"y":586,"width":47,"height":9}},{"id":"54355b0a-cda1-4a8d-b0eb-6a063e7615e4","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":189,"box":{"x":95,"y":604,"width":300,"height":9}},{"id":"e2814b9d-e363-4fb9-927f-e89ae8771653","block_type":"box","text":"28,194","page_number":189,"box":{"x":745,"y":605,"width":40,"height":9}},{"id":"477919ad-74f2-4b5e-a34d-c16de082a959","block_type":"box","text":"8,392","page_number":189,"box":{"x":862,"y":605,"width":32,"height":9}},{"id":"8b00d0d5-d8aa-4824-8f5b-ca984486b8aa","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":189,"box":{"x":96,"y":623,"width":289,"height":9}},{"id":"ae2cb97d-d221-4a91-81f4-38d7ffc02c3d","block_type":"box","text":"(3,392)","page_number":189,"box":{"x":748,"y":624,"width":41,"height":9}},{"id":"21e37691-a4b3-477f-8d1e-ce10ea94b7c3","block_type":"box","text":"(3,565)","page_number":189,"box":{"x":857,"y":624,"width":42,"height":9}},{"id":"16f0c2d6-f1e0-41b3-96d9-ee25323fe097","block_type":"box","text":"Distributions","page_number":189,"box":{"x":96,"y":645,"width":86,"height":9}},{"id":"f6463dfd-53bd-49b5-a065-f8b3764f0917","block_type":"box","text":"217,167","page_number":189,"box":{"x":737,"y":646,"width":48,"height":9}},{"id":"5e313617-a02e-410d-8a48-3b29cd61481c","block_type":"box","text":"138,655","page_number":189,"box":{"x":847,"y":646,"width":47,"height":9}},{"id":"29ef4758-bb1e-4b0e-b135-5b296bdf6fd4","block_type":"box","text":"Reconciliation of distributions","page_number":189,"box":{"x":96,"y":683,"width":200,"height":8}},{"id":"31f4b52a-7436-4593-980a-1ebc8f6b7148","block_type":"box","text":"Net revenue after taxation","page_number":189,"box":{"x":96,"y":702,"width":159,"height":8}},{"id":"479df7b7-5825-466f-b64c-fecdb3711ecf","block_type":"box","text":"218,649","page_number":189,"box":{"x":737,"y":702,"width":47,"height":9}},{"id":"b08a64ed-35a3-4f8f-b2af-747615129517","block_type":"box","text":"203,056","page_number":189,"box":{"x":847,"y":702,"width":47,"height":9}},{"id":"3e844451-c11a-49b3-8fbe-0034cefd83ec","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":189,"box":{"x":96,"y":717,"width":301,"height":11}},{"id":"ddc37398-9140-4008-8aee-59fb69123a6b","block_type":"box","text":"10,206","page_number":189,"box":{"x":745,"y":718,"width":40,"height":9}},{"id":"80f611c4-dc4b-4df2-a3c0-1ddc89dffbcb","block_type":"box","text":"15,768","page_number":189,"box":{"x":855,"y":718,"width":39,"height":9}},{"id":"a384f7df-87e4-422a-bc2a-35535583e303","block_type":"box","text":"Marginal tax relief on rebates in capital","page_number":189,"box":{"x":96,"y":733,"width":236,"height":10}},{"id":"19fc6fbc-d1ca-40f2-abce-a78e0934eab4","block_type":"box","text":"–","page_number":189,"box":{"x":778,"y":738,"width":7,"height":0}},{"id":"45aacc49-4611-4b19-8fdc-0e41c8a7011b","block_type":"box","text":"15","page_number":189,"box":{"x":881,"y":733,"width":13,"height":8}},{"id":"e7d045ad-a3b3-4fec-afaa-3db7a1f61f21","block_type":"box","text":"Capital Corporation tax","page_number":189,"box":{"x":96,"y":748,"width":140,"height":11}},{"id":"1d136a24-7351-4114-ad31-2fc089f54d3e","block_type":"box","text":"68","page_number":189,"box":{"x":771,"y":749,"width":14,"height":7}},{"id":"24cb760d-6b15-4fd6-88bf-ca5cad30d46e","block_type":"box","text":"–","page_number":189,"box":{"x":888,"y":753,"width":6,"height":1}},{"id":"f0270c4e-4baa-44ef-ba3a-427d458adfbd","block_type":"box","text":"Balance brought forward","page_number":189,"box":{"x":96,"y":764,"width":150,"height":10}},{"id":"3793df39-c9ae-4127-b617-e239fe036ce8","block_type":"box","text":"(11,756)","page_number":189,"box":{"x":740,"y":764,"width":49,"height":9}},{"id":"b8a6863b-8fe6-4b0b-9db6-b7d66ee5264a","block_type":"box","text":"(91,940)","page_number":189,"box":{"x":850,"y":764,"width":49,"height":9}},{"id":"af547dbd-4d9a-4a26-bb52-3933e4ba193a","block_type":"box","text":"Balance carried forward","page_number":189,"box":{"x":96,"y":779,"width":144,"height":8}},{"id":"a3081739-354e-47bd-81bb-26ced224a2ea","block_type":"box","text":"–","page_number":189,"box":{"x":778,"y":784,"width":7,"height":1}},{"id":"a06a25c1-f1c7-460f-9246-28fd29466ffe","block_type":"box","text":"11,756","page_number":189,"box":{"x":855,"y":780,"width":39,"height":9}},{"id":"2558b424-d610-4285-84b5-39c5e3fee132","block_type":"box","text":"Net distribution for the year","page_number":189,"box":{"x":96,"y":801,"width":187,"height":11}},{"id":"857f3267-49fd-40df-8c8a-e2bbf6e17351","block_type":"box","text":"217,167","page_number":189,"box":{"x":734,"y":802,"width":51,"height":9}},{"id":"f6926e5f-6ae4-4271-aac6-41d3cbd4e3d5","block_type":"box","text":"138,655","page_number":189,"box":{"x":844,"y":802,"width":50,"height":9}},{"id":"a9aa256f-12a6-4ae8-b107-b59e190cdf3f","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":189,"box":{"x":97,"y":38,"width":418,"height":13}},{"id":"2276933f-3553-4390-b63d-70f57722f9ac","block_type":"box","text":"184","page_number":189,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"ce8cca96-25bf-42fc-bad8-f04da90470a3","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":190,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"ee50f29d-f94f-4784-b609-61a35f533919","block_type":"box","text":"for the year ended 30 April 2026","page_number":190,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"640d5174-c257-4cfe-9db5-1b15aea625d9","block_type":"box","text":"7. Debtors","page_number":190,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"f2994d6f-373f-4e5b-abbc-2bced2e9a3ee","block_type":"box","text":"30.04.26","page_number":190,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"66064b0a-03eb-4645-ae25-215216bb3f14","block_type":"box","text":"30.04.25","page_number":190,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"82409226-4eab-4900-b119-99f8204ff138","block_type":"box","text":"£","page_number":190,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"ec1447c7-b2ab-48cd-93cc-60872a01f191","block_type":"box","text":"£","page_number":190,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"5c8ace19-dbe7-4ea7-a160-b31b5a4820ef","block_type":"box","text":"Amounts receivable on creation of shares","page_number":190,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"7acf0df9-0ada-41cf-94dc-4a1d0a28eb17","block_type":"box","text":"–","page_number":190,"box":{"x":778,"y":177,"width":7,"height":1}},{"id":"54ab9b2d-8d85-4810-8be3-f9bb98ccfbd2","block_type":"box","text":"455","page_number":190,"box":{"x":872,"y":172,"width":22,"height":8}},{"id":"06cab5eb-ef9e-4775-8b22-716daf891dc3","block_type":"box","text":"Amounts receivable from unsettled trades","page_number":190,"box":{"x":95,"y":191,"width":257,"height":8}},{"id":"42b9df63-057d-4dd6-ab4b-509301552da8","block_type":"box","text":"–","page_number":190,"box":{"x":778,"y":196,"width":7,"height":0}},{"id":"8612b8b8-1b82-410c-b631-9d8214af67b1","block_type":"box","text":"176,122","page_number":190,"box":{"x":847,"y":191,"width":47,"height":9}},{"id":"c91ff5b2-d2d1-4d85-8bcf-68a9ab918bf7","block_type":"box","text":"Accrued revenue:","page_number":190,"box":{"x":95,"y":210,"width":105,"height":8}},{"id":"83319127-11d5-4a49-8b49-7c638d3a0375","block_type":"box","text":"Rebates from underlying holdings","page_number":190,"box":{"x":96,"y":228,"width":205,"height":11}},{"id":"153bbe27-075b-47e4-a2d0-d68ab7d8e05d","block_type":"box","text":"1,517","page_number":190,"box":{"x":753,"y":229,"width":32,"height":9}},{"id":"b808c25f-b491-401a-8d8e-3e9c1fc62d36","block_type":"box","text":"1,391","page_number":190,"box":{"x":862,"y":229,"width":30,"height":9}},{"id":"071a1133-2632-4dd5-b5df-6e9c40b2fad3","block_type":"box","text":"Income tax recoverable","page_number":190,"box":{"x":96,"y":247,"width":141,"height":8}},{"id":"a54a6bab-1987-4132-b93a-c43082d7da39","block_type":"box","text":"30","page_number":190,"box":{"x":771,"y":248,"width":14,"height":7}},{"id":"9fa4c50e-9416-4b7f-a545-addedc3e93e4","block_type":"box","text":"303","page_number":190,"box":{"x":873,"y":248,"width":21,"height":7}},{"id":"de5943cd-a29f-4306-9c19-1657ca5fe69d","block_type":"box","text":"Bank interest receivable","page_number":190,"box":{"x":96,"y":266,"width":145,"height":8}},{"id":"7955d358-0713-4ca9-b65d-6b945e446543","block_type":"box","text":"1,409","page_number":190,"box":{"x":753,"y":266,"width":31,"height":9}},{"id":"921e2d38-afc7-42f6-a702-07657e0c0bf6","block_type":"box","text":"–","page_number":190,"box":{"x":888,"y":271,"width":6,"height":1}},{"id":"919a1a89-35de-41a3-89d0-43877ab0469a","block_type":"box","text":"Prepayments","page_number":190,"box":{"x":96,"y":285,"width":79,"height":10}},{"id":"54ea2484-fe2f-4a6b-9bbd-2636c105bb90","block_type":"box","text":"–","page_number":190,"box":{"x":778,"y":290,"width":7,"height":0}},{"id":"df3bb899-652f-42c8-ba6e-d96c2c09c55a","block_type":"box","text":"63","page_number":190,"box":{"x":880,"y":285,"width":14,"height":8}},{"id":"36e9836e-08ba-4512-84c6-c1e9784fa4a9","block_type":"box","text":"Total debtors","page_number":190,"box":{"x":95,"y":307,"width":88,"height":8}},{"id":"3543ef9d-cc0f-4655-8f50-620132eded9e","block_type":"box","text":"2,956","page_number":190,"box":{"x":750,"y":307,"width":35,"height":9}},{"id":"bc32a060-dd20-429f-a5bb-bdff533e40cf","block_type":"box","text":"178,334","page_number":190,"box":{"x":844,"y":307,"width":51,"height":9}},{"id":"0023a8b3-9827-4476-8a7e-f094faf3b3fb","block_type":"box","text":"8. Cash and bank balances","page_number":190,"box":{"x":95,"y":360,"width":174,"height":8}},{"id":"f6cf2e6e-5560-46db-952d-70eb54601952","block_type":"box","text":"30.04.26","page_number":190,"box":{"x":730,"y":360,"width":55,"height":8}},{"id":"24c07123-31dd-44ae-b92d-a984d9f055d7","block_type":"box","text":"30.04.25","page_number":190,"box":{"x":840,"y":360,"width":54,"height":8}},{"id":"255e976a-6845-4e19-ab2d-d1aadf9eb4f6","block_type":"box","text":"£","page_number":190,"box":{"x":778,"y":376,"width":7,"height":8}},{"id":"e015714e-5254-4bb7-a453-0d5be8169410","block_type":"box","text":"£","page_number":190,"box":{"x":888,"y":376,"width":6,"height":8}},{"id":"7a5bb5a2-461b-4bf8-a52d-72c4ac8e85fd","block_type":"box","text":"Cash and bank balances","page_number":190,"box":{"x":96,"y":398,"width":146,"height":8}},{"id":"f76784f0-f7b1-4f2d-9d40-ac50a88c502a","block_type":"box","text":"351,091","page_number":190,"box":{"x":737,"y":398,"width":46,"height":9}},{"id":"3e7c744c-338d-4851-8724-8706e2528dd6","block_type":"box","text":"205,387","page_number":190,"box":{"x":847,"y":398,"width":47,"height":9}},{"id":"826da28f-48a4-4818-bb80-b7d017529be8","block_type":"box","text":"Bank overdraft","page_number":190,"box":{"x":96,"y":416,"width":89,"height":9}},{"id":"e2836c71-8e5f-4373-bb16-a7865f203088","block_type":"box","text":"–","page_number":190,"box":{"x":778,"y":421,"width":7,"height":1}},{"id":"6a7312f4-dc13-4a00-8baf-46b392c97d83","block_type":"box","text":"(92,325)","page_number":190,"box":{"x":850,"y":417,"width":49,"height":9}},{"id":"ae91fd24-276f-414e-b4e8-a63f6eef78ed","block_type":"box","text":"Total","page_number":190,"box":{"x":95,"y":439,"width":33,"height":8}},{"id":"6edfecc9-c4ff-4cdf-9946-4510583b6a6b","block_type":"box","text":"351,091","page_number":190,"box":{"x":734,"y":439,"width":49,"height":9}},{"id":"bf238a39-656f-497a-a43b-403d3178ff50","block_type":"box","text":"113,062","page_number":190,"box":{"x":844,"y":439,"width":50,"height":9}},{"id":"7956fd31-5f18-4a5b-be0a-ee2e229b7196","block_type":"box","text":"9. Creditors","page_number":190,"box":{"x":95,"y":492,"width":76,"height":8}},{"id":"a49b221a-d641-450f-b05c-354e77e154e4","block_type":"box","text":"30.04.26","page_number":190,"box":{"x":730,"y":492,"width":55,"height":8}},{"id":"4351f212-2560-4d36-8992-43849b9d0584","block_type":"box","text":"30.04.25","page_number":190,"box":{"x":840,"y":492,"width":54,"height":8}},{"id":"40dd510d-a7ef-43ab-919b-01a401c7e545","block_type":"box","text":"£","page_number":190,"box":{"x":778,"y":507,"width":7,"height":8}},{"id":"2bc20f5b-b0ee-4480-adc5-070dd37f8166","block_type":"box","text":"£","page_number":190,"box":{"x":888,"y":507,"width":6,"height":8}},{"id":"f1e4278f-78f6-493c-8016-4f8bf4e8493c","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":190,"box":{"x":95,"y":529,"width":261,"height":11}},{"id":"5f9df57b-c21c-4919-b04d-8601ed82a175","block_type":"box","text":"45,754","page_number":190,"box":{"x":744,"y":530,"width":41,"height":9}},{"id":"f2a60f67-158b-4d6a-ad43-27688953db6a","block_type":"box","text":"120,251","page_number":190,"box":{"x":847,"y":530,"width":45,"height":9}},{"id":"fb321b7b-e995-45b5-a51b-9f8801eec878","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":190,"box":{"x":96,"y":548,"width":549,"height":11}},{"id":"a8a412c9-bdd7-4c6a-b83c-b3715cc56be4","block_type":"box","text":"agents of either of them:","page_number":190,"box":{"x":95,"y":563,"width":149,"height":11}},{"id":"d72b6eda-a36b-4e0c-9250-909eaeab56d5","block_type":"box","text":"Annual management charge","page_number":190,"box":{"x":104,"y":582,"width":172,"height":11}},{"id":"39d06f39-f70d-4b9f-9800-0a1f36c2fb3a","block_type":"box","text":"7,444","page_number":190,"box":{"x":752,"y":583,"width":33,"height":9}},{"id":"a9535ac0-7039-470e-90ec-47929ef37fdf","block_type":"box","text":"8,481","page_number":190,"box":{"x":862,"y":583,"width":30,"height":9}},{"id":"65994ad7-88b6-4267-9f46-efe950381ddd","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":190,"box":{"x":96,"y":604,"width":514,"height":11}},{"id":"81f3d76e-7f59-4b79-827b-7390de97c110","block_type":"box","text":"Depositary fee","page_number":190,"box":{"x":106,"y":623,"width":86,"height":11}},{"id":"cbd80553-e647-4ee2-b6b2-cbed30e01b15","block_type":"box","text":"238","page_number":190,"box":{"x":763,"y":624,"width":22,"height":8}},{"id":"53502d4b-b266-4a16-8c36-0ba7d9b7d060","block_type":"box","text":"278","page_number":190,"box":{"x":873,"y":624,"width":21,"height":8}},{"id":"f94766a2-475d-4c69-b634-3c2b3eab7632","block_type":"box","text":"Safe custody and other custodian charges","page_number":190,"box":{"x":105,"y":639,"width":253,"height":10}},{"id":"377f1510-5ca4-4e7f-a628-2d19f87bf500","block_type":"box","text":"107","page_number":190,"box":{"x":764,"y":639,"width":21,"height":8}},{"id":"5e7f6ab4-b571-4989-b9ef-c36499eb366b","block_type":"box","text":"3,365","page_number":190,"box":{"x":862,"y":639,"width":32,"height":9}},{"id":"d57fe09a-9558-4d4d-a7a0-2de37accb4bc","block_type":"box","text":"345","page_number":190,"box":{"x":763,"y":661,"width":21,"height":8}},{"id":"daa6118e-4a86-42b0-b739-db89be9ca8db","block_type":"box","text":"3,643","page_number":190,"box":{"x":862,"y":661,"width":32,"height":9}},{"id":"b3122d3e-ce32-4460-a55b-74f672e56b8d","block_type":"box","text":"Other expenses:","page_number":190,"box":{"x":96,"y":683,"width":97,"height":11}},{"id":"5f0346f7-26b7-4ce7-a2ed-a01dc484bfbd","block_type":"box","text":"UK corporation tax","page_number":190,"box":{"x":105,"y":702,"width":114,"height":11}},{"id":"ac779197-e26f-40b7-a412-b60ccb4db43c","block_type":"box","text":"25,410","page_number":190,"box":{"x":745,"y":702,"width":40,"height":9}},{"id":"4497eb57-2088-4858-ba44-199d6a2a1aa4","block_type":"box","text":"24,192","page_number":190,"box":{"x":854,"y":702,"width":40,"height":9}},{"id":"6da92bee-923c-4f4a-abd3-f60a5251b116","block_type":"box","text":"Audit fee","page_number":190,"box":{"x":104,"y":717,"width":54,"height":9}},{"id":"94fb8f32-6cc0-4067-b23d-a9a6eea7708e","block_type":"box","text":"9,720","page_number":190,"box":{"x":752,"y":718,"width":33,"height":9}},{"id":"1ee9d16d-b72d-4d45-8081-b248d5f4ddb2","block_type":"box","text":"7,862","page_number":190,"box":{"x":862,"y":718,"width":32,"height":9}},{"id":"8829c779-981c-4070-ac72-132db7dfd2e9","block_type":"box","text":"Other accrued expenses","page_number":190,"box":{"x":105,"y":733,"width":147,"height":10}},{"id":"338d7183-1c4b-476a-b0c8-a9507b135398","block_type":"box","text":"3,076","page_number":190,"box":{"x":752,"y":733,"width":33,"height":9}},{"id":"1e8dc0fd-7be5-48cf-8cf1-952599e8fcfe","block_type":"box","text":"845","page_number":190,"box":{"x":873,"y":733,"width":21,"height":8}},{"id":"7fab06d5-f661-4b72-bdf6-9c2dfa6ca3b1","block_type":"box","text":"38,206","page_number":190,"box":{"x":745,"y":755,"width":40,"height":9}},{"id":"1e8b216e-a90d-4388-933b-7ba416a33496","block_type":"box","text":"32,899","page_number":190,"box":{"x":854,"y":755,"width":40,"height":9}},{"id":"d80a9492-16e9-4baa-a4c8-90f2e0b1a2b0","block_type":"box","text":"Total creditors","page_number":190,"box":{"x":95,"y":790,"width":97,"height":8}},{"id":"2d615d27-bc36-4920-9e6c-efbf84b03477","block_type":"box","text":"91,749","page_number":190,"box":{"x":742,"y":791,"width":43,"height":9}},{"id":"4516421b-4b54-4081-ad82-031ed844193a","block_type":"box","text":"165,274","page_number":190,"box":{"x":844,"y":791,"width":51,"height":9}},{"id":"420d5913-98e0-4cf1-902e-d4f8a464ddeb","block_type":"box","text":"*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","page_number":190,"box":{"x":95,"y":812,"width":809,"height":11}},{"id":"48bcfdd0-af59-4695-ac41-2814d97172e2","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":190,"box":{"x":96,"y":828,"width":174,"height":10}},{"id":"3d5e49e6-34e3-4e08-93dc-48feb9d4d5e8","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":190,"box":{"x":484,"y":38,"width":418,"height":13}},{"id":"edc71696-cf63-4520-8836-0766e385191f","block_type":"box","text":"185","page_number":190,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"881e633e-b01f-45c1-aa01-ef002f70a1da","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":191,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"207d115e-4400-429c-8507-8f173f6b6144","block_type":"box","text":"for the year ended 30 April 2026","page_number":191,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"7e53ccc0-0e0a-4988-aefd-7b85d92d8401","block_type":"box","text":"10. Risk management policies","page_number":191,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"f07f16bb-5f50-4c84-bc70-cd010207d99b","block_type":"box","text":"In pursuing its investment objective as stated on page 173, the Sub-fund holds a number of financial instruments. The Sub-fund’","page_number":191,"box":{"x":96,"y":150,"width":802,"height":10}},{"id":"6259d529-ce44-401e-9ebe-c76e7da49dba","block_type":"box","text":"s","page_number":191,"box":{"x":899,"y":152,"width":5,"height":6}},{"id":"44fc0999-a63f-437d-88a7-697d7dae6e80","block_type":"box","text":"financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from","page_number":191,"box":{"x":95,"y":165,"width":789,"height":11}},{"id":"8a2853d8-aaa6-4341-8f1c-a1ee55e95d57","block_type":"box","text":"its","page_number":191,"box":{"x":891,"y":165,"width":13,"height":8}},{"id":"f354f5b1-1cc9-4127-a920-9335d1fa226d","block_type":"box","text":"operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for","page_number":191,"box":{"x":95,"y":181,"width":809,"height":10}},{"id":"5a38d267-77ed-4cae-becb-7778b57bbb1d","block_type":"box","text":"redemptions and debtors for accrued revenue.","page_number":191,"box":{"x":96,"y":196,"width":284,"height":11}},{"id":"e6b5193d-78b8-41d6-b98a-532036258cb7","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":191,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"bbfc236e-711e-4d2f-a104-647972ae74dc","block_type":"box","text":"anaging","page_number":191,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"2a81074a-15e0-4340-abba-aec21c37df5b","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":191,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"8a81d61f-a07f-42cb-8262-3250e9d588f5","block_type":"box","text":"Market price risk","page_number":191,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"46b1fda2-3dfd-4d9b-a6a6-cd5d59fc2466","block_type":"box","text":"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","page_number":191,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"ab8ea488-29aa-447e-a93e-2fe44c79acf5","block_type":"box","text":"ket prices","page_number":191,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"22b74271-1a74-4fda-b37f-f4327fcbd0ed","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":191,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"0c80a2da-6791-4f26-809e-c6da1be16058","block_type":"box","text":"future","page_number":191,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"a76cdd96-a562-4075-af55-b85a1885ccf0","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":191,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"0a2c0e43-a4ac-4f3a-8020-46672889d5ec","block_type":"box","text":"market","page_number":191,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"b130af9d-7089-4a35-9575-6ec09fb2741f","block_type":"box","text":"positions in the face of price movements.","page_number":191,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"c8921169-4728-4cd7-ab53-8e7299f7ef85","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":191,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"0e993029-1475-4958-85c2-e3f6189c0934","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":191,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"c41b1271-967a-4715-a194-cca050ecf2bb","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":191,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"6c8061b5-d58d-4cfb-a850-20a2ab579aef","block_type":"box","text":"ectus","page_number":191,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"e1b4e436-2f9b-4875-9f17-9b40afec7e4f","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":191,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"341042de-c43d-4588-b0f6-da55243c5c60","block_type":"box","text":"exposure","page_number":191,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"fd8918e4-18d2-43f6-a2c6-d34044a3ae25","block_type":"box","text":"to any particular type of security or issuer.","page_number":191,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"4b634234-c16c-414a-8bdc-a4a313c361b2","block_type":"box","text":"If market prices at the Balance Sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":191,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"20e0f68f-46a2-409f-9202-9afde3880bab","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £1,181,673","page_number":191,"box":{"x":95,"y":446,"width":786,"height":11}},{"id":"2405997a-308c-4d93-bb0e-97c44d79db71","block_type":"box","text":"(30","page_number":191,"box":{"x":885,"y":446,"width":19,"height":10}},{"id":"99a5f161-00fa-4218-81f9-9cbd08a40c51","block_type":"box","text":"April 2025: £1,368,944).","page_number":191,"box":{"x":95,"y":461,"width":144,"height":11}},{"id":"51d23f60-cc4a-42cf-833c-9e596543e568","block_type":"box","text":"Foreign currency risk","page_number":191,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"2ca2fe2f-d268-478d-9632-b933d41e7490","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":191,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"c6402cef-9db1-44c3-b3dc-6c690abf48fe","block_type":"box","text":"foreign","page_number":191,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"df401b88-1cca-40c2-bc6a-cd8e86089b29","block_type":"box","text":"currency exchange rates.","page_number":191,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"e03251db-3a90-43e6-8da0-61663906e4a0","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":191,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"4dfb078f-41a7-4a9b-be9a-4e6f373522e2","block_type":"box","text":"nvest","page_number":191,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"f671c209-ab89-43df-af56-be5e98dd27ce","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":191,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"53929a63-75f6-4128-b6f5-ca339d293176","block_type":"box","text":"e","page_number":191,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"a4aa6a01-a82e-48a0-9da5-caaebee54f73","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":191,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"9abff6f3-332c-48d5-a4f2-c16792ccd01e","block_type":"box","text":"ced","page_number":191,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"5d6e3f63-efa1-492b-879a-8bcf873ea7cc","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":191,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"6eadcbc8-74d2-4d78-98b8-4f46294da00f","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":191,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"4d4481ee-8099-49f9-aa54-07cfbd045443","block_type":"box","text":"Net monetary","page_number":191,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"2cb91e1d-70a4-4f61-a56f-72bd3d1de91e","block_type":"box","text":"Non-monetary","page_number":191,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"899885cb-a356-4eda-bc77-4466d958d869","block_type":"box","text":"Total net","page_number":191,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"ba75635c-d2ef-442d-b1a1-8a374f851080","block_type":"box","text":"assets and liabilities","page_number":191,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"8150eb6d-c52b-48bb-8b08-d74083c48e29","block_type":"box","text":"assets","page_number":191,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"988fdbb3-5f36-43a9-b827-9af63cc07be4","block_type":"box","text":"assets","page_number":191,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"c20e25b5-e78f-42c0-a1f7-28872df35b82","block_type":"box","text":"£","page_number":191,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"b391e472-6c93-44d1-ae86-d2da5957b501","block_type":"box","text":"£","page_number":191,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"c4603dd1-16ef-4435-b970-17e33b0d97b0","block_type":"box","text":"£","page_number":191,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"f13799ed-e1d6-41f7-8de4-7fad3be91b02","block_type":"box","text":"£","page_number":191,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"6bf95034-050e-4539-b93c-6c8150682df5","block_type":"box","text":"£","page_number":191,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"779c1902-8969-45b0-b3c7-5862d7a6acaa","block_type":"box","text":"£","page_number":191,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"5f409bf3-0b65-4a88-9bcf-6494926317d3","block_type":"box","text":"30.04.26","page_number":191,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"0ade806a-3bf5-4441-bc8b-cfee8c1a437a","block_type":"box","text":"30.04.25","page_number":191,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"5b980a15-36d1-4470-a76d-b3e5728163c4","block_type":"box","text":"30.04.26","page_number":191,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"5ee9d555-d035-4064-b614-b4cf89ab749c","block_type":"box","text":"30.04.25","page_number":191,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"4c0cb87c-c441-4ece-b4ee-90c29b812f11","block_type":"box","text":"30.04.26","page_number":191,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"1edef10c-6b8f-4180-a839-d60fef63cd84","block_type":"box","text":"30.04.25","page_number":191,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"1121c66a-ab7b-4d47-bd86-3a7c11aeb21d","block_type":"box","text":"Sterling","page_number":191,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"b47675ba-584a-4bd9-aaad-78ff8335bfd5","block_type":"box","text":"262,298","page_number":191,"box":{"x":299,"y":680,"width":48,"height":9}},{"id":"e2f54316-ceca-4d71-ac14-396f9976dab4","block_type":"box","text":"126,122","page_number":191,"box":{"x":409,"y":680,"width":47,"height":9}},{"id":"8186be79-3455-4226-ab0b-00f710355ad2","block_type":"box","text":"11,269,958","page_number":191,"box":{"x":500,"y":680,"width":66,"height":9}},{"id":"8af7314b-89c6-470d-9cd2-78ea1b3f3cc9","block_type":"box","text":"13,467,467","page_number":191,"box":{"x":609,"y":680,"width":66,"height":9}},{"id":"e4454eb9-1700-4dc7-be4f-fc4f7f8befa3","block_type":"box","text":"11,532,256","page_number":191,"box":{"x":719,"y":680,"width":66,"height":9}},{"id":"ac2e9668-1e54-4086-963c-6daf02327d87","block_type":"box","text":"13,593,589","page_number":191,"box":{"x":828,"y":680,"width":66,"height":9}},{"id":"7dd92f60-7da1-4aca-8c89-c9f377a3d85f","block_type":"box","text":"EUR","page_number":191,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"deb80a50-c06d-4676-8ac2-dda369a5793f","block_type":"box","text":"–","page_number":191,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"fd4de892-d098-42a3-bd33-b24e7cea2cb9","block_type":"box","text":"–","page_number":191,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"ee0993ae-95b4-464b-8e5e-b3ea10941723","block_type":"box","text":"–","page_number":191,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"333fef7d-7e98-4298-8b5e-1c7d56a7ed1d","block_type":"box","text":"221,971","page_number":191,"box":{"x":627,"y":695,"width":46,"height":9}},{"id":"0450d714-14ed-4d8d-81a9-b502520ce9df","block_type":"box","text":"–","page_number":191,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"1c71a4e6-d5b2-4d6c-9be4-09389411da45","block_type":"box","text":"221,971","page_number":191,"box":{"x":847,"y":695,"width":45,"height":9}},{"id":"313d7274-60cf-4664-b9c7-aed42ac38272","block_type":"box","text":"USD","page_number":191,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"32ab0f97-81d0-45cf-95c2-d9ced37ca384","block_type":"box","text":"–","page_number":191,"box":{"x":340,"y":715,"width":7,"height":1}},{"id":"143c90f1-54b2-4820-bad9-ce153dedd309","block_type":"box","text":"–","page_number":191,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"952d4d04-1d5a-46a6-b1ae-4ca1395f4e2d","block_type":"box","text":"546,771","page_number":191,"box":{"x":518,"y":711,"width":46,"height":9}},{"id":"d38f9a5f-10c0-46da-894d-727d01b59499","block_type":"box","text":"–","page_number":191,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"063f3daa-ebab-4c6b-a6a5-eae4492b3719","block_type":"box","text":"546,771","page_number":191,"box":{"x":737,"y":711,"width":46,"height":9}},{"id":"f8d6a355-33e0-47f4-a82b-5025e052db18","block_type":"box","text":"–","page_number":191,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"acb19f00-292f-4a12-8f57-1e50efb7b6c0","block_type":"box","text":"262,298","page_number":191,"box":{"x":296,"y":733,"width":51,"height":9}},{"id":"7b443d23-995e-43a7-aeeb-4c3ddbef0fbc","block_type":"box","text":"126,122","page_number":191,"box":{"x":406,"y":733,"width":50,"height":9}},{"id":"f98140d6-e918-4358-bf0d-c695757f9f29","block_type":"box","text":"11,816,729","page_number":191,"box":{"x":496,"y":733,"width":70,"height":9}},{"id":"cb4d775e-afa1-46ce-9d43-0ea9d47b3e8f","block_type":"box","text":"13,689,438","page_number":191,"box":{"x":605,"y":733,"width":70,"height":9}},{"id":"930a7ee5-745f-4545-a997-9a1ba0991f84","block_type":"box","text":"12,079,027","page_number":191,"box":{"x":715,"y":733,"width":70,"height":9}},{"id":"cfed49d6-bfc0-4049-8db1-4ba6edc99753","block_type":"box","text":"13,815,560","page_number":191,"box":{"x":824,"y":733,"width":70,"height":9}},{"id":"5f5e4d7e-251c-4679-9bb3-5703a40f84ed","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":191,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"04b76954-9f7f-47f4-973f-df17db668397","block_type":"box","text":"he","page_number":191,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"376549c4-bb2b-41a5-a089-596888e7e23b","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £54,","page_number":191,"box":{"x":96,"y":770,"width":785,"height":11}},{"id":"57280946-3d17-48f6-b8a9-dc16f2c70f4e","block_type":"box","text":"677","page_number":191,"box":{"x":882,"y":771,"width":22,"height":7}},{"id":"c65e9ba2-2f2d-4de9-81ea-b081b0c5c8fa","block_type":"box","text":"(30 April 2025: £22,197).","page_number":191,"box":{"x":95,"y":786,"width":148,"height":10}},{"id":"356e693b-95f2-4e5c-9297-8230b4a41c88","block_type":"box","text":"Interest rate risk","page_number":191,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"0e523cdb-ffab-4c14-bab5-e837be74d314","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":191,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"b8d55b68-9580-49ae-bfcd-30b33b0135e0","block_type":"box","text":"se change","page_number":191,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"885e2a20-3dff-4aa3-bb0f-22e3414cb23c","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":191,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"19eed593-8e92-4d2d-a35d-04a101adc64f","block_type":"box","text":"nterest","page_number":191,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"5ce0e878-0ea8-4cea-811c-78ebf210769c","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short-term in","page_number":191,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"25616c8a-6bfd-4cac-9587-99c9ee5b7ced","block_type":"box","text":"struments.","page_number":191,"box":{"x":840,"y":853,"width":63,"height":8}},{"id":"7bca6160-660c-42d7-8c4e-07134239af69","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":191,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"461e6a06-fa73-49e2-a3df-116cec704731","block_type":"box","text":"ited","page_number":191,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"0569fb1b-9e83-45e9-b690-c2bed4771b20","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":191,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"a180126d-4254-4eef-a0ad-a601c27e13f8","block_type":"box","text":"n the","page_number":191,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"4f3c8135-d9a9-4fbc-a16f-78d9905004d2","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":191,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"75832d53-9a02-4190-9a2a-a374aec8be85","block_type":"box","text":"ses as","page_number":191,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"e190434d-ed52-4911-84dc-bec9accef2a1","block_type":"box","text":"interest rates increase.","page_number":191,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"670a7a3f-855b-41f3-8791-b31b65105991","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":191,"box":{"x":97,"y":38,"width":418,"height":13}},{"id":"fdbf3510-51a9-45e9-b408-aee8ed68a220","block_type":"box","text":"186","page_number":191,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"89973282-1f1a-4c1c-987c-0da48c2e9ce4","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":192,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"f991f4bb-7633-4b57-9cb1-ef19bf22e8ba","block_type":"box","text":"for the year ended 30 April 2026","page_number":192,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"56c2d637-e285-41ce-9704-abb1e95f7cf9","block_type":"box","text":"10. Risk management policies (continued)","page_number":192,"box":{"x":96,"y":134,"width":277,"height":11}},{"id":"11924aab-55ba-4ae4-9f4a-8412173527aa","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":192,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"439ef5f6-d934-499a-9e5d-928ade33afdd","block_type":"box","text":"30.04.26","page_number":192,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"b44686bf-f29f-45b1-b5d0-43ae1af7fafd","block_type":"box","text":"30.04.25","page_number":192,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"3f06967a-1ac2-4228-9e0b-3e695dbb6cbe","block_type":"box","text":"£","page_number":192,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"943a25e6-2325-4aac-abc4-5551f3b7b352","block_type":"box","text":"£","page_number":192,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"383768e0-d271-4c4d-afd7-055d9ee66bcb","block_type":"box","text":"Financial assets floating rate","page_number":192,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"369eea9b-aafc-4dad-88f5-88b88cde7578","block_type":"box","text":"350,745","page_number":192,"box":{"x":737,"y":210,"width":47,"height":9}},{"id":"c44dc92d-b775-41f2-a97a-61fb45355617","block_type":"box","text":"205,387","page_number":192,"box":{"x":847,"y":210,"width":47,"height":9}},{"id":"4da67a07-58bf-4c3d-b9c2-b80d22b337de","block_type":"box","text":"Financial assets interest bearing instruments","page_number":192,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"6acbe1c1-e61e-4da7-a7ad-c4472df162a8","block_type":"box","text":"6,334,138","page_number":192,"box":{"x":726,"y":229,"width":59,"height":9}},{"id":"88a97c1f-525a-4e52-a32f-f6892bd65f9a","block_type":"box","text":"7,540,837","page_number":192,"box":{"x":835,"y":229,"width":59,"height":9}},{"id":"a7968cfd-16e3-4b18-a991-1944d41fff39","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":192,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"9e3cfd75-d3e0-466d-9b4b-9bc852f96968","block_type":"box","text":"5,485,893","page_number":192,"box":{"x":726,"y":248,"width":58,"height":9}},{"id":"4442060a-be5f-437d-9da8-a57e1de180f4","block_type":"box","text":"6,326,935","page_number":192,"box":{"x":835,"y":248,"width":59,"height":9}},{"id":"a99a3b86-4526-437c-987e-b3d9b0dd54a7","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":192,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"5c9df462-7c18-4885-a8d6-561f7e105daa","block_type":"box","text":"(91,749)","page_number":192,"box":{"x":740,"y":266,"width":49,"height":10}},{"id":"c67ace4c-308e-4a2e-90b9-effc0a38c1e3","block_type":"box","text":"(165,274)","page_number":192,"box":{"x":842,"y":266,"width":57,"height":10}},{"id":"986acf2d-2e9d-4ae5-9819-63bd5b09ccaf","block_type":"box","text":"Financial liabilities floating rate","page_number":192,"box":{"x":96,"y":285,"width":187,"height":10}},{"id":"cb91d9d1-2abb-4fc0-bf79-3141f7279904","block_type":"box","text":"–","page_number":192,"box":{"x":778,"y":290,"width":7,"height":0}},{"id":"4a704af9-70d9-4cc6-8808-0fbb386b08a8","block_type":"box","text":"(92,325)","page_number":192,"box":{"x":850,"y":285,"width":49,"height":10}},{"id":"4055c5e8-c8f6-4d2f-8780-0e4bb95c7028","block_type":"box","text":"12,079,027","page_number":192,"box":{"x":715,"y":307,"width":70,"height":9}},{"id":"6bd290d8-57c4-4424-ab28-e99ebdbad561","block_type":"box","text":"13,815,560","page_number":192,"box":{"x":824,"y":307,"width":70,"height":9}},{"id":"968bce1a-4334-438b-bd85-8dcc43cb822a","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":192,"box":{"x":95,"y":342,"width":767,"height":11}},{"id":"57f3d60e-fcac-4f65-8d70-e2c6ec8a36b8","block_type":"box","text":"assets","page_number":192,"box":{"x":867,"y":343,"width":37,"height":7}},{"id":"3a0c9f28-2dbf-4ba2-9a93-f9e796498183","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £877 (30 April 2025: £283).","page_number":192,"box":{"x":95,"y":358,"width":718,"height":10}},{"id":"3ec88a31-d70e-41f8-bf35-c5c2e26a539a","block_type":"box","text":"Maturity of financial liabilities","page_number":192,"box":{"x":96,"y":380,"width":201,"height":10}},{"id":"4e72d411-57b2-4117-8fbc-32c95d8479c7","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":192,"box":{"x":95,"y":395,"width":655,"height":11}},{"id":"6788b433-df26-41c4-8918-cb7dffd3269d","block_type":"box","text":"Liquidity risk","page_number":192,"box":{"x":96,"y":417,"width":86,"height":11}},{"id":"e1b1670b-1de6-442c-8198-b6fd738ba99e","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":192,"box":{"x":95,"y":433,"width":742,"height":11}},{"id":"42db0bec-3211-4461-b4a9-2378fef30ffa","block_type":"box","text":"any shares","page_number":192,"box":{"x":840,"y":433,"width":64,"height":11}},{"id":"f998102e-2540-4a99-a344-17c0d550c8b1","block_type":"box","text":"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","page_number":192,"box":{"x":95,"y":448,"width":732,"height":11}},{"id":"e8c48fdc-2917-4e1b-9baa-4fed03f6d8f1","block_type":"box","text":"edemptions.","page_number":192,"box":{"x":828,"y":448,"width":75,"height":11}},{"id":"bb200291-5592-407a-bde1-b7c11f56a828","block_type":"box","text":"Credit risk","page_number":192,"box":{"x":96,"y":470,"width":68,"height":9}},{"id":"2dd00eb9-5b77-4fd6-954c-c07b2d0f4552","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":192,"box":{"x":96,"y":486,"width":722,"height":11}},{"id":"07b9c2eb-8051-49fe-a157-7379f69a0856","block_type":"box","text":"he investment","page_number":192,"box":{"x":819,"y":486,"width":85,"height":8}},{"id":"65ed9470-47da-44a7-b668-9f4018a4ee63","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":192,"box":{"x":95,"y":501,"width":759,"height":11}},{"id":"c57d0f30-8884-4800-bc34-b3058ddec291","block_type":"box","text":"stments","page_number":192,"box":{"x":856,"y":502,"width":48,"height":8}},{"id":"f14d7291-5e8b-45b2-b2ff-d1f0f6c90e92","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":192,"box":{"x":95,"y":517,"width":808,"height":10}},{"id":"c5352b6b-5a38-4832-9149-3fc9cc0987c6","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar","page_number":192,"box":{"x":96,"y":532,"width":738,"height":11}},{"id":"6f1c50b9-4577-44ba-a47a-b4874620c099","block_type":"box","text":"e reviewed.","page_number":192,"box":{"x":835,"y":532,"width":68,"height":8}},{"id":"95db9920-12d7-4c81-bacd-e7ba59fffc3c","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":192,"box":{"x":96,"y":554,"width":733,"height":11}},{"id":"b054ab51-eecb-45c0-b24e-1bd02d466600","block_type":"box","text":"cash is held","page_number":192,"box":{"x":834,"y":554,"width":69,"height":9}},{"id":"11e1243d-4bb8-475b-857c-1f063416b56e","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":192,"box":{"x":95,"y":570,"width":735,"height":11}},{"id":"698764d3-36d8-4816-b407-0e097ebf6b36","block_type":"box","text":"lectives that","page_number":192,"box":{"x":832,"y":570,"width":72,"height":8}},{"id":"11500aa1-0da9-4a9d-bc83-d1ea55e62677","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":192,"box":{"x":96,"y":585,"width":650,"height":11}},{"id":"8555d60e-835e-462c-a1a8-49ab11f29bfa","block_type":"box","text":"Fair value disclosure","page_number":192,"box":{"x":96,"y":607,"width":135,"height":9}},{"id":"9cf83898-3810-4622-8598-6c550088f325","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":192,"box":{"x":95,"y":623,"width":731,"height":11}},{"id":"0c1b738a-fd10-4d37-9d90-33881e1dda52","block_type":"box","text":". The highest","page_number":192,"box":{"x":828,"y":623,"width":76,"height":11}},{"id":"72e28683-5a1e-43e8-8773-80c2ae03d5f9","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":192,"box":{"x":96,"y":638,"width":739,"height":11}},{"id":"12b97acd-b001-467b-81e9-de9767d06436","block_type":"box","text":"els in these","page_number":192,"box":{"x":836,"y":638,"width":68,"height":9}},{"id":"5b14a0ff-5ac4-4b7d-9650-35f50e8cb7b0","block_type":"box","text":"financial statements are as follows:","page_number":192,"box":{"x":95,"y":654,"width":213,"height":8}},{"id":"9dbdac44-b4fb-4de8-ac12-d670e8e590f2","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":192,"box":{"x":96,"y":676,"width":489,"height":11}},{"id":"e8ed465c-90d1-44f5-9485-ec2bc507c99f","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":192,"box":{"x":96,"y":698,"width":568,"height":11}},{"id":"3a5cffe4-9596-403f-9d9f-96fa56a5a513","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":192,"box":{"x":96,"y":720,"width":344,"height":11}},{"id":"932540ef-e987-44da-97fe-bafb8e660895","block_type":"box","text":"Valuation technique","page_number":192,"box":{"x":95,"y":743,"width":135,"height":10}},{"id":"ca994b0a-8f5b-47ac-9438-25c9e6776e25","block_type":"box","text":"30.04.26","page_number":192,"box":{"x":534,"y":743,"width":55,"height":8}},{"id":"60daf156-39d4-4d85-a84c-8f2361edba64","block_type":"box","text":"30.04.25","page_number":192,"box":{"x":801,"y":743,"width":54,"height":8}},{"id":"c1234215-a0fd-4beb-b239-58d5b82bdfb8","block_type":"box","text":"Assets","page_number":192,"box":{"x":452,"y":756,"width":42,"height":8}},{"id":"8511e18a-e0db-47a4-9b16-44a520ea4910","block_type":"box","text":"Liabilities","page_number":192,"box":{"x":564,"y":756,"width":64,"height":8}},{"id":"bc489253-ab93-4237-a92f-1e64c75ae622","block_type":"box","text":"Assets","page_number":192,"box":{"x":719,"y":756,"width":42,"height":8}},{"id":"65bb4c3a-c5cc-4a19-867a-b634fc71758a","block_type":"box","text":"Liabilities","page_number":192,"box":{"x":833,"y":756,"width":64,"height":8}},{"id":"c702555b-3f89-46e9-950a-ff0176bea734","block_type":"box","text":"(£000’s)","page_number":192,"box":{"x":444,"y":769,"width":50,"height":9}},{"id":"dac60ff5-db7d-4893-8356-63000b8c9b74","block_type":"box","text":"(£000’s)","page_number":192,"box":{"x":577,"y":769,"width":50,"height":9}},{"id":"5084796c-aee2-4534-a440-fdb46dc526c9","block_type":"box","text":"(£000’s)","page_number":192,"box":{"x":711,"y":769,"width":50,"height":9}},{"id":"5807762a-dfa9-400e-9e79-6edec2f81d6a","block_type":"box","text":"(£000’s)","page_number":192,"box":{"x":846,"y":769,"width":51,"height":9}},{"id":"54b62012-9ae4-4b99-9bfa-1b9fbe636bfa","block_type":"box","text":"Level 1","page_number":192,"box":{"x":96,"y":784,"width":38,"height":8}},{"id":"abeafd4e-88fb-4e92-aa65-e9fecb5658ef","block_type":"box","text":"5,139","page_number":192,"box":{"x":462,"y":784,"width":32,"height":10}},{"id":"2860c6c0-8108-4ed8-bb72-2b824699f992","block_type":"box","text":"–","page_number":192,"box":{"x":621,"y":789,"width":6,"height":1}},{"id":"7bdfaab3-ce5b-4844-8de1-a98d01c10755","block_type":"box","text":"1,412","page_number":192,"box":{"x":729,"y":784,"width":32,"height":10}},{"id":"e1f14e3e-6b9c-4ddd-9086-f73127a1698c","block_type":"box","text":"–","page_number":192,"box":{"x":890,"y":789,"width":7,"height":1}},{"id":"3b097b82-a815-47b9-a567-b54a96c34cbc","block_type":"box","text":"Level 2","page_number":192,"box":{"x":96,"y":800,"width":40,"height":8}},{"id":"1a215fc4-4ece-4ddc-a314-3d041f35556d","block_type":"box","text":"6,678","page_number":192,"box":{"x":462,"y":800,"width":32,"height":9}},{"id":"6266299e-7f32-4438-a24b-e7f7d87e39d2","block_type":"box","text":"–","page_number":192,"box":{"x":621,"y":804,"width":6,"height":1}},{"id":"bfb63d41-393f-48b9-83ad-982ffa5d681f","block_type":"box","text":"12,277","page_number":192,"box":{"x":721,"y":800,"width":40,"height":9}},{"id":"906db88d-aee9-4914-97dd-c9b9f69d0a45","block_type":"box","text":"–","page_number":192,"box":{"x":890,"y":804,"width":7,"height":1}},{"id":"741bde30-f09f-41dc-82e4-dfd39afd0dde","block_type":"box","text":"Level 3","page_number":192,"box":{"x":96,"y":815,"width":40,"height":8}},{"id":"3f18f7ae-ef3c-4315-a385-784d27fe0930","block_type":"box","text":"–","page_number":192,"box":{"x":488,"y":820,"width":6,"height":1}},{"id":"11c152d4-f50c-4760-901d-675a22823b7f","block_type":"box","text":"–","page_number":192,"box":{"x":621,"y":820,"width":6,"height":1}},{"id":"eb231bc0-211a-4aac-ba78-6b4f93582c9f","block_type":"box","text":"–","page_number":192,"box":{"x":754,"y":820,"width":7,"height":1}},{"id":"fbed18fd-558b-4835-a297-405849da4cd1","block_type":"box","text":"–","page_number":192,"box":{"x":890,"y":820,"width":7,"height":1}},{"id":"92ba221a-05e3-4da2-80d6-8339cb7e6a85","block_type":"box","text":"11,817","page_number":192,"box":{"x":452,"y":838,"width":42,"height":9}},{"id":"a9372f39-49a5-4be0-b206-5188a79f348f","block_type":"box","text":"–","page_number":192,"box":{"x":621,"y":842,"width":7,"height":1}},{"id":"a88a381c-ae35-40d8-b296-c7cce98ef999","block_type":"box","text":"13,689","page_number":192,"box":{"x":719,"y":838,"width":42,"height":9}},{"id":"2ea038ed-0d6b-4f94-b0bb-d1254033e08d","block_type":"box","text":"–","page_number":192,"box":{"x":890,"y":842,"width":7,"height":1}},{"id":"965572d9-80d6-4ef7-924b-2bdfb097088c","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":192,"box":{"x":484,"y":38,"width":418,"height":13}},{"id":"dc3fb173-0640-48f0-9096-af30121eb420","block_type":"box","text":"187","page_number":192,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"a7da2222-34e0-425e-abb1-fa9a9d02da55","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":193,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"335cba11-33ab-4ae9-a81b-a295762856ec","block_type":"box","text":"for the year ended 30 April 2026","page_number":193,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"e2070877-a88e-46f3-9bf8-ceecfdba5bb0","block_type":"box","text":"11. Shares held","page_number":193,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"20a47485-b034-4deb-81a1-c22d0af059bd","block_type":"box","text":"B Class (Retail) Accumulation","page_number":193,"box":{"x":96,"y":156,"width":192,"height":10}},{"id":"3d66d073-74b1-46de-965b-7682f135802b","block_type":"box","text":"Opening shares at 01.05.2025","page_number":193,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"4cf356f1-4b23-4d8a-9d66-524e6585b4c3","block_type":"box","text":"5,592,190","page_number":193,"box":{"x":432,"y":179,"width":62,"height":9}},{"id":"afb1d22d-ca90-402e-90c6-b6f464ca2a04","block_type":"box","text":"Shares issued during the year","page_number":193,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"b6019547-1a8d-48c4-8426-de4e832286df","block_type":"box","text":"160,777","page_number":193,"box":{"x":447,"y":194,"width":47,"height":10}},{"id":"4ab902ac-d2b0-4a4b-9860-5670ea033936","block_type":"box","text":"Shares cancelled during the year","page_number":193,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"d0f8114b-f3fa-4b67-a0d2-43ef5469ac4d","block_type":"box","text":"(1,403,914)","page_number":193,"box":{"x":427,"y":210,"width":67,"height":9}},{"id":"de8cc287-0493-4f17-a478-96d7da07a511","block_type":"box","text":"Shares converted during the year","page_number":193,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"f6d0a226-32f4-4a55-a0a7-e9b1aed95268","block_type":"box","text":"–","page_number":193,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"4344b7dc-ae5a-472e-8da1-71d64be24e17","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":193,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"9c84ce4c-095f-4aa4-9843-7599e48d10b2","block_type":"box","text":"4,349,053","page_number":193,"box":{"x":432,"y":248,"width":62,"height":9}},{"id":"95772071-9b87-484c-b2bf-00cde1145780","block_type":"box","text":"12. Contingent assets and liabilities","page_number":193,"box":{"x":96,"y":293,"width":234,"height":11}},{"id":"4430caf8-1f6a-4a0d-9a84-f4f60f2dd5cb","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).","page_number":193,"box":{"x":95,"y":309,"width":585,"height":11}},{"id":"fddff271-1343-43df-bd42-a572ff2c0fbd","block_type":"box","text":"13. Post balance sheet events","page_number":193,"box":{"x":96,"y":355,"width":194,"height":8}},{"id":"e16771de-b860-44f7-b968-76de49da72b2","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":193,"box":{"x":95,"y":374,"width":425,"height":11}},{"id":"ea3a4272-d2e9-4ef7-a04b-4df377378a64","block_type":"box","text":"14. Direct transactions costs","page_number":193,"box":{"x":96,"y":420,"width":186,"height":9}},{"id":"d91a4216-5343-45f0-b6b4-e83eaea651a9","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":193,"box":{"x":96,"y":439,"width":755,"height":11}},{"id":"86aaa042-ea74-4e73-86da-3ade5884bba3","block_type":"box","text":"herefore","page_number":193,"box":{"x":853,"y":439,"width":51,"height":8}},{"id":"e814c8a3-f104-4133-ac7d-c8edb27e5df2","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":193,"box":{"x":95,"y":455,"width":444,"height":10}},{"id":"2d242a58-7b20-47bc-9af3-01b85b8f2a95","block_type":"box","text":"15. Portfolio dealing spread","page_number":193,"box":{"x":96,"y":501,"width":181,"height":11}},{"id":"054f564b-77a4-491c-9abd-7b7612024bdb","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.06% (30 April 2025: 0.03%).","page_number":193,"box":{"x":95,"y":523,"width":517,"height":11}},{"id":"be15c7ab-e5cc-4184-8882-1022f376b947","block_type":"box","text":"16. Related party transactions","page_number":193,"box":{"x":96,"y":569,"width":199,"height":11}},{"id":"e4c8c689-c347-44e0-a099-4f9a77cbd8cd","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":193,"box":{"x":95,"y":592,"width":707,"height":10}},{"id":"c8705a97-cd57-4f56-903b-4e412b3bd8ed","block_type":"box","text":"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","page_number":193,"box":{"x":95,"y":614,"width":765,"height":10}},{"id":"b30da2a5-d3dd-4bbc-880b-41dbbfa5777c","block_type":"box","text":"e sheet","page_number":193,"box":{"x":861,"y":614,"width":43,"height":8}},{"id":"8612dd40-b9e5-472b-8837-d38202f162a7","block_type":"box","text":"date are disclosed in note 9.","page_number":193,"box":{"x":95,"y":629,"width":171,"height":8}},{"id":"e8d5faed-a2c9-42f1-98c1-a89cf7dc70f6","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":193,"box":{"x":97,"y":38,"width":418,"height":13}},{"id":"40169b60-e991-42f6-b35d-7f2f98cb804b","block_type":"box","text":"188","page_number":193,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"a4e53c9b-7119-4214-8811-25cd0825fc2a","block_type":"box","text":"Distribution Tables","page_number":194,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"ad59a7fd-d9f7-4146-b528-02075dfd53df","block_type":"box","text":"for the year ended 30 April 2026","page_number":194,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"bb793933-2722-4157-8a7e-76e0f21412db","block_type":"box","text":"Accumulation Share Distributions","page_number":194,"box":{"x":95,"y":134,"width":224,"height":9}},{"id":"14e1a609-03a3-4554-b359-a2866a7ef8fa","block_type":"box","text":"Share class","page_number":194,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"b5146c69-0cd5-4ddb-9b72-b142d9cc9275","block_type":"box","text":"Distribution","page_number":194,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"97f21fd0-01ee-4934-b8f2-9f125948c0df","block_type":"box","text":"Shares","page_number":194,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"3766ab59-7947-4c91-a498-2f1183b47891","block_type":"box","text":"Net","page_number":194,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"41b79d2c-422f-4050-b21c-dbb5e915f9d9","block_type":"box","text":"Equalisation","page_number":194,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"64d910c3-7a92-4fff-92dd-256d4dcc90cb","block_type":"box","text":"Distribution","page_number":194,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"3cf77328-5bdd-490b-abd8-27a23ddd56f7","block_type":"box","text":"Distribution","page_number":194,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"728e6a6c-0d68-44b1-9cf5-5fbd12a65373","block_type":"box","text":"revenue","page_number":194,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"bc79e843-3eff-454d-a027-0371d6ea80b0","block_type":"box","text":"31.08.2026","page_number":194,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"2954d040-0e3c-4ea3-bd3e-38754ab658cf","block_type":"box","text":"29.08.2025","page_number":194,"box":{"x":812,"y":165,"width":70,"height":8}},{"id":"2ac2e5e6-7f42-4c31-9301-a5f311fdda22","block_type":"box","text":"31.08.2026","page_number":194,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"a9461b00-1869-4ff0-9890-666c0d7cdb95","block_type":"box","text":"p","page_number":194,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"61fe10a0-e04d-4857-9e69-e3b7cf053521","block_type":"box","text":"p","page_number":194,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"69fbb8a8-909c-4d2e-a2e4-ec4c19fab01f","block_type":"box","text":"p","page_number":194,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"1423964b-9cea-4475-b18a-25eb5f16ac2b","block_type":"box","text":"p","page_number":194,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"8d0ed633-a0d5-405e-bb5d-7ed6332e4112","block_type":"box","text":"B","page_number":194,"box":{"x":106,"y":207,"width":6,"height":8}},{"id":"a3129d10-82cf-43c5-bbf8-393c7a915e55","block_type":"box","text":"Final","page_number":194,"box":{"x":267,"y":207,"width":27,"height":8}},{"id":"a9f5a437-3749-4bdf-8f7b-52bc28b0e684","block_type":"box","text":"Group 1","page_number":194,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"71944034-ee15-4e2d-90d6-ac3847af578a","block_type":"box","text":"4.4231","page_number":194,"box":{"x":512,"y":207,"width":39,"height":8}},{"id":"49b433c5-99bc-4186-8833-6ba9c41422f6","block_type":"box","text":"–","page_number":194,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"f637b991-d349-4d56-bf80-b005720720df","block_type":"box","text":"4.4231","page_number":194,"box":{"x":722,"y":207,"width":38,"height":8}},{"id":"0885cbff-63ba-4adb-b1e5-d90e965b5787","block_type":"box","text":"2.3931","page_number":194,"box":{"x":827,"y":207,"width":38,"height":8}},{"id":"7bd8db15-3169-4323-a627-cc5495e90fca","block_type":"box","text":"Group 2","page_number":194,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"87908a38-a07e-4649-9e91-9961f6da02d0","block_type":"box","text":"2.2910","page_number":194,"box":{"x":513,"y":221,"width":40,"height":8}},{"id":"01fa5396-3d17-4263-8329-198ab3b00c49","block_type":"box","text":"2.1321","page_number":194,"box":{"x":618,"y":221,"width":38,"height":8}},{"id":"31077595-162e-4013-99b8-37714da1aac4","block_type":"box","text":"4.4231","page_number":194,"box":{"x":722,"y":221,"width":38,"height":8}},{"id":"eefd23c2-7893-477e-b10e-1be603b86dc0","block_type":"box","text":"2.3931","page_number":194,"box":{"x":827,"y":221,"width":38,"height":8}},{"id":"c46158f1-8c53-41e7-9e11-1d5d673e1995","block_type":"box","text":"Final distribution in pence per share","page_number":194,"box":{"x":96,"y":252,"width":240,"height":11}},{"id":"ca691e3b-514e-4b6f-a319-7a0ae2becb39","block_type":"box","text":"Group 1:","page_number":194,"box":{"x":96,"y":268,"width":51,"height":10}},{"id":"df085444-4590-4f22-9805-1cd119027128","block_type":"box","text":"Shares purchased prior to 01 May 2025","page_number":194,"box":{"x":181,"y":267,"width":239,"height":11}},{"id":"abacfee1-3e08-46b9-bea6-b4036a4f76f6","block_type":"box","text":"Group 2:","page_number":194,"box":{"x":96,"y":283,"width":51,"height":11}},{"id":"28f65721-6a9d-4657-b4b4-a727dd21f9cd","block_type":"box","text":"Shares purchased on or after 01 May 2025 and on or before 30 April 2026","page_number":194,"box":{"x":181,"y":283,"width":448,"height":11}},{"id":"aa6bfdc4-e642-4fcf-b77c-a95abd07adec","block_type":"box","text":"MI Tatton Oak Cautious Growth Fund","page_number":194,"box":{"x":484,"y":38,"width":418,"height":13}},{"id":"58f3afdc-2919-4b5f-bae8-a4451403b3e1","block_type":"box","text":"189","page_number":194,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"b4c7b1a7-84c6-4a47-9a4d-21cacfdfc5cd","block_type":"box","text":"Sub-fund Overview","page_number":195,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"4a219f8b-c3ed-4b5b-ad3c-81d90ae3cb83","block_type":"box","text":"Name of Sub-fund","page_number":195,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"69ee3740-e8b7-4cfe-aeff-854eccdd9a34","block_type":"box","text":"MI Tatton Blended Defensive Fund (formerly VT Tatton Blended Defensive Fund)","page_number":195,"box":{"x":96,"y":143,"width":487,"height":11}},{"id":"b82ff362-c122-4a6f-82dc-aec61063089f","block_type":"box","text":"Size of Sub-fund","page_number":195,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"61cd4187-ef4e-4477-bfbe-a770436bf6b4","block_type":"box","text":"£12,418,588","page_number":195,"box":{"x":95,"y":181,"width":74,"height":9}},{"id":"ee8a65c1-9423-4d4b-9180-67dd583e8038","block_type":"box","text":"Launch date","page_number":195,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"2babdd88-2395-4f2c-baa0-b3e3e47861ab","block_type":"box","text":"23 March 2009","page_number":195,"box":{"x":95,"y":218,"width":90,"height":8}},{"id":"42b2d3cb-c6cf-443f-bedd-a4e293f8b084","block_type":"box","text":"Investment objective and policy","page_number":195,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"916095f7-fd89-41c0-9418-54c101021b5b","block_type":"box","text":"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","page_number":195,"box":{"x":95,"y":256,"width":775,"height":11}},{"id":"e90c91ab-4911-4a92-a72a-2d8e9de33cdb","block_type":"box","text":"come","page_number":195,"box":{"x":871,"y":258,"width":33,"height":6}},{"id":"a3c73669-0f66-49cb-b862-b09b62045665","block_type":"box","text":"generation.","page_number":195,"box":{"x":95,"y":272,"width":69,"height":10}},{"id":"5922e70d-0f98-4346-8481-53a333f646fb","block_type":"box","text":"The Investment Manager will manage the portfolio in order to achieve its investment objective by investing at least 70% in coll","page_number":195,"box":{"x":95,"y":293,"width":773,"height":11}},{"id":"1e530b21-efe5-49bd-ae24-11300ee41880","block_type":"box","text":"ective","page_number":195,"box":{"x":869,"y":294,"width":35,"height":8}},{"id":"9d5b0a39-e245-4ef6-94cd-899582e4d2a4","block_type":"box","text":"investment schemes, such as unit trusts, OEICs and closed ended schemes.","page_number":195,"box":{"x":96,"y":309,"width":455,"height":9}},{"id":"cc325492-c4d9-4c8c-9217-1802cc5b3eb6","block_type":"box","text":"The Sub-fund will seek exposure to a diverse portfolio of assets, with a balance between passive and active strategies, with th","page_number":195,"box":{"x":95,"y":331,"width":756,"height":11}},{"id":"277c44e4-1a31-458a-856c-8af4117a4782","block_type":"box","text":"e overall","page_number":195,"box":{"x":853,"y":331,"width":50,"height":8}},{"id":"7dd29fe9-9c91-4e9b-a32d-dfe628e63694","block_type":"box","text":"portfolio having a focus to bonds (including government and corporate bonds, which could be investment grade or high yield bond","page_number":195,"box":{"x":96,"y":346,"width":793,"height":11}},{"id":"02ffad91-b3bd-4dcd-8ea8-13591a4e08b1","block_type":"box","text":"s).","page_number":195,"box":{"x":891,"y":347,"width":12,"height":9}},{"id":"4a4c9fe9-7a72-42f2-80be-fdf1ae454560","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as shares in companies. For this Sub-fund, over per","page_number":195,"box":{"x":96,"y":369,"width":767,"height":10}},{"id":"bc41fe57-e083-44f9-b778-649578ab1e19","block_type":"box","text":"iods of","page_number":195,"box":{"x":864,"y":369,"width":41,"height":8}},{"id":"001fd9be-1707-499f-ac5f-d86ac13c6d68","block_type":"box","text":"at least 5 years, in normal market conditions it is expected that the proportion of the Sub-fund exposed to shares (directly an","page_number":195,"box":{"x":95,"y":384,"width":737,"height":11}},{"id":"b5535480-983c-419d-a04b-82db6db3012a","block_type":"box","text":"d indirectly)","page_number":195,"box":{"x":834,"y":384,"width":70,"height":11}},{"id":"fab5f436-8f7b-45ae-a96b-9d2919f19864","block_type":"box","text":"will be approximately 30%.","page_number":195,"box":{"x":95,"y":400,"width":163,"height":10}},{"id":"0b7beef0-b769-498e-aa1f-c6c88e75e4b2","block_type":"box","text":"In the shorter term, this weighting may be adjusted tactically as economic and market conditions dictate while not deviating by","page_number":195,"box":{"x":96,"y":422,"width":772,"height":10}},{"id":"60d00cf1-a291-48e8-82f3-21288a133f7a","block_type":"box","text":"more","page_number":195,"box":{"x":873,"y":424,"width":31,"height":6}},{"id":"077a779e-4c61-4e77-96f7-6f49984ec546","block_type":"box","text":"than ±12.5%.","page_number":195,"box":{"x":95,"y":437,"width":79,"height":8}},{"id":"7d6276e1-6c14-4072-af53-926cf0427726","block_type":"box","text":"To the extent not invested in shares, other underlying assets in the portfolio (to which there will be indirect exposure) may i","page_number":195,"box":{"x":95,"y":459,"width":767,"height":11}},{"id":"014c9868-1b99-4a11-a0a5-18b18489d3ec","block_type":"box","text":"nclude","page_number":195,"box":{"x":864,"y":459,"width":40,"height":9}},{"id":"c80dc7ec-f2f6-4288-a877-9a38cca60496","block_type":"box","text":"bonds (as described above), commodities, property, hedge fund strategies, private equity and derivatives. Some of these investm","page_number":195,"box":{"x":96,"y":475,"width":781,"height":11}},{"id":"61e943af-c2a0-4a08-83ee-3097c4b1cc67","block_type":"box","text":"ents","page_number":195,"box":{"x":879,"y":476,"width":25,"height":7}},{"id":"d73de1fb-0e82-438a-93e8-4465846327d7","block_type":"box","text":"will be denominated in foreign currencies which may or may not be hedged back to Pounds Sterling.","page_number":195,"box":{"x":95,"y":490,"width":611,"height":11}},{"id":"de322d8e-e7d2-49b7-a7f8-f99df7544ff7","block_type":"box","text":"The Sub-fund may also invest, at the ACD’s discretion, directly in other transferable securities including shares and bonds, mo","page_number":195,"box":{"x":95,"y":512,"width":786,"height":11}},{"id":"eab927ed-e12c-4216-a2da-941b50c1a6ec","block_type":"box","text":"ney","page_number":195,"box":{"x":883,"y":515,"width":21,"height":8}},{"id":"d706e2d6-d137-42bf-82cb-0bce480b761c","block_type":"box","text":"market instruments (such as money market Sub-funds or government treasury bills), cash and near cash, deposits and any other","page_number":195,"box":{"x":96,"y":528,"width":808,"height":11}},{"id":"06c3d05d-4834-480c-91d5-e8d27fa79bdd","block_type":"box","text":"permitted asset type deemed appropriate to meet the investment objective.","page_number":195,"box":{"x":96,"y":543,"width":462,"height":11}},{"id":"5471d487-8f7a-421a-8673-280350632737","block_type":"box","text":"The Sub-fund may temporarily depart from this investment policy in response to the Investment Manager’s perception of extraordi","page_number":195,"box":{"x":95,"y":565,"width":781,"height":11}},{"id":"39dec270-c635-4e81-b991-27f6d780a1bf","block_type":"box","text":"nary","page_number":195,"box":{"x":878,"y":568,"width":26,"height":8}},{"id":"995723c6-d56f-425b-bdb0-6b3b51c0bc33","block_type":"box","text":"market or political conditions. During these periods and for as long as the Investment Manager deems it necessary, the Sub-fund","page_number":195,"box":{"x":96,"y":581,"width":778,"height":11}},{"id":"622e7ffc-c8ef-4f3d-ae28-57ce7a36def1","block_type":"box","text":"may","page_number":195,"box":{"x":879,"y":583,"width":25,"height":9}},{"id":"e446c9e3-9f38-4325-b863-a986653277dc","block_type":"box","text":"adjust the stated percentages with a view to avoiding losses.","page_number":195,"box":{"x":95,"y":596,"width":366,"height":11}},{"id":"c8d95b1c-d482-47b9-85cb-8fc31ca76ae0","block_type":"box","text":"Derivatives","page_number":195,"box":{"x":96,"y":619,"width":74,"height":8}},{"id":"2b5c9e67-4802-460c-b936-b104e38888fa","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":195,"box":{"x":95,"y":634,"width":686,"height":11}},{"id":"1f097474-813f-488b-a2f2-5751b095c89f","block_type":"box","text":"Benchmark","page_number":195,"box":{"x":96,"y":656,"width":76,"height":8}},{"id":"ad6f2d24-6657-4adf-8abd-f1bc137f5174","block_type":"box","text":"No explicit benchmark is stated for the Sub-fund. However multi-asset portfolios or peer group averages with a similar weight i","page_number":195,"box":{"x":96,"y":672,"width":758,"height":10}},{"id":"c58bff50-bfba-4978-8f11-1a7e26c548c4","block_type":"box","text":"n equity","page_number":195,"box":{"x":857,"y":672,"width":47,"height":10}},{"id":"b3cfdbd8-0596-4566-b096-a41e7fa8cae6","block_type":"box","text":"may be useful in assessing the performance of the Sub-fund. An example for this Sub-fund may be the IA OE Mixed Investment 0-35","page_number":195,"box":{"x":96,"y":687,"width":796,"height":11}},{"id":"c5315b31-e5b3-4809-ba0c-ba6a0d59de37","block_type":"box","text":"%","page_number":195,"box":{"x":894,"y":687,"width":10,"height":8}},{"id":"d613ec5e-fa57-4e18-9b1a-85a5dffe8a4f","block_type":"box","text":"Shares.","page_number":195,"box":{"x":95,"y":703,"width":44,"height":8}},{"id":"60e58d3f-bf0b-4352-8bcc-cd7e66b6f33c","block_type":"box","text":"The Sub-fund provides comparative performance against a relevant Investment Association sector benchmark in order for investors","page_number":195,"box":{"x":95,"y":725,"width":809,"height":10}},{"id":"557318c6-7f1f-49d0-88f5-8a494a6f6a3f","block_type":"box","text":"to compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association M","page_number":195,"box":{"x":95,"y":740,"width":782,"height":11}},{"id":"667b9a2c-5d27-4ba2-8ca8-de6da9790b83","block_type":"box","text":"ixed","page_number":195,"box":{"x":880,"y":740,"width":23,"height":8}},{"id":"82ed8888-be4b-48ca-85ed-653c765910e7","block_type":"box","text":"Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a","page_number":195,"box":{"x":95,"y":756,"width":800,"height":10}},{"id":"eda368bd-90f0-4d0b-b8bf-83983413b145","block_type":"box","text":"n","page_number":195,"box":{"x":897,"y":758,"width":6,"height":6}},{"id":"d74d200e-89ed-4f6c-aeea-cbfa723cc2e6","block_type":"box","text":"indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or","page_number":195,"box":{"x":96,"y":771,"width":756,"height":11}},{"id":"00bc5ba5-a3de-48e0-94ee-f22272639a9f","block_type":"box","text":"investor","page_number":195,"box":{"x":856,"y":771,"width":48,"height":8}},{"id":"4eadd8cf-2a15-4222-ba2b-037758514823","block_type":"box","text":"expectations.","page_number":195,"box":{"x":95,"y":787,"width":80,"height":10}},{"id":"81624500-16d7-46b4-b823-1c36fdb0c739","block_type":"box","text":"Final accounting date","page_number":195,"box":{"x":96,"y":809,"width":142,"height":10}},{"id":"16e646a5-7c06-425e-acbb-eeb9bf3b990b","block_type":"box","text":"30 April","page_number":195,"box":{"x":95,"y":824,"width":46,"height":11}},{"id":"54fd2ddb-4cd1-4b6d-b669-cde8dd2d77db","block_type":"box","text":"Interim accounting date","page_number":195,"box":{"x":96,"y":846,"width":159,"height":11}},{"id":"2126a31e-48da-49a1-88f9-f302a5d29320","block_type":"box","text":"31 July, 31 October and 31 January","page_number":195,"box":{"x":95,"y":862,"width":210,"height":10}},{"id":"9023d06a-b0e1-4b9b-b05c-db55a52e7aa7","block_type":"box","text":"Income distribution date","page_number":195,"box":{"x":96,"y":884,"width":164,"height":8}},{"id":"baf8830b-bf5a-43d4-8286-a3e5aeff1c4b","block_type":"box","text":"30 June, 30 September, 31 December and 31 March","page_number":195,"box":{"x":95,"y":899,"width":314,"height":11}},{"id":"52c90246-b74a-45ae-a9c5-064abfde61d3","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":195,"box":{"x":97,"y":38,"width":386,"height":13}},{"id":"4246124c-ac52-4b63-a5a5-96926a0c62ab","block_type":"box","text":"190","page_number":195,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"b33edce6-29dd-4019-9378-7b027d6ff1c7","block_type":"box","text":"Sub-fund Overview (continued)","page_number":196,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"009122db-d98a-42ea-bd7b-c7326197fc32","block_type":"box","text":"ISA status","page_number":196,"box":{"x":96,"y":128,"width":64,"height":8}},{"id":"9e098809-757d-4909-a2df-e8afb2f2bfc7","block_type":"box","text":"Qualifying Investment for stocks and shares component","page_number":196,"box":{"x":96,"y":143,"width":339,"height":11}},{"id":"c1b865ce-8c4d-4b32-8c5c-bcaf1ae62312","block_type":"box","text":"Class of shares","page_number":196,"box":{"x":96,"y":165,"width":96,"height":8}},{"id":"4a31ed1a-c0be-4b6e-b2c7-d1b16d835733","block_type":"box","text":"Blended Defensive Class (Retail) Accumulation","page_number":196,"box":{"x":96,"y":181,"width":280,"height":9}},{"id":"ff1ce8ac-dad0-425a-9364-108252747375","block_type":"box","text":"Blended Defensive Class (Retail) Income","page_number":196,"box":{"x":96,"y":196,"width":242,"height":10}},{"id":"271a7288-b05a-4ba5-a141-5821d9328be4","block_type":"box","text":"Initial charge","page_number":196,"box":{"x":96,"y":218,"width":86,"height":11}},{"id":"f0e85b64-0715-43f1-a060-3ec51fce7d48","block_type":"box","text":"0% (of the amount invested by an investor)","page_number":196,"box":{"x":95,"y":234,"width":262,"height":10}},{"id":"023eeea2-7436-4bb0-9f7e-391ba9d6ad82","block_type":"box","text":"Redemption charge","page_number":196,"box":{"x":96,"y":256,"width":129,"height":11}},{"id":"403a096e-21a9-4b99-9ee9-344e8330ae2c","block_type":"box","text":"0%","page_number":196,"box":{"x":405,"y":256,"width":17,"height":8}},{"id":"0b852933-2ee2-4123-a543-a68a507366c1","block_type":"box","text":"Annual management charge","page_number":196,"box":{"x":95,"y":278,"width":188,"height":11}},{"id":"1a5377cd-4dc4-46e2-a66b-6c52f9d05ee9","block_type":"box","text":"Blended Defensive Class (Retail) Accumulation","page_number":196,"box":{"x":96,"y":293,"width":280,"height":10}},{"id":"1bb91b78-e47b-4d1b-a9aa-bee09a756716","block_type":"box","text":"0.30%","page_number":196,"box":{"x":405,"y":294,"width":36,"height":8}},{"id":"4edc2e78-cdd1-425f-bf89-5a8a50328201","block_type":"box","text":"Blended Defensive Class (Retail) Income","page_number":196,"box":{"x":96,"y":309,"width":242,"height":10}},{"id":"a4187ac8-ba12-4966-8e82-d74fde04a284","block_type":"box","text":"0.30%","page_number":196,"box":{"x":405,"y":309,"width":36,"height":8}},{"id":"d7d69f8f-d820-4e40-9938-2e2de0f6b6f9","block_type":"box","text":"Minimum initial investment","page_number":196,"box":{"x":96,"y":331,"width":167,"height":8}},{"id":"4c548f34-279d-4f6e-80d9-15b634a087f3","block_type":"box","text":"£3,000","page_number":196,"box":{"x":405,"y":331,"width":40,"height":10}},{"id":"cee6e1d6-b6c4-4abb-af13-1a0f6acc3f53","block_type":"box","text":"Minimum subsequent investment","page_number":196,"box":{"x":96,"y":353,"width":205,"height":11}},{"id":"a8944d00-86f6-4d78-835c-f5bcf0e9e211","block_type":"box","text":"£1,000","page_number":196,"box":{"x":405,"y":354,"width":40,"height":9}},{"id":"e1ad5952-2d75-4d34-a633-b134b009fb7f","block_type":"box","text":"Minimum holding","page_number":196,"box":{"x":96,"y":375,"width":107,"height":11}},{"id":"7a904811-267c-452b-8e7c-8b0eb0809ac7","block_type":"box","text":"£1,000","page_number":196,"box":{"x":405,"y":376,"width":40,"height":9}},{"id":"a681bdd5-c108-40b1-8784-f598c3b0ac98","block_type":"box","text":"Minimum redemption","page_number":196,"box":{"x":96,"y":398,"width":133,"height":10}},{"id":"9ee7492b-9057-493f-a8a1-d60d2695705c","block_type":"box","text":"None","page_number":196,"box":{"x":406,"y":398,"width":31,"height":8}},{"id":"cc717cdf-2618-449c-a582-be98956b27d1","block_type":"box","text":"Regular savings plan","page_number":196,"box":{"x":96,"y":420,"width":135,"height":10}},{"id":"f68d9b54-fd22-41a0-8244-036fa33bcf06","block_type":"box","text":"Minimum payment of £100 per month","page_number":196,"box":{"x":406,"y":420,"width":231,"height":10}},{"id":"b48a411b-72d5-488a-a704-ec666e6b3b2c","block_type":"box","text":"Regular withdrawal facility","page_number":196,"box":{"x":96,"y":442,"width":180,"height":11}},{"id":"49af4c91-0751-452e-9fe3-6640281734af","block_type":"box","text":"N/A.","page_number":196,"box":{"x":406,"y":442,"width":25,"height":8}},{"id":"f75ebe65-fe90-4432-9cea-8495d3ae5ff8","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":196,"box":{"x":516,"y":38,"width":386,"height":13}},{"id":"0a9512a8-fff1-4edc-99c2-c2bd8f615413","block_type":"box","text":"191","page_number":196,"box":{"x":963,"y":960,"width":24,"height":9}},{"id":"936c9303-10c0-4fce-beab-7272c1238e6b","block_type":"box","text":"Investment Manager’s Review","page_number":197,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"3bfcc29e-e2ce-4614-8875-2fdfc7e653d3","block_type":"box","text":"for the year ended 30 April 2026","page_number":197,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"f2e3fbb4-c64d-4b71-bf31-159dc7c4abf5","block_type":"box","text":"Investment review","page_number":197,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"d222c59c-5a1c-4e87-b224-d0121051338a","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":197,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"eb25c1e1-effd-40a4-b998-f1a077bef1a9","block_type":"box","text":"The MI Tatton Blended Defensive Retail Acc returned 1.44% in the six months to 30 April 2026. The IA Mixed Investment 0-35% Sha","page_number":197,"box":{"x":95,"y":165,"width":789,"height":11}},{"id":"10df6120-0a39-4df6-8329-99da849cf496","block_type":"box","text":"res","page_number":197,"box":{"x":887,"y":167,"width":17,"height":6}},{"id":"a06dc624-846c-44a8-afff-301f7daad385","block_type":"box","text":"benchmark returned 1.36% meaning the fund outperformed by 0.08% over the period.","page_number":197,"box":{"x":96,"y":181,"width":528,"height":10}},{"id":"af0528eb-c435-4072-92da-30d2b2c701a5","block_type":"box","text":"Over the last 12-months to 30 April 2026, the MI Tatton Blended Defensive Retail Acc has returned 9.96%. The IA Mixed Investmen","page_number":197,"box":{"x":96,"y":203,"width":787,"height":10}},{"id":"b18f1d04-1401-4741-ba45-064727651631","block_type":"box","text":"t 0-","page_number":197,"box":{"x":885,"y":203,"width":19,"height":8}},{"id":"803aeeb5-6ec0-4efc-a5ff-2622aab788f5","block_type":"box","text":"35% Shares reference index returned 8.66%, meaning the fund outperformed by 1.3% over the period.","page_number":197,"box":{"x":95,"y":218,"width":626,"height":11}},{"id":"e8dc274d-e2ec-423e-9940-131c538fab5a","block_type":"box","text":"Overview","page_number":197,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"ae1af600-6a87-42b9-8666-3b04e3f1bd74","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":197,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"3613da87-87cf-4a4e-b442-725185f78e59","block_type":"box","text":"market","page_number":197,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"33fe2bbb-0309-40a1-896f-79bbf998aeee","block_type":"box","text":"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.","page_number":197,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"d1991f1d-8b14-4620-b83a-1d7a9f2afc13","block_type":"box","text":"Since last","page_number":197,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"26b32454-28c5-4f0c-be7b-19eedce1085b","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":197,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"39a3f425-217a-4e3d-922f-3099e6b1b63a","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":197,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"947b8a56-fe45-4aad-87be-a6b7a9fbe826","block_type":"box","text":"eral Reserve","page_number":197,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"1c23ab02-90e4-46ff-ade9-beec895bbba3","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":197,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"efdc60c3-946f-499b-a6fb-6a227382dfb5","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":197,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"9e194329-27a6-4dc5-bae9-e7b6e32a650b","block_type":"box","text":"ons of","page_number":197,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"b457d296-79c5-45f7-8ec4-7b0cd47314e8","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":197,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"f2d74976-e73b-4dea-80b5-a81aac27745f","block_type":"box","text":"than","page_number":197,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"4f82ff01-3d61-4ac8-a698-59fc4d819c08","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":197,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"fe87ee7a-f15d-47c1-a2e6-c6c1e9133e99","block_type":"box","text":"le AI","page_number":197,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"4a4cce4e-3325-40eb-8698-577b9eb56ddb","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":197,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"dc707b0f-8214-4d8f-9691-6c4caa3294ee","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":197,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"b8d83fd2-6344-4bee-ad74-0595856b39da","block_type":"box","text":"edia","page_number":197,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"cfbc3748-4cf4-480d-8b41-50c806942743","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":197,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"d202d9f2-e342-454e-860b-d2fbfc08fc0c","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":197,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"e621b87a-9e8b-4349-bf30-8fc494e733b7","block_type":"box","text":"interest","page_number":197,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"0d5a3c45-2c17-4988-b234-5ddb1658599b","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":197,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"6af42ef6-2938-4172-94fb-c06ef909d07a","block_type":"box","text":"d wider","page_number":197,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"7923e942-4615-4f60-9b11-261f6efaa502","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":197,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"16806d3b-75dd-449a-8e56-d487a89f2227","block_type":"box","text":"Outlook","page_number":197,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"b9a1079e-8f7d-4b5c-a22d-ac99250116f1","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":197,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"a0e314bb-965e-4f24-9c08-487c6fffe71c","block_type":"box","text":"for","page_number":197,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"ae9d20e0-5a43-4978-99b1-b61969586b73","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":197,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"cf7871aa-1bac-4497-9a10-3eb321d0d627","block_type":"box","text":"of","page_number":197,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"7372aba6-6b67-48e7-bb4f-c6d0d6056113","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":197,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"24c3ddbb-7266-4cc0-91db-294e11ed566d","block_type":"box","text":"ll take time","page_number":197,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"d152110b-9ceb-42a3-a8de-648c20c3de2c","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":197,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"91099775-2866-4bf8-afad-cbe159721264","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":197,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"b4ab5d89-94ef-436e-93b6-6e4122a03ac6","block_type":"box","text":". Oil","page_number":197,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"155b74d9-3306-4dac-aff0-b18e5fe14af1","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":197,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"a8b198ea-8065-40bd-81f8-674b5a4c9a5e","block_type":"box","text":"expectation","page_number":197,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"cec9fa2c-b0c1-4af8-991c-ec910eafea2b","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":197,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"2b383676-e5fb-4039-8784-0a2999202d05","block_type":"box","text":"sell-off","page_number":197,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"e7694f6e-f0b3-4404-85d6-735e2dc28b55","block_type":"box","text":"we might have expected).","page_number":197,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"3b27f18b-293a-49c4-8b61-0cff3e0b84b0","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":197,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"793ac567-9fb7-4319-a712-a2429146ac36","block_type":"box","text":"ries","page_number":197,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"32612c7a-4fbb-4458-9e7e-4bbed002b87a","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":197,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"355321ef-1cd2-4258-be6c-f136dd6b56de","block_type":"box","text":"rowth can","page_number":197,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"5bd1be20-79cf-44f9-bad1-a95a2ded0406","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":197,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"4b73c847-44f4-42c6-948d-9bcdcf1a190d","block_type":"box","text":"g.","page_number":197,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"d330e85e-d72c-4c4b-b259-91d31a9d2c20","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":197,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"f8c96f0f-adef-41b1-abad-2de2bdbade1f","block_type":"box","text":"y","page_number":197,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"cd3abfb5-6110-450a-9b38-89bfb2a5bcbd","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":197,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"8bc41d2a-bb82-48f1-bbe4-f38b39e784d6","block_type":"box","text":"cle.","page_number":197,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"463da79e-8c01-450b-8b88-c2db256ae288","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":197,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"45634b8c-7e47-4f18-b41a-b835decf1467","block_type":"box","text":"Fund positioning","page_number":197,"box":{"x":96,"y":764,"width":111,"height":11}},{"id":"31801d8a-7cd1-41a4-9e64-115dd1a9c03a","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":197,"box":{"x":95,"y":780,"width":769,"height":10}},{"id":"cc2798af-f32d-4d33-94ae-87bf97d062d6","block_type":"box","text":"d fund","page_number":197,"box":{"x":865,"y":780,"width":38,"height":8}},{"id":"34a3f909-c40a-46f2-bfe2-f9ae43338d53","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":197,"box":{"x":95,"y":795,"width":473,"height":11}},{"id":"0b626159-20c7-4d15-8e4d-e4e419ae588d","block_type":"box","text":"An update to the portfolio was made on 8 May 2025. A sub-asset allocation change was made; North America Equity was decreased.","page_number":197,"box":{"x":95,"y":817,"width":808,"height":11}},{"id":"27a5d4ba-9acb-42d0-90a5-198c6b0c62c8","block_type":"box","text":"One manager selection change was made; iShares MSCI Europe Mid Cap ETF was removed.","page_number":197,"box":{"x":96,"y":833,"width":553,"height":10}},{"id":"7f4f6078-ea1e-4bee-b5bd-f57a7fb8f977","block_type":"box","text":"On 11 July 2025, changes were made to the portfolio. The fund’s asset allocation was updated; Bonds were decreased and Equities","page_number":197,"box":{"x":96,"y":855,"width":808,"height":11}},{"id":"672456ab-076d-49e8-b521-cd169efb8346","block_type":"box","text":"were increased.","page_number":197,"box":{"x":95,"y":870,"width":96,"height":9}},{"id":"4a2a6977-120b-4892-b626-7789956f1f29","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":197,"box":{"x":97,"y":38,"width":386,"height":13}},{"id":"bb5a1de0-5866-4681-9764-8a80a7390a72","block_type":"box","text":"192","page_number":197,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"99ffe8c2-8470-4c4d-82db-04074e46a7af","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":198,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"3aa63e17-8d00-4475-97ad-fc52dcc4c9c7","block_type":"box","text":"for the year ended 30 April 2026","page_number":198,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"e255b5a5-078e-4d5a-bc37-177692138414","block_type":"box","text":"The portfolio was updated on 12 August 2025. Changes were implemented in the sub-asset class allocations; Emerging Market Bond","page_number":198,"box":{"x":95,"y":128,"width":808,"height":10}},{"id":"f9a14cda-f9cc-4aa4-91b0-6a342b5d930c","block_type":"box","text":"was increased, Government Bond was increased, High Yield Bond was increased, North America Equity was increased and Strategic","page_number":198,"box":{"x":95,"y":143,"width":809,"height":11}},{"id":"8ec53d89-29da-45e5-9587-93db2b53c329","block_type":"box","text":"Bond was decreased. During this update, fund manager allocations were amended; HSBC Global Government Bond UCITS ETF was","page_number":198,"box":{"x":96,"y":158,"width":808,"height":11}},{"id":"822bec1c-dad4-431a-813c-7ff18e2be6cd","block_type":"box","text":"increased, iShares North American Equity Index Fund (UK) was removed, Schroder Recovery Fund was removed, Vanguard Global","page_number":198,"box":{"x":96,"y":174,"width":807,"height":11}},{"id":"6207f24e-e41a-4660-8307-7d4ebc81eaaf","block_type":"box","text":"Bond Index was removed, Vanguard Global Credit Bond Fund was increased and State Street SPDR S&P500 Quality Aristocrats ETF was","page_number":198,"box":{"x":96,"y":189,"width":808,"height":11}},{"id":"5161129a-5b83-4031-86ed-bbdcb97ffda5","block_type":"box","text":"added.","page_number":198,"box":{"x":95,"y":205,"width":41,"height":8}},{"id":"d7d50dd6-2f86-4c15-8cef-cd16dd0e1c79","block_type":"box","text":"On 30 October 2025, the portfolio underwent a change. Updates were made to the portfolio’s fund managers; HSBC Global Governmen","page_number":198,"box":{"x":96,"y":227,"width":803,"height":11}},{"id":"1116c257-88fd-41c3-894f-61e603b75a73","block_type":"box","text":"t","page_number":198,"box":{"x":900,"y":228,"width":4,"height":7}},{"id":"ebbb304e-a101-4f59-8142-9b7dfea84f0b","block_type":"box","text":"Bond UCITS ETF was increased, SVM UK Opportunities Fund was removed, iShares $ Treasury Bond 20+y ETF was removed and RGI UK","page_number":198,"box":{"x":96,"y":242,"width":808,"height":11}},{"id":"9ff823f6-ea2f-40ec-ae45-c1b593b31ddd","block_type":"box","text":"Opportunities Fund was added.","page_number":198,"box":{"x":96,"y":258,"width":190,"height":11}},{"id":"364bfc76-75c6-42ff-90d8-7ec6fdb06571","block_type":"box","text":"On 3 November 2025, the portfolio underwent a change. During this update some manager changes were made; Barings Emerging","page_number":198,"box":{"x":96,"y":280,"width":808,"height":11}},{"id":"6a310f26-6af0-4fe5-8156-6769aa4adacd","block_type":"box","text":"Markets Debt Blended Total Return Fund was removed, HSBC MSCI Emerging Markets Equity Index was removed, Emerging Markets","page_number":198,"box":{"x":96,"y":295,"width":808,"height":11}},{"id":"9cb69510-a7cd-4f14-a4b1-69911975be16","block_type":"box","text":"Debt Opportunities Fund was added and Jupiter UK Dynamic Equity Fund was added.","page_number":198,"box":{"x":96,"y":311,"width":516,"height":11}},{"id":"f3634718-51e5-4951-a808-817e50501b0b","block_type":"box","text":"On 2 December 2025 the portfolio was updated. During this update some manager changes were made; the iShares UK Equity Index","page_number":198,"box":{"x":96,"y":333,"width":808,"height":11}},{"id":"c5d356fc-5369-47dd-adb7-590480bd18cd","block_type":"box","text":"Fund (UK) share class was changed.","page_number":198,"box":{"x":96,"y":349,"width":215,"height":10}},{"id":"aeaf7c74-9e31-432e-b76c-017956e5f5aa","block_type":"box","text":"The portfolio was updated on 12 January 2026. The fund’s asset allocation was updated; Alternatives were decreased and Bonds we","page_number":198,"box":{"x":95,"y":371,"width":796,"height":10}},{"id":"f24d4f16-e628-4b98-b18a-9693233638c6","block_type":"box","text":"re","page_number":198,"box":{"x":893,"y":373,"width":11,"height":6}},{"id":"37a920c5-c254-44bf-a51f-c1f9433c6b38","block_type":"box","text":"increased. The sub-asset allocation blend was adjusted; Alternative was decreased and IG Bond was increased. During this update","page_number":198,"box":{"x":96,"y":386,"width":807,"height":11}},{"id":"44ca5921-c8c4-4247-832a-e49291cf5de9","block_type":"box","text":"some manager changes were made; Dimensional Global Ultra Short Fixed Inc Fund was increased and Neuberger Berman Uncorrelated","page_number":198,"box":{"x":95,"y":402,"width":808,"height":10}},{"id":"a509410d-df49-4d63-9838-21ae1e18f5e3","block_type":"box","text":"Strategies Fund was removed.","page_number":198,"box":{"x":95,"y":417,"width":182,"height":11}},{"id":"a43d6717-27cb-4c69-b0b6-ac602f00157e","block_type":"box","text":"On 10 April 2026, changes were made to the portfolio. One manager selection change was made; HSBC Global Government Bond","page_number":198,"box":{"x":96,"y":439,"width":807,"height":11}},{"id":"b4780d05-85d1-42db-afc1-760cd543353c","block_type":"box","text":"UCITS ETF was decreased.","page_number":198,"box":{"x":96,"y":455,"width":155,"height":8}},{"id":"adcf8985-39d3-4648-8a7d-399447f64e15","block_type":"box","text":"Tatton Investment Management Limited","page_number":198,"box":{"x":95,"y":499,"width":269,"height":11}},{"id":"6a90f954-130c-40b3-bdc2-2754ccc4dfa8","block_type":"box","text":"Investment Manager to the Fund","page_number":198,"box":{"x":96,"y":514,"width":198,"height":11}},{"id":"820df9ff-8e1c-47e2-b3fc-4b949a1c8a68","block_type":"box","text":"May 2026","page_number":198,"box":{"x":96,"y":530,"width":58,"height":11}},{"id":"1eee29cf-0222-4d3a-97a0-ec743019663e","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":198,"box":{"x":516,"y":38,"width":386,"height":13}},{"id":"bd03d7d6-2b96-4c56-a44e-7b9d00946aa7","block_type":"box","text":"193","page_number":198,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"07e5e96d-6abb-4c50-8c64-bc7232a1b24f","block_type":"box","text":"Performance Record","page_number":199,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"13369288-ec01-41f4-95ed-e5c6aa2ec0ad","block_type":"box","text":"Financial Highlights","page_number":199,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"b86c4806-fab2-4b72-a655-bb12be5d2bed","block_type":"box","text":"Blended Defensive Class (Retail)","page_number":199,"box":{"x":101,"y":149,"width":211,"height":9}},{"id":"dfc0b046-8282-49c7-9039-a23bf223de9e","block_type":"box","text":"30.04.26","page_number":199,"box":{"x":418,"y":149,"width":54,"height":8}},{"id":"ca15a21f-a4eb-4c98-bff9-2310ca5decd0","block_type":"box","text":"30.04.25","page_number":199,"box":{"x":527,"y":149,"width":54,"height":8}},{"id":"dae2a661-8886-44b7-8284-1ac3ecd7075d","block_type":"box","text":"30.04.24","page_number":199,"box":{"x":637,"y":149,"width":54,"height":8}},{"id":"ee9ed693-8fb8-4b5e-b5a5-9c7bcaad9a9b","block_type":"box","text":"Income","page_number":199,"box":{"x":101,"y":160,"width":47,"height":7}},{"id":"f4bae192-a0e1-4b60-8045-0e4a6a40496f","block_type":"box","text":"p","page_number":199,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"fd61f4b0-438e-4883-bfa7-c0c904f6333b","block_type":"box","text":"p","page_number":199,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"5508459b-e58f-47da-bdc8-3cc53680074a","block_type":"box","text":"p","page_number":199,"box":{"x":661,"y":161,"width":6,"height":9}},{"id":"a7a01b85-7c3a-4fb0-ab74-5efb20650599","block_type":"box","text":"Opening net asset value per share","page_number":199,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"0a384e76-f017-4a66-9b62-d082671fa6f3","block_type":"box","text":"94.9022","page_number":199,"box":{"x":442,"y":178,"width":47,"height":8}},{"id":"99895128-67f3-4c87-99ba-9fdb22cc3d6c","block_type":"box","text":"92.6237","page_number":199,"box":{"x":551,"y":178,"width":48,"height":8}},{"id":"f6438710-3045-4219-84f9-40b0d78e8d04","block_type":"box","text":"92.2800","page_number":199,"box":{"x":661,"y":178,"width":47,"height":8}},{"id":"74f193c7-8f86-45cb-bcea-c6d65d3ecd23","block_type":"box","text":"Return before operating charges","page_number":199,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"33aab637-87b2-492f-8b90-2ec0faeecbdb","block_type":"box","text":"9.8119","page_number":199,"box":{"x":449,"y":191,"width":40,"height":8}},{"id":"fc3a1b6d-f1dd-415f-8c7e-e2a7fc2ed88f","block_type":"box","text":"4.8943","page_number":199,"box":{"x":558,"y":191,"width":41,"height":8}},{"id":"bf659533-5513-4768-9b1f-4f4838626e4d","block_type":"box","text":"4.5413","page_number":199,"box":{"x":668,"y":191,"width":40,"height":8}},{"id":"9fa4ec28-7f56-43e2-a4cf-6f0092020ceb","block_type":"box","text":"Operating charges (note 1)","page_number":199,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"ba4bb573-439d-4374-9e19-a254de6a4a63","block_type":"box","text":"(0.6476)","page_number":199,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"bbdfdbe4-2412-4dc3-8d27-3d9baa9a7c86","block_type":"box","text":"(0.7032)","page_number":199,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"173fbc5c-0611-461d-9cb0-7fe75905cbf2","block_type":"box","text":"(0.7026)","page_number":199,"box":{"x":660,"y":204,"width":48,"height":9}},{"id":"e5461490-33c5-4cc6-b338-3404b5de6a62","block_type":"box","text":"Return after operating charges","page_number":199,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"fe9bd18d-b8a4-41ed-9d97-5c55b00bfe1c","block_type":"box","text":"9.1643","page_number":199,"box":{"x":449,"y":217,"width":40,"height":8}},{"id":"2b9fe4a5-302f-42cb-b0c5-bbd9eb23437d","block_type":"box","text":"4.1911","page_number":199,"box":{"x":558,"y":217,"width":39,"height":8}},{"id":"2de443da-3ae8-4988-8f22-473e0c9b026b","block_type":"box","text":"3.8387","page_number":199,"box":{"x":668,"y":217,"width":40,"height":8}},{"id":"44348efe-8f33-4bf7-bc09-fb25d476e788","block_type":"box","text":"Distributions on income shares","page_number":199,"box":{"x":101,"y":230,"width":188,"height":8}},{"id":"bc653627-3391-418d-944a-b37cfefe5f14","block_type":"box","text":"(2.7312)","page_number":199,"box":{"x":440,"y":230,"width":49,"height":9}},{"id":"45778327-44ee-4e7d-b0ca-b49408642ae2","block_type":"box","text":"(1.9126)","page_number":199,"box":{"x":550,"y":230,"width":49,"height":9}},{"id":"354a52d8-1edd-4eb1-88b5-b9f8bd526140","block_type":"box","text":"(3.4950)","page_number":199,"box":{"x":660,"y":230,"width":48,"height":9}},{"id":"9e508fc7-bb1d-4ec7-95ff-f75510a90ccb","block_type":"box","text":"Closing net asset value per share","page_number":199,"box":{"x":100,"y":243,"width":217,"height":10}},{"id":"98c96c92-8672-411d-9118-26fc188063ae","block_type":"box","text":"101.3353","page_number":199,"box":{"x":432,"y":243,"width":57,"height":8}},{"id":"33bd8205-42c5-4693-8e45-12e36370c983","block_type":"box","text":"94.9022","page_number":199,"box":{"x":549,"y":243,"width":50,"height":8}},{"id":"1fab7f05-fe3a-418a-8fbe-5fb66ea068c5","block_type":"box","text":"92.6237","page_number":199,"box":{"x":658,"y":243,"width":51,"height":8}},{"id":"2345e467-f11f-40f0-86c1-9082fc64700c","block_type":"box","text":"After direct transactions costs of","page_number":199,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"aaf20238-d426-4a03-9ef2-4980d6864eb4","block_type":"box","text":"–","page_number":199,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"0d4f2fa1-af93-4902-a533-0cb09325867a","block_type":"box","text":"–","page_number":199,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"237910c4-cbac-4bd8-a3be-f2017b3eef05","block_type":"box","text":"–","page_number":199,"box":{"x":702,"y":261,"width":6,"height":0}},{"id":"28ce4f44-f544-4416-89ea-bd825eccd712","block_type":"box","text":"Performance","page_number":199,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"ed3de69a-ca0e-4f66-89a9-db77dea53f66","block_type":"box","text":"Return after charges","page_number":199,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"97c75764-5345-4223-91a3-ba5108476d12","block_type":"box","text":"9.66%","page_number":199,"box":{"x":453,"y":282,"width":36,"height":8}},{"id":"f7c2386a-d691-477a-8dbe-8a420f6a4ce9","block_type":"box","text":"4.52%","page_number":199,"box":{"x":562,"y":282,"width":37,"height":8}},{"id":"7d1c58d8-1ff7-476a-aa0d-7eb250ca3cd0","block_type":"box","text":"4.16%","page_number":199,"box":{"x":672,"y":282,"width":36,"height":8}},{"id":"80d1fb09-bf1d-41d9-808e-d810406a3c96","block_type":"box","text":"Other information","page_number":199,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"28feca8b-bab5-4c68-ba82-9503372c9a74","block_type":"box","text":"Closing net asset value","page_number":199,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"6221ee25-b344-4473-9be1-1ec532e0af6b","block_type":"box","text":"£796,522","page_number":199,"box":{"x":434,"y":308,"width":55,"height":10}},{"id":"2391591c-5ae7-4242-8a4b-307d2ae54267","block_type":"box","text":"£1,006,746","page_number":199,"box":{"x":533,"y":308,"width":66,"height":10}},{"id":"4ba34a28-6ace-4fef-9f66-8f5db66b71fb","block_type":"box","text":"£1,057,851","page_number":199,"box":{"x":642,"y":308,"width":64,"height":10}},{"id":"f480489f-920d-461e-98d1-60c39099c6e5","block_type":"box","text":"Closing number of shares","page_number":199,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"653ab5d1-cab5-473a-96b2-fe4b7ebf8153","block_type":"box","text":"786,026","page_number":199,"box":{"x":442,"y":321,"width":47,"height":10}},{"id":"7fda10bb-240a-4ce9-8cd9-dfad9097494a","block_type":"box","text":"1,060,825","page_number":199,"box":{"x":541,"y":321,"width":58,"height":10}},{"id":"6c7cf3b8-ee2e-41bd-9877-3322e0a3a48f","block_type":"box","text":"1,142,095","page_number":199,"box":{"x":650,"y":321,"width":58,"height":10}},{"id":"aecfc974-7dfd-41e5-af6e-645929689be0","block_type":"box","text":"Operating charges (note 2)","page_number":199,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"db84f284-843d-4db3-a0bb-9f88ff635400","block_type":"box","text":"0.66%","page_number":199,"box":{"x":453,"y":335,"width":36,"height":7}},{"id":"142b7510-adea-4f6c-ac43-34cbb38c8b27","block_type":"box","text":"0.75%","page_number":199,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"f0e0c5ec-f972-4684-b904-02cd17fcdc18","block_type":"box","text":"0.76%","page_number":199,"box":{"x":672,"y":335,"width":36,"height":7}},{"id":"6e4803fd-36ac-4873-ab13-06c75dac1a85","block_type":"box","text":"Direct transaction costs","page_number":199,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"bc96f819-f30b-48ec-aff8-652b40a71421","block_type":"box","text":"0.00%","page_number":199,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"414c9b7e-7b2e-4ce0-aeed-c030a86e0a91","block_type":"box","text":"0.00%","page_number":199,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"efa20e49-9e1e-4883-a282-928981d956ee","block_type":"box","text":"0.00%","page_number":199,"box":{"x":672,"y":348,"width":36,"height":7}},{"id":"1b2ffcaf-cd41-4fc8-b67b-2efe9eac37f0","block_type":"box","text":"Prices","page_number":199,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"477cabb1-3ebf-4f7a-aace-7b7f175f88b3","block_type":"box","text":"Highest share price","page_number":199,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"d74cd370-d0cc-4a86-9c09-c3c6bd40eee7","block_type":"box","text":"103.7601","page_number":199,"box":{"x":435,"y":374,"width":52,"height":8}},{"id":"43d8763b-90e9-40aa-a7c3-fa5db6c06fa6","block_type":"box","text":"98.2059","page_number":199,"box":{"x":551,"y":374,"width":48,"height":8}},{"id":"e47edb9c-24d6-4ac8-a0e0-df384740d19b","block_type":"box","text":"94.3346","page_number":199,"box":{"x":661,"y":374,"width":47,"height":8}},{"id":"81fada83-25b4-4045-a1a8-fcf4ced92967","block_type":"box","text":"Lowest share