Annual Report and Audited Financial Statements - Carne Group

Annual Report and Audited Financial Statements For the year ended 30 September 2021 The Resolution Fund International (Ireland) Plc, comprising of: Resolution (Irl) Global Equity Fund Resolution (Irl) Global Fixed Income Fund Resolution (Irl) UK Fixed Income Fund Resolution (Irl) World Equity Fund (An open-ended investment company with variable capital structured as an umbrella fund with liability between sub-funds incorporated with limited liability in Ireland) Registered number: 530622

The Resolution Fund International (Ireland) Plc

1

TABLE OF CONTENTS

Page No

GENERAL INFORMATION

2-3

DIRECTORS’ REPORT 4-11

STATEMENT OF DIRECTORS’ RESPONSIBILITIES 12

STATEMENT OF DEPOSITARY’S RESPONSIBILITIES 13

INVESTMENT MANAGER'S REPORT 14-21

INDEPENDENT AUDITOR’S REPORT 22-24

STATEMENT OF FINANCIAL POSITION 25-26

STATEMENT OF COMPREHENSIVE INCOME 27-28

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 29-30

STATEMENT OF CASH FLOWS 31-32

NOTES TO THE FINANCIAL STATEMENTS 33-92

SUPPLEMENTAL UNAUDITED INFORMATION 93-116


2

GENERAL INFORMATION Registered Office 2nd Floor, Block E Iveagh Court Harcourt Road Dublin 2 Ireland

Directors of the Company John Donohoe * Adrian Waters* Tom Hill Andrea Franceshetto * Independent Auditors KPMG Chartered Accountants 1 Harbourmaster Place IFSC Dublin 1 Ireland Investment Manager and Distributor UBS AG, London Branch 5 Broadgate EC2M 2QS London United Kingdom Depositary Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A. – Dublin Branch Ormonde House 12-13 Lower Leeson Street Dublin 2 Ireland Sub-Custodian UBS Europe SE, Luxembourg Branch 33A Avenue John F. Kennedy 2010 Luxembourg Luxembourg Administrator and Transfer Agent MUFG Alternative Fund Services (Ireland) Limited Ormonde House 12-13 Lower Leeson Street Dublin 2 Ireland


3

GENERAL INFORMATION (continued) Company Secretary Carne Global Financial Services Limited 2nd Floor, Block E Iveagh Court Harcourt Road Dublin 2 Ireland Management Company Carne Global Fund Managers (Ireland) Limited 2nd Floor, Block E Iveagh Court Harcourt Road Dublin 2 Ireland Legal Advisers as to Irish law Dillon Eustace 33 Sir John Rogerson’s Quay Dublin 2 Ireland

UK Facilities Agent Carne Financial Services (UK) LLP Tallis House 2 Tallis Street London EC4Y 0AB United Kingdom


4

DIRECTORS’ REPORT The Directors present herewith their report and audited financial statements for The Resolution Fund International (Ireland) Plc (the “Company”) for the year ended 30 September 2021.

Principal Activities The Company is an open-ended investment company with segregated liability between its sub-funds and variable capital organised under the laws of Ireland. The Directors have directed the affairs of the Company in accordance with the Companies Act 2014.

Resolution (Irl) Global Equity Fund

The investment objective of the sub-fund is to achieve long-term capital growth through investment in a portfolio of global equity securities. The sub-fund will primarily invest in UCITS and non-UCITS open ended collective investment schemes, including equity exchange-traded funds, in order to gain exposure to global equities with a particular focus on UK equities. At the Investment Manager’s discretion, the sub-fund may also invest directly in equities and equity related securities listed or traded on a Recognised Exchange including depository receipts, convertible securities (such as convertible bonds), preferred shares and structured notes which are freely transferable and unleveraged (such as equity linked notes).

Resolution (Irl) Global Fixed Income Fund

The investment objective of the sub-fund is to achieve income and capital gains, through investment in a portfolio of fixed income securities. The sub-fund will primarily invest directly in US and global debt and debt-related securities (including fixed and variable rate government and corporate bonds) rated investment grade or above by Standard & Poors and/or Moodys and listed or traded on a Recognised Exchange. Such debt and debt-related securities shall include (i) convertible bonds, (ii) preferred securities, (iii) zero coupon, and pay-in-kind or deferred payment securities, (iv) Eurodollar bonds and Yankee bonds, (v) corporate bonds and (vi) variable and floating rate (i.e. securities which provide for a periodic adjustment in the interest rate paid). At the Investment Manager’s discretion, the sub-fund may also invest in UCITS and non-UCITS open ended collective investment schemes, including fixed income exchange-traded funds, in order to gain exposure to emerging markets, corporate and high yield debt and debt-related securities. With the exception of forward currency contracts which are entered into for share class currency hedging purposes, the sub-fund does not currently use financial derivative instruments.

Resolution (Irl) UK Fixed Income Fund

The investment objective of the sub-fund is to achieve income and capital gains, through investment in a portfolio of fixed income securities. The sub-fund will primarily invest in UCITS and non-UCITS open ended collective investment schemes, including fixed income exchange-traded funds, in order to gain exposure to predominantly UK, as well as global, government, corporate and high yield debt and debt-related securities. At the Investment Manager’s discretion, the sub-fund may also invest directly in fixed and variable rate government and corporate bonds rated investment grade or above by Standard & Poors and/or Moodys and listed or traded on a Recognised Exchange.

Resolution (Irl) World Equity Fund

The investment objective of the sub-fund is to achieve long-term capital growth through investment in a portfolio of global equity securities. The sub-fund will primarily invest in UCITS and non-UCITS open ended collective investment schemes, including equity exchange-traded funds, in order to gain exposure to global equities. At the Investment Manager’s discretion, the sub-fund may also invest directly in equities and equity related securities listed or traded on a Recognised Exchange including depository receipts, convertible securities (such as convertible bonds), preferred shares and structured notes which are freely transferable and unleveraged (such as equity linked notes).

There can be no guarantee that the sub-funds will be able to achieve their investment objectives or be profitable.


5

DIRECTORS’ REPORT (CONTINUED) Key Performance Indicators

Key performance indicators monitored by the Directors for each sub-fund include: the movement in the NAV per share, the share capital movements and the logs of any errors, or breaches in investment restrictions.

Results, Activities and Future Developments

The results of operations are set out on page 27. A review of activities is contained in the Investment Manager’s Reports for each of the four sub-funds.

Structure

The Company is structured as an umbrella fund consisting of different sub-funds each comprising one or more share classes. Shares issued in each sub-fund will rank pari passu with each other in all respects provided that they may differ as to certain matters including currency of denomination, hedging strategies, if any, applied to the currency of a particular class, dividend policy, voting rights, return of capital, the level of fees and expenses to be charged or the minimum subscription and minimum holding, if applicable. The assets of each sub-fund will be invested separately on behalf of each sub-fund in accordance with the investment objective and policies of each sub-fund. A separate portfolio of assets is not maintained for each class.

As at 30 September 2021, the Company has established the sub-funds and classes which are set out in the supplements and the prospectus. Additional sub-funds in respect of which a supplement or supplements will be issued may be established by the Directors with the prior approval of the Central Bank of Ireland (the “Central Bank”). Additional classes in respect of which a supplement or supplements will be issued may be established by the Directors upon notification to, and clearance in advance by, the Central Bank.

Directors and Company Secretary

The Directors of the Company during the financial year ended 30 September 2021 were John Donohoe, Adrian Waters, Tom Hill, and Andrea Franceshetto. Carne Global Financial Services Limited was the secretary to the Company during the financial year ended 30 September 2021.

In accordance with the Articles of Association, the Directors are not required to retire by rotation.

Dividend Policy

The Directors will have absolute discretion as to the payment of dividends. The distributions for the year amounted to GBP4,954,851 (2020: GBP6,371,637) and GBP Nil was payable as at 30 September 2021 (2020: GBP Nil).

Going concern

The Directors have made an assessment of the Company and its sub-funds’ ability to continue as a going concern and are satisfied that the Company and its sub-funds’ has the resources to continue in business for the foreseeable future. Furthermore the management is not aware of any material uncertainties that may cast doubt upon the Company and its sub-funds’ ability to continue as a going concern. Therefore the financial statements continue to be prepared on a going concern basis.


6

DIRECTORS’ REPORT (CONTINUED)

Brexit

The United Kingdom formally left the European Union on 31 January 2020. However, the UK remained subject to EU Regulations during an agreed transition period from 31 January 2020 to 31 December 2020.

The United Kingdom left the single market and customs union with an EU-UK Trade and Cooperation Agreement in place. Whilst the implications of leaving the EU are not possible to predict with certainty at this time, market volatility as well as instability in foreign exchange markets are potential impacts of Brexit. Volatility resulting from this uncertainty may mean that the returns of the Funds’ investments maybe adversely affected by market movements. Impact of COVID-19 Impact of COVID-19 is disclosed in the Directors report under the significant events during the year on page 10 and Note 17 Significant events during the year on page 92. Concentration of Investments

A sub-fund may at any one time be invested in a single industry or country and few issuers provided that such concentration complies with the UCITS Regulations. To the extent that a sub-fund’s investments are concentrated in these ways, the overall adverse impact on a sub-fund could be considerably greater than if a sub-fund’s investments were not concentrated to such an extent.

Accounting Records

The Directors believe that they have complied with the requirements of Sections 281 to 285 of the Companies Act 2014 with regard to adequate accounting records by employing the Administrator who has appropriate expertise and adequate resources to provide the Company’s finance function. The Administrator is regulated by the Central Bank. The accounting records of the Company are maintained at 2nd Floor, Block E, Iveagh Court, Harcourt Road, Dublin 2, Ireland.

Risk Management

The role of the Directors is to identify, monitor and manage risk on behalf of the Company. The Company has adopted procedures to ensure that material risks relating to the Company have been identified and managed. The financial risk management objectives and policies of the Company and the exposures of the Company to market risk, liquidity risk and credit risk are outlined in Note 9 to these financial statements. Details of the main risks inherent in investing in the Company are disclosed in the Prospectus.


7

DIRECTORS’ REPORT (CONTINUED) Corporate Governance Code

General Principles The Company is subject to comply with the requirements of the Irish Companies Act 2014 (the “Irish Companies Act“), the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”) and with effect from 1 November 2015, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”), as applicable. The European Communities (Directive 2006/46/EC) Regulations (S.I. 450 of 2009 and S.I. 83 of 2010) (the “Regulations”) requires the inclusion of a corporate governance statement in the Directors’ Report.

The Company is also subject to corporate governance practices imposed by:

(i) The Irish Companies Act, which is available for inspection at the registered office of the Company; and may also be obtained at:- http://www.irishstatutebook.ie/home.html;

(ii) The Articles of Association of the Company which are available for inspection at the registered office of the Company at, Block E, Iveagh Court, Harcourt Road, Dublin 2, Ireland and at the Companies Registration Office in Ireland;

(iii) The Central Bank in their UCITS Regulations which can be obtained from the Central Bank’s website at

https://www.centralbank.ie/regulation/industry-market-sectors/funds/ucits/guidance and are available for inspection at the registered office of the Company; and

The Company has adopted the Irish Funds Corporate Governance Codes since 4 November 2013. The board has complied with the provisions contained in the IFIA code during the accounting period. Internal Control and Risk Management Systems in Relation to Financial Reporting

The Directors are responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of error or fraud in achieving the Company’s financial reporting objectives and can only provide reasonable, and not absolute, assurance against material misstatement or loss. The Directors have procedures in place to ensure that all relevant books of account are properly maintained and are readily available including production of annual and half yearly financial statements. The Directors have appointed the Administrator to maintain the books and records of the Company. The Administrator is authorised and regulated by the Central Bank and must comply with the rules imposed by the Central Bank. From time to time, the Directors examine and evaluate the Administrator’s financial accounting and reporting routines. The annual financial statements of the Company are produced by the Administrator and reviewed by the Investment Manager. They are required to be approved by the Directors and the annual and half yearly financial statements of the Company are required to be filed with the Central Bank. During the period of these financial statements, the Directors were responsible for the review and approval of the annual financial statements as set out in the Statement of Directors’ Responsibilities. The statutory financial statements are required to be audited by independent auditors who report annually to the Directors on their findings. The Directors monitor and evaluate the independent auditor’s performance, qualifications and independence. As part of its review procedures, the Directors receive presentations from relevant parties including consideration of International Financial Reporting Standards and their impact on the annual financial statements, and presentations and reports on the audit process. The Directors evaluate and discuss significant accounting and reporting issues as the need arises.

http://www.irishstatutebook.ie/home.html

https://www.centralbank.ie/regulation/industry-market-sectors/funds/ucits/guidance


8

DIRECTORS’ REPORT (CONTINUED) Dealings with Shareholders

The convening and conduct of shareholders’ meetings are governed by the Articles of Association of the Company and the Irish Companies Act 2014. Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors were required to convene the first annual general meeting of the Company within eighteen months of incorporation and fifteen months of the date of the previous annual general meeting thereafter, provided that an annual general meeting is held once in each year within nine months of the end of each accounting period of the Company. At least twenty-one clear days’ notice of every annual general meeting and any meeting convened for the passing of a special resolution must be given to shareholders and fourteen days’ notice must be given in the case of any other general meeting, unless the auditors of the Company and all the shareholders of the Company entitled to attend and vote agree to shorter notice. Two shareholders present, either in person or by proxy, constitutes a quorum at a general meeting.

The Irish Companies Act 2014 and the Articles of Association provide that the quorum for a general meeting convened to consider any alteration to the rights attached to any class of shares, is two or more shareholders present in person or by proxy, holding or representing by proxy at least one third of the issued shares of the relevant class. Every holder of participating shares or non-participating shares present, in person or by proxy, who votes on a show of hands is entitled to one vote. On a poll, every holder of participating shares present, in person or by proxy, is entitled to one vote in respect of each share held by him, and every holder of non-participating shares is entitled to one vote in respect of all non-participating shares held by him. At any general meeting, a resolution put to the vote of the meeting is decided on a show of hands unless, before or upon the declaration of the result of the show of hands, a poll is demanded by the chairman of the general meeting, or by at least two members or shareholders present, in person or by proxy, having the right to vote at such meeting, or any holder or holders of participating shares present, in person or by proxy, representing at least one tenth of the shares in issue having the right to vote at such meeting.

Shareholders may resolve to sanction an ordinary resolution or special resolution at a shareholders’ meeting. Alternatively, a resolution in writing signed by all of the shareholders and holders of non-participating shares for the time being entitled to attend and vote on such resolution at a general meeting of the Company, will be valid and effective for all purposes as if the resolution had been passed at a general meeting of the Company duly convened and held. An ordinary resolution of the Company (or of the shareholders of a particular sub-fund or class of shares) requires a simple majority of the votes cast by the shareholders voting, in person or by proxy, at the meeting at which the resolution is proposed. A special resolution of the Company (or of the shareholders of a particular sub-fund or class of shares) requires a majority of not less than 75% of shareholders present, in person or by proxy, and voting in general meeting in order to pass a special resolution including a resolution to amend the Articles of Association.


9

DIRECTORS’ REPORT (CONTINUED) Board Composition and Activities

In accordance with the Irish Companies Act 2014 and the Articles of Association, unless otherwise determined by an ordinary resolution of the Company in general meeting, the number of Directors may not be less than two. Currently the Board of Directors (“the Board”) is comprised of four Directors, of which John Donohoe and Adrian Walters are deemed independent Directors. John Donohoe, is CEO of Carne Global Financial Services Limited, the parent Company of the Manager. Tom Hill is Managing Director, Group Country Head, UBS Jersey. Andrea Franceshetto is the head of investment platforms and solutions (IPS) for the UBS UK and Jersey was appointed as a Director of the Company on 17 July 2020. All directors are non-executive. Details of the current Directors are disclosed on page 2 and 5. The business of the Company is managed by the Directors, who exercise all such powers of the Company as are required by the Companies Act 2014 or by the Articles of Association of the Company other than those exercised by the shareholders in general meetings. The Directors are responsible for the Company’s overall direction and strategy and to this end they reserve the decision-making power on issues such as the determination of medium and long-term goals, review of managerial performance, organisational structure and capital needs and commitments to achieve the Company’s strategic goals. To achieve these responsibilities, the Directors meet on a quarterly basis to review the operations of the Company, address matters of strategic importance and to receive reports from the Administrator, the Depositary, and the Investment Manager. However, a Director may, and the Company Secretary on the requisition of a Director will, at any time summon a meeting of the Directors and ad hoc meetings in addition to the four meetings that are convened as required. Questions arising at any meeting of the Directors are determined by the Chairman. In the case of an equality of votes, the Chairman of the meeting, at which the show of hands takes place or at which the poll is demanded, shall be entitled to a second or casting vote. The quorum necessary for the transaction of business at a meeting, of the Directors is two. Each of the Directors attended at least one of the meetings held during the financial year ended 30 September 2021. There were no sub-committees of the Directors in operation during the year or at the year end. Derivative instruments and efficient portfolio management techniques

Note 9 to the financial statements - Financial instruments and associated risks - provides a general description of the use of financial derivative instruments and efficient portfolio management techniques during the reporting period and the resulting amount of commitments. The Investment Manager report also details the purposes behind the use of various instruments together with the attendant risks.

Income and expenditure related to all efficient portfolio management techniques and financial derivative instruments are reflected in the Statement of Comprehensive Income of each sub-fund. Connected Parties

The Board of Directors are satisfied that:

(i) there are arrangements (evidenced by written procedures) in place, to ensure that all transactions with connected parties are carried out as if negotiated at arm’s length and in the best interest of shareholders; and

(ii) transactions with connected parties entered into during the period complied with the obligations set out at (i) above.


10

DIRECTORS’ REPORT (CONTINUED) Significant Events during the Year

COVID-19 The outbreak of Coronavirus (COVID-19), declared by the World Health Organisation as a global pandemic on the 11 March 2020, continues to impact many aspects of daily life and the global economy. Travel, movement, and operational restrictions have been implemented by many countries. In some cases, lockdowns have been applied – in varying degrees – to reflect further waves of COVID-19. While these may imply a new stage of the crisis, they are not unprecedented in the same way as the initial impact. The pandemic and the measures taken to tackle COVID-19, including the development and roll out of vaccines globally, continue to affect economies and public equity markets globally. The success of vaccine programs is expected to have a major impact on the speed and nature of economic recovery but the timing and form of the recovery remains uncertain, particularly with the emergence of new strains of COVID-19. The Directors are continuing to utilise business continuity and resilience processes with the objective of mitigating the impact of COVID-19.

The Investment Manager has continued to provide full liquidity and active management throughout this period. The Funds are a going concern, financially stable and able to meet obligations to shareholders. We foresee no reason for this to change as the situation continues to evolve.

On 9 March 2021 an addendum to the prospectus of the Fund was filed in accordance with the Sustainable Finance Disclosure Regulation requirements.

Significant Events after the Year End

Omicron, a new "variant of concern," injected volatility back into risk assets in December. But despite this, equities have continued to advance. While mindful of risks around COVID-19 variants and inflation, we keep a positive outlook on equities for the start of 2022. Global economic growth is likely to remain above trend for the first half of 2022, monetary policy is still accommodative, even if emergency support measures are being scaled back, and we expect 10% growth in global corporate earnings in the year ahead. Other risk factors appear to be subsiding too, with energy prices coming off, supply chain issues showing some signs of easing, the Fed taking a data-based approach to its inflation policy, and China on track to offer some incremental easing. We continue to favour winners from global growth, including energy, financials, and Eurozone and Japanese equities.

On 13 December 2021, an addendum to the prospectus of the Fund was filed and noted by the Central Bank in respect of the Taxonomy disclosure requirements under the Sustainable Finance Disclosure Regulation.

There were no other significant post balance sheet events that require adjustment to or additional disclosure in these financial statements.

Political Donations

The Company made no political donations during the year under review.


11

DIRECTORS’ REPORT (CONTINUED)

Independent Auditor

KPMG, Chartered Accountants, and Statutory Audit Firm, have expressed their willingness to continue in office in accordance with Section 383(2) of the Companies Act 2014.

Directors’ Compliance Statement

The Directors, in accordance with Section 225(2) of the Companies Act 2014, acknowledge that they are responsible for securing the Company's compliance with certain obligations specified in that section arising from the Companies Act 2014 [where applicable, the Market Abuse (Directive 2003/6/EC) Regulations 2005, the Prospectus (Directive 2003/71/EC) Regulations 2005, the Transparency (Directive 2004/109EC) Regulations 2007], and Tax laws (`relevant obligations'). The Directors confirm that:

• A Compliance Policy Statement has been drawn up by the Directors which sets out the Company's policiesfor compliance with its relevant obligations under the Irish Companies Act;

• Appropriate procedures have been put in place, which have been designed to secure material compliance withthe Company's relevant obligations; and

• A review process, the purpose of which is to ensure that the aforementioned assurance measures regardingthe Company's Compliance Policies are appropriate and operating effectively during each financial period.

Interests in Shares and Debentures

The Directors do not hold interest in shares or debentures within the Company.

Statement of Relevant Audit information:

(i) So far as each Director is aware, there is no relevant audit information of which the Company's statutoryauditors are unaware; and

(ii) Each Director has taken all steps (being that he has made such inquiries of his fellow Directors and of theCompany's statutory auditors) that he ought to have taken as a Director in order to make himself/herself aware ofany relevant audit information and to establish that the Company's statutory auditors are aware of that information.

Statement of establishment or otherwise of an audit committee

The Company has not established an audit committee. Given the size, and internal organization of the Company, the nature, scope and complexity of the Company’s activities and the existing processes and procedures adopted by the Company, the Board does not consider that an audit committee is required for the purposes of Section 167 of the Companies Act 2014.

On behalf of the Board:

Director: Director:

John Donohoe

Date: 26 January 2022

Adrian Waters



12

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The Directors are responsible for preparing the Directors’ Report and financial statements, in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted 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 true and fair view of the assets, liabilities and financial position of the Company and of its increase/decrease in net assets attributable to holders of redeemable participating shares for that year. In preparing the financial statements, the Directors 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 and explained in the financial statements;• assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to

going concern; and• use 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.

The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the assets, liabilities, financial position and profit or loss of the Company and enable them to ensure that its financial statements comply with 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 2019. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company. In this regard they have entrusted the assets of the Company to a trustee for safe-keeping. They are responsible for such internal controls as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and to prevent and detect fraud and other irregularities. The Directors are also responsible for preparing a Directors’ Report that complies with the requirements of the Companies Act 2014.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the following website (www.carnegroup.com). Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the Board:

Director: Director:

John Donohoe


Adrian Waters

Date:26 January 2022


13

STATEMENT OF DEPOSITARY’S RESPONSIBILITIES Report of the Depositary to the Shareholders We have enquired into the conduct of The Resolution Fund International (Ireland) Plc for the year 30 September 2021, in our capacity as Depositary to the Company. This report including the opinion has been prepared for and solely for the shareholders in the Company as a body, in accordance with the UCITS Regulations 2019, as amended and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown. Responsibilities of the Depositary Our duties and responsibilities are outlined in the UCITS Regulations. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders. Basis of Depositary Opinion The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in UCITS Regulations, as amended and to ensure that, in all material respects, the Company has been managed:

• in accordance with the limitations imposed on its investment and borrowing powers by the provisions of its constitutional documentation and the appropriate regulations and

• otherwise in accordance with the Company’s constitutional documentation and the appropriate regulations.

Opinion In our opinion, the Company has been managed during the year, in all material respects:

• in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum & Articles of Association and by the UCITS Regulations 2019, as amended, (‘the Regulations’); and

• otherwise in accordance with the provisions of the Memorandum & Articles of Association and the UCITS Regulations.

Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A. – Dublin Branch Ormonde House 12-13 Lower Leeson Street Dublin 2 Ireland


LD000020

Stamp


14

INVESTMENT MANAGER'S REPORT

Resolution (Irl) Global Equity Fund 1 October 2020 – 30 September 2021 MARKET COMMENTARY Since the peak of the COVID-19 pandemic, market narrative has been dominated by the transition to a 'new normal', driven by the forces of technological disruption, deficit spending and further Central Bank action. With these drivers still very much in force, equity markets continued to trend higher during the fourth quarter of 2020. Performance in equities continued to be led by the US, as large-cap technology and growth stocks helped the S&P 500 reach all-time highs. However, the UK market also performed strongly as a cyclical rotation took place as the market began to price in the prospects of economies reopening. The first quarter of 2021 was dominated by rising bond yields and a value-led equity market rally. The two key drivers of this performance were the Democrat victory in Georgia at the start of the year, paving the way for massive further US fiscal stimulus, and the success of the vaccine rollout in the US and UK. The 10-year US Treasury yield reached 1.75% and the rise in bond yields was closely correlated with significant outperformance for financials and value stocks. The second quarter was again strong for equities as the vaccine roll-out across the globe continued and economic data pointed to a healthy rebound in global growth. The S&P 500 reached a new all-time high in late June with almost all sectors making gains over the quarter. While the Eurozone was supported by a strong corporate earnings season and an acceleration in the pace of vaccine roll-out in the region, and the UK performed well driven by value style and economically sensitive sectors during April and May, continuing a trend that started in November. The Federal Reserve’s rate-setting meeting brought no change to policy, but its projections indicated that interest rate rises could come in 2023. This seemed to wrong-foot some market participants, though subsequent comments by Fed officials sought to allay any worries over tightening monetary policy too quickly. Overall, the economic picture remained rosy with Q1 Gross Domestic Product growing in the US at 6.4% (quarter-on-quarter, annualised), which was modestly lower than the consensus of 6.7%. Inflation data, unsurprisingly, received a lot of attention. In May, core consumer price index (CPI) inflation rose in the US from 3% to 3.8% year-on-year - the largest increase since June 1992, with the “reopening theme” a big driver, and rising to 2.5% in the UK. In late June President Joe Biden also secured a deal on an infrastructure package worth about $1 trillion to upgrade roads, bridges, and broadband networks over the next eight years. US Treasury yields declined over the quarter, with the 10-year falling from 1.74% to 1.47%, retracing some of the large move higher in Q1. The broad backdrop was a continued pronounced rebound in economic activity with annualised inflation rates rising well above target to levels not seen in over a decade. This is at least in part reflective of very low year ago comparisons, and investors began to speculate as to whether current levels would continue or prove transitory. Equity markets were broadly flat over Q3 as declines in September erased prior gains driven by concerns over inflation and the outlook for interest rates which dampened investor confidence during the quarter. Global sovereign bond yields were also little changed in the quarter with the UST 10y yield closing at 1.49%. Yields fell initially, as the rapid economic recovery appeared to be moderating however, as the market’s focus turned to rising inflation and the prospect of the withdrawal of monetary policy support, yields rose back to similar levels seen at the beginning of the quarter. The Federal Reserve became increasingly hawkish, suggesting that asset purchase tapering could start as early as November and that it could be wound up by mid-2022, earlier than expected. US equities notched up a small positive return in Q3 as strong earnings lifted US stocks in the run up to August when the Federal Reserve seemed to strike a dovish tone, confirming its hesitance to tighten policy too fast. However, growth and inflation concerns late in the quarter meant global equities retraced their steps in September. On a sector basis, financials and utilities outperformed whilst at the other end of the spectrum, industrials and materials struggled, although September’s sell-off hit almost all sectors. Energy was an exception, rising as supply constraints drove prices to highs – particularly Brent crude.


