Charity Registration No. 1161777
THE ROSENBERG MEMORIAL FUND
ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year to 5 April 2023

THE ROSENBERG MEMORIAL FUND
LEGAL AND ADMINISTRATIVE INFORMATION
Settlor:
Penelope Dorothy Rosenberg Ideceased}
Governing Instrument:
Will dated 17 September 2002 which was proved on 16 June
2014
Registration:
Registration with the Charity Commission was approved on
21 May2015
Trustees:
Mr David Anthony Fursl
Mr Matthew Derek Pintus
Charity Address:
Ma¢farlanes LLP
20 Cursrtor Street
London
EC4A 1LT
Charlty R&glstratlon
Number..
1161777
Administrators:
The Hedley Foundation
Victoria House
1-3 College Hill
London
EC2R 2RA
Independent Examiner:
Emily Smith ACA
Humphrey & Co
Chartered Accountants and Statutory Auditors
7- 9 TheAvenue
Easlbourne
East Sussex 8N21 3YA
Investment Managers..
Rothschild ICII Limited
Sl Julian's Court
Sl Julian's Avenue
Sl Peter Port
Guernsey GY13BP

THE ROSENBERG MEMORIAL FUND
TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2023
The Trustees present their Report and Accounts for the year to 5 April 2023.
The Accounts have been prepared in a¢¢ordan¢e with the accounting policies set out in Note 110
the Accounts and Comply with the Charills governing instrument, the Charities Act 2011 and
' Accounting and Reporting by Charities '. Slalemenl of Recommended Pra¢li¢e applicable lo
charities preparing their Accounts in a¢cordan¢e wrth the Financial Reporting Standard applicable in
the UK and Republic of Ireland IFRS 1021 {effe¢live 1 January 20191.
Objectives and Activities for the Public Benefit
The objects of the Charity allow the Trustees discretion to apply the income and capital of the
Charty for such charitable purposes as they from time lo lime decide. The Trustees confimi that
they have referred lo the guidance contained in the Charity Commission general guidance on public
benefit when reviewing the Charity's aims and objectives and in planning future activities and setting
the donations policy for the peri(MJ.
The Charity carries out these objects by makirig donations to various registered charities for the
benefit of students sludwng in the fields of medicine, architecture and the applied arts and general
charitable purpK)ses for the advancement of health or saving lives. education and training.
Achievements and Performance
It is the aim of the Trustees lo distribute annualty the total income of the Charty.
No donations were made dijring the year. As per Note 1110 the Accounts there are ongoing funding
commilmenls.
Financial Revlew
At the year end the total Fund was valued al £5,763,391.94
The Trust's income Consists of investment income which is distributed to various charitable
organisations al the Trustees, discretion.
11 is the aim of the Trustees to maintain a balance between investments for capital growth and
income generation and lo maintain readily a¢¢essible cash funds sufficient lo fund anlicipaled
chari(able donations over the coming year.
The Charity's reserves are primarily investments which are held lo generalo income and capital
growih, which provide funds to make grants in accordan￿ with the Charity's objectives. Free cash
reserves total £836,254 81 the year end and the trustees consider that the level of reserves is
appropriate lo meet current activities. Further reserves can be met with the liquidation of a
proportion of investments rf required.
The Trustees have assessed the major risks lo which the charity is exposed and are satisfied that
systems are in place to mitigate exposure to the major risks.
Investment petformance is monitored regularly by the Iruslees including wa presentations by the
investment managers.
The Trustees consider that the spread of risk within the investment portfolio is well placed lo
weather the current financial uncertainties.
The Trustees aim, year on year, to distribute all available income after expenses to charitable
organisations.

THE ROSENBERG MEMORIAL FUND
TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2023
Structure. Governance and Management
The Rosenberg Memorial Fund was established under the terms of the Will dated 17 September
2002 of Penelope Dorothy Rosenberg who died 2 March 2014 and is a regISte￿d Charity number
1161777.
The Trustees who served during the period were..
Mr David Anthony Fursl
Mr Matthew Derek Pinlus
The power of appointing new Trustees is vested in the surviving or continuing Trustees in
accordance with S36 Trustee Act 1925. Trustees are selecleLI having regaid to both their general
experience. and their knowledge and experience of the objects of the trust, and any personal
knowledge of the existing trustee5. Professional advice is available lo new trLJslees from the
Iruslees, solicitors for training purposes regarding the duties of a Iruslee.
All Trustees give of their lime freely and no Iruslee remuneration was paid in the year. Trustees are
required to disclose all relevant interests and to wlthdraw from decisions where a conflict of interest
arises.
Rothschild are the Trust's investment adviser whose brief is lo advise and manage an investment
portfolio on 8 discretionary basis.
Investments held al 5 April 2023 were acquired in accoidan¢e with the powers of the Trustees.
The investment strategy is set by the Trustees and in doing so the Trustees have regard lo the
income requirements, the risk profile and their investment manager's view of market prospects in
the medium term.

THE ROSENBERG MEMORIAL FUND
TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2023
Statement of Tru$t•es' Responsibilitias
The Trustees ate responsible for preparing the Trustees, Report and the Accounts in accordance
with 8pplicable law and Unvced Kingdom AccoLJnling Standards (United Kingdom Generally
Accepted Accountancy Practi￿1.
The Law applicable to charities in England and Wales requires the Trustees to prepare Accounts
for each financial period which give a true and fair view Of the slate of affairs of the Charity and of
the incoming resources and application of resources of the Charty for that period.
In preparing these Accounts, the Trustees are required to'.-
select suitable accounting policies and apply them consislènlly",
observe the methods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudent.,
slate whether applicable accounting standards have been followed, subject lo any
materia1 departures disclosed and explained in the Accounts..
prepare the Accounts on the going concern basis Ljnless it is
inappropriate lo piesume that the Charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records which discbse with
reasonable accuracy 81 any lime the financial position of the Charity and lo enable them lo ensure
that the Accounts comply with the Charities Act 2011, the Charity (Accounts and Reportsl
Regulations 2008 and the provision5 of the Trust Deed. They are also responsible for safeguarding
the assets of the Charty and hence for taking reasonable steps for the pievention and deteclK)n of
fraud and other irregularities.
The Trustees, Report was approved by the Board of Trustees.
Approved by the Trustees and
signed on their behalf by:
Mr
Furs
Mr Mallhe
Pinlus
Dated
.2023