price","page_number":199,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"e1bbd79d-7cd2-4200-9407-c7698d743a90","block_type":"box","text":"94.9022","page_number":199,"box":{"x":442,"y":387,"width":47,"height":8}},{"id":"87a9de00-d645-4eab-af35-bc4a5b3b41ac","block_type":"box","text":"92.3038","page_number":199,"box":{"x":551,"y":387,"width":48,"height":8}},{"id":"85800a66-e70c-4774-9571-431d676227f6","block_type":"box","text":"87.4336","page_number":199,"box":{"x":661,"y":387,"width":47,"height":8}},{"id":"f5d51415-1236-492e-ba90-821ce7522056","block_type":"box","text":"Blended Defensive Class (Retail)","page_number":199,"box":{"x":101,"y":414,"width":211,"height":10}},{"id":"d10ec1c4-639e-4b05-9cbc-ea38789d740d","block_type":"box","text":"30.04.26","page_number":199,"box":{"x":418,"y":414,"width":54,"height":8}},{"id":"2dc5171b-c981-43a4-8276-01f64dc53fae","block_type":"box","text":"30.04.25","page_number":199,"box":{"x":527,"y":414,"width":54,"height":8}},{"id":"7654a0c2-51c4-4a48-83dc-722963595395","block_type":"box","text":"30.04.24","page_number":199,"box":{"x":637,"y":414,"width":54,"height":8}},{"id":"746631dd-aa74-40fc-a09c-5160384e3926","block_type":"box","text":"Accumulation","page_number":199,"box":{"x":99,"y":424,"width":92,"height":9}},{"id":"83770113-22b9-40a3-81b7-5ce17dce8c46","block_type":"box","text":"p","page_number":199,"box":{"x":441,"y":427,"width":7,"height":8}},{"id":"440e8430-a194-4229-959b-807a89eee619","block_type":"box","text":"p","page_number":199,"box":{"x":551,"y":427,"width":7,"height":8}},{"id":"d49b3238-aac0-43f3-a59a-4a827f575c99","block_type":"box","text":"p","page_number":199,"box":{"x":661,"y":427,"width":6,"height":8}},{"id":"65bd64c3-2557-4ece-b4e1-c8db882e33de","block_type":"box","text":"Opening net asset value per share","page_number":199,"box":{"x":100,"y":443,"width":226,"height":10}},{"id":"c86ec498-20dd-4005-9df8-c28538979753","block_type":"box","text":"106.2999","page_number":199,"box":{"x":435,"y":443,"width":54,"height":8}},{"id":"d93509a6-4a8b-49e2-9366-1877fa53177f","block_type":"box","text":"101.7139","page_number":199,"box":{"x":544,"y":443,"width":55,"height":8}},{"id":"2f468e56-e010-4d1d-a6d3-6c3bcc0bf9fe","block_type":"box","text":"97.5156","page_number":199,"box":{"x":661,"y":443,"width":47,"height":8}},{"id":"877419e6-c006-4365-958f-5126c54d9069","block_type":"box","text":"Return before operating charges","page_number":199,"box":{"x":101,"y":456,"width":197,"height":10}},{"id":"b350e3f8-ea41-4599-80ca-1808dc7db729","block_type":"box","text":"11.3265","page_number":199,"box":{"x":442,"y":456,"width":47,"height":8}},{"id":"5690e822-e8e0-4b0a-a56d-ae7da6549525","block_type":"box","text":"5.3661","page_number":199,"box":{"x":559,"y":456,"width":38,"height":8}},{"id":"8478dd4e-62f0-4be6-aa46-e037ec5c90ef","block_type":"box","text":"4.9554","page_number":199,"box":{"x":668,"y":456,"width":41,"height":8}},{"id":"7a03867f-108d-4a8e-b66a-be6674ce846d","block_type":"box","text":"Operating charges (note 1)","page_number":199,"box":{"x":100,"y":469,"width":162,"height":10}},{"id":"c9967586-75b0-4177-a9ae-589f0d465c42","block_type":"box","text":"(0.7365)","page_number":199,"box":{"x":440,"y":469,"width":49,"height":9}},{"id":"fe30919a-2ade-4fc3-9cc6-2d0de4f52887","block_type":"box","text":"(0.7801)","page_number":199,"box":{"x":550,"y":469,"width":49,"height":9}},{"id":"7dc6f0f0-75aa-4aa4-9402-58be3a5b825b","block_type":"box","text":"(0.7571)","page_number":199,"box":{"x":660,"y":469,"width":48,"height":9}},{"id":"22ebe70f-15ac-4be9-8a9d-1d4360bd5421","block_type":"box","text":"Return after operating charges","page_number":199,"box":{"x":101,"y":482,"width":185,"height":10}},{"id":"dd4b0eba-8101-4656-858c-313e710cbd6b","block_type":"box","text":"10.5900","page_number":199,"box":{"x":442,"y":482,"width":47,"height":8}},{"id":"8aa93c56-b5de-4bbe-a545-3f062d37d6d3","block_type":"box","text":"4.5860","page_number":199,"box":{"x":558,"y":482,"width":41,"height":8}},{"id":"e6fc517a-9865-4235-bf5f-34896c0ce944","block_type":"box","text":"4.1983","page_number":199,"box":{"x":668,"y":482,"width":40,"height":8}},{"id":"75bddee3-713d-4353-9ce2-440319e31abc","block_type":"box","text":"Closing net asset value per share","page_number":199,"box":{"x":100,"y":495,"width":217,"height":10}},{"id":"e6b2fde1-b923-49bc-8ce9-7b4b9b2ffe06","block_type":"box","text":"116.8899","page_number":199,"box":{"x":432,"y":495,"width":57,"height":8}},{"id":"eeb289fc-cffa-4eb8-b2d0-cd05c6fa0a02","block_type":"box","text":"106.2999","page_number":199,"box":{"x":541,"y":495,"width":58,"height":8}},{"id":"bf277a3c-1267-4ea5-b641-183e50e4d212","block_type":"box","text":"101.7139","page_number":199,"box":{"x":651,"y":495,"width":58,"height":8}},{"id":"2678530c-9b2e-4022-99ea-5edc3c4715f2","block_type":"box","text":"Retained distributions on accumulated shares","page_number":199,"box":{"x":101,"y":508,"width":278,"height":8}},{"id":"d88b0a5c-721b-4176-a198-921ca06603c1","block_type":"box","text":"3.0266","page_number":199,"box":{"x":449,"y":508,"width":40,"height":8}},{"id":"2bbb679e-1d81-4fb2-8524-8098f581a6d4","block_type":"box","text":"2.1066","page_number":199,"box":{"x":559,"y":508,"width":40,"height":8}},{"id":"1dc96f4b-e478-414b-a9dc-9dd454da5d0a","block_type":"box","text":"3.7422","page_number":199,"box":{"x":668,"y":508,"width":40,"height":8}},{"id":"58bc1ccd-c1ab-491f-a16c-b88790ad0d05","block_type":"box","text":"After direct transactions costs of","page_number":199,"box":{"x":99,"y":521,"width":198,"height":8}},{"id":"e2541dde-e826-4cbc-8d7c-0e5a0ef4e27f","block_type":"box","text":"–","page_number":199,"box":{"x":483,"y":526,"width":6,"height":1}},{"id":"549922c1-ec08-4dfa-aa12-ee838e8b9c47","block_type":"box","text":"–","page_number":199,"box":{"x":593,"y":526,"width":6,"height":1}},{"id":"23de1414-5ebe-458e-9d35-14bfab70b2ad","block_type":"box","text":"–","page_number":199,"box":{"x":702,"y":526,"width":6,"height":1}},{"id":"ca99a598-f559-4a1c-b8b0-abcacc9c49b3","block_type":"box","text":"Performance","page_number":199,"box":{"x":101,"y":534,"width":85,"height":8}},{"id":"c106cdb1-a76f-4e0b-8abc-693c13a69853","block_type":"box","text":"Return after charges","page_number":199,"box":{"x":101,"y":547,"width":123,"height":11}},{"id":"d94a7aca-6c02-4fe8-8d69-e98bbf1a83c1","block_type":"box","text":"9.96%","page_number":199,"box":{"x":453,"y":547,"width":36,"height":8}},{"id":"aacfdd3d-c7e1-4415-8ad6-9c7edfe4a564","block_type":"box","text":"4.51%","page_number":199,"box":{"x":562,"y":547,"width":37,"height":8}},{"id":"4f1ed599-f5f1-456a-8c03-2a527528f672","block_type":"box","text":"4.31%","page_number":199,"box":{"x":672,"y":547,"width":36,"height":8}},{"id":"7d8b2531-315c-4e3f-af96-667e75669e19","block_type":"box","text":"Other information","page_number":199,"box":{"x":100,"y":560,"width":121,"height":8}},{"id":"80b320d7-43d0-4706-9537-fac4947d0561","block_type":"box","text":"Closing net asset value","page_number":199,"box":{"x":100,"y":573,"width":137,"height":11}},{"id":"5880b6de-df42-4898-80dc-8fdbc42a7ec1","block_type":"box","text":"£11,622,066","page_number":199,"box":{"x":415,"y":574,"width":74,"height":9}},{"id":"3b7938a4-24f1-4e46-b9bb-db61ee0b31e2","block_type":"box","text":"£9,580,087","page_number":199,"box":{"x":533,"y":574,"width":66,"height":9}},{"id":"34b90bcc-0308-47a9-8ca4-278f86c32b8e","block_type":"box","text":"£6,746,813","page_number":199,"box":{"x":642,"y":574,"width":66,"height":9}},{"id":"cd96145c-e061-492b-934c-1e55da60be7c","block_type":"box","text":"Closing number of shares","page_number":199,"box":{"x":100,"y":586,"width":155,"height":11}},{"id":"7ec2a598-9941-418d-8fa7-42176810ed1e","block_type":"box","text":"£9,942,746","page_number":199,"box":{"x":423,"y":587,"width":66,"height":9}},{"id":"119e44e5-7bd6-48ad-808e-4ad136bfdce5","block_type":"box","text":"£9,012,321","page_number":199,"box":{"x":533,"y":587,"width":64,"height":9}},{"id":"fd44f647-0b3a-413b-9204-8d81f260deb2","block_type":"box","text":"£6,633,127","page_number":199,"box":{"x":642,"y":587,"width":66,"height":9}},{"id":"bde80a14-e232-4053-afb4-da9ba4bf4830","block_type":"box","text":"Operating charges (note 2)","page_number":199,"box":{"x":100,"y":599,"width":162,"height":11}},{"id":"da17e1bd-7401-4ce7-a4ea-0d839bebaec6","block_type":"box","text":"0.66%","page_number":199,"box":{"x":453,"y":600,"width":36,"height":8}},{"id":"f4c307d1-fafd-4d78-a668-51ee8c582087","block_type":"box","text":"0.75%","page_number":199,"box":{"x":563,"y":600,"width":36,"height":8}},{"id":"658af422-c0d9-430c-8c03-a7aa855dabc5","block_type":"box","text":"0.76%","page_number":199,"box":{"x":672,"y":600,"width":36,"height":8}},{"id":"9dd4ed4f-7ea4-43da-904a-3d18967322f0","block_type":"box","text":"Direct transaction costs","page_number":199,"box":{"x":101,"y":613,"width":141,"height":8}},{"id":"caff2197-7b03-4ac0-b4fa-d06a21ed78df","block_type":"box","text":"0.00%","page_number":199,"box":{"x":453,"y":613,"width":36,"height":8}},{"id":"4a7dc857-e5ef-4b60-bc29-c03fcaa6b020","block_type":"box","text":"0.00%","page_number":199,"box":{"x":563,"y":613,"width":36,"height":8}},{"id":"2f135245-9f79-4e60-aa5c-2493720149ec","block_type":"box","text":"0.00%","page_number":199,"box":{"x":672,"y":613,"width":36,"height":8}},{"id":"c66f7614-7bd6-4f15-948a-0f4899b045f5","block_type":"box","text":"Prices","page_number":199,"box":{"x":101,"y":625,"width":38,"height":9}},{"id":"846050f8-3281-4600-a084-6efb142ba0ba","block_type":"box","text":"Highest share price","page_number":199,"box":{"x":101,"y":639,"width":115,"height":10}},{"id":"485a8b02-0554-45f1-8a95-806496bed760","block_type":"box","text":"118.5558","page_number":199,"box":{"x":435,"y":639,"width":54,"height":8}},{"id":"9bafa916-83c4-4ff7-a898-558892782958","block_type":"box","text":"108.8772","page_number":199,"box":{"x":544,"y":639,"width":55,"height":8}},{"id":"d75b35be-54bb-4f7a-ba7e-88b4ad9576a9","block_type":"box","text":"103.0161","page_number":199,"box":{"x":654,"y":639,"width":52,"height":8}},{"id":"91c576cb-8e63-4637-a1f0-b5a717e9b62f","block_type":"box","text":"Lowest share price","page_number":199,"box":{"x":101,"y":652,"width":112,"height":10}},{"id":"c58fa16e-1772-4ec6-9489-7a7cbddf6eb4","block_type":"box","text":"106.2999","page_number":199,"box":{"x":435,"y":652,"width":54,"height":8}},{"id":"4c8c2221-c8a8-4760-bee2-9acd02f20452","block_type":"box","text":"101.3625","page_number":199,"box":{"x":544,"y":652,"width":55,"height":8}},{"id":"516658f3-ed94-43ff-a582-25ad6f14436b","block_type":"box","text":"94.1566","page_number":199,"box":{"x":661,"y":652,"width":47,"height":8}},{"id":"966c7edc-b945-4b49-8beb-00d8e680fc96","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":199,"box":{"x":96,"y":679,"width":758,"height":11}},{"id":"e61a4638-4400-4a93-ac59-f186e9f9cfa6","block_type":"box","text":"aluation","page_number":199,"box":{"x":855,"y":679,"width":48,"height":8}},{"id":"0ac903ed-352a-4a5c-a36a-29f95bc904d2","block_type":"box","text":"per share throughout the period.","page_number":199,"box":{"x":96,"y":694,"width":200,"height":11}},{"id":"45f31f50-2431-48b3-a9c6-6ef8f6153b3c","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":199,"box":{"x":95,"y":713,"width":787,"height":11}},{"id":"d9420626-5583-4486-8299-f9f6ebd86b5b","block_type":"box","text":"age","page_number":199,"box":{"x":883,"y":716,"width":21,"height":8}},{"id":"5a99c71e-3665-4b57-a85b-feae4b79ed31","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":199,"box":{"x":96,"y":728,"width":778,"height":11}},{"id":"aab49af5-ff43-46b6-bda3-d68a654dab70","block_type":"box","text":"und.","page_number":199,"box":{"x":874,"y":728,"width":26,"height":8}},{"id":"20665ee6-f49a-4c5c-bbaf-0a35558a1580","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":199,"box":{"x":97,"y":38,"width":386,"height":13}},{"id":"d0cf2cd6-3461-46f5-a150-e986333708b8","block_type":"box","text":"194","page_number":199,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"f25737b3-067a-4d55-8f74-ff2bbc9838fe","block_type":"box","text":"Risk and Reward Profile","page_number":200,"box":{"x":97,"y":85,"width":244,"height":13}},{"id":"6ce3d5d3-c0f1-40f8-80dd-7c66e5cf7cd3","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":200,"box":{"x":95,"y":121,"width":785,"height":11}},{"id":"4a0b4a17-95a1-4f8e-85bd-315f845bd8f0","block_type":"box","text":"the","page_number":200,"box":{"x":884,"y":121,"width":20,"height":8}},{"id":"4f1f013a-a4db-4c31-83c6-37d66801f345","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":200,"box":{"x":96,"y":136,"width":752,"height":11}},{"id":"df03db78-f6f1-4cf5-9e54-6f56a2f3c2b7","block_type":"box","text":"and may","page_number":200,"box":{"x":852,"y":136,"width":52,"height":11}},{"id":"830603d0-20e2-4842-959c-80e029f36174","block_type":"box","text":"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’","page_number":200,"box":{"x":96,"y":152,"width":753,"height":10}},{"id":"3478a807-6ae1-464d-bfd3-a5d5f8f63046","block_type":"box","text":"s ranking","page_number":200,"box":{"x":849,"y":152,"width":55,"height":10}},{"id":"527686a9-b41c-43d3-9c7f-12088b589104","block_type":"box","text":"on the risk and reward indicator.","page_number":200,"box":{"x":95,"y":167,"width":199,"height":8}},{"id":"63dbdfee-9ee3-48a4-8dac-e9813d936980","block_type":"box","text":"Typically lower rewards,","page_number":200,"box":{"x":128,"y":189,"width":162,"height":11}},{"id":"0c3897f6-e30c-45a0-8c17-952776be95d7","block_type":"box","text":"Typically higher rewards,","page_number":200,"box":{"x":706,"y":189,"width":167,"height":11}},{"id":"9bf0058b-f4a2-4eb3-b727-d1e39753864a","block_type":"box","text":"lower risk","page_number":200,"box":{"x":177,"y":205,"width":65,"height":8}},{"id":"5b9e1bdc-2352-453e-a119-2b3c3d1e9633","block_type":"box","text":"higher risk","page_number":200,"box":{"x":755,"y":205,"width":71,"height":10}},{"id":"4fdf0ab4-1c03-4365-b9bf-99c9c6611902","block_type":"box","text":"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","page_number":200,"box":{"x":96,"y":265,"width":738,"height":10}},{"id":"428b447f-c78c-4623-b92d-48226b3cc620","block_type":"box","text":"y in the Key","page_number":200,"box":{"x":835,"y":265,"width":69,"height":10}},{"id":"fec307e9-5280-4712-9733-a7dab3a41c24","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 5). The Sub-fund is ranked ‘4’ because weekly historical performance data","page_number":200,"box":{"x":96,"y":280,"width":807,"height":11}},{"id":"950fe2b5-d331-46f2-9c17-cf1815665ed7","block_type":"box","text":"indicates that relatively high rises and falls in market prices would have occurred historically. The higher the rank, the grea","page_number":200,"box":{"x":96,"y":295,"width":765,"height":11}},{"id":"e6f44dbb-f5c3-4d02-82d2-8c29517c7cf6","block_type":"box","text":"ter the","page_number":200,"box":{"x":863,"y":295,"width":41,"height":9}},{"id":"3eade66c-06c7-4746-86d7-97e9e5438e82","block_type":"box","text":"potential reward but the greater the risk of losing money.","page_number":200,"box":{"x":96,"y":311,"width":348,"height":11}},{"id":"67cd26c8-f731-42aa-8b76-1695a1056c67","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":200,"box":{"x":516,"y":38,"width":386,"height":13}},{"id":"28568d44-9f66-4fbf-9f81-568e0efb2a6a","block_type":"box","text":"195","page_number":200,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"9c831a30-6ebc-4079-993c-fb25df66efb9","block_type":"box","text":"1","page_number":200,"box":{"x":148,"y":238,"width":8,"height":12}},{"id":"88e89b91-773a-4b9f-a759-eed43b00d352","block_type":"box","text":"2","page_number":200,"box":{"x":263,"y":238,"width":10,"height":12}},{"id":"eedb7267-0953-4c1e-88d8-5c48a19ebfa8","block_type":"box","text":"3","page_number":200,"box":{"x":379,"y":238,"width":10,"height":12}},{"id":"2209c023-f231-4f7b-b80c-becc0a9a0500","block_type":"box","text":"4","page_number":200,"box":{"x":494,"y":238,"width":12,"height":12}},{"id":"340985ac-529f-4446-a810-9776bcf84791","block_type":"box","text":"5","page_number":200,"box":{"x":611,"y":238,"width":10,"height":12}},{"id":"520a807b-1159-48a2-94f9-88a2de772367","block_type":"box","text":"6","page_number":200,"box":{"x":726,"y":238,"width":11,"height":12}},{"id":"9736bce9-4c6e-408f-ac15-7853530820c6","block_type":"box","text":"7","page_number":200,"box":{"x":841,"y":238,"width":11,"height":12}},{"id":"a2f057e3-064d-4e67-96ca-753e4969164a","block_type":"box","text":"Portfolio Statement","page_number":201,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"641f88b4-b911-4be5-933b-222ba5045537","block_type":"box","text":"as at 30 April 2026","page_number":201,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"7fa521c3-ab6d-45f0-9712-2631ea130680","block_type":"box","text":"Market","page_number":201,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"a34a8d46-2aef-4634-ba4a-26e197960372","block_type":"box","text":"% of total","page_number":201,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"dd7b6126-44fd-47aa-8cb0-ae52b8d5f925","block_type":"box","text":"value","page_number":201,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"991b4529-fb11-4f18-bb07-72ec0b292cdf","block_type":"box","text":"net assets","page_number":201,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"225571f9-4c29-4115-8a91-fdd9c355adae","block_type":"box","text":"Holding","page_number":201,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"186b635e-8363-4e32-9034-e1891884dedf","block_type":"box","text":"Investment","page_number":201,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"ed7919d0-5090-442a-a1b5-cb24d6dbda02","block_type":"box","text":"£","page_number":201,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"692c2d7c-f5bb-4767-abf9-da48834d7c7d","block_type":"box","text":"2026","page_number":201,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"c0ed1123-e903-47fb-892a-23e551b432f8","block_type":"box","text":"Collective Investment Schemes (30.04.2025: 93.66%)","page_number":201,"box":{"x":210,"y":176,"width":346,"height":10}},{"id":"889db8e6-6cef-4537-8b68-ac845a9ff4ca","block_type":"box","text":"24,953","page_number":201,"box":{"x":149,"y":191,"width":40,"height":9}},{"id":"14b61030-92e5-4053-9263-2f93f131fe00","block_type":"box","text":"Artemis US Select Fund","page_number":201,"box":{"x":209,"y":190,"width":140,"height":8}},{"id":"592ca14e-048b-4910-a0fa-6fc737349029","block_type":"box","text":"131,084","page_number":201,"box":{"x":761,"y":191,"width":48,"height":9}},{"id":"4b0482a9-7434-4207-99aa-1e9fcfb00f79","block_type":"box","text":"1.06%","page_number":201,"box":{"x":863,"y":191,"width":36,"height":7}},{"id":"71943712-7b75-4bbe-b1b8-1486d80e3f5b","block_type":"box","text":"25,868","page_number":201,"box":{"x":149,"y":205,"width":40,"height":9}},{"id":"1cee27d9-e00c-44f4-ad00-3e89d757ab38","block_type":"box","text":"AXA Framlington UK Mid Cap Fund","page_number":201,"box":{"x":209,"y":204,"width":209,"height":11}},{"id":"8a5a25a8-f34d-4112-b85b-6388954776c2","block_type":"box","text":"32,284","page_number":201,"box":{"x":768,"y":205,"width":41,"height":9}},{"id":"5ca9809b-5063-4ada-bc91-6710410d7277","block_type":"box","text":"0.26%","page_number":201,"box":{"x":863,"y":205,"width":36,"height":8}},{"id":"c5ec2780-6061-4a27-9ed9-c4969dbab8aa","block_type":"box","text":"40","page_number":201,"box":{"x":175,"y":219,"width":14,"height":8}},{"id":"61e20570-2c6c-4f58-bebf-c2c44e3f52cb","block_type":"box","text":"Baring Hong Kong China Fund","page_number":201,"box":{"x":210,"y":219,"width":180,"height":10}},{"id":"748a1d43-6d87-4398-aa26-c465084bc8dd","block_type":"box","text":"45,846","page_number":201,"box":{"x":768,"y":219,"width":40,"height":9}},{"id":"3802265e-925b-44d8-ae77-1e6eeb79e693","block_type":"box","text":"0.37%","page_number":201,"box":{"x":863,"y":219,"width":36,"height":8}},{"id":"0bd35945-f876-454c-b321-6e34150d023b","block_type":"box","text":"220,358","page_number":201,"box":{"x":142,"y":233,"width":47,"height":9}},{"id":"50ed4271-4d50-4649-9d7b-9188ac33e3ec","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":201,"box":{"x":210,"y":233,"width":295,"height":11}},{"id":"2c6cbe97-eb99-4184-98a8-9b145726c6eb","block_type":"box","text":"275,646","page_number":201,"box":{"x":761,"y":233,"width":47,"height":9}},{"id":"5b4c5885-f2ec-4411-82fa-24433f53a4e1","block_type":"box","text":"2.22%","page_number":201,"box":{"x":863,"y":233,"width":36,"height":8}},{"id":"ed4ac869-7bfc-4c4c-9856-dd54321db28e","block_type":"box","text":"119,472","page_number":201,"box":{"x":142,"y":248,"width":47,"height":9}},{"id":"ad407c97-8de2-4718-bc1d-bf667c6c4be7","block_type":"box","text":"BNY Mellon US Equity Income Newton Fund","page_number":201,"box":{"x":210,"y":247,"width":265,"height":11}},{"id":"63909aca-b4a5-4b07-807d-03a2226a516f","block_type":"box","text":"135,398","page_number":201,"box":{"x":761,"y":248,"width":47,"height":9}},{"id":"bde0b83a-1c08-4667-bdec-15e6b7d980a5","block_type":"box","text":"1.09%","page_number":201,"box":{"x":863,"y":248,"width":36,"height":7}},{"id":"e9cbf97b-e05a-454a-884a-80b5fa326ced","block_type":"box","text":"1,506","page_number":201,"box":{"x":157,"y":262,"width":32,"height":9}},{"id":"19338ae7-09b7-4747-925f-4134cfa1b040","block_type":"box","text":"Cheyne Global Credit Fund","page_number":201,"box":{"x":210,"y":261,"width":161,"height":11}},{"id":"ccd1e1fa-fea4-47c4-b07b-d5f8375ec1df","block_type":"box","text":"185,222","page_number":201,"box":{"x":761,"y":262,"width":47,"height":9}},{"id":"7a7ebef3-7c81-44ae-b427-43f5777b35f1","block_type":"box","text":"1.49%","page_number":201,"box":{"x":863,"y":262,"width":36,"height":8}},{"id":"ed2f2b7d-2f64-4c40-b856-af397dc1a613","block_type":"box","text":"58,210","page_number":201,"box":{"x":150,"y":276,"width":39,"height":9}},{"id":"f321ff8d-549f-4bf9-a56c-09eee84f5ee2","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":201,"box":{"x":210,"y":276,"width":307,"height":8}},{"id":"46b1ff41-8392-4de7-8c40-a1f455682007","block_type":"box","text":"716,561","page_number":201,"box":{"x":761,"y":276,"width":45,"height":9}},{"id":"309bd033-0451-48e5-812f-20a7dd49ceb3","block_type":"box","text":"5.77%","page_number":201,"box":{"x":863,"y":276,"width":36,"height":8}},{"id":"95c243f7-df09-4896-9f59-6e248e304fc3","block_type":"box","text":"89,984","page_number":201,"box":{"x":149,"y":290,"width":41,"height":9}},{"id":"23a7ed7c-5ed8-46c4-be24-1d93fd2f4828","block_type":"box","text":"ES Alliance Bernstein Concentrated US Equity Fund","page_number":201,"box":{"x":210,"y":290,"width":308,"height":11}},{"id":"18490cce-0e54-4d8d-bf26-cc444be88318","block_type":"box","text":"160,082","page_number":201,"box":{"x":761,"y":290,"width":47,"height":9}},{"id":"53123a30-672d-4345-a903-e0207122deef","block_type":"box","text":"1.29%","page_number":201,"box":{"x":863,"y":290,"width":36,"height":8}},{"id":"16b95c35-15c5-4139-b9d8-bb0f29072f0f","block_type":"box","text":"244,223","page_number":201,"box":{"x":142,"y":305,"width":47,"height":9}},{"id":"a11d9909-b388-47b8-858b-667fb58c1dc5","block_type":"box","text":"FTF Brandywine Global Income Optimiser Fund","page_number":201,"box":{"x":210,"y":304,"width":285,"height":11}},{"id":"1a7fc4fe-e8a1-47b0-b6fc-0b91feed2bfb","block_type":"box","text":"317,002","page_number":201,"box":{"x":761,"y":305,"width":47,"height":9}},{"id":"eb89f5b2-45b6-48bc-b8f0-c9dc2e516763","block_type":"box","text":"2.55%","page_number":201,"box":{"x":863,"y":305,"width":36,"height":7}},{"id":"6cf0031b-e330-4171-947e-260a99fcba77","block_type":"box","text":"6,066","page_number":201,"box":{"x":157,"y":319,"width":32,"height":9}},{"id":"b5bcb07e-6b2a-41e7-9566-0d89aed89d12","block_type":"box","text":"Goldman Sachs EM Ex-China CORE® Equity Fund","page_number":201,"box":{"x":210,"y":318,"width":297,"height":11}},{"id":"f33502e4-bba4-47c5-ae9a-3edac864d618","block_type":"box","text":"116,034","page_number":201,"box":{"x":761,"y":319,"width":48,"height":9}},{"id":"3b78677b-f3e3-4506-a80f-bb924c2fa4f5","block_type":"box","text":"0.93%","page_number":201,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"02e96a70-ab7a-4d21-9432-7dfe4a383317","block_type":"box","text":"494","page_number":201,"box":{"x":168,"y":333,"width":22,"height":8}},{"id":"cb42864c-af6b-4f36-ac6a-c6d7dc59fc6f","block_type":"box","text":"Harrington Cooper Snyder US All Cap Equity Fund","page_number":201,"box":{"x":210,"y":333,"width":300,"height":10}},{"id":"cf8de84a-0222-4a78-a8aa-40ac080566af","block_type":"box","text":"73,350","page_number":201,"box":{"x":768,"y":333,"width":40,"height":9}},{"id":"08e1926b-274c-4678-a3b7-b5aaa7a29976","block_type":"box","text":"0.59%","page_number":201,"box":{"x":863,"y":333,"width":36,"height":8}},{"id":"e24d36fd-9120-4fd5-953e-29ebeadd401a","block_type":"box","text":"58,020","page_number":201,"box":{"x":150,"y":347,"width":39,"height":9}},{"id":"0bf5cf60-5be4-4d0e-accc-0e20292dfea7","block_type":"box","text":"HSBC American Index Fund","page_number":201,"box":{"x":210,"y":347,"width":164,"height":8}},{"id":"da508474-9b30-4080-a2ec-d0be7ac1c9d6","block_type":"box","text":"885,969","page_number":201,"box":{"x":761,"y":347,"width":47,"height":9}},{"id":"28d85f0d-0031-4fe4-b8df-8011318315e7","block_type":"box","text":"7.13%","page_number":201,"box":{"x":863,"y":347,"width":36,"height":8}},{"id":"ec537645-ec46-4f59-9fe9-1938490f19d5","block_type":"box","text":"13,680","page_number":201,"box":{"x":150,"y":362,"width":39,"height":9}},{"id":"22d9099d-6ede-44cd-992d-fc4cc40c1090","block_type":"box","text":"HSBC European Index Fund","page_number":201,"box":{"x":210,"y":361,"width":166,"height":11}},{"id":"fd4a875a-2812-4dc2-ab2f-803ee8bf9217","block_type":"box","text":"236,119","page_number":201,"box":{"x":761,"y":362,"width":47,"height":9}},{"id":"6e1fdf8c-266d-4859-b557-a54a5def1afa","block_type":"box","text":"1.90%","page_number":201,"box":{"x":863,"y":362,"width":36,"height":7}},{"id":"212bedfa-250a-4975-b7e6-003a8920c94a","block_type":"box","text":"9,575","page_number":201,"box":{"x":157,"y":376,"width":32,"height":9}},{"id":"387fc655-c6ac-4e5a-b66e-cc2816ba55f9","block_type":"box","text":"HSBC Global Emerging Market Government Bond Index Fund","page_number":201,"box":{"x":210,"y":375,"width":370,"height":11}},{"id":"7a4ed4a2-6f09-4513-ba6c-779c6b96c88a","block_type":"box","text":"125,841","page_number":201,"box":{"x":761,"y":376,"width":45,"height":9}},{"id":"9ca9bfee-f794-42a7-b342-b809d166e459","block_type":"box","text":"1.01%","page_number":201,"box":{"x":863,"y":376,"width":36,"height":8}},{"id":"538bdd70-66ef-442a-b128-3b97848f18b1","block_type":"box","text":"66,137","page_number":201,"box":{"x":149,"y":390,"width":40,"height":9}},{"id":"dd300069-384f-407a-aff1-85c21d7c0001","block_type":"box","text":"HSBC MSCI Emerging Markets ex China Equity Index Fund","page_number":201,"box":{"x":210,"y":390,"width":349,"height":10}},{"id":"df382b8d-4576-4020-b6f2-f8a72a9fd1a0","block_type":"box","text":"112,962","page_number":201,"box":{"x":761,"y":390,"width":47,"height":9}},{"id":"e3f93fff-bf6d-4ba2-9c77-1742e4cb564a","block_type":"box","text":"0.91%","page_number":201,"box":{"x":863,"y":390,"width":36,"height":8}},{"id":"1ef83f9b-77c4-4fb1-be8e-b458ecf59d28","block_type":"box","text":"27,468","page_number":201,"box":{"x":149,"y":404,"width":40,"height":9}},{"id":"b95ab1ef-ec9e-457e-b062-0ce20e923bd4","block_type":"box","text":"Invesco Perpetual UK Enhanced Index Fund","page_number":201,"box":{"x":210,"y":404,"width":263,"height":11}},{"id":"512d2546-d7e2-42fb-bf4b-2dc0c5f81979","block_type":"box","text":"273,956","page_number":201,"box":{"x":761,"y":404,"width":47,"height":9}},{"id":"b32a9707-7a76-4f7c-9a68-39ef974467ea","block_type":"box","text":"2.21%","page_number":201,"box":{"x":863,"y":404,"width":36,"height":8}},{"id":"b97efc36-dc8e-4d22-873b-76717b2c1ea2","block_type":"box","text":"282,004","page_number":201,"box":{"x":142,"y":419,"width":48,"height":9}},{"id":"63e5a1a6-98df-420e-acb3-dfa2e0044db3","block_type":"box","text":"iShares UK Equity Index Fund","page_number":201,"box":{"x":210,"y":418,"width":177,"height":11}},{"id":"eb1f08e1-1b60-4767-8268-ef86e4568445","block_type":"box","text":"435,927","page_number":201,"box":{"x":760,"y":419,"width":48,"height":9}},{"id":"608c66f1-f767-4d56-ba5d-cd1fa12a122a","block_type":"box","text":"3.51%","page_number":201,"box":{"x":863,"y":419,"width":36,"height":7}},{"id":"c6d1964c-adff-4234-b558-cffdb316444d","block_type":"box","text":"20,153","page_number":201,"box":{"x":149,"y":433,"width":40,"height":9}},{"id":"e2554243-9536-405a-a3f7-5864bc73e0f3","block_type":"box","text":"Janus Henderson Global Multi-Strategy Fund","page_number":201,"box":{"x":208,"y":432,"width":271,"height":11}},{"id":"d31fbadf-733b-4610-8939-8156da14bdc1","block_type":"box","text":"249,420","page_number":201,"box":{"x":761,"y":433,"width":47,"height":9}},{"id":"6e09f68b-fabe-4b9b-a4a6-a319c04c3ae2","block_type":"box","text":"2.01%","page_number":201,"box":{"x":863,"y":433,"width":36,"height":8}},{"id":"276391e8-1650-4336-8249-3efa08bded95","block_type":"box","text":"20,123","page_number":201,"box":{"x":149,"y":447,"width":40,"height":9}},{"id":"dbfdbfb0-6c9a-4282-b3a1-740133659f2c","block_type":"box","text":"JPM Europe Dynamic ex-UK Fund","page_number":201,"box":{"x":208,"y":447,"width":201,"height":10}},{"id":"19e0fcce-6f5b-45df-bfc9-bcb44c0da058","block_type":"box","text":"97,095","page_number":201,"box":{"x":768,"y":447,"width":40,"height":9}},{"id":"1e9b92ad-2c0a-4c81-9375-f5dd6877e80e","block_type":"box","text":"0.78%","page_number":201,"box":{"x":863,"y":447,"width":36,"height":8}},{"id":"0f37e445-b621-47a3-83ce-4803ac8872d1","block_type":"box","text":"6,301","page_number":201,"box":{"x":157,"y":461,"width":30,"height":9}},{"id":"d65e6e8a-f153-45af-ac79-2774097ec9f3","block_type":"box","text":"JPM Japan Fund","page_number":201,"box":{"x":208,"y":461,"width":96,"height":11}},{"id":"7da9c036-127e-4b32-b629-5f735653bfdf","block_type":"box","text":"29,389","page_number":201,"box":{"x":768,"y":461,"width":40,"height":9}},{"id":"dc4f7784-4b53-4103-a8e4-fe70905565a4","block_type":"box","text":"0.24%","page_number":201,"box":{"x":863,"y":461,"width":36,"height":8}},{"id":"e8f7063d-9617-42ba-8d5a-56fa2bb5796a","block_type":"box","text":"34,957","page_number":201,"box":{"x":149,"y":476,"width":40,"height":9}},{"id":"e92a1c64-89ec-46ee-a8a0-ae52ed36d9bb","block_type":"box","text":"Jupiter Merian North American Equity Fund","page_number":201,"box":{"x":208,"y":475,"width":264,"height":11}},{"id":"c3d6b020-59e8-448b-8118-b12f59eeaa67","block_type":"box","text":"204,505","page_number":201,"box":{"x":761,"y":476,"width":47,"height":9}},{"id":"775778f1-3665-4d71-aa2e-e6afe9b751ce","block_type":"box","text":"1.65%","page_number":201,"box":{"x":863,"y":476,"width":36,"height":7}},{"id":"edfd7b11-ba6f-4ef8-ae39-a3f901e1f0ee","block_type":"box","text":"17,387","page_number":201,"box":{"x":150,"y":490,"width":39,"height":9}},{"id":"e477eb70-a73e-40ab-a19d-bb59bae85ea6","block_type":"box","text":"Jupiter UK Special Situations Fund","page_number":201,"box":{"x":208,"y":489,"width":206,"height":11}},{"id":"12655863-ac60-4598-8c95-19b763595957","block_type":"box","text":"76,637","page_number":201,"box":{"x":768,"y":490,"width":40,"height":9}},{"id":"5ebada7e-e795-4c51-ac6f-c0db0984c848","block_type":"box","text":"0.62%","page_number":201,"box":{"x":863,"y":490,"width":36,"height":8}},{"id":"7e5c4774-8aa7-4a04-bb0c-686980e6287d","block_type":"box","text":"333,731","page_number":201,"box":{"x":142,"y":504,"width":45,"height":9}},{"id":"a6e70de2-e0d2-47ae-98b2-4ad493d240e8","block_type":"box","text":"Legal & General Emerging Markets Government Bond Index Fund","page_number":201,"box":{"x":210,"y":504,"width":396,"height":10}},{"id":"57d19624-d98c-40b2-8c59-8932059b4f7f","block_type":"box","text":"248,363","page_number":201,"box":{"x":761,"y":504,"width":47,"height":9}},{"id":"0e6e8d1c-6136-4456-b6c5-79506c05e56f","block_type":"box","text":"2.00%","page_number":201,"box":{"x":863,"y":504,"width":36,"height":8}},{"id":"2959c285-9ea8-49e0-80d9-684b6ed697c6","block_type":"box","text":"15,122","page_number":201,"box":{"x":150,"y":518,"width":39,"height":9}},{"id":"345be27a-6bca-4dd0-8e8f-ca811af24ae2","block_type":"box","text":"Liontrust European Dynamic Fund","page_number":201,"box":{"x":210,"y":518,"width":206,"height":11}},{"id":"4a24a045-c715-409b-8dcf-e230836b71be","block_type":"box","text":"71,992","page_number":201,"box":{"x":768,"y":518,"width":40,"height":9}},{"id":"7accadd2-7d9f-4838-ad53-2350717f209d","block_type":"box","text":"0.58%","page_number":201,"box":{"x":863,"y":518,"width":36,"height":8}},{"id":"52448662-0813-4094-a2f8-ca77b027828b","block_type":"box","text":"38,033","page_number":201,"box":{"x":149,"y":533,"width":40,"height":9}},{"id":"0b087dd9-3d57-4956-9746-74225fda71fc","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":201,"box":{"x":210,"y":532,"width":284,"height":11}},{"id":"2620c92a-9d5b-492d-a9ab-b3c58d489c79","block_type":"box","text":"434,336","page_number":201,"box":{"x":760,"y":533,"width":48,"height":9}},{"id":"382b2c12-99d4-49b6-b1a3-265d2450e20f","block_type":"box","text":"3.50%","page_number":201,"box":{"x":863,"y":533,"width":36,"height":7}},{"id":"7fd95e3c-ec8f-45fb-8c86-01c5c3b41cf6","block_type":"box","text":"23,181","page_number":201,"box":{"x":149,"y":547,"width":38,"height":9}},{"id":"10aca741-e2f8-4ac0-b4d3-f0c89877d856","block_type":"box","text":"M&G Japan Fund","page_number":201,"box":{"x":210,"y":546,"width":101,"height":11}},{"id":"c8a456f4-567f-4ff3-8a95-6124598804b6","block_type":"box","text":"51,819","page_number":201,"box":{"x":769,"y":547,"width":39,"height":9}},{"id":"03f09df2-4833-461f-a499-39e01dba6d65","block_type":"box","text":"0.42%","page_number":201,"box":{"x":863,"y":547,"width":36,"height":8}},{"id":"2282a629-9d90-469a-8d21-8c4db512dcc2","block_type":"box","text":"13,571","page_number":201,"box":{"x":150,"y":561,"width":37,"height":9}},{"id":"48e8888d-c169-42b7-9193-ad32e0e9666b","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":201,"box":{"x":210,"y":561,"width":363,"height":10}},{"id":"603d94c2-9f8c-4055-b46e-bfc63a3b8668","block_type":"box","text":"379,576","page_number":201,"box":{"x":761,"y":561,"width":47,"height":9}},{"id":"c3722f33-9136-4ed3-bd91-14107e575d54","block_type":"box","text":"3.06%","page_number":201,"box":{"x":863,"y":561,"width":36,"height":8}},{"id":"9290dea8-f8d5-4e49-a875-8ccdaf07d11d","block_type":"box","text":"9,147","page_number":201,"box":{"x":157,"y":575,"width":32,"height":9}},{"id":"e815714e-41d1-494d-926f-5e55947a52af","block_type":"box","text":"RGI UK Opportunities Fund","page_number":201,"box":{"x":210,"y":575,"width":163,"height":11}},{"id":"91e2563c-ea8d-4bf6-9843-b8bb7a6ddf34","block_type":"box","text":"76,908","page_number":201,"box":{"x":768,"y":575,"width":40,"height":9}},{"id":"58cddbdd-a74d-45e4-bdda-42961e679fd6","block_type":"box","text":"0.62%","page_number":201,"box":{"x":863,"y":575,"width":36,"height":8}},{"id":"356bd987-76d7-4c21-8078-4f39c8c9ca10","block_type":"box","text":"1,998","page_number":201,"box":{"x":157,"y":590,"width":32,"height":9}},{"id":"e8464d7c-4fbc-4c8d-9f80-f649151d83fc","block_type":"box","text":"Robeco QI Dynamic High Yield Fund","page_number":201,"box":{"x":210,"y":589,"width":216,"height":11}},{"id":"dfe8d7ef-0827-4e9f-a2db-60028b8eb2e9","block_type":"box","text":"270,504","page_number":201,"box":{"x":761,"y":590,"width":48,"height":9}},{"id":"4709e0c8-badd-43ff-9d6b-95bb11e49e0f","block_type":"box","text":"2.18%","page_number":201,"box":{"x":863,"y":590,"width":36,"height":7}},{"id":"acc364b7-8163-4cb1-b5db-38938e3c1e86","block_type":"box","text":"3,858","page_number":201,"box":{"x":157,"y":604,"width":32,"height":9}},{"id":"1a132828-16f8-4a08-8c91-b0da2ee568aa","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":201,"box":{"x":209,"y":603,"width":211,"height":11}},{"id":"35ff29a8-f98f-4fea-b97c-7ac06564f788","block_type":"box","text":"416,348","page_number":201,"box":{"x":760,"y":604,"width":48,"height":9}},{"id":"bf72e6a8-37c8-4402-b09a-f3b7a4324dfb","block_type":"box","text":"3.35%","page_number":201,"box":{"x":863,"y":604,"width":36,"height":8}},{"id":"2983b141-79b4-4c3d-a4d1-f530056a7169","block_type":"box","text":"7,156","page_number":201,"box":{"x":157,"y":618,"width":32,"height":9}},{"id":"b5d36e53-e1b1-4b1b-990d-72660a3e4736","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":201,"box":{"x":209,"y":618,"width":265,"height":10}},{"id":"08168314-4a53-486d-a045-66b5d1ce1dd1","block_type":"box","text":"604,491","page_number":201,"box":{"x":761,"y":618,"width":45,"height":9}},{"id":"90adf7d9-f46e-4b64-8060-a90ccb512dc5","block_type":"box","text":"4.87%","page_number":201,"box":{"x":862,"y":618,"width":37,"height":8}},{"id":"dd528eef-82bb-48a4-9724-6bcd28209dda","block_type":"box","text":"7,470,666","page_number":201,"box":{"x":750,"y":639,"width":58,"height":9}},{"id":"2eb1ec26-b32e-4c06-8ea7-d720c3a85e55","block_type":"box","text":"60.17%","page_number":201,"box":{"x":855,"y":639,"width":44,"height":8}},{"id":"3829829f-c00f-4ce0-9b72-4c9b978a56de","block_type":"box","text":"Exchange traded Funds (30.04.2025: 5.80%)","page_number":201,"box":{"x":210,"y":660,"width":285,"height":10}},{"id":"5dcb6358-6cd2-4471-9ee7-3f75a0433471","block_type":"box","text":"1,637","page_number":201,"box":{"x":157,"y":674,"width":32,"height":9}},{"id":"ef1fce89-4f42-4c1c-b9fe-8bd17205d87f","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":201,"box":{"x":209,"y":674,"width":243,"height":11}},{"id":"bac8ded2-6eb4-41c6-99a3-0ef152f9562f","block_type":"box","text":"146,135","page_number":201,"box":{"x":761,"y":674,"width":47,"height":9}},{"id":"6ac2bf59-7d55-4318-b397-5c9e82f3d4fb","block_type":"box","text":"1.18%","page_number":201,"box":{"x":863,"y":674,"width":36,"height":8}},{"id":"a46de0ed-e416-4524-9a37-e851720de2a8","block_type":"box","text":"2,400","page_number":201,"box":{"x":157,"y":689,"width":32,"height":9}},{"id":"1f7b8da3-94bd-4b32-8e1f-84f4bf8c12f1","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":201,"box":{"x":209,"y":688,"width":188,"height":11}},{"id":"05f7a61b-8397-4085-b46b-a3036e7e51d4","block_type":"box","text":"70,080","page_number":201,"box":{"x":768,"y":689,"width":40,"height":9}},{"id":"cb1ff4a0-590b-4d55-a88b-990ec5aef5a2","block_type":"box","text":"0.56%","page_number":201,"box":{"x":863,"y":689,"width":36,"height":7}},{"id":"730b2f2f-ab07-468d-a431-ec0c8f76b9bc","block_type":"box","text":"3,338","page_number":201,"box":{"x":157,"y":703,"width":32,"height":9}},{"id":"759c37ef-2aee-416c-a20e-a2f4889c4690","block_type":"box","text":"Amundi Prime UK Mid And Small Cap UCITS ETF","page_number":201,"box":{"x":209,"y":702,"width":290,"height":11}},{"id":"3d4fe714-407e-4e5f-85ca-f9a5c9cfaab2","block_type":"box","text":"78,042","page_number":201,"box":{"x":768,"y":703,"width":40,"height":9}},{"id":"c07f1604-2fcf-4f29-a245-58655fb07421","block_type":"box","text":"0.63%","page_number":201,"box":{"x":863,"y":703,"width":36,"height":8}},{"id":"ab18da7c-e012-4676-bf6f-d3efd0aa587a","block_type":"box","text":"171,106","page_number":201,"box":{"x":142,"y":717,"width":47,"height":9}},{"id":"bac2ff60-4a24-4a75-be11-5ce14332c520","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":201,"box":{"x":210,"y":717,"width":239,"height":10}},{"id":"3ec92872-42cf-4790-bead-036275c165a2","block_type":"box","text":"1,728,261","page_number":201,"box":{"x":750,"y":717,"width":56,"height":9}},{"id":"6c8034c2-36e0-4d29-b627-ba97251a4f87","block_type":"box","text":"13.92%","page_number":201,"box":{"x":856,"y":717,"width":43,"height":8}},{"id":"1df6d02a-5c04-468a-bd67-4b5112a213fc","block_type":"box","text":"50,976","page_number":201,"box":{"x":150,"y":731,"width":39,"height":9}},{"id":"92325fc6-5258-479f-b2d2-b424b7485767","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":201,"box":{"x":210,"y":731,"width":240,"height":11}},{"id":"3a881473-085a-4ee5-9443-cae16dc421e5","block_type":"box","text":"595,395","page_number":201,"box":{"x":761,"y":731,"width":47,"height":9}},{"id":"ddeba986-6fa0-488e-a523-4d671298f380","block_type":"box","text":"4.79%","page_number":201,"box":{"x":862,"y":731,"width":37,"height":8}},{"id":"ae0bc6d1-150c-4d21-bd9e-c19db1f82ddf","block_type":"box","text":"180,202","page_number":201,"box":{"x":142,"y":746,"width":47,"height":9}},{"id":"b8719aee-9c26-4c5b-a985-921588c46c41","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":201,"box":{"x":210,"y":745,"width":255,"height":8}},{"id":"8167bc7d-92fc-4f20-acf3-6e820720b221","block_type":"box","text":"1,873,851","page_number":201,"box":{"x":750,"y":746,"width":56,"height":9}},{"id":"457bc16b-b129-47a3-935b-c200a247929b","block_type":"box","text":"15.09%","page_number":201,"box":{"x":856,"y":746,"width":43,"height":7}},{"id":"860f468c-eaed-4b1d-a6d3-f6cac149dc28","block_type":"box","text":"7,519","page_number":201,"box":{"x":157,"y":760,"width":32,"height":9}},{"id":"776f1ce0-804f-4024-883f-67de945c442f","block_type":"box","text":"HSBC MSCI China UCITS ETF","page_number":201,"box":{"x":210,"y":759,"width":168,"height":9}},{"id":"14887e7d-3868-4c08-a13c-df4166da16be","block_type":"box","text":"43,385","page_number":201,"box":{"x":768,"y":760,"width":40,"height":9}},{"id":"9d2dacea-0382-433e-be37-a6e0414d5673","block_type":"box","text":"0.34%","page_number":201,"box":{"x":863,"y":760,"width":36,"height":8}},{"id":"f5460fad-1d44-44be-b2be-e82cabce82d3","block_type":"box","text":"33,016","page_number":201,"box":{"x":149,"y":774,"width":40,"height":9}},{"id":"7427b02b-efe7-4ef5-b316-f100a4e42a3b","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":201,"box":{"x":210,"y":774,"width":338,"height":10}},{"id":"da495185-9439-4d59-adc9-b7d2740bd5d3","block_type":"box","text":"291,291","page_number":201,"box":{"x":761,"y":774,"width":45,"height":9}},{"id":"cc1ff98b-1907-4bfb-9c2f-3dd3417e9e3e","block_type":"box","text":"2.34%","page_number":201,"box":{"x":863,"y":774,"width":36,"height":8}},{"id":"28856994-88cb-4a67-b970-254f5be894f1","block_type":"box","text":"4,826,440","page_number":201,"box":{"x":749,"y":795,"width":59,"height":9}},{"id":"8414a432-ff3f-4c0d-8179-4074f4caa811","block_type":"box","text":"38.85%","page_number":201,"box":{"x":855,"y":795,"width":44,"height":8}},{"id":"05da90d7-50f6-4ee1-b54c-a7874e48b02b","block_type":"box","text":"Portfolio of investments (30.04.2025: 99.46%)","page_number":201,"box":{"x":210,"y":823,"width":300,"height":10}},{"id":"05c4a225-4000-4aaf-80aa-8b35f1a8fad4","block_type":"box","text":"12,297,106","page_number":201,"box":{"x":739,"y":824,"width":70,"height":9}},{"id":"7652f3fc-86f1-471c-86bf-bd0c20e3e159","block_type":"box","text":"99.02%","page_number":201,"box":{"x":852,"y":824,"width":47,"height":7}},{"id":"0289004b-f9f4-4e3c-8511-456ea289c1ce","block_type":"box","text":"Net other assets (30.04.2025: 0.54%)","page_number":201,"box":{"x":210,"y":837,"width":240,"height":10}},{"id":"d831101d-2d7a-4e20-90ea-b0322a095a02","block_type":"box","text":"121,482","page_number":201,"box":{"x":759,"y":838,"width":49,"height":9}},{"id":"444620ff-e5b6-4808-88a3-59138eed8c80","block_type":"box","text":"0.98%","page_number":201,"box":{"x":860,"y":838,"width":39,"height":8}},{"id":"69cf614c-0864-44cf-9aba-1a560f032bb3","block_type":"box","text":"12,418,588","page_number":201,"box":{"x":739,"y":859,"width":70,"height":9}},{"id":"2286e4d0-048f-465a-b69a-f358ab59e30f","block_type":"box","text":"100.00%","page_number":201,"box":{"x":844,"y":859,"width":55,"height":8}},{"id":"29bd13cf-0083-4913-8cd0-90252d726e50","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":201,"box":{"x":97,"y":38,"width":386,"height":13}},{"id":"95975aeb-d1ef-4a8f-9a24-23151ee4051e","block_type":"box","text":"196","page_number":201,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"fd49e5cb-0ac2-43fd-93ba-b7fd7f732941","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":202,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"7c08c5d5-7c81-4620-9b22-c2976ddf333f","block_type":"box","text":"£","page_number":202,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"f716db5a-c3d3-4b4e-8b3f-4c3b018fe876","block_type":"box","text":"Total purchases for the year (note 14)","page_number":202,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"80dbc6eb-342e-4082-99b9-97ba421b2fb6","block_type":"box","text":"7,144,964","page_number":202,"box":{"x":651,"y":143,"width":63,"height":10}},{"id":"cfd3d8b5-fc05-4084-ba81-9ab68c2dd97a","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":202,"box":{"x":96,"y":174,"width":254,"height":8}},{"id":"79dba40e-9fd5-43bc-96e2-38262afe5ab1","block_type":"box","text":"1,340,596","page_number":202,"box":{"x":655,"y":174,"width":58,"height":9}},{"id":"66f6c692-ff7b-46c7-920b-b6345224be31","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":202,"box":{"x":96,"y":189,"width":239,"height":11}},{"id":"63373d3f-e8de-4d63-87ab-8153757aad3a","block_type":"box","text":"758,927","page_number":202,"box":{"x":666,"y":190,"width":47,"height":9}},{"id":"48c4145f-ce4f-43d0-95ab-f5f74cbae4ac","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":202,"box":{"x":96,"y":205,"width":306,"height":8}},{"id":"eaeb158e-61ad-4aa2-97bb-733c0f417ed3","block_type":"box","text":"516,047","page_number":202,"box":{"x":666,"y":205,"width":47,"height":9}},{"id":"09078928-8095-4bf4-93b9-86ca8bc3253f","block_type":"box","text":"iShares UK Equity Index Fund","page_number":202,"box":{"x":96,"y":220,"width":176,"height":11}},{"id":"151c934d-3ee3-4139-81dc-071f54073323","block_type":"box","text":"467,621","page_number":202,"box":{"x":665,"y":221,"width":46,"height":9}},{"id":"f9b29e93-6c25-4067-b947-c266b61ee27b","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":202,"box":{"x":95,"y":236,"width":265,"height":10}},{"id":"2a35ec82-23e7-474d-884e-4c0962bbcd07","block_type":"box","text":"397,469","page_number":202,"box":{"x":666,"y":236,"width":47,"height":9}},{"id":"dacdfd65-7f3b-4d9c-8ca6-0d77a15c1512","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":202,"box":{"x":95,"y":251,"width":339,"height":11}},{"id":"543cf663-7e8a-47cd-be77-58edb17c13d0","block_type":"box","text":"369,659","page_number":202,"box":{"x":666,"y":251,"width":47,"height":10}},{"id":"52e5d0a4-1254-4404-93ff-f345e6ab8352","block_type":"box","text":"Morgan Stanley Emerging Markets Debt Opportunities Fund","page_number":202,"box":{"x":96,"y":267,"width":363,"height":10}},{"id":"e7216807-1a89-489d-94d9-36a380251ba7","block_type":"box","text":"366,491","page_number":202,"box":{"x":666,"y":267,"width":45,"height":9}},{"id":"7b314cb6-fcf5-4736-bcbb-df771dea11de","block_type":"box","text":"HSBC American Index Fund","page_number":202,"box":{"x":96,"y":282,"width":164,"height":8}},{"id":"1d95a4bc-99d7-4b13-9deb-3c19bb3d6d6a","block_type":"box","text":"289,278","page_number":202,"box":{"x":666,"y":282,"width":47,"height":9}},{"id":"04068fce-4b14-49eb-a35c-014abd2520f8","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":202,"box":{"x":95,"y":297,"width":211,"height":11}},{"id":"2b13a332-338b-4f6f-978c-dce096a338d1","block_type":"box","text":"256,297","page_number":202,"box":{"x":666,"y":298,"width":47,"height":9}},{"id":"a94f2562-17ff-4be3-a57e-3db23c90b60c","block_type":"box","text":"Legal & General Emerging Markets Government Bond Index Fund","page_number":202,"box":{"x":96,"y":313,"width":396,"height":11}},{"id":"0292437c-18a6-4208-b28c-682917358043","block_type":"box","text":"239,815","page_number":202,"box":{"x":666,"y":313,"width":47,"height":9}},{"id":"3a49481d-cd63-49dc-9652-320e21aaa046","block_type":"box","text":"Various other purchases","page_number":202,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"eb3c7624-9f6f-40d1-bd3e-35c059ec858b","block_type":"box","text":"2,142,764","page_number":202,"box":{"x":654,"y":329,"width":60,"height":9}},{"id":"27e799b8-36b8-47de-b4ee-698754ec8992","block_type":"box","text":"£","page_number":202,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"4bbc2ca4-79a5-4c7a-9f27-03abaaaf2bbb","block_type":"box","text":"Total sales for the year (note 14)","page_number":202,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"1da54a02-53f7-4114-89e2-f4c36be0a267","block_type":"box","text":"6,482,405","page_number":202,"box":{"x":651,"y":375,"width":62,"height":9}},{"id":"e69e4a1e-a856-4a71-afc8-c8c970cfa382","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":202,"box":{"x":96,"y":406,"width":239,"height":10}},{"id":"bd31da77-84d9-4fb1-abce-75aa5e21935f","block_type":"box","text":"724,032","page_number":202,"box":{"x":666,"y":406,"width":47,"height":9}},{"id":"8e8c7c7b-21a8-47b8-91b9-d19bc4f43c38","block_type":"box","text":"Vanguard Global Bond Index Fund","page_number":202,"box":{"x":95,"y":421,"width":208,"height":11}},{"id":"61f43948-2fe1-416a-b6dd-d12dbd89d282","block_type":"box","text":"718,205","page_number":202,"box":{"x":666,"y":421,"width":47,"height":9}},{"id":"d3467d0e-1192-4ce5-acda-bbc65173f82f","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":202,"box":{"x":96,"y":436,"width":254,"height":9}},{"id":"fdd38823-a5af-4109-a9a4-04db302dde21","block_type":"box","text":"657,398","page_number":202,"box":{"x":666,"y":437,"width":47,"height":9}},{"id":"35070be8-16f2-46d6-9928-c8224b979235","block_type":"box","text":"iShares UK Equity Index Fund","page_number":202,"box":{"x":96,"y":452,"width":176,"height":11}},{"id":"58ff6cc3-ef67-4b6f-b45a-5f20decba4c7","block_type":"box","text":"541,049","page_number":202,"box":{"x":666,"y":452,"width":47,"height":9}},{"id":"225d04c2-4470-48e4-823b-c38467ca933f","block_type":"box","text":"HSBC American Index Fund","page_number":202,"box":{"x":96,"y":467,"width":164,"height":9}},{"id":"9a64cafd-f196-4a5b-93d2-983f919a911d","block_type":"box","text":"373,154","page_number":202,"box":{"x":666,"y":468,"width":48,"height":9}},{"id":"063bc997-a20a-4341-8655-cb38b866324e","block_type":"box","text":"Neuberger Berman Uncorrelated Strategies Fund","page_number":202,"box":{"x":96,"y":483,"width":298,"height":10}},{"id":"016baf5c-362f-4aff-b975-bb130efe52b6","block_type":"box","text":"303,910","page_number":202,"box":{"x":666,"y":483,"width":47,"height":9}},{"id":"e2f2d353-3fd6-459d-963f-92e6e2d19c2a","block_type":"box","text":"Dimensional Global Ultra Short Fixed Income Fund","page_number":202,"box":{"x":96,"y":498,"width":306,"height":8}},{"id":"3d857469-d846-46f5-87a1-99f3fefb305b","block_type":"box","text":"291,152","page_number":202,"box":{"x":666,"y":499,"width":47,"height":9}},{"id":"948a08e6-e419-4831-a738-64b055cc7ac9","block_type":"box","text":"Barings Emerging Markets Debt Blended Total Return Fund","page_number":202,"box":{"x":96,"y":514,"width":357,"height":10}},{"id":"806c3fd5-c943-4c59-ad3d-bc5dc2487ee0","block_type":"box","text":"241,655","page_number":202,"box":{"x":666,"y":514,"width":47,"height":9}},{"id":"89380e42-1be4-4422-9049-6d6f349cc5f2","block_type":"box","text":"iShares $ Treasury Bond 20+yr ETF","page_number":202,"box":{"x":96,"y":529,"width":209,"height":11}},{"id":"422e5124-8581-49a3-ae4f-dda12cb2fa42","block_type":"box","text":"232,025","page_number":202,"box":{"x":666,"y":529,"width":47,"height":10}},{"id":"1b28abbc-ea61-4b97-9c04-b7fb46f264df","block_type":"box","text":"Loomis Sayles Global Opportunistic Bond Fund","page_number":202,"box":{"x":96,"y":544,"width":284,"height":11}},{"id":"4d4441ba-2690-419e-819c-3163236d1aa8","block_type":"box","text":"191,482","page_number":202,"box":{"x":666,"y":545,"width":47,"height":9}},{"id":"f70fa1bd-6152-47fd-bf06-ee63f6d987ee","block_type":"box","text":"Various other sales","page_number":202,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"c93e391e-3be9-449c-922a-af078fa3d75d","block_type":"box","text":"2,208,343","page_number":202,"box":{"x":654,"y":560,"width":59,"height":9}},{"id":"d9cc333c-7d1c-4c1f-aa8f-4d0187db78ee","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":202,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"fb0b00be-b68c-42ac-b383-97a6e2fb48fb","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":202,"box":{"x":516,"y":38,"width":386,"height":13}},{"id":"c4c058b4-4f84-446b-a17e-47c3f09e4a4a","block_type":"box","text":"197","page_number":202,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"f02f95e1-c993-4f19-a505-003ab44affb5","block_type":"box","text":"Statement of Total Return","page_number":203,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"2c7c8750-c350-4c30-8da2-29967ea4c01d","block_type":"box","text":"for the year ended 30 April 2026","page_number":203,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"5780729e-7015-4c1d-9a85-c6b49eed61ad","block_type":"box","text":"30.04.26","page_number":203,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"12ae262e-e596-4557-b03d-30006ccdaad4","block_type":"box","text":"30.04.25","page_number":203,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"414f5ead-96d4-4d9e-a52f-d642c035085f","block_type":"box","text":"Note","page_number":203,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"28b942c4-482c-4c76-932b-58356fd1c4bf","block_type":"box","text":"£","page_number":203,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"172dc254-108c-4092-8eaf-8ce3b4fcac54","block_type":"box","text":"£","page_number":203,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"c0b083f4-7593-451d-be56-05684e76f49d","block_type":"box","text":"£","page_number":203,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"1e026841-1514-483f-9aff-3ec146e03b2e","block_type":"box","text":"£","page_number":203,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"51c667ba-1bc6-4497-9e1c-051af828133e","block_type":"box","text":"Income","page_number":203,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"d053067e-d7f5-44ba-854a-36ea47c9dd11","block_type":"box","text":"Net capital","page_number":203,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"5115502e-05bd-4277-832b-aaccfddd8ad7","block_type":"box","text":"2","page_number":203,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"b98d12c0-3683-4145-942a-c03a904cf4a4","block_type":"box","text":"828,754","page_number":203,"box":{"x":618,"y":169,"width":48,"height":9}},{"id":"03b8197a-a689-4acf-9a31-19fdc88e5377","block_type":"box","text":"163,584","page_number":203,"box":{"x":849,"y":169,"width":48,"height":9}},{"id":"ad7994c0-7dc3-4080-b645-93091a3c7ed0","block_type":"box","text":"Revenue","page_number":203,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"4d578ce9-7101-48e8-ae3c-d54ae03b0622","block_type":"box","text":"3","page_number":203,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"870c7c63-b00c-4346-bd20-92390eb010ae","block_type":"box","text":"294,349","page_number":203,"box":{"x":504,"y":184,"width":47,"height":9}},{"id":"1af86f21-9f18-4463-bb58-451eda0909c2","block_type":"box","text":"206,927","page_number":203,"box":{"x":737,"y":184,"width":48,"height":9}},{"id":"347077c2-6af5-4691-92f9-f489bcc2f098","block_type":"box","text":"Expenses","page_number":203,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"7ff5d05a-7f57-419a-80e3-63780f967895","block_type":"box","text":"4","page_number":203,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"a51a35a8-c543-4288-b79a-8ffbf103b4a0","block_type":"box","text":"(60,366)","page_number":203,"box":{"x":507,"y":200,"width":49,"height":9}},{"id":"ae7a1fb8-3a24-4a1a-8edf-d07f649f736a","block_type":"box","text":"(45,592)","page_number":203,"box":{"x":740,"y":200,"width":49,"height":9}},{"id":"a1a46e6f-d4d6-44dd-9d64-2c260df7a724","block_type":"box","text":"Interest payable and similar charges","page_number":203,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"d4d48f0b-128c-4297-988d-e439e5e30c35","block_type":"box","text":"4","page_number":203,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"ea27ac30-4c33-4541-bf64-3aa6c1d4bc8b","block_type":"box","text":"(3,140)","page_number":203,"box":{"x":514,"y":222,"width":42,"height":9}},{"id":"de77b76e-c0af-4894-a5b3-bd625eb6c40d","block_type":"box","text":"(534)","page_number":203,"box":{"x":759,"y":222,"width":30,"height":9}},{"id":"284d1773-713e-44f6-a2c2-3253c158d72f","block_type":"box","text":"Net revenue before taxation","page_number":203,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"66c080be-0294-4d08-9527-f52595eb512c","block_type":"box","text":"230,843","page_number":203,"box":{"x":504,"y":244,"width":47,"height":9}},{"id":"b7691863-feb3-43c3-bee7-b62c522ddaff","block_type":"box","text":"160,801","page_number":203,"box":{"x":738,"y":244,"width":45,"height":9}},{"id":"98f2e8c8-913a-492f-9fd8-72374b874a21","block_type":"box","text":"Taxation","page_number":203,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"97ebcdb5-0b21-44dc-b66a-ba362e2258f4","block_type":"box","text":"5","page_number":203,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"37c1bc53-7b05-4423-9af8-9d3ec6ac6f4a","block_type":"box","text":"–","page_number":203,"box":{"x":545,"y":271,"width":6,"height":1}},{"id":"63736870-b9e9-47ff-a050-8fa91dddca93","block_type":"box","text":"–","page_number":203,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"7d3909d8-1e16-49f5-9529-c893c09125be","block_type":"box","text":"Net revenue after taxation","page_number":203,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"6bc015d2-4e54-4709-8e9a-bac902305885","block_type":"box","text":"230,843","page_number":203,"box":{"x":618,"y":289,"width":47,"height":9}},{"id":"f903b508-f726-4e36-ae73-cc76b5779b81","block_type":"box","text":"160,801","page_number":203,"box":{"x":849,"y":289,"width":45,"height":9}},{"id":"69a676b4-34a2-4456-8249-32e452c26f53","block_type":"box","text":"Total return before distributions","page_number":203,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"0e3cbbce-a233-440a-ae58-b05dd4b407ca","block_type":"box","text":"1,059,597","page_number":203,"box":{"x":604,"y":311,"width":62,"height":9}},{"id":"8e408a89-29d7-4e24-b7cf-2f7549091d1f","block_type":"box","text":"324,385","page_number":203,"box":{"x":846,"y":311,"width":50,"height":9}},{"id":"faa9679c-5b95-4e89-80fa-96244b654537","block_type":"box","text":"Distributions","page_number":203,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"674ff56a-f6d1-4807-9fa9-b87e418db0c1","block_type":"box","text":"6","page_number":203,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"9117361a-46b2-437b-beb0-0904baf672c4","block_type":"box","text":"(304,650)","page_number":203,"box":{"x":614,"y":333,"width":56,"height":9}},{"id":"366ece96-9762-44fc-a050-b8ee6ea1eda3","block_type":"box","text":"(203,254)","page_number":203,"box":{"x":845,"y":333,"width":56,"height":9}},{"id":"c8c74491-2ab8-4eef-8039-419f7fee4e44","block_type":"box","text":"Change in net assets attributable to","page_number":203,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"9ea11d2c-116c-4c4b-9274-678935eb2460","block_type":"box","text":"Shareholders from investment activities","page_number":203,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"b6af3105-b9d7-4f0b-b518-b71ec4522d4f","block_type":"box","text":"754,947","page_number":203,"box":{"x":615,"y":369,"width":51,"height":9}},{"id":"bdec68e7-6665-42af-944b-8d1cf2490b21","block_type":"box","text":"121,131","page_number":203,"box":{"x":847,"y":369,"width":48,"height":9}},{"id":"1d283e44-3bd7-49ba-aa84-082bda68cb17","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":203,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"954dddba-bd59-479f-80ba-6cbaa08f12e8","block_type":"box","text":"for the year ended 30 April 2026","page_number":203,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"68344fb5-fbfe-41f4-a6ce-68557375162a","block_type":"box","text":"30.04.26","page_number":203,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"de158184-6a2c-44c0-8c98-aa45c069b78b","block_type":"box","text":"30.04.25","page_number":203,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"383574c6-81cc-49bd-b117-52f2a8821c17","block_type":"box","text":"£","page_number":203,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"ce96316e-b927-4095-ae5c-014d9e45a64d","block_type":"box","text":"£","page_number":203,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"37c84e8d-d1ae-43b3-a702-35ca60954ce8","block_type":"box","text":"£","page_number":203,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"d601e8e2-b209-43f1-bb9e-5c74b1b479ec","block_type":"box","text":"£","page_number":203,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"d6ea56ab-d768-4830-84a0-23679edf9cc0","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":203,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"f0987de3-9d86-49d5-a0ef-ad39c2db5567","block_type":"box","text":"10,586,034","page_number":203,"box":{"x":596,"y":482,"width":70,"height":9}},{"id":"b8dfb893-16be-4ecc-99ba-2f18a5ffffcc","block_type":"box","text":"7,804,600","page_number":203,"box":{"x":834,"y":482,"width":63,"height":9}},{"id":"858486b2-e2b0-4692-8e07-14706c010b50","block_type":"box","text":"Amounts receivable on creation of shares","page_number":203,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"e494c7ee-dd0b-45dd-867f-b89f37651751","block_type":"box","text":"3,026,054","page_number":203,"box":{"x":493,"y":505,"width":59,"height":9}},{"id":"e511fa6e-bde2-4dc1-912e-f6bc4f61a569","block_type":"box","text":"4,717,201","page_number":203,"box":{"x":725,"y":505,"width":58,"height":9}},{"id":"4cbb60a7-3fdf-4022-9626-df7e3849ad5f","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":203,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"c8ed4ea9-2d3d-4b1a-aa7e-84d5029bc0af","block_type":"box","text":"(2,229,129)","page_number":203,"box":{"x":488,"y":527,"width":68,"height":9}},{"id":"532087d2-87fc-471b-9837-389e201f45a8","block_type":"box","text":"(2,242,263)","page_number":203,"box":{"x":721,"y":527,"width":68,"height":9}},{"id":"44660a0f-7722-4bd4-9220-c8a6900b2cb9","block_type":"box","text":"Dilution levies","page_number":203,"box":{"x":96,"y":548,"width":84,"height":9}},{"id":"2949df6c-8b29-4a3e-bdbe-d0616564b341","block_type":"box","text":"1,098","page_number":203,"box":{"x":519,"y":549,"width":32,"height":9}},{"id":"9c01c48d-05f4-45dc-b0c4-0a4152a3e50c","block_type":"box","text":"662","page_number":203,"box":{"x":763,"y":549,"width":21,"height":8}},{"id":"c5d283a8-4f4c-4e31-897d-41a9106c2f11","block_type":"box","text":"798,023","page_number":203,"box":{"x":618,"y":571,"width":47,"height":9}},{"id":"7f668341-6f0e-4142-b0ad-bfb5f745592c","block_type":"box","text":"2,475,600","page_number":203,"box":{"x":838,"y":571,"width":58,"height":9}},{"id":"167bb21c-f6ba-48a9-be23-9dcab13edc00","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":203,"box":{"x":96,"y":593,"width":300,"height":11}},{"id":"607ff8c1-5cb0-462b-a847-57ac44294571","block_type":"box","text":"from investment activities (see above)","page_number":203,"box":{"x":95,"y":608,"width":231,"height":10}},{"id":"69828604-20ba-4fa1-9a96-e5ee02f42305","block_type":"box","text":"754,947","page_number":203,"box":{"x":618,"y":609,"width":48,"height":9}},{"id":"062321a3-effe-490a-a1aa-7b7fb4325ba6","block_type":"box","text":"121,131","page_number":203,"box":{"x":849,"y":609,"width":45,"height":9}},{"id":"03b3b7ec-6256-4471-a43c-71a9729b47e4","block_type":"box","text":"Accumulation distributions retained","page_number":203,"box":{"x":95,"y":630,"width":218,"height":9}},{"id":"3f671faa-ff79-4859-9297-31c4e0097c8f","block_type":"box","text":"279,584","page_number":203,"box":{"x":618,"y":631,"width":48,"height":9}},{"id":"d8ef67b6-3ea2-462d-9c96-afa56e610128","block_type":"box","text":"184,703","page_number":203,"box":{"x":849,"y":631,"width":47,"height":9}},{"id":"ff80717e-614a-4715-af14-caccdb147708","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":203,"box":{"x":96,"y":653,"width":311,"height":10}},{"id":"259c9f9d-9c2b-4c8c-898e-c01102cdbfeb","block_type":"box","text":"12,418,588","page_number":203,"box":{"x":596,"y":653,"width":70,"height":9}},{"id":"993f0ddb-8134-4a12-9da0-52aafce5c7dd","block_type":"box","text":"10,586,034","page_number":203,"box":{"x":827,"y":653,"width":70,"height":9}},{"id":"1f4a9af4-77cb-4867-81ca-df07c3775eb9","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":203,"box":{"x":97,"y":38,"width":386,"height":13}},{"id":"4cf8e216-3aeb-447d-9023-7310ebbcc506","block_type":"box","text":"198","page_number":203,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"76513d19-c9aa-443e-a2f3-a1b6d24014f8","block_type":"box","text":"Balance Sheet","page_number":204,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"a83807dc-2799-43c0-ab9d-f8eb808edede","block_type":"box","text":"as at 30 April 2026","page_number":204,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"8c331d38-92aa-4c9f-9aa1-8704f64b32b4","block_type":"box","text":"30.04.26","page_number":204,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"7ef2309f-4e9f-4184-834d-c635672c1fcf","block_type":"box","text":"30.04.25","page_number":204,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"50a3ec6d-de9d-4feb-a6e7-fbe00cc3815a","block_type":"box","text":"Note","page_number":204,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"757be1d7-94f0-441d-a881-d8370641a1fd","block_type":"box","text":"£","page_number":204,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"5c38e1d1-cd94-4a58-a429-3cf89d5f6e65","block_type":"box","text":"£","page_number":204,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"0b7ada10-f663-4781-a070-532022f28bbf","block_type":"box","text":"£","page_number":204,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"df28af63-5a62-402b-8612-44f649f71947","block_type":"box","text":"£","page_number":204,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"6e8e99f1-5d5d-4750-81fb-a58da729285e","block_type":"box","text":"ASSETS","page_number":204,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"b2245709-27e6-40f6-81f5-eff4068c1954","block_type":"box","text":"Investments assets","page_number":204,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"d61bf5bb-e329-4e03-ac4d-ea2d3cf46295","block_type":"box","text":"12,297,106","page_number":204,"box":{"x":596,"y":169,"width":70,"height":9}},{"id":"af24c432-a3df-416a-864b-4f0f4ca09ee3","block_type":"box","text":"10,528,323","page_number":204,"box":{"x":827,"y":169,"width":70,"height":9}},{"id":"46b79eb0-4870-40d9-9cbe-a7453927d3d3","block_type":"box","text":"Current assets","page_number":204,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"9119c23e-5173-4e41-b4f4-4f6c637d78fd","block_type":"box","text":"Debtors","page_number":204,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"9c05990f-1154-4399-bca5-cb43f5bd1f59","block_type":"box","text":"7","page_number":204,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"f96ba3f0-4fc5-43f0-aa80-e591610e31a3","block_type":"box","text":"18,171","page_number":204,"box":{"x":512,"y":207,"width":37,"height":9}},{"id":"b5d75daf-13a5-42c9-ad59-b9ff3b1ba40d","block_type":"box","text":"146,059","page_number":204,"box":{"x":738,"y":207,"width":46,"height":9}},{"id":"ea002bcc-9a30-4a12-b29b-1ae293bd3791","block_type":"box","text":"Cash and bank balances","page_number":204,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"22362fb8-bab5-4c14-a723-4694e77057db","block_type":"box","text":"8","page_number":204,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"e925df13-4333-4b8c-a6de-b2f567bf937a","block_type":"box","text":"145,466","page_number":204,"box":{"x":504,"y":222,"width":47,"height":9}},{"id":"36ba5e9d-5ae7-4061-80f5-be22c0d1979e","block_type":"box","text":"245,856","page_number":204,"box":{"x":737,"y":222,"width":48,"height":9}},{"id":"729e5eaf-91d4-4a49-b3b2-f0ae9f457bf9","block_type":"box","text":"Total current assets","page_number":204,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"11af2d88-437d-4b13-b195-41dfb42fd653","block_type":"box","text":"163,637","page_number":204,"box":{"x":616,"y":244,"width":50,"height":9}},{"id":"e6fc5f00-6781-450c-bae9-169350fe06ea","block_type":"box","text":"391,915","page_number":204,"box":{"x":846,"y":244,"width":50,"height":9}},{"id":"fd733aac-8801-48c1-ac4b-cbe7c892dec5","block_type":"box","text":"Total assets","page_number":204,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"87870f53-cdb5-475e-b08a-c2f293a8787b","block_type":"box","text":"12,460,743","page_number":204,"box":{"x":596,"y":266,"width":70,"height":9}},{"id":"f3eafa60-0a88-47d9-9c4b-bc613401d771","block_type":"box","text":"10,920,238","page_number":204,"box":{"x":827,"y":266,"width":70,"height":9}},{"id":"cffd7667-a3f7-4d32-8f03-c74a6e4a76a6","block_type":"box","text":"Current liabilities","page_number":204,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"92211fc5-3334-420f-9dc6-50058f5ec8ae","block_type":"box","text":"Creditors","page_number":204,"box":{"x":105,"y":319,"width":55,"height":8}},{"id":"0e67238e-fcc8-48c8-a61d-62b2f626bb19","block_type":"box","text":"9","page_number":204,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"1af9e7dc-f7c1-4b10-99c8-df26cdd631e7","block_type":"box","text":"(36,519)","page_number":204,"box":{"x":507,"y":319,"width":49,"height":10}},{"id":"88979dce-e897-4d6b-9f27-00ef826f0348","block_type":"box","text":"(157,145)","page_number":204,"box":{"x":733,"y":319,"width":56,"height":10}},{"id":"2013ffb9-acc1-488a-9cad-d8ceb48aca66","block_type":"box","text":"Bank overdraft","page_number":204,"box":{"x":106,"y":334,"width":89,"height":9}},{"id":"c80987ad-a958-495b-be88-2ae9bf2cc930","block_type":"box","text":"8","page_number":204,"box":{"x":421,"y":335,"width":6,"height":8}},{"id":"b6608e0f-f9e4-419f-b67d-e664cc70508b","block_type":"box","text":"–","page_number":204,"box":{"x":545,"y":339,"width":6,"height":1}},{"id":"a214acc5-157a-4c65-9818-68483ca7bfae","block_type":"box","text":"(174,175)","page_number":204,"box":{"x":733,"y":335,"width":56,"height":9}},{"id":"b87967ec-b4c8-4042-9b68-5254f2996074","block_type":"box","text":"Distribution payable on income shares","page_number":204,"box":{"x":106,"y":350,"width":233,"height":11}},{"id":"48f201de-1abf-4642-84c5-7698ae379a06","block_type":"box","text":"(5,636)","page_number":204,"box":{"x":514,"y":350,"width":42,"height":10}},{"id":"a1a9248a-b9f3-4998-b2ce-ffc2c0523135","block_type":"box","text":"(2,884)","page_number":204,"box":{"x":748,"y":350,"width":41,"height":10}},{"id":"45c623ec-6991-4d0d-b6fa-81e2d51dad8d","block_type":"box","text":"Total current liabilities","page_number":204,"box":{"x":95,"y":372,"width":152,"height":8}},{"id":"a0f75000-ab4c-431d-8a0a-a4277829ca9a","block_type":"box","text":"(42,155)","page_number":204,"box":{"x":618,"y":372,"width":53,"height":10}},{"id":"e1bc44df-9df0-4d4c-b710-b613d7d07f24","block_type":"box","text":"(334,204)","page_number":204,"box":{"x":842,"y":372,"width":59,"height":10}},{"id":"9c9eeb1b-c5c3-4d29-b92c-2e32f4c48ac2","block_type":"box","text":"Net assets attributable to Shareholders","page_number":204,"box":{"x":96,"y":394,"width":261,"height":8}},{"id":"e7548ace-4589-4744-b443-cec491845b51","block_type":"box","text":"12,418,588","page_number":204,"box":{"x":596,"y":395,"width":70,"height":9}},{"id":"0ce3f8f0-24cf-47b9-a8b3-f7887ebb36ae","block_type":"box","text":"10,586,034","page_number":204,"box":{"x":827,"y":395,"width":70,"height":9}},{"id":"0566ffd5-9871-4c6c-a447-270cc5a1e893","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":204,"box":{"x":516,"y":38,"width":386,"height":13}},{"id":"ad8330c7-fc5f-4b3d-923c-b43438af641e","block_type":"box","text":"199","page_number":204,"box":{"x":963,"y":960,"width":26,"height":9}},{"id":"dbfaee4a-72f4-49f1-b8e5-2bf591958032","block_type":"box","text":"Notes to the Financial Statements","page_number":205,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"3ff85f9c-cb1e-4ea1-bbfd-313fcfb4fd88","block_type":"box","text":"for the year ended 30 April 2026","page_number":205,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"af1fc39c-b4e6-492b-aaca-5cb4ef0d7044","block_type":"box","text":"1. Accounting policies","page_number":205,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"ba50c906-b45e-47dc-9e2c-05f7e070add5","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":205,"box":{"x":95,"y":154,"width":641,"height":11}},{"id":"bacd145b-ada2-4fc8-b65d-191a1b49db8f","block_type":"box","text":"2. Net capital gains","page_number":205,"box":{"x":95,"y":196,"width":127,"height":10}},{"id":"ba540bd4-84c2-4c44-98cc-d6677f92df30","block_type":"box","text":"30.04.26","page_number":205,"box":{"x":730,"y":196,"width":55,"height":8}},{"id":"08fe6dde-c767-4ceb-bd78-7e154d19de38","block_type":"box","text":"30.04.25","page_number":205,"box":{"x":840,"y":196,"width":54,"height":8}},{"id":"f3d90cdd-c7a0-4895-a683-3b42e255f956","block_type":"box","text":"£","page_number":205,"box":{"x":778,"y":212,"width":7,"height":7}},{"id":"4395c419-51fc-406a-b63b-4ea4e63fc27a","block_type":"box","text":"£","page_number":205,"box":{"x":888,"y":212,"width":6,"height":7}},{"id":"e6d1b718-fd0b-4ec6-86bd-ef74b4e9e12d","block_type":"box","text":"The net capital gains comprise:","page_number":205,"box":{"x":95,"y":227,"width":187,"height":10}},{"id":"853046e4-b5af-43aa-b2d8-a212fc1ca0b4","block_type":"box","text":"Non-derivative securities gains: realised","page_number":205,"box":{"x":96,"y":245,"width":241,"height":11}},{"id":"4c41bb11-e41e-4a7c-acae-1b0f32075b51","block_type":"box","text":"352,638","page_number":205,"box":{"x":737,"y":246,"width":48,"height":9}},{"id":"89649117-28a6-4f4e-8ba5-b4f6a0ef2ed3","block_type":"box","text":"128,608","page_number":205,"box":{"x":847,"y":246,"width":47,"height":9}},{"id":"45a8893a-cc8c-4b82-9572-dc23dec80bec","block_type":"box","text":"Non-derivative securities gains","page_number":205,"box":{"x":96,"y":264,"width":186,"height":11}},{"id":"68ca33b6-5f23-4565-8cfc-d28b9c6c7337","block_type":"box","text":": unrealised","page_number":205,"box":{"x":283,"y":264,"width":70,"height":8}},{"id":"5dc3e628-08a3-44b5-b9f8-ac071ad16847","block_type":"box","text":"477,774","page_number":205,"box":{"x":737,"y":265,"width":48,"height":9}},{"id":"035702de-3b84-4d4e-bb79-323c1da5d8c7","block_type":"box","text":"39,538","page_number":205,"box":{"x":854,"y":265,"width":40,"height":9}},{"id":"b8cbb4ef-d07e-4a5d-9938-1336a68d3480","block_type":"box","text":"Foreign currency (losses)","page_number":205,"box":{"x":96,"y":283,"width":150,"height":11}},{"id":"a7429be3-eef9-4f2c-a8df-b5ff9f12a88c","block_type":"box","text":"(2,583)","page_number":205,"box":{"x":748,"y":283,"width":41,"height":10}},{"id":"a2e3461a-3b02-446f-835b-885594ddcde2","block_type":"box","text":"–","page_number":205,"box":{"x":888,"y":288,"width":6,"height":1}},{"id":"86f0cf54-6a4b-4ad7-9750-5e7c947a564d","block_type":"box","text":"Transaction charges (custodian)","page_number":205,"box":{"x":95,"y":302,"width":193,"height":10}},{"id":"952e329d-181d-41c6-b4a9-56d01cf31ea4","block_type":"box","text":"214","page_number":205,"box":{"x":763,"y":302,"width":22,"height":8}},{"id":"e99f5328-f9e3-4c06-a42e-973144c934af","block_type":"box","text":"(4,608)","page_number":205,"box":{"x":857,"y":302,"width":42,"height":10}},{"id":"93ca4a4d-9676-4fdc-8537-b3b78211b0e4","block_type":"box","text":"Rebates from underlying holdings","page_number":205,"box":{"x":96,"y":321,"width":205,"height":10}},{"id":"6e1ee008-63bd-460c-803b-6ad6be0e2739","block_type":"box","text":"711","page_number":205,"box":{"x":763,"y":321,"width":20,"height":8}},{"id":"a529bdfb-f15e-4537-bec6-d06a8e5f4be6","block_type":"box","text":"46","page_number":205,"box":{"x":880,"y":321,"width":14,"height":8}},{"id":"293822e9-b950-487d-a56e-c964b20c3545","block_type":"box","text":"Total net capital gains","page_number":205,"box":{"x":95,"y":343,"width":146,"height":10}},{"id":"6f6965b1-7084-44f2-b501-e83ed12b4e68","block_type":"box","text":"828,754","page_number":205,"box":{"x":734,"y":343,"width":51,"height":9}},{"id":"0643b857-1327-4108-9b5a-af0d97d0e96b","block_type":"box","text":"163,584","page_number":205,"box":{"x":844,"y":343,"width":51,"height":9}},{"id":"db34a73d-281b-4912-b3c0-b61f99bc9bce","block_type":"box","text":"3. Revenue","page_number":205,"box":{"x":95,"y":389,"width":72,"height":8}},{"id":"fa11428a-7c47-4130-b943-104d978d4716","block_type":"box","text":"30.04.26","page_number":205,"box":{"x":730,"y":389,"width":55,"height":8}},{"id":"300dce54-e12f-4c74-a14d-be9d25d0ecb2","block_type":"box","text":"30.04.25","page_number":205,"box":{"x":840,"y":389,"width":54,"height":8}},{"id":"42dc9893-5812-40e3-bc29-61f919d5e2bc","block_type":"box","text":"£","page_number":205,"box":{"x":778,"y":405,"width":7,"height":8}},{"id":"9835a326-98c4-4e51-9e61-35198ac6a9d5","block_type":"box","text":"£","page_number":205,"box":{"x":888,"y":405,"width":6,"height":8}},{"id":"eff6507d-9b90-4930-9813-a8a7a93490fe","block_type":"box","text":"Non-taxable dividends","page_number":205,"box":{"x":96,"y":427,"width":136,"height":8}},{"id":"a3b88b98-e130-4567-8f40-9628c8da52c6","block_type":"box","text":"55,270","page_number":205,"box":{"x":745,"y":427,"width":40,"height":9}},{"id":"ff76abcc-aede-438c-9f78-55ff58ac2092","block_type":"box","text":"27,871","page_number":205,"box":{"x":854,"y":427,"width":38,"height":9}},{"id":"81777d4f-e080-4248-bfb9-4fcc68e69bf8","block_type":"box","text":"Annual payment from UK CIS","page_number":205,"box":{"x":95,"y":445,"width":176,"height":11}},{"id":"45071abf-8a59-49fd-a093-77527ee32382","block_type":"box","text":"35","page_number":205,"box":{"x":771,"y":446,"width":13,"height":8}},{"id":"0947c157-c28b-4650-82eb-ede13b5a30f6","block_type":"box","text":"456","page_number":205,"box":{"x":872,"y":446,"width":22,"height":8}},{"id":"04965db0-c87f-44b9-9165-e9ae8e81e7a1","block_type":"box","text":"Interest from non-derivative securities","page_number":205,"box":{"x":96,"y":464,"width":232,"height":9}},{"id":"5827f9d2-b0f9-4571-9cee-cdde20c52fc7","block_type":"box","text":"224,492","page_number":205,"box":{"x":737,"y":465,"width":47,"height":9}},{"id":"bd5704a5-7c68-4c20-b8bc-b7fb4f2e63ca","block_type":"box","text":"168,417","page_number":205,"box":{"x":847,"y":465,"width":47,"height":9}},{"id":"dc935817-9900-478e-82d0-1a57949ce13c","block_type":"box","text":"Rebates from underlying holdings","page_number":205,"box":{"x":96,"y":483,"width":205,"height":11}},{"id":"5514f948-7763-47b7-a4d4-572ceb206716","block_type":"box","text":"7,209","page_number":205,"box":{"x":752,"y":484,"width":32,"height":9}},{"id":"ba6cd73c-e632-4aa1-85e1-b62a7c191c60","block_type":"box","text":"5,623","page_number":205,"box":{"x":862,"y":484,"width":32,"height":9}},{"id":"ec8c5e93-c0e1-47b6-8c9e-8cd96b54cac4","block_type":"box","text":"Bank interest","page_number":205,"box":{"x":96,"y":502,"width":80,"height":8}},{"id":"3905addd-ba5d-4148-9ca1-a80f3cf3588a","block_type":"box","text":"7,342","page_number":205,"box":{"x":752,"y":502,"width":32,"height":9}},{"id":"81c04b24-bac0-4038-b65f-c26b1207fe6e","block_type":"box","text":"4,560","page_number":205,"box":{"x":861,"y":502,"width":33,"height":9}},{"id":"6a4c0cc3-bc2b-46d9-a5ef-e4ce06ee1a12","block_type":"box","text":"Total revenue","page_number":205,"box":{"x":95,"y":524,"width":91,"height":8}},{"id":"49f9fb81-bde0-4786-b30b-6199199c46d9","block_type":"box","text":"294,349","page_number":205,"box":{"x":734,"y":525,"width":51,"height":9}},{"id":"0b6d18b8-15ee-4df9-868a-98f798812a9d","block_type":"box","text":"206,927","page_number":205,"box":{"x":844,"y":525,"width":50,"height":9}},{"id":"3c2f5924-18ff-4faa-9eaa-897a1c8c6215","block_type":"box","text":"4. Expenses","page_number":205,"box":{"x":95,"y":571,"width":76,"height":10}},{"id":"4ebb7f36-d19a-49e3-acf4-ae2117afffb1","block_type":"box","text":"30.04.26","page_number":205,"box":{"x":730,"y":571,"width":55,"height":8}},{"id":"0728844c-a6cd-40b0-bbbf-601450357afa","block_type":"box","text":"30.04.25","page_number":205,"box":{"x":840,"y":571,"width":54,"height":8}},{"id":"1f8f4dc8-051e-456b-9f1c-7a614eb1b3d4","block_type":"box","text":"£","page_number":205,"box":{"x":778,"y":586,"width":7,"height":8}},{"id":"6fd9f51a-53f0-41e3-b6e6-259baff18b0b","block_type":"box","text":"£","page_number":205,"box":{"x":888,"y":586,"width":6,"height":8}},{"id":"b4ac43f3-4d4a-4281-9d0c-69b98073ea78","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":205,"box":{"x":96,"y":601,"width":549,"height":11}},{"id":"b6ad7924-6f88-4c60-97f8-6a2f86e474f2","block_type":"box","text":"agents of either of them:","page_number":205,"box":{"x":95,"y":617,"width":149,"height":10}},{"id":"3aaeddfe-5327-4ed9-918f-06e003166451","block_type":"box","text":"Annual management charge","page_number":205,"box":{"x":104,"y":636,"width":172,"height":10}},{"id":"6481fffe-fcca-40a4-99f4-c1fe01abd812","block_type":"box","text":"34,608","page_number":205,"box":{"x":745,"y":636,"width":40,"height":9}},{"id":"e98bbc88-1f9c-484e-ba07-b8e0df927f52","block_type":"box","text":"27,154","page_number":205,"box":{"x":854,"y":636,"width":41,"height":9}},{"id":"ec93f9aa-1374-4247-9b03-32491c6447e9","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":205,"box":{"x":96,"y":658,"width":514,"height":10}},{"id":"6cd52a23-137a-4db2-a9ae-85d45dff6bcb","block_type":"box","text":"Depositary fee","page_number":205,"box":{"x":106,"y":677,"width":86,"height":10}},{"id":"721cba1e-4515-45a4-b58d-a28937b007b8","block_type":"box","text":"2,744","page_number":205,"box":{"x":752,"y":677,"width":33,"height":9}},{"id":"627c49ec-a411-4e28-949f-b82b96c03996","block_type":"box","text":"2,157","page_number":205,"box":{"x":862,"y":677,"width":32,"height":9}},{"id":"b3025ae9-615a-4fa1-b529-ca32dd530f4a","block_type":"box","text":"Safe custody fee","page_number":205,"box":{"x":105,"y":692,"width":98,"height":11}},{"id":"d93f155f-5bc5-4504-ae47-5bd7566d91dc","block_type":"box","text":"1,726","page_number":205,"box":{"x":753,"y":692,"width":32,"height":10}},{"id":"c8f7b8c2-9e09-4029-88fc-4c2d497e4ee3","block_type":"box","text":"824","page_number":205,"box":{"x":873,"y":692,"width":22,"height":8}},{"id":"413c1e01-5b08-4bc9-b7d0-b8595dd91a34","block_type":"box","text":"4,470","page_number":205,"box":{"x":752,"y":715,"width":33,"height":9}},{"id":"ce1739bb-9266-4190-9395-0dec02fe7035","block_type":"box","text":"2,981","page_number":205,"box":{"x":862,"y":715,"width":30,"height":9}},{"id":"df910ade-136a-4466-b685-63e672d4ba59","block_type":"box","text":"Other expenses:","page_number":205,"box":{"x":96,"y":730,"width":97,"height":10}},{"id":"07913ff2-b6cf-480c-854b-bb2aa5a36fd5","block_type":"box","text":"Audit fee*","page_number":205,"box":{"x":104,"y":748,"width":62,"height":9}},{"id":"330430cf-0420-4662-b3ee-84428d15aa70","block_type":"box","text":"9,720","page_number":205,"box":{"x":752,"y":749,"width":33,"height":9}},{"id":"9d9ac0db-53de-4f50-843f-8eb40b4696f2","block_type":"box","text":"8,150","page_number":205,"box":{"x":862,"y":749,"width":32,"height":9}},{"id":"5d910073-9956-4eb4-a8bb-ed2ca7124d5b","block_type":"box","text":"Legal fee","page_number":205,"box":{"x":106,"y":764,"width":52,"height":11}},{"id":"59f94465-71ea-4498-bef9-bbe185b123b8","block_type":"box","text":"4,500","page_number":205,"box":{"x":752,"y":764,"width":33,"height":9}},{"id":"85ae87d4-d9c6-4b51-b0f6-db886cf49a59","block_type":"box","text":"–","page_number":205,"box":{"x":888,"y":769,"width":6,"height":0}},{"id":"03ae4e19-03cd-4f80-9b06-224335c82609","block_type":"box","text":"Other expenses","page_number":205,"box":{"x":105,"y":779,"width":95,"height":11}},{"id":"57685c13-88ab-42cd-825a-db92bd32cb6d","block_type":"box","text":"7,068","page_number":205,"box":{"x":752,"y":780,"width":33,"height":9}},{"id":"5edaef24-f3fe-4e09-bf19-064aa2a09d03","block_type":"box","text":"7,307","page_number":205,"box":{"x":862,"y":780,"width":32,"height":9}},{"id":"61d607eb-01c6-4d51-a4da-d55e58994df0","block_type":"box","text":"21,288","page_number":205,"box":{"x":745,"y":802,"width":40,"height":9}},{"id":"6ae2d1e4-f5d6-4d40-8070-0ce1720c86f7","block_type":"box","text":"15,457","page_number":205,"box":{"x":855,"y":802,"width":39,"height":9}},{"id":"958ca7f7-675a-4612-be79-66235877167b","block_type":"box","text":"Expenses","page_number":205,"box":{"x":96,"y":837,"width":60,"height":10}},{"id":"c237bd25-767a-415a-8496-e6c1943c3caf","block_type":"box","text":"60,366","page_number":205,"box":{"x":742,"y":837,"width":43,"height":9}},{"id":"67fde0de-cfcb-447c-814f-ec2fb8f0a844","block_type":"box","text":"45,592","page_number":205,"box":{"x":852,"y":837,"width":42,"height":9}},{"id":"3bd0ae7d-0d4e-4371-83e1-c40242274275","block_type":"box","text":"Interest payable and similar charges","page_number":205,"box":{"x":96,"y":859,"width":219,"height":11}},{"id":"df272751-c5f8-43f3-b127-94f8a3faee71","block_type":"box","text":"3,140","page_number":205,"box":{"x":752,"y":859,"width":33,"height":9}},{"id":"763a82e5-76fe-4609-8000-f257b7be4b1f","block_type":"box","text":"534","page_number":205,"box":{"x":873,"y":859,"width":22,"height":8}},{"id":"32e57a0a-4343-48e0-8133-2522c2ac38f1","block_type":"box","text":"Total","page_number":205,"box":{"x":95,"y":881,"width":33,"height":8}},{"id":"7c5dd8a5-446d-44e3-a6ab-aba9188ab59c","block_type":"box","text":"63,506","page_number":205,"box":{"x":742,"y":881,"width":43,"height":10}},{"id":"c16c13b1-b83e-4f30-9799-fe4ff3da21d9","block_type":"box","text":"46,126","page_number":205,"box":{"x":852,"y":881,"width":42,"height":10}},{"id":"9b810a49-20da-4a9e-b807-bb2e80310b7c","block_type":"box","text":"*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","page_number":205,"box":{"x":95,"y":903,"width":809,"height":11}},{"id":"166827b2-3de9-40ec-a518-f6185d6e00c2","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":205,"box":{"x":96,"y":919,"width":174,"height":10}},{"id":"bcb26733-bfae-46a7-8b06-770be2e6cd83","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":205,"box":{"x":97,"y":38,"width":386,"height":13}},{"id":"ae5535f0-50e0-4fa1-8983-8db290c7a205","block_type":"box","text":"200","page_number":205,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"95480093-4b8e-4ee1-adf9-bae97078add7","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":206,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"5b2485c2-a612-4072-be98-6ea8ef7c0853","block_type":"box","text":"for the year ended 30 April 2026","page_number":206,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"8ae9ee1d-c945-4808-8078-70014f8371ab","block_type":"box","text":"5. Taxation","page_number":206,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"84912f80-c91a-4685-b813-45af08f32339","block_type":"box","text":"30.04.26","page_number":206,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"5d8e8e0f-2cc5-40d0-9ce9-860390985eca","block_type":"box","text":"30.04.25","page_number":206,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"c623020a-8d77-4ae8-990a-fda46f018a02","block_type":"box","text":"£","page_number":206,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"6479d72f-eefe-4af8-b151-377d89efa903","block_type":"box","text":"£","page_number":206,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"6b00df6d-5455-4f9b-9e6d-e7c70f47495e","block_type":"box","text":"(a) Analysis of charge in the year","page_number":206,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"354db1aa-34dd-47ab-bfd4-a977c61abfdd","block_type":"box","text":"UK corporation tax","page_number":206,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"52a77bd9-3900-480c-837b-9d3ce2f9b33e","block_type":"box","text":"–","page_number":206,"box":{"x":778,"y":196,"width":7,"height":0}},{"id":"06b2e896-3eaf-4526-b157-2ba2de8b9a56","block_type":"box","text":"–","page_number":206,"box":{"x":888,"y":196,"width":6,"height":0}},{"id":"3d4a1d70-5744-4637-853b-25a7e454a19f","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":206,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"1f00a1d7-89af-49f2-a480-2e0f4e9a3b98","block_type":"box","text":"–","page_number":206,"box":{"x":778,"y":218,"width":7,"height":1}},{"id":"be78a3b9-12c6-4ed9-814f-df8f9b6dc583","block_type":"box","text":"–","page_number":206,"box":{"x":888,"y":218,"width":6,"height":1}},{"id":"354912f4-691e-43ca-af6b-6f277fc970e5","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":206,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"29972906-184f-4dbd-8795-eb75efe71410","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":206,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"5eca02f1-0863-41d7-b5bc-2185782c29fb","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":206,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"3aee60d1-372c-4d2b-9685-aeff5b4d00ec","block_type":"box","text":"Net revenue before UK corporation tax","page_number":206,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"5cd6adab-b73f-41dd-b43e-8e43ac101426","block_type":"box","text":"230,843","page_number":206,"box":{"x":737,"y":304,"width":47,"height":9}},{"id":"94f8f635-8bb8-4bb0-aa99-c1b871dbea2c","block_type":"box","text":"160,801","page_number":206,"box":{"x":847,"y":304,"width":45,"height":9}},{"id":"83820919-ef29-4b84-bbea-de2b1782b4e6","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":206,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"c78e3c78-9a9f-4702-a02a-288d661b7238","block_type":"box","text":"46,169","page_number":206,"box":{"x":744,"y":326,"width":40,"height":9}},{"id":"b29d465f-7a05-441c-9041-36a1659faa40","block_type":"box","text":"32,160","page_number":206,"box":{"x":854,"y":326,"width":40,"height":9}},{"id":"3aec38b5-3be6-4774-9c06-ffc58ddea635","block_type":"box","text":"Effects of:","page_number":206,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"b0ff475c-f053-4bd1-879f-06482e09fc19","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":206,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"0fb95cee-2b2f-4191-9047-0c5b0c96abc5","block_type":"box","text":"(11,054)","page_number":206,"box":{"x":740,"y":364,"width":49,"height":9}},{"id":"ca128583-1ba6-47c1-b27b-7ab1cdf23231","block_type":"box","text":"(5,574)","page_number":206,"box":{"x":857,"y":364,"width":42,"height":9}},{"id":"268cfab1-e18b-44d1-8c9a-ca1871a3a93e","block_type":"box","text":"Tax effect of rebates in capital","page_number":206,"box":{"x":95,"y":382,"width":181,"height":11}},{"id":"4eebf98c-8018-4376-a770-8d93bf1c5e2f","block_type":"box","text":"142","page_number":206,"box":{"x":764,"y":383,"width":20,"height":7}},{"id":"f995767c-d12d-4611-83fd-ba070b7ba81e","block_type":"box","text":"–","page_number":206,"box":{"x":888,"y":387,"width":6,"height":1}},{"id":"88744981-fa8d-4b69-b841-8b0c985785ae","block_type":"box","text":"Interest distribution","page_number":206,"box":{"x":96,"y":401,"width":120,"height":8}},{"id":"9d080ad7-84c2-4d1a-8395-cb8ced25824e","block_type":"box","text":"(35,257)","page_number":206,"box":{"x":740,"y":401,"width":49,"height":10}},{"id":"dd03093a-c26e-4b65-947f-1ec1b5808605","block_type":"box","text":"(26,586)","page_number":206,"box":{"x":850,"y":401,"width":49,"height":10}},{"id":"e33ff970-ee88-43f9-a7a2-c7493e7e87a1","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":206,"box":{"x":95,"y":423,"width":251,"height":11}},{"id":"0ae9135d-1ad1-4e78-9386-2b8bdebacb2c","block_type":"box","text":"–","page_number":206,"box":{"x":778,"y":428,"width":7,"height":1}},{"id":"fa97563e-9d15-4160-a968-9fc0c99f48d5","block_type":"box","text":"–","page_number":206,"box":{"x":888,"y":428,"width":6,"height":1}},{"id":"e69df1ac-b992-47c2-b2f9-9d14cf381f6a","block_type":"box","text":"6. Distributions","page_number":206,"box":{"x":95,"y":469,"width":102,"height":9}},{"id":"1c5d6476-99a5-4107-8f7e-5cb254540156","block_type":"box","text":"30.04.26","page_number":206,"box":{"x":730,"y":485,"width":55,"height":8}},{"id":"90062315-a976-4dc3-8395-4e5522e8e921","block_type":"box","text":"30.04.25","page_number":206,"box":{"x":840,"y":485,"width":54,"height":8}},{"id":"fa536dd4-a8fc-475c-b1aa-d44a4d11445b","block_type":"box","text":"£","page_number":206,"box":{"x":778,"y":501,"width":7,"height":8}},{"id":"3eda472a-9d44-4150-9baf-93572fa4d93a","block_type":"box","text":"£","page_number":206,"box":{"x":888,"y":501,"width":6,"height":8}},{"id":"d6e13f33-7f4e-4322-8de3-92b275a77b42","block_type":"box","text":"Interim distributions","page_number":206,"box":{"x":96,"y":523,"width":124,"height":8}},{"id":"21f716b4-ed85-432e-85e9-53a28780e29e","block_type":"box","text":"223,522","page_number":206,"box":{"x":737,"y":523,"width":47,"height":9}},{"id":"919e2eff-252b-4c5b-ab22-9086dcc54878","block_type":"box","text":"177,992","page_number":206,"box":{"x":847,"y":523,"width":47,"height":9}},{"id":"2585958d-059e-4ac2-851b-1b5df4d2e943","block_type":"box","text":"Final distribution","page_number":206,"box":{"x":96,"y":541,"width":101,"height":9}},{"id":"c0024b97-f957-4647-abc5-3fc739e73278","block_type":"box","text":"81,398","page_number":206,"box":{"x":745,"y":542,"width":40,"height":9}},{"id":"55a2e202-0b14-4337-b25d-e6de79e721ca","block_type":"box","text":"30,253","page_number":206,"box":{"x":854,"y":542,"width":40,"height":9}},{"id":"1b4efbc2-19a5-4d43-a052-e4e39d841bb8","block_type":"box","text":"304,920","page_number":206,"box":{"x":737,"y":564,"width":48,"height":9}},{"id":"175036ca-b4ea-4344-b684-1889be28401b","block_type":"box","text":"208,245","page_number":206,"box":{"x":847,"y":564,"width":47,"height":9}},{"id":"d26de1a9-a445-48c1-8478-989c5f119986","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":206,"box":{"x":95,"y":582,"width":300,"height":9}},{"id":"5cc82f44-fb43-4932-b986-89315f4addd7","block_type":"box","text":"2,454","page_number":206,"box":{"x":752,"y":583,"width":33,"height":9}},{"id":"6691a41c-68ec-4c02-b053-595729dbd94a","block_type":"box","text":"3,573","page_number":206,"box":{"x":862,"y":583,"width":32,"height":9}},{"id":"b6b9cbc5-f45b-4b82-a68d-b762d0bc9e16","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":206,"box":{"x":96,"y":601,"width":289,"height":8}},{"id":"e3c57b4a-b868-466a-a149-90338a90519a","block_type":"box","text":"(2,724)","page_number":206,"box":{"x":748,"y":602,"width":41,"height":9}},{"id":"aac01236-b5cb-42f9-ab37-6576d7ceb657","block_type":"box","text":"(8,564)","page_number":206,"box":{"x":857,"y":602,"width":42,"height":9}},{"id":"099ab6b6-f93c-4a4c-9ec3-fbcdf5937faf","block_type":"box","text":"Distributions","page_number":206,"box":{"x":96,"y":623,"width":86,"height":9}},{"id":"6b8b59fb-2c97-4f84-9ba6-e02e75fe0bb3","block_type":"box","text":"304,650","page_number":206,"box":{"x":737,"y":624,"width":48,"height":9}},{"id":"79928244-4922-4efc-a534-d6a103565e31","block_type":"box","text":"203,254","page_number":206,"box":{"x":847,"y":624,"width":48,"height":9}},{"id":"997ea3bb-9688-4ae2-9b6e-b13e1e55dd4a","block_type":"box","text":"Reconciliation of distributions","page_number":206,"box":{"x":96,"y":661,"width":200,"height":8}},{"id":"c6bc8abf-4f44-4ca6-b792-3e9f2a3e799d","block_type":"box","text":"Net revenue after taxation","page_number":206,"box":{"x":96,"y":680,"width":159,"height":8}},{"id":"cccc2563-f409-4778-bf74-1409d1525ff4","block_type":"box","text":"230,843","page_number":206,"box":{"x":737,"y":680,"width":47,"height":9}},{"id":"c3126f8b-a01e-4173-8623-c5c45d88fc52","block_type":"box","text":"160,801","page_number":206,"box":{"x":847,"y":680,"width":45,"height":9}},{"id":"fe3fe12a-61fa-44e0-badd-df6092083d33","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":206,"box":{"x":96,"y":695,"width":301,"height":11}},{"id":"55ed409f-98af-4504-91a2-11e3bda3effd","block_type":"box","text":"12,921","page_number":206,"box":{"x":745,"y":696,"width":38,"height":9}},{"id":"4668c44b-bf7c-48d5-8e68-218eefcc00c7","block_type":"box","text":"19,101","page_number":206,"box":{"x":855,"y":696,"width":37,"height":9}},{"id":"bae5d5a6-599b-4a69-98ce-fe86a677c01a","block_type":"box","text":"Expenses charged to capital","page_number":206,"box":{"x":96,"y":711,"width":167,"height":10}},{"id":"8e327338-07c4-4029-8628-0e2a067c30bb","block_type":"box","text":"60,366","page_number":206,"box":{"x":745,"y":711,"width":40,"height":9}},{"id":"456b184e-1fa7-49cf-b7ae-80a1691fde8d","block_type":"box","text":"45,592","page_number":206,"box":{"x":854,"y":711,"width":40,"height":9}},{"id":"e2246e51-c010-4713-a847-b90703454baf","block_type":"box","text":"Balance brought forward","page_number":206,"box":{"x":96,"y":726,"width":150,"height":11}},{"id":"6139df9b-3edb-4d38-8ca8-84b574ab8b37","block_type":"box","text":"520","page_number":206,"box":{"x":763,"y":726,"width":22,"height":8}},{"id":"f1666d92-0103-44b8-b8e7-375c920392c7","block_type":"box","text":"(21,720)","page_number":206,"box":{"x":850,"y":726,"width":49,"height":10}},{"id":"51d8d1dc-919b-4af5-bd24-56cab85d92be","block_type":"box","text":"Balance carried forward","page_number":206,"box":{"x":96,"y":741,"width":144,"height":9}},{"id":"c3c9f341-893a-4cc3-938c-a3a11054cde1","block_type":"box","text":"–","page_number":206,"box":{"x":778,"y":746,"width":7,"height":1}},{"id":"93191ba6-a58c-41d7-8f41-649c5584c0d3","block_type":"box","text":"(520)","page_number":206,"box":{"x":868,"y":742,"width":30,"height":9}},{"id":"994d00bb-b81b-43ad-91f3-6897bc6f1a83","block_type":"box","text":"Net distribution for the year","page_number":206,"box":{"x":96,"y":764,"width":187,"height":10}},{"id":"ab733efc-517b-4dda-af2b-60e00ce24b1e","block_type":"box","text":"304,650","page_number":206,"box":{"x":734,"y":764,"width":51,"height":9}},{"id":"88699a57-86ba-425d-b805-b015598a2323","block_type":"box","text":"203,254","page_number":206,"box":{"x":844,"y":764,"width":51,"height":9}},{"id":"0b1f537c-a57c-4f92-aeb7-17c1892626f6","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":206,"box":{"x":516,"y":38,"width":386,"height":13}},{"id":"fa6b6a3a-0595-4d01-9934-ebc5d652c081","block_type":"box","text":"201","page_number":206,"box":{"x":962,"y":960,"width":25,"height":9}},{"id":"43366415-0c22-4aff-8f85-1895f7fb1d3a","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":207,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"09e9f12e-876f-46d2-bcdf-075f9ecc3d26","block_type":"box","text":"for the year ended 30 April 2026","page_number":207,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"6de2ecd3-363f-425c-a750-9346fe3b469e","block_type":"box","text":"7. Debtors","page_number":207,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"ae0e7b15-8c38-43de-b8a0-61193d737ec8","block_type":"box","text":"30.04.26","page_number":207,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"30474d98-2ab2-4376-892b-a2650d484742","block_type":"box","text":"30.04.25","page_number":207,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"f9f6f208-a0b4-4cc8-ae88-51969ddaeae5","block_type":"box","text":"£","page_number":207,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"7bd22f3c-6752-468a-93e5-8dd7659591e2","block_type":"box","text":"£","page_number":207,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"020152fa-0655-4aa8-a94f-6b5466349d6c","block_type":"box","text":"Amounts receivable on creation of shares","page_number":207,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"ae1479ed-5c69-4374-8565-dcdb75a97bf5","block_type":"box","text":"–","page_number":207,"box":{"x":778,"y":177,"width":7,"height":1}},{"id":"a91c95f8-e4ae-416e-83a4-4dce6b3a6dcf","block_type":"box","text":"108,007","page_number":207,"box":{"x":847,"y":172,"width":47,"height":9}},{"id":"5d3c49ad-0392-4d6d-9206-aa0374e26d90","block_type":"box","text":"Amounts receivable from unsettled trades","page_number":207,"box":{"x":95,"y":191,"width":257,"height":8}},{"id":"7ddb75f3-730b-4c3d-89d1-e8663c9ebaff","block_type":"box","text":"14,216","page_number":207,"box":{"x":745,"y":191,"width":40,"height":9}},{"id":"d0a5281f-afa7-41db-921a-ffad4815d607","block_type":"box","text":"35,543","page_number":207,"box":{"x":854,"y":191,"width":40,"height":9}},{"id":"5e1f3b0a-0ea6-4c22-992a-80638c162c16","block_type":"box","text":"Accrued revenue:","page_number":207,"box":{"x":95,"y":210,"width":105,"height":8}},{"id":"3523163a-3739-4326-a074-d35ca9b1ffd0","block_type":"box","text":"Rebates from underlying holdings","page_number":207,"box":{"x":96,"y":228,"width":205,"height":11}},{"id":"02970653-cb05-494f-9166-7a76dd7e72c4","block_type":"box","text":"2,635","page_number":207,"box":{"x":752,"y":229,"width":32,"height":9}},{"id":"55044b80-577e-44be-9266-4ed46a08ee91","block_type":"box","text":"2,326","page_number":207,"box":{"x":862,"y":229,"width":32,"height":9}},{"id":"c5395c77-9d1d-4bf7-9189-c113e93d90eb","block_type":"box","text":"Income tax recoverable","page_number":207,"box":{"x":96,"y":247,"width":141,"height":8}},{"id":"e9b53bed-e6d4-41df-b160-aaea6cb3a28b","block_type":"box","text":"7","page_number":207,"box":{"x":778,"y":248,"width":7,"height":7}},{"id":"227647cb-5650-4158-84a2-d5f7971c88f3","block_type":"box","text":"91","page_number":207,"box":{"x":880,"y":248,"width":12,"height":7}},{"id":"180476a0-d2ee-4eb7-9300-2ee9be4b7c03","block_type":"box","text":"Bank interest receivable","page_number":207,"box":{"x":96,"y":266,"width":145,"height":8}},{"id":"bdb76f30-0132-491a-a961-a38cc907d89a","block_type":"box","text":"1,313","page_number":207,"box":{"x":753,"y":266,"width":31,"height":9}},{"id":"779cedb5-1389-4003-8d40-3eab401a0dab","block_type":"box","text":"–","page_number":207,"box":{"x":888,"y":271,"width":6,"height":1}},{"id":"de847ba7-9706-4bae-ac27-f93960e006e5","block_type":"box","text":"Prepayments","page_number":207,"box":{"x":96,"y":285,"width":79,"height":10}},{"id":"ff74cf8f-a588-4d0f-b458-40bdae4213d0","block_type":"box","text":"–","page_number":207,"box":{"x":778,"y":290,"width":7,"height":0}},{"id":"6f23311d-31dd-452b-8929-8379bab439b0","block_type":"box","text":"92","page_number":207,"box":{"x":880,"y":285,"width":14,"height":8}},{"id":"d5ee7b8b-f58f-4e82-9570-ac1ad6a462cb","block_type":"box","text":"Total debtors","page_number":207,"box":{"x":95,"y":307,"width":88,"height":8}},{"id":"ba19ab92-8aed-4b89-ac9f-2cc380883901","block_type":"box","text":"18,171","page_number":207,"box":{"x":743,"y":307,"width":40,"height":9}},{"id":"54cde303-7513-425d-9142-cdfe185c4c10","block_type":"box","text":"146,059","page_number":207,"box":{"x":844,"y":307,"width":50,"height":9}},{"id":"a96cebc3-e960-40b5-8934-bfd27a217238","block_type":"box","text":"8. Cash