Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial...

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Beresford Funds plc (Registered Number 427898) Annual Report and Audited Financial Statements For the financial year ended 31 December 2018

Transcript of Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial...

Page 1: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plc

(Registered Number 427898)

Annual Report and Audited Financial Statements

For the financial year ended 31 December 2018

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

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Table of Contents

Page

Directory 2 – 3

Company Background 4 – 7

Investment Managers’ Reports 8 – 31

Depositary’s Report 32

Directors’ Report 33 – 37

Independent Auditor’s Report 38 – 39

Statement of Comprehensive Income 40 – 43

Statement of Financial Position 44 – 47

Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares 48 – 49

Statement of Cash Flows 50 – 57

Notes to the Financial Statements 58 – 234

Schedule of Investments (unaudited) 235 – 525

Portfolio Changes (unaudited) 526 – 555

Securities Financing Transactions Regulation Disclosure (“SFTR”) (unaudited) 556 – 562

Remuneration Policy (unaudited) 563

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DIRECTORY

Board of Directors Gerry Keenan (Irish)Colm O’Neill (Irish)John O’Connell (Irish)*Alison Letters (Irish)Patrick Burke (Irish)David Killeen (Irish) (resigned 12 March 2018)Frank O’Riordan (Irish)*Gerard Davis (Irish) (appointed 13 June 2018)

Investment Managers andDistributors

Irish Life Investment Managers LimitedBeresford CourtBeresford PlaceDublin 1Ireland

Setanta Asset Management LimitedBeresford CourtBeresford PlaceDublin 1Ireland

Investment Advisor Cantor Fitzgerald Ireland Limited1

75 Stephen’s GreenDublin 2Ireland

Administrator & Transfer Agent Citibank Europe plc1 North Wall QuayIFSCDublin 1Ireland

Depositary Citi Depositary Services Ireland Designated Activity Company1 North Wall QuayIFSCDublin 1Ireland

Independent Auditor KPMG1 Harbourmaster PlaceIFSCDublin 1Ireland

Legal Adviser Dillon Eustace33 Sir John Rogerson’s QuayDublin 2Ireland

Secretary Fiona McCormackIrish Life - Irish Life CentreLower Abbey StreetDublin 1Ireland

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

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DIRECTORY (continued)

Registered Office Beresford CourtBeresford PlaceDublin 1Ireland

Paying Agent Societe Generale Bank and Trust11, Avenue Emile ReuterL-2420Luxembourg

* Independent non-executive Director.

1 Cantor Fitzgerald Ireland Limited formerly known as L&P Investment Services Limited acts as an investment advisor forthe Setanta Reditus Income Fund, the Setanta Reditus Global Equity Fund and the Setanta Reditus Global Balanced Fund.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

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Company Background

Beresford Funds plc (the “Company”) is an open-ended investment company with variable capital, incorporated inIreland on 11 October 2006 under the Companies Act with registration number 427898. The Company has beenauthorised by the Central Bank of Ireland as a UCITS pursuant to the UCITS Regulations.

The Company is structured as an umbrella fund consisting of different Sub-Funds with segregated liability betweenSub-Funds, with each Sub-Fund comprising of one or more Share Classes.

The investment activities of the Company are managed by Irish Life Investment Managers Limited and Setanta AssetManagement Limited (the “Investment Managers”). Citibank Europe plc (the “Administrator”) is responsible for theadministration of the Funds including financial and accounting services. As at 31 December 2018, the Company haslaunched twenty five Funds (the “Funds”) of which three closed, fifteen are active and seven have not launched, asfollows:

The following Sub-Funds are active:

Indexed World Small Cap Equity Fund Indexed Global Equity Fund Indexed Euro Government Long Dated Bond Fund Indexed Euro Large Cap Corporate Bond Fund Enhanced Commodity Fund Indexed Minimum Volatility Global Equity Fund Indexed Emerging Market Debt Fund Indexed Fundamental Global Equity Fund Global Low Volatility Active Equity Fund Setanta Reditus Income Fund Setanta Reditus Global Equity Fund Setanta Reditus Global Balanced Fund Setanta Global Equity Fund Indexed Emerging Market Equity Fund Setanta Income Opportunities Fund

The Company has created but not yet launched the following Sub-Funds:

International Cash Fund Indexed EMU Equity Fund* Indexed Euro Government HICP Inflation Linked Bond Fund* Indexed Euro Government Short to Medium Dated Bond Fund* Indexed U.S. Equity Fund* All Maturities EMU Government Bond Fund** North America Sustainable Equity Fund**

The Company revoked the authorisation of the following Sub-Funds:

Euro Non-EMU Sovereign Bond Fund (10 June 2014) Global High Yield Active Equity Fund (31 December 2018) Global Multi Factor Active Equity Fund (31 December 2018)

* The Board authorised the revocation of these funds on 19th February 2018.

** Sub-Funds launched on 11 January 2019.

The base currency of these Sub-Funds is Euro.

Indexed World Small Cap Equity Fund

The Fund offers four classes; Class A, Class B, Class C and Class D. The base currency of Class A, Class B and ClassC is Euro and Class D is GBP. The Fund commenced operations on 29 July 2008.

The investment objective of the Fund is to provide investors with a total return, taking into account both capital andincome returns, and which reflects the total return of the MSCI World Small Cap Index (the “Index”).

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Company Background (continued)

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Indexed Global Equity Fund

The Fund offers six classes; Class A, Class B, Class C, Class D, Class E and Class F. The base currency of these classesis Euro. The Fund commenced operations on 8 April 2011.

The investment objective of the Fund is to provide investors with a total return, taking into account both capital andincome returns, and which reflects the total return of the MSCI World Index (the “Index”).

The Class A, Class C and Class E shares hedges non-Euro currency exposure back to Euro using currency forwardsspecific to the individual share classes. Class B, Class D and Class F shares retain non-Euro currency exposure and doesnot use any financial derivative instruments specific to the individual share classes.

Indexed Euro Government Long Dated Bond Fund

The Fund offers three classes; Class A, Class B and Class C. The base currency of these classes is Euro. The Fundcommenced operations on 8 April 2011.

The investment objective of the Fund is to provide investors with a total return, taking into account both capital andincome returns, which reflects the total return of the Bank of America (“BofA”) Merrill Lynch EMU 10+ Year EuroGovernment Index (the “Index”).

Indexed Euro Large Cap Corporate Bond Fund

The Fund offers three classes; Class A, Class B and Class C. The base currency of these classes is Euro. The Fundcommenced operations on 12 December 2011.

The investment objective of the Fund is to provide investors with a total return, taking into account both capital andincome returns, and which reflects the total return of the BofA Merrill Lynch Euro Large Cap Corporate Index (the"Index"). The Fund will aim to match the performance of the Index.

Enhanced Commodity Fund

The Fund offers three classes; Class A, Class B and Class C. The base currency of these classes is Euro. The Fundcommenced operations on 3 April 2012.

The investment objective of the Fund is to deliver a return commensurate with the total return version of Standard &Poors GSCI Light Energy ILIM Enhanced Strategy Index (the “Index”).

Indexed Minimum Volatility Global Equity Fund

The Fund offers six classes; Class A*, Class B, Class C, Class D*, Class E and Class F. The base currency of theseclasses is Euro. The Fund commenced operations on 8 April 2012.

The investment objective of the Fund is to provide investors with a total return, taking into account both capital andincome returns, which reflects the total return of the MSCI World Minimum Volatility Index (the “Index”).

Indexed Emerging Market Debt Fund

The Fund offers four classes; Class A, Class B*, Class C and Class D. The base currency of these classes is Euro. TheFund commenced operations on 12 May 2012.

The investment objective of the Fund is to provide investors with a total return, taking into account both capital andincome returns, which reflects the total return of the JP Morgan (“JPM”) Government Bond Index-Emerging MarketsGlobal Diversified (the “Index”).

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Company Background (continued)

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Indexed Fundamental Global Equity Fund

The Fund offers six classes; Class A*, Class B, Class C, Class D* (Hedged), Class E and Class F. The base currency ofClass A, Class B, Class C, and Class F is Euro. The base currency of Class E and Class D (Hedged) is GBP. The Fundcommenced operations on 4 December 2012.

The investment objective of the Fund is to provide investors with a total return, taking into account both capital andincome returns, which reflects the total return of the FTSE® RAFI Developed 1000 Index (the “Index”).

Global Low Volatility Active Equity Fund

The Fund offers three classes; Class A, Class B and Class C. The base currency of these classes is Euro. The Fundcommenced operations on 16 July 2014.

The investment objective of the Fund is to provide investors with a total return taking into account both capital andincome returns, by seeking to achieve long-term capital appreciation through investing primarily in equity securities.The performance of the Fund is measured against the MSCI World Index; the Fund does not track an Index.

Indexed Emerging Market Equity Fund

The Fund offers three classes; Class A, Class B and Class C. The base currency of these classes is Euro. The Fundcommenced operations on 9 September 2015.

The investment objective of the Fund is to provide investors with a total return taking into account both capital andincome returns, which reflects the total return of the MSCI Emerging Markets Index (the “Index”).

Setanta Reditus Income Fund

The Fund offers three classes; Class A, Class B and Class C. The base currency of Class A and Class C is Euro andClass B is GBP. The Fund commenced operations on 19 March 2015.

The investment objective of the Fund is to seek to (i) generate income and (ii) achieve capital appreciation throughinvesting primarily in equity securities and debt securities. When selecting investments, the Investment Manager willapply an ethical screen on those instruments to ensure they meet certain ethical criteria. The performance is measuredagainst a Composite Benchmark (90% MSCI World High Yield Index & 10% EONIA); the Fund does not track anIndex.

Setanta Reditus Global Equity Fund

The Fund offers three classes; Class A, Class B and Class C. The base currency of Class A is Euro, Class B is GBP andClass C is USD. The Fund commenced operations on 19 March 2015.

The investment objective of the Fund is to achieve capital appreciation over the medium-term through investingprimarily in equity securities of companies listed, traded or dealt on a recognised exchange. When selectinginvestments, the Investment Manager will apply an ethical screen on those instruments to ensure they meet certainethical criteria. The performance is measured against MSCI World Index, the Fund does not track an Index.

Setanta Reditus Global Balanced Fund

The Fund offers one class; Class A. The base currency of Class A is Euro. The Fund commenced operations on 19March 2015.

The investment objective of the Fund is to achieve capital appreciation over the medium-term by primarily investing ina basket of global equity securities of companies listed, traded or dealt on a recognised exchange as well as in fixedand/or floating rate debt securities issued by governments or companies and cash securities. When selectinginvestments, the Investment Manager will apply an ethical screen on those instruments to ensure they meet certainethical criteria. The performance is measured against a Composite Benchmark (70% World Index, 30% ECAS - BofAMerrill Lynch All Maturity All Euro Govt Index), the Fund does not track an Index.

*Share classes no longer have any shareholders, see details on page 34.

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Company Background (continued)

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Setanta Global Equity Fund

The Fund offers five classes; Class A, Class B, Class C, Class D and Class M. The base currency of Class A and ClassM is Euro, Class B is CHF, Class C is GBP and Class D is CAD. The Fund commenced operations on 12 June 2015.

The investment objective of the Fund is to achieve long-term capital appreciation by investing primarily in equitysecurities. The Fund will seek to achieve its investment objective through investment in an actively managed globallydiversified portfolio of equity securities of companies of all capitalisations, listed, traded or dealt in on a recognisedexchange. The performance is measured against the MSCI World Index, the Fund does not track an Index.

Setanta Income Opportunities Fund

The Fund offers five classes; Class A, Class B, Class C, Class D and Class M. The base currency of Class A, Class Band Class M is Euro and Class C and Class D is CHF. The Fund commenced operations on 25 April 2016.

The investment objective of the Fund is to seek to (i) generate income and (ii) achieve capital appreciation (over thelong term). The performance is measured against the Eurostat - EU Harmonised Indices of Consumer Prices, the Funddoes not track an Index.

Funds’ Registration in Germany

The following Funds of the Company are not registered in the Federal Republic of Germany according to Section 310 of theGerman Investment Code (KAGB):

Indexed Global Equity Fund Indexed EMU Equity Fund Indexed U.S. Equity Fund Indexed Euro Government Long Dated Bond Fund Indexed Euro Government HICP Inflation Linked Bond Fund Indexed World Small Cap Equity Fund Indexed Euro Government Short to Medium Dated Euro Bond Fund Indexed Euro Large Cap Corporate Bond Fund Enhanced Commodity Fund Indexed Emerging Market Debt Fund Indexed Fundamental Global Equity Fund Indexed Minimum Volatility Global Equity Fund International Cash Fund Setanta Reditus Income Fund Setanta Reditus Global Equity Fund Setanta Reditus Global Balanced Fund Indexed Emerging Market Equity Fund All Maturities EMU Government Bond Fund North America Sustainable Equity Fund

Shares of the above mentioned Funds are not allowed to be marketed in the Federal Republic of Germany.

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Investment Managers’ Report

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Executive Summary

In 2018 global equities generated negative returns while bond prices rose. Equity markets initially received supportfrom a positive economic growth and earnings backdrop but, as the market environment deteriorated towards the end ofthe year equity prices declined.

2018 began with equity markets going from strength to strength, with the S&P 500 index reaching its longest streakwithout a 5% correction in history driven by tax stimulus and strong cyclical growth. The economic terrain howeverbecame more uncertain in the second half of the year with global growth appearing to peak in Q2. Equity marketvolatility rose significantly towards the end of the year as fears over a possible recession in 2019 increased.

Uncertainty from Q2 onwards related to the trade dispute between the US and China acted as a significant overhang onglobal growth through the second half of the year and had a negative impact on consumer and business sentiment. Thethreat of higher tariffs across a range of goods caused businesses to pull back on investment plans and reduce activitylevels which contributed to slower growth, particularly in the most trade sensitive regions such as Emerging Markets(EM) and Europe. Growth concerns were exacerbated towards year end with investors believing the US Fed waspossibly making a policy mistake when it continued to indicate it would raise interest rates through 2019, potentiallyputting additional pressure on the growth outlook.

Global political tensions also acted as headwinds to the global economy and markets throughout 2018. The ongoinguncertainty related to the Brexit saga was a negative for UK and European economies and markets. Disagreementsbetween the EU and Italy over the Italian budget and crises in Turkey and Argentina also negatively impacted sentimentand markets through the year.

Both EM equities and small cap equities underperformed global equities through 2018 on the back of trade concernsand fears over slower growth.Eurozone bonds generated positive returns in 2018 with bond yields falling (i.e. bond prices rising) due to slowinggrowth, heightened political risk in the Eurozone and worries regarding a possible global trade war.

The returns on the bonds of peripheral Eurozone markets compared to core markets were driven by politics andbudgetary issues. Italian bond prices were notably weak in relative terms during the second half of the year due to astandoff between the populist Italian coalition government and the EU over Italy’s expansionist fiscal plans whichcontravened EU rules and also acted as a drag on other peripheral bonds. A compromise was eventually reached at yearend with Italy lowering its budgetary targets.

European investment grade corporate bonds fell over the year with concerns over companies’ ability to service theirdebt obligations given the weaker economic environment. The ending of corporate bond purchases by the ECB inDecember was also a negative for corporate bonds. EM debt also declined during the year with trade uncertainties andcrises in Turkey and Argentina acting as negative factors while general weakness in EM currencies also acted as a drag.

Commodities fell during the year with slowing global growth, particularly in China, leading to reduced levels ofdemand. The oil price was also down as US shale and OPEC production levels increased. The granting of temporaryexemptions to bans on importing oil from Iran also contributed to the lower oil price.

2019 Outlook

At the time of writing, the majority of asset classes have experienced significant recoveries year to date. This is mainlydue to two specific developments.

The policy pivot by the US Fed where it has guided that it now will not raise interest rates in 2019 has been followed byother central banks which also have adopted a much more dovish policy stance. This policy u-turn by global centralbanks has reduced the risk to growth from central banks tightening policy to the extent that it could choke off growth.Increasing hopes have also been evident that the US and China will agree a trade deal. Several rounds of negotiationshave been held this year with positive commentary and rhetoric from both sides suggesting a deal is very close.

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Investment Managers’ Report

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Executive Summary (continued)

These two developments have significantly eased fears regarding the global economic outlook and a possible recessionin 2019. Global equity and commodity markets have rebounded with the improving growth outlook. Despite the bettereconomic backdrop, fixed income markets have also risen with yields falling as global central banks have adopted moreaccommodative policy stances and inflation readings have remained low.

With a more favourable economic backdrop expected to remain in place through 2019 and the hurdle to policytightening by central banks being perceived as quite high, we expect returns in most major asset classes to remain inpositive territory for the year as a whole.

This report does not constitute investment advice and has not been prepared based on the financial needs or objectivesof any particular person, and does not take into account the specific needs or circumstances of any person

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Investment Managers’ Report (continued)

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Indexed World Small Cap Equity Fund

The investment objective of the fund is to provide investors with a totalreturn, taking into account both capital and income returns, and whichreflects the total return of the MSCI World Small Cap Index .The fund willaim to match the performance of this index as part of this objective.

Asset Allocation

The Irish Life Indexed Small Cap Equity Fund is designed to provideclients with an indexed exposure to global Small Cap equities. The Fundpassively tracks the performance of the MSCI World Small Cap Index.

As the MSCI World Small Cap Index holds more than 4000 stocks, theFund tracks the benchmark on an optimised basis which is a samplemethod approach that aims to ensure the sample of stocks held hassimilar characteristics to the Index. The fund is rebalanced on acontinuous basis.

The country allocation is based on the composition of the MSCI WorldSmall Cap Index. The regional allocation of the fund is displayed in thechart opposite.

Performance The Funds’ performance vs. benchmark figures are provided in the

accompanying table.

Regional Weights at 31st December 2018

Fund PerformanceReport Date: 31/12/2018

Fund Index Fund Index

Indexed World Small Cap

Equity Fund

MSCI The World Index Small

Cap EUR -16.38 -16.41 -9.20 -9.51

12 Months %

Performance differences are primarily driven by ADL charges and the differences in tax treatment

on dividends between the fund and benchmark

QTD %

Tracking ErrorReport Date: 30/06/2018 12 Months

%

Indexed World Small Cap

Equity Fund

MSCI The World Index

Small Cap EUR 0.12

Tracking error is pre-ADL

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Investment Managers’ Report (continued)

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Indexed Global Equity Fund

Asset Allocation The Indexed Global Equity UCITS Fund is 100% invested in equities. The

country allocation is based on the composition of the MSCI World Index.Having implemented the country allocation the fund then pursues indextracking stock selection.

The country allocation of the fund is displayed in the chart opposite.

Hedged share classes hedge non-Euro currency positions back to Euro toeliminate currency risk to a Euro investor.

Unhedged share classes do not hedge its currency exposure.

Changes to Benchmark Indices The MSCI semi-annual rebalance took place at the end of November.

There were 25 additions and 47 deletions in the MSCI World Index. Totalturnover (buys + sells) was 2.55%.

Performance

This fund is designed to achieve stock market returns in line with the MSCIWorld Index.

The objective is to eliminate manager selection risk and manager style riskwhich is the risk of being with an investment manager who under performs.

Regional Weights at 31st December 2018

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Investment Managers’ Report (continued)

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Indexed Global Equity Fund (continued)

Top Ten Holdings Fund PerformanceReport Date: 31/12/2018

Fund Index Fund Index

Indexed Global Equity Fund

Hedged

MSCI The World Index (Hedged

EUR) -13.67 -13.73 -9.23 -9.38

Indexed Global Equity Fund

Unhedged MSCI The World Index(Net) -11.97 -12.03 -3.96 -4.11

QTD % 12 Months %

Performance differences are primarily driven by ADL charges and the differences in tax treatment on

dividends between the fund and benchmark

Tracking ErrorReport Date: 31/12/2018 12 Months

%

Indexed Global Equity Fund

Hedged MSCI The World Index (Hedged EUR) 0.06

Indexed Global Equity Fund

Unhedged MSCI The World Index(Net) 0.06

Tracking error is pre-ADL

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Investment Managers’ Report (continued)

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Indexed Euro Govt Long Dated Bond Fund

The investment objective of the fund is to provide investors with a totalreturn, taking into account both capital and income returns, and whichreflects the total return of the BofA Merrill Lynch 10+ Year Euro GovernmentIndex. The fund will aim to match the performance of this index as part of itsobjective.

Asset Allocation The country allocation of the fund follows that of the Bank of America Merrill

Lynch 10+ Year Euro Government Index. The fund tracks the market byinvesting in basket of bonds that matches the country allocation, durationand convexity of the index. The country allocation of the fund is displayed inthe chart opposite.

Market Review Eurozone bond markets posted a return of 2.4% in the last 12 months as

measured by the ICE Bank of America Merrill Lynch >10 Year EuroGovernment Index. Core Eurozone bond yields have traded at relatively lowlevels by historic standards in recent years due to relatively low levels ofinflation, periodic concerns over the global growth outlook, uncertaintiesrelated to various global geo-political concerns and the accommodativemonetary policy stances adopted by global central banks. German 10 yearyields fell to new all-time lows of -0.20% in July 2016 immediately after theBrexit referendum.

Country Weights at 31st December 2018

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Investment Managers’ Report (continued)

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Indexed Euro Govt Long Dated Bond Fund (continued)

Yields however have risen from these lows with German 10 year yieldsmoving back to a year-to-date high of 0.77% in February before falling againdue to renewed worries of a global trade war and political tensions in Italy. Arise in Eurozone inflation back into positive territory from the negative ratesevident in early 2016 combined with speculation that the ECB would beforced to further reduce the level of policy accommodation had bothcontributed to the rise in yields prior to their recent decline.

Eurozone peripheral bond spreads against Germany have been mixed overthe last twelve months, reacting to economic, monetary policy and politicalnews flow. Spreads widened drastically in the second quarter as marketsbegan to price in the risks of a default for Italy due to the formation of apopulist government, with an anti-euro Finance minister having beenproposed initially. The eventual nomination of a more acceptable candidateas finance minister contributed to the ultimate formation of a governmentand the avoidance of an early election being contested as an Italian exitreferendum. This led to a narrowing of Italian spreads initially but they havesince been volatile, as Italy attempted to come to an agreement with the EUregarding their proposed 2019 fiscal deficit, with any development innegotiations affecting spreads.

Fund PerformanceReport Date: 31/12/2018

Fund Index Fund Index

Indexed Euro Government

Long Dated Bond Fund

ICE BofA ML > 10Yr Euro

Government Index 2.12 1.99 2.49 2.44

Performance differences are primarily driven by ADL charges and the differences in tax

treatment on dividends between the fund and benchmark

QTD % 12 Months %

Tracking ErrorReport Date: 31/12/2018 12 Months

%

Indexed Euro Government

Long Dated Bond Fund

ICE BofA ML > 10Yr Euro

Government Index 0.04

Tracking error is pre-ADL

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Investment Managers’ Report (continued)

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Indexed Euro Large Cap Corporate Bond Fund

The Indexed Euro Large Cap Corporate Bond Fund aims to provide total return,taking into account both capital and income returns, which reflects the total returnof the BofA Merrill Lynch Euro Large Cap Corporate Index. Whilst not tracking theindex, the fund will aim to match the performance of this index.

Asset Allocation The Indexed Euro Large Cap Corporate Bond Fund is designed to provide clients

with an indexed exposure to Large Cap Corporate Bonds. The fund passivelytracks the BofA Merrill Lynch Euro Large Cap Corporate Index.

As the BofA Merrill Lynch Euro Large Cap Corporate index contains approximately1600 bonds, the fund tracks the benchmark on an optimised basis. This is asampling approach that aims to ensure that the sample of bonds held has similarcharacteristics to the index.

The Index offers broad exposure to the Euro-denominated debt of corporateentities on a worldwide basis. Investment grade qualifying bonds are capitalisationweighted within the Index based on their outstanding debt amount.

Qualifying bonds must have at least one year remaining term to maturity, a fixedcoupon schedule and a minimum amount outstanding of EUR 500 million. Bondsmust be rated investment grade based on a composite of Fitch, Moody’s and S&P.Asset backed securities are included in the Index. The sector allocation of the fundis displayed in the chart opposite.

Performance

The performance of the fund is displayed in the table opposite.

Sector Weights at 31st December 2018

Fund PerformanceReport Date: 31/12/2018

Fund Index Fund Index

Indexed Euro Large Cap

Corporate Bond Fund

ICE BofA ML Euro Large Cap

Corporate Index -0.61 -0.62 -1.16 -1.19

Performance differences are primarily driven by ADL charges and the differences in tax

treatment on dividends between the fund and benchmark

QTD % 12 Months %

Tracking ErrorReport Date: 31/12/2018 12 Months

%

Indexed Euro Large Cap

Corporate Bond Fund

ICE BofA ML Euro Large Cap Corporate

Index 0.04

Tracking error is pre-ADL

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Investment Managers’ Report (continued)

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Indexed Enhanced Commodity Fund

The investment objective of the fund is to track the performance of the Standard &Poors GSCI Light Energy ILIM Enhanced Strategy Index. This provides broadcommodity exposure across the Energy, Industrial Metals, Precious Metals,Agriculture and Livestock sectors.

Asset Allocation

The Irish Life Enhanced Commodity Fund is designed to provide clients with anindexed exposure to Commodities. The Fund tracks the Standard & Poors GSCILight-Energy ILIM Enhanced Strategy Index.

The index allocates to 22 different commodities across 5 distinct commodity sectors.The sector weights are shown in the graph opposite.

Performance

The performance objective of the Enhanced Commodity Fund is to produce a returnwithin an acceptable range of tracking relative to the underlying commodity indiceswhich the fund is designed to track.

The fund returns vs benchmark is shown in the table opposite. The differencebetween the market closing times of the European and US markets can result inperformance differences from month to month between the fund and the indices butthese differences should average out over longer periods of observation.

Commodity Sector Weights at 31st December 2018

Fund PerformanceReport Date: 31/12/2018

Fund Index Fund Index

Indexed Enhanced

Commodity Fund

S&P GSCI Light Energy ILIM

Enhanced Index -8.25 -8.56 -5.04 -4.88

QTD % 12 Months %

Performance differences are primarily driven by ADL charges and the differences in tax

treatment on dividends between the fund and benchmark

Tracking ErrorReport Date: 31/12/2018 12 Months

%

Indexed Enhanced

Commodity Fund

S&P GSCI Light Energy ILIM

Enhanced Index 0.36

Tracking error is pre-ADL

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Investment Managers’ Report (continued)

17

Indexed Minimum Volatility Global Equity Fund

The Irish Life Indexed Minimum Volatility Fund is designed to achieve lowvolatility global equity exposure.

The investment objective of the fund is to provide investors with a totalreturn, taking into account both capital and income returns, and whichreflects the total return of the MSCI World Minimum Volatility(EUR) Index.The fund will aim to match the performance of this index as part of itsobjective.

The Benchmark, the MSCI Minimum Volatility Index, uses the Parent MSCIWorld Index as the universe of eligible securities, but optimises a securitycovariance matrix to produce an index which, subject to a number ofconstraints has the lowest absolute volatility then available. This indexproduces the lowest variance portfolio on the return-variance efficient frontiergiven a number of constraints. The Portfolio Construction OptimisationConstraints are employed in order to ensure the lowest volatility portfoliowhile ensuring the index is replicable and investible.

Asset Allocation

The Indexed Minimum Volatility Global Equity Fund is 100% equities. Thecountry allocation is based on the composition of the MSCI World MinimumVolatility (EUR) index. Having implemented the country allocation the fundpursues index tracking stock selection. The region allocation of the fund isdisplayed in the chart opposite.

Performance

Performance for the period is shown in the accompanying table.

Regional Weights at 31st December 2018

Fund PerformanceReport Date: 31/12/2018

Fund Index Fund Index

Indexed Minimum Volatility

Global Equity Fund

MSCI World Minimum

Volatility (EUR) -5.69 -5.66 1.48 1.13

Performance differences are primarily driven by ADL charges and the differences in tax

treatment on dividends between the fund and benchmark

QTD % 12 Months %

Tracking ErrorReport Date: 31/12/2018 12 Months

%

Indexed Minimum Volatility

Global Equity Fund MSCI World Minimum Volatility (EUR) 0.07

Tracking error is pre-ADL

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Investment Managers’ Report (continued)

18

Indexed Emerging Market Debt Fund

The investment objective of the fund is to provide investors with a total return,taking into account both capital and income returns, and which reflects the totalreturn of the JPM Government Bond Index – Emerging Markets Global Diversified.

Asset Allocation

The Indexed Emerging Market Debt Fund is designed to provide clients with anindexed exposure to local currency denominated Emerging Government debt witha term to maturity of greater than one year. The fund passively tracks the JPMGovernment Bond Index – Emerging Markets Global Diversified.

The assets of the Fund are fully invested in Emerging Market bonds. The Fund willlargely capture the characteristics of the underlying JP Morgan GBI-EM GlobalDiversified Index in terms of country and duration exposure.

The index is market cap weighted and has a 10% maximum weighting cap on eachEmerging Market member country following monthly index rebalances thus limitingexposure to any one country

The fund tracks the market return on an optimised basis. This is a samplingapproach which aims to create a fund with similar characteristics to the index. Thecountry allocation of the fund is displayed in the chart opposite.

Performance

Following significant improvements in credit quality, liquidity, transparency andvolatility, local currency emerging market government debt has produced attractiverisk-adjusted returns over time.

The performance of the Emerging Market Debt Fund is set out in the tableopposite.

Country Weights at 31st December 2018

Fund Performance

Report Date: 31/12/2018Fund Index Fund Index

Indexed Emerging Market

Debt Fund

JP Morgan GBI-EM Global

Diversified (TR) 3.19 3.75 -2.02 -1.48

Performance differences are primarily driven by ADL charges and the differences in tax

treatment on dividends between the fund and benchmark

QTD % 12 Months %

Tracking ErrorReport Date: 31/12/2018 12 Months

%

Indexed Emerging Market

Debt Fund

JP Morgan GBI-EM Global

Diversified (TR) 0.12

Tracking error is pre-ADL

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Investment Managers’ Report (continued)

19

Indexed Fundamental Global Equity Fund

The Irish Life Indexed Fundamental Global Equity Fund aims to outperformmarket capitalisation indices through value investing.

The Benchmark Index, the FTSE® RAFI Developed 1000 Fundamental Indexuses the Parent FTSE® Developed All Cap Index as the universe of eligiblesecurities. Index constituents for the Fundamental Index are derived using fourfundamental factors, dividends, cash flow, sales and book value.

The Fund is rebalanced annually.

Fund PerformanceReport Date: 31/12/2018

Fund Index Fund Index

Indexed Fundamental

Global Equity Fund

FTSE® RAFI Developed

1000 -11.66 -11.50 -7.07 -6.67

“FTSE®”, "FT-SE®”, “Footsie®”, “FSTE® 4Good” are trade marks of the Exchange

and the FT and are used by FTSE under license.

QTD % 12 Months %

Performance differences are primarily driven by ADL charges and the differences in tax

treatment on dividends between the fund and benchmark

Tracking ErrorReport Date: 31/12/2018 12 Months

%

Indexed Fundamental

Global Equity Fund FTSE® RAFI Developed 1000 0.07

Tracking error is pre-ADL

Regional Weights at 31st December 2018

Sector Weights at 31st December 2018

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Investment Managers’ Report (continued)

20

Global Low Volatility Active Equity Fund

The investment objective of the Fund is to provide investors with a totalreturn, taking into account both capital and income returns, by seeking toachieve long-term capital appreciation through investing primarily in equitysecurities.

Asset Allocation The Fund invests in equities and aims to deliver returns similar to a

capitalisation weighted equity benchmark over the full investment cycle butwith lower drawdowns and volatility, i.e. expectation is that the fund returnswill be greater than MSCI World returns during falling markets and lessthan MSCI World returns in rising markets. This is achieved through acombination of fundamental factor and sector tilts which havedemonstrated greatest cumulative drawdown protection through multiplecycles.

The fund seeks to achieve superior downside protection by selectingequity securities, based on a diverse range of factors, which are expectedto deliver more stable returns and reduced capital loss (downside)compared to capitalization weighted equity benchmarks over a full marketcycle. Equity securities are selected and combined with cognizance ofunderlying valuations, earnings and price risk metrics. The emphasis onsuperior downside protection has the potential to allow investors capital toappreciate more steadily than traditional capitalisation-weighted equityportfolios.

The Fund may also invest in index futures contracts and forwards for cashmanagement and cash equitisation purposes, or as an alternative toacquiring the underlying or the related securities where such investmentmay be accomplished in a more efficient or less costly way through theuse of derivatives.

Performance The performance of the fund is displayed in the table opposite.

Regional Weights at 31st December 2018

Fund PerformanceReport Date: 31/12/2018

Fund Index Fund Index

Global Low Volatility

Active Equity Fund MSCI The World Index(Net) -8.94 -12.03 -0.61 -4.11

QTD % 12 Months %

Performance differences are primarily driven by ADL charges and the differences in tax

treatment on dividends between the fund and benchmark

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Investment Managers’ Report (continued)

21

Indexed Emerging Market Equity Fund

Asset Allocation The Indexed Emerging Market Equity UCITS Fund is 100% invested in

equities. The country allocation is based on the composition of the MSCIEmerging Market Index. Having implemented the country allocation the fundthen pursues index tracking stock selection.

The country allocation of the index is displayed in the chart opposite

Changes to Benchmark Indices The MSCI semi-annual rebalance took place at the end of November.

There were 23 additions and 19 deletions in the MSCI Emerging MarketsIndex. Total turnover (buys + sells) was 1.09%.

Performance This fund is designed to achieve stock market returns in line with the MSCI

Emerging Market Index.

The objective is to eliminate manager selection risk and manager style riskwhich is the risk of being with an investment manager who under performs.

MSCI Country Weights at 31st December 2018

Fund PerformanceReport Date: 31/12/2018

Fund Index Fund Index

Indexed Emerging

Market Equity Fund

MSCI Emerging Market

Net TR -5.99 -5.99 -10.38 -10.27

12 Months %

Performance differences are primarily driven by ADL charges and the differences in tax

treatment on dividends between the fund and benchmark

QTD %

Tracking ErrorReport Date: 31/12/2018 12 Months

%

Indexed Emerging Market

Equity Fund MSCI Emerging Market Net TR 0.27

Tracking error is pre-ADL

2.42%

2.44%

2.78%

3.71%

6.24%

7.49%

9.39%

11.39%

13.77%

30.40%

0% 5% 10% 15% 20% 25% 30% 35%

Thailand

Malaysia

Mexico

Russia

South Africa

Brazil

India

Taiwan

Korea

China

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Investment Managers’ Report (continued)

22

Setanta Reditus Income Fund

Investment Manager: Setanta Asset Management Limited

L&P Investment Services Limited provides investment advice for the Fund in relation to the ethical criteria to be applied.

The investment objective of the Fund is to provide investors with a total return taking into account both capital andincome returns, by seeking to achieve long-term capital appreciation through investing primarily in equity securitiesand debt securities. The performance is measured against a Composite Benchmark (90% MSCI World High YieldIndex & 10% EONIA); the Fund does not track an Index.

Asset Allocation The Fund will seek to achieve its investment objective by primarily investing in a basket of high quality, dividend

paying, ethically screened equity securities of companies listed, traded or dealt on a recognised exchange combined, attimes, with an income generating derivative strategy on some or all of these securities and listed Real EstateInvestment Trusts and fixed and/or floating rate debt securities issued by governments/companies, cash, warrants andconvertibles.

When selecting investments, the Investment Manager will apply an ethical screen on those instruments to ensure theymeet certain ethical criteria.

Fund Performance

Fund Review Over 2018, the total return of the Reditus Fund was -2.3% (gross of fees, euro terms), characterised by resilient

performance relative to the broader market in the final quarter of the year. Over the more relevant long-term periods,the fund continues to perform well, rising 6.1%, 7.5% and 11.4% per annum over 3, 5 and 10 years respectively (allgross of fees, euro terms). The top contributing stocks over the period were Cisco Systems, NWS Holdings and Sysco.The stocks that detracted from performance were Vodafone, BASF and Harley Davidson.

Sector Distribution

ConsumerDisc9%

ConsumerStaples

14%

Financials27%Industrials &

Materials21%

Info Tech9%

Telecoms &Utilities

20%

Report Date: 31/12/2018

Fund Index

Class A – Euro Fund Composite Benchmark* -2.3 -2.6

Fund returns are gross of fees.

PTD %

*90% MSCI World High Yield Index & 10% EONIA

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Investment Managers’ Report (continued)

23

Setanta Reditus Income Fund (continued)

Geographic Distribution

TOP 10 HOLDINGS

COMPANY SECTOR % OF FUND

NWS HOLDINGS INDUSTRIALS & MATERIALS 4.7%

PROCTER & GAMBLE CONSUMER STAPLES 4.6%

FEDERATED

INVESTORSFINANCIALS 4.2%

PROXIMUS SA TELECOMS & UTILITIES 4.2%

UNITED UTILITIES TELECOMS & UTILITIES 3.8%

SK TELECOM TELECOMS & UTILITIES 3.8%

SAMPO FINANCIALS 3.7%

FORTESCUE METALS INDUSTRIALS & MATERIALS 3.2%

ORIGIN ENTERPRISES CONSUMER STAPLES 3.1%

VODAFONE GROUP TELECOMS & UTILITIES 3.1%

Europe (ex-UK)36%

GlobalEmerging

7%UK

17%

NorthAmerica

19%

Asia (exJapan)10%

Cash11%

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Investment Managers’ Report (continued)

24

Setanta Reditus Global Equity Fund

Investment Manager: Setanta Asset Management Limited

L&P Investment Services Limited provides investment advice for the Fund in relation to the ethical criteria to be applied.

The investment objective of the Fund is to achieve capital appreciation over the medium term through investingprimarily in equity securities. The performance is measured against MSCI Word Index, the Fund does not track anindex.

Asset Allocation The Fund will seek to achieve its investment objective by primarily investing in a portfolio of equity securities of

companies listed, traded or dealt on a recognised exchange.

When selecting investments, the Investment Manager will apply an ethical screen on those instruments to ensure theymeet certain ethical criteria.

Fund Performance

Fund Review The Setanta Reditus Global Equity Fund fell by 2.3% (gross) during the year, outperforming its benchmark which

fell by 4.1%. The Fund is also ahead of the benchmark by 1.8% per annum over the last 3 years, a very solidachievement when a sizeable majority of funds have underperformed.

The Fund’s relative outperformance was due mainly to stock selection, particularly in Financials and Technologysectors. The top contributing stocks over the period were Keysight Technologies, Ericsson and Microsoft. The stocksthat detracted from performance were Jefferies Financial, Owens-Illinois and Melrose Industries.

Sector DistributionConsumer

Disc13%

ConsumerStaples

9%

Energy1%

Financials25%

Healthcare9%

Industrials &Materials

14%

Info Tech22%

Telecoms &Utilities

7%

Report Date: 31/12/2018

Fund Index

Class A – Euro Fund MSCI World -2.3 -4.1

Fund returns are gross of fees.

PTD %

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Investment Managers’ Report (continued)

25

Setanta Reditus Global Equity Fund (continued)

Geographic Distribution

TOP 10 HOLDINGS

COMPANY SECTOR % OF FUND

BERKSHIRE HATHAWAY FINANCIALS 4.2%

MICROSOFT CORP INFORMATION TECHNOLOGY 3.8%

OWENS-ILLINOIS INDUSTRIALS & MATERIALS 3.4%

ERICSSON INFORMATION TECHNOLOGY 3.0%

LANCASHIRE HOLDINGS FINANCIALS 3.0%

FEDERATED INVESTORS FINANCIALS 2.9%

JEFFERIES FINANCIAL FINANCIALS 2.7%

MELROSE INDUSTRIES INDUSTRIALS & MATERIALS 2.7%

KEYSIGHT

TECHNOLOGIESINFORMATION TECHNOLOGY 2.5%

FAIRFAX FINANCIAL FINANCIALS 2.5%

Europe (ex-UK)23%

UK15%

North America54%

Japan2%

EmergingMkts3%

Cash3%

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Investment Managers’ Report (continued)

26

Setanta Reditus Global Balanced Fund

Investment Manager: Setanta Asset Management Limited

L&P Investment Services Limited provides investment advice for the Fund in relation to the ethical criteria to be applied.

The investment objective of the Fund is to achieve capital appreciation over the medium term through investingprimarily in equity securities as well as in fixed and floating rate debt securities. The performance is measuredagainst a Composite Benchmark (70% World Index and 30% ECAS), the Fund does not track an index.

Asset Allocation The Fund will seek to achieve the Investment Objective by primarily investing in a basket of global equity

securities of companies listed, traded or dealt on a Recognised Exchange as well as in fixed and/or floating ratedebt securities issued by governments or companies and cash securities.

When selecting investments, the Investment Manager will apply an ethical screen on those instruments to ensurethey meet certain ethical criteria.

Fund Performance

Fund Review The Setanta Reditus Global Balanced Fund generated a return of -2.0% over the period, which was slightly ahead

of the benchmark return of -2.3%. The Fund’s relative outperformance was due mainly to stock selection,particularly in the Financials and Technology sectors. The top contributing stocks over the period were KeysightTechnologies, Ericsson and Microsoft. The stocks that detracted from performance were Jefferies Financial,Owens-Illinois and Melrose Industries. Sector allocation was also positive over the period. Our underweightpositions in Industrials and Energy contributed most to performance.

Sector DistributionConsumer

Disc13%

ConsumerStaples

9%

Energy1%

Financials25%

Healthcare9%

Industrials &Materials

15%

Info Tech22%

Telecoms &Utilities

6%

Report Date: 31/12/2018

Fund Index

Class A – Euro Fund Composite Benchmark* -2.0 -2.3

*70% MSCI World Index and 30% ECAS.Fund returns are gross of fees.

PTD %

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Investment Managers’ Report (continued)

27

Setanta Reditus Global Balanced Fund (continued)

Geographic Distribution

TOP 10 EQUITY HOLDINGS

COMPANY SECTOR % OF FUND

BERKSHIRE HATHAWAY FINANCIALS 2.7%

MICROSOFT CORP INFORMATION TECHNOLOGY 2.3%

OWENS-ILLINOIS INDUSTRIALS & MATERIALS 2.2%

FEDERATED INVESTORS FINANCIALS 1.9%

LANCASHIRE HOLDINGS FINANCIALS 1.9%

ERICSSON INFORMATION TECHNOLOGY 1.9%

JEFFERIES FINANCIAL FINANCIALS 1.7%

MELROSE INDUSTRIES INDUSTRIALS & MATERIALS 1.6%

CISCO SYSTEMS INFORMATION TECHNOLOGY 1.6%

KEYSIGHT

TECHNOLOGIESINFORMATION TECHNOLOGY 1.6%

Europe (ex-UK)14%

UK9%

NorthAmerica

34%Japan

2%

EmergingMkts2%

Bonds18%

Property(Reit)9%

Cash12%

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Investment Managers’ Report (continued)

28

Setanta Global Equity Fund

Investment Manager: Setanta Asset Management Limited

The investment objective of the Fund is to achieve capital appreciation over the medium term through investingprimarily in equity securities. The performance is measured against the MSCI World Index, the Fund does not trackan index.

Asset Allocation The Fund will seek to achieve its investment objective through investment in an actively managed globally

diversified portfolio of equity securities of companies of all capitalisations, listed, traded or dealt in on a recognisedexchange.

Investment will primarily be limited to common shares or stocks (including depository receipts).

The Fund adopts a value investing approach through fundamental analysis. The practice of value investing seeks toachieve superior long-term performance by acquiring stocks of financially strong companies run by capablemanagement at a market price significantly below a reasonable assessment of intrinsic value. This assessment ofvalue always encompasses a thorough understanding of where this value is derived. The Fund adopts a long terminvestment horizon.

Fund Performance

Fund Review The Setanta Global Equity Fund fell by 4.3% during the year, slightly underperforming its benchmark which fell

by 4.1%. The Fund is however ahead of the benchmark by 1.9% per annum over the last 3 years, a very solidachievement when a sizeable majority of funds have underperformed. The Fund’s relative underperformance wasdue mainly to sector allocation. Our underweight Financials and Healthcare positions detracted the most fromperformance. The top contributing stocks over the period were Keysight Technologies, Ericsson and Nike. Thestocks that detracted from performance were Jefferies Financial, Johnson Controls and Federated Investors. Stockselection was positive over the period, particularly in the Technology and Financials sectors.

Sector Distribution

Consumer Disc10%

ConsumerStaples

9%

Energy7%

Financials20%

Healthcare13%

Industrials &Materials

16%

Info Tech19%

Telecoms &Utilities

6%

Report Date: 31/12/2018

Fund Index

Class M – Euro Fund MSCI World -4.3 -4.1

Fund returns are gross of fees.

PTD %

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Investment Managers’ Report (continued)

29

Setanta Global Equity Fund (continued)

Geographic Distribution

TOP 10 HOLDINGS

COMPANY SECTOR % OF FUND

BERKSHIRE HATHAWAY FINANCIALS 3.3%

MICROSOFT CORP INFORMATION TECHNOLOGY 2.9%

DCC INDUSTRIALS & MATERIALS 2.8%

OWENS-ILLINOIS INDUSTRIALS & MATERIALS 2.6%

LANCASHIRE HOLDINGS FINANCIALS 2.3%

FEDERATED INVESTORS FINANCIALS 2.3%

ERICSSON INFORMATION TECHNOLOGY 2.3%

OSHKOSH CORP INDUSTRIALS & MATERIALS 2.2%

JEFFERIES FINANCIAL FINANCIALS 2.1%

MELROSE INDUSTRIES INDUSTRIALS & MATERIALS 2.1%

Europe (ex UK)24%

UK16%

North America52%

Japan2%

EmergingMarkets

3%

Cash3%

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Investment Managers’ Report (continued)

30

Setanta Income Opportunities Fund

Investment Manager:

The investment objective of the Fund is to seek to (i) generate income and (ii) achieve capital appreciation (over thelong-term).

Asset Allocation The Fund will seek to achieve its investment objective through gaining exposure to a range of asset classes, such as

Equity Securities (including listed ‘Real Estate Investment Trust (“REITS”)), Fixed Income Investments, moneymarket instruments and/or cash.

The Fund also employs an option writing strategy which uses options to generate additional income and returns forthe Fund. The Investment Manager may use options to increase the Fund’s return by writing (i.e. selling) coveredcall options and put options on securities it owns or in which it may invest. The Investment Manager seeks to usethe option writing strategy when, in their opinion, and based on fundamental research, it will enhance the Fund’sreturn.

Fund Performance

Fund Review The Setanta Income Opportunities Fund fell by -1.9% over the period, which was below the rate of inflation. The

Fund’s relative underperformance was due to sector allocation. Our underweight Healthcare and overweightFinancials positions detracted the most from performance. The top contributing stocks over the period were NWSHoldings, Cisco Systems and Swedish Match. The stocks that detracted from performance were Vodafone, BASFand Harley-Davidson. Stock selection was positive over the period, particularly in Consumer Staples andIndustrials.

Sector Distribution

ConsumerDisc11%

ConsumerStaples

11%

Energy4%

Financials19%

Healthcare5%

Industrials &Materials

20%

Info Tech9%

Telecoms &Utilities

21%

Report Date: 31/12/2018

Fund Index

Class M – Euro Fund Eurostat – EU HICP -1.9 1.6

Fund returns are gross of fees. *The Income Opportunities M Share class was launched on 25th April 2016

PTD* %

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Investment Managers’ Report (continued)

31

Setanta Income Opportunities Fund (continued)

Geographic Distribution

TOP 10 EQUITY HOLDINGS

COMPANY SECTOR % OF FUND

NWS HOLDINGS INDUSTRIALS & MATERIALS 2.6%

PROXIMUS SA TELECOMS & UTILITIES 2.4%

FORTESCUE METALS INDUSTRIALS & MATERIALS 2.3%

SAMPO FINANCIALS 2.1%

HARLEY DAVIDSON CONSUMER DISCRETIONARY 1.9%

GLAXOSMITHKLINE HEALTHCARE 1.9%

VODAFONE GROUP TELECOMS & UTILITIES 1.9%

FEDERATED

INVESTORSFINANCIALS 1.9%

PROCTER & GAMBLE CONSUMER STAPLES 1.9%

BASF AG INDUSTRIALS & MATERIALS 1.9%

GlobalDividendEquities

53%

FixedInterest

17%

Cash24%

Property6%

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Beresford Funds plcAnnual Report and Unaudited Financial Statements for the year ended 31 December 2018

33

Directors’ Report

The Directors submit their report together with the annual report and audited financial statements of Beresford Fundsplc (the “Company”) for the financial year ended 31 December 2018.

The Statement of Directors’ Responsibilities in respect of the Directors’ Report and the Financial StatementsThe directors are responsible for preparing the Directors’ Report and financial statements, in accordance with applicablelaw and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law they haveelected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) asadopted by the EU and applicable law.

Under company law the directors must not approve the financial statements unless they are satisfied that they give a trueand fair view of the assets, liabilities and financial position of the Company and of its increase/decrease in net assetsattributable to holders of redeemable participating shares for that year. In preparing the financial statements, thedirectors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable Accounting Standards have been followed, subject to any material departures disclosed andexplained in the financial statements;

• assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to goingconcern; and

• use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, orhave no realistic alternative but to do so.

The directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the assets, liabilities, financial position and profit or loss of the Company and enable them to ensure that itsfinancial statements comply with the Companies Act 2014, the European Communities (Undertakings for CollectiveInvestment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013(Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015. They havegeneral responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company. Inthis regard they have entrusted the assets of the Company to a trustee for safe-keeping. They are responsible for suchinternal controls as they determine is necessary to enable the preparation of financial statements that are free frommaterial misstatement, whether due to fraud or error, and to prevent and detect fraud and other irregularities. Thedirectors are also responsible for preparing a Directors’ Report that complies with the requirements of the CompaniesAct 2014.

Accounting RecordsThe Directors believe that they have complied with the requirements of Sections 281 to 285 of the Companies Act 2014with regard to the keeping of adequate accounting records by employing persons with appropriate expertise and byproviding adequate resources to the financial function. The accounting records are held at the Administrator, CitibankEurope plc, 1 North Wall Quay, IFSC, Dublin 1, Ireland.

Principal ActivitiesThe Company is an open-ended investment company with variable capital which has been authorised by the CentralBank of Ireland (the “Central Bank”) under the European Communities (Undertakings for Collective Investment inTransferable Securities) Regulations, 2011, as amended and the Central Bank (Supervision and Enforcement) Act 2013(Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015.

Fair Value DirectiveThe information required in relation to the use of financial instruments by the Company and the financial riskmanagement objectives and policies of the Company and the exposures of the Company to market risk, currency risk,interest rate risk, liquidity risk and credit risk are outlined in Note 12 to these financial statements.

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Beresford Funds plcAnnual Report and Unaudited Financial Statements for the year ended 31 December 2018

34

Directors’ Report (continued)

Key Performance IndicatorThe principal key performance indicator used by management to monitor performance is as follows:- Net Asset Value per Share (please refer to Note 11 for additional details).

Connected PartiesAny transaction carried out with a UCITS by a manager, depositary, and delegates or sub-delegates of such amanagement company or depositary and/or associated or group companies of these (“connected persons”) must becarried out as if negotiated at arm’s length and must be in the best interest of the shareholders.

The Board of Directors is satisfied that: (i) there are arrangements (evidenced by written procedures) in place to ensurethat the obligations set out in paragraph 41(1) of the Central Bank’s UCITS Regulations are applied to all transactionswith connected persons; and (ii) transactions with connected persons entered into during the financial period compliedwith the obligations set out in paragraph 41(1) of the Central Bank’s UCITS Regulations.

Any transaction carried out with a Fund by the Company and/or associated or group companies of the Company,including Irish Life Investment Managers Limited (“ILIM”) and Setanta Asset Management Limited, will be carried outas if effected on normal commercial terms negotiated at arm’s length. Transactions must be in the best interest of therelevant shareholder.

The Board of Directors is satisfied that transactions with connected parties entered into during the financial yearcomplied with the obligations as set out in paragraph 41(1) of the Central Bank’s UCITS Regulations.

The Directors confirm they have complied with the above requirements during the financial year.

Review of the Business and Future DevelopmentsThe business of the Company is reviewed in detail in the Investment Manager's Report on pages 8 to 31. The Companyis to continue to act as an investment vehicle as set out in its Prospectus. It is the Company's intention to provideadditional offerings to investors, through the launch of new share classes on existing Funds and the launch of newFunds by the Company, during 2018. The Net Asset Value per Share of the Funds is set out in Note 11 to the financialstatements.

Principal Risks and UncertaintiesA detailed review of the principal risks and uncertainties, and the management of those risks and uncertainties areincluded in Note 12.

Results for the Financial YearThe results for the financial year are set out in the Statement of Comprehensive Income on pages 40 to 43.

Significant Events during the Financial YearIndexed Emerging Market Debt Fund launched Share Class C (EUR) on 8 February 2018.

The below Share Classes had no shareholders since the following valuation dates:

Fund Share Class Closure DateIndexed Emerging Market Debt Fund Class B 8 March 2018Indexed Fundamental Global Equity Fund Class D 14 March 2018Indexed Minimum Volatility Global Equity Fund Class A 29 March 2018Indexed Minimum Volatility Global Equity Fund Class E 13 June 2018Indexed Fundamental Global Equity Fund Class A 16 October 2018

The Board authorised the revocation of the following funds on 19 February 2018: Indexed EMU Equity Fund Indexed Euro Government HICP Inflation Linked Bond Fund Indexed Euro Government Short to Medium Dated Bond Fund Global High Yield Active Equity Fund Global Multi Factor Active Equity Fund Indexed U.S. Equity Fund

David Killeen resigned as a Director on 12 March 2018.

Gerard Davis was appointed as a Director on 13 June 2018.

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Beresford Funds plcAnnual Report and Unaudited Financial Statements for the year ended 31 December 2018

35

Directors’ Report (continued)

Significant Events during the Financial Year (continued)A resolution was passed at the annual general meeting held on 25 September 2018 to convert the Company from a plcto an ICAV by means of continuation in 2019.

Societe Generale Bank & Trust were appointed Paying Agent on 20 November 2018 in relation to All Maturities EMUGovernment Bond Fund and North America Sustainable Equity Fund.

Approval of Global High Yield Active Equity Fund and Global Multi Factor Active Equity Fund by CBI waswithdrawn on 31 December 2018.

There were no other significant events during the financial year.

Significant Events since the Financial Year EndAll Maturities EMU Government Bond Fund and North America Sustainable Equity Fund launched on 11 January 2019.

Fiona McCormack resigned as Company Secretary and was replaced by Ciara Reddy with effect from 3 April 2019.

The Company will convert from a plc to an ICAV by means of continuation in 2019.

There were no other significant events since the financial year end up to and including the date of approval of thefinancial statements that require amendment to or disclosure in the financial statements.

DirectorsThe names of the persons who were Directors at any time during the financial year ended 31 December 2018 are set outbelow. Except where indicated, they served for the entire financial year.

Gerry Keenan Alison Letters Frank O’RiordanColm O’NeillJohn O’Connell

Patrick BurkeDavid Killeen*

Gerard Davis**

* David Killeen resigned as a Director on 12 March 2018.** Gerard Davis was appointed as a Director on 13 June 2018.

Directors’ RemunerationThe Directors are entitled to a fee for their services at a rate determined by the Directors up to a maximum combined feeof EUR 100,000 and may be entitled to special remuneration if called upon to perform any special or extra services tothe Company. The Directors’ fees and expenses for the financial year were EUR 79,304 (2017: EUR 72,465).

Directors’ and Secretary’s InterestsThe Directors and Company Secretary who held office as at 31 December 2018 had no interest in the share capital ofthe Company.

Transactions Involving DirectorsMr. Gerry Keenan and Mr. Patrick Burke, who were Directors of the Company during the financial year, were alsoDirectors of Irish Life Investment Managers Limited during the financial year. None of the Directors had anytransactions with the Company at any time during the financial year.

Soft Commission ArrangementsThere were no soft commission arrangements in place during the financial years ended 31 December 2018 or 31

December 2017.

Segregated LiabilitySubject to the relevant provisions of the Investment Funds, Companies and Miscellaneous Provisions Act, 2005, theCompany is an Investment Company with segregated liability between Sub-Funds of the Company.

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Beresford Funds plcAnnual Report and Unaudited Financial Statements for the year ended 31 December 2018

36

Directors’ Report (continued)

Independent AuditorThe Auditor, KPMG, have indicated their willingness to remain in office in accordance with Section 383(2) of theCompanies Act 2014.

Corporate Governance CodeThe Board of Directors has assessed the measures included in the voluntary Corporate Governance Code for CollectiveInvestment Schemes and Management Companies as published by the Irish Funds Industry Association (“Irish Funds”)the text of which is available from the Irish Funds’ website, www.irishfunds.ie. The Directors have adopted allcorporate governance practices and procedures in the Corporate Code for Collective Investment Schemes with effectfrom close of business on 31 December 2012.

Directors’ Compliance StatementThe Directors, in accordance with Section 225(2a) of the Companies Act 2014, acknowledge that they are responsiblefor securing compliance by the Company with its “relevant obligations” as defined in the Companies Act 2014.

The Directors confirm that:• They have drawn up and adopted a compliance policy statement setting out the Company’s policies that, in theDirectors’ opinion, are appropriate to the Company in respect of its compliance with its Relevant Obligations;• Appropriate arrangements and structures that, in their opinion, are designed to secure material compliance with theCompany’s relevant obligations, have been put in place; and• A review has been conducted, during the financial year ended 31 December 2018, of the arrangements and structuresthat have been put in place to secure the Company’s compliance with its relevant obligations.

Audit Committee RequirementIn accordance with Section 167(2) of the Companies Act 2014, the Board is required to either establish an auditcommittee or decide not to establish one. The Directors believe that there is no requirement to form an audit committeebased on the following rationale:

(a) The Company is authorised as a self-managed investment company with the Central Bank pursuant to UCITSRegulations;(b) as a self-managed investment company authorised pursuant to the UCITS Regulations, the Company is obliged by

the Central Bank to have a Business Plan in which it identifies directors (the Designated Directors) responsible for,

among other areas, Financial Control, Accounting Policy and Procedures, Internal Audit, Monitoring of Capital,

Monitoring Compliance and Risk Management. As a result, the Company has systems in place whereby named

Designated Directors take initial responsibility for each such area and any material issues arising are referred to the

Board of Directors for review and, as applicable, action;

(c) the Company has its own conflicts of interest policy and the Board of Directors receives confirmation of the

auditor's independence annually;

(d) the nature, scale and complexity of the Company’s sub-funds do not warrant an audit committee; and

(e) the Directors believe that the Company already has adequate procedures in place that cover, in all material respects,the areas of responsibility of an audit committee, as provided for in Section 167(7) of the Companies Act 2014.

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Page 39: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

KPMG Audit 1 Harbourmaster Place IFSC Dublin 1 D01 F6F5 Ireland

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF Beresford Funds pie

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Beresford Funds pie {'the Company') for the year ended 31 December 2018 set out on pages 40 to 235, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares, Statement of Cash Flows and related notes, including the summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is Irish Law and International Financial Reporting Standards (IFRS) as adopted by the European Union.

In our opinion, the financial statements:

• give a true and fair view of the assets, liabilities and financial position of the Company as at 31 December 2018 and of its decrease in net assets attributable to holders to redeemable participating shares for the year then ended;

• have been properly prepared in accordance with IFRS as adopted by the European Union; and

• have been properly prepared in accordance with the requirements of the Companies Act 2014, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 {Section 48(1 )) {Undertakings for Collective Investment in Transferable Securities) Regulations 2015.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with ethical requirements that are relevant to our audit of financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (IAASA), and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We have nothing to report on going concern We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least twelve months from the date of approval of the financial statements. We have nothing to report in these respects.

Other information The directors are responsible for the other information presented in the Annual Report together with the financial statements. The other information comprises the information included in the directors' report and unaudited section of the annual report. The financial statements and our auditor's report thereon do not comprise part of the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work we have not identified material misstatements in the other information.

Based solely on our work on the other information, we report that:

KPMG, an Irish partnership an~~ember firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (" KPMG lnternat,onan, a Swiss entity

Page 40: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF Beresford Funds pie (continued)

• we have not identified material misstatements in the directors' report; • in our opinion, the information given in the directors' report is consistent with the financial statements; • in our opinion, the directors' report has been prepared in accordance with the Companies Act 2014.

Opinions on other matters prescribed by the Companies Act 2014

We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and properly audited and the financial statements are in agreement with the accounting records.

Matters on which we are required to report by exception

The Companies Act 2014 requires us to report to you if, in our opinion, the disclosures of directors' remuneration and transactions required by Sections 305 to 312 of the Act are not made. We have nothing to report in this regard.

Respective responsibilities and restrictions on use

Responsibilities of directors for the financial statements

As explained more fully in the directors' responsibilities statement set out on page 33, the directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A fuller description of our responsibilities is provided on IAASA's website at https://www.iaasa.ie/getmedia/b2389013-1 cf6-458b-9b8f-a98202dc9c3a/Description of auditors responsiblities for audit.pd!.

The purpose of our audit work and to whom we owe our responsibilities

Our report is made solely to the Company's members, as a body, in accordance with Section.391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Hubert Crehan for and on behalf of KPMG Chartered Accountants, Statutory Audit Firm 1 Harbourmaster Place IFSC Dublin 1

Date: 16 April 2019

39

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Comprehensive IncomeFor the financial year ended 31 December 2018

40

Indexed WorldSmall Cap

Equity Fund

Indexed

Global Equity

Fund

Indexed EuroGovernment LongDated Bond Fund

Indexed Euro LargeCap Corporate

Bond Fund

Enhanced

Commodity

Fund

Indexed MinimumVolatility Global

Equity Fund

Indexed

Emerging MarketDebt Fund

IndexedFundamental Global

Equity Fund

EUR EUR EUR EUR EUR EUR EUR EUR

Income Note

Interest income 2(c) 11,416 14,335 – – 50,879 5,794 49 1,190

Dividend income 2(c) 11,920,265 10,961,368 – – – 11,897,257 – 2,577,642

Securities lending income 2(m),17 638,379 48,918 1,570 114,114 – 62,681 143,307 8,890

Other income 113,114 13,824 20,622 1,266 15,073 955,150 1,895 96,623

Net (loss)/gain on financial instruments at fairvalue through profit or loss (68,087,147) (44,235,350) 403,005 (3,506,510) (1,471,326) (5,506,009) (16,400,221) (8,117,109)

Net investment (loss)/income (55,403,973) (33,196,905) 425,197 (3,391,130) (1,405,374) 7,414,873 (16,254,970) (5,432,764)

Expenses

Audit fees 18 (9,894) (9,894) (9,894) (9,894) (9,894) (9,894) (9,894) (9,894)

Administration fees 6 (136,076) (133,495) (8,011) (49,657) (10,055) (113,231) (203,013) (55,003)

Depositary fees 6 (124,101) (116,908) (7,642) (48,016) (7,475) (104,391) (775,707) (40,420)

Investment managers’ fees 6 (191,228) (562,163) (5,979) (44,016) – (268,722) (347,993) (98,754)

Transaction cost 2(d) (72,954) (16,832) – – – (122,661) – (17,010)

Other expenses 14 (108,624) (108,239) (1,454) (21,957) (16,521) (233,658) (92,499) (78,230)

Total operating expenses (642,877) (947,531) (32,980) (173,540) (43,945) (852,557) (1,429,106) (299,311)

Operating (loss)/profit before tax (56,046,850) (34,144,436) 392,217 (3,564,670) (1,449,319) 6,562,316 (17,684,076) (5,732,075)

Dividends to holders of redeemable shares 4 – – – – – – – –

Interest expense – – – (2) – – – –

Withholding tax on interest 1(c) – – – – (536) – (2,249,557) –

Withholding tax expense 1(c) (1,502,745) (1,468,737) – – – (1,607,023) – (304,418)

(Decrease)/increase in net assets attributable to holdersof redeemable shares (57,549,595) (35,613,173) 392,217 (3,564,672) (1,449,855) 4,955,293 (19,933,633) (6,036,493)

Gains and losses are solely from continuing operations. There were no gains and losses other than those dealt with in the Statement of Comprehensive Income.

The accompanying notes form an integral part of these financial statements.

Page 42: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Comprehensive Income (continued)For the financial year ended 31 December 2018 (continued)

41

Global LowVolatility Active

Equity Fund

Setanta

Reditus IncomeFund

Setanta ReditusGlobal Equity

Fund

Setanta ReditusGlobal Balanced

Fund

Setanta

Global EquityFund

Indexed EmergingMarket Equity

Fund

Setanta IncomeOpportunities

Fund Total

EUR EUR EUR EUR EUR EUR EUR EUR

Income Note

Interest income 2(c) 5,344 6,888 34 7 31 3,342 9,089 108,398

Dividend income 2(c) 24,048,155 1,981,051 1,744,740 302,999 2,927,788 1,381,544 1,837,040 71,579,849

Securities lending income 2(m),17 86,002 – – – – 8,846 – 1,112,707

Other income 142,212 134,116 145,939 1,070 1,629 1,165 661 1,644,359

Net (loss)/gain on financial instruments at fair valuethrough profit or loss (24,996,822) (3,006,925) (3,154,207) (499,129) 1,556,549 (6,104,420) (2,124,122) (185,249,743)

Net investment (loss)/income (715,109) (884,870) (1,263,494) (195,053) 4,485,997 (4,709,523) (277,332) (110,804,430)

Expenses

Audit fees 18 (9,894) (9,823) (9,823) (9,823) (9,905) (9,894) (9,905) (148,219)

Administration fees 6 – (45,391) (48,148) (34,629) (47,856) (12,136) (34,627) (931,328)

Depositary fees 6 (43,922) (15,142) (20,184) (12,816) (30,817) (84,839) (16,636) (1,449,016)

Investment managers’ fees 6 – (473,331) (398,820) (72,361) (12,376) – – (2,475,743)

Transaction cost 2(d) (186,181) (1,066) (735) (59) (56,541) (18,385) (50,081) (542,505)

Other expenses 14 (77,577) (21,627) (22,656) (15,748) (35,016) (72,917) (29,082) (935,805)

Total operating expenses (317,574) (566,380) (500,366) (145,436) (192,511) (198,171) (140,331) (6,482,616)

Operating (loss)/profit before tax (1,032,683) (1,451,250) (1,763,860) (340,489) 4,293,486 (4,907,694) (417,663) (117,287,046)

Dividends to holders of redeemable shares 4 – (1,945,883) – – – – – (1,945,883)

Interest expense – – (579) – – – (66,577) (67,158)

Withholding tax on interest 1(c) – – – – – – (2,965) (2,253,058)

Withholding tax expense 1(c) (3,062,815) (144,296) (183,708) (27,402) (315,214) (176,966) (107,737) (8,901,061)

(Decrease)/increase in net assets attributable to holders ofredeemable shares (4,095,498) (3,541,429) (1,948,147) (367,891) 3,978,272 (5,084,660) (594,942) (130,454,206)

Gains and losses are solely from continuing operations. There were no gains and losses other than those dealt with in the Statement of Comprehensive Income.

The accompanying notes form an integral part of these financial statements.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Comprehensive Income (continued)For the financial year ended 31 December 2017

42

Indexed WorldSmall Cap

Equity Fund

Indexed

Global Equity

Fund

Indexed EuroGovernment LongDated Bond Fund

Indexed Euro LargeCap Corporate

Bond Fund

Enhanced

Commodity

Fund

Indexed MinimumVolatility Global

Equity Fund

Indexed

Emerging MarketDebt Fund

IndexedFundamental Global

Equity Fund

EUR EUR EUR EUR EUR EUR EUR EUR

Income Note

Interest income 2(c) 3,015 1,374 – 1 20,686 1,614 340 469

Dividend income 2(c) 10,998,327 10,001,042 – – – 11,289,406 – 4,949,387

Securities lending income 2(m),17 634,907 38,917 1,335 11,770 – 56,679 8,423 22,175

Other income 9,555 23,217 576 9,009 11,365 3,107 25 6,822

Net gain/(loss) on financial instruments at fairvalue through profit or loss 37,574,474 47,375,951 (81,742) 7,571,880 (2,789,892) 9,606,711 5,732,320 4,328,963

Net investment income/(loss) 49,220,278 57,440,501 (79,831) 7,592,660 (2,757,841) 20,957,517 5,741,108 9,307,816

Expenses

Audit fees 18 (9,813) (9,813) (9,813) (9,813) (9,813) (9,813) (9,813) (9,812)

Administration fees 6 (128,540) (133,365) (5,327) (58,311) (34,344) (56,862) (76,211) (65,474)

Depositary fees 6 (124,654) (94,109) (8,318) (50,559) (7,901) (82,316) (244,764) (71,814)

Investment managers’ fees 6 (190,105) (507,008) (5,667) (35,101) – (214,994) (25,617) (140,801)

Transaction cost 2(d) (117,311) (24,603) – – – (79,891) – (71,207)

Other expenses 14 (104,897) (103,995) (3,256) (33,686) (18,098) (1,080,834) (49,336) (492,967)

Total operating expenses (675,320) (872,893) (32,381) (187,470) (70,156) (1,524,710) (405,741) (852,075)

Operating profit/(loss) profit before tax 48,544,958 56,567,608 (112,212) 7,405,190 (2,827,997) 19,432,807 5,335,367 8,455,741

Dividends to holders of redeemable shares 4 – – – – – – – –

Withholding tax on interest 1(c) – – – – (912) – (696,057) –

Withholding tax expense 1(c) (1,207,734) (1,200,043) – – – (1,530,844) (7,609) (513,688)

Increase/(decrease) in net assets attributable to holdersof redeemable shares 47,337,224 55,367,565 (112,212) 7,405,190 (2,828,909) 17,901,963 4,631,701 7,942,053

Gains and losses are solely from continuing operations. There were no gains and losses other than those dealt with in the Statement of Comprehensive Income.

The accompanying notes form an integral part of these financial statements.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Comprehensive Income (continued)For the financial year ended 31 December 2017 (continued)

43

Global LowVolatility Active

Equity Fund

Setanta

Reditus IncomeFund

Setanta ReditusGlobal Equity

Fund

Setanta ReditusGlobal Balanced

Fund

Setanta

Global EquityFund

Indexed EmergingMarket Equity

Fund

Setanta IncomeOpportunities

Fund Total

EUR EUR EUR EUR EUR EUR EUR EUR

Income Note

Interest income 2(c) 1,782 2,873 24 3 30 1,940 1,312 35,463

Dividend income 2(c) 21,107,675 1,906,098 1,259,225 283,642 2,451,566 1,411,584 1,355,425 67,013,377

Securities lending income 2(m),17 86,895 – – – – 7,840 – 868,941

Other income 6,727 42,042 877 50,717 72 1,226 1 165,338

Net gain on financial instruments at fair value throughprofit or loss 10,957,947 2,336,721 4,483,127 1,076,160 8,393,238 9,495,375 59,522 146,120,755

Net investment income 32,161,026 4,287,734 5,743,253 1,410,522 10,844,906 10,917,965 1,416,260 214,203,874

Expenses

Audit fees 18 (9,813) (4,078) (7,978) (12,578) (13,973) (9,958) (12,843) (149,724)

Administration fees 6 – (40,755) (44,568) (34,346) (45,081) (34,344) (34,344) (791,872)

Depositary fees 6 (50,852) (11,976) (17,180) (12,826) (28,942) (54,906) (13,384) (874,501)

Investment managers’ fees 6 – (477,971) (355,538) (75,848) (9,277) – – (2,037,927)

Transaction cost 2(d) (180,849) (57,925) (39,616) (5,630) (73,098) (20,273) (114,461) (784,864)

Other expenses 14 (83,348) (167,871) (163,866) (16,452) (36,252) (31,100) (56,215) (2,442,173)

Total operating expenses (324,862) (760,576) (628,746) (157,680) (206,623) (150,581) (231,247) (7,081,061)

Operating profit before tax 31,836,164 3,527,158 5,114,507 1,252,842 10,638,283 10,767,384 1,185,013 207,122,813

Dividends to holders of redeemable shares 4 – (1,945,404) – – – – – (1,945,404)

Withholding tax on interest 1(c) – – – – – – (546) (697,515)

Withholding tax expense 1(c) (2,776,823) (138,651) (140,609) (24,107) (280,835) (183,619) (82,114) (8,086,676)

Increase in net assets attributable to holders of redeemableshares 29,059,341 1,443,103 4,973,898 1,228,735 10,357,448 10,583,765 1,102,353 196,393,218

Gains and losses are solely from continuing operations. There were no gains and losses other than those dealt with in the Statement of Comprehensive Income.

The accompanying notes form an integral part of these financial statements.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Financial PositionAs at 31 December 2018

44

Indexed World Indexed Indexed Euro Indexed Euro Large Enhanced Indexed Minimum Indexed Indexed

Small Cap Global Equity Government Long Cap Corporate Commodity Volatility Global Emerging Market Fundamental

Equity Fund Fund Dated Bond Fund Bond Fund Fund Equity Fund Debt Fund Global Equity Fund

Assets Note EUR EUR EUR EUR EUR EUR EUR EUR

Loans and receivables

Deposits with credit institutions 7 8,011,624 6,154,758 7,116 733,656 3,237,921 3,585,314 6,166,359 829,869

Margin cash 8 1,305,264 667,079 – – – 439,375 – 167,841

Fund assets cash 7 – – – – – – – –

Due from shareholders – – – – – 1,409,666 – –

Other receivables 13 983,897 632,811 20,474 – 41,646 1,826,687 3,996 212,981

Due from broker 2(r) 60,883 – – – – – – –

Securities lending income receivable 41,733 2,866 107 9,357 – 6,934 19,745 632

Financial assets at fair value through profit or loss 2(e),12

Debt securities – – 17,120,460 285,850,933 27,463,382 – 1,179,891,486 –

Equity investments 559,924,840 406,045,570 – – – 486,196,888 – 78,165,518

OTC foreign exchange forward contracts 265,935 2,936,398 – – – 71,359 1,471 16,396

Futures contracts 370 – – – – – – 53

Total assets 570,594,546 416,439,482 17,148,157 286,593,946 30,742,949 493,536,223 1,186,083,057 79,393,290

79,393,290Liabilities

Financial liabilities at fair value through profit or 2(e),12

OTC foreign exchange forward contracts 228,687 1,407,460 – – – 42,097 11,908 9,929

Futures contracts 433,278 219,795 – – – 204,389 – 49,039

Options – – – – – – – –

Financial liabilities measured at amortised cost

Deposits with credit institutions: bank overdraft 7 – – – – 672,868 – – –

Investment managers’ fees payable 6 31,694 89,925 1,009 7,493 – 49,126 63,438 19,535

Administration fees payable 6 33,711 19,573 2,006 9,550 4,313 26,791 27,672 13,461

Audit fees payable 9,808 9,877 9,820 9,823 9,830 9,870 9,824 9,770

Depositary fees payable 6 30,297 25,210 1,215 9,804 1,505 23,493 106,868 19,397

Fund assets payable 7 – – – – – – – –

Other fees payable 11,166 7,869 497 3,372 5,980 85,271 484,556 33,826

Payable to broker 2(r) – – – – 8,596 – – –

Total liabilities (excluding net assets attributable to

holders of redeemable shares) 778,641 1,779,709 14,547 40,042 703,092 441,037 704,266 154,957

Net assets attributable to holders of redeemable shares 569,815,905 414,659,773 17,133,610 286,553,904 30,039,857 493,095,186 1,185,378,791 79,238,333

The accompanying notes form an integral part of these financial statements.

Page 46: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford
Page 47: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Financial Position (continued)As at 31 December 2017

46

Indexed World Indexed Indexed Euro Indexed Euro Large Enhanced Indexed Minimum Indexed Indexed

Small Cap Global Equity Government Long Cap Corporate Commodity Volatility Global Emerging Market Fundamental Global

Equity Fund Fund Dated Bond Fund Bond Fund Fund Equity Fund Debt Fund Equity Fund

Assets Note EUR EUR EUR EUR EUR EUR EUR EUR

Loans and receivables

Deposits with credit institutions 7 2,697,347 14,667,119 37,126 437,988 3,088,217 4,943,676 2,124,110 1,628,469

Margin cash 8 146,219 2,159,972 – – – 313,631 – 144,805

Fund assets cash 7 – 1,198,084 – – – – – –

Due from shareholders – – – – – 5,611 – 5,464

Other receivables 13 944,019 599,155 – 455 833 800,919 281 184,813

Due from broker 2(r) – – – – – – – –

Securities lending income receivable 52,740 2,584 89 2,466 – 2,417 581 716

Financial assets at fair value through profit or loss 2(e),12

Debt securities – – 16,473,047 303,833,304 32,183,145 – 791,007,731 –

Equity investments 650,258,409 431,553,154 – – – 374,054,851 – 90,393,297

OTC foreign exchange forward contracts 313,411 1,595,031 – – – 10,560 3,511 11,909

Futures contracts 38,497 249,638 – – – 39,181 – 17,346

Total assets 654,450,642 452,024,737 16,510,262 304,274,213 35,272,195 380,170,846 793,136,214 92,386,819

Liabilities

Financial liabilities at fair value through profit or loss 2(e),12

OTC foreign exchange forward contracts 268,195 773,247 – – – 43,096 7,506 51,857

Futures contracts 6,720 47,655 – – – 15,158 – 8,479

Financial liabilities measured at amortised cost

Deposits with credit institutions: bank overdraft 7 – – – – – – 86,817 –

Investment managers’ fees payable 6 65,673 174,078 1,895 11,707 – 72,578 23,667 38,973

Payable for shares redeemed – – – – – 189 – 231

Administration fees payable 6 34,243 23,474 3,020 10,048 4,125 15,880 20,091 5,852

Audit fees payable 9,754 9,823 9,765 9,769 9,775 9,815 9,770 9,716

Depositary fees payable 6 16,714 10,553 1,563 4,547 1,004 10,697 15,977 3,390

Other fees payable 10,817 13,519 6,975 9,731 17,579 369,975 175,979 109,185

Total liabilities (excluding net assets attributable to

holders of redeemable shares) 412,116 1,052,349 23,218 45,802 32,483 537,388 339,807 227,683

Net assets attributable to holders of redeemable shares 654,038,526 450,972,388 16,487,044 304,228,411 35,239,712 379,633,458 792,796,407 92,159,136

The accompanying notes form an integral part of these financial statements.

Page 48: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Financial Position (continued)As at 31 December 2017 (continued)

47

Global Low Setanta Setanta Reditus Setanta Reditus Setanta Indexed Emerging Setanta Income

Volatility Active Reditus Income Global Equity Global Balanced Global Equity Market Equity Opportunities

Equity Fund Fund Fund Fund Fund Fund Fund Total

Assets Note EUR EUR EUR EUR EUR EUR EUR EUR

Loans and receivables

Deposits with credit institutions 7 2,572,695 6,009,224 3,408,797 2,878,558 3,350,320 1,859,048 13,364,377 63,067,071

Margin cash 8 – 258,026 – – – 251,651 265,203 3,539,507

Fund assets cash 7 – – – – – – – 1,198,084

Due from shareholders – – – – – – – 11,075

Other receivables 13 1,674,125 193,321 81,631 21,084 141,399 99,458 207,938 4,949,431

Due from broker 2(r) 6,289,643 – – – – – – 6,289,643

Securities lending income receivable 7,064 – – – – 767 – 69,424

Financial assets at fair value through profit or loss 2(e),12

Debt securities – – – 3,127,580 – – 7,196,781 1,153,821,588

Equity investments 752,590,273 47,081,074 72,156,014 13,741,405 137,781,010 58,132,591 48,864,425 2,676,606,503

OTC foreign exchange forward contracts – – – – – 126 – 1,934,548

Futures contracts – – – – – 104,517 – 449,179

Total assets 763,133,800 53,541,645 75,646,442 19,768,627 141,272,729 60,448,158 69,898,724 3,911,936,053

Liabilities

Financial liabilities at fair value through profit or loss 2(e),12

OTC foreign exchange forward contracts – – – – – 44,338 – 1,188,239

Futures contracts – – – – – – – 78,012

Financial liabilities measured at amortised cost

Deposits with credit institutions: bank overdraft 7 – – 520 88 751 – 283 88,459

Investment managers’ fees payable 6 – 40,346 29,953 6,270 1,001 – – 466,141

Payable for shares redeemed – – – – – – – 420

Administration fees payable 6 – 7,118 5,836 5,086 5,720 5,184 4,543 150,220

Audit fees payable 9,776 8,794 10,463 8,741 9,828 9,464 9,908 145,161

Depositary fees payable 6 6,062 1,875 2,360 1,181 2,419 1,667 817 80,826

Other fees payable 14,371 145,283 153,814 8,300 8,362 206,837 4,237 1,254,964

Total liabilities (excluding net assets attributable toholders of redeemable shares) 30,209 203,416 202,946 29,666 28,081 267,490 19,788 3,452,442

Net assets attributable to holders of redeemable shares 763,103,591 53,338,229 75,443,496 19,738,961 141,244,648 60,180,668 69,878,936 3,908,483,611

The accompanying notes form an integral part of these financial statements.

Page 49: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Changes in Net Assets Attributable to Holders of Redeemable SharesFor the financial years ended 31 December 2018 and 31 December 2017

48

Indexed World Indexed Indexed Euro Indexed Euro Large Enhanced Indexed Minimum Indexed Indexed

Small Cap Global Equity Government Long Cap Corporate Commodity Volatility Global Emerging Market Fundamental Global

Equity Fund Fund Dated Bond Fund Bond Fund Fund Equity Fund Debt Fund Equity Fund

EUR EUR EUR EUR EUR EUR EUR EUR

Balance as at 31 December 2017 654,038,526 450,972,388 16,487,044 304,228,411 35,239,712 379,633,458 792,796,407 92,159,136

(Decrease)/increase in net assets attributable to holdersof redeemable shares (57,549,595) (35,613,173) 392,217 (3,564,672) (1,449,855) 4,955,293 (19,933,633) (6,036,493)

Contributions and redemptions by holders ofredeemable shares:

Issue of redeemable shares during the financial year 466,458,003 29,682,148 451,189 17,141,150 1,550,000 420,202,308 452,100,091 20,224,730Redemption of redeemable shares during the financial year (493,131,029) (30,381,590) (196,840) (31,250,985) (5,300,000) (311,695,873) (39,584,074) (27,109,040)

Transactions with holders of redeemable shares (26,673,026) (699,442) 254,349 (14,109,835) (3,750,000) 108,506,435 412,516,017 (6,884,310)

Balance as at 31 December 2018 569,815,905 414,659,773 17,133,610 286,553,904 30,039,857 493,095,186 1,185,378,791 79,238,333

Indexed World Indexed Indexed Euro Indexed Euro Large Enhanced Indexed Minimum Indexed Indexed

Small Cap Global Equity Government Long Cap Corporate Commodity Volatility Global Emerging Market Fundamental Global

Equity Fund Fund Dated Bond Fund Bond Fund Fund Equity Fund Debt Fund Equity Fund

EUR EUR EUR EUR EUR EUR EUR EUR

Balance as at 31 December 2016 533,395,922 395,862,837 16,816,579 328,151,858 40,818,621 438,048,101 212,917,864 130,412,302

Increase/(decrease) in net assets attributable to holdersof redeemable shares 47,337,224 55,367,565 (112,212) 7,405,190 (2,828,909) 17,901,963 4,631,701 7,942,053

Contributions and redemptions by holders ofredeemable shares:

Issue of redeemable shares during the financial year 126,807,380 27,925,065 493,907 19,650,638 4,050,000 135,803,443 575,246,842 141,000,296Redemption of redeemable shares during the financial year (53,502,000) (28,183,079) (711,230) (50,979,275) (6,800,000) (212,120,049) – (187,195,515)

Transactions with holders of redeemable shares 73,305,380 (258,014) (217,323) (31,328,637) (2,750,000) (76,316,606) 575,246,842 (46,195,219)

Balance as at 31 December 2017 654,038,526 450,972,388 16,487,044 304,228,411 35,239,712 379,633,458 792,796,407 92,159,136

The accompanying notes form an integral part of these financial statements.

Page 50: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares (continued)For the financial years ended 31 December 2018 and 31 December 2017(continued)

49

Global LowVolatility Active

Equity Fund

SetantaReditus Income

Fund

Setanta ReditusGlobal Equity

Fund

Setanta ReditusGlobal Balanced

Fund

SetantaGlobal Equity

Fund

Indexed EmergingMarket Equity

Fund

Setanta IncomeOpportunities

Fund Total

EUR EUR EUR EUR EUR EUR EUR EUR

Balance as at 31 December 2017 763,103,591 53,338,229 75,443,496 19,738,961 141,244,648 60,180,668 69,878,936 3,908,483,611

(Decrease)/increase in net assets attributable to holders ofredeemable shares (4,095,498) (3,541,429) (1,948,147) (367,891) 3,978,272 (5,084,660) (594,942) (130,454,206)

Contributions and redemptions by holders of redeemableshares:

Issue of redeemable shares during the financial year – 500,000 5,626,031 1,571,000 8,500,000 – 5,050,000 1,429,056,650Redemption of redeemable shares during the financial year (18,600,000) (4,008,877) (7,438,129) (3,322,113) (133,558,419) (10,000,000) (49,535,906) (1,165,112,875)

Transactions with holders of redeemable shares (18,600,000) (3,508,877) (1,812,098) (1,751,113) (125,058,419) (10,000,000) (44,485,906) 263,943,775

Balance as at 31 December 2018 740,408,093 46,287,923 71,683,251 17,619,957 20,164,501 45,096,008 24,798,088 4,041,973,180

Global LowVolatility Active

Equity Fund

SetantaReditus Income

Fund

Setanta ReditusGlobal Equity

Fund

Setanta ReditusGlobal Balanced

Fund

SetantaGlobal Equity

Fund

Indexed EmergingMarket Equity

Fund

Setanta IncomeOpportunities

Fund Total

EUR EUR EUR EUR EUR EUR EUR EUR

Balance as at 31 December 2016 752,044,250 48,777,216 67,967,670 18,156,760 111,787,200 55,796,903 23,126,583 3,174,080,666

Increase in net assets attributable to holders of redeemableshares 29,059,341 1,443,103 4,973,898 1,228,735 10,357,448 10,583,765 1,102,353 196,393,218

Contributions and redemptions by holders of redeemableshares:

Issue of redeemable shares during the financial year – 3,683,498 2,951,928 1,791,271 19,100,000 – 45,650,000 1,104,154,268Redemption of redeemable shares during the financial year (18,000,000) (565,588) (450,000) (1,437,805) – (6,200,000) – (566,144,541)

Transactions with holders of redeemable shares (18,000,000) 3,117,910 2,501,928 353,466 19,100,000 (6,200,000) 45,650,000 538,009,727

Balance as at 31 December 2017 763,103,591 53,338,229 75,443,496 19,738,961 141,244,648 60,180,668 69,878,936 3,908,483,611

The accompanying notes form an integral part of these financial statements.

Page 51: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Cash FlowsFor the financial year ended 31 December 2018

50

Indexed WorldSmall Cap

Equity Fund

IndexedGlobal Equity

Fund

Indexed EuroGovernment LongDated Bond Fund

Indexed Euro LargeCap Corporate

Bond Fund

EnhancedCommodity

Fund

Indexed MinimumVolatility Global

Equity Fund

IndexedEmerging Market

Debt Fund

Indexed

Fundamental GlobalEquity Fund

EUR EUR EUR EUR EUR EUR EUR EURCash flows from/(used in) operating activities

(Decrease)/increase in net assets attributable to holders ofredeemable shares (57,549,595) (35,613,173) 392,217 (3,564,672) (1,449,855) 4,955,293 (19,933,633) (6,036,493)

Adjustments to reconcile net increase/(decrease) in netassets attributable to holders of redeemable shares fromoperations to net cash from/(used in) operating activitiesNet decrease/(increase) in financial assets at fair value throughprofit or loss 90,419,172 24,415,855 (647,413) 17,982,371 4,719,763 (112,163,655) (388,881,715) 12,258,526Net (increase)/decrease in other receivables (39,878) (33,656) (20,474) 455 (40,813) (1,025,768) (3,715) (28,168)Net (increase) in due from broker (60,883) – – – – – – –Net decrease in fund assets cash – 1,198,084 – – – – – –Net decrease/(increase) in securities lending income receivable 11,007 (282) (18) (6,891) – (4,517) (19,164) 84Net (increase)/decrease in margin cash (1,159,045) 1,492,893 – – – (125,744) – (23,036)Net increase/(decrease) in financial liabilities at fair valuethrough profit or loss 387,050 806,353 – – – 188,232 4,402 (19,309)Net (decrease)/increase in administration fees payable (532) (3,901) (1,014) (498) 188 10,911 7,581 7,609Net increase in audit fees payable 54 54 55 54 55 55 54 54Net increase/(decrease) in depositary fees payable 13,583 14,657 (348) 5,257 501 12,796 90,891 16,007Net (decrease)/increase in investment managers’ fees payable (33,979) (84,153) (886) (4,214) – (23,452) 39,771 (19,438)Net increase in fund assets payable – – – – – – – –Net increase/(decrease) in other fees payable 349 (5,650) (6,478) (6,359) (11,599) (284,704) 308,577 (75,359)Net increase in payable to broker – – – – 8,596 – – –

Net cash from/(used in) operating activities 31,987,303 (7,812,919) (284,359) 14,405,503 3,226,836 (108,460,553) (408,386,951) 6,080,477

Cash flows (used in)/from financing activitiesProceeds from issue of redeemable shares 466,458,003 29,682,148 451,189 17,141,150 1,550,000 418,798,253 452,100,091 20,230,194Payments on redemption of redeemable shares (493,131,029) (30,381,590) (196,840) (31,250,985) (5,300,000) (311,696,062) (39,584,074) (27,109,271)

Net cash (used in)/from financing activities (26,673,026) (699,442) 254,349 (14,109,835) (3,750,000) 107,102,191 412,516,017 (6,879,077)

Net increase/(decrease) in deposits with credit institutions 5,314,277 (8,512,361) (30,010) 295,668 (523,164) (1,358,362) 4,129,066 (798,600)

Deposits with credit institutions as at beginning of thefinancial year including bank overdraft (Note 7) 2,697,347 14,667,119 37,126 437,988 3,088,217 4,943,676 2,037,293 1,628,469

Deposits with credit institutions as at the end of thefinancial year including bank overdraft (Note 7) 8,011,624 6,154,758 7,116 733,656 2,565,053 3,585,314 6,166,359 829,869

The accompanying notes form an integral part of these financial statements.

Page 52: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Cash Flows (continued)For the financial year ended 31 December 2018 (continued)

51

Indexed WorldSmall Cap

Equity Fund

IndexedGlobal Equity

Fund

Indexed EuroGovernment LongDated Bond Fund

Indexed Euro LargeCap Corporate

Bond Fund

EnhancedCommodity

Fund

Indexed MinimumVolatility Global

Equity Fund

IndexedEmerging Market

Debt Fund

Indexed

Fundamental GlobalEquity Fund

EUR EUR EUR EUR EUR EUR EUR EUR

Supplementary Cash Flow InformationInterest received 11,416 14,335 2,616 289,012 46,141 5,794 - 1,190Interest paid - - - - - - 7,150,448 -Dividends received 11,900,878 10,915,867 - - - 11,543,527 - 2,561,479

The accompanying notes form an integral part of these financial statements.

Page 53: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Cash Flows (continued)For the financial year ended 31 December 2018 (continued)

52

Global LowVolatility Active

Equity Fund

SetantaReditus Income

Fund

SetantaReditus Global

Equity Fund

Setanta ReditusGlobal Balanced

Fund

SetantaGlobal Equity

Fund

Indexed EmergingMarket Equity

Fund

Setanta IncomeOpportunities

Fund TotalEUR EUR EUR EUR EUR EUR EUR EUR

Cash flows from/(used in) operating activities

(Decrease)/increase in net assets attributable to holders ofredeemable shares (4,095,498) (3,541,429) (1,948,147) (367,891) 3,978,272 (5,084,660) (594,942) (130,454,206)

Adjustments to reconcile net increase/(decrease) in netassets attributable to holders of redeemable shares fromoperations to net cash from/(used in) operating activitiesNet decrease/(increase) in financial assets at fair value throughprofit or loss 22,047,028 5,733,418 1,640,435 2,290,557 118,198,281 14,179,268 37,115,775 (150,692,334)Net (increase)/decrease in other receivables (396,864) (46,191) (23,028) 33 82,129 (29,944) 58,666 (1,547,216)Net decrease/(increase) in due from broker 6,289,643 – – – – (1,023) – 6,227,737Net (increase) in fund assets cash – – – (5,000) – – – 1,193,084Net (increase)/decrease in securities lending income receivable (10,289) – – – – 469 – (29,601)Net (increase)/decrease in margin cash – (1,843,410) – – – 108,953 (592,471) (2,141,860)Net increase/(decrease) in financial liabilities at fair valuethrough profit or loss – 2,448 – – – (27,592) 1,338 1,342,922Net (decrease)/increase in administration fees payable – (667) 1,735 189 (900) 188 187 21,076Net increase/(decrease) in audit fees payable 55 (16) (16) (16) 66 55 65 628Net increase in depositary fees payable 2,826 2,628 2,842 2,155 2,402 14,831 1,852 182,880Net increase in investment managers’ fees payable – 75,612 69,957 11,662 588 – – 31,468Net increase in fund assets payable – – – 5,000 – – – 5,000Net (decrease)/increase in other fees payable (1,647) (136,882) (145,542) (374) (2,502) 62,339 (3,452) (309,283)Net increase in payable to broker – – – – – – – 8,596

Net cash from/(used in) operating activities 23,835,254 245,511 (401,764) 1,936,315 122,258,336 9,222,884 35,987,018 (276,161,109)

Cash flows from/(used in) financing activitiesProceeds from issue of redeemable shares – 500,000 5,626,031 1,571,000 8,500,000 – 5,050,000 1,427,658,059Payments on redemption of redeemable shares (18,600,000) (4,008,877) (7,438,129) (3,322,113) (133,558,419) (10,000,000) (49,535,906) (1,165,113,295)

Net cash (used in)/from financing activities (18,600,000) (3,508,877) (1,812,098) (1,751,113) (125,058,419) (10,000,000) (44,485,906) 262,544,764

Net increase/(decrease) in deposits with credit institutions 5,235,254 (3,263,366) (2,213,862) 185,202 (2,800,083) (777,116) (8,498,888) (13,616,345)

Deposits with credit institutions as at beginning of thefinancial year including bank overdraft (Note 7) 2,572,695 6,009,224 3,408,277 2,878,470 3,349,569 1,859,048 13,364,094 62,978,612

Deposits with credit institutions as at the end of thefinancial year including bank overdraft (Note 7) 7,807,949 2,745,858 1,194,415 3,063,672 549,486 1,081,932 4,865,206 49,362,267

The accompanying notes form an integral part of these financial statements.

Page 54: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Cash Flows (continued)For the financial year ended 31 December 2018 (continued)

53

Global LowVolatility Active

Equity Fund

SetantaReditus Income

Fund

Setanta ReditusGlobal

Equity Fund

Setanta ReditusGlobal Balanced

Fund

SetantaGlobal Equity

Fund

Indexed EmergingMarket Equity

Fund

Setanta IncomeOpportunities

Fund TotalEUR EUR EUR EUR EUR EUR EUR EUR

Supplementary Cash Flow InformationInterest received 5,344 6,888 34 - 31 3,342 39,853 425,996Interest paid - - - 547 - - - 7,150,995Dividends received 23,750,965 1,970,467 1,728,796 302,720 3,022,665 1,374,101 1,940,740 71,012,205

The accompanying notes form an integral part of these financial statements.

Page 55: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Cash Flows (continued)For the financial year ended 31 December 2017

54

Indexed WorldSmall Cap

Equity Fund

IndexedGlobal Equity

Fund

Indexed EuroGovernment LongDated Bond Fund

Indexed Euro LargeCap Corporate

Bond Fund

EnhancedCommodity

Fund

Indexed MinimumVolatility Global

Equity Fund

IndexedEmerging Market

Debt Fund

Indexed

Fundamental GlobalEquity Fund

EUR EUR EUR EUR EUR EUR EUR EURCash flows from/(used in) operating activities

Increase/(decrease) in net assets attributable to holders ofredeemable shares 47,337,224 55,367,565 (112,212) 7,405,190 (2,828,909) 17,901,963 4,631,701 7,942,053

Adjustments to reconcile net increase/(decrease) in netassets attributable to holders of redeemable shares fromoperations to net cash (used in)/from operating activitiesNet (increase)/decrease in financial assets at fair value throughprofit or loss (122,199,248) (43,210,481) 332,067 23,818,574 5,562,580 59,135,069 (578,539,347) 39,366,342Net (increase)/decrease in other receivables (147,636) 40,893 125 5,247 (631) 653,125 2,205 257,368Net (increase)/decrease in due from broker – – – – – 1,730 1,679,720 –Net increase in fund assets cash – (355,846) – – – – – –Net (increase)/decrease in securities lending income receivable (16,151) (2,584) 51 29,468 – 5,916 13,750 2,080Net decrease/(increase) in margin cash 1,174,016 (1,036,643) – – – 402,110 – (501)Net decrease/(increase) in financial liabilities at fair valuethrough profit or loss 51,305 (787,779) – – – 39,531 5,168 51,983Net (decrease)/increase in administration fees payable (9,486) (17,745) 312 1,254 (96) (7,212) 10,983 (2,343)Net decrease in audit fees payable (26) (27) (26) (27) (26) (27) (26) (28)Net increase/(decrease) in depositary fees payable 2,610 415 786 (1,083) 411 (1,955) 7,940 431Net increase in investment managers’ fees payable 49,810 135,616 1,396 8,865 – 55,635 23,435 28,390Net increase/(decrease) in other fees payable 5,686 (20,710) (4,118) (2,371) (11,737) 313,595 163,630 77,048Net decrease in payable to broker (158,814) – – – – – (2,002,379) –

Net cash (used in)/from operating activities (73,910,710) 10,112,674 218,381 31,265,117 2,721,592 78,499,480 (574,003,220) 47,722,823

Cash flows from/(used in) financing activitiesProceeds from issue of redeemable shares 126,807,380 27,925,065 493,907 19,650,638 4,050,000 135,877,704 575,246,842 140,994,832Payments on redemption of redeemable shares (53,502,000) (28,197,084) (713,581) (50,979,275) (6,800,000) (212,119,899) – (187,195,328)

Net cash from/(used in) financing activities 73,305,380 (272,019) (219,674) (31,328,637) (2,750,000) (76,242,195) 575,246,842 (46,200,496)

Net (decrease)/increase in deposits with credit institutions (605,330) 9,840,655 (1,293) (63,520) (28,408) 2,257,285 1,243,622 1,522,327

Deposits with credit institutions as at beginning of thefinancial year including bank overdraft (Note 7) 3,302,677 4,826,464 38,419 501,508 3,116,625 2,686,391 793,671 106,142

Deposits with credit institutions as at the end of thefinancial year including bank overdraft (Note 7) 2,697,347 14,667,119 37,126 437,988 3,088,217 4,943,676 2,037,293 1,628,469

The accompanying notes form an integral part of these financial statements.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Cash Flows (continued)For the financial year ended 31 December 2017

55

Indexed WorldSmall Cap

Equity Fund

IndexedGlobal Equity

Fund

Indexed EuroGovernment LongDated Bond Fund

Indexed Euro LargeCap Corporate

Bond Fund

EnhancedCommodity

Fund

Indexed MinimumVolatility Global

Equity Fund

IndexedEmerging Market

Debt Fund

Indexed

Fundamental GlobalEquity Fund

EUR EUR EUR EUR EUR EUR EUR EUR

Supplementary Cash Flow InformationInterest received 3,015 1,374 – 851,339 19,853 1,614 – 469Interest paid – – 1,313 – – – 9,392,854 –Dividends received 10,886,900 10,015,157 – – – 11,434,908 – 5,004,606

The accompanying notes form an integral part of these financial statements.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Cash Flows (continued)For the financial year ended 31 December 2017 (continued)

56

Global LowVolatility Active

Equity Fund

SetantaReditus

Income Fund

SetantaReditus Global

Equity Fund

Setanta ReditusGlobal Balanced

Fund

SetantaGlobal Equity

Fund

IndexedEmerging Market

EquityFund

Setanta IncomeOpportunities

Fund TotalEUR EUR EUR EUR EUR EUR EUR EUR

Cash flows from operating activities

Increase/(decrease) in net assets attributable to holders of redeemableshares 29,059,341 1,443,103 4,973,898 1,228,735 10,357,448 10,583,765 1,102,353 196,393,218

Adjustments to reconcile net increase/(decrease) in net assetsattributable to holders of redeemable shares from operationsto net cash (used in)/from operating activitiesNet (increase)/decrease in financial assets at fair value throughprofit or loss (2,782,268) (4,922,254) (6,918,991) 139,979 (30,577,598) (7,756,719) (39,106,472) (707,658,767)Net (increase)/decrease in other receivables (243,112) (87,261) (2,685) (3,085) (4,144) 34,727 (158,718) 346,418Net (increase)/decrease in due from broker (6,289,643) – 7,362 – 12,438 – – (4,588,393)Net increase in fund assets cash – – – – – – – (355,846)Net decrease/(increase) in securities lending income receivable 1,700 – – – – (767) – 33,463Net decrease in margin cash – 1,758,523 – – – 932,570 944,872 4,174,947Net increase/(decrease) in financial liabilities at fair valuethrough profit or loss (1,638) (6,474) (57) (10) (90) 17,903 (4,027) (634,185)Net (decrease)/increase in administration fees payable (2,472) 153 (1,347) (96) (608) (2,966) (929) (32,598)Net (decrease)/increase in audit fees payable (27) (5,762) (1,862) 2,738 4,133 118 3,004 2,129Net increase/(decrease) in depositary fees payable 4,522 (560) 437 1,181 304 (6,100) (968) 8,371Net increase in investment managers’ fees payable – 2,748 2,388 354 560 – – 309,197Net increase/(decrease) in other fees payable 8,574 135,100 145,268 (32,964) 2,894 196,925 2,717 979,537Net decrease in payable to broker – – (47,260) (8,022) (74,074) – – (2,290,549)

Net cash from/(used in) operating activities 19,754,977 (1,682,684) (1,842,849) 1,328,810 (20,278,737) 3,999,456 (37,218,168) (513,313,058)

Cash flows (used in)/from financing activitiesProceeds from issue of redeemable shares – 3,683,498 2,951,928 1,791,271 19,100,000 – 45,650,000 1,104,223,065Payments on redemption of redeemable shares (21,000,000) (565,588) (450,000) (1,437,805) – (6,200,000) – (569,160,560)

Net cash (used in)/from financing activities (21,000,000) 3,117,910 2,501,928 353,466 19,100,000 (6,200,000) 45,650,000 535,062,505

Net (decrease)/increase in deposits with credit institutions (1,245,023) 1,435,226 659,079 1,682,276 (1,178,737) (2,200,544) 8,431,832 21,749,447

Deposits with credit institutions as at beginning of the financialyear (Note 7) 3,817,718 4,573,998 2,749,198 1,196,194 4,528,306 4,059,592 4,932,262 41,229,165

Deposits with credit institutions as at the end of thefinancial year (Note 7) 2,572,695 6,009,224 3,408,277 2,878,470 3,349,569 1,859,048 13,364,094 62,978,612

The accompanying notes form an integral part of these financial statements.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Statement of Cash Flows (continued)For the financial year ended 31 December 2017 (continued)

57

Global LowVolatility Active

Equity Fund

SetantaReditus

Income Fund

SetantaReditus Global

Equity Fund

Setanta ReditusGlobal Balanced

Fund

SetantaGlobal Equity

Fund

IndexedEmerging Market

EquityFund

Setanta IncomeOpportunities

Fund TotalEUR EUR EUR EUR EUR EUR EUR EUR

Supplementary Cash Flow InformationInterest received 1,782 2,873 24 32,256 30 1,940 – 916,569Interest paid – – – – – – 92,586 9,486,753Dividends received 20,929,070 1,870,595 1,266,010 285,434 2,463,437 1,446,037 1,225,491 66,827,645

The accompanying notes form an integral part of these financial statements.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

58

1. General Information

Background of the Company

Beresford Funds plc (the “Company”) is an open-ended investment company with variable capital, incorporated inIreland on 11 October 2006 under the Companies Act with registration number 427898. The Company has beenauthorised by the Central Bank of Ireland as a UCITS pursuant to the UCITS Regulations.

The Company is structured as an umbrella fund consisting of different Sub-Funds with segregated liability betweenSub-Funds, with each Sub-Fund comprising of one or more Share Classes.

The investment activities of the Company are managed by Irish Life Investment Managers Limited and Setanta AssetManagement Limited (the “Investment Managers”). Cantor Fitzgerald Ireland Limited acts as an investment advisor forthe Setanta Reditus Income Fund, the Setanta Reditus Global Equity Fund and the Setanta Reditus Global BalancedFund. Citibank Europe plc (the “Administrator”) is responsible for the administration of the Funds including financialand accounting services.

2. Significant Accounting Policies

a) Statement of Compliance

The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”)as adopted by the EU, the Companies Act 2014, the European Communities (Undertakings for Collective Investment inTransferable Securities) Regulations, 2011, as amended and the Central Bank (Supervision and Enforcement) Act 2013(Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015.

These financial statements were authorised for issue by the Board of Directors of the Company on 16 April 2019.

The principal accounting policies applied in the preparation of these financial statements are consistent with theaccounting policies applied in the preparation of the Audited Financial Statements for the financial year ended 31December 2017, which were prepared in accordance with International Financial Reporting Standards (“IFRS”) asadopted by the EU.

b) Basis of Preparation

The financial statements have been prepared on a going concern basis of presentation. The functional and presentationcurrency of the Company is Euro. All amounts have been rounded to the nearest Euro, unless otherwise stated.

The Company is an Irish domiciled UCITS authorised in and regulated in the EU. The company does not distribute inthe UK. The company does not anticipate that Brexit will give rise to any continuity of services issues for shareholdersnor will there be any change to the structure of the company. Services providers have appropriate continuity plans inplace.

The preparation of financial statements requires management to make judgments, estimates and assumptions that affectthe application of policies and the reported amounts of assets and liabilities, income and expenses. The estimates andassociated assumptions are based on historical experience and various other factors that are believed to be reasonableunder the circumstances, the results of which form the basis of making the judgments about carrying values of assetsand liabilities that are not readily apparent from other sources. Actual results may differ from those estimates.

There has been no change to the accounting policies or the assumptions and methods of computation of estimatesapplied in the preparation of the financial statements.

New standards, amendments and interpretations effective 1 January 2018IFRS 9 ‘Financial Instruments’ addresses the classification, measurement and derecognition of financial assets andliabilities. It replaces the multiple classification and measurement models in IAS 39 and is effective for reportingperiods beginning on or after 1 January 2018.

The Company’s investment portfolio was previously designated as fair value through profit or loss. On adoption ofIFRS 9 the investment portfolio is mandatorily classified as fair value through profit or loss.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

59

2. Significant Accounting Policies (continued)

b) Basis of Preparation (continued)

The investment objective of the Company is to provide investors with a total return, taking into account both capital andincome returns and to achieve long-term capital appreciation and its portfolio is managed on a fair value basis. TheCompany therefore applies the business model allowed by IFRS 9 9pB4 which requires its portfolio to be classified atfair value through profit or loss.

There are no other new standards, amendments to standards or interpretations that are effective for annual periodsbeginning on 1 January 2018 that have a material effect on the financial statements of the Fund.

c) Income

Interest income on debt instruments at fair value through profit or loss is accrued using the original effective interestrate and classified in net gains/losses on financial instruments at fair value through profit or loss in the Statement ofComprehensive Income. The effective interest rate is the rate that exactly discounts the estimated future cash paymentsand receipts through the expected life of the financial instrument (or when appropriate, a shorter period) to the carryingamount of the financial instrument on initial recognition. When calculating the effective interest rate, the Companyestimates future cash flows considering all contractual terms of the financial instrument, but not future credit losses.

Bank interest income is recorded on an effective yield basis. Dividends are recognised in the Statement ofComprehensive Income on the dates on which the relevant securities are listed as “ex–dividend”. Dividend income isshown gross of any non–recoverable withholding tax, which is disclosed separately in the Statement of ComprehensiveIncome, and net of any tax credits. Dividend income from equity securities designated at fair value through profit orloss is recognised in the Statement of Comprehensive Income as a separate line item.

d) Fees and Charges

In accordance with the Prospectus and related Supplements to the Prospectus of the Fund, investment managers’ fees,administration fees, depositary fees and other operating expenses are recognised in the Statement of ComprehensiveIncome on an accrual basis.

Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of financialassets or financial liabilities. An incremental cost is one that would not have been incurred if the entity had notacquired, issued or disposed of the financial instrument. Transaction costs on purchase or sale of financial assets andfinancial liabilities measured at fair value through profit or loss are expensed immediately in the Statement ofComprehensive Income for each Fund. Transaction costs include brokerage commission and broker fees on equities,debt securities and exchange traded derivative contracts.

e) Financial Assets and Financial Liabilities

i) Recognition and MeasurementThe Company initially recognises financial assets and financial liabilities at fair value through profit or loss on the tradedate, which is the date on which the Company becomes a party to the contractual provisions of the instrument. Otherfinancial assets and financial liabilities are recognised on the date on which they originated.

Financial instruments are measured initially at fair value (transaction price) on trade date with transaction costsrecognised immediately in the Statement of Comprehensive Income directly. In cases where a financial asset orfinancial liability is not measured at fair value through profit or loss, transaction costs that are directly attributable to theacquisition or issue of the financial asset or financial liability are recognised in the Statement of ComprehensiveIncome.

Subsequent to initial recognition, all instruments classified at fair value through profit of loss are measured at fair valuewith changes in their fair value recognised in the Statement of Comprehensive Income.

Financial liabilities, other than those at fair value through profit or loss, are measured at amortised cost. Financialliabilities arising from the redeemable shares issued by each Fund are carried at the redemption amount representing theinvestors’ right to a residual interest in each Fund’s assets.

In making an assessment of the objective of the business model in which a financial asset is held, the Companyconsiders all of the relevant information about how the business is managed. The Company applies the business modelallowed by IFRS 9 which requires its portfolio to be classified at fair value through profit or loss.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

60

2. Significant Accounting Policies (continued)

e) Financial Assets and Financial Liabilities (continued)

ii) ClassificationThe Company classifies its financial assets and financial liabilities into the categories below in accordance with IFRS 9Financial Instruments: Recognition and Measurement (IFRS 9).

The Company has designated its investments in financial assets and financial liabilities in the following categories:

Financial assets at fair value through profit or loss. These include derivatives (held-for-trading).

Financial assets designated at fair value through profit or loss. These include financial assets that are not held-for-trading purposes and which may be sold, equities and debt securities.

Financial liabilities at fair value through profit or loss. These include securities sold short and derivatives(held-for-trading).

Financial assets at amortised cost that are classified as loans and receivables include deposits with creditinstitutions, margin cash, amounts due from brokers and accounts receivable.

Financial liabilities at amortised cost that are not at fair value through profit or loss include bank overdraft,accounts payable and financial liabilities arising on redeemable shares.

The Company designates all debt and equity investments at fair value through profit or loss as the Company managesthese securities on a fair value basis in accordance with its documented investment strategy.

Financial assets and liabilities previously designated at fair value through profit or loss:The Company holds equity securities of EUR 2,462,523,470 (2017: EUR 2,676,606,503) and debt securities of EUR1,517,696,108 (2017: EUR 1,153,821,588) which had previously been designated at fair value through profit or loss. Onadoption of IFRS 9, these securities are mandatorily classified at fair value through profit or loss.

The table below explains the original measurement categories under IAS 39 and the new measurement categories underIFRS 9 for each class of the Fund’s financial assets and financial liabilities as at 1 January 2018.

The effect of adopting IFRS 9 on the carrying amounts of financial assets at 1 January 2018 relates solely to the newimpairment requirements.

Financial assets

Originalclassificationunder IAS 39

EUR

Newclassification

under IFRS 9EUR

Originalcarrying amount

under IAS 39EUR

New carryingamount under

IFRS 9EUR

Deposits with credit institutionsLoans and

receivables Amortised cost 63,067,071 63,067,071

Margin cashLoans and

receivables Amortised cost 3,539,507 3,539,507

Balances due from brokersLoans and

receivables Amortised cost 6,829,643 6,829,643

Other receivablesLoans and

receivables Amortised cost 6,228,014 6,228,014

Equity investmentsDesignated as at

FVTPLMandatorily at

FVTPL 2,676,606,503 2,676,606,503

Debt securitiesDesignated as at

FVTPLMandatorily at

FVTPL 1,153,821,588 1,153,821,588

Derivative financial instrumentsDesignated as at

FVTPLMandatorily at

FVTPL 2,383,727 2,383,727

Total financial assets 3,911,936,053 3,911,936,053

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

61

2. Significant Accounting Policies (continued)

e) Financial Assets and Financial Liabilities (continued)

ii) Classification (continued)

Financial liabilities

Originalclassificationunder IAS 39

EUR

Newclassification

under IFRS 9EUR

Originalcarrying amount

under IAS 39EUR

New carryingamount under

IFRS 9EUR

Deposits with credit insititutions: bankoverdraft Amortised cost Amortised cost 88,459 88,459Other payables Amortised cost Amortised cost 2,097,732 2,097,732

Derivative financial instruments Held-for-trading Held-for-trading 1,266,251 1,266,251Net assets attributable to holders ofredeemable shares Amortised cost Amortised cost 3,908,438,611 3,908,483,611

Total financial liabilities 3,911,936,053 3,911,936,053

iii) Fair value measurement principles‘Fair value’ is the price that would be received to sell an asset or paid to transfer a liability in an orderly transactionbetween market participants at the measurement date in the principal or, in its absence, the most advantageous market towhich the Fund has access to at that date. The fair value of a liability reflects its non–performance risk.

When available, the Fund measures the fair value of an instrument using the quoted price in an active market for thatinstrument. A market is regarded as ‘active’ if transactions for the financial asset or financial liability take place withsufficient frequency and volume to provide pricing information on an ongoing basis. The Fund measures instrumentsquoted in an active market at a mid–price because it is a reasonable approximation of the exit price.

If there is no quoted price in an active market, then the Fund uses valuation techniques that maximise the use of relevantobservable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of thefactors that market participants would take into account in pricing a transaction. The Fund recgonises transfers betweenlevels of the fiar value hierarchy as at the end of the reporting period during which the change has occurred.

iv) Amortised cost measurementThe ‘amortised cost’ of a financial asset or financial liability is the amount at which the financial asset or financialliability is measured on initial recognition, minus the principal repayments, plus or minus the cumulative amortisationusing the effective interest method of any difference between that initial amount recognised and the maturity amountand, for financial assets, adjusted for any loss allowance.

v) ImpairmentThe Company recognises loss allowances for Expected Credit Losses on financial assets measured at amortised cost.When determining whether the credit risk of a financial asset has increased significantly since initial recognition andwhen estimating ECLs, the Fund considers reasonable and supportable information that is relevant and availablewithout undue cost or effort. The Fund considers a financial asset to be in default when:

- the borrower is unlikely to pay its credit obligations to the Fund in full, without recourse by the Fund to actionssuch as realising security (if any is held); or

- the financial asset is more than 90 days past due.

The Company considers a financial asset to have low credit risk when the credit rating of the counterparty is equivalentto the globally understood definitio of ‘investment grade’. Credit losses are measured as the present value of all cashshortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flowsthat the Fund expects to receive). ECLs are discounted at the effective interest rate of the financial asset.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

62

2. Significant Accounting Policies (continued)

e) Financial Assets and Financial Liabilities (continued)

v) Impairment (continued)At each reporting date, the Company assesses whether financial assets carried at amortised cost are credit-impaired.Evidence that a financial asset is credit-impaired includes the following observable data:

- significant financial difficulty of the borrower or issuer;- a breach of contract such as a default or being more than 90 days past due; or- it is probable that the borrower will enter bankruptcy or other financial reorganisation.

Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of theassets. The gross carrying amount of a financial asset is written off when the Company has no reasonable expectationsof recovering a financial asset in its entirety or a portion thereof.

Previously, financial assets that were stated at cost or amortised cost were reviewed at each Statement of FinancialPosition date to determine whether there was objective evidence of impairment. Objective evidence that financial assetswere impaired included significant financial difficulty of the borrower or issuer, default or delinquency by a borrower,restructuring of the amount due on terms that the Fund would not otherwise consider, indications that a borrower orissuer will enter bankruptcy, or adverse changes in the payment status of the borrowers. If any such indication existed,an impairment loss was recognised in the Statement of Comprehensive Income as the difference between the asset’scarrying amount and the present value of estimated future cash flows discounted at the financial asset’s originaleffective interest rate.

If in a subsequent financial period the amount of an impairment loss recognised on a financial asset carried at amortisedcost decreased and the decrease could be linked objectively to an event occurring after the impairment, the impairmentwas reversed through the Statement of Comprehensive Income.

vi) DerecognitionThe Company derecognises financial assets when the contractual rights to the cash flows from the financial asset expire,or when it transfers the right to receive contractual cash flows in a transaction in which substantially all the risks andrewards of ownership are transferred or in which the Company neither transfers nor retains substantially all of the risksand rewards of ownership and does not retain control of the financial asset. On derecognition of a financial assets, thedifference between the carrying amount of the asset (or the carrying amount allocated to the portion of the investmentthat is derecognised) and the consideration received (including any new liability obtained less any new liabilityassumed) is recognised in profit or loss. Any interest in such transferred financial assets that is created or retained by theCompany is recognised as a separate asset or liability.

The Company enters into transactions whereby it transfers assets recognised on its Statement of Financial Position, butretains either all or substantially all of the risks and rewards of the transferred assets or a portion of them. If all orsubstantially all of the risks and rewards are retained, then the transferred assets are not derecognised. Transfer of assetswith retention of all or substantially all of the risks and rewards include securities lending transactions.

A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

vii) Offsetting Financial InstrumentsFinancial assets and financial liabilities are offset and the net amount reported in the Statement of Financial Positionwhere there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a netbasis, or realise the assets and settle the liability simultaneously.

Income and expense are presented on a net basis for gains or losses from financial instruments at fair value throughprofit or loss and foreign exchange gains or losses.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

63

2. Significant Accounting Policies (continued)

f) Net Gains/Losses on Financial Instruments at Fair Value through Profit or Loss

Realised gains or losses on the sale of investments arising during the financial year are calculated on a weighted averagecost basis and are taken to the Statement of Comprehensive Income. The movement in unrealised gains or losses oninvestments is reflected in the Statement of Comprehensive Income under ‘net gain/(loss) on financial instruments atfair value through profit or loss’ and includes all fair value changes and foreign exchange differences.

g) Forward Foreign Exchange Contracts

A forward foreign exchange contract involves an obligation to purchase or sell a specific currency at a future date, at aprice set at the time the contract is made. Forward foreign exchange contracts are valued by reference to the forwardprice at which a new forward foreign exchange contract of the same size and maturity could be undertaken at theforward foreign exchange contract valuation date. The unrealised gain or loss on open forward foreign exchangecontracts is calculated as the difference between the contract rate and the forward price and are recognised in theStatement of Comprehensive Income.

h) Futures Contracts

Futures contracts are a commitment to make or take delivery of a fixed quantity of a specified security, index, currencyor commodity at a predetermined date in the future. Changes in the value of the futures contracts are recorded asunrealised gains and losses by marking–to–market the value of the contract at the financial year end date. When thecontract is closed, the difference between the proceeds from (or cost of) the closing transaction and the originaltransaction is recorded as a realised gain or loss. Futures contracts are held at Goldman Sachs International in asegregated account requiring margin, which is maintained daily. The unrealised gain or loss at the financial year end isreported as a financial asset or financial liability, as applicable, in the Statement of Financial Position.

i) Foreign Currency

Functional and Presentation CurrencyThe majority of the Company’s investors are based in the Eurozone with subscriptions and redemptions mainlydenominated in Euro. The performance of the Company for the majority of share classes is measured and reported tothe investors in Euro. The Directors consider the Euro the currency that most faithfully represents the economic effectsof the underlying transactions, events and conditions. The financial statements are presented in Euro, which is theCompany's functional and presentation currency.

Transactions and BalancesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the datesof the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from thetranslation at financial year end exchange rates of monetary assets and liabilities denominated in foreign currencies arerecognised in the Statement of Comprehensive Income. Translation differences on non–monetary financial assets andfinancial liabilities such as equities at fair value through profit or loss are recognised in the Statement of ComprehensiveIncome within the net gain or loss on financial instruments at fair value through profit or loss.

Proceeds from subscriptions and amounts paid on redemption of redeemable participating shares are translated ataverage rates, which approximate the rates prevailing at the dates of the transactions.

j) Total Return Swaps

The Enhanced Commodity Fund will seek to deliver the performance of the Standard & Poors GSCI Light Energy ILIMEnhanced Strategy Index (the “Index”) by entering into a swap agreement with Goldman Sachs International. Pursuantto the swap agreement, on a monthly basis the Fund will either receive the price appreciation of the Index from thecounterparty to the swap agreement or pay to the counterparty the price depreciation of the Index in exchange forpaying the counterparty an agreed fee. The Fund’s investment in US Treasury Bills and short–term deposits willprovide the Fund with a return commensurate with the total return version of the Index.

During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded asunrealised gains and losses. Periodic payments received or made are recorded as realised gains or losses. The value ofthe swap is determined by changes in the relationship between the rate of interest and the benchmark industry index.The Company is exposed to credit loss in the event of non–performance by the swap counterparty. Risk may also arisefrom the unanticipated movements in value of interest rates or the Index.

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Notes to the Financial Statements (continued)

64

2. Significant Accounting Policies (continued)

j) Total Return Swaps (continued)

The total return swap contract that is in place for Enhanced Commodity Fund settles on the last business day of everymonth end and therefore there is no value as at the Statement of Financial Position date. Collateral pledged is disclosedin the relevant Schedule of Investment and Note 8 of the financial statements.

k) Options

Options, held at fair value though profit or loss, are fair valued daily based upon the quotation provided by thecounterparty on the principal exchange on which the option is traded. Realised and unrealised gains and losses arisingfrom option contracts are included in the Statement of Comprehensive Income in the financial year in which they arise.

l) Redeemable Shares

The Company issues redeemable shares, which are redeemable at the holder's option and are classified as financialliabilities. Redeemable shares issued by each Fund cannot qualify for equity classification because they do not meet thepro–rata share of the Company’s net assets on liquidation. Redeemable shares can be put back to the Company at anytime for cash equal to a proportionate share of the Company's Net Asset Value. The redeemable share is carried at thepresent value redemption amount that is payable as at the financial year end date if the holder exercises the right to putthe share back to the Company.

m) Securities Lending Income

The Funds engage in securities lending for Efficient Portfolio Management (“EPM”) whereby income is earned fromlending securities owned by the Funds to a number of third–party borrowers with the borrower contracting to deliverequivalent securities to the Funds at a later date. Securities lending income is accounted for on an accrual basis. Theasset sold under a securities lending transaction is not derecognised by the Fund as the Fund still has the ability to holdthe security until maturity. For further details on securities lending income see Note 17.

n) Deposits with Credit Institutions

Deposits with credit institutions comprises of cash and cash equivalents. Cash comprises current deposits with banks.Cash equivalents are short–term highly liquid investments that are readily convertible to known amounts of cash, aresubject to an insignificant risk of changes in value and are held for the purpose of meeting short–term cashcommitments rather than for investment or other purposes. Bank overdrafts are also classified as deposits with creditinstitutions.

o) Fund Assets Cash

Fund assets cash balances, are reflected at a Fund level on the Statement of Financial Position. They represent umbrellacash collection account balances attributable to the individual Funds of the Company. These amounts relate tosubscription and redemption monies, including dividend money, that are due to an individual Fund, as fund assets, andwhich are held in an umbrella cash collection account in the name of the Company.

p) Margin Cash and Collateral

Margin cash represents cash deposits with brokers, transferred as collateral against open financial derivative instrumentpositions. For further details on margin cash and collateral see Note 8.

q) Dividends to Holders of Redeemable Shares

Dividends payable to holders of redeemable shares are recognised in the Statement of Comprehensive Income as aseparate line item.

r) Due from broker / Payable to Broker

Amounts due from and to brokers represent receivables for securities sold and payables for securities purchased thathave been contracted for but not yet settled or delivered on the statement of financial position date respectively

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65

3. Taxation

Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of theTaxes Consolidation Act, 1997 (as amended). On that basis, it is not chargeable to Irish taxes on its income and gains.However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distributionpayment to Shareholders or any encashment, redemption or transfer of shares or an ending of a “Relevant Period”.

A “Relevant Period” is an eight year period beginning with the acquisition of the shares by the Shareholder and eachsubsequent period of eight years beginning immediately after the preceding Relevant Period.

A chargeable event does not include:

(i) any transactions in relation to shares held in a recognised clearing system as designated by order of theRevenue Commissioners of Ireland; or

(ii) an exchange of shares representing one Fund for another Fund of the Company; or(iii) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Fund with another Fund;

or(iv) certain exchanges of shares between spouses and former spouses.

No tax will arise on the Fund in respect of chargeable events regarding:

(i) a Shareholder who is not Irish resident and not ordinarily resident in Ireland at the time of the chargeableevent, provided the necessary statutory declarations are held by the Fund, and

(ii) certain exempted Irish resident investors who have provided the Fund with the necessary signed statutorydeclarations.

There was one chargeable event during the financial year upon the redemption of shares by an Investor.

Dividends, interest and capital gains (if any) received on investments made by the Company may be subject towithholding taxes imposed by the country from which the investment income/gains are received and such taxes may notbe recoverable by the Company or its Shareholders, depending on the relevant Double Taxation Treaty.

4. Dividends to Holders of Redeemable Shares

All Funds apart from the Setanta Reditus Income Fund and the Setanta Income Opportunities Fund are accumulatingFunds and therefore it is not currently intended to distribute dividends to the Shareholders from these accumulatingFunds. The income generated and gains realised of the Funds will be accumulated and reinvested on behalf of theShareholders, under the terms specified in the Prospectus and related supplement.

The Setanta Reditus Income Fund seeks to distribute to all shareholders of Class A and Class B shares a semi–annualdividend, and to all shareholders of Class C shares an annual dividend. The dividend will be paid from the net incomeonly. The Setanta Income Opportunities Fund seeks to distribute to all shareholders of Class B and Class D shares anannual dividend. The dividend will be paid from the net income only. During the financial year, the Setanta IncomeOpportunities Fund paid no dividends.

During the financial year, the Setanta Reditus Income Fund paid the following dividends:

Class A Class B Class B30 June 2018 EUR 2.372543 GBP 2.908858 EUR 3.28992830 June 2018 EUR 1,046,503 GBP 74,641 EUR 84,403

31 December 2017 EUR 1.662343 GBP 2.044510 EUR 2.30322431 December 2017 EUR 755,877 GBP 52,462 EUR 59,100

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66

5. Exchange Rates

The Funds have adopted Euro (EUR) as their functional currency and the financial statements are prepared in theFunds’ functional currency. Exchange rates used to translate assets and liabilities in other currencies to EUR are asfollows:

31 December 2018 31 December 2017

AED/EUR 0.2382 0.2267ARS/EUR 0.0232 0.0442AUD/EUR 0.6158 0.6514BRL/EUR 0.2257 0.2511CAD/EUR 0.6405 0.6647CHF/EUR 0.8874 0.8546CLP/EUR 0.0013 0.0014COP/EUR 0.0003 0.0003CZK/EUR 0.0389 0.0392DKK/EUR 0.1340 0.1343GBP/EUR 1.1141 1.1265HKD/EUR 0.1117 0.1065HUF/EUR 0.0031 0.0032IDR/EUR 0.0001 0.0001ILS/EUR 0.2341 0.2399INR/EUR 0.0125 0.0130JPY/EUR 0.0080 0.0074KRW/EUR 0.0008 0.0008MXN/EUR 0.0444 0.0426MYR/EUR 0.2117 0.2058NOK/EUR 0.1010 0.1018NZD/EUR 0.5866 0.5923PEN/EUR 0.2589 0.2570PHP/EUR 0.0166 0.0167PLN/EUR 0.2329 0.2397QAR/EUR 0.2402 0.2287RON/EUR 0.2148 0.2142RUB/EUR 0.0126 0.0145SEK/EUR 0.0987 0.1017SGD/EUR 0.6418 0.6232THB/EUR 0.0269 0.0256TRY/EUR 0.1644 0.2196TWD/EUR 0.0285 0.0280USD/EUR 0.8747 0.8328ZAR/EUR 0.0608 0.0673

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67

6. Fees and Expenses

a) Investment Managers’ Fees

The Company may pay the Investment Managers appointed by the Company or in respect of one or more Funds amaximum annual fee, out of the assets of the relevant Fund, at a rate not to exceed 2% per annum of the Net AssetValue of each Fund in respect of which the respective Investment Manager is appointed. The Investment Manager shallbe entitled to be reimbursed by the Company for reasonable out–of-pocket expenses incurred by it and any VAT on feesand expenses payable to or by it. Below are the fees that apply to each Fund.

In respect of the Indexed World Small Cap Equity Fund, the Investment Manager is entitled to receive an annual feeaccrued at each Valuation Point and payable monthly in arrears out of the assets of the Fund as a percentage of the NetAsset Value of each Class of Shares in the Fund at the rates stated below:

1. Class B Shares; 0% of the Net Asset Value of the Fund attributable to Class B Shares; and2. Class A, Class C and Class D Shares; up to 0.50% (plus VAT, if any) of the Net Asset Value of the Fund

attributable to Class A, Class C and Class D Shares, respectively.

In respect of the Indexed Emerging Market Debt Fund, the Investment Manager is entitled to receive an annual feeaccrued at each Valuation Point and payable monthly in arrears out of the assets of the Fund as a percentage of the NetAsset Value of each Class of Shares in the Fund at the rates stated below:

1. Class A Shares; 0% of the Net Asset Value of the Fund attributable to Class A Shares; and2. Class B, Class C and Class D Shares; up to 0.50% (plus VAT, if any) of the Net Asset Value of the Fund

attributable to Class A, Class C and Class D Shares, respectively.

In respect of the Indexed Global Equity Fund, the Investment Manager is entitled to receive an annual fee accrued ateach Valuation Point and payable monthly in arrears out of the assets of the Fund as a percentage of the Net AssetValue of each Class of Shares in the Fund at the rates stated below:

1. Class A Shares; 0% of the Net Asset Value of the Fund attributable to Class A Shares; and2. Class B, Class C, Class D, Class E and Class F Shares; up to 0.50% (plus VAT, if any) of the Net Asset Value

of the Fund attributable to Class B, Class C, Class D, Class E and Class F Shares, respectively.

In respect of the Indexed Euro Government Long Dated Bond Fund, the Indexed Euro Large Cap Corporate Bond andthe Enhanced Commodity Fund, the Investment Manager is entitled to receive an annual fee accrued at each ValuationPoint and payable monthly in arrears out of the assets of the Fund as a percentage of the Net Asset Value of each Classof Shares in the Fund at the rates stated below:

1 Class A Shares; 0% of the Net Asset Value of the Fund attributable to Class A Shares, and2. Class B and Class C Shares; up to 0.50% (plus VAT, if any) of the Net Asset Value of the Fund attributable to

Class B and Class C Shares, respectively.

In respect of the Indexed Minimum Volatility Global Equity Fund and the Indexed Fundamental Global Equity Fund,the Investment Manager is entitled to receive an annual fee accrued at each Valuation Point and payable monthly inarrears out of the assets of the Fund as a percentage of the Net Asset Value of each Class of Shares in the Fund at therates stated below:

1. Class A, Class B, Class C, Class D, Class E and Class F Shares; up to 0.50% (plus VAT, if any) of the NetAsset Value of the Fund attributable to Class A, Class B, Class C, Class D, Class E and Class F Sharesrespectively.

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Notes to the Financial Statements (continued)

68

6. Fees and Expenses (continued)

a) Investment Managers’ Fees (continued)

In respect of the Global Low Volatility Active Equity Fund and the Indexed Emerging Market Equity Fund, theInvestment Manager is entitled to receive an annual fee accrued at each Valuation Point and payable monthly in arrearsout of the assets of the Fund as a percentage of the Net Asset Value of each Class of Shares in the Fund at the ratesstated below:

1. Class A, Class B and Class C Shares up to 1.00% (plus VAT, if any) of the Net Asset Value of the Fundattributable to Class A, Class B and Class C Shares, respectively.

In respect of the Setanta Reditus Income Fund and the Setanta Reditus Global Equity Fund, the Investment Manager isentitled to receive an annual fee accrued at each Valuation Point and payable monthly in arrears out of the assets of theFund as a percentage of the Net Asset Value of each Class of Shares in the Fund at the rates stated below:

1. Class A, Class B and Class C Shares up to 2.00% (plus VAT, if any) of the Net Asset Value of the Fundattributable to Class A, Class B and Class C Shares, respectively.

In respect of the Setanta Reditus Global Balanced Fund, the Investment Manager is entitled to receive an annual feeaccrued at each Valuation Point and payable monthly in arrears out of the assets of the Fund as a percentage of the NetAsset Value of each Class of Shares in the Fund at the rates stated below:

1. Class A Shares up to 2.00% (plus VAT, if any) of the Net Asset Value of the Fund attributable to Class AShares, respectively.

In respect of the Setanta Global Equity Fund and the Setanta Income Opportunities Fund, the Investment Manager isentitled to receive an annual fee accrued at each Valuation Point and payable monthly in arrears out of the assets of theFund as a percentage of the Net Asset Value of each Class of Shares in the Fund at the rates stated below:

1. Class A, Class B, Class C, Class D and Class M Shares up to 2.00% (plus VAT, if any) of the Net Asset Valueof the Fund attributable to Class A, Class B, Class C, Class D and Class M Shares, respectively.

Please refer to Note 9 for details of Share Classes where Irish Life Assurance plc holds 100% of the Share Class.

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Notes to the Financial Statements (continued)

69

6. Fees and Expenses (continued)

a) Investment Managers’ Fees (continued)

The table below lists the investment managers’ fee rates actually charged for each Fund and Class:

Fund Active Class Rate% Rate%2018 2017

Indexed World Small Cap Equity Fund Class A 0.25 0.25Indexed World Small Cap Equity Fund Class B 0.00 0.00Indexed World Small Cap Equity Fund Class C 0.04 0.04Indexed Global Equity Fund Class B 0.09 0.09Indexed Global Equity Fund Class C 0.18 0.18Indexed Global Equity Fund Class D 0.15 0.15Indexed Global Equity Fund Class E 0.09 0.09Indexed Global Equity Fund Class F 0.20 0.20Indexed Euro Government Long Dated Bond Fund Class A 0.00 0.00Indexed Euro Government Long Dated Bond Fund Class B 0.10 0.10Indexed Euro Government Long Dated Bond Fund Class C 0.15 0.15Indexed Euro Large Cap Corporate Bond Fund Class A 0.00 0.00Indexed Euro Large Cap Corporate Bond Fund Class B 0.07 0.07Indexed Euro Large Cap Corporate Bond Fund Class C 0.00 0.00Enhanced Commodity Fund Class A 0.00 0.00Indexed Minimum Volatility Global Equity Fund Class A 0.00 0.00Indexed Minimum Volatility Global Equity Fund Class B 0.18 0.18Indexed Minimum Volatility Global Equity Fund Class C 0.25 0.25Indexed Minimum Volatility Global Equity Fund Class D 0.04 0.04Indexed Minimum Volatility Global Equity Fund Class E 0.12 0.12Indexed Emerging Market Debt Fund Class A 0.00 0.00Indexed Emerging Market Debt Fund Class B 0.25 0.25Indexed Emerging Market Debt Fund Class C 0.08 0.05Indexed Fundamental Global Equity Fund Class A 0.05 0.00Indexed Fundamental Global Equity Fund Class B 0.18 0.18Indexed Fundamental Global Equity Fund Class C 0.12 0.12Indexed Fundamental Global Equity Fund Class D 0.05 0.05Global Low Volatility Active Equity Fund Class A 0.00 0.00Setanta Reditus Income Fund Class A 0.95 0.95Setanta Reditus Income Fund Class B 0.95 0.95Setanta Reditus Income Fund Class C 0.95 0.95Setanta Reditus Global Equity Fund Class A 0.50 0.50Setanta Reditus Global Equity Fund Class B 0.50 0.50Setanta Reditus Global Equity Fund Class C 0.50 0.50Setanta Reditus Global Balanced Fund Class A 0.40 0.40

Setanta Global Equity Fund Class A 0.60 0.60

Setanta Global Equity Fund Class M 0.00 0.00

Indexed Emerging Market Equity Fund Class C 0.00 0.00

Setanta Income Opportunities Fund Class M 0.00 0.00

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70

6. Fees and Expenses (continued)

a) Investment Managers’ Fees (continued)

The tables below list the investment managers’ fee charged and payable for the financial years ended 31 December2018 and 31 December 2017:

Fund 31 December 2018 31 December 2018Investment

Manager FeePayable as at the

financial year endEUR EUR

Indexed World Small Cap Equity Fund 191,228 31,694Indexed Global Equity Fund 562,163 89,925Indexed Euro Government Long Dated Bond Fund 5,979 1,009Indexed Euro Large Cap Corporate Bond Fund 44,016 7,493Enhanced Commodity Fund – –Indexed Minimum Volatility Global Equity Fund 268,722 49,126Indexed Emerging Market Debt Fund 347,993 63,438Indexed Fundamental Global Equity Fund 98,754 19,535Global Low Volatility Active Equity Fund – –Setanta Reditus Income Fund 473,331 115,958Setanta Reditus Global Equity Fund 398,820 99,910Setanta Reditus Global Balanced Fund 72,361 17,932Setanta Global Equity Fund 12,376 1,589Indexed Emerging Market Equity Fund – –Setanta Income Opportunities Fund – –

2,475,743 497,609

Fund 31 December 2017 31 December 2017Investment

Manager FeePayable as at the

financial year endEUR EUR

Indexed World Small Cap Equity Fund 190,105 65,673Indexed Global Equity Fund 507,008 174,078Indexed Euro Government Long Dated Bond Fund 5,667 1,895Indexed Euro Large Cap Corporate Bond Fund 35,101 11,707Enhanced Commodity Fund – –Indexed Minimum Volatility Global Equity Fund 214,994 72,578Indexed Emerging Market Debt Fund 25,617 23,667Indexed Fundamental Global Equity Fund 140,801 38,973Global Low Volatility Active Equity Fund – –Setanta Reditus Income Fund 477,971 40,346Setanta Reditus Global Equity Fund 355,538 29,953Setanta Reditus Global Balanced Fund 75,848 6,270Setanta Global Equity Fund 9,277 1,001Indexed Emerging Market Equity Fund – –Setanta Income Opportunities Fund – –

2,037,927 466,141

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71

6. Fees and Expenses (continued)

b) Administration Fees

The Administrator receives an annual fee, accrued at each Valuation Point and payable monthly in arrears at a ratewhich does not exceed 1% per annum of the Net Asset Value of each Fund.

Subject to the overall agreement with the Administrator, the Company will pay administration fees as per the belowtable:

Net Asset Value of the Sub-Fund Administration Fees PayableUp to EUR 100 million 2.25 basis pointsIn excess of EUR 100 million but not exceeding EUR 500 million 1.75 basis pointsIn excess of EUR 500 million 1.50 basis points

This fee was subject to a minimum annual fee of EUR 20,000 for all Sub-Funds. Where the chargeable assets of theSub-Fund are not of a sufficient scale to allow the Sub-Fund to be charged the minimum administration fee, theInvestment Manager has undertaken to pay the difference.

The Company will also pay the Administrator a fee of EUR 3,150 for second and subsequent share class for each Sub-Fund, EUR 3,000 for each share class hedged for each Sub-Fund and an additional valuation fee of EUR 225 per fileper month for the delivery of the automated daily price file.

Additionally, the Company will pay the Administrator a financial reporting fee (inclusive of Annual and Semi-AnnualReports) of EUR 3,000 per Sub-Fund per annum, further, for each UK reporting regime, German tax reporting regimeand Austrian tax reporting regime the Company will pay the Administrator EUR 450 per Sub-Fund per share class perannum and for anti-dilution levy (daily monitoring & quarterly calculation) the Company will pay the AdministratorEUR 900 per Sub-Fund per annum.

The Company will pay the Administrator transfer agency fees in relation to share class maintenance; this fee is subjectto a EUR 10,000 minimum fee per Sub-Fund per annum.

All out-of-pocket expenses are recoverable at cost. Out-of-pocket expenses typically include external fees related toaudit queries, marketing material, stamp duties, local taxes, listing fees, AGM and EGM convocation letters, as well asany postal and printing charges. This also includes allocated security pricing services, as agreed by the Parties, and anypostage and delivery services and communications.

The table below lists the administration fees charged and payable for the financial year ended 31 December 2018:

Fund 31 December 2018 31 December 2018Administration

FeePayable as at the

financial year endEUR EUR

Indexed World Small Cap Equity Fund 136,076 33,711Indexed Global Equity Fund 133,495 19,573Indexed Euro Government Long Dated Bond Fund 8,011 2,006Indexed Euro Large Cap Corporate Bond Fund 49,657 9,550Enhanced Commodity Fund 10,055 4,313Indexed Minimum Volatility Global Equity Fund 113,231 26,791Indexed Emerging Market Debt Fund 203,013 27,672Indexed Fundamental Global Equity Fund 55,003 13,461Global Low Volatility Active Equity Fund – –Setanta Reditus Income Fund 45,391 6,451Setanta Reditus Global Equity Fund 48,148 7,571Setanta Reditus Global Balanced Fund 34,629 5,275Setanta Global Equity Fund 47,856 4,820Indexed Emerging Market Equity Fund 12,136 5,372Setanta Income Opportunities Fund 34,627 4,730

931,328 171,296

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72

6. Fees and Expenses (continued)

b) Administration Fees (continued)

The table below lists the administration fee charged and payable for the financial year ended 31 December 2017:

Fund 31 December 2017 31 December 2017Administration

FeePayable as at the

financial year endEUR EUR

Indexed World Small Cap Equity Fund 128,540 34,243Indexed Global Equity Fund 133,365 23,474Indexed Euro Government Long Dated Bond Fund 5,327 3,020Indexed Euro Large Cap Corporate Bond Fund 58,311 10,048Enhanced Commodity Fund 34,344 4,125Indexed Minimum Volatility Global Equity Fund 56,862 15,880Indexed Emerging Market Debt Fund 76,211 20,091Indexed Fundamental Global Equity Fund 65,474 5,852Global Low Volatility Active Equity Fund – –Setanta Reditus Income Fund 40,755 7,118Setanta Reditus Global Equity Fund 44,568 5,836Setanta Reditus Global Balanced Fund 34,346 5,086Setanta Global Equity Fund 45,081 5,720Indexed Emerging Market Equity Fund 34,344 5,184Setanta Income Opportunities Fund 34,344 4,543

791,872 150,220

c) Depositary Fees

The Depositary is entitled to receive out of the assets of the Company an annual fee, accrued at each Valuation Pointand payable monthly in arrears at a rate which shall not exceed 1% per annum of the Net Asset Value of each Fundsubject to a minimum annual fee of EUR 6,000.

The Depositary is entitled to be repaid all of its disbursements out of the assets of the relevant Fund, including legalfees, couriers’ fees, telecommunication costs and expenses and the fees, transaction charges and expenses of any Sub-Depositary appointed by it which shall be at normal commercial rates together with VAT, if any, thereon.

The table below lists the depositary fee rates charged and payable for the financial year ended 31 December 2018:

Fund 31 December 2018 31 December 2018Depositary

FeePayable as at the

financial year endEUR EUR

Indexed World Small Cap Equity Fund 124,101 30,297Indexed Global Equity Fund 116,908 25,210Indexed Euro Government Long Dated Bond Fund 7,642 1,215Indexed Euro Large Cap Corporate Bond Fund 48,016 9,804Enhanced Commodity Fund 7,475 1,505Indexed Minimum Volatility Global Equity Fund 104,391 23,493Indexed Emerging Market Debt Fund 775,707 106,868Indexed Fundamental Global Equity Fund 40,420 19,397Global Low Volatility Active Equity Fund 43,922 8,888Setanta Reditus Income Fund 15,142 4,503Setanta Reditus Global Equity Fund 20,184 5,202Setanta Reditus Global Balanced Fund 12,816 3,336Setanta Global Equity Fund 30,817 4,821Indexed Emerging Market Equity Fund 84,839 16,498Setanta Income Opportunities Fund 16,636 2,669

1,449,016 263,706

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73

6. Fees and Expenses (continued)

c) Depositary Fees (continued)

The table below lists the depository fee rates charged and payable for the financial year ended 31 December 2017:

Fund 31 December 2017 31 December 2017Depositary

FeePayable as at the

financial year endEUR EUR

Indexed World Small Cap Equity Fund 124,654 16,714Indexed Global Equity Fund 94,109 10,553Indexed Euro Government Long Dated Bond Fund 8,318 1,563Indexed Euro Large Cap Corporate Bond Fund 50,559 4,547Enhanced Commodity Fund 7,901 1,004Indexed Minimum Volatility Global Equity Fund 82,316 10,697Indexed Emerging Market Debt Fund 244,764 15,977Indexed Fundamental Global Equity Fund 71,814 3,390Global Low Volatility Active Equity Fund 50,852 6,062Setanta Reditus Income Fund 11,976 1,875Setanta Reditus Global Equity Fund 17,180 2,360Setanta Reditus Global Balanced Fund 12,826 1,181Setanta Global Equity Fund 28,942 2,419Indexed Emerging Market Equity Fund 54,906 1,667Setanta Income Opportunities Fund 13,384 817

874,501 80,826

d) Paying Agent Fees

The Company shall pay the fees and expenses of any Paying Agent appointed to provide services at the rate disclosed inthe relevant Paying Agency Agreement together with VAT, if any, thereon. Societe Generale Bank & Trust wereappointed Paying Agent on 20 November 2018 in relation to All Maturities EMU Government Bond Fund and NorthAmerica Sustainable Equity Fund.

e) Redemption Fee

A redemption fee not exceeding 3% of the Net Asset Value of Shares being redeemed may be imposed on theredemption of Shares which shall be retained by each Fund for its sole use and benefit or so as it may determine. TheDirectors may differentiate between Shareholders of each Fund by waiving or reducing the redemption fee chargeableto certain Shareholders. It is not the Directors intention to impose any redemption fee at present to the Funds.

f) Conversion Fee

A conversion fee not exceeding 5% of the Net Asset Value of Shares in the original Fund may be imposed on theconversion of Shares in any Fund to Shares in another Fund. The Directors may differentiate between Shareholders ofeach Fund by waiving or reducing the conversion fee chargeable to certain Shareholders. It is not the Directors intentionto impose any conversion fee at present to the Funds.

g) Sales Comission

Shareholders may be subject to a sales commission calculated as a percentage of subscription monies subject to amaximum of 2% per annum of the Net Asset Value per Share held by Shareholders. It is not the intention of theDirectors to charge a sales commission fee at present to the Funds.

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Notes to the Financial Statements (continued)

74

7. Deposits with Credit Institutions and Fund Assets Cash

All deposits with credit institutions of the Funds are held with Citibank, N.A. in the name of Citi Depositary ServicesIreland Limited as the Depositary of the Funds, except for the following time deposits:

As at 31 December 2018

Fund Counterparty Rate Maturity Date Amount

Enhanced Commodity Fund Commonwealth Bank 2.10% 07 January 2019 USD 2,287,583Enhanced Commodity Fund Credit Agricole 2.81% 30 May 2019 USD 1,308,254Setanta Income Opportunities Fund Credit Agricole (0.45%) 07 January 2019 EUR 3,999,611

As at 31 December 2017

Fund Counterparty Rate Maturity Date Amount

Enhanced Commodity Fund Commonwealth Bank 1.00% 12 January 2018 USD 2,249,999Setanta Reditus Income Fund BNP Paribas (0.46%) 18 January 2018 EUR 1,493,686Setanta Reditus Global Equity Fund Credit Agricole (0.55%) 08 January 2018 EUR 993,408Setanta Income Opportunities Fund Credit Agricole (0.55%) 12 January 2018 EUR 8,484,270Setanta Income Opportunities Fund BNP Paribas (0.46%) 18 January 2018 EUR 3,580,736

The deposits are all included within the deposits with credit institutions balances below.