THE ROSENBERG MEMORIAL FUND
Independent Examinerfs Report to the Trustees of The Rosenberg Memorial Fund
I report lo the Iruslees on my examination of the a￿Ount$ of The Rosenberg Memorial Fund for
the year ended 5 April 2023, which are set out on pages 6 to 15.
Responsibilities and basis of report
As the charity Iruslees you are responsible for the preparation of the accounts in accordan
with the requirements of the Charfcies Act 2011 Ilhe Charities Acl}.
I report in respect of my examination of the Trustees, accounts carried out under Section 145 of
the 2011 Act and in Carrying out my examination I have followed all the applicable Directions
given by the Charity Commission under Section 14515}Ibl of the 2011 Act.
Independent Examlnerfs Statement
I have completed my examination. I confirm that no material matters have come to my attention in
eonnection with the examination giving me cause to believe that in, any material respect".
11 accounting records were not kept in accordance with section 130 of the Charities Act., or
21 the accounts do not accord with those rewrds., or
31 the accounts do not comply with the applicable requirements concerning the form and
conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other
than any requirement that the accounts give a 'lrue and fair, view which is not a matter
conSide￿d as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination lo
which attention should be drawn in this report in order lo enable a proper understanding of the
accounts to be reached.
14 December 2023
Date...................................
Name
Emily Smith ACA
Humphrey & Co
Chartered Accountants
7-9TheAvenue
Easlbourne
East Sussex BN21 3YA

THE ROSENBERG IJIEMORIAL FUND
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
For the year ended 5 April 2023
Note
2023
2022
Income and Expenditure
Incorne from-
Investments
Wells Fargo lilFgalion proceeds1$198.511
45,416 52
39,058.95
132.65
39,191.60
45,416.52
Expenditure on:
Raisin
funds
Investment Management Fees
Bank Charges
LEI Registration Fees
49,444.21
60.529.65
15.00
150.00
Charitable activities
Grants via funding commitments..
Previous Funding Commitment
New Funding Commrtment
11
940 48
408,181.45
4,217.11
Other Ex
enditure
Macfarlanes Fees
Humphrey & Co Fees
12,658.80
2,580.00
13,606.20
3,780.00
Total resources gxpended
473,954.94
82,147.96
Extraordinary Items
Adjustment lo Book Value of Chattels
159,500.001
Net gains {lossesl on investments
Curren¢y adjustment
(236,015.901
157.201
96,795.87
2,489.68
Net movement in funds
Fund balances at 5 April 2022
(664,611.521
6,428.003.46
{3,170.81)
6,431,174.27
Fund balances at 5 April 2023
£5,763,391.94
£6,428,003.46
All funds are unrostricted

THE ROSENBERG MEMORIAL FUND
BALANCE SHEET at 5 April 2023
Note
2023
2022
Fixed Assets
Investments
4,950,947.03
5,601,516.38
Current Assets
Chattels
Cash at bank and in hand
500.00
934,946 36
935,446.36
500.00
849,736 23
850,236.23
10
Current Liabilities
Creditors..
Amounts falling due wi(hin one year
199,191.931
123,749.151
Net Current assets
836,254.43
826,487.08
Long Tenn Liabilities
Creditors..
Amounts falling due after one year
123,809.521
Total assets less Currant liabiltties
£5,763,391.94
£6,428,003.46
Unrestrictgd Funds
£5,763,391.94
£6,428,003.46
The Accounts wer
Mr David Fursl
Trustee
MIMa
Truste
hew Pintu

THE ROSENBERG MEMORIAL FUND
NOTES TO THE FINANCIAL STATEMENTS for the year to S Aprll 2023
1 Accounting Policies
Cha￿ty Information
The Rosenberg Memorial Fund was established under the terms of the Will dated 17 September
2002 of Penelope Dorothy R05enberg who died 2 March 2014 and is a registered Charity number
1161777.
1.1 Accounting Convention
These Accounts have been prepared in accordance wvch FRS 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland" IFRS 102.1, 'Accounling and Reporting by
Charities the Statement of Recommended Practice for chari(ies applying FRS 102 the Charities
Act 2011 and UK Generally Accepted Accounting Practice . The Charity is a Public Benefit Enlty
as defined by FRS 102.
To ensure that the accounts show a true and fair view, the trustees have not complied fully with
the Charities (Accounts and Reports) Regulations 2008 8s these refer specifically to the previous
2005 SORP and have not been updated lo reflect the changes in legislation to the FRS102 SORP.
The Accounts are prepared in sterling, which is the functional currency of the charity.
The Accounts have been prepared under the histOriC81 cost convention. The principal accounting
policies adopted are set out below.
1.2 Going Concern
Al the lime of approving the Accounts, the trustees have a reasonable expectstion that the Charty
has adequate resources lo continue in operational exislen¢e for the foreseeable future. Thus the
trustees, continue to adopt the going concern basis of accounting in preparing the Accounts.
1.3 Charitable Funds
Unreslricled funds S￿ available for use al the discretion of the trustees in furtherance of their
charrtable objectives unless the funds have been designated for other purposes.
1.4 Incomlng Resources
Income is recognised when the charity is legalty entitled to il after any performance conditions
have been mel, the amounts can be measured reliably, and it is probable that income will be
received.
The Charity is a registered Charity and therefore is not liable for income lax or corporation tax on
income derived from its charitable activities, as it falls within the various exemptions available to
registered charities.
1.5 Resources Expended
Expenditure ts recognised on an accrual basis as a liability is incurred.
Costs of generating funds comprise the Investment Managers. costs associated with the
management of the investment portfolio in accordance wi(h the strategy sel by the Trustees.
These also include Solicitors, management fees in connection with the management of the
Charity.

