Celsius Investment Funds SICAV - Fondsvermittlung24.de · Celsius Investment Funds SICAV (the...

Celsius

Investment

Funds SICAVAn umbrella fund with segregated

liability between Sub-Funds

Unaudited Semi-Annual Report and Financial Statements

for the six months ended 31 May 2016

R.C.S Luxembourg B 132.073

Celsius Investment Funds SICAV

Table of Contents Page

Management and Administration 2

General Information 3

Schedule of Investments 4

Statement of Net Assets 12

Statement of Operations 16

Statement of Changes in Net Assets 18

Statement of Changes in Shares Outstanding 20

Statistical Information 21

Notes to the Financial Statements 23

Additional Information for Shareholders 37

No subscription can be accepted on the basis of the financial statements. Subscriptions are only valid if they are made on the basis

of the latest published Prospectus accompanied by the latest annual financial statements and the most recent semi-annual

financial statements, if published thereafter.

1


Management and Administration

Registered Office Depositary and Paying Agent

Celsius Investment Funds SICAV Northern Trust Global Services Limited

6, rue Lou Hemmer (Luxembourg Branch)

L-1748 Senningerberg 6, rue Lou Hemmer

Grand Duchy of Luxembourg L-1748 Senningerberg

Grand Duchy of Luxembourg

Board of Directors

Claude Kremer Administrator, Registrar, Domiciliary

Partner and Transfer Agent

Arendt & Medernach Northern Trust Luxembourg Management Company S.A.

41A, avenue JFK 6, rue Lou Hemmer

L-2082 Luxembourg L-1748 Senningerberg

Grand Duchy of Luxembourg Grand Duchy of Luxembourg

Patrick Zurstrassen Investment Manager

Independent Director Barclays Bank Plc, acting through its Wealth

Principal office at Lombard Odier Funds Europe S.A. and Investment Management Division

5, Allée Scheffer 1 Churchill Place

L-2520 Luxembourg Canary Wharf

Grand Duchy of Luxembourg London E14 5HP

United Kingdom

Clare Prince

Barclays Wealth and Investment Management Distributor

1 Churchill Place Barclays Bank Plc

London E14 5HP 1 Churchill Place

United Kingdom Canary Wharf

London E14 5HP

Conducting Persons United Kingdom

Martine Capus

Carne Global Financial Services Luxembourg S.à r.l. Legal Adviser to the Company

6B, route de Trèves Arendt & Medernach

L-2633 Senningerberg 41A, avenue JFK

Grand Duchy of Luxembourg L-2082 Luxembourg


Anil Kumar Singh

Carne Global Fund Managers (Luxembourg) S.A.

6B, route de Trèves

L-2633 Senningerberg


Auditor

PricewaterhouseCoopers, Société coopérative

2, rue Gerhard Mercator

B.P. 1443

L-1014 Luxembourg


2


General Information

Sub-Fund Launch Date

Barclays Max Capital Stability Fund 2020

Diversified Fixed Income Opportunities Fund

Barclays Pure Beta Commodity Fund

Barclays Capital ComBATS Fund

Sustainable Emerging Markets Fund

Barclays Backwardation Long Only Fund

Pareto Balanse

Pareto Moderat

Pareto Offensiv

The Sub-Funds are managed by Barclays Bank Plc (the “Investment Manager”). The registered office of the Investment Manager is

1 Churchill Place, London E14 5HP, United Kingdom.

Each Sub-Fund is open to daily subscriptions and redemptions, except the Diversified Fixed Income Opportunities Fund which is

open to subscriptions and redemptions twice per month. Copies of the Prospectus and of the financial statements of the Company

are available by writing to the Company at the following address:

Northern Trust Luxembourg Management Company S.A.

Celsius Investment Funds SICAV (the “Company”) is an investment company organised under the laws of the Grand Duchy of

Luxembourg as a Société d’Investissement à Capital Variable (“SICAV”) with the capacity to divide its assets into several separate

investment portfolios (the “Sub-Funds”).

Its financial year ends on 30 November of each year.

The annual general meeting of Shareholders of the Company is held on the last Tuesday of March of each year, at the registered

office of the Company.

03 February 2010

09 February 2010

27 September 2010

28 February 2011

13 October 2011

25 June 2012

10 January 2014

10 January 2014

10 January 2014

The unaudited financial statements contained herein present the financial information of the 9 following Sub-Funds at 31 May

2016:

L-1748 Senningerberg

6, rue Lou Hemmer


A detailed schedule of portfolio movements is available free of charge upon request at the registered office of the Company.

3


Schedule of Investments


Schedule of Investments as at 31 May 2016 (Expressed in CHF)

Market Value % of Net

Security description Currency Nominal CHF Assets

Bonds

France (48.79%)

Government of France 0% 25/04/2020 EUR 8,030,000 8,992,966 23.87



Germany (45.44%)

Federal Republic of Germany 0% 04/07/2020 EUR 2,000,000 2,253,850 5.98



Total Bonds 35,507,581 94.23

35,507,581 94.23

TOTAL INVESTMENTS (Cost CHF 30,010,408) 35,507,581 94.23

Other Net Assets 2,176,182 5.77

TOTAL NET ASSETS 37,683,763 100.00

A nominal of EUR 1,488,250 is deposited as OTC derivative collateral with Barclays Bank Plc.

The accompanying notes on pages 23 to 36 form an integral part of these financial statements.

In this section, only the Schedules of Investments of the Sub-Funds investing in transferable securities are disclosed. Derivatives for

all Sub-Funds are detailed in the notes to the financial statements.

Transferable securities admitted to an official exchange listing or dealt

on another regulated market

Total transferable securities admitted to an official exchange listing or

dealt on another regulated market

4



Schedule of Investments as at 31 May 2016 (Expressed in EUR)Market Value % of Net

Security description Currency Nominal EUR Assets

Bonds

Austria (21.74%)

Republic of Austria 3.2% 20/02/2017* EUR 7,500,000 7,700,903 21.74

Finland (2.82%)

Nordea Bank Finland Abp FRN 10/08/2016 EUR 1,000,000 1,000,448 2.82

France (19.78%)


Government of France 0% 18/08/2016* EUR 3,000,000 3,003,280 8.48

Germany (13.51%)

KFW 3.875% 21/01/2019 EUR 2,500,000 2,784,338 7.86

Landesbank Baden-Wuerttemberg FRN 23/12/2016 EUR 1,000,000 1,001,200 2.83

Norddeutsche Landesbank Girozentrale 0% 30/09/2016 EUR 1,000,000 1,000,848 2.82

Jersey (4.57%)

Heathrow Funding Ltd 4.375% 25/01/2019 EUR 1,574,000 1,617,340 4.57

Spain (8.54%)

Spain Government Bond 0.5% 31/10/2017 EUR 3,000,000 3,026,400 8.54

Supranational (27.37%)

European Stability Mechanism 1.375% 04/03/2021 EUR 9,000,000 9,692,069 27.37

Sweden (5.77%)

Sweden Government International Bond 0.875% 31/01/2018 EUR 2,000,000 2,042,354 5.77

United States (9.14%)

BMW US Capital LLC 1% 18/07/2017 EUR 3,200,000 3,235,574 9.14

Total Bonds 40,105,454 113.24

40,105,454 113.24

TOTAL INVESTMENTS (Cost EUR 39,031,841) 40,105,454 113.24

Other Net Liabilities (4,688,012) (13.24)


* A nominal of EUR 8,921,000 is deposited as OTC derivative collateral with Barclays Bank Plc.


Transferable securities admitted to an official exchange listing or dealt on

another regulated market

Total transferable securities admitted to an official exchange listing or


5



Schedule of Investments as at 31 May 2016 (Expressed in EUR)


Security description Currency Quantity EUR Assets

Common Stocks

Bermuda (4.58%)

Beijing Enterprises Water Group Ltd HKD 2,892,427 1,668,986 1.14

Credicorp Ltd USD 29,743 3,745,761 2.57

Li & Fung Ltd HKD 2,755,316 1,261,701 0.87

Brazil (6.66%)

Cia Brasileira de Distribuicao - ADR USD 51,208 512,425 0.35

Cia de Saneamento Basico do Estado de Sao Paulo - ADR USD 218,893 1,380,309 0.95

Cia Energetica de Minas Gerais - ADR USD 259,243 346,977 0.24

EDP - Energias do Brasil SA BRL 153,600 467,703 0.32

Itausa - Investimentos Itau SA - Pref BRL 792,762 1,411,577 0.97

Kroton Educacional SA BRL 817,514 2,258,908 1.55

Lojas Renner SA BRL 201,004 1,047,646 0.72

Natura Cosmeticos SA BRL 176,271 989,949 0.68

Qualicorp SA BRL 222,946 847,877 0.58

Tractebel Energia SA BRL 49,000 433,554 0.30

Cayman Islands (5.04%)

China High Speed Transmission Equipment Group Co Ltd HKD 1,088,016 749,845 0.52

JA Solar Holdings Co Ltd - ADR USD 75,400 539,805 0.37

Tencent Holdings Ltd HKD 226,871 4,546,396 3.12

Trina Solar Ltd - ADR USD 208,914 1,506,921 1.03

Chile (0.26%)