For the purposes of the Statement of Cash Flows, deposits with credit institutions comprise the following balances:

Indexed WorldSmall Cap

Equity Fund

IndexedGlobal Equity

Fund

Indexed EuroGovernment LongDated Bond Fund

EUR EUR EURAs at 31 December 2018Deposits with credit institutions 8,011,624 6,154,758 7,116Deposits with credit institutions: bank overdraft – – –

Total 8,011,624 6,154,758 7,116

Indexed Euro LargeCap Corporate Bond

Fund

EnhancedCommodity

Fund

Indexed MinimumVolatility Global

Equity FundEUR EUR EUR

As at 31 December 2018Deposits with credit institutions 733,656 3,237,921 3,585,314Deposits with credit institutions: bank overdraft – (672,868) –Total 733,656 2,565,053 3,585,314

IndexedEmerging Market

Debt Fund

IndexedFundamental Global

Equity Fund

Global LowVolatility Active

Equity FundEUR EUR EUR

As at 31 December 2018Deposits with credit institutions 6,166,359 829,869 7,837,397Deposits with credit institutions: bank overdraft – – (29,448)Total 6,166,359 829,869 7,807,949

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Notes to the Financial Statements (continued)

75

7. Deposits with Credit Institutions and Funds Assets Cash (continued)

For the purposes of the Statement of Cash Flows, deposits with credit institutions comprise the following balances(continued):

SetantaReditus Income

Fund

Setanta ReditusGlobal Equity

Fund

Setanta ReditusGlobal Balanced

FundEUR EUR EUR

As at 31 December 2018Deposits with credit institutions 2,745,858 1,194,415 3,063,672Deposits with credit institutions: bank overdraft – – –Total 2,745,858 1,194,415 3,063,672

SetantaGlobal Equity

Fund

Indexed EmergingMarket Equity

Fund

Setanta IncomeOpportunities

FundEUR EUR EUR

As at 31 December 2018Deposits with credit institutions 572,794 1,081,932 4,865,821Deposits with credit institutions: bank overdraft (23,308) – (615)Total 549,486 1,081,932 4,865,206

Indexed WorldSmall Cap

Equity Fund

IndexedGlobal Equity

Fund

Indexed EuroGovernment LongDated Bond Fund

EUR EUR EURAs at 31 December 2017Deposits with credit institutions 2,697,347 14,667,119 37,126Deposits with credit institutions: bank overdraft – – –

Total 2,697,347 14,667,119 37,126

Indexed Euro LargeCap Corporate Bond

Fund

EnhancedCommodity

Fund

Indexed MinimumVolatility Global

Equity FundEUR EUR EUR

As at 31 December 2017Deposits with credit institutions 437,988 3,088,217 4,943,676Deposits with credit institutions: bank overdraft – – –Total 437,988 3,088,217 4,943,676

IndexedEmerging Market

Debt Fund

IndexedFundamental Global

Equity Fund

Global LowVolatility Active

Equity FundEUR EUR EUR

As at 31 December 2017Deposits with credit institutions 2,124,110 1,628,469 2,572,695Deposits with credit institutions: bank overdraft (86,817) – –

Total 2,037,293 1,628,469 2,572,695

SetantaReditus Income

Fund

Setanta ReditusGlobal Equity

Fund

Setanta ReditusGlobal Balanced

FundEUR EUR EUR

As at 31 December 2017Deposits with credit institutions 6,009,224 3,408,797 2,878,558Deposits with credit institutions: bank overdraft – (520) (88)

Total 6,009,224 3,408,277 2,878,470

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Notes to the Financial Statements (continued)

76

7. Deposits with Credit Institutions and Fund Assets Cash (continued)

For the purposes of the Statement of Cash Flows, deposits with credit institutions comprise the following balances(continued):

SetantaGlobal Equity

Fund

Indexed EmergingMarket Equity

Fund

Setanta IncomeOpportunities

FundEUR EUR EUR

As at 31 December 2017Deposits with credit institutions 3,350,320 1,859,048 13,364,377Deposits with credit institutions: bank overdraft (751) – (283)Total 3,349,569 1,859,048 13,364,094

Fund Assets Cash

As at 31 December 2018, the Setanta Reditus Global Balanced Fund held €5,000 (31 December 2017: €1,198,084 heldby Indexed Global Equity Fund) as Fund assets cash in the Statement of Financial Position. The cash is restricted cashbalance, which is held on account on behalf of the Investor of the Sub-Fund in relation to subscriptions, redemptions ordividend payments. It is not cash of the Sub-Fund for trading and operating purposes.

8. Margin Cash and Collateral

Margin cash represents cash deposits with brokers, transferred as collateral against open exchange traded futurescontracts.

Indexed WorldSmall Cap

Equity Fund

IndexedGlobal Equity

Fund

Indexed MinimumVolatility Global

Equity Fund

IndexedFundamental Global

Equity Fund31 December 2018 EUR EUR EUR EURGoldman Sachs International 1,305,264 667,079 439,375 167,84131 December 2017Goldman Sachs International 146,219 2,159,972 313,631 144,805

SetantaReditus

Income Fund

IndexedEmerging Market

Equity Fund

Setanta IncomeOpportunities

Fund31 December 2018 EUR EUR EURGoldman Sachs International – 142,698 –Citigroup 2,101,436 – 857,67431 December 2017Goldman Sachs International – 251,651 –Citigroup 258,026 – 265,203

There are no debt securities held by Goldman Sachs International as collateral to the swap on the Enhanced CommodityFund as at 31 December 2018. There are no additional terms and conditions (e.g. repledge terms) attached to thecollateral.

The following debt securities were held by Goldman Sachs International as collateral to the swap on the EnhancedCommodity Fund as at 31 December 2017:

31 December 2017 Investment Maturity Date Value EUR272,000 United States Treasury Bill 31/07/2021 227,849

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Notes to the Financial Statements (continued)

77

9. Related Parties

IAS 24 “Related Party Transaction” requires disclosures relating to transactions carried out with persons who aredeemed to be a related party to the reporting entity.

During the financial year, Mr. Gerry Keenan and Mr. Patrick Burke were also directors of the Investment Managers,Irish Life Investment Managers Limited and Setanta Asset Managers Limited.

The investment managers’ fees charged to the Funds for the financial year ended 31 December 2018 were EUR2,475,743 (31 December 2017: EUR 2,037,927).

As at 31 December 2018, Irish Life Assurance plc holds 100% of the Class A Shares in the Indexed Euro GovernmentLong Dated Bond Fund, the Indexed Euro Large Cap Corporate Bond Fund, the Enhanced Commodity Fund, theIndexed Emerging Market Debt Fund and the Global Low Volatility Active Equity Fund. Irish Life Assurance plc holds100% of the Class B Shares in the Indexed World Small Cap Equity Fund. Irish Life Assurance plc holds 100% of theClass M Shares in the Setanta Global Equity Fund. Canada Life Assurance Europe Limited holds 100% of the Class MShares in the Setanta Income Opportunities Fund. The Investment Managers’ fee rates for the share classes held by IrishLife Assurance plc and Canada Life Assurance Europe Limited are 0%. The Canada Life Groups Limited UK andsubsidiary companies is the parent company of Irish Life Investment Managers Limited.

Please refer to Note 6 which details the investment managers’ fees per Share Class for the financial year in relation toIrish Life Investment Managers Limited and Setanta Asset Management Limited.

10. Efficient Portfolio Management

The Company may, on behalf of each Fund, employ (subject to the conditions and within the limits laid down by theCentral Bank of Ireland) techniques and instruments relating to transferable securities and money market instruments,for efficient portfolio management purposes such purposes include (a) the reduction of risk, (b) a reduction of cost, and(c) the generation of additional capital or income for a Fund. Such techniques and instruments may include foreignexchange transactions which alter the currency characteristics of transferable securities held by the Company. TheCompany may also employ techniques and instruments intended to provide protection against exchange risks in thecontext of the management of its financial assets and financial liabilities.

Any direct or indirect operational costs and/or fees which arise as a result of the use of efficient portfolio managementtechniques, which may be deducted from the revenue delivered to the Fund, shall be at normal commercial rates andshall not include any hidden revenue. All revenues generated through use of efficient portfolio management techniques,net of direct and indirect operational costs and fees will be returned to the Fund. The counterparties to the relevanttransaction may be related to the Investment Manager or to the Depositary and under such circumstances will beeffected on normal commercial terms and negotiated on an arm’s length basis.

As at 31 December 2018, open foreign exchange forward contracts, futures contracts, swap contracts and options(where applicable) for the Indexed World Small Cap Equity Fund, the Indexed Global Equity Fund, the IndexedMinimum Volatility Global Equity Fund, the Indexed Emerging Market Debt Fund, the Indexed Fundamental GlobalEquity Fund and the Indexed Emerging Market Equity Fund together with their counterparties are disclosed in therelevant Schedule of Investments.

For UCITS which have engaged in EPM techniques, disclosures are required under UCITS Regulations. A UCITS isrequired to disclose the revenues arising from EPM techniques for the entire reporting period together with the directand indirect operational costs and fees incurred, unless the costs associated with EPM techniques are embedded and notseparately identifiable. Subject to the conditions and limits set out in the UCITS Regulations, a Fund may userepurchase agreements, reverse repurchase agreements and/or securities lending agreements for EPM. Revenues arisingfrom securities lending have been disclosed separately on the Statement of Comprehensive Income. The Indexed WorldSmall Cap Equity Fund, the Indexed Global Equity Fund, the Indexed Euro Government Long Dated Bond Fund, theIndexed Euro Large Cap Corporate Bond Fund, the Indexed Minimum Volatility Global Equity Fund, the IndexedEmerging Market Debt Fund, the Indexed Fundamental Global Equity Fund, the Global Low Volatility Active EquityFund and the Indexed Emerging Market Equity Fund entered into securities lending during the financial year. The costsassociated with EPM techniques are not separately identifiable. Note 17 discloses the income arrangements, exposure,counterparties and amount of collateral received in relation to securities lending. Note 8 discloses the margin cash andcollateral pledged.

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Notes to the Financial Statements (continued)

78

11. Share Capital

Authorised Share Capital

The authorised share capital of the Company is 500,000,000,000 Shares of no par value and Euro 300,000 divided into 300,000redeemable non-participating shares of Euro 1.00 each. Non-participating Shares do not entitle the holders thereof to anydividend and on a winding-up entitle the holders thereof to receive the amount paid up thereon but do not otherwise entitle themto participate in the assets of the Company. The Directors have the power to allot shares in the capital of the Company on suchterms and in such manner as they may think fit. There are two non-participating shares currently in issue which were taken bythe subscribers to the Company and are held by Irish Life Investment Managers Limited (the “Promoter”).

Every Shareholder or holder of non-participating Shares shall be entitled to one vote.

The rights attaching to the Shares issued in any Class or Fund may, whether or not the Company is being wound up, be variedor abrogated with the consent in writing of the Shareholders of three-quarters of the issued Shares of the Class or Fund, or withthe sanction of an ordinary resolution passed at a general meeting of the Shareholders of that Class or Fund.

The distribution policy for the Sub-Funds is discussed in Note 4.

31 December 2018Indexed World

Small CapEquity

Fund

IndexedGlobal Equity

Fund

Indexed EuroGovernmentLong Dated

BondFund

Indexed EuroLarge CapCorporate

BondFund

EnhancedCommodity

Fund

Share Transactions:

Shares in issue at start of financial year

Class A 6,053,325 – 5,994,963 75,368,712 48,671,504

Class B 77,104,382 49,627,965 3,288,322 38,004,034 –

Class C 22,066,484 78,512,842 – 160,294,525 –

Class D – 4,567,113 – – –

Class E – 87,814,897 – – –

Class F – 2,813,454 – – –

Shares issued

Class A 34,015 – – 2,235,773 2,114,095

Class B – 6,294,027 253,426 11,021,963 –

Class C 239,752 7,275,025 – – –

Class D – 617,188 – – –

Class E – – – – –

Class F – 93,786 – – –

Shares redeemed

Class A (2,481,766) – – (11,166,048) (7,092,303)

Class B (14,477,061) (3,469,759) (110,737) (617,556) –

Class C (22,075,969) (6,474,726) – (17,197,561) –

Class D – (1,072,331) – – –

Class E – (4,094,930) – – –

Class F – – – – –

Shares in issue at end of financial year

Class A 3,605,574 – 5,994,963 66,438,437 43,693,296

Class B 62,627,321 52,452,233 3,431,011 48,408,441 –

Class C 230,267 79,313,141 – 143,096,964 –

Class D – 4,111,970 – – –

Class E – 83,719,967 – – –

Class F – 2,907,240 – – –

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11. Share Capital (continued)

Indexed WorldSmall Cap

EquityFund

IndexedGlobal Equity

Fund

Indexed EuroGovernmentLong Dated

BondFund

Indexed EuroLarge CapCorporate

BondFund

EnhancedCommodity

Fund

Net Asset Value: EUR EUR EUR EUR EUR

31 December 2018

Class A 7,520,956 – 10,958,785 71,309,543 30,039,857

Class B 154,748,246 112,993,704 6,174,825 63,936,748 –

Class C 407,546,703 133,773,024 – 151,307,613 –

Class D – 8,509,251 – – –

Class E – 154,055,468 – – –

Class F – 5,328,326 – – –

31 December 2017

Class A 13,940,650 – 10,693,039 81,844,587 35,239,712

Class B 209,816,353 111,418,898 5,794,005 50,838,680 –

Class C 430,281,523 146,144,741 – 171,545,144 –

Class D – 9,855,694 – – –

Class E – 178,173,180 – – –

Class F – 5,379,875 – – –

31 December 2016

Class A 31,870,240 – 10,741,091 67,778,164 40,818,621

Class B 218,437,943 108,318,304 6,075,488 49,658,901 –

Class C 283,087,739 108,366,537 – 210,714,793 –

Class D – 16,690,289 – – –

Class E – 157,481,291 – – –

Class F – 5,006,416 – – –

NAV per Share:

31 December 2018

Class A 2.0859 – 1.8280 1.0733 0.6875

Class B 2.4709 2.1542 1.7997 1.3208 –

Class C 1,769.8907 1.6866 – 1.0574 –

Class D – 2.0694 – – –

Class E – 1.8401 – – –

Class F – 1.8328 – – –

31 December 2017

Class A 2.3030 – 1.7837 1.0859 0.7240

Class B 2.7212 2.2451 1.7620 1.3377 –

Class C 19.4993 1.8614 – 1.0702 –

Class D – 2.1580 – – –

Class E – 2.0290 – – –

Class F – 1.9122 – – –

31 December 2016

Class A 2.1343 – 1.7917 1.0602 0.7747

Class B 2.5156 2.0869 1.7773 1.3075 –

Class C 18.0334 1.5938 – 1.0453 –

Class D – 2.0072 – – –

Class E – 1.7357 – – –

Class F – 1.7795 – – –

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11. Share Capital (continued)

31 December 2018 IndexedMinimumVolatility

Global EquityFund

IndexedEmerging

Market DebtFund

IndexedFundamental

GlobalEquity

Fund

Global LowVolatility

ActiveEquity

Fund

SetantaReditusIncome

Fund

Share Transactions:

Shares in issue at start of financial year

Class A 20,549,424 323,581,397 5,076,594 527,561,354 454,844

Class B 34,342,160 1,175,108 6,063,140 – 25,660

Class C 1,180,111 – 57,931,130 – 16,785

Class D 14,737,833 4,463,834 3,479,598 – –

Class E 6,530,290 – – – –

Shares issued

Class A – 98,477,974 – – 4,997

Class B – 78,664 10,552,113 – –

Class C 141,008 13,559,322 198,780 – –

Class D 383,645 3,356,749 – – –

Class E 188,276 – – – –

Shares redeemed

Class A (20,549,424) – (5,076,594) (12,570,936) (35,142)

Class B (499,406) (1,175,108) (2,385,141) – (3,402)

Class C – (821,831) (7,304,232) – –

Class D (14,888,569) (384,831) (3,479,598) – –

Class E (6,718,566) – – – –

Shares in issue at end of financial year

Class A – 422,059,371 – 514,990,418 424,699

Class B 33,842,754 78,664 14,230,112 – 22,258

Class C 1,321,119 12,737,491 50,825,678 – 16,785

Class D 232,909 7,435,752 – – –

Class E – – – – –

Net Asset Value: EUR EUR EUR EUR EUR

31 December 2018

Class A – 428,874,028 – 740,408,093 41,584,602

Class B 60,870,856 82,136 24,957,372 – 3,021,535

Class C 2,426,246 12,436,029**** 54,280,961 – 1,681,786

Class D 429,798,084 743,986,598 – – –

Class E – – – – –

31 December 2017

Class A 40,633,161 335,585,886 9,696,091 763,103,591 47,857,515

Class B 60,978,851 1,141,454 11,463,257 – 3,743,051

Class C 2,141,063 – 66,655,206 – 1,737,663

Class D 268,107,046 456,069,067*** 4,344,582* – –

Class E 7,773,337 – – – –

31 December 2016

Class A 226,744,614 211,780,239 37,394,478 752,044,250 44,885,333

Class B 70,864,974 1,137,625 26,733,308 – 3,891,883

Class C 2,049,534 – 66,284,516 – –

Class D 127,504,385 – – – –

Class E 10,884,594 – – – –

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Notes to the Financial Statements (continued)

81

11. Share Capital (continued)

IndexedMinimumVolatility

Global EquityFund

IndexedEmerging

Market DebtFund

IndexedFundamental

GlobalEquity

Fund

Global LowVolatility

ActiveEquity

Fund

SetantaReditusIncome

Fund

NAV per Share: EUR EUR EUR EUR EUR

31 December 2018

Class A - 1.0161 – 1.4377 97.9154

GBP

Class B 1.7986 1.0441 1.7538 – 121.8457

EUR

Class C 1.8365 0.9763 1.0680 – 100.1980

Class D 1845.3473 100.0553 – – –

Class E – – – – –

31 December 2017

Class A 1.9773 1.0371 1.9100 1.4465 105.2175

GBP

Class B 1.7756 0.9714 1.8906 – 129.4849

EUR

Class C 1.8143 – 1.1506 – 103.5270

GBP

Class D 18.1918 102.1698*** 1.1083* – –

EUR

Class E 1.1904 – – – –

31 December 2016

Class A 1.8873 1.0310 1.8032 1.3917 102.3068

GBP

Class B 1.6985 0.9681 1.7883 – 121.0696

EUR

Class C 1.7367 – 1.0878 – –

Class D 17.3776 – – – –

Class E 1.1380 – – – –

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Notes to the Financial Statements (continued)

82

11. Share Capital (continued)

31 December 2018 SetantaReditusGlobal

Equity Fund

SetantaReditusGlobal

Balanced Fund

SetantaGlobal

Equity Fund

IndexedEmerging

MarketEquity Fund

SetantaIncome

OpportunitiesFund

Share Transactions:

Shares in issue at start of financial yearClass A 514,895 175,884 17,582 – –Class B 25,401 – – – –Class C 106,459 – – 42,499,504 –Class D – – – – –Class E – – – – –Class M – – 1,128,118 – 627,170

Shares issuedClass A 46,899 14,043 – – –Class B – – – – –Class C 1,189 – – – –Class D – – – – –Class E – – – – –Class M – – 69,324 – 44,842

Shares redeemedClass A (43,980) (29,070) (9,004) – –Class B (2,896) – – – –Class C (15,103) – – (6,963,289) –Class D – – – – –Class E – – – – –Class M – – (1,034,752) – (445,163)

Shares in issue at end of financial yearClass A 517,814 160,857 8,578 – –Class B 22,505 – – – –Class C 92,545 – – 35,536,215 –Class D – – – – –Class E – – – – –Class M – – 162,690 – 226,849

Net Asset Value: EUR EUR EUR EUR EUR

31 December 2018Class A 58,115,310 17,619,957 968,908 – –Class B 3,791,419 – – – –Class C 9,776,522 – – 45,096,008 –Class D – – – – –Class E – – – – –Class M – – 19,195,593 – 24,798,088

31 December 2017Class A 59,466,587 19,738,961 2,095,566 – –Class B 4,403,759 – – – –Class C 11,573,150 – – 60,180,668 –Class D – – – – –Class E – – – – –Class M – – 139,149,082 – 69,878,936

31 December 2016Class A 53,688,281 18,156,760 897,149 – –Class B 3,484,315 – – – –Class C 10,795,074 – – 55,796,903 –Class D – – – – –Class E – – – – –Class M – – 110,890,051 – 23,126,583

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83

11. Share Capital (continued)

SetantaReditusGlobal

Equity Fund

SetantaReditusGlobal

Balanced Fund

SetantaGlobal

Equity Fund

IndexedEmerging

MarketEquity Fund

SetantaIncome

OpportunitiesFund

NAV per Share: EUR EUR EUR EUR EUR

31 December 2018

Class A 112.2320 109.5384 112.9576 – –

GBP

Class B 151.2156 – – – –

USD

Class C 120.7636 – – 1.2690 –

EUR

Class D – – – – –

Class E – – – – –

Class M – – 117.9888 – 109.3153

31 December 2017

Class A 115.4927 112.2273 119.1855 – –

GBP

Class B 153.8959 – – – –

USD

Class C 130.5390 – – 1.4160 –

EUR

Class D – – – – –

Class E – – – – –

Class M – – 123.3462 – 111.4194

31 December 2016

Class A 107.7280 105.1637 110.5417 – –

GBP

Class B 138.0361 – – – –

USD

Class C 106.9534 – – 1.1791 –

EUR

Class D – – – – –

Class E – – – – –

Class M – – 113.7182 – 108.1925

*Share Class launched on 5 April 2017.

**Share Class relaunched on 3 July 2017.

***Share Class launched on 19 September 2017.

****Share Class launched on 8 February 2018.

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Notes to the Financial Statements (continued)

84

11. Share Capital (continued)

31 December 2017Indexed World

Small CapEquity Fund

IndexedGlobal Equity

Fund

Indexed EuroGovernmentLong DatedBond Fund

Indexed EuroLarge CapCorporate

Bond Fund

EnhancedCommodity

FundShare Transactions:Shares in issue at start of financial yearClass A 14,932,418 – 5,994,963 63,928,179 52,687,080Class B 86,832,816 51,902,828 3,418,431 37,980,709 –Class C 15,698,004 67,994,065 – 201,589,967 –Class D – 8,315,344 – – –Class E – 90,732,461 – – –Class F – 2,813,454 – – –Shares issuedClass A – – – 15,022,753 5,612,508Class B 3,181,835 629,538 284,607 114,076 –Class C 6,368,480 13,548,950 – 2,860,990 –Class D – 1,757,923 – – –Class E – – – – –Class F – – – – –Shares redeemedClass A (8,879,093) – – (3,582,220) (9,628,084)Class B (12,910,269) (2,904,401) (414,716) (90,751) –Class C – (3,030,173) – (44,156,432) –Class D – (5,506,154) – – –Class E – (2,917,564) – – –Class F – – – – –Shares in issue at end of financial yearClass A 6,053,325 – 5,994,963 75,368,712 48,671,504Class B 77,104,382 49,627,965 3,288,322 38,004,034 –Class C 22,066,484 78,512,842 – 160,294,525 –Class D – 4,567,113 – – –Class E – 87,814,897 – – –Class F – 2,813,454 – – –

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Notes to the Financial Statements (continued)

85

11. Share Capital (continued)

31 December 2017 IndexedMinimumVolatility

Global EquityFund

IndexedEmerging

Market DebtFund

IndexedFundamental

Global EquityFund

Global LowVolatility

Active EquityFund

SetantaReditusIncome

FundShare Transactions:Shares in issue at start of financial yearClass A 120,143,581 205,403,166 20,737,751 540,373,096 438,733Class B 41,721,273 1,175,108 14,948,870 – 27,440Class C 1,180,111 – 60,936,641 – –Class D 7,337,265 – – – –Class E 9,564,770 – – – –Class F – – – – –Shares issued – – –Class A – 118,178,231Class B – – – – 19,143Class C – – – – –Class D 7,400,568 4,463,834* 2,928,707 – 16,785***Class E 2,630,891 – 117,428,574** – –Class F – – – – –Shares redeemed – – –Class A (99,594,157) – – – –Class B (7,379,113) –Class C – – (15,661,157) (12,811,742) (3,032)Class D – – (8,885,730) – (1,780)Class E (5,665,371) – (5,934,218) – –Class F – –(113,948,976)** – –Shares in issue at end of financial yearClass A 20,549,424 323,581,397 – – –Class B 34,342,160 1,175,108 – – –Class C 1,180,111 – – – –Class D 14,737,833 4,463,834* 5,076,594 527,561,354 454,844Class E 6,530,290 – 6,063,140 – 25,660Class F – – 57,931,130 – 16,785***

3,479,598** – –– – –– – –– – –

*Share Class launched on 19 September 2017.**Share Class launched on 5 April 2017.

***Share Class launched on 3 July 2017.

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11. Share Capital (continued)

31 December 2017 SetantaReditus

Global EquityFund

SetantaReditus

Global BalancedFund

SetantaGlobal Equity

Fund

IndexedEmerging

Market EquityFund

SetantaIncome

OpportunitiesFund

Share Transactions:Shares in issue at start of financial yearClass A 498,369 172,652 8,116 – –Class B 21,547 – – – –Class C 106,459 – – 47,320,818 –Class D – – – – –Class E – – – – –Class F – – – – –Class M – – 975,130 – 213,754Shares issuedClass A 20,569 16,386 9,466 – –Class B 3,854 – – – –Class C – – – – –Class D – – – – –Class E – – – – –Class F – – – – –Class M – – 152,988 – 413,416Shares redeemedClass A (4,043) (13,154) – – –Class B – – – – –Class C – – – (4,821,314) –Class D – – – – –Class E – – – – –Class F – – – – –Class M – – – – –Shares in issue at end of financial yearClass A 514,895 175,884 17,582 – –Class B 25,401 – – – –Class C 106,459 – – 42,499,504 –Class D – – – – –Class E – – – – –Class F – – – – –Class M – – 1,128,118 – 627,170

12. Financial Instruments and Associated Risk

The Company’s activities expose it to a variety of financial risks: market risk (including price risk, currency risk, fair value interestrate risk and cash flow interest rate risk), credit risk, liquidity risk, operational risk and other price risk. These risks are monitored bythe Investment Managers in pursuance of the investment objectives and policies of the Funds as set out in the relevant Supplementto this Prospectus. The Company’s overall risk management programme focuses on the unpredictability of financial markets andseeks to minimise potential adverse effects on the Funds’ financial performance. The Company may use derivative financialinstruments for hedging and for any investment purpose consistent with the investment objective and policy of each individualFund.

The Indexed Emerging Market Debt Fund and the Indexed Emerging Market Equity Fund invest in debt and equity securities ofcountries in emerging markets. Such securities may involve a high degree of risk and may be considered speculative. Risks include(i) greater risk of expropriation, confiscatory taxation, nationalisation and social, political and economic instability; (ii) the smallcurrent size of the markets for securities of emerging markets issuers and the currently low or non-existent volume of trading,resulting in lack of liquidity and price volatility, (iii) certain national policies which may restrict a Fund’s investment opportunitiesincluding restrictions on investing in issuers or industries deemed sensitive to relevant national interests; and (iv) the absence ofdeveloped legal structures governing private or foreign investment and private property.

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12. Financial Instruments and Associated Risk (continued)

Market Risk

Market risk is the risk of loss arising from movements in market variables including observable variables such asinterest rates, exchange rates and others that may be indirectly observable such as volatilities and correlations. The riskof price movements on securities and other obligations in tradable form resulting from risk factors and events specific toindividual issuers is also considered market risk. The Funds entered into foreign exchange forwards contracts, futurescontracts, swap contracts and options during the financial year in order to manage risk.

Price Risk

Price risk is the risk that the value of an instrument will fluctuate as a result of changes in market prices, (other thanthose arising from interest rate risk or currency risk) whether caused by factors specific to an individual investment, itsissuer, or all factors affecting all instruments traded in the market.

All investments in securities present a risk of loss of capital. The Investment Managers moderate this risk through acareful selection of securities and other financial instruments within specified limits. The Funds’ overall marketpositions are monitored on a daily basis by the Funds’ Investment Managers. The Funds’ investments in equities, bonds,floating rates notes and derivatives are susceptible to price risk arising from uncertainties about future prices of theinstruments. The Funds’ price risk is managed through diversification of the investment portfolio ratios by exposures.When selecting investments, the Investment Managers may apply an ethical screen on those instruments to ensure thatthey meet certain ethical criteria. Adherence to investment guidelines mitigates the risk of excessive exposure to anyparticular type of security or issuer. For the Funds that invest in derivative positions, a risk management process isemployed which enables the Fund to accurately monitor, manage and measure the risks attached to these derivativepositions.

The following are the benchmarks for the Funds:

Indexed World Small Cap Equity Fund – MSCI World Small Cap Index Indexed Global Equity Fund – MSCI World Index Indexed Euro Government Long Dated Bond Fund – BofA Merrill Lynch EMU 10+ Year Euro Government

Index Indexed Euro Large Cap Corporate Bond Fund – The performance is measured against Bank of America

Merrill Lynch Euro Large Cap Corporate Index, the Fund does not track an index. Enhanced Commodity Fund – Standard & Poors GSCI Light Energy ILIM Enhanced Strategy Index Indexed Minimum Volatility Global Equity Fund – MSCI World Minimum Volatility Index Indexed Emerging Market Debt Fund – JPM Government Bond Index-Emerging Markets Global Diversified

Composite Index Indexed Fundamental Global Equity Fund – FTSE® RAFI Developed 1000 Index Global Low Volatility Active Equity Fund – The performance is measured against the MSCI World Index, the

Fund does not track an index Setanta Reditus Income Fund – The performance is measured against the MSCI World High Yield Index, the

Fund does not track an index. Setanta Reditus Global Equity Fund – The performance is measured against MSCI Word Index, the Fund does

not track an index. Setanta Reditus Global Balanced Fund – The performance is measured against a Composite Benchmark (70%

World Index and 30% ECAS - Bofa Merrill Lynch All Maturity All Euro Govt Index), the Fund does not trackan index.

Setanta Global Equity Fund – The performance is measured against the MSCI World Index, the fund does nottrack an index.

Indexed Emerging Market Equity – MSCI Emerging Markets Index. Setanta Income Opportunities Fund – The performance is measured against the EU Harmonised Indices of

Consumer Prices, the Fund does not track an index.

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12. Financial Instruments and Associated Risk (continued)

Price Risk (continued)

The following table analyses the Company’s concentration of market risk by type of investment.

Indexed World Small Cap Equity Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Equities 98.26 99.42Foreign exchange forward contracts 0.05 0.05Futures contracts – 0.01Total investment assets 98.31 99.48

If the value of equities invested in as at 31 December 2018 had increased or decreased by 10% with all other variablesheld constant, this would have increased or decreased the net assets attributable to holders of redeemable shares byapproximately EUR 55,992,484 (2017: EUR 65,025,841).

Indexed Global Equity Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Equities 97.92 95.69Foreign exchange forward contracts 0.71 0.35Futures contracts – 0.06Total investment assets 98.63 96.10

If the value of equities invested in as at 31 December 2018 had increased or decreased by 10% with all other variablesheld constant, this would have increased or decreased the net assets attributable to holders of redeemable shares byapproximately EUR 40,604,557 (2017: EUR 43,155,315).

Indexed Euro Government Long Dated Bond Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Bonds 99.92 99.92Total investment assets 99.92 99.92

If the value of debt securities invested in as at 31 December 2018 had increased or decreased by 10% with all othervariables held constant, this would have increased or decreased the net assets attributable to holders of redeemableshares by approximately EUR 1,712,046 (2017: EUR 1,647,305).

Indexed Euro Large Cap Corporate Bond Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Bonds 99.75 99.87Total investment assets 99.75 99.87

If the value of debt securities invested in as at 31 December 2018 had increased or decreased by 10% with all othervariables held constant, this would have increased or decreased the net assets attributable to holders of redeemableshares by approximately EUR 28,585,093 (2017: EUR 30,383,330).

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12. Financial Instruments and Associated Risk (continued)

Price Risk (continued)

Enhanced Commodity Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Bonds 8.10 –Treasury Bills 83.32 91.33Total investment assets 91.42 91.33

If the value of debt securities invested in as at 31 December 2018 had increased or decreased by 10% with all othervariables held constant, this would have increased or decreased the net assets attributable to holders of redeemableshares by approximately EUR 2,746,338 (2017: EUR 3,218,315).

Indexed Minimum Volatility Global Equity Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Equities 98.60 98.53Foreign exchange forward contracts 0.01 –Futures contracts – 0.01Total investment assets 98.61 98.54

If the value of equities invested in as at 31 December 2018 had increased or decreased by 10% with all other variablesheld constant, this would have increased or decreased the net assets attributable to holders of redeemable shares byapproximately EUR 48,619,689 (2017: EUR 37,405,485).

Indexed Emerging Market Debt Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Bonds 99.54 99.77Foreign exchange forward contracts 0.00 –Total investment assets 99.54 99.77

If the value of debt securities invested in as at 31 December 2018 had increased or decreased by 10% with all othervariables held constant, this would have increased or decreased the net assets attributable to holders of redeemableshares by approximately EUR 117,989,149 (2017: EUR 79,100,773).

Indexed Fundamental Global Equity Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Equities 98.65 98.08Foreign exchange forward contracts 0.02 0.01Futures contracts 0.00 0.02Total investment assets 98.67 98.11

If the value of equities invested in as at 31 December 2018 had increased or decreased by 10% with all other variablesheld constant, this would have increased or decreased the net assets attributable to holders of redeemable shares byapproximately EUR 7,816,552 (2017: EUR 9,039,330).

Global Low Volatility Active Equity Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Equities 98.67 98.62Total investment assets 98.67 98.62

If the value of equities invested in as at 31 December 2018 had increased or decreased by 10% with all other variablesheld constant, this would have increased or decreased the net assets attributable to holders of redeemable shares byapproximately EUR 73,054,325 (2017: EUR 75,255,159).

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12. Financial Instruments and Associated Risk (continued)

Price Risk (continued)

Setanta Reditus Income Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Equities 89.33 88.27Total investment assets 89.33 88.27

If the value of equities invested in as at 31 December 2018 had increased or decreased by 10% with all other variablesheld constant, this would have increased or decreased the net assets attributable to holders of redeemable shares byapproximately EUR 4,134,766 (2017: EUR 4,708,107).

Setanta Reditus Global Equity Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Equities 98.37 95.64Total investment assets 98.37 95.64

If the value of equities invested in as at 31 December 2018 had increased or decreased by 10% with all other variablesheld constant, this would have increased or decreased the net assets attributable to holders of redeemable shares byapproximately EUR 7,051,558 (2017: EUR 7,215,601).

Setanta Reditus Global Balanced Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Bonds 17.11 15.84Equities 65.63 69.62Total investment assets 82.74 85.46

If the value of equities and bonds invested in as at 31 December 2018 had increased or decreased by 10% with all othervariables held constant, this would have increased or decreased the net assets attributable to holders of redeemableshares by approximately EUR 1,457,843 (2017: EUR 1,686,899).

Setanta Global Equity Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Equities 97.11 97.55Total investment assets 97.11 97.55

If the value of equities invested in as at 31 December 2018 had increased or decreased by 10% with all other variablesheld constant, this would have increased or decreased the net assets attributable to holders of redeemable shares byapproximately EUR 1,958,273 (2017: EUR 13,778,101).

Indexed Emerging Market Equity Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Equities 97.67 96.60Foreign exchange forward contracts 0.02 0.00Futures contracts – 0.17Total investment assets 97.69 96.77

If the value of equities invested in as at 31 December 2018 had increased or decreased by 10% with all other variablesheld constant, this would have increased or decreased the net assets attributable to holders of redeemable shares byapproximately EUR 4,404,743 (2017: EUR 5,813,259).

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12. Financial Instruments and Associated Risk (continued)

Price Risk (continued)

Setanta Income Opportunities Fund31 December 2018 31 December 2017

% of Net Assets % of Net AssetsInvestment assets:Bonds 17.56 10.30Equities 58.83 69.93Total investment assets: 76.40 80.23

If the value of equities and bonds invested in as at 31 December 2018 had increased or decreased by 10% with all othervariables held constant, this would have increased or decreased the net assets attributable to holders of redeemableshares by approximately EUR 1,894,543 (2017: EUR 5,606,121).

Fair Value of Financial Assets and Financial Liabilities

The Funds have an established control framework with respect to the measurement of fair values. The Companyadopted IFRS 13, effective 1 January 2013. This requires the Funds to classify fair value measurements using a fairvalue hierarchy that reflects the significance of the inputs used in making the measurements. The Administratormeasures the fair value of the Funds’ instruments daily using the quoted price in an active market for each instrument.For financial instruments that trade infrequently, judgement may be required depending on liquidity, uncertainty ofmarket factors and other risks affecting the specific instrument. When third party information, such as broker quotes orpricing services, is used to measure fair value, then the Administrator assesses and documents evidence obtained fromthe third parties to support the conclusion. Financial instrument price moves are reviewed daily by the Administratorbefore the daily Net Asset Value is finalised. The fair value hierarchy has the following levels:

Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either

directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs)

(Level 3).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determinedon the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, thesignificance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement usesobservable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requiresjudgement, considering factors specific to the asset or liability.

Although management believes that its estimates of fair value are appropriate, the use of different methodologies orassumptions could lead to different measurements of fair value.

The following tables analyse the fair value hierarchy of the Funds’ financial assets and financial liabilities measured atfair value as at 31 December 2018 and 31 December 2017.

Indexed World Small Cap Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 559,924,840 – –Financial derivative instruments 370 265,935 –

Total Assets 559,925,210 265,935 –

LiabilitiesFinancial liabilities at fair value through profit or loss

Financial derivative instruments 433,278 228,687 –

Total Liabilities 433,278 228,687 –

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12. Financial Instruments and Associated Risk (continued)

Fair Value of Financial Assets and Financial Liabilities (continued)

Indexed Global Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 406,045,570 – –Financial derivative instruments – 2,936,398 –

Total Assets 406,045,570 2,936,398 –

LiabilitiesFinancial liabilities at fair value through profit or loss

Financial derivative instruments 219,795 1,407,460 –

Total Liabilities 219,795 1,407,460 –

Indexed Euro Government Long Dated Bond FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) – 17,120,460 –

Total Assets – 17,120,460 –

Indexed Euro Large Cap Corporate Bond FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) – 285,850,933 –

Total Assets – 285,850,933 –

Enhanced Commodity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 27,463,382 – –

Total Assets 27,463,382 – –

Indexed Minimum Volatility Global Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 486,196,888 – –Financial derivative instruments – 71,359 –

Total Assets 486,196,888 71,359 –

LiabilitiesFinancial liabilities at fair value through profit or loss

Financial derivative instruments 204,389 42,097 –

Total Liabilities 204,389 42,097 –

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12. Financial Instruments and Associated Risk (continued)

Fair Value of Financial Assets and Financial Liabilities (continued)

Indexed Emerging Market Debt FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) – 1,179,891,486 –Financial derivative instruments – 1,471 –

Total Assets – 1,179,892,957 –

LiabilitiesFinancial liabilities at fair value through profit or loss

Financial derivative instruments – 11,908 –

Total Liabilities – 11,908 –

Indexed Fundamental Global Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 78,165,518 – –Financial derivative instruments 53 16,396 –

Total Assets 78,165,571 16,396 –

LiabilitiesFinancial liabilities at fair value through profit or loss

Financial derivative instruments 49,039 9,929 –

Total Liabilities 49,039 9,929 –

Global Low Volatility Active Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 730,543,245 – –Financial derivative instruments – – –

Total Assets 730,543,245 – –

Setanta Reditus Income FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 41,347,656 – –

Total Assets 41,347,656 – –

LiabilitiesFinancial liabilities at fair value through profit or loss

Financial derivative instruments 2,448 – –

Total Liabilities 2,448 – –

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12. Financial Instruments and Associated Risk (continued)

Fair Value of Financial Assets and Financial Liabilities (continued)

Setanta Reditus Global Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 70,515,579 – –

Total Assets 70,515,579 – –

Setanta Reditus Global Balanced FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 11,564,135 3,014,293 –

Total Assets 11,564,135 3,014,293 –

Setanta Global Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 19,582,729 – –

Total Assets 19,582,729 – –

Indexed Emerging Market Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 44,047,433 – –Financial derivatives instruments – 10,533 –

Total Assets 44,047,433 10,533 –

LiabilitiesFinancial liabilities at fair value through profit or loss

Financial derivative instruments 16,236 510 –

Total Liabilities 16,236 510 –

Setanta Income Opportunities FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 14,589,877 4,355,554 –

Total Assets 14,589,877 4,355,554 –

LiabilitiesFinancial liabilities at fair value through profit or loss

Financial derivative instruments 1,338 – –

Total Liabilities 1,338 – –

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12. Financial Instruments and Associated Risk (continued)

Fair Value of Financial Assets and Financial Liabilities (continued)

Indexed World Small Cap Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 650,258,409 – –Financial derivative instruments 38,497 313,411 –

Total Assets 650,296,906 313,411 –

LiabilitiesFinancial liabilities at fair value through profit or loss

Financial derivative instruments 6,720 268,195 –

Total Liabilities 6,720 268,195 –

Indexed Global Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 431,553,154 – –Financial derivative instruments 249,638 1,595,031 –

Total Assets 431,802,792 1,595,031 –

LiabilitiesFinancial liabilities at fair value through profit or loss

Financial derivative instruments 47,655 773,247 –

Total Liabilities 47,655 773,247 –

Indexed Euro Government Long Dated Bond FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) – 16,473,047 –

Total Assets – 16,473,047 –

Indexed Euro Large Cap Corporate Bond FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) – 303,833,304 –

Total Assets – 303,833,304 –

Enhanced Commodity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 32,183,145 – –

Total Assets 32,183,145 – –

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12. Financial Instruments and Associated Risk (continued)

Fair Value of Financial Assets and Financial Liabilities (continued)

Indexed Minimum Volatility Global Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 374,054,851 – –Financial derivative instruments 39,181 10,560 –

Total Assets 374,094,032 10,560 –

LiabilitiesFinancial liabilities at fair value through profit or loss

Financial derivative instruments 15,158 43,096 –

Total Liabilities 15,158 43,096 –

Indexed Emerging Market Debt FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) – 791,007,731 –Financial derivative instruments – 3,511 –

Total Assets – 791,011,242 –

LiabilitiesFinancial liabilities at fair value through profit or loss

Financial derivative instruments – 7,506 –

Total Liabilities – 7,506 –

Indexed Fundamental Global Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 90,393,297 – –Financial derivative instruments 17,346 11,909 –

Total Assets 90,410,643 11,909 –

LiabilitiesFinancial liabilities at fair value through profit or loss

Financial derivative instruments 8,479 51,857 –

Total Liabilities 8,479 51,857 –

Global Low Volatility Active Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 752,590,273 – –Financial derivative instruments – – –

Total Assets 752,590,273 – –

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12. Financial Instruments and Associated Risk (continued)

Fair Value of Financial Assets and Financial Liabilities (continued)

Setanta Reditus Income FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 47,081,074 – –

Total Assets 47,081,074 – –

Setanta Reditus Global Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 72,156,014 – –

Total Assets 72,156,014 – –

Setanta Reditus Global Balanced FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 13,741,405 3,127,580 –

Total Assets 13,741,405 3,127,580 –

Setanta Global Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 137,781,010 – –

Total Assets 137,781,010 – –

Indexed Emerging Market Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 58,132,591 – –Financial derivatives instruments 104,517 126 –

Total Assets 58,237,108 126 –

LiabilitiesFinancial liabilities at fair value through profit or loss

Financial derivative instruments – 44,338 –

Total Liabilities – 44,338 –

Setanta Income Opportunities FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsFinancial assets at fair value through profit or loss

Investments in transferable securities (non-pledged) 48,864,425 7,196,781 –

Total Assets 48,864,425 7,196,781 –

As at 31 December 2018 and at 31 December 2017, no financial assets or liabilities measured at fair value wereclassified as Level 3.

There were no transfers between the levels during the financial period.

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Financial Assets and Liabilities Not Measured At Fair Value Through Profit or Loss

The financial assets and financial liabilities not measured at fair value through profit or loss are short-term financialassets and financial liabilities whose carrying amounts are a reasonable approximate to fair value. There were notransfers between the levels during the financial years ended 31 December 2018 and 31 December 2017.

The following table sets out the fair values of financial assets and liabilities not measured at fair value and analyses it bythe level in the fair value hierarchy into which each fair value measurement is categorised as at 31 December 2018 and31 December 2017:

Indexed World Small Cap Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 8,011,624 –Margin cash – 1,305,264 –Other receivables – 983,897 –Due from broker – 60,883 –Securities lending income receivable – 41,733 –

Total Assets – 10,403,401 –

LiabilitiesInvestment managers’ fees payable – 31,694 –Administration fees payable – 33,711 –Audit fees payable – 9,808 –Depositary fees payable – 30,297 –Other fees payable – 11,166 –

Total Liabilities – 116,676 –

Indexed Global Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 6,154,758 –Margin cash – 667,079 –Other receivables – 632,811 –Securities lending income receivable – 2,866 –

Total Assets – 7,457,514 –

LiabilitiesInvestment managers’ fees payable – 89,925 –Administration fees payable – 19,573 –Audit fees payable – 9,877 –Depositary fees payable – 25,210 –Other fees payable – 7,869 –

Total Liabilities – 152,454 –

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Financial Assets and Liabilities Not Measured At Fair Value Through Profit or Loss (continued)

Indexed Euro Government Long Dated Bond FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 7,116 –Other receivables – 20,474 –Securities lending income receivable – 107 –

Total Assets – 27,697 –

LiabilitiesInvestment managers’ fees payable – 1,009 –Administration fees payable – 2,006 –Audit fees payable – 9,820 –Depositary fees payable – 1,215 –Other fees payable – 497 –

Total Liabilities – 14,547 –

Indexed Euro Large Cap Corporate Bond FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 733,656 –Securities lending income receivable – 9,357 –

Total Assets – 743,013 –

LiabilitiesInvestment managers’ fees payable – 7,493 –Administration fees payable – 9,550 –Audit fees payable – 9,823 –Depositary fees payable – 9,804 –Other fees payable – 3,372 –

Total Liabilities – 40,042 –

Enhanced Commodity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 3,237,921 –Other receivables – 41,646 –

Total Assets – 3,279,567 –

LiabilitiesAdministration fees payable – 4,313 –Audit fees payable – 9,830 –Depositary fees payable – 1,505 –Deposits with credit institutions: bank overdraft – 672,868 –Other fees payable – 5,980 –Payable to broker – 8,596 –

Total Liabilities – 703,092 –

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Financial Assets and Liabilities Not Measured At Fair Value Through Profit or Loss (continued)

Indexed Minimum Volatility Global Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 3,585,314 –Margin cash – 439,375 –Due from shareholders – 1,409,666 –Other receivables – 1,826,687 –Securities lending income receivable – 6,934 –

Total Assets – 7,267,976 –

LiabilitiesInvestment managers’ fees payable – 49,126 –Administration fees payable – 26,791 –Audit fees payable – 9,870 –Depositary fees payable – 23,493 –Other fees payable – 85,271 –

Total Liabilities – 194,551 –

Indexed Emerging Market Debt FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 6,166,359 –Other receivables – 3,996 –Securities lending income receivable – 19,745 –

Total Assets – 6,190,100 –

LiabilitiesInvestment managers’ fees payable – 63,438 –Administration fees payable – 27,672 –Audit fees payable – 9,824 –Depositary fees payable – 106,868 –Other fees payable – 484,556 –

Total Liabilities – 692,358 –

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12. Financial Instruments and Associated Risk (continued)

Financial Assets and Liabilities Not Measured At Fair Value Through Profit or Loss (continued)

Indexed Fundamental Global Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 829,869 –Margin cash – 167,841 –Other receivables – 212,981 –Securities lending income receivable – 632 –

Total Assets – 1,211,323 –

LiabilitiesInvestment managers’ fees payable – 19,535 –Administration fees payable – 13,461 –Audit fees payable – 9,770 –Depositary fees payable – 19,397 –Other fees payable – 33,826 –

Total Liabilities – 95,989 –

Global Low Volatility Active Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 7,837,397 –Other receivables – 2,070,989 –Securities lending income receivable – 17,353 –

Total Assets – 9,925,739 –

LiabilitiesAudit fees payable – 9,831 –Depositary fees payable – 8,888 –Deposits with credit institutions: bank overdraft – 29,448 –Other fees payable – 12,724 –

Total Liabilities – 60,891 –

Setanta Reditus Income FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 2,745,858 –Margin cash – 2,101,436 –Other receivables – 239,512 –

Total Assets – 5,086,806 –

LiabilitiesInvestment managers’ fees payable – 115,958 –Administration fees payable – 6,451 –Audit fees payable – 8,778 –Depositary fees payable – 4,503 –Other fees payable – 8,401 –

Total Liabilities – 144,091 –

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Financial Assets and Liabilities Not Measured At Fair Value Through Profit or Loss (continued)

Setanta Reditus Global Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 1,194,415 –Other receivables – 104,659 –

Total Assets – 1,299,074 –

LiabilitiesInvestment manager fees payable – 99,910 –Administration fees payable – 7,571 –Audit fees payable – 10,447 –Depositary fees payable – 5,202 –Other fees payable – 8,272 –

Total Liabilities – 131,402 –

Setanta Reditus Global Balanced FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 3,063,672 –Fund assets cash – 5,000 –Other receivables – 21,051 –

Total Assets – 3,089,723 –

LiabilitiesInvestment manager fees payable – 17,932 –Administration fees payable – 5,275 –Audit fees payable – 8,725 –Depositary fees payable – 3,336 –Fund assets payable – 5,000 –Other fees payable – 7,926 –Total Liabilities – 48,194 –

Setanta Global Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 572,794 –Other receivables – 59,270 –

Total Assets – 632,064 –

LiabilitiesDeposits with credit institutions: bank overdraft – 23,308 –Investment manager fees payable – 1,589 –Administration fees payable – 4,820 –Audit fees payable – 9,894 –Depositary fees payable – 4,821 –Other fees payable – 5,860 –Total Liabilities – 50,292 –

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12. Financial Instruments and Associated Risk (continued)

Financial Assets and Liabilities Not Measured At Fair Value Through Profit or Loss (continued)

Indexed Emerging Market Equity FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 1,081,932 –Margin cash – 142,698 –Other receivables – 129,402 –Due from broker – 1,023 –Securities lending income receivable – 298 –

Total Assets – 1,355,353 –

LiabilitiesAdministration fees payable – 5,372 –Audit fees payable – 9,519 –Depositary fees payable – 16,498 –Other fees payable – 269,176 –

Total Liabilities – 300,565 –

Setanta Income Opportunities FundDescription Level 1 Level 2 Level 331 December 2018 EUR EUR EURAssetsDeposits with credit institutions – 4,865,821 –Margin cash – 857,674 –Other receivables – 149,272 –

Total Assets – 5,872,767 –

LiabilitiesDeposits with credit institutions: bank overdraft – 615 –Administration fees payable – 4,730 –Audit fees payable – 9,973 –Depositary fees payable – 2,669 –Other fees payable – 785 –

Total Liabilities – 18,772 –

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12. Financial Instruments and Associated Risk (continued)

Financial Assets and Liabilities Not Measured At Fair Value Through Profit or Loss (continued)

Indexed World Small Cap Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 2,697,347 –Margin cash – 146,219 –Other receivables – 944,019 –Securities lending income receivable – 52,740 –

Total Assets – 3,840,325 –

LiabilitiesInvestment managers’ fees payable – 65,673 –Administration fees payable – 34,243 –Audit fees payable – 9,754 –Depositary fees payable – 16,714 –Other fees payable – 10,817 –

Total Liabilities – 137,201 –

Indexed Global Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 14,667,119 –Margin cash – 2,159,972 –Fund assets cash – 1,198,084 –Other receivables – 599,155 –Securities lending income receivable – 2,584 –

Total Assets – 18,626,914 –

LiabilitiesInvestment managers’ fees payable – 174,078 –Administration fees payable – 23,474 –Audit fees payable – 9,823 –Depositary fees payable – 10,553 –Other fees payable – 13,519 –

Total Liabilities – 231,447 –

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12. Financial Instruments and Associated Risk (continued)

Financial Assets and Liabilities Not Measured At Fair Value Through Profit or Loss (continued)

Indexed Global Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 14,667,119 –Margin cash – 2,159,972 –Fund assets cash – 1,198,084 –Other receivables – 599,155 –Securities lending income receivable – 2,584 –

Total Assets – 18,626,914 –

LiabilitiesInvestment managers’ fees payable – 174,078 –Administration fees payable – 23,474 –Audit fees payable – 9,823 –Depositary fees payable – 10,553 –Other fees payable – 13,519 –

Total Liabilities – 231,447 –

Indexed Euro Government Long Dated Bond FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 37,126 –Securities lending income receivable – 89 –Total Assets – 37,215 –

LiabilitiesInvestment managers’ fees payable – 1,895 –Administration fees payable – 3,020 –Audit fees payable – 9,765 –Depositary fees payable – 1,563 –Other fees payable – 6,975 –

Total Liabilities – 23,218 –

Indexed Euro Large Cap Corporate Bond FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 437,988 –Other receivables – 455 –Securities lending income receivable – 2,466 –

Total Assets – 440,909 –

LiabilitiesInvestment managers’ fees payable – 11,707 –Administration fees payable – 10,048 –Audit fees payable – 9,769 –Depositary fees payable – 4,547 –Other fees payable – 9,731 –

Total Liabilities – 45,802 –

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12. Financial Instruments and Associated Risk (continued)

Financial Assets and Liabilities Not Measured At Fair Value Through Profit or Loss (continued)

Enhanced Commodity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 3,088,217 –Other receivables – 833 –

Total Assets – 3,089,050 –

LiabilitiesAdministration fees payable – 4,125 –Audit fees payable – 9,775 –Depositary fees payable – 1,004 –Other fees payable – 17,579 –

Total Liabilities – 32,483 –

Indexed Minimum Volatility Global Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 4,943,676 –Margin cash – 313,631 –Due from shareholders – 5,611 –Other receivables – 800,919 –Securities lending income receivable – 2,417 –

Total Assets – 6,066,254 –

LiabilitiesInvestment managers’ fees payable – 72,578 –Payables for shares redeemed – 189 –Administration fees payable – 15,880 –Audit fees payable – 9,815 –Depositary fees payable – 10,697 –Other fees payable – 369,975 –

Total Liabilities – 479,134 –

Indexed Emerging Market Debt FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 2,124,110 –Other receivables – 281 –Securities lending income receivable – 581 –

Total Assets – 2,124,972 –

LiabilitiesDeposits with credit institutions: bank overdraft – 86,817 –Investment managers’ fees payable – 23,667 –Administration fees payable – 20,091 –Audit fees payable – 9,770 –Depositary fees payable – 15,977 –Other fees payable – 175,979 –

Total Liabilities – 332,301 –

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12. Financial Instruments and Associated Risk (continued)

Financial Assets and Liabilities Not Measured At Fair Value Through Profit or Loss (continued)

Indexed Fundamental Global Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 1,628,469 –Margin cash – 144,805 –Due from shareholders – 5,464 –Other receivables – 184,813 –Securities lending income receivable – 716 –

Total Assets – 1,964,267 –

LiabilitiesInvestment managers’ fees payable – 38,973 –Payables for shares redeemed – 231 –Administration fees payable – 5,852 –Audit fees payable – 9,716 –Depositary fees payable – 3,390 –Other fees payable – 109,185 –

Total Liabilities – 167,347 –

Global Low Volatility Active Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 2,572,695 –Other receivables – 1,674,125 –Due from broker – 6,289,643 –Securities lending income receivable – 7,064 –

Total Assets – 10,543,527 –

LiabilitiesAudit fees payable – 9,776 –Depositary fees payable – 6,062 –Other fees payable – 14,371 –

Total Liabilities – 30,209 –

Setanta Reditus Income FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 6,009,224 –Margin cash – 258,026 –Other receivables – 193,321 –

Total Assets – 6,460,571 –

LiabilitiesInvestment managers’ fees payable – 40,346 –Administration fees payable – 7,118 –Audit fees payable – 8,794 –Depositary fees payable – 1,875 –Other fees payable – 145,283 –

Total Liabilities – 203,416 –

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12. Financial Instruments and Associated Risk (continued)

Financial Assets and Liabilities Not Measured At Fair Value Through Profit or Loss (continued)

Setanta Reditus Global Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 3,408,797 –Other receivables – 81,631 –

Total Assets – 3,490,428 –

LiabilitiesDeposits with credit institutions: bank overdraft – 520 –Investment manager fees payable – 29,953 –Administration fees payable – 5,836 –Audit fees payable – 10,463 –Depositary fees payable – 2,360 –Other fees payable – 153,814 –

Total Liabilities – 202,946 –

Setanta Reditus Global Balanced FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 2,878,558 –Other receivables – 21,084 –

Total Assets – 2,899,642 –

LiabilitiesDeposits with credit institutions: bank overdraft – 88 –Investment manager fees payable – 6,270 –Administration fees payable – 5,086 –Audit fees payable – 8,741 –Depositary fees payable – 1,181 –Other fees payable – 8,300 –

Total Liabilities – 29,666 –

Setanta Global Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 3,350,320 –Other receivables – 141,399 –

Total Assets – 3,491,719 –

LiabilitiesDeposits with credit institutions: bank overdraft – 751 –Investment manager fees payable – 1,001 –Administration fees payable – 5,720 –Audit fees payable – 9,828 –Depositary fees payable – 2,419 –Other fees payable – 8,362 –

Total Liabilities – 28,081 –

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12. Financial Instruments and Associated Risk (continued)

Financial Assets and Liabilities Not Measured At Fair Value Through Profit or Loss (continued)

Indexed Emerging Market Equity FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 1,859,048 –Margin cash – 251,651 –Other receivables – 99,458 –Securities lending income receivable – 767 –

Total Assets – 2,210,924 –

LiabilitiesAdministration fees payable – 5,184 –Audit fees payable – 9,464 –Depositary fees payable – 1,667 –Other fees payable – 206,837 –

Total Liabilities – 223,152 –

Setanta Income Opportunities FundDescription Level 1 Level 2 Level 331 December 2017 EUR EUR EURAssetsDeposits with credit institutions – 13,364,377 –Margin cash – 265,203 –Other receivables – 207,938 –

Total Assets – 13,837,518 –

LiabilitiesDeposits with credit institutions: bank overdraft – 283 –Administration fees payable – 4,543 –Audit fees payable – 9,908 –Depositary fees payable – 817 –Other fees payable – 4,237 –

Total Liabilities – 19,788 –

Interest Rate Risk

Where Floating Rate Notes are held, any change to the interest rates for particular securities may result in either incomeincreasing or decreasing. There were three Floating Rate Notes held by Setanta Income Opportunities Fund at financialyear ended 31 December 2018 (31 December 2017: Two). Prices of securities held will be impacted by domestic ratesof interest. The Company’s performance therefore will have limited exposure to fair value or cash flow interest rate riskand it will depend in part on its ability to anticipate and respond to such fluctuations in market interest rates, and toutilise appropriate strategies to maximise returns to the Company, while attempting to minimise the associated risks toits investment capital.

As at the financial year end date, the Company is exposed to interest rate risk to the extent disclosed in the followinginterest risk table.

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Notes to the Financial Statements (continued)

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12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Indexed World Small Cap Equity Fund

31 December 2018

Less than1 Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 8,011,624 – – – 8,011,624Margin cash 1,305,264 – – – 1,305,264Financial assets at fairvalue through profit or loss – – – 560,191,145 560,191,145Due from broker – – – 60,883 60,883Other receivables – – – 983,897 983,897Securities lending incomereceivable – – – 41,733 41,733Total assets 9,316,888 – – 561,277,658 570,594,546

LiabilitiesFinancial liabilities at fairvalue through profit or loss – – – 661,965 661,965Investment managers’ fees payable – – – 31,694 31,694Administration fees payable – – – 33,711 33,711Audit fees payable – – – 9,808 9,808Depositary fees payable – – – 30,297 30,297Other fees payable – – – 11,166 11,166Total liabilities – – – 778,641 778,641

Total interest sensitivity gap 9,316,888 – –

31 December 2017

Less than1 Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 2,697,347 – – – 2,697,347Margin cash 146,219 – – – 146,219Financial assets at fairvalue through profit or loss – – – 650,610,317 650,610,317Other receivables – – – 944,019 944,019Securities lending incomereceivable – – – 52,740 52,740Total assets 2,843,566 – – 651,607,076 654,450,642

LiabilitiesFinancial liabilities at fairvalue through profit or loss – – – 274,915 274,915Investment managers’ fees payable – – – 65,673 65,673Administration fees payable – – – 34,243 34,243Audit fees payable – – – 9,754 9,754Depositary fees payable – – – 16,714 16,714Other fees payable – – – 10,817 10,817Total liabilities – – – 412,116 412,116

Total interest sensitivity gap 2,843,566 – –

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12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Indexed Global Equity Fund

31 December 2018

Less than 1Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 6,154,758 – – – 6,154,758Margin cash 667,079 – – – 667,079Financial assets at fairvalue through profit or loss – – – 408,981,968 408,981,968Other receivables – – – 632,811 632,811Securities lending incomereceivable – – – 2,866 2,866Total assets 6,821,837 – – 409,617,645 416,439,482

LiabilitiesFinancial liabilities at fairvalue through profit or loss – – – 1,627,255 1,627,255Investment managers’ fees payable – – – 89,925 89,925Administration fees payable – – – 19,573 19,573Audit fees payable – – – 9,877 9,877Depositary fees payable – – – 25,210 25,210Other fees payable – – – 7,869 7,869Total liabilities – – – 1,779,709 1,779,709

Total interest sensitivity gap 6,821,837 – –

31 December 2017

Less than 1Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 14,667,119 – – – 14,667,119Margin cash 2,159,972 – – – 2,159,972Fund assets cash 1,198,084 – – – 1,198,084Financial assets at fairvalue through profit or loss – – – 433,397,823 433,397,823Other receivables – – – 599,155 599,155Securities lending incomereceivable – – – 2,584 2,584Total assets 18,025,175 – – 433,999,562 452,024,737

LiabilitiesFinancial liabilities at fairvalue through profit or loss – – – 820,902 820,902Investment managers’ fees payable – – – 174,078 174,078Administration fees payable – – – 23,474 23,474Audit fees payable – – – 9,823 9,823Depositary fees payable – – – 10,553 10,553Other fees payable – – – 13,519 13,519Total liabilities – – – 1,052,349 1,052,349

Total interest sensitivity gap 18,025,175 – –

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12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Indexed Euro Government Long Dated Bond Fund

31 December 2018

Less than 1Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 7,116 – – – 7,116Financial assets at fairvalue through profit or loss – – 17,120,460 – 17,120,460Other receivables – – – 20,474 20,474Securities lending incomereceivable – – – 107 107Total assets 7,116 – 17,120,460 20,581 17,148,157

LiabilitiesInvestment managers’ fees payable – – – 1,009 1,009Administration fees payable – – – 2,006 2,006Audit fees payable – – – 9,820 9,820Depositary fees payable – – – 1,215 1,215Other fees payable – – – 497 497Total liabilities – – – 14,547 14,547

Total interest sensitivity gap 7,116 – 17,120,460

31 December 2017

Less than 1Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 37,126 – – – 37,126Financial assets at fairvalue through profit or loss – – 16,473,047 – 16,473,047Securities lending incomereceivable – – – 89 89Total assets 37,126 – 16,473,047 89 16,510,262

LiabilitiesInvestment managers’ fees payable – – – 1,895 1,895Administration fees payable – – – 3,020 3,020Audit fees payable – – – 9,765 9,765Depositary fees payable – – – 1,563 1,563Other fees payable – – – 6,975 6,975Total liabilities – – – 23,218 23,218

Total interest sensitivity gap 37,126 – 16,473,047

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12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Indexed Euro Large Cap Corporate Bond Fund

31 December 2018

Less than 1Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 733,656 – – – 733,656Financial assets at fairvalue through profit or loss – 5,713,910 280,137,023 – 285,850,933Securities lending incomereceivable – – – 9,357 9,357Total assets 733,656 5,713,910 280,137,023 9,357 286,593,946

LiabilitiesInvestment managers’ fees payable – – – 7,493 7,493Administration fees payable – – – 9,550 9,550Audit fees payable – – – 9,823 9,823Depositary fees payable – – – 9,804 9,804Other fees payable – – – 3,372 3,372Total liabilities – – – 40,042 40,042

Total interest sensitivity gap 733,656 5,713,910 280,137,023

31 December 2017

Less than 1Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 437,988 – – – 437,988Financial assets at fairvalue through profit or loss – 4,283,313 299,549,991 – 303,833,304Other receivables – – – 455 455Securities lending incomereceivable – – – 2,466 2,466Total assets 437,988 4,283,313 299,549,991 2,921 304,274,213

LiabilitiesInvestment managers’ fees payable – – – 11,707 11,707Administration fees payable – – – 10,048 10,048Audit fees payable – – – 9,769 9,769Depositary fees payable – – – 4,547 4,547Other fees payable – – – 9,731 9,731Total liabilities – – – 45,802 45,802

Total interest sensitivity gap 437,988 4,283,313 299,549,991

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Notes to the Financial Statements (continued)

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12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Enhanced Commodity Fund

31 December 2018

Less than 1Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 2,093,492 1,144,429 – – 3,237,921Financial assets at fairvalue through profit or loss – 27,463,382 – – 27,463,382Other receivables – – – 41,646 41,646Total assets 2,093,492 28,607,811 – 41,646 30,742,949

LiabilitiesAdministration fees payable – – – 4,313 4,313Audit fees payable – – – 9,830 9,830Depositary fees payable – – – 1,505 1,505Payable to broker – – – 8,596 8,596Deposits with credit institutions:

bank overdraft 672,868 – – – 672,868Other fees payable – – – 5,980 5,980Total liabilities 672,868 – – 30,224 703,092

Total interest sensitivity gap 1,420,624 28,607,811 –

31 December 2017

Less than 1Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 3,088,217 – – – 3,088,217Financial assets at fairvalue through profit or loss 999,271 31,183,874 – – 32,183,145Other receivables – – – 833 833Total assets 4,087,488 31,183,874 – 833 35,272,195

LiabilitiesAdministration fees payable – – – 4,125 4,125Audit fees payable – – – 9,775 9,775Depositary fees payable – – – 1,004 1,004Other fees payable – – – 17,579 17,579Total liabilities – – – 32,483 32,483

Total interest sensitivity gap 4,087,488 31,183,874 –

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Notes to the Financial Statements (continued)

115

12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Indexed Minimum Volatility Global Equity Fund

31 December 2018

Less than 1Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 3,585,314 – – – 3,585,314Margin cash 439,375 – – – 439,375Financial assets at fairvalue through profit or loss – – – 486,268,247 486,268,247Due from shareholders – – – 1,409,666 1,409,666Other receivables – – – 1,826,687 1,826,687Securities lending incomereceivable – – – 6,934 6,934Total assets 4,024,689 – – 489,511,534 493,536,223

LiabilitiesFinancial liabilities at fairvalue through profit or loss – – – 246,486 246,486Investment managers’ fees payable – – – 49,126 49,126Administration fees payable – – – 26,791 26,791Audit fees payable – – – 9,870 9,870Depositary fees payable – – – 23,493 23,493Other fees payable – – – 85,271 85,271Total liabilities – – – 441,037 441,037

Total interest sensitivity gap 4,024,689 – –

31 December 2017

Less than 1Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 4,943,676 – – – 4,943,676Margin cash 313,631 – – – 313,631Financial assets at fairvalue through profit or loss – – – 374,104,592 374,104,592Due from shareholders – – – 5,611 5,611Other receivables – – – 800,919 800,919Securities lending incomereceivable – – – 2,417 2,417Total assets 5,257,307 – – 374,913,539 380,170,846

LiabilitiesFinancial liabilities at fairvalue through profit or loss – – – 58,254 58,254Investment managers’ fees payable – – – 72,578 72,578Payables for shares redeemed – – – 189 189Administration fees payable – – – 15,880 15,880Audit fees payable – – – 9,815 9,815Depositary fees payable – – – 10,697 10,697Other fees payable – – – 369,975 369,975Total liabilities – – – 537,388 537,388

Total interest sensitivity gap 5,257,307 – –

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Notes to the Financial Statements (continued)

116

12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Indexed Emerging Market Debt Fund

31 December 2018

Less than 1Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 6,166,359 – – – 6,166,359Financial assets at fairvalue through profit or loss 7,150,834 11,531,280 1,161,209,372 1,471 1,179,892,957Other receivables – – – 3,996 3,996Securities lending incomereceivable – – – 19,745 19,745Total assets 13,317,193 11,531,280 1,161,209,372 25,212 1,186,083,057

LiabilitiesFinancial liabilities at fairvalue through profit or loss – – – 11,908 11,908Investment managers’ feespayable – – – 63,438 63,438Administration fees payable – – – 27,672 27,672Audit fees payable – – – 9,824 9,824Depositary fees payable – – – 106,868 106,868Other fees payable – – – 484,556 484,556Total liabilities – – – 704,266 704,266

Total interest sensitivity gap 13,317,193 11,531,280 1,161,209,372

31 December 2017

Less than 1Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 2,124,110 – – – 2,124,110Financial assets at fairvalue through profit or loss – 1,566,392 789,441,339 3,511 791,011,242Other receivables – – – 281 281Securities lending incomereceivable – – – 581 581Total assets 2,124,110 1,566,392 789,441,339 4,373 793,136,214

LiabilitiesFinancial liabilities at fairvalue through profit or loss – – – 7,506 7,506Deposits with credit institutions:bank overdraft – – – 86,817 86,817Investment managers’ fees payable – – – 23,667 23,667Administration fees payable – – – 20,091 20,091Audit fees payable – – – 9,770 9,770Depositary fees payable – – – 15,977 15,977Other fees payable – – – 175,979 175,979Total liabilities – – – 339,807 339,807

Total interest sensitivity gap 2,124,110 1,566,392 789,441,339

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Notes to the Financial Statements (continued)

117

12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Indexed Fundamental Global Equity Fund

31 December 2018

Less than 1Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 829,869 – – – 829,869Margin cash 167,841 – – – 167,841Financial assets at fairvalue through profit or loss – – – 78,181,967 78,181,967Other receivables – – – 212,981 212,981Securities lending incomereceivable – – – 632 632Total assets 997,710 – – 78,395,580 79,393,290

LiabilitiesFinancial liabilities at fairvalue through profit or loss – – – 58,968 58,968Investment managers’ fees payable – – – 19,535 19,535Administration fees payable – – – 13,461 13,461Audit fees payable – – – 9,770 9,770Depositary fees payable – – – 19,397 19,397Other fees payable – – – 33,826 33,826Total liabilities – – – 154,957 154,957

Total interest sensitivity gap 997,710 – –

31 December 2017

Less than 1Month

EUR

1 month to 1YearEUR

>1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 1,628,469 – – – 1,628,469Margin cash 144,805 – – – 144,805Financial assets at fairvalue through profit or loss – – – 90,422,552 90,422,552Due from shareholders – – – 5,464 5,464Other receivables – – – 184,813 184,813Securities lending incomereceivable – – – 716 716Total assets 1,773,274 – – 90,613,545 92,386,819

LiabilitiesFinancial liabilities at fairvalue through profit or loss – – – 60,336 60,336Investment managers’ fees payable – – – 38,973 38,973Payables for shares redeemed – – – 231 231Administration fees payable – – – 5,852 5,852Audit fees payable – – – 9,716 9,716Depositary fees payable – – – 3,390 3,390Other fees payable – – – 109,185 109,185Total liabilities – – – 227,683 227,683

Total interest sensitivity gap 1,773,274 – –

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Notes to the Financial Statements (continued)

118

12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Global Low Volatility Active Equity Fund

31 December 2018

Less than 1Month

EUR

1 Month to 1YearEUR

> 1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 7,837,397 – – – 7,837,397Financial assets at fair valuethrough profit or loss – – – 730,543,245 730,543,245Other receivables – – – 2,070,989 2,070,989Securities lending income receivable – – – 17,353 17,353Total assets 7,837,397 – – 732,631,587 740,468,984

LiabilitiesAudit fees payable – – – 9,831 9,831Depositary fees payable – – – 8,888 8,888Deposits with credit institutions:bank overdraft 29,448 – – – 29,448Other fees payable – – – 12,724 12,724Total liabilities 29,448 – – 31,443 60,891

Total interest sensitivity gap 7,807,949 – –

31 December 2017

Less than 1Month

EUR

1 Month to 1YearEUR

> 1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 2,572,695 – – – 2,572,695Financial assets at fair valuethrough profit or loss – – – 752,590,273 752,590,273Other receivables – – – 1,674,125 1,674,125Due from broker – – – 6,289,643 6,289,643Securities lending income receivable – – – 7,064 7,064Total assets 2,572,695 – – 760,561,105 763,133,800

LiabilitiesAudit fees payable – – – 9,776 9,776Depositary fees payable – – – 6,062 6,062Other fees payable – – – 14,371 14,371Total liabilities – – – 30,209 30,209

Total interest sensitivity gap 2,572,695 – –

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Notes to the Financial Statements (continued)

119

12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Setanta Reditus Income Fund

31 December 2018

Less than 1Month

EUR

1 Month to 1YearEUR

> 1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 2,745,858 – – – 2,745,858Margin cash 2,101,436 – – – 2,101,436Financial assets at fair valuethrough profit or loss – – – 41,347,656 41,347,656Other receivables – – – 239,512 239,512Total assets 4,847,294 – – 41,587,168 46,434,462

LiabilitiesFinancial liabilities at fair valuethrough profit or loss – – – 2,448 2,448Investment managers’ fees payable – – – 115,958 115,958Administration fees payable – – – 6,451 6,451Audit fees payable – – – 8,778 8,778Depositary fees payable – – – 4,503 4,503Other fees payable – – – 8,401 8,401Total liabilities – – – 146,539 146,539

Total interest sensitivity gap 4,847,294 – –

31 December 2017

Less than 1Month

EUR

1 Month to 1YearEUR

> 1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 6,009,224 – – – 6,009,224Margin cash 258,026 – – – 258,026Financial assets at fair valuethrough profit or loss – – – 47,081,074 47,081,074Other receivables – – – 193,321 193,321Total assets 6,267,250 – – 47,274,395 53,541,645

LiabilitiesInvestment managers’ fees payable – – – 40,346 40,346Administration fees payable – – – 7,118 7,118Audit fees payable – – – 8,794 8,794Depositary fees payable – – – 1,875 1,875Other fees payable – – – 145,283 145,283Total liabilities – – – 203,416 203,416

Total interest sensitivity gap 6,267,250 – –

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Notes to the Financial Statements (continued)

120

12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Setanta Reditus Global Equity Fund

31 December 2018

Less than 1Month

EUR

1 Month to 1YearEUR

> 1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 1,194,415 – – – 1,194,415Financial assets at fair valuethrough profit or loss – – – 70,515,579 70,515,579Other receivables – – – 104,659 104,659Total assets 1,194,415 – – 70,620,238 71,814,653

LiabilitiesInvestment managers’ fees payable – – – 99,910 99,910Administration fees payable – – – 7,571 7,571Audit fees payable – – – 10,447 10,447Depositary fees payable – – – 5,202 5,202Other fees payable – – – 8,272 8,272Total liabilities – – – 131,402 131,402

Total interest sensitivity gap 1,194,415 – –

31 December 2017

Less than 1Month

EUR

1 Month to 1YearEUR

> 1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 3,408,797 – – – 3,408,797Financial assets at fair valuethrough profit or loss – – – 72,156,014 72,156,014Other receivables – – – 81,631 81,631Total assets 3,408,797 – – 72,237,645 75,646,442

LiabilitiesFinancial liabilities at fair valuethrough profit or lossDeposits with credit institutions:bank overdraft 520 – – – 520Investment managers’ fees payable – – – 29,953 29,953Administration fees payable – – – 5,836 5,836Audit fees payable – – – 10,463 10,463Depositary fees payable – – – 2,360 2,360Other fees payable – – – 153,814 153,814Total liabilities 520 – – 202,426 202,946

Total interest sensitivity gap 3,408,277 – –

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Notes to the Financial Statements (continued)

121

12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Setanta Reditus Global Balanced Fund

31 December 2017

Less than 1Month

EUR

1 Month to 1YearEUR

> 1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 2,878,558 – – – 2,878,558Financial assets at fair valuethrough profit or loss – – 3,127,580 13,741,405 16,868,985Other receivables – – – 21,084 21,084Total assets 2,878,558 – 3,127,580 13,762,489 19,768,627

Liabilities

Financial liabilities at fair valuethrough profit or lossDeposits with credit institutions:bank overdraft 88 – – – 88Investment managers’ fees payable – – – 6,270 6,270Administration fees payable – – – 5,086 5,086Audit fees payable – – – 8,741 8,741Depositary fees payable – – – 1,181 1,181Other fees payable – – – 8,300 8,300Total liabilities 88 – – 29,578 29,666

Total interest sensitivity gap 2,878,470 – 3,127,580

31 December 2018

Less than 1Month

EUR

1 Month to 1YearEUR

> 1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 3,063,672 – – – 3,063,672Fund assets cash – – – 5,000 5,000Financial assets at fair valuethrough profit or loss – 1,427,199 1,587,094 11,564,135 14,578,428Other receivables – – – 21,051 21,051Total assets 3,063,672 1,427,199 1,587,094 11,590,186 17,668,151

Liabilities

Investment managers’ fees payable – – – 17,932 17,932Administration fees payable – – – 5,275 5,275Audit fees payable – – – 8,725 8,725Depositary fees payable – – – 3,336 3,336Fund assets payable – – – 5,000 5,000Other fees payable – – – 7,926 7,926Total liabilities – – – 48,194 48,194

Total interest sensitivity gap 3,063,672 1,427,199 1,587,094

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Notes to the Financial Statements (continued)

122

12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Setanta Global Equity Fund

31 December 2018

Less than 1Month

EUR

1 Month to 1YearEUR

> 1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 572,794 – – – 572,794Financial assets at fair valuethrough profit or loss – – – 19,582,729 19,582,729Other receivables – – – 59,270 59,270Total assets 572,794 – – 19,641,999 20,214,793

LiabilitiesInvestment managers' fees payable – – – 1,589 1,589Administration fees payable – – – 4,820 4,820Audit fees payable – – – 9,894 9,894Depositary fees payable – – – 4,821 4,821Deposits with credit institutions:bank overdraft 23,308 – – – 23,308Other fees payable – – – 5,860 5,860Total liabilities 23,308 – – 26,984 50,292

Total interest sensitivity gap 549,486 – –

31 December 2017

Less than 1Month

EUR

1 Month to 1YearEUR

> 1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 3,350,320 – – – 3,350,320Financial assets at fair valuethrough profit or loss – – – 137,781,010 137,781,010Other receivables – – – 141,399 141,399Total assets 3,350,320 – – 137,922,409 141,272,729

LiabilitiesFinancial liabilities at fair valuethrough profit or loss 751 – – – 751Investment managers' fees payable – – – 1,001 1,001Administration fees payable – – – 5,720 5,720Audit fees payable – – – 9,828 9,828Depositary fees payable – – – 2,419 2,419Other fees payable – – – 8,362 8,362Total liabilities 751 – – 27,330 28,081

Total interest sensitivity gap 3,349,569 – –

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Notes to the Financial Statements (continued)

123

12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Indexed Emerging Market Equity Fund

31 December 2018

Less than 1Month

EUR

1 Month to 1YearEUR

> 1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 1,081,932 – – – 1,081,932Margin cash 142,698 – – – 142,698Financial assets at fair valuethrough profit or loss – – – 44,057,966 44,057,966Due from broker – – – 1,023 1,023Other receivables – – – 129,402 129,402Securities lending incomereceivable – – – 298 298Total assets 1,224,630 – – 44,188,689 45,413,319

LiabilitiesFinancial liabilities at fair valuethrough profit or loss – – – 16,746 16,746Administration fees payable – – – 5,372 5,372Audit fees payable – – – 9,519 9,519Depositary fees payable – – – 16,498 16,498Other fees payable – – – 269,176 269,176Total liabilities – – – 317,311 317,311

Total interest sensitivity gap 1,224,630 – –

31 December 2017

Less than 1Month

EUR

1 Month to 1YearEUR

> 1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 1,859,048 – – – 1,859,048Margin cash 251,651 – – – 251,651Financial assets at fair valuethrough profit or loss – – – 58,237,234 58,237,234Other receivables – – – 99,458 99,458Securities lending incomereceivable – – – 767 767Total assets 2,110,699 – – 58,337,459 60,448,158

LiabilitiesFinancial liabilities at fair valuethrough profit or loss – – – 44,338 44,338Administration fees payable – – – 5,184 5,184Audit fees payable – – – 9,464 9,464Depositary fees payable – – – 1,667 1,667Other fees payable – – – 206,837 206,837Total liabilities – – – 267,490 267,490

Total interest sensitivity gap 2,110,699 – –

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Notes to the Financial Statements (continued)

124

12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

Setanta Income Opportunities Fund

31 December 2018

Less than 1Month

EUR

1 Month to 1YearEUR

> 1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 4,865,821 – – – 4,865,821Margin cash 857,674 – – – 857,674Financial assets at fair valuethrough profit or loss – – 4,355,554 14,589,877 18,945,431Other receivables – – – 149,272 149,272Total assets 5,723,495 – 4,355,554 14,739,149 24,818,198

LiabilitiesFinancial liabilities at fair valuethrough profit or loss – – – 1,338 1,338Deposits with credit institutions:bank overdraft 615 – – – 615Administration fees payable – – – 4,730 4,730Audit fees payable – – – 9,973 9,973Depositary fees payable – – – 2,669 2,669Other fees payable – – – 785 785Total liabilities 615 – – 19,495 20,110

Total interest sensitivity gap 5,722,880 – 4,355,554

31 December 2017

Less than 1Month

EUR

1 Month to 1YearEUR

> 1 YearEUR

Non-interestbearing

EURTotalEUR

AssetsDeposits with credit institutions 13,364,377 – – – 13,364,377Margin cash 265,203 – – – 265,203Financial assets at fair valuethrough profit or loss – – 7,196,781 48,864,425 56,061,206Other receivables – – – 207,938 207,938Total assets 13,629,580 – 7,196,781 49,072,363 69,898,724

LiabilitiesFinancial liabilities at fair valuethrough profit or lossDeposits with credit institutions:bank overdraft 283 – – – 283Administration fees payable – – – 4,543 4,543Audit fees payable – – – 9,908 9,908Depositary fees payable – – – 817 817Other fees payable – – – 4,237 4,237Total liabilities 283 – – 19,505 19,788

Total interest sensitivity gap 13,629,297 – 7,196,781

In the case of the Indexed Euro Government Long Dated Bond Fund, the Indexed Euro Large Cap Corporate BondFund, the Enhanced Commodity Fund and the Indexed Emerging Market Debt Fund, the focus is principally onTracking Error and Duration against the Benchmark. The Investment Manager monitors the risk exposures within theFunds on an ongoing basis while continuing to follow the investment objectives of the Company and the EuropeanCommunities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 and the CentralBank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in TransferableSecurities) Regulations 2015.

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Notes to the Financial Statements (continued)

125

12. Financial Instruments and Associated Risk (continued)

Interest Rate Risk (continued)

The table below details interest rate sensitivity analysis for the fixed income Funds of the Company. An increase of 100basis points in interest rates would decrease the net assets attributable to holders of redeemable shares and changes inthe net assets attributable to holders of redeemable as detailed in the below table:

As at 31December 2018

As at 31December 2017

Fund EUR EURIndexed World Small Cap Equity Fund – –

Indexed Global Equity Fund – –Indexed Euro Government Long Dated Bond Fund 2,255,620 2,124,153

Indexed Euro Large Cap Corporate Bond Fund 16,156,438 17,551,840

Enhanced Commodity Fund 114,583 129,396

Indexed Minimum Volatility Global Equity Fund - –Indexed Emerging Market Debt Fund 54,871,683 36,942,949

Indexed Fundamental Global Equity Fund – –

Global Low Volatility Active Equity Fund – –

Setanta Reditus Income Fund – –Setanta Reditus Global Equity Fund – –

Setanta Reditus Global Balanced Fund 52,897 82,115

Setanta Global Equity Fund – –

Indexed Emerging Market Equity Fund – –Setanta Income Opportunities Fund 126,560 238,882

Currency Risk

The Funds can be exposed to currency risk as a result of investing in assets denominated in currencies other than thebase currency of the Fund. The Company held assets denominated in currencies other than the Euro, its functionalcurrency. The Indexed World Small Cap Equity Fund, the Indexed Global Equity Fund, the Enhanced CommodityFund, the Indexed Minimum Volatility Global Equity Fund, the Indexed Emerging Market Debt Fund, the IndexedFundamental Global Equity Fund, the Global Low Volatility Active Equity Fund, the Setanta Reditus Income Fund, theSetanta Reditus Global Equity Fund, the Setanta Reditus Global Balanced Fund, the Setanta Global Equity Fund, theIndexed Emerging Market Equity Fund and the Setanta Income Opportunities Fund are therefore exposed to currencyrisk as the value of the securities denominated in other currencies will fluctuate due to changes in exchange rates.

The Indexed Euro Government Long Dated Bond Fund and Indexed Euro Large Cap Corporate Bond Fund hold onlyassets denominated in Euro and therefore they are not exposed to any currency risk.

With the exception of the Enhanced Commodity Fund, the Funds may enter into currency exchange transactions in anattempt to protect against changes in currency exchange rates between the trade and settlement dates of specificsecurities transactions or anticipated securities transactions. During the financial year, the Indexed World Small CapEquity Fund, the Indexed Global Equity Fund, the Indexed Minimum Volatility Global Equity Fund, the IndexedEmerging Market Debt Fund, the Indexed Fundamental Global Equity Fund, the Global Low Volatility Active EquityFund and the Indexed Emerging Market Equity Fund entered into foreign exchange forwards contracts for the purposesof hedging against foreign currency risk exposure with respect to non-Euro denominated investments.

The Funds can also be exposed to indirect foreign currency risk where it is investing in assets which have underlyingexposure to foreign currency, for example funds which in turn invest in foreign currency denominated assets. Foreignexchange risk is an on-going consideration during the asset allocation and investment selection process for the GlobalLow Volatility Active Equity Fund, the Setanta Reditus Income Fund, the Setanta Reditus Global Equity Fund, theSetanta Reditus Global Balanced Fund, the Setanta Global Equity Fund and the Setanta Income Opportunities Fund.

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Notes to the Financial Statements (continued)

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

The following tables set out the Funds’ total exposure to foreign currency risk and the net exposure to foreign currencies of monetary and non-monetary assets and liabilities:

Indexed World Small Cap Equity FundUS Australian British Canadian Danish Hong Kong

Total Euro Dollar Dollar Pound Dollar Krone Dollar31 December 2018 EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 8,011,624 5,526,357 1,305,036 234,062 101,557 121,574 3,595 15,366Margin cash 1,305,264 193,465 757,647 43,834 102,847 43,466 – –Other receivables 983,897 147,614 466,888 33,043 109,478 39,602 21,217 8,085Due from broker 60,883 60,652 – – – – – 231Securities lending income receivable 41,733 41,733 – – – – – –Total monetary assets 10,403,401 5,969,821 2,529,571 310,939 313,882 204,642 24,812 23,682

Non-monetary assetsEquity investments 559,924,840 50,624,466 319,513,488 15,796,894 40,102,555 20,370,333 3,845,392 4,627,515Foreign exchange forward contracts 44,815,926 18,959,762 17,513,105 788,059 2,169,472 1,014,089 – –Futures contracts 370 – – 370 – – – –Total non-monetary assets 604,741,136 69,584,228 337,026,593 16,585,323 42,272,027 21,384,422 3,845,392 4,627,515

Monetary liabilitiesInvestment managers’ fees payable 31,694 31,694 – – – – – –Administration fees payable 33,711 33,711 – – – – – –Audit fees payable 9,808 9,808 – – – – – –Depositary fees payable 30,297 30,297 – – – – – –Other fees payable 11,166 11,166 – – – – – –Total monetary liabilities 116,676 116,676 – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 44,778,678 25,848,689 12,988,674 555,421 1,498,000 717,209 – 4,775Futures contracts 433,278 19,960 330,569 – 5,810 9,899 – –Total non-monetary liabilities 45,211,956 25,868,649 13,319,243 555,421 1,503,810 727,108 – 4,775

Total liabilities (excluding net assetsattributable to redeemable shares) 45,328,632 25,985,325 13,319,243 555,421 1,503,810 727,108 – 4,775Net exposure 569,815,905 49,568,724 326,236,921 16,340,841 41,082,099 20,861,956 3,870,204 4,646,422

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Notes to the Financial Statements (continued)

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Indexed World Small Cap Equity Fund (continued)

Israeli Japanese New Zealand Norwegian Singapore Swedish SwissShekel Yen Dollar Krone Dollar Krona Franc

31 December 2018 EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 8,289 519,597 13,358 10,707 62,309 58,156 31,661Margin cash – 149,477 – – – – 14,528Other receivables 1,072 155,310 – – – 1,588 –Total monetary assets 9,361 824,384 13,358 10,707 62,309 59,744 46,189

Non-monetary assetsEquity investments 3,038,346 69,396,046 2,299,366 4,828,927 3,774,759 12,175,695 9,531,058Foreign exchange forward contracts – 3,875,422 – – – – 496,017Total non-monetary assets 3,038,346 73,271,468 2,299,366 4,828,927 3,774,759 12,175,695 10,027,075

Monetary liabilitiesInvestment managers’ fees payable – – – – – – –Administration fees payable – – – – – – –Audit fees payable – – – – – – –Depositary fees payable – – – – – – –Other fees payable – – – – – – –Total monetary liabilities – – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts – 2,845,983 – – – – 319,927Futures contracts – 63,650 – – – – 3,390Total non-monetary liabilities – 2,909,633 – – – – 323,317

Total liabilities (excluding net assetsattributable to redeemable shares) – 2,909,633 – – – – 323,317Net exposure 3,047,707 71,186,219 2,312,724 4,839,634 3,837,068 12,235,439 9,749,947

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Indexed World Small Cap Equity Fund (continued)

US Australian British Canadian Danish Hong KongTotal Euro Dollar Dollar Pound Dollar Krone Dollar

31 December 2017 EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 2,697,347 2,176,584 329,697 2,345 4,485 931 1,332 5,458Margin cash 146,219 49,005 44,037 10,778 15,782 11,044 – –Other receivables 944,019 123,131 499,657 33,168 98,848 41,067 16,744 8,989Securities lending income receivable 52,740 52,740 – – – – – –Total monetary assets 3,840,325 2,401,460 873,391 46,291 119,115 53,042 18,076 14,447

Non-monetary assetsEquity investments 650,258,409 65,732,276 357,201,598 17,427,292 49,832,997 26,219,017 4,546,600 5,505,892Foreign exchange forward contracts 43,664,045 20,902,933 14,718,272 698,719 2,148,204 1,018,375 – –Futures contracts 38,497 – 20,792 505 6,263 2,082 – –Total non-monetary assets 693,960,951 86,635,209 371,940,662 18,126,516 51,987,464 27,239,474 4,546,600 5,505,892

Monetary liabilitiesInvestment managers’ fees payable 65,673 65,673 – – – – – –Administration fees payable 34,243 34,243 – – – – – –Audit fees payable 9,754 9,754 – – – – – –Depositary fees payable 16,714 16,714 – – – – – –Other fees payable 10,817 10,817 – – – – – –Total monetary liabilities 137,201 137,201 – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 43,618,829 22,980,192 13,387,003 618,738 1,936,760 930,418 – 8,510Futures contracts 6,720 6,720 – – – – – –Total non-monetary liabilities 43,625,549 22,986,912 13,387,003 618,738 1,936,760 930,418 – 8,510

Total liabilities (excluding net assetsattributable to redeemable shares) 43,762,750 23,124,113 13,387,003 618,738 1,936,760 930,418 – 8,510Net exposure 654,038,526 65,912,556 359,427,050 17,554,069 50,169,819 26,362,098 4,564,676 5,511,829

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Notes to the Financial Statements (continued)

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Indexed World Small Cap Equity Fund (continued)

Israeli Japanese New Zealand Norwegian Singapore Swedish SwissShekel Yen Dollar Krone Dollar Krona Franc

31 December 2017 EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 8,706 136,794 5,107 8,756 11,339 3,284 2,529Margin cash – 11,691 – – – – 3,882Other receivables 3,651 114,834 – – – 450 3,480Securities lending income receivable – – – – – – –Total monetary assets 12,357 263,319 5,107 8,756 11,339 3,734 9,891

Non-monetary assetsEquity investments 3,189,822 82,430,520 2,599,890 4,574,026 4,367,634 13,660,364 12,970,481Foreign exchange forward contracts – 3,598,112 – – – – 579,430Futures contracts – 8,428 – – – – 427Total non-monetary assets 3,189,822 86,037,060 2,599,890 4,574,026 4,367,634 13,660,364 13,550,338

Monetary liabilitiesInvestment managers’ fees payable – – – – – – –Administration fees payable – – – – – – –Audit fees payable – – – – – – –Depositary fees payable – – – – – – –Other fees payable – – – – – – –Total monetary liabilities – – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 3,043 3,279,105 – – – 383 474,677Futures contracts – – – – – – –Total non-monetary liabilities 3,043 3,279,105 – – – 383 474,677

Total liabilities (excluding net assetsattributable to redeemable shares) 3,043 3,279,105 – – – 383 474,677Net exposure 3,199,136 83,021,274 2,604,997 4,582,782 4,378,973 13,663,715 13,085,552

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Notes to the Financial Statements (continued)

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Indexed Global Equity FundUS Australian British Canadian Danish Hong Kong Israeli

Total Euro Dollar Dollar Pound Dollar Krone Dollar Shekel31 December 2018 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 6,154,758 4,837,702 297,868 126,038 102,046 71,572 76,824 21,384 20,104Margin cash 667,079 94,363 445,067 14,341 21,266 28,191 – – –Other receivables 632,811 195,643 260,939 17,135 57,899 25,628 17,465 – –Securities lending income receivable 2,866 2,866 – – – – – – –Total monetary assets 7,457,514 5,130,574 1,003,874 157,514 181,211 125,391 94,289 21,384 20,104

Non-monetary assetsEquity investments 406,045,570 45,159,930 251,095,424 9,934,487 24,608,348 13,309,360 2,521,850 5,138,752 459,646Foreign exchange forward contracts 832,478,774 539,974,459 205,096,732 7,519,642 19,265,730 10,896,604 1,856,412 3,655,872 311,274Total non-monetary assets 1,238,524,344 585,134,389 456,192,156 17,454,129 43,874,078 24,205,964 4,378,262 8,794,624 770,920

Monetary liabilitiesInvestment managers’ fees payable 89,925 89,925 – – – – – – –Administration fees payable 19,573 19,573 – – – – – – –Audit fees payable 9,877 9,877 – – – – – – –Depositary fees payable 25,210 25,210 – – – – – – –Other fees payable 7,869 7,869 – – – – – – –Total monetary liabilities 152,454 152,454 – – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 830,949,836 291,999,169 376,428,720 14,201,352 35,789,503 19,934,370 3,616,532 7,203,803 596,918Futures contracts 219,795 15,030 165,687 – 2,033 6,375 – – –Total non-monetary liabilities 831,169,631 292,014,199 376,594,407 14,201,352 35,791,536 19,940,745 3,616,532 7,203,803 596,918

Total liabilities (excluding net assetsattributable to redeemable shares) 831,322,085 292,166,653 376,594,407 14,201,352 35,791,536 19,940,745 3,616,532 7,203,803 596,918Net exposure 414,659,773 298,098,310 80,601,623 3,410,291 8,263,753 4,390,610 856,019 1,612,205 194,106

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Notes to the Financial Statements (continued)

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Indexed Global Equity Fund (continued)Japanese New Zealand Norwegian Singapore Swedish Swiss

Yen Dollar Krone Dollar Krona Franc31 December 2018 EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 328,684 36,467 44,087 85,035 91,248 15,699Margin cash 56,571 – – – – 7,280Other receivables 53,101 – – 5,001 – –Securities lending income receivables – – – – – –Total monetary assets 438,356 36,467 44,087 90,036 91,248 22,979

Non-monetary assetsEquity investments 34,599,474 314,880 1,052,629 1,916,171 3,810,994 12,123,625Foreign exchange forward contracts 28,690,681 234,667 789,832 1,424,802 2,944,307 9,817,760Total non-monetary assets 63,290,155 549,547 1,842,461 3,340,973 6,755,301 21,941,385

Monetary liabilitiesInvestment managers’ fees payable – – – – – –Administration fees payable – – – – – –Audit fees payable – – – – – –Depositary fees payable – – – – – –Other fees payable – – – – – –Total monetary liabilities – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 52,523,426 466,046 1,524,682 2,791,574 5,675,466 18,198,275Futures contracts 26,686 – – – – 3,984Total non-monetary liabilities 52,550,112 466,046 1,524,682 2,791,574 5,675,466 18,202,259

Total liabilities (excluding net assetsattributable to redeemable shares) 52,550,112 466,046 1,524,682 2,791,574 5,675,466 18,202,259Net exposure 11,178,399 119,968 361,866 639,435 1,171,083 3,762,105

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Notes to the Financial Statements (continued)

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Indexed Global Equity Fund (continued)US Australian British Canadian Danish Hong Kong Israeli

Total Euro Dollar Dollar Pound Dollar Krone Dollar Shekel31 December 2017 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 14,667,119 13,993,306 150,923 50,343 52,451 92,476 43,648 47,023 10,286Margin cash 2,159,972 410,872 318,661 70,112 226,698 585,884 – – –Fund assets cash 1,198,084 – 1,198,084 – – – – – –Other receivables 599,155 198,504 232,559 17,593 50,544 24,189 14,419 – –Securities lending income receivable 2,584 2,584 – – – – – – –Total monetary assets 18,626,914 14,605,266 1,900,227 138,048 329,693 702,549 58,067 47,023 10,286

Non-monetary assetsEquity investments 431,553,154 51,527,077 257,248,701 11,128,182 28,233,516 15,407,765 2,941,596 5,249,312 469,050Foreign exchange forward contracts 857,889,843 564,296,637 199,379,802 8,653,369 21,655,701 12,054,721 2,130,376 3,893,991 297,643Futures contracts 249,638 – 162,592 2,524 38,545 10,408 – – –Total non-monetary assets 1,289,692,635 615,823,714 456,791,095 19,784,075 49,927,762 27,472,894 5,071,972 9,143,303 766,693

Monetary liabilitiesInvestment managers’ fees payable 174,078 174,078 – – – – – – –Administration fees payable 23,474 23,474 – – – – – – –Audit fees payable 9,823 9,823 – – – – – – –Depositary fees payable 10,553 10,553 – – – – – – –Other fees payable 13,519 13,519 – – – – – – –Total monetary liabilities 231,447 231,447 – – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 857,068,059 293,832,884 380,878,526 16,544,898 41,694,473 23,219,604 4,325,971 7,864,262 609,081Futures contracts 47,655 47,655 – – – – – – –Total non-monetary liabilities 857,115,714 293,880,539 380,878,526 16,544,898 41,694,473 23,219,604 4,325,971 7,864,262 609,081

Total liabilities (excluding net assetsattributable to redeemable shares) 857,347,161 294,111,986 380,878,526 16,544,898 41,694,473 23,219,604 4,325,971 7,864,262 609,081Net exposure 450,972,388 336,316,994 77,812,796 3,377,225 8,562,982 4,955,839 804,068 1,326,064 167,898

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Notes to the Financial Statements (continued)

133

12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Indexed Global Equity Fund (continued)

Japanese New Zealand Norwegian Singapore Swedish SwissYen Dollar Krone Dollar Krona Franc

31 December 2017 EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 41,765 23,885 39,035 50,811 51,705 19,462Margin cash 461,227 – – – – 86,518Fund assets cash – – – – – –Other receivables 45,266 – – 6,998 – 9,083Securities lending income receivables – – – – – –Total monetary assets 548,258 23,885 39,035 57,809 51,705 115,063

Non-monetary assetsEquity investments 38,566,786 290,078 1,093,131 2,098,166 4,347,574 12,952,220Foreign exchange forward contracts 29,570,520 198,528 778,645 1,576,701 3,293,930 10,109,279Futures contracts 32,638 – – – – 2,931Total non-monetary assets 68,169,944 488,606 1,871,776 3,674,867 7,641,504 23,064,430

Monetary liabilitiesInvestment managers’ fees payable – – – – – –Administration fees payable – – – – – –Audit fees payable – – – – – –Depositary fees payable – – – – – –Other fees payable – – – – – –Total monetary liabilities – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 57,185,045 406,199 1,578,096 3,156,247 6,548,084 19,224,689Futures contracts – – – – – –Total non-monetary liabilities 57,185,045 406,199 1,578,096 3,156,247 6,548,084 19,224,689

Total liabilities (excluding net assetsattributable to redeemable shares) 57,185,045 406,199 1,578,096 3,156,247 6,548,084 19,224,689Net exposure 11,533,157 106,292 332,715 576,429 1,145,125 3,954,804

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Notes to the Financial Statements (continued)

134

12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Indexed Euro Government Long Dated Bond Fund

Total EuroBritishPound

31 December 2018 EUR EUR EUR

Monetary assets

Deposits with credit institutions 7,116 7,116 –

Other receivables 20,474 20,474 –

Securities lending income receivable 107 107 –

Total monetary assets 27,697 27,697 –

Non-monetary assets

Debt Securities 17,120,460 17,120,460 –

Total non-monetary assets 17,120,460 17,120,460 –

Monetary liabilities

Investment managers’ fees payable 1,009 1,009 –

Administration fees payable 2,006 2,006 –

Audit fees payable 9,820 9,820 –

Depositary fees payable 1,215 1,215 –

Other fees payable 497 497 –

Total monetary liabilities 14,547 14,547 –

Total liabilities (excluding net assetsattributable to redeemable shares) 14,547 14,547 –

Net exposure 17,133,610 17,133,610 –

Indexed Euro Government Long Dated Bond Fund

Total EuroBritishPound

31 December 2017 EUR EUR EUR

Monetary assets

Bond investments 16,473,047 16,473,047 –

Deposits with credit institutions 37,126 37,126 –

Securities lending income receivable 89 69 20

Total monetary assets 16,510,262 16,510,242 20

Monetary liabilities

Investment managers’ fees payable 1,895 1,895 –

Administration fees payable 3,020 3,020 –

Audit fees payable 9,765 9,765 –

Depositary fees payable 1,563 1,563 –

Other fees payable 6,975 6,975 –

Total monetary liabilities 23,218 23,218 –

Total liabilities (excluding net assetsattributable to redeemable shares) 23,218 23,218 –

Net exposure 16,487,044 16,487,024 20

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Notes to the Financial Statements (continued)

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Indexed Euro Large Cap Corporate Bond Fund

Total Euro

31 December 2018 EUR EUR

Monetary assets

Bond investments – –

Deposits with credit institutions 733,656 733,656

Other receivables – –

Securities lending income receivable 9,357 9,357

Total monetary assets 743,013 743,013

Non-monetary assets

Debt Securities 285,850,933 285,850,933

Total non-monetary assets 285,850,933 285,850,933

Monetary liabilities

Investment managers’ fees payable 7,493 7,493

Administration fees payable 9,550 9,550

Audit fees payable 9,823 9,823

Depositary fees payable 9,804 9,804

Other fees payable 3,372 3,372

Total Monetary liabilities 40,042 40,042

Total liabilities (excluding net assetsattributable to redeemable shares) 40,042 40,042

Net exposure 286,553,904 286,553,904

Indexed Euro Large Cap Corporate Bond Fund

Total Euro

31 December 2017 EUR EUR

Monetary assets

Bond investments 303,833,304 303,833,304

Deposits with credit institutions 437,988 437,988

Other receivables 455 455

Securities lending income receivable 2,466 2,466

Total monetary assets 304,274,213 304,274,213

Monetary liabilities

Investment managers’ fees payable 11,707 11,707

Administration fees payable 10,048 10,048

Audit fees payable 9,769 9,769

Depositary fees payable 4,547 4,547

Other fees payable 9,731 9,731

Total Monetary liabilities 45,802 45,802

Total liabilities (excluding net assetsattributable to redeemable shares) 45,802 45,802

Net exposure 304,228,411 304,228,411

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Notes to the Financial Statements (continued)

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Enhanced Commodity Fund

US

Total Euro Dollar

31 December 2018 EUR EUR EUR

Monetary assets

Treasury Bills – – –

Deposits with credit institutions 3,237,921 92,370 3,145,551

Other receivables 41,646 41,646 –

Total monetary assets 3,279,567 134,016 3,145,551

Non-monetary assets – – –

Debt Securities 27,463,382 – 27,463,382

Total non-monetary assets 27,463,382 – 27,463,382

Monetary liabilitiesDeposits with credit institutions: bankoverdraft 672,868 672,868 –

Administration fees payable 4,313 4,313 –

Audit fees payable 9,830 9,830 –

Depositary fees payable 1,505 1,505 –

Other fees payable 5,980 5,980 –

Payable to broker 8,596 – 8,596

Total monetary liabilities 703,092 694,496 8,596

Total liabilities (excluding net assetsattributable to redeemable shares) 703,092 694,496 8,596

Net exposure 30,039,857 (560,480) 30,600,337

US

Total Euro Dollar

31 December 2017 EUR EUR EUR

Monetary assets

Treasury Bills 32,183,145 – 32,183,145

Deposits with credit institutions 3,088,217 128,222 2,959,995

Other receivables 833 833 –

Total monetary assets 35,272,195 129,055 35,143,140

Monetary liabilities

Administration fees payable 4,125 4,125 –

Audit fees payable 9,775 9,775 –

Depositary fees payable 1,004 1,004 –

Other fees payable 17,579 8,467 9,112

Total monetary liabilities 32,483 23,371 9,112

Total liabilities (excluding net assetsattributable to redeemable shares) 32,483 23,371 9,112

Net exposure 35,239,712 105,684 35,134,028

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Indexed Minimum Volatility Global Equity FundUS Australian British Canadian Danish Hong Kong Israeli

Total Euro Dollar Dollar Pound Dollar Krone Dollar Shekel31 December 2018 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 3,585,314 1,022,008 1,036,565 125,739 182,595 74,781 60,981 207,592 22,175Margin cash 439,375 175,395 180,562 – 9,671 – – – –Due from shareholders 1,409,666 1,409,666 – – – – – – –Other receivables 1,826,687 877,766 617,102 – 35,619 16,359 76,978 – –Securities lending income receivable 6,934 6,934 – – – – – – –Total monetary assets 7,267,976 3,491,769 1,834,229 125,739 227,885 91,140 137,959 207,592 22,175Non-monetary assetsEquity investments 486,196,888 89,756,080 273,583,059 2,283,331 6,938,065 17,482,962 4,361,340 5,687,419 2,021,026Foreign exchange forward contracts 12,838,017 5,670,527 5,247,022 – 220,313 – – – –Total non-monetary assets 499,034,905 95,426,607 278,830,081 2,283,331 7,158,378 17,482,962 4,361,340 5,687,419 2,021,026Monetary liabilitiesInvestment managers’ fees payable 49,126 49,126 – – – – – – –Administration fees payable 26,791 26,791 – – – – – – –Audit fees payable 9,870 9,870 – – – – – – –Depositary fees payable 23,493 23,493 – – – – – – –Other fees payable 85,271 85,271 – – – – – – –Total monetary liabilities 194,551 194,551 – – – – – – –Non-Monetary liabilitiesForeign exchange forward contracts 12,808,755 7,132,991 4,035,917 – 190,635 18,522 – – –Futures contracts 204,389 16,555 155,892 – 1,838 – – – –Total non-monetary liabilities 13,013,144 7,149,546 4,191,809 – 192,473 18,522 – – –Total liabilities (excluding net assets attributableto redeemable shares) 13,207,695 7,344,097 4,191,809 – 192,473 18,522 – – –Net exposure 493,095,186 91,574,279 276,472,501 2,409,070 7,193,790 17,555,580 4,499,299 5,895,011 2,043,201

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Indexed Minimum Volatility Global Equity Fund (continued)

Japanese New Zealand Norwegian Singapore Swedish SwissYen Dollar Krone Dollar Krona Franc

31 December 2018 EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 310,925 15,410 22,207 315,129 7,638 181,569Margin cash 51,546 – – – – 22,201Due from shareholders – – – – – –Other receivables 151,208 – – 51,655 – –Securities lending commission receivable – – – – – –Total monetary assets 513,679 15,410 22,207 366,784 7,638 203,770

Non-monetary assetsEquity investments 46,991,377 1,090,850 534,007 6,857,341 275,763 28,334,268Foreign exchange forward contracts 1,092,862 – – – – 607,293Total non-monetary assets 48,084,239 1,090,850 534,007 6,857,341 275,763 28,941,561

Monetary liabilitiesInvestment managers’ fees payable – – – – – –Administration fees payable – – – – – –Audit fees payable – – – – – –Depositary fees payable – – – – – –Other fees payable – – – – – –Total monetary liabilities – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 978,037 – – 51,623 – 401,030Futures contracts 22,907 – – – – 7,197Total non-monetary liabilities 1,000,944 – – 51,623 – 408,227

Total liabilities (excluding net assets attributable toredeemable shares) 1,000,944 – – 51,623 – 408,227Net exposure 47,596,974 1,106,260 556,214 7,172,502 283,401 28,737,104

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Indexed Minimum Volatility Global Equity FundUS Australian British Canadian Danish Hong Kong Israeli

Total Euro Dollar Dollar Pound Dollar Krone Dollar Shekel31 December 2017 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 4,943,676 4,422,604 132,614 10,596 40,639 39,438 8,895 56,594 17,268Margin cash 313,631 95,798 151,630 – 5,571 – – – –Due from shareholders 5,611 5,611 – – – – – – –Other receivables 800,919 268,328 300,498 – 18,910 12,578 50,045 – –Securities lending income receivable 2,417 2,417 – – – – – – –Total monetary assets 6,066,254 4,794,758 584,742 10,596 65,120 52,016 58,940 56,594 17,268

Non-monetary assetsEquity investments 374,054,851 65,286,417 204,338,323 1,849,198 5,596,236 14,080,548 7,489,741 6,808,502 1,598,881Foreign exchange forward contracts 3,439,738 964,631 1,817,569 – 156,037 – – – –Futures contracts 39,181 – 28,362 – 2,811 – – – –Total non-monetary assets 377,533,770 66,251,048 206,184,254 1,849,198 5,755,084 14,080,548 7,489,741 6,808,502 1,598,881

Monetary liabilitiesInvestment managers’ fees payable 72,578 72,578 – – – – – – –Payables for shares redeemed 189 189 – – – – – – –Administration fees payable 15,880 15,880 – – – – – – –Audit fees payable 9,815 9,815 – – – – – – –Depositary fees payable 10,697 10,697 – – – – – – –Other fees payable 369,975 369,975 – – – – – – –Total monetary liabilities 479,134 479,134 – – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 3,472,274 2,517,748 626,329 – 90,925 14,242 – – –Futures contracts 15,158 15,158 – – – – – – –Total non-monetary liabilities 3,487,432 2,532,906 626,329 – 90,925 14,242 – – –

Total liabilities (excluding net assets attributableto redeemable shares) 3,966,566 3,012,040 626,329 – 90,925 14,242 – – –Net exposure 379,633,458 68,033,766 206,142,667 1,859,794 5,729,279 14,118,322 7,548,681 6,865,096 1,616,149

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Indexed Minimum Volatility Global Equity Fund (continued)

Japanese New Zealand Norwegian Singapore Swedish SwissYen Dollar Krone Dollar Krona Franc

31 December 2017 EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 39,248 7,559 23,205 103,881 5,192 35,943Margin cash 44,433 – – – – 16,199Due from shareholders – – – – – –Other receivables 97,687 – – 52,873 – –Securities lending commission receivable – – – – – –Total monetary assets 181,368 7,559 23,205 156,754 5,192 52,142

Non-monetary assetsEquity investments 32,431,101 763,057 – 5,567,778 185,974 28,059,095Foreign exchange forward contracts 197,717 – – – – 303,784Futures contracts 6,247 – – – – 1,761Total non-monetary assets 32,635,065 763,057 – 5,567,778 185,974 28,364,640

Monetary liabilitiesInvestment managers’ fees payable – – – – – –Payables for shares redeemed – – – – – –Administration fees payable – – – – – –Audit fees payable – – – – – –Depositary fees payable – – – – – –Other fees payable – – – – – –Total monetary liabilities – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 90,716 – – 52,845 – 79,469Futures contracts – – – – – –Total non-monetary liabilities 90,716 – – 52,845 – 79,469

Total liabilities (excluding net assets attributable toredeemable shares) 90,716 – – 52,845 – 79,469Net exposure 32,725,717 770,616 23,205 5,671,687 191,166 28,337,313

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12. Financial Instruments and Associated Risk (continued)

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Indexed Emerging Market Debt FundUS Argentine Brazilian Chilean Colombian Czech Dominican

Total Euro Dollar Peso Real Peso Peso Krona Peso31 December 2018 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsBond investments – – – – – – – – –Deposits with credit institutions 6,166,359 2,214,677 253,515 – 12,476 – 8,927 7,429 –Other receivables 3,996 3,996 – – – – – – –Securities lending income receivable 19,745 19,745 – – – – – – –Total monetary assets 6,190,100 2,238,418 253,515 – 12,476 – 8,927 7,429 –

Non-monetary assetsDebt Securities 1,179,891,486 – – 7,043,479 118,606,952 35,944,455 84,905,258 48,282,723 889,422Foreign exchange forward contracts 13,617,561 6,779,450 – – – – – – –Total non-monetary assets 1,193,509,047 6,779,450 – 7,043,479 118,606,952 35,944,455 84,905,258 48,282,723 889,422

Monetary liabilitiesInvestment manager fees payable 63,438 63,438 – – – – – – –Administration fees payable 27,672 27,672 – – – – – – –Audit fees payable 9,824 9,824 – – – – – – –Depositary fees payable 106,868 106,868 – – – – – – –Other fees payable 484,556 7,097 – – 477,459 – – – –Total monetary liabilities 692,358 214,899 – – 477,459 – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 13,627,998 6,848,527 – – – – – – –Total non-monetary liabilities 13,627,998 6,848,527 – – – – – – –

Total liabilities (excluding net assetsattributable to redeemable shares) 14,320,356 7,063,426 – – 477,459 – – – –Net exposure 1,185,378,791 1,954,442 253,515 7,043,479 118,141,969 35,944,455 84,914,185 48,290,152 889,422

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Indexed Emerging Market Debt Fund (continued)Hungarian Indonesian Malaysian Mexican New Romanian Peruvian Philippines Polish Russian

Forint Rupiah Ringgit Peso Leu Nuevo Sol Peso Zloty RubleEUR EUR EUR EUR EUR EUR EUR EUR EUR

31 December 2018

Monetary assetsBond investments – – – – – – – – –Deposits with credit institutions 103,349 – 1,091,718 107,135 113,307 1,894 – 7,698 586,131Other receivables – – – – – – – – –Securities lending income receivable – – – – – – – – –

Total monetary assets 103,349 – 1,091,718 107,135 113,307 1,894 – 7,698 586,131– 1,091,718 107,135 113,307 1,894 – 7,698Non-monetary assets

Debt securities 56,658,528 110,080,787 65,997,242 123,604,005 37,552,141 35,683,432 3,471,689 108,808,532 81,156,576

Foreign exchange forward contract – – – – – 2,090,533 – 1,421,416 2,294,314

Total non-monetary assets 56,658,528 110,080,787 65,997,242 123,604,005 37,552,141 37,773,965 3,471,689 110,229,948 83,450,890

Monetary liabilitiesDeposits with credit institutions:bank overdraftInvestment managers’ fees payable – – – – – – – – –Administration fees payable – – – – – – – – –Audit fees payable – – – – – – – – –Depositary fees payable – – – – – – – – –Other fees payable – – – – – – – – –

Total monetary liabilities – – – – – – – – –

Non-Monetary liabilities

Foreign exchange forward contracts – – – 4,738,422 – – – – –

Total non-monetary liabilities – – – 4,738,422 – – – – –Total liabilities (excluding net assetsattributable to redeemable shares) – – – 4,738,422 – – – –

Net exposure 56,761,877 110,080,787 67,088,960 118,972,718 37,665,448 37,775,859 3,471,689 110,237,646 84,037,021

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Indexed Emerging Market Debt Fund (continued)

South African Thai Turkish UruguayaRand Baht Lira PesoEUR EUR EUR EUR

31 December 2018

Monetary assetsBond investments – – – –Deposits with credit institutions 831,651 659,927 166,525 –Other receivables – – – –Securities lending income receivable – – – –

Total monetary assets 831,651 659,927 166,525 –

Non-monetary assets

Debt Securities 98,823,882 98,670,384 61,228,027 2,483,972

Foreign exchange forward contracts 1,031,848 – – –

Total non-monetary assets 99,855,730 98,670,384 61,228,027 2,483,972

Monetary liabilitiesDeposits with credit institutions:bank overdraft – – – –Investment managers’ fees payable – – – –Administration fees payable – – – –Audit fees payable – – – –Depositary fees payable – – – –Other fees payable – – – –

Total monetary liabilities – – – –

Non-Monetary liabilities

Foreign exchange forward contracts – – 2,041,049 –

Total non-monetary liabilities – – 2,041,049 –Total liabilities (excluding net assetsattributable to redeemable shares) – – 2,041,049 –

Net exposure 100,687,381 99,330,311 59,353,503 2,483,972

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12. Financial Instruments and Associated Risk (continued)

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Indexed Emerging Market Debt FundUS Argentine Brazilian Chilean Colombian Czech Hungarian

Total Euro Dollar Peso Real Peso Peso Krona Forint31 December 2017 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsBond investments 791,007,731 – – 7,296,097 77,710,635 19,615,787 54,222,628 30,713,087 36,436,118Deposits with credit institutions 2,124,110 509,647 55,581 – 63,333 – 4,082 6,238 –Other receivables 281 281 – – – – – – –Securities lending income receivable 581 581 – – – – – – –Total monetary assets 793,132,703 510,509 55,581 7,296,097 77,773,968 19,615,787 54,226,710 30,719,325 36,436,118

Non-monetary assetsForeign exchange forward contracts 11,658,743 6,431,274 – – – – – – –Total non-monetary assets 11,658,743 6,431,274 – – – – – – –

Monetary liabilitiesDeposits with credit institutions: bank overdraft 86,817 – – – – – – – 64,140Investment managers’ fees payable 23,667 23,667 – – – – – – –Administration fees payable 20,091 20,091 – – – – – – –Audit fees payable 9,770 9,770 – – – – – – –Depositary fees payable 15,977 15,977 – – – – – – –Other fees payable 175,979 8,930 – – 167,049 – – – –Total monetary liabilities 332,301 78,435 – – 167,049 – – – 64,140

Non-Monetary liabilitiesForeign exchange forward contracts 11,662,738 5,234,975 – – – – – – –Total non-monetary liabilities 11,662,738 5,234,975 – – – – – – –

Total liabilities (excluding net assetsattributable to redeemable shares) 11,995,039 5,313,410 – – 167,049 – – – 64,140Net exposure 792,796,407 1,628,373 55,581 7,296,097 77,606,919 19,615,787 54,226,710 30,719,325 36,371,978

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Notes to the Financial Statements (continued)

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12. Financial Instruments and Associated Risk (continued)

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Indexed Emerging Market Debt Fund (continued)

Indonesian Malaysian Mexican New Romanian Peruvian Philippines Polish Russian South AfricanRupiah Ringgit Peso Leu Nuevo Sol Peso Zloty Ruble Rand

EUR EUR EUR EUR EUR EUR EUR EUR EUR31 December 2017

Monetary assetsBond investments 75,698,047 44,599,809 72,343,198 22,952,604 21,588,327 2,272,449 71,311,877 60,979,353 70,071,680Deposits with credit institutions – 416,508 21,467 108,877 – – 14,314 – 45,041Other receivables – – – – – – – – –Securities lending income receivable – – – – – – – – –

Total monetary assets 75,698,047 45,016,317 72,364,665 23,061,481 21,588,327 2,272,449 71,326,191 60,979,353 70,116,721

Non-monetary assets

Foreign exchange forward contracts – – 4,588,913 – – – 638,556 – –

Total non-monetary assets – – 4,588,913 – – – 638,556 – –

Monetary liabilitiesDeposits with credit institutions:bank overdraft – – – – 8,802 – – 13,875 –Investment managers’ fees payable – – – – – – – – –Administration fees payable – – – – – – – – –Audit fees payable – – – – – – – – –Depositary fees payable – – – – – – – – –Other fees payable – – – – – – – – –

Total monetary liabilities – – – – 8,802 – – 13,875 –

Non-Monetary liabilities

Foreign exchange forward contracts – – – – – – – – 4,844,713

Total non-monetary liabilities – – – – – – – – 4,844,713

Total liabilities (excluding net assetsattributable to redeemable shares) – – – – 8,802 – – 13,875 4,844,713

Net exposure 75,698,047 45,016,317 76,953,578 23,061,481 21,579,525 2,272,449 71,964,747 60,965,478 65,272,008

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Thai Turkish UruguayaBaht Lira PesoEUR EUR EUR

31 December 2017

Monetary assetsBond investments 62,357,232 58,741,928 2,096,875Deposits with credit institutions 868,451 10,571 –Other receivables – – –Securities lending income receivable – – –

Total monetary assets 63,225,683 58,752,499 2,096,875

Non-monetary assets

Foreign exchange forward contracts – – –

Total non-monetary assets – – –

Monetary liabilitiesDeposits with credit institutions:bank overdraft – – –Investment managers’ fees payable – – –Administration fees payable – – –Audit fees payable – – –Depositary fees payable – – –Other fees payable – – –

Total monetary liabilities – – –

Non-Monetary liabilities

Foreign exchange forward contracts – 1,583,050 –

Total non-monetary liabilities – 1,583,050 –Total liabilities (excluding net assetsattributable to redeemable shares) – 1,583,050 –

Net exposure 63,225,683 57,169,449 2,096,875

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12. Financial Instruments and Associated Risk (continued)

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Indexed Fundamental Global Equity FundUS Australian British Canadian Danish Hong Kong Israeli

Total Euro Dollar Dollar Pound Dollar Krone Dollar Shekel31 December 2018 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 829,869 538,958 83,927 36,627 54,151 8,636 29,154 5,235 2,343Margin cash 167,841 29,057 90,784 2,960 10,173 7,571 – – –Due from shareholders – – – – – – – – –Other receivables 212,981 101,621 48,517 1,977 18,007 6,633 2,932 – –Securities lending income receivable 632 632 – – – – – – –Total monetary assets 1,211,323 670,268 223,228 41,564 82,331 22,840 32,086 5,235 2,343

Non-monetary assetsEquity investments 78,165,518 12,488,577 38,992,807 1,873,380 7,483,268 2,784,538 261,200 755,400 130,849Foreign exchange forward contracts 1,871,545 509,032 764,340 – 235,379 115,092 – – –Futures contracts 53 – – – – – – – –Total non-monetary assets 80,037,116 12,997,609 39,757,147 1,873,380 7,718,647 2,899,630 261,200 755,400 130,849

Monetary liabilitiesInvestment managers’ fees payable 19,535 19,535 – – – – – – –Administration fees payable 13,461 13,461 – – – – – – –Audit fees payable 9,770 9,770 – – – – – – –Depositary fees payable 19,397 19,397 – – – – – – –Other fees payable 33,826 33,826 – – – – – – –Total monetary liabilities 95,989 95,989 – – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 1,865,078 1,360,458 187,262 2,594 93,463 128,173 – – –Futures contracts 49,039 4,050 37,738 – 362 – – – –Total non-monetary liabilities 1,914,117 1,364,508 225,000 2,594 93,825 128,173 – – –

Total liabilities (excluding net assetsattributable to redeemable shares) 2,010,106 1,460,497 225,000 2,594 93,825 128,173 – – –Net exposure 79,238,333 12,207,380 39,755,375 1,912,350 7,707,153 2,794,297 293,286 760,635 133,192

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12. Financial Instruments and Associated Risk (continued)

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Indexed Fundamental Global Equity Fund (continued)

Japanese New Zealand Norwegian Singapore South Korean Swedish SwissYen Dollar Krone Dollar Won Krona Franc

31 December 2018 EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 38,255 132 16,558 372 – 12,070 3,451Margin cash 14,075 – – – – – 13,221Due from shareholders – – – – – – –Other receivables 10,258 – – 1,126 21,910 – –Securities lending income receivable – – – – – – –Total monetary assets 62,588 132 16,558 1,498 21,910 12,070 16,672

Non-monetary assetsEquity investments 8,090,892 – 325,764 278,922 1,399,592 882,513 2,417,816Foreign exchange forward contracts 106,811 – – – – – 140,891Futures contracts – – – – – – 53Total non-monetary assets 8,197,703 – 325,764 278,922 1,399,592 882,513 2,558,760

Monetary liabilitiesInvestment managers’ fees payable – – – – – – –Payables for shares redeemed – – – – – – –Administration fees payable – – – – – – –Audit fees payable – – – – – – –Depositary fees payable – – – – – – –Other fees payable – – – – – – –Total monetary liabilities – – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 11,140 – – 1,125 – – 80,863Futures contracts 6,889 – – – – – –Total non-monetary liabilities 18,029 – – 1,125 – – 80,863

Total liabilities (excluding net assetsattributable to redeemable shares) 18,029 – – 1,125 – – 80,863Net exposure 8,242,262 132 342,322 279,295 1,421,502 894,583 2,494,569

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Indexed Fundamental Global Equity FundUS Australian British Canadian Danish Hong Kong Israeli

Total Euro Dollar Dollar Pound Dollar Krone Dollar Shekel31 December 2017 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 1,628,469 1,505,227 8,236 15,061 16,319 15,863 1,592 1,771 671Margin cash 144,805 43,310 42,668 9,242 20,101 14,195 – – –Due from shareholders 5,464 5,464 – – – – – – –Other receivables 184,813 90,980 39,602 1,719 15,798 5,933 3,631 – –Securities lending income receivable 716 716 – – – – – – –Total monetary assets 1,964,267 1,645,697 90,506 26,022 52,218 35,991 5,223 1,771 671

Non-monetary assetsEquity investments 90,393,297 17,107,265 40,353,877 2,580,367 9,465,562 3,123,423 402,046 777,599 111,378Foreign exchange forward contracts 14,008,150 1,309,306 2,987,941 219,152 8,041,357 276,081 19,150 40,504 4,417Futures contracts 17,346 – 7,655 505 5,024 319 – – –Total non-monetary assets 104,418,793 18,416,571 43,349,473 2,800,024 17,511,943 3,399,823 421,196 818,103 115,795

Monetary liabilitiesInvestment managers’ fees payable 38,973 38,973 – – – – – – –Payables for shares redeemed 231 231 – – – – – – –Administration fees payable 5,852 5,852 – – – – – – –Audit fees payable 9,716 9,716 – – – – – – –Depositary fees payable 3,390 3,390 – – – – – – –Other fees payable 109,185 109,185 – – – – – – –Total monetary liabilities 167,347 167,347 – – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 14,048,098 3,572,788 4,134,720 259,031 3,984,416 364,674 38,633 82,010 9,468Futures contracts 8,479 8,479 – – – – – – –Total non-monetary liabilities 14,056,577 3,581,267 4,134,720 259,031 3,984,416 364,674 38,633 82,010 9,468

Total liabilities (excluding net assetsattributable to redeemable shares) 14,223,924 3,748,614 4,134,720 259,031 3,984,416 364,674 38,633 82,010 9,468Net exposure 92,159,136 16,313,654 39,305,259 2,567,015 13,579,745 3,071,140 387,786 737,864 106,998

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Indexed Fundamental Global Equity Fund (continued)

Japanese New Zealand Norwegian Singapore South Korean Swedish SwissYen Dollar Krone Dollar Won Krona Franc

31 December 2017 EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 43,146 118 9,883 1,868 – 2,740 5,974Margin cash 10,123 – – – – – 5,166Due from shareholders – – – – – – –Other receivables 9,524 – – 1,576 16,050 – –Securities lending income receivable – – – – – – –Total monetary assets 62,793 118 9,883 3,444 16,050 2,740 11,140

Non-monetary assetsEquity investments 9,897,391 5,838 432,405 383,973 2,027,272 984,787 2,740,114Foreign exchange forward contracts 712,150 598 20,195 19,096 98,760 48,969 210,474Futures contracts 3,364 – – – – – 479Total non-monetary assets 10,612,905 6,436 452,600 403,069 2,126,032 1,033,756 2,951,067

9,897,391 5,838 432,405 383,973 2,027,272 984,787 2,740,114Monetary liabilitiesInvestment managers’ fees payable – – – – – – –Payables for shares redeemed – – – – – – –Administration fees payable – – – – – – –Audit fees payable – – – – – – –Depositary fees payable – – – – – – –Other fees payable – – – – – – –Total monetary liabilities – – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 959,733 1,254 40,940 39,772 195,622 97,138 267,899Futures contracts – – – – – – –Total non-monetary liabilities 959,733 1,254 40,940 39,772 195,622 97,138 267,899

Total liabilities (excluding net assetsattributable to redeemable shares) 959,733 1,254 40,940 39,772 195,622 97,138 267,899Net exposure 9,715,965 5,300 421,543 366,741 1,946,460 939,358 2,694,308

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Global Low Volatility Active Equity FundUS Australian British Canadian Danish Hong Kong Israeli

Total Euro Dollar Dollar Pound Dollar Krone Dollar Shekel31 December 2018 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 7,837,397 2,620,060 5,215,208 – – 978 260 239 237Other receivables 2,070,989 389,750 1,032,036 – 140,654 58,378 114,153 – –Due from broker – – – – – – – – –Securities lending income receivable 17,353 17,353 – – – – – – –Total monetary assets 9,925,739 3,027,163 6,247,244 – 140,654 59,356 114,413 239 237

Non-monetary assetsEquity investments 730,543,245 84,319,586 418,216,350 12,555,364 22,908,668 13,004,998 15,275,535 17,238,377 760,492Total non-monetary assets 730,543,245 84,319,586 418,216,350 12,555,364 22,908,668 13,004,998 15,275,535 17,238,377 760,492

Monetary liabilitiesDeposits with credit institutions: bank overdraft 29,448 29,448 – – – – – – –Audit fees payable 9,831 9,831 – – – – – – –Depositary fees payable 8,888 8,888 – – – – – – –Other fees payable 12,724 12,724 – – – – – – –Total Monetary liabilities 60,891 60,891 – – – – – – –

Total liabilities (excluding net assetsattributable to redeemable shares) 60,891 60,891 – – – – – – –Net exposure 740,408,093 87,285,858 424,463,594 12,555,364 23,049,322 13,064,354 15,389,948 17,238,616 760,729

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Global Low Volatility Active Equity Fund (continued)Japanese Norwegian Singapore Swedish Swiss

Yen Krone Dollar Krona Franc31 December 2018 EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 270 – 72 73 –Other receivables 301,069 – 34,949 – –Due from broker – – – –Securities lending income receivable – – – – –Total monetary assets 301,339 – 35,021 73 –

Non-monetary assetsEquity investments 91,868,952 6,443,144 8,202,604 2,963,167 36,786,008Total non-monetary assets 91,868,952 6,443,144 8,202,604 2,963,167 36,786,008

Monetary liabilitiesAudit fees payable – – – – –Depositary fees payable – – – – –Other fees payable – – – – –Total Monetary liabilities – – – – –

Total liabilities (excluding net assetsattributable to redeemable shares) – – – – –Net exposure 92,170,291 6,443,144 8,237,625 2,963,240 36,786,008

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Global Low Volatility Active Equity FundUS Australian British Canadian Danish Hong Kong Israeli

Total Euro Dollar Dollar Pound Dollar Krone Dollar Shekel31 December 2017 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 2,572,695 2,412,885 158,698 73 271 340 209 18 93Other receivables 1,674,125 377,814 867,020 – 108,533 13,668 74,523 – –Due from broker 6,289,643 – 6,289,643 – – – – – –Securities lending income receivable 7,064 7,064 – – – – – – –Total monetary assets 10,543,527 2,797,763 7,315,361 73 108,804 14,008 74,732 18 93

Non-monetary assetsEquity investments 752,590,273 94,146,487 450,402,378 12,973,867 29,479,932 8,365,659 11,357,468 16,638,755 –Total non-monetary assets 752,590,273 94,146,487 450,402,378 12,973,867 29,479,932 8,365,659 11,357,468 16,638,755 –

Monetary liabilitiesAudit fees payable 9,776 9,776 – – – – – – –Depositary fees payable 6,062 6,062 – – – – – – –Other fees payable 14,371 14,371 – – – – – – –Total Monetary liabilities 30,209 30,209 – – – – – – –

Total liabilities (excluding net assetsattributable to redeemable shares) 30,209 30,209 – – – – – – –Net exposure 763,103,591 96,914,041 457,717,739 12,973,940 29,588,736 8,379,667 11,432,200 16,638,773 93

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Global Low Volatility Active Equity Fund (continued)Japanese Norwegian Singapore Swedish Swiss

Yen Krone Dollar Krona Franc31 December 2017 EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 2 6 30 6 64Other receivables 232,567 – – – –Due from broker – – – – –Securities lending income receivable – – – – –Total monetary assets 232,569 6 30 6 64

Non-monetary assetsEquity investments 80,760,205 1,618,945 5,047,055 2,554,102 39,245,420Total non-monetary assets 80,760,205 1,618,945 5,047,055 2,554,102 39,245,420

Monetary liabilitiesAudit fees payable – – – – –Depositary fees payable – – – – –Other fees payable – – – – –Total Monetary liabilities – – – – –

Total liabilities (excluding net assetsattributable to redeemable shares) – – – – –Net exposure 80,992,774 1,618,951 5,047,085 2,554,108 39,245,484

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Setanta Reditus Income Fund

US Australian British Canadian Hong Kong NorwegianSouth

Korean SwedishTotal Euro Dollar Dollar Pound Dollar Dollar Krone Won Krona

31 December 2018 EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 2,745,858 2,745,607 35 – 43 – – 1 – 18Margin cash 2,101,436 530,589 1,296,581 – 5,950 – – 144,536 – 107,004Other receivables 239,512 148,746 – – 33,440 – – – 57,326 –Total monetary assets 5,086,806 3,424,942 1,296,616 – 39,433 – – 144,537 57,326 107,022

Non-monetary assetsEquity investments 41,347,656 12,667,136 8,722,452 2,462,967 8,003,940 391,078 2,165,836 980,047 2,791,638 2,180,819Futures contract – – – – – – – – – –Total non-monetary assets 41,347,656 12,667,136 8,722,452 2,462,967 8,003,940 391,078 2,165,836 980,047 2,791,638 2,180,819

Monetary liabilitiesInvestment managers’ fees payable 115,958 115,958 – – – – – – – –Administration fees payable 6,451 6,451 – – – – – – – –Audit fees payable 8,778 8,778 – – – – – – – –Depositary fees payable 4,503 4,503 – – – – – – – –Other fees payable 8,401 8,401 – – – – – – – –Total Monetary liabilities 144,091 144,091 – – – – – – – –

Non-Monetary liabilitiesFutures contracts – – – – – – – – – –Options 2,448 378 2,070 – – – – – – –Total non-monetary liabilities 2,448 378 2,070 – – – – – – –

Total liabilities (excluding net assetsattributable to redeemable shares) 146,539 144,469 2,070 – – – – – – –Net exposure 46,287,923 15,947,609 10,016,998 2,462,967 8,043,373 391,078 2,165,836 1,124,584 2,848,964 2,287,841

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12. Financial Instruments and Associated Risk (continued)

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Setanta Reditus Income FundSwiss

31 December 2018 FrancEUR

Monetary assetsDeposits with credit institutions 154Margin cash 16,776Other receivables –Total monetary assets 16,930

Non-monetary assetsEquity investments 981,743Futures contract –Total non-monetary assets 981,743

Monetary liabilitiesInvestment managers’ fees payable –Administration fees payable –Audit fees payable –Depositary fees payable –Other fees payable –Total Monetary liabilities –

Non-Monetary liabilitiesFutures contracts –Options –Total non-monetary liabilities –

–Total liabilities (excluding net assetsattributable to redeemable shares) –Net exposure 998,673

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Setanta Reditus Income Fund

US British Canadian Hong Kong NorwegianSouth

Korean Swedish SwissTotal Euro Dollar Pound Dollar Dollar Krone Won Krona Franc

31 December 2017 EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 6,009,224 6,009,185 24 – – – 1 – 6 8Margin cash 258,026 51,829 198,263 22 – – 131 – 31 7,750Other receivables 193,321 111,925 – 21,655 – – – 59,741 – –Total monetary assets 6,460,571 6,172,939 198,287 21,677 – – 132 59,741 37 7,758

Non-monetary assetsEquity investments 47,081,074 16,410,649 14,214,711 6,594,429 874,187 1,360,876 1,556,579 2,272,225 3,053,322 744,096Total non-monetary assets 47,081,074 16,410,649 14,214,711 6,594,429 874,187 1,360,876 1,556,579 2,272,225 3,053,322 744,096

Monetary liabilitiesInvestment managers’ fees payable 40,346 40,346 – – – – – – – –Administration fees payable 7,118 7,118 – – – – – – – –Audit fees payable 8,794 8,794 – – – – – – – –Depositary fees payable 1,875 1,875 – – – – – – – –Other fees payable 145,283 145,283 – – – – – – – –Total Monetary liabilities 203,416 203,416 – – – – – – – –

Total liabilities (excluding net assetsattributable to redeemable shares) 203,416 203,416 – – – – – – – –Net exposure 53,338,229 22,380,172 14,412,998 6,616,106 874,187 1,360,876 1,556,711 2,331,966 3,053,359 751,854

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Setanta Reditus Global Equity Fund

US British Canadian Israeli JapaneseSouth

Korean Swedish SwissTotal Euro Dollar Pound Dollar Shekel Yen Won Krona franc

31 December 2018 EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 1,194,415 1,194,305 59 1 – – – – 7 43Other receivables 104,659 40,008 42,676 4,573 – – – 17,402 – –Total monetary assets 1,299,074 1,234,313 42,735 4,574 – – – 17,402 7 43

Non-monetary assetsEquity investments 70,515,579 9,463,696 43,881,109 7,863,028 1,824,134 1,081,662 1,454,806 1,562,485 2,464,961 919,698Total non-monetary assets 70,515,579 9,463,696 43,881,109 7,863,028 1,824,134 1,081,662 1,454,806 1,562,485 2,464,961 919,698

Monetary liabilitiesDeposits with credit institutions: bank overdraft – – – – – – – – – –Investment managers’ fees payable 99,910 99,910 – – – – – – – –Administration fees payable 7,571 7,571 – – – – – – – –Audit fees payable 10,447 10,447 – – – – – – – –Depositary fees payable 5,202 5,202 – – – – – – – –Other fees payable 8,272 8,272 – – – – – – – –Total Monetary liabilities 131,402 131,402 – – – – – – – –

Total liabilities (excluding net assets attributableto redeemable shares) 131,402 131,402 – – – – – – – –Net exposure 71,683,251 10,566,607 43,923,844 7,867,602 1,824,134 1,081,662 1,454,806 1,579,887 2,464,968 919,741

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Currency Risk (continued)

Setanta Reditus Global Equity Fund

US British Canadian Israeli JapaneseSouth

KoreanTotal Euro Dollar Pound Dollar Shekel Yen Won

31 December 2017 EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 3,408,797 3,406,636 2,160 – – – – –Other receivables 81,631 29,444 39,924 4,323 – – – 7,940Total monetary assets 3,490,428 3,436,080 42,084 4,323 – – – 7,940

Non-monetary assetsEquity investments 72,156,014 11,692,683 45,925,184 5,958,916 2,143,002 843,641 1,112,665 1,600,259Total non-monetary assets 72,156,014 11,692,683 45,925,184 5,958,916 2,143,002 843,641 1,112,665 1,600,259

Monetary liabilitiesDeposits with credit institutions: bank overdraft 520 – – – – 519 – –Investment managers’ fees payable 29,953 29,953 – – – – – –Administration fees payable 5,836 5,836 – – – – – –Audit fees payable 10,463 10,463 – – – – – –Depositary fees payable 2,360 2,360 – – – – – –Other fees payable 153,814 153,814 – – – – – –Total Monetary liabilities 202,946 202,426 – – – 519 – –

Total liabilities (excluding net assets attributable toredeemable shares) 202,946 202,426 – – – 519 – –Net exposure 75,443,496 14,926,337 45,967,268 5,963,239 2,143,002 843,122 1,112,665 1,608,199

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Notes to the Financial Statements (continued)

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Setanta Reditus Global Equity Fund (continued)Swedish Swiss

Krona franc31 December 2017 EUR EUR

Monetary assetsDeposits with credit institutions 1 –Other receivables – –Total monetary assets 1 –

Non-monetary assetsEquity investments 1,682,065 1,197,599Total non-monetary assets 1,682,065 1,197,599

Monetary liabilities – 1Investment managers’ fees payable – –Administration fees payable – –Audit fees payable – –Depositary fees payable – –Other fees payable – –Total Monetary liabilities – 1

Total liabilities (excluding net assets attributable toredeemable shares) – 1Net exposure 1,682,066 1,197,598

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Setanta Reditus Global Balanced Fund

US British Canadian Israeli JapaneseSouth

Korean SwedishSwissFranc

Total Euro Dollar Pound Dollar Shekel Yen Won Krona EUR31 December 2018 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsBond investments – – – – – – – – – –Deposits with credit institutions 3,063,672 3,063,573 89 – – 1 – – 1 8Other receivables 21,051 12,163 6,200 480 – – – 2,208 – –Total monetary assets 3,084,723 3,075,736 6,289 480 – 1 – 2,208 1 8

Non-monetary assetsDebt securities 3,014,293 3,014,294 – – – – – – – –Equity investments 11,564,135 2,830,430 6,298,796 1,111,178 264,055 158,847 210,195 212,527 346,190 131,916Total non-monetary assets 14,578,428 5,844,724 6,298,796 1,111,178 264,055 158,847 210,195 212,527 346,190 131,916

Monetary liabilitiesDeposits with credit institutions: bank overdraft – – – – – – – – – –Investment managers’ fees payable 17,932 17,932 – – – – – – – –Administration fees payable 5,275 5,275 – – – – – – – –Audit fees payable 8,725 8,725 – – – – – – – –Depositary fees payable 3,336 3,336 – – – – – – – –Other fees payable 7,926 7,926 – – – – – – – –Total Monetary liabilities 43,194 43,194 – – – – – – – –

Total liabilities (excluding net assets attributableto redeemable shares) 43,194 43,194 – – – – – – – –Net exposure 17,619,957 8,877,266 6,305,085 1,111,658 264,055 158,848 210,195 214,735 346,191 131,924

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Setanta Reditus Global Balanced Fund

US British Canadian Israeli JapaneseSouth

Korean Swedish SwissTotal Euro Dollar Pound Dollar Shekel Yen Won Krona Franc

31 December 2017 EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsBond investments 3,127,580 3,127,580 – – – – – – – –Deposits with credit institutions 2,878,558 2,877,931 618 – – – – – 1 8Other receivables 21,084 12,172 6,743 695 – – – 1,474 – –Total monetary assets 6,027,222 6,017,683 7,361 695 – – – 1,474 1 8

Non-monetary assetsEquity investments 13,741,405 3,659,573 7,686,622 946,874 358,197 144,338 172,065 289,965 287,303 196,468Total non-monetary assets 13,741,405 3,659,573 7,686,622 946,874 358,197 144,338 172,065 289,965 287,303 196,468

Monetary liabilitiesDeposits with credit institutions: bank overdraft 88 – – – – 88 – – – –Investment managers’ fees payable 6,270 6,270 – – – – – – – –Administration fees payable 5,086 5,086 – – – – – – – –Audit fees payable 8,741 8,741 – – – – – – – –Depositary fees payable 8,300 8,300 – – – – – – – –Other fees payable 1,181 1,181 – – – – – – – –Total Monetary liabilities 29,666 29,578 – – – 88 – – – –

Total liabilities (excluding net assetsattributable to redeemable shares) 29,666 29,578 – – – 88 – – – –Net exposure 19,738,961 9,647,678 7,693,983 947,569 358,197 144,250 172,065 291,439 287,304 196,476

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Setanta Global Equity Fund

US British Canadian Israeli JapaneseSouth

KoreanTotal Euro Dollar Pound Dollar Shekel Yen Won

31 December 2018 EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 572,794 572,756 – 8 11 2 – –Other receivables 59,270 42,429 11,656 1,040 181 – – 3,964Total monetary assets 632,064 615,185 11,656 1,048 192 2 – 3,964

Non-monetary assetsEquity investments 19,582,729 2,975,271 11,467,943 2,641,021 442,236 246,984 401,531 345,530Total non-monetary assets 19,582,729 2,975,271 11,467,943 2,641,021 442,236 246,984 401,531 345,530

Monetary liabilitiesDeposits with credit institutions: bank overdraft 23,308 23,308 – – – – – –Investment manager fees payable 1,589 1,589 – – – – – –Administration fees payable 4,820 4,820 – – – – – –Audit fees payable 9,894 9,894 – – – – – –Depositary fees payable 4,821 4,821 – – – – – –Other fees payable 5,860 5,860 – – – – – –Total Monetary liabilities 50,292 50,292 – – – – – –

Total liabilities (excluding net assets attributable toredeemable shares) 50,292 50,292 – – – – – –Net exposure 20,164,501 3,540,164 11,479,599 2,642,069 442,428 246,986 401,531 349,494

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Notes to the Financial Statements (continued)

164

12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Setanta Global Equity Fund (continued)Swedish Swiss Turkish

Krona Franc Lira31 December 2018 EUR EUR EUR

Monetary assetsDeposits with credit institutions 6 4 7Other receivables – – –Total monetary assets 6 4 7

Non-monetary assetsEquity investments 520,050 439,480 102,683Total non-monetary assets 520,050 439,480 102,683

Monetary liabilitiesDeposits with credit institutions: bank overdraft – – –Investment manager fees payable – – –Administration fees payable – – –Audit fees payable – – –Depositary fees payable – – –Other fees payable – – –Total Monetary liabilities – – –

Total liabilities (excluding net assets attributable toredeemable shares) – – –Net exposure 520,056 439,484 102,690

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Setanta Global Equity Fund

US British Canadian Israeli JapaneseSouth

KoreanTotal Euro Dollar Pound Dollar Shekel Yen Won

31 December 2017 EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 3,350,320 3,347,250 3,054 8 – – – –Other receivables 141,399 43,597 76,206 6,748 1,201 – – 13,647Total monetary assets 3,491,719 3,390,847 79,260 6,756 1,201 – – 13,647

Non-monetary assetsEquity investments 137,781,010 23,813,168 84,806,670 13,402,935 3,613,842 1,219,297 2,163,337 2,536,801Total non-monetary assets 137,781,010 23,813,168 84,806,670 13,402,935 3,613,842 1,219,297 2,163,337 2,536,801

Monetary liabilitiesDeposits with credit institutions: bank overdraft 751 – – – – 751 – –Investment manager fees payable 1,001 1,001 – – – – – –Administration fees payable 5,720 5,720 – – – – – –Audit fees payable 9,828 9,828 – – – – – –Depositary fees payable 2,419 2,419 – – – – – –Other fees payable 8,362 8,362 – – – – – –Total Monetary liabilities 28,081 27,330 – – – 751 – –

Total liabilities (excluding net assets attributable toredeemable shares) 28,081 27,330 – – – 751 – –Net exposure 141,244,648 27,176,685 84,885,930 13,409,691 3,615,043 1,218,546 2,163,337 2,550,448

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Notes to the Financial Statements (continued)

166

12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Setanta Global Equity Fund (continued)Swedish Swiss Turkish

Krona Franc Lira31 December 2017 EUR EUR EUR

Monetary assetsDeposits with credit institutions 1 7 –Other receivables – – –Total monetary assets 1 7 –

Non-monetary assetsEquity investments 2,571,505 3,174,095 479,360Total non-monetary assets 2,571,505 3,174,095 479,360

Monetary liabilitiesInvestment manager fees payable – – –Administration fees payable – – –Audit fees payable – – –Depositary fees payable – – –Other fees payable – – –Total Monetary liabilities – – –

Total liabilities (excluding net assets attributable toredeemable shares) – – –Net exposure 2,571,506 3,174,102 479,360

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12. Financial Instruments and Associated Risk (continued)

Currency Risk (continued)

Indexed Emerging Market Equity FundUS Brazilian Chinese Chilean Colombian Czech Hong Kong

Total Euro Dollar Real Yuan Peso Peso Koruna Dollar31 December 2018 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 1,081,932 826,030 23,163 50,638 – 4,458 – 9,071 38,427Margin cash 142,698 – 142,698 – – – – – –Other receivables 129,402 22,501 7,938 20,142 – – 726 – 88Due from broker 1,023 – – – – – – – 1,023Securities lending income receivable 298 298 – – – – – – –Total monetary assets 1,355,353 848,829 173,799 70,780 – 4,458 726 9,071 39,538

Non-monetary assetsEquity investments 44,047,433 311,725 4,632,197 3,326,999 – 451,462 178,617 94,504 10,357,194Foreign exchange forward contracts 1,254,393 88,692 1,165,701 – – – – – –Futures contracts – – – – – – – –Total non-monetary assets 45,301,826 400,417 5,797,898 3,326,999 – 451,462 178,617 94,504 10,357,194

Monetary liabilitiesAdministration fees payable 5,372 5,372 – – – – – – –Audit fees payable 9,519 9,519 – – – – – – –Depositary fees payable 16,498 16,498 – – – – – – –Other fees payable 269,176 2,692 4,374 213,855 – – – – –Total Monetary liabilities 300,565 34,081 4,374 213,855 – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 1,244,370 1,156,280 88,090 – – – – – –Futures contracts 16,236 – 16,236 – – – – – –Total non-monetary liabilities 1,260,606 1,156,280 104,326 – – – – – –

Total liabilities (excluding net assetsattributable to redeemable shares) 1,561,171 1,190,361 108,700 213,855 – – – – –Net exposure 45,096,008 58,885 5,862,997 3,183,924 – 455,920 179,343 103,575 10,396,732

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Indexed Emerging Market Equity Fund (continued)

Hungarian Indian Indonesian Malaysian Mexican Peruvian Philippines Polish QatariForint Rupee Rupiah Ringgit Peso Nuevo Sol Peso Zloty Rial

31 December 2018 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 5,150 1,023 103 13,201 11,134 19 94 2,498 40,831Margin cash – – – – – – – – –Other receivables – 679 – 740 – – 114 – –Due from broker – – – – – – – – –Securities lending income receivable – – – – – – – – –Total monetary assets 5,150 1,702 103 13,941 11,134 19 208 2,498 40,831

Non-monetary assetsEquity investments 142,045 4,163,347 1,046,187 1,075,994 1,245,972 – 488,043 537,778 446,860Foreign exchange forward contracts – – – – – – – – –Futures contracts – – – – – – – – –Total non-monetary assets 142,045 4,163,347 1,046,187 1,075,994 1,245,972 – 488,043 537,778 446,860

Monetary liabilitiesAdministration fees payable – – – – – – – – –Audit fees payable – – – – – – – – –Depositary fees payable – – – – – – – – –Other fees payable – 48,255 – – – – – – –Total Monetary liabilities – 48,255 – – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts – – – – – – – – –Futures contracts – – – – – – – – –Total non-monetary liabilities – – – – – – – – –

Total liabilities (excluding net assetsattributable to redeemable shares) – 48,255 – – – – – – –Net exposure 147,195 4,116,794 1,046,290 1,089,935 1,257,106 19 488,251 540,276 487,691

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Indexed Emerging Market Equity Fund (continued)South

AfricanSouth

Korean Taiwan Thai Turkish UAERand Won Dollar Baht Lira Dirham

31 December 2018 EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 4,335 – 10,311 6,165 7,840 27,441Margin cash – – – – – –Other receivables – 75,118 – 1,356 – –Due from broker – – – – – –Securities lending income receivable – – – – – –Total monetary assets 4,335 75,118 10,311 7,521 7,840 27,441

Non-monetary assetsEquity investments 2,768,750 6,059,483 5,038,889 1,059,241 305,910 316,236Foreign exchange forward contracts – – – – – –Futures contracts – – – – – –Total non-monetary assets 2,768,750 6,059,483 5,038,889 1,059,241 305,910 316,236

Monetary liabilitiesAdministration fees payable – – – – – –Audit fees payable – – – – – –Depositary fees payable – – – – – –Other fees payable – – – – – –Total Monetary liabilities – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts – – – – – –Futures contracts – – – – – –Total non-monetary liabilities – – – – – –

Total liabilities (excluding net assetsattributable to redeemable shares) – – – – – –Net exposure 2,773,085 6,134,601 5,049,200 1,066,762 313,750 343,677

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Indexed Emerging Market Equity FundUS Brazilian Chinese Chilean Colombian Czech Hong Kong

Total Euro Dollar Real Yuan Peso Peso Koruna Dollar31 December 2017 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 1,859,048 1,456,590 43,730 95,937 – 1,709 164 7,470 22,379Margin cash 251,651 – 251,651 – – – – – –Other receivables 99,458 – 13,243 22,913 391 – 49 – 1,051Securities lending income receivable 767 767 – – – – – – –Total monetary assets 2,210,924 1,457,357 308,624 118,850 391 1,709 213 7,470 23,430

Non-monetary assetsEquity investments 58,132,591 690,494 6,091,313 3,955,124 – 748,378 266,199 97,217 12,965,961Foreign exchange forward contracts 1,809,082 13,686 1,795,396 – – – – – –Futures contracts 104,517 – 104,517 – – – – – –Total non-monetary assets 60,046,190 704,180 7,991,226 3,955,124 – 748,378 266,199 97,217 12,965,961

Monetary liabilitiesAdministration fees payable 5,184 5,184 – – – – – – –Audit fees payable 9,464 9,464 – – – – – – –Depositary fees payable 1,667 1,667 – – – – – – –Other fees payable 206,837 14,011 – 192,507 – – – – –Total Monetary liabilities 223,152 30,326 – 192,507 – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts 1,853,294 1,839,733 12,931 – – – – – 630Futures contracts – – – – – – – – –Total non-monetary liabilities 1,853,294 1,839,733 12,931 – – – – – 630

Total liabilities (excluding net assetsattributable to redeemable shares) 2,076,446 1,870,059 12,931 192,507 – – – – 630Net exposure 60,180,668 291,478 8,286,919 3,881,467 391 750,087 266,412 104,687 12,988,761

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Indexed Emerging Market Equity Fund (continued)South

Hungarian Indian Indonesian Malaysian Mexican Philippines Polish Qatari AfricanForint Rupee Rupiah Ringgit Peso Peso Zloty Rial Rand

31 December 2017 EUR EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions 5,193 – – 16,739 45,941 105 21,200 27,270 66,142Margin cash – – – – – – – – –Other receivables – – – – – 186 – – –Securities lending income receivable – – – – – – – – –Total monetary assets 5,193 – – 16,739 45,941 291 21,200 27,270 66,142

Non-monetary assetsEquity investments 184,796 5,111,268 1,320,923 1,349,960 1,741,414 635,216 742,339 358,696 4,144,571Foreign exchange forward contracts – – – – – – – – –Futures contracts – – – – – – – – –Total non-monetary assets 184,796 5,111,268 1,320,923 1,349,960 1,741,414 635,216 742,339 358,696 4,144,571

Monetary liabilitiesAdministration fees payable – – – – – – – – –Audit fees payable – – – – – – – – –Depositary fees payable – – – – – – – – –Other fees payable – – – – – – – – –Total Monetary liabilities – – – – – – – – –

Non-Monetary liabilitiesForeign exchange forward contracts – – – – – – – – –Futures contracts – – – – – – – – –Total non-monetary liabilities – – – – – – – – –

Total liabilities (excluding net assets attributable toredeemable shares) – – – – – – – – –Net exposure 189,989 5,111,268 1,320,923 1,366,699 1,787,355 635,507 763,539 385,966 4,210,713

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Indexed Emerging Market Equity Fund (continued)South Korean Taiwan Thai Turkish UAE

Won Dollar Baht Lira Dirham31 December 2017 EUR EUR EUR EUR EUR

Monetary assetsDeposits with credit institutions – – 5,933 12,798 29,748Margin cash – – – – –Other receivables 60,458 – 1,167 – –Securities lending income receivable – – – – –Total monetary assets 60,458 – 7,100 12,798 29,748

Non-monetary assetsEquity investments 8,976,193 6,544,172 1,296,524 580,061 331,772Foreign exchange forward contracts – – – – –Futures contracts – – – – –Total non-monetary assets 8,976,193 6,544,172 1,296,524 580,061 331,772

Monetary liabilitiesAdministration fees payable – – – – –Audit fees payable – – – – –Depositary fees payable – – – – –Other fees payable – 319 – – –Total Monetary liabilities – 319 – – –

Non-Monetary liabilitiesForeign exchange forward contracts – – – – –Futures contracts – – – – –Total non-monetary liabilities – – – – –

Total liabilities (excluding net assets attributable toredeemable shares) – 319 – – –Net exposure 9,036,651 6,543,853 1,303,624 592,859 361,520

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Currency Risk (continued)

Setanta Income Opportunities FundUS Australian British Hong Kong Mexican Norwegian

Total Euro Dollar Dollar Pound Dollar Peso Krone31 December 2018 EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsBond investments – – – – – – – –Deposits with credit institutions 4,865,821 4,865,688 – – 81 – – –Margin cash 857,674 203,624 489,146 – 118,155 – – 24Other receivables 149,272 103,188 – – 32,306 – – –Total monetary assets 5,872,767 5,172,500 489,146 – 150,542 – – 24

Non-monetary assetsDebt securities 4,355,554 467,853 2,395,689 – – – 1,084,229 407,782Equity investments 14,589,877 5,218,977 2,614,018 924,475 3,195,245 642,394 – 239,006Total non-monetary assets 18,945,431 5,686,830 5,009,707 924,475 3,195,245 642,394 1,084,229 646,788

Monetary liabilitiesDeposits with credit institutions: bank overdraft 615 615 – – – – – –Administration fees payable 4,730 4,730 – – – – – –Audit fees payable 9,973 9,973 – – – – – –Depositary fees payable 2,669 2,669 – – – – – –Other fees payable 785 785 – – – – – –Total Monetary liabilities 18,772 18,772 – – – – – –

Non-Monetary liabilitiesOptions 1,338 109 1,120 – 109 – – –Total non-monetary liabilities 1,338 109 1,120 – 109 – – –

Total liabilities (excluding net assets attributable toredeemable shares) 20,110 18,881 1,120 – 109 – – –Net exposure 24,798,088 10,840,449 5,497,733 924,475 3,345,678 642,394 1,084,229 646,812

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Setanta Income Opportunities FundSouth Korean Swedish Swiss

Won Krona Franc31 December 2018 EUR EUR EUR

Monetary assetsBond investments – – –Deposits with credit institutions – 4 48Margin cash – 46,635 90Other receivables 13,778 – –Total monetary assets 13,778 46,639 138

Non-monetary assetsDebt securities – – –Equity investments 710,324 678,592 366,847Total non-monetary assets 710,324 678,592 366,847

Monetary liabilitiesDeposits with credit institutions: bank overdraft – – –Administration fees payable – – –Audit fees payable – – –Depositary fees payable – – –Other fees payable – – –Total Monetary liabilities – – –

Non-Monetary liabilitiesOptions – – –Total non-monetary liabilities – – –

Total liabilities (excluding net assets attributableto redeemable shares) – – –Net exposure 724,102 725,231 366,985

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Setanta Income Opportunities FundUS British Hong Kong Mexican Norwegian South Korean

Total Euro Dollar Pound Dollar Peso Krone Won31 December 2017 EUR EUR EUR EUR EUR EUR EUR EUR

Monetary assetsBond investments 7,196,781 – 4,586,511 – – 1,274,682 1,335,588 –Deposits with credit institutions 13,364,377 13,364,184 187 – – – – –Margin cash 265,203 4,872 214,637 45,208 – – 412 –Other receivables 207,938 81,659 – 73,309 – – – 52,970Total monetary assets 21,034,299 13,450,715 4,801,335 118,517 – 1,274,682 1,336,000 52,970

Non-monetary assetsEquity investments 48,864,425 19,143,158 10,170,898 9,631,318 1,351,863 – 1,559,111 2,014,678Total non-monetary assets 48,864,425 19,143,158 10,170,898 9,631,318 1,351,863 – 1,559,111 2,014,678

Monetary liabilitiesDeposits with credit institutions: bank overdraft 283 – – – 129 154 – –Administration fees payable 4,543 4,543 – – – – – –Audit fees payable 9,908 9,908 – – – – – –Depositary fees payable 817 817 – – – – – –Other fees payable 4,237 4,237 – – – – – –Total Monetary liabilities 19,788 19,505 – – 129 154 – –

Total liabilities (excluding net assetsattributable to redeemable shares) 19,788 19,505 – – 129 154 – –Net exposure 69,878,936 32,574,368 14,972,233 9,749,835 1,351,734 1,274,528 2,895,111 2,067,648

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Setanta Income Opportunities Fund (continued)Swedish Swiss

Krona Franc31 December 2017 EUR EUR

Monetary assetsBond investments – –Deposits with credit institutions – 6Margin cash 18 56Other receivables – –Total monetary assets 18 62

Non-monetary assetsEquity investments 3,950,487 1,042,912Total non-monetary assets 3,950,487 1,042,912

Monetary liabilitiesDeposits with credit institutions: bank overdraft – –Administration fees payable – –Audit fees payable – –Depositary fees payable – –Other fees payable – –Total Monetary liabilities – –

Total liabilities (excluding net assets attributable toredeemable shares) – –Net exposure 3,950,505 1,042,974

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12. Financial Instruments and Associated Risk (continued)

Credit Risk

The Funds take on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in fullwhen due. The Company is exposed to credit risk on parties with whom it trades and bears the risk of settlement default.The Company minimises concentration of credit risk by undertaking transactions with a large number of counterpartieson recognised and reputable exchanges. The Company only buys and sells investments through brokers which havebeen approved by the Investment Managers as an acceptable counterparty.

