Beauregard Capital SICAV - lis-aifm.com · Unaudited Semi-Annual Report for the period from January 1, 2017 to June 30, 2017 ... Beauregard Capital SICAV - US Equity Paradigm Fund

Unaudited Semi-Annual Reportfor the period from

January 1, 2017 to June 30, 2017

Investment Company with variable capital with multiple subfundspursuant to Part I of the amended Luxembourg Law of

December 17, 2010 on Undertakings for Collective Investment

Beauregard Capital SICAVBeauregard Capital SICAV - US Equity Paradigm Fund

R.C.S. Luxembourg B 180 391

Beauregard Capital SICAV

1

Unaudited Semi-Annual Report

for the period from January 1, 2017 to June 30, 2017

Contents

Management and Administration 2

Statement of net assets

as at June 30, 2017 3

Statement of changes in net assets for the period

from January 1, 2017 to June 30, 2017 3

Changes in the number of shares in issue 4

Statement of operations for the period


Composition of Portfolio

as at June 30, 2017

Beauregard Capital SICAV - US Equity Paradigm Fund 5

Notes to the Unaudited Financial Statements for the period


Statement of changes in net assets 13

Subscriptions can be accepted only on the basis of the valid Sales Prospectus (with annexes) and the Key Investor Information

Document together with the most recent Annual Report and, if the latter was published more than eight months ago, the most recent

Semi-Annual Report.

Production: KNEIP (www.kneip.com)


2

Management and Administration Company:


Airport Center Luxembourg

5, Heienhaff

L-1736 Senningerberg, Grand Duchy of Luxembourg

Board of Directors:

Chairman:

Jörg Henzler

Luxembourg Investment Solutions S.A.

Luxembourg

Members:

Nevil von Tscharner

Partner

Semper Gestion

Geneva

Gregoire Vaucher

Director

Semper Gestion

Geneva

Management Company:

Luxembourg Investment Solutions S.A.

Airport Center Luxembourg

5, Heienhaff

L-1736 Senningerberg, Grand Duchy of Luxembourg

Board of Directors of the Management Company:

Thomas Goergen

Jörg Henzler

Daniel Kranz

Pierre Weimerskirch

Administrative, Registrar and Transfer Agent:

VP Fund Solutions (Luxembourg) SA

26, avenue de la Liberté

L-1930 Luxembourg, Grand Duchy of Luxembourg

Depositary and Paying Agent:

VP Bank (Luxembourg) SA

26, avenue de la Liberté


Auditor of the fund:

PricewaterhouseCoopers, Société coopérative

2, rue Gerhard Mercator


Legal Advisor:

Elvinger Hoss Prussen

société anonyme

2, place Winston Churchill


Investment Manager:

CFE (UK) Ltd

1, Princetown Mews

167-169 London Road

Kingston-Upon-Thames,

Surrey, KT2 6PT

United Kingdom

Representative in Switzerland:

Carnegie Fund Services S.A.

11, rue du Général-Dufour

CH-1204 Geneva, Switzerland

Paying Agent in Switzerland:

Credit Suisse AG

Paradeplatz 8

CH-8001 Zurich, Switzerland

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

3

as at June 30, 2017

ASSETSInvestment portfolio at market value 20,613,714.21Cost 19,763,695.55Cash held with custodian bank 924,230.44Dividends receivable 24,950.72Formation expenses (4) 18,844.20TOTAL ASSETS 21,581,739.57

LIABILITIESUnrealised loss on forward foreign exchange contracts (8) -3,133.43Other liabilities -53,800.58TOTAL LIABILITIES -56,934.01Total net assets 21,524,805.56

USDNote

Beauregard Capital SICAV - US Equity Paradigm Fund


118.95102.55

163,668.92419,203.962

Net assets per shareA - Capitalisation USD ( USD)A - Capitalisation CHF ( CHF)

Number of sharesA - Capitalisation USDA - Capitalisation CHF

Statement of net assets

Net assets at the beginning of the period 21,021,800.09

A - Capitalisation USDA - Capitalisation CHF

Subscriptions0.00

102,313.80

A - Capitalisation USDA - Capitalisation CHF

Redemptions-533,984.24-435,128.61

Result for the period 1,369,804.52

NET ASSETS AT THE END OF THE PERIOD 21,524,805.56

USDNote

Statement of changes in net assets for the periodfrom January 1, 2017 to June 30, 2017

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

4

Changes in the number of shares in issue

168,341.5620.000

-4,672.638163,668.924

Shares in issue at the beginning of the periodNumber of shares subscribedNumber of shares redeemedShares in issue at the end of the period