Aguas Andinas SA CLP 776,423 384,266 0.26

China (7.23%)

China Longyuan Power Group Corp Ltd HKD 1,725,456 1,065,454 0.73

China Merchants Bank Co Ltd HKD 1,743,500 3,213,660 2.20

Guodian Technology & Environment Group Corp Ltd HKD 975,000 47,353 0.03

Huaneng Renewables Corp Ltd HKD 2,432,871 663,928 0.46

Ping An Insurance Group Corp HKD 799,000 3,206,018 2.20

Zhuzhou CSR Times Electric Co Ltd HKD 466,362 2,345,860 1.61

Hong Kong (8.16%)

BOC Hong Kong Holdings Ltd HKD 1,284,500 3,549,946 2.44

China Everbright International Ltd HKD 1,965,465 1,893,215 1.30

Guangdong Investment Ltd HKD 1,297,755 1,644,724 1.13

Hang Seng Bank Ltd HKD 151,800 2,420,615 1.66

Hong Kong & China Gas Co Ltd HKD 1,375,503 2,373,121 1.63

India (4.72%)

Infosys Ltd - ADR USD 243,728 4,256,072 2.92

Tata Motors Ltd - ADR USD 60,700 1,826,044 1.25

Wipro Ltd - ADR USD 74,526 804,003 0.55

Indonesia (3.99%)

Bank Rakyat Indonesia Persero Tbk PT IDR 3,665,840 2,494,991 1.71

Telekomunikasi Indonesia Persero Tbk PT IDR 13,644,478 3,319,815 2.28


Transferable securities admitted to an official exchange listing or


6



Schedule of Investments as at 31 May 2016 (Expressed in EUR) (continued)



Common Stocks (continued)

Israel (2.86%)

Check Point Software Technologies Ltd USD 54,670 4,172,746 2.86

Malaysia (1.69%)

DiGi.Com Bhd MYR 1,418,874 1,382,879 0.95

Malayan Banking Bhd MYR 610,943 1,084,559 0.74

Mexico (4.80%)

Cemex SAB de CV MXN 4,632,480 2,652,325 1.82

Fomento Economico Mexicano SAB de CV MXN 439,012 3,572,986 2.45

Gentera SAB de CV MXN 472,629 775,361 0.53

Qatar (0.32%)

Qatar Electricity & Water Co. QAR 9,354 460,423 0.32

Singapore (0.10%)

Sound Global Ltd HKD 412,939 142,296 0.10

South Africa (10.35%)

Barloworld Ltd ZAR 85,265 350,669 0.24

Bid Corp Ltd ZAR 116,235 2,008,814 1.38

Bidvest Group Ltd ZAR 116,235 832,403 0.57

FirstRand Ltd ZAR 792,446 1,923,501 1.32

Imperial Holdings Ltd ZAR 55,439 443,279 0.30

Mondi Ltd ZAR 72,939 1,268,555 0.87

Nedbank Group Ltd ZAR 154,486 1,561,695 1.07

Standard Bank Group Ltd ZAR 182,338 1,291,420 0.89

Truworths International Ltd ZAR 146,166 784,875 0.54

Vodacom Group Ltd ZAR 245,894 2,308,785 1.58

Woolworths Holdings Ltd ZAR 487,967 2,318,716 1.59

South Korea (10.92%)

Coway Co Ltd KRW 27,632 2,145,128 1.47

Hankook Tire Co Ltd KRW 36,037 1,390,664 0.95

Hyundai Mobis Co Ltd KRW 18,138 3,486,047 2.39

KT Corp KRW 73,819 1,785,981 1.23

LG Electronics Inc KRW 87,724 3,709,240 2.55

Shinhan Financial Group Co Ltd KRW 94,278 2,810,351 1.93

Woongjin Thinkbig Co Ltd KRW 64,991 585,362 0.40

Taiwan (18.88%)

Asustek Computer Inc TWD 308,942 2,382,639 1.63

Cathay Financial Holding Co Ltd TWD 1,150,720 1,194,907 0.82

Chunghwa Telecom Co Ltd TWD 882,598 2,674,107 1.83

CTBC Financial Holding Co Ltd TWD 2,726,594 1,284,221 0.88

Delta Electronics Inc TWD 215,717 891,249 0.61

Everlight Electronics Co Ltd TWD 599,026 768,048 0.53

Far EasTone Telecommunications Co Ltd TWD 564,000 1,166,654 0.80

Fubon Financial Holding Co Ltd TWD 2,988,000 3,168,579 2.17

MediaTek Inc TWD 368,000 2,229,943 1.53




7



Schedule of Investments as at 31 May 2016 (Expressed in EUR) (continued)



Common Stocks (continued)

Taiwan (18.88%) (continued)

Merida Industry Co Ltd TWD 143,050 541,769 0.37

Neo Solar Power Corp TWD 1,078,870 531,919 0.37

Pegatron Corp TWD 1,112,987 2,081,532 1.43

Siliconware Precision Industries Co Ltd TWD 1,236,000 1,804,337 1.24

Taiwan Cement Corp TWD 529,000 437,848 0.30

Taiwan Mobile Co Ltd TWD 265,000 813,849 0.56

Taiwan Semiconductor Manufacturing Co Ltd TWD 984,637 4,244,374 2.91

United Microelectronics Corp TWD 3,880,883 1,304,108 0.90

Thailand (3.33%)

Advanced Info Service PCL THB 326,916 1,356,298 0.93

Kasikornbank PCL THB 329,376 1,441,041 0.99

PTT Global Chemical PCL THB 1,373,091 2,054,241 1.41

Turkey (3.05%)

KOC Holding AS TRY 459,772 1,834,373 1.26

Turkiye Garanti Bankasi AS TRY 1,136,398 2,614,536 1.79

Total Common Stocks 141,295,057 96.94

Rights

Brazil (0.00%)

EDP - Energias do Brasil SA Rts BRL 42,127 3,677 -

Total Rights 3,677 -

141,298,734 96.94

TOTAL INVESTMENTS (Cost EUR 143,763,301) 141,298,734 96.94






Total transferable securities admitted to an official exchange listing

or dealt on another regulated market

8


Pareto Balanse

Schedule of Investments as at 31 May 2016 (Expressed in NOK)

Number of Market Value % of

Security description Currency Shares NOK Net Assets

Collective Investment Schemes

Mutual Funds

Ireland (80.73%)

EUR 7,060,011 95,243,724 16.32

USD 6,968,790 88,878,580 15.23

GlobalAccess Japan Fund M JPY Accumulation JPY 2,318,588 23,491,936 4.02

USD 1,762,166 17,920,506 3.07

USD 4,250,300 54,314,130 9.31

GlobalAccess US Value Fund M USD Accumulation USD 219,927 45,031,153 7.72

iShares Core S&P 500 UCITS ETF USD 52,266 85,854,471 14.71

Pareto Nordic Alpha Class B NOK 386,559 60,405,267 10.35

Norway (19.18%)

Pareto Global - C NOK 25 46,768 0.01

Pareto Hoyrente NOK 90,643 88,262,690 15.12

Pareto Likviditet NOK 23,740 23,634,879 4.05

Total Mutual Funds 583,084,104 99.91

Total Collective Investment Schemes 583,084,104 99.91

TOTAL INVESTMENTS (Cost NOK 518,744,593)

Other Net Assets 541,563 0.09



GlobalAccess Europe (ex-UK) Alpha Fund M EUR Accumulation

GlobalAccess Global Corporate Bond Fund M USD Accumulation

GlobalAccess Pacific Rim (ex-Japan) Fund M USD Accumulation

GlobalAccess US Small & Mid Cap Equity Fund M USD Accumulation

9


Pareto Moderat





Mutual Funds

Ireland (62.39%)

EUR 3,451,498 46,562,749 10.40

USD 5,451,043 69,521,533 15.53


USD 897,684 9,129,079 2.04

USD 1,843,931 23,563,397 5.27


iShares Core S&P 500 UCITS ETF USD 28,195 46,314,369 10.35

Pareto Nordic Alpha Class B NOK 301,911 47,177,814 10.54

Luxembourg (10.22%)

JPMorgan Funds - Systematic Alpha Class C EUR 43,445 45,722,983 10.22

Norway (28.65%)



Pareto Likviditet NOK 59,598 59,333,479 13.25

Total Mutual Funds 453,191,595 101.26


TOTAL INVESTMENTS (Cost NOK 422,586,428) 453,191,595 101.26

Other Net Liabilities (5,632,358) (1.26)







10


Pareto Offensiv





Mutual Funds

Ireland (80.48%)

EUR 3,082,591 41,585,976 10.55

USD 1,475,278 18,815,406 4.77


USD 1,860,655 18,922,099 4.80

USD 5,052,535 64,565,806 16.38


EUR 857,546 19,049,802 4.83

iShares Core S&P 500 UCITS ETF USD 38,917 63,926,807 16.22 Norway (11.68%)