Impairment provisions are provided for losses that have been incurred by the financial year end date, if any.

The carrying amounts of financial assets best represent the maximum credit risk exposure as at the financial year enddate. This relates also to financial assets carried at amortised cost, as they have a short-term to maturity.

The Funds’ financial assets exposed to credit risk amounted to the following as at the financial year end date:

Indexed World Small Cap Equity Fund 31 December 2018 31 December 2017EUR EUR

Gross settled financial derivatives instruments 22,419,969 21,289,960Deposits with credit institutions 8,011,624 2,697,347Margin cash 1,305,264 146,219Futures contracts 370 38,497Other receivables 983,897 944,019Due from broker 60,883 –Securities lending income receivable 41,733 52,740Total 32,823,740 25,168,782

Indexed Global Equity Fund 31 December 2018 31 December 2017EUR EUR

Gross settled financial derivatives instruments 517,208,102 523,141,805Deposits with credit institutions 6,154,758 14,667,119Margin cash 667,079 2,159,972Fund assets cash – 1,198,084Futures contracts – 249,638Other receivables 632,811 599,155Securities lending income receivable 2,866 2,584Total 524,665,616 542,018,357

Indexed Euro Government Long Dated Bond Fund 31 December 2018 31 December 2017EUR EUR

Investments in transferable securities 17,120,460 16,473,047Deposits with credit institutions 7,116 37,126Other receivables 20,474 –Securities lending income receivable 107 89Total 17,148,157 16,510,262

Indexed Euro Large Cap Corporate Bond Fund 31 December 2018 31 December 2017EUR EUR

Investments in transferable securities 285,850,933 303,833,304Deposits with credit institutions 733,656 437,988Other receivables – 455Securities lending income receivable 9,357 2,466Total 286,593,946 304,274,213

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Enhanced Commodity Fund 31 December 2018 31 December 2017EUR EUR

Investments in transferable securities 27,463,382 32,183,145Deposits with credit institutions 3,237,921 3,088,217Other receivables 41,646 833Total 30,742,949 35,272,195

Indexed Minimum Volatility Global Equity Fund 31 December 2018 31 December 2017EUR EUR

Gross settled financial derivatives instruments 8,152,680 936,315Deposits with credit institutions 3,585,314 4,943,676Margin cash 439,375 313,631Due from shareholders 1,409,666 5,611Futures contracts – 39,181Other receivables 1,826,687 800,919Securities lending income receivable 6,934 2,417Total 15,420,656 7,041,750

Indexed Emerging Market Debt Fund 31 December 2018 31 December 2017EUR EUR

Investments in transferable securities 1,179,891,486 791,007,731Gross settled financial derivatives instruments 4,739,893 6,431,274Deposits with credit institutions 6,166,359 2,124,110Other receivables 3,996 281Securities lending income receivable 19,745 581Total 1,190,821,479 799,563,977

Indexed Fundamental Global Equity Fund 31 December 2018 31 December 2017EUR EUR

Gross settled financial derivatives instruments 1,352,293 5,104,781Deposits with credit institutions 829,869 1,628,469Margin cash 167,841 144,805Due from shareholders – 5,464Futures contracts 53 17,346Other receivables 212,981 184,813Securities lending income receivable 632 716Total 2,563,669 7,086,394

Global Low Volatility Active Equity Fund 31 December 2018 31 December 2017EUR EUR

Deposits with credit institutions 7,837,397 2,572,695Other receivables 2,070,989 1,674,125Due from broker – 6,289,643Securities lending income receivable 17,353 7,064Total 9,925,739 10,543,527

Setanta Reditus Income Fund 31 December 2018 31 December 2017EUR EUR

Deposits with credit institutions 2,745,858 6,009,224Margin cash 2,101,436 258,026Other receivables 239,512 193,321Total 5,086,806 6,460,571

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Credit Risk (continued)

Setanta Reditus Global Equity Fund 31 December 2018 31 December 2017EUR EUR

Deposits with credit institutions 1,194,415 3,408,797Other receivables 104,659 81,631Total 1,299,074 3,490,428

Setanta Reditus Global Balanced Fund 31 December 2018 31 December 2017EUR EUR

Investments in transferable securities 3,014,294 3,127,580Deposits with credit institutions 3,063,672 2,878,558Fund assets cash 5,000 –Other receivables 21,051 21,084Total 6,104,017 6,027,222

Setanta Global Equity Fund 31 December 2018 31 December 2017EUR EUR

Deposits with credit institutions 572,794 3,350,320Other receivables 59,270 141,399Total 632,064 3,491,719

Indexed Emerging Market Equity Fund 31 December 2018 31 December 2017EUR EUR

Gross settled financial derivative instruments 1,126,228 13,686Deposits with credit institutions 1,081,932 1,859,048Margin cash 142,698 251,651Futures contracts – 104,517Other receivables 129,402 99,458Due from broker 1,023 –Securities lending income receivables 298 767Total 2,481,581 2,329,127

Setanta Income Opportunities Fund 31 December 2018 31 December 2017EUR EUR

Investments in transferable securities 4,355,553 7,196,781Deposits with credit institutions 4,865,821 13,364,377Margin cash 857,674 265,203Other receivables 149,272 207,938Total 10,228,320 21,034,299

The amounts in the above table are based on the carrying value of all balances, except for gross settled derivativesinstruments, which are presented as the gross principal amount.

The Funds have entered into a number of derivative contracts with Goldman Sachs International, Citigroup and StateStreet Bank and Trust Co. Bankruptcy or insolvency of the counterparties may cause the Funds’ rights with respect tothese derivative contracts to be delayed or limited.

The carrying amounts of the financial assets as disclosed in the Statement of Financial position represent the maximumcredit risk exposure as at the financial position date with the exception of the foreign exchange forward contracts, whichare settled on a gross basis. As at 31 December 2018 and 31 December 2017, the Funds held no impaired financialassets.

Substantially all of the assets of the Funds are held by the Depositary in segregated accounts in each Fund’s name.Bankruptcy or insolvency of the Depositary may cause a Fund’s rights with respect to securities held by the Depositaryto be delayed. The Investment Managers monitor this risk by monitoring the credit quality and financial positions of theDepositary that the Fund/Company uses.

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Credit Risk (continued)

The credit ratings of the Depositary, Citibank, N.A., are as follows:

31 December 2018 31 December 2017Fitch – A+ (stable) Fitch – A+ (stable)Moody's – A1 (Watch Positive) Moody's – A1 (stable)S&P – A+ (stable) S&P – A+ (stable)

All institutions where cash is deposited or whose cash issued instruments are purchased are on an approved listapproved by the Investment Managers. The level of exposure that the Company is allowed to have to any one institutionis restricted by both internal rules and rules from the Central Bank of Ireland. These rules are determined by aninstitutions’ credit rating, their size, trading history, market data and publicly available information.

To date the Investment Managers have employed a policy stating that the Funds can only deposit cash with, or purchasecash instruments from pre-approved institutions. Limits for the Company’s deposits are set by the UCITS Regulationsissued by the Central Bank of Ireland and monitored by the Compliance and Business Risk Team of the InvestmentManagers.

The Indexed Euro Government Long Dated Bond Fund, the Indexed Euro Large Cap Corporate Bond Fund, theEnhanced Commodity Fund, the Indexed Emerging Market Debt Fund, the Setanta Reditus Global Balanced Fund andthe Setanta Income Opportunities Fund invest in fixed interest securities.

The table below shows the Funds’ credit quality of investments.

Indexed Euro Government Long Dated Bond FundRating 2018 2017A1/A+ 2.63% 2.49%A2/A 0.06% –%Aa1/AA+ 7.53% 4.17%Aa2/AA 26.85% 35.01%AA3/AA- 2.81% –%Aaa/AAA 16.77% 22.24%Baa1/BBB+_ 12.33% 13.30%Baa3/BBB- 20.06% 22.72%NR 10.97% –%A- –% –%Total 100.00% 100.00%

Indexed Euro Large Cap Corporate Bond FundRating 2018 2017A1/A+ 11.79% 8.95%A2/A 11.58% 15.90%A3/A 19.71% 14.70%Aa1/AA+ 0.58% 0.38%Aa2/AA 1.17% 1.96%Aa3/AA- 6.16% 5.80%Aaa/AAA 0.78% 0.59%Ba1/BB+ 0.46% 0.39%Ba2/BB 0.16% 0.30%Baa1/BBB+ 19.65% 22.06%Baa2/BBB 15.29% 21.35%Baa3/BBB- 8.45% 6.76%NR 4.24% 0.02%A3 –% 0.81%AA3 –% 0.03%Total 100.00% 100.00%

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Credit Risk (continued)

The table below shows the Funds’ credit quality of investments.

Indexed Emerging Market Debt Fund

Rating 2018 2017

A1/A+ 2.29% 2.39%

A2/A 11.22% –%

A3/A- 21.44% 30.25%

B2/B 0.39% 1.56%

Ba1/BB+_ 5.28% 8.50%

Ba2/BB 0.02% 16.02%

Ba3/BB- 6.01% –%

Baa1/BBB+ 1.45% 4.15%

Baa2/BBB 13.38% 10.99%

Baa3/BBB- 3.85% 21.22%

NR 34.67% –%

B+ –% 0.95%

AA- –% 2.62%

AA –% 1.35%

Total 100.00% 100.00%

Enhanced Commodity Fund

Rating 2018 2017

AA+ 100.00% 100.00%

Total 100.00% 100.00%

Setanta Reditus Global Balanced Fund

Rating 2018 2017

A1/A+ 17.10% 17.31%

Aa2/AA 29.40% 63.46%

Aa3/AA- 34.11% –%

Baa1/BBB+ 3.73% 3.74%

Baa3/BBB- 15.67% –%

BBB –% 15.49%

Total 100.00% 100.00%

Setanta Income Opportunities Fund

Rating 2018 2017

A2/A 8.71% 4.46%

Aaa/AAA 23.09% 13.26%

B2/B 11.74% 26.99%

B3/B_ 8.66% –%

Ba1/BB+ 19.53% 16.66%

Ba2/BB 13.14% 20.05%

NR 15.12% 18.57%

Total 100.00% 100.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

182

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

The table below shows the Funds’ credit quality of investments.

The table below shows an analysis of derivative assets and derivative liabilities outstanding as at 31 December 2018:

Derivative Assets Derivative Liabilities

Indexed World Small Cap Equity FundFair

ValueNotionalAmount

FairValue

NotionalAmount

Exchange-traded 370 256,835 (433,278) 8,763,771

OTC - central counterparties 265,935 22,321,523 (228,687) 22,464,630

Total 266,305 22,578,358 (661,965) 31,228,401

Indexed Global Equity FundFair

ValueNotionalAmount

FairValue

NotionalAmount

Exchange-traded – – (219,795) 8,007,470

OTC - central counterparties 2,936,398 514,896,453 (1,407,460) 316,558,529

Total 2,936,398 514,896,453 (1,627,255) 324,566,000

Indexed Minimum Volatility Global Equity Fund

FairValue

NotionalAmount

FairValue

NotionalAmount

Exchange-traded – – (204,389) 4,175,513

OTC - central counterparties 71,359 8,135,385 (42,097) 4,707,868

Total 71,359 8,135,385 (246,486) 8,883,381

Indexed Emerging Market Debt Fund

FairValue

NotionalAmount

FairValue

NotionalAmount

OTC - central counterparties 1,471 4,738,422 (11,908) 8,879,161

Total 1,471 4,738,422 (11,908) 8,879,161

Indexed Fundamental Global Equity Fund

FairValue

NotionalAmount

FairValue

NotionalAmount

Exchange-traded 53 73,743 (49,039) 1,074,863

OTC - central counterparties 16,396 1,347,340 (9,929) 519,794

Total 16,449 1,421,083 (58,968) 1,594,657

Setanta Reditus Income FundFair

ValueNotionalAmount

FairValue

NotionalAmount

Exchange-traded - - (2,448) (4,266,904)

Total - - (2,448) (4,266,904)

Indexed Emerging Market Equity Fund

FairValue

NotionalAmount

FairValue

NotionalAmount

Exchange-traded – – (16,236) 1,226,207

OTC - central counterparties 10,533 1,125,627 (510) 128,165

Total 10,533 1,125,627 (16,746) 1,354,372

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

183

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Setanta Income Opportunities FundFair

ValueNotionalAmount

FairValue

NotionalAmount

Exchange-traded - - (1,338) (2,317,171)

Total - - (1,338) (2,317,171)

The table below shows an analysis of derivative assets and derivative liabilities outstanding as at 31 December 2017:

Derivative Assets Derivative Liabilities

Indexed World Small Cap Equity FundFair

ValueNotionalAmount

FairValue

NotionalAmount

Exchange-traded 38,497 3,092,506 (6,720) 384,230

OTC - central counterparties 313,411 21,009,220 (268,195) 22,390,520

Total 351,908 24,101,726 (274,915) 22,774,750

Indexed Global Equity FundFair

ValueNotionalAmount

FairValue

NotionalAmount

Exchange-traded 249,638 256,273,840 (47,655) 2,445,100

OTC - central counterparties 1595,031 521,564,577 (773,247) 335,263,805

Total 1,844,669 777,838,417 (820,902) 337,708,905

Indexed Minimum Volatility Global Equity Fund

FairValue

NotionalAmount

FairValue

NotionalAmount

Exchange-traded 39,181 2,904,701 (15,158) 696,600

OTC - central counterparties 10,560 926,076 (43,096) 2,503,562

Total 49,741 3,830,777 (58,254) 3,202,162

Indexed Emerging Market Debt Fund

FairValue

NotionalAmount

FairValue

NotionalAmount

OTC - central counterparties 3,511 6,427,762 (7,506) 5,277,468

Total 3,511 6,427,762 (7,506) 5,277,468

Indexed Fundamental Global Equity Fund

FairValue

NotionalAmount

FairValue

NotionalAmount

Exchange-traded 17,346 1,636,651 (8,479) 384,230

OTC - central counterparties 11,909 5,096,398 (51,857) 8,919,748

Total 29,255 6,733,049 (60,336) 9,303,978

Indexed Emerging Market Equity Fund

FairValue

NotionalAmount

FairValue

NotionalAmount

Exchange-traded 104,517 3,213,953 – –

OTC - central counterparties 126 13,560 (44,338) 1,795,395

Total 104,643 3,227,513 (44,338) 1,795,395

As at the financial year end date, none of the financial assets were past due nor impaired.

All open derivatives are marked to market by the Funds.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

184

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

The Investment Managers review the credit concentration of debt securities held by the Funds based on counterparties,industries and geographic location. The counterparties for foreign exchange forward contracts, futures contracts andoptions, and the industry and geographic location (as applicable) of the investments’ of the Funds are detailed in theSchedule of Investments.

There were no significant concentrations in the debt securities portfolio of credit risk to any individual issuer or groupof issuers as at 31 December 2018 or 31 December 2017.

All transactions in equities are settled/paid for upon delivery using approved brokers. The risk of default is consideredminimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on apurchase once the securities have been received by the broker. The trade will fail if either party fails to meet itsobligation. In accordance with the Funds’ policies, the Investment Managers monitor the Fund’s credit position on adaily basis. If there are material issues, the Directors are notified by the Investment Managers.

Offsetting of financial instruments

The disclosures set out in the tables overleaf include financial assets and financial liabilities that are subject to anenforceable master netting arrangements or similar agreement, irrespective of whether they are offset in the Statementof Financial Position and net of the related collateral received/pledged by the Funds as at 31 December 2018.

The Funds receive and give collateral in the form of cash or marketable securities in respect of its financial instruments.Such collateral is subject to standard industry terms including, where appropriate, master netting agreements andInternational Swap and Derivative Association (ISDA) agreements. Each party to the master netting agreement willhave the option to settle all open contracts on a net basis in the event of default of the other party. The agreements alsogive each party the right to terminate the related transactions on the counterparty’s failure to post collateral. Netting offinancial assets and financial liabilities would only occur in the case of default by the counterparty.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

185

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed World Small Cap Equity Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Derivative - trading assets

Citibank 262,175 – 262,175 (223,491) – 38,684

Goldman Sachs International 370 – 370 (433,278) – (432,908)

State Street Bank and Trust Co 3,760 – 3,760 (5,196) – (1,436)

Loans and receivables

Margin cash

Goldman Sachs International 1,305,264 – 1,305,264 – – 1,305,264

Total 1,571,569 – 1,571,569 (661,965) – 909,604

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

186

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed World Small Cap Equity Fund (continued) Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

FinancialPosition

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Securities Lending

Barclays Bank 1,360,263 – 1,360,263 – (1,360,263) –

Credit Suisse Europe Ltd 13,606,839 – 13,606,839 – (13,606,839) –

Goldman Sachs 4,006,277 – 4,006,277 – (4,006,277) –

HSBC Bank PLC 2,922,726 – 2,922,726 – (2,922,726) –

JP Morgan Securities PLC 2,943,793 – 2,943,793 – (2,943,793) –

Merrill Lynch 5,637,524 – 5,637,524 – (5,637,524) –

Morgan Stanley & Co International PLC 3,659,574 – 3,659,574 – (3,659,574) –

Natixis SA 4,219,950 – 4,219,950 – (4,219,950) –

Societe Generale SA Paris 252,063 – 252,063 – (252,063) –

The Bank of Nova Scotia 756,290 – 756,290 – (756,290) –

UBS AG London 4,461,949 – 4,461,949 – (4,461,949) –

Total Securities Lending 43,827,248 – 43,827,248 – (43,827,248) –

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

187

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Global Equity Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financial liabilitiesoffset in the

Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Derivative - trading assets

Citibank 2,931,974 – 2,931,974 (1,400,823) – 1,531,151

Goldman Sachs International – – – (219,795) – (219,795)

State Street Bank and Trust Co 4,424 – 4,424 (6,637) – (2,213)

Loans and receivables

Margin cash

Goldman Sachs International 667,079 – 667,079 – – 667,079

Total 3,603,477 – 3,603,477 (1,627,255) – 1,976,222

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

188

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Global Equity Fund (continued) Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financial liabilitiesoffset in the

Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Securities Lending

Barclays Bank 2,614 – 2,614 – (2,614) –

Credit Suisse Europe Ltd 6,016,220 – 6,016,220 – (6,016,220) –

Goldman Sachs 2,901,620 – 2,901,620 – (2,901,620) –

HSBC Bank PLC 127,494 – 127,494 – (127,494) –

JP Morgan Securities PLC 384,376 – 384,376 – (384,376) –

Macquarie Bank Limited 77,227 – 77,227 – (77,227) –

Natixis SA 1,130,848 – 1,130,848 – (1,130,848) –

Societe Generale SA Paris 38,489 – 38,489 – (38,489) –

The Bank of Nova Scotia 2,286 – 2,286 – (2,286) –

UBS AG London 832,283 – 832,283 – (832,283) –

Total Securities Lending 11,513,457 – 11,513,457 – (11,513,457) –

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

189

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Euro Government Long Dated Bond Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financial liabilitiesoffset in the

Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Securities Lending

Barclays Bank 118,081 – 118,081 – (118,081) –

BNP Paribas 872,726 – 872,726 – (872,726) –

JP Morgan Securities PLC 161,547 – 161,547 – (161,547) –

Societe Generale SA Paris 549,204 – 549,204 – (549,204) –

Total Securities Lending 1,701,558 – 1,701,558 – (1,701,558) –

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

190

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Euro Large Cap Corporate Bond Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Securities Lending

Barclays Bank 6,988,004 – 6,988,004 – (6,988,004) –

BNP Paribas 4,150,231 – 4,150,231 – (4,150,231) –

Credit Suisse Europe Ltd 4,526,181 – 4,526,181 – (4,526,181) –

Goldman Sachs 3,122,918 – 3,122,918 – (3,122,918) –

HSBC Bank PLC 20,983,149 – 20,983,149 – (20,983,149) –

JP Morgan Securities PLC 5,823,301 – 5,823,301 – (5,823,301) –

Merrill Lynch 495,838 – 495,838 – (495,838) –

Societe Generale SA Paris 6,683,826 – 6,683,826 – (6,683,826) –

Total Securities Lending 52,773,448 – 52,773,448 – (52,773,448) –

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

191

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Minimum Volatility Global Equity Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financial liabilitiesoffset in the

Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Derivative - trading assets

Citibank 71,359 – 71,359 (42,097) – 29,262

Goldman Sachs International – – – (204,389) – (204,389)

Loans and receivables

Margin cash

Goldman Sachs International 439,375 – 439,375 – – 439,375

Total 510,734 – 510,734 (246,486) – 264,248

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

192

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Minimum Volatility Global Equity Fund (continued)Related amounts not offset in the

Statement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Securities Lending

Barclays Bank 726,907 – 726,907 – (726,907) –

Credit Suisse Europe Ltd 6,002,290 – 6,002,290 – (6,002,290) –

Goldman Sachs 2,070,171 – 2,070,171 – (2,070,171) –

JP Morgan Securities PLC 2,655,031 – 2,655,031 – (2,655,031) –

Natixis SA 3,199,433 – 3,199,433 – (3,199,433) –

Societe Generale SA Paris 1,945,594 – 1,945,594 – (1,945,594) –

The Bank of Nova Scotia 1,252 – 1,252 – (1,252) –

UBS AG London 2,541,285 – 2,541,285 – (2,541,285) –

Total Securities Lending 19,141,963 – 19,141,963 – (19,141,963) –

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

193

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Emerging Market Debt Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Derivative - trading assets

Citibank 1,471 – 1,471 (11,908) – (10,437)

Total 1,471 – 1,471 (11,908) – (10,437)

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

194

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Emerging Market Debt Fund (continued) Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Securities Lending

Barclays Bank 8,952,963 – 8,952,963 – (8,952,963) –

HSBC Bank PLC 7,728,274 – 7,728,274 – (7,728,274) –

JP Morgan Securities PLC 30,688,315 – 30,688,315 – (30,688,315) –

Total Securities Lending 47,369,552 – 47,369,552 – (47,369,552) –

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

195

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Fundamental Global Equity Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Derivative - trading assets

Citibank 16,396 – 16,396 (9,929) – 6,467

Goldman Sachs International 53 – 53 (49,039) – (48,986)

Loans and receivables

Margin cash

Goldman Sachs International 167,841 – 167,841 – – 167,841

Total 184,290 – 184,290 (58,968) – 125,322

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

196

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Fundamental Global Equity Fund (continued) Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amountsof recognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Securities Lending

Credit Suisse Europe Ltd 946,781 – 946,781 – (946,781) –

Goldman Sachs 576,938 – 576,938 – (576,938) –

HSBC Bank PLC 649 – 649 – (649) –

JP Morgan Securities PLC 117,081 – 117,081 – (117,081) –

Natixis SA 229,862 – 229,862 – (229,862) –

UBS AG London 55,174 – 55,174 – (55,174) –

Total Securities Lending 1,926,485 – 1,926,485 – (1,926,485) –

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

197

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Global Low Volatility Active Equity Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Securities Lending

Credit Suisse Europe Ltd 367,778 – 367,778 – (367,778) –

Goldman Sachs 4,367,418 – 4,367,418 – (4,367,418) –

Merrill Lynch 6,852,490 – 6,852,490 – (6,852,490) –

Societe Generale SA Paris 7,173,352 – 7,173,352 – (7,173,352) –

UBS AG London 10,293,125 – 10,293,125 – (10,293,125) –

Total Securities Lending 29,054,163 – 29,054,163 – (29,054,163) –

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

198

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Setanta Reditus Income Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or lossDerivative - trading assetsCitibank – – – (2,448) – (2,448)

Loans and receivables

Margin cash

Citibank 2,101,436 – 2,101,436 – – 2,101,436

Total 2,101,436 – 2,101,436 (2,448) – 2,098,988

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Notes to the Financial Statements (continued)

199

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Emerging Market Equity Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Derivative - trading assets

Citibank 10,533 – 10,533 (510) – 10,023

Goldman Sachs International – – – (16,236) – (16,236)

Loans and receivables

Margin cash

Goldman Sachs International 142,698 – 142,698 – – 142,698

Total 153,231 – 153,231 (16,746) – 136,485

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Notes to the Financial Statements (continued)

200

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Emerging Market Equity Fund (continued) Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Securities Lending

Credit Suisse Europe Ltd 140,871 – 140,871 – (140,871) –

Goldman Sachs 49,885 – 49,885 – (49,885) –

HSBC Bank PLC 292 – 292 – (292) –

JP Morgan Securities PLC 431,039 – 431,039 – (431,039) –

Merrill Lynch 68,389 – 68,389 – (68,389) –

The Bank of Nova Scotia 12,359 – 12,359 – (12,359) –

UBS AG London 75,972 – 75,972 – (75,972) –

Total Securities Lending 778,807 – 778,807 – (778,807) –

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Notes to the Financial Statements (continued)

201

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Setanta Income Opportunities Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2018 2018 2018 2018 2018 2018

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Citibank – – – (1,338) – (1,338)

Loans and receivables

Margin cash

Citibank 857,674 – 857,674 – – 857,674

Total 857,674 – 857,674 (1,338) – 856,336

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Notes to the Financial Statements (continued)

202

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed World Small Cap Equity Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Derivative - trading assets

Citibank 311,447 – 311,447 (231,034) – 80,413

Goldman Sachs International 38,497 – 38,497 (6,720) – 31,777

State Street Bank and Trust Co 1,964 – 1,964 (1,964) – –

Loans and receivables

Margin cash

Goldman Sachs International 146,219 – 146,219 – – 146,219

Total 498,127 – 498,127 (239,718) – 258,409

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Notes to the Financial Statements (continued)

203

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed World Small Cap Equity Fund (continued) Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Securities Lending

Barclays Bank PLC 237,583 – 237,583 – (237,583) –

Credit Suisse Europe Ltd 5,307,260 – 5,307,260 – (5,307,260) –

H.S.B.C. Bank PLC 950,146 – 950,146 – (950,146) –

ING Bank 21,210 – 21,210 – (21,210) –

J.P. Morgan Securities PLC 7,849,178 – 7,849,178 – (7,849,178) –

Morgan Stanley & Co. International PLC 10,502,890 – 10,502,890 – (10,502,890) –

Societe Generale SA Paris 110,972 – 110,972 – (110,972) –

The Bank of Nova Scotia 128,712 – 128,712 – (128,712) –

UBS A.G. London 13,061,380 – 13,061,380 – (13,061,380) –

Total Securities Lending 38,169,331 – 38,169,331 – (38,169,331) –

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Notes to the Financial Statements (continued)

204

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Global Equity Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amountsof recognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Derivative - trading assets

Citibank 1,589,224 – 1,589,224 (740,821) – 848,403

Goldman Sachs International 249,638 – 249,638 (47,655) – 201,983

State Street Bank and Trust Co 5,807 – 5,807 (5,807) – –

Loans and receivables

Margin cash

Goldman Sachs International 2,159,972 – 2,159,972 – – 2,159,972

Total 4,004,641 – 4,004,641 (794,283) – 3,210,358

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Notes to the Financial Statements (continued)

205

13. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Global Equity Fund (continued) Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Securities Lending

Barclays Bank PLC

Credit Suisse Europe Ltd 893,095 – 893,095 – (893,095) –

H.S.B.C. Bank PLC 92,074 – 92,074 – (92,074) –

J.P. Morgan Securities PLC 597,996 – 597,996 – (597,996) –

Macquarie Bank Limited 488,849 – 488,849 – (488,849) –

Societe Generale SA Paris 1,327,438 – 1,327,438 – (1,327,438) –

The Bank of Nova Scotia 10,910 – 10,910 – (10,910) –

UBS A.G. London 2,392,523 – 2,392,523 – (2,392,523) –

Total Securities Lending 5,802,885 – 5,802,885 – (5,802,885) –

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Notes to the Financial Statements (continued)

206

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Euro Government Long Dated Bond Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Securities Lending

Barclays Bank PLC 132,904 – 132,904 – (132,904) –

J.P. Morgan Securities PLC

Societe Generale SA Paris 1,556,472 – 1,556,472 – (1,556,472) –

Total Securities Lending 1,689,376 – 1,689,376 – (1,689,376) –

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Notes to the Financial Statements (continued)

207

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Euro Large Cap Corporate Bond Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amountsof recognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Securities Lending

Barclays Bank PLC 2,896,702 – 2,896,702 – (2,896,702) –

Credit Suisse Europe Ltd 3,058,032 – 3,058,032 – (3,058,032) –

J.P. Morgan Securities PLC 8,732,199 – 8,732,199 – (8,732,199) –

Societe Generale SA Paris 547,285 – 547,285 – (547,285) –

Total Securities Lending 15,234,218 – 15,234,218 – (15,234,218) –

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Notes to the Financial Statements (continued)

208

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Minimum Volatility Global Equity Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Derivative - trading assets

Citibank 10,560 – 10,560 (10,560) – –

Goldman Sachs International 39,181 – 39,181 (15,158) – 24,023

Loans and receivables

Margin cash

Goldman Sachs International 313,631 – 313,631 – – 313,631

Total 363,372 – 363,372 (25,718) – 337,654

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Notes to the Financial Statements (continued)

209

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Minimum Volatility Global Equity Fund (continued)Related amounts not offset in the

Statement of Financial Position

Gross amounts ofrecognised financial

assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Securities Lending

Barclays Bank PLC 263,615 – 263,615 – (263,615) –

Credit Suisse Europe Ltd 155,941 – 155,941 – (155,941) –

J.P. Morgan Securities PLC 713,168 – 713,168 – (713,168) –

Societe Generale SA Paris 1,967,840 – 1,967,840 – (1,967,840) –

UBS A.G. London 5,062,116 – 5,062,116 – (5,062,116) –

Total Securities Lending 8,162,680 – 8,162,680 – (8,162,680) –

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Notes to the Financial Statements (continued)

210

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Emerging Market Debt Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Derivative - trading assets

Citibank 3,511 – 3,511 (3,511) – –

Total 3,511 – 3,511 (3,511) – –

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

211

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Emerging Market Debt Fund (continued) Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financial liabilitiesoffset in the

Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Securities Lending

Credit Suisse Europe Ltd 1,725,928 – 1,725,928 – (1,725,928) –

JP Morgan Securities PLC 876,091 – 876,091 – (876,091) –

Total Securities Lending 2,602,019 – 2,602,019 – (2,602,019) –

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

212

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Fundamental Global Equity Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financial liabilitiesoffset in the

Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Derivative - trading assets

Citibank 11,909 – 11,909 (11,909) – –

Goldman Sachs International 17,346 – 17,346 (8,479) – 8,867

Loans and receivables

Margin cash

Goldman Sachs International 144,805 – 144,805 – – 144,805

Total 174,060 – 174,060 (20,388) – 153,672

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Notes to the Financial Statements (continued)

213

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Fundamental Global Equity Fund (continued) Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Securities Lending

Credit Suisse Europe Ltd 360,999 – 360,999 – (360,999) –

H.S.B.C. Bank PLC 25,064 – 25,064 – (25,064) –

J.P. Morgan Securities PLC 303,024 – 303,024 – (303,024) –

Societe Generale SA Paris 392,258 – 392,258 – (392,258) –

UBS A.G. London 213,157 – 213,157 – (213,157) –

Total Securities Lending 1,294,502 – 1,294,502 – (1,294,502) –

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Notes to the Financial Statements (continued)

214

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Global Low Volatility Active Equity Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financialliabilities offset in

the Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Securities Lending

J.P. Morgan Securities PLC 721,804 – 721,804 – (721,804) –

Macquarie Bank Limited 1,085,496 – 1,085,496 – (1,085,496) –

Societe Generale SA Paris 15,549,555 – 15,549,555 – (15,549,555) –

UBS A.G. London 1,946,079 – 1,946,079 – (1,946,079) –

Total Securities Lending 19,302,934 – 19,302,934 – (19,302,934) –

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Notes to the Financial Statements (continued)

215

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Setanta Reditus Income Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financial liabilitiesoffset in the

Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

Financial Position

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Loans and receivables

Margin cash

Citibank 258,026 – 258,026 – – 258,026

Total 258,026 – 258,026 – – 258,026

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

216

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Emerging Market Equity Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financial liabilitiesoffset in the

Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

FinancialPosition

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Derivative - trading assets

Citibank 126 – 126 (126) – –

Goldman Sachs International 104,517 – 104,517 – – 104,517

Loans and receivables

Margin cash

Goldman Sachs International 251,651 – 251,651 – – 251,651

Total 356,294 – 356,294 (126) – 356,168

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

217

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Indexed Emerging Market Equity Fund (continued) Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financial liabilitiesoffset in the

Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

FinancialPosition

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Securities Lending

Credit Suisse Europe Ltd 391,027 – 391,027 – (391,027) –

H.S.B.C. Bank PLC 175,406 – 175,406 – (175,406) –

J.P. Morgan Securities PLC 116,232 – 116,232 – (116,232) –

Societe Generale SA Paris 21,141 – 21,141 – (21,141) –

The Bank of Nova Scotia 2,018,047 – 2,018,047 – (2,018,047) –

UBS A.G. London 831,694 – 831,694 – (831,694) –

Total Securities Lending 3,553,547 – 3,553,547 – (3,553,547) –

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

218

12. Financial Instruments and Associated Risk (continued)

Credit Risk (continued)

Offsetting of financial instruments (continued)

Financial assets and financial liabilities subject to enforceable master netting or similar agreements:

Setanta Income Opportunities Fund Related amounts not offset in theStatement of Financial Position

Gross amounts ofrecognised

financial assets

Gross amounts ofrecognised

financial liabilitiesoffset in the

Statement ofFinancial Position

Net amounts offinancial assets

presented in theStatement of

FinancialPosition

Financialinstruments

(including non-cash collateral)

Cash collateralreceived Net amount

2017 2017 2017 2017 2017 2017

EUR EUR EUR EUR EUR EUR

Financial assets at fair value through profit or loss

Loans and receivables

Margin cash

Citibank 265,203 – 265,203 – – 265,203

Total 265,203 – 265,203 – – 265,203

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

219

12. Financial Instruments and Associated Risk (continued)

Liquidity Risk

The main liability of the Funds is the redemption of any shares that investors wish to sell.

The Funds' offering documents provide for the daily creation and cancellation of shares and they are therefore exposedto the liquidity risk of meeting Shareholder redemptions at any time. The Funds’ financial instruments includeinvestments in securities which are highly liquid and are readily realisable securities which can be readily sold.

The Investment Managers monitor the Funds’ liquidity risk on a daily basis.

The residual contractual maturities of the financial liabilities as at 31 December 2018 and 31 December 2017 are shownin the table below and overleaf:

Indexed World Small Cap Equity Fund

31 December 20181-3 Months

EURFinancial liabilities at fair value through profit or lossForeign exchange forward contractsOutflows 22,624,638Inflows (22,395,951) 228,687Futures contracts 433,278Accrued expenses payable 116,676Net assets attributable to holders of redeemable shares 569,815,905Total 570,594,546

31 December 20171-3 Months

EURFinancial liabilities at fair value through profit or lossForeign exchange forward contractsOutflows 22,642,272Inflows (22,374,077) 268,195Futures contracts 6,720Accrued expenses payable 137,201Net assets attributable to holders of redeemable shares 654,038,526Total 654,450,642

Indexed Global Equity Fund

31 December 20181-3 Months

EURFinancial liabilities at fair value through profit or lossForeign exchange forward contractsOutflows 316,678,130Inflows (315,270,670) 1,407,460Futures contracts 219,795Accrued expenses payable 152,454Net assets attributable to holders of redeemable shares 414,659,773Total 416,439,482

31 December 20171-3 Months

EURFinancial liabilities at fair value through profit or lossForeign exchange forward contractsOutflows 335,521,284Inflows (334,748,037) 773,247Futures contracts 47,655Accrued expenses payable 231,447Net assets attributable to holders of redeemable shares 450,972,388Total 452,024,737

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12. Financial Instruments and Associated Risk (continued)

Liquidity Risk (continued)

Indexed Euro Government Long Dated Bond Fund

31 December 20181-3 Months

EURAccrued expenses payable 14,547Net assets attributable to holders of redeemable shares 17,133,610Total 17,148,157

31 December 20171-3 Months

EURAccrued expenses payable 23,218Net assets attributable to holders of redeemable shares 16,487,044Total 16,510,262

Indexed Euro Large Cap Corporate Bond Fund

31 December 20181-3 Months

EURAccrued expenses payable 40,042Net assets attributable to holders of redeemable shares 286,553,904Total 286,593,946

31 December 20171-3 Months

EURAccrued expenses payable 45,802Net assets attributable to holders of redeemable shares 304,228,411Total 304,274,213

Enhanced Commodity Fund

31 December 20181-3 Months

EURDeposits with credit institutions: bank overdraft 672,868Accrued expenses payable 21,628Payable to broker 8,596Net assets attributable to holders of redeemable shares 30,039,857Total 30,742,949

31 December 20171-3 Months

EURAccrued expenses payable 32,483Net assets attributable to holders of redeemable shares 35,239,712Total 35,272,195

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12. Financial Instruments and Associated Risk (continued)

Liquidity Risk (continued)

Indexed Minimum Volatility Global Equity Fund

31 December 20181-3 Months

EURFinancial liabilities at fair value through profit or lossForeign exchange forward contractsOutflows 4,727,437Inflows (4,685,340) 42,097Futures contracts 204,389Payables for shares redeemedAccrued expenses payable 194,551Net assets attributable to holders of redeemable shares 493,095,186Total 493,536,223

31 December 20171-3 Months

EURFinancial liabilities at fair value through profit or lossForeign exchange forward contractsOutflows 2,546,523Inflows (2,503,427) 43,096Futures contracts 15,158Payables for shares redeemed 189Accrued expenses payable 478,945Net assets attributable to holders of redeemable shares 379,633,458Total 380,170,846

Indexed Emerging Market Debt Fund

31 December 20181-3 Months

EUR

Financial liabilities at fair value through profit or lossForeign exchange forward contractsOutflows 8,889,576Inflows (8,877,668) 11,908Deposits with credit institutions: bank overdraft -Accrued expenses payable 692,358Net assets attributable to holders of redeemable shares 1,185,378,791Total 1,186,083,057

31 December 20171-3 Months

EUR

Financial liabilities at fair value through profit or lossForeign exchange forward contractsOutflows 5,234,974Inflows (5,227,468) 7,506Deposits with credit institutions: bank overdraft 86,817Accrued expenses payable 245,484Net assets attributable to holders of redeemable shares 792,796,407Total 793,136,214

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12. Financial Instruments and Associated Risk (continued)

Liquidity Risk (continued)

Indexed Fundamental Global Equity Fund

31 December 20181-3 Months

EURFinancial liabilities at fair value through profit or lossForeign exchange forward contractsOutflows 529,183Inflows (519,254) 9,929Futures contracts 49,039Payables for shares redeemed -Accrued expenses payable 95,989Net assets attributable to holders of redeemable shares 79,238,333Total 79,393,290

31 December 20171-3 Months

EURFinancial liabilities at fair value through profit or lossForeign exchange forward contractsOutflows 8,955,225Inflows (8,903,368) 51,857Futures contracts 8,479Payables for shares redeemed 231Accrued expenses payable 167,116Net assets attributable to holders of redeemable shares 92,159,136Total 92,386,819

Global Low Volatility Active Equity Fund

31 December 20181-3 Months

EURDeposits with credit institutions: bank overdraft 29,448Accrued expenses payable 31,443Net assets attributable to holders of redeemable shares 740,408,093Total 740,468,984

31 December 20171-3 Months

EURAccrued expenses payable 30,209Net assets attributable to holders of redeemable shares 763,103,591Total 763,133,800

Setanta Reditus Income Fund

31 December 20181-3 Months

EUROptions 2,448Accrued expenses payable 144,091Net assets attributable to holders of redeemable shares 46,287,923Total 46,434,462

31 December 20171-3 Months

EURAccrued expenses payable 203,416Net assets attributable to holders of redeemable shares 53,338,229Total 53,541,645

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12. Financial Instruments and Associated Risk (continued)

Liquidity Risk (continued)

Setanta Reditus Global Equity Fund

31 December 20181-3 Months

EURDeposits with credit institutions: bank overdraft -Accrued expenses payable 131,402Net assets attributable to holders of redeemable shares 71,683,251Total 71,814,653

31 December 20171-3 Months

EURDeposits with credit institutions: bank overdraft 520Accrued expenses payable 202,426Net assets attributable to holders of redeemable shares 75,443,496Total 75,646,442

Setanta Reditus Global Balanced Fund

31 December 20181-3 Months

EURDeposits with credit institutions: bank overdraft -Accrued expenses payable 48,194Net assets attributable to holders of redeemable shares 17,619,957Total 17,668,151

31 December 20171-3 Months

EURDeposits with credit institutions: bank overdraft 88Accrued expenses payable 29,578Net assets attributable to holders of redeemable shares 19,738,961Total 19,768,627

Setanta Global Equity Fund

31 December 20181-3 Months

EURDeposits with credit institutions: bank overdraft 23,308Accrued expenses payable 26,984Net assets attributable to holders of redeemable shares 20,164,501Total 20,214,793

31 December 20171-3 Months

EURDeposits with credit institutions: bank overdraft 751Accrued expenses payable 27,330Net assets attributable to holders of redeemable shares 141,244,648Total 141,272,729

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Notes to the Financial Statements (continued)

224

12. Financial Instruments and Associated Risk (continued)

Liquidity Risk (continued)

Indexed Emerging Market Equity Fund

31 December 20181-3 Months

EURFinancial liabilities at fair value through profit or lossForeign exchange forward contractsOutflows 128,675Inflows (128,165) 510Futures contracts 16,236Accrued expenses payable 300,565Net assets attributable to holders of redeemable shares 45,096,008Total 45,413,319

31 December 20171-3 Months

EURFinancial liabilities at fair value through profit or lossForeign exchange forward contractsOutflows 1,839,733Inflows (1,795,395) 44,338Accrued expenses payable 223,152Net assets attributable to holders of redeemable shares 60,180,668Total 60,448,158

Setanta Income Opportunities Fund

31 December 20181-3 Months

EURDeposits with credit institutions: bank overdraft 615Options 1,338Accrued expenses payable 18,157Net assets attributable to holders of redeemable shares 24,798,088Total 24,818,198

31 December 20171-3 Months

EURDeposits with credit institutions: bank overdraft 283Accrued expenses payable 19,505Net assets attributable to holders of redeemable shares 69,878,936Total 69,898,724

The above tables show the contractual, undiscounted cash flows of the Funds’ financial liabilities.

Most of the Funds’ financial instruments are carried at fair value in the Statement of Financial Position. Usually the fairvalue of the financial instruments can be reliably determined within a reasonable range of estimates. For certain otherfinancial instruments, including amounts due from/to brokers, accounts payable and accrued expenses, the carryingamounts approximate fair value due to the immediate or short-term nature of these financial instruments. The carryingvalue of all the Funds’ financial assets and financial liabilities as at the financial year end date approximated their fairvalues.

Not all securities or instruments invested in by the Funds will be listed or rated and consequently liquidity may be low.Moreover, the disposal of holdings in some investments may be time consuming and may need to be conducted atunfavourable prices.

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225

12. Financial Instruments and Associated Risk (continued)

Operational Risk Management

The Fund's activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk andprice risk), credit risk and liquidity risk.

The Fund is also exposed to operational risks such as depositary risk. Depositary risk is the risk of loss of securities heldin depositary occasioned by the insolvency or negligence of the Depositary. Substantially all of the assets of the Fundsare held by the Depositary in segregated accounts in each Fund’s name. Bankruptcy or insolvency of the Depositarymay cause a Fund’s rights with respect to securities held by the Depositary to be delayed. The Investment Managersmonitor the credit quality and financial position of the Depositary.

The Fund's overall risk management programme seeks to maximise the returns derived for the level of risk to which theFund is exposed to and seeks to minimise potential adverse effects on the Fund's financial performance. All securitiesinvestments present a risk of loss of capital. The maximum loss of capital on financial assets at fair value through profitor loss is limited to the fair value as at financial year end.

The management of these risks is carried out by the Investment Managers. The Investment Managers have policies foroverall risk management, as well as policies covering specific areas.

Capital Risk Management

The Fund’s manage their net assets attributable to Shareholders as capital, notwithstanding new assets attributable toShareholders are classified as a liability. The amount of net assets attributable to Shareholders can change significantlyon a daily as the Funds are subject to daily applications and redemptions at the discretion of the Shareholders. TheInvestment Managers monitor the level of daily applications and redemptions relative to the liquid assets in the Funds.The Central Bank of Ireland requires that the Company maintains a minimum amount of capital of EUR 300,000. TheCompany continuously met this requirement during the financial year ended 31 December 2018.

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13. Other Receivables

31 December 2018

Indexed WorldSmall Cap Equity

FundIndexed Global

Equity Fund

Indexed EuroGovernmentLong DatedBond Fund

Indexed Euro LargeCap Corporate

Bond Fund

EnhancedCommodity

Fund

Indexed MinimumVolatility Global

Equity FundIndexed EmergingMarket Debt Fund

IndexedFundamental

GlobalEquity Fund

EUR EUR EUR EUR EUR EUR EUR EURDilution Levy – – – – – 589,315 – –Dividend incomereceivable 818,095 459,044 – – – 903,990 – 127,200Interest receivable – – – – – – – –Withholding taxreclaimable ondividends 165,802 170,064 – – – 332,540 – 84,194Rebate – – 20,474 – 36,075 – – 1,587Other assets – 3,703 – – 5,571 842 3,996 –

983,897 632,811 20,474 – 41,646 1,826,687 3,996 212,981

31 December 2018

Global LowVolatility Active

Equity FundSetanta Reditus

Income Fund

Setanta ReditusGlobal Equity

Fund

Setanta ReditusGlobal Balanced

FundSetanta Global

Equity Fund

Indexed EmergingMarket

Equity FundSetanta Income

Opportunities Fund Total

EUR EUR EUR EUR EUR EUR EUR EURDilution Levy – – – – – – – 589,315Dividend incomereceivable 1,704,639 131,620 79,608 11,024 20,150 106,901 58,906 4,421,177Interest receivable – – – – – – – –Withholding taxreclaimable ondividends 366,095 107,892 25,051 10,027 39,120 – 87,102 1,387,887Rebate – – – – – 22,491 – 80,627Other assets 255 – – – – 10 3,264 17,641

2,070,989 239,512 104,659 21,051 59,270 129,402 149,272 6,496,647

.

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13. Other Receivables (continued)

31 December 2017

Indexed WorldSmall Cap Equity

FundIndexed Global

Equity Fund

Indexed EuroGovernment Long

DatedBond Fund

IndexedEuro Large Cap

CorporateBond Fund

EnhancedCommodity Fund

IndexedMinimum

Volatility GlobalEquity Fund

IndexedEmerging Market

Debt Fund

IndexedFundamental

GlobalEquity Fund

31 December2017

31 December2017

31 December2017

31 December2017

31 December2017

31 December2017

31 December2017

31 December2017

EUR EUR EUR EUR EUR EUR EUR EURDividend incomereceivable 798,708 413,543 – – – 550,260 – 111,037Interest receivable – – – – 833 – – –Withholding taxreclaimable on dividends 145,311 185,612 – – – 250,659 – 73,561Other assets – – – 455 – – 281 215

944,019 599,155 – 455 833 800,919 281 184,813

31 December 2017

Global LowVolatility Active

Equity FundSetanta Reditus

Income Fund

Setanta ReditusGlobal Equity

Fund

Setanta ReditusGlobal Balanced

FundSetanta Global

Equity Fund

Indexed EmergingMarket

Equity Fund

Setanta IncomeOpportunities

Fund Total

EUR EUR EUR EUR EUR EUR EUR EURDividend incomereceivable 1,407,449 121,036 63,664 10,745 115,027 99,458 162,606 3,853,533Interest receivable – – – – – – – 833Withholding taxreclaimable ondividends 265,142 72,285 17,967 10,339 26,372 – 38,595 1,085,843Other assets 1,534 – – – – – 6,737 9,222

1,674,125 193,321 81,631 21,084 141,399 99,458 207,938 4,949,431

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14. Other Expenses

31 December 2018

Indexed WorldSmall Cap

Equity FundIndexed Global

Equity Fund

Indexed EuroGovernment Long

DatedBond Fund

Indexed Euro LargeCap Corporate

Bond Fund

EnhancedCommodity

Fund

Indexed MinimumVolatility Global

Equity FundIndexed EmergingMarket Debt Fund

IndexedFundamental

GlobalEquity Fund

EUR EUR EUR EUR EUR EUR EUR EURCentral Bank of Ireland levy 1,475 320 320 1,320 320 320 2,021 421Miscellaneous fees 571 6,549 – 4 2 10 2 696Legal fees 6,545 4,705 127 2,334 271 3,883 6,307 954Bank charges 55,272 56,980 204 5,020 4,517 22,290 42,824 7,108Directors’ fees 11,970 8,297 306 5,690 664 7,143 21,150 1,771Indian Tax fees – – – – – – – –Collateral fee expense – – – – 10,055 – – –Data licence fees 18,750 14,018 – – – 182,552 – 63,046KIID fees 2,138 8,464 167 2,052 – 9,751 1,467 2,558Professional fees 11,903 8,906 330 5,537 692 7,709 18,728 1,676

108,624 108,239 1,454 21,957 16,521 233,658 92,499 78,230

Global LowVolatility

Active EquityFund

Setanta ReditusIncome Fund

Setanta ReditusGlobal Equity

FundSetanta Reditus Global

Balanced FundSetanta Global

Equity Fund

Indexed EmergingMarket

Equity FundSetanta Income

Opportunities Fund31 December 2018 TotalEUR EUR EUR EUR EUR EUR EUR EUR

Central Bank of Ireland levy 4,409 320 320 320 562 320 433 13,201Miscellaneous fees 2,012 1,319 2,012 2,012 2,010 4,835 2,628 24,662Legal fees 7,790 543 584 153 1,276 469 721 36,662Bank charges 34,206 15,921 12,403 11,412 23,232 5,340 20,509 317,238Directors’ fees 14,164 981 1,386 364 2,581 1,111 1,726 79,304Indian Tax fees – – – – – 52,529 – 52,529Collateral fee expense – – – – – – – 10,055Data licence fees – – – – – 1,528 – 279,894KIID fees 1,108 1,572 4,479 1,102 2,535 910 1,674 39,977Professional fees 13,888 971 1,472 385 2,820 5,875 1,391 82,283

77,577 21,627 22,656 15,748 35,016 72,917 29,082 935,805

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Notes to the Financial Statements (continued)

229

14. Other Expenses(continued)31 December 2017

IndexedWorld Small

Cap EquityFund

Indexed GlobalEquity Fund

Indexed EuroGovernmentLong DatedBond Fund

Indexed Euro LargeCap Corporate

Bond Fund

EnhancedCommodity

Fund

Indexed MinimumVolatility Global

Equity FundIndexed EmergingMarket Debt Fund

IndexedFundamental

GlobalEquity Fund

EUR EUR EUR EUR EUR EUR EUR EURCentral Bank of Ireland levy 787 1,376 175 224 404 720 265 180Miscellaneous fees 14,724 6,154 204 3,012 406 4,321 6,134 10,811Dilution Levy – – – – – 866,910 – 300,578Legal fees 5,953 4,513 255 3,038 467 4,633 4,823 5,800Bank charges 42,322 61,342 236 6,255 3,968 24,117 23,209 9,728Directors’ fees 14,140 4,642 – 11,268 – 5,129 6,556 2,968Collateral fee expense – – – – 9,973 – – –Data licence fees 11,049 13,787 – – – 162,585 – 105,612KIID fees 1,995 1,995 1,995 1,995 1,995 1,995 1,995 1,995Professional fees 13,927 10,186 391 7,894 885 10,424 6,231 4,534Stamp fees – – – – – – – 50,515Registration fees – – – – – – 123 246

104,897 103,995 3,256 33,686 18,098 1,080,834 49,336 492,967

31 December 2017

Global LowVolatility

Active EquityFund

Setanta ReditusIncome Fund

Setanta ReditusGlobal Equity

FundSetanta Reditus

Global Balanced FundSetanta Global

Equity Fund

Indexed EmergingMarket

Equity FundSetanta Income

Opportunities Fund Total

EUR EUR EUR EUR EUR EUR EUR EURCentral Bank of Ireland levy – 440 440 440 440 440 545 6,876Miscellaneous fees 10,422 9,467 7,652 2,195 2,975 10,706 41,979 131,162Dilution Levy – 133,680 143,616 – – – – 1,444,784Legal fees 8,942 595 788 308 1,270 1,280 424 43,089Bank charges 18,090 20,821 8,538 12,505 25,790 11,728 10,771 279,420Directors’ fees 25,746 – – – 1,614 – 402 72,465Collateral fee expense – – – – – – – 9,973Data licence fees – – – – – 1,481 – 294,514

KIID fees 1,995 1,646 1,097 549 1,096 549 549 23,441

Professional fees 18,153 1,222 1,735 455 3,067 4,916 1,176 85,196

Stamp fees – – – – – – - 50,515Registration fees – – – – – – 369 738

83,348 167,871 163,866 16,452 36,252 31,100 56,215 2,442,173

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Notes to the Financial Statements (continued)

230

15. Directors’ Fees

The Directors’ fees for the financial year ended 31 December 2018 were EUR 79,304 (31 December 2017: EUR72,465).

16. Global Exposure

The Investment Managers monitor global exposure on a daily basis by utilising the commitment approach whenfinancial derivative instruments are held.

17. Securities Lending Income and Fees

The net income generated from stock lending activity entered into by the Company in respect of a Fund will be creditedto the relevant Fund and has been included in the Statement of Comprehensive Income. At the discretion of the Fund,the Investment Managers may receive a fee for the cost it incurs for its oversight and administration of the securitieslending programme (this fee shall be reasonable and will be capped at 30% of the income derived from the securitieslending programme). For the financial period ended 31 December 2018, the Investment Manager received EUR107,422 (31 December 2017: 126,890) and Citibank N.A received EUR 174,304 (31 December 2017: 142,261) from agross income of EUR 1,394,433 (31 December 2017: 1,138,092)

Any direct or indirect operational costs/fees arising from the securities lending programme will not include hiddenrevenue and will be paid to such entities as outlined in the annual report of the Company, which shall indicate if theentities are related to the Investment Managers or the Depositary.

The following table shows the securities lending income per Fund for the financial period ended 31 December 2018:

Gross SecuritiesLending Income

CitiFees

ILIMFees

Net SecuritiesLending Income

EUR EUR EUR EURIndexed World Small Cap Equity Fund 798,380 99,798 60,203 638,379Indexed Global Equity Fund 62,478 7,810 5,750 48,918Indexed Euro Government Long Dated Bond Fund 1,948 244 134 1,570Indexed Euro Large Cap Corporate Bond Fund 141,811 17,726 9,971 114,114Indexed Fundamental Global Equity Fund 11,492 1,436 1,166 8,890Indexed Minimum Volatility Global Equity Fund 79,635 9,954 7,000 62,681Indexed Emerging Market Debt Fund 177,449 22,181 11,961 143,307Global Low Volatility Active Equity Fund 110,081 13,760 10,319 86,002Indexed Emerging Market Equity Fund 11,159 1,395 918 8,846

1,394,433 174,304 107,422 1,112,707

The following table shows the securities lending income per Fund for the financial period ended 31 December 2017:

Gross SecuritiesLending Income

CitiFees

ILIMFees

Net SecuritiesLending Income

EUR EUR EUR EURIndexed World Small Cap Equity Fund 818,571 101,215 82,449 634,907Indexed Global Equity Fund 49,305 5,627 4,761 38,917Indexed Euro Government Long Dated Bond Fund 1,789 233 221 1,335Indexed Euro Large Cap Corporate Bond Fund 24,582 6,313 6,499 11,770Indexed Minimum Volatility Global Equity Fund 78,473 9,553 12,241 56,679Indexed Emerging Market Debt Fund 10,294 1,080 791 8,423Indexed Fundamental Global Equity Fund 29,549 3,469 3,905 22,175Global Low Volatility Active Equity Fund 115,583 13,655 15,033 86,895Indexed Emerging Market Equity Fund 9,947 1,116 991 7,840

1,138,092 142,261 126,890 868,941

Under the Global Securities Lending Agency Agreement entered into between the Company, the Depositary andCitibank N.A., the Company pays Citibank N.A. 12.5% of fees received from the borrower with respect to each loan ofsecurities to that borrower.

Euroclear, JP Morgan and BNY Mellon are the Central Securities Depositary Systems used in relation to securitieslending.

The types of collateral acceptable are AA rated OECD sovereign debt securities with collateral maintenancerequirements of 105% for equity loans and 102% for bond loans.

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Notes to the Financial Statements (continued)

231

17. Securities Lending Income and Fees (continued)

The following table shows the value of securities out on loan with the borrower and the collateral market value at thefinancial period ended 31 December 2018.

Loan Market Collateral MarketValue Value

31 December 2018 31 December 2018Borrower Fund EUR EURBarclays Bank Indexed World Small Cap Equity Fund 1,402,335 1,519,905

Indexed Global Equity Fund 2,614 2,833Indexed Euro Government Long Dated Bond Fund 118,081 121,625Indexed Euro Large Cap Corporate Bond Fund 6,887,119 7,093,628Indexed Minimum Volatility Global Equity Fund 726,907 787,841Indexed Emerging Market Debt Fund 8,952,963 9,221,419

BNP Paribas Indexed Euro Government Long Dated Bond Fund 872,726 890,285Indexed Euro Large Cap Corporate Bond Fund 4,165,470 4,249,309

Credit SuisseEurope Ltd Indexed World Small Cap Equity Fund 13,606,839 14,337,333

Indexed Global Equity Fund 6,016,220 6,335,562Indexed Euro Large Cap Corporate Bond Fund 4,729,604 4,883,476Indexed Minimum Volatility Global Equity Fund 6,002,290 6,320,374Indexed Fundamental Global Equity Fund 946,781 996,990Global Low Volatility Active Equity Fund 367,778 387,275Indexed Emerging Market Equity Fund 140,871 148,787

Goldman Sachs Indexed World Small Cap Equity Fund 3,849,746 4,652,478Indexed Global Equity Fund 2,901,620 3,506,628Indexed Euro Large Cap Corporate Bond Fund 3,122,918 4,200,073Indexed Minimum Volatility Global Equity Fund 2,070,171 2,501,799Indexed Fundamental Global Equity Fund 576,938 697,227Global Low Volatility Active Equity Fund 4,367,418 5,278,015Indexed Emerging Market Equity Fund 49,885 60,288

HSBC BankPLC Indexed World Small Cap Equity Fund 2,922,726 3,076,292

Indexed Global Equity Fund 127,494 134,193Indexed Euro Large Cap Corporate Bond Fund 20,983,149 21,614,151Indexed Emerging Market Debt Fund 7,728,274 7,960,678Indexed Fundamental Global Equity Fund 649 683Indexed Emerging Market Equity Fund 41,694 43,884

JP MorganSecurities PLC Indexed World Small Cap Equity Fund 3,011,679 3,212,353

Indexed Global Equity Fund 384,376 409,986Indexed Euro Government Long Dated Bond Fund 161,547 165,669Indexed Euro Large Cap Corporate Bond Fund 5,485,194 5,625,185Indexed Minimum Volatility Global Equity Fund 2,655,031 2,831,957Indexed Emerging Market Debt Fund 30,757,517 31,542,511Indexed Fundamental Global Equity Fund 117,081 124,883Indexed Emerging Market Equity Fund 443,869 473,452

Macquarie BankLimited Indexed Global Equity Fund 77,227 105,263

Merrill Lynch Indexed World Small Cap Equity Fund 5,864,723 6,276,995Indexed Euro Large Cap Corporate Bond Fund 495,838 505,804Global Low Volatility Active Equity Fund 6,852,490 7,334,019Indexed Emerging Market Equity Fund 68,389 73,198

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Notes to the Financial Statements (continued)

232

17. Securities Lending Income and Fees (continued)

The following table shows the value of securities out on loan with the borrower and the collateral market value at thefinancial period ended 31 December 2018 (continued).

Morgan Stanley &Co International Indexed World Small Cap Equity Fund 3,609,721 3,894,736

Natixis SA Indexed World Small Cap Equity Fund 4,219,950 4,441,005Indexed Global Equity Fund 1,130,848 1,190,078Indexed Minimum Volatility Global Equity Fund 3,199,433 3,367,033Indexed Fundamental Global Equity Fund 229,862 241,904

Societe GeneraleSA Paris Indexed World Small Cap Equity Fund 252,063 267,888

Indexed Global Equity Fund 38,489 40,905Indexed Euro Government Long Dated Bond Fund 549,204 560,192Indexed Euro Large Cap Corporate Bond Fund 6,683,826 6,817,514Indexed Minimum Volatility Global Equity Fund 1,945,594 2,067,681Global Low Volatility Active Equity Fund 7,173,352 7,623,526

The Bank of NovaScotia Indexed World Small Cap Equity Fund 756,290 824,769

Indexed Global Equity Fund 2,286 2,494Indexed Minimum Volatility Global Equity Fund 1,252 1,365Indexed Emerging Market Equity Fund 12,359 13,479

UBS AG London Indexed World Small Cap Equity Fund 4,543,699 4,794,244Indexed Global Equity Fund 832,283 878,167Indexed Minimum Volatility Global Equity Fund 2,456,297 2,591,752Indexed Fundamental Global Equity Fund 55,174 58,216Global Low Volatility Active Equity Fund 10,293,125 10,860,617Indexed Emerging Market Equity Fund 75,972 80,162

The following table shows the value of securities out on loan with the borrower and the collateral market value at thefinancial year ended 31 December 2017.

Loan Market Collateral MarketValue Value

31 December 2017 31 December 2017Borrower Fund EUR EURBarclays Bank Indexed World Small Cap Equity Fund 237,583 298,656

Indexed Euro Government Long Dated Bond Fund 132,904 137,886Indexed Euro Large Cap Corporate Bond Fund 2,896,702 3,005,266Indexed Minimum Volatility Global Equity Fund 263,615 331,388

Credit SuisseEurope Ltd Indexed World Small Cap Equity Fund 5,307,260 5,658,958

Indexed Global Equity Fund 893,095 952,264Indexed Euro Large Cap Corporate Bond Fund 3,058,032 3,119,214Indexed Minimum Volatility Global Equity Fund 155,941 166,271Indexed Emerging Market Debt Fund 1,725,928 1,813,272Indexed Fundamental Global Equity Fund 360,999 384,915Indexed Emerging Market Equity Fund 391,027 416,945

HSBC BankPLC Indexed World Small Cap Equity Fund 950,146 1,043,719

Indexed Global Equity Fund 92,074 101,142Indexed Fundamental Global Equity Fund 25,064 27,532Indexed Emerging Market Equity Fund 175,406 192,681

ING Bank Indexed Global Equity Fund 21,210 31,725

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

233

17. Securities Lending Income and Fees (continued)

The following table shows the value of securities out on loan with the borrower and the collateral market value at thefinancial year ended 31 December 2017 (continued).

JP MorganSecurities PLC Indexed World Small Cap Equity Fund 7,849,178 8,341,393

Indexed Global Equity Fund 597,996 635,496Indexed Euro Large Cap Corporate Bond Fund 8,732,199 8,956,561Indexed Minimum Volatility Global Equity Fund 713,168 757,876Indexed Emerging Market Debt Fund 876,091 929,875Indexed Fundamental Global Equity Fund 303,024 322,026Global Low Volatility Active Equity Fund 721,804 767,054Indexed Emerging Market Equity Fund 116,232 123,523

Macquarie BankLimited Indexed Global Equity Fund 488,849 522,965

Global Low Volatility Active Equity Fund 1,085,496 1,161,245

Morgan Stanley &Co InternationalPLC

Indexed World Small Cap Equity Fund10,502,890 11,157,895

Societe GeneraleSA Paris Indexed World Small Cap Equity Fund 110,972 117,001

Indexed Global Equity Fund 1,327,438 1,399,528Indexed Euro Government Long Dated Bond Fund 1,556,472 1,587,602Indexed Euro Large Cap Corporate Bond Fund 547,285 558,230Indexed Minimum Volatility Global Equity Fund 1,967,840 2,074,703Indexed Fundamental Global Equity Fund 392,258 413,560Global Low Volatility Active Equity Fund 15,549,555 16,393,972Indexed Emerging Market Equity Fund 21,141 22,290

The Bank of NovaScotia Indexed World Small Cap Equity Fund 128,712 138,143

Indexed Global Equity Fund 10,910 11,709Indexed Emerging Market Equity Fund 2,018,047 2,165,937

UBS AG London Indexed World Small Cap Equity Fund 13,061,380 14,037,210Indexed Global Equity Fund 2,392,523 2,571,260Indexed Minimum Volatility Global Equity Fund 5,062,116 5,440,289Indexed Fundamental Global Equity Fund 213,157 229,077Global Low Volatility Active Equity Fund 1,946,079 2,091,479Indexed Emerging Market Equity Fund 831,694 893,842

18. Auditors Remuneration

Fees and expenses (inclusive of VAT) paid to the statutory auditors, KPMG, in respect of the financial year are asfollows:

31 December 2018 31 December 2017EUR EUR

Audit of financial statements 148,219 145,161Other assurance services – –Tax advisory services – –Other non-audit services – –

148,219 145,161

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Notes to the Financial Statements (continued)

234

19. Significant Events during the Financial Year

Indexed Emerging Market Debt Fund launched Share Class C (EUR) on 8 February 2018.

The below Share Classes had no shareholders since the following valuation dates:

Fund Share Class Closure DateIndexed Emerging Market Debt Fund Class B 8 March 2018Indexed Fundamental Global Equity Fund Class D 14 March 2018Indexed Minimum Volatility Global Equity Fund Class A 29 March 2018Indexed Minimum Volatility Global Equity Fund Class E 13 June 2018Indexed Fundamental Global Equity Fund Class A 16 October 2018

The Board authorised the revocation of the following funds on 19 February 2018: Indexed EMU Equity Fund Indexed Euro Government HICP Inflation Linked Bond Fund Indexed Euro Government Short to Medium Dated Bond Fund Global High Yield Active Equity Fund Global Multi Factor Active Equity Fund Indexed U.S. Equity Fund

David Killeen resigned as a Director on 12 March 2018.

Gerard Davis was appointed as a Director on 13 June 2018.

A resolution was passed at the annual general meeting held on 25 September 2018 to convert the Company from a plcto an ICAV by means of continuation in 2019.

Societe Generale Bank & Trust were appointed Paying Agent on 20 November 2018 in relation to All Maturities EMUGovernment Bond Fund and North America Sustainable Equity Fund.

Approval of Global High Yield Active Equity Fund and Global Multi Factor Active Equity Fund by CBI waswithdrawn on 31 December 2018.

There were no other significant events during the financial year.

20. Significant Events since the Financial Year End Date

All Maturities EMU Government Bond Fund and North America Sustainable Equity Fund launched on 11 January2019.

Fiona McCormack resigned as Company Secretary and was replaced by Ciara Reddy with effect from 3 April 2019.

The Company will convert from a plc to an ICAV by means of continuation in 2019.

There were no other significant events since the financial year end up to and including the date of approval of thefinancial statements that require amendment to or disclosure in the financial statements.

21. Financial Statements Approval Date

These financial statements were approved by the Board of Directors on 16 April 2019.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited)

Indexed World Small Cap Equity Fund

235

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - AUD - 2.86% (2017 - 2.70%)

Advertising

19,159 oOh!media Ltd 40,352 0.01%

37,896 WPP AUNZ Ltd 13,303 0.00%

Agriculture

29,557 Australian Agricultural Co Ltd 20,023 0.00%

36,216 Costa Group Holdings Ltd 165,491 0.03%

11,552 Elders Ltd 50,226 0.01%

20,231 Inghams Group Ltd 51,456 0.01%

Auto Parts & Equipment

10,089 ARB Corp Ltd 93,198 0.02%

Biotechnology

54,156 Mesoblast Ltd 38,688 0.01%

Building Materials

55,171 Adelaide Brighton Ltd 145,080 0.03%

6,969 Brickworks Ltd 71,373 0.01%

71,080 CSR Ltd 123,005 0.02%

82,797 Reliance Worldwide Corp Ltd 226,905 0.04%

Chemicals

38,519 DuluxGroup Ltd 155,614 0.03%

26,012 Nufarm Ltd/Australia 95,475 0.02%

Coal

33,267 New Hope Corp Ltd 69,861 0.01%

86,160 Whitehaven Coal Ltd 229,223 0.04%

Commercial Services

82,901 Atlas Arteria Ltd 319,598 0.06%

2,831 Credit Corp Group Ltd 32,707 0.01%

139,259 Emeco Holdings Ltd 174,096 0.03%

41,125 G8 Education Ltd 71,674 0.01%

13,913 IDP Education Ltd 84,568 0.01%

14,602 InvoCare Ltd 92,623 0.02%

16,084 IPH Ltd 53,587 0.01%

26,589 Navitas Ltd 82,856 0.01%

39,191 OFX Group Ltd 42,237 0.01%

160,696 Qube Holdings Ltd 251,367 0.04%

29,075 SG Fleet Group Ltd 54,791 0.01%

8,893 SmartGroup Corp Ltd 48,633 0.01%

Computers

10,023 Appen Ltd 79,194 0.01%

39,126 NEXTDC Ltd 147,223 0.03%

Cosmetics/Personal Care

11,467 BWX Ltd 11,158 0.00%

Distribution/Wholesale

66,202 Accent Group Ltd 48,924 0.01%

25,052 Bapcor Ltd 90,871 0.02%

Diversified Financial Services

18,687 Afterpay Touch Group Ltd 142,702 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

236

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - AUD - 2.86% (2017 - 2.70%) (continued)

Diversified Financial Services (continued)

30,631 Eclipx Group Ltd 45,839 0.01%

25,000 FlexiGroup Ltd/Australia 20,862 0.00%

22,204 Genworth Mortgage Insurance Australia Ltd 29,946 0.01%

10,034 HUB24 Ltd 73,411 0.01%

35,158 IOOF Holdings Ltd 111,940 0.02%

58,757 Link Administration Holdings Ltd 244,973 0.04%

15,425 Magellan Financial Group Ltd 223,615 0.04%

10,502 McMillan Shakespeare Ltd 89,964 0.02%

27,741 Navigator Global Investments Ltd 71,753 0.01%

11,218 Netwealth Group Ltd 52,021 0.01%

31,998 Pendal Group Ltd 157,055 0.03%

6,605 Perpetual Ltd 132,117 0.02%

14,138 Pinnacle Investment Management Group Ltd 38,223 0.01%

30,092 Platinum Asset Management Ltd 90,065 0.02%

Electric

189,281 Spark Infrastructure Group 257,614 0.05%

Energy-Alternate Sources

83,515 Infigen Energy 23,916 0.00%

Engineering & Construction

75,003 Downer EDI Ltd 312,244 0.05%

7,877 Monadelphous Group Ltd 66,798 0.01%

31,270 RCR Tomlinson Ltd 16,754 0.00%

Entertainment

60,748 Ardent Leisure Group Ltd 55,369 0.01%

30,690 Village Roadshow Ltd 51,220 0.01%

Environmental Control

50,066 Bingo Industries Ltd 57,195 0.01%

247,791 Cleanaway Waste Management Ltd 254,079 0.04%

Food

29,976 Bega Cheese Ltd 91,010 0.02%

11,111 Bellamy's Australia Ltd 50,020 0.01%

10,560 Freedom Foods Group Ltd 30,240 0.01%

26,658 GrainCorp Ltd 150,545 0.03%

103,203 Metcash Ltd 155,714 0.03%

12,822 Select Harvests Ltd 48,168 0.01%

14,712 Tassal Group Ltd 40,046 0.01%

Healthcare-Products

25,227 Nanosonics Ltd 44,122 0.01%

Healthcare-Services

24,494 Estia Health Ltd 34,543 0.01%

50,598 Healius Ltd 69,488 0.01%

155,312 Healthscope Ltd 213,294 0.04%

21,930 Regis Healthcare Ltd 35,654 0.01%

12,800 Virtus Health Ltd 34,763 0.01%

Holding Companies - Diversified

14,369 Seven Group Holdings Ltd 125,479 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

237

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - AUD - 2.86% (2017 - 2.70%) (continued)

Housewares

7,290 Breville Group Ltd 47,858 0.01%

Insurance

50,568 nib holdings Ltd/Australia 161,938 0.03%

86,381 Steadfast Group Ltd 146,292 0.03%

Internet

21,688 carsales.com Ltd 146,920 0.03%

34,411 Domain Holdings Australia Ltd 47,258 0.01%

19,039 IRESS Ltd 130,382 0.02%

12,834 Webjet Ltd 86,783 0.02%

Leisure Time

9,209 Corporate Travel Management Ltd 121,592 0.02%

Lodging

95,292 Star Entertainment Grp Ltd/The 267,603 0.05%

Media

34,775 HT&E Ltd 33,837 0.01%

246,253 Nine Entertainment Co Holdings Ltd 209,281 0.04%

136,894 Seven West Media Ltd 46,368 0.01%

116,273 Southern Cross Media Group Ltd 71,964 0.01%

Metal Fabricate/Hardware

17,935 Sims Metal Management Ltd 110,893 0.02%

Mining

55,643 Ausdrill Ltd 40,778 0.01%

148,548 Evolution Mining Ltd 337,569 0.06%

60,850 Galaxy Resources Ltd 81,319 0.01%

48,402 Iluka Resources Ltd 227,137 0.04%

61,612 Independence Group NL 144,943 0.03%

45,557 Kidman Resources Ltd 30,581 0.01%

69,637 Lynas Corp Ltd 67,973 0.01%

15,349 Mineral Resources Ltd 146,231 0.03%

70,099 Northern Star Resources Ltd 398,890 0.07%

79,259 NRW Holdings Ltd 78,830 0.01%

22,008 Orocobre Ltd 43,778 0.01%

44,723 OZ Minerals Ltd 242,372 0.04%

223,942 Pilbara Minerals Ltd 86,196 0.02%

49,450 Regis Resources Ltd 147,090 0.03%

82,829 Resolute Mining Ltd 58,916 0.01%

24,873 Sandfire Resources NL 102,323 0.02%

83,732 Saracen Mineral Holdings Ltd 151,088 0.03%

61,056 St Barbara Ltd 176,724 0.03%

16,834 Syrah Resources Ltd 15,602 0.00%

23,127 Western Areas Ltd 28,485 0.00%

77,890 Westgold Resources Ltd 42,212 0.01%

Miscellaneous Manufacturing

56,798 ALS Ltd 237,155 0.04%

19,629 Ansell Ltd 266,428 0.05%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

238

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - AUD - 2.86% (2017 - 2.70%) (continued)

Miscellaneous Manufacturing (continued)

15,728 GUD Holdings Ltd 108,870 0.02%

10,711 GWA Group Ltd 18,338 0.00%

Oil & Gas

200,415 Beach Energy Ltd 166,005 0.03%

306,104 Cooper Energy Ltd 83,888 0.01%

341,423 Senex Energy Ltd 57,822 0.01%

122,288 Viva Energy Group Ltd 135,558 0.02%

Packaging & Containers

150,785 Orora Ltd 285,079 0.05%

20,601 Pact Group Holdings Ltd 44,024 0.01%

Pharmaceuticals

59,542 Australian Pharmaceutical Industries Ltd 50,603 0.01%

1,800 Blackmores Ltd 135,239 0.02%

12,036 Greencross Ltd 40,323 0.01%

161,629 Mayne Pharma Group Ltd 77,142 0.01%

77,914 Sigma Co Ltd 27,350 0.00%

Real Estate

42,947 Aveo Group 42,318 0.01%

11,215 Cedar Woods Properties Ltd 34,948 0.01%

REITS

57,651 Abacus Property Group 116,098 0.02%

28,633 Aventus Retail Property Fund Ltd 37,559 0.01%

51,282 BWP Trust 111,483 0.02%

21,513 Centuria Industrial REIT 36,301 0.01%

21,998 Charter Hall Education Trust 40,100 0.01%

60,205 Charter Hall Group 275,110 0.05%

21,904 Charter Hall Long Wale REIT 57,735 0.01%

43,427 Charter Hall Retail REIT 119,814 0.02%

202,064 Cromwell Property Group 123,195 0.02%

17,598 Growthpoint Properties Australia Ltd 40,533 0.01%

80,756 National Storage REIT 87,281 0.02%

58,659 Rural Funds Group 77,307 0.01%

82,186 Shopping Centres Australasia Property Group 129,065 0.02%

46,636 Viva Energy REIT 64,621 0.01%

Retail

12,488 Automotive Holdings Group Ltd 11,997 0.00%

14,606 Collins Foods Ltd 55,589 0.01%

14,583 JB Hi-Fi Ltd 198,836 0.03%

10,131 Lovisa Holdings Ltd 38,745 0.01%

93,040 Myer Holdings Ltd 23,779 0.00%

12,959 Premier Investments Ltd 117,396 0.02%

11,772 Super Retail Group Ltd 50,965 0.01%

Software

14,271 Altium Ltd 190,714 0.03%

30,000 Bravura Solutions Ltd 68,358 0.01%

14,878 Hansen Technologies Ltd 31,977 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

239

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - AUD - 2.86% (2017 - 2.70%) (continued)

Software (continued)

57,106 MYOB Group Ltd 118,165 0.02%

5,123 Pro Medicus Ltd 34,326 0.01%

32,175 Technology One Ltd 122,059 0.02%

9,819 WiseTech Global Ltd 102,194 0.02%

Telecommunications

21,408 SpeedCast International Ltd 38,365 0.01%

86,259 Vocus Group Ltd 169,990 0.03%

Equities - CAD - 3.62% (2017 - 4.03%)

Aerospace/Defense

4,545 Magellan Aerospace Corp 43,607 0.01%

Airlines

3,250 Chorus Aviation Inc 11,740 0.00%

643 Exchange Income Corp 11,638 0.00%

3,421 WestJet Airlines Ltd 39,440 0.01%

Apparel

4,906 Aritzia Inc 51,533 0.01%

5,839 Canada Goose Holdings Inc 223,191 0.04%

Auto Manufacturers

6,608 NFI Group Inc 144,069 0.03%

Auto Parts & Equipment

7,943 Exco Technologies Ltd 45,939 0.01%

5,229 Linamar Corp 151,714 0.03%

Banks

11,569 Canadian Western Bank 192,951 0.03%

7,350 Home Capital Group Inc 67,789 0.01%

5,086 Laurentian Bank of Canada 124,014 0.02%

Beverages

17,713 Cott Corp 215,667 0.04%

Building Materials

5,274 Norbord Inc 122,619 0.02%

6,104 Stella-Jones Inc 154,856 0.03%

Commercial Services

3,648 Altus Group Ltd/Canada 55,305 0.01%

4,690 Colliers International Group Inc 226,162 0.04%

46,780 Element Fleet Management Corp 207,037 0.04%

5,626 Morneau Shepell Inc 90,229 0.02%

13,089 Ritchie Bros Auctioneers Inc 374,399 0.07%

7,416 Transcontinental Inc 91,672 0.02%

Distribution/Wholesale

6,239 Richelieu Hardware Ltd 90,669 0.02%

4,570 Uni-Select Inc 56,814 0.01%

Diversified Financial Services

3,750 AGF Management Ltd 11,577 0.00%

13,283 Canaccord Genuity Group Inc 49,089 0.01%

44,397 ECN Capital Corp 98,103 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

240

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - CAD - 3.62% (2017 - 4.03%) (continued)

Diversified Financial Services (continued)

1,227 Equitable Group Inc 46,461 0.01%

9,063 Fiera Capital Corp 65,535 0.01%

3,632 First National Financial Corp 63,879 0.01%

33,226 Sprott Inc 54,692 0.01%

8,318 Timbercreek Financial Corp 46,616 0.01%

5,801 TMX Group Ltd 262,795 0.05%

13,700 Tricon Capital Group Inc 85,026 0.01%

Electric

53,967 Algonquin Power & Utilities Corp 474,579 0.08%

9,462 Boralex Inc 102,055 0.02%

11,940 Capital Power Corp 203,345 0.04%

14,645 Northland Power Inc 203,544 0.04%

31,931 TransAlta Corp 114,323 0.02%

Electronics

14,432 Celestica Inc 110,552 0.02%

2,886 Evertz Technologies Ltd 29,926 0.01%

Energy-Alternate Sources

19,671 Ballard Power Systems Inc 41,325 0.01%

10,674 Innergex Renewable Energy Inc 85,730 0.02%

13,244 TransAlta Renewables Inc 87,965 0.02%

Engineering & Construction

6,796 Aecon Group Inc 76,652 0.01%

3,200 Badger Daylighting Ltd 66,098 0.01%

12,378 Stantec Inc 237,125 0.04%

Entertainment

7,275 Cineplex Inc 118,539 0.02%

7,267 Great Canadian Gaming Corp 222,807 0.04%

Environmental Control

16,057 Tervita Corp 64,585 0.01%

Food

3,257 AGT Food & Ingredients Inc 34,712 0.01%

9,101 Maple Leaf Foods Inc 159,308 0.03%

5,527 North West Co Inc/The 111,226 0.02%

3,465 Premium Brands Holdings Corp 166,136 0.03%

18,521 Rogers Sugar Inc 64,532 0.01%

Forest Products & Paper

7,650 Canfor Corp 80,992 0.01%

2,028 Canfor Pulp Products Inc 21,055 0.00%

9,507 Cascades Inc 62,292 0.01%

8,800 Interfor Corp 81,275 0.01%

51,748 Western Forest Products Inc 62,642 0.01%

Gas

13,306 Just Energy Group Inc 38,436 0.01%

6,999 Valener Inc 86,697 0.02%

Healthcare-Products

2,807 Savaria Corp 23,480 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

241

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - CAD - 3.62% (2017 - 4.03%) (continued)

Healthcare-Services

15,291 Extendicare Inc 62,190 0.01%

1,225 Medical Facilities Corp 11,800 0.00%

6,752 Sienna Senior Living Inc 68,069 0.01%

Home Furnishings

4,054 Dorel Industries Inc 45,803 0.01%

Insurance

3,729 Genworth MI Canada Inc 96,013 0.02%

Investment Companies

15,779 Uranium Participation Corp 45,276 0.01%

Iron/Steel

6,533 Labrador Iron Ore Royalty Corp 101,427 0.02%

6,025 Russel Metals Inc 82,311 0.01%

4,177 Stelco Holdings Inc 40,290 0.01%

Leisure Time

5,689 BRP Inc/CA 128,769 0.02%

Machinery - Construction & Mining

2,952 Wajax Corp 31,348 0.01%

Machinery - Diversified

2,607 Ag Growth International Inc 78,144 0.01%

11,681 ATS Automation Tooling Systems Inc 107,659 0.02%

9,862 Toromont Industries Ltd 342,732 0.06%

Media

2,443 Cogeco Communications Inc 102,927 0.02%

13,582 Corus Entertainment Inc 41,408 0.01%

20,172 Quebecor Inc 371,318 0.07%

Metal Fabricate/Hardware

10,186 Martinrea International Inc 70,851 0.01%

Mining

45,800 Alacer Gold Corp 73,922 0.01%

41,397 Alamos Gold Inc 130,185 0.02%

4,692 Altius Minerals Corp 32,486 0.01%

112,357 B2Gold Corp 287,133 0.05%

30,382 Centerra Gold Inc 114,031 0.02%

56,984 China Gold International Resources Corp Ltd 57,666 0.01%

34,724 Continental Gold Inc 50,041 0.01%

18,255 Detour Gold Corp 134,810 0.02%

13,920 Eldorado Gold Corp 35,662 0.01%

11,093 Endeavour Mining Corp 158,724 0.03%

14,150 Endeavour Silver Corp 26,645 0.00%

19,953 First Majestic Silver Corp 102,493 0.02%

17,189 Fortuna Silver Mines Inc 55,047 0.01%

19,155 Great Basin Gold Ltd – 0.00%

18,407 Guyana Goldfields Inc 18,863 0.00%

35,216 HudBay Minerals Inc 145,708 0.03%

51,374 IAMGOLD Corp 164,851 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

242

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - CAD - 3.62% (2017 - 4.03%) (continued)

Mining. (continued)

60,916 Ivanhoe Mines Ltd 92,468 0.02%

22,661 Kirkland Lake Gold Ltd 516,701 0.09%

29,908 Largo Resources Ltd 54,211 0.01%

43,318 Lucara Diamond Corp 41,062 0.01%

6,950 Lundin Gold Inc 22,212 0.00%

10,505 MAG Silver Corp 67,283 0.01%

11,626 Major Drilling Group International Inc 34,253 0.01%

37,317 Mountain Province Diamonds Inc 46,607 0.01%

39,763 Nemaska Lithium Inc 17,318 0.00%

41,543 Nevsun Resources Ltd 159,380 0.03%

63,241 New Gold Inc 42,530 0.01%

30,974 NexGen Energy Ltd 47,811 0.01%

32,393 Novagold Resources Inc 112,450 0.02%

85,131 OceanaGold Corp 271,536 0.05%

14,256 Osisko Gold Royalties Ltd 109,295 0.02%

16,648 Osisko Mining Inc 32,735 0.01%

19,901 Pan American Silver Corp 254,034 0.04%

6,947 Premier Gold Mines Ltd 7,164 0.00%

19,679 Pretium Resources Inc 145,830 0.03%

16,386 Sandstorm Gold Ltd 66,328 0.01%

7,262 Seabridge Gold Inc 83,815 0.01%

34,004 SEMAFO Inc 64,248 0.01%

18,808 Silvercorp Metals Inc 34,332 0.01%

14,279 SSR Mining Inc 150,901 0.03%

40,684 Tahoe Resources Inc 129,506 0.02%

3,573 TMAC Resources Inc 15,699 0.00%

11,734 Torex Gold Resources Inc 97,626 0.02%

76,460 Trevali Mining Corp 20,323 0.00%

117,531 Yamana Gold Inc 241,639 0.04%

Miscellaneous Manufacturing

7,615 DIRTT Environmental Solutions 29,800 0.01%

Oil & Gas

20,594 Advantage Oil & Gas Ltd 26,117 0.00%

323 Arrow Exploration Corp 82 0.00%

31,017 Athabasca Oil Corp 19,667 0.00%

55,873 Baytex Energy Corp 86,244 0.02%

24,710 Birchcliff Energy Ltd 48,112 0.01%

3,254 Bonterra Energy Corp 13,464 0.00%

25,957 Canacol Energy Ltd 67,165 0.01%

4,800 Cardinal Energy Ltd 6,825 0.00%

62,843 Crescent Point Energy Corp 166,635 0.03%

31,182 Enerplus Corp 212,099 0.04%

21,379 Ensign Energy Services Inc 65,589 0.01%

11,915 Freehold Royalties Ltd 63,112 0.01%

13,308 Kelt Exploration Ltd 39,549 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

243

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - CAD - 3.62% (2017 - 4.03%) (continued)

Oil & Gas (continued)

28,970 MEG Energy Corp 143,058 0.03%

18,753 NuVista Energy Ltd 49,005 0.01%

40,721 Obsidian Energy Ltd 13,301 0.00%

7,783 Paramount Resources Ltd 35,792 0.01%

18,007 Parex Resources Inc 188,568 0.03%

15,218 Parkland Fuel Corp 344,456 0.06%

41,878 Pengrowth Energy Corp 16,093 0.00%

20,435 Peyto Exploration & Development Corp 92,665 0.02%

34,278 Precision Drilling Corp 52,032 0.01%

21,483 Secure Energy Services Inc 96,455 0.02%

18,600 Surge Energy Inc 17,512 0.00%

36,155 Tamarack Valley Energy Ltd 54,650 0.01%

26,100 TORC Oil & Gas Ltd 73,052 0.01%

54,613 Whitecap Resources Inc 152,158 0.03%

Oil & Gas Services

31,498 CES Energy Solutions Corp 63,548 0.01%

8,635 Enerflex Ltd 88,379 0.02%

9,240 Pason Systems Inc 108,242 0.02%

2,600 Poseidon Concepts Corp 1 0.00%

10,465 ShawCor Ltd 111,131 0.02%

3,600 Total Energy Services Inc 22,527 0.00%

42,148 Trican Well Service Ltd 32,124 0.01%

Packaging & Containers

8,817 Intertape Polymer Group Inc 95,550 0.02%

3,718 Winpak Ltd 113,708 0.02%

Pharmaceuticals

23,219 Aphria Inc 116,741 0.02%

6,730 Aurinia Pharmaceuticals Inc 40,001 0.01%

17,613 CannTrust Holdings Inc 74,115 0.01%

19,411 Cronos Group Inc 178,779 0.03%

30,000 HEXO Corp 90,501 0.02%

4,440 Jamieson Wellness Inc 60,657 0.01%

12,906 Knight Therapeutics Inc 63,566 0.01%

52,422 ProMetic Life Sciences Inc 8,562 0.00%

7,139 Theratechnologies Inc 38,043 0.01%

Pipelines

18,698 Gibson Energy Inc 223,708 0.04%

12,759 Kinder Morgan Canada Ltd 130,179 0.02%

Private Equity

4,000 Alaris Royalty Corp 43,527 0.01%

Real Estate

5,387 DREAM Unlimited Corp 23,600 0.00%

3,432 FirstService Corp 205,945 0.04%

REITS

5,828 Allied Properties Real Estate Investment Trust 165,436 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

244

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - CAD - 3.62% (2017 - 4.03%) (continued)

REITS (continued)

6,983 Artis Real Estate Investment Trust 41,326 0.01%

2,453 Boardwalk Real Estate Investment Trust 59,404 0.01%

8,353 Canadian Apartment Properties REIT 237,004 0.04%

18,725 Choice Properties Real Estate Investment Trust 138,161 0.02%

8,438 Cominar Real Estate Investment Trust 60,530 0.01%

5,764 Crombie Real Estate Investment Trust 46,221 0.01%

7,366 CT Real Estate Investment Trust 54,397 0.01%

24,670 Dream Global Real Estate Investment Trust 188,030 0.03%

12,100 Dream Industrial Real Estate Investment Trust 73,779 0.01%

6,338 Dream Office Real Estate Investment Trust 90,484 0.02%

3,725 Granite Real Estate Investment Trust 126,949 0.02%

7,687 InterRent Real Estate Investment Trust 64,251 0.01%

11,242 Killam Apartment Real Estate Investment Trust 114,774 0.02%

1,921 Morguard Real Estate Investment Trust 14,026 0.00%

3,838 Northview Apartment Real Estate Investment Trust 60,176 0.01%

2,797 NorthWest Healthcare Properties Real Estate Investment Trust 16,983 0.00%

Retail

17,787 Hudson's Bay Co 83,050 0.01%

2,705 MTY Food Group Inc 105,060 0.02%

3,281 Recipe Unlimited Corp 54,995 0.01%

4,730 Sleep Country Canada Holdings Inc 60,499 0.01%

22,010 Superior Plus Corp 136,460 0.02%

Software

10,134 Computer Modelling Group Ltd 39,528 0.01%

9,764 Descartes Systems Group Inc/The 225,321 0.04%

1,866 Enghouse Systems Ltd 79,370 0.01%

3,368 Kinaxis Inc 142,157 0.02%

Storage/Warehousing

4,811 Westshore Terminals Investment Corp 63,415 0.01%

Telecommunications

6,198 Maxar Technologies Ltd 64,746 0.01%

3,976 Sierra Wireless Inc 46,679 0.01%

Toys/Games/Hobbies

3,468 Spin Master Corp 85,272 0.01%

Transportation

10,295 Mullen Group Ltd 80,510 0.01%

10,628 TFI International Inc 240,290 0.04%

Equities - CHF - 1.66% (2017 - 1.99%)

Advertising

133 APG SGA SA 38,947 0.01%

Auto Manufacturers

475 Autoneum Holding AG 62,130 0.01%

Auto Parts & Equipment

503 Georg Fischer AG 351,055 0.06%

Banks

442 Banque Cantonale Vaudoise 290,635 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

245

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - CHF - 1.66% (2017 - 1.99%) (continued)

Banks (continued)

1,409 Liechtensteinische Landesbank AG 80,270 0.01%

254 St Galler Kantonalbank AG 101,765 0.02%

2,125 Valiant Holding AG 203,653 0.04%

Biotechnology

506 Bachem Holding AG 51,008 0.01%

1,287 Basilea Pharmaceutica AG 45,636 0.01%

769 Molecular Partners AG 13,006 0.00%

Building Materials

6,698 Arbonia AG 64,191 0.01%

118 Forbo Holding AG 144,605 0.03%

Chemicals

43 Gurit Holding AG 33,082 0.01%

436 Siegfried Holding AG 129,997 0.02%

Computers

18,580 Logitech International SA 509,792 0.09%

Diversified Financial Services

3,145 Cembra Money Bank AG 217,264 0.04%

9,349 EFG International AG 47,703 0.01%

15,780 GAM Holding AG 53,995 0.01%

639 Leonteq AG 23,248 0.00%

1,231 Swissquote Group Holding SA 49,429 0.01%

2,582 Vontobel Holding AG 115,477 0.02%

311 VZ Holding AG 73,133 0.01%

Electric

2,349 BKW AG 143,202 0.03%

Electrical Components & Equipment

714 Burkhalter Holding AG 49,420 0.01%

1,064 Daetwyler Holding AG 117,832 0.02%

2,091 Huber + Suhner AG 121,536 0.02%

Electronics

547 ALSO Holding AG 54,073 0.01%

336 dormakaba Holding AG 176,808 0.03%

57 LEM Holding SA 53,008 0.01%

Energy-Alternate Sources

3,292 Landis+Gyr Group AG 161,107 0.03%

Engineering & Construction

2,515 Flughafen Zurich AG 362,660 0.06%

2,371 Implenia AG 69,599 0.01%

Food

145,376 Aryzta AG 140,420 0.02%

246 Bell Food Group AG 66,580 0.01%

282 Emmi AG 170,539 0.03%

560 Orior AG 39,605 0.01%

Hand/Machine Tools

41,718 Meyer Burger Technology AG 22,212 0.00%

87 Schweiter Technologies AG 67,088 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

246

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - CHF - 1.66% (2017 - 1.99%) (continued)

Healthcare-Products

614 Comet Holding AG 43,452 0.01%

1,241 Tecan Group AG 210,116 0.04%

543 Ypsomed Holding AG 55,894 0.01%

Insurance

799 Helvetia Holding AG 407,329 0.07%

Iron/Steel

58,800 Schmolz + Bickenbach AG 28,176 0.00%

Machinery - Diversified

1,009 Bobst Group SA 61,153 0.01%

730 Bucher Industries AG 171,274 0.03%

293 Burckhardt Compression Holding AG 59,904 0.01%

170 Conzzeta AG 116,007 0.02%

141 Inficon Holding AG 62,260 0.01%

75 Interroll Holding AG 96,635 0.02%

894 Kardex AG 89,962 0.02%

506 Komax Holding AG 103,273 0.02%

25,828 OC Oerlikon Corp AG 253,028 0.04%

601 Rieter Holding AG 68,691 0.01%

282 Zehnder Group AG 8,346 0.00%

Metal Fabricate/Hardware

894 Bossard Holding AG 110,905 0.02%

2,120 SFS Group AG 143,539 0.03%

3,188 VAT Group AG 244,139 0.04%

Miscellaneous Manufacturing

2,013 Sulzer AG 139,420 0.02%

Oil & Gas

2,848 Petroplus Holdings AG – 0.00%

Pharmaceuticals

1,227 COSMO Pharmaceuticals NV 95,707 0.02%

9,907 Idorsia Ltd 142,594 0.03%

Real Estate

1,814 Allreal Holding AG 246,445 0.04%

90 Intershop Holding AG 38,974 0.01%

360 Investis Holding SA 19,742 0.00%

903 Mobimo Holding AG 187,505 0.03%

5,149 PSP Swiss Property AG 442,518 0.08%

Retail

5,887 Galenica AG 226,094 0.04%

3,263 Mobilezone Holding AG 31,677 0.01%

373 Valora Holding AG 71,163 0.01%

578 Zur Rose Group AG 46,007 0.01%

Semiconductors

10,711 ams AG 223,931 0.04%

2,037 Sensirion Holding AG 76,371 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

247

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - CHF - 1.66% (2017 - 1.99%) (continued)

Software

4,328 Kudelski SA 21,661 0.00%

Telecommunications

3,336 Ascom Holding AG 40,201 0.01%

4,081 Sunrise Communications Group AG 313,069 0.05%

803 U-blox Holding AG 56,257 0.01%

Transportation

3,468 Ceva Logistics AG 91,861 0.02%

1,463 Panalpina Welttransport Holding AG 170,068 0.03%

Equities - DKK - 0.68% (2017 - 0.73%)

Agriculture

8,970 Scandinavian Tobacco Group A/S 94,298 0.02%

1,262 Schouw & Co A/S 82,121 0.01%

Banks

8,949 Jyske Bank A/S 282,053 0.05%

10,500 Spar Nord Bank A/S 73,588 0.01%

7,425 Sydbank A/S 154,322 0.03%

Beverages

6,079 Royal Unibrew A/S 365,761 0.06%

Biotechnology

4,300 Bavarian Nordic A/S 73,439 0.01%

Building Materials

1,055 Rockwool International A/S 240,337 0.04%

Computers

3,430 Netcompany Group A/S 101,120 0.02%

2,192 NNIT A/S 53,813 0.01%

Electronics

3,727 NKT A/S 44,425 0.01%

Engineering & Construction

2,006 Per Aarsleff Holding A/S 53,494 0.01%

Healthcare-Products

18,495 Ambu A/S 388,119 0.07%

17,104 GN Store Nord A/S 557,646 0.10%

Home Furnishings

4,707 Bang & Olufsen A/S 56,074 0.01%

3,462 Nilfisk Holding A/S 106,934 0.02%

Insurance

7,360 Alm Brand A/S 49,067 0.01%

4,922 Topdanmark A/S 199,849 0.04%

Machinery - Diversified

5,287 FLSmidth & Co A/S 207,656 0.04%

Pharmaceuticals

894 ALK-Abello A/S 115,008 0.02%

6,015 Zealand Pharma A/S 66,417 0.01%

Retail

2,310 Matas A/S 17,954 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

248

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - DKK - 0.68% (2017 - 0.73%) (continued)

Software

4,615 SimCorp A/S 275,572 0.05%

Transportation

5,789 D/S Norden A/S 71,641 0.01%

3,264 Dfds A/S 114,684 0.02%

Equities - EUR - 8.87% (2017 - 10.12%)

Advertising

4,375 IPSOS 89,863 0.02%

3,898 Stroeer SE & Co KGaA 164,418 0.03%

Aerospace/Defense

1,559 FACC AG 20,641 0.00%

846 Figeac-Aero 9,306 0.00%

2,032 LISI 41,656 0.01%

1,951 Ste Industrielle d'Aviation Latecoere SA 5,424 0.00%

Agriculture

476 BayWa AG 9,806 0.00%

2,261 ForFarmers NV 18,201 0.00%

10,431 Origin Enterprises PLC 59,770 0.01%

Airlines

21,299 Air France-KLM 201,915 0.04%

5,772 Finnair OYJ 40,895 0.01%

Apparel

3,700 Brunello Cucinelli SpA 111,185 0.02%

1,853 Chargeurs SA 31,130 0.01%

1,093 Mariella Burani Fashion Group SpA – 0.00%

996 Tod's SpA 41,115 0.01%

667 Van de Velde NV 17,075 0.00%

Auto Parts & Equipment

2,463 AKWEL 39,654 0.01%

724 Bertrandt AG 49,630 0.01%

17,715 Brembo SpA 157,575 0.03%

7,814 CIE Automotive SA 167,532 0.03%

6,300 CIE Plastic Omnium SA 127,071 0.02%

1,112 EDAG Engineering Group AG 17,636 0.00%

2,805 ElringKlinger AG 19,074 0.00%

21,399 Gestamp Automocion SA 106,353 0.02%

1,685 JOST Werke AG 44,484 0.01%

5,136 Rheinmetall AG 396,294 0.07%

6,953 SAF-Holland SA 77,874 0.01%

Banks

8,919 Aktia Bank OYJ 80,271 0.01%

24,992,107 Banca Carige SpA 37,488 0.01%

6,815 Banca Generali SpA 123,556 0.02%

33,292 Banca Mediolanum SpA 169,456 0.03%

27,477 Banca Monte dei Paschi di Siena SpA 41,092 0.01%

49,480 Banca Popolare di Sondrio SCPA 130,231 0.02%

Page 250: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

249

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 8.87% (2017 - 10.12%) (continued)

Banks (continued)

179,106 Banco BPM SpA 352,481 0.06%

1,117,500 Banco Comercial Portugues SA 256,466 0.05%

4,864 BAWAG Group AG 174,326 0.03%

53,113 BPER Banca 178,672 0.03%

3,000 comdirect bank AG 30,720 0.01%

11,268 Credito Emiliano SpA 56,678 0.01%

645,272 Credito Valtellinese SpA 47,427 0.01%

16,037 Deutsche Pfandbriefbank AG 140,163 0.02%

44,254 FinecoBank Banca Fineco SpA 388,462 0.07%

273,857 Liberbank SA 120,497 0.02%

29,061 Permanent TSB Group Holdings PLC 44,173 0.01%

7,664 SRH NV – 0.00%

99,791 Unicaja Banco SA 114,760 0.02%

122,463 Unione di Banche Italiane SpA 310,199 0.05%

Beverages

36,661 C&C Group PLC 99,901 0.02%

Biotechnology

2,968 Argenx SE 252,874 0.04%

4,295 Biotest AG 100,933 0.02%

2,702 Cellectis SA 40,746 0.01%

2,222 Genfit 38,552 0.01%

5,336 Innate Pharma SA 39,673 0.01%

3,779 MorphoSys AG 336,142 0.06%

51,764 Pharming Group NV 39,211 0.01%

1,412 Vilmorin & Cie SA 79,778 0.01%

Building Materials

16,516 Buzzi Unicem SpA 198,883 0.03%

5,592 Cementir Holding SpA 28,799 0.01%

3,086 Italmobiliare SpA 56,721 0.01%

521 STO SE & Co KGaA 42,722 0.01%

3,750 Tarkett SA 65,700 0.01%

2,163 Vicat SA 89,678 0.02%

14,523 Wienerberger AG 261,414 0.05%

Chemicals

14,054 Ercros SA 43,764 0.01%

1,440 H&R GmbH & Co KGaA 8,770 0.00%

21,875 K+S AG 343,875 0.06%

11,592 Kemira OYJ 114,181 0.02%

314 KWS Saat SE 81,640 0.01%

1,780 Lenzing AG 141,421 0.02%

9,049 OCI NV 161,163 0.03%

4,733 Recticel SA 30,244 0.01%

8,936 SGL Carbon SE 54,465 0.01%

3,440 Tessenderlo Group SA 100,104 0.02%

4,373 Tikkurila OYJ 52,563 0.01%

Page 251: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

250

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 8.87% (2017 - 10.12%) (continued)

Commercial Services

12,521 ALD SA 130,218 0.02%

733 Amadeus Fire AG 59,740 0.01%

15,998 Applus Services SA 155,021 0.03%

1,765 Assystem 47,743 0.01%

6,506 ASTM SpA 113,725 0.02%

2,000 Brunel International NV 21,840 0.00%

6,207 Caverion OYJ 31,594 0.01%

5,533 Cramo OYJ 82,552 0.01%

17,157 CTT-Correios de Portugal SA 50,545 0.01%

554 Devoteam SA 45,705 0.01%

25,965 Elis SA 377,440 0.06%

9,495 Europcar Groupe SA 74,678 0.01%

15,244 Evotec AG 264,712 0.05%

11,815 Global Dominion Access SA 50,805 0.01%

4,994 Gruppo MutuiOnline SpA 79,205 0.01%

3,694 Hamburger Hafen und Logistik AG 64,017 0.01%

9,430 Intertrust NV 138,527 0.02%

30,703 Prosegur Cia de Seguridad SA 135,769 0.02%

14,386 Ramirent OYJ 78,404 0.01%

3,156 Sixt SE 175,020 0.03%

13,062 Societa Iniziative Autostradali e Servizi SpA 157,528 0.03%

1,976 Synergie SA 48,313 0.01%

Computers

730 Aubay 20,550 0.00%

3,606 Bechtle AG 244,667 0.04%

3,500 CANCOM SE 100,310 0.02%

11,708 Econocom Group SA/NV 34,070 0.01%

4,891 F-Secure OYJ 11,323 0.00%

8,986 Gemalto NV 455,231 0.08%

15,286 Indra Sistemas SA 125,880 0.02%

5,443 Jenoptik AG 123,992 0.02%

388 Kapsch TrafficCom AG 12,901 0.00%

6,273 S&T AG 99,176 0.02%

10,044 Solutions 30 SE 89,592 0.02%

1,926 Sopra Steria Group 155,332 0.03%

7,513 Tieto OYJ 177,157 0.03%

4,698 TKH Group NV 191,209 0.03%

Cosmetics/Personal Care

2,912 Interparfums SA 98,280 0.02%

Distribution/Wholesale

2,589 D'ieteren SA/NV 85,230 0.01%

6,420 IMCD NV 359,520 0.06%

3,159 Jacquet Metal Service SA 49,028 0.01%

5,051 MARR SpA 104,051 0.02%

Diversified Financial Services

6,808 Aareal Bank AG 183,748 0.03%

Page 252: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

251

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 8.87% (2017 - 10.12%) (continued)

Diversified Financial Services (continued)

11,952 ABC arbitrage 72,668 0.01%

42,566 Anima Holding SpA 137,488 0.02%

12,185 Azimut Holding SpA 116,172 0.02%

8,433 Banca Farmafactoring SpA 38,286 0.01%

1,951 Banca IFIS SpA 30,123 0.01%

2,385 BinckBank NV 14,525 0.00%

8,425 Bolsas y Mercados Espanoles SHMSF SA 204,896 0.04%

4,958 doBank SpA 45,837 0.01%

4,574 DWS Group GmbH & Co KGaA 106,894 0.02%

6,263 Euronext NV 315,029 0.06%

1,123 FFP 90,065 0.02%

3,310 Flow Traders 92,150 0.02%

2,806 GRENKE AG 208,205 0.04%

344 Hypoport AG 50,981 0.01%

3,513 MLP SE 15,457 0.00%

14,622 Tamburi Investment Partners SpA 83,930 0.01%

2,606 Wuestenrot & Wuerttembergische AG 41,696 0.01%

Electric

195,068 A2A SpA 306,744 0.05%

6,695 ACEA SpA 80,407 0.01%

1,760 Albioma SA 33,264 0.01%

2,687 Elia System Operator SA/NV 156,652 0.03%

8,457 ERG SpA 139,541 0.02%

1,952 EVN AG 24,556 0.00%

104,836 Hera SpA 279,073 0.05%

84,895 Iren SpA 177,940 0.03%

53,208 REN - Redes Energeticas Nacionais SGPS SA 129,508 0.02%

Electrical Components & Equipment

4,902 Bekaert SA 103,236 0.02%

3,068 Leoni AG 92,899 0.02%

2,594 Mersen SA 60,959 0.01%

3,136 Nexans SA 76,299 0.01%

13,051 Signify NV 267,154 0.05%

1,447 SMA Solar Technology AG 24,006 0.00%

2,149 Varta AG 53,467 0.01%

727 Vossloh AG 30,861 0.01%

1,196 Zumtobel Group AG 8,504 0.00%

Electronics

3,909 AT&S Austria Technologie & Systemtechnik AG 60,199 0.01%

1,690 Barco NV 167,141 0.03%

978 El.En. SpA 12,391 0.00%

1,725 Isra Vision AG 41,918 0.01%

Energy-Alternate Sources

1,000 Bio On SpA 56,800 0.01%

10,277 Encavis AG 56,524 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

252

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 8.87% (2017 - 10.12%) (continued)

Energy-Alternate Sources (continued)

20,740 Falck Renewables SpA 48,635 0.01%

7,954 Nordex SE 60,339 0.01%

2,196 Senvion SA 4,831 0.00%

12,342 Solaria Energia y Medio Ambiente SA 48,936 0.01%

2,451 Verbio Vereinigte BioEnergie AG 16,360 0.00%

Engineering & Construction

41,059 Abengoa SA 411 0.00%

2,840 Acciona SA 209,876 0.04%

1,567 Aeroporto Guglielmo Marconi Di Bologna SpA 17,989 0.00%

1,038 Akka Technologies 45,880 0.01%

3,288 Alten SA 239,038 0.04%

30,517 Altran Technologies SA 213,772 0.04%

8,526 Arcadis NV 90,887 0.02%

3,817 Bilfinger SE 97,257 0.02%

10,154 Boskalis Westminster 220,646 0.04%

1,091 Cie d'Entreprises CFE 94,262 0.02%

30,506 Enav SpA 129,406 0.02%

10,050 Fomento de Construcciones y Contratas SA 117,585 0.02%

1,830 Gaztransport Et Technigaz SA 122,885 0.02%

35,436 Koninklijke BAM Groep NV 89,086 0.02%

3,966 Koninklijke Volkerwessels NV 54,850 0.01%

2,296 Lehto Group OYJ 9,758 0.00%

8,674 Mota-Engil SGPS SA 13,965 0.00%

15,762 Obrascon Huarte Lain SA 10,277 0.00%

1,804 Porr Ag 31,462 0.01%

34,369 Sacyr SA 59,940 0.01%

19,281 Salini Impregilo SpA 27,302 0.00%

1,005 SIF Holding NV 11,718 0.00%

14,056 SPIE SA 162,909 0.03%

3,260 Tecnicas Reunidas SA 69,568 0.01%

Entertainment

234 bet-at-home.com AG 10,717 0.00%

7,368 Borussia Dortmund GmbH & Co KGaA 58,686 0.01%

1,565 Cie des Alpes 38,656 0.01%

36,000 Juventus Football Club SpA 38,232 0.01%

1,800 Kinepolis Group NV 87,840 0.02%

13,164 RAI Way SpA 57,066 0.01%

43,688 Technicolor SA 41,678 0.01%

Environmental Control

11,594 Derichebourg SA 46,353 0.01%

4,733 Fluidra SA 46,336 0.01%

Food

2,746 Agrana Beteiligungs AG 44,101 0.01%

1,423 Bonduelle SCA 40,413 0.01%

6,808 Corbion NV 166,524 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

253

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 8.87% (2017 - 10.12%) (continued)

Food (continued)

77,148 Distribuidora Internacional de Alimentacion SA 35,604 0.01%

9,054 Ebro Foods SA 157,902 0.03%

25,999 Glanbia PLC 426,384 0.07%

1,727 Greenyard NV 12,573 0.00%

10,543 HelloFresh SE 64,418 0.01%

7,567 Kesko OYJ 356,406 0.06%

3,500 Rallye SA 31,535 0.01%

79,894 Sonae SGPS SA 64,714 0.01%

11,568 Suedzucker AG 130,661 0.02%

2,905 Takeaway.com NV 170,814 0.03%

4,704 Viscofan SA 226,356 0.04%

6,887 Wessanen 54,993 0.01%

Food Service

14,598 Autogrill SpA 107,441 0.02%

744 DO & CO AG 60,115 0.01%

13,215 Elior Group SA 172,588 0.03%

Forest Products & Paper

10,214 Altri SGPS SA 59,241 0.01%

2,957 Corticeira Amorim SGPS SA 26,613 0.00%

18,623 Ence Energia y Celulosa SA 102,147 0.02%

4,692 Miquel y Costas & Miquel SA 79,670 0.01%

26,474 Navigator Co SA/The 95,306 0.02%

4,067 Papeles y Cartones de Europa SA 68,244 0.01%

2,750 Semapa-Sociedade de Investimento e Gestao 36,025 0.01%

862 Surteco SE 19,223 0.00%

Gas

63,232 Italgas SpA 315,907 0.06%

10,651 Rubis SCA 499,319 0.09%

Hand/Machine Tools

4,282 DMG Mori AG 184,554 0.03%

2,564 IMA Industria Macchine Automatiche SpA 139,482 0.02%

7,115 Konecranes OYJ 187,765 0.03%

Healthcare-Products

1,803 Biocartis NV 17,922 0.00%

4,589 Carl Zeiss Meditec AG 313,429 0.06%

2,402 DiaSorin SpA 169,821 0.03%

895 Draegerwerk AG & Co KGaA 41,689 0.01%

1,186 Guerbet 62,146 0.01%

1,912 Ion Beam Applications 24,550 0.00%

515 STRATEC Biomedical AG 25,905 0.00%

Healthcare-Services

6,105 Korian SA 189,743 0.03%

568 LNA Sante SA 24,736 0.00%

5,539 Orpea 494,190 0.09%

3,609 RHOEN-KLINIKUM AG 79,615 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

254

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 8.87% (2017 - 10.12%) (continued)

Holding Companies - Diversified

3,051 Ackermans & van Haaren NV 402,122 0.07%

14,643 CIR-Compagnie Industriali Riunite SpA 13,603 0.00%

1,904 Sofina SA 315,683 0.06%

Home Builders

141,738 Cairn Homes PLC 152,173 0.02%

66,811 Glenveagh Properties PLC 47,169 0.01%

1,460 Kaufman & Broad SA 48,764 0.01%

19,866 YIT OYJ 101,416 0.02%

Home Furnishings

8,615 De' Longhi SpA 190,392 0.03%

427 Rational AG 211,792 0.04%

Household Products/Wares

8,807 Ontex Group NV 157,645 0.03%

Insurance

16,829 ASR Nederland NV 581,947 0.10%

13,580 Coface SA 107,689 0.02%

5,195 Grupo Catalana Occidente SA 169,357 0.03%

14,300 Societa Cattolica di Assicurazioni SC 101,602 0.02%

40,758 Unipol Gruppo SpA 143,387 0.03%

11,303 UNIQA Insurance Group AG 88,842 0.02%

4,269 Vienna Insurance Group AG Wiener Versicherung Gruppe 86,575 0.02%

Internet

23,310 Cerved Group SpA 166,783 0.03%

15,262 eDreams ODIGEO SA 36,247 0.01%

2,309 FinTech Group AG 39,161 0.01%

7,645 Masmovil Ibercom SA 149,078 0.03%

2,696 Reply SpA 118,840 0.02%

8,523 Rocket Internet SE 171,994 0.03%

12,694 Scout24 AG 509,791 0.09%

58,250 Solocal Group 29,329 0.01%

412 XING SE 97,850 0.02%

821 Zooplus AG 97,617 0.02%

Investment Companies

2,148 Corp Financiera Alba SA 91,290 0.02%

5,017 KBC Ancora 186,833 0.03%

Iron/Steel

22,176 Acerinox SA 192,089 0.03%

7,488 APERAM SA 172,598 0.03%

34,801 Outokumpu OYJ 111,189 0.02%

4,104 Salzgitter AG 104,939 0.02%

Leisure Time

4,500 Accell Group 84,780 0.01%

14,893 Amer Sports OYJ 571,444 0.10%

3,078 Basic-Fit NV 79,874 0.01%

4,142 Beneteau SA 47,550 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

255

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 8.87% (2017 - 10.12%) (continued)

Leisure Time (continued)

6,678 CTS Eventim AG & Co KGaA 217,569 0.04%

7,000 Piaggio & C SpA 12,817 0.00%

11,834 Technogym SpA 110,766 0.02%

1,292 Trigano SA 104,200 0.02%

Lodging

20,606 Dalata Hotel Group PLC 97,569 0.02%

14,999 Melia Hotels International SA 123,142 0.02%

Machinery - Construction & Mining

3,615 Danieli & C Officine Meccaniche SpA 49,473 0.01%

1,949 Manitou BF SA 43,658 0.01%

19,658 Outotec OYJ 60,429 0.01%

3,102 Palfinger AG 68,864 0.01%

1,993 Wacker Neuson SE 32,924 0.01%

Machinery - Diversified

781 Aumann AG 22,922 0.00%

174 Basler AG 21,576 0.00%

1,170 Biesse SpA 20,089 0.00%

16,193 Deutz AG 83,313 0.01%

6,102 Duerr AG 186,294 0.03%

6,306 Gima TT SpA 41,128 0.01%

1,381 Haulotte Group SA 12,194 0.00%

39,405 Heidelberger Druckmaschinen AG 62,693 0.01%

9,570 Interpump Group SpA 248,820 0.04%

5,295 Jungheinrich AG 120,938 0.02%

857 Kendrion NV 17,911 0.00%

1,470 Koenig & Bauer AG 53,655 0.01%

1,756 Krones AG 118,530 0.02%

903 Pfeiffer Vacuum Technology AG 98,156 0.02%

2,629 Stabilus SA 144,201 0.03%

19,097 Talgo SA 102,360 0.02%

16,735 Valmet OYJ 300,393 0.05%

1,386 Washtec AG 83,714 0.01%

20,037 Zardoya Otis SA 124,430 0.02%

Media

16,203 Arnoldo Mondadori Editore SpA 27,707 0.00%

11,130 Atresmedia Corp de Medios de Comunicacion SA 48,549 0.01%

6,350 Cairo Communication SpA 21,749 0.00%

11,990 Lagardere SCA 264,020 0.05%

22,004 Mediaset Espana Comunicacion SA 120,802 0.02%

34,769 Mediaset SpA 95,406 0.02%

4,102 Metropole Television SA 57,592 0.01%

29,642 NOS SGPS SA 156,954 0.03%

27,165 Promotora de Informaciones SA 47,810 0.01%

12,562 Sanoma OYJ 106,589 0.02%

5,464 Television Francaise 1 38,685 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

256

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 8.87% (2017 - 10.12%) (continued)

Metal Fabricate/Hardware

4,119 AMG Advanced Metallurgical Group NV 116,073 0.02%

4,894 Aurubis AG 211,519 0.04%

10,992 Kloeckner & Co SE 66,612 0.01%

4,184 Norma Group SE 180,665 0.03%

4,050 Tubacex SA 10,125 0.00%

33,376 Vallourec SA 54,253 0.01%

Mining

1,097 Eramet 66,204 0.01%

Miscellaneous Manufacturing

11,462 Aalberts Industries NV 332,971 0.06%

21,960 AGFA-Gevaert NV 73,127 0.01%

2,153 Indus Holding AG 83,967 0.01%

672 Semperit AG Holding 6,693 0.00%

5,873 Uponor OYJ 50,625 0.01%

Office/Business Equipment

3,133 Datalogic SpA 63,913 0.01%

3,412 Neopost SA 81,274 0.01%

1,839 SLM Solutions Group AG 16,551 0.00%

Oil & Gas

14,467 Etablissements Maurel et Prom 46,728 0.01%

55,242 Saras SpA 93,414 0.02%

Oil & Gas Services

3,089 Bourbon Corp 10,595 0.00%

68,501 CGG SA 79,187 0.01%

8,265 Fugro NV 62,368 0.01%

22,254 Maire Tecnimont SpA 71,435 0.01%

71,958 Saipem SpA 234,943 0.04%

21,548 SBM Offshore NV 278,508 0.05%

1,634 Schoeller-Bleckmann Oilfield Equipment AG 93,710 0.02%

Packaging & Containers

3,957 Gerresheimer AG 226,538 0.04%

919 Groupe Guillin 17,810 0.00%

12,721 Huhtamaki OYJ 344,357 0.06%

22,608 Metsa Board OYJ 115,753 0.02%

6,022 Zignago Vetro SpA 51,187 0.01%

Pharmaceuticals

6,576 Almirall SA 87,921 0.02%

9,096 Amplifon SpA 127,799 0.02%

961 Boiron SA 47,041 0.01%

1,874 DBV Technologies SA 19,883 0.00%

22,849 Faes Farma SA 67,862 0.01%

3,879 Fagron 55,392 0.01%

4,780 Galapagos NV 385,077 0.06%

2,461 Mithra Pharmaceuticals SA 49,220 0.01%

10,552 Oriola OYJ 20,893 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

257

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 8.87% (2017 - 10.12%) (continued)

Pharmaceuticals (continued)

994 Stallergenes Greer PLC 28,130 0.00%

560 Virbac SA 63,728 0.01%

Private Equity

3,166 AURELIUS Equity Opportunities SE & Co KGaA 100,426 0.02%

1,310 Corestate Capital Holding SA 39,693 0.01%

1,957 Deutsche Beteiligungs AG 65,657 0.01%

1,899 Gimv NV 89,063 0.02%

Real Estate

2,693 ADLER Real Estate AG 35,063 0.01%

3,305 ADO Properties SA 150,444 0.03%

1,930 Aedas Homes SAU 42,769 0.01%

8,371 CA Immobilien Anlagen AG 231,207 0.04%

51,131 Citycon OYJ 82,577 0.01%

6,458 Consus Real Estate AG 49,081 0.01%

6,224 Deutsche EuroShop AG 157,716 0.03%

5,845 DIC Asset AG 53,014 0.01%

13,445 Grand City Properties SA 254,783 0.04%

10,794 Immofinanz AG 225,595 0.04%

7,523 LEG Immobilien AG 685,496 0.12%

3,835 Metrovacesa SA 42,530 0.01%

1,026 Montea C.V.A 61,355 0.01%

8,813 Neinor Homes SA 114,569 0.02%

5,757 Nexity SA 226,826 0.04%

7,089 PATRIZIA Immobilien AG 118,032 0.02%

6,413 S IMMO AG 93,245 0.02%

15,114 TAG Immobilien AG 300,920 0.05%

10,748 TLG Immobilien AG 260,317 0.05%

REITS

2,375 Aedifica SA 186,913 0.03%

18,614 alstria office REIT-AG 227,091 0.04%

2,038 Befimmo SA 98,945 0.02%

2,830 Cofinimmo SA 307,055 0.05%

6,096 Eurocommercial Properties NV 164,470 0.03%

69,627 Green REIT PLC 93,996 0.02%

5,377 Hamborner REIT AG 45,221 0.01%

99,750 Hibernia REIT PLC 124,887 0.02%

12,673 Immobiliare Grande Distribuzione SIIQ SpA 68,206 0.01%

34,727 Inmobiliaria Colonial Socimi SA 282,504 0.05%

4,038 Intervest Offices & Warehouses NV 83,183 0.01%

41,725 Irish Residential Properties REIT PLC 56,329 0.01%

9,848 Lar Espana Real Estate Socimi SA 73,368 0.01%

5,981 Mercialys SA 71,593 0.01%

42,135 Merlin Properties Socimi SA 454,426 0.08%

1,516 NSI NV 51,696 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

258

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 8.87% (2017 - 10.12%) (continued)

REITS (continued)

868 Retail Estates NV 66,836 0.01%

1,722 Vastned Retail NV 53,899 0.01%

1,929 Warehouses De Pauw CVA 222,221 0.04%

4,455 Wereldhave NV 121,131 0.02%

Retail

20,000 Ceconomy AG 62,920 0.01%

1,115 Cewe Stiftung & Co KGaA 69,242 0.01%

2,162 Fila SpA 29,187 0.01%

1,783 Fnac Darty SA 101,809 0.02%

1,029 Hornbach Holding AG & Co KGaA 42,395 0.01%

4,870 Maisons du Monde SA 81,378 0.01%

15,512 OVS SpA 16,970 0.00%

5,608 Salvatore Ferragamo SpA 99,009 0.02%

1,371 Shop Apotheke Europe NV 51,550 0.01%

4,950 Takkt AG 67,518 0.01%

9,642 Telepizza Group SA 56,791 0.01%

2,983 Tokmanni Group Corp 21,418 0.00%

Semiconductors

15,738 AIXTRON SE 132,325 0.02%

5,930 ASM International NV 214,666 0.04%

10,362 BE Semiconductor Industries NV 191,469 0.03%

9,440 Dialog Semiconductor PLC 212,778 0.04%

1,068 Elmos Semiconductor AG 20,676 0.00%

1,939 Melexis NV 98,695 0.02%

2,574 Siltronic AG 185,843 0.03%

1,877 Soitec 94,976 0.02%

7,294 X-Fab Silicon Foundries SE 31,072 0.01%

Shipbuilding

52,077 Fincantieri SpA 48,015 0.01%

Software

3,300 CompuGroup Medical SE 133,452 0.02%

3,803 GFT Technologies SE 25,461 0.00%

2,360 Nemetschek SE 225,970 0.04%

2,985 RIB Software SE 35,313 0.01%

5,941 Software AG 187,676 0.03%

19,338 TomTom NV 152,770 0.03%

4,406 Worldline SA 185,933 0.03%

Storage/Warehousing

585 ID Logistics Group 67,275 0.01%

Telecommunications

3,038 ADVA Optical Networking SE 19,003 0.00%

17,954 Cellnex Telecom SA 401,990 0.07%

7,074 DNA OYJ 120,824 0.02%

9,218 Euskaltel SA 64,434 0.01%

15,047 Freenet AG 254,971 0.04%

25,217 Infrastrutture Wireless Italiane SpA 150,419 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

259

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 8.87% (2017 - 10.12%) (continued)

Telecommunications (continued)3,600 Let's GOWEX SA – 0.00%

2,941 Orange Belgium SA 50,703 0.01%

17,678 Telekom Austria AG 117,382 0.02%

Textiles5,239 Aquafil SpA 47,046 0.01%

771 Sioen Industries NV 17,463 0.00%

Transportation11,348 bpost SA 90,841 0.02%5,102 Cargotec OYJ 136,325 0.02%

4,623 Cia de Distribucion Integral Logista Holdings SA 101,059 0.02%

3,050 Construcciones y Auxiliar de Ferrocarriles SA 110,410 0.02%

21,210 Euronav NV 131,926 0.02%4,495 Exmar NV 26,880 0.00%

4,884 Hapag-Lloyd AG 109,402 0.02%

5,217 Oesterreichische Post AG 156,614 0.03%

46,177 PostNL NV 92,215 0.02%

Equities - GBP - 7.04% (2017 - 7.59%)

Aerospace/Defense39,909 Chemring Group PLC 71,675 0.01%

267,934 Cobham PLC 291,703 0.05%7,125 Ultra Electronics Holdings PLC 103,195 0.02%

Agriculture8,334 Genus PLC 199,257 0.03%

Airlines11,961 Dart Group PLC 102,876 0.02%

Apparel93,531 boohoo.com PLC 168,290 0.03%

2,605 Ted Baker PLC 44,985 0.01%

Banks5,034 Bank of Georgia Group PLC 77,228 0.01%

163,503 CYBG PLC 330,076 0.06%

10,653 Metro Bank PLC 200,937 0.04%23,332 OneSavings Bank PLC 90,981 0.02%

32,677 Paragon Banking Group PLC 140,527 0.02%

Beverages31,631 Britvic PLC 281,748 0.05%11,132 Fevertree Drinks PLC 272,727 0.05%

86,940 Marston's PLC 91,098 0.02%

19,400 Stock Spirits Group PLC 44,957 0.01%

Biotechnology20,312 Abcam PLC 246,666 0.04%

7,509 Oxford Biomedica PLC 59,164 0.01%

Building Materials35,468 Forterra PLC 88,515 0.02%52,533 Ibstock PLC 116,295 0.02%

22,455 Marshalls PLC 116,281 0.02%

21,045 Polypipe Group PLC 76,764 0.01%

3,085 Rhi Magnesita NV 136,107 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

260

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 7.04% (2017 - 7.59%) (continued)

Chemicals80,503 Elementis PLC 163,325 0.03%

30,364 Essentra PLC 115,830 0.02%

38,764 Synthomer PLC 154,352 0.03%

11,033 Victrex PLC 281,242 0.05%

Commercial Services78,090 AA PLC 65,251 0.01%

28,475 Aggreko PLC 232,413 0.04%

48,422 Ascential PLC 203,383 0.04%86,629 BCA Marketplace PLC 212,332 0.04%

186,064 Capita PLC 232,691 0.04%

8,165 De La Rue PLC 38,479 0.01%

4,505 Dignity PLC 34,958 0.01%51,020 Equiniti Group PLC 123,063 0.02%

176,279 Hays PLC 274,953 0.05%

94,107 ITE Group PLC 66,577 0.01%

92,768 IWG PLC 216,010 0.04%6,773 Keywords Studios PLC 80,741 0.01%

32,932 Mitie Group PLC 40,579 0.01%

16,932 Northgate PLC 71,646 0.01%

42,859 Pagegroup PLC 215,256 0.04%59,518 QinetiQ Group PLC 189,912 0.03%

48,919 Redde PLC 92,652 0.02%

220,481 Rentokil Initial PLC 828,302 0.15%

9,601 Restore PLC 34,550 0.01%35,867 RPS Group PLC 54,346 0.01%

20,330 RWS Holdings PLC 108,493 0.02%

20,714 Savills PLC 163,160 0.03%

2,074 Staffline Group PLC 28,652 0.01%

Computers32,702 Avast PLC 103,472 0.02%

8,500 Computacenter PLC 95,268 0.02%

12,900 GB Group PLC 60,722 0.01%5,956 Kainos Group PLC 26,543 0.00%

20,961 NCC Group PLC 40,938 0.01%

119,413 Serco Group PLC 127,186 0.02%

9,876 Softcat PLC 64,698 0.01%35,718 Sophos Group PLC 150,660 0.03%

Cosmetics/Personal Care51,135 PZ Cussons PLC 121,233 0.02%

Distribution/Wholesale14,060 Diploma PLC 189,540 0.03%

46,241 Entertainment One Ltd 183,712 0.03%

48,729 Inchcape PLC 299,408 0.05%

64,811 SIG PLC 79,283 0.01%28,817 Travis Perkins PLC 343,528 0.06%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

261

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 7.04% (2017 - 7.59%) (continued)

Diversified Financial Services

27,081 Amigo Holdings PLC 84,797 0.01%

24,100 Arrow Global Group PLC 47,525 0.01%

46,239 Ashmore Group PLC 188,341 0.03%

32,562 Brewin Dolphin Holdings PLC 116,960 0.02%

25,082 Burford Capital Ltd 462,756 0.08%

17,668 Charter Court Financial Services Group PLC 49,210 0.01%

18,654 Close Brothers Group PLC 299,271 0.05%

12,804 CMC Markets PLC 15,007 0.00%

46,197 IG Group Holdings PLC 293,372 0.05%

19,983 IntegraFin Holdings PLC 68,349 0.01%

20,235 International Personal Finance PLC 46,351 0.01%

59,424 Jupiter Fund Management PLC 195,438 0.03%

203,887 Man Group PLC 302,114 0.05%

8,495 P2P Global Investments PLC 75,905 0.01%

8,741 Plus500 Ltd 133,417 0.02%

31,385 Provident Financial PLC 201,057 0.04%

230,206 Quilter PLC 303,462 0.05%

5,392 Rathbone Brothers PLC 140,691 0.02%

17,603 Sanne Group PLC 113,944 0.02%

67,410 TP ICAP PLC 226,059 0.04%

Electric

45,921 Drax Group PLC 183,567 0.03%

Electronics

49,452 Electrocomponents PLC 279,112 0.05%

45,454 Halma PLC 690,743 0.12%

4,918 Renishaw PLC 232,319 0.04%

97,278 Rotork PLC 268,346 0.05%

15,263 Smart Metering Systems PLC 89,275 0.02%

13,675 Spectris PLC 347,218 0.06%

Engineering & Construction

75,277 Balfour Beatty PLC 209,081 0.04%

129,326 BBA Aviation PLC 314,391 0.06%

14,915 Costain Group PLC 52,427 0.01%

33,060 HomeServe PLC 318,787 0.06%

10,097 Keller Group PLC 55,515 0.01%

14,883 Kier Group PLC 67,652 0.01%

4,314 Morgan Sindall Group PLC 50,658 0.01%

Entertainment

53,633 888 Holdings PLC 104,568 0.02%

116,940 Cineworld Group PLC 342,909 0.06%

168,368 GVC Holdings PLC – 0.00%

6,663 JPJ Group PLC 47,361 0.01%

96,415 William Hill PLC 166,497 0.03%

Environmental Control

26,603 Biffa PLC 58,033 0.01%

96,232 Renewi PLC 35,327 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

262

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 7.04% (2017 - 7.59%) (continued)

Food

30,846 Bakkavor Group PLC 48,456 0.01%

5,896 Cranswick PLC 172,891 0.03%

14,419 Dairy Crest Group PLC 67,824 0.01%

84,522 Greencore Group PLC 167,806 0.03%

14,092 Greggs PLC 198,763 0.03%

4,203 Hotel Chocolat Group Ltd 12,409 0.00%

65,106 Ocado Group PLC 573,031 0.10%

20,194 Premier Foods PLC 7,424 0.00%

56,305 SSP Group Plc 406,116 0.07%

57,718 Tate & Lyle PLC 424,410 0.07%

Healthcare-Products

21,766 Advanced Medical Solutions Group PLC 66,687 0.01%

Healthcare-Services

46,343 Mediclinic International PLC 166,511 0.03%

28,483 Spire Healthcare Group PLC 34,558 0.01%

33,318 UDG Healthcare PLC 221,607 0.04%

Home Builders

15,089 Bellway PLC 422,794 0.07%

14,840 Bovis Homes Group PLC 142,485 0.03%

53,104 Countryside Properties PLC 180,095 0.03%

28,484 Crest Nicholson Holdings PLC 104,152 0.02%

11,549 Galliford Try PLC 80,161 0.01%

30,536 Redrow PLC 167,177 0.03%

Home Furnishings

68,204 Howden Joinery Group PLC 331,000 0.06%

Housewares

12,444 IG Design Group Plc 79,718 0.01%

Insurance

66,370 Beazley PLC 372,307 0.07%

37,060 Hastings Group Holdings PLC 77,169 0.01%

34,785 Hiscox Ltd 628,210 0.11%

128,215 Just Group PLC 131,061 0.02%

19,583 Lancashire Holdings Ltd 131,997 0.02%

70,408 Phoenix Group Holdings PLC 441,946 0.08%

22,356 Sabre Insurance Group PLC 67,997 0.01%

134,664 Saga PLC 155,432 0.03%

Internet

6,925 ASOS PLC 175,676 0.03%

29,212 Gocompare.Com Group PLC 22,261 0.00%

12,673 iomart Group PLC 46,593 0.01%

63,662 Just Eat PLC 416,198 0.07%

57,202 Moneysupermarket.com Group PLC 175,575 0.03%

23,027 Purplebricks Group PLC 38,020 0.01%

106,236 Rightmove PLC 511,607 0.09%

7,557 SafeCharge International Group Ltd 19,786 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

263

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 7.04% (2017 - 7.59%) (continued)