THE ROSENBERG MEMORIAL FUND
NOTES TO THE FINANCIAL STATEMENTS forth8 year to 5 April 2023
Charitable expendf(ure in the form of donations payable is accounted for as and when approved
by the Trustees and when due for payment.
Other costs include those costs associated with meeting the conslilulional and statutory
requirements of the Charity and include the Independent Examination fees and legal costs linked
lo strategic management of the Charity
1.6 Fixed Asset Investment Policy and Derivatives
Investments are ini(ially recognised al their transaction value and subsequently measured by their
market value as at the Balance Sheet dale. Listed investments are slated at the mid price on the
London Stock Exchange and the bid prices provided by the Fund Managers for unil trust holdings.
Gains and losses on investment assets are credited, or debrted, lo the Statement of Financial
Activities in the year in which they arise.
Derivatives are initially recognised al their fair value on the day they are entered into and are
subsequently measured at the fair value prevailing al the time. The fair value of derivatives
corresponds lo the present value of eslimaled future cash flows. The fair value of currency
forwards is based on the forward exchange as al the balance sheet dale.
1.7 Forward Currency Transactlons
Forward currency contracts are agreements lo buy or sell Cuffency 81 a predetemiined price on a
specified future dale
Gains or losses on forward currency transactions within the trading portfolio, where such
transactions are opened and Closed off in the accounting period, are recognised wrthin realised
gains or losses in the Statement of Financial Activities calculated via the drfference in the market
value of the currency from trade dale lo selllemenl date.
Where forward currency transactions remain open al the end of the financial period the fair value
of the transaction is measured al the loss or gain had the transaction cbsed off on the last day of
the period, as provided by fund managers.
Any gains or losses arising from the changes in fair value on derivatives are taken to the
statement of Financial Activities as unreal￿Sed gains or losses al the year end.
1.8 Current Asset Investments
Financial assets classified as current asset investments 8re slated al fair value wbth any gains or
losses arising on remeasurement ￿cOgnised in profrt or loss. Fair value is derived from the
professional valuation obtained al the period end. Short-lerm investments due held for sale within
12 months of the periodond are treated as current asset investments.
1.9 Cash and Cash Equlvalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term
liquid investments with original malurilies of Ihiee months or less and bank overdrafts. Bank
overdrafts are shown within borrowing5 in Current liabilities.

THE ROSENBERG MEMORIAL FUND
NOTES TO THE FINANCIAL STATEMENTS for the year to 5 Aprll 2023
1.10 Financial Instruments
The Charty has eleded lo apply the provisions of Section 11 'Basic Financial Instruments. and
Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of ils financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charty becomes
party to the conlraclu81 provisions of the instrument.
Financial assets and liabilities a￿ offset. with tho nel amounts presented in the financial
stalemenls, when there is a legally enforceable right to sel off the recognised amounts and there
is an intention lo settle on a net basis or lo realise the asset and settle the liability simultaneously.
Baslc Flnanclal Assets
Basic financial assets, which include debtors alld cash and bank balances, are inff(ially measured
al transaction price ineluding Imnsaclion costs and are subsequently carried al amortised cost
using the effective interest method unless the arrangement constitutes a financing transaction,
where the transaction Is measured al the present value of the future receipts discounted 8t a
market rate of inleiesl. Financial assets classified as receivable within one year are not
amorti5ed.
Basic Financial Liabilities
Basic financial liabilities. including creditors and bank loans are initially recognised al transaction
price unless the arrangement constilules a financing transaction, where the debt instrument is
measured al the present value of the future receipts discounted al a market rale of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried 81 amortised cost, using the effective interest rate
method.
Trade creditors are obligations to pay for gcKids or seNices that have been acquired in the
ordinary course of operaty'ons from supplier. Amounts payable are classified as current liabilrties
payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade
creditors are recognised initially al transaction price and subsequently measured al amortised cost
using the effective interest method.
Dorecognition of Financial Liabilities
Financial liabilrties are derecognised when the Charity's conlraclual obligations expire or are
discharged or cancelled.
1.11 Critical Accountlng Estimales and Judgements
In application of the Charitys accounting policies, the Trustees are required lo make judgements.
estimates and assumptions about the carrwng amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered lo be relevant. Actual results may diffei from
these estimates.
10

THE ROSENBERG MEMORIAL FUND
NOTES TO THE FINANCIAL STATEMENTS for thè year to 5 Aprll 2023
The estimates and underlying assumptlons aTe reviewed on an ongoing basis. Revisions to
accounting estirnales are recognised in the period in which the estimate is revised where the
rewsion affects only that period, or in the period of the revision and future periods where the
revision affects both current and future periods.
During the year to 5 April 2022 the Trustees made a judgement concerning the value of the
chattel, as detailed within note 7, once it was confirmed the painting was not authentic. The
adjusted value of £500 is an estimation of a sale price that the painting could possibly reach if il
was to be sold as a copy rather than as an original. The value was estimated based on
discussions with Sotheby's expert bul not subject to a formal valuation.
This material judgement based on an estimation is considered lo be fi'nal and there is no intention
lo revalue the painting again in the future. It is possible that the painting is worth less than the
eslimaled £500 bul the Trustees do not consider the accounts would be materially Incorrect
should the any future value fall below £500.
The trustees do not consider that any judgements, other than those including eslimalion
uncertainty, have arisen during the year which requires disclosure.

THE ROSEN8ERG MEMORIAL FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE yearto 5 April 2023
2 Income from Investments
2023
2022
Income from Overseas Securities
Income received - U K Equities
Excess Reportable Income
Interest on Cash Deposits
22,465.05
18,919 90
2,399.20
1,632.37
19,128.15
19,900.97
29.83
45,416.52
39,058.95
3 Independent Examinerfs Remuneration
Fees payable to the Charty's independent examiner and associates..
2023
2022
Independent Examination of the Charity's accounts
2,580.00
3,780.00
3,780.00
2,580.00
4 Trustges remuneration and expenses
None of the trustees lor any persons conneded wf(h them) receive£l any remuneration, benefits
or payment of expenses12022.'£Nill.
5 Employees
There were no employees during the period.
6 Net GainsllLosses} on Investments
2023
2022
Revaluation of Investments
GainlLoss on Sale of Investments
GainlLoss on Exchange Rale Movements
{69,241.781
105,144.34
271.918.461
(238,015.901
184,937.751
100,576.79
81,15683
98,795.87
7 Chattels
(see also 1.11 on page 111
2023
2022
Fair Value
Al 5 April 2022 {see also 1.8 on page 91
500.00
500.00
Included under Current Asset Investments is a painting originally thought lo be by the artist Jean
Metzinger. This was valued for probate purposes at the dale of the Setllorfs death al £60,000.
However, Sotheby's have recently confimed th8t the painting is not authentic, therefore rts value
can be eslirnaled lo be in the region of £500 rather than £60,000 creating a £59,500 loss on chartel
value shown as an extraordinary item Dn the face of the SOFA in the year ended 5 April 2022. This
value is based on the Trustees, valuation of the painting as detsiled wthin note 1.11.
12