Pareto Investment Fund - B NOK 1,524 23,522,903 5.97 Total Mutual Funds 363,272,105 92.16


TOTAL INVESTMENTS (Cost NOK 336,161,134) 363,272,105 92.16








Hermes Investment Funds PLC - Hermes Sourcecap European Alpha Fund S

EUR Accumulation

11


Statement of Net Assets as at 31 May 2016

Barclays Max

Capital Stability

Fund 2020

Diversified Fixed

Income

Opportunities

Fund

Barclays Pure

Beta Commodity

Fund

Barclays Capital

ComBATS Fund

Sustainable

Emerging Markets

Fund

Barclays

Backwardation

Long Only Fund

Notes CHF EUR USD USD EUR USD

Assets

Market value of investments 35,507,581 40,105,454 - - 141,298,734 -

Funded swaps at market value 2 (k),5 - - 433,479 15,657,935 - 11,077,031

Unrealised appreciation on forward foreign exchange contracts 2 (f),7 - - 396 - - -

Unrealised appreciation on long-dated forward foreign

exchange contracts 2 (g),6 1,685,663 - - - - -

Cash at bank 565,276 3,257,017 1,054 219,633 4,261,219 98,920

Interest receivable - 197,090 - - - -

Receivable for investments sold - - - - - -

Receivable for shares issued - - - - 253,734 -

Dividends receivable - - - - 310,482 -

Fixed fees receivable - - 84,770 69,257 - 38,829

Other receivables - - - - - -

Total Assets 37,758,520 43,559,561 519,699 15,946,825 146,124,169 11,214,780

Liabilities

Management fees payable 4 - 49,006 635 5,302 106,968 11,114

Fixed fees payable 4 - 4,229 - - 166,470 -

Payable for investments purchased - - - - - -

Payable for shares redeemed - - - - - -

Options at market value 2 (i),(j),6 - 87,000 - - - -

Unrealised depreciation on unfunded swaps 2 (k),5 - 8,000,217 - - - -

Unrealised depreciation on forward foreign exchange contracts 2 (f),7 - - 6 344,984 - - Unrealised depreciation on long-dated forward foreign

exchange contracts 2 (g),6 - - - - - - Bank overdraft - - 9,738 - - - Other payables and accrued expenses 74,757 1,667 29 28 88,023 15

Total Liabilities 74,757 8,142,119 10,408 350,314 361,461 11,129

NET ASSETS 37,683,763 35,417,442 509,291 15,596,511 145,762,708 11,203,651


12


Statement of Net Assets as at 31 May 2016 (continued)

Barclays Max

Capital Stability

Fund 2020

Diversified Fixed

Income

Opportunities

Fund

Barclays Pure

Beta Commodity

Fund

Barclays Capital

ComBATS Fund

Sustainable

Emerging Markets

Fund

Barclays

Backwardation

Long Only Fund

CHF EUR USD USD EUR USD

Number of shares outstanding

Class A - 600,000 578 - 1,244,734 153,295

Class B 113,206 - - 47,603 - -

Class C 2,100 - - - - -

Class D - - - 25,000 - -

Class E - - 1,333 - - -

Class F - - - 11 - -

Class G - - 520 - - -

Class H - - - - - -

Class I - - - - - -

Class J - - - - - -

Class K - - 3,838 93,377 - -

Class Q - - - - - -

Class S - - - - - -

Class T - - - - - -

Class U - - - - - -

Net asset value per share

Class A - EUR 59.03 USD 61.02 - EUR 117.10 USD 73.09

Class B CHF 115.80 - - EUR 94.01 - -

Class C CHF 11,702.32 - - - - -

Class D - - - CHF 95.63 - -

Class E - - USD 56.55 - - -

Class F - - - EUR 90.07 - -

Class G - - GBP 59.36 - - -

Class H - - - - - -

Class I - - - - - -

Class J - - - - - -

Class K - - EUR 82.78 JPY 9,749.66 - -

Class Q - - - - - -

Class S - - - - - -

Class T - - - - - -

Class U - - - - - -


13



Pareto Balanse Pareto Moderat Pareto Offensiv Combined

Notes NOK NOK NOK EUR

Assets

Market value of investments 583,084,104 453,191,595 363,272,105 363,808,417

Funded swaps at market value 2 (k),5 - - - 24,404,599

Unrealised appreciation on forward foreign exchange contracts 2 (f),7 114,935 97,193 73,002 30,981

Unrealised appreciation on long-dated forward foreign

exchange contracts 2 (g),6 - - - 1,523,014

Cash at bank 27,785,933 24,138,586 44,679,397 18,692,105

Interest receivable - - - 197,090

Receivable for investments sold - 1,495,588 67,252,965 7,384,151

Receivable for shares issued 49,257 - 1,230,882 391,231

Dividends receivable - - - 310,482

Fixed fees receivable 180,891 - 83,549 201,640

Other receivables 2,063,674 201,354 84,916 252,403

Total Assets 613,278,794 479,124,316 476,676,816 417,196,113

Liabilities

Management fees payable 4 2,472,610 1,965,233 1,515,152 810,690

Fixed fees payable 4 - 119,807 - 183,567

Payable for investments purchased 16,277,040 22,710,398 70,798,971 11,791,949

Payable for shares redeemed 427,323 205,124 2,967,656 386,680

Options at market value 2 (i),(j),6 - - - 87,000

Unrealised depreciation on unfunded swaps 2 (k),5 - - - 8,000,217

Unrealised depreciation on forward foreign exchange contracts 2 (f),7 10,346,822 6,187,283 7,105,857 2,849,017Unrealised depreciation on long-dated forward foreign

exchange contracts 2 (g),6 - - - - Bank overdraft - - - 8,747Other payables and accrued expenses 129,332 377,234 108,707 223,384

Total Liabilities 29,653,127 31,565,079 82,496,343 24,341,251

NET ASSETS 583,625,667 447,559,237 394,180,473 392,854,862


14



Pareto Balanse Pareto Moderat Pareto Offensiv

NOK NOK NOK

Number of shares outstanding

Class A 5,316,749 4,138,491 3,539,400

Class B - - -

Class C - - -

Class D - - -

Class E - - -

Class F - - -

Class G - - -

Class H - - -

Class I - - -

Class J - - -

Class K - - -

Class Q - - -

Class S - - -

Class T - - -

Class U - - -

Net asset value per share

Class A NOK 109.77 NOK 108.15 NOK 111.37

Class B - - -

Class C - - -

Class D - - -

Class E - - -

Class F - - -

Class G - - -

Class H - - -

Class I - - -

Class J - - -

Class K - - -

Class Q - - -

Class S - - -

Class T - - -

Class U - - -


15


Statement of Operations for the period ended 31 May 2016

Barclays Max

Capital Stability

Fund 2020

Diversified Fixed

Income

Opportunities

Fund

Barclays Pure Beta

Commodity Fund

Barclays Capital

ComBATS Fund

Sustainable

Emerging Markets

Fund

Barclays

Backwardation

Long Only Fund


Income

Interest income - - - - - -

Bank interest - - - - 7,033 -

Net dividend income - - - - 1,659,117 -

Other income - - - - - -

Total income - - - - 1,666,150 -

Investment management fees 4 66,033 175,329 867 15,597 312,515 32,572

Fixed fees 4 18,866 34,465 492 15,591 257,929 10,857

Taxe d’abonnement 3 4,512 - - - 36,339 543

Interest expense - 248,223 - - - -

General expenses 6,563 - - - - -

Other expenses 4 5,729 6,635 49 64 9,185 24

Total expense 101,703 464,652 1,408 31,252 615,968 43,996

Net investment (loss)/income (101,703) (464,652) (1,408) (31,252) 1,050,182 (43,996)

Net realised loss on investments 2 (d) - (232,197) - - (1,333,766) -

Net realised gain/(loss) on swaps 2 (k) - 9,141 (12,169) 16,187 - (9,292)

Net realised (loss)/gain on forward foreign exchange

contracts 2 (f) (29) 1,450 (2,080) 1,505,871 95,504 499

Net realised gain/(loss) on foreign currencies 2 (b) 1,309 (458) 886 (207,482) (486,790) 148

Net change in unrealised appreciation/(depreciation) on

investments 1,006,722 120,687 - (111) (6,623,232) -


swaps 2 (k) 26,990 (4,337,481) 43,261 (52,191) - 604,772

Net change in unrealised depreciation on options 2 (j) - (87,000) - - - -


forward foreign exchange contracts 2 (f) - - 788 (207,216) - -

Net change in unrealised depreciation on long-dated forward

foreign exchange contracts 2 (g) (1,255,513) - - - - -

Net change in unrealised (depreciation)/appreciation on

foreign currencies (9,496) 85,596 (6,854) - 40,205 -

Net (decrease)/increase in net assets resulting from operations (331,720) (4,904,914) 22,424 1,023,806 (7,257,897) 552,131


16


Statement of Operations for the period ended 31 May 2016 (continued)