Investment Companies

5,034 Georgia Capital PLC 57,262 0.01%

55,890 John Laing Group PLC 206,729 0.04%

Iron/Steel

42,921 Ferrexpo PLC 93,080 0.02%

Leisure Time

17,138 On the Beach Group PLC 64,155 0.01%

161,232 Thomas Cook Group PLC 55,254 0.01%

Machinery - Diversified

8,868 Spirax-Sarco Engineering PLC 616,510 0.11%

Media

38,502 Daily Mail & General Trust PLC 246,650 0.04%

15,241 Future PLC 81,165 0.01%

Metal Fabricate/Hardware

22,578 Bodycote PLC 182,747 0.03%

Mining

17,865 Acacia Mining PLC 36,483 0.01%

150,790 Centamin PLC 182,781 0.03%

16,931 Central Asia Metals PLC 41,027 0.01%

31,252 Hochschild Mining PLC 54,334 0.01%

31,969 KAZ Minerals PLC 189,483 0.03%

65,276 Petra Diamonds Ltd 27,403 0.00%

563,404 Sirius Minerals PLC 130,561 0.02%

149,778 SolGold PLC 61,325 0.01%

Miscellaneous Manufacturing

8,359 Hill & Smith Holdings PLC 111,755 0.02%

32,776 IMI PLC 344,713 0.06%

30,457 Morgan Advanced Materials PLC 89,311 0.02%

56,408 Photo-Me International PLC 56,121 0.01%

21,458 Scapa Group PLC 73,394 0.01%

48,292 Senior PLC 101,903 0.02%

28,178 Vesuvius PLC 159,008 0.03%

Oil & Gas

62,355 Cairn Energy PLC 104,206 0.02%

256,123 EnQuest PLC 62,634 0.01%

36,224 Faroe Petroleum PLC 59,326 0.01%

29,595 Gulf Keystone Petroleum Ltd 59,680 0.01%

212,106 Hurricane Energy PLC 104,355 0.02%

9,415 Nostrum Oil & Gas PLC 10,804 0.00%

60,966 Ophir Energy PLC 24,249 0.00%

87,510 Premier Oil PLC 64,884 0.01%

21,505 Soco International PLC 16,292 0.00%

54,881 Sound Energy PLC 13,757 0.00%

161,479 Tullow Oil PLC 322,212 0.06%

Oil & Gas Services

12,973 Hunting PLC 69,376 0.01%

28,768 Petrofac Ltd 152,883 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

264

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 7.04% (2017 - 7.59%) (continued)

Packaging & Containers (continued)

169,594 DS Smith PLC 565,519 0.10%

49,729 RPC Group PLC 361,233 0.06%

Pharmaceuticals

63,548 Alliance Pharma PLC 47,436 0.01%

40,081 BTG PLC 370,635 0.07%

15,353 Clinigen Group PLC 128,972 0.02%

7,683 CVS Group PLC 56,623 0.01%

12,626 Dechra Pharmaceuticals PLC 291,183 0.05%

17,896 Hikma Pharmaceuticals PLC 342,140 0.06%

73,591 Indivior PLC 92,114 0.02%

64,694 Vectura Group PLC 50,454 0.01%

Private Equity

35,907 Intermediate Capital Group PLC 374,042 0.07%

Real Estate

84,170 Capital & Counties Properties PLC 216,714 0.04%

95,381 Grainger PLC 222,945 0.04%

14,700 Helical PLC 52,244 0.01%

51,459 McCarthy & Stone PLC 79,518 0.01%

89,359 Sirius Real Estate Ltd 59,734 0.01%

25,347 St Modwen Properties PLC 111,828 0.02%

21,035 Telford Homes PLC 66,791 0.01%

19,014 Watkin Jones PLC 43,533 0.01%

REITS

306,757 Assura PLC 180,451 0.03%

15,747 Big Yellow Group PLC 153,247 0.03%

35,382 Civitas Social Housing PLC 41,982 0.01%

12,206 Derwent London PLC 387,976 0.07%

55,906 Empiric Student Property PLC 57,552 0.01%

42,643 GCP Student Living PLC 70,504 0.01%

29,799 Great Portland Estates PLC 218,818 0.04%

72,604 Hansteen Holdings PLC 74,944 0.01%

106,106 Intu Properties PLC 134,055 0.02%

106,972 LondonMetric Property PLC 207,372 0.04%

37,370 NewRiver REIT PLC 88,057 0.02%

108,030 Primary Health Properties PLC 133,597 0.02%

114,612 RDI REIT PLC 36,583 0.01%

44,850 Regional REIT Ltd 46,220 0.01%

73,979 Schroder Real Estate Investment Trust Ltd 47,145 0.01%

19,118 Shaftesbury PLC 176,894 0.03%

42,324 Standard Life Investment Property Income Trust Ltd 38,336 0.01%

180,099 Tritax Big Box REIT PLC 263,455 0.05%

30,302 UNITE Group PLC/The 272,105 0.05%

16,841 Workspace Group PLC 148,883 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

265

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 7.04% (2017 - 7.59%) (continued)

Retail

21,400 AO World PLC 30,613 0.01%

110,435 B&M European Value Retail SA 346,350 0.06%

32,996 Card Factory PLC 63,744 0.01%

18,409 Conviviality PLC 20,756 0.00%

22,509 DFS Furniture PLC 45,591 0.01%

121,999 Dixons Carphone PLC 163,241 0.03%

62,560 Domino's Pizza Group PLC 162,468 0.03%

10,687 Dunelm Group PLC 64,414 0.01%

58,035 EI Group PLC 117,418 0.02%

28,511 Grafton Group PLC 204,246 0.04%

40,084 Greene King PLC 235,795 0.04%

24,934 Halfords Group PLC 70,837 0.01%

7,838 J D Wetherspoon PLC 97,192 0.02%

46,814 JD Sports Fashion PLC 181,921 0.03%

50,000 Lookers PLC 51,472 0.01%

4,370 Majestic Wine PLC 12,026 0.00%

30,016 Mitchells & Butlers PLC 86,078 0.02%

25,697 N Brown Group PLC 26,983 0.00%

257,056 Pendragon PLC 64,438 0.01%

49,756 Pets at Home Group PLC 64,192 0.01%

51,577 Restaurant Group PLC/The 81,942 0.01%

29,445 Sports Direct International PLC 78,011 0.01%

4,700 Superdry PLC 24,496 0.00%

12,440 WH Smith PLC 238,385 0.04%

Semiconductors

64,787 IQE PLC 46,917 0.01%

Software

11,155 Alfa Financial Software Holdings PLC 14,367 0.00%

6,820 AVEVA Group PLC 183,878 0.03%

5,056 Blue Prism Group PLC 62,301 0.01%

6,335 EMIS Group PLC 64,439 0.01%

3,145 First Derivatives PLC 74,283 0.01%

3,619 Frontier Developments PLC 32,256 0.01%

51,110 Learning Technologies Group PLC 39,518 0.01%

33,278 Playtech PLC 142,741 0.03%

Storage/Warehousing

25,300 Safestore Holdings PLC 142,768 0.03%

Telecommunications

2,334 accesso Technology Group PLC 37,705 0.01%

56,522 Inmarsat PLC 238,853 0.04%

33,493 KCOM Group PLC 27,240 0.00%

68,443 TalkTalk Telecom Group PLC 86,853 0.02%

6,975 Telecom Plus PLC 111,280 0.02%

Textiles

155,736 Coats Group PLC 141,409 0.02%

8,522 Victoria PLC 44,624 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

266

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 7.04% (2017 - 7.59%) (continued)

Toys/Games/Hobbies

3,809 Games Workshop Group PLC 129,007 0.02%

Transportation

121,848 Firstgroup PLC 113,218 0.02%

4,349 Go-Ahead Group PLC/The 74,036 0.01%

10,450 John Menzies PLC 59,610 0.01%

56,819 National Express Group PLC 236,753 0.04%

38,222 Stagecoach Group PLC 56,423 0.01%

31,709 Stobart Group Ltd 51,013 0.01%

Water

50,747 Pennon Group PLC 391,695 0.07%

Equities - HKD - 0.82% (2017 - 0.78%)

Apparel

642,000 Global Brands Group Holding Ltd 25,465 0.00%

41,000 Regina Miracle International Holdings Ltd 27,806 0.00%

Auto Manufacturers

216,000 We Solutions Ltd 12,067 0.00%

Banks

73,823 Dah Sing Banking Group Ltd 113,991 0.02%

21,736 Dah Sing Financial Holdings Ltd 93,986 0.02%

Building Materials

198,000 Xinyi Glass Holdings Ltd 191,582 0.03%

Coal

355,000 Agritrade Resources Ltd 53,547 0.01%

Distribution/Wholesale

95,500 Crystal International Group Ltd 42,361 0.01%

680,000 Li & Fung Ltd 93,452 0.02%

120,000 VSTECS Holdings Ltd 50,815 0.01%

Diversified Financial Services

68,000 BOCOM International Holdings Co Ltd 11,321 0.00%

102,000 Bright Smart Securities & Commodities Group Ltd 17,323 0.00%

190,000 China Tonghai International Financial Ltd 14,011 0.00%

1,080,000 CMBC Capital Holdings Ltd 39,217 0.01%

498,000 Convoy Global Holdings Ltd 9,292 0.00%

168,000 Emperor Capital Group Ltd 6,664 0.00%

156,000 Freeman FinTech Corp Ltd 6,449 0.00%

536,200 Guotai Junan International Holdings Ltd 75,487 0.01%

247,480 Haitong International Securities Group Ltd 68,022 0.01%

45,000 Sun Hung Kai & Co Ltd 18,603 0.00%

159,000 Value Partners Group Ltd 96,465 0.02%

Electrical Components & Equipment

41,625 Johnson Electric Holdings Ltd 74,227 0.01%

Engineering & Construction

180,000Hong Kong International Construction InvestmentManagement Group Co Ltd 48,469 0.01%

1,754,000 Hsin Chong Group Holdings Ltd 68,592 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

267

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - HKD - 0.82% (2017 - 0.78%) (continued)

Food

53,000 Ausnutria Dairy Corp Ltd 52,111 0.01%

228,000 First Pacific Co Ltd 76,933 0.01%

23,500 Health and Happiness H&H International Holdings Ltd 117,368 0.02%

Healthcare-Products

76,000 C-Mer Eye Care Holdings Ltd 42,712 0.01%

40,000 Microport Scientific Corp 34,413 0.01%

Healthcare-Services

282,000 Town Health International Medical Group Ltd 21,741 0.00%

Holding Companies - Diversified

1,090,000 Digital Domain Holdings Ltd 12,544 0.00%

154,000 Emperor International Holdings Ltd 31,832 0.01%

85,000 Melco International Development Ltd 151,574 0.03%

Internet

89,000 SUNeVision Holdings Ltd 46,140 0.01%

Investment Companies

500 China LNG Group Ltd 66 0.00%

82,000Langham Hospitality Investments and Langham HospitalityInvestments Ltd 26,570 0.00%

116,000 OP Financial Ltd 37,975 0.01%

Leisure Time

390,000 Suncity Group Holdings Ltd 53,597 0.01%

Lodging

111,763 Far East Consortium International Ltd/HK 42,207 0.01%

65,000 Hongkong & Shanghai Hotels Ltd/The 80,614 0.01%

75,000 Macau Legend Development Ltd 11,397 0.00%

34,000 Regal Hotels International Holdings Ltd 19,906 0.00%

Media

33,800 Television Broadcasts Ltd 55,968 0.01%

Miscellaneous Manufacturing

180,000 Singamas Container Holdings Ltd 21,117 0.00%

Oil & Gas

347,000 Brightoil Petroleum Holdings Ltd 58,156 0.01%

Pharmaceuticals

134,000 United Laboratories International Holdings Ltd/The 62,283 0.01%

Real Estate

120,000 Asiasec Properties Ltd 45,988 0.01%

49,500 Chinese Estates Holdings Ltd 47,011 0.01%

70,000 Hopewell Holdings Ltd 269,048 0.05%

150,000 K Wah International Holdings Ltd 62,346 0.01%

30,234 Lai Sun Development Co Ltd 43,104 0.01%

171,000 Landing International Development Ltd 47,001 0.01%

251,750 Shun Tak Holdings Ltd 69,195 0.01%

REITS

323,000 Champion REIT 193,437 0.03%

127,000 Prosperity REIT 42,569 0.01%

100,000 Sunlight Real Estate Investment Trust 56,089 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

268

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - HKD - 0.82% (2017 - 0.78%) (continued)

Retail

40,000 Cafe de Coral Holdings Ltd 84,826 0.01%

24,000 Chow Sang Sang Holdings International Ltd 31,159 0.01%

201,400 Esprit Holdings Ltd 35,104 0.01%

7,500 Fairwood Holdings Ltd 21,997 0.00%

94,000 Giordano International Ltd 38,860 0.01%

108,000 IT Ltd 49,595 0.01%

51,000 Lifestyle International Holdings Ltd 67,581 0.01%

44,000 Luk Fook Holdings International Ltd 109,876 0.02%

142,400 Man Wah Holdings Ltd 50,118 0.01%

126,000 NewOcean Energy Holdings Ltd 36,040 0.01%

89,307 Sa Sa International Holdings Ltd 29,536 0.01%

Software

145,000 Leyou Technologies Holdings Ltd 35,318 0.01%

Telecommunications

115,000 CITIC Telecom International Holdings Ltd 35,335 0.01%

396,000 FIH Mobile Ltd 36,281 0.01%

82,500 HKBN Ltd 109,507 0.02%

90,000 Hutchison Telecommunications Hong Kong Holdings Ltd 29,363 0.01%

64,280 SmarTone Telecommunications Holdings Ltd 62,340 0.01%

16,200 VTech Holdings Ltd 117,290 0.02%

Textiles

90,000 Pacific Textiles Holdings Ltd 69,988 0.01%

120,000 Texwinca Holdings Ltd 34,324 0.01%

Transportation

85,500 Kerry Logistics Network Ltd 111,006 0.02%

460,000 Pacific Basin Shipping Ltd 76,580 0.01%

198,000 SITC International Holdings Co Ltd 163,265 0.03%

Equities - ILS - 0.53% (2017 - 0.46%)

Banks

7,102 First International Bank Of Israel Ltd 130,679 0.02%

138,776 Israel Discount Bank Ltd 375,556 0.07%

Commercial Services

1,530 IDI Insurance Co Ltd 68,626 0.01%

Computers

5,113 Matrix IT Ltd 49,518 0.01%

Electronics

2,062 Ituran Location and Control Ltd 57,829 0.01%

Engineering & Construction

62 Electra Ltd/Israel 13,019 0.00%

20,250 Shapir Engineering and Industry Ltd 54,516 0.01%

24,948 Shikun & Binui Ltd 37,034 0.01%

Food

16,368 Shufersal Ltd 94,070 0.02%

6,343 Strauss Group Ltd 125,994 0.02%

Home Builders

156 Bayside Land Corp 58,103 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

269

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - ILS - 0.53% (2017 - 0.46%) (continued)

Insurance

4,842 Clal Insurance Enterprises Holdings Ltd 59,714 0.01%

15,643 Harel Insurance Investments & Financial Services Ltd 90,049 0.02%

4,776 Menora Mivtachim Holdings Ltd 44,443 0.01%

60,456 Migdal Insurance & Financial Holding Ltd 45,077 0.01%

11,583 Phoenix Holdings Ltd/The 51,547 0.01%

Oil & Gas

562 Delek Group Ltd 70,519 0.01%

466 Israel Corp Ltd/The 108,273 0.02%

1,800 Jerusalem Oil Exploration 88,827 0.02%

4,430 Naphtha Israel Petroleum Corp Ltd 24,682 0.00%

224,838 Oil Refineries Ltd 93,848 0.02%

966 Paz Oil Co Ltd 127,566 0.02%

Real Estate

579 Africa Israel Properties Ltd 11,334 0.00%

7,035 Airport City Ltd 75,645 0.01%

15,395 Alony Hetz Properties & Investments Ltd 125,743 0.02%

18,328 Amot Investments Ltd 77,831 0.01%

527 Big Shopping Centers Ltd 25,859 0.00%

643 Blue Square Real Estate Ltd 17,943 0.00%

279 Brack Capital Properties NV 23,228 0.00%

13,384 Gazit-Globe Ltd 81,463 0.01%

17,051 Jerusalem Economy Ltd 38,388 0.01%

2,620 Melisron Ltd 95,559 0.02%

REITS

32,574 Reit 1 Ltd 105,309 0.02%

Retail

3,165 Delek Automotive Systems Ltd 10,899 0.00%

Semiconductors

3,093 Nova Measuring Instruments Ltd 61,184 0.01%

10,881 Tower Semiconductor Ltd 142,646 0.03%

Software

901 Formula Systems 1985 Ltd 29,234 0.01%

3,938 Hilan Ltd 81,006 0.01%

7,284 Sapiens International Corp NV 70,237 0.01%

Telecommunications

8,300 Cellcom Israel Ltd 42,941 0.01%

12,200 Partner Communications Co Ltd 52,408 0.01%

Equities - JPY - 12.24% (2017 - 12.60%)

Advertising

2,900 Macromill Inc 33,065 0.01%

2,000 Relia Inc 14,431 0.00%

2,800 Vector Inc 32,014 0.01%

Agriculture

2,600 Chubu Shiryo Co Ltd 25,477 0.00%

14,700 Feed One Co Ltd 20,863 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

270

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Agriculture (continued)

1,600 Hokuto Corp 24,570 0.00%

2,500 Sakata Seed Corp 67,174 0.01%

Apparel

2,700 Descente Ltd 38,879 0.01%

1,100 Gunze Ltd 36,441 0.01%

5,000 Japan Wool Textile Co Ltd/The 32,969 0.01%

3,400 Nagaileben Co Ltd 64,275 0.01%

9,000 Onward Holdings Co Ltd 42,409 0.01%

6,500 Wacoal Holdings Corp 147,340 0.03%

Auto Manufacturers

8,000 Nissan Shatai Co Ltd 62,127 0.01%

10,200 Shinmaywa Industries Ltd 108,977 0.02%

Auto Parts & Equipment

3,900 Aisan Industry Co Ltd 23,042 0.00%

2,400 Daikyonishikawa Corp 20,705 0.00%

3,300 Exedy Corp 70,804 0.01%

6,100 FCC Co Ltd 125,336 0.02%

5,700 Futaba Industrial Co Ltd 25,041 0.00%

3,600 Ichikoh Industries Ltd 15,902 0.00%

1,400 Kasai Kogyo Co Ltd 9,164 0.00%

2,900 Keihin Corp 42,637 0.01%

1,600 KYB Corp 33,883 0.01%

6,600 Mitsuba Corp 32,574 0.01%

7,600 Musashi Seimitsu Industry Co Ltd 93,197 0.02%

25,500 NHK Spring Co Ltd 196,200 0.03%

9,400 Nifco Inc/Japan 194,864 0.03%

7,800 Nippon Seiki Co Ltd 116,981 0.02%

3,500 Nissin Kogyo Co Ltd 39,013 0.01%

9,900 NOK Corp 121,243 0.02%

8,000 Pacific Industrial Co Ltd 93,637 0.02%

3,000 Piolax Inc 52,742 0.01%

6,000 Press Kogyo Co Ltd 25,833 0.00%

1,600 Sanden Holdings Corp 9,504 0.00%

3,800 Showa Corp 39,236 0.01%

5,100 Sumitomo Riko Co Ltd 37,044 0.01%

5,100 Tachi-S Co Ltd 58,352 0.01%

7,800 Tokai Rika Co Ltd 113,436 0.02%

3,700 Topre Corp 64,636 0.01%

14,400 Toyo Tire & Rubber Co Ltd 157,869 0.03%

7,400 Toyota Boshoku Corp 96,821 0.02%

3,600 TPR Co Ltd 64,353 0.01%

4,300 TS Tech Co Ltd 103,539 0.02%

5,300 Unipres Corp 78,642 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

271

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Banks

5,900 77 Bank Ltd/The 89,708 0.02%

1,400 Aichi Bank Ltd/The 42,306 0.01%

4,800 Awa Bank Ltd/The 110,221 0.02%

1,500 Bank of Iwate Ltd/The 42,278 0.01%

2,100 Bank of Nagoya Ltd/The 55,338 0.01%

2,500 Bank of Okinawa Ltd/The 63,387 0.01%

2,500 Bank of the Ryukyus Ltd 22,664 0.00%

11,000 Chiba Kogyo Bank Ltd/The 31,925 0.01%

20,600 Chugoku Bank Ltd/The 152,257 0.03%

1,100 Chukyo Bank Ltd/The 18,716 0.00%

3,500 Daishi Hokuetsu Financial Group Inc 84,834 0.01%

3,000 Ehime Bank Ltd/The 25,881 0.00%

2,700 Eighteenth Bank Ltd/The 53,130 0.01%

43,000 Gunma Bank Ltd/The 157,366 0.03%

40,900 Hachijuni Bank Ltd/The 147,072 0.03%

32,900 Hiroshima Bank Ltd/The 152,931 0.03%

2,600 Hokkoku Bank Ltd/The 72,556 0.01%

14,600 Hokuhoku Financial Group Inc 144,230 0.03%

17,000 Hyakugo Bank Ltd/The 52,998 0.01%

1,800 Hyakujushi Bank Ltd/The 37,243 0.01%

25,600 Iyo Bank Ltd/The 118,386 0.02%

2,200 Juroku Bank Ltd/The 40,116 0.01%

16,000 Keiyo Bank Ltd/The 90,065 0.02%

4,400 Kiyo Bank Ltd/The 54,693 0.01%

39,700 Kyushu Financial Group Inc 131,678 0.02%

2,900 Miyazaki Bank Ltd/The 67,286 0.01%

3,000 Musashino Bank Ltd/The 60,827 0.01%

2,500 Nanto Bank Ltd/The 42,736 0.01%

17,400 Nishi-Nippon Financial Holdings Inc 132,906 0.02%

43,500 North Pacific Bank Ltd 101,969 0.02%

5,600 Ogaki Kyoritsu Bank Ltd/The 98,095 0.02%

1,300 Oita Bank Ltd/The 34,723 0.01%

22,700 San-In Godo Bank Ltd/The 139,363 0.02%

24,540 Senshu Ikeda Holdings Inc 58,698 0.01%

4,200 Shiga Bank Ltd/The 86,163 0.02%

8,400 Shikoku Bank Ltd/The 79,164 0.01%

15,800 Suruga Bank Ltd 51,146 0.01%

23,000 Tochigi Bank Ltd/The 46,029 0.01%

38,000 Toho Bank Ltd/The 94,833 0.02%

2,900 Tokyo Kiraboshi Financial Group Inc 39,238 0.01%

15,900 TOMONY Holdings Inc 51,470 0.01%

2,400 Towa Bank Ltd/The 14,237 0.00%

2,700 Yamagata Bank Ltd/The 44,971 0.01%

1,800 Yamanashi Chuo Bank Ltd/The 20,236 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

272

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Beverages

300 DyDo Group Holdings Inc 13,754 0.00%

6,900 Ito En Ltd 270,948 0.05%

1,300 Key Coffee Inc 21,611 0.00%

7,200 Sapporo Holdings Ltd 131,634 0.02%

17,200 Takara Holdings Inc 183,491 0.03%

Biotechnology

5,700 Eiken Chemical Co Ltd 109,391 0.02%

1,200 GNI Group Ltd 29,325 0.01%

7,300 Japan Tissue Engineering Co Ltd 45,341 0.01%

2,100 JCR Pharmaceuticals Co Ltd 77,942 0.01%

1,200 Linical Co Ltd 12,362 0.00%

5,500 Takara Bio Inc 112,131 0.02%

Building Materials

4,000 Bunka Shutter Co Ltd 22,771 0.00%

5,400 Central Glass Co Ltd 93,257 0.02%

1,500 Chofu Seisakusho Co Ltd 24,996 0.00%

4,200 Daiken Corp 66,573 0.01%

5,000 Fujitec Co Ltd 47,082 0.01%

7,000 Nichias Corp 104,983 0.02%

3,400 Nichiha Corp 74,929 0.01%

7,200 Nippon Sheet Glass Co Ltd 47,992 0.01%

1,900 Noritz Corp 23,784 0.00%

5,400 Okabe Co Ltd 37,716 0.01%

1,800 Sankyo Tateyama Inc 16,662 0.00%

25,800 Sanwa Holdings Corp 256,929 0.05%

2,000 Sinko Industries Ltd 23,632 0.00%

3,700 Sumitomo Osaka Cement Co Ltd 133,048 0.02%

2,500 Takara Standard Co Ltd 32,810 0.01%

Chemicals

10,500 ADEKA Corp 133,363 0.02%

6,000 Aica Kogyo Co Ltd 176,047 0.03%

5,000 Chugoku Marine Paints Ltd 36,158 0.01%

10,000 Denka Co Ltd 247,965 0.04%

9,900 DIC Corp 266,009 0.05%

2,900 Fujimi Inc 48,765 0.01%

1,600 Fuso Chemical Co Ltd 25,208 0.00%

700 Hodogaya Chemical Co Ltd 11,213 0.00%

2,600 JCU Corp 28,877 0.01%

8,000 Kanto Denka Kogyo Co Ltd 50,837 0.01%

2,700 KH Neochem Co Ltd 49,556 0.01%

7,200 Koatsu Gas Kogyo Co Ltd 49,198 0.01%

3,600 Konishi Co Ltd 47,332 0.01%

17,731 Kumiai Chemical Industry Co Ltd 91,609 0.02%

1,800 Kureha Corp 87,402 0.02%

5,600 Lintec Corp 105,597 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

273

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Chemicals (continued)

4,500 Nihon Nohyaku Co Ltd 18,298 0.00%

9,300 Nihon Parkerizing Co Ltd 94,319 0.02%

1,000 Nippon Carbon Co Ltd 32,092 0.01%

16,000 Nippon Kayaku Co Ltd 178,726 0.03%

3,000 Nippon Shokubai Co Ltd 167,676 0.03%

1,800 Nippon Soda Co Ltd 38,606 0.01%

7,300 NOF Corp 218,556 0.04%

1,600 Sakai Chemical Industry Co Ltd 28,767 0.01%

7,500 Sakata INX Corp 72,596 0.01%

1,000 Sanyo Chemical Industries Ltd 40,424 0.01%

1,700 Sekisui Jushi Corp 26,228 0.00%

6,500 Shikoku Chemicals Corp 53,380 0.01%

1,400 ST Corp 20,740 0.00%

1,000 Stella Chemifa Corp 20,403 0.00%

3,800 Sumitomo Bakelite Co Ltd 115,132 0.02%

700 Sumitomo Seika Chemicals Co Ltd 23,553 0.00%

2,900 T Hasegawa Co Ltd 36,047 0.01%

1,300 Taiyo Holdings Co Ltd 32,080 0.01%

1,400 Takasago International Corp 37,617 0.01%

1,300 Tanaka Chemical Corp 8,582 0.00%

1,900 Tayca Corp 24,587 0.00%

11,000 Toagosei Co Ltd 106,298 0.02%

20,500 Tokai Carbon Co Ltd 203,985 0.04%

6,700 Tokuyama Corp 129,330 0.02%

4,700 Tokyo Ohka Kogyo Co Ltd 110,660 0.02%

5,200 Toyo Ink SC Holdings Co Ltd 101,329 0.02%

14,100 Ube Industries Ltd 251,150 0.04%

17,100 Zeon Corp 137,159 0.02%

Commercial Services

1,500 Aeon Delight Co Ltd 44,012 0.01%

3,500 Benefit One Inc 94,183 0.02%

1,500 Central Security Patrols Co Ltd 58,962 0.01%

5,300 Duskin Co Ltd 101,630 0.02%

12,200 euglena Co Ltd 56,515 0.01%

2,400 FULLCAST Holdings Co Ltd 34,291 0.01%

3,550 Funai Soken Holdings Inc 46,476 0.01%

4,800 Future Corp 56,871 0.01%

4,800 GMO Payment Gateway Inc 179,109 0.03%

1,600 JAC Recruitment Co Ltd 23,868 0.00%

2,000 Kanamoto Co Ltd 46,069 0.01%

3,600 Link And Motivation Inc 24,226 0.00%

600 M&A Capital Partners Co Ltd 18,179 0.00%

7,000 Meiko Network Japan Co Ltd 50,008 0.01%

2,700 Meitec Corp 96,120 0.02%

3,000 NichiiGakkan Co Ltd 24,709 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

274

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Commercial Services (continued)

17,200 Nihon M&A Center Inc 303,899 0.05%

3,100 Nippon Kanzai Co Ltd 47,259 0.01%

59,500 Nippon Parking Development Co Ltd 67,365 0.01%

2,300 Nishio Rent All Co Ltd 60,425 0.01%

600 Nissin Corp 8,558 0.00%

5,000 Nomura Co Ltd 100,581 0.02%

11,900 Outsourcing Inc 100,194 0.02%

2,100 Pasona Group Inc 18,853 0.00%

600 PIA Corp 18,298 0.00%

5,000 Prestige International Inc 47,400 0.01%

3,600 Raksul Inc 68,658 0.01%

3,800 Tanseisha Co Ltd 32,843 0.01%

3,600 TechnoPro Holdings Inc 129,883 0.02%

3,100 TKC Corp 96,643 0.02%

1,400 TKP Corp 40,743 0.01%

8,200 Toppan Forms Co Ltd 56,554 0.01%

2,000 Tosho Printing Co Ltd 10,844 0.00%

1,000 Trust Tech Inc 22,046 0.00%

800 World Holdings Co Ltd 13,714 0.00%

Computers

1,900 BayCurrent Consulting Inc 34,918 0.01%

3,700 Bell System24 Holdings Inc 38,115 0.01%

1,500 Digital Hearts Holdings Co Ltd 16,780 0.00%

4,600 DTS Corp 128,735 0.02%

2,100 Elecom Co Ltd 46,815 0.01%

4,400 Ferrotec Holdings Corp 27,539 0.00%

1,300 Infocom Corp 41,460 0.01%

1,700 Information Services International-Dentsu Ltd 37,261 0.01%

10,200 Itochu Techno-Solutions Corp 172,737 0.03%

7,400 MCJ Co Ltd 39,118 0.01%

4,100 Medical Data Vision Co Ltd 29,748 0.01%

2,300 NEC Networks & System Integration Corp 44,764 0.01%

12,800 NET One Systems Co Ltd 197,377 0.03%

2,600 NS Solutions Corp 54,728 0.01%

1,800 Roland DG Corp 30,282 0.01%

6,400 SCSK Corp 198,500 0.03%

1,600 SHIFT Inc 45,925 0.01%

19,200 Wacom Co Ltd 69,807 0.01%

Cosmetics/Personal Care

2,700 Ci:z Holdings Co Ltd 126,582 0.02%

7,600 Fancl Corp 170,093 0.03%

5,800 Mandom Corp 139,195 0.02%

2,480 Milbon Co Ltd 88,387 0.02%

1,700 MTG Co Ltd 71,567 0.01%

2,200 Noevir Holdings Co Ltd 83,758 0.01%

3,300 YA-MAN Ltd 36,205 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

275

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Distribution/Wholesale

5,800 Advan Co Ltd 42,452 0.01%

4,400 Ai Holdings Corp 68,129 0.01%

1,300 Arata Corp 45,192 0.01%

5,700 Canon Marketing Japan Inc 89,076 0.02%

3,400 Chori Co Ltd 45,217 0.01%

2,800 Daiwabo Holdings Co Ltd 113,857 0.02%

11,000 Inabata & Co Ltd 122,874 0.02%

3,700 Itochu Enex Co Ltd 28,380 0.00%

1,400 Itochu-Shokuhin Co Ltd 53,133 0.01%

5,000 Iwatani Corp 146,308 0.03%

700 Japan Pulp & Paper Co Ltd 23,441 0.00%

10,800 Kanematsu Corp 114,957 0.02%

12,200 Nagase & Co Ltd 147,368 0.03%

3,900 Nippon Gas Co Ltd 124,070 0.02%

3,300 Paltac Corporation 136,556 0.02%

11,000 San-Ai Oil Co Ltd 95,511 0.02%

7,000 Sangetsu Corp 111,345 0.02%

2,600 Sinanen Holdings Co Ltd 49,835 0.01%

162,400 Sojitz Corp 494,629 0.09%

6,000 Trusco Nakayama Corp 138,542 0.02%

9,400 Wakita & Co Ltd 83,867 0.01%

3,800 Yamazen Corp 31,268 0.01%

1,200 Yondoshi Holdings Inc 20,934 0.00%

1,700 Yuasa Trading Co Ltd 42,629 0.01%

Diversified Financial Services

58,900 Aiful Corp 122,101 0.02%

4,000 Aruhi Corp 63,562 0.01%

10,100 Financial Products Group Co Ltd 90,353 0.02%

2,000 Fuyo General Lease Co Ltd 89,299 0.02%

4,500 Hitachi Capital Corp 83,025 0.01%

1,200 IBJ Leasing Co Ltd 23,144 0.00%

36,600 Ichigo Inc 93,090 0.02%

5,100 J Trust Co Ltd 16,591 0.00%

3,600 Jaccs Co Ltd 51,092 0.01%

13,600 Japan Asset Marketing Co Ltd 10,627 0.00%

1,200 Japan Investment Adviser Co Ltd 29,517 0.01%

10,300 Japan Securities Finance Co Ltd 45,414 0.01%

31,300 Kenedix Inc 117,543 0.02%

5,600 Kyokuto Securities Co Ltd 52,419 0.01%

10,700 Marusan Securities Co Ltd 65,435 0.01%

17,100 Matsui Securities Co Ltd 157,474 0.03%

1,600 Money Forward Inc 43,055 0.01%

10,000 Okasan Securities Group Inc 38,909 0.01%

53,100 Orient Corp 56,732 0.01%

3,200 Ricoh Leasing Co Ltd 83,559 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

276

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Diversified Financial Services (continued)

6,600 Sparx Group Co Ltd 9,735 0.00%

18,000 Tokai Tokyo Financial Holdings Inc 67,453 0.01%

5,700 Zenkoku Hosho Co Ltd 156,565 0.03%

Electric

3,000 eRex Co Ltd 13,443 0.00%

22,100 Hokkaido Electric Power Co Inc 133,917 0.02%

19,800 Hokuriku Electric Power Co 151,396 0.03%

5,400 Okinawa Electric Power Co Inc/The 91,880 0.02%

16,700 Shikoku Electric Power Co Inc 176,826 0.03%

Electrical Components & Equipment

25,000 Fujikura Ltd 87,107 0.02%

8,200 Furukawa Electric Co Ltd 180,579 0.03%

8,600 GS Yuasa Corp 154,144 0.03%

1,900 Icom Inc 30,086 0.01%

5,500 Mabuchi Motor Co Ltd 147,783 0.03%

500 Nihon Trim Co Ltd 23,162 0.00%

9,000 Nippon Signal Company Ltd 64,296 0.01%

6,800 Nissin Electric Co Ltd 43,537 0.01%

2,600 Sinfonia Technology Co Ltd 27,592 0.00%

3,800 Tatsuta Electric Wire and Cable Co Ltd 14,573 0.00%

9,900 Ushio Inc 92,116 0.02%

2,400 W-Scope Corp 22,427 0.00%

Electronics

15,000 Anritsu Corp 182,506 0.03%

12,400 Azbil Corp 214,542 0.04%

2,600 Chiyoda Integre Co Ltd 40,880 0.01%

6,300 CMK Corp 30,892 0.01%

6,500 Dexerials Corp 41,875 0.01%

2,000 Eizo Corp 64,822 0.01%

4,300 ESPEC Corp 64,386 0.01%

8,000 Fujitsu General Ltd 89,810 0.02%

2,000 Futaba Corp 25,227 0.00%

1,600 Hochiki Corp 14,709 0.00%

4,800 Horiba Ltd 171,838 0.03%

4,000 Hosiden Corp 22,995 0.00%

13,800 Ibiden Co Ltd 170,326 0.03%

3,100 Idec Corp/Japan 46,591 0.01%

4,300 Inaba Denki Sangyo Co Ltd 140,738 0.02%

2,000 Iriso Electronics Co Ltd 64,902 0.01%

7,000 Japan Aviation Electronics Industry Ltd 70,993 0.01%

33,600 Japan Display Inc 19,289 0.00%

2,500 Jeol Ltd 33,029 0.01%

1,900 Kaga Electronics Co Ltd 29,889 0.01%

3,500 Koa Corp 36,110 0.01%

5,300 Macnica Fuji Electronics Holdings Inc 57,006 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

277

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Electronics (continued)

1,100 Maruwa Co Ltd/Aichi 49,378 0.01%

3,200 Meiko Electronics Co Ltd 45,134 0.01%

2,800 Nichicon Corp 17,771 0.00%

3,700 Nippon Ceramic Co Ltd 69,445 0.01%

5,300 Nissha Co Ltd 55,442 0.01%

4,000 Nitto Kogyo Corp 55,366 0.01%

5,200 Nohmi Bosai Ltd 76,453 0.01%

3,000 Optex Group Co Ltd 40,807 0.01%

4,000 Osaki Electric Co Ltd 21,177 0.00%

1,900 Riken Keiki Co Ltd 30,692 0.01%

1,700 Ryosan Co Ltd 39,741 0.01%

1,700 Sanyo Denki Co Ltd 48,254 0.01%

4,800 SCREEN Holdings Co Ltd 176,239 0.03%

5,200 Siix Corp 59,288 0.01%

3,200 Star Micronics Co Ltd 38,042 0.01%

13,500 Taiyo Yuden Co Ltd 176,095 0.03%

12,500 Tamura Corp 53,221 0.01%

4,600 Tokyo Seimitsu Co Ltd 101,704 0.02%

Energy-Alternate Sources

5,500 RENOVA Inc 34,994 0.01%

Engineering & Construction

15,000 Chiyoda Corp 37,075 0.01%

3,500 Chudenko Corp 65,189 0.01%

13,300 COMSYS Holdings Corp 284,514 0.05%

1,700 Dai-Dan Co Ltd 32,097 0.01%

1,800 Daiho Corp 50,877 0.01%

4,910 Fudo Tetra Corp 66,395 0.01%

1,400 Fukuda Corp 45,264 0.01%

19,000 Hazama Ando Corp 109,982 0.02%

8,000 Kandenko Co Ltd 68,059 0.01%

15,300 Kinden Corp 216,653 0.04%

3,500 Kumagai Gumi Co Ltd 92,090 0.02%

12,400 Kyowa Exeo Corp 254,880 0.04%

5,300 Kyudenko Corp 176,215 0.03%

18,000 Maeda Corp 147,392 0.03%

6,900 Maeda Road Construction Co Ltd 125,544 0.02%

8,600 Mirait Holdings Corp 110,534 0.02%

7,300 Nippo Corp 122,985 0.02%

5,000 Nippon Densetsu Kogyo Co Ltd 86,788 0.02%

2,200 Nippon Koei Co Ltd 42,817 0.01%

6,400 Nishimatsu Construction Co Ltd 127,724 0.02%

3,700 Okumura Corp 94,402 0.02%

34,700 Penta-Ocean Construction Co Ltd 168,491 0.03%

6,900 Raito Kogyo Co Ltd 80,487 0.01%

7,000 Sanki Engineering Co Ltd 63,626 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

278

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Engineering & Construction (continued)

6,600 Shinko Plantech Co Ltd 61,200 0.01%

2,800 Shinnihon Corp 23,263 0.00%

1,800 SHO-BOND Holdings Co Ltd 117,253 0.02%

15,660 Sumitomo Mitsui Construction Co Ltd 83,406 0.01%

2,500 Taihei Dengyo Kaisha Ltd 48,875 0.01%

1,800 Taikisha Ltd 42,007 0.01%

4,700 Takasago Thermal Engineering Co Ltd 67,041 0.01%

5,700 Takuma Co Ltd 62,444 0.01%

2,300 Tekken Corp 46,781 0.01%

2,700 Toa Corp/Tokyo 28,373 0.00%

23,000 Toda Corp 125,801 0.02%

2,000 Toenec Corp 45,957 0.01%

11,100 Tokyu Construction Co Ltd 88,237 0.02%

6,400 Toshiba Plant Systems & Services Corp 103,230 0.02%

2,700 Totetsu Kogyo Co Ltd 65,444 0.01%

22,700 Toyo Construction Co Ltd 68,415 0.01%

1,800 Toyo Engineering Corp 9,171 0.00%

700 Yahagi Construction Co Ltd 3,918 0.00%

5,400 Yokogawa Bridge Holdings Corp 70,266 0.01%

6,700 Yumeshin Holdings Co Ltd 42,309 0.01%

5,000 Yurtec Corp 34,125 0.01%

Entertainment

800 Aeon Fantasy Co Ltd 17,267 0.00%

2,400 Avex Inc 26,694 0.00%

6,700 Heiwa Corp 119,234 0.02%

2,700 Mars Engineering Corp 47,382 0.01%

1,000 Shochiku Co Ltd 84,834 0.01%

1,500 Toei Animation Co Ltd 48,377 0.01%

600 Toei Co Ltd 61,712 0.01%

1,700 Tokyotokeiba Co Ltd 37,112 0.01%

3,000 Universal Entertainment Corp 76,303 0.01%

Environmental Control

4,500 Asahi Holdings Inc 80,728 0.01%

3,200 Daiseki Co Ltd 58,172 0.01%

12,300 Hitachi Zosen Corp 32,755 0.01%

5,800 Tsukishima Kikai Co Ltd 59,100 0.01%

Food

2,900 Arcs Co Ltd 56,603 0.01%

2,300 Ariake Japan Co Ltd 130,935 0.02%

1,600 Axial Retailing Inc 46,627 0.01%

2,000 Belc Co Ltd 82,602 0.01%

5,600 Ezaki Glico Co Ltd 249,145 0.04%

5,000 Fuji Oil Holdings Inc 139,929 0.02%

4,000 Fujicco Co Ltd 76,064 0.01%

600 Fujiya Co Ltd 10,936 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

279

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Food (continued)

900 Halows Co Ltd 16,404 0.00%

5,100 Heiwado Co Ltd 102,471 0.02%

7,900 House Foods Group Inc 237,780 0.04%

20,500 Itoham Yonekyu Holdings Inc 108,367 0.02%

9,400 Kagome Co Ltd 215,924 0.04%

2,300 Kameda Seika Co Ltd 90,866 0.02%

1,600 Kansai Super Market Ltd 12,732 0.00%

2,800 Kato Sangyo Co Ltd 67,756 0.01%

1,000 Kenko Mayonnaise Co Ltd 15,548 0.00%

13,000 Kewpie Corp 254,671 0.04%

2,000 Kobe Bussan Co Ltd 51,746 0.01%

2,100 Kotobuki Spirits Co Ltd 71,077 0.01%

1,000 Marudai Food Co Ltd 13,778 0.00%

5,700 Maruha Nichiro Corp 167,927 0.03%

5,500 Megmilk Snow Brand Co Ltd 124,848 0.02%

2,800 Mitsubishi Shokuhin Co Ltd 62,510 0.01%

1,400 Mitsui Sugar Co Ltd 31,065 0.01%

3,900 Morinaga & Co Ltd/Japan 147,081 0.03%

4,000 Morinaga Milk Industry Co Ltd 98,229 0.02%

1,000 Nagatanien Holdings Co Ltd 19,088 0.00%

12,400 Nichirei Corp 299,073 0.05%

2,900 Nippon Beet Sugar Manufacturing Co Ltd 41,689 0.01%

4,000 Nippon Flour Mills Co Ltd 58,555 0.01%

30,700 Nippon Suisan Kaisha Ltd 150,293 0.03%

3,800 Nisshin Oillio Group Ltd/The 94,984 0.02%

2,000 Okuwa Co Ltd 17,812 0.00%

2,600 Prima Meat Packers Ltd 40,673 0.01%

900 Riken Vitamin Co Ltd 25,438 0.00%

2,200 Rock Field Co Ltd 29,100 0.01%

1,400 Rokko Butter Co Ltd 23,955 0.00%

1,100 S Foods Inc 35,915 0.01%

1,900 San-A Co Ltd 62,944 0.01%

1,100 Shoei Foods Corp 23,707 0.00%

1,200 Showa Sangyo Co Ltd 28,464 0.00%

600 Starzen Co Ltd 18,107 0.00%

7,500 United Super Markets Holdings Inc 71,818 0.01%

2,600 Yaoko Co Ltd 124,381 0.02%

6,700 Yokohama Reito Co Ltd 48,933 0.01%

Forest Products & Paper

5,000 Daio Paper Corp 50,510 0.01%

12,100 Hokuetsu Corp 48,141 0.01%

10,600 Nippon Paper Industries Co Ltd 166,073 0.03%

2,300 Pack Corp/The 55,840 0.01%

19,000 Sumitomo Forestry Co Ltd 218,146 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

280

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Gas

12,200 Shizuoka Gas Co Ltd 82,876 0.01%

Hand/Machine Tools

10,000 Asahi Diamond Industrial Co Ltd 48,636 0.01%

10,800 DMG Mori Co Ltd 106,863 0.02%

4,400 Meidensha Corp 48,518 0.01%

900 Noritake Co Ltd/Nagoya Japan 32,578 0.01%

6,800 OSG Corp 115,537 0.02%

5,000 Teikoku Sen-I Co Ltd 86,628 0.02%

3,100 Yamabiko Corp 25,261 0.00%

Healthcare-Products

1,300 As One Corp 77,946 0.01%

12,600 Cyberdyne Inc 48,724 0.01%

1,600 Hogy Medical Co Ltd 40,249 0.01%

7,500 Japan Lifeline Co Ltd 84,735 0.01%

2,700 Mani Inc 89,877 0.02%

4,600 Menicon Co Ltd 102,548 0.02%

9,300 Nakanishi Inc 138,513 0.02%

8,700 Nihon Kohden Corp 247,638 0.04%

14,200 Nipro Corp 152,279 0.03%

1,600 Paramount Bed Holdings Co Ltd 58,108 0.01%

14,500 Topcon Corp 169,139 0.03%

Healthcare-Services

3,100 Ain Holdings Inc 194,521 0.03%

2,000 BML Inc 45,001 0.01%

4,200 EPS Holdings Inc 55,991 0.01%

7,200 Miraca Holdings Inc 142,484 0.03%

11,300 PeptiDream Inc 391,020 0.07%

5,700 Solasto Corp 49,901 0.01%

7,600 Tsukui Corp 50,658 0.01%

Home Builders

34,200 Haseko Corp 314,948 0.06%

1,000 Token Corp 51,905 0.01%

Home Furnishings

7,900 Alpine Electronics Inc 87,301 0.02%

4,000 Clarion Co Ltd 79,572 0.01%

5,600 Corona Corp 47,552 0.01%

2,800 Foster Electric Co Ltd 28,286 0.00%

5,600 France Bed Holdings Co Ltd 40,319 0.01%

7,200 JVC Kenwood Corp 13,548 0.00%

5,400 Maxell Holdings Ltd 62,258 0.01%

36,800 Pioneer Corp 18,778 0.00%

5,000 Zojirushi Corp 38,471 0.01%

Household Products/Wares

10,200 Kokuyo Co Ltd 130,529 0.02%

3,200 Mitsubishi Pencil Co Ltd 55,442 0.01%

4,000 Pilot Corp 169,988 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

281

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Insurance

3,100 Anicom Holdings Inc 90,093 0.02%

Internet

600 Adventure Inc 31,861 0.01%

9,600 COOKPAD Inc 22,810 0.00%

1,200 Digital Arts Inc 58,364 0.01%

3,400 Digital Garage Inc 67,853 0.01%

3,700 Dip Corp 53,131 0.01%

4,000 en-japan Inc 108,913 0.02%

10,100 F@N Communications Inc 43,244 0.01%

8,000 GMO internet Inc 93,828 0.02%

1,400 Gunosy Inc 31,266 0.01%

3,000 Gurunavi Inc 16,265 0.00%

9,600 Infomart Corp 76,925 0.01%

3,800 Internet Initiative Japan Inc 75,351 0.01%

10,200 Istyle Inc 66,606 0.01%

2,600 Itokuro Inc 63,953 0.01%

15,500 kabu.com Securities Co Ltd 46,591 0.01%

10,300 Kitanotatsujin Corp 30,632 0.01%

6,500 Lifull Co Ltd 37,936 0.01%

13,400 Monex Group Inc 39,531 0.01%

3,300 Oisix ra daichi Inc 47,861 0.01%

1,900 Open Door Inc 38,282 0.01%

3,000 OPT Holding Inc 34,516 0.01%

3,200 Proto Corp 35,541 0.01%

7,800 SMS Co Ltd 107,590 0.02%

1,400 UNITED Inc/Japan 16,498 0.00%

1,300 Uzabase Inc 17,206 0.00%

2,800 Yume No Machi Souzou Iinkai Co Ltd 28,464 0.00%

3,600 ZIGExN Co Ltd 14,553 0.00%

Investment Companies

8,390 Kansai Mirai Financial Group Inc 52,579 0.01%

Iron/Steel

500 Aichi Steel Corp 13,694 0.00%

1,100 Daido Metal Co Ltd 6,815 0.00%

3,800 Daido Steel Co Ltd 131,039 0.02%

7,700 Japan Steel Works Ltd/The 108,728 0.02%

4,700 Kyoei Steel Ltd 62,207 0.01%

7,200 Nisshin Steel Co Ltd 72,218 0.01%

4,500 Osaka Steel Co Ltd 65,300 0.01%

1,200 Sanyo Special Steel Co Ltd 22,264 0.00%

14,900 Tokyo Steel Manufacturing Co Ltd 105,732 0.02%

1,100 Topy Industries Ltd 19,742 0.00%

4,100 Yamato Kogyo Co Ltd 84,111 0.01%

1,800 Yodogawa Steel Works Ltd 31,358 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

282

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Leisure Time

4,400 Daiichikosho Co Ltd 182,426 0.03%

4,400 HIS Co Ltd 139,801 0.02%

5,100 KNT-CT Holdings Co Ltd 44,933 0.01%

5,500 Koshidaka Holdings Co Ltd 57,797 0.01%

2,000 Mizuno Corp 37,171 0.01%

6,200 Round One Corp 55,761 0.01%

16,100 Tokyo Dome Corp 119,767 0.02%

1,700 Tosho Co Ltd 46,424 0.01%

8,000 Yonex Co Ltd 38,016 0.01%

Lodging

1,800 Fujita Kanko Inc 40,013 0.01%

3,840 Kyoritsu Maintenance Co Ltd 147,574 0.03%

11,500 Resorttrust Inc 147,715 0.03%

Machinery - Construction & Mining

9,800 Aichi Corp 45,632 0.01%

3,200 Modec Inc 57,994 0.01%

13,000 Tadano Ltd 103,547 0.02%

5,100 Takeuchi Manufacturing Co Ltd 68,883 0.01%

Machinery - Diversified

3,200 Anest Iwata Corp 25,361 0.00%

3,900 CKD Corp 29,043 0.01%

1,400 Daihen Corp 24,680 0.00%

4,000 Denyo Co Ltd 42,959 0.01%

3,300 Eagle Industry Co Ltd 33,600 0.01%

11,500 Ebara Corp 226,569 0.04%

6,000 Fuji Corp/Aichi 61,712 0.01%

2,500 Giken Ltd 69,068 0.01%

3,600 Harmonic Drive Systems Inc 86,397 0.02%

700 Hirata Corp 27,376 0.00%

1,300 Hosokawa Micron Corp 43,430 0.01%

2,900 Iseki & Co Ltd 36,441 0.01%

5,200 Japan Elevator Service Holdings Co Ltd 67,995 0.01%

4,100 Komori Corp 36,188 0.01%

3,000 Makino Milling Machine Co Ltd 93,047 0.02%

3,000 Max Co Ltd 32,626 0.01%

5,500 Mitsubishi Logisnext Co Ltd 46,571 0.01%

12,400 Miura Co Ltd 247,662 0.04%

3,000 Nippon Sharyo Ltd 52,647 0.01%

4,000 Nippon Thompson Co Ltd 15,596 0.00%

1,000 Nissei ASB Machine Co Ltd 27,946 0.00%

2,600 Nitto Kohki Co Ltd 43,824 0.01%

1,700 Nittoku Engineering Co Ltd 27,366 0.00%

2,100 Obara Group Inc 65,551 0.01%

2,600 OKUMA Corp 109,041 0.02%

3,000 Optorun Co Ltd 40,185 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

283

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Machinery – Diversified (continued)

3,700 Rheon Automatic Machinery Co Ltd 40,681 0.01%

3,000 Shibuya Corp 84,436 0.01%

3,200 Shima Seiki Manufacturing Ltd 81,773 0.01%

3,500 Sintokogio Ltd 25,032 0.00%

1,400 Toshiba Machine Co Ltd 21,934 0.00%

2,500 Toyo Kanetsu KK 44,729 0.01%

4,000 Tsubakimoto Chain Co 115,292 0.02%

3,000 Tsugami Corp 15,332 0.00%

1,400 Tsurumi Manufacturing Co Ltd 21,488 0.00%

7,100 Yamashin-Filter Corp 35,777 0.01%

6,600 Yushin Precision Equipment Co Ltd 44,519 0.01%

Media

1,100 Amuse Inc 20,532 0.00%

3,084 Kadokawa Dwango Corp 28,376 0.00%

24,100 SKY Perfect JSAT Holdings Inc 90,120 0.02%

3,100 Tokyo Broadcasting System Holdings Inc 43,007 0.01%

1,700 UUUM Inc 56,454 0.01%

Metal Fabricate/Hardware

1,600 Daiichi Jitsugyo Co Ltd 44,905 0.01%

4,400 Hanwa Co Ltd 99,247 0.02%

6,300 Kitz Corp 43,098 0.01%

5,100 Mitsui High-Tec Inc 34,238 0.01%

1,900 Nachi-Fujikoshi Corp 57,945 0.01%

10,300 Neturen Co Ltd 68,902 0.01%

2,300 Nippon Steel & Sumikin Bussan Corp 83,164 0.01%

43,000 NTN Corp 109,025 0.02%

2,280 Oiles Corp 32,358 0.01%

1,800 Ryobi Ltd 37,802 0.01%

6,400 Tocalo Co Ltd 43,323 0.01%

800 Toho Zinc Co Ltd 21,400 0.00%

5,700 Tsubaki Nakashima Co Ltd 73,670 0.01%

4,680 UACJ Corp 80,338 0.01%

Mining

5,600 Dowa Holdings Co Ltd 147,344 0.03%

4,100 Furukawa Co Ltd 41,124 0.01%

7,000 Mitsui Mining & Smelting Co Ltd 127,084 0.02%

6,000 Nippon Denko Co Ltd 10,429 0.00%

68,600 Nippon Light Metal Holdings Co Ltd 121,972 0.02%

1,500 Nittetsu Mining Co Ltd 55,493 0.01%

500 OSAKA Titanium Technologies Co Ltd 6,682 0.00%

2,000 Pacific Metals Co Ltd 42,497 0.01%

1,100 Toho Titanium Co Ltd 8,832 0.00%

Miscellaneous Manufacturing

6,400 Amano Corp 108,588 0.02%

1,200 Fukushima Industries Corp 34,157 0.01%

6,600 Glory Ltd 130,189 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

284

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Machinery – Diversified (continued)

1,100 JSP Corp 18,821 0.00%

3,200 LEC Inc 41,741 0.01%

2,500 Mitsuboshi Belting Ltd 42,238 0.01%

2,900 Morita Holdings Corp 41,527 0.01%

4,000 Nikkiso Co Ltd 29,437 0.01%

1,900 Nitta Corp 49,159 0.01%

1,000 Okamoto Industries Inc 46,005 0.01%

2,500 Sekisui Plastics Co Ltd 18,478 0.00%

4,500 Shin-Etsu Polymer Co Ltd 24,398 0.00%

1,800 Shoei Co Ltd 53,747 0.01%

1,100 Tamron Co Ltd 13,770 0.00%

700 Toyo Tanso Co Ltd 12,173 0.00%

Office Furnishings

2,000 Itoki Corp 9,504 0.00%

6,100 Okamura Corp 68,966 0.01%

Office/Business Equipment

5,000 Riso Kagaku Corp 67,413 0.01%

3,500 Sato Holdings Corp 72,835 0.01%

3,300 Toshiba TEC Corp 67,436 0.01%

Oil & Gas

6,600 Cosmo Energy Holdings Co Ltd 119,138 0.02%

2,800 Japan Petroleum Exploration Co Ltd 44,025 0.01%

7,700 TOKAI Holdings Corp 53,474 0.01%

Packaging & Containers

3,000 FP Corp 160,739 0.03%

5,200 Fuji Seal International Inc 160,867 0.03%

2,800 Fujimori Kogyo Co Ltd 65,881 0.01%

23,000 Rengo Co Ltd 159,176 0.03%

Paper & Related Products

1,800 Tokushu Tokai Paper Co Ltd 58,985 0.01%

Pharmaceuticals

2,900 Earth Corp 116,767 0.02%

1,400 Fuji Pharma Co Ltd 19,758 0.00%

900 HEALIOS KK 11,984 0.00%

3,500 Kaken Pharmaceutical Co Ltd 135,763 0.02%

4,400 Katakura Industries Co Ltd 39,046 0.01%

1,800 Kissei Pharmaceutical Co Ltd 40,199 0.01%

6,100 KYORIN Holdings Inc 116,776 0.02%

1,800 Mochida Pharmaceutical Co Ltd 129,452 0.02%

4,850 Nichi-iko Pharmaceutical Co Ltd 62,297 0.01%

5,200 Nippon Shinyaku Co Ltd 289,808 0.05%

12,100 Rohto Pharmaceutical Co Ltd 289,426 0.05%

2,400 SanBio Co Ltd 155,190 0.03%

3,700 Sawai Pharmaceutical Co Ltd 154,289 0.03%

3,200 Seikagaku Corp 31,867 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

285

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Pharmaceuticals (continued)

6,400 Ship Healthcare Holdings Inc 206,920 0.04%

7,600 Sosei Group Corp 48,416 0.01%

5,400 Toho Holdings Co Ltd 115,732 0.02%

3,600 Torii Pharmaceutical Co Ltd 69,835 0.01%

600 Towa Pharmaceutical Co Ltd 36,692 0.01%

8,200 Tsumura & Co 199,736 0.04%

2,200 ZERIA Pharmaceutical Co Ltd 34,608 0.01%

Private Equity

3,600 Jafco Co Ltd 100,318 0.02%

Real Estate

8,000 Daibiru Corp 69,271 0.01%

700 Goldcrest Co Ltd 8,846 0.00%

5,100 Heiwa Real Estate Co Ltd 70,957 0.01%

2,100 Katitas Co Ltd 43,483 0.01%

28,500 Leopalace21 Corp 99,075 0.02%

3,400 Open House Co Ltd 100,573 0.02%

5,900 Pressance Corp 61,625 0.01%

14,000 Relo Group Inc 287,209 0.05%

4,800 SAMTY Co Ltd 48,107 0.01%

3,900 Starts Corp Inc 75,717 0.01%

16,500 Takara Leben Co Ltd 39,730 0.01%

6,200 Tateru Inc 15,176 0.00%

5,200 TOC Co Ltd 30,308 0.01%

22,300 Tokyo Tatemono Co Ltd 202,694 0.04%

3,100 Unizo Holdings Co Ltd 50,496 0.01%

REITS

67 Activia Properties Inc 237,453 0.04%

139 Advance Residence Investment Corp 335,252 0.06%

161 AEON REIT Investment Corp 162,257 0.03%

49 Comforia Residential REIT Inc 109,236 0.02%

32 Daiwa Office Investment Corp 176,303 0.03%

60 Frontier Real Estate Investment Corp 208,100 0.04%

95 Fukuoka REIT Corp 126,191 0.02%

68 Global One Real Estate Investment Corp 65,007 0.01%

400 GLP J-REIT 356,879 0.06%

75 Hankyu REIT Inc 85,512 0.02%

106 Heiwa Real Estate REIT Inc 103,447 0.02%

31 Hoshino Resorts REIT Inc 128,527 0.02%

115 Hulic REIT Inc 156,242 0.03%

170 Ichigo Office REIT Investment 131,206 0.02%

180 Industrial & Infrastructure Fund Investment Corp 163,322 0.03%

974 Invesco Office J-REIT Inc 119,128 0.02%

740 Invincible Investment Corp 266,686 0.05%

116 Japan Excellent Inc 137,161 0.02%

489 Japan Hotel REIT Investment Corp 305,672 0.05%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

286

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

REITS (continued)

108 Japan Logistics Fund Inc 191,853 0.03%

147 Japan Rental Housing Investments Inc 96,226 0.02%

51 Kenedix Office Investment Corp 284,642 0.05%

90 Kenedix Residential Next Investment Corp 120,052 0.02%

80 Kenedix Retail REIT Corp 158,825 0.03%

122 LaSalle Logiport REIT 103,206 0.02%

180 MCUBS MidCity Investment Corp 124,573 0.02%

74 Mirai Corp 108,681 0.02%

31 Mitsubishi Estate Logistics REIT Investment Corp 59,444 0.01%

23 Mitsui Fudosan Logistics Park Inc 56,849 0.01%

173 Mori Hills REIT Investment Corp 190,489 0.03%

83 Mori Trust Hotel REIT Inc 84,575 0.01%

131 Mori Trust Sogo REIT Inc 166,700 0.03%

46 Nippon Accommodations Fund Inc 194,386 0.03%

42 NIPPON REIT Investment Corp 121,894 0.02%

43 One REIT Inc 91,128 0.02%

304 Orix JREIT Inc 442,109 0.08%

141 Premier Investment Corp 140,415 0.02%

444 Sekisui House REIT Inc 248,514 0.04%

138 Tokyu REIT Inc 181,109 0.03%

Retail

1,760 Adastria Co Ltd 26,031 0.00%

3,300 Alpen Co Ltd 44,256 0.01%

2,700 AOKI Holdings Inc 27,792 0.00%

4,800 Aoyama Trading Co Ltd 100,845 0.02%

6,400 Arcland Sakamoto Co Ltd 68,990 0.01%

1,600 Arcland Service Holdings Co Ltd 27,453 0.00%

1,600 Asahi Co Ltd 17,554 0.00%

3,000 ASKUL Corp 56,067 0.01%

10,500 Atom Corp 79,114 0.01%

11,200 Autobacs Seven Co Ltd 162,614 0.03%

6,200 Belluna Co Ltd 49,483 0.01%

14,800 Bic Camera Inc 164,496 0.03%

1,000 Bronco Billy Co Ltd 21,727 0.00%

1,900 Cawachi Ltd 27,435 0.00%

1,400 Chiyoda Co Ltd 19,824 0.00%

36,100 Citizen Watch Co Ltd 156,004 0.03%

2,000 Cocokara fine Inc 85,472 0.01%

8,100 Colowide Co Ltd 148,346 0.03%

1,100 Cosmos Pharmaceutical Corp 160,938 0.03%

9,800 Create Restaurants Holdings Inc 91,655 0.02%

3,600 Create SD Holdings Co Ltd 75,691 0.01%

300 Daisyo Corp 3,688 0.00%

15,500 DCM Holdings Co Ltd 141,751 0.02%

3,900 Doutor Nichires Holdings Co Ltd 62,439 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

287

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Retail (continued)

6,300 EDION Corp 54,300 0.01%

1,000 Genky DrugStores Co Ltd 23,688 0.00%

4,600 Geo Holdings Corp 61,213 0.01%

1,000 Goldwin Inc 93,685 0.02%

12,300 H2O Retailing Corp 153,185 0.03%

1,700 Ichibanya Co Ltd 56,047 0.01%

9,900 IDOM Inc 28,811 0.01%

4,300 Izumi Co Ltd 175,194 0.03%

1,000 JINS Inc 46,324 0.01%

1,500 Joshin Denki Co Ltd 28,847 0.01%

4,700 Joyful Honda Co Ltd 51,714 0.01%

5,100 Kappa Create Co Ltd 56,115 0.01%

900 Kintetsu Department Store Co Ltd 24,864 0.00%

3,000 Kisoji Co Ltd 59,344 0.01%

3,100 Kohnan Shoji Co Ltd 65,796 0.01%

3,500 KOMEDA Holdings Co Ltd 60,389 0.01%

5,000 Komeri Co Ltd 94,522 0.02%

17,200 K's Holdings Corp 148,109 0.03%

500 Kura Corp 21,767 0.00%

2,100 Kusuri no Aoki Holdings Co Ltd 116,033 0.02%

2,500 LIXIL VIVA Corp 31,036 0.01%

8,800 Matsumotokiyoshi Holdings Co Ltd 236,101 0.04%

2,900 Matsuya Co Ltd 25,735 0.00%

4,700 Ministop Co Ltd 77,159 0.01%

600 Monogatari Corp/The 42,242 0.01%

1,700 MOS Food Services Inc 38,020 0.01%

6,700 Nextage Co Ltd 57,640 0.01%

200 Nihon Chouzai Co Ltd 5,071 0.00%

4,500 Nishimatsuya Chain Co Ltd 31,933 0.01%

3,600 Nojima Corp 63,865 0.01%

2,800 Noritsu Koki Co Ltd 33,599 0.01%

1,500 Ohsho Food Service Corp 86,708 0.02%

3,840 PC Depot Corp 13,257 0.00%

1,500 Pepper Food Service Co Ltd 34,468 0.01%

2,400 Plenus Co Ltd 36,453 0.01%

3,200 Qol Holdings Co Ltd 42,558 0.01%

5,000 Ringer Hut Co Ltd 91,572 0.02%

4,000 Royal Holdings Co Ltd 81,262 0.01%

2,000 Saizeriya Co Ltd 29,915 0.01%

4,200 Seiko Holdings Corp 70,759 0.01%

5,300 Seria Co Ltd 157,199 0.03%

5,800 Shimachu Co Ltd 136,883 0.02%

22,500 Skylark Holdings Co Ltd 311,252 0.05%

3,300 Sogo Medical Holdings Co Ltd 54,202 0.01%

2,600 St Marc Holdings Co Ltd 50,810 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

288

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Retail (continued)

1,000 Studio Alice Co Ltd 18,267 0.00%

4,200 Sugi Holdings Co Ltd 145,502 0.03%

2,200 Sushiro Global Holdings Ltd 105,246 0.02%

2,100 Tokyo Base Co Ltd 8,908 0.00%

2,800 Toridoll Holdings Corp 40,386 0.01%

12,600 TSI Holdings Co Ltd 71,529 0.01%

2,400 United Arrows Ltd 67,262 0.01%

7,000 Valor Holdings Co Ltd 147,679 0.03%

18,300 VT Holdings Co Ltd 59,677 0.01%

1,700 WATAMI Co Ltd 17,634 0.00%

1,700 Xebio Holdings Co Ltd 17,173 0.00%

900 Yakuodo Co Ltd 18,715 0.00%

4,200 Yellow Hat Ltd 87,770 0.02%

7,100 Yoshinoya Holdings Co Ltd 102,350 0.02%

12,700 Zensho Holdings Co Ltd 269,349 0.05%

Semiconductors

21,200 Advantest Corp 379,306 0.07%

800 Enplas Corp 17,407 0.00%

6,600 Japan Material Co Ltd 56,254 0.01%

4,200 Lasertec Corp 93,831 0.02%

1,400 Megachips Corp 25,997 0.00%

4,000 Micronics Japan Co Ltd 22,134 0.00%

3,300 Mimasu Semiconductor Industry Co Ltd 34,336 0.01%

1,600 Nippon Chemi-Con Corp 24,494 0.00%

1,300 RS Technologies Co Ltd 29,603 0.01%

3,400 Sanken Electric Co Ltd 55,654 0.01%

1,200 Shindengen Electric Manufacturing Co Ltd 36,358 0.01%

3,700 Shinko Electric Industries Co Ltd 20,650 0.00%

5,000 Ulvac Inc 127,172 0.02%

3,000 UT Group Co Ltd 44,969 0.01%

500 V Technology Co Ltd 49,593 0.01%

Shipbuilding

9,200 Mitsui E&S Holdings Co Ltd 75,554 0.01%

7,100 Namura Shipbuilding Co Ltd 26,663 0.00%

Software

400 Akatsuki Inc 16,106 0.00%

11,000 Broadleaf Co Ltd 46,747 0.01%

10,600 Capcom Co Ltd 183,568 0.03%

5,200 COLOPL Inc 31,261 0.01%

4,400 Computer Engineering & Consulting Ltd 64,060 0.01%

2,000 Comture Corp 37,793 0.01%

1,200 FFRI Inc 26,216 0.00%

3,100 Fuji Soft Inc 103,069 0.02%

800 Fukui Computer Holdings Inc 8,802 0.00%

11,900 Gree Inc 41,273 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

289

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Software (continued)

35,900 GungHo Online Entertainment Inc 57,247 0.01%

3,400 Justsystems Corp 57,227 0.01%

4,000 KLab Inc 26,503 0.00%

5,944 Koei Tecmo Holdings Co Ltd 86,065 0.02%

4,800 Marvelous Inc 30,043 0.01%

2,000 Miroku Jyoho Service Co Ltd 39,467 0.01%

5,400 Mixi Inc 99,113 0.02%

8,500 Nihon Unisys Ltd 166,109 0.03%

3,740 NSD Co Ltd 63,277 0.01%

2,600 OBIC Business Consultants Co Ltd 89,555 0.02%

800 PKSHA Technology Inc 45,096 0.01%

3,100 Rakus Co Ltd 42,043 0.01%

7,700 Remixpoint Inc 24,619 0.00%

19,800 Sourcenext Corp 85,881 0.02%

10,000 Square Enix Holdings Co Ltd 238,158 0.04%

6,800 Systena Corp 69,073 0.01%

8,300 TIS Inc 286,217 0.05%

3,200 Transcosmos Inc 58,861 0.01%

5,100 Zenrin Co Ltd 94,664 0.02%

Storage/Warehousing

3,800 Mitsui-Soko Holdings Co Ltd 57,445 0.01%

4,000 Sumitomo Warehouse Co Ltd/The 43,215 0.01%

Telecommunications

1,000 CONEXIO Corp 10,955 0.00%

2,000 Denki Kogyo Co Ltd 37,904 0.01%

3,400 MTI Ltd 16,889 0.00%

16,000 Nisshinbo Holdings Inc 106,011 0.02%

10,700 Oki Electric Industry Co Ltd 110,821 0.02%

2,900 T-Gaia Corp 48,025 0.01%

1,300 Vision Inc/Tokyo Japan 39,439 0.01%

Textiles

2,400 Kurabo Industries Ltd 47,475 0.01%

2,500 Maeda Kosen Co Ltd 52,663 0.01%

1,800 Nitto Boseki Co Ltd 25,761 0.00%

6,100 Seiren Co Ltd 87,059 0.02%

2,300 Tokai Corp 51,145 0.01%

10,400 Toyobo Co Ltd 124,298 0.02%

Toys/Games/Hobbies

4,500 Sanrio Co Ltd 77,140 0.01%

11,000 Tomy Co Ltd 96,475 0.02%

Transportation

2,100 Fuji Kyuko Co Ltd 54,249 0.01%

4,000 Fukuyama Transporting Co Ltd 134,906 0.02%

1,900 Hamakyorex Co Ltd 57,490 0.01%

4,600 Hitachi Transport System Ltd 114,431 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

290

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.24% (2017 - 12.60%) (continued)

Transportation (continued)

5,000 Iino Kaiun Kaisha Ltd 15,986 0.00%

11,300 Kawasaki Kisen Kaisha Ltd 122,081 0.02%

2,000 Kintetsu World Express Inc 25,865 0.00%

2,900 Konoike Transport Co Ltd 37,065 0.01%

1,400 Maruwa Unyu Kikan Co Ltd 30,217 0.01%

10,500 Mie Kotsu Group Holdings Inc 50,231 0.01%

9,400 Mitsubishi Logistics Corp 187,144 0.03%

11,600 Nankai Electric Railway Co Ltd 268,587 0.05%

6,400 Nikkon Holdings Co Ltd 134,051 0.02%

8,000 Nishi-Nippon Railroad Co Ltd 176,366 0.03%

1,000 NS United Kaiun Kaisha Ltd 23,577 0.00%

1,100 Sakai Moving Service Co Ltd 52,272 0.01%

6,000 Sankyu Inc 237,999 0.04%

17,000 Seino Holdings Co Ltd 195,454 0.03%

15,000 Senko Group Holdings Co Ltd 99,625 0.02%

8,600 Sotetsu Holdings Inc 224,221 0.04%

1,000 Tonami Holdings Co Ltd 44,650 0.01%

400 Trancom Co Ltd 17,987 0.00%

Equities - NOK - 0.84% (2017 - 0.69%)

Aerospace/Defense

9,262 Kongsberg Gruppen ASA 110,036 0.02%

Airlines

4,029 Norwegian Air Shuttle ASA 70,598 0.01%

Auto Parts & Equipment

45,482 Kongsberg Automotive ASA 35,150 0.01%

Banks

11,915 Norwegian Finans Holding ASA 80,648 0.01%

7,106 Sbanken ASA 53,840 0.01%

14,580 SpareBank 1 Nord Norge 92,500 0.02%

3,985 Sparebank 1 Oestlandet 33,414 0.01%

16,804 SpareBank 1 SMN 142,938 0.03%

20,470 SpareBank 1 SR-Bank ASA 184,461 0.03%

Chemicals

13,477 Borregaard ASA 101,840 0.02%

Computers

18,383 Evry AS 58,406 0.01%

Diversified Financial Services

15,036 Axactor SE 28,329 0.00%

Energy-Alternate Sources

182,386 NEL ASA 85,014 0.01%

6,882 Scatec Solar ASA 51,309 0.01%

Engineering & Construction

12,225 Veidekke ASA 119,673 0.02%

Environmental Control

12,694 Tomra Systems ASA 249,810 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

291

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - NOK - 0.84% (2017 - 0.69%) (continued)

Food

14,161 Austevoll Seafood ASA 152,787 0.03%

5,187 Bakkafrost P/F 221,761 0.04%

5,347 Grieg Seafood ASA 55,260 0.01%

34,000 Leroy Seafood Group ASA 226,491 0.04%

1,501 Norway Royal Salmon ASA 27,143 0.00%

5,700 Salmar ASA 246,457 0.04%

Healthcare-Products

4,174 Nordic Nanovector ASA 21,505 0.00%

Holding Companies - Diversified

20,786 B2Holding ASA 25,828 0.00%

Insurance

9,846 Protector Forsikring ASA 47,546 0.01%

59,032 Storebrand ASA 367,597 0.06%

Internet

10,342 Atea ASA 115,971 0.02%

3,484 Gaming Innovation Group Inc 8,060 0.00%

Investment Companies

3,396 Aker ASA 158,501 0.03%

Mining

29,911 Elkem ASA 67,067 0.01%

Oil & Gas

41,496 Borr Drilling Ltd 89,710 0.02%

82,380 DNO ASA 104,445 0.02%

7,778 Northern Drilling Ltd 39,917 0.01%

16,472 Odfjell Drilling Ltd 34,446 0.01%

Oil & Gas Services

29,136 Akastor ASA 38,441 0.01%

12,784 Aker Solutions ASA 51,220 0.01%

33,015 Petroleum Geo-Services ASA 39,390 0.01%

32,310 Subsea 7 SA 275,096 0.05%

13,241 TGS Nopec Geophysical Co ASA 279,302 0.05%

Real Estate

14,923 Entra ASA 173,672 0.03%

25,100 Norwegian Property ASA 26,878 0.00%

Retail

27,615 Europris ASA 64,583 0.01%

8,844 XXL ASA 23,319 0.00%

Semiconductors

9,337 Nordic Semiconductor ASA 27,260 0.00%

Transportation

6,900 BW LPG Ltd 18,186 0.00%

10,416 BW Offshore Ltd 33,304 0.01%

39,509 FLEX LNG Ltd 49,293 0.01%

8,077 Frontline Ltd/Bermuda 39,819 0.01%

13,240 Golden Ocean Group Ltd 70,021 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

292

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - NOK - 0.84% (2017 - 0.69%) (continued)

Transportation (continued)

6,009 Hoegh LNG Holdings Ltd 23,159 0.00%

6,324 Ocean Yield ASA 37,821 0.01%

1,941 Stolt-Nielsen Ltd 20,001 0.00%

9,900 Wallenius Wilhelmsen Logistics 29,704 0.01%

Equities - NZD - 0.41% (2017 - 0.39%)

Airlines

79,834 Air New Zealand Ltd 145,170 0.03%

Electric

82,318 Contact Energy Ltd 284,888 0.05%

45,604 Genesis Energy Ltd 69,819 0.01%

63,463 Infratil Ltd 135,876 0.02%

65,792 Mercury NZ Ltd 140,669 0.02%

Food

10,373 Synlait Milk Ltd 54,761 0.01%

Healthcare-Services

31,195 Metlifecare Ltd 98,628 0.02%

25,890 Summerset Group Holdings Ltd 96,739 0.02%

Internet

49,292 Trade Me Group Ltd 183,602 0.03%

Lodging

71,269 SKYCITY Entertainment Group Ltd 148,408 0.03%

Media

34,641 SKY Network Television Ltd 37,592 0.01%

Oil & Gas

48,031 New Zealand Refining Co Ltd/The 66,209 0.01%

48,166 Z Energy Ltd 155,110 0.03%

Real Estate

75,281 Argosy Property Ltd 52,990 0.01%

REITS

131,692 Goodman Property Trust 118,189 0.02%

195,061 Kiwi Property Group Ltd 156,182 0.03%

95,687 Precinct Properties New Zealand Ltd 83,070 0.01%

Retail

14,348 Restaurant Brands New Zealand Ltd 70,276 0.01%

Software

24,967 Pushpay Holdings Ltd 46,132 0.01%

Telecommunications

36,757 Chorus Ltd 104,571 0.02%

Trucking & Leasing

16,712 Tourism Holdings Ltd 50,485 0.01%

Equities - SEK - 2.09% (2017 - 2.04%)

Aerospace/Defense

7,708 Saab AB 234,091 0.04%

Airlines

24,591 SAS AB 50,468 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

293

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - SEK - 2.09% (2017 - 2.04%) (continued)

Apparel

15,505 New Wave Group AB 72,515 0.01%

Auto Parts & Equipment

6,812 Haldex AB 46,377 0.01%

7,984 Mekonomen AB 72,080 0.01%

Biotechnology

659 Probi AB 23,408 0.00%

19,680 Swedish Orphan Biovitrum AB 374,764 0.07%

8,335 Vitrolife AB 120,892 0.02%

Building Materials

3,264 Alimak Group AB 35,426 0.01%

10,317 Inwido AB 56,598 0.01%

7,964 Munters Group AB 26,717 0.00%

34,949 Nibe Industrier AB 313,523 0.06%

Commercial Services

15,638 AcadeMedia AB 60,639 0.01%

26,957 Bravida Holding AB 163,045 0.03%

8,047 Loomis AB 227,078 0.04%

Computers

4,760 Tobii AB 12,718 0.00%

Cosmetics/Personal Care

4,644 Oriflame Holding AG 90,772 0.02%

68,648 Svenska Cellulosa AB SCA 465,464 0.08%

Distribution/Wholesale

32,707 Ahlsell AB 168,133 0.03%

3,447 Bufab AB 29,147 0.01%

Diversified Financial Services

2,949 Avanza Bank Holding AB 123,255 0.02%

5,440 Collector AB 26,569 0.00%

10,196 Hoist Finance AB 43,410 0.01%

8,387 Intrum AB 170,222 0.03%

7,884 Resurs Holding AB 42,551 0.01%

Electronics

9,526 Mycronic AB 111,003 0.02%

Engineering & Construction

8,102 AF AB 128,225 0.02%

6,116 JM AB 104,397 0.02%

8,225 NCC AB 111,830 0.02%

26,577 Peab AB 189,854 0.03%

Entertainment

10,060 Betsson AB 72,460 0.01%

6,490 Cherry AB 55,455 0.01%

2,035 Evolution Gaming Group AB 102,302 0.02%

3,300 Kambi Group PLC 61,865 0.01%

30,242 Kindred Group PLC 243,487 0.04%

7,426 LeoVegas AB 29,132 0.01%

3,505 SkiStar AB 71,587 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

294

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - SEK - 2.09% (2017 - 2.04%) (continued)

Environmental Control

7,088 Sweco AB 137,703 0.02%

Food

21,029 AAK AB 254,588 0.04%

13,552 Axfood AB 202,845 0.04%

32,283 Cloetta AB 77,403 0.01%

11,516 Scandi Standard AB 70,334 0.01%

Forest Products & Paper

22,120 BillerudKorsnas AB 230,257 0.04%

12,754 Holmen AB 220,146 0.04%

Healthcare-Products

20,282 Arjo AB 56,733 0.01%

6,818 Biotage AB 73,326 0.01%

3,498 Cellavision AB 66,094 0.01%

43,402 Elekta AB 451,148 0.08%

28,961 Getinge AB 228,316 0.04%

3,203 RaySearch Laboratories AB 30,497 0.01%

Healthcare-Services

17,939 Attendo AB 139,299 0.02%

2,425 Hansa Medical AB 66,230 0.01%

2,095 Humana AB 12,403 0.00%

Holding Companies - Diversified

2,567 Volati AB 8,358 0.00%

Home Builders

8,225 Bonava AB 92,678 0.02%

Home Furnishings

14,350 Nobia AB 69,718 0.01%

Internet

3,186 Catena Media PLC 30,854 0.01%

Investment Companies

1,888 Investment AB Oresund 24,105 0.00%

Iron/Steel

94,775 SSAB AB 250,076 0.04%

Leisure Time

33,727 Dometic Group AB 183,027 0.03%

12,661 Thule Group AB 202,501 0.04%

Lodging

10,516 Scandic Hotels Group AB 81,036 0.01%

Media

1,322 Elanders AB 11,374 0.00%

6,773 Modern Times Group MTG AB 195,805 0.03%

4,841 Storytel AB 43,084 0.01%

Metal Fabricate/Hardware

8,540 Granges AB 67,831 0.01%

3,256 Lindab International AB 20,400 0.00%

2,249 Troax Group AB 56,474 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

295

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - SEK - 2.09% (2017 - 2.04%) (continued)

Miscellaneous Manufacturing

32,489 Hexpol AB 224,553 0.04%

10,668 Indutrade AB 216,412 0.04%

1,733 Nolato AB 62,668 0.01%

28,920 Trelleborg AB 397,631 0.07%

Pharmaceuticals

1,078 BioGaia AB 33,771 0.01%

1,889 Camurus AB 12,469 0.00%

23,000 Karo Pharma AB 84,080 0.01%

4,630 Oncopeptides AB 60,028 0.01%

6,112 Recipharm AB 68,266 0.01%

Private Equity

8,724 Bure Equity AB 93,308 0.02%

25,957 Ratos AB 59,623 0.01%

Real Estate

32,782 Castellum AB 528,360 0.09%

4,985 D Carnegie & Co AB 72,795 0.01%

10,000 Dios Fastigheter AB 55,599 0.01%

29,122 Fabege AB 339,521 0.06%

12,146 Fastighets AB Balder 302,001 0.05%

16,563 Hemfosa Fastigheter AB 114,233 0.02%

12,620 Hufvudstaden AB 170,466 0.03%

44,250 Klovern AB 44,883 0.01%

20,419 Kungsleden AB 126,724 0.02%

16,563 Nyfosa AB 69,872 0.01%

6,645 Pandox AB 96,118 0.02%

14,268 Victoria Park AB 50,962 0.01%

21,073 Wallenstam AB 170,912 0.03%

17,948 Wihlborgs Fastigheter AB 181,339 0.03%

Retail

10,009 Bilia AB 81,820 0.01%

8,205 Clas Ohlson AB 62,620 0.01%

11,779 Dustin Group AB 85,190 0.01%

Software

11,745 Fortnox AB 77,411 0.01%

25,007 NetEnt AB 90,183 0.02%

2,247 Paradox Interactive AB 29,753 0.01%

3,092 Stillfront Group AB 40,027 0.01%

Telecommunications

22,122 Eltel AB 27,939 0.00%

Transportation

9,823 Nobina AB 58,056 0.01%

Equities - SGD - 0.63% (2017 - 0.66%)

Agriculture

51,500 First Resources Ltd 50,901 0.01%

25,000 Japfa Ltd 11,713 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

296

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - SGD - 0.63% (2017 - 0.66%) (continued)

Commercial Services

75,316 Ezion Holdings Ltd – 0.00%

33,900 SIA Engineering Co Ltd 49,389 0.01%

Distribution/Wholesale

27,700 China Aviation Oil Singapore Corp Ltd 18,845 0.00%

Electronics

38,000 United Engineers Ltd 61,703 0.01%

Environmental Control

121,940 SIIC Environment Holdings Ltd 21,522 0.00%

Gas

334,700 Keppel Infrastructure Trust 104,183 0.02%

Healthcare-Services

131,280 Raffles Medical Group Ltd 92,681 0.02%

Investment Companies

43,700 Accordia Golf Trust 14,164 0.00%

104,000 Asian Pay Television Trust 8,477 0.00%

Miscellaneous Manufacturing

33,000 Riverstone Holdings Ltd/Singapore 24,145 0.00%

Oil & Gas Services

81,700 Sembcorp Marine Ltd 80,750 0.01%

Real Estate

78,000 Chip Eng Seng Corp Ltd 33,040 0.01%

45,100 GuocoLand Ltd 52,101 0.01%

15,000 OUE Ltd 13,767 0.00%

126,500 RHT Health Trust 59,267 0.01%

29,000 Wing Tai Holdings Ltd 35,922 0.01%

102,200 Yanlord Land Group Ltd 80,022 0.01%

228,000 Yoma Strategic Holdings Ltd 49,752 0.01%

REITS

89,100 Ascendas Hospitality Trust 44,032 0.01%

158,670 Ascott Residence Trust 109,982 0.02%

48,380 Cache Logistics Trust 21,580 0.00%

89,903 CapitaLand Retail China Trust 78,472 0.01%

99,600 CDL Hospitality Trusts 93,328 0.02%

156,241 ESR-REIT 51,141 0.01%

34,000 Far East Hospitality Trust 13,202 0.00%

90,000 First Real Estate Investment Trust 56,896 0.01%

75,300 Frasers Centrepoint Trust 104,871 0.02%

44,592 Frasers Commercial Trust 39,208 0.01%

186,700 Frasers Hospitality Trust 83,877 0.01%

196,940 Frasers Logistics & Industrial Trust 130,188 0.02%

130,075 Keppel DC REIT 112,701 0.02%

190,655 Keppel REIT 139,494 0.02%

100,000 Lippo Malls Indonesia Retail Trust 11,681 0.00%

222,766 Mapletree Commercial Trust 235,903 0.04%

158,761 Mapletree Industrial Trust 194,616 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

297

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - SGD - 0.63% (2017 - 0.66%) (continued)

REITS (continued)

323,733 Mapletree Logistics Trust 261,793 0.05%

234,500 Mapletree North Asia Commercial Trust 171,573 0.03%

102,500 OUE Hospitality Trust 44,076 0.01%

23,000 Parkway Life Real Estate Investment Trust 38,823 0.01%

264,404Sabana Shari'ah Compliant Industrial Real Estate InvestmentTrust 66,181 0.01%

176,600 Soilbuild Business Space REIT 65,739 0.01%

120,800 SPH REIT 77,530 0.01%

222,700 Starhill Global REIT 97,192 0.02%

Retail

27,500 Best World International Ltd 46,418 0.01%

89,900 Sheng Siong Group Ltd 61,160 0.01%

Shipbuilding

36,000 COSCO Shipping International Singapore Co Ltd 7,625 0.00%

Software

104,400 Silverlake Axis Ltd 27,807 0.00%

Telecommunications

43,000 M1 Ltd/Singapore 57,679 0.01%

386,400 NetLink NBN Trust 189,714 0.03%

50,400 StarHub Ltd 56,607 0.01%

Transportation

206,600 Singapore Post Ltd 121,326 0.02%

Equities - USD - 55.97% (2017 - 54.64%)

Advertising

2,564 Clear Channel Outdoor Holdings Inc 11,641 0.00%

3,914 Yext Inc 50,845 0.01%

Aerospace/Defense

5,351 AAR Corp 174,786 0.03%

7,915 Aerojet Rocketdyne Holdings Inc 243,927 0.04%

3,487 Aerovironment Inc 207,271 0.04%

3,728 Astronics Corp 99,302 0.02%

3,136 Cubic Corp 147,425 0.03%

5,138 Curtiss-Wright Corp 458,988 0.08%

2,830 Esterline Technologies Corp 300,664 0.05%

14,183 HEICO Corp 849,810 0.14%

3,196 Kaman Corp 156,816 0.03%

11,200 Kratos Defense & Security Solutions Inc 138,047 0.02%

3,990 Moog Inc 270,433 0.05%

4,292 MSA Safety Inc 353,940 0.06%

357 National Presto Industries Inc 36,514 0.01%

4,186 Teledyne Technologies Inc 758,251 0.13%

7,832 Triumph Group Inc 78,789 0.01%

Agriculture

2,464 Andersons Inc/The 64,426 0.01%

1,849 Phibro Animal Health Corp 52,018 0.01%

3,720 Tejon Ranch Co 53,954 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

298

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Agriculture (continued)

1,899 Turning Point Brands Inc 45,218 0.01%

2,846 Universal Corp/VA 134,812 0.02%

13,504 Vector Group Ltd 114,940 0.02%

Airlines

621 Allegiant Travel Co 54,443 0.01%

2,170 Hawaiian Holdings Inc 50,133 0.01%

2,219 SkyWest Inc 86,322 0.02%

1,600 Spirit Airlines Inc 81,067 0.01%

Apparel

5,548 Carter's Inc 396,123 0.07%

3,542 Columbia Sportswear Co 260,549 0.05%

8,453 Crocs Inc 192,109 0.03%

3,475 Deckers Outdoor Corp 388,948 0.07%

2,026 Oxford Industries Inc 125,904 0.02%

17,033 Skechers U.S.A. Inc 341,062 0.06%

9,921 Steven Madden Ltd 262,616 0.05%

2,038 Unifi Inc 40,719 0.01%

10,859 Wolverine World Wide Inc 302,929 0.05%

Auto Manufacturers

4,885 Navistar International Corp 110,892 0.02%

5,194 REV Group Inc 34,122 0.01%

5,957 Wabash National Corp 68,160 0.01%

Auto Parts & Equipment

12,188 Adient PLC 160,566 0.03%

14,883 Allison Transmission Holdings Inc 571,677 0.10%

6,557 Altra Industrial Motion Corp 144,258 0.03%

12,644 American Axle & Manufacturing Holdings Inc 122,773 0.02%

5,967 Cooper Tire & Rubber Co 168,756 0.03%

2,394 Cooper-Standard Holdings Inc 130,093 0.02%

17,008 Dana Inc 202,790 0.04%

10,000 Delphi Technologies PLC 125,268 0.02%

3,468 Dorman Products Inc 273,096 0.05%

3,900 Douglas Dynamics Inc 122,443 0.02%

11,274 Garrett Motion Inc 121,700 0.02%

4,819 Gentherm Inc 168,537 0.03%

8,361 Meritor Inc 123,680 0.02%

5,781 Modine Manufacturing Co 54,667 0.01%

2,134 Motorcar Parts of America Inc 31,063 0.01%

4,132 Spartan Motors Inc 26,133 0.00%

2,357 Standard Motor Products Inc 99,855 0.02%

2,511 Superior Industries International Inc 10,565 0.00%

6,236 Tenneco Inc 149,415 0.03%

8,035 Titan International Inc 32,754 0.01%

2,788 Tower International Inc 58,045 0.01%

9,000 Veoneer Inc 185,566 0.03%

3,714 Visteon Corp 195,845 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

299

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Banks

1,430 1st Source Corp 50,462 0.01%

1,500 Access National Corp 27,988 0.00%

1,200 Allegiance Bancshares Inc 33,980 0.01%

5,264 Ameris Bancorp 145,835 0.03%

1,322 Arrow Financial Corp 37,030 0.01%

21,471 Associated Banc-Corp 371,702 0.07%

2,300 Atlantic Capital Bancshares Inc 32,936 0.01%

2,630 BancFirst Corp 114,803 0.02%

5,900 Bancorp Inc/The 41,083 0.01%

10,598 BancorpSouth Bank 242,341 0.04%

5,241 Bank of Hawaii Corp 308,642 0.05%

1,730 Bank of Marin Bancorp 62,411 0.01%

14,213 Bank OZK 283,850 0.05%

12,763 BankUnited Inc 334,273 0.06%

4,092 Banner Corp 191,436 0.03%

1,600 Bar Harbor Bankshares 31,394 0.01%

3,533 Blue Hills Bancorp Inc 65,953 0.01%

4,008 BOK Financial Corp 257,102 0.05%

9,347 Boston Private Financial Holdings Inc 86,426 0.02%

3,399 Bridge Bancorp Inc 75,791 0.01%

1,771 Bryn Mawr Bank Corp 53,293 0.01%

3,271 Byline Bancorp Inc 47,671 0.01%

7,861 Cadence BanCorp 115,390 0.02%

1,647 Camden National Corp 51,824 0.01%

2,469 Carolina Financial Corp 63,909 0.01%

2,225 Cass Information Systems Inc 103,002 0.02%

8,793 Cathay General Bancorp 257,910 0.05%

1,641 CBTX Inc 42,204 0.01%

10,135 CenterState Bank Corp 186,538 0.03%

5,241 Central Pacific Financial Corp 111,637 0.02%

9,144 Chemical Financial Corp 292,842 0.05%

1,300 City Holding Co 76,864 0.01%

7,982 Columbia Banking System Inc 253,394 0.04%

11,645 Commerce Bancshares Inc/MO 574,228 0.10%

6,120 Community Bank System Inc 312,117 0.05%

1,030 Community Trust Bancorp Inc 35,689 0.01%

4,541 ConnectOne Bancorp Inc 73,369 0.01%

7,351 Cullen/Frost Bankers Inc 565,496 0.10%

2,941 Customers Bancorp Inc 46,823 0.01%

13,331 CVB Financial Corp 235,915 0.04%

4,470 Eagle Bancorp Inc 190,468 0.03%

3,431 Enterprise Financial Services Corp 112,941 0.02%

2,621 Equity Bancshares Inc 80,821 0.01%

2,733 FB Financial Corp 83,725 0.01%

5,397 FCB Financial Holdings Inc 158,537 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

300

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Banks (continued)

2,631 Fidelity Southern Corp 59,886 0.01%

1,500 Financial Institutions Inc 33,723 0.01%

25,120 First BanCorp/Puerto Rico 188,980 0.03%

3,291 First Bancorp/Southern Pines NC 94,024 0.02%

2,682 First Bancshares Inc/The 70,971 0.01%

4,297 First Busey Corp 92,244 0.02%

741 First Citizens BancShares Inc/NC 244,407 0.04%

13,154 First Commonwealth Financial Corp 139,002 0.02%

2,263 First Community Bancshares Inc/VA 62,318 0.01%

12,264 First Financial Bancorp 254,474 0.04%

5,759 First Financial Bankshares Inc 290,633 0.04%

1,212 First Financial Corp/IN 42,568 0.01%

3,000 First Foundation Inc 33,749 0.01%

13,363 First Hawaiian Inc 263,134 0.05%

38,165 First Horizon National Corp 439,357 0.08%

3,516 First Interstate BancSystem Inc 112,448 0.02%

5,300 First Merchants Corp 158,886 0.03%

1,086 First Mid-Illinois Bancshares Inc 30,324 0.01%

12,066 First Midwest Bancorp Inc/IL 209,095 0.04%

2,250 First of Long Island Corp/The 39,267 0.01%

40,826 FNB Corp/PA 351,422 0.06%

1,300 Franklin Financial Network Inc 29,988 0.01%

19,261 Fulton Financial Corp 260,823 0.05%

3,035 German American Bancorp Inc 73,728 0.01%

9,720 Glacier Bancorp Inc 336,882 0.06%

1,043 Great Southern Bancorp Inc 41,997 0.01%

6,766 Great Western Bancorp Inc 184,960 0.03%

2,400 Green Bancorp Inc 35,985 0.01%

2,600 Guaranty Bancorp 47,194 0.01%

10,375 Hancock Whitney Corp 314,476 0.06%

3,300 Hanmi Financial Corp 56,869 0.01%

1,600 HarborOne Bancorp Inc 22,240 0.00%

3,490 Heartland Financial USA Inc 134,178 0.02%

3,800 Heritage Commerce Corp 37,696 0.01%

4,962 Heritage Financial Corp/WA 129,004 0.02%

19,724 Home BancShares Inc/AR 281,932 0.05%

2,412 HomeStreet Inc 44,794 0.01%

15,716 Hope Bancorp Inc 163,051 0.03%

2,400 Horizon Bancorp Inc/IN 33,130 0.01%

6,504 IBERIABANK Corp 365,724 0.06%

2,300 Independent Bank Corp/MI 42,292 0.01%

2,772 Independent Bank Corp/Rockland MA 170,493 0.03%

2,323 Independent Bank Group Inc 93,009 0.02%

5,826 International Bancshares Corp 175,318 0.03%

12,468 Kearny Financial Corp/MD 139,824 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

301

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Banks (continued)

7,396 Lakeland Bancorp Inc 95,818 0.02%

3,900 Lakeland Financial Corp 137,011 0.02%

5,491 LegacyTexas Financial Group Inc 154,141 0.03%

1,749 Live Oak Bancshares Inc 22,659 0.00%

9,552 MB Financial Inc 331,143 0.06%

1,800 Mercantile Bank Corp 44,498 0.01%

1,200 Midland States Bancorp Inc 23,451 0.00%

3,887 National Bank Holdings Corp 104,966 0.02%

1,395 National Commerce Corp 43,931 0.01%

5,333 NBT Bancorp Inc 161,369 0.03%

1,100 Nicolet Bankshares Inc 46,958 0.01%

6,037 OFG Bancorp 86,926 0.02%

14,792 Old National Bancorp/IN 199,271 0.03%

4,182 Opus Bank 71,666 0.01%

1,514 Origin Bancorp Inc 45,136 0.01%

15,849 PacWest Bancorp 461,405 0.08%

1,679 Park National Corp 124,770 0.02%

1,600 Peapack Gladstone Financial Corp 35,243 0.01%

1,424 Peoples Bancorp Inc/OH 37,495 0.01%

1,500 People's Utah Bancorp 39,562 0.01%

9,610 Pinnacle Financial Partners Inc 387,544 0.07%

12,370 Popular Inc 510,967 0.09%

1,380 Preferred Bank/Los Angeles CA 52,332 0.01%

7,617 Prosperity Bancshares Inc 415,115 0.07%

1,400 QCR Holdings Inc 39,300 0.01%

6,368 Renasant Corp 168,120 0.03%

2,592 Republic Bancorp Inc/KY 87,794 0.02%

4,800 Republic First Bancorp Inc 25,068 0.00%

5,685 S&T Bancorp Inc 188,182 0.03%

3,610 Sandy Spring Bancorp Inc 98,970 0.02%

5,040 Seacoast Banking Corp of Florida 114,719 0.02%

5,400 ServisFirst Bancshares Inc 150,547 0.03%

10,863 Simmons First National Corp 229,300 0.04%

4,710 South State Corp 247,006 0.04%

2,991 Southside Bancshares Inc 83,072 0.01%

3,400 State Bank Financial Corp 64,214 0.01%

2,722 Stock Yards Bancorp Inc 78,101 0.01%

14,531 Synovus Financial Corp 406,637 0.07%

19,599 TCF Financial Corp 334,151 0.06%

6,210 Texas Capital Bancshares Inc 277,539 0.05%

1,800 Tompkins Financial Corp 118,110 0.02%

7,300 Towne Bank/Portsmouth VA 152,941 0.03%

3,751 TriCo Bancshares 110,875 0.02%

4,297 TriState Capital Holdings Inc 73,148 0.01%

2,177 Triumph Bancorp Inc 56,560 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

302

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Banks (continued)

14,800 TrustCo Bank Corp NY 88,814 0.02%

7,234 Trustmark Corp 179,909 0.03%

5,316 UMB Financial Corp 283,529 0.05%

25,894 Umpqua Holdings Corp 360,158 0.06%

7,613 Union Bankshares Corp 188,002 0.03%

12,864 United Bankshares Inc/WV 350,084 0.06%

9,685 United Community Banks Inc/GA 181,814 0.03%

3,763 Univest Corp of Pennsylvania 71,004 0.01%

39,111 Valley National Bancorp 303,815 0.05%

2,104 Veritex Holdings Inc 39,351 0.01%

3,481 Walker & Dunlop Inc 131,700 0.02%

1,871 Washington Trust Bancorp Inc 77,793 0.01%

11,184 Webster Financial Corp 482,228 0.08%

6,519 WesBanco Inc 209,231 0.04%

2,528 Westamerica Bancorporation 123,133 0.02%

12,619 Western Alliance Bancorp 435,922 0.08%

6,900 Wintrust Financial Corp 401,331 0.07%

Beverages

1,098 Boston Beer Co Inc/The 231,328 0.04%

631 Coca-Cola Bottling Co Consolidated 97,911 0.02%

1,635 Farmer Brothers Co 33,368 0.01%

1,300 MGP Ingredients Inc 64,878 0.01%

1,549 National Beverage Corp 97,250 0.02%

6,827 Primo Water Corp 83,669 0.01%

Biotechnology

3,648 Abeona Therapeutics Inc 22,785 0.00%

14,758 ACADIA Pharmaceuticals Inc 208,754 0.04%

5,080 Acceleron Pharma Inc 193,530 0.03%

8,721 Achillion Pharmaceuticals Inc 12,130 0.00%

4,644 Acorda Therapeutics Inc 63,293 0.01%

2,692 Aduro Biotech Inc 6,217 0.00%

8,800 Agenus Inc 18,321 0.00%

500 AgeX Therapeutics Inc 1,308 0.00%

5,234 Alder Biopharmaceuticals Inc 46,930 0.01%

1,777 Allakos Inc 81,253 0.01%

3,053 AMAG Pharmaceuticals Inc 40,568 0.01%

20,494 Amicus Therapeutics Inc 171,747 0.03%

2,057 AnaptysBio Inc 114,785 0.02%

1,789 ANI Pharmaceuticals Inc 70,455 0.01%

2,548 Aptinyx Inc 36,866 0.01%

4,956 Arcus Biosciences Inc 46,692 0.01%

6,152 Arena Pharmaceuticals Inc 209,614 0.04%

15,255 ArQule Inc 36,965 0.01%

7,782 Arrowhead Pharmaceuticals Inc 84,549 0.01%

2,062 Assembly Biosciences Inc 40,802 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

303

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Biotechnology (continued)

3,309 Atara Biotherapeutics Inc 100,560 0.02%

4,726 Audentes Therapeutics Inc 88,141 0.02%

2,113 Avrobio Inc 30,776 0.01%

7,300 BioCryst Pharmaceuticals Inc 51,534 0.01%

3,010 Biohaven Pharmaceutical Holding Co Ltd 97,371 0.02%

2,609 Bio-Rad Laboratories Inc 529,993 0.09%

5,000 BioTime Inc 3,993 0.00%

6,547 Bluebird Bio Inc 568,134 0.10%

4,937 Blueprint Medicines Corp 232,825 0.04%

3,600 Cambrex Corp 118,914 0.02%

3,221 CRISPR Therapeutics AG 80,500 0.01%

6,282 Cymabay Therapeutics Inc 43,248 0.01%

4,943 CytomX Therapeutics Inc 65,293 0.01%

2,476 Deciphera Pharmaceuticals Inc 45,463 0.01%

7,404 Denali Therapeutics Inc 133,812 0.02%

7,934 Dynavax Technologies Corp 63,505 0.01%

4,402 Editas Medicine Inc 87,605 0.02%

4,823 Emergent BioSolutions Inc 250,105 0.04%

4,800 Epizyme Inc 25,865 0.00%

3,128 Esperion Therapeutics Inc 125,870 0.02%

14,904 Exact Sciences Corp 822,676 0.14%

34,677 Exelixis Inc 596,682 0.10%

8,003 Fate Therapeutics Inc 89,821 0.02%

8,694 FibroGen Inc 351,973 0.06%

4,651 Five Prime Therapeutics Inc 37,838 0.01%

13,098 Geron Corp 11,458 0.00%

3,820 GlycoMimetics Inc 31,645 0.01%

14,291 Halozyme Therapeutics Inc 182,896 0.03%

2,574 Homology Medicines Inc 50,347 0.01%

15,767 ImmunoGen Inc 66,204 0.01%

15,612 Immunomedics Inc 194,885 0.03%

9,289 Innoviva Inc 141,795 0.02%

5,810 Inovio Pharmaceuticals Inc 20,330 0.00%

8,861 Insmed Inc 101,698 0.02%

4,500 Intellia Therapeutics Inc 53,733 0.01%

2,671 Intercept Pharmaceuticals Inc 235,498 0.04%

6,671 Intrexon Corp 38,165 0.01%

15,263 Ionis Pharmaceuticals Inc 721,793 0.13%

14,538 Iovance Biotherapeutics Inc 112,550 0.02%

5,686 Karyopharm Therapeutics Inc 46,606 0.01%

7,900 Lexicon Pharmaceuticals Inc 45,887 0.01%

2,415 Ligand Pharmaceuticals Inc 286,678 0.05%

2,568 Loxo Oncology Inc 314,657 0.06%

6,215 MacroGenics Inc 69,046 0.01%

8,532 Medicines Co/The 142,853 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

304

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Biotechnology (continued)

7,835 Myriad Genetics Inc 199,242 0.03%

9,851 NeoGenomics Inc 108,666 0.02%

33,000 Novavax Inc 53,116 0.01%

3,347 Omeros Corp 32,617 0.01%

16,324 Pacific Biosciences of California Inc 105,671 0.02%

16,167 PDL BioPharma Inc 41,013 0.01%

5,676 Prothena Corp PLC 51,142 0.01%

4,580 PTC Therapeutics Inc 137,502 0.02%

3,774 Puma Biotechnology Inc 67,184 0.01%

3,200 Radius Health Inc 46,160 0.01%

3,682 REGENXBIO Inc 135,118 0.02%

4,000 Retrophin Inc 79,185 0.01%

16,712 Rigel Pharmaceuticals Inc 33,624 0.01%

5,677 Sage Therapeutics Inc 475,703 0.08%

12,767 Sangamo Therapeutics Inc 128,212 0.02%

3,223 Solid Biosciences Inc 75,560 0.01%

3,939 Spark Therapeutics Inc 134,866 0.02%

13,382 Spectrum Pharmaceuticals Inc 102,430 0.02%

5,150 Stemline Therapeutics Inc 42,798 0.01%

4,641 Theravance Biopharma Inc 103,891 0.02%

5,344 Ultragenyx Pharmaceutical Inc 203,260 0.04%

4,641 Vericel Corp 70,641 0.01%

7,219 Viking Therapeutics Inc 48,310 0.01%

800 Wave Life Sciences Ltd 29,420 0.01%

17,644 ZIOPHARM Oncology Inc 28,863 0.01%

Building Materials

4,497 AAON Inc 137,921 0.02%

1,470 American Woodmark Corp 71,600 0.01%

3,370 Apogee Enterprises Inc 87,998 0.02%

2,143 Armstrong Flooring Inc 22,196 0.00%

5,132 Armstrong World Industries Inc 261,325 0.05%

4,158 Boise Cascade Co 86,750 0.02%

13,100 Builders FirstSource Inc 125,024 0.02%

3,400 Caesarstone Ltd 40,390 0.01%

4,846 Continental Building Products Inc 107,887 0.02%

12,617 Cree Inc 472,110 0.08%

5,792 Eagle Materials Inc 309,221 0.05%

3,100 Gibraltar Industries Inc 96,513 0.02%

3,576 Griffon Corp 32,690 0.01%

10,242 JELD-WEN Holding Inc 127,314 0.02%

16,275 Louisiana-Pacific Corp 316,346 0.06%

3,248 Masonite International Corp 127,374 0.02%

4,349 NCI Building Systems Inc 27,582 0.00%

2,283 Patrick Industries Inc 59,135 0.01%

5,900 PGT Innovations Inc 81,805 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

305

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Building Materials (continued)

2,138 Quanex Building Products Corp 25,417 0.00%

5,180 Simpson Manufacturing Co Inc 245,281 0.04%

12,572 Summit Materials Inc 136,371 0.02%

6,824 Trex Co Inc 354,348 0.06%

7,049 Universal Forest Products Inc 160,077 0.03%

1,900 US Concrete Inc 58,638 0.01%

11,289 USG Corp 421,282 0.07%

Chemicals

3,913 AdvanSix Inc 83,316 0.01%

1,420 AgroFresh Solutions Inc 4,708 0.00%

3,690 American Vanguard Corp 49,032 0.01%

7,545 Ashland Global Holdings Inc 468,349 0.08%

4,377 Balchem Corp 299,994 0.05%

7,806 Cabot Corp 293,216 0.05%

5,596 Codexis Inc 81,751 0.01%

1,700 CSW Industrials Inc 71,902 0.01%

10,823 Ferro Corp 148,454 0.03%

7,748 GCP Applied Technologies Inc 166,394 0.03%

800 Hawkins Inc 28,658 0.01%

6,335 HB Fuller Co 236,465 0.04%

25,197 Huntsman Corp 425,185 0.07%

4,792 Ingevity Corp 350,822 0.06%

2,168 Innophos Holdings Inc 46,521 0.01%

2,568 Innospec Inc 138,739 0.02%

16,930 Intrepid Potash Inc 38,506 0.01%

2,840 Koppers Holdings Inc 42,334 0.01%

3,940 Kraton Corp 75,274 0.01%

1,866 Kronos Worldwide Inc 18,804 0.00%

2,600 Landec Corp 26,929 0.00%

4,550 Minerals Technologies Inc 204,345 0.04%

1,160 NewMarket Corp 418,164 0.07%

21,206 Olin Corp 373,050 0.07%

10,100 OMNOVA Solutions Inc 64,762 0.01%

28,112 Platform Specialty Products Corp 254,032 0.04%

9,597 PolyOne Corp 240,103 0.04%

4,317 PQ Group Holdings Inc 55,929 0.01%

1,807 Quaker Chemical Corp 280,910 0.05%

6,216 Rayonier Advanced Materials Inc 57,911 0.01%

15,990 RPM International Inc 822,195 0.14%

3,758 Schulman Inc – 0.00%

5,339 Sensient Technologies Corp 260,843 0.05%

2,151 Stepan Co 139,242 0.02%

10,471 Tronox Ltd 71,263 0.01%

13,991 Univar Inc 217,120 0.04%

22,647 Valvoline Inc 383,344 0.07%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

306

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Chemicals (continued)

3,293 Venator Materials PLC 12,070 0.00%

12,451 Versum Materials Inc 301,922 0.05%

7,027 WR Grace & Co 399,005 0.07%

Coal

2,400 Arch Coal Inc 174,234 0.03%

3,139 CONSOL Energy Inc 87,073 0.02%

11,270 Peabody Energy Corp 300,494 0.05%

5,173 SunCoke Energy Inc 38,691 0.01%

4,306 Warrior Met Coal Inc 90,817 0.02%

Commercial Services

8,516 Aaron's Inc 313,255 0.05%

8,198 ABM Industries Inc 230,274 0.04%

6,896 Adtalem Global Education Inc 285,456 0.05%

3,126 Alarm.com Holdings Inc 141,841 0.02%

859 American Public Education Inc 21,386 0.00%

5,888 AMN Healthcare Services Inc 291,838 0.05%

6,362 ASGN Inc 303,310 0.05%

7,699 Avis Budget Group Inc 151,401 0.03%

872 Barrett Business Services Inc 43,671 0.01%

16,420 Booz Allen Hamilton Holding Corp 647,377 0.11%

6,147 Bright Horizons Family Solutions Inc 599,294 0.11%

4,492 BrightView Holdings Inc 40,120 0.01%

6,423 Brink's Co/The 363,248 0.06%

1,908 CAI International Inc 38,773 0.01%

5,644 Cardtronics PLC 128,368 0.02%

5,140 Care.com Inc 86,824 0.02%

7,962 Career Education Corp 79,540 0.01%

4,218 Carriage Services Inc 57,192 0.01%

4,100 CBIZ Inc 70,656 0.01%

2,672 Cimpress NV 241,734 0.04%

19,034 Civeo Corp 23,810 0.00%

10,426 CoreLogic Inc/United States 304,804 0.05%

1,327 CorVel Corp 71,646 0.01%

5,737 Cross Country Healthcare Inc 36,786 0.01%

5,324 Deluxe Corp 179,027 0.03%

2,237 Emerald Expositions Events Inc 24,148 0.00%

2,011 Ennis Inc 33,864 0.01%

6,252 Euronet Worldwide Inc 559,926 0.10%

8,277 Everi Holdings Inc 37,289 0.01%

6,787 EVERTEC Inc 170,395 0.03%

2,341 Forrester Research Inc 91,539 0.02%

4,361 FTI Consulting Inc 254,225 0.04%

516 Graham Holdings Co 289,148 0.05%

5,717 Grand Canyon Education Inc 480,805 0.08%

8,100 Great Lakes Dredge & Dock Corp 46,907 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

307

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Commercial Services (continued)

5,783 Green Dot Corp 402,278 0.07%

1,716 Hackett Group Inc/The 24,033 0.00%

9,429 Healthcare Services Group Inc 331,415 0.06%

6,439 HealthEquity Inc 335,989 0.06%

1,971 Heidrick & Struggles International Inc 53,777 0.01%

2,514 Herc Holdings Inc 57,157 0.01%

7,542 Hertz Global Holdings Inc 90,057 0.02%

10,343 HMS Holdings Corp 254,515 0.04%

2,294 Huron Consulting Group Inc 102,966 0.02%

639,200 Hutchison Port Holdings Trust 136,993 0.02%

3,102 ICF International Inc 175,784 0.03%

4,548 Insperity Inc 371,431 0.07%

4,287 K12 Inc 92,967 0.02%

5,300 Kelly Services Inc 94,952 0.02%

2,308 Kforce Inc 62,427 0.01%

6,388 Korn/Ferry International 220,952 0.04%

11,724 Laureate Education Inc 156,299 0.03%

9,160 LiveRamp Holdings Inc 309,540 0.05%

2,758 LSC Communications Inc 16,888 0.00%

10,658 Macquarie Infrastructure Corp 340,862 0.06%

4,451 MarketAxess Holdings Inc 822,762 0.14%

3,964 Matthews International Corp 140,854 0.02%

3,295 McGrath RentCorp 148,385 0.03%

1,509 Medifast Inc 165,031 0.03%

6,118 MoneyGram International Inc 10,704 0.00%

3,626 Monro Inc 218,071 0.04%

2,725 Morningstar Inc 261,833 0.05%

1,000 National Research Corp 33,364 0.01%

4,646 Navigant Consulting Inc 97,744 0.02%

6,600 Net 1 UEPS Technologies Inc 27,078 0.00%

3,615 Nutrisystem Inc 138,762 0.02%

3,651 Paylocity Holding Corp 192,299 0.03%

4,368 Quad/Graphics Inc 47,075 0.01%

18,620 Quanta Services Inc 490,279 0.09%

5,563 Rent-A-Center Inc/TX 78,787 0.01%

3,016 Resources Connection Inc 37,464 0.01%

7,354 RR Donnelley & Sons Co 25,475 0.00%

21,474 Service Corp International/US 756,282 0.13%

16,133 ServiceMaster Global Holdings Inc 518,503 0.09%

5,214 Sotheby's 181,257 0.03%

2,083 SP Plus Corp 53,827 0.01%

2,469 Strategic Education Inc 244,967 0.04%

2,517 Team Inc 32,257 0.01%

15,960 Travelport Worldwide Ltd 218,077 0.04%

5,706 TriNet Group Inc 209,392 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

308

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Commercial Services (continued)

4,195 TrueBlue Inc 81,650 0.01%

1,762 Viad Corp 77,206 0.01%

4,889 Weight Watchers International Inc 164,870 0.03%

5,201 WEX Inc 637,232 0.11%

Computers

14,370 3D Systems Corp 127,842 0.02%

3,037 CACI International Inc 382,644 0.07%

4,143 Carbonite Inc 91,547 0.02%

23,347 Conduent Inc 217,101 0.04%

5,321 Cray Inc 100,495 0.02%

6,431 Diebold Nixdorf Inc 14,008 0.00%

4,911 Electronics For Imaging Inc 106,541 0.02%

1,800 Engility Holdings Inc 44,813 0.01%

6,071 EPAM Systems Inc 616,102 0.11%

4,154 ExlService Holdings Inc 191,212 0.03%

2,399 ForeScout Technologies Inc 54,542 0.01%

3,889 Insight Enterprises Inc 138,632 0.02%

4,913 KEYW Holding Corp/The 28,752 0.01%

3,100 Kornit Digital Ltd 50,765 0.01%

8,435 Lumentum Holdings Inc 309,981 0.05%

7,641 MAXIMUS Inc 435,072 0.08%

5,242 Mercury Systems Inc 216,852 0.04%

2,183 MTS Systems Corp 76,634 0.01%

14,829 NCR Corp 299,395 0.05%

10,122 NetScout Systems Inc 209,231 0.04%

14,641 Nutanix Inc 532,668 0.09%

3,100 OneSpan Inc 35,118 0.01%

18,633 Perspecta Inc 280,681 0.05%

2,455 PlayAGS Inc 49,394 0.01%

3,394 Presidio Inc 38,745 0.01%

19,718 Pure Storage Inc 277,361 0.05%

3,838 Qualys Inc 250,931 0.04%

4,784 Science Applications International Corp 266,580 0.05%

5,385 Sykes Enterprises Inc 116,495 0.02%

15,026 Teradata Corp 504,218 0.09%

1,840 TTEC Holdings Inc 45,986 0.01%

7,163 Unisys Corp 72,874 0.01%

3,526 Varonis Systems Inc 163,168 0.03%

3,000 Virtusa Corp 111,770 0.02%

4,163 Vocera Communications Inc 143,301 0.03%

Cosmetics/Personal Care

42,170 Avon Products Inc 56,072 0.01%

5,843 Edgewell Personal Care Co 190,908 0.03%

1,200 elf Beauty Inc 9,091 0.00%

1,571 Inter Parfums Inc 90,111 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

309

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Distribution/Wholesale

3,881 Anixter International Inc 184,383 0.03%

4,768 Core-Mark Holding Co Inc 96,974 0.02%

4,482 Essendant Inc 49,323 0.01%

6,495 Fossil Group Inc 89,373 0.02%

4,552 G-III Apparel Group Ltd 111,057 0.02%

3,370 H&E Equipment Services Inc 60,198 0.01%

15,917 KAR Auction Services Inc 664,444 0.12%

3,000 Nexeo Solutions Inc 22,543 0.00%

4,712 Pool Corp 612,727 0.11%

3,358 ScanSource Inc 100,991 0.02%

4,974 SiteOne Landscape Supply Inc 240,487 0.04%

1,600 Systemax Inc 33,437 0.01%

989 Titan Machinery Inc 11,377 0.00%

5,971 Triton International Ltd/Bermuda 162,288 0.03%

1,193 Veritiv Corp 26,059 0.00%

3,943 Watsco Inc 479,927 0.08%

6,065 WESCO International Inc 254,665 0.04%

Diversified Financial Services

11,970 Air Lease Corp 316,331 0.06%

5,728 Aircastle Ltd 86,385 0.02%

995 Altisource Portfolio Solutions SA 19,575 0.00%

10,689 Ares Management Corp 166,252 0.03%

3,900 Arlington Asset Investment Corp 24,700 0.00%

5,413 Artisan Partners Asset Management Inc 104,694 0.02%

30,199 BGC Partners Inc 136,578 0.02%

12,438 BrightSphere Investment Group PLC 116,203 0.02%

3,233 Cohen & Steers Inc 97,062 0.02%

3,591 Columbia Financial Inc 48,031 0.01%

2,120 Cowen Inc 24,739 0.00%

1,332 Credit Acceptance Corp 444,827 0.08%

294 Diamond Hill Investment Group Inc 38,436 0.01%

3,912 Ellie Mae Inc 215,012 0.04%

2,285 Encore Capital Group Inc 46,973 0.01%

2,900 Enova International Inc 49,367 0.01%

5,141 Evercore Inc 321,821 0.06%

788 Federal Agricultural Mortgage Corp 41,663 0.01%

12,144 Federated Investors Inc 282,048 0.05%

3,407 GAMCO Investors Inc 50,338 0.01%

4,548 Granite Point Mortgage Trust Inc 71,732 0.01%

3,302 Greenhill & Co Inc 70,480 0.01%

7,377 Hannon Armstrong Sustainable Infrastructure Capital Inc 122,934 0.02%

7,892 Hilltop Holdings Inc 123,094 0.02%

3,764 Houlihan Lokey Inc 121,170 0.02%

8,946 Interactive Brokers Group Inc 427,677 0.08%

2,620 INTL. FCStone Inc 83,838 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

310

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Diversified Financial Services (continued)

2,596 Investment Technology Group Inc 68,673 0.01%

22,586 Janus Henderson Group PLC 409,379 0.07%

9,993 Ladder Capital Corp 135,233 0.02%

19,706 Ladenburg Thalmann Financial Services Inc 40,165 0.01%

11,518 Legg Mason Inc 257,030 0.05%

40,409 LendingClub Corp 92,967 0.02%

1,017 LendingTree Inc 195,340 0.03%

10,815 LPL Financial Holdings Inc 577,860 0.10%

4,923 Moelis & Co 148,058 0.03%

8,843 Mr Cooper Group Inc 90,275 0.02%

27,973 Navient Corp 215,582 0.04%

2,663 Nelnet Inc 121,928 0.02%

8,800 Ocwen Financial Corp 10,315 0.00%

6,949 On Deck Capital Inc 35,865 0.01%

10,441 OneMain Holdings Inc 221,854 0.04%

2,179 Piper Jaffray Cos 125,500 0.02%

1,900 PJT Partners Inc 64,422 0.01%

4,747 PRA Group Inc 101,198 0.02%

8,995 R1 RCM Inc 62,555 0.01%

52,777 SLM Corp 383,656 0.07%

8,345 Stifel Financial Corp 302,366 0.05%

1,490 TPG RE Finance Trust Inc 23,826 0.00%

5,022 Virtu Financial Inc 113,167 0.02%

1,089 Virtus Investment Partners Inc 75,667 0.01%

9,938 Waddell & Reed Financial Inc 157,179 0.03%

4,510 WageWorks Inc 107,153 0.02%

1,739 Westwood Holdings Group Inc 51,722 0.01%

14,548 WisdomTree Investments Inc 84,629 0.01%

568 World Acceptance Corp 50,810 0.01%

Electric

6,256 ALLETE Inc 417,121 0.07%

8,402 Avista Corp 312,222 0.05%

6,937 Black Hills Corp 380,969 0.07%

11,774 Clearway Energy Inc 176,526 0.03%

5,539 El Paso Electric Co 242,899 0.04%

13,563 Hawaiian Electric Industries Inc 434,481 0.08%

5,759 IDACORP Inc 468,821 0.08%

22,368 MDU Resources Group Inc 466,477 0.08%

4,012 MGE Energy Inc 210,436 0.04%

6,006 NorthWestern Corp 312,292 0.05%

4,664 Ormat Technologies Inc 213,382 0.04%

4,052 Otter Tail Corp 175,954 0.03%

10,254 PNM Resources Inc 368,575 0.06%

10,199 Portland General Electric Co 409,066 0.07%

2,413 Unitil Corp 106,893 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

311

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Electrical Components & Equipment

5,151 Belden Inc 188,214 0.03%

1,785 Encore Wire Corp 78,355 0.01%

7,207 Energizer Holdings Inc 284,649 0.05%

4,634 EnerSys 314,609 0.06%

7,510 Generac Holdings Inc 326,507 0.06%

6,705 Hubbell Inc 582,666 0.10%

2,795 Insteel Industries Inc 59,365 0.01%

3,092 Littelfuse Inc 463,820 0.08%

4,740 NLight Inc 73,724 0.01%

3,574 Novanta Inc 196,966 0.03%

1,100 Powell Industries Inc 24,066 0.00%

6,018 SPX Corp 147,456 0.03%

9,480 SunPower Corp 41,216 0.01%

5,032 Universal Display Corp 411,883 0.07%

1,513 Vicor Corp 50,016 0.01%

Electronics

1,700 Applied Optoelectronics Inc 22,946 0.00%

14,030 Avnet Inc 443,059 0.08%

4,235 AVX Corp 56,496 0.01%

3,864 Badger Meter Inc 166,336 0.03%

6,102 Benchmark Electronics Inc 113,056 0.02%

5,555 Brady Corp 211,189 0.04%

3,074 Coherent Inc 284,261 0.05%

2,927 Control4 Corp 45,064 0.01%

2,643 CTS Corp 59,859 0.01%

3,696 Electro Scientific Industries Inc 96,866 0.02%

2,751 ESCO Technologies Inc 158,709 0.03%

2,377 FARO Technologies Inc 84,504 0.01%

23,863 Fitbit Inc 103,748 0.02%

32,092 Gentex Corp 567,362 0.10%

9,500 GoPro Inc 35,236 0.01%

7,903 II-VI Inc 224,407 0.04%

3,918 Itron Inc 162,080 0.03%

16,865 Jabil Inc 365,729 0.06%

6,148 KEMET Corp 94,332 0.02%

3,834 Kimball Electronics Inc 51,952 0.01%

12,228 Knowles Corp 142,374 0.02%

400 Mesa Laboratories Inc 72,918 0.01%

3,700 Methode Electronics Inc 75,382 0.01%

14,198 National Instruments Corp 563,623 0.10%

826 NVE Corp 63,253 0.01%

5,839 Orbotech Ltd 288,796 0.05%

1,842 OSI Systems Inc 118,111 0.02%

1,279 Park Electrochemical Corp 20,217 0.00%

13,306 PerkinElmer Inc 914,304 0.16%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

312

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Electronics (continued)

4,203 Plexus Corp 187,805 0.03%

15,000 Resideo Technologies Inc 269,650 0.05%

2,380 Rogers Corp 206,240 0.04%

9,281 Sanmina Corp 195,338 0.03%

2,900 Stoneridge Inc 62,533 0.01%

5,489 SYNNEX Corp 388,165 0.07%

4,620 Tech Data Corp 330,632 0.06%

10,142 TTM Technologies Inc 86,324 0.02%

16,823 Vishay Intertechnology Inc 265,042 0.05%

3,133 Watts Water Technologies Inc 176,856 0.03%

6,832 Woodward Inc 443,992 0.08%

Energy-Alternate Sources

25,379 Clean Energy Fuels Corp 38,186 0.01%

9,747 First Solar Inc 361,990 0.06%

4,362 FutureFuel Corp 60,518 0.01%

3,200 Green Plains Inc 36,699 0.01%

6,437 NextEra Energy Partners LP 242,412 0.04%

12,133 Pattern Energy Group Inc 197,626 0.03%

17,975 Plug Power Inc 19,498 0.00%

5,148 Renewable Energy Group Inc 115,736 0.02%

750 REX American Resources Corp 44,686 0.01%

4,927 SolarEdge Technologies Inc 151,282 0.03%

12,315 Sunrun Inc 117,316 0.02%

6,381 TerraForm Power Inc 62,629 0.01%

2,702 TPI Composites Inc 58,098 0.01%

Engineering & Construction

19,958 AECOM 462,658 0.08%

5,639 Aegion Corp 80,504 0.01%

5,036 Arcosa Inc 121,985 0.02%

1,890 Argan Inc 62,562 0.01%

4,389 Comfort Systems USA Inc 167,705 0.03%

3,517 Dycom Industries Inc 166,259 0.03%

7,173 EMCOR Group Inc 374,541 0.07%

6,140 Exponent Inc 272,370 0.05%

9,170 frontdoor Inc 213,457 0.04%

5,714 Granite Construction Inc 201,338 0.04%

17,902 KBR Inc 237,722 0.04%

8,373 MasTec Inc 297,082 0.05%

5,000 Mistras Group Inc 62,896 0.01%

1,645 MYR Group Inc 40,537 0.01%

1,000 NV5 Global Inc 52,968 0.01%

19,681 nVent Electric PLC 386,682 0.07%

5,985 Primoris Services Corp 100,156 0.02%

3,842 TopBuild Corp 151,240 0.03%

3,807 Tutor Perini Corp 53,184 0.01%

1,690 VSE Corp 44,218 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

313

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Entertainment

5,558 AMC Entertainment Holdings Inc 59,705 0.01%

1,436 Churchill Downs Inc 306,432 0.05%

13,289 Cinemark Holdings Inc 416,171 0.07%

7,670 Dolby Laboratories Inc 414,917 0.07%

5,969 Eldorado Resorts Inc 189,072 0.03%

1,383 Golden Entertainment Inc 19,381 0.00%

6,077 IMAX Corp 99,994 0.02%

2,604 International Speedway Corp 99,909 0.02%

18,154 Lions Gate Entertainment Corp 241,950 0.04%

2,252 Madison Square Garden Co/The 527,368 0.09%

4,901 Marriott Vacations Worldwide Corp 302,296 0.05%

6,509 National CineMedia Inc 36,897 0.01%

14,459 Penn National Gaming Inc 238,169 0.04%

7,456 Red Rock Resorts Inc 132,468 0.02%

5,523 Scientific Games Corp 86,385 0.02%

7,518 SeaWorld Entertainment Inc 145,276 0.03%

8,347 Six Flags Entertainment Corp 406,197 0.07%

966 Speedway Motorsports Inc 13,749 0.00%

Environmental Control

5,966 Advanced Disposal Services Inc 124,941 0.02%

1,700 AquaVenture Holdings Ltd 28,092 0.00%

4,100 Casella Waste Systems Inc 102,182 0.02%

6,275 Clean Harbors Inc 270,893 0.05%

13,971 Covanta Holding Corp 164,012 0.03%

3,800 Energy Recovery Inc 22,372 0.00%

8,292 Evoqua Water Technologies Corp 69,635 0.01%

3,305 Heritage Crystal Clean Inc 66,525 0.01%

10,630 Stericycle Inc 341,175 0.06%

6,890 Tetra Tech Inc 312,028 0.05%

2,533 US Ecology Inc 139,552 0.02%

Food

7,553 B&G Foods Inc 191,014 0.03%

2,000 Calavo Growers Inc 127,647 0.02%

3,176 Cal-Maine Foods Inc 117,522 0.02%

3,368 Chefs' Warehouse Inc/The 94,221 0.02%

18,611 Darling Ingredients Inc 313,236 0.05%

9,310 Dean Foods Co 31,029 0.01%

24,051 Flowers Foods Inc 388,595 0.07%

4,070 Fresh Del Monte Produce Inc 100,651 0.02%

12,652 Hain Celestial Group Inc/The 175,533 0.03%

11,145 Hostess Brands Inc 106,658 0.02%

2,072 Ingles Markets Inc 49,337 0.01%

1,646 J&J Snack Foods Corp 208,192 0.04%

1,240 John B Sanfilippo & Son Inc 60,376 0.01%

2,599 Lancaster Colony Corp 402,099 0.07%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

314

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Food (continued)

12,562 Performance Food Group Co 354,613 0.06%

7,117 Pilgrim's Pride Corp 96,562 0.02%

7,830 Post Holdings Inc 610,495 0.11%

2,648 Sanderson Farms Inc 229,996 0.04%

44 Seaboard Corp 136,178 0.02%

6,559 Simply Good Foods Co/The 108,442 0.02%

5,800 Smart & Final Stores Inc 24,049 0.00%

3,202 SpartanNash Co 48,122 0.01%

15,474 Sprouts Farmers Market Inc 318,238 0.06%

1,384 Tootsie Roll Industries Inc 40,437 0.01%

6,843 TreeHouse Foods Inc 303,555 0.05%

6,078 United Natural Foods Inc 56,306 0.01%

26,062 US Foods Holding Corp 721,342 0.13%

1,939 Weis Markets Inc 81,044 0.01%

Forest Products & Paper

1,861 Clearwater Paper Corp 39,673 0.01%

8,099 Domtar Corp 248,889 0.04%

5,599 Mercer International Inc 51,134 0.01%

1,776 Neenah Inc 91,538 0.02%

4,111 PH Glatfelter Co 35,099 0.01%

4,591 Resolute Forest Products Inc 31,848 0.01%

4,843 Schweitzer-Mauduit International Inc 106,125 0.02%

3,899 Verso Corp 76,401 0.01%

Gas

1,646 Chesapeake Utilities Corp 117,062 0.02%

9,412 National Fuel Gas Co 421,385 0.07%

10,437 New Jersey Resources Corp 416,969 0.07%

3,005 Northwest Natural Holding Co 158,931 0.03%

6,330 ONE Gas Inc 440,772 0.08%

11,189 South Jersey Industries Inc 272,103 0.05%

5,627 Southwest Gas Holdings Inc 376,561 0.07%

6,263 Spire Inc 405,864 0.07%

9,816 Vectren Corp 618,078 0.11%

Hand/Machine Tools

4,602 Franklin Electric Co Inc 172,623 0.03%

9,966 Kennametal Inc 290,136 0.05%

7,901 Lincoln Electric Holdings Inc 544,980 0.10%

8,713 Milacron Holdings Corp 90,625 0.02%

5,447 Regal Beloit Corp 333,782 0.06%

Healthcare-Products

2,080 Accelerate Diagnostics Inc 20,925 0.00%

5,069 Accuray Inc 15,121 0.00%

2,841 AngioDynamics Inc 50,028 0.01%

4,400 AtriCure Inc 117,780 0.02%

148 Atrion Corp 95,945 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

315

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Healthcare-Products (continued)

5,609 Avanos Medical Inc 219,767 0.04%

3,518 AxoGen Inc 62,873 0.01%

4,588 Bio-Techne Corp 580,830 0.10%

4,314 BioTelemetry Inc 225,370 0.04%

12,537 Bruker Corp 326,490 0.06%

4,696 Cantel Medical Corp 305,837 0.05%

3,200 Cardiovascular Systems Inc 79,752 0.01%

3,325 CareDx Inc 73,123 0.01%

19,824 Cerus Corp 87,922 0.02%

2,854 CONMED Corp 160,282 0.03%

3,200 CryoLife Inc 79,444 0.01%

1,649 Cutera Inc 24,551 0.00%

7,315 GenMark Diagnostics Inc 31,099 0.01%

2,733 Genomic Health Inc 153,989 0.03%

4,240 Glaukos Corp 208,337 0.04%

9,060 Globus Medical Inc 343,014 0.06%

6,362 Haemonetics Corp 556,811 0.10%

8,127 Hill-Rom Holdings Inc 629,529 0.11%

1,869 ICU Medical Inc 375,435 0.07%

2,211 Inogen Inc 240,161 0.04%

1,232 Inspire Medical Systems Inc 45,534 0.01%

7,313 Insulet Corp 507,429 0.09%

3,228 Integer Holdings Corp 215,341 0.04%

8,993 Integra LifeSciences Holdings Corp 354,795 0.06%

3,995 Intersect ENT Inc 98,481 0.02%

4,237 Invacare Corp 15,938 0.00%

1,979 iRhythm Technologies Inc 120,282 0.02%

5,418 Lantheus Holdings Inc 74,174 0.01%

1,600 LeMaitre Vascular Inc 33,088 0.01%

6,040 LivaNova PLC 483,295 0.08%

5,591 Luminex Corp 113,028 0.02%

5,950 Masimo Corp 558,852 0.10%

6,125 Meridian Bioscience Inc 93,015 0.02%

6,630 Merit Medical Systems Inc 323,685 0.06%

3,745 Natus Medical Inc 111,483 0.02%

2,884 Nevro Corp 98,114 0.02%

7,044 Novocure Ltd 206,301 0.04%

5,959 NuVasive Inc 258,346 0.05%

8,228 NxStage Medical Inc 205,997 0.04%

45,335 OPKO Health Inc 119,370 0.02%

8,143 OraSure Technologies Inc 83,200 0.01%

2,102 Orthofix Medical Inc 96,518 0.02%

10,684 Patterson Cos Inc 183,744 0.03%

3,739 Penumbra Inc 399,690 0.07%

3,405 Quidel Corp 145,416 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

316

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Healthcare-Products (continued)

4,775 Repligen Corp 220,298 0.04%

4,883 Rockwell Medical Inc 9,654 0.00%

5,184 Sientra Inc 57,638 0.01%

3,523 STAAR Surgical Co 98,341 0.02%

10,282 STERIS PLC 961,056 0.17%

2,268 Surmodics Inc 93,763 0.02%

1,748 Tactile Systems Technology Inc 69,651 0.01%

5,888 Tandem Diabetes Care Inc 195,571 0.03%

32,039 TransEnterix Inc 63,341 0.01%

5,028 Varex Imaging Corp 104,153 0.02%

7,622 ViewRay Inc 40,472 0.01%

8,919 West Pharmaceutical Services Inc 764,842 0.13%

14,424 Wright Medical Group NV 343,456 0.06%

Healthcare-Services

10,783 Acadia Healthcare Co Inc 242,515 0.04%

1,098 Addus HomeCare Corp 65,199 0.01%

3,595 Amedisys Inc 368,290 0.06%

1,400 American Renal Associates Holdings Inc 14,108 0.00%

5,121 Apollo Medical Holdings Inc 88,923 0.02%

19,396 Brookdale Senior Living Inc 113,680 0.02%

2,100 Capital Senior Living Corp 12,492 0.00%

17,985 Catalent Inc 490,550 0.09%

5,740 Charles River Laboratories International Inc 568,301 0.10%

1,923 Chemed Corp 476,532 0.08%

11,651 Community Health Systems Inc 28,741 0.01%

11,706 Encompass Health Corp 631,816 0.11%

5,600 Ensign Group Inc/The 190,022 0.03%

7,920 Invitae Corp 76,626 0.01%

3,444 LHC Group Inc 282,835 0.05%

2,582 Magellan Health Inc 128,496 0.02%

11,843 Mednax Inc 341,879 0.06%

3,331 Medpace Holdings Inc 154,232 0.03%

6,929 Molina Healthcare Inc 704,447 0.12%

5,920 Natera Inc 72,294 0.01%

1,600 National HealthCare Corp 109,802 0.02%

1,482 Providence Service Corp/The 77,811 0.01%

4,687 RadNet Inc 41,698 0.01%

12,485 Select Medical Holdings Corp 167,646 0.03%

2,100 Surgery Partners Inc 17,985 0.00%

7,208 Syneos Health Inc 248,117 0.04%

7,153 Teladoc Inc 310,173 0.05%

12,830 Tenet Healthcare Corp 192,369 0.03%

3,882 Tivity Health Inc 84,252 0.01%

4,009 Triple-S Management Corp 60,986 0.01%

1,260 US Physical Therapy Inc 112,812 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

317

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Home Builders

5,000 Beazer Homes USA Inc 41,464 0.01%

1,096 Cavco Industries Inc 125,002 0.02%

3,866 Century Communities Inc 58,371 0.01%

2,503 Installed Building Products Inc 73,766 0.01%

10,494 KB Home 175,336 0.03%

2,113 LGI Homes Inc 83,585 0.01%

3,122 M/I Homes Inc 57,407 0.01%

4,473 MDC Holdings Inc 109,991 0.02%

5,217 Meritage Homes Corp 167,579 0.03%

2,513 Skyline Champion Corp 32,293 0.01%

14,276 Taylor Morrison Home Corp 198,564 0.03%

6,368 Thor Industries Inc 289,670 0.05%

8,882 Toll Brothers Inc 255,858 0.04%

18,635 TRI Pointe Group Inc 178,175 0.03%

2,190 William Lyon Homes 20,479 0.00%

3,800 Winnebago Industries Inc 80,478 0.01%

Home Furnishings

4,419 Daktronics Inc 28,606 0.01%

5,083 Ethan Allen Interiors Inc 78,214 0.01%

564 Hamilton Beach Brands Holding Co 13,952 0.00%

1,200 Hooker Furniture Corp 27,650 0.00%

3,593 iRobot Corp 263,201 0.05%

3,530 Sleep Number Corp 97,981 0.02%

4,609 Sonos Inc 39,593 0.01%

5,189 Tempur Sealy International Inc 187,923 0.03%

1,800 Universal Electronics Inc 39,806 0.01%

Household Products/Wares

10,831 ACCO Brands Corp 64,238 0.01%

8,072 Central Garden & Pet Co 225,342 0.04%

3,226 Helen of Troy Ltd 370,193 0.06%

3,387 Rosetta Stone Inc 48,591 0.01%

4,576 Spectrum Brands Holdings Inc 169,126 0.03%

1,685 WD-40 Co 270,125 0.05%

Housewares

5,278 Scotts Miracle-Gro Co/The 283,765 0.05%

12,957 Toro Co/The 633,370 0.11%

7,247 Tupperware Brands Corp 200,138 0.04%

Insurance

5,000 Ambac Financial Group Inc 75,406 0.01%

9,625 American Equity Investment Life Holding Co 235,247 0.04%

1,021 American National Insurance Co 113,644 0.02%

2,488 AMERISAFE Inc 123,383 0.02%

4,066 Argo Group International Holdings Ltd 239,197 0.04%

7,485 Aspen Insurance Holdings Ltd 274,938 0.05%

12,936 Assured Guaranty Ltd 433,180 0.08%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

318

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Insurance (continued)

9,550 Axis Capital Holdings Ltd 431,406 0.08%

28,090 Brown & Brown Inc 677,217 0.12%

5,053 Citizens Inc/TX 33,240 0.01%

19,468 CNO Financial Group Inc 253,408 0.04%

2,300 Crawford & Co 17,907 0.00%

3,930 Donegal Group Inc 46,910 0.01%

2,985 eHealth Inc 100,323 0.02%

4,044 Employers Holdings Inc 148,473 0.03%

1,240 Enstar Group Ltd 181,767 0.03%

2,867 Erie Indemnity Co 334,339 0.06%

10,724 Essent Group Ltd 320,646 0.06%

956 FBL Financial Group Inc 54,902 0.01%

15,906 FGL Holdings 92,668 0.02%

13,284 First American Financial Corp 518,740 0.09%

62,436 Genworth Financial Inc 254,518 0.04%

679 Global Indemnity Ltd 21,520 0.00%

2,992 Greenlight Capital Re Ltd 22,561 0.00%

5,257 Hanover Insurance Group Inc/The 536,990 0.09%

1,041 HCI Group Inc 46,270 0.01%

4,600 Heritage Insurance Holdings Inc 59,233 0.01%

4,524 Horace Mann Educators Corp 148,208 0.03%

1,470 Independence Holding Co 45,264 0.01%

3,563 James River Group Holdings Ltd 113,889 0.02%

6,726 Kemper Corp 390,563 0.07%

2,401 Kinsale Capital Group Inc 116,695 0.02%

9,221 Maiden Holdings Ltd 13,309 0.00%

10,594 MBIA Inc 82,665 0.01%

2,600 Mercury General Corp 117,610 0.02%

41,553 MGIC Investment Corp 380,216 0.07%

7,754 National General Holdings Corp 164,217 0.03%

318 National Western Life Group Inc 83,648 0.01%

3,716 Navigators Group Inc/The 225,889 0.04%

8,374 NMI Holdings Inc 130,758 0.02%

34,620 Old Republic International Corp 622,957 0.11%

4,842 Primerica Inc 413,867 0.07%

7,330 ProAssurance Corp 260,075 0.05%

3,800 Protective Insurance Corp 55,347 0.01%

26,484 Radian Group Inc 379,021 0.07%

4,320 RLI Corp 260,715 0.05%

1,481 Safety Insurance Group Inc 105,988 0.02%

6,812 Selective Insurance Group Inc 363,140 0.06%

4,917 State Auto Financial Corp 146,415 0.03%

2,048 Stewart Information Services Corp 74,170 0.01%

11,684 Third Point Reinsurance Ltd 98,529 0.02%

3,691 Trupanion Inc 82,205 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

319

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Insurance (continued)

2,194 United Fire Group Inc 106,423 0.02%

3,447 United Insurance Holdings Corp 50,115 0.01%

3,600 Universal Insurance Holdings Inc 119,417 0.02%

351 White Mountains Insurance Group Ltd 263,351 0.05%

Internet

1,659 1-800-Flowers.com Inc 17,749 0.00%

10,943 8x8 Inc 172,691 0.03%

6,264 ANGI Homeservices Inc 88,057 0.02%

6,069 Blucora Inc 141,432 0.02%

5,217 Boingo Wireless Inc 93,875 0.02%

8,000 Cars.com Inc 150,461 0.03%

5,693 ChannelAdvisor Corp 56,524 0.01%

11,201 Chegg Inc 278,470 0.05%

4,912 Cogent Communications Holdings Inc 194,263 0.03%

3,586 comScore Inc 45,266 0.01%

10,400 Endurance International Group Holdings Inc 60,500 0.01%

1,622 ePlus Inc 100,982 0.02%

12,649 Etsy Inc 526,364 0.09%

22,199 FireEye Inc 314,784 0.06%

62,264 Groupon Inc 174,295 0.03%

2,904 HealthStream Inc 61,349 0.01%

3,863 Imperva Inc 188,191 0.03%

2,400 Lands' End Inc 29,833 0.01%

6,256 Liberty Expedia Holdings Inc 214,033 0.04%

9,518 Limelight Networks Inc 19,483 0.00%

5,714 Mimecast Ltd 168,099 0.03%

9,673 New Media Investment Group Inc 97,902 0.02%

7,652 NIC Inc 83,538 0.01%

2,700 Overstock.com Inc 32,075 0.01%

33,761 Pandora Media Inc 238,924 0.04%

4,400 Perficient Inc 85,679 0.02%

5,933 Proofpoint Inc 434,978 0.08%

4,203 Q2 Holdings Inc 182,180 0.03%

5,479 QuinStreet Inc 77,789 0.01%

11,269 Quotient Technology Inc 105,282 0.02%

4,521 Rapid7 Inc 123,233 0.02%

8,077 RingCentral Inc 582,485 0.10%

3,491 Shutterfly Inc 122,948 0.02%

2,872 Shutterstock Inc 90,470 0.02%

2,133 Stamps.com Inc 290,408 0.04%

3,117 TechTarget Inc 33,293 0.01%

3,794 Trade Desk Inc/The 385,191 0.07%

10,576 TrueCar Inc 83,820 0.01%

800 Tucows Inc 42,031 0.01%

8,806 Twilio Inc 687,903 0.12%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

320

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Internet (continued)