and bank balances","page_number":207,"box":{"x":95,"y":360,"width":174,"height":8}},{"id":"ac98b293-e761-46c5-a004-9129e6b417d9","block_type":"box","text":"30.04.26","page_number":207,"box":{"x":730,"y":360,"width":55,"height":8}},{"id":"ac7e5666-42ea-43eb-8218-669333843914","block_type":"box","text":"30.04.25","page_number":207,"box":{"x":840,"y":360,"width":54,"height":8}},{"id":"ce62b57d-4198-4735-b87e-5c55e47b9444","block_type":"box","text":"£","page_number":207,"box":{"x":778,"y":376,"width":7,"height":8}},{"id":"88dfa1a1-0be0-4ed0-8417-d8026a8220e0","block_type":"box","text":"£","page_number":207,"box":{"x":888,"y":376,"width":6,"height":8}},{"id":"cb66bb2b-e579-4942-b983-121322474317","block_type":"box","text":"Cash and bank balances","page_number":207,"box":{"x":96,"y":398,"width":146,"height":8}},{"id":"14193499-e74e-423d-9459-cc155b6ac26d","block_type":"box","text":"145,466","page_number":207,"box":{"x":738,"y":398,"width":47,"height":9}},{"id":"e2f21972-9f7b-4e7d-bb8e-a2db3658fa6a","block_type":"box","text":"245,856","page_number":207,"box":{"x":847,"y":398,"width":47,"height":9}},{"id":"18eec178-66ff-4473-b005-f517cb8d82e6","block_type":"box","text":"Bank overdraft","page_number":207,"box":{"x":96,"y":416,"width":89,"height":9}},{"id":"508eb4f3-cb53-49de-a9d8-013699e3b197","block_type":"box","text":"–","page_number":207,"box":{"x":778,"y":421,"width":7,"height":1}},{"id":"f339c508-4101-40c3-8b0d-3f54d1d88b5f","block_type":"box","text":"(174,175)","page_number":207,"box":{"x":842,"y":417,"width":57,"height":9}},{"id":"b878d6c8-f9f9-4079-b6e6-e437a4bfc256","block_type":"box","text":"Total","page_number":207,"box":{"x":95,"y":439,"width":33,"height":8}},{"id":"565dcbd6-5bff-4414-9799-38d0bcee7a82","block_type":"box","text":"145,466","page_number":207,"box":{"x":735,"y":439,"width":50,"height":9}},{"id":"e3e9f3e8-8ad0-4f3c-9494-4b7ed7dd72f3","block_type":"box","text":"71,681","page_number":207,"box":{"x":852,"y":439,"width":41,"height":9}},{"id":"0a346df3-e0af-4149-9e32-d2415a0e70ed","block_type":"box","text":"9. Creditors","page_number":207,"box":{"x":95,"y":492,"width":76,"height":8}},{"id":"31be1352-3522-4883-b0c6-f0f6af56afac","block_type":"box","text":"30.04.26","page_number":207,"box":{"x":730,"y":492,"width":55,"height":8}},{"id":"d7e186e3-8ad0-4fa2-a23e-02de7c145b58","block_type":"box","text":"30.04.25","page_number":207,"box":{"x":840,"y":492,"width":54,"height":8}},{"id":"511dd210-596f-4428-8288-c60922d97dea","block_type":"box","text":"£","page_number":207,"box":{"x":778,"y":507,"width":7,"height":8}},{"id":"eddee423-d73a-45a4-a33c-a89fd3d468f9","block_type":"box","text":"£","page_number":207,"box":{"x":888,"y":507,"width":6,"height":8}},{"id":"305a9de9-d955-4340-988b-27d8587db9bf","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":207,"box":{"x":95,"y":529,"width":261,"height":11}},{"id":"ae105986-9e78-4b61-9a93-dd5a43a60d65","block_type":"box","text":"18,865","page_number":207,"box":{"x":745,"y":530,"width":39,"height":9}},{"id":"4bbe4b8d-3588-4b6c-a145-e6d57d108380","block_type":"box","text":"54,996","page_number":207,"box":{"x":854,"y":530,"width":40,"height":9}},{"id":"c7d1597e-b50c-472e-868a-a80784abfd05","block_type":"box","text":"Amounts payable on unsettled trades","page_number":207,"box":{"x":95,"y":548,"width":228,"height":11}},{"id":"c05890f3-a136-4c90-a011-3ae8b04a1d28","block_type":"box","text":"–","page_number":207,"box":{"x":778,"y":553,"width":7,"height":1}},{"id":"3a25ec52-2f89-4e01-909d-ebbcb7138d29","block_type":"box","text":"84,695","page_number":207,"box":{"x":854,"y":548,"width":40,"height":10}},{"id":"deb5e79f-04cf-4365-b0fa-322eb8e31914","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":207,"box":{"x":96,"y":567,"width":549,"height":11}},{"id":"46ca9ea8-11dc-48e0-a8c2-39be78aea259","block_type":"box","text":"agents of either of them:","page_number":207,"box":{"x":95,"y":582,"width":149,"height":11}},{"id":"200f3d0f-b7fb-4528-b359-170e5883cd1d","block_type":"box","text":"Annual management charge","page_number":207,"box":{"x":104,"y":601,"width":172,"height":11}},{"id":"887c72f1-16e3-46c8-9e66-c24402fac833","block_type":"box","text":"3,072","page_number":207,"box":{"x":752,"y":602,"width":32,"height":9}},{"id":"48fee7d6-b293-4525-8e3d-e85973086286","block_type":"box","text":"2,605","page_number":207,"box":{"x":862,"y":602,"width":32,"height":9}},{"id":"a4d1d235-1505-44d6-b194-123daa961c1a","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":207,"box":{"x":96,"y":623,"width":514,"height":11}},{"id":"5df8b4cb-7de1-44c8-9e18-b9e4f43cafef","block_type":"box","text":"Depositary fee","page_number":207,"box":{"x":106,"y":642,"width":86,"height":11}},{"id":"32c51df4-abae-4be8-99c1-2be67e07076e","block_type":"box","text":"273","page_number":207,"box":{"x":763,"y":643,"width":21,"height":7}},{"id":"59e79cde-0b93-459f-9dc3-074cb6b60deb","block_type":"box","text":"220","page_number":207,"box":{"x":873,"y":643,"width":21,"height":7}},{"id":"0b4188c7-15a4-4b73-8e41-4bd1fb30ed91","block_type":"box","text":"Safe custody and other custodian charges","page_number":207,"box":{"x":105,"y":658,"width":253,"height":10}},{"id":"453089a2-2c10-4d89-816a-f42ba6a58151","block_type":"box","text":"51","page_number":207,"box":{"x":771,"y":658,"width":12,"height":8}},{"id":"51938c9c-e5c4-49f6-b1f7-876a391300c1","block_type":"box","text":"5,934","page_number":207,"box":{"x":862,"y":658,"width":33,"height":9}},{"id":"0a48686e-4db4-4c6f-8e8f-eb9c0d6f7273","block_type":"box","text":"324","page_number":207,"box":{"x":763,"y":680,"width":22,"height":8}},{"id":"6947d54a-13e9-4325-8146-5edad95ba493","block_type":"box","text":"6,154","page_number":207,"box":{"x":862,"y":680,"width":33,"height":9}},{"id":"0b6344cd-fba2-4220-b8ce-31ccbe5e11d2","block_type":"box","text":"Other expenses:","page_number":207,"box":{"x":96,"y":702,"width":97,"height":11}},{"id":"622db8d8-990d-44e9-ba06-5b86444bb100","block_type":"box","text":"Audit fee*","page_number":207,"box":{"x":104,"y":721,"width":62,"height":8}},{"id":"09efe78c-db54-4108-86f0-72e2cc9a09ec","block_type":"box","text":"9,720","page_number":207,"box":{"x":752,"y":721,"width":33,"height":9}},{"id":"3c78805a-3fd2-4a9a-b0ca-da8c41e0b76e","block_type":"box","text":"7,862","page_number":207,"box":{"x":862,"y":721,"width":32,"height":9}},{"id":"e7d409f9-4a4f-4382-a6c5-5950629612cd","block_type":"box","text":"Other accrued expenses","page_number":207,"box":{"x":105,"y":736,"width":147,"height":11}},{"id":"4f2f747d-c6ba-4b20-b02f-bb56118e4364","block_type":"box","text":"4,538","page_number":207,"box":{"x":752,"y":737,"width":33,"height":9}},{"id":"1da95b5f-9d96-4741-af4d-83c7e50c5c2e","block_type":"box","text":"833","page_number":207,"box":{"x":873,"y":737,"width":21,"height":7}},{"id":"4597e906-dd4a-4c9e-bf64-8c77cbec7265","block_type":"box","text":"14,258","page_number":207,"box":{"x":745,"y":759,"width":40,"height":9}},{"id":"02dd4c9e-c268-4ce7-89f8-10cb9c928d2f","block_type":"box","text":"8,695","page_number":207,"box":{"x":862,"y":759,"width":32,"height":9}},{"id":"6deaf2e9-c3e5-4c27-85d6-ec961167193a","block_type":"box","text":"Total creditors","page_number":207,"box":{"x":95,"y":794,"width":97,"height":8}},{"id":"9a68d559-13ae-493a-91e7-b9db20c55e38","block_type":"box","text":"36,519","page_number":207,"box":{"x":742,"y":794,"width":43,"height":9}},{"id":"60631b28-0da8-4288-be49-a36f52da36e6","block_type":"box","text":"157,145","page_number":207,"box":{"x":844,"y":794,"width":50,"height":9}},{"id":"6dc391c7-0d83-4db4-93e9-92cfcba7f4e0","block_type":"box","text":"*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","page_number":207,"box":{"x":95,"y":816,"width":809,"height":10}},{"id":"a1c45c64-3943-4f64-8786-ac3c486c0f29","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":207,"box":{"x":96,"y":831,"width":174,"height":10}},{"id":"71172229-f4b7-4832-b013-81405fd58d27","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":207,"box":{"x":97,"y":38,"width":386,"height":13}},{"id":"82d0fab8-7040-47fc-9f49-7c0348982d73","block_type":"box","text":"202","page_number":207,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"989841c2-d310-4cf8-a1c3-40426ffcc002","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":208,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"67943ab2-74a9-44bd-8db2-f3965344e7a1","block_type":"box","text":"for the year ended 30 April 2026","page_number":208,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"aa14deec-03ca-4333-9a89-267afa778dbd","block_type":"box","text":"10. Risk management policies","page_number":208,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"c96f2efe-74f4-4f9f-9adf-22a575b83804","block_type":"box","text":"In pursuing its investment objective as stated on page 190, the Sub-fund holds a number of financial instruments. The Sub-fund’","page_number":208,"box":{"x":96,"y":150,"width":802,"height":10}},{"id":"c1bd2a45-a7da-4065-8125-153d5094b251","block_type":"box","text":"s","page_number":208,"box":{"x":899,"y":152,"width":5,"height":6}},{"id":"01da44a6-2e6c-415e-83a0-53123536bc32","block_type":"box","text":"financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from","page_number":208,"box":{"x":95,"y":165,"width":789,"height":11}},{"id":"e54059c7-ab15-424e-9c9e-29ab8bc026e0","block_type":"box","text":"its","page_number":208,"box":{"x":891,"y":165,"width":13,"height":8}},{"id":"4aa6d9d9-947b-42c4-9ed9-8a3cd0d0adcb","block_type":"box","text":"operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for","page_number":208,"box":{"x":95,"y":181,"width":809,"height":10}},{"id":"6a6db42d-bbfc-40cc-8fdb-0687f8044992","block_type":"box","text":"redemptions and debtors for accrued revenue.","page_number":208,"box":{"x":96,"y":196,"width":284,"height":11}},{"id":"1be1f353-683e-4af5-83d4-ea67f71e605d","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":208,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"592a1038-724a-4c60-8029-1a976562fca5","block_type":"box","text":"anaging","page_number":208,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"7f4414d9-db85-44fa-995d-9cb62e76565e","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":208,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"feec38da-ab33-4fd6-8f0e-fc803e8c6a93","block_type":"box","text":"Market price risk","page_number":208,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"deb72900-4d06-496d-8624-44c3c761afd7","block_type":"box","text":"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","page_number":208,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"08622214-6a44-40cc-8e6f-8c4f3ffe3310","block_type":"box","text":"ket prices","page_number":208,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"bdcfac29-bbc6-41dc-9572-6ae0ef5d05fa","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":208,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"5602ea42-bdd8-46c8-a85b-8ef42b89051d","block_type":"box","text":"future","page_number":208,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"b0e2bc6b-a679-4c7b-8ca7-d3665a296e53","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":208,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"ec62be31-a607-46f7-94dc-3bfa042e35cb","block_type":"box","text":"market","page_number":208,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"33ff9327-aae6-4167-af88-7108d5200d95","block_type":"box","text":"positions in the face of price movements.","page_number":208,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"c333c61f-ca23-4860-973a-655242fd55d6","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":208,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"29de56d9-bd83-481b-943a-c46d659bb65f","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":208,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"71938f70-8f4c-4cf8-9eeb-6af9cd89e830","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":208,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"1e34f259-50fb-4830-a33f-ac1943d466c6","block_type":"box","text":"ectus","page_number":208,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"2ce60ab2-82d4-42f7-827e-421c07be4255","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":208,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"819338ba-dc0a-4414-9567-5c98b856f231","block_type":"box","text":"exposure","page_number":208,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"231a319a-29e8-4e23-83a2-bfb5ed11012c","block_type":"box","text":"to any particular type of security or issuer.","page_number":208,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"ec6a3b93-d11b-4532-9d84-164dc26edc69","block_type":"box","text":"If market prices at the balance sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":208,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"5a19524f-5a2e-4b88-88ff-38c8ced34c39","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £1,229,711","page_number":208,"box":{"x":95,"y":446,"width":784,"height":11}},{"id":"5d2eccdb-930d-4e13-bd11-5c8b2f6d73e3","block_type":"box","text":"(30","page_number":208,"box":{"x":885,"y":446,"width":19,"height":10}},{"id":"c0282179-7ee1-4ca7-ae46-4eeb6926624d","block_type":"box","text":"April 2025: £1,052,832).","page_number":208,"box":{"x":95,"y":461,"width":144,"height":11}},{"id":"96edde9b-2b3d-4073-8ecb-e8833cc7fdbf","block_type":"box","text":"Foreign currency risk","page_number":208,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"86cf21ad-41a1-44d8-b0bf-f4152acc0a6b","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":208,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"7109855e-acdf-456f-ac28-d91aed30c3ce","block_type":"box","text":"foreign","page_number":208,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"ed3ed4d3-5055-4476-8f25-464d44c716ff","block_type":"box","text":"currency exchange rates.","page_number":208,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"32ac5534-49e1-4491-9eb7-396fe766cf10","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":208,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"6b0072f4-a240-4829-bb35-b9ab04185cc9","block_type":"box","text":"nvest","page_number":208,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"d861b0ca-a5ef-4268-9b49-0c05b27169ec","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":208,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"265231e2-5bd1-4773-a4a8-e9520e595b4d","block_type":"box","text":"e","page_number":208,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"87fce0df-10a1-4101-8117-5849a0c914e1","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":208,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"38ab6372-e9ee-4cbc-93df-cae561052d0c","block_type":"box","text":"ced","page_number":208,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"eebdc68b-b3b0-4d21-9675-36c2370a04e6","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":208,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"bb8feea7-cc26-40e7-be9d-63fa4daaa286","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":208,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"812f630b-7475-4097-a74b-a901b8f783f3","block_type":"box","text":"Net monetary","page_number":208,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"86100aaa-990a-4f15-b9da-bf39ba492a03","block_type":"box","text":"Non-monetary","page_number":208,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"5085d665-e794-4d10-a049-f74add62bffa","block_type":"box","text":"Total net","page_number":208,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"8c83e983-028f-41f8-bc4f-bf10245f5e7a","block_type":"box","text":"assets and liabilities","page_number":208,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"22e43248-abbb-49ae-b8be-984008a2bbe6","block_type":"box","text":"assets","page_number":208,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"a7cba2e9-b8be-4cae-9563-439ed4b786b6","block_type":"box","text":"assets","page_number":208,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"d6add2e1-170c-4372-a834-a6f2b2b60d15","block_type":"box","text":"£","page_number":208,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"a20ebc92-2dad-41d6-ad21-a0ff1cdc6b55","block_type":"box","text":"£","page_number":208,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"3fbf4141-1df9-4b08-acb3-c0217f43e8ba","block_type":"box","text":"£","page_number":208,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"49ba0e11-6a88-4670-8539-acfad4908d68","block_type":"box","text":"£","page_number":208,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"874a3e1b-0199-4f3e-bd33-fe8faad7ef06","block_type":"box","text":"£","page_number":208,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"d6049b73-e322-43ac-bde8-410bb70cfd64","block_type":"box","text":"£","page_number":208,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"9eaec3e5-a105-4948-9e7f-077df8c307e0","block_type":"box","text":"30.04.26","page_number":208,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"a4684215-2c2f-4e0e-a494-017832a694ad","block_type":"box","text":"30.04.25","page_number":208,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"f2824daf-14d4-47d2-97fa-ff4e17142904","block_type":"box","text":"30.04.26","page_number":208,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"1cba27e3-61d1-40f2-837b-c97feb4a62b0","block_type":"box","text":"30.04.25","page_number":208,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"9dd4cad0-ddf8-404a-a279-0830e74f81ee","block_type":"box","text":"30.04.26","page_number":208,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"61d48da6-c6a5-4c4c-a4b7-7338b043ab1b","block_type":"box","text":"30.04.25","page_number":208,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"3364bfd7-fab4-4fea-8866-f4c480a51a11","block_type":"box","text":"Sterling","page_number":208,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"5661f884-1ea9-487e-a060-ece58e0dbc90","block_type":"box","text":"121,482","page_number":208,"box":{"x":299,"y":680,"width":47,"height":9}},{"id":"f0dd1d39-0c8d-419a-938d-f1b5afee47e1","block_type":"box","text":"57,711","page_number":208,"box":{"x":416,"y":680,"width":38,"height":9}},{"id":"09c16c5f-8a04-4626-8957-eea53f392c89","block_type":"box","text":"12,005,815","page_number":208,"box":{"x":500,"y":680,"width":65,"height":9}},{"id":"eaeecb9d-30da-4dd8-a696-2cb5b6b7a294","block_type":"box","text":"10,442,038","page_number":208,"box":{"x":609,"y":680,"width":66,"height":9}},{"id":"9638beef-d0b5-4572-970c-de3b74cbdc24","block_type":"box","text":"12,127,297","page_number":208,"box":{"x":719,"y":680,"width":66,"height":9}},{"id":"51e23547-3e45-4694-b348-74561a51c11c","block_type":"box","text":"10,499,749","page_number":208,"box":{"x":828,"y":680,"width":66,"height":9}},{"id":"552988ae-2828-41d3-9fcc-3ffefbc5a28a","block_type":"box","text":"EUR","page_number":208,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"f933e8b5-32fe-4356-b43d-9f70eabb1535","block_type":"box","text":"–","page_number":208,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"fefae4e2-1204-4d67-b05e-4a637ff6e34a","block_type":"box","text":"–","page_number":208,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"2bfd0d89-2e3f-450e-a464-47ff6fd7001d","block_type":"box","text":"–","page_number":208,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"64d2d997-1425-428d-ba73-38e7416646e3","block_type":"box","text":"86,285","page_number":208,"box":{"x":635,"y":695,"width":40,"height":9}},{"id":"79cc31b7-fe79-4592-a8af-2c516081d96a","block_type":"box","text":"–","page_number":208,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"9514d5ca-52ce-49ce-bc87-a5c068ae4dc7","block_type":"box","text":"86,285","page_number":208,"box":{"x":854,"y":695,"width":40,"height":9}},{"id":"cb38e6bd-4c35-4602-9775-4fe0e770f59f","block_type":"box","text":"USD","page_number":208,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"0c961e7c-29a6-468d-8ed4-2e3274e32156","block_type":"box","text":"–","page_number":208,"box":{"x":340,"y":715,"width":7,"height":1}},{"id":"b2d4e877-ab97-423f-9184-7cb971464e29","block_type":"box","text":"–","page_number":208,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"42b44bd9-0e2f-48df-a419-7b20a43ab344","block_type":"box","text":"291,291","page_number":208,"box":{"x":518,"y":711,"width":46,"height":9}},{"id":"290c2ccc-3e49-4c38-9232-95c32b07f6dd","block_type":"box","text":"–","page_number":208,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"b36f2f06-9e5d-4736-b346-4610ddc2e264","block_type":"box","text":"291,291","page_number":208,"box":{"x":737,"y":711,"width":46,"height":9}},{"id":"c06b90df-6d6f-4945-8690-b33eb6676dbd","block_type":"box","text":"–","page_number":208,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"8e636a2c-0b01-4854-babc-efcd4cf6c5ea","block_type":"box","text":"121,482","page_number":208,"box":{"x":297,"y":733,"width":50,"height":9}},{"id":"19f36f20-27da-41a6-b5de-0e9bc6c5ef2d","block_type":"box","text":"57,711","page_number":208,"box":{"x":414,"y":733,"width":41,"height":9}},{"id":"099bac95-0fc6-406b-9a51-64ad8ff1575c","block_type":"box","text":"12,297,106","page_number":208,"box":{"x":496,"y":733,"width":70,"height":9}},{"id":"218d352a-4885-43aa-9cd2-9a2c7172b394","block_type":"box","text":"10,528,323","page_number":208,"box":{"x":605,"y":733,"width":70,"height":9}},{"id":"beaac4ac-3f95-4140-97e8-ddae46dd19bd","block_type":"box","text":"12,418,588","page_number":208,"box":{"x":715,"y":733,"width":70,"height":9}},{"id":"5a0fe70e-8383-4efe-9eb1-e35c1ba4076c","block_type":"box","text":"10,586,034","page_number":208,"box":{"x":824,"y":733,"width":71,"height":9}},{"id":"33b1bd04-73a8-485a-a0e0-c3004e9c9425","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":208,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"a2c17509-b92a-4293-ba25-1998a0118745","block_type":"box","text":"he","page_number":208,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"599ad20c-fe58-4b89-83f2-2c84b2924309","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £29,","page_number":208,"box":{"x":96,"y":770,"width":785,"height":11}},{"id":"eace1e6b-318e-4aa6-8400-b5787a493331","block_type":"box","text":"129","page_number":208,"box":{"x":883,"y":771,"width":20,"height":7}},{"id":"4c0a3c7d-9d89-4e30-9ff8-c58eff8b8019","block_type":"box","text":"(30 April 2025: £8,629).","page_number":208,"box":{"x":95,"y":786,"width":140,"height":10}},{"id":"f8ffb74a-da78-43f6-9cd2-cbd30bfce85e","block_type":"box","text":"Interest rate risk","page_number":208,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"aba77d99-2d50-4869-8809-bc93df92cc38","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":208,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"701124ab-59b0-4d91-aa31-4f856d81ca8e","block_type":"box","text":"se change","page_number":208,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"46126b07-0c0c-4c74-b992-e9ac4961934a","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":208,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"a3c580bb-e530-45db-95e7-3356e5261b25","block_type":"box","text":"nterest","page_number":208,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"b5139905-3e11-41e3-8e6f-209fcb5da1f9","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short-term in","page_number":208,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"a54f45a7-2ebb-4bd6-acf5-56949e8fd7b7","block_type":"box","text":"struments.","page_number":208,"box":{"x":840,"y":853,"width":63,"height":8}},{"id":"ea3a8291-47dd-4e27-bee8-fdebee50ee35","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":208,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"b141a855-932c-430b-8b65-c48c10ef7bf5","block_type":"box","text":"ited","page_number":208,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"77031c93-8606-436e-8c17-33e345d4a682","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":208,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"478e5831-dbbd-4bd1-8bf3-dbb381f831a1","block_type":"box","text":"n the","page_number":208,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"6c6d78e9-416b-44f1-9802-ac0c85c6ddeb","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":208,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"f75ee4e0-d233-49bc-80bd-aafbda3b38c4","block_type":"box","text":"ses as","page_number":208,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"92cdc0f4-e515-4e70-9f69-8552aca262ea","block_type":"box","text":"interest rates increase.","page_number":208,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"261bccbb-d4f6-40e1-88ee-11b34ec5e245","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":208,"box":{"x":516,"y":38,"width":386,"height":13}},{"id":"68bcc6ec-f253-44b0-8f63-e37135e86273","block_type":"box","text":"203","page_number":208,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"d6631343-bccc-4898-8cd6-db880e81948d","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":209,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"c8e774e5-ec63-4175-b264-17a7bc7f78df","block_type":"box","text":"for the year ended 30 April 2026","page_number":209,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"05eccd36-751a-48f8-8682-52f125619dde","block_type":"box","text":"10. Risk management policies (continued)","page_number":209,"box":{"x":96,"y":134,"width":277,"height":11}},{"id":"605fa075-2443-4492-bb6a-806020285cc8","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":209,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"ec5bcd71-3106-439b-b883-6a7d9c22177c","block_type":"box","text":"30.04.26","page_number":209,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"be76c479-7788-47b3-a186-edd33278c20d","block_type":"box","text":"30.04.25","page_number":209,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"e129d26e-576a-4614-8591-5d1c4fddf033","block_type":"box","text":"£","page_number":209,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"f6b8b5a6-9a07-4776-b6d8-d9de3868c8eb","block_type":"box","text":"£","page_number":209,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"32ce329e-a2b2-4e39-a3f6-f76ba76bae01","block_type":"box","text":"Financial assets floating rate","page_number":209,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"768e791f-b6d3-4921-9124-fa7b75a25594","block_type":"box","text":"145,466","page_number":209,"box":{"x":738,"y":210,"width":47,"height":9}},{"id":"275a7e96-677d-4951-bf78-8542957e3aa7","block_type":"box","text":"245,856","page_number":209,"box":{"x":847,"y":210,"width":47,"height":9}},{"id":"30dbb553-8b9c-4a62-a57d-4fc87137d9e4","block_type":"box","text":"Financial assets interest bearing instruments","page_number":209,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"7a072a59-d41f-42e4-8ef7-a459f00cf48a","block_type":"box","text":"8,420,817","page_number":209,"box":{"x":726,"y":229,"width":59,"height":9}},{"id":"1cc10a8c-9535-49f4-9869-9f71f2ba1d09","block_type":"box","text":"6,988,439","page_number":209,"box":{"x":835,"y":229,"width":59,"height":9}},{"id":"b51e9e48-83a1-40ae-ba3e-a15d84303831","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":209,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"8e5125ac-3620-4d8c-826c-f3abece6aa28","block_type":"box","text":"3,894,460","page_number":209,"box":{"x":726,"y":248,"width":59,"height":9}},{"id":"86a7dc21-dce9-4f30-99f9-d5e4f9414b40","block_type":"box","text":"3,685,943","page_number":209,"box":{"x":835,"y":248,"width":59,"height":9}},{"id":"3320520d-7608-465c-83c5-556a6a5d1d01","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":209,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"37d92ddf-e677-446f-8b6c-8319360e8ba8","block_type":"box","text":"(42,155)","page_number":209,"box":{"x":740,"y":266,"width":49,"height":10}},{"id":"ec50f177-62e6-4393-bc74-560516b71f8c","block_type":"box","text":"(160,029)","page_number":209,"box":{"x":842,"y":266,"width":57,"height":10}},{"id":"0ada6c0f-4bf2-439c-931c-e2b0fbeeeaed","block_type":"box","text":"Financial liabilities floating rate","page_number":209,"box":{"x":96,"y":285,"width":187,"height":10}},{"id":"69db3d2c-fbed-470b-869a-45b88dda4aa3","block_type":"box","text":"–","page_number":209,"box":{"x":778,"y":290,"width":7,"height":0}},{"id":"d662ece1-db5b-46b4-a461-3c2505a8c076","block_type":"box","text":"(174,175)","page_number":209,"box":{"x":842,"y":285,"width":57,"height":10}},{"id":"de6e56b1-e069-4fe7-b818-17cee85429c7","block_type":"box","text":"12,418,588","page_number":209,"box":{"x":715,"y":307,"width":70,"height":9}},{"id":"e13767f6-5d92-4a32-a6a0-cf40b9b413be","block_type":"box","text":"10,586,034","page_number":209,"box":{"x":824,"y":307,"width":71,"height":9}},{"id":"474d3c5f-8d18-4d27-ab4e-c8edd5929af7","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":209,"box":{"x":95,"y":342,"width":767,"height":11}},{"id":"0c7644ca-2654-4999-b1f1-565a70461f05","block_type":"box","text":"assets","page_number":209,"box":{"x":867,"y":343,"width":37,"height":7}},{"id":"24429e84-1d2e-4691-a2d5-24559e0b519f","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £363 (30 April 2025: £179).","page_number":209,"box":{"x":95,"y":358,"width":718,"height":10}},{"id":"aa167f72-5998-4620-8811-39e14488f92b","block_type":"box","text":"Maturity of financial liabilities","page_number":209,"box":{"x":96,"y":380,"width":201,"height":10}},{"id":"cdd421f2-992a-404f-a1d0-ca51883f9496","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":209,"box":{"x":95,"y":395,"width":655,"height":11}},{"id":"142de8f0-84b5-4e95-ab58-c5494c141550","block_type":"box","text":"Liquidity risk","page_number":209,"box":{"x":96,"y":417,"width":86,"height":11}},{"id":"3d0a2b9d-485c-4052-a349-23032a81b0bd","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":209,"box":{"x":95,"y":433,"width":742,"height":11}},{"id":"f8db0340-aa33-4b92-897f-39bebf59c662","block_type":"box","text":"any shares","page_number":209,"box":{"x":840,"y":433,"width":64,"height":11}},{"id":"75e57775-41d6-4b23-821a-8b13f8216097","block_type":"box","text":"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","page_number":209,"box":{"x":95,"y":448,"width":732,"height":11}},{"id":"94ecb6d0-5fb6-44a8-a83e-35354f7c9e5b","block_type":"box","text":"edemptions.","page_number":209,"box":{"x":828,"y":448,"width":75,"height":11}},{"id":"4665e48b-d6e5-4706-a69a-ecb73879d014","block_type":"box","text":"Credit risk","page_number":209,"box":{"x":96,"y":470,"width":68,"height":9}},{"id":"187e3ea9-9714-4310-b09e-b591602595c2","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":209,"box":{"x":96,"y":486,"width":722,"height":11}},{"id":"b2bccd7f-f0c7-495f-8e78-323e82869d6e","block_type":"box","text":"he investment","page_number":209,"box":{"x":819,"y":486,"width":85,"height":8}},{"id":"307033c2-f577-41c1-9b71-031d2ab3a32c","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":209,"box":{"x":95,"y":501,"width":759,"height":11}},{"id":"f77e8a68-d1e5-479e-887c-24199a130ba0","block_type":"box","text":"stments","page_number":209,"box":{"x":856,"y":502,"width":48,"height":8}},{"id":"4db9caaf-0e4b-4952-a3bd-48f437357999","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":209,"box":{"x":95,"y":517,"width":808,"height":10}},{"id":"1427ea34-cd32-470b-875c-d7291d256c22","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar","page_number":209,"box":{"x":96,"y":532,"width":738,"height":11}},{"id":"26227ca9-6b98-4ac0-88b9-023e8deabef2","block_type":"box","text":"e reviewed.","page_number":209,"box":{"x":835,"y":532,"width":68,"height":8}},{"id":"a1376cc9-5f3f-4831-bc23-d3f32987b086","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":209,"box":{"x":96,"y":554,"width":733,"height":11}},{"id":"513e4ca0-cafb-45e2-89cd-6cc3c1733cc3","block_type":"box","text":"cash is held","page_number":209,"box":{"x":834,"y":554,"width":69,"height":9}},{"id":"aaf95849-a7f9-43c4-86da-6fbd83b9788f","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":209,"box":{"x":95,"y":570,"width":735,"height":11}},{"id":"e441f849-78f9-4a68-a3a7-7dadbb076192","block_type":"box","text":"lectives that","page_number":209,"box":{"x":832,"y":570,"width":72,"height":8}},{"id":"2b7b6dbd-02b8-4653-befd-0f2a3012d5db","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":209,"box":{"x":96,"y":585,"width":650,"height":11}},{"id":"702d2ac0-db92-4842-a39b-e123ded433de","block_type":"box","text":"Fair value disclosure","page_number":209,"box":{"x":96,"y":607,"width":135,"height":9}},{"id":"b3d50553-9809-4a08-83cf-53c5677ec7c7","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":209,"box":{"x":95,"y":623,"width":731,"height":11}},{"id":"dd0ede75-1434-407a-958b-b02c6ff72375","block_type":"box","text":". The highest","page_number":209,"box":{"x":828,"y":623,"width":76,"height":11}},{"id":"7e6bc26c-8c42-4dbd-8e41-498c73eff443","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":209,"box":{"x":96,"y":638,"width":739,"height":11}},{"id":"10936ec2-e5d2-4013-8e3c-9cad7ee42568","block_type":"box","text":"els in these","page_number":209,"box":{"x":836,"y":638,"width":68,"height":9}},{"id":"eb31465d-b186-4dd2-bb90-eaa2a5c7b1ac","block_type":"box","text":"financial statements are as follows:","page_number":209,"box":{"x":95,"y":654,"width":213,"height":8}},{"id":"4943d06e-9d92-431f-accc-96b60628ed2c","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":209,"box":{"x":96,"y":676,"width":489,"height":11}},{"id":"39262531-503e-40d3-af0d-4ce87f87ece5","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":209,"box":{"x":96,"y":698,"width":568,"height":11}},{"id":"8b9eaf77-a4d6-4b1a-83b2-618618d77118","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":209,"box":{"x":96,"y":720,"width":344,"height":11}},{"id":"a0ec6787-da12-43a7-98a9-38cec3d7779c","block_type":"box","text":"Valuation technique","page_number":209,"box":{"x":95,"y":743,"width":135,"height":10}},{"id":"ea088945-c22f-4bbf-85b5-8946afb42e7c","block_type":"box","text":"30.04.26","page_number":209,"box":{"x":534,"y":743,"width":55,"height":8}},{"id":"fd02631d-1733-47ec-8675-e6b688f1458e","block_type":"box","text":"30.04.25","page_number":209,"box":{"x":801,"y":743,"width":54,"height":8}},{"id":"b134a5f6-01c1-4c83-94ac-7cdad2e75d1d","block_type":"box","text":"Assets","page_number":209,"box":{"x":452,"y":756,"width":42,"height":8}},{"id":"5bfda0a5-36c1-417c-a44e-ea16b1ae2cc3","block_type":"box","text":"Liabilities","page_number":209,"box":{"x":564,"y":756,"width":64,"height":8}},{"id":"b1d96d9a-03b9-43d5-bf05-6086e137de89","block_type":"box","text":"Assets","page_number":209,"box":{"x":719,"y":756,"width":42,"height":8}},{"id":"9d1de2a5-1071-4227-92bf-5318cce1130f","block_type":"box","text":"Liabilities","page_number":209,"box":{"x":833,"y":756,"width":64,"height":8}},{"id":"cfdb9a62-bb0c-46da-a42c-01153329dc80","block_type":"box","text":"(£000’s)","page_number":209,"box":{"x":444,"y":769,"width":50,"height":9}},{"id":"bec7fb89-19b9-4aea-9729-fcbfe4f270d2","block_type":"box","text":"(£000’s)","page_number":209,"box":{"x":577,"y":769,"width":50,"height":9}},{"id":"c419d169-bb1d-4c19-8925-84a75d7c3652","block_type":"box","text":"(£000’s)","page_number":209,"box":{"x":711,"y":769,"width":50,"height":9}},{"id":"bb7956bc-c64e-4f2c-9567-08203e9c1b94","block_type":"box","text":"(£000’s)","page_number":209,"box":{"x":846,"y":769,"width":51,"height":9}},{"id":"7f21eb9a-5afd-4058-9662-c7c3aa9e6205","block_type":"box","text":"Level 1","page_number":209,"box":{"x":96,"y":784,"width":38,"height":8}},{"id":"d843549a-ce26-4797-8701-b91604d8dbbf","block_type":"box","text":"4,826","page_number":209,"box":{"x":461,"y":784,"width":33,"height":10}},{"id":"4f57166d-ed62-4fa2-a0c1-3d221b25d723","block_type":"box","text":"–","page_number":209,"box":{"x":621,"y":789,"width":6,"height":1}},{"id":"77b31e05-aede-410a-824d-7ae40c570460","block_type":"box","text":"613","page_number":209,"box":{"x":740,"y":784,"width":21,"height":8}},{"id":"1e9844a8-3c03-48b1-b09b-ef3f95a1bc7b","block_type":"box","text":"–","page_number":209,"box":{"x":890,"y":789,"width":7,"height":1}},{"id":"3c99f688-16dd-4509-b99a-bdd023e031b4","block_type":"box","text":"Level 2","page_number":209,"box":{"x":96,"y":800,"width":40,"height":8}},{"id":"e6bb92b6-780e-42e1-b049-f099a48fa7f2","block_type":"box","text":"7,471","page_number":209,"box":{"x":462,"y":800,"width":30,"height":9}},{"id":"3669d2f5-c774-4698-a5a7-5c734ce2500e","block_type":"box","text":"–","page_number":209,"box":{"x":621,"y":804,"width":6,"height":1}},{"id":"7f554159-9d39-45fb-bbf4-1618596d258c","block_type":"box","text":"9,915","page_number":209,"box":{"x":728,"y":800,"width":33,"height":9}},{"id":"c02f11d1-4daa-43bf-ac2a-f2dbb1f4d6f9","block_type":"box","text":"–","page_number":209,"box":{"x":890,"y":804,"width":7,"height":1}},{"id":"f22aeae6-32dd-4a05-b89b-88eff537e937","block_type":"box","text":"Level 3","page_number":209,"box":{"x":96,"y":815,"width":40,"height":8}},{"id":"790f772d-87ac-4d6b-8dd0-357aa6ad46fd","block_type":"box","text":"–","page_number":209,"box":{"x":488,"y":820,"width":6,"height":1}},{"id":"e574a0c1-b1a6-4f33-981d-d73a9676135f","block_type":"box","text":"–","page_number":209,"box":{"x":621,"y":820,"width":6,"height":1}},{"id":"36f0e8f1-3c2f-43c9-9c60-5a5f3a0602fa","block_type":"box","text":"–","page_number":209,"box":{"x":754,"y":820,"width":7,"height":1}},{"id":"02a1474f-a17f-4bdc-ae32-0ac5d1c13f94","block_type":"box","text":"–","page_number":209,"box":{"x":890,"y":820,"width":7,"height":1}},{"id":"e8c40ea5-2f3d-42a2-8ed2-ad29be01dbc3","block_type":"box","text":"12,297","page_number":209,"box":{"x":452,"y":838,"width":42,"height":9}},{"id":"1e7d4d80-8e61-4aae-b2f5-4a3ab80b7f76","block_type":"box","text":"–","page_number":209,"box":{"x":621,"y":842,"width":7,"height":1}},{"id":"85ef7c24-4762-4a9d-8c58-bff658fc2d7a","block_type":"box","text":"10,528","page_number":209,"box":{"x":719,"y":838,"width":42,"height":9}},{"id":"91288e14-3939-449c-9fce-da6470ceb5c9","block_type":"box","text":"–","page_number":209,"box":{"x":890,"y":842,"width":7,"height":1}},{"id":"4aff6c52-41a3-47c8-909a-8d9a1266f4ec","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":209,"box":{"x":97,"y":38,"width":386,"height":13}},{"id":"4d7f03aa-0e88-4e78-bbcf-b9a1fbb3fda8","block_type":"box","text":"204","page_number":209,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"0f1ee5f8-8909-47b9-89c3-044ca20c096c","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":210,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"d782b680-eb8e-46ec-ad0e-d7300d8a77bd","block_type":"box","text":"for the year ended 30 April 2026","page_number":210,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"806f3d50-adfc-4fb5-8375-17080a0c36ad","block_type":"box","text":"11. Shares held","page_number":210,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"d0034e5c-be42-4fbe-982a-574def4d70a5","block_type":"box","text":"Blended Defensive Class (Retail) Income","page_number":210,"box":{"x":96,"y":156,"width":264,"height":10}},{"id":"7741c977-c866-4615-9a4a-548220fa9294","block_type":"box","text":"Opening shares at 01.05.2025","page_number":210,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"c1f6b45b-fc62-4937-b9e5-eb52a4ce4655","block_type":"box","text":"1,060,825","page_number":210,"box":{"x":432,"y":179,"width":62,"height":9}},{"id":"eea30e75-12d6-4cff-a02c-b7801499447a","block_type":"box","text":"Shares issued during the year","page_number":210,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"ed3a6774-097b-4fe0-a4e5-20b7b6c84d40","block_type":"box","text":"58,468","page_number":210,"box":{"x":454,"y":194,"width":40,"height":10}},{"id":"49f07b45-9e95-40ee-9a64-4c82de332e06","block_type":"box","text":"Shares cancelled during the year","page_number":210,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"d76736dd-31d0-44ce-ab2a-ae777f7ca34c","block_type":"box","text":"(333,267)","page_number":210,"box":{"x":438,"y":210,"width":56,"height":9}},{"id":"ee0403f9-b8cd-4b60-8665-d6d82b0ef96d","block_type":"box","text":"Shares converted during the year","page_number":210,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"81654653-23da-4b1a-beaf-8a9c06e59d17","block_type":"box","text":"–","page_number":210,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"c1f9764d-19af-4492-9979-dcd2a96fb393","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":210,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"a691c3da-f218-4ae4-8e89-0dd643662f69","block_type":"box","text":"786,026","page_number":210,"box":{"x":444,"y":248,"width":50,"height":9}},{"id":"edd079a1-c960-45a9-869a-ba5944c0bbf2","block_type":"box","text":"Blended Defensive Class (Retail) Accumulation","page_number":210,"box":{"x":96,"y":278,"width":307,"height":10}},{"id":"42917b21-797e-4a41-b9d0-5529a0bd690f","block_type":"box","text":"Opening shares at 01.05.2025","page_number":210,"box":{"x":96,"y":300,"width":193,"height":11}},{"id":"c965808a-a6d5-4ce9-80f5-a43d42dec93c","block_type":"box","text":"9,012,321","page_number":210,"box":{"x":432,"y":301,"width":61,"height":9}},{"id":"150b8a76-9163-44bd-92b4-1990b01bce55","block_type":"box","text":"Units issued during the year","page_number":210,"box":{"x":96,"y":316,"width":170,"height":10}},{"id":"4fa39a82-bb24-4f27-9584-2b7a1f6bbf2e","block_type":"box","text":"2,611,644","page_number":210,"box":{"x":435,"y":316,"width":60,"height":9}},{"id":"3575d6a3-9583-402d-98f7-81d3abb5e962","block_type":"box","text":"Units cancelled during the year","page_number":210,"box":{"x":96,"y":331,"width":188,"height":11}},{"id":"9ca4ec36-5846-4292-b568-bd20d3595cfd","block_type":"box","text":"(1,681,219)","page_number":210,"box":{"x":427,"y":331,"width":67,"height":10}},{"id":"89945c2a-8c57-4262-a66e-42e8a568fbc5","block_type":"box","text":"Shares converted during the year","page_number":210,"box":{"x":95,"y":347,"width":203,"height":10}},{"id":"8ff9cb11-6316-431d-a32d-d4f6f0a1d6d2","block_type":"box","text":"–","page_number":210,"box":{"x":488,"y":351,"width":6,"height":1}},{"id":"742db8de-4d00-44f3-8a12-3b256ab45fab","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":210,"box":{"x":96,"y":369,"width":203,"height":10}},{"id":"2290933a-b516-4f7b-9323-3b05a8d85d7d","block_type":"box","text":"9,942,746","page_number":210,"box":{"x":432,"y":369,"width":62,"height":9}},{"id":"91c8275d-0782-4a5f-ac79-157bd5965305","block_type":"box","text":"12. Contingent assets and liabilities","page_number":210,"box":{"x":96,"y":415,"width":234,"height":11}},{"id":"1f5b321f-92ed-4727-87aa-77c86d140a1e","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments (30 April 2025: £nil).","page_number":210,"box":{"x":95,"y":430,"width":585,"height":11}},{"id":"70778cdf-f56e-4c6e-aee6-9cbc756107d8","block_type":"box","text":"13. Post balance sheet events","page_number":210,"box":{"x":96,"y":477,"width":194,"height":8}},{"id":"3ee41ef9-b3ca-4d04-b764-0b045621c581","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":210,"box":{"x":95,"y":496,"width":425,"height":10}},{"id":"4424c336-00c1-4cf6-b3b5-d6e612433a33","block_type":"box","text":"14. Direct transactions costs","page_number":210,"box":{"x":96,"y":542,"width":186,"height":8}},{"id":"a10f1818-65ab-49d3-a90a-e9228d0b5faf","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":210,"box":{"x":96,"y":561,"width":755,"height":10}},{"id":"b360ec28-ba58-4783-999f-4ddd2df593d0","block_type":"box","text":"herefore","page_number":210,"box":{"x":853,"y":561,"width":51,"height":8}},{"id":"e7b89b21-d7e1-4685-bc4e-59e054121688","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":210,"box":{"x":95,"y":576,"width":444,"height":11}},{"id":"61a59972-b9bb-44dd-9f7c-952aa84769b0","block_type":"box","text":"15. Portfolio dealing spread","page_number":210,"box":{"x":96,"y":622,"width":181,"height":11}},{"id":"32dd2123-b224-47cd-a666-a75b15fbe307","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.03% (30 April 2025: 0.02%).","page_number":210,"box":{"x":95,"y":645,"width":517,"height":10}},{"id":"239184eb-2086-4947-bed7-a3ca4ac74904","block_type":"box","text":"16. Related party transactions","page_number":210,"box":{"x":96,"y":691,"width":199,"height":11}},{"id":"026e74be-b3e2-4ee7-9a6f-c987df081700","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":210,"box":{"x":95,"y":713,"width":707,"height":11}},{"id":"2f29631e-16a7-4077-86f3-b2527246e4d4","block_type":"box","text":"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","page_number":210,"box":{"x":95,"y":735,"width":765,"height":11}},{"id":"cfcbe33b-ab81-49b0-9045-4907a054d6a2","block_type":"box","text":"e sheet","page_number":210,"box":{"x":861,"y":735,"width":43,"height":9}},{"id":"3ac28943-e580-4ebb-a129-3fdaf9e53ed5","block_type":"box","text":"date are disclosed in note 9.","page_number":210,"box":{"x":95,"y":751,"width":171,"height":8}},{"id":"e3ebf1b4-b243-4eae-9203-79214a178591","block_type":"box","text":"Significant Shareholdings","page_number":210,"box":{"x":95,"y":773,"width":169,"height":11}},{"id":"285a2790-677c-4aef-b298-2e9f963461b8","block_type":"box","text":"AFL, as the Sub-fund’s ACD, wishes to disclose to the Sub-fund’s Shareholders that nil% of the Sub-fund’s shares in issue are u","page_number":210,"box":{"x":95,"y":788,"width":756,"height":10}},{"id":"a0356ecb-d8cd-460d-93c6-27dee6e1bdd5","block_type":"box","text":"nder the","page_number":210,"box":{"x":854,"y":788,"width":50,"height":9}},{"id":"4d8863e5-01ea-44ee-96ee-f4f382dea72f","block_type":"box","text":"control of a single nominee and their related parties (2025: 28.82% a single nominee and their related parties).","page_number":210,"box":{"x":95,"y":804,"width":674,"height":11}},{"id":"69654883-958a-42d7-ab37-90e81f60c8c4","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":210,"box":{"x":516,"y":38,"width":386,"height":13}},{"id":"b4cf5668-749b-4448-a848-dd49546bf90f","block_type":"box","text":"205","page_number":210,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"f119f3d3-1fce-4206-8318-3f65ffc1479d","block_type":"box","text":"Distribution Tables","page_number":211,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"24d27275-cf95-4de3-a2fd-64a2365c4a6c","block_type":"box","text":"for the year ended 30 April 2026","page_number":211,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"c6fb0a14-2790-40ab-a043-f8734655a507","block_type":"box","text":"Blended Defensive Class (Retail)","page_number":211,"box":{"x":96,"y":134,"width":211,"height":10}},{"id":"aa4d25f0-33d6-4e36-abf2-627b3183ba59","block_type":"box","text":"Share class","page_number":211,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"70e69ab6-9657-4f33-9a1f-0be2232b1852","block_type":"box","text":"Distribution","page_number":211,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"ffeb6ab2-5bf0-4aa2-9ecb-7e46e24bac1b","block_type":"box","text":"Shares","page_number":211,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"0bc35658-e90c-4a7f-8ccd-53fd29c2158a","block_type":"box","text":"Net","page_number":211,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"2af168a1-1438-431c-88ff-efd291dfc2bb","block_type":"box","text":"Equalisation","page_number":211,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"6122e031-d0ae-44ce-a22c-f662f9bb6afa","block_type":"box","text":"Distribution","page_number":211,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"02c1e8d1-47c2-4441-a8b8-d036ca281fd1","block_type":"box","text":"Distribution","page_number":211,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"e69b9625-dc2a-4438-a7b8-c11074eaab44","block_type":"box","text":"revenue","page_number":211,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"ef1a6e0a-4944-4114-b04b-c480368cf105","block_type":"box","text":"30.09.2025","page_number":211,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"3a3e1675-2f39-4ec0-8146-e5c8c41127ff","block_type":"box","text":"30.09.2024","page_number":211,"box":{"x":812,"y":165,"width":71,"height":8}},{"id":"efa7f22b-ee5c-4c3c-8760-5b486f2d7998","block_type":"box","text":"30.09.2025","page_number":211,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"987ebbc5-7247-48b0-a1d8-e7bd916460cf","block_type":"box","text":"p","page_number":211,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"4cc8d198-7ed1-4f1e-af8e-e1c140bfaec5","block_type":"box","text":"p","page_number":211,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"6138794c-9db0-4fdf-9c81-beffd795329a","block_type":"box","text":"p","page_number":211,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"e493fa17-ca3e-4ebd-9820-af1801aae7da","block_type":"box","text":"p","page_number":211,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"3278a046-ed87-42a8-97dc-8c0389907664","block_type":"box","text":"Income","page_number":211,"box":{"x":106,"y":207,"width":43,"height":8}},{"id":"1b8bbfc6-8f24-440d-b7c8-5404fa1d0eaf","block_type":"box","text":"First interim","page_number":211,"box":{"x":267,"y":207,"width":72,"height":8}},{"id":"156fa5ce-82af-4713-8d68-f3f3f8d2529e","block_type":"box","text":"Group 1","page_number":211,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"199796c6-1b8d-4d93-baf6-60d128eaa264","block_type":"box","text":"0.2981","page_number":211,"box":{"x":513,"y":207,"width":38,"height":8}},{"id":"5214d06c-ff17-4372-b92f-616cc15942cc","block_type":"box","text":"–","page_number":211,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"4f647f9e-e443-4480-b8ae-5e7e949898ff","block_type":"box","text":"0.2981","page_number":211,"box":{"x":722,"y":207,"width":38,"height":8}},{"id":"a0d17763-400e-4d0a-8028-065fda489a76","block_type":"box","text":"0.2415","page_number":211,"box":{"x":827,"y":207,"width":40,"height":8}},{"id":"1c65ec4a-2375-4b24-90b8-769e0dcba8e4","block_type":"box","text":"Group 2","page_number":211,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"cbd79815-a3be-4880-866d-6eaba942e9b5","block_type":"box","text":"0.0887","page_number":211,"box":{"x":513,"y":221,"width":40,"height":8}},{"id":"4a4d978f-1b96-4444-9bde-7fd4f19019fe","block_type":"box","text":"0.2094","page_number":211,"box":{"x":618,"y":221,"width":40,"height":8}},{"id":"cb70408f-ef2c-44a4-a61f-b91c2f7df5e5","block_type":"box","text":"0.2981","page_number":211,"box":{"x":722,"y":221,"width":38,"height":8}},{"id":"29debdfc-e292-472a-a8c1-01f2c2ab84a1","block_type":"box","text":"0.2415","page_number":211,"box":{"x":827,"y":221,"width":40,"height":8}},{"id":"d0f1cf17-ad8b-480a-90c8-7e215cbcb64d","block_type":"box","text":"Accumulation","page_number":211,"box":{"x":104,"y":239,"width":83,"height":9}},{"id":"7e65b555-55a5-4cb5-b1d4-02feb5b5db0e","block_type":"box","text":"First interim","page_number":211,"box":{"x":267,"y":240,"width":72,"height":8}},{"id":"91fe2631-8b53-4124-876c-4aa986ae6a76","block_type":"box","text":"Group 1","page_number":211,"box":{"x":404,"y":240,"width":46,"height":10}},{"id":"bec6104d-b3ff-4c7d-95eb-fdcf6ba31a50","block_type":"box","text":"0.3339","page_number":211,"box":{"x":513,"y":240,"width":40,"height":8}},{"id":"2427113c-2c82-4a71-9cf5-7d3b23739c0f","block_type":"box","text":"–","page_number":211,"box":{"x":634,"y":244,"width":7,"height":1}},{"id":"1428b273-2e21-4a6a-b8d4-071e9e160d9a","block_type":"box","text":"0.3339","page_number":211,"box":{"x":722,"y":240,"width":40,"height":8}},{"id":"7be07f0b-d989-4750-b9ec-c3ed6b187263","block_type":"box","text":"0.2652","page_number":211,"box":{"x":827,"y":240,"width":40,"height":8}},{"id":"43817421-645c-4f6d-9adc-2462de987eee","block_type":"box","text":"Group 2","page_number":211,"box":{"x":404,"y":254,"width":48,"height":10}},{"id":"0c2f83f3-4324-4595-8fc7-483096fca139","block_type":"box","text":"0.1198","page_number":211,"box":{"x":513,"y":254,"width":40,"height":8}},{"id":"9711a1a6-21cd-4ca0-8235-a5ab4cef9ab3","block_type":"box","text":"0.2142","page_number":211,"box":{"x":618,"y":254,"width":40,"height":8}},{"id":"1c6c76e3-ed58-48b1-b012-ffb9666c0729","block_type":"box","text":"0.3339","page_number":211,"box":{"x":722,"y":254,"width":40,"height":8}},{"id":"418a7355-7729-4569-ba0e-d9c6067a255c","block_type":"box","text":"0.2652","page_number":211,"box":{"x":827,"y":254,"width":40,"height":8}},{"id":"6a173eff-12ea-4f9c-b0ce-66a8e443c800","block_type":"box","text":"First interim distribution in pence per share","page_number":211,"box":{"x":96,"y":285,"width":290,"height":10}},{"id":"b1b3091a-6177-414d-b76b-55b19000a5dc","block_type":"box","text":"Group 1:","page_number":211,"box":{"x":96,"y":300,"width":51,"height":11}},{"id":"ad130f12-591f-4dfd-a3a6-c14b76960979","block_type":"box","text":"Shares purchased prior to 01 May 2025","page_number":211,"box":{"x":181,"y":300,"width":239,"height":11}},{"id":"30286f47-bde4-4441-9ad5-5162b9198f87","block_type":"box","text":"Group 2:","page_number":211,"box":{"x":96,"y":316,"width":51,"height":10}},{"id":"1104ac20-cc4a-4b4f-ac02-ec00a2a190da","block_type":"box","text":"Shares purchased on or after 01 May 2025 and on or before 31 July 2025","page_number":211,"box":{"x":181,"y":315,"width":442,"height":11}},{"id":"ee2043fc-0f1d-4536-a438-a20c77278fce","block_type":"box","text":"Share class","page_number":211,"box":{"x":105,"y":343,"width":73,"height":8}},{"id":"3f8da26a-d92b-4a23-8dc4-d6cf56688587","block_type":"box","text":"Distribution","page_number":211,"box":{"x":277,"y":343,"width":79,"height":8}},{"id":"0f10697c-bba5-4262-850f-6a392b913d5b","block_type":"box","text":"Shares","page_number":211,"box":{"x":406,"y":343,"width":44,"height":8}},{"id":"5070311b-3ede-4970-889b-d5e7c6cea5fd","block_type":"box","text":"Net","page_number":211,"box":{"x":522,"y":343,"width":23,"height":8}},{"id":"a9f57108-fda7-4ab8-aa04-91c0355cae35","block_type":"box","text":"Equalisation","page_number":211,"box":{"x":597,"y":343,"width":81,"height":10}},{"id":"672087b7-eb79-4c25-a41b-6776303a1451","block_type":"box","text":"Distribution","page_number":211,"box":{"x":703,"y":343,"width":79,"height":8}},{"id":"fb5dcdbb-9fcd-4a4c-99d6-fdeace26df42","block_type":"box","text":"Distribution","page_number":211,"box":{"x":808,"y":343,"width":79,"height":8}},{"id":"d842ad5c-be03-4bcd-9bf4-a18d91c6c958","block_type":"box","text":"revenue","page_number":211,"box":{"x":506,"y":357,"width":54,"height":6}},{"id":"9cdf3b5d-766e-4eca-bc74-f0afec047da6","block_type":"box","text":"31.12.2025","page_number":211,"box":{"x":707,"y":355,"width":70,"height":8}},{"id":"b2aa0305-7928-4e52-bd80-7f16e89df9da","block_type":"box","text":"31.12.2024","page_number":211,"box":{"x":812,"y":355,"width":71,"height":8}},{"id":"39d702ef-a9af-485a-96f0-707cdd520ec4","block_type":"box","text":"31.12.2025","page_number":211,"box":{"x":498,"y":367,"width":70,"height":8}},{"id":"ce82971e-fde9-420c-9138-3b77369cdba3","block_type":"box","text":"p","page_number":211,"box":{"x":530,"y":381,"width":7,"height":8}},{"id":"519ece0c-8791-42eb-9080-a20a8c568aa9","block_type":"box","text":"p","page_number":211,"box":{"x":634,"y":381,"width":7,"height":8}},{"id":"0e065942-6eae-4cf3-be6c-29212b139a05","block_type":"box","text":"p","page_number":211,"box":{"x":739,"y":381,"width":7,"height":8}},{"id":"b454baa5-f1c4-4897-85ff-02d1650cbee9","block_type":"box","text":"p","page_number":211,"box":{"x":844,"y":381,"width":7,"height":8}},{"id":"e44f93bc-f0c7-44a4-8917-504fe40abd6c","block_type":"box","text":"Income","page_number":211,"box":{"x":106,"y":397,"width":43,"height":8}},{"id":"1c78200a-519a-4964-be53-0d50936899b0","block_type":"box","text":"Second interim","page_number":211,"box":{"x":267,"y":397,"width":91,"height":8}},{"id":"6d3a92d6-7aa5-4e48-a048-e67235df5a75","block_type":"box","text":"Group 1","page_number":211,"box":{"x":404,"y":397,"width":46,"height":10}},{"id":"c442d0ff-c76f-4d4f-9d40-162cddf7a9f6","block_type":"box","text":"1.5600","page_number":211,"box":{"x":513,"y":397,"width":40,"height":8}},{"id":"790b1eef-29ce-43eb-bc76-0159995f5a68","block_type":"box","text":"–","page_number":211,"box":{"x":634,"y":402,"width":7,"height":0}},{"id":"3c4615c5-8550-4f7c-b044-1bcc0ae2e27f","block_type":"box","text":"1.5600","page_number":211,"box":{"x":723,"y":397,"width":39,"height":8}},{"id":"da69d114-1458-4baf-978d-1a1fff8c34bd","block_type":"box","text":"0.0000","page_number":211,"box":{"x":827,"y":397,"width":40,"height":8}},{"id":"cb83351f-a4df-44b8-9fa4-becd7138b42e","block_type":"box","text":"Group 2","page_number":211,"box":{"x":404,"y":411,"width":48,"height":11}},{"id":"a61c74ce-ec53-461b-a72e-38ad1ee432c7","block_type":"box","text":"1.4477","page_number":211,"box":{"x":513,"y":411,"width":40,"height":8}},{"id":"6be1b306-6433-4414-b979-4a566a4b272a","block_type":"box","text":"0.1123","page_number":211,"box":{"x":618,"y":411,"width":39,"height":8}},{"id":"0ca82a23-40a2-4872-a427-5ef139c32d3b","block_type":"box","text":"1.5600","page_number":211,"box":{"x":723,"y":411,"width":39,"height":8}},{"id":"d86fcc40-39f6-4f13-a0fd-90417c5b57ba","block_type":"box","text":"0.0000","page_number":211,"box":{"x":827,"y":411,"width":40,"height":8}},{"id":"0638cd6a-418a-4b78-9105-c5599bb3853d","block_type":"box","text":"Accumulation","page_number":211,"box":{"x":104,"y":429,"width":83,"height":8}},{"id":"2da90ef1-217a-47a3-b327-d80766840a3a","block_type":"box","text":"Second interim","page_number":211,"box":{"x":267,"y":429,"width":91,"height":8}},{"id":"eade894c-f625-479f-b660-bf689b25a4b8","block_type":"box","text":"Group 1","page_number":211,"box":{"x":404,"y":430,"width":46,"height":10}},{"id":"917f5d32-ae31-4da8-9888-b422f8366ad4","block_type":"box","text":"1.7525","page_number":211,"box":{"x":513,"y":430,"width":40,"height":7}},{"id":"8ebb59ee-49aa-48d9-92cd-6d036867418a","block_type":"box","text":"–","page_number":211,"box":{"x":634,"y":434,"width":7,"height":1}},{"id":"7c94a862-a0ab-4a1f-8dbd-719417d1bac0","block_type":"box","text":"1.7525","page_number":211,"box":{"x":723,"y":430,"width":39,"height":7}},{"id":"3ff37573-0ec0-48b6-a175-d6f56b603d53","block_type":"box","text":"0.0000","page_number":211,"box":{"x":827,"y":430,"width":40,"height":7}},{"id":"64d6978f-b85c-4e54-ad69-abe61aeb40d2","block_type":"box","text":"Group 2","page_number":211,"box":{"x":404,"y":444,"width":48,"height":10}},{"id":"bffd8805-0580-4f6f-978d-95416fa06c03","block_type":"box","text":"1.5690","page_number":211,"box":{"x":513,"y":444,"width":40,"height":8}},{"id":"2850c0a3-ef21-4538-afc8-8a197431323e","block_type":"box","text":"0.1835","page_number":211,"box":{"x":618,"y":444,"width":40,"height":8}},{"id":"8c253068-0c69-4d6a-aa00-5cbba6cd750a","block_type":"box","text":"1.7525","page_number":211,"box":{"x":723,"y":444,"width":39,"height":8}},{"id":"1e15bffa-5c2c-462c-84af-3ddc8a25aefb","block_type":"box","text":"0.0000","page_number":211,"box":{"x":827,"y":444,"width":40,"height":8}},{"id":"a646e351-cfb1-4179-a765-49d51a980629","block_type":"box","text":"Second distribution in pence per share","page_number":211,"box":{"x":95,"y":474,"width":256,"height":11}},{"id":"23b7364a-e9e9-424c-a3d1-46f5212bfca0","block_type":"box","text":"Group 1:","page_number":211,"box":{"x":96,"y":490,"width":51,"height":10}},{"id":"1138a944-f610-4a13-a32b-01b6e7f4e71e","block_type":"box","text":"Shares purchased prior to 01 August 2025","page_number":211,"box":{"x":181,"y":490,"width":255,"height":10}},{"id":"21c327d1-6661-4b40-83fd-7912e4438835","block_type":"box","text":"Group 2:","page_number":211,"box":{"x":96,"y":506,"width":51,"height":10}},{"id":"6b008f5b-c04d-456d-aef8-84f36419dae8","block_type":"box","text":"Shares purchased on or after 01 August 2025 and on or before 31 October 2025","page_number":211,"box":{"x":181,"y":505,"width":485,"height":11}},{"id":"49a1416e-5858-475b-be7e-f321bc940a5d","block_type":"box","text":"Share class","page_number":211,"box":{"x":105,"y":533,"width":73,"height":8}},{"id":"de153573-d9bf-451a-a8e6-eab9aa9a8d57","block_type":"box","text":"Distribution","page_number":211,"box":{"x":277,"y":533,"width":79,"height":8}},{"id":"c0055ac5-319a-4de0-addc-d68fe82c430c","block_type":"box","text":"Shares","page_number":211,"box":{"x":406,"y":533,"width":44,"height":8}},{"id":"5cc8edf8-8908-4776-8d79-a8d6752930fe","block_type":"box","text":"Net","page_number":211,"box":{"x":522,"y":533,"width":23,"height":8}},{"id":"134d9b05-29db-4d9e-b654-d0e5297978f5","block_type":"box","text":"Equalisation","page_number":211,"box":{"x":597,"y":533,"width":81,"height":10}},{"id":"5865e692-6b15-4935-8865-5860be8bc291","block_type":"box","text":"Distribution","page_number":211,"box":{"x":703,"y":533,"width":79,"height":8}},{"id":"843ae3db-1f3f-4c38-9549-f07efc77b386","block_type":"box","text":"Distribution","page_number":211,"box":{"x":808,"y":533,"width":79,"height":8}},{"id":"d7191982-4be8-4c0a-84e7-ed57f66445d7","block_type":"box","text":"revenue","page_number":211,"box":{"x":506,"y":547,"width":54,"height":6}},{"id":"55f80a9c-f90a-4473-909f-9f98914f2030","block_type":"box","text":"31.03.2026","page_number":211,"box":{"x":707,"y":545,"width":70,"height":8}},{"id":"d3d8c04e-e7bd-4adf-ba0b-3adf0c0739be","block_type":"box","text":"31.03.2025","page_number":211,"box":{"x":812,"y":545,"width":70,"height":8}},{"id":"59551db8-8d05-4e64-819f-32bc50a98e95","block_type":"box","text":"31.03.2026","page_number":211,"box":{"x":498,"y":557,"width":70,"height":8}},{"id":"7df448d7-d944-4729-8d5b-10503b00d120","block_type":"box","text":"p","page_number":211,"box":{"x":530,"y":570,"width":7,"height":9}},{"id":"7b369165-6c4c-4409-8fd5-fd1d0e936981","block_type":"box","text":"p","page_number":211,"box":{"x":634,"y":570,"width":7,"height":9}},{"id":"72e30b9f-9cea-4990-8424-693d897d5f62","block_type":"box","text":"p","page_number":211,"box":{"x":739,"y":570,"width":7,"height":9}},{"id":"c7cfb53a-02e2-4343-9be0-d130fc9d86c8","block_type":"box","text":"p","page_number":211,"box":{"x":844,"y":570,"width":7,"height":9}},{"id":"dfacd682-0d6b-4d50-a07e-db4f6a43b04c","block_type":"box","text":"Income","page_number":211,"box":{"x":106,"y":587,"width":43,"height":8}},{"id":"0514ab7c-2263-4139-b19a-682106eb56c3","block_type":"box","text":"Third interim","page_number":211,"box":{"x":266,"y":586,"width":79,"height":9}},{"id":"21a7f838-83d9-4563-9af1-3265f84f93aa","block_type":"box","text":"Group 1","page_number":211,"box":{"x":404,"y":587,"width":46,"height":10}},{"id":"8a20c38e-9c90-47e3-a5b7-ac1ca85f54c0","block_type":"box","text":"0.1561","page_number":211,"box":{"x":513,"y":587,"width":38,"height":8}},{"id":"797aa194-0d7a-4cf9-bbbb-c60b43edf1ef","block_type":"box","text":"–","page_number":211,"box":{"x":634,"y":591,"width":7,"height":1}},{"id":"4371c72a-fe69-4888-96ad-956174f367e2","block_type":"box","text":"0.1561","page_number":211,"box":{"x":722,"y":587,"width":38,"height":8}},{"id":"eed59ad8-db62-4940-a456-cf0d08d2f201","block_type":"box","text":"1.3992","page_number":211,"box":{"x":828,"y":587,"width":39,"height":8}},{"id":"75a02a07-ef47-4d17-97b0-d4ecf518d928","block_type":"box","text":"Group 2","page_number":211,"box":{"x":404,"y":601,"width":48,"height":10}},{"id":"7f26aa1a-a213-44c7-8204-9df538ecdf7a","block_type":"box","text":"0.1280","page_number":211,"box":{"x":513,"y":601,"width":40,"height":8}},{"id":"679a316b-c514-4916-86e4-8ecfc8a2e851","block_type":"box","text":"0.0281","page_number":211,"box":{"x":618,"y":601,"width":38,"height":8}},{"id":"bc3956ea-96d9-419c-a146-577e45b8e0bb","block_type":"box","text":"0.1561","page_number":211,"box":{"x":722,"y":601,"width":38,"height":8}},{"id":"d2bcc352-46f0-442c-afea-7144e749e7c3","block_type":"box","text":"1.3992","page_number":211,"box":{"x":828,"y":601,"width":39,"height":8}},{"id":"0e9e76f0-6338-4617-820d-016f6f0eadbe","block_type":"box","text":"Accumulation","page_number":211,"box":{"x":104,"y":619,"width":83,"height":8}},{"id":"08fbbb1b-6f9b-46b2-a9f3-0d54a9bacb65","block_type":"box","text":"Third interim","page_number":211,"box":{"x":266,"y":619,"width":79,"height":8}},{"id":"fc62916e-4df6-42ad-824b-678b323b2f0b","block_type":"box","text":"Group 1","page_number":211,"box":{"x":404,"y":619,"width":46,"height":11}},{"id":"2246c694-70d9-448e-b330-ce14b51c7d1d","block_type":"box","text":"0.1782","page_number":211,"box":{"x":513,"y":619,"width":40,"height":8}},{"id":"e3fdb87c-742b-4e27-bf6a-a97a7210017a","block_type":"box","text":"–","page_number":211,"box":{"x":634,"y":624,"width":7,"height":1}},{"id":"288deec4-f5af-4747-9b60-fcadb7c11c4b","block_type":"box","text":"0.1782","page_number":211,"box":{"x":722,"y":619,"width":40,"height":8}},{"id":"2812d4be-9ecb-4cce-8e4a-bde1e235f89e","block_type":"box","text":"1.5377","page_number":211,"box":{"x":828,"y":619,"width":39,"height":8}},{"id":"93746571-a917-448d-ae49-6f43dbcbd925","block_type":"box","text":"Group 2","page_number":211,"box":{"x":404,"y":634,"width":48,"height":10}},{"id":"002e03c8-39a7-4688-9726-ebfbb62f35cd","block_type":"box","text":"0.1270","page_number":211,"box":{"x":513,"y":634,"width":40,"height":8}},{"id":"ba78ce3b-7256-4f59-b1a2-17beae156fb7","block_type":"box","text":"0.0512","page_number":211,"box":{"x":618,"y":634,"width":40,"height":8}},{"id":"0aeebd23-10bd-4853-8fe1-a58f3e7a41de","block_type":"box","text":"0.1782","page_number":211,"box":{"x":722,"y":634,"width":40,"height":8}},{"id":"3719a593-a135-4157-b5a0-688804504647","block_type":"box","text":"1.5377","page_number":211,"box":{"x":828,"y":634,"width":39,"height":8}},{"id":"10f46d5d-6e2b-4e63-a1c9-0b0e5d1cfbba","block_type":"box","text":"Third interim distribution in pence per share","page_number":211,"box":{"x":95,"y":664,"width":296,"height":11}},{"id":"7973b63b-466b-4da1-86d9-01a6934b7782","block_type":"box","text":"Group 1:","page_number":211,"box":{"x":96,"y":680,"width":51,"height":10}},{"id":"06f935ad-a56e-456f-a03a-79b098e45a7a","block_type":"box","text":"Shares purchased prior to 01 November 2025","page_number":211,"box":{"x":181,"y":680,"width":278,"height":10}},{"id":"9bdd7dea-dd2a-49d7-bccb-9cba7285afb8","block_type":"box","text":"Group 2:","page_number":211,"box":{"x":96,"y":695,"width":51,"height":11}},{"id":"56749591-8542-4c2c-b2ef-de920ee308e8","block_type":"box","text":"Shares purchased on or after 01 November 2025 and on or before 31 January 2026","page_number":211,"box":{"x":181,"y":695,"width":505,"height":11}},{"id":"2d407bfe-1e8f-4bde-b375-4d6aba6045ba","block_type":"box","text":"Share class","page_number":211,"box":{"x":105,"y":722,"width":73,"height":9}},{"id":"fa34a115-bf3c-4e8e-abba-8d553a57b8ac","block_type":"box","text":"Distribution","page_number":211,"box":{"x":277,"y":722,"width":79,"height":9}},{"id":"44e76cd5-2601-447b-b02c-2fbfdd09320d","block_type":"box","text":"Shares","page_number":211,"box":{"x":406,"y":722,"width":44,"height":9}},{"id":"b656d7a8-5a0d-49d4-9c2c-d3181975fb3a","block_type":"box","text":"Net","page_number":211,"box":{"x":522,"y":723,"width":23,"height":8}},{"id":"c42ee357-be83-4f64-9d29-73bbb68ec406","block_type":"box","text":"Equalisation","page_number":211,"box":{"x":597,"y":722,"width":81,"height":11}},{"id":"02f9b77c-022c-4e8c-92c9-dd4fe2f35a5d","block_type":"box","text":"Distribution","page_number":211,"box":{"x":703,"y":722,"width":79,"height":9}},{"id":"bdd88146-5e07-4d7c-b942-df7c14259104","block_type":"box","text":"Distribution","page_number":211,"box":{"x":808,"y":722,"width":79,"height":9}},{"id":"2986060e-91bb-408b-94a8-957e21f21a14","block_type":"box","text":"revenue","page_number":211,"box":{"x":506,"y":736,"width":54,"height":6}},{"id":"77903138-d634-43b3-8c06-6f7008744164","block_type":"box","text":"30.06.2026","page_number":211,"box":{"x":707,"y":735,"width":70,"height":7}},{"id":"f6aef18e-4c6b-4823-a4bd-022517342ee9","block_type":"box","text":"30.06.2025","page_number":211,"box":{"x":812,"y":735,"width":70,"height":7}},{"id":"cbbb73a4-e3aa-432d-8604-47f1c325a778","block_type":"box","text":"30.06.2026","page_number":211,"box":{"x":498,"y":746,"width":70,"height":8}},{"id":"34621ca0-e987-4e12-8146-19460f8fa65e","block_type":"box","text":"p","page_number":211,"box":{"x":530,"y":760,"width":7,"height":9}},{"id":"1c8ceb0a-74c1-4a17-b63f-02a787883cb5","block_type":"box","text":"p","page_number":211,"box":{"x":634,"y":760,"width":7,"height":9}},{"id":"063fcaef-6b7b-4188-bdc7-6d22f1cbd4ad","block_type":"box","text":"p","page_number":211,"box":{"x":739,"y":760,"width":7,"height":9}},{"id":"d46f6e70-43d0-4951-9b36-193f4c992ce6","block_type":"box","text":"p","page_number":211,"box":{"x":844,"y":760,"width":7,"height":9}},{"id":"6e62ed32-ef0e-49d0-babb-59e25320e107","block_type":"box","text":"Income","page_number":211,"box":{"x":106,"y":777,"width":43,"height":8}},{"id":"2f5919ad-9f8f-46d3-a63a-8167ef02a097","block_type":"box","text":"Final","page_number":211,"box":{"x":267,"y":776,"width":27,"height":9}},{"id":"cf81d8fa-08b7-4e1a-92fb-320974e45543","block_type":"box","text":"Group 1","page_number":211,"box":{"x":404,"y":777,"width":46,"height":10}},{"id":"1366cddf-9520-4225-9648-ed43080670ea","block_type":"box","text":"0.7169","page_number":211,"box":{"x":513,"y":777,"width":40,"height":8}},{"id":"671b451d-c074-4aad-a3e0-8a67fc2e1d41","block_type":"box","text":"–","page_number":211,"box":{"x":634,"y":781,"width":7,"height":1}},{"id":"7fcf0a4f-76c6-450f-a1dc-c25a85e15d0a","block_type":"box","text":"0.7169","page_number":211,"box":{"x":722,"y":777,"width":40,"height":8}},{"id":"59025a08-f620-4a34-ac17-504242bdd53e","block_type":"box","text":"0.2719","page_number":211,"box":{"x":827,"y":777,"width":40,"height":8}},{"id":"c6575a2f-2cdf-499f-bc5e-15ff45e6f1b5","block_type":"box","text":"Group 2","page_number":211,"box":{"x":404,"y":791,"width":48,"height":10}},{"id":"5ae65025-1f9a-4dfb-af63-38f6a0cdc82f","block_type":"box","text":"0.6786","page_number":211,"box":{"x":513,"y":791,"width":40,"height":8}},{"id":"eac10acd-f558-41ab-817e-95cdba70833d","block_type":"box","text":"0.0383","page_number":211,"box":{"x":618,"y":791,"width":39,"height":8}},{"id":"95fbacab-9495-4f28-8164-b38d4fa4ebd1","block_type":"box","text":"0.7169","page_number":211,"box":{"x":722,"y":791,"width":40,"height":8}},{"id":"bc8840a9-246e-480b-99ad-a8b174ab3529","block_type":"box","text":"0.2719","page_number":211,"box":{"x":827,"y":791,"width":40,"height":8}},{"id":"f1d436a1-4609-474e-a4cc-f51159b883a7","block_type":"box","text":"Accumulation","page_number":211,"box":{"x":104,"y":809,"width":83,"height":8}},{"id":"943ac58d-32d7-4c32-9af3-ded3e3950857","block_type":"box","text":"Final","page_number":211,"box":{"x":267,"y":809,"width":27,"height":8}},{"id":"5ab6016f-626a-4e34-a4cb-f28b242f3391","block_type":"box","text":"Group 1","page_number":211,"box":{"x":404,"y":809,"width":46,"height":11}},{"id":"ecfe0d21-815d-4f35-b5f7-76e14be7ae76","block_type":"box","text":"0.7620","page_number":211,"box":{"x":513,"y":809,"width":40,"height":8}},{"id":"dffbf019-fc95-454a-bb03-aaa049c03e7e","block_type":"box","text":"–","page_number":211,"box":{"x":634,"y":814,"width":7,"height":0}},{"id":"6d9712aa-ad8e-4e83-9ea0-891b287b0e90","block_type":"box","text":"0.7620","page_number":211,"box":{"x":722,"y":809,"width":40,"height":8}},{"id":"967bd984-b2bd-4601-bfc9-39aea6d8832b","block_type":"box","text":"0.3037","page_number":211,"box":{"x":827,"y":809,"width":40,"height":8}},{"id":"b2317e29-5345-45ea-9c0d-4bd5d117e03a","block_type":"box","text":"Group 2","page_number":211,"box":{"x":404,"y":823,"width":48,"height":11}},{"id":"f46fbe95-a349-490a-a6f1-9886b5416f4f","block_type":"box","text":"0.6888","page_number":211,"box":{"x":513,"y":823,"width":40,"height":8}},{"id":"bda09c96-2867-4d3a-bdd2-843c008cfe11","block_type":"box","text":"0.0732","page_number":211,"box":{"x":618,"y":823,"width":40,"height":8}},{"id":"295a5715-b173-4803-86ea-c8a2b7510819","block_type":"box","text":"0.7620","page_number":211,"box":{"x":722,"y":823,"width":40,"height":8}},{"id":"c660f475-7e9b-4bfa-bcde-dbc775be091e","block_type":"box","text":"0.3037","page_number":211,"box":{"x":827,"y":823,"width":40,"height":8}},{"id":"194d76a8-6b8c-46ff-b9b3-195578742e38","block_type":"box","text":"Final distribution in pence per share","page_number":211,"box":{"x":96,"y":854,"width":240,"height":11}},{"id":"ec0caf68-a7e9-453e-b258-fe0d12d2e826","block_type":"box","text":"Group 1:","page_number":211,"box":{"x":96,"y":870,"width":51,"height":10}},{"id":"2931695c-c61f-4403-bcf5-1e6d6bd099c2","block_type":"box","text":"Shares purchased prior to 01 February 2026","page_number":211,"box":{"x":181,"y":869,"width":268,"height":11}},{"id":"49f991f0-2a6a-4fd5-9017-7101d38c16be","block_type":"box","text":"Group 2:","page_number":211,"box":{"x":96,"y":885,"width":51,"height":11}},{"id":"461d9799-e303-4b7e-a95a-ba9390d75ef5","block_type":"box","text":"Shares purchased on or after 01 February 2026 and on or before 30 April 2026","page_number":211,"box":{"x":181,"y":885,"width":477,"height":11}},{"id":"f2eb787a-e5c0-443d-ad34-6bb964e0b186","block_type":"box","text":"MI Tatton Blended Defensive Fund","page_number":211,"box":{"x":97,"y":38,"width":386,"height":13}},{"id":"6ff678b0-d11c-4d13-abe9-51601845f84c","block_type":"box","text":"206","page_number":211,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"a9e8800d-7edc-4430-889a-ff9f9bb1c6cb","block_type":"box","text":"Sub-fund Overview","page_number":212,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"16a87f61-298a-4e20-8890-d4f52774f243","block_type":"box","text":"Name of Sub-fund","page_number":212,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"79febf25-825b-4795-8152-99d90a62dc7d","block_type":"box","text":"MI Tatton Passive Balanced Fund (formerly VT Tatton Passive Balanced Fund)","page_number":212,"box":{"x":96,"y":143,"width":467,"height":11}},{"id":"bb0bf721-f45d-4f6a-ba4f-288ea0a0679e","block_type":"box","text":"Size of Sub-fund","page_number":212,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"2ba67fc9-1a57-4717-a86e-363d856ade8c","block_type":"box","text":"£25,872,619","page_number":212,"box":{"x":95,"y":181,"width":74,"height":9}},{"id":"1c3ee6c7-14e5-4c63-84bd-ab8ef56fca8e","block_type":"box","text":"Launch date","page_number":212,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"8f109b2e-319c-42dc-8a3d-3ff7e71c15c5","block_type":"box","text":"01 May 2024","page_number":212,"box":{"x":95,"y":219,"width":78,"height":10}},{"id":"fc6d7ae2-46b1-4879-b56a-6124d0ea9980","block_type":"box","text":"Investment objective and policy","page_number":212,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"8736f360-0f4a-423c-85c6-31e80024f268","block_type":"box","text":"The objective of the Sub-fund is to provide returns over a period of at least 7 years by a combination of capital growth and in","page_number":212,"box":{"x":95,"y":256,"width":775,"height":11}},{"id":"4617ab8c-baa0-44fa-accb-000ee7d49367","block_type":"box","text":"come","page_number":212,"box":{"x":871,"y":258,"width":33,"height":6}},{"id":"1bd31135-82b5-4bc8-8c71-d3f8dfe5efb8","block_type":"box","text":"generation.","page_number":212,"box":{"x":95,"y":272,"width":69,"height":10}},{"id":"b4856224-3b4f-43b0-a732-d74dfcbca05f","block_type":"box","text":"The Sub-fund will seek to achieve its investment objective by investing more than 75% of its assets in passive funds that track","page_number":212,"box":{"x":95,"y":293,"width":751,"height":11}},{"id":"04683471-e103-4e56-a864-945798f6d81f","block_type":"box","text":"an index,","page_number":212,"box":{"x":849,"y":293,"width":54,"height":10}},{"id":"171faa6b-9609-481f-bfc9-ec3e28d43ee9","block_type":"box","text":"money market funds, or cash.","page_number":212,"box":{"x":96,"y":309,"width":180,"height":11}},{"id":"0d19b6da-0113-4693-83ca-7312077e54ea","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as shares in companies. For this Sub-fund, over per","page_number":212,"box":{"x":96,"y":331,"width":767,"height":11}},{"id":"f41c146f-e307-4f04-b3a4-98dbb38d81cd","block_type":"box","text":"iods of","page_number":212,"box":{"x":864,"y":331,"width":41,"height":8}},{"id":"bc0e6356-c9d9-4fbf-86c1-c7c74ec0f18a","block_type":"box","text":"at least 7 years, in normal market conditions, it is expected that the proportion of the Sub-fund exposed to shares (directly a","page_number":212,"box":{"x":95,"y":346,"width":730,"height":11}},{"id":"eabfa05b-fb1f-4b8f-a6a9-78215487a4f7","block_type":"box","text":"nd indirectly)","page_number":212,"box":{"x":827,"y":347,"width":77,"height":10}},{"id":"cb68f697-92dd-4f6a-9d78-9af9639f5ecc","block_type":"box","text":"will typically be 60% and never lower than 47.5% or higher than 72.5%.","page_number":212,"box":{"x":95,"y":362,"width":431,"height":11}},{"id":"1fae0427-4865-4d74-8d43-153680e9c2f9","block_type":"box","text":"To the extent not invested in shares as set out above, the Sub-fund will mainly invest: (i) (directly or indirectly) in governm","page_number":212,"box":{"x":95,"y":384,"width":760,"height":11}},{"id":"22fcd824-82ea-47a7-8a01-78eccbaff365","block_type":"box","text":"ent and","page_number":212,"box":{"x":857,"y":384,"width":46,"height":8}},{"id":"7009c4c9-373c-4964-8259-6477f525a5fa","block_type":"box","text":"corporate bonds (including investment grade and high yield bonds); and (ii) directly in money market instruments (such as money","page_number":212,"box":{"x":95,"y":400,"width":809,"height":10}},{"id":"0408c83e-ef79-4bf0-a29b-2fcfd79e6ca7","block_type":"box","text":"market funds or government treasury bills), cash and near cash and deposits.","page_number":212,"box":{"x":96,"y":415,"width":470,"height":11}},{"id":"06fac1a8-5d23-4f57-a54b-fc43ecf09945","block_type":"box","text":"The remainder of the Sub-fund may also be invested indirectly in commodities, property, hedge fund strategies and private equit","page_number":212,"box":{"x":95,"y":437,"width":785,"height":11}},{"id":"1e3cf405-8556-48b6-84da-ecd377084d59","block_type":"box","text":"y.","page_number":212,"box":{"x":881,"y":440,"width":9,"height":8}},{"id":"97646777-0098-404e-accf-14789f511393","block_type":"box","text":"Some of these investments will be denominated in foreign currencies which may or may not be hedged back to Pounds Sterling.","page_number":212,"box":{"x":95,"y":459,"width":779,"height":11}},{"id":"6b463b78-ec62-45d4-9678-88d262d0fb74","block_type":"box","text":"The Sub-fund may temporarily depart from this investment policy in response to the Investment Manager’s perception of extraordi","page_number":212,"box":{"x":95,"y":482,"width":781,"height":10}},{"id":"cbaf3f8f-1f5d-43d4-afc1-3e8c13c533d3","block_type":"box","text":"nary","page_number":212,"box":{"x":878,"y":484,"width":26,"height":8}},{"id":"3c2b7ef4-e6d8-4d84-baf3-afbc53abbf58","block_type":"box","text":"market or political conditions. During these periods and for as long as the Investment Manager deems it necessary, the Sub-fund","page_number":212,"box":{"x":96,"y":497,"width":778,"height":11}},{"id":"e92d3528-7284-4560-b056-59c93f506b7f","block_type":"box","text":"may","page_number":212,"box":{"x":879,"y":499,"width":25,"height":9}},{"id":"877ff557-530a-455d-880c-def8075f3616","block_type":"box","text":"adjust the stated percentages with a view to avoiding losses.","page_number":212,"box":{"x":95,"y":512,"width":366,"height":11}},{"id":"45198cb3-6bcd-4c1f-8e55-4195859a993a","block_type":"box","text":"Derivatives","page_number":212,"box":{"x":96,"y":535,"width":74,"height":8}},{"id":"4273dd8d-5838-4968-a4a8-bdfca3d8f807","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":212,"box":{"x":95,"y":550,"width":686,"height":11}},{"id":"025e575e-fc3c-486a-b2a4-95138d3ac7c6","block_type":"box","text":"Benchmark","page_number":212,"box":{"x":96,"y":572,"width":76,"height":8}},{"id":"9418c129-1293-44a6-a215-93425e79da9c","block_type":"box","text":"Investors can compare the performance of the Fund with the IA OE Mixed Investment 40-85% Shares.","page_number":212,"box":{"x":96,"y":588,"width":616,"height":10}},{"id":"0ad7f259-9c19-4645-808e-8df00c34adf5","block_type":"box","text":"The Sub-fund provides comparative performance against relevant Investment Association sector benchmarks in order for investors","page_number":212,"box":{"x":95,"y":610,"width":793,"height":11}},{"id":"12765c96-fa6e-4883-835a-00f69539bf57","block_type":"box","text":"to","page_number":212,"box":{"x":892,"y":611,"width":12,"height":7}},{"id":"c7bdbb9c-7043-4e66-bd7d-bff4fcbde688","block_type":"box","text":"compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association Mixe","page_number":212,"box":{"x":95,"y":625,"width":800,"height":11}},{"id":"020bd767-1ce4-4033-9572-a7b89e346882","block_type":"box","text":"d","page_number":212,"box":{"x":897,"y":625,"width":6,"height":9}},{"id":"da1351cd-b807-4652-b16b-716c3a977091","block_type":"box","text":"Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a","page_number":212,"box":{"x":95,"y":641,"width":800,"height":10}},{"id":"9b7767c5-353f-4123-a61c-76f4b69f55b7","block_type":"box","text":"n","page_number":212,"box":{"x":897,"y":643,"width":6,"height":6}},{"id":"59b607b2-63ed-4f24-add5-8f15f0df7f18","block_type":"box","text":"indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or","page_number":212,"box":{"x":96,"y":656,"width":756,"height":11}},{"id":"304b51b1-8b50-4e6c-9551-abc6a1cdaf70","block_type":"box","text":"investor","page_number":212,"box":{"x":856,"y":656,"width":48,"height":8}},{"id":"038ed53e-66a9-49bd-b547-4ab51bf93a7f","block_type":"box","text":"expectations.","page_number":212,"box":{"x":95,"y":672,"width":80,"height":10}},{"id":"42ec759d-3bc1-4075-b710-eb0b343f1652","block_type":"box","text":"Final accounting date","page_number":212,"box":{"x":96,"y":694,"width":142,"height":10}},{"id":"c3b53390-3ba8-4f67-8d12-113a24683f6a","block_type":"box","text":"30 April","page_number":212,"box":{"x":95,"y":709,"width":46,"height":11}},{"id":"c19a9e62-8010-4837-a002-9d25fd5d6fd3","block_type":"box","text":"Interim accounting date","page_number":212,"box":{"x":96,"y":731,"width":159,"height":11}},{"id":"2ab0e6e1-2d95-40a9-b513-de735885eea7","block_type":"box","text":"31 October","page_number":212,"box":{"x":95,"y":747,"width":68,"height":8}},{"id":"d3c88e3a-813d-4e77-a86c-2e260d0892bd","block_type":"box","text":"Income distribution date","page_number":212,"box":{"x":96,"y":769,"width":164,"height":8}},{"id":"bdaf89dc-0f30-49e7-aae8-af976fdd0156","block_type":"box","text":"31 August","page_number":212,"box":{"x":95,"y":785,"width":60,"height":10}},{"id":"36bc4942-483b-411c-aa64-3f42812ba932","block_type":"box","text":"ISA status","page_number":212,"box":{"x":96,"y":807,"width":64,"height":8}},{"id":"c0bcc57e-cd44-4316-b55a-81fb7904116f","block_type":"box","text":"Qualifying Investment for stocks and shares component","page_number":212,"box":{"x":96,"y":822,"width":339,"height":11}},{"id":"4d4908d1-3d3c-406a-b408-b4d3f3a1e965","block_type":"box","text":"Class of shares","page_number":212,"box":{"x":96,"y":844,"width":96,"height":8}},{"id":"e504c320-5f80-4346-9553-1dda1e4db1ec","block_type":"box","text":"I Class (Retail) Accumulation","page_number":212,"box":{"x":96,"y":860,"width":169,"height":10}},{"id":"077ef3fc-5752-47cb-a821-6d93bdfecc28","block_type":"box","text":"Initial charge","page_number":212,"box":{"x":96,"y":882,"width":86,"height":11}},{"id":"fb793de5-66c7-4a95-a484-32e118c40ee1","block_type":"box","text":"0% (of the amount invested by an investor)","page_number":212,"box":{"x":95,"y":897,"width":262,"height":11}},{"id":"e159d704-5b01-40c4-b044-77d50d11555b","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":212,"box":{"x":533,"y":38,"width":369,"height":13}},{"id":"50886bc3-668c-4854-ab4c-33990c91ec53","block_type":"box","text":"207","page_number":212,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"d77b94ad-b3c8-4f73-8971-26e57233330f","block_type":"box","text":"Sub-fund Overview (continued)","page_number":213,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"e2d099f2-012a-4d62-94ec-c1ed30a981c0","block_type":"box","text":"Redemption charge","page_number":213,"box":{"x":96,"y":128,"width":129,"height":10}},{"id":"2c7c5759-d22d-4530-82bf-74ee0099db76","block_type":"box","text":"0%","page_number":213,"box":{"x":334,"y":128,"width":17,"height":8}},{"id":"a6079c94-d27e-43fb-80de-1f10e7503545","block_type":"box","text":"Annual management charge","page_number":213,"box":{"x":95,"y":150,"width":188,"height":10}},{"id":"aae3888c-5182-4634-a1b5-4049477d1484","block_type":"box","text":"I Class (Retail) Accumulation","page_number":213,"box":{"x":96,"y":165,"width":169,"height":10}},{"id":"deb107d1-09c6-4d49-8a7f-a2f949396c9e","block_type":"box","text":"0.15%","page_number":213,"box":{"x":334,"y":166,"width":36,"height":7}},{"id":"26e0e5ee-8978-461c-8e89-32e0f39e07c2","block_type":"box","text":"Minimum initial investment","page_number":213,"box":{"x":96,"y":187,"width":167,"height":9}},{"id":"57235545-40fb-49b0-97ae-d4e14e4ee0f4","block_type":"box","text":"£3,000","page_number":213,"box":{"x":333,"y":188,"width":40,"height":9}},{"id":"b3097acc-7ebf-4c3d-ba74-3d818cf0780b","block_type":"box","text":"Minimum subsequent investment","page_number":213,"box":{"x":96,"y":210,"width":205,"height":10}},{"id":"d16f45a0-969e-40f9-9b6d-b80d595a180b","block_type":"box","text":"£1,000","page_number":213,"box":{"x":333,"y":210,"width":40,"height":9}},{"id":"3297e332-3f7c-4b86-95c3-3128392bbe6f","block_type":"box","text":"Minimum holding","page_number":213,"box":{"x":96,"y":232,"width":107,"height":10}},{"id":"3ca694b6-6c58-4a82-accf-8b7e4e741af6","block_type":"box","text":"£1,000","page_number":213,"box":{"x":333,"y":232,"width":40,"height":9}},{"id":"730c4a61-f1f6-412b-8415-1678c612d93f","block_type":"box","text":"Minimum redemption","page_number":213,"box":{"x":96,"y":254,"width":133,"height":11}},{"id":"460d7a1b-1364-4c72-b309-80b2bb166f2c","block_type":"box","text":"None","page_number":213,"box":{"x":334,"y":254,"width":31,"height":8}},{"id":"41d70080-8442-4b62-9af7-db491b9d5fc4","block_type":"box","text":"Regular savings plan","page_number":213,"box":{"x":96,"y":276,"width":135,"height":11}},{"id":"ecdd6118-cdd1-4135-9859-b1d06974a671","block_type":"box","text":"Minimum payment of £100 per month","page_number":213,"box":{"x":334,"y":276,"width":232,"height":11}},{"id":"36551c2c-3941-4717-9814-e8da90d78986","block_type":"box","text":"Regular withdrawal facility","page_number":213,"box":{"x":96,"y":298,"width":180,"height":11}},{"id":"4fff78df-dfa8-4541-a055-990f9c293c50","block_type":"box","text":"N/A","page_number":213,"box":{"x":334,"y":299,"width":22,"height":7}},{"id":"b8f5393b-f04d-4f67-90cf-92274c15fc04","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":213,"box":{"x":97,"y":38,"width":369,"height":13}},{"id":"258a4fcd-fdd9-48a6-95f9-708c8f72d781","block_type":"box","text":"208","page_number":213,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"8ad70443-eec0-4a7c-b32c-e08817309d22","block_type":"box","text":"Investment Manager’s Review","page_number":214,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"9358ea23-f1d1-41b8-b807-bbe9c31a15b4","block_type":"box","text":"for the year ended 30 April 2026","page_number":214,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"5d0a48b8-aafd-4302-aff3-302fb6b77231","block_type":"box","text":"Investment review","page_number":214,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"42ed628d-ffd3-4a37-a72e-9261119e49ea","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":214,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"699ce2e4-d881-4b22-b599-b41dd8fd9788","block_type":"box","text":"The MI Tatton Passive Balanced I GBP Acc returned 2.46% in the six months to 30 April 2026. The IA Mixed Investment 40-85% Shar","page_number":214,"box":{"x":95,"y":165,"width":796,"height":11}},{"id":"d0819c49-3463-42d7-9ea6-b73bac9da726","block_type":"box","text":"es","page_number":214,"box":{"x":891,"y":167,"width":13,"height":6}},{"id":"6b51efed-3b19-4c8d-9405-b6390876ddea","block_type":"box","text":"benchmark returned 3.14% meaning the fund underperformed by -0.68% over the period.","page_number":214,"box":{"x":96,"y":181,"width":549,"height":10}},{"id":"1d7583e4-0e44-4cee-aef0-6bea2fa61cf1","block_type":"box","text":"Over the last 12-months to 30 April 2026, the MI Tatton Passive Balanced I GBP Acc has returned 16.62%. The IA Mixed Investment","page_number":214,"box":{"x":96,"y":203,"width":785,"height":10}},{"id":"0727fd63-d3ae-44ef-86a4-4485eda5cca4","block_type":"box","text":"40-","page_number":214,"box":{"x":885,"y":203,"width":19,"height":8}},{"id":"53a41f28-fa36-4f37-a492-45d54ff0cd3c","block_type":"box","text":"85% Shares reference index returned 17.89%, meaning the fund underperformed by -1.27% over the period.","page_number":214,"box":{"x":95,"y":218,"width":662,"height":11}},{"id":"618adcdf-f288-4bc1-98a3-9e0b5b9e7389","block_type":"box","text":"Overview","page_number":214,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"4fa655c9-e84b-4322-bfe8-5ca141b98ab9","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":214,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"68efbd62-314a-46f8-b993-625a8f8da59e","block_type":"box","text":"market","page_number":214,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"d8632d5d-090e-4be8-8e5f-da68702534ee","block_type":"box","text":"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.","page_number":214,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"ca0087a9-6b28-4c2c-9bd2-85d1f6a7d031","block_type":"box","text":"Since last","page_number":214,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"f552b3a4-1907-4bb7-b7b2-5c1fdd455ae3","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":214,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"74d31549-c6c2-45d6-825e-739d4697b65a","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":214,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"b0515632-814c-41e9-98ca-a3e21f95fd24","block_type":"box","text":"eral Reserve","page_number":214,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"0d5fbc5c-1b6b-4b86-8529-3d820bb699f7","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":214,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"82d5ce3e-3e69-488b-9df5-46b59a2fc53b","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":214,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"18c1e5b0-a8e3-4d6c-9088-e6569010e9b6","block_type":"box","text":"ons of","page_number":214,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"da52a06c-a214-42dd-b746-c3b5ac3b8dd9","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":214,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"c6f64638-fe8d-4d4f-b231-89da94e9d3f6","block_type":"box","text":"than","page_number":214,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"6f035534-9619-48b2-a1b4-2409b28be39c","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":214,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"dd3ce875-d9f1-42ef-b401-abad3ae9af65","block_type":"box","text":"le AI","page_number":214,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"9a6c1ff9-92f7-4c96-abe9-36762b6c489b","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":214,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"226915a1-716d-4f3b-bf94-374a97515cee","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":214,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"a38dc118-8f8e-442e-ab3c-abf3f6f13bb5","block_type":"box","text":"edia","page_number":214,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"59a129a1-4235-455f-8a63-242293ec05ab","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":214,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"627f7f49-fe52-4656-bec8-41ddb365e60a","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":214,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"aeaffcb0-ca73-44c8-a430-2d0117a0ea83","block_type":"box","text":"interest","page_number":214,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"f5271c4e-0aea-4dff-8d9d-14e7ef14d71d","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":214,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"d0492b9f-6345-4484-bd7a-0aaa5c6b3d7a","block_type":"box","text":"d wider","page_number":214,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"db70acd4-2e97-4e2f-ace7-0089f758798f","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":214,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"247a4075-79b1-4a5e-ac3b-42043c2e3bac","block_type":"box","text":"Outlook","page_number":214,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"5c97b113-b631-4345-8167-59e4628dc7c3","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":214,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"baad0d63-a14f-4c17-83d6-5203bbeeccd1","block_type":"box","text":"for","page_number":214,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"eb641ef3-6f82-4dfc-9ec4-6895bb1252c2","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":214,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"3ef13743-f583-406f-b108-5083e5794661","block_type":"box","text":"of","page_number":214,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"e67a19c2-3cec-4066-a7d0-01e15892eef1","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":214,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"2e296089-c834-410c-90dc-24f5a3708fad","block_type":"box","text":"ll take time","page_number":214,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"f3493a16-6230-435e-b1ec-0358fc996ec6","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":214,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"d641b305-33b2-4571-9797-2460bbf5a997","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":214,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"84b01cae-5cb2-4d5c-af7f-fbced8bef2b8","block_type":"box","text":". Oil","page_number":214,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"e4f8adea-f2b9-48e0-b38c-a9bc5b180ccf","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":214,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"37313193-bc39-41c1-bedc-5e5cdc6722f5","block_type":"box","text":"expectation","page_number":214,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"73b82b80-21ef-4e8b-b119-eb62097fdb09","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":214,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"50a3c41b-97f6-4878-8a8f-ee406397b112","block_type":"box","text":"sell-off","page_number":214,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"5326977a-c3ed-4981-aafb-5760b7aa769e","block_type":"box","text":"we might have expected).","page_number":214,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"d31ce179-4894-4800-857b-d9a592e4069e","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":214,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"5857ebe4-9a6d-4ef7-b4ab-79fd788d0f1e","block_type":"box","text":"ries","page_number":214,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"c1540793-0576-47e7-9706-bb1d82992b48","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":214,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"1a77e18e-eba3-4e43-a7bc-99ae53029975","block_type":"box","text":"rowth can","page_number":214,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"272bf54c-4f6e-4431-b345-3c0373233f20","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":214,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"8ea3a0a0-18a2-4fb2-89bb-4c48664955dc","block_type":"box","text":"g.","page_number":214,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"22b34412-7877-4642-a0ee-90f47df326de","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":214,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"84167750-2e3c-4399-89f5-c93c19e13bc2","block_type":"box","text":"y","page_number":214,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"98c39cf0-72a4-4130-99aa-f1eaadcedf79","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":214,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"82e1a3e7-5f87-441d-b284-3ca442506345","block_type":"box","text":"cle.","page_number":214,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"90e00a1e-51e6-4605-91c4-2a69a6acf144","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":214,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"7d1340b4-c4c9-4c54-947d-61df281d6150","block_type":"box","text":"Fund positioning","page_number":214,"box":{"x":96,"y":764,"width":111,"height":11}},{"id":"f1c053e0-5fd6-4ed0-add7-445f34d29b9d","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":214,"box":{"x":95,"y":780,"width":769,"height":10}},{"id":"a7a9e183-4ac2-43d3-a504-f8975a56dcbc","block_type":"box","text":"d fund","page_number":214,"box":{"x":865,"y":780,"width":38,"height":8}},{"id":"5694012e-e88f-4b91-912f-6af666e93c34","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":214,"box":{"x":95,"y":795,"width":473,"height":11}},{"id":"b56325c9-2955-457e-a0d7-fa7b7833b4fb","block_type":"box","text":"On 8 May 2025 the portfolio was updated. A sub-asset allocation change was made; North America Equity was decreased. The portfo","page_number":214,"box":{"x":96,"y":817,"width":785,"height":11}},{"id":"9fa7b2e7-979d-482d-a7b5-687b2ecfffcb","block_type":"box","text":"lio’s","page_number":214,"box":{"x":882,"y":817,"width":22,"height":9}},{"id":"5539dde1-9a8a-46f2-b7a9-6157a5458210","block_type":"box","text":"fund manager allocations were updated; HSBC European Index Fund was increased, Vanguard US Equity Index Fund was decreased","page_number":214,"box":{"x":95,"y":833,"width":808,"height":10}},{"id":"31fbc98d-2851-49bb-b3f4-869640e40449","block_type":"box","text":"and iShares MSCI Europe Mid Cap ETF was removed.","page_number":214,"box":{"x":95,"y":848,"width":320,"height":11}},{"id":"ab12a4e7-67af-4d25-bf13-ff85ce59c245","block_type":"box","text":"An update to the portfolio was made on 11 July 2025. The portfolio’s asset class distribution was revised; Bonds were decreased","page_number":214,"box":{"x":95,"y":870,"width":781,"height":11}},{"id":"e0ce6178-241f-402b-9f5c-153f2dad33ff","block_type":"box","text":"and","page_number":214,"box":{"x":881,"y":870,"width":22,"height":9}},{"id":"346d3ad3-061c-4c69-b646-80aa6add7f89","block_type":"box","text":"Equities were increased.","page_number":214,"box":{"x":96,"y":886,"width":146,"height":11}},{"id":"55000a92-3959-4f25-b10f-dc440af74382","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":214,"box":{"x":533,"y":38,"width":369,"height":13}},{"id":"2d26ac2d-6802-4730-b87a-51c2df1901dd","block_type":"box","text":"209","page_number":214,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"0d0ee199-f3ed-4376-8313-23ceae23b802","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":215,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"d4e8d622-ee8e-4712-a34d-93b6d6631f82","block_type":"box","text":"for the year ended 30 April 2026","page_number":215,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"4d691dcb-4c90-4914-8b14-8c5689cda069","block_type":"box","text":"On 12 August 2025, the portfolio underwent a change. The sub-asset allocation blend was adjusted; Emerging Market Bond was","page_number":215,"box":{"x":96,"y":128,"width":808,"height":10}},{"id":"85aeb3d0-e274-4c3f-ae07-8547ece9122e","block_type":"box","text":"increased, Government Bond was increased, IG Bond was increased, North America Equity was increased and Strategic Bond was","page_number":215,"box":{"x":96,"y":143,"width":808,"height":11}},{"id":"0f0914c6-719b-44ce-8494-aadbb92de3b5","block_type":"box","text":"decreased. The portfolio’s fund manager lineup was revised; HSBC American Index Fund was increased, HSBC Global Aggregate Bond","page_number":215,"box":{"x":95,"y":158,"width":808,"height":11}},{"id":"db02e2b1-7187-4b22-b9d8-62fa700345fb","block_type":"box","text":"UCITS ETF was decreased, HSBC Global Corporate Bond UCITS ETF was increased, Vanguard Global Bond Index was decreased, Vanguard","page_number":215,"box":{"x":96,"y":174,"width":807,"height":11}},{"id":"7c77ce98-d8ae-4155-9e17-bd1b111d3c55","block_type":"box","text":"US Equity Index Fund was decreased and State Street SPDR S&P500 Quality Aristocrats ETF was added.","page_number":215,"box":{"x":96,"y":189,"width":622,"height":11}},{"id":"7f7a45e4-b4f9-4af5-b5fb-1449a2e93551","block_type":"box","text":"On 30 October 2025 the portfolio was updated. Fund managers within the portfolio were adjusted; HSBC Global Government Bond","page_number":215,"box":{"x":96,"y":211,"width":807,"height":11}},{"id":"341e4826-76de-49c2-b12b-c2de8c171e0f","block_type":"box","text":"UCITS ETF was increased and iShares $ Treasury Bond 20+y ETF was removed.","page_number":215,"box":{"x":96,"y":227,"width":472,"height":11}},{"id":"ff210732-7721-4b48-9e0d-a8f3bfd1dc9e","block_type":"box","text":"The portfolio was updated on 3 November 2025. One manager selection change was made; HSBC MSCI Emerging Markets Equity Index","page_number":215,"box":{"x":95,"y":249,"width":809,"height":11}},{"id":"d5506786-9c9c-4a5b-8120-2d9eb0a39699","block_type":"box","text":"was removed.","page_number":215,"box":{"x":95,"y":265,"width":84,"height":8}},{"id":"7b5b4533-fc89-4268-b931-f5102012b853","block_type":"box","text":"The portfolio was updated on 2 December 2025. Fund manager allocations were updated; the iShares UK Equity Index Fund (UK) shar","page_number":215,"box":{"x":95,"y":287,"width":802,"height":10}},{"id":"8b6dd11d-386e-4c60-bd16-35c3507515ec","block_type":"box","text":"e","page_number":215,"box":{"x":898,"y":289,"width":6,"height":6}},{"id":"b43a9035-cff7-4086-a6b5-52f24c598c9a","block_type":"box","text":"class was changed.","page_number":215,"box":{"x":95,"y":302,"width":114,"height":11}},{"id":"e3733e58-c26d-4eb6-aeb1-746346bec071","block_type":"box","text":"The fund’s positioning was changed on 25 March 2026. A sub-asset allocation change was made; UK Equity was increased.","page_number":215,"box":{"x":95,"y":324,"width":742,"height":11}},{"id":"5df93c13-ef62-47f9-a75a-465637fa3da3","block_type":"box","text":"Tatton Investment Management Limited","page_number":215,"box":{"x":95,"y":369,"width":269,"height":10}},{"id":"a62b9c32-4f88-484a-bb6d-03929b0f3a52","block_type":"box","text":"Investment Manager to the