Income

Interest income - - - -

Bank interest - 13,394 - 8,451

Net dividend income - 1,982,158 - 1,869,007

Other income 2,185,868 261,981 581,128 320,738

Total income 2,185,868 2,257,533 581,128 2,198,196

Investment management fees 4 2,947,058 2,376,726 1,769,406 1,343,439

Fixed fees 4 248,276 452,710 337,029 443,814

Taxe d’abonnement 3 140,336 113,177 84,257 76,716

Interest expense - - - 248,223

General expenses - - - 5,995

Other expenses 4 4,892 35,764 5,711 26,086

Total expense 3,340,562 2,978,377 2,196,403 2,144,273

Net investment (loss)/income (1,154,694) (720,844) (1,615,275) 53,923

Net realised gain on investments 2 (d) 12,740,187 14,736,334 9,849,374 2,386,468

Net realised gain on swaps 2 (k) - - - 4,389

Net realised gain on forward foreign exchange contracts 2 (f) 14,695,407 8,550,869 9,927,437 4,964,982

Net realised gain/(loss) on foreign currencies 2 (b) 1,077,168 712,218 1,930,556 (278,149)

Net change in unrealised depreciation on investments (27,742,727) (25,784,737) (15,887,922) (12,933,414)

Net change in unrealised depreciation on swaps 2 (k) - - - (3,776,000)

Net change in unrealised depreciation on options 2 (j) - - - (87,000)

Net change in unrealised depreciation on forward foreign

exchange contracts 2 (f) (9,529,406) (5,920,058) (7,680,675) (2,635,228)


foreign exchange contracts 2 (g) - - - (1,146,875)


foreign currencies (33,365) (248,509) (101,623) 70,343

Net decrease in net assets resulting from operations (9,947,430) (8,674,727) (3,578,128) (13,376,561)


17


Statement of Changes in Net Assets for the period ended 31 May 2016

Barclays Max

Capital Stability

Fund 2020

Diversified Fixed

Income

Opportunities

Fund

Barclays Pure Beta

Commodity Fund

Barclays Capital

ComBATS Fund

Sustainable

Emerging Markets

Fund

Barclays

Backwardation

Long Only Fund


Net assets at beginning of the period 38,005,732 40,322,356 533,228 14,572,705 156,253,439 10,651,520

Revaluation difference 2 (l) - - - - - -

Distribution income - - - - - -

Net investment (loss)/income (101,703) (464,652) (1,408) (31,252) 1,050,182 (43,996)

Net realised loss on investments 2 (d) - (232,197) - - (1,333,766) -

Net realised gain/(loss) on swaps 2 (k) - 9,141 (12,169) 16,187 - (9,292)

Net realised (loss)/gain on forward foreign exchange contracts 2 (f) (29) 1,450 (2,080) 1,505,871 95,504 499

Net realised gain/(loss) on foreign currencies 2 (b) 1,309 (458) 886 (207,482) (486,790) 148

Net realised (loss)/profit for the period (100,423) (686,716) (14,771) 1,283,324 (674,870) (52,641)

Proceeds from subscription of shares 12,298 - - - 25,950,736 -

Payments for redemption of shares (2,547) - (46,361) - (29,183,570) -

Net proceeds from shares transactions 9,751 - (46,361) - (3,232,834) -

Net change in unrealised appreciation/(depreciation) on investments 1,006,722 120,687 - (111) (6,623,232) - Net change in unrealised appreciation/(depreciation) on swaps 2 (k) 26,990 (4,337,481) 43,261 (52,191) - 604,772

Net change in unrealised depreciation on options 2 (j) - (87,000) - - - -


forward foreign exchange contracts 2 (f) - - 788 (207,216) - -


foreign exchange contracts 2 (g) (1,255,513) - - - - -


foreign currencies (9,496) 85,596 (6,854) - 40,205 -

Net assets at the end of the period 37,683,763 35,417,442 509,291 15,596,511 145,762,708 11,203,651


18


Statement of Changes in Net Assets for the period 31 May 2016 (continued)



Net assets at beginning of the period 559,628,786 480,556,605 290,802,538 401,124,449

Revaluation difference 2 (l) - - - (3,971,721)

Distribution income - - - -

-

Net investment (loss)/income (1,154,694) (720,844) (1,615,275) 53,922

Net realised gain on investments 2 (d) 12,740,187 14,736,334 9,849,374 2,386,468

Net realised gain on swaps 2 (k) - - - 4,389

Net realised gain on forward foreign exchange contracts 2 (f) 14,695,407 8,550,869 9,927,437 4,964,982

Net realised gain/(loss) on foreign currencies 2 (b) 1,077,168 712,218 1,930,556 (278,149)

Net realised gain for the period 27,358,068 23,278,577 20,092,092 7,131,612

Proceeds from subscription of shares 98,470,677 77,786,410 140,841,717 59,539,496

Payments for redemption of shares (64,526,366) (102,109,051) (33,885,654) (50,460,800)

Net proceeds from shares transactions 33,944,311 (24,322,641) 106,956,063 9,078,696

Net change in unrealised depreciation on investments (27,742,727) (25,784,737) (15,887,922) (12,933,414)

Net change in unrealised depreciation on swaps 2 (k) - - - (3,776,000)

Net change in unrealised depreciation on options 2 (j) - - - (87,000)

Net change in unrealised depreciation on forward foreign

exchange contracts 2 (f) (9,529,406) (5,920,058) (7,680,675) (2,635,228)


foreign exchange contracts 2 (g) - - - (1,146,875)


foreign currencies (33,365) (248,509) (101,623) 70,343

Net assets at the end of the period 583,625,667 447,559,237 394,180,473 392,854,862


19


Statement of Changes in Shares Outstanding

For the period ended 31 May 2016

Number of shares

outstanding as at

30 November 2015

Number of

shares issued

Number of

shares

redeemed

Number of shares

outstanding as at

31 May 2016


Class B 113,122 106 (22) 113,206

Class C 2,100 - - 2,100


Class A 600,000 - - 600,000


Class A 578 - - 578

Class E 1,333 - - 1,333

Class G(1)

520 - - 520

Class K 4,375 - (537) 3,838


Class B(1)

47,603 - - 47,603

Class D(1)

25,000 - - 25,000

Class F(1)

11 - - 11

Class K(1)

93,377 - - 93,377


Class A 1,264,989 225,390 (245,645) 1,244,734


Class A 153,295 - - 153,295

Pareto Balanse

Class A 4,997,117 922,578 (602,946) 5,316,749

Pareto Moderat

Class A 4,367,395 730,025 (958,929) 4,138,491

Pareto Offensiv

Class A 2,528,105 1,320,948 (309,653) 3,539,400

(1) Hedged share classes


20


Statistical Information

For the period ended 31 May 2016

For the period

ended 31 May 2016

For the year ended

30 November 2015

For the year ended

30 November 2014


Class B Net assets CHF 13,108,893 CHF 13,220,529 CHF 13,635,464

Net asset value per share CHF 115.80 CHF 116.87 CHF 112.02

Class C Net assets CHF 24,574,870 CHF 24,785,203 CHF 23,723,497

Net asset value per share CHF 11,702.32 CHF 11,802.48 CHF 11,296.90


Class A Net assets EUR 35,417,442 EUR 40,322,356 EUR 43,337,630

Net asset value per share EUR 59.03 EUR 67.20 EUR 72.23


Class A Net assets USD 35,271.00 USD 33,534 USD 191,310

Net asset value per share USD 61.02 USD 58.02 USD 79.61

Class E Net assets USD 75,386.00 USD 72,033 USD 133,962


Class F(1)(2)

Net assets - - EUR 84,549

Net asset value per share - - EUR 70.42

Class G Net assets GBP 30,867 GBP 29,444 GBP 63,504

Net asset value per share USD 59.36 GBP 56.62 GBP 78.02

Class K Net assets EUR 317,724 EUR 362,959 EUR 1,310,275



Class B(1)

Net assets EUR 4,475,370 EUR 4,513,495 EUR 5,413,807


Class D(1)

Net assets CHF 2,390,716 CHF 2,419,093 CHF 2,426,567

Net asset value per share CHF 95.63 CHF 96.76 CHF 93.52

Class E(3)

Net assets - - USD 134,986

Net asset value per share - - USD 90.90

Class F(1)

Net assets EUR 991 EUR 1,006 EUR 23,384


Class K(1)

Net assets JPY 910,367,574 JPY 918,608,099 JPY 7,453,085

Net asset value per share JPY 9,749.66 JPY 9,837.62 JPY 9,473.14

(1) Hedged share classes

(2) Closed on 17 June 2015

(3) Closed on 29 March 2015


21


Statistical Information

For the period ended 31 May 2016 (continued)

For the period

ended 31 May 2016

For the year ended

30 November 2015

For the year ended

30 November 2014


Class A Net assets EUR 145,762,708 EUR 156,253,439 EUR 218,003,769



Class A Net assets USD 11,203,651 USD 10,651,520 USD 13,607,698


Pareto Balanse

Class A Net assets NOK 583,625,667 NOK 559,628,786 NOK 359,795,357

Net asset value per share NOK 109.77 NOK 111.99 NOK 105.63

Pareto Moderat



Pareto Offensiv




22


Notes to the Financial Statements for the period ended 31 May 2016

1. General information

a)

b)

The investment objective of Pareto Balanse is to provide Shareholders with medium capital growth over the long term with

a medium level of risk.