15


Resolution (Irl) Global Equity Fund 1 October 2020 – 30 September 2021 MARKET COMMENTARY (Continued) The third quarter had started with gains amid a positive Q2 earnings season and ongoing economic recovery from the pandemic. The Delta variant of COVID-19 continued to spread but most large Eurozone countries have now fully vaccinated around 75% of their population against the virus, enabling many restrictions on travel and other activities to be lifted. However, as the period progressed, worries emerged over inflation due to supply chain bottlenecks and rising energy prices. FUND PERFORMANCE The total return of the Resolution (Irl) Global Equity fund (GBP C Acc shares) over the period was 23.0%. The period was extremely positive for equity investors as all markets finished significantly higher over the 12 months. Most major equity indices were up over 25%, in local currency terms, while emerging markets lagged slightly, up around 18%. Sterling strengthened over the period meaning overseas equity returns were reduced somewhat on an unhedged basis for GBP investors. The contribution from tactical asset allocation was slightly negative over the period. Underweight positions at various times to the rising UK & US markets were offset by a positive contribution from overweight positions to global energy, Japan and Canada. Security selection was a strong positive over the period. Despite the US funds underperforming somewhat due to their dominant growth style, this was more than offset by most other regions. In particular, there was strong outperformance from the UK (JOHCM UK equity Income & Threadneedle) and Europe (Blackrock European Dynamic and GAM Continental European). MAJOR SALES/PURCHASES In October 2020 we made some changes to the US and European funds. In the US we sold Old Mutual and reduced the position in the UBS S&P 500 tracker to fund purchases of Artemis US Select and Brown Advisory US. In Europe JO Hambro continental European was replaced by GAM continental European. In December 2020 we made some reductions to the GB domiciled funds in the portfolio which, following Brexit, would no longer be categorised as UCITs. These were replaced with offshore versions of the same funds. This was followed in March 2021 by initiating an overweight to the Global Energy sector which was funded from the US equity allocation taking the US to a tactical underweight. Finally, in May 2021, we went further underweight the US equity market and initiated an additional underweight to the Australian market. These reductions were used to fund new overweight positions to Japan and Canada respectively. SUSTAINABLE FINANCE DISCLOSURE REGULATION The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. UBS AG, London Branch December 2021


16


Resolution (Irl) Global Fixed Income Fund 1 October 2020 – 30 September 2021 MARKET COMMENTARY Since the peak of the COVID-19 pandemic, market narrative has been dominated by the transition to a 'new normal', driven by the forces of technological disruption, deficit spending and further Central Bank action. With these drivers still very much in force, equity markets continued to trend higher during the fourth quarter of 2020. Performance in equities continued to be led by the US, as large-cap technology and growth stocks helped the S&P 500 reach all-time highs. However, the UK market also performed strongly as a cyclical rotation took place as the market began to price in the prospects of economies reopening. The first quarter of 2021 was dominated by rising bond yields and a value-led equity market rally. The two key drivers of this performance were the Democrat victory in Georgia at the start of the year, paving the way for massive further US fiscal stimulus, and the success of the vaccine rollout in the US and UK. The 10-year US Treasury yield reached 1.75% and the rise in bond yields was been closely correlated with significant outperformance for financials and value stocks. The second quarter was again strong for equities as the vaccine roll-out across the globe continued and economic data pointed to a healthy rebound in global growth. The S&P 500 reached a new all-time high in late June with almost all sectors making gains over the quarter. While the Eurozone was supported by a strong corporate earnings season and an acceleration in the pace of vaccine roll-out in the region, and the UK performed well driven by value style and economically sensitive sectors during April and May, continuing a trend that started in November. The Federal Reserve’s rate-setting meeting brought no change to policy, but its projections indicated that interest rate rises could come in 2023. This seemed to wrong-foot some market participants, though subsequent comments by Fed officials sought to allay any worries over tightening monetary policy too quickly. Overall, the economic picture remained rosy with Q1 Gross Domestic Product growing in the US at 6.4% (quarter-on-quarter, annualised), which was modestly lower than the consensus of 6.7%. Inflation data, unsurprisingly, received a lot of attention. In May, core consumer price index (CPI) inflation rose in the US from 3% to 3.8% year-on-year - the largest increase since June 1992, with the “reopening theme” a big driver, and rising to 2.5% in the UK. In late June President Joe Biden also secured a deal on an infrastructure package worth about $1 trillion to upgrade roads, bridges and broadband networks over the next eight years. US Treasury yields declined over the quarter, with the 10-year falling from 1.74% to 1.47%, retracing some of the large move higher in Q1. The broad backdrop was a continued pronounced rebound in economic activity with annualised inflation rates rising well above target to levels not seen in over a decade. This is at least in part reflective of very low year ago comparisons, and investors began to speculate as to whether current levels would continue or prove transitory. Equity markets were broadly flat over Q3 as declines in September erased prior gains driven by concerns over inflation and the outlook for interest rates which dampened investor confidence during the quarter. Global sovereign bond yields were also little changed in the quarter with the UST 10y yield closing at 1.49%. Yields fell initially, as the rapid economic recovery appeared to be moderating however, as the market’s focus turned to rising inflation and the prospect of the withdrawal of monetary policy support, yields rose back to similar levels seen at the beginning of the quarter. The Federal Reserve became increasingly hawkish, suggesting that asset purchase tapering could start as early as November and that it could be wound up by mid-2022, earlier than expected. US equities notched up a small positive return in Q3 as strong earnings lifted US stocks in the run up to August when the Federal Reserve seemed to strike a dovish tone, confirming its hesitance to tighten policy too fast. However, growth and inflation concerns late in the quarter meant global equities retraced their steps in September. On a sector basis, financials and utilities outperformed whilst at the other end of the spectrum, industrials and materials struggled, although September’s sell-off hit almost all sectors. Energy was an exception, rising as supply constraints drove prices to highs – particularly Brent crude.


17


Resolution (Irl) Global Fixed Income Fund 1 October 2020 – 30 September 2021 MARKET COMMENTARY (Continued) The third quarter had started with gains amid a positive Q2 earnings season and ongoing economic recovery from the pandemic. The Delta variant of COVID-19 continued to spread but most large Eurozone countries have now fully vaccinated around 75% of their population against the virus, enabling many restrictions on travel and other activities to be lifted. However, as the period progressed, worries emerged over inflation due to supply chain bottlenecks and rising energy prices. FUND PERFORMANCE The total return of the Resolution (Irl) Global Fixed Income fund (USD C Acc shares) over the period was +0.3%.

Performance was muted largely as a result of the rising yields, making it a challenging environment for fixed income investors. The contribution from tactical asset allocation over the period was positive overall, particularly due to the tactical overweight at various stages through the period to high yield and emerging market bonds. Security selection was more mixed with the negative contribution from USD corporate bonds being offset by a positive contribution from emerging market bonds. MAJOR SALES/PURCHASES There were 3 tactical adjustments over the period. In February 2021 we reduced the tactical overweight to emerging market bonds, re-investing the proceeds into cash and initiating an overweight position in high yield bonds. In March we further increased the tactical overweight to high yield bonds funded by reducing investment grade corporate bonds. Finally in August we removed the overweight to high yield bonds and re-invested the proceeds into high grade bonds. SUSTAINABLE FINANCE DISCLOSURE REGULATION The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. UBS AG, London Branch December 2021


18


Resolution (Irl) UK Fixed Income Fund 1 October 2020 – 30 September 2021 MARKET COMMENTARY Since the peak of the COVID-19 pandemic, market narrative has been dominated by the transition to a 'new normal', driven by the forces of technological disruption, deficit spending and further Central Bank action. With these drivers still very much in force, equity markets continued to trend higher during the fourth quarter of 2020. Performance in equities continued to be led by the US, as large-cap technology and growth stocks helped the S&P 500 reach all-time highs. However, the UK market also performed strongly as a cyclical rotation took place as the market began to price in the prospects of economies reopening. The first quarter of 2021 was dominated by rising bond yields and a value-led equity market rally. The two key drivers of this performance were the Democrat victory in Georgia at the start of the year, paving the way for massive further US fiscal stimulus, and the success of the vaccine rollout in the US and UK. The 10-year US Treasury yield reached 1.75% and the rise in bond yields was been closely correlated with significant outperformance for financials and value stocks. The second quarter was again strong for equities as the vaccine roll-out across the globe continued and economic data pointed to a healthy rebound in global growth. The S&P 500 reached a new all-time high in late June with almost all sectors making gains over the quarter. While the Eurozone was supported by a strong corporate earnings season and an acceleration in the pace of vaccine roll-out in the region, and the UK performed well driven by value style and economically sensitive sectors during April and May, continuing a trend that started in November. The Federal Reserve’s rate-setting meeting brought no change to policy, but its projections indicated that interest rate rises could come in 2023. This seemed to wrong-foot some market participants, though subsequent comments by Fed officials sought to allay any worries over tightening monetary policy too quickly. Overall, the economic picture remained rosy with Q1 Gross Domestic Product growing in the US at 6.4% (quarter-on-quarter, annualised), which was modestly lower than the consensus of 6.7%. Inflation data, unsurprisingly, received a lot of attention. In May, core consumer price index (CPI) inflation rose in the US from 3% to 3.8% year-on-year - the largest increase since June 1992, with the “reopening theme” a big driver, and rising to 2.5% in the UK. In late June President Joe Biden also secured a deal on an infrastructure package worth about $1 trillion to upgrade roads, bridges and broadband networks over the next eight years. US Treasury yields declined over the quarter, with the 10-year falling from 1.74% to 1.47%, retracing some of the large move higher in Q1. The broad backdrop was a continued pronounced rebound in economic activity with annualised inflation rates rising well above target to levels not seen in over a decade. This is at least in part reflective of very low year ago comparisons, and investors began to speculate as to whether current levels would continue or prove transitory. Equity markets were broadly flat over Q3 as declines in September erased prior gains driven by concerns over inflation and the outlook for interest rates which dampened investor confidence during the quarter. Global sovereign bond yields were also little changed in the quarter with the UST 10y yield closing at 1.49%. Yields fell initially, as the rapid economic recovery appeared to be moderating however, as the market’s focus turned to rising inflation and the prospect of the withdrawal of monetary policy support, yields rose back to similar levels seen at the beginning of the quarter. The Federal Reserve became increasingly hawkish, suggesting that asset purchase tapering could start as early as November and that it could be wound up by mid-2022, earlier than expected. US equities notched up a small positive return in Q3 as strong earnings lifted US stocks in the run up to August when the Federal Reserve seemed to strike a dovish tone, confirming its hesitance to tighten policy too fast. However, growth and inflation concerns late in the quarter meant global equities retraced their steps in September. On a sector basis, financials and utilities outperformed whilst at the other end of the spectrum, industrials and materials struggled, although September’s sell-off hit almost all sectors. Energy was an exception, rising as supply constraints drove prices to highs – particularly Brent crude.


19


Resolution (Irl) UK Fixed Income Fund 1 October 2020 – 30 September 2021 MARKET COMMENTARY (Continued) The third quarter had started with gains amid a positive Q2 earnings season and ongoing economic recovery from the pandemic. The Delta variant of COVID-19 continued to spread but most large Eurozone countries have now fully vaccinated around 75% of their population against the virus, enabling many restrictions on travel and other activities to be lifted. However, as the period progressed, worries emerged over inflation due to supply chain bottlenecks and rising energy prices. FUND PERFORMANCE The total return of the Resolution (Irl) UK Fixed Income fund (C Acc shares) over the period was -0.1%. Performance was muted largely as a result of the rising yields, making it a challenging environment for fixed income investors. The contribution from tactical asset allocation over the period was positive overall, particularly due to the tactical overweight at various stages through the period to high yield and emerging market bonds. Security selection was more mixed with the negative contribution from high yield and index linked bonds being offset by a positive contribution from emerging market bonds. MAJOR SALES/PURCHASES There were 3 tactical adjustments over the period. In February 2021 we reduced the tactical overweight to emerging market bonds, re-investing the proceeds into cash and initiating an overweight position in high yield bonds. In March we further increased the tactical overweight to high yield bonds funded by reducing investment grade corporate bonds. Finally in August we removed the overweight to high yield bonds and re-invested the proceeds into high grade bonds. SUSTAINABLE FINANCE DISCLOSURE REGULATION The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. UBS AG, London Branch December 2021


20


Resolution (Irl) World Equity Fund 1 October 2020 – 30 September 2021 MARKET COMMENTARY Since the peak of the COVID-19 pandemic, market narrative has been dominated by the transition to a 'new normal', driven by the forces of technological disruption, deficit spending and further Central Bank action. With these drivers still very much in force, equity markets continued to trend higher during the fourth quarter of 2020. Performance in equities continued to be led by the US, as large-cap technology and growth stocks helped the S&P 500 reach all-time highs. However, the UK market also performed strongly as a cyclical rotation took place as the market began to price in the prospects of economies reopening. The first quarter of 2021 was dominated by rising bond yields and a value-led equity market rally. The two key drivers of this performance were the Democrat victory in Georgia at the start of the year, paving the way for massive further US fiscal stimulus, and the success of the vaccine rollout in the US and UK. The 10-year US Treasury yield reached 1.75% and the rise in bond yields was been closely correlated with significant outperformance for financials and value stocks. The second quarter was again strong for equities as the vaccine roll-out across the globe continued and economic data pointed to a healthy rebound in global growth. The S&P 500 reached a new all-time high in late June with almost all sectors making gains over the quarter. While the Eurozone was supported by a strong corporate earnings season and an acceleration in the pace of vaccine roll-out in the region, and the UK performed well driven by value style and economically sensitive sectors during April and May, continuing a trend that started in November. The Federal Reserve’s rate-setting meeting brought no change to policy but its projections indicated that interest rate rises could come in 2023. This seemed to wrong-foot some market participants, though subsequent comments by Fed officials sought to allay any worries over tightening monetary policy too quickly. Overall, the economic picture remained rosy with Q1 Gross Domestic Product growing in the US at 6.4% (quarter-on-quarter, annualised), which was modestly lower than the consensus of 6.7%. Inflation data, unsurprisingly, received a lot of attention. In May, core consumer price index (CPI) inflation rose in the US from 3% to 3.8% year-on-year - the largest increase since June 1992, with the “reopening theme” a big driver, and rising to 2.5% in the UK. In late June President Joe Biden also secured a deal on an infrastructure package worth about $1 trillion to upgrade roads, bridges and broadband networks over the next eight years. US Treasury yields declined over the quarter, with the 10-year falling from 1.74% to 1.47%, retracing some of the large move higher in Q1. The broad backdrop was a continued pronounced rebound in economic activity with annualised inflation rates rising well above target to levels not seen in over a decade. This is at least in part reflective of very low year ago comparisons, and investors began to speculate as to whether current levels would continue or prove transitory. Equity markets were broadly flat over Q3 as declines in September erased prior gains driven by concerns over inflation and the outlook for interest rates which dampened investor confidence during the quarter. Global sovereign bond yields were also little changed in the quarter with the UST 10y yield closing at 1.49%. Yields fell initially, as the rapid economic recovery appeared to be moderating however, as the market’s focus turned to rising inflation and the prospect of the withdrawal of monetary policy support, yields rose back to similar levels seen at the beginning of the quarter. The Federal Reserve became increasingly hawkish, suggesting that asset purchase tapering could start as early as November and that it could be wound up by mid-2022, earlier than expected. US equities notched up a small positive return in Q3 as strong earnings lifted US stocks in the run up to August when the Federal Reserve seemed to strike a dovish tone, confirming its hesitance to tighten policy too fast. However, growth and inflation concerns late in the quarter meant global equities retraced their steps in September. On a sector basis, financials and utilities outperformed whilst at the other end of the spectrum, industrials and materials struggled, although September’s sell-off hit almost all sectors. Energy was an exception, rising as supply constraints drove prices to highs – particularly Brent crude.


21


Resolution (Irl) World Equity Fund 1 October 2020 – 30 September 2021 MARKET COMMENTARY (Continued) The third quarter had started with gains amid a positive Q2 earnings season and ongoing economic recovery from the pandemic. The Delta variant of COVID-19 continued to spread but most large Eurozone countries have now fully vaccinated around 75% of their population against the virus, enabling many restrictions on travel and other activities to be lifted. However, as the period progressed, worries emerged over inflation due to supply chain bottlenecks and rising energy prices. FUND PERFORMANCE The total return of the Resolution (Irl) World Equity fund (USD C Acc shares) over the period was +26.1%. The period was extremely positive for equity investors as all markets finished significantly higher over the 12 months. Most major equity indices were up over 25%, in local currency terms, while emerging markets lagged slightly, up around 18%.

The contribution from tactical asset allocation was neutral over the period. An underweight to the US market was offset by a positive contribution from overweight positions to global energy and Japan.

Security selection was a strong positive over the period. Despite the US funds underperforming somewhat due to their dominant growth style, this was more than offset by most other regions. In particular, there was strong outperformance from the UK (JOHCM UK equity Income & Threadneedle), Europe (Blackrock European Dynamic and GAM Continental European) and Japan (GLG).

MAJOR SALES/PURCHASES In October 2020 we made some changes to the US and European funds. In the US we sold Old Mutual and reduced the position in the UBS S&P 500 tracker to fund purchases of Artemis US Select and Brown Advisory US. In Europe JO Hambro continental European was replaced by GAM continental European. This was followed in March 2021 by initiating an overweight to the Global Energy sector which was funded from the US equity allocation taking the US to a tactical underweight. Finally in May 2021, we went further underweight the US equity market and initiated an additional underweight to the Australian market. These reductions were used to fund new overweight positions to Japan and Canada respectively. SUSTAINABLE FINANCE DISCLOSURE REGULATION The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities. UBS AG, London Branch December 2021

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RESOLUTIONFUND INTERNATIONAL (IRELAND) PLC

Report on the audit of the financial statements

Opinion

We have audited the financial statements of The Resolution Fund International (Ireland) Plc (the “Company”) for the year ended 30 September 2021 set out on pages 25 to 92, which comprise the Statement of Financial Position, the Statement of Comprehensive Income, the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares, the 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 financialposition of the Company as at 30 September 2021 and of its increase in net assetsattributable to holders of redeemable participating shares for the year then ended;

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

• have been properly prepared in accordance with the requirements of the CompaniesAct 2014, the European Communities (Undertakings for Collective Investment inTransferable Securities) Regulations 2011 and the Central Bank (Supervision andEnforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment inTransferable Securities) Regulations 2019.

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.

Conclusions relating to going concern

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

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

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE RESOLUTION FUND INTERNATIONAL (IRELAND) PLC (continued)

Report on the audit of the financial statements (continued)

Conclusions relating to going concern (continued)

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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, the Depositary Report, the Investment Manager’s Report, and the Supplemental Unaudited Information. 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 undertaken during the course of the audit, we report that:

• we have not identified material misstatements in the other information;

• in our opinion, the information given in the other information is consistent with thefinancial statements; and

• in our opinion, the other information has been prepared in accordance with theCompanies 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.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE RESOLUTION FUND INTERNATIONAL (IRELAND) PLC (continued)

Respective responsibilities and restrictions on use

Responsibilities of directors for the financial statements

As explained more fully in the Statement of Directors’ Responsibilities set out on page 12, 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/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsiblities_for_audit.pdf .

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.

Frank Gannon 28 January 2022 for and on behalf of KPMG Chartered Accountants, Statutory Audit Firm 1 Harbourmaster Place IFSC Dublin 1

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsiblities_for_audit.pdf

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsiblities_for_audit.pdf


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

25

STATEMENT OF FINANCIAL POSITION As at 30 September 2021 The Resolution Fund Note Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World (Ireland) Plc Fund Income Fund Income Fund Equity Fund Total GBP USD GBP USD GBP Assets Financial assets at fair value through profit or loss - Collective investment schemes 3, 9 256,739,838 36,233,193 125,817,269 378,792,698 690,359,896 - Transferable securities 3, 9 - 154,610,704 - - 114,666,595 Interest, dividends and other receivables 5 312,487 862,164 3,982 104,368 1,033,295 Deposits with credit institutions 8 15,501,008 12,675,267 5,259,988 20,482,826 45,352,603 Due from brokers 8 1,644 4,164 - 5,519 8,825 Subscription in advance - 460,786 - 1,514,237 1,464,770 Total assets 272,554,977 204,846,278 131,081,239 400,899,648 852,885,984 Liabilities Financial liabilities at fair value through profit or loss - Financial derivative instruments 3, 9 - 883,149 - - 654,985 Due to brokers 8 - - 511,211 - 511,211 Investment management fees payable 12 372,489 269,869 173,994 559,030 1,161,234 Management company fees payable 12 5,543 5,666 1,679 7,473 16,967 Accounts payable and accrued expenses 6 118,423 152,215 85,925 175,507 447,400 Total liabilities (excluding net assets attributable to holders of redeemable participating shares) 496,455 1,310,899 772,809 742,010 2,791,797 Net assets attributable to holders of redeemable participating shares 7 272,058,522 203,535,379 130,308,430 400,157,638 850,094,187

On behalf of the Board

Director: Director: John Donohoe Adrian Waters Date: 26 January 2022 Date: 26 January 2022



26

STATEMENT OF FINANCIAL POSITION As at 30 September 2020 The Resolution Fund Note Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World (Ireland) Plc Fund Income Fund Income Fund Equity Fund Total GBP USD GBP USD GBP Assets Financial assets at fair value through profit or loss - Collective investment schemes 3, 9 212,911,693 39,289,906 110,632,487 300,874,611 586,666,486 - Transferable securities 3, 9 - 147,329,761 - - 113,961,758 Interest, dividends and other receivables 5 374,313 970,441 2,007 162,595 1,252,740 Deposits with credit institutions 8 9,696,856 12,106,362 2,700,889 16,711,689 34,688,935 Due from brokers 8 753 2,469 - 1,367 3,721 Total assets 222,983,615 199,698,939 113,335,383 317,750,262 736,573,640 Liabilities Financial liabilities at fair value through profit or loss - Financial derivative instruments 3, 9 - 401,397 - - 310,487 Due to brokers 8 721 4,144 1,297 8,140 11,520 Investment management fees payable 12 170,272 136,725 83,405 234,476 540,806 Management company fees payable 12 600 - 183 3,135 3,208 Accounts payable and accrued expenses 6 100,858 162,578 92,502 171,708 451,935 Total liabilities (excluding net assets attributable to holders of redeemable participating shares) 272,451 704,844 177,387 417,459 1,317,956 Net assets attributable to holders of redeemable participating shares 7 222,711,164 198,994,095 113,157,996 317,332,803 735,255,684



27

STATEMENT OF COMPREHENSIVE INCOME For the year ended 30 September 2021

The Resolution Fund Note Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World (Ireland) Plc Fund Income Fund Income Fund Equity Fund Total GBP USD GBP USD GBP Income Dividend income 3,800,525 1,697,351 2,222,682 3,845,543 10,072,040 Gain/(loss) on financial assets and financial liabilities at fair value through profit or loss 4 49,467,290 (4,064,022) (1,464,518) 83,351,237 105,918,485 Other income 13 63,567 3,684,655 34,827 88,990 2,854,870 Net investment income 53,331,382 1,317,984 792,991 87,285,770 118,845,395 Expenses Investment management fee 12 1,974,908 1,570,053 936,827 2,935,906 6,203,134 Management company fees 12 74,934 60,895 35,838 111,324 236,570 Administration fee 12 169,098 206,201 107,159 273,313 626,520 Auditor's fee 12 8,302 11,358 8,302 11,358 33,197 Depositary's fee 12 82,041 80,912 50,410 119,818 279,075 Directors’ and Directors’ support fees 12 12,509 8,323 3,615 18,757 35,905 Other expenses 13 65,059 79,778 28,534 80,653 210,781 Total expenses 2,386,851 2,017,520 1,170,685 3,551,129 7,625,182 Net income/(loss) 50,944,531 (699,536) (377,694) 83,734,641 111,220,213 Distributions 12 1,489,099 2,474,976 1,269,832 531,262 4,954,851 Change in net assets attributable to holders of participating shares 49,455,432 (3,174,512) (1,647,526) 83,203,379 106,265,362



28

STATEMENT OF COMPREHENSIVE INCOME For the year ended 30 September 2020

The Resolution Fund Note Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World (Ireland) Plc Fund Income Fund Income Fund Equity Fund Total GBP USD GBP USD GBP Income Dividend income 4,548,414 946,707 2,680,848 4,503,197 11,502,196 (Loss)/gain on financial assets and financial liabilities at fair value through profit or loss 4 (5,923,082) 6,712,610 (78,063) 24,533,838 18,497,271 Other income 13 112,112 3,981,062 117,248 256,067 3,551,433 Net investment (loss)/income (1,262,556) 11,640,379 2,720,033 29,293,102 33,550,900 Expenses Investment management fee 12 1,847,206 1,481,032 945,121 2,450,151 5,874,526 Management company fees 12 73,542 69,338 45,860 114,416 263,472 Administration fee 12 136,877 186,066 95,491 218,754 549,762 Auditor's fee 12 15,800 7,163 3,259 22,286 42,148 Depositary's fee 12 80,930 84,181 61,259 117,332 300,183 Directors’ and Directors’ support fees 12 14,184 20,991 16,458 10,031 54,964 Other expenses 13 26,378 62,812 23,240 54,696 141,751 Total expenses 2,194,917 1,911,583 1,190,688 2,987,666 7,226,806 Net (loss)/income (3,457,473) 9,728,796 1,529,345 26,305,436 26,324,094 Distributions 12 2,406,092 2,017,317 1,434,090 1,211,422 6,371,637 Change in net assets attributable to holders of participating shares (5,863,565) 7,711,479 95,255 25,094,014 19,952,457



29

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the year ended 30 September 2021

The Resolution Fund Note Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World (Ireland) Plc Fund Income Fund Income Fund Equity Fund Total GBP USD GBP USD GBP Balance at the beginning of the year 222,711,164 198,994,095 113,157,996 317,332,803 735,255,684 Change in net assets attributable to holders of redeemable participating shares during the year

49,455,432 (3,174,512) (1,647,526) 83,203,379 106,265,362

Issue of redeemable participating shares during the year 7 37,313,239 47,468,838 32,337,452 70,974,993 156,168,536 Redemption of redeemable participating shares during the year 7

(37,421,313) (39,753,042) (13,539,492) (71,353,537) (132,119,119)

Foreign currency translation - - - - (15,476,276) Switches in 1,997,831 3,329,353 996,792 1,015,660 6,168,458 Switches out (1,997,831) (3,329,353) (996,792) (1,015,660) (6,168,458) Balance at the end of the year 272,058,522 203,535,379 130,308,430 400,157,638 850,094,187



30

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES For the year ended 30 September 2020

The Resolution Fund Note Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World (Ireland) Plc Fund Income Fund Income Fund Equity Fund Total GBP USD GBP USD GBP Balance at the beginning of the year 242,534,190 182,365,044 135,134,802 302,651,948 771,255,775 Change in net assets attributable to holders of redeemable participating shares during the year

(5,863,565) 7,711,479 95,255 25,094,014 19,952,457

Issue of redeemable participating shares during the year 7 48,203,701 79,679,774 31,186,185 94,974,159 216,325,279 Redemption of redeemable participating shares during the year 7 (62,163,162) (70,762,202) (53,258,246)

(105,387,318) (253,529,398)

Foreign currency translation - - - - (18,748,429) Switches in - 15,378,458 1,462,384 6,749,172 18,811,296 Switches out - (15,378,458) (1,462,384) (6,749,172) (18,811,296) Balance at the end of the year 222,711,164 198,994,095 113,157,996 317,332,803 735,255,684



31

STATEMENT OF CASH FLOWS For the year ended 30 September 2021

The Resolution Fund Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World Equity (Ireland) Plc Fund Income Fund Income Fund Fund Total GBP USD GBP USD GBP