A - Capitalisation USD

22,624.9111,000.000

-4,420.94919,203.962

Shares in issue at the beginning of the periodNumber of shares subscribedNumber of shares redeemedShares in issue at the end of the period

A - Capitalisation CHF



INCOMEDividends 180,134.48Other income 1,508.37TOTAL INCOME 181,642.85

CHARGESBank interest -241.05Management company fee (3) -18,983.82Investment management fee (3) -159,019.16Depositary fee (3) -5,725.71Central administration fee (3) -1,397.85Registrar and Transfer Agent fee (3) -3,256.36Directors fee (3) -6,459.20Service fee -7,634.90Risk Management Compensation -2,736.58Amortization of formation expenses (4) -7,135.57Taxe d'abonnement (5) -5,428.65Audit fees -7,022.56Other charges (3) -25,276.81TOTAL CHARGES -250,318.22Net income -68,675.37Realised gain on investment 936,554.06Realised profit on futures contracts 31,527.75Realised profit on forward foreign exchange contracts 112,518.22Realised loss on options -27,089.06Net Realised Result 984,835.60Change in net unrealized profit / loss 384,968.92Result for the period 1,369,804.52

USDNotefrom January 1, 2017 to June 30, 2017Statement of operations for the period

5

Schlumberger Ltd 5,500 362,120.00 1.7USD 418,019.13

SECURITIES

Exchange-traded securitiesEquities

Curaçao

362,120.00 1.7418,019.13Total CuraçaoAN8068571086

Accenture PLC 3,000 371,040.00 1.7USD 337,845.44Ireland

IE00B4BNMY34Seagate Technology PLC 10,917 423,033.75 2.0USD 385,423.95

794,073.75 3.7723,269.39Total IrelandIE00B58JVZ52

Lyondellbasell Ind (N) 2,000 168,780.00 0.8USD 173,227.76Netherlands

168,780.00 0.8173,227.76Total NetherlandsNL0009434992

AbbVie Inc 4,000 290,040.00 1.3USD 255,098.49United States

US00287Y1091Alphabet Inc 650 604,292.00 2.8USD 548,352.78US02079K3059Amazon.com Inc 340 329,120.00 1.5USD 268,810.94US0231351067Apple Inc 5,000 720,100.00 3.3USD 515,663.99US0378331005Applied Materials Inc 15,000 619,650.00 2.9USD 361,473.65US0382221051Bank of America Corp 12,000 291,120.00 1.4USD 194,191.05US0605051046Bank of NY Mello (N) 3,000 153,060.00 0.7USD 134,013.72US0640581007BB&T (N) 3,100 140,771.00 0.7USD 148,290.77US0549371070Best Buy Co Inc 5,000 286,650.00 1.3USD 277,253.15US0865161014Biogen Inc 1,000 271,360.00 1.3USD 288,667.71US09062X1037Bioverativ (N) 500 30,085.00 0.1USD 22,775.53US09075E1001Boeing Co (N) 1,300 257,075.00 1.2USD 206,557.03US0970231058Bristol-Myers Squibb Co 7,000 390,040.00 1.8USD 372,268.52US1101221083Campbell Soup Co 5,000 260,750.00 1.2USD 291,739.20US1344291091Celgene Corp 2,500 324,675.00 1.5USD 258,757.26US1510201049Chevron Corp 1,900 198,227.00 0.9USD 203,925.02US1667641005


Cost in USD Valuation inUSD

%-NAVCcyQuantity /Face value

Security Description

as at June 30, 2017Composition of Portfolio

Minor rounding differences may occur due to the rounding of percentages.Details of changes in investments for the period concerned are available, free of charge, at the Company's head office as well as at all Paying Agents.