THE ROSENBERG MEMORIAL FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE year to S April 2023
8 Fix•d Asset Investments
2023
2022
Listed Investments
4.950.947.03
5,601,516.38
Fixgd Assèt Invastments Revalued
Investments are included on the Balance Sheet at their market value al the end of the financial period.
Listed investments are slated al the mid price on the London Stock Exchange and th& bid prices
provided by the Fund Managers for unit trust holdings.
The histori¢al eost of the fixed asset investments is £5,127,193.6212022". £4,22S,439.90}
Movements in Fixed Asset Investmènts
Shares
2023
Shares
2022
Cost or Valuation
At 5 April 2022
Additions
Valuatv)n Changes
Disposals
5,601,516.38
6.010.717.67
12,317.637.83
5,335,729.13
(236,015.901
96,795.87
{12,732,191.281 15,841,726.291
At 5 April 2023
4,950,947.03
5,601,516.38
Carrying Amount
At 5 April 2023
4.950,947.03
5.601,516.38
13

THE ROSENBERG MEMORIAL FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE y&ar to 5 April 2023
9 Financial Instruments
2023
2022
Carrying Amount of Financial Assets
Financial assets measured al fair value through income and
expenditure
500.00
500 00
Equty instruments measured at market value
4.950,947.03
5.601,516.38
Carying Arnount of Financial Liabilitles
Measured at amortised cost
123,001.45
23,749.15
Financial Llabllltles: breakdown
Dimdend income after 5.4.22
1,159.63
Humphrey & Co Fees
Funding commrf(ments due within one year
3,000.00
96,191_93
99,191.93
3,780.DO
18,809.52
23,749.15
Funding commitments due after one year
23,809 52
123,001.45
23,749 15
10 Cash at bank and in hand
2023
2022
Macfarlanes LLP
Rothschild ICII Limited
73,885.12
861.061.24
655,397.96
194,338.27
934.946.36
849,736.23
14

THE ROSENBERG MEMORIAL FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE year to 5 April 2023
11 Funding Commltment
Grants provided lo inslrftutions via funding commitments are detailed as follows..
RIBA Scholarshi
At 6 April 2020 the charity had reviewed rts funding commitment to provide donations lo the
Royal Inslilule of British Architects. £19.750 per annum was agreed and backdated lo
October 2018 and lasting for five years. There are no performance related conditions
attached to the commilmenls.
The commitment lo RIBA Scholarship, London has now been fuffilled.
NEW RIBA Scholarshi
At 22 June 2022 the charity had entered into lunding commitments lo prowde donations
lo the Royal Institute of British Archilecls of £149,500. There are no perfomiance related
conditions attached lo the commitments.
Year Paid
2022-2023
2023-2024
2024-2025
Amount
137.310
82,676
23.810
Financa costs Repaid
6,865.51
4,133.79
1,190.48
C'fvid
82,676
23,810
161,500}
(63,0001
(25,0001
12,189.78
1149,5001
Year
61.500
63,000
25,000
105.OOOA 58,571.43
110 25.kn 57.142.86
115.76DA 21,595.94
5.000
5.00%
5.000
137,310.23
The commitments have been calculated by the amortised cost method using an average
return of investment rate calculated al 50kn per annum.
Gu
& St Thomas, Charf
At 22 June 2022 the charity had entered into funding commitments to provide donations lo
the Guys & Sl Thomas, Charity of £265,872. There are no performance related condf(ions
attached to the commitments.
Year
Amount
251,434
37,326
Finance costs Repaid
12,571.70
1226,6801
1,866 29
{39,1921
C'fwd
37,326
2022-2023
2023-2024
14.437.99
1265,872)
Year
226,680
39,192
105.OOOk 215,885.71
110.250h 35,548.30
5.OOQ
5.OOYo
251,434.01
The commitments have been calculated by the amortised cost method using an average
turn of investment rale calculated a150/0 per annum.
15

THE ROSENBERG MEMORIAL FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE year to S April 2023
12 Related Party Transactions
There have been no related party transactions in the year.12022". None}
16

THE ROSENBERG MEMORIAL FUND
Appendix
11 Income from Investments
Overseas
Tax&
Expenses
Holding
Date
Gross
Tax
Net
Fixed Interest
Treasury Stock
0.1250/0 3010112026
77,000 3010112023
48.13
Treasury Slo¢k
Q.125 /0 3010112024
73,000 3010112023
45.63
45.63
Treasury Stock
0.250k 3110112025
76.000 3110112023
95.00
95.00
Treasury Stock
0.6250A 3110712035
80,000 3110112023
250.00
250.00
438.76
438.76
Ovetseas Divldends
American Express
Co Reg Shares
1,454 1010512022
1,454 1010812022
1.454 1011112022
1,454 1010212023
617.72
625.12
92.66
93.77
525 06
531.35
564.07
530.33
663.61
623.92
99.54
93.59
Cable One Inc
73 1710612022
97 1610912022
97 1611212022
162.87
24.43
138.44
204.81
192.22
240.96
226.15
33.93
CFM Inslrtutional
Systematic Trends
Fund Ltd
74 3010612022 1,089.45
1,089.45
Comcasl
Corporatrion Class A
4,027 2710412022
4,027 2710712022
4,027 2611012022
4,027 2510112023
864 40
902.54
936.71
880 61
12966
135.38
140.51
132.09
734.74
767.16
798.20
748.52

THE ROSENBERG MEMORIAL FUND
Appendix
Overseas
Tax&
Expenses
Holding
Dat
Gross
Tax
Net
Conslellalion
Software Inc Reg
Shares
84 1210412022
64.81
70.22
73.44
70.36
16.21
17.56
18.37
48.60
52.66
55.07
84 1110712022
84 1111012022
84 1110112023
17.60
Deere & Co Reg
Shares
515 0910512022
515 0810812022
515 0811112022
419 0810212023
442.70
479.99
505.86
416.71
66.41
376.29
407.99
72.00
75.88
62.51
429 98
354.20
Direxion Nasdaq-
100 Equal Weighted
Index ETF Shares
2,310 2910612022
2.310 27109r2022
264.44
276.26
39.67
41.44
224.77
234.82
Eurofins Seientrfic
SE EurO.01Shares
1.451 0710712022
1,233.30
185.00 1.048.30
Lansdowne
Developed Markets
Long Only Fund C
Restricted Shares
2,226 0110612022
40.27
40.27
Linde PIC Reg
Shares
772 1710612022
772 1610912022
617 16112r2022
735.70
788_39
591.97
735.70
788.39
591.97
Masleicard Income
Class A Shares
533 0910512022
533 0910812022
533 0911112022
533 0910212023
213.34
215.83
227.57
250.78
32.01
32.38
34.14
37.62
181.33
183.45
193.43
213.16