9,081 Yelp Inc 277,955 0.05%

12,351 Zendesk Inc 630,650 0.11%

5,923 Zscaler Inc 203,159 0.04%

Investment Companies

8,420 BBX Capital Corp 42,205 0.01%

Iron/Steel

35,604 AK Steel Holding Corp 70,077 0.01%

15,852 Allegheny Technologies Inc 301,883 0.05%

5,245 Carpenter Technology Corp 163,386 0.03%

34,833 Cleveland-Cliffs Inc 234,323 0.04%

13,564 Commercial Metals Co 190,085 0.03%

9,305 Reliance Steel & Aluminum Co 579,309 0.10%

1,800 Ryerson Holding Corp 9,983 0.00%

3,207 Schnitzer Steel Industries Inc 60,457 0.01%

21,430 United States Steel Corp 341,935 0.06%

Leisure Time

2,400 Acushnet Holdings Corp 44,236 0.01%

10,510 Brunswick Corp/DE 427,056 0.07%

11,900 Callaway Golf Co 159,270 0.03%

3,349 Camping World Holdings Inc 33,603 0.01%

4,461 Fox Factory Holding Corp 229,733 0.04%

2,779 LCI Industries 162,391 0.03%

8,759 Liberty TripAdvisor Holdings Inc 121,752 0.02%

3,450 MasterCraft Boat Holdings Inc 56,436 0.01%

4,600 Nautilus Inc 43,861 0.01%

10,137 Planet Fitness Inc 475,481 0.08%

7,169 Vista Outdoor Inc 71,179 0.01%

Lodging

8,829 Belmond Ltd 193,317 0.03%

11,252 Boyd Gaming Corp 204,537 0.04%

72,650 Caesars Entertainment Corp 431,521 0.08%

4,573 Choice Hotels International Inc 286,345 0.05%

21,411 Extended Stay America Inc 290,312 0.05%

11,894 Hilton Grand Vacations Inc 274,577 0.05%

37,200 Mandarin Oriental International Ltd 64,432 0.01%

2,464 Marcus Corp/The 85,140 0.01%

1,300 Monarch Casino & Resort Inc 43,373 0.01%

7,519 Playa Hotels & Resorts NV 47,292 0.01%

12,265 Wyndham Destinations Inc 384,532 0.07%

12,011 Wyndham Hotels & Resorts Inc 476,700 0.08%

Machinery - Construction & Mining

2,296 Astec Industries Inc 60,636 0.01%

12,217 BWX Technologies Inc 408,569 0.07%

1,257 Hyster-Yale Materials Handling Inc 68,131 0.01%

9,047 Oshkosh Corp 485,213 0.09%

8,512 Terex Corp 205,289 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

321

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Machinery - Diversified

8,415 AGCO Corp 409,800 0.07%

1,392 Alamo Group Inc 94,152 0.02%

3,775 Albany International Corp 206,161 0.04%

4,742 Applied Industrial Technologies Inc 223,753 0.04%

5,101 Briggs & Stratton Corp 58,366 0.01%

4,071 Cactus Inc 97,613 0.02%

3,129 Chart Industries Inc 177,998 0.03%

2,399 Columbus McKinnon Corp/NY 63,251 0.01%

2,685 DXP Enterprises Inc/TX 65,390 0.01%

15,467 Gardner Denver Holdings Inc 276,692 0.05%

5,726 Gates Industrial Corp PLC 66,319 0.01%

3,135 Gorman-Rupp Co/The 88,882 0.02%

20,258 Graco Inc 741,633 0.13%

3,580 GrafTech International Ltd 35,827 0.01%

2,490 Ichor Holdings Ltd 35,505 0.01%

1,505 Kadant Inc 107,245 0.02%

1,162 Lindsay Corp 97,837 0.02%

2,923 Manitowoc Co Inc/The 37,766 0.01%

17,641 Mueller Water Products Inc 140,430 0.02%

1,884 NN Inc 11,059 0.00%

6,186 Nordson Corp 645,846 0.11%

5,179 SPX FLOW Inc 137,817 0.02%

2,081 Tennant Co 94,861 0.02%

14,420 Welbilt Inc 140,145 0.02%

Media

6,177 AMC Networks Inc 296,544 0.05%

503 Cable One Inc 360,854 0.06%

17,496 Entercom Communications Corp 87,392 0.02%

7,250 Entravision Communications Corp 18,456 0.00%

4,300 EW Scripps Co/The 59,169 0.01%

4,471 FactSet Research Systems Inc 782,733 0.14%

11,215 Gannett Co Inc 83,685 0.01%

10,961 Gray Television Inc 141,333 0.02%

1,900 Hemisphere Media Group Inc 20,178 0.00%

16,613 Houghton Mifflin Harcourt Co 128,759 0.02%

5,086 John Wiley & Sons Inc 208,975 0.04%

7,366 Liberty Media Corp-Liberty Braves 160,476 0.03%

10,919 Media General Inc – 0.00%

4,310 Meredith Corp 195,829 0.03%

6,179 MSG Networks Inc 127,347 0.02%

16,208 New York Times Co/The 316,036 0.06%

5,208 Nexstar Media Group Inc 358,271 0.06%

3,384 Scholastic Corp 119,179 0.02%

9,973 Sinclair Broadcast Group Inc 229,794 0.04%

23,479 TEGNA Inc 223,257 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

322

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Media (continued)

10,308 Tribune Media Co 409,200 0.07%

3,879 Tribune Publishing Co 38,480 0.01%

3,302 WideOpenWest Inc 20,595 0.00%

4,342 World Wrestling Entertainment Inc 283,807 0.05%

Metal Fabricate/Hardware

5,875 Advanced Drainage Systems Inc 124,628 0.02%

6,096 Atkore International Group Inc 105,799 0.02%

2,701 CIRCOR International Inc 50,327 0.01%

2,948 Global Brass & Copper Holdings Inc 64,858 0.01%

659 Haynes International Inc 15,219 0.00%

7,489 Mueller Industries Inc 153,036 0.03%

300 Omega Flex Inc 14,190 0.00%

1,893 Park-Ohio Holdings Corp 50,821 0.01%

3,002 RBC Bearings Inc 344,279 0.06%

12,924 Rexnord Corp 259,464 0.05%

3,730 Sun Hydraulics Corp 108,296 0.02%

8,716 Timken Co/The 284,548 0.05%

4,005 TimkenSteel Corp 30,620 0.01%

6,790 TriMas Corp 162,095 0.03%

2,587 Valmont Industries Inc 251,085 0.04%

5,643 Worthington Industries Inc 171,983 0.03%

Mining

22,036 Alcoa Corp 512,371 0.09%

6,153 Century Aluminum Co 39,346 0.01%

31,419 Coeur Mining Inc 122,856 0.02%

4,477 Compass Minerals International Inc 163,274 0.03%

12,782 Constellium NV 78,158 0.01%

2,571 Covia Holdings Corp 7,692 0.00%

50,767 Hecla Mining Co 104,807 0.02%

1,893 Kaiser Aluminum Corp 147,860 0.03%

2,490 Materion Corp 97,997 0.02%

30,207 McEwen Mining Inc 48,092 0.01%

7,943 Royal Gold Inc 595,126 0.10%

758 United States Lime & Minerals Inc 47,079 0.01%

9,075 US Silica Holdings Inc 80,815 0.01%

Miscellaneous Manufacturing

6,889 Actuant Corp 126,493 0.02%

5,321 American Outdoor Brands Corp 59,859 0.01%

7,243 AptarGroup Inc 596,028 0.10%

6,229 Axon Enterprise Inc 238,393 0.04%

2,803 AZZ Inc 98,963 0.02%

5,944 Barnes Group Inc 278,806 0.05%

7,308 Carlisle Cos Inc 642,610 0.11%

800 Chase Corp 70,017 0.01%

11,293 Colfax Corp 206,468 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

323

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Miscellaneous Manufacturing (continued)

5,336 Crane Co 336,922 0.06%

15,052 Donaldson Co Inc 571,322 0.10%

2,941 EnPro Industries Inc 154,620 0.03%

4,125 Fabrinet 185,150 0.03%

7,611 Federal Signal Corp 132,493 0.02%

3,589 GP Strategies Corp 39,590 0.01%

10,404 Harsco Corp 180,749 0.03%

10,858 Hexcel Corp 544,633 0.10%

7,707 Hillenbrand Inc 255,720 0.04%

10,532 ITT Inc 444,718 0.08%

3,672 John Bean Technologies Corp 230,666 0.04%

2,121 Lydall Inc 37,683 0.01%

1,861 Myers Industries Inc 24,598 0.00%

2,885 Proto Labs Inc 284,651 0.05%

3,758 Raven Industries Inc 118,971 0.02%

1,837 Standex International Corp 107,956 0.02%

2,217 Sturm Ruger & Co Inc 103,214 0.02%

1,900 Tredegar Corp 26,361 0.00%

15,110 Trinity Industries Inc 272,156 0.05%

5,526 Trinseo SA 221,301 0.04%

Office Furnishings

7,908 Herman Miller Inc 209,261 0.04%

4,917 HNI Corp 152,394 0.03%

5,724 Interface Inc 71,353 0.01%

3,841 Kimball International Inc 47,679 0.01%

6,141 Knoll Inc 88,531 0.02%

9,127 Steelcase Inc 118,404 0.02%

Office/Business Equipment

27,225 Pitney Bowes Inc 140,751 0.02%

6,509 Zebra Technologies Corp 906,642 0.16%

Oil & Gas

4,568 Berry Petroleum Corp 34,965 0.01%

2,152 Bonanza Creek Energy Inc 38,912 0.01%

4,771 California Resources Corp 71,117 0.01%

26,474 Callon Petroleum Co 150,301 0.03%

11,035 Carrizo Oil & Gas Inc 108,984 0.02%

18,257 Centennial Resource Development Inc/DE 175,998 0.03%

6,670 Chaparral Energy Inc 28,707 0.01%

101,360 Chesapeake Energy Corp 186,201 0.03%

22,001 CNX Resources Corp 219,789 0.04%

4,170 CVR Energy Inc 125,777 0.02%

9,265 Delek US Holdings Inc 263,487 0.05%

49,772 Denbury Resources Inc 74,452 0.01%

10,886 Diamond Offshore Drilling Inc 89,895 0.02%

7,490 Eclipse Resources Corp 6,880 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

324

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Oil & Gas (continued)

48,958 Ensco PLC 152,465 0.03%

33,556 EQT Corp 554,497 0.10%

11,000 Extraction Oil & Gas Inc 41,281 0.01%

68,907 Gran Tierra Energy Inc 130,804 0.02%

22,224 Gulfport Energy Corp 127,339 0.02%

17,473 Halcon Resources Corp 25,984 0.00%

19,230 HighPoint Resources Corp 41,887 0.01%

8,347 Jagged Peak Energy Inc 66,592 0.01%

25,121 Kosmos Energy Ltd 89,439 0.02%

21,632 Laredo Petroleum Inc 68,502 0.01%

12,418 Matador Resources Co 168,702 0.03%

20,319 Murphy Oil Corp 415,747 0.07%

3,830 Murphy USA Inc 256,774 0.05%

43,612 Nabors Industries Ltd 76,301 0.01%

24,881 Newfield Exploration Co 319,079 0.06%

29,448 Noble Corp PLC 67,492 0.01%

22,281 Northern Oil and Gas Inc 44,049 0.01%

31,420 Oasis Petroleum Inc 151,995 0.03%

5,724 Par Pacific Holdings Inc 71,002 0.01%

28,836 Patterson-UTI Energy Inc 261,079 0.05%

13,902 PBF Energy Inc 397,304 0.07%

8,448 PDC Energy Inc 219,930 0.04%

1,191 Penn Virginia Corp 56,323 0.01%

27,751 QEP Resources Inc 136,673 0.02%

29,915 Range Resources Corp 250,437 0.04%

2,992 Resolute Energy Corp 75,850 0.01%

4,200 Ring Energy Inc 18,664 0.00%

14,955 Rowan Cos PLC 109,760 0.02%

3,400 SandRidge Energy Inc 22,634 0.00%

11,651 SM Energy Co 157,772 0.03%

68,502 Southwestern Energy Co 204,340 0.04%

33,908 SRC Energy Inc 139,411 0.02%

2,479 Talos Energy Inc 35,391 0.01%

705 Texas Pacific Land Trust 334,032 0.06%

51,387 Transocean Ltd 311,968 0.05%

24,332 Ultra Petroleum Corp 16,179 0.00%

7,050 Unit Corp 88,067 0.02%

9,244 W&T Offshore Inc 33,316 0.01%

10,132 Whiting Petroleum Corp 201,107 0.04%

2,500 WildHorse Resource Development Corp 30,858 0.01%

50,517 WPX Energy Inc 501,568 0.09%

Oil & Gas Services

9,000 Apergy Corp 213,200 0.04%

18,001 Archrock Inc 117,944 0.02%

2,300 Basic Energy Services Inc 7,726 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

325

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Oil & Gas Services (continued)

7,841 C&J Energy Services Inc 92,598 0.02%

5,471 Core Laboratories NV 285,527 0.05%

2,677 DMC Global Inc 82,243 0.01%

4,594 Dril-Quip Inc 120,682 0.02%

3,120 Exterran Corp 48,309 0.01%

6,392 Forum Energy Technologies Inc 23,093 0.00%

11,046 Frank's International NV 50,440 0.01%

5,516 FTS International Inc 34,308 0.01%

18,397 Helix Energy Solutions Group Inc 87,064 0.02%

8,892 Keane Group Inc 63,628 0.01%

2,066 KLX Energy Services Holdings Inc 42,381 0.01%

800 Mammoth Energy Services Inc 12,583 0.00%

3,600 Matrix Service Co 56,497 0.01%

19,798 McDermott International Inc 113,265 0.02%

9,854 MRC Global Inc 105,423 0.02%

814 Natural Gas Services Group Inc 11,706 0.00%

1,350 NCS Multistage Holdings Inc 6,011 0.00%

11,101 Newpark Resources Inc 66,714 0.01%

1,805 Nine Energy Service Inc 35,590 0.01%

14,709 NOW Inc 149,773 0.03%

11,316 Oceaneering International Inc 119,777 0.02%

6,327 Oil States International Inc 79,036 0.01%

10,041 ProPetro Holding Corp 108,214 0.02%

7,525 RPC Inc 64,971 0.01%

2,052 SEACOR Holdings Inc 66,416 0.01%

3,483 Select Energy Services Inc 19,256 0.00%

18,109 Superior Energy Services Inc 53,068 0.01%

6,761 TETRA Technologies Inc 9,936 0.00%

5,400 Thermon Group Holdings Inc 95,798 0.02%

107,750 Weatherford International PLC 52,690 0.01%

Packaging & Containers

10,695 Bemis Co Inc 429,428 0.08%

15,924 Berry Global Group Inc 662,090 0.12%

39,219 Graphic Packaging Holding Co 365,035 0.06%

4,133 Greif Inc 137,358 0.02%

2,397 Multi-Color Corp 73,578 0.01%

19,753 Owens-Illinois Inc 297,898 0.05%

8,726 Silgan Holdings Inc 180,298 0.03%

11,476 Sonoco Products Co 533,368 0.09%

Pharmaceuticals

6,072 Aclaris Therapeutics Inc 39,253 0.01%

2,303 Adamas Pharmaceuticals Inc 17,205 0.00%

4,160 Aerie Pharmaceuticals Inc 131,370 0.02%

6,599 Agios Pharmaceuticals Inc 266,177 0.05%

3,315 Aimmune Therapeutics Inc 69,365 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

326

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Pharmaceuticals (continued)

2,062 Akcea Therapeutics Inc 54,366 0.01%

8,418 Akebia Therapeutics Inc 40,722 0.01%

10,810 Akorn Inc 32,057 0.01%

4,595 Amneal Pharmaceuticals Inc 54,385 0.01%

2,700 Amphastar Pharmaceuticals Inc 47,002 0.01%

1,800 Anika Therapeutics Inc 52,922 0.01%

28,692 Antares Pharma Inc 68,269 0.01%

6,005 Apellis Pharmaceuticals Inc 69,287 0.01%

25,717 Array BioPharma Inc 320,577 0.06%

5,133 Assertio Therapeutics Inc 16,210 0.00%

4,264 Athenex Inc 47,334 0.01%

12,384 Bellicum Pharmaceuticals Inc 31,633 0.01%

922 BioSpecifics Technologies Corp 48,877 0.01%

2,700 Cara Therapeutics Inc 30,705 0.01%

7,034 Clovis Oncology Inc 110,511 0.02%

3,400 Coherus Biosciences Inc 26,917 0.00%

1,400 Collegium Pharmaceutical Inc 21,028 0.00%

3,949 Concert Pharmaceuticals Inc 43,354 0.01%

14,284 Corcept Therapeutics Inc 166,937 0.03%

3,700 Cytokinetics Inc 20,456 0.00%

2,928 Dermira Inc 18,416 0.00%

5,077 Dicerna Pharmaceuticals Inc 47,477 0.01%

4,560 Diplomat Pharmacy Inc 53,692 0.01%

932 Eagle Pharmaceuticals Inc/DE 32,848 0.01%

1,788 Enanta Pharmaceuticals Inc 110,785 0.02%

24,964 Endo International PLC 159,417 0.03%

2,200 Flexion Therapeutics Inc 21,785 0.00%

2,612 G1 Therapeutics Inc 43,756 0.01%

6,763 Global Blood Therapeutics Inc 242,856 0.04%

13,120 Herbalife Nutrition Ltd 676,573 0.12%

7,611 Heron Therapeutics Inc 172,706 0.03%

700 Heska Corp 52,723 0.01%

19,294 Horizon Pharma PLC 329,795 0.06%

3,200 Insys Therapeutics Inc 9,797 0.00%

3,745 Intra-Cellular Therapies Inc 37,314 0.01%

14,842 Ironwood Pharmaceuticals Inc 134,508 0.02%

4,613 Kura Oncology Inc 56,656 0.01%

2,654 La Jolla Pharmaceutical Co 21,893 0.00%

985 Madrigal Pharmaceuticals Inc 97,126 0.02%

9,250 Mallinckrodt PLC 127,848 0.02%

2,700 Minerva Neurosciences Inc 15,919 0.00%

1,981 Mirati Therapeutics Inc 73,511 0.01%

6,738 Momenta Pharmaceuticals Inc 65,072 0.01%

4,188 MyoKardia Inc 179,002 0.03%

1,600 Myovant Sciences Ltd 22,968 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

327

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Pharmaceuticals (continued)

5,741 Neogen Corp 286,259 0.05%

10,899 Neurocrine Biosciences Inc 680,836 0.12%

8,813 Owens & Minor Inc 48,801 0.01%

5,364 Pacira Pharmaceuticals Inc/DE 201,863 0.04%

4,139 Paratek Pharmaceuticals Inc 18,574 0.00%

7,494 Portola Pharmaceuticals Inc 127,965 0.02%

7,093 PRA Health Sciences Inc 570,592 0.10%

6,813 Premier Inc 222,600 0.04%

6,902 Prestige Brands Holdings Inc 186,444 0.03%

12,200 Progenics Pharmaceuticals Inc 44,824 0.01%

5,400 ProQR Therapeutics NV 74,541 0.01%

3,589 Ra Pharmaceuticals Inc 57,140 0.01%

2,031 Reata Pharmaceuticals Inc 99,671 0.02%

2,553 Revance Therapeutics Inc 44,956 0.01%

2,610 Rhythm Pharmaceuticals Inc 61,371 0.01%

3,868 Rocket Pharmaceuticals Inc 50,145 0.01%

7,476 Sarepta Therapeutics Inc 713,691 0.13%

16,645 Senseonics Holdings Inc 37,712 0.01%

6,778 Seres Therapeutics Inc 26,800 0.00%

9,774 Sorrento Therapeutics Inc 20,520 0.00%

6,685 Supernus Pharmaceuticals Inc 194,266 0.03%

4,678 TESARO Inc 303,846 0.05%

5,312 TG Therapeutics Inc 19,052 0.00%

28,183 TherapeuticsMD Inc 93,931 0.02%

3,117 Tricida Inc 64,295 0.01%

2,279 uniQure NV 57,456 0.01%

1,200 UroGen Pharma Ltd 45,201 0.01%

1,516 USANA Health Sciences Inc 156,129 0.03%

6,312 Vanda Pharmaceuticals Inc 144,279 0.03%

1,667 Voyager Therapeutics Inc 13,708 0.00%

6,526 Xencor Inc 206,430 0.04%

5,382 Zogenix Inc 171,655 0.03%

Pipelines

8,479 Antero Midstream GP LP 82,925 0.01%

1 Enbridge Energy Management LLC 9 0.00%

5,832 EnLink Midstream LLC 48,415 0.01%

26,000 Equitrans Midstream Corp 455,338 0.08%

7,359 SemGroup Corp 88,708 0.02%

18,067 Tallgrass Energy LP 384,683 0.07%

6,400 Tellurian Inc 38,910 0.01%

Private Equity

16,505 Kennedy-Wilson Holdings Inc 262,342 0.05%

Real Estate

6,167 Cushman & Wakefield PLC 78,062 0.01%

5,216 eXp World Holdings Inc 32,305 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

328

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Real Estate (continued)

4,244 Five Point Holdings LLC 25,765 0.00%

2,220 Forestar Group Inc 26,897 0.00%

1,288 FRP Holdings Inc 51,840 0.01%

5,454 HFF Inc 158,207 0.03%

5,090 Howard Hughes Corp/The 434,664 0.08%

2,867 Marcus & Millichap Inc 86,099 0.02%

14,009 Newmark Group Inc 98,283 0.02%

2,820 RE/MAX Holdings Inc 75,856 0.01%

14,072 Realogy Holdings Corp 180,709 0.03%

4,589 Redfin Corp 57,807 0.01%

771 RMR Group Inc/The 35,800 0.01%

7,282 St Joe Co/The 83,894 0.01%

REITS

11,132 Acadia Realty Trust 231,375 0.04%

1,200 AG Mortgage Investment Trust Inc 16,722 0.00%

3,356 Agree Realty Corp 173,561 0.03%

7,317 Alexander & Baldwin Inc 117,646 0.02%

327 Alexander's Inc 87,171 0.02%

4,197 American Assets Trust Inc 147,482 0.03%

16,139 American Campus Communities Inc 584,344 0.10%

6,128 American Finance Trust Inc 71,404 0.01%

31,852 American Homes 4 Rent 553,088 0.10%

12,138 Americold Realty Trust 271,184 0.05%

4,913 Anworth Mortgage Asset Corp 17,363 0.00%

18,740 Apartment Investment & Management Co 719,338 0.13%

12,786 Apollo Commercial Real Estate Finance Inc 186,340 0.03%

26,554 Apple Hospitality REIT Inc 331,243 0.06%

4,400 Arbor Realty Trust Inc 38,760 0.01%

3,800 Armada Hoffler Properties Inc 46,738 0.01%

5,430 ARMOUR Residential REIT Inc 97,376 0.02%

10,552 Ashford Hospitality Trust Inc 36,923 0.01%

13,842 Blackstone Mortgage Trust Inc 385,782 0.07%

4,007 Braemar Hotels & Resorts Inc 31,302 0.01%

22,737 Brandywine Realty Trust 255,981 0.04%

37,526 Brixmor Property Group Inc 482,226 0.08%

12,371 Capstead Mortgage Corp 72,182 0.01%

8,042 CareTrust REIT Inc 129,865 0.02%

4,087 CatchMark Timber Trust Inc 25,384 0.00%

19,643 CBL & Associates Properties Inc 32,992 0.01%

8,700 Cedar Realty Trust Inc 23,897 0.00%

4,100 Chatham Lodging Trust 63,411 0.01%

7,450 Chesapeake Lodging Trust 158,691 0.03%

21,590 Chimera Investment Corp 336,556 0.06%

59,914 Colony Capital Inc 245,285 0.04%

8,154 Colony Credit Real Estate Inc 112,629 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

329

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

REITS (continued)

13,977 Columbia Property Trust Inc 236,587 0.04%

2,232 Community Healthcare Trust Inc 56,291 0.01%

13,721 CoreCivic Inc 214,010 0.04%

3,536 CorePoint Lodging Inc 37,892 0.01%

4,358 CoreSite Realty Corp 332,545 0.06%

11,923 Corporate Office Properties Trust 219,342 0.04%

53,662 Cousins Properties Inc 370,844 0.06%

21,242 CubeSmart 533,117 0.09%

11,493 CyrusOne Inc 531,645 0.09%

22,901 DiamondRock Hospitality Co 181,902 0.03%

19,865 Douglas Emmett Inc 593,091 0.10%

3,653 Dynex Capital Inc 18,279 0.00%

7,492 Easterly Government Properties Inc 102,764 0.02%

4,301 EastGroup Properties Inc 345,126 0.06%

16,739 Empire State Realty Trust Inc 208,368 0.04%

8,662 EPR Properties 485,175 0.08%

13,521 Equity Commonwealth 354,954 0.06%

10,356 Equity LifeStyle Properties Inc 879,918 0.15%

6,890 Essential Properties Realty Trust Inc 83,417 0.01%

1,125 Exantas Capital Corp 9,861 0.00%

14,620 First Industrial Realty Trust Inc 369,097 0.06%

7,379 Four Corners Property Trust Inc 169,120 0.03%

17,169 Franklin Street Properties Corp 93,569 0.02%

4,038 Front Yard Residential Corp 30,837 0.01%

25,589 Gaming and Leisure Properties Inc 723,248 0.13%

13,809 GEO Group Inc/The 237,972 0.04%

5,143 Getty Realty Corp 132,315 0.02%

6,773 Gladstone Commercial Corp 106,173 0.02%

8,078 Global Net Lease Inc 124,511 0.02%

10,965 Government Properties Income Trust 65,896 0.01%

15,625 Healthcare Realty Trust Inc 388,729 0.07%

25,838 Healthcare Trust of America Inc 572,068 0.10%

5,282 Hersha Hospitality Trust 81,045 0.01%

13,135 Highwoods Properties Inc 444,555 0.08%

20,646 Hospitality Properties Trust 431,288 0.08%

18,966 Hudson Pacific Properties Inc 482,134 0.08%

7,300 Independence Realty Trust Inc 58,622 0.01%

9,260 Industrial Logistics Properties Trust 159,335 0.03%

5,878 InfraREIT Inc 108,083 0.02%

15,942 Invesco Mortgage Capital Inc 201,933 0.04%

1,108 Investors Real Estate Trust 47,561 0.01%

6,775 iStar Inc 54,347 0.01%

13,608 JBG SMITH Properties 414,376 0.07%

27,818 Keppel-KBS US REIT 14,844 0.00%

12,475 Kilroy Realty Corp 686,199 0.12%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

330

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

REITS (continued)

10,656 Kite Realty Group Trust 131,342 0.02%

1,664 KKR Real Estate Finance Trust Inc 27,875 0.00%

10,098 Lamar Advertising Co 611,101 0.11%

25,080 Lexington Realty Trust 180,122 0.03%

5,459 Life Storage Inc 444,065 0.08%

5,170 LTC Properties Inc 188,502 0.03%

10,172 Mack-Cali Realty Corp 174,316 0.03%

166,429 Manulife US Real Estate Investment Trust 112,103 0.02%

43,494 Medical Properties Trust Inc 611,804 0.11%

55,409 MFA Financial Inc 323,783 0.06%

8,541 MGM Growth Properties LLC 197,321 0.03%

10,000 Monmouth Real Estate Investment Corp 108,472 0.02%

5,069 National Health Investors Inc 334,962 0.06%

6,379 National Storage Affiliates Trust 147,652 0.03%

39,745 New Residential Investment Corp 494,053 0.09%

7,242 New Senior Investment Group Inc 26,101 0.00%

23,869 New York Mortgage Trust Inc 122,983 0.02%

1,900 NexPoint Residential Trust Inc 58,256 0.01%

5,763 NorthStar Realty Europe Corp 73,301 0.01%

24,335 Omega Healthcare Investors Inc 748,262 0.13%

2,400 One Liberty Properties Inc 50,849 0.01%

17,726 Outfront Media Inc 280,974 0.05%

25,952 Paramount Group Inc 285,139 0.05%

24,104 Park Hotels & Resorts Inc 547,804 0.10%

15,305 Pebblebrook Hotel Trust 379,027 0.07%

7,795 Pennsylvania Real Estate Investment Trust 40,504 0.01%

7,089 PennyMac Mortgage Investment Trust 115,468 0.02%

22,824 Physicians Realty Trust 320,053 0.06%

16,149 Piedmont Office Realty Trust Inc 240,720 0.04%

7,540 PotlatchDeltic Corp 208,691 0.04%

4,049 Preferred Apartment Communities Inc 49,800 0.01%

2,490 PS Business Parks Inc 285,343 0.05%

5,806 QTS Realty Trust Inc 188,175 0.03%

15,580 Rayonier Inc 377,387 0.07%

1,800 Ready Capital Corp 21,777 0.00%

8,932 Redwood Trust Inc 117,749 0.02%

12,439 Retail Opportunity Investments Corp 172,796 0.03%

24,750 Retail Properties of America Inc 234,910 0.04%

1,749 Retail Value Inc 39,152 0.01%

11,174 Rexford Industrial Realty Inc 288,062 0.05%

21,084 RLJ Lodging Trust 302,478 0.05%

8,657 RPT Realty 90,497 0.02%

5,639 Ryman Hospitality Properties Inc 328,973 0.06%

22,061 Sabra Health Care REIT Inc 318,038 0.06%

944 Saul Centers Inc 38,994 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

331

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

REITS (continued)

12,035 Select Income REIT 77,486 0.01%

29,523 Senior Housing Properties Trust 302,681 0.05%

4,243 Seritage Growth Properties 119,998 0.02%

17,491 SITE Centers Corp 169,379 0.03%

5,403 Spirit MTA REIT 33,699 0.01%

10,806 Spirit Realty Capital Inc 333,212 0.06%

12,925 STAG Industrial Inc 281,305 0.05%

31,400 Starwood Property Trust Inc 541,394 0.10%

22,794 STORE Capital Corp 564,491 0.10%

15,795 Summit Hotel Properties Inc 134,440 0.02%

9,789 Sun Communities Inc 870,961 0.15%

27,447 Sunstone Hotel Investors Inc 312,370 0.05%

12,158 Tanger Factory Outlet Centers Inc 215,050 0.04%

7,714 Taubman Centers Inc 306,967 0.05%

7,012 Terreno Realty Corp 215,730 0.04%

7,000 Tier REIT Inc 126,326 0.02%

30,862 Two Harbors Investment Corp 346,646 0.06%

2,900 UMH Properties Inc 30,036 0.01%

20,672 Uniti Group Inc 281,558 0.05%

1,767 Universal Health Realty Income Trust 94,861 0.02%

14,076 Urban Edge Properties 204,648 0.04%

2,933 Urstadt Biddle Properties Inc 49,313 0.01%

45,873 VICI Properties Inc 753,615 0.13%

24,565 Washington Prime Group Inc 104,436 0.02%

9,187 Washington Real Estate Investment Trust 184,841 0.03%

13,893 Weingarten Realty Investors 301,522 0.05%

7,300 Western Asset Mortgage Capital Corp 53,258 0.01%

4,775 Whitestone REIT 51,211 0.01%

1,912 WPT Industrial Real Estate Investment Trust 21,493 0.00%

13,292 Xenia Hotels & Resorts Inc 199,993 0.04%

Retail

6,756 Abercrombie & Fitch Co 118,495 0.02%

20,580 American Eagle Outfitters Inc 347,996 0.06%

1,332 America's Car-Mart Inc/TX 84,419 0.01%

2,178 Asbury Automotive Group Inc 127,005 0.02%

16,507 Ascena Retail Group Inc 36,244 0.01%

5,898 At Home Group Inc 96,275 0.02%

6,166 AutoNation Inc 192,561 0.03%

2,442 Barnes & Noble Education Inc 8,566 0.00%

10,540 Barnes & Noble Inc 65,371 0.01%

8,680 Beacon Roofing Supply Inc 240,852 0.04%

14,994 Bed Bath & Beyond Inc 148,478 0.03%

5,117 Big Lots Inc 129,453 0.02%

201 Biglari Holdings Inc 19,971 0.00%

3,253 BJ's Restaurants Inc 143,904 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

332

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Retail (continued)

9,298 BJ's Wholesale Club Holdings Inc 180,242 0.03%

9,515 Bloomin' Brands Inc 148,907 0.03%

9,134 BMC Stock Holdings Inc 123,688 0.02%

3,517 Bojangles' Inc 49,472 0.01%

2,517 Boot Barn Holdings Inc 37,497 0.01%

4,690 Brinker International Inc 180,437 0.03%

2,104 Buckle Inc/The 35,596 0.01%

5,758 Caleres Inc 140,179 0.02%

6,262 Cannae Holdings Inc 93,781 0.02%

4,903 Carrols Restaurant Group Inc 42,204 0.01%

4,158 Casey's General Stores Inc 466,086 0.08%

3,688 Cato Corp/The 46,037 0.01%

5,038 Cheesecake Factory Inc/The 191,754 0.03%

16,180 Chico's FAS Inc 79,545 0.01%

2,231 Children's Place Inc/The 175,822 0.03%

2,096 Chuy's Holdings Inc 32,527 0.01%

2,584 Citi Trends Inc 46,090 0.01%

2,400 Conn's Inc 39,596 0.01%

2,269 Cracker Barrel Old Country Store Inc 317,301 0.06%

4,854 Dave & Buster's Entertainment Inc 189,209 0.03%

2,884 Del Taco Restaurants Inc 25,203 0.00%

6,900 Denny's Corp 97,843 0.02%

10,492 Dick's Sporting Goods Inc 286,358 0.05%

1,455 Dillard's Inc 76,763 0.01%

1,627 Dine Brands Global Inc 95,842 0.02%

8,435 DSW Inc 182,255 0.03%

3,185 Duluth Holdings Inc 70,295 0.01%

9,997 Dunkin' Brands Group Inc 560,738 0.10%

6,374 El Pollo Loco Holdings Inc 84,585 0.01%

10,188 Express Inc 45,541 0.01%

8,639 EZCORP Inc 58,417 0.01%

2,400 Fiesta Restaurant Group Inc 32,563 0.01%

5,540 FirstCash Inc 350,627 0.06%

6,343 Five Below Inc 567,743 0.10%

7,442 Floor & Decor Holdings Inc 168,611 0.03%

14,485 Foot Locker Inc 674,104 0.12%

1,600 Foundation Building Materials Inc 11,631 0.00%

1,868 Freshpet Inc 52,552 0.01%

13,040 GameStop Corp 143,957 0.03%

1,919 Genesco Inc 74,366 0.01%

2,823 GMS Inc 36,697 0.01%

8,093 GNC Holdings Inc 16,779 0.00%

2,116 Group 1 Automotive Inc 97,586 0.02%

7,227 Guess? Inc 131,308 0.02%

3,893 Haverty Furniture Cos Inc 63,955 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

333

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Retail (continued)

1,998 Hibbett Sports Inc 24,994 0.00%

3,245 Jack in the Box Inc 220,364 0.04%

29,920 JC Penney Co Inc 27,220 0.00%

5,830 La-Z-Boy Inc 141,319 0.02%

3,010 Lithia Motors Inc 200,983 0.04%

2,754 Lumber Liquidators Holdings Inc 22,935 0.00%

4,618 MarineMax Inc 73,967 0.01%

13,529 Michaels Cos Inc/The 160,244 0.03%

1,288 Movado Group Inc 35,627 0.01%

5,717 MSC Industrial Direct Co Inc 384,684 0.07%

7,306 National Vision Holdings Inc 180,038 0.03%

7,155 Noodles & Co 43,751 0.01%

5,881 Nu Skin Enterprises Inc 315,516 0.06%

59,842 Office Depot Inc 135,059 0.02%

5,970 Ollie's Bargain Outlet Holdings Inc 347,343 0.06%

2,639 Papa John's International Inc 91,903 0.02%

5,447 Party City Holdco Inc 47,554 0.01%

1,806 PC Connection Inc 46,969 0.01%

3,937 Penske Automotive Group Inc 138,862 0.02%

1,533 PetMed Express Inc 31,192 0.01%

3,080 PriceSmart Inc 159,234 0.03%

2,453 Red Robin Gourmet Burgers Inc 57,336 0.01%

3,794 Regis Corp 56,255 0.01%

2,296 RH 240,657 0.04%

115,261 Rite Aid Corp 71,416 0.01%

3,862 Rush Enterprises Inc 116,977 0.02%

4,372 Ruth's Hospitality Group Inc 86,931 0.02%

16,714 Sally Beauty Holdings Inc 249,288 0.04%

3,094 Shake Shack Inc 122,932 0.02%

1,816 Shoe Carnival Inc 53,234 0.01%

7,119 Signet Jewelers Ltd 197,849 0.03%

3,000 Sonic Automotive Inc 36,111 0.01%

6,809 Tailored Brands Inc 81,245 0.01%

8,025 Texas Roadhouse Inc 419,099 0.07%

1,909 Tile Shop Holdings Inc 9,151 0.00%

8,398 Urban Outfitters Inc 243,899 0.04%

900 Vera Bradley Inc 6,747 0.00%

21,875 Wendy's Co/The 298,709 0.05%

9,652 Williams-Sonoma Inc 425,966 0.07%

3,391 Wingstop Inc 190,411 0.03%

8,385 World Fuel Services Corp 157,042 0.03%

754 Zumiez Inc 12,644 0.00%

Savings & Loans

5,968 Axos Financial Inc 131,456 0.02%

7,400 Banc of California Inc 86,160 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

334

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Savings & Loans (continued)

8,257 Beneficial Bancorp Inc 103,217 0.02%

4,360 Berkshire Hills Bancorp Inc 102,864 0.02%

11,115 Brookline Bancorp Inc 134,374 0.02%

17,281 Capitol Federal Financial Inc 193,044 0.03%

2,656 Dime Community Bancshares Inc 39,451 0.01%

2,200 First Defiance Financial Corp 47,170 0.01%

4,504 Flagstar Bancorp Inc 104,016 0.02%

4,743 Flushing Financial Corp 89,329 0.02%

4,565 HomeTrust Bancshares Inc 104,546 0.02%

33,704 Investors Bancorp Inc 306,628 0.05%

7,142 Meridian Bancorp Inc 89,466 0.02%

2,700 Meta Financial Group Inc 45,797 0.01%

62,275 New York Community Bancorp Inc 512,625 0.09%

4,800 Northfield Bancorp Inc 56,895 0.01%

13,967 Northwest Bancshares Inc 206,973 0.04%

3,621 OceanFirst Financial Corp 71,302 0.01%

2,847 Oritani Financial Corp 36,735 0.01%

5,410 Pacific Premier Bancorp Inc 120,774 0.02%

9,240 Provident Financial Services Inc 195,041 0.03%

26,980 Sterling Bancorp/DE 389,660 0.07%

7,562 TFS Financial Corp 106,701 0.02%

7,166 United Community Financial Corp/OH 55,478 0.01%

4,595 United Financial Bancorp Inc 59,088 0.01%

10,515 Washington Federal Inc 245,686 0.04%

3,377 Waterstone Financial Inc 49,511 0.01%

3,600 WSFS Financial Corp 119,386 0.02%

Semiconductors

5,281 Advanced Energy Industries Inc 198,323 0.03%

2,100 Alpha & Omega Semiconductor Ltd 18,719 0.00%

4,972 Ambarella Inc 152,142 0.03%

12,740 Amkor Technology Inc 73,109 0.01%

3,100 Axcelis Technologies Inc 48,270 0.01%

7,572 Brooks Automation Inc 173,411 0.03%

3,268 Cabot Microelectronics Corp 272,583 0.05%

3,281 CEVA Inc 63,401 0.01%

8,172 Cirrus Logic Inc 237,193 0.04%

5,193 Cohu Inc 73,001 0.01%

41,089 Cypress Semiconductor Corp 457,203 0.08%

3,912 Diodes Inc 110,398 0.02%

17,492 Entegris Inc 426,838 0.07%

8,350 FormFactor Inc 102,919 0.02%

5,526 Inphi Corp 155,413 0.03%

15,746 Integrated Device Technology Inc 667,085 0.12%

7,386 Kulicke & Soffa Industries Inc 130,966 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

335

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Semiconductors (continued)

10,481 Lattice Semiconductor Corp 63,446 0.01%

4,713 MACOM Technology Solutions Holdings Inc 59,822 0.01%

6,617 MaxLinear Inc 101,876 0.02%

5,117 Mellanox Technologies Ltd 413,514 0.07%

6,312 MKS Instruments Inc 356,750 0.06%

4,584 Monolithic Power Systems Inc 466,159 0.08%

3,067 Nanometrics Inc 73,325 0.01%

11,239 Photronics Inc 95,170 0.02%

3,022 Power Integrations Inc 161,205 0.03%

13,142 Rambus Inc 88,177 0.02%

3,695 Rudolph Technologies Inc 66,165 0.01%

7,489 Semtech Corp 300,503 0.05%

5,342 Silicon Laboratories Inc 368,283 0.06%

2,189 SMART Global Holdings Inc 56,872 0.01%

4,433 Synaptics Inc 144,296 0.03%

22,762 Teradyne Inc 624,828 0.11%

3,400 Ultra Clean Holdings Inc 25,192 0.00%

5,093 Veeco Instruments Inc 33,013 0.01%

4,341 Xperi Corp 69,834 0.01%

Software

6,880 2U Inc 299,238 0.05%

14,439 ACI Worldwide Inc 349,497 0.06%

6,000 Actua Corp 5,249 0.00%

22,601 Allscripts Healthcare Solutions Inc 190,591 0.03%

4,077 Apptio Inc 135,383 0.02%

8,334 Aspen Technology Inc 599,124 0.10%

4,834 athenahealth Inc 557,888 0.10%

12,465 Avaya Holdings Corp 158,763 0.03%

1,372 Benefitfocus Inc 54,873 0.01%

16,799 Black Knight Inc 662,173 0.12%

6,084 Blackbaud Inc 334,762 0.06%

3,211 Blackline Inc 115,025 0.02%

5,135 Bottomline Technologies de Inc 215,615 0.04%

15,257 Box Inc 225,288 0.04%

6,297 Castlight Health Inc 11,953 0.00%

3,148 Ceridian HCM Holding Inc 94,978 0.02%

4,485 Cision Ltd 45,903 0.01%

13,904 Cloudera Inc 134,521 0.02%

5,430 CommVault Systems Inc 280,679 0.05%

640 Computer Programs & Systems Inc 14,052 0.00%

5,369 Cornerstone OnDemand Inc 236,853 0.04%

5,168 Coupa Software Inc 284,180 0.05%

4,427 CSG Systems International Inc 123,034 0.02%

4,700 CyberArk Software Ltd 304,823 0.05%

2,758 Donnelley Financial Solutions Inc 33,849 0.01%

4,566 Dun & Bradstreet Corp/The 570,136 0.10%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

336

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Software (continued)

2,300 Ebix Inc 85,630 0.02%

5,306 Envestnet Inc 228,318 0.04%

2,796 Everbridge Inc 138,828 0.02%

6,150 Evolent Health Inc 107,328 0.02%

3,583 Fair Isaac Corp 586,118 0.10%

7,210 Five9 Inc 275,748 0.05%

16,506 Glu Mobile Inc 116,523 0.02%

9,550 Guidewire Software Inc 670,250 0.12%

7,201 Hortonworks Inc 90,835 0.02%

4,372 HubSpot Inc 480,857 0.08%

8,296 InnerWorkings Inc 27,142 0.00%

8,898 Inovalon Holdings Inc 110,374 0.02%

3,101 Instructure Inc 101,753 0.02%

8,265 InterXion Holding NV 391,578 0.07%

6,036 j2 Global Inc 366,337 0.06%

5,944 LivePerson Inc 98,066 0.02%

8,209 Manhattan Associates Inc 304,260 0.05%

2,827 ManTech International Corp/VA 129,325 0.02%

7,361 Medidata Solutions Inc 434,133 0.08%

1,197 MicroStrategy Inc 133,768 0.02%

3,361 MINDBODY Inc 107,020 0.02%

5,766 MobileIron Inc 23,152 0.00%

4,622 Model N Inc 53,492 0.01%

5,895 Monotype Imaging Holdings Inc 80,034 0.01%

5,088 New Relic Inc 360,386 0.06%

4,748 NextGen Healthcare Inc 62,925 0.01%

34,645 Nuance Communications Inc 400,956 0.07%

4,885 Omnicell Inc 261,696 0.05%

5,828 Paycom Software Inc 624,274 0.11%

2,624 PDF Solutions Inc 19,350 0.00%

2,313 pdvWireless Inc 75,653 0.01%

5,118 Pegasystems Inc 214,140 0.04%

4,741 Progress Software Corp 147,188 0.03%

4,256 PROS Holdings Inc 116,904 0.02%

1,753 QAD Inc 60,312 0.01%

4,884 Radware Ltd 97,026 0.02%

8,699 RealPage Inc 366,710 0.06%

2,374 Ribbon Communications Inc 10,010 0.00%

7,926 SailPoint Technologies Holding Inc 162,867 0.03%

2,798 SendGrid Inc 105,664 0.02%

1,914 SPS Commerce Inc 137,931 0.02%

8,554 Tableau Software Inc 897,940 0.16%

1,514 Tabula Rasa HealthCare Inc 84,444 0.01%

12,712 TiVo Corp 104,641 0.02%

4,281 Tyler Technologies Inc 695,880 0.12%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

337

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Software (continued)

3,535 Ultimate Software Group Inc/The 757,219 0.13%

2,334 Upland Software Inc 55,494 0.01%

7,070 Verint Systems Inc 261,673 0.05%

2,962 Workiva Inc 92,994 0.02%

105,146 Zynga Inc 361,478 0.06%

Storage/Warehousing

6,198 Mobile Mini Inc 172,144 0.03%

8,402 Wesco Aircraft Holdings Inc 58,064 0.01%

5,864 Willscot Corp 48,322 0.01%

Telecommunications

13,835 A10 Networks Inc 75,520 0.01%

3,611 Acacia Communications Inc 120,035 0.02%

5,300 ADTRAN Inc 49,794 0.01%

20,355 ARRIS International PLC 544,331 0.10%

1,700 ATN International Inc 106,374 0.02%

4,000 CalAmp Corp 45,523 0.01%

6,217 Casa Systems Inc 71,407 0.01%

18,050 Ciena Corp 535,429 0.09%

6,947 Cincinnati Bell Inc 47,280 0.01%

3,664 Comtech Telecommunications Corp 78,014 0.01%

11,676 Consolidated Communications Holdings Inc 100,913 0.02%

6,333 EchoStar Corp 203,427 0.04%

11,660 Extreme Networks Inc 62,219 0.01%

14,953 Finisar Corp 282,539 0.05%

9,230 Frontier Communications Corp 19,217 0.00%

10,829 GCI Liberty Inc 389,907 0.07%

106,111 Globalstar Inc 59,379 0.01%

5,100 Gogo Inc 13,339 0.00%

3,882 GTT Communications Inc 80,347 0.01%

15,783 Harmonic Inc 65,167 0.01%

15,084 Infinera Corp 52,649 0.01%

4,154 InterDigital Inc/PA 241,395 0.04%

14,027 Iridium Communications Inc 226,390 0.04%

17,821 Liberty Latin America Ltd 226,735 0.04%

6,221 LogMeIn Inc 443,902 0.08%

2,264 Loral Space & Communications Inc 73,773 0.01%

3,268 NETGEAR Inc 148,742 0.03%

17,966 NII Holdings Inc 69,309 0.01%

8,139 Orbcomm Inc 58,810 0.01%

4,387 Plantronics Inc 127,026 0.02%

900 Quantenna Communications Inc 11,298 0.00%

6,249 Shenandoah Telecommunications Co 241,891 0.04%

2,416 Spok Holdings Inc 28,024 0.00%

11,802 Telephone & Data Systems Inc 335,946 0.06%

3,090 Ubiquiti Networks Inc 268,711 0.05%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

338

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.97% (2017 - 54.64%) (continued)

Telecommunications (continued)

823 United States Cellular Corp 37,415 0.01%

6,239 ViaSat Inc 321,733 0.06%

25,597 Viavi Solutions Inc 225,036 0.04%

28,660 Vonage Holdings Corp 218,870 0.04%

Textiles

1,929 UniFirst Corp/MA 241,422 0.04%

Transportation

3,302 Air Transport Services Group Inc 65,887 0.01%

3,389 ArcBest Corp 101,568 0.02%

860 Atlas Air Worldwide Holdings Inc 31,740 0.01%

2,749 Covenant Transportation Group Inc 46,171 0.01%

3,301 Daseke Inc 10,627 0.00%

4,147 Echo Global Logistics Inc 73,751 0.01%

3,765 Forward Air Corp 180,650 0.03%

7,003 Genesee & Wyoming Inc 453,451 0.08%

3,830 Heartland Express Inc 61,312 0.01%

3,578 Hub Group Inc 116,027 0.02%

1,600 International Seaways Inc 23,570 0.00%

1,429 Kirby Corp 84,204 0.01%

4,772 Landstar System Inc 399,368 0.07%

6,500 Marten Transport Ltd 92,057 0.02%

330 Matson Inc 9,243 0.00%

6,883 Ryder System Inc 289,915 0.05%

2,724 Saia Inc 133,013 0.02%

4,542 Tidewater Inc 76,008 0.01%

6,063 Werner Enterprises Inc 156,673 0.03%

3,039 YRC Worldwide Inc 8,374 0.00%

Trucking & Leasing

3,990 GATX Corp 247,152 0.04%

3,818 Greenbrier Cos Inc/The 132,059 0.02%

Water

4,467 American States Water Co 261,967 0.05%

21,973 Aqua America Inc 657,181 0.12%

5,476 California Water Service Group 228,304 0.04%

1,800 Connecticut Water Service Inc 105,293 0.02%

2,700 Middlesex Water Co 126,007 0.02%

2,557 SJW Group 124,411 0.02%

1,400 York Water Co/The 39,263 0.01%Investment in transferable securities at fair value throughprofit or loss 559,924,840 98.26%

OTC Financial Derivatives Instruments

Forward Exchange Contract 0.05% (2017 - 0.05%)Buy CHF 289,900 Sell EUR 253,516 14/02/2019 3,836 0.00%Buy CHF 89,340 Sell EUR 79,024 14/02/2019 285 0.00%Buy CHF 89,370 Sell EUR 79,245 14/02/2019 91 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

339

Investment Value EUR% of Net

Assets

OTC Financial Derivatives Instruments (continued)

Forward Exchange Contract 0.05% (2017 - 0.05%) (continued)

Buy CHF 90,140 Sell EUR 79,248 14/02/2019 772 0.00%

Buy EUR 1,006 Sell USD 1,136 02/01/2019 12 0.00%

Buy EUR 1,034 Sell GBP 914 04/01/2019 16 0.00%

Buy EUR 1,050 Sell GBP 937 25/01/2019 7 0.00%

Buy EUR 1,069 Sell USD 1,217 15/01/2019 6 0.00%

Buy EUR 1,092 Sell USD 1,249 17/01/2019 1 0.00%

Buy EUR 1,156 Sell USD 1,317 07/01/2019 4 0.00%

Buy EUR 1,164 Sell USD 1,322 09/01/2019 8 0.00%

Buy EUR 1,192 Sell USD 1,355 02/01/2019 7 0.00%

Buy EUR 1,203 Sell USD 1,358 02/01/2019 15 0.00%

Buy EUR 1,216 Sell USD 1,385 04/01/2019 4 0.00%

Buy EUR 1,229 Sell USD 1,397 02/01/2019 7 0.00%

Buy EUR 1,265 Sell USD 1,430 11/01/2019 16 0.00%

Buy EUR 1,267 Sell CAD 1,928 03/01/2019 33 0.00%

Buy EUR 1,318 Sell AUD 2,082 25/01/2019 38 0.00%

Buy EUR 1,343 Sell USD 1,530 04/01/2019 5 0.00%

Buy EUR 1,344 Sell USD 1,531 02/01/2019 5 0.00%

Buy EUR 1,394 Sell GBP 1,243 11/01/2019 9 0.00%

Buy EUR 1,395 Sell USD 1,590 09/01/2019 5 0.00%

Buy EUR 1,410 Sell USD 1,606 02/01/2019 5 0.00%

Buy EUR 1,419 Sell USD 1,623 18/01/2019 1 0.00%

Buy EUR 1,422 Sell CAD 2,180 04/01/2019 26 0.00%

Buy EUR 1,434 Sell GBP 1,281 02/01/2019 7 0.00%

Buy EUR 1,494 Sell USD 1,696 15/01/2019 12 0.00%

Buy EUR 1,517 Sell USD 1,725 02/01/2019 8 0.00%

Buy EUR 1,645 Sell USD 1,874 03/01/2019 6 0.00%

Buy EUR 1,682 Sell CAD 2,556 03/01/2019 45 0.00%

Buy EUR 1,696 Sell USD 1,932 25/01/2019 10 0.00%

Buy EUR 1,733 Sell USD 1,976 10/01/2019 6 0.00%

Buy EUR 1,749 Sell USD 1,989 04/01/2019 10 0.00%

Buy EUR 1,788 Sell USD 2,039 15/01/2019 7 0.00%

Buy EUR 1,928 Sell GBP 1,719 07/01/2019 13 0.00%

Buy EUR 1,959 Sell USD 2,224 03/01/2019 13 0.00%

Buy EUR 11,331 Sell USD 12,960 14/01/2019 8 0.00%

Buy EUR 13,239 Sell USD 15,161 28/01/2019 9 0.00%

Buy EUR 146,904 Sell USD 168,030 15/01/2019 107 0.00%

Buy EUR 148,260 Sell USD 170,000 14/02/2019 119 0.00%

Buy EUR 156,956 Sell USD 180,000 14/02/2019 100 0.00%

Buy EUR 16,216 Sell GBP 14,334 09/01/2019 252 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

340

Investment Value EUR% of Net

Assets

OTC Financial Derivatives Instruments (continued)

Forward Exchange Contract 0.05% (2017 - 0.05%) (continued)

Buy EUR 16,655 Sell USD 19,078 31/01/2019 12 0.00%

Buy EUR 18,413 Sell USD 21,080 25/01/2019 13 0.00%

Buy EUR 185,845 Sell AUD 291,600 14/02/2019 6,814 0.00%

Buy EUR 2,003 Sell GBP 1,787 11/01/2019 13 0.00%

Buy EUR 2,027 Sell HKD 18,000 04/01/2019 16 0.00%

Buy EUR 2,056 Sell USD 2,342 04/01/2019 7 0.00%

Buy EUR 2,123 Sell USD 2,415 02/01/2019 11 0.00%

Buy EUR 2,134 Sell CAD 3,331 25/01/2019 4 0.00%

Buy EUR 2,174 Sell USD 2,478 09/01/2019 8 0.00%

Buy EUR 2,194 Sell USD 2,500 04/01/2019 8 0.00%

Buy EUR 2,277 Sell USD 2,594 02/01/2019 8 0.00%

Buy EUR 2,278 Sell GBP 2,032 10/01/2019 15 0.00%

Buy EUR 2,330 Sell USD 2,654 02/01/2019 8 0.00%

Buy EUR 2,483 Sell USD 2,832 14/01/2019 9 0.00%

Buy EUR 2,543 Sell USD 2,882 03/01/2019 23 0.00%

Buy EUR 2,578 Sell USD 2,946 04/01/2019 2 0.00%

Buy EUR 2,596 Sell USD 2,968 07/01/2019 2 0.00%

Buy EUR 2,609 Sell USD 2,973 04/01/2019 9 0.00%

Buy EUR 2,662 Sell USD 3,049 30/01/2019 2 0.00%

Buy EUR 2,710 Sell USD 3,087 02/01/2019 10 0.00%

Buy EUR 2,764 Sell USD 3,154 03/01/2019 5 0.00%

Buy EUR 2,787 Sell HKD 24,750 04/01/2019 23 0.00%

Buy EUR 2,829 Sell GBP 2,502 23/01/2019 44 0.00%

Buy EUR 2,909 Sell CAD 4,541 31/01/2019 6 0.00%

Buy EUR 2,926 Sell USD 3,328 14/01/2019 18 0.00%

Buy EUR 2,948 Sell GBP 2,629 07/01/2019 20 0.00%

Buy EUR 2,964 Sell GBP 2,620 09/01/2019 46 0.00%

Buy EUR 210,224 Sell USD 240,000 14/02/2019 1,086 0.00%

Buy EUR 240,083 Sell CAD 361,800 14/02/2019 9,004 0.00%

Buy EUR 3,209 Sell USD 3,656 02/01/2019 11 0.00%

Buy EUR 3,263 Sell USD 3,717 02/01/2019 11 0.00%

Buy EUR 3,287 Sell USD 3,758 09/01/2019 2 0.00%

Buy EUR 3,362 Sell CAD 5,244 17/01/2019 7 0.00%

Buy EUR 3,362 Sell USD 3,818 29/01/2019 31 0.00%

Buy EUR 3,391 Sell USD 3,850 02/01/2019 23 0.00%

Buy EUR 3,416 Sell USD 3,892 02/01/2019 12 0.00%

Buy EUR 3,554 Sell USD 4,057 25/01/2019 13 0.00%

Buy EUR 3,612 Sell AUD 5,701 18/01/2019 105 0.00%

Buy EUR 3,685 Sell USD 4,188 04/01/2019 22 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

341

Investment Value EUR% of Net

Assets

OTC Financial Derivatives Instruments (continued)

Forward Exchange Contract 0.05% (2017 - 0.05%) (continued)

Buy EUR 3,953 Sell GBP 3,527 18/01/2019 26 0.00%

Buy EUR 365,659 Sell AUD 567,400 14/02/2019 17,311 0.00%

Buy EUR 4,025 Sell GBP 3,590 10/01/2019 27 0.00%

Buy EUR 4,156 Sell USD 4,735 04/01/2019 15 0.00%

Buy EUR 4,250 Sell USD 4,840 24/01/2019 25 0.00%

Buy EUR 4,656 Sell USD 5,326 16/01/2019 3 0.00%

Buy EUR 473,958 Sell GBP 422,160 14/02/2019 4,374 0.00%

Buy EUR 484,725 Sell CAD 730,160 14/02/2019 18,377 0.00%

Buy EUR 5,555 Sell GBP 4,963 04/01/2019 26 0.00%

Buy EUR 5,717 Sell USD 6,543 22/01/2019 4 0.00%

Buy EUR 6,986 Sell GBP 6,237 08/02/2019 47 0.00%

Buy EUR 7,140 Sell CAD 11,135 15/01/2019 14 0.00%

Buy EUR 7,193 Sell GBP 6,421 04/02/2019 48 0.00%

Buy EUR 7,924,669 Sell USD 9,054,140 14/02/2019 34,793 0.01%

Buy EUR 8,134 Sell USD 9,242 10/01/2019 56 0.00%

Buy EUR 8,223 Sell USD 9,419 01/02/2019 6 0.00%

Buy EUR 9,804 Sell USD 11,210 11/01/2019 7 0.00%

Buy EUR 935,076 Sell GBP 836,280 14/02/2019 4,846 0.00%

Buy GBP 137,560 Sell EUR 152,744 14/02/2019 271 0.00%

Buy JPY 114,345,000 Sell EUR 889,449 14/02/2019 21,991 0.01%

Buy JPY 130,680,000 Sell EUR 1,019,427 14/02/2019 22,220 0.01%

Buy JPY 16,370,000 Sell EUR 128,068 14/02/2019 2,417 0.00%

Buy JPY 189,075,000 Sell EUR 1,454,534 14/02/2019 52,577 0.01%

Buy JPY 5,850,000 Sell EUR 46,480 07/01/2019 166 0.00%

Buy USD 7,535,866 Sell EUR 6,504,087 14/02/2019 62,859 0.01%Financial derivatives instruments at fair value throughprofit or loss 265,935 0.05%

Futures contracts dealt on a regulated market

Futures 0.00% (2017 - 0.01%)

SPI 200 INDEX 21/03/2019 370 0.00%Investments in derivatives instruments at fair valuethrough profit or loss 370 0.00%

OTC Financial Derivatives Instruments (continued)

Forward Exchange Contract (0.04%) (2017 - (0.04%))

Buy AUD 139,775 Sell EUR 88,387 14/02/2019 (2,561) 0.00%

Buy AUD 291,600 Sell EUR 185,745 14/02/2019 (6,695) 0.00%

Buy AUD 291,600 Sell EUR 187,104 14/02/2019 (8,053) 0.00%

Buy AUD 560,450 Sell EUR 353,140 14/02/2019 (9,008) 0.00%

Buy CAD 183,060 Sell EUR 119,298 14/02/2019 (2,366) 0.00%

Buy CAD 361,800 Sell EUR 239,295 14/02/2019 (8,191) 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

342

Investment Value EUR% of Net

Assets

OTC Financial Derivatives Instruments (continued)

Forward Exchange Contract (0.04%) (2017 - (0.04%)) (continued)

Buy CAD 361,800 Sell EUR 240,182 14/02/2019 (9,078) 0.00%

Buy CAD 680,928 Sell EUR 450,401 14/02/2019 (15,451) 0.00%

Buy EUR 1,074 Sell USD 1,230 08/01/2019 (1) 0.00%

Buy EUR 1,079 Sell JPY 138,720 19/02/2019 (26) 0.00%

Buy EUR 1,164 Sell GBP 1,049 25/01/2019 (4) 0.00%

Buy EUR 1,208 Sell JPY 153,000 04/03/2019 (11) 0.00%

Buy EUR 1,209 Sell USD 1,382 02/01/2019 – 0.00%

Buy EUR 1,257 Sell JPY 161,500 22/02/2019 (31) 0.00%

Buy EUR 1,263 Sell GBP 1,142 25/01/2019 (8) 0.00%

Buy EUR 1,345 Sell JPY 172,805 06/02/2019 (33) 0.00%

Buy EUR 1,383 Sell USD 1,583 04/01/2019 (1) 0.00%

Buy EUR 1,414 Sell GBP 1,278 18/01/2019 (9) 0.00%

Buy EUR 1,488 Sell JPY 191,250 19/02/2019 (36) 0.00%

Buy EUR 1,526 Sell USD 1,748 18/01/2019 – 0.00%

Buy EUR 1,566 Sell USD 1,792 04/01/2019 (2) 0.00%

Buy EUR 1,607 Sell USD 1,840 08/01/2019 (1) 0.00%

Buy EUR 1,613 Sell JPY 207,230 15/02/2019 (39) 0.00%

Buy EUR 1,690,155 Sell JPY 216,840,000 14/02/2019 (38,281) (0.01%)

Buy EUR 1,709 Sell GBP 1,540 18/01/2019 (6) 0.00%

Buy EUR 1,767 Sell USD 2,023 08/01/2019 (2) 0.00%

Buy EUR 1,808 Sell USD 2,069 10/01/2019 (1) 0.00%

Buy EUR 1,892 Sell AUD 3,088 01/03/2019 (3) 0.00%

Buy EUR 13,930 Sell AUD 22,737 28/02/2019 (19) 0.00%

Buy EUR 14,389 Sell USD 16,472 15/01/2019 (1) 0.00%

Buy EUR 147,977 Sell USD 170,000 14/02/2019 (166) 0.00%

Buy EUR 15,125 Sell JPY 1,915,794 22/03/2019 (146) 0.00%

Buy EUR 2,032 Sell JPY 261,120 28/02/2019 (49) 0.00%

Buy EUR 2,208 Sell JPY 279,650 12/03/2019 (21) 0.00%

Buy EUR 2,233 Sell GBP 2,017 11/02/2019 (11) 0.00%

Buy EUR 2,235 Sell JPY 284,231 22/01/2019 (31) 0.00%

Buy EUR 2,255 Sell JPY 285,600 07/03/2019 (21) 0.00%

Buy EUR 2,332 Sell GBP 2,101 16/01/2019 (8) 0.00%

Buy EUR 2,450 Sell JPY 311,610 15/01/2019 (35) 0.00%

Buy EUR 2,508 Sell JPY 322,320 15/02/2019 (61) 0.00%

Buy EUR 2,618 Sell JPY 331,500 05/03/2019 (24) 0.00%

Buy EUR 2,647 Sell JPY 336,700 25/01/2019 (37) 0.00%

Buy EUR 2,744 Sell USD 3,142 15/01/2019 (1) 0.00%

Buy EUR 2,780 Sell GBP 2,507 11/02/2019 (9) 0.00%

Buy EUR 2,882 Sell GBP 2,598 30/01/2019 (9) 0.00%

Buy EUR 239,672 Sell CHF 271,050 14/02/2019 (946) 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

343

Investment Value EUR% of Net

Assets

OTC Financial Derivatives Instruments (continued)

Forward Exchange Contract (0.04%) (2017 - (0.04%)) (continued)

Buy EUR 29,421 Sell JPY 3,726,400 02/04/2019 (284) 0.00%

Buy EUR 298 Sell USD 342 09/01/2019 (1) 0.00%

Buy EUR 3,038 Sell GBP 2,744 28/01/2019 (16) 0.00%

Buy EUR 3,041 Sell JPY 385,135 01/04/2019 (29) 0.00%

Buy EUR 3,074 Sell GBP 2,777 07/02/2019 (16) 0.00%

Buy EUR 3,108 Sell AUD 5,064 29/01/2019 (4) 0.00%

Buy EUR 3,768 Sell JPY 477,275 28/03/2019 (37) 0.00%

Buy EUR 3,874 Sell GBP 3,504 08/02/2019 (24) 0.00%

Buy EUR 3,926 Sell USD 4,493 11/01/2019 (1) 0.00%

Buy EUR 390 Sell JPY 49,937 08/03/2019 (9) 0.00%

Buy EUR 4,029,261 Sell USD 4,628,070 14/02/2019 (3,771) 0.00%

Buy EUR 4,210 Sell JPY 541,025 08/02/2019 (103) 0.00%

Buy EUR 4,293 Sell AUD 7,005 22/02/2019 (6) 0.00%

Buy EUR 4,407 Sell USD 5,046 09/01/2019 (4) 0.00%

Buy EUR 4,460 Sell GBP 4,028 28/01/2019 (23) 0.00%

Buy EUR 4,499 Sell JPY 572,220 18/01/2019 (63) 0.00%

Buy EUR 4,543 Sell JPY 577,799 18/01/2019 (64) 0.00%

Buy EUR 4,629 Sell GBP 4,173 28/01/2019 (15) 0.00%

Buy EUR 4,856 Sell JPY 615,060 26/03/2019 (47) 0.00%

Buy EUR 4,965 Sell USD 5,691 28/01/2019 (1) 0.00%

Buy EUR 41,719 Sell JPY 5,270,000 14/02/2019 (288) 0.00%

Buy EUR 46,468 Sell JPY 5,850,000 14/02/2019 (163) 0.00%

Buy EUR 5,341 Sell JPY 676,430 15/03/2019 (51) 0.00%

Buy EUR 5,463 Sell JPY 691,900 19/03/2019 (53) 0.00%

Buy EUR 5,950 Sell USD 6,808 09/01/2019 (1) 0.00%

Buy EUR 53 Sell USD 61 03/01/2019 – 0.00%

Buy EUR 7,701 Sell USD 8,840 03/01/2019 (31) 0.00%

Buy EUR 78,273 Sell CHF 89,340 14/02/2019 (1,036) 0.00%

Buy EUR 8,357 Sell JPY 1,058,607 29/03/2019 (82) 0.00%

Buy EUR 83 Sell JPY 10,625 28/02/2019 (2) 0.00%

Buy EUR 889,083 Sell JPY 114,345,000 14/02/2019 (22,364) (0.01%)

Buy GBP 422,160 Sell EUR 474,525 14/02/2019 (4,934) 0.00%

Buy GBP 492,520 Sell EUR 554,553 14/02/2019 (6,697) 0.00%

Buy GBP 66,665 Sell EUR 74,193 14/02/2019 (37) 0.00%

Buy GBP 69,350 Sell EUR 77,705 14/02/2019 (563) 0.00%

Buy GBP 762,090 Sell EUR 869,808 14/02/2019 (22,095) 0.00%

Buy JPY 29,870,000 Sell EUR 238,196 14/02/2019 (103) 0.00%

Buy USD 1,149,120 Sell EUR 1,011,209 14/02/2019 (9,837) 0.00%

Buy USD 4,628,070 Sell EUR 4,060,434 14/02/2019 (27,415) (0.01%)

Buy USD 5,083,290 Sell EUR 4,454,701 14/02/2019 (24,992) (0.01%)

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed World Small Cap Equity Fund (continued)

344

Investment Value EUR% of Net

Assets

OTC Financial Derivatives Instruments (continued)

Forward Exchange Contract (0.04%) (2017 - (0.04%)) (continued)

Buy USD 737,495 Sell EUR 642,984 14/02/2019 (312) 0.00%

Buy USD 963,235 Sell EUR 841,007 14/02/2019 (1,620) 0.00%Financial derivatives instruments at fair value throughprofit or loss (228,687) (0.04%)

Futures contracts dealt on a regulated market

Futures (0.07%) (2017 - (0.00%))

DJ EURO STOXX 50 15/03/2019 (19,960) 0.00%

EMINI RUSSELL 2000 INDEX 15/03/2019 (330,569) (0.06%)

FTSE 100 INDEX 15/03/2019 (5,810) 0.00%

S&P/TSE 60 IX 14/03/2019 (9,899) 0.00%

SWISS MKT IX 15/03/2019 (3,390) 0.00%

TOPIX INDEX 07/03/2019 (63,650) (0.01%)Investments in derivatives instruments at fair valuethrough profit or loss (433,278) (0.07%)

Total Investments at fair value through profit or loss 559,529,180 98.19%

Deposits with credit institutions 8,011,624 1.41%

Net current assets 2,275,101 0.40%

Net assets attributable to holders of redeemable shares 569,815,905 100.00%

Total assets comprised as follows: % of Total AssetsTransferable securities and money market instruments admitted to an officialstock exchange listing 98.06%Transferable securities and money market instruments traded on other regulatedmarketOTC financial derivative instrumentsFinancial derivatives instruments dealt in on a regulated market

0.07%

0.05%

0.00%

Deposits 0.00%

Other current assets 1.82%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulatedmarket.The counterparties for foreign exchange forwards contracts are State Street Bank and Trust Co. andCitigroup.The counterparty for futures contract is Goldman Sachs International.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund

345

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - AUD - 2.36% (2017 - 2.45%)

Banks

38,038 Australia & New Zealand Banking Group Ltd 572,985 0.14%

5,867 Bank of Queensland Ltd 35,048 0.01%

5,800 Bendigo & Adelaide Bank Ltd 38,541 0.01%

23,187 Commonwealth Bank of Australia 1,033,695 0.25%

4,152 Macquarie Group Ltd 277,816 0.07%

36,065 National Australia Bank Ltd 534,603 0.13%

45,759 Westpac Banking Corp 705,635 0.17%

Beverages

6,171 Coca-Cola Amatil Ltd 31,125 0.01%

6,098 Treasury Wine Estates Ltd 55,580 0.01%

Biotechnology

6,132 CSL Ltd 699,228 0.17%

Building Materials

15,283 Boral Ltd 46,495 0.01%

6,445 James Hardie Industries PLC 60,013 0.01%

Chemicals

16,905 Incitec Pivot Ltd 34,147 0.01%

Commercial Services

11,641 Brambles Ltd 72,766 0.02%

28,953 Transurban Group 207,725 0.05%

Computers

5,700 Computershare Ltd 60,342 0.01%

Diversified Financial Services

2,067 ASX Ltd 76,300 0.02%

Electric

8,547 AGL Energy Ltd 108,430 0.03%

15,000 AusNet Services 14,365 0.00%

30,438 Origin Energy Ltd 121,280 0.03%

Engineering & Construction

804 CIMIC Group Ltd 21,494 0.01%

6,000 LendLease Group 42,973 0.01%

13,460 Sydney Airport 55,787 0.01%

5,271 WorleyParsons Ltd 37,071 0.01%

Entertainment

7,201 Aristocrat Leisure Ltd 96,853 0.02%

21,575 Tabcorp Holdings Ltd 57,000 0.01%

Food

14,646 Coles Group Ltd 105,890 0.03%

14,646 Wesfarmers Ltd 290,612 0.07%

16,484 Woolworths Group Ltd 298,658 0.07%

Healthcare-Products

737 Cochlear Ltd 78,779 0.02%

Healthcare-Services

1,457 Ramsay Health Care Ltd 51,800 0.01%

5,772 Sonic Healthcare Ltd 78,593 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

346

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - AUD - 2.36% (2017 - 2.45%) (continued)

Holding Companies - Diversified

2,079 Washington H Soul Pattinson & Co Ltd 31,868 0.01%

Insurance

35,480 AMP Ltd 53,533 0.01%

6,980 Challenger Ltd/Australia 40,794 0.01%

29,008 Insurance Australia Group Ltd 125,050 0.03%

33,624 Medibank Pvt Ltd 53,217 0.01%

16,746 QBE Insurance Group Ltd 104,160 0.03%

15,752 Suncorp Group Ltd 122,520 0.03%

Internet

4,034 SEEK Ltd 42,034 0.01%

Iron/Steel

9,043 BlueScope Steel Ltd 61,037 0.01%

20,876 Fortescue Metals Group Ltd 53,868 0.01%

Leisure Time

500 Flight Centre Travel Group Ltd 13,216 0.00%

Lodging

10,300 Crown Resorts Ltd 75,230 0.02%

Mining

31,687 Alumina Ltd 44,883 0.01%

43,786 BHP Billiton Ltd 923,021 0.22%

9,256 Newcrest Mining Ltd 124,265 0.03%

4,650 Rio Tinto Ltd 224,712 0.05%

64,140 South32 Ltd 132,325 0.03%

Miscellaneous Manufacturing

4,222 Orica Ltd 44,851 0.01%

Oil & Gas

2,751 Caltex Australia Ltd 43,168 0.01%

23,461 Oil Search Ltd 103,450 0.02%

31,815 Santos Ltd 107,370 0.03%

12,929 Woodside Petroleum Ltd 249,377 0.06%

Packaging & Containers

15,377 Amcor Ltd/Australia 125,475 0.03%

Pipelines

16,311 APA Group 85,383 0.02%

Real Estate

736 REA Group Ltd 33,532 0.01%

REITS

12,624 Dexus 82,564 0.02%

22,887 Goodman Group 149,828 0.04%

24,771 GPT Group/The 81,462 0.02%

37,800 Mirvac Group 52,145 0.01%

68,759 Scentre Group 165,144 0.04%

27,196 Stockland 58,955 0.01%

11,100 Unibail-Rodamco-Westfield 73,144 0.02%

32,048 Vicinity Centres 51,315 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

347

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - AUD - 2.36% (2017 - 2.45%) (continued)

Retail

746 Domino's Pizza Enterprises Ltd 18,675 0.00%

7,191 Harvey Norman Holdings Ltd 13,994 0.00%

Telecommunications

55,755 Telstra Corp Ltd 97,858 0.02%

2,287 TPG Telecom Ltd 9,070 0.00%

Transportation

22,902 Aurizon Holdings Ltd 60,365 0.01%

Equities - CAD - 3.17% (2017 - 3.41%)

Aerospace/Defense

23,350 Bombardier Inc 30,359 0.01%

3,282 CAE Inc 52,741 0.01%

Apparel

2,400 Gildan Activewear Inc 63,700 0.02%

Auto Parts & Equipment

4,562 Magna International Inc 181,070 0.04%

Banks

7,846 Bank of Montreal 448,203 0.11%

15,628 Bank of Nova Scotia/The 681,148 0.16%

5,364 Canadian Imperial Bank of Commerce 349,329 0.08%

3,888 National Bank of Canada 139,576 0.03%

18,864 Royal Bank of Canada 1,128,955 0.27%

22,850 Toronto-Dominion Bank/The 993,139 0.24%

Chemicals

1,040 Methanex Corp 43,737 0.01%

9,116 Nutrien Ltd 374,376 0.09%

Computers

5,277 BlackBerry Ltd 32,818 0.01%

2,994 CGI Group Inc 160,121 0.04%

Diversified Financial Services

3,647 CI Financial Corp 40,364 0.01%

1,441 IGM Financial Inc 28,639 0.01%

Electric

600 Atco Ltd/Canada 14,838 0.00%

1,270 Emera Inc 35,554 0.01%

5,516 Fortis Inc/Canada 160,783 0.04%

4,107 Hydro One Ltd 53,267 0.01%

Engineering & Construction

1,842 SNC-Lavalin Group Inc 54,175 0.01%

1,369 WSP Global Inc 51,443 0.01%

Entertainment

1,982 Stars Group Inc/The 28,613 0.01%

Food

387 Empire Co Ltd 7,146 0.00%

827 George Weston Ltd 47,698 0.01%

2,423 Loblaw Cos Ltd 94,837 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

348

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - CAD - 3.17% (2017 - 3.41%) (continued)

Food (continued)

2,658 Metro Inc 80,592 0.02%

3,242 Saputo Inc 81,376 0.02%

Forest Products & Paper

1,000 West Fraser Timber Co Ltd 43,194 0.01%

Gas

2,270 Canadian Utilities Ltd 45,536 0.01%

Hand/Machine Tools

2,200 Finning International Inc 33,536 0.01%

Insurance

358 Fairfax Financial Holdings Ltd 137,801 0.03%

3,285 Great-West Lifeco Inc 59,291 0.01%

2,000 Industrial Alliance Insurance & Financial Services Inc 55,812 0.01%

2,141 Intact Financial Corp 136,017 0.03%

26,152 Manulife Financial Corp 324,447 0.08%

5,616 Power Corp of Canada 88,234 0.02%

2,946 Power Financial Corp 48,738 0.01%

8,485 Sun Life Financial Inc 246,130 0.06%

Internet

1,158 Shopify Inc 140,022 0.03%

Media

5,809 Shaw Communications Inc 91,936 0.02%

2,220 Thomson Reuters Corp 93,745 0.02%

Mining

2,586 Agnico Eagle Mines Ltd 91,262 0.02%

15,037 Barrick Gold Corp 177,499 0.04%

4,224 Cameco Corp 41,880 0.01%

7,498 First Quantum Minerals Ltd 53,018 0.01%

2,446 Franco-Nevada Corp 149,973 0.04%

10,657 Goldcorp Inc 91,259 0.02%

17,256 Kinross Gold Corp 48,630 0.01%

8,000 Lundin Mining Corp 28,899 0.01%

6,940 Teck Resources Ltd 130,638 0.03%

15,602 Turquoise Hill Resources Ltd 22,484 0.01%

5,861 Wheaton Precious Metals Corp 100,041 0.02%

Oil & Gas

5,001 ARC Resources Ltd 25,945 0.01%

17,117 Canadian Natural Resources Ltd 361,128 0.09%

12,431 Cenovus Energy Inc 76,434 0.02%

11,894 Encana Corp 60,029 0.01%

4,613 Husky Energy Inc 41,689 0.01%

3,175 Imperial Oil Ltd 70,340 0.02%

3,312 PrairieSky Royalty Ltd 37,483 0.01%

2,962 Seven Generations Energy Ltd 21,134 0.01%

21,435 Suncor Energy Inc 523,480 0.13%

1,909 Tourmaline Oil Corp 20,761 0.01%

1,845 Vermilion Energy Inc 33,986 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

349

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - CAD - 3.17% (2017 - 3.41%) (continued)

Packaging & Containers

1,700 CCL Industries Inc 54,507 0.01%

Pharmaceuticals

9,081 Aurora Cannabis Inc 39,434 0.01%

3,441 Bausch Health Cos Inc 55,649 0.01%

Pipelines

4,430 AltaGas Ltd 39,439 0.01%

24,100 Enbridge Inc 654,629 0.16%

4,396 Inter Pipeline Ltd 54,453 0.01%

3,176 Keyera Corp 52,502 0.01%

6,633 Pembina Pipeline Corp 172,101 0.04%

12,693 TransCanada Corp 396,323 0.10%

Private Equity

10,538 Brookfield Asset Management Inc 353,131 0.09%

1,586 Onex Corp 75,526 0.02%

Real Estate

1,635 First Capital Realty Inc 19,740 0.00%

REITS

2,933 H&R Real Estate Investment Trust 38,792 0.01%

2,316 RioCan Real Estate Investment Trust 35,304 0.01%

794 SmartCentres Real Estate Investment Trust 15,678 0.00%

Retail

5,057 Alimentation Couche-Tard Inc 219,956 0.05%

942 Canadian Tire Corp Ltd 86,120 0.02%

4,089 Dollarama Inc 85,037 0.02%

3,211 Restaurant Brands International Inc 146,677 0.04%

Software

328 Constellation Software Inc/Canada 183,580 0.04%

3,346 Open Text Corp 95,367 0.02%

Telecommunications

1,654 BCE Inc 57,132 0.01%

4,677 Rogers Communications Inc 209,569 0.05%

3,014 TELUS Corp 87,352 0.02%

Transportation

9,024 Canadian National Railway Co 584,390 0.14%

1,843 Canadian Pacific Railway Ltd 285,944 0.07%

Equities - CHF - 2.94% (2017 - 2.89%)

Banks

31,179 Credit Suisse Group AG 298,809 0.07%

49,497 UBS Group AG 537,392 0.13%

Building Materials

456 Geberit AG 154,695 0.04%

3,690 LafargeHolcim Ltd 132,614 0.03%

1,560 Sika AG 172,485 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

350

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - CHF - 2.94% (2017 - 2.89%) (continued)

Chemicals

2,800 Clariant AG 44,947 0.01%

100 EMS-Chemie Holding AG 41,441 0.01%

117 Givaudan SA 236,301 0.06%

Commercial Services

2,229 Adecco Group AG 90,848 0.02%

77 SGS SA 151,005 0.04%

Diversified Financial Services

2,997 Julius Baer Group Ltd 93,108 0.02%

225 Partners Group Holding AG 118,997 0.03%

Food

27 Barry Callebaut AG 36,682 0.01%

21 Chocoladefabriken Lindt & Spruengli AG 173,305 0.04%

40,008 Nestle SA 2,833,074 0.68%

Hand/Machine Tools

867 Schindler Holding AG 148,899 0.04%

Healthcare-Products

1,028 Lonza Group AG 232,343 0.06%

550 Sonova Holding AG 78,382 0.02%

151 Straumann Holding AG 82,808 0.02%

Insurance

362 Baloise Holding AG 43,495 0.01%

441 Swiss Life Holding AG 148,159 0.04%

4,087 Swiss Re AG 326,839 0.08%

1,962 Zurich Insurance Group AG 510,297 0.12%

Investment Companies

496 Pargesa Holding SA 31,184 0.01%

Machinery - Construction & Mining

20,911 ABB Ltd 346,903 0.08%

Pharmaceuticals

28,311 Novartis AG 2,111,297 0.51%

8,907 Roche Holding AG 1,923,801 0.46%

705 Vifor Pharma AG 66,877 0.02%

Real Estate

1,004 Swiss Prime Site AG 70,873 0.02%

Retail

7,172 Cie Financiere Richemont SA 400,949 0.10%

412 Dufry AG 34,045 0.01%

1,248 Swatch Group AG/The 159,807 0.04%

Software

797 Temenos AG 83,384 0.02%

Telecommunications

310 Swisscom AG 129,208 0.03%

Transportation

699 Kuehne + Nagel International AG 78,372 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

351

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - DKK - 0.62% (2017 - 0.65%)

Banks

9,513 Danske Bank A/S 164,320 0.04%

Beverages

1,325 Carlsberg A/S 122,975 0.03%

Biotechnology

805 Genmab A/S 115,155 0.03%

1,350 H Lundbeck A/S 51,631 0.01%

Chemicals

3,130 Novozymes A/S 122,013 0.03%

Commercial Services

2,562 ISS A/S 62,501 0.02%

Electric

2,917 Orsted A/S 170,311 0.04%

Energy-Alternate Sources

2,866 Vestas Wind Systems A/S 188,994 0.05%

Food

1,300 Chr Hansen Holding A/S 100,447 0.02%

Healthcare-Products

1,885 Coloplast A/S 152,822 0.04%

1,000 William Demant Holding A/S 24,777 0.01%

Insurance

900 Tryg A/S 19,767 0.00%

Pharmaceuticals

23,679 Novo Nordisk A/S 945,263 0.23%

Retail

1,307 Pandora A/S 46,466 0.01%

Transportation

111 AP Moller - Maersk A/S 120,241 0.03%

1,985 DSV A/S 114,167 0.03%

Equities - EUR - 10.90% (2017 - 11.42%)

Advertising

600 JCDecaux SA 14,712 0.00%

2,606 Publicis Groupe SA 130,508 0.03%

Aerospace/Defense

7,366 Airbus SE 618,449 0.15%

38 Dassault Aviation SA 45,980 0.01%

5,670 Leonardo SpA 43,534 0.01%

600 MTU Aero Engines AG 95,040 0.02%

4,520 Safran SA 476,408 0.11%

1,186 Thales SA 120,972 0.03%

Airlines

3,489 Deutsche Lufthansa AG 68,733 0.02%

9,208 International Consolidated Airlines Group SA 63,719 0.02%

1,000 Ryanair Holdings PLC 10,750 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

352

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 10.90% (2017 - 11.42%) (continued)

Apparel

2,469 adidas AG 450,346 0.11%

407 Hermes International 197,314 0.05%

970 Kering SA 399,252 0.10%

3,688 LVMH Moet Hennessy Louis Vuitton SE 952,242 0.23%

2,367 Moncler SpA 68,477 0.02%

111 Puma SE 47,397 0.01%

Auto Manufacturers

4,887 Bayerische Motoren Werke AG 339,758 0.08%

11,027 Daimler AG 506,250 0.12%

1,453 Ferrari NV 126,091 0.03%

13,973 Fiat Chrysler Automobiles NV 177,206 0.04%

9,187 Peugeot SA 171,292 0.04%

2,310 Porsche Automobil Holding SE 119,288 0.03%

2,288 Renault SA 124,810 0.03%

3,077 Volkswagen AG 427,545 0.10%

Auto Parts & Equipment

2,184 Cie Generale des Etablissements Michelin SCA 189,353 0.05%

1,443 Continental AG 174,242 0.04%

900 Faurecia SA 29,763 0.01%

1,250 Nokian Renkaat OYJ 33,525 0.01%

6,772 Pirelli & C SpA 37,991 0.01%

3,556 Valeo SA 90,714 0.02%

Banks

6,488 ABN AMRO Group NV 133,264 0.03%

10,766 AIB Group PLC 39,619 0.01%

90,698 Banco Bilbao Vizcaya Argentaria SA 420,431 0.10%

62,359 Banco de Sabadell SA 62,390 0.02%

197,942 Banco Santander SA 786,424 0.19%

12,953 Bank of Ireland Group PLC 62,952 0.02%

16,081 Bankia SA 41,167 0.01%

8,686 Bankinter SA 60,958 0.01%

14,979 BNP Paribas SA 591,296 0.14%

48,592 CaixaBank SA 153,745 0.04%

13,047 Commerzbank AG 75,451 0.02%

14,654 Credit Agricole SA 138,187 0.03%

28,560 Deutsche Bank AG 198,978 0.05%

3,863 Erste Group Bank AG 112,220 0.03%

52,547 ING Groep NV 494,467 0.12%

186,614 Intesa Sanpaolo SpA 361,994 0.09%

3,047 KBC Group NV 172,704 0.04%

11,218 Mediobanca Banca di Credito Finanziario SpA 82,744 0.02%

11,746 Natixis SA 48,382 0.01%

2,808 Raiffeisen Bank International AG 62,338 0.02%

10,657 Societe Generale SA 296,478 0.07%

26,128 UniCredit SpA 258,510 0.06%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

353

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 10.90% (2017 - 11.42%) (continued)

Beverages

10,365 Anheuser-Busch InBev SA/NV 598,061 0.14%

5,000 Davide Campari-Milano SpA 36,925 0.01%

1,479 Heineken Holding NV 109,076 0.03%

3,328 Heineken NV 256,922 0.06%

2,628 Pernod Ricard SA 376,592 0.09%

631 Remy Cointreau SA 62,437 0.02%

Building Materials

6,417 Cie de Saint-Gobain 187,152 0.05%

10,752 CRH PLC 248,371 0.06%

1,817 HeidelbergCement AG 96,991 0.02%

250 Imerys SA 10,495 0.00%

2,124 Kingspan Group PLC 79,395 0.02%

2,032 LafargeHolcim Ltd 72,807 0.02%

Chemicals

5,613 Air Liquide SA 608,730 0.15%

3,721 Akzo Nobel NV 261,958 0.06%

707 Arkema SA 52,997 0.01%

12,303 BASF SE 743,101 0.18%

1,671 Brenntag AG 62,997 0.02%

2,260 Covestro AG 97,587 0.02%

1,823 Evonik Industries AG 39,741 0.01%

1,100 Fuchs Petrolub SE 39,578 0.01%

2,215 Koninklijke DSM NV 158,240 0.04%

995 LANXESS AG 39,999 0.01%

3,689 Linde PLC 511,111 0.12%

1,022 Solvay SA 89,241 0.02%

1,765 Symrise AG 113,843 0.03%

2,000 Umicore SA 69,720 0.02%

Commercial Services

5,832 Atlantia SpA 105,384 0.03%

2,400 Bureau Veritas SA 42,708 0.01%

2,200 Edenred 70,642 0.02%

1,282 Randstad NV 51,395 0.01%

14,264 RELX PLC 256,324 0.06%

1,350 Wirecard AG 179,280 0.04%

Computers

1,235 Atos SE 88,278 0.02%

2,063 Capgemini SE 179,068 0.04%

954 Ingenico Group SA 47,261 0.01%

600 Teleperformance 83,760 0.02%

Cosmetics/Personal Care

1,199 Beiersdorf AG 109,301 0.03%

3,034 L'Oreal SA 610,441 0.15%

19,334 Unilever NV 916,818 0.22%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

354

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 10.90% (2017 - 11.42%) (continued)

Distribution/Wholesale

4,643 Rexel SA 43,180 0.01%

Diversified Financial Services

799 Amundi SA 36,882 0.01%

2,357 Deutsche Boerse AG 247,367 0.06%

Electric

26,370 E.ON SE 227,494 0.05%

25,968 EDP - Energias de Portugal SA 79,176 0.02%

9,799 Electricite de France SA 135,226 0.03%

5,181 Endesa SA 104,294 0.03%

105,003 Enel SpA 529,635 0.13%

22,646 Engie SA 283,641 0.07%

6,180 Fortum OYJ 118,038 0.03%

77,644 Iberdrola SA 544,906 0.13%

1,700 Innogy SE 69,241 0.02%

5,224 Red Electrica Corp SA 101,842 0.02%

6,131 RWE AG 116,274 0.03%

15,357 Terna Rete Elettrica Nazionale SpA 76,063 0.02%

2,000 Uniper SE 45,200 0.01%

1,057 Verbund AG 39,363 0.01%

Electrical Components & Equipment

3,758 Legrand SA 185,269 0.04%

1,595 OSRAM Licht AG 60,482 0.01%

3,000 Prysmian SpA 50,610 0.01%

7,507 Schneider Electric SE 448,329 0.11%

Electronics

471 Sartorius AG 51,292 0.01%

Energy-Alternate Sources

3,765 Siemens Gamesa Renewable Energy SA 40,060 0.01%

Engineering & Construction

3,214 ACS Actividades de Construccion y Servicios SA 108,730 0.03%

1,035 Aena SME SA 140,501 0.03%

431 Aeroports de Paris 71,331 0.02%

2,655 Bouygues SA 83,208 0.02%

696 Eiffage SA 50,780 0.01%

8,339 Ferrovial SA 147,559 0.04%

825 Fraport AG Frankfurt Airport Services Worldwide 51,530 0.01%

268 HOCHTIEF AG 31,544 0.01%

6,486 Vinci SA 467,122 0.11%

Entertainment

1,235 Paddy Power Betfair PLC 88,488 0.02%

Food

6,717 Carrefour SA 100,150 0.02%

1,363 Casino Guichard Perrachon SA 49,531 0.01%

1,100 Colruyt SA 68,464 0.02%

7,902 Danone SA 486,052 0.12%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

355

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 10.90% (2017 - 11.42%) (continued)

Food (continued)

2,357 Jeronimo Martins SGPS SA 24,371 0.01%

1,843 Kerry Group PLC 159,420 0.04%

16,404 Koninklijke Ahold Delhaize NV 362,118 0.09%

1,849 METRO AG 24,767 0.01%

Food Service

1,019 Sodexo SA 91,201 0.02%

Forest Products & Paper

2,981 Smurfit Kappa Group PLC 69,338 0.02%

6,406 Stora Enso OYJ 64,605 0.02%

8,139 UPM-Kymmene OYJ 180,279 0.04%

Gas

3,015 Enagas SA 71,184 0.02%

4,151 Gas Natural SDG SA 92,401 0.02%

34,399 Snam SpA 131,370 0.03%

Healthcare-Products

2,936 Essilor International Cie Generale d'Optique SA 324,281 0.08%

13,268 Koninklijke Philips NV 410,379 0.10%

2,937 QIAGEN NV 87,170 0.02%

471 Sartorius Stedim Biotech 41,142 0.01%

1,985 Siemens Healthineers AG 72,542 0.02%

Healthcare-Services

655 BioMerieux 37,663 0.01%

261 Eurofins Scientific SE 85,086 0.02%

2,625 Fresenius Medical Care AG & Co KGaA 148,680 0.04%

5,337 Fresenius SE & Co KGaA 226,182 0.05%

Holding Companies - Diversified

21,336 Bollore SA 74,676 0.02%

Home Furnishings

276 SEB SA 31,133 0.01%

Household Products/Wares

3,753 Henkel AG & Co KGaA 344,392 0.08%

532 Societe BIC SA 47,428 0.01%

Insurance

22,441 Aegon NV 91,537 0.02%

2,000 Ageas 78,600 0.02%

5,415 Allianz SE 948,383 0.23%

15,121 Assicurazioni Generali SpA 220,767 0.05%

24,704 AXA SA 465,868 0.11%

1,632 CNP Assurances 30,225 0.01%

600 Hannover Rueck SE 70,620 0.02%

12,500 Mapfre SA 29,000 0.01%

2,029Muenchener Rueckversicherungs-Gesellschaft AG inMuenchen 386,626 0.09%

4,297 NN Group NV 149,536 0.04%

6,350 Poste Italiane SpA 44,348 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

356

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 10.90% (2017 - 11.42%) (continued)

Insurance (continued)

5,608 Sampo OYJ 215,403 0.05%

1,700 SCOR SE 66,980 0.02%

Internet

1,217 Delivery Hero AG 39,553 0.01%

320 Iliad SA 39,248 0.01%

2,475 United Internet AG 94,545 0.02%

Investment Companies

536 EXOR NV 25,331 0.01%

1,282 Groupe Bruxelles Lambert SA 97,535 0.02%

721 Wendel SA 75,489 0.02%

Iron/Steel

8,678 ArcelorMittal 157,419 0.04%

6,397 ThyssenKrupp AG 95,827 0.02%

1,534 voestalpine AG 40,037 0.01%

Lodging

2,463 Accor SA 91,402 0.02%

Machinery - Diversified

1,072 ANDRITZ AG 43,009 0.01%

15,530 CNH Industrial NV 121,879 0.03%

2,156 GEA Group AG 48,510 0.01%

700 KION Group AG 31,031 0.01%

4,361 Kone OYJ 181,592 0.04%

1,272 Metso OYJ 29,129 0.01%

Media

350 Axel Springer SE 17,283 0.00%

2,440 ProSiebenSat.1 Media SE 37,942 0.01%

664 RTL Group SA 31,009 0.01%

644 Telenet Group Holding NV 26,146 0.01%

15,014 Vivendi SA 319,498 0.08%

3,902 Wolters Kluwer NV 201,577 0.05%

Metal Fabricate/Hardware

6,077 Tenaris SA 57,367 0.01%

Miscellaneous Manufacturing

1,514 Alstom SA 53,399 0.01%

10,232 Siemens AG 996,392 0.24%

5,739 Wartsila OYJ Abp 79,743 0.02%

Oil & Gas

33,094 Eni SpA 454,976 0.11%

6,806 Galp Energia SGPS SA 93,889 0.02%

1,670 Neste OYJ 112,491 0.03%

1,624 OMV AG 62,118 0.01%

31,734 Repsol SA 229,754 0.06%

30,898 TOTAL SA 1,426,870 0.34%

Oil & Gas Services

2,372 TechnipFMC PLC 41,866 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

357

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 10.90% (2017 - 11.42%) (continued)

Pharmaceuticals

12,076 Bayer AG 731,323 0.18%

3,674 Grifols SA 84,135 0.02%

663 Ipsen SA 74,820 0.02%

1,600 Merck KGaA 143,968 0.03%

2,185 Orion OYJ 66,162 0.02%

1,842 Recordati SpA 55,794 0.01%

14,024 Sanofi 1,061,056 0.26%

1,754 UCB SA 125,060 0.03%

Pipelines

1,226 Koninklijke Vopak NV 48,648 0.01%

Private Equity

712 Eurazeo SA 44,002 0.01%

Real Estate

10,478 Aroundtown SA 75,651 0.02%

4,574 Deutsche Wohnen SE 182,960 0.04%

5,963 Vonovia SE 236,075 0.06%

REITS

214 Covivio 18,019 0.00%

801 Gecina SA 90,513 0.02%

200 ICADE 13,300 0.00%

2,988 Klepierre SA 80,556 0.02%

1,262 Unibail-Rodamco-Westfield 170,875 0.04%

Retail

867 HUGO BOSS AG 46,749 0.01%

14,007 Industria de Diseno Textil SA 313,056 0.08%

227 Luxottica Group SpA 11,736 0.00%

1,515 Zalando SE 33,997 0.01%

Semiconductors

5,134 ASML Holding NV 704,179 0.17%

14,579 Infineon Technologies AG 253,164 0.06%

7,514 STMicroelectronics NV 93,812 0.02%

Software

5,635 Amadeus IT Group SA 342,833 0.08%

1,691 Dassault Systemes SE 175,357 0.04%

13,001 SAP SE 1,130,177 0.27%

800 UBISOFT Entertainment SA 56,384 0.01%

Telecommunications

850 1&1 Drillisch AG 37,825 0.01%

45,668 Deutsche Telekom AG 676,800 0.16%

1,783 Elisa OYJ 64,331 0.02%

1,577 Eutelsat Communications SA 27,132 0.01%

45,923 Koninklijke KPN NV 117,563 0.03%

65,366 Nokia OYJ 330,578 0.08%

28,506 Orange SA 403,502 0.10%

1,881 Proximus SADP 44,429 0.01%

4,525 SES SA 75,613 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

358

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 10.90% (2017 - 11.42%) (continued)

Telecommunications (continued)

148,277 Telecom Italia SpA 66,481 0.02%

10,687 Telefonica Deutschland Holding AG 36,528 0.01%

62,267 Telefonica SA 456,978 0.11%

Transportation

12,813 Deutsche Post AG 306,359 0.07%

4,800 Getlink 56,304 0.01%

Water

5,000 Suez 57,650 0.01%

7,463 Veolia Environnement SA 133,998 0.03%

Equities - GBP - 5.94% (2017 - 6.25%)

Advertising

15,794 WPP PLC 148,971 0.04%

Aerospace/Defense

44,873 BAE Systems PLC 229,571 0.06%

9,468 Meggitt PLC 49,683 0.01%

1,001,053 Rolls-Royce Holdings PLC 198,047 0.05%

Agriculture

30,442 British American Tobacco PLC 847,897 0.20%

12,310 Imperial Brands PLC 326,000 0.08%

Airlines

2,498 easyJet PLC 30,753 0.01%

Apparel

4,932 Burberry Group PLC 95,363 0.02%

Banks

225,468 Barclays PLC 378,102 0.09%

254,073 HSBC Holdings PLC 1,831,157 0.44%

7,687 Investec PLC 37,777 0.01%

970,511 Lloyds Banking Group PLC 560,634 0.14%

44,723 Royal Bank of Scotland Group PLC 107,974 0.03%

37,075 Standard Chartered PLC 251,676 0.06%

Beverages

2,901 Coca-Cola HBC AG 79,250 0.02%

31,172 Diageo PLC 970,681 0.23%

Biotechnology

11,656 Shire PLC 593,466 0.14%

Building Materials

65 CRH PLC 1,500 0.00%

Chemicals

1,740 Croda International PLC 90,822 0.02%

2,086 Johnson Matthey PLC 65,050 0.02%

Commercial Services

6,383 Ashtead Group PLC 116,414 0.03%

5,768 Babcock International Group PLC 31,443 0.01%

13,282 Experian PLC 281,896 0.07%

16,954 G4S PLC 37,201 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

359

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 5.94% (2017 - 6.25%) (continued)

Commercial Services (continued)

2,317 Intertek Group PLC 123,907 0.03%

13,148 RELX PLC 236,791 0.06%

1,982 Worldpay Inc 133,595 0.03%

Cosmetics/Personal Care

13,755 Unilever PLC 629,613 0.15%

Distribution/Wholesale

5,000 Bunzl PLC 131,967 0.03%

3,038 Ferguson PLC 169,809 0.04%

Diversified Financial Services

1,667 Hargreaves Lansdown PLC 34,340 0.01%

3,607 London Stock Exchange Group PLC 163,236 0.04%

1,322 Schroders PLC 35,982 0.01%

28,007 Standard Life Aberdeen PLC 80,114 0.02%

Electric

14,280 SSE PLC 172,062 0.04%

Entertainment

7,213 GVC Holdings PLC 54,163 0.01%

16,214 Merlin Entertainments PLC 57,354 0.01%

Food

4,134 Associated British Foods PLC 94,096 0.02%

19,544 J Sainsbury PLC 57,702 0.01%

109,284 Tesco PLC 231,456 0.06%

21,226 Wm Morrison Supermarkets PLC 50,430 0.01%

Food Service

20,812 Compass Group PLC 382,585 0.09%

Forest Products & Paper

4,820 Mondi PLC 87,720 0.02%

Gas

79,632 Centrica PLC 119,682 0.03%

43,129 National Grid PLC 367,203 0.09%

Healthcare-Products

20,625 ConvaTec Group PLC 31,929 0.01%

11,307 Smith & Nephew PLC 184,424 0.04%

Healthcare-Services

1,376 NMC Health PLC 41,943 0.01%

Home Builders

11,846 Barratt Developments PLC 61,079 0.01%

1,747 Berkeley Group Holdings PLC 67,714 0.02%

5,162 Persimmon PLC 110,995 0.03%

37,321 Taylor Wimpey PLC 56,653 0.01%

Household Products/Wares

9,058 Reckitt Benckiser Group PLC 606,811 0.15%

Insurance

1,900 Admiral Group PLC 43,331 0.01%

53,590 Aviva PLC 224,194 0.05%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

360

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 5.94% (2017 - 6.25%) (continued)

Insurance (continued)

19,342 Direct Line Insurance Group PLC 68,677 0.02%

77,190 Legal & General Group PLC 198,657 0.05%

33,603 Prudential PLC 524,875 0.13%

13,944 RSA Insurance Group PLC 79,789 0.02%

8,563 St James's Place PLC 90,059 0.02%

Internet

10,149 Auto Trader Group PLC 51,425 0.01%

Investment Companies

64,085 Melrose Industries PLC 116,986 0.03%

Leisure Time

3,014 Carnival PLC 126,359 0.03%

6,006 TUI AG 75,311 0.02%

Lodging

2,355 InterContinental Hotels Group PLC 111,168 0.03%

1,997 Whitbread PLC 101,878 0.02%

Machinery - Diversified

3,448 Weir Group PLC/The 49,862 0.01%

Media

16,808 Informa PLC 118,012 0.03%

41,420 ITV PLC 57,614 0.01%

9,593 Pearson PLC 100,293 0.02%

Mining

13,938 Anglo American PLC 271,408 0.07%

4,815 Antofagasta PLC 42,014 0.01%

29,377 BHP Group PLC 540,558 0.13%

2,600 Fresnillo PLC 24,912 0.01%

157,811 Glencore PLC 512,250 0.12%

1,249 Randgold Resources Ltd 91,090 0.02%

13,742 Rio Tinto PLC 571,069 0.14%

Miscellaneous Manufacturing

6,011 Smiths Group PLC 91,346 0.02%

Oil & Gas

261,432 BP PLC 1,444,530 0.35%

1,076 DCC PLC 71,747 0.02%

108,597 Royal Dutch Shell PLC 2,809,764 0.68%

Oil & Gas Services

11,762 John Wood Group PLC 66,334 0.02%

Pharmaceuticals

15,933 AstraZeneca PLC 1,042,528 0.25%

63,496 GlaxoSmithKline PLC 1,054,902 0.25%

Private Equity

13,257 3i Group PLC 114,230 0.03%

REITS

14,287 British Land Co PLC/The 84,871 0.02%

9,967 Hammerson PLC 36,578 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

361

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 5.94% (2017 - 6.25%) (continued)

REITS (continued)

12,075 Land Securities Group PLC 108,215 0.03%

19,739 Segro PLC 129,442 0.03%

Retail

25,729 Kingfisher PLC 59,480 0.01%

17,250 Marks & Spencer Group PLC 47,508 0.01%

2,426 Next PLC 107,870 0.03%

Software

5,634 Micro Focus International PLC 86,810 0.02%

15,490 Sage Group PLC/The 103,787 0.03%

Telecommunications

109,255 BT Group PLC 289,822 0.07%

344,566 Vodafone Group PLC 586,962 0.14%

Transportation

8,565 Royal Mail PLC 25,965 0.01%

Water

2,742 Severn Trent PLC 55,462 0.01%

7,525 United Utilities Group PLC 61,721 0.01%

Equities - HKD - 1.25% (2017 - 1.17%)

Apparel

9,000 Yue Yuen Industrial Holdings Ltd 25,190 0.01%

Auto Parts & Equipment

12,000 Minth Group Ltd 33,854 0.01%

Banks

19,476 Bank of East Asia Ltd/The 54,184 0.01%

44,500 BOC Hong Kong Holdings Ltd 144,686 0.03%

9,300 Hang Seng Bank Ltd 182,673 0.04%

Diversified Financial Services

15,327 Hong Kong Exchanges & Clearing Ltd 388,052 0.09%

Electric

21,500 CLP Holdings Ltd 212,596 0.05%

72,000 HK Electric Investments & HK Electric Investments Ltd 63,552 0.02%

21,500 Power Assets Holdings Ltd 130,921 0.03%

Engineering & Construction

8,500 CK Infrastructure Holdings Ltd 56,318 0.01%

Food

100,500 WH Group Ltd 67,711 0.02%

Gas

138,772 Hong Kong & China Gas Co Ltd 251,183 0.06%

Hand/Machine Tools

18,000 Techtronic Industries Co Ltd 83,664 0.02%

Holding Companies - Diversified

37,548 CK Hutchison Holdings Ltd 315,484 0.08%

13,689 NWS Holdings Ltd 24,563 0.01%

7,000 Swire Pacific Ltd 64,681 0.02%

15,000 Wharf Holdings Ltd/The 34,190 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

362

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - HKD - 1.25% (2017 - 1.17%) (continued)

Insurance

163,200 AIA Group Ltd 1,185,240 0.29%

Lodging

31,000 Galaxy Entertainment Group Ltd 172,490 0.04%

13,200 MGM China Holdings Ltd 19,379 0.00%

29,600 Sands China Ltd 113,438 0.03%

12,000 Shangri-La Asia Ltd 15,553 0.00%

15,000 SJM Holdings Ltd 12,235 0.00%

20,000 Wynn Macau Ltd 38,167 0.01%

Real Estate

34,548 CK Asset Holdings Ltd 221,182 0.05%

11,000 Hang Lung Group Ltd 24,507 0.01%

26,000 Hang Lung Properties Ltd 43,343 0.01%

21,876 Henderson Land Development Co Ltd 95,325 0.02%

6,000 Hysan Development Co Ltd 24,972 0.01%

13,000 Kerry Properties Ltd 38,854 0.01%

66,365 New World Development Co Ltd 76,820 0.02%

27,768 Sino Land Co Ltd 41,636 0.01%

19,826 Sun Hung Kai Properties Ltd 247,213 0.06%

20,000 Swire Properties Ltd 61,452 0.01%

15,000 Wharf Real Estate Investment Co Ltd 78,519 0.02%

14,000 Wheelock & Co Ltd 69,999 0.02%

REITS

26,320 Link REIT 233,202 0.06%

Semiconductors

3,000 ASM Pacific Technology Ltd 25,290 0.01%

Telecommunications

39,000 HKT Trust & HKT Ltd 49,153 0.01%

44,000 PCCW Ltd 22,172 0.01%

Transportation

20,661 MTR Corp Ltd 95,109 0.02%

Equities - ILS - 0.12% (2017 - 0.10%)

Aerospace/Defense

411 Elbit Systems Ltd 41,257 0.01%

Banks

14,580 Bank Hapoalim BM 80,722 0.02%

24,357 Bank Leumi Le-Israel BM 128,865 0.03%

5,000 Mizrahi Tefahot Bank Ltd 73,906 0.02%

Chemicals

6,255 Israel Chemicals Ltd 31,043 0.01%

Real Estate

400 Azrieli Group Ltd 16,715 0.00%

Telecommunications

24,845 Bezeq The Israeli Telecommunication Corp Ltd 21,229 0.01%

700 Nice Ltd 65,909 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

363

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 8.41% (2017 - 8.60%)

Advertising

2,700 Dentsu Inc 105,593 0.03%

2,600 Hakuhodo DY Holdings Inc 32,650 0.01%

Aerospace/Defense

1,400 IHI Corp 33,822 0.01%

1,900 Kawasaki Heavy Industries Ltd 35,630 0.01%

Agriculture

14,100 Japan Tobacco Inc 294,151 0.07%

Airlines

2,300 ANA Holdings Inc 72,271 0.02%

400 Japan Airlines Co Ltd 12,409 0.00%

Apparel

3,800 Asics Corp 42,569 0.01%

Auto Manufacturers

2,000 Hino Motors Ltd 16,584 0.00%

20,600 Honda Motor Co Ltd 475,413 0.11%

9,200 Isuzu Motors Ltd 113,587 0.03%

7,100 Mazda Motor Corp 64,252 0.02%

7,600 Mitsubishi Motors Corp 36,479 0.01%

29,800 Nissan Motor Co Ltd 209,159 0.05%

7,700 Subaru Corp 144,888 0.03%

4,200 Suzuki Motor Corp 186,424 0.04%

29,600 Toyota Motor Corp 1,511,852 0.36%

Auto Parts & Equipment

2,000 Aisin Seiki Co Ltd 60,915 0.01%

8,100 Bridgestone Corp 273,572 0.07%

4,100 Denso Corp 159,952 0.04%

3,000 JTEKT Corp 29,325 0.01%

1,300 Koito Manufacturing Co Ltd 58,874 0.01%

3,200 NGK Insulators Ltd 38,042 0.01%

3,000 NGK Spark Plug Co Ltd 52,432 0.01%

1,800 Stanley Electric Co Ltd 44,347 0.01%

9,400 Sumitomo Electric Industries Ltd 109,574 0.03%

4,000 Sumitomo Rubber Industries Ltd 41,460 0.01%

800 Toyoda Gosei Co Ltd 13,873 0.00%

300 Toyota Industries Corp 12,175 0.00%

1,000 Yokohama Rubber Co Ltd/The 16,465 0.00%

Banks

1,500 Aozora Bank Ltd 39,168 0.01%

800 Bank of Kyoto Ltd/The 28,990 0.01%

13,000 Chiba Bank Ltd/The 63,642 0.02%

15,000 Concordia Financial Group Ltd 50,470 0.01%

1,600 Fukuoka Financial Group Inc 28,538 0.01%

6,000 Japan Post Bank Co Ltd 57,885 0.01%

156,300 Mitsubishi UFJ Financial Group Inc 670,334 0.16%

300,500 Mizuho Financial Group Inc 408,028 0.10%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

364

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 8.41% (2017 - 8.60%) (continued)

Banks (continued)

31,700 Resona Holdings Inc 133,629 0.03%

4,000 Seven Bank Ltd 10,014 0.00%

3,400 Shinsei Bank Ltd 35,485 0.01%

9,000 Shizuoka Bank Ltd/The 61,784 0.01%

17,100 Sumitomo Mitsui Financial Group Inc 496,963 0.12%

4,500 Sumitomo Mitsui Trust Holdings Inc 144,306 0.03%

4,000 Yamaguchi Financial Group Inc 33,647 0.01%

Beverages

4,700 Asahi Group Holdings Ltd 159,976 0.04%

2,300 Coca-Cola Bottlers Japan Holdings Inc 60,241 0.01%

11,100 Kirin Holdings Co Ltd 203,422 0.05%

400 Suntory Beverage & Food Ltd 15,819 0.00%

Building Materials

3,200 AGC Inc/Japan 87,513 0.02%

3,500 Daikin Industries Ltd 326,361 0.08%

4,000 LIXIL Group Corp 43,438 0.01%

400 Rinnai Corp 23,090 0.01%

400 Taiheiyo Cement Corp 10,828 0.00%

1,100 TOTO Ltd 33,416 0.01%

Chemicals

2,000 Air Water Inc 26,551 0.01%

15,000 Asahi Kasei Corp 135,145 0.03%

2,000 Daicel Corp 18,035 0.00%

1,300 Hitachi Chemical Co Ltd 17,206 0.00%

3,500 JSR Corp 46,185 0.01%

400 Kaneka Corp 12,566 0.00%

3,000 Kansai Paint Co Ltd 50,566 0.01%

5,700 Kuraray Co Ltd 70,443 0.02%

18,000 Mitsubishi Chemical Holdings Corp 119,492 0.03%

2,200 Mitsubishi Gas Chemical Co Inc 29,030 0.01%

3,000 Mitsui Chemicals Inc 59,416 0.01%

2,200 Nippon Paint Holdings Co Ltd 65,954 0.02%

1,800 Nissan Chemical Corp 82,666 0.02%

2,400 Nitto Denko Corp 106,069 0.03%

5,100 Shin-Etsu Chemical Co Ltd 347,100 0.08%

1,200 Showa Denko KK 31,287 0.01%

23,000 Sumitomo Chemical Co Ltd 97,743 0.02%

1,500 Taiyo Nippon Sanso Corp 21,480 0.01%

3,400 Teijin Ltd 47,630 0.01%

16,000 Toray Industries Inc 98,485 0.02%

3,500 Tosoh Corp 39,961 0.01%

Commercial Services

2,000 Benesse Holdings Inc 44,618 0.01%

3,500 Dai Nippon Printing Co Ltd 64,100 0.02%

1,000 Park24 Co Ltd 19,239 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

365

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 8.41% (2017 - 8.60%) (continued)

Commercial Services (continued)

2,000 Persol Holdings Co Ltd 26,088 0.01%

14,700 Recruit Holdings Co Ltd 312,060 0.08%

2,800 Secom Co Ltd 203,469 0.05%

1,000 Sohgo Security Services Co Ltd 40,982 0.01%

3,000 Toppan Printing Co Ltd 38,678 0.01%

Computers

2,700 Fujitsu Ltd 147,399 0.04%

2,500 NEC Corp 65,081 0.02%

1,588 Nomura Research Institute Ltd 51,595 0.01%

7,500 NTT Data Corp 72,057 0.02%

1,100 Obic Co Ltd 74,461 0.02%

1,200 Otsuka Corp 28,895 0.01%

1,600 TDK Corp 98,485 0.02%

Cosmetics/Personal Care

6,500 Kao Corp 422,586 0.10%

400 Kose Corp 55,047 0.01%

3,000 Lion Corp 54,297 0.01%

1,200 Pigeon Corp 44,969 0.01%

1,600 Pola Orbis Holdings Inc 37,876 0.01%

5,100 Shiseido Co Ltd 280,250 0.07%

6,300 Unicharm Corp 178,772 0.04%

Distribution/Wholesale

18,900 ITOCHU Corp 281,343 0.07%

22,200 Marubeni Corp 136,718 0.03%

16,300 Mitsubishi Corp 392,487 0.09%

21,500 Mitsui & Co Ltd 289,791 0.07%

15,700 Sumitomo Corp 195,466 0.05%

2,700 Toyota Tsusho Corp 69,857 0.02%

Diversified Financial Services

4,900 Acom Co Ltd 14,026 0.00%

1,000 AEON Financial Service Co Ltd 15,580 0.00%

2,000 Credit Saison Co Ltd 20,587 0.00%

9,300 Daiwa Securities Group Inc 41,272 0.01%

7,600 Japan Exchange Group Inc 107,800 0.03%

11,510 Mebuki Financial Group Inc 26,797 0.01%

10,000 Mitsubishi UFJ Lease & Finance Co Ltd 42,098 0.01%

43,300 Nomura Holdings Inc 145,276 0.04%

18,600 ORIX Corp 238,097 0.06%

800 Tokyo Century Corp 30,808 0.01%

Electric

8,300 Chubu Electric Power Co Inc 103,402 0.02%

4,900 Chugoku Electric Power Co Inc/The 55,790 0.01%

3,200 Electric Power Development Co Ltd 66,490 0.02%

8,800 Kansai Electric Power Co Inc/The 115,770 0.03%

4,700 Kyushu Electric Power Co Inc 49,053 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

366

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 8.41% (2017 - 8.60%) (continued)

Electric (continued)

6,600 Tohoku Electric Power Co Inc 76,303 0.02%

15,100 Tokyo Electric Power Co Holdings Inc 78,618 0.02%

Electrical Components & Equipment

3,200 Brother Industries Ltd 41,614 0.01%

2,800 Casio Computer Co Ltd 29,112 0.01%

Electronics

3,600 Alps Electric Co Ltd 61,282 0.01%

441 Hirose Electric Co Ltd 37,869 0.01%

800 Hitachi High-Technologies Corp 22,038 0.01%

5,000 Hoya Corp 263,712 0.06%

3,800 Kyocera Corp 166,881 0.04%

6,000 Minebea Mitsumi Inc 76,064 0.02%

2,600 Murata Manufacturing Co Ltd 310,020 0.07%

3,000 Nidec Corp 298,396 0.07%

1,000 Nippon Electric Glass Co Ltd 21,472 0.01%

2,500 Omron Corp 79,732 0.02%

2,000 Yokogawa Electric Corp 30,314 0.01%

Engineering & Construction

600 Japan Airport Terminal Co Ltd 18,227 0.00%

3,000 JGC Corp 37,003 0.01%

5,500 Kajima Corp 64,814 0.02%

8,000 Obayashi Corp 63,403 0.02%

5,000 Shimizu Corp 35,680 0.01%

2,600 Taisei Corp 97,536 0.02%

Entertainment

2,700 Oriental Land Co Ltd/Japan 237,987 0.06%

500 Sankyo Co Ltd 16,664 0.00%

3,800 Sega Sammy Holdings Inc 46,538 0.01%

1,000 Toho Co Ltd/Tokyo 31,733 0.01%

Environmental Control

1,000 Kurita Water Industries Ltd 21,241 0.01%

Food

7,000 Ajinomoto Co Inc 109,224 0.03%

1,000 Calbee Inc 27,428 0.01%

2,000 Kikkoman Corp 94,243 0.02%

1,400 MEIJI Holdings Co Ltd 100,015 0.02%

1,000 NH Foods Ltd 32,969 0.01%

2,400 Nisshin Seifun Group Inc 43,457 0.01%

700 Nissin Foods Holdings Co Ltd 38,510 0.01%

9,800 Seven & i Holdings Co Ltd 373,729 0.09%

2,000 Toyo Suisan Kaisha Ltd 61,154 0.01%

1,700 Yakult Honsha Co Ltd 104,640 0.03%

1,600 Yamazaki Baking Co Ltd 29,418 0.01%

Forest Products & Paper

7,000 Oji Holdings Corp 31,534 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

367

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 8.41% (2017 - 8.60%) (continued)

Gas

4,000 Osaka Gas Co Ltd 64,072 0.02%

1,000 Toho Gas Co Ltd 36,956 0.01%

4,400 Tokyo Gas Co Ltd 97,721 0.02%

Hand/Machine Tools

400 Disco Corp 40,982 0.01%

1,400 Fuji Electric Co Ltd 36,222 0.01%

3,400 Makita Corp 105,860 0.03%

Healthcare-Products

1,200 Asahi Intecc Co Ltd 44,395 0.01%

4,100 Olympus Corp 110,329 0.03%

2,000 Shimadzu Corp 34,667 0.01%

1,900 Sysmex Corp 79,926 0.02%

4,000 Terumo Corp 198,500 0.05%

Home Builders

8,400 Daiwa House Industry Co Ltd 234,277 0.06%

1,000 Iida Group Holdings Co Ltd 15,157 0.00%

5,000 Sekisui Chemical Co Ltd 65,021 0.02%

4,800 Sekisui House Ltd 61,961 0.01%

Home Furnishings

500 Hoshizaki Corp 26,630 0.01%

27,600 Panasonic Corp 217,991 0.05%

1,800 Sharp Corp/Japan 15,816 0.00%

16,400 Sony Corp 696,427 0.17%

Insurance

13,600 Dai-ichi Life Holdings Inc 186,291 0.04%

18,782 Japan Post Holdings Co Ltd 189,436 0.05%

5,700 MS&AD Insurance Group Holdings Inc 142,340 0.03%

4,000 Sompo Holdings Inc 119,023 0.03%

3,600 Sony Financial Holdings Inc 58,985 0.01%

5,800 T&D Holdings Inc 59,147 0.01%

8,600 Tokio Marine Holdings Inc 359,028 0.09%

Internet

1,300 CyberAgent Inc 44,000 0.01%

1,000 Kakaku.com Inc 15,484 0.00%

800 LINE Corp 24,079 0.01%

4,600 M3 Inc 54,061 0.01%

1,800 MonotaRO Co Ltd 39,008 0.01%

11,900 Rakuten Inc 69,832 0.02%

2,000 SBI Holdings Inc/Japan 34,428 0.01%

2,400 Start Today Co Ltd 38,463 0.01%

1,000 Trend Micro Inc/Japan 47,600 0.01%

27,600 Yahoo Japan Corp 60,296 0.01%

Iron/Steel

2,000 Hitachi Metals Ltd 18,338 0.00%

5,800 JFE Holdings Inc 81,251 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

368

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 8.41% (2017 - 8.60%) (continued)

Iron/Steel (continued)

3,900 Kobe Steel Ltd 23,757 0.01%

9,518 Nippon Steel & Sumitomo Metal Corp 143,619 0.03%

Leisure Time

900 Shimano Inc 111,369 0.03%

2,000 Yamaha Corp 74,629 0.02%

3,500 Yamaha Motor Co Ltd 60,249 0.01%

Machinery - Construction & Mining

1,300 Hitachi Construction Machinery Co Ltd 26,659 0.01%

11,800 Hitachi Ltd 276,182 0.07%

12,200 Komatsu Ltd 230,098 0.06%

18,600 Mitsubishi Electric Corp 180,408 0.04%

Machinery - Diversified

3,000 Amada Holdings Co Ltd 23,632 0.01%

1,000 Daifuku Co Ltd 40,025 0.01%

2,600 FANUC Corp 345,573 0.08%

1,280 Keyence Corp 568,250 0.14%

13,000 Kubota Corp 161,851 0.04%

4,000 Mitsubishi Heavy Industries Ltd 126,167 0.03%

1,000 Nabtesco Corp 19,104 0.00%

700 SMC Corp/Japan 185,520 0.04%

1,400 Sumitomo Heavy Industries Ltd 36,557 0.01%

1,500 THK Co Ltd 24,661 0.01%

3,200 Yaskawa Electric Corp 68,837 0.02%

Metal Fabricate/Hardware

700 Maruichi Steel Tube Ltd 19,339 0.00%

3,000 MISUMI Group Inc 55,469 0.01%

3,400 NSK Ltd 25,726 0.01%

Mining

2,200 Mitsubishi Materials Corp 50,781 0.01%

3,800 Sumitomo Metal Mining Co Ltd 89,303 0.02%

Miscellaneous Manufacturing

5,300 FUJIFILM Holdings Corp 180,441 0.04%

5,100 Nikon Corp 66,484 0.02%

8,600 Toshiba Corp 212,565 0.05%

Office/Business Equipment

13,050 Canon Inc 312,253 0.08%

4,000 Konica Minolta Inc 31,669 0.01%

9,000 Ricoh Co Ltd 77,284 0.02%

3,400 Seiko Epson Corp 41,964 0.01%

Oil & Gas

1,100 Idemitsu Kosan Co Ltd 31,661 0.01%

10,400 Inpex Corp 81,403 0.02%

45,150 JXTG Holdings Inc 207,605 0.05%

2,300 Showa Shell Sekiyu KK 28,259 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

369

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 8.41% (2017 - 8.60%) (continued)

Packaging & Containers

2,900 Toyo Seikan Group Holdings Ltd 58,314 0.01%

Pharmaceuticals

2,300 Alfresa Holdings Corp 51,402 0.01%

26,300 Astellas Pharma Inc 293,886 0.07%

3,000 Chugai Pharmaceutical Co Ltd 152,606 0.04%

7,500 Daiichi Sankyo Co Ltd 209,953 0.05%

3,400 Eisai Co Ltd 230,479 0.06%

1,300 Hisamitsu Pharmaceutical Co Inc 62,916 0.02%

700 Kobayashi Pharmaceutical Co Ltd 41,692 0.01%

2,900 Kyowa Hakko Kirin Co Ltd 48,025 0.01%

3,900 Medipal Holdings Corp 73,230 0.02%

2,000 Mitsubishi Tanabe Pharma Corp 25,211 0.01%

4,500 Ono Pharmaceutical Co Ltd 80,549 0.02%

4,700 Otsuka Holdings Co Ltd 168,370 0.04%

3,400 Santen Pharmaceutical Co Ltd 42,994 0.01%

3,800 Shionogi & Co Ltd 189,999 0.05%

2,000 Sumitomo Dainippon Pharma Co Ltd 55,732 0.01%

1,800 Suzuken Co Ltd/Aichi Japan 80,226 0.02%

500 Taisho Pharmaceutical Holdings Co Ltd 43,972 0.01%

9,300 Takeda Pharmaceutical Co Ltd 274,727 0.07%

Real Estate

1,400 Aeon Mall Co Ltd 19,523 0.00%

900 Daito Trust Construction Co Ltd 107,745 0.03%

4,000 Hulic Co Ltd 31,414 0.01%

17,000 Mitsubishi Estate Co Ltd 234,423 0.06%

11,000 Mitsui Fudosan Co Ltd 214,438 0.05%

2,000 Nomura Real Estate Holdings Inc 32,132 0.01%

4,000 Sumitomo Realty & Development Co Ltd 128,400 0.03%

9,000 Tokyu Fudosan Holdings Corp 38,893 0.01%

REITS

17 Daiwa House REIT Investment Corp 33,303 0.01%

14 Japan Prime Realty Investment Corp 46,547 0.01%

17 Japan Real Estate Investment Corp 83,495 0.02%

35 Japan Retail Fund Investment Corp 61,254 0.01%

14 Nippon Building Fund Inc 77,132 0.02%

19 Nippon Prologis REIT Inc 35,131 0.01%

40 Nomura Real Estate Master Fund Inc 46,053 0.01%

14 United Urban Investment Corp 18,998 0.00%

Retail

400 ABC-Mart Inc 19,391 0.00%

6,400 Aeon Co Ltd 109,685 0.03%

1,500 Don Quijote Holdings Co Ltd 81,565 0.02%

1,100 FamilyMart UNY Holdings Co Ltd 121,997 0.03%

700 Fast Retailing Co Ltd 314,613 0.08%

4,100 Isetan Mitsukoshi Holdings Ltd 39,718 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

370

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 8.41% (2017 - 8.60%) (continued)

Retail (continued)

3,100 J Front Retailing Co Ltd 31,143 0.01%

900 Lawson Inc 49,872 0.01%

4,400 Marui Group Co Ltd 74,830 0.02%

800 McDonald's Holdings Co Japan Ltd 29,724 0.01%

1,000 Nitori Holdings Co Ltd 109,472 0.03%

300 Ryohin Keikaku Co Ltd 63,506 0.02%

500 Shimamura Co Ltd 33,487 0.01%

800 Sundrug Co Ltd 20,890 0.01%

3,500 Takashimaya Co Ltd 39,180 0.01%

400 Tsuruha Holdings Inc 30,043 0.01%

2,800 USS Co Ltd 41,279 0.01%

800 Welcia Holdings Co Ltd 31,638 0.01%

10,700 Yamada Denki Co Ltd 44,960 0.01%

Semiconductors

2,500 Hamamatsu Photonics KK 73,652 0.02%

9,000 Renesas Electronics Corp 35,879 0.01%

1,700 Rohm Co Ltd 95,423 0.02%

3,000 Sumco Corp 29,349 0.01%

2,300 Tokyo Electron Ltd 229,503 0.06%

Software

1,500 DeNA Co Ltd 21,934 0.01%

900 Konami Holdings Corp 34,480 0.01%

5,800 Nexon Co Ltd 65,343 0.02%

1,000 Oracle Corp Japan 55,812 0.01%

Telecommunications

300 Hikari Tsushin Inc 41,070 0.01%

23,600 KDDI Corp 493,749 0.12%

9,600 Nippon Telegraph & Telephone Corp 343,063 0.08%

17,400 NTT DOCOMO Inc 343,017 0.08%

10,600 SoftBank Group Corp 617,386 0.15%

Toys/Games/Hobbies

2,400 Bandai Namco Holdings Inc 94,243 0.02%

1,500 Nintendo Co Ltd 350,241 0.08%

Transportation

1,900 Central Japan Railway Co 350,927 0.08%

3,100 East Japan Railway Co 240,025 0.06%

3,300 Hankyu Hanshin Holdings Inc 96,037 0.02%

1,000 Kamigumi Co Ltd 17,987 0.00%

600 Keihan Holdings Co Ltd 21,408 0.01%

4,000 Keikyu Corp 57,311 0.01%

2,000 Keio Corp 101,897 0.02%

1,000 Keisei Electric Railway Co Ltd 27,428 0.01%

2,000 Kintetsu Group Holdings Co Ltd 76,064 0.02%

2,200 Kyushu Railway Co 65,165 0.02%

1,200 Mitsui OSK Lines Ltd 22,953 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

371

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 8.41% (2017 - 8.60%) (continued)

Transportation (continued)

2,200 Nagoya Railroad Co Ltd 50,799 0.01%

900 Nippon Express Co Ltd 43,916 0.01%

1,800 Nippon Yusen KK 24,269 0.01%

4,000 Odakyu Electric Railway Co Ltd 77,085 0.02%

4,100 Seibu Holdings Inc 62,569 0.02%

2,100 SG Holdings Co Ltd 47,954 0.01%

300 Tobu Railway Co Ltd 7,087 0.00%

8,500 Tokyu Corp 121,651 0.03%

2,300 West Japan Railway Co 142,323 0.03%

4,900 Yamato Holdings Co Ltd 118,143 0.03%

Equities - NOK - 0.26% (2017 - 0.23%)

Banks

12,549 DNB ASA 175,139 0.04%

Chemicals

2,100 Yara International ASA 70,752 0.02%

Food

4,650 Marine Harvest ASA 85,825 0.02%

11,017 Orkla ASA 75,727 0.02%

Insurance

3,717 Gjensidige Forsikring ASA 50,768 0.01%

Media

2,300 Schibsted ASA 60,993 0.01%

Mining

19,030 Norsk Hydro ASA 75,380 0.02%

Oil & Gas

1,429 Aker BP ASA 31,471 0.01%

15,009 Equinor ASA 278,613 0.07%

Telecommunications

8,744 Telenor ASA 147,961 0.04%

Equities - NZD - 0.07% (2017 - 0.05%)

Building Materials

11,120 Fletcher Building Ltd 31,831 0.01%

Electric

9,500 Meridian Energy Ltd 18,974 0.00%

Engineering & Construction

14,511 Auckland International Airport Ltd 61,115 0.01%

Food

9,679 a2 Milk Co Ltd 63,304 0.02%

Healthcare-Products

7,000 Fisher & Paykel Healthcare Corp Ltd 53,379 0.01%

Healthcare-Services

2,900 Ryman Healthcare Ltd 18,270 0.00%

Telecommunications

27,937 Spark New Zealand Ltd 68,007 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

372

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - SEK - 0.92% (2017 - 0.96%)

Agriculture

2,208 Swedish Match AB 76,054 0.02%

Auto Manufacturers

15,202 Volvo AB 173,919 0.04%

Banks

39,002 Nordea Bank Abp 287,002 0.07%

22,795 Skandinaviska Enskilda Banken AB 193,650 0.05%

19,751 Svenska Handelsbanken AB 191,566 0.05%

11,907 Swedbank AB 232,324 0.06%

Commercial Services

3,823 Securitas AB 53,658 0.01%

Cosmetics/Personal Care

7,773 Essity AB 166,887 0.04%

Electronics

12,357 Assa Abloy AB 192,822 0.05%

Engineering & Construction

4,299 Skanska AB 59,808 0.01%

Food

700 ICA Gruppen AB 21,881 0.01%

Hand/Machine Tools

13,882 Sandvik AB 173,062 0.04%

Holding Companies - Diversified

2,408 Industrivarden AB 42,576 0.01%

Home Furnishings

2,795 Electrolux AB 51,598 0.01%

Investment Companies

5,774 Investor AB 213,982 0.05%

2,300 Kinnevik AB 48,496 0.01%

1,342 L E Lundbergforetagen AB 34,586 0.01%

Machinery - Construction & Mining

14,608 Atlas Copco AB 294,667 0.07%

15,305 Epiroc AB 123,963 0.03%

Machinery - Diversified

3,109 Hexagon AB 125,157 0.03%

6,015 Husqvarna AB 38,992 0.01%

Metal Fabricate/Hardware

5,405 SKF AB 71,702 0.02%

Mining

3,848 Boliden AB 72,890 0.02%

Miscellaneous Manufacturing

3,466 Alfa Laval AB 64,857 0.02%

Oil & Gas

2,759 Lundin Petroleum AB 60,270 0.01%

Retail

12,894 Hennes & Mauritz AB 160,325 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

373

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - SEK - 0.92% (2017 - 0.96%) (continued)

Telecommunications

797 Millicom International Cellular SA 44,155 0.01%

5,124 Tele2 AB 57,105 0.01%

39,964 Telefonaktiebolaget LM Ericsson 307,251 0.07%

42,440 Telia Co AB 175,789 0.04%

Equities - SGD - 0.43% (2017 - 0.46%)

Agriculture

61,000 Golden Agri-Resources Ltd 9,592 0.00%

Airlines

7,000 Singapore Airlines Ltd 42,320 0.01%

Banks

22,956 DBS Group Holdings Ltd 349,030 0.08%

43,612 Oversea-Chinese Banking Corp Ltd 315,170 0.08%

16,896 United Overseas Bank Ltd 266,434 0.06%

Distribution/Wholesale

2,222 Jardine Cycle & Carriage Ltd 50,412 0.01%

Diversified Financial Services

12,000 Singapore Exchange Ltd 55,067 0.01%

Electric

8,000 Sembcorp Industries Ltd 13,041 0.00%

Electronics

3,600 Venture Corp Ltd 32,231 0.01%

Engineering & Construction

12,400 SATS Ltd 37,086 0.01%

17,000 Singapore Technologies Engineering Ltd 38,078 0.01%

Entertainment

76,000 Genting Singapore Ltd 47,558 0.01%

Food

17,000 Wilmar International Ltd 34,041 0.01%

Holding Companies - Diversified

15,800 Keppel Corp Ltd 59,930 0.01%

Lodging

3,000 City Developments Ltd 15,634 0.00%

Media

14,000 Singapore Press Holdings Ltd 21,115 0.01%

Real Estate

27,000 CapitaLand Ltd 53,892 0.01%

4,093 UOL Group Ltd 16,260 0.00%

REITS

29,500 Ascendas Real Estate Investment Trust 48,658 0.01%

61,798 CapitaLand Commercial Trust 69,409 0.02%

37,000 CapitaLand Mall Trust 53,667 0.01%

15,000 Suntec Real Estate Investment Trust 17,136 0.00%

Shipbuilding

22,000 Yangzijiang Shipbuilding Holdings Ltd 17,650 0.00%

Telecommunications

114,600 Singapore Telecommunications Ltd 215,503 0.05%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

374

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - SGD - 0.43% (2017 - 0.46%) (continued)

Transportation

27,000 ComfortDelGro Corp Ltd 37,257 0.01%

Equities - USD - 60.53% (2017 - 57.05%)

Advertising

4,700 Interpublic Group of Cos Inc/The 84,819 0.02%

2,836 Omnicom Group Inc 181,699 0.04%

Aerospace/Defense

5,013 Arconic Inc 73,935 0.02%

6,958 Boeing Co/The 1,962,958 0.47%

2,951 General Dynamics Corp 405,832 0.10%

1,479 Harris Corp 174,209 0.04%

1,184 L3 Technologies Inc 179,866 0.04%

3,165 Lockheed Martin Corp 724,947 0.17%

2,251 Northrop Grumman Corp 482,238 0.12%

3,418 Raytheon Co 458,514 0.11%

1,564 Spirit AeroSystems Holdings Inc 98,630 0.02%

690 TransDigm Group Inc 205,259 0.05%

10,752 United Technologies Corp 1,001,507 0.24%

Agriculture

25,090 Altria Group Inc 1,084,018 0.26%

7,204 Archer-Daniels-Midland Co 258,188 0.06%

1,588 Bunge Ltd 74,236 0.02%

20,693 Philip Morris International Inc 1,208,472 0.29%

Airlines

1,468 American Airlines Group Inc 41,235 0.01%

2,465 Delta Air Lines Inc 107,600 0.03%

1,973 Southwest Airlines Co 80,221 0.02%

912 United Continental Holdings Inc 66,799 0.02%

Apparel

4,661 Hanesbrands Inc 51,089 0.01%

2,297 Michael Kors Holdings Ltd 76,195 0.02%

16,316 NIKE Inc 1,058,189 0.26%

900 PVH Corp 73,179 0.02%

593 Ralph Lauren Corp 53,669 0.01%

4,301 Under Armour Inc 63,650 0.02%

4,549 VF Corp 283,887 0.07%

Auto Manufacturers

46,676 Ford Motor Co 312,357 0.08%

16,954 General Motors Co 496,095 0.12%

4,478 PACCAR Inc 223,831 0.05%

1,731 Tesla Inc 503,938 0.12%

Auto Parts & Equipment

3,458 Aptiv PLC 186,248 0.04%

1,097 Autoliv Inc 67,395 0.02%

2,562 BorgWarner Inc 77,858 0.02%

3,550 Goodyear Tire & Rubber Co/The 63,382 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

375

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

Auto Parts & Equipment (continued)

805 Lear Corp 86,517 0.02%

618 WABCO Holdings Inc 58,029 0.01%

Banks

122,564 Bank of America Corp 2,641,803 0.64%

527 Bank of Montreal 30,127 0.01%

13,195 Bank of New York Mellon Corp/The 543,313 0.13%

8,942 BB&T Corp 338,860 0.08%

6,489 Capital One Financial Corp 429,081 0.10%

1,824 CIT Group Inc 61,063 0.01%

31,762 Citigroup Inc 1,446,468 0.35%

6,203 Citizens Financial Group Inc 161,322 0.04%

2,584 Comerica Inc 155,268 0.04%

1,800 East West Bancorp Inc 68,542 0.02%

6,039 Fifth Third Bancorp 124,304 0.03%

1,919 First Republic Bank/CA 145,879 0.04%

4,859 Goldman Sachs Group Inc/The 710,052 0.17%

15,089 Huntington Bancshares Inc/OH 157,338 0.04%

43,452 JPMorgan Chase & Co 3,710,610 0.89%

13,195 KeyCorp 170,601 0.04%

1,674 M&T Bank Corp 209,596 0.05%

17,340 Morgan Stanley 601,436 0.15%

2,924 Northern Trust Corp 213,810 0.05%

6,156 PNC Financial Services Group Inc/The 629,574 0.15%

14,900 Regions Financial Corp 174,397 0.04%

686 Signature Bank/New York NY 61,696 0.01%

5,083 State Street Corp 280,440 0.07%

6,146 SunTrust Banks Inc 271,184 0.07%

650 SVB Financial Group 107,989 0.03%

20,263 US Bancorp 810,059 0.20%

58,836 Wells Fargo & Co 2,371,660 0.57%

2,500 Zions Bancorporation 89,096 0.02%

Beverages

3,322 Brown-Forman Corp 138,268 0.03%

51,906 Coca-Cola Co/The 2,149,980 0.52%

2,664 Coca-Cola European Partners PLC 106,849 0.03%

2,413 Constellation Brands Inc 339,464 0.08%

2,248 Molson Coors Brewing Co 110,438 0.03%

4,902 Monster Beverage Corp 211,063 0.05%

18,190 PepsiCo Inc 1,757,977 0.42%

Biotechnology

2,706 Alexion Pharmaceuticals Inc 230,465 0.06%

1,170 Alnylam Pharmaceuticals Inc 74,622 0.02%

8,620 Amgen Inc 1,467,922 0.35%

2,706 Biogen Inc 712,321 0.17%

2,281 BioMarin Pharmaceutical Inc 169,905 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

376

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

Biotechnology (continued)

8,774 Celgene Corp 491,909 0.12%

17,512 Gilead Sciences Inc 958,208 0.23%

1,854 Illumina Inc 486,437 0.12%

2,146 Incyte Corp 119,376 0.03%

1,029 Regeneron Pharmaceuticals Inc 336,204 0.08%

1,001 Seattle Genetics Inc 49,614 0.01%

500 United Therapeutics Corp 47,632 0.01%

3,443 Vertex Pharmaceuticals Inc 499,094 0.12%

Building Materials

1,794 Fortune Brands Home & Security Inc 59,620 0.01%

12,576 Johnson Controls International PLC 326,185 0.08%

588 Lennox International Inc 112,575 0.03%

812 Martin Marietta Materials Inc 122,082 0.03%

3,758 Masco Corp 96,124 0.02%

1,470 Owens Corning 56,555 0.01%

2,083 Vulcan Materials Co 180,029 0.04%

Chemicals

2,885 Air Products & Chemicals Inc 403,923 0.10%

1,404 Albemarle Corp 94,656 0.02%

2,642 Axalta Coating Systems Ltd 54,127 0.01%

1,670 Celanese Corp 131,435 0.03%

2,790 CF Industries Holdings Inc 106,192 0.03%

2,707 Chemours Co/The 66,825 0.02%

29,033 DowDuPont Inc 1,358,251 0.33%

1,752 Eastman Chemical Co 112,049 0.03%

2,256 FMC Corp 145,960 0.04%

1,001 International Flavors & Fragrances Inc 117,574 0.03%

3,676 Linde PLC 501,774 0.12%

3,488 LyondellBasell Industries NV 253,739 0.06%

3,709 Mosaic Co/The 94,773 0.02%

3,398 PPG Industries Inc 303,877 0.07%

1,177 Sherwin-Williams Co/The 405,111 0.10%

514 Westlake Chemical Corp 29,752 0.01%

Commercial Services

100 AMERCO 28,702 0.01%

6,057 Automatic Data Processing Inc 694,742 0.17%

1,025 Cintas Corp 150,627 0.04%

557 CoStar Group Inc 164,369 0.04%

3,381 Ecolab Inc 435,805 0.11%

1,404 Equifax Inc 114,381 0.03%

1,160 FleetCor Technologies Inc 188,458 0.05%

1,015 Gartner Inc 113,509 0.03%

2,200 Global Payments Inc 198,474 0.05%

2,513 H&R Block Inc 55,771 0.01%

5,679 IHS Markit Ltd 238,308 0.06%

893 ManpowerGroup Inc 50,620 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

377

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

Commercial Services (continued)

2,451 Moody's Corp 300,256 0.07%

4,615 Nielsen Holdings PLC 94,185 0.02%

14,291 PayPal Holdings Inc 1,051,245 0.25%

1,500 Robert Half International Inc 75,056 0.02%

2,092 Rollins Inc 66,064 0.02%

2,993 S&P Global Inc 444,938 0.11%

2,042 Sabre Corp 38,655 0.01%

3,330 Square Inc 163,390 0.04%

2,230 Total System Services Inc 158,576 0.04%

2,049 TransUnion 101,809 0.02%

1,136 United Rentals Inc 101,889 0.02%

1,826 Verisk Analytics Inc 174,174 0.04%

6,449 Western Union Co/The 96,243 0.02%

1,990 Worldpay Inc 133,050 0.03%

Computers

8,052 Accenture PLC 993,231 0.24%

62,642 Apple Inc 8,643,790 2.08%

1,600 Check Point Software Technologies Ltd 143,673 0.03%

7,662 Cognizant Technology Solutions Corp 425,477 0.10%

4,673 Dell Technologies Inc 199,772 0.05%

3,759 DXC Technology Co 174,838 0.04%

1,972 Fortinet Inc 121,496 0.03%

21,849 Hewlett Packard Enterprise Co 252,482 0.06%

21,183 HP Inc 379,132 0.09%

11,761 International Business Machines Corp 1,169,464 0.28%

2,171 Leidos Holdings Inc 100,123 0.02%

4,047 NetApp Inc 211,245 0.05%

3,724 Seagate Technology PLC 125,713 0.03%

3,628 Western Digital Corp 117,331 0.03%

Cosmetics/Personal Care

11,034 Colgate-Palmolive Co 574,504 0.14%

6,000 Coty Inc 34,431 0.01%

3,197 Estee Lauder Cos Inc/The 363,845 0.09%

32,169 Procter & Gamble Co/The 2,586,690 0.62%

Distribution/Wholesale

3,768 Fastenal Co 172,356 0.04%

3,064 HD Supply Holdings Inc 100,565 0.02%

4,944 LKQ Corp 102,630 0.02%

691 WW Grainger Inc 170,678 0.04%

Diversified Financial Services

606 Affiliated Managers Group Inc 51,654 0.01%

664 Alliance Data Systems Corp 87,174 0.02%

5,346 Ally Financial Inc 105,971 0.03%

9,062 American Express Co 755,622 0.18%

2,016 Ameriprise Financial Inc 184,062 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

378

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

Diversified Financial Services (continued)

1,605 BlackRock Inc 551,525 0.13%

1,250 CBOE Global Markets Inc 106,974 0.03%

15,888 Charles Schwab Corp/The 577,202 0.14%

4,334 CME Group Inc 713,215 0.17%

3,475 Discover Financial Services 179,290 0.04%

3,268 E*TRADE Financial Corp 125,443 0.03%

1,370 Eaton Vance Corp 42,161 0.01%

3,800 FNF Group 104,511 0.03%

5,012 Franklin Resources Inc 130,041 0.03%

7,932 Intercontinental Exchange Inc 522,694 0.13%

4,826 Invesco Ltd 70,671 0.02%

4,660 Jefferies Financial Group Inc 70,767 0.02%

12,001 MasterCard Inc 1,980,483 0.48%

1,970 Nasdaq Inc 140,570 0.03%

2,025 Raymond James Financial Inc 131,811 0.03%

1,488 SEI Investments Co 60,137 0.01%

9,850 Synchrony Financial 202,144 0.05%

3,023 T Rowe Price Group Inc 244,135 0.06%

3,042 TD Ameritrade Holding Corp 130,286 0.03%

23,098 Visa Inc 2,665,923 0.64%

Electric

7,824 AES Corp/VA 98,968 0.02%

3,190 Alliant Energy Corp 117,900 0.03%

3,008 Ameren Corp 171,641 0.04%

6,427 American Electric Power Co Inc 420,202 0.10%

7,004 CenterPoint Energy Inc 172,963 0.04%

4,172 CMS Energy Corp 181,201 0.04%

3,870 Consolidated Edison Inc 258,846 0.06%

8,647 Dominion Energy Inc 540,537 0.13%

2,445 DTE Energy Co 235,913 0.06%

8,657 Duke Energy Corp 653,544 0.16%

4,102 Edison International 203,710 0.05%

1,835 Entergy Corp 138,161 0.03%

3,416 Evergy Inc 169,642 0.04%

4,056 Eversource Energy 230,768 0.06%

13,324 Exelon Corp 525,664 0.13%

6,209 FirstEnergy Corp 203,952 0.05%

6,334 NextEra Energy Inc 963,107 0.23%

3,753 NRG Energy Inc 130,008 0.03%

2,306 OGE Energy Corp 79,055 0.02%

6,303 PG&E Corp 130,951 0.03%

1,479 Pinnacle West Capital Corp 110,231 0.03%

9,020 PPL Corp 223,537 0.05%

6,514 Public Service Enterprise Group Inc 296,596 0.07%

1,480 SCANA Corp 61,859 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

379

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

Electric (continued)

3,664 Sempra Energy 346,768 0.08%

13,843 Southern Co/The 531,850 0.13%

3,392 Vistra Energy Corp 67,920 0.02%

4,313 WEC Energy Group Inc 261,312 0.06%

7,598 Xcel Energy Inc 327,475 0.08%

Electrical Components & Equipment

503 Acuity Brands Inc 50,579 0.01%

2,815 AMETEK Inc 166,711 0.04%

8,116 Emerson Electric Co 424,206 0.10%

Electronics

4,663 Agilent Technologies Inc 275,175 0.07%

1,450 Allegion PLC 101,106 0.02%

4,043 Amphenol Corp 286,545 0.07%

1,100 Arrow Electronics Inc 66,347 0.02%

11,614 Corning Inc 306,923 0.07%

5,683 Flex Ltd 37,832 0.01%

1,738 FLIR Systems Inc 66,196 0.02%

3,194 Fortive Corp 189,044 0.05%

1,400 Garmin Ltd 77,547 0.02%

9,452 Honeywell International Inc 1,092,419 0.26%

2,481 Keysight Technologies Inc 134,733 0.03%

326 Mettler-Toledo International Inc 161,290 0.04%

1,984 Sensata Technologies Holding PLC 77,822 0.02%

4,666 TE Connectivity Ltd 308,699 0.07%

3,223 Trimble Inc 92,787 0.02%

1,101 Waters Corp 181,694 0.04%

Engineering & Construction

1,815 Fluor Corp 51,125 0.01%

1,437 Jacobs Engineering Group Inc 73,487 0.02%

Entertainment

2,582 Live Nation Entertainment Inc 111,240 0.03%

608 Vail Resorts Inc 112,128 0.03%

Environmental Control

3,059 Republic Services Inc 192,908 0.05%

3,394 Waste Connections Inc 220,447 0.05%

5,509 Waste Management Inc 428,855 0.10%

Food

2,556 Campbell Soup Co 73,763 0.02%

5,311 Conagra Brands Inc 99,237 0.02%

6,100 Dairy Farm International Holdings Ltd 48,292 0.01%

8,210 General Mills Inc 279,664 0.07%

1,701 Hershey Co/The 159,483 0.04%

3,366 Hormel Foods Corp 125,671 0.03%

875 Ingredion Inc 69,960 0.02%

1,433 JM Smucker Co/The 117,195 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