Cash flow from operating activities Change in net assets attributable to holders of participating shares during the year 49,455,432 (3,174,512) (1,647,526) 83,203,379 106,265,362 Adjustments for: Increase in financial assets at fair value through profit or loss (43,828,145) (4,224,230) (15,184,782) (77,918,087) (119,014,164) Increase in financial liabilities at fair value through profit or loss - 481,752 - - 351,898 Decrease/(increase) in interest, dividends and other receivables 61,826 108,277 (1,975) 58,227 181,475 Increase in amount due from brokers (891) (1,695) - (4,152) (5,163) Increase in subscription in advance - (460,786) - (1,514,237) (1,442,665) (Decrease)/increase in amount due to brokers (721) (4,144) 509,914 (8,140) 500,220 Increase in investment management fee payable 202,217 133,144 90,589 324,554 627,134 Increase in management company fee payable 4,943 5,666 1,496 4,338 13,746 Increase/(decrease) in accounts payable and accrued expenses 17,565 (10,363) (6,577) 3,799 6,194 Net cash provided by/(used in) operating activities 5,912,226 (7,146,891) (16,238,861) 4,149,681 (12,515,963) Cash flows from financing activities Proceeds from issuance of participating shares 37,313,239 47,468,838 32,337,452 70,974,993 156,168,535 Payments for redemption of participating shares (37,421,313) (39,753,042) (13,539,492) (71,353,537) (132,119,119) Net cash (used in)/provided by financing activities (108,074) 7,715,796 18,797,960 (378,544) 24,049,416 Net increase in deposits with credit institution during the year 5,804,152 568,905 2,559,099 3,771,137 11,533,453 Deposits with credit institution at the beginning of the year 9,696,856 12,106,362 2,700,889 16,711,689 34,688,935 Effect of exchange rate fluctuations on deposits with credit institution - - - - (869,785) Deposits with credit institutions at the end of the year 15,501,008 12,675,267 5,259,988 20,482,826 45,352,603 Supplementary information Dividends received 3,861,828 1,697,351 2,222,682 3,904,039 10,176,072 Withholding tax paid - - - (188) (137) Interest received 5 3,660,774 1,334 13 2,675,378



32

STATEMENT OF CASH FLOWS For the year ended 30 September 2020

The Resolution Fund Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World Equity (Ireland) Plc Fund Income Fund Income Fund Fund Total GBP USD GBP USD GBP

Cash flow from operating activities Change in net assets attributable to holders of participating shares during the year (5,863,565) 7,711,479 95,255 25,094,014 19,952,457 Adjustments for: Decrease/(increase) in financial assets at fair value through profit or loss 6,804,921 (13,331,802) 21,684,169 (24,922,057) (1,503,406) Decrease in financial liabilities at fair value through profit or loss - (541,272) - - (424,378) Decrease/(increase) in interest, dividends and other receivables 202,403 1,567 (589) (26,534) 182,239 (Increase)/decrease in amount due from brokers (8) 350,298 - 1,919,321 1,779,459 Increase/(decrease) in amount due to brokers 11 2,005 (976,952) 882 (974,677) Decrease in investment management fee payable (329,556) (215,424) (189,912) (408,989) (1,009,032) (Decrease)/increase in management company fee payable (13,134) - 183 593 (12,486) Increase in accounts payable and accrued expenses 1,816 2,226 937 18,786 19,227 Net cash provided by/(used in) operating activities 802,888 (6,020,923) 20,613,091 1,676,016 18,009,403 Cash flows from financing activities Proceeds from issuance of participating shares 48,203,701 79,679,774 31,186,185 94,974,159 216,325,279 Payments for redemption of participating shares (62,163,162) (70,762,202) (53,258,246) (105,387,318) (253,529,398) Net cash (used in)/provided by financing activities (13,959,461) 8,917,572 (22,072,061) (10,413,159) (37,204,119) Net (decrease)/increase in deposits with credit institution during the year (13,156,573) 2,896,649 (1,458,970) (8,737,143) (19,194,716) Deposits with credit institution at the beginning of the year 22,853,429 9,209,713 4,159,859 25,448,832 55,138,375 Effect of exchange rate fluctuations on deposits with credit institution - - - - (1,254,724) Deposits with credit institutions at the end of the year 9,696,856 12,106,362 2,700,889 16,711,689 34,688,935 Supplementary information Dividends received 4,754,438 946,707 2,680,848 4,481,032 11,690,842 Withholding tax paid - - - - - Interest received 8,601 3,808,968 20,892 71,641 3,072,039

The Resolution Fund International (Ireland) Plc Notes to the Financial Statements

For the year ended 30 September 2021

33

1. Organisation

The Resolution Fund International (Ireland) PLC (“the Company”) was incorporated on 24 July 2013 as an open-ended umbrella investment company with variable capital and segregated liability between sub-funds organised under the laws of Ireland under the registration number 530622 and has been authorised in Ireland by the Central Bank of Ireland (the “Central Bank”) pursuant to the provisions of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2019 as amended. The Company is structured as an umbrella fund consisting of different sub-funds, each comprising of one or more share classes.

As at 30 September 2021, the Company had no employees. The investment activities of the Company are managed by UBS AG, London Branch (the “Investment Manager”). The registered office of the Company is situated at 2nd Floor, Block E, Iveagh Court, Harcourt Road, Dublin 2, Ireland.

The following sub-funds, which were in existence at 30 September 2021, approved by the Central Bank of Ireland are as follows:

Sub-Fund Commencement of

operations Resolution (Irl) Global Equity Fund 11 February 2014 Resolution (Irl) Global Fixed Income Fund 11 February 2014 Resolution (Irl) UK Fixed Income Fund 11 February 2014 Resolution (Irl) World Equity Fund 15 April 2015

2. Significant accounting policies

(a) Statement of compliance

The Financial Statements are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, interpretations adopted by the International Accounting Standards Board (IASB) and Irish statute comprising the UCITS Regulations, Central Bank UCITS Regulations and Companies Act 2014. The financial statements were authorised for issue on 24 January 2022. Changes to significant accounting policies are described in Note 2.

(b) Basis of preparation

The Company’s financial statements are presented in GBP, which is the currency of the primary economic environment in which it operates (its functional currency).

Going concern The Directors have made an assessment of the Company and each sub-fund’s ability to continue as a going concern and are satisfied that the Company and the sub-funds have the resources to continue in business for the foreseeable future. Furthermore management is not aware of any material uncertainties that may cast doubt upon the Company and any sub-fund’s ability to continue as a going concern. Therefore the financial statements continue to be prepared on a going concern basis.

Impact of COVID-19 Impact of COVID-19 is disclosed in the Directors report under the significant events during the year on page 10 and Note 17 Significant events during the year on page 92.

.



34

2. Significant accounting policies (continued)

(b) Basis of preparation (continued)

Critical Accounting Estimates and Judgments The preparation of financial statements in conformity with IFRS as adopted by the EU requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The estimates and associated judgments are based on historical experience and on various other factors which the Directors consider to be reasonable under the circumstances. These estimates and assumptions form the basis of judgments made on the carrying values of assets and liabilities for which values are not readily apparent from other sources. Actual results may differ from these estimates. Management makes estimates and assumptions concerning the future. The resulting accounting estimates will seldom equal the actual results. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. Changes in data inputs and assumptions about these factors could affect the reported fair value of financial instruments and such differences could be material. The critical accounting estimates and judgments made, for the purposes of these financial statements, relate to the valuation of investments.

(c) Foreign currency translation

Transactions in foreign currencies are translated into the reporting currency at exchange rates at the dates of the transactions. For practical reasons, a rate that approximates the actual rate at the date of the transaction is often used, for example, an average rate might be used for all transactions in each foreign currency occurring during that period. However, if exchange rates fluctuate significantly, the use of the average rate for a period will be inappropriate. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. Foreign currency exchange differences arising on translation and realised gains and losses on disposals or settlements of monetary assets and liabilities are recognised in the Statement of Comprehensive Income. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to GBP at the exchange rate at the date that the fair value was determined.

The financial statements of each sub-fund are presented in the currency that it is primarily exposed to with the Company financial statements being presented in GBP (“Pound Sterling”). The difference arising from translation of the primary statements at different exchange rates, for the purpose of producing the financial statements of the Company, is included as a foreign currency translation adjustment in the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares.

Foreign currency exchange differences relating to financial assets and financial liabilities at fair value through profit and loss and derivative financial instruments are included in the gain/(loss) on financial assets and financial liabilities at fair value through profit or loss. Foreign exchange gains and losses on financial assets and financial liabilities at fair value through profit or loss are recognised together with other changes in the fair value of these instruments. Included in the net gain/(loss) on financial assets and liabilities at fair value through profit or loss are net foreign exchange gains and losses on monetary financial assets and financial liabilities other than those classified at fair value through profit or loss. The Company operates a number of sub-funds, each with its own separately determined functional currency as stated below.

Functional Currency Reporting Currency Resolution (Irl) Global Equity Fund GBP GBP Resolution (Irl) Global Fixed Income Fund USD USD Resolution (Irl) UK Fixed Income Fund GBP GBP Resolution (Irl) World Equity Fund USD USD The Resolution Fund International (Ireland) Plc GBP GBP



35


(d) New standards, amendments and interpretations

There are no standards, amendments and interpretations to existing standards that are effective that would be expected to have a significant impact on the Company and its sub-funds.

(e) Financial instruments

(i) Classification

The Company classifies financial assets as measured at amortised cost or fair value through profit or loss (FVTPL).

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:

it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI).

All other financial assets and liabilities of the Company are measured at FVTPL including transferable securities, derivative financial assets and derivative liabilities.

Business model assessment In making an assessment of the objective of the business model in which a financial asset is held the Company considers all of the relevant information about how the business is managed, including:

The documented investment strategy and the execution of this strategy in practice. This includes whether the investment strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets;

How the performance of the portfolio is evaluated and reported to the Company’s management; The risks that affect the performance of the business model (and the financial assets held within that

business model) and how those risks are managed; How the Investment Manager is compensated: e.g. whether compensation is based on the fair value

of the assets managed or the contractual cash flows collected; and The frequency, volume and timing of sales of financial assets in prior periods, the reasons for such

sales and expectations about future sales activity.

The Company has determined that it has two business models.

Held-to-collect business model: this includes interest, dividend receivables, due from brokers, deposits with credit institutions and receivables. These financial assets are held to collect contractual cash flow.

Other business model: this includes transferable securities, collective investment scheme and derivatives. These financial assets are managed and their performance is evaluated, on a fair value basis, with frequent sales taking place.



36


(e) Financial instruments (continued)

(i) Classification (continued)

Assessment whether contractual cash flows are SPPI For the purpose of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition.

‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.

In assessing whether the contractual cash flows are SPPI, the Company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Company considers:

Contingent events that would change the amount or timing of cash flows; Leverage features; Prepayment and extension features; Terms that limit the Company’s claim to cash flows from specified assets (e.g. non-recourse features;

and Features that modify consideration of the time value of money (e.g. periodical reset of interest rates). In assessing whether the contractual flows are SPPI, the Company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition.

(ii) Recognition

Financial assets and financial liabilities at fair value through profit or loss are initially recognised on the trade date, which is the date the Company becomes a party to the contractual provisions of the instrument. Other financial assets and liabilities are recognised on the date they were originated.

(iii) Measurement

Financial instruments are measured initially at fair value (transaction price) plus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs on financial assets and financial liabilities at fair value through profit or loss are expensed immediately, while transaction costs on other financial instruments are amortised. Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value with fair value changes recognised in the Statement of Comprehensive Income.

Financial assets classified at amortised cost are measured at amortised cost using the effective interest method.



37



(iii) Measurement (continued)

These include receivables for securities sold which are held for collection, securities purchased not yet delivered to the Company, and other receivables. These are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate, less provision for impairment. At each reporting date, the Company shall measure the loss allowance at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since recognition. If at the reporting date, the credit risk has not increased significantly since initial recognition, the Company shall measure loss allowance at the amount equal to 12 months expected credit losses, or shorter if the receivable is expected to settle in less than 12 months.

Financial liabilities, other than those at fair value through profit or loss, are measured at amortised cost. Financial liabilities arising from the Redeemable Participating Shares issued by the Company are carried at the redemption amount representing the shareholders right to a residual interest in the Company’s assets.

iv) 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 transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Company has access at that date. The fair value of a liability reflects its non-performance risk. When available, the Company measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as ‘active’ if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

The Company measures instruments quoted in an active market at mid-price, because the price provides a reasonable approximation of the exit price. If there is no quoted price in an active market, then the Company uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.

The Company recognises transfers between levels of the fair value hierarchy as at the end of the reporting period during which the changes have occurred.

(v) Derecognition

The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, are surrendered, or it transfers the financial asset. The Company uses the “first in first out” method to determine the realised gains and losses on derecognition. A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

The amortised cost of a financial asset is the amount at which the instrument is measured at initial recognition adjusted for initial direct costs, minus principal repayments, plus or minus the cumulative amortisation, using the effective interest rate method of any difference between the initial amount recognised and the maturity amount minus the reduction for impairment.

(vi) Impairment

The Company recognises loss allowances for ECLs on financial assets measured at amortised cost.

The Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs:



38



(vi) Impairment (continued)

financial assets that are determined to have low credit risk at the reporting date; and other financial assets for which credit risk (i.e. the risk of default occurring over the expected life of

the asset) has not increased significantly since initial recognition

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company’s historical experience and informed credit assessment and including forward-looking information.

(vii) Specific instruments

Forward contracts Forward contracts are commitments either to purchase or to sell a designated financial instrument or currency at a specified future date for a specified price and may be settled in cash or with another financial asset. Forwards are individually traded over-the-counter contracts. Forward contracts result in credit exposure to the counterparty. Forward contracts result in exposure to market risk based on changes in market prices relative to contracted amounts. Market risk arises due to the possible movements in foreign currency exchange rates and securities values underlying these instruments. In addition, due to the low margin deposits normally required in relation to nominal contract sizes, a high degree of leverage may be typical of a forward trading account. As a result, a relatively small price movement in an underlying of a forward contract may result in substantial losses to the sub-funds. Forward contracts are subject to liquidity risk. Nominal amounts are the underlying reference amounts to foreign currencies upon which the fair value of the forward contracts traded by the Company are based. While nominal amounts do not represent the current fair value and are not necessarily indicative of the future cash flows of the forward contracts, the underlying price changes in relation to the variables specified by the nominal amounts affect the fair value of these derivative financial instruments. Collective Investment Schemes (Mutual Funds) Collective investment schemes (Mutual Funds) are open-ended funds. These contain an obligation to redeem a participant's shares at their request, at a price corresponding to the net asset value of those investments (less fees and commissions) at a particular point of time. Collective investment schemes pool money from many individuals to invest in stocks, bonds, money market securities, real estate or some combination of these. In case of exchange traded funds ("ETFs") only authorised participants can subscribe and redeem. Bonds Bonds are debt investments in which an investor loans money to an entity (corporate or governmental) that borrows the funds for a defined period of time at a fixed interest rate. Bonds are used by companies, municipalities, states and U.S. and foreign governments to finance a variety of projects and activities.



39


(f) Offsetting

Financial assets and liabilities are offset and the net amount presented in the Statement of Financial Position when and only when, the Company has legal right to offset the amounts and it intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Income and expenses are presented on a net basis only when permitted under IFRS as adopted by the EU, e.g. for gains and losses arising from a group of similar transactions, such as gains and losses from financial instruments at fair value through profit or loss.

(g) Interest income

Interest income and expense, including interest income from non-derivative financial assets at fair value through profit or loss, are recognised in the Statement of Comprehensive Income using the effective interest method. The effective interest rate is the rate that exactly discounts the estimated future cash payments and receipts over the expected life of the financial asset or liability (or, where appropriate, a shorter year) to the carrying amount of the financial asset or liability. When calculating the effective interest rate, the Company estimates future cash flows considering all contractual terms of the financial asset, excluding future credit losses. The calculation of the effective interest rate includes all fees and points paid or received that are an integral part of the effective interest rate. Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or liability. Interest received or receivable and interest paid or payable is recognised in the Statement of Comprehensive Income as interest income or interest expense respectively.

(h) Gains and losses on financial assets and financial liabilities at fair value through profit or loss

Gains and losses on financial assets and financial liabilities at fair value through profit or loss includes all realised gains/(losses) on investment securities and derivative instruments, unrealised gains/losses from fair value changes and foreign exchange differences recognised in the Statement of Comprehensive Income. Realised gains and losses are based on the FIFO method.

(i) Transaction costs Transaction costs are incremental costs, which are separately identifiable and directly attributable to the acquisition, issue or disposal of a financial asset or a financial liability. The Company's portfolio transactions include the purchase and sale of the equity investments and interests in collective investment schemes. There are no separately identifiable transaction costs associated with these transactions. Consequently, there are no transaction costs to be disclosed in these accounts.

(j) Expenses All expenses, including management fees, administration fees, depositary fees, general expenses and operating expenses are recognised in the Statement of Comprehensive Income on an accruals basis. Included in other expenses are legal fees, authorities fees (levy fees from the Central Bank of Ireland) and other general and operating fee expenses.



40


(k) Taxation

The Company is an investment undertaking as defined in section 739B of the Taxes Consolidation Act, 1997. Therefore the Company is not liable to tax in respect of its income and gains, other than on the occurrence of a chargeable event. Generally a chargeable event arises on redemption, repurchase, cancellation, transfer of shares or on the ending of a ‘Relevant Period’. A ‘Relevant Period’ is an eight year period beginning with the acquisition of the shares by the Shareholder and each subsequent period of eight years beginning immediately after the preceding Relevant Period. A gain on a chargeable event does not arise in respect of:

• An exchange by a shareholder, effected by way of an arm’s length bargain where no payment is made to the shareholder, of shares in the Company for other shares in the Company;

• Any transactions (which might otherwise be considered a chargeable event) in relation to shares held in a recognised clearing system as designated by order of the Irish Revenue Commissioners;

• A transfer by a shareholder of the entitlement to shares where the transfer is between spouses and former spouses, subject to certain conditions; or

• An exchange of shares arising on a qualifying amalgamation or reconstruction (within the meaning of Section 739H of the Taxes Act) of the Company with another investment undertaking.

In the absence of an appropriate declaration, the Company will be liable to Irish tax on the occurrence of a chargeable event. Capital gains, dividends and interest received may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Company or its shareholders.

(l) Net asset value per share

Net Asset Value per share as at the relevant period end is calculated by dividing the net asset value of the relevant sub-fund allocated to a particular share class by the number of participating shares of the relevant share class of that sub-fund in issue as at the period end.

(m) Balance due from/(to) brokers In accordance with the Company policy of trade date accounting for regular way sale and purchase transactions, sales/purchases awaiting settlement represent amounts receivable/payable for securities sold/purchased but not yet settled as at the Statement of Financial Position date.

(n) Foreign exchange gains and losses Foreign exchange gains and losses on financial assets and financial liabilities at fair value through profit or loss are recognised together with other changes in the fair value of these instruments in Statement of Comprehensive income. Included in the gain/(loss) on financial assets and financial liabilities at fair value through profit or loss are net foreign exchange gains and losses on monetary financial assets and financial liabilities other than those classified at fair value through profit or loss.

(o) Dividend policy

Dividend income and dividend expense are recorded on the ex-dividend date (i.e. the date on which the right to receive/pay a dividend is established). Dividend income is recognised on a gross basis, before withholding tax.

Dividend income and dividend expense are recognised in the Statement of Comprehensive Income.



41


(o) Dividend policy (continued) Shares of a sub-fund may be issued as accumulating shares or distributing shares. The dividend policy and information on the declaration and payment of dividends for each sub-fund will be specified in the relevant supplement. The Articles of Association of the Company empower the Directors to declare dividends in respect of any shares in the Company out of the net income of the relevant sub-fund (whether in the form of dividends, interest or otherwise) and net realised and unrealised gains (i.e. realised and unrealised gains net of all realised and unrealised losses) subject to certain adjustments.

(p) Participating shares All participating shares issued by the Company provide the investors with the right to require redemption for cash at the value proportionate to the investor’s share in the Company’s net assets at the redemption date. In accordance with IAS 32 Financial Instruments Presentation such instruments give rise to a financial liability for the present value of the redemption amount. Applications for shares may be made through the Administrator on behalf of the Company. Applications received and accepted by the Administrator prior to the subscription deadline for the relevant subscription day will be processed on that subscription day. Shareholders may redeem their shares on and with effect from any redemption day at the net asset value per share calculated on or with respect to the relevant redemption day as described in the Prospectus. Subject to certain exceptions in relation to certain switches of shares from one class to another class in the same sub-fund, switching will generally amount to a disposal of the original shares for tax purposes and accordingly, a chargeable gain or an allowable loss may be realised.

(q) Deposits with credit institutions

Deposits with credit institutions consist of cash and cash equivalents and other short term highly liquid investments with original maturities of three months or less. Cash comprises current deposits with the Depositary and is valued at its face value with interest accrued daily.

3. Fair value estimation The fair value hierarchy is as follows:

● Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities accessible at the measurement date;

● Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

● Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The level in the fair value hierarchy within which the fair value measurement of an instrument is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement of that instrument in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.



42

3. Fair value estimation (continued)

The determination of what constitutes ‘observable’ requires significant judgement by the Company. The Company considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. Investments, whose values are based on quoted market prices in active markets, and therefore classified within level 1, include collective investment schemes. Quoted market prices are primarily sourced from market leading financial data vendors. The Company does not adjust the quoted price for these instruments. Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs and are classified within level 2. These include corporate bonds and foreign currency forward contracts. As level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. The following table provides an analysis of the fair value measurement used by the Company to fair value its financial instruments in its Statement of Financial Position categorised by the fair value hierarchy as described below. 30 September 2021 Resolution (Irl) Global Equity Fund Assets Liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 GBP GBP GBP GBP GBP GBP Mandatory at FVTPL Collective investment schemes 83,561,433 173,178,405 - - - - Total 83,561,433 173,178,405 - - - -

30 September 2020 Resolution (Irl) Global Equity Fund Assets Liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 GBP GBP GBP GBP GBP GBP Mandatory at FVTPL Collective investment schemes 53,648,190 159,263,503 - - - - Total 53,648,190 159,263,503 - - - -

30 September 2021 Resolution (Irl) Global Fixed Income Fund Assets Liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 USD USD USD USD USD USD Mandatory at FVTPL Collective investment schemes 1,231,824 35,001,369 - - - - Transferable securities 46,316,042 108,294,662 - - - - Foreign currency forward contracts - - - - (883,149) - Total 47,547,866 143,296,031 - - (883,149) -



43


30 September 2020 Resolution (Irl) Global Fixed Income Fund Assets Liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 USD USD USD USD USD USD Mandatory at FVTPL Collective investment schemes - 39,289,906 - - - - Transferable securities 20,277,948 127,051,813 - - - - Foreign currency forward contracts - - - - (401,397) - Total 20,277,948 166,341,719 - - (401,397) -

30 September 2021 Resolution (Irl) UK Fixed Income Fund Assets Liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 GBP GBP GBP GBP GBP GBP Mandatory at FVTPL Collective investment schemes 26,444,626 99,372,643 - - - - Total 26,444,626 99,372,643 - - - -

30 September 2020 Resolution (Irl) UK Fixed Income Fund Assets Liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 GBP GBP GBP GBP GBP GBP Mandatory at FVTPL Collective investment schemes 14,552,871 96,079,616 - - - - Total 14,552,871 96,079,616 - - - -

30 September 2021 Resolution (Irl) World Equity Fund Assets Liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 USD USD USD USD USD USD Mandatory at FVTPL Collective investment schemes 143,470,860 235,321,838 - - - - Total 143,470,860 235,321,838 - - - -

30 September 2020 Resolution (Irl) World Equity Fund Assets Liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 USD USD USD USD USD USD Mandatory at FVTPL Collective investment schemes 121,029,727 179,844,884 - - - - Total 121,029,727 179,844,884 - - - -



44


30 September 2021 The Resolution Fund International (Ireland) Plc Assets Liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 GBP GBP GBP GBP GBP GBP Mandatory at FVTPL Collective investment schemes 217,324,399 473,035,497 - - - - Transferable securities 32,102,416 82,564,179 - - - - Foreign currency forward contracts - - - - (654,985) - Total 249,426,815 555,599,676 - - (654,985) -

30 September 2020 The Resolution Fund International (Ireland) Plc Assets Liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 GBP GBP GBP GBP GBP GBP Mandatory at FVTPL Collective investment schemes 161,819,352 424,847,134 - - - - Transferable securities 15,685,294 98,276,464 - - - - Foreign currency forward contracts - - - - (310,487) - Total 177,504,646 523,123,598 - - (310,487) -

The following financial instruments are not measured at fair value through profit or loss due to the fact that they are short-term financial assets and liabilities whose carrying amounts approximate fair value: - Interest, dividends and other receivables; - Deposits with credit institutions; - Due from/(to) brokers; - Redemptions payable; - Investment management fees payable; - Management company fees payable - Accounts payable and accrued expenses; and - Net Assets attributable to Holders of Redeemable Participating Shares.

All the above financial instruments have been classified as level 2 as they are not considered at fair value but rather that their carrying amounts are a reasonable approximation of their fair value. There were no transfers between levels during 2021 or 2020 in any of the sub-funds and there were no changes in the valuation techniques.



45

4. Gain/(loss) on financial assets and financial liabilities at FVTPL

The following table details the gains and losses on financial assets and financial liabilities at FVTPL for the year ended 30 September 2021:

The Resolution Fund Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World (Ireland) Plc Fund Income Fund Income Fund Equity Fund Total GBP USD GBP USD GBP Realised gains on financial assets and liabilities at FVTPL 21,945,286 1,959,267 319,755 33,660,253 48,283,485 Realised losses on financial assets and liabilities at FVTPL (949,039) (279,837) (164,798) (1,014,200) (2,059,072) Net realised gains on financial assets and liabilities at FVTPL 20,996,247 1,679,430 154,957 32,646,053 46,224,413 Unrealised gains on financial assets and liabilities at FVTPL 39,021,729 1,108,919 599,244 56,803,115 81,923,087 Unrealised losses on financial assets and liabilities at FVTPL (8,116,926) (5,131,947) (2,223,784) (8,437,019) (20,252,225) Net unrealised gains/(losses) on financial assets and liabilities at FVTPL 30,904,803 (4,023,028) (1,624,540) 48,366,096 61,670,862 Net gains/(losses) on financial assets and liabilities at FVTPL 51,901,050 (2,343,598) (1,469,583) 81,012,149 107,895,275 Net (loss)/gain on FX (2,433,760) (1,720,424) 5,065 2,339,088 (1,976,790) Total 49,467,290 (4,064,022) (1,464,518) 83,351,237 105,918,485



46

4. Gain/(loss) on financial assets and financial liabilities at FVTPL (continued)

The following table details the gains and losses on financial assets and financial liabilities at FVTPL for the year ended 30 September 2020:

The Resolution Fund Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World (Ireland) Plc Fund Income Fund Income Fund Equity Fund Total GBP USD GBP USD GBP Realised gains on financial assets and liabilities at FVTPL

12,835,358 2,564,658 831,770 16,109,225 28,308,170

Realised losses on financial assets and liabilities at FVTPL

(4,495,861) (1,527,717) (1,415,645) (5,676,188) (11,559,644)

Net realized gains/(losses) on financial assets and liabilities at FVTPL

8,339,497 1,036,941 (583,875) 10,433,037 16,748,526

Unrealised gains on financial assets and liabilities at FVTPL

3,009,912 5,153,181 1,868,605 20,407,045 24,918,714

Unrealised losses on financial assets and liabilities at FVTPL

(16,876,216) (1,973,782) (1,349,759) (12,249,892) (29,377,881)

Net unrealised (losses)/gains on financial assets and liabilities at FVTPL

(13,866,304) 3,179,399 518,846 8,157,153 (4,459,167)

Net (losses)/gains on financial assets and liabilities at FVTPL

(5,526,807) 4,216,340 (65,029) 18,590,190 12,289,359

Net (loss)/gain on FX (396,275) 2,496,270 (13,034) 5,943,648 6,207,912 Total (5,923,082) 6,712,610 (78,063) 24,533,838 18,497,271

5. Interest, dividend and other receivables

The following are the interest, dividend and other receivables as at 30 September 2021:

The Resolution Fund Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World (Ireland) Plc Fund Income Fund Income Fund Equity Fund Total GBP USD GBP USD GBP Dividends receivable 309,388 - - 99,730 383,353 Interest receivable - 857,104 - - 635,668 Other receivables 3,099 5,060 3,982 4,638 14,274 312,487 862,164 3,982 104,368 1,033,295



47

5. Interest, dividend and other receivables (continued)

The following are the interest, dividend and other receivables as at 30 September 2020:

The Resolution Fund Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World (Ireland) Plc Fund Income Fund Income Fund Equity Fund Total GBP USD GBP USD GBP Dividends receivable 370,692 - - 158,226 493,082 Interest receivable - 966,559 - - 747,648 Other receivables 3,621 3,882 2,007 4,369 12,010 374,313 970,441 2,007 162,595 1,252,740

6. Accounts payable and accrued expenses

The following are the accounts payable and accrued expenses as at 30 September 2021:

The Resolution Fund Resolution (Irl) Resolution(Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World (Ireland) Plc Fund Income Fund Income Fund Equity Fund Total GBP USD GBP USD GBP Audit fee payable 8,186 12,580 9,349 11,608 35,474 Administration fee payable 45,466 85,823 35,944 99,271 218,685 Depositary fee payable 12,523 17,390 9,822 26,666 55,019 Other payables 52,248 36,422 30,810 37,962 138,222 118,423 152,215 85,925 175,507 447,400

The following are the accounts payable and accrued expenses as at 30 September 2020:

The Resolution Fund Resolution (Irl) Resolution(Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World (Ireland) Plc Fund Income Fund Income Fund Equity Fund Total GBP USD GBP USD GBP Audit fee payable 10,707 10,771 6,425 15,346 37,334 Administration fee payable 47,799 83,313 39,247 85,368 217,523 Depositary fee payable 25,857 28,030 22,374 43,741 103,747 Other payables 16,495 40,464 24,456 27,253 93,331 100,858 162,578 92,502 171,708 451,935

7. Share capital

The authorised share capital of the Company is 500,000,000,000 participating shares of no par value and 300,000 redeemable non-participating shares of no par value each. The minimum issued share capital of the Company is 2 redeemable non-participating shares of no par value each. Non-participating shares do not entitle the holders to any dividends and on a winding up entitle the holders to receive the amount paid up thereon but do not otherwise entitle them to participate in the net assets of the Company and are disclosed by way of this note only. The minimum issued share capital has been fully paid. Holders of redeemable non-participating shares, who would like to redeem their shares, should complete an application form and send to the administrator and must be received no later than 2.00 pm Irish time on the business day immediately preceding relevant subscription day. Subscription day is defined as any business day the sub-fund is open for business. The redemption is at the Company’s option.



