InRIS UCITS Plc - Fondsvermittlung24.de · INRIS UCITS PLC 1 DIRECTORS, OFFICERS AND OTHER...

InRIS UCITS Plc Annual report and audited financial statements for the financial year ended 31 December 2016

INRIS UCITS PLC

FINANCIAL STATEMENTS for the financial year ended 31 December 2016 Contents Page(s)

Directors, officers and other information 1 - 3

Directors’ report 4 - 8

Disclosure on remuneration 9 - 11

Investment Manager’s report 12 - 30

Depositary’s report to the shareholders 31

Statement of director’s responsibilities 32

Independent auditor’s report to the shareholders 33 - 34

Statement of Comprehensive Income

Of the Company 35

Of the Funds 36 - 38

Statement of Financial Position

Of the Company 39


Statement of changes in net assets attributable to participating shareholders

Of the Company 43


Statement of cash flows

Of the Company 47


Notes to the financial statements 51 - 143

Portfolio statement

Of the R Parus Fund 144 - 146

Of the R BlackRock Select Fund 147 - 176

Of the R Intrinsic Value Europe Fund 177 - 179

Of the R CFM Diversified Fund 180 - 243

Of the R 2020 Fund 244 - 252

Of the R Karya Macro Fund 253 - 258

Of the R CFM Trends Fund 259 - 260

Statement of changes in the composition of the portfolio (unaudited)

Of the R Parus Fund 261 - 262

Of the R BlackRock Select Fund 263 - 264

Of the R Instrinsic Value Europe Fund 265 - 266

Of the R CFM Diversified Fund 267 - 268

Of the R 2020 Fund 269 - 270

Of the R Karya Macro Fund 271 - 272

Securities financing transaction disclosures (unaudited) 273 - 274

INRIS UCITS PLC

1

DIRECTORS, OFFICERS AND OTHER INFORMATION

Directors of InRIS UCITS Plc Barbara Vannotti-Holzrichter* (the “Company”) John Skelly**

Yvonne Connolly**

François Rivard* (appointed 20 April 2016)

Etienne Rouzeau* (appointed 21 December 2016)

Marc Romano* (resigned 21 December 2016)

Francois Jacques* (resigned 20 April 2016)

Active Funds at 31 December 2016 R Parus Fund R BlackRock Select Fund R Intrinsic Value Europe Fund R CFM Diversified Fund R 2020 Fund R Karya Macro Fund R CFM Trends Fund Registered office of the Company 33 Sir John Rogerson’s Quay Dublin 2, Ireland D02 XK09 Secretary Tudor Trust Limited 33 Sir John Rogerson’s Quay Dublin 2, Ireland D02 XK09 Investment Manager & Promoter Innocap Global Investment Management Ltd. 71, Office 4 Tower Road Sliema, SLM 1609, Malta Platform Advisor Innocap Investment Management Inc. 1115 Metcalfe Street 2nd Floor Montreal (Quebec) H3B 5G2, Canada Distributor & Consultant Rothschild HDF Investment Solutions 29 avenue de Messine 75008 Paris, France Consultant Rothschild HDF Investment Adviser Limited New Court St Swithin`s Lane London EC4N 8AL UK Trading Advisor Parus Finance (UK) Limited to the R Parus Fund 33 St. James’s Square London SW1Y 4JS, United Kingdom *Non-executive director **Independent non-executive director

INRIS UCITS PLC

2

DIRECTORS, OFFICERS AND OTHER INFORMATION (CONTINUED) Trading Advisor BlackRock Investment Management (UK) Limited to the R BlackRock Select Fund 12 Throgmorton Avenue London EC2N 2DL, United Kingdom Trading Advisor Intrinsic Value Investors (IVI) LLP to the R Intrinsic Value Europe Fund 1 Hat & Mitre Court 88 St. John Street London EC1M 4EL, United Kingdom Trading Advisor Capital Fund Management S.A. to the R CFM Diversified Fund 23 rue de l’Universite 75007 Paris, France Trading Advisors Rothschild & Cie Gestion Limited to the R 2020 Fund 26 avenue de Messine 75008 Paris, France Allianz Global Investors GmbH Bockenheimer Landstrasse 42-44 D-60323 Frankfurt am Main, Germany Nomura Corporate Research and Asset Management Inc Worldwide Plaza 309 West 49th Street New York, NY 10019, United States Trading Advisor Karya Capital Management LP to the R Karya Macro Fund 1330 Avenue of the Americas, Suite 520 New York, NY 10019, United States Trading Advisor Capital Fund Management S.A. to R CFM Trends Fund 23 rue de l’Universite 75007 Paris, France Administrator State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2, Ireland D02 RK57 Depositary*** State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2, Ireland D02 RK57 Transfer Agent (from 4 August 2016) CACEIS Ireland Limited One Custom House Plaza International Financial Services Centre Dublin 1, Ireland D01 C2C5 *** Appointed 18 March 2016. Prior to that date, State Street Custodial Services (Ireland) Limited had acted as Custodian to the Company.

INRIS UCITS PLC

3

DIRECTORS, OFFICERS AND OTHER INFORMATION (CONTINUED) Prime Transfer Agent (until 4 August 2016) CACEIS Bank Luxembourg 5 Allée Scheffer L2520, Luxembourg Independent auditor Deloitte Chartered Accountants and Statutory Audit Firm Earlsfort Terrace Dublin 2, Ireland D02 AY28 Legal Adviser Dillon Eustace 33 Sir John Rogerson’s Quay Dublin 2, Ireland D02 XK09

INRIS UCITS PLC

4

DIRECTORS’ REPORT for the financial year ended 31 December 2016

The directors present the Annual Report and Audited Financial Statements for InRIS UCITS Plc (the “Company”) for the financial year ended 31 December 2016. The Company whose registered office is located at 33 Sir John Rogerson’s Quay, Dublin 2, Ireland, is an investment company with variable capital and having segregated liability between its funds. The Company was incorporated in Ireland on 9 May 2013 and is an Undertaking for Collective Investment in Transferable Securities (“UCITS”) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011) (as amended) and SI No 420 of 2015 – Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (together, the “UCITS regulations”). The Company has been authorised by the Central Bank of Ireland as a UCITS pursuant to the UCITS regulations. The Company is structured as an umbrella fund and may consist of different funds each comprising one or more classes of shares. At 31 December 2016, the Company has seven active funds, the R Parus Fund, the R BlackRock Select Fund, the R Intrinsic Value Europe Fund, the R CFM Diversified Fund, the R 2020 Fund, the R Karya Macro Fund and the R CFM Trends Fund (together, the “Funds”). As disclosed in note 1, the Investment Manager has entered into an agreement with a number of Trading Advisors to which management of part or all of the Funds’ assets have been delegated. The investment objective of the R Parus Fund is to generate absolute returns by targeting, on the long side, mainly growth stocks with a competitive advantage and, on the short side, structurally declining companies with operating or financial leverage. The investment objective of the R BlackRock Select Fund is to achieve positive absolute return for investors regardless of market movements. The investment objective of the R Intrinsic Value Europe Fund is to preserve capital and to increase the value of the capital over time. The investment objective of the R CFM Diversified Fund is to achieve long-term capital appreciation through trading strategies that seek to have a return profile different from that of traditional asset classes such as stocks and bonds. The investment objective of the R 2020 Fund is to generate yield over a recommended investment period of 5 years from the establishment of the Fund through a diversified portfolio of Debt Securities. The investment objective of the R Karya Macro Fund is to seek absolute returns over a medium to long-term period (1 to 3 years). The investment objective of the R CFM Trends Fund is to achieve long-term capital appreciation through trading strategies that seek to have a return profile different from that of traditional asset classes such as stocks and bonds.

INRIS UCITS PLC

5

DIRECTORS’ REPORT (CONTINUED) for the financial year ended 31 December 2016 Review of business The Directors consider that the review of the business for the period is contained in the Investment Manager’s Report on pages 12 - 30.