THE ROSENBERG MEMORIAL FUND
Appendlx
Overseas
Tax&
Expenses
Holding
Date
Gross
Tax
Net
Microsoft
Corporation
USDO.00000625
188 0910612022
08109r2022
0811212022
92.92
101.08
104.49
78.98
15.16
15.68
85.92
88.81
Moodys Corporation
Common US$O.01
Shares
701 10106r2022
701 0910912022
701 1411212022
392.04
423 08
396.39
58.81
63.47
59.47
333.23
359.61
336.92
Penlaris QAIF PIC
Phoenix UK Funds S
Shares
510 0910912022
715.11
715.11
Pentaris QIAIF PIC-
R Phoenix UK Fund
F Shares
955 0910912022
706.65
706.65
Penlaris QIAIF PIC R
Allard Growth Fund
Parting Vanda Fund
F USD Shares
1,440 0910912022 1,053.04
1,053.04
R Wea￿h
Management SICAV
SIF Select Funds
Opportunities
Income 1
Distribution Shares
20,223 2210612022
262.89
262.89
S & P Global Inc
Reg Shares
581 1010612022
581 1210912022
581 1211212022
395.80
422.78
402.17
59.38
63.42
60.33
336.42
359.36
341.84
Wells Fargo & Co
Reg Shares
2,979 0110612022
591.49
88.73
502.76
20,855.93
2,258.90 18,597.03

THE ROSENBERG MEMORIAL FUND
Appendix
Overseas Interest Gross
R Wealth Man
SICAV-SIF-Inflation
Focus Fund Inc X
Disl Shares
6,156 1411212022
620 12
620.12
R Wealth
Management SlCAV-
SIF Investment
Grade Bond Income
1 Distribution Shares
67,650 2210612022 2,908.96
21.183 19112r2022
338.94
2,908.96
338.94
3,868 02
3,868.02
UK Dividends
Admiral Group PIC
Ord 1 p Shares
5,222 0610612022 6,161.96
6,279 3010912022 6,592.95
6,161.96
6.592.95
Ashtead Group PIC
Ord 10p Shares
3,788 0910912022 2,169 77
3,788 0910212023
459.86
2,169.77
459.86
Lloyds Banking
Group Pl¢ Ord 10
Shares
232.827 1910512022 3,096.60
3,096.60
18,481.14
18,481.14
Excess Rgportabla Income
Lansdowna Dèveloped
Mad(ets Long Only
Fund C Restricied
Shares
2,225.861 3010612022
0.18
O_18
Saba Capital Carry
Neutral Tail Hedge O
Series 1 Sha￿$
85 3010612022 2,399.02
2,399.02
2,399.20
2,399.20
Interest on Cash Deposits
Rothschild
Macfarfanes
588.49
1.043.88
588.49
1,043.88
1,632.37
1,632.37

THE ROSENBERG MEMORIAL FU14D
Appendlx
Investments held at
h Apdl 2022
In¥•sbhents held •t
5th A rf12023
Cost or
2022
Adlustod
Value
iFnrwli¥td
galnllloBsl
HoldlTrg
Book
Value
Market Value
Holdlng
Book
Valve
ma￿01 Valuè
36 South Fund5 PIC
- Okura Fund Plg C
Share5
162.0164
105,945.01
105.174.57
ACLAtemative
Fund SAC Ltd A-
Abbey Focu5 Funrj
Series B Shares
1.￿1.4052
135,P3840
191.672.63
Admyal Group P
Ord 1pShares
5.222
83.274 72
133.839 86
Ameri¢8n Expres5
Co Reg Shares
1.454
75.012.23
20S,74844
Ashtead Group PIC
Ord 10p Sha￿$
3,089
Q6.018.46
144,935 88
Be￿8￿re Halhaw
In￿r￿￿ Regi%iered
B Shares
76,381.19
223.427.87
8NP Paribps Iss
17.￿ 32 W$rr¥nLq
S&PSOOUSD
3500 pul
78
8,￿3.04
575.09
Inc Com US￿.006
37
49.092 86
e4.895 44
cab￿ One Ino
73
38.647.38
83.575.03
CFM Institut￿n
SyslemalicTrend5
Equty Capped
Fund Red Ptg
1D4.1841
103.994.02
118,239.58
SystemalicTren(
Fund Ltd
74 184
80.740.10
119,502.26
Charter
Commvni¢8borts Ir
Class A. Cornmon
US$1.00 stock
43.836.
78,193.68

THE ROSENBERG MEMORIAL FUND
+I)￿ndIX
Investrnents held •t
5th Aprfl 202Z
Inve8tments held at
Jth April 2023
¢o¥tor
2022
Adlusted
Value
Unreallsed
galnll10s51
Holdltsy
BoDk
M•rk•tV4luo
Holdln9
Book
Mathetvalue
V•lu8
VAlue
Corwast
CO￿D[￿l0￿ ¢￿SsA
4.027
114.480.42
147,132.11
C¢n$1811aion
Softw8* Irc Reg
Shares
84
80,292.31
115,327.10
Dee￿ & Co Reg
Shares
$16
33,773.97
162616.89
DI¢xh?n Nasdaq-
Weighted Index
ETF ShaF8S
1.$50
83,725 74
$1.(e2.96
EF ofACL
Attemative Fund
SAC Ltd- Abi*y
Focvs FufMI Serios
B Shares
818.55
458.Q2
47Z.10
EurofiTh5 Saentifi¢
SE EurO.01Share$
88.792.03
112,500 63
D&v¥opeO m$￿818
Lony Only Fund C
Rosirided Share5
2,22S.860952
158,C(N].00
185,881.65
b¥ty Bwadb8nd
Ctyp Se￿$ ¢ Reg
Shsres
318
20,W.
33.647.03
Reg
Share5
7T2
67,438.24
189.594.29
Utyd$ Banki79
Group Pkord 10
Shares
232.827
1$3,800.90
107.810 $4
Mastercard Incow
CL7ss A Shares
86.357.05
147.801 $3
MoEKtys Corw3tion
Comrnon USSO 01
Sh$￿$
76.882.96
183,227.34
Pentaris (141F P￿-
Bares US Equty
Fund Shares F
I.278.￿0
102.623.88
165,878.74