380

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

Food (continued)

3,356 Kellogg Co 167,367 0.04%

8,084 Kraft Heinz Co/The 304,365 0.07%

12,039 Kroger Co/The 289,614 0.07%

1,789 Lamb Weston Holdings Inc 115,119 0.03%

1,477 McCormick & Co Inc/MD 179,904 0.04%

18,304 Mondelez International Inc 640,956 0.15%

6,591 Sysco Corp 361,275 0.09%

3,511 Tyson Foods Inc 164,009 0.04%

Food Service

3,015 Aramark 76,407 0.02%

Forest Products & Paper

5,609 International Paper Co 198,031 0.05%

Gas

1,200 Atmos Energy Corp 97,331 0.02%

3,898 NiSource Inc 86,440 0.02%

2,089 UGI Corp 97,492 0.02%

Hand/Machine Tools

718 Snap-on Inc 91,255 0.02%

2,212 Stanley Black & Decker Inc 231,697 0.06%

Healthcare-Products

22,738 Abbott Laboratories 1,438,691 0.35%

557 ABIOMED Inc 158,376 0.04%

1,108 Align Technology Inc 202,990 0.05%

6,592 Baxter International Inc 379,553 0.09%

3,584 Becton Dickinson and Co 706,423 0.17%

19,159 Boston Scientific Corp 592,292 0.14%

635 Cooper Cos Inc/The 141,370 0.03%

8,422 Danaher Corp 759,722 0.18%

2,848 Dentsply Sirona Inc 92,704 0.02%

2,722 Edwards Lifesciences Corp 364,719 0.09%

2,116 Henry Schein Inc 145,343 0.03%

3,213 Hologic Inc 115,518 0.03%

1,089 IDEXX Laboratories Inc 177,208 0.04%

1,416 Intuitive Surgical Inc 593,230 0.14%

17,646 Medtronic PLC 1,404,085 0.34%

1,600 ResMed Inc 159,377 0.04%

4,473 Stryker Corp 613,343 0.15%

606 Teleflex Inc 137,024 0.03%

5,291 Thermo Fisher Scientific Inc 1,035,798 0.25%

1,070 Varian Medical Systems Inc 106,059 0.03%

2,466 Zimmer Biomet Holdings Inc 223,745 0.05%

Healthcare-Services

3,504 Anthem Inc 805,017 0.19%

2,201 Centene Corp 221,997 0.05%

1,980 DaVita Inc 89,132 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

381

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

Healthcare-Services (continued)

3,819 HCA Healthcare Inc 415,759 0.10%

1,701 Humana Inc 426,280 0.10%

1,779 IQVIA Holdings Inc 180,787 0.04%

1,355 Laboratory Corp of America Holdings 149,777 0.04%

1,721 Quest Diagnostics Inc 125,362 0.03%

12,422 UnitedHealth Group Inc 2,707,054 0.65%

1,031 Universal Health Services Inc 105,125 0.03%

590 WellCare Health Plans Inc 121,850 0.03%

Holding Companies - Diversified

2,700 Jardine Matheson Holdings Ltd 164,341 0.04%

2,700 Jardine Strategic Holdings Ltd 86,705 0.02%

Home Builders

4,877 DR Horton Inc 147,869 0.04%

2,780 Lennar Corp 95,208 0.02%

54 NVR Inc 115,118 0.03%

3,805 PulteGroup Inc 86,508 0.02%

Home Furnishings

2,362 Leggett & Platt Inc 74,053 0.02%

996 Whirlpool Corp 93,113 0.02%

Household Products/Wares

1,100 Avery Dennison Corp 86,439 0.02%

3,342 Church & Dwight Co Inc 192,249 0.05%

1,595 Clorox Co/The 215,067 0.05%

4,692 Kimberly-Clark Corp 467,661 0.11%

Housewares

5,791 Newell Brands Inc 94,174 0.02%

Insurance

8,714 Aflac Inc 347,295 0.08%

194 Alleghany Corp 105,781 0.03%

4,581 Allstate Corp/The 331,127 0.08%

920 American Financial Group Inc/OH 72,858 0.02%

11,510 American International Group Inc 396,806 0.10%

3,208 Aon PLC 407,921 0.10%

4,878 Arch Capital Group Ltd 114,018 0.03%

1,996 Arthur J Gallagher & Co 128,684 0.03%

900 Assurant Inc 70,416 0.02%

1,343 Athene Holding Ltd 46,793 0.01%

2,250 AXA Equitable Holdings Inc 32,732 0.01%

16,752 Berkshire Hathaway Inc 2,992,104 0.72%

1,032 Brighthouse Financial Inc 27,516 0.01%

6,236 Chubb Ltd 704,690 0.17%

1,948 Cincinnati Financial Corp 131,929 0.03%

509 Everest Re Group Ltd 96,960 0.02%

4,804 Hartford Financial Services Group Inc/The 186,798 0.05%

2,842 Lincoln National Corp 127,562 0.03%

2,319 Loews Corp 92,342 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

382

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

Insurance (continued)

205 Markel Corp 186,153 0.04%

6,876 Marsh & McLennan Cos Inc 479,693 0.12%

10,793 MetLife Inc 387,666 0.09%

3,700 Principal Financial Group Inc 142,964 0.03%

7,256 Progressive Corp/The 382,937 0.09%

5,460 Prudential Financial Inc 389,505 0.09%

1,051 Reinsurance Group of America Inc 128,926 0.03%

554 RenaissanceRe Holdings Ltd 64,794 0.02%

1,438 Torchmark Corp 93,753 0.02%

3,582 Travelers Cos Inc/The 375,230 0.09%

2,704 Unum Group 69,495 0.02%

2,386 Voya Financial Inc 83,781 0.02%

1,630 Willis Towers Watson PLC 216,535 0.05%

1,347 WR Berkley Corp 87,090 0.02%

Internet

7,986 Alphabet Inc 7,266,956 1.75%

5,364 Amazon.com Inc 7,047,690 1.70%

636 Booking Holdings Inc 958,281 0.23%

1,875 CDW Corp/DE 132,939 0.03%

10,886 eBay Inc 267,305 0.06%

1,592 Expedia Group Inc 156,881 0.04%

742 F5 Networks Inc 105,171 0.03%

31,699 Facebook Inc 3,635,063 0.88%

1,845 GoDaddy Inc 105,908 0.03%

1,122 GrubHub Inc 75,389 0.02%

978 IAC/InterActiveCorp 156,596 0.04%

518 MercadoLibre Inc 132,700 0.03%

5,708 Netflix Inc 1,336,485 0.32%

1,212 Palo Alto Networks Inc 199,694 0.05%

7,546 Symantec Corp 124,727 0.03%

1,573 TripAdvisor Inc 74,223 0.02%

7,146 Twitter Inc 179,658 0.04%

1,052 VeriSign Inc 136,466 0.03%

635 Wayfair Inc 50,038 0.01%

595 Wix.com Ltd 47,021 0.01%

1,000 Zillow Group Inc 27,625 0.01%

Iron/Steel

4,114 Nucor Corp 186,455 0.04%

3,681 Steel Dynamics Inc 96,730 0.02%

Leisure Time

4,923 Carnival Corp 212,312 0.05%

2,211 Harley-Davidson Inc 65,992 0.02%

2,052 Norwegian Cruise Line Holdings Ltd 76,092 0.02%

771 Polaris Industries Inc 51,717 0.01%

2,335 Royal Caribbean Cruises Ltd 199,746 0.05%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

383

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

Lodging

3,476 Hilton Worldwide Holdings Inc 218,324 0.05%

5,345 Las Vegas Sands Corp 243,369 0.06%

3,891 Marriott International Inc/MD 369,511 0.09%

3,500 Melco Resorts & Entertainment Ltd 53,947 0.01%

5,472 MGM Resorts International 116,127 0.03%

1,144 Wynn Resorts Ltd 98,984 0.02%

Machinery - Construction & Mining

7,924 Caterpillar Inc 880,814 0.21%

Machinery - Diversified

2,599 Cognex Corp 87,918 0.02%

2,000 Cummins Inc 233,810 0.06%

3,663 Deere & Co 477,986 0.12%

1,704 Flowserve Corp 56,673 0.01%

1,159 IDEX Corp 128,011 0.03%

701 Middleby Corp/The 62,996 0.02%

2,093 Pentair PLC 69,172 0.02%

1,564 Rockwell Automation Inc 205,879 0.05%

1,474 Roper Technologies Inc 343,656 0.08%

1,131 Wabtec Corp/DE 69,503 0.02%

2,135 Xylem Inc/NY 124,609 0.03%

Media

5,053 CBS Corp 193,253 0.05%

2,109 Charter Communications Inc 525,742 0.13%

60,151 Comcast Corp 1,791,665 0.43%

6,923 Discovery Inc 142,534 0.03%

3,244 DISH Network Corp 70,859 0.02%

1,313 Liberty Broadband Corp 82,732 0.02%

10,036 Liberty Global PLC 182,833 0.04%

2,953 Liberty Media Corp-Liberty Formula One 79,305 0.02%

3,412 Liberty Media Corp-Liberty SiriusXM 110,233 0.03%

4,540 News Corp 45,076 0.01%

20,618 Sirius XM Holdings Inc 102,986 0.02%

19,897 Twenty-First Century Fox Inc 835,971 0.20%

4,324 Viacom Inc 97,211 0.02%

19,443 Walt Disney Co/The 1,864,956 0.45%

Mining

17,625 Freeport-McMoRan Inc 158,959 0.04%

6,794 Newmont Mining Corp 205,933 0.05%

Miscellaneous Manufacturing

7,750 3M Co 1,291,768 0.31%

1,818 AO Smith Corp 67,908 0.02%

1,984 Dover Corp 123,138 0.03%

5,590 Eaton Corp PLC 335,747 0.08%

116,236 General Electric Co 769,721 0.19%

3,544 Illinois Tool Works Inc 392,765 0.09%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

384

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

Miscellaneous Manufacturing (continued)

3,217 Ingersoll-Rand PLC 256,735 0.06%

1,844 Parker-Hannifin Corp 240,576 0.06%

3,614 Textron Inc 145,395 0.03%

Office/Business Equipment

3,027 Xerox Corp 52,323 0.01%

Oil & Gas

5,694 Anadarko Petroleum Corp 218,366 0.05%

4,000 Antero Resources Corp 32,857 0.01%

4,613 Apache Corp 105,928 0.03%

5,773 Cabot Oil & Gas Corp 112,869 0.03%

24,696 Chevron Corp 2,350,241 0.57%

1,295 Cimarex Energy Co 69,839 0.02%

2,603 Concho Resources Inc 234,057 0.06%

14,636 ConocoPhillips 798,281 0.19%

1,143 Continental Resources Inc/OK 40,185 0.01%

6,242 Devon Energy Corp 123,076 0.03%

1,057 Diamondback Energy Inc 85,714 0.02%

7,412 EOG Resources Inc 565,456 0.14%

54,752 Exxon Mobil Corp 3,266,010 0.79%

1,121 Helmerich & Payne Inc 47,011 0.01%

3,976 Hess Corp 140,863 0.03%

2,120 HollyFrontier Corp 94,803 0.02%

11,073 Marathon Oil Corp 138,903 0.03%

9,464 Marathon Petroleum Corp 488,537 0.12%

7,080 Noble Energy Inc 116,188 0.03%

10,406 Occidental Petroleum Corp 558,737 0.13%

3,588 Parsley Energy Inc 50,156 0.01%

6,078 Phillips 66 458,050 0.11%

2,413 Pioneer Natural Resources Co 277,617 0.07%

5,812 Valero Energy Corp 381,162 0.09%

Oil & Gas Services

4,978 Baker Hughes a GE Co 93,625 0.02%

11,403 Halliburton Co 265,137 0.06%

4,427 National Oilwell Varco Inc 99,527 0.02%

18,097 Schlumberger Ltd 571,176 0.14%

3,950 TechnipFMC PLC 67,656 0.02%

Packaging & Containers

4,544 Ball Corp 182,770 0.04%

1,500 Crown Holdings Inc 54,547 0.01%

1,080 Packaging Corp of America 78,849 0.02%

770 Sealed Air Corp 23,467 0.01%

3,002 WestRock Co 99,161 0.02%

Pharmaceuticals

20,061 AbbVie Inc 1,617,831 0.39%

1,630 Alkermes PLC 42,078 0.01%

4,565 Allergan PLC 533,751 0.13%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

385

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

Pharmaceuticals (continued)

2,240 AmerisourceBergen Corp 145,787 0.04%

21,886 Bristol-Myers Squibb Co 995,175 0.24%

3,985 Cardinal Health Inc 155,475 0.04%

5,069 Cigna Corp 842,151 0.20%

16,095 CVS Health Corp 922,490 0.22%

1,083 DexCom Inc 113,496 0.03%

12,182 Eli Lilly & Co 1,233,172 0.30%

680 Jazz Pharmaceuticals PLC 73,737 0.02%

34,729 Johnson & Johnson 3,920,551 0.95%

2,719 McKesson Corp 262,755 0.06%

34,021 Merck & Co Inc 2,274,019 0.55%

5,553 Mylan NV 133,099 0.03%

2,129 Nektar Therapeutics 61,217 0.01%

1,951 Perrigo Co PLC 66,134 0.02%

76,890 Pfizer Inc 2,935,965 0.71%

13,675 Teva Pharmaceutical Industries Ltd 184,463 0.04%

6,788 Zoetis Inc 507,935 0.12%

Pipelines

2,554 Cheniere Energy Inc 132,241 0.03%

26,181 Kinder Morgan Inc/DE 352,241 0.08%

4,756 ONEOK Inc 224,455 0.05%

1,701 Plains GP Holdings LP 29,909 0.01%

2,407 Targa Resources Corp 75,843 0.02%

16,363 Williams Cos Inc/The 315,623 0.08%

Real Estate

4,893 CBRE Group Inc 171,382 0.04%

15,900 Hongkong Land Holdings Ltd 87,626 0.02%

521 Jones Lang LaSalle Inc 57,699 0.01%

50,000 Rayonier Inc/Fractional Line – 0.00%

REITS

5,900 AGNC Investment Corp 90,527 0.02%

1,192 Alexandria Real Estate Equities Inc 120,165 0.03%

5,557 American Tower Corp 768,982 0.19%

15,710 Annaly Capital Management Inc 134,954 0.03%

1,855 AvalonBay Communities Inc 282,433 0.07%

1,924 Boston Properties Inc 189,429 0.05%

2,718 Brookfield Property REIT Inc 38,280 0.01%

1,500 Camden Property Trust 115,536 0.03%

5,170 Crown Castle International Corp 491,289 0.12%

2,633 Digital Realty Trust Inc 245,415 0.06%

4,830 Duke Realty Corp 109,432 0.03%

1,009 Equinix Inc 311,187 0.08%

4,894 Equity Residential 282,599 0.07%

851 Essex Property Trust Inc 182,543 0.04%

1,436 Extra Space Storage Inc 113,659 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

386

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

REITS (continued)

917 Federal Realty Investment Trust 94,688 0.02%

5,463 HCP Inc 133,475 0.03%

8,959 Host Hotels & Resorts Inc 130,645 0.03%

4,116 Invitation Homes Inc 72,300 0.02%

3,268 Iron Mountain Inc 92,653 0.02%

4,785 Kimco Realty Corp 61,322 0.01%

1,500 Liberty Property Trust 54,953 0.01%

1,653 Macerich Co/The 62,583 0.02%

1,900 Mid-America Apartment Communities Inc 159,060 0.04%

1,781 National Retail Properties Inc 75,577 0.02%

7,407 Prologis Inc 380,474 0.09%

2,230 Public Storage 394,851 0.10%

3,178 Realty Income Corp 175,254 0.04%

2,171 Regency Centers Corp 111,441 0.03%

1,768 SBA Communications Corp 250,380 0.06%

4,141 Simon Property Group Inc 608,535 0.15%

1,643 SL Green Realty Corp 113,658 0.03%

3,731 UDR Inc 129,311 0.03%

4,916 Ventas Inc 251,960 0.06%

12,895 VEREIT Inc 80,654 0.02%

2,225 Vornado Realty Trust 120,734 0.03%

4,702 Welltower Inc 285,497 0.07%

9,445 Weyerhaeuser Co 180,613 0.04%

2,161 WP Carey Inc 123,518 0.03%

Retail

911 Advance Auto Parts Inc 125,483 0.03%

352 AutoZone Inc 258,143 0.06%

2,352 Best Buy Co Inc 108,964 0.03%

878 Burlington Stores Inc 124,939 0.03%

2,598 CarMax Inc 142,564 0.03%

387 Chipotle Mexican Grill Inc 146,177 0.04%

1,962 Copart Inc 82,005 0.02%

5,746 Costco Wholesale Corp 1,023,941 0.25%

1,525 Darden Restaurants Inc 133,217 0.03%

3,037 Dollar General Corp 287,136 0.07%

2,935 Dollar Tree Inc 231,894 0.06%

612 Domino's Pizza Inc 132,765 0.03%

3,239 Gap Inc/The 72,988 0.02%

1,728 Genuine Parts Co 145,145 0.04%

14,595 Home Depot Inc/The 2,193,687 0.53%

2,387 Kohl's Corp 138,524 0.03%

2,932 L Brands Inc 65,840 0.02%

9,945 Lowe's Cos Inc 803,499 0.19%

1,201 lululemon athletica Inc 127,764 0.03%

4,692 Macy's Inc 122,230 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

387

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

Retail (continued)

10,247 McDonald's Corp 1,591,707 0.38%

1,678 Nordstrom Inc 68,418 0.02%

1,143 O'Reilly Automotive Inc 344,285 0.08%

7,300 Qurate Retail Inc 124,652 0.03%

4,840 Ross Stores Inc 352,262 0.08%

17,048 Starbucks Corp 960,409 0.23%

3,669 Tapestry Inc 108,322 0.03%

6,811 Target Corp 393,771 0.09%

1,479 Tiffany & Co 104,163 0.03%

16,600 TJX Cos Inc/The 649,682 0.16%

1,600 Tractor Supply Co 116,786 0.03%

700 Ulta Beauty Inc 149,926 0.04%

11,141 Walgreens Boots Alliance Inc 665,936 0.16%

18,528 Walmart Inc 1,509,761 0.36%

4,257 Yum! Brands Inc 342,303 0.08%

Savings & Loans

4,300 People's United Financial Inc 54,279 0.01%

Semiconductors

13,236 Advanced Micro Devices Inc 213,740 0.05%

4,812 Analog Devices Inc 361,295 0.09%

11,613 Applied Materials Inc 332,598 0.08%

5,376 Broadcom Inc 1,195,827 0.29%

60,125 Intel Corp 2,468,325 0.60%

597 IPG Photonics Corp 59,165 0.01%

1,843 KLA-Tencor Corp 144,277 0.03%

2,011 Lam Research Corp 239,547 0.06%

4,576 Marvell Technology Group Ltd 64,808 0.02%

3,355 Maxim Integrated Products Inc 149,238 0.04%

3,053 Microchip Technology Inc 192,076 0.05%

15,093 Micron Technology Inc 418,931 0.10%

7,279 NVIDIA Corp 850,060 0.21%

4,486 NXP Semiconductors NV 287,569 0.07%

5,655 ON Semiconductor Corp 81,673 0.02%

1,509 Qorvo Inc 80,166 0.02%

19,081 QUALCOMM Inc 949,919 0.23%

2,324 Skyworks Solutions Inc 136,250 0.03%

13,361 Texas Instruments Inc 1,104,505 0.27%

3,142 Xilinx Inc 234,094 0.06%

Shipbuilding

570 Huntington Ingalls Industries Inc 94,893 0.02%

Software

9,371 Activision Blizzard Inc 381,759 0.09%

6,248 Adobe Systems Inc 1,236,537 0.30%

1,950 Akamai Technologies Inc 104,191 0.03%

1,195 ANSYS Inc 149,423 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

388

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

Software (continued)

2,928 Autodesk Inc 329,414 0.08%

1,444 Broadridge Financial Solutions Inc 121,581 0.03%

3,688 Cadence Design Systems Inc 140,274 0.03%

1,515 CDK Global Inc 63,455 0.02%

3,733 Cerner Corp 171,245 0.04%

1,980 Citrix Systems Inc 177,466 0.04%

4,292 Electronic Arts Inc 296,271 0.07%

4,323 Fidelity National Information Services Inc 387,809 0.09%

5,900 First Data Corp 87,276 0.02%

5,284 Fiserv Inc 339,694 0.08%

3,347 Intuit Inc 576,352 0.14%

1,000 Jack Henry & Associates Inc 110,677 0.03%

94,610 Microsoft Corp 8,406,191 2.03%

1,095 MSCI Inc 141,220 0.03%

37,622 Oracle Corp 1,485,923 0.36%

4,111 Paychex Inc 234,293 0.06%

1,518 PTC Inc 110,084 0.03%

2,557 Red Hat Inc 392,872 0.09%

9,527 salesforce.com inc 1,141,507 0.28%

2,282 ServiceNow Inc 355,430 0.09%

1,499 Splunk Inc 137,489 0.03%

2,738 SS&C Technologies Holdings Inc 108,045 0.03%

1,981 Synopsys Inc 145,982 0.04%

1,400 Take-Two Interactive Software Inc 126,069 0.03%

1,800 Veeva Systems Inc 140,643 0.03%

1,224 VMware Inc 146,829 0.04%

1,770 Workday Inc 247,241 0.06%

Telecommunications

729 Arista Networks Inc 134,366 0.03%

92,498 AT&T Inc 2,309,315 0.56%

12,360 CenturyLink Inc 163,805 0.04%

61,369 Cisco Systems Inc 2,326,133 0.56%

2,956 CommScope Holding Co Inc 42,382 0.01%

4,633 Juniper Networks Inc 109,062 0.03%

1,847 Motorola Solutions Inc 185,871 0.04%

10,974 Sprint Corp 55,871 0.01%

4,112 T-Mobile US Inc 228,810 0.06%

53,224 Verizon Communications Inc 2,617,551 0.63%

1,922 Zayo Group Holdings Inc 38,401 0.01%

Textiles

845 Mohawk Industries Inc 86,455 0.02%

Toys/Games/Hobbies

1,520 Hasbro Inc 108,035 0.03%

3,960 Mattel Inc 34,606 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

389

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 60.53% (2017 - 57.05%) (continued)

Transportation

1,757 CH Robinson Worldwide Inc 129,245 0.03%

11,018 CSX Corp 598,826 0.14%

2,067 Expeditors International of Washington Inc 123,118 0.03%

3,432 FedEx Corp 484,350 0.12%

1,168 JB Hunt Transport Services Inc 95,063 0.02%

1,252 Kansas City Southern 104,539 0.03%

2,300 Knight-Swift Transportation Holdings Inc 50,440 0.01%

3,882 Norfolk Southern Corp 507,820 0.12%

925 Old Dominion Freight Line Inc 99,924 0.02%

9,863 Union Pacific Corp 1,192,637 0.29%

9,032 United Parcel Service Inc 770,582 0.19%

1,187 XPO Logistics Inc 59,228 0.01%

Trucking & Leasing

1,500 AerCap Holdings NV 51,962 0.01%

Water

2,216 American Water Works Co Inc 175,958 0.04%Investment in transferable securities at fair value throughprofit or loss 406,045,570 97.92%

OTC Financial Derivatives Instruments.

Forwards Exchange Contracts 0.71% (2017 - 0.35%)

Buy AUD 11,499,500 Sell EUR 6,921,944 04/01/2019 159,042 0.04%

Buy CAD 15,748,919 Sell EUR 10,058,360 04/01/2019 26,983 0.01%

Buy CHF 10,446,684 Sell EUR 9,270,696 04/01/2019 1,275 0.00%

Buy CHF 122,330 Sell EUR 106,977 14/02/2019 1,618 0.00%

Buy CHF 226,863 Sell EUR 201,179 04/01/2019 174 0.00%

Buy CHF 83,230 Sell EUR 73,802 14/02/2019 83 0.00%

Buy CHF 89,340 Sell EUR 78,544 14/02/2019 765 0.00%

Buy DKK 13,557,111 Sell EUR 1,804,732 04/01/2019 12,105 0.00%

Buy DKK 295,309 Sell EUR 39,555 04/01/2019 21 0.00%

Buy EUR 1,416,561 Sell SGD 2,206,356 04/01/2019 757 0.00%

Buy EUR 10,602,120 Sell CAD 15,989,079 04/01/2019 363,041 0.09%

Buy EUR 10,942 Sell HKD 97,500 04/01/2019 50 0.00%

Buy EUR 12,883 Sell CAD 20,000 14/02/2019 108 0.00%

Buy EUR 121,123 Sell CAD 182,540 14/02/2019 4,536 0.00%

Buy EUR 122,077 Sell USD 140,000 14/02/2019 78 0.00%

Buy EUR 176,855,330 Sell USD 202,693,010 04/02/2019 85,554 0.02%

Buy EUR 18,721,758 Sell GBP 16,632,316 04/01/2019 193,008 0.05%

Buy EUR 198,673,833 Sell USD 225,698,441 04/01/2019 1,284,172 0.31%

Buy EUR 22,097 Sell AUD 35,075 04/01/2019 499 0.00%

Buy EUR 22,313 Sell GBP 20,000 14/02/2019 66 0.00%

Buy EUR 231,473 Sell NZD 395,401 04/02/2019 94 0.00%

Buy EUR 24,229 Sell AUD 39,275 04/01/2019 45 0.00%

Buy EUR 241,227 Sell NZD 398,769 04/01/2019 7,347 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

390

Value EUR% of Net

Assets

OTC Financial Derivatives Instruments (continued)

Forwards Exchange Contracts 0.71% (2017 - 0.35%) (continued)

Buy EUR 28,257 Sell CHF 31,800 04/01/2019 33 0.00%

Buy EUR 3,661,553 Sell HKD 32,521,028 04/01/2019 28,800 0.01%

Buy EUR 31,471 Sell CAD 48,057 04/01/2019 696 0.00%

Buy EUR 313,612 Sell ILS 1,325,112 04/01/2019 3,381 0.00%

Buy EUR 34,657 Sell CAD 53,788 04/01/2019 212 0.00%

Buy EUR 482,670 Sell USD 551,660 14/02/2019 1,947 0.00%

Buy EUR 594,385 Sell USD 678,000 04/01/2019 1,425 0.00%

Buy EUR 6,332 Sell AUD 10,000 14/02/2019 192 0.00%

Buy EUR 6,557 Sell CAD 10,000 14/02/2019 170 0.00%

Buy EUR 664,591 Sell USD 759,260 04/01/2019 562 0.00%

Buy EUR 7,511,117 Sell AUD 11,674,875 04/01/2019 322,182 0.08%

Buy EUR 70,038 Sell USD 80,000 14/02/2019 325 0.00%

Buy EUR 788 Sell NZD 1,341 04/01/2019 2 0.00%

Buy EUR 798,773 Sell NOK 7,792,268 04/01/2019 11,589 0.00%

Buy EUR 8,707,498 Sell CHF 9,809,292 04/02/2019 294 0.00%

Buy EUR 8,909 Sell CHF 10,000 14/02/2019 32 0.00%

Buy EUR 87,594 Sell USD 100,000 14/02/2019 453 0.00%

Buy GBP 10,000 Sell EUR 11,071 02/01/2019 71 0.00%

Buy GBP 16,382,504 Sell EUR 18,165,643 04/01/2019 84,827 0.02%

Buy GBP 355,764 Sell EUR 395,278 04/01/2019 1,051 0.00%

Buy GBP 66,500 Sell EUR 73,870 14/02/2019 101 0.00%

Buy GBP 66,775 Sell EUR 73,388 14/02/2019 889 0.00%

Buy HKD 32,032,307 Sell EUR 3,552,967 04/01/2019 25,200 0.01%

Buy ILS 1,301,226 Sell EUR 303,102 04/01/2019 1,537 0.00%

Buy ILS 28,344 Sell EUR 6,633 04/01/2019 2 0.00%

Buy JPY 15,060,000 Sell EUR 119,488 14/02/2019 555 0.00%

Buy JPY 15,980,000 Sell EUR 124,294 14/02/2019 3,082 0.00%

Buy JPY 16,325,000 Sell EUR 126,990 14/02/2019 3,136 0.00%

Buy JPY 16,390,000 Sell EUR 127,857 14/02/2019 2,787 0.00%

Buy JPY 3,386,051,505 Sell EUR 26,753,230 04/01/2019 245,045 0.06%

Buy JPY 45,141,600 Sell EUR 347,270 14/02/2019 12,553 0.00%

Buy JPY 73,532,381 Sell EUR 574,915 04/01/2019 11,387 0.00%

Buy NOK 166,676 Sell EUR 16,817 04/01/2019 20 0.00%

Buy NOK 7,651,806 Sell EUR 768,431 04/01/2019 4,564 0.00%

Buy SEK 29,204,324 Sell EUR 2,878,180 04/01/2019 3,547 0.00%

Buy SEK 634,207 Sell EUR 61,589 04/01/2019 992 0.00%

Buy SGD 2,173,184 Sell EUR 1,392,914 04/01/2019 1,603 0.00%

Buy SGD 47,194 Sell EUR 30,234 04/01/2019 50 0.00%

Buy USD 2,359,718 Sell EUR 2,036,635 14/02/2019 19,683 0.01%Financial derivatives instruments at fair value throughprofit or loss 2,936,398 0.71%

Futures contracts dealt on a regulated market

Futures 0.00% (2017 - 0.00%)

SPI 200 INDEX 21/03/2019 – 0.00%Investments in Derivatives instruments at fair valuethrough profit or loss – 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

391

Value EUR% of Net

Assets

OTC Financial Derivatives Instruments (continued)

Forwards Exchange Contracts (0.34%) (2017 - (0.17%))

Buy AUD 140,175 Sell EUR 86,117 14/02/2019 (46) 0.00%

Buy AUD 141,425 Sell EUR 88,844 14/02/2019 (2,005) 0.00%

Buy AUD 182,359 Sell EUR 114,905 14/02/2019 (2,931) 0.00%

Buy AUD 249,725 Sell EUR 157,431 04/01/2019 (3,659) 0.00%

Buy CAD 170,440 Sell EUR 108,920 14/02/2019 (49) 0.00%

Buy CAD 179,480 Sell EUR 117,297 14/02/2019 (2,652) 0.00%

Buy CAD 180,180 Sell EUR 119,031 14/02/2019 (3,939) 0.00%

Buy CAD 342,005 Sell EUR 223,652 04/01/2019 (4,638) 0.00%

Buy CAD 397,080 Sell EUR 262,649 14/02/2019 (9,010) 0.00%

Buy CHF 10,000 Sell EUR 8,908 03/01/2019 (32) 0.00%

Buy CHF 83,100 Sell EUR 73,788 14/02/2019 (18) 0.00%

Buy EUR 1,036 Sell ILS 4,458 04/01/2019 (8) 0.00%

Buy EUR 1,365,214 Sell SGD 2,134,391 04/02/2019 (1,559) 0.00%

Buy EUR 1,748,296 Sell DKK 13,132,149 04/02/2019 (11,824) 0.00%

Buy EUR 1,849,992 Sell DKK 13,805,976 04/01/2019 (196) 0.00%

Buy EUR 104,364 Sell USD 120,000 14/02/2019 (208) 0.00%

Buy EUR 11,054 Sell GBP 10,000 14/02/2019 (70) 0.00%

Buy EUR 12,221 Sell HKD 109,402 04/01/2019 – 0.00%

Buy EUR 131,740 Sell JPY 16,905,000 14/02/2019 (3,011) 0.00%

Buy EUR 17,031,356 Sell GBP 15,376,062 04/02/2019 (77,994) (0.02%)

Buy EUR 17,994 Sell JPY 2,310,000 14/02/2019 (419) 0.00%

Buy EUR 2,622 Sell NOK 26,214 04/01/2019 (26) 0.00%

Buy EUR 2,727,765 Sell SEK 27,683,121 04/02/2019 (3,397) 0.00%

Buy EUR 2,877,851 Sell SEK 29,649,788 04/01/2019 (47,829) (0.01%)

Buy EUR 24,537,562 Sell JPY 3,106,241,383 04/02/2019 (223,285) (0.05%)

Buy EUR 24,598 Sell JPY 3,120,000 14/02/2019 (272) 0.00%

Buy EUR 26,743,881 Sell JPY 3,437,709,274 04/01/2019 (666,250) (0.17%)

Buy EUR 284,182 Sell ILS 1,220,361 04/02/2019 (1,461) 0.00%

Buy EUR 3,522,899 Sell HKD 31,817,201 04/02/2019 (25,039) (0.01%)

Buy EUR 31,605 Sell CHF 35,679 04/01/2019 (62) 0.00%

Buy EUR 4,213 Sell SGD 6,600 04/01/2019 (22) 0.00%

Buy EUR 4,733 Sell SGD 7,422 04/01/2019 (29) 0.00%

Buy EUR 55,004 Sell GBP 50,000 04/01/2019 (697) 0.00%

Buy EUR 6,219 Sell DKK 46,444 04/01/2019 (5) 0.00%

Buy EUR 6,805,538 Sell AUD 11,328,006 04/02/2019 (154,958) (0.04%)

Buy EUR 62,207 Sell GBP 55,952 04/01/2019 (124) 0.00%

Buy EUR 69,294 Sell USD 80,000 14/02/2019 (422) 0.00%

Buy EUR 730,599 Sell NOK 7,284,079 04/02/2019 (4,251) 0.00%

Buy EUR 78,312 Sell USD 90,000 14/02/2019 (117) 0.00%

Buy EUR 8,613 Sell SEK 89,000 04/01/2019 (169) 0.00%

Buy EUR 8,858 Sell CHF 10,000 14/02/2019 (19) 0.00%

Buy EUR 80,221 Sell JPY 10,310,000 04/01/2019 (1,985) 0.00%

Buy EUR 9,376,417 Sell CHF 10,606,068 04/01/2019 (37,009) (0.01%)

Buy EUR 9,469,836 Sell CAD 14,855,115 04/02/2019 (24,486) (0.01%)

Buy EUR 9,668 Sell SEK 99,743 04/01/2019 (174) 0.00%

Buy EUR 91,726 Sell JPY 11,564,612 04/01/2019 (483) 0.00%

Buy GBP 140,260 Sell EUR 157,926 14/02/2019 (1,907) 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Global Equity Fund (continued)

392

Value EUR% of Net

Assets

OTC Financial Derivatives Instruments (continued)

Forwards Exchange Contracts (0.34%) (2017 - (0.17%)) (continued)

Buy GBP 206,200 Sell EUR 235,345 14/02/2019 (5,978) 0.00%

Buy GBP 66,665 Sell EUR 74,185 14/02/2019 (30) 0.00%

Buy HKD 695,623 Sell EUR 78,166 04/01/2019 (461) 0.00%

Buy JPY 29,870,000 Sell EUR 238,165 14/02/2019 (72) 0.00%

Buy NZD 391,580 Sell EUR 229,703 04/01/2019 (39) 0.00%

Buy NZD 8,530 Sell EUR 5,133 04/01/2019 (130) 0.00%

Buy USD 1,214,325 Sell EUR 1,064,164 14/02/2019 (5,970) 0.00%

Buy USD 1,740,200 Sell EUR 1,517,063 14/02/2019 (608) 0.00%

Buy USD 222,308,026 Sell EUR 194,473,092 04/01/2019 (48,303) (0.01%)

Buy USD 4,827,675 Sell EUR 4,241,421 04/01/2019 (19,263) (0.01%)

Buy USD 534,000 Sell EUR 470,305 14/02/2019 (4,964) 0.00%

Buy USD 745,875 Sell EUR 650,891 14/02/2019 (916) 0.00%

Buy USD 807,300 Sell EUR 705,481 14/02/2019 (1,980) 0.00%Financial derivatives instruments at fair value throughprofit or loss (1,407,460) (0.34%)

Futures contracts dealt on a regulated market

Futures (0.05%) (2017 - (0.01%))

DJ EURO STOXX 50 15/03/2019 (15,030) 0.00%

FTSE 100 INDEX 15/03/2019 (2,033) 0.00%

S&P 500 EMINI INDEX 15/03/2019 (165,687) (0.04%)

S&P/TSE 60 IX 14/03/2019 (6,375) 0.00%

SWISS MKT IX 15/03/2019 (3,984) 0.00%

TOPIX INDEX 07/03/2019 (26,686) (0.01%)Investments in Derivatives instruments at fair value throughprofit or loss (219,795) (0.05%)

Total Investments at fair value through profit or loss 407,354,713 98.24%

Deposits with credit institutions 6,154,758 1.48%

Net current assets 1,150,302 0.28%

Net assets attributable to holders of redeemable shares 414,659,773 100.00%

Total assets comprised as follows: % of Total AssetsTransferable securities and money market instruments admitted to an officialstock exchange listing 97.48%Transferable securities and money market instruments traded on other regulatedmarket 0.02%

OTC financial derivative instruments 0.71%

Financial derivatives instruments dealt in on a regulated market 0.00%

Deposits 0.00%

Other current assets 1.79%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulatedmarket.The counterparties for foreign exchange forwards contracts are State Street Bank and Trust Co. andCitigroup.The counterparty for futures contract is Goldman Sachs International.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Government Long Dated Bond Fund

393

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Government Security - 99.92% (2017 - 99.92%)

Austria

76,000 Austria Government Bond 2.400 23/05/2034 92,805 0.54%

126,000 Austria Government Bond 4.150 15/03/2037 195,509 1.14%

64,000 Austria Government Bond 3.150 20/06/2044 92,092 0.54%

60,000 Austria Government Bond 1.500 20/02/2047 63,030 0.37%

34,000 Austria Government Bond 3.800 26/01/2062 60,655 0.35%

20,000 Austria Government Bond 1.500 02/11/2086 18,849 0.11%

40,000 Austria Government Bond 2.100 20/09/2117 46,474 0.27%

569,414 3.32%

Belgium

90,000 Belgium Government Bond 1.000 22/06/2031 89,699 0.52%

74,000 Belgium Government Bond 4.000 28/03/2032 102,679 0.60%

50,000 Belgium Government Bond 1.250 22/04/2033 50,769 0.30%

90,000 Belgium Government Bond 3.000 22/06/2034 112,914 0.66%

188,000 Belgium Government Bond 5.000 28/03/2035 296,108 1.73%

40,000 Belgium Government Bond 1.450 22/06/2037 40,073 0.23%

60,000 Belgium Government Bond 1.900 22/06/2038 64,472 0.38%

164,000 Belgium Government Bond 4.250 28/03/2041 251,081 1.46%

90,000 Belgium Government Bond 3.750 22/06/2045 131,305 0.77%

100,000 Belgium Government Bond 1.600 22/06/2047 97,084 0.57%

40,000 Belgium Government Bond 2.250 22/06/2057 42,963 0.25%

40,000 Belgium Government Bond 2.150 22/06/2066 41,009 0.24%

1,320,156 7.71%

Finland

30,000 Finland Government Bond 0.750 15/04/2031 30,199 0.18%

30,000 Finland Government Bond 1.125 15/04/2034 31,169 0.18%

45,000 Finland Government Bond 2.625 04/07/2042 60,767 0.35%

40,000 Finland Government Bond 1.375 15/04/2047 42,675 0.25%

164,810 0.96%

France

307,000 France Government Bond OAT 5.500 25/04/2029 465,434 2.72%

320,000 France Government Bond OAT 2.500 25/05/2030 382,473 2.23%

430,000 France Government Bond OAT 1.500 25/05/2031 462,029 2.70%

308,000 France Government Bond OAT 5.750 25/10/2032 501,456 2.93%

100,000 France Government Bond OAT 1.250 25/05/2034 102,548 0.60%

255,000 France Government Bond OAT 4.750 25/04/2035 402,020 2.35%

270,000 France Government Bond OAT 1.250 25/05/2036 271,980 1.59%

245,000 France Government Bond OAT 4.000 25/10/2038 363,762 2.12%

150,000 France Government Bond OAT 1.750 25/06/2039 162,105 0.94%

339,000 France Government Bond OAT 4.500 25/04/2041 552,871 3.23%

234,000 France Government Bond OAT 3.250 25/05/2045 326,265 1.90%

220,000 France Government Bond OAT 2.000 25/05/2048 241,597 1.41%

145,000 France Government Bond OAT 4.000 25/04/2055 237,571 1.39%

124,000 France Government Bond OAT 4.000 25/04/2060 208,027 1.21%

100,000 France Government Bond OAT 1.750 25/05/2066 97,618 0.57%

4,777,756 27.89%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Government Long Dated Bond Fund (continued)

394

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Government Security - 99.92% (2017 - 99.92%) (continued)

Germany

78,000 Bundesrepublik Deutschland 6.250 04/01/2030 133,447 0.78%

161,000 Bundesrepublik Deutschland 5.500 04/01/2031 267,701 1.56%

193,000 Bundesrepublik Deutschland 4.750 04/07/2034 319,161 1.86%

226,000 Bundesrepublik Deutschland 4.000 04/01/2037 365,161 2.13%

130,000 Bundesrepublik Deutschland 4.250 04/07/2039 221,449 1.29%

159,000 Bundesrepublik Deutschland 4.750 04/07/2040 291,502 1.70%

134,000 Bundesrepublik Deutschland 3.250 04/07/2042 208,285 1.22%

244,000 Bundesrepublik Deutschland 2.500 04/07/2044 341,822 2.00%

230,000 Bundesrepublik Deutschland 2.500 15/08/2046 325,962 1.90%

130,000 Bundesrepublik Deutschland 1.250 15/08/2048 143,271 0.84%

2,617,761 15.28%

Ireland

87,000 Ireland Government Bond 2.400 15/05/2030 99,993 0.58%

30,000 Ireland Government Bond 1.350 18/03/2031 30,489 0.18%

40,000 Ireland Government Bond 1.300 15/05/2033 39,870 0.23%

50,000 Ireland Government Bond 1.700 15/05/2037 51,472 0.31%

80,000 Ireland Government Bond 2.000 18/02/2045 85,784 0.50%

307,608 1.80%

Italy

50,000 Italy Buoni Poliennali Del Tesoro 2.800 01/12/2028 50,425 0.29%

285,000 Italy Buoni Poliennali Del Tesoro 5.250 01/11/2029 351,486 2.05%

230,000 Italy Buoni Poliennali Del Tesoro 3.500 01/03/2030 246,675 1.44%

294,000 Italy Buoni Poliennali Del Tesoro 6.000 01/05/2031 388,428 2.27%

210,000 Italy Buoni Poliennali Del Tesoro 1.650 01/03/2032 182,943 1.07%

199,000 Italy Buoni Poliennali Del Tesoro 5.750 01/02/2033 262,854 1.53%

180,000 Italy Buoni Poliennali Del Tesoro 2.450 01/09/2033 169,422 0.99%

237,000 Italy Buoni Poliennali Del Tesoro 5.000 01/08/2034 294,678 1.72%

140,000 Italy Buoni Poliennali Del Tesoro 2.250 01/09/2036 125,618 0.73%

256,000 Italy Buoni Poliennali Del Tesoro 4.000 01/02/2037 287,988 1.68%

160,000 Italy Buoni Poliennali Del Tesoro 2.950 01/09/2038 153,809 0.90%

191,000 Italy Buoni Poliennali Del Tesoro 5.000 01/08/2039 238,710 1.39%

211,000 Italy Buoni Poliennali Del Tesoro 5.000 01/09/2040 262,329 1.53%

166,000 Italy Buoni Poliennali Del Tesoro 4.750 01/09/2044 202,808 1.18%

150,000 Italy Buoni Poliennali Del Tesoro 3.250 01/09/2046 147,625 0.86%

150,000 Italy Buoni Poliennali Del Tesoro 2.700 01/03/2047 134,409 0.79%

90,000 Italy Buoni Poliennali Del Tesoro 3.450 01/03/2048 90,210 0.53%

100,000 Italy Buoni Poliennali Del Tesoro 2.800 01/03/2067 86,487 0.51%

3,676,904 21.46%

Lithuania

10,000 Lithuania Government International Bond 2.125 22/10/2035 10,841 0.06%

10,841 0.06%

Netherlands

119,000 Netherlands Government Bond 2.500 15/01/2033 151,609 0.89%

148,000 Netherlands Government Bond 4.000 15/01/2037 235,136 1.37%

Page 396: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Government Long Dated Bond Fund (continued)

395

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Government Security - 99.92% (2017 - 99.92%) (continued)

Netherlands (continued)

159,000 Netherlands Government Bond 3.750 15/01/2042 262,820 1.53%

130,000 Netherlands Government Bond 2.750 15/01/2047 192,502 1.12%

842,067 4.91%

Portugal

50,000 Portugal Obrigacoes do Tesouro OT 3.875 15/02/2030 61,128 0.35%

30,000 Portugal Obrigacoes do Tesouro OT 2.250 18/04/2034 30,345 0.18%

80,000 Portugal Obrigacoes do Tesouro OT 4.100 15/04/2037 99,552 0.58%

30,000 Portugal Obrigacoes do Tesouro OT 4.100 15/02/2045 37,486 0.22%

228,511 1.33%

Slovakia

30,000 Slovakia Government Bond 3.625 16/01/2029 38,705 0.23%

10,000 Slovakia Government Bond 1.625 21/01/2031 10,618 0.06%

26,000 Slovakia Government Bond 3.875 08/02/2033 36,671 0.22%

10,000 Slovakia Government Bond 1.875 09/03/2037 10,751 0.06%

20,000 Slovakia Government Bond 2.000 17/10/2047 21,180 0.12%

117,925 0.69%

Slovenia

10,000 Slovenia Government Bond 2.250 03/03/2032 11,300 0.07%

40,000 Slovenia Government Bond 1.500 25/03/2035 39,582 0.23%

10,000 Slovenia Government Bond 1.750 03/11/2040 9,962 0.06%

20,000 Slovenia Government Bond 3.125 07/08/2045 24,920 0.14%

85,764 0.50%

Spain

209,000 Spain Government Bond 6.000 31/01/2029 309,697 1.81%

220,000 Spain Government Bond 1.950 30/07/2030 228,536 1.33%

207,000 Spain Government Bond 5.750 30/07/2032 310,906 1.81%

150,000 Spain Government Bond 2.350 30/07/2033 158,865 0.93%

202,000 Spain Government Bond 4.200 31/01/2037 272,807 1.59%

185,000 Spain Government Bond 4.900 30/07/2040 270,528 1.58%

184,000 Spain Government Bond 4.700 30/07/2041 263,387 1.54%

130,000 Spain Government Bond 5.150 31/10/2044 197,360 1.15%

170,000 Spain Government Bond 2.900 31/10/2046 182,809 1.06%

80,000 Spain Government Bond 2.700 31/10/2048 81,787 0.48%

16,000 Spain Government Bond 4.000 31/10/2064 20,301 0.12%

90,000 Spain Government Bond 3.450 30/07/2066 103,960 0.61%

2,400,943 14.01%

Total Government Security 17,120,460 99.92%

Total investments at fair value through profit or loss 17,120,460 99.92%

Deposits with credit institutions 7,116 0.04%

Net current assets 6,034 0.04%

Net assets attributable to holders of redeemable shares 17,133,610 100.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Government Long Dated Bond Fund (continued)

396

% of Total Assets

Total assets comprised as follows:Transferable securities and money market instruments admitted to anofficial stock exchange listing 99.84%Transferable securities and money market instruments traded on otherregulated market 0.00%

OTC financial derivative instruments 0.00%

Financial derivatives instruments dealt in on a regulated market 0.00%

Deposits 0.00%

Other current assets 0.16%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulatedmarket.

Page 398: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund

397

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%)

Australia

100,000 APT Pipelines Ltd 1.375 22/03/2022 102,707 0.04%

100,000 APT Pipelines Ltd 2.000 22/03/2027 100,065 0.03%

200,000 Aurizon Network Pty Ltd 3.125 01/06/2026 216,998 0.08%

100,000 AusNet Services Holdings Pty Ltd 1.500 26/02/2027 102,476 0.04%

200,000 Australia & New Zealand Banking Group Ltd 0.750 29/09/2026 193,356 0.07%

100,000 BHP Billiton Finance Ltd 3.000 29/05/2024 113,306 0.04%

400,000 BHP Billiton Finance Ltd 3.250 24/09/2027 468,556 0.16%

500,000 BHP Billiton Finance Ltd 4.750 22/04/2076 548,962 0.19%

100,000 Brambles Finance Ltd 2.375 12/06/2024 107,284 0.04%

400,000 Commonwealth Bank of Australia 2.000 22/04/2027 405,705 0.14%

200,000 Commonwealth Bank of Australia 1.125 18/01/2028 198,686 0.07%

100,000 Commonwealth Bank of Australia 1.936 03/10/2029 95,199 0.03%

400,000 Macquarie Bank Ltd 1.000 16/09/2019 404,094 0.14%

500,000 National Australia Bank Ltd 4.625 10/02/2020 544,576 0.19%

100,000 National Australia Bank Ltd 4.000 13/07/2020 107,981 0.04%

600,000 National Australia Bank Ltd 2.000 12/11/2020 622,879 0.22%

100,000 National Australia Bank Ltd 0.875 20/01/2022 102,170 0.04%

100,000 National Australia Bank Ltd 2.750 08/08/2022 109,049 0.04%

200,000 National Australia Bank Ltd 1.375 30/08/2028 198,931 0.07%

500,000 Origin Energy Finance Ltd 3.500 04/10/2021 540,043 0.19%

500,000 Scentre Group Trust 1 2.250 16/07/2024 535,317 0.19%

300,000 Sydney Airport Finance Co Pty Ltd 2.750 23/04/2024 333,506 0.12%

300,000 Telstra Corp Ltd 4.250 23/03/2020 325,581 0.11%

200,000 Telstra Corp Ltd 3.750 16/05/2022 226,633 0.08%

400,000 Telstra Corp Ltd 3.500 21/09/2022 448,195 0.16%

400,000 Transurban Finance Co Pty Ltd 1.875 16/09/2024 415,339 0.14%

400,000 Wesfarmers Ltd 1.250 07/10/2021 412,980 0.14%

100,000 Westpac Banking Corp 0.875 17/04/2027 98,819 0.03%

500,000 Westpac Banking Corp 1.125 05/09/2027 498,806 0.17%

100,000 Westpac Banking Corp 1.450 17/07/2028 101,420 0.03%

8,679,619 3.03%

Austria

300,000 OMV AG 4.375 10/02/2020 326,455 0.11%

400,000 OMV AG 2.625 27/09/2022 434,662 0.15%

200,000 OMV AG 6.250 29/12/2049 228,753 0.08%

400,000 Telekom Finanzmanagement GmbH 4.000 04/04/2022 457,548 0.16%

100,000 UNIQA Insurance Group AG 6.000 27/07/2046 111,332 0.04%

100,000 Verbund AG 1.500 20/11/2024 104,734 0.04%

1,663,484 0.58%

Belgium

60,000 Anheuser-Busch InBev SA/NV 4.000 02/06/2021 66,757 0.02%

100,000 Anheuser-Busch InBev SA/NV 1.950 30/09/2021 104,649 0.04%

300,000 Anheuser-Busch InBev SA/NV 0.875 17/03/2022 304,722 0.11%

200,000 Anheuser-Busch InBev SA/NV 0.800 20/04/2023 201,543 0.07%

Page 399: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

398

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

Belgium (continued)

500,000 Anheuser-Busch InBev SA/NV 1.500 17/03/2025 514,402 0.18%

300,000 Anheuser-Busch InBev SA/NV 2.700 31/03/2026 330,962 0.12%

300,000 Anheuser-Busch InBev SA/NV 1.150 22/01/2027 291,308 0.10%

600,000 Anheuser-Busch InBev SA/NV 2.000 17/03/2028 616,650 0.21%

200,000 Anheuser-Busch InBev SA/NV 2.000 23/01/2035 186,880 0.07%

500,000 Anheuser-Busch InBev SA/NV 2.750 17/03/2036 513,360 0.18%

300,000 Belfius Bank SA/NV 0.750 12/09/2022 298,616 0.10%

500,000 Eandis System Operator SCRL 2.875 09/10/2023 555,423 0.19%

200,000 Elia System Operator SA/NV 2.750 05/12/2166 197,283 0.07%

200,000 KBC Group NV 0.750 01/03/2022 201,463 0.07%

300,000 KBC Group NV 0.750 18/10/2023 297,133 0.10%

100,000 KBC Group NV 1.875 11/03/2027 102,385 0.04%

100,000 KBC Group NV 1.625 18/09/2029 96,942 0.03%

100,000 Proximus SADP 2.375 04/04/2024 110,029 0.04%

100,000 Proximus SADP 1.875 01/10/2025 106,380 0.04%

300,000 Solvay SA 1.625 02/12/2022 312,246 0.11%

5,409,133 1.89%

British Virgin Islands

100,000 Global Switch Holdings Ltd 1.500 31/01/2024 98,844 0.03%

100,000 Sinopec Group Overseas Development 2015 Ltd 1.000 28/04/2022 101,572 0.04%

200,416 0.07%

Canada

100,000 Alimentation Couche-Tard Inc 1.875 06/05/2026 100,257 0.03%

100,000 Magna International Inc 1.500 25/09/2027 97,696 0.03%

300,000 Toronto-Dominion Bank/The 0.625 20/07/2023 300,395 0.11%

600,000 Total Capital Canada Ltd 2.125 18/09/2029 643,686 0.23%

1,142,034 0.40%

Cayman Islands

100,000 CK Hutchison Europe Finance 18 Ltd 1.250 13/04/2025 98,291 0.03%

500,000 CK Hutchison Finance 16 Ltd 2.000 06/04/2028 499,783 0.18%

450,000 Hutchison Whampoa Finance 14 Ltd 1.375 31/10/2021 461,884 0.16%

250,000 Three Gorges Finance II Cayman Islands Ltd 1.300 21/06/2024 247,540 0.09%

100,000 XLIT Ltd 3.250 29/06/2047 98,335 0.03%

1,405,833 0.49%

China

500,000 Bank of China Ltd/Luxembourg 0.750 12/07/2021 501,823 0.18%

501,823 0.18%

Czech Republic

500,000 CEZ AS 4.500 29/06/2020 543,904 0.19%

100,000 CEZ AS 4.875 16/04/2025 123,392 0.04%

667,296 0.23%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

399

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

Denmark

400,000 Carlsberg Breweries A/S 2.500 28/05/2024 435,805 0.15%

100,000 Danica Pension Livsforsikrings AB 4.375 29/09/2045 105,915 0.04%

100,000 Danske Bank A/S 0.500 06/05/2021 100,153 0.03%

200,000 Danske Bank A/S 0.875 22/05/2023 193,921 0.07%

200,000 Danske Bank A/S 2.750 19/05/2026 208,623 0.07%

400,000 ISS Global A/S 2.125 02/12/2024 421,116 0.15%

160,000 Nykredit Realkredit A/S 2.750 17/11/2027 166,396 0.06%

100,000 Orsted A/S 2.625 19/09/2022 109,048 0.04%

300,000 Orsted A/S 1.500 26/11/2029 301,137 0.10%

100,000 Orsted A/S 6.250 26/06/3013 115,164 0.04%

2,157,278 0.75%

Finland

100,000 Fortum OYJ 4.000 24/05/2021 110,682 0.04%

100,000 Fortum OYJ 2.250 06/09/2022 105,790 0.04%

100,000 Kojamo OYJ 1.500 19/06/2024 98,425 0.03%

200,000 Nordea Bank Abp 1.125 27/09/2027 202,643 0.07%

100,000 OP Corporate Bank plc 1.125 17/06/2019 101,192 0.04%

100,000 OP Corporate Bank plc 5.750 28/02/2022 119,967 0.04%

500,000 OP Corporate Bank plc 0.750 03/03/2022 509,612 0.18%

200,000 Sampo OYJ 1.500 16/09/2021 207,010 0.07%

200,000 Sampo OYJ 1.250 30/05/2025 199,202 0.07%

1,654,523 0.58%

France

400,000 Accor SA 2.375 17/09/2023 424,778 0.15%

500,000 Aeroports de Paris 3.125 11/06/2024 575,368 0.20%

100,000 Aeroports de Paris 1.500 07/04/2025 104,718 0.04%

400,000 Air Liquide Finance SA 1.875 05/06/2024 430,236 0.15%

300,000 Air Liquide Finance SA 0.750 13/06/2024 302,799 0.11%

300,000 Air Liquide Finance SA 1.250 13/06/2028 304,035 0.11%

200,000 ALD SA 0.875 18/07/2022 196,876 0.07%

300,000 ALD SA 1.250 11/10/2022 298,188 0.10%

200,000 APRR SA 1.500 15/01/2024 210,997 0.07%

200,000 APRR SA 1.875 15/01/2025 214,759 0.07%

100,000 APRR SA 1.625 13/01/2032 100,805 0.03%

200,000 APRR SA 1.500 17/01/2033 196,838 0.07%

100,000 Arkema SA 1.500 20/01/2025 103,619 0.04%

100,000 Arkema SA 1.500 20/04/2027 100,093 0.03%

100,000 Auchan Holding SADIR 1.750 23/04/2021 103,250 0.04%

400,000 Auchan Holding SADIR 2.250 06/04/2023 409,579 0.14%

200,000 Autoroutes du Sud de la France SA 4.125 13/04/2020 216,529 0.08%

550,000 Autoroutes du Sud de la France SA 5.625 04/07/2022 666,770 0.23%

100,000 Autoroutes du Sud de la France SA 2.875 18/01/2023 112,216 0.04%

200,000 Autoroutes du Sud de la France SA 1.375 27/06/2028 200,172 0.07%

300,000 Autoroutes du Sud de la France SA 1.375 22/01/2030 297,007 0.10%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

400

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

France (continued)

400,000 AXA SA 3.941 07/11/2024 415,332 0.14%

100,000 AXA SA 1.125 15/05/2028 102,147 0.04%

500,000 AXA SA 5.250 16/04/2040 545,702 0.19%

200,000 AXA SA 3.375 06/07/2047 203,422 0.07%

150,000 AXA SA 3.250 28/05/2049 145,868 0.05%

300,000 Banque Federative du Credit Mutuel SA 0.250 14/06/2019 300,924 0.11%

50,000 Banque Federative du Credit Mutuel SA 4.000 22/10/2020 53,635 0.02%

300,000 Banque Federative du Credit Mutuel SA 0.375 13/01/2022 301,000 0.11%

100,000 Banque Federative du Credit Mutuel SA 3.000 28/11/2023 111,426 0.04%

200,000 Banque Federative du Credit Mutuel SA 2.625 18/03/2024 222,642 0.08%

300,000 Banque Federative du Credit Mutuel SA 3.000 21/05/2024 321,564 0.11%

400,000 Banque Federative du Credit Mutuel SA 1.250 14/01/2025 410,864 0.14%

400,000 Banque Federative du Credit Mutuel SA 0.750 17/07/2025 393,485 0.14%

100,000 Banque Federative du Credit Mutuel SA 3.000 11/09/2025 106,100 0.04%

300,000 Banque Federative du Credit Mutuel SA 1.625 19/01/2026 314,837 0.11%

200,000 Banque Federative du Credit Mutuel SA 2.375 24/03/2026 203,862 0.07%

500,000 Banque Federative du Credit Mutuel SA 1.250 26/05/2027 503,040 0.18%

100,000 Banque Federative du Credit Mutuel SA 1.625 15/11/2027 91,772 0.03%

100,000 BNP Paribas Cardif SA 4.032 29/11/2049 99,390 0.03%

140,000 BNP Paribas SA 3.750 25/11/2020 150,355 0.05%

600,000 BNP Paribas SA 2.250 13/01/2021 639,445 0.22%

100,000 BNP Paribas SA 4.125 14/01/2022 115,534 0.04%

100,000 BNP Paribas SA 0.500 01/06/2022 100,719 0.03%

100,000 BNP Paribas SA 1.125 15/01/2023 103,409 0.04%

100,000 BNP Paribas SA 4.500 21/03/2023 119,956 0.04%

500,000 BNP Paribas SA 2.875 26/09/2023 555,453 0.19%

200,000 BNP Paribas SA 1.125 10/10/2023 199,732 0.07%

500,000 BNP Paribas SA 2.375 20/05/2024 549,520 0.19%

100,000 BNP Paribas SA 1.000 27/06/2024 98,029 0.03%

200,000 BNP Paribas SA 2.375 17/02/2025 206,080 0.07%

200,000 BNP Paribas SA 1.250 19/03/2025 197,934 0.07%

500,000 BNP Paribas SA 1.500 17/11/2025 494,537 0.17%

100,000 BNP Paribas SA 2.875 01/10/2026 103,646 0.04%

300,000 BNP Paribas SA 2.250 11/01/2027 300,855 0.10%

400,000 BNP Paribas SA 1.500 23/05/2028 391,822 0.14%

100,000 Bouygues SA 4.250 22/07/2020 108,257 0.04%

200,000 Bouygues SA 1.375 07/06/2027 199,028 0.07%

300,000 BPCE SA 1.375 22/05/2019 304,290 0.11%

300,000 BPCE SA 0.625 20/04/2020 303,477 0.11%

200,000 BPCE SA 1.125 18/01/2023 202,865 0.07%

600,000 BPCE SA 3.000 19/07/2024 680,678 0.24%

200,000 BPCE SA 2.875 22/04/2026 211,838 0.07%

200,000 BPCE SA 2.750 08/07/2026 208,984 0.07%

100,000 BPCE SA 2.750 30/11/2027 104,127 0.04%

300,000 BPCE SA 1.625 31/01/2028 299,421 0.10%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

401

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

France (continued)

300,000 BPCE SA 1.000 05/10/2028 292,609 0.10%

500,000 Capgemini SE 1.750 01/07/2020 514,113 0.18%

200,000 Carmila SA 2.375 16/09/2024 204,471 0.07%

120,000 Carrefour SA 4.000 09/04/2020 129,428 0.04%

900,000 Carrefour SA 1.750 15/07/2022 933,072 0.33%

500,000 Cie de Saint-Gobain 3.625 28/03/2022 563,807 0.20%

200,000 Cie de Saint-Gobain 1.000 17/03/2025 197,771 0.07%

200,000 Cie Financiere et Industrielle des Autoroutes SA 0.375 07/02/2025 193,016 0.07%

300,000 Cie Generale des Etablissements Michelin SCA 2.500 03/09/2038 311,371 0.11%

300,000 CNP Assurances 4.000 18/11/2024 304,885 0.11%

400,000 CNP Assurances 6.000 14/09/2040 438,437 0.14%

100,000 CNP Assurances 6.875 30/09/2041 116,077 0.04%

200,000 Coentreprise de Transport d'Electricite SA 0.875 29/09/2024 198,857 0.07%

100,000 Coentreprise de Transport d'Electricite SA 2.125 29/07/2032 99,215 0.03%

100,000 Covivio 1.500 21/06/2027 93,875 0.03%

400,000 Credit Agricole Assurances SA 4.250 13/01/2025 412,395 0.14%

100,000 Credit Agricole Assurances SA 2.625 29/01/2048 89,231 0.03%

500,000 Credit Agricole SA 3.900 19/04/2021 552,169 0.19%

100,000 Credit Agricole SA 2.700 15/07/2025 101,255 0.03%

1,000,000 Credit Agricole SA 2.625 17/03/2027 1,036,396 0.36%

600,000 Credit Agricole SA/London 2.375 27/11/2020 627,761 0.22%

400,000 Credit Agricole SA/London 0.875 19/01/2022 409,311 0.14%

1,000,000 Credit Agricole SA/London 0.750 01/12/2022 1,007,385 0.35%

700,000 Credit Agricole SA/London 5.125 18/04/2023 861,413 0.30%

300,000 Credit Agricole SA/London 3.125 17/07/2023 337,007 0.12%

800,000 Credit Agricole SA/London 2.375 20/05/2024 873,664 0.30%

200,000 Credit Agricole SA/London 1.000 16/09/2024 201,633 0.07%

200,000 Credit Agricole SA/London 1.375 13/03/2025 200,171 0.07%

400,000 Credit Agricole SA/London 1.250 14/04/2026 403,561 0.14%

200,000 Credit Agricole SA/London 1.875 20/12/2026 201,265 0.07%

500,000 Credit Mutuel Arkea SA 1.000 26/01/2023 512,083 0.18%

200,000 Credit Mutuel Arkea SA 1.250 31/05/2024 197,184 0.07%

100,000 Credit Mutuel Arkea SA 3.500 09/02/2029 103,833 0.04%

800,000 Danone SA 1.375 10/06/2019 810,764 0.28%

100,000 Danone SA 2.250 15/11/2021 105,659 0.04%

100,000 Danone SA 0.424 03/11/2022 99,995 0.03%

200,000 Danone SA 0.709 03/11/2024 198,104 0.07%

100,000 Danone SA 1.125 14/01/2025 101,603 0.04%

300,000 Danone SA 1.208 03/11/2028 291,361 0.10%

300,000 Edenred 1.375 10/03/2025 301,094 0.10%

500,000 Electricite de France SA 2.250 27/04/2021 531,647 0.19%

500,000 Electricite de France SA 3.875 18/01/2022 572,851 0.20%

700,000 Electricite de France SA 2.750 10/03/2023 778,159 0.27%

600,000 Electricite de France SA 4.625 11/09/2024 725,458 0.25%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

402

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

France (continued)

100,000 Electricite de France SA 5.375 29/01/2025 107,073 0.04%

200,000 Electricite de France SA 1.000 13/10/2026 194,176 0.07%

100,000 Electricite de France SA 4.625 26/04/2030 129,621 0.04%

300,000 Electricite de France SA 1.875 13/10/2036 273,730 0.10%

200,000 Electricite de France SA 4.500 12/11/2040 257,008 0.09%

300,000 Electricite de France SA 4.125 22/01/2049 317,119 0.11%

200,000 Electricite de France SA 5.000 22/01/2049 203,852 0.07%

500,000 Engie SA 1.375 19/05/2020 514,287 0.18%

600,000 Engie SA 3.000 01/02/2023 680,909 0.24%

200,000 Engie SA 1.000 13/03/2026 201,232 0.07%

200,000 Engie SA 2.375 19/05/2026 220,250 0.08%

200,000 Engie SA 1.500 13/03/2035 195,181 0.07%

200,000 Engie SA 2.000 28/09/2037 201,452 0.07%

100,000 Engie SA 3.875 02/06/2049 104,751 0.04%

200,000 Engie SA 1.375 16/04/2066 185,407 0.06%

600,000 Eutelsat SA 2.625 13/01/2020 626,031 0.22%

400,000 Gecina SA 2.000 17/06/2024 423,339 0.15%

200,000 Gecina SA 1.375 26/01/2028 195,254 0.07%

300,000 Groupama SA 6.000 23/01/2027 349,366 0.12%

550,000 Holding d'Infrastructures de Transport SAS 4.875 27/10/2021 613,141 0.21%

200,000 HSBC France SA 1.875 16/01/2020 207,681 0.07%

200,000 HSBC France SA 0.625 03/12/2020 202,222 0.07%

300,000 HSBC France SA 1.375 04/09/2028 303,854 0.11%

400,000 ICADE 1.750 10/06/2026 396,149 0.14%

100,000 Imerys SA 1.500 15/01/2027 96,653 0.03%

200,000 Infra Park SAS 1.625 19/04/2028 194,319 0.07%

100,000 JCDecaux SA 1.000 01/06/2023 102,472 0.04%

200,000 Klepierre SA 1.000 17/04/2023 203,985 0.07%

100,000 Klepierre SA 1.750 06/11/2024 103,522 0.04%

200,000 Klepierre SA 1.250 29/09/2031 182,220 0.06%

200,000 Klepierre SA 1.625 13/12/2032 183,634 0.06%

100,000 La Banque Postale SA 2.750 23/04/2026 104,725 0.04%

200,000 La Banque Postale SA 2.750 19/11/2027 206,767 0.07%

200,000 La Banque Postale SA 3.000 09/06/2028 210,445 0.07%

150,000 La Mondiale SAM 5.050 17/12/2025 152,953 0.05%

200,000 La Poste SA 4.375 26/06/2023 239,855 0.08%

500,000 La Poste SA 1.125 04/06/2025 512,736 0.18%

300,000 LVMH Moet Hennessy Louis Vuitton SE 1.000 24/09/2021 307,456 0.11%

500,000 LVMH Moet Hennessy Louis Vuitton SE 0.750 26/05/2024 503,768 0.18%

200,000 mFinance France SA 1.398 26/09/2020 202,741 0.07%

300,000 Orange SA 0.750 11/09/2023 302,654 0.11%

300,000 Orange SA 5.000 01/10/2026 323,442 0.11%

300,000 Orange SA 0.875 03/02/2027 291,477 0.10%

200,000 Orange SA 1.500 09/09/2027 202,435 0.07%

400,000 Orange SA 8.125 28/01/2033 707,781 0.25%

200,000 Orange SA 4.250 28/02/2049 212,828 0.07%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

403

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

France (continued)

200,000 Pernod Ricard SA 2.000 22/06/2020 207,990 0.07%

200,000 Pernod Ricard SA 1.875 28/09/2023 212,001 0.07%

100,000 Pernod Ricard SA 2.125 27/09/2024 106,623 0.04%

100,000 PSA Banque France SA 0.500 17/01/2020 100,650 0.03%

100,000 Publicis Groupe SA 1.125 16/12/2021 102,054 0.04%

200,000 Publicis Groupe SA 0.500 03/11/2023 196,352 0.07%

150,000 RCI Banque SA 0.750 12/01/2022 149,250 0.05%

200,000 RCI Banque SA 1.000 17/05/2023 196,970 0.07%

200,000 RCI Banque SA 0.500 15/09/2023 190,982 0.07%

400,000 RCI Banque SA 1.375 08/03/2024 397,686 0.14%

300,000 Renault SA 3.125 05/03/2021 323,070 0.11%

200,000 Renault SA 1.000 18/04/2024 194,148 0.07%

200,000 Renault SA 1.000 28/11/2025 187,521 0.07%

400,000 RTE Reseau de Transport d'Electricite SADIR 1.625 08/10/2024 418,972 0.15%

200,000 RTE Reseau de Transport d'Electricite SADIR 1.625 27/11/2025 207,517 0.07%

200,000 RTE Reseau de Transport d'Electricite SADIR 1.000 19/10/2026 196,642 0.07%

100,000 RTE Reseau de Transport d'Electricite SADIR 1.875 23/10/2037 98,019 0.03%

80,000 Sanofi 4.125 11/10/2019 83,375 0.03%

500,000 Sanofi 1.125 10/03/2022 519,710 0.18%

200,000 Sanofi 0.500 21/03/2023 202,693 0.07%

200,000 Sanofi 1.500 22/09/2025 210,870 0.07%

500,000 Sanofi 1.750 10/09/2026 532,620 0.19%

200,000 Sanofi 0.500 13/01/2027 193,322 0.07%

400,000 Sanofi 1.875 21/03/2038 410,122 0.14%

50,000 Schneider Electric SE 3.625 20/07/2020 53,606 0.02%

100,000 Schneider Electric SE 2.500 06/09/2021 107,275 0.04%

200,000 Schneider Electric SE 1.500 08/09/2023 209,444 0.07%

200,000 Schneider Electric SE 0.250 09/09/2024 194,275 0.07%

100,000 Schneider Electric SE 0.875 11/03/2025 100,369 0.04%

200,000 Societe Generale SA 2.250 23/01/2020 209,180 0.07%

200,000 Societe Generale SA 4.750 02/03/2021 227,820 0.08%

300,000 Societe Generale SA 4.000 07/06/2023 336,096 0.12%

600,000 Societe Generale SA 2.500 16/09/2026 617,730 0.22%

300,000 Societe Generale SA 1.375 13/01/2028 290,502 0.10%

100,000 Sodexo SA 1.750 24/01/2022 105,834 0.04%

100,000 Sodexo SA 0.750 14/04/2027 96,302 0.03%

100,000 Sogecap SA 4.125 18/02/2026 103,246 0.04%

500,000 Suez 4.078 17/05/2021 559,610 0.19%

100,000 Suez 5.500 22/07/2024 128,190 0.04%

200,000 Suez 1.750 10/09/2025 211,354 0.07%

300,000 Suez 1.625 21/09/2032 298,007 0.10%

100,000 Suez 3.000 23/06/2049 102,875 0.04%

200,000 TDF Infrastructure SAS 2.500 07/04/2026 206,159 0.07%

300,000 Thales SA 0.750 07/06/2023 304,311 0.11%

100,000 Total Capital International SA 2.125 19/11/2021 106,006 0.04%

200,000 Total Capital International SA 0.250 12/07/2023 198,653 0.07%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

404

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

France (continued)

300,000 Total Capital International SA 1.375 19/03/2025 313,426 0.11%

200,000 Total Capital International SA 2.500 25/03/2026 224,836 0.08%

300,000 Total Capital International SA 0.750 12/07/2028 286,901 0.10%

200,000 Total Capital International SA 1.375 04/10/2029 199,590 0.07%

100,000 Total Capital SA 5.125 26/03/2024 126,529 0.04%

200,000 TOTAL SA 3.875 18/05/2022 217,050 0.08%

300,000 TOTAL SA 2.250 29/12/2049 308,306 0.11%

300,000 TOTAL SA 2.625 29/12/2049 304,395 0.11%

200,000 TOTAL SA 2.708 29/12/2049 207,311 0.07%

300,000 TOTAL SA 3.369 29/12/2049 308,459 0.11%

100,000 Transport et Infrastructures Gaz France SA 2.200 05/08/2025 104,714 0.04%

100,000 Unibail-Rodamco SE 2.500 26/02/2024 110,697 0.04%

500,000 Unibail-Rodamco SE 2.500 04/06/2026 547,100 0.19%

300,000 Unibail-Rodamco SE 1.500 29/05/2029 292,262 0.10%

350,000 Unibail-Rodamco SE 1.375 15/04/2030 334,167 0.12%

200,000 Unibail-Rodamco SE 1.875 15/01/2031 199,444 0.07%

200,000 Unibail-Rodamco SE 2.875 25/04/2167 191,436 0.07%

200,000 Valeo SA 0.625 11/01/2023 195,643 0.07%

200,000 Valeo SA 1.625 18/03/2026 192,615 0.07%

100,000 Veolia Environnement SA 4.247 06/01/2021 112,305 0.04%

200,000 Veolia Environnement SA 1.496 30/11/2026 204,449 0.07%

300,000 Veolia Environnement SA 4.625 30/03/2027 387,329 0.13%

400,000 Veolia Environnement SA 1.590 10/01/2028 408,471 0.14%

100,000 Vinci SA 3.375 30/03/2020 106,771 0.04%

100,000 Vivendi SA 4.875 02/12/2019 104,885 0.04%

100,000 Vivendi SA 0.750 26/05/2021 101,521 0.04%

300,000 Vivendi SA 1.125 24/11/2023 304,718 0.11%

100,000 Wendel SA 2.750 02/10/2024 103,488 0.04%

100,000 WPP Finance SA 2.250 22/09/2026 100,766 0.03%

64,259,591 22.42%

Germany

100,000 Allianz SE 4.750 24/10/2023 110,661 0.04%

300,000 Allianz SE 3.375 18/09/2024 312,246 0.11%

100,000 Allianz SE 5.625 17/10/2042 115,859 0.04%

400,000 Allianz SE 2.241 07/07/2045 397,661 0.14%

200,000 Allianz SE 3.099 06/07/2047 205,185 0.07%

500,000 BASF SE 1.875 04/02/2021 527,692 0.18%

100,000 BASF SE 2.500 22/01/2024 111,645 0.04%

300,000 BASF SE 1.625 15/11/2037 283,685 0.10%

300,000 Bayer AG 1.875 25/01/2021 314,276 0.11%

300,000 Bayer AG 3.750 01/07/2074 296,252 0.10%

150,000 Bayer AG 2.375 02/04/2075 143,003 0.05%

100,000 Bayer AG 3.000 01/07/2075 100,945 0.03%

200,000 Berlin Hyp AG 0.500 26/09/2023 198,182 0.07%

100,000 Berlin Hyp AG 1.250 22/01/2025 103,551 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

405

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

Germany (continued)

200,000 Berlin Hyp AG 1.500 18/04/2028 204,234 0.07%

200,000 Bertelsmann SE & Co KGaA 0.250 26/05/2021 200,762 0.07%

300,000 Bertelsmann SE & Co KGaA 3.500 23/04/2075 295,235 0.10%

200,000 Commerzbank AG 0.500 13/09/2023 192,191 0.07%

500,000 Commerzbank AG 4.000 23/03/2026 533,011 0.19%

100,000 Commerzbank AG 4.000 30/03/2027 106,023 0.04%

200,000 Commerzbank AG 1.500 28/08/2028 197,989 0.07%

400,000 Continental AG 0.000 05/02/2020 400,065 0.14%

100,000 Covestro AG 1.750 25/09/2024 103,521 0.04%

300,000 Daimler AG 0.500 09/09/2019 301,589 0.10%

200,000 Daimler AG 0.250 11/05/2020 200,405 0.07%

200,000 Daimler AG 0.875 12/01/2021 204,159 0.07%

100,000 Daimler AG 2.000 25/06/2021 105,148 0.04%

400,000 Daimler AG 1.400 12/01/2024 411,632 0.14%

100,000 Daimler AG 1.875 08/07/2024 105,037 0.04%

500,000 Daimler AG 0.850 28/02/2025 490,395 0.17%

300,000 Daimler AG 1.500 09/03/2026 305,580 0.11%

200,000 Daimler AG 1.000 15/11/2027 187,792 0.07%

200,000 Daimler AG 1.375 11/05/2028 193,619 0.07%

300,000 Daimler AG 1.500 03/07/2029 286,932 0.10%

200,000 Daimler AG 2.125 03/07/2037 195,736 0.07%

200,000 Deutsche Bahn Finance GMBH 4.375 23/09/2021 225,562 0.08%

300,000 Deutsche Bahn Finance GMBH 2.500 12/09/2023 334,119 0.12%

200,000 Deutsche Bahn Finance GMBH 1.000 17/12/2027 202,307 0.07%

400,000 Deutsche Bank AG 5.000 24/06/2020 423,915 0.15%

200,000 Deutsche Bank AG 1.500 20/01/2022 199,126 0.07%

500,000 Deutsche Bank AG 2.375 11/01/2023 511,765 0.18%

200,000 Deutsche Bank AG 1.125 17/03/2025 187,043 0.07%

400,000 Deutsche Boerse AG 2.750 05/02/2041 420,659 0.15%

300,000 Deutsche Kreditbank AG 0.625 08/06/2021 302,408 0.10%

300,000 Deutsche Post AG 0.375 01/04/2021 302,430 0.10%

200,000 Deutsche Post AG 2.875 11/12/2024 223,799 0.08%

500,000 DVB Bank SE 1.000 29/07/2019 504,723 0.18%

200,000 DVB Bank SE 2.375 02/12/2020 206,960 0.07%

150,000 E.ON SE 1.625 22/05/2029 149,306 0.05%

300,000 EnBW Energie Baden-Wuerttemberg AG 3.625 02/04/2076 317,470 0.11%

100,000 EnBW Energie Baden-Wuerttemberg AG 3.375 05/04/2077 104,997 0.04%

300,000 Eurogrid GmbH 1.500 18/04/2028 301,491 0.10%

300,000 Evonik Industries AG 1.000 23/01/2023 308,052 0.11%

400,000 HeidelbergCement AG 2.250 30/03/2023 422,961 0.15%

200,000 HeidelbergCement AG 2.250 03/06/2024 210,687 0.07%

200,000 Knorr-Bremse AG 1.125 13/06/2025 202,618 0.07%

300,000 Landesbank Baden-Wuerttemberg 3.625 16/06/2025 326,225 0.11%

200,000 Landesbank Hessen-Thueringen Girozentrale 0.375 10/03/2020 201,544 0.07%

200,000 LANXESS AG 2.625 21/11/2022 216,362 0.07%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

406

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

Germany (continued)

100,000 LEG Immobilien AG 1.250 23/01/2024 99,122 0.03%

500,000 Linde AG 1.750 17/09/2020 517,434 0.18%

100,000 Linde AG 2.000 18/04/2023 108,632 0.04%

100,000 Merck Financial Services GmbH 4.500 24/03/2020 109,054 0.04%

500,000 Merck KGaA 2.625 12/12/2074 518,043 0.18%

100,000Muenchener Rueckversicherungs-GesellschaftAG in Muenchen 6.000 26/05/2041 115,182 0.04%

300,000Muenchener Rueckversicherungs-GesellschaftAG in Muenchen 6.250 26/05/2042 359,571 0.13%

300,000 Norddeutsche Landesbank Girozentrale 1.000 20/01/2021 300,626 0.10%

100,000 Robert Bosch GmbH 1.750 08/07/2024 107,801 0.04%

150,000 SAP SE 1.125 20/02/2023 155,805 0.05%

400,000 SAP SE 1.750 22/02/2027 427,347 0.15%

300,000 Talanx AG 3.125 13/02/2023 340,758 0.12%

200,000 Talanx AG 2.250 05/12/2047 181,022 0.06%

400,000 Vier Gas Transport GmbH 2.000 12/06/2020 415,687 0.14%

100,000 Vier Gas Transport GmbH 3.125 10/07/2023 112,999 0.04%

200,000 Volkswagen Financial Services AG 1.375 16/10/2023 198,277 0.07%

50,000 Volkswagen Financial Services AG 2.250 16/10/2026 49,483 0.02%

500,000 Volkswagen Leasing GmbH 0.250 05/10/2020 497,857 0.17%

700,000 Volkswagen Leasing GmbH 2.625 15/01/2024 744,270 0.26%

300,000 Volkswagen Leasing GmbH 1.625 15/08/2025 290,960 0.10%

100,000 WPP Finance Deutschland GmbH 1.625 23/03/2030 91,302 0.03%

20,989,659 7.32%

Guernsey

550,000 Credit Suisse Group Funding Guernsey Ltd 1.250 14/04/2022 559,032 0.20%

559,032 0.20%

Hong Kong

200,000 CNAC HK Finbridge Co Ltd 1.750 14/06/2022 198,668 0.07%

100,000 CNRC Capital Ltd 1.871 07/12/2021 99,963 0.03%

298,631 0.10%

Hungary

100,000 MOL Hungarian Oil & Gas PLC 2.625 28/04/2023 106,901 0.04%

106,901 0.04%

Iceland

200,000 Landsbankinn HF 1.625 15/03/2021 205,046 0.07%

205,046 0.07%

India

100,000 ONGC Videsh Ltd 2.750 15/07/2021 104,745 0.04%

104,745 0.04%

Ireland

100,000Aquarius & Investments PLC for ZurichInsurance Co Ltd 4.250 02/10/2043 110,150 0.04%

200,000 Cloverie PLC for Zurich Insurance Co Ltd 1.750 16/09/2024 209,575 0.07%

400,000 CRH Finance DAC 3.125 03/04/2023 450,177 0.16%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

407

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

Ireland (continued)

100,000 CRH Finance DAC 1.375 18/10/2028 94,951 0.03%

300,000 ESB Finance DAC 2.125 08/06/2027 320,742 0.11%

200,000 ESB Finance DAC 2.125 05/11/2033 201,211 0.07%

200,000 Fresenius Finance Ireland PLC 0.875 31/01/2022 201,114 0.07%

100,000 Fresenius Finance Ireland PLC 2.125 01/02/2027 100,420 0.04%

200,000 Fresenius Finance Ireland PLC 3.000 30/01/2032 205,887 0.07%

100,000 GAS Networks Ireland 1.375 05/12/2026 101,461 0.04%

100,000 GE Capital European Funding Unlimited Co 5.375 23/01/2020 109,906 0.04%

100,000 GE Capital European Funding Unlimited Co 2.250 20/07/2020 103,403 0.04%

200,000 GE Capital European Funding Unlimited Co 0.800 21/01/2022 193,520 0.07%

500,000 GE Capital European Funding Unlimited Co 2.625 15/03/2023 519,672 0.18%

100,000 Johnson Controls International PLC 1.000 15/09/2023 100,138 0.03%

200,000 Kerry Group Financial Services 2.375 10/09/2025 215,065 0.07%

200,000 Liberty Mutual Finance Europe DAC 1.750 27/03/2024 202,825 0.07%

100,000 Lunar Funding V for Swisscom AG 1.875 08/09/2021 105,058 0.04%

200,000 Lunar Funding V for Swisscom AG 1.750 15/09/2025 210,586 0.07%

400,000 Ryanair DAC 1.125 10/03/2023 399,293 0.14%

4,155,154 1.45%

Italy

100,000 2i Rete Gas SpA 3.000 16/07/2024 107,286 0.04%

100,000 2i Rete Gas SpA 1.608 31/10/2027 92,511 0.03%

200,000 ACEA SpA 2.625 15/07/2024 210,304 0.07%

200,000 Assicurazioni Generali SpA 2.875 14/01/2020 210,691 0.07%

180,000 Assicurazioni Generali SpA 5.125 16/09/2024 215,495 0.08%

200,000 Assicurazioni Generali SpA 4.596 21/11/2025 194,783 0.07%

200,000 Assicurazioni Generali SpA 4.125 04/05/2026 213,497 0.07%

500,000 Assicurazioni Generali SpA 7.750 12/12/2042 583,264 0.20%

250,000 Assicurazioni Generali SpA 5.500 27/10/2047 262,479 0.09%

200,000 Atlantia SpA 1.875 13/07/2027 168,699 0.06%

400,000 Autostrade per l'Italia SpA 2.875 26/02/2021 410,341 0.14%

300,000 Autostrade per l'Italia SpA 1.625 12/06/2023 280,403 0.10%

200,000 Autostrade per l'Italia SpA 4.375 16/09/2025 207,538 0.07%

200,000 Autostrade per l'Italia SpA 1.750 26/06/2026 168,416 0.06%

100,000 Autostrade per l'Italia SpA 1.750 01/02/2027 85,087 0.03%

200,000 CDP Reti SpA 1.875 29/05/2022 194,798 0.07%

300,000 Enel SpA 5.250 20/05/2024 371,839 0.13%

200,000 Enel SpA 5.625 21/06/2027 261,900 0.09%

500,000 Eni SpA 4.250 03/02/2020 541,833 0.19%

200,000 Eni SpA 2.625 22/11/2021 213,859 0.07%

100,000 Eni SpA 3.250 10/07/2023 112,135 0.04%

100,000 Eni SpA 1.750 18/01/2024 104,926 0.04%

200,000 Eni SpA 0.625 19/09/2024 193,809 0.07%

100,000 Eni SpA 3.750 12/09/2025 115,291 0.04%

450,000 Eni SpA 1.500 02/02/2026 453,946 0.16%

200,000 Eni SpA 1.500 17/01/2027 200,588 0.07%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

408

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

Italy (continued)

100,000 Eni SpA 1.625 17/05/2028 98,998 0.03%

100,000 Eni SpA 1.125 19/09/2028 93,081 0.03%

100,000 Esselunga SpA 1.875 25/10/2027 95,523 0.03%

200,000 FCA Bank SpA/Ireland 2.000 23/10/2019 203,582 0.07%

200,000 FCA Bank SpA/Ireland 1.000 15/11/2021 197,844 0.07%

200,000 Ferrovie dello Stato Italiane SpA 3.500 13/12/2021 211,852 0.07%

200,000 Ferrovie dello Stato Italiane SpA 1.500 27/06/2025 185,348 0.07%

300,000 Hera SpA 2.375 04/07/2024 319,558 0.11%

100,000 Intesa Sanpaolo SpA 4.375 15/10/2019 103,931 0.04%

200,000 Intesa Sanpaolo SpA 1.125 14/01/2020 203,082 0.07%

100,000 Intesa Sanpaolo SpA 2.750 20/03/2020 104,495 0.04%

100,000 Intesa Sanpaolo SpA 4.125 14/04/2020 107,209 0.04%

500,000 Intesa Sanpaolo SpA 2.000 18/06/2021 512,685 0.18%

100,000 Intesa Sanpaolo SpA 3.500 17/01/2022 108,466 0.04%

500,000 Intesa Sanpaolo SpA 1.125 04/03/2022 495,747 0.17%

100,000 Intesa Sanpaolo SpA 1.375 18/01/2024 97,611 0.03%

250,000 Intesa Sanpaolo SpA 1.750 20/03/2028 231,089 0.08%

300,000 Iren SpA 0.875 04/11/2024 279,504 0.10%

100,000 Italgas SpA 1.625 19/01/2027 97,073 0.03%

200,000 Italgas SpA 1.625 18/01/2029 187,254 0.07%

300,000 Snam SpA 0.875 25/10/2026 279,032 0.10%

100,000 Societa Iniziative Autostradali e Servizi SpA 4.500 26/10/2020 107,032 0.04%

400,000 Terna Rete Elettrica Nazionale SpA 4.750 15/03/2021 453,776 0.16%

100,000 Terna Rete Elettrica Nazionale SpA 0.875 02/02/2022 101,272 0.04%

300,000 Terna Rete Elettrica Nazionale SpA 1.375 26/07/2027 284,359 0.10%

1,200,000 UniCredit SpA 3.250 14/01/2021 1,287,871 0.45%

12,622,992 4.41%

Japan

100,000 Asahi Group Holdings Ltd 0.321 19/09/2021 99,712 0.03%

200,000 Mitsubishi UFJ Financial Group Inc 0.872 07/09/2024 197,758 0.07%

300,000 Mizuho Financial Group Inc 1.598 10/04/2028 311,563 0.11%

600,000 Sumitomo Mitsui Banking Corp 1.000 19/01/2022 615,768 0.22%

200,000 Sumitomo Mitsui Financial Group Inc 1.546 15/06/2026 204,722 0.07%

400,000 Takeda Pharmaceutical Co Ltd 1.125 21/11/2022 403,064 0.14%

300,000 Takeda Pharmaceutical Co Ltd 3.000 21/11/2030 306,014 0.11%

2,138,601 0.75%

Jersey

200,000 Aptiv PLC 1.600 15/09/2028 182,163 0.06%

100,000 Glencore Finance Europe Ltd 3.375 30/09/2020 105,262 0.04%

250,000 Glencore Finance Europe Ltd 1.250 17/03/2021 253,561 0.09%

100,000 Glencore Finance Europe Ltd 1.625 18/01/2022 102,073 0.03%

200,000 Glencore Finance Europe Ltd 1.875 13/09/2023 200,408 0.07%

200,000 Glencore Finance Europe Ltd 1.750 17/03/2025 194,319 0.07%

100,000 Glencore Finance Europe Ltd 3.750 01/04/2026 109,744 0.04%

1,147,530 0.40%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

409

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

Luxembourg

200,000 Allergan Funding SCS 0.500 01/06/2021 200,082 0.07%

100,000 Allergan Funding SCS 2.125 01/06/2029 96,695 0.03%

100,000 ArcelorMittal 0.950 17/01/2023 97,786 0.03%

100,000 Aroundtown SA 2.125 13/03/2023 103,049 0.04%

200,000 Aroundtown SA 1.500 15/07/2024 194,722 0.07%

300,000 Aroundtown SA 1.625 31/01/2028 271,935 0.09%

150,000Blackstone Property Partners Europe HoldingsSarl 2.200 24/07/2025 146,514 0.05%

200,000 CPI Property Group SA 2.125 04/10/2024 194,077 0.07%

500,000 DH Europe Finance SA 1.700 04/01/2022 528,075 0.18%

100,000 Euroclear Investments SA 1.125 07/12/2026 100,546 0.04%

500,000 Gazprom OAO Via Gaz Capital SA 3.600 26/02/2021 538,439 0.19%

350,000 Gazprom OAO Via Gaz Capital SA 2.500 21/03/2026 335,395 0.12%

200,000 Grand City Properties SA 3.750 29/12/2049 203,993 0.07%

200,000 Hannover Finance Luxembourg SA 5.750 14/09/2040 218,842 0.08%

200,000 HeidelbergCement Finance Luxembourg SA 7.500 03/04/2020 221,524 0.08%

400,000 HeidelbergCement Finance Luxembourg SA 0.500 18/01/2021 400,845 0.14%

200,000 HeidelbergCement Finance Luxembourg SA 1.500 14/06/2027 190,417 0.07%

100,000 Holcim Finance Luxembourg SA 1.375 26/05/2023 102,031 0.04%

100,000 Holcim Finance Luxembourg SA 3.000 22/01/2024 110,949 0.04%

400,000 Holcim Finance Luxembourg SA 2.250 26/05/2028 396,227 0.14%

200,000 Logicor Financing Sarl 2.250 13/05/2025 195,904 0.07%

400,000 Nestle Finance International Ltd 1.250 04/05/2020 411,014 0.14%

100,000 Nestle Finance International Ltd 1.750 12/09/2022 106,465 0.04%

100,000 Nestle Finance International Ltd 0.375 18/01/2024 99,963 0.03%

250,000 Nestle Finance International Ltd 1.750 02/11/2037 253,401 0.09%

400,000 Novartis Finance SA 0.000 31/03/2021 400,405 0.14%

100,000 Novartis Finance SA 0.125 20/09/2023 99,013 0.03%

100,000 Novartis Finance SA 1.625 09/11/2026 105,527 0.04%

200,000 Novartis Finance SA 0.625 20/09/2028 188,987 0.07%

200,000 Novartis Finance SA 1.375 14/08/2030 199,804 0.07%

200,000 Richemont International Holding SA 1.500 26/03/2030 200,835 0.07%

300,000 Richemont International Holding SA 2.000 26/03/2038 298,641 0.10%

100,000 SELP Finance Sarl 1.250 25/10/2023 98,700 0.03%

300,000 SES SA 4.625 09/03/2020 327,046 0.11%

200,000 Simon International Finance SCA 1.250 13/05/2025 201,981 0.07%

7,839,829 2.74%

Mexico

200,000 America Movil SAB de CV 3.000 12/07/2021 216,113 0.07%

200,000 America Movil SAB de CV 1.500 10/03/2024 205,650 0.07%

400,000 America Movil SAB de CV 2.125 10/03/2028 417,653 0.15%

500,000 Petroleos Mexicanos 3.125 27/11/2020 508,895 0.18%

300,000 Petroleos Mexicanos 2.500 21/08/2021 297,636 0.10%

150,000 Petroleos Mexicanos 1.875 21/04/2022 143,320 0.05%

300,000 Petroleos Mexicanos 5.125 15/03/2023 322,184 0.11%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

410

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

Mexico (continued)

200,000 Petroleos Mexicanos 3.750 21/02/2024 198,392 0.07%

50,000 Petroleos Mexicanos 5.500 24/02/2025 54,064 0.02%

100,000 Petroleos Mexicanos 3.750 16/04/2026 93,877 0.03%

100,000 Petroleos Mexicanos 2.750 21/04/2027 84,676 0.03%

200,000 Petroleos Mexicanos 4.875 21/02/2028 197,861 0.07%

200,000 Petroleos Mexicanos 4.750 26/02/2029 188,552 0.07%

100,000 Sigma Alimentos SA de CV 2.625 07/02/2024 102,455 0.04%

3,031,328 1.06%

Netherlands

400,000 ABN AMRO Bank NV 2.125 26/11/2020 416,391 0.14%

300,000 ABN AMRO Bank NV 0.625 31/05/2022 304,026 0.11%

400,000 ABN AMRO Bank NV 2.500 29/11/2023 435,753 0.15%

550,000 ABN AMRO Bank NV 1.000 16/04/2025 559,875 0.20%

400,000 ABN AMRO Bank NV 2.875 18/01/2028 428,069 0.15%

300,000 Achmea Bank NV 2.750 18/02/2021 322,708 0.11%

100,000 Achmea BV 2.500 19/11/2020 104,414 0.04%

200,000 Achmea BV 4.250 04/02/2025 202,185 0.07%

300,000 Adecco International Financial Services BV 1.500 22/11/2022 311,695 0.11%

100,000 Aegon NV 1.000 08/12/2023 101,262 0.03%

100,000 Aegon NV 4.000 25/04/2044 103,615 0.04%

100,000 Airbus Finance BV 2.375 02/04/2024 110,136 0.04%

150,000 Airbus Finance BV 2.125 29/10/2029 160,426 0.06%

200,000 Airbus Finance BV 1.375 13/05/2031 197,254 0.07%

100,000 Alliander NV 1.625 30/06/2166 97,583 0.03%

200,000 Allianz Finance II BV 3.500 14/02/2022 226,363 0.08%

100,000 Allianz Finance II BV 0.250 06/06/2023 99,267 0.03%

200,000 Allianz Finance II BV 1.375 21/04/2031 199,505 0.07%

500,000 Allianz Finance II BV 5.750 08/07/2041 568,100 0.20%

200,000 Argentum Netherlands BV for Swiss Life AG 4.375 29/12/2049 210,733 0.07%

300,000 ASML Holding NV 1.375 07/07/2026 304,206 0.11%

200,000 ASML Holding NV 1.625 28/05/2027 204,721 0.07%

100,000 ASR Nederland NV 5.125 29/09/2045 106,916 0.04%

200,000 BASF Finance Europe NV 0.000 10/11/2020 200,012 0.07%

200,000 BASF Finance Europe NV 0.750 10/11/2026 195,634 0.07%

100,000 Bayer Capital Corp BV 0.625 15/12/2022 99,612 0.03%

200,000 Bayer Capital Corp BV 1.500 26/06/2026 195,795 0.07%

300,000 Bayer Capital Corp BV 2.125 15/12/2029 291,937 0.10%

100,000 BMW Finance NV 1.625 17/07/2019 101,719 0.04%

100,000 BMW Finance NV 0.500 21/01/2020 100,985 0.04%

200,000 BMW Finance NV 2.000 04/09/2020 207,558 0.07%

200,000 BMW Finance NV 0.875 17/11/2020 202,767 0.07%

300,000 BMW Finance NV 0.125 12/01/2021 299,759 0.10%

600,000 BMW Finance NV 1.250 05/09/2022 616,810 0.22%

400,000 BMW Finance NV 1.000 21/01/2025 400,490 0.14%

200,000 BMW Finance NV 0.875 03/04/2025 197,509 0.07%

200,000 BMW Finance NV 1.125 22/05/2026 197,983 0.07%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

411

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

Netherlands (continued)

200,000 BMW Finance NV 1.125 10/01/2028 195,112 0.07%

100,000 Cetin Finance BV 1.423 06/12/2021 101,789 0.04%

300,000 Coca-Cola HBC Finance BV 1.875 11/11/2024 316,454 0.11%

200,000 Compass Group International BV 0.625 03/07/2024 198,270 0.07%

100,000 Cooperatieve Rabobank UA 4.125 14/01/2020 108,338 0.04%

500,000 Cooperatieve Rabobank UA 4.000 11/01/2022 576,184 0.20%

150,000 Cooperatieve Rabobank UA 4.750 06/06/2022 176,785 0.06%

700,000 Cooperatieve Rabobank UA 2.375 22/05/2023 768,512 0.27%

100,000 Cooperatieve Rabobank UA 3.875 25/07/2023 113,499 0.04%

1,100,000 Cooperatieve Rabobank UA 4.125 14/07/2025 1,353,447 0.47%

150,000 Cooperatieve Rabobank UA 1.250 23/03/2026 155,232 0.05%

500,000 Cooperatieve Rabobank UA 2.500 26/05/2026 524,969 0.18%

100,000 CRH Funding BV 1.875 09/01/2024 105,922 0.04%

200,000 Daimler International Finance BV 0.200 13/09/2021 198,727 0.07%

500,000 de Volksbank NV 0.125 28/09/2020 500,069 0.17%

100,000 Delta Lloyd Levensverzekering NV 9.000 29/08/2042 127,030 0.04%

500,000 Deutsche Telekom International Finance BV 4.250 16/03/2020 542,452 0.19%

100,000 Deutsche Telekom International Finance BV 2.125 18/01/2021 106,161 0.04%

200,000 Deutsche Telekom International Finance BV 0.375 30/10/2021 200,873 0.07%

500,000 Deutsche Telekom International Finance BV 0.625 03/04/2023 502,489 0.18%

200,000 Deutsche Telekom International Finance BV 0.875 30/01/2024 202,672 0.07%

300,000 Deutsche Telekom International Finance BV 3.250 17/01/2028 350,864 0.12%

400,000 Deutsche Telekom International Finance BV 1.500 03/04/2028 400,405 0.14%

300,000 E.ON International Finance BV 5.750 07/05/2020 334,126 0.12%

400,000 EDP Finance BV 4.125 20/01/2021 446,752 0.16%

300,000 EDP Finance BV 2.625 18/01/2022 325,905 0.11%

200,000 EDP Finance BV 1.875 29/09/2023 207,587 0.07%

150,000 EDP Finance BV 1.625 26/01/2026 147,576 0.05%

100,000ELM BV for Helvetia SchweizerischeVersicherungsgesellschaft AG 3.375 29/09/2047 98,403 0.03%

100,000 ELM BV for RELX Finance BV 2.500 24/09/2020 104,737 0.04%

100,000ELM BV for Swiss Life Insurance & PensionGroup 4.500 29/12/2049 105,502 0.04%

300,000 ELM BV for Swiss Reinsurance Co Ltd 2.600 29/12/2049 300,322 0.10%

130,000 Enbw International Finance BV 4.875 16/01/2025 167,423 0.06%

200,000 Enbw International Finance BV 2.500 04/06/2026 225,349 0.08%

450,000 Enel Finance International NV 1.966 27/01/2025 468,376 0.16%

566,000 Enel Finance International NV 1.375 01/06/2026 551,852 0.19%

200,000 Enel Finance International NV 1.125 16/09/2026 189,535 0.07%

100,000 Enexis Holding NV 0.875 28/04/2026 99,548 0.03%

100,000 Evonik Finance BV 0.375 07/09/2024 96,517 0.03%

200,000 Evonik Finance BV 0.750 07/09/2028 181,442 0.06%

300,000 EXOR NV 2.125 02/12/2022 313,167 0.11%

300,000 Gas Natural Fenosa Finance BV 0.875 15/05/2025 291,394 0.10%

200,000 Gas Natural Fenosa Finance BV 1.375 19/01/2027 198,240 0.07%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

412

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

Netherlands (continued)

200,000 Gas Natural Fenosa Finance BV 1.500 29/01/2028 198,205 0.07%

700,000 Heineken NV 1.250 10/09/2021 719,641 0.25%

100,000 Heineken NV 2.875 04/08/2025 112,178 0.04%

100,000 Heineken NV 2.020 12/05/2032 103,110 0.04%

600,000 Iberdrola International BV 3.000 31/01/2022 665,604 0.23%

100,000 Iberdrola International BV 2.500 24/10/2022 108,304 0.04%

400,000 Iberdrola International BV 1.125 27/01/2023 413,046 0.14%

400,000 Iberdrola International BV 0.375 15/09/2025 380,165 0.13%

200,000 Iberdrola International BV 1.875 22/05/2166 189,211 0.07%

200,000 ING Bank NV 1.250 13/12/2019 202,687 0.07%

300,000 ING Bank NV 0.700 16/04/2020 303,962 0.11%

200,000 ING Bank NV 4.875 18/01/2021 228,660 0.08%

400,000 ING Bank NV 0.750 22/02/2021 407,246 0.14%

200,000 ING Bank NV 3.625 25/02/2026 217,367 0.08%

400,000 ING Groep NV 0.750 09/03/2022 401,896 0.14%

200,000 ING Groep NV 3.000 11/04/2028 211,669 0.07%

200,000 ING Groep NV 2.000 20/09/2028 200,378 0.07%

100,000 ING Groep NV 2.500 15/02/2029 103,011 0.04%

200,000 ING Groep NV 1.625 26/09/2029 190,912 0.07%

200,000 ING Groep NV 2.000 22/03/2030 195,536 0.07%

300,000 ING Groep NV 2.500 15/11/2030 309,729 0.11%

100,000 innogy Finance BV 1.875 30/01/2020 103,779 0.04%

130,000 innogy Finance BV 6.500 10/08/2021 154,395 0.05%

100,000 innogy Finance BV 3.000 17/01/2024 113,283 0.04%

200,000 innogy Finance BV 1.250 19/10/2027 195,102 0.07%

200,000 innogy Finance BV 5.750 14/02/2033 288,651 0.10%

100,000 JAB Holdings BV 2.125 16/09/2022 106,021 0.04%

200,000 JAB Holdings BV 1.750 25/05/2023 208,796 0.07%

100,000 JAB Holdings BV 1.625 30/04/2025 101,485 0.04%

200,000 JAB Holdings BV 2.000 18/05/2028 199,391 0.07%

100,000 Koninklijke Ahold Delhaize NV 0.875 19/09/2024 99,944 0.03%

300,000 Koninklijke DSM NV 1.375 26/09/2022 313,285 0.11%

100,000 Koninklijke DSM NV 1.000 09/04/2025 101,163 0.03%

500,000 Koninklijke KPN NV 4.250 01/03/2022 576,481 0.20%

200,000 LeasePlan Corp NV 1.000 08/04/2020 201,723 0.07%

200,000 LeasePlan Corp NV 1.000 24/05/2021 198,702 0.07%

200,000 Linde Finance BV 0.250 18/01/2022 201,147 0.07%

200,000 Mylan NV 1.250 23/11/2020 202,270 0.07%

300,000 Mylan NV 2.250 22/11/2024 299,902 0.10%

400,000 Nederlandse Gasunie NV 2.625 13/07/2022 437,834 0.15%

200,000 NIBC Bank NV 1.500 31/01/2022 204,601 0.07%

400,000 NN Group NV 4.500 15/01/2026 406,827 0.14%

150,000 NN Group NV 4.625 08/04/2044 162,565 0.06%

400,000 Nomura Europe Finance NV 1.500 12/05/2021 414,693 0.14%

300,000 Opel Finance International BV 1.875 15/10/2019 305,459 0.11%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

413

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

Netherlands (continued)

100,000 PACCAR Financial Europe BV 0.125 19/05/2020 100,053 0.03%

200,000 Redexis Gas Finance BV 1.875 27/04/2027 192,613 0.07%

200,000 RELX Finance BV 0.375 22/03/2021 200,887 0.07%

250,000 RELX Finance BV 1.375 12/05/2026 245,476 0.09%

300,000 Ren Finance BV 1.750 01/06/2023 312,653 0.11%

100,000 Repsol International Finance BV 2.625 28/05/2020 104,984 0.04%

400,000 Repsol International Finance BV 3.625 07/10/2021 439,945 0.15%

100,000 Robert Bosch Investment Nederland BV 1.625 24/05/2021 104,479 0.04%

200,000 Robert Bosch Investment Nederland BV 2.625 24/05/2028 230,613 0.08%

150,000 Roche Finance Europe BV 0.875 25/02/2025 154,525 0.05%

200,000 Schaeffler Finance BV 3.250 15/05/2025 206,314 0.07%

500,000 Shell International Finance BV 1.625 24/03/2021 523,875 0.18%

300,000 Shell International Finance BV 1.250 15/03/2022 312,614 0.11%

100,000 Shell International Finance BV 1.000 06/04/2022 103,105 0.04%

100,000 Shell International Finance BV 0.375 15/02/2025 97,619 0.03%

500,000 Shell International Finance BV 1.625 20/01/2027 527,148 0.18%

200,000 Shell International Finance BV 0.750 15/08/2028 191,095 0.07%

600,000 Siemens Financieringsmaatschappij NV 1.500 10/03/2020 619,426 0.22%

200,000 Siemens Financieringsmaatschappij NV 1.750 12/03/2021 210,534 0.07%

150,000 SPP Infrastructure Financing BV 2.625 12/02/2025 160,284 0.06%

100,000 Stedin Holding NV 3.250 01/12/2021 102,894 0.04%

200,000 Syngenta Finance NV 1.875 02/11/2021 203,345 0.07%

200,000 TenneT Holding BV 1.375 05/06/2028 202,056 0.07%

400,000 TenneT Holding BV 1.250 24/10/2033 379,096 0.13%

100,000 TenneT Holding BV 1.875 13/06/2036 101,223 0.03%

200,000 Unilever NV 1.750 05/08/2020 206,966 0.07%

200,000 Unilever NV 0.000 31/07/2021 199,287 0.07%

400,000 Unilever NV 0.500 03/02/2022 405,296 0.14%

100,000 Unilever NV 0.375 14/02/2023 100,296 0.04%

200,000 Unilever NV 1.125 29/04/2028 199,064 0.07%

200,000 Unilever NV 1.375 04/09/2030 196,388 0.07%

100,000 Urenco Finance NV 2.500 15/02/2021 106,161 0.04%

100,000 Urenco Finance NV 2.375 02/12/2024 105,928 0.04%

100,000 VIVAT NV 2.375 17/05/2024 102,874 0.04%

150,000 Volkswagen International Finance NV 2.000 14/01/2020 155,499 0.05%

100,000 Volkswagen International Finance NV 2.000 26/03/2021 104,351 0.04%

700,000 Volkswagen International Finance NV 0.500 30/03/2021 698,496 0.24%

100,000 Volkswagen International Finance NV 1.125 02/10/2023 98,068 0.03%

100,000 Volkswagen International Finance NV 1.875 30/03/2027 96,100 0.03%

600,000 Volkswagen International Finance NV 1.625 16/01/2030 528,677 0.18%

100,000 Volkswagen International Finance NV 3.300 22/03/2033 101,090 0.03%

300,000 Volkswagen International Finance NV 4.125 16/11/2038 312,423 0.11%

600,000 Volkswagen International Finance NV 3.750 24/03/2049 623,660 0.22%

400,000 Volkswagen International Finance NV 4.625 24/03/2049 408,393 0.14%

400,000 Volkswagen International Finance NV 3.875 14/06/2066 367,929 0.13%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

414

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

Netherlands (continued)

150,000 Volkswagen International Finance NV 3.500 29/12/2099 135,278 0.05%

200,000 Volkswagen International Finance NV 4.625 27/06/2167 191,732 0.07%

300,000 Vonovia Finance BV 3.125 25/07/2019 309,000 0.11%

100,000 Vonovia Finance BV 1.625 15/12/2020 102,359 0.04%

100,000 Vonovia Finance BV 3.625 08/10/2021 109,024 0.04%

200,000 Vonovia Finance BV 4.000 17/12/2021 206,107 0.07%

100,000 Vonovia Finance BV 2.125 09/07/2022 105,001 0.04%

200,000 Vonovia Finance BV 1.250 06/12/2024 194,784 0.07%

100,000 Vonovia Finance BV 1.500 31/03/2025 99,070 0.03%

200,000 Vonovia Finance BV 1.500 10/06/2026 194,396 0.07%

100,000 Vonovia Finance BV 1.750 25/01/2027 98,791 0.03%

200,000 Vonovia Finance BV 2.750 22/03/2038 195,992 0.07%

200,000 Wolters Kluwer NV 1.500 22/03/2027 204,459 0.07%

200,000 WPC Eurobond BV 2.250 19/07/2024 203,634 0.07%

300,000 Wuerth Finance International BV 1.750 21/05/2020 310,764 0.11%

47,027,990 16.41%

Norway

100,000 DNB Bank ASA 3.875 29/06/2020 107,791 0.04%

600,000 DNB Bank ASA 4.375 24/02/2021 676,637 0.24%

100,000 DNB Bank ASA 4.250 18/01/2022 116,029 0.04%

100,000 DNB Bank ASA 1.250 01/03/2027 100,827 0.04%

600,000 Equinor ASA 2.000 10/09/2020 624,489 0.22%

100,000 Equinor ASA 5.625 11/03/2021 116,682 0.04%

150,000 Equinor ASA 0.875 17/02/2023 154,124 0.05%

300,000 Equinor ASA 1.250 17/02/2027 306,813 0.11%

100,000 Equinor ASA 1.625 17/02/2035 99,950 0.03%

100,000 Equinor ASA 1.625 09/11/2036 98,327 0.03%

100,000Kommunal Landspensjonskasse GjensidigForsikringsselskap 4.250 10/06/2045 105,320 0.04%

500,000 SpareBank 1 SR-Bank ASA 2.125 14/04/2021 528,686 0.18%

100,000 Statkraft AS 2.500 28/11/2022 108,270 0.04%

200,000 Statkraft AS 1.500 21/09/2023 208,922 0.07%

200,000 Telenor ASA 4.125 26/03/2020 216,710 0.08%

400,000 Telenor ASA 2.500 22/05/2025 442,262 0.15%

4,011,839 1.40%

Panama

200,000 Carnival Corp 1.625 22/02/2021 207,929 0.07%

207,929 0.07%

Poland

200,000 Powszechna Kasa Oszczednosci Bank Polski SA 0.750 25/07/2021 200,767 0.07%

200,767 0.07%

Spain

100,000 Abertis Infraestructuras SA 4.375 30/03/2020 108,518 0.04%

100,000 Abertis Infraestructuras SA 2.500 27/02/2025 104,586 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

415

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

Spain (continued)

200,000 Abertis Infraestructuras SA 1.375 20/05/2026 188,189 0.07%

200,000 Abertis Infraestructuras SA 1.000 27/02/2027 180,452 0.06%

200,000 ACS Servicios Comunicaciones y Energia SL 1.875 20/04/2026 187,425 0.07%

200,000 Amadeus IT Group SA 1.500 18/09/2026 197,598 0.07%

400,000 Banco Bilbao Vizcaya Argentaria SA 3.500 10/02/2027 421,028 0.15%

200,000 Banco de Sabadell SA 0.875 05/03/2023 191,813 0.07%

300,000 Banco Santander SA 1.375 03/03/2021 310,760 0.11%

400,000 Banco Santander SA 1.375 09/02/2022 409,791 0.14%

500,000 Banco Santander SA 1.375 14/12/2022 514,028 0.18%

100,000 Banco Santander SA 2.500 18/03/2025 101,703 0.04%

500,000 Banco Santander SA 3.250 04/04/2026 523,445 0.18%

200,000 Banco Santander SA 3.125 19/01/2027 206,749 0.07%

100,000 BPE Financiaciones SA 2.000 03/02/2020 103,768 0.04%

100,000 CaixaBank SA 1.125 12/01/2023 99,001 0.03%

300,000 CaixaBank SA 1.125 17/05/2024 295,605 0.10%

400,000 CaixaBank SA 2.250 17/04/2030 368,844 0.13%

100,000 Canal de Isabel II Gestion SA 1.680 26/02/2025 101,138 0.03%

200,000 Criteria Caixa SAU 1.625 21/04/2022 203,077 0.07%

200,000 Criteria Caixa SAU 1.500 10/05/2023 199,070 0.07%

100,000 Enagas Financiaciones SAU 0.750 27/10/2026 96,741 0.03%

200,000 Enagas Financiaciones SAU 1.375 05/05/2028 201,473 0.07%

300,000 FCC Aqualia SA 2.629 08/06/2027 300,722 0.10%

200,000 Ferrovial Emisiones SA 0.375 14/09/2022 197,536 0.07%

100,000 Gas Natural Capital Markets SA 5.125 02/11/2021 114,415 0.04%

200,000 Gas Natural Capital Markets SA 1.125 11/04/2024 202,961 0.07%

100,000 Iberdrola Finanzas SA 4.125 23/03/2020 108,266 0.04%

200,000 Iberdrola Finanzas SA 1.250 13/09/2027 196,239 0.07%

100,000 IE2 Holdco SAU 2.875 01/06/2026 105,160 0.04%

200,000 Inmobiliaria Colonial Socimi SA 2.728 05/06/2023 213,114 0.07%

100,000 Inmobiliaria Colonial Socimi SA 1.450 28/10/2024 96,299 0.03%

200,000 Inmobiliaria Colonial Socimi SA 2.000 17/04/2026 195,350 0.07%

300,000 Mapfre SA 1.625 19/05/2026 297,906 0.10%

200,000 Merlin Properties Socimi SA 2.375 23/05/2022 210,236 0.07%

200,000 Merlin Properties Socimi SA 2.225 25/04/2023 208,616 0.07%

200,000 NorteGas Energia Distribucion SAU 0.918 28/09/2022 199,147 0.07%

100,000 Red Electrica Financiaciones SAU 1.125 24/04/2025 102,634 0.04%

100,000 Red Electrica Financiaciones SAU 1.000 21/04/2026 99,847 0.03%

300,000 Santander Consumer Finance SA 0.900 18/02/2020 305,026 0.11%

200,000 Santander Consumer Finance SA 0.875 24/01/2022 202,312 0.07%

200,000 Telefonica Emisiones SAU 0.318 17/10/2020 200,678 0.07%

200,000 Telefonica Emisiones SAU 0.750 13/04/2022 202,090 0.07%

800,000 Telefonica Emisiones SAU 2.242 27/05/2022 856,248 0.30%

200,000 Telefonica Emisiones SAU 3.987 23/01/2023 234,190 0.08%

200,000 Telefonica Emisiones SAU 1.460 13/04/2026 200,168 0.07%

300,000 Telefonica Emisiones SAU 2.932 17/10/2029 320,234 0.11%

200,000 Telefonica Emisiones SAU 1.930 17/10/2031 189,410 0.07%

10,873,606 3.79%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

416

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

Sweden

200,000 Akelius Residential Property AB 1.125 14/03/2024 191,112 0.07%

400,000 Akzo Nobel Sweden Finance AB 2.625 27/07/2022 433,763 0.15%

200,000 Atlas Copco AB 2.500 28/02/2023 221,544 0.08%

500,000 Essity AB 1.125 27/03/2024 508,143 0.18%

300,000 Fastighets AB Balder 1.875 23/01/2026 287,153 0.10%

300,000 Investor AB 1.500 12/09/2030 304,139 0.11%

200,000 Nordea Bank AB 4.000 29/06/2020 216,135 0.07%

1,000,000 Nordea Bank AB 2.000 17/02/2021 1,057,570 0.37%

100,000 Nordea Bank AB 0.300 30/06/2022 100,039 0.03%

100,000 Nordea Bank AB 3.250 05/07/2022 111,506 0.04%

200,000 Nordea Bank AB 1.875 10/11/2025 203,876 0.07%

200,000 Nordea Bank AB 1.000 07/09/2026 199,398 0.07%

400,000 SBAB Bank AB 2.375 04/09/2020 418,246 0.15%

500,000 Skandinaviska Enskilda Banken AB 2.000 19/02/2021 528,507 0.18%

100,000 Skandinaviska Enskilda Banken AB 2.500 28/05/2026 104,823 0.04%

100,000 Skandinaviska Enskilda Banken AB 1.375 31/10/2028 98,091 0.03%

100,000 Svenska Handelsbanken AB 2.250 27/08/2020 104,484 0.04%

300,000 Svenska Handelsbanken AB 2.625 23/08/2022 326,834 0.11%

300,000 Svenska Handelsbanken AB 1.125 14/12/2022 307,676 0.11%

200,000 Svenska Handelsbanken AB 0.500 21/03/2023 200,707 0.07%

250,000 Svenska Handelsbanken AB 1.625 05/03/2029 248,700 0.09%

300,000 Swedbank AB 1.000 01/06/2022 307,995 0.11%

100,000 Swedbank AB 1.000 22/11/2027 97,737 0.03%

100,000 Telia Co AB 3.000 07/09/2027 112,211 0.04%

300,000 Telia Co AB 1.625 23/02/2035 278,979 0.10%

100,000 Telia Co AB 3.000 04/04/2078 99,977 0.03%

400,000 Vattenfall AB 6.250 17/03/2021 473,415 0.16%

50,000 Vattenfall AB 5.375 29/04/2024 63,579 0.02%

100,000 Vattenfall AB 3.000 19/03/2077 96,729 0.03%

100,000 Volvo Treasury AB 4.200 10/06/2075 104,745 0.04%

7,807,813 2.72%

Switzerland

200,000 Credit Suisse AG/London 1.375 29/11/2019 202,914 0.07%

200,000 Credit Suisse AG/London 1.375 31/01/2022 208,291 0.07%

400,000 Credit Suisse AG/London 1.500 10/04/2026 416,700 0.15%

200,000 Credit Suisse Group AG 1.250 17/07/2025 196,568 0.07%

200,000 UBS AG/London 1.125 30/06/2020 204,194 0.07%

400,000 UBS Group Funding Switzerland AG 2.125 04/03/2024 424,209 0.15%

300,000 UBS Group Funding Switzerland AG 1.250 17/04/2025 298,468 0.10%

400,000 UBS Group Funding Switzerland AG 1.250 01/09/2026 390,604 0.14%

2,341,948 0.82%

United Arab Emirates

100,000 DP World Ltd 2.375 25/09/2026 99,038 0.03%

100,000 Emirates NBD PJSC 1.750 23/03/2022 103,413 0.04%

300,000 Emirates Telecommunications Group Co PJSC 1.750 18/06/2021 312,179 0.11%

100,000 Emirates Telecommunications Group Co PJSC 2.750 18/06/2026 109,491 0.04%

624,121 0.22%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

417

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

United Kingdom

200,000 Anglo American Capital PLC 1.625 18/09/2025 190,082 0.07%

100,000 Annington Funding PLC 1.650 12/07/2024 97,373 0.03%

100,000 Aon PLC 2.875 14/05/2026 108,932 0.04%

150,000 AstraZeneca PLC 0.875 24/11/2021 152,107 0.05%

100,000 AstraZeneca PLC 0.750 12/05/2024 99,454 0.03%

300,000 AstraZeneca PLC 1.250 12/05/2028 294,680 0.10%

100,000 Aviva PLC 0.625 27/10/2023 98,012 0.03%

400,000 Aviva PLC 3.875 03/07/2044 410,240 0.14%

500,000 Barclays Bank PLC 6.625 30/03/2022 585,354 0.20%

200,000 Barclays PLC 1.875 23/03/2021 206,153 0.07%

200,000 Barclays PLC 1.500 01/04/2022 201,411 0.07%

200,000 Barclays PLC 0.625 14/11/2023 190,041 0.07%

200,000 Barclays PLC 1.875 08/12/2023 197,747 0.07%

200,000 Barclays PLC 1.375 24/01/2026 187,527 0.07%

300,000 Barclays PLC 2.000 07/02/2028 282,743 0.10%

600,000 BAT International Finance PLC 2.375 19/01/2023 638,979 0.22%

100,000 BAT International Finance PLC 0.875 13/10/2023 97,362 0.03%

500,000 BAT International Finance PLC 2.750 25/03/2025 534,635 0.19%

100,000 BAT International Finance PLC 2.250 16/01/2030 93,845 0.03%

100,000 BAT International Finance PLC 2.000 13/03/2045 75,192 0.03%

300,000 BG Energy Capital PLC 2.250 21/11/2029 320,743 0.11%

100,000 BP Capital Markets PLC 2.177 28/09/2021 105,803 0.04%

300,000 BP Capital Markets PLC 1.373 03/03/2022 312,891 0.11%

600,000 BP Capital Markets PLC 1.526 26/09/2022 624,333 0.22%

100,000 BP Capital Markets PLC 1.109 16/02/2023 102,763 0.04%

200,000 BP Capital Markets PLC 1.953 03/03/2025 212,973 0.07%

500,000 BP Capital Markets PLC 2.972 27/02/2026 566,839 0.20%

100,000 BP Capital Markets PLC 2.213 25/09/2026 106,267 0.04%

100,000 Brambles Finance PLC 1.500 04/10/2027 98,708 0.03%

400,000 British Telecommunications PLC 1.125 10/03/2023 403,890 0.14%

400,000 British Telecommunications PLC 1.750 10/03/2026 401,145 0.14%

100,000 Centrica PLC 3.000 10/04/2076 99,778 0.03%

100,000 Coca-Cola European Partners PLC 1.125 26/05/2024 101,864 0.04%

100,000 Coca-Cola European Partners PLC 1.750 26/05/2028 102,119 0.04%

100,000 Coca-Cola European Partners PLC 1.875 18/03/2030 101,901 0.04%

300,000 Coventry Building Society 2.500 18/11/2020 311,213 0.11%

400,000 Diageo Finance PLC 1.750 23/09/2024 421,062 0.15%

200,000 DS Smith PLC 1.375 26/07/2024 193,918 0.07%

100,000 easyJet PLC 1.750 09/02/2023 103,151 0.04%

200,000 FCE Bank PLC 1.875 24/06/2021 201,122 0.07%

200,000 FCE Bank PLC 0.869 13/09/2021 194,343 0.07%

500,000 GlaxoSmithKline Capital PLC 0.625 02/12/2019 503,317 0.18%

200,000 GlaxoSmithKline Capital PLC 1.375 02/12/2024 205,698 0.07%

100,000 GlaxoSmithKline Capital PLC 1.000 12/09/2026 98,488 0.03%

200,000 GlaxoSmithKline Capital PLC 1.375 12/09/2029 197,167 0.07%

200,000 HSBC Bank PLC 4.000 15/01/2021 222,911 0.08%

400,000 HSBC Holdings PLC 3.000 30/06/2025 425,200 0.15%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

418

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

United Kingdom (continued)

300,000 HSBC Holdings PLC 2.500 15/03/2027 321,560 0.11%

200,000 HSBC Holdings PLC 3.125 07/06/2028 214,006 0.07%

600,000 Imperial Brands Finance PLC 2.250 26/02/2021 630,884 0.22%

100,000 Imperial Brands Finance PLC 3.375 26/02/2026 108,636 0.04%

100,000 ITV PLC 2.000 01/12/2023 101,657 0.04%

100,000 Leeds Building Society 1.375 05/05/2022 100,079 0.03%

500,000 Lloyds Bank PLC 6.500 24/03/2020 558,027 0.19%

100,000 Lloyds Bank PLC 0.625 20/04/2020 101,040 0.03%

200,000 Lloyds Bank PLC 1.000 19/11/2021 202,905 0.07%

200,000 Lloyds Bank PLC 1.375 08/09/2022 205,825 0.07%

200,000 Lloyds Bank PLC 1.250 13/01/2025 206,713 0.07%

104,000 Lloyds Banking Group PLC 0.750 09/11/2021 103,564 0.04%

315,000 Lloyds Banking Group PLC 1.000 09/11/2023 303,229 0.11%

200,000 Lloyds Banking Group PLC 0.625 15/01/2024 191,599 0.07%

200,000 London Stock Exchange Group PLC 1.750 19/09/2029 195,604 0.07%

300,000 Mondi Finance PLC 1.500 15/04/2024 301,930 0.11%

100,000 National Grid PLC 4.375 10/03/2020 108,564 0.04%

310,000 Nationwide Building Society 6.750 22/07/2020 345,972 0.12%

300,000 Nationwide Building Society 1.125 03/06/2022 304,997 0.11%

100,000 Nationwide Building Society 2.000 25/07/2029 93,466 0.03%

100,000 Natwest Markets PLC 5.375 30/09/2019 105,087 0.04%

600,000 Natwest Markets PLC 5.500 23/03/2020 662,383 0.23%

400,000 NGG Finance PLC 4.250 18/06/2076 418,217 0.15%

100,000 Rolls-Royce PLC 2.125 18/06/2021 105,501 0.04%

200,000 Royal Bank of Scotland Group PLC 1.625 25/06/2019 203,031 0.07%

500,000 Royal Bank of Scotland Group PLC 2.000 08/03/2023 509,628 0.18%

100,000 Royal Bank of Scotland Group PLC 1.750 02/03/2026 96,870 0.03%

100,000 Royal Mail PLC 2.375 29/07/2024 99,570 0.03%

200,000 Santander UK PLC 1.125 14/01/2022 204,070 0.07%

300,000 Santander UK PLC 1.125 10/03/2025 298,036 0.10%

400,000 Sky PLC 1.500 15/09/2021 411,859 0.14%

150,000 Sky PLC 1.875 24/11/2023 156,347 0.05%

100,000 Sky PLC 2.500 15/09/2026 106,859 0.04%

150,000 Smiths Group PLC 1.250 28/04/2023 151,250 0.05%

200,000 SSE PLC 2.375 01/04/2021 197,783 0.07%

200,000 SSE PLC 1.375 04/09/2027 192,846 0.07%

250,000 Standard Chartered PLC 3.625 23/11/2022 267,050 0.09%

200,000 Standard Chartered PLC 4.000 21/10/2025 210,314 0.07%

200,000 Standard Chartered PLC 1.625 03/10/2027 191,747 0.07%

100,000 State Grid Europe Development 2014 PLC 1.500 26/01/2022 103,671 0.04%

300,000 Vodafone Group PLC 1.000 11/09/2020 304,549 0.11%

300,000 Vodafone Group PLC 1.250 25/08/2021 307,908 0.11%

610,000 Vodafone Group PLC 4.650 20/01/2022 710,665 0.25%

300,000 Vodafone Group PLC 1.750 25/08/2023 312,581 0.11%

100,000 Vodafone Group PLC 1.875 11/09/2025 102,758 0.04%

300,000 Vodafone Group PLC 2.200 25/08/2026 312,114 0.11%

100,000 Vodafone Group PLC 1.600 29/07/2031 91,919 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

419

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

United Kingdom (continued)

250,000 Vodafone Group PLC 2.875 20/11/2037 241,510 0.08%

200,000 Vodafone Group PLC 4.200 03/10/2078 184,548 0.06%

300,000 Yorkshire Building Society 1.250 17/03/2022 300,443 0.10%

23,742,847 8.29%

United States

100,000 3M Co 0.950 15/05/2023 103,059 0.04%

500,000 3M Co 1.500 09/11/2026 520,422 0.18%

100,000 AbbVie Inc 1.375 17/05/2024 101,693 0.04%

200,000 AbbVie Inc 2.125 17/11/2028 204,099 0.07%

200,000 American Honda Finance Corp 1.375 10/11/2022 206,993 0.07%

100,000 American International Group Inc 1.500 08/06/2023 101,738 0.04%

300,000 American International Group Inc 1.875 21/06/2027 288,169 0.10%

100,000 American Tower Corp 1.375 04/04/2025 99,161 0.03%

500,000 Amgen Inc 1.250 25/02/2022 515,989 0.18%

200,000 Apple Inc 1.000 10/11/2022 206,980 0.07%

300,000 Apple Inc 1.375 17/01/2024 317,025 0.11%

500,000 Apple Inc 1.625 10/11/2026 523,768 0.18%

100,000 Apple Inc 1.375 24/05/2029 102,177 0.04%

700,000 AT&T Inc 2.650 17/12/2021 742,195 0.26%

300,000 AT&T Inc 1.450 01/06/2022 309,195 0.11%

600,000 AT&T Inc 2.500 15/03/2023 647,696 0.23%

100,000 AT&T Inc 2.400 15/03/2024 107,022 0.04%

100,000 AT&T Inc 1.800 05/09/2026 99,787 0.03%

100,000 AT&T Inc 2.350 05/09/2029 98,349 0.03%

500,000 AT&T Inc 2.600 17/12/2029 502,220 0.18%

100,000 AT&T Inc 3.550 17/12/2032 104,438 0.04%

100,000 AT&T Inc 3.375 15/03/2034 102,988 0.04%

200,000 AT&T Inc 2.450 15/03/2035 180,080 0.06%

250,000 AT&T Inc 3.150 04/09/2036 240,770 0.08%

100,000 Avery Dennison Corp 1.250 03/03/2025 98,414 0.03%

800,000 Bank of America Corp 1.375 10/09/2021 824,255 0.29%

100,000 Bank of America Corp 0.736 07/02/2022 101,069 0.03%

500,000 Bank of America Corp 2.375 19/06/2024 538,149 0.19%

200,000 Bank of America Corp 1.379 07/02/2025 203,390 0.07%

200,000 Bank of America Corp 1.776 04/05/2027 204,042 0.07%

200,000 Bank of America Corp 1.662 25/04/2028 200,618 0.07%

100,000 Baxter International Inc 1.300 30/05/2025 99,399 0.03%

200,000 Becton Dickinson and Co 1.900 15/12/2026 199,033 0.07%

150,000 Berkshire Hathaway Inc 0.750 16/03/2023 151,974 0.05%

200,000 Berkshire Hathaway Inc 1.300 15/03/2024 206,703 0.07%

300,000 Berkshire Hathaway Inc 1.125 16/03/2027 298,090 0.10%

200,000 Berkshire Hathaway Inc 1.625 16/03/2035 196,088 0.07%

100,000 Blackstone Holdings Finance Co LLC 1.000 05/10/2026 93,772 0.03%

200,000 BMW US Capital LLC 1.125 18/09/2021 204,967 0.07%

200,000 BMW US Capital LLC 0.625 20/04/2022 201,719 0.07%

400,000 Booking Holdings Inc 2.375 23/09/2024 426,657 0.15%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

420

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

United States (continued)

100,000 Booking Holdings Inc 1.800 03/03/2027 101,827 0.04%

100,000 Bristol-Myers Squibb Co 1.000 15/05/2025 101,829 0.04%

100,000 Bristol-Myers Squibb Co 1.750 15/05/2035 101,682 0.04%

150,000 Chubb INA Holdings Inc 1.550 15/03/2028 150,675 0.05%

150,000 Chubb INA Holdings Inc 2.500 15/03/2038 150,634 0.05%

150,000 Citigroup Inc 1.375 27/10/2021 154,308 0.05%

300,000 Citigroup Inc 0.750 26/10/2023 294,968 0.10%

700,000 Citigroup Inc 2.375 22/05/2024 752,023 0.26%

100,000 Citigroup Inc 1.750 28/01/2025 103,536 0.04%

100,000 Citigroup Inc 1.500 26/10/2028 96,401 0.03%

100,000 Coca-Cola Co/The 0.500 08/03/2024 99,826 0.03%

300,000 Coca-Cola Co/The 1.875 22/09/2026 321,014 0.11%

200,000 Coca-Cola Co/The 1.125 09/03/2027 202,443 0.07%

400,000 Coca-Cola Co/The 1.625 09/03/2035 396,725 0.14%

100,000 Digital Euro Finco LLC 2.625 15/04/2024 104,749 0.04%

100,000 Discovery Communications LLC 1.900 19/03/2027 99,413 0.03%

100,000 Dover Corp 1.250 09/11/2026 97,519 0.03%

200,000 Eastman Chemical Co 1.875 23/11/2026 204,393 0.07%

100,000 Ecolab Inc 2.625 08/07/2025 109,653 0.04%

500,000 Eli Lilly & Co 1.625 02/06/2026 527,746 0.18%

300,000 Expedia Group Inc 2.500 03/06/2022 314,294 0.11%

100,000 FedEx Corp 1.000 11/01/2023 101,800 0.04%

200,000 FedEx Corp 1.625 11/01/2027 199,884 0.07%

100,000 Fidelity National Information Services Inc 1.100 15/07/2024 99,739 0.03%

100,000 Flowserve Corp 1.250 17/03/2022 100,555 0.03%

200,000 Ford Motor Credit Co LLC 1.355 07/02/2025 184,022 0.06%

950,000 General Electric Co 1.875 28/05/2027 883,906 0.31%

300,000 General Electric Co 1.500 17/05/2029 262,581 0.09%

500,000 General Electric Co 2.125 17/05/2037 396,180 0.14%

100,000 General Motors Financial Co Inc 0.955 07/09/2023 96,105 0.03%

400,000 Goldman Sachs Group Inc/The 0.750 10/05/2019 402,983 0.14%

100,000 Goldman Sachs Group Inc/The 2.000 27/07/2023 103,814 0.04%

400,000 Goldman Sachs Group Inc/The 1.375 15/05/2024 400,775 0.14%

300,000 Goldman Sachs Group Inc/The 2.125 30/09/2024 309,664 0.11%

200,000 Goldman Sachs Group Inc/The 1.250 01/05/2025 195,286 0.07%

600,000 Goldman Sachs Group Inc/The 1.625 27/07/2026 585,254 0.20%

450,000 Goldman Sachs Group Inc/The 3.000 12/02/2031 480,941 0.17%

100,000 Honeywell International Inc 0.650 21/02/2020 101,287 0.04%

300,000 Honeywell International Inc 1.300 22/02/2023 313,289 0.11%

200,000 Honeywell International Inc 2.250 22/02/2028 222,021 0.08%

500,000 Illinois Tool Works Inc 1.750 20/05/2022 529,700 0.18%

100,000 Illinois Tool Works Inc 2.125 22/05/2030 108,803 0.04%

200,000 International Business Machines Corp 1.875 06/11/2020 207,270 0.07%

100,000 International Business Machines Corp 0.500 07/09/2021 100,892 0.03%

550,000 International Business Machines Corp 1.250 26/05/2023 571,367 0.20%

100,000 International Business Machines Corp 0.950 23/05/2025 99,929 0.03%

100,000 International Business Machines Corp 2.875 07/11/2025 111,931 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

421

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)

United States (continued)

100,000 International Business Machines Corp 1.750 07/03/2028 103,956 0.04%

100,000 International Business Machines Corp 1.500 23/05/2029 99,678 0.03%

100,000 International Flavors & Fragrances Inc 1.750 14/03/2024 104,321 0.04%

50,000 Johnson & Johnson 4.750 06/11/2019 52,433 0.02%

100,000 Johnson & Johnson 0.650 20/05/2024 101,004 0.03%

300,000 Johnson & Johnson 1.150 20/11/2028 299,517 0.10%

200,000 Johnson & Johnson 1.650 20/05/2035 201,479 0.07%

100,000 JPMorgan Chase & Co 1.875 21/11/2019 101,931 0.04%

100,000 JPMorgan Chase & Co 3.875 23/09/2020 107,448 0.04%

400,000 JPMorgan Chase & Co 2.625 23/04/2021 428,641 0.15%

700,000 JPMorgan Chase & Co 1.375 16/09/2021 721,961 0.25%

300,000 JPMorgan Chase & Co 0.625 25/01/2024 296,618 0.10%

100,000 JPMorgan Chase & Co 1.500 27/01/2025 103,132 0.04%

400,000 JPMorgan Chase & Co 3.000 19/02/2026 457,534 0.16%

200,000 JPMorgan Chase & Co 1.500 29/10/2026 202,425 0.07%

500,000 JPMorgan Chase & Co 1.638 18/05/2028 505,215 0.18%

100,000 JPMorgan Chase & Co 1.812 12/06/2029 101,308 0.04%

100,000 Kellogg Co 1.000 17/05/2024 100,024 0.03%

100,000 Kellogg Co 1.250 10/03/2025 100,625 0.03%

100,000 Kinder Morgan Inc/DE 2.250 16/03/2027 100,569 0.03%

300,000 Kraft Heinz Foods Co 2.000 30/06/2023 313,652 0.11%

200,000 Kraft Heinz Foods Co 2.250 25/05/2028 198,621 0.07%

100,000 MasterCard Inc 2.100 01/12/2027 108,437 0.04%

200,000 McDonald's Corp 1.125 26/05/2022 205,769 0.07%

200,000 McDonald's Corp 1.000 15/11/2023 201,432 0.07%

300,000 McDonald's Corp 1.875 26/05/2027 312,616 0.11%

100,000 McKesson Corp 0.625 17/08/2021 100,759 0.03%

200,000 McKesson Corp 1.625 30/10/2026 198,050 0.07%

400,000 Merck & Co Inc 1.875 15/10/2026 426,891 0.15%

100,000 Merck & Co Inc 1.375 02/11/2036 92,774 0.03%

200,000 Metropolitan Life Global Funding I 2.375 11/01/2023 219,048 0.08%

400,000 Microsoft Corp 2.125 06/12/2021 422,963 0.15%

400,000 Microsoft Corp 3.125 06/12/2028 477,798 0.17%

200,000 Molson Coors Brewing Co 1.250 15/07/2024 198,244 0.07%

300,000 Mondelez International Inc 2.375 26/01/2021 319,817 0.11%

200,000 Mondelez International Inc 1.625 08/03/2027 201,851 0.07%

100,000 Moody's Corp 1.750 09/03/2027 103,957 0.04%

500,000 Morgan Stanley 2.375 31/03/2021 531,157 0.19%

200,000 Morgan Stanley 1.000 02/12/2022 201,502 0.07%

700,000 Morgan Stanley 1.875 30/03/2023 735,748 0.26%

300,000 Morgan Stanley 1.750 30/01/2025 308,929 0.11%

200,000 Morgan Stanley 1.375 27/10/2026 194,574 0.07%

200,000 Morgan Stanley 1.875 27/04/2027 203,086 0.07%

500,000 Oracle Corp 2.250 10/01/2021 533,337 0.19%

100,000 PepsiCo Inc 1.750 28/04/2021 104,707 0.04%

200,000 PepsiCo Inc 0.875 18/07/2028 192,648 0.07%

300,000 Pfizer Inc 5.750 03/06/2021 352,848 0.12%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

422

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 99.15% (2017 - 99.87%) (continued)United States (continued)

100,000 Pfizer Inc 0.250 06/03/2022 100,317 0.04%

580,000 Philip Morris International Inc 1.750 19/03/2020 599,221 0.21%

100,000 Philip Morris International Inc 1.875 03/03/2021 104,576 0.04%400,000 Philip Morris International Inc 2.875 03/03/2026 443,756 0.15%

200,000 Philip Morris International Inc 2.000 09/05/2036 190,143 0.07%

100,000 Philip Morris International Inc 1.875 06/11/2037 90,581 0.03%

400,000 PPG Industries Inc 0.875 13/03/2022 407,953 0.14%300,000 Praxair Inc 1.625 01/12/2025 312,832 0.11%

400,000 Procter & Gamble Co/The 2.000 05/11/2021 423,187 0.15%

400,000 Procter & Gamble Co/The 2.000 16/08/2022 428,680 0.15%

100,000 Procter & Gamble Co/The 1.125 02/11/2023 103,225 0.04%100,000 Procter & Gamble Co/The 4.875 11/05/2027 133,568 0.05%

200,000 Prologis LP 1.375 07/10/2020 204,231 0.07%

500,000 Prologis LP 3.000 18/01/2022 548,869 0.19%

150,000 Roche Holdings Inc 6.500 04/03/2021 180,285 0.06%200,000 Simon Property Group LP 2.375 02/10/2020 207,765 0.07%

200,000 Southern Power Co 1.850 20/06/2026 206,078 0.07%

300,000 Thermo Fisher Scientific Inc 2.150 21/07/2022 318,740 0.11%

200,000 Thermo Fisher Scientific Inc 1.400 23/01/2026 199,408 0.07%200,000 Thermo Fisher Scientific Inc 1.375 12/09/2028 189,358 0.07%

100,000 Thermo Fisher Scientific Inc 2.875 24/07/2037 103,122 0.04%

600,000 Toyota Motor Credit Corp 0.750 21/07/2022 610,854 0.21%

200,000 United Parcel Service Inc 1.000 15/11/2028 193,802 0.07%100,000 United Parcel Service Inc 1.500 15/11/2032 99,431 0.03%

200,000 United Technologies Corp 1.125 15/12/2021 203,387 0.07%

300,000 United Technologies Corp 1.875 22/02/2026 309,566 0.11%

100,000 United Technologies Corp 2.150 18/05/2030 100,488 0.03%500,000 Verizon Communications Inc 3.250 17/02/2026 575,286 0.20%

200,000 Verizon Communications Inc 1.375 02/11/2028 192,208 0.07%

300,000 Verizon Communications Inc 2.625 01/12/2031 311,043 0.11%

250,000 Verizon Communications Inc 2.875 15/01/2038 257,480 0.09%150,000 Walgreens Boots Alliance Inc 2.125 20/11/2026 153,729 0.05%

400,000 Walmart Inc 1.900 08/04/2022 426,937 0.15%

100,000 Walmart Inc 2.550 08/04/2026 112,905 0.04%

50,000 Walmart Inc 4.875 21/09/2029 67,962 0.02%100,000 Warner Media LLC 1.950 15/09/2023 104,459 0.04%

400,000 Wells Fargo & Co 2.250 03/09/2020 416,792 0.15%

900,000 Wells Fargo & Co 2.250 02/05/2023 965,621 0.34%

300,000 Wells Fargo & Co 2.125 04/06/2024 319,735 0.11%100,000 Wells Fargo & Co 2.000 27/04/2026 104,385 0.04%

300,000 Wells Fargo & Co 1.375 26/10/2026 295,386 0.10%

300,000 Wells Fargo & Co 1.000 02/02/2027 287,059 0.10%

350,000 Wells Fargo & Co 1.500 24/05/2027 347,484 0.12%200,000 Whirlpool Corp 0.625 12/03/2020 201,772 0.07%

100,000 Zimmer Biomet Holdings Inc 2.425 13/12/2026 102,507 0.04%

46,337,195 16.16%

Total Corporate Bonds 284,116,533 99.15%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Euro Large Cap Corporate Bond Fund (continued)

423

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Government Security - 0.61% (2017 - 0.00%)

France

800,000 SNCF Mobilites 4.125 19/02/2025 1,006,526 0.35%

1,006,526 0.35%

Germany

200,000 Deutsche Bahn Finance GMBH 3.750 01/06/2021 223,266 0.08%

300,000 Deutsche Bahn Finance GMBH 1.625 06/11/2030 314,728 0.11%

200,000 Deutsche Bahn Finance GMBH 0.875 11/07/2031 189,880 0.07%

727,874 0.26%

Total Government Security 1,734,400 0.61%Investment in transferable securities at fair valuethrough profit or loss 285,850,933 99.76%

Total investments at fair value through profit or loss 285,850,933 99.75%

Deposits with credit institutions 733,656 0.26%Net current liabilities (30,685) (0.01%)

Net assets attributable to holders of redeemable shares 286,553,904 100.00%

Total assets comprised as follows: % of Total AssetsTransferable securities and money market instruments admitted to anofficial stock exchange listing 99.74%Transferable securities and money market instruments traded on otherregulated market 0.00%

OTC financial derivative instruments 0.00%

Financial derivatives instruments dealt in on a regulated market 0.00%

Deposits 0.00%Other current assets 0.26%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulatedmarket.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Enhanced Commodity Fund

424

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Government Security - 91.42% (2017 - 91.33%)

United States

3,700,000 United States Treasury Bill 0.000 28/03/2019 3,218,549 10.72%

4,170,000 United States Treasury Bill 0.000 25/04/2019 3,620,263 12.05%

2,850,000 United States Treasury Bill 0.000 05/12/2019 2,434,094 8.10%

3,980,000 United States Treasury Bill 0.000 20/06/2019 3,441,687 11.46%

3,600,000 United States Treasury Bill 0.000 28/02/2019 3,137,320 10.44%

4,460,000 United States Treasury Bill 0.000 31/01/2019 3,894,303 12.96%

1,625,000 United States Treasury Bill 0.000 10/10/2019 1,393,564 4.64%

5,250,000 United States Treasury Bill 0.000 12/09/2019 4,511,440 15.02%

2,100,000 United States Treasury Bill 0.000 18/07/2019 1,812,162 6.03%

27,463,382 91.42%

Total Government Security 27,463,382 91.42%

OTC Financial Derivatives Instruments Swap 0.00% (2017 - 0.00%)

33,047,786 S&P GSLE E119 ER STRATEGY – 0.00%Financial derivatives instruments at fairvalue through profit or loss – 0.00%

Futures contracts dealt on a regulated market

Futures 0.00% (2017 - Nil)

S&P GSLE E119 ER STRATEGY 31/12/2025 – 0.00%Investments in derivatives instruments atfair value through profit or loss – 0.00%

Total investments at fair value through profit or loss 27,463,382 91.42%

Deposits with credit insititutions 2,565,053 8.54%

Net current assets 11,422 0.04%

Net assets attributable to holders of redeemable shares 30,039,857 100.00%

Total assets comprised as follows: % of Total AssetsTransferable securities and money market instruments admitted to anofficial stock exchange listing 49.54%Transferable securities and money market instruments traded on otherregulated market 39.79%

OTC financial derivative instruments 0.00%

Financial derivatives instruments dealt in on a regulated market 0.00%

Deposits 10.23%

Other current assets 0.44%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on aregulated market.The counterparty for futures contract is Goldman Sachs International.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Minimum Volatility Global Equity Fund

425

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - AUD - 0.46% (2017 - 0.49%)

Mining

170,076 Newcrest Mining Ltd 2,283,331 0.46%

Equities - CAD - 3.54% (2017 - 3.72%)

Mining

72,037 Agnico Eagle Mines Ltd 2,542,243 0.52%

360,447 Barrick Gold Corp 4,254,775 0.86%

57,496 Franco-Nevada Corp 3,525,296 0.71%

255,308 Goldcorp Inc 2,186,280 0.44%

382,593 Kinross Gold Corp 1,078,201 0.22%

136,982 Wheaton Precious Metals Corp 2,338,141 0.47%

Telecommunications

45,106 BCE Inc 1,558,026 0.32%

Equities - CHF - 5.76% (2017 - 7.40%)