The investment objective of Pareto Moderat is to provide Shareholders with moderate capital growth over the long term

with a medium level of risk.

The investment objective of Pareto Offensiv is to provide Shareholders with enhanced capital growth over the long term

with a medium to high level of risk.

In order to achieve their investment objective, the Sub-Funds intend to invest the net proceeds of any issue of Shares in

assets consisting of financial derivative instruments ("FDIs") (including Derivative Contracts in the form of swaps, futures,

options and forward foreign exchange contracts), transferable securities, money market instrument, other Undertakings for

Collective Investment in Transferable Securities ("UCITS"), assets and instruments used for the purpose of efficient portfolio

management.

The Company

Celsius Investment Funds SICAV (the “Company”) is an Investment Company with variable capital incorporated on 17

September 2007 and authorised in Luxembourg as an undertaking for collective investment pursuant to Part I of the law of

17 December 2010 relating to undertakings for collective investment, as amended (the “Law”).

The investment objective of Barclays Max Capital Stability Fund 2020 is to provide Shareholders with a return linked to the

performance of the Multi-Asset Protected Portfolio which is comprised of the Multi-Asset Basket and the Protection

Component.

The Fund

As at 31 May 2016, the Company has nine active Sub-Funds:

Barclays Max Capital Stability Fund 2020, Diversified Fixed Income Opportunities Fund, Barclays Pure Beta Commodity

Fund, Barclays Capital ComBATS Fund, Sustainable Emerging Markets Fund, Barclays Backwardation Long Only Fund,

Pareto Balanse, Pareto Moderat and Pareto Offensiv (the "Sub-Funds").

The investment objective of Barclays Pure Beta Commodity Fund is to provide Shareholders with a return linked to the

performance of the Barclays Capital Pure Beta DJ-UBSCISM

Total Return Index, a diversified long-only commodities index net

of fees and expenses.

The investment objective of Barclays Capital ComBATS Fund is to provide Shareholders with a return linked to the

performance of the Barclays Capital ComBATS 12 Total Return Index, a diversified long-short commodities index net of fees

and expenses.

The investment objective of Sustainable Emerging Markets Fund is to provide Shareholders with long-term capital

appreciation through exposure in local currencies to a portfolio of Emerging Market Equities meeting certain sustainable

investment criteria.

The investment objective of the Barclays Backwardation Long Only Fund is to provide Shareholders with a return linked to

the performance of the Barclays Backwardation Capped Index, a diversified long-only commodities index, net of fees and

expenses.

The investment objective of Diversified Fixed Income Opportunities Fund is to provide Shareholders with an absolute

excess return over money market of approximately 5% per annum ("p.a.") with medium to high volatility.

23


1. General information (continued)

c)

2. Accounting policies

a)

b)

Pareto Offensiv currently offers one share class: Class A denominated in NOK.

The accounts of the Company have been prepared in accordance with the Luxembourg regulations relating to undertakings

for collective investments ("UCIs"). The significant accounting policies used in these financial statements are detailed as

follows:

Cash and other liquid assets

Cash and other liquid assets are valued at their face value with interest accrued, where applicable.

Base currency

Any value expressed otherwise than in the base currency of the relevant Sub-Fund (whether of an investment or cash) and

any non-base currency borrowings are converted into the base currency at the rate (whether official or otherwise) which

the Administrator deems appropriate in the circumstances.

The Directors may decide to create within each Sub-Fund different share classes. All share classes relating to the same Sub-

Fund are commonly invested in accordance with such Sub-Fund’s investment objective but may differ with regard to their

fee structure, minimum initial investment amount, minimal additional investment amount, minimum shareholding,

minimum repurchase amount, dividend policy (including the dates and payments of any dividends), investor eligibility

criteria or other particular feature(s). A separate Net Asset Value per Share is calculated for each issued share class in

relation to each Sub-Fund. The different features of each share class available relating to a Sub-Fund are described in detail

in the relevant Supplements to the Prospectus.

The Investment Manager has the ability to hedge the shares of such classes in relation to the Fund currency. Where hedging

of this kind is undertaken, the Investment Manager may engage, for the exclusive account of such share class, in currency

forwards, currency futures, currency option transactions and swaps in order to preserve the value of the reference currency

against the Fund currency. Where undertaken, the effects on this hedging will be reflected in the Net Asset Value ("NAV")

and, therefore, in the performance of such additional share class. Similarly, any expenses arising from such hedging

transactions will be borne by the class in relation to which they have been incurred.

As at 31 May 2016, the following classes are active:

Barclays Max Capital Stability Fund 2020 currently offers two share classes: Class B denominated in CHF and Class C

denominated in CHF.

Diversified Fixed Income Opportunities Fund currently offers one share class: Class A denominated in EUR.

Notes to the Financial Statements for the period ended 31 May 2016 (continued)

The Shares

Barclays Pure Beta Commodity Fund currently offers four share classes: Class A denominated in USD, Class E denominated

in USD, Class G (Hedge Share Class) denominated in GBP and Class K denominated in EUR.

Barclays Capital ComBATS Fund currently offers four share classes: Class B (Hedge Share Class) denominated in EUR, Class

D (Hedge Share Class) denominated in CHF, Class F (Hedge Share Class) denominated in EUR and Class K (Hedge Share

Class) denominated in JPY.

Sustainable Emerging Markets Fund currently offers one share class: Class A denominated in EUR.

Barclays Backwardation Long Only Fund currently offers one share class: Class A denominated in USD.

Pareto Balanse currently offers one share class: Class A denominated in NOK.

Pareto Moderat currently offers one share class: Class A denominated in NOK.

24



2. Accounting policies (continued)

b)

Exchange rates on 31 May 2016

1 EUR 1.113251 USD

1 EUR 1.106794 CHF

1 EUR 9.310285 NOK

c)

d)

e)

If the assets are listed or traded on several stock exchanges or OTC markets, the official close of business prices on the

stock exchange or OTC market which, in the opinion of the Administrator, constitutes the main market for such assets, will

be used.

Investments in securities

Investments in securities are accounted for on a trade date basis. Realised gains and losses on sales of investments in

securities are determined on the average cost basis and include transaction costs.

Exchange traded derivative instruments

In the event that any of the investments as at the Valuation Point for the relevant Dealing Day are not listed or traded on any

stock exchange or OTC market, such securities shall be valued at their probable realisation value determined by the

Administrator (being approved by the Board of Directors) with care and in good faith in consultation with the Investment

Manager.

Investments in open-ended UCIs are valued on the basis of the last available NAV of the units or shares of such UCIs.

Income and expenses expressed in currencies other than the reference currency of the respective Sub-Funds are

converted at exchange rates ruling at the transaction date.

As at 31 May 2016, the base currency is the Euro (“EUR”) for Diversified Fixed Income Opportunities Fund, Sustainable

Emerging Markets Fund, the Swiss Franc (“CHF”) for Barclays Max Capital Stability Fund 2020, the US Dollar (“USD”) for

Barclays Pure Beta Commodity Fund, Barclays Capital ComBATS Fund, Barclays Backwardation Long Only Fund and the

Norwegian Krone (“NOK”) for Pareto Balanse, Pareto Moderat and Pareto Offensiv.

The exchange rates on 31 May 2016 are (this exchange rate is taken at 5pm United Kingdom time) as follows:

The acquisition cost of securities expressed in a currency other than the reference currency of the respective Sub-Funds is

translated at the exchange rate prevailing on the date of purchase.

Base currency (continued)

Assets listed or traded on a stock exchange

Assets listed or traded on a stock exchange or on an over-the-counter ('OTC') market for which market quotations are

readily available shall be valued at the last quoted official close of business price on the principal exchange or market for

such investment as at the Valuation Point for the relevant Dealing Day provided that the value of any investment listed on a

stock exchange but acquired or traded at a premium or at a discount outside the relevant stock exchange may be valued

taking into account the level of premium or discount as at the date of valuation of the investment. Such premiums or

discounts thereon above shall be provided by an independent broker or market maker or if such premiums/discounts are

unavailable, by the Investment Manager. However, the Administrator in agreement with the Investment Manager may

adjust the value of investments traded on an OTC market if it considers such adjustment is required to reflect the fair value

thereof in the context of currency, marketability, dealing costs and/or such other considerations as are deemed relevant.

Exchange traded derivative instruments are valued at the settlement price for such instruments on such market as at the

Valuation Point for the relevant Dealing Day; if such price is not available such value is the probable realisation value

estimated with care and in good faith by the Administrator or the Investment Manager and approved for such purpose by

the Custodian. OTC derivative instruments are valued at the latest valuation for such instruments as at the Valuation Point

for the relevant Dealing Day as provided by the counterparty on a daily basis and verified on a weekly basis by a specialised

unit or department of Barclays Bank Plc (being independent from the counterparty).