THE ROSENBERG mEMO￿AL FUND
App8ndlx
Investrnents hekl at
5th Aprfl 2022
In¥estmBnts held at
5th
12023
Cost or
2022
Adlustsd
Value
Unrealis￿*
Holdlng
Book
V&lu8
Markotvaluo
Holdlng
Market Valu•
Value
Pentaris QAIF PI¢-
Pmenix UK Funds
s shar&8
509.700
50,970.00
63,762.34
P￿taris QMF P￿-
R P￿eniX UK FurKJ
F Shares
Y54 Wd8
4,256.88
127,421.34
Perrtaris QAIF Pt
Artemi$Volatsiity
Trading Fund F
USD Shares
$99.214
44.057 g9
33.783.42
Pentsri$ QAIF P* R
l¥rd Giob*th Fund
Paibng Vanda F
USD Shares
1,440.421
119.493.fj2
1{￿.091 32
1.44D.421
11Q.493 62
105,091.32
.683.44
18.407.881
p￿er$ Thematic
SPC Fund Lid One
River DynanNc
Convexity Seg Port
Share5
61.OM.00
57.409.89
PelersThemati
SPC Fund N Series
One River Dyn8Ni¢
Convesity Pr
Shar8s
4 4850
4,484.
4,340.04
R Wealth Man
SICAV-SIF-
InflaH)n Fou
Fund Incx DL%I
Shares
a,2￿.￿01
615.400.04
642.373.33
Rwe￿th
Managerrenl
SICAVSIF Sdect
Funds Opthunthe5
Incom2 1
t18tribut￿n Shares
20,222.665
224.688.40
329.224.99
R Weallh
Management
SICAV- SIF
Inv&¥itrwi G18ae
nd Ineome 1
Distribution Shares
67,850.200
674.701.07
670.413 4B
R Weamh SICAV
New Court Fund
Acc F Shares
1￿.820.557 S,W7.7W.00 5.LK17,70QW 4.889.639.31
1118.080 681
Ryanair
cord EurfI.￿8
Shares
130,261 87
153,700.07
S&PGwall
Reg Shares
581
79,124.55
192,645.fj1

THE ROSENBERG MEMORIAL FUND
pendix
Irwe$knents It
frth A dl 2022
Inve9trnents held at
5th 45rf12023
Costor
2022
Unwlis¢d
HokJlTrg
Book
Value
Market Value
H(Adlng
Book
V4lue
V•ltyo
S8ba Capital Carry
Neutral Tail Hedge
D Serie5 1 Share5
86
61.070.81
6S,5H.33
Ttyicus Com Inc
Subord Vtg Reg
Share8
$7$
10,650.53
36.185.11
Wells Fargo & Co
R4 Shares
2.97
103,874.1?
tog.410 38
£4.228,439 90 £5,694.118.89
£5,127.193.62 £5.112,791 32 E4,9B6.322.75 1£128.468.571
Unreallsgd g*1￿10$8 arf$ln9 frtsm ￿n58ttl￿ Fon¥ard Currency Transactlons
Contra
Forèlgn C￿rr&neY
UTrlt Holdlng
27104121 - 29104122 FVVD EURVS
GBP
1339.OODI
4.$45.04
20104Q2-22104122 FWD USDVS
GBP
12.739.000) 1102.370.52)
201Q4122-221O￿ FWD USDVS
GBP
446.000
4.506.84
20104122. 22104122 FWD USDVS
GBP
I￿.0
2.508e6
20104r22. 22104122 FVVD USD VS
GBP
1203.0001
1.850 53
192.602 51
Mar*•tV&luo
£5,601,518.38
Contr•ct
Ford9n C￿rrenCY
Unlt Hokllng
2610412023- 2810412023 FWD
EUR VS GBP
1365.QODI
3,113 61
2&t0412023. 2810412023 FWD
EUR VS GBP
171.0(K)I
1.443.35
1,443.35
2fjm412D23.2B10412023 FWD
EUR VS GBP
456.0
15,205.791
15,205.791
1910412D23- 2110412023 FWD
USD VS GBP
11,868.OWI
13.400.82
13,4th).62
1910412023. 2110412023 FWD
USDVS GBP
1136.OWI
2.759.93
2,759.93
1910412023- 211041￿28 FWD
USD VS GBP
2,005.OCM)
160.887 441 150,887.441
135.375.721
36,375.721
Marketvalue
£4.950,￿7.03 1£161.844.291

THE ROSENBERG MEMORIAL FUND
Appondlx
The a￿Ul$It1(￿)$ and dlsposals of investments 18 set out below.'-
Acquisitions
Holding
Date
Cost
Event
ACL Altemalive
Fund SAC
Limited-A- Abbey
Focus Fund
Serie$ 8 Share8
13102123
458.62
From Con$glidalion
Admiral Group
PIC 1p Sha￿$
68 05107122
84 06107122
228 07107122
30 08107122
102 11107122
71 12107122
182 13107122
292 14107122
1.506.82
1,920.15
5,252.13
697.81
2,357.38
1,668.68
4,277.20
6.633.00
Purchase
Pur¢hase
Purchase
Purchase
Purchase
Purchase
Purchase
Purchase
Amundi US T￿h
100 Equal Weight
UCITS
15,722 01112122
132.223.15
Purchas8
Ashtead Group
PIC Old 10p
Shares
50 05107122
90 06107122
69 07107122
89 08107122
52 11107122
36 12107122
164 13107122
69 14107122
45 15107122
35 18107122
1.741.29
3.￿6 65
2.552.91
3,383.21
1.967 43
1.362.96
6,127.82
2,567.36
1.710.56
1,363.19
Purcha8e
Purchase
Purch88e
Purchase
Purchase
Purchase
Purcha88
Purchase
Purchase
Purchase
Booking Holdings
Inc Com
USDO.008
18.W 05107122
28,611.40
Purchase
Cable One Inc
05107122
107122
07107122
18 08107122
2,197.16
Purchase
Purchase
Purchase
Purchase
3,305.53
20,908.53
Direxion Nasdaq-
1W Equal
Weighted IrKlex
ETF Shares
760 11m5122
40,273.93
Purchase
Eurofins S¢ientifi¢
SE
EurO.01Shar8S
135 01108122
266 02108122
8,473.46
16,900.41
Purchase
Purchase

THE ROSENBERG MEMORIAL FUND
ApperKIix
A¢oul$ltlons
Holdlng
C05t
Event
Lansdowne
Developed
Markets Long
Only Fund C
Restrictsd Shai8s
301C6122
973.119 01111122
0.18
65.OCMI.00
AcCumulat￿n
Purchase
Microsoft
Corporation
USDO.OOON625
188 11105122
2n 02102123
40.287 82
58,643.50
Purchase
Purchas&
Pentaris QAIF PIC
Bares US Equity
Fund Shar8s F
387.523 17105122
36,215.75
Purchase
Peters Thematic
SPC FunLI Ltd
One Rwer
Dynamic
Convexity Seg
Port Shares
24.000 01108122
24.000.00
Purchase
R Wealth SICAV
New Court Fund
Acc F Shares
153.714.397 09102123
5,612.648 21102123
28.481.757 07103123
4.038.772 27103123
3,972.983 03104123
3,939,700.00
142.000.00
726.wo 00
100,000.00
loo.￿0.00
Purchase
Purchase
PLJr¢ha$e
Purchase
Purchase
Saba Caprtal
Carry Neutral Tail
Hedge D Ser￿$ 1
Shares
301(￿1￿2
2,399.02
Accumulation
Saba Capitsl
Carry Neutral Tail
He&Je Off5hoie
Fund D 14-1
Unslrict8d Shares
23.000 01106r22
18,360.55
Purchase
Treasury Stock
0.125W.
3010112026
n,000.00 26110r22
68.975.51
Purchas8
Treasury Stock
0.125%
3110112024
73,000.00 26110122
70.249 54
Purchase