Principal risks and uncertainties The Funds are exposed to the risks associated with the financial instruments and markets in which they invest. Such risks are disclosed in note 13 to the financial statements. A further comprehensive summary of the risk factors that investors should consider is included in the prospectus of the Company and the offering supplements of the Funds. Results and dividends The results of the Company are set out in the Statement of Comprehensive Income. The Directors declared a dividend distribution in respect of Class F GBP unhedged of the R Intrinsic Value Europe Fund of EUR 744,184. Directors The names of persons who were Directors at any time during the period are listed on page 1. Directors’ interests None of the Directors held, at 31 December 2016 or during the financial period, any beneficial interest in the shares of the company. Related parties Disclosures in respect of related parties are contained in note 16 to the financial statements. Connected parties The Directors are satisfied that there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 41(1) of the UCITS Regulations are applied to all transaction with a connected party; and (b) all transaction with a connected party that was entered into during the period to which the report relates complied with the obligations that are prescribed by Regulation 41(1) of the UCITS Regulations. Books of Account The Directors believe that they have complied with the requirements of section 281-285 of the Companies Act 2014 with regard to maintaining adequate accounting records by employing an experienced Administrator with appropriate expertise who provides adequate resources to the financial function. The accounting records of the Company are maintained by State Street Fund Services (Ireland) Limited, 78 Sir John Rogerson’s Quay, Dublin 2, Ireland.

INRIS UCITS PLC

6

DIRECTORS’ REPORT (CONTINUED) for the financial year ended 31 December 2016 Directors’ statement on relevant audit information Each of the Directors at the date of approval of the Directors’ Report confirms that:

a) So far as the Directors are aware, there is no relevant audit information of which the Company’s statutory auditor is unaware; and

b) The Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company’s statutory auditor is aware of that information.

Audit committee An audit committee has not been appointed because the Directors are satisfied that the established processes regarding internal control and risk management systems are sufficient to ensure effective oversight of the financial reporting and audit process. The established processes are disclosed in the Corporate Governance Statement on pages 7 - 8.

Independent auditor Deloitte have expressed their willingness to continue in office in accordance with section 383(2) of the Companies Act 2014, without need for a resolution at an AGM. Significant events during the year The Company launched two new Funds during the year, R Karya Macro Fund which launched on 24 May 2016 and R CFM Trends Fund which launched on 2 December 2016. CACEIS Ireland Limited was appointed Transfer Agent effective from 4 August 2016. CACEIS Bank Luxembourg ceased to act as Prime Transfer Agent from the same date. During the year, S.I. No. 420/2015 - Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 became effective. On 18 March 2016, State Street Custodial Services (Ireland) Limited was appointed depositary in accordance with the UCITS Regulations. Prior to that date, State Street Custodial Services (Ireland) Limited acted as custodian to the Company. Significant events with respect to trading activity are included in the Investment Manager’s report on pages 12-30. Subsequent events Other than as may be disclosed in note 24, up to the date of the approval of these financial statements there were no events subsequent to the period end, which, in the opinion of the Directors of the Company, may have had an impact on the financial statements for the year ended 31 December 2016.

INRIS UCITS PLC

7

DIRECTORS’ REPORT (CONTINUED) for the financial year ended 31 December 2016 Corporate Governance Statement The Company is subject to corporate governance practices imposed by: (i) the Irish Companies Act 2014 (the “Irish Companies Act”); (ii) the Articles of Association of the Company; and (iii) the Central Bank of Ireland In addition, the Company adopted the Corporate Governance Code published by Irish Funds (“IF”) for Irish domiciled Collective Investment Schemes (the “IFIA Code”). The IFIA Code is publicly available at www.irishfunds.ie. The Directors voluntarily adopted the Corporate Governance Code for Irish Domiciled Collective Investment Schemes as published by IF, as the Company’s corporate governance code. The Directors have assessed the measures included in the IFIA Code as being consistent with its corporate governance practices and procedures for the financial period. The Directors have established processes regarding internal control and risk management systems to ensure effective oversight of the financial reporting process. These include appointing the Administrator, State Street Fund Services (Ireland) Limited, to maintain the accounting records of the Company independently of the Investment Manager and the Custodian. The Administrator is contractually obliged to maintain proper books and records as required by the administration agreement. To that end the Administrator performs regular reconciliations of its records to those of the Investment Manager and the Custodian. Doran and Minehane, an independent accountancy firm based in Ireland, has been engaged to prepare the financial statements of the Company. Doran and Minehane is contractually obliged to prepare for review and approval by the Directors the annual and interim reports including financial statements intended to give a true and fair view.

The Directors have procedures in place to ensure all relevant books of account are properly maintained and are readily available, including production of the annual and interim financial statements. The annual and interim financial statements of the Company are required to be approved by the Directors of the Company and are required to be filed with the Central Bank of Ireland. The annual financial statements are required to be audited by independent auditors who report annually to the Directors on their findings. The Directors liaise with the Company’s auditors and the Administrator in evaluating and discussing significant accounting and reporting issues as the need arises. From time to time the Directors also examine and evaluate the Administrator’s financial accounting and reporting routines and monitor and evaluate the external auditors’ performance, qualifications and independence. The Administrator has operating responsibility for internal control in relation to the financial accounting process and the Administrator reports to the Directors.

http://www.irishfunds.ie/

INRIS UCITS PLC

9

DISCLOSURES ON REMUNERATION for the financial year ended 31 December 2016 Remuneration Policy The Investment Manager has implemented a policy on remuneration (the “Remuneration Policy”). The aim of the Remuneration Policy is to ensure that the Investment Manager has risk-focused remuneration policies and practices that are consistent with and promote sound and effective risk management and do not encourage risk-taking that is inconsistent with the risk profiles, fund rules, offering documents, or instruments of incorporation of the Funds that it manages (“Funds”). By aligning its Remuneration Policy with effective risk management, it is less likely that the Investment Manager’s employees will have incentives to act in a manner that is inconsistent with the risk-tolerance of the Funds and contrary to interests of their investors. The Remuneration Policy has been adopted in compliance with applicable legislation and EU regulations and guidelines. Identified Staff The specific requirements of the Remuneration Policy apply only in relation to certain categories of the Investment Manager’s employees, namely: senior management, risk-takers, staff engaged in control functions and any employee receiving total remuneration that takes them into the same remuneration bracket as senior management and risk-takers, whose professional activities have a material impact on the Investment Manager’s risk profile (the “Identified Staff”). Fundamental Considerations, Governance, and Independent Review The remuneration policy must be consistent with and promote sound and effective risk management and must not encourage risk-taking that is inconsistent with the risk profiles, fund rules, offering documents, or instruments of incorporation of the Funds. The remuneration policy must be in line with the business strategy, objectives, values and interests of the Investment Manager and the Funds, including measures to avoid conflicts of interest. The Board, in its supervisory function, must adopt and periodically review the general principles of the remuneration policy and is responsible for its implementation. The implementation of the remuneration policy must be, at least annually, subject to central and independent internal review for compliance with policies and procedures for remuneration adopted by the Board.

INRIS UCITS PLC

10

DISCLOSURES ON REMUNERATION (CONTINUED) for the financial year ended 31 December 2016 Remuneration Policy (continued) Control Functions Staff engaged in control functions must be compensated in accordance with the achievement of the objectives linked to their functions, independent of the performance of the business areas they control. The remuneration of the senior officers in risk management and compliance functions must be directly overseen by the remuneration committee or by the governing body in its supervisory function. In lieu of a remuneration committee, the Board has identified Mr. François Bourassa, a director of the Investment Manager who is neither involved in the portfolio management nor in the valuation function, as the director responsible for overseeing the approval and periodic review of this Remuneration Policy by the Board. Remuneration Structure – Base Salary Base salary reflects the employee’s contribution, based on the level of his function. “Contribution” is defined as follows:

• level of responsibilities assumed; • competencies and skills demonstrated; and • achievements.