Building Materials

1,846 Geberit AG 626,245 0.13%

Chemicals

2,411 EMS-Chemie Holding AG 999,131 0.20%

887 Givaudan SA 1,791,447 0.36%

Commercial Services

870 SGS SA 1,706,160 0.35%

Diversified Financial Services

737 Partners Group Holding AG 389,782 0.08%

Food

92 Chocoladefabriken Lindt & Spruengli AG 1,869,526 0.38%

92,263 Nestle SA 6,533,391 1.32%

Hand/Machine Tools

1,663 Schindler Holding AG 281,270 0.06%

Insurance

9,927 Baloise Holding AG 1,192,737 0.24%

11,511 Swiss Re AG 920,539 0.19%

1,868 Zurich Insurance Group AG 485,848 0.10%

Pharmaceuticals

33,557 Novartis AG 2,502,519 0.51%

11,163 Roche Holding AG 2,411,069 0.49%

Real Estate

21,358 Swiss Prime Site AG 1,507,679 0.31%

Telecommunications

7,999 Swisscom AG 3,333,991 0.68%

Transportation

15,902 Kuehne + Nagel International AG 1,782,934 0.36%

Equities - DKK - 0.89% (2017 - 1.97%)

Commercial Services

19,531 ISS A/S 476,468 0.10%

Food

9,206 Chr Hansen Holding A/S 711,319 0.14%

Healthcare-Products

23,921 Coloplast A/S 1,939,338 0.39%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Minimum Volatility Global Equity Fund (continued)

426

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - DKK - 0.89% (2017 - 1.97%) (continued)

Insurance

37,086 Tryg A/S 814,531 0.17%

Retail

11,805 Pandora A/S 419,684 0.09%

Equities - EUR - 18.19% (2017 - 17.18%)

Advertising

4,707 Publicis Groupe SA 235,727 0.05%

Aerospace/Defense

300 Dassault Aviation SA 363,000 0.07%

18,097 Thales SA 1,845,894 0.37%

Apparel

1,372 adidas AG 250,253 0.05%

9,289 Hermes International 4,503,307 0.91%

18,887 Moncler SpA 546,401 0.11%

Banks

67,926 AIB Group PLC 249,968 0.05%

143,604 Banco Bilbao Vizcaya Argentaria SA 665,676 0.13%

232,337 Banco Santander SA 923,075 0.19%

206,601 Bankinter SA 1,449,926 0.29%

225,333 CaixaBank SA 712,954 0.14%

19,260 Erste Group Bank AG 559,503 0.11%

41,903 ING Groep NV 394,307 0.08%

816,244 Intesa Sanpaolo SpA 1,583,350 0.32%

5,659 KBC Group NV 320,752 0.07%

34,148 Mediobanca Banca di Credito Finanziario SpA 251,876 0.05%

Beverages

5,714 Coca-Cola European Partners PLC 229,931 0.05%

51,204 Davide Campari-Milano SpA 378,142 0.08%

8,372 Pernod Ricard SA 1,199,708 0.24%

Chemicals

2,489 Air Liquide SA 269,932 0.05%

7,735 Symrise AG 498,908 0.10%

Commercial Services

46,643 Atlantia SpA 842,839 0.17%

Computers

5,243 Ingenico Group SA 259,738 0.05%

Cosmetics/Personal Care

19,244 Beiersdorf AG 1,754,283 0.36%

11,017 L'Oreal SA 2,216,620 0.45%

Electric

16,590 Endesa SA 333,957 0.07%

31,470 Innogy SE 1,281,773 0.26%

41,781 Red Electrica Corp SA 814,521 0.17%

123,977 Terna Rete Elettrica Nazionale SpA 614,058 0.12%

Engineering & Construction

15,547 Aena SME SA 2,110,505 0.43%

8,742 Aeroports de Paris 1,446,801 0.29%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Minimum Volatility Global Equity Fund (continued)

427

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 18.19% (2017 - 17.18%) (continued)

Engineering & Construction (continued)

14,771 Ferrovial SA 261,373 0.05%

4,108 Fraport AG Frankfurt Airport Services Worldwide 256,586 0.05%

Entertainment

3,274 Paddy Power Betfair PLC 234,582 0.05%

Food

17,315 Colruyt SA 1,077,686 0.22%

5,074 Danone SA 312,102 0.06%

24,225 Jeronimo Martins SGPS SA 250,487 0.05%

26,147 Kerry Group PLC 2,261,716 0.46%

74,243 Koninklijke Ahold Delhaize NV 1,638,914 0.33%

Food Service

16,323 Sodexo SA 1,460,909 0.30%

Gas

64,870 Enagas SA 1,531,581 0.31%

670,049 Snam SpA 2,558,917 0.52%

Healthcare-Products

8,627 Essilor International Cie Generale d'Optique SA 952,852 0.19%

Healthcare-Services

15,517 Fresenius Medical Care AG & Co KGaA 878,883 0.18%

Home Furnishings

2,944 SEB SA 332,083 0.07%

Household Products/Wares

5,971 Henkel AG & Co KGaA 512,013 0.10%

7,783 Societe BIC SA 693,854 0.14%

Insurance

56,074 Assicurazioni Generali SpA 818,680 0.17%

12,589 CNP Assurances 233,148 0.05%

6,905 Hannover Rueck SE 812,719 0.16%

99,128 Mapfre SA 229,977 0.05%

1,593Muenchener Rueckversicherungs-Gesellschaft AG inMuenchen 303,546 0.06%

149,600 Poste Italiane SpA 1,044,806 0.21%

89,573 Sampo OYJ 3,440,499 0.70%

28,174 SCOR SE 1,110,056 0.23%

Investment Companies

23,758 Groupe Bruxelles Lambert SA 1,807,509 0.37%

Machinery - Diversified

16,206 ANDRITZ AG 650,185 0.13%

Media

6,306 Axel Springer SE 311,390 0.06%

11,951 RTL Group SA 558,112 0.11%

9,211 Telenet Group Holding NV 373,967 0.08%

Miscellaneous Manufacturing

6,376 Alstom SA 224,882 0.05%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Minimum Volatility Global Equity Fund (continued)

428

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 18.19% (2017 - 17.18%) (continued)

Oil & Gas

55,334 Eni SpA 760,732 0.15%

39,112 Galp Energia SGPS SA 539,550 0.11%

4,823 Neste OYJ 324,877 0.07%

Pharmaceuticals

9,138 Sanofi 691,381 0.14%

7,569 UCB SA 539,670 0.11%

Private Equity

3,654 Eurazeo SA 225,817 0.05%

Real Estate

33,709 Aroundtown SA 243,379 0.05%

44,194 Deutsche Wohnen SE 1,767,760 0.36%

38,436 Vonovia SE 1,521,681 0.31%

REITS

11,260 Covivio 948,092 0.19%

9,428 Gecina SA 1,065,364 0.22%

Retail

108,288 Industria de Diseno Textil SA 2,420,237 0.49%

47,924 Luxottica Group SpA 2,477,671 0.50%

Software

33,020 Amadeus IT Group SA 2,008,937 0.41%

17,115 Dassault Systemes SE 1,774,826 0.36%

25,695 SAP SE 2,233,666 0.45%

Telecommunications

208,510 Deutsche Telekom AG 3,090,118 0.63%

42,641 Elisa OYJ 1,538,487 0.31%

15,598 Eutelsat Communications SA 268,364 0.05%

274,868 Orange SA 3,890,757 0.79%

46,976 Proximus SADP 1,109,573 0.23%

102,107 Telefonica Deutschland Holding AG 349,002 0.07%

276,730 Telefonica SA 2,030,921 0.41%

Transportation

144,375 Getlink 1,693,519 0.34%

Equities - GBP - 1.41% (2017 - 1.47%)

Commercial Services

14,886 RELX PLC 268,092 0.05%

Food Service

63,583 Compass Group PLC 1,168,840 0.24%

Insurance

141,177 Direct Line Insurance Group PLC 501,275 0.10%

Mining

66,409 Fresnillo PLC 636,290 0.13%

29,158 Randgold Resources Ltd 2,126,492 0.43%

Pharmaceuticals

56,837 GlaxoSmithKline PLC 944,272 0.19%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Minimum Volatility Global Equity Fund (continued)

429

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 1.41% (2017 - 1.47%) (continued)

Telecommunications

86,242 BT Group PLC 228,775 0.05%

343,022 Vodafone Group PLC 584,332 0.12%

Transportation

158,237 Royal Mail PLC 479,697 0.10%

Equities - HKD - 1.14% (2017 - 1.79%)

Banks

149,000 BOC Hong Kong Holdings Ltd 484,453 0.10%

76,500 Hang Seng Bank Ltd 1,502,633 0.30%

Telecommunications

1,115,000 HKT Trust & HKT Ltd 1,405,260 0.28%

529,000 PCCW Ltd 266,566 0.05%

Transportation

440,663 MTR Corp Ltd 2,028,507 0.41%

Equities - ILS - 0.40% (2017 - 0.42%)

Banks

136,689 Bank Hapoalim BM 756,776 0.15%

74,516 Bank Leumi Le-Israel BM 394,240 0.08%

41,134 Mizrahi Tefahot Bank Ltd 608,006 0.12%

Real Estate

6,270 Azrieli Group Ltd 262,004 0.05%

Equities - JPY - 9.53% (2017 - 8.54%)

Airlines

9,000 Japan Airlines Co Ltd 279,212 0.06%

Auto Manufacturers

133,300 Nissan Motor Co Ltd 935,603 0.19%

Banks

125,100 Japan Post Bank Co Ltd 1,206,905 0.24%

550,200 Mizuho Financial Group Inc 747,078 0.15%

Beverages

41,000 Suntory Beverage & Food Ltd 1,621,422 0.33%

Commercial Services

17,100 Benesse Holdings Inc 381,482 0.08%

20,200 Park24 Co Ltd 388,633 0.08%

17,800 Secom Co Ltd 1,293,480 0.26%

Computers

60,800 NEC Corp 1,582,768 0.32%

13,000 Otsuka Corp 313,026 0.06%

Entertainment

23,000 Oriental Land Co Ltd/Japan 2,027,296 0.41%

14,100 Sankyo Co Ltd 469,922 0.10%

8,600 Toho Co Ltd/Tokyo 272,905 0.06%

Food

6,100 MEIJI Holdings Co Ltd 435,781 0.09%

5,300 Nissin Foods Holdings Co Ltd 291,579 0.06%

12,600 Toyo Suisan Kaisha Ltd 385,271 0.08%

Page 431: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Minimum Volatility Global Equity Fund (continued)

430

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 9.53% (2017 - 8.54%) (continued)

Insurance

153,300 Japan Post Holdings Co Ltd 1,546,191 0.31%

Internet

106,400 Yahoo Japan Corp 232,446 0.05%

Office/Business Equipment

80,500 Canon Inc 1,926,160 0.39%

Pharmaceuticals

130,900 Astellas Pharma Inc 1,462,727 0.30%

52,000 Mitsubishi Tanabe Pharma Corp 655,490 0.13%

12,300 Ono Pharmaceutical Co Ltd 220,167 0.04%

2,900 Taisho Pharmaceutical Holdings Co Ltd 255,038 0.05%

6,300 Takeda Pharmaceutical Co Ltd 186,106 0.04%

Real Estate

5,700 Daito Trust Construction Co Ltd 682,387 0.14%

REITS

516 Daiwa House REIT Investment Corp 1,010,847 0.21%

257 Japan Prime Realty Investment Corp 854,476 0.17%

406 Japan Real Estate Investment Corp 1,994,056 0.40%

809 Japan Retail Fund Investment Corp 1,415,838 0.29%

414 Nippon Building Fund Inc 2,280,914 0.46%

540 Nippon Prologis REIT Inc 998,447 0.20%

1,201 Nomura Real Estate Master Fund Inc 1,382,741 0.28%

896 United Urban Investment Corp 1,215,901 0.25%

Retail

10,600 ABC-Mart Inc 513,854 0.10%

3,200 FamilyMart UNY Holdings Co Ltd 354,901 0.07%

15,100 Lawson Inc 836,743 0.17%

20,300 McDonald's Holdings Co Japan Ltd 754,245 0.15%

7,300 Nitori Holdings Co Ltd 799,142 0.16%

6,700 Shimamura Co Ltd 448,730 0.09%

148,800 Yamada Denki Co Ltd 625,236 0.13%

Semiconductors

15,900 Hamamatsu Photonics KK 468,427 0.09%

Software

4,000 Oracle Corp Japan 223,249 0.05%

Telecommunications

58,500 KDDI Corp 1,223,912 0.25%

78,200 Nippon Telegraph & Telephone Corp 2,794,533 0.57%

284,500 NTT DOCOMO Inc 5,608,531 1.14%

Transportation

12,000 Kyushu Railway Co 355,444 0.07%

44,700 Nagoya Railroad Co Ltd 1,032,135 0.21%

Equities - NOK - 0.11% (2017 - 0.00%)

Telecommunications

31,558 Telenor ASA 534,007 0.11%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Minimum Volatility Global Equity Fund (continued)

431

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - NZD - 0.22% (2017 - 0.20%)

Healthcare-Services

57,560 Ryman Healthcare Ltd 362,621 0.07%

Telecommunications

299,152 Spark New Zealand Ltd 728,229 0.15%

Equities - SEK - 0.06% (2017 - 0.05%)

Telecommunications

66,576 Telia Co AB 275,763 0.06%

Equities - SGD - 1.39% (2017 - 1.46%)

Airlines

148,500 Singapore Airlines Ltd 897,798 0.18%

Banks

44,391 DBS Group Holdings Ltd 674,934 0.14%

236,818 Oversea-Chinese Banking Corp Ltd 1,711,411 0.35%

50,578 United Overseas Bank Ltd 797,568 0.16%

Diversified Financial Services

68,800 Singapore Exchange Ltd 315,715 0.06%

Engineering & Construction

78,300 SATS Ltd 234,179 0.05%

Telecommunications

1,183,600 Singapore Telecommunications Ltd 2,225,736 0.45%

Equities - USD - 55.50% (2017 - 53.84%)

Advertising

5,864 Omnicom Group Inc 375,698 0.08%

Aerospace/Defense

1,552 General Dynamics Corp 213,436 0.04%

3,860 Harris Corp 454,664 0.09%

9,863 Lockheed Martin Corp 2,259,133 0.46%

2,007 Northrop Grumman Corp 429,965 0.09%

13,738 Raytheon Co 1,842,910 0.37%

Agriculture

71,989 Altria Group Inc 3,110,298 0.63%

17,431 Philip Morris International Inc 1,017,971 0.21%

Apparel

17,513 NIKE Inc 1,135,821 0.23%

12,706 VF Corp 792,937 0.16%

Banks

58,872 US Bancorp 2,353,541 0.48%

Beverages

131,605 Coca-Cola Co/The 5,451,163 1.11%

5,240 Coca-Cola European Partners PLC 210,168 0.04%

7,106 Constellation Brands Inc 999,682 0.20%

55,117 PepsiCo Inc 5,326,795 1.08%

Commercial Services

14,027 Automatic Data Processing Inc 1,608,905 0.33%

8,733 Ecolab Inc 1,125,668 0.23%

6,892 Worldpay Inc 460,793 0.09%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Minimum Volatility Global Equity Fund (continued)

432

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.50% (2017 - 53.84%) (continued)

Computers

19,324 Accenture PLC 2,383,657 0.48%

3,844 Apple Inc 530,423 0.11%

3,766 Check Point Software Technologies Ltd 338,171 0.07%

6,690 Cognizant Technology Solutions Corp 371,501 0.08%

7,437 Dell Technologies Inc 317,934 0.06%

14,783 International Business Machines Corp 1,469,959 0.30%

Cosmetics/Personal Care

17,468 Colgate-Palmolive Co 909,500 0.18%

43,540 Procter & Gamble Co/The 3,501,025 0.71%

Diversified Financial Services

22,880 FNF Group 629,268 0.13%

4,655 Intercontinental Exchange Inc 306,750 0.06%

7,313 MasterCard Inc 1,206,839 0.24%

29,797 Visa Inc 3,439,108 0.70%

Electric

7,964 Ameren Corp 454,439 0.09%

46,610 American Electric Power Co Inc 3,047,397 0.62%

22,071 CMS Energy Corp 958,601 0.19%

77,544 Consolidated Edison Inc 5,186,558 1.05%

41,520 Dominion Energy Inc 2,595,477 0.53%

18,010 DTE Energy Co 1,737,745 0.35%

71,136 Duke Energy Corp 5,370,281 1.09%

8,411 Edison International 417,699 0.08%

4,305 Entergy Corp 324,132 0.07%

19,877 Evergy Inc 987,112 0.20%

24,740 Eversource Energy 1,407,593 0.29%

30,032 NextEra Energy Inc 4,566,472 0.93%

10,312 PPL Corp 255,556 0.05%

6,715 Sempra Energy 635,521 0.13%

114,041 Southern Co/The 4,381,473 0.89%

38,087 WEC Energy Group Inc 2,307,576 0.47%

65,363 Xcel Energy Inc 2,817,159 0.57%

Electronics

13,816 Amphenol Corp 979,200 0.20%

5,671 Honeywell International Inc 655,428 0.13%

Environmental Control

57,273 Republic Services Inc 3,611,784 0.73%

57,380 Waste Management Inc 4,466,821 0.91%

Food

20,634 Campbell Soup Co 595,474 0.12%

23,722 Conagra Brands Inc 443,251 0.09%

22,328 General Mills Inc 760,576 0.15%

14,010 Hershey Co/The 1,313,556 0.27%

38,325 Hormel Foods Corp 1,430,880 0.29%

8,142 JM Smucker Co/The 665,876 0.14%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Minimum Volatility Global Equity Fund (continued)

433

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.50% (2017 - 53.84%) (continued)

Food (continued)

36,804 Kellogg Co 1,835,451 0.37%

27,515 McCormick & Co Inc/MD 3,351,431 0.68%

17,472 Sysco Corp 957,701 0.19%

Food Service

9,742 Aramark 246,884 0.05%

Healthcare-Products

19,141 Abbott Laboratories 1,211,100 0.25%

27,901 Baxter International Inc 1,606,477 0.33%

7,746 Becton Dickinson and Co 1,526,771 0.31%

1,488 Cooper Cos Inc/The 331,274 0.07%

19,750 Danaher Corp 1,781,586 0.36%

7,858 Henry Schein Inc 539,746 0.11%

31,439 Medtronic PLC 2,501,589 0.51%

19,523 Stryker Corp 2,677,015 0.54%

2,622 Varian Medical Systems Inc 259,895 0.05%

Healthcare-Services

3,318 Anthem Inc 762,285 0.15%

4,873 Humana Inc 1,221,202 0.25%

5,585 Laboratory Corp of America Holdings 617,347 0.13%

5,252 Quest Diagnostics Inc 382,569 0.08%

17,036 UnitedHealth Group Inc 3,712,556 0.75%

Holding Companies - Diversified

6,600 Jardine Matheson Holdings Ltd 401,722 0.08%

Household Products/Wares

32,608 Church & Dwight Co Inc 1,875,784 0.38%

12,695 Clorox Co/The 1,711,768 0.35%

11,149 Kimberly-Clark Corp 1,111,243 0.23%

Insurance

14,006 Aflac Inc 558,206 0.11%

999 Alleghany Corp 544,720 0.11%

34,124 Allstate Corp/The 2,466,576 0.50%

14,432 Aon PLC 1,835,136 0.37%

105,514 Arch Capital Group Ltd 2,466,285 0.50%

9,167 Arthur J Gallagher & Co 591,005 0.12%

10,949 Athene Holding Ltd 381,489 0.08%

13,312 Berkshire Hathaway Inc 2,377,679 0.48%

26,285 Chubb Ltd 2,970,298 0.60%

5,244 Cincinnati Financial Corp 355,151 0.07%

5,419 Everest Re Group Ltd 1,032,272 0.21%

3,207 Markel Corp 2,912,152 0.59%

29,812 Marsh & McLennan Cos Inc 2,079,786 0.42%

25,149 Progressive Corp/The 1,327,244 0.27%

11,829 RenaissanceRe Holdings Ltd 1,383,491 0.28%

17,084 Travelers Cos Inc/The 1,789,624 0.36%

28,633 WR Berkley Corp 1,851,258 0.38%

Page 435: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Minimum Volatility Global Equity Fund (continued)

434

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.50% (2017 - 53.84%) (continued)

Internet

10,774 F5 Networks Inc 1,527,106 0.31%

3,037 Palo Alto Networks Inc 500,388 0.10%

2,485 VeriSign Inc 322,355 0.07%

Media

47,162 Comcast Corp 1,404,773 0.28%

44,020 Sirius XM Holdings Inc 219,879 0.04%

6,687 Twenty-First Century Fox Inc 279,495 0.06%

14,137 Walt Disney Co/The 1,356,009 0.27%

Mining

164,727 Newmont Mining Corp 4,993,037 1.01%

Oil & Gas

9,924 Chevron Corp 944,436 0.19%

53,490 Exxon Mobil Corp 3,190,730 0.65%

4,477 Occidental Petroleum Corp 240,387 0.05%

Pharmaceuticals

6,584 Cigna Corp 1,093,849 0.22%

15,550 Eli Lilly & Co 1,574,112 0.32%

47,170 Johnson & Johnson 5,325,013 1.08%

30,138 Merck & Co Inc 2,014,473 0.41%

80,095 Pfizer Inc 3,058,345 0.62%

REITS

159,919 AGNC Investment Corp 2,453,728 0.50%

2,868 American Tower Corp 396,876 0.08%

320,855 Annaly Capital Management Inc 2,756,240 0.56%

16,533 AvalonBay Communities Inc 2,517,228 0.51%

7,007 Camden Property Trust 539,707 0.11%

23,709 Crown Castle International Corp 2,252,993 0.46%

24,499 Equity Residential 1,414,669 0.29%

3,946 Essex Property Trust Inc 846,432 0.17%

7,373 Extra Space Storage Inc 583,571 0.12%

2,421 Federal Realty Investment Trust 249,989 0.05%

25,399 HCP Inc 620,561 0.13%

12,817 Liberty Property Trust 469,559 0.10%

17,864 National Retail Properties Inc 758,066 0.15%

18,624 Public Storage 3,297,628 0.67%

15,064 Realty Income Corp 830,717 0.17%

10,351 Simon Property Group Inc 1,521,117 0.31%

19,035 UDR Inc 659,727 0.13%

19,229 Ventas Inc 985,546 0.20%

10,240 Welltower Inc 621,754 0.13%

45,140 WP Carey Inc 2,580,106 0.52%

Retail

1,642 Advance Auto Parts Inc 226,173 0.05%

2,730 AutoZone Inc 2,002,072 0.41%

4,222 Burlington Stores Inc 600,790 0.12%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Minimum Volatility Global Equity Fund (continued)

435

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.50% (2017 - 53.84%) (continued)

Retail (continued)

7,435 Costco Wholesale Corp 1,324,921 0.27%

7,547 Darden Restaurants Inc 659,269 0.13%

19,033 Dollar General Corp 1,799,490 0.36%

15,506 Gap Inc/The 349,416 0.07%

5,866 Genuine Parts Co 492,720 0.10%

14,374 Home Depot Inc/The 2,160,469 0.44%

9,904 L Brands Inc 222,399 0.05%

3,536 Lowe's Cos Inc 285,689 0.06%

3,224 lululemon athletica Inc 342,974 0.07%

30,612 McDonald's Corp 4,755,083 0.96%

11,506 Nordstrom Inc 469,138 0.10%

27,387 Ross Stores Inc 1,993,263 0.40%

34,912 Starbucks Corp 1,966,787 0.40%

40,374 Tapestry Inc 1,191,989 0.24%

7,650 Target Corp 442,277 0.09%

96,933 TJX Cos Inc/The 3,793,712 0.77%

1,470 Ulta Beauty Inc 314,845 0.06%

52,022 Walmart Inc 4,239,032 0.86%

19,459 Yum! Brands Inc 1,564,686 0.32%

Semiconductors

15,098 NXP Semiconductors NV 967,836 0.20%

Software

15,537 Broadridge Financial Solutions Inc 1,308,172 0.27%

27,162 Fidelity National Information Services Inc 2,436,656 0.49%

42,600 Fiserv Inc 2,738,638 0.56%

2,886 Intuit Inc 496,968 0.10%

20,158 Jack Henry & Associates Inc 2,231,020 0.45%

19,302 Microsoft Corp 1,715,002 0.35%

42,964 Oracle Corp 1,696,912 0.34%

48,849 Paychex Inc 2,783,985 0.56%

3,339 Synopsys Inc 246,055 0.05%

Telecommunications

118,287 AT&T Inc 2,953,165 0.60%

43,487 Cisco Systems Inc 1,648,333 0.33%

25,461 Motorola Solutions Inc 2,562,248 0.52%

5,137 T-Mobile US Inc 285,846 0.06%

113,220 Verizon Communications Inc 5,568,148 1.13%

Toys/Games/Hobbies

7,323 Hasbro Inc 520,486 0.11%

Transportation

20,319 CH Robinson Worldwide Inc 1,494,664 0.30%

14,438 Expeditors International of Washington Inc 859,978 0.17%

5,657 United Parcel Service Inc 482,638 0.10%

Trucking & Leasing

5,800 AerCap Holdings NV 200,919 0.04%

Page 437: Beresford Funds plc 31.12.2018 24 · Beresford Funds plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018 4 Company Background Beresford

Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Minimum Volatility Global Equity Fund (continued)

436

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 55.50% (2017 - 53.84%) (continued)

Water

3,709 American Water Works Co Inc 294,507 0.06%Investment in transferable securities at fair valuethrough profit or loss 486,196,888 98.60%

OTC Financial Derivatives Instruments

Forwards Exchange Contracts 0.01% (2017 - 0.00%)

Buy CHF 339,180 Sell EUR 296,611 14/02/2019 4,488 0.00%

Buy CHF 86,200 Sell EUR 76,488 14/02/2019 34 0.00%

Buy CHF 88,980 Sell EUR 78,706 14/02/2019 284 0.00%

Buy CHF 89,160 Sell EUR 79,122 14/02/2019 28 0.00%

Buy EUR 1,789 Sell USD 2,047 16/01/2019 1 0.00%

Buy EUR 1,809 Sell USD 2,071 25/01/2019 1 0.00%

Buy EUR 10,816 Sell USD 12,335 15/01/2019 39 0.00%

Buy EUR 11,308 Sell USD 12,812 02/01/2019 101 0.00%

Buy EUR 11,333 Sell GBP 9,913 10/01/2019 293 0.00%

Buy EUR 12,386 Sell USD 14,089 08/01/2019 70 0.00%

Buy EUR 12,710 Sell USD 14,466 15/01/2019 73 0.00%

Buy EUR 14,189 Sell GBP 12,658 16/01/2019 95 0.00%

Buy EUR 14,816 Sell USD 16,890 11/01/2019 55 0.00%

Buy EUR 155,846 Sell GBP 139,380 14/02/2019 808 0.00%

Buy EUR 19,032 Sell CAD 28,946 15/01/2019 510 0.00%

Buy EUR 19,407 Sell USD 22,061 02/01/2019 108 0.00%

Buy EUR 2,076 Sell USD 2,362 15/01/2019 13 0.00%

Buy EUR 2,345 Sell USD 2,686 28/01/2019 2 0.00%

Buy EUR 2,375 Sell USD 2,701 08/01/2019 13 0.00%

Buy EUR 2,608 Sell USD 2,968 15/01/2019 15 0.00%

Buy EUR 2,815 Sell USD 3,208 07/01/2019 10 0.00%

Buy EUR 21,401 Sell USD 24,467 09/01/2019 14 0.00%

Buy EUR 3,020 Sell USD 3,414 15/01/2019 37 0.00%

Buy EUR 3,157 Sell USD 3,589 02/01/2019 18 0.00%

Buy EUR 3,160 Sell USD 3,593 02/01/2019 17 0.00%

Buy EUR 3,259,127 Sell USD 3,723,638 14/02/2019 14,309 0.00%

Buy EUR 30,120 Sell USD 34,473 22/01/2019 22 0.00%

Buy EUR 36,615 Sell USD 41,641 07/01/2019 210 0.00%

Buy EUR 4,029 Sell USD 4,586 17/01/2019 23 0.00%

Buy EUR 5,622 Sell USD 6,405 03/01/2019 19 0.00%

Buy EUR 52,327 Sell USD 60,000 14/02/2019 42 0.00%

Buy EUR 6,058 Sell GBP 5,413 09/01/2019 29 0.00%

Buy EUR 61,039 Sell USD 70,000 14/02/2019 39 0.00%

Buy EUR 8,268 Sell USD 9,419 02/01/2019 28 0.00%

Buy EUR 8,335 Sell USD 9,476 03/01/2019 47 0.00%

Buy EUR 80,232 Sell USD 91,766 14/01/2019 55 0.00%

Buy EUR 82,781 Sell USD 94,825 31/01/2019 58 0.00%

Buy EUR 9,295 Sell USD 10,574 10/01/2019 53 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Minimum Volatility Global Equity Fund (continued)

437

Investment Value EUR% of Net

Assets

OTC Financial Derivatives Instruments (continued)

Forwards Exchange Contracts 0.01% (2017 - 0.00%) (continued)

Buy EUR 92,014 Sell USD 105,246 15/01/2019 67 0.00%

Buy GBP 67,685 Sell EUR 75,117 14/02/2019 172 0.00%

Buy JPY 15,690,000 Sell EUR 121,990 14/02/2019 3,074 0.00%

Buy JPY 16,325,000 Sell EUR 126,990 14/02/2019 3,136 0.00%

Buy JPY 16,560,000 Sell EUR 127,294 14/02/2019 4,705 0.00%

Buy JPY 23,880,230 Sell EUR 183,708 14/02/2019 6,640 0.00%

Buy JPY 49,710,000 Sell EUR 386,676 14/02/2019 9,560 0.00%

Buy USD 2,440,369 Sell EUR 2,106,244 14/02/2019 20,356 0.01%

Buy USD 422,475 Sell EUR 366,567 14/02/2019 1,588 0.00%Financial derivatives instruments at fair value throughprofit or loss 71,359 0.01%

OTC Financial Derivatives Instruments

Forwards Exchange Contracts (0.01%) (2017 - (0.01%))

Buy CHF 80,580 Sell EUR 71,550 14/02/2019 (17) 0.00%

Buy EUR 1,111 Sell JPY 142,715 10/01/2019 (27) 0.00%

Buy EUR 11,316 Sell USD 12,953 14/01/2019 (1) 0.00%

Buy EUR 12,216 Sell JPY 1,560,000 14/02/2019 (219) 0.00%

Buy EUR 12,557 Sell JPY 1,590,316 12/03/2019 (119) 0.00%

Buy EUR 127,744 Sell JPY 16,480,000 14/02/2019 (3,619) 0.00%

Buy EUR 14,241 Sell USD 16,309 11/01/2019 (12) 0.00%

Buy EUR 14,610 Sell JPY 1,877,479 15/02/2019 (356) 0.00%

Buy EUR 18,445 Sell JPY 2,330,000 14/02/2019 (128) 0.00%

Buy EUR 18,753 Sell JPY 2,409,903 15/02/2019 (457) 0.00%

Buy EUR 2,611 Sell USD 2,990 09/01/2019 (2) 0.00%

Buy EUR 27,673 Sell USD 31,679 15/01/2019 (3) 0.00%

Buy EUR 28,061 Sell JPY 3,554,190 19/03/2019 (270) 0.00%

Buy EUR 399,453 Sell CHF 451,750 14/02/2019 (1,577) 0.00%

Buy EUR 4,410 Sell GBP 3,984 05/02/2019 (23) 0.00%

Buy EUR 42,770 Sell USD 48,952 10/01/2019 (15) 0.00%

Buy EUR 51,539 Sell SGD 80,484 10/01/2019 (84) 0.00%

Buy EUR 6,649 Sell USD 7,616 23/01/2019 – 0.00%

Buy EUR 64,361 Sell JPY 8,151,925 02/04/2019 (622) 0.00%

Buy EUR 650,060 Sell JPY 83,400,000 14/02/2019 (14,723) (0.01%)

Buy EUR 69,576 Sell USD 80,000 14/02/2019 (139) 0.00%

Buy EUR 8,837 Sell USD 10,130 31/01/2019 – 0.00%

Buy EUR 9,449 Sell JPY 1,201,900 25/01/2019 (133) 0.00%

Buy EUR 9,826 Sell USD 11,245 11/01/2019 (1) 0.00%

Buy GBP 60,290 Sell EUR 68,812 14/02/2019 (1,748) 0.00%

Buy GBP 70,085 Sell EUR 78,778 14/02/2019 (819) 0.00%

Buy JPY 14,940,000 Sell EUR 119,134 14/02/2019 (48) 0.00%

Buy USD 1,068,000 Sell EUR 940,610 14/02/2019 (9,928) 0.00%

Buy USD 548,850 Sell EUR 481,464 14/02/2019 (3,182) 0.00%

Buy USD 748,500 Sell EUR 652,524 14/02/2019 (262) 0.00%

Buy USD 793,000 Sell EUR 694,603 14/02/2019 (3,563) 0.00%Financial derivatives instruments at fair value throughprofit or loss (42,097) (0.01%)

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Minimum Volatility Global Equity Fund (continued)

438

Investment Value EUR% of Net

Assets

Futures contracts dealt on a regulated market

Futures (0.03%) (2017 - (0.00%))

DJ EURO STOXX 50 15/03/2019 (16,555) 0.00%

FTSE 100 INDEX 15/03/2019 (1,838) 0.00%

S&P 500 EMINI INDEX 15/03/2019 (155,892) (0.03%)

SWISS MKT IX 15/03/2019 (7,197) 0.00%

TOPIX INDEX 07/03/2019 (22,907) (0.01%)Investments in derivatives instruments at fair valuethrough profit or loss (204,389) (0.04%)

Total investments at fair value through profit or loss 486,021,761 98.56%

Deposits with credit institutions 3,585,314 0.73%

Net current assets 3,488,111 0.71%

Net assets attributable to holders of redeemable shares 493,095,186 100.00%

Total assets comprised as follows: % of Total AssetsTransferable securities and money market instruments admitted to an officialstock exchange listing 98.51%Transferable securities and money market instruments traded on other regulatedmarket 0.00%

OTC financial derivative instruments 0.01%

Financial derivatives instruments dealt in on a regulated market 0.00%

Deposits 0.00%

Other current assets 1.48%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulatedmarket.The counterparty for foreign exchange forwards contracts is Citigroup.The counterparty for futures contract is Goldman Sachs International.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Debt Fund

439

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Corporate Bonds - 2.12% (2017 - 0.00%)

Colombia

52,111,500,000 Colombian TES 7.000 04/05/2022 15,257,677 1.29%

15,257,677 1.29%

Romania

15,550,000 Romania Government Bond 3.250 22/03/2021 3,386,359 0.29%

3,386,359 0.29%

Russia

525,000,000 Russian Federal Bond - OFZ 7.000 15/12/2021 6,456,684 0.54%

6,456,684 0.54%

Total Corporate Bonds 25,100,720 2.12%

Government Security - 97.42% (2017 - 99.77%)

Argentina

115,000,000 Argentine Bonos del Tesoro 18.200 03/10/2021 2,172,986 0.18%

94,520,000 Argentine Bonos del Tesoro 16.000 17/10/2023 1,940,093 0.16%

156,000,000 Argentine Bonos del Tesoro 15.500 17/10/2026 2,930,400 0.25%

7,043,479 0.59%

Brazil

31,690 Brazil Letras do Tesouro Nacional 0.000 01/01/2019 7,150,834 0.60%

36,100 Brazil Letras do Tesouro Nacional 0.000 01/04/2019 8,027,045 0.68%

16,000 Brazil Letras do Tesouro Nacional 0.000 01/07/2019 3,504,235 0.30%

30,420 Brazil Letras do Tesouro Nacional 0.000 01/01/2020 6,443,596 0.54%

24,000 Brazil Letras do Tesouro Nacional 0.000 01/04/2020 4,991,156 0.42%

91,750 Brazil Letras do Tesouro Nacional 0.000 01/07/2020 18,726,661 1.58%

34,000 Brazil Letras do Tesouro Nacional 0.000 01/07/2021 6,362,497 0.54%

21,800 Brazil Letras do Tesouro Nacional 0.000 01/01/2022 3,893,493 0.33%

17,000 Brazil Letras do Tesouro Nacional 0.000 01/07/2022 2,896,927 0.24%

42,425 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2021 10,492,759 0.88%

81,150 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2023 20,108,571 1.70%

54,205 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2025 13,375,455 1.13%

35,300 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2027 8,729,638 0.74%

9,000 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2029 2,233,406 0.19%

1,900,000 Brazilian Government International Bond 12.500 05/01/2022 509,450 0.04%

1,500,000 Brazilian Government International Bond 8.500 05/01/2024 354,451 0.03%

3,080,000 Brazilian Government International Bond 10.250 10/01/2028 806,778 0.07%

118,606,952 10.01%

Chile

1,400,000,000 Bonos de la Tesoreria de la Republica en pesos 4.500 28/02/2021 1,826,318 0.15%

4,560,000,000 Bonos de la Tesoreria de la Republica en pesos 4.500 01/03/2021 5,949,028 0.50%

1,500,000,000 Bonos de la Tesoreria de la Republica en pesos 4.000 01/03/2023 1,922,221 0.16%

5,890,000,000 Bonos de la Tesoreria de la Republica en pesos 4.500 01/03/2026 7,686,392 0.65%

1,500,000,000 Bonos de la Tesoreria de la Republica en pesos 4.700 01/09/2030 1,970,753 0.17%

6,295,000,000 Bonos de la Tesoreria de la Republica en pesos 5.000 01/03/2035 8,444,453 0.71%

4,770,000,000 Bonos de la Tesoreria de la Republica en pesos 6.000 01/01/2043 7,285,203 0.62%

650,000,000 Chile Government International Bond 5.500 05/08/2020 860,087 0.07%

35,944,455 3.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Debt Fund (continued)

440

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Government Security - 97.42% (2017 - 99.77%) (continued)

Colombia

4,700,000,000 Colombia Government International Bond 7.750 14/04/2021 1,388,651 0.12%

14,900,000,000 Colombia Government International Bond 4.375 21/03/2023 3,944,964 0.33%

800,000,000 Colombia Government International Bond 9.850 28/06/2027 274,700 0.02%

13,575,000,000 Colombian TES 11.000 24/07/2020 4,148,947 0.35%

30,175,000,000 Colombian TES 10.000 24/07/2024 9,934,515 0.84%

26,500,000,000 Colombian TES 6.250 26/11/2025 7,105,850 0.60%

47,655,900,000 Colombian TES 7.500 26/08/2026 13,881,116 1.17%

49,196,200,000 Colombian TES 6.000 28/04/2028 13,128,232 1.11%

24,439,400,000 Colombian TES 7.750 18/09/2030 7,142,571 0.60%

31,550,000,000 Colombian TES 7.000 30/06/2032 8,698,035 0.74%

69,647,581 5.88%

Czech Republic

61,000,000 Czech Republic Government Bond 0.000 10/02/2020 2,327,487 0.19%

121,000,000 Czech Republic Government Bond 3.750 12/09/2020 4,937,693 0.42%

126,000,000 Czech Republic Government Bond 3.850 29/09/2021 5,251,795 0.44%

99,500,000 Czech Republic Government Bond 4.700 12/09/2022 4,345,862 0.37%

84,000,000 Czech Republic Government Bond 0.450 25/10/2023 3,075,592 0.26%

118,000,000 Czech Republic Government Bond 5.700 25/05/2024 5,740,484 0.48%

143,000,000 Czech Republic Government Bond 2.400 17/09/2025 5,786,333 0.49%

109,000,000 Czech Republic Government Bond 1.000 26/06/2026 4,002,910 0.34%

75,000,000 Czech Republic Government Bond 0.250 10/02/2027 2,570,906 0.22%

159,000,000 Czech Republic Government Bond 2.500 25/08/2028 6,580,675 0.55%

106,500,000 Czech Republic Government Bond 0.950 15/05/2030 3,662,986 0.31%

48,282,723 4.07%

Dominican Republic

50,000,000 Dominican Republic International Bond 8.900 15/02/2023 889,422 0.08%

889,422 0.08%

Hungary

1,063,760,000 Hungary Government Bond 3.500 24/06/2020 3,519,295 0.30%

715,000,000 Hungary Government Bond 1.000 23/09/2020 2,252,081 0.19%

1,175,000,000 Hungary Government Bond 7.500 12/11/2020 4,169,194 0.35%

1,000,000,000 Hungary Government Bond 0.500 21/04/2021 3,080,425 0.26%

1,050,280,000 Hungary Government Bond 2.500 27/10/2021 3,409,671 0.29%

1,578,300,000 Hungary Government Bond 7.000 24/06/2022 5,991,430 0.51%

1,825,000,000 Hungary Government Bond 1.750 26/10/2022 5,731,821 0.48%

1,654,770,000 Hungary Government Bond 6.000 24/11/2023 6,221,318 0.52%

1,405,800,000 Hungary Government Bond 3.000 26/06/2024 4,621,922 0.39%

1,929,930,000 Hungary Government Bond 5.500 24/06/2025 7,239,197 0.61%

800,000,000 Hungary Government Bond 2.750 22/12/2026 2,462,209 0.21%

1,850,000,000 Hungary Government Bond 3.000 27/10/2027 5,797,281 0.49%

525,000,000 Hungary Government Bond 6.750 22/10/2028 2,162,684 0.18%

56,658,528 4.78%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Debt Fund (continued)

441

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Government Security - 97.42% (2017 - 99.77%) (continued)

Indonesia

5,166,000,000 Indonesia Treasury Bond 11.000 15/11/2020 339,077 0.03%

98,237,000,000 Indonesia Treasury Bond 8.250 15/07/2021 6,287,819 0.53%

151,180,000,000 Indonesia Treasury Bond 7.000 15/05/2022 9,073,076 0.76%

156,863,000,000 Indonesia Treasury Bond 5.625 15/05/2023 8,863,239 0.75%

149,900,000,000 Indonesia Treasury Bond 8.375 15/03/2024 9,462,979 0.80%

10,800,000,000 Indonesia Treasury Bond 11.000 15/09/2025 776,893 0.06%

87,400,000,000 Indonesia Treasury Bond 8.375 15/09/2026 5,524,086 0.47%

181,050,000,000 Indonesia Treasury Bond 7.000 15/05/2027 10,395,699 0.88%

197,250,000,000 Indonesia Treasury Bond 6.125 15/05/2028 10,644,915 0.90%

65,500,000,000 Indonesia Treasury Bond 9.000 15/03/2029 4,318,723 0.36%

3,000,000,000 Indonesia Treasury Bond 10.500 15/08/2030 220,080 0.02%

86,870,000,000 Indonesia Treasury Bond 8.750 15/05/2031 5,554,604 0.47%

10,170,000,000 Indonesia Treasury Bond 9.500 15/07/2031 703,873 0.06%

42,942,000,000 Indonesia Treasury Bond 8.250 15/06/2032 2,606,018 0.22%

65,000,000,000 Indonesia Treasury Bond 7.500 15/08/2032 3,811,233 0.32%

154,700,000,000 Indonesia Treasury Bond 6.625 15/05/2033 8,263,338 0.70%

96,000,000,000 Indonesia Treasury Bond 8.375 15/03/2034 6,019,739 0.51%

92,400,000,000 Indonesia Treasury Bond 8.250 15/05/2036 5,609,534 0.47%

86,000,000,000 Indonesia Treasury Bond 7.500 15/05/2038 4,839,338 0.41%

56,300,000,000 Perusahaan Penerbit SBSN Indonesia 8.250 15/09/2020 3,564,862 0.30%

20,000,000,000 Perusahaan Penerbit SBSN Indonesia 8.750 15/08/2023 1,283,528 0.11%

31,000,000,000 Perusahaan Penerbit SBSN Indonesia 8.875 15/11/2031 1,918,134 0.16%

110,080,787 9.29%

Malaysia

19,429,000 Malaysia Government Bond 3.492 31/03/2020 4,147,525 0.35%

22,000,000 Malaysia Government Bond 3.659 15/10/2020 4,703,989 0.40%

21,068,000 Malaysia Government Bond 4.160 15/07/2021 4,602,887 0.39%

14,300,000 Malaysia Government Bond 3.620 30/11/2021 3,037,441 0.25%

7,000,000 Malaysia Government Bond 3.757 20/04/2023 1,492,428 0.12%

16,900,000 Malaysia Government Bond 3.800 17/08/2023 3,618,718 0.30%

19,438,000 Malaysia Government Bond 4.181 15/07/2024 4,239,586 0.36%

17,050,000 Malaysia Government Bond 4.059 30/09/2024 3,660,637 0.31%

21,000,000 Malaysia Government Bond 3.955 15/09/2025 4,481,298 0.38%

16,600,000 Malaysia Government Bond 3.900 30/11/2026 3,471,187 0.29%

23,200,000 Malaysia Government Bond 3.899 16/11/2027 4,841,510 0.41%

16,000,000 Malaysia Government Bond 3.733 15/06/2028 3,302,543 0.28%

21,400,000 Malaysia Government Bond 4.762 07/04/2037 4,639,253 0.39%

9,600,000 Malaysia Government Investment Issue 3.226 15/04/2020 2,038,964 0.17%

20,700,000 Malaysia Government Investment Issue 3.948 14/04/2022 4,445,173 0.38%

12,000,000 Malaysia Government Investment Issue 4.094 30/11/2023 2,577,488 0.22%

19,000,000 Malaysia Government Investment Issue 4.258 26/07/2027 4,111,569 0.35%

12,000,000 Malaysia Government Investment Issue 4.369 31/10/2028 2,585,046 0.22%

65,997,242 5.57%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Debt Fund (continued)

442

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Government Security - 97.42% (2017 - 99.77%) (continued)

Mexico

2,986,000 Mexican Bonos 8.000 11/06/2020 13,232,105 1.12%

2,992,000 Mexican Bonos 6.500 10/06/2021 12,748,995 1.07%

1,230,000 Mexican Bonos 7.250 09/12/2021 5,305,452 0.45%

2,824,200 Mexican Bonos 6.500 09/06/2022 11,842,732 1.00%

2,168,200 Mexican Bonos 8.000 07/12/2023 9,456,337 0.80%

2,746,400 Mexican Bonos 10.000 05/12/2024 13,048,592 1.10%

1,686,800 Mexican Bonos 5.750 05/03/2026 6,472,962 0.55%

3,109,200 Mexican Bonos 7.500 03/06/2027 12,913,526 1.09%

1,152,900 Mexican Bonos 8.500 31/05/2029 5,070,218 0.43%

1,521,800 Mexican Bonos 7.750 29/05/2031 6,281,293 0.53%

1,156,400 Mexican Bonos 7.750 23/11/2034 4,692,001 0.39%

994,800 Mexican Bonos 10.000 20/11/2036 4,896,278 0.41%

1,345,700 Mexican Bonos 8.500 18/11/2038 5,788,236 0.49%

1,989,200 Mexican Bonos 7.750 13/11/2042 7,853,647 0.66%

990,000 Mexican Bonos 8.000 07/11/2047 4,001,631 0.34%

123,604,005 10.43%

Peru

6,908 Peru Government Bond 7.840 12/08/2020 1,973,650 0.17%

19,250 Peru Government Bond 5.700 12/08/2024 5,274,852 0.44%

20,420 Peru Government Bond 8.200 12/08/2026 6,380,270 0.54%

23,100 Peru Government Bond 6.350 12/08/2028 6,431,628 0.54%

21,978 Peru Government Bond 6.950 12/08/2031 6,394,767 0.54%

19,500 Peru Government Bond 6.150 12/08/2032 5,270,496 0.44%

13,810 Peru Government Bond 6.900 12/08/2037 3,957,769 0.33%

35,683,432 3.00%

Philippines

100,000,000 Philippine Government International Bond 4.950 15/01/2021 1,674,208 0.14%

39,000,000 Philippine Government International Bond 3.900 26/11/2022 605,510 0.05%

71,000,000 Philippine Government International Bond 6.250 14/01/2036 1,191,971 0.10%

3,471,689 0.29%

Poland

35,750,000 Poland Government Bond 1.500 25/04/2020 8,441,304 0.71%

19,800,000 Poland Government Bond 0.000 25/07/2020 4,519,007 0.38%

20,110,000 Poland Government Bond 5.250 25/10/2020 5,053,755 0.43%

34,260,000 Poland Government Bond 2.000 25/04/2021 8,168,260 0.69%

36,300,000 Poland Government Bond 1.750 25/07/2021 8,543,693 0.72%

19,250,000 Poland Government Bond 5.750 25/10/2021 5,024,630 0.42%

34,610,000 Poland Government Bond 2.250 25/04/2022 8,291,699 0.70%

27,240,000 Poland Government Bond 5.750 23/09/2022 7,310,876 0.62%

42,000,000 Poland Government Bond 2.500 25/01/2023 10,199,340 0.86%

32,450,000 Poland Government Bond 4.000 25/10/2023 8,254,647 0.70%

36,900,000 Poland Government Bond 3.250 25/07/2025 9,119,119 0.77%

45,260,000 Poland Government Bond 2.500 25/07/2026 10,566,837 0.89%

41,100,000 Poland Government Bond 2.500 25/07/2027 9,520,476 0.80%

20,500,000 Poland Government Bond 2.750 25/04/2028 4,837,182 0.41%

4,000,000 Republic of Poland Government Bond 2.500 25/04/2024 957,707 0.08%

108,808,532 9.18%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Debt Fund (continued)

443

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Government Security - 97.42% (2017 - 99.77%) (continued)

Romania

13,950,000 Romania Government Bond 2.250 26/02/2020 3,009,570 0.25%

16,400,000 Romania Government Bond 5.750 29/04/2020 3,754,933 0.32%

14,950,000 Romania Government Bond 5.950 11/06/2021 3,467,016 0.29%

8,000,000 Romania Government Bond 4.000 27/10/2021 1,727,924 0.14%

15,500,000 Romania Government Bond 3.400 08/03/2022 3,355,729 0.28%

15,000,000 Romania Government Bond 3.500 19/12/2022 3,154,376 0.27%

16,010,000 Romania Government Bond 5.850 26/04/2023 3,788,163 0.32%

8,000,000 Romania Government Bond 4.250 28/06/2023 1,749,250 0.15%

14,200,000 Romania Government Bond 3.250 29/04/2024 2,960,621 0.25%

14,000,000 Romania Government Bond 4.750 24/02/2025 3,188,901 0.27%

16,820,000 Romania Government Bond 5.800 26/07/2027 4,009,299 0.34%

34,165,782 2.88%

Russia

351,140,000 Russian Federal Bond - OFZ 6.400 27/05/2020 4,380,400 0.37%

207,000,000 Russian Federal Bond - OFZ 7.600 14/04/2021 2,637,960 0.22%

444,580,000 Russian Federal Bond - OFZ 7.500 18/08/2021 5,698,147 0.48%

215,080,000 Russian Federal Bond - OFZ 7.600 20/07/2022 2,768,025 0.23%

531,000,000 Russian Federal Bond - OFZ 7.400 07/12/2022 6,561,579 0.55%

197,500,000 Russian Federal Bond - OFZ 7.000 25/01/2023 2,463,434 0.21%

385,875,000 Russian Federal Bond - OFZ 7.000 16/08/2023 4,759,394 0.40%

285,000,000 Russian Federal Bond - OFZ 6.500 28/02/2024 3,395,569 0.29%

563,000,000 Russian Federal Bond - OFZ 7.100 16/10/2024 6,792,162 0.57%

540,000,000 Russian Federal Bond - OFZ 7.750 16/09/2026 6,665,485 0.56%

554,000,000 Russian Federal Bond - OFZ 8.150 03/02/2027 7,047,453 0.60%

517,200,000 Russian Federal Bond - OFZ 7.050 19/01/2028 6,116,563 0.52%

180,000,000 Russian Federal Bond - OFZ 6.900 23/05/2029 2,023,317 0.17%

370,000,000 Russian Federal Bond - OFZ 8.500 17/09/2031 4,736,700 0.40%

573,000,000 Russian Federal Bond - OFZ 7.700 23/03/2033 6,845,436 0.58%

160,000,000 Russian Federal Bond - OFZ 7.250 10/05/2034 1,808,268 0.15%

74,699,892 6.30%

South Africa

29,950,000 South Africa Government Bond 7.250 15/01/2020 1,905,251 0.16%

60,600,000 South Africa Government Bond 6.750 31/03/2021 3,729,232 0.32%

82,700,000 South Africa Government Bond 7.750 28/02/2023 5,101,882 0.43%

255,000,000 South Africa Government Bond 10.500 21/12/2026 16,967,661 1.43%

141,503,000 South Africa Government Bond 8.000 31/01/2030 8,080,260 0.68%

134,155,000 South Africa Government Bond 7.000 28/02/2031 6,902,523 0.58%

109,680,000 South Africa Government Bond 8.250 31/03/2032 6,138,211 0.52%

103,300,000 South Africa Government Bond 8.875 28/02/2035 6,018,608 0.51%

112,005,000 South Africa Government Bond 6.250 31/03/2036 4,966,224 0.42%

130,000,000 South Africa Government Bond 8.500 31/01/2037 7,303,036 0.62%

96,500,000 South Africa Government Bond 9.000 31/01/2040 5,623,224 0.47%

98,360,000 South Africa Government Bond 6.500 28/02/2041 4,310,094 0.36%

148,900,000 South Africa Government Bond 8.750 31/01/2044 8,405,527 0.71%

239,000,000 South Africa Government Bond 8.750 28/02/2048 13,372,149 1.13%

98,823,882 8.34%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Debt Fund (continued)

444

Holdings InvestmentCouponRate%

MaturityDate Value EUR

% of NetAssets

Transferable Securities

Government Security - 97.42% (2017 - 99.77%) (continued)

Thailand

166,510,000 Thailand Government Bond 2.550 26/06/2020 4,526,426 0.38%

441,000,000 Thailand Government Bond 3.650 17/12/2021 12,457,949 1.05%

275,000,000 Thailand Government Bond 1.875 17/06/2022 7,356,254 0.62%

295,000,000 Thailand Government Bond 2.000 17/12/2022 7,907,930 0.67%

240,500,000 Thailand Government Bond 3.625 16/06/2023 6,884,561 0.58%

105,000,000 Thailand Government Bond 2.400 17/12/2023 2,855,534 0.24%

281,000,000 Thailand Government Bond 3.850 12/12/2025 8,283,200 0.70%

322,000,000 Thailand Government Bond 2.125 17/12/2026 8,467,360 0.71%

85,000,000 Thailand Government Bond 2.875 17/12/2028 2,360,451 0.20%

324,000,000 Thailand Government Bond 4.875 22/06/2029 10,448,675 0.88%

266,000,000 Thailand Government Bond 3.650 20/06/2031 7,822,678 0.66%

230,000,000 Thailand Government Bond 3.775 25/06/2032 6,821,429 0.58%

314,000,000 Thailand Government Bond 3.400 17/06/2036 8,926,986 0.75%

139,000,000 Thailand Government Bond 2.875 17/06/2046 3,550,951 0.30%

98,670,384 8.32%

Turkey

17,990,000 Turkey Government Bond 10.500 15/01/2020 2,830,951 0.24%

19,500,000 Turkey Government Bond 7.400 05/02/2020 2,920,763 0.25%

23,500,000 Turkey Government Bond 9.400 08/07/2020 3,563,003 0.30%

29,520,000 Turkey Government Bond 10.700 17/02/2021 4,385,206 0.37%

25,000,000 Turkey Government Bond 9.200 22/09/2021 3,468,318 0.29%

15,962,000 Turkey Government Bond 9.500 12/01/2022 2,239,408 0.19%

30,000,000 Turkey Government Bond 11.000 02/03/2022 4,330,015 0.37%

24,300,000 Turkey Government Bond 10.700 17/08/2022 3,409,986 0.29%

15,494,000 Turkey Government Bond 8.500 14/09/2022 2,024,148 0.17%

25,500,000 Turkey Government Bond 12.200 18/01/2023 3,807,919 0.32%

25,538,000 Turkey Government Bond 7.100 08/03/2023 3,071,372 0.26%

12,500,000 Turkey Government Bond 16.200 14/06/2023 2,010,879 0.17%

18,499,000 Turkey Government Bond 8.800 27/09/2023 2,316,254 0.20%

11,071,000 Turkey Government Bond 10.400 20/03/2024 1,483,401 0.12%

20,490,000 Turkey Government Bond 9.000 24/07/2024 2,602,682 0.22%24,000,000 Turkey Government Bond 8.000 12/03/2025 2,812,123 0.24%29,920,000 Turkey Government Bond 10.600 11/02/2026 4,024,671 0.34%25,600,000 Turkey Government Bond 11.000 24/02/2027 3,415,014 0.29%31,500,000 Turkey Government Bond 10.500 11/08/2027 4,079,955 0.34%17,000,000 Turkey Government Bond 12.400 08/03/2028 2,431,959 0.20%

61,228,027 5.17%

Uruguay51,000,000 Uruguay Government International Bond 9.875 20/06/2022 1,368,061 0.12%47,000,000 Uruguay Government International Bond 8.500 15/03/2028 1,115,911 0.09%

2,483,972 0.21%

Total Government Security 1,154,790,766 97.42%Investment in transferable securities at fairvalue through profit or loss 1,179,891,486 99.54%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Debt Fund (continued)

445

Investment Value EUR% of Net

AssetsOTC Financial Derivatives InstrumentsForward Exchange Contracts 0.00% (2017 - Nil%)Buy EUR 4,739,893 Sell MXN 106,737,185 04/01/2019 1,471 0.00%Financial derivatives instruments at fairvalue through profit or loss 1,471 0.00%

OTC Financial Derivatives InstrumentsForward Exchange Contracts (0.00%) (2017 - (0.00%))Buy EUR 2,039,557 Sell TRY 12,442,473 04/01/2019 (1,492) 0.00%Buy PEN 8,076,746 Sell EUR 2,095,135 04/01/2019 (4,602) 0.00%Buy PLN 6,105,480 Sell EUR 1,421,956 04/01/2019 (540) 0.00%Buy RUB 182,159,578 Sell EUR 2,298,742 09/01/2019 (4,428) 0.00%Buy ZAR 16,990,646 Sell EUR 1,032,694 07/01/2019 (846) 0.00%Financial derivatives instruments at fairvalue through profit or loss (11,908) (0.00%)

Total investments at fair value through profit or loss 1,179,881,049 99.54%Deposits with credit institutions 6,166,359 0.52%Net current liabilities (668,617) (0.06%)

Net assets attributable to holders of redeemable shares 1,185,378,791 100.00%

Total assets comprised as follows: % of Total AssetsTransferable securities and money market instruments admitted to anofficial stock exchange listing 99.48%Transferable securities and money market instruments traded on otherregulated market 0.00%OTC financial derivative instruments 0.00%Financial derivatives instruments dealt in on a regulated market 0.00%Deposits 0.00%Other current assets 0.52%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulatedmarket.The counterparty for foreign exchange forwards contracts is Citigroup.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund

446

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - AUD - 2.35% (2017 - 2.79%)

Banks

9,825 Australia & New Zealand Banking Group Ltd 147,999 0.19%

4,586 Commonwealth Bank of Australia 204,448 0.26%

1,184 Macquarie Group Ltd 79,223 0.10%

8,817 National Australia Bank Ltd 130,697 0.16%

9,549 Westpac Banking Corp 147,252 0.19%

Biotechnology

359 CSL Ltd 40,937 0.05%

Commercial Services

3,487 Brambles Ltd 21,797 0.03%

2,615 Transurban Group 18,761 0.02%

Electric

1,658 AGL Energy Ltd 21,034 0.03%

6,260 Origin Energy Ltd 24,943 0.03%

Engineering & Construction

3,502 LendLease Group 25,082 0.03%

Food

3,682 Coles Group Ltd 26,621 0.03%

3,682 Wesfarmers Ltd 73,060 0.09%

4,650 Woolworths Group Ltd 84,249 0.11%

Insurance

11,283 AMP Ltd 17,024 0.02%

6,999 Insurance Australia Group Ltd 30,172 0.04%

8,006 QBE Insurance Group Ltd 49,797 0.06%

6,577 Suncorp Group Ltd 51,156 0.06%

Iron/Steel

6,444 Fortescue Metals Group Ltd 16,628 0.02%

Mining

12,876 BHP Billiton Ltd 271,430 0.34%

1,021 Rio Tinto Ltd 49,340 0.06%

Miscellaneous Manufacturing

1,341 Orica Ltd 14,246 0.02%

Oil & Gas

1,045 Caltex Australia Ltd 16,398 0.02%

4,508 Woodside Petroleum Ltd 86,951 0.11%

Packaging & Containers

2,964 Amcor Ltd/Australia 24,186 0.03%

REITS

3,151 Goodman Group 20,628 0.03%

16,945 Mirvac Group 23,375 0.03%

15,075 Scentre Group 36,207 0.05%

12,103 Stockland 26,236 0.03%

1,652 Unibail-Rodamco-Westfield 10,886 0.01%

Software

23,781 OneMarket Ltd 8,348 0.01%

Telecommunications

33,497 Telstra Corp Ltd 58,792 0.07%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

447

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - AUD - 2.35% (2017 - 2.79%) (continued)

Transportation

5,872 Aurizon Holdings Ltd 15,477 0.02%

Equities - CAD - 3.50% (2017 - 3.40%)

Auto Parts & Equipment

1,767 Magna International Inc 70,134 0.09%

Banks

2,554 Bank of Montreal 145,897 0.18%

4,495 Bank of Nova Scotia/The 195,915 0.25%

1,490 Canadian Imperial Bank of Commerce 97,036 0.12%

1,060 National Bank of Canada 38,053 0.05%

4,468 Royal Bank of Canada 267,397 0.34%

5,473 Toronto-Dominion Bank/The 237,875 0.30%

Computers

538 CGI Group Inc 28,773 0.04%

Electric

1,180 Fortis Inc/Canada 34,395 0.04%

Engineering & Construction

360 SNC-Lavalin Group Inc 10,588 0.01%

Food

599 George Weston Ltd 34,548 0.04%

786 Loblaw Cos Ltd 30,764 0.04%

749 Metro Inc 22,710 0.03%

Insurance

82 Fairfax Financial Holdings Ltd 31,563 0.04%

1,228 Great-West Lifeco Inc 22,164 0.03%

281 Intact Financial Corp 17,852 0.02%

8,615 Manulife Financial Corp 106,880 0.13%

2,148 Power Corp of Canada 33,748 0.04%

1,273 Power Financial Corp 21,060 0.03%

2,463 Sun Life Financial Inc 71,446 0.09%

Media

1,989 Shaw Communications Inc 31,479 0.04%

1,019 Thomson Reuters Corp 43,030 0.05%

Mining

3,827 Barrick Gold Corp 45,175 0.06%

2,569 First Quantum Minerals Ltd 18,165 0.02%

1,794 Teck Resources Ltd 33,770 0.04%

Oil & Gas

4,137 Canadian Natural Resources Ltd 87,281 0.11%

10,214 Cenovus Energy Inc 62,803 0.08%

6,133 Crescent Point Energy Corp 16,262 0.02%

2,039 Encana Corp 10,291 0.01%

3,308 Husky Energy Inc 29,895 0.04%

965 Imperial Oil Ltd 21,379 0.03%

6,020 Suncor Energy Inc 147,019 0.19%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

448

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - CAD - 3.50% (2017 - 3.40%) (continued)

Pharmaceuticals

2,876 Bausch Health Cos Inc 46,511 0.06%

Pipelines

3,743 Enbridge Inc 101,671 0.13%

1,342 Inter Pipeline Ltd 16,623 0.02%

1,520 Pembina Pipeline Corp 39,438 0.05%

2,236 TransCanada Corp 69,816 0.09%

Private Equity

2,525 Brookfield Asset Management Inc 84,613 0.11%

497 Onex Corp 23,667 0.03%

REITS

1,447 H&R Real Estate Investment Trust 19,138 0.02%

2,169 RioCan Real Estate Investment Trust 33,063 0.04%

Retail

1,167 Alimentation Couche-Tard Inc 50,759 0.06%

177 Canadian Tire Corp Ltd 16,182 0.02%

Telecommunications

1,014 BCE Inc 35,025 0.04%

1,284 Rogers Communications Inc 57,534 0.07%

848 TELUS Corp 24,577 0.03%

Transportation

1,117 Canadian National Railway Co 72,336 0.09%

182 Canadian Pacific Railway Ltd 28,238 0.04%

Equities - CHF - 3.06% (2017 - 2.97%)

Banks

10,111 Credit Suisse Group AG 96,901 0.12%

11,350 UBS Group AG 123,228 0.16%

Building Materials

1,002 LafargeHolcim Ltd 36,011 0.05%

Chemicals

18 Givaudan SA 36,354 0.05%

Commercial Services

626 Adecco Group AG 25,514 0.03%

11 SGS SA 21,572 0.03%

Diversified Financial Services

266 Julius Baer Group Ltd 8,264 0.01%

Food

7,704 Nestle SA 545,541 0.69%

Insurance

163 Baloise Holding AG 19,585 0.02%

146 Swiss Life Holding AG 49,050 0.06%

2,093 Swiss Re AG 167,378 0.21%

876 Zurich Insurance Group AG 227,839 0.29%

Machinery - Construction & Mining

5,472 ABB Ltd 90,778 0.11%

Oil & Gas

3,458 Transocean Ltd 21,664 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

449

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - CHF - 3.06% (2017 - 2.97%) (continued)

Pharmaceuticals

5,540 Novartis AG 413,146 0.52%

1,785 Roche Holding AG 385,161 0.49%

Retail

1,195 Cie Financiere Richemont SA 66,806 0.08%

107 Swatch Group AG/The 27,222 0.03%

Telecommunications

86 Swisscom AG 35,845 0.05%

Transportation

178 Kuehne + Nagel International AG 19,957 0.03%

Equities - DKK - 0.31% (2017 - 0.45%)

Banks

1,554 Danske Bank A/S 26,842 0.03%

Beverages

269 Carlsberg A/S 24,966 0.03%

Commercial Services

741 ISS A/S 18,077 0.02%

Energy-Alternate Sources

514 Vestas Wind Systems A/S 33,895 0.04%

Pharmaceuticals

2,612 Novo Nordisk A/S 104,271 0.13%

Transportation

50 AP Moller - Maersk A/S 53,149 0.06%

Equities - EUR - 15.73% (2017 - 18.58%)

Advertising

537 Publicis Groupe SA 26,893 0.03%

Aerospace/Defense

1,074 Airbus SE 90,173 0.11%

3,176 Leonardo SpA 24,385 0.03%

567 Safran SA 59,762 0.08%

235 Thales SA 23,970 0.03%

Airlines

2,440 Air France-KLM 23,131 0.03%

1,458 Deutsche Lufthansa AG 28,723 0.04%

Apparel

325 adidas AG 59,280 0.07%

83 Kering SA 34,163 0.04%

370 LVMH Moet Hennessy Louis Vuitton SE 95,534 0.12%

Auto Manufacturers

2,545 Bayerische Motoren Werke AG 178,280 0.22%

5,780 Daimler AG 265,360 0.33%

8,845 Fiat Chrysler Automobiles NV 112,172 0.14%

2,593 Peugeot SA 48,346 0.06%

389 Porsche Automobil Holding SE 20,088 0.03%

1,049 Renault SA 57,223 0.07%

1,544 Volkswagen AG 214,525 0.27%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

450

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 15.73% (2017 - 18.58%) (continued)

Auto Parts & Equipment

663 Cie Generale des Etablissements Michelin SCA 57,482 0.07%

244 Continental AG 29,463 0.04%

668 Valeo SA 17,041 0.02%

Banks

1,281 ABN AMRO Group NV 26,312 0.03%

30,889 Banco Bilbao Vizcaya Argentaria SA 143,186 0.18%

11,159 Banco BPM SpA 21,961 0.03%

34,807 Banco de Sabadell SA 34,824 0.04%

107,309 Banco Santander SA 426,339 0.54%

4,521 Bank of Ireland Group PLC 21,972 0.03%

3,002 Bankia SA 7,685 0.01%

5,511 BNP Paribas SA 217,547 0.27%

11,159 CaixaBank SA 35,307 0.04%

6,342 Commerzbank AG 36,676 0.05%

6,123 Credit Agricole SA 57,740 0.07%

14,614 Deutsche Bank AG 101,816 0.13%

1,126 Erste Group Bank AG 32,710 0.04%

15,772 ING Groep NV 148,415 0.19%

65,162 Intesa Sanpaolo SpA 126,401 0.16%

736 KBC Group NV 41,716 0.05%

3,297 Mediobanca Banca di Credito Finanziario SpA 24,319 0.03%

4,342 Natixis SA 17,885 0.02%

5,471 Societe Generale SA 152,203 0.19%

12,069 UniCredit SpA 119,411 0.15%

7,247 Unione di Banche Italiane SpA 18,357 0.02%

Beverages

1,653 Anheuser-Busch InBev SA/NV 95,378 0.12%

143 Heineken Holding NV 10,546 0.01%

618 Heineken NV 47,710 0.06%

396 Pernod Ricard SA 56,747 0.07%

Building Materials

2,983 Cie de Saint-Gobain 86,999 0.11%

431 HeidelbergCement AG 23,007 0.03%

631 LafargeHolcim Ltd 22,609 0.03%

Chemicals

932 Air Liquide SA 101,075 0.13%

690 Akzo Nobel NV 48,576 0.06%

347 Arkema SA 26,011 0.03%

3,519 BASF SE 212,548 0.27%

578 Brenntag AG 21,791 0.03%

193 Covestro AG 8,334 0.01%

755 Evonik Industries AG 16,459 0.02%

903 K+S AG 14,195 0.02%

444 Koninklijke DSM NV 31,719 0.04%

249 LANXESS AG 10,010 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

451

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 15.73% (2017 - 18.58%) (continued)

Chemicals (continued)

845 Linde PLC 117,075 0.15%

396 Solvay SA 34,579 0.04%

Commercial Services

1,608 Atlantia SpA 29,057 0.04%

349 Randstad NV 13,991 0.02%

1,550 RELX PLC 27,854 0.04%

Computers

258 Atos SE 18,442 0.02%

357 Capgemini SE 30,988 0.04%

Cosmetics/Personal Care

438 L'Oreal SA 88,126 0.11%

3,485 Unilever NV 165,259 0.21%

Distribution/Wholesale

3,187 Rexel SA 29,639 0.04%

Diversified Financial Services

415 Deutsche Boerse AG 43,554 0.05%

Electric

22,498 E.ON SE 194,090 0.24%

13,502 EDP - Energias de Portugal SA 41,168 0.05%

5,644 Electricite de France SA 77,887 0.10%

3,176 Endesa SA 63,933 0.08%

47,205 Enel SpA 238,102 0.30%

17,787 Engie SA 222,782 0.28%

1,906 Fortum OYJ 36,405 0.05%

24,277 Iberdrola SA 170,376 0.22%

1,195 Innogy SE 48,672 0.06%

1,817 Red Electrica Corp SA 35,422 0.04%

7,105 RWE AG 134,632 0.17%

2,875 Terna Rete Elettrica Nazionale SpA 14,240 0.02%

2,817 Uniper SE 63,664 0.08%

Electrical Components & Equipment

433 Legrand SA 21,347 0.03%

1,750 Schneider Electric SE 104,510 0.13%

Engineering & Construction

1,922 ACS Actividades de Construccion y Servicios SA 65,021 0.08%

1,042 Bouygues SA 32,656 0.04%

340 Eiffage SA 24,806 0.03%

1,926 Ferrovial SA 34,081 0.04%

1,586 Vinci SA 114,224 0.14%

Food

5,254 Carrefour SA 78,337 0.10%

1,255 Casino Guichard Perrachon SA 45,607 0.06%

1,341 Danone SA 82,485 0.10%

5,450 Koninklijke Ahold Delhaize NV 120,309 0.15%

1,726 METRO AG 23,120 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

452

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 15.73% (2017 - 18.58%) (continued)

Food Service

286 Sodexo SA 25,597 0.03%

Forest Products & Paper

1,544 Stora Enso OYJ 15,571 0.02%

1,808 UPM-Kymmene OYJ 40,047 0.05%

Gas

2,460 Gas Natural SDG SA 54,760 0.07%

11,547 Snam SpA 44,098 0.06%

Healthcare-Products

412 Essilor International Cie Generale d'Optique SA 45,505 0.06%

3,150 Koninklijke Philips NV 97,430 0.12%

Healthcare-Services

485 Fresenius Medical Care AG & Co KGaA 27,470 0.03%

1,169 Fresenius SE & Co KGaA 49,542 0.06%

Household Products/Wares

523 Henkel AG & Co KGaA 47,742 0.06%

Insurance

19,345 Aegon NV 78,908 0.10%

1,318 Ageas 51,797 0.07%

2,218 Allianz SE 388,461 0.49%

477 ASR Nederland NV 16,495 0.02%

10,270 Assicurazioni Generali SpA 149,942 0.19%

12,264 AXA SA 231,275 0.29%

1,213 CNP Assurances 22,465 0.03%

200 Hannover Rueck SE 23,540 0.03%

3,895 Mapfre SA 9,036 0.01%

1,024Muenchener Rueckversicherungs-Gesellschaft AG inMuenchen 195,123 0.25%

2,055 NN Group NV 71,514 0.09%

4,047 Poste Italiane SpA 28,264 0.04%

1,433 Sampo OYJ 55,042 0.07%

947 SCOR SE 37,312 0.05%

6,439 Unipol Gruppo SpA 22,652 0.03%

Iron/Steel

3,567 ArcelorMittal 64,705 0.08%

1,692 ThyssenKrupp AG 25,346 0.03%

303 voestalpine AG 7,908 0.01%

Leisure Time

1,129 TUI AG 13,887 0.02%

Machinery - Diversified

3,510 CNH Industrial NV 27,546 0.03%

700 Kone OYJ 29,148 0.04%

Media

1,276 Lagardere SCA 28,098 0.04%

955 ProSiebenSat.1 Media SE 14,850 0.02%

5,499 Vivendi SA 117,019 0.15%

614 Wolters Kluwer NV 31,719 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

453

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 15.73% (2017 - 18.58%) (continued)

Metal Fabricate/Hardware

1,512 Tenaris SA 14,273 0.02%

Miscellaneous Manufacturing

2,676 Siemens AG 260,589 0.33%

Oil & Gas

22,736 Eni SpA 312,575 0.39%

1,821 Galp Energia SGPS SA 25,121 0.03%

743 OMV AG 28,420 0.04%

19,912 Repsol SA 144,162 0.18%

13,667 TOTAL SA 631,142 0.80%

Oil & Gas Services

1,562 TechnipFMC PLC 27,569 0.03%

Pharmaceuticals

2,489 Bayer AG 150,734 0.19%

181 Merck KGaA 16,286 0.02%

4,628 Sanofi 350,154 0.44%

Real Estate

485 Deutsche Wohnen SE 19,400 0.02%

979 Vonovia SE 38,759 0.05%

REITS

484 Klepierre SA 13,049 0.02%

327 Unibail-Rodamco-Westfield 44,276 0.06%

Retail

2,037 Industria de Diseno Textil SA 45,527 0.06%

Semiconductors

224 ASML Holding NV 30,724 0.04%

697 Infineon Technologies AG 12,103 0.02%

Software

497 Amadeus IT Group SA 30,237 0.04%

1,445 SAP SE 125,614 0.16%

Telecommunications

18,012 Deutsche Telekom AG 266,938 0.34%

16,725 Koninklijke KPN NV 42,816 0.05%

20,641 Nokia OYJ 103,824 0.13%

13,330 Orange SA 188,686 0.24%

961 Proximus SADP 22,699 0.03%

2,222 SES SA 37,130 0.05%

143,336 Telecom Italia SpA 65,665 0.08%

38,275 Telefonica SA 280,900 0.35%

Transportation

3,594 Deutsche Post AG 85,933 0.11%

Water

2,253 Suez 25,977 0.03%

3,261 Veolia Environnement SA 58,551 0.07%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

454

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 9.47% (2017 - 10.28%)

Advertising

4,481 WPP PLC 42,265 0.05%

Aerospace/Defense

10,422 BAE Systems PLC 53,319 0.07%

262,730 Rolls-Royce Holdings PLC 51,978 0.07%

Agriculture

4,697 British American Tobacco PLC 130,825 0.16%

4,051 Imperial Brands PLC 107,281 0.14%

Airlines

3,953 International Consolidated Airlines Group SA 27,217 0.03%

Banks

109,178 Barclays PLC 183,088 0.23%

89,095 HSBC Holdings PLC 642,126 0.81%

286,262 Lloyds Banking Group PLC 165,365 0.21%

14,144 Royal Bank of Scotland Group PLC 34,148 0.04%

17,651 Standard Chartered PLC 119,820 0.15%

Beverages

4,758 Diageo PLC 148,162 0.19%

Biotechnology

1,732 Shire PLC 88,185 0.11%

Building Materials

3,138 CRH PLC 72,404 0.09%

Chemicals

879 Johnson Matthey PLC 27,411 0.03%

Commercial Services

1,334 Experian PLC 28,313 0.04%

6,163 G4S PLC 13,523 0.02%

1,705 RELX PLC 30,706 0.04%

Cosmetics/Personal Care

2,336 Unilever PLC 106,927 0.13%

Distribution/Wholesale

871 Bunzl PLC 22,989 0.03%

801 Ferguson PLC 44,772 0.06%

2,179 Inchcape PLC 13,389 0.02%

1,262 Travis Perkins PLC 15,044 0.02%

Diversified Financial Services

16,011 Quilter PLC 21,106 0.03%

8,183 Standard Life Aberdeen PLC 23,407 0.03%

Electric

7,617 SSE PLC 91,778 0.12%

Food

1,053 Associated British Foods PLC 23,968 0.03%

21,549 J Sainsbury PLC 63,621 0.08%

63,217 Tesco PLC 133,889 0.17%

21,956 Wm Morrison Supermarkets PLC 52,164 0.07%

Food Service

4,201 Compass Group PLC 77,227 0.10%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

455

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 9.47% (2017 - 10.28%) (continued)

Forest Products & Paper

1,233 Mondi PLC 22,439 0.03%

833 Smurfit Kappa Group PLC 19,322 0.02%

Gas

55,836 Centrica PLC 83,918 0.11%

21,551 National Grid PLC 183,487 0.23%

Healthcare-Products

1,645 Smith & Nephew PLC 26,831 0.03%

Home Builders

2,822 Barratt Developments PLC 14,551 0.02%

448 Berkeley Group Holdings PLC 17,365 0.02%

700 Persimmon PLC 15,052 0.02%

10,000 Taylor Wimpey PLC 15,180 0.02%

Household Products/Wares

1,361 Reckitt Benckiser Group PLC 91,176 0.11%

Insurance

25,391 Aviva PLC 106,223 0.13%

7,316 Direct Line Insurance Group PLC 25,977 0.03%

34,307 Legal & General Group PLC 88,293 0.11%

9,199 Prudential PLC 143,687 0.18%

5,673 RSA Insurance Group PLC 32,461 0.04%

Leisure Time

540 Carnival PLC 22,639 0.03%

510 TUI AG 6,395 0.01%

Lodging

368 InterContinental Hotels Group PLC 17,371 0.02%

294 Whitbread PLC 14,999 0.02%

Media

12,923 ITV PLC 17,976 0.02%

5,677 Pearson PLC 59,352 0.07%

Mining

3,109 Anglo American PLC 60,540 0.08%

8,785 BHP Group PLC 161,650 0.20%

63,260 Glencore PLC 205,340 0.26%

3,962 Rio Tinto PLC 164,647 0.21%

Miscellaneous Manufacturing

972 Smiths Group PLC 14,771 0.02%

Oil & Gas

121,711 BP PLC 672,508 0.85%

261 DCC PLC 17,403 0.02%

48,806 Royal Dutch Shell PLC 1,262,741 1.59%

Pharmaceuticals

3,843 AstraZeneca PLC 251,455 0.32%

20,351 GlaxoSmithKline PLC 338,105 0.43%

Private Equity

2,905 3i Group PLC 25,031 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

456

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 9.47% (2017 - 10.28%) (continued)

REITS

2,212 British Land Co PLC/The 13,140 0.02%

3,098 Land Securities Group PLC 27,764 0.04%

Retail

12,113 Kingfisher PLC 28,003 0.04%

16,465 Marks & Spencer Group PLC 45,346 0.06%

430 Next PLC 19,120 0.02%

Telecommunications

53,799 BT Group PLC 142,713 0.18%

169,931 Vodafone Group PLC 289,474 0.37%

Transportation

6,563 Royal Mail PLC 19,896 0.03%

Water

697 Severn Trent PLC 14,098 0.02%

3,464 United Utilities Group PLC 28,412 0.04%

Equities - HKD - 0.95% (2017 - 0.87%)

Banks

10,000 BOC Hong Kong Holdings Ltd 32,514 0.04%

1,700 Hang Seng Bank Ltd 33,392 0.04%

Diversified Financial Services

663 Hong Kong Exchanges & Clearing Ltd 16,786 0.02%

Electric

4,000 CLP Holdings Ltd 39,553 0.05%

Food

22,000 WH Group Ltd 14,822 0.02%

Gas

16,247 Hong Kong & China Gas Co Ltd 29,408 0.04%

Holding Companies - Diversified

8,920 CK Hutchison Holdings Ltd 74,947 0.09%

14,500 Swire Pacific Ltd 36,720 0.04%

13,000 Wharf Holdings Ltd/The 29,631 0.04%

Insurance

20,600 AIA Group Ltd 149,607 0.19%

Lodging

4,400 Sands China Ltd 16,862 0.02%

Real Estate

8,420 CK Asset Holdings Ltd 53,906 0.07%

3,237 Henderson Land Development Co Ltd 14,105 0.02%

32,033 New World Development Co Ltd 37,079 0.05%

6,000 Sun Hung Kai Properties Ltd 74,815 0.09%

6,000 Wharf Real Estate Investment Co Ltd 31,408 0.04%

REITS

5,000 Link REIT 44,301 0.06%

Transportation

5,549 MTR Corp Ltd 25,544 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

457

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - ILS - 0.16% (2017 - 0.11%)

Banks

4,943 Bank Hapoalim BM 27,367 0.03%

2,800 Bank Leumi Le-Israel BM 14,814 0.02%

Pharmaceuticals

6,458 Teva Pharmaceutical Industries Ltd 88,668 0.11%

Equities - JPY - 10.24% (2017 - 10.74%)

Advertising

600 Dentsu Inc 23,465 0.03%

Aerospace/Defense

900 IHI Corp 21,743 0.03%

1,400 Kawasaki Heavy Industries Ltd 26,254 0.03%

Agriculture

3,500 Japan Tobacco Inc 73,016 0.09%

Auto Manufacturers

7,800 Honda Motor Co Ltd 180,011 0.23%

1,900 Isuzu Motors Ltd 23,458 0.03%

5,200 Mazda Motor Corp 47,058 0.06%

14,200 Nissan Motor Co Ltd 99,667 0.13%

2,300 Subaru Corp 43,278 0.05%

1,000 Suzuki Motor Corp 44,387 0.06%

11,000 Toyota Motor Corp 561,837 0.71%

Auto Parts & Equipment

900 Aisin Seiki Co Ltd 27,412 0.03%

2,400 Bridgestone Corp 81,058 0.10%

1,700 Denso Corp 66,322 0.08%

4,900 Sumitomo Electric Industries Ltd 57,118 0.07%

900 Toyota Industries Corp 36,525 0.05%

Banks

4,200 Concordia Financial Group Ltd 14,132 0.02%

2,200 Japan Post Bank Co Ltd 21,225 0.03%

66,900 Mitsubishi UFJ Financial Group Inc 286,918 0.36%

159,700 Mizuho Financial Group Inc 216,845 0.27%

12,100 Resona Holdings Inc 51,006 0.06%

7,600 Sumitomo Mitsui Financial Group Inc 220,873 0.28%

2,000 Sumitomo Mitsui Trust Holdings Inc 64,136 0.08%

Beverages

1,100 Asahi Group Holdings Ltd 37,441 0.05%

2,400 Kirin Holdings Co Ltd 43,983 0.06%

Building Materials

900 AGC Inc/Japan 24,613 0.03%

500 Daikin Industries Ltd 46,623 0.06%

1,000 LIXIL Group Corp 10,859 0.01%

600 Taiheiyo Cement Corp 16,241 0.02%

Chemicals

3,600 Asahi Kasei Corp 32,435 0.04%

1,800 Kuraray Co Ltd 22,245 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

458

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 10.24% (2017 - 10.74%) (continued)

Chemicals (continued)

6,700 Mitsubishi Chemical Holdings Corp 44,478 0.06%

1,000 Mitsui Chemicals Inc 19,805 0.02%

400 Nitto Denko Corp 17,678 0.02%

800 Shin-Etsu Chemical Co Ltd 54,447 0.07%

11,100 Sumitomo Chemical Co Ltd 47,172 0.06%

5,700 Toray Industries Inc 35,085 0.04%

Commercial Services

1,600 Dai Nippon Printing Co Ltd 29,303 0.04%

1,800 Recruit Holdings Co Ltd 38,211 0.05%

400 Secom Co Ltd 29,067 0.04%

1,500 Toppan Printing Co Ltd 19,339 0.02%

Computers

1,300 Fujitsu Ltd 70,970 0.09%

1,800 NEC Corp 46,858 0.06%

1,700 NTT Data Corp 16,333 0.02%

500 TDK Corp 30,776 0.04%

Cosmetics/Personal Care

800 Kao Corp 52,011 0.07%

400 Shiseido Co Ltd 21,980 0.03%

Distribution/Wholesale

6,700 ITOCHU Corp 99,735 0.13%

13,600 Marubeni Corp 83,755 0.11%

6,200 Mitsubishi Corp 149,289 0.19%

9,800 Mitsui & Co Ltd 132,091 0.17%

9,200 Sojitz Corp 28,021 0.04%

6,000 Sumitomo Corp 74,701 0.09%

1,200 Toyota Tsusho Corp 31,047 0.04%

Diversified Financial Services

7,000 Daiwa Securities Group Inc 31,065 0.04%

15,200 Nomura Holdings Inc 50,998 0.06%

5,400 ORIX Corp 69,125 0.09%

Electric

2,900 Chubu Electric Power Co Inc 36,128 0.05%

600 Electric Power Development Co Ltd 12,467 0.02%

4,400 Kansai Electric Power Co Inc/The 57,885 0.07%

3,700 Kyushu Electric Power Co Inc 38,616 0.05%

13,200 Tokyo Electric Power Co Holdings Inc 68,725 0.09%

Electronics

800 Hoya Corp 42,194 0.05%

1,400 Kyocera Corp 61,483 0.08%

300 Murata Manufacturing Co Ltd 35,772 0.04%

200 Nidec Corp 19,893 0.03%

400 Omron Corp 12,757 0.02%

Engineering & Construction

2,599 Kajima Corp 30,627 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

459

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 10.24% (2017 - 10.74%) (continued)

Engineering & Construction (continued)

2,500 Obayashi Corp 19,813 0.03%

2,300 Shimizu Corp 16,413 0.02%

800 Taisei Corp 30,011 0.04%

Food

1,300 Ajinomoto Co Inc 20,285 0.03%

300 MEIJI Holdings Co Ltd 21,432 0.03%

500 NH Foods Ltd 16,485 0.02%

3,000 Seven & i Holdings Co Ltd 114,407 0.14%

Forest Products & Paper

5,000 Oji Holdings Corp 22,524 0.03%

Gas

2,200 Osaka Gas Co Ltd 35,240 0.04%

1,700 Tokyo Gas Co Ltd 37,756 0.05%

Home Builders

2,600 Daiwa House Industry Co Ltd 72,514 0.09%

2,600 Sekisui House Ltd 33,562 0.04%

Home Furnishings

9,700 Panasonic Corp 76,613 0.10%

3,800 Sony Corp 161,367 0.20%

Insurance

7,000 Dai-ichi Life Holdings Inc 95,885 0.12%

12,100 Japan Post Holdings Co Ltd 122,041 0.15%

3,200 MS&AD Insurance Group Holdings Inc 79,910 0.10%

1,700 Sompo Holdings Inc 50,585 0.06%

3,900 T&D Holdings Inc 39,771 0.05%

2,900 Tokio Marine Holdings Inc 121,068 0.15%

Iron/Steel

3,800 JFE Holdings Inc 53,234 0.07%

3,500 Kobe Steel Ltd 21,320 0.03%

5,700 Nippon Steel & Sumitomo Metal Corp 86,008 0.11%

Leisure Time

1,100 Yamaha Motor Co Ltd 18,935 0.02%

Machinery - Construction & Mining

6,300 Hitachi Ltd 147,453 0.19%

2,100 Komatsu Ltd 39,607 0.05%

7,400 Mitsubishi Electric Corp 71,775 0.09%

Machinery - Diversified

300 FANUC Corp 39,874 0.05%

3,500 Kubota Corp 43,575 0.05%

2,200 Mitsubishi Heavy Industries Ltd 69,392 0.09%

Metal Fabricate/Hardware

2,000 NSK Ltd 15,133 0.02%

Mining

1,100 Mitsubishi Materials Corp 25,391 0.03%

700 Sumitomo Metal Mining Co Ltd 16,451 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

460

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 10.24% (2017 - 10.74%) (continued)

Miscellaneous Manufacturing

1,800 FUJIFILM Holdings Corp 61,282 0.08%

1,200 Nikon Corp 15,643 0.02%

1,900 Toshiba Corp 46,962 0.06%

Office/Business Equipment

4,200 Canon Inc 100,495 0.13%

3,100 Konica Minolta Inc 24,544 0.03%

4,900 Ricoh Co Ltd 42,077 0.05%

Oil & Gas

600 Cosmo Energy Holdings Co Ltd 10,831 0.01%

1,100 Idemitsu Kosan Co Ltd 31,661 0.04%

5,000 Inpex Corp 39,136 0.05%

26,100 JXTG Holdings Inc 120,011 0.15%

Pharmaceuticals

5,600 Astellas Pharma Inc 62,577 0.08%

1,500 Daiichi Sankyo Co Ltd 41,991 0.05%

600 Eisai Co Ltd 40,673 0.05%

1,500 Otsuka Holdings Co Ltd 53,735 0.07%

2,600 Takeda Pharmaceutical Co Ltd 76,805 0.10%

Real Estate

200 Daito Trust Construction Co Ltd 23,943 0.03%

3,800 Mitsubishi Estate Co Ltd 52,400 0.07%

3,100 Mitsui Fudosan Co Ltd 60,433 0.08%

1,000 Sumitomo Realty & Development Co Ltd 32,100 0.04%

Retail

3,900 Aeon Co Ltd 66,839 0.08%

2,600 Isetan Mitsukoshi Holdings Ltd 25,187 0.03%

1,800 J Front Retailing Co Ltd 18,083 0.02%

4,500 Yamada Denki Co Ltd 18,908 0.02%

Semiconductors

200 Tokyo Electron Ltd 19,957 0.03%

Telecommunications

6,800 KDDI Corp 142,267 0.18%

4,200 Nippon Telegraph & Telephone Corp 150,090 0.19%

4,300 NTT DOCOMO Inc 84,769 0.11%

2,700 SoftBank Group Corp 157,259 0.20%

Transportation

600 Central Japan Railway Co 110,819 0.14%

1,300 East Japan Railway Co 100,656 0.13%

700 Mitsui OSK Lines Ltd 13,389 0.02%

400 Nippon Express Co Ltd 19,518 0.02%

1,800 Nippon Yusen KK 24,269 0.03%

1,500 Tokyu Corp 21,468 0.03%

900 West Japan Railway Co 55,692 0.07%

1,100 Yamato Holdings Co Ltd 26,522 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

461

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - KRW - 1.77% (2017 - 2.19%)

Agriculture

399 KT&G Corp 31,750 0.04%

Auto Manufacturers

1,075 Hyundai Motor Co 87,282 0.11%

1,528 Kia Motors Corp 40,371 0.05%

Auto Parts & Equipment

422 Hyundai Mobis Co Ltd 62,860 0.08%

Banks

1,405 Industrial Bank of Korea 15,476 0.02%

3,227 Woori Bank 39,467 0.05%

Chemicals

135 LG Chem Ltd 36,726 0.05%

Computers

84 SK Holdings Co Ltd 17,122 0.02%

Diversified Financial Services

1,352 Hana Financial Group Inc 38,423 0.05%

1,466 KB Financial Group Inc 53,444 0.07%

1,650 Shinhan Financial Group Co Ltd 51,226 0.06%

Electric

2,244 Korea Electric Power Corp 58,232 0.07%

Electronics

1,932 LG Display Co Ltd 27,340 0.03%

Home Furnishings

724 LG Electronics Inc 35,362 0.04%

Insurance

135 Samsung Fire & Marine Insurance Co Ltd 28,471 0.04%

292 Samsung Life Insurance Co Ltd 18,680 0.02%

Iron/Steel

360 Hyundai Steel Co 12,771 0.02%

487 POSCO 92,778 0.12%

Oil & Gas

375 SK Innovation Co Ltd 52,772 0.07%

Retail

83 E-MART Inc 11,876 0.01%

Semiconductors

16,375 Samsung Electronics Co Ltd 484,293 0.61%

1,107 SK Hynix Inc 52,507 0.07%

Shipbuilding

200 Hyundai Heavy Industries Co Ltd 20,149 0.03%

Telecommunications

143 SK Telecom Co Ltd 30,214 0.04%

Equities - NOK - 0.40% (2017 - 0.46%)

Banks

3,853 DNB ASA 53,774 0.07%

Chemicals

1,044 Yara International ASA 35,174 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

462

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - NOK - 0.40% (2017 - 0.46%)

Food

1,633 Marine Harvest ASA 30,140 0.04%

2,731 Orkla ASA 18,772 0.02%

Mining

4,857 Norsk Hydro ASA 19,239 0.02%

Oil & Gas

6,376 Equinor ASA 118,358 0.15%

Telecommunications

2,973 Telenor ASA 50,307 0.06%

Equities - SEK - 1.11% (2017 - 1.06%)

Auto Manufacturers

5,564 Volvo AB 63,655 0.08%

Banks

14,495 Nordea Bank Abp 106,663 0.13%

5,097 Skandinaviska Enskilda Banken AB 43,301 0.05%

5,481 Svenska Handelsbanken AB 53,160 0.07%

4,887 Swedbank AB 95,353 0.12%

Cosmetics/Personal Care

1,860 Essity AB 39,934 0.05%

Electronics

1,092 Assa Abloy AB 17,040 0.02%

Engineering & Construction

2,300 Skanska AB 31,998 0.04%

Hand/Machine Tools

2,274 Sandvik AB 28,349 0.04%

Holding Companies - Diversified

878 Industrivarden AB 15,524 0.02%

Home Furnishings

882 Electrolux AB 16,282 0.02%

Machinery - Construction & Mining

1,965 Atlas Copco AB 39,397 0.05%

1,965 Epiroc AB 15,847 0.02%

Metal Fabricate/Hardware

2,350 SKF AB 31,175 0.04%

Retail

5,088 Hennes & Mauritz AB 63,265 0.08%

Telecommunications

18,881 Telefonaktiebolaget LM Ericsson 145,161 0.18%

18,447 Telia Co AB 76,409 0.10%

Equities - SGD - 0.35% (2017 - 0.42%)

Banks

5,355 DBS Group Holdings Ltd 81,419 0.10%

6,689 Oversea-Chinese Banking Corp Ltd 48,339 0.06%

3,790 United Overseas Bank Ltd 59,765 0.08%

Holding Companies - Diversified

7,200 Keppel Corp Ltd 27,310 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

463

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - SGD - 0.35% (2017 - 0.42%)

Real Estate

6,800 CapitaLand Ltd 13,573 0.02%

Telecommunications

25,800 Singapore Telecommunications Ltd 48,516 0.06%

Equities - USD - 49.25% (2017 - 43.75%)

Advertising

1,347 Interpublic Group of Cos Inc/The 24,309 0.03%

651 Omnicom Group Inc 41,709 0.05%

Aerospace/Defense

1,552 Arconic Inc 22,890 0.03%

678 Boeing Co/The 191,274 0.24%

394 General Dynamics Corp 54,184 0.07%

184 Harris Corp 21,673 0.03%

243 L3 Technologies Inc 36,915 0.05%

413 Lockheed Martin Corp 94,598 0.12%

231 Northrop Grumman Corp 49,488 0.06%

432 Raytheon Co 57,951 0.07%

120 TransDigm Group Inc 35,697 0.05%

2,091 United Technologies Corp 194,769 0.25%

Agriculture

3,993 Altria Group Inc 172,518 0.22%

4,080 Archer-Daniels-Midland Co 146,225 0.18%

1,277 Bunge Ltd 59,697 0.08%

3,515 Philip Morris International Inc 205,276 0.26%

Airlines

577 Delta Air Lines Inc 25,187 0.03%

433 United Continental Holdings Inc 31,715 0.04%

Apparel

1,536 NIKE Inc 99,619 0.13%

156 PVH Corp 12,684 0.02%

650 VF Corp 40,564 0.05%

Auto Manufacturers

36,993 Ford Motor Co 247,558 0.31%

8,417 General Motors Co 246,292 0.31%

1,098 PACCAR Inc 54,883 0.07%

Auto Parts & Equipment

888 Adient PLC 11,699 0.01%

406 Aptiv PLC 21,867 0.03%

198 Autoliv Inc 12,164 0.02%

427 BorgWarner Inc 12,976 0.02%

118 Garrett Motion Inc 1,274 0.00%

1,156 Goodyear Tire & Rubber Co/The 20,639 0.03%

184 Lear Corp 19,775 0.02%

198 Veoneer Inc 4,082 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

464

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 49.25% (2017 - 43.75%) (continued)

Banks

21,934 Bank of America Corp 472,776 0.60%

2,357 Bank of New York Mellon Corp/The 97,051 0.12%

2,019 BB&T Corp 76,511 0.10%

2,222 Capital One Financial Corp 146,928 0.19%

412 CIT Group Inc 13,793 0.02%

9,122 Citigroup Inc 415,423 0.52%

1,342 Citizens Financial Group Inc 34,902 0.04%

382 Comerica Inc 22,954 0.03%

2,470 Fifth Third Bancorp 50,841 0.06%

1,100 Goldman Sachs Group Inc/The 160,744 0.20%

1,680 Huntington Bancshares Inc/OH 17,518 0.02%

9,107 JPMorgan Chase & Co 777,698 0.98%

2,327 KeyCorp 30,086 0.04%

375 M&T Bank Corp 46,953 0.06%

2,774 Morgan Stanley 96,216 0.12%

418 Northern Trust Corp 30,565 0.04%

1,207 PNC Financial Services Group Inc/The 123,440 0.16%

3,001 Regions Financial Corp 35,125 0.04%

811 State Street Corp 44,745 0.06%

1,245 SunTrust Banks Inc 54,934 0.07%

4,263 US Bancorp 170,423 0.21%

14,540 Wells Fargo & Co 586,103 0.74%

Beverages

7,816 Coca-Cola Co/The 323,744 0.41%

120 Constellation Brands Inc 16,882 0.02%

769 Molson Coors Brewing Co 37,779 0.05%

2,992 PepsiCo Inc 289,163 0.36%

Biotechnology

304 Alexion Pharmaceuticals Inc 25,891 0.03%

1,218 Amgen Inc 207,416 0.26%

260 Biogen Inc 68,442 0.09%

598 Celgene Corp 33,527 0.04%

1,988 Gilead Sciences Inc 108,778 0.14%

Building Materials

2,316 Johnson Controls International PLC 60,070 0.08%

Chemicals

403 Air Products & Chemicals Inc 56,423 0.07%

193 Celanese Corp 15,190 0.02%

1,045 CF Industries Holdings Inc 39,774 0.05%

2,929 DowDuPont Inc 137,027 0.17%

400 Eastman Chemical Co 25,582 0.03%

561 Linde PLC 76,577 0.10%

1,351 LyondellBasell Industries NV 98,280 0.12%

2,067 Mosaic Co/The 52,816 0.07%

563 PPG Industries Inc 50,348 0.06%

65 Sherwin-Williams Co/The 22,372 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

465

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 49.25% (2017 - 43.75%) (continued)

Commercial Services

658 Automatic Data Processing Inc 75,473 0.10%

782 Avis Budget Group Inc 15,378 0.02%

954 Booz Allen Hamilton Holding Corp 37,613 0.05%

394 Ecolab Inc 50,786 0.06%

1,613 Hertz Global Holdings Inc 19,260 0.02%

499 ManpowerGroup Inc 28,286 0.04%

1,267 Nielsen Holdings PLC 25,858 0.03%

813 PayPal Holdings Inc 59,804 0.08%

227 S&P Global Inc 33,746 0.04%

166 United Rentals Inc 14,889 0.02%

1,583 Western Union Co/The 23,624 0.03%

Computers

749 Accenture PLC 92,391 0.12%

7,662 Apple Inc 1,057,257 1.33%

629 Cognizant Technology Solutions Corp 34,929 0.04%

722 DXC Technology Co 33,582 0.04%

7,052 Hewlett Packard Enterprise Co 81,491 0.10%

4,543 HP Inc 81,310 0.10%

2,793 International Business Machines Corp 277,724 0.35%

334 Leidos Holdings Inc 15,403 0.02%

582 NetApp Inc 30,379 0.04%

361 Perspecta Inc 5,438 0.01%

1,048 Seagate Technology PLC 35,378 0.04%

723 Western Digital Corp 23,382 0.03%

Cosmetics/Personal Care

1,436 Colgate-Palmolive Co 74,768 0.09%

98 Estee Lauder Cos Inc/The 11,153 0.01%

7,001 Procter & Gamble Co/The 562,946 0.71%

Distribution/Wholesale

551 Fastenal Co 25,204 0.03%

540 LKQ Corp 11,210 0.01%

116 WW Grainger Inc 28,652 0.04%

Diversified Financial Services

2,206 Ally Financial Inc 43,728 0.06%

1,696 American Express Co 141,419 0.18%

292 Ameriprise Financial Inc 26,660 0.03%

174 BlackRock Inc 59,792 0.08%

1,289 Charles Schwab Corp/The 46,829 0.06%

594 CME Group Inc 97,750 0.12%

1,217 Discover Financial Services 62,790 0.08%

602 E*TRADE Financial Corp 23,108 0.03%

1,298 Franklin Resources Inc 33,678 0.04%

615 Intercontinental Exchange Inc 40,527 0.05%

1,104 Invesco Ltd 16,167 0.02%

296 MasterCard Inc 48,848 0.06%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

466

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 49.25% (2017 - 43.75%) (continued)

Diversified Financial Services (continued)

1,915 Navient Corp 14,758 0.02%

2,663 Synchrony Financial 54,651 0.07%

426 T Rowe Price Group Inc 34,403 0.04%

928 Visa Inc 107,108 0.14%

Electric

6,637 AES Corp/VA 83,953 0.11%

756 Ameren Corp 43,139 0.05%

1,798 American Electric Power Co Inc 117,555 0.15%

1,819 CenterPoint Energy Inc 44,920 0.06%

1,222 CMS Energy Corp 53,075 0.07%

1,308 Consolidated Edison Inc 87,486 0.11%

1,814 Dominion Energy Inc 113,396 0.14%

580 DTE Energy Co 55,963 0.07%

3,209 Duke Energy Corp 242,258 0.31%

1,441 Edison International 71,562 0.09%

978 Entergy Corp 73,636 0.09%

836 Evergy Inc 41,517 0.05%

1,115 Eversource Energy 63,438 0.08%

4,965 Exelon Corp 195,881 0.25%

1,949 FirstEnergy Corp 64,020 0.08%

1,017 NextEra Energy Inc 154,638 0.20%

1,069 NRG Energy Inc 37,031 0.05%

3,019 PG&E Corp 62,723 0.08%

353 Pinnacle West Capital Corp 26,309 0.03%

3,183 PPL Corp 78,882 0.10%

1,816 Public Service Enterprise Group Inc 82,686 0.10%

885 SCANA Corp 36,990 0.05%

704 Sempra Energy 66,628 0.08%

4,463 Southern Co/The 171,469 0.22%

1,844 Vistra Energy Corp 36,924 0.05%

907 WEC Energy Group Inc 54,952 0.07%

1,777 Xcel Energy Inc 76,589 0.10%

Electrical Components & Equipment

1,744 Emerson Electric Co 91,155 0.12%

Electronics

292 Amphenol Corp 20,695 0.03%

837 Arrow Electronics Inc 50,484 0.06%

1,239 Avnet Inc 39,127 0.05%

2,563 Corning Inc 67,732 0.09%

4,104 Flex Ltd 27,321 0.03%

1,186 Honeywell International Inc 137,072 0.17%

1,354 Jabil Inc 29,362 0.04%

197 Resideo Technologies Inc 3,541 0.00%

679 TE Connectivity Ltd 44,922 0.06%

276 Tech Data Corp 19,752 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

467

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 49.25% (2017 - 43.75%) (continued)

Engineering & Construction

1,020 AECOM 23,645 0.03%

207 Arcosa Inc 5,014 0.01%

1,118 Fluor Corp 31,492 0.04%

490 Jacobs Engineering Group Inc 25,058 0.03%

314 nVent Electric PLC 6,169 0.01%

Environmental Control

467 Republic Services Inc 29,450 0.04%

1,021 Waste Management Inc 79,481 0.10%

Food

1,281 Conagra Brands Inc 23,936 0.03%

1,640 General Mills Inc 55,865 0.07%

192 Hershey Co/The 18,002 0.02%

368 JM Smucker Co/The 30,096 0.04%

499 Kellogg Co 24,886 0.03%

1,512 Kraft Heinz Co/The 56,927 0.07%

6,490 Kroger Co/The 156,126 0.20%

3,789 Mondelez International Inc 132,680 0.17%

1,544 Sysco Corp 84,632 0.11%

812 Tyson Foods Inc 37,931 0.05%

1,347 US Foods Holding Corp 37,282 0.05%

Food Service

580 Aramark 14,699 0.02%

Forest Products & Paper

1,732 International Paper Co 61,150 0.08%

Gas

1,201 NiSource Inc 26,633 0.03%

467 UGI Corp 21,795 0.03%

Hand/Machine Tools

216 Stanley Black & Decker Inc 22,625 0.03%

Healthcare-Products

2,188 Abbott Laboratories 138,440 0.17%

688 Baxter International Inc 39,613 0.05%

294 Becton Dickinson and Co 57,949 0.07%

666 Boston Scientific Corp 20,589 0.03%

763 Danaher Corp 68,828 0.09%

367 Henry Schein Inc 25,208 0.03%

81 Intuitive Surgical Inc 33,935 0.04%

2,694 Medtronic PLC 214,361 0.27%

399 Stryker Corp 54,711 0.07%

455 Thermo Fisher Scientific Inc 89,074 0.11%

246 Zimmer Biomet Holdings Inc 22,320 0.03%

Healthcare-Services

833 Anthem Inc 191,375 0.24%

466 Centene Corp 47,002 0.06%

583 DaVita Inc 26,244 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

468

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 49.25% (2017 - 43.75%) (continued)

Healthcare-Services (continued)

939 HCA Healthcare Inc 102,225 0.13%

392 Humana Inc 98,237 0.12%

198 IQVIA Holdings Inc 20,121 0.03%

260 Laboratory Corp of America Holdings 28,740 0.04%

278 Quest Diagnostics Inc 20,250 0.03%

2,226 Tenet Healthcare Corp 33,376 0.04%

1,645 UnitedHealth Group Inc 358,485 0.45%

218 Universal Health Services Inc 22,228 0.03%

107 WellCare Health Plans Inc 22,098 0.03%

Holding Companies - Diversified

520 Jardine Matheson Holdings Ltd 31,651 0.04%

Home Builders

569 DR Horton Inc 17,252 0.02%

442 Lennar Corp 15,137 0.02%

Home Furnishings

306 Whirlpool Corp 28,607 0.04%

Household Products/Wares

338 Clorox Co/The 45,575 0.06%

731 Kimberly-Clark Corp 72,860 0.09%

Housewares

1,523 Newell Brands Inc 24,767 0.03%

Insurance

2,907 Aflac Inc 115,858 0.15%

41 Alleghany Corp 22,356 0.03%

1,241 Allstate Corp/The 89,703 0.11%

289 American Financial Group Inc/OH 22,887 0.03%

5,419 American International Group Inc 186,820 0.24%

416 Aon PLC 52,897 0.07%

714 Arch Capital Group Ltd 16,689 0.02%

288 Arthur J Gallagher & Co 18,568 0.02%

281 Assurant Inc 21,985 0.03%

2,267 Berkshire Hathaway Inc 939,919 1.19%

630 Brighthouse Financial Inc 16,798 0.02%

1,110 Chubb Ltd 125,434 0.16%

405 Cincinnati Financial Corp 27,429 0.03%

109 Everest Re Group Ltd 20,764 0.03%

1,691 Hartford Financial Services Group Inc/The 65,752 0.08%

827 Lincoln National Corp 37,120 0.05%

1,118 Loews Corp 44,519 0.06%

30 Markel Corp 27,242 0.03%

716 Marsh & McLennan Cos Inc 49,951 0.06%

4,871 MetLife Inc 174,958 0.22%

995 Old Republic International Corp 17,904 0.02%

988 Principal Financial Group Inc 38,175 0.05%

1,234 Progressive Corp/The 65,125 0.08%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

469

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 49.25% (2017 - 43.75%) (continued)

Insurance (continued)

2,035 Prudential Financial Inc 145,173 0.18%

303 Reinsurance Group of America Inc 37,169 0.05%

453 Torchmark Corp 29,534 0.04%

1,144 Travelers Cos Inc/The 119,839 0.15%

685 Unum Group 17,605 0.02%

1,208 Voya Financial Inc 42,417 0.05%

183 Willis Towers Watson PLC 24,310 0.03%

Internet

517 Alphabet Inc 470,302 0.59%

151 Amazon.com Inc 198,397 0.25%

32 Booking Holdings Inc 48,215 0.06%

999 eBay Inc 24,530 0.03%

1,055 Facebook Inc 120,981 0.15%

1,300 Symantec Corp 21,488 0.03%

Iron/Steel

821 Nucor Corp 37,209 0.05%

304 Reliance Steel & Aluminum Co 18,926 0.02%

Leisure Time

1,074 Carnival Corp 46,318 0.06%

492 Harley-Davidson Inc 14,685 0.02%

259 Royal Caribbean Cruises Ltd 22,156 0.03%

Lodging

822 Las Vegas Sands Corp 37,427 0.05%

270 Marriott International Inc/MD 25,641 0.03%

1,787 MGM Resorts International 37,924 0.05%

201 Wynn Resorts Ltd 17,391 0.02%

Machinery - Construction & Mining

1,289 Caterpillar Inc 143,282 0.18%

Machinery - Diversified

532 Cummins Inc 62,193 0.08%

788 Deere & Co 102,826 0.13%

314 Pentair PLC 10,377 0.01%

163 Rockwell Automation Inc 21,457 0.03%

54 Roper Technologies Inc 12,590 0.02%

Media

842 CBS Corp 32,202 0.04%

273 Charter Communications Inc 68,055 0.09%

11,167 Comcast Corp 332,622 0.42%

982 Discovery Inc 21,252 0.03%

3,669 Liberty Global PLC 66,741 0.08%

897 Liberty Media Corp-Liberty SiriusXM 28,876 0.04%

1,471 News Corp 14,605 0.02%

2,923 Twenty-First Century Fox Inc 123,041 0.16%

1,955 Viacom Inc 43,952 0.06%

2,934 Walt Disney Co/The 281,427 0.36%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

470

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 49.25% (2017 - 43.75%) (continued)

Mining

786 Alcoa Corp 18,276 0.02%

4,194 Freeport-McMoRan Inc 37,825 0.05%

2,194 Newmont Mining Corp 66,502 0.08%

Miscellaneous Manufacturing

889 3M Co 148,178 0.19%

318 Dover Corp 19,737 0.02%

1,191 Eaton Corp PLC 71,534 0.09%

50,894 General Electric Co 337,023 0.43%

339 Illinois Tool Works Inc 37,570 0.05%

567 Ingersoll-Rand PLC 45,250 0.06%

203 Parker-Hannifin Corp 26,484 0.03%

591 Textron Inc 23,776 0.03%

621 Trinity Industries Inc 11,185 0.01%

Office/Business Equipment

1,305 Xerox Corp 22,558 0.03%

Oil & Gas

1,281 Anadarko Petroleum Corp 49,127 0.06%

1,563 Apache Corp 35,891 0.05%

9,242 Chevron Corp 879,532 1.11%

260 Concho Resources Inc 23,379 0.03%

6,059 ConocoPhillips 330,472 0.42%

934 Devon Energy Corp 18,416 0.02%

7,146 Ensco PLC 22,254 0.03%

697 EOG Resources Inc 53,174 0.07%

19,347 Exxon Mobil Corp 1,154,067 1.46%

1,723 Hess Corp 61,043 0.08%

1,148 HollyFrontier Corp 51,337 0.06%

6,051 Marathon Oil Corp 75,905 0.10%

3,737 Marathon Petroleum Corp 192,906 0.24%

1,354 Murphy Oil Corp 27,704 0.03%

308 Murphy USA Inc 20,649 0.03%

6,902 Noble Corp PLC 15,819 0.02%

1,576 Noble Energy Inc 25,863 0.03%

2,814 Occidental Petroleum Corp 151,094 0.19%

1,078 PBF Energy Inc 30,808 0.04%

2,393 Phillips 66 180,341 0.23%

287 Pioneer Natural Resources Co 33,020 0.04%

3,857 Transocean Ltd 23,416 0.03%

2,548 Valero Energy Corp 167,103 0.21%

Oil & Gas Services

159 Apergy Corp 3,767 0.00%

613 Baker Hughes a GE Co 11,529 0.01%

2,281 Halliburton Co 53,037 0.07%

2,104 National Oilwell Varco Inc 47,302 0.06%

4,272 Schlumberger Ltd 134,832 0.17%

16,542 Weatherford International PLC 8,089 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

471

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 49.25% (2017 - 43.75%) (continued)

Packaging & Containers

721 Ball Corp 29,000 0.04%

528 Crown Holdings Inc 19,200 0.02%

631 WestRock Co 20,843 0.03%

Pharmaceuticals

1,689 AbbVie Inc 136,210 0.17%

1,308 Allergan PLC 152,935 0.19%

1,068 AmerisourceBergen Corp 69,509 0.09%

2,558 Bristol-Myers Squibb Co 116,314 0.15%

2,275 Cardinal Health Inc 88,759 0.11%

1,311 Cigna Corp 217,806 0.27%

5,779 CVS Health Corp 331,225 0.42%

1,837 Eli Lilly & Co 185,958 0.23%

5,108 Johnson & Johnson 576,641 0.73%

1,715 McKesson Corp 165,732 0.21%

7,487 Merck & Co Inc 500,443 0.63%

1,154 Mylan NV 27,660 0.03%

15,795 Pfizer Inc 603,116 0.76%

Pipelines

9,542 Kinder Morgan Inc/DE 128,379 0.16%

494 ONEOK Inc 23,314 0.03%

510 Targa Resources Corp 16,070 0.02%

3,520 Williams Cos Inc/The 67,897 0.09%

Real Estate

477 CBRE Group Inc 16,707 0.02%

1,361 Hongkong Land Holdings Ltd 7,501 0.01%

REITS

1,450 AGNC Investment Corp 22,248 0.03%

404 American Tower Corp 55,906 0.07%

6,006 Annaly Capital Management Inc 51,593 0.06%

252 AvalonBay Communities Inc 38,368 0.05%

481 Boston Properties Inc 47,357 0.06%

436 Crown Castle International Corp 41,432 0.05%

442 Digital Realty Trust Inc 41,198 0.05%

53 Equinix Inc 16,346 0.02%

1,049 Equity Residential 60,573 0.08%

152 Essex Property Trust Inc 32,605 0.04%

2,126 HCP Inc 51,943 0.07%

1,886 Host Hotels & Resorts Inc 27,503 0.03%

1,213 Iron Mountain Inc 34,390 0.04%

236 Macerich Co/The 8,935 0.01%

979 Prologis Inc 50,288 0.06%

263 Public Storage 46,568 0.06%

470 Realty Income Corp 25,919 0.03%

569 Simon Property Group Inc 83,617 0.11%

257 SL Green Realty Corp 17,779 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

472

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 49.25% (2017 - 43.75%) (continued)

REITS (continued)

1,414 Ventas Inc 72,472 0.09%

5,762 VEREIT Inc 36,039 0.05%

499 Vornado Realty Trust 27,077 0.03%

1,420 Welltower Inc 86,220 0.11%

1,204 Weyerhaeuser Co 23,024 0.03%

Retail

449 AutoNation Inc 14,022 0.02%

70 AutoZone Inc 51,335 0.06%

1,775 Bed Bath & Beyond Inc 17,577 0.02%

886 Best Buy Co Inc 41,047 0.05%

489 CarMax Inc 26,834 0.03%

1,275 Costco Wholesale Corp 227,206 0.29%

246 Darden Restaurants Inc 21,489 0.03%

714 Dollar General Corp 67,506 0.09%

325 Dollar Tree Inc 25,678 0.03%

520 Foot Locker Inc 24,200 0.03%

1,552 GameStop Corp 17,134 0.02%

950 Gap Inc/The 21,408 0.03%

450 Genuine Parts Co 37,798 0.05%

1,603 Home Depot Inc/The 240,937 0.30%

916 Kohl's Corp 53,158 0.07%

951 L Brands Inc 21,355 0.03%

1,731 Lowe's Cos Inc 139,855 0.18%

3,274 Macy's Inc 85,290 0.11%

1,422 McDonald's Corp 220,885 0.28%

613 Nordstrom Inc 24,994 0.03%

124 O'Reilly Automotive Inc 37,350 0.05%

26,389 Rite Aid Corp 16,351 0.02%

439 Ross Stores Inc 31,951 0.04%

1,534 Starbucks Corp 86,419 0.11%

652 Tapestry Inc 19,249 0.02%

2,798 Target Corp 161,763 0.20%

2,490 TJX Cos Inc/The 97,452 0.12%

2,864 Walgreens Boots Alliance Inc 171,191 0.22%

5,483 Walmart Inc 446,784 0.56%

823 Yum! Brands Inc 66,177 0.08%

Savings & Loans

1,656 New York Community Bancorp Inc 13,632 0.02%

Semiconductors

321 Analog Devices Inc 24,101 0.03%

690 Applied Materials Inc 19,762 0.02%

326 Broadcom Inc 72,515 0.09%

11,578 Intel Corp 475,314 0.60%

611 KLA-Tencor Corp 47,831 0.06%

93 Lam Research Corp 11,078 0.01%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

473

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 49.25% (2017 - 43.75%) (continued)

Semiconductors (continued)

217 Microchip Technology Inc 13,652 0.02%

2,070 Micron Technology Inc 57,456 0.07%

155 NVIDIA Corp 18,101 0.02%

320 NXP Semiconductors NV 20,513 0.03%

3,688 QUALCOMM Inc 183,602 0.23%

1,129 Texas Instruments Inc 93,330 0.12%

319 Xilinx Inc 23,767 0.03%

Software

616 Activision Blizzard Inc 25,095 0.03%

184 Adobe Systems Inc 36,415 0.05%

163 Electronic Arts Inc 11,252 0.01%

624 Fidelity National Information Services Inc 55,978 0.07%

304 Fiserv Inc 19,543 0.02%

173 Intuit Inc 29,791 0.04%

8,406 Microsoft Corp 746,881 0.94%

4,994 Oracle Corp 197,244 0.25%

582 Paychex Inc 33,169 0.04%

280 salesforce.com inc 33,549 0.04%

Telecommunications

32,393 AT&T Inc 808,727 1.02%

7,674 CenturyLink Inc 101,702 0.13%

9,115 Cisco Systems Inc 345,495 0.44%

241 Motorola Solutions Inc 24,253 0.03%

4,298 Sprint Corp 21,882 0.03%

704 T-Mobile US Inc 39,174 0.05%

15,869 Verizon Communications Inc 780,436 0.98%

Textiles

176 Mohawk Industries Inc 18,007 0.02%

Toys/Games/Hobbies

2,267 Mattel Inc 19,811 0.03%

Transportation

486 CH Robinson Worldwide Inc 35,750 0.05%

1,833 CSX Corp 99,623 0.13%

603 FedEx Corp 85,100 0.11%

616 Norfolk Southern Corp 80,581 0.10%

208 Ryder System Inc 8,761 0.01%

1,541 Union Pacific Corp 186,338 0.24%

1,753 United Parcel Service Inc 149,561 0.19%

Trucking & Leasing

508 AerCap Holdings NV 17,598 0.02%

Water

410 American Water Works Co Inc 32,555 0.04%Investment in transferable securities at fair value throughprofit or loss 78,165,518 98.65%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

474

Investment Value EUR% of Net

Assets

OTC Financial Derivatives Instruments

Forward Exchange Contracts 0.02% (2017 - 0.01%)

Buy CHF 75,480 Sell EUR 66,007 14/02/2019 999 0.00%

Buy CHF 83,230 Sell EUR 73,641 14/02/2019 244 0.00%

Buy EUR 1,000 Sell USD 1,144 22/01/2019 1 0.00%

Buy EUR 1,103 Sell CAD 1,722 29/01/2019 2 0.00%

Buy EUR 1,172 Sell USD 1,340 15/01/2019 1 0.00%

Buy EUR 1,279 Sell GBP 1,119 11/01/2019 33 0.00%

Buy EUR 1,337 Sell USD 1,531 31/01/2019 1 0.00%

Buy EUR 1,594 Sell USD 1,815 11/01/2019 8 0.00%

Buy EUR 1,638 Sell USD 1,866 04/01/2019 6 0.00%

Buy EUR 1,639 Sell USD 1,865 15/01/2019 9 0.00%

Buy EUR 1,929 Sell USD 2,194 10/01/2019 11 0.00%

Buy EUR 119,721 Sell CAD 182,540 14/02/2019 3,130 0.00%

Buy EUR 120,830 Sell USD 137,915 14/02/2019 650 0.00%

Buy EUR 160 Sell USD 182 15/01/2019 1 0.00%

Buy EUR 17,440 Sell USD 20,000 14/02/2019 11 0.00%

Buy EUR 2,073 Sell USD 2,358 07/01/2019 12 0.00%

Buy EUR 2,079 Sell CAD 3,247 29/01/2019 3 0.00%

Buy EUR 2,131 Sell USD 2,423 02/01/2019 12 0.00%

Buy EUR 2,662 Sell AUD 4,225 14/02/2019 68 0.00%

Buy EUR 2,988 Sell USD 3,406 11/01/2019 11 0.00%

Buy EUR 3,077 Sell USD 3,500 08/01/2019 17 0.00%

Buy EUR 3,878 Sell GBP 3,465 09/01/2019 19 0.00%

Buy EUR 4,420 Sell GBP 3,866 10/01/2019 114 0.00%

Buy EUR 494 Sell USD 561 02/01/2019 3 0.00%

Buy EUR 79,269 Sell GBP 70,785 14/02/2019 531 0.00%

Buy EUR 8,705 Sell CAD 13,160 14/02/2019 299 0.00%

Buy GBP 66,500 Sell EUR 73,701 14/02/2019 271 0.00%

Buy JPY 13,400,000 Sell EUR 103,085 14/02/2019 3,726 0.01%

Buy USD 743,615 Sell EUR 641,802 14/02/2019 6,203 0.01%Financial derivatives instruments at fair value throughprofit or loss 16,396 0.02%

Futures contracts dealt on a regulated market

Futures 0.00% (2017 – 0.06%)

SWISS MKT IX 15/03/2019 53 0.00%Investments in derivatives instruments at fair valuethrough profir or loss 53 0.00%

OTC Financial Derivatives Instruments

Forward Exchange Contracts (0.01%) (2017 - 0.06%))

Buy CAD 180,180 Sell EUR 119,031 14/02/2019 (3,939) 0.00%

Buy EUR 1,123 Sell SGD 1,754 10/01/2019 (2) 0.00%

Buy EUR 1,288 Sell JPY 163,200 28/03/2019 (13) 0.00%

Buy EUR 1,466 Sell JPY 185,640 04/03/2019 (14) 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Fundamental Global Equity Fund (continued)

475

Investment Value EUR% of Net

Assets

OTC Financial Derivatives Instruments (continued)

Forward Exchange Contracts (0.01%) (2017 - 0.06%)) (continued)

Buy EUR 1,762 Sell JPY 223,125 01/04/2019 (17) 0.00%

Buy EUR 2,255 Sell JPY 285,600 02/04/2019 (22) 0.00%

Buy EUR 2,372 Sell USD 2,715 10/01/2019 (1) 0.00%

Buy EUR 2,537 Sell GBP 2,292 08/02/2019 (13) 0.00%

Buy EUR 2,751 Sell GBP 2,485 05/02/2019 (14) 0.00%

Buy EUR 26,104 Sell USD 30,000 14/02/2019 (39) 0.00%

Buy EUR 4,257 Sell JPY 540,000 14/02/2019 (47) 0.00%

Buy EUR 80,503 Sell CHF 91,090 14/02/2019 (360) 0.00%

Buy GBP 145,105 Sell EUR 165,615 14/02/2019 (4,207) (0.01%)

Buy USD 133,500 Sell EUR 117,576 14/02/2019 (1,241) 0.00%Financial derivatives instruments at fair value throughprofit or loss (9,929) (0.01%)

Futures contracts dealt on a regulated market

Futures (0.07%) (2017 - (0.01%))

DJ EURO STOXX 50 15/03/2019 (4,050) (0.01%)

FTSE 100 INDEX 15/03/2019 (362) 0.00%

S&P 500 EMINI INDEX 15/03/2019 (37,738) (0.05%)

TOPIX INDEX 07/03/2019 (6,889) (0.01%)Investments in derivatives instruments at fair valuethrough profir or loss (49,039) (0.07%)

Total investments at fair value through profit or loss 78,122,999 98.59%

Deposits with credit institutions 829,869 1.05%

Net current assets 285,465 0.36%

Net assets attributable to holders of redeemable shares 79,238,333 100.00%

Total assets comprised as follows: % of Total AssetsTransferable securities and money market instruments admitted to an officialstock exchange listing 98.45%Transferable securities and money market instruments traded on other regulatedmarket 0.00%

OTC financial derivative instruments 0.02%

Financial derivatives instruments dealt in on a regulated market 0.00%

Deposits 0.00%

Other current assets 1.53%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulatedmarket.The counterparty for foreign exchange forwards contracts is Citigroup.The counterparty for futures contract is Goldman Sachs International.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Global Low Volatility Active Equity Fund

476

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - AUD - 1.70% (2017 - 1.69%)

Airlines

321,893 Qantas Airways Ltd 1,147,782 0.17%

Electric

87,599 AGL Energy Ltd 1,111,312 0.15%

Food

45,617 Coles Group Ltd 329,810 0.04%

91,235 Wesfarmers Ltd 1,810,325 0.24%

Healthcare-Products

12,992 Cochlear Ltd 1,388,737 0.19%

Iron/Steel

550,755 Fortescue Metals Group Ltd 1,421,157 0.19%

Mining

104,123 Newcrest Mining Ltd 1,397,889 0.19%

Oil & Gas

109,032 Woodside Petroleum Ltd 2,103,029 0.28%

Telecommunications

1,051,376 Telstra Corp Ltd 1,845,323 0.25%

Equities - CAD - 1.75% (2017 - 1.09%)

Banks

10,379 Canadian Imperial Bank of Commerce 675,929 0.09%

Mining

37,640 Agnico Eagle Mines Ltd 1,328,346 0.18%

143,686 Barrick Gold Corp 1,696,093 0.23%

23,202 Franco-Nevada Corp 1,422,602 0.19%

120,367 Goldcorp Inc 1,030,739 0.14%

Software

27,205 Open Text Corp 775,387 0.10%

Telecommunications

77,851 BCE Inc 2,689,085 0.36%

41,513 Rogers Communications Inc 1,860,132 0.25%

52,677 TELUS Corp 1,526,685 0.21%

Equities - CHF - 4.96% (2017 - 5.15%)

Building Materials

3,204 Geberit AG 1,086,938 0.15%

Commercial Services

967 SGS SA 1,896,387 0.26%

Diversified Financial Services

2,861 Partners Group Holding AG 1,513,116 0.20%

Food

133,990 Nestle SA 9,488,191 1.28%

Healthcare-Products

15,302 Sonova Holding AG 2,180,730 0.29%

2,669 Straumann Holding AG 1,463,677 0.20%

Insurance

19,433 Zurich Insurance Group AG 5,054,333 0.68%

Pharmaceuticals

45,160 Roche Holding AG 9,753,998 1.32%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Global Low Volatility Active Equity Fund (continued)

477

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - CHF - 4.96% (2017 - 5.15%) (continued)

Software

7,017 Temenos AG 734,131 0.10%

Telecommunications

5,766 Swisscom AG 2,403,274 0.32%

Transportation

10,803 Kuehne + Nagel International AG 1,211,233 0.16%

Equities - DKK - 2.06% (2017 - 1.49%)

Banks

116,316 Danske Bank A/S 2,009,144 0.27%

Beverages

11,190 Carlsberg A/S 1,038,559 0.14%

Electric

19,068 Orsted A/S 1,113,298 0.15%

Energy-Alternate Sources

39,204 Vestas Wind Systems A/S 2,585,249 0.35%

Healthcare-Products

19,031 Coloplast A/S 1,542,893 0.21%

Pharmaceuticals

137,574 Novo Nordisk A/S 5,491,937 0.74%

Retail

23,474 Pandora A/S 834,532 0.11%

Transportation

11,474 DSV A/S 659,923 0.09%

Equities - EUR - 11.40% (2017 - 12.35%)

Advertising

34,738 Publicis Groupe SA 1,739,679 0.23%

Aerospace/Defense

13,217 Thales SA 1,348,134 0.18%

Airlines

227,750 Deutsche Lufthansa AG 4,486,675 0.61%

156,360 International Consolidated Airlines Group SA 1,082,011 0.15%

67,457 Ryanair Holdings PLC 725,163 0.10%

Apparel

2,872 Hermes International 1,392,346 0.19%

Banks

212,488 CaixaBank SA 672,312 0.09%

22,018 Erste Group Bank AG 639,623 0.09%

412,459 Intesa Sanpaolo SpA 800,088 0.11%

18,666 KBC Group NV 1,057,989 0.14%

Chemicals

63,420 Covestro AG 2,738,476 0.37%

Commercial Services

5,356 Wirecard AG 711,277 0.10%

Computers

20,173 Atos SE 1,441,966 0.19%

7,703 Capgemini SE 668,620 0.09%

12,299 Ingenico Group SA 609,292 0.08%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Global Low Volatility Active Equity Fund (continued)

478

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 11.40% (2017 - 12.35%) (continued)

Cosmetics/Personal Care

18,877 Beiersdorf AG 1,720,827 0.23%

Diversified Financial Services

32,942 Deutsche Boerse AG 3,457,263 0.47%

Electric

111,164 Endesa SA 2,237,731 0.30%

182,848 RWE AG 3,467,712 0.47%

270,722 Terna Rete Elettrica Nazionale SpA 1,340,886 0.18%

Engineering & Construction

5,913 Aena SME SA 802,690 0.11%

45,943 Bouygues SA 1,439,854 0.19%

Food

274,948 Koninklijke Ahold Delhaize NV 6,069,477 0.82%

Gas

41,112 Enagas SA 970,654 0.13%

449,484 Snam SpA 1,716,579 0.23%

Insurance

8,211 Hannover Rueck SE 966,435 0.13%

175,493 Poste Italiane SpA 1,225,643 0.18%

Internet

9,883 Iliad SA 1,212,150 0.16%

Investment Companies

19,153 EXOR NV 905,171 0.12%

Iron/Steel

26,915 voestalpine AG 702,482 0.09%

Media

66,509 ProSiebenSat.1 Media SE 1,034,215 0.14%

Miscellaneous Manufacturing

26,461 Alstom SA 933,279 0.13%

Oil & Gas

482,673 Eni SpA 6,635,788 0.90%

18,074 Neste OYJ 1,217,465 0.16%

19,411 OMV AG 742,471 0.10%

116,430 TOTAL SA 5,376,737 0.73%

Pharmaceuticals

14,492 UCB SA 1,033,280 0.14%

Real Estate

28,164 Deutsche Wohnen SE 1,126,560 0.15%

REITS

27,941 Klepierre SA 753,289 0.10%

Retail

15,272 HUGO BOSS AG 823,466 0.11%

Software

53,464 Amadeus IT Group SA 3,252,750 0.44%

18,109 Dassault Systemes SE 1,877,903 0.25%

8,635 SAP SE 750,641 0.10%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Global Low Volatility Active Equity Fund (continued)

479

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - EUR - 11.40% (2017 - 12.35%) (continued)

Telecommunications

566,717 Koninklijke KPN NV 1,450,796 0.21%

46,536 Proximus SADP 1,099,180 0.15%

44,744 SES SA 747,672 0.10%

4,553,795 Telecom Italia SpA 2,200,849 0.30%

669,579 Telefonica SA 4,914,040 0.66%

Equities - GBP - 3.10% (2017 - 3.87%)

Airlines

128,214 easyJet PLC 1,578,439 0.21%

Banks

1,289,288 Lloyds Banking Group PLC 744,781 0.10%

Distribution/Wholesale

109,774 Travis Perkins PLC 1,308,619 0.18%

Food

358,710 J Sainsbury PLC 1,059,057 0.14%

Home Builders

33,514 Berkeley Group Holdings PLC 1,299,005 0.19%

65,622 Persimmon PLC 1,411,032 0.19%

Insurance

55,507 Admiral Group PLC 1,265,889 0.17%

259,324 Direct Line Insurance Group PLC 920,778 0.12%

Internet

240,740 Auto Trader Group PLC 1,219,828 0.16%

Mining

40,256 Randgold Resources Ltd 2,935,869 0.40%

Pharmaceuticals

399,913 GlaxoSmithKline PLC 6,644,028 0.90%

Retail

393,360 Kingfisher PLC 909,365 0.12%

Software

48,014 Micro Focus International PLC 739,810 0.10%

Transportation

287,701 Royal Mail PLC 872,168 0.12%

Equities - HKD - 2.42% (2017 - 2.19%)

Banks

234,000 BOC Hong Kong Holdings Ltd 760,819 0.10%

87,200 Hang Seng Bank Ltd 1,712,805 0.23%

Diversified Financial Services

242,682 Hong Kong Exchanges & Clearing Ltd 6,144,268 0.83%

Electric

126,500 CLP Holdings Ltd 1,250,854 0.17%

180,500 Power Assets Holdings Ltd 1,099,123 0.15%

Real Estate

205,500 CK Asset Holdings Ltd 1,315,646 0.18%

181,000 Sun Hung Kai Properties Ltd 2,256,916 0.30%

REITS

304,500 Link REIT 2,697,946 0.36%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Global Low Volatility Active Equity Fund (continued)

480

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - HKD - 2.42% (2017 - 2.19%) (continued)

Banks

143,742 Bank Leumi Le-Israel BM 760,492 0.10%

Equities - JPY - 12.42% (2017 - 10.56%)

Agriculture

255,500 Japan Tobacco Inc 5,330,184 0.72%

Airlines

60,500 ANA Holdings Inc 1,901,045 0.26%

96,900 Japan Airlines Co Ltd 3,006,184 0.41%

Auto Manufacturers

177,800 Subaru Corp 3,345,603 0.45%

Auto Parts & Equipment

34,500 Aisin Seiki Co Ltd 1,050,783 0.14%

Banks

6,095,400 Mizuho Financial Group Inc 8,276,514 1.12%

177,100 Resona Holdings Inc 746,549 0.10%

Beverages

104,100 Kirin Holdings Co Ltd 1,907,769 0.26%

Chemicals

24,000 Showa Denko KK 625,734 0.08%

73,500 Tosoh Corp 839,191 0.11%

Commercial Services

11,300 Secom Co Ltd 821,142 0.11%

Computers

14,600 Fujitsu Ltd 797,047 0.11%

Engineering & Construction

107,600 Kajima Corp 1,267,994 0.17%

142,400 Obayashi Corp 1,128,566 0.15%

116,100 Shimizu Corp 828,487 0.11%

38,800 Taisei Corp 1,455,533 0.20%

Internet

1,048,500 Yahoo Japan Corp 2,290,602 0.31%

Machinery - Construction & Mining

112,400 Hitachi Ltd 2,630,746 0.37%

Miscellaneous Manufacturing

54,100 FUJIFILM Holdings Corp 1,841,856 0.25%

Office/Business Equipment

211,600 Canon Inc 5,063,050 0.68%

Oil & Gas

56,100 Idemitsu Kosan Co Ltd 1,614,733 0.22%

579,800 JXTG Holdings Inc 2,665,991 0.36%

86,600 Showa Shell Sekiyu KK 1,064,023 0.14%

Pharmaceuticals

327,300 Astellas Pharma Inc 3,657,377 0.49%

76,100 Ono Pharmaceutical Co Ltd 1,362,171 0.18%

68,700 Otsuka Holdings Co Ltd 2,461,069 0.33%

57,100 Shionogi & Co Ltd 2,854,983 0.40%

225,700 Takeda Pharmaceutical Co Ltd 6,667,305 0.90%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Global Low Volatility Active Equity Fund (continued)

481

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 12.42% (2017 - 10.56%) (continued)

Real Estate

25,400 Daito Trust Construction Co Ltd 3,040,812 0.41%

Retail

24,900 Lawson Inc 1,379,796 0.19%

9,200 Tsuruha Holdings Inc 690,986 0.09%

Software

47,300 DeNA Co Ltd 691,657 0.09%

20,900 Konami Holdings Corp 800,701 0.11%

Telecommunications

334,400 KDDI Corp 6,996,175 0.94%

179,700 Nippon Telegraph & Telephone Corp 6,421,707 0.87%

220,400 NTT DOCOMO Inc 4,344,887 0.59%

Equities - NOK - 0.87% (2017 - 0.21%)

Food

112,857 Marine Harvest ASA 2,083,001 0.28%

Oil & Gas

168,426 Equinor ASA 3,126,503 0.42%

Telecommunications

72,904 Telenor ASA 1,233,640 0.17%

Equities - SEK - 0.41% (2017 - 0.34%)

Investment Companies

21,159 Investor AB 784,144 0.12%

39,751 Kinnevik AB 838,161 0.11%

Metal Fabricate/Hardware

101,076 SKF AB 1,340,862 0.18%

Equities - SGD - 1.11% (2017 - 0.66%)

Banks

104,579 DBS Group Holdings Ltd 1,590,049 0.21%

208,729 Oversea-Chinese Banking Corp Ltd 1,508,420 0.20%

98,156 United Overseas Bank Ltd 1,547,829 0.21%

Entertainment

1,846,315 Genting Singapore Ltd 1,155,345 0.17%

Shipbuilding

1,115,700 Yangzijiang Shipbuilding Holdings Ltd 895,073 0.12%

Telecommunications

800,800 Singapore Telecommunications Ltd 1,505,888 0.20%

Equities - USD - 56.47% (2017 - 59.02%)

Advertising

111,443 Omnicom Group Inc 7,139,995 0.96%

Aerospace/Defense

2,997 Lockheed Martin Corp 686,467 0.09%

61,917 Raytheon Co 8,305,972 1.12%

Agriculture

198,560 Altria Group Inc 8,578,820 1.16%

130,593 Philip Morris International Inc 7,626,636 1.03%

Airlines

17,160 Southwest Airlines Co 697,718 0.09%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Global Low Volatility Active Equity Fund (continued)

482

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 56.47% (2017 - 59.02%) (continued)

Apparel

136,772 Michael Kors Holdings Ltd 4,536,932 0.61%

Auto Parts & Equipment

19,853 Lear Corp 2,133,700 0.29%

Banks

18,274 Bank of New York Mellon Corp/The 752,445 0.10%

17,024 East West Bancorp Inc 648,257 0.09%

40,947 Northern Trust Corp 2,994,148 0.40%

Beverages

95,259 PepsiCo Inc 9,206,328 1.24%

Biotechnology

162,921 Gilead Sciences Inc 8,914,586 1.20%

21,222 United Therapeutics Corp 2,021,673 0.27%

Chemicals

54,056 LyondellBasell Industries NV 3,932,377 0.53%

Computers

5,467 Accenture PLC 674,366 0.09%

56,900 Apple Inc 7,851,468 1.06%

48,028 Check Point Software Technologies Ltd 4,312,710 0.58%

92,722 International Business Machines Corp 9,219,883 1.26%

70,841 Western Digital Corp 2,291,031 0.31%

Cosmetics/Personal Care

123,310 Colgate-Palmolive Co 6,420,340 0.87%

37,871 Procter & Gamble Co/The 3,045,184 0.41%

Distribution/Wholesale

15,686 Fastenal Co 717,509 0.10%

2,907 WW Grainger Inc 718,034 0.10%

Diversified Financial Services

4,612 CME Group Inc 758,964 0.10%

61,963 FNF Group 1,704,165 0.23%

11,107 Intercontinental Exchange Inc 731,916 0.10%

4,532 MasterCard Inc 747,900 0.10%

6,435 Visa Inc 742,714 0.10%

Electric

101,089 Consolidated Edison Inc 6,761,374 0.91%

130,066 Duke Energy Corp 9,819,093 1.33%

65,163 Entergy Corp 4,906,250 0.66%

245,732 Exelon Corp 9,694,715 1.31%

10,692 NextEra Energy Inc 1,625,756 0.22%

236,056 PPL Corp 5,850,034 0.79%

240,440 Southern Co/The 9,237,742 1.25%

Food

102,237 Campbell Soup Co 2,950,443 0.40%

57,139 Hershey Co/The 5,357,265 0.72%

135,361 Hormel Foods Corp 5,053,762 0.68%

116,084 Kellogg Co 5,789,222 0.78%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Global Low Volatility Active Equity Fund (continued)

483

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 56.47% (2017 - 59.02%) (continued)

Food (continued)

303,817 Kroger Co/The 7,308,724 0.99%

127,883 Sysco Corp 7,009,709 0.95%

117,919 Tyson Foods Inc 5,508,354 0.74%

Healthcare-Products

13,512 Intuitive Surgical Inc 5,660,821 0.76%

Healthcare-Services

80,364 HCA Healthcare Inc 8,748,895 1.18%

32,406 Universal Health Services Inc 3,304,241 0.45%

Insurance

130,381 Aflac Inc 5,196,307 0.70%

10,092 Allstate Corp/The 729,477 0.10%

42,337 Arch Capital Group Ltd 989,585 0.13%

49,488 Athene Holding Ltd 1,724,277 0.23%

22,274 Everest Re Group Ltd 4,243,001 0.57%

Internet

3,755 Alphabet Inc 3,432,467 0.46%

2,588 Amazon.com Inc 3,400,340 0.46%

22,653 F5 Networks Inc 3,210,835 0.43%

6,465 Facebook Inc 741,370 0.10%

Machinery - Diversified

6,135 Cummins Inc 717,212 0.10%

Media

7,764 Walt Disney Co/The 744,716 0.10%

Mining

240,927 Newmont Mining Corp 7,302,734 0.99%

Oil & Gas

221,670 Antero Resources Corp 1,820,830 0.26%

63,755 Chevron Corp 6,067,363 0.82%

142,784 Exxon Mobil Corp 8,517,203 1.15%

103,740 HollyFrontier Corp 4,639,101 0.63%

153,635 Occidental Petroleum Corp 8,249,238 1.11%

134,297 Valero Energy Corp 8,807,458 1.19%

Pharmaceuticals

28,105 Cigna Corp 4,669,292 0.63%

150,233 CVS Health Corp 8,610,651 1.16%

77,223 Johnson & Johnson 8,717,691 1.18%

78,895 McKesson Corp 7,624,136 1.03%

64,568 Merck & Co Inc 4,315,830 0.58%

REITS

283,538 AGNC Investment Corp 4,350,485 0.59%

438,388 Annaly Capital Management Inc 3,765,884 0.51%

25,782 AvalonBay Communities Inc 3,925,432 0.53%

39,453 Extra Space Storage Inc 3,122,694 0.42%

35,941 National Retail Properties Inc 1,525,170 0.21%

39,729 Public Storage 7,034,551 0.95%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Global Low Volatility Active Equity Fund (continued)

484

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 56.47% (2017 - 59.02%) (continued)

REITS (continued)

87,501 Realty Income Corp 4,825,319 0.65%

60,919 Simon Property Group Inc 8,952,266 1.21%

Retail

82,139 Best Buy Co Inc 3,805,346 0.51%

143,123 Foot Locker Inc 6,660,669 0.90%

186,896 Gap Inc/The 4,211,557 0.57%

194,374 Macy's Inc 5,063,603 0.68%

11,346 Target Corp 655,957 0.09%

218,956 TJX Cos Inc/The 8,569,384 1.16%

115,406 Walmart Inc 9,403,901 1.27%

Software

66,895 Microsoft Corp 5,943,686 0.80%

Telecommunications

372,209 AT&T Inc 9,292,608 1.26%

187,241 Verizon Communications Inc 9,208,493 1.24%

Transportation

12,249 Expeditors International of Washington Inc 729,593 0.10%Investment in transferable securities at fair value throughprofit or loss 730,543,245 98.67%

Total investments at fair value through profit or loss 730,543,245 98.67%

Deposits with credit institutions 7,807,949 1.05%

Net current assets 2,056,899 0.28%

Net assets attributable to holders of redeemable shares 740,408,093 100.00%

Total assets comprised as follows: % of Total AssetsTransferable securities and money market instruments admitted to an officialstock exchange listing 98.66%Transferable securities and money market instruments traded on other regulatedmarket 0.00%

OTC financial derivative instruments 0.00%

Financial derivatives instruments dealt in on a regulated market 0.00%

Deposits 0.00%

Other current assets 1.34%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulatedmarket.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Reditus Income Fund

485

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - AUD - 5.32% (2017 - 0.00%)

Beverages

190,573 Coca-Cola Amatil Ltd 961,202 2.08%

Iron/Steel

581,994 Fortescue Metals Group Ltd 1,501,765 3.24%

Equities - CAD - 0.84% (2017 - 1.64%)

Insurance

1,016 Fairfax Financial Holdings Ltd 391,078 0.84%

Equities - CHF - 2.12% (2017 - 1.39%)

Retail

17,561 Cie Financiere Richemont SA 981,743 2.12%

Equities - EUR - 27.37% (2017 - 30.77%)

Agriculture

246,428 Origin Enterprises PLC 1,412,032 3.05%

Chemicals

21,356 BASF SE 1,289,902 2.79%

Cosmetics/Personal Care

25,292 Unilever NV 1,199,347 2.59%

Diversified Financial Services

51,661 Bolsas y Mercados Espanoles SHMSF SA 1,256,396 2.71%

Electric

608 Terna Rete Elettrica Nazionale SpA 3,011 0.01%

Insurance

44,770 Sampo OYJ 1,719,616 3.72%

Investment Companies

14,625 Groupe Bruxelles Lambert SA 1,112,670 2.40%

REITS

628,380 Irish Residential Properties REIT PLC 848,313 1.83%

85,748 Merlin Properties Socimi SA 924,792 2.00%

Telecommunications

82,051 Proximus SADP 1,938,045 4.19%

Transportation

32,079 Oesterreichische Post AG 963,012 2.08%

Equities - GBP - 17.30% (2017 - 12.35%)

Insurance

178,418 Lancashire Holdings Ltd 1,202,608 2.60%

1,215,689 Saga PLC 1,403,176 3.03%

Lodging

422,498 Hostelworld Group PLC 948,483 2.05%

Miscellaneous Manufacturing

80,455 Smiths Group PLC 1,222,637 2.64%

Telecommunications

844,090 Vodafone Group PLC 1,437,892 3.11%

Water

218,132 United Utilities Group PLC 1,789,144 3.87%

Equities - HKD - 4.68% (2017 - 2.55%)

Holding Companies - Diversified

1,207,000 NWS Holdings Ltd 2,165,836 4.68%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Reditus Income Fund (continued)

486

Holdings Investment Value EUR% of Net

Assets

Transferable Securities

Equities - KRW - 6.03% (2017 - 4.26%)

Semiconductors

41,504 Samsung Electronics Co Ltd 1,033,107 2.23%

Telecommunications

8,323 SK Telecom Co Ltd 1,758,531 3.80%

Equities - NOK - 2.12% (2017 - 2.92%)