48

7. Share capital (continued)

The Directors reserve the right to impose “an anti-dilution levy” representing a provision for market spreads (the difference between the prices at which assets are valued and/or bought or sold) and other dealing costs relating to the acquisition or disposal of assets and top reserve the value of the underlying assets of the sub-fund. The shares in each class of the sub-fund are regarded as either an accumulating share class or a distributing share Class as specified in the relevant class supplement. The income and earnings and gains of the sub-fund, attributable to the accumulating share classes will be accumulated and reinvested on behalf of the relevant shareholders. For distributing share classes shall rank for dividends as and from the beginning of the accounting period in which they were issued. If declared, dividends will be paid to holders of the relevant share class. The Shares in each Class of a Sub-Fund are regarded as either an Accumulating Share Class or a Distributing Share Class. Accumulating Share Class is a class of shares in a sub-fund which generally does not pay a dividend, the income and earnings and gains of a sub-fund attributable to the accumulating share classes will be accumulated and reinvested on behalf of the relevant shareholders. Distributing Share Class is a class of shares in a sub-fund which generally pays a dividend, the amount available for distribution in respect of the distributing share classes may be paid out of the net income of a sub-fund attributable to the respective shareholders. The amount available for distribution in respect of the Distributing Share Classes may be paid out of the net income of a Sub-Fund attributable to the respective Distributing Share Class. In order to help the Directors manage distributions so as to minimise any excess of reportable income for UK tax purposes (if any) over actual distributions, distributions may also be paid out of (i) net realised gains of a Sub-Fund attributable to the respective Distributing Share Class (i.e. realised gains net of realised and unrealised losses); and/or (ii) net realised and unrealised gains of a Sub-Fund attributable to the respective Distributing Share Class (i.e. realised and unrealised gains net of all realised and unrealised losses); and/or (iii) capital arising from that proportion of the Net Asset Value of a Sub-Fund attributable to the respective Distributing Share Class, subject to certain adjustments.

Authorised share capital Number of shares

Participating shares of no par value 500,000,000,000 Redeemable non-participating shares of no par value 300,000

Issued and fully paid Number of shares

30 September 2021 Resolution (Irl) Global Equity Fund Class C GBP Class C GBP Class F GBP Class F GBP

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares

Opening balance 104,932 288,920 73,554 1,057,650 Issue of participating shares during the year 272 37,424 478 181,346 Redemption of participating shares during the year (5,377) (36,665) (4,660) (177,035) Switches in - - - 12,189 Switches out - (12,440) - - Closing balance 99,827 277,239 69,372 1,074,150



49

7. Share capital (continued) Issued and fully paid (continued) Number of shares (continued)

30 September 2020 Resolution (Irl) Global Equity Fund

Class C GBP Class C GBP Class F GBP Class F GBP

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares

Opening balance 117,439 303,886 82,079 1,095,948 Issue of participating shares during the year 19,771 58,308 17,826 260,543 Redemption of participating shares during the year (32,278) (73,274) (26,351) (298,841) Switches in - - - - Switches out - - - - Closing balance 104,932 288,920 73,554 1,057,650

30 September 2021 Resolution (Irl) Global Fixed Income Fund

Class C EUR Class C EUR Class C USD Class C USD Class E EUR Class E EUR

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares

Opening balance 21,304 70,677 69,817 151,892 207,701 - Issue of participating shares during the year 3,288 45,849 18,309 48,574 - 4,063 Redemption of participating shares during the year (7,380) (7,448) (6,215) (12,668) (24,904) (3) Switches in - - - - - - Switches out - - (2,339) (5,222) (20,401) - Closing balance 17,212 109,078 79,572 182,576 162,396 4,060

Class E USD Class E USD Class F EUR Class F EUR Class F USD Class F USD

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares

Opening balance 42,588 74,725 61,982 127,581 108,026 895,447 Issue of participating shares during the year - 3,026 49,735 32,623 41,660 187,185 Redemption of participating shares during the year (930) (8,031) (938) (62,182) (11,666) (224,373) Switches in - - 20,965 - 2,394 5,120 Switches out - - - - - - Closing balance 41,658 69,720 131,744 98,022 140,414 863,379



50

7. Share capital (continued) Issued and fully paid (continued) Number of shares (continued)

30 September 2020 Resolution (Irl) Global Fixed Income Fund Class C EUR Class C EUR Class C USD Class C USD Class E EUR Class E EUR

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares

Opening balance 33,241 70,164 111,635 145,448 162,851 8,881 Issue of participating shares during the year 2,550 41,661 16,833 64,080 38,526 - Redemption of participating shares during the year (14,487) (41,148) (41,999) (46,184) (22,824) (8,881) Switches in - - - - 29,148 - Switches out - - (16,652) (11,452) - - Closing balance 21,304 70,677 69,817 151,892 207,701 -

Class E USD Class E USD Class F EUR Class F EUR Class F USD Class F USD

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares

Opening balance 29,836 125,836 79,853 119,836 229,926 641,211 Issue of participating shares during the year 69,790 4,846 35,519 43,894 13,079 436,233 Redemption of participating shares during the year (70,245) (55,957) (23,413) (36,149) (52,304) (283,868) Switches in 13,207 - - - 4,648 101,871 Switches out - - (29,977) - (87,323) - Closing balance 42,588 74,725 61,982 127,581 108,026 895,447 30 September 2021 Resolution (Irl) UK Fixed Income Fund Class C GBP Class C GBP Class E GBP Class E GBP Class F GBP Class F GBP

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Opening balance 54,002 251,879 48,835 122,772 31,056 610,741 Issue of participating shares during the year 6,924 43,422 - 26,609 4,179 240,745 Redemption of participating shares during the year (325) (40,831) (2,143) (7,462) - (83,312) Switches in - - - - - 9,786 Switches out - (10,047) - - - - Closing balance 60,601 244,423 46,692 141,919 35,235 777,960



51


Issued and fully paid (continued) Number of shares (continued)

30 September 2020 Resolution (Irl) UK Fixed Income Fund Class C GBP Class C GBP Class E GBP Class E GBP Class F GBP Class F GBP

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Opening balance 100,810 280,203 63,129 151,645 32,907 712,786 Issue of participating shares during the year 10,407 51,886 4,214 33,307 15,944 196,700 Redemption of participating shares during the year (57,215) (80,210) (18,508) (47,347) (17,795) (313,174) Switches in - - - - 14,429 Switches out - - - (14,833) - - Closing balance 54,002 251,879 48,835 122,772 31,056 610,741

30 September 2021 Resolution (Irl) World Equity Fund Class C EUR Class C EUR Class C USD Class C USD Class F EUR Class F EUR

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares

Opening balance 34,837 85,097 87,646 223,999 170,777 139,889 Issue of participating shares during the year - 45,936 6,277 19,974 21,809 31,901 Redemption of participating shares during the year (11,885) (14,450) (10,907) (22,330) (17,346) (41,715) Switches in - - - - - - Switches out - - (1,846) (4,294) - - Closing balance 22,952 116,583 81,170 217,349 175,240 130,075

Class F USD Class F USD

Accumulating

Shares Distributing

Shares

Opening balance 372,670 1,055,489 Issue of participating shares during the year 55,746 229,139 Redemption of participating shares during the year (28,628) (265,456) Switches in 1,653 3,867 Switches out - - Closing balance 401,441 1,023,039



52


Issued and fully paid (continued) Number of shares (continued) 30 September 2020 Resolution (Irl) World Equity Fund Class C EUR Class C EUR Class C USD Class C USD Class F EUR Class F EUR

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares

Opening balance 47,248 88,443 127,022 232,938 146,272 123,148 Issue of participating shares during the year 3,247 54,415 21,235 76,559 64,688 36,952 Redemption of participating shares during the year (15,658) (57,761) (56,297) (72,874) (40,183) (20,211) Switches in - - - - - Switches out - - (4,314) (12,624) - - Closing balance 34,837 85,097 87,646 223,999 170,777 139,889


Accumulating

Shares Distributing

Shares

Opening balance 471,870 1,026,133 Issue of participating shares during the year 32,970 428,925 Redemption of participating shares during the year (101,197) (446,304) Switches in 3,879 46,735 Switches out (34,852) - Closing balance 372,670 1,055,489 The rights attaching to the shares issued in a sub-fund or any class may, whether or not the Company is being wound up, be varied or abrogated with the consent in writing of the shareholders of three-quarters of the issued shares of that sub-fund or that class, or with the sanction of an ordinary resolution passed at a general meeting of the shareholders of that sub-fund or that class.



53


Issued and fully paid (continued) Capital in amounts 30 September 2021 Resolution (Irl) Global Equity Fund Class C GBP Class C GBP Class F GBP Class F GBP

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Total GBP

Opening balance 15,409,736 41,597,180 10,440,284 155,263,964 222,711,164 Issue of participating shares during the year 49,335 6,085,937 74,512 31,103,455 37,313,239 Redemption of participating shares during the year (912,257) (5,954,142) (753,571) (29,801,343) (37,421,313) Switches in - - - 1,997,831 1,997,831 Switches out - (1,997,831) - - (1,997,831) Change in net assets 3,478,877 9,092,227 2,376,042 34,508,286 49,455,432 Closing balance 18,025,691 48,823,371 12,137,267 193,072,193 272,058,522 30 September 2020 Resolution (Irl) Global Equity Fund Class C GBP Class C GBP Class F GBP Class F GBP

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Total GBP

Opening balance 17,723,779 45,425,651 11,942,715 167,442,045 242,534,190 Issue of participating shares during the year 2,745,181 7,791,965 2,418,667 35,247,888 48,203,701 Redemption of participating shares during the year (4,686,401) (10,107,346) (3,694,500) (43,674,915) (62,163,162) Switches in - - - - - Switches out - - - - - Change in net assets (372,823) (1,513,090) (226,598) (3,751,054) (5,863,565) Closing balance 15,409,736 41,597,180 10,440,284 155,263,964 222,711,164



54


Issued and fully paid (continued) Capital in amounts (continued) 30 September 2021 Resolution (Irl) Global Fixed Income Fund Class C EUR Class C EUR Class C USD Class C USD Class E EUR

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares

Opening balance US$ 2,530,145 7,688,607 7,961,827 15,663,635 25,213,413 Issue of participating shares during the year 401,538 5,083,675 2,096,880 5,018,345 - Redemption of participating shares during the year (885,000) (828,369) (712,717) (1,310,513) (3,078,782) Switches in - - - - - Switches out - - (268,465) (531,547) (2,529,341) Change in net assets (43,581) (464,697) 13,488 (250,390) (211,103) Closing balance US$ 2,003,102 11,479,216 9,091,013 18,589,530 19,394,187 Closing balance GBP 1,485,594 8,513,530 6,742,324 13,786,874 14,383,644

Class E EUR Class E USD Class E USD Class F EUR Class F EUR

Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares

Opening balance US$ - 4,462,914 7,771,978 7,323,261 13,951,280 Issue of participating shares during the year 477,829 - 311,748 6,100,555 3,609,965 Redemption of participating shares during the year (361) (97,966) (836,801) (114,466) (6,889,643) Switches in - - - 2,529,342 - Switches out - - - - - Change in net assets (7,294) 26,167 (68,518) (547,941) (374,464) Closing balance US$ 470,174 4,391,115 7,178,407 15,290,751 10,297,138 Closing balance GBP 348,703 3,256,658 5,323,845 11,340,343 7,636,843


Accumulating

Shares Distributing

Shares Total USD

Opening balance US$ 12,008,812 94,418,223 198,994,095 Issue of participating shares during the year 4,663,087 19,705,216 47,468,838 Redemption of participating shares during the year (1,303,670) (23,694,754) (39,753,042) Switches in 268,464 531,547 3,329,353 Switches out - - (3,329,353) Change in net assets 40,491 (1,286,670) (3,174,512) Closing balance US$ 15,677,184 89,673,562 203,535,379 Closing balance GBP 11,626,940 66,506,146 150,951,444



55


Issued and fully paid (continued) Capital in amounts (continued) 30 September 2020 Resolution (Irl) Global Fixed Income Fund Class C EUR Class C EUR Class C USD Class C USD Class E EUR

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares

Opening balance US$ 3,589,696 7,030,588 12,166,719 14,559,137 17,924,458 Issue of participating shares during the year 288,309 4,272,117 1,879,169 6,529,831 4,283,832 Redemption of participating shares during the year (1,529,450) (4,080,796) (4,588,152) (4,527,183) (2,499,720) Switches in - - - - 3,061,148 Switches out - - (1,886,571) (1,162,277) - Change in net assets 181,590 466,698 390,662 264,127 2,443,695 Closing balance US$ 2,530,145 7,688,607 7,961,827 15,663,635 25,213,413 Closing balance GBP 1,957,105 5,947,251 6,158,592 12,116,055 19,502,950

Class E EUR Class E USD Class E USD Class F EUR Class F EUR

Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares

Opening balance US$ 884,761 2,975,866 12,741,542 8,567,111 12,115,826 Issue of participating shares during the year - 6,971,780 499,915 3,869,538 4,616,273 Redemption of participating shares during the year (898,775) (6,991,582) (5,619,216) (2,377,092) (3,538,945) Switches in - 1,388,822 - - - Switches out - - - (3,061,147) - Change in net assets 14,014 118,028 149,737 324,851 758,126 Closing balance US$ - 4,462,914 7,771,978 7,323,261 13,951,280 Closing balance GBP - 3,452,130 6,011,740 5,664,651 10,791,522


Accumulating

Shares Distributing

Shares Total USD

Opening balance US$ 24,366,702 65,442,638 182,365,044 Issue of participating shares during the year 1,443,239 45,025,771 79,679,774 Redemption of participating shares during the year (5,486,194) (28,625,097) (70,762,202) Switches in 497,748 10,430,740 15,378,458 Switches out (9,268,463) - (15,378,458) Change in net assets 455,780 2,144,171 7,711,479 Closing balance US$ 12,008,812 94,418,223 198,994,095 Closing balance GBP 9,288,994 73,033,898 153,924,888



56


Issued and fully paid (continued) Capital in amounts (continued)

30 September 2021 Resolution (Irl) UK Fixed Income Fund Class C GBP Class C GBP Class E GBP Class E GBP Class F GBP

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares Opening balance 5,816,097 24,857,279 5,298,753 12,097,786 3,225,031 Issue of participating shares during the year 749,217 4,277,117 - 2,593,303 436,678 Redemption of participating shares during the year (35,046) (4,029,078) (233,891) (734,522) - Switches in - - - - - Switches out - (996,792) - - - Change in net assets (35,019) (381,889) (3,115) (158,512) (11,346) Closing balance 6,495,249 23,726,637 5,061,747 13,798,055 3,650,363

Class F GBP

Distributing

Shares Total GBP

Opening balance 61,863,050 113,157,996 Issue of participating shares during the year 24,281,137 33,337,452 Redemption of participating shares during the year (8,506,955) (13,539,492) Switches in 996,792 996,792 Switches out - (996,792) Change in net assets (1,057,645) (1,647,526) Closing balance 77,576,379 130,308,430 30 September 2020 Resolution (Irl) UK Fixed Income Fund Class C GBP Class C GBP Class E GBP Class E GBP Class F GBP

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares Opening balance 10,663,886 27,573,639 6,700,908 14,830,171 3,348,048 Issue of participating shares during the year 1,112,826

5,086,973.89

458,872.70

3,254,834.33

1,638,878.45

Redemption of participating shares during the year

(6,008,272)

(7,698,504)

(2,016,382) (4,550,764)

(1,798,910)

Switches in - - - - - Switches out - - - (1,462,384) - Change in net assets 47,657 (104,830) 155,354 25,929 37,015 Closing balance 5,816,097 24,857,279 5,298,753 12,097,786 3,225,031



57


Issued and fully paid (continued) Capital in amounts (continued) 30 September 2020 Resolution (Irl) UK Fixed Income Fund (continued) Class F GBP

Distributing

Shares Total GBP

Opening balance 72,018,150 135,134,802 Issue of participating shares during the year 19,633,800 31,186,185 Redemption of participating shares during the year (31,185,414)

(53,258,246)

Switches in 1,462,384 1,462,384 Switches out - (1,462,384) Change in net assets (65,870) 95,255 Closing balance 61,863,050 113,157,996 30 September 2021 Resolution (Irl) World Equity Fund Class C EUR Class C EUR Class C USD Class C USD Class F EUR

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares Opening balance US$ 4,952,337 11,935,236 11,685,390 29,339,093 28,176,240 Issue of participating shares during the year - 7,695,270 968,996 3,021,904 3,951,778 Redemption of participating shares during the year (2,009,766) (2,419,915) (1,767,670) (3,378,712) (3,492,040) Switches in - - - - Switches out - - (318,529) (697,131) - Change in net assets 1,173,043 3,392,109 3,082,829 7,580,672 7,923,875 Closing balance US$ 4,115,614 20,602,700 13,651,016 35,865,826 36,559,853 Closing balance GBP 3,052,333 15,279,934 10,124,238 26,599,789 27,114,513 Class F EUR Class F USD Class F USD

Distributing

Shares Accumulating

Shares Distributing

Shares Total USD

Opening balance US$ 22,407,240 55,360,814 153,476,453 317,332,803 Issue of participating shares during the year 6,047,559 10,301,405 38,988,081 70,974,993 Redemption of participating shares during the year (7,594,186) (5,303,568) (45,387,680) (71,353,537) Switches in - 318,529 697,131 1,015,660 Switches out - - - (1,015,660) Change in net assets 5,421,580 14,730,538 39,898,733 83,203,379 Closing balance US$ 26,282,193 75,407,718 187,672,718 400,157,638 Closing balance GBP 19,492,115 55,925,923 139,186,947 296,775,792



58


Issued and fully paid (continued) Capital in amounts (continued) 30 September 2020 Resolution (Irl) World Equity Fund Class C EUR Class C EUR Class C USD Class C USD Class F EUR

Accumulating

Shares Distributing

Shares Accumulating

Shares Distributing

Shares Accumulating

Shares Opening balance US$ 6,152,077 11,408,957 15,511,896 28,083,688 22,049,904 Issue of participating shares during the year 363,837 6,823,407 2,393,456 8,839,933 10,018,669 Redemption of participating shares during the year (1,926,443) (7,121,531) (6,780,461) (8,122,455) (5,635,095) Switches in - - - - - Switches out - - (578,493) (1,499,814) - Change in net assets 362,866 824,403 1,138,992 2,037,741 1,742,762 Closing balance US$ 4,952,337 11,935,236 11,685,390 29,339,093 28,176,240 Closing balance GBP 3,830,706 9,232,082 9,038,823 22,694,224 21,794,740 Class F EUR Class F USD Class F USD

Distributing

Shares Accumulating

Shares Distributing

Shares Total USD

Opening balance US$ 18,135,450 64,045,764 137,264,212 302,651,948 Issue of participating shares during the year 5,204,492 4,167,590 57,162,775 94,974,159 Redemption of participating shares during the year (3,057,961) (12,741,887) (60,001,485)

(105,387,318)

Switches in - 578,493 6,170,679 6,749,172 Switches out - (4,670,865) - (6,749,172) Change in net assets 2,125,259 3,981,719 12,880,272 25,094,014 Closing balance US$ 22,407,240 55,360,814 153,476,453 317,332,803 Closing balance GBP 17,332,333 42,822,412 118,716,316 245,461,636

Net asset value and NAV per share Hedged Share Classes: Where a class of a sub-fund is designated as “hedged” in the relevant Supplement, the Company shall enter into certain currency related transactions in order to mitigate the exchange rate risk between the base currency of a sub-fund and the currency in which shares in the class of the relevant sub-fund are designated where that designated currency is different to the base currency of the sub-fund. Only Global Fixed Income Fund have hedged share classes, the remaining sub-funds do not have hedged share classes.



59


Net asset value and NAV per share (continued)

Resolution (Irl) Global Equity Fund NAV 30 September 2021 NAV NAV Per Share GBP GBP Class C GBP Accumulating 18,025,691 180.57 Class C GBP Distributing 48,823,371 176.11 Class F GBP Accumulating 12,137,267 174.96 Class F GBP Distributing 193,072,193 179.74

30 September 2020 NAV NAV Per Share GBP GBP Class C GBP Accumulating 15,409,736 146.86 Class C GBP Distributing 41,597,180 143.97 Class F GBP Accumulating 10,440,284 141.94 Class F GBP Distributing 155,263,964 146.80

30 September 2019 NAV NAV Per Share GBP GBP Class C GBP Accumulating 17,723,779 150.92 Class C GBP Distributing 45,425,651 149.48 Class F GBP Accumulating 11,942,715 145.50 Class F GBP Distributing 167,442,045 152.78

Resolution (Irl) Global Fixed Income Fund 30 September 2021 NAV NAV Per Share Class Currency Class Currency Class C EUR Accumulating* 1,728,373 100.42 Class C EUR Distributing* 9,904,482 90.80 Class C USD Accumulating 9,091,013 114.25 Class C USD Distributing 18,589,530 101.82 Class E EUR Accumulating* 16,734,276 103.05 Class E EUR Distributing* 405,689 99.92 Class E USD Accumulating 4,391,115 105.41 Class E USD Distributing 7,178,407 102.96 Class F EUR Accumulating* 13,193,625 100.15 Class F EUR Distributing* 8,884,200 90.63 Class F USD Accumulating 15,677,184 111.65 Class F USD Distributing 89,673,562 103.86 *Hedged class.



60


Net asset value and NAV per share (continued)

Resolution (Irl) Global Fixed Income Fund (continued) 30 September 2020 NAV NAV Per Share Class Currency Class Currency Class C EUR Accumulating* 2,157,629 101.28 Class C EUR Distributing* 6,555,960 92.76 Class C USD Accumulating 7,961,827 114.04 Class C USD Distributing 15,663,635 103.12 Class E EUR Accumulating* 21,501,227 103.52 Class E EUR Distributing* - - Class E USD Accumulating 4,462,914 104.79 Class E USD Distributing 7,771,978 104.01 Class F EUR Accumulating* 6,245,052 100.76 Class F EUR Distributing* 11,895,992 93.24 Class F USD Accumulating 12,008,812 111.17 Class F USD Distributing 94,418,223 105.44 *Hedged class. 30 September 2019 NAV NAV Per Share Class Currency Class Currency Class C EUR Accumulating* 3,286,974 98.88 Class C EUR Distributing* 6,435,854 91.73 Class C USD Accumulating 12,166,719 108.99 Class C USD Distributing 14,559,137 100.10 Class E EUR Accumulating* 16,434,855 100.92 Class E EUR Distributing* 807,995 90.98 Class E USD Accumulating 2,975,866 99.74 Class E USD Distributing 12,741,542 101.26 Class F EUR Accumulating* 7,842,000 98.21 Class F EUR Distributing* 11,092,415 92.56 Class F USD Accumulating 24,366,702 105.98 Class F USD Distributing 65,442,638 102.06 *Hedged class.



61


Net asset value and NAV per share (continued) Resolution (Irl) UK Fixed Income Fund 30 September 2021 NAV NAV Per Share GBP GBP Class C GBP Accumulating 6,495,249 107.18 Class C GBP Distributing 23,726,637 97.07 Class E GBP Accumulating 5,061,747 108.41 Class E GBP Distributing 13,798,055 97.22 Class F GBP Accumulating 3,650,363 103.60 Class F GBP Distributing 77,576,379 99.72 30 September 2020 NAV NAV Per Share GBP GBP Class C GBP Accumulating 5,816,097 107.70 Class C GBP Distributing 24,857,279 98.69 Class E GBP Accumulating 5,298,753 108.50 Class E GBP Distributing 12,097,786 98.54 Class F GBP Accumulating 3,225,031 103.85 Class F GBP Distributing 61,863,050 101.29 30 September 2019 NAV NAV Per Share GBP GBP Class C GBP Accumulating 10,663,886 105.78 Class C GBP Distributing 27,573,639 98.41 Class E GBP Accumulating 6,700,908 106.15 Class E GBP Distributing 14,830,171 97.80 Class F GBP Accumulating 3,348,048 101.74 Class F GBP Distributing 72,018,150 101.04 Resolution (Irl) World Equity Fund 30 September 2021 NAV NAV Per Share Class Currency Class Currency Class C EUR Accumulating 3,551,154 154.72 Class C EUR Distributing 17,777,050 152.48 Class C USD Accumulating 13,651,016 168.18 Class C USD Distributing 35,865,826 165.02 Class F EUR Accumulating 31,545,665 180.01 Class F EUR Distributing 22,677,589 174.34 Class F USD Accumulating 75,407,718 187.84 Class F USD Distributing 187,672,718 183.45



62


Net asset value and NAV per share (continued) Resolution (Irl) World Equity Fund (continued) 30 September 2020 NAV NAV Per Share Class Currency Class Currency Class C EUR Accumulating 4,223,204 121.23 Class C EUR Distributing 10,177,970 119.60 Class C USD Accumulating 11,685,390 133.32 Class C USD Distributing 29,339,093 130.98 Class F EUR Accumulating 24,027,834 140.70 Class F EUR Distributing 19,107,886 136.59 Class F USD Accumulating 55,360,814 148.55 Class F USD Distributing 153,476,453 145.41

30 September 2019 NAV NAV Per Share Class Currency Class Currency Class C EUR Accumulating 5,643,069 119.44 Class C EUR Distributing 10,465,017 118.32 Class C USD Accumulating 15,511,896 122.12 Class C USD Distributing 28,083,688 120.56 Class F EUR Accumulating 20,225,557 138.27 Class F EUR Distributing 16,634,974 135.08 Class F USD Accumulating 64,045,764 135.73 Class F USD Distributing 137,264,212 133.77

Capital management The Company is required to maintain a minimum capital requirement of €300,000, or its foreign currency equivalent. If redemptions or decreases in the value of the Company’s investment portfolio cause the value of the share capital to fall below the equivalent of €300,000, the Board of Directors will request that the Investment Manager, as promoter of the Company, to produce additional capital subscriptions in order to increase the capital to its required level. Alternatively, the Board of Directors will make a decision to seek the termination of the Company, the return of assets to shareholders and the revocation of the Company’s authorisation. The Company’s objective when managing capital is to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other shareholders and to maintain a strong capital base to support the development of the investment activities of the Company. The Company has met this objective. The Manager monitors the capital structure of the Company on an ongoing basis. The Administrator will notify the Board of Directors if during any particular month, the net asset value of the Company falls below this level. As soon as the Board of Directors becomes aware that the capital of the Company is below the required level, the Board will inform the Depositary and the Central Bank of Ireland.