Details as to how the base salary is established and reviewed are set out under the Sections called “The Employment System” and “Annual Review” below which are extracted from the NBC Compensation Policy. Remuneration Structure – Performance-Related Remuneration The total amount of performance-related remuneration must be based on a combination of the assessment of the performance of the (i) individual; (ii) business unit or Fund concerned; and (iii) the overall results of the Investment Manager. When assessing individual performance, financial as well as non-financial criteria are to be taken into account. The assessment of performance must be set in a multi-year framework appropriate to the life-cycle of the Funds in order to ensure that the assessment process is based on longer-term performance. The measurement of performance used to calculate variable remuneration components or pools of variable remuneration components includes a comprehensive adjustment mechanism to integrate all types of current and future risks. Fixed and variable components of total remuneration must be appropriately balanced and the fixed component must represent a sufficiently high proportion of the total remuneration to allow the operation of a fully flexible policy on variable remuneration components including the possibility to pay no variable remuneration component. Variable remuneration must not be paid through vehicles or methods that facilitate the avoidance of the Remuneration Provisions. Guaranteed variable remuneration can only be awarded in exceptional circumstances and only in the context of hiring new Identified Staff and is limited to the first year of service.

INRIS UCITS PLC

11

DISCLOSURES ON REMUNERATION (CONTINUED) for the financial year ended 31 December 2016 Remuneration Policy (continued) Employee Benefits & Severance Pay The Investment Manager’s pension policy must be in line with its business strategy, objectives, values and long-term interests of the Investment Manager and the Funds. Payments related to the early termination of a contract must reflect performance achieved over time and be designed in a way that does not reward failure. Personal Hedging Strategies Employees are required to undertake not to use personal hedging strategies or remuneration and liability-related contracts of insurance to undermine the risk alignment effects embedded in their remuneration arrangements. Quantitative remuneration disclosures The Investment Manager will apply the requirements on disclosure of remuneration to the first full performance period in which it is required to comply with the rules on remuneration, being the performance period from 1 November 2016 to 31 October 2017. The Investment Manager considers that the information as available at the reporting date may not be materially relevant or provide a proper basis for comparison as the Remuneration Policy will not have been in application for the Company’s full financial year. Appropriate disclosures will be made in the annual report for the year ended 31 December 2017, which will include disclosure of the Investment Manager’s remuneration for the performance period ended 31 October 2017.

INRIS UCITS PLC

12

INVESTMENT MANAGER’S REPORT for the financial year ended 31 December 2016 InRIS UCITS PLC – R Parus Fund Inception date: 19 July 2013 Investment Strategy: The objective of R Parus Fund is to generate absolute returns by using a long / short equity strategy. This strategy is mostly long growth stocks and shorts companies with a structurally declining business. In order to achieve its investment objective, the Fund will use a bottom-up approach, emphasizing stock picking, based on in-house fundamental analysis together with portfolio monitoring and risk control. The Fund will primarily invest directly or indirectly in equities but will also use Financial Derivatives Instruments (FDIs). The Fund will primarily invest in North America or Europe but may also invest from time to time in other markets (including up to 20% of its Net Asset Value in emerging markets). The Fund may take synthetic long and short positions through investments in derivatives. The Fund’s performance for the year ended 31 December 2016 is as follows:

R Parus Class C Euro hedged -20.02%

R Parus Class C USD -18.84%

R Parus Class I Euro hedged -19.58% R Parus Class I Euro unhedged -15.30%

R Parus Class I CHF hedged -20.05%

R Parus Class I GBP hedged -18.64%

R Parus Class I USD -18.61%

60

80

100

120

140

160

180

Parus Fund-NAV per share

R Parus Class I USD R Parus Class I GBP hedged R Parus Class I Euro unhedged

R Parus Class I Euro hedged R Parus Class I CHF hedged R Parus Class C USD

R Parus Class C Euro hedged

INRIS UCITS PLC

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INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCITS PLC – R Parus Fund (continued)

R Parus Date Net asset value Net asset value

per share

Number of units in

circulation

Class C Euro hedged

12/31/2015 69,281,318 124.24 557,641

12/31/2016 89,943,581 99.37 905,138

Class C USD 12/31/2015 119,937,784 129.96 922,882

12/31/2016 105,221,889 105.47 997,648

Class I Euro hedged

12/31/2015 407,493,741 130.79 3,115,633

12/31/2016 427,056,208 105.18 4,060,242

Class I Euro unhedged

12/31/2015 50,584,008 153.84 328,809

12/31/2016 29,597,161 130.31 227,129

Class I CHF hedged

12/31/2015 5,107,996 99.20 51,492

12/31/2016 9,118,625 79.31 114,974

Class I GBP hedged

12/31/2015 2,281,520 98.11 23,255

12/31/2016 9,361,412 79.82 117,282

Class I USD 12/31/2015 26,815,628 99.12 270,537

12/31/2016 50,351,132 80.67 624,162

INRIS UCITS PLC

14

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCITS PLC – R Parus Fund (continued)

Exposure by Region (as % of the Fund's AUM)

34.27%

2.64%

4.99%

-9.15%

-11.37%

-3.29%

-15% -5% 5% 15% 25% 35%

America (Developed)

Asia & Pacific (Developed)

Asia & Pacific (Emerging)

Europe, Middle East and Africa (Developed)

Short Long

INRIS UCITS PLC

15

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCITS PLC – R BlackRock Select Fund Inception date: 22 April 2014 Investment Strategy: The Trading Advisor of the Fund will seek to achieve the investment objective by employing a mix of equity long short and equity market neutral investment strategies, as determined appropriate by the Trading Advisor. Equity long short strategies will generally have an exposure to equity that may be positive or negative, resulting in a net positive or net negative exposure to the markets. For example, the Fund may hold a negative exposure to a basket of securities, meaning that when the value of those securities fall, the Fund will benefit from that fall in value. At the same time, the Fund may hold a positive exposure to a different basket of securities, meaning that it will benefit from an appreciation of the price of these securities. Subsequent to year end, the Fund ceased trading. The Fund’s performance for the year ended 31 December 2016 is as follows:

R BlackRock Select C Euro -0.36%

R BlackRock Select C USD Hedged 1.60%

R BlackRock Select F Euro -0.58%

R BlackRock Select I Euro 0.14%

94

96

98

100

102

104

106

R BlackRock Fund-NAV per share

R BlackRock Select C Euro R BlackRock Select C USD

R BlackRock Select F Euro R BlackRock Select I Euro

INRIS UCITS PLC

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INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCITS PLC – R BlackRock Select Fund (continued)

R BlackRock Select

Date Net asset value Net asset value

per share Number of units

in circulation

Class C Euro 12/31/2015 73,338,745 103.68 707,385

12/31/2016 14,073,889 103.31 136,230

Class C USD Hedged

12/31/2015 3,65,893 102.68 33,754

12/31/2016 1,372,959 104.32 13,161

Class F Euro 12/31/2015 3,302,275 101.75 32,455

12/31/2016 1,261,311 101.16 12,468

Class I Euro 12/31/2015 37,712,059 104.51 360,846

12/31/2016 6,320,746 104.66 60,393


33.48%

4.61%

20.76%

9.74%

54.36%

6.75%

-34.67%

-2.47%

-21.09%

-10.98%

-48.17%

-10.69%

-55% -35% -15% 5% 25% 45%

America (Developed)

America (Emerging)




Europe, Middle East and Africa (Emerging)

Short Long

INRIS UCITS PLC

17

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCITS PLC – R BlackRock Select Fund (continued)

Exposure by Sector (as % of the Fund's AUM)