6

Cigna Corp (N) 1,000 167,390.00 0.8USD 152,196.31US1255091092Cisco Systems Inc 5,000 156,500.00 0.7USD 152,174.74US17275R1023Citizens Finl Gr (N) 4,000 142,720.00 0.7USD 149,899.84US1746101054Coca-Cola Co (N) 4,800 215,280.00 1.0USD 201,689.66US1912161007Costco Whsl (N) 1,300 207,909.00 1.0USD 208,086.72US22160K1051CVS Health (N) 4,500 362,070.00 1.7USD 358,797.15US1266501006Dell Technologies Inc Class V 891 54,449.01 0.3USD 231,226.76US24703L1035DXC Technology (N) 356 27,312.32 0.1USD 18,834.47US23355L1061Exxon Mobil Corp 7,000 565,110.00 2.6USD 611,280.53US30231G1022Facebook Inc 1,000 150,980.00 0.7USD 124,272.70US30303M1027FedEx Corp 1,000 217,330.00 1.0USD 192,011.96US31428X1063F5 Networks (N) 1,400 177,884.00 0.8USD 208,376.00US3156161024GameStop Corp 9,000 194,490.00 0.9USD 228,805.81US36467W1099General Electric Co 15,000 405,150.00 1.9USD 440,160.93US3696041033General Mills Inc 2,000 110,800.00 0.5USD 115,713.56US3703341046Gilead Sciences Inc 7,000 495,460.00 2.3USD 636,416.88US3755581036Goldman Sachs Gr (N) 1,100 244,090.00 1.1USD 259,970.08US38141G1040Halliburton Co 4,000 170,840.00 0.8USD 199,358.91US4062161017HCA Holdings Inc 3,600 313,920.00 1.5USD 292,838.92US40412C1018Hewlett Packard Enterprise Co 2,192 36,365.28 0.2USD 39,717.90US42824C1099Hormel Foods Corp 8,000 272,880.00 1.3USD 332,285.90US4404521001Illumina (N) 1,000 173,520.00 0.8USD 177,004.35US4523271090International Business Machines Corp 3,500 538,405.00 2.5USD 432,142.52US4592001014Iron Mountain Inc 6,000 206,160.00 1.0USD 244,232.96US46284V1017Johnson & Johnson 1,100 145,519.00 0.7USD 136,199.33US4781601046JPMorgan Chase & Co 3,800 347,320.00 1.6USD 337,998.28US46625H1005KLA-Tencor Corp 1,500 137,265.00 0.6USD 151,260.94US4824801009Lam Research Corp 1,000 141,430.00 0.7USD 153,441.03US5128071082Mastercard Inc 1,000 121,450.00 0.6USD 100,978.46US57636Q1040





as at June 30, 2017Composition of Portfolio (continued)



7

Mckesson (N) 1,300 213,902.00 1.0USD 212,734.02US58155Q1031Merck & Co Inc 4,000 256,360.00 1.2USD 201,120.11US58933Y1055Metlife (N) 4,000 219,760.00 1.0USD 212,141.65US59156R1086Microchip Technology Inc 3,000 231,540.00 1.1USD 167,104.91US5950171042Micron Technolog (N) 7,300 217,978.00 1.0USD 170,496.63US5951121038Microsoft Corp 8,000 551,440.00 2.6USD 497,035.55US5949181045Morgan Stanley (N) 7,000 311,920.00 1.4USD 306,647.43US6174464486Newmont Mining Corp 5,500 178,145.00 0.8USD 189,948.32US6516391066Northrop Grumman Corp 500 128,355.00 0.6USD 91,579.93US6668071029Parker-Hannifin Co. (R) 1,000 159,820.00 0.7USD 157,981.69US7010941042PepsiCo Inc 3,000 346,470.00 1.6USD 310,069.36US7134481081Pfizer Inc 15,000 503,850.00 2.3USD 474,344.03US7170811035QUALCOMM Inc 4,000 220,880.00 1.0USD 233,421.86US7475251036Raytheon Co 1,000 161,480.00 0.8USD 144,912.41US7551115071Target (N) 8,000 418,320.00 1.9USD 441,806.43US87612E1064Texas Instruments Inc 2,500 192,325.00 0.9USD 177,326.62US8825081040The Priceline Group Inc 5 9,352.60 0.0USD 9,341.43US7415034039The Procter & Gamble Co 2,500 217,875.00 1.0USD 221,151.75US7427181091The Travelers Cos Inc 2,000 253,060.00 1.2USD 239,448.04US89417E1091The Walt Disney Co 2,805 298,031.25 1.4USD 294,165.62US2546871060Time Warner Inc 100 10,041.00 0.0USD 7,189.05US8873173038Union Pacific Corp 3,000 326,730.00 1.5USD 281,461.06US9078181081United Rentals Inc 2,000 225,420.00 1.0USD 248,439.17US9113631090United Technologies Corp 1,000 122,110.00 0.6USD 102,265.11US9130171096Utd Parcel Svc Rg-B (N) 3,000 331,770.00 1.5USD 320,050.42US9113121068Verizon Communications Inc 8,500 379,610.00 1.8USD 434,934.01US92343V1044Vertex Pharmaceu (N) 3,600 463,932.00 2.2USD 426,935.84US92532F1003Wells Fargo (N) 5,000 277,050.00 1.3USD 293,505.33US9497461015Western Digital Corp 3,000 265,800.00 1.2USD 228,886.34US9581021055