If in any case a particular value is not ascertainable as provided above or if the Board of Directors considers that some other

method of valuation better reflects the fair value of the relevant investment on derivative instrument, then in such case the

method of valuation of the relevant investment on derivative investment is such as the Directors in their absolute discretion

determines, such method of valuation to be approved by the Custodian.

25




f)

g)

h)

i)

Forward foreign exchange contracts

In general, written call options may serve as a partial hedge against decreases in value in the underlying securities to the

extent of the premium received.

Forward foreign exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies and

unrealised gain or loss is recorded daily under "Unrealised appreciation/(depreciation) on forward foreign exchange

contracts" in the Statement of Net Assets. The changes in such amounts are included in the Statement of Changes in Net

Assets under “Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts”. When a

contract is closed, the realised gain/loss is recorded under “Net realised gain/(loss) on forward foreign exchange contracts”

in the Statement of Operations and the Statement of Changes in Net Assets.

Futures contracts

The Fund may write call or put options in exchange for a premium. The premium is initially recorded as liability, which is

subsequently adjusted to the current value of the option contract. When a written option expires, the Company realises a

gain equal to the amount of the premium received. The difference between the premium and the amount paid at the closing

of a transaction is considered a realised gain or loss. When a written call option is exercised, the premium received is offset

against the proceeds to determine the realised gain or loss. When a written put option is exercised, the premium reduces

the cost basis of the security purchased by the Company. The changes in such amounts are included in the Statement of

Operations and the Statement of Changes in Net Assets under “Net change in unrealised appreciation/(depreciation) on

options contracts".

The Company, as writer of an option, may have no control over whether the underlying securities may be sold (call) or

purchased (put) and, as a result, bears the market risk of an unfavourable change in the price of the securities underlying

the written option.

The Company may enter into futures contracts for the delayed delivery of securities or currency, or contracts based on

financial indices at a fixed price on a future date. In entering such contracts, the Company is required to deposit with the

broker either in cash or securities an amount equal to a certain percentage of the contract amount. Subsequent payments

are made or received by the Company each day, depending on the daily fluctuations in the value of the contracts, and are

recorded for financial statements purposes as unrealised gains or losses by the Company. Upon entering into such

contracts, the Company bears the risk of interest or exchange rates or securities’ prices moving unexpectedly, in which case,

the Company may not achieve the anticipated benefits of the futures contracts and may realise a loss. The changes in such

amounts are included in the Statements of Operations and Statements of Changes in Net Assets under “Net change in

unrealised appreciation/(depreciation) on futures contracts”. Where the assets are listed or traded on a stock exchange, the

official close of business prices on the stock exchange, as selected by the Administrator, will be used.

Written options

Long-dated forward foreign exchange contracts

Long-dated forward foreign exchange contracts are valued at the prevailing forward exchange rate of the underlying

currencies and unrealised gain or loss is recorded daily under "Unrealised appreciation/(depreciation) on long-dated

forward foreign exchange contracts" in the Statement of Net Assets. The changes in such amounts are included in the

Statement of Changes in Net Assets under “Net change in unrealised appreciation/(depreciation) on long-dated forward

foreign exchange contracts”. When the contracts close, the realised gain/loss will be recorded under “Net realised

gain/(loss) on long-dated forward foreign exchange contracts” in the Statement of Operations and the Statement of

Changes in Net Assets.

Where the assets are listed or traded on a stock exchange, the official close of business prices on the stock exchange, as

selected by the Administrator, will be used. Where the asset is an OTC instrument, Barclays Bank Plc and the Administrator

will value the asset in an independent manner.

26




j)

k)

l)

3. Taxation of the Company

Purchased options

The Company may purchase call or put options for a premium. Purchasing call options may be a hedge against an

anticipated increase in the cost of securities to be acquired or to increase the Fund’s exposure to the underlying instrument.

Purchasing put options may hedge against a decline in the value of portfolio securities. The premium paid is included as an

investment in the Statements of Net Assets and is subsequently adjusted to the current value of the option. Premiums paid

for purchased options which have expired are treated as a "Net realised gain/(loss) from options" in the Statement of

Operations and the Statement of Changes in Net Assets.

Premiums paid for purchased options which are exercised or closed are added to the amount paid or offset against the

proceeds on the underlying security or financial instrument to determine the realised gain or loss. The risk of loss associated

with purchased options is limited to the premium paid. The market value of the options is recorded under "Options at

market value" in the Statement of Net Assets.

Where the assets are listed or traded on a stock exchange, the official close of business prices on the stock exchange, as

selected by the Administrator, will be used. Where the asset is an OTC instrument, Barclays Bank Plc and the Administrator

will value the asset in an independent manner.

In order to achieve their investment objective, the Sub-Funds intend to invest the net proceeds of any issue of shares in

derivative contracts in the form of funded or unfunded swaps (the “Swaps”), entered into with the Approved Counterparty.

The Fund may use funded swaps to gain exposure to the Money Market Component or the Diversified Component, and

where such funded swaps are used, the Fund will have no further payment obligations other than the initial amounts paid to

the Approved Counterparty.

Funded swap means a swap where the Fund pays to the Approved Counterparty the full swap notional equal to the net

proceeds of any issue of shares in exchange for the performance or the payout of all or part of the Underlying.

The Fund may also use unfunded swaps to gain exposure to the Diversified Component, and where such unfunded swaps

are used, the Fund may have further payment obligations to the Approved Counterparty reflecting the change in value of

such swaps in favour of the Approved Counterparty.

Swap agreements

Funded and unfunded swaps are disclosed in section 5 of the notes to the financial statements.

The combined Statements of Net Assets, of Operations and of Changes in Net Assets are expressed in Euros at the

exchange rate prevailing at the period end for each Sub-Fund. The "Revaluation difference" in the statements relates to the

revaluation of the opening NAV at this exchange rate.

Under current law and practice, the Company is not liable to any Luxembourg income tax. Dividends paid (if any) by the

Company to its Shareholders are not liable to any Luxembourg withholding tax.

Combined statements

In the Statement of Net Assets, the funded swaps are disclosed at their market value and the unfunded swaps are disclosed

at their unrealised value. In the Statement of Operations and the Statement of Changes in Net Assets, the funded and

unfunded swaps show their change in unrealised. Where the asset is an OTC instrument, Barclays Bank Plc and the

Administrator will value the asset in an independent manner.

The Company is, however, liable in Luxembourg to a tax (“Taxe d'Abonnement ”) of 0.05 per cent per annum in respect of

share classes for Retail Investors and of 0.01 per cent per annum in respect of share classes for Institutional Investors.

Investments by a Sub-Fund in shares or units of another Luxembourg UCI are excluded from the Net Asset Value of the

Fund serving as basis for the calculation of the Taxe d'Abonnement payable by that Sub- Fund. The Taxe d'Abonnement is

payable quarterly on the basis of the NAV of the Sub-Fund at the end of the relevant calendar quarter.

The Taxe d'Abonnement is included in the fixed fees for the following Sub-Funds: Diversified Fixed Income Opportunities

Fund, Barclays Pure Beta Commodity Fund and Barclays Capital ComBATS Fund.

27



3. Taxation of the Company (continued)

4. Significant agreements

a) Investment Manager fees

Sub-Fund Investment Manager Fees


Class B and C 0.35%


Class A 1.00%


Class A 0.20%

Class E 1.20%

Class G 0.30%

Class K 0.20%


Class B, D and K 0.20%

Class F 1.20%


Class A(1)

0.43%


Class A 0.60%

Pareto Balanse

Class A 1.05%

Pareto Moderat

Class A 1.05%

Pareto Offensiv

Class A 1.05%

The Company has appointed Barclays Bank Plc, acting through Funds and Advisory, to provide certain investment related

services to the Company. Funds and Advisory is the investment management team within Barclays, the investment banking

division of Barclays Bank Plc. The principal activity of Funds and Advisory is the provision of investment management

services. In accordance with and subject to the terms of the Investment Management Agreement, the annual investment

management fee will be a percentage of the Net Assets of each Sub-Fund or share class. This fee will accrue and be

calculated on each Dealing Day and be payable quarterly in arrears.

Details of current fee rates in operation for each Sub-Fund are as follows:

Maximum investment manager fee rates are set out in the Prospectus for each Sub-Fund.

(1)Effective 1 December 2015, the Investment Management fees were reduced from 0.53% to 0.43% on the Sustainable

Emerging Markets Fund.

For Barclays Max Capital Stability Fund 2020, Sustainable Emerging Markets Fund, Barclays Backwardation Long Only

Fund, Pareto Balanse, Pareto Moderat and Pareto Offensiv the Taxe d'Abonnement is not included in the Fixed Fees and is

therefore disclosed separately, under "Taxe d'Abonnement ", in the Statement of Operations.

No stamp duty or other taxes are payable in Luxembourg in connection with the issue of shares by the Company, except a

one-off tax payment of EUR 1,250 which was paid upon incorporation of the Company.

Under current law and practice in Luxembourg, no capital gains tax is payable on the realised capital appreciation of the

assets of the Company and no tax is payable on the investment income received in respect of the assets. Investment income

for dividends and interest received by the Company may however be subject to withholding taxes in the country of origin at

varying rates; such withholding taxes are not recoverable.