5.23%

11.65%

19.24%

29.05%

0.01%

7.31%

30.02%

15.33%

6.12%

5.74%

-7.72%

-8.29%

-18.29%

-20.73%

-0.88%

-7.43%

-25.32%

-19.56%

-12.25%

-4.02%

-3.58%

-30% -20% -10% 0% 10% 20% 30%

Basic Materials

Communications

Consumer, Cyclical

Consumer, Non-cyclical

Diversified

Energy

Financial

Industrial

Others

Technology

Utilities

Short Long

INRIS UCITS PLC

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INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCITS PLC – R Intrinsic Value Europe Fund Inception date: 17 November 2014 IVI will take a valuation driven approach in achieving its investment objective. IVI’s aim is to establish the intrinsic value of a company through extensive research and analysis. The calculation of the intrinsic value will comprise valuation approaches inter alia based on considerations of break-up value, discounted cash flow value, franchise value, over the cycle earnings power and private market transaction benchmarks. IVI will also take into account factors such as ownership structure, corporate governance and the quality of management of the relevant companies. Once the intrinsic value has been established, the Fund will generally purchase those companies which trade at a substantial discount to that value. Capital will be allocated towards those investments offering the most substantial discounts to intrinsic value. The Fund’s performance for the year ended 31 December 2016 is as follows:

R Intrinsic Value Europe Class F Euro 11.78% R Intrinsic Value Europe Class F GBP unhedged 28.98%

95

105

115

125

135

145

155

R Intrinsic Value Europe Fund-NAV per share

R Intrinsic Value Europe Class F Euro R Intrinsic Value Europe Class F GBP unhedged

INRIS UCITS PLC

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INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCITS PLC – R Intrinsic Value Europe Fund (continued)

R Intrinsic value Europe

Fund Date Net asset value

Net asset value per share

Number of units in circulation

Class F Euro 12/31/2015 84,898,605 116.04 731,632

12/31/2016 87,918,648 129.71 677,809

Class F GBP unhedged

12/31/2015 148,282,877 107.56 1,376,766

12/31/2016 175,249,062 138.73 1,263,238



0.29%

0.51%

1.35%

2.37%

2.47%

4.59%

6.23%

9.52%

14.15%

14.33%

15.44%

21.18%

0.00% 5.00% 10.00% 15.00% 20.00% 25.00%

Italy

Hungary

Sweden

Belgium

Ireland

Finland

Norway

Netherlands

France

Switzerland

United Kingdom

Germany

Long

0.21%

2.51%

9.44%

9.58%

10.07%

13.02%

15.94%

25.99%

0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00%

Sovereign

Technology

Communications

Financial

Basic Materials

Consumer, Cyclical

Consumer, Non-cyclical

Industrial

Long

INRIS UCITS PLC

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INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCITS PLC – R CFM Diversified Fund Inception date: 11 December 2014 Investment Strategy: The Fund is a quantitative trading fund, meaning that the Fund selects assets based on models and mathematical formulas which are systematic in nature. The Fund aims to achieve its investment objective by investing according to the CFM Institutional Systematic Diversified Program (the “Program”) designed by CFM and adapted to conform to UCITS Rules (currently by exclusion of commodities exposures and modification of leverage). The Program consists of a series of systematic trading models, as further described below. The Program will deploy its strategy by investing in FDIs, as specifically described below for each model. The models used by the Program apply proprietary algorithms that seek to predict the future prices and risks of financial instruments. The Fund’s performance for the year ended 31 December 2016 is as follows:

R CFM Diversified I EUR -0.85% R CFM Diversified NI EUR -0.68% R CFM Diversified C EUR -1.36% R CFM Diversified I USD HDG 0.36% R CFM Diversified NC EUR -1.18% R CFM Diversified NI GBP HDG 0.26% R CFM Diversified R EUR 0.33% R CFM Diversified F EUR -0.89% R CFM Diversified I CHF HDG -2.20% R CFM Diversified M EUR 0.31% R CFM Diversified I GBP HDG 1.38%

949698

100102104106108110112114

CFM Diversified-NAV per share

R CFM Diversified I USD HDG R CFM Diversified C EUR

R CFM Diversified NI EUR R CFM Diversified I EUR

INRIS UCITS PLC

21

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCITS PLC – R CFM Diversified Fund (continued)

R CFM Diversified



in circulation

Class I EUR 12/31/2015 13,543,479 107.75 117,894

12/31/2016 281,378,612 106.83 2,633,891

Class NI EUR 12/31/2015 136,205,969 108.60 1,254,198

12/31/2016 117,790,165 107.86 1,092,065

Class C EUR 12/31/2015 1,523,168 99.98 15,235

12/31/2016 83,465,675 98.62 846,336

Class I USD HDG 12/31/2015 3,640,712 100.73 36,143

12/31/2016 56,412,099 101.09 558,038

Class NC EUR 12/31/2015 34,449,778 106.90 322,744

12/31/2016 29,302,291 105.64 277,379

Class NI GBP HDG

12/31/2015 10,436,533 100.83 103,506

12/31/2016 7,726,303 101.09 76,430

Class R EUR 12/31/2015 17,981,175 103.80 173,229

12/31/2016 21,427,444 104.14 205,756

Class I CHF HDG 03/03/2016 30,000 100.00 300

12/31/2016 16,454,079 97.80 168,242

Class F EUR 05/06/2016 101,900 100.00 1,019

12/31/2016 1,656,887 99.11 16,718

Class M EUR 12/31/2015 22,193,783 108.06 205,384

12/31/2016 38,143,910 108.40 351,881

Class I GBP HDG 05/03/2016 1,786,150 100.00 17,862

12/31/2016 33,901,375 101.38 334,399

INRIS UCITS PLC

22

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCITS PLC – R CFM Diversified Fund (continued)







America (Emerging)

America (Developed) 160.74%

1.28%

48.88%

7.68%

159.15%

5.15%

(156.69%)

(5.33%)

(42.23%)

(4.02%)

(140.80%)

(4.36%)

Short Exposure Long Exposure

INRIS UCITS PLC

23

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCITS PLC – R 2020 Fund Inception date: 10 June 2015 Investment Strategy: The Fund seeks to achieve its investment objective by employing a mix of the following investment strategies: (i) European high yield, (ii) emerging market debt and (iii) US high yield. A description of the strategies is detailed in the section entitled “Description of Investment Strategies”. It is expected that the Fund may have more strategies over time, which will be selected after qualitative and quantitative assessments of the risks, operations and investment processes of the strategy have been performed. In such cases, the Supplement is updated to reflect the addition of any new trading strategies in accordance with the requirements of the Central Bank. It is expected that the combination of multiple strategies leads to highly diversified portfolio, benefiting from the risk spreading characteristics of each underlying strategy. It is expected that the combination of the investment strategies diversifies and stabilizes the risk associated with market fluctuations. It is not intended that assets be equally weighted between investment strategies or that all the investment strategies are pursued at all times. Decisions with respect to strategy pursuit are made in accordance with Asset Allocation criteria set out in section 4 of the Offering Supplement. The Fund is a long only credit fund that primarily invests in Debt Securities that will mature in the year 2020. In this regard, the Fund focuses on buying and holding Debt Securities that range from low risk (i.e. Government bonds) to high risk securities (i.e. High Yield bonds). Please refer to the section in the Offering Supplmenet of the Fund entitled “Compulsory/Total Redemption” which states that when the majority of the assets held by the Fund have reached maturity (which is currently expected to be in the year 2020 or 2021), depending on market conditions, the Company may in accordance with the requirements of the Central Bank, redeem all Shares in the Fund in accordance with the section of the Prospectus entitled “Total Redemption of Shares” or subject to and in accordance with the requirements of the Central Bank and all applicable law merge the Fund with another fund authorised pursuant to the UCITS Directive. The Fund invests directly in fixed or floating rate government bonds and corporate bonds, which include Investment Grade, High Yield and unrated Debt Securities. Further, the Fund may in accordance with Appendix I of the Company’s Prospectus, invest up to 10% of its NAV in transferable securities and money market instruments which are not listed or traded on a Recognised Exchange as set out in Appendix II to the Company’s Prospectus. Such securities may include 144A for life securities, which are privately placed bonds sold by non-reporting companies that may be resold twelve (12) months after issue solely to qualified institutional buyers. Please refer to the risk factor entitled “144A For-Life Securities Risk” in the Offering Supplement of the Fund for further details. The Fund will not invest more than 10% of its net assets in aggregate in collective investment schemes as set out in section 8 of the Offering Supplement of the Fund entitled “Investments in Collective Investment Schemes”. The Fund’s performance for the year ended 31 December 2016 is as follows:

R 2020 Class C Euro 10.45%

R 2020 Class D Euro 10.10%

R 2020 Class I Euro 10.54%

INRIS UCITS PLC

24

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCITS PLC – R 2020 Fund (continued)

R 2020 Fund Date Net asset value Net asset value


in circulation

Class C Euro 2015-12-31 55,486,816 92.84 597,660

2016-12-31 71,013,247 102.54 692,542

Class D Euro 2015-12-31 20,230,623 93.14 217,207

2016-12-31 25,498,279 102.55 248,642

Class I Euro 2015-12-31 16,647,282 93.34 178,351

2016-12-31 41,559,841 103.18 402,790

80

85

90

95

100

105

R 2020 Fund - NAV per share

R 2020 Class C Euro R 2020 Class D Euro R 2020 Class I Euro

INRIS UCITS PLC

25

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCITS PLC – R 2020 Fund (continued)

2.53%

3.32%

4.13%

4.14%

35.96%

39.69%

0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00%



America (Emerging)



America (Developed)

Long

INRIS UCITS PLC

26

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCTIS PLC – R Karya Macro Fund Inception date: 24 May 2016 Investment Strategy: The Fund will seek to achieve its investment objective by employing a global macro strategy and investing directly and synthetically, through the use of FDIs, in five categories, which are equity, debt (including, government, corporate and mortgage-backed securities (“MBS”)), interest rates, collective investment schemes (including exchange traded funds) and currency instruments (each, an “Investment Category” and collectively, the “Investment Categories”). The Fund will not focus on a particular Investment Category. The Fund will invest primarily in developed markets worldwide. The Fund may invest up to 10% of NAV in emerging markets. Instruments in which the Fund may invest may be traded over the counter or shall be listed or traded on a Recognised Exchange, as set out in Appendix II to the Prospectus.

R Karya Macro Fund



in circulation

R Karya Macro Fund Class I EUR

05/24/2016 200,000 100 2,000

12/31/2016 201,820 100.91 2,000

R Karya Macro Fund Class NC

EUR

09/20/2016 66,203 100 662

12/31/2016 1,651,237 99.64 16,572

R Karya Macro Fund Class NI EUR

05/24/2016 19,835,900 100 198,359

12/31/2016 29,984,044 101.26 296,109

R Karya Macro Fund Class NI USD

HDG

05/24/2016 3,300,000 100 33,000

12/31/2016 14,884,241 101.84 146,153

The Fund’s performance for the period ended 31 December 2016 is as follows:

R Karya Macro Fund Class I EUR 0.91%

R Karya Macro Fund Class NC EUR -0.36%

R Karya Macro Fund Class NI EUR 1.26%

R Karya Macro Fund Class NI USD HDG 1.84%

INRIS UCITS PLC

27

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCTIS PLC – R Karya Macro Fund (continued)



Mortgage securities

Government75.79%

379.75%

0.00%

(51.15%)

Short Exposure Long Exposure

11.67%

27.15%

-1.20%

-1.85%

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

America (Developed)


Short Long

INRIS UCITS PLC

28

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCTIS PLC – R CFM Trends Fund Inception date: 2 December 2016 Investment Strategy: The Fund is a quantitative trading fund, meaning that the Fund selects assets based on mathematical formulas which are systematic in nature (i.e. trading decisions are made automatically as determined by the mathematical formulas). The Fund aims to achieve its investment objective by investing according to the CFM Institutional Systematic Futures program (the “Program”) designed and owned by CFM and adapted to conform with UCITS rules (for example, by way of exclusion of commodities exposures, unauthorised instruments, modification of leverage or counterparty exposures). The Program will deploy its strategy by investing in FDIs. The investment universe consists of some or all of the financial instruments and asset classes set out in the section entitled “Investment Policy” in the Fund’s Offering Supplement. The Program, under the oversight of the Trading Advisor, trades the financial markets on a global basis focusing on developed markets which provide sufficient liquidity. As the use of derivatives is an important part of the approach of the Fund, the Fund may at any one time have significant cash balances to invest. Such cash balances may be invested in money market funds and money market instruments, including, but not limited to, certificates of deposit, fixed or floating rate notes and fixed or variable rate commercial paper (which are considered investment grade or above as rated by the principal rating agencies) and in cash deposits denominated in such currency or currencies as the Investment Manager may determine. The Fund’s assets may also be invested in sight, term and time deposits of banks (which are considered investment grade or above by the principal rating agencies). The residual maturity of each investment described in this paragraph may not exceed one year. Such investment is made in order to manage the cash held by the Fund which is required for investment in derivatives outlined above. For example, investing in long and short equity swaps in equal measure may leave a cash balance which should be invested for there not to be any drag on the performance of the Fund. It is for this purpose that the instruments discussed in this paragraph will be used. Though investment in money market funds and money market instruments is not a primary investment focus of the Fund, the Fund may at times be invested in money market funds and money market instruments in order to manage the cash held by the Fund. Investments in money market funds (which are classified as collective investment schemes) shall be subject to the limits set out in the Offering Supplement. The Program includes directional components (i.e. trades speculating on the direction of the market), where the Program suggests a view on the direction of a certain market risk element, as well as relative value components (i.e. trades speculating on convergence or divergence between instruments), where the Program suggests a view on the relationship between two or more market risk elements.

The Fund’s performance for the period ended 31 December 2016 is as follows:

R CFM Trends I EUR HDG -0.91%

R CFM Trends M EUR HDG -1.58%

R CFM Trends WD EUR HDG -1.17%

R CFM Trends WD GBP HDG -0.99%

R CFM Trends WD USD -0.96%

INRIS UCITS PLC

29

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCTIS PLC – R CFM Trends Fund (continued)

R CFM Trends Date Net asset value Net asset value


in circulation

R CFM Trends I EUR HDG

12/31/2016 991 99.09 10

R CFM Trends M EUR HDG

12/31/2016 98,420 98.42 1,000

R CFM Trends WD EUR HDG

12/31/2016 12,486,254 98.83 126,341

R CFM Trends WD GBP HDG

12/31/2016 88,613,740 99.01 891,998

R CFM Trends WD USD

12/31/2016 15,386,854 99.04 155,360

INRIS UCITS PLC

30

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2016 InRIS UCTIS PLC – R CFM Trends Fund (continued)


33.87%

12.01%

16.54%

14.23%

-3.91%

-5% 0% 5% 10% 15% 20% 25% 30% 35% 40%

America (Developed)




Short Long

INRIS UCITS PLC

32

STATEMENT OF DIRECTORS’ RESPONSIBILITIES for the financial year ended 31 December 2016 The directors’ are responsible for preparing the directors’ report and the financial statements in accordance with the Companies Act 2014 and the applicable regulations. Irish company law requires the directors to prepare financial statements for each financial year. Under the law, the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (“relevant financial reporting framework”). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of the profit or loss of the company for the financial year and otherwise comply with the Companies Act 2014. In preparing those financial statements, the directors are required to:

• select suitable accounting policies for the Company financial statements and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether the financial statements have been prepared in accordance with the applicable

accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and

• prepare the financial statements on the going concern basis unless it is inappropriate to

presume that the company will continue in business. The directors are responsible for ensuring that the company keeps or causes to be kept adequate accounting records which correctly explain and record the transactions of the company, enable at any time the assets, liabilities, financial position and profit or loss of the company to be determined with reasonable accuracy, enable them to ensure that the financial statements and directors’ report comply with the Companies Act 2014 and enable the financial statements to be audited. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INRIS UCITS PLC