8

Zimmer Biomet Hldgs (N) 1,000 128,400.00 0.6USD 117,522.74

Total Equities 20,613,714.21 95.819,763,695.55

20,613,714.21 95.819,763,695.55Total Exchange-traded securities

TOTAL SECURITIES 20,613,714.21 95.819,763,695.55

TOTAL INVESTMENT PORTFOLIO 20,613,714.21 95.819,763,695.55

19,288,740.46 89.618,449,179.27Total United StatesUS98956P1021









9

�otes to the Unaudited Financial Statements

for the period from January 1, 2017 to June 30, 2017

1. General Information

Beauregard Capital SICAV (the “Company”) is an umbrella investment company with variable capital (société d'investissement à

capital variable) incorporated under the form of a société anonyme in the Grand Duchy of Luxembourg. It qualifies as an undertaking

for collective investment in transferable securities (“UCITS”) under Part I of the Law of December 17, 2010, as amended. As an

umbrella structure, the Company may operate separate Subfunds, each being distinguished among others by their specific investment

policy or any other specific feature as further detailed in the relevant Subfund Particular.

The Company was incorporated for an unlimited period in Luxembourg on September 13, 2013. The capital of the Company shall be

equal at all times to its net assets. The minimum capital of the Company shall be the minimum prescribed by the 2010 Law. The

Company is registered with the Registre de Commerce et des Sociétés, Luxembourg (Luxembourg register of commerce and

companies) under number B 180 391. The Articles of Incorporation have been deposited with the Registre de Commerce et des

Sociétés, Luxembourg and thereafter published in the Mémorial on October 2, 2013.

As of June 30, 2017, the Company had 1 Subfund: US Equity Paradigm Fund.

2. Summary of significant accounting policies

The net asset value of each Class within each Subfund (expressed in the currency of denomination of the Subfund) is determined by

aggregating the value of securities and other permitted assets of the Company allocated to that Class and deducting the liabilities of

the Company allocated to that Class.

The assets of each Class within each Subfund are valued as of the Valuation Day, as defined in the relevant Subfund Particular, as

follows:

1. shares or units in open-ended undertakings for collective investment, which do not have a price quotation on a Regulated

Market, will be valued at the actual net asset value for such shares or units as of the relevant Valuation Day, failing which they

shall be valued at the last available net asset value which is calculated prior to such Valuation Day. In the case where events have

occurred which have resulted in a material change in the net asset value of such shares or units since the last net asset value was

calculated, the value of such shares or units may be adjusted at their fair value in order to reflect, in the reasonable opinion of the

Board of Directors, such change;

2. the value of securities (including a share or unit in a closed-ended undertaking for collective investment and in an exchange

traded fund) and/or financial derivative instruments which are listed and with a price quoted on any official stock exchange or

traded on any other organised market at the closing price. Where such securities or other assets are quoted or dealt in or on more

than one stock exchange or other organised markets, the Board of Directors shall select the principal of such stock exchanges or

markets for such purposes;

3. shares or units in undertakings for collective investment the issue or redemption of which is restricted and in respect of which a

secondary market is maintained by dealers who, as principal market-makers, offer prices in response to market conditions may

be valued by the Board of Directors in line with such prices;

4. the value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends

and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any

case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such

discount as the Board of Directors may consider appropriate in such case to reflect the true value thereof;

5. the financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market

will be valued in a reliable and verifiable manner on a daily basis and verified by a competent professional appointed by the

Company;

6. swap contracts will be valued according to generally accepted valuation rules that can be verified by auditors. Asset based swap

contracts will be valued by reference to the market value of the underlying assets. Cash flow based swap contracts will be valued

by reference to the net present value of the underlying future cash flows;

7. the value of any security or other asset which is dealt principally on a market made among professional dealers and institutional

investors shall be determined by reference to the last available price;


10

2. Summary of significant accounting policies (continued)

8. any assets or liabilities in currencies other than the relevant currency of the Subfund concerned will be converted using the

relevant spot rate quoted by a bank or other responsible financial institution;

9. in the event that any of the securities held in the Company portfolio on the relevant day are not listed on any stock exchange or

traded on any organised market or if with respect to securities listed on any stock exchange or traded on any other organised

market, the price as determined pursuant to sub-paragraph (2) is not, in the opinion of the Board of Directors, representative of

the fair market value of the relevant securities, the value of such securities will be determined prudently and in good faith based

on the reasonably foreseeable sales price or any other appropriate valuation principles;

10. in the event that the above mentioned calculation methods are inappropriate or misleading, the Board of Directors may adopt to

the extent such valuation principles are in the best interests of the shareholders any other appropriate valuation principles for the

assets of the Company; and

11. in circumstances where the interests of the Company or its shareholders so justify (avoidance of market timing practices, for

example), the Board of Directors may take any appropriate measures, such as applying a fair value pricing methodology to adjust

the value of the Company's assets.