Fund","page_number":215,"box":{"x":96,"y":384,"width":198,"height":11}},{"id":"7139238d-67df-43fa-a6d2-9c409a13b863","block_type":"box","text":"May 2026","page_number":215,"box":{"x":96,"y":400,"width":58,"height":10}},{"id":"9483b61b-430b-4491-9b8f-93a8de8d5712","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":215,"box":{"x":97,"y":38,"width":369,"height":13}},{"id":"ebfe7a34-6fa7-4b26-adbb-a31f9d7b899d","block_type":"box","text":"210","page_number":215,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"1a7762f5-ff9c-4117-bec0-1ca7c3eb550c","block_type":"box","text":"Performance Record","page_number":216,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"46e35ad2-06cb-46e3-8f0d-aed901a3cfa4","block_type":"box","text":"Financial Highlights","page_number":216,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"998c5a62-8f5e-41ae-8721-58496519a8eb","block_type":"box","text":"I Class (Retail) Accumulation","page_number":216,"box":{"x":101,"y":149,"width":187,"height":9}},{"id":"a6efb347-f32b-45f8-a808-4bf0f5892cd2","block_type":"box","text":"30.04.26","page_number":216,"box":{"x":418,"y":149,"width":54,"height":8}},{"id":"c55df710-22a8-4119-9eaa-506118363934","block_type":"box","text":"30.04.25^","page_number":216,"box":{"x":523,"y":149,"width":63,"height":8}},{"id":"61861d54-d3f9-4348-b326-8a1871b948a3","block_type":"box","text":"p","page_number":216,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"2c98fe21-3cea-4304-befd-2ba65e44c4ba","block_type":"box","text":"p","page_number":216,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"9f3e00b4-3730-4d4e-a66d-5885a9111aef","block_type":"box","text":"Opening net asset value per share","page_number":216,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"90d92243-c31f-4b08-a8a7-f170b2be5b50","block_type":"box","text":"102.1139","page_number":216,"box":{"x":435,"y":178,"width":54,"height":8}},{"id":"51d51d05-5609-4b1c-b3fc-347f8011d327","block_type":"box","text":"100.0000","page_number":216,"box":{"x":544,"y":178,"width":55,"height":8}},{"id":"78390574-4372-4214-8455-474e07c50e96","block_type":"box","text":"Return before operating charges","page_number":216,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"557dfacb-88fa-4207-b868-6db5645c386a","block_type":"box","text":"17.3172","page_number":216,"box":{"x":442,"y":191,"width":47,"height":8}},{"id":"0be84d05-8a43-4852-a3a0-a975b583651a","block_type":"box","text":"2.6811","page_number":216,"box":{"x":559,"y":191,"width":38,"height":8}},{"id":"92f8ca60-2318-4f1c-a2a5-814da09cb858","block_type":"box","text":"Operating charges (note 1)","page_number":216,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"5399b603-e461-434e-85dd-85c345b4fce7","block_type":"box","text":"(0.3873)","page_number":216,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"95bd0cba-a99f-4b45-89a2-373388fcc1fe","block_type":"box","text":"(0.5672)","page_number":216,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"c3066e66-9457-4ba4-a90f-786779da1e0b","block_type":"box","text":"Return after operating charges","page_number":216,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"b5560fe7-0063-4053-af7c-52ea019e6aaf","block_type":"box","text":"16.9299","page_number":216,"box":{"x":442,"y":217,"width":47,"height":8}},{"id":"b7424308-0253-4b33-abe3-ce091fe37673","block_type":"box","text":"2.1139","page_number":216,"box":{"x":559,"y":217,"width":40,"height":8}},{"id":"d7b80123-b2da-4c3d-b430-42bed534d4d8","block_type":"box","text":"Closing net asset value per share","page_number":216,"box":{"x":100,"y":230,"width":217,"height":10}},{"id":"cb5016d1-18af-4bdb-94c5-01638532d0bb","block_type":"box","text":"119.0438","page_number":216,"box":{"x":432,"y":230,"width":58,"height":8}},{"id":"2dc0d766-b35c-49f7-bb0b-dc708426d2c2","block_type":"box","text":"102.1139","page_number":216,"box":{"x":541,"y":230,"width":58,"height":8}},{"id":"88f046ea-2a9c-45fb-9db6-e61b6bfd4d1f","block_type":"box","text":"Retained distributions on accumulated shares","page_number":216,"box":{"x":101,"y":243,"width":278,"height":8}},{"id":"5f604806-f73c-41ff-8bfc-00f20f6989a1","block_type":"box","text":"1.6438","page_number":216,"box":{"x":450,"y":243,"width":39,"height":8}},{"id":"b5743552-bfbd-443b-9068-c4383f5211fc","block_type":"box","text":"0.9191","page_number":216,"box":{"x":559,"y":243,"width":38,"height":8}},{"id":"01b075f5-0881-4e19-b7a8-3b39b013fa42","block_type":"box","text":"After direct transactions costs of","page_number":216,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"af626216-f284-4efc-9d22-60e1702b25de","block_type":"box","text":"–","page_number":216,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"11414ec4-278d-4276-a326-503f36efa079","block_type":"box","text":"–","page_number":216,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"9334a419-67c4-475b-a0b4-3ccc48451239","block_type":"box","text":"Performance","page_number":216,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"4985e37c-0bb3-400b-9dc6-ce4154ce28b2","block_type":"box","text":"Return after charges","page_number":216,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"5505c4c6-07bb-48e9-8009-068283623609","block_type":"box","text":"16.58%","page_number":216,"box":{"x":446,"y":282,"width":43,"height":8}},{"id":"c12e8a90-2b7d-4011-8fd9-1679544d5a9b","block_type":"box","text":"2.11%","page_number":216,"box":{"x":563,"y":282,"width":36,"height":8}},{"id":"0a6e9b46-c72b-4822-b9d6-e0367a11335e","block_type":"box","text":"Other information","page_number":216,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"cb3f275a-7bbc-439d-8ebb-f5eb287596eb","block_type":"box","text":"Closing net asset value","page_number":216,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"1838dbc1-f93b-46f4-8db5-798153d6f09f","block_type":"box","text":"£25,872,619","page_number":216,"box":{"x":415,"y":308,"width":74,"height":10}},{"id":"0d078163-c321-424f-964a-18959d2430c8","block_type":"box","text":"£11,710,247","page_number":216,"box":{"x":525,"y":308,"width":74,"height":10}},{"id":"c9e436ae-32f2-4e4b-a2dc-4312c3eaec07","block_type":"box","text":"Closing number of shares","page_number":216,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"e6138d5d-b04f-41f4-ab84-b54c6fd6c666","block_type":"box","text":"21,733,691","page_number":216,"box":{"x":423,"y":321,"width":64,"height":10}},{"id":"0e5cbd78-ec4a-4e5f-aa4b-1225bbb8d47c","block_type":"box","text":"11,467,824","page_number":216,"box":{"x":533,"y":321,"width":66,"height":10}},{"id":"fe0a73b9-417d-47f3-9eb9-3744e2136433","block_type":"box","text":"Operating charges (note 2)","page_number":216,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"c991e3b7-acfb-4888-852a-0f2a1991e920","block_type":"box","text":"0.35%","page_number":216,"box":{"x":453,"y":335,"width":36,"height":7}},{"id":"f6f46bc2-523d-4c92-a0bd-ce40e13610af","block_type":"box","text":"0.57%","page_number":216,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"04e5ad88-fac1-40c3-babd-ec2fddcd02be","block_type":"box","text":"Direct transaction costs","page_number":216,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"7b4bbc10-80a4-44fc-ae6e-f59ef480ba54","block_type":"box","text":"0.00%","page_number":216,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"cb2167d2-bb90-44e0-98b8-da9e1958854a","block_type":"box","text":"0.00%","page_number":216,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"10ddbd20-ed1e-4c41-bdd0-810863c1b74c","block_type":"box","text":"Prices","page_number":216,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"aa2b562c-f381-4f98-a282-d64bccdf2067","block_type":"box","text":"Highest share price","page_number":216,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"fd6754e7-03da-4592-ac53-6aa4f03d4252","block_type":"box","text":"120.5135","page_number":216,"box":{"x":435,"y":374,"width":54,"height":8}},{"id":"11bb9fde-2f92-4f79-a193-85657c44219c","block_type":"box","text":"107.6234","page_number":216,"box":{"x":544,"y":374,"width":55,"height":8}},{"id":"1dd48c76-8dfc-426c-b522-3fb77194674e","block_type":"box","text":"Lowest share price","page_number":216,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"1fdd8f08-795f-4a1a-98d5-c5094be74301","block_type":"box","text":"102.1139","page_number":216,"box":{"x":435,"y":387,"width":54,"height":8}},{"id":"ce7b37a5-f8a4-4aa4-b3be-57b56c7b74b4","block_type":"box","text":"97.0863","page_number":216,"box":{"x":551,"y":387,"width":48,"height":8}},{"id":"d09dfd5b-08e8-40ef-8c5d-65530e01226c","block_type":"box","text":"^Share class launched 01 May 2024.","page_number":216,"box":{"x":95,"y":413,"width":219,"height":10}},{"id":"e3bec44a-1d4d-46ac-bf1e-fdb4ada0300d","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":216,"box":{"x":96,"y":440,"width":758,"height":11}},{"id":"36af8d25-3416-4dcb-87c9-ba955e59567b","block_type":"box","text":"aluation","page_number":216,"box":{"x":855,"y":440,"width":48,"height":8}},{"id":"f6bfbeea-27b9-4c6a-9e26-68d2c9ee9574","block_type":"box","text":"per share throughout the period.","page_number":216,"box":{"x":96,"y":455,"width":200,"height":11}},{"id":"0f99438d-3770-4f9c-bf58-261543b318fb","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":216,"box":{"x":95,"y":474,"width":787,"height":11}},{"id":"97e49bff-e654-4e80-8d07-110ba3a8c40e","block_type":"box","text":"age","page_number":216,"box":{"x":883,"y":477,"width":21,"height":8}},{"id":"912de89d-cce3-4d29-99b9-8d3e5b72d1ce","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":216,"box":{"x":96,"y":489,"width":778,"height":11}},{"id":"c8872f95-9f3f-4211-b002-6a1fb5bd9a75","block_type":"box","text":"und.","page_number":216,"box":{"x":874,"y":489,"width":26,"height":8}},{"id":"64871fce-3493-48da-91c6-f1394bb77279","block_type":"box","text":"Risk and Reward Profile","page_number":216,"box":{"x":97,"y":548,"width":244,"height":13}},{"id":"c1aecedb-f1ea-4ee6-912d-b56c319b4d32","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":216,"box":{"x":95,"y":583,"width":785,"height":11}},{"id":"698c2bc5-9737-4149-bb6b-d276108967a5","block_type":"box","text":"the","page_number":216,"box":{"x":884,"y":583,"width":20,"height":9}},{"id":"55059b21-a802-45de-81e0-896604b8436a","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":216,"box":{"x":96,"y":599,"width":752,"height":10}},{"id":"d87f6234-bc21-4955-ab9b-ea98b61ed7d9","block_type":"box","text":"and may","page_number":216,"box":{"x":852,"y":599,"width":52,"height":10}},{"id":"3fa2afe4-a6ef-44ee-b91e-4a2d9c89eb62","block_type":"box","text":"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’","page_number":216,"box":{"x":96,"y":614,"width":753,"height":11}},{"id":"0f368e2f-f0c2-4b1c-8e8c-5ab0fbd82e4b","block_type":"box","text":"s ranking","page_number":216,"box":{"x":849,"y":614,"width":55,"height":11}},{"id":"b2cbce86-10d6-4e82-a027-14d94bee017f","block_type":"box","text":"on the risk and reward indicator.","page_number":216,"box":{"x":95,"y":630,"width":199,"height":8}},{"id":"34c8d45c-bd58-4ed9-b51f-aeda6f72f75c","block_type":"box","text":"Typically lower rewards,","page_number":216,"box":{"x":128,"y":652,"width":162,"height":11}},{"id":"c0df2585-204c-44c7-9167-cabe39fd5cc1","block_type":"box","text":"Typically higher rewards,","page_number":216,"box":{"x":706,"y":652,"width":167,"height":11}},{"id":"cee2269f-abbd-4b26-9530-bcc00a6e3e65","block_type":"box","text":"lower risk","page_number":216,"box":{"x":177,"y":667,"width":65,"height":9}},{"id":"73cffc19-570b-4069-9d3a-3766d7f58198","block_type":"box","text":"higher risk","page_number":216,"box":{"x":755,"y":667,"width":71,"height":11}},{"id":"84cac14e-516c-460f-af70-af9672896372","block_type":"box","text":"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","page_number":216,"box":{"x":96,"y":727,"width":738,"height":11}},{"id":"288c6358-3397-425e-805c-9f5e95edee9e","block_type":"box","text":"y in the Key","page_number":216,"box":{"x":835,"y":727,"width":69,"height":11}},{"id":"64de78e6-6092-424e-80b8-89986779fd9f","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 4). The Sub-fund is ranked ‘4’ because weekly historical performance data","page_number":216,"box":{"x":96,"y":742,"width":807,"height":11}},{"id":"eb74c5b4-6cfb-45eb-b7d5-94b282643918","block_type":"box","text":"indicates that relatively high rises and falls in market prices would have occurred historically. The higher the rank, the grea","page_number":216,"box":{"x":96,"y":758,"width":765,"height":11}},{"id":"29bb64df-0946-4fc4-a54e-202c5b9f6a2a","block_type":"box","text":"ter the","page_number":216,"box":{"x":863,"y":758,"width":41,"height":8}},{"id":"b8c4fdf5-abab-4a2c-a03b-e52d7a946798","block_type":"box","text":"potential reward but the greater the risk of losing money.","page_number":216,"box":{"x":96,"y":773,"width":348,"height":11}},{"id":"a8f8583e-637a-4c50-890b-3b672ab1971c","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":216,"box":{"x":533,"y":38,"width":369,"height":13}},{"id":"dcb28d80-0dfc-46b9-845c-fcd78dd17951","block_type":"box","text":"211","page_number":216,"box":{"x":962,"y":960,"width":25,"height":8}},{"id":"bfd76e86-499a-4b15-9584-4aeff242d7ac","block_type":"box","text":"1","page_number":216,"box":{"x":148,"y":702,"width":8,"height":12}},{"id":"7ec954ab-7b1a-462b-b504-efd9a4147365","block_type":"box","text":"2","page_number":216,"box":{"x":263,"y":702,"width":10,"height":12}},{"id":"6ca42154-5567-4d92-a70d-9144fac72c7a","block_type":"box","text":"3","page_number":216,"box":{"x":379,"y":702,"width":10,"height":12}},{"id":"954f6e4f-da20-4f66-bd09-ca9d336c8e4d","block_type":"box","text":"4","page_number":216,"box":{"x":494,"y":702,"width":12,"height":12}},{"id":"0bd80307-e7a1-42dc-b163-3368d533ba75","block_type":"box","text":"5","page_number":216,"box":{"x":611,"y":702,"width":10,"height":12}},{"id":"cb93b89b-5797-4e71-a0e9-7594b52f8b60","block_type":"box","text":"6","page_number":216,"box":{"x":726,"y":702,"width":11,"height":12}},{"id":"435ee65c-f251-4b92-b58f-f5e6d3033534","block_type":"box","text":"7","page_number":216,"box":{"x":841,"y":702,"width":11,"height":12}},{"id":"c0abeac0-c351-4d79-9b23-131c981a55c4","block_type":"box","text":"Portfolio Statement","page_number":217,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"247eb644-9430-4bea-9c1b-076b164e1315","block_type":"box","text":"as at 30 April 2026","page_number":217,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"8bfdf9f2-d014-4285-9afd-96e541438e1a","block_type":"box","text":"Market","page_number":217,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"28161319-f925-4a52-a263-ba0f430543ad","block_type":"box","text":"% of total","page_number":217,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"daf47a93-8c31-45cd-bcd7-6279ff0e7834","block_type":"box","text":"value","page_number":217,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"4dd11131-f66f-4efc-b761-f7480a2b4792","block_type":"box","text":"net assets","page_number":217,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"0a0bff01-50fe-47ea-869d-605b934d8958","block_type":"box","text":"Holding","page_number":217,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"de5745a1-5e20-4c13-b551-1d4feb755a52","block_type":"box","text":"Investment","page_number":217,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"f79f9610-fdd7-488a-b107-ca8de3136eef","block_type":"box","text":"£","page_number":217,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"2ccd6e79-f54e-4cba-aa85-951a79ae4ae0","block_type":"box","text":"2026","page_number":217,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"8c9d9a56-0866-4048-a8fa-12b6f44c08e3","block_type":"box","text":"Collective Investment Schemes (30.04.2025: 85.64%)","page_number":217,"box":{"x":210,"y":176,"width":346,"height":10}},{"id":"8ed0404a-8281-4015-9279-ad4553d8bc4b","block_type":"box","text":"455,390","page_number":217,"box":{"x":141,"y":191,"width":48,"height":9}},{"id":"f947de1e-0101-4e9c-8bb2-b0809d9104df","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":217,"box":{"x":210,"y":190,"width":295,"height":11}},{"id":"90291c3e-75aa-470b-a249-16c68ae884be","block_type":"box","text":"569,648","page_number":217,"box":{"x":761,"y":191,"width":47,"height":9}},{"id":"052a9a3f-b4ef-4bb5-91a7-87411b33624d","block_type":"box","text":"2.20%","page_number":217,"box":{"x":863,"y":191,"width":36,"height":7}},{"id":"28936038-db16-4bd8-aec1-c985f345fd8f","block_type":"box","text":"268,273","page_number":217,"box":{"x":142,"y":205,"width":47,"height":9}},{"id":"4a6de3b6-87e1-46d2-9330-109f9352ca05","block_type":"box","text":"HSBC American Index Fund","page_number":217,"box":{"x":210,"y":204,"width":164,"height":9}},{"id":"3e705174-3fc5-479e-91c6-0cdc4e89e899","block_type":"box","text":"4,096,533","page_number":217,"box":{"x":749,"y":205,"width":59,"height":9}},{"id":"ca4751aa-c6d7-4aa1-adb0-506774e16d51","block_type":"box","text":"15.83%","page_number":217,"box":{"x":856,"y":205,"width":43,"height":8}},{"id":"0c262584-073b-45e5-8ba1-6e4eea453065","block_type":"box","text":"98,299","page_number":217,"box":{"x":149,"y":219,"width":40,"height":9}},{"id":"6f0410b3-5b45-42e9-b1ea-c3325775ffa7","block_type":"box","text":"HSBC European Index Fund","page_number":217,"box":{"x":210,"y":219,"width":166,"height":10}},{"id":"8496a90d-760b-46e5-ac58-4ef6fdf88696","block_type":"box","text":"1,696,632","page_number":217,"box":{"x":750,"y":219,"width":58,"height":9}},{"id":"c18b2ba7-d310-464e-a862-151d4881703d","block_type":"box","text":"6.56%","page_number":217,"box":{"x":863,"y":219,"width":36,"height":8}},{"id":"0703477d-9b80-4441-9fd2-632ab2e53515","block_type":"box","text":"24,037","page_number":217,"box":{"x":149,"y":233,"width":40,"height":9}},{"id":"39f59f62-8535-4431-b149-c8253d4335f1","block_type":"box","text":"HSBC Global Emerging Market Government Bond Index Fund","page_number":217,"box":{"x":210,"y":233,"width":370,"height":11}},{"id":"b5188942-ff47-473c-ba40-fbd4aaaaf331","block_type":"box","text":"315,909","page_number":217,"box":{"x":761,"y":233,"width":47,"height":9}},{"id":"fabb0b21-2dd9-43ba-a7c5-5125c4629420","block_type":"box","text":"1.22%","page_number":217,"box":{"x":863,"y":233,"width":36,"height":8}},{"id":"050c3b36-5eb2-4aaf-8089-f21b5aa461e9","block_type":"box","text":"621,385","page_number":217,"box":{"x":142,"y":248,"width":47,"height":9}},{"id":"5b6a0f98-c211-457e-ba55-6533bd85f497","block_type":"box","text":"HSBC MSCI Emerging Markets ex China Equity Index Fund","page_number":217,"box":{"x":210,"y":247,"width":349,"height":11}},{"id":"a9257644-790e-41a4-a2b6-7e1b8aaef1f3","block_type":"box","text":"1,061,325","page_number":217,"box":{"x":750,"y":248,"width":58,"height":9}},{"id":"bc55e744-7559-4cc9-85e6-44808bb28b6c","block_type":"box","text":"4.10%","page_number":217,"box":{"x":862,"y":248,"width":37,"height":7}},{"id":"c5c74f56-e8ed-4012-9f1a-092631dc208a","block_type":"box","text":"2,402,022","page_number":217,"box":{"x":131,"y":262,"width":58,"height":9}},{"id":"b720a3c0-9568-4f1e-90c4-6966e4fc9460","block_type":"box","text":"iShares UK Equity Index Fund","page_number":217,"box":{"x":210,"y":261,"width":177,"height":11}},{"id":"9fd7e26a-db0c-4a7c-8d25-f35a3b192478","block_type":"box","text":"3,713,086","page_number":217,"box":{"x":750,"y":262,"width":58,"height":9}},{"id":"d4d032a1-7ad8-4ede-b596-d665cd057802","block_type":"box","text":"14.35%","page_number":217,"box":{"x":856,"y":262,"width":43,"height":8}},{"id":"cfa07ae3-cfd7-429f-8667-b5025d8b4092","block_type":"box","text":"1,036,524","page_number":217,"box":{"x":131,"y":276,"width":59,"height":9}},{"id":"1aa5bef0-6475-4cc6-bb90-4177541594c8","block_type":"box","text":"Legal & General Emerging Markets Government Bond Index Fund","page_number":217,"box":{"x":210,"y":276,"width":396,"height":10}},{"id":"643204eb-60cb-4a8b-930e-86f6ddee6e6c","block_type":"box","text":"771,381","page_number":217,"box":{"x":761,"y":276,"width":45,"height":9}},{"id":"7fb3bf1f-94be-48a6-880a-d0a67e93a332","block_type":"box","text":"2.98%","page_number":217,"box":{"x":863,"y":276,"width":36,"height":8}},{"id":"1f7a7d92-515e-488d-a0fc-d1a912f866b3","block_type":"box","text":"357,179","page_number":217,"box":{"x":142,"y":290,"width":47,"height":9}},{"id":"b62f4eb9-fa45-4324-bc2f-271f8f3ad321","block_type":"box","text":"Royal London Short Term Money Markets Fund","page_number":217,"box":{"x":210,"y":290,"width":286,"height":11}},{"id":"25d1ae18-5255-470b-a04e-f8e780f72bd0","block_type":"box","text":"431,120","page_number":217,"box":{"x":760,"y":290,"width":48,"height":9}},{"id":"5e2db979-a44e-4247-ac6e-2b5c3dc9a40a","block_type":"box","text":"1.67%","page_number":217,"box":{"x":863,"y":290,"width":36,"height":8}},{"id":"1b26f142-3722-4351-b067-2fc5237eabcb","block_type":"box","text":"3,737","page_number":217,"box":{"x":157,"y":305,"width":32,"height":9}},{"id":"d2d20683-ebc3-4532-94b9-e27647d58291","block_type":"box","text":"Vanguard Global Bond Index Fund","page_number":217,"box":{"x":209,"y":304,"width":209,"height":11}},{"id":"134e7d52-d58e-426d-bed6-db05858ffa59","block_type":"box","text":"594,347","page_number":217,"box":{"x":761,"y":305,"width":47,"height":9}},{"id":"042dbfe4-edb2-446a-be90-f1573491487f","block_type":"box","text":"2.30%","page_number":217,"box":{"x":863,"y":305,"width":36,"height":7}},{"id":"afe90486-7936-4016-8de7-336f74aeb886","block_type":"box","text":"9,305","page_number":217,"box":{"x":157,"y":319,"width":32,"height":9}},{"id":"2a90414e-20aa-4874-b984-b9df669e4b3f","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":217,"box":{"x":209,"y":318,"width":265,"height":11}},{"id":"ef7cfacb-08ed-47be-84fb-84f19b0c694d","block_type":"box","text":"785,988","page_number":217,"box":{"x":761,"y":319,"width":47,"height":9}},{"id":"77919631-00d2-482b-8e2f-b5591e5e029a","block_type":"box","text":"3.04%","page_number":217,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"3d207a1a-dbe7-4871-aae7-6b0f6c77d5f1","block_type":"box","text":"1,629","page_number":217,"box":{"x":157,"y":333,"width":32,"height":9}},{"id":"eef95b58-ffce-4f26-bb9d-407aae08e13a","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":217,"box":{"x":209,"y":333,"width":191,"height":10}},{"id":"a3834808-a123-4236-9833-bd63856681fc","block_type":"box","text":"1,932,336","page_number":217,"box":{"x":750,"y":333,"width":58,"height":9}},{"id":"5ce4bdcc-d7b0-4c53-a3d0-60ccc95be363","block_type":"box","text":"7.47%","page_number":217,"box":{"x":863,"y":333,"width":36,"height":8}},{"id":"2f3d5f3d-4789-444e-97c1-b73f6d9c3bb9","block_type":"box","text":"15,968,305","page_number":217,"box":{"x":743,"y":354,"width":65,"height":9}},{"id":"7226ccf9-c763-4085-b898-b94db1ebbd39","block_type":"box","text":"61.72%","page_number":217,"box":{"x":855,"y":354,"width":44,"height":8}},{"id":"d710a20f-2fd2-4167-8d20-9859ac64b3e6","block_type":"box","text":"Exchange traded Funds (30.04.2025: 11.87%)","page_number":217,"box":{"x":210,"y":375,"width":293,"height":10}},{"id":"55ea6084-6f67-402f-8abb-8acb2e218791","block_type":"box","text":"3,069","page_number":217,"box":{"x":157,"y":389,"width":32,"height":9}},{"id":"f0562604-4510-4af6-a56e-5dd37bf75bdd","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":217,"box":{"x":209,"y":389,"width":243,"height":11}},{"id":"7026c9c1-684c-40bd-83e6-efba7e0af30a","block_type":"box","text":"273,970","page_number":217,"box":{"x":761,"y":389,"width":47,"height":9}},{"id":"b87a5145-19ed-472d-8a0d-27a0e74f9e89","block_type":"box","text":"1.06%","page_number":217,"box":{"x":863,"y":389,"width":36,"height":8}},{"id":"a4f8e7fb-f276-49e6-94ed-7023ee1b5b8f","block_type":"box","text":"18,991","page_number":217,"box":{"x":150,"y":404,"width":37,"height":9}},{"id":"2517d516-9604-44a5-862c-e4f81c620805","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":217,"box":{"x":209,"y":403,"width":188,"height":11}},{"id":"a8ab2328-5c52-42a5-a74a-f31e763dd8b4","block_type":"box","text":"554,537","page_number":217,"box":{"x":761,"y":404,"width":47,"height":9}},{"id":"3a47b05b-dc82-4cb3-9766-fbf05ab0b29e","block_type":"box","text":"2.14%","page_number":217,"box":{"x":863,"y":404,"width":36,"height":7}},{"id":"385d89d0-5a52-413a-87ee-592d5b94439c","block_type":"box","text":"26,905","page_number":217,"box":{"x":149,"y":418,"width":40,"height":9}},{"id":"e99b1171-c4c3-4499-8cf9-082918a0373f","block_type":"box","text":"Amundi Prime UK Mid And Small Cap UCITS ETF","page_number":217,"box":{"x":209,"y":417,"width":290,"height":11}},{"id":"f01d4427-efc7-4cf8-bfae-892a04880ec7","block_type":"box","text":"629,039","page_number":217,"box":{"x":761,"y":418,"width":47,"height":9}},{"id":"1084048b-d928-4f7d-9e04-4ed2b305f725","block_type":"box","text":"2.43%","page_number":217,"box":{"x":863,"y":418,"width":36,"height":8}},{"id":"855e61dd-d5c5-4aea-a22e-f81d2886e67f","block_type":"box","text":"228,869","page_number":217,"box":{"x":142,"y":432,"width":47,"height":9}},{"id":"6d7d9f23-a6c9-486b-bf36-8e1f44042de5","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":217,"box":{"x":210,"y":432,"width":239,"height":10}},{"id":"27a75f8f-a99d-483f-8350-b15060ce11ac","block_type":"box","text":"2,311,692","page_number":217,"box":{"x":750,"y":432,"width":58,"height":9}},{"id":"ca111a8c-9380-47b1-a9b6-ccc4800a9369","block_type":"box","text":"8.93%","page_number":217,"box":{"x":863,"y":432,"width":36,"height":8}},{"id":"f534e8dd-1b8a-45f7-b700-0f71f6cf8824","block_type":"box","text":"118,803","page_number":217,"box":{"x":142,"y":446,"width":47,"height":9}},{"id":"9923f403-4896-4134-8769-153ba590f4b2","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":217,"box":{"x":210,"y":446,"width":240,"height":11}},{"id":"0ecc65a4-fb7e-49f5-8d8b-c48178b7d7cb","block_type":"box","text":"1,387,610","page_number":217,"box":{"x":750,"y":446,"width":58,"height":9}},{"id":"a11ec548-d3b9-4eec-94b1-75c51de64cac","block_type":"box","text":"5.36%","page_number":217,"box":{"x":863,"y":446,"width":36,"height":8}},{"id":"bad160f9-cac4-4f7d-b105-685481e7b772","block_type":"box","text":"217,322","page_number":217,"box":{"x":142,"y":461,"width":47,"height":9}},{"id":"7293c66f-1ecd-4065-8859-a0130cbde7f6","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":217,"box":{"x":210,"y":460,"width":255,"height":8}},{"id":"1b7c7807-207e-4809-a878-a136f1e30921","block_type":"box","text":"2,259,842","page_number":217,"box":{"x":750,"y":461,"width":58,"height":9}},{"id":"621e5f30-ad58-4b43-a4f5-e101910fc45e","block_type":"box","text":"8.73%","page_number":217,"box":{"x":863,"y":461,"width":36,"height":7}},{"id":"e9c43700-90d5-470c-becd-a3e4699414dc","block_type":"box","text":"70,642","page_number":217,"box":{"x":149,"y":475,"width":40,"height":9}},{"id":"7702d159-d875-46ff-a230-65a14e85fb1d","block_type":"box","text":"HSBC MSCI China UCITS ETF","page_number":217,"box":{"x":210,"y":474,"width":168,"height":9}},{"id":"96c49b43-b9fc-4ec6-9920-6860ff0b4c20","block_type":"box","text":"407,605","page_number":217,"box":{"x":760,"y":475,"width":48,"height":9}},{"id":"77a1d7b7-21d6-4a80-9578-39f8b4a617d4","block_type":"box","text":"1.58%","page_number":217,"box":{"x":863,"y":475,"width":36,"height":8}},{"id":"9ce78334-f30f-49d2-bbbd-cee9fb4b930b","block_type":"box","text":"177,534","page_number":217,"box":{"x":142,"y":489,"width":48,"height":9}},{"id":"8b7f0704-6dea-4ffb-afbe-c846bea2ef00","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":217,"box":{"x":210,"y":489,"width":338,"height":10}},{"id":"a4239e1c-e7ea-4ee3-8f4c-8990f7805579","block_type":"box","text":"1,566,335","page_number":217,"box":{"x":750,"y":489,"width":58,"height":9}},{"id":"56efe5dd-77cd-4413-be74-4d25e42d6a92","block_type":"box","text":"6.06%","page_number":217,"box":{"x":863,"y":489,"width":36,"height":8}},{"id":"f717b307-d5af-4795-bc89-57146836dfca","block_type":"box","text":"9,390,630","page_number":217,"box":{"x":750,"y":510,"width":58,"height":9}},{"id":"5fe2eae1-8981-4073-a6b2-401b4438639a","block_type":"box","text":"36.29%","page_number":217,"box":{"x":855,"y":510,"width":44,"height":8}},{"id":"0b541f1d-4c47-461e-bdcf-c54ce6c5dc51","block_type":"box","text":"Portfolio of investments (30.04.2025: 97.51%)","page_number":217,"box":{"x":210,"y":538,"width":300,"height":10}},{"id":"462ce670-7e34-4af3-ac49-c91c94f1dde3","block_type":"box","text":"25,358,935","page_number":217,"box":{"x":738,"y":539,"width":70,"height":9}},{"id":"777f4f3c-8f03-4803-bc50-33bf9a1e3db4","block_type":"box","text":"98.01%","page_number":217,"box":{"x":852,"y":539,"width":47,"height":7}},{"id":"58b3bc41-944d-48ef-93ac-0b1d1e54fdda","block_type":"box","text":"Net other assets (30.04.2025: 2.49%)","page_number":217,"box":{"x":210,"y":552,"width":240,"height":10}},{"id":"92593e8a-636b-4121-8f38-0d60a1438583","block_type":"box","text":"513,684","page_number":217,"box":{"x":758,"y":553,"width":51,"height":9}},{"id":"a0d105e4-3855-40f1-a1fa-74c2cebb57ec","block_type":"box","text":"1.99%","page_number":217,"box":{"x":860,"y":553,"width":39,"height":8}},{"id":"1a7b82ba-a172-4bda-8af2-71ad2c7fe000","block_type":"box","text":"25,872,619","page_number":217,"box":{"x":738,"y":574,"width":71,"height":9}},{"id":"28fff997-500d-411e-9531-f3890c8f28ae","block_type":"box","text":"100.00%","page_number":217,"box":{"x":844,"y":574,"width":55,"height":8}},{"id":"5d5d4337-f913-4366-b280-7d4526944ea6","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":217,"box":{"x":97,"y":38,"width":369,"height":13}},{"id":"60120c00-c3e6-4d4f-a3fa-0d43ebae5540","block_type":"box","text":"212","page_number":217,"box":{"x":10,"y":960,"width":27,"height":8}},{"id":"e061edee-6427-4b0f-ab9a-93d37f769d57","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":218,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"d32c2074-296d-465f-81ae-4cba90f8f29b","block_type":"box","text":"£","page_number":218,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"7386122e-a15f-4796-8314-2a49dc31017a","block_type":"box","text":"Total purchases for the year (note 14)","page_number":218,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"7a09fbbc-2c66-4490-8e01-d692520c7e56","block_type":"box","text":"22,508,681","page_number":218,"box":{"x":643,"y":143,"width":69,"height":10}},{"id":"58c83397-057f-4b66-89d7-21f183be3957","block_type":"box","text":"iShares UK Equity Index Fund","page_number":218,"box":{"x":96,"y":174,"width":176,"height":11}},{"id":"0dc2bedc-941a-4cf5-8029-57d2740d187a","block_type":"box","text":"3,728,881","page_number":218,"box":{"x":654,"y":174,"width":57,"height":9}},{"id":"a3455ad2-c1b1-4478-9127-57acadd3bc0e","block_type":"box","text":"HSBC American Index Fund","page_number":218,"box":{"x":96,"y":189,"width":164,"height":9}},{"id":"221a7900-78be-45d7-9123-6a65a7d43188","block_type":"box","text":"2,697,199","page_number":218,"box":{"x":654,"y":190,"width":59,"height":9}},{"id":"5bb78c1d-5b1a-4c76-aa82-269fd464dffe","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":218,"box":{"x":96,"y":205,"width":239,"height":10}},{"id":"05d1617b-58fb-44fa-8596-3d5917bccc55","block_type":"box","text":"2,145,440","page_number":218,"box":{"x":654,"y":205,"width":59,"height":9}},{"id":"a57fba7f-e7c5-49b6-9cb4-7a1b792f9c47","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":218,"box":{"x":96,"y":220,"width":254,"height":8}},{"id":"1fe22b25-2a38-4043-a828-36953ddd9d2f","block_type":"box","text":"2,021,697","page_number":218,"box":{"x":654,"y":221,"width":59,"height":9}},{"id":"afa65fe1-e1cc-4e05-b5a1-1dc9a85c70a1","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":218,"box":{"x":95,"y":236,"width":339,"height":10}},{"id":"64e2a62f-1523-4732-aaab-f8201d9d7868","block_type":"box","text":"1,527,079","page_number":218,"box":{"x":655,"y":236,"width":58,"height":9}},{"id":"6264bf41-a536-4584-8916-96f88ef95522","block_type":"box","text":"iShares UK Equity Index Fund","page_number":218,"box":{"x":96,"y":251,"width":176,"height":11}},{"id":"c9b247f1-af16-4565-bf16-436e8fac628d","block_type":"box","text":"1,299,624","page_number":218,"box":{"x":655,"y":251,"width":59,"height":10}},{"id":"f580d9ee-4c7c-4b81-9ed4-d390e6a21b85","block_type":"box","text":"HSBC European Index Fund","page_number":218,"box":{"x":96,"y":267,"width":165,"height":10}},{"id":"df5fb965-a306-4f47-a686-ddf812a04ff9","block_type":"box","text":"1,111,556","page_number":218,"box":{"x":655,"y":267,"width":58,"height":9}},{"id":"27d26f01-d03f-4da4-afd4-7cb2ced827b0","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":218,"box":{"x":96,"y":282,"width":239,"height":11}},{"id":"4e20f436-99de-464f-9ed5-b886a589188d","block_type":"box","text":"1,108,484","page_number":218,"box":{"x":655,"y":282,"width":59,"height":9}},{"id":"9ec5cc00-b165-4da3-9e26-2573c17909ac","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":218,"box":{"x":95,"y":297,"width":191,"height":11}},{"id":"fe57438a-51f3-45be-b7f5-e81df1d0a488","block_type":"box","text":"1,103,374","page_number":218,"box":{"x":655,"y":298,"width":59,"height":9}},{"id":"5fe859c6-3078-4691-9f5e-36857b86fcd6","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":218,"box":{"x":95,"y":313,"width":265,"height":11}},{"id":"9aab207b-811c-434e-a6c5-36ea8d27fbc4","block_type":"box","text":"776,825","page_number":218,"box":{"x":666,"y":313,"width":47,"height":9}},{"id":"0f10a1b9-9121-4995-a095-06aef9b732d8","block_type":"box","text":"Various other purchases","page_number":218,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"e26d8b95-2f3b-4788-95c2-f8c89bc2df6b","block_type":"box","text":"4,988,522","page_number":218,"box":{"x":654,"y":329,"width":59,"height":9}},{"id":"05367021-13c9-4eac-bd17-eb9b5bba6611","block_type":"box","text":"£","page_number":218,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"8907f7ce-f0b1-4fab-b99c-9d2bc610ea30","block_type":"box","text":"Total sales for the year (note 14)","page_number":218,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"a46cfa5c-aab6-4096-a6bb-ece63ce921e9","block_type":"box","text":"11,288,305","page_number":218,"box":{"x":643,"y":375,"width":70,"height":9}},{"id":"08597cef-a594-460c-bbce-bbb3eced017d","block_type":"box","text":"iShares UK Equity Index Fund","page_number":218,"box":{"x":96,"y":406,"width":176,"height":10}},{"id":"7e886195-6a0c-44dd-8cac-59e3b490db66","block_type":"box","text":"3,024,638","page_number":218,"box":{"x":654,"y":406,"width":59,"height":9}},{"id":"1509afe2-66b2-4288-b1ff-21a8434ee818","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":218,"box":{"x":95,"y":421,"width":191,"height":11}},{"id":"7e04e866-e5ac-4929-b3c8-a0fd1f57031f","block_type":"box","text":"1,691,716","page_number":218,"box":{"x":655,"y":421,"width":58,"height":9}},{"id":"e465ffef-105c-4eb4-ad05-eb349f3edb34","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":218,"box":{"x":96,"y":436,"width":239,"height":11}},{"id":"60e431ae-5eaf-48ab-af6b-a329f2ce5de1","block_type":"box","text":"1,221,411","page_number":218,"box":{"x":655,"y":437,"width":56,"height":9}},{"id":"31dc71e2-82bc-4b13-9831-e918afe64d32","block_type":"box","text":"Royal London Short Term Money Markets Fund","page_number":218,"box":{"x":96,"y":452,"width":286,"height":11}},{"id":"eda7bcf8-81d2-463d-85bf-4b8bd5a12b92","block_type":"box","text":"698,605","page_number":218,"box":{"x":666,"y":452,"width":47,"height":9}},{"id":"bbb7822f-a2af-43f4-ad5a-5402d3249590","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":218,"box":{"x":95,"y":467,"width":188,"height":11}},{"id":"e731be7e-84d8-4e40-83f1-267a225eb3b9","block_type":"box","text":"666,722","page_number":218,"box":{"x":666,"y":468,"width":47,"height":9}},{"id":"5777b545-68b9-481c-b4bd-1cee5b09a27a","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":218,"box":{"x":96,"y":483,"width":254,"height":8}},{"id":"0756aca8-a475-47cd-8d2c-81215cade377","block_type":"box","text":"591,430","page_number":218,"box":{"x":666,"y":483,"width":47,"height":9}},{"id":"80361369-718b-49e9-9d56-ad709f5ce101","block_type":"box","text":"HSBC American Index Fund","page_number":218,"box":{"x":96,"y":498,"width":164,"height":8}},{"id":"8b859ad5-367c-4e1f-acad-30e1cc2de795","block_type":"box","text":"547,670","page_number":218,"box":{"x":666,"y":499,"width":47,"height":9}},{"id":"0337d915-832a-4865-b513-7d5ef294d2b1","block_type":"box","text":"Vanguard Global Bond Index Fund","page_number":218,"box":{"x":95,"y":514,"width":208,"height":10}},{"id":"f36a324d-3cbd-4806-8e78-d07cdd806ae0","block_type":"box","text":"541,346","page_number":218,"box":{"x":666,"y":514,"width":47,"height":9}},{"id":"f83b2b08-39b7-4257-a547-bb6c97ee8dc6","block_type":"box","text":"iShares $ Treasury Bond 20+yr ETF","page_number":218,"box":{"x":96,"y":529,"width":209,"height":11}},{"id":"6f672e67-e9d6-4fa9-8a71-ac81d5e898bd","block_type":"box","text":"396,663","page_number":218,"box":{"x":666,"y":529,"width":47,"height":10}},{"id":"f8c1b942-fd25-4a9c-9bed-4f69e5cc6568","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":218,"box":{"x":96,"y":544,"width":294,"height":11}},{"id":"aa369dbd-50f4-4065-8ab3-5524319e7ee6","block_type":"box","text":"275,719","page_number":218,"box":{"x":666,"y":545,"width":47,"height":9}},{"id":"6b248935-4a34-4d12-9ac3-0b44a9b4478a","block_type":"box","text":"Various other sales","page_number":218,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"c7af76f6-d7f9-4d1e-bd8b-2f3aae08410b","block_type":"box","text":"1,632,385","page_number":218,"box":{"x":655,"y":560,"width":58,"height":9}},{"id":"44d9f6c9-4fe3-4a43-8d4c-9ecfc00e5d7f","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":218,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"a63291a9-e356-4be7-94f4-819aad83ae01","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":218,"box":{"x":533,"y":38,"width":369,"height":13}},{"id":"50519893-7856-4872-9318-e185aeafcb69","block_type":"box","text":"213","page_number":218,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"63582918-d92a-4ef1-80f7-b5b244393bb1","block_type":"box","text":"Statement of Total Return","page_number":219,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"e5c553a3-257a-490b-b9d8-992c6acdc6f7","block_type":"box","text":"for the year ended 30 April 2026","page_number":219,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"3e2047da-6940-47d0-88e2-7f2b9c353537","block_type":"box","text":"30.04.26","page_number":219,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"23df6c37-a9f3-4486-a35e-bad0189cd54c","block_type":"box","text":"30.04.25","page_number":219,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"946377fc-5478-4cf3-a8c7-e756983301e6","block_type":"box","text":"Note","page_number":219,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"b67e12de-630f-4045-a5ac-d0ef8f27af39","block_type":"box","text":"£","page_number":219,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"949b3bfe-0aaa-48ca-86be-2de5ce91e530","block_type":"box","text":"£","page_number":219,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"90702e8e-14e0-4771-80e2-c9fe3ac12b31","block_type":"box","text":"£","page_number":219,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"ab07f429-87ee-4cb5-8cef-03118132d560","block_type":"box","text":"£","page_number":219,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"5995a7fb-6956-470d-ba09-d12e04b9c11e","block_type":"box","text":"Income","page_number":219,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"5f291c83-4d56-477f-a124-662864730b8a","block_type":"box","text":"Net capital","page_number":219,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"dd4fdcd4-982e-442e-a791-06c771bdc336","block_type":"box","text":"2","page_number":219,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"c28004f3-cebb-491e-9fab-ab44be4bec9c","block_type":"box","text":"2,470,865","page_number":219,"box":{"x":607,"y":169,"width":58,"height":9}},{"id":"dd1044e2-9d50-4d47-85c6-b5e21309f7c0","block_type":"box","text":"(158,822)","page_number":219,"box":{"x":845,"y":169,"width":56,"height":9}},{"id":"fb949c7c-536c-4526-ab47-741c94435f56","block_type":"box","text":"Revenue","page_number":219,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"298edaec-ebf4-4d7c-9dff-cd333c214181","block_type":"box","text":"3","page_number":219,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"11dd7ed6-dd88-44e7-8d0c-526bfee35436","block_type":"box","text":"307,824","page_number":219,"box":{"x":504,"y":184,"width":48,"height":9}},{"id":"9f3e9d5f-cddb-47b3-a232-fd89963381bf","block_type":"box","text":"50,353","page_number":219,"box":{"x":745,"y":184,"width":39,"height":9}},{"id":"ac55d84d-980c-468c-a1af-88fe2cd84dbb","block_type":"box","text":"Expenses","page_number":219,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"e76cd0f8-270e-4cf0-8bd5-b7b6b89924c5","block_type":"box","text":"4","page_number":219,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"281e11e6-08b6-4953-a0b8-872cf0f2da30","block_type":"box","text":"(53,325)","page_number":219,"box":{"x":507,"y":200,"width":49,"height":9}},{"id":"0a70b2c0-2e17-41f2-95e2-7aedf33533af","block_type":"box","text":"(22,196)","page_number":219,"box":{"x":740,"y":200,"width":49,"height":9}},{"id":"44da9188-23da-4b3e-8a94-bd233d0432a3","block_type":"box","text":"Interest payable and similar charges","page_number":219,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"1013a7c5-1bb7-4ee3-bf27-abc71238955b","block_type":"box","text":"4","page_number":219,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"b864f0e5-9fd6-4503-9d26-3a87a4ca5c85","block_type":"box","text":"(236)","page_number":219,"box":{"x":526,"y":222,"width":30,"height":9}},{"id":"4844f3bf-8101-4e77-9fa9-873aa7efff91","block_type":"box","text":"(5)","page_number":219,"box":{"x":774,"y":222,"width":15,"height":9}},{"id":"cd6ee7b4-7d64-42c2-b68f-040cd17006ce","block_type":"box","text":"Net revenue before taxation","page_number":219,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"6707fe34-056e-4c33-a0ba-14340ebc8d13","block_type":"box","text":"254,263","page_number":219,"box":{"x":504,"y":244,"width":47,"height":9}},{"id":"e317b1cf-85a0-4e28-99d4-ad1e798a208d","block_type":"box","text":"28,152","page_number":219,"box":{"x":745,"y":244,"width":39,"height":9}},{"id":"5eaffbb0-9fec-45ac-877e-4363ed9f10f5","block_type":"box","text":"Taxation","page_number":219,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"f4fc88e8-237f-47d6-a917-a7526e04ecdb","block_type":"box","text":"5","page_number":219,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"81081a8e-b70c-45c4-a81c-4f2241a09430","block_type":"box","text":"(20,558)","page_number":219,"box":{"x":507,"y":266,"width":49,"height":10}},{"id":"f563360d-35ca-4014-8e18-4303e858dde6","block_type":"box","text":"–","page_number":219,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"b8d1aaf4-66f9-48e5-81cd-735b953f8f5b","block_type":"box","text":"Net revenue after taxation","page_number":219,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"2e558467-f3cb-4fc6-a4b8-f53466cd7471","block_type":"box","text":"233,705","page_number":219,"box":{"x":618,"y":289,"width":47,"height":9}},{"id":"9f595d9d-f4c8-41ea-946c-81549f8e3ea4","block_type":"box","text":"28,152","page_number":219,"box":{"x":856,"y":289,"width":40,"height":9}},{"id":"1c338c41-5c95-4f94-818d-06d3bb7c0227","block_type":"box","text":"Total return before distributions","page_number":219,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"8088c229-bef7-4640-931e-9363f593af86","block_type":"box","text":"2,704,570","page_number":219,"box":{"x":603,"y":311,"width":63,"height":9}},{"id":"65a4ddc7-4957-40ee-b52c-763ee222d2a1","block_type":"box","text":"(130,670)","page_number":219,"box":{"x":842,"y":311,"width":59,"height":9}},{"id":"a16511d2-49f4-4d97-a612-58143281fb7b","block_type":"box","text":"Distributions","page_number":219,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"5d657680-dc10-4d20-831a-cda24f73eb23","block_type":"box","text":"6","page_number":219,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"607d990b-01b9-4c66-9551-e02e15a81428","block_type":"box","text":"(275,010)","page_number":219,"box":{"x":614,"y":333,"width":56,"height":9}},{"id":"4e3ecf32-76b5-4f72-a235-74bc86a62140","block_type":"box","text":"(47,864)","page_number":219,"box":{"x":852,"y":333,"width":49,"height":9}},{"id":"8bb92745-ec87-46c1-bceb-204f4da27e2c","block_type":"box","text":"Change in net assets attributable to","page_number":219,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"7273f906-dba7-4a57-bc74-20b4e1bf418f","block_type":"box","text":"Shareholders from investment activities","page_number":219,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"a7bb50d1-7ddc-4909-b0c5-aaa1b866ff71","block_type":"box","text":"2,429,560","page_number":219,"box":{"x":603,"y":369,"width":63,"height":9}},{"id":"4e63f56e-4620-40e5-bb20-991e64521516","block_type":"box","text":"(178,534)","page_number":219,"box":{"x":842,"y":369,"width":59,"height":10}},{"id":"7ba2d42c-cd51-48b9-8eb6-51937f0b1889","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":219,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"df912aee-9ce3-4398-8209-d1effbd15f14","block_type":"box","text":"for the year ended 30 April 2026","page_number":219,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"7f177a9d-c678-4089-8552-e89f7d8480dc","block_type":"box","text":"30.04.26","page_number":219,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"cd740ea3-39e7-451d-b56f-2dad89008785","block_type":"box","text":"30.04.25","page_number":219,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"730685f0-d41d-4b46-9b96-273d54cf2d0a","block_type":"box","text":"£","page_number":219,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"bc6e2508-f1d9-4a9e-ac5c-e6395158568e","block_type":"box","text":"£","page_number":219,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"126b2bc6-ae25-42b7-b29e-72da9cc315c0","block_type":"box","text":"£","page_number":219,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"91e92108-bb7f-4cea-8971-09ec94cf2add","block_type":"box","text":"£","page_number":219,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"aadfd517-5729-4ee7-a290-0cd42843b97e","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":219,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"a8ba1eb0-e511-46a8-9b92-5736602c50f8","block_type":"box","text":"11,711,661","page_number":219,"box":{"x":596,"y":482,"width":68,"height":9}},{"id":"30aad41f-2b13-4451-b14d-495f7e096aa4","block_type":"box","text":"–","page_number":219,"box":{"x":890,"y":487,"width":7,"height":1}},{"id":"37ace7e0-96c0-4b6a-8e29-c841c12dbd5c","block_type":"box","text":"Amounts receivable on creation of shares","page_number":219,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"c4fad708-eb42-4712-b9b5-38830ee74f10","block_type":"box","text":"15,113,340","page_number":219,"box":{"x":485,"y":505,"width":66,"height":9}},{"id":"b0351917-5a8a-44b4-a7eb-7264d58af329","block_type":"box","text":"12,191,432","page_number":219,"box":{"x":719,"y":505,"width":66,"height":9}},{"id":"f7c1eda3-b3b1-4e99-819e-91f2a2393db9","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":219,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"728c16bf-d9d2-46e3-88b8-c314a6ec61a5","block_type":"box","text":"(3,740,207)","page_number":219,"box":{"x":488,"y":527,"width":68,"height":9}},{"id":"5089dfd6-0ce1-434e-9440-6b5f9c619224","block_type":"box","text":"(408,309)","page_number":219,"box":{"x":733,"y":527,"width":56,"height":9}},{"id":"5629257d-28dc-48f6-8e15-be46071b5343","block_type":"box","text":"Dilution levies","page_number":219,"box":{"x":96,"y":548,"width":84,"height":9}},{"id":"524d79fe-69fa-4ae0-9e3d-bb52e94abc03","block_type":"box","text":"989","page_number":219,"box":{"x":530,"y":549,"width":21,"height":8}},{"id":"9f901e24-330d-4f5e-8d91-8dc464435c55","block_type":"box","text":"1,670","page_number":219,"box":{"x":753,"y":549,"width":32,"height":9}},{"id":"223f404e-725c-4a83-bf73-0d0796c1895a","block_type":"box","text":"11,374,122","page_number":219,"box":{"x":600,"y":571,"width":65,"height":9}},{"id":"cbb78577-4edb-475c-9af9-c46d1942033d","block_type":"box","text":"11,784,793","page_number":219,"box":{"x":831,"y":571,"width":65,"height":9}},{"id":"7d6e4f86-e60b-418b-ac34-7786ebc606b2","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":219,"box":{"x":96,"y":593,"width":300,"height":11}},{"id":"0eb754ec-0948-4d00-bd81-f9421725cf53","block_type":"box","text":"from investment activities (see above)","page_number":219,"box":{"x":95,"y":608,"width":231,"height":10}},{"id":"bd4efe84-9bc7-4258-a016-57a50d031919","block_type":"box","text":"2,429,560","page_number":219,"box":{"x":607,"y":609,"width":59,"height":9}},{"id":"24e9ee3c-7c6d-4b34-aa4f-bacaf8624c56","block_type":"box","text":"(178,534)","page_number":219,"box":{"x":845,"y":609,"width":56,"height":9}},{"id":"5bdea9cd-c88a-465a-bc25-dd7f71502f6f","block_type":"box","text":"Accumulation distributions retained","page_number":219,"box":{"x":95,"y":630,"width":218,"height":9}},{"id":"1b2460f5-e33a-4dab-a546-ed31c75b6cf9","block_type":"box","text":"357,276","page_number":219,"box":{"x":618,"y":631,"width":48,"height":9}},{"id":"5d79864c-9469-44f4-9076-df03f0dac81a","block_type":"box","text":"105,402","page_number":219,"box":{"x":849,"y":631,"width":47,"height":9}},{"id":"6c29806a-103d-429e-899d-1ceec3a2f88a","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":219,"box":{"x":96,"y":653,"width":311,"height":10}},{"id":"3ec2d11b-af00-4f03-a4c4-bc6861cbcfc5","block_type":"box","text":"25,872,619","page_number":219,"box":{"x":596,"y":653,"width":70,"height":9}},{"id":"c163fc4f-445e-4d66-9850-91d54df54f81","block_type":"box","text":"11,711,661","page_number":219,"box":{"x":827,"y":653,"width":68,"height":9}},{"id":"a88ea652-0f7d-4554-9692-cfb946be5a6b","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":219,"box":{"x":97,"y":38,"width":369,"height":13}},{"id":"0a0c391d-1ca3-4cc1-98e3-ae2166b89063","block_type":"box","text":"214","page_number":219,"box":{"x":10,"y":960,"width":27,"height":8}},{"id":"b9b47391-a6d9-4ad4-8c8a-1a6f607a49d6","block_type":"box","text":"Balance Sheet","page_number":220,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"b98fcfc0-98a5-4ff1-80a9-7e5d781fdbba","block_type":"box","text":"as at 30 April 2026","page_number":220,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"e98b591b-0916-4b57-b5f5-99f31c1ba736","block_type":"box","text":"30.04.26","page_number":220,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"31432e65-33cc-4a84-a87c-592ec0c89ddb","block_type":"box","text":"30.04.25","page_number":220,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"8004d3f4-a282-487f-ba58-f221735f1968","block_type":"box","text":"Note","page_number":220,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"b5615f83-fc43-435c-a277-0ae7defed865","block_type":"box","text":"£","page_number":220,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"6c21e54d-b75d-4036-ac63-b12112e3ac44","block_type":"box","text":"£","page_number":220,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"e18c2da5-686c-4857-baba-74c326201196","block_type":"box","text":"£","page_number":220,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"210d413e-51cf-4f99-a3f6-d25b1cc2780c","block_type":"box","text":"£","page_number":220,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"7170ed20-b25c-4f0a-8c15-2d73d16a4fea","block_type":"box","text":"ASSETS","page_number":220,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"538da025-1b87-4c26-ab32-15205dd1f656","block_type":"box","text":"Investments assets","page_number":220,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"38a1faf9-b691-44a9-b97f-c820bb41fd18","block_type":"box","text":"25,358,935","page_number":220,"box":{"x":596,"y":169,"width":70,"height":9}},{"id":"63c88b8c-22ce-4b37-be60-d1af6ac4082b","block_type":"box","text":"11,419,992","page_number":220,"box":{"x":827,"y":169,"width":70,"height":9}},{"id":"4e4c5139-105f-423b-87c7-e667622eb471","block_type":"box","text":"Current assets","page_number":220,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"f7c1f64f-fe7d-4511-bdf0-cafdbc2e8d49","block_type":"box","text":"Debtors","page_number":220,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"9e8b83b1-63cd-4dbf-adeb-3c3ca49b4dfa","block_type":"box","text":"7","page_number":220,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"5f3257ff-7525-4d94-9375-a0019c78c011","block_type":"box","text":"44,639","page_number":220,"box":{"x":511,"y":207,"width":40,"height":9}},{"id":"044a2c03-d254-46d0-bb82-11fcf18363e4","block_type":"box","text":"364,319","page_number":220,"box":{"x":737,"y":207,"width":47,"height":9}},{"id":"be6a9d6a-154d-4350-ad3d-a6527e8f823f","block_type":"box","text":"Cash and bank balances","page_number":220,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"198417e4-1790-493b-89da-a3b34b6c9c4a","block_type":"box","text":"8","page_number":220,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"20622466-47af-4ac2-97f8-fb223dd862e3","block_type":"box","text":"1,161,939","page_number":220,"box":{"x":493,"y":222,"width":58,"height":9}},{"id":"00a2fc48-da3f-44d9-b9e3-92f7e9fcc122","block_type":"box","text":"104,398","page_number":220,"box":{"x":738,"y":222,"width":47,"height":9}},{"id":"36dc395c-c6d4-4acd-8dc0-900e7e6dc8de","block_type":"box","text":"Total current assets","page_number":220,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"f952e645-4ee2-4eab-86df-71a015f590c7","block_type":"box","text":"1,206,578","page_number":220,"box":{"x":604,"y":244,"width":62,"height":9}},{"id":"c65ab713-78cd-4729-b0c0-9e6d81a452d6","block_type":"box","text":"468,717","page_number":220,"box":{"x":846,"y":244,"width":51,"height":9}},{"id":"ae0adfe3-1d65-4e61-be89-527569a01a79","block_type":"box","text":"Total assets","page_number":220,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"5a121bef-34c7-4144-9626-e263365ea31c","block_type":"box","text":"26,565,513","page_number":220,"box":{"x":596,"y":266,"width":70,"height":9}},{"id":"e2c624ae-5711-4f0a-8ca7-64911cdc7861","block_type":"box","text":"11,888,709","page_number":220,"box":{"x":827,"y":266,"width":70,"height":9}},{"id":"9ce17404-c852-43dc-a417-2d3854c17c28","block_type":"box","text":"Current liabilities","page_number":220,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"741b8ea8-278f-409f-b520-e0ed5618ebdf","block_type":"box","text":"Creditors","page_number":220,"box":{"x":105,"y":319,"width":55,"height":8}},{"id":"d058a1b6-7aec-4580-8d91-9345c58c9159","block_type":"box","text":"9","page_number":220,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"855b41d5-7c65-43cc-98ec-74ee609ad694","block_type":"box","text":"(692,894)","page_number":220,"box":{"x":499,"y":319,"width":57,"height":10}},{"id":"53d46cf8-0659-4ded-8a7b-0acc45abd45f","block_type":"box","text":"(177,048)","page_number":220,"box":{"x":733,"y":319,"width":56,"height":10}},{"id":"ee469ca8-5078-4f21-9e3c-279dc49c1d3b","block_type":"box","text":"Total current liabilities","page_number":220,"box":{"x":95,"y":341,"width":152,"height":8}},{"id":"9e319f6e-e39e-485f-abd6-ae90986a604d","block_type":"box","text":"(692,894)","page_number":220,"box":{"x":611,"y":342,"width":60,"height":9}},{"id":"7a72e581-5604-4448-bb5f-bcff0c663008","block_type":"box","text":"(177,048)","page_number":220,"box":{"x":842,"y":342,"width":59,"height":9}},{"id":"dc72deb9-b30a-4eee-bb3e-33f2e91cd88c","block_type":"box","text":"Net assets attributable to Shareholders","page_number":220,"box":{"x":96,"y":363,"width":261,"height":9}},{"id":"7f1f3027-42f1-4481-8817-02e3d6e06187","block_type":"box","text":"25,872,619","page_number":220,"box":{"x":596,"y":364,"width":70,"height":9}},{"id":"fd27ed83-b067-4eea-9511-8a247cb1cf9f","block_type":"box","text":"11,711,661","page_number":220,"box":{"x":827,"y":364,"width":68,"height":9}},{"id":"84cc2a44-ce6a-4296-87a1-2d370af5adc2","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":220,"box":{"x":533,"y":38,"width":369,"height":13}},{"id":"ecf1dc04-fc49-4491-9303-88bf67ccfeb5","block_type":"box","text":"215","page_number":220,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"106b47cd-1ad6-48c7-b753-4027b1d8be20","block_type":"box","text":"Notes to the Financial Statements","page_number":221,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"fe9d1d4d-b8d6-4649-b72b-2f1f1df336ae","block_type":"box","text":"for the year ended 30 April 2026","page_number":221,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"5a418967-f856-4329-9860-513fd3fae516","block_type":"box","text":"1. Accounting policies","page_number":221,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"58e04071-5445-4024-84c0-6634b0b2c806","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":221,"box":{"x":95,"y":152,"width":641,"height":10}},{"id":"a1a40d29-04d7-49ba-b0ac-070f16383f9c","block_type":"box","text":"2. Net capital gains/(losses)","page_number":221,"box":{"x":95,"y":193,"width":183,"height":11}},{"id":"9847d707-e749-4fd2-aabb-de2612a94e28","block_type":"box","text":"30.04.26","page_number":221,"box":{"x":730,"y":194,"width":55,"height":8}},{"id":"a0e9889d-e030-4a8d-9846-f869e5bda2d0","block_type":"box","text":"30.04.25","page_number":221,"box":{"x":840,"y":194,"width":54,"height":8}},{"id":"b6c1f766-e12b-46f5-b228-3f6ea33f1782","block_type":"box","text":"£","page_number":221,"box":{"x":778,"y":209,"width":7,"height":8}},{"id":"dee6bc99-2ec8-4726-93a6-09c7ff59faf8","block_type":"box","text":"£","page_number":221,"box":{"x":888,"y":209,"width":6,"height":8}},{"id":"e9ece430-7736-4eea-9350-017ba6182be0","block_type":"box","text":"The net capital gains comprise:","page_number":221,"box":{"x":95,"y":224,"width":187,"height":11}},{"id":"46a41e31-ef98-4aef-bc19-53bed893ba4d","block_type":"box","text":"Non-derivative securities gains/(losses): realised","page_number":221,"box":{"x":96,"y":241,"width":292,"height":11}},{"id":"3ec9d341-bcb0-4506-9685-984386428a25","block_type":"box","text":"641,466","page_number":221,"box":{"x":737,"y":242,"width":48,"height":9}},{"id":"ece23edd-ded7-4af0-b8dd-d77b595bb538","block_type":"box","text":"(9,999)","page_number":221,"box":{"x":857,"y":242,"width":42,"height":9}},{"id":"85c0ebc7-f5e7-462b-a270-f14a9652a771","block_type":"box","text":"Non-derivative securities gains/(losses)","page_number":221,"box":{"x":96,"y":258,"width":237,"height":11}},{"id":"488f2472-acff-4a53-a861-087f75716cae","block_type":"box","text":": unrealised","page_number":221,"box":{"x":335,"y":258,"width":69,"height":9}},{"id":"7c217de3-b654-45e3-8a7c-8cefaa3bf19e","block_type":"box","text":"1,838,807","page_number":221,"box":{"x":726,"y":259,"width":59,"height":9}},{"id":"b7ca2da1-3009-4a6c-9248-4b0ff7d70579","block_type":"box","text":"(145,390)","page_number":221,"box":{"x":842,"y":259,"width":57,"height":9}},{"id":"639f8144-72d7-4adb-8935-9512342e2dc1","block_type":"box","text":"Foreign currency (losses)","page_number":221,"box":{"x":96,"y":276,"width":150,"height":10}},{"id":"398ec18d-6eca-4c44-a9d6-b3d5310600ab","block_type":"box","text":"(8,775)","page_number":221,"box":{"x":748,"y":276,"width":41,"height":9}},{"id":"dd45372f-385a-4cfd-8aaa-10b1f1ec4467","block_type":"box","text":"–","page_number":221,"box":{"x":888,"y":280,"width":6,"height":1}},{"id":"362df116-2481-4d17-bd29-80c056f182a6","block_type":"box","text":"Transaction charges (custodian)","page_number":221,"box":{"x":95,"y":293,"width":193,"height":10}},{"id":"405b8e03-7efb-41fb-8293-93203c9780ff","block_type":"box","text":"(1,103)","page_number":221,"box":{"x":748,"y":293,"width":41,"height":9}},{"id":"47b97265-cd34-4562-95e1-b900a3854c49","block_type":"box","text":"(3,471)","page_number":221,"box":{"x":857,"y":293,"width":42,"height":9}},{"id":"9b056ace-f484-4e7a-b6db-61275d598ce9","block_type":"box","text":"Rebates from underlying holdings","page_number":221,"box":{"x":96,"y":310,"width":205,"height":10}},{"id":"d22147b3-9da0-41c6-8182-b0c855920aac","block_type":"box","text":"470","page_number":221,"box":{"x":763,"y":310,"width":22,"height":8}},{"id":"f7f24ade-a421-4281-8023-b6bce1825a59","block_type":"box","text":"38","page_number":221,"box":{"x":880,"y":310,"width":14,"height":8}},{"id":"b22317c1-4aee-4960-9bb5-ad5de8b73b54","block_type":"box","text":"Total net capital gains/(losses)","page_number":221,"box":{"x":95,"y":332,"width":202,"height":11}},{"id":"b0bbf15e-b2b0-4056-80cb-2f652da49334","block_type":"box","text":"2,470,865","page_number":221,"box":{"x":722,"y":332,"width":63,"height":10}},{"id":"f606dac2-fc05-4087-bf42-f4b653f5eb0a","block_type":"box","text":"(158,822)","page_number":221,"box":{"x":839,"y":332,"width":60,"height":10}},{"id":"368c9b49-2136-4c00-9063-a90e5c3555e2","block_type":"box","text":"3. Revenue","page_number":221,"box":{"x":95,"y":376,"width":72,"height":8}},{"id":"d0f8a1a0-051f-4057-acbf-f78368591f8b","block_type":"box","text":"30.04.26","page_number":221,"box":{"x":730,"y":376,"width":55,"height":8}},{"id":"8b937c71-ed5f-43ce-a310-20458dbfaf40","block_type":"box","text":"30.04.25","page_number":221,"box":{"x":840,"y":376,"width":54,"height":8}},{"id":"404e65fd-88ab-4fbc-ae4d-38bc69263b6a","block_type":"box","text":"£","page_number":221,"box":{"x":778,"y":392,"width":7,"height":8}},{"id":"fab9333b-c121-422f-9dc9-8827bf4124cd","block_type":"box","text":"£","page_number":221,"box":{"x":888,"y":392,"width":6,"height":8}},{"id":"05909e14-7949-44c0-9673-1167732d2a8e","block_type":"box","text":"Non-taxable dividends","page_number":221,"box":{"x":96,"y":414,"width":136,"height":8}},{"id":"092bda9f-4a3b-4664-a877-ab2c269176a4","block_type":"box","text":"151,752","page_number":221,"box":{"x":738,"y":414,"width":46,"height":9}},{"id":"aab54ec9-b21b-4d58-97d9-29432331c00b","block_type":"box","text":"28,378","page_number":221,"box":{"x":854,"y":414,"width":40,"height":9}},{"id":"e2213645-7ea4-4a61-9050-cf489290ee0e","block_type":"box","text":"Annual Payment from UK CIS","page_number":221,"box":{"x":95,"y":431,"width":176,"height":10}},{"id":"cfa9cf7b-76b1-4f5f-90ab-640363de0b84","block_type":"box","text":"279","page_number":221,"box":{"x":763,"y":431,"width":21,"height":8}},{"id":"8a4c6fce-e6d3-4d0b-9836-5306ffb94399","block_type":"box","text":"271","page_number":221,"box":{"x":873,"y":431,"width":19,"height":8}},{"id":"e2559ac3-55a4-4c76-b925-9612c3f81682","block_type":"box","text":"Interest from non-derivative securities","page_number":221,"box":{"x":96,"y":448,"width":232,"height":8}},{"id":"4252ab9a-4565-4494-a32f-5bd91b1a2485","block_type":"box","text":"134,526","page_number":221,"box":{"x":738,"y":448,"width":47,"height":9}},{"id":"ca6d544e-94cc-4f40-b48a-f4666797b3ff","block_type":"box","text":"18,243","page_number":221,"box":{"x":855,"y":448,"width":39,"height":9}},{"id":"229dfcec-5a0f-4061-a81c-3e4e3584873c","block_type":"box","text":"Rebates from underlying holdings","page_number":221,"box":{"x":96,"y":465,"width":205,"height":11}},{"id":"6e8f8379-5a6a-409d-a0bd-2666a0ad247f","block_type":"box","text":"2,661","page_number":221,"box":{"x":752,"y":465,"width":31,"height":9}},{"id":"226c6cfb-5f59-45ce-8d33-e28d2c04762b","block_type":"box","text":"1,177","page_number":221,"box":{"x":862,"y":465,"width":32,"height":9}},{"id":"10a36b15-7465-4437-9333-c1836bc6b0f5","block_type":"box","text":"Investment Manager rebate","page_number":221,"box":{"x":96,"y":482,"width":168,"height":11}},{"id":"1d0352dc-bae2-4f92-969c-72604c4f8241","block_type":"box","text":"10,760","page_number":221,"box":{"x":745,"y":482,"width":40,"height":10}},{"id":"1bdf59cf-5dfb-404c-9bb3-c645eacbbdfa","block_type":"box","text":"–","page_number":221,"box":{"x":888,"y":487,"width":6,"height":1}},{"id":"e8912c5b-691d-4dcb-afb2-828535c9df62","block_type":"box","text":"Bank interest","page_number":221,"box":{"x":96,"y":499,"width":80,"height":8}},{"id":"3bdc5159-b80e-4b1a-9c64-7c903d75fa92","block_type":"box","text":"7,846","page_number":221,"box":{"x":752,"y":500,"width":33,"height":9}},{"id":"31b7d05c-4d3a-460c-aac3-705c7c5144bb","block_type":"box","text":"2,284","page_number":221,"box":{"x":862,"y":500,"width":33,"height":9}},{"id":"77e1bb42-9b27-4326-a74a-9af8a9d50569","block_type":"box","text":"Total revenue","page_number":221,"box":{"x":95,"y":521,"width":91,"height":9}},{"id":"bcd8c36e-3639-4ae7-a082-02acfbb82296","block_type":"box","text":"307,824","page_number":221,"box":{"x":734,"y":522,"width":51,"height":9}},{"id":"b2a384de-1854-440a-b181-85bd05de1041","block_type":"box","text":"50,353","page_number":221,"box":{"x":852,"y":522,"width":42,"height":9}},{"id":"6ec6b33d-7019-4a81-8315-7737f0860929","block_type":"box","text":"4. Expenses","page_number":221,"box":{"x":95,"y":566,"width":76,"height":10}},{"id":"92756674-6723-4f5f-8ec1-83bac06c41a6","block_type":"box","text":"30.04.26","page_number":221,"box":{"x":730,"y":566,"width":55,"height":8}},{"id":"89f51dc1-1624-4642-be9e-da36802ce79f","block_type":"box","text":"30.04.25","page_number":221,"box":{"x":840,"y":566,"width":54,"height":8}},{"id":"3b5f7138-ae91-4999-a4a6-e802dd1bc78f","block_type":"box","text":"£","page_number":221,"box":{"x":778,"y":581,"width":7,"height":8}},{"id":"b4a1c905-b9e1-4a33-a85c-da9b13b8f119","block_type":"box","text":"£","page_number":221,"box":{"x":888,"y":581,"width":6,"height":8}},{"id":"44f48d85-a037-4b4f-86ff-80c1bd20185c","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":221,"box":{"x":96,"y":596,"width":549,"height":11}},{"id":"0d9d9edb-8349-438b-a33e-ee2d46106e2f","block_type":"box","text":"agents of either of them:","page_number":221,"box":{"x":95,"y":612,"width":149,"height":10}},{"id":"95b3319f-459f-4217-b826-e1a028942e0c","block_type":"box","text":"Annual management charge","page_number":221,"box":{"x":104,"y":630,"width":172,"height":11}},{"id":"ff482d73-3e21-4e56-a4c4-a0b8fb848b01","block_type":"box","text":"28,388","page_number":221,"box":{"x":745,"y":631,"width":40,"height":9}},{"id":"c7efc1b2-68d8-4a11-9509-79747b36103f","block_type":"box","text":"7,545","page_number":221,"box":{"x":862,"y":631,"width":32,"height":9}},{"id":"ea74fe63-043c-4a23-9674-464b2b0f346c","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":221,"box":{"x":96,"y":653,"width":514,"height":10}},{"id":"fef206aa-27fc-4a12-8922-c8e4cafe604e","block_type":"box","text":"Depositary fee","page_number":221,"box":{"x":106,"y":671,"width":86,"height":11}},{"id":"1a404dea-5f91-411d-874e-fa9fa700bc83","block_type":"box","text":"4,500","page_number":221,"box":{"x":752,"y":672,"width":33,"height":9}},{"id":"f39437cd-2f23-4c6c-b8ef-ae05bef045a0","block_type":"box","text":"1,100","page_number":221,"box":{"x":862,"y":672,"width":32,"height":9}},{"id":"1a110ccb-5267-414d-bee0-1082caf8b16c","block_type":"box","text":"Safe custody fee","page_number":221,"box":{"x":105,"y":687,"width":98,"height":11}},{"id":"3d820a4e-49c3-4096-bcf6-a70165f3fbd2","block_type":"box","text":"1,894","page_number":221,"box":{"x":753,"y":687,"width":32,"height":9}},{"id":"5a856bf3-a062-4205-9d53-e89b0d453d3f","block_type":"box","text":"499","page_number":221,"box":{"x":872,"y":687,"width":22,"height":8}},{"id":"bcc1dc29-4cd4-4d38-a3c1-9b989ae70a7e","block_type":"box","text":"6,394","page_number":221,"box":{"x":752,"y":709,"width":33,"height":10}},{"id":"1a6152fb-450c-41f2-9543-b13e761126cb","block_type":"box","text":"1,599","page_number":221,"box":{"x":862,"y":709,"width":32,"height":10}},{"id":"9cc648aa-fa08-49b2-8fd2-f5ce66e11631","block_type":"box","text":"Other expenses:","page_number":221,"box":{"x":96,"y":724,"width":97,"height":11}},{"id":"9a5b6bf9-e528-4496-bffb-325e228d1a26","block_type":"box","text":"Audit fee*","page_number":221,"box":{"x":104,"y":743,"width":62,"height":9}},{"id":"cd635410-c377-4456-ba97-567af50d1137","block_type":"box","text":"9,720","page_number":221,"box":{"x":752,"y":744,"width":33,"height":9}},{"id":"e291d845-b7db-4fed-a93e-138468e43855","block_type":"box","text":"7,798","page_number":221,"box":{"x":862,"y":744,"width":32,"height":9}},{"id":"a73d0bea-452e-4549-b4a6-3f28e1ab69ba","block_type":"box","text":"Legal fee","page_number":221,"box":{"x":106,"y":759,"width":52,"height":10}},{"id":"70f8bf75-0a75-4e3f-b8b2-6445972750a5","block_type":"box","text":"6,111","page_number":221,"box":{"x":752,"y":759,"width":31,"height":9}},{"id":"57e654e8-dc22-465b-a2cf-6636d1886ef4","block_type":"box","text":"–","page_number":221,"box":{"x":888,"y":764,"width":6,"height":0}},{"id":"78ea436b-b64d-433d-8b4d-bad692dcb772","block_type":"box","text":"Other expenses","page_number":221,"box":{"x":105,"y":774,"width":95,"height":11}},{"id":"713d8983-c118-4d92-83f5-4960dea0c626","block_type":"box","text":"2,712","page_number":221,"box":{"x":752,"y":775,"width":32,"height":9}},{"id":"a7f51fdc-a501-4aad-9f67-c51fa19af3af","block_type":"box","text":"5,254","page_number":221,"box":{"x":862,"y":775,"width":33,"height":9}},{"id":"7c07d1f8-0a3b-417e-b291-30c31cb778ff","block_type":"box","text":"18,543","page_number":221,"box":{"x":745,"y":797,"width":39,"height":9}},{"id":"c9c36419-be98-4381-818d-40972b57e237","block_type":"box","text":"13,052","page_number":221,"box":{"x":855,"y":797,"width":39,"height":9}},{"id":"038e08cb-0335-494b-abd9-88f4b9adb4da","block_type":"box","text":"Expenses","page_number":221,"box":{"x":96,"y":832,"width":60,"height":10}},{"id":"f4db1d92-6fea-405a-a248-ef9d4b176423","block_type":"box","text":"53,325","page_number":221,"box":{"x":743,"y":832,"width":42,"height":9}},{"id":"c960e137-e4c6-403b-ac15-132018e8081b","block_type":"box","text":"22,196","page_number":221,"box":{"x":852,"y":832,"width":42,"height":9}},{"id":"e78a4200-0a54-4dd2-93d0-904bb13780df","block_type":"box","text":"Interest payable and similar charges","page_number":221,"box":{"x":96,"y":854,"width":219,"height":10}},{"id":"cf19774e-c44c-4340-bfae-aa39aeff2d56","block_type":"box","text":"236","page_number":221,"box":{"x":763,"y":854,"width":22,"height":8}},{"id":"13e8c298-5af1-4911-8e9f-fba6ebe14482","block_type":"box","text":"5","page_number":221,"box":{"x":888,"y":854,"width":6,"height":8}},{"id":"4a10862a-867e-4c08-81fe-7c72ec403eb7","block_type":"box","text":"Total","page_number":221,"box":{"x":95,"y":876,"width":33,"height":8}},{"id":"108e7549-344e-4f3d-b6b6-79df043a07dd","block_type":"box","text":"53,561","page_number":221,"box":{"x":743,"y":876,"width":40,"height":9}},{"id":"967d597d-8504-4af0-abb5-966fa7465fb1","block_type":"box","text":"22,201","page_number":221,"box":{"x":852,"y":876,"width":41,"height":9}},{"id":"d66430a6-1eee-4977-9d55-80eb6372edbf","block_type":"box","text":"*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","page_number":221,"box":{"x":95,"y":898,"width":809,"height":11}},{"id":"090d98ca-8aaa-40e8-b77b-1bf4a4a0e63b","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":221,"box":{"x":96,"y":914,"width":174,"height":9}},{"id":"ff7e5f4b-1b82-40b0-97df-6572e9aaa88c","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":221,"box":{"x":97,"y":38,"width":369,"height":13}},{"id":"b3deba7a-8cc1-4e58-9609-b173e1a71b55","block_type":"box","text":"216","page_number":221,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"4f81b0d8-ce39-4e58-86f3-7557b8d7f0ef","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":222,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"85e8b643-3f58-4f3d-ab30-fda3d0ca4358","block_type":"box","text":"for the year ended 30 April 2026","page_number":222,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"c3748366-2a48-4bf7-87c7-3bc02e5216c5","block_type":"box","text":"5. Taxation","page_number":222,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"3e408e5a-bd54-4283-9df7-2e9828612938","block_type":"box","text":"30.04.26","page_number":222,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"687774ff-8b38-450a-9b56-f442d53ae4eb","block_type":"box","text":"30.04.25","page_number":222,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"7a39ae52-d9b1-4056-969c-c12fece31ab1","block_type":"box","text":"£","page_number":222,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"48a9d5fd-4f1b-4d76-8e9c-dde528b9a99b","block_type":"box","text":"£","page_number":222,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"3e35837f-01a4-4132-8643-4d86edbac291","block_type":"box","text":"(a) Analysis of charge in the year","page_number":222,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"8b65f103-8479-488e-83fd-fb130f22ef56","block_type":"box","text":"UK corporation tax","page_number":222,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"0c7af2e1-5f49-489b-9f3c-783fbcbaf21d","block_type":"box","text":"20,558","page_number":222,"box":{"x":745,"y":191,"width":40,"height":9}},{"id":"d86e87fb-075f-4567-8f72-26ca6dbdf531","block_type":"box","text":"–","page_number":222,"box":{"x":888,"y":196,"width":6,"height":0}},{"id":"5891cdc8-ff3a-4a19-bb9b-8b8a48c1cad1","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":222,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"f4c96806-f611-42d1-a0ff-cf11fa4897b0","block_type":"box","text":"20,558","page_number":222,"box":{"x":742,"y":213,"width":43,"height":9}},{"id":"7008ac79-154a-4d0e-bcbe-5e91f260b77b","block_type":"box","text":"–","page_number":222,"box":{"x":888,"y":218,"width":6,"height":1}},{"id":"3054eeaf-4126-4a5a-b85c-263d4f61c243","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":222,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"54101720-bfd3-48e3-9762-d06e39540500","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":222,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"51f7c694-137c-4522-91cb-cecb2c58c745","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":222,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"d80b545c-0b9b-4177-8d02-633120e5b523","block_type":"box","text":"Net revenue before UK corporation tax","page_number":222,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"e850edb7-deec-4079-85a9-29d6e672eca6","block_type":"box","text":"254,263","page_number":222,"box":{"x":737,"y":304,"width":47,"height":9}},{"id":"f7f4635b-95dd-4185-bc4a-7ce987fc7fdc","block_type":"box","text":"28,152","page_number":222,"box":{"x":854,"y":304,"width":40,"height":9}},{"id":"6c26f4b4-5a96-45ea-885b-944352e67e87","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":222,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"cb72ee7e-18e0-43f5-baad-ad1c2219b500","block_type":"box","text":"50,853","page_number":222,"box":{"x":745,"y":326,"width":39,"height":9}},{"id":"3f464604-a5f7-4f2e-ab95-0830bc900948","block_type":"box","text":"5,630","page_number":222,"box":{"x":862,"y":326,"width":32,"height":9}},{"id":"d020096b-a097-4a07-92b3-d999837ececf","block_type":"box","text":"Effects of:","page_number":222,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"fd9f31af-5165-4cf1-82a7-daa2dc805c73","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":222,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"10352cbc-daed-4ed8-928e-1f529e03f7c1","block_type":"box","text":"(30,351)","page_number":222,"box":{"x":740,"y":364,"width":49,"height":9}},{"id":"27875a96-c831-4c31-93d0-41d464fbbdb5","block_type":"box","text":"(5,676)","page_number":222,"box":{"x":857,"y":364,"width":42,"height":9}},{"id":"cb303051-f415-4f68-ba73-0c2f2a83dc8e","block_type":"box","text":"Tax effect of rebates in capital","page_number":222,"box":{"x":95,"y":382,"width":181,"height":11}},{"id":"0b030370-53b2-4d67-8e94-86440e14cd67","block_type":"box","text":"94","page_number":222,"box":{"x":771,"y":383,"width":14,"height":7}},{"id":"fc02e495-2fb3-47ef-9e76-ecbb078ce598","block_type":"box","text":"8","page_number":222,"box":{"x":888,"y":383,"width":6,"height":7}},{"id":"8542321d-b31d-4667-ad29-8888ca1ddbec","block_type":"box","text":"Current year expenses (utilised)/not utilised","page_number":222,"box":{"x":96,"y":401,"width":266,"height":11}},{"id":"1706c97f-c4a8-4e04-8c17-4956cd6e5a8b","block_type":"box","text":"(38)","page_number":222,"box":{"x":766,"y":401,"width":23,"height":10}},{"id":"50e2d759-76b9-4f3e-a078-f80ee3376d64","block_type":"box","text":"38","page_number":222,"box":{"x":880,"y":401,"width":14,"height":8}},{"id":"bfdb65cb-dc06-4d73-a9c9-e7d0b2a3451d","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":222,"box":{"x":95,"y":423,"width":251,"height":11}},{"id":"c7a07915-31ff-47ae-89a6-b2ed1508f6ed","block_type":"box","text":"20,558","page_number":222,"box":{"x":742,"y":424,"width":43,"height":9}},{"id":"18702a41-fe14-42c0-bf0d-e2ddc0a0f143","block_type":"box","text":"–","page_number":222,"box":{"x":888,"y":428,"width":6,"height":1}},{"id":"a977f721-5f72-4bf2-8b77-902139662555","block_type":"box","text":"(c) Provision for deferred taxation","page_number":222,"box":{"x":95,"y":454,"width":205,"height":10}},{"id":"9cd78b1b-afd6-43c5-94bf-9b10f715f76e","block_type":"box","text":"At 30 April 2026 there is a potential deferred tax asset of £nil in relation to surplus management expenses (30 April 2025: £38","page_number":222,"box":{"x":95,"y":476,"width":763,"height":11}},{"id":"88b7c215-dd5c-461f-9b5c-ce1d1c78fe2d","block_type":"box","text":").","page_number":222,"box":{"x":859,"y":477,"width":6,"height":9}},{"id":"6ad218ce-949f-4480-b844-059b78653617","block_type":"box","text":"6. Distributions","page_number":222,"box":{"x":95,"y":529,"width":102,"height":9}},{"id":"14fc0716-6df3-4501-9c62-2995f5b73335","block_type":"box","text":"30.04.26","page_number":222,"box":{"x":730,"y":545,"width":55,"height":8}},{"id":"5c02c99f-f2e6-4009-aaa8-dd2d26908e5e","block_type":"box","text":"30.04.25","page_number":222,"box":{"x":840,"y":545,"width":54,"height":8}},{"id":"22382d59-2440-42c4-a5eb-a077b2535d95","block_type":"box","text":"£","page_number":222,"box":{"x":778,"y":561,"width":7,"height":7}},{"id":"3688f809-00d0-4733-b360-e3d95da19bef","block_type":"box","text":"£","page_number":222,"box":{"x":888,"y":561,"width":6,"height":7}},{"id":"fa43d7c9-7b05-4592-9419-62da543e1280","block_type":"box","text":"Final dividend distribution","page_number":222,"box":{"x":96,"y":582,"width":158,"height":9}},{"id":"a7e325fb-fbc1-4a36-8f4c-0d6590072e07","block_type":"box","text":"357,276","page_number":222,"box":{"x":737,"y":583,"width":48,"height":9}},{"id":"b0bbaee0-c6c6-4e17-91f7-329867a17432","block_type":"box","text":"105,402","page_number":222,"box":{"x":847,"y":583,"width":47,"height":9}},{"id":"be5e04f2-00b4-47a5-94d3-8e18c88e9126","block_type":"box","text":"357,276","page_number":222,"box":{"x":737,"y":605,"width":48,"height":9}},{"id":"6e779709-e47f-4db8-af3a-e20fd728fa1b","block_type":"box","text":"105,402","page_number":222,"box":{"x":847,"y":605,"width":47,"height":9}},{"id":"f2909d36-5d55-490d-bd89-3b3f4143456e","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":222,"box":{"x":95,"y":623,"width":300,"height":9}},{"id":"5dca4aff-ab40-4122-bb26-f74192541a32","block_type":"box","text":"31,804","page_number":222,"box":{"x":745,"y":624,"width":40,"height":9}},{"id":"b529f7d4-a773-4862-8610-8cedb3b9df94","block_type":"box","text":"3,174","page_number":222,"box":{"x":862,"y":624,"width":33,"height":9}},{"id":"98539933-2372-46c4-81f1-db488779bec8","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":222,"box":{"x":96,"y":642,"width":289,"height":8}},{"id":"f11b843e-a982-4e69-b78a-013eb3abca07","block_type":"box","text":"(114,070)","page_number":222,"box":{"x":733,"y":643,"width":56,"height":9}},{"id":"0b56e4e7-9d9a-4b4d-b90c-3f2f98d1506d","block_type":"box","text":"(60,712)","page_number":222,"box":{"x":850,"y":643,"width":49,"height":9}},{"id":"e9c01abe-baf6-450d-9f6a-dfa866816f17","block_type":"box","text":"Distributions","page_number":222,"box":{"x":96,"y":664,"width":86,"height":9}},{"id":"1be7e5cf-f456-4b2f-97b4-b144f1ae7f91","block_type":"box","text":"275,010","page_number":222,"box":{"x":737,"y":665,"width":48,"height":9}},{"id":"9417c874-1635-4398-92c7-b17a15d22839","block_type":"box","text":"47,864","page_number":222,"box":{"x":854,"y":665,"width":41,"height":9}},{"id":"bb1de902-9184-47d0-8dd8-9765f364744d","block_type":"box","text":"Reconciliation of distributions","page_number":222,"box":{"x":96,"y":702,"width":200,"height":8}},{"id":"7f0f5295-148a-48ab-bcb4-d87336d8dc65","block_type":"box","text":"Net revenue after taxation","page_number":222,"box":{"x":96,"y":721,"width":159,"height":8}},{"id":"acc12888-8bba-4240-89b7-17bc94c2e1b1","block_type":"box","text":"233,705","page_number":222,"box":{"x":737,"y":721,"width":47,"height":9}},{"id":"da59181e-d0db-4fd1-bd8e-425f2e8a8efd","block_type":"box","text":"28,152","page_number":222,"box":{"x":854,"y":721,"width":40,"height":9}},{"id":"aab81b05-8714-4b4a-a17d-7652738baa6b","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":222,"box":{"x":96,"y":736,"width":301,"height":11}},{"id":"71ae79e4-16b8-4a6a-ae49-13611ee2eb25","block_type":"box","text":"42,563","page_number":222,"box":{"x":744,"y":737,"width":40,"height":9}},{"id":"c4a66943-6f52-451b-b02e-fc7e952fda9a","block_type":"box","text":"17,447","page_number":222,"box":{"x":855,"y":737,"width":39,"height":9}},{"id":"12cf5d34-2587-4305-a507-b0f4b9d111c7","block_type":"box","text":"Marginal tax relief on rebates in capital","page_number":222,"box":{"x":96,"y":752,"width":236,"height":10}},{"id":"c89ebcd5-d4ab-4893-926e-4d1f7d0faa94","block_type":"box","text":"–","page_number":222,"box":{"x":778,"y":756,"width":7,"height":1}},{"id":"9389eb90-ad4c-46ac-bc8f-87f914c39d8e","block_type":"box","text":"8","page_number":222,"box":{"x":888,"y":752,"width":6,"height":8}},{"id":"a149f14f-f6a5-4c0e-8327-eb27c96586b3","block_type":"box","text":"Capital corporation tax","page_number":222,"box":{"x":96,"y":767,"width":138,"height":11}},{"id":"a1236936-ea67-4e40-8dc4-551eda65d6c1","block_type":"box","text":"94","page_number":222,"box":{"x":771,"y":767,"width":14,"height":8}},{"id":"5a3944b9-769d-4f10-aedd-4465cf499e29","block_type":"box","text":"–","page_number":222,"box":{"x":888,"y":772,"width":6,"height":1}},{"id":"5cbd7694-766a-4ffb-a811-aae712871f9c","block_type":"box","text":"Balance brought forward forward","page_number":222,"box":{"x":96,"y":782,"width":202,"height":11}},{"id":"f3b62ffa-523d-4940-93c0-5bf2e71f9fcf","block_type":"box","text":"(2,257)","page_number":222,"box":{"x":748,"y":783,"width":41,"height":9}},{"id":"dadc8030-f830-4eeb-800f-476ff8885b4c","block_type":"box","text":"–","page_number":222,"box":{"x":888,"y":787,"width":6,"height":1}},{"id":"7452873a-1a12-46ab-b782-039aa937c778","block_type":"box","text":"Balance carried forward","page_number":222,"box":{"x":96,"y":798,"width":144,"height":8}},{"id":"f6478910-5e45-4648-aa60-e57dcce02c42","block_type":"box","text":"905","page_number":222,"box":{"x":763,"y":798,"width":21,"height":8}},{"id":"d43d39c0-bf49-46a2-b202-ae07e765197b","block_type":"box","text":"2,257","page_number":222,"box":{"x":862,"y":798,"width":32,"height":9}},{"id":"4436b15f-bd2b-4b94-8a86-197c996d70ab","block_type":"box","text":"Net distribution for the year","page_number":222,"box":{"x":96,"y":820,"width":187,"height":11}},{"id":"1eeae661-e991-4869-99c7-02a68ada3250","block_type":"box","text":"275,010","page_number":222,"box":{"x":734,"y":820,"width":51,"height":10}},{"id":"bc617a13-fc02-4b1e-a19a-1db9851dbf7c","block_type":"box","text":"47,864","page_number":222,"box":{"x":852,"y":821,"width":43,"height":9}},{"id":"22b925d3-7426-4f5e-a10a-89f49b5abd51","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":222,"box":{"x":533,"y":38,"width":369,"height":13}},{"id":"caacffc5-a745-48f9-ad4a-7a203af41495","block_type":"box","text":"217","page_number":222,"box":{"x":962,"y":960,"width":27,"height":8}},{"id":"d5b42937-ddcf-42b5-824c-4511ab6a9043","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":223,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"487280ea-0c61-4e06-8270-5b25e4d525f7","block_type":"box","text":"for the year ended 30 April 2026","page_number":223,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"757be85c-4de8-42a0-8a2e-5863cd870749","block_type":"box","text":"7. Debtors","page_number":223,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"c32b56e9-d7b0-4430-b943-622f9e0d41cb","block_type":"box","text":"30.04.26","page_number":223,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"f359bf67-4f72-423f-a4c6-8831bdcc1f0b","block_type":"box","text":"30.04.25","page_number":223,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"71286c22-207a-4bda-b880-692fa0f62a3b","block_type":"box","text":"£","page_number":223,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"3ab9e640-d191-4ff4-843f-7b3b9ed16ce9","block_type":"box","text":"£","page_number":223,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"74037c0d-5382-486f-ada4-dbc342a68d52","block_type":"box","text":"Amounts receivable on creation of shares","page_number":223,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"56c1bbd5-2eb5-47a1-8043-b0c0aea1eda5","block_type":"box","text":"41,978","page_number":223,"box":{"x":744,"y":172,"width":41,"height":9}},{"id":"9e856ba5-0891-45ad-b41b-910f93ce3b88","block_type":"box","text":"363,665","page_number":223,"box":{"x":847,"y":172,"width":47,"height":9}},{"id":"cd894281-8547-431a-91e0-d7ba12c07cac","block_type":"box","text":"Accrued revenue:","page_number":223,"box":{"x":95,"y":191,"width":105,"height":8}},{"id":"afcd1bc1-3ade-4afd-8ce5-6f4205598422","block_type":"box","text":"Rebates from underlying holdings","page_number":223,"box":{"x":96,"y":209,"width":205,"height":11}},{"id":"e50a7769-e957-4b1c-ad81-bbcf95afe643","block_type":"box","text":"1,005","page_number":223,"box":{"x":753,"y":210,"width":31,"height":9}},{"id":"8a8563d9-c4e6-4a42-a316-8dd19c627df2","block_type":"box","text":"517","page_number":223,"box":{"x":873,"y":210,"width":21,"height":8}},{"id":"711605c5-29b5-46f9-a97a-3a6f0a9006a1","block_type":"box","text":"Income tax recoverable","page_number":223,"box":{"x":96,"y":228,"width":141,"height":9}},{"id":"dc661b0e-74c0-4e8f-af49-9abe716d06b4","block_type":"box","text":"56","page_number":223,"box":{"x":771,"y":229,"width":14,"height":8}},{"id":"3844b530-6bc6-4ca9-a8fa-3f0d35e7ab36","block_type":"box","text":"54","page_number":223,"box":{"x":881,"y":229,"width":13,"height":8}},{"id":"118aa88f-1d3e-4d6d-a9be-826d656d3055","block_type":"box","text":"Bank interest receivable","page_number":223,"box":{"x":96,"y":247,"width":145,"height":8}},{"id":"29a2a65d-86d6-4794-9ff6-c9dfdc07e636","block_type":"box","text":"1,600","page_number":223,"box":{"x":753,"y":248,"width":32,"height":9}},{"id":"856237ea-a318-41e1-8c7c-51601a807a36","block_type":"box","text":"–","page_number":223,"box":{"x":888,"y":252,"width":6,"height":1}},{"id":"32ad56c1-001c-44d9-ae1f-cce416a4ca87","block_type":"box","text":"Prepayments","page_number":223,"box":{"x":96,"y":266,"width":79,"height":11}},{"id":"e394ce6b-5a5d-452c-8369-d82faf8ff471","block_type":"box","text":"–","page_number":223,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"cc0b0143-0759-4e73-b548-56427ae499b3","block_type":"box","text":"83","page_number":223,"box":{"x":880,"y":266,"width":14,"height":8}},{"id":"7b866466-c193-40a6-b574-5b6c4f64161a","block_type":"box","text":"Total debtors","page_number":223,"box":{"x":95,"y":288,"width":88,"height":8}},{"id":"08405120-cd50-4ec6-a689-cfad31720997","block_type":"box","text":"44,639","page_number":223,"box":{"x":742,"y":289,"width":43,"height":9}},{"id":"e2878f2d-790d-480a-bd26-56e940786f23","block_type":"box","text":"364,319","page_number":223,"box":{"x":844,"y":289,"width":50,"height":9}},{"id":"45e64fb1-f3d4-48ca-a9fb-f2ca34df15df","block_type":"box","text":"8. Cash and bank balances","page_number":223,"box":{"x":95,"y":341,"width":174,"height":8}},{"id":"955b9970-59f2-4544-86e1-fbb6b0e54051","block_type":"box","text":"30.04.26","page_number":223,"box":{"x":730,"y":342,"width":55,"height":7}},{"id":"431b00f4-5571-468f-b6de-84709454d49c","block_type":"box","text":"30.04.25","page_number":223,"box":{"x":840,"y":342,"width":54,"height":7}},{"id":"bea64ce4-e36b-4032-956d-085c2bfbbf55","block_type":"box","text":"£","page_number":223,"box":{"x":778,"y":357,"width":7,"height":8}},{"id":"e5006b01-c7f9-4390-bc11-3ecd0b086967","block_type":"box","text":"£","page_number":223,"box":{"x":888,"y":357,"width":6,"height":8}},{"id":"89a0d10a-2fed-44fa-93f4-0635648f728f","block_type":"box","text":"Cash and bank balances","page_number":223,"box":{"x":96,"y":379,"width":146,"height":8}},{"id":"dfed4aad-cd96-45fd-9498-a236b0af9c4c","block_type":"box","text":"1,161,939","page_number":223,"box":{"x":726,"y":379,"width":58,"height":9}},{"id":"d705cee5-96bb-483c-96ba-aa2c05097be4","block_type":"box","text":"104,398","page_number":223,"box":{"x":847,"y":379,"width":47,"height":9}},{"id":"c69812ec-0e1d-4e59-8484-19c0708f07e3","block_type":"box","text":"Total","page_number":223,"box":{"x":95,"y":401,"width":33,"height":8}},{"id":"80ad93eb-c159-4245-ac39-f8bb94714ace","block_type":"box","text":"1,161,939","page_number":223,"box":{"x":723,"y":401,"width":62,"height":10}},{"id":"c5271869-458e-4f18-9f5e-5c6664d61cb4","block_type":"box","text":"2,263,238","page_number":223,"box":{"x":832,"y":401,"width":62,"height":10}},{"id":"2f067aef-d525-4006-9235-46ceaa71d413","block_type":"box","text":"9. Creditors","page_number":223,"box":{"x":95,"y":454,"width":76,"height":8}},{"id":"71cfb41b-ea14-4ffe-8d78-32cf580e5ba4","block_type":"box","text":"30.04.26","page_number":223,"box":{"x":730,"y":454,"width":55,"height":8}},{"id":"943eb06c-3e2a-4429-86b4-8d3249a4dc95","block_type":"box","text":"30.04.25","page_number":223,"box":{"x":840,"y":454,"width":54,"height":8}},{"id":"03a63d08-0e9e-4f3b-adc5-118d667ec3bc","block_type":"box","text":"£","page_number":223,"box":{"x":778,"y":470,"width":7,"height":8}},{"id":"8c139d8e-8269-4d69-ae33-10b34323f8e5","block_type":"box","text":"£","page_number":223,"box":{"x":888,"y":470,"width":6,"height":8}},{"id":"c11dc57d-94d5-4e1d-b4a4-d5d1fce0fa85","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":223,"box":{"x":95,"y":492,"width":261,"height":10}},{"id":"2dd8fa8a-fbb9-4e2f-ae2c-907b76ec3284","block_type":"box","text":"656,870","page_number":223,"box":{"x":737,"y":492,"width":48,"height":9}},{"id":"6b6dbcf5-10c4-414c-aa85-a412e5477802","block_type":"box","text":"63","page_number":223,"box":{"x":880,"y":492,"width":14,"height":8}},{"id":"5d724f1e-8c61-4139-9216-9d166570d5d3","block_type":"box","text":"Amounts payable on unsettled trades","page_number":223,"box":{"x":95,"y":510,"width":228,"height":11}},{"id":"cbb40fda-0d85-4939-9fe9-66747930a6ed","block_type":"box","text":"–","page_number":223,"box":{"x":778,"y":515,"width":7,"height":1}},{"id":"70b4c6b1-c7d8-48a9-a150-dc2c049307ce","block_type":"box","text":"162,076","page_number":223,"box":{"x":847,"y":511,"width":47,"height":9}},{"id":"00227c6e-296c-495a-9e6b-17b4adcb7e3f","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":223,"box":{"x":96,"y":529,"width":549,"height":11}},{"id":"72f2c7b0-cfdf-43fd-bf29-a945f526e3d4","block_type":"box","text":"agents of either of them:","page_number":223,"box":{"x":95,"y":545,"width":149,"height":10}},{"id":"188d872a-4120-42ab-ac1a-699a96edf0ef","block_type":"box","text":"Annual management charge","page_number":223,"box":{"x":104,"y":564,"width":172,"height":10}},{"id":"eaff7a9e-5b58-415b-8aec-8465b2085394","block_type":"box","text":"1,650","page_number":223,"box":{"x":753,"y":564,"width":32,"height":9}},{"id":"d8d8e8ca-f5de-459f-8f50-e16f5162434f","block_type":"box","text":"1,357","page_number":223,"box":{"x":862,"y":564,"width":32,"height":9}},{"id":"d68f294b-2926-4c2c-9663-4c883e8bd7ce","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":223,"box":{"x":96,"y":586,"width":514,"height":10}},{"id":"72a28054-2adc-4fe3-92f2-cf89a9c1fdc5","block_type":"box","text":"Depositary fee","page_number":223,"box":{"x":106,"y":604,"width":86,"height":11}},{"id":"18cde7f9-8673-4b86-ab2b-8cf5276d1ace","block_type":"box","text":"510","page_number":223,"box":{"x":763,"y":605,"width":22,"height":8}},{"id":"f7a96a3b-6038-494d-8480-b32443ec4a68","block_type":"box","text":"213","page_number":223,"box":{"x":873,"y":605,"width":21,"height":8}},{"id":"43fb4b46-c683-4633-8915-47994b69c538","block_type":"box","text":"Safe custody and other custodian charges","page_number":223,"box":{"x":105,"y":620,"width":253,"height":11}},{"id":"3d0f570d-519f-4296-872b-a789a2ea71a6","block_type":"box","text":"109","page_number":223,"box":{"x":764,"y":620,"width":20,"height":8}},{"id":"653fc9b1-1b00-4667-b2c2-181f314e14af","block_type":"box","text":"3,968","page_number":223,"box":{"x":862,"y":620,"width":32,"height":9}},{"id":"334069c5-d220-41ea-9e56-7c16d182353a","block_type":"box","text":"619","page_number":223,"box":{"x":763,"y":643,"width":21,"height":7}},{"id":"93f3ee57-8078-4090-809c-e1b49ef12b73","block_type":"box","text":"4,181","page_number":223,"box":{"x":861,"y":643,"width":31,"height":9}},{"id":"92f8fe5f-c689-4e53-8b4e-f58b3f77762f","block_type":"box","text":"Other expenses:","page_number":223,"box":{"x":96,"y":664,"width":97,"height":11}},{"id":"0a49a67f-ef78-4ca3-9f3f-2e6ed06966f1","block_type":"box","text":"Audit fee*","page_number":223,"box":{"x":104,"y":683,"width":62,"height":8}},{"id":"bcec92a2-1c07-4396-ac8a-a2c679a3de7a","block_type":"box","text":"9,720","page_number":223,"box":{"x":752,"y":683,"width":33,"height":10}},{"id":"d71a76e6-3d01-4fb1-a301-a2118c6014d4","block_type":"box","text":"7,798","page_number":223,"box":{"x":862,"y":684,"width":32,"height":9}},{"id":"ae0ba55b-40f0-4922-9df1-44d10ffdbd18","block_type":"box","text":"Corporation tax payable","page_number":223,"box":{"x":105,"y":699,"width":146,"height":10}},{"id":"811b266b-a868-47a8-b09a-c6615f3efe22","block_type":"box","text":"20,559","page_number":223,"box":{"x":745,"y":699,"width":39,"height":9}},{"id":"25c276b0-06b2-43cb-915a-b2b5af063442","block_type":"box","text":"–","page_number":223,"box":{"x":888,"y":703,"width":6,"height":1}},{"id":"a0c73b3d-175a-4c87-af14-6a9c8636f6bd","block_type":"box","text":"Other accrued expenses","page_number":223,"box":{"x":105,"y":714,"width":147,"height":11}},{"id":"43987f81-4594-4f46-a814-402d8fcd991f","block_type":"box","text":"3,476","page_number":223,"box":{"x":752,"y":714,"width":33,"height":10}},{"id":"d66f566f-3a89-456d-82f5-5399954bcdef","block_type":"box","text":"1,573","page_number":223,"box":{"x":862,"y":714,"width":32,"height":10}},{"id":"159f60bc-c561-4625-a744-08067d2d644a","block_type":"box","text":"33,755","page_number":223,"box":{"x":745,"y":737,"width":39,"height":9}},{"id":"2cc078fd-b098-46f8-ae73-59e1ba6509f5","block_type":"box","text":"9,371","page_number":223,"box":{"x":862,"y":737,"width":30,"height":9}},{"id":"4d96b0c1-0623-4f24-b36c-863a8de34a92","block_type":"box","text":"Total creditors","page_number":223,"box":{"x":95,"y":771,"width":97,"height":9}},{"id":"b50c883b-6bfd-488a-a509-9e06907ea88d","block_type":"box","text":"692,894","page_number":223,"box":{"x":734,"y":772,"width":51,"height":9}},{"id":"8c494e75-3845-446f-ad7e-f0b5deadb00f","block_type":"box","text":"177,048","page_number":223,"box":{"x":844,"y":772,"width":50,"height":9}},{"id":"afcdd082-7a99-4255-a789-fd37b9e84f3d","block_type":"box","text":"*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","page_number":223,"box":{"x":95,"y":794,"width":809,"height":10}},{"id":"09945985-913c-4875-b20f-efaec2647881","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":223,"box":{"x":96,"y":809,"width":174,"height":10}},{"id":"e89cc422-9bd6-426d-a891-d3032911d91c","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":223,"box":{"x":97,"y":38,"width":369,"height":13}},{"id":"57d48206-9a67-400f-b62d-fb2727f03e52","block_type":"box","text":"218","page_number":223,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"7c615335-2070-4a3f-a138-ef4ba92918f2","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":224,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"6be2139e-510f-430f-be00-4fd89bcaa7e9","block_type":"box","text":"for the year ended 30 April 2026","page_number":224,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"d1ed1400-ff9e-446b-b08f-0674644d7978","block_type":"box","text":"10. Risk management policies","page_number":224,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"e85b5b96-50fb-4db3-84de-a845c9e2f3aa","block_type":"box","text":"In pursuing its investment objective as stated on page 207, the Sub-fund holds a number of financial instruments. The Sub-fund’","page_number":224,"box":{"x":96,"y":150,"width":802,"height":10}},{"id":"87b5751f-662e-41dd-812e-e5a283c3a632","block_type":"box","text":"s","page_number":224,"box":{"x":899,"y":152,"width":5,"height":6}},{"id":"8a6ef972-e7e5-463f-b6e4-6815aabc1822","block_type":"box","text":"financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from","page_number":224,"box":{"x":95,"y":165,"width":789,"height":11}},{"id":"ebdb2d82-f0da-495e-b651-973e6e5b6bf7","block_type":"box","text":"its","page_number":224,"box":{"x":891,"y":165,"width":13,"height":8}},{"id":"636cf311-85f3-4af4-834f-7b4a4299c863","block_type":"box","text":"operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for","page_number":224,"box":{"x":95,"y":181,"width":809,"height":10}},{"id":"321db29a-83ad-421d-86a8-7d4b8aff80e9","block_type":"box","text":"redemptions and debtors for accrued revenue.","page_number":224,"box":{"x":96,"y":196,"width":284,"height":11}},{"id":"02aa891f-33fe-4029-94f5-e8b02a9d916c","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":224,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"7b20843e-e072-4091-aa04-b188de5377ec","block_type":"box","text":"anaging","page_number":224,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"6613a2bc-c114-45ee-be43-986ed6928f06","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":224,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"a2ddd212-d325-408e-b40e-d23cada2bbcb","block_type":"box","text":"Market price risk","page_number":224,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"9a2a22de-a9a8-49eb-a7c5-41c6d78418cb","block_type":"box","text":"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","page_number":224,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"28413a88-e28d-48f0-b8ba-17d2391822e3","block_type":"box","text":"ket prices","page_number":224,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"2da27e84-b662-4301-b7f7-772ad77f334a","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":224,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"78bb5225-5be6-4758-8d79-34450e2727b3","block_type":"box","text":"future","page_number":224,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"4010d55f-dea1-4f9c-a7ee-4ced112bd2f5","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":224,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"bf553712-dd4a-4821-ba6e-b54cc1e611e7","block_type":"box","text":"market","page_number":224,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"151b2bcd-1bcc-40c0-9bd1-18d43412e592","block_type":"box","text":"positions in the face of price movements.","page_number":224,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"acf87f23-7c5c-4e49-aae3-9c00c728b8ff","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":224,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"3601a72a-ae47-46a7-b712-0024628c94ba","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":224,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"8ce58e27-0c22-422a-8beb-eb0b3057b58a","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":224,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"e2fb4314-5302-4ba6-a39e-b056b49412b9","block_type":"box","text":"ectus","page_number":224,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"a7a6b384-3569-4edf-9ab3-fe62c3f3194e","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":224,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"051029ab-4586-456d-a431-881e06e52a4e","block_type":"box","text":"exposure","page_number":224,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"6209a3d1-bfac-4e98-a4d4-383180a113b7","block_type":"box","text":"to any particular type of security or issuer.","page_number":224,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"a2d9537a-ae0b-4c86-8c78-cd544b53183f","block_type":"box","text":"If market prices at the balance sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":224,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"f2a4cf80-8b19-40d9-836f-501e13e9dcb3","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £2,535,894","page_number":224,"box":{"x":95,"y":446,"width":809,"height":11}},{"id":"bac94e2f-4f90-4d1f-acff-b1bfa9ec51e2","block_type":"box","text":"(30 April 2025: £1,141,999).","page_number":224,"box":{"x":95,"y":461,"width":166,"height":11}},{"id":"0a837df1-f945-4db0-ae11-285913cecb69","block_type":"box","text":"Foreign currency risk","page_number":224,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"5b66420c-1b57-448b-bc8d-3e3c898ceccd","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":224,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"f622aef8-921f-4abe-9fbb-ff13110e349a","block_type":"box","text":"foreign","page_number":224,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"668b90f1-08a7-429a-bc76-09613ce2dd74","block_type":"box","text":"currency exchange rates.","page_number":224,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"d75fd73f-b368-41fc-8b39-29111bc4200f","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":224,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"72b45f74-82ee-4bbf-8100-8ae79f9085fc","block_type":"box","text":"nvest","page_number":224,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"6bd36f92-0311-472f-8f01-f9c3add8132f","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":224,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"8d64c4d5-db97-4fd2-bdf0-9d7da070f3d6","block_type":"box","text":"e","page_number":224,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"e0111203-285d-4da8-b490-c65801d899c6","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":224,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"efe9c67c-ac4a-4858-9b82-0d0f5a7e49c9","block_type":"box","text":"ced","page_number":224,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"c7c83e9e-50c5-4483-8b40-b48e4d9ce9c2","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":224,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"e71941ef-d67f-4b5a-8aed-cdca468103ff","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":224,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"b4cf901b-1c1a-4422-8712-d3c24bcc7e79","block_type":"box","text":"Net