63

8. Deposits with credit institutions and balances due from/to brokers

Deposits with credit institutions and amounts due from/to brokers as at 30 September 2021: The Resolution

Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) Fund

International Global Equity Global Fixed UK Fixed World Equity (Ireland) Plc Fund Income Fund Income Fund Fund Total Deposits with credit institutions GBP USD GBP USD GBP JPM Funding Account 2,645 3,374 1,210 1,960 7,811 UBS Luxembourg Trading Account 15,498,363 12,671,893 5,258,778 20,480,866 45,344,792 Base Total 15,501,008 12,675,267 5,259,988 20,482,826 45,352,603 Balance due from broker 1,644 4,164 - 5,519 8,825 Balance due to broker - - (511,211) - (511,211) Base Total 1,644 4,164 (511,211) 5,519 (502,386)

Deposits with credit institutions and amounts due from/to brokers as at 30 September 2020: The Resolution


International Global Equity Global Fixed UK Fixed World Equity (Ireland) Plc Fund Income Fund Income Fund Fund Total Deposits with credit institutions GBP USD GBP USD GBP JPM Funding Account 2,873 1,820 859 1,096 5,988 UBS Luxembourg Trading Account 9,693,983 12,104,542 2,700,030 16,710,593 34,682,947 Base Total 9,696,856 12,106,362 2,700,889 16,711,689 34,688,935 Balance due from broker 753 2,469 - 1,367 3,721 Balance due to broker (721) (4,144) (1,297) (8,140) (11,520) Base Total 32 (1,675) (1,297) (6,773) (7,799)

As at 30 September 2021 deposits with credit institution are held with counterparties and brokers with long term

credit ratings from Standard & Poor’s as follow: 30 September 2021 30 September 2020 JP Morgan Bank Luxembourg SA Dublin Branch A+ A+ UBS Europe SE Luxembourg Branch A+ A+



64

9. Financial instruments and associated risks

The Company maintains positions in a variety of derivative and non-derivative financial instruments as dictated by its investment management strategy. The Company’s investment activities expose it to various types of risk which are associated with the financial instruments and markets in which it invests. The following information is not intended to be a comprehensive summary of all risks and investors should refer to the Prospectus and Supplements for a more detailed discussion of the risks inherent in investing in the Company. The Company employs financial derivative techniques and instruments for the purposes of investment and/or efficient portfolio management subject to the limits laid down by the Central Bank of Ireland and subject to the terms of Supplement 1 to the Prospectus issued for The Resolution Fund International (Ireland) Plc – Resolution (Irl) Global Equity Fund, Supplement 2 to the Prospectus issued for The Resolution Fund International (Ireland) Plc – Resolution (Irl) Global Fixed Income Fund, Supplement 3 to the Prospectus issued for the Resolution Fund International (Ireland) Plc – Resolution (Irl) UK Fixed Income Fund and Supplement 4 to the Prospectus issued for the Resolution Fund International (Ireland) Plc – Resolution (Irl) World Equity Fund. These financial derivative techniques and instruments are designed to hedge against the foreign exchange risk and may include, but are not limited to forward currency contracts. The Investment Manager uses a risk management process to measure, monitor and manage risks attached to the financial derivative positions and details of this process have been provided to the Central Bank. The Investment Manager does not utilise financial derivatives which have not been included in the risk management process until such time as a revised risk management process has been submitted to and cleared by the Central Bank. Global exposure is calculated using the commitment approach. As required by the Central Bank the Board of Directors issues a risk management statement (Financial Derivative Instrument Report) to the Central Bank on an annual basis. Asset allocation is determined by the Company’s Investment Manager who manages the distribution of the assets to achieve the investment objectives. Divergence from target asset allocations and from the composition of the portfolio is monitored by the Company’s Investment Manager. The nature and extent of the financial instruments outstanding at the reporting date and the risk management policies employed by the Company are discussed below: (a) Market risk

Market risk is the risk that changes in currency risk, price risk and interest rate risk will affect the value or income of positions held by the Company. The Company is also exposed to market risk on investments in that the Company may not be able to readily dispose of its holdings when it chooses and also that the price obtained on disposal is below that at which the investment is included in the Company’s financial statements. All trading financial instruments are recognised at fair value and all changes in market conditions directly affect net income. The Investment Manager may use financial derivative instruments which may give rise to leverage within the portfolio, subject to the limits set out in The Resolution Fund International (Ireland) Plc prospectus, to increase the potential overall return on capital. Leverage may be created through the use of financial derivative instruments, subject to UCITS Regulations. The leverage created through the use of financial derivative instruments will be measured using the commitment or the sum of notional approach. The commitment approach calculates leverage by measuring the market value of the underlying exposures of financial derivative instruments. An overall risk monitoring structure is in place which sets risk and leverage limits for the Company and prescribes action to be taken upon these limits being breached. There has been no change in the approach to managing market risk.



65

9. Financial instruments and associated risks (continued)

(a) Market risk (continued)

Currency risk The Company may invest in financial instruments and enter into transactions denominated in currencies other than its functional currency. Each sub-fund is also exposed to currency risk due to non-base currency investments compared to the base currency of each sub-fund (Global Equity and UK Fixed Income Funds are denominated in GBP and Global Fixed Income and World Equity funds are denominated in USD). Consequently, the Company is exposed to risks that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse effect on the value of that portion of the Company’s assets or liabilities denominated in currencies other than GBP.

The Company’s currency rate risk is managed on a daily basis by the Investment Manager. The Company may employ strategies (i.e. foreign currency forward contracts) aimed at hedging against currency risk at the share class level. When the Company enters into such currency transactions as part of the relevant sub-fund's investment policy, the hedging transactions at the class level will be considered distinct from the tactical currency transactions of the relevant sub-fund. The Investment Manager may utilise hedging strategies in order to hedge the exposure of classes that are denominated in currencies other than the base currency of the relevant sub-fund. The hedging will typically be undertaken by means of forward contracts. The Company’s overall currency positions and exposures are monitored on a periodic basis by the Directors. The following tables set out the Company’s total exposure to foreign currency risk and the exposure to foreign currencies of the monetary liabilities: Resolution (Irl) Global Equity Fund 30 September 2021 Monetary Assets

GBP Monetary Liabilities

GBP Forwards

GBP Total Exposure

GBP Canadian Dollars 10,946,305 - - 10,946,305 Euro 11,296,486 (108,751) - 11,187,735 Swiss Franc 4,974,859 - - 4,974,859 United States Dollars 55,992,473 - - 55,992,473 Base Total 83,210,123 (108,751) - 83,101,372 30 September 2020 Monetary Assets


GBP Forwards

GBP Total Exposure

GBP Australian Dollars 5,035,619 - - 5,035,619 Canadian Dollars 4,641,072 - - 4,641,072 Euro 136,713 (71,911) - 64,802 Swiss Franc 4,709,531 - - 4,709,531 United States Dollars 24,876,460 - - 24,876,460 Base Total 39,399,395 (71,911) - 39,327,484



66



Currency risk (continued)

Resolution (Irl) Global Fixed Income Fund 30 September 2021 Monetary Assets

USD Monetary Liabilities

USD Forwards

USD Total Exposure

USD Euro 3,832,279 (106,308) *(883,149) 2,842,822 Great British Pound 60,806 (101,858) - (41,052) Base Total 3,893,085 (208,166) (883,149) 2,801,770 *The forward currency contracts are utilized as a share class hedging tool on this sub-fund. 30 September 2020 Monetary Assets


USD Forwards

USD Total Exposure

USD Euro 4,073,086 (76,209) *(401,397) 3,595,480 Great British Pound 60,150 (100,924) - (40,774) Base Total 4,133,236 (177,133) (401,397) 3,554,706

*The forward currency contracts are utilized as a share class hedging tool on this sub-fund. Resolution (Irl) UK Fixed Income Fund 30 September 2021

Monetary Assets


GBP Forwards

GBP Total Exposure

GBP Euro 75,740 (108,453) - (32,713) United States Dollars 1,286 - - 1,286 Base Total 77,026 (108,453) - (31,427)

30 September 2020

Monetary Assets


GBP Forwards

GBP Total Exposure

GBP Euro 14,006 (85,246) - (71,240) United States Dollars 677 - - 677 Base Total 14,683 (85,246) - (70,563)



67



Currency risk (continued) Resolution (Irl) World Equity Fund 30 September 2021

Monetary Assets


USD Forwards

USD Total Exposure

USD Australian Dollars 3,706,121 - - 3,706,121 Canadian Dollars 20,259,304 - - 20,259,304 Euro 53,839,728 (277,995) - 53,561,733 Great British Pound 51,021,231 (25,765) - 50,995,466 Swiss Franc 7,665,198 - - 7,665,198 Base Total 136,491,582 (303,760) - 136,187,822 30 September 2020

Monetary Assets


USD Forwards

USD Total Exposure

USD Australian Dollars 10,902,501 - - 10,902,501 Canadian Dollars 9,971,967 - - 9,971,967 Euro 39,264,003 (228,353) - 39,035,650 Great British Pound 45,523,061 (7,434) - 45,515,627 Swiss Franc 6,700,831 - - 6,700,831 Base Total 112,362,363 (235,787) - 112,126,576 Sensitivity analysis At 30 September 2021, had GBP strengthened 5% against other currencies for Global Equity and UK Fixed Income funds and USD strengthened by 5% against other currencies for Global Fixed Income and World Equity Funds, with all other variables held constant, net assets attributable to holders of participating shares and the change in net assets attributable to holders of participating shares per the Statement of Comprehensive Income would have (increased)/decreased by the amounts shown below.

30 September 2021

Resolution (Irl) Global Equity

Fund GBP


USD

Resolution (Irl) UK Fixed

Income Fund GBP

Resolution (Irl) World Equity

Fund USD

The Resolution Fund International (Ireland) Plc Total

GBP Australian Dollars - - - 185,306 137,432 Canadian Dollars 547,315 - - 1,012,965 1,298,578 Euro 559,387 142,141 (1,636) 2,678,087 2,649,365 Great British Pound - (2,053) - 2,549,773 1,889,509 Swiss Franc 248,743 - - 383,259 532,986 United States Dollars 2,799,624 - 64 - 2,799,688 Base Total 4,155,069 140,088 (1,572) 6,809,390 9,307,558



68



Currency risk (continued) Sensitivity analysis (continued)

30 September 2020


Fund GBP


USD


Income Fund GBP


Fund USD

The Resolution Fund

International (Ireland) Plc

Total GBP

Australian Dollars 251,781 - - 545,125 673,443 Canadian Dollars 232,054 - - 498,598 617,727 Euro 3,240 179,774 (3,562) 1,951,783 1,648,469 Great British Pound - (2,039) - 2,275,781 1,758,773 Swiss Franc 235,477 - - 335,041 494,637 United States Dollars 1,243,823 - 34 - 1,243,857 Base Total 1,966,375 177,735 (3,528) 5,606,328 6,436,906

Price risk Price risk is the risk that the value of the instrument will fluctuate as a result of changes in market prices, whether caused by factors specific to an individual investment, its issuer or all factors affecting all instruments traded in the market. Price risk is mitigated by the Company’s Investment Manager by constructing a diversified portfolio of instruments traded on various markets. The following table details the breakdown of the investment assets and liabilities held as a percentage of the net assets of the sub-funds.

30 September 2021 The Resolution Fund

Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World (Ireland) Plc Fund Income Fund Income Fund Equity Fund Total GBP USD GBP USD GBP Investment assets: Collective investment scheme 94.36% 17.80% 96.55% 94.66% 81.21% Transferable securities - 75.96% - - 13.49% Foreign currency forward contracts - (0.43%) - - (0.08%) Total investment assets 94.36% 93.33% 96.55% 94.66% 94.62%



69



Price risk (continued) 30 September 2020 The Resolution Fund

Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World (Ireland) Plc Fund Income Fund Income Fund Equity Fund Total GBP USD GBP USD GBP Investment assets: Collective investment scheme 95.60% 19.74% 97.77% 94.82% 79.79% Transferable securities - 74.04% - - 15.50% Foreign currency forward contracts - (0.20%) - - (0.04%) Total investment assets 95.60% 93.58% 97.77% 94.82% 95.25% Sensitivity analysis A 5% increase in prices of the financial assets at fair value through profit or loss at 30 September 2021 would have increased the net assets attributable to holders of participating shares and the change in net assets attributable to holders of participating shares of Resolution (Irl) Global Equity Fund by GBP12,836,992 (2020: GBP10,645,585), Resolution (Irl) Global Fixed Income Fund by USD9,498,037 (2020: USD9,310,914), Resolution (Irl) UK Fixed Income Fund by GBP6,290,863 (2020: GBP5,531,624) and Resolution (Irl) World Equity Fund by USD18,939,635 (2020: USD15,043,731). An equal change in the opposite direction would have decreased the net assets attributable to holders of participating shares and the change in net assets attributable to holders of participating shares by an equal but opposite amount.

Interest rate risk Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. The Company holds cash, cash equivalents and bonds (exposure directly and indirectly through investments in collective investment schemes) that are interest earning and as a result the Company is subject to risk due to fluctuations in the prevailing levels of market interest rates in relation to these financial instruments. The counterparties to the Company’s derivatives, cash deposits and fixed income investments are carefully selected financial institutions. The Company’s interest rate risk is managed on a daily basis by the Investment Manager.



70



Interest rate risk (continued)

The following table details the Company’s exposure to interest rate risk. It includes the Company’s assets and liabilities categorised by the earlier of contractual re-pricing or maturity date measured by the carrying value of the assets and liabilities:

Resolution (Irl) Global Equity Fund 30 September 2021

Up to 1 year More than

1 year Non interest

bearing Total GBP GBP GBP GBP Assets

Financial assets at fair value through profit or loss - - 256,739,838 256,739,838 Interest, dividends and other receivables - - 312,487 312,487 Deposits with credit institutions 15,501,008 - - 15,501,008 Due from brokers - - 1,644 1,644

Total assets 15,501,008 - 257,053,969 272,554,977 Liabilities (excluding participating shares)

Investment management fees payable - - 372,489 372,489 Management company fees payable - - 5,543 5,543 Accounts payable and accrued expenses - - 118,423 118,423 Net assets attributable to holders of participating shares - - 272,058,522 272,058,522

Total liabilities - - 272,554,977 272,554,977 Total interest sensitivity gap 15,501,008 -


30 September 2020


1 year Non interest


Financial assets at fair value through profit or loss - - 212,911,693 212,911,693 Interest, dividends and other receivables - - 374,313 374,313 Deposits with credit institutions 9,696,856 - - 9,696,856 Due from brokers - - 753 753


Due to brokers - - 721 721 Investment management fees payable - - 170,272 170,272 Management company fees payable - - 600 600 Accounts payable and accrued expenses - - 100,858 100,858 Net assets attributable to holders of participating shares - - 222,711,164 222,711,164




71





30 September 2021


1 year Non interest

bearing Total USD USD USD USD Assets

Financial assets at fair value through profit or loss 22,737,338 131,873,366 36,233,193 190,843,897 Interest, dividends and other receivables - - 862,164 862,164 Deposits with credit institutions 12,675,267 - - 12,675,267 Due from brokers - - 4,164 4,164 Subscription in advance - - 460,786 460,786

Total assets 35,412,605 131,873,366 37,560,307 204,846,278 Liabilities (excluding participating shares)

Derivative financial liabilities - - 883,149 883,149 Investment management fees payable - - 269,869 269,869 Management company fees payable - - 5,666 5,666 Accounts payable and accrued expenses - - 152,215 152,215 Net assets attributable to holders of participating shares - - 203,535,379 203,535,379

Total liabilities - - 204,846,278 204,846,278 Total interest sensitivity gap 35,412,605 131,873,366

Resolution (Irl) Global Fixed Income Fund 30 September 2020


1 year Non interest


Financial assets at fair value through profit or loss 25,951,058 121,378,703 39,289,906 186,619,667 Interest, dividends and other receivables - - 970,441 970,441 Deposits with credit institutions 12,106,362 - - 12,106,362 Due from brokers - - 2,469 2,469

Total assets 38,057,420 121,378,703 40,262,816 199,698,939 Liabilities (excluding participating shares)

Derivative financial liabilities - - 401,397 401,397 Due to brokers - - 4,144 4,144 Investment management fees payable - - 136,725 136,725 Accounts payable and accrued expenses - - 162,578 162,578 Net assets attributable to holders of participating shares - - 198,994,095 198,994,095




72




Resolution (Irl) UK Fixed Income Fund 30 September 2021

Up to 1 year More than 1

year Non interest


Financial assets at fair value through profit or loss - - 125,817,269 125,817,269 Interest, dividends and other receivables - - 3,982 3,982 Deposits with credit institutions 5,259,988 - - 5,259,988


Due to brokers - - 511,211 511,211 Investment management fees payable - - 173,994 173,994 Management company fees payable - - 1,679 1,679 Accounts payable and accrued expenses - - 85,925 85,925 Net assets attributable to holders of participating shares - - 130,308,430 130,308,430


Resolution (Irl) UK Fixed Income Fund 30 September 2020


year Non interest


Financial assets at fair value through profit or loss - - 110,632,487 110,632,487 Interest, dividends and other receivables - - 2,007 2,007 Deposits with credit institutions 2,700,889 - - 2,700,889


Due to brokers - - 1,297 1,297 Investment management fees payable - - 83,405 83,405 Management company fees payable - - 183 183 Accounts payable and accrued expenses - - 92,502 92,502 Net assets attributable to holders of participating shares - - 113,157,996 113,157,996




73





30 September 2021


year Non interest


Financial assets at fair value through profit or loss - - 378,792,698 378,792,698 Interest, dividends and other receivables - - 104,368 104,368 Deposits with credit institutions 20,482,826 - - 20,482,826 Due from brokers - - 5,519 5,519 Subscription in advance - - 1,514,237 1,514,237


Investment management fees payable - - 559,030 559,030 Management company fees payable - - 7,473 7,473 Accounts payable and accrued expenses - - 175,507 175,507 Net assets attributable to holders of participating shares - - 400,157,638 400,157,638



30 September 2020


year Non interest


Financial assets at fair value through profit or loss - - 300,874,611 300,874,611 Interest, dividends and other receivables - - 162,595 162,595 Deposits with credit institutions 16,711,689 - - 16,711,689 Due from brokers - - 1,367 1,367






74





30 September 2021


1 year Non interest


Financial assets at fair value through profit or loss 16,863,083 97,803,512 690,359,896 805,026,491 Interest, dividends and other receivables - - 1,033,295 1,033,295 Deposits with credit institutions 45,352,603 - - 45,352,603 Due from brokers - - 8,825 8,825 Subscription in advance - - 1,464,770 1,464,770

Total assets 62,215,686 97,803,512 692,866,786 852,885,984 Liabilities (excluding participating shares) Derivative financial liabilities - - 654,985 654,985

Due to brokers - - 511,211 511,211 Investment management fees payable - - 1,161,234 1,161,234 Management company fees payable - - 16,967 16,967 Accounts payable and accrued expenses - - 447,400 447,400 Net assets attributable to holders of participating shares - - 850,094,187 850,094,187



30 September 2020


1 year Non interest


Financial assets at fair value through profit or loss 20,073,529 93,888,229 586,666,486 700,628,244 Interest, dividends and other receivables - - 1,252,740 1,252,740 Deposits with credit institutions 34,688,935 - - 34,688,935 Due from brokers - - 3,721 3,721

Total assets 54,762,464 93,888,229 587,922,947 736,573,640 Liabilities (excluding participating shares) Derivative financial liabilities - - 310,487 310,487





75




Sensitivity analysis An increase of 100 basis points in interest rates as at the reporting date would have decreased the net assets attributable to holders of participating shares and changes in net assets attributable to holders of participating shares of Resolution (Irl) Global Fixed Income Fund by approximately USD6,810,627 (2020: USD6,568,755). A decrease of 100 basis points would have had an equal but opposite effect. Resolution (Irl) Global Equity Fund and Resolution (Irl) World Equity Fund do not hold bond instruments. Resolution (Irl) UK Fixed Income Fund does not hold bond investments directly but does have an indirect exposure through the holding of bond funds.

(b) Credit risk

Credit risk is the risk that the counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Company; resulting in a financial loss to the Company. Credit risk associated with trading and investing activities is managed through the Company’s market risk management process discussed above. At the reporting date, the concentrations of credit risk by Geographical area amounted to the following: 30 September 2021


Fund GBP


USD


Income Fund GBP

Resolution (Irl) World

Equity Fund USD

Canada - 8,866,846 - - Denmark - 3,481,888 - - France - 5,825,674 - - Germany - 14,136,008 - - Hong Kong - 3,615,522 - - Japan - 9,164,026 - - Korea - 4,255,133 - - Luxembourg - 3,349,958 - - Mexico - 1,530,255 - - Netherlands - 10,884,571 - - Norway - 4,810,263 - - Philippines - 4,262,709 - - United Kingdom - 8,690,010 - - United States - 71,737,841 - - Total - 154,610,704 - -



76


(b) Credit risk (continued) 30 September 2020


Fund GBP


USD


Income Fund GBP

Resolution (Irl) World

Equity Fund USD

Canada - 14,698,131 - - Cayman Islands - 3,029,019 - - France - 6,403,858 - - Germany - 12,005,949 - - Hong Kong - 4,348,674 - - Japan - 2,079,538 - - Korea - 8,854,779 - - Mexico - 1,863,000 - - Netherlands - 10,839,205 - - Norway - 4,692,445 - - Philippines - 3,857,439 - - Qatar - 3,035,205 - - United Arab Emirates - 1,817,908 - - United Kingdom - 8,242,401 - - United States - 61,562,210 - - Total - 147,329,761 - - The amount of credit exposure is represented by the carrying amounts of the assets in the Statement of Financial Position. Substantially all financial instruments are cleared through and/or held in custody by UBS Europe SE, Luxembourg Branch, the Sub-Custodian. The Company is therefore subject to credit risk to the extent that the Depositary may be unable to fulfill its obligations either to return the Company’s securities or repay amounts owed. Details of credit risk exposure and concentration are contained in the Schedule of Investments. The remaining sub-funds holds equity investments and equity investments have no credit risk.

At the reporting date, the Company’s financial assets exposed to credit risk amounted to the following: 30 September 2021

Resolution (Irl) Global

Equity Fund GBP

Resolution (Irl)

Global Fixed Income Fund

USD

Resolution (Irl)

UK Fixed Income Fund

GBP

Resolution (Irl)

World Equity Fund

USD

The Resolution Fund


Total GBP

Deposits with credit institutions 15,501,008 12,675,267 5,259,988 20,482,826 45,352,603 Financial assets at fair value through profit or loss 256,739,838 190,843,897 125,817,269 378,792,698 805,026,491 Interest, dividends and other receivables 312,487 862,164 3,982 104,368 1,033,295 Due from broker 1,644 4,164 - 5,519 8,825 Subscription in advance - 460,786 - 1,514,237 1,464,770 Total 272,554,977 204,846,278 131,081,239 400,899,648 852,885,984



77


(b) Credit risk (continued) 30 September 2020

Resolution (Irl) Global

Equity Fund GBP

Resolution (Irl)

Global Fixed Income Fund

USD

Resolution (Irl)

UK Fixed Income Fund

GBP

Resolution (Irl)

World Equity Fund

USD

The Resolution Fund


Total GBP

Deposits with credit institutions 9,696,856 12,106,362 2,700,889 16,711,689 34,688,935 Financial assets at fair value through profit or loss 212,911,693 186,619,667 110,632,487 300,874,611 700,628,244 Interest, dividends and other receivables 374,313 970,441 2,007 162,595 1,252,740 Due from broker 753 2,469 - 1,367 3,721 Total 222,983,615 199,698,939 113,335,383 317,750,262 736,573,640

Substantially all of the assets and liabilities held by the Company are held by UBS Europe SE, Luxembourg Branch., the Sub-Custodian, with a residual number of other bank accounts held by JP Morgan. Bankruptcy, insolvency or other credit default events of the Sub-Custodian may cause the Company’s rights with respect to the assets and liabilities held by the Sub-Custodian to be delayed or limited. The Investment Manager monitors its risk by monitoring the credit ratings of UBS Europe SE, Luxembourg Branch., the Sub-Custodian, on a monthly basis. At 30 September 2021, the long term credit rating of UBS Europe SE, Luxembourg Branch., the Sub-Custodian from Moody’s Investor Service was Aa3 (30 September 2020: Aa3), (Standard and Poor’s was A+ (30 September 2020: A+)), Fitch was AA- (30 September 2020: AA-)). There are no collateral amounts held by UBS Europe SE, Luxembourg Branch., the Sub-Custodian or JP Morgan as at 30 September 2021. In the event of insolvency or bankruptcy of the Depository/Custodian, the Company will be treated as a general creditor.

The risk that counterparties to both derivative and other instruments might default on their obligations is monitored on an ongoing basis by the Investment Manager. To manage the level of credit risk, the Company deals with counterparties of good credit standing (minimum of A2 or equivalent).

(c) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s liquidity and cash flows are related to its market risks. Liquidity and cash flow risk may result from a significant decline in the market value of investments. The performance of the Company will therefore depend in part on the ability of the Investment Manager to anticipate and respond to such fluctuations in market interest rates and to utilise appropriate strategies to maximise returns, while also attempting to minimise the associated risks. The Company’s constitution provides for daily creation and cancellation of shares and it is therefore exposed to the liquidity risk of meeting shareholder redemptions at any time. Financial liabilities of the Company comprise of derivatives at fair value through profit and loss, amounts due to broker, management fees payable, distributions payable, accounts payable and accrued expenses and net assets attributable to holders of participating shares.