28



4. Significant agreements (continued)

b) Performance fees

The Sub-Funds active as at 31 May 2016 are not subject to performance fees.

c) Fixed fees

1 Administrator's fees,

2 Depositary's fees,

3 Directors fees,

4 Other Administrative expenses,

5 Setting Up Costs except Barclays Max Capital Stability 2020 Fund,

6 Transaction fees.

d) Depositary

e) Administrator

f) Promoter

In respect of Sustainable Emerging Markets Fund, the fixed fee arrangement with the Investment Manager was terminated

effective 1 December 2015, which provided for a fixed fee payment up to 0.20% of the NAV of share class A. As a result the

effective fees incurred will now be charged to the Fund.

In each Sub-Fund, the fixed fee amounts to 0.20% of the average daily NAV of the relevant Class of Shares, except for

Barclays Max Capital Stability Fund 2020 where it is up to 0.10% & Sustainable Emerging Markets Fund.

The Performance Fee will accrue on a daily basis, crystallise at the end of each Performance Period and will be payable

quarterly in arrears. The Performance Fee will be payable by the Company out of the assets of the Fund and will be

calculated on a share class basis so that each relevant share class in issuance is charged a Performance Fee which is based

only on the performance of such share.

The fixed fee will accrue on each day and be calculated on each Dealing Day and paid monthly.

Fixed fees means the fees payable by the Company for each Sub-Fund, out of the Sub-Fund’s assets, in respect of the

ordinary fees, expenses and costs incurred by the Sub-Fund that include:

The Investment Manager will be entitled to a performance fee equal to a percentage set out of the increase in the Net Asset

Value per Share of the relevant share class in issue in respect of each Performance Period but only to the extent that such

increase exceeds the High Water Mark.

The Taxe d'Abonnement is excluded from the fixed fees in Barclays Max Capital Stability Fund 2020, Barclays

Backwardation Long Only Fund, Pareto Balanse, Pareto Moderat and Pareto Offensiv.

The fixed fees as set out in the Prospectus where sufficient will cover Administrator’s, Legal, Depositary’s, and Auditor’s

fees. Where the fixed fees are not sufficient to cover specific expenses of the Sub-Funds, the expenses will be either settled

out of the assets of the Sub-Fund or directly by Barclays Bank Plc.

The advisory fees “in respect of the Protection Strategy” charged in Barclays Max Capital Stability Fund 2020 are disclosed

under “General expenses” in the Statement of Operations.

Any fees other than fixed fees are payable by the Company.

The Company has appointed Northern Trust Global Services Limited (Luxembourg Branch) (the “Depositary”) to act as

Custodian of the assets of each Sub-Fund and to provide trustee services to each Sub-Fund in accordance with the

Luxembourg Regulations. Under the terms of the Depositary Agreement, the Depositary may, however, appoint any person

or persons to be the Sub-Custodian of the assets of the Company. These fees are included in the fixed fees.

The Company has appointed Northern Trust Management Company S.A (the “Administrator”) to act as Administrator,

Registrar and Transfer Agent of each Sub-Fund with responsibility for performing the day to day administration of each Sub-

Fund including the calculation of the NAV and the NAV per Share of each Sub-Fund. These fees are included in the fixed

fees.

The Promoter of the Company is Barclays Bank Plc. Barclays Bank Plc has its registered office at 1 Churchill Place, London

E14 5HP, United Kingdom ("UK"). Barclays is authorised by the UK Financial Conduct Authority.

29




g) Transaction costs

Sub-Fund Fund currency Custody

transaction fees

Purchases and

sales

transaction fees

Combined

Barclays Max Capital Stability Fund 2020 CHF 438 - 438

Diversified Fixed Income Opportunities Fund EUR 484 - 484

Barclays Pure Beta Commodity Fund USD 1,479 - 1,479

Barclays Capital ComBATS Fund USD 2,607 - 2,607

Sustainable Emerging Markets Fund EUR 614 61,097 61,711

Barclays Backwardation Long Only Fund USD 586 - 586

Pareto Balanse NOK 32,029 153,391 185,420

Pareto Moderat NOK 62,320 147,039 209,359

Pareto Offensiv NOK 79,766 174,584 254,350

Combined EUR 24,208 111,396 135,604

Transaction costs on purchases and sales of equities, collective investment schemes and futures contracts are included in

the Statement of Operations and the Statement of Changes in Net Assets for each Sub-Fund in the fixed fees. Custody

transactions costs are included in depositary fees as disclosed in Note 4 (c). These costs are separately identifiable

transaction costs.

Custody transaction costs include transaction costs paid to depositaries and sub-custodians. Purchases and sales

transaction costs include identifiable brokerage charges, commissions, transaction related taxes and other market charges.

For the period ended 31 May 2016, the Sub-Funds incurred transaction costs as follows:

Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset

or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or

disposed of the financial asset or financial liability. When a financial asset or financial liability is recognised initially, an entity

shall measure it at its fair value through profit or loss plus, transaction costs that are directly attributable to the acquisition

or issue of the financial asset or financial liability.

Transaction costs on the purchase and sale of money market instruments, bonds, forward foreign exchange currency

contracts and swaps are included in the purchase and sale price of the investment.

30




h) Preliminary charge

Sub-Fund Preliminary Charge Rate


Class B and C No Charge


Class A No Charge


Class A Up to 4.00% of Investment Amount

Class E, G and K Up to 5.00% of Investment Amount


Class B, D and K Up to 4.00% of Investment Amount

Class F Up to 5.00% of Investment Amount





Pareto Balanse


Pareto Moderat


Pareto Offensiv


i) Repurchase charge

A repurchase charge is levied on Barclays Max Capital Stability Fund 2020 (Class B and C) for up to 4.00% of the Initial Issue

Price per Share for the period from the 3 February 2010 ('the Launch Date') to (but excluding) the first anniversary of the

Launch Date; for up to 2.50% of the Initial Issue Price per Share for the period from (and including) the first anniversary of

the Launch Date to (but excluding) the second anniversary of the Launch Date; and for up to 1.00% of the Initial Issue Price

per Share for the period from (and including) the second anniversary of the Launch Date to (but excluding) the third

anniversary of the Launch Date. Subsequent to (and including) the third anniversary of the Launch Date no more charge is

levied.

A preliminary charge may be levied as follows:

31



5. Swaps

a) Funded Swaps


Unrealised

appreciation/

Termination Market Value (depreciation)

Underlying Currency Date Counterparty Notional USD USD

Funded Total Return Swap on

Barclays Capital Pure Beta USD 22 July 2016 Barclays Bank Plc 555,500 433,479 (122,021)

DJ- UBSCISM

Total Return Index

Total 433,479 (122,021)


Unrealised

appreciation/




Barclays Capital ComBATS 12 USD 22 July 2016 Barclays Bank Plc 14,220,474 15,657,935 1,437,461

Total Return Index

Total 15,657,935 1,437,461


Unrealised

appreciation/




Barclays Commodity Strategy USD 22 July 2016 Barclays Bank Plc 11,728,958 11,077,031 651,927

1690 Total Return Index

Total 11,077,031 651,927

Barclays Pure Beta Commodity Fund has been fully collateralized by government bonds amounting to USD 468,041,

including bonds issued by Government of France, Government of Netherlands and Government of United Kingdom

representing 14.72%, 13.43% and 14.45% of the NAV.

Barclays Capital ComBATS Fund has been fully collateralized by government bonds amounting to USD 15,914,594.

Barclays Backwardation Long Only Fund has been fully collateralized by government bonds amounting to USD 10,813,512.

On 31 May 2016, the market value of swaps and the unrealised appreciation/(depreciation) on swaps are the following:



32



5. Swaps (continued)

b) Unfunded Swaps


On 31 May 2016, the unrealised appreciation/(depreciation) on unfunded swaps are the following:

Unrealised

appreciation/

Termination (depreciation)

Underlying Currency Date Counterparty Notional EUR

EUR 20 February 2017

Barclays Bank

Plc 7,500,000 (3,781,271)

EUR 21 January 2019

Barclays Bank

Plc 2,500,000 (1,015,000)

EUR 04 March 2021

Barclays Bank

Plc 14,000,000 (232,500)

USD 10 September 2045

Barclays Bank

Plc 25,000,000 (255,300)

USD 18 December 2045

Barclays Bank

Plc 25,000,000 (2,716,146)

Total (8,000,217)

Unfunded 3 month USD LIBOR

Interest rate - 2.8000%

Unfunded 9 Years Interest Rate

Swap linked to KFW Bond -

3.254%

Unfunded 3 month USD LIBOR

Interest rate - 2.6400%

Unfunded 7 Years Interest Rate

Swap linked to Republic of

Austria - 2.967%

Unfunded 6 month Euribor

Interest Rate - 1.422%

33



6. Long-dated forward foreign exchange contracts


Unrealised

appreciation/

(depreciation)

Settlement Date Counterparty CHF

Swiss Franc 37,597,115 Euro 33,500,000 1 October 2020 Northern Trust 1,613,958

Euro 1,870,000 Swiss Franc 1,938,414 1 October 2020 Northern Trust 71,705

Net appreciation 1,685,663

7. Forward foreign exchange contracts


On 31 May 2016, the Fund had entered into the following forward foreign exchange contracts:

Unrealised

appreciation/

(depreciation)

Settlement Date Counterparty USD

Pound Sterling 30,569 US Dollar 44,116 15 June 2016 UBS 382

Pound Sterling 864 US Dollar 1,244 15 June 2016 UBS 14

US Dollar 993 Pound Sterling 686 15 June 2016 UBS (6)

Net appreciation 390



Unrealised

appreciation/

(depreciation)

Settlement Date Counterparty USD

Euro 4,534,340 US Dollar 5,174,081 15 June 2016 UBS (124,232)

Euro 1,009 US Dollar 1,151 15 June 2016 UBS (28)

Japanese Yen 923,131,248 US Dollar 8,495,577 15 June 2016 UBS (168,577)

Swiss Francs 2,427,020 US Dollar 2,494,637 15 June 2016 UBS (52,147)

Net depreciation (344,984)

Pareto Balanse


Unrealised

appreciation/

(depreciation)

Settlement Date Counterparty NOK

Norwegian Krone 86,794,303 Euro 9,330,586 3 June 2016 Barclays Bank Plc (76,035)

Norwegian Krone 17,483,454 Japanese Yen 230,451,150 3 June 2016 Barclays Bank Plc 105,540

Norwegian Krone 1,192,185 Japanese Yen 15,685,164 3 June 2016 UBS 9,395

Norwegian Krone 232,452,145 US Dollar 28,990,004 3 June 2016 Barclays Bank Plc (9,995,608)

Norwegian Krone 39,740,813 US Dollar 4,784,799 3 June 2016 UBS (275,179)

Net depreciation (10,231,887)

On 31 May 2016, the unrealised appreciation/(depreciation) on long-dated forward foreign exchange contracts are the

following:

To Receive To Deliver




34



7. Forward foreign exchange contracts (continued)

Pareto Moderat


Unrealised

appreciation/

(depreciation)


Japanese Yen 3,866,712 Norwegian Krone 294,294 3 June 2016 UBS (2,712)





Pareto Offensiv


Unrealised

appreciation/

(depreciation)



Norwegian Krone 7,203,202 Euro 777,655 3 June 2016 UBS (36,984)


Norwegian Krone 478,035 Japanese Yen 6,289,172 3 June 2016 UBS 3,780


Norwegian Krone 24,903,749 US Dollar 2,998,375 3 June 2016 UBS (172,110)


8. Management fees of the underlying Funds

Annual Management Fees

%

GlobalAccess Europe (ex-UK) Alpha Fund M EUR Accumulation 0.75%

GlobalAccess Global Corporate Bond Fund M USD Accumulation 0.55%

GlobalAccess Japan Fund M JPY Accumulation 0.80%

GlobalAccess Pacific Rim (ex-Japan) Fund M USD Accumulation 0.75%

GlobalAccess US Small & Mid Cap Equity Fund USD Accumulation 0.90%

GlobalAccess US Value Fund M USD Accumulation 0.65%

Hermes Investment Funds PLC - Hermes Sourcecap European Alpha Fund S EUR Accumulation 0.60%

iShares Core S&P 500 UCITS ETF 0.07%

JPMorgan Funds - Systematic Alpha Class C 0.75%

Pareto Likviditet 0.35%

Pareto Global - C 1.25%

Pareto Hoyrente 0.65%

Pareto Nordic Alpha B 0.95%


For the underlying funds in which the Funds invest, the investment manager of the underlying funds receives the current

annual management fee as detailed below:


35


9. Related parties

10. Changes in the composition of the investment portfolio

11. Value of financial instruments and associated risks

12. Events during the period

- The Investment Management fees were reduced from 0.53% to 0.43%.

-

13. Subsequent events

Valuation of the underlying and the fund assets

Investors in the shares should be aware that such an investment involves assessing the risk of an investment linked to the

underlying and, where applicable, the fund assets and the techniques used to link the fund assets to the underlying.


At period end, Barclays Bank Plc is the counterparty of all swaps, long-dated forward foreign exchange contracts and some

forward foreign exchange contracts, as indicated in Note 5, Note 6 and Note 7. Barclays Bank Plc, acting through Funds and

Advisory, is regulated by the laws of England and Wales.

These changes are made available to the Shareholders by the Depositary and Administrative Agent at the Company’s

registered office. They will be sent free of charge to anyone who so requests.

An investment in the shares involves risks. These risks may include or relate to, among others, equity market, bond market,

foreign exchange, interest rate, credit, market volatility and political risks and any combination of these and other risks.

The Company has appointed Barclays Bank Plc, the investment management team within Barclays, the investment banking

division of Barclays, to provide certain investment related services to the Company. The principal activity is the provision of

fund management services.

Exchange rates

There have been no events subsequent to the period end, which, in the opinion of the Directors, may have had an impact on

the Financial Statements for the period ended 31 May 2016.

Investors in the shares should be aware that an investment in the shares may involve exchange rate risks except share

classes that are hedged against this risk.

Risk

An investment in the shares involves risks. These risks may include or relate to, among others, equity market, bond market,

foreign exchange, interest rate, credit, market volatility, risks associated with the use of derivatives and political risks and

any combination of these and other risks. Specific risk factors relevant to the Sub-Funds are detailed in the Prospectus.

Effective 1 December 2015, the following changes occured on share class A in the Sustainable Emerging Markets Fund:

The fixed fee arrangement with the Investment Manager was terminated, which provided for a fixed fee

payment up to 0.20% of the NAV of share class A. As a result the effective fees incurred will now be charged to

the Fund.

36


Performance vs Index

Sub-Fund Start Date End DateFund

ReturnIndex

Return

Total differences

over and above fees Comments

04/01/2016 31/05/2016 8.75% 10.41% (1.23%) Any total difference in performance can be attributed to thefees charged at the fund level, the index level, as well as theslippage with allocating all assets to the underlying assets atany given time. Positive slippage can be attributed to underallocation to the index where the index has subsequently lostmoney.

04/01/2016 31/05/2016 (1.21%) 0.16% (0.39%) Any total difference in performance can be attributed to thefees charged at the fund level, the index level, as well as theslippage with allocating all assets to the underlying assets atany given time.

04/01/2016 31/05/2016 5.52% 5.89% (0.29%) Any total difference in performance can be attributed to thefees charged at the fund level, the index level, as well as theslippage with allocating all assets to the underlying assets atany given time.

Additional Information for Shareholders




37


Additional Information for Shareholders (continued)

Tracking Error vs Index

Sub-Fund Start Date End DateFund

ReturnIndex

Return

Annualised Tracking

ErrorTracking

Error Limit Comments


04/01/2016 31/05/2016 8.75% 10.41% 1.42% 2.00% The tracking error limits is 2.0% as defined in theprospectus, where as the actual realisedannualised tracking error is 1.42%. This meansthe fund performance was within expectations ofthe tracking error to the index and for the period.Any tracking error can be attributed to the feescharge at the fund and the index level, as well asthe slippage with allocating assets to theunderlying at any given time.


04/01/2016 31/05/2016 (1.21%) 0.16% 0.50% 2.00% The tracking error limits is 2.0% as defined in theprospectus, where as the actual realisedannualised tracking error is 0.50%. This meansthe fund performance was within expectations ofthe tracking error to the index and for the period.Any tracking error can be attributed to the feescharge at the fund and the index level, as well asthe slippage with allocating assets to theunderlying at any given time.


04/01/2016 31/05/2016 5.52% 5.89% 0.09% 2.00% The tracking error limits is 2.0% as defined in theprospectus, where as the actual realisedannualised tracking error is 0.09%. This meansthe fund performance was within expectations ofthe tracking error to the index and for the period.Any tracking error can be attributed to the feescharge at the fund and the index level, as well asthe slippage with allocating assets to theunderlying at any given time.

38

Barclays is the sponsor of the Celsius Investment Funds SICAV.

Barclays offers wealth and investment management products and services to its clients through Barclays Bank Plc and its subsidiary companies.

Barclays Bank Plc is registered in England and authorised by the Prudential Regulation Authority and regulated by the Financial Conduct

Authority and the Prudential Regulation Authority. Registered No.1026167. Registered Office: 1 Churchill Place, London E14 5HP.

This item can be provided in Braille, large print or audio by calling +44(0)1624 684 444* (or via TextDirect if appropriate).

* Lines are open 24 hours a day, 7 days a week, except 25 December when lines are closed.

Call costs may vary - please check with your telecoms provider. Calls may be recorded so that we can monitor the quality of

our service and for security purposes.

Celsius Investment Funds SICAV is an investment company incorporated under Luxembourg law in the form a société anonyme

qualifying as a société d'investissement à capital variable ('SICAV,).

Celsius Investment Funds SICAV - Fondsvermittlung24.de · Celsius Investment Funds SICAV (the...

Documents

Transcript of Celsius Investment Funds SICAV - Fondsvermittlung24.de · Celsius Investment Funds SICAV (the...