THE ROSENBERG MEMORIAL FUND
Appgndix
Acqulsltlons
Holding
Cost
Event
Treasury Stock
0 25% 31.01.25
76.000 26110122
70,625.66
Purchas8
Treasury Stod(
31107r2035
80,000 11110122
49.648.30
Purchase
Treasury St¢¢k
0.625%
3110712(￿5
71,000 11110122
48,563.20
Purchase
£5,863,449.28
Acouisillons
Forward Currency Tran$a¢tlons
Market Value
at Acquisltion
Holding
Event
FVVD.'USD VS
GBP
446,000 20104122
190,000 20104122
2.308,000 20104122
95,000 19110122
2,363,000 19110122
1.822,000 25101r23
335,874.23
142.524.09
1,759,746.52
82.155.55
2.097.958 60
1,476.140.32
Purchase
Purchase
Purchase
Purchase
Purchase
Pur¢ha$e
FWO.'EUR VS
GBP
339,000 27104122
312,000 26110122
286.228.89
273.560.35
£6.454.f88 55
Purchase
Purchase
Tot81
£12,317.637.83

THE ROSÉNBERG MEMORIAL FUND
AP￿￿￿E¥
Holdfing
Dat8
Market Valuel
Proceeds
Proflu
Evènt
Converslon
(Lossl
Cost
Disposals
36 South Funds PIC
- Okura Fund Ptg C
Shares
46.92 01101123
26.33 01104123
10.09 01104123
10.09 01104123
42.64 01104123
25.946 03104123
30.458.66
17.092.43
6.550 04
6.550.04
27.680.25
16.843 15
37.921.72
19,932.70
7.640.45
7,640 24
32,274.98
19,641.40
7,463.W Sale
2,840.27 Sale
1,090.41 Sale
1,090.20 Sale
4,594.73 Sale
2,798.25 Sale
ACL Alternative
Fund SAC Lld-A-
Abt*y Focus
Fund Series B
Shares
251.980 05110122
631.49 13102123
187.320 13102123
335.01 13102123
145.605 13102123
40.953.87
73,475.30
21,795.11
38,979.18
16,941.47
52.858.11
82.663.87
24.807.64
44.OOD.60
19.125.23
11.904.44 Sale
9.188.57 Sale
2.812 53 Sale
5.021.42 Sale
2,183.76 Sa
Admiral Group
Pl¢ Ord 1p
Shares
8,279 09102123
158.153.03
141,806.52
116.346.511 Sale
American
EKpres5 Co Reg
Shares
168 02102123
1.286 09102123
23.7T2.86
181,975.58
23,689.35
188.604.28
183.511 Sale
6,628.70 Sale
Amundi US Te¢h
100 Equal Weight
UCITS
15,722 09102tt3
132.223.15
137.4g6.29
5,273.14 Sale
Ashtead Croup
PIC Ord 10p
Shares
144 03102r23
63 06102r23
27 07102r23
54 08102123
3.500 09102123
6.498.22
2,842.97
1.218.42
2.436.83
157,942.82
8.181.32
3.579.53
1,526.57
3.038.72
198.349.77
1.683.10 Sale
736.56 S818
308.15 Sale
601.89 Sale
40.406.95 Sale
Berkshire
Hathaway In¢off
Registered B
Shares
849 09102123
223,427.87
215.670.25
17,757.621 Sa
BNP Paribas Iss
17.06.22
Warrants S & P
500 USD 3500
pul
78 24106122
575.09
0.00
1575.091 Warrant8
Expired

THE ROSENBERG MEMORIAL FUND
Appendlx
Holding
Date
Market Valuel
Proceeds
Pronu
Event
Conversion
ILo$$l
Cost
Disposals
Bookiry Holdings
Inc Com
USDO.008
55 09102123
91,5[￿.84
110.871.87
19,365.03 Sale
Cable One Ir
97 09102123
111,097.76
65,439.53
I45,658.￿) Sale
CFM In51th1ion
SyslerTratic Trends
Equity Capped
Fund Red Pt9
Shares
29.57 11110122
74.614 21102123
33,559.32
84,680.26
41,741.24
94,176.44
8,181.92 Sale
9.496.18 Sale
CFM Insirtulional
SyslemalicTrenO$
Fund Lld
21.58 11110122
52.604 21102123
34,763.01
84.739.25
42,705.43
.408.82
7.942 42 Sale
10,689.37 Sale
Charter
Communications
Inc CL3ss'A'
Common US$1.00
Stock
184 09102123
78.193.68
61,630.22
116,563.461 Sale
ComcAsl
corporati￿ Ck35S
4,027 09102123
147,132 11
129,658.11
117,474.001 Sale
Constdlation
sofiWa￿ Inc Reg
Shares
84 09102123
115,327.10
122.867.48
7.540.38 Sale
Deere & Co Reg
Share5
96 01111122
419 09102123
30,313.05
132,303.84
32.481.54
141.134.61
2.168 49 Sale
8,830.77 Sale
DIre￿an Nasda(tr
100 Equal
Welghtsd Index
ETF Shares
2,310 01112122
131.386.89
129,016.16
12.350.731 Salts
EF ofACL
Alternallve Fund
SAC Ltd- Abbey
F(ru$ Fund Series
B Share5
618.55 13102123
458.62
458.62
Consolidation
EurofiDS Sciwlific
SE EWO 0IShare5
1,852 09102123
137.874.50
112,679.72
125,194.781 Sale