monetary","page_number":224,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"ade4e127-d3a9-4270-a8f2-27c3b8d1b63d","block_type":"box","text":"Non-monetary","page_number":224,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"009542af-8656-4ae4-ae40-ceedbc7471ed","block_type":"box","text":"Total net","page_number":224,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"25c95986-0aa2-4bb8-b83d-5c8d751d00bf","block_type":"box","text":"assets and liabilities","page_number":224,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"ed0e9b49-3c74-4c75-9c3d-4c7e887414e5","block_type":"box","text":"assets","page_number":224,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"20fb7bee-bdf0-4c92-b1dd-d6a184f9c67f","block_type":"box","text":"assets","page_number":224,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"b5945d11-7b5c-4fe0-8015-7e81da176ce2","block_type":"box","text":"£","page_number":224,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"60d5bf97-2485-4763-8555-53e66c62eec4","block_type":"box","text":"£","page_number":224,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"72b57ba9-7c8f-4859-a89e-eae034abc289","block_type":"box","text":"£","page_number":224,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"e89c1a78-53cc-4722-bf21-65202ac0b073","block_type":"box","text":"£","page_number":224,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"b903907d-ed0d-4bfe-86de-60e5e09f01f1","block_type":"box","text":"£","page_number":224,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"dae9c922-ff3a-4c71-b238-5a591518d7e2","block_type":"box","text":"£","page_number":224,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"e017a242-58ce-4757-b5e3-d4d820acaf1a","block_type":"box","text":"30.04.26","page_number":224,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"1d5aea5b-4b97-4fdf-b1ef-37d73ad7a5cb","block_type":"box","text":"30.04.25","page_number":224,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"e556e083-af29-4431-9505-712de772c184","block_type":"box","text":"30.04.26","page_number":224,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"a3c46f73-a478-41d7-a3ef-d98eca12aaa7","block_type":"box","text":"30.04.25","page_number":224,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"ce1e60ac-9684-4487-8d5e-4f106079800a","block_type":"box","text":"30.04.26","page_number":224,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"825726a9-8c00-462f-8e8c-2549b0ada66a","block_type":"box","text":"30.04.25","page_number":224,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"ba9933a7-3c89-4bbe-9ab4-5d235211b199","block_type":"box","text":"Sterling","page_number":224,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"fd615068-735e-4244-9a9d-1410d6b7961c","block_type":"box","text":"513,684","page_number":224,"box":{"x":299,"y":680,"width":48,"height":9}},{"id":"a939fb43-0a1d-4b6f-b75c-b0972b4e1064","block_type":"box","text":"291,669","page_number":224,"box":{"x":408,"y":680,"width":48,"height":9}},{"id":"01b3e703-9323-47b6-94e9-5a024297e2c7","block_type":"box","text":"23,792,600","page_number":224,"box":{"x":499,"y":680,"width":67,"height":9}},{"id":"7610ff2d-2f02-47e8-bfc5-91eea2fe07de","block_type":"box","text":"11,217,389","page_number":224,"box":{"x":609,"y":680,"width":66,"height":9}},{"id":"3382a2c3-e76e-4425-854a-a8c4a50509a7","block_type":"box","text":"24,306,284","page_number":224,"box":{"x":718,"y":680,"width":67,"height":9}},{"id":"ce862876-f492-4298-9c2f-48d4b11d2a65","block_type":"box","text":"11,509,058","page_number":224,"box":{"x":828,"y":680,"width":66,"height":9}},{"id":"a3b76418-8bda-4c2a-857b-08471ddc9cc2","block_type":"box","text":"EUR","page_number":224,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"3998a5c2-6f38-433a-b4a9-0628e2feb650","block_type":"box","text":"–","page_number":224,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"0c3cfccd-ad42-4419-9439-e25c5223cdb8","block_type":"box","text":"–","page_number":224,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"699ce165-4653-483d-a9e6-9087e6112b9d","block_type":"box","text":"–","page_number":224,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"8691aaae-d1f9-4abf-9047-c1d3d55f38dc","block_type":"box","text":"202,603","page_number":224,"box":{"x":627,"y":695,"width":48,"height":9}},{"id":"feaef361-af2c-4678-b1d6-e6777141eac8","block_type":"box","text":"–","page_number":224,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"e9c1b52a-58bc-4ccc-a367-5a243d7df004","block_type":"box","text":"202,603","page_number":224,"box":{"x":847,"y":695,"width":47,"height":9}},{"id":"fb087b7e-3d84-4953-a755-611abd144b6e","block_type":"box","text":"USD","page_number":224,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"5afaf9fc-a808-4b0e-9fef-84635751502a","block_type":"box","text":"–","page_number":224,"box":{"x":340,"y":715,"width":7,"height":1}},{"id":"3cb66a82-4f11-461b-918b-0d15adc6c8f6","block_type":"box","text":"–","page_number":224,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"3f8e7b8c-c603-4ae1-8807-04a732eb0eb3","block_type":"box","text":"1,566,335","page_number":224,"box":{"x":507,"y":711,"width":58,"height":9}},{"id":"36d65b09-76d1-404d-a183-ca402639cfc8","block_type":"box","text":"–","page_number":224,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"fe79b6ae-49d9-456e-99cd-5ab3a0c83ddf","block_type":"box","text":"1,566,335","page_number":224,"box":{"x":726,"y":711,"width":58,"height":9}},{"id":"0ac75a8b-da10-4578-a676-a0ab6f46507b","block_type":"box","text":"–","page_number":224,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"4bf23092-5ba3-4cf6-989e-cb87aa50bb24","block_type":"box","text":"513,684","page_number":224,"box":{"x":297,"y":733,"width":50,"height":9}},{"id":"47d3f1c5-42f4-4798-89d6-cb22a737e117","block_type":"box","text":"291,669","page_number":224,"box":{"x":406,"y":733,"width":50,"height":9}},{"id":"a6bd445a-4315-49af-8c1d-0d5fc1d5b189","block_type":"box","text":"25,358,935","page_number":224,"box":{"x":496,"y":733,"width":70,"height":9}},{"id":"da4bd479-51a9-46d2-bc9b-26f1ce8771ba","block_type":"box","text":"11,419,992","page_number":224,"box":{"x":605,"y":733,"width":70,"height":9}},{"id":"76e3d05a-da89-459e-80a9-132968122ef5","block_type":"box","text":"25,872,619","page_number":224,"box":{"x":715,"y":733,"width":70,"height":9}},{"id":"849d98e9-76f8-406b-8a74-2d427536b4db","block_type":"box","text":"11,711,661","page_number":224,"box":{"x":824,"y":733,"width":69,"height":9}},{"id":"33f2bd0f-2d68-49d1-995e-10a163136fa1","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":224,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"5be985ea-1614-4bf0-81ba-ef0b6fe4552f","block_type":"box","text":"he","page_number":224,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"3a2e18d6-4673-412e-9d1e-4016d41098a3","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £156","page_number":224,"box":{"x":96,"y":770,"width":782,"height":11}},{"id":"5e8ba993-c7b4-46aa-b345-1b76de1ddaf9","block_type":"box","text":",634","page_number":224,"box":{"x":879,"y":771,"width":25,"height":9}},{"id":"c2729390-660e-44e3-9317-ba9336ecc2f5","block_type":"box","text":"(30 April 2025: £20,260).","page_number":224,"box":{"x":95,"y":786,"width":148,"height":10}},{"id":"f521ecab-aa53-4f0e-9f54-bc4401ea36c5","block_type":"box","text":"Interest rate risk","page_number":224,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"3dc949fd-60cd-4d11-b3c3-01ab4c196fa5","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":224,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"c3550610-c01b-4036-bf9c-1892da421a24","block_type":"box","text":"se change","page_number":224,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"4ccff687-d829-4207-9fe9-7d1239824cec","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":224,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"158b1c05-f781-4977-b0c3-b0726439d3aa","block_type":"box","text":"nterest","page_number":224,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"0b764129-225d-4457-8fc1-f542d9419ad5","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short-term in","page_number":224,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"f746f07d-23a2-40b0-9a88-f951e8d09f04","block_type":"box","text":"struments.","page_number":224,"box":{"x":840,"y":853,"width":63,"height":8}},{"id":"8b0b6e6b-fc33-4dd9-9772-15336b2cee5b","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":224,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"b0cba70d-b495-414b-9ba6-cb2aaa138795","block_type":"box","text":"ited","page_number":224,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"fb777233-dbba-437f-8d9b-fcce72edc5a0","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":224,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"ba2c8d5f-da6e-412d-afab-f606382e204f","block_type":"box","text":"n the","page_number":224,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"3c247226-e7cd-484b-b49c-4478cce75eec","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":224,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"4d897ad8-9cc4-4dba-8c5e-b91b260c6e88","block_type":"box","text":"ses as","page_number":224,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"d553ef34-73bf-4687-892a-d743b634f7fc","block_type":"box","text":"interest rates increase.","page_number":224,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"b0725f73-31f4-4fbe-9077-977f36b44cd3","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":224,"box":{"x":533,"y":38,"width":369,"height":13}},{"id":"ba81cfb1-1741-4c6f-8afb-d9303a2d26f4","block_type":"box","text":"219","page_number":224,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"70821b53-89a3-4555-8929-1929a8c04880","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":225,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"b133dec2-acf3-4403-a64f-654207f617c5","block_type":"box","text":"for the year ended 30 April 2026","page_number":225,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"8aeeed75-02dd-429c-b5a3-4b6f77405cde","block_type":"box","text":"10. Risk management policies (continued)","page_number":225,"box":{"x":96,"y":134,"width":277,"height":11}},{"id":"06273788-9ab5-4f80-b9c4-8b617deb6eab","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":225,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"ad9b7f6e-568f-4cb5-bf11-7b6fffc0a396","block_type":"box","text":"30.04.26","page_number":225,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"33a13e3e-d944-49c6-a896-f64a001c67e5","block_type":"box","text":"30.04.25","page_number":225,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"a2f1944a-862f-45a7-9766-3de64302024c","block_type":"box","text":"£","page_number":225,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"bcac1682-7e75-4c5a-a444-d64877fd5778","block_type":"box","text":"£","page_number":225,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"53f45776-a362-4382-870b-fb90123f8894","block_type":"box","text":"Financial assets floating rate","page_number":225,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"ff92dba8-48d1-48e9-8a81-0ed5d7f519f5","block_type":"box","text":"1,161,939","page_number":225,"box":{"x":726,"y":210,"width":58,"height":9}},{"id":"f381952a-c86c-4c99-9ae5-46d26bbeb26f","block_type":"box","text":"104,398","page_number":225,"box":{"x":847,"y":210,"width":47,"height":9}},{"id":"8c79c2a9-c0ff-4690-9c5a-ea61a97f09de","block_type":"box","text":"Financial assets interest bearing instruments","page_number":225,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"7527ffb1-518b-4e03-9fd1-e07fa8a2dd94","block_type":"box","text":"9,427,537","page_number":225,"box":{"x":726,"y":229,"width":59,"height":9}},{"id":"44802830-7f24-46af-9450-abfb7de37081","block_type":"box","text":"4,514,846","page_number":225,"box":{"x":835,"y":229,"width":59,"height":9}},{"id":"727786bc-fd0c-43a0-9ba1-49a0f7de8394","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":225,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"4aa05eec-3958-417d-984a-0e5c7a514971","block_type":"box","text":"15,976,037","page_number":225,"box":{"x":719,"y":248,"width":66,"height":9}},{"id":"d00a74bd-bced-4bee-affb-85a2ae349582","block_type":"box","text":"7,269,465","page_number":225,"box":{"x":835,"y":248,"width":59,"height":9}},{"id":"5a15c8cd-f5dc-4785-bc16-d7366ee37024","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":225,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"f89d0342-d2ae-4806-bb7a-32033d468cde","block_type":"box","text":"(692,894)","page_number":225,"box":{"x":733,"y":266,"width":56,"height":10}},{"id":"6d9ec456-19f9-4d69-a52e-cc8ec8bb7484","block_type":"box","text":"(177,048)","page_number":225,"box":{"x":842,"y":266,"width":57,"height":10}},{"id":"19af5011-0d3f-48b7-9a1a-668947b3947d","block_type":"box","text":"25,872,619","page_number":225,"box":{"x":715,"y":289,"width":70,"height":9}},{"id":"c704fae5-67d8-48d2-86cb-bfc13a7698cc","block_type":"box","text":"11,711,661","page_number":225,"box":{"x":824,"y":289,"width":69,"height":9}},{"id":"b4aa9a41-0f38-49da-86ef-4bb3b367abf6","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":225,"box":{"x":95,"y":323,"width":767,"height":11}},{"id":"2db4bb4a-107d-4d27-af23-d8a6258d88ce","block_type":"box","text":"assets","page_number":225,"box":{"x":867,"y":324,"width":37,"height":8}},{"id":"8a634a6c-eabd-43a0-8443-a4e260b12e40","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £1,173 (30 April 2025: £182).","page_number":225,"box":{"x":95,"y":339,"width":729,"height":11}},{"id":"c0350d88-cd3c-4a46-9d39-0afcb8ce6921","block_type":"box","text":"Maturity of financial liabilities","page_number":225,"box":{"x":96,"y":361,"width":201,"height":11}},{"id":"7b86f9b1-bd32-4753-b028-2483ee56b28c","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":225,"box":{"x":95,"y":376,"width":655,"height":11}},{"id":"eb2d1654-1806-4028-a6d7-8ebaa821e3bc","block_type":"box","text":"Liquidity risk","page_number":225,"box":{"x":96,"y":399,"width":86,"height":10}},{"id":"adf0c1d5-0d0a-40d5-8b7a-a485e9bf1ae4","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":225,"box":{"x":95,"y":414,"width":742,"height":11}},{"id":"53d98db7-4601-4a89-83d4-ae503c19be3d","block_type":"box","text":"any shares","page_number":225,"box":{"x":840,"y":414,"width":64,"height":11}},{"id":"2eebcc2d-f6e0-46b0-b6b9-891d6231f018","block_type":"box","text":"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","page_number":225,"box":{"x":95,"y":429,"width":732,"height":11}},{"id":"c18fef52-963d-4fae-8b29-66aeab619e00","block_type":"box","text":"edemptions.","page_number":225,"box":{"x":828,"y":430,"width":75,"height":10}},{"id":"e9c404e2-ed71-4285-9280-23c09a904eac","block_type":"box","text":"Credit risk","page_number":225,"box":{"x":96,"y":452,"width":68,"height":8}},{"id":"08b8d4ed-8ee9-415e-a7f3-96504ed8e335","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":225,"box":{"x":96,"y":467,"width":722,"height":11}},{"id":"f91729f1-55fa-40d5-9345-f3fe906e2623","block_type":"box","text":"he investment","page_number":225,"box":{"x":819,"y":467,"width":85,"height":8}},{"id":"1785b7e6-323a-4e78-ba1b-7c9d9dd6f83a","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":225,"box":{"x":95,"y":483,"width":759,"height":10}},{"id":"6337c282-99ad-4823-804c-2a8118a20c0c","block_type":"box","text":"stments","page_number":225,"box":{"x":856,"y":484,"width":48,"height":7}},{"id":"c5a1f061-f183-4b7e-bbc1-cce61e22a9e8","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":225,"box":{"x":95,"y":498,"width":808,"height":11}},{"id":"d5be68c5-6909-451b-b825-e190b27c65b7","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar","page_number":225,"box":{"x":96,"y":513,"width":738,"height":11}},{"id":"e265e0b9-ce0f-4975-af51-a5439897e811","block_type":"box","text":"e reviewed.","page_number":225,"box":{"x":835,"y":513,"width":68,"height":9}},{"id":"ff83edfb-6b49-4549-8003-26cab6bfd398","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":225,"box":{"x":96,"y":536,"width":733,"height":10}},{"id":"251a1da3-15dc-4e17-8508-5276c7c7d988","block_type":"box","text":"cash is held","page_number":225,"box":{"x":834,"y":536,"width":69,"height":8}},{"id":"d4a220f0-4003-4d38-83bd-7b0811108641","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":225,"box":{"x":95,"y":551,"width":735,"height":11}},{"id":"e7634271-2364-497f-971a-dfde238130fd","block_type":"box","text":"lectives that","page_number":225,"box":{"x":832,"y":551,"width":72,"height":8}},{"id":"b5b39084-9ecd-4207-8310-412db4d479c1","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":225,"box":{"x":96,"y":566,"width":650,"height":11}},{"id":"2540ad64-fa0e-4db1-92ff-a9032f60633b","block_type":"box","text":"Fair value disclosure","page_number":225,"box":{"x":96,"y":589,"width":135,"height":8}},{"id":"5ee82c30-0bc4-493d-bf80-77bd2d8f6eb5","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":225,"box":{"x":95,"y":604,"width":731,"height":11}},{"id":"df0a9444-8fc5-4a35-befe-e0db4d21c2cd","block_type":"box","text":". The highest","page_number":225,"box":{"x":828,"y":604,"width":76,"height":11}},{"id":"fe6d88dd-75d9-4768-bfef-ffbd72626619","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":225,"box":{"x":96,"y":620,"width":739,"height":10}},{"id":"4996b2d6-dbd2-4706-8ffb-1ee3f0d7d884","block_type":"box","text":"els in these","page_number":225,"box":{"x":836,"y":620,"width":68,"height":8}},{"id":"3e40fa4d-9c68-4507-8275-1d15bb730cd4","block_type":"box","text":"financial statements are as follows:","page_number":225,"box":{"x":95,"y":635,"width":213,"height":8}},{"id":"eafce36f-5f57-43ef-89ec-2c35075565a1","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":225,"box":{"x":96,"y":657,"width":489,"height":11}},{"id":"e59241de-2e12-46cb-a6e8-698404ed140f","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":225,"box":{"x":96,"y":679,"width":568,"height":11}},{"id":"2ae8521c-a69a-4644-af71-f1a6302d32d6","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":225,"box":{"x":96,"y":702,"width":344,"height":10}},{"id":"7057fdaf-d6e4-4890-a64a-5d140d84d654","block_type":"box","text":"Valuation technique","page_number":225,"box":{"x":95,"y":724,"width":135,"height":10}},{"id":"71d275c0-71a2-4cad-bb28-843cb86e5ea2","block_type":"box","text":"30.04.26","page_number":225,"box":{"x":534,"y":724,"width":55,"height":8}},{"id":"6da08f10-63ff-4678-b0c2-513baf9f650b","block_type":"box","text":"30.04.25","page_number":225,"box":{"x":801,"y":724,"width":54,"height":8}},{"id":"77f90995-0e50-4de9-8615-850fd2d926e6","block_type":"box","text":"Assets","page_number":225,"box":{"x":452,"y":737,"width":42,"height":8}},{"id":"bc6a9921-5c49-4e27-bb9e-783d9783bb41","block_type":"box","text":"Liabilities","page_number":225,"box":{"x":564,"y":737,"width":64,"height":8}},{"id":"4c2e49c0-a572-4c1f-86ed-66ee4b2d1186","block_type":"box","text":"Assets","page_number":225,"box":{"x":719,"y":737,"width":42,"height":8}},{"id":"52632cf3-8991-4b48-9254-91ab5641e350","block_type":"box","text":"Liabilities","page_number":225,"box":{"x":833,"y":737,"width":64,"height":8}},{"id":"b7034ad4-66d5-43f7-b215-ea936faad85f","block_type":"box","text":"(£000’s)","page_number":225,"box":{"x":444,"y":750,"width":50,"height":10}},{"id":"80ee1833-dbd5-4e87-8ad7-83a3a6718c31","block_type":"box","text":"(£000’s)","page_number":225,"box":{"x":577,"y":750,"width":50,"height":10}},{"id":"4f48dffd-93f7-441f-8556-0a11763eb214","block_type":"box","text":"(£000’s)","page_number":225,"box":{"x":711,"y":750,"width":50,"height":10}},{"id":"d5715cd3-d96a-4446-8628-42f7a80d1519","block_type":"box","text":"(£000’s)","page_number":225,"box":{"x":846,"y":750,"width":51,"height":10}},{"id":"707332ed-0c1c-48ad-870b-e9b40c2d2bff","block_type":"box","text":"Level 1","page_number":225,"box":{"x":96,"y":765,"width":38,"height":8}},{"id":"11fda51c-5d72-4111-8c49-fe199cc0f374","block_type":"box","text":"9,391","page_number":225,"box":{"x":462,"y":766,"width":30,"height":9}},{"id":"c8230ea9-238b-446e-8862-dc6a230b7957","block_type":"box","text":"–","page_number":225,"box":{"x":621,"y":770,"width":6,"height":1}},{"id":"6f0188c9-d4f2-4d6c-8ea8-b20f7b345906","block_type":"box","text":"1,390","page_number":225,"box":{"x":729,"y":766,"width":32,"height":9}},{"id":"dc715d68-ab88-40b5-ae18-ba3cc22e05c7","block_type":"box","text":"–","page_number":225,"box":{"x":890,"y":770,"width":7,"height":1}},{"id":"03e74ccc-08c3-40bd-a6a3-ed4391f89534","block_type":"box","text":"Level 2","page_number":225,"box":{"x":96,"y":781,"width":40,"height":8}},{"id":"c6d4d599-9cb4-49eb-b779-0d8a1e55c78b","block_type":"box","text":"15,968","page_number":225,"box":{"x":455,"y":781,"width":39,"height":9}},{"id":"f022c34d-0cda-4a42-8bb3-023fe66a94c5","block_type":"box","text":"–","page_number":225,"box":{"x":621,"y":786,"width":6,"height":0}},{"id":"1fb4fa60-721a-464c-9f40-634abc64ac3a","block_type":"box","text":"10,030","page_number":225,"box":{"x":721,"y":781,"width":40,"height":9}},{"id":"dd984c74-825e-4cd3-b779-0003cafaabcb","block_type":"box","text":"–","page_number":225,"box":{"x":890,"y":786,"width":7,"height":0}},{"id":"2addad27-1657-46d8-8959-acec82027e36","block_type":"box","text":"Level 3","page_number":225,"box":{"x":96,"y":796,"width":40,"height":8}},{"id":"2101af46-c158-4523-a902-602417f08667","block_type":"box","text":"–","page_number":225,"box":{"x":488,"y":801,"width":6,"height":1}},{"id":"a4dd20f6-16f5-498a-9a7f-6d353e4ae835","block_type":"box","text":"–","page_number":225,"box":{"x":621,"y":801,"width":6,"height":1}},{"id":"46e78540-9a5e-4226-916d-cf7ca27f2b0a","block_type":"box","text":"–","page_number":225,"box":{"x":754,"y":801,"width":7,"height":1}},{"id":"340506b2-1e4f-4f75-8269-6640dec80f55","block_type":"box","text":"–","page_number":225,"box":{"x":890,"y":801,"width":7,"height":1}},{"id":"213d07dd-df9d-495c-9b63-ef82fe910199","block_type":"box","text":"25,359","page_number":225,"box":{"x":452,"y":819,"width":42,"height":9}},{"id":"efa83a83-6944-4b82-b406-c9e2ee353432","block_type":"box","text":"–","page_number":225,"box":{"x":621,"y":823,"width":7,"height":1}},{"id":"69e60adb-c5b5-4b9c-b74e-1a776277d0d3","block_type":"box","text":"11,420","page_number":225,"box":{"x":719,"y":819,"width":42,"height":9}},{"id":"59ba9da2-f239-4445-b1dd-61fa1a41f8f4","block_type":"box","text":"–","page_number":225,"box":{"x":890,"y":823,"width":7,"height":1}},{"id":"3b01348e-4d18-4b9c-b721-eb2813b90c3e","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":225,"box":{"x":97,"y":38,"width":369,"height":13}},{"id":"57287ec5-553c-427a-a94b-292870298791","block_type":"box","text":"220","page_number":225,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"ed6fe0ce-96bd-46e7-82eb-7980e99f2e1b","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":226,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"08b4ff21-f813-491a-90b6-bfb5ece6a9c6","block_type":"box","text":"for the year ended 30 April 2026","page_number":226,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"b1eaa305-c77c-46ca-8168-46cc202f08b3","block_type":"box","text":"11. Shares held","page_number":226,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"a9acf16c-d20e-43b2-9d73-8fce502ae50e","block_type":"box","text":"I Class (Retail) Accumulation","page_number":226,"box":{"x":96,"y":156,"width":188,"height":10}},{"id":"e3d6db90-5c63-4fb7-bca7-4248046e6bab","block_type":"box","text":"Opening shares at 01.05.2025","page_number":226,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"ac0e4785-45e2-4592-b739-f4a395f53bc9","block_type":"box","text":"11,467,824","page_number":226,"box":{"x":424,"y":179,"width":71,"height":9}},{"id":"a0afbe59-0f49-46d5-8581-0860fec43311","block_type":"box","text":"Shares issued during the year","page_number":226,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"6ac70678-ca17-45ce-95ba-f772ce1eef3c","block_type":"box","text":"13,594,619","page_number":226,"box":{"x":428,"y":194,"width":66,"height":10}},{"id":"cddb809f-e109-4a2e-97e7-1ed9463e8236","block_type":"box","text":"Shares cancelled during the year","page_number":226,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"6acb27fe-3a5d-4ee1-8122-1e3f198721b3","block_type":"box","text":"(3,328,752)","page_number":226,"box":{"x":427,"y":210,"width":67,"height":9}},{"id":"b98c8dfb-1823-4eeb-a168-8bf80a9d1060","block_type":"box","text":"Shares converted during the year","page_number":226,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"954b3b14-d5bc-4b9f-9450-29d00f999a36","block_type":"box","text":"–","page_number":226,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"57ee3b26-7038-47e0-9ba4-8b9297b9ed7a","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":226,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"7997ea0f-d6ef-4951-9344-e2087add3d58","block_type":"box","text":"21,733,691","page_number":226,"box":{"x":424,"y":248,"width":69,"height":9}},{"id":"79351ac6-a27d-4a68-9f88-0443b5f63ede","block_type":"box","text":"12. Contingent assets and liabilities","page_number":226,"box":{"x":96,"y":293,"width":234,"height":11}},{"id":"df3b583d-16cb-4126-b097-3d8c062c04c1","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments.","page_number":226,"box":{"x":95,"y":309,"width":463,"height":11}},{"id":"a86d0c5f-7451-4ca9-9f6c-e41a07a0c5be","block_type":"box","text":"13. Post balance sheet events","page_number":226,"box":{"x":96,"y":355,"width":194,"height":8}},{"id":"0386ccc4-248d-45dd-ac42-d241f8a279d5","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":226,"box":{"x":95,"y":374,"width":425,"height":11}},{"id":"13ac96b5-3adc-498e-8e1a-91cd3d0fc9c4","block_type":"box","text":"14. Direct transactions costs","page_number":226,"box":{"x":96,"y":420,"width":186,"height":9}},{"id":"4739bb82-f613-4382-8d35-5b13861a6304","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":226,"box":{"x":96,"y":439,"width":755,"height":11}},{"id":"c53ab1d6-4328-4135-9bf0-a9a5d3018120","block_type":"box","text":"herefore","page_number":226,"box":{"x":853,"y":439,"width":51,"height":8}},{"id":"9f06df92-7472-4322-a1c5-5868d04536a6","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":226,"box":{"x":95,"y":455,"width":444,"height":10}},{"id":"50a0712c-874f-4fc5-b661-905ceeb67e22","block_type":"box","text":"15. Portfolio dealing spread","page_number":226,"box":{"x":96,"y":501,"width":181,"height":11}},{"id":"18140a0e-8678-441c-8fe8-53944916dade","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.08% (30 April 2025: 0.02%).","page_number":226,"box":{"x":95,"y":523,"width":517,"height":11}},{"id":"8d346333-ce99-4f49-acd4-aa0a8b36078f","block_type":"box","text":"16. Related party transactions","page_number":226,"box":{"x":96,"y":569,"width":199,"height":11}},{"id":"5bb6e9dc-cf3f-49ca-b4dd-212096542196","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":226,"box":{"x":95,"y":592,"width":707,"height":10}},{"id":"c6592702-c996-4ca8-b59f-d842c1b5ab87","block_type":"box","text":"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","page_number":226,"box":{"x":95,"y":614,"width":765,"height":10}},{"id":"01b4159b-8ae5-4813-971e-61ba2eb40802","block_type":"box","text":"e sheet","page_number":226,"box":{"x":861,"y":614,"width":43,"height":8}},{"id":"d687ab51-3070-4939-b19d-5c28b57f03cc","block_type":"box","text":"date are disclosed in note 9.","page_number":226,"box":{"x":95,"y":629,"width":171,"height":8}},{"id":"9b9f7165-cee7-44bb-9fc3-3260b7e479e5","block_type":"box","text":"Significant Shareholdings","page_number":226,"box":{"x":95,"y":651,"width":169,"height":11}},{"id":"5d4d2141-7e7d-466a-bd5b-8ee1c0a25a2b","block_type":"box","text":"AFL, as the Sub-fund’s ACD, wishes to disclose to the Sub-fund’s Shareholders that nil% of the Sub-fund’s shares in issue are u","page_number":226,"box":{"x":95,"y":667,"width":756,"height":9}},{"id":"14841cbb-799a-4840-b78c-fc76b18a2da1","block_type":"box","text":"nder the","page_number":226,"box":{"x":854,"y":667,"width":50,"height":8}},{"id":"3166f86f-2d75-4e24-93c6-000f5ad2f480","block_type":"box","text":"control of a single nominee and their related parties (2025: 25.60% a single nominee and their related parties).","page_number":226,"box":{"x":95,"y":682,"width":674,"height":11}},{"id":"70db26f7-956d-444e-9c8f-e5f4f1d389b7","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":226,"box":{"x":533,"y":38,"width":369,"height":13}},{"id":"9549fefc-c38a-4592-a703-27307117256a","block_type":"box","text":"221","page_number":226,"box":{"x":962,"y":960,"width":25,"height":8}},{"id":"22b70ae2-9e91-4366-83ba-b34f99eb0320","block_type":"box","text":"Distribution Tables","page_number":227,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"dedf2b56-763b-4809-bc47-92567571e6b0","block_type":"box","text":"for the year ended 30 April 2026","page_number":227,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"d913655c-4807-4454-80ee-be2491aca125","block_type":"box","text":"Accumulation Share Distributions","page_number":227,"box":{"x":95,"y":134,"width":224,"height":9}},{"id":"846b7e7a-512a-4b92-b2f8-967a742e0cf8","block_type":"box","text":"Share class","page_number":227,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"0e307caf-a65f-4453-aaca-bc32f9d9f8b7","block_type":"box","text":"Distribution","page_number":227,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"49358e6c-3358-462f-a834-ca836e130cf2","block_type":"box","text":"Shares","page_number":227,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"2e2b6048-0158-4627-b34d-9023ae3a1060","block_type":"box","text":"Net","page_number":227,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"744e8dcc-0b88-4d21-984e-fcdf5f1b5298","block_type":"box","text":"Equalisation","page_number":227,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"a0bab774-775c-42d1-8c37-4c79572133aa","block_type":"box","text":"Distribution","page_number":227,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"e6d12e77-8c8b-46d5-b5cb-02f4a6e62225","block_type":"box","text":"Distribution","page_number":227,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"e86b1f74-9d38-4b3c-9960-e9caeefb1499","block_type":"box","text":"revenue","page_number":227,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"c17dfbf7-2b93-40bf-b6bf-859c753026ca","block_type":"box","text":"31.08.2026","page_number":227,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"27a691a1-8111-4f32-b40f-8b69af3005e3","block_type":"box","text":"29.08.2025","page_number":227,"box":{"x":812,"y":165,"width":70,"height":8}},{"id":"8c0f8069-8dd3-4fef-8cfa-d4d85af3e68d","block_type":"box","text":"31.08.2026","page_number":227,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"25343714-25f9-4a4b-98b3-5c841f395331","block_type":"box","text":"p","page_number":227,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"a94d8cc6-c5f9-46f1-b0bc-82235d1865de","block_type":"box","text":"p","page_number":227,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"80b1edca-5f6a-4248-90c5-f6d4dbf3390b","block_type":"box","text":"p","page_number":227,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"4e795e8d-5609-4614-a391-509b14dd7569","block_type":"box","text":"p","page_number":227,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"82d59a3c-1fa2-4f21-b892-0bc5351c9c8d","block_type":"box","text":"I","page_number":227,"box":{"x":106,"y":207,"width":1,"height":8}},{"id":"2ef678bd-a93c-4892-a857-04fe85277634","block_type":"box","text":"Final","page_number":227,"box":{"x":267,"y":207,"width":27,"height":8}},{"id":"50322de9-4225-4f1c-ae00-39fd62559744","block_type":"box","text":"Group 1","page_number":227,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"66af840b-566d-4ce9-9265-26aeffc56198","block_type":"box","text":"1.6438","page_number":227,"box":{"x":513,"y":207,"width":40,"height":8}},{"id":"56d02c48-c302-4528-b120-6a996190e32b","block_type":"box","text":"–","page_number":227,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"8b50ab1f-b516-44c0-b49f-e6695cf08c72","block_type":"box","text":"1.6438","page_number":227,"box":{"x":723,"y":207,"width":39,"height":8}},{"id":"fc7a89b1-94d3-4df8-be96-dbf60a08f252","block_type":"box","text":"0.9191","page_number":227,"box":{"x":827,"y":207,"width":38,"height":8}},{"id":"ed51fe9a-27ac-489e-ba56-ee904d46e1de","block_type":"box","text":"Group 2","page_number":227,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"05a80e12-e17b-4689-9878-74a2afa98e83","block_type":"box","text":"0.7896","page_number":227,"box":{"x":513,"y":221,"width":40,"height":8}},{"id":"0f3bf0bd-1b59-4604-b2a3-94d60dc7722e","block_type":"box","text":"0.8542","page_number":227,"box":{"x":618,"y":221,"width":40,"height":8}},{"id":"2a868709-2d76-4695-b50a-202bdb27642c","block_type":"box","text":"1.6438","page_number":227,"box":{"x":723,"y":221,"width":39,"height":8}},{"id":"4824d095-eab0-4ada-934a-ab0b61af7eeb","block_type":"box","text":"0.9191","page_number":227,"box":{"x":827,"y":221,"width":38,"height":8}},{"id":"dbd2d263-88b1-4a01-b8ba-69a6a307ef05","block_type":"box","text":"Final distribution in pence per share","page_number":227,"box":{"x":96,"y":252,"width":240,"height":11}},{"id":"126a812e-62bf-44c2-b260-43289c07bc1f","block_type":"box","text":"Group 1:","page_number":227,"box":{"x":96,"y":268,"width":51,"height":10}},{"id":"676b3552-cbdc-48b3-9d83-348afb50f582","block_type":"box","text":"Shares purchased prior to 01 May 2025","page_number":227,"box":{"x":181,"y":267,"width":239,"height":11}},{"id":"71503bb4-5ba3-497e-8baa-8e56360870c9","block_type":"box","text":"Group 2:","page_number":227,"box":{"x":96,"y":283,"width":51,"height":11}},{"id":"b396d597-8cb5-4db9-b41c-4fda0c61d05c","block_type":"box","text":"Shares purchased on or after 30 May 2025 and on or before 30 April 2026","page_number":227,"box":{"x":181,"y":283,"width":448,"height":11}},{"id":"7111432a-9246-471e-8057-e5394c4f86b6","block_type":"box","text":"MI Tatton Passive Balanced Fund","page_number":227,"box":{"x":97,"y":38,"width":369,"height":13}},{"id":"9e1e20d3-32f8-4043-bbcf-87060d530a03","block_type":"box","text":"222","page_number":227,"box":{"x":10,"y":960,"width":27,"height":8}},{"id":"4e37199a-e482-4815-9710-5af862b432b3","block_type":"box","text":"Sub-fund Overview","page_number":228,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"9a0c7954-7ae4-420b-b1db-91bf2723f519","block_type":"box","text":"Name of Sub-fund","page_number":228,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"982c3344-f4de-4754-90c3-094f3aef98df","block_type":"box","text":"MI Tatton Passive Cautious Fund (formerly VT Tatton Passive Cautious Fund)","page_number":228,"box":{"x":96,"y":143,"width":461,"height":11}},{"id":"cafc39c0-fbc9-4062-835a-620117843dc9","block_type":"box","text":"Size of Sub-fund","page_number":228,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"a8be2f45-5135-4b45-885b-9d07b7d150a1","block_type":"box","text":"£8,766,136","page_number":228,"box":{"x":95,"y":181,"width":67,"height":9}},{"id":"b989279f-f668-418f-9fb6-d21e4d64c5a6","block_type":"box","text":"Launch date","page_number":228,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"ff562fa6-ca9c-4969-b2f5-264ccb93239b","block_type":"box","text":"01 May 2024","page_number":228,"box":{"x":95,"y":219,"width":78,"height":10}},{"id":"4a22abb9-b235-450c-ba41-9f0a5c20b226","block_type":"box","text":"Investment objective and policy","page_number":228,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"a51b44fc-f675-4e28-a2b3-2e097c3c67f7","block_type":"box","text":"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","page_number":228,"box":{"x":95,"y":256,"width":775,"height":11}},{"id":"046b5330-6463-4f37-a31e-228caed24b53","block_type":"box","text":"come","page_number":228,"box":{"x":871,"y":258,"width":33,"height":6}},{"id":"5a50e6c9-6bcc-4492-8a22-29274b80597b","block_type":"box","text":"generation.","page_number":228,"box":{"x":95,"y":272,"width":69,"height":10}},{"id":"2574a0d5-36cb-4c1b-ba8e-e18e929e484e","block_type":"box","text":"The Sub-fund will seek to achieve its investment objective by investing more than 75% of its assets in passive funds that track","page_number":228,"box":{"x":95,"y":293,"width":751,"height":11}},{"id":"6078bfe1-768b-4941-bc4f-d95614c6c9a5","block_type":"box","text":"an index,","page_number":228,"box":{"x":849,"y":293,"width":54,"height":10}},{"id":"861a6977-192d-48d0-a5ac-f6e91bc2aeaa","block_type":"box","text":"money market funds, or cash.","page_number":228,"box":{"x":96,"y":309,"width":180,"height":11}},{"id":"0754c50a-b3f6-4744-a6dc-aa66aecaf9fb","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as shares in companies. For this Sub-fund, over per","page_number":228,"box":{"x":96,"y":331,"width":767,"height":11}},{"id":"e017f220-9427-4f14-9bbb-23c5553f87b6","block_type":"box","text":"iods of","page_number":228,"box":{"x":864,"y":331,"width":41,"height":8}},{"id":"1183e6ec-a184-4a7d-93a7-f68aa98d6707","block_type":"box","text":"at least 5 years, in normal market conditions it is expected that the proportion of the Sub-fund exposed to shares (directly a","page_number":228,"box":{"x":95,"y":346,"width":730,"height":11}},{"id":"fe8395e3-3834-461d-8b18-b4355c3f5626","block_type":"box","text":"nd indirectly)","page_number":228,"box":{"x":827,"y":347,"width":77,"height":10}},{"id":"8ce7a66a-d91f-46c4-8c51-72c6f840613d","block_type":"box","text":"will typically be 45% and never lower than 32.5% or higher than 57.5%.","page_number":228,"box":{"x":95,"y":362,"width":431,"height":11}},{"id":"8c88a2c5-a089-4dcd-9967-a09c779246cd","block_type":"box","text":"To the extent not invested in shares as set out above, the Sub-fund will mainly invest: (i) (directly or indirectly) in governm","page_number":228,"box":{"x":95,"y":384,"width":760,"height":11}},{"id":"1b831acc-2743-499c-876b-db5814c78d43","block_type":"box","text":"ent and","page_number":228,"box":{"x":857,"y":384,"width":46,"height":8}},{"id":"5b5feb6d-20f1-417a-b0b9-5866c32e8f52","block_type":"box","text":"corporate bonds (including investment grade and high yield bonds); and (ii) directly in money market instruments (such as money","page_number":228,"box":{"x":95,"y":400,"width":809,"height":10}},{"id":"fb721e6d-eb34-4083-9849-ee78cc28f5dd","block_type":"box","text":"market funds or government treasury bills), cash and near cash and deposits.","page_number":228,"box":{"x":96,"y":415,"width":470,"height":11}},{"id":"661e7910-9072-4ed7-a5ac-d68addb7562b","block_type":"box","text":"The remainder of the Sub-fund may also be invested indirectly in commodities, property, hedge fund strategies and private equit","page_number":228,"box":{"x":95,"y":437,"width":785,"height":11}},{"id":"ab2c73f0-64d2-40c9-ba4c-930e15e97dec","block_type":"box","text":"y.","page_number":228,"box":{"x":881,"y":440,"width":9,"height":8}},{"id":"beb7ee9c-ca6a-4730-a263-a45847fb2b4c","block_type":"box","text":"Some of these investments will be denominated in foreign currencies which may or may not be hedged back to Pounds Sterling.","page_number":228,"box":{"x":95,"y":459,"width":779,"height":11}},{"id":"f16217bc-7b98-4d1d-b825-9305971f0f61","block_type":"box","text":"The Sub-fund may temporarily depart from this investment policy in response to the Investment Manager’s perception of extraordi","page_number":228,"box":{"x":95,"y":482,"width":781,"height":10}},{"id":"9a9866a7-d4cf-4dc2-8dae-886b627049c5","block_type":"box","text":"nary","page_number":228,"box":{"x":878,"y":484,"width":26,"height":8}},{"id":"c1f9d5ad-a795-4f8c-9e3c-8afeff37fd9b","block_type":"box","text":"market or political conditions. During these periods and for as long as the Investment Manager deems it necessary, the Sub-fund","page_number":228,"box":{"x":96,"y":497,"width":778,"height":11}},{"id":"8aa01a8a-096c-450b-8556-e190cd2cc25e","block_type":"box","text":"may","page_number":228,"box":{"x":879,"y":499,"width":25,"height":9}},{"id":"028cab97-66ff-4387-80a3-86528145074e","block_type":"box","text":"adjust the stated percentages with a view to avoiding losses.","page_number":228,"box":{"x":95,"y":512,"width":366,"height":11}},{"id":"0a4170b2-b117-4bb6-9526-863fae833c22","block_type":"box","text":"Derivatives","page_number":228,"box":{"x":96,"y":535,"width":74,"height":8}},{"id":"acce5857-346f-4f26-a409-31a9a44992c1","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":228,"box":{"x":95,"y":550,"width":686,"height":11}},{"id":"a68cda15-ff8d-4ec7-ad61-9cec4ba5e13d","block_type":"box","text":"Benchmark","page_number":228,"box":{"x":96,"y":572,"width":76,"height":8}},{"id":"e2aa5f29-ee66-4f97-8ce2-abedfa46cdae","block_type":"box","text":"Investors can compare the performance of the Fund with the IA OE Mixed Investment 20-60% Shares.","page_number":228,"box":{"x":96,"y":588,"width":616,"height":10}},{"id":"fa40ab78-290c-499d-b287-c1de4386a007","block_type":"box","text":"The Sub-fund provides comparative performance against relevant Investment Association sector benchmarks in order for investors","page_number":228,"box":{"x":95,"y":610,"width":793,"height":11}},{"id":"36093157-5d82-45e8-80b0-18900a0376c8","block_type":"box","text":"to","page_number":228,"box":{"x":892,"y":611,"width":12,"height":7}},{"id":"4a5fe808-9f15-40ab-b3f0-f386373ed033","block_type":"box","text":"compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association Mixe","page_number":228,"box":{"x":95,"y":625,"width":800,"height":11}},{"id":"0546302e-f33f-4368-8b81-69be59fae150","block_type":"box","text":"d","page_number":228,"box":{"x":897,"y":625,"width":6,"height":9}},{"id":"adccaf4f-64b4-4dfb-82d2-a127a26231a6","block_type":"box","text":"Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a","page_number":228,"box":{"x":95,"y":641,"width":800,"height":10}},{"id":"adb93034-fbdf-4798-9b32-a6875404e7fa","block_type":"box","text":"n","page_number":228,"box":{"x":897,"y":643,"width":6,"height":6}},{"id":"524366e7-0bee-400e-ae23-3f7bf3ae0aa7","block_type":"box","text":"indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or","page_number":228,"box":{"x":96,"y":656,"width":756,"height":11}},{"id":"4edabbf2-26e0-441f-b1b9-90f571e896b1","block_type":"box","text":"investor","page_number":228,"box":{"x":856,"y":656,"width":48,"height":8}},{"id":"a2fc53a5-5a8c-4863-808d-2e0a9739fd4c","block_type":"box","text":"expectations.","page_number":228,"box":{"x":95,"y":672,"width":80,"height":10}},{"id":"930e2753-e6e7-4d7b-9aaf-11a5e479f69c","block_type":"box","text":"Final accounting date","page_number":228,"box":{"x":96,"y":694,"width":142,"height":10}},{"id":"385362a9-357f-4bf8-9ead-97b0e4e64b47","block_type":"box","text":"30 April","page_number":228,"box":{"x":95,"y":709,"width":46,"height":11}},{"id":"fe386148-73c6-477a-b30c-967a250a4e3c","block_type":"box","text":"Interim accounting date","page_number":228,"box":{"x":96,"y":731,"width":159,"height":11}},{"id":"d9dae106-f461-4948-baff-591bc88273c1","block_type":"box","text":"31 October","page_number":228,"box":{"x":95,"y":747,"width":68,"height":8}},{"id":"c00c24af-0768-4f80-b877-42cd5b816ba5","block_type":"box","text":"Income distribution date","page_number":228,"box":{"x":96,"y":769,"width":164,"height":8}},{"id":"fbe21068-38cb-4b2d-b894-e50896ab4e66","block_type":"box","text":"31 August","page_number":228,"box":{"x":95,"y":785,"width":60,"height":10}},{"id":"41d38359-c7d6-444d-9436-f187842974ad","block_type":"box","text":"ISA status","page_number":228,"box":{"x":96,"y":807,"width":64,"height":8}},{"id":"8170ada2-5f28-46eb-b742-9af11ab2a004","block_type":"box","text":"Qualifying Investment for stocks and shares component","page_number":228,"box":{"x":96,"y":822,"width":339,"height":11}},{"id":"d91213f0-f20f-4b90-a716-48f7c894e212","block_type":"box","text":"Class of shares","page_number":228,"box":{"x":96,"y":844,"width":96,"height":8}},{"id":"4b6ffef8-7c63-4c94-bb69-91c7f855a10d","block_type":"box","text":"I Class (Retail) Accumulation","page_number":228,"box":{"x":96,"y":860,"width":169,"height":10}},{"id":"431b6a44-49c3-4f43-972d-0c2b77362b4f","block_type":"box","text":"Initial charge","page_number":228,"box":{"x":96,"y":882,"width":86,"height":11}},{"id":"331b6055-8f62-4f68-910a-b0bf483c48bf","block_type":"box","text":"0% (of the amount invested by an investor)","page_number":228,"box":{"x":95,"y":897,"width":262,"height":11}},{"id":"2f52baf0-69bf-425a-9a1a-2ff782dd1444","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":228,"box":{"x":538,"y":38,"width":364,"height":13}},{"id":"cf6ff7c7-7b83-4464-944e-24e083ab1056","block_type":"box","text":"223","page_number":228,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"8435adfc-995b-4640-bc3d-5a91700aec96","block_type":"box","text":"Sub-fund Overview (continued)","page_number":229,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"799e434c-91a1-4f8a-95c4-0463f069703f","block_type":"box","text":"Redemption charge","page_number":229,"box":{"x":96,"y":128,"width":129,"height":10}},{"id":"0f658ba7-3691-4a46-a9ec-876e10ec83aa","block_type":"box","text":"0%","page_number":229,"box":{"x":334,"y":128,"width":17,"height":8}},{"id":"2299d43e-923f-4ced-be25-04bf2071dee4","block_type":"box","text":"Annual management charge","page_number":229,"box":{"x":95,"y":150,"width":188,"height":10}},{"id":"d3449543-8c81-41ee-b3c1-89c189ff873e","block_type":"box","text":"I Class (Retail) Accumulation","page_number":229,"box":{"x":96,"y":165,"width":169,"height":10}},{"id":"9f404eaf-e57e-4226-810d-ad6d7ebce74e","block_type":"box","text":"0.15%","page_number":229,"box":{"x":334,"y":166,"width":36,"height":7}},{"id":"304ce1d3-6c97-4730-8909-fe0bfac60451","block_type":"box","text":"Minimum initial investment","page_number":229,"box":{"x":96,"y":187,"width":167,"height":9}},{"id":"039ab3e1-2944-4823-a87b-9e75a7dd1404","block_type":"box","text":"£3,000","page_number":229,"box":{"x":333,"y":188,"width":40,"height":9}},{"id":"659d6e40-4a81-4fc5-86b9-8ecfd6072b4d","block_type":"box","text":"Minimum subsequent investment","page_number":229,"box":{"x":96,"y":210,"width":205,"height":10}},{"id":"b8e08274-eb65-472f-96e3-82293e5bcf5a","block_type":"box","text":"£1,000","page_number":229,"box":{"x":333,"y":210,"width":40,"height":9}},{"id":"4a45bb51-b2d5-4341-9c97-d1446174acab","block_type":"box","text":"Minimum holding","page_number":229,"box":{"x":96,"y":232,"width":107,"height":10}},{"id":"13ae5d2b-a6dc-4a8e-b6ad-fdee9e0b1995","block_type":"box","text":"£1,000","page_number":229,"box":{"x":333,"y":232,"width":40,"height":9}},{"id":"8353d4bf-f527-4781-86f5-22c743819c9b","block_type":"box","text":"Minimum redemption","page_number":229,"box":{"x":96,"y":254,"width":133,"height":11}},{"id":"c1ee19d7-51e6-4c30-8f06-43d0c3410657","block_type":"box","text":"None","page_number":229,"box":{"x":334,"y":254,"width":31,"height":8}},{"id":"78e59503-7c1b-4c37-bf6c-0c3ff95bb96a","block_type":"box","text":"Regular savings plan","page_number":229,"box":{"x":96,"y":276,"width":135,"height":11}},{"id":"5cb8e413-c817-4a82-88f7-286c40b1e139","block_type":"box","text":"Minimum payment of £100 per month","page_number":229,"box":{"x":334,"y":276,"width":232,"height":11}},{"id":"1322f19a-341e-4189-b2b9-ed69f86ac1a0","block_type":"box","text":"Regular withdrawal facility","page_number":229,"box":{"x":96,"y":298,"width":180,"height":11}},{"id":"21e98d13-8c0b-4a90-bcea-e1e1b2d94cc2","block_type":"box","text":"N/A","page_number":229,"box":{"x":334,"y":299,"width":22,"height":7}},{"id":"b667e892-779d-4200-a661-adbf3fd9bde4","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":229,"box":{"x":97,"y":38,"width":365,"height":13}},{"id":"f92c848b-bd34-47bd-806c-baecd9cb58b0","block_type":"box","text":"224","page_number":229,"box":{"x":10,"y":960,"width":27,"height":8}},{"id":"ab581502-b90a-4670-bd9b-cac31a72610c","block_type":"box","text":"Investment Manager’s Review","page_number":230,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"8d01948e-c65c-4a94-8e2a-ec6b25f518e8","block_type":"box","text":"for the year ended 30 April 2026","page_number":230,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"4c54a11e-6aea-4007-ad58-13cb21bbebb7","block_type":"box","text":"Investment review","page_number":230,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"1f7b8b50-f529-4238-91b8-dda9a34e3221","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":230,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"7e3f7f6f-b3ca-4eba-b258-ea10c6af2385","block_type":"box","text":"The MI Tatton Passive Cautious I GBP Acc returned 1.78% in the six months to 30 April 2026. The IA Mixed Investment 20-60% Shar","page_number":230,"box":{"x":95,"y":165,"width":796,"height":11}},{"id":"433e8ab0-ec8d-420f-86a7-2b43f98c96cc","block_type":"box","text":"es","page_number":230,"box":{"x":891,"y":167,"width":13,"height":6}},{"id":"15d54f9d-d410-4fa4-9927-15f8ed2e1399","block_type":"box","text":"benchmark returned 2.53% meaning the fund underperformed by -0.75% over the period.","page_number":230,"box":{"x":96,"y":181,"width":549,"height":10}},{"id":"08a9300f-df8d-4e9c-83d8-47205acf2f2f","block_type":"box","text":"Over the last 12-months to 30 April 2026, the MI Tatton Passive Cautious I GBP Acc has returned 12.96%. The IA Mixed Investment","page_number":230,"box":{"x":96,"y":203,"width":785,"height":10}},{"id":"a60eac1d-45fb-4272-891b-cf038e2d7523","block_type":"box","text":"20-","page_number":230,"box":{"x":885,"y":203,"width":19,"height":8}},{"id":"ec582a18-f8c1-4f9a-ace0-b63b7d9a60b5","block_type":"box","text":"60% Shares reference index returned 13.04%, meaning the fund underperformed by -0.08% over the period.","page_number":230,"box":{"x":96,"y":218,"width":661,"height":11}},{"id":"988f3939-e51d-4d4d-8330-b0055fc6d2bc","block_type":"box","text":"Overview","page_number":230,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"e334563a-631d-4609-9d29-410eac4c8eb9","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":230,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"6c09af97-acbe-4e66-87b4-389631159aaf","block_type":"box","text":"market","page_number":230,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"63612daa-249f-4e33-9244-558b2ba05cc9","block_type":"box","text":"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.","page_number":230,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"61e619ef-828c-4a89-ac07-bd71a3460c0a","block_type":"box","text":"Since last","page_number":230,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"923c0ff6-1d5e-4ee8-9cba-b12104f580a0","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":230,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"2d92362a-075d-4d35-bd69-e7fa39995741","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":230,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"2507518e-5afa-4ec5-92f7-6e35f71e73ce","block_type":"box","text":"eral Reserve","page_number":230,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"11fe309c-9915-47cc-85e8-6068979d350b","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":230,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"4845316e-9ba7-49d6-8540-4a6fbb3c9178","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":230,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"fd069718-3276-4306-a1cf-bb45e5b5b4ba","block_type":"box","text":"ons of","page_number":230,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"543bba9c-4f58-4e9e-9080-e43ee4c4a012","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":230,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"0573b289-af1e-4344-ba9f-f9e9b072e254","block_type":"box","text":"than","page_number":230,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"0cd8b72e-1cbe-4526-838d-231b8b605777","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":230,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"846f312f-c0b3-4dc5-b798-03077cb6f350","block_type":"box","text":"le AI","page_number":230,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"9d365c1d-2806-404c-b922-7f9f1154f152","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":230,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"cbd8cc3a-464d-4298-9132-f00cecd3ae13","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":230,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"bb50d95b-b756-413b-9468-a1e81df6ee30","block_type":"box","text":"edia","page_number":230,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"67e3a410-b1c4-4549-9625-f35ad5cef790","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":230,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"cde4f5ea-dd29-467e-8603-ebddb9b5e64b","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":230,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"2476debc-112f-471f-b235-044c23e1981c","block_type":"box","text":"interest","page_number":230,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"8186204b-29a4-4165-944f-bf84de0c10e1","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":230,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"e0619dde-1912-49ab-b8ad-2000ab5ea20d","block_type":"box","text":"d wider","page_number":230,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"5565cad8-f11c-450a-9fb0-0256c193a070","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":230,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"68a81777-66af-4bd5-8807-94938c79db52","block_type":"box","text":"Outlook","page_number":230,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"8d2fba40-4dc3-4216-a007-6abb857de710","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":230,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"b2debfa7-a128-4d1e-821a-2f41ceda8b70","block_type":"box","text":"for","page_number":230,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"c49470a3-cc69-44dc-acb9-2c1af39bb17e","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":230,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"ceb7affd-3e5a-477d-9c16-17c405e0b0c7","block_type":"box","text":"of","page_number":230,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"763e5f4a-4381-4bf7-81b1-1133b7c346ab","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":230,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"fdef99d6-610b-467a-b279-a918b1122c7f","block_type":"box","text":"ll take time","page_number":230,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"287a986e-21b6-46de-b5ff-8e7aecbabce6","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":230,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"9bee0090-944f-4c0a-b13c-c4b074cc3ae4","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":230,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"bfca7fe1-a65e-4c77-bd5b-651c3855d84d","block_type":"box","text":". Oil","page_number":230,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"1c1b109d-6710-4d25-9956-1937f2843298","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":230,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"a95fcef6-92e4-4771-a63f-0f767e493f85","block_type":"box","text":"expectation","page_number":230,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"2aeab262-7103-4138-8c2b-d16432d4d366","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":230,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"bd0a2b8f-d632-4b52-b8d2-2d1f3647e8c1","block_type":"box","text":"sell-off","page_number":230,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"59fbadf3-72f9-48c3-8655-76880f244094","block_type":"box","text":"we might have expected).","page_number":230,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"3d4be7df-8a0f-4d25-86c0-b396089e166d","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":230,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"a8e07475-9cae-4917-94ca-5d9f8f6004fb","block_type":"box","text":"ries","page_number":230,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"c3538eb3-b34c-402f-b9ba-f702ba481286","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":230,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"68c56aea-1dad-4f33-8cff-525bc9c28ae6","block_type":"box","text":"rowth can","page_number":230,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"9c6e9eb6-4395-4192-9660-5a9846b6b7f0","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":230,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"661dcb2a-b9f0-4e1e-900c-49fc4092e36e","block_type":"box","text":"g.","page_number":230,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"571bfd83-3162-49b0-9389-140401404da2","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":230,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"58221ad9-47bc-45ed-923a-bdc267d46fb4","block_type":"box","text":"y","page_number":230,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"9d4b9287-e213-4988-8b39-6d023006d46f","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":230,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"43041e97-daa3-417a-85fc-83051fa00e0c","block_type":"box","text":"cle.","page_number":230,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"213ec013-59f1-40a0-9fe2-d12544faff4d","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":230,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"fd4db890-a9f0-42ad-b8b4-ab909be84a2d","block_type":"box","text":"Fund positioning","page_number":230,"box":{"x":96,"y":764,"width":111,"height":11}},{"id":"a2255b7b-4174-4bd9-ad48-87ea24042f49","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":230,"box":{"x":95,"y":780,"width":769,"height":10}},{"id":"00f18c81-552b-4d2e-86b7-73a03860f796","block_type":"box","text":"d fund","page_number":230,"box":{"x":865,"y":780,"width":38,"height":8}},{"id":"81c0c164-a0e8-43f8-9fa6-bd750d054214","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":230,"box":{"x":95,"y":795,"width":473,"height":11}},{"id":"e9e570d4-0663-40b0-ae1b-d8f881184a24","block_type":"box","text":"The fund’s positioning was changed on 8 May 2025. A sub-asset allocation change was made; North America Equity was decreased.","page_number":230,"box":{"x":95,"y":817,"width":808,"height":11}},{"id":"21e362b7-fe4f-4b10-a1f6-b525595a9009","block_type":"box","text":"Some manager changes were made; HSBC European Index Fund was increased, Vanguard US Equity Index Fund was decreased and","page_number":230,"box":{"x":95,"y":833,"width":808,"height":10}},{"id":"89fa3830-91df-46d3-922f-41204ae8bb1f","block_type":"box","text":"iShares MSCI Europe Mid Cap ETF was removed.","page_number":230,"box":{"x":96,"y":848,"width":292,"height":11}},{"id":"e8ffed54-c365-4e85-9ee9-1ecd9a7dde08","block_type":"box","text":"The portfolio was updated on 11 July 2025. The asset allocation blend was adjusted; Bonds were decreased and Equities were incr","page_number":230,"box":{"x":95,"y":870,"width":770,"height":11}},{"id":"74455a26-1e2f-471e-912b-6e20c00b5561","block_type":"box","text":"eased.","page_number":230,"box":{"x":866,"y":870,"width":37,"height":9}},{"id":"4970c9b5-51b2-4c84-9e86-d5596c12de9d","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":230,"box":{"x":538,"y":38,"width":364,"height":13}},{"id":"1c514d5c-efd8-4a31-a125-245e3ba4a32f","block_type":"box","text":"225","page_number":230,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"2914340a-5f98-4e84-b261-48d245e59247","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":231,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"1840ffe2-6279-47dc-b611-d8e75ec92475","block_type":"box","text":"for the year ended 30 April 2026","page_number":231,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"21a13ba0-4076-413d-b7c6-a12362d8e614","block_type":"box","text":"The portfolio was updated on 12 August 2025. Changes were implemented in the sub-asset class allocations; Emerging Market Bond","page_number":231,"box":{"x":95,"y":128,"width":808,"height":10}},{"id":"ed5f8d2f-8239-4d2c-80d4-834595949130","block_type":"box","text":"was increased, Government Bond was increased, IG Bond was increased, North America Equity was increased and Strategic Bond was","page_number":231,"box":{"x":95,"y":143,"width":809,"height":11}},{"id":"68303f5d-4955-496b-9454-9e4dab1aef2e","block_type":"box","text":"decreased. Updates were made to the portfolio’s fund managers; HSBC American Index Fund was increased, HSBC Global Corporate","page_number":231,"box":{"x":95,"y":158,"width":809,"height":11}},{"id":"6b4e2f1b-580f-4512-a58e-c241a069ba05","block_type":"box","text":"Bond UCITS ETF was increased, HSBC Global Government Bond UCITS ETF was increased, Vanguard Global Bond Index was decreased,","page_number":231,"box":{"x":96,"y":174,"width":807,"height":11}},{"id":"1adaccaf-740d-4181-bd1b-c07e5bd3c8b4","block_type":"box","text":"Vanguard US Equity Index Fund was decreased and State Street SPDR S&P500 Quality Aristocrats ETF was added.","page_number":231,"box":{"x":95,"y":189,"width":685,"height":11}},{"id":"b0e33585-c872-455c-b605-7caa5915c064","block_type":"box","text":"On 30 October 2025, changes were made to the portfolio. Manager positions were updated; HSBC Global Government Bond UCITS","page_number":231,"box":{"x":96,"y":211,"width":808,"height":11}},{"id":"c3178e9d-e4c2-467d-98a6-7c9e06693a61","block_type":"box","text":"ETF was increased and iShares $ Treasury Bond 20+y ETF was removed.","page_number":231,"box":{"x":96,"y":227,"width":433,"height":11}},{"id":"de40f32e-4a96-4fe2-9f96-9dbbf4794560","block_type":"box","text":"The fund’s positioning was changed on 3 November 2025. One manager selection change was made; HSBC MSCI Emerging Markets","page_number":231,"box":{"x":95,"y":249,"width":809,"height":11}},{"id":"f4185403-4c05-465c-953e-744dad33fd26","block_type":"box","text":"Equity Index was removed.","page_number":231,"box":{"x":96,"y":265,"width":162,"height":10}},{"id":"5e17fe96-7872-49d2-86c2-de6f77611cdf","block_type":"box","text":"An update to the portfolio was made on 2 December 2025. Fund manager allocations were updated; the iShares UK Equity Index Fund","page_number":231,"box":{"x":95,"y":287,"width":808,"height":10}},{"id":"06a3cd5c-6048-42a9-ad00-fe1d9d13ece5","block_type":"box","text":"(UK) share class was changed.","page_number":231,"box":{"x":95,"y":302,"width":181,"height":11}},{"id":"559c7318-2ce7-4569-997a-64865b51bf44","block_type":"box","text":"The fund’s positioning was changed on 10 April 2026. One manager selection change was made; HSBC Global Government Bond UCITS","page_number":231,"box":{"x":95,"y":324,"width":809,"height":11}},{"id":"89749851-c81b-44eb-8bb5-7e413430c3ba","block_type":"box","text":"ETF was decreased.","page_number":231,"box":{"x":96,"y":340,"width":116,"height":8}},{"id":"638a9dd4-47ba-445b-bb45-d5155e16437d","block_type":"box","text":"Tatton Investment Management Limited","page_number":231,"box":{"x":95,"y":384,"width":269,"height":11}},{"id":"e6c91187-7624-40a8-abeb-047ab912dccf","block_type":"box","text":"Investment Manager to the Fund","page_number":231,"box":{"x":96,"y":400,"width":198,"height":10}},{"id":"b0dcfd9a-0a60-45f8-9be8-86033672e298","block_type":"box","text":"May 2026","page_number":231,"box":{"x":96,"y":415,"width":58,"height":11}},{"id":"aad39a50-01a8-4571-9e96-ede16eea29c5","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":231,"box":{"x":97,"y":38,"width":365,"height":13}},{"id":"50b99629-ed90-4ea7-96d8-35bbf2f73256","block_type":"box","text":"226","page_number":231,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"21cda63b-5253-4837-bc4e-18438a45fa5e","block_type":"box","text":"Performance Record","page_number":232,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"648a3666-4688-401a-912f-0f503866e125","block_type":"box","text":"Financial Highlights","page_number":232,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"c8c6d676-9ac7-41de-80dd-0c38724461ac","block_type":"box","text":"I Class (Retail) Accumulation","page_number":232,"box":{"x":101,"y":149,"width":187,"height":9}},{"id":"539e4525-c2c0-49a1-947c-c0ab8c8b01c0","block_type":"box","text":"30.04.26","page_number":232,"box":{"x":418,"y":149,"width":54,"height":8}},{"id":"39a4cd09-0273-423c-8397-897f11bc6d5d","block_type":"box","text":"30.04.25^","page_number":232,"box":{"x":523,"y":149,"width":63,"height":8}},{"id":"9ebafd1a-0c7d-4073-97dd-efe6359c4df4","block_type":"box","text":"p","page_number":232,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"48e7889b-6dd2-475d-98f4-f62673d76149","block_type":"box","text":"p","page_number":232,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"3033e669-1a97-4706-bf18-11e3ad9f658d","block_type":"box","text":"Opening net asset value per share","page_number":232,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"40e7ef05-91da-4c09-baae-59510e8bb7ed","block_type":"box","text":"102.7320","page_number":232,"box":{"x":435,"y":178,"width":54,"height":8}},{"id":"ed0ef3d4-0a2d-4a91-9d49-ac5c97b8d2f5","block_type":"box","text":"100.0000","page_number":232,"box":{"x":544,"y":178,"width":55,"height":8}},{"id":"57449c30-e6cb-40b3-83ea-1a65629fe81c","block_type":"box","text":"Return before operating charges","page_number":232,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"42a2e300-5458-49f1-a2a7-da9e1d4e2804","block_type":"box","text":"13.8673","page_number":232,"box":{"x":442,"y":191,"width":47,"height":8}},{"id":"fe60e8bb-0b1b-4894-92ef-47ec09da4924","block_type":"box","text":"3.8379","page_number":232,"box":{"x":559,"y":191,"width":40,"height":8}},{"id":"f7dae7b2-71f7-4d0d-8ec9-f8cbb4a4522a","block_type":"box","text":"Operating charges (note 1)","page_number":232,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"2c5eb30a-1499-4c3d-b976-c25a351001f0","block_type":"box","text":"(0.5883)","page_number":232,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"97ced385-a283-4d3a-b1b3-55d2be4da9da","block_type":"box","text":"(1.1059)","page_number":232,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"6a82cc11-3a02-4ee0-945e-2c08def07a32","block_type":"box","text":"Return after operating charges","page_number":232,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"c6006be2-419d-4d88-a27f-50f8c97697f4","block_type":"box","text":"13.2791","page_number":232,"box":{"x":442,"y":217,"width":45,"height":8}},{"id":"c80b6da4-6a76-49a6-91bc-a367d88862a4","block_type":"box","text":"2.7320","page_number":232,"box":{"x":559,"y":217,"width":40,"height":8}},{"id":"8ca8f232-2586-40ea-b25d-2e0cbacdfd11","block_type":"box","text":"Closing net asset value per share","page_number":232,"box":{"x":100,"y":230,"width":217,"height":10}},{"id":"4a0ad8e4-091a-4dc9-bde7-5eadbd13bd78","block_type":"box","text":"116.0111","page_number":232,"box":{"x":432,"y":230,"width":56,"height":8}},{"id":"ff17fffe-4eaa-4233-883f-15130dd831b5","block_type":"box","text":"102.7320","page_number":232,"box":{"x":541,"y":230,"width":58,"height":8}},{"id":"75b348b4-bed8-45d9-8eba-9b1a8eaf2774","block_type":"box","text":"Retained distributions on accumulated shares","page_number":232,"box":{"x":101,"y":243,"width":278,"height":8}},{"id":"380e7b4b-495f-4945-b1c4-5c4e0d29d097","block_type":"box","text":"1.7632","page_number":232,"box":{"x":450,"y":243,"width":39,"height":8}},{"id":"f0e06c2e-852a-4100-9fc8-0779a58e178b","block_type":"box","text":"0.5055","page_number":232,"box":{"x":559,"y":243,"width":40,"height":8}},{"id":"17cd6ab1-89ae-491f-993d-5018a793b628","block_type":"box","text":"After direct transactions costs of","page_number":232,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"3171adc6-5fc5-4b0d-bdb3-a65e89601d65","block_type":"box","text":"–","page_number":232,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"2d2ecb8d-75f7-464e-aa41-9247dfeb01f2","block_type":"box","text":"–","page_number":232,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"a8f966b5-e248-4cd9-ae47-bf75f9fb2f15","block_type":"box","text":"Performance","page_number":232,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"e88b77f1-c802-41ca-bad6-5388528896fe","block_type":"box","text":"Return after charges","page_number":232,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"723babe3-05e6-44eb-8057-5fd41d8d3782","block_type":"box","text":"12.93%","page_number":232,"box":{"x":446,"y":282,"width":43,"height":8}},{"id":"a1cb85e4-d96e-4643-937f-5856281a9623","block_type":"box","text":"2.73%","page_number":232,"box":{"x":563,"y":282,"width":36,"height":8}},{"id":"41f7e9d8-5738-4158-963f-324f62449427","block_type":"box","text":"Other information","page_number":232,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"8f3e04a7-218f-4976-b109-10e05128dc1c","block_type":"box","text":"Closing net asset value","page_number":232,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"2a5fa744-afcf-46eb-a537-96f9ac99af33","block_type":"box","text":"£8,766,136","page_number":232,"box":{"x":423,"y":308,"width":66,"height":10}},{"id":"0c2fd6a1-2944-4788-a30a-451070ab32c6","block_type":"box","text":"£3,254,372","page_number":232,"box":{"x":533,"y":308,"width":66,"height":10}},{"id":"856e488f-69bd-4b1d-ad96-f834c05d9b34","block_type":"box","text":"Closing number of shares","page_number":232,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"f90085b3-785f-4c56-bde0-3e0fb512ea6d","block_type":"box","text":"7,556,292","page_number":232,"box":{"x":431,"y":321,"width":58,"height":10}},{"id":"0c99172f-0880-4e83-b242-713463ecda98","block_type":"box","text":"3,167,826","page_number":232,"box":{"x":540,"y":321,"width":59,"height":10}},{"id":"5da4ded1-25b7-4792-9a50-ea58a2686a6b","block_type":"box","text":"Operating charges (note 2)","page_number":232,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"9871decb-38b7-4b33-9484-1d7ac282e20e","block_type":"box","text":"0.54%","page_number":232,"box":{"x":453,"y":335,"width":36,"height":7}},{"id":"958653d6-b9cd-4769-8e20-f3302166a56a","block_type":"box","text":"1.10%","page_number":232,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"c0715224-39a8-4d85-b9e9-3004d7a373bc","block_type":"box","text":"Direct transaction costs","page_number":232,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"910f95f4-dc89-4dd6-92c4-42e350354f47","block_type":"box","text":"0.00%","page_number":232,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"d4e3ca15-6a8e-44e0-9698-2e12810196ed","block_type":"box","text":"0.00%","page_number":232,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"47faf8f0-bef8-4e4f-8bb0-7bd3a2083443","block_type":"box","text":"Prices","page_number":232,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"15478739-86c0-4303-b20b-dd717743f3c4","block_type":"box","text":"Highest share price","page_number":232,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"e5d6f026-8fa3-4195-842f-892c79652e6d","block_type":"box","text":"117.5559","page_number":232,"box":{"x":435,"y":374,"width":54,"height":8}},{"id":"20fbf01e-7304-47f3-9283-83f88852b816","block_type":"box","text":"106.6215","page_number":232,"box":{"x":544,"y":374,"width":55,"height":8}},{"id":"85e77ae3-19ad-486f-b4b7-6864cb9b0f7e","block_type":"box","text":"Lowest share price","page_number":232,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"1914ffb2-0a2a-47d3-9709-cd5e1566c10b","block_type":"box","text":"102.7320","page_number":232,"box":{"x":435,"y":387,"width":54,"height":8}},{"id":"2436ace9-02d7-4511-9baf-c1cf56102dba","block_type":"box","text":"98.3060","page_number":232,"box":{"x":551,"y":387,"width":48,"height":8}},{"id":"973ba181-464e-4d92-ae99-d0bd4884295a","block_type":"box","text":"^Share class launched 01 May 2024.","page_number":232,"box":{"x":95,"y":413,"width":219,"height":10}},{"id":"3fffabd6-e34d-4299-9c10-163ac0ef2f8f","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":232,"box":{"x":96,"y":440,"width":758,"height":11}},{"id":"68f31b30-d65c-435c-8fd6-a8ff858f159c","block_type":"box","text":"aluation","page_number":232,"box":{"x":855,"y":440,"width":48,"height":8}},{"id":"4d4fc396-8a93-4c51-aa97-08b37b678f7e","block_type":"box","text":"per share throughout the period.","page_number":232,"box":{"x":96,"y":455,"width":200,"height":11}},{"id":"96aec1db-2bdf-4a37-890c-6dcca6434657","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":232,"box":{"x":95,"y":474,"width":787,"height":11}},{"id":"8fe0309f-07f5-4609-bc23-061555941bb4","block_type":"box","text":"age","page_number":232,"box":{"x":883,"y":477,"width":21,"height":8}},{"id":"fc043f62-9737-4a35-a6ca-939e4636fcaf","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":232,"box":{"x":96,"y":489,"width":778,"height":11}},{"id":"4e236545-6415-4ce9-a424-4a0feff01482","block_type":"box","text":"und.","page_number":232,"box":{"x":874,"y":489,"width":26,"height":8}},{"id":"137d8962-749c-4872-aabd-f3e5eb92b347","block_type":"box","text":"Risk and Reward Profile","page_number":232,"box":{"x":97,"y":548,"width":244,"height":13}},{"id":"ef68c5ad-dbc8-494c-8dfe-576892017009","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":232,"box":{"x":95,"y":583,"width":785,"height":11}},{"id":"590c3ff6-f484-43bf-9bbb-5cf1f2035af9","block_type":"box","text":"the","page_number":232,"box":{"x":884,"y":583,"width":20,"height":9}},{"id":"4cb147f2-cd03-49a6-a37a-743af420b5fb","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":232,"box":{"x":96,"y":599,"width":752,"height":10}},{"id":"cc57adc7-f598-4f57-9743-bd7b9c7255b5","block_type":"box","text":"and may","page_number":232,"box":{"x":852,"y":599,"width":52,"height":10}},{"id":"60b423f9-d30e-4a11-8916-f0a5dfddaff7","block_type":"box","text":"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’","page_number":232,"box":{"x":96,"y":614,"width":753,"height":11}},{"id":"881d2353-ee0c-4faf-814f-0f72ebc8e6c4","block_type":"box","text":"s ranking","page_number":232,"box":{"x":849,"y":614,"width":55,"height":11}},{"id":"5f2d6388-cb84-4dff-b4ec-6276977918b2","block_type":"box","text":"on the risk and reward indicator.","page_number":232,"box":{"x":95,"y":630,"width":199,"height":8}},{"id":"b5634d91-cf7b-46be-bb68-5e42c66ce143","block_type":"box","text":"Typically lower rewards,","page_number":232,"box":{"x":128,"y":652,"width":162,"height":11}},{"id":"31fc715b-bd77-4e61-839f-cf94f25add4e","block_type":"box","text":"Typically higher rewards,","page_number":232,"box":{"x":706,"y":652,"width":167,"height":11}},{"id":"8303711f-90c7-4cad-aa02-b64f20301395","block_type":"box","text":"lower risk","page_number":232,"box":{"x":177,"y":667,"width":65,"height":9}},{"id":"b553a7f0-e7ed-4fb9-9fe7-e2baddaa19cd","block_type":"box","text":"higher risk","page_number":232,"box":{"x":755,"y":667,"width":71,"height":11}},{"id":"90f79766-e6bd-4ac5-98c4-f8a9cbd8b188","block_type":"box","text":"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","page_number":232,"box":{"x":96,"y":727,"width":738,"height":11}},{"id":"bd8084fe-737d-41c3-a6d7-200c71bcf297","block_type":"box","text":"y in the Key","page_number":232,"box":{"x":835,"y":727,"width":69,"height":11}},{"id":"98493321-c1c3-41b3-b676-cae95479242f","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 4). The Sub-fund is ranked ‘4’ because weekly historical performance data","page_number":232,"box":{"x":96,"y":742,"width":807,"height":11}},{"id":"84b485a6-27c1-421e-b444-cb7bb059f789","block_type":"box","text":"indicates that relatively high rises and falls in market prices would have occurred historically. The higher the rank, the grea","page_number":232,"box":{"x":96,"y":758,"width":765,"height":11}},{"id":"d30d6c70-76f3-4f43-aa73-6e5aa2a9a170","block_type":"box","text":"ter the","page_number":232,"box":{"x":863,"y":758,"width":41,"height":8}},{"id":"e050ec15-3322-4b75-a6bf-5936c5483c3c","block_type":"box","text":"potential reward but the greater the risk of losing money.","page_number":232,"box":{"x":96,"y":773,"width":348,"height":11}},{"id":"fc73245c-ac4f-4287-a64c-f15605eb87a6","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":232,"box":{"x":538,"y":38,"width":364,"height":13}},{"id":"0d1602eb-cced-4397-b6ab-11941fbba936","block_type":"box","text":"227","page_number":232,"box":{"x":962,"y":960,"width":27,"height":8}},{"id":"0fb73c63-f67a-426a-832d-b8107b78fab0","block_type":"box","text":"1","page_number":232,"box":{"x":148,"y":702,"width":8,"height":12}},{"id":"ced3eb81-1b5a-445c-bb36-95deb3299408","block_type":"box","text":"2","page_number":232,"box":{"x":263,"y":702,"width":10,"height":12}},{"id":"6913cc1d-75a3-47b2-b9b3-9c872343543f","block_type":"box","text":"3","page_number":232,"box":{"x":379,"y":702,"width":10,"height":12}},{"id":"f9ad481c-9847-4c5c-a7c5-05112987db30","block_type":"box","text":"4","page_number":232,"box":{"x":494,"y":702,"width":12,"height":12}},{"id":"60baeb9a-dde2-47cc-b589-639cc25f7e9e","block_type":"box","text":"5","page_number":232,"box":{"x":611,"y":702,"width":10,"height":12}},{"id":"42ce7c89-eb2c-4c9f-8c76-95d9d8aa65d2","block_type":"box","text":"6","page_number":232,"box":{"x":726,"y":702,"width":11,"height":12}},{"id":"9302deb0-484b-4460-80b5-bae8ba3036e7","block_type":"box","text":"7","page_number":232,"box":{"x":841,"y":702,"width":11,"height":12}},{"id":"2e65fff4-0471-4042-8622-04f9eec5d014","block_type":"box","text":"Portfolio Statement","page_number":233,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"dd0677b7-bdd7-4465-8038-75e3371260d7","block_type":"box","text":"as at 30 April 2026","page_number":233,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"8e0036ca-df06-4dad-91ee-49e540122214","block_type":"box","text":"Market","page_number":233,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"78218e98-1bbe-451d-9bd7-d387ee7832fa","block_type":"box","text":"% of total","page_number":233,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"4488c53f-8b1a-4198-b4e2-f5fd6de775c1","block_type":"box","text":"value","page_number":233,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"eab91d9d-ac8b-4bef-9e4b-ab94913fb6b7","block_type":"box","text":"net assets","page_number":233,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"d1f56eb6-2f7d-4ee9-8efe-1419d1c90b20","block_type":"box","text":"Holding","page_number":233,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"f768f982-3eaa-457c-8f29-8f4960ffdb84","block_type":"box","text":"Investment","page_number":233,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"a270f86b-a26e-4f76-8806-65c224d76872","block_type":"box","text":"£","page_number":233,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"dcaadc23-b75c-4d12-a5bd-0ffedf09ae60","block_type":"box","text":"2026","page_number":233,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"17811ca0-25e9-4c12-a23b-4d6ba316f509","block_type":"box","text":"Collective Investment Schemes (30.04.2025: 89.74%)","page_number":233,"box":{"x":210,"y":176,"width":346,"height":10}},{"id":"a10174ab-b0e7-47f6-863d-98dc7b45b8d6","block_type":"box","text":"217,837","page_number":233,"box":{"x":142,"y":191,"width":47,"height":9}},{"id":"e039dab8-1ec0-4967-bad6-3277061296a0","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":233,"box":{"x":210,"y":190,"width":295,"height":11}},{"id":"6787b424-0447-43c7-9621-07a06189d625","block_type":"box","text":"272,492","page_number":233,"box":{"x":761,"y":191,"width":47,"height":9}},{"id":"2e5bd0bd-0516-4684-8e6d-5b106f641c83","block_type":"box","text":"3.11%","page_number":233,"box":{"x":863,"y":191,"width":36,"height":7}},{"id":"97342cbe-3fc9-499f-9dd9-7b6cc487d50e","block_type":"box","text":"67,876","page_number":233,"box":{"x":149,"y":205,"width":40,"height":9}},{"id":"a9b04fd6-9fc2-4a4b-8d28-c22ce4aec182","block_type":"box","text":"HSBC American Index Fund","page_number":233,"box":{"x":210,"y":204,"width":164,"height":9}},{"id":"0ed1d766-8b99-4c65-9d65-034e05a9370f","block_type":"box","text":"1,036,463","page_number":233,"box":{"x":750,"y":205,"width":58,"height":9}},{"id":"aacdd71c-d3f7-40a5-9a33-169ecdf21985","block_type":"box","text":"11.82%","page_number":233,"box":{"x":856,"y":205,"width":43,"height":8}},{"id":"1ccf7b88-3aba-4a4f-921c-905e2dbe5e3d","block_type":"box","text":"22,007","page_number":233,"box":{"x":149,"y":219,"width":40,"height":9}},{"id":"0063bc86-577e-4ac3-974f-c624e3eed4b3","block_type":"box","text":"HSBC European Index Fund","page_number":233,"box":{"x":210,"y":219,"width":166,"height":10}},{"id":"0d40ec9b-8333-42ed-9edd-daffee5f3eb1","block_type":"box","text":"379,832","page_number":233,"box":{"x":761,"y":219,"width":47,"height":9}},{"id":"11158dd2-0013-4d68-9386-3881508b5ff4","block_type":"box","text":"4.33%","page_number":233,"box":{"x":862,"y":219,"width":37,"height":8}},{"id":"c3efd929-ace3-4ac4-b95b-fc30878661b7","block_type":"box","text":"9,978","page_number":233,"box":{"x":157,"y":233,"width":32,"height":9}},{"id":"46c07c85-06de-4227-92e4-3d3f61676efd","block_type":"box","text":"HSBC Global Emerging Market Government Bond Index Fund","page_number":233,"box":{"x":210,"y":233,"width":370,"height":11}},{"id":"fe44e34c-7f29-48e0-962f-0e31bf531473","block_type":"box","text":"131,138","page_number":233,"box":{"x":761,"y":233,"width":47,"height":9}},{"id":"97bd890d-fdf5-4a6a-ba04-5ef29ca24ca1","block_type":"box","text":"1.50%","page_number":233,"box":{"x":863,"y":233,"width":36,"height":8}},{"id":"a20d181d-f5c1-4df2-8eb4-7310ea487447","block_type":"box","text":"169,656","page_number":233,"box":{"x":142,"y":248,"width":47,"height":9}},{"id":"35bd7db2-c61e-4250-935c-901ef2919947","block_type":"box","text":"HSBC MSCI Emerging Markets ex China Equity Index Fund","page_number":233,"box":{"x":210,"y":247,"width":349,"height":11}},{"id":"9b14231b-0186-4af6-a06d-46553f529504","block_type":"box","text":"289,772","page_number":233,"box":{"x":761,"y":248,"width":47,"height":9}},{"id":"2280a51d-91ee-436a-b92f-927ee82b6667","block_type":"box","text":"3.31%","page_number":233,"box":{"x":863,"y":248,"width":36,"height":7}},{"id":"aeb189eb-d1e4-4e29-8ed7-56ff0c06eea1","block_type":"box","text":"598,788","page_number":233,"box":{"x":142,"y":262,"width":47,"height":9}},{"id":"c5c59253-e0be-4838-b655-2f0731e21c23","block_type":"box","text":"iShares UK Equity Index Fund","page_number":233,"box":{"x":210,"y":261,"width":177,"height":11}},{"id":"20e7e631-c318-4335-a65d-4b2f7f81fbef","block_type":"box","text":"925,616","page_number":233,"box":{"x":761,"y":262,"width":47,"height":9}},{"id":"b7cd4f18-bef1-418a-b8f6-dc8773ea4e32","block_type":"box","text":"10.56%","page_number":233,"box":{"x":856,"y":262,"width":43,"height":8}},{"id":"8cdefd07-9ddb-403f-a891-167dc7faebd7","block_type":"box","text":"379,590","page_number":233,"box":{"x":142,"y":276,"width":47,"height":9}},{"id":"6be88f66-9b71-47af-8a83-94cc781db66d","block_type":"box","text":"Legal & General Emerging Markets Government Bond Index Fund","page_number":233,"box":{"x":210,"y":276,"width":396,"height":10}},{"id":"a13826ce-649f-4182-bd11-c63344af2a8b","block_type":"box","text":"282,491","page_number":233,"box":{"x":761,"y":276,"width":45,"height":9}},{"id":"1e128a38-dd73-44c1-b446-06e084a1421c","block_type":"box","text":"3.22%","page_number":233,"box":{"x":863,"y":276,"width":36,"height":8}},{"id":"a37ae2a1-2862-4c7b-a43c-797e7da38525","block_type":"box","text":"430,940","page_number":233,"box":{"x":141,"y":290,"width":48,"height":9}},{"id":"9ddc617a-54fa-4a97-87b8-4c77490f6725","block_type":"box","text":"Royal London Short Term Money Markets Fund","page_number":233,"box":{"x":210,"y":290,"width":286,"height":11}},{"id":"465d3dd3-d4b9-44fe-9cb3-bf21c6865aa0","block_type":"box","text":"520,152","page_number":233,"box":{"x":761,"y":290,"width":47,"height":9}},{"id":"b9a0095b-78a7-40c8-a4e7-df246042aea7","block_type":"box","text":"5.93%","page_number":233,"box":{"x":863,"y":290,"width":36,"height":8}},{"id":"d95d1fa9-b5e6-460a-b1bc-c118cfcefc84","block_type":"box","text":"1,882","page_number":233,"box":{"x":157,"y":305,"width":32,"height":9}},{"id":"da195ee3-5519-402b-b41f-0cd16685ba12","block_type":"box","text":"Vanguard Global Bond Index Fund","page_number":233,"box":{"x":209,"y":304,"width":209,"height":11}},{"id":"bc5f40c7-e5ce-4c2c-977b-2e43d7606bc8","block_type":"box","text":"299,415","page_number":233,"box":{"x":761,"y":305,"width":47,"height":9}},{"id":"873b128d-abbf-4b09-8c4e-176516bcd682","block_type":"box","text":"3.42%","page_number":233,"box":{"x":863,"y":305,"width":36,"height":7}},{"id":"e9e8c5e8-b24f-4daa-ad0b-b4be04df7cd8","block_type":"box","text":"3,878","page_number":233,"box":{"x":157,"y":319,"width":32,"height":9}},{"id":"fa311b6c-f972-4acb-a86b-6ae456457c9a","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":233,"box":{"x":209,"y":318,"width":265,"height":11}},{"id":"8f741ac2-74cb-4364-ac33-85a69dbf08c7","block_type":"box","text":"327,582","page_number":233,"box":{"x":761,"y":319,"width":47,"height":9}},{"id":"da8402f4-64a9-4a8b-bb1c-92fba0cc71b6","block_type":"box","text":"3.74%","page_number":233,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"fe923c5f-2841-408e-94a0-6f5e8b08f228","block_type":"box","text":"361","page_number":233,"box":{"x":168,"y":333,"width":19,"height":8}},{"id":"91a0a808-ebe6-43a0-8964-2cbe1bbd3a79","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":233,"box":{"x":209,"y":333,"width":191,"height":10}},{"id":"2b20de38-0a84-4fa5-affb-ced07044197c","block_type":"box","text":"428,218","page_number":233,"box":{"x":760,"y":333,"width":48,"height":9}},{"id":"e247ddd7-233b-4a26-8416-e90d62cca15c","block_type":"box","text":"4.88%","page_number":233,"box":{"x":862,"y":333,"width":37,"height":8}},{"id":"e4dece64-f16c-4250-bdb8-299b59c8c2de","block_type":"box","text":"4,893,171","page_number":233,"box":{"x":749,"y":354,"width":57,"height":9}},{"id":"d9660179-bd36-426b-84c6-a2b32eef2e86","block_type":"box","text":"55.82%","page_number":233,"box":{"x":855,"y":354,"width":44,"height":8}},{"id":"0956682c-c6da-44cd-9721-95db3aaeefbf","block_type":"box","text":"Exchange traded Funds ( 30.04.2025: 9.97%)","page_number":233,"box":{"x":210,"y":375,"width":289,"height":10}},{"id":"a70336f3-2694-4405-ac63-1559d1e056e0","block_type":"box","text":"1,063","page_number":233,"box":{"x":157,"y":389,"width":32,"height":9}},{"id":"5a360b8b-ea09-4922-9440-4250787f7680","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":233,"box":{"x":209,"y":389,"width":243,"height":11}},{"id":"ff48317d-c950-4f9c-92a7-bfab5661553f","block_type":"box","text":"94,894","page_number":233,"box":{"x":768,"y":389,"width":41,"height":9}},{"id":"8da7d0b2-9641-4559-82f8-191eb6cc6c1a","block_type":"box","text":"1.08%","page_number":233,"box":{"x":863,"y":389,"width":36,"height":8}},{"id":"73ad0741-4b73-4c00-8469-d98b6842ac51","block_type":"box","text":"7,230","page_number":233,"box":{"x":157,"y":404,"width":32,"height":9}},{"id":"433c8cfd-e67a-4e8f-a6a1-bc0703c1309c","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":233,"box":{"x":209,"y":403,"width":188,"height":11}},{"id":"8429f948-5742-4874-a64b-49c9d5ac8490","block_type":"box","text":"211,116","page_number":233,"box":{"x":761,"y":404,"width":47,"height":9}},{"id":"aafb75d0-8b16-4194-9a41-cac392fe5e27","block_type":"box","text":"2.41%","page_number":233,"box":{"x":863,"y":404,"width":36,"height":7}},{"id":"37fcf53d-e619-4208-950e-18310e2d3ee2","block_type":"box","text":"6,323","page_number":233,"box":{"x":157,"y":418,"width":32,"height":9}},{"id":"1097aaa7-300b-479e-8662-27e71351ee3c","block_type":"box","text":"Amundi Prime UK Mid And Small Cap UCITS ETF","page_number":233,"box":{"x":209,"y":417,"width":290,"height":11}},{"id":"fa58648a-1277-49c5-9032-6960b8f3d397","block_type":"box","text":"147,832","page_number":233,"box":{"x":761,"y":418,"width":47,"height":9}},{"id":"50d9292f-292b-43dd-9a8e-982ad9183d82","block_type":"box","text":"1.69%","page_number":233,"box":{"x":863,"y":418,"width":36,"height":8}},{"id":"54f49fb9-dd65-4874-a3c1-5455431b6e18","block_type":"box","text":"57,504","page_number":233,"box":{"x":150,"y":432,"width":40,"height":9}},{"id":"d5b1d5dd-503b-4435-a30e-ae6245a4df9e","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":233,"box":{"x":210,"y":432,"width":240,"height":10}},{"id":"6f24cdeb-387e-4e6e-9424-11e53a13f375","block_type":"box","text":"671,643","page_number":233,"box":{"x":761,"y":432,"width":47,"height":9}},{"id":"5f71c30d-7e82-48f2-b507-af3ed80f773f","block_type":"box","text":"7.66%","page_number":233,"box":{"x":863,"y":432,"width":36,"height":8}},{"id":"8946c6fc-1ed4-41d4-a9ab-d399a5d41cca","block_type":"box","text":"101,929","page_number":233,"box":{"x":142,"y":446,"width":47,"height":9}},{"id":"91146682-6b82-47ab-bb78-daa2cdac4664","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":233,"box":{"x":210,"y":446,"width":239,"height":11}},{"id":"919ab4a4-d6d9-4ec6-ba02-fb07c91d5f39","block_type":"box","text":"1,029,533","page_number":233,"box":{"x":750,"y":446,"width":58,"height":9}},{"id":"0bab4240-a57d-49a2-9b5c-5632fd10095c","block_type":"box","text":"11.74%","page_number":233,"box":{"x":856,"y":446,"width":43,"height":8}},{"id":"5a24bc6b-8414-4616-801c-fbfe2d67775f","block_type":"box","text":"98,876","page_number":233,"box":{"x":149,"y":461,"width":40,"height":9}},{"id":"4f22c4a3-2bd1-41d4-ab18-db96f5bf61f3","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":233,"box":{"x":210,"y":460,"width":255,"height":8}},{"id":"245c1252-2938-4ee2-a2a0-3ce4e7c4ef14","block_type":"box","text":"1,028,173","page_number":233,"box":{"x":750,"y":461,"width":58,"height":9}},{"id":"52451ae7-fd20-413a-aabc-a4a889af35b3","block_type":"box","text":"11.73%","page_number":233,"box":{"x":856,"y":461,"width":43,"height":7}},{"id":"479db531-f7b6-4ad1-bd30-521ae813cb37","block_type":"box","text":"18,136","page_number":233,"box":{"x":150,"y":475,"width":39,"height":9}},{"id":"c0f6b5c4-21d9-4673-bcf3-6cd3425061cb","block_type":"box","text":"HSBC MSCI China UCITS ETF","page_number":233,"box":{"x":210,"y":474,"width":168,"height":9}},{"id":"745be5de-0337-47f3-b320-4277f668cac5","block_type":"box","text":"104,645","page_number":233,"box":{"x":761,"y":475,"width":47,"height":9}},{"id":"2cc9c398-4e32-41ef-b988-e2143a54445b","block_type":"box","text":"1.19%","page_number":233,"box":{"x":863,"y":475,"width":36,"height":8}},{"id":"34a0f078-d6c1-463c-9709-98a34db2e1ae","block_type":"box","text":"43,835","page_number":233,"box":{"x":149,"y":489,"width":40,"height":9}},{"id":"0ed7e3fa-87ca-4be0-bb6d-ace7fd858c0b","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":233,"box":{"x":210,"y":489,"width":338,"height":10}},{"id":"728c83f8-1332-4c4a-81c9-0de8d1dc3780","block_type":"box","text":"386,743","page_number":233,"box":{"x":761,"y":489,"width":47,"height":9}},{"id":"a259943d-b239-497c-abe8-373646142c62","block_type":"box","text":"4.41%","page_number":233,"box":{"x":862,"y":489,"width":37,"height":8}},{"id":"628c65fb-4a21-4f61-8530-88f9a1d0d493","block_type":"box","text":"3,674,579","page_number":233,"box":{"x":750,"y":510,"width":58,"height":9}},{"id":"d22563e4-d91c-4743-a1e5-e707a8df93f1","block_type":"box","text":"41.91%","page_number":233,"box":{"x":855,"y":510,"width":44,"height":8}},{"id":"a0d22c70-fd40-4217-9cbb-1a60f9acec63","block_type":"box","text":"Portfolio of investments (30.04.2025: 99.71%)","page_number":233,"box":{"x":210,"y":538,"width":300,"height":10}},{"id":"64aa94db-cbf3-45ff-b2a9-603e86b150c6","block_type":"box","text":"8,567,750","page_number":233,"box":{"x":746,"y":539,"width":63,"height":9}},{"id":"28fc6761-1469-4137-982c-9142a5b4c390","block_type":"box","text":"97.74%","page_number":233,"box":{"x":852,"y":539,"width":47,"height":7}},{"id":"474b136e-3d3d-4d1f-8a95-6f936eb50772","block_type":"box","text":"Net other assets (30.04.2025: 0.29%)","page_number":233,"box":{"x":210,"y":552,"width":240,"height":10}},{"id":"13310206-37da-4ec3-925f-552d226e0bb0","block_type":"box","text":"198,386","page_number":233,"box":{"x":759,"y":553,"width":50,"height":9}},{"id":"4ce525ab-2fc2-48e1-ad00-10b1ae896499","block_type":"box","text":"2.26%","page_number":233,"box":{"x":860,"y":553,"width":39,"height":8}},{"id":"9df40951-47a7-423b-baaa-41e67080baaa","block_type":"box","text":"8,766,136","page_number":233,"box":{"x":746,"y":574,"width":63,"height":9}},{"id":"5fee071b-e872-4681-a0a7-46c8ebee433b","block_type":"box","text":"100.00%","page_number":233,"box":{"x":844,"y":574,"width":55,"height":8}},{"id":"42761f6b-f3e4-4009-9d69-82785593997c","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":233,"box":{"x":97,"y":38,"width":365,"height":13}},{"id":"c8d0ba97-10a6-488f-befe-b9e32f966d48","block_type":"box","text":"228","page_number":233,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"7805f93a-3f1e-4d15-996b-cfca8addde08","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":234,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"1eb9eb0e-935a-402f-853e-e27f4ee5d628","block_type":"box","text":"£","page_number":234,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"3ed227b7-eb3b-4702-8e16-df5520ae481b","block_type":"box","text":"Total purchases for the year (note 14)","page_number":234,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"33f52081-e938-4ff3-9f5c-6a49e2deaaa8","block_type":"box","text":"8,091,586","page_number":234,"box":{"x":651,"y":143,"width":62,"height":10}},{"id":"5fec9724-bd9d-4fc3-ae53-431535a40b2c","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":234,"box":{"x":96,"y":174,"width":254,"height":8}},{"id":"6f5dbe97-a0ef-426e-94c4-26d3b060f58c","block_type":"box","text":"988,195","page_number":234,"box":{"x":666,"y":174,"width":47,"height":9}},{"id":"52bb5fc2-e132-4905-9632-b33e65e88be0","block_type":"box","text":"HSBC American Index Fund","page_number":234,"box":{"x":96,"y":189,"width":164,"height":9}},{"id":"1a885ebe-8aa1-48dd-9369-d98b838d6a23","block_type":"box","text":"957,817","page_number":234,"box":{"x":666,"y":190,"width":47,"height":9}},{"id":"99f7b9cd-35a8-4a7d-8dae-c3d93a9f77d7","block_type":"box","text":"iShares UK Equity Index Fund","page_number":234,"box":{"x":96,"y":205,"width":176,"height":10}},{"id":"06dd8e78-caff-4ee9-b9b7-34826d2f8294","block_type":"box","text":"887,665","page_number":234,"box":{"x":666,"y":205,"width":47,"height":9}},{"id":"4197fef6-66f1-498f-95e6-5827767eca9c","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":234,"box":{"x":96,"y":220,"width":239,"height":11}},{"id":"86c37cb0-6664-4c4b-9ae3-6b12d2ca6a2f","block_type":"box","text":"760,169","page_number":234,"box":{"x":666,"y":221,"width":47,"height":9}},{"id":"7fbcbe30-f926-4300-939b-a8cb480ca78e","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":234,"box":{"x":96,"y":236,"width":239,"height":10}},{"id":"50c4e7f6-b0a9-4a9f-8aa8-ce98e6d80d4b","block_type":"box","text":"586,928","page_number":234,"box":{"x":666,"y":236,"width":47,"height":9}},{"id":"d85a0f48-8a1a-4fe3-becd-d227168cad2c","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":234,"box":{"x":95,"y":251,"width":191,"height":11}},{"id":"08d61677-64c8-4ad6-bd72-a259aae4eae1","block_type":"box","text":"482,395","page_number":234,"box":{"x":665,"y":251,"width":48,"height":10}},{"id":"4680f3e3-6c28-4f1a-b7c6-9050a7ff463b","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":234,"box":{"x":95,"y":267,"width":339,"height":10}},{"id":"6a8be791-69c5-4da3-a45f-ca9d7485a14e","block_type":"box","text":"449,625","page_number":234,"box":{"x":665,"y":267,"width":48,"height":9}},{"id":"7b83e0ae-d05a-4399-80aa-b332f99e035f","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":234,"box":{"x":95,"y":282,"width":265,"height":11}},{"id":"bb7c1ffa-0cef-4304-90f9-8d28c107ee17","block_type":"box","text":"357,967","page_number":234,"box":{"x":666,"y":282,"width":47,"height":9}},{"id":"b26c0760-5080-4b23-a25f-995a85d946e1","block_type":"box","text":"Royal London Short Term Money Markets Fund","page_number":234,"box":{"x":96,"y":297,"width":286,"height":11}},{"id":"d3a9d1b0-060d-4b63-b72a-c9dfeda10df7","block_type":"box","text":"338,053","page_number":234,"box":{"x":666,"y":298,"width":47,"height":9}},{"id":"64a3b960-aaa4-48fc-87bf-5f6512574dc9","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":234,"box":{"x":96,"y":313,"width":294,"height":11}},{"id":"525fb040-c487-4e6b-bb88-99cbea87f87a","block_type":"box","text":"303,931","page_number":234,"box":{"x":666,"y":313,"width":45,"height":9}},{"id":"f31ca168-b495-4176-b0ff-46cd3c52163c","block_type":"box","text":"Various other purchases","page_number":234,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"184115a6-e657-4437-99d1-e7655ca76c13","block_type":"box","text":"1,978,841","page_number":234,"box":{"x":655,"y":329,"width":56,"height":9}},{"id":"db581f66-e93c-4299-907f-c81649b75223","block_type":"box","text":"£","page_number":234,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"efe942f0-6b3e-4864-a429-a69e2a29b8d7","block_type":"box","text":"Total sales for the year (note 14)","page_number":234,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"976805ff-0470-4cb1-acaf-35c7143aff35","block_type":"box","text":"3,310,330","page_number":234,"box":{"x":651,"y":375,"width":62,"height":9}},{"id":"fcc5b72d-3290-4178-935f-a2d19c510aaa","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":234,"box":{"x":95,"y":406,"width":191,"height":10}},{"id":"14c45c56-84d3-4f47-8868-c1ac04832215","block_type":"box","text":"717,066","page_number":234,"box":{"x":666,"y":406,"width":47,"height":9}},{"id":"aaec5496-f4d3-4db5-bfe3-f8dda84a0188","block_type":"box","text":"iShares UK Equity Index Fund","page_number":234,"box":{"x":96,"y":421,"width":176,"height":11}},{"id":"b0d52ecc-43e5-4383-b253-468a73312ffd","block_type":"box","text":"594,883","page_number":234,"box":{"x":666,"y":421,"width":47,"height":9}},{"id":"a40d2b1f-cea3-4a93-ba24-13d1008c1d29","block_type":"box","text":"Vanguard Global Bond Index Fund","page_number":234,"box":{"x":95,"y":436,"width":208,"height":11}},{"id":"5e8e955f-95f2-49a6-82a3-5bc5c3846f19","block_type":"box","text":"306,943","page_number":234,"box":{"x":666,"y":437,"width":47,"height":9}},{"id":"448f12d6-a31f-416b-aa62-c1c375ef21aa","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":234,"box":{"x":96,"y":452,"width":254,"height":8}},{"id":"ed3eb1d8-e325-4ff5-9497-6d2be412d966","block_type":"box","text":"259,874","page_number":234,"box":{"x":666,"y":452,"width":48,"height":9}},{"id":"ea49e7d1-0f7e-4959-ba67-0828d800aa07","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":234,"box":{"x":96,"y":467,"width":239,"height":11}},{"id":"4f4fcb34-c96d-48dc-ade1-0b0158e40226","block_type":"box","text":"171,702","page_number":234,"box":{"x":666,"y":468,"width":47,"height":9}},{"id":"f93757d9-464b-4d7a-a1c7-13a165feed85","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":234,"box":{"x":96,"y":483,"width":294,"height":10}},{"id":"54e47514-22e4-4f93-b908-201c66495774","block_type":"box","text":"140,413","page_number":234,"box":{"x":666,"y":483,"width":47,"height":9}},{"id":"7de8d6d6-fece-41e4-a6ee-c2aebadc4a02","block_type":"box","text":"HSBC MSCI Emerging Markets ex China Equity Index Fund","page_number":234,"box":{"x":96,"y":498,"width":349,"height":11}},{"id":"b73ec671-17fe-4aaa-9171-638efb91a79e","block_type":"box","text":"135,296","page_number":234,"box":{"x":666,"y":499,"width":47,"height":9}},{"id":"78594604-086c-4b6a-b446-63f3d0131488","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":234,"box":{"x":95,"y":514,"width":188,"height":10}},{"id":"377bac19-1fa2-4257-9499-43859221fe0b","block_type":"box","text":"131,278","page_number":234,"box":{"x":666,"y":514,"width":47,"height":9}},{"id":"cd0d44df-d82f-4fa6-b0f4-09ef43e0cded","block_type":"box","text":"HSBC American Index Fund","page_number":234,"box":{"x":96,"y":529,"width":164,"height":8}},{"id":"4c0b069f-a2ec-4184-8395-07caf94f1f43","block_type":"box","text":"118,520","page_number":234,"box":{"x":666,"y":529,"width":47,"height":10}},{"id":"2bee074e-aeaf-476a-9c09-816695c853cd","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":234,"box":{"x":96,"y":544,"width":239,"height":11}},{"id":"7621f621-70a8-4fc5-85f0-a3193c3627b5","block_type":"box","text":"118,222","page_number":234,"box":{"x":666,"y":545,"width":47,"height":9}},{"id":"1f04d825-e347-4194-82f0-cc5c77ab4706","block_type":"box","text":"Various other sales","page_number":234,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"31638dfc-153d-46f8-ba03-4cc8fbc71d51","block_type":"box","text":"616,133","page_number":234,"box":{"x":666,"y":560,"width":47,"height":9}},{"id":"f66fde03-99bf-40ca-9d59-198bd62345aa","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":234,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"6a427904-649e-4150-89cd-5a2fde2b27b5","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":234,"box":{"x":538,"y":38,"width":364,"height":13}},{"id":"ab8210c8-24de-431c-b4ee-e2fbd4ab46b2","block_type":"box","text":"229","page_number":234,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"634cb878-0de6-4172-97e1-7ce2834825b8","block_type":"box","text":"Statement of Total Return","page_number":235,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"da5e4e9e-5dd9-4841-867d-088faa67b07e","block_type":"box","text":"for the year ended 30 April 2026","page_number":235,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"316195d5-79a8-4dee-91b2-15a685240713","block_type":"box","text":"30.04.26","page_number":235,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"80c9cbf0-2fd4-4253-9929-d11820aff443","block_type":"box","text":"30.04.25","page_number":235,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"4c780321-9743-4ac7-b517-5dbfb626f235","block_type":"box","text":"Note","page_number":235,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"a2236532-1093-436f-ae5a-d8269fde43ed","block_type":"box","text":"£","page_number":235,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"4e4eb07c-a962-480b-9eec-2568cc6de0a2","block_type":"box","text":"£","page_number":235,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"7cd26bc6-502a-4fe6-b1e2-d158e42f4006","block_type":"box","text":"£","page_number":235,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"dc11d8c7-7051-4129-ba6a-ddcf1625828b","block_type":"box","text":"£","page_number":235,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"6a9263c1-7796-4131-8a81-a9eb95c6285f","block_type":"box","text":"Income","page_number":235,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"a24da3ce-72f4-4a3c-986b-1266276dd1dd","block_type":"box","text":"Net