35

STATEMENT OF COMPREHENSIVE INCOME OF THE COMPANY for the financial year ended 31 December 2016

Note

Financial year ended

31 December 2016


31 December 2015

Investment income USD USD

Dividend income 23,436,645 6,252,021 Interest income on investments and cash balances 9,141,608 5,051,922

Movement in financial assets and liabilities held at fair value through profit or loss (217,296,734)

75,250,581

Other income 64 9,286

Net investment (loss)/gain (184,718,417) 86,563,810

Operating expenses

Trading advisor - management fees 9 19,902,807 9,839,483

Distribution fees 10 9,252,152 4,768,217

Investment manager fees 9 4,051,556 2,622,432

Administration fees 7 2,412,063 1,491,668

Other operating expenses 1,820,217 1,269,765

Depositary fees 7 1,344,214 374,020

Interest expense 1,021,645 275,788

Trading advisor - performance fees 9 416,553 13,593,611

Directors’ fees 125,872 124,760

Audit fees 11 82,258 113,644

Total operating expenses (40,429,337) (34,473,388)

Finance costs

Distribution paid 823,212 -

Total finance costs (823,212) -

Operating (loss)/gain before withholding tax (225,970,966) 52,090,422

Withholding tax (1,694,858) (947,823)

Change in net assets attributable to

participating shareholders from operations (227,665,824) 51,142,599

All gains and losses arose from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income. The functional currency of certain Funds is EUR. The financial statements of the Funds are translated into USD in presenting the combined financial statements of the Company. The financial statements were approved by the Board of Directors on 26 April 2017 The attached notes form an integral part of these audited financial statements.

INRIS UCITS PLC

36

STATEMENT OF COMPREHENSIVE INCOME OF THE FUNDS for the financial year ended 31 December 2016

The attached notes form an integral part of these audited financial statements.

Financial year

ended 31 December 2016

Financial year


Financial year


Financial year


R Parus R BlackRock R Intrinsic Value R CFM Diversified

Note Fund Select Fund Europe Fund Fund

Investment income USD EUR EUR EUR

Dividend income 1,305,235 819 6,989,839 13,016,136

Interest income on investments and cash balances 902,027 841,277 - -

Movement in financial assets and liabilities held at fair value through profit or loss

(244,275,495)

(2,351,783)

30,437,347

(7,945,596)

Other income 64 - - -

Net investment (loss)/gain (242,068,169) (1,509,687) 37,427,186 5,070,540

Operating expenses

Trading advisor – management fees 9 12,352,521 632,822 2,840,789 2,775,791

Distribution fees 10 5,801,970 454,208 - 2,301,002

Investment manager fees 9 1,859,843 119,992 545,083 1,055,103

Other operating expense 1,094,505 109,838 71,137 285,222

Administration fees 7 896,051 281,602 170,465 663,359

Depositary fees 7 348,999 107,720 259,302 431,224

Interest expense 266,837 2,217 62,702 571,172

Trading advisor – performance fees 9 85,179 1,085 - 154,516

Directors’ fees 39,332 13,839 19,921 23,623

Audit fees 11 19,636 13,422 7,511 15,057

Total operating expenses 22,764,873 1,736,745 3,976,910 8,276,069

Finance costs

Distribution paid - - 744,184 -

Total finance costs - - 744,184 -

Operating (loss)/profit before withholding tax (264,833,042) (3,246,432) 32,706,092 (3,205,529)

Withholding tax (418,989) - (989,846) -

Change in net assets attributable to participating

shareholders from operations (265,252,031) (3,246,432) 31,716,246 (3,205,529)

INRIS UCITS PLC

37

STATEMENT OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED) for the financial year ended 31 December 2016

The attached notes form an integral part of these audited financial statements

Financial period from 24 May 2016 (date of

commencement) to 31 December 2016

Financial year

ended 31 December

2016

Financial period from 2

December 2016 (date of commencement) to 31 December 2016

R Karya Macro R 2020 R CFM Trends

Note Fund Fund Fund

EUR EUR EUR

Investment income

Dividend income 619,692 - -

Interest income on investments and cash balances - 5,987,612 -

Movement in financial assets and liabilities held at fair value through profit or loss 1,026,887 4,510,060 (1,288,115)

Other income - - -

Net investment (loss)/gain 1,646,579 10,497,672 (1,288,115)

Operating expenses

Trading advisor – management fees 9 103,641 452,379 20,037

Distribution fees 10 62,513 283,710 17,532

Investment manager fees 9 62,003 199,126 2

Other operating expense 81,285 102,865 5,697

Administration fees 7 98,062 151,823 5,164

Depositary fees 7 10,209 87,842 3,378

Interest expense 46,256 - -

Trading advisor – performance fees 9 143,961 - -

Directors’ fees 7,348 12,908 592

Audit fees 11 9,392 10,788 440

Total operating expenses 624,670 1,301,441 52,842

Operating (loss)/profit before withholding tax 1,021,909 9,196,231 (1,340,957)

Withholding tax (159,573) (3,968) -


shareholders from operations 862,336 9,192,263 (1,340,957)

INRIS UCITS PLC

38

STATEMENT OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED) for the financial year ended 31 December 2015


Financial year

ended 31 December

2015

Financial year

ended 31 December

2015

Financial year

ended 31 December

2015

Financial year

ended 31 December

2015

Financial period from 10 June 2015

(date of commencement) to 31 December 2015

R Parus R BlackRock R Intrinsic Value R CFM Diversified R 2020

Note Fund Select Fund Europe Fund Fund Fund

USD EUR EUR EUR EUR

Investment income

Dividend income 830,948 1,900 4,881,127 - -

Interest income on investments and cash balances 56,265 1,292,836 269,865 - 2,937,132

Movement in financial assets and liabilities held at fair value through profit or loss

48,559,403 2,119,732

22,927,784

7,851,383

(8,856,844)

Other income - - - - 8,364

Net investment (loss)/gain 49,446,616 3,414,468 28,078,776 7,851,383 (5,911,348)

Operating expenses

Trading advisor – performance fees 9 13,579,459 45,923 - 12,747 -

Trading advisor – management fees 9 4,877,602 1,227,631 2,478,153 551,793 211,834

Distribution fees 10 2,869,199 854,690 - 439,102 416,747

Interest expense 142,398 - 45,265 74,886 -

Investment manager fees 9 1,127,803 237,944 621,424 385,394 101,524

Other operating expense 583,355 260,044 115,229 151,339 45,748

Administration fees 7 536,648 296,508 247,797 224,599 91,330

Directors’ fees 60,535 17,938 20,249 14,019 5,644

Depositary fees 7 142,496 32,539 111,472 54,479 10,055

Audit fees 11 16,961 13,148 42,626 24,766 6,547

Total operating expenses 23,936,456 2,986,365 3,682,215 1,933,124 889,429

Operating (loss)/profit before withholding tax 25,510,160 428,103 24,396,561 5,918,259 (6,800,777)

Withholding tax (284,637) - (589,438) - (7,926)


shareholders from operations 25,225,523 428,103 23,807,123 5,918,259 (6,808,703)