78


(c) Liquidity risk (continued)


30 September 2021 Less than 1 month to 1 month 3 months 1 year Total GBP GBP GBP GBP Liabilities Investment management fees payable - 372,489 - 372,489 Management company fees payable - 5,543 - 5,543 Accounts payable and accrued expenses - 118,423 - 118,423 Net assets attributable to holders of participating shares 272,058,522 - - 272,058,522 Total 272,058,522 496,455 - 272,554,977 Resolution (Irl) Global Equity Fund

30 September 2020 Less than 1 month to 1 month 3 months 1 year Total GBP GBP GBP GBP Liabilities Due to broker 721 - - 721 Investment management fees payable - 170,272 - 170,272 Management company fees payable - 600 - 600 Accounts payable and accrued expenses - 100,858 - 100,858 Net assets attributable to holders of participating shares 222,711,164 - - 222,711,164 Total 222,711,885 271,730 - 222,983,615 Resolution (Irl) Global Fixed Income Fund

30 September 2021 Less than 1 month to 1 month 3 months 1 year Total USD USD USD USD Liabilities Financial liabilities at fair value through profit or loss - 883,149 - 883,149 Investment management fees payable - 269,869 - 269,869 Management company fees payable - 5,666 - 5,666 Accounts payable and accrued expenses - 152,215 - 152,215 Net assets attributable to holders of participating shares 203,535,379 - - 203,535,379 Total 203,535,379 1,310,899 - 204,846,278 Resolution (Irl) Global Fixed Income Fund

30 September 2020 Less than 1 month to 1 month 3 months 1 year Total USD USD USD USD Liabilities Financial liabilities at fair value through profit or loss - 401,397 - 401,397 Due to broker 4,144 - - 4,144 Investment management fees payable - 136,725 - 136,725 Accounts payable and accrued expenses - 162,578 - 162,578 Net assets attributable to holders of participating shares 198,994,095 - - 198,994,095 Total 198,998,239 700,700 - 199,698,939



79



Resolution (Irl) UK Fixed Income Fund

30 September 2021 Less than 1 month to 1 month 3 months 1 year Total GBP GBP GBP GBP Liabilities Due to broker 511,211 - - 511,211 Investment management fees payable - 173,994 - 173,994 Management company fees payable - 1,679 - 1,679 Accounts payable and accrued expenses - 85,925 - 85,925 Net assets attributable to holders of participating shares 130,308,430 - - 130,308,430 Total 130,819,641 261,598 - 131,081,239 Resolution (Irl) UK Fixed Income Fund

30 September 2020 Less than 1 month to 1 month 3 months 1 year Total GBP GBP GBP GBP Liabilities Due to broker 1,297 - - 1,297 Investment management fees payable - 83,405 - 83,405 Management company fees payable - 183 - 183 Accounts payable and accrued expenses - 92,502 - 92,502 Net assets attributable to holders of participating shares 113,157,996 - - 113,157,996 Total 113,159,293 176,090 - 113,335,383 Resolution (Irl) World Equity Fund

30 September 2021 Less than 1 month to 1 month 3 months 1 year Total USD USD USD USD Liabilities Investment management fees payable - 559,030 - 559,030 Management company fees payable - 7,473 - 7,473 Accounts payable and accrued expenses - 175,507 - 175,507 Net assets attributable to holders of participating shares 400,157,638 - - 400,157,638 Total 400,157,638 742,010 - 400,899,648 Resolution (Irl) World Equity Fund

30 September 2020 Less than 1 month to 1 month 3 months 1 year Total USD USD USD USD Liabilities Due to broker 8,140 - - 8,140 Investment management fees payable - 234,476 - 234,476 Management company fees payable - 3,135 - 3,135 Accounts payable and accrued expenses - 171,708 - 171,708 Net assets attributable to holders of participating shares 317,332,803 - - 317,332,803 Total 317,340,943 409,319 - 317,750,262



80




30 September 2021 Less than 1 month to 1 month 3 months 1 year Total GBP GBP GBP GBP Liabilities Financial liabilities at fair value through profit or loss - 654,985 - 654,985 Due to broker 511,211 - - 511,211 Investment management fees payable - 1,161,234 - 1,161,234 Management company fees payable - 16,967 - 16,967 Accounts payable and accrued expenses - 447,400 - 447,400 Net assets attributable to holders of participating shares 850,094,187 - - 850,094,187 Total 850,605,398 2,280,586 - 852,885,984 The Resolution Fund International (Ireland) Plc

30 September 2020 Less than 1 month to 1 month 3 months 1 year Total GBP GBP GBP GBP Liabilities Financial liabilities at fair value through profit or loss - 310,487 - 310,487 Due to broker 11,520 - - 11,520 Investment management fees payable - 540,806 - 540,806 Management company fees payable - 3,208 - 3,208 Accounts payable and accrued expenses - 451,935 - 451,935 Net assets attributable to holders of participating shares 735,255,684 - - 735,255,684 Total 735,267,204 1,306,436 - 736,573,640

The total net asset value (NAV) of the sub-fund is considered to be a liability of the fund, investors may choose to redeem part or all of their outstanding shares. The carrying value of the financial liabilities at fair value through profit or loss is the same as the contractual cash flow being short term in nature. Involvement with unconsolidated structured entities The Company has concluded that listed open-ended investment funds in which it invests, but that it does not consolidate, meet the definition of structured entities because the contractual cash flow is short term in nature. The table below describes the types of structured entities that the Company does not consolidate but in which it holds an interest.

Resolution (Irl) Global Equity Fund 30 September 2021 Total Assets of Percentage of Fund Type Fund Strategy Market Value Structured Entities Total Assets GBP GBP ETF Blend 94,453,619 22,482,868,087 0.42% OEIC Blend 21,875,756 1,761,786,000 1.24% OEIC Value 22,062,569 2,141,985,000 1.03% Open-End Fund Blend 33,330,938 17,440,592,832 0.19% Open-End Fund Growth 11,632,579 3,395,389,644 0.34% SICAV Blend 33,285,339 19,996,459,155 0.17% Unit Trust Blend 10,636,060 6,384,511,000 0.17% Unit Trust Value 18,319,411 4,844,839,000 0.38% Total 245,596,271 78,448,430,718



81


Involvement with unconsolidated structured entities (continued) The table below describes the types of structured entities that the Company does not consolidate but in which it holds an interest (continued). Resolution (Irl) Global Equity Fund 30 September 2020 Total Assets of Percentage of Fund Type Fund Strategy Market Value Structured Entities Total Assets GBP GBP ETF Blend 56,476,086 15,134,765,324 0.37% OEIC Blend 31,181,694 2,135,121,274 1.46% OEIC Value 21,350,955 2,582,805,000 0.83% Open-End Fund Blend 51,024,269 19,686,795,589 0.26% SICAV Blend 18,824,696 11,154,320,100 0.17% Unit Trust Blend 17,524,438 11,155,265,600 0.16% Unit Trust Value 16,529,555 4,131,010,000 0.40% Total 212,911,693 65,980,082,887 Resolution (Irl) Global Fixed Income Fund 30 September 2021 Total Assets of Percentage of Fund Type Fund Strategy Market Value Structured Entities Total Assets USD USD ETF Corporate 1,231,824 1,732,856,273 0.07% OEIC Government 8,408,451 2,357,861,000 0.36% SICAV Aggregate 18,579,524 18,253,838,000 0.10% SICAV Corporate 8,013,394 11,825,183,967 0.07% Total 36,233,193 34,169,739,240 Resolution (Irl) Global Fixed Income Fund 30 September 2020 Total Assets of Percentage of Fund Type Fund Strategy Market Value Structured Entities Total Assets USD USD ETF Corporate 1,545,514 1,272,582,400 0.12% OEIC Government 7,767,812 1,735,860,000 0.45% SICAV Aggregate 22,956,479 18,843,374,000 0.12% SICAV Corporate 7,020,101 12,451,100,400 0.06% Total 39,289,906 34,302,916,800 Resolution (Irl) UK Fixed Income Fund 30 September 2021 Total Assets of Percentage of Fund Type Fund Strategy Market Value Structured Entities Total Assets GBP GBP ETF Corporate 10,497,575 1,435,260,306 0.73% ETF Government 17,229,327 1,181,378,000 1.46% OEIC Government 3,854,944 1,748,589,718 0.22% Open-End Fund Corporate 7,835,564 1,559,149,481 0.50% Open-End Fund Currency

3,848,972 896,262,200 0.43%

SICAV Aggregate 56,970,166 16,490,460,877 0.35% SICAV Corporate 25,580,721 10,117,072,894 0.25% Total 125,817,269 33,428,173,476



82


Involvement with unconsolidated structured entities (continued) The table below describes the types of structured entities that the Company does not consolidate but in which it holds an interest (continued). Resolution (Irl) UK Fixed Income Fund 30 September 2020 Total Assets of Percentage of Fund Type Fund Strategy Market Value Structured Entities Total Assets GBP GBP ETF Corporate 9,085,603 1,865,521,658 0.49% ETF Government 14,552,871 1,157,079,500 1.26% OEIC Government 3,502,934 1,336,609,274 0.26% Open-End Fund Corporate 9,030,764 1,646,221,500 0.55% Open-End Fund Currency Focused 3,163,469 1,217,530,000 0.26% SICAV Aggregate 48,386,069 18,479,681,180 0.26% SICAV Corporate 22,910,777 11,446,325,100 0.20% Total 110,632,487 37,148,968,212 Resolution (Irl) World Equity Fund 30 September 2021 Total Assets of Percentage of Fund Type Fund Strategy Market Value Structured Entities Total Assets USD USD ETF Blend 155,166,065 42,766,610,203 0.36% OEIC Blend 6,685,813 2,375,504,153 0.28% OEIC Value 21,887,266 4,542,329,570 0.48% Open-End Fund Blend 70,272,520 23,517,520,000 0.30% Open-End Fund Growth 24,181,180 4,578,465,000 0.53% SICAV Blend 67,590,075 26,963,680,516 0.25% Unit Trust Blend 3,509,528 8,608,555,407 0.04% Unit Trust Value 5,510,752 6,532,538,666 0.08% Total 354,803,199 119,885,203,515 Resolution (Irl) World Equity Fund 30 September 2020 Total Assets of Percentage of Fund Type Fund Strategy Market Value Structured Entities Total Assets USD USD ETF Blend 121,029,727 29,353,369,498 0.41% OEIC Blend 35,544,717 2,759,408,200 1.29% OEIC Value 16,316,239 3,331,818,450 0.49% Open-End Fund Blend 60,583,862 20,612,495,782 0.29% SICAV Blend 54,672,506 20,041,043,467 0.27% Unit Trust Blend 7,761,803 8,596,244,724 0.09% Unit Trust Value 4,965,757 5,329,002,900 0.09% Total 300,874,611 90,023,383,021



83

10. Taxation

The Company is an investment undertaking as defined in section 739B of the Taxes Consolidation Act, 1997. Therefore the Company is not liable to tax in respect of its income and gains, other than on the occurrence of a chargeable event. Generally a chargeable event arises on redemption, repurchase, cancellation, transfer of shares or on the ending of a ‘Relevant Period’. A ‘Relevant Period’ is an eight year period beginning with the acquisition of the shares by the Shareholder and each subsequent period of eight years beginning immediately after the preceding Relevant Period.

A gain on a chargeable event does not arise in respect of: • An exchange by a shareholder, effected by way of an arm’s length bargain where no payment is made to the

shareholder, of shares in the Company for other shares in the Company; • Any transactions (which might otherwise be considered a chargeable event) in relation to shares held in a

recognised clearing system as designated by order of the Irish Revenue Commissioners; • A transfer by a shareholder of the entitlement to shares where the transfer is between spouses and former

spouses, subject to certain conditions; or • An exchange of shares arising on a qualifying amalgamation or reconstruction (within the meaning of Section

739H of the Taxes Act) of the Company with another investment undertaking.

In the absence of an appropriate declaration, the Company will be liable to Irish tax on the occurrence of a chargeable event. The VAT liability due but not yet paid to revenue was GBP Nil as at 30 September 2021 (2020: GBP Nil). Capital gains, dividends and interest received may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Company or its shareholders.

11. Segregation of liabilities between sub-funds As a matter of Irish law, the assets of one sub-fund will not be available to meet the liabilities of another. However, the Company is a single legal entity which may operate or have assets held on behalf of or be subject to claims in other jurisdictions which may not necessarily recognise such ring-fencing and, in such circumstances, the assets of one sub-fund may be exposed to the liabilities of another. Shareholders who choose or are obliged under local regulations to pay or receive subscription or redemption monies or dividends via an intermediate entity rather than directly to or from the Administrator (e.g. a Paying Agent in a local jurisdiction) bear a credit risk against that intermediate entity with respect to (a) subscription monies prior to the transmission of such monies to the Administrator for the account of the Company and (b) redemption monies payable by such intermediate entity to the relevant shareholder.



84

12. Fees and expenses

Investment management fee

The Company has appointed UBS AG, London Branch as an Investment Manager in accordance with the Investment Manager Agreement. A fee payable to the Investment Manager will accrue daily and be payable monthly in arrears out of the assets of the Company with properly vouched expenses. The fees of the Investment Manager of each of the sub-fund is set out in the table below: Resolution (Irl) Global Equity Fund Aggregate Fees Class B Shares 1.25% Class C Shares 1.00% Class F Shares 0.75%

Resolution (Irl) Global Fixed Income Fund Aggregate Fees Class B Shares 1.25% Class C Shares 1.00% Class D Shares 0.80% Class E Shares 0.60% Class F Shares 0.75% Resolution (Irl) UK Fixed Income Fund Aggregate Fees Class B Shares 1.25% Class C Shares 1.00% Class D Shares 0.80% Class E Shares 0.60% Class F Shares 0.75% Resolution (Irl) World Equity Fund Aggregate Fees Class B Shares 1.25% Class C Shares 1.00% Class F Shares 0.75% During the year ended 30 September 2021, the Investment Manager charged fees of GBP1,974,908 (2020: GBP1,847,206) for Resolution (Irl) Global Equity Fund. At 30 September 2021, GBP372,489 (2020: GBP170,272) was payable. During the year ended 30 September 2021, the Investment Manager charged fees of USD1,570,053 (2020: USD1,481,032) for Resolution (Irl) Global Fixed Income Fund. At 30 September 2021, USD269,869 (2020: USD136,725) was payable. During the year ended 30 September 2021, the Investment Manager charged fees of GBP936,827 (2020: GBP945,121) for Resolution (Irl) UK Fixed Income Fund. At 30 September 2021, GBP173,994 (2020: GBP83,405) was payable. During the year ended 30 September 2021, the Investment Manager charged fees of USD2,935,906 (2020: USD2,450,151) for Resolution (Irl) World Equity Fund. At 30 September 2021, USD559,030 (2020: USD234,476) was payable. Management company fee

The board of Directors has appointed Carne Global Fund Managers (Ireland) Limited as the Management Company. The Management Company shall receive fee out of the Company Asset Under Administration; 3 basis points from £0 - 1 billion, 1.5 basis points from £1 – 3 billion, and 1.25 basis points in excess of 3 billion subject to a minimum of £150,000 per annum including existing four Funds. Additional Sub-Fund subject to a minimum fee of £18,000 per annum.



85

12. Fees and expenses (continued)

Management company fee (continued) During the year ended 30 September 2021, the Management company charged fees of GBP74,934 (2020: GBP73,542) for Resolution (Irl) Global Equity Fund. At 30 September 2021, GBP5,543 (2020: GBP600) was payable. During the year ended 30 September 2021, the Management company charged fees of USD60,895 (2020: USD69,338) for Resolution (Irl) Global Fixed Income Fund. At 30 September 2021, USD5,666 (2020: USDNil) was payable. During the year ended 30 September 2021, the Management company charged fees of GBP35,838 (2020: GBP45,860) for Resolution (Irl) UK Fixed Income Fund. At 30 September 2021, GBP1,679 (2020: GBP183) was payable. During the year ended 30 September 2021, the Management company charged fees of USD111,324 (2020: USD114,416) for Resolution (Irl) World Equity Fund. At 30 September 2021, USD7,473 (2020: USD3,135) was payable.

Administration fee

The Company has appointed MUFG Alternative Fund Services (Ireland) Limited (the “Administrator”) to act as Administrator. The Company shall pay to the Administrator each quarter in arrears from the effective date hereof the fee set forth below calculated as a percentage of the gross Net Asset Value of the sub-fund at the last valuation day in the calendar quarter to which such fee relates or such adjusted fee as may be agreed between the parties and confirmed in writing, which fee shall accrue on a daily basis and shall be payable in Euros:

Fees charged per sub-fund NAV Tiers €0 to

€50M €50M to €100M

€100M to €200M

€200M to €500M

€500M to €1,000M

Thereafter

Administration & Share Register 0.080% 0.070% 0.060% 0.050% 0.040% 0.020%

Subject to the following Fund Administration and Transfer Agency minimum fee per sub-fund p.a. €30,000 Tax reporting per share class per jurisdiction (UK/Germany) €3,000 Additional share-class unhedged (1st share class free per sub-fund) €5,000 Drafting of financial statements and management of audit process (ex VAT @ 21%) €2,500 Corporate Secretarial: €4,000 p.a. for an umbrella with an additional cost per sub-fund of: €1,000 During the year ended 30 September 2021, the Administrator charged fees of GBP169,098 (2020: GBP136,877) for Resolution (Irl) Global Equity Fund. At 30 September 2021, GBP45,466 (2020: GBP47,799) was payable. During the year ended 30 September 2021, the Administrator charged fees of USD206,201 (2020: USD186,066) for Resolution (Irl) Global Fixed Income Fund. At 30 September 2021, USD85,823 (2020: USD83,313) was payable. During the year ended 30 September 2021, the Administrator charged fees of GBP107,159 (2020: GBP95,491) for Resolution (Irl) UK Fixed Income Fund. At 30 September 2021, GBP36,351 (2020: GBP39,247) was payable. During the year ended 30 September 2021, the Administrator charged fees of USD273,313 (2020: USD218,754) for Resolution (Irl) World Equity Fund. At 30 September 2021, USD99,271 (2020: USD85,368) was payable.



86


Directors’ fees The Directors will be entitled to reimbursement by the Company of expenses properly incurred in connection with the business of the Company or the discharge of their duties. The fees of any Director in any accounting period shall not in any event exceed €50,000 (plus VAT, if any thereon) without the approval of the Board. For the year ended 30 September 2021 Directors fees amounted to GBP35,905 (2020: GBP33,355) and GBPNil (2020: GBPNil) was payable at 30 September 2021. The Directors of the Company related to UBS are not entitled to receive Directors' fees. Mr. Tom Hill is Managing Director, Group Country Head, UBS Jersey. No other amount was paid to the Directors for the year ended 30 September 2021 (2020:Nil).

Auditor fees During the year ended 30 September 2021, the auditor’s charged statutory audit fees of GBP33,197 (2020: GBP42,148) to the Company. At 30 September 2021, GBP35,474 (2020: GBP37,334) was payable. No fees for other assurance services, tax advisory services or other non-audit services were incurred by the Company for the year ended 30 September 2021 (2020: Nil). Depositary fee

The Depositary shall be entitled to receive out of the assets of the company an annual fee, accrued at each valuation point and payable monthly in arrears, which shall not exceed 0.05% per annum of the net asset value of each sub-fund subject to a minimum annual fee of €10,000 (plus VAT, if any thereon) per sub-fund. During the year, the Depositary charged fees of GBP279,075 (2020: GBP300,183) of which GBP55,019 (2020: GBP103,747) was payable at 30 September 2021. Distributions During the year the Company incurred distributions of GBP4,954,851 (2020: GBP6,371,637) and GBP Nil (2020: GBP Nil) was payable as at 30 September 2021. Resolution (Irl) Global Equity Fund Ex date Dividend per share Dividend GBP GBP Class C GBP Distributing 3/4/2021 0.68 192,305 Class F GBP Distributing 3/4/2021 0.84 859,441 1,051,746 Class F GBP Distributing 3/24/2021 0.07 71,517 71,517 Class C GBP Distributing 4/14/2021 0.17 47,531 Class F GBP Distributing 4/14/2021 0.31 318,305 365,836 Total 1,489,099



87


Distributions (continued) Resolution (Irl) Global Fixed Income Fund Ex date Dividend per share Dividend Class Currency USD Class C USD Distributing 3/4/2021 0.32 54,580 Class C EUR Distributing 3/4/2021 0.19 19,741 Class E USD Distributing 3/4/2021 0.07 5,148 Class F USD Distributing 3/4/2021 0.51 441,753 Class F EUR Distributing 3/4/2021 0.41 56,074 577,296 Class C USD Distributing 3/24/2021 0.70 119,194 Class C EUR Distributing 3/24/2021 0.57 60,993 Class E USD Distributing 3/24/2021 0.87 61,656 Class F USD Distributing 3/24/2021 0.87 755,845 Class F EUR Distributing 3/24/2021 1.04 99,897 1,097,585 Class C USD Distributing 4/14/2021 0.20 34,069 Class C EUR Distributing 4/14/2021 0.16 18,147 Class E USD Distributing 4/14/2021 0.30 21,636 Class F USD Distributing 4/14/2021 0.27 235,047 Class F EUR Distributing 4/14/2021 0.31 30,252 339,151 Class C USD Distributing 7/22/2021 0.28 49,548 Class C EUR Distributing 7/22/2021 0.24 29,462 Class E USD Distributing 7/22/2021 0.40 28,145 Class E EUR Distributing 7/22/2021 0.41 1,966 Class F USD Distributing 7/22/2021 0.38 319,396 Class F EUR Distributing 7/22/2021 0.31 32,427 460,944 Total 2,474,976



88


Distributions (continued)

Resolution (Irl) UK Fixed Income Fund Ex date Dividend per share Dividend GBP GBP Class C GBP Distributing 3/4/2021 0.07 16,236 Class F GBP Distributing 3/4/2021 0.20 118,162 134,398 Class C GBP Distributing 3/24/2021 0.99 234,610 Class E GBP Distributing 3/24/2021 1.06 128,996 Class F GBP Distributing 3/24/2021 1.00 639,461 1,003,067 Class C GBP Distributing 4/14/2021 0.08 18,875 Class E GBP Distributing 4/14/2021 0.17 20,734 Class F GBP Distributing 4/14/2021 0.14 92,758 132,367 Total 1,269,832 Resolution (Irl) World Equity Fund Ex date Dividend per share Dividend Class Currency USD Class C USD Distributing 3/4/2021 0.20 44,928 Class C EUR Distributing 3/4/2021 0.15 17,561 Class F USD Distributing 3/4/2021 0.33 340,511 Class F EUR Distributing 3/4/2021 0.33 52,070 455,070 Class F USD Distributing 4/14/2021 0.06 69,122 Class F EUR Distributing 4/14/2021 0.05 7,070 76,192 Total 531,262



89

13. Other income and expenses For the year ended 30 September 2021 The Resolution


International Global Equity Global Fixed UK Fixed World Equity (Ireland) Plc Fund Income Fund Income Fund Fund Total Other income GBP USD GBP USD GBP Bank interest 5 32,813 - - 23,973 Interest on fixed income securities - 3,562,154 1,334 13 2,603,335 Anti-dilution levy 62,356 83,340 31,492 86,418 217,849 Other income 1,206 6,348 2,001 2,559 9,713 Total 63,567 3,684,655 34,827 88,990 2,854,870 For the year ended 30 September 2020 The Resolution


International Global Equity Global Fixed UK Fixed World Equity (Ireland) Plc Fund Income Fund Income Fund Fund Total Other income GBP USD GBP USD GBP Bank interest 8,447 44,679 1,064 71,345 100,478 Interest on fixed income securities 154 3,765,997 19,828 296 2,972,901 Anti-dilution levy 95,050 154,947 84,711 182,824 444,587 Other income 8,461 15,439 11,645 1,602 33,467 Total 112,112 3,981,062 117,248 256,067 3,551,433 For the year ended 30 September 2021

The Resolution

Fund Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World Equity (Ireland) Plc Fund Income Fund Income Fund Fund Total Other expenses GBP USD GBP USD GBP Bank Interest 1,902 43,648 23 23,500 50,974 Custody transactions fees 7,383 14,496 8,857 15,465 38,125 Legal fees 7,393 10,115 7,393 10,115 29,563 VAT 34,703 - 5,548 12,255 49,203 Other fees 13,678 11,519 6,713 19,318 42,916 Total 65,059 79,778 28,534 80,653 210,781



90

13. Other income and expenses (continued) For the year ended 30 September 2020

The Resolution

Fund Resolution (Irl) Resolution (Irl) Resolution (Irl) Resolution (Irl) International Global Equity Global Fixed UK Fixed World Equity (Ireland) Plc Fund Income Fund Income Fund Fund Total Other expenses GBP USD GBP USD GBP Custody transactions fees 10,419 28,225 5,095 25,366 57,531 Legal fees 5,279 9,507 6,796 9,507 26,983 Insurance fees 4,404 4,625 3,380 5,767 15,931 VAT 5,287 20,226 7,580 13,485 39,298 Other fees 989 229 389 571 2,008 Total 26,378 62,812 23,240 54,696 141,751 14. Related party relationships and transactions

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions.

(a) Mr. Donohoe is the CEO and Principal of Carne Global Financial Services Limited which provides Support

Services to the Company. Mr. Tom Hill is Managing Director, Group Country Head, UBS Jersey. Andrea Franceshetto is the head of investment platforms and solutions (IPS) for the UBS UK and Jersey.

(b) Mr. Waters holds Directorships in Merian North American Fund and UBS (Irl) Select Money Market Fund into which the Company invests.

(c) Other parties considered to be related to the Company are: • The Administrator, MUFG Alternative Fund Services (Ireland) Ltd (Note 12) is connected through their

affiliation with Mitsubishi UFJ Investor Services and Banking (Luxembourg) S.A. Dublin Branch, the Depositary of the Company as of 30 September 2021.

• The Investment Manager who may also invest in funds managed by UBS Group, UBS AG, London Branch (Note 12).

• UBS Europe SE, Luxembourg Branch, the Sub-Custodian and the following Shareholder who have significant holdings in the sub-funds:

- UBS Private Banking Nominees Ltd.

(d) John Donohoe, a Director of the Company, is the CEO and Principal of Carne Global Financial Services Limited, the parent Company of the Manager. Carne Global Financial Services Limited earned fees during the year in respect of Director support services and other fund governance services provided to the Company, the fees amounted to GBP9,412 (30 September 2020: GBP9,923) and GBP38,422 (30 September 2020: GBP39,285), respectively, of which GBP11,958 (30 September 2020: GBPNil) was payable at year end.



91

14. Related party relationships and transactions (Continued) The table below identifies significant shareholders percentage holding in the sub-funds of the Company.

Global Equity Fund (GBP) 30 September 2021 30 September 2020 Clearstream 94.48% 94.48% UBS Private Banking Nominees Ltd 5.29% 5.51% Total 99.77% 99.99%

Global Fixed Income Fund (USD) 30 September 2021 30 September 2020 Clearstream 71.37% 71.14% UBS Private Banking Nominees Ltd 28.51% 27.73% Total 99.88% 98.87%

UK Fixed Income Fund (GBP) 30 September 2021 30 September 2020 Clearstream 94.39% 93.99% UBS Private Banking Nominees Ltd 5.45% 5.83% Total 99.84% 99.82%

World Equity Fund (USD) 30 September 2021 30 September 2020 Clearstream 67.50% 68.94% UBS Private Banking Nominees Ltd 32.41% 30.95% Total 99.91% 99.89%

15. Foreign exchange rates

The following foreign exchange rates were used to translate assets and liabilities into the reporting currency GBP at 30 September 2021. 30 September 2021 30 September 2020 Australian Dollars 0.536 0.554 Canadian Dollars 0.585 0.579 Euro 0.860 0.907 Swiss Franc 0.795 0.842 United States Dollars 0.742 0.774

16. Commitments and contingent liabilities

As at 30 September 2021, the Company did not have any significant commitments, contingent liabilities, contingencies or any charge on the assets of the Company.

17. Significant events during the year

The outbreak of Coronavirus (COVID-19), declared by the World Health Organisation as a global pandemic on the 11 March 2020, continues to impact many aspects of daily life and the global economy. Travel, movement and operational restrictions have been implemented by many countries. In some cases, lockdowns have been applied – in varying degrees – to reflect further waves of COVID-19. While these may imply a new stage of the crisis, they are not unprecedented in the same way as the initial impact. The pandemic and the measures taken to tackle COVID-19, including the development and roll out of vaccines globally, continue to affect economies and public equity markets globally. The success of vaccine programs is expected to have a major impact on the speed and nature of economic recovery but the timing and form of the recovery remains uncertain, particularly with the emergence of new strains of COVID-19. The Directors are continuing to utilise business continuity and resilience processes with the objective of mitigating the impact of COVID-19.