capital","page_number":235,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"d653d493-ff60-4ff3-838c-ff1bc02aa5d1","block_type":"box","text":"2","page_number":235,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"8dec4e1a-f397-4b1f-92c7-c017f4c9f33d","block_type":"box","text":"463,601","page_number":235,"box":{"x":618,"y":169,"width":46,"height":9}},{"id":"2f700576-4032-4752-a414-f83562ee549a","block_type":"box","text":"10,640","page_number":235,"box":{"x":857,"y":169,"width":39,"height":9}},{"id":"f1e0a0f1-c896-4ea8-99b7-d4d4d22ec899","block_type":"box","text":"Revenue","page_number":235,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"d2ebcf92-313c-46d1-8730-215691637703","block_type":"box","text":"3","page_number":235,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"6f52e1cc-bb44-46c9-b0ea-8874b69758fd","block_type":"box","text":"103,743","page_number":235,"box":{"x":504,"y":184,"width":47,"height":9}},{"id":"927ad6ff-8196-423b-99e6-07d401569193","block_type":"box","text":"17,923","page_number":235,"box":{"x":745,"y":184,"width":39,"height":9}},{"id":"fb4de4ef-86c6-412b-94e3-1620aec95eed","block_type":"box","text":"Expenses","page_number":235,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"f5770c83-7fbf-4c52-ba2d-c2efa52fcd31","block_type":"box","text":"4","page_number":235,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"c7622aa2-68b9-494b-9885-7943ca9c217f","block_type":"box","text":"(27,190)","page_number":235,"box":{"x":507,"y":200,"width":49,"height":9}},{"id":"223cfaaa-9d5f-473a-b429-365dfa73ccf7","block_type":"box","text":"(16,222)","page_number":235,"box":{"x":740,"y":200,"width":49,"height":9}},{"id":"f1738b4b-84eb-4b11-9328-8177c1fb9ab9","block_type":"box","text":"Interest payable and similar charges","page_number":235,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"573ae3a9-d35d-41d6-bbed-3307b5d4ae0a","block_type":"box","text":"4","page_number":235,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"90d1e00b-2f99-4fed-a654-f887df4d9f3e","block_type":"box","text":"(247)","page_number":235,"box":{"x":526,"y":222,"width":30,"height":9}},{"id":"87a86aa1-81a0-4cc5-816e-7a3033fabf8c","block_type":"box","text":"(14)","page_number":235,"box":{"x":766,"y":222,"width":23,"height":9}},{"id":"30fe9bce-ebe5-487c-9536-7c4998375042","block_type":"box","text":"Net revenue before taxation","page_number":235,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"d8db6047-1179-47de-a735-9afb3c2c6d16","block_type":"box","text":"76,306","page_number":235,"box":{"x":511,"y":244,"width":40,"height":9}},{"id":"5811b54f-15cc-4394-932f-9a88359df7f7","block_type":"box","text":"1,687","page_number":235,"box":{"x":753,"y":244,"width":32,"height":9}},{"id":"d5d48c74-81f9-4116-bfd9-231cf085aeca","block_type":"box","text":"Taxation","page_number":235,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"ef5ae4cb-ed5d-494f-8bd1-4b0f2b04396b","block_type":"box","text":"5","page_number":235,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"85a22ab3-bb35-4681-b74b-8c234c97f4a8","block_type":"box","text":"(8,009)","page_number":235,"box":{"x":514,"y":266,"width":42,"height":10}},{"id":"87712171-39ee-489e-bef7-44eb681f4fda","block_type":"box","text":"–","page_number":235,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"dc036d1d-4399-4081-9dc4-9132ebe04017","block_type":"box","text":"Net revenue after taxation","page_number":235,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"dddf7fef-6c05-4591-bb21-740f356bbb86","block_type":"box","text":"68,297","page_number":235,"box":{"x":626,"y":289,"width":40,"height":9}},{"id":"6ca46aa6-2c59-4a59-a0b4-64ed335983c7","block_type":"box","text":"1,687","page_number":235,"box":{"x":865,"y":289,"width":31,"height":9}},{"id":"32730920-bcd2-4a8b-8eb4-cfc95095f440","block_type":"box","text":"Total return before distributions","page_number":235,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"38dcfd19-9115-4188-ba35-7e61f904c182","block_type":"box","text":"531,898","page_number":235,"box":{"x":616,"y":311,"width":50,"height":9}},{"id":"bbb36b99-5938-41b2-ab16-6e72ae9123ab","block_type":"box","text":"12,327","page_number":235,"box":{"x":854,"y":311,"width":43,"height":9}},{"id":"f3aea378-3a76-43f6-bcf1-8df1f5257ba8","block_type":"box","text":"Distributions","page_number":235,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"6e6ae656-420e-4f47-b32e-667d682ab27f","block_type":"box","text":"6","page_number":235,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"a42471fc-de13-4df4-bb05-9ac330198f7b","block_type":"box","text":"(80,175)","page_number":235,"box":{"x":621,"y":333,"width":49,"height":9}},{"id":"d4167cee-aa8a-469b-859d-e67161521410","block_type":"box","text":"(11,550)","page_number":235,"box":{"x":852,"y":333,"width":49,"height":9}},{"id":"573a27b5-4955-497d-b0e0-8caa8f8d27ce","block_type":"box","text":"Change in net assets attributable to","page_number":235,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"9d000d3f-686f-418c-a92c-d9862aec8da9","block_type":"box","text":"Shareholders from investment activities","page_number":235,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"bd5e1c45-a1cd-4167-97b8-3377a9582151","block_type":"box","text":"451,723","page_number":235,"box":{"x":615,"y":369,"width":51,"height":9}},{"id":"8264366c-18f5-43a3-8b05-cfe4853555da","block_type":"box","text":"777","page_number":235,"box":{"x":874,"y":369,"width":23,"height":8}},{"id":"a2cb6593-d86c-4f62-8276-682cb656ebff","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":235,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"877acb32-c3e6-4799-af83-33f821240b0a","block_type":"box","text":"for the year ended 30 April 2026","page_number":235,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"7b1920cf-5fd2-4be5-8627-ec3ca33d5805","block_type":"box","text":"30.04.26","page_number":235,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"8080f647-2911-46c4-953f-8c6ac0b742c3","block_type":"box","text":"30.04.25","page_number":235,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"5c2dcc56-7445-493a-bad4-3c820f2851f3","block_type":"box","text":"£","page_number":235,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"ae9db3bc-6fa3-4a83-bbf0-dc9074a5646d","block_type":"box","text":"£","page_number":235,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"65bd3b74-8c26-43bb-b45f-5b0db5c45ea0","block_type":"box","text":"£","page_number":235,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"725be1ce-9327-4c54-bfbc-2c9dd01da686","block_type":"box","text":"£","page_number":235,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"dd78c57e-2754-4ad8-8da8-b480ff936c0b","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":235,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"983c94d9-6a74-487c-877d-844052bbf431","block_type":"box","text":"3,253,936","page_number":235,"box":{"x":603,"y":482,"width":63,"height":9}},{"id":"0653e6ac-e0c4-42c3-8e41-c65a5dde951d","block_type":"box","text":"–","page_number":235,"box":{"x":890,"y":487,"width":7,"height":1}},{"id":"adc439c3-f0ed-44df-9563-62811368fa0e","block_type":"box","text":"Amounts receivable on creation of shares","page_number":235,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"66e43df6-d523-42e3-afa0-03bd6d5e78c3","block_type":"box","text":"6,185,365","page_number":235,"box":{"x":493,"y":505,"width":58,"height":9}},{"id":"b65a4dc8-ee9d-460a-95d3-5bee5e2c4e06","block_type":"box","text":"3,687,239","page_number":235,"box":{"x":726,"y":505,"width":58,"height":9}},{"id":"ef8b6478-d635-45d0-8748-fd17c578fedf","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":235,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"4dbe736b-338a-420c-9062-3c145186c933","block_type":"box","text":"(1,261,251)","page_number":235,"box":{"x":488,"y":527,"width":68,"height":9}},{"id":"63b2ee32-11f0-45de-8f6d-771ac1b77e85","block_type":"box","text":"(451,982)","page_number":235,"box":{"x":733,"y":527,"width":56,"height":9}},{"id":"b32e12f1-0fc7-47d0-aa6b-9ff447577388","block_type":"box","text":"Dilution levies","page_number":235,"box":{"x":96,"y":548,"width":84,"height":9}},{"id":"d64a9b3e-6998-4dfe-aa69-7ffe769a6a62","block_type":"box","text":"3,125","page_number":235,"box":{"x":519,"y":549,"width":32,"height":9}},{"id":"ad591dd0-3eac-4bb4-9ddf-046c1a94bd78","block_type":"box","text":"1,888","page_number":235,"box":{"x":753,"y":549,"width":32,"height":9}},{"id":"e359ccd0-0a3c-4f90-aa93-1dc7180c49ca","block_type":"box","text":"4,927,239","page_number":235,"box":{"x":606,"y":571,"width":59,"height":9}},{"id":"540b621d-2720-4b99-a40a-2e54a033c15a","block_type":"box","text":"3,237,145","page_number":235,"box":{"x":838,"y":571,"width":58,"height":9}},{"id":"413de980-b884-4fd2-a2dd-bf5c6301ddf5","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":235,"box":{"x":96,"y":593,"width":300,"height":11}},{"id":"c72530b7-1bac-45a4-a03b-b5c1295794a4","block_type":"box","text":"from investment activities (see above)","page_number":235,"box":{"x":95,"y":608,"width":231,"height":10}},{"id":"1c007b2c-e10a-426a-94cb-c4fddb9917d1","block_type":"box","text":"451,723","page_number":235,"box":{"x":618,"y":609,"width":47,"height":9}},{"id":"fd2d9945-b387-4eb5-a739-72dbfb95101c","block_type":"box","text":"777","page_number":235,"box":{"x":875,"y":609,"width":21,"height":7}},{"id":"48261a64-5278-4132-b855-f0f75b83a65f","block_type":"box","text":"Accumulation distributions retained","page_number":235,"box":{"x":95,"y":630,"width":218,"height":9}},{"id":"5beb9d90-06f2-4cc2-98d6-01c988c63b29","block_type":"box","text":"133,238","page_number":235,"box":{"x":618,"y":631,"width":48,"height":9}},{"id":"1bda6cdc-ab6a-4e6f-a068-9a9e1dfb9b0a","block_type":"box","text":"16,014","page_number":235,"box":{"x":857,"y":631,"width":40,"height":9}},{"id":"d1fc5c86-a04d-4ec4-accb-5d6ba616b60f","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":235,"box":{"x":96,"y":653,"width":311,"height":10}},{"id":"6fde4863-cc06-4787-a8d6-21c07065ae8b","block_type":"box","text":"8,766,136","page_number":235,"box":{"x":603,"y":653,"width":63,"height":9}},{"id":"c53df398-a900-4f03-a618-15155fbdfda9","block_type":"box","text":"3,253,936","page_number":235,"box":{"x":834,"y":653,"width":63,"height":9}},{"id":"d333d7ac-76c2-4686-ab66-125bc46df128","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":235,"box":{"x":97,"y":38,"width":365,"height":13}},{"id":"4ab74779-4642-40c8-916f-b62ef7d1e380","block_type":"box","text":"230","page_number":235,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"4f4add4c-d8c0-4b19-82cf-4c2c73252906","block_type":"box","text":"Balance Sheet","page_number":236,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"683dc19b-814e-41a6-b9a6-f23da4472bc2","block_type":"box","text":"as at 30 April 2026","page_number":236,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"c4fdbb01-9c2a-434a-b307-f5b35e67ae55","block_type":"box","text":"30.04.26","page_number":236,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"f45ccb27-b9cd-45f0-99ca-9e8a072a9a8c","block_type":"box","text":"30.04.25","page_number":236,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"3d45a898-62f5-48c6-9dfe-69dbd94ff2f9","block_type":"box","text":"Note","page_number":236,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"4e96f569-70df-499f-8a58-e49d1973feea","block_type":"box","text":"£","page_number":236,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"09255a2c-7859-4cde-9521-173c4477b0ea","block_type":"box","text":"£","page_number":236,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"e74a7e24-7d90-4ebe-bb9e-dc96367fb46b","block_type":"box","text":"£","page_number":236,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"57dfddfa-a9c5-44b2-a66a-baa0dfbb5ff4","block_type":"box","text":"£","page_number":236,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"8eaa96f0-289d-45de-b60e-b167711ff234","block_type":"box","text":"ASSETS","page_number":236,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"968ef1d3-a0fb-4ee4-8326-d51051752cc0","block_type":"box","text":"Investments assets","page_number":236,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"fa896db5-42ea-4afc-ae41-be9dccaa5097","block_type":"box","text":"8,567,750","page_number":236,"box":{"x":603,"y":169,"width":63,"height":9}},{"id":"e3bb7147-e012-443c-9ed7-085a462f66d4","block_type":"box","text":"3,244,450","page_number":236,"box":{"x":834,"y":169,"width":63,"height":9}},{"id":"96112371-e0e9-4feb-b546-af249784ac90","block_type":"box","text":"Current assets","page_number":236,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"fcfafd8d-325b-4357-bed4-53b61e35f33a","block_type":"box","text":"Debtors","page_number":236,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"5cb9075b-ebec-4ed6-b2b7-e55c47479de1","block_type":"box","text":"7","page_number":236,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"02b38cc6-a553-4b3f-a71e-a586620e4c21","block_type":"box","text":"3,551","page_number":236,"box":{"x":519,"y":207,"width":30,"height":9}},{"id":"d74f7ede-0022-444f-8d73-3b1121ac5a97","block_type":"box","text":"969","page_number":236,"box":{"x":763,"y":207,"width":21,"height":7}},{"id":"5d9ea44c-d78c-482f-900b-36eb0592fa95","block_type":"box","text":"Cash and bank balances","page_number":236,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"73e2ef02-31f3-4025-a154-f6c5f7e13fb6","block_type":"box","text":"8","page_number":236,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"feebed24-31a2-475e-8883-c8ccadc4c275","block_type":"box","text":"217,683","page_number":236,"box":{"x":504,"y":222,"width":47,"height":9}},{"id":"a591ad79-faee-4353-bb02-1c71b7512e58","block_type":"box","text":"21,629","page_number":236,"box":{"x":745,"y":222,"width":39,"height":9}},{"id":"6a0a02fd-e472-49a3-9996-08c28fb42077","block_type":"box","text":"Total current assets","page_number":236,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"985819e2-71d6-4574-bb06-ce66bc8ff248","block_type":"box","text":"221,234","page_number":236,"box":{"x":615,"y":244,"width":51,"height":9}},{"id":"2c3058e8-50d9-40a7-98ce-d059c60818ed","block_type":"box","text":"22,598","page_number":236,"box":{"x":854,"y":244,"width":43,"height":9}},{"id":"c17d0b34-eaee-42bc-bf9c-fa61d2f89596","block_type":"box","text":"Total assets","page_number":236,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"33debabd-2a7d-4b96-aa46-2789a2bd94ca","block_type":"box","text":"8,788,984","page_number":236,"box":{"x":603,"y":266,"width":63,"height":9}},{"id":"e27ee604-fa54-41ce-b692-48a6e4125576","block_type":"box","text":"3,267,048","page_number":236,"box":{"x":834,"y":266,"width":63,"height":9}},{"id":"b9574758-2f63-4c20-90e8-a165d4656cac","block_type":"box","text":"Current liabilities","page_number":236,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"11b27c09-4e16-430c-b872-5461a440a915","block_type":"box","text":"Creditors","page_number":236,"box":{"x":105,"y":319,"width":55,"height":8}},{"id":"0e4fc019-8d5c-4335-8f38-f7cfcb7202dc","block_type":"box","text":"9","page_number":236,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"e4211fe5-603d-4ac7-aaea-28555265f8bc","block_type":"box","text":"(22,848)","page_number":236,"box":{"x":507,"y":319,"width":49,"height":10}},{"id":"a6f90d90-57c0-4979-a142-f8f22f966a43","block_type":"box","text":"(13,112)","page_number":236,"box":{"x":740,"y":319,"width":49,"height":10}},{"id":"ffdd9846-c98b-4b60-8b12-b841205bb876","block_type":"box","text":"Total current liabilities","page_number":236,"box":{"x":95,"y":341,"width":152,"height":8}},{"id":"6092c2b2-db79-4b22-a22f-3f66c73ab878","block_type":"box","text":"(22,848)","page_number":236,"box":{"x":618,"y":342,"width":53,"height":9}},{"id":"13520f67-e49f-4370-a8b3-55a6b7b32b59","block_type":"box","text":"(13,112)","page_number":236,"box":{"x":849,"y":342,"width":52,"height":9}},{"id":"8c030c73-d7c1-4864-9055-36a23572519e","block_type":"box","text":"Net assets attributable to Shareholders","page_number":236,"box":{"x":96,"y":363,"width":261,"height":9}},{"id":"2f086725-e70a-4e46-b392-0525741f6bde","block_type":"box","text":"8,766,136","page_number":236,"box":{"x":603,"y":364,"width":63,"height":9}},{"id":"4122161d-af7e-4ea7-bc5e-c25eca636736","block_type":"box","text":"3,253,936","page_number":236,"box":{"x":834,"y":364,"width":63,"height":9}},{"id":"53ede3ae-660e-4cde-9fca-ae7bacdddd2f","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":236,"box":{"x":538,"y":38,"width":364,"height":13}},{"id":"08fabd6e-a0e7-40de-b2ad-e7761d713917","block_type":"box","text":"231","page_number":236,"box":{"x":962,"y":960,"width":25,"height":9}},{"id":"d365a5bc-8e2d-4f19-8a85-56862abdde4c","block_type":"box","text":"Notes to the Financial Statements","page_number":237,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"ad9d3ec7-58d1-49d0-9754-86a7b0b426d6","block_type":"box","text":"for the year ended 30 April 2026","page_number":237,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"5cde2c5e-2bb5-4e0d-8510-5e7b645314f7","block_type":"box","text":"1. Accounting policies","page_number":237,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"3fcdd86b-a6fe-4b8d-9aa8-fa5e93444b27","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":237,"box":{"x":95,"y":154,"width":641,"height":11}},{"id":"fcd55a4c-d786-41f2-a0f4-e677c7cb7fc4","block_type":"box","text":"2. Net capital gains","page_number":237,"box":{"x":95,"y":200,"width":127,"height":11}},{"id":"d9d8374b-7faa-4c82-a919-10ab666744f3","block_type":"box","text":"30.04.26","page_number":237,"box":{"x":730,"y":201,"width":55,"height":8}},{"id":"fb0b1058-575f-4f1b-a957-0216ec3e662a","block_type":"box","text":"30.04.25","page_number":237,"box":{"x":840,"y":201,"width":54,"height":8}},{"id":"deb4c20e-c912-4596-a5c9-0a7844f900e6","block_type":"box","text":"£","page_number":237,"box":{"x":778,"y":216,"width":7,"height":8}},{"id":"f20a38b4-d81b-42fb-84c7-a4f59585f60c","block_type":"box","text":"£","page_number":237,"box":{"x":888,"y":216,"width":6,"height":8}},{"id":"be73b661-82d7-4f6a-bce8-f9d230355d34","block_type":"box","text":"The net capital gains comprise:","page_number":237,"box":{"x":95,"y":231,"width":187,"height":11}},{"id":"61e10540-d685-4418-8eb6-179f1408433c","block_type":"box","text":"Non-derivative securities gains/(losses): realised","page_number":237,"box":{"x":96,"y":248,"width":292,"height":11}},{"id":"82af24ae-f430-47ef-b318-b9c49f85b1ef","block_type":"box","text":"151,789","page_number":237,"box":{"x":738,"y":249,"width":46,"height":9}},{"id":"993c4ba0-07e7-4feb-be86-fadc88403ce6","block_type":"box","text":"(4,571)","page_number":237,"box":{"x":857,"y":249,"width":42,"height":9}},{"id":"e153d67b-e244-4523-ad48-50ff455a39bc","block_type":"box","text":"Non-derivative securities gains/(losses)","page_number":237,"box":{"x":96,"y":266,"width":237,"height":10}},{"id":"153f22fe-89d8-48fe-8d07-44d79bf8fbfa","block_type":"box","text":": unrealised","page_number":237,"box":{"x":335,"y":266,"width":69,"height":8}},{"id":"20bf7f88-1b7d-409a-9565-85b403b58de7","block_type":"box","text":"315,971","page_number":237,"box":{"x":737,"y":266,"width":46,"height":9}},{"id":"eab5d295-5d97-4add-b5d3-c2d7e5e6b095","block_type":"box","text":"18,335","page_number":237,"box":{"x":855,"y":266,"width":39,"height":9}},{"id":"16333cef-96ab-4339-8226-7d33b476e465","block_type":"box","text":"Currency gains","page_number":237,"box":{"x":96,"y":283,"width":89,"height":10}},{"id":"aefe630a-eb54-4949-a842-cf5a5aa42972","block_type":"box","text":"(3,094)","page_number":237,"box":{"x":748,"y":283,"width":41,"height":9}},{"id":"70832106-638e-4a48-9a30-443194957e9b","block_type":"box","text":"–","page_number":237,"box":{"x":888,"y":288,"width":6,"height":0}},{"id":"a6a2cc85-7eff-4895-b53e-212e39a3b177","block_type":"box","text":"Transaction charges (custodian)","page_number":237,"box":{"x":95,"y":300,"width":193,"height":10}},{"id":"941b4e21-72f6-4c3d-bc2d-497dd81f4dfa","block_type":"box","text":"(1,241)","page_number":237,"box":{"x":748,"y":300,"width":41,"height":10}},{"id":"82bfd35e-d387-4a8c-b501-f7f5b4b0983a","block_type":"box","text":"(3,151)","page_number":237,"box":{"x":857,"y":300,"width":42,"height":10}},{"id":"8ab8aa6b-dcaf-4ebe-a973-09fd0a220ceb","block_type":"box","text":"Rebates from underlying holdings","page_number":237,"box":{"x":96,"y":317,"width":205,"height":11}},{"id":"28974e62-a9bb-4a7e-92bd-47959ff419ad","block_type":"box","text":"176","page_number":237,"box":{"x":764,"y":317,"width":21,"height":8}},{"id":"0a149ee2-3f9c-4cb3-b6c1-f26c92266307","block_type":"box","text":"27","page_number":237,"box":{"x":880,"y":317,"width":14,"height":8}},{"id":"89f0af3a-3eff-415c-bc3e-22ff4f561869","block_type":"box","text":"Total net capital gains","page_number":237,"box":{"x":95,"y":339,"width":146,"height":11}},{"id":"3c518b57-35cb-43d6-9e52-d7a4f85deaf7","block_type":"box","text":"463,601","page_number":237,"box":{"x":734,"y":339,"width":49,"height":10}},{"id":"15071900-856a-4e10-9697-dfeeaf5e3658","block_type":"box","text":"10,640","page_number":237,"box":{"x":852,"y":339,"width":42,"height":10}},{"id":"54bf415d-d992-40ad-898b-3ea5ca228fd6","block_type":"box","text":"3. Revenue","page_number":237,"box":{"x":95,"y":383,"width":72,"height":8}},{"id":"0e2b7526-9874-4866-96de-74abb0e77d6e","block_type":"box","text":"30.04.26","page_number":237,"box":{"x":730,"y":383,"width":55,"height":8}},{"id":"599de152-4b75-499d-8303-eabad69632c5","block_type":"box","text":"30.04.25","page_number":237,"box":{"x":840,"y":383,"width":54,"height":8}},{"id":"48b3e8a8-e8ef-4ad9-afa4-f970e13f5bb2","block_type":"box","text":"£","page_number":237,"box":{"x":778,"y":399,"width":7,"height":8}},{"id":"4d6c50f7-c672-4a21-aec3-246e9ce55e9a","block_type":"box","text":"£","page_number":237,"box":{"x":888,"y":399,"width":6,"height":8}},{"id":"61b88f34-01f4-4137-a083-04557a8813b4","block_type":"box","text":"Non-taxable dividends","page_number":237,"box":{"x":96,"y":421,"width":136,"height":8}},{"id":"2ae90b75-a072-4c84-8461-2601b7002876","block_type":"box","text":"31,948","page_number":237,"box":{"x":745,"y":421,"width":40,"height":9}},{"id":"26ac0618-a006-418e-8706-5001b762322f","block_type":"box","text":"6,198","page_number":237,"box":{"x":862,"y":421,"width":32,"height":9}},{"id":"b5b12838-9e0e-4956-ad5b-e883584d9df0","block_type":"box","text":"Annual Payment from UK CIS","page_number":237,"box":{"x":95,"y":438,"width":176,"height":10}},{"id":"66a05fae-aa82-4319-b88c-c209e86d98dd","block_type":"box","text":"49","page_number":237,"box":{"x":770,"y":438,"width":14,"height":8}},{"id":"652a6369-ac8c-4c51-ab8e-c7ce52ee368f","block_type":"box","text":"98","page_number":237,"box":{"x":880,"y":438,"width":14,"height":8}},{"id":"8c934eb2-964e-4b59-89a2-24048a6ee24c","block_type":"box","text":"Interest from non-derivative securities","page_number":237,"box":{"x":96,"y":455,"width":232,"height":8}},{"id":"0f685e33-5aec-49cc-b11e-42995198b924","block_type":"box","text":"54,713","page_number":237,"box":{"x":745,"y":455,"width":39,"height":9}},{"id":"9bc3ba70-cbcc-4426-a037-070b01e84713","block_type":"box","text":"10,027","page_number":237,"box":{"x":855,"y":455,"width":39,"height":9}},{"id":"565992eb-91a5-4c28-a489-e3014d98afca","block_type":"box","text":"Rebates from underlying holdings","page_number":237,"box":{"x":96,"y":472,"width":205,"height":11}},{"id":"22306f97-230d-4998-9b21-1cb093f0536f","block_type":"box","text":"743","page_number":237,"box":{"x":763,"y":472,"width":21,"height":8}},{"id":"8c716086-ac17-4287-953f-0c8d0fcde674","block_type":"box","text":"497","page_number":237,"box":{"x":872,"y":472,"width":22,"height":8}},{"id":"7ad9e84b-fe9a-4b83-b478-cf3b9db94874","block_type":"box","text":"Investment manager rebate","page_number":237,"box":{"x":96,"y":489,"width":168,"height":11}},{"id":"d695cd28-07bf-4b78-9a2b-20ccaadf6b4b","block_type":"box","text":"13,588","page_number":237,"box":{"x":745,"y":490,"width":40,"height":9}},{"id":"03c469a4-cefc-4528-acc5-1af16e46a90e","block_type":"box","text":"–","page_number":237,"box":{"x":888,"y":494,"width":6,"height":1}},{"id":"111ff7ee-d261-4106-a04c-ed3b4e8e7c96","block_type":"box","text":"Bank interest","page_number":237,"box":{"x":96,"y":506,"width":80,"height":9}},{"id":"cdbb6058-b758-498b-97af-e1b7fd2c1310","block_type":"box","text":"2,702","page_number":237,"box":{"x":752,"y":507,"width":32,"height":9}},{"id":"ac65e593-25a6-4f40-9c62-d90d55ab0821","block_type":"box","text":"1,103","page_number":237,"box":{"x":862,"y":507,"width":32,"height":9}},{"id":"800e4013-6f73-4eba-856f-c6a47d54bed3","block_type":"box","text":"Total revenue","page_number":237,"box":{"x":95,"y":528,"width":91,"height":9}},{"id":"69a2bd8d-e36e-4be0-aea7-f1680a05f087","block_type":"box","text":"103,743","page_number":237,"box":{"x":735,"y":529,"width":50,"height":9}},{"id":"2d860c4d-bce3-40e1-aa56-8345def987fe","block_type":"box","text":"17,923","page_number":237,"box":{"x":852,"y":529,"width":42,"height":9}},{"id":"46d8dab4-627e-45ec-9385-f0369de4a48f","block_type":"box","text":"4. Expenses","page_number":237,"box":{"x":95,"y":573,"width":76,"height":10}},{"id":"14b22849-dba8-47d8-a81e-c70b7d6c8588","block_type":"box","text":"30.04.26","page_number":237,"box":{"x":730,"y":573,"width":55,"height":8}},{"id":"c9818669-f2b9-4193-9c80-24beb5e472cb","block_type":"box","text":"30.04.25","page_number":237,"box":{"x":840,"y":573,"width":54,"height":8}},{"id":"cf4827eb-68f4-4557-8369-03f6e235c540","block_type":"box","text":"£","page_number":237,"box":{"x":778,"y":588,"width":7,"height":8}},{"id":"f6205c47-f6b4-4bce-8f8f-5dae67411c11","block_type":"box","text":"£","page_number":237,"box":{"x":888,"y":588,"width":6,"height":8}},{"id":"3bdd9c5f-77e3-4a76-8c77-619ed41935ba","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":237,"box":{"x":96,"y":603,"width":549,"height":11}},{"id":"415f1df4-c25e-4658-b5cf-f1cb63658bc3","block_type":"box","text":"agents of either of them:","page_number":237,"box":{"x":95,"y":619,"width":149,"height":10}},{"id":"d551141a-3159-4954-a388-a02e9c742808","block_type":"box","text":"Annual management charge","page_number":237,"box":{"x":104,"y":638,"width":172,"height":10}},{"id":"5be43fa8-38e4-4c20-b1b1-9551fdc78433","block_type":"box","text":"8,037","page_number":237,"box":{"x":752,"y":638,"width":33,"height":9}},{"id":"23f99c52-853e-4536-9b86-53eec33e2358","block_type":"box","text":"2,809","page_number":237,"box":{"x":862,"y":638,"width":32,"height":9}},{"id":"5f91fb19-6d10-4158-8149-843eaf057063","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":237,"box":{"x":96,"y":660,"width":514,"height":10}},{"id":"e263177b-5d84-4017-8e32-778587c450f1","block_type":"box","text":"Depositary fee","page_number":237,"box":{"x":106,"y":678,"width":86,"height":11}},{"id":"8b8f38b1-8085-45a4-8539-f21195823cd9","block_type":"box","text":"1,240","page_number":237,"box":{"x":753,"y":679,"width":32,"height":9}},{"id":"51b51f42-78b9-42ee-99a7-58e930e4ffc8","block_type":"box","text":"420","page_number":237,"box":{"x":872,"y":679,"width":22,"height":8}},{"id":"ba5663c6-fcd6-4c10-a233-13fe5a1efe91","block_type":"box","text":"Safe custody fee","page_number":237,"box":{"x":105,"y":694,"width":98,"height":11}},{"id":"7ddb532c-42ea-4473-b2d4-84b1744da8fc","block_type":"box","text":"775","page_number":237,"box":{"x":763,"y":694,"width":21,"height":8}},{"id":"f1489e30-2323-4c0c-b6bd-2a5b4eeaae72","block_type":"box","text":"179","page_number":237,"box":{"x":873,"y":694,"width":21,"height":8}},{"id":"86f23b0c-caf5-4891-b1c6-63e708b95578","block_type":"box","text":"2,015","page_number":237,"box":{"x":752,"y":717,"width":32,"height":9}},{"id":"12ab0264-14bd-42fb-8498-d6f2b5227a50","block_type":"box","text":"599","page_number":237,"box":{"x":873,"y":717,"width":21,"height":7}},{"id":"0368a347-1f0b-4c5d-8df3-6e72a61b1099","block_type":"box","text":"Other expenses:","page_number":237,"box":{"x":96,"y":732,"width":97,"height":10}},{"id":"c029c581-3314-4633-9ae5-89f7b18516c6","block_type":"box","text":"Audit fee*","page_number":237,"box":{"x":104,"y":750,"width":62,"height":9}},{"id":"30061f80-cdbc-4913-883e-ba468cca2cd6","block_type":"box","text":"9,720","page_number":237,"box":{"x":752,"y":751,"width":33,"height":9}},{"id":"0c57f504-58ea-4e6e-abed-d9b8fa0071f7","block_type":"box","text":"7,798","page_number":237,"box":{"x":862,"y":751,"width":32,"height":9}},{"id":"96d855ef-9c27-49d3-87f5-2fa47d8ecdd6","block_type":"box","text":"Legal fee","page_number":237,"box":{"x":106,"y":766,"width":52,"height":11}},{"id":"d4e14bc9-02cb-4813-9dc1-de6221efa4f8","block_type":"box","text":"4,500","page_number":237,"box":{"x":752,"y":766,"width":33,"height":9}},{"id":"138c1b48-8283-49f7-a08a-020f30f35467","block_type":"box","text":"–","page_number":237,"box":{"x":888,"y":771,"width":6,"height":0}},{"id":"f2dbbc07-c0cc-47f3-886b-13e35aed308c","block_type":"box","text":"Other expenses","page_number":237,"box":{"x":105,"y":781,"width":95,"height":11}},{"id":"20961eb6-687e-4210-a911-cf7b035b37d5","block_type":"box","text":"2,918","page_number":237,"box":{"x":752,"y":782,"width":33,"height":9}},{"id":"96947bc0-642d-40b3-b0ef-9905033b1edc","block_type":"box","text":"5,016","page_number":237,"box":{"x":862,"y":782,"width":32,"height":9}},{"id":"5e69a650-54bc-4306-8e1b-e5f45d66a36b","block_type":"box","text":"17,138","page_number":237,"box":{"x":745,"y":804,"width":40,"height":9}},{"id":"c1412b0b-102f-4488-88d7-d704db54ea72","block_type":"box","text":"12,814","page_number":237,"box":{"x":855,"y":804,"width":40,"height":9}},{"id":"4e30b8bf-dd86-487f-9380-a7b3c9aef783","block_type":"box","text":"Expenses","page_number":237,"box":{"x":96,"y":839,"width":60,"height":10}},{"id":"21fb8417-b117-474e-9b7d-b6cc22d813bf","block_type":"box","text":"27,190","page_number":237,"box":{"x":742,"y":839,"width":43,"height":9}},{"id":"0947c693-63ed-4f82-a030-499ee21b98e0","block_type":"box","text":"16,222","page_number":237,"box":{"x":852,"y":839,"width":42,"height":9}},{"id":"835832db-c88f-43d1-accc-a44fd914b3b3","block_type":"box","text":"Interest payable and similar charges","page_number":237,"box":{"x":96,"y":861,"width":219,"height":11}},{"id":"aebada98-0054-43b9-bd27-26774f821278","block_type":"box","text":"247","page_number":237,"box":{"x":763,"y":861,"width":22,"height":8}},{"id":"8a1e72ff-9610-4e44-b1f8-ad9462909e83","block_type":"box","text":"14","page_number":237,"box":{"x":881,"y":861,"width":13,"height":8}},{"id":"bc9985c7-5b25-4df2-9001-f7bf6ffe4c6f","block_type":"box","text":"Total","page_number":237,"box":{"x":95,"y":883,"width":33,"height":8}},{"id":"71381c1d-122c-4165-8612-18fd5a4fbcd4","block_type":"box","text":"27,437","page_number":237,"box":{"x":742,"y":883,"width":43,"height":10}},{"id":"25a4cc17-7bf0-440c-8360-f2a3b94b0d5d","block_type":"box","text":"16,236","page_number":237,"box":{"x":852,"y":883,"width":42,"height":10}},{"id":"a74602c6-582c-4fa2-8e3d-2b50a5f9cb55","block_type":"box","text":"*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","page_number":237,"box":{"x":95,"y":905,"width":809,"height":11}},{"id":"bcf31f76-775b-44ee-ac7e-a3dc0fc700d7","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":237,"box":{"x":96,"y":921,"width":174,"height":9}},{"id":"526ada92-aeaf-4004-89e3-ec7f747d138f","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":237,"box":{"x":97,"y":38,"width":365,"height":13}},{"id":"808e8d85-524b-4953-bbd6-0c46a1735ac3","block_type":"box","text":"232","page_number":237,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"cf3077f9-3973-4b75-a0b2-0a613dabdcb6","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":238,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"68ae6d85-2771-4889-8ec3-834670885c73","block_type":"box","text":"for the year ended 30 April 2026","page_number":238,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"7ecd230c-5c46-4e03-b242-b24e3d079eec","block_type":"box","text":"5. Taxation","page_number":238,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"1842ded7-a013-4b18-88fa-6d31c54dfd27","block_type":"box","text":"30.04.26","page_number":238,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"2cd96589-9881-48be-850c-fe7700cfb048","block_type":"box","text":"30.04.25","page_number":238,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"b4c25f83-a026-4da5-9e2f-9c4995240c0f","block_type":"box","text":"£","page_number":238,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"944efc30-09bf-45f7-a500-fa7b6680f9a8","block_type":"box","text":"£","page_number":238,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"8c20b277-c879-4b58-b541-7e257eb1f56c","block_type":"box","text":"(a) Analysis of charge in the year","page_number":238,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"aab38cff-e058-4ec3-91d3-27599cc3bc37","block_type":"box","text":"UK corporation tax","page_number":238,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"e6979021-3339-4a3f-a553-e6efcbb1fc54","block_type":"box","text":"8,009","page_number":238,"box":{"x":752,"y":191,"width":32,"height":9}},{"id":"3a1ce955-4cbf-4e59-a1d0-87715581a2e4","block_type":"box","text":"–","page_number":238,"box":{"x":888,"y":196,"width":6,"height":0}},{"id":"2bff5df1-795e-41ec-afe6-a8738599a35f","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":238,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"536bdaa2-2d7a-4aae-b6e9-61bdeb1c3fd3","block_type":"box","text":"8,009","page_number":238,"box":{"x":750,"y":213,"width":35,"height":9}},{"id":"4bccead7-bffe-4e06-b827-e298e1840930","block_type":"box","text":"–","page_number":238,"box":{"x":888,"y":218,"width":6,"height":1}},{"id":"f4e0002a-3b30-4fd2-a015-9cddc75e729b","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":238,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"5e026be8-0277-4a96-9c1e-21fcb9763eb7","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":238,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"17ca4382-a91e-4e9f-af02-c0ee4ad8ca5c","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":238,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"a847cda0-4e61-4a78-a877-e04a847a4aa6","block_type":"box","text":"Net revenue before UK corporation tax","page_number":238,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"bd5add87-ccea-4992-a1d7-0c69c6920a39","block_type":"box","text":"76,306","page_number":238,"box":{"x":744,"y":304,"width":41,"height":9}},{"id":"04b1cdc7-5f5c-4e9b-9c62-c780e2f067a3","block_type":"box","text":"1,687","page_number":238,"box":{"x":862,"y":304,"width":32,"height":9}},{"id":"508a9914-6394-4d1e-a397-7dcc659b975c","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":238,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"3d815269-5d18-40ac-81a9-a57c45de7e22","block_type":"box","text":"15,261","page_number":238,"box":{"x":745,"y":326,"width":38,"height":9}},{"id":"fb6d0a99-5034-40fb-b548-75ae6ca28ef9","block_type":"box","text":"337","page_number":238,"box":{"x":873,"y":326,"width":21,"height":8}},{"id":"91ea0fa9-60ff-4513-b3cf-0d8280451fcd","block_type":"box","text":"Effects of:","page_number":238,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"400a085f-8b4f-40f4-aa5b-7da6493ddec2","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":238,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"1e6a2664-3ad7-481d-b8b5-528cacb278f2","block_type":"box","text":"(6,390)","page_number":238,"box":{"x":748,"y":364,"width":41,"height":9}},{"id":"32429620-65b5-47ee-9786-5c2ee80d2682","block_type":"box","text":"(1,240)","page_number":238,"box":{"x":857,"y":364,"width":42,"height":9}},{"id":"0d7e3025-3545-4c78-b423-c320e244cf4a","block_type":"box","text":"Tax reclaimable on Collective Investment Schemes","page_number":238,"box":{"x":95,"y":382,"width":306,"height":8}},{"id":"0a90581f-58b5-4809-8e05-a86523ee75c9","block_type":"box","text":"–","page_number":238,"box":{"x":778,"y":387,"width":7,"height":1}},{"id":"3210b3a4-f2a0-4d81-97f9-2492ec153b1f","block_type":"box","text":"(20)","page_number":238,"box":{"x":876,"y":383,"width":22,"height":9}},{"id":"c8855dbb-743c-4fe5-a9d3-971024ce02e4","block_type":"box","text":"Tax effect of rebates in capital","page_number":238,"box":{"x":95,"y":401,"width":181,"height":11}},{"id":"cd5199b7-7c51-453f-a1e9-fa87258e0a0f","block_type":"box","text":"35","page_number":238,"box":{"x":771,"y":401,"width":13,"height":8}},{"id":"d6fdfd7d-41c9-4ec3-af3c-d41a8bb10fd8","block_type":"box","text":"–","page_number":238,"box":{"x":888,"y":406,"width":6,"height":1}},{"id":"8c98cb33-b46f-43c0-a2a2-a311ddd3709e","block_type":"box","text":"Current year expenses (utilised)/not utilised","page_number":238,"box":{"x":96,"y":420,"width":266,"height":10}},{"id":"262de46f-be97-4c9e-860a-559b31497b4d","block_type":"box","text":"(897)","page_number":238,"box":{"x":759,"y":420,"width":30,"height":10}},{"id":"7bf8f684-4d7d-4459-ab7f-ede99d588040","block_type":"box","text":"923","page_number":238,"box":{"x":873,"y":420,"width":21,"height":8}},{"id":"1f071251-7253-496b-bc76-2eed2e727aea","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":238,"box":{"x":95,"y":442,"width":251,"height":11}},{"id":"8a8714e1-92b6-4e64-96d2-6b57ec845f19","block_type":"box","text":"8,009","page_number":238,"box":{"x":750,"y":442,"width":35,"height":10}},{"id":"65eae7f4-ece7-4d17-ae5d-a0e8b2ab6eff","block_type":"box","text":"–","page_number":238,"box":{"x":888,"y":447,"width":6,"height":1}},{"id":"c489f726-5f71-4e3f-854d-7b3997edbc21","block_type":"box","text":"(c) Provision for deferred taxation","page_number":238,"box":{"x":95,"y":473,"width":205,"height":10}},{"id":"6de8812e-86b4-41a5-b65a-366d3c88573e","block_type":"box","text":"At 30 April 2026 there is a potential deferred tax asset of £nil (30 April 2025: £897) in relation to surplus management expens","page_number":238,"box":{"x":95,"y":495,"width":761,"height":11}},{"id":"d7f151ce-a491-4761-8c0a-dd76bfeaf687","block_type":"box","text":"es.","page_number":238,"box":{"x":857,"y":497,"width":16,"height":6}},{"id":"f942ca17-b680-4cdd-9149-eb2151ac9e2f","block_type":"box","text":"6. Distributions","page_number":238,"box":{"x":95,"y":548,"width":102,"height":8}},{"id":"073b9651-fe91-4ef4-8cf3-fdfdf89e6a06","block_type":"box","text":"30.04.26","page_number":238,"box":{"x":730,"y":564,"width":55,"height":8}},{"id":"74e97db3-1b71-4c61-8a27-1b22406041bb","block_type":"box","text":"30.04.25","page_number":238,"box":{"x":840,"y":564,"width":54,"height":8}},{"id":"d42fa20d-63ca-4f96-ae7b-dd0b56b405be","block_type":"box","text":"£","page_number":238,"box":{"x":778,"y":579,"width":7,"height":8}},{"id":"12b429ad-38ae-4cab-9e87-f7d681d98512","block_type":"box","text":"£","page_number":238,"box":{"x":888,"y":579,"width":6,"height":8}},{"id":"e0b2b5d0-0c22-4550-abf2-f415ff7ceb39","block_type":"box","text":"Final dividend distribution","page_number":238,"box":{"x":96,"y":601,"width":158,"height":8}},{"id":"818bdb54-ddbc-41e8-8a2c-2ab33c66309b","block_type":"box","text":"133,238","page_number":238,"box":{"x":738,"y":602,"width":47,"height":9}},{"id":"710be12e-32c4-4fac-ad97-948815a1a858","block_type":"box","text":"16,014","page_number":238,"box":{"x":855,"y":602,"width":40,"height":9}},{"id":"7e5d7e34-7b6a-4dcd-93e8-13a71bfad9c1","block_type":"box","text":"133,238","page_number":238,"box":{"x":738,"y":624,"width":47,"height":9}},{"id":"ac2d726d-d697-474a-83d5-63fb91196680","block_type":"box","text":"16,014","page_number":238,"box":{"x":855,"y":624,"width":40,"height":9}},{"id":"b80a9da2-00d4-421f-9ca3-df45e9035d87","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":238,"box":{"x":95,"y":642,"width":300,"height":8}},{"id":"78a40d3c-d8d2-4fa5-925d-a38f348df380","block_type":"box","text":"11,068","page_number":238,"box":{"x":745,"y":643,"width":40,"height":9}},{"id":"beca8bb3-8895-4ce8-ba6d-dc39d2932c39","block_type":"box","text":"1,543","page_number":238,"box":{"x":862,"y":643,"width":32,"height":9}},{"id":"e0381dbe-c9ad-4c1f-92ab-ef686acd2d5d","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":238,"box":{"x":96,"y":661,"width":289,"height":8}},{"id":"e3d8231c-2b2d-4cef-b449-e4cc964a8219","block_type":"box","text":"(64,131)","page_number":238,"box":{"x":740,"y":661,"width":49,"height":10}},{"id":"ecb21883-888c-4fb9-b2ac-12557bb68f60","block_type":"box","text":"(6,007)","page_number":238,"box":{"x":857,"y":661,"width":42,"height":10}},{"id":"6e225266-1d16-4197-a103-d86413810104","block_type":"box","text":"Distributions","page_number":238,"box":{"x":96,"y":683,"width":86,"height":8}},{"id":"a6edff6f-de12-4cb6-b582-8a254b0d2209","block_type":"box","text":"80,175","page_number":238,"box":{"x":745,"y":683,"width":39,"height":10}},{"id":"8fce48c9-f1be-43a0-84bd-117e2a93d6d5","block_type":"box","text":"11,550","page_number":238,"box":{"x":855,"y":683,"width":39,"height":10}},{"id":"5f23f485-e920-4234-84f6-9bb2e246de04","block_type":"box","text":"Reconciliation of distributions","page_number":238,"box":{"x":96,"y":721,"width":200,"height":8}},{"id":"129004fa-f7f8-4066-85f9-bbc7d836bf95","block_type":"box","text":"Net revenue after taxation","page_number":238,"box":{"x":96,"y":739,"width":159,"height":9}},{"id":"d1c2d5c6-5374-4252-8c9e-382a207e9840","block_type":"box","text":"68,297","page_number":238,"box":{"x":745,"y":740,"width":40,"height":9}},{"id":"9dda840a-975c-467d-a798-39bc7fd552bc","block_type":"box","text":"1,687","page_number":238,"box":{"x":862,"y":740,"width":32,"height":9}},{"id":"2f581010-cdbf-4f5f-a363-bbba15e4f8dd","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":238,"box":{"x":96,"y":755,"width":301,"height":11}},{"id":"16230584-ab5a-4ffd-a3fc-6d6fc1db6fac","block_type":"box","text":"12,880","page_number":238,"box":{"x":745,"y":755,"width":40,"height":9}},{"id":"93afa3a6-873f-448f-b124-cd118ac514bd","block_type":"box","text":"8,826","page_number":238,"box":{"x":862,"y":755,"width":32,"height":9}},{"id":"59aaf13c-164f-434e-a5f4-3df4adcee274","block_type":"box","text":"Capital corporation tax","page_number":238,"box":{"x":96,"y":770,"width":138,"height":11}},{"id":"3fcb636b-9a8e-4028-9fb2-47e6418b1fb8","block_type":"box","text":"35","page_number":238,"box":{"x":771,"y":771,"width":13,"height":8}},{"id":"aa5377bf-901e-4471-9257-0d33027b1e09","block_type":"box","text":"–","page_number":238,"box":{"x":888,"y":775,"width":6,"height":1}},{"id":"4135c568-5afb-4974-ac12-cbca997f4639","block_type":"box","text":"Balance brought forward forward","page_number":238,"box":{"x":96,"y":786,"width":202,"height":11}},{"id":"8c6f6ae5-ae91-41ad-9349-e98910cdbf04","block_type":"box","text":"(1,037)","page_number":238,"box":{"x":748,"y":786,"width":41,"height":10}},{"id":"c23f1395-9fdd-4949-933f-5bde7125265b","block_type":"box","text":"–","page_number":238,"box":{"x":888,"y":791,"width":6,"height":0}},{"id":"b664ae98-6b35-48b5-bc21-73a0b009f032","block_type":"box","text":"Balance carried forward","page_number":238,"box":{"x":96,"y":801,"width":144,"height":9}},{"id":"34b76dbc-6258-469c-a618-e2e3b2fa31f1","block_type":"box","text":"–","page_number":238,"box":{"x":778,"y":806,"width":7,"height":1}},{"id":"76ae7077-8b47-4b67-8bbc-daf1d00657f4","block_type":"box","text":"1,037","page_number":238,"box":{"x":862,"y":802,"width":32,"height":9}},{"id":"8264ad43-96ce-427e-8a7d-1e1faa60fc84","block_type":"box","text":"Net distribution for the year","page_number":238,"box":{"x":96,"y":823,"width":187,"height":11}},{"id":"9eca5bc4-f83f-4c37-8736-f67bc235731b","block_type":"box","text":"80,175","page_number":238,"box":{"x":742,"y":824,"width":43,"height":9}},{"id":"c559a52d-8227-4aca-9b4c-ad480ccba96e","block_type":"box","text":"11,550","page_number":238,"box":{"x":852,"y":824,"width":42,"height":9}},{"id":"799731ed-1fc6-4544-be95-5f19b0decc86","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":238,"box":{"x":538,"y":38,"width":364,"height":13}},{"id":"a176bc87-f38c-459d-bb7f-33306b53f324","block_type":"box","text":"233","page_number":238,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"a2248a60-c0ee-4354-a629-7f611b8a2d27","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":239,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"11d1648b-df44-4041-b32b-ee38b147dcff","block_type":"box","text":"for the year ended 30 April 2026","page_number":239,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"79af16ca-fdd9-46a5-a133-b68bf8954435","block_type":"box","text":"7. Debtors","page_number":239,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"cf1e6eae-1535-47c5-b1c0-997d2de374f9","block_type":"box","text":"30.04.26","page_number":239,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"2fa68c3a-1f77-460d-8d46-6db044612ad7","block_type":"box","text":"30.04.25","page_number":239,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"1fc94db4-1431-4c66-ab0d-d779f76886fa","block_type":"box","text":"£","page_number":239,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"970d1cf3-31f9-4cdb-9712-cf0da880ea93","block_type":"box","text":"£","page_number":239,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"8c47ec16-04fd-4d6b-95ac-9d21cb7d360a","block_type":"box","text":"Amounts receivable on creation of shares","page_number":239,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"ab9dfc86-8f70-4970-a0e0-f9fa33e5c659","block_type":"box","text":"–","page_number":239,"box":{"x":778,"y":177,"width":7,"height":1}},{"id":"cbd2a5c3-2583-46ea-b6bd-aa7a4f5a13c4","block_type":"box","text":"700","page_number":239,"box":{"x":873,"y":172,"width":21,"height":8}},{"id":"c170a7c1-045f-408e-ac6c-f02bdd9a4041","block_type":"box","text":"Accrued revenue:","page_number":239,"box":{"x":95,"y":191,"width":105,"height":8}},{"id":"053f954f-ebba-4306-b040-a60e213aa86c","block_type":"box","text":"Rebates from underlying holdings","page_number":239,"box":{"x":96,"y":209,"width":205,"height":11}},{"id":"3dfd6457-bea4-4c6b-b017-2fe57cbf607d","block_type":"box","text":"341","page_number":239,"box":{"x":763,"y":210,"width":20,"height":8}},{"id":"3fba7bb4-e846-4ba2-bd89-46ff06271cc2","block_type":"box","text":"166","page_number":239,"box":{"x":873,"y":210,"width":21,"height":8}},{"id":"3e800285-6521-4618-a07d-945bca432192","block_type":"box","text":"Investment manager fee rebate","page_number":239,"box":{"x":96,"y":228,"width":191,"height":11}},{"id":"184cb2ac-afee-4a72-aa07-44681531eb18","block_type":"box","text":"1,520","page_number":239,"box":{"x":753,"y":229,"width":32,"height":9}},{"id":"06bf5a59-5775-47f3-a01e-4d1828a1fa11","block_type":"box","text":"–","page_number":239,"box":{"x":888,"y":233,"width":6,"height":1}},{"id":"01b6c763-faf1-4b3c-ba01-85455ba795b3","block_type":"box","text":"Income tax recoverable","page_number":239,"box":{"x":96,"y":247,"width":141,"height":8}},{"id":"102c54f4-ad79-43a8-b2d5-798ed491db2c","block_type":"box","text":"29","page_number":239,"box":{"x":771,"y":248,"width":13,"height":7}},{"id":"6d275a69-c339-475b-b064-a28d384c16d9","block_type":"box","text":"–","page_number":239,"box":{"x":888,"y":252,"width":6,"height":1}},{"id":"055cb0ca-6af4-44d6-abc9-474764f6936c","block_type":"box","text":"Bank interest receivable","page_number":239,"box":{"x":96,"y":266,"width":145,"height":8}},{"id":"f6389d45-0c1a-4f24-bdf8-e1a8345ccfc5","block_type":"box","text":"1,440","page_number":239,"box":{"x":753,"y":266,"width":32,"height":9}},{"id":"7394afa6-cf9b-4d0c-8f8c-5a8a086740e9","block_type":"box","text":"–","page_number":239,"box":{"x":888,"y":271,"width":6,"height":1}},{"id":"6ced9db4-987e-4061-979a-8ebe797f821c","block_type":"box","text":"Prepayments","page_number":239,"box":{"x":96,"y":285,"width":79,"height":10}},{"id":"86dcb074-21fd-4e7c-9254-9ebada435e94","block_type":"box","text":"221","page_number":239,"box":{"x":763,"y":285,"width":20,"height":8}},{"id":"3e8a70e2-0541-4361-8c06-038597b41d3b","block_type":"box","text":"103","page_number":239,"box":{"x":873,"y":285,"width":21,"height":8}},{"id":"b8eec168-3d6f-4e63-889b-a7db7e86ab2f","block_type":"box","text":"Total debtors","page_number":239,"box":{"x":95,"y":307,"width":88,"height":8}},{"id":"09975008-90b6-4b03-9a11-742debfc4e5f","block_type":"box","text":"3,551","page_number":239,"box":{"x":750,"y":307,"width":33,"height":9}},{"id":"a8e2a428-8763-45b3-9242-188a46d8f11d","block_type":"box","text":"969","page_number":239,"box":{"x":872,"y":307,"width":22,"height":8}},{"id":"085a634a-e809-4b4c-a18d-3530994a10f4","block_type":"box","text":"8. Cash and bank balances","page_number":239,"box":{"x":95,"y":360,"width":174,"height":8}},{"id":"94d91ebb-3127-45e7-9139-27dd57bac2cf","block_type":"box","text":"30.04.26","page_number":239,"box":{"x":730,"y":360,"width":55,"height":8}},{"id":"a55cb74f-e7d0-4ad7-87e4-2e61c49663a6","block_type":"box","text":"30.04.25","page_number":239,"box":{"x":840,"y":360,"width":54,"height":8}},{"id":"d8421462-230b-4933-8e8b-a94bebcef739","block_type":"box","text":"£","page_number":239,"box":{"x":778,"y":376,"width":7,"height":8}},{"id":"91212e8e-4359-45e9-8794-4a3091a54567","block_type":"box","text":"£","page_number":239,"box":{"x":888,"y":376,"width":6,"height":8}},{"id":"9262efb4-60a3-4da4-be25-bc7e053bc664","block_type":"box","text":"Cash and bank balances","page_number":239,"box":{"x":96,"y":398,"width":146,"height":8}},{"id":"77aa4b61-9124-4572-b68b-d2a34407947c","block_type":"box","text":"217,683","page_number":239,"box":{"x":737,"y":398,"width":47,"height":9}},{"id":"02c23852-a485-4b37-8c4c-a60610b0502c","block_type":"box","text":"21,629","page_number":239,"box":{"x":854,"y":398,"width":40,"height":9}},{"id":"0fa9bd13-a62b-4355-8d79-096d1583fc08","block_type":"box","text":"Total","page_number":239,"box":{"x":95,"y":420,"width":33,"height":8}},{"id":"60d27e44-b789-49cc-88ed-8bc89182363b","block_type":"box","text":"217,683","page_number":239,"box":{"x":734,"y":420,"width":51,"height":9}},{"id":"99825def-df13-4b98-9486-ba50326371e8","block_type":"box","text":"21,629","page_number":239,"box":{"x":852,"y":420,"width":42,"height":9}},{"id":"98622781-8d63-4b03-977a-bf505f0953f0","block_type":"box","text":"9. Creditors","page_number":239,"box":{"x":95,"y":473,"width":76,"height":8}},{"id":"7510af25-f5db-4c43-a10a-a85d0b0102b6","block_type":"box","text":"30.04.26","page_number":239,"box":{"x":730,"y":473,"width":55,"height":8}},{"id":"58052476-5e03-44af-b3a5-36bf2d12a61a","block_type":"box","text":"30.04.25","page_number":239,"box":{"x":840,"y":473,"width":54,"height":8}},{"id":"939cdc64-84a3-40c9-ab5a-544fee0aa329","block_type":"box","text":"£","page_number":239,"box":{"x":778,"y":489,"width":7,"height":7}},{"id":"deeef751-032b-4085-87af-d8e334c5989d","block_type":"box","text":"£","page_number":239,"box":{"x":888,"y":489,"width":6,"height":7}},{"id":"f18d18c0-745f-486d-813e-33e8d6f9b17e","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":239,"box":{"x":95,"y":510,"width":261,"height":11}},{"id":"5ec4fb5f-7bc1-4eb9-8166-81895b9bd1ff","block_type":"box","text":"464","page_number":239,"box":{"x":763,"y":511,"width":22,"height":8}},{"id":"93bcf7cf-c67c-4403-b196-f10af5adc6f8","block_type":"box","text":"19","page_number":239,"box":{"x":881,"y":511,"width":13,"height":8}},{"id":"3d0a766f-b5f6-4c09-a687-4c28720d7f3b","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":239,"box":{"x":96,"y":529,"width":549,"height":11}},{"id":"f20156e8-e167-431d-a206-df73590d2644","block_type":"box","text":"agents of either of them:","page_number":239,"box":{"x":95,"y":545,"width":149,"height":10}},{"id":"978b3284-9bbd-4ea5-b294-4ea7c3f2fa26","block_type":"box","text":"Annual management charge","page_number":239,"box":{"x":104,"y":564,"width":172,"height":10}},{"id":"6c0e6695-7963-40df-bd27-7ecbe7ed01b9","block_type":"box","text":"1,064","page_number":239,"box":{"x":753,"y":564,"width":32,"height":9}},{"id":"b73151a0-89b2-45d5-abf5-e56e1a2efae3","block_type":"box","text":"394","page_number":239,"box":{"x":873,"y":564,"width":22,"height":8}},{"id":"ee4bd2fe-702a-4fdb-a556-9616c1cae820","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":239,"box":{"x":96,"y":586,"width":514,"height":10}},{"id":"a46b5d9b-e340-40f2-a605-0bb336d06e7f","block_type":"box","text":"Depositary fee","page_number":239,"box":{"x":106,"y":604,"width":86,"height":11}},{"id":"40b41ae4-30ae-482e-a9e7-d3f11f03acfd","block_type":"box","text":"170","page_number":239,"box":{"x":764,"y":605,"width":21,"height":8}},{"id":"eae2d9e5-7ee3-4aeb-98ef-11c1db37a278","block_type":"box","text":"65","page_number":239,"box":{"x":880,"y":605,"width":14,"height":8}},{"id":"c109c6b5-ce1c-43de-b5f2-c1013aa71f4b","block_type":"box","text":"Safe custody and other custodian charges","page_number":239,"box":{"x":105,"y":620,"width":253,"height":11}},{"id":"48dfd57c-c976-40a0-b523-366a9d62bfec","block_type":"box","text":"25","page_number":239,"box":{"x":771,"y":620,"width":13,"height":8}},{"id":"3ec1e892-08a8-456c-9bb4-b92e1d87d96e","block_type":"box","text":"3,329","page_number":239,"box":{"x":862,"y":620,"width":32,"height":9}},{"id":"c9c0253f-4011-4229-97c5-2c3527ee72b6","block_type":"box","text":"195","page_number":239,"box":{"x":764,"y":643,"width":20,"height":7}},{"id":"e19f8057-0a0b-44d1-8f06-69d86a03d4b1","block_type":"box","text":"3,394","page_number":239,"box":{"x":862,"y":643,"width":33,"height":9}},{"id":"7e5e2ccc-75be-497f-9db4-147c979bfe96","block_type":"box","text":"Other expenses:","page_number":239,"box":{"x":96,"y":664,"width":97,"height":11}},{"id":"3b24843f-c246-4aaf-b430-296bb5082f67","block_type":"box","text":"UK Corporation tax","page_number":239,"box":{"x":105,"y":683,"width":116,"height":11}},{"id":"96fec24a-fb1b-42b3-8735-f1073c0d12b2","block_type":"box","text":"8,009","page_number":239,"box":{"x":752,"y":683,"width":32,"height":10}},{"id":"7aff2fdf-7006-46f5-9269-9cc6ee66d40b","block_type":"box","text":"–","page_number":239,"box":{"x":888,"y":688,"width":6,"height":1}},{"id":"bc276bf3-25e2-4c19-ac76-d7894570fc5c","block_type":"box","text":"Audit fee*","page_number":239,"box":{"x":104,"y":699,"width":62,"height":8}},{"id":"21ff914b-58b9-4420-bb64-203018b15826","block_type":"box","text":"9,720","page_number":239,"box":{"x":752,"y":699,"width":33,"height":9}},{"id":"08717dc8-2576-424e-99b3-43fe00347841","block_type":"box","text":"7,798","page_number":239,"box":{"x":862,"y":699,"width":32,"height":9}},{"id":"2a122814-41dd-4636-8f3c-0984ef2def1c","block_type":"box","text":"Other accrued expenses","page_number":239,"box":{"x":105,"y":714,"width":147,"height":11}},{"id":"d717de23-5bdf-40d5-b5c9-cf5e44076a3d","block_type":"box","text":"3,396","page_number":239,"box":{"x":752,"y":714,"width":33,"height":10}},{"id":"a92bd033-85d2-473f-a4db-f2e86a17a19c","block_type":"box","text":"1,507","page_number":239,"box":{"x":862,"y":714,"width":32,"height":10}},{"id":"ffa01512-b397-40a2-ae05-41f2ac35a2c3","block_type":"box","text":"21,125","page_number":239,"box":{"x":745,"y":737,"width":39,"height":9}},{"id":"bf249c21-4273-4372-98ef-b8617d0996c8","block_type":"box","text":"9,305","page_number":239,"box":{"x":862,"y":737,"width":32,"height":9}},{"id":"d7569ea2-4a2f-4202-bea0-0708c52ffa01","block_type":"box","text":"Total creditors","page_number":239,"box":{"x":95,"y":771,"width":97,"height":9}},{"id":"3863d859-e84f-48ca-8966-992eb3bc13b1","block_type":"box","text":"22,848","page_number":239,"box":{"x":742,"y":772,"width":43,"height":9}},{"id":"7df55d73-12ef-456b-be3f-7ee60fed7f4d","block_type":"box","text":"13,112","page_number":239,"box":{"x":852,"y":772,"width":42,"height":9}},{"id":"a1d6d3eb-c266-47d5-97a3-109010728209","block_type":"box","text":"*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","page_number":239,"box":{"x":95,"y":794,"width":809,"height":10}},{"id":"21386526-3aee-4e05-8352-6c07f678050f","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":239,"box":{"x":96,"y":809,"width":174,"height":10}},{"id":"d1ec9192-892c-4b9f-8165-6c0b700526d3","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":239,"box":{"x":97,"y":38,"width":365,"height":13}},{"id":"198d8c8f-bc72-4419-8b3c-77da4f5102fb","block_type":"box","text":"234","page_number":239,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"babfa093-bf3d-4df4-a908-a0afbbc59499","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":240,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"5b89992a-ef5a-45ef-9158-1652e3ee5151","block_type":"box","text":"for the year ended 30 April 2026","page_number":240,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"3843c7cf-fd88-4d1d-b76f-86dbcea92c12","block_type":"box","text":"10. Risk management policies","page_number":240,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"15dea2eb-dc5b-4022-a4cf-563ebf045c26","block_type":"box","text":"In pursuing its investment objective as stated on page 223, the Sub-fund holds a number of financial instruments. The Sub-fund’","page_number":240,"box":{"x":96,"y":150,"width":802,"height":10}},{"id":"c6c0be29-7fc9-475f-98df-056448ebf96c","block_type":"box","text":"s","page_number":240,"box":{"x":899,"y":152,"width":5,"height":6}},{"id":"be9c7927-6b16-4aa6-9456-782ef257daba","block_type":"box","text":"financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from","page_number":240,"box":{"x":95,"y":165,"width":789,"height":11}},{"id":"26ad193a-5585-4c41-a92f-d409dd5ee245","block_type":"box","text":"its","page_number":240,"box":{"x":891,"y":165,"width":13,"height":8}},{"id":"2b5f8872-655f-4266-b122-3b188ff9c584","block_type":"box","text":"operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for","page_number":240,"box":{"x":95,"y":181,"width":809,"height":10}},{"id":"70126cf4-efd5-4633-8051-f7100eef745f","block_type":"box","text":"redemptions and debtors for accrued revenue.","page_number":240,"box":{"x":96,"y":196,"width":284,"height":11}},{"id":"365ab833-ba85-4274-aa80-cd49464633c9","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":240,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"1fee6769-b872-467e-b556-576e86ac8e3c","block_type":"box","text":"anaging","page_number":240,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"31f07b06-bc7b-4bc0-89d5-b3710aef45a9","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":240,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"17b14241-3df9-40d0-9cad-0e64c7e73516","block_type":"box","text":"Market price risk","page_number":240,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"7b9d1034-bf73-4a3f-b05e-d899b3a5e607","block_type":"box","text":"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","page_number":240,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"97834248-c039-4970-ae1e-25c236802b6b","block_type":"box","text":"ket prices","page_number":240,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"6252fd54-dd8f-4404-9676-d3a38ff2cccb","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":240,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"e2de47d5-4891-4037-902a-7238d9cf62f3","block_type":"box","text":"future","page_number":240,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"c52ff5e5-90b1-4f20-9bf8-8a41a2db5d44","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":240,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"659ec5ad-a376-46c0-899b-e4c299878c1e","block_type":"box","text":"market","page_number":240,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"e56baab7-0b4c-4b33-b23f-869ed1416e95","block_type":"box","text":"positions in the face of price movements.","page_number":240,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"5cd26cd9-58e8-4fc1-bd95-80f0e08ca4d6","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":240,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"7dca7313-bffb-4f95-96d6-b18b1dd1b2dc","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":240,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"9b0a0829-e673-4156-8dfb-5d99c20c4e1e","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":240,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"2522f08c-498e-4f53-b038-dedc835b18bc","block_type":"box","text":"ectus","page_number":240,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"3d5c730b-6f4b-4f64-bfe3-4a2faffd0848","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":240,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"08229cd5-5455-417d-9cd9-bbaef20731f6","block_type":"box","text":"exposure","page_number":240,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"49d3217a-757e-4f77-aea7-e9f7fbec4437","block_type":"box","text":"to any particular type of security or issuer.","page_number":240,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"ae2959d6-713b-4a09-8ffe-0fd17967fcda","block_type":"box","text":"If market prices at the balance sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":240,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"95bbc8f4-7835-473a-8535-f5c3131febba","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £856,775 (3","page_number":240,"box":{"x":95,"y":446,"width":801,"height":11}},{"id":"dc81456f-37e8-40f3-be94-20215e0cbd9b","block_type":"box","text":"0","page_number":240,"box":{"x":897,"y":446,"width":7,"height":8}},{"id":"b850873f-f616-4741-8f28-be79d91a2f8f","block_type":"box","text":"April 2025: £324,445).","page_number":240,"box":{"x":95,"y":461,"width":132,"height":11}},{"id":"5e3ad3ea-a364-4dd7-b9ab-5c57d5d74208","block_type":"box","text":"Foreign currency risk","page_number":240,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"b045259d-ad15-40a4-9b11-cd790d867d45","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":240,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"ad620804-99a6-451b-a233-4c96bc2d7f5b","block_type":"box","text":"foreign","page_number":240,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"b0f023ce-4628-4bff-a622-174480a13e53","block_type":"box","text":"currency exchange rates.","page_number":240,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"e786631d-9de8-4fe8-9aa3-429be86b9406","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":240,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"2156b8be-0f56-44b6-8bd6-440dcd3ea853","block_type":"box","text":"nvest","page_number":240,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"9430eade-4846-416a-8d5d-469395171df7","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":240,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"34831dc0-c093-4af2-8bfd-eff0260ce3a1","block_type":"box","text":"e","page_number":240,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"5821320e-369f-4db6-bfbe-e6007e9d0f65","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":240,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"9288cd48-5e4b-4085-a61b-e9c122c5a4bd","block_type":"box","text":"ced","page_number":240,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"646be4ca-5461-4147-add0-b19f43607ffd","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":240,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"cf9d0fb6-d03c-424b-ad06-ddea70b45e39","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":240,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"73fac7cf-c1ca-483e-8aa9-4b23b5878768","block_type":"box","text":"Net monetary","page_number":240,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"88944158-40d6-4bcc-9f03-0e116fba80d4","block_type":"box","text":"Non-monetary","page_number":240,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"67552c89-92b1-49c2-b9d2-db605d33968b","block_type":"box","text":"Total net","page_number":240,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"555a0103-dd8c-41b3-aea2-377dc3bfe018","block_type":"box","text":"assets and liabilities","page_number":240,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"e5669e47-6e67-47e7-904f-e7443f1da4a0","block_type":"box","text":"assets","page_number":240,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"5d6c0bea-e63e-443d-9008-a1ff0a6eac72","block_type":"box","text":"assets","page_number":240,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"ab91a864-d9e7-4196-82c3-2f0ea2ea056a","block_type":"box","text":"£","page_number":240,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"132ee640-169b-4dfe-8e8a-c245a0150def","block_type":"box","text":"£","page_number":240,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"d0d422a4-9d96-45a8-9a2d-7b4f65114ddb","block_type":"box","text":"£","page_number":240,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"1b8d22ee-6dff-496d-a8bc-3741b16fde58","block_type":"box","text":"£","page_number":240,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"901cf4b0-efd7-4a5f-8063-9b387cd51afe","block_type":"box","text":"£","page_number":240,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"675a281d-622e-4a75-ac6e-63352246d741","block_type":"box","text":"£","page_number":240,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"3232511f-0c46-4ff2-8ad9-dc8bdba361e6","block_type":"box","text":"30.04.26","page_number":240,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"2c18f8db-711e-4ce4-9847-944e1e4faef2","block_type":"box","text":"30.04.25","page_number":240,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"709719cc-c492-4efd-9d22-004d5a161d61","block_type":"box","text":"30.04.26","page_number":240,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"5ed06871-a687-4cac-8383-54757e295675","block_type":"box","text":"30.04.25","page_number":240,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"b95cfcf2-8f7c-4cb2-a82c-25a65abb0c87","block_type":"box","text":"30.04.26","page_number":240,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"042799c4-656e-4c45-a312-7d0ac939d4cb","block_type":"box","text":"30.04.25","page_number":240,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"b23bc2f6-8555-4235-9cf6-e653a3c3f6c6","block_type":"box","text":"Sterling","page_number":240,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"fc13a6ee-3674-4194-9818-7f1f160f46ca","block_type":"box","text":"198,386","page_number":240,"box":{"x":299,"y":680,"width":47,"height":9}},{"id":"69801bd2-bd20-4ab6-92ff-c9559528fe95","block_type":"box","text":"9,486","page_number":240,"box":{"x":424,"y":680,"width":32,"height":9}},{"id":"7e0841cf-06bc-46a9-9a9f-dab4503963ce","block_type":"box","text":"8,181,007","page_number":240,"box":{"x":507,"y":680,"width":59,"height":9}},{"id":"18053483-7748-4f54-bff4-7b864144eb3f","block_type":"box","text":"3,192,033","page_number":240,"box":{"x":616,"y":680,"width":59,"height":9}},{"id":"f94d122e-d12d-4495-99bb-9a1f70bfc724","block_type":"box","text":"8,379,393","page_number":240,"box":{"x":726,"y":680,"width":58,"height":9}},{"id":"670bf194-e9ee-4d94-b212-0c37248e350a","block_type":"box","text":"3,201,519","page_number":240,"box":{"x":835,"y":680,"width":59,"height":9}},{"id":"b2dfc915-c633-4d4f-8308-be98ff06baa9","block_type":"box","text":"EUR","page_number":240,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"7b98cfe8-883d-4728-b77f-63709b98349c","block_type":"box","text":"–","page_number":240,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"0758e439-0ecf-4211-a551-af3d0ff97507","block_type":"box","text":"–","page_number":240,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"b3dd352d-824f-42ed-a022-ad1f0d725225","block_type":"box","text":"–","page_number":240,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"6422a759-adfa-4e98-a0dc-151bf9cdee13","block_type":"box","text":"52,417","page_number":240,"box":{"x":635,"y":695,"width":40,"height":9}},{"id":"b3847aca-e242-4a49-918f-4914d966b4c5","block_type":"box","text":"–","page_number":240,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"83240f4e-de2b-4d53-8fa9-ad87b3c56a55","block_type":"box","text":"52,417","page_number":240,"box":{"x":854,"y":695,"width":40,"height":9}},{"id":"a3c8f677-3e07-4bd1-9c37-b1d95731ad0d","block_type":"box","text":"USD","page_number":240,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"60ce19c1-ca5f-4c87-bc96-eaeb24427004","block_type":"box","text":"–","page_number":240,"box":{"x":340,"y":715,"width":7,"height":1}},{"id":"438e90eb-4873-4979-bfd4-59c419c5ae61","block_type":"box","text":"–","page_number":240,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"a743cae3-ddb1-41fa-a4fa-b9621a8f1fbd","block_type":"box","text":"386,743","page_number":240,"box":{"x":518,"y":711,"width":47,"height":9}},{"id":"c20a3d52-9a6a-44b4-af89-f3848ff7d33d","block_type":"box","text":"–","page_number":240,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"40d4749f-dff0-49e6-b905-9a3ef55d02fc","block_type":"box","text":"386,743","page_number":240,"box":{"x":737,"y":711,"width":47,"height":9}},{"id":"93a0ff72-3b14-4559-84df-d129f41b893c","block_type":"box","text":"–","page_number":240,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"a0b2a668-15ce-4efb-b4ce-e1dd85edcb0d","block_type":"box","text":"198,386","page_number":240,"box":{"x":297,"y":733,"width":50,"height":9}},{"id":"35e6fdf1-a926-4387-ad4b-7ef7ac72b86e","block_type":"box","text":"9,486","page_number":240,"box":{"x":422,"y":733,"width":34,"height":9}},{"id":"017a776b-d983-4d1b-b04e-2ff605ccb3f7","block_type":"box","text":"8,567,750","page_number":240,"box":{"x":503,"y":733,"width":63,"height":9}},{"id":"e6c5cc9a-44d4-4eb1-97ed-cc67802d2765","block_type":"box","text":"3,244,450","page_number":240,"box":{"x":613,"y":733,"width":62,"height":9}},{"id":"5e0556a7-3891-4410-bf74-3aa2aca2fd90","block_type":"box","text":"8,766,136","page_number":240,"box":{"x":722,"y":733,"width":63,"height":9}},{"id":"608ec355-c5c2-4d6e-b1bf-ea6eef12e871","block_type":"box","text":"3,253,936","page_number":240,"box":{"x":832,"y":733,"width":62,"height":9}},{"id":"701e25ed-2f41-4047-aedb-7d90492fb318","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":240,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"77c29e44-6eeb-4723-9c03-9904e33e4523","block_type":"box","text":"he","page_number":240,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"a7ffd980-5df1-44ed-b34f-db01e622f825","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £38,","page_number":240,"box":{"x":96,"y":770,"width":785,"height":11}},{"id":"03fbffd4-1908-4e02-b46c-364c77f7baf2","block_type":"box","text":"674","page_number":240,"box":{"x":882,"y":771,"width":22,"height":7}},{"id":"4df8fd48-54ba-4d93-b38e-42380ae27eaa","block_type":"box","text":"(30 April 2025: £5,242).","page_number":240,"box":{"x":95,"y":786,"width":140,"height":10}},{"id":"02c34abc-69ef-4e1d-b010-f4463885f678","block_type":"box","text":"Interest rate risk","page_number":240,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"4f3be231-1f15-47d5-835f-aa1be9e675ff","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":240,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"d67bb6db-fcac-4549-9f54-87dea5de3c56","block_type":"box","text":"se change","page_number":240,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"8b12672f-68e2-4b65-8548-decdb0f8e4b5","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":240,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"e11fcc87-0b6c-48d9-bffc-db433a21a959","block_type":"box","text":"nterest","page_number":240,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"57228381-27f4-4644-becd-64aed86d5235","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short-term in","page_number":240,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"6cee296c-c27a-4790-aa8d-8a7d6fbc70ca","block_type":"box","text":"struments.","page_number":240,"box":{"x":840,"y":853,"width":63,"height":8}},{"id":"d5d41050-b55a-4a8e-ab65-4d5b6bf5c59d","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":240,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"35536756-58d3-43ab-9812-918a4dd84cf4","block_type":"box","text":"ited","page_number":240,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"adc25942-183e-48c0-ab33-26ea125e7773","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":240,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"df7b68f3-18e0-4580-8b9b-9cb70188190c","block_type":"box","text":"n the","page_number":240,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"b33df320-b626-481c-b34a-04a392360514","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":240,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"5ea54f12-f7bc-4816-b8b3-ed776a9f3c3f","block_type":"box","text":"ses as","page_number":240,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"4c96820b-638e-4bf8-acca-f774d9ae03c1","block_type":"box","text":"interest rates increase.","page_number":240,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"eff9a170-312b-4e64-9d00-61b2d87b1825","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":240,"box":{"x":538,"y":38,"width":364,"height":13}},{"id":"c13fae15-38fa-4c5b-9c32-b7ddd13ad147","block_type":"box","text":"235","page_number":240,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"f3000598-1273-4f7e-b0c1-11b6e449ebb1","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":241,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"0b1d0416-27e2-4d11-a9ad-658d28d4c59c","block_type":"box","text":"for the year ended 30 April 2026","page_number":241,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"2d66d96e-78dd-4a59-a6b6-b7ef69839514","block_type":"box","text":"10. Risk management policies (continued)","page_number":241,"box":{"x":96,"y":134,"width":277,"height":11}},{"id":"77732bb6-5d12-4a06-8d40-ef12806bb485","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":241,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"52280b2f-e7d3-4116-b38b-fcd469cb54a6","block_type":"box","text":"30.04.26","page_number":241,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"979a63ec-a0fc-40b1-bbe6-c8fb1f578ee2","block_type":"box","text":"30.04.25","page_number":241,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"24c9571e-8ab2-4e92-b5e3-e1429db89b33","block_type":"box","text":"£","page_number":241,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"1936173d-dffa-4081-9680-2b638c88ec22","block_type":"box","text":"£","page_number":241,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"80f162fd-5e11-4465-9c16-b54394ed708b","block_type":"box","text":"Financial assets floating rate","page_number":241,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"b432ab19-babd-4d89-85fc-50a253a337c9","block_type":"box","text":"217,683","page_number":241,"box":{"x":737,"y":210,"width":47,"height":9}},{"id":"d3a44b51-adbe-45bc-8b86-4bf4d5e45b74","block_type":"box","text":"21,629","page_number":241,"box":{"x":854,"y":210,"width":40,"height":9}},{"id":"c0f57884-e145-4568-a998-a2128480d096","block_type":"box","text":"Financial assets interest bearing instruments","page_number":241,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"f5d6aa35-9a94-4ef6-8405-7a677b2b6563","block_type":"box","text":"4,562,619","page_number":241,"box":{"x":725,"y":229,"width":59,"height":9}},{"id":"68693c73-2711-431b-90e9-5b416c2eb046","block_type":"box","text":"1,788,318","page_number":241,"box":{"x":836,"y":229,"width":58,"height":9}},{"id":"0572fbee-4dcc-433e-949b-c8221c5d5a88","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":241,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"ae6bb400-8eab-4432-bdc2-41993b1d22a4","block_type":"box","text":"4,008,682","page_number":241,"box":{"x":725,"y":248,"width":59,"height":9}},{"id":"11cf9800-c884-46bc-b62e-e2aca4e2b348","block_type":"box","text":"1,457,101","page_number":241,"box":{"x":836,"y":248,"width":56,"height":9}},{"id":"a904da2d-a8cd-4d6b-a235-ecfae5cf3b92","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":241,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"12a1c208-917b-4070-b03c-8038d647d95a","block_type":"box","text":"(22,848)","page_number":241,"box":{"x":740,"y":266,"width":49,"height":10}},{"id":"aa3e8d9d-534b-4424-93cc-56b091f6167b","block_type":"box","text":"(13,112)","page_number":241,"box":{"x":850,"y":266,"width":49,"height":10}},{"id":"265bfe5b-c7a8-4415-9118-54ec26dcd54e","block_type":"box","text":"8,766,136","page_number":241,"box":{"x":722,"y":289,"width":63,"height":9}},{"id":"6c6a4dcd-ae4c-4c3c-86cd-b40ec8f496d7","block_type":"box","text":"3,253,936","page_number":241,"box":{"x":832,"y":289,"width":62,"height":9}},{"id":"25dbac0c-e414-4559-a9cd-36c95f77310e","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":241,"box":{"x":95,"y":323,"width":767,"height":11}},{"id":"8c351d94-3f00-4490-9476-015c482efca2","block_type":"box","text":"assets","page_number":241,"box":{"x":867,"y":324,"width":37,"height":8}},{"id":"774878d9-ba8b-4572-a6f3-4614c01715e3","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £487 (30 April 2025: £21).","page_number":241,"box":{"x":95,"y":339,"width":710,"height":11}},{"id":"6dc14dc8-16e3-40f0-8f2d-b9f86bbd768e","block_type":"box","text":"Maturity of financial liabilities","page_number":241,"box":{"x":96,"y":361,"width":201,"height":11}},{"id":"de61ae67-4683-421d-ad82-76028945e7a0","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":241,"box":{"x":95,"y":376,"width":655,"height":11}},{"id":"28bc51fa-2a29-4f9f-bf66-e3dbda868e8b","block_type":"box","text":"Liquidity risk","page_number":241,"box":{"x":96,"y":399,"width":86,"height":10}},{"id":"05df1ca8-41ef-449f-a296-0391e758e500","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":241,"box":{"x":95,"y":414,"width":742,"height":11}},{"id":"d8670b3c-980c-430f-92c3-9fb3c336c600","block_type":"box","text":"any shares","page_number":241,"box":{"x":840,"y":414,"width":64,"height":11}},{"id":"3eb85918-84b4-4749-bb48-da09e99f2961","block_type":"box","text":"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","page_number":241,"box":{"x":95,"y":429,"width":732,"height":11}},{"id":"0d08a213-d683-4da4-80a9-29b0a912cc1f","block_type":"box","text":"edemptions.","page_number":241,"box":{"x":828,"y":430,"width":75,"height":10}},{"id":"0ae31322-6816-46f5-8ec5-d53a3d4368a4","block_type":"box","text":"Credit risk","page_number":241,"box":{"x":96,"y":452,"width":68,"height":8}},{"id":"5e03e0dd-25b0-4a65-8d2e-0abcf1dadebe","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":241,"box":{"x":96,"y":467,"width":722,"height":11}},{"id":"370583a4-5d01-40b4-8b2f-8a0ed82d8b17","block_type":"box","text":"he investment","page_number":241,"box":{"x":819,"y":467,"width":85,"height":8}},{"id":"ea1e178a-9238-4771-8ad0-552ed8978a5a","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":241,"box":{"x":95,"y":483,"width":759,"height":10}},{"id":"597bdc3b-c5ca-479b-8eaa-1de706669a08","block_type":"box","text":"stments","page_number":241,"box":{"x":856,"y":484,"width":48,"height":7}},{"id":"c122f1db-4273-4a34-9f69-cb2617ef2af6","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":241,"box":{"x":95,"y":498,"width":808,"height":11}},{"id":"824db97e-be10-41ce-826c-c843c2b1b879","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar","page_number":241,"box":{"x":96,"y":513,"width":738,"height":11}},{"id":"98d5857d-7f19-48e6-8e11-4c6859422ef8","block_type":"box","text":"e reviewed.","page_number":241,"box":{"x":835,"y":513,"width":68,"height":9}},{"id":"a9d995ff-2bdc-4dda-a572-21f0f55b08ae","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":241,"box":{"x":96,"y":536,"width":733,"height":10}},{"id":"ca1b448e-1bfa-4f7b-930c-36bda0cc64ea","block_type":"box","text":"cash is held","page_number":241,"box":{"x":834,"y":536,"width":69,"height":8}},{"id":"22b2a2d9-db9b-41b4-bc57-b866a2910847","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":241,"box":{"x":95,"y":551,"width":735,"height":11}},{"id":"1cf3db6c-ec63-45e0-8adb-82599e2e40d1","block_type":"box","text":"lectives that","page_number":241,"box":{"x":832,"y":551,"width":72,"height":8}},{"id":"19ca5613-1419-4603-9123-c248d379f397","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":241,"box":{"x":96,"y":566,"width":650,"height":11}},{"id":"178e2da0-6a51-4f95-938d-2e5118f8f34a","block_type":"box","text":"Fair value disclosure","page_number":241,"box":{"x":96,"y":589,"width":135,"height":8}},{"id":"1462a435-fa2b-4a47-8b64-45e839bbf4a0","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":241,"box":{"x":95,"y":604,"width":731,"height":11}},{"id":"08cd9a31-3f88-4bcc-ab82-7e2320a32770","block_type":"box","text":". The highest","page_number":241,"box":{"x":828,"y":604,"width":76,"height":11}},{"id":"01ba78a6-54e2-43d7-82aa-6eb541d70c7e","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":241,"box":{"x":96,"y":620,"width":739,"height":10}},{"id":"401cade7-ace9-4cb3-9a92-21f970ff33c2","block_type":"box","text":"els in these","page_number":241,"box":{"x":836,"y":620,"width":68,"height":8}},{"id":"90a463c8-a9fb-41e2-a661-2de0b90805e7","block_type":"box","text":"financial statements are as follows:","page_number":241,"box":{"x":95,"y":635,"width":213,"height":8}},{"id":"650ad6bf-5451-4b84-812b-945e8609f92d","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":241,"box":{"x":96,"y":657,"width":489,"height":11}},{"id":"758b3160-1931-42d7-8f05-90592c76c1e9","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":241,"box":{"x":96,"y":679,"width":568,"height":11}},{"id":"f3c23efd-1af3-4f4d-b7da-1fe5a4aa06ef","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":241,"box":{"x":96,"y":702,"width":344,"height":10}},{"id":"ad4c4e26-fd4e-435d-8674-bc57fc93fb51","block_type":"box","text":"Valuation technique","page_number":241,"box":{"x":95,"y":724,"width":135,"height":10}},{"id":"257dbc13-da71-4f3d-8a2c-891861055d5a","block_type":"box","text":"30.04.26","page_number":241,"box":{"x":534,"y":724,"width":55,"height":8}},{"id":"8d859e98-338f-4209-b93f-112700949637","block_type":"box","text":"30.04.25","page_number":241,"box":{"x":801,"y":724,"width":54,"height":8}},{"id":"de3fdb54-9d71-4baa-becb-c47ea42eba86","block_type":"box","text":"Assets","page_number":241,"box":{"x":452,"y":737,"width":42,"height":8}},{"id":"7904c0d7-dd74-4332-a80f-073a5f44300b","block_type":"box","text":"Liabilities","page_number":241,"box":{"x":564,"y":737,"width":64,"height":8}},{"id":"96af2bc3-2fc5-467a-ad2e-8c620409be75","block_type":"box","text":"Assets","page_number":241,"box":{"x":719,"y":737,"width":42,"height":8}},{"id":"970b0b4e-407a-4db9-bed8-957f678c2bb7","block_type":"box","text":"Liabilities","page_number":241,"box":{"x":833,"y":737,"width":64,"height":8}},{"id":"7c769aef-8083-4c02-9f43-4f9d0b8e0e87","block_type":"box","text":"(£000’s)","page_number":241,"box":{"x":444,"y":750,"width":50,"height":10}},{"id":"f0e0d89e-803f-4ab4-9e52-3139236552ba","block_type":"box","text":"(£000’s)","page_number":241,"box":{"x":577,"y":750,"width":50,"height":10}},{"id":"68f73b25-df54-4bcc-8077-a46d982d42f4","block_type":"box","text":"(£000’s)","page_number":241,"box":{"x":711,"y":750,"width":50,"height":10}},{"id":"f10454ae-2113-4669-bc4c-a0c99d1d7031","block_type":"box","text":"(£000’s)","page_number":241,"box":{"x":846,"y":750,"width":51,"height":10}},{"id":"c52c7c5e-2456-47d0-a335-eb9d83256e38","block_type":"box","text":"Level 1","page_number":241,"box":{"x":96,"y":765,"width":38,"height":8}},{"id":"daa57d7e-702e-4f92-ac37-ef82f5735089","block_type":"box","text":"3,675","page_number":241,"box":{"x":462,"y":766,"width":32,"height":9}},{"id":"1040fdc6-a1b2-4deb-ba22-5f54e2ace3c9","block_type":"box","text":"–","page_number":241,"box":{"x":621,"y":770,"width":6,"height":1}},{"id":"f09f09e1-217d-4e2f-bb47-4ca3d7e85dbc","block_type":"box","text":"324","page_number":241,"box":{"x":739,"y":766,"width":22,"height":7}},{"id":"b544d019-c167-4479-88be-eae8f35ef7f9","block_type":"box","text":"–","page_number":241,"box":{"x":890,"y":770,"width":7,"height":1}},{"id":"d039da05-5d96-4a5c-b4ac-714eed3ec6d3","block_type":"box","text":"Level 2","page_number":241,"box":{"x":96,"y":781,"width":40,"height":8}},{"id":"bb5c7729-68e5-4dba-b385-2fd62085139d","block_type":"box","text":"4,893","page_number":241,"box":{"x":461,"y":781,"width":33,"height":9}},{"id":"3dad9dbc-e536-4dae-8dd2-868a1d6fb22b","block_type":"box","text":"–","page_number":241,"box":{"x":621,"y":786,"width":6,"height":0}},{"id":"8cc6c602-c451-4cde-a085-168e1fbb4168","block_type":"box","text":"2,920","page_number":241,"box":{"x":728,"y":781,"width":33,"height":9}},{"id":"8921af5a-20a5-4a3f-9a17-07b4496d6be1","block_type":"box","text":"–","page_number":241,"box":{"x":890,"y":786,"width":7,"height":0}},{"id":"ae3a81cf-6569-442a-841f-4b1422d3aba5","block_type":"box","text":"Level 3","page_number":241,"box":{"x":96,"y":796,"width":40,"height":8}},{"id":"681421d1-3a11-47c4-ac7f-ccf6a3df7f10","block_type":"box","text":"–","page_number":241,"box":{"x":488,"y":801,"width":6,"height":1}},{"id":"5eaa6616-12dc-4f75-81b5-565f81b0589b","block_type":"box","text":"–","page_number":241,"box":{"x":621,"y":801,"width":6,"height":1}},{"id":"734d01c9-365f-4cf0-8aa4-fec057f9679e","block_type":"box","text":"–","page_number":241,"box":{"x":754,"y":801,"width":7,"height":1}},{"id":"d0abf1f1-ef3c-4a21-ad7e-cdbbba577e84","block_type":"box","text":"–","page_number":241,"box":{"x":890,"y":801,"width":7,"height":1}},{"id":"b7e1f8d3-92bd-4909-83eb-b61924295863","block_type":"box","text":"8,568","page_number":241,"box":{"x":460,"y":819,"width":34,"height":9}},{"id":"8936f13b-32da-4c29-9bdd-6fe369d78e50","block_type":"box","text":"–","page_number":241,"box":{"x":621,"y":823,"width":7,"height":1}},{"id":"b313c2ca-e9d8-45d9-83a2-a1d82256ca2b","block_type":"box","text":"3,244","page_number":241,"box":{"x":726,"y":819,"width":35,"height":9}},{"id":"8e82155b-f7a1-4afd-b5fc-8e698ddf057b","block_type":"box","text":"–","page_number":241,"box":{"x":890,"y":823,"width":7,"height":1}},{"id":"697c94af-fb5c-46bb-8108-289dd8a50232","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":241,"box":{"x":97,"y":38,"width":365,"height":13}},{"id":"53bfb00b-955f-47ee-81e8-d7311b314db1","block_type":"box","text":"236","page_number":241,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"c096b584-e23b-4f3e-a83c-74606039b600","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":242,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"e0356fb9-39b2-4126-8883-ca50ee9eb70b","block_type":"box","text":"for the year ended 30 April 2026","page_number":242,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"9c72f4d3-68fe-4ca5-bea8-d18aebd14fdc","block_type":"box","text":"11. Shares held","page_number":242,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"fc49de2a-bfb4-4442-86f5-e7e003644eb0","block_type":"box","text":"I Class (Retail) Accumulation","page_number":242,"box":{"x":96,"y":156,"width":188,"height":10}},{"id":"8159d2b4-d316-4f59-a377-4d37b7c3bce2","block_type":"box","text":"Opening shares at 01.05.2025","page_number":242,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"57e2eaab-c265-4f05-8171-7ee617e5a7d9","block_type":"box","text":"3,167,826","page_number":242,"box":{"x":432,"y":179,"width":62,"height":9}},{"id":"8a4f97fb-b920-4666-a263-119c51e27278","block_type":"box","text":"Shares issued during the year","page_number":242,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"39fff102-aa69-4375-bf3f-a8760797fc81","block_type":"box","text":"5,532,414","page_number":242,"box":{"x":436,"y":194,"width":59,"height":10}},{"id":"d5432e90-ce04-4c7e-90dd-01397b007b93","block_type":"box","text":"Shares cancelled during the year","page_number":242,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"6985f69b-62a1-4d3b-b8d8-2a4334b80bc8","block_type":"box","text":"(1,143,948)","page_number":242,"box":{"x":427,"y":210,"width":67,"height":9}},{"id":"660bc446-72b8-40b7-8cca-d78b93923519","block_type":"box","text":"Shares converted during the year","page_number":242,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"6a8fcebe-a8cd-4cb0-b0ac-e55465a83657","block_type":"box","text":"–","page_number":242,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"8e0463fc-a77b-4cfe-9acf-229f2be4e8f7","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":242,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"e787f13e-e4f4-453e-a180-b9af3b77fde3","block_type":"box","text":"7,556,292","page_number":242,"box":{"x":432,"y":248,"width":62,"height":9}},{"id":"0d89451d-2d0c-4948-a072-337b7f03d9d9","block_type":"box","text":"12. Contingent assets and liabilities","page_number":242,"box":{"x":96,"y":293,"width":234,"height":11}},{"id":"49a88890-e377-4064-8f1e-743a22c7a2a1","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments.","page_number":242,"box":{"x":95,"y":309,"width":463,"height":11}},{"id":"ad61d38c-4296-44cc-b0a1-014ebff5b234","block_type":"box","text":"13. Post balance sheet events","page_number":242,"box":{"x":96,"y":355,"width":194,"height":8}},{"id":"73463c7e-656f-4008-80a3-dd4fd1fe9831","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":242,"box":{"x":95,"y":374,"width":425,"height":11}},{"id":"4f445cfd-6675-4ca1-9b76-00f1493fa85e","block_type":"box","text":"14. Direct transactions costs","page_number":242,"box":{"x":96,"y":420,"width":186,"height":9}},{"id":"120b4653-41de-4835-afbd-05162896f406","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":242,"box":{"x":96,"y":439,"width":755,"height":11}},{"id":"0d039f9e-40cd-4def-b59a-80e0a987c3cf","block_type":"box","text":"herefore","page_number":242,"box":{"x":853,"y":439,"width":51,"height":8}},{"id":"e9c8dd5d-a34f-4122-ad78-b2e2481fb572","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":242,"box":{"x":95,"y":455,"width":444,"height":10}},{"id":"bb432e35-c337-42c9-b6d3-7c3b3b7f8373","block_type":"box","text":"15. Portfolio dealing spread","page_number":242,"box":{"x":96,"y":501,"width":181,"height":11}},{"id":"30b3dece-c57c-4f0e-be0e-96f5023c2f17","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.06% (30 April 2025: 0.02%).","page_number":242,"box":{"x":95,"y":523,"width":517,"height":11}},{"id":"194628e9-2eb9-4e59-b86b-780d98a7812d","block_type":"box","text":"16. Related party transactions","page_number":242,"box":{"x":96,"y":569,"width":199,"height":11}},{"id":"8916e36c-445b-41e8-94bd-1102288bb799","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":242,"box":{"x":95,"y":592,"width":707,"height":10}},{"id":"f25007fa-9941-4d13-bdbe-a4a446ba8116","block_type":"box","text":"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","page_number":242,"box":{"x":95,"y":614,"width":765,"height":10}},{"id":"d07a2ca2-9a6a-4733-86d4-6deb8b2460f8","block_type":"box","text":"e sheet","page_number":242,"box":{"x":861,"y":614,"width":43,"height":8}},{"id":"0f4d2257-acf1-4b13-bcdd-ecbf0d173c2d","block_type":"box","text":"date are disclosed in note 9.","page_number":242,"box":{"x":95,"y":629,"width":171,"height":8}},{"id":"68bbb286-ca81-4e93-b4ae-1470f7b394ef","block_type":"box","text":"Significant Shareholdings","page_number":242,"box":{"x":95,"y":651,"width":169,"height":11}},{"id":"7cccc509-8b01-4403-9daa-7405a5a3fdce","block_type":"box","text":"AFL, as the Sub-fund’s ACD, wishes to disclose to the Sub-fund’s Shareholders that 25.88% of the Sub-fund’s shares in issue are","page_number":242,"box":{"x":95,"y":667,"width":768,"height":9}},{"id":"29262ce5-dde7-4597-9fd5-ea2e9942d863","block_type":"box","text":"under","page_number":242,"box":{"x":868,"y":667,"width":36,"height":8}},{"id":"8a4316ad-a512-4897-b766-9dd193b44f7c","block_type":"box","text":"the control of a single nominee and their related parties (2025: 50.89% and 27.32% respectively, under the control of separate","page_number":242,"box":{"x":95,"y":682,"width":746,"height":11}},{"id":"1a932130-dc6b-436b-a085-f4ecb337cbdb","block_type":"box","text":"nominees","page_number":242,"box":{"x":846,"y":683,"width":58,"height":8}},{"id":"b2ee1f99-5532-40a3-b1a6-6e2b9df5a939","block_type":"box","text":"and their related parties).","page_number":242,"box":{"x":95,"y":698,"width":155,"height":10}},{"id":"68304344-0d9b-48ee-a53e-9dd650d3d1d6","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":242,"box":{"x":538,"y":38,"width":364,"height":13}},{"id":"33e68109-b431-4e7e-8a76-a43ccd5b1f01","block_type":"box","text":"237","page_number":242,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"a5ff737b-ac5e-4cb8-beda-81402ab9b36d","block_type":"box","text":"Distribution Tables","page_number":243,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"a7e1ddf9-3dbe-4cc7-b8d4-bd992c83b96d","block_type":"box","text":"for the year ended 30 April 2026","page_number":243,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"69800610-e470-49cf-b6bf-abe5d2d7af15","block_type":"box","text":"Accumulation Share Distributions","page_number":243,"box":{"x":95,"y":134,"width":224,"height":9}},{"id":"e6cc1db5-cabe-467b-881e-7186f5a8b7f9","block_type":"box","text":"Share class","page_number":243,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"db5f67f9-c97e-4f7f-92f9-30838c89f02c","block_type":"box","text":"Distribution","page_number":243,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"a283e769-e9c0-45a2-9883-6bcc7f681729","block_type":"box","text":"Shares","page_number":243,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"ccc2e77d-8f28-4bc1-9085-78935a3f05c5","block_type":"box","text":"Net","page_number":243,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"d83370cc-47e0-4e5a-83cc-c49eb578eefc","block_type":"box","text":"Equalisation","page_number":243,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"478e2536-12d0-4db6-a765-53886d35434a","block_type":"box","text":"Distribution","page_number":243,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"087357ef-e886-4255-ad6d-13ef6e237d18","block_type":"box","text":"Distribution","page_number":243,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"4af9583f-d5ff-4ea4-adcb-fa78e654885a","block_type":"box","text":"revenue","page_number":243,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"284ed7eb-017a-46f5-ab1f-7eba287de612","block_type":"box","text":"31.08.2026","page_number":243,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"9772bf5d-3a6c-41fe-8d9c-5feda2b524a3","block_type":"box","text":"29.08.2025","page_number":243,"box":{"x":812,"y":165,"width":70,"height":8}},{"id":"f1998bac-7ccb-420b-9baa-cd264e126972","block_type":"box","text":"31.08.2026","page_number":243,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"fb50012f-82e5-4fba-8cc0-80fc8b777377","block_type":"box","text":"p","page_number":243,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"669f71a9-81f8-4aa7-a187-850d8715223b","block_type":"box","text":"p","page_number":243,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"b839fafe-ec41-4d66-84c3-487944d7b4c9","block_type":"box","text":"p","page_number":243,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"a87b637f-052b-4222-a4f4-bb758aa919c5","block_type":"box","text":"p","page_number":243,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"ab486941-f5c7-4a0a-9e6e-8a5aedd85bcd","block_type":"box","text":"I","page_number":243,"box":{"x":106,"y":207,"width":1,"height":8}},{"id":"17665f79-2a99-472a-93ea-e35e4eda4e43","block_type":"box","text":"Final","page_number":243,"box":{"x":267,"y":207,"width":27,"height":8}},{"id":"20474f1b-f017-405e-8d3d-05e96840181b","block_type":"box","text":"Group 1","page_number":243,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"f3781558-da45-4701-99a2-9f6e85737439","block_type":"box","text":"1.7632","page_number":243,"box":{"x":513,"y":207,"width":40,"height":8}},{"id":"184cca1e-cdab-42ce-974e-3c0984ddbbdb","block_type":"box","text":"–","page_number":243,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"abfd878c-e1c2-4e02-9fca-71fb3ee5c2bb","block_type":"box","text":"1.7632","page_number":243,"box":{"x":723,"y":207,"width":39,"height":8}},{"id":"e15b438e-e8ae-4992-9adc-42b20e695efb","block_type":"box","text":"0.5055","page_number":243,"box":{"x":827,"y":207,"width":40,"height":8}},{"id":"48e5c25e-8b88-4d5d-8f3c-9b7290091711","block_type":"box","text":"Group 2","page_number":243,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"a32b6d9d-72ad-4f70-a639-904625f3c8f7","block_type":"box","text":"0.5994","page_number":243,"box":{"x":513,"y":221,"width":40,"height":8}},{"id":"c6bf2003-4695-4159-9724-a8470844c84c","block_type":"box","text":"1.1638","page_number":243,"box":{"x":618,"y":221,"width":40,"height":8}},{"id":"ecfed986-186e-40d7-a4c0-b650152cd5e0","block_type":"box","text":"1.7632","page_number":243,"box":{"x":723,"y":221,"width":39,"height":8}},{"id":"5797092a-d192-4cdc-8d6b-18a0bd1e220f","block_type":"box","text":"0.5055","page_number":243,"box":{"x":827,"y":221,"width":40,"height":8}},{"id":"3857bfe7-7a8a-47a6-a4a5-4c764d802b7d","block_type":"box","text":"Final distribution in pence per share","page_number":243,"box":{"x":96,"y":252,"width":240,"height":11}},{"id":"c98ae5bc-d5f3-47ba-8b59-e80156f39f8c","block_type":"box","text":"Group 1:","page_number":243,"box":{"x":96,"y":268,"width":51,"height":10}},{"id":"1f018cdc-df32-42e9-81ad-68fcc2b5d1f3","block_type":"box","text":"Shares purchased prior to 01 May 2025","page_number":243,"box":{"x":181,"y":267,"width":239,"height":11}},{"id":"1b8a64b1-84d1-47c8-aa49-7962d453fe0c","block_type":"box","text":"Group 2:","page_number":243,"box":{"x":96,"y":283,"width":51,"height":11}},{"id":"bbd04817-2de5-4980-8bdf-ca6f3465b658","block_type":"box","text":"Shares purchased on or after 30 May 2025 and on or before 30 April 2026","page_number":243,"box":{"x":181,"y":283,"width":448,"height":11}},{"id":"6a7e3999-5e42-451f-8147-46c96e33c465","block_type":"box","text":"MI Tatton Passive Cautious Fund","page_number":243,"box":{"x":97,"y":38,"width":365,"height":13}},{"id":"cd2c13e3-ed03-47c1-9e42-5907d6f6b91c","block_type":"box","text":"238","page_number":243,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"d719f902-e8d6-4a33-b3f8-525f39d17087","block_type":"box","text":"Sub-fund Overview","page_number":244,"box":{"x":96,"y":85,"width":197,"height":13}},{"id":"6bbe4246-bd88-4c62-b880-315c7f40cafc","block_type":"box","text":"Name of Sub-fund","page_number":244,"box":{"x":96,"y":128,"width":119,"height":8}},{"id":"793a2499-9db1-4980-bc8f-629df88e40fb","block_type":"box","text":"MI Tatton Passive Growth Fund (formerly VT Tatton Passive Growth Fund)","page_number":244,"box":{"x":96,"y":143,"width":446,"height":11}},{"id":"2c2d0af8-8ac8-418d-a2cf-128219f043d9","block_type":"box","text":"Size of Sub-fund","page_number":244,"box":{"x":95,"y":165,"width":106,"height":8}},{"id":"238dca3d-7fd4-4ca9-a3fb-64f2e396a993","block_type":"box","text":"£22,736,741","page_number":244,"box":{"x":95,"y":181,"width":72,"height":9}},{"id":"b1f459d7-5eb7-4393-9c2a-6f6517a1b92a","block_type":"box","text":"Launch date","page_number":244,"box":{"x":96,"y":203,"width":80,"height":8}},{"id":"2cebf45a-9530-442b-8581-2b2c49fe8eab","block_type":"box","text":"01 May 2024","page_number":244,"box":{"x":95,"y":219,"width":78,"height":10}},{"id":"2b841f5a-f383-4f41-bd2c-f182581cbed0","block_type":"box","text":"Investment objective and policy","page_number":244,"box":{"x":96,"y":240,"width":212,"height":11}},{"id":"a49eb19c-a828-439b-8058-aa04e0cc0fb4","block_type":"box","text":"The objective of the Sub-fund is to provide returns over a period of at least 7 years by a combination of capital growth and in","page_number":244,"box":{"x":95,"y":256,"width":775,"height":11}},{"id":"8a87e798-51b5-46d6-9f28-8222974de18d","block_type":"box","text":"come","page_number":244,"box":{"x":871,"y":258,"width":33,"height":6}},{"id":"05e40aff-64f1-42b7-b272-1242d1efcb4b","block_type":"box","text":"generation.","page_number":244,"box":{"x":95,"y":272,"width":69,"height":10}},{"id":"24bbebf8-3843-4579-bf0c-3c4656589379","block_type":"box","text":"The Sub-fund will seek to achieve its investment objective by investing more than 75% of its assets in passive funds that track","page_number":244,"box":{"x":95,"y":293,"width":751,"height":11}},{"id":"1dead627-dbf7-4f12-90b9-401a75c0235c","block_type":"box","text":"an index,","page_number":244,"box":{"x":849,"y":293,"width":54,"height":10}},{"id":"d0131e9f-5bfc-4ebc-b05b-44b48533edec","block_type":"box","text":"money market funds, or cash.","page_number":244,"box":{"x":96,"y":309,"width":180,"height":11}},{"id":"d7c0d2f5-4770-430f-b086-84d1c4bd01aa","block_type":"box","text":"One measure of risk is the proportion invested in the riskiest assets, such as shares in companies. For this Sub-fund, over per","page_number":244,"box":{"x":96,"y":331,"width":767,"height":11}},{"id":"b66a8801-9fc6-4e10-895d-36dccf13dec2","block_type":"box","text":"iods of","page_number":244,"box":{"x":864,"y":331,"width":41,"height":8}},{"id":"8ef855fc-e905-4720-9e5b-aa6a528ecc14","block_type":"box","text":"at least 7 years, in normal market conditions it is expected that the proportion of the Sub-fund exposed to shares (directly an","page_number":244,"box":{"x":95,"y":346,"width":737,"height":11}},{"id":"d21b981d-b0b2-474f-b06c-ab360fb3e68c","block_type":"box","text":"d indirectly)","page_number":244,"box":{"x":834,"y":347,"width":70,"height":10}},{"id":"c4ba569d-f074-48c1-bae6-009ffc7ba133","block_type":"box","text":"will typically be 75% and never lower than 62.5% or higher than 87.5%.","page_number":244,"box":{"x":95,"y":362,"width":431,"height":11}},{"id":"f55d87d6-412c-4ae8-946e-afad777cfab1","block_type":"box","text":"To the extent not invested in shares as set out above, the Sub-fund will mainly invest: (i) (directly or indirectly) in governm","page_number":244,"box":{"x":95,"y":384,"width":760,"height":11}},{"id":"49e8b23a-b028-4574-bc6c-19e786e657cd","block_type":"box","text":"ent and","page_number":244,"box":{"x":857,"y":384,"width":46,"height":8}},{"id":"91fa3469-10d1-44db-8626-6acc21a0effb","block_type":"box","text":"corporate bonds (including investment grade and high yield bonds); and (ii) directly in money market instruments (such as money","page_number":244,"box":{"x":95,"y":400,"width":809,"height":10}},{"id":"35767b46-b310-48ab-8fc4-708ec2456ad3","block_type":"box","text":"market funds or government treasury bills), cash and near cash and deposits.","page_number":244,"box":{"x":96,"y":415,"width":470,"height":11}},{"id":"bb6d4b7d-2f4b-4211-bbb0-405f02410228","block_type":"box","text":"The