INRIS UCITS PLC

40

STATEMENT OF FINANCIAL POSITION OF THE FUNDS as at 31 December 2016

31 December 2016 31 December 2016 31 December 2016 31 December 2016


Note Fund Select Fund Europe Fund Fund

Assets USD EUR EUR EUR

Cash and cash equivalents 5 238,420,586 3,533,812 22,986,700 143,957,000

Balance due from brokers 6 177,359,534 1,874,188 - 264,089,138

Receivable for securities sold - 885,521 - 8,960,702

Other receivables 108,188 1,165,496 517,587 5,661,982

Financial assets at fair value through profit or loss

Investment in equity instruments 15 306,518,030 - 253,526,835 -

Investment in debt instruments 15 99,948,600 19,087,671 18,130,581 330,264,950

Derivative financial instruments 15 10,948,389 957,774 - 60,089,029

Total assets 833,303,327 27,504,462 295,161,703 813,022,801

Liabilities

Financial liabilities at fair value through profit or loss

Derivative financial instruments 15 7,016,271 904,907 2,155 80,537,670

Other liabilities -

Payable for securities purchased 5,499,022 1,325,314 408,631 10,839,090

Balance due to brokers 6 64,893,688 1,274,456 - 22,332,874

Interest payable 533,557 520,962 - 4,363,566

Distribution fees payable 10 5,117,574 - - 2,011,442

Trading advisor - management fee payable 9 1,610,159 40,721 482,838 1,782,268

Other payables and accrued expenses 433,663 302,338 96,880 30,170

Administration fees payable 7 348,747 65,434 120,159 146,902

Investment manager fees payable 9 256,910 8,125 92,800 218,599

Depositary fees payable 7 113,208 72,872 46,560 243,234

Trading advisor - performance fees payable 9 85,179 1,085 - 154,353

Audit fee payable 11 12,402 15,411 46,241 17,297

Directors’ fees payable 12,449 14,881 - -

Liabilities (excluding net assets attributable to participating shareholders) 85,932,829 4,546,506 1,296,264 122,677,465

Net asset value attributable to participating shareholders 747,370,498 22,957,956 293,865,439 690,345,336


INRIS UCITS PLC

41

STATEMENT OF FINANCIAL POSITION OF THE FUNDS (CONTINUED) as at 31 December 2016

31 December 2016 31 December 2016 31 December 2016

R Karya R 2020 R CFM Trends

Note Fund Fund Fund

Assets EUR EUR EUR

Cash and cash equivalents 5 (3,347,957) 3,292,194 80,246,531

Balance due from brokers 6 27,467,615 7,958,104 13,209,215

Receivable for securities sold 559,816 5,278,505 44,564,258

Other receivables 3,653,361 2,193,553 -


Investment in equity instruments 15 - 30,287 -

Investment in debt instruments 15 175,804,333 123,455,891 -

Derivative financial instruments 15 8,877,858 164,387 2,651,839

Total assets 213,015,026 142,372,921 140,671,843

Liabilities


Derivative financial instruments 15 10,512,418 425,383 3,154,134

Other liabilities

Payable for securities purchased 133,143,283 3,674,547 -

Balance due to brokers 6 19,926,096 - 63,056

Interest payable 3,904,302 1,780 -

Distribution fees payable 10 - 354,026 17,532

Trading advisor - management fee payable 9 - 147,003 20,038

Other payables and accrued expenses 600,294 27,606 5,812

Administration fees payable 7 34,055 90,259 5,164

Investment manager fees payable 9 22,511 42,502 2

Depositary fees payable 7 - 49,480 3,378

Trading advisor - performance fees payable 9 20,885 - -

Audit fee payable 11 18,851 12,493 916

Directors’ fees payable 3,214 - -

Liabilities (excluding net assets attributable to participating shareholders) 168,185,909 4,825,079 3,270,032

Net asset value attributable to participating shareholders 44,829,117 137,547,842 137,401,811


INRIS UCITS PLC

42

STATEMENT OF FINANCIAL POSITION OF THE FUNDS (CONTINUED) as at 31 December 2015

31 December

2015

31 December 2015

31 December

2015

31 December 2015

31 December 2015


Note Fund Select Fund Europe Fund Fund Fund

Assets USD EUR EUR EUR EUR

Cash and cash equivalents 5 344,471,045 16,439,326 14,403,447 101,592,861 3,141,100

Balance due from brokers 6 62,196,022 5,612,326 - 68,141,642 1,411,000

Receivable for securities sold - 1,411,900 915,129 730,386 97,953

Other receivables 127,129 2,008,947 303,786 876,558 1,694,859


Investment in equity instruments 15 270,128,083 76,459 238,494,087 - -

Investment in debt instruments 15 59,988,840 97,659,876 32,556,326 90,042,256 88,875,644

Derivative financial instruments 15 30,701,412 5,946,497 - 18,781,575 30,683

Total assets 767,612,531 129,155,331 286,672,775 280,165,278 95,251,239

Liabilities


Derivative financial instruments 15 9,656,068 5,049,159 - 29,128,085 1,933,199

Other liabilities

Payable for securities purchased - 162,350 57,657 45,715 186,782

Trading advisor - performance fees payable 9 13,579,460 4,084 - 12,746 -

Balance due to brokers 6 9,909,280 3,765,719 - 6,543,675 -

Distribution fees payable 10 3,971,451 1,044,001 - 436,894 416,903

Trading advisor - management fee payable 9 638,663 298,507 238,974 254,243 165,881

Administration fees payable 7 603,902 338,230 264,147 228,231 91,330

Investment manager fees payable 9 259,192 38,826 119,841 122,552 32,687

Other payables and accrued expenses 259,781 47,341 75,490 (983) 13,479

Interest payable 517,478 814,180 - 701,317 -

Depositary fees payable 7 101,377 27,124 52,829 52,740 10,045

Audit fee payable 11 16,606 9,006 46,993 12,945 6,547

Directors’ fees payable 12,005 14,918 (4,358) - (2,915)

Liabilities (excluding net assets attributable to participating shareholders) 39,525,263 11,613,445 851,573 37,538,160 2,853,938

Net asset value attributable to participating shareholders 728,087,268 117,541,886 285,821,202 242,627,118 92,397,301


INRIS UCITS PLC

43

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS OF THE COMPANY for the for the financial year ended 31 December 2016

The functional currency of certain Funds is EUR. The financial statements of the Funds are translated into USD in presenting the combined financial statements of the Company.


Financial year

ended 31 December

Financial year

ended 31 December

2016 2015

USD USD

Operating activities



Capital transactions

Issue of shares during the financial year 1,818,548,664 1,176,431,375

Redemption of shares during the financial year (920,537,663) (340,851,805)

Net increase in net assets attributable to participating

shareholders from capital transactions 898,011,001 835,579,570

Net increase in net assets attributable to

participating shareholders in the financial year 670,345,177 886,722,169

Net asset value attributable to participating

shareholders at the beginning of the financial year 1,530,197,630 690,773,334

Exchange difference due to the presentation

of the financial statements in USD 3(f) (56,782,336) (47,297,873)


shareholders at the end of the financial year 2,143,760,471 1,530,197,630

INRIS UCITS PLC

44

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS OF THE FUNDS

for the for the financial year ended 31 December 2016


31 December 2016

Financial year ended 31 December 2016




Fund Select Fund Europe Fund Fund

USD EUR EUR EUR

Operating activities


participating shareholders from operations (265,252,031) (3,246,432) 31,716,246

(3,205,529)


Issue of shares during the financial year 805,233,045 8,319,697 71,270,117 590,312,233

Redemption of shares during the financial year (520,697,784) (99,657,195) (94,942,126) (139,388,486)

Net increase/(decrease) in net assets attributable to

participating shareholders from capital transactions 284,535,261 (91,337,498) (23,672,009) 450,923,747

Net increase/(decrease) in net assets attributable

to participating shareholders in the financial year 19,283,230 (94,583,930) 8,044,237 447,718,218


shareholders at the beginning of the financial year 728,087,268 117,541,886 285,821,202 242,627,118


shareholders at the end of the financial year 747,370,498 22,957,956 293,865,439 690,345,336


INRIS UCITS PLC

45

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS OF THE FUNDS





R Karya Macro R 2020 R CFM Trends Fund Fund Fund EUR EUR EUR

Operating activities Change in net assets attributable to

participating shareholders from operations 862,336 9,192,263 (1,340,957)


Issue of shares during the financial year 53,177,984 46,992,844 145,964,443 Redemption of shares during the financial year (9,211,203) (11,034,566) (7,221,675)