92

17. Significant events during the year (Continued)

The Investment Manager has continued to provide full liquidity and active management throughout this period. The Funds are a going concern, financially stable and able to meet obligations to shareholders. We foresee no reason for this to change as the situation continues to evolve. On 9 March 2021 an addendum to the prospectus of the Fund was filed in accordance with the Sustainable Finance Disclosure Regulation requirements.

18. Significant events after the year end

Omicron, a new "variant of concern," injected volatility back into risk assets in December. But despite this, equities have continued to advance. While mindful of risks around COVID-19 variants and inflation, we keep a positive outlook on equities for the start of 2022. Global economic growth is likely to remain above trend for the first half of 2022, monetary policy is still accommodative, even if emergency support measures are being scaled back, and we expect 10% growth in global corporate earnings in the year ahead. Other risk factors appear to be subsiding too, with energy prices coming off, supply chain issues showing some signs of easing, the Fed taking a data-based approach to its inflation policy, and China on track to offer some incremental easing. We continue to favour winners from global growth, including energy, financials, and Eurozone and Japanese equities. On 13 December 2021, an addendum to the prospectus of the Fund was filed and noted by the Central Bank in respect of the Taxonomy disclosure requirements under the Sustainable Finance Disclosure Regulation. There were no other significant post balance sheet events that require adjustment to or additional disclosure in these financial statements.

19. Soft commissions

The Investment Manager may make use of arrangements to enable it to obtain execution and research services which are beneficial to the sub-funds, both from counterparties and third parties. All transactions undertaken and the services provided under these arrangements in respect of the sub-funds will be subject to Financial Conduct Authority rules and to the fundamental rule of providing best execution to the sub-funds, being the best price available in the market, exclusive of any charges, but taking into account any exceptional circumstances such as counterparty risk, order size or client instructions. There were no soft commissions arrangements during the year ended 30 September 2021.

20. Efficient portfolio management The Investment Manager may utilise techniques and instruments for the purpose of efficient portfolio management to hedge against market movements, currency exchange or interest rate risk within the limits stipulated by the Central Bank of Ireland (the “Central Bank”). These instruments include forward foreign exchange contracts, futures contracts, options, put and call options on securities, indices and currencies, stock index contracts, interest rate swap contracts, repurchase/reverse repurchase agreements and stock lending agreements.

21. Cross investments

There were no cross investments made by the sub-funds during the year.

22. Approval of financial statements

The accounts were approved and authorised for issue by the board on 26 January 2022.

The Resolution Fund International (Ireland) Plc Supplemental Unaudited Information

93

SCHEDULE OF INVESTMENTS As at 30 September 2021 Resolution (Irl) Global Equity Fund

Shares / Nominal Fair value Percentage of GBP net assets Financial assets at fair value through profit or loss Collective Investment Schemes 94.36% (2020: 95.60%)

Ireland

Brown Advisory US Sustainable Growth Fund 761,793 11,632,579 4.28% Federated Hermes Global Emerging Markets Equity Fund 4,294,255 7,242,691 2.66% Findlay Park American Fund 137,215 18,765,488 6.90% Gam Star Continantel European Equity Fund 247,256 7,322,758 2.69%

44,963,516 16.53% Luxembourg

Blackrock Continental European Flexible Fund 440,944 10,759,966 3.95% Morgan Stanley Investment Funds - US Advantage Fund ZX Inc 93,245 11,268,658 4.13% Ninety One Global Strategy Fund - Emerging Markets Equity Fund 345,298 11,256,715 4.14%

33,285,339 12.22% Switzerland

UBS ETF MSCI Acwi Sf UCITS ETF* 78,491 7,890,140 2.90% UBS ETF MSCI Canada 100% Hedged to GBP UCITS ETF* 367,059 10,946,291 4.02% UBS ETF MSCI Switzerland 20/35 UCITS ETF* 279,974 4,974,859 1.83% UBS ETF S&P 500 Fund* 237,685 12,424,103 4.58% 36,235,393 13.33% United Kingdom

Artemis Income Fund Class E 18,143,419 18,319,411 6.73% iShares FTSE 250 UCITS ETF 96,704 2,099,927 0.77% iShares MSCI Europe ex-UK UCITS ETF 153,208 5,179,196 1.90% iShares MSCI Japan UCITS ETF Dist 1,436,287 18,876,402 6.94% J O Hambro Capital Management Uk Umbrella Fund - UK Equity Income Fund 16,777,619 22,062,569 8.11% Liontrust Special Situations Fund I Inc 2,064,894 10,636,060 3.91% Threadneedle Investment Funds ICVC UK Fund 18,245,001 21,875,756 8.04% UBS ETF MSCI Emerging Markets* 32,654 3,002,046 1.10% Vanguard FTSE 100 UCITS ETF 752,352 23,292,818 8.56% Xtrackers MSCI World Energy UCITS ETF 258,546 5,767,837 2.12% 131,112,022 48.18% United States of America ARL US Equity Income Luxemburg Fund 12,811,588 11,143,568 4.10% 11,143,568 4.10% Total collective investment schemes 256,739,838 94.36% Total financial assets at fair value through profit or loss 256,739,838 94.36% *UBS managed funds


94

SCHEDULE OF INVESTMENTS As at 30 September 2021 Resolution (Irl) Global Equity Fund (continued) Fair value Percentage of GBP net assets Total net investments 256,739,838 94.36% Other assets in excess of other liabilities 15,318,684 5.64% Net assets attributable to holders of redeemable participating shares 272,058,522 100.00% Fair value % of GBP total assets Analysis of total assets

Collective Investment schemes 256,739,838 94.20% Interest, dividend and other receivables 312,487 0.11% Deposits with credit institutions 15,501,008 5.69% Due from brokers 1,644 0.00% Total assets 272,554,977 100.00%


95

SCHEDULE OF INVESTMENTS As at 30 September 2021 Resolution (Irl) Global Fixed Income Fund Shares / Nominal Fair value Percentage of USD net assets Financial assets at fair value through profit or loss Collective Investment Schemes 17.80% (2020: 19.74%) Ireland

Vanguard -US Treasury I-P SSEC I-SIU 78,378 8,408,451 4.13% 8,408,451 4.13% Luxembourg

Ashmore SICAV - Emerging Markets Corporate Debt Fund 17,915 1,737,712 0.85% AXA World Funds - US High Yield Bonds 21,323 2,177,036 1.07% Goldman Sachs - SICAV I - Emerging Markets Debt Portfolio IS USD 807,259 8,201,747 4.02% Goldman Sachs - SICAV I - Emerging Markets Corporate Bond Portfolio 36,309 4,310,599 2.12% Goldman Sachs - SICAV I - GS Global High Yield PTF 218,503 2,101,998 1.03% JP Morgan Funds - Emerging Markets Debt Fund 17,586 1,788,144 0.88% Nordea 1 SICAV - European High Yield Bond Fund USD 254,989 4,143,571 2.04% UBAM Global High Yield Solution Fund 21,906 2,132,111 1.05%

26,592,918 13.06% United Kingdom

UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF 83,091 1,231,824 0.61% 1,231,824 0.61%

Total collective investment schemes 36,233,193 17.80%

Transferable securities listed or traded on a regulated market 75.96% (2020: 74.04%) Bonds Canada

Province of Quebec 1.350% 05/28/30 3,700,000 3,603,430 1.78% Province of Quebec 2.625% 02/13/23 1,700,000 1,754,566 0.86% Royal Bank of Canada Flt 02/01/22 3,500,000 3,508,850 1.72% 8,866,846 4.36% Denmark

Kommunekredit 0.625% 06/10/25 3,500,000 3,481,888 1.71% 3,481,888 1.71% France

Caisse D'Amort Dette Soc 3.375% 03/20/24 3,970,000 4,252,544 2.09% Electricite De France Sa 3.625% 10/13/25 1,447,000 1,573,130 0.77%

5,825,674 2.86% Germany Enbw Flt 04/05/77 3,000,000 3,032,865 1.49% Kreditanstalt Fuer Wiederaufbau 2.875% 04/03/28 3,000,000 3,296,302 1.62% Landwirtsch. Rentenbank 1.750% 07/27/26 4,140,000 4,284,985 2.11% Nrw Bank 1.875% 07/31/24 3,400,000 3,521,856 1.73% 14,136,008 6.95% *UBS managed funds


96

SCHEDULE OF INVESTMENTS As at 30 September 2021 Resolution (Irl) Global Fixed Income Fund (continued) Shares / Nominal Fair value Percentage of USD net assets Financial assets at fair value through profit or loss (continued)

Transferable securities listed or traded on a regulated market 75.96% (2020: 74.04%) (continued)

Bonds (continued) Hong Kong

Cnooc Finance 2013 Ltd 3.000% 05/09/23 3,500,000 3,615,522 1.78% 3,615,522 1.78% Japan

Japan Finance Organization For Municipalities 0.625% 09/02/25 3,900,000 3,842,663 1.89% Japan International Cooperation Agency 1.000% 07/22/30 4,000,000 3,771,321 1.85% Sumitomo Mitsui Financial Group Inc 2.784% 07/12/22 1,520,000 1,550,042 0.76% 9,164,026 4.50% Korea, Republic

Export-Import Bank Korea 2.375% 04/21/27 4,040,000 4,255,133 2.09% 4,255,133 2.09% Luxembourg

European Investment Bank 0.625% 10/21/27 1,800,000 1,740,897 0.86% Gazprom OAA VIA Gaz Capital SA 1,450,000 1,609,061 0.79% 3,349,958 1.65% Mexico

Petroleos Mexicanos 4.250% 01/15/25 1,500,000 1,530,255 0.75% 1,530,255 0.75% Netherlands

BNG Bank NV 2.375% 03/16/26 3,300,000 3,500,072 1.72% EDP Finance Bv 3.625% 07/15/24 1,341,000 1,433,337 0.70% NedWaterBank 1,875% 14/04/2022 4,250,000 4,289,028 2.11% Teva Pharmaceuticals Ne 2.800% 07/21/23 1,670,000 1,662,134 0.82% 10,884,571 5.35% Norway

Equinor Asa 2.650% 01/15/24 4,600,000 4,810,263 2.36% 4,810,263 2.36%

Philippines Asian Development Bank 1.750% 08/14/26 4,120,000 4,262,709 2.09% 4,262,709 2.09% United Kingdom BP Capital Markets Plc 1,500,000 1,602,225 0.79% Deutsche Bank Ag London 3.700% 05/30/24 1,372,000 1,462,090 0.72% European Bank for Reconstruction & Development 1.875% 02/23/22 4,260,000 4,288,964 2.10% Lloyds Banking Group Plc 4.650% 03/24/26 1,189,000 1,336,731 0.66% 8,690,010 4.27%


97

SCHEDULE OF INVESTMENTS As at 30 September 2021 Resolution (Irl) Global Fixed Income Fund (continued) Shares / Nominal Fair value Percentage of USD net assets Financial assets at fair value through profit or loss (continued)

Transferable securities listed or traded on a regulated market 75.96% (2020: 74.04%) (continued) Bonds (continued) United States

Alphabet Inc 3.375% 02/25/24 3,300,000 3,527,496 1.73% American International Group Inc 3.900% 04/01/26 1,300,000 1,440,692 0.71% American International Group Inc Flat 04/01/48 1,100,000 1,265,000 0.62% Apple Inc 2.400% 05/03/23 4,800,000 4,956,651 2.45% AT&T Inc 4.350% 03/01/29 1,300,000 1,490,283 0.73% Bank of America Corp 3.950% 04/21/25 1,500,000 1,634,921 0.80% Bmw Us Capital Llc 0.800% 04/01/24 1,600,000 1,606,929 0.79% Caterpillar Financial Services Corporation 1,200,000 1,192,712 0.59% Chevron Usa Income 1.018% 08/12/27 1,800,000 1,759,655 0.86% Citigroup Inc 2.750% 04/25/22 1,550,000 1,568,805 0.77% Citigroup Inc 3.3.. 04/27/25 1,500,000 1,616,943 0.79% Coca-Cola Co. 1.000% 03/15/28 1,600,000 1,544,050 0.76% CVS Health Corp 1.300% 08/21/27 1,200,000 1,178,920 0.58% Dow Chemical Co/The 3.625% 05/15/26 1,400,000 1,534,627 0.75% Glencore Funding LLC 3.000% 10/27/22 1,580,000 1,617,920 0.79% Goldman Sachs Group 2.600% 02/07/30 1,500,000 1,539,669 0.76% Inter-American Investment Corp 0.500% 07/21/23 1,800,000 1,805,450 0.89% International Bank for Reconstruction & Development 1.750% 10/23/29 1,750,000 1,788,092 0.88%

International Finance Corp 0.500% 03/20/23 3,600,000 3,615,541 1.78% Johnson & Johnson 2.450% 03/01/26 1,600,000 1,697,768 0.83% JP Morgan Funds - Chase & Co Flat 10/15/30 1,400,000 1,449,127 0.71% Kellogg Co 2.100% 06/01/30 1,610,000 1,594,959 0.78% McDonald`s Corp 3.500% 03/01/27 1,500,000 1,648,425 0.81% Merck & Co Inc 2.400% 09/15/22 1,590,000 1,615,099 0.79% Mondelez International 1.875% 10/15/32 1,650,000 1,583,244 0.78% Morgan Stanley 01/22/31 1,200,000 1,237,892 0.61% Novartis Capital Corp 2.400% 09/21/22 1,581,000 1,615,210 0.79% Procter & Gamble Co/The 2.300% 02/06/22 4,270,000 4,301,340 2.11% Qualcomm Inc 3.450% 05/20/25 3,200,000 3,468,244 1.70% Unilever Capital Corp 2.125% 09/06/29 1,450,000 1,481,433 0.73% United States Treasury Inflation Indexed Bonds 0.250% 01/15/25 3,405,992 3,660,835 1.80% Unitedhealth Group Inc 2.750% 02/15/23 2,950,000 3,030,750 1.49% Verizon Communications Inc 2.625% 08/15/26 1,400,000 1,482,632 0.73% Volkswagen Group Of America Finance Llc 1.625% 11/24/27 1,500,000 1,484,317 0.73% Walmart Inc 2.375% 09/24/29 3,500,000 3,702,210 1.82% 71,737,841 35.24% Total bonds 154,610,704 75.96% Total financial assets at fair value through profit or loss 190,843,897 93.76%


98

SCHEDULE OF INVESTMENTS As at 30 September 2021 Resolution (Irl) Global Fixed Income Fund (continued) Fair value Percentage of USD net assets Financial derivative liabilities dealt on a regulated market (0.43%) (2020: (0.20%)) Foreign currency forward contracts (UBS Luxembourg) Currency sold Currency bought Rate, Date of maturity Unrealised loss % of Net assets USD (59,590,765) EUR 50,600,000 1.16, 26 November 2021 (883,149) (0.43%) Total foreign currency contracts (883,149) (0.43%)

Total net investments 189,960,748 93.33% Other assets in excess of other liabilities 13,574,631 6.67% Net assets attributable to holders of redeemable participating shares 203,535,379 100.00% Fair value % of USD total assets Analysis of total assets Collective Investment schemes 36,233,193 17.69% Transferrable securities 154,610,704 75.48% Interest, dividend and other receivables 862,164 0.42% Due from brokers 4,164 0.00% Deposits with credit institutions 12,675,267 6.19% Subscription in advance 460,786 0.22% Total assets 204,846,278 100.00%


99

SCHEDULE OF INVESTMENTS As at 30 September 2021 Resolution (Irl) UK Fixed Income Fund Shares / Nominal Fair value Percentage of GBP net assets Financial assets at fair value through profit or loss Collective Investment Schemes 96.55% (2020: 97.77%) Ireland

Blackstone Investment Grade Systemactic Corporate Fund 68,386 7,835,564 6.01% UBS Irl Select Money Market Fund - GBP* 3,848,972 3,848,972 2.95% Vanguard -US Treasury I-P Sec I-Sig 38,011 3,854,944 2.96% 15,539,480 11.92% Luxembourg

Ashmore SICAV - Emerging Markets Corporate Debt Fund 11,599 1,052,837 0.81% AXA World Funds - US High Yield Bonds 12,339 1,292,771 0.99% Focused SICAV Corp Bond EUR GBP Hdg F UK 119,879 12,960,141 9.95% Focused SICAV Corp Bond Sustainable USD 75,660 7,768,769 5.96% Focused SICAV - High Grade Bond USD 39,180 3,841,599 2.95% Focused SICAV - High Grade Bond GBP 138,245 15,545,649 11.93% Focused SICAV- High Grade Lt B GBP-Fd 154,127 22,098,664 16.96% Focused SICAV - High Grade Lt B Us-Fd GBP 36,692 3,796,888 2.91% Goldman Sachs - SICAV I - GS Emerging Markets Corp Bond 25,021 2,671,455 2.05% Goldman Sachs - SICAV I - GS Emerging Markets Debt PTF 570,471 5,202,697 3.99% Goldman Sachs - SICAV I - GS Global High Yield PTF 142,712 1,297,253 1.00% JP Morgan Funds - Emerging Markets Debt Fund 12,493 1,223,190 0.94% Nordea 1 SICAV - European High Yield Bond Fund 267,660 2,566,859 1.97% UBAM Global High Yield Solution Fund 11,893 1,232,115 0.95%

82,550,887 63.36% Switzerland

UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* 73,694 1,282,276 0.98% UBS ETF US L. C. H. GBP 1-5* 659,366 9,215,299 7.07% 10,497,575 8.05% United Kingdom

Ishares UK GILTS 0-5YR UCITS ETF 129,915 17,229,327 13.22% 17,229,327 13.22%

Total collective investment schemes 125,817,269 96.55%

Total financial assets at fair value through profit or loss 125,817,269 96.55%

Total net investments 125,817,269 96.55% Other assets in excess of other liabilities 4,491,161 3.45% Net assets attributable to holders of redeemable participating shares 130,308,430 100.00% *UBS managed funds


100

SCHEDULE OF INVESTMENTS As at 30 September 2021 Resolution (Irl) UK Fixed Income Fund (continued) Fair value % of GBP total assets Analysis of total assets Collective Investment schemes 125,817,269 95.99% Interest, dividend and other receivables 3,982 0.00% Deposits with credit institutions 5,259,988 4.01% Total assets 131,081,239 100.00%


101

SCHEDULE OF INVESTMENTS As at 30 September 2021 Resolution (Irl) World Equity Fund Shares / Nominal Fair value Percentage of USD net assets Financial assets at fair value through profit or loss Collective Investment Schemes 94.66% (2020: 94.81%) Ireland

Brown Advisory US Sustainable Growth Fund 1,614,231 24,181,180 6.04% Federated Hermes Global Emerging Markets Equity Fund 4,184,555 14,304,902 3.57% Findlay Park American Fund 219,638 40,501,247 10.11% GAM Star Continental European Equity 526,750 15,466,372 3.88%

94,453,701 23.60% Luxembourg

Blackrock Global Funds - Continental European Flexible Fund 693,098 22,804,720 5.70% Morgan Stanley Investment Funds - US Advantage Fund ZX Inc 146,338 23,841,387 5.96% Ninety One Global Strategy Fund - Emerging Markets Equity Fund 865,811 20,943,968 5.23% 67,590,075 16.89% Netherlands

iShares MSCI Europe ex-UK UCITS ETF 173,569 7,914,553 1.98% 7,914,553 1.98% Switzerland

UBS ETF MSCI Acwi Sf UCITS ETF* 86,286 11,695,204 2.92% UBS ETF MSCI Canada 100% Hedged to GBP UCITS ETF* 503,829 20,258,949 5.06% UBS ETF MSCI Emerg. Markets* 37,582 4,636,867 1.16% UBS ETF MSCI Switzerland 20/35 UCITS ETF* 319,932 7,665,198 1.92% UBS Ireland S&P 500 UCITS ETF* 289,306 20,390,287 5.09% UBS ETF MSCI Australia UCITS ETF (hedged to GBP) A-dis* 157,866 3,706,121 0.93% 68,352,626 17.08% United Kingdom

Artemis Income Fund Class E Units 4,047,770 5,510,751 1.39% iShares Core S&P 500 UCITS ETF USD Dist 729,290 31,673,976 7.90% iShares MSCI Japan UCITS ETF DIST 1,414,211 25,084,568 6.27% J O Hambro Capital Management UK Umbrella Fund - UK Equity Income Fund 3,909,376 6,931,638 1.73% Liontrust Special Situations Fund 505,316 3,509,528 0.88% Man Japan Corealpha-P-Inc 4,625,438 14,955,628 3.74% Threadneedle Investment Funds ICVC - UK Fund 4,135,542 6,685,813 1.67% Vanguard FTSE 100 UCITS ETF 314,566 13,131,531 3.28% XTrackers MSCI World Energy UCITS ETF 299,495 9,008,810 2.25% 116,492,243 29.11% United States of America ARL US Equity Income Luxemburg Fund 20,454,894 23,989,500 6.00% 23,989,500 6.00% Total collective investment schemes 378,792,698 94.66%

Total financial assets at fair value through profit or loss 378,792,698 94.66% *UBS managed funds


102

SCHEDULE OF INVESTMENTS As at 30 September 2021 Resolution (Irl) World Equity Fund (continued) Fair value Percentage of USD net assets Total net investments 378,792,698 94.66% Other assets in excess of other liabilities 21,364,940 5.34% Net assets attributable to holders of redeemable participating shares 400,157,638 100.00% Fair value % of USD total assets Analysis of total assets Collective Investment schemes 378,792,698 94.49% Interest, dividend and other receivables 104,368 0.03% Deposits with credit institutions 20,482,826 5.11% Due from brokers 5,519 0.00% Subscription in advance 1,514,237 0.37%

Total assets 400,899,648 100.00%


103

1. Total expense ratio (“TER”)

The TER is determined on the basis of total expenses of each sub-fund divided by the average net assets of the sub-fund each month for the year ended 30 September 2021.

The Resolution Fund International (Ireland) Plc – Resolution (Irl) Global Equity Fund

Class C GBP Accumulating 1.64% Class C GBP Distributing 1.64% Class F GBP Accumulating 1.39% Class F GBP Distributing 1.39%

– Resolution (Irl) Global Fixed Income Fund

Class C EUR Accumulating 1.28% Class C EUR Distributing 1.28% Class C USD Accumulating 1.28% Class C USD Distributing 1.28% Class E EUR Accumulating 0.88% Class E EUR Distributing 0.88% Class E USD Accumulating 0.88% Class E USD Distributing 0.88% Class F EUR Accumulating 1.03% Class F EUR Distributing 1.03% Class F USD Accumulating 1.03% Class F USD Distributing 1.03%

– Resolution (Irl) UK Fixed Income Fund

Class C GBP Accumulating 1.43% Class C GBP Distributing 1.43% Class E GBP Accumulating 1.03% Class E GBP Distributing 1.03% Class F GBP Accumulating 1.18% Class F GBP Distributing 1.18%

– Resolution (Irl) World Equity Fund

Class C EUR Accumulating 1.65% Class C EUR Distributing 1.65% Class C USD Accumulating 1.65% Class C USD Distributing 1.65% Class F EUR Accumulating 1.40% Class F EUR Distributing 1.40% Class F USD Accumulating 1.40% Class F USD Distributing 1.40%


104

2. Portfolio turnover rate (“PTR”) The portfolio turnover rate is determined on the basis of the standard method accepted, which is the net of total purchases and sales plus the net of total subscriptions and redemptions, further divided by the average net assets. The PTR is relevant in disclosing the additional costs incurred by the sub-funds when buying and selling investments. With the PTR of 100%, sub-funds’ assets were turned over once. This, however, does not result in significant additional costs. For the year ended 30 September 2021, the PTR for each sub-fund is as follows:

The Resolution Fund International (Ireland) Plc – Resolution (Irl) Global Equity Fund 40.00% – Resolution (Irl) Global Fixed Income Fund 30.00% – Resolution (Irl) UK Fixed Income Fund 9.00% – Resolution (Irl) World Equity Fund 34.00%

3. Remuneration Disclosure The European Union Directive 2014/91/EU as implemented in Ireland by S.I. No. 143/2016 - European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016, requires management companies to establish and apply remuneration policies and practices that promote sound and effective risk management, and do not encourage risk taking which is inconsistent with the risk profile of the UCITS. To that effect, Carne Global Fund Managers (Ireland) Limited (“the Manager”), has implemented a remuneration policy that applies to all UCITS for which the Manager acts as manager (the “Remuneration Policy”) and covers all staff whose professional activities have a material impact on the risk profile of the Manager or the UCITS it manages (“Identified Staff of the Manager”). The Remuneration Policy also applies to all alternative investment funds for which the Manager acts as alternative investment fund manager. In accordance with the Remuneration Policy, all remuneration paid to Identified Staff of the Manager can be divided into: • Fixed remuneration (payments or benefits without consideration of any performance criteria); and • Variable remuneration (additional payments or benefits depending on performance or, in certain cases,

other contractual criteria) which is not based on the performance of the UCITS. The Manager has designated the following persons as Identified Staff of the Manager: 1. The Designated Persons; 2. Each of the Manager’s Directors; 3. Compliance Officer; 4. Risk Officer; 5. Chief Operating Officer; and 6. All members of the investment committee. The Manager has a business model, policies and procedures which by their nature do not promote excessive risk taking and take account of the nature, scale and complexity of the Manager and the UCITS. The Remuneration Policy is designed to discourage risk taking that is inconsistent with the risk profile of the UCITS and the Manager is not incentivised or rewarded for taking excessive risk. The Manager has determined not to constitute a separate remuneration committee and for remuneration matters to be determined through the Manager’s Operations & Compliance Committee. The Manager’s Operations & Compliance Committee is responsible for the ongoing implementation of the Manager’s remuneration matters and will assess, oversee and review the remuneration arrangements of the Manager as well as that of the delegates as relevant, in line with the provisions of the applicable remuneration requirements.


105

3. Remuneration Disclosure (continued) The Manager’s parent company is Carne Global Financial Services Limited (“Carne”). Carne operates through a shared services organisational model which provides that Carne employs the majority of staff and enters into inter-group agreements with other Carne Group entities within the group to ensure such entities are resourced appropriately. Additionally, the Manager directly employs a limited number of staff. Each of the Identified Staff, other than one non-executive independent Director, are employed and paid directly by Carne and remunerated based on their contribution to the Carne Group as a whole. In return for the services of each of the Carne Identified Staff, the Manager pays an annual staff recharge to Carne (the “Staff Recharge”). The non-executive independent Director is paid a fixed remuneration and each other Identified Staff member’s remuneration is linked to their overall individual contribution to the Carne Group, with reference to both financial and non-financial criteria and not directly linked to the performance of specific business units or targets reached or the performance of the UCITS. The aggregate of the total Staff Recharge and the remuneration of the independent non-executive Director is EUR1,208,000 paid to 12 individuals for the year ended 31 December 2020. The Manager has also determined that, on the basis of number of sub-funds / net asset value of the UCITS relative to the number of sub-funds / assets under management, the portion of this figure attributable to the UCITS is €13,038. The Fund does not pay any fixed or variable remuneration to identified staff of the Investment Manager. There have been no material changes made to the Remuneration Policy or the Manager’s remuneration practices and procedures during the financial year. 4. Securities Financing Transactions Regulation (SFTR) The Company does not invest in repurchase transactions, securities or commodity lending or securities or commodity borrowing, buy or sell back transactions, margin lending transactions and therefore compliance with SFTR regulations is not applicable.


106

5. Summary of underlying investments The following table summarises the investment manager based fees and incentive fees which were paid by the underlying investments of the Company during the year ended 30 September 2021 as stated in the prospectus or applicable information of the relevant fund. A number of the underlying investments charge a subscription and/or a redemption fee; however it is the policy of the Company not to pay these fees.