remainder of the Sub-fund may also be invested indirectly in commodities, property, hedge fund strategies and private equit","page_number":244,"box":{"x":95,"y":437,"width":785,"height":11}},{"id":"29ae30f9-75be-4d43-878a-d8cc1127bcf5","block_type":"box","text":"y.","page_number":244,"box":{"x":881,"y":440,"width":9,"height":8}},{"id":"4f1685cb-606d-4c4e-90dd-34a60456b999","block_type":"box","text":"Some of these investments will be denominated in foreign currencies which may or may not be hedged back to Pounds Sterling.","page_number":244,"box":{"x":95,"y":459,"width":779,"height":11}},{"id":"1929b8ba-75dd-4212-8e76-68bc5195c755","block_type":"box","text":"The Sub-fund may temporarily depart from this investment policy in response to the Investment Manager’s perception of extraordi","page_number":244,"box":{"x":95,"y":482,"width":781,"height":10}},{"id":"1733e660-0ddc-445a-bc0e-d6f53e24b50e","block_type":"box","text":"nary","page_number":244,"box":{"x":878,"y":484,"width":26,"height":8}},{"id":"9caeda36-4447-4a31-8a83-2f45c64dada3","block_type":"box","text":"market or political conditions. During these periods and for as long as the Investment Manager deems it necessary, the Sub-fund","page_number":244,"box":{"x":96,"y":497,"width":778,"height":11}},{"id":"73246750-d9cc-44a6-95ec-241d351126d5","block_type":"box","text":"may","page_number":244,"box":{"x":879,"y":499,"width":25,"height":9}},{"id":"48258343-2954-4626-9c89-9620019c4154","block_type":"box","text":"adjust the stated percentages with a view to avoiding losses.","page_number":244,"box":{"x":95,"y":512,"width":366,"height":11}},{"id":"dca75b82-38de-42cc-a8b9-00248364b5d6","block_type":"box","text":"Derivatives","page_number":244,"box":{"x":96,"y":535,"width":74,"height":8}},{"id":"4a7f98c2-c36a-4e3e-8f5d-4cf223ffccbb","block_type":"box","text":"The Sub-fund may use derivatives for investment purposes or for Efficient Portfolio Management as appropriate.","page_number":244,"box":{"x":95,"y":550,"width":686,"height":11}},{"id":"01dabcf9-e9f4-45ac-875c-f67ba0a53fae","block_type":"box","text":"Benchmark","page_number":244,"box":{"x":96,"y":572,"width":76,"height":8}},{"id":"f9b1d079-1ede-4883-b2c6-62c4135a4f95","block_type":"box","text":"Investors can compare the performance of the Fund with the IA OE Mixed Investment 40-85% Shares.","page_number":244,"box":{"x":96,"y":588,"width":616,"height":10}},{"id":"57087d2f-bea6-4308-adf1-26c780762803","block_type":"box","text":"The Sub-fund provides comparative performance against relevant Investment Association sector benchmarks in order for investors","page_number":244,"box":{"x":95,"y":610,"width":793,"height":11}},{"id":"62df4bda-9f27-4a09-9465-a87b393e6695","block_type":"box","text":"to","page_number":244,"box":{"x":892,"y":611,"width":12,"height":7}},{"id":"96dab042-0516-4d2a-8ce5-bd80a3d105a0","block_type":"box","text":"compare performance to other funds with relatively similar asset allocations. The Sub-fund uses the Investment Association Mixe","page_number":244,"box":{"x":95,"y":625,"width":800,"height":11}},{"id":"5a728aad-fb4a-40dc-b0d7-382ce4515169","block_type":"box","text":"d","page_number":244,"box":{"x":897,"y":625,"width":6,"height":9}},{"id":"65536ee5-f123-4320-9185-8d05a31b4084","block_type":"box","text":"Asset Sector as a suitable comparative measure based on similar allocations to risk assets such as equities. The benchmark is a","page_number":244,"box":{"x":95,"y":641,"width":800,"height":10}},{"id":"3b7fac29-e036-4ffa-a414-ccdecc5db397","block_type":"box","text":"n","page_number":244,"box":{"x":897,"y":643,"width":6,"height":6}},{"id":"8b28694c-9612-464a-9c01-d3f96aeb7148","block_type":"box","text":"indicator of similar funds performance relative to each other and is not intended to provide an indication of future returns or","page_number":244,"box":{"x":96,"y":656,"width":756,"height":11}},{"id":"21d4c130-52d7-4901-8615-624146a92ba9","block_type":"box","text":"investor","page_number":244,"box":{"x":856,"y":656,"width":48,"height":8}},{"id":"da37bbd6-0f7a-4fcd-8372-e3c1336b62c8","block_type":"box","text":"expectations.","page_number":244,"box":{"x":95,"y":672,"width":80,"height":10}},{"id":"8a820b29-89a5-4b9a-8a17-cdb04ca6ec60","block_type":"box","text":"Final accounting date","page_number":244,"box":{"x":96,"y":694,"width":142,"height":10}},{"id":"4599065a-7661-495e-9acd-a8023252aaaf","block_type":"box","text":"30 April","page_number":244,"box":{"x":95,"y":709,"width":46,"height":11}},{"id":"86c48a64-5210-4ae2-a550-f21771bc2a69","block_type":"box","text":"Interim accounting date","page_number":244,"box":{"x":96,"y":731,"width":159,"height":11}},{"id":"3dcc6e25-7944-4969-99f2-7882f663ac16","block_type":"box","text":"31 October","page_number":244,"box":{"x":95,"y":747,"width":68,"height":8}},{"id":"d96a193e-a34b-42e3-bc08-5247b5ae7f20","block_type":"box","text":"Income distribution date","page_number":244,"box":{"x":96,"y":769,"width":164,"height":8}},{"id":"87dbc3d7-5489-4ed3-8fcf-d901da90f622","block_type":"box","text":"31 August","page_number":244,"box":{"x":95,"y":785,"width":60,"height":10}},{"id":"03f83e79-4fd6-4b0a-a765-e8792e36376f","block_type":"box","text":"ISA status","page_number":244,"box":{"x":96,"y":807,"width":64,"height":8}},{"id":"7b39d68a-a4e2-42a5-b95b-a6d906dbf087","block_type":"box","text":"Qualifying Investment for stocks and shares component","page_number":244,"box":{"x":96,"y":822,"width":339,"height":11}},{"id":"03f2314d-6e7c-4a88-a99f-984962d4a0b7","block_type":"box","text":"Class of shares","page_number":244,"box":{"x":96,"y":844,"width":96,"height":8}},{"id":"31b7c426-f96c-4cb5-bd40-cabccfa068e5","block_type":"box","text":"I Class (Retail) Accumulation","page_number":244,"box":{"x":96,"y":860,"width":169,"height":10}},{"id":"84a7fef8-a948-4e69-b4cd-42482d9f6bbe","block_type":"box","text":"Initial charge","page_number":244,"box":{"x":96,"y":882,"width":86,"height":11}},{"id":"bb2c56f5-99bb-4c76-b480-6e2332536fdf","block_type":"box","text":"0% (of the amount invested by an investor)","page_number":244,"box":{"x":95,"y":897,"width":262,"height":11}},{"id":"d73a7ff2-3e03-4fdc-ba17-d9563cbea1c4","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":244,"box":{"x":553,"y":38,"width":349,"height":13}},{"id":"35f980db-6108-47e7-adc5-d5b3b77984a8","block_type":"box","text":"239","page_number":244,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"6d120d56-42cb-4c11-bd41-dd0d80fa5f2a","block_type":"box","text":"Sub-fund Overview (continued)","page_number":245,"box":{"x":96,"y":85,"width":322,"height":16}},{"id":"7f2365d2-3a6b-49d2-89e1-8c65b4a86636","block_type":"box","text":"Redemption charge","page_number":245,"box":{"x":96,"y":128,"width":129,"height":10}},{"id":"fd6985bf-3905-4766-b37e-de7bde52ac5e","block_type":"box","text":"0%","page_number":245,"box":{"x":334,"y":128,"width":17,"height":8}},{"id":"6507af5f-ff93-4ac3-ae4b-a2e47ef5fb89","block_type":"box","text":"Annual management charge","page_number":245,"box":{"x":95,"y":150,"width":188,"height":10}},{"id":"e3a8c9f6-71ec-42e5-9d91-70ae31d84200","block_type":"box","text":"I Class (Retail) Accumulation","page_number":245,"box":{"x":96,"y":165,"width":169,"height":10}},{"id":"193fdcd9-2cb5-4ae0-9664-c63e77a8ea7e","block_type":"box","text":"0.15%","page_number":245,"box":{"x":334,"y":166,"width":36,"height":7}},{"id":"f901c626-b2c8-4e3f-99c9-d5fbee3ac1a1","block_type":"box","text":"Minimum initial investment","page_number":245,"box":{"x":96,"y":187,"width":167,"height":9}},{"id":"3ea7d152-4c5d-418b-bca4-277d86784b8f","block_type":"box","text":"£3,000","page_number":245,"box":{"x":333,"y":188,"width":40,"height":9}},{"id":"8c2edb81-a292-425c-be59-c9b54c4a0009","block_type":"box","text":"Minimum subsequent investment","page_number":245,"box":{"x":96,"y":210,"width":205,"height":10}},{"id":"68047aba-c194-4e31-9ebc-3f6f4e97c699","block_type":"box","text":"£1,000","page_number":245,"box":{"x":333,"y":210,"width":40,"height":9}},{"id":"0a228d6f-d878-4e4f-afe5-43060b8750c7","block_type":"box","text":"Minimum holding","page_number":245,"box":{"x":96,"y":232,"width":107,"height":10}},{"id":"98b54f54-53ae-42b6-a530-b75b8b5ecda0","block_type":"box","text":"£1,000","page_number":245,"box":{"x":333,"y":232,"width":40,"height":9}},{"id":"01b52083-62b0-4492-81d7-ba1078f0e3b6","block_type":"box","text":"Minimum redemption","page_number":245,"box":{"x":96,"y":254,"width":133,"height":11}},{"id":"ed1477a3-c2cf-4d8f-a25e-ae6183b08159","block_type":"box","text":"None","page_number":245,"box":{"x":334,"y":254,"width":31,"height":8}},{"id":"321f70b9-5e07-4995-b211-a67f5c7fbf0f","block_type":"box","text":"Regular savings plan","page_number":245,"box":{"x":96,"y":276,"width":135,"height":11}},{"id":"e1c094ee-a3c9-4b8d-9a7d-54e8eb9330c9","block_type":"box","text":"Minimum payment of £100 per month","page_number":245,"box":{"x":334,"y":276,"width":232,"height":11}},{"id":"8363b529-9676-4a18-b563-ce23e5d4233d","block_type":"box","text":"Regular withdrawal facility","page_number":245,"box":{"x":96,"y":298,"width":180,"height":11}},{"id":"22d7c182-02a7-4812-b858-1a1495cb9a06","block_type":"box","text":"N/A","page_number":245,"box":{"x":334,"y":299,"width":22,"height":7}},{"id":"a540e087-4f70-4609-bb08-f09c9e59a215","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":245,"box":{"x":97,"y":38,"width":350,"height":13}},{"id":"599cbe42-bf13-497f-bf72-5ab23d846d08","block_type":"box","text":"240","page_number":245,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"abee94ca-052b-4b23-b1d4-11ee1db6460f","block_type":"box","text":"Investment Manager’s Review","page_number":246,"box":{"x":97,"y":85,"width":310,"height":17}},{"id":"e63c0781-49cd-45be-aac1-c30262882ccc","block_type":"box","text":"for the year ended 30 April 2026","page_number":246,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"fb70e0d0-26b7-429b-93f8-bff1976fbf9f","block_type":"box","text":"Investment review","page_number":246,"box":{"x":96,"y":128,"width":124,"height":8}},{"id":"9f9e7e26-49e0-4aef-8ecb-c1418e5685bd","block_type":"box","text":"All data is sourced from Morningstar Direct as at 30 April 2026.","page_number":246,"box":{"x":95,"y":143,"width":381,"height":11}},{"id":"5069217a-ee69-4366-96e1-b581f964a151","block_type":"box","text":"The MI Tatton Passive Growth I GBP Acc returned 3.16% in the six months to 30 April 2026. The IA Mixed Investment 40-85% Shares","page_number":246,"box":{"x":95,"y":165,"width":809,"height":11}},{"id":"e0072127-fc6c-4fc9-933d-a8a516064579","block_type":"box","text":"benchmark returned 3.14% meaning the fund outperformed by 0.02% over the period.","page_number":246,"box":{"x":96,"y":181,"width":528,"height":10}},{"id":"1966b47e-8c39-4a13-bc45-672866968086","block_type":"box","text":"Over the last 12-months to 30 April 2026, the MI Tatton Passive Growth I GBP Acc has returned 20.14%. The IA Mixed Investment 4","page_number":246,"box":{"x":96,"y":203,"width":796,"height":10}},{"id":"14e49ec0-7392-450a-8be4-e360015e0e64","block_type":"box","text":"0-","page_number":246,"box":{"x":893,"y":203,"width":11,"height":8}},{"id":"f6103e40-545c-4dd6-8ca8-f6022c841ae1","block_type":"box","text":"85% Shares reference index returned 17.89%, meaning the fund outperformed by 2.25% over the period.","page_number":246,"box":{"x":95,"y":218,"width":641,"height":11}},{"id":"1c93bbf6-fa83-4fe9-8463-bd9fa8ba5032","block_type":"box","text":"Overview","page_number":246,"box":{"x":96,"y":240,"width":62,"height":9}},{"id":"fb753a3c-5042-402d-96c7-44000605c759","block_type":"box","text":"Politics has been a key market driver over the last year. Donald Trump’s “Liberation Day” tariffs in April 2025 were the first","page_number":246,"box":{"x":96,"y":256,"width":760,"height":11}},{"id":"ba40e761-d190-4a2a-a017-bd2603a8d8ae","block_type":"box","text":"market","page_number":246,"box":{"x":862,"y":256,"width":42,"height":8}},{"id":"90cac50e-64fb-4e01-aad3-51d663dfff6b","block_type":"box","text":"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.","page_number":246,"box":{"x":95,"y":271,"width":748,"height":11}},{"id":"fd3a24a5-3999-4690-baf9-6700aab1e175","block_type":"box","text":"Since last","page_number":246,"box":{"x":848,"y":271,"width":56,"height":9}},{"id":"a7fb3f3f-8df0-4466-8dbc-95951c07ca0f","block_type":"box","text":"April, however, the so-called TACO trade (Trump Always Chickens Out) has been potent fuel for stock market returns.","page_number":246,"box":{"x":95,"y":287,"width":711,"height":10}},{"id":"a978d416-5694-4fe1-9586-169fba83458c","block_type":"box","text":"Markets have been fairly resilient to this uncertainty, all things considered. Last autumn, investors’ mood was lifted by a Fed","page_number":246,"box":{"x":96,"y":309,"width":733,"height":11}},{"id":"f83ec6c0-38af-45ba-a945-2c0c568a2e7c","block_type":"box","text":"eral Reserve","page_number":246,"box":{"x":831,"y":309,"width":73,"height":8}},{"id":"95db83d1-f37f-4e64-95c5-2645bfb453f9","block_type":"box","text":"interest rate cut – despite the US government shutdown. Strong company earnings underpinned US stocks.","page_number":246,"box":{"x":96,"y":324,"width":651,"height":11}},{"id":"8d23a435-258a-402f-aa3c-2efe714c5ba7","block_type":"box","text":"However, investors rotated away from large US tech stocks at the end of 2025 and into 2026. This was initially due to expectati","page_number":246,"box":{"x":96,"y":346,"width":769,"height":11}},{"id":"32041cf7-4ab9-42cd-ac3d-17e75d90244c","block_type":"box","text":"ons of","page_number":246,"box":{"x":867,"y":346,"width":38,"height":9}},{"id":"0bae19c5-9fce-432c-ac91-2c3f58e0cf29","block_type":"box","text":"resurgent global growth, emanating from fiscal and AI infrastructure spending, benefitting smaller and non-US companies rather","page_number":246,"box":{"x":96,"y":362,"width":777,"height":11}},{"id":"e4cc3577-a8c9-4f2f-952b-756daa5e3c7d","block_type":"box","text":"than","page_number":246,"box":{"x":876,"y":362,"width":27,"height":8}},{"id":"d5871aee-2dc8-4305-b37a-cbcaf0612dcc","block_type":"box","text":"the tech giants. This later morphed into fears of AI disruption for huge sections of the economy. There is no sign of large-sca","page_number":246,"box":{"x":95,"y":377,"width":776,"height":11}},{"id":"62b52019-1643-4366-84a9-ed36bd509cec","block_type":"box","text":"le AI","page_number":246,"box":{"x":874,"y":377,"width":30,"height":9}},{"id":"275f5784-7c3a-4c21-9167-dea4e4b51ead","block_type":"box","text":"powered obsolescence in the economic data, but that has not stopped gloomy predictions.","page_number":246,"box":{"x":96,"y":393,"width":551,"height":11}},{"id":"9c0e733e-ed84-4561-a0e5-4645142ce378","block_type":"box","text":"Before the Iran war broke out, defaults and fund closures in the private credit sector were a major source of market anxiety. M","page_number":246,"box":{"x":96,"y":415,"width":781,"height":11}},{"id":"cc9a6e26-9a13-471e-b282-727169ec5d0c","block_type":"box","text":"edia","page_number":246,"box":{"x":879,"y":415,"width":24,"height":8}},{"id":"742ced14-33ae-4005-936e-c096bf5d403d","block_type":"box","text":"comparisons to the 2008 subprime mortgage crisis always looked far-fetched, however.","page_number":246,"box":{"x":95,"y":430,"width":532,"height":11}},{"id":"58e5c5ed-62d2-4243-8a0b-718bc5efdd74","block_type":"box","text":"The Iran war has dominated all other macroeconomic narratives in recent weeks. The ensuing oil price spike raised inflation and","page_number":246,"box":{"x":95,"y":453,"width":759,"height":10}},{"id":"b8573d36-d2f8-411f-a0c0-6e8de8f7844b","block_type":"box","text":"interest","page_number":246,"box":{"x":859,"y":453,"width":45,"height":8}},{"id":"bd7be7a1-bdc5-43f5-98fa-54477070f55e","block_type":"box","text":"rate expectations, leading to selloffs in stocks and bonds. The announcement of a ceasefire in early April calmed oil prices an","page_number":246,"box":{"x":96,"y":468,"width":761,"height":11}},{"id":"c5854947-8e5e-4a03-8143-376f773aee58","block_type":"box","text":"d wider","page_number":246,"box":{"x":859,"y":468,"width":45,"height":8}},{"id":"4f98bf9b-a69a-444f-b0db-e6a55015b426","block_type":"box","text":"stock markets, but neither have yet returned to the levels seen before the war.","page_number":246,"box":{"x":95,"y":483,"width":478,"height":11}},{"id":"ff5fd470-500a-4829-a135-c273a3247b32","block_type":"box","text":"Outlook","page_number":246,"box":{"x":96,"y":506,"width":53,"height":8}},{"id":"91503eb5-e5a5-48e8-99af-eba2768790d2","block_type":"box","text":"The market recovery, following the announcement of a US-Iran ceasefire, shows that investors see a return to near-enough normal","page_number":246,"box":{"x":95,"y":521,"width":787,"height":11}},{"id":"e5f26d28-607b-4bd5-abe8-3dee23bcdd47","block_type":"box","text":"for","page_number":246,"box":{"x":887,"y":521,"width":17,"height":8}},{"id":"06b155f0-7b89-40f9-915d-4256a3022e07","block_type":"box","text":"the global economy in the short-term. Plenty of uncertainties remain, however. Both sides seem to have different understandings","page_number":246,"box":{"x":95,"y":537,"width":793,"height":10}},{"id":"64c32513-e32a-4c05-b13b-b5d59c43c265","block_type":"box","text":"of","page_number":246,"box":{"x":893,"y":537,"width":12,"height":8}},{"id":"6468ec19-7dce-48d8-a157-813978d743e5","block_type":"box","text":"their two-week ceasefire agreement, and the resumption of hostilities is very much possible. Even if the ceasefire lasts, it wi","page_number":246,"box":{"x":95,"y":552,"width":742,"height":11}},{"id":"cb5c6263-eb59-41b2-acea-0e086eb3ed7c","block_type":"box","text":"ll take time","page_number":246,"box":{"x":839,"y":552,"width":65,"height":8}},{"id":"980c41c8-1648-4adf-9ec5-ba371bb4b4f8","block_type":"box","text":"to work through the disruption to global supply chains that have already been inflicted.","page_number":246,"box":{"x":95,"y":567,"width":530,"height":11}},{"id":"d50633d2-68ff-4599-b346-bbf503c3cb62","block_type":"box","text":"Oil prices spiked in early March and, despite coming down after the ceasefire announcement, remain well above the pre-war level","page_number":246,"box":{"x":96,"y":590,"width":784,"height":10}},{"id":"b8de4ff2-3c8e-4845-928f-d385fe3a0977","block_type":"box","text":". Oil","page_number":246,"box":{"x":882,"y":590,"width":21,"height":8}},{"id":"71481d2a-2b9d-4fa3-b582-c0271cb20bf8","block_type":"box","text":"futures contracts, however, have stayed significantly lower than current prices throughout the conflict. That reflects markets’","page_number":246,"box":{"x":95,"y":605,"width":736,"height":11}},{"id":"e2ea858b-2e94-455a-8fc3-2bf15974a64d","block_type":"box","text":"expectation","page_number":246,"box":{"x":835,"y":605,"width":68,"height":11}},{"id":"0b30c430-e22c-4c6e-ab83-6e889e83d13a","block_type":"box","text":"of a short war with little long-term damage – a view also backed up by the relative stability of stock markets (compared to the","page_number":246,"box":{"x":95,"y":620,"width":764,"height":11}},{"id":"f4dbe9fa-6737-4286-a65e-c02ae5776a7a","block_type":"box","text":"sell-off","page_number":246,"box":{"x":863,"y":620,"width":42,"height":9}},{"id":"d4c4ee72-89cc-4b31-b1c2-f97afc624f90","block_type":"box","text":"we might have expected).","page_number":246,"box":{"x":95,"y":636,"width":155,"height":11}},{"id":"8a2e7ef9-1f28-408d-b6de-9c5246e37fa3","block_type":"box","text":"Uncertainty brings risks but the chance of a broad recovery is high too. As the post-ceasefire announcement showed, such recove","page_number":246,"box":{"x":96,"y":658,"width":785,"height":11}},{"id":"f04d8bde-643b-4867-bdb5-2881a4374cbd","block_type":"box","text":"ries","page_number":246,"box":{"x":883,"y":658,"width":21,"height":8}},{"id":"92f3abf4-123c-40a2-becb-21ca2dc3f4ad","block_type":"box","text":"can be extremely quick. If the ceasefire holds and de-escalation is genuine, investors have every reason to think that global g","page_number":246,"box":{"x":95,"y":674,"width":748,"height":10}},{"id":"db39e9cc-a435-44c3-bfb0-d3ae20d3a89e","block_type":"box","text":"rowth can","page_number":246,"box":{"x":845,"y":674,"width":58,"height":8}},{"id":"1be1d091-b00d-4a7d-9ec5-1ecc61027e08","block_type":"box","text":"resume at a decent pace. Growth signals were improving around the world before the war, and inflation pressures were dissipatin","page_number":246,"box":{"x":96,"y":689,"width":792,"height":11}},{"id":"a00daf49-7b3c-4bf4-a48f-e43f2f3fe3b9","block_type":"box","text":"g.","page_number":246,"box":{"x":889,"y":691,"width":10,"height":9}},{"id":"661b2807-e799-4775-acdd-2987ca022c67","block_type":"box","text":"The threat of AI disruption has loomed over markets in 2026, but the promise of AI development has always been that productivit","page_number":246,"box":{"x":95,"y":711,"width":802,"height":11}},{"id":"6e186300-ad6f-4896-a183-ada202713d46","block_type":"box","text":"y","page_number":246,"box":{"x":898,"y":714,"width":6,"height":8}},{"id":"365b133f-7052-4f51-b1da-1af32da734c2","block_type":"box","text":"gains would feed back into new opportunities, ultimately boosting wage growth and propelling the world economy in a virtuous cy","page_number":246,"box":{"x":95,"y":727,"width":789,"height":10}},{"id":"d03ec738-04f6-4616-b0c4-b0bb37667586","block_type":"box","text":"cle.","page_number":246,"box":{"x":884,"y":727,"width":19,"height":8}},{"id":"d78a63e1-4baf-4ec9-bf79-c794baf16ee9","block_type":"box","text":"If oil prices come down further – as futures pricing suggests – that cycle is still achievable.","page_number":246,"box":{"x":96,"y":742,"width":543,"height":11}},{"id":"7d76849e-fcf6-4af6-a6db-84098c8e32ee","block_type":"box","text":"Fund positioning","page_number":246,"box":{"x":96,"y":764,"width":111,"height":11}},{"id":"7ffe8565-18c9-4345-8b33-8a54f58639ba","block_type":"box","text":"To keep the report concise, not all changes will be covered: asset class changes under 2%, sub-asset class changes under 2%, an","page_number":246,"box":{"x":95,"y":780,"width":769,"height":10}},{"id":"560fb1fc-24c5-4376-85bc-dc23846b5803","block_type":"box","text":"d fund","page_number":246,"box":{"x":865,"y":780,"width":38,"height":8}},{"id":"9aef3a27-e223-4627-adca-bc0404e5f811","block_type":"box","text":"changes under 2% other than full sales and new positions have been omitted.","page_number":246,"box":{"x":95,"y":795,"width":473,"height":11}},{"id":"3905d6bd-7f7d-4a50-965d-415b7f99d48a","block_type":"box","text":"On 8 May 2025, changes were made to the portfolio. During this update, sub-asset allocations were amended; Europe Equity was","page_number":246,"box":{"x":96,"y":817,"width":808,"height":11}},{"id":"a232fb1b-60d4-4953-9fb1-50a7355c4981","block_type":"box","text":"increased and North America Equity was decreased. The portfolio’s fund manager allocations were updated; HSBC European Index","page_number":246,"box":{"x":96,"y":833,"width":808,"height":10}},{"id":"b461c3bf-ef4f-475e-9a46-222ef07b2eda","block_type":"box","text":"Fund was increased, Vanguard US Equity Index Fund was decreased and iShares MSCI Europe Mid Cap ETF was removed.","page_number":246,"box":{"x":96,"y":848,"width":736,"height":11}},{"id":"5324c747-d0f1-4081-b550-e9c45db010c1","block_type":"box","text":"Some changes to the portfolio were implemented on 11 July 2025. The fund’s asset allocation was updated; Bonds were decreased","page_number":246,"box":{"x":95,"y":870,"width":808,"height":11}},{"id":"bc0b2686-0dbd-4db8-847b-de68d504e79b","block_type":"box","text":"and Equities were increased.","page_number":246,"box":{"x":95,"y":886,"width":174,"height":11}},{"id":"7ae14bdd-81c9-4786-aa28-a70d0290cbb6","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":246,"box":{"x":553,"y":38,"width":349,"height":13}},{"id":"814df14a-dc31-451a-a841-97c72ddf7f32","block_type":"box","text":"241","page_number":246,"box":{"x":962,"y":960,"width":25,"height":8}},{"id":"649ffa0c-fc5b-4221-a7dc-543bf63f1561","block_type":"box","text":"Investment Manager’s Review (continued)","page_number":247,"box":{"x":97,"y":85,"width":435,"height":17}},{"id":"b42e6cdc-9950-4326-9378-4423f490e5e5","block_type":"box","text":"for the year ended 30 April 2026","page_number":247,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"f41bbe93-4493-4f2c-ad8d-2ef8085317c3","block_type":"box","text":"The portfolio underwent an update on 12 August 2025. Sub-asset allocation was changed; Government Bond was increased, North","page_number":247,"box":{"x":95,"y":128,"width":808,"height":10}},{"id":"e184a3c3-cf93-4598-ba64-6fdeb52f2f56","block_type":"box","text":"America Equity was increased and Strategic Bond was decreased. Some manager changes were made; HSBC Global Aggregate Bond","page_number":247,"box":{"x":95,"y":143,"width":808,"height":11}},{"id":"9b7b46d2-91bb-4573-82e4-c6183e9452b6","block_type":"box","text":"UCITS ETF was decreased, Vanguard US Equity Index Fund was decreased and State Street SPDR S&P500 Quality Aristocrats ETF was","page_number":247,"box":{"x":96,"y":158,"width":808,"height":11}},{"id":"c685e9b6-b636-4458-9091-76bc60d10c0a","block_type":"box","text":"added.","page_number":247,"box":{"x":95,"y":174,"width":41,"height":8}},{"id":"f09b0d20-d3c8-4250-b4c5-ac14b9507690","block_type":"box","text":"On 30 October 2025, changes were made to the portfolio. Manager positions were updated; HSBC Global Government Bond UCITS","page_number":247,"box":{"x":96,"y":196,"width":808,"height":11}},{"id":"9119e567-d990-4378-8c9f-ef8319e74a91","block_type":"box","text":"ETF was increased and iShares $ Treasury Bond 20+y ETF was removed.","page_number":247,"box":{"x":96,"y":212,"width":433,"height":10}},{"id":"a7d56479-9d9e-45fc-b3c4-d765da390607","block_type":"box","text":"On 3 November 2025, changes were made to the portfolio. One manager selection change was made; HSBC MSCI Emerging Markets","page_number":247,"box":{"x":96,"y":234,"width":808,"height":10}},{"id":"c1928b61-ade3-47ea-8f61-85b5c52c50cc","block_type":"box","text":"Equity Index was removed.","page_number":247,"box":{"x":96,"y":249,"width":162,"height":11}},{"id":"ba42f650-07c9-4b63-be61-d494fdd0ee3b","block_type":"box","text":"The portfolio underwent an update on 2 December 2025. The portfolio’s fund manager lineup was revised; the iShares UK Equity In","page_number":247,"box":{"x":95,"y":271,"width":786,"height":11}},{"id":"75c325b1-b26d-425a-a6eb-fedd5c97fe6a","block_type":"box","text":"dex","page_number":247,"box":{"x":883,"y":271,"width":21,"height":9}},{"id":"7aa675f0-2b5b-4057-aa6d-a3a4645f9dff","block_type":"box","text":"Fund (UK) share class was changed.","page_number":247,"box":{"x":96,"y":287,"width":215,"height":10}},{"id":"9c752d0d-9a65-43b8-8755-ba6eb99f4e8f","block_type":"box","text":"The fund’s positioning was changed on 25 March 2026. A sub-asset allocation change was made; UK Equity was increased.","page_number":247,"box":{"x":95,"y":309,"width":742,"height":11}},{"id":"442b3310-991e-49ed-af45-9c15ba272522","block_type":"box","text":"Tatton Investment Management Limited","page_number":247,"box":{"x":95,"y":353,"width":269,"height":11}},{"id":"849e7017-1a8f-43bf-9f93-35a88fd391d4","block_type":"box","text":"Investment Manager to the Fund","page_number":247,"box":{"x":96,"y":369,"width":198,"height":10}},{"id":"151a4e3b-67bb-46b0-8e85-2175e51be50c","block_type":"box","text":"May 2026","page_number":247,"box":{"x":96,"y":385,"width":58,"height":10}},{"id":"458f9750-cc1c-471a-972e-386426a8e6b2","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":247,"box":{"x":97,"y":38,"width":350,"height":13}},{"id":"4b39ca76-b9ff-41ba-93ce-44a62b306e68","block_type":"box","text":"242","page_number":247,"box":{"x":10,"y":960,"width":27,"height":8}},{"id":"3a9a8ce2-11b0-42e7-9f58-c289af59880a","block_type":"box","text":"Performance Record","page_number":248,"box":{"x":97,"y":85,"width":209,"height":13}},{"id":"329764a8-79bf-4c4d-8909-fceee48e2691","block_type":"box","text":"Financial Highlights","page_number":248,"box":{"x":96,"y":128,"width":130,"height":10}},{"id":"935e6622-9294-4a33-a548-afa8bf4a28d1","block_type":"box","text":"I Class (Retail) Accumulation","page_number":248,"box":{"x":101,"y":149,"width":187,"height":9}},{"id":"d6721f43-7f94-48c6-9422-55ba637a4123","block_type":"box","text":"30.04.26","page_number":248,"box":{"x":418,"y":149,"width":54,"height":8}},{"id":"77621149-2029-4056-b25e-210ddfc245a5","block_type":"box","text":"30.04.25^","page_number":248,"box":{"x":523,"y":149,"width":63,"height":8}},{"id":"8a1ad795-0997-453b-a56d-531fead833a9","block_type":"box","text":"p","page_number":248,"box":{"x":441,"y":161,"width":7,"height":9}},{"id":"a0660e3b-7ee6-4130-b072-65829204f1a5","block_type":"box","text":"p","page_number":248,"box":{"x":551,"y":161,"width":7,"height":9}},{"id":"5150899d-2b58-4be2-bbc9-a153374f8b32","block_type":"box","text":"Opening net asset value per share","page_number":248,"box":{"x":100,"y":177,"width":226,"height":11}},{"id":"9293e67c-8f6e-4449-a165-2bb1ed72a9fa","block_type":"box","text":"100.9420","page_number":248,"box":{"x":435,"y":178,"width":54,"height":8}},{"id":"11b66e73-98f5-4fb4-9653-6dd481d049b1","block_type":"box","text":"100.0000","page_number":248,"box":{"x":544,"y":178,"width":55,"height":8}},{"id":"031e315c-bfa2-44e3-aa9f-71bd65a7cc45","block_type":"box","text":"Return before operating charges","page_number":248,"box":{"x":101,"y":190,"width":197,"height":11}},{"id":"513407cc-19b5-4e4b-b2c0-27aaa784cd1d","block_type":"box","text":"20.6865","page_number":248,"box":{"x":442,"y":191,"width":47,"height":8}},{"id":"8b982345-c494-4798-92cd-2ae0a4bcd933","block_type":"box","text":"1.6296","page_number":248,"box":{"x":559,"y":191,"width":40,"height":8}},{"id":"ceffd68e-3616-4718-9de5-c36e01c7fd43","block_type":"box","text":"Operating charges (note 1)","page_number":248,"box":{"x":100,"y":204,"width":162,"height":10}},{"id":"11c5b699-c97b-47fb-b951-2b4b40ccf091","block_type":"box","text":"(0.4099)","page_number":248,"box":{"x":440,"y":204,"width":49,"height":9}},{"id":"7fb2777f-08c0-48de-978f-fb2065a66a19","block_type":"box","text":"(0.6876)","page_number":248,"box":{"x":550,"y":204,"width":49,"height":9}},{"id":"510c5cd8-c753-4041-bedc-78afbc70ae29","block_type":"box","text":"Return after operating charges","page_number":248,"box":{"x":101,"y":217,"width":185,"height":10}},{"id":"1c5286ca-96f8-43ab-b397-d112bb792278","block_type":"box","text":"20.2767","page_number":248,"box":{"x":442,"y":217,"width":47,"height":8}},{"id":"690fe90a-c773-40e6-bd56-134708aae4b2","block_type":"box","text":"0.9420","page_number":248,"box":{"x":559,"y":217,"width":40,"height":8}},{"id":"1d41df54-ef36-44f0-9471-ef0e24656e38","block_type":"box","text":"Closing net asset value per share","page_number":248,"box":{"x":100,"y":230,"width":217,"height":10}},{"id":"4582594e-ce4a-481e-861f-3a0f5e5fa371","block_type":"box","text":"121.2187","page_number":248,"box":{"x":432,"y":230,"width":57,"height":8}},{"id":"abdc0046-6580-4cee-a186-e46b4d513044","block_type":"box","text":"100.9420","page_number":248,"box":{"x":541,"y":230,"width":58,"height":8}},{"id":"f6a71219-671a-4de9-88f3-1090ab08d746","block_type":"box","text":"Retained distributions on accumulated shares","page_number":248,"box":{"x":101,"y":243,"width":278,"height":8}},{"id":"b35ed093-9dde-4fa1-95a7-e73c86817dc1","block_type":"box","text":"1.7352","page_number":248,"box":{"x":450,"y":243,"width":39,"height":8}},{"id":"2cd64eb6-0b4a-4125-a034-2f31c0803535","block_type":"box","text":"0.8674","page_number":248,"box":{"x":559,"y":243,"width":40,"height":8}},{"id":"5a3389ca-5c10-4c4f-8485-4fad42920a1c","block_type":"box","text":"After direct transactions costs of","page_number":248,"box":{"x":99,"y":256,"width":198,"height":8}},{"id":"0ce60eab-fa02-47c1-8d73-c3b0b1d6f65d","block_type":"box","text":"–","page_number":248,"box":{"x":483,"y":261,"width":6,"height":0}},{"id":"18541490-667a-4654-8893-0d31386ea975","block_type":"box","text":"–","page_number":248,"box":{"x":593,"y":261,"width":6,"height":0}},{"id":"7bd6bdeb-e5d5-49bc-a39e-390f0276ab09","block_type":"box","text":"Performance","page_number":248,"box":{"x":101,"y":269,"width":85,"height":8}},{"id":"b99f6022-10c1-4b1b-8361-6069a988a712","block_type":"box","text":"Return after charges","page_number":248,"box":{"x":101,"y":282,"width":123,"height":11}},{"id":"d3abc0f2-6bf5-4438-acc2-dd09223b13be","block_type":"box","text":"20.09%","page_number":248,"box":{"x":446,"y":282,"width":43,"height":8}},{"id":"7345fd8c-eed8-4d1a-87db-4b3666a9919a","block_type":"box","text":"0.94%","page_number":248,"box":{"x":563,"y":282,"width":36,"height":8}},{"id":"0ca61c92-27bc-49ef-b7ed-24e5c430262f","block_type":"box","text":"Other information","page_number":248,"box":{"x":100,"y":295,"width":121,"height":8}},{"id":"766a5a7a-b2cb-49d7-a967-5d41f2897380","block_type":"box","text":"Closing net asset value","page_number":248,"box":{"x":100,"y":308,"width":137,"height":11}},{"id":"68a001b7-ff6e-4d9f-befa-a029342439d1","block_type":"box","text":"£22,736,741","page_number":248,"box":{"x":415,"y":308,"width":72,"height":10}},{"id":"84252e52-5217-4a6c-a3ab-f3fe758c66f0","block_type":"box","text":"£6,663,380","page_number":248,"box":{"x":533,"y":308,"width":66,"height":10}},{"id":"0ff159cc-a969-4002-9a42-958da0bd4c49","block_type":"box","text":"Closing number of shares","page_number":248,"box":{"x":100,"y":321,"width":155,"height":11}},{"id":"ce8e753b-e429-4b58-b105-68d5a49a18c0","block_type":"box","text":"18,756,797","page_number":248,"box":{"x":424,"y":321,"width":65,"height":10}},{"id":"bb4f70f5-c65b-4dd8-b58c-4013e0233580","block_type":"box","text":"6,601,195","page_number":248,"box":{"x":540,"y":321,"width":59,"height":10}},{"id":"628ff6d7-ffd0-437e-898d-25598cd15c72","block_type":"box","text":"Operating charges (note 2)","page_number":248,"box":{"x":100,"y":334,"width":162,"height":11}},{"id":"971217bc-43af-4bd0-8348-0e3804b25c3b","block_type":"box","text":"0.37%","page_number":248,"box":{"x":453,"y":335,"width":36,"height":7}},{"id":"d341a6a8-8997-48ad-a4da-61a0ad5f4c63","block_type":"box","text":"0.69%","page_number":248,"box":{"x":563,"y":335,"width":36,"height":7}},{"id":"68dded53-e8b8-4331-886a-4134d97133ad","block_type":"box","text":"Direct transaction costs","page_number":248,"box":{"x":101,"y":347,"width":141,"height":8}},{"id":"77de288e-eefd-432d-bafa-855e5c1f6e5d","block_type":"box","text":"0.00%","page_number":248,"box":{"x":453,"y":348,"width":36,"height":7}},{"id":"26536db7-55d7-44b0-9c73-ba75d6b53fbf","block_type":"box","text":"0.00%","page_number":248,"box":{"x":563,"y":348,"width":36,"height":7}},{"id":"baae7fc7-86a4-4316-862b-7abae2738215","block_type":"box","text":"Prices","page_number":248,"box":{"x":101,"y":360,"width":38,"height":9}},{"id":"ed4537a0-cae4-4ae3-b31f-37cbb1927c1a","block_type":"box","text":"Highest share price","page_number":248,"box":{"x":101,"y":373,"width":115,"height":11}},{"id":"4ef307bc-7e6d-48c5-ba92-832f608ae4b3","block_type":"box","text":"122.5343","page_number":248,"box":{"x":435,"y":374,"width":54,"height":8}},{"id":"717d572a-8464-45f4-82b6-e36186473e46","block_type":"box","text":"108.3372","page_number":248,"box":{"x":544,"y":374,"width":55,"height":8}},{"id":"4285d9b2-8f1e-4703-a970-50ad61b8ad63","block_type":"box","text":"Lowest share price","page_number":248,"box":{"x":101,"y":386,"width":112,"height":11}},{"id":"88452315-e999-49ec-ba00-f0215e7e6487","block_type":"box","text":"100.9420","page_number":248,"box":{"x":435,"y":387,"width":54,"height":8}},{"id":"3ec44fef-ab2f-4d66-ab96-fcc60a05b87c","block_type":"box","text":"94.9490","page_number":248,"box":{"x":551,"y":387,"width":48,"height":8}},{"id":"9e1eca95-c3e4-43d4-a352-9fcd1b9e21f2","block_type":"box","text":"^Share class launched 01 May 2024.","page_number":248,"box":{"x":95,"y":413,"width":219,"height":10}},{"id":"bef318ab-b05b-448f-9f1c-dc3ea53eb172","block_type":"box","text":"1. The operating charges per share figure is calculated by applying the operating charges percentage to the average net asset v","page_number":248,"box":{"x":96,"y":440,"width":758,"height":11}},{"id":"4f2b792f-b2b3-451a-9e2b-f476178bd08f","block_type":"box","text":"aluation","page_number":248,"box":{"x":855,"y":440,"width":48,"height":8}},{"id":"22ea4089-4b0b-4d63-b485-ae0553ef628c","block_type":"box","text":"per share throughout the period.","page_number":248,"box":{"x":96,"y":455,"width":200,"height":11}},{"id":"77f83d4d-6b26-4179-ad6c-dc06c51b6f3f","block_type":"box","text":"2. The operating charges percentage is based on the expenses incurred during the period annualised, as a proportion of the aver","page_number":248,"box":{"x":95,"y":474,"width":787,"height":11}},{"id":"10b213f5-cdfe-4fa3-b3ca-71c2fcc0d37e","block_type":"box","text":"age","page_number":248,"box":{"x":883,"y":477,"width":21,"height":8}},{"id":"0dc1f25d-e2f5-42a3-bab7-21f7823bc3d2","block_type":"box","text":"net asset value of the Sub-fund together with the ongoing charges included within the underlying holdings held within the Sub-f","page_number":248,"box":{"x":96,"y":489,"width":778,"height":11}},{"id":"8d0e92bc-2d33-4d1e-a0c1-5a6f732af3dc","block_type":"box","text":"und.","page_number":248,"box":{"x":874,"y":489,"width":26,"height":8}},{"id":"def8bc29-ec6a-4702-b83d-876e5e3fd543","block_type":"box","text":"Risk and Reward Profile","page_number":248,"box":{"x":97,"y":548,"width":244,"height":13}},{"id":"d2d5a304-6e04-4350-bacc-9d5da01ca309","block_type":"box","text":"The risk and reward indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher","page_number":248,"box":{"x":95,"y":583,"width":785,"height":11}},{"id":"e09ca453-b676-45ad-ba49-e6eb358a4917","block_type":"box","text":"the","page_number":248,"box":{"x":884,"y":583,"width":20,"height":9}},{"id":"10d529a3-0155-4a5b-9c74-25b147eb705e","block_type":"box","text":"rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time","page_number":248,"box":{"x":96,"y":599,"width":752,"height":10}},{"id":"5abf18d3-d054-4215-9e99-150a5f61f4be","block_type":"box","text":"and may","page_number":248,"box":{"x":852,"y":599,"width":52,"height":10}},{"id":"02f4289c-b123-4a74-bf89-b0d9c74e71c6","block_type":"box","text":"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’","page_number":248,"box":{"x":96,"y":614,"width":753,"height":11}},{"id":"b8bd3a55-071a-4a6d-b6ad-39c43a41cbae","block_type":"box","text":"s ranking","page_number":248,"box":{"x":849,"y":614,"width":55,"height":11}},{"id":"13b94841-0a12-4eba-9cf1-9a5cafaaad0d","block_type":"box","text":"on the risk and reward indicator.","page_number":248,"box":{"x":95,"y":630,"width":199,"height":8}},{"id":"7b6136d4-19fa-4b6b-9e0c-6e84d7f33609","block_type":"box","text":"Typically lower rewards,","page_number":248,"box":{"x":128,"y":652,"width":162,"height":11}},{"id":"ec4f93a1-449e-417e-85d0-b81599b7822e","block_type":"box","text":"Typically higher rewards,","page_number":248,"box":{"x":706,"y":652,"width":167,"height":11}},{"id":"99c3d538-02fd-4311-a8a5-cecd2610fc54","block_type":"box","text":"lower risk","page_number":248,"box":{"x":177,"y":667,"width":65,"height":9}},{"id":"df9533a4-a79d-4db6-9800-a4b5945a97d6","block_type":"box","text":"higher risk","page_number":248,"box":{"x":755,"y":667,"width":71,"height":11}},{"id":"03c7260d-939a-43de-af20-fa17fa886708","block_type":"box","text":"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","page_number":248,"box":{"x":96,"y":727,"width":738,"height":11}},{"id":"dcfc3fb5-fd76-418f-9630-83b4ecdac75d","block_type":"box","text":"y in the Key","page_number":248,"box":{"x":835,"y":727,"width":69,"height":11}},{"id":"e4a481b1-ef6d-4de4-8dfb-af13fc16956e","block_type":"box","text":"Investor Information Document (30 April 2025: ranked 4). The Sub-fund is ranked ‘4’ because weekly historical performance data","page_number":248,"box":{"x":96,"y":742,"width":807,"height":11}},{"id":"8a0bf020-b713-4f77-a664-d4cdf6fe9882","block_type":"box","text":"indicates that relatively high rises and falls in market prices would have occurred historically. The higher the rank, the grea","page_number":248,"box":{"x":96,"y":758,"width":765,"height":11}},{"id":"5b30f885-bf28-409d-b150-905f9f6f41b6","block_type":"box","text":"ter the","page_number":248,"box":{"x":863,"y":758,"width":41,"height":8}},{"id":"9ba4ec41-3768-47ea-adb2-c113bf6259f1","block_type":"box","text":"potential reward but the greater the risk of losing money.","page_number":248,"box":{"x":96,"y":773,"width":348,"height":11}},{"id":"9dc471a7-58c5-4735-8cab-705477b531cb","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":248,"box":{"x":553,"y":38,"width":349,"height":13}},{"id":"66f07b17-6b65-4d60-acda-61251c1d595e","block_type":"box","text":"243","page_number":248,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"4e5d4194-1f7f-428e-a676-c819258e5fac","block_type":"box","text":"1","page_number":248,"box":{"x":148,"y":702,"width":8,"height":12}},{"id":"271c9d66-76eb-4f72-8c2b-1dcfe786b720","block_type":"box","text":"2","page_number":248,"box":{"x":263,"y":702,"width":10,"height":12}},{"id":"dd05c69b-181f-4634-b70a-c90325707e44","block_type":"box","text":"3","page_number":248,"box":{"x":379,"y":702,"width":10,"height":12}},{"id":"59f2c869-bf43-4cb6-80e7-a860d64cff24","block_type":"box","text":"4","page_number":248,"box":{"x":494,"y":702,"width":12,"height":12}},{"id":"9e17a080-4e05-4939-a29a-2d44fe4bc904","block_type":"box","text":"5","page_number":248,"box":{"x":611,"y":702,"width":10,"height":12}},{"id":"85fe9db6-bd38-4674-921b-d0d76092c0c4","block_type":"box","text":"6","page_number":248,"box":{"x":726,"y":702,"width":11,"height":12}},{"id":"042a6c0a-b7f9-4895-ad5e-8ca04bd0a34c","block_type":"box","text":"7","page_number":248,"box":{"x":841,"y":702,"width":11,"height":12}},{"id":"93c97f1c-da1a-4e93-9a6c-f51c430c84d0","block_type":"box","text":"Portfolio Statement","page_number":249,"box":{"x":97,"y":85,"width":203,"height":13}},{"id":"147a3c42-62ec-429a-a2f3-486934b01dd3","block_type":"box","text":"as at 30 April 2026","page_number":249,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"d6b1bd0e-3ad9-48dd-b291-3d134e8018bf","block_type":"box","text":"Market","page_number":249,"box":{"x":761,"y":126,"width":48,"height":9}},{"id":"a353959d-2547-4f60-9d6f-5db976bc6a50","block_type":"box","text":"% of total","page_number":249,"box":{"x":835,"y":126,"width":63,"height":9}},{"id":"029c2e4c-6fff-4041-88d5-b7d2ef249c54","block_type":"box","text":"value","page_number":249,"box":{"x":772,"y":141,"width":36,"height":8}},{"id":"cfb14a45-8640-477e-96b2-43b2915e7b22","block_type":"box","text":"net assets","page_number":249,"box":{"x":833,"y":142,"width":66,"height":7}},{"id":"f65b14c9-d64d-41dd-b850-a156e9e9f144","block_type":"box","text":"Holding","page_number":249,"box":{"x":139,"y":155,"width":51,"height":11}},{"id":"a2b1084e-a52d-4e5f-8767-5c8846298230","block_type":"box","text":"Investment","page_number":249,"box":{"x":210,"y":155,"width":75,"height":8}},{"id":"0ff5a61f-ed1b-49d9-8429-0380be2fbdda","block_type":"box","text":"£","page_number":249,"box":{"x":802,"y":155,"width":7,"height":8}},{"id":"a2f85420-fad4-4cc7-a950-90a23e07ed17","block_type":"box","text":"2026","page_number":249,"box":{"x":869,"y":155,"width":30,"height":8}},{"id":"d9785c39-8682-463d-baa9-9ee5c10c97d0","block_type":"box","text":"Collective Investment Schemes (30 April 2025: 83.24%)","page_number":249,"box":{"x":210,"y":176,"width":360,"height":11}},{"id":"3c939bf1-5e8b-449b-a866-fb3759818b59","block_type":"box","text":"216,095","page_number":249,"box":{"x":142,"y":191,"width":47,"height":9}},{"id":"1b922b8b-5ec8-4c96-82c9-7d337d1a5c45","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":249,"box":{"x":210,"y":190,"width":295,"height":11}},{"id":"3329f808-7d33-48b4-a7b3-60599a3faf71","block_type":"box","text":"270,313","page_number":249,"box":{"x":761,"y":191,"width":47,"height":9}},{"id":"36ba29e1-6c72-43b9-ad9a-1e19c44ee4c3","block_type":"box","text":"1.19%","page_number":249,"box":{"x":863,"y":191,"width":36,"height":7}},{"id":"c4a8363c-3a77-4f0c-9093-f958286b3797","block_type":"box","text":"286,834","page_number":249,"box":{"x":142,"y":205,"width":48,"height":9}},{"id":"796100ec-8d45-4993-bd6a-530f5d969259","block_type":"box","text":"HSBC American Index Fund","page_number":249,"box":{"x":210,"y":204,"width":164,"height":9}},{"id":"5cade661-dd53-4606-a647-fac49657a9cf","block_type":"box","text":"4,379,962","page_number":249,"box":{"x":749,"y":205,"width":59,"height":9}},{"id":"190a66f6-d650-4903-9ed1-0e1b9ea84fea","block_type":"box","text":"19.26%","page_number":249,"box":{"x":856,"y":205,"width":43,"height":8}},{"id":"bc8516f9-df18-4bc3-b0de-bb53793438fe","block_type":"box","text":"94,402","page_number":249,"box":{"x":149,"y":219,"width":40,"height":9}},{"id":"9ebacc20-9bfb-4075-9ead-1252dedd55ca","block_type":"box","text":"HSBC European Index Fund","page_number":249,"box":{"x":210,"y":219,"width":166,"height":10}},{"id":"4d1909e9-996d-4478-84ee-d14355f06ed2","block_type":"box","text":"1,629,379","page_number":249,"box":{"x":750,"y":219,"width":58,"height":9}},{"id":"e799f40d-8402-4121-98ab-bd490ee409bc","block_type":"box","text":"7.17%","page_number":249,"box":{"x":863,"y":219,"width":36,"height":8}},{"id":"056d0067-bae6-4998-abb1-57845e29d6be","block_type":"box","text":"10,700","page_number":249,"box":{"x":150,"y":233,"width":39,"height":9}},{"id":"ebd06cd3-d638-4af7-b089-28a4514fd451","block_type":"box","text":"HSBC Global Emerging Market Government Bond Index Fund","page_number":249,"box":{"x":210,"y":233,"width":370,"height":11}},{"id":"097b64a1-d7b4-4794-87ce-bdb2470bf2a7","block_type":"box","text":"140,625","page_number":249,"box":{"x":761,"y":233,"width":47,"height":9}},{"id":"45aa4b92-5c2b-44b2-a61f-a8e81d0c587e","block_type":"box","text":"0.62%","page_number":249,"box":{"x":863,"y":233,"width":36,"height":8}},{"id":"bf56e152-5c14-4005-83aa-8ec5d120c914","block_type":"box","text":"610,807","page_number":249,"box":{"x":142,"y":248,"width":47,"height":9}},{"id":"c604ae8d-0791-47f4-b60e-60f461cc8fcb","block_type":"box","text":"HSBC MSCI Emerging Markets ex China Equity Index Fund","page_number":249,"box":{"x":210,"y":247,"width":349,"height":11}},{"id":"9b58abd2-e49e-4a78-a2f5-f39804077ddf","block_type":"box","text":"1,043,258","page_number":249,"box":{"x":750,"y":248,"width":58,"height":9}},{"id":"d8c88fdf-4858-4ade-a2cd-d6272dce4e5c","block_type":"box","text":"4.59%","page_number":249,"box":{"x":862,"y":248,"width":37,"height":7}},{"id":"00dae545-1bed-4286-bd44-6af4d90478f0","block_type":"box","text":"2,479,755","page_number":249,"box":{"x":131,"y":262,"width":58,"height":9}},{"id":"12f2def7-69f5-4d18-b24a-363a5ff173ca","block_type":"box","text":"iShares UK Equity Index Fund","page_number":249,"box":{"x":210,"y":261,"width":177,"height":11}},{"id":"12eb6dc5-57e0-4c03-992d-e4951eac55f2","block_type":"box","text":"3,833,248","page_number":249,"box":{"x":750,"y":262,"width":58,"height":9}},{"id":"5a5401fc-1a16-4d70-b12f-34eaa772b35d","block_type":"box","text":"16.86%","page_number":249,"box":{"x":856,"y":262,"width":43,"height":8}},{"id":"ff72c37a-3ef5-4af4-9247-243fdbfda59b","block_type":"box","text":"348,304","page_number":249,"box":{"x":142,"y":276,"width":48,"height":9}},{"id":"048cb152-cad5-4a3f-9420-2e6592b1453f","block_type":"box","text":"Legal & General Emerging Markets Government Bond Index Fund","page_number":249,"box":{"x":210,"y":276,"width":396,"height":10}},{"id":"eb7ebac1-8065-4c7a-a51a-4e6a3b8e362a","block_type":"box","text":"259,207","page_number":249,"box":{"x":761,"y":276,"width":47,"height":9}},{"id":"502676c8-1bfb-4007-acb5-b4cb079ea1f7","block_type":"box","text":"1.14%","page_number":249,"box":{"x":863,"y":276,"width":36,"height":8}},{"id":"215fe8dc-8805-42ae-9390-7dcb4de30549","block_type":"box","text":"489,939","page_number":249,"box":{"x":141,"y":290,"width":48,"height":9}},{"id":"e561acb6-1dd9-41c7-a0ad-8be85a9eccb8","block_type":"box","text":"Royal London Short Term Money Markets Fund","page_number":249,"box":{"x":210,"y":290,"width":286,"height":11}},{"id":"52aa4271-f04f-4b54-9cda-12f0ff4c14c8","block_type":"box","text":"591,364","page_number":249,"box":{"x":761,"y":290,"width":48,"height":9}},{"id":"342bf834-20ee-4448-8189-8187dc23c0c9","block_type":"box","text":"2.60%","page_number":249,"box":{"x":863,"y":290,"width":36,"height":8}},{"id":"ee3b7559-35ff-4544-9304-7316b890b0de","block_type":"box","text":"1,488","page_number":249,"box":{"x":157,"y":305,"width":32,"height":9}},{"id":"db2b822e-d0ab-4a6b-867c-78e58de0adf1","block_type":"box","text":"Vanguard Global Bond Index Fund","page_number":249,"box":{"x":209,"y":304,"width":209,"height":11}},{"id":"aa58989f-fd5a-4a85-b6c9-614df1a2a9d3","block_type":"box","text":"236,681","page_number":249,"box":{"x":761,"y":305,"width":45,"height":9}},{"id":"343a61b9-3353-44e5-afb0-30e3e0d25026","block_type":"box","text":"1.04%","page_number":249,"box":{"x":863,"y":305,"width":36,"height":7}},{"id":"11cafe2c-6b1a-4dad-b7e4-dca209c2e184","block_type":"box","text":"4,129","page_number":249,"box":{"x":156,"y":319,"width":33,"height":9}},{"id":"dad3e14b-2649-4e4f-b946-379a2d4eb94d","block_type":"box","text":"Vanguard UK Long Duration Gilt Index Fund","page_number":249,"box":{"x":209,"y":318,"width":265,"height":11}},{"id":"01d2b585-ec91-4863-a34a-933b0698ce8b","block_type":"box","text":"348,771","page_number":249,"box":{"x":761,"y":319,"width":45,"height":9}},{"id":"2df955c3-c922-455f-8751-8efa5ed683a0","block_type":"box","text":"1.53%","page_number":249,"box":{"x":863,"y":319,"width":36,"height":8}},{"id":"dbe47895-8a71-4021-9d0b-fcf11fd1c7d4","block_type":"box","text":"1,655","page_number":249,"box":{"x":157,"y":333,"width":32,"height":9}},{"id":"01316156-f764-4e41-8336-83f4639ed9dc","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":249,"box":{"x":209,"y":333,"width":191,"height":10}},{"id":"195007e3-9694-439b-9b73-e2b0213d9a57","block_type":"box","text":"1,963,253","page_number":249,"box":{"x":750,"y":333,"width":58,"height":9}},{"id":"1ff4e559-84bb-489a-8709-c350fbfbb70c","block_type":"box","text":"8.63%","page_number":249,"box":{"x":863,"y":333,"width":36,"height":8}},{"id":"3c6442dc-4da3-42cd-893f-715b5d25a720","block_type":"box","text":"14,696,061","page_number":249,"box":{"x":743,"y":354,"width":63,"height":9}},{"id":"3434d591-a196-44d2-b4e9-d8ce1ff8331f","block_type":"box","text":"64.63%","page_number":249,"box":{"x":855,"y":354,"width":44,"height":8}},{"id":"b8e2877f-06b2-42b3-b7d9-cda78448a817","block_type":"box","text":"Exchange traded Funds (30 April 2025: 15.46%)","page_number":249,"box":{"x":210,"y":375,"width":308,"height":10}},{"id":"a686a5e2-f3ad-4d8e-b5c7-2b02984cd4e5","block_type":"box","text":"2,501","page_number":249,"box":{"x":157,"y":389,"width":30,"height":9}},{"id":"20cab9fa-f38c-4195-99a6-e661f7d61b03","block_type":"box","text":"Amundi MSCI Pacific Ex Japan UCITS ETF","page_number":249,"box":{"x":209,"y":389,"width":243,"height":11}},{"id":"b855f535-8add-48cc-83f2-dd939b5f6ebd","block_type":"box","text":"223,264","page_number":249,"box":{"x":761,"y":389,"width":48,"height":9}},{"id":"43e27a3e-d87c-46fd-8ecb-b78c4a9db444","block_type":"box","text":"0.98%","page_number":249,"box":{"x":863,"y":389,"width":36,"height":8}},{"id":"87a86f3e-54b5-46a3-bac2-97854ccd66d8","block_type":"box","text":"23,349","page_number":249,"box":{"x":149,"y":404,"width":40,"height":9}},{"id":"e47bd424-8d56-4840-86b1-da2a094ead9f","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":249,"box":{"x":209,"y":403,"width":188,"height":11}},{"id":"f9d96f12-6aea-456e-96e1-6ee61102a70f","block_type":"box","text":"681,791","page_number":249,"box":{"x":761,"y":404,"width":45,"height":9}},{"id":"64c95815-b6da-4cb3-bd93-b335354c38fa","block_type":"box","text":"3.00%","page_number":249,"box":{"x":863,"y":404,"width":36,"height":7}},{"id":"eee5e047-1ae9-43fd-b08c-6679333dbe2b","block_type":"box","text":"31,179","page_number":249,"box":{"x":149,"y":418,"width":40,"height":9}},{"id":"bb498d73-d591-492b-8bf9-b38f9e62a33b","block_type":"box","text":"Amundi Prime UK Mid And Small Cap UCITS ETF","page_number":249,"box":{"x":209,"y":417,"width":290,"height":11}},{"id":"9d3ca2e6-cd6a-49c8-8d10-8ec599fa3dc9","block_type":"box","text":"728,965","page_number":249,"box":{"x":761,"y":418,"width":47,"height":9}},{"id":"7e2aae46-4645-4466-8a0f-711a0fcc803f","block_type":"box","text":"3.21%","page_number":249,"box":{"x":863,"y":418,"width":36,"height":8}},{"id":"fafd9b2a-08e8-46bd-b4a9-fd827b449aa0","block_type":"box","text":"70,343","page_number":249,"box":{"x":149,"y":432,"width":40,"height":9}},{"id":"06bc5c44-fc0f-499f-be10-47ed46f23df9","block_type":"box","text":"HSBC MSCI China UCITS ETF","page_number":249,"box":{"x":210,"y":432,"width":168,"height":8}},{"id":"c14c344b-fa1d-45ab-b495-d2dbde7ed4e7","block_type":"box","text":"405,879","page_number":249,"box":{"x":760,"y":432,"width":48,"height":9}},{"id":"32ed13a9-22f9-4fc3-8be2-6f5f324d29e0","block_type":"box","text":"1.79%","page_number":249,"box":{"x":863,"y":432,"width":36,"height":8}},{"id":"130998cd-7b1e-4fdf-951b-94516f4cf5d2","block_type":"box","text":"64,007","page_number":249,"box":{"x":149,"y":446,"width":40,"height":9}},{"id":"c50a65df-8ae5-4e68-aec8-eaedd08cd882","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":249,"box":{"x":210,"y":446,"width":240,"height":11}},{"id":"3d1e421a-5c68-4c82-b3b4-10f25f3680b2","block_type":"box","text":"747,600","page_number":249,"box":{"x":761,"y":446,"width":47,"height":9}},{"id":"3cf6c85c-3148-4baf-a2e5-6935b742d6bf","block_type":"box","text":"3.29%","page_number":249,"box":{"x":863,"y":446,"width":36,"height":8}},{"id":"f8b71e2f-cb20-4a90-bb34-766cdc6b415f","block_type":"box","text":"104,478","page_number":249,"box":{"x":142,"y":461,"width":47,"height":9}},{"id":"c229e852-432b-483b-b243-f8310fc63b42","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":249,"box":{"x":210,"y":460,"width":239,"height":11}},{"id":"e21835e7-aa52-469f-a4f9-fb295fbc42bc","block_type":"box","text":"1,055,279","page_number":249,"box":{"x":750,"y":461,"width":58,"height":9}},{"id":"213105b7-280e-4cde-ae26-dbb9eaf3a22c","block_type":"box","text":"4.64%","page_number":249,"box":{"x":862,"y":461,"width":37,"height":7}},{"id":"2b8d451e-35b1-4c94-badb-cab52fefc054","block_type":"box","text":"119,866","page_number":249,"box":{"x":142,"y":475,"width":47,"height":9}},{"id":"06d6921a-e7eb-4249-b256-6439ad2f8827","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":249,"box":{"x":210,"y":474,"width":255,"height":9}},{"id":"337ef211-c6be-4976-beea-d7630883e348","block_type":"box","text":"1,246,439","page_number":249,"box":{"x":750,"y":475,"width":58,"height":9}},{"id":"67c64a18-8d8e-4bb8-9127-5c966c9a6e39","block_type":"box","text":"5.48%","page_number":249,"box":{"x":863,"y":475,"width":36,"height":8}},{"id":"ff56ee51-46ac-41cd-9411-2326b59cdbfb","block_type":"box","text":"178,300","page_number":249,"box":{"x":142,"y":489,"width":47,"height":9}},{"id":"72b2dff9-b759-46a6-8787-2833cf0d42c7","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":249,"box":{"x":210,"y":489,"width":338,"height":10}},{"id":"a50b8182-f36d-409f-ae51-12007d4fe96f","block_type":"box","text":"1,573,092","page_number":249,"box":{"x":750,"y":489,"width":58,"height":9}},{"id":"ffd6096d-b261-484e-a7cb-8ba3648d0a53","block_type":"box","text":"6.92%","page_number":249,"box":{"x":863,"y":489,"width":36,"height":8}},{"id":"15a18e4a-aac9-47b2-8ded-189852788182","block_type":"box","text":"6,662,309","page_number":249,"box":{"x":750,"y":510,"width":58,"height":9}},{"id":"daf4681f-8ae2-42df-9181-54f06708ee84","block_type":"box","text":"29.31%","page_number":249,"box":{"x":855,"y":510,"width":44,"height":8}},{"id":"cb9e1166-44e1-423d-9e4b-6fd1a125968b","block_type":"box","text":"Portfolio of investments (30 April 2025: 98.70%)","page_number":249,"box":{"x":210,"y":538,"width":315,"height":11}},{"id":"ccb5fc00-15e8-4c7b-86a5-f6764de03bf8","block_type":"box","text":"21,358,370","page_number":249,"box":{"x":738,"y":539,"width":71,"height":9}},{"id":"14bf4904-eb68-44d2-b12a-904da1d87229","block_type":"box","text":"93.94%","page_number":249,"box":{"x":852,"y":539,"width":47,"height":7}},{"id":"f0de4690-2063-4fdd-b5f5-449d4184b8dd","block_type":"box","text":"Net other assets (30 April 2025: 1.30%)","page_number":249,"box":{"x":210,"y":552,"width":255,"height":11}},{"id":"7279c04a-a2ff-495d-bdfd-84df24251fd7","block_type":"box","text":"1,378,371","page_number":249,"box":{"x":747,"y":553,"width":60,"height":9}},{"id":"340be22d-1bd0-4c24-9f91-282fb9e59aef","block_type":"box","text":"6.06%","page_number":249,"box":{"x":860,"y":553,"width":39,"height":8}},{"id":"3c06d0d8-614c-4a7f-bc6f-73199dcc3599","block_type":"box","text":"22,736,741","page_number":249,"box":{"x":738,"y":574,"width":69,"height":9}},{"id":"d7d6ed9d-aaa0-4889-b973-09392c3a7e50","block_type":"box","text":"100.00%","page_number":249,"box":{"x":844,"y":574,"width":55,"height":8}},{"id":"6429bb23-bb4f-4eb0-ba52-fae90c7613b6","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":249,"box":{"x":97,"y":38,"width":350,"height":13}},{"id":"c4891a1a-ff5b-44fb-b3d1-c0c56ac2ec96","block_type":"box","text":"244","page_number":249,"box":{"x":10,"y":960,"width":27,"height":8}},{"id":"3d3c45ee-6d11-41ad-a30c-182623bbc830","block_type":"box","text":"Summary of Material Portfolio Changes","page_number":250,"box":{"x":96,"y":85,"width":407,"height":17}},{"id":"5bae8ac9-6be3-4cdc-ad95-3d302158931a","block_type":"box","text":"£","page_number":250,"box":{"x":707,"y":128,"width":6,"height":8}},{"id":"a8a9f4a2-6be1-4d3a-944c-40b10bbe5619","block_type":"box","text":"Total purchases for the year (note 14)","page_number":250,"box":{"x":95,"y":143,"width":249,"height":11}},{"id":"34570188-8552-418b-b369-66b62676d356","block_type":"box","text":"20,999,854","page_number":250,"box":{"x":643,"y":143,"width":71,"height":10}},{"id":"96c239f7-7c0f-4f2d-a46e-0566122bfca0","block_type":"box","text":"iShares UK Equity Index Fund","page_number":250,"box":{"x":96,"y":174,"width":176,"height":11}},{"id":"0bbb4413-5bd5-4024-8b56-30f0e0063d81","block_type":"box","text":"3,658,125","page_number":250,"box":{"x":654,"y":174,"width":59,"height":9}},{"id":"2e4f0680-8dae-410a-81f9-1b8a83e1ac40","block_type":"box","text":"HSBC American Index Fund","page_number":250,"box":{"x":96,"y":189,"width":164,"height":9}},{"id":"38a9bc24-51d5-4413-aa2b-78c11b1024a4","block_type":"box","text":"2,825,151","page_number":250,"box":{"x":654,"y":190,"width":57,"height":9}},{"id":"28649f83-98b4-44b6-a312-79ed819c98b3","block_type":"box","text":"iShares UK Equity Index Fund","page_number":250,"box":{"x":96,"y":205,"width":176,"height":10}},{"id":"76726fd2-eca9-4858-8491-1bdf8e60bd0c","block_type":"box","text":"1,745,815","page_number":250,"box":{"x":655,"y":205,"width":58,"height":9}},{"id":"5bc3270f-3240-49de-8871-a60df58e72c8","block_type":"box","text":"State Street SPDR S&P 500 Quality Aristocrats UCITS ETF","page_number":250,"box":{"x":95,"y":220,"width":339,"height":11}},{"id":"b8ee60f4-dda1-45c8-835f-d6e8ad029f37","block_type":"box","text":"1,574,558","page_number":250,"box":{"x":655,"y":221,"width":58,"height":9}},{"id":"19780d06-6bf0-4b92-b659-b6ddbd6304f3","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":250,"box":{"x":95,"y":236,"width":191,"height":10}},{"id":"1744583f-7f22-45a1-828b-56408081459a","block_type":"box","text":"1,569,684","page_number":250,"box":{"x":655,"y":236,"width":59,"height":9}},{"id":"a2462c65-bc0c-4469-b49b-7b54ef93e960","block_type":"box","text":"HSBC European Index Fund","page_number":250,"box":{"x":96,"y":251,"width":165,"height":11}},{"id":"20349a5b-cf12-4b59-821d-ebcb1b79a920","block_type":"box","text":"1,518,045","page_number":250,"box":{"x":655,"y":251,"width":58,"height":10}},{"id":"0044c08f-e92c-41ac-b7da-4c5d474c6f1a","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":250,"box":{"x":96,"y":267,"width":254,"height":8}},{"id":"b6040c1f-c484-41e1-b730-1b85ba93ab3c","block_type":"box","text":"1,458,495","page_number":250,"box":{"x":655,"y":267,"width":58,"height":9}},{"id":"0a82c77c-64ea-4edb-a8bd-edecdf1e6e4b","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":250,"box":{"x":96,"y":282,"width":239,"height":11}},{"id":"3cb82ad2-0625-4de5-834d-dba544083963","block_type":"box","text":"1,232,605","page_number":250,"box":{"x":655,"y":282,"width":58,"height":9}},{"id":"d7b8cf80-3ec8-40af-b91a-36a013993578","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":250,"box":{"x":95,"y":297,"width":188,"height":11}},{"id":"cb95a3a3-e1a7-4d27-b62f-f3a3f9fea12d","block_type":"box","text":"762,577","page_number":250,"box":{"x":666,"y":298,"width":47,"height":9}},{"id":"42c51164-185f-41ae-aeea-a25e8dbb3bd6","block_type":"box","text":"HSBC Global Corporate Bond UCITS ETF","page_number":250,"box":{"x":96,"y":313,"width":239,"height":11}},{"id":"8defda49-5e40-47d6-a269-b09c93dda43f","block_type":"box","text":"744,381","page_number":250,"box":{"x":666,"y":313,"width":45,"height":9}},{"id":"54a77d17-bada-48a3-ab94-5e325fb32755","block_type":"box","text":"Various other purchases","page_number":250,"box":{"x":95,"y":328,"width":148,"height":11}},{"id":"5b22a4d6-efbe-4a3d-a63d-a8193ec308a9","block_type":"box","text":"3,910,418","page_number":250,"box":{"x":654,"y":329,"width":59,"height":9}},{"id":"f09a4fbe-1bcc-401c-9db5-7a8a554d3665","block_type":"box","text":"£","page_number":250,"box":{"x":707,"y":360,"width":6,"height":7}},{"id":"b7e83df2-01c3-4db7-b0c2-fdc73da1e009","block_type":"box","text":"Total sales for the year (note 14)","page_number":250,"box":{"x":95,"y":375,"width":214,"height":10}},{"id":"a4413572-e145-4056-a726-cf87a3ec5101","block_type":"box","text":"8,762,573","page_number":250,"box":{"x":651,"y":375,"width":62,"height":9}},{"id":"d271f650-87dc-4194-9733-c1bce2ec899a","block_type":"box","text":"iShares UK Equity Index Fund","page_number":250,"box":{"x":96,"y":406,"width":176,"height":10}},{"id":"de481fa5-87b6-45c5-9115-809867ca3ae1","block_type":"box","text":"3,088,989","page_number":250,"box":{"x":654,"y":406,"width":59,"height":9}},{"id":"13eb05c6-f5d8-4141-875b-e7157fe26b8b","block_type":"box","text":"Vanguard US Equity Index Fund","page_number":250,"box":{"x":95,"y":421,"width":191,"height":11}},{"id":"aab86043-1b51-4714-a3a0-b459536826d2","block_type":"box","text":"1,109,823","page_number":250,"box":{"x":655,"y":421,"width":58,"height":9}},{"id":"49ebc08c-1b8b-40e3-a4dc-6b289b886516","block_type":"box","text":"HSBC Global Aggregate Bond UCITS ETF","page_number":250,"box":{"x":96,"y":436,"width":239,"height":11}},{"id":"e5763cb9-5733-4bf9-9237-58c596311c89","block_type":"box","text":"669,832","page_number":250,"box":{"x":666,"y":437,"width":47,"height":9}},{"id":"7cc3e79e-93d0-466c-998f-dd37fa936e96","block_type":"box","text":"Amundi Prime Japan UCITS ETF","page_number":250,"box":{"x":95,"y":452,"width":188,"height":11}},{"id":"28f4cce2-b7c9-4ea7-b1ae-133511503e4d","block_type":"box","text":"592,013","page_number":250,"box":{"x":666,"y":452,"width":47,"height":9}},{"id":"7da871d7-7abb-47a8-8017-406865a63074","block_type":"box","text":"HSBC Global Government Bond UCITS ETF","page_number":250,"box":{"x":96,"y":467,"width":254,"height":9}},{"id":"007f942e-6664-4916-b6ed-06de78a21c99","block_type":"box","text":"481,849","page_number":250,"box":{"x":665,"y":468,"width":48,"height":9}},{"id":"0100e905-b812-40cc-a2cf-e49d6df189ad","block_type":"box","text":"HSBC American Index Fund","page_number":250,"box":{"x":96,"y":483,"width":164,"height":8}},{"id":"68128754-cedd-48b4-afb8-3920446af4b7","block_type":"box","text":"395,127","page_number":250,"box":{"x":666,"y":483,"width":47,"height":9}},{"id":"e773dfc3-64af-4724-b409-339423b095d2","block_type":"box","text":"iShares $ Treasury Bond 20+yr ETF","page_number":250,"box":{"x":96,"y":498,"width":209,"height":11}},{"id":"9be41d49-2666-4fca-8ae3-530b1369c793","block_type":"box","text":"350,569","page_number":250,"box":{"x":666,"y":499,"width":47,"height":9}},{"id":"cc7ee82e-dab3-4fdb-9f91-9da8c0476210","block_type":"box","text":"HSBC European Index Fund","page_number":250,"box":{"x":96,"y":514,"width":165,"height":10}},{"id":"2a84429f-d862-4a9e-858c-2c055ba6976f","block_type":"box","text":"333,059","page_number":250,"box":{"x":666,"y":514,"width":47,"height":9}},{"id":"46622273-1ff8-4935-bcdd-f44f8669d14b","block_type":"box","text":"Vanguard Global Bond Index Fund","page_number":250,"box":{"x":95,"y":529,"width":208,"height":11}},{"id":"6d7dfa9d-c804-4ec8-b645-996547615d24","block_type":"box","text":"332,194","page_number":250,"box":{"x":666,"y":529,"width":48,"height":10}},{"id":"a1b4925a-b42c-4ed4-8a8c-2baa154528e0","block_type":"box","text":"BNY Mellon Efficient Global High Yield Beta Fund","page_number":250,"box":{"x":96,"y":544,"width":294,"height":11}},{"id":"4353d71c-5282-4d7f-9883-687daee53ab8","block_type":"box","text":"217,014","page_number":250,"box":{"x":666,"y":545,"width":48,"height":9}},{"id":"0fbe33ae-2d32-4008-a3ad-3be01d8fd5e3","block_type":"box","text":"Various other sales","page_number":250,"box":{"x":95,"y":560,"width":116,"height":8}},{"id":"b08370a3-d900-4988-b51c-ac88e7ded8ec","block_type":"box","text":"1,192,104","page_number":250,"box":{"x":655,"y":560,"width":59,"height":9}},{"id":"7e415675-9b24-43fd-95fe-a1eec9eb15a1","block_type":"box","text":"The above transactions represent all the purchases and sales during the year.","page_number":250,"box":{"x":95,"y":620,"width":471,"height":10}},{"id":"3a1dbc6c-0189-49db-9ac2-eba401bf8aad","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":250,"box":{"x":553,"y":38,"width":349,"height":13}},{"id":"334c4850-8101-4c78-bf0e-2bcd5e9e2153","block_type":"box","text":"245","page_number":250,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"b0fa7086-97ea-4800-9d5a-f86f06228819","block_type":"box","text":"Statement of Total Return","page_number":251,"box":{"x":96,"y":85,"width":267,"height":13}},{"id":"b8812af0-e474-4cc6-8e15-999208cd5d5a","block_type":"box","text":"for the year ended 30 April 2026","page_number":251,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"a9a6abe2-c7ac-4b53-9acb-6bdc1d41ee91","block_type":"box","text":"30.04.26","page_number":251,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"b87e23cd-01c4-45a0-8b76-dd25f20f43db","block_type":"box","text":"30.04.25","page_number":251,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"b0c1a478-c9e7-4925-b7e2-549ea123361d","block_type":"box","text":"Note","page_number":251,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"d026f57a-f20b-4fba-977c-fefd0d191afd","block_type":"box","text":"£","page_number":251,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"b96ffbb3-a0ad-421f-9498-3f9b3f29f32c","block_type":"box","text":"£","page_number":251,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"1fd4ede6-60c7-4a29-963c-5dd4c76784f5","block_type":"box","text":"£","page_number":251,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"a82063da-8e87-43a4-b27e-dbbd490e5c7a","block_type":"box","text":"£","page_number":251,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"c408bd5c-67a3-4f94-9e8a-b9b9cd1fbc85","block_type":"box","text":"Income","page_number":251,"box":{"x":96,"y":154,"width":43,"height":7}},{"id":"db3454ec-f6d8-4f10-85c2-3698ea9f0c46","block_type":"box","text":"Net capital","page_number":251,"box":{"x":120,"y":169,"width":63,"height":10}},{"id":"77a73c45-1657-4194-a182-fd709e77a864","block_type":"box","text":"2","page_number":251,"box":{"x":421,"y":169,"width":6,"height":8}},{"id":"3e94d501-c5f9-4a3a-82d9-1d2f2df6241b","block_type":"box","text":"2,372,079","page_number":251,"box":{"x":607,"y":169,"width":58,"height":9}},{"id":"6eb0c30c-ee1b-484c-b3b9-d6acc384252a","block_type":"box","text":"(80,810)","page_number":251,"box":{"x":852,"y":169,"width":49,"height":9}},{"id":"aa69b61e-4a2e-43a1-9be6-22da3e7f1f23","block_type":"box","text":"Revenue","page_number":251,"box":{"x":120,"y":184,"width":51,"height":8}},{"id":"96131a7d-a0fa-4262-997b-b586fd8525fc","block_type":"box","text":"3","page_number":251,"box":{"x":421,"y":184,"width":6,"height":8}},{"id":"3b44ad75-2708-4bdb-be7e-6477fe8adea3","block_type":"box","text":"237,592","page_number":251,"box":{"x":504,"y":184,"width":47,"height":9}},{"id":"2b46785a-c572-4721-b9df-43985c90cd04","block_type":"box","text":"34,915","page_number":251,"box":{"x":745,"y":184,"width":39,"height":9}},{"id":"12f6d04a-5a87-499c-bbbe-5ec80ca7f56c","block_type":"box","text":"Expenses","page_number":251,"box":{"x":96,"y":200,"width":55,"height":10}},{"id":"c5b452e4-a800-4e5b-980d-23e4d5c13765","block_type":"box","text":"4","page_number":251,"box":{"x":421,"y":200,"width":7,"height":8}},{"id":"5149641f-5c4f-400c-b26c-f7328be90f8f","block_type":"box","text":"(47,266)","page_number":251,"box":{"x":507,"y":200,"width":49,"height":9}},{"id":"5edbbd8f-c7ce-428e-9e0a-5a09f91dc011","block_type":"box","text":"(19,782)","page_number":251,"box":{"x":740,"y":200,"width":49,"height":9}},{"id":"b2f95a78-a7ff-4a9d-81a9-57a13d133d8b","block_type":"box","text":"Interest payable and similar charges","page_number":251,"box":{"x":96,"y":222,"width":219,"height":10}},{"id":"1ac722f2-362d-478f-93a4-c6a1ce1000ea","block_type":"box","text":"4","page_number":251,"box":{"x":421,"y":222,"width":7,"height":8}},{"id":"f16acce6-af29-4f07-bafd-6bbbe02bcabf","block_type":"box","text":"(346)","page_number":251,"box":{"x":526,"y":222,"width":30,"height":9}},{"id":"5cab000f-0aa4-43b8-97bb-a8af83922719","block_type":"box","text":"–","page_number":251,"box":{"x":778,"y":226,"width":7,"height":1}},{"id":"4b8a139a-3a97-48af-a612-9462e8e6d646","block_type":"box","text":"Net revenue before taxation","page_number":251,"box":{"x":96,"y":244,"width":170,"height":8}},{"id":"b88a8b35-163d-4db4-b687-8c6212979a82","block_type":"box","text":"189,980","page_number":251,"box":{"x":504,"y":244,"width":47,"height":9}},{"id":"158435cc-1051-4bef-9031-d91746c15004","block_type":"box","text":"15,133","page_number":251,"box":{"x":745,"y":244,"width":39,"height":9}},{"id":"b99d8604-6a45-4157-8c30-642e941ed580","block_type":"box","text":"Taxation","page_number":251,"box":{"x":95,"y":266,"width":51,"height":8}},{"id":"83e5c819-0137-4cf2-be7e-fbcdc1917351","block_type":"box","text":"5","page_number":251,"box":{"x":421,"y":266,"width":6,"height":8}},{"id":"ec75b79d-28c5-4ffe-b0fc-855cf162ccc7","block_type":"box","text":"(5,956)","page_number":251,"box":{"x":514,"y":266,"width":42,"height":10}},{"id":"53ed66b0-7591-4e91-a448-704ac8170121","block_type":"box","text":"–","page_number":251,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"7878f28a-ce98-437b-828f-99c79cdbc4a8","block_type":"box","text":"Net revenue after taxation","page_number":251,"box":{"x":96,"y":288,"width":159,"height":8}},{"id":"4f1a1f69-98bf-443c-86f0-a3e39c0f4984","block_type":"box","text":"184,024","page_number":251,"box":{"x":618,"y":289,"width":48,"height":9}},{"id":"430841ea-8b4c-4d5f-a99f-7b9c0288fd97","block_type":"box","text":"15,133","page_number":251,"box":{"x":857,"y":289,"width":39,"height":9}},{"id":"5a82ad86-b35d-4d20-a47a-1c205b673e7b","block_type":"box","text":"Total return before distributions","page_number":251,"box":{"x":95,"y":310,"width":216,"height":9}},{"id":"a1dc5e9e-55c7-4a27-b433-7c60ff566a80","block_type":"box","text":"2,556,103","page_number":251,"box":{"x":603,"y":311,"width":63,"height":9}},{"id":"e1829ad7-b2d1-496d-9f56-9593cdf0deb7","block_type":"box","text":"(65,677)","page_number":251,"box":{"x":849,"y":311,"width":52,"height":9}},{"id":"d3571a6d-3d0c-476f-b629-8be4548db410","block_type":"box","text":"Distributions","page_number":251,"box":{"x":96,"y":332,"width":77,"height":9}},{"id":"2139a895-9b40-4af6-8f8e-5be6826cb97f","block_type":"box","text":"6","page_number":251,"box":{"x":421,"y":333,"width":6,"height":8}},{"id":"92c3593d-fda8-4a71-877a-14c6511ab52f","block_type":"box","text":"(221,344)","page_number":251,"box":{"x":614,"y":333,"width":56,"height":9}},{"id":"da8968a0-d30a-4b75-b6d6-abacf49ce441","block_type":"box","text":"(37,159)","page_number":251,"box":{"x":852,"y":333,"width":49,"height":9}},{"id":"d7f5d2cf-a1d5-4f93-87ae-0bbe4e471777","block_type":"box","text":"Change in net assets attributable to","page_number":251,"box":{"x":96,"y":355,"width":237,"height":10}},{"id":"9b16205a-6f9d-4409-a504-f76625c71ea1","block_type":"box","text":"Shareholders from investment activities","page_number":251,"box":{"x":95,"y":369,"width":268,"height":8}},{"id":"393c3380-23a7-448a-a75c-29a52a76642d","block_type":"box","text":"2,334,759","page_number":251,"box":{"x":603,"y":369,"width":63,"height":9}},{"id":"c26e8ffe-8758-4e0e-96da-45e83ed0f5aa","block_type":"box","text":"(102,836)","page_number":251,"box":{"x":842,"y":369,"width":59,"height":10}},{"id":"13bb1065-2e4f-4e64-bc6c-45b2ac4c5b9a","block_type":"box","text":"Statement of Change in Net Assets Attributable to Shareholders","page_number":251,"box":{"x":96,"y":414,"width":659,"height":17}},{"id":"21c038af-438f-43dc-8ed6-6960d283a6f6","block_type":"box","text":"for the year ended 30 April 2026","page_number":251,"box":{"x":95,"y":434,"width":196,"height":11}},{"id":"64a21ff6-2198-4147-8ace-3770ee40bc03","block_type":"box","text":"30.04.26","page_number":251,"box":{"x":582,"y":454,"width":54,"height":8}},{"id":"54117cb6-a2e0-48de-a801-26a97b86d565","block_type":"box","text":"30.04.25","page_number":251,"box":{"x":818,"y":454,"width":54,"height":8}},{"id":"d5ac2c58-55fb-4c4b-92d6-cdf4deafdf7a","block_type":"box","text":"£","page_number":251,"box":{"x":545,"y":467,"width":6,"height":8}},{"id":"7160494b-e662-422a-8616-bce5c54f9761","block_type":"box","text":"£","page_number":251,"box":{"x":659,"y":467,"width":7,"height":8}},{"id":"be4bfd70-51ce-4b79-80c0-dc6da036b471","block_type":"box","text":"£","page_number":251,"box":{"x":778,"y":467,"width":7,"height":8}},{"id":"7027d5f7-49b4-4c35-a8cd-bb5110218371","block_type":"box","text":"£","page_number":251,"box":{"x":890,"y":467,"width":7,"height":8}},{"id":"de8e9972-a336-4a9b-adc7-9ffb31a43793","block_type":"box","text":"Opening net assets attributable to Shareholders","page_number":251,"box":{"x":96,"y":482,"width":319,"height":11}},{"id":"e48d8a91-0a6a-49ba-b7db-f208f88422ad","block_type":"box","text":"6,661,789","page_number":251,"box":{"x":603,"y":482,"width":63,"height":9}},{"id":"1528e396-b6b1-4bb4-b805-6d1405e8c069","block_type":"box","text":"–","page_number":251,"box":{"x":890,"y":487,"width":7,"height":1}},{"id":"9f420408-00bb-49a7-9c98-5b42c31f0454","block_type":"box","text":"Amounts receivable on creation of shares","page_number":251,"box":{"x":95,"y":504,"width":252,"height":8}},{"id":"07409527-c727-4914-af13-871e0c217a9e","block_type":"box","text":"16,208,912","page_number":251,"box":{"x":485,"y":505,"width":66,"height":9}},{"id":"6a9326a6-9c8a-4514-9999-34085ac80d90","block_type":"box","text":"7,211,254","page_number":251,"box":{"x":726,"y":505,"width":59,"height":9}},{"id":"497403ac-471d-4109-81b7-5f86e8093128","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":251,"box":{"x":95,"y":526,"width":261,"height":11}},{"id":"b7e2e79f-36f1-47d0-a92d-f4b4188d95cf","block_type":"box","text":"(2,796,353)","page_number":251,"box":{"x":488,"y":527,"width":68,"height":9}},{"id":"88652eaf-19a8-4ab6-9350-b242893efbaa","block_type":"box","text":"(505,085)","page_number":251,"box":{"x":733,"y":527,"width":56,"height":9}},{"id":"57c05398-0c5f-4d01-b8ff-8401b81fd774","block_type":"box","text":"Dilution levies","page_number":251,"box":{"x":96,"y":548,"width":84,"height":9}},{"id":"d433852d-5130-4f4b-ae2b-ea2dcdf18776","block_type":"box","text":"2,159","page_number":251,"box":{"x":519,"y":549,"width":32,"height":9}},{"id":"fc9bed35-f2db-48d7-8b49-0cbcee3bae51","block_type":"box","text":"1,193","page_number":251,"box":{"x":753,"y":549,"width":31,"height":9}},{"id":"557d1a44-d965-44d3-bfac-4c155f3821ed","block_type":"box","text":"13,414,718","page_number":251,"box":{"x":600,"y":571,"width":66,"height":9}},{"id":"4e6b45b6-6b31-4bed-b054-b636556e3eca","block_type":"box","text":"6,707,362","page_number":251,"box":{"x":838,"y":571,"width":58,"height":9}},{"id":"fd38ffe4-9631-4cae-8534-3ef13c1756a2","block_type":"box","text":"Change in net assets attributable to Shareholders","page_number":251,"box":{"x":96,"y":593,"width":300,"height":11}},{"id":"05a66cbc-f700-4fa2-8256-0b0ce571a168","block_type":"box","text":"from investment activities (see above)","page_number":251,"box":{"x":95,"y":608,"width":231,"height":10}},{"id":"4e97c76c-1708-4972-a0e7-f161d57d8fc6","block_type":"box","text":"2,334,759","page_number":251,"box":{"x":607,"y":609,"width":58,"height":9}},{"id":"29f56903-da9f-46be-b466-40e2c59123e6","block_type":"box","text":"(102,836)","page_number":251,"box":{"x":845,"y":609,"width":56,"height":9}},{"id":"d2025650-4367-46ef-8973-a7fd819532ee","block_type":"box","text":"Accumulation distributions retained","page_number":251,"box":{"x":95,"y":630,"width":218,"height":9}},{"id":"a443801f-83c8-4f41-a362-0f24ee490965","block_type":"box","text":"325,475","page_number":251,"box":{"x":618,"y":631,"width":47,"height":9}},{"id":"6676c64c-b362-47ea-a631-5542006c500f","block_type":"box","text":"57,263","page_number":251,"box":{"x":857,"y":631,"width":39,"height":9}},{"id":"dd836625-29b4-419a-84f5-f6aed6869e95","block_type":"box","text":"Closing net assets attributable to Shareholders","page_number":251,"box":{"x":96,"y":653,"width":311,"height":10}},{"id":"7183ac57-ad17-46a8-8a95-6c917b46a253","block_type":"box","text":"22,736,741","page_number":251,"box":{"x":596,"y":653,"width":68,"height":9}},{"id":"3a1aae72-c16d-4eb5-8eff-d525553a381b","block_type":"box","text":"6,661,789","page_number":251,"box":{"x":834,"y":653,"width":63,"height":9}},{"id":"1240744b-eada-4d70-8dd3-e34e73165bb8","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":251,"box":{"x":97,"y":38,"width":350,"height":13}},{"id":"88eae079-ca4d-4def-aed1-3e98375f9827","block_type":"box","text":"246","page_number":251,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"149d5c1f-557b-45c4-a196-680c58e9aeea","block_type":"box","text":"Balance Sheet","page_number":252,"box":{"x":97,"y":85,"width":143,"height":13}},{"id":"96c7098e-114e-4cd9-9815-26df7b3f31fc","block_type":"box","text":"as at 30 April 2026","page_number":252,"box":{"x":95,"y":105,"width":112,"height":11}},{"id":"4e322c23-ac28-40d7-a014-893cf9d685b2","block_type":"box","text":"30.04.26","page_number":252,"box":{"x":582,"y":126,"width":54,"height":7}},{"id":"010b8e18-5683-456c-aa50-3fd62c4a1963","block_type":"box","text":"30.04.25","page_number":252,"box":{"x":818,"y":126,"width":54,"height":7}},{"id":"8d55b2bc-ce62-4196-bffe-258970744e7f","block_type":"box","text":"Note","page_number":252,"box":{"x":396,"y":138,"width":31,"height":8}},{"id":"348fee2c-299a-471e-815a-810fd1def8c2","block_type":"box","text":"£","page_number":252,"box":{"x":545,"y":138,"width":6,"height":8}},{"id":"a4588b7f-efda-4086-ab5c-7d77befaf601","block_type":"box","text":"£","page_number":252,"box":{"x":659,"y":138,"width":7,"height":8}},{"id":"202bbd05-f43a-4f31-aefe-e37a40d4988a","block_type":"box","text":"£","page_number":252,"box":{"x":778,"y":138,"width":7,"height":8}},{"id":"c855facc-7db4-40a1-8a62-6b2bbbd9010e","block_type":"box","text":"£","page_number":252,"box":{"x":890,"y":138,"width":7,"height":8}},{"id":"a6c1b5e0-33eb-4c87-ba35-8cc8942a3c51","block_type":"box","text":"ASSETS","page_number":252,"box":{"x":95,"y":153,"width":46,"height":8}},{"id":"717c28c1-7db4-4879-a257-8959cb95ec57","block_type":"box","text":"Investments assets","page_number":252,"box":{"x":106,"y":169,"width":114,"height":8}},{"id":"1bc986ab-87a2-4800-866a-c9bfc421d250","block_type":"box","text":"21,358,370","page_number":252,"box":{"x":596,"y":169,"width":70,"height":9}},{"id":"9298acb1-a3dc-415f-928a-f2042df517cf","block_type":"box","text":"6,574,705","page_number":252,"box":{"x":834,"y":169,"width":62,"height":9}},{"id":"49192310-6908-45fd-8cfc-e20d62b7eb30","block_type":"box","text":"Current assets","page_number":252,"box":{"x":96,"y":191,"width":95,"height":8}},{"id":"4cbe0aca-3e13-4a90-8d53-3524f2ffd2cd","block_type":"box","text":"Debtors","page_number":252,"box":{"x":106,"y":206,"width":46,"height":8}},{"id":"a7d47d00-25ce-4032-b19f-53c8c5bd500c","block_type":"box","text":"7","page_number":252,"box":{"x":421,"y":207,"width":6,"height":7}},{"id":"f051a9f4-cdef-4504-be49-79cc6f890339","block_type":"box","text":"641,765","page_number":252,"box":{"x":504,"y":207,"width":47,"height":9}},{"id":"6413b0ae-e2a7-4191-b6ed-3a54a3975500","block_type":"box","text":"9,180","page_number":252,"box":{"x":752,"y":207,"width":33,"height":9}},{"id":"f6204f59-88da-4ae0-befa-c2009e85a5ec","block_type":"box","text":"Cash and bank balances","page_number":252,"box":{"x":105,"y":222,"width":146,"height":8}},{"id":"b9e4984c-285b-418d-9c65-bf86dd0e8bb6","block_type":"box","text":"8","page_number":252,"box":{"x":421,"y":222,"width":6,"height":8}},{"id":"d946a420-b6df-4c85-8451-c3f3934a17a6","block_type":"box","text":"761,933","page_number":252,"box":{"x":504,"y":222,"width":47,"height":9}},{"id":"a0127847-cc29-439f-b17b-eddb0bb72664","block_type":"box","text":"91,687","page_number":252,"box":{"x":745,"y":222,"width":40,"height":9}},{"id":"8bdbeab9-f90a-45f5-9a44-9dd5951d60a7","block_type":"box","text":"Total current assets","page_number":252,"box":{"x":95,"y":244,"width":131,"height":8}},{"id":"ec81845c-0d30-4459-8734-3301e12498b4","block_type":"box","text":"1,403,698","page_number":252,"box":{"x":604,"y":244,"width":62,"height":9}},{"id":"d2522ce0-1fba-4d83-b3ec-63486c7c84c1","block_type":"box","text":"100,867","page_number":252,"box":{"x":847,"y":244,"width":50,"height":9}},{"id":"7a8a1b05-c331-4486-8490-7269f3934f2c","block_type":"box","text":"Total assets","page_number":252,"box":{"x":95,"y":266,"width":78,"height":8}},{"id":"c7da51dd-3164-4ed6-a1ae-6e4c2337d98e","block_type":"box","text":"22,762,068","page_number":252,"box":{"x":596,"y":266,"width":70,"height":9}},{"id":"67aad941-f933-4730-a51a-e0a992be4eb7","block_type":"box","text":"6,675,572","page_number":252,"box":{"x":834,"y":266,"width":63,"height":9}},{"id":"5ecfde63-9af6-4c8c-b15f-5db8f59e156c","block_type":"box","text":"Current liabilities","page_number":252,"box":{"x":96,"y":304,"width":115,"height":8}},{"id":"7436d2ba-47f4-49de-af45-af6690895f92","block_type":"box","text":"Creditors","page_number":252,"box":{"x":105,"y":319,"width":55,"height":8}},{"id":"0ea8bd92-943d-4a75-88d3-c7b167519050","block_type":"box","text":"9","page_number":252,"box":{"x":421,"y":319,"width":6,"height":8}},{"id":"30d35aa3-2e70-4bd2-9eaa-a2f6e0e77e32","block_type":"box","text":"(25,327)","page_number":252,"box":{"x":507,"y":319,"width":49,"height":10}},{"id":"8e70ae7d-a52a-4a38-8907-99c618159253","block_type":"box","text":"(13,783)","page_number":252,"box":{"x":740,"y":319,"width":49,"height":10}},{"id":"595b6984-d8c4-46f3-8ed5-06323aa0a3c9","block_type":"box","text":"Total current liabilities","page_number":252,"box":{"x":95,"y":341,"width":152,"height":8}},{"id":"fca9964e-b565-419b-85cd-b695be248b78","block_type":"box","text":"(25,327)","page_number":252,"box":{"x":618,"y":342,"width":53,"height":9}},{"id":"fd109703-f2c6-4eee-a3f9-900f717887a5","block_type":"box","text":"(13,783)","page_number":252,"box":{"x":849,"y":342,"width":52,"height":9}},{"id":"229cd1e5-9bee-47e7-afd4-1d5943747e29","block_type":"box","text":"Net assets attributable to Shareholders","page_number":252,"box":{"x":96,"y":363,"width":261,"height":9}},{"id":"0c2087d5-abbc-4f4e-9824-dc7687be2afe","block_type":"box","text":"22,736,741","page_number":252,"box":{"x":596,"y":364,"width":68,"height":9}},{"id":"2308d814-effe-4f94-a2c6-fd5a0b01e55d","block_type":"box","text":"6,661,789","page_number":252,"box":{"x":834,"y":364,"width":63,"height":9}},{"id":"09af06f1-458e-4056-9d80-e2bdd654a306","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":252,"box":{"x":553,"y":38,"width":349,"height":13}},{"id":"99eefbe9-f18d-465b-8180-1b37febd08ff","block_type":"box","text":"247","page_number":252,"box":{"x":962,"y":960,"width":27,"height":8}},{"id":"8c0cec69-28e7-4299-aea4-d1bd580815ff","block_type":"box","text":"Notes to the Financial Statements","page_number":253,"box":{"x":97,"y":85,"width":349,"height":13}},{"id":"98b16af4-0c02-4e40-b34c-0e69ff612ae1","block_type":"box","text":"for the year ended 30 April 2026","page_number":253,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"c792f46d-bbc0-4f54-9829-c1469e07f70d","block_type":"box","text":"1. Accounting policies","page_number":253,"box":{"x":96,"y":132,"width":143,"height":11}},{"id":"86736886-83fa-489d-af43-f6dc80e27dd4","block_type":"box","text":"The Sub-fund’s financial statements have been prepared in accordance with the policies noted on page 8.","page_number":253,"box":{"x":95,"y":148,"width":641,"height":11}},{"id":"2ab608a9-5c8a-419a-a4fd-1412f386d2dc","block_type":"box","text":"2. Net capital gains/(losses)","page_number":253,"box":{"x":95,"y":190,"width":183,"height":11}},{"id":"ea9e3dce-14fb-443b-a438-aaad33163cd4","block_type":"box","text":"30.04.26","page_number":253,"box":{"x":730,"y":190,"width":55,"height":8}},{"id":"99fe995f-0eeb-4ea7-b4c5-b956131f289b","block_type":"box","text":"30.04.25","page_number":253,"box":{"x":840,"y":190,"width":54,"height":8}},{"id":"049df61a-0041-4b91-b3a1-d0fb89e490ac","block_type":"box","text":"£","page_number":253,"box":{"x":778,"y":206,"width":7,"height":8}},{"id":"fb3b7c24-ab66-4373-9a3d-1bd844b826a7","block_type":"box","text":"£","page_number":253,"box":{"x":888,"y":206,"width":6,"height":8}},{"id":"5ac2eb92-4bc6-4727-afcd-ed81a11b02e8","block_type":"box","text":"The net capital gains/(losses) comprise:","page_number":253,"box":{"x":95,"y":221,"width":239,"height":11}},{"id":"10230378-afb5-4810-a715-4e36acf8e644","block_type":"box","text":"Non-derivative securities gains/(losses): realised","page_number":253,"box":{"x":96,"y":240,"width":292,"height":10}},{"id":"9a99542c-a8a2-4e4f-96ab-4a93f274bed1","block_type":"box","text":"623,648","page_number":253,"box":{"x":737,"y":240,"width":48,"height":9}},{"id":"c33f8883-dc62-41b9-bf2b-b95e343a1a29","block_type":"box","text":"(42,687)","page_number":253,"box":{"x":850,"y":240,"width":49,"height":9}},{"id":"21e6ed39-3060-4c17-996f-5c3942908a5d","block_type":"box","text":"Non-derivative securities gains/(losses)","page_number":253,"box":{"x":96,"y":258,"width":237,"height":11}},{"id":"a03ca9b1-cdba-49fd-b499-c59a05e34bf4","block_type":"box","text":": unrealised","page_number":253,"box":{"x":335,"y":258,"width":69,"height":9}},{"id":"d2b955bf-3081-48c6-b412-d37439307bc2","block_type":"box","text":"1,753,528","page_number":253,"box":{"x":726,"y":259,"width":59,"height":9}},{"id":"acecc4d1-7b56-41ed-a628-7ae2b58bd523","block_type":"box","text":"(35,055)","page_number":253,"box":{"x":850,"y":259,"width":49,"height":9}},{"id":"ec171109-200e-4228-8a5b-ac7a1cf3b8b2","block_type":"box","text":"Foreign currency (losses)","page_number":253,"box":{"x":96,"y":277,"width":150,"height":11}},{"id":"6ad43d86-9b8b-4dc7-95df-de599d6920aa","block_type":"box","text":"(3,774)","page_number":253,"box":{"x":748,"y":278,"width":41,"height":9}},{"id":"b8e5cdbd-df1c-4b02-9dff-2841ac990dba","block_type":"box","text":"–","page_number":253,"box":{"x":888,"y":282,"width":6,"height":1}},{"id":"76fde1c3-5771-401b-ab23-21fc52159976","block_type":"box","text":"Transaction charges (custodian)","page_number":253,"box":{"x":95,"y":296,"width":193,"height":11}},{"id":"f7c0bf1c-8565-4c8b-9ac1-70f48f375de0","block_type":"box","text":"(1,554)","page_number":253,"box":{"x":748,"y":296,"width":41,"height":10}},{"id":"1d2452c2-5594-4a39-b690-47ff8cbcd6d4","block_type":"box","text":"38","page_number":253,"box":{"x":880,"y":296,"width":14,"height":8}},{"id":"6e0bf836-bb41-4c82-8a85-92795567ed48","block_type":"box","text":"Rebates from underlying holdings","page_number":253,"box":{"x":96,"y":315,"width":205,"height":11}},{"id":"bb45fca8-74b9-48bd-ad87-27d191f44fba","block_type":"box","text":"231","page_number":253,"box":{"x":763,"y":315,"width":20,"height":8}},{"id":"eb467195-ad61-4dd0-b997-f7f9250c3d58","block_type":"box","text":"(3,106)","page_number":253,"box":{"x":857,"y":315,"width":42,"height":10}},{"id":"8adf74f6-e2eb-477a-a89a-64eb57950958","block_type":"box","text":"Total net capital gains/(losses)","page_number":253,"box":{"x":95,"y":337,"width":202,"height":11}},{"id":"e070604f-9945-4739-b831-27ad76fc5be0","block_type":"box","text":"2,372,079","page_number":253,"box":{"x":722,"y":337,"width":63,"height":10}},{"id":"9ee124a1-5566-4291-9dad-0a6a2cc3c73b","block_type":"box","text":"(80,810)","page_number":253,"box":{"x":847,"y":337,"width":52,"height":10}},{"id":"8d065f57-6a41-4fe9-bf02-d972d8f810ad","block_type":"box","text":"3. Revenue","page_number":253,"box":{"x":95,"y":381,"width":72,"height":8}},{"id":"92edf981-3a51-443c-9787-7c62bd3cc696","block_type":"box","text":"30.04.26","page_number":253,"box":{"x":730,"y":381,"width":55,"height":8}},{"id":"4eaee16f-7a57-4cdf-bab6-049360de9047","block_type":"box","text":"30.04.25","page_number":253,"box":{"x":840,"y":381,"width":54,"height":8}},{"id":"51c50c4d-7e1a-4082-973d-37ff7273820d","block_type":"box","text":"£","page_number":253,"box":{"x":778,"y":397,"width":7,"height":8}},{"id":"0d88e74e-fc3d-48fd-be89-c789b7c83bbc","block_type":"box","text":"£","page_number":253,"box":{"x":888,"y":397,"width":6,"height":8}},{"id":"0ec0545b-ace6-4211-b1ff-4f951aeb6696","block_type":"box","text":"Non-taxable dividends","page_number":253,"box":{"x":96,"y":419,"width":136,"height":8}},{"id":"f6dbe047-d5ed-4b00-9a9c-8ea43d4bd32f","block_type":"box","text":"149,548","page_number":253,"box":{"x":738,"y":419,"width":47,"height":9}},{"id":"55ec53cc-2245-4a88-97ba-4ad7eb3e7acc","block_type":"box","text":"22,909","page_number":253,"box":{"x":854,"y":419,"width":40,"height":9}},{"id":"6ca82aa1-9f33-4fcd-84d4-df099cc18f3b","block_type":"box","text":"Annual Payment from UK CIS","page_number":253,"box":{"x":95,"y":436,"width":176,"height":10}},{"id":"72065cdc-d191-4d20-a342-7bd614698b4b","block_type":"box","text":"269","page_number":253,"box":{"x":763,"y":436,"width":21,"height":8}},{"id":"bee2436e-1c4c-4578-bba4-3bd63af4b2dc","block_type":"box","text":"305","page_number":253,"box":{"x":873,"y":436,"width":21,"height":8}},{"id":"defab31d-a99d-4313-a42d-cc08da2a0470","block_type":"box","text":"Interest from non-derivative securities","page_number":253,"box":{"x":96,"y":453,"width":232,"height":8}},{"id":"d7243fda-b74e-4b86-9ed4-de13ea64f1d4","block_type":"box","text":"69,438","page_number":253,"box":{"x":745,"y":453,"width":40,"height":9}},{"id":"a15aef2b-f642-4fe3-8251-c524493faee6","block_type":"box","text":"9,302","page_number":253,"box":{"x":862,"y":453,"width":32,"height":9}},{"id":"5328ff96-d817-4f6d-8be6-6db84db213fc","block_type":"box","text":"Rebates from underlying holdings","page_number":253,"box":{"x":96,"y":470,"width":205,"height":11}},{"id":"2808ab76-ef06-45f8-bcfc-106c773ea2f8","block_type":"box","text":"1,939","page_number":253,"box":{"x":753,"y":470,"width":31,"height":9}},{"id":"1c4c91ec-3e4f-4e3d-8699-a3044dd4fca5","block_type":"box","text":"861","page_number":253,"box":{"x":873,"y":470,"width":19,"height":8}},{"id":"20de60a8-fb08-4ca5-8cdf-4297d571db80","block_type":"box","text":"Investment manager rebate","page_number":253,"box":{"x":96,"y":487,"width":168,"height":11}},{"id":"fdc3a91d-6172-4f8e-9218-47162d24749a","block_type":"box","text":"10,423","page_number":253,"box":{"x":745,"y":487,"width":39,"height":10}},{"id":"0fffecdd-9989-4632-8d9f-215ce49550df","block_type":"box","text":"–","page_number":253,"box":{"x":888,"y":492,"width":6,"height":1}},{"id":"bafeaae7-8777-4b4f-a94b-02e93a6da4b8","block_type":"box","text":"Bank interest","page_number":253,"box":{"x":96,"y":504,"width":80,"height":8}},{"id":"dc2a95e0-9dc4-41dd-b77e-39191d4b9603","block_type":"box","text":"5,975","page_number":253,"box":{"x":752,"y":505,"width":32,"height":9}},{"id":"3122c3ed-c67d-45fc-9d14-9f4692553fc3","block_type":"box","text":"1,538","page_number":253,"box":{"x":862,"y":505,"width":32,"height":9}},{"id":"d1b79a57-8a38-4b11-993c-deb996f390d5","block_type":"box","text":"Total revenue","page_number":253,"box":{"x":95,"y":526,"width":91,"height":9}},{"id":"152212b4-24bc-463e-aca7-730171c1f1cd","block_type":"box","text":"237,592","page_number":253,"box":{"x":734,"y":527,"width":51,"height":9}},{"id":"3fcc8c80-340d-451b-9923-3a2d0497fa71","block_type":"box","text":"34,915","page_number":253,"box":{"x":852,"y":527,"width":42,"height":9}},{"id":"c89f1f9f-fcc9-4efe-bd7e-23d127eef892","block_type":"box","text":"4. Expenses","page_number":253,"box":{"x":95,"y":571,"width":76,"height":10}},{"id":"fb7f7c02-8a07-429b-b2e1-155ead30ac7b","block_type":"box","text":"30.04.26","page_number":253,"box":{"x":730,"y":571,"width":55,"height":8}},{"id":"3b0c41db-c7d5-4e00-8764-ee6ae6853e12","block_type":"box","text":"30.04.25","page_number":253,"box":{"x":840,"y":571,"width":54,"height":8}},{"id":"d3b11e90-62dd-4d0e-b89c-173c896e67fe","block_type":"box","text":"£","page_number":253,"box":{"x":778,"y":586,"width":7,"height":8}},{"id":"74a57c0c-af7a-4849-88fc-0cc2b22c0af7","block_type":"box","text":"£","page_number":253,"box":{"x":888,"y":586,"width":6,"height":8}},{"id":"c8f226c2-7f84-44c5-8a20-43601d0ef2c2","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":253,"box":{"x":96,"y":601,"width":549,"height":11}},{"id":"34710f67-af44-41ef-9c93-7a495719dd98","block_type":"box","text":"agents of either of them:","page_number":253,"box":{"x":95,"y":617,"width":149,"height":10}},{"id":"fd3916d4-fb1b-40d3-b75e-13a0b4ef8343","block_type":"box","text":"Annual management charge","page_number":253,"box":{"x":104,"y":635,"width":172,"height":11}},{"id":"1921c4a2-32ca-4802-9da2-b2346ccf73f5","block_type":"box","text":"23,675","page_number":253,"box":{"x":745,"y":636,"width":39,"height":9}},{"id":"5744e3c4-e5ed-4de8-81dd-7ab17711ffd3","block_type":"box","text":"5,378","page_number":253,"box":{"x":862,"y":636,"width":32,"height":9}},{"id":"6c12e96f-a140-457b-a746-fcafdd8c5824","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":253,"box":{"x":96,"y":658,"width":514,"height":10}},{"id":"3ed87ddf-2486-4f69-aa95-d7176c6d4ec4","block_type":"box","text":"Depositary fee","page_number":253,"box":{"x":106,"y":676,"width":86,"height":11}},{"id":"fe949df7-8196-4e3b-bb3c-99d6db8acb6f","block_type":"box","text":"3,645","page_number":253,"box":{"x":752,"y":677,"width":32,"height":9}},{"id":"beb14021-1fff-4d01-89d1-0f63a6d12c8b","block_type":"box","text":"799","page_number":253,"box":{"x":873,"y":677,"width":21,"height":8}},{"id":"39b5020d-5551-4054-9d83-4fd549c26c45","block_type":"box","text":"Safe custody fee","page_number":253,"box":{"x":105,"y":692,"width":98,"height":11}},{"id":"985eeba0-9b6a-4521-ac26-eaa9abe201a9","block_type":"box","text":"1,578","page_number":253,"box":{"x":753,"y":692,"width":32,"height":9}},{"id":"63c942c3-1d09-49df-8057-f909e685223e","block_type":"box","text":"350","page_number":253,"box":{"x":873,"y":692,"width":21,"height":8}},{"id":"0b9d72d4-8970-4057-a72b-ed523022e5e5","block_type":"box","text":"5,223","page_number":253,"box":{"x":752,"y":714,"width":32,"height":10}},{"id":"b2357b50-e880-4fdf-979a-cae7e1b4d319","block_type":"box","text":"1,149","page_number":253,"box":{"x":862,"y":714,"width":32,"height":10}},{"id":"094252d0-79de-4a54-9021-5c8f991eb893","block_type":"box","text":"Other expenses:","page_number":253,"box":{"x":96,"y":730,"width":97,"height":10}},{"id":"f773c319-4cde-4c97-842e-4785746e9569","block_type":"box","text":"Audit fee*","page_number":253,"box":{"x":104,"y":748,"width":62,"height":9}},{"id":"498567d1-87a2-4de9-8803-cfc1bce5c5e7","block_type":"box","text":"9,720","page_number":253,"box":{"x":752,"y":749,"width":33,"height":9}},{"id":"9d65b08f-d254-41aa-93a4-1d5c8a6d8017","block_type":"box","text":"7,798","page_number":253,"box":{"x":862,"y":749,"width":32,"height":9}},{"id":"1d79ce18-e68f-41a2-a334-e1df18560a7f","block_type":"box","text":"Legal fee","page_number":253,"box":{"x":106,"y":764,"width":52,"height":10}},{"id":"c85b7604-6ca9-4571-aa5e-3fd6faa15af8","block_type":"box","text":"4,500","page_number":253,"box":{"x":752,"y":764,"width":33,"height":9}},{"id":"894a44d5-a5c2-4e4a-9528-dcee19e68d95","block_type":"box","text":"–","page_number":253,"box":{"x":888,"y":769,"width":6,"height":0}},{"id":"d63de252-0fbe-44a9-a298-97b1d7bbcdf8","block_type":"box","text":"Other expenses","page_number":253,"box":{"x":105,"y":779,"width":95,"height":11}},{"id":"66f6c647-0c55-4ba3-82ae-31724002096b","block_type":"box","text":"4,148","page_number":253,"box":{"x":752,"y":780,"width":33,"height":9}},{"id":"0f042bb9-7df6-442f-8972-ccc91a9904eb","block_type":"box","text":"5,457","page_number":253,"box":{"x":862,"y":780,"width":32,"height":9}},{"id":"aa1343d0-95af-4752-a85b-13dd9cbc7db4","block_type":"box","text":"18,368","page_number":253,"box":{"x":745,"y":802,"width":40,"height":9}},{"id":"7d4e8af2-f48a-4653-9509-fa93ddfdc80f","block_type":"box","text":"13,255","page_number":253,"box":{"x":855,"y":802,"width":39,"height":9}},{"id":"c8225132-5f8e-4500-9904-209e48ec5de6","block_type":"box","text":"Expenses","page_number":253,"box":{"x":96,"y":837,"width":60,"height":10}},{"id":"c2bec1c7-66b0-4626-b9a7-c5e9ce04e0bd","block_type":"box","text":"47,266","page_number":253,"box":{"x":742,"y":837,"width":43,"height":9}},{"id":"103f1ce7-cb49-4508-8ddd-4f07f7f8bd87","block_type":"box","text":"19,782","page_number":253,"box":{"x":852,"y":837,"width":42,"height":9}},{"id":"f8e324ab-2618-4bd2-9b34-d522b6c7f058","block_type":"box","text":"Interest payable and similar charges","page_number":253,"box":{"x":96,"y":859,"width":219,"height":10}},{"id":"95124c1e-520b-438d-83d1-b08ff8fd9e84","block_type":"box","text":"346","page_number":253,"box":{"x":763,"y":859,"width":22,"height":8}},{"id":"186633a4-1a32-487e-9826-33f40f60f604","block_type":"box","text":"–","page_number":253,"box":{"x":888,"y":864,"width":6,"height":0}},{"id":"2cf680c4-fa8a-4e00-8830-205918e7ee53","block_type":"box","text":"Total","page_number":253,"box":{"x":95,"y":881,"width":33,"height":8}},{"id":"45da2ec5-171f-47b1-948b-6d1cf6a7731e","block_type":"box","text":"47,612","page_number":253,"box":{"x":742,"y":881,"width":43,"height":10}},{"id":"de0b5ed5-8548-4c36-9e6c-a06322939e86","block_type":"box","text":"19,782","page_number":253,"box":{"x":852,"y":881,"width":42,"height":10}},{"id":"07819ed9-462c-48a0-99bb-e2d73e46f817","block_type":"box","text":"*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","page_number":253,"box":{"x":95,"y":903,"width":809,"height":11}},{"id":"310e4910-f4e2-41d5-aa1b-6a2fa9cec299","block_type":"box","text":"irrecoverable VAT of £1,358).","page_number":253,"box":{"x":96,"y":919,"width":174,"height":9}},{"id":"662952da-4ab0-41fb-aebb-15092d1074b3","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":253,"box":{"x":97,"y":38,"width":350,"height":13}},{"id":"fc8753fa-05f7-427d-aa2a-c8892518b6a9","block_type":"box","text":"248","page_number":253,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"497bd149-82e3-4b2c-8309-8f0b529cd004","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":254,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"24af1333-51a0-42be-8cd9-55d075902d94","block_type":"box","text":"for the year ended 30 April 2026","page_number":254,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"f17bdace-fd8c-4086-b936-a86cfabdb5cd","block_type":"box","text":"5. Taxation","page_number":254,"box":{"x":95,"y":134,"width":72,"height":9}},{"id":"9a4f5cda-ff34-4660-a2da-c3aebd4ba77a","block_type":"box","text":"30.04.26","page_number":254,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"17ab52cf-7d77-4ef5-a94f-39e21c7eadbc","block_type":"box","text":"30.04.25","page_number":254,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"ababeaa2-ff97-4de3-b99c-8c151300a8d6","block_type":"box","text":"£","page_number":254,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"35a3e6bb-6b0a-40b2-8da8-f171da593eca","block_type":"box","text":"£","page_number":254,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"51a36eac-3475-45b4-b95d-2af964fffaf7","block_type":"box","text":"(a) Analysis of charge in the year","page_number":254,"box":{"x":95,"y":172,"width":197,"height":11}},{"id":"0a1dc2e7-fdbb-441c-a782-4601ef50f30b","block_type":"box","text":"UK corporation tax","page_number":254,"box":{"x":96,"y":191,"width":113,"height":10}},{"id":"c1d897d6-afd5-4938-84c9-d2ef54be63e3","block_type":"box","text":"5,956","page_number":254,"box":{"x":752,"y":191,"width":33,"height":9}},{"id":"afd69439-c769-4f44-b27d-15e4b5447e6f","block_type":"box","text":"–","page_number":254,"box":{"x":888,"y":196,"width":6,"height":0}},{"id":"a67f0f1a-f94d-44fc-82a2-6824d64edaac","block_type":"box","text":"Total tax charge for the year (note 5b)","page_number":254,"box":{"x":95,"y":213,"width":252,"height":11}},{"id":"c8be83c3-e718-483f-b7b7-84d74d8ca5a5","block_type":"box","text":"5,956","page_number":254,"box":{"x":750,"y":213,"width":35,"height":9}},{"id":"c0aaad19-11ea-4ecc-89c0-2d3cc950ebeb","block_type":"box","text":"–","page_number":254,"box":{"x":888,"y":218,"width":6,"height":1}},{"id":"ba85ebee-dcbe-4066-9146-5b2aef5ee200","block_type":"box","text":"(b) Factors affecting current tax charge for the year","page_number":254,"box":{"x":95,"y":250,"width":310,"height":11}},{"id":"e23becb7-d890-48dd-8d64-10cd3cc1d1df","block_type":"box","text":"The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an","page_number":254,"box":{"x":95,"y":269,"width":579,"height":11}},{"id":"ce365023-142c-4de7-b539-aedd2cb328b3","block_type":"box","text":"open-ended investment company 20.00% (2025: 20.00%) The differences are explained below:","page_number":254,"box":{"x":95,"y":285,"width":576,"height":10}},{"id":"d2433f08-0bb4-4b56-a7f8-f47d76375dac","block_type":"box","text":"Net