The consolidated accounts of the Company for the purpose of its financial reports shall be expressed in USD.

The Subfunds are single priced and may suffer a reduction in value as a result of the transaction costs incurred in the purchase and

sale of its underlying investments and the spread between the buying and selling prices of such investments caused by subscriptions,

switches and/or redemptions in and out of a Subfund.

This is known as “dilution”. In order to counter this and to protect shareholders’ interests, the Company may apply a technique known

as swing pricing as part of its valuation policy. The use of such technique for a given Subfund will (if applicable) be disclosed in the

Subfund particulars. This will mean that in certain circumstances the Company will make adjustments in the calculations of the Net

Asset Values per share, to counter the impact of dealing and other costs on occasions when these are deemed to be significant.

3. Fees

Management Company Fee

In consideration for the management company services provided to the Company, the Management Company is entitled to receive a

management company fee of a percentage of the net assets of the relevant Class, as further detailed in the relevant Subfund Particular

(the “Management Company Fee”). Unless otherwise provided for in the relevant Subfund Particular, this fee will be accrued on each

Valuation Day and payable monthly in arrears out of the assets of the relevant Subfund.

Investment Management/Advisory Fees

In consideration for the investment management/advisory services provided to the Company, the investment managers/advisers (if

any) are entitled to receive from the Company any investment management/advisory fee of a percentage as further detailed in the

relevant Subfund Particulars. Any marketing and distribution costs may be totally or partially paid out of the investment management

fee.

Performance Fee

To the extent provided for in the relevant Subfund Particular, the Investment Manager will also be entitled to receive a performance

fee (the “Performance Fee”), the details of which will (where applicable) be disclosed in the relevant Subfund Particular.

Central Administration Fee

In consideration of its services, the Administration Agent, Registrar and Transfer Agent will be entitled to receive from the Company

customary fees as further detailed in the relevant Subfund Particular. The central administration fees will be calculated by reference to

the monthly average net asset value of each Class with a minimum annual fee per Subfund as further detailed in the relevant Subfund

Particular. They will accrue on each Valuation Day and will be payable monthly in arrears.


11

3. Fees (continued)

Depositary Bank Fees

In consideration of its services, the Depositary Bank will be entitled to receive from the Company customary fees as further detailed

in the relevant Subfund Particular. The depositary bank fees will be calculated by reference to the monthly average net asset value of

each Class. They will accrue on each Valuation Day and will be payable monthly in arrears.

In addition, the Depositary will be entitled to be reimbursed by the Company for its reasonable out-of-pocket expenses and to receive

reimbursement for the fees charged to it by any correspondent bank or other agent (including any clearing system).

Class of Shares Class A-USD Class A-EUR Class A-CHF

Management Company Fee up to 0.12% p.a. with a

minimum of EUR 35,000 p.a.

up to 0.12% p.a. with a


up to 0.12% p.a. with a


Investment Management Fee up to 1.5% up to 1.5% up to 1.5%

Central Administration Fee up to 0.06% p.a. plus a fixed

fee of EUR 29,000 p.a. plus

transaction fees

up to 0.06% p.a. plus a fixed


transaction fees

up to 0.06% p.a. plus a fixed


transaction fees

Depositary Fee up to 0.08% p.a. subject to a


plus transaction fees

up to 0.08% p.a. subject to a



up to 0.08% p.a. subject to a



Other charges and expenses

The Company pays all brokerage, clearing, taxes and governmental duties and charges payable by the Company, and fees and

expenses involved in registering and maintaining the authorisation in Luxembourg and elsewhere and the listing of the Company's

shares (where applicable), the cost of publication of prices, the remuneration of the Directors, if any, and their reasonable

out-of-pocket expenses and its other operating expenses such as accounting and pricing costs, litigation and other recurring or non-

recurring expenses.