Description Fee Rates

%

Incentive Fee

Yes/No

Investment Manager / Management Company

Country of Domicile of

Fund

Regulated Yes/No


Fund



Income Fund


Fund Artemis Income Fund Class E 0.65 No Artemis Fund Mgrs Ltd/United Kingdom Great Britain Y

Artemis US Select Income Class I 0.91 No Artemis Fund Mgrs Ltd/Luxembourg Luxembourg Y Ashmore SICAV - Emerging Markets Corporate Debt Fund Class Z-GBP 1.15 No Ashmore Investment Management Limited Luxembourg Y

Ashmore SICAV - Emerging Markets Corporate Debt Fund Class Z-USD 1.15 No Ashmore Investment Management Limited Luxembourg Y

AXA World Funds - US High Yield Bonds GBP 0.00 No AXA Investment Managers Luxembourg Y

AXA World Funds - US High Yield Bonds USD 0.00 No AXA Investment Managers Luxembourg Y

Blackrock Continental European Flexible Fund 0.80 No BlackRock Fund Managers Ltd Luxembourg Y Blackstone Investment Grade Systematic Corporate Fund 0.25 No Blackstone Systematic Credit Umbrella

Fund Plc Ireland Y

Brown Advisory US Sustainable Growth Fund GBP 0.65 No Brown Advisory US Ireland Y

Brown Advisory US Sustainable Growth Fund USD 0.65 No Brown Advisory US Ireland Y

Findlay Park American Fund USD 1.00 Yes Findlay Park Partners LLP Ireland Y

Focused Sicav - High Grade Bond USD 0.14 No UBS Fund Management Luxembourg SA Luxembourg Y

Focused Sicav - Corporate Bond EUR 0.15 No UBS Fund Management Luxembourg SA Luxembourg Y

Focused Sicav - High Grade Bond GBP 0.11 No UBS Fund Management Luxembourg SA Luxembourg Y

Focused Sicav - High Grade Long Term Bond GBP 0.11 No UBS Fund Management Luxembourg SA Luxembourg Y

Focused Sicav - High Grade Long Term Bond USD 0.11 No UBS Fund Management Luxembourg SA Luxembourg Y Focused Sicav - US Corporate Bond Sustainable USD 0.27 No UBS Fund Management Luxembourg SA Luxembourg Y

GAM Star Continental European Equity Institutional GBP Income 0.85 No GAM Asset Management Ireland Y

GAM Star Continental European Equity Income 0.85 No GAM Asset Management Ireland Y


107

5. Summary of underlying investments (continued)


%

Incentive Fee

Yes/No



Fund

Regulated Yes/No


Fund



Income Fund


Fund Goldman Sachs - SICAV I - GS Global High Yield PTF 0.60 No Goldman Sachs Asset Management Global

Services Ltd Luxembourg Y

Goldman Sachs Emerging Markets Debt Portfolio 0.51 No Goldman Sachs Asset Management Global Services Ltd Luxembourg Y

Goldman Sachs Global High Yield Portfolio 0.60 No Goldman Sachs Asset Management Global Services Ltd Luxembourg Y

Goldman Sachs - SICAV I - Emerging Markets Corporate Bond Portfolio 0.78 No Goldman Sachs Asset Management Global


Goldman Sachs - SICAV I - Emerging Markets Debt Portfolio IS USD 0.51 No Goldman Sachs Asset Management Global


Goldman Sachs - SICAV I - Emerging Markets Corporate Bond Portfolio GBP 0.78 No Goldman Sachs Asset Management Global


Hermes Global Emerging Markets Fund GBP 1.00 No Hermes Global Emerging Markets Fund Ireland Y

Hermes Global Emerging Markets Fund USD 1.00 No Hermes Global Emerging Markets Fund Ireland Y

iShares Core S&P 500 UCITS ETF USD Dist 0.07 No BlackRock Asset Management Ireland Ltd Ireland Y

iShares FTSE 250 UCITS ETF GBP Dist 0.40 No BlackRock Asset Management Ireland Ltd Ireland Y

iShares MSCI Europe ex-UK UCITS ETF 0.40 No BlackRock Asset Management Ireland Ltd Ireland Y

iShares MSCI Japan UCITS ETF Dist 0.59 No BlackRock Asset Management Ireland Ltd Ireland Y

iShares UK Gilts 0-5yrs UCITS ETF 0.20 No BlackRock Asset Management Ireland Ltd Ireland Y

J O Hambro Capital Management Uk Umbrella Fund - UK Equity Income Fund 0.75 Yes J O Hambro Capital Management Ltd Great Britain Y

JP Morgan Funds - Emerging Markets Debt Fund GBP 0.63 No JP Morgan Asset Management Europe

SARL Luxembourg Y

JP Morgan Funds - Emerging Markets Debt Fund USD 0.63 No JP Morgan Asset Management Europe

SARL Luxembourg Y

Liontrust Special Situations Fund I Inc 0.75 No Liontrust Asset Management PLC Great Britain Y

Man GLG - Japan CoreAlpha ICVC – Man GLG Japan CoreAlpha Professional Class GBP 0.75 No Man Fund Management UK Ltd Great Britain Y

Morgan Stanley Investment Funds - US Advantage Fund Inc 0.70 No Morgan Stanley Investment Management

Ltd Luxembourg Y


108

5. Summary of underlying investments (continued)


%

Incentive Fee

Yes/No



Fund

Regulated Yes/No


Fund



Income Fund


Fund Nordea 1 SICAV - European High Yield Bond Fund GBP 0.00 No Nordea Investment Funds SA Luxembourg Y

Ninety One Global Strategy Fund Ltd - Emerging Markets Equity Income Fund 0.00 No Ninety One Global Strategy Fund Ltd Luxembourg Y

Nordea 1 SICAV - European High Yield Bond Fund USD 0.50 No Nordea Investment Funds SA Luxembourg Y

Threadneedle Investment Funds ICVC - UK Fund 0.83 No Threadneedle Investment Services Ltd Great Britain Y

UBAM - Global High Yield Solution GBP 0.25 No Union Bancaire Privee Luxembourg Y

UBAM - Global High Yield Solution USD 0.25 No Union Bancaire Privee Luxembourg Y

UBS ETF MSCI Acwi Sf UCITS ETF 0.21 No UBS Ireland Fund Solutions Plc Ireland Y

UBS Bloomberg US Liquid Corporates 1-5 Year UCITS ETF 0.18 No UBS Fund Management Luxembourg SA Luxembourg Y

UBS ETF B. US LQ. C. H. GBP 0.23 No UBS Fund Management Luxembourg SA Luxembourg Y

UBS ETF - Barclays US Liquid Corporates 1-5 Year UCITS ETF hedged to GBP 0.23 No UBS Fund Management Luxembourg SA Luxembourg Y

UBS ETF – MSCI Switzerland 20/35 UCITS ETF 0.20 No UBS Fund Management Luxembourg SA Luxembourg Y

UBS ETF-MSCI Canada UCITS ETF 0.33 No UBS Fund Management Luxembourg SA Luxembourg Y

UBS ETF-MSCI Emerging Markets UCITS ETF 0.45 No UBS Fund Management Luxembourg SA Luxembourg Y

UBS Irl ETF plc - MSCI Australia UCITS ETF 0.40 No UBS Asset Management (UK) Ltd Ireland Y

UBS Irl ETF plc - S&P 500 UCITS ETF 0.12 No UBS Ireland Fund Solutions Plc Ireland Y

UBS Irl Select Money Market Fund - GBP 0.00 No UBS Asset Management (UK) Ltd Ireland Y

Vanguard FTSE 100 UCITS ETF 0.09 No Vanguard Group Ireland Ltd Ireland Y

Vanguard U.S. Treasury Inflation-Protected Securities Index Fund 0.09 No Vanguard Group Ireland Ltd Ireland Y

Vanguard -US Treasury I-P Sec I-Sig 0.09 No Vanguard Group Ireland Ltd Ireland Y

Xtrackers MSCI World Energy UCITS ETF 0.25 No Xtrackers Ireland Plc Ireland Y


109

SIGNIFICANT PURCHASES & SALES FOR YEAR ENDED 30 September 2021 (Unaudited)

Resolution (Irl) Global Equity Fund - Significant Purchases**

Description CCY Quantity Price Amount Threadneedle Investment Funds ICVC UK Fund GBP 17,462,462 1.17 20,476,569 UBS ETF S&P 500 Fund* USD 461,658 59.25 20,272,071 Artemis Income Fund Class E GBP 17,849,815 0.96 17,057,369 Vanguard FTSE 100 UCITS ETF GBP 537,126 29.88 16,053,688 Blackrock Continental European Flexible Fund EUR 490,407 23.11 10,209,595 ARL US Equity Income Luxemburg Fund USD 13,680,213 1.00 10,174,232 Artemis US Select Income Class I GBP 4,101,084 2.23 9,165,193 Brown Advisory US Sustainable Growth Fund GBP 769,953 11.68 8,993,141 Vanguard FTSE 100 UCITS ETF GBP 247,803 28.56 7,080,752 Gam Star Continantel European Equity Fund GBP 265,278 22.69 6,020,177 iShares MSCI Japan UCITS ETF Dist GBP 454,676 12.14 5,520,500 Xtrackers MSCI World Energy UCITS ETF USD 258,546 26.96 5,082,454 UBS ETF MSCI Canada 100% Hedged to GBP UCITS ETF* CAD 151,554 50.38 4,459,795 Blackrock European Dynamic Fund GBP 1,276,367 2.07 2,637,063 iShares MSCI Japan UCITS ETF Dist GBP 210,652 12.33 2,598,981 Vanguard FTSE 100 UCITS ETF GBP 55,858 31.16 1,741,154 Vanguard FTSE 100 UCITS ETF GBP 56,959 28.72 1,636,443 Threadneedle Investment Funds ICVC - UK Fund Class Z Net Income GBP GBP 1,312,185 1.22 1,605,418 UBS ETF MSCI Acwi Sf UCITS ETF USD 14,517 134.80 1,380,837 UBS S&P 500 Index Fund * GBP 5,490 221.82 1,217,856 *UBS managed funds

** Transactions are listed above where the aggregate value of purchases or sales of a security represents 1% or more of the total value of all purchases or sales during the financial year.


110

SIGNIFICANT PURCHASES & SALES FOR YEAR ENDED 30 September 2021 (Unaudited) (continued)

Resolution (Irl) Global Equity Fund – Significant Sales** Description CCY Quantity Price Amount UBS S&P 500 Index Fund* GBP 95,752 222.53 21,307,353 Threadneedle Investment Funds ICVC - UK Fund Class Z Net Income GBP GBP 13,994,316 1.46 20,476,397 Artemis Income Fund Class I Units GBP 7,195,648 2.37 17,057,198 Vanguard FTSE 100 UCITS ETF GBP 546,618 29.80 16,284,630 Merian North American Equity Fund P2 GBP Inc GBP 1,035,215 11.99 12,416,900 Blackrock European Dynamic Fund GBP 4,239,266 2.36 10,008,817 Artemis US Select Income Class I GBP 4,101,084 2.35 9,647,709 UBS S&P 500 Index Fund* GBP 27,778 206.85 5,745,912 UBS ETF S&P 500 Fund* USD 107,058 67.92 5,126,255 UBS ETF S&P 500 Fund* USD 109,454 63.26 5,044,105 UBS ETF MSCI Australia UCITS ETF* AUD 249,168 36.28 4,920,628 J O Hambro Capital Management Umbrella Fund Plc - Continental European Fund GBP 2,817,639 1.54 4,329,365 iShares MSCI Europe ex-UK UCITS ETF GBP 151,316 26.75 4,046,440 J O Hambro Capital Management Uk Umbrella Fund - UK Equity Income Fund GBP 2,485,167 1.09 2,703,771 Man Japan Corealpha-P-Inc GBP 1,021,936 1.96 1,999,837 J O Hambro Capital Management Uk Umbrella Fund - UK Equity Income Fund GBP 1,620,422 1.22 1,978,450 Threadneedle Investment Funds ICVC - UK Fund Class Z Net Income GBP GBP 1,412,416 1.39 1,963,733 J O Hambro Capital Management Uk Umbrella Fund - UK Equity Income Fund GBP 1,857,685 1.04 1,922,615 UBS ETF MSCI Acwi Sf UCITS ETF* USD 18,450 130.68 1,753,215 Artemis Income Fund Class I Units GBP 757,001 2.25 1,706,871 *UBS managed funds. ** Transactions are listed above where the aggregate value of purchases or sales of a security represents 1% or more of the total value of all purchases or sales during the financial year.


111


Resolution (Irl) Global Fixed Income Fund - Significant Purchases**

Description CCY Quantity Price Amount Goldman Sachs - SICAV I - GS Global High Yield PTF USD 428,861 9.39 4,027,125 Japan Finance Organization For Municipalities 0.625% 09/02/25 USD 3,900,000 99.36 3,875,354 Japan International Cooperation Agency 1.000% 07/22/30 USD 4,000,000 96.13 3,845,866 Goldman Sachs - SICAV I - GS Global High Yield PTF USD 411,559 9.29 3,823,501 International Finance Corp 0.500% 03/20/23 USD 3,600,000 100.70 3,625,683 Nrw Bank 1.875% 07/31/24 USD 3,400,000 103.97 3,535,400 Kommunekredit 0.625% 06/10/25 USD 3,500,000 100.74 3,526,462 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 207,710 14.91 3,098,956 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 170,847 14.95 2,555,151 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 154,127 14.84 2,288,076 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 151,008 14.92 2,254,209 Inter-American Investment Corp 0.500% 07/21/23 USD 1,800,000 100.46 1,808,656 European Investment Bank 0.625% 10/21/27 USD 1,800,000 98.62 1,775,516 Chevron Usa Income 1.018% 08/12/27 USD 1,800,000 97.03 1,746,746 Johnson & Johnson 2.450% 03/01/26 USD 1,600,000 107.18 1,715,163 Kellogg Co 2.100% 06/01/30 USD 1,610,000 105.10 1,692,373 Mondelez International 1.875% 10/15/32 USD 1,650,000 100.58 1,659,927 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 109,913 14.94 1,643,276 Gazprom OAA VIA Gaz Capital SA USD 1,450,000 112.84 1,636,470 Bmw Us Capital Llc 0.800% 04/01/24 USD 1,600,000 100.90 1,614,621 Goldman Sachs Group 2.600% 02/07/30 USD 1,500,000 107.47 1,612,258 BP Capital Markets Plc USD 1,500,000 107.25 1,609,037 Coca-Cola Co. 1.000% 03/15/28 USD 1,600,000 100.26 1,604,506 Volkswagen Group of America Finance Llc 1.625% 11/24/27 USD 1,500,000 100.05 1,501,019 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 94,670 15.07 1,427,593 Landwirtsch. Rentenbank 1.750% 07/27/26 USD 1,240,000 104.47 1,295,639 Equinor Asa 2.650% 01/15/24 USD 1,200,000 105.94 1,271,473 Enbw Flt 04/05/77 USD 1,200,000 102.87 1,234,676 Morgan Stanley 01/22/31 USD 1,200,000 102.20 1,226,690 Caterpillar Financial Services Corporation USD 1,200,000 98.27 1,179,418 CVS Health Corp 1.300% 08/21/27 USD 1,200,000 96.26 1,155,368 Cnooc Finance 2013 Ltd 3.000% 05/09/23 USD 1,100,000 103.76 1,141,599 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 75,849 14.87 1,128,746 Kreditanstalt Fuer Wiederaufbau 2.875% 04/03/28 USD 1,000,000 110.76 1,107,824 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 71,536 15.03 1,075,574 Landwirtsch. Rentenbank 1.750% 07/27/26 USD 1,000,000 104.58 1,046,075 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 69,788 14.82 1,034,916 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 69,153 14.94 1,033,667 State of Qatar 2.375% 06/02/21 USD 1,000,000 100.13 1,001,526 Asian Development Bank 1.750% 08/14/26 USD 940,000 104.50 982,486 Province of Quebec 1.350% 05/28/30 USD 1,000,000 96.86 968,866 * UBS managed funds. ** Transactions are listed above where the aggregate value of purchases or sales of a security represents 1% or more of the total value of all purchases or sales during the financial year.


112

SIGNIFICANT PURCHASES & SALES FOR YEAR ENDED 30 September 2021 (Unaudited) (continued) Resolution (Irl) Global Fixed Income Fund - Significant Sales** Description CCY Quantity Price Amount Goldman Sachs - SICAV I - GS Global High Yield PTF USD 898,451 9.51 8,544,146 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 304,424 15.09 4,592,401 Goldman Sachs - SICAV I - Emerging Markets Debt Portfolio IS USD USD 424,479 10.06 4,270,138 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 246,061 14.91 3,666,430 British Columbia Prov of 2.650% 09/22/21 USD 3,500,000 100.09 3,502,522 Qnb Finance Ltd 2.125% 09/07/21 USD 3,500,000 100.00 3,500,000 Korea Development Bank 2.500% 01/13/21 USD 3,400,000 100.00 3,400,000 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 169,202 14.96 2,530,472 Goldman Sachs - SICAV I - Emerging Markets Corporate Bond Portfolio USD 19,357 117.36 2,271,617 State of Qatar 2.375% 06/02/21 USD 2,200,000 100.42 2,208,896 State of Qatar 2.375% 06/02/21 USD 2,200,000 100.11 2,201,963 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 140,829 14.83 2,087,371 Bank of Nova Scotia 1.875% 04/26/21 USD 2,000,000 100.44 2,008,492 United States Treasury Inflation Indexed Bonds 0.250% 01/15/25 USD 1,719,956 109.91 1,890,027 Kreditanstalt Fuer Wiederaufbau 2.875% 04/03/28 USD 1,700,000 110.60 1,879,872 Abu Dhabi Govt Int 2.125% 05/03/21 USD 1,800,000 100.08 1,801,201 International Bank for Reconstruction & Development 1.750% 10/23/29 USD 1,600,000 101.66 1,626,313 Bank of Nova Scotia 1.875% 04/26/21 USD 1,600,000 100.21 1,603,087 CVS Health Corp 3.350% 03/09/21 USD 1,600,000 100.00 1,600,000 HSBC Holdings Plc 4.000% 03/30/22 USD 1,510,000 105.00 1,585,530 Export-Import Bank Korea 2.125% 02/11/21 USD 1,570,000 100.10 1,571,319 Bnp Paribas 5.000% 01/15/21 USD 1,550,000 100.00 1,550,000 BP Capital Markets America Inc 3.194% 04/06/25 USD 1,400,000 109.50 1,532,735 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 102,161 14.96 1,527,501 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 96,152 14.87 1,428,611 Intl Bk Recon & Develop 2.250% 06/24/21 USD 1,400,000 100.00 1,400,000 Icici Bank Ltd/Hong Kong 5.750% 11/16/20 USD 1,300,000 100.01 1,299,875 US Treasury N/B 3.500% 02/15/39 USD 1,050,000 121.42 1,274,678 Coca-Cola Co. 3.300% 09/01/21 USD 1,230,000 102.66 1,262,677 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 71,824 15.06 1,080,822 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 71,926 14.95 1,074,399 Equinor Asa 2.650% 01/15/24 USD 900,000 105.66 950,751 Landwirtsch. Rentenbank 1.750% 07/27/26 USD 900,000 104.95 944,325 UBS ETF - Bloomberg Barclays US Liquid Corporates UCITS ETF* USD 61,035 14.79 902,365 * UBS managed funds. ** Transactions are listed above where the aggregate value of purchases or sales of a security represents 1% or more of the total value of all purchases or sales during the financial year.


113

SIGNIFICANT PURCHASES & SALES FOR YEAR ENDED 30 September 2021 (Unaudited) (continued) Resolution (Irl) UK Fixed Income Fund - Significant Purchases** Description CCY Quantity Price Amount UBS Irl Select Money Market Fund - GBP* GBP 3,441,263 1.00 3,441,263 Focused SICAV - High Grade Bond USD GBP 26,118 98.25 2,566,094 Focused SICAV - High Grade Lt B Us-Fd GBP GBP 24,405 104.60 2,552,763 Goldman Sachs - SICAV I - GS Global High Yield PTF GBP 275,676 8.79 2,423,278 Goldman Sachs - SICAV I - GS Global High Yield PTF GBP 245,884 8.88 2,183,537 Focused SICAV- High Grade Lt B GBP-Fd GBP 13,653 144.98 1,979,412 UBS Irl Select Money Market Fund - GBP* GBP 1,976,835 1.00 1,976,924 Ishares UK GILTS 0-5YR UCITS ETF GBP 13,725 133.67 1,835,494 Focused SICAV- High Grade Lt B GBP-Fd GBP 9,630 150.43 1,448,641 Focused SICAV - High Grade Bond GBP GBP 11,843 113.33 1,342,167 Ishares UK GILTS 0-5YR UCITS ETF GBP 9,920 134.77 1,337,545 Focused SICAV Corp Bd EUR GBP Hdg F UK GBP 10,065 107.50 1,081,988 UBS ETF US L. C. H. GBP 1-5* GBP 60,014 14.03 842,565 Focused SICAV - High Grade Bond GBP GBP 6,969 114.12 795,302 Focused SICAV Corp Bond Sustainable USD GBP 6,446 101.93 657,041 Focused SICAV- High Grade Lt B GBP-Fd GBP 4,295 144.93 622,474 Goldman Sachs - SICAV I - GS Emerging Markets Debt PTF GBP 58,666 9.05 531,019 Focused SICAV Corp Bd EUR GBP Hdg F UK GBP 4,356 108.10 470,884 Focused SICAV- High Grade Lt B GBP-Fd GBP 3,053 145.39 443,876 Ishares UK GILTS 0-5YR UCITS ETF GBP 3,156 133.94 422,978 UBS Irl Select Money Market Fund - GBP* GBP 407,709 1.00 407,795 Goldman Sachs - SICAV I - GS Global High Yield PTF GBP 45,678 8.91 407,083

*UBS managed funds.



114


Resolution (Irl) UK Fixed Income Fund - Significant Sales** Description CCY Quantity Price Amount Goldman Sachs - SICAV I - GS Global High Yield PTF GBP 560,448 8.99 5,038,338 UBS Irl Select Money Market Fund - GBP* GBP 3,441,263 1.00 3,441,263 Goldman Sachs - SICAV I - GS Emerging Markets Debt PTF GBP 257,926 9.04 2,331,564 UBS Irl Select Money Market Fund - GBP* GBP 2,038,230 1.00 2,038,140 Goldman Sachs - SICAV I - GS Emerging Markets Corp Bond GBP 12,147 105.63 1,283,001 Blackstone Investment Grade Systemactic Corporate Fund GBP 10,717 112.49 1,205,469 Ishares UK GILTS 0-5YR UCITS ETF GBP 7,972 134.34 1,070,442 Focused SICAV- High Grade Lt B GBP-Fd GBP 6,159 148.97 917,506 Focused SICAV - High Grade Bond GBP GBP 6,799 113.88 774,270 Ishares UK GILTS 0-5YR UCITS ETF GBP 5,163 134.45 693,812 Focused SICAV Corp Bd EUR GBP Hdg F UK GBP 4,283 107.72 461,365 Goldman Sachs - SICAV I - GS Emerging Markets Debt PTF GBP 46,017 9.15 420,967 Focused SICAV- High Grade Lt B GBP-Fd GBP 2,223 152.43 338,852 UBS ETF US L. C. H. GBP 1-5* GBP 22,895 14.15 323,751 Focused SICAV- High Grade Lt B GBP-Fd GBP 2,159 148.63 320,892 Focused SICAV Corp Bond Sustainable USD GBP 2,767 104.07 287,962 Focused SICAV Corp Bd EUR GBP Hdg F UK GBP 2,527 108.32 273,725 Blackstone Investment Grade Systemactic Corporate Fund GBP 2,386 114.73 273,660 AXA World Funds - US High Yield Bonds GBP 2,079 102.35 212,699 Vanguard -US Treasury I-P Sec I-Sig GBP 1,785 101.93 181,857

*UBS managed funds.



115


Resolution (Irl) World Equity Fund - Significant Purchases** Description CCY Quantity Price Amount Brown Advisory US Sustainable Growth Fund USD 2,631,122 11.04 29,047,703 ARL US Equity Income Luxemburg Fund USD 21,301,316 0.99 20,992,566 Blackrock Global Funds - Continental European Flexible Fund EUR 812,466 20.10 19,022,777 GAM Star Continental European Equity EUR 570,155 18.63 12,370,681 iShares MSCI Japan UCITS ETF DIST USD 522,050 17.20 8,983,228 XTrackers MSCI World Energy UCITS ETF USD 279,269 26.96 7,533,125 UBS ETF MSCI Canada 100% Hedged to GBP UCITS ETF* CAD 179,962 50.38 7,508,570 Threadneedle Investment Funds ICVC - UK Fund GBP 4,135,542 1.17 6,742,636 iShares MSCI Japan UCITS ETF DIST USD 325,659 17.13 5,579,500 Artemis Income Fund Class E Units GBP 4,047,770 0.96 5,343,055 UBS ETF MSCI Acwi Sf UCITS ETF* USD 21,722 122.47 2,661,441 iShares Core S&P 500 UCITS ETF USD Dist USD 63,090 37.03 2,337,377 Brown Advisory US Sustainable Growth Fund USD 167,638 11.82 1,981,600 Morgan Stanley Investment Funds - US Advantage Fund ZX Inc USD 12,438 158.02 1,965,572 iShares MSCI Japan UCITS ETF DIST USD 114,461 17.04 1,950,834 Findlay Park American Fund USD 12,570 152.97 1,922,952 UBS Ireland S&P 500 UCITS ETF* USD 34,125 53.03 1,810,563 Morgan Stanley Investment Funds - US Advantage Fund ZX Inc USD 12,287 142.78 1,754,456 Vanguard FTSE 100 UCITS ETF GBP 40,922 31.05 1,751,507 Ninety One Global Strategy Fund - Emerging Markets Equity Fund USD 70,806 24.25 1,717,168 *UBS managed funds.



116


Resolution (Irl) World Equity Fund - Significant Sales** Description CCY Quantity Price Amount Jupiter Asset Management Series Plc - Jupiter Merian North American Equity Fund USD 2,610,454 11.68 30,486,960 Blackrock Global Funds - Continental European Flexible Fund EUR 396,045 29.93 13,807,580 Brown Advisory US Sustainable Growth Fund USD 1,018,346 11.72 11,934,896 JO Hambro Capital Management Umbrella Fund Plc - Continental European Fund Class A GBP EUR 7,281,140 1.25 10,583,239 iShares Core S&P 500 UCITS ETF USD Dist USD 197,112 39.06 7,695,199 UBS ETF MSCI Australia UCITS ETF (hedged to GBP) A-dis* AUD 303,074 32.67 7,660,330 iShares Core S&P 500 UCITS ETF USD Dist USD 182,362 41.93 7,643,432 Threadneedle Investment Funds ICVC - UK Fund Class Z Net Income GBP GBP 3,314,199 1.46 6,742,397 Findlay Park American Fund USD 40,616 154.11 6,259,213 iShares MSCI Europe ex-UK UCITS ETF EUR 164,513 29.61 5,672,780 Schroder Tokyo Z Inc GBP 3,673,654 1.08 5,494,084 Artemis Income Fund Class I Units GBP 1,631,744 2.37 5,342,818 Morgan Stanley Investment Funds - US Advantage Fund ZX Inc USD 29,530 144.66 4,271,691 iShares MSCI Japan UCITS ETF DIST USD 141,504 18.55 2,623,786 Vanguard FTSE 100 UCITS ETF GBP 68,527 27.96 2,532,786 UBS ETF MSCI Acwi Sf UCITS ETF* USD 19,491 129.51 2,523,076 Morgan Stanley Investment Funds - US Advantage Fund ZX Inc USD 14,514 171.85 2,494,107 UBS ETF MSCI Acwi Sf UCITS ETF* USD 16,875 120.46 2,031,712 iShares Core S&P 500 UCITS ETF USD Dist USD 52,145 36.52 1,903,521 iShares Core S&P 500 UCITS ETF USD Dist USD 51,676 36.63 1,892,215 *UBS managed funds.


Documents

Annual Report and Audited Financial Statements - Carne Group