revenue before UK corporation tax","page_number":254,"box":{"x":96,"y":304,"width":236,"height":10}},{"id":"20bdfd16-f340-4bae-944c-ebde090d2901","block_type":"box","text":"189,980","page_number":254,"box":{"x":738,"y":304,"width":47,"height":9}},{"id":"0a251623-b74f-4115-ad15-18fcf47d9dad","block_type":"box","text":"15,133","page_number":254,"box":{"x":855,"y":304,"width":39,"height":9}},{"id":"f5a6dbe0-1189-43d9-825a-c501f1b517d7","block_type":"box","text":"Corporation tax at 20.00% (2025: 20.00%)","page_number":254,"box":{"x":96,"y":326,"width":252,"height":10}},{"id":"7f64b61a-4b6e-45fd-8414-21ade72f9a96","block_type":"box","text":"37,996","page_number":254,"box":{"x":745,"y":326,"width":40,"height":9}},{"id":"2538c536-4019-4071-88cb-d3a56801f276","block_type":"box","text":"3,027","page_number":254,"box":{"x":862,"y":326,"width":32,"height":9}},{"id":"60ce82e6-2c94-4c5f-a97f-c1deacc8aa8c","block_type":"box","text":"Effects of:","page_number":254,"box":{"x":96,"y":345,"width":57,"height":8}},{"id":"a60dfd8c-b79f-497e-b0f6-4917263db4cb","block_type":"box","text":"Revenue not subject to UK corporation tax","page_number":254,"box":{"x":96,"y":363,"width":257,"height":11}},{"id":"26e91fcd-dd82-4986-b514-57ebcdd97052","block_type":"box","text":"(29,910)","page_number":254,"box":{"x":740,"y":364,"width":49,"height":9}},{"id":"15d62e7b-2ca0-40cf-8d6d-64ed84ae7c78","block_type":"box","text":"(4,582)","page_number":254,"box":{"x":857,"y":364,"width":42,"height":9}},{"id":"7cd94dbf-8752-48a2-99ec-8ff0047243f1","block_type":"box","text":"Tax effect of rebates in capital","page_number":254,"box":{"x":95,"y":382,"width":181,"height":11}},{"id":"e97d8ffe-c571-43a0-8df5-ba4fe0e772fe","block_type":"box","text":"46","page_number":254,"box":{"x":770,"y":383,"width":15,"height":7}},{"id":"94a20f83-4735-4096-bcc0-5bf652c99d57","block_type":"box","text":"–","page_number":254,"box":{"x":888,"y":387,"width":6,"height":1}},{"id":"a4bb6ce8-4ef3-4fde-99bf-d8299b94715c","block_type":"box","text":"Current year expenses (utilised)/not utilised","page_number":254,"box":{"x":96,"y":401,"width":266,"height":11}},{"id":"e0e09f17-d5f9-4289-a195-30300c00bbb3","block_type":"box","text":"(2,176)","page_number":254,"box":{"x":748,"y":401,"width":41,"height":10}},{"id":"843c105b-5ad2-438e-b594-c49d5ff13523","block_type":"box","text":"1,555","page_number":254,"box":{"x":862,"y":401,"width":32,"height":9}},{"id":"5f55425b-fd1e-4c5c-b49a-85347f8d79c4","block_type":"box","text":"Total tax charge for the year (note 5a)","page_number":254,"box":{"x":95,"y":423,"width":251,"height":11}},{"id":"a3ea6279-7242-4e07-8607-2f6262c5fd14","block_type":"box","text":"5,956","page_number":254,"box":{"x":750,"y":424,"width":35,"height":9}},{"id":"db4c7839-c6de-4f83-b080-9a96b49f353d","block_type":"box","text":"–","page_number":254,"box":{"x":888,"y":428,"width":6,"height":1}},{"id":"6ea38747-6841-455c-accc-8adadeb076bb","block_type":"box","text":"(c) Provision for deferred taxation","page_number":254,"box":{"x":95,"y":454,"width":205,"height":10}},{"id":"8d07700b-ceca-4102-bcc0-579f8c8425ae","block_type":"box","text":"At 30 April 2026 there is a potential deferred tax asset of £nil in relation to surplus management expenses (30 April 2025: £2,","page_number":254,"box":{"x":95,"y":476,"width":758,"height":11}},{"id":"12c44f97-6744-495e-b6e5-93a4f99df9de","block_type":"box","text":"176).","page_number":254,"box":{"x":855,"y":477,"width":29,"height":9}},{"id":"5bd891f1-46b5-42de-a8bd-dc6d8fe78eb3","block_type":"box","text":"6. Distributions","page_number":254,"box":{"x":95,"y":529,"width":102,"height":9}},{"id":"9968d71e-293a-4026-a1fa-c005112818cf","block_type":"box","text":"30.04.26","page_number":254,"box":{"x":730,"y":545,"width":55,"height":8}},{"id":"ec80da60-34a1-430a-8dec-36c9f42ae717","block_type":"box","text":"30.04.25","page_number":254,"box":{"x":840,"y":545,"width":54,"height":8}},{"id":"5bfd488e-03bd-4c6d-a5a3-a13662b5d324","block_type":"box","text":"£","page_number":254,"box":{"x":778,"y":561,"width":7,"height":7}},{"id":"0e286c1f-b25d-4efe-80cd-8aa2007d75e5","block_type":"box","text":"£","page_number":254,"box":{"x":888,"y":561,"width":6,"height":7}},{"id":"615e49fe-3af7-45ee-a921-4ea499851496","block_type":"box","text":"Final dividend distribution","page_number":254,"box":{"x":96,"y":582,"width":158,"height":9}},{"id":"b413b80e-fcde-4595-9e91-03afc32363d2","block_type":"box","text":"325,475","page_number":254,"box":{"x":737,"y":583,"width":47,"height":9}},{"id":"69605d2e-7589-4212-97d4-69379bdd736d","block_type":"box","text":"57,263","page_number":254,"box":{"x":854,"y":583,"width":40,"height":9}},{"id":"d4ebecd2-b472-4a5f-b534-23287aeffe97","block_type":"box","text":"325,475","page_number":254,"box":{"x":737,"y":605,"width":47,"height":9}},{"id":"1ad89459-8e12-4bb9-8791-d5cf24c7db81","block_type":"box","text":"57,263","page_number":254,"box":{"x":854,"y":605,"width":40,"height":9}},{"id":"23b71303-067e-477c-a1a4-df1c55454b22","block_type":"box","text":"Add: Revenue deducted on cancellation of shares","page_number":254,"box":{"x":95,"y":623,"width":300,"height":9}},{"id":"db445f3d-5590-4c5e-8342-2413037efd96","block_type":"box","text":"27,756","page_number":254,"box":{"x":745,"y":624,"width":40,"height":9}},{"id":"51afe41a-0ddf-4ce2-b60b-f009704020e4","block_type":"box","text":"2,869","page_number":254,"box":{"x":862,"y":624,"width":32,"height":9}},{"id":"3977b7ac-59bf-4cea-9e16-e1b8b97dd6a8","block_type":"box","text":"Deduct: Revenue received on creation of shares","page_number":254,"box":{"x":96,"y":642,"width":289,"height":8}},{"id":"f05be1ae-cd09-4289-9cc2-490e8d0c7f24","block_type":"box","text":"(131,887)","page_number":254,"box":{"x":733,"y":643,"width":56,"height":9}},{"id":"2f013538-3c00-4607-a677-7bc0a2c9554d","block_type":"box","text":"(22,973)","page_number":254,"box":{"x":850,"y":643,"width":49,"height":9}},{"id":"bd408aa8-8e50-4ec3-afa9-e306efdc858f","block_type":"box","text":"Distributions","page_number":254,"box":{"x":96,"y":664,"width":86,"height":9}},{"id":"27b5e904-68c1-4db8-94a9-eabd57242edc","block_type":"box","text":"221,344","page_number":254,"box":{"x":737,"y":665,"width":48,"height":9}},{"id":"fd90db67-0619-484e-aa8d-2c3d95d653ec","block_type":"box","text":"37,159","page_number":254,"box":{"x":854,"y":665,"width":40,"height":9}},{"id":"9ec5800a-4c88-4920-826e-a7144de96633","block_type":"box","text":"Reconciliation of distributions","page_number":254,"box":{"x":96,"y":702,"width":200,"height":8}},{"id":"07ac72cb-c4d6-41f9-b717-c73f2a4e1095","block_type":"box","text":"Net revenue after taxation","page_number":254,"box":{"x":96,"y":721,"width":159,"height":8}},{"id":"fcacdfc7-e2a8-406c-857d-31e5a5acff8c","block_type":"box","text":"184,024","page_number":254,"box":{"x":738,"y":721,"width":47,"height":9}},{"id":"d46b7c7d-7f2c-4eca-b3a9-39204892d19a","block_type":"box","text":"15,133","page_number":254,"box":{"x":855,"y":721,"width":39,"height":9}},{"id":"aed84b9a-44c7-45a1-bb0c-bdc9b64581de","block_type":"box","text":"Equalisation from collectives allocated to revenue","page_number":254,"box":{"x":96,"y":736,"width":301,"height":11}},{"id":"0bc6276f-f9be-4f26-9d4f-c09af471084f","block_type":"box","text":"38,483","page_number":254,"box":{"x":745,"y":737,"width":39,"height":9}},{"id":"081053b5-2f37-4750-8d2c-dda1dc0609cb","block_type":"box","text":"19,308","page_number":254,"box":{"x":855,"y":737,"width":39,"height":9}},{"id":"eb659da0-d5a7-4665-af54-1490febb8e70","block_type":"box","text":"Capital corporation tax","page_number":254,"box":{"x":96,"y":752,"width":138,"height":10}},{"id":"690a767e-0890-4a07-b589-1b1f819a9535","block_type":"box","text":"46","page_number":254,"box":{"x":770,"y":752,"width":15,"height":8}},{"id":"8bc86eaa-a887-4ed4-89fa-78499dfe1ae4","block_type":"box","text":"–","page_number":254,"box":{"x":888,"y":756,"width":6,"height":1}},{"id":"5cdf1f68-1d03-400a-9cd9-97272dbd4511","block_type":"box","text":"Balance brought forward","page_number":254,"box":{"x":96,"y":767,"width":150,"height":11}},{"id":"e273619e-042a-48bf-9336-b01d80d07bea","block_type":"box","text":"(2,718)","page_number":254,"box":{"x":748,"y":767,"width":41,"height":10}},{"id":"5699086a-333c-4e00-9dbd-48ffe373d038","block_type":"box","text":"–","page_number":254,"box":{"x":888,"y":772,"width":6,"height":1}},{"id":"d15c1304-db55-40ae-8bbc-60db6505f243","block_type":"box","text":"Balance carried forward","page_number":254,"box":{"x":96,"y":782,"width":144,"height":9}},{"id":"f171dbde-e7a0-4ca7-abbf-6a109202363d","block_type":"box","text":"1,509","page_number":254,"box":{"x":753,"y":783,"width":31,"height":9}},{"id":"86c2ae68-a4da-4322-bea8-e7d6cd6ce359","block_type":"box","text":"2,718","page_number":254,"box":{"x":862,"y":783,"width":32,"height":9}},{"id":"52ffde19-fae1-4218-9558-0dc543ad8ba6","block_type":"box","text":"Net distribution for the year","page_number":254,"box":{"x":96,"y":805,"width":187,"height":10}},{"id":"353241da-ffc1-42db-b163-463f2edbb17a","block_type":"box","text":"221,344","page_number":254,"box":{"x":734,"y":805,"width":51,"height":9}},{"id":"3aa6dba0-51ea-435d-957d-f2a36838934a","block_type":"box","text":"37,159","page_number":254,"box":{"x":852,"y":805,"width":42,"height":9}},{"id":"a575814a-a270-426d-8284-43d6d32527b7","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":254,"box":{"x":553,"y":38,"width":349,"height":13}},{"id":"5e3251e1-a0ed-46b4-b82d-abee748e7c94","block_type":"box","text":"249","page_number":254,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"df3a831a-9949-4da4-b02b-a0be60fed46d","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":255,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"247a318d-c6ba-43b1-81e7-96d1941b906a","block_type":"box","text":"for the year ended 30 April 2026","page_number":255,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"25435749-c828-40de-ba77-d8a221039767","block_type":"box","text":"7. Debtors","page_number":255,"box":{"x":95,"y":134,"width":68,"height":9}},{"id":"cbe0ecb6-6c8f-4f81-bb99-e68982c3dc4b","block_type":"box","text":"30.04.26","page_number":255,"box":{"x":730,"y":135,"width":55,"height":8}},{"id":"c449939f-ebb0-4962-b466-f41e685befe3","block_type":"box","text":"30.04.25","page_number":255,"box":{"x":840,"y":135,"width":54,"height":8}},{"id":"890d6cf2-bd67-483a-afc5-46054363c454","block_type":"box","text":"£","page_number":255,"box":{"x":778,"y":150,"width":7,"height":8}},{"id":"b3d09b65-a365-4c89-9f90-25a4b775adb1","block_type":"box","text":"£","page_number":255,"box":{"x":888,"y":150,"width":6,"height":8}},{"id":"b4ee8904-404a-4144-ade2-61d5cd0127ab","block_type":"box","text":"Amounts receivable on creation of shares","page_number":255,"box":{"x":95,"y":172,"width":252,"height":8}},{"id":"d9a45433-906c-48f7-a8e5-2969a19668e0","block_type":"box","text":"638,084","page_number":255,"box":{"x":737,"y":172,"width":48,"height":9}},{"id":"b01d0e34-c3f0-4381-a12b-6f952a255a62","block_type":"box","text":"8,649","page_number":255,"box":{"x":862,"y":172,"width":32,"height":9}},{"id":"52292296-e72c-471d-a630-746b763b6eba","block_type":"box","text":"Accrued revenue:","page_number":255,"box":{"x":95,"y":191,"width":105,"height":8}},{"id":"3ff308c8-46e7-48ea-9788-59caab669b7c","block_type":"box","text":"Rebates from underlying holdings","page_number":255,"box":{"x":96,"y":209,"width":205,"height":11}},{"id":"d4e49c7b-f679-4067-b2c3-baccf5ac491b","block_type":"box","text":"760","page_number":255,"box":{"x":763,"y":210,"width":22,"height":8}},{"id":"dd0c2bbc-fdf7-4cdc-ad43-b335c3f0fb52","block_type":"box","text":"387","page_number":255,"box":{"x":873,"y":210,"width":21,"height":8}},{"id":"c76ab7d3-48de-4526-8606-544f9a57b92f","block_type":"box","text":"Investment manager fee rebate","page_number":255,"box":{"x":96,"y":228,"width":191,"height":11}},{"id":"13e02e7a-2156-42ce-a8d7-3f8e42a2b654","block_type":"box","text":"1,443","page_number":255,"box":{"x":753,"y":229,"width":31,"height":9}},{"id":"6a2cea0f-0aa1-4910-98f1-56e9977be3bc","block_type":"box","text":"–","page_number":255,"box":{"x":888,"y":233,"width":6,"height":1}},{"id":"edfe8406-8997-4c86-bf00-cfa7a8828476","block_type":"box","text":"Income tax recoverable","page_number":255,"box":{"x":96,"y":247,"width":141,"height":8}},{"id":"ad26febc-b0c2-488f-b2c7-7475818ebdfb","block_type":"box","text":"54","page_number":255,"box":{"x":771,"y":248,"width":14,"height":7}},{"id":"f2135539-8577-40f2-815d-41c4986c3285","block_type":"box","text":"61","page_number":255,"box":{"x":880,"y":248,"width":12,"height":7}},{"id":"37c955e0-1345-42c5-8753-8bb5b9249c58","block_type":"box","text":"Prepayments","page_number":255,"box":{"x":96,"y":266,"width":79,"height":11}},{"id":"e4f571ac-91ea-4206-bd0a-f8d86b169429","block_type":"box","text":"–","page_number":255,"box":{"x":778,"y":271,"width":7,"height":1}},{"id":"2be958ee-c25f-4db5-931d-9ab24de8e505","block_type":"box","text":"83","page_number":255,"box":{"x":880,"y":266,"width":14,"height":8}},{"id":"2c17dda0-21ec-496c-9224-3ea82313e5d5","block_type":"box","text":"Bank interest receivable","page_number":255,"box":{"x":96,"y":285,"width":145,"height":8}},{"id":"5ec489ea-09ca-4775-a620-99cc43e87e89","block_type":"box","text":"1,424","page_number":255,"box":{"x":753,"y":285,"width":32,"height":9}},{"id":"7c38dd0e-3262-4436-94ef-51d7873bf3cd","block_type":"box","text":"–","page_number":255,"box":{"x":888,"y":290,"width":6,"height":0}},{"id":"746966fd-b752-4dd7-9181-e2fb6007e427","block_type":"box","text":"Total debtors","page_number":255,"box":{"x":95,"y":307,"width":88,"height":8}},{"id":"e56e4212-7d3b-44cd-b29d-92adbff03739","block_type":"box","text":"641,765","page_number":255,"box":{"x":734,"y":307,"width":51,"height":9}},{"id":"caa56b68-9429-4036-b8a1-40f42f1eb684","block_type":"box","text":"9,180","page_number":255,"box":{"x":860,"y":307,"width":34,"height":9}},{"id":"2aca2e60-28ee-4583-910c-c820982aeed0","block_type":"box","text":"8. Cash and bank balances","page_number":255,"box":{"x":95,"y":360,"width":174,"height":8}},{"id":"d99e0e06-1935-4fb5-9e11-3de7deac4a81","block_type":"box","text":"30.04.26","page_number":255,"box":{"x":730,"y":360,"width":55,"height":8}},{"id":"65eccc8c-5aaa-49e4-93b7-4f8a3e6fe509","block_type":"box","text":"30.04.25","page_number":255,"box":{"x":840,"y":360,"width":54,"height":8}},{"id":"c41721a1-1d98-43f2-9ca2-cf4058feb158","block_type":"box","text":"£","page_number":255,"box":{"x":778,"y":376,"width":7,"height":8}},{"id":"11a8afe7-32f5-41ca-bb2e-8df006970152","block_type":"box","text":"£","page_number":255,"box":{"x":888,"y":376,"width":6,"height":8}},{"id":"d02a4375-7160-4e04-a7c7-07083580f448","block_type":"box","text":"Cash and bank balances","page_number":255,"box":{"x":96,"y":398,"width":146,"height":8}},{"id":"caa52cb3-ca26-4917-ad25-c710090f4b20","block_type":"box","text":"761,933","page_number":255,"box":{"x":737,"y":398,"width":47,"height":9}},{"id":"97a9ad16-1f4d-43a2-a1e9-8680a3176afe","block_type":"box","text":"91,687","page_number":255,"box":{"x":854,"y":398,"width":40,"height":9}},{"id":"8d79a28c-fc7d-422e-bb73-06516862d149","block_type":"box","text":"Total","page_number":255,"box":{"x":95,"y":420,"width":33,"height":8}},{"id":"9c041a1b-b7c3-4bcf-85aa-aed9819abb59","block_type":"box","text":"761,933","page_number":255,"box":{"x":734,"y":420,"width":51,"height":9}},{"id":"e2693206-eb75-4b95-9361-3fc714fa55ef","block_type":"box","text":"91,687","page_number":255,"box":{"x":852,"y":420,"width":42,"height":9}},{"id":"77248486-d28c-4435-ae2e-be17d3753ea1","block_type":"box","text":"9. Creditors","page_number":255,"box":{"x":95,"y":473,"width":76,"height":8}},{"id":"593d1968-0f10-4249-a89f-cd03d33a4a37","block_type":"box","text":"30.04.26","page_number":255,"box":{"x":730,"y":473,"width":55,"height":8}},{"id":"752be63b-2828-459c-a338-fce2681d8ddc","block_type":"box","text":"30.04.25","page_number":255,"box":{"x":840,"y":473,"width":54,"height":8}},{"id":"468b2365-1572-42ac-a022-3f55fde44795","block_type":"box","text":"£","page_number":255,"box":{"x":778,"y":489,"width":7,"height":7}},{"id":"eb1e3933-0468-4b00-81dd-cd1082141274","block_type":"box","text":"£","page_number":255,"box":{"x":888,"y":489,"width":6,"height":7}},{"id":"17af5312-c8d2-4b5e-a7cc-3217216335b8","block_type":"box","text":"Amounts payable on cancellation of shares","page_number":255,"box":{"x":95,"y":510,"width":261,"height":11}},{"id":"b2bd1d55-c546-4c31-8d7c-8631b939a286","block_type":"box","text":"3,115","page_number":255,"box":{"x":752,"y":511,"width":32,"height":9}},{"id":"82f1c364-baad-4759-b58e-8418d2a44847","block_type":"box","text":"49","page_number":255,"box":{"x":880,"y":511,"width":14,"height":8}},{"id":"45c02cff-5c85-4f9e-9aa3-b9caf0c0443c","block_type":"box","text":"Payable to the Authorised Fund Manager, associates of the Authorised Fund Manager, and","page_number":255,"box":{"x":96,"y":529,"width":549,"height":11}},{"id":"f406cfcc-5747-4ff3-acea-2357f6048ee4","block_type":"box","text":"agents of either of them:","page_number":255,"box":{"x":95,"y":545,"width":149,"height":10}},{"id":"9262d63d-6fb4-472d-b857-f00073b18ef4","block_type":"box","text":"Annual management charge","page_number":255,"box":{"x":104,"y":564,"width":172,"height":10}},{"id":"36639065-2eca-4a61-b45f-87cbc4bb77c0","block_type":"box","text":"2,596","page_number":255,"box":{"x":752,"y":564,"width":33,"height":9}},{"id":"2aaaf9d8-8422-45c9-b7d3-6c12ed81741c","block_type":"box","text":"796","page_number":255,"box":{"x":873,"y":564,"width":21,"height":8}},{"id":"9e4b4a7a-c0c5-4d63-8b17-ca38413999e0","block_type":"box","text":"Payable to the depositary, associates of the depositary, and agents of either of them:","page_number":255,"box":{"x":96,"y":586,"width":514,"height":10}},{"id":"cd263778-27d7-4200-8b31-4672d47dc911","block_type":"box","text":"Depositary fee","page_number":255,"box":{"x":106,"y":604,"width":86,"height":11}},{"id":"06a866ed-9940-47d1-b6f7-df9a640aed0e","block_type":"box","text":"413","page_number":255,"box":{"x":763,"y":605,"width":21,"height":8}},{"id":"4cc4771f-0746-46f3-aec3-58cc68c8607a","block_type":"box","text":"126","page_number":255,"box":{"x":873,"y":605,"width":21,"height":8}},{"id":"bfa5e199-20ca-494c-a620-05b44f9664c6","block_type":"box","text":"Safe custody and other custodian charges","page_number":255,"box":{"x":105,"y":620,"width":253,"height":11}},{"id":"896f3939-b54d-4a33-b599-06aefc8d4480","block_type":"box","text":"79","page_number":255,"box":{"x":771,"y":620,"width":13,"height":8}},{"id":"f4b0e8e8-e0d9-4cd2-8d3e-b2589aa263cc","block_type":"box","text":"3,450","page_number":255,"box":{"x":862,"y":620,"width":32,"height":9}},{"id":"84126f5c-8bb7-4cfa-8de5-a1fe432104d1","block_type":"box","text":"492","page_number":255,"box":{"x":763,"y":643,"width":21,"height":7}},{"id":"b261d81b-0d76-4516-bed1-0b02e6e5f3cf","block_type":"box","text":"3,576","page_number":255,"box":{"x":862,"y":643,"width":32,"height":9}},{"id":"e58f5986-8106-4e64-bcb1-98809aea22b9","block_type":"box","text":"Other expenses:","page_number":255,"box":{"x":96,"y":664,"width":97,"height":11}},{"id":"118d4b93-2330-4ca4-a971-4563b693d8d3","block_type":"box","text":"UK Corporation tax","page_number":255,"box":{"x":105,"y":683,"width":116,"height":11}},{"id":"77b9d3ef-27e5-4ad6-92cf-32e3d3cf2c41","block_type":"box","text":"5,956","page_number":255,"box":{"x":752,"y":684,"width":33,"height":9}},{"id":"405a4337-42e4-47a2-96e3-3e873aba8725","block_type":"box","text":"–","page_number":255,"box":{"x":888,"y":688,"width":6,"height":1}},{"id":"0e36985d-9341-43ff-b9df-4f2255534434","block_type":"box","text":"Audit fee*","page_number":255,"box":{"x":104,"y":699,"width":62,"height":8}},{"id":"9463e474-9716-4785-b92b-e33c24b8a459","block_type":"box","text":"9,720","page_number":255,"box":{"x":752,"y":699,"width":33,"height":9}},{"id":"d1f0a982-a4fa-4a91-bb59-c0a5675e2af6","block_type":"box","text":"7,798","page_number":255,"box":{"x":862,"y":699,"width":32,"height":9}},{"id":"82490127-01c9-475e-94f5-b4a3c581723c","block_type":"box","text":"Other accrued expenses","page_number":255,"box":{"x":105,"y":714,"width":147,"height":11}},{"id":"46d59d76-b844-4141-b300-f60271733d8b","block_type":"box","text":"3,448","page_number":255,"box":{"x":752,"y":714,"width":33,"height":10}},{"id":"f27dc478-e06a-43da-a73c-6fe7eb773d38","block_type":"box","text":"1,564","page_number":255,"box":{"x":862,"y":714,"width":33,"height":10}},{"id":"c028f048-fb7b-437b-b0c6-af488981a204","block_type":"box","text":"19,124","page_number":255,"box":{"x":745,"y":737,"width":40,"height":9}},{"id":"1e27a445-50e4-48ac-b6a0-e41f63bf0d0b","block_type":"box","text":"9,362","page_number":255,"box":{"x":862,"y":737,"width":32,"height":9}},{"id":"8f1ee74c-3332-40ce-9b35-8c84d300b125","block_type":"box","text":"Total creditors","page_number":255,"box":{"x":95,"y":771,"width":97,"height":9}},{"id":"fa930b1d-2ba0-4bda-b204-c7cb1442b325","block_type":"box","text":"25,327","page_number":255,"box":{"x":742,"y":772,"width":43,"height":9}},{"id":"71c13d1e-2564-46b8-9e02-f6c34e3962b7","block_type":"box","text":"13,783","page_number":255,"box":{"x":852,"y":772,"width":42,"height":9}},{"id":"b5779920-a816-49b2-85e0-d32b62135486","block_type":"box","text":"*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","page_number":255,"box":{"x":95,"y":794,"width":809,"height":10}},{"id":"751dded9-29d5-465d-9cdf-f91025113319","block_type":"box","text":"irrecoverable VAT of £1,310).","page_number":255,"box":{"x":96,"y":809,"width":174,"height":10}},{"id":"dde797b9-5d4e-4372-ad2e-d7b2b2834e19","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":255,"box":{"x":97,"y":38,"width":350,"height":13}},{"id":"2f3924fb-699d-44e6-b4d8-2a6e4aa86924","block_type":"box","text":"250","page_number":255,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"3ea98e82-5039-40e2-bab0-f0f10a76d7e3","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":256,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"62b19e26-f0c2-4f6f-b374-844e7fa5c756","block_type":"box","text":"for the year ended 30 April 2026","page_number":256,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"850db026-7d0e-4ae7-bf14-4cdbb79817c0","block_type":"box","text":"10. Risk management policies","page_number":256,"box":{"x":96,"y":134,"width":196,"height":11}},{"id":"9d65de80-53d6-4c13-afd8-c10d43ae4bda","block_type":"box","text":"In pursuing its investment objective as stated on page 239, the Sub-fund holds a number of financial instruments. The Sub-fund’","page_number":256,"box":{"x":96,"y":150,"width":802,"height":10}},{"id":"3ac166b3-10ff-4afb-8b82-f6990035dc82","block_type":"box","text":"s","page_number":256,"box":{"x":899,"y":152,"width":5,"height":6}},{"id":"9b5df2fc-6b65-443e-8f0b-400d09964414","block_type":"box","text":"financial instruments comprise securities and other investments, cash balances, debtors and creditors that arise directly from","page_number":256,"box":{"x":95,"y":165,"width":789,"height":11}},{"id":"077886e6-a979-41a0-922e-495e8329bd20","block_type":"box","text":"its","page_number":256,"box":{"x":891,"y":165,"width":13,"height":8}},{"id":"2a7b9db7-befd-4bbd-a62f-ffa7cae0de3d","block_type":"box","text":"operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for issues and payable for","page_number":256,"box":{"x":95,"y":181,"width":809,"height":10}},{"id":"30047a6c-92ee-43df-bf87-d90b6841b8f2","block_type":"box","text":"redemptions and debtors for accrued revenue.","page_number":256,"box":{"x":96,"y":196,"width":284,"height":11}},{"id":"ca5520c7-7a7d-4ca7-84b2-7a311f0c0311","block_type":"box","text":"The main risks arising from the Sub-fund’s financial instruments, those of its underlying holdings and the ACD’s policies for m","page_number":256,"box":{"x":95,"y":218,"width":760,"height":11}},{"id":"b04b71b1-84d8-4958-a277-2deab544b920","block_type":"box","text":"anaging","page_number":256,"box":{"x":857,"y":219,"width":47,"height":10}},{"id":"e06b15a3-d4b8-4e57-b0f6-b51e7e5a7e0c","block_type":"box","text":"these risks are summarised below. These policies have been applied throughout the year.","page_number":256,"box":{"x":95,"y":234,"width":546,"height":10}},{"id":"3a53d4bd-e4bb-436f-8525-19741a3eb0e6","block_type":"box","text":"Market price risk","page_number":256,"box":{"x":96,"y":256,"width":113,"height":11}},{"id":"60343ca1-fa9f-414e-b13b-d8e9d0ff0da9","block_type":"box","text":"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","page_number":256,"box":{"x":96,"y":271,"width":749,"height":11}},{"id":"23e9c46f-9895-4b6b-99ed-15ffbffe0e61","block_type":"box","text":"ket prices","page_number":256,"box":{"x":846,"y":271,"width":58,"height":11}},{"id":"52b0105d-45d4-4015-87af-379f708dd59a","block_type":"box","text":"caused by factors other than interest rate or foreign currency movement. Market price risk arises mainly from uncertainty about","page_number":256,"box":{"x":95,"y":287,"width":768,"height":10}},{"id":"b55011d2-04b2-46f1-8f99-db90be8febc6","block_type":"box","text":"future","page_number":256,"box":{"x":867,"y":287,"width":37,"height":8}},{"id":"83da85f9-0bcb-4628-aebc-d3d5faf6366a","block_type":"box","text":"prices of financial instruments the Sub-fund holds. It represents the potential loss the Sub-fund might suffer through holding","page_number":256,"box":{"x":96,"y":302,"width":761,"height":11}},{"id":"445ee467-3343-4b23-b40e-1d3c05d2e49b","block_type":"box","text":"market","page_number":256,"box":{"x":862,"y":302,"width":42,"height":8}},{"id":"f289e672-6040-413b-949a-5a02c4ddd90f","block_type":"box","text":"positions in the face of price movements.","page_number":256,"box":{"x":96,"y":318,"width":249,"height":10}},{"id":"9be95456-fc06-4f51-868e-ea89e0690122","block_type":"box","text":"The Sub-fund’s investment portfolio is exposed to market price fluctuations, which are monitored by the ACD in pursuance of the","page_number":256,"box":{"x":95,"y":340,"width":809,"height":10}},{"id":"6e0f2f47-b4ea-46e5-bec1-12c95c4af6d1","block_type":"box","text":"investment objective and policy as set out in the Prospectus.","page_number":256,"box":{"x":96,"y":355,"width":366,"height":11}},{"id":"f335519b-2f04-4b69-b370-4810fdde5e10","block_type":"box","text":"Adherence to investment guidelines and to investment and borrowing powers set out in the Instrument of Incorporation, the Prosp","page_number":256,"box":{"x":95,"y":377,"width":777,"height":11}},{"id":"fbe5037c-4ab8-4f98-90d3-d91961200840","block_type":"box","text":"ectus","page_number":256,"box":{"x":873,"y":379,"width":31,"height":7}},{"id":"47e47ff2-4f97-4884-983a-387fc0896489","block_type":"box","text":"and in the rules of the Financial Conduct Authority’s Collective Investment Schemes Sourcebook mitigates the risk of excessive","page_number":256,"box":{"x":95,"y":393,"width":749,"height":11}},{"id":"3b50e8de-f9e8-4131-96c1-38cb1ec07e71","block_type":"box","text":"exposure","page_number":256,"box":{"x":849,"y":395,"width":55,"height":9}},{"id":"eec36d6d-deb4-4b8e-9f66-ca50819329b9","block_type":"box","text":"to any particular type of security or issuer.","page_number":256,"box":{"x":95,"y":408,"width":256,"height":11}},{"id":"46c1f444-50a1-46fd-91a7-2b85ddbe9ca3","block_type":"box","text":"If market prices at the balance sheet date had been 10% higher or lower while all other variables remained constant, the return","page_number":256,"box":{"x":96,"y":430,"width":807,"height":11}},{"id":"17ea1aa0-de21-4253-8e7d-10e7296d4cfc","block_type":"box","text":"attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £2,135,837","page_number":256,"box":{"x":95,"y":446,"width":786,"height":11}},{"id":"4996887b-3c56-40c1-b326-47a23599dd9c","block_type":"box","text":"(30","page_number":256,"box":{"x":885,"y":446,"width":19,"height":10}},{"id":"77a597fa-0038-4c67-bbb1-0c008af29856","block_type":"box","text":"April 2025: £657,471).","page_number":256,"box":{"x":95,"y":461,"width":132,"height":11}},{"id":"9147dd46-c0be-43e6-8bf6-528e6e11b85a","block_type":"box","text":"Foreign currency risk","page_number":256,"box":{"x":96,"y":484,"width":140,"height":10}},{"id":"fda61e14-a0e1-4214-8ae5-f9770b240060","block_type":"box","text":"Foreign currency risk is the risk that the value of the Sub-fund’s investment holdings will fluctuate as a result of changes in","page_number":256,"box":{"x":96,"y":499,"width":759,"height":11}},{"id":"4ae2c458-3ee8-4f18-9a61-8764a286d86d","block_type":"box","text":"foreign","page_number":256,"box":{"x":861,"y":499,"width":42,"height":11}},{"id":"34146fed-057d-48a3-8256-b7539f662ea4","block_type":"box","text":"currency exchange rates.","page_number":256,"box":{"x":95,"y":514,"width":151,"height":11}},{"id":"2fb7020a-cda4-4c77-998d-1a007d1b786d","block_type":"box","text":"The Sub-fund’s investment portfolio is invested in funds that are registered overseas and collective investment schemes which i","page_number":256,"box":{"x":95,"y":537,"width":776,"height":10}},{"id":"8bcbb4b0-5ab7-43f7-9315-0b90bae52679","block_type":"box","text":"nvest","page_number":256,"box":{"x":873,"y":538,"width":31,"height":7}},{"id":"f9660cd7-50e6-4855-ba19-ccd335da47e6","block_type":"box","text":"in overseas securities and the balance sheet can be affected by movements in foreign exchange rates. The AIFM may seek to manag","page_number":256,"box":{"x":96,"y":552,"width":801,"height":11}},{"id":"ea9d8fd0-a573-46b4-b93b-97d53e8e4297","block_type":"box","text":"e","page_number":256,"box":{"x":898,"y":554,"width":6,"height":6}},{"id":"259b50bb-b376-4aee-bd90-b9dedf3a3630","block_type":"box","text":"exposure to currency movements by using forward exchange contracts or by hedging the Sterling value of investments that are pri","page_number":256,"box":{"x":95,"y":567,"width":786,"height":11}},{"id":"a58d6791-7314-466e-b4b6-850f98ada1c1","block_type":"box","text":"ced","page_number":256,"box":{"x":883,"y":567,"width":20,"height":9}},{"id":"e422424b-019e-43b9-a3e8-c6512d5e27e0","block_type":"box","text":"in other currencies. Revenue received in other currencies is converted to Sterling on or near the date of receipt.","page_number":256,"box":{"x":96,"y":583,"width":677,"height":11}},{"id":"797fa582-9151-40a2-96d5-fbaa1b1a88bc","block_type":"box","text":"Net currency assets and liabilities consist of:","page_number":256,"box":{"x":96,"y":605,"width":267,"height":11}},{"id":"6a341f28-f5ee-4810-a63f-d0b42f36ed12","block_type":"box","text":"Net monetary","page_number":256,"box":{"x":330,"y":625,"width":92,"height":11}},{"id":"ddfd9236-d7de-40de-85e4-ce19ecd2a60d","block_type":"box","text":"Non-monetary","page_number":256,"box":{"x":537,"y":625,"width":97,"height":11}},{"id":"f4bcb531-51bd-4c50-abdd-29d5a21cdd18","block_type":"box","text":"Total net","page_number":256,"box":{"x":775,"y":625,"width":59,"height":8}},{"id":"2a9d51c5-e839-4651-b3fa-8befa94100a7","block_type":"box","text":"assets and liabilities","page_number":256,"box":{"x":309,"y":638,"width":134,"height":8}},{"id":"f3c1ecd4-2788-45b6-bce3-b893f8b380c3","block_type":"box","text":"assets","page_number":256,"box":{"x":565,"y":639,"width":40,"height":7}},{"id":"3bb71847-0f6e-46a1-8b9b-5781aaaf580f","block_type":"box","text":"assets","page_number":256,"box":{"x":784,"y":639,"width":40,"height":7}},{"id":"f400a11b-ef7b-4e1a-b1cf-c82e2de85b2d","block_type":"box","text":"£","page_number":256,"box":{"x":340,"y":651,"width":7,"height":8}},{"id":"34b603b7-bbcf-4f5c-93a4-2994d78e6b48","block_type":"box","text":"£","page_number":256,"box":{"x":449,"y":651,"width":7,"height":8}},{"id":"9a851a12-da58-4b93-bb32-2f5a160074e8","block_type":"box","text":"£","page_number":256,"box":{"x":559,"y":651,"width":7,"height":8}},{"id":"d0e5d8dd-b4c2-40b0-80c0-3fce49cfc6d4","block_type":"box","text":"£","page_number":256,"box":{"x":668,"y":651,"width":7,"height":8}},{"id":"3ae258f5-d4e8-4e30-8d17-cbae57db57ee","block_type":"box","text":"£","page_number":256,"box":{"x":778,"y":651,"width":7,"height":8}},{"id":"dcd160fd-5489-4cc9-9701-b8272c8bac75","block_type":"box","text":"£","page_number":256,"box":{"x":888,"y":651,"width":6,"height":8}},{"id":"adc88c73-4374-4445-9a73-8a26ac538669","block_type":"box","text":"30.04.26","page_number":256,"box":{"x":292,"y":664,"width":55,"height":8}},{"id":"e6b692f3-7943-40e0-b4a6-c836b48775d4","block_type":"box","text":"30.04.25","page_number":256,"box":{"x":402,"y":664,"width":54,"height":8}},{"id":"050ad566-2184-4400-a927-829077cc7e6e","block_type":"box","text":"30.04.26","page_number":256,"box":{"x":511,"y":664,"width":55,"height":8}},{"id":"e36f4848-6ffa-4d33-b54b-c089eefebd14","block_type":"box","text":"30.04.25","page_number":256,"box":{"x":621,"y":664,"width":54,"height":8}},{"id":"be4637df-534c-4ccd-9963-bcbb648dc5d6","block_type":"box","text":"30.04.26","page_number":256,"box":{"x":730,"y":664,"width":55,"height":8}},{"id":"52fd33e4-fd86-4948-a517-c94ad9af1b87","block_type":"box","text":"30.04.25","page_number":256,"box":{"x":840,"y":664,"width":54,"height":8}},{"id":"fba84848-f814-41b1-92d2-cf839b9587c1","block_type":"box","text":"Sterling","page_number":256,"box":{"x":95,"y":680,"width":46,"height":10}},{"id":"93973725-8056-47e8-9d70-67587ef1fd62","block_type":"box","text":"1,378,371","page_number":256,"box":{"x":288,"y":680,"width":56,"height":9}},{"id":"49a52ad9-2fab-47a9-8ce1-943e9b48a686","block_type":"box","text":"87,084","page_number":256,"box":{"x":416,"y":680,"width":40,"height":9}},{"id":"9584608d-e698-4223-aa13-3093b3d78a31","block_type":"box","text":"19,785,278","page_number":256,"box":{"x":500,"y":680,"width":66,"height":9}},{"id":"d8edf80a-659a-4d27-9195-7b0100f17a72","block_type":"box","text":"6,420,072","page_number":256,"box":{"x":616,"y":680,"width":59,"height":9}},{"id":"97371bf0-62d2-4e9a-9f3f-26c872b516ce","block_type":"box","text":"21,163,649","page_number":256,"box":{"x":718,"y":680,"width":66,"height":9}},{"id":"5b8bdf9b-ad0d-4583-9469-837147148b61","block_type":"box","text":"6,507,156","page_number":256,"box":{"x":835,"y":680,"width":59,"height":9}},{"id":"9b9cf81b-c394-471f-a2d3-6d874c638df2","block_type":"box","text":"EUR","page_number":256,"box":{"x":96,"y":695,"width":23,"height":8}},{"id":"789b1ef8-8841-4035-87e1-44915cd6d178","block_type":"box","text":"–","page_number":256,"box":{"x":340,"y":700,"width":7,"height":1}},{"id":"13436365-687e-4eb9-9511-770cd868ab1f","block_type":"box","text":"–","page_number":256,"box":{"x":450,"y":700,"width":6,"height":1}},{"id":"80e5b02c-6210-48a7-aae3-adba31d51793","block_type":"box","text":"–","page_number":256,"box":{"x":559,"y":700,"width":7,"height":1}},{"id":"1465667b-2fc6-48a3-84af-5f64756f7bf5","block_type":"box","text":"154,633","page_number":256,"box":{"x":628,"y":695,"width":47,"height":9}},{"id":"8e5ac65f-fe87-4a3f-aeb9-a2c82a578bb1","block_type":"box","text":"–","page_number":256,"box":{"x":778,"y":700,"width":7,"height":1}},{"id":"f775561a-e505-46f5-bccb-73c2afcf753d","block_type":"box","text":"154,633","page_number":256,"box":{"x":847,"y":695,"width":47,"height":9}},{"id":"6e7ad7c8-99e4-4a96-829d-711182510f7a","block_type":"box","text":"USD","page_number":256,"box":{"x":96,"y":711,"width":24,"height":8}},{"id":"97f390b5-0bf8-495f-b287-4ce9e9b6daff","block_type":"box","text":"–","page_number":256,"box":{"x":340,"y":715,"width":7,"height":1}},{"id":"a85eeda9-c3b7-494a-b7f6-a17e50400d0d","block_type":"box","text":"–","page_number":256,"box":{"x":450,"y":715,"width":6,"height":1}},{"id":"5ad229bd-5806-4d9b-ad6f-79734fae302a","block_type":"box","text":"1,573,092","page_number":256,"box":{"x":507,"y":711,"width":58,"height":9}},{"id":"aa485a4d-f09a-4afc-b0e9-c40be21f7b32","block_type":"box","text":"–","page_number":256,"box":{"x":669,"y":715,"width":6,"height":1}},{"id":"13d816f0-5a28-43c9-b119-1b44bfbe932a","block_type":"box","text":"1,573,092","page_number":256,"box":{"x":726,"y":711,"width":58,"height":9}},{"id":"167e78be-daf1-42ef-b4a3-5b4cb176a76d","block_type":"box","text":"–","page_number":256,"box":{"x":888,"y":715,"width":6,"height":1}},{"id":"b43cd7c8-3c77-49f4-9846-d8568b8e3cf4","block_type":"box","text":"1,378,371","page_number":256,"box":{"x":285,"y":733,"width":60,"height":9}},{"id":"a33a4e09-a4c6-46a3-a1a2-da840997fc6a","block_type":"box","text":"87,084","page_number":256,"box":{"x":414,"y":733,"width":42,"height":9}},{"id":"0b86512a-4f76-4966-bfcd-5386858ac5b9","block_type":"box","text":"21,358,370","page_number":256,"box":{"x":496,"y":733,"width":70,"height":9}},{"id":"ab5ce412-15b3-4ce9-b5b3-f63725eee355","block_type":"box","text":"6,574,705","page_number":256,"box":{"x":613,"y":733,"width":62,"height":9}},{"id":"0cc20109-d67c-44e7-b208-3de60287cebb","block_type":"box","text":"22,736,741","page_number":256,"box":{"x":715,"y":733,"width":68,"height":9}},{"id":"60237348-5a06-4f86-90ee-132aab07913d","block_type":"box","text":"6,661,789","page_number":256,"box":{"x":832,"y":733,"width":62,"height":9}},{"id":"d7576688-c7fc-4350-b429-a91af9c0908e","block_type":"box","text":"If foreign exchange rates at the balance sheet date had been 10% higher or lower while all other variables remained constant, t","page_number":256,"box":{"x":96,"y":755,"width":793,"height":10}},{"id":"8615af6e-989e-4226-bb6e-4f8edb142415","block_type":"box","text":"he","page_number":256,"box":{"x":890,"y":755,"width":14,"height":8}},{"id":"4a5e5ab1-52d1-4317-8d89-967b4ebb3507","block_type":"box","text":"return attributable to ordinary shareholders and equity for the year ended 30 April 2026 would have increased/decreased by £157","page_number":256,"box":{"x":96,"y":770,"width":782,"height":11}},{"id":"8bc69a18-c099-49f3-9972-ceaff2aaf5c7","block_type":"box","text":",309","page_number":256,"box":{"x":879,"y":771,"width":24,"height":9}},{"id":"e1249a33-cdf2-4ba7-b3ff-bd2dfadff636","block_type":"box","text":"(30 April 2025: £15,463).","page_number":256,"box":{"x":95,"y":786,"width":148,"height":10}},{"id":"a239a8d7-6875-4fbe-8df2-9e757d3daab4","block_type":"box","text":"Interest rate risk","page_number":256,"box":{"x":96,"y":808,"width":111,"height":8}},{"id":"fa7dcecd-5cbd-4f6b-ac73-743ae37abd0b","block_type":"box","text":"Interest rate risk is the risk to portfolio value due to changes in interest rates. The magnitude of the exposure from an adver","page_number":256,"box":{"x":96,"y":823,"width":747,"height":10}},{"id":"52e6a388-9dbf-4e7f-bec7-b4041f43846f","block_type":"box","text":"se change","page_number":256,"box":{"x":844,"y":823,"width":60,"height":10}},{"id":"42ab65e0-0b70-466f-aa93-ea71ef1dadc4","block_type":"box","text":"in interest rates depends on the sensitivity of the instrument to changes in interest rates as well as the absolute change in i","page_number":256,"box":{"x":96,"y":837,"width":764,"height":11}},{"id":"521db165-e70a-4d35-93d5-18e0f627f2fe","block_type":"box","text":"nterest","page_number":256,"box":{"x":862,"y":839,"width":42,"height":7}},{"id":"9f13a164-08ae-48e2-8097-79bda50069cc","block_type":"box","text":"rates. In general, values of long-term instruments are more sensitive to interest rate changes than the values of short-term in","page_number":256,"box":{"x":96,"y":852,"width":742,"height":11}},{"id":"18348637-a864-4813-b4e3-d3fccf8f734f","block_type":"box","text":"struments.","page_number":256,"box":{"x":840,"y":853,"width":63,"height":8}},{"id":"b0ef8eed-c268-420e-a93e-382fa87a9353","block_type":"box","text":"The Sub-fund takes on interest rate risk when the investment manager believes the expected returns compensate for the risk, lim","page_number":256,"box":{"x":95,"y":874,"width":785,"height":11}},{"id":"8f2919cf-6ff7-48ae-95d7-58f43a2fda9a","block_type":"box","text":"ited","page_number":256,"box":{"x":882,"y":874,"width":21,"height":8}},{"id":"4eb0f080-ea03-4e5e-998e-d9f7bbc13ada","block_type":"box","text":"by the investment objective, policy and any prospectus rules. The investment manager monitors the level of interest rate risk i","page_number":256,"box":{"x":96,"y":889,"width":775,"height":10}},{"id":"8d286de4-15bb-47da-b85a-fcab2eb3ca93","block_type":"box","text":"n the","page_number":256,"box":{"x":873,"y":889,"width":31,"height":8}},{"id":"1c9161ed-2f6b-4eb4-b3cc-7779a453bff6","block_type":"box","text":"Sub-fund on a regular basis. In addition any cash deposits in the Sub-fund are linked to SONIA, ensuring interest income increa","page_number":256,"box":{"x":95,"y":904,"width":772,"height":10}},{"id":"b1e41578-9d7c-4e8d-8092-0382fa4742f2","block_type":"box","text":"ses as","page_number":256,"box":{"x":868,"y":906,"width":36,"height":6}},{"id":"e5737794-1cf1-4d3b-aabb-3aebf85dfd2b","block_type":"box","text":"interest rates increase.","page_number":256,"box":{"x":96,"y":919,"width":137,"height":8}},{"id":"4baa1fe5-771c-48c9-8552-9891ec854789","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":256,"box":{"x":553,"y":38,"width":349,"height":13}},{"id":"cce64895-f873-46be-89cf-4362064fd6e4","block_type":"box","text":"251","page_number":256,"box":{"x":962,"y":960,"width":25,"height":9}},{"id":"5f51aa9e-646a-495b-9ca0-b4a4c84e6a65","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":257,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"99654384-5d84-4dd9-9d39-d189b0d811f0","block_type":"box","text":"for the year ended 30 April 2026","page_number":257,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"edd57333-a135-44d9-af6b-52a8b82d8a5f","block_type":"box","text":"10. Risk management policies (continued)","page_number":257,"box":{"x":96,"y":134,"width":277,"height":11}},{"id":"8993db3e-3dcd-4edb-b2c6-92c903ed6d98","block_type":"box","text":"The table below details the interest rate risk profile at the balance sheet date:","page_number":257,"box":{"x":95,"y":150,"width":471,"height":10}},{"id":"707badb9-f0ab-40c6-9156-09941556efca","block_type":"box","text":"30.04.26","page_number":257,"box":{"x":730,"y":172,"width":55,"height":8}},{"id":"912f799a-d813-493d-a2a9-49aeb226aa4c","block_type":"box","text":"30.04.25","page_number":257,"box":{"x":840,"y":172,"width":54,"height":8}},{"id":"64817fce-06a0-459d-8837-c34df683e7e2","block_type":"box","text":"£","page_number":257,"box":{"x":778,"y":188,"width":7,"height":7}},{"id":"0d9eb177-b81b-4808-a39c-08e6625589b5","block_type":"box","text":"£","page_number":257,"box":{"x":888,"y":188,"width":6,"height":7}},{"id":"d7e07760-8943-4ca7-9bce-9dca889b3885","block_type":"box","text":"Financial assets floating rate","page_number":257,"box":{"x":96,"y":209,"width":171,"height":11}},{"id":"27c41064-19b9-48c1-913c-7d7ce95d0af1","block_type":"box","text":"761,933","page_number":257,"box":{"x":737,"y":210,"width":47,"height":9}},{"id":"7155d517-ded4-4261-91c8-0195d1e380f2","block_type":"box","text":"91,687","page_number":257,"box":{"x":854,"y":210,"width":40,"height":9}},{"id":"3d4b0d02-b88e-4b0a-99b2-7201c95b9914","block_type":"box","text":"Financial assets interest bearing instruments","page_number":257,"box":{"x":96,"y":228,"width":271,"height":11}},{"id":"f1ec4b38-b743-4c57-a6ef-c78071d77bec","block_type":"box","text":"4,896,279","page_number":257,"box":{"x":725,"y":229,"width":59,"height":9}},{"id":"2839caf6-7d07-49f0-96c2-a3c9a857010a","block_type":"box","text":"1,646,680","page_number":257,"box":{"x":836,"y":229,"width":58,"height":9}},{"id":"96621e07-72a4-4bfa-80fc-f8c6f4001531","block_type":"box","text":"Financial assets non-interest bearing instruments","page_number":257,"box":{"x":96,"y":247,"width":299,"height":11}},{"id":"c46ac1ab-0615-4277-bfde-5cd37dfc56e1","block_type":"box","text":"17,103,856","page_number":257,"box":{"x":719,"y":248,"width":66,"height":9}},{"id":"0b275c94-a2d6-4b42-839d-da4f69b67f01","block_type":"box","text":"4,937,205","page_number":257,"box":{"x":835,"y":248,"width":59,"height":9}},{"id":"241b3aca-a1d7-46a3-816b-948f80fc984f","block_type":"box","text":"Financial liabilities non-interest bearing instruments","page_number":257,"box":{"x":96,"y":266,"width":316,"height":11}},{"id":"92d740f5-f96d-49d0-9efc-7edb973086b4","block_type":"box","text":"(25,327)","page_number":257,"box":{"x":740,"y":266,"width":49,"height":10}},{"id":"4b0814d3-8290-4d92-935b-beadf8995bff","block_type":"box","text":"(13,783)","page_number":257,"box":{"x":850,"y":266,"width":49,"height":10}},{"id":"122be422-aa8b-42a9-9ff7-a0d56e247727","block_type":"box","text":"22,736,741","page_number":257,"box":{"x":715,"y":289,"width":68,"height":9}},{"id":"040a53fe-aefd-46ce-8ed3-559cb4bcdf28","block_type":"box","text":"6,661,789","page_number":257,"box":{"x":832,"y":289,"width":62,"height":9}},{"id":"c7591e15-17fb-4bff-8aff-fbcad9833648","block_type":"box","text":"At 30 April 2026, if interest rates increased or decreased by 0.25%, with all other variables remaining constant, then the net","page_number":257,"box":{"x":95,"y":323,"width":767,"height":11}},{"id":"9b7dd46a-53ae-4702-83df-b169c14ec635","block_type":"box","text":"assets","page_number":257,"box":{"x":867,"y":324,"width":37,"height":8}},{"id":"1d188aeb-1243-4358-805f-fb201ec8cc34","block_type":"box","text":"attributable to shareholders of the Sub-fund would increase or decrease by approximately £1,842 (30 April 2025: £195).","page_number":257,"box":{"x":95,"y":339,"width":729,"height":11}},{"id":"9eaadb79-72dc-472e-97f3-035665969ccf","block_type":"box","text":"Maturity of financial liabilities","page_number":257,"box":{"x":96,"y":361,"width":201,"height":11}},{"id":"9cc9333b-75d2-4816-b6e4-ac46e69da1fe","block_type":"box","text":"The financial liabilities of the Sub-fund as at 30 April 2026 are payable either within one year or on demand.","page_number":257,"box":{"x":95,"y":376,"width":655,"height":11}},{"id":"81055a6f-35f3-4dee-a705-289463aed2d8","block_type":"box","text":"Liquidity risk","page_number":257,"box":{"x":96,"y":399,"width":86,"height":10}},{"id":"6c23f99f-aa8a-4b25-b214-af23bcd1fb6d","block_type":"box","text":"The Sub-fund’s assets comprise mainly of readily realisable securities. The main liability of the Sub-fund is the redemption of","page_number":257,"box":{"x":95,"y":414,"width":742,"height":11}},{"id":"1c5ca33d-0b4f-4e83-8f05-6d27dba0ba1f","block_type":"box","text":"any shares","page_number":257,"box":{"x":840,"y":414,"width":64,"height":11}},{"id":"40dac46d-9123-4c45-9059-71e208263998","block_type":"box","text":"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","page_number":257,"box":{"x":95,"y":429,"width":732,"height":11}},{"id":"7133b948-1907-401c-b9a7-270fd9020bea","block_type":"box","text":"edemptions.","page_number":257,"box":{"x":828,"y":430,"width":75,"height":10}},{"id":"c30ccfb1-0424-4e23-8736-a049e8e35beb","block_type":"box","text":"Credit risk","page_number":257,"box":{"x":96,"y":452,"width":68,"height":8}},{"id":"69872068-86b6-4c14-a323-c696ff35f6b6","block_type":"box","text":"Certain transactions in securities that the Sub-fund enters into expose it to the risk that the counterparty will not deliver t","page_number":257,"box":{"x":96,"y":467,"width":722,"height":11}},{"id":"a9b25b4f-326a-4230-9e36-d9fe42fb5b40","block_type":"box","text":"he investment","page_number":257,"box":{"x":819,"y":467,"width":85,"height":8}},{"id":"25d5c521-0bab-4503-962c-8d849580402e","block_type":"box","text":"for a purchase, or cash for a sale after the Sub-fund has fulfilled its responsibilities. The Sub-fund only buys and sells inve","page_number":257,"box":{"x":95,"y":483,"width":759,"height":10}},{"id":"10f44a12-b057-4740-83ff-efe4b199c3c1","block_type":"box","text":"stments","page_number":257,"box":{"x":856,"y":484,"width":48,"height":7}},{"id":"7fea9d91-5d6c-4723-bdd5-8b2ef58b6a71","block_type":"box","text":"through brokers which have been approved by the ACD as acceptable counterparties and fund management companies. In addition,","page_number":257,"box":{"x":95,"y":498,"width":808,"height":11}},{"id":"05a988b5-cb04-45a7-ae46-3b99a9ab9b1e","block_type":"box","text":"limits are set to the exposure to any individual broker that may exist at any time and changes in brokers’ financial ratings ar","page_number":257,"box":{"x":96,"y":513,"width":738,"height":11}},{"id":"31588bce-d06b-47e6-8dc6-0d19f17f626d","block_type":"box","text":"e reviewed.","page_number":257,"box":{"x":835,"y":513,"width":68,"height":9}},{"id":"d763ced1-9dc2-42b3-9f9f-cf97f8b5d34d","block_type":"box","text":"Credit risk also arises on cash held within financial institutions. Credit risk on cash balances is mitigated by ensuring that","page_number":257,"box":{"x":96,"y":536,"width":733,"height":10}},{"id":"abe3f518-a7c7-443d-9972-58d56d4fd3ae","block_type":"box","text":"cash is held","page_number":257,"box":{"x":834,"y":536,"width":69,"height":8}},{"id":"bc521d9f-7418-4690-a2bd-5a080c57e5b6","block_type":"box","text":"with financial institutions that are at least investment grade credit related. Indirect credit risk arises from holdings in col","page_number":257,"box":{"x":95,"y":551,"width":735,"height":11}},{"id":"2bdbbc39-f0a0-44d0-a238-6d808b27c048","block_type":"box","text":"lectives that","page_number":257,"box":{"x":832,"y":551,"width":72,"height":8}},{"id":"9413d06d-87bc-4e54-bf0b-7a2ceedcf632","block_type":"box","text":"invest in debt securities as any default or perceived risk of default will affect the valuation of such holdings.","page_number":257,"box":{"x":96,"y":566,"width":650,"height":11}},{"id":"504b7d6d-0d58-43d6-a42f-2ef63c53cd1f","block_type":"box","text":"Fair value disclosure","page_number":257,"box":{"x":96,"y":589,"width":135,"height":8}},{"id":"01399313-8efd-49b9-b045-c87115e5ead3","block_type":"box","text":"The fair value hierarchy is intended to prioritise the inputs that are used to measure the fair value of assets and liabilities","page_number":257,"box":{"x":95,"y":604,"width":731,"height":11}},{"id":"0783885f-4276-43fc-afd0-3774bd92d30b","block_type":"box","text":". The highest","page_number":257,"box":{"x":828,"y":604,"width":76,"height":11}},{"id":"2c14a3d7-3a2b-4da1-b3e5-9630bb306034","block_type":"box","text":"priority is given to quoted prices and the lowest priority to un-observable inputs. The criteria applied to the fair values lev","page_number":257,"box":{"x":96,"y":620,"width":739,"height":10}},{"id":"1368bc75-4751-44a1-9933-498408338e70","block_type":"box","text":"els in these","page_number":257,"box":{"x":836,"y":620,"width":68,"height":8}},{"id":"e14ff9b6-8309-4576-865d-f7614f5f77a4","block_type":"box","text":"financial statements are as follows:","page_number":257,"box":{"x":95,"y":635,"width":213,"height":8}},{"id":"c48d52bf-31e6-4019-b169-b52170be6652","block_type":"box","text":"Level 1: Unadjusted quoted price in an active market for an identical instrument;","page_number":257,"box":{"x":96,"y":657,"width":489,"height":11}},{"id":"18d6a4a2-291f-4d0c-aec7-bc8e163b2487","block_type":"box","text":"Level 2: Valuation techniques using observable inputs other than quoted prices within level 1;","page_number":257,"box":{"x":96,"y":679,"width":568,"height":11}},{"id":"1fbdda00-fcbe-46fe-b373-2148dd23bdb0","block_type":"box","text":"Level 3: Valuation techniques using unobservable inputs.","page_number":257,"box":{"x":96,"y":702,"width":344,"height":10}},{"id":"55be9b07-c8b7-445d-9acc-583e63748b63","block_type":"box","text":"Valuation technique","page_number":257,"box":{"x":95,"y":724,"width":135,"height":10}},{"id":"29b98f18-c897-4f0a-a320-6d3573f6cd62","block_type":"box","text":"30.04.26","page_number":257,"box":{"x":534,"y":724,"width":55,"height":8}},{"id":"d8ee9538-e67a-464f-93ad-e8696b0ca835","block_type":"box","text":"30.04.25","page_number":257,"box":{"x":801,"y":724,"width":54,"height":8}},{"id":"d0ef678f-acfa-4c1c-a6fa-37027c838599","block_type":"box","text":"Assets","page_number":257,"box":{"x":452,"y":737,"width":42,"height":8}},{"id":"1dbcb0b5-4596-4ef5-b950-f5d85cee80f7","block_type":"box","text":"Liabilities","page_number":257,"box":{"x":564,"y":737,"width":64,"height":8}},{"id":"adb41f43-01cb-4288-9cf6-edac18831762","block_type":"box","text":"Assets","page_number":257,"box":{"x":719,"y":737,"width":42,"height":8}},{"id":"e40b36a3-2291-483e-aaba-80b3905ef258","block_type":"box","text":"Liabilities","page_number":257,"box":{"x":833,"y":737,"width":64,"height":8}},{"id":"ce5b6739-baa0-4caf-a452-55b3c4404f1f","block_type":"box","text":"(£000’s)","page_number":257,"box":{"x":444,"y":750,"width":50,"height":10}},{"id":"b687cdc9-f762-4a94-9a19-840dda5f746c","block_type":"box","text":"(£000’s)","page_number":257,"box":{"x":577,"y":750,"width":50,"height":10}},{"id":"16b36d08-3f09-4e77-85a8-4b4f6490d1a0","block_type":"box","text":"(£000’s)","page_number":257,"box":{"x":711,"y":750,"width":50,"height":10}},{"id":"fde0403d-795d-4fc7-a5c7-c7c427ddd667","block_type":"box","text":"(£000’s)","page_number":257,"box":{"x":846,"y":750,"width":51,"height":10}},{"id":"8d40201d-2ebb-4bf9-848e-f3f2f58a406d","block_type":"box","text":"Level 1","page_number":257,"box":{"x":96,"y":765,"width":38,"height":8}},{"id":"9d800586-9bfe-4b63-aa29-84e2c0d8dd7d","block_type":"box","text":"6,662","page_number":257,"box":{"x":462,"y":766,"width":32,"height":9}},{"id":"a400a970-5286-4db7-be09-c421a02bb81b","block_type":"box","text":"–","page_number":257,"box":{"x":621,"y":770,"width":6,"height":1}},{"id":"661b771a-8e2d-4ed8-8690-04ffdbc34ec5","block_type":"box","text":"1,029","page_number":257,"box":{"x":729,"y":766,"width":32,"height":9}},{"id":"2c9e4038-8c0f-4c59-a7b4-e8cc23800cc4","block_type":"box","text":"–","page_number":257,"box":{"x":890,"y":770,"width":7,"height":1}},{"id":"6f5c2239-7e6d-439d-80a6-b6d6fd965bcc","block_type":"box","text":"Level 2","page_number":257,"box":{"x":96,"y":781,"width":40,"height":8}},{"id":"e28dee79-97ad-47c9-ab13-686b91d1de7e","block_type":"box","text":"14,696","page_number":257,"box":{"x":455,"y":781,"width":39,"height":9}},{"id":"e1946225-d30d-4435-aa9b-a65a6be307c8","block_type":"box","text":"–","page_number":257,"box":{"x":621,"y":786,"width":6,"height":0}},{"id":"427defea-2933-4855-8d04-1ede7dc2e661","block_type":"box","text":"5,546","page_number":257,"box":{"x":728,"y":781,"width":33,"height":9}},{"id":"8953e901-9a34-435c-b47f-c6201d8ec4d8","block_type":"box","text":"–","page_number":257,"box":{"x":890,"y":786,"width":7,"height":0}},{"id":"3f2ab2df-3292-4a2d-b39b-bff658e93566","block_type":"box","text":"Level 3","page_number":257,"box":{"x":96,"y":796,"width":40,"height":8}},{"id":"0986e1df-4ba9-49e9-9cfc-69a9097a6422","block_type":"box","text":"–","page_number":257,"box":{"x":488,"y":801,"width":6,"height":1}},{"id":"7333c8b5-bd88-47af-b5e2-04951b4add07","block_type":"box","text":"–","page_number":257,"box":{"x":621,"y":801,"width":6,"height":1}},{"id":"2355a933-9455-4955-8c83-8c61efcd668b","block_type":"box","text":"–","page_number":257,"box":{"x":754,"y":801,"width":7,"height":1}},{"id":"a554e254-6bc0-45c9-9c54-bf1fb853cccd","block_type":"box","text":"–","page_number":257,"box":{"x":890,"y":801,"width":7,"height":1}},{"id":"8c4f6c5b-c252-4870-83c3-f606362037c2","block_type":"box","text":"21,358","page_number":257,"box":{"x":452,"y":819,"width":42,"height":9}},{"id":"31b3a637-80dc-4ab2-a2c8-58a828afae84","block_type":"box","text":"–","page_number":257,"box":{"x":621,"y":823,"width":7,"height":1}},{"id":"f18e9c80-0c27-4c00-b132-03f839124fa8","block_type":"box","text":"6,575","page_number":257,"box":{"x":726,"y":819,"width":35,"height":9}},{"id":"fd72d1a6-deef-4db5-b844-aa46abf30eda","block_type":"box","text":"–","page_number":257,"box":{"x":890,"y":823,"width":7,"height":1}},{"id":"0d17b142-29ad-4e3b-9263-ebcacdf6a605","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":257,"box":{"x":97,"y":38,"width":350,"height":13}},{"id":"3548616f-9f9e-4516-9637-da1625770ec7","block_type":"box","text":"252","page_number":257,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"c44cef43-8e37-4d1c-bea9-333f8b3e8b10","block_type":"box","text":"Notes to the Financial Statements (continued)","page_number":258,"box":{"x":97,"y":85,"width":475,"height":16}},{"id":"f00f56fb-d500-4735-8e01-254669f3e3fe","block_type":"box","text":"for the year ended 30 April 2026","page_number":258,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"4eed962a-8a98-4378-a7cd-3feb52402b03","block_type":"box","text":"11. Shares held","page_number":258,"box":{"x":96,"y":134,"width":98,"height":9}},{"id":"af2bdf70-282e-4d6e-8807-5bcee294293f","block_type":"box","text":"I Class (Retail) Accumulation","page_number":258,"box":{"x":96,"y":156,"width":188,"height":10}},{"id":"0d1636bd-fa7a-4f97-a512-7502da4fd6a1","block_type":"box","text":"Opening shares at 01.05.2025","page_number":258,"box":{"x":96,"y":179,"width":193,"height":10}},{"id":"dc32f617-3338-448c-b559-65855ba449b2","block_type":"box","text":"6,601,195","page_number":258,"box":{"x":432,"y":179,"width":62,"height":9}},{"id":"16da5743-f1dc-4b64-b690-147b3aec4351","block_type":"box","text":"Shares issued during the year","page_number":258,"box":{"x":95,"y":194,"width":180,"height":11}},{"id":"bc2ce5ac-78ae-4818-bdf2-fb2cedb36dff","block_type":"box","text":"14,610,671","page_number":258,"box":{"x":428,"y":194,"width":64,"height":10}},{"id":"f2c4d606-4414-4c58-9012-23617bc4d974","block_type":"box","text":"Shares cancelled during the year","page_number":258,"box":{"x":95,"y":210,"width":199,"height":10}},{"id":"77f10ec0-7653-48ad-ac3f-f9dba212f198","block_type":"box","text":"(2,455,069)","page_number":258,"box":{"x":427,"y":210,"width":67,"height":9}},{"id":"c47907b6-13b5-40ee-9da3-42e90bd112c2","block_type":"box","text":"Shares converted during the year","page_number":258,"box":{"x":95,"y":225,"width":203,"height":11}},{"id":"6a61d22a-e99e-4bda-937c-b7ac6f8362ee","block_type":"box","text":"–","page_number":258,"box":{"x":488,"y":230,"width":6,"height":1}},{"id":"708090f6-a434-424d-96ca-568286d9ddfe","block_type":"box","text":"Closing shares as at 30.04.2026","page_number":258,"box":{"x":96,"y":247,"width":203,"height":11}},{"id":"50d21bf4-7a03-4dd6-a125-b7bfdb8eacb7","block_type":"box","text":"18,756,797","page_number":258,"box":{"x":424,"y":248,"width":70,"height":9}},{"id":"a0618fa6-be80-40c3-a160-c3c022fddb1c","block_type":"box","text":"12. Contingent assets and liabilities","page_number":258,"box":{"x":96,"y":293,"width":234,"height":11}},{"id":"1100cac0-caa5-4e8a-8305-7bd9d28ea3a7","block_type":"box","text":"At 30 April 2026, the Sub-fund had no contingent liabilities or commitments.","page_number":258,"box":{"x":95,"y":309,"width":463,"height":11}},{"id":"15a07e2c-3125-40cb-906a-dacce12437d7","block_type":"box","text":"13. Post balance sheet events","page_number":258,"box":{"x":96,"y":355,"width":194,"height":8}},{"id":"6a7d3a52-2a54-42bf-b49e-13a040c3062c","block_type":"box","text":"There were no notifiable events post the year end balance sheet date.","page_number":258,"box":{"x":95,"y":374,"width":425,"height":11}},{"id":"d42d6d20-72be-404b-bec0-caa0e42ce0ca","block_type":"box","text":"14. Direct transactions costs","page_number":258,"box":{"x":96,"y":420,"width":186,"height":9}},{"id":"39731695-cbf5-448d-b595-1a05287ec586","block_type":"box","text":"For both the current and prior year, the Sub-fund purchases and sales did not incur any trading commissions, taxes or levies. T","page_number":258,"box":{"x":96,"y":439,"width":755,"height":11}},{"id":"3f8a7cfa-c6a4-4c74-be8d-3bad376a17f5","block_type":"box","text":"herefore","page_number":258,"box":{"x":853,"y":439,"width":51,"height":8}},{"id":"c1de96a3-b8f6-4c3d-8cd7-f13d386d1242","block_type":"box","text":"the direct transaction costs on purchases, sales and overall are all 0.00%.","page_number":258,"box":{"x":95,"y":455,"width":444,"height":10}},{"id":"140cad59-f5c4-4271-844b-d33373ea5296","block_type":"box","text":"15. Portfolio dealing spread","page_number":258,"box":{"x":96,"y":501,"width":181,"height":11}},{"id":"b5b20a6c-c883-46f8-a2ac-d8d1afd496c3","block_type":"box","text":"The average portfolio dealing spread at 30 April 2026 is 0.09% (30 April 2025: 0.02%).","page_number":258,"box":{"x":95,"y":523,"width":517,"height":11}},{"id":"435411e7-d6c7-4a62-b186-12b1bb80c2c8","block_type":"box","text":"16. Related party transactions","page_number":258,"box":{"x":96,"y":569,"width":199,"height":11}},{"id":"deb84bef-de32-4104-b5b0-3a91459d2945","block_type":"box","text":"Apex Fundrock Limited, as ACD is a related party due to its ability to act in respect of the operations of the Sub-fund.","page_number":258,"box":{"x":95,"y":592,"width":707,"height":10}},{"id":"226f974c-29c9-4474-a4f9-605de2ccd880","block_type":"box","text":"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","page_number":258,"box":{"x":95,"y":614,"width":765,"height":10}},{"id":"bc660d62-e09f-454a-8cc3-1b150770dc42","block_type":"box","text":"e sheet","page_number":258,"box":{"x":861,"y":614,"width":43,"height":8}},{"id":"161d741d-b1c0-4109-b06a-5169282cf2c2","block_type":"box","text":"date are disclosed in note 9.","page_number":258,"box":{"x":95,"y":629,"width":171,"height":8}},{"id":"e23bc756-32e9-48b9-a103-fd58044a6dd8","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":258,"box":{"x":553,"y":38,"width":349,"height":13}},{"id":"48cc3d22-15f6-415d-8232-4cb18b83d48e","block_type":"box","text":"253","page_number":258,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"674269de-88b3-4000-a2bc-f23a69ef67ea","block_type":"box","text":"Distribution Tables","page_number":259,"box":{"x":97,"y":85,"width":194,"height":13}},{"id":"ea711b0e-9115-4c1c-8de0-62076fd65c08","block_type":"box","text":"for the year ended 30 April 2026","page_number":259,"box":{"x":95,"y":105,"width":196,"height":11}},{"id":"c59206df-01b1-456d-92d3-43f1b80894a5","block_type":"box","text":"Accumulation Share Distributions","page_number":259,"box":{"x":95,"y":134,"width":224,"height":9}},{"id":"c1169e01-cfa0-4995-b34a-bd1953c27509","block_type":"box","text":"Share class","page_number":259,"box":{"x":105,"y":153,"width":73,"height":8}},{"id":"ee0a652c-e9a6-4280-866b-42ada82d90e8","block_type":"box","text":"Distribution","page_number":259,"box":{"x":277,"y":153,"width":79,"height":8}},{"id":"984bbab9-33a0-4817-84af-1bdf6101fce8","block_type":"box","text":"Shares","page_number":259,"box":{"x":406,"y":153,"width":44,"height":8}},{"id":"17308b11-018e-4249-9cde-23f3796c8702","block_type":"box","text":"Net","page_number":259,"box":{"x":522,"y":153,"width":23,"height":8}},{"id":"fb90a09c-3346-47f2-9dc2-7174baf7d508","block_type":"box","text":"Equalisation","page_number":259,"box":{"x":597,"y":153,"width":81,"height":11}},{"id":"aa2c50a2-c0c2-4336-85f4-0884a8321e15","block_type":"box","text":"Distribution","page_number":259,"box":{"x":703,"y":153,"width":79,"height":8}},{"id":"922b847d-8fc5-467e-b90b-85e022e59e9f","block_type":"box","text":"Distribution","page_number":259,"box":{"x":808,"y":153,"width":79,"height":8}},{"id":"d79ed93d-eac2-4e36-9860-14df3d703ae1","block_type":"box","text":"revenue","page_number":259,"box":{"x":506,"y":167,"width":54,"height":6}},{"id":"ad2bb917-c820-449e-8079-5be33a3fa276","block_type":"box","text":"31.08.2026","page_number":259,"box":{"x":707,"y":165,"width":70,"height":8}},{"id":"cd793537-af0c-4989-a258-51d4b7e67523","block_type":"box","text":"29.08.2025","page_number":259,"box":{"x":812,"y":165,"width":70,"height":8}},{"id":"8325c2a8-8ee0-4dd1-bd4a-113546781ae8","block_type":"box","text":"31.08.2026","page_number":259,"box":{"x":498,"y":177,"width":70,"height":8}},{"id":"dc50c2d6-b6c6-4707-820a-a38f9ef64efc","block_type":"box","text":"p","page_number":259,"box":{"x":530,"y":191,"width":7,"height":8}},{"id":"a61c0ddc-51c9-4e8d-bb61-ed18cf24c330","block_type":"box","text":"p","page_number":259,"box":{"x":634,"y":191,"width":7,"height":8}},{"id":"32788ae7-a79b-40e2-9426-e1d0584f6d7f","block_type":"box","text":"p","page_number":259,"box":{"x":739,"y":191,"width":7,"height":8}},{"id":"3e7c83ae-d510-4778-9507-c31d754b3093","block_type":"box","text":"p","page_number":259,"box":{"x":844,"y":191,"width":7,"height":8}},{"id":"4b40e99b-f27b-4bd6-805e-bdb7f47cf46e","block_type":"box","text":"I","page_number":259,"box":{"x":106,"y":207,"width":1,"height":8}},{"id":"22381329-5aa0-4cbe-a3d9-a3f1872618c3","block_type":"box","text":"Final","page_number":259,"box":{"x":267,"y":207,"width":27,"height":8}},{"id":"9cc17715-f648-410a-8baf-f98ab333b98a","block_type":"box","text":"Group 1","page_number":259,"box":{"x":404,"y":207,"width":46,"height":11}},{"id":"b5c085c0-ee56-4439-976b-477572ffd9f4","block_type":"box","text":"1.7352","page_number":259,"box":{"x":513,"y":207,"width":40,"height":8}},{"id":"96bcf0c6-d6c0-4ac8-92a7-31e849eaddc3","block_type":"box","text":"–","page_number":259,"box":{"x":634,"y":212,"width":7,"height":0}},{"id":"2ce929f0-fb6b-4851-99c1-d2612fd8376d","block_type":"box","text":"1.7352","page_number":259,"box":{"x":723,"y":207,"width":39,"height":8}},{"id":"de0d948e-461e-493d-b7b8-460ca5708333","block_type":"box","text":"0.8674","page_number":259,"box":{"x":827,"y":207,"width":41,"height":8}},{"id":"1e147cc6-8f59-4f04-9eb9-7ddfbd00f334","block_type":"box","text":"Group 2","page_number":259,"box":{"x":404,"y":221,"width":48,"height":11}},{"id":"87fa1219-d867-4d03-b01b-c77fcb645f19","block_type":"box","text":"0.8236","page_number":259,"box":{"x":513,"y":221,"width":40,"height":8}},{"id":"895cc686-1fc6-469f-bd9b-991a4506dc23","block_type":"box","text":"0.9116","page_number":259,"box":{"x":618,"y":221,"width":40,"height":8}},{"id":"e26773ac-3b31-420e-b52b-d33e69b24189","block_type":"box","text":"1.7352","page_number":259,"box":{"x":723,"y":221,"width":39,"height":8}},{"id":"6d8cd906-7019-40b6-a87c-37c8d82c0a6e","block_type":"box","text":"0.8674","page_number":259,"box":{"x":827,"y":221,"width":41,"height":8}},{"id":"ef8b9f71-cd74-4be1-9e87-b27ebcb6679e","block_type":"box","text":"Final distribution in pence per share","page_number":259,"box":{"x":96,"y":252,"width":240,"height":11}},{"id":"df6edaa8-6224-444b-bffa-f774bd90a194","block_type":"box","text":"Group 1:","page_number":259,"box":{"x":96,"y":268,"width":51,"height":10}},{"id":"293732bb-b9c6-4e85-b391-4a8cd7eabf08","block_type":"box","text":"Shares purchased prior to 01 May 2025","page_number":259,"box":{"x":181,"y":267,"width":239,"height":11}},{"id":"121548bd-2441-4d49-bde5-be23b0ea384d","block_type":"box","text":"Group 2:","page_number":259,"box":{"x":96,"y":283,"width":51,"height":11}},{"id":"849b18cf-0b0f-4a58-a5c2-e3a2856beeb3","block_type":"box","text":"Shares purchased on or after 30 May 2025 and on or before 30 April 2026","page_number":259,"box":{"x":181,"y":283,"width":448,"height":11}},{"id":"3938f9bf-e0ad-46c7-8e07-42e2b456dfb3","block_type":"box","text":"MI Tatton Passive Growth Fund","page_number":259,"box":{"x":97,"y":38,"width":350,"height":13}},{"id":"b1740fd8-a89b-44f8-8056-59e2b2202419","block_type":"box","text":"254","page_number":259,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"55f769db-dab5-48a6-9a71-de2ae74700f6","block_type":"box","text":"Information for Investors","page_number":260,"box":{"x":97,"y":85,"width":260,"height":13}},{"id":"84b05f83-2d60-4da6-b247-974f848f67f3","block_type":"box","text":"Individual shareholders","page_number":260,"box":{"x":96,"y":135,"width":174,"height":10}},{"id":"d1a635df-df16-4099-b666-f31870c38724","block_type":"box","text":"Income tax: Tax-free annual dividend allowance now standing at £500 (2026/2027). UK resident shareholders are now subject to ne","page_number":260,"box":{"x":96,"y":152,"width":794,"height":10}},{"id":"4258c503-5518-4e48-8d2d-63bdb279cb52","block_type":"box","text":"w,","page_number":260,"box":{"x":890,"y":154,"width":13,"height":7}},{"id":"b6ceae50-926b-4bf4-a197-d55721cacd99","block_type":"box","text":"higher rates of tax on dividend income in excess of the annual allowance. UK resident shareholders are subject to tax on divide","page_number":260,"box":{"x":96,"y":167,"width":791,"height":11}},{"id":"0c3eeb86-8abe-415c-8678-af64c495b294","block_type":"box","text":"nd","page_number":260,"box":{"x":889,"y":167,"width":14,"height":8}},{"id":"d4be284a-b340-4507-84d1-5d5c46e830e9","block_type":"box","text":"income in excess of the annual allowance.","page_number":260,"box":{"x":96,"y":183,"width":254,"height":8}},{"id":"62dc3d93-4f00-4ce8-8b0b-adc9d78d75e3","block_type":"box","text":"Capital gains tax:","page_number":260,"box":{"x":96,"y":204,"width":130,"height":12}},{"id":"c49c1726-f928-4e57-92bc-1ff91f6de54f","block_type":"box","text":"Individual shareholders resident in the UK for tax purposes may be liable to capital gains tax on realisation of their shares a","page_number":260,"box":{"x":96,"y":220,"width":736,"height":11}},{"id":"7447c048-697b-409c-be07-1baced120f02","block_type":"box","text":"s with other","page_number":260,"box":{"x":834,"y":220,"width":70,"height":8}},{"id":"92ef0995-b59e-459b-88ad-4145f5759f5b","block_type":"box","text":"chargeable assets. The first £3,000 (2026/2027) of gains each year are presently tax free for individuals. Gains in excess of t","page_number":260,"box":{"x":95,"y":236,"width":738,"height":10}},{"id":"e7ec230c-4727-43a9-94cf-30f5c38b4182","block_type":"box","text":"hat amount","page_number":260,"box":{"x":835,"y":236,"width":69,"height":8}},{"id":"90d1adab-3c48-48c5-a57f-95335f478aa3","block_type":"box","text":"are charged at the rate of tax applicable to the individual tax payer.","page_number":260,"box":{"x":95,"y":251,"width":408,"height":11}},{"id":"1d8a06e7-9cd1-453f-bf92-941f25a3f99d","block_type":"box","text":"Corporate shareholders","page_number":260,"box":{"x":96,"y":272,"width":175,"height":12}},{"id":"44a5de8c-39a9-482d-a4c7-26ce6b882e39","block_type":"box","text":"Companies resident for tax purposes in the UK which hold shares should note that OEIC dividend distributions are streamed into","page_number":260,"box":{"x":96,"y":289,"width":776,"height":10}},{"id":"6d7a0edd-cef9-47a6-97eb-f5d88c25b1df","block_type":"box","text":"both","page_number":260,"box":{"x":877,"y":289,"width":26,"height":8}},{"id":"82a61769-035d-4c68-a73d-7567df8264ba","block_type":"box","text":"franked and unfranked income. The unfranked income element will be treated as an annual payment which has been subject to incom","page_number":260,"box":{"x":95,"y":304,"width":801,"height":11}},{"id":"86cec0ba-519e-4a99-964b-57d93604a17f","block_type":"box","text":"e","page_number":260,"box":{"x":898,"y":306,"width":6,"height":6}},{"id":"4d451bfc-72d4-4ef4-8fdc-71445d9aa98d","block_type":"box","text":"tax at a rate of 20% and will be liable to tax accordingly. On realisation of their shares, UK resident companies may be liable","page_number":260,"box":{"x":95,"y":320,"width":766,"height":10}},{"id":"0821f074-bef2-4029-97f4-c121aaea1f7d","block_type":"box","text":"to pay","page_number":260,"box":{"x":866,"y":321,"width":38,"height":9}},{"id":"5476c7e4-57da-4c6d-be4f-728210bf888f","block_type":"box","text":"corporation tax on any capital gains.","page_number":260,"box":{"x":95,"y":335,"width":220,"height":11}},{"id":"e4484340-73ef-4ef7-988a-c88533402081","block_type":"box","text":"The above information on taxation is only a general summary, and shareholders should consult their own tax advisors in relation","page_number":260,"box":{"x":95,"y":357,"width":792,"height":11}},{"id":"f19b7527-bb48-4f72-9a9b-3d8b7e83e228","block_type":"box","text":"to","page_number":260,"box":{"x":892,"y":358,"width":12,"height":7}},{"id":"f28dbc2e-c883-48cc-babb-df8e33346a79","block_type":"box","text":"their own circumstances. Shareholders should also note that the position as outlined may change to reflect future changes in ta","page_number":260,"box":{"x":95,"y":373,"width":801,"height":10}},{"id":"d7bcd0d1-613b-4ee6-afed-752b60cf6f09","block_type":"box","text":"x","page_number":260,"box":{"x":898,"y":375,"width":6,"height":6}},{"id":"fc8d04a3-df3b-472e-9c88-8e27ccc51bee","block_type":"box","text":"legislation.","page_number":260,"box":{"x":96,"y":388,"width":64,"height":11}},{"id":"2c13c169-868d-45b5-a3b1-ccb60e486d6e","block_type":"box","text":"Issue and redemption of shares","page_number":260,"box":{"x":96,"y":409,"width":231,"height":12}},{"id":"bc808bab-aed9-4113-b8bb-a6c8d1dd5aeb","block_type":"box","text":"Apex Fundrock is the ACD and Registrar. Apex Fundrock will receive requests for the purchase or sale of shares at any time duri","page_number":260,"box":{"x":95,"y":426,"width":793,"height":10}},{"id":"4711953d-afb0-4630-b50a-8aa740735f48","block_type":"box","text":"ng","page_number":260,"box":{"x":890,"y":428,"width":14,"height":8}},{"id":"35237e80-b3c9-4abc-91e9-9a90f3729b4e","block_type":"box","text":"normal business hours (8.30am-4.30pm). Instructions may be given by email (tatton@apexgroup.com) or by sending an application","page_number":260,"box":{"x":96,"y":441,"width":807,"height":11}},{"id":"6b2b0d27-0567-4731-b5c6-f2e8f90c217d","block_type":"box","text":"form to the Registrar. Application forms are available from the Registrar.","page_number":260,"box":{"x":95,"y":457,"width":440,"height":10}},{"id":"79c88fe3-d302-468c-a2e5-8914a2f467b5","block_type":"box","text":"The price of shares will be determined by reference to a valuation of the Company’s net assets at 12 noon daily.","page_number":260,"box":{"x":95,"y":479,"width":678,"height":10}},{"id":"5e5b9185-4b0f-4a22-978a-bbae9404d841","block_type":"box","text":"The ACD has the right to reject, on reasonable grounds relating to the circumstances of the applicant, any application for shar","page_number":260,"box":{"x":95,"y":501,"width":780,"height":11}},{"id":"c5c109e6-635e-4112-b5b5-b32da65af865","block_type":"box","text":"es in","page_number":260,"box":{"x":876,"y":501,"width":27,"height":8}},{"id":"1aa9116d-d838-4a32-ba9d-b1f72605bc95","block_type":"box","text":"whole or part, and in this event the ACD will return any money sent, or the balance of such monies, at the risk of the applican","page_number":260,"box":{"x":95,"y":516,"width":784,"height":11}},{"id":"ba9f2487-f899-4132-81f8-09a34b3fe37d","block_type":"box","text":"t. In","page_number":260,"box":{"x":880,"y":517,"width":23,"height":8}},{"id":"e0dec332-537a-41fb-a27f-bf2bf1649bac","block_type":"box","text":"addition the ACD may reject any application previously accepted in circumstances where the applicant has paid by cheque and tha","page_number":260,"box":{"x":95,"y":532,"width":804,"height":11}},{"id":"11af1d9b-6879-4f5b-beae-e620aebae007","block_type":"box","text":"t","page_number":260,"box":{"x":900,"y":533,"width":4,"height":7}},{"id":"311e969a-0f37-44b4-8879-5173a175264f","block_type":"box","text":"cheque subsequently fails to be cleared.","page_number":260,"box":{"x":95,"y":547,"width":244,"height":11}},{"id":"db979490-b758-4487-a48f-9c558d52de3e","block_type":"box","text":"Any subscription monies remaining after a whole number of shares has been issued will not be returned to the applicant. Instead","page_number":260,"box":{"x":95,"y":569,"width":805,"height":11}},{"id":"3a29dce5-c3ff-4d84-8630-edafd8e9d30d","block_type":"box","text":",","page_number":260,"box":{"x":901,"y":576,"width":2,"height":3}},{"id":"65add341-a3ba-412d-8279-bc92a9e63827","block_type":"box","text":"smaller denomination shares will be issued in such circumstances.","page_number":260,"box":{"x":95,"y":585,"width":404,"height":8}},{"id":"83ae9266-913c-44ef-825d-1d2c73c9023c","block_type":"box","text":"A contract note giving details of the shares purchased and the price used will be issued by the Registrar by the end of the bus","page_number":260,"box":{"x":95,"y":607,"width":753,"height":11}},{"id":"1dcc02eb-2299-4644-aa26-a316e6d39f0b","block_type":"box","text":"iness day","page_number":260,"box":{"x":849,"y":607,"width":55,"height":11}},{"id":"5443f6bf-32c4-4d44-84c6-14468b225539","block_type":"box","text":"following the valuation point by reference to which the purchase price is determined, together with, where appropriate, a notic","page_number":260,"box":{"x":95,"y":622,"width":785,"height":11}},{"id":"b79a3e55-b22c-4885-9601-95cea9ad688b","block_type":"box","text":"e of","page_number":260,"box":{"x":881,"y":622,"width":24,"height":9}},{"id":"86b7473b-ae1d-419e-93f9-152cdee0dfc3","block_type":"box","text":"the applicant’s right to cancel. Settlement is due four business days after the trade date shown on the contract note and shoul","page_number":260,"box":{"x":95,"y":638,"width":780,"height":11}},{"id":"8407efdc-bb2e-41ea-af22-728cf9c87a18","block_type":"box","text":"d be","page_number":260,"box":{"x":877,"y":638,"width":27,"height":8}},{"id":"2d285544-9628-4023-a1fc-db12ba503c1b","block_type":"box","text":"made to the ACD’s dealing account.","page_number":260,"box":{"x":96,"y":653,"width":213,"height":11}},{"id":"1473dfbb-ba5a-48c7-b12d-5ed718511431","block_type":"box","text":"Ownership of shares will be evidenced by an entry on the Company’s Register of Shareholders. Certificates will not be issued. S","page_number":260,"box":{"x":96,"y":676,"width":747,"height":10}},{"id":"14f080b7-b6a6-4712-a8f9-f82630219e1b","block_type":"box","text":"tatements","page_number":260,"box":{"x":843,"y":677,"width":61,"height":7}},{"id":"3a6e05ec-6d84-497b-8ee3-8f7f64e6460b","block_type":"box","text":"in respect of periodic distributions of revenue will show the number of shares held by the recipient in respect of which the di","page_number":260,"box":{"x":96,"y":691,"width":748,"height":11}},{"id":"b2f6377f-fc63-4869-bb62-852504670555","block_type":"box","text":"stribution","page_number":260,"box":{"x":845,"y":691,"width":58,"height":8}},{"id":"cfc6ddd9-00db-493d-bdc2-9c32028b3d3c","block_type":"box","text":"is made. Individual statements of a shareholder’s (or, when shares are jointly held, the first named holder’s) shares will also","page_number":260,"box":{"x":96,"y":706,"width":747,"height":11}},{"id":"cf0499b7-78b0-4fc3-ac2d-19d9b6ec97a3","block_type":"box","text":"be issued","page_number":260,"box":{"x":848,"y":706,"width":55,"height":9}},{"id":"cb1fc8d4-0fc0-487d-8a3d-10242f6c7565","block_type":"box","text":"at any time on request by the registered holder.","page_number":260,"box":{"x":95,"y":722,"width":291,"height":11}},{"id":"30e4d800-9200-472e-9507-6fdd5063ba4e","block_type":"box","text":"Where shares are redeemed, payment will be made not later than the close of business on the fourth business day following the n","page_number":260,"box":{"x":95,"y":744,"width":789,"height":11}},{"id":"e0303fc9-06d4-443c-bea2-d448dd2fcb35","block_type":"box","text":"ext","page_number":260,"box":{"x":886,"y":745,"width":18,"height":7}},{"id":"6155a44d-7fe8-455f-8d97-8c22095ba28c","block_type":"box","text":"valuation point after receipt by the ACD of a request for redemption.","page_number":260,"box":{"x":95,"y":759,"width":417,"height":11}},{"id":"6e566232-573b-4376-9a78-c165d8828452","block_type":"box","text":"The most recent issue and redemption prices are available from the ACD.","page_number":260,"box":{"x":95,"y":782,"width":445,"height":10}},{"id":"ff262538-e2b1-4f30-8c7a-84ff4eaf72c9","block_type":"box","text":"Assessment of Value","page_number":260,"box":{"x":95,"y":803,"width":151,"height":9}},{"id":"565e3ee2-ef7d-4d21-81ef-d8678df4e6b7","block_type":"box","text":"The ACD conducts an assessment of value for the Sub-funds each year. The assessment of value reports are available on the ACD’s","page_number":260,"box":{"x":95,"y":819,"width":809,"height":11}},{"id":"20bc8089-7538-4c20-a1bf-a34eb3270cc4","block_type":"box","text":"website.","page_number":260,"box":{"x":95,"y":835,"width":50,"height":8}},{"id":"3922a730-042b-4441-86bb-008b46d8f814","block_type":"box","text":"Task Force on Climate-related Financial Disclosures (“TCFD”) reports","page_number":260,"box":{"x":95,"y":856,"width":504,"height":12}},{"id":"122a170e-7c46-49ba-a2b0-3296d1aaabf5","block_type":"box","text":"The ACD is required to prepare and publish a product TCFD report for each Sub-fund along with an entity level TCFD report. The","page_number":260,"box":{"x":95,"y":872,"width":772,"height":11}},{"id":"9991df05-c6f4-4cd9-964a-375926e33aed","block_type":"box","text":"latest","page_number":260,"box":{"x":872,"y":872,"width":32,"height":9}},{"id":"fbc74660-64eb-4055-a9ee-78713e2f78a8","block_type":"box","text":"reports can be obtained from https://www.fundrock.com/mi-fund-data/tatton-investment-management-limited/","page_number":260,"box":{"x":96,"y":888,"width":687,"height":10}},{"id":"3e5189de-220d-46d0-92bd-a9e34135a7b9","block_type":"box","text":"MI Tatton Oak ICVC","page_number":260,"box":{"x":687,"y":38,"width":217,"height":13}},{"id":"421db7a9-2c61-471f-81e6-22b2bbba5a82","block_type":"box","text":"255","page_number":260,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"aac96eea-667d-4317-9528-4d7afaa83fe2","block_type":"box","text":"Information for Investors (continued)","page_number":261,"box":{"x":97,"y":85,"width":386,"height":16}},{"id":"91ba639c-bb33-490e-ae7d-839436c5ce93","block_type":"box","text":"Remuneration disclosure","page_number":261,"box":{"x":96,"y":135,"width":185,"height":10}},{"id":"e89fab16-f0a3-4a3f-87e8-fd30332f22c3","block_type":"box","text":"The ACD is subject to a remuneration policy which meets the requirements of the ESMA published Guidelines on sound remuneration","page_number":261,"box":{"x":95,"y":152,"width":808,"height":10}},{"id":"490f6298-223d-485e-bb41-48182e870efc","block_type":"box","text":"policies under the AIFMD as set out in SYSC 19B of the FCA Handbook.","page_number":261,"box":{"x":96,"y":167,"width":424,"height":11}},{"id":"f1a6546b-07c1-4822-9618-312d723ef881","block_type":"box","text":"The policy is designed to ensure practices for employee remuneration are consistent with, and promote, sound and effective risk","page_number":261,"box":{"x":95,"y":189,"width":809,"height":11}},{"id":"542caed0-aa2a-4329-9162-63c1f84d16c8","block_type":"box","text":"management. It does not encourage risk-taking which is inconsistent with the risk profiles, rules or instrument of incorporatio","page_number":261,"box":{"x":96,"y":205,"width":761,"height":10}},{"id":"5f5f3eb8-12d4-4abe-9136-2032d61e7fc0","block_type":"box","text":"n of the","page_number":261,"box":{"x":859,"y":205,"width":45,"height":8}},{"id":"04e4a5f6-8b47-4640-b89d-8a018055afcc","block_type":"box","text":"funds managed, and does not impair the ACD compliance with its duty to act in the best interests of the funds it manages.","page_number":261,"box":{"x":95,"y":220,"width":741,"height":11}},{"id":"46c8a22a-4eb5-44c6-9bf0-3f5ebc63d3ae","block_type":"box","text":"The ACD has reviewed the Remuneration Policy and its application in the last year which has resulted in no material changes to","page_number":261,"box":{"x":95,"y":242,"width":785,"height":11}},{"id":"de885d47-a535-49cc-9cdd-2e16eda68fb3","block_type":"box","text":"the","page_number":261,"box":{"x":884,"y":242,"width":20,"height":9}},{"id":"87b32acc-ab6e-43a0-91e9-44db24ad7a87","block_type":"box","text":"policy or irregularities to process.","page_number":261,"box":{"x":96,"y":258,"width":201,"height":11}},{"id":"b091874f-1108-48c1-909a-264e78dbbc34","block_type":"box","text":"The ACD is required to disclose the total remuneration it pays to its staff during the financial year, split into fixed and var","page_number":261,"box":{"x":95,"y":280,"width":779,"height":11}},{"id":"7873a7aa-62a6-4f94-a316-bedd858dfe2d","block_type":"box","text":"iable","page_number":261,"box":{"x":875,"y":280,"width":29,"height":8}},{"id":"a676b279-a46d-4322-9b72-d96629ba2bc5","block_type":"box","text":"remuneration, with separate aggregate disclosure for staff whose actions may have a material impact to the risk profile of a fu","page_number":261,"box":{"x":96,"y":295,"width":774,"height":11}},{"id":"cfea9c0f-edbd-41c0-9a09-ab5797afd78b","block_type":"box","text":"nd or","page_number":261,"box":{"x":872,"y":295,"width":32,"height":9}},{"id":"7a502a4a-28f8-4ac1-844b-4c42a92c2dfa","block_type":"box","text":"the ACD itself. This includes executives, senior risk and compliance staff and certain senior managers.","page_number":261,"box":{"x":95,"y":311,"width":617,"height":11}},{"id":"a0a59d6d-4b77-42e3-830b-59270223bcb9","block_type":"box","text":"Number","page_number":261,"box":{"x":492,"y":339,"width":54,"height":9}},{"id":"ce641ffe-09b8-43c6-9aae-5c7cc56e929a","block_type":"box","text":"Variable","page_number":261,"box":{"x":719,"y":339,"width":55,"height":9}},{"id":"c0470254-733c-46d7-a155-0adee52e8023","block_type":"box","text":"Apex Fundrock Ltd","page_number":261,"box":{"x":99,"y":352,"width":124,"height":11}},{"id":"4d729fc2-3b3f-4c3c-a3b5-042ccd1311aa","block_type":"box","text":"of","page_number":261,"box":{"x":512,"y":352,"width":14,"height":9}},{"id":"bc800736-25dd-4e27-ac0e-1dd33630978f","block_type":"box","text":"Fixed","page_number":261,"box":{"x":616,"y":352,"width":34,"height":9}},{"id":"f216f864-c94e-4577-a7d8-f1f71ed9f3d7","block_type":"box","text":"Remuneration","page_number":261,"box":{"x":700,"y":352,"width":94,"height":9}},{"id":"7d946a5d-0d34-47fe-a85e-f3b3b5ef27a3","block_type":"box","text":"30.04.26","page_number":261,"box":{"x":100,"y":366,"width":54,"height":8}},{"id":"ccf20355-b9d8-4ddb-83bb-501163b57d2a","block_type":"box","text":"Beneficiaries","page_number":261,"box":{"x":476,"y":365,"width":86,"height":9}},{"id":"15e8baf0-8731-4768-ba78-b659c3e07519","block_type":"box","text":"Remuneration","page_number":261,"box":{"x":586,"y":366,"width":94,"height":8}},{"id":"ad568fcc-533f-438a-93e0-b5e23b083dd8","block_type":"box","text":"Paid","page_number":261,"box":{"x":734,"y":366,"width":27,"height":8}},{"id":"56bfc7c9-cd82-4957-a723-658fb111be66","block_type":"box","text":"Total","page_number":261,"box":{"x":840,"y":366,"width":33,"height":8}},{"id":"cf2a916d-ec9d-4e49-af95-d29542805815","block_type":"box","text":"Total remuneration paid by the ACD during the year","page_number":261,"box":{"x":100,"y":386,"width":315,"height":10}},{"id":"581c6a73-0245-4a32-9102-bc7fe7b060e6","block_type":"box","text":"32","page_number":261,"box":{"x":512,"y":386,"width":13,"height":8}},{"id":"64785f7f-4500-4f1a-bc40-6d06a44fcf3e","block_type":"box","text":"£1,450,829","page_number":261,"box":{"x":600,"y":386,"width":66,"height":9}},{"id":"bae7ab29-69f9-4e11-95c7-946053c71a8f","block_type":"box","text":"£60,648","page_number":261,"box":{"x":723,"y":386,"width":48,"height":9}},{"id":"bd60b67a-a139-4d9a-b724-c236f0faa560","block_type":"box","text":"£1,511,477","page_number":261,"box":{"x":823,"y":386,"width":67,"height":9}},{"id":"3b74769a-3af2-46f3-a6f3-6227f69f8ced","block_type":"box","text":"Remuneration paid to employees of the ACD who have","page_number":261,"box":{"x":101,"y":409,"width":332,"height":11}},{"id":"71dea3b0-8c93-4eb1-b88c-a1a251f101ab","block_type":"box","text":"material impact on the risk profile of the Fund","page_number":261,"box":{"x":101,"y":425,"width":278,"height":11}},{"id":"e15f79e1-3921-401f-89fe-4ff3f0037d12","block_type":"box","text":"6","page_number":261,"box":{"x":516,"y":419,"width":6,"height":8}},{"id":"834bc57a-13d3-4138-8bee-274c75a257ed","block_type":"box","text":"£588,495","page_number":261,"box":{"x":605,"y":419,"width":55,"height":10}},{"id":"97b76dc0-4a58-4cad-9b34-1c9d4f8b1fb2","block_type":"box","text":"£5,925","page_number":261,"box":{"x":727,"y":419,"width":40,"height":10}},{"id":"cb3a4f62-154b-48e4-a279-b6fb8043eacd","block_type":"box","text":"£594,420","page_number":261,"box":{"x":829,"y":419,"width":55,"height":10}},{"id":"9832c88b-8083-4173-997d-ee52ff64e1f0","block_type":"box","text":"Further information is available in the ACD’s Remuneration Policy Statement which can be obtained from www.fundrock.com or, on","page_number":261,"box":{"x":96,"y":456,"width":807,"height":11}},{"id":"911e60da-7ab6-4a1e-9d42-8a91fc354659","block_type":"box","text":"request free of charge, by writing to the registered office of the ACD.","page_number":261,"box":{"x":96,"y":472,"width":414,"height":11}},{"id":"cd3e2396-615b-4569-be6d-b0d75d76448a","block_type":"box","text":"Number","page_number":261,"box":{"x":492,"y":500,"width":54,"height":9}},{"id":"6c77cb0b-2563-4484-b10d-0377e439878a","block_type":"box","text":"Variable","page_number":261,"box":{"x":719,"y":500,"width":55,"height":9}},{"id":"2193c688-7d31-4ef0-80a6-cf0ee7b9c4b0","block_type":"box","text":"Valu-Trac Investment Management Limited","page_number":261,"box":{"x":99,"y":513,"width":289,"height":11}},{"id":"d5c64d0a-abd1-4d17-bf13-89f1bd0e50b0","block_type":"box","text":"of","page_number":261,"box":{"x":512,"y":513,"width":14,"height":9}},{"id":"73662c20-2d8b-4ee6-a961-1228d3083998","block_type":"box","text":"Fixed","page_number":261,"box":{"x":616,"y":513,"width":34,"height":9}},{"id":"caa69b34-5f5f-4d36-b076-0a43e36d7960","block_type":"box","text":"Remuneration","page_number":261,"box":{"x":700,"y":513,"width":94,"height":9}},{"id":"5ddd0d93-545c-4493-bc9b-5e6a06a07704","block_type":"box","text":"28.05.25","page_number":261,"box":{"x":100,"y":527,"width":54,"height":8}},{"id":"6eaf2684-309c-4b02-a9a8-013e80b1a8ba","block_type":"box","text":"Staff","page_number":261,"box":{"x":503,"y":526,"width":32,"height":9}},{"id":"1b082dc2-a695-47fc-ac9c-681726ea45e4","block_type":"box","text":"Remuneration","page_number":261,"box":{"x":586,"y":526,"width":94,"height":9}},{"id":"34e4d6fb-bcd5-4695-ae18-04f77fac7a59","block_type":"box","text":"Paid","page_number":261,"box":{"x":734,"y":526,"width":27,"height":9}},{"id":"0c1235a9-7f02-4aef-be44-8719138b7b29","block_type":"box","text":"Total","page_number":261,"box":{"x":840,"y":526,"width":33,"height":9}},{"id":"4b49602a-2b1c-4fed-8194-d21441d639d1","block_type":"box","text":"Senior Management and members of the governing body","page_number":261,"box":{"x":100,"y":546,"width":349,"height":11}},{"id":"4b65287a-9d99-40eb-be84-072a6087cd7f","block_type":"box","text":"8","page_number":261,"box":{"x":515,"y":547,"width":7,"height":8}},{"id":"ce6d2980-130e-4853-b4d3-f52a2ccb009f","block_type":"box","text":"£962,169","page_number":261,"box":{"x":605,"y":547,"width":55,"height":9}},{"id":"66e3e8dd-715d-4a88-8281-c4ce91275332","block_type":"box","text":"–","page_number":261,"box":{"x":744,"y":551,"width":6,"height":1}},{"id":"128a584f-4c6a-421d-9e5e-07f795560d3c","block_type":"box","text":"£962,169","page_number":261,"box":{"x":829,"y":547,"width":55,"height":9}},{"id":"1cce8e65-8a36-464c-8ec9-fc0b118098ed","block_type":"box","text":"Other material risk takers","page_number":261,"box":{"x":100,"y":570,"width":155,"height":8}},{"id":"768f1f7b-b454-405a-bcf6-6fe69058e85c","block_type":"box","text":"8","page_number":261,"box":{"x":515,"y":570,"width":7,"height":8}},{"id":"9425eb5f-4822-4ec3-b23d-491af6a3744e","block_type":"box","text":"£839,162","page_number":261,"box":{"x":605,"y":570,"width":55,"height":9}},{"id":"bf51b435-9662-4e65-a94f-4dfa0cbf6050","block_type":"box","text":"–","page_number":261,"box":{"x":744,"y":575,"width":6,"height":0}},{"id":"f169bdb6-a75b-4187-a9d4-d95771348c08","block_type":"box","text":"£839,162","page_number":261,"box":{"x":829,"y":570,"width":55,"height":9}},{"id":"b7fee576-543f-4f14-b399-19b1a3f16421","block_type":"box","text":"All other staff","page_number":261,"box":{"x":99,"y":593,"width":83,"height":8}},{"id":"65d9f3a4-1fee-4301-9dbe-5f84994af41b","block_type":"box","text":"123","page_number":261,"box":{"x":508,"y":594,"width":21,"height":7}},{"id":"23604b25-0f8c-4add-a895-0f7661697aa4","block_type":"box","text":"£4,848,723","page_number":261,"box":{"x":600,"y":594,"width":66,"height":9}},{"id":"35d8ea3d-ee8b-4bc2-bd84-6fa6fcc7eb9c","block_type":"box","text":"–","page_number":261,"box":{"x":744,"y":598,"width":6,"height":1}},{"id":"809df488-f101-44c3-8cbd-7e00b148a721","block_type":"box","text":"£4,848,723","page_number":261,"box":{"x":823,"y":594,"width":67,"height":9}},{"id":"cd74a49f-6382-4072-8cc8-28febe4ddbfe","block_type":"box","text":"Total","page_number":261,"box":{"x":100,"y":617,"width":32,"height":8}},{"id":"db3505aa-8ace-40f7-a284-40bcb9ffa6bc","block_type":"box","text":"139","page_number":261,"box":{"x":508,"y":617,"width":22,"height":8}},{"id":"2e9784cd-bcb4-4207-9712-10d154e17737","block_type":"box","text":"£6,650,054","page_number":261,"box":{"x":598,"y":617,"width":70,"height":9}},{"id":"834b2822-f29d-457f-aece-ad2181942ed9","block_type":"box","text":"–","page_number":261,"box":{"x":744,"y":621,"width":6,"height":1}},{"id":"6852ca21-cf3e-4801-8e69-e597bdb8f144","block_type":"box","text":"£6,650,054","page_number":261,"box":{"x":822,"y":617,"width":70,"height":9}},{"id":"4bf913e2-70d6-41f2-a458-63b3dce27a27","block_type":"box","text":"Further information is available in the ACD’s Remuneration Policy document which can be obtained from www.valu-trac.com. A pape","page_number":261,"box":{"x":96,"y":647,"width":802,"height":11}},{"id":"92559d33-21ec-4ac1-9e8a-a7d009e82877","block_type":"box","text":"r","page_number":261,"box":{"x":900,"y":650,"width":4,"height":6}},{"id":"49686ec0-ba21-4ae3-b705-0e076cab6947","block_type":"box","text":"copy of the remuneration policy is available on request from the registered office of the ACD free of charge.","page_number":261,"box":{"x":95,"y":663,"width":653,"height":11}},{"id":"95021db2-b9ba-49c1-bb29-f330befd0d20","block_type":"box","text":"MI Tatton Oak ICVC","page_number":261,"box":{"x":97,"y":38,"width":216,"height":13}},{"id":"a6bdda4a-d290-4101-b938-5c7a014abcb0","block_type":"box","text":"256","page_number":261,"box":{"x":10,"y":960,"width":27,"height":9}},{"id":"7accf3ab-ad81-481f-b9f6-ca4e5c13ba3a","block_type":"box","text":"Corporate Directory","page_number":262,"box":{"x":96,"y":85,"width":206,"height":17}},{"id":"10807d1f-19fd-48d0-be12-628ac75f077f","block_type":"box","text":"Authorised Fund Manager, Registrar and Alternative Investment Fund Manager","page_number":262,"box":{"x":95,"y":135,"width":591,"height":12}},{"id":"c1d9e70a-e2d1-4b0d-a601-a1a1085abd48","block_type":"box","text":"until 1 May 2026","page_number":262,"box":{"x":687,"y":135,"width":113,"height":12}},{"id":"f55cb577-542b-4fbe-aed6-0df82da4c41a","block_type":"box","text":"Valu-Trac Investment Management Limited","page_number":262,"box":{"x":95,"y":152,"width":261,"height":10}},{"id":"a532cb7d-1e2e-4267-941c-bdabee658840","block_type":"box","text":"Mains of Orton, Fochabers, Moray IV32 7QE","page_number":262,"box":{"x":96,"y":167,"width":265,"height":11}},{"id":"b85cf9d7-bae9-4acd-8c92-c09ba0631745","block_type":"box","text":"Telephone:","page_number":262,"box":{"x":95,"y":183,"width":67,"height":10}},{"id":"b2deb8da-72f0-485f-bfc5-4047bd696eb4","block_type":"box","text":"01343 880344","page_number":262,"box":{"x":172,"y":183,"width":85,"height":8}},{"id":"8395e826-c223-4a6d-9bd9-bb680969a4d4","block_type":"box","text":"Fax:","page_number":262,"box":{"x":96,"y":199,"width":22,"height":7}},{"id":"1ff1bfc4-4580-46da-a4e1-71e916008ef8","block_type":"box","text":"01343 880267","page_number":262,"box":{"x":172,"y":198,"width":85,"height":8}},{"id":"df1fa1f8-cdde-4abd-ab13-5580d6163c21","block_type":"box","text":"Email:","page_number":262,"box":{"x":96,"y":213,"width":35,"height":9}},{"id":"81342b5c-395b-4724-bf68-493474d30fa7","block_type":"box","text":"investorservices@valu-trac.com","page_number":262,"box":{"x":172,"y":213,"width":191,"height":10}},{"id":"1eb17056-429b-4f57-8e9b-e18341c732ab","block_type":"box","text":"Authorised and regulated by the Financial Conduct Authority","page_number":262,"box":{"x":95,"y":229,"width":369,"height":11}},{"id":"6473895a-42c7-40a6-aa6b-d4b7084bca85","block_type":"box","text":"Registered in England No. 2428648","page_number":262,"box":{"x":96,"y":244,"width":211,"height":11}},{"id":"43f22910-3ead-4653-8d0e-1259a6a6c1cc","block_type":"box","text":"Authorised Corporate Director, Registrar and Alternative Investment Fund Manager","page_number":262,"box":{"x":95,"y":274,"width":624,"height":12}},{"id":"b46e779f-bfca-4621-b782-3dea380ac6b8","block_type":"box","text":"from 2 May 2026","page_number":262,"box":{"x":719,"y":274,"width":116,"height":12}},{"id":"539cd9f9-632e-4803-a029-999d59174ab1","block_type":"box","text":"Apex Fundrock Ltd","page_number":262,"box":{"x":95,"y":291,"width":112,"height":10}},{"id":"eb1abd39-6e2d-430a-bf71-d888a03d86c4","block_type":"box","text":"Hamilton Centre, Rodney Way, Chelmsford, Essex CM1 3BY","page_number":262,"box":{"x":96,"y":306,"width":358,"height":11}},{"id":"852f7264-7e48-4b9b-9a4e-44de0c2be8dc","block_type":"box","text":"Telephone:","page_number":262,"box":{"x":95,"y":322,"width":67,"height":10}},{"id":"7646bda3-1099-4a4f-8f7c-1b03e3018173","block_type":"box","text":"+44 (0)345 872 4984","page_number":262,"box":{"x":172,"y":322,"width":123,"height":9}},{"id":"403bf384-7ad5-4799-bcad-3758085d0fc9","block_type":"box","text":"Fax:","page_number":262,"box":{"x":96,"y":338,"width":22,"height":7}},{"id":"23aab14d-6d2d-4ad5-95d1-17672ead0990","block_type":"box","text":"+44 (0) 845 280 0069","page_number":262,"box":{"x":172,"y":337,"width":126,"height":10}},{"id":"3a25e837-fedd-402e-8210-1724afd8c1c9","block_type":"box","text":"Email:","page_number":262,"box":{"x":96,"y":352,"width":35,"height":9}},{"id":"17430d7c-b5f1-4682-83a4-48cb591c4856","block_type":"box","text":"Tatton@apexgroup.com","page_number":262,"box":{"x":171,"y":353,"width":146,"height":10}},{"id":"eb35e24b-3092-4b78-9166-a150c3f96921","block_type":"box","text":"Authorised and regulated by the Financial Conduct Authority","page_number":262,"box":{"x":95,"y":368,"width":369,"height":11}},{"id":"488c0d3f-9306-4cf3-b528-f8a9e215d349","block_type":"box","text":"Registered in England No. 6252939","page_number":262,"box":{"x":96,"y":383,"width":211,"height":11}},{"id":"0236e03e-f14b-4be5-a4f6-2d05b5ca2424","block_type":"box","text":"Investment Manager","page_number":262,"box":{"x":96,"y":414,"width":153,"height":11}},{"id":"af53f045-b077-416b-909b-cf1a6c224d38","block_type":"box","text":"Tatton Investment Management Limited","page_number":262,"box":{"x":95,"y":430,"width":244,"height":10}},{"id":"f6decb2c-97fc-40e3-b638-f1d1aaf51bb1","block_type":"box","text":"Paradigm House, Brooke Court, Wilmslow, Cheshire SK9 3ND","page_number":262,"box":{"x":96,"y":445,"width":370,"height":11}},{"id":"2e44d308-53ac-4de9-b574-4e122663c6ec","block_type":"box","text":"Depositary","page_number":262,"box":{"x":96,"y":475,"width":83,"height":12}},{"id":"ad86974e-bdf3-4e07-90da-108d7bb1fdb9","block_type":"box","text":"until 1 May 2026","page_number":262,"box":{"x":181,"y":475,"width":113,"height":12}},{"id":"1b732e92-b0fd-4e95-acbb-369afdd4662b","block_type":"box","text":"NatWest Trustee and Depositary Services Limited","page_number":262,"box":{"x":96,"y":491,"width":298,"height":11}},{"id":"1b01a022-1769-4101-b31e-a7e4b5cc0030","block_type":"box","text":"House A, Floor 0, 175 Glasgow Road, Gogarburn, Edinburgh EH12 1HQ","page_number":262,"box":{"x":96,"y":507,"width":427,"height":11}},{"id":"3d0ebd1d-0941-4118-ad58-af3bf64dcd0d","block_type":"box","text":"(Authorised and regulated by the Financial Conduct Authority)","page_number":262,"box":{"x":95,"y":522,"width":377,"height":11}},{"id":"f24468a8-b173-4830-89ef-ddf5c5faa506","block_type":"box","text":"Depositary","page_number":262,"box":{"x":96,"y":552,"width":83,"height":12}},{"id":"3fd4b04d-7536-4208-b7ae-66cca896a9cf","block_type":"box","text":"from 2 May 2026","page_number":262,"box":{"x":180,"y":552,"width":116,"height":12}},{"id":"483e5fc6-0d1c-4abc-b7b6-09d65058713f","block_type":"box","text":"Citibank UK Limited","page_number":262,"box":{"x":96,"y":569,"width":118,"height":8}},{"id":"7121d417-b7d5-42ec-9714-d2c3ee4e6a7e","block_type":"box","text":"Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB","page_number":262,"box":{"x":96,"y":584,"width":394,"height":11}},{"id":"ce101c42-307d-4bee-8c6d-ecc4a16b2d3e","block_type":"box","text":"(Authorised and regulated by the Financial Conduct Authority)","page_number":262,"box":{"x":95,"y":600,"width":377,"height":10}},{"id":"bf53b5a5-5437-48db-81c6-653d66080ee4","block_type":"box","text":"Auditor","page_number":262,"box":{"x":95,"y":629,"width":60,"height":10}},{"id":"f1c6109c-e0f8-4fcd-bbbc-d233a1a9b71c","block_type":"box","text":"until 1 May 2026","page_number":262,"box":{"x":156,"y":630,"width":113,"height":11}},{"id":"be9ff924-637d-4aa4-9d24-cb1580e2bf89","block_type":"box","text":"Johnston Carmichael LLP","page_number":262,"box":{"x":94,"y":646,"width":151,"height":10}},{"id":"1642c235-175e-469a-aef0-8207d76d8bbe","block_type":"box","text":"Strathlossie House, Kirkhill Avenue, Elgin IV30 8DE","page_number":262,"box":{"x":95,"y":661,"width":305,"height":11}},{"id":"d6af53ea-baec-4022-83c7-893629a03a98","block_type":"box","text":"Auditor","page_number":262,"box":{"x":95,"y":691,"width":56,"height":9}},{"id":"415c988c-6bf6-4a18-8125-6bf2f3355774","block_type":"box","text":"from 2 May 2026","page_number":262,"box":{"x":155,"y":691,"width":116,"height":12}},{"id":"dd9b6202-f168-45c6-8c65-5398918bfd46","block_type":"box","text":"Grant Thornton UK LLP","page_number":262,"box":{"x":96,"y":708,"width":139,"height":8}},{"id":"f01a286e-79e4-4fc2-be16-1f7b361a8212","block_type":"box","text":"8 Finsbury Circus, London EC2M 7EM","page_number":262,"box":{"x":95,"y":723,"width":225,"height":11}},{"id":"01f30e6a-4a66-48f3-8d5c-fab6b10c9b6c","block_type":"box","text":"MI Tatton Oak ICVC","page_number":262,"box":{"x":687,"y":38,"width":217,"height":13}},{"id":"3ed476e2-4e61-46a9-9f6f-c57fd5216ddb","block_type":"box","text":"257","page_number":262,"box":{"x":962,"y":960,"width":27,"height":9}},{"id":"0a025f01-ecaf-46ea-b1b3-2f7ab26a62a3","block_type":"box","text":"Apex Fundrock Limited","page_number":263,"box":{"x":408,"y":926,"width":182,"height":12}},{"id":"b1479de0-338a-4fad-b520-5a66578e0988","block_type":"box","text":"Registered in England No 6252939. Authorised and regulated by the Financial Conduct Authority.","page_number":263,"box":{"x":173,"y":943,"width":653,"height":11}}],"unit":"per_mille","page_width":595,"page_height":841,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":263}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"98535975-7c4f-4061-a3c3-9ff7034f8b70"},"user_id":1000002,"date_created":"2026-10-23T22:36:09.283000Z","date_modified":"2026-10-23T22:36:52.098000Z","private":false}