Any extraordinary expenses including, without limitation, litigation expenses and the full amount of any tax, levy, duty or similar

charge and any unforeseen charges imposed on the Company or its assets will be borne by the Company.

4. Formation expenses

The costs and expenses for the formation of the Company and the initial issue of its shares will be borne by the first Subfund of the

Company and amortized over a period not exceeding 5 years. Any additional Subfund(s) which may be created in the future shall bear

their own formation expenses to be amortized over a period not exceeding 5 years.

5. Taxation

The Company is not liable to any Luxembourg tax on profits, income or gains.

No stamp duty, capital duty or other tax will be payable in Luxembourg upon the issue of the shares of the Company.

The Company is, however, liable in Luxembourg to a subscription tax (taxe d'abonnement) levied at a rate of 0.05% per annum based

on its net asset value, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of the

relevant calendar quarter.

A reduced subscription tax rate of 0.01% per annum is applicable to Luxembourg UCITS whose exclusive object is the collective

investment in money market instruments, the placing of deposits with credit institutions, or both.

A reduced subscription tax rate of 0.01% per annum is applicable to UCITS individual compartments of UCITS with multiple

compartments, as well as for individual classes of securities issued within a UCITS or within a compartment of a UCITS with

multiple compartments, provided that the securities of such compartments or classes are reserved to one or more institutional

investors.

Subscription tax exemption applies to (i) investments in a Luxembourg undertaking for collective investment (UCI) subject itself to

the subscription tax, (ii) UCIs, compartments thereof or dedicated classes reserved to retirement pension schemes, (iii) money market

UCIs, (iv) UCITS and UCIs subject to the Part II of the 2010 Law qualifying as exchange traded funds, and (v) UCIs and individual

compartments thereof with multiple compartments whose main objective is the investment in microfinance institutions.


12

6. Transaction costs

Transactions costs include brokerage fees, stamp duty, local taxes and other foreign charges if incurred during the period. Transaction

fees are included in the cost of securities purchased and sold.

For the period ended on June 30, 2017, the Company incurred transaction costs relating to purchase or sale of investments in

securities and similar transactions, (including derivatives instruments or other eligible assets) as follows:

Subfund Amount

US Equity Paradigm Fund USD 25,385.07

Not all transaction costs are separately identifiable. For fixed income investments, forward foreign exchange contracts and for some

other derivative contracts, transaction costs will be included in the purchase and sales price of the investment. Whilst not separately

identifiable these transaction costs will be captured within the performance of each Subfund.

7. Exchange rates

Exchange rates used as of June 30, 2017:

1 USD = 0.95770 Swiss Franc (CHF)

8. Forward foreign exchange contracts

As at June 30, 2017 the following forward exchange contracts, only held for hedging purposes and traded with VP Bank

(Luxembourg) SA as counterparty were outstanding:

Maturity Purchases Currency Contract Rate Sales Currency

29.12.2017 1,977,100.18 CHF 1.0567 2,089,295.34 USD

The unrealised gain on forward foreign exchange contracts amounts to USD -3,133.43 and is presented in the Statements of net assets.

9. Transparency of Securities Financing Transactions and their Reuse

During the financial year of the fund no securities financing transactions and total return swaps in the sense of Regulation (EU)

2015/2365 of the European Parliament and the Council of November 25, 2015 on transparency of securities financing transactions and

of reuse and amending Regulation 648/2012 have taken place. As a consequence, no information according to article 13 of the afore

mentioned Regulation need to be disclosed to the fund’s investors.

10. Additional key figures

Total Expense Ratio (TER) for the period from July 1, 2016 to June 30, 2017:

A-Capitalisation USD 2.45%

A-Capitalisation CHF 2.68%

Performance

01.01.-

30.06.2017

2016 2015 since

inception

A-Capitalisation USD 6.28% 1.51% -3.33% 18.95%

A-Capitalisation CHF 4.63% -0.63% -4.08% 2.55%


13

Statement of changes in net assets

Net assets Net assets

per share

A-Capitalisation

Net assets

per share

A-Capitalisation

Net assets

per share

A-Capitalisation

USD CHF EUR


December 31, 2014 USD 36,556,773.99 USD 114.06 CHF 102.83 EUR 102.90



June 30, 2017 USD 21,524,805.56 USD 118.95 CHF 102.55 EUR 0.00

Documents

Beauregard Capital SICAV - lis-aifm.com · Unaudited Semi-Annual Report for the period from January 1, 2017 to June 30, 2017 ... Beauregard Capital SICAV - US Equity Paradigm Fund