Chemicals

29,089 Yara International ASA 980,047 2.12%

Equities - SEK - 4.71% (2017 - 5.73%)

Banks

46,581 Svenska Handelsbanken AB 451,791 0.98%

Hand/Machine Tools

35,400 Sandvik AB 441,320 0.95%

Telecommunications

310,885 Telia Co AB 1,287,708 2.78%

Equities - USD - 18.84% (2017 - 26.66%)

Cosmetics/Personal Care

26,497 Procter & Gamble Co/The 2,130,608 4.60%

Diversified Financial Services

84,162 Federated Investors Inc 1,954,688 4.22%

Leisure Time

38,080 Harley-Davidson Inc 1,136,587 2.46%

Retail

5,839 McDonald's Corp 906,995 1.96%

Semiconductors

18,736 Intel Corp 769,173 1.66%

15,100 Taiwan Semiconductor Manufacturing Co Ltd 487,548 1.05%

Software

2,547 Microsoft Corp 226,303 0.49%

Telecommunications

29,299 Cisco Systems Inc 1,110,550 2.40%Investment in transferable securities at fair value through profit orloss 41,347,656 89.33%

Options contracts dealt on a regulatedmarket

StrikePrice

ExerciseDate Value EUR

% of NetAssets

Options (0.00%) (2017 - (0.00%))

(63) CALL HARLEY-DAVIDSON INC 47.5 18/01/2019 (165) 0.00%

(125) CALL INTEL CORP 55 18/01/2019 (109) 0.00%

(25) CALL MICROSOFT CORP 120 18/01/2019 (22) 0.00%

(50) CALL TAIWAN 43 18/01/2019 (262) 0.00%

(126) CALL UNILEVER NV 52 18/01/2019 (378) 0.00%

(19) S&P 500 INDEX 2,790 17/01/2019 (1,512) 0.00%Investment in derivatives instruments atfair value through profit or loss (2,448) 0.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Reditus Income Fund (continued)

487

Investment Value EUR% of Net

Assets

Total investments at fair value through profit or loss 41,345,208 89.32%

Deposits with credit institutions 2,745,858 5.93%

Net current assets 2,196,857 4.75%

Net assets attributable to holders of redeemable shares 46,287,923 100.00%

Total assets comprised as follows: % of Total AssetsTransferable securities and money market instruments admitted to an officialstock exchange listing 89.05%Transferable securities and money market instruments traded on other regulatedmarket 0.00%

OTC financial derivative instruments 0.00%

Financial derivatives instruments dealt in on a regulated market 0.00%

Deposits 0.00%

Other current assets 10.95%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulatedmarket.The counterparty for Options is Citigroup.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Reditus Global Equity Fund

488

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - CAD - 2.54% (2017 - 2.84%)

Insurance

4,739 Fairfax Financial Holdings Ltd 1,824,134 2.54%

Equities - CHF - 1.28% (2017 - 1.59%)

Retail

9,493 Cie Financiere Richemont SA 530,704 0.74%

1,529 Swatch Group AG/The 388,994 0.54%

Equities - EUR - 13.22% (2017 - 15.49%)

Agriculture

199,654 Origin Enterprises PLC 1,144,017 1.60%

Building Materials

76,277 CRH PLC 1,761,999 2.46%

Cosmetics/Personal Care

21,427 Unilever NV 1,016,068 1.42%

Electric

1,838 Fortum OYJ 35,106 0.05%

110,868 Terna Rete Elettrica Nazionale SpA 549,129 0.77%

Food

11,604 Kerry Group PLC 1,003,746 1.40%

173,106 Parmalat SpA 493,352 0.69%

Investment Companies

19,749 Groupe Bruxelles Lambert SA 1,502,504 2.10%

Machinery - Construction & Mining

576,848 Mincon Group PLC 738,365 1.03%

Metal Fabricate/Hardware

49,379 Tenaris SA 466,138 0.65%

Telecommunications

26,665 Hellenic Telecommunications Organization SA 253,851 0.35%

21,144 Proximus SADP 499,421 0.70%

Equities - GBP - 10.97% (2017 - 7.90%)

Food

334,900 Tesco PLC 709,296 0.99%

Insurance

319,993 Lancashire Holdings Ltd 2,156,879 3.01%

1,257,572 Saga PLC 1,451,519 2.03%

Investment Companies

1,070,412 Melrose Industries PLC 1,954,013 2.73%

Retail

66,147 J D Wetherspoon PLC 820,229 1.14%

Telecommunications

309,023 Vodafone Group PLC 526,415 0.73%

Water

29,831 United Utilities Group PLC 244,677 0.34%

Equities - ILS - 1.51% (2017 - 1.12%)

Banks

204,447 Bank Leumi Le-Israel BM 1,081,662 1.51%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Reditus Global Equity Fund (continued)

489

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - JPY - 2.03% (2017 - 1.47%)

Pharmaceuticals

50,100 Alfresa Holdings Corp 1,119,674 1.56%

Telecommunications

17,000 NTT DOCOMO Inc 335,132 0.47%

Equities - KRW - 2.18% (2017 - 2.12%)

Semiconductors

40,600 Samsung Electronics Co Ltd 1,231,823 1.72%

Telecommunications

1,565 SK Telecom Co Ltd 330,662 0.46%

Equities - SEK - 3.44% (2017 - 2.23%)

Telecommunications

284,591 Telefonaktiebolaget LM Ericsson 2,187,989 3.05%

66,868 Telia Co AB 276,972 0.39%

Equities - USD - 61.20% (2017 - 60.88%)

Apparel

25,990 NIKE Inc 1,685,604 2.35%

Banks

3,367 First Citizens BancShares Inc/NC 1,110,552 1.55%

Beverages

11,731 PepsiCo Inc 1,133,745 1.58%

Building Materials

65,341 Johnson Controls International PLC 1,694,756 2.36%

Computers

18,929 DXC Technology Co 880,422 1.23%

63,366 Hewlett Packard Enterprise Co 732,244 1.02%

29,911 HP Inc 535,345 0.75%

28,530 NCR Corp 576,016 0.80%

Diversified Financial Services

92,712 Federated Investors Inc 2,153,264 3.00%

128,931 Jefferies Financial Group Inc 1,957,960 2.73%

Electric

28,700 Exelon Corp 1,132,284 1.58%

Electronics

33,820 Keysight Technologies Inc 1,836,632 2.56%

Food

15,015 Sysco Corp 823,024 1.15%

Forest Products & Paper

76,311 Resolute Forest Products Inc 529,367 0.74%

Healthcare-Products

17,918 Henry Schein Inc 1,230,741 1.72%

11,935 Medtronic PLC 949,663 1.32%

19,375 STERIS PLC 1,810,977 2.53%

Healthcare-Services

3,275 Quest Diagnostics Inc 238,559 0.33%

4,424 UnitedHealth Group Inc 964,096 1.35%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Reditus Global Equity Fund (continued)

490

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 61.20% (2017 - 60.88%) (continued)

Insurance

17,261 Berkshire Hathaway Inc 3,083,017 4.30%

1,565 Markel Corp 1,421,116 1.98%

Internet

660 Booking Holdings Inc 994,443 1.39%

38,020 Symantec Corp 628,428 0.88%

Leisure Time

8,919 Harley-Davidson Inc 266,209 0.37%

Media

56,367 Liberty Global PLC 1,040,228 1.45%

Mining

232,892 Sandstorm Gold Ltd 939,187 1.31%

Packaging & Containers

162,310 Owens-Illinois Inc 2,447,819 3.41%

Retail

14,390 Cheesecake Factory Inc/The 547,705 0.76%

16,232 Lowe's Cos Inc 1,311,453 1.83%

9,992 McDonald's Corp 1,552,097 2.17%

Semiconductors

22,304 Taiwan Semiconductor Manufacturing Co Ltd 720,151 1.00%

Software

30,964 Microsoft Corp 2,751,182 3.84%

43,347 Oracle Corp 1,712,039 2.39%

Telecommunications

23,268 AT&T Inc 580,911 0.81%

47,650 Cisco Systems Inc 1,806,127 2.52%

8,176 Liberty Latin America Ltd 103,746 0.14%Investment in transferable securities at fair value throughprofit or loss 70,515,579 98.37%

Total investments at fair value through profit or loss 70,515,579 98.37%

Deposits with credit institutions 1,194,415 1.67%

Net current liabilities (26,743) (0.04%)

Net assets attributable to holders of redeemable shares 71,683,251 100.00%

Total assets comprised as follows: % of Total AssetsTransferable securities and money market instruments admitted to an officialstock exchange listing 98.19%Transferable securities and money market instruments traded on other regulatedmarket 0.00%

OTC financial derivative instruments 0.00%

Financial derivatives instruments dealt in on a regulated market 0.00%

Deposits 0.00%

Other current assets 1.81%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulatedmarket.The counterparty for foreign exchange forward contracts is Citigroup.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Reditus Global Balanced Fund

491

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - CAD - 1.50% (2017 - 1.81%)

Insurance

686 Fairfax Financial Holdings Ltd 264,055 1.50%

Equities - CHF - 0.75% (2017 - 0.99%)

Retail

1,404 Cie Financiere Richemont SA 78,490 0.45%

210 Swatch Group AG/The 53,426 0.30%

Equities - EUR - 16.07% (2017 - 18.54%)

Agriculture

28,370 Origin Enterprises PLC 162,560 0.92%

Building Materials

10,969 CRH PLC 253,384 1.44%

Cosmetics/Personal Care

2,774 Unilever NV 131,543 0.75%

Electric

355 Fortum OYJ 6,781 0.04%

16,269 Terna Rete Elettrica Nazionale SpA 80,580 0.46%

Food

1,657 Kerry Group PLC 143,331 0.81%

25,716 Parmalat SpA 73,291 0.42%

Investment Companies

2,826 Groupe Bruxelles Lambert SA 215,002 1.22%

Machinery - Construction & Mining

88,025 Mincon Group PLC 112,673 0.64%

Metal Fabricate/Hardware

6,051 Tenaris SA 57,121 0.32%

REITS

592,812 Irish Residential Properties REIT PLC 800,296 4.54%

64,879 Merlin Properties Socimi SA 699,720 3.97%

Telecommunications

3,481 Hellenic Telecommunications Organization SA 33,139 0.19%

2,583 Proximus SADP 61,010 0.35%

Equities - GBP - 6.32% (2017 - 4.80%)

Food

44,852 Tesco PLC 94,994 0.54%

Insurance

46,459 Lancashire Holdings Ltd 313,152 1.78%

182,616 Saga PLC 210,780 1.20%

Investment Companies

147,706 Melrose Industries PLC 269,634 1.53%

Retail

9,817 J D Wetherspoon PLC 121,732 0.69%

Telecommunications

44,134 Vodafone Group PLC 75,181 0.43%

Water

3,134 United Utilities Group PLC 25,705 0.15%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Reditus Global Balanced Fund (continued)

492

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - ILS - 0.90% (2017 - 0.73%)

Banks

30,024 Bank Leumi Le-Israel BM 158,847 0.90%

Equities - JPY - 1.19% (2017 - 0.88%)

Pharmaceuticals

7,200 Alfresa Holdings Corp 160,911 0.91%

Telecommunications

2,500 NTT DOCOMO Inc 49,284 0.28%

Equities - KRW - 1.21% (2017 - 1.46%)

Semiconductors

5,800 Samsung Electronics Co Ltd 175,975 1.00%

Telecommunications

173 SK Telecom Co Ltd 36,552 0.21%

Equities - SEK - 1.97% (2017 - 1.46%)

Telecommunications

40,313 Telefonaktiebolaget LM Ericsson 309,934 1.76%

8,753 Telia Co AB 36,256 0.21%

Equities - USD - 35.72% (2017 - 38.95%)

Apparel

3,715 NIKE Inc 240,940 1.37%

Banks

486 First Citizens BancShares Inc/NC 160,299 0.91%

Beverages

1,686 PepsiCo Inc 162,944 0.92%

Building Materials

9,704 Johnson Controls International PLC 251,694 1.43%

Computers

2,762 DXC Technology Co 128,466 0.73%

9,482 Hewlett Packard Enterprise Co 109,572 0.62%

4,358 HP Inc 77,999 0.44%

3,792 NCR Corp 76,560 0.43%

Diversified Financial Services

13,642 Federated Investors Inc 316,840 1.80%

18,471 Jefferies Financial Group Inc 280,503 1.59%

Electric

4,053 Exelon Corp 159,901 0.91%

Electronics

4,890 Keysight Technologies Inc 265,557 1.51%

Food

2,034 Sysco Corp 111,491 0.63%

Forest Products & Paper

10,481 Resolute Forest Products Inc 72,706 0.41%

Healthcare-Products

2,555 Henry Schein Inc 175,496 1.00%

1,616 Medtronic PLC 128,584 0.73%

2,715 STERIS PLC 253,771 1.44%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Reditus Global Balanced Fund (continued)

493

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 35.72% (2017 - 38.95%) (continued)

Healthcare-Services

370 Quest Diagnostics Inc 26,952 0.15%

658 UnitedHealth Group Inc 143,394 0.81%

Insurance

2,471 Berkshire Hathaway Inc 441,350 2.50%

223 Markel Corp 202,498 1.15%

Internet

98 Booking Holdings Inc 147,660 0.84%

5,706 Symantec Corp 94,314 0.53%

Leisure Time

1,369 Harley-Davidson Inc 40,861 0.23%

Media

7,848 Liberty Global PLC 144,843 0.82%

Mining

32,554 Sandstorm Gold Ltd 131,281 0.74%

Packaging & Containers

24,499 Owens-Illinois Inc 369,473 2.10%

Retail

2,237 Cheesecake Factory Inc/The 85,144 0.48%

2,315 Lowe's Cos Inc 187,039 1.06%

1,407 McDonald's Corp 218,555 1.24%

Semiconductors

3,041 Taiwan Semiconductor Manufacturing Co Ltd 98,188 0.56%

Software

4,311 Microsoft Corp 383,037 2.17%

6,096 Oracle Corp 240,768 1.37%

Telecommunications

3,180 AT&T Inc 79,392 0.45%

7,061 Cisco Systems Inc 267,640 1.52%

1,817 Liberty Latin America Ltd 23,084 0.13%Investment in transferable securities at fair value through profit orloss 11,564,135 65.63%

Holdings InvestmentCoupon

RateMaturity

Date Value EUR% of Net

Assets

Transferable Securities

Government Security - 17.11% (2017 - 15.84%)

Belgium

987,000 Belgium Government Bond 4.000 28/03/2019 1,028,164 5.85%

1,028,164 5.85%

France

727,775 France Government Bond OAT 4.250 25/10/2023 886,103 5.03%

886,103 5.03%

Italy

106,000 Italy Buoni Poliennali Del Tesoro 4.000 01/09/2020 113,512 0.64%

238,000 Italy Buoni Poliennali Del Tesoro 0.650 01/11/2020 238,690 1.35%

352,202 1.99%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Reditus Global Balanced Fund (continued)

494

Holdings InvestmentsCoupon

RateMaturity

Date Value EUR% of Net

Assets

Transferable Securities

Government Security - 17.11% (2017 - 15.84%) (continued)

Portugal

109,049 Portugal Obrigacoes do Tesouro OT 4.800 15/06/2020 120,071 0.68%

120,071 0.68%

Slovakia

378,412 Slovakia Government Bond 5.300 12/05/2019 399,035 2.26%

399,035 2.26%

Slovenia

107,000 Slovenia Government Bond 4.125 26/01/2020 116,413 0.66%

116,413 0.66%

Spain

102,000 Spain Government Bond 4.850 31/10/2020 112,305 0.64%

112,305 0.64%

Total Government Security 3,014,293 17.11%

Total investments at fair value through profit or loss 14,578,428 82.74%

Deposits with credit institutions 3,063,672 17.39%

Net current liabilities (22,143) (0.13%)

Net assets attributable to holders of redeemable shares 17,619,957 100.00%

Total assets comprised as follows: % of Total AssetsTransferable securities and money market instruments admitted to anofficial stock exchange listing 82.51%Transferable securities and money market instruments traded on otherregulated market 0.00%

OTC financial derivative instruments 0.00%

Financial derivatives instruments dealt in on a regulated market 0.00%

Deposits 0.00%

Other current assets 17.49%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulatedmarket.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Global Equity Fund

495

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - CAD - 2.20% (2017 - 2.55%)

Insurance

1,035 Fairfax Financial Holdings Ltd 398,392 1.98%

Oil & Gas

1,979 Imperial Oil Ltd 43,844 0.22%

Equities - CHF - 2.19% (2017 - 2.24%)

Pharmaceuticals

2,991 Novartis AG 223,054 1.11%

Retail

2,183 Cie Financiere Richemont SA 122,040 0.61%

371 Swatch Group AG/The 94,386 0.47%

Equities - EUR - 14.77% (2017 - 16.87%)

Agriculture

41,072 Origin Enterprises PLC 235,343 1.17%

Beverages

38,733 C&C Group PLC 105,547 0.52%

1,333 Pernod Ricard SA 191,019 0.95%

Building Materials

15,339 CRH PLC 354,331 1.76%

Cosmetics/Personal Care

4,417 Unilever NV 209,454 1.04%

Electric

453 Fortum OYJ 8,652 0.04%

41,151 REN - Redes Energeticas Nacionais SGPS SA 100,162 0.50%

25,102 Terna Rete Elettrica Nazionale SpA 124,330 0.62%

Food

2,527 Kerry Group PLC 218,586 1.08%

38,957 Parmalat SpA 111,027 0.55%

Investment Companies

4,307 Groupe Bruxelles Lambert SA 327,677 1.63%

Machinery - Construction & Mining

137,650 Mincon Group PLC 176,192 0.87%

Metal Fabricate/Hardware

10,167 Tenaris SA 95,976 0.48%

Oil & Gas

14,620 Eni SpA 200,996 1.00%

Pharmaceuticals

3,638 Sanofi 275,251 1.37%

Retail

11,395 Applegreen PLC 69,510 0.34%

Telecommunications

6,113 Hellenic Telecommunications Organization SA 58,196 0.29%

4,785 Proximus SADP 113,022 0.56%

Equities - GBP - 13.10% (2017 - 9.49%)

Electric

11,218 Drax Group PLC 44,843 0.22%

Food

68,440 Tesco PLC 144,951 0.72%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Global Equity Fund (continued)

496

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 13.10% (2017 - 9.49%) (continued)

Insurance

70,022 Lancashire Holdings Ltd 471,976 2.34%

274,157 Saga PLC 316,438 1.57%

Investment Companies

227,951 Melrose Industries PLC 416,119 2.06%

Oil & Gas

8,403 DCC PLC 560,310 2.78%

34,683 Tullow Oil PLC 69,206 0.34%

Retail

13,920 J D Wetherspoon PLC 172,609 0.86%

Software

63,522 Playtech PLC 272,468 1.35%

Telecommunications

68,374 Vodafone Group PLC 116,474 0.58%

Water

6,782 United Utilities Group PLC 55,627 0.28%

Equities - ILS - 1.22% (2017 - 0.86%)

Banks

46,683 Bank Leumi Le-Israel BM 246,984 1.22%

Equities - JPY - 1.99% (2017 - 1.53%)

Pharmaceuticals

10,800 Alfresa Holdings Corp 241,367 1.20%

7,100 Astellas Pharma Inc 79,338 0.39%

Telecommunications

4,100 NTT DOCOMO Inc 80,826 0.40%

Equities - KRW - 1.71% (2017 - 1.80%)

Semiconductors

8,777 Samsung Electronics Co Ltd 266,298 1.32%

Telecommunications

375 SK Telecom Co Ltd 79,232 0.39%

Equities - SEK - 2.58% (2017 - 1.82%)

Telecommunications

59,584 Telefonaktiebolaget LM Ericsson 458,093 2.27%

14,958 Telia Co AB 61,957 0.31%

Equities - TRY - 0.51% (2017 - 0.34%)

Oil & Gas

5,351 Tupras Turkiye Petrol Rafinerileri AS 102,683 0.51%

Equities - USD - 56.84% (2017 - 60.05%)

Apparel

5,576 NIKE Inc 361,636 1.79%

Banks

767 First Citizens BancShares Inc/NC 252,983 1.25%

Beverages

2,531 PepsiCo Inc 244,609 1.21%

Building Materials

13,878 Johnson Controls International PLC 359,955 1.79%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Global Equity Fund (continued)

497

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 56.84% (2017 - 60.05%) (continued)

Computers

4,134 DXC Technology Co 192,280 0.95%

14,047 Hewlett Packard Enterprise Co 162,324 0.80%

6,778 HP Inc 121,312 0.60%

6,268 NCR Corp 126,550 0.63%

Diversified Financial Services

20,231 Federated Investors Inc 469,871 2.33%

28,285 Jefferies Financial Group Inc 429,539 2.13%

Electric

6,174 Exelon Corp 243,579 1.21%

Electronics

7,288 Keysight Technologies Inc 395,783 1.96%

Food

3,097 Sysco Corp 169,757 0.84%

Forest Products & Paper

16,742 Resolute Forest Products Inc 116,139 0.58%

Healthcare-Products

3,798 Henry Schein Inc 260,875 1.29%

2,617 Medtronic PLC 208,234 1.03%

4,186 STERIS PLC 391,265 1.94%

610 Thermo Fisher Scientific Inc 119,417 0.59%

Healthcare-Services

693 Quest Diagnostics Inc 50,480 0.25%

999 UnitedHealth Group Inc 217,706 1.08%

Insurance

3,773 Berkshire Hathaway Inc 673,902 3.34%

340 Markel Corp 308,741 1.53%

Internet

148 Booking Holdings Inc 222,996 1.11%

8,598 Symantec Corp 142,115 0.70%

Leisure Time

2,073 Harley-Davidson Inc 61,874 0.31%

Machinery - Construction & Mining

8,337 Oshkosh Corp 447,134 2.22%

Media

12,407 Liberty Global PLC 229,051 1.13%

Mining

50,382 Sandstorm Gold Ltd 203,176 1.01%

Oil & Gas

5,873 Diamond Offshore Drilling Inc 48,499 0.24%

5,613 Exxon Mobil Corp 334,821 1.66%

3,022 HollyFrontier Corp 135,139 0.67%

4,066 Occidental Petroleum Corp 218,319 1.08%

Oil & Gas Services

6,498 National Oilwell Varco Inc 146,086 0.72%

Packaging & Containers

34,386 Owens-Illinois Inc 518,580 2.57%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Global Equity Fund (continued)

498

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 56.84% (2017 - 60.05%) (continued)

Pharmaceuticals

3,587 Johnson & Johnson 404,936 2.01%

1,956 Pfizer Inc 74,688 0.37%

Retail

3,265 Cheesecake Factory Inc/The 124,271 0.62%

3,516 Lowe's Cos Inc 284,073 1.41%

2,189 McDonald's Corp 340,026 1.69%

Semiconductors

4,927 Taiwan Semiconductor Manufacturing Co Ltd 159,083 0.79%

Software

6,582 Microsoft Corp 584,817 2.90%

9,111 Oracle Corp 359,849 1.78%

Telecommunications

5,271 AT&T Inc 131,596 0.65%

10,454 Cisco Systems Inc 396,249 1.97%

1,862 Liberty Latin America Ltd 23,628 0.11%Investment in transferable securities at fair value throughprofit or loss 19,582,729 97.11%

Total investments at fair value through profit or loss 19,582,729 97.11%

Deposits with credit institutions 549,486 2.73%

Net current assets 32,286 0.16%

Net assets attributable to holders of redeemable shares 20,164,501 100.00%

Total assets comprised as follows: % of Total AssetsTransferable securities and money market instruments admitted to an officialstock exchange listing 96.87%Transferable securities and money market instruments traded on other regulatedmarket 0.00%

OTC financial derivative instruments 0.00%

Financial derivatives instruments dealt in on a regulated market 0.00%

Deposits 0.00%

Other current assets 3.13%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulatedmarket.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund

499

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - AED - 0.69% (2017 - 0.54%)

Banks

24,269 Abu Dhabi Commercial Bank PJSC 47,163 0.10%

12,793 Dubai Islamic Bank PJSC 15,234 0.03%

28,578 First Abu Dhabi Bank PJSC 95,964 0.21%

Real Estate

40,985 Aldar Properties PJSC 15,617 0.03%

32,811 DAMAC Properties Dubai Co PJSC 11,799 0.03%

13,880 Emaar Malls PJSC 5,917 0.01%

41,701 Emaar Properties PJSC 41,016 0.09%

Telecommunications

20,655 Emirates Telecommunications Group Co PJSC 83,526 0.19%

Equities - BRL - 7.40% (2017 - 6.59%)

Aerospace/Defense

7,400 Embraer SA 36,210 0.08%

Banks

47,623 Banco Bradesco SA 403,729 0.90%

10,300 Banco do Brasil SA 108,078 0.24%

4,100 Banco Santander Brasil SA 39,514 0.09%

52,605 Itau Unibanco Holding SA 421,500 0.93%

Beverages

51,500 Ambev SA 178,774 0.40%

Chemicals

2,300 Braskem SA 24,596 0.05%

Commercial Services

13,500 CCR SA 34,127 0.08%

14,880 Cielo SA 29,857 0.07%

15,500 Kroton Educacional SA 31,031 0.07%

4,035 Localiza Rent a Car SA 27,094 0.06%

Cosmetics/Personal Care

2,900 Natura Cosmeticos SA 29,455 0.07%

Diversified Financial Services

21,329 B3 SA - Brasil Bolsa Balcao 129,065 0.29%

Electric

3,800 Centrais Eletricas Brasileiras SA 24,161 0.05%

15,413 Cia Energetica de Minas Gerais 48,216 0.11%

1,625 Engie Brasil Energia SA 12,111 0.03%

2,600 Equatorial Energia SA 43,754 0.10%

Food

5,000 BRF SA 24,749 0.05%

2,200 Cia Brasileira de Distribuicao 40,211 0.09%

10,200 JBS SA 26,682 0.06%

Forest Products & Paper

2,600 Fibria Celulose SA 39,670 0.09%

7,100 Klabin SA 25,448 0.06%

4,500 Suzano Papel e Celulose SA 38,677 0.09%

Holding Companies - Diversified

43,647 Itausa - Investimentos Itau SA 119,004 0.26%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

500

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - BRL - 7.40% (2017 - 6.59%) (continued)

Insurance

9,400 BB Seguridade Participacoes SA 58,536 0.13%

Iron/Steel

7,500 Cia Siderurgica Nacional SA 14,964 0.03%

12,000 Gerdau SA 40,139 0.09%

32,792 Vale SA 377,468 0.84%

Machinery - Diversified

8,970 WEG SA 35,511 0.08%

Oil & Gas

75,400 Petroleo Brasileiro SA 405,925 0.90%

4,400 Ultrapar Participacoes SA 52,833 0.12%

Pharmaceuticals

4,300 Hypera SA 29,310 0.06%

Real Estate

4,174 BR Malls Participacoes SA 12,313 0.03%

4,428 Multiplan Empreendimentos Imobiliarios SA 24,296 0.05%

Retail

7,940 Lojas Americanas SA 35,304 0.08%

8,470 Lojas Renner SA 81,057 0.18%

600 Magazine Luiza SA 24,521 0.05%

3,000 Raia Drogasil SA 38,697 0.09%

Telecommunications

5,200 Telefonica Brasil SA 54,259 0.12%

10,900 Tim Participacoes SA 29,153 0.06%

Transportation

12,100 Rumo SA 46,428 0.10%

Water

4,300 Cia de Saneamento Basico do Estado de Sao Paulo 30,572 0.07%

Equities - CLP - 1.01% (2017 - 1.23%)

Airlines

3,732 Latam Airlines Group SA 32,621 0.07%

Banks

238,637 Banco de Chile 29,832 0.07%

441 Banco de Credito e Inversiones SA 25,063 0.06%

633,480 Banco Santander Chile 41,276 0.09%

Beverages

2,366 Cia Cervecerias Unidas SA 26,590 0.06%

Chemicals

1,121 Sociedad Quimica y Minera de Chile SA 38,584 0.09%

Electric

332,226 Enel Americas SA 51,306 0.11%

355,436 Enel Chile SA 30,006 0.07%

Food

18,087 Cencosud SA 28,645 0.06%

Forest Products & Paper

13,397 Empresas CMPC SA 37,256 0.08%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

501

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - CLP - 1.01% (2017 - 1.23%) (continued)

Holding Companies - Diversified

3,309 Empresas COPEC SA 34,737 0.08%

Retail

7,600 SACI Falabella 48,759 0.11%

Telecommunications

2,032 Empresa Nacional de Telecomunicaciones SA 13,785 0.03%

Water

27,021 Aguas Andinas SA 13,002 0.03%

Equities - COP - 0.39% (2017 - 0.43%)

Banks

7,852 Bancolombia SA 65,540 0.15%

35,900 Grupo Aval Acciones y Valores SA 9,663 0.02%

Building Materials

6,000 Cementos Argos SA 11,251 0.02%

3,381 Grupo Argos SA/Colombia 15,395 0.03%

Electric

4,934 Interconexion Electrica SA ESP 18,585 0.04%

Investment Companies

2,166 Grupo de Inversiones Suramericana SA 18,745 0.04%

Oil & Gas

55,341 Ecopetrol SA 39,438 0.09%

Equities - CZK - 0.21% (2017 - 0.16%)

Banks

1,005 Komercni banka as 33,075 0.07%

6,288 Moneta Money Bank AS 17,713 0.04%

Electric

2,103 CEZ AS 43,716 0.10%

Equities - EUR - 0.69% (2017 - 1.14%)

Banks

15,934 Alpha Bank AE 17,527 0.04%

27,129 Sberbank of Russia PJSC 255,013 0.57%

Entertainment

2,032 OPAP SA 15,433 0.03%

Telecommunications

2,495 Hellenic Telecommunications Organization SA 23,752 0.05%

Equities - HKD - 23.03% (2017 - 21.52%)

Aerospace/Defense

40,000 AviChina Industry & Technology Co Ltd 21,989 0.05%

Airlines

22,000 Air China Ltd 16,764 0.04%

30,000 China Southern Airlines Co Ltd 16,257 0.04%

Apparel

9,000 Shenzhou International Group Holdings Ltd 89,245 0.20%

Auto Manufacturers

24,500 BAIC Motor Corp Ltd 11,305 0.03%

34,000 Brilliance China Automotive Holdings Ltd 22,147 0.05%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

502

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - HKD - 23.03% (2017 - 21.52%) (continued)

Auto Manufacturers (continued)

7,500 Byd Co Ltd 41,857 0.09%

32,000 Dongfeng Motor Group Co Ltd 25,385 0.06%

55,000 Geely Automobile Holdings Ltd 84,804 0.19%

36,500 Great Wall Motor Co Ltd 18,311 0.04%

33,600 Guangzhou Automobile Group Co Ltd 29,320 0.07%

Auto Parts & Equipment

7,200 Fuyao Glass Industry Group Co Ltd 20,152 0.04%

29,000 Weichai Power Co Ltd 29,000 0.06%

Banks

286,000 Agricultural Bank of China Ltd 109,606 0.24%

871,000 Bank of China Ltd 328,933 0.73%

103,000 Bank of Communications Co Ltd 70,316 0.16%

107,000 China CITIC Bank Corp Ltd 56,907 0.13%

1,025,000 China Construction Bank Corp 739,825 1.64%

36,000 China Everbright Bank Co Ltd 13,636 0.03%

44,000 China Merchants Bank Co Ltd 141,094 0.31%

81,000 China Minsheng Banking Corp Ltd 48,871 0.11%

27,000 Chongqing Rural Commercial Bank Co Ltd 12,670 0.03%

62,000 CITIC Ltd 85,067 0.19%

759,000 Industrial & Commercial Bank of China Ltd 474,052 1.05%

35,000 Postal Savings Bank of China Co Ltd 16,151 0.04%

Beverages

20,000 China Resources Beer Holdings Co Ltd 61,117 0.14%

2,000 Tsingtao Brewery Co Ltd 7,061 0.02%

Biotechnology

13,114 3SBio Inc 14,711 0.03%

Building Materials

15,000 Anhui Conch Cement Co Ltd 63,687 0.14%

46,000 China National Building Material Co Ltd 27,548 0.06%

34,000 China Resources Cement Holdings Ltd 26,782 0.06%

Chemicals

13,500 Kingboard Chemical Holdings Ltd 31,525 0.07%

50,000 Sinopec Shanghai Petrochemical Co Ltd 19,162 0.04%

Coal

42,000 China Shenhua Energy Co Ltd 80,527 0.18%

Commercial Services

19,500 China Conch Venture Holdings Ltd 50,765 0.11%

38,000 China First Capital Group Ltd 18,894 0.04%

16,570 China Merchants Port Holdings Co Ltd 26,104 0.06%

20,704 COSCO SHIPPING Ports Ltd 17,812 0.04%

12,000 Jiangsu Expressway Co Ltd 14,641 0.03%

16,000 Shenzhen International Holdings Ltd 26,958 0.06%

22,000 Zhejiang Expressway Co Ltd 16,690 0.04%

Computers

98,000 Lenovo Group Ltd 57,923 0.13%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

503

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - HKD - 23.03% (2017 - 21.52%) (continued)

Diversified Financial Services

3,600 BOC Aviation Ltd 23,309 0.05%

120,000 China Cinda Asset Management Co Ltd 25,475 0.06%

6,000 China Everbright Ltd 9,305 0.02%

40,000 China Galaxy Securities Co Ltd 15,821 0.04%

121,000 China Huarong Asset Management Co Ltd 19,333 0.04%

10,000 China International Capital Corp Ltd 16,424 0.04%

29,500 CITIC Securities Co Ltd 44,497 0.10%

21,000 Far East Horizon Ltd 18,536 0.04%

14,400 GF Securities Co Ltd 17,087 0.04%

39,600 Haitong Securities Co Ltd 33,184 0.07%

21,800 Huatai Securities Co Ltd 30,203 0.07%

Electric

119,000 CGN Power Co Ltd 24,730 0.05%

42,000 China Longyuan Power Group Corp Ltd 25,012 0.06%

22,211 China Resources Power Holdings Co Ltd 37,374 0.08%

58,000 Huaneng Power International Inc 32,272 0.07%

86,000 Huaneng Renewables Corp Ltd 20,179 0.04%

Electronics

10,500 AAC Technologies Holdings Inc 53,321 0.12%

Energy-Alternate Sources

45,222 China Everbright International Ltd 35,470 0.08%

Engineering & Construction

16,000 Beijing Capital International Airport Co Ltd 14,856 0.03%

46,000 China Communications Construction Co Ltd 38,033 0.08%

36,000 China Communications Services Corp Ltd 26,065 0.06%

32,500 China Railway Construction Corp Ltd 39,435 0.09%

48,000 China Railway Group Ltd 38,239 0.08%

22,000 China State Construction International Holdings Ltd 15,289 0.03%

350,000 China Tower Corp Ltd 57,877 0.13%

Entertainment

190,000 Alibaba Pictures Group Ltd 28,022 0.06%

Financial Services

8,000 China Ding Yi Feng Holdings 18,771 0.04%

Food

62,000 China Huishan Dairy Holdings Co Ltd 2,909 0.01%

31,000 China Mengniu Dairy Co Ltd 84,513 0.19%

32,000 Dali Foods Group Co Ltd 20,701 0.05%

22,000 Tingyi Cayman Islands Holding Corp 25,711 0.06%

68,000 Want Want China Holdings Ltd 41,635 0.09%

5,000 Yihai International Holding Ltd 10,693 0.02%

Forest Products & Paper

20,000 Nine Dragons Paper Holdings Ltd 16,201 0.04%

Gas

8,500 Beijing Enterprises Holdings Ltd 39,413 0.09%

20,600 China Gas Holdings Ltd 64,216 0.14%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

504

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - HKD - 23.03% (2017 - 21.52%) (continued)

Gas (continued)

12,000 China Resources Gas Group Ltd 41,564 0.09%

8,000 ENN Energy Holdings Ltd 62,078 0.14%

Healthcare-Products

18,000 China Medical System Holdings Ltd 14,641 0.03%

8,500 Hengan International Group Co Ltd 54,134 0.12%

16,000 Shandong Weigao Group Medical Polymer Co Ltd 11,334 0.03%

Healthcare-Services

10,000 Genscript Biotech Corp 11,799 0.03%

Home Furnishings

13,000 Haier Electronics Group Co Ltd 27,975 0.06%

Insurance

81,000 China Life Insurance Co Ltd 150,595 0.33%

30,200 China Pacific Insurance Group Co Ltd 85,538 0.19%

18,800 China Taiping Insurance Holdings Co Ltd 45,162 0.10%

31,912 Fosun International Ltd 40,647 0.09%

9,200 New China Life Insurance Co Ltd 31,968 0.07%

71,000 People's Insurance Co Group of China Ltd/The 24,989 0.06%

78,000 PICC Property & Casualty Co Ltd 69,807 0.15%

57,500 Ping An Insurance Group Co of China Ltd 444,255 0.99%

Internet

2,800 China Literature Ltd 11,356 0.03%

59,500 Tencent Holdings Ltd 2,087,465 4.63%

Machinery - Construction & Mining

46,000 Shanghai Electric Group Co Ltd 12,849 0.03%

Machinery - Diversified

9,000 Haitian International Holdings Ltd 15,184 0.03%

Mining

40,000 Aluminum Corp of China Ltd 11,262 0.02%

22,500 China Hongqiao Group Ltd 11,187 0.02%

48,000 China Molybdenum Co Ltd 15,446 0.03%

12,000 Jiangxi Copper Co Ltd 12,348 0.03%

32,000 MMG Ltd 12,049 0.03%

80,000 Zijin Mining Group Co Ltd 26,547 0.06%

Miscellaneous Manufacturing

51,000 CRRC Corp Ltd 43,535 0.10%

8,000 Sunny Optical Technology Group Co Ltd 62,212 0.14%

7,000 Zhuzhou CRRC Times Electric Co Ltd 33,944 0.08%

Oil & Gas

288,000 China Petroleum & Chemical Corp 179,878 0.40%

203,000 CNOOC Ltd 274,444 0.61%

28,000 Kunlun Energy Co Ltd 25,966 0.06%

238,000 PetroChina Co Ltd 129,769 0.29%

Oil & Gas Services

28,000 China Oilfield Services Ltd 21,055 0.05%

23,000 Sinopec Engineering Group Co Ltd 16,524 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

505

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - HKD - 23.03% (2017 - 21.52%) (continued)

Packaging & Containers

35,000 Lee & Man Paper Manufacturing Ltd 25,966 0.06%

Pharmaceuticals

26,000 China Resources Pharmaceutical Group Ltd 29,689 0.07%

28,000 China Traditional Chinese Medicine Holdings Co Ltd 14,266 0.03%

46,000 CSPC Pharmaceutical Group Ltd 58,078 0.13%

7,000 Shanghai Fosun Pharmaceutical Group Co Ltd 17,989 0.04%

79,500 Sino Biopharmaceutical Ltd 45,834 0.10%

14,800 Sinopharm Group Co Ltd 54,404 0.12%

24,000 SSY Group Ltd 15,553 0.03%

3,986 Wuxi Biologics Cayman Inc 22,335 0.05%

Real Estate

14,000 Agile Group Holdings Ltd 14,407 0.03%

37,000 China Evergrande Group 96,943 0.21%

50,000 China Jinmao Holdings Group Ltd 19,665 0.04%

46,000 China Overseas Land & Investment Ltd 138,256 0.31%

32,000 China Resources Land Ltd 107,619 0.24%

14,200 China Vanke Co Ltd 42,203 0.09%

50,000 CIFI Holdings Group Co Ltd 23,240 0.05%

88,000 Country Garden Holdings Co Ltd 93,702 0.21%

67,500 Fullshare Holdings Ltd 13,575 0.03%

28,000 Future Land Development Holdings Ltd 16,769 0.04%

13,200 Guangzhou R&F Properties Co Ltd 17,462 0.04%

12,161 Jiayuan International Group Ltd 19,675 0.04%

16,000 KWG Property Holding Ltd 12,389 0.03%

22,000 Logan Property Holdings Co Ltd 24,114 0.05%

17,000 Longfor Group Holdings Ltd 44,446 0.10%

9,500 Shimao Property Holdings Ltd 22,184 0.05%

48,000 Sino-Ocean Group Holding Ltd 18,503 0.04%

27,000 Sunac China Holdings Ltd 76,927 0.17%

Retail

13,000 ANTA Sports Products Ltd 54,541 0.12%

13,900 Shanghai Pharmaceuticals Holding Co Ltd 24,725 0.05%

28,000 Sun Art Retail Group Ltd 24,965 0.06%

7,500 Zhongsheng Group Holdings Ltd 13,005 0.03%

Semiconductors

34,700 Semiconductor Manufacturing International Corp 26,558 0.06%

Software

24,000 Alibaba Health Information Technology Ltd 17,028 0.04%

34,000 Kingdee International Software Group Co Ltd 26,288 0.06%

10,000 Kingsoft Corp Ltd 12,603 0.03%

16,000 TravelSky Technology Ltd 35,843 0.08%

Telecommunications

63,500 China Mobile Ltd 534,601 1.19%

158,000 China Telecom Corp Ltd 70,614 0.16%

58,000 China Unicom Hong Kong Ltd 54,176 0.12%

22,500 Meitu Inc 5,506 0.01%

9,800 ZTE Corp 16,205 0.04%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

506

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - HKD - 23.03% (2017 - 21.52%) (continued)

Water

62,000 Beijing Enterprises Water Group Ltd 27,640 0.06%

34,000 Guangdong Investment Ltd 57,515 0.13%

Equities - HUF - 0.32% (2017 - 0.30%)

Banks

2,128 OTP Bank Nyrt 74,891 0.17%

Oil & Gas

4,000 MOL Hungarian Oil & Gas PLC 38,379 0.09%

Pharmaceuticals

1,700 Richter Gedeon Nyrt 28,775 0.06%

Equities - IDR - 2.33% (2017 - 2.20%)

Agriculture

81,700 Charoen Pokphand Indonesia Tbk PT 35,908 0.08%

4,400 Gudang Garam Tbk PT 22,383 0.05%

78,700 Hanjaya Mandala Sampoerna Tbk PT 17,762 0.04%

Banks

113,300 Bank Central Asia Tbk PT 179,199 0.40%

218,100 Bank Mandiri Persero Tbk PT 97,847 0.22%

89,900 Bank Negara Indonesia Persero Tbk PT 48,125 0.11%

639,300 Bank Rakyat Indonesia Persero Tbk PT 142,337 0.32%

Building Materials

24,300 Indocement Tunggal Prakarsa Tbk PT 27,273 0.06%

26,400 Semen Indonesia Persero Tbk PT 18,469 0.04%

Food

65,200 Indofood Sukses Makmur Tbk PT 29,548 0.07%

Forest Products & Paper

28,600 Indah Kiat Pulp & Paper Corp Tbk PT 20,095 0.04%

Gas

160,300 Perusahaan Gas Negara Persero Tbk 20,673 0.05%

Household Products/Wares

17,000 Unilever Indonesia Tbk PT 46,950 0.10%

Machinery - Construction & Mining

21,000 United Tractors Tbk PT 34,939 0.08%

Media

105,800 Surya Citra Media Tbk PT 12,035 0.03%

Pharmaceuticals

266,900 Kalbe Farma Tbk PT 24,679 0.05%

Real Estate

371,400 Pakuwon Jati Tbk PT 14,008 0.03%

Retail

232,800 Astra International Tbk PT 116,480 0.26%

Telecommunications

580,000 Telekomunikasi Indonesia Persero Tbk PT 132,309 0.29%

23,600 Tower Bersama Infrastructure Tbk PT 5,168 0.01%

Equities - INR - 9.22% (2017 - 8.51%)

Agriculture

38,422 ITC Ltd 135,597 0.30%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

507

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - INR - 9.22% (2017 - 8.51%) (continued)

Auto Manufacturers

15,481 Ashok Leyland Ltd 19,883 0.04%

159 Eicher Motors Ltd 46,139 0.10%

8,772 Mahindra & Mahindra Ltd 88,356 0.20%

1,162 Maruti Suzuki India Ltd 108,699 0.24%

18,453 Tata Motors Ltd 39,932 0.09%

Auto Parts & Equipment

108 Bosch Ltd 26,539 0.06%

10,351 Motherson Sumi Systems Ltd 21,641 0.05%

Banks

20,453 Axis Bank Ltd 158,869 0.35%

25,657 ICICI Bank Ltd 115,784 0.26%

20,009 State Bank of India 74,188 0.16%

19,777 Yes Bank Ltd 45,052 0.10%

Beverages

3,520 United Spirits Ltd 28,043 0.06%

Building Materials

8,795 Ambuja Cements Ltd 24,807 0.06%

3,033 Grasim Industries Ltd 31,376 0.07%

124 Shree Cement Ltd 26,781 0.06%

1,079 UltraTech Cement Ltd 53,958 0.12%

Chemicals

3,557 Asian Paints Ltd 61,197 0.14%

4,114 UPL Ltd 39,087 0.09%

Coal

7,473 Coal India Ltd 22,544 0.05%

Commercial Services

6,302 Adani Ports & Special Economic Zone Ltd 30,615 0.07%

Computers

36,662 Infosys Ltd 302,712 0.67%

9,491 Tata Consultancy Services Ltd 225,131 0.50%

13,584 Wipro Ltd 56,314 0.13%

Cosmetics/Personal Care

5,492 Dabur India Ltd 29,636 0.07%

Diversified Financial Services

1,913 Bajaj Finance Ltd 63,405 0.14%

16,748 Housing Development Finance Corp Ltd 413,073 0.92%

2,402 Indiabulls Housing Finance Ltd 25,699 0.06%

4,396 LIC Housing Finance Ltd 26,919 0.06%

1,577 Shriram Transport Finance Co Ltd 24,502 0.05%

Electric

19,385 NTPC Ltd 36,204 0.08%

13,543 Power Grid Corp of India Ltd 33,710 0.07%

Electrical Components & Equipment

3,479 Havells India Ltd 30,144 0.07%

Engineering & Construction

5,602 Larsen & Toubro Ltd 100,908 0.22%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

508

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - INR - 9.22% (2017 - 8.51%) (continued)

Food

341 Nestle India Ltd 47,364 0.11%

Gas

8,324 GAIL India Ltd 37,580 0.08%

Household Products/Wares

4,128 Godrej Consumer Products Ltd 41,931 0.09%

7,439 Hindustan Unilever Ltd 169,615 0.38%

5,030 Marico Ltd 23,534 0.05%

Insurance

407 Bajaj Finserv Ltd 33,031 0.07%

Iron/Steel

9,957 JSW Steel Ltd 38,271 0.09%

5,156 Tata Steel Ltd 33,663 0.07%

Leisure Time

984 Bajaj Auto Ltd 33,539 0.07%

Media

6,688 Zee Entertainment Enterprises Ltd 39,928 0.09%

Metal Fabricate/Hardware

2,943 Bharat Forge Ltd 18,759 0.04%

Mining

13,276 Hindalco Industries Ltd 37,629 0.08%

14,220 Vedanta Ltd 36,028 0.08%

Oil & Gas

9,241 Bharat Petroleum Corp Ltd 42,004 0.09%

6,954 Hindustan Petroleum Corp Ltd 22,067 0.05%

9,564 Indian Oil Corp Ltd 16,424 0.04%

14,711 Oil & Natural Gas Corp Ltd 27,632 0.06%

28,914 Reliance Industries Ltd 406,230 0.90%

Pharmaceuticals

3,888 Aurobindo Pharma Ltd 35,708 0.08%

3,810 Cipla Ltd/India 24,801 0.05%

834 Divi's Laboratories Ltd 15,494 0.03%

1,329 Dr Reddy's Laboratories Ltd 43,572 0.10%

2,424 Glenmark Pharmaceuticals Ltd 21,050 0.05%

2,305 Lupin Ltd 24,385 0.05%

894 Piramal Enterprises Ltd 26,681 0.06%

10,943 Sun Pharmaceutical Industries Ltd 59,030 0.13%

Retail

3,602 Titan Co Ltd 42,020 0.09%

Software

6,502 HCL Technologies Ltd 78,567 0.17%

5,540 Tech Mahindra Ltd 50,199 0.11%

Telecommunications

12,869 Bharti Airtel Ltd 50,391 0.11%

3,073 Bharti Infratel Ltd 9,973 0.02%

18,610 Idea Cellular Ltd 8,803 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

509

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - KRW - 13.46% (2017 - 14.92%)

Advertising

1,220 Cheil Worldwide Inc 21,521 0.05%

Aerospace/Defense

747 Korea Aerospace Industries Ltd 18,682 0.04%

Agriculture

1,329 KT&G Corp 105,755 0.23%

Apparel

512 Fila Korea Ltd 21,475 0.05%

Auto Manufacturers

2,266 Hyundai Motor Co 192,873 0.43%

2,894 Kia Motors Corp 76,461 0.17%

Auto Parts & Equipment

797 Hankook Tire Co Ltd 25,087 0.06%

2,000 Hanon Systems 16,934 0.04%

751 Hyundai Mobis Co Ltd 111,868 0.25%

Banks

3,009 Industrial Bank of Korea 33,144 0.07%

3,529 Woori Bank 43,161 0.10%

Biotechnology

49 Medy-Tox Inc 22,197 0.05%

185 Samsung Biologics Co Ltd 56,057 0.12%

Chemicals

1,356 Hanwha Chemical Corp 21,474 0.05%

80 KCC Corp 19,380 0.04%

558 LG Chem Ltd 151,801 0.34%

177 Lotte Chemical Corp 38,438 0.09%

Computers

350 Samsung SDS Co Ltd 55,977 0.12%

365 SK Holdings Co Ltd 74,401 0.16%

Cosmetics/Personal Care

465 Amorepacific Corp 67,734 0.15%

200 AMOREPACIFIC Group 11,399 0.03%

117 LG Household & Health Care Ltd 93,317 0.21%

Distribution/Wholesale

868 Hanwha Corp 21,334 0.05%

1,082 LG Corp 59,295 0.13%

Diversified Financial Services

3,285 BNK Financial Group Inc 18,878 0.04%

1,683 DGB Financial Group Inc 10,965 0.02%

3,363 Hana Financial Group Inc 95,575 0.21%

4,423 KB Financial Group Inc 161,243 0.36%

484 Korea Investment Holdings Co Ltd 22,577 0.05%

4,222 Mirae Asset Daewoo Co Ltd 21,614 0.05%

1,756 NH Investment & Securities Co Ltd 17,966 0.04%

902 Samsung Securities Co Ltd 22,276 0.05%

4,754 Shinhan Financial Group Co Ltd 147,593 0.33%

Electric

2,944 Korea Electric Power Corp 76,397 0.17%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

510

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - KRW - 13.46% (2017 - 14.92%) (continued)

Electrical Components & Equipment

218 LG Innotek Co Ltd 14,767 0.03%

Electronics

2,646 LG Display Co Ltd 37,444 0.08%

671 Samsung Electro-Mechanics Co Ltd 54,447 0.12%

Energy-Alternate Sources

208 OCI Co Ltd 17,449 0.04%

Engineering & Construction

328 Daelim Industrial Co Ltd 26,358 0.06%

673 GS Engineering & Construction Corp 23,084 0.05%

511 HDC Hyundai Development Co-Engineering & Construction 19,310 0.04%

896 Hyundai Engineering & Construction Co Ltd 38,354 0.09%

1,691 Samsung Engineering Co Ltd 23,333 0.05%

Food

34 BGF retail Co Ltd 5,438 0.01%

90 CJ CheilJedang Corp 23,320 0.05%

224 Lotte Corp 9,255 0.02%

248 Orion Corp/Republic of Korea 23,332 0.05%

Healthcare-Services

487 SillaJen Inc 28,063 0.06%

Holding Companies - Diversified

247 CJ Corp 21,734 0.05%

Home Furnishings

669 Coway Co Ltd 38,865 0.09%

1,233 LG Electronics Inc 60,223 0.13%

Insurance

500 DB Insurance Co Ltd 27,597 0.06%

721 Hyundai Marine & Fire Insurance Co Ltd 23,204 0.05%

353 Samsung Fire & Marine Insurance Co Ltd 74,445 0.17%

773 Samsung Life Insurance Co Ltd 49,452 0.11%

Internet

391 Kakao Corp 31,574 0.07%

1,560 NAVER Corp 149,209 0.33%

204 NCSoft Corp 74,609 0.17%

Investment Companies

115 Hyundai Heavy Industries Holdings Co Ltd 31,195 0.07%

Iron/Steel

978 Hyundai Steel Co 34,695 0.08%

827 POSCO 157,552 0.35%

Lodging

1,637 Kangwon Land Inc 41,069 0.09%

Mining

112 Korea Zinc Co Ltd 37,977 0.08%

Oil & Gas

377 GS Holdings Corp 15,251 0.03%

743 SK Innovation Co Ltd 104,560 0.23%

516 S-Oil Corp 39,524 0.09%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

511

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - KRW - 13.46% (2017 - 14.92%) (continued)

Pharmaceuticals

371 Celltrion Healthcare Co Ltd 21,902 0.05%

922 Celltrion Inc 160,832 0.36%

83 Hanmi Pharm Co Ltd 30,193 0.07%

170 ViroMed Co Ltd 33,853 0.08%

111 Yuhan Corp 17,796 0.04%

Retail

255 E-MART Inc 36,485 0.08%

285 Hotel Shilla Co Ltd 17,093 0.04%

75 Lotte Shopping Co Ltd 12,407 0.03%

721 Samsung C&T Corp 59,635 0.13%

73 Shinsegae Inc 14,651 0.03%

Semiconductors

58,970 Samsung Electronics Co Ltd 1,740,166 3.86%

5,808 SK Hynix Inc 275,482 0.61%

Shipbuilding

400 HLB Inc 25,056 0.06%

516 Hyundai Heavy Industries Co Ltd 51,983 0.12%

4,771 Samsung Heavy Industries Co Ltd 27,717 0.06%

Software

231 Netmarble Corp 20,193 0.04%

Telecommunications

625 Samsung SDI Co Ltd 107,309 0.24%

251 SK Telecom Co Ltd 53,033 0.12%

Transportation

81 CJ Logistics Corp 10,605 0.02%

312 Hyundai Glovis Co Ltd 31,554 0.07%

Equities - MXN - 2.75% (2017 - 2.90%)

Banks

19,905 Banco Santander Mexico SA 21,574 0.05%

27,200 Grupo Financiero Banorte SAB de CV 115,722 0.26%

26,700 Grupo Financiero Inbursa SAB de CV 33,552 0.07%

Beverages

4,600 Arca Continental SAB de CV 22,429 0.05%

5,600 Coca-Cola Femsa SAB de CV 29,638 0.07%

21,400 Fomento Economico Mexicano SAB de CV 160,390 0.36%

Building Materials

160,050 Cemex SAB de CV 67,467 0.15%

Chemicals

11,545 Mexichem SAB de CV 25,610 0.06%

Electric

7,200 Infraestructura Energetica Nova SAB de CV 23,433 0.05%

Engineering & Construction

4,000 Grupo Aeroportuario del Pacifico SAB de CV 28,400 0.06%

2,350 Grupo Aeroportuario del Sureste SAB de CV 30,921 0.07%

2,695 Promotora y Operadora de Infraestructura SAB de CV 22,521 0.05%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

512

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - MXN - 2.75% (2017 - 2.90%) (continued)

Food

2,425 Gruma SAB de CV 23,989 0.05%

18,800 Grupo Bimbo SAB de CV 32,694 0.07%

Holding Companies - Diversified

35,000 Alfa SAB de CV 36,348 0.08%

3,400 Grupo Carso SAB de CV 10,634 0.02%

Household Products/Wares

20,200 Kimberly-Clark de Mexico SAB de CV 27,968 0.06%

Media

27,000 Grupo Televisa SAB 59,175 0.13%

Mining

35,000 Grupo Mexico SAB de CV 62,871 0.14%

1,400 Industrias Penoles SAB de CV 14,921 0.03%

REITS

28,300 Fibra Uno Administracion SA de CV 27,454 0.06%

Retail

2,000 El Puerto de Liverpool SAB de CV 11,209 0.02%

57,700 Wal-Mart de Mexico SAB de CV 128,073 0.28%

Telecommunications

369,000 America Movil SAB de CV 228,979 0.51%

Equities - MYR - 2.35% (2017 - 2.26%)

Agriculture

1,500 British American Tobacco Malaysia Bhd 11,456 0.03%

11,300 HAP Seng Consolidated Bhd 23,561 0.05%

16,400 IOI Corp Bhd 15,449 0.03%

3,300 Kuala Lumpur Kepong Bhd 17,268 0.04%

6,800 QL Resources Bhd 9,803 0.02%

31,779 Sime Darby Plantation Bhd 32,021 0.07%

Banks

14,000 AMMB Holdings Bhd 12,862 0.03%

60,808 CIMB Group Holdings Bhd 73,499 0.16%

6,620 Hong Leong Bank Bhd 28,587 0.06%

49,636 Malayan Banking Bhd 99,817 0.22%

30,500 Public Bank Bhd 159,858 0.35%

Chemicals

32,100 Petronas Chemicals Group Bhd 63,125 0.14%

Distribution/Wholesale

31,779 Sime Darby Bhd 16,145 0.04%

Electric

32,400 Tenaga Nasional Bhd 93,275 0.21%

Engineering & Construction

30,700 Gamuda Bhd 15,207 0.03%

Food

1,000 Nestle Malaysia Bhd 31,202 0.07%

5,760 PPB Group Bhd 21,435 0.05%

Healthcare-Services

32,200 IHH Healthcare Bhd 36,739 0.08%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

513

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - MYR - 2.35% (2017 - 2.26%) (continued)

Holding Companies - Diversified

37,300 IJM Corp Bhd 12,791 0.03%

40,596 YTL Corp Bhd 8,679 0.02%

Lodging

29,600 Genting Bhd 38,221 0.08%

38,700 Genting Malaysia Bhd 24,740 0.05%

Miscellaneous Manufacturing

21,800 Hartalega Holdings Bhd 28,334 0.06%

Oil & Gas

1,800 Petronas Dagangan Bhd 10,097 0.02%

Oil & Gas Services

37,400 Dialog Group Bhd 24,622 0.05%

Pipelines

9,200 Petronas Gas Bhd 37,391 0.08%

Real Estate

31,779 Sime Darby Property Bhd 6,693 0.01%

Telecommunications

35,956 Axiata Group Bhd 29,912 0.07%

24,600 DiGi.Com Bhd 23,433 0.05%

28,700 Maxis Bhd 32,503 0.07%

7,500 Telekom Malaysia Bhd 4,223 0.01%

Transportation

23,300 MISC Bhd 33,046 0.07%

Equities - PHP - 1.05% (2017 - 1.06%)

Banks

7,717 Bank of the Philippine Islands 12,067 0.03%

25,480 BDO Unibank Inc 55,443 0.12%

17,608 Metropolitan Bank & Trust Co 23,712 0.05%

Electric

7,600 Aboitiz Power Corp 4,438 0.01%

Engineering & Construction

49,100 DMCI Holdings Inc 10,439 0.02%

Food

35,930 JG Summit Holdings Inc 33,293 0.07%

10,220 Universal Robina Corp 21,592 0.05%

Holding Companies - Diversified

16,460 Aboitiz Equity Ventures Inc 15,060 0.03%

Investment Companies

1,205 GT Capital Holdings Inc 19,545 0.04%

Real Estate

2,840 Ayala Corp 42,521 0.09%

88,500 Ayala Land Inc 59,773 0.13%

192,000 Megaworld Corp 15,172 0.03%

31,969 Robinsons Land Corp 10,716 0.02%

94,300 SM Prime Holdings Inc 56,161 0.12%

Retail

3,300 Jollibee Foods Corp 16,019 0.04%

2,935 SM Investments Corp 44,797 0.10%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

514

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - PHP - 1.05% (2017 - 1.06%) (continued)

Telecommunications

480 Globe Telecom Inc 15,172 0.03%

1,165 PLDT Inc 21,803 0.05%

Water

133,700 Metro Pacific Investments Corp 10,320 0.02%

Equities - PLN - 1.20% (2017 - 1.23%)

Apparel

17 LPP SA 31,074 0.07%

Banks

1,206 Alior Bank SA 14,926 0.03%

1,891 Bank Polska Kasa Opieki SA 47,996 0.11%

476 Bank Zachodni WBK SA 39,702 0.09%

97 mBank SA 9,581 0.02%

9,142 Powszechna Kasa Oszczednosci Bank Polski SA 84,022 0.19%

Electric

10,600 PGE Polska Grupa Energetyczna SA 24,683 0.05%

Insurance

7,900 Powszechny Zaklad Ubezpieczen SA 80,756 0.18%

Media

4,380 Cyfrowy Polsat SA 23,009 0.05%

Mining

2,100 KGHM Polska Miedz SA 43,462 0.10%

Oil & Gas

3,397 Polski Koncern Naftowy ORLEN SA 85,548 0.19%

18,964 Polskie Gornictwo Naftowe i Gazownictwo SA 30,514 0.07%

Retail

500 CCC SA 22,505 0.05%

Equities - QAR - 0.98% (2017 - 0.60%)

Banks

2,119 Commercial Bank PQSC/The 20,052 0.04%

4,127 Masraf Al Rayan QSC 41,325 0.09%

912 Qatar Islamic Bank SAQ 33,303 0.07%

4,703 Qatar National Bank QPSC 220,321 0.49%

Chemicals

1,673 Industries Qatar QSC 53,701 0.12%

Electric

223 Qatar Electricity & Water Co QSC 9,911 0.02%

Insurance

1,505 Qatar Insurance Co SAQ 12,980 0.03%

Real Estate

1,085 Barwa Real Estate Co 10,403 0.02%

10,978 Ezdan Holding Group QSC 34,233 0.08%

Telecommunications

590 Ooredoo QPSC 10,631 0.02%

Equities - THB - 2.36% (2017 - 2.16%)

Banks

2,800 Bangkok Bank PCL 15,572 0.03%

17,900 Kasikornbank PCL 88,851 0.20%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

515

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - THB - 2.36% (2017 - 2.16%) (continued)

Banks (continued)

26,900 Krung Thai Bank PCL 13,876 0.03%

22,300 Siam Commercial Bank PCL/The 79,984 0.18%

Chemicals

15,300 Indorama Ventures PCL 22,300 0.05%

180,200 IRPC PCL 27,838 0.06%

28,300 PTT Global Chemical PCL 54,174 0.12%

Electronics

10,600 Delta Electronics Thailand PCL 19,793 0.04%

Energy-Alternate Sources

20,000 Energy Absolute PCL 22,837 0.05%

Engineering & Construction

53,400 Airports of Thailand PCL 92,179 0.20%

Financial Services

11,255 BTS Group Holdings PCL 127 0.00%

Food

18,200 Berli Jucker PCL 24,816 0.06%

25,000 Charoen Pokphand Foods PCL 16,523 0.04%

26,400 Thai Union Group PCL 11,490 0.03%

Healthcare-Services

34,000 Bangkok Dusit Medical Services PCL 22,654 0.05%

5,300 Bumrungrad Hospital PCL 26,699 0.06%

Holding Companies - Diversified

3,500 Siam Cement PCL/The 40,999 0.09%

Oil & Gas

14,600 PTT Exploration & Production PCL 44,521 0.10%

110,700 PTT PCL 136,812 0.30%

13,300 Thai Oil PCL 23,673 0.05%

Real Estate

10,700 Central Pattana PCL 21,489 0.05%

Retail

57,400 CP ALL PCL 106,024 0.24%

65,400 Home Product Center PCL 26,708 0.06%

30,900 Minor International PCL 28,226 0.06%

Telecommunications

12,400 Advanced Info Service PCL 57,468 0.13%

54,517 True Corp PCL 7,616 0.02%

Transportation

101,300 BTS Group Holdings PCL 25,992 0.06%

Equities - TRY - 0.68% (2017 - 0.96%)

Aerospace/Defense

2,417 Aselsan Elektronik Sanayi Ve Ticaret AS 9,570 0.02%

Banks

26,988 Akbank Turk AS 30,443 0.07%

30,104 Turkiye Garanti Bankasi AS 39,403 0.09%

7,259 Turkiye Halk Bankasi AS 8,379 0.02%

20,841 Turkiye Is Bankasi AS 15,524 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

516

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - TRY - 0.68% (2017 - 0.96%) (continued)

Beverages

999 Anadolu Efes Biracilik Ve Malt Sanayii AS 3,384 0.01%

Food

2,964 BIM Birlesik Magazalar AS 42,402 0.09%

Holding Companies - Diversified

15,122 Haci Omer Sabanci Holding AS 18,699 0.04%

11,784 KOC Holding AS 27,515 0.06%

Home Furnishings

3,505 Arcelik AS 9,100 0.02%

Housewares

24,426 Turkiye Sise ve Cam Fabrikalari AS 22,773 0.05%

Iron/Steel

18,245 Eregli Demir ve Celik Fabrikalari TAS 21,661 0.05%

Oil & Gas

1,782 Tupras Turkiye Petrol Rafinerileri AS 34,196 0.08%

Telecommunications

11,424 Turkcell Iletisim Hizmetleri AS 22,861 0.05%

Equities - TWD - 11.13% (2017 - 10.87%)

Airlines

84,032 EVA Airways Corp 37,786 0.08%

Apparel

2,000 Eclat Textile Co Ltd 19,808 0.04%

5,960 Feng TAY Enterprise Co Ltd 29,769 0.07%

26,000 Pou Chen Corp 24,123 0.05%

Auto Parts & Equipment

27,000 Cheng Shin Rubber Industry Co Ltd 31,390 0.07%

Banks

43,090 Chang Hwa Commercial Bank Ltd 21,093 0.05%

49,489 Taiwan Business Bank 14,578 0.03%

Building Materials

28,000 Asia Cement Corp 27,054 0.06%

55,000 Taiwan Cement Corp 55,725 0.12%

Chemicals

35,000 Formosa Chemicals & Fibre Corp 104,590 0.23%

46,000 Formosa Plastics Corp 132,225 0.29%

54,000 Nan Ya Plastics Corp 116,031 0.26%

Computers

5,699 Advantech Co Ltd 34,142 0.08%

8,000 Asustek Computer Inc 45,877 0.10%

59,000 Compal Electronics Inc 29,301 0.06%

11,160 Foxconn Technology Co Ltd 19,216 0.04%

76,000 Innolux Corp 21,024 0.05%

33,000 Inventec Corp 20,709 0.05%

33,239 Lite-On Technology Corp 38,407 0.09%

33,000 Quanta Computer Inc 49,495 0.11%

24,013 Wistron Corp 13,053 0.03%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

517

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - TWD - 11.13% (2017 - 10.87%) (continued)

Diversified Financial Services

9,320 Chailease Holding Co Ltd 25,702 0.06%

107,000 China Development Financial Holding Corp 29,599 0.07%

196,080 CTBC Financial Holding Co Ltd 112,725 0.25%

101,039 E.Sun Financial Holding Co Ltd 57,799 0.13%

104,136 First Financial Holding Co Ltd 59,274 0.13%

72,000 Fubon Financial Holding Co Ltd 96,411 0.21%

82,365 Hua Nan Financial Holdings Co Ltd 41,022 0.09%

116,750 Mega Financial Holding Co Ltd 86,224 0.19%

115,319 SinoPac Financial Holdings Co Ltd 33,804 0.07%

114,919 Taishin Financial Holding Co Ltd 42,681 0.09%

91,381 Taiwan Cooperative Financial Holding Co Ltd 45,902 0.10%

112,000 Yuanta Financial Holding Co Ltd 49,247 0.11%

Electrical Components & Equipment

22,890 Delta Electronics Inc 84,363 0.19%

20,000 Tatung Co Ltd 14,742 0.03%

Electronics

118,000 AU Optronics Corp 41,307 0.09%

139,200 Hon Hai Precision Industry Co Ltd 280,483 0.62%

10,000 Micro-Star International Co Ltd 21,743 0.05%

25,000 Pegatron Corp 36,571 0.08%

23,050 Synnex Technology International Corp 23,878 0.05%

11,960 WPG Holdings Ltd 12,577 0.03%

2,396 Yageo Corp 21,753 0.05%

Food

55,000 Uni-President Enterprises Corp 109,258 0.24%

Insurance

90,000 Cathay Financial Holding Co Ltd 120,386 0.27%

30,409 China Life Insurance Co Ltd/Taiwan 24,102 0.05%

60,864 Shin Kong Financial Holding Co Ltd 15,538 0.03%

Iron/Steel

147,000 China Steel Corp 101,453 0.22%

Leisure Time

6,000 Giant Manufacturing Co Ltd 24,675 0.05%

Metal Fabricate/Hardware

7,000 Catcher Technology Co Ltd 44,824 0.10%

Miscellaneous Manufacturing

2,128 Hiwin Technologies Corp 13,384 0.03%

1,000 Largan Precision Co Ltd 91,499 0.20%

Oil & Gas

15,000 Formosa Petrochemical Corp 46,532 0.10%

Retail

4,000 Hotai Motor Co Ltd 29,086 0.06%

7,000 President Chain Store Corp 61,957 0.14%

Semiconductors

42,796 ASE Technology Holding Co Ltd 71,008 0.16%

3,000 Globalwafers Co Ltd 23,949 0.05%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

518

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - TWD - 11.13% (2017 - 10.87%) (continued)

Semiconductors (continued)

16,000 MediaTek Inc 104,505 0.23%

7,000 Nanya Technology Corp 10,957 0.02%

9,000 Novatek Microelectronics Corp 36,372 0.08%

7,000 Powertech Technology Inc 13,168 0.03%

258,000 Taiwan Semiconductor Manufacturing Co Ltd 1,655,772 3.67%

148,000 United Microelectronics Corp 47,386 0.11%

39,000 Winbond Electronics Corp 15,040 0.03%

Telecommunications

42,000 Chunghwa Telecom Co Ltd 135,071 0.30%

19,000 Far EasTone Telecommunications Co Ltd 41,312 0.09%

19,000 Taiwan Mobile Co Ltd 57,589 0.13%

Textiles

51,000 Far Eastern New Century Corp 40,496 0.09%

Transportation

4,602 EVA Airways Corp 367 0.00%

Equities - USD - 10.29% (2017 - 10.14%)

Banks

12,968 Commercial International Bank Egypt SAE 48,156 0.11%

800 Credicorp Ltd 155,129 0.34%

26,427 VTB Bank PJSC 25,614 0.06%

Chemicals

2,222 PhosAgro PJSC 24,783 0.05%

Commercial Services

1,700 DP World Ltd 25,430 0.06%

1,400 New Oriental Education & Technology Group Inc 67,125 0.15%

3,200 TAL Education Group 74,685 0.17%

Diversified Financial Services

400 Noah Holdings Ltd 15,158 0.03%

Food

3,711 Magnit PJSC 41,325 0.09%

996 X5 Retail Group NV 21,590 0.05%

Internet

400 51job Inc 21,848 0.05%

800 58.com Inc 37,937 0.08%

13,600 Alibaba Group Holding Ltd 1,630,715 3.62%

600 Autohome Inc 41,060 0.09%

3,000 Baidu Inc 416,218 0.92%

4,300 Ctrip.com International Ltd 101,787 0.23%

7,896 JD.com Inc 144,568 0.32%

700 SINA Corp/China 32,846 0.07%

4,600 Vipshop Holdings Ltd 21,971 0.05%

580 Weibo Corp 29,646 0.07%

400 YY Inc 20,946 0.05%

Iron/Steel

1,600 Novolipetsk Steel PJSC 32,024 0.07%

2,195 Severstal PJSC 26,210 0.06%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

519

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - USD - 10.29% (2017 - 10.14%) (continued)

Lodging

1,200 Huazhu Group Ltd 30,054 0.07%

Mining

2,400 Cia de Minas Buenaventura SAA 34,053 0.08%

7,812 MMC Norilsk Nickel PJSC 128,201 0.28%

600 Southern Copper Corp 16,150 0.04%

Oil & Gas

59,326 Gazprom PJSC 229,852 0.51%

5,106 Lukoil PJSC 319,273 0.71%

954 Novatek PJSC 142,706 0.32%

15,192 Rosneft Oil Co PJSC 82,130 0.18%

12,697 Surgutneftegas OJSC 48,936 0.11%

2,887 Tatneft PJSC 159,105 0.35%

Pharmaceuticals

600 Hutchison China MediTech Ltd 12,119 0.03%

Retail

4,216 Yum China Holdings Inc 123,660 0.27%

Software

1,100 Momo Inc 22,854 0.05%

900 NetEase Inc 185,306 0.41%

Telecommunications

6,700 Mobile TeleSystems PJSC 41,027 0.09%

Equities - ZAR - 6.13% (2017 - 6.88%)

Banks

7,532 Absa Group Ltd 74,119 0.16%

37,663 FirstRand Ltd 150,156 0.33%

4,112 Nedbank Group Ltd 68,696 0.15%

14,137 Standard Bank Group Ltd 153,722 0.34%

Diversified Financial Services

484 Capitec Bank Holdings Ltd 32,906 0.07%

3,492 Investec Ltd 16,776 0.04%

50,000 Old Mutual Ltd 68,109 0.15%

812 PSG Group Ltd 12,088 0.03%

8,813 RMB Holdings Ltd 42,285 0.09%

Food

3,647 Bidvest Group Ltd/The 45,875 0.10%

5,417 Shoprite Holdings Ltd 62,639 0.14%

2,469 SPAR Group Ltd/The 31,155 0.07%

2,240 Tiger Brands Ltd 37,294 0.08%

10,632 Woolworths Holdings Ltd/South Africa 35,618 0.08%

Food Service

3,814 Bid Corp Ltd 61,463 0.14%

Forest Products & Paper

1,500 Mondi Ltd 28,238 0.06%

5,305 Sappi Ltd 26,341 0.06%

Healthcare-Products

4,334 Aspen Pharmacare Holdings Ltd 35,533 0.08%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

520

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - ZAR - 6.13% (2017 - 6.88%) (continued)

Healthcare-Services

14,374 Life Healthcare Group Holdings Ltd 23,076 0.05%

14,946 Netcare Ltd 24,022 0.05%

Holding Companies - Diversified

6,249 Remgro Ltd 74,004 0.16%

Insurance

4,194 Discovery Ltd 40,754 0.09%

11,786 MMI Holdings Ltd/South Africa 12,278 0.03%

16,933 Sanlam Ltd 82,172 0.18%

Investment Companies

7,142 Rand Merchant Investment Holdings Ltd 15,827 0.04%

Media

4,724 Naspers Ltd 830,877 1.84%

Mining

679 Anglo American Platinum Ltd 22,212 0.05%

4,253 AngloGold Ashanti Ltd 47,006 0.10%

9,443 Gold Fields Ltd 28,333 0.06%

Oil & Gas

6,255 Sasol Ltd 161,661 0.36%

Real Estate

4,389 NEPI Rockcastle PLC 30,160 0.07%

61,418 Redefine Properties Ltd 36,117 0.08%

REITS

29,665 Fortress REIT Ltd 30,014 0.07%

31,285 Growthpoint Properties Ltd 44,328 0.10%

4,121 Hyprop Investments Ltd 20,424 0.05%

1,663 Resilient REIT Ltd 5,764 0.01%

Retail

2,786 Clicks Group Ltd 32,436 0.07%

1,311 Foschini Group Ltd/The 13,253 0.03%

2,020 Mr Price Group Ltd 30,237 0.07%

5,486 Truworths International Ltd 29,391 0.07%

Telecommunications

19,463 MTN Group Ltd 105,339 0.23%

5,737 Vodacom Group Ltd 46,052 0.10%Investment in transferable securities at fair value throughprofit or loss 44,047,433 97.67%

OTC Financial Derivatives Instruments

Forwards Exchange Contracts 0.02% (2017 - 0.00%)

Buy EUR 44,346 Sell USD 50,545 14/02/2019 602 0.00%

Buy USD 1,190,620 Sell EUR 1,027,605 14/02/2019 9,931 0.02%Financial derivatives instruments at fair value throughprofit or loss 10,533 0.02%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Indexed Emerging Market Equity Fund (continued)

521

Investments Value EUR% of Net

Assets

OTC Financial Derivatives Instruments (continued)

Forwards Exchange Contracts (0.00%) (2017 - (0.07%))

Buy USD 147,075 Sell EUR 128,675 14/02/2019 (510) 0.00%Financial derivatives instruments at fair value throughprofit or loss (510) 0.00%

Futures contracts dealt on a regulated market

Futures (0.04%) (2017 - (0.00%))

MSCI EMERGING MARKETS INDEX 15/03/2019 (16,236) (0.04%)Investments in derivatives instruments at fair valuethrough profit or loss (16,236) (0.04%)

Total investments at fair value through profit or loss 44,041,220 97.66%

Deposits with credit institutions 1,081,932 2.40%

Net current liabilities (27,144) (0.06%)

Net assets attributable to holders of redeemable shares 45,096,008 100.00%

Total assets comprised as follows: % of Total AssetsTransferable securities and money market instruments admitted to an officialstock exchange listing 96.95%Transferable securities and money market instruments traded on other regulatedmarket 0.04%

OTC financial derivative instruments 0.02%

Financial derivatives instruments dealt in on a regulated market 0.00%

Deposits 0.00%

Other current assets 2.99%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulatedmarket.The counterparties for foreign exchange forwards contracts are State Street Bank and Trust Co. andCitigroup.The counterparty for futures contract is Goldman Sachs International.

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Income Opportunities Fund

522

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - AUD - 3.73% (2017 - 0.00%)

Beverages

70,105 Coca-Cola Amatil Ltd 353,592 1.43%

Iron/Steel

221,240 Fortescue Metals Group Ltd 570,883 2.30%

Equities - CHF - 1.48% (2017 - 1.49%)

Retail

6,562 Cie Financiere Richemont SA 366,847 1.48%

Equities - EUR - 21.03% (2017 - 27.40%)

Agriculture

62,751 Origin Enterprises PLC 359,563 1.45%

Beverages

99,455 C&C Group PLC 271,015 1.09%

Chemicals

7,627 BASF SE 460,671 1.86%

Diversified Financial Services

17,486 Bolsas y Mercados Espanoles SHMSF SA 425,260 1.71%

Electric

131,395 REN - Redes Energeticas Nacionais SGPS SA 319,815 1.29%

539 Terna Rete Elettrica Nazionale SpA 2,670 0.01%

Insurance

13,702 Sampo OYJ 526,294 2.12%

Investment Companies

4,151 Groupe Bruxelles Lambert SA 315,808 1.27%

Oil & Gas

19,984 Eni SpA 274,740 1.11%

REITS

445,149 Irish Residential Properties REIT PLC 600,951 2.42%

78,596 Merlin Properties Socimi SA 847,658 3.42%

Telecommunications

25,414 Proximus SADP 600,279 2.42%

Transportation

7,137 Oesterreichische Post AG 214,253 0.86%

Equities - GBP - 12.90% (2017 - 13.79%)

Gas

40,151 National Grid PLC 341,848 1.38%

Home Builders

37,939 Barratt Developments PLC 195,618 0.79%

Insurance

42,401 Lancashire Holdings Ltd 285,800 1.15%

304,211 Saga PLC 351,127 1.42%

Lodging

163,559 Hostelworld Group PLC 367,180 1.48%

Miscellaneous Manufacturing

20,000 Smiths Group PLC 303,931 1.23%

Pharmaceuticals

28,489 GlaxoSmithKline PLC 473,307 1.91%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Income Opportunities Fund (continued)

523

Holdings Investments Value EUR% of Net

Assets

Transferable Securities

Equities - GBP - 12.90% (2017 - 13.79%) (continued)

Telecommunications

276,133 Vodafone Group PLC 470,388 1.90%

Water

49,505 United Utilities Group PLC 406,046 1.64%

Equities - HKD - 2.59% (2017 - 1.93%)

Holding Companies - Diversified

358,000 NWS Holdings Ltd 642,394 2.59%

Equities - KRW - 2.87% (2017 - 2.88%)

Semiconductors

12,740 Samsung Electronics Co Ltd 317,121 1.28%

Telecommunications

1,861 SK Telecom Co Ltd 393,203 1.59%

Equities - NOK - 0.96% (2017 - 2.23%)

Chemicals

7,094 Yara International ASA 239,006 0.96%

Equities - SEK - 2.73% (2017 - 5.66%)

Banks

19,501 Svenska Handelsbanken AB 189,141 0.76%

Hand/Machine Tools

17,177 Sandvik AB 214,140 0.86%

Telecommunications

66,467 Telia Co AB 275,311 1.11%

Equities - USD - 10.54% (2017 - 14.55%)

Cosmetics/Personal Care

5,745 Procter & Gamble Co/The 461,952 1.86%

Diversified Financial Services

19,940 Federated Investors Inc 463,112 1.87%

Leisure Time

16,000 Harley-Davidson Inc 477,558 1.93%

Oil & Gas

3,589 Exxon Mobil Corp 214,087 0.86%

Pharmaceuticals

1,451 Johnson & Johnson 163,803 0.66%

Semiconductors

6,390 Intel Corp 262,330 1.06%

10,900 Taiwan Semiconductor Manufacturing Co Ltd 351,939 1.42%

Telecommunications

5,784 Cisco Systems Inc 219,237 0.88%Investment in transferable securities at fair value throughprofit or loss 14,589,877 58.83%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Income Opportunities Fund (continued)

524

Holdings InvestmentsCoupon

RateMaturity

Date Value EUR% of Net

Assets

Transferable Securities

Corporate Bonds - 15.06% (2017 - 8.93%)

Mexico

122,225 Coca-Cola Femsa SAB de CV 5.460 12/05/2023 462,345 1.86%

462,345 1.86%

Norway

3,000,000 Ocean Yield ASA 5.130 29/04/2020 306,694 1.23%

1,000,000 Ocean Yield ASA 5.780 23/09/2021 101,088 0.41%

407,782 1.64%

Turkey

1,314,000 Arcelik AS 5.000 03/04/2023 1,055,276 4.25%

795,000 Mersin Uluslararasi Liman Isletmeciligi AS 5.875 12/08/2020 705,979 2.85%

1,761,255 7.10%

United Kingdom

1,097,000 Ensco PLC 4.500 01/10/2024 634,435 2.56%

634,435 2.56%

United States

554,000 Superior Industries International Inc 6.000 15/06/2025 467,853 1.89%

467,853 1.89%

Total Corporate Bonds 3,733,670 15.05%

Government Security - 2.51% (2017 - 1.37%)

Supranational

14,460,000 European Investment Bank 4.750 19/01/2021 621,884 2.51%

621,884 2.51%

Total Government Security 621,884 2.51%Investment in transferable securities at fairvalue through profit or loss 4,355,554 17.56%

Options contracts dealt on a regulated marketStrikeprice

MaturityDate Value EUR

% of NetAssets

Options (0.01%) (2017 - (0.00%))

(39) CALL ENI 15.5 18/01/2019 (109) 0.00%

(35) CALL EXXON MOBIL CORP 85 18/01/2019 (31) 0.00%

(26) CALL HARLEY-DAVIDSON INC 47.5 18/01/2019 (68) 0.00%

(41) CALL INTEL CORP 55 18/01/2019 (36) 0.00%

(39) CALL NATIONAL GRID PLC 900 18/01/2019 (109) 0.00%

(36) CALL TAIWAN 43 18/01/2019 (189) 0.00%

(10) S&P 500 INDEX 2,790 17/01/2019 (796) (0.01%)Investment in derivatives instruments at fairvalue through profit or loss (1,338) (0.01%)

Total investments at fair value through profit or loss 18,944,093 76.38%

Deposits with credit institutions 4,865,206 19.62%

Net current assets 988,789 4.00%

Net assets attributable to holders of redeemable shares 24,798,088 100.00%

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Beresford Funds plcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Schedule of Investments (unaudited) (continued)

Setanta Income Opportunities Fund (continued)

525

Total assets comprised as follows % of Total AssetsTransferable securities and money market instruments admitted to anofficial stock exchange listing 76.34%Transferable securities and money market instruments traded on otherregulated market 0.00%

OTC financial derivative instruments 0.00%

Financial derivatives instruments dealt in on a regulated market 0.00%

Deposits 16.12%

Other current assets 7.54%

100.00%

All investments are transferable securities admitted to an official stock exchange or traded on a regulatedmarket.The counterparty for Options is Citigroup.

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited)

526

Indexed World Small Cap Equity Fund

Largest Purchases

Nominal DescriptionCostEUR

45,873 VICI Properties Inc 803,601

25,589 Gaming and Leisure Properties Inc 656,886

12,011 Wyndham Hotels & Resorts Inc 622,999

19,798 McDermott International Inc 588,966

62,275 New York Community Bancorp Inc 582,351

33,556 EQT Corp 550,973

14,030 Avnet Inc 543,012

70,408 Phoenix Group Holdings PLC 531,842

37,526 Brixmor Property Group Inc 515,064

52,433 Caesars Entertainment Corp 511,018

12,265 Wyndham Destinations Inc 503,942

20,671 DDR Corp 496,944

93,813 DS Smith PLC 482,761

26,000 Equitrans Midstream Corp 481,486

9,550 Axis Capital Holdings Ltd 466,875

10,630 Stericycle Inc 447,594

262,723 Capita PLC 444,088

12,055 Envision Healthcare Corp 442,877

8,415 AGCO Corp 442,371

7,027 WR Grace & Co 420,644

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

527

Indexed World Small Cap Equity Fund (continued)

Largest Sales

Nominal DescriptionProceeds

EUR

4,992 ABIOMED Inc 1,629,775

6,028 WellCare Health Plans Inc 1,348,379

19,439 Nektar Therapeutics 1,339,365

37,661 NRG Energy Inc 1,267,604

14,015 XPO Logistics Inc 1,263,524

11,282 DexCom Inc 1,262,741

8,600 Burlington Stores Inc 1,209,667

25,724 Copart Inc 1,177,413

17,036 Lamb Weston Holdings Inc 1,153,967

13,405 Bioverativ Inc 1,139,534

14,860 PTC Inc 1,105,066

51,086 ON Semiconductor Corp 1,095,241

18,082 GoDaddy Inc 1,074,414

20,894 Keysight Technologies Inc 1,051,293

29,712 Smurfit Kappa Group PLC 1,032,013

106,038 Informa PLC 992,645

6,936 Temenos AG 886,160

15,475 Pinnacle Foods Inc 881,333

13,730 Microsemi Corp 816,629

23,754 Canopy Growth Corp 809,845

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

528

Indexed Global Equity Fund

Largest Purchases

Nominal DescriptionCostEUR

97,305 Banco Bilbao Vizcaya Argentaria SA 642,530

29,377 BHP Group PLC 611,411

9,116 Nutrien Ltd 489,880

5,376 Broadcom Inc 464,004

636 Booking Holdings Inc 458,855

39,002 Nordea Bank Abp 321,928

3,676 Linde PLC 310,304

3,689 Linde PLC 302,931

2,242 Apple Inc 301,687

1,262 Unibail-Rodamco-Westfield 236,685

1,262 Unibail-Rodamco-Westfield 236,685

3,441 Bausch Health Cos Inc 229,815

197 Amazon.com Inc 226,931

5,069 Cigna Corp 223,456

1,334 Facebook Inc 209,986

9,455 Atlas Copco AB 200,996

2,564 Microsoft Corp 193,833

557 ABIOMED Inc 188,004

3,416 Evergy Inc 176,501

16,808 Informa PLC 161,367

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

529

Indexed Global Equity Fund (continued)

Largest Sales

Nominal DescriptionProceeds

EUR

5,648 Apple Inc 955,102

5,647 Monsanto Co 613,544

29,377 BHP Billiton PLC 611,411

90,698 Banco Bilbao Vizcaya Argentaria SA 593,248

4,339 Aetna Inc 552,545

10,071 Time Warner Inc 465,969

5,376 Broadcom Ltd 464,004

636 Booking Holdings Inc 458,855

8,108 Express Scripts Holding Co 424,088

11,272 Potash Corp of Saskatchewan Inc 339,912

39,002 Nordea Bank AB 321,928

3,676 Praxair Inc 310,304

2,396 Linde AG 302,931

3,073 JPMorgan Chase & Co 281,010

14,037 Sky PLC 275,221

4,900 Toyota Motor Corp 265,277

4,691 Citigroup Inc 254,945

2,378 Keurig Dr Pepper Inc 248,570

9,945 Bank of America Corp 242,129

1,262 Unibail-Rodamco-Westfield 236,685

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

530

Indexed Euro Government Long Dated Bond Fund

Largest Purchases

Nominal DescriptionCoupon

RateMaturity

DateCostEUR

160,000 Italy Buoni Poliennali Del Tesoro 2.950 01/09/2038 155,229

130,000 France Government Bond OAT 0.750 25/05/2028 128,971

100,000 France Government Bond OAT 1.500 25/05/2031 106,172

100,000 Bundesrepublik Deutschland 1.250 15/08/2048 104,597

70,000 France Government Bond OAT 5.500 25/04/2029 104,467

100,000 France Government Bond OAT 1.250 25/05/2034 101,454

100,000 French Republic Government Bond OAT 0.750 25/11/2028 100,171

80,000 Portugal Obrigacoes do Tesouro OT 4.100 15/04/2037 95,332

80,000 Spain Government Bond 2.350 30/07/2033 84,291

90,000 Italy Buoni Poliennali Del Tesoro 2.450 01/09/2033 84,147

50,000 Bundesrepublik Deutschland 6.250 04/01/2030 81,822

70,000 Portugal Obrigacoes do Tesouro OT 3.875 15/02/2030 81,650

80,000 Spain Government Bond 2.700 31/10/2048 81,002

80,000 Spain Government Bond 1.400 30/04/2028 80,479

70,000 France Government Bond OAT 2.000 25/05/2048 76,632

70,000 France Government Bond OAT 1.750 25/06/2039 74,840

60,000 Spain Government Bond 2.900 31/10/2046 64,345

50,000 Netherlands Government Bond 2.500 15/01/2033 61,364

40,000 Spain Government Bond 4.900 30/07/2040 57,546

40,000 Belgium Government Bond 4.000 28/03/2032 55,461

40,000 Bundesrepublik Deutschland 2.500 04/07/2044 54,468

50,000 Portugal Obrigacoes do Tesouro OT 2.125 17/10/2028 51,324

50,000 Belgium Government Bond 1.250 22/04/2033 50,914

50,000 Italy Buoni Poliennali Del Tesoro 2.800 01/12/2028 48,381

30,000 France Government Bond OAT 4.500 25/04/2041 47,942

30,000 Spain Government Bond 5.750 30/07/2032 44,978

30,000 Spain Government Bond 4.700 30/07/2041 44,332

50,000 Italy Buoni Poliennali Del Tesoro 2.800 01/03/2067 44,118

40,000 France Government Bond OAT 1.250 25/05/2036 40,292

40,000 Ireland Government Bond 1.300 15/05/2033 39,662

30,000 Italy Buoni Poliennali Del Tesoro 5.750 01/02/2033 38,971

40,000 France Government Bond OAT 1.750 25/05/2066 38,592

30,000 Italy Buoni Poliennali Del Tesoro 5.250 01/11/2029 37,786

30,000 France Government Bond OAT 2.500 25/05/2030 35,278

30,000 Austria Government Bond 2.400 23/05/2034 35,227

30,000 Portugal Obrigacoes do Tesouro OT 4.100 15/02/2045 35,107

30,000 Spain Government Bond 3.450 30/07/2066 34,833

30,000 Ireland Government Bond 2.400 15/05/2030 34,055

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

531

Indexed Euro Government Long Dated Bond Fund (continued)

Largest Sales

Nominal DescriptionCoupon

RateMaturity

DateProceeds

EUR

195,000 Belgium Government Bond 5.500 28/03/2028 287,671

213,000 Spain Government Bond 5.150 31/10/2028 286,020

208,000 Italy Buoni Poliennali Del Tesoro 4.750 01/09/2028 242,576

126,000 Bundesrepublik Deutschland 5.625 04/01/2028 186,690

180,000 France Government Bond OAT 0.750 25/05/2028 181,574

124,000 Netherlands Government Bond 5.500 15/01/2028 181,081

118,000 Bundesrepublik Deutschland 4.750 04/07/2028 169,727

60,000 Bundesrepublik Deutschland 6.250 04/01/2030 100,766

100,000 French Republic Government Bond OAT 0.750 25/11/2028 100,719

60,000 France Government Bond OAT 5.500 25/04/2029 91,047

73,000 Finland Government Bond 2.750 04/07/2028 88,436

80,000 Spain Government Bond 1.400 30/04/2028 79,499

60,000 Netherlands Government Bond 2.500 15/01/2033 74,442

40,000 Belgium Government Bond 4.000 28/03/2032 56,186

50,000 Portugal Obrigacoes do Tesouro OT 2.125 17/10/2028 51,198

30,000 Bundesrepublik Deutschland 5.500 04/01/2031 47,854

30,000 Italy Buoni Poliennali Del Tesoro 5.250 01/11/2029 38,963

30,000 Ireland Government Bond 2.400 15/05/2030 34,422

20,000 France Government Bond OAT 4.000 25/04/2060 32,687

30,000 Italy Buoni Poliennali Del Tesoro 2.450 01/09/2033 29,710

30,000 Italy Buoni Poliennali Del Tesoro 2.700 01/03/2047 27,524

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Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

532

Indexed Euro Large Cap Corporate Bond Fund

Largest Purchases

Nominal DescriptionCoupon

RateMaturity

DateCostEUR

500,000 Gazprom OAO Via Gaz Capital SA 3.600 26/02/2021 537,750

566,000 Enel Finance International NV 1.375 01/06/2026 518,893

500,000 Daimler AG 0.850 28/02/2025 495,613

400,000 Sanofi 1.875 21/03/2038 402,532

400,000 Takeda Pharmaceutical Co Ltd 1.125 21/11/2022 401,792

400,000 Banque Federative du Credit Mutuel SA 0.750 17/07/2025 389,200

400,000 CaixaBank SA 2.250 17/04/2030 378,532

350,000 Gazprom OAO Via Gaz Capital SA 2.500 21/03/2026 342,997

300,000 Banco Bilbao Vizcaya Argentaria SA 3.500 10/02/2027 318,856

300,000 Mizuho Financial Group Inc 1.598 10/04/2028 308,139

300,000 Cie Generale des Etablissements Michelin SCA 2.500 03/09/2038 307,350

300,000 ING Groep NV 2.500 15/11/2030 305,043

300,000 Bayer Capital Corp BV 2.125 15/12/2029 302,967

300,000 Richemont International Holding SA 2.000 26/03/2038 301,818

300,000 Investor AB 1.500 12/09/2030 301,680

300,000 ALD SA 1.250 11/10/2022 301,644

300,000 Toronto-Dominion Bank/The 0.625 20/07/2023 301,083

300,000 BMW Finance NV 0.125 12/01/2021 300,489

300,000 Volkswagen International Finance NV 4.125 16/11/2038 300,319

300,000 Takeda Pharmaceutical Co Ltd 3.000 21/11/2030 300,072

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

533

Indexed Euro Large Cap Corporate Bond Fund (continued)

Largest Sales

Nominal DescriptionCoupon

RateMaturity

DateProceeds

EUR

700,000 HSBC Bank PLC 3.875 24/10/2018 729,088

766,000 Enel Finance International NV 1.375 01/06/2026 723,682

600,000 Banco Santander SA 4.000 24/01/2020 672,246

600,000 Citigroup Inc 7.375 04/09/2019 644,638

500,000 Credit Agricole SA/London 5.125 18/04/2023 642,127

600,000 Repsol International Finance BV 4.875 19/02/2019 630,038

600,000 Credit Suisse AG/London 4.750 05/08/2019 629,140

600,000 Autoroutes du Sud de la France SA 4.000 24/09/2018 625,056

600,000 Bouygues SA 3.641 29/10/2019 622,091

600,000 FCA Bank SpA/Ireland 2.625 17/04/2019 615,662

600,000 Svenska Handelsbanken AB 2.656 15/01/2024 615,269

600,000 Engie SA 3.000 02/06/2065 614,456

600,000 Santander UK PLC 2.000 14/01/2019 613,120

600,000 Skandinaviska Enskilda Banken AB 1.875 14/11/2019 612,076

600,000 FCE Bank PLC 1.875 18/04/2019 611,908

600,000 Commonwealth Bank of Australia 1.625 04/02/2019 611,275

550,000 Telefonica Emisiones SAU 4.693 11/11/2019 575,984

500,000 Electricite de France SA 3.875 18/01/2022 570,712

500,000 Snam SpA 3.500 13/02/2020 536,229

500,000 Atlantia SpA 3.625 30/11/2018 519,387

500,000 HSBC Holdings PLC 3.375 10/01/2024 516,442

500,000 Banco Bilbao Vizcaya Argentaria SA 3.500 11/04/2024 516,352

500,000 BG Energy Capital PLC 3.000 16/11/2018 516,173

500,000 Intesa Sanpaolo SpA 3.000 28/01/2019 515,569

500,000 BBVA Senior Finance SAU 2.375 22/01/2019 512,885

500,000 Metropolitan Life Global Funding I 2.375 30/09/2019 512,844

500,000 Mediobanca Banca di Credito Finanziario SpA 2.250 18/03/2019 510,483

500,000 Cooperatieve Rabobank UA 1.750 22/01/2019 509,310

400,000 Investor AB 4.875 18/11/2021 478,704

450,000 Elia System Operator SA/NV 5.250 13/05/2019 473,780

450,000 GE Capital European Funding Unlimited Co 2.875 18/06/2019 470,496

400,000 BHP Billiton Finance Ltd 3.000 29/05/2024 467,485

400,000 Gas Natural Fenosa Finance BV 3.875 17/01/2023 467,345

400,000 Hammerson PLC 2.750 26/09/2019 423,062

400,000 AP Moller - Maersk A/S 3.375 28/08/2019 413,275

400,000 BP Capital Markets PLC 2.994 18/02/2019 412,943

400,000 ABB Finance BV 2.625 26/03/2019 410,888

400,000 Kering SA 0.875 28/03/2022 409,811

400,000 Erste Group Bank AG 1.875 13/05/2019 407,992

400,000 Cargill Inc 1.875 04/09/2019 407,459

400,000 PGE Sweden AB 1.625 09/06/2019 405,810

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Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

534

Enhanced Commodity Fund

Largest Purchases

Nominal DescriptionCoupon

RateMaturity

DateCostEUR

8,170,000 United States Treasury Bill 0.000 25/04/2019 6,642,728

6,100,000 United States Treasury Bill 0.000 31/01/2019 4,801,774

5,250,000 United States Treasury Bill 0.000 12/09/2019 4,385,928

3,980,000 United States Treasury Bill 0.000 20/06/2019 3,365,353

3,700,000 United States Treasury Bill 0.000 28/03/2019 2,947,864

3,600,000 United States Treasury Bill 0.000 28/02/2019 2,897,367

2,850,000 United States Treasury Bill 0.000 05/12/2019 2,438,075

2,950,000 United States Treasury Bill 0.000 06/12/2018 2,399,383

2,100,000 United States Treasury Bill 0.000 18/07/2019 1,762,490

1,625,000 United States Treasury Bill 0.000 10/10/2019 1,369,473

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Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

535

Enhanced Commodity Fund (continued)

Largest Sales

Nominal DescriptionCoupon

RateMaturity

DateProceeds

EUR

6,135,000 United States Treasury Bill 0.000 19/07/2018 5,243,631

5,950,000 United States Treasury Bill 0.000 26/04/2018 4,885,778

5,500,000 United States Treasury Bill 0.000 13/09/2018 4,733,010

5,800,000 United States Treasury Bill 0.000 01/02/2018 4,671,659

4,950,000 United States Treasury Bill 0.000 06/12/2018 4,367,677

4,000,000 United States Treasury Bill 0.000 25/04/2019 3,392,604

4,100,000 United States Treasury Bill 0.000 01/03/2018 3,361,620

4,150,000 United States Treasury Bill 0.000 29/03/2018 3,358,562

2,275,000 United States Treasury Bill 0.000 11/10/2018 1,973,796

1,784,000 United States Treasury Bill 0.000 16/08/2018 1,564,737

1,640,000 United States Treasury Bill 0.000 31/01/2019 1,433,321

1,200,000 United States Treasury Bill 0.000 04/01/2018 998,045

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

536

Indexed Minimum Volatility Global Equity Fund

Largest Purchases

Nominal DescriptionCostEUR

274,868 Orange SA 4,175,971

208,510 Deutsche Telekom AG 3,228,558

137,800 NTT DOCOMO Inc 2,993,995

71,879 Sampo Oyj 2,917,488

45,140 WP Carey Inc 2,688,479

98,469 AT&T Inc 2,591,078

20,704 Monsanto Co 2,239,945

27,402 Time Warner Inc 2,206,550

276,730 Telefonica SA 2,193,647

55,686 Southern Co/The 2,173,683

32,493 Consolidated Edison Inc 2,172,703

31,016 Duke Energy Corp 2,110,662

10,940 Public Storage 2,012,083

816,244 Intesa Sanpaolo SpA 1,991,955

12,680 NextEra Energy Inc 1,811,185

25,998 Nestle SA 1,781,386

14,292 Rockwell Collins Inc 1,680,289

144,375 Getlink 1,651,902

60,800 NEC Corp 1,651,756

14,903 Johnson & Johnson 1,646,602

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

537

Indexed Minimum Volatility Global Equity Fund (continued)

Largest Sales

Nominal DescriptionProceeds

EUR

58,545 Amadeus IT Group SA 3,724,006

33,926 Monsanto Co 3,686,044

17,098 Berkshire Hathaway Inc 2,989,655

35,732 Time Warner Inc 2,933,829

7,349 Intuitive Surgical Inc 2,893,629

132,100 Hang Seng Bank Ltd 2,754,073

26,059 Keurig Dr Pepper Inc 2,722,676

85,384 AT&T Inc 2,357,270

21,728 Dassault Systemes SE 2,330,192

12,031 Becton Dickinson and Co 2,305,013

13,793 Sonova Holding AG 2,045,397

37,179 Orsted A/S 1,972,834

19,886 SAP SE 1,812,268

7,752 Northrop Grumman Corp 1,787,323

14,292 Rockwell Collins Inc 1,739,437

9,442 3M Co 1,618,143

2,647 Partners Group Holding AG 1,534,501

77,474 Endesa SA 1,520,254

10,886 Automatic Data Processing Inc 1,410,052

11,281 Visa Inc 1,407,256

14,090 United Parcel Service Inc 1,401,405

261,257 Terna Rete Elettrica Nazionale SpA 1,280,958

70,413 Danske Bank A/S 1,255,938

202,795 Iberdrola SA 1,252,526

130,100 NTT Data Corp 1,244,736

4,442 CR Bard Inc 1,244,348

2,524 Alleghany Corp 1,240,106

18,144 Dell Technologies Inc Class V 1,235,975

8,430 ANSYS Inc 1,202,148

50,114 Atlantia SpA 1,189,450

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

538

Indexed Emerging Market Debt Fund

Largest Purchases

Nominal DescriptionCoupon

RateMaturity

DateCostEUR

81,150 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2023 19,277,029

59,300 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2027 14,487,901

42,425 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2021 10,528,612

188,000,000,000 Indonesia Treasury Bond 6.125 15/05/2028 10,458,104

56,000 Brazil Letras do Tesouro Nacional 0.000 01/07/2021 10,356,339

2,100,000 Mexican Bonos 7.500 03/06/2027 8,793,629

2,018,900 Mexican Bonos 5.000 11/12/2019 8,777,248

32,000,000,000 Colombian TES 6.000 28/04/2028 8,619,852

36,000,000 Poland Government Bond 2.500 25/01/2023 8,452,108

151,000,000,000 Indonesia Treasury Bond 6.625 15/05/2033 8,340,094

585,000,000 Russian Federal Bond - OFZ 7.000 15/12/2021 7,888,508

1,810,000 Mexican Bonos 8.000 11/06/2020 7,840,481

136,000,000,000 Indonesia Treasury Bond 5.625 15/05/2023 7,748,942

26,500,000,000 Colombian TES 6.250 26/11/2025 7,664,060

107,000,000 South Africa Government Bond 10.500 21/12/2026 7,538,654

31,800 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2029 7,389,354

1,590,000 Mexican Bonos 8.000 07/12/2023 6,931,793

30,600 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2025 6,920,918

1,650,000 Mexican Bonos 6.500 10/06/2021 6,884,018

112,000,000 South Africa Government Bond 8.750 28/02/2048 6,649,060

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

539

Indexed Emerging Market Debt Fund (continued)

Largest Sales

Nominal DescriptionCoupon

RateMaturity

DateProceeds

EUR

286,500 Brazil Letras do Tesouro Nacional 0.000 01/10/2019 12,185,210

362,000 Brazil Letras do Tesouro Nacional 0.000 01/07/2021 10,459,958

34,650,000 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2023 9,040,840

34,300,000 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2027 8,872,739

2,018,900 Mexican Bonos 5.000 11/12/2019 8,656,132

292,600,000 Thailand Government Bond 3.875 13/06/2019 8,003,635

24,450,000,000 Colombian TES 7.000 11/09/2019 7,499,629

166,890,000 Mexican Bonos 10.000 11/12/2019 7,372,992

24,425,000 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2021 6,534,009

24,590,000 Poland Government Bond 3.250 25/07/2019 5,908,136

26,779,000 Malaysia Government Bond 4.378 29/11/2019 5,807,803

22,800 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2029 5,534,849

21,620,000 Poland Government Bond 5.500 25/10/2019 5,532,693

24,000 Brazil Notas do Tesouro Nacional Serie F 10.000 01/01/2027 5,515,892

122,000,000 Czech Republic Government Bond 1.500 29/10/2019 4,752,926

19,900,000 Poland Government Bond 0.000 25/04/2019 4,659,432

334,550,000 Russian Federal Bond - OFZ 6.700 15/05/2019 4,541,633

67,600,000,000 Indonesia Treasury Bond 7.875 15/04/2019 4,243,740

880,000 Mexican Bonos 8.000 11/06/2020 4,039,821

13,900,000 Brazil Notas do Tesouro Nacional Serie F 6.350 12/08/2028 3,990,227

21,390,000 Turkey Government Bond 8.500 10/07/2019 3,799,611

17,900,000 Malaysia Government Bond 3.654 31/10/2019 3,790,453

12,500,000 Peru Government Bond 6.150 12/08/2032 3,551,372

800,000 Mexican Bonos 6.500 10/06/2021 3,528,103

950,230,000 Hungary Government Bond 6.500 24/06/2019 3,348,792

14,900,000 Malaysia Government Investment Issue 4.390 07/07/2023 3,223,184

15,130,000 Malaysia Government Bond 4.232 30/06/2031 3,169,777

13,509,000 Turkey Government Bond 10.400 27/03/2019 2,971,141

10,250,000 Brazil Notas do Tesouro Nacional Serie F 5.700 08/12/2024 2,923,702

208,610,000 Russian Federal Bond - OFZ 6.800 11/12/2019 2,817,978

12,180,000 Romania Government Bond 4.750 24/06/2019 2,783,000

43,000,000 South Africa Government Bond 7.750 28/02/2023 2,730,191

13,162,000 Malaysia Government Bond 3.480 15/03/2023 2,726,963

8,500,000,000 Colombia Government International Bond 7.750 14/04/2021 2,600,525

11,800,000 Romania Government Bond 2.500 29/04/2019 2,590,034

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

540

Indexed Fundamental Global Equity Fund

Largest Purchases

Nominal DescriptionCostEUR

14,212 AT&T Inc 391,790

33,422 General Electric Co 381,673

4,897 Exxon Mobil Corp 322,681

1,338 Apple Inc 236,932

30,889 Banco Bilbao Vizcaya Argentaria SA 200,576

4,699 Verizon Communications Inc 198,851

1,784 Chevron Corp 176,330

2,509 Procter & Gamble Co/The 166,833

868 Berkshire Hathaway Inc 152,370

17,102 Ford Motor Co 147,709

14,495 Nordea Bank Abp 141,297

2,722 Merck & Co Inc 136,949

1,311 Cigna Corp 132,633

3,400 Nippon Telegraph & Telephone Corp 130,192

8,785 BHP Group PLC 129,964

2,710 CVS Health Corp 116,455

2,453 Wells Fargo & Co 112,793

751 Allergan PLC 108,604

2,027 TOTAL SA 107,390

1,148 Microsoft Corp 106,627

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

541

Indexed Fundamental Global Equity Fund (continued)

Largest Sales

Nominal DescriptionProceeds

EUR

56,185 BP PLC 319,964

3,047 Microsoft Corp 243,184

3,739 Express Scripts Holding Co 235,265

3,131 Walmart Inc 228,571

41,077 Banco Santander SA 222,185

33,160 Banco Bilbao Vizcaya Argentaria SA 221,836

3,104 Exxon Mobil Corp 209,099

25,575 HSBC Holdings PLC 208,989

13,267 BHP Billiton PLC 207,440

2,193 JPMorgan Chase & Co 205,082

7,668 Bank of America Corp 198,220

3,500 Toyota Motor Corp 193,243

1,223 Apple Inc 187,635

2,037 Samsung Electronics Co Ltd 184,759

6,280 Royal Dutch Shell PLC 173,478

3,354 TOTAL SA 169,315

10,005 UniCredit SpA 167,890

5,921 Royal Dutch Shell PLC 165,416

16,998 Nordea Bank AB 162,406

553 Boeing Co/The 152,131

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

542

Global Low Volatility Active Equity Fund

Largest Purchases

Nominal DescriptionCostEUR

61,917 Raytheon Co 10,811,568

240,440 Southern Co/The 9,806,890

153,635 Occidental Petroleum Corp 9,787,255

169,015 Colgate-Palmolive Co 9,018,562

78,770 Visa Inc 8,781,684

61,000 NextEra Energy Inc 8,320,242

80,340 LyondellBasell Industries NV 8,026,318

303,817 Kroger Co/The 7,749,997

25,377 Boeing Co/The 7,740,548

198,800 Takeda Pharmaceutical Co Ltd 7,110,291

482,673 Eni SpA 7,050,066

334,400 KDDI Corp 6,644,470

117,919 Tyson Foods Inc 6,583,925

97,030 Omnicom Group Inc 6,505,255

116,084 Kellogg Co 6,159,383

183,450 General Motors Co 5,949,799

194,374 Macy's Inc 5,532,173

135,361 Hormel Foods Corp 5,344,042

186,896 Gap Inc/The 4,984,932

669,579 Telefonica SA 4,940,409

87,501 Realty Income Corp 4,896,678

220,400 NTT DOCOMO Inc 4,615,247

65,163 Entergy Corp 4,534,945

47,298 Hershey Co/The 4,446,411

37,748 Edwards Lifesciences Corp 4,430,911

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

543

Global Low Volatility Active Equity Fund (continued)

Largest Sales

Nominal DescriptionProceeds

EUR

565,296 Macy's Inc 16,102,184

315,773 Pfizer Inc 12,070,643

92,485 Monsanto Co 10,020,575

149,297 Express Scripts Holding Co 9,998,424

213,512 Bristol-Myers Squibb Co 9,978,131

59,259 Berkshire Hathaway Inc 9,938,672

80,182 Visa Inc 9,419,903

115,351 Procter & Gamble Co/The 9,336,533

93,794 Kimberly-Clark Corp 9,118,335

54,576 Mastercard Inc 8,985,260

65,289 McDonald's Corp 8,913,590

131,775 Novartis AG 8,774,196

133,748 Merck & Co Inc 8,707,210

135,667 Target Corp 8,566,065

50,308 NextEra Energy Inc 7,899,401

86,334 SAP SE 7,641,836

95,560 Sanofi 7,523,160

18,174 Intuitive Surgical Inc 7,371,220

25,377 Boeing Co/The 7,069,968

101,186 Best Buy Co Inc 6,542,632

78,166 Time Warner Inc 6,355,819

22,801 CR Bard Inc 6,328,328

988,000 Hitachi Ltd 6,316,864

221,612 Royal Dutch Shell PLC 6,023,094

98,222 Baxter International Inc 6,014,561

183,450 General Motors Co 5,702,131

1,098,588 Enel SpA 5,345,524

68,770 Marsh & McLennan Cos Inc 5,243,470

180,146 FirstEnergy Corp 5,160,741

135,717 Xcel Energy Inc 5,074,196

37,748 Edwards Lifesciences Corp 4,949,068

48,269 Eli Lilly & Co 4,829,754

47,127 Clorox Co/The 4,803,939

23,169 L'Oreal SA 4,758,539

27,383 S&P Global Inc 4,663,594

53,410 Vinci SA 4,628,566

84,519 TOTAL SA 4,509,980

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

544

Setanta Reditus Income Fund

Largest Purchases

Nominal DescriptionCostEUR

44,770 Sampo Oyj 2,018,694

1,215,689 Saga PLC 1,680,888

22,000 Procter & Gamble Co/The 1,495,414

581,994 Fortescue Metals Group Ltd 1,462,358

51,661 Bolsas y Mercados Espanoles SHMSF SA 1,444,817

246,530 Coca-Cola Amatil Ltd 1,333,608

41,504 Samsung Electronics Co Ltd 1,217,761

422,498 Hostelworld Group Plc 1,029,776

12,365 BASF SE 1,011,547

72,946 United Utilities Group PLC 605,226

35,400 Sandvik AB 495,918

7,700 Cie Financiere Richemont SA 478,549

7,305 Sysco Corp 473,583

301,000 NWS Holdings Ltd 464,084

6,876 Oesterreichische Post AG 259,862

7,464 Harley-Davidson Inc 258,654

12,276 Federated Investors Inc 257,714

12,382 Proximus SADP 249,103

133,663 Vodafone Group PLC 225,048

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

545

Setanta Reditus Income Fund (continued)

Largest Sales

Nominal DescriptionProceeds

EUR

32,608 Sysco Corp 2,042,676

385,000 Terna Rete Elettrica Nazionale SpA 1,848,000

111,167 People's United Financial Inc 1,675,979

12,370 Euler Hermes Group 1,509,140

32,940 Cisco Systems Inc 1,295,023

14,100 Procter & Gamble Co/The 1,018,557

81,743 Merlin Properties Socimi SA 1,005,880

629,631 Irish Residential Properties REIT PLC 889,828

18,672 Intel Corp 815,835

9,298 Microsoft Corp 809,667

51,006 Sandvik AB 748,946

166,900 Telia Co AB 619,435

15,100 Taiwan Semiconductor Manufacturing Co Ltd 528,870

13,663 Oesterreichische Post AG 522,928

80,335 Origin Enterprises PLC 496,343

2,617 SK Telecom Co Ltd 496,195

5,515 Groupe Bruxelles Lambert SA 494,714

949 Fairfax Financial Holdings Ltd 446,529

11,496 Yara International ASA 438,686

55,957 Coca-Cola Amatil Ltd 323,840

45,323 Lancashire Holdings Ltd 301,307

108,588 Vodafone Group PLC 253,586

1,553 McDonald's Corp 201,216

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Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

546

Setanta Reditus Global Equity Fund

Largest Purchases

Nominal DescriptionCostEUR

135,469 Jefferies Financial Group Inc 2,807,994

1,336,035 Saga PLC 1,829,961

680 Booking Holdings Inc 1,105,118

14,075 DXC Technology Co 1,075,869

377,770 Melrose Industries PLC 923,135

109,645 Lancashire Holdings Ltd 731,782

7,289 Groupe Bruxelles Lambert SA 659,539

1,463 Fairfax Financial Holdings Ltd 614,592

3,439 Berkshire Hathaway Inc 587,319

25,000 Alfresa Holdings Corp 514,648

6,004 Microsoft Corp 491,216

18,363 Federated Investors Inc 463,106

19,962 Owens-Illinois Inc 347,284

53,842 Telefonaktiebolaget LM Ericsson 337,188

8,177 Oracle Corp 336,398

9,405 Cisco Systems Inc 334,563

41,213 Samsung Electronics Co Ltd 331,841

15,202 Jefferies Financial Group Inc 317,015

7,131 Keysight Technologies Inc 305,669

3,479 PepsiCo Inc 305,296

2,097 McDonald's Corp 285,632

295 Markel Corp 275,497

53,202 Bank Leumi Le-Israel BM 266,880

3,802 Henry Schein Inc 244,912

4,367 NIKE Inc 238,556

7,634 Johnson Controls International plc 238,497

661 First Citizens BancShares Inc/NC 236,117

7,917 CRH PLC 233,157

99,228 Vodafone Group PLC 229,225

37,197 Origin Enterprises PLC 220,248

2,766 STERIS PLC 219,338

4,617 Unilever NV 218,579

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

547

Setanta Reditus Global Equity Fund (continued)

Largest Sales

Nominal DescriptionProceeds

EUR

127,714 Jefferies Financial Group Inc 2,670,015

12,736 Euler Hermes Group 1,553,792

15,440 NIKE Inc 1,007,601

27,186 Brookfield Asset Management Inc 982,285

597 Booking Holdings Inc 957,822

23,941 Cisco Systems Inc 911,434

14,936 Keysight Technologies Inc 769,402

4,381 Berkshire Hathaway Inc 741,068

1,534 Fairfax Financial Holdings Ltd 666,475

7,711 Microsoft Corp 659,062

20,339 CRH PLC 609,580

7,320 Medtronic PLC 539,705

1,372 First Citizens BancShares Inc/NC 515,755

187,072 REN - Redes Energeticas Nacionais SGPS SA 470,542

20,668 HP Inc 430,546

32,900 Astellas Pharma Inc 417,868

11,406 Kennametal Inc 408,224

22,450 Owens-Illinois Inc 398,478

2,957 Fair Isaac Corp 393,180

3,128 Lowe's Cos Inc 266,518

2,554 STERIS PLC 255,941

27,054 Resolute Forest Products Inc 254,610

12,140 Fortum OYJ 238,404

16,939 Hewlett Packard Enterprise Co 228,583

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

548

Setanta Reditus Global Balanced Fund

Largest Purchases

Nominal DescriptionCostEUR

19,428 Jefferies Financial Group Inc 417,310

182,616 Saga PLC 249,671

98 Booking Holdings Inc 160,483

1,952 DXC Technology Co 151,698

44,838 Melrose Industries PLC 113,370

11,516 Lancashire Holdings Ltd 75,033

754 Groupe Bruxelles Lambert SA 69,071

141 Fairfax Financial Holdings Ltd 57,761

2,726 Owens-Illinois Inc 47,435

819 NIKE Inc 44,632

2,400 Alfresa Holdings Corp 44,208

568 Microsoft Corp 42,103

257 Berkshire Hathaway Inc 41,890

306 McDonald's Corp 40,804

1,951 Jefferies Financial Group Inc 39,196

1,090 Cisco Systems Inc 37,184

3,000 Astellas Pharma Inc 33,446

1,146 CRH PLC 32,088

13,963 Vodafone Group PLC 31,956

1,114 Federated Investors Inc 29,946

360 Lowe's Cos Inc 28,636

873 Liberty Latin America Ltd 26,841

326 PepsiCo Inc 26,770

855 Johnson Controls International plc 26,387

72 First Citizens BancShares Inc/NC 25,365

1,185 Perspecta Inc 22,517

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Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

549

Setanta Reditus Global Balanced Fund (continued)

Largest Sales

Nominal DescriptionProceeds

EUR

20,716 Jefferies Financial Group Inc 445,221

1,778 Euler Hermes Group 216,916

3,159 NIKE Inc 204,087

4,347 Cisco Systems Inc 162,888

4,324 Brookfield Asset Management Inc 155,484

882 Berkshire Hathaway Inc 151,215

1,722 Microsoft Corp 145,642

89 Booking Holdings Inc 143,484

4,652 CRH PLC 134,889

2,545 Keysight Technologies Inc 124,738

77,151 Irish Residential Properties REIT PLC 115,590

259 Fairfax Financial Holdings Ltd 112,256

1,363 Medtronic PLC 100,790

261 First Citizens BancShares Inc/NC 98,179

5,114 Owens-Illinois Inc 92,817

933 Lowe's Cos Inc 79,359

30,133 REN - Redes Energeticas Nacionais SGPS SA 75,793

818 STERIS PLC 75,404

3,505 HP Inc 72,443

1,857 Kennametal Inc 66,219

483 Fair Isaac Corp 64,292

4,800 Astellas Pharma Inc 60,966

1,465 Johnson Controls International plc 47,578

5,101 Resolute Forest Products Inc 46,516

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Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

550

Setanta Global Equity Fund

Largest Purchases

Nominal DescriptionCostEUR

191,473 Jefferies Financial Group Inc 3,786,351

1,871,744 Saga PLC 2,561,065

303,034 Playtech Plc 1,890,800

1,049 Booking Holdings Inc 1,715,412

21,012 DXC Technology Co 1,620,111

19,777 DCC PLC 1,491,754

512,866 Melrose Industries PLC 1,296,806

13,438 Exxon Mobil Corp 893,162

134,432 Lancashire Holdings Ltd 876,564

7,710 Groupe Bruxelles Lambert SA 704,191

1,580 Fairfax Financial Holdings Ltd 662,311

7,146 Microsoft Corp 579,729

3,425 Berkshire Hathaway Inc 571,950

14,691 Cisco Systems Inc 537,453

11,533 Keysight Technologies Inc 515,748

80,836 Applegreen PLC 491,483

61,245 Samsung Electronics Co Ltd 418,387

15,991 Federated Investors Inc 413,925

443 Markel Corp 407,480

20,600 Alfresa Holdings Corp 399,954

281,752 Mincon Group Plc 397,434

75,423 Bank Leumi Le-Israel BM 394,168

62,851 Telefonaktiebolaget LM Ericsson 387,094

20,000 Tupras Turkiye Petrol Rafinerileri AS 384,731

6,588 NIKE Inc 382,095

18,513 Jefferies Financial Group Inc 373,735

21,320 Owens-Illinois Inc 364,284

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Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

551

Setanta Global Equity Fund (continued)

Largest Sales

Nominal DescriptionProceeds

EUR

27,504 Berkshire Hathaway Inc 5,177,250

50,200 Microsoft Corp 4,659,449

98,478 Cisco Systems Inc 3,875,984

58,695 NIKE Inc 3,838,283

189,324 Jefferies Financial Group Inc 3,745,393

51,207 DCC PLC 3,695,814

239,633 Owens-Illinois Inc 3,654,168

65,444 Keysight Technologies Inc 3,364,937

124,978 CRH PLC 3,327,134

7,762 Fairfax Financial Holdings Ltd 3,242,516

53,468 Oshkosh Corp 3,113,940

163,188 Jefferies Financial Group Inc 3,071,019

382,172 Telefonaktiebolaget LM Ericsson 3,018,705

28,844 STERIS PLC 3,016,120

21,858 Johnson & Johnson 2,803,259

404,711 Lancashire Holdings Ltd 2,788,085

1,357,938 Melrose Industries PLC 2,770,500

118,084 Federated Investors Inc 2,650,324

84,570 Johnson Controls International plc 2,607,295

55,519 Oracle Corp 2,436,570

6,142 First Citizens BancShares Inc/NC 2,371,878

34,207 Exxon Mobil Corp 2,365,124

19,179 Euler Hermes Group 2,339,838

13,341 McDonald's Corp 2,176,076

27,848 Medtronic PLC 2,154,864

1,597,587 Saga PLC 2,112,837

24,370 Lowe's Cos Inc 2,066,511

2,111 Markel Corp 2,064,853

24,829 Groupe Bruxelles Lambert SA 2,022,469

36,603 HollyFrontier Corp 2,010,911

53,486 Samsung Electronics Co Ltd 1,856,089

23,960 Henry Schein Inc 1,803,496

21,468 Sanofi 1,721,862

25,682 Occidental Petroleum Corp 1,617,743

25,194 DXC Technology Co 1,609,807

68,200 Alfresa Holdings Corp 1,602,535

104,473 Eni SpA 1,575,294

271,132 Bank Leumi Le-Israel BM 1,568,572

14,900 PepsiCo Inc 1,547,162

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Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

552

Indexed Emerging Market Equity Fund

Largest Purchases

Nominal DescriptionCostEUR

1,100 Alibaba Group Holding Ltd 152,546

18,331 Infosys Ltd 134,193

18,331 Infosys Ltd 134,193

50,000 Old Mutual Ltd 93,361

5,144 Tata Consultancy Services Ltd 90,615

5,144 Tata Consultancy Services Ltd 90,615

101,000 China Construction Bank Corp 87,139

42,796 ASE Technology Holding Co Ltd 84,568

7,532 Absa Group Ltd 82,009

125,000 PTT PCL 77,432

2,000 Qatar National Bank QPSC 75,177

2,396 Yageo Corp 54,399

25,229 B3 SA - Brasil Bolsa Balcao 53,968

5,502 Mahindra & Mahindra Ltd 50,410

350,000 China Tower Corp Ltd 49,213

6,938 National Bank of Greece SA 46,889

1,200 Huazhu Group Ltd 44,895

1,200 Huazhu Group Ltd 44,895

7,300 Bumrungrad Hospital PCL 43,033

59,000 Airports of Thailand PCL 41,474

2,786 Clicks Group Ltd 39,317

163,100 BTS Group Holdings PCL 38,993

12,100 Rumo SA 38,459

10,900 First Abu Dhabi Bank PJSC 38,298

28,200 Banco Santander Mexico SA 38,169

19,900 PTT Exploration & Production PCL 37,671

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

553

Indexed Emerging Market Equity Fund (continued)

Largest Sales

Nominal DescriptionProceeds

EUR

13,900 Tencent Holdings Ltd 624,572

3,416 Samsung Electronics Co Ltd 460,719

59,000 Taiwan Semiconductor Manufacturing Co Ltd 395,026

2,200 Alibaba Group Holding Ltd 336,548

987 Naspers Ltd 228,697

5,616 Infosys Ltd 218,408

173,000 China Construction Bank Corp 153,413

1,742 Tata Consultancy Services Ltd 146,631

202,000 Industrial & Commercial Bank of China Ltd 142,729

18,331 Infosys Ltd 134,193

8,221 Sberbank of Russia PJSC 131,998

16,500 China Mobile Ltd 130,910

600 Baidu Inc 120,231

10,033 Absa Group Ltd 116,735

14,500 PTT PCL 104,332

1,782 SK Hynix Inc 100,597

7,500 Itau Unibanco Holding SA 97,811

10,500 Ping An Insurance Group Co of China Ltd 94,200

5,144 Tata Consultancy Services Ltd 90,615

85,592 Advanced Semiconductor Engineering Inc 84,568

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

554

Setanta Income Opportunities Fund

Largest Purchases

Nominal DescriptionCouponRate %

MaturityDate

CostEUR

41,042 Sampo Oyj 1,806,302

662,642 Fortescue Metals Group Ltd 1,665,072

1,956,000 Arcelik AS 5.000 03/04/2023 1,538,840

386,009 Coca-Cola Femsa SAB de CV 5.460 12/05/2023 1,521,099

22,644 Procter & Gamble Co/The 1,497,133

1,682,000 Mersin Uluslararasi Liman Isletmeciligi AS 5.875 12/08/2020 1,464,384

52,375 Bolsas y Mercados Espanoles SHMSF SA 1,463,145

911,150 Saga PLC 1,251,788

1,351,000 Superior Industries International Inc 6.000 15/06/2025 1,218,645

489,881 Hostelworld Group Plc 1,191,824

14,383 BASF SE 1,156,821

209,973 Coca-Cola Amatil Ltd 1,136,696

38,160 Samsung Electronics Co Ltd 1,118,215

1,426,000 Ensco PLC 4.500 01/10/2024 1,015,225

22,210,000 European Investment Bank 4.750 19/01/2021 891,509

22,500 Taiwan Semiconductor Manufacturing Co Ltd 800,100

43,532 GlaxoSmithKline PLC 783,742

10,747 Exxon Mobil Corp 778,013

12,418 Cie Financiere Richemont SA 775,215

54,182 Sandvik AB 761,028

116,838 Barratt Developments PLC 744,836

13,520 Harley-Davidson Inc 477,228

21,543 Federated Investors Inc 461,802

224,882 Vodafone Group PLC 443,352

11,500,000 Coca-Cola Femsa SAB de CV 5.000 12/05/2023 441,444

6,018 Sysco Corp 383,665

16,956 Proximus SADP 358,925

42,682 United Utilities Group PLC 356,145

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Portfolio Changes for the Annual Report and Audited Financial Statements for the financial yearended 31 December 2018 (unaudited) (continued)

555

Setanta Income Opportunities Fund (continued)

Largest Sales

Nominal DescriptionCouponRate %

MaturityDate

ProceedsEUR

31,986 Procter & Gamble Co/The 2,392,4871,490,273 Irish Residential Properties REIT PLC 2,097,568

54,584 Cisco Systems Inc 2,050,830178,929 Merlin Properties Socimi SA 1,987,345

2,291,000 Tullow Oil PLC 6.000 01/11/2020 1,925,231108,418 GlaxoSmithKline PLC 1,899,515

49,539 Swedish Match AB 1,793,339114,275 Eni SpA 1,680,761

69,494 Proximus SADP 1,653,8008,161 SK Telecom Co Ltd 1,653,494

2,052,000 Arcelik AS 5.000 03/04/2023 1,643,979174,098 National Grid PLC 1,636,192

24,731 Sysco Corp 1,574,2592,366,000 Ensco PLC 4.500 01/10/2024 1,566,546

44,200 Taiwan Semiconductor Manufacturing Co Ltd 1,506,692227,746 Origin Enterprises PLC 1,362,461699,300 Vodafone Group PLC 1,344,849

34,878 Yara International ASA 1,316,876187,952 Lancashire Holdings Ltd 1,314,938

31,190,000 European Investment Bank 4.750 19/01/2021 1,302,296714,000 NWS Holdings Ltd 1,278,599

35,458 Harley-Davidson Inc 1,247,04919,677 Cie Financiere Richemont SA 1,243,85310,115 Euler Hermes Group 1,234,03087,434 Sandvik AB 1,218,2199,979 Johnson & Johnson 1,177,002

441,402 Fortescue Metals Group Ltd 1,114,08367,691 Smiths Group PLC 1,102,72515,966 BASF SE 1,083,34627,340 Sampo Oyj 1,070,854

221,593 Terna Rete Elettrica Nazionale SpA 1,058,37212,377 Groupe Bruxelles Lambert SA 1,039,378

320,814 C&C Group PLC 1,010,18242,350 Federated Investors Inc 989,255

263,784 Coca-Cola Femsa SAB de CV 5.460 12/05/2023 968,785108,099 United Utilities Group PLC 931,550139,868 Coca-Cola Amatil Ltd 909,299237,406 Telia Co AB 904,019

34,889 Bolsas y Mercados Espanoles SHMSF SA 897,30020,143,400 Coca-Cola Femsa SAB de CV 5.460 12/05/2023 827,221

20,201 Intel Corp 823,88923,552 Oesterreichische Post AG 821,749

887,000 Mersin Uluslararasi Liman Isletmeciligi AS 5.875 12/08/2020 786,041606,939 Saga PLC 749,370

7,000,000 Ocean Yield ASA 5.270 29/04/2020 731,492797,000 Superior Industries International Inc 6.000 15/06/2025 721,047295,544 REN - Redes Energeticas Nacionais SGPS SA 710,600

25,420 Samsung Electronics Co Ltd 676,771326,322 Hostelworld Group Plc 636,004

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Beresford Funds PlcAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

556

Securities Financing Transactions Regulation Disclosure (“SFTR”) (unaudited)

The following disclosure follows the requirements of EU Securities Financing Transactions Regulation ('SFTR') which cameinto effect on 12 January 2016.

[

A Securities Financing Transaction (SFT) is defined as per Article 3(11) of the SFTR as:

· a repurchase transaction;

· securities or commodities lending and securities or commodities borrowing;

· a buy-sell back transaction or sell-buy back transaction; or

· a margin lending transaction.

Nine funds were engaged in securities lending transactions as at 31 December 2018. In addition, one fund engaged in a totalreturn swap transaction as at 31 December 2018.

All disclosures below relate to these funds alone.

GLOBAL DATA:

Fund Name Securities on Loan % of Lendable Assets% of AUM of

Sub-Fund

EUR

Indexed World Small Cap Equity Fund 44,039,771 7.87% 7.73%

Indexed Global Equity Fund 11,513,457 2.84% 2.78%

Indexed Euro Government Long Dated Bond Fund 1,701,558 9.94% 9.93%

Indexed Euro Large Cap Corporate Bond Fund 52,553,118 18.38% 18.34%

Indexed Minimum Volatility Global Equity Fund 19,056,975 3.92% 3.86%

Indexed Emerging Market Debt Fund 47,438,754 4.01% 4.00%

Indexed Fundamental Global Equity Fund 1,926,485 2.46% 2.43%

Global Low Volatility Active Equity Fund 29,054,163 3.98% 3.92%

Indexed Emerging Market Equity Fund 833,039 1.77% 1.85%

Fund Name Type of AssetAbsolute Amount

EUR % of AUM

Enhanced Commodity Fund Total Return Swap 28,305,429 94.23%

CONCENTRATION DATA:

The ten largest collateral issuers across all SFTs and total return swaps as at 31 December 2018 is as follows:

Issuer SFT Type Collateral Amount

EUR

JP Morgan Securities PLC Securities Lending 44,385,996

Credit Suisse Europe Ltd Securities Lending 33,409,797

HSBC Bank PLC Securities Lending 32,829,881

Goldman Sachs Securities Lending 20,896,508

UBS AG London Securities Lending 19,263,158

Barclays Bank Securities Lending 18,747,251

Societe Generale SA Paris Securities Lending 17,377,706

Merrill Lynch Securities Lending 14,190,016

Natixis SA Securities Lending 9,240,020

BNP Paribas Securities Lending 5,139,594

Morgan Stanley & Co International PLC Securities Lending 3,894,736

The Bank of Nova Scotia Securities Lending 842,107

Macquarie Bank Limited Securities Lending 105,263

Goldman Sachs International Total Return Swap –

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557

Securities Financing Transactions Regulation Disclosure (“SFTR”) (unaudited) (continued)

A breakdown of the securities lending collateral issued by each borrower per Fund is disclosed in Note 17 of the financial statements.The total return swap with Goldman Sachs International is held by the Enhanced Commodity Fund.

AGGREGATETRANSACTION DATA:

Indexed World Small CapEquity Fund

Type ofcollateral Quality

CollateralCurrency Maturity tenor (collateral) Maturity tenor

Country ofcounterpartyestablishment

Settlementand clearing

Securities Lending

Barclays Bank Bonds Government Debt EUR > 1 year 1 day to 1 month United Kingdom Tri-party

Credit Suisse Europe Ltd Bonds Government Debt CAD/EUR/GBP/USD > 1 year 1 day to 1 month United Kingdom Tri-party

Goldman Sachs Bonds Government Debt GBP > 1 year 1 day to 1 month United States Tri-party

HSBC Bank PLC Bonds Government Debt GBP > 1 year 1 day to 1 month United Kingdom Tri-party

JP Morgan Securities PLC Bonds Government Debt EUR/GBP > 1 year 1 day to 1 month United Kingdom Tri-party

Merrill Lynch Bonds Government Debt EUR/USD > 1 year 1 day to 1 month United States Tri-party

Morgan Stanley & CoInternational PLC Bonds Government Debt EUR/GBP > 1 year 1 day to 1 month United Kingdom Tri-party

Natixis SA Bonds Government Debt EUR > 1 year 1 day to 1 month France Tri-party

Societe Generale SA Paris Bonds Government Debt EUR > 1 year 1 day to 1 month France Tri-party

The Bank of Nova Scotia Bonds Government Debt CAD/EUR/GBP 3 months to 1 year, > 1 year 1 day to 1 month Canada Tri-party

UBS AG London Bonds Government Debt GBP > 1 year 1 day to 1 month United Kingdom Tri-party

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558

Securities Financing Transactions Regulation Disclosure (“SFTR”) (unaudited) (continued)

Indexed Global EquityFund

Type ofcollateral Quality

CollateralCurrency Maturity tenor (collateral) Maturity tenor

Country ofcounterpartyestablishment

Settlementand clearing

Securities Lending

Barclays Bank Bonds Government Debt EUR > 1 year 1 day to 1 month United Kingdom Tri-party

Credit Suisse Europe Ltd Bonds Government Debt CAD/EUR/GBP/USD > 1 year 1 day to 1 month United Kingdom Tri-party

Goldman Sachs Bonds Government Debt GBP > 1 year 1 day to 1 month United States Tri-party

HSBC Bank PLC Bonds Government Debt GBP > 1 year 1 day to 1 month United Kingdom Tri-party

JP Morgan Securities PLC Bonds Government Debt EUR/GBP > 1 year 1 day to 1 month United Kingdom Tri-party

Macquarie Bank Limited Bonds Government Debt EUR/GBP > 1 year 1 day to 1 month Australia Tri-party

Natixis SA Bonds Government Debt EUR > 1 year 1 day to 1 month France Tri-party

Societe Generale SA Paris Bonds Government Debt EUR > 1 year 1 day to 1 month France Tri-party

The Bank of Nova Scotia Bonds Government Debt CAD/EUR/GBP 3 months to 1 year, > 1 year 1 day to 1 month Canada Tri-party

UBS AG London Bonds Government Debt GBP > 1 year 1 day to 1 month United Kingdom Tri-party

Indexed Euro GovernmentLong Dated Bond Fund

Type ofcollateral Quality

CollateralCurrency Maturity tenor (collateral) Maturity tenor

Country ofcounterpartyestablishment

Settlementand clearing

Securities Lending

Barclays Bank Bonds Government Debt EUR 3 months to 1 year, > 1 year 1 day to 1 month United Kingdom Tri-party

BNP Paribas Bonds Government Debt EUR

1 week to 1 month, 1 monthto 3 months, 3 months to 1year, > 1 year 1 day to 1 month France Tri-party

JP Morgan Securities PLC Bonds Government Debt EUR

1 day to 1 week, 1 month to3 months, 3 months to 1year, > 1 year 1 day to 1 month United Kingdom Tri-party

Societe Generale SA Paris Bonds Government Debt EUR

1 week to 1 month, 1 monthto 3 months, 3 months to 1year, > 1 year 1 day to 1 month France Tri-party

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559

Securities Financing Transactions Regulation Disclosure (“SFTR”) (unaudited) (continued)

Indexed Euro Large CapCorporate Bond Fund

Type ofcollateral Quality

CollateralCurrency Maturity tenor (collateral) Maturity tenor

Country ofcounterpartyestablishment

Settlementand clearing

Securities Lending

Barclays Bank Bonds Government Debt EUR 3 months to 1 year, > 1 year 1 day to 1 month United Kingdom Tri-party

BNP Paribas Bonds Government Debt EUR

1 week to 1 month, 1 monthto 3 months, 3 months to 1year, > 1 year 1 day to 1 month France Tri-party

Credit Suisse Europe Ltd Bonds Government Debt EUR > 1 year 1 day to 1 month United Kingdom Tri-party

Goldman Sachs Bonds Government Debt GBP > 1 year 1 day to 1 month United States Tri-party

HSBC Bank PLC Bonds Government Debt EUR/GBP/USD1 month to 3 months, 3

months to 1 year, > 1 year 1 day to 1 month United Kingdom Tri-party

JP Morgan Securities PLC Bonds Government Debt EUR

1 day to 1 week, 1 month to3 months, 3 months to 1year, > 1 year 1 day to 1 month United Kingdom Tri-party

Merrill Lynch Bonds Government Debt EUR1 day to 1 week, > 1 year

1 day to 1 month United States Tri-party

Societe Generale SA Paris Bonds Government Debt EUR

1 week to 1 month, 1 monthto 3 months, 3 months to 1year, > 1 year 1 day to 1 month France Tri-party

Indexed MinimumVolatility Global EquityFund

Type ofcollateral Quality

CollateralCurrency Maturity tenor (collateral) Maturity tenor

Country ofcounterpartyestablishment

Settlementand clearing

Securities LendingBarclays Bank Bonds Government Debt EUR > 1 year 1 day to 1 month United Kingdom Tri-party

Credit Suisse Europe Ltd Bonds Government Debt CAD/EUR/GBP/USD > 1 year 1 day to 1 month United Kingdom Tri-party

Goldman Sachs Bonds Government Debt GBP > 1 year 1 day to 1 month United States Tri-party

JP Morgan Securities PLC Bonds Government Debt EUR/GBP > 1 year 1 day to 1 month United Kingdom Tri-party

Natixis SA Bonds Government Debt EUR > 1 year 1 day to 1 month France Tri-party

Societe Generale SA Paris Bonds Government Debt EUR > 1 year 1 day to 1 month France Tri-party

The Bank of Nova Scotia Bonds Government Debt CAD/EUR/GBP 3 months to 1 year, > 1 year 1 day to 1 month Canada Tri-party

UBS AG London Bonds Government Debt GBP > 1 year 1 day to 1 month United Kingdom Tri-party

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Securities Financing Transactions Regulation Disclosure (“SFTR”) (unaudited) (continued)

Indexed Emerging MarketDebt Fund

Type ofcollateral Quality

CollateralCurrencys Maturity tenor (collateral)

Maturity tenorCountry ofcounterpartyestablishment

Settlementand clearing

Securities Lending

Barclays Bank Bonds Government Debt EUR 3 months to 1 year, > 1 year 1 day to 1 month United Kingdom Tri-party

HSBC Bank PLC Bonds Government Debt EUR/GBP/USD

1 month to 3 months, 3months to 1 year, > 1 year 1 day to 1 month United Kingdom Tri-party

JP Morgan Securities PLC Bonds Government Debt EUR

1 day to 1 week, 1 month to3 months, 3 months to 1year, > 1 year 1 day to 1 month United Kingdom Tri-party

Indexed FundamentalGlobal Equity Fund

Type ofcollateral Quality

CollateralCurrency

Maturity tenor(collateral) Maturity tenor

Country ofcounterpartyestablishment

Settlementand clearing

Securities Lending

Credit Suisse Europe Ltd Bonds Government Debt CAD/EUR/GBP/USD > 1 year 1 day to 1 month United Kingdom Tri-party

Goldman Sachs Bonds Government Debt GBP > 1 year 1 day to 1 month United States Tri-party

HSBC Bank PLC Bonds Government Debt GBP > 1 year 1 day to 1 month United Kingdom Tri-party

JP Morgan Securities PLC Bonds Government Debt EUR/GBP > 1 year 1 day to 1 month United Kingdom Tri-party

Natixis SA Bonds Government Debt EUR > 1 year 1 day to 1 month France Tri-party

UBS AG London Bonds Government Debt GBP > 1 year 1 day to 1 month United Kingdom Tri-party

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Securities Financing Transactions Regulation Disclosure (“SFTR”) (unaudited) (continued)

Global Low VolatilityActive Equity Fund

Type ofcollateral Quality

CollateralCurrency

Maturity tenor(collateral) Maturity tenor

Country ofcounterpartyestablishment

Settlementand clearing

Securities Lending

Credit Suisse Europe Ltd Bonds Government Debt CAD/EUR/GBP/USD > 1 year 1 day to 1 month United Kingdom Tri-party

Goldman Sachs Bonds Government Debt GBP > 1 year 1 day to 1 month United States Tri-party

Merrill Lynch Bonds Government Debt EUR/USD > 1 year 1 day to 1 month United States Tri-party

Societe Generale SA Paris Bonds Government Debt EUR > 1 year 1 day to 1 month France Tri-party

UBS AG London Bonds Government Debt GBP > 1 year 1 day to 1 month United Kingdom Tri-party

Indexed Emerging MarketEquity Fund

Type ofcollateral Quality

CollateralCurrency

Maturity tenor(collateral) Maturity tenor

Country ofcounterpartyestablishment

Settlementand clearing

Securities Lending

Credit Suisse Europe Ltd Bonds Government Debt CAD/EUR/GBP/USD > 1 year 1 day to 1 month United Kingdom Tri-party

Goldman Sachs Bonds Government Debt GBP > 1 year 1 day to 1 month United States Tri-party

HSBC Bank PLC Bonds Government Debt GBP > 1 year 1 day to 1 month United Kingdom Tri-party

JP Morgan Securities PLC Bonds Government Debt EUR/GBP > 1 year 1 day to 1 month United Kingdom Tri-party

Merrill Lynch Bonds Government Debt EUR/USD > 1 year 1 day to 1 month United States Tri-party

The Bank of Nova ScotiaBonds Government Debt

CAD/EUR/GBP3 months to 1 year, > 1year 1 day to 1 month Canada Tri-party

UBS AG London Bonds Government Debt GBP > 1 year 1 day to 1 month United Kingdom Tri-party

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Securities Financing Transactions Regulation Disclosure (“SFTR”) (unaudited) (continued)

Enhanced CommodityFund

Type ofcollateral Quality

CollateralCurrency

Maturity tenor(collateral)

Maturity tenor(Total ReturnSwaps)

Country ofcounterpartyestablishment

Settlementand clearing

Total Return SwapGoldman Sachs International Bonds Government Debt USD > 1 year 1 month to 3 months United Kingdom Bilateral

All government debt collateral received has a minimum credit rating of AA.

COLLATERAL REUSE:

Collateral received is not reused by any of the funds.

SAFEKEEPING:

Custodian SFT Type Collateral Amount

EUR

Bank of New York Mellon Securities Lending 35,702,159Euroclear Securities Lending 101,251,446JP Morgan Securities Lending 83,368,428

Citibank Total Return Swap –

RETURN/COSTS

All returns and associated costs relating to securities lending transactions are disclosed in Note 17 of the financial statements. These represent 100% of the overall returns earnedon securities lending transactions.The Enhanced Commodity Fund generated returns of EUR 169,227 during the financial period ended 31 December 2018. This represented 100% of the overall returns earned ontotal return swaps.

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Remuneration Policy (unaudited)

The Company has established a remuneration policy (the “Remuneration Policy”) to ensure that the Company has in placeremuneration policies and procedures which are in compliance with the regulatory requirements under accordance with UCITS VDirective (Directive 2014/91/EU) (“UCITS V”) and in particular, the European Securities and Markets Authority (“ESMA”)Guidelines on sound remuneration policies under UCITS V and AIFMD (ESMA/2016/411) (the “ESMA Guidelines”) to theextent that is appropriate to its size, internal organisation and the nature, scope and complexity of the Company’s activities.

Periodic reviews are undertaken of the remuneration policy. Any updates are incorporated into the policy. There were no changesduring 2018.

Remuneration

This established policy ensures that the remuneration arrangements of the “Identified Staff” (Board of Directors, DesignatedPersons and control functions and risk takers), are

(i) consistent with and promote sound and effective risk management and do not encourage risk-taking which is inconsistent withthe risk profile, rules or instruments of incorporation of the Company; and

(ii) consistent with its business strategy, objectives, values and interests and includes measures to avoid conflicts of interest.

Beresford Funds plc complies with the UCITS remuneration principles in a way and to the extent that is appropriate to the size,internal organisation and nature and scope and complexity of the Company’s activities.

The company has appointed Irish Life Investment Managers Limited (“ILIM”) and Setanta Asset Management Limited as thedelegates to carry out the investment management (“The Investment Managers”). The Investment Managers are both investmentfirms, authorised under the Markets in Financial Instruments Directive (“MiFID”), and complies with the ESMA Guidelines onRemuneration Policies and Procedures (MiFID), which the Company has determined are equally as effective as those applicableunder AIFMD and UCITS V.

The total remuneration for the identified staff of the Investment Manager in relation to the activities was €394,284. This wasallocated 71% fixed and 29% variable. The number of identified staff engaged during the period was 33.

Remuneration Committee

Given the size, nature, scope and complexity of the company’s activities, the Board has decided not to apply the requirement toestablish a remuneration committee. The Board is satisfied that this disapplication is reconcilable with the risk profile, riskappetite and the strategy of the company and its funds it manages.

Remuneration Identified Staff

The company has no employees or staff that it employs and pays directly.

The Company’s Independent Non-Executive Chairman and Non-Executive Directors, who are not employed by the InvestmentManager or any affiliate of the Investment Manager, will accept a fee in accordance with the Company’s Memorandum andArticles of Association and the Prospectus. The fees paid to the Non-Executive Directors are not performance-related fees but aresubject to an agreed fee schedule. The remaining Directors have agreed to waive this fee.

The Compliance and Risk Officer, MLRO and Designated Persons have been seconded to the Company by Irish Life InvestmentManagers Limited (“ILIM”). A service level agreement is in place between the parties to document this arrangement. Thesecondees are employed by ILIM as and are subject to ILIM’s Remuneration Policy. They do not receive additional remunerationin respect of their roles within the Company.

Remuneration DisclosuresHeadcount Remuneration

(€’000)Senior Staff

Fixed 57Variable 22

Total 3 79