THE ROSENBERG MEMORIAL FLIND
Appendix
Holdlng
Market Valu81
Pro¢4fjds
Proflu
Event
Converslon
IL05sI
Cost
Disposals
Lansdowr
Developed
Maikels Lo
Only Fund
Limited C
Restricted Share5
3,198.98 03104123
250,881.83
283,618.11
12,736.28 Sale
Lib8rty
Broadband Corp
Series C Reg
Shares
318 09102123
33,647.03
24,162.63
19.484.401 Sale
Linde Pl¢ Reg
Shares
01111122
85 02111122
617 09102123
22,102.98
15,963.25
151,528.08
23.332.04
16,978.83
170,107.97
1.229.08 Sale
1,015.58 Sale
18,579.89 Sale
L￿Yd$ Banki
Group PIC Ord 10
Shares
32.496 05107122
26,413 06107122
113,400 07107122
80,428 08107122
15,047.27
12.230.54
52.551.54
27,981.19
13.500.16
10.975.15
47.906 93
25.457.71
11.547.111 Sal8
11,255.391 Sale
14,644.611 Sale
12.523.481 Sale
Mastercard
Income Class A
Share5
533 09102123
147.801 53
162,659.46
14,857.93 Sa
MKros0ft
Corporation
UsDO.0000￿2S
460 09102123
98,931.32
103,114.44
4.183.12 Sa
Moodys
Corporation
Common
US$O.01 Shares
701 09102123
183.227.34
180,602.49
12.624.851 Sale
Pentaris QAIF PIC-
Bares US Equity
Fund Shares F
1.666.073 28102r23
202,094.49
167,938.72
134,157.77) Sale
Pentaris QAIF PI¢
Phoenix UK
Funds S Share5
509.700 29103r23
63,762.34
61,110.72
12,651.621 Sale
P￿tr￿s QAIF PIC-
R Phoenix UK FUNJ
F Shares
954.938 29103r23
127,421.34
122.191.22
15,230.121 Sale
Pentsris aAIF PIC
ArtemisVola1i￿ty
Trading Fulld F
USD Sharès
599.214 02108r22
33,783.42
34.330.85
547.43 Sale

THE ROSENBERG MEMORIAL FUND
Ap￿nd[X
Holdlng
Dat8
Market Valuel
Proceeds
Profitl
Event
Converslon
ILossl
Cost
Dlsposals
Peters ThemHti
SPC Fund Ltd One
River Ctynatn
Conve￿ty Seg Port
Shares
61 28102123
57,409.89
55,913.30
11.496.591 Sale
Petets Themat
SPC Fund N Serias
One River Dynamic
Convesity Seg Port
Shares
4.49 28102123
23,999.995 28102123
4,340.04
24,000.00
4,228.9D
23,558.92
1113.141 Sale
1441.081 Sale
R Wealth Man
SICAV-SIF-
Infiation F(Kus
Fund Inc X Oist
Shares
2,079 47 18110122
6,155.735 09102123
162,205.58
480,167.77
178,140.30
509.445.82
15,934 74 Sale
29,278.05 Sale
R WeaNh
Manauem8nl
SICAV SIF Select
Funds
Opportunities
Income 1
OisthbulDn Shares
20,222.665 28102123
329,224.99
320,731.47
18.493.521 Sal8
R Weahh
M8n8gement
SICAV- SIF
Inveslmenl Grade
Income 1
t)L￿t￿but￿n Shares
9,867.95 26107122
14.904.208 11110r22
21.694 084 26110122
21.183.958 09102123
97,791.39
147.700.70
214.988.27
209.933.02
97.396.67
144,272.73
213,252.85
211.839.58
1394.721 Sa
13.427.971 Sale
11,735.521 Sale
1,906.56 Sale
Ryanair HoldiThJs
PIC Ord
Euro 00635
Share5
13.815 09102123
153,700.07
188,033.07
34,￿3.00 Sale
S & P Clobal Inc
Reg Shares
581 09102r23
182,645.61
176,532.29
18,113.321 Sale

THE ROSENBERG MEMORIAL FUND
AppÈndlx
Holding
Dat8
Mark&t Valuel
Procfjeds
Pror
Event
Conversion
IL05s1
ost
DIsp05als
Saba Captal Carry
Neutral Tail Hedge
D SÉries 1 Shar8S
85 31103123
67.993 35
73,411.86
5,418.51 Sate
Sab8 Capital Cary
Neutral Tall Hedg8
Offshore Fund D 14.
1 Unreslricled
Sha￿$
23 31103123
18,360.55
18.625.77
285.22 Sale
Topicus.Corn Inc
Subord Vtg Reg
Slwres
576 09102123
36.185.11
26,801.67
19,383.441 Sale
Treasury Stodt
0.125% 3010112026
77.000 00 0￿￿123
68.975.51
70,648.11
1,672.60 Sale
Treasury Str
0.125% 3110112024
73,000.00 09102123
70,249.54
70.690.61
441.07 Sa
Treasury Sled
0.25% 31.01.2025
76.0(K).IK> 09102123
70,625.66
71,447.53
821.87 Sale
Tre85ury Sto
0 6250kn 3110712035
80,OW.00 09102123
49.648.30
56,818.61
7,170.31 Sale
Treasury Stock
1.75% 0710gr2037
71,OLh).00 09102123
46.563.20
56,414.57
7,851.37 Sale
Wells Faryo & Co
Reg Shares
1,150 11105122
1.364 12105r22
465 13105r22
42.236.30
50.095 92
17.078.16
40,482.00
46.472.00
16.260.00
11.754.301 Sale
13,823.921 Sale
1818.161 Sale
£6,4144,776.85 £6,549,921.19 £105,144.34

THE ROSENBERG MEMORIAL FLIND
Appendlx
Di$po$als
Fotward Currency Transaction5
Forel9n
Market V•luo at
Currency Dète of
Purchase of
Holding
Settlernent Forward
Market Value at Reallsed Profitl
Sale ol Forward
Los8
Contract
Event
FWD..USD VS
GBP
2.739,000 20104122
203,000 20104122
2.251,000 19110122
207,000 19110122
1,719,000 25101123
103.om 25101123
2,083,711.32 1.988,338.56 195.372.761 S81118rn8nt
154.433.52
153,103.67
11.329.851 Selllement
1,996,516.25 1,723,512.06 1273.004.191 Selllement
183,597.90
158,492.67
125.105 231 Selllement
1,392,692 21
1,519.159.17
126.466 96 Selllement
83,448.11
86,972.68
3,524.57 Solllement
FVVD.EURVS
GBP
339.000 27104122
312.000 28110r22
286.228.89
273,560.35
287.404 54
265,286.74
1.175.85 Settlement
18,273.611 Settlement
6,454.188.55 6,182.270.09
271,918.46
Totals
£12,898,*5.40 £12,732,191.28
£166,774.12