Net increase/(decrease) in net assets attributable to participating shareholders from capital transactions 43,966,781 35,958,278 138,742,768

Net increase/(decrease) in net assets attributable to participating shareholders in the financial year 44,829,117 45,150,541 137,401,811


shareholders at the beginning of the financial year - 92,397,301 -


shareholders at the end of the financial year 44,829,117 137,547,842 137,401,811

INRIS UCITS PLC

46

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS OF THE FUNDS (CONTINUED)



31 December 2015


31 December 2015


31 December 2015



(date of commencement)

to 31 December 2015

R Parus R BlackRock R Intrinsic Value R CFM Diversified R 2020 Fund Select Fund Europe Fund Fund Fund USD EUR EUR EUR EUR

Operating activities Change in net assets attributable to

participating shareholders from operations 25,225,523 428,103 23,807,123 5,918,259 (6,808,703)


Issue of shares during the financial year 520,265,998 74,501,701 129,020,488 280,709,771 106,808,430 Redemption of shares during the financial year (161,635,614) (62,561,867) (29,168,573) (62,095,960) (7,602,426)

Net increase in net assets attributable to participating shareholders from capital transactions

358,630,384 11,939,834 99,851,915 218,613,811 99,206,004

Net increase in net assets attributable to participating shareholders in the financial year

383,855,907 12,367,937 123,659,038 224,532,070 92,397,301


shareholders at the beginning of the financial year 344,231,361 105,173,949 162,162,164 18,095,048 -


shareholders at the end of the financial year 728,087,268 117,541,886 285,821,202 242,627,118 92,397,301


INRIS UCITS PLC

47

STATEMENT OF CASH FLOWS OF THE COMPANY

for the financial year ended 31 December 2016

Financial year

ended 31 December

Financial year ended 31

December 2016 2015

USD USD

Cash flows from operating activities



Adjustments to reconcile change in net assets attributable to participating

shareholders from operations to net cash used in operating activities

Changes in operating assets and liabilities

Increase in balance due from brokers (372,305,799) (105,963,011)

Increase in balance due to brokers 92,568,773 17,017,674

(Increase)/decrease in receivable for securities purchased (60,081,276) 1,656,650

Increase in other receivables (8,723,656) (4,902,976)

Increase in financial assets designated at fair value through profit or loss (463,265,465) (328,412,822)

Change in derivative financial instruments 29,156,108 (109,572,425)

(Decrease)/increase in total fees payable (3,160,305) 18,826,004

Increase/(decrease) in payable for securities purchased 162,231,698 (4,347,029)

Net cash used in operating activities (851,245,746) (464,555,336)

Cash flow from financing activities

Proceeds from issue of shares 1,818,548,664 1,173,880,041 Payments for redemption of shares (920,537,663) (340,670,206)

Net cash provided by financing activities 898,011,001 833,209,835

Net increase in cash and cash equivalents for the financial year 46,765,255 368,654,499

Cash and cash equivalents at the beginning of the financial year 491,748,054 137,688,961

Exchange difference due to the presentation

of the financial statements in USD (36,306,347) (14,595,406)

Cash and cash equivalents at the end of the financial year 502,206,962 491,748,054

The functional currency of certain Funds is EUR. The financial statements of the Funds are translated into USD in presenting the combined financial statements of the Company. The attached notes form an integral part of these audited financial statements

INRIS UCITS PLC

48

STATEMENTS OF CASH FLOWS OF THE FUNDS for the financial year ended 31 December 2016


31 December 2016

Financial year ended 31 December

2016


2016


2016


Fund Select Fund Europe Fund Fund

USD EUR EUR EUR



participating shareholders from operations (265,252,031) (3,246,432) 31,716,246 (3,205,529) Adjustments to reconcile change in net assets attributable to

participating shareholders from operations to net cash

used in operating activities


(Increase)/decrease in balance due from brokers (115,163,512) 3,738,195 (18,130,581) (195,947,496)

Increase in balance due to brokers 54,984,408 - - 15,789,199

Decrease in receivable for securities sold - 526,379 915,129 (8,230,316)

(Increase)/decrease in other receivables 18,941 843,451 (213,801) (4,785,424)

(Increase)/decrease in financial assets designated as at fair value

through profit or loss (76,349,707) 78,648,664 17,523,578 (240,222,694)

Change in derivative financial instruments 17,113,226 844,465 2,155 10,102,131

Increase/(decrease) in total fees payable (11,436,067) (4,085,702) 91,562 7,147,146

Increase in payable for securities purchased 5,499,022 1,162,964 350,974 10,793,375

Net cash provided by/(used in) operating activities (390,585,720) 78,431,984 32,255,262 (408,559,608)


Proceeds from issue of shares 805,233,045 8,319,697 71,270,117 590,312,233

Payments for redemption of shares (520,697,784) (99,657,195) (94,942,126) (139,388,486)

Net cash provided by/(used in) financing activities 284,535,261 (91,337,498) (23,672,009) 450,923,747

Net increase/(decrease) in cash and cash equivalents for the financial year

(106,050,459)

(12,905,514)

8,583,253

42,364,139

Cash and cash equivalents at the beginning of the financial year 344,471,045 16,439,326 14,403,447 101,592,861

Cash and cash equivalents at the end of the financial year 238,420,586 3,533,812 22,986,700 143,957,000


INRIS UCITS PLC

49

STATEMENTS OF CASH FLOWS OF THE FUNDS for the financial year ended 31 December 2016


31 December 2016


2016


2016

R Karya Macro R 2020 R CFM Trends

Fund Select Fund Fund

EUR EUR EUR


Change in net assets attributable to participating shareholders from operations 862,336 9,192,263 (1,340,957)

Adjustments to reconcile change in net assets attributable to




Increase in balance due from brokers (27,467,615) (6,547,104) -

Increase in balance due to broker 19,926,096 - -

Increase in receivable for securities sold (559,816) (5,180,552) (44,564,258)

Increase in other receivables (3,653,361) (498,694) -

Increase in financial assets designated as at fair value

through profit or loss (175,804,333) (34,610,534) (13,209,119)

Change in derivative financial instruments 1,634,560 (1,641,520) 502,199

Increase/(decrease) in total fees payable 4,604,112 (8,808) 115,898

Increase in payable for securities purchased 133,143,283 3,487,765 -

Net cash used in operating activities (47,314,738) (35,807,184) (58,496,237)


Proceeds from issue of shares 53,177,984 46,992,844 145,964,443

Payments for redemption of shares (9,211,203) (11,034,566) (7,221,675)

Net cash provided by financing activities 43,966,781 35,958,278 138,742,768

Net increase/(decrease) in cash and cash equivalents for the financial year (3,347,957) 151,094 80,246,531

Cash and cash equivalents at the beginning of the financial year - 3,141,100 -

Cash and cash equivalents at the end of the financial year (3,347,957) 3,292,194 80,246,531


INRIS UCITS PLC

50

STATEMENTS OF CASH FLOWS OF THE FUNDS (CONTINUED) for the financial year ended 31 December 2015

Financial year

ended 31 December

2015


2015

Financial year ended 31

December 2015


2015


(date of commencement)

to 31 December 2015


Fund Select Fund Europe Fund Fund Fund

USD EUR EUR EUR EUR



participating shareholders from operations 25,225,523 428,103 23,807,123 5,918,259 (6,808,703) Adjustments to reconcile change in net assets attributable to




Increase in balance due from brokers (32,445,645) (2,104,567) - (64,161,287) (1,411,000)

Increase in balance due to brokers 9,909,280 - - 6,543,675 -

(Increase)/decrease in receivable for securities sold 1,498,537 1,205,569 (876,314) (85,750) (97,953)

Increase in other receivables 110,311 (1,441,647) (276,849) (876,558) (1,694,859)

Increase in financial assets designated as at fair value

through profit or loss (81,790,812) (4,380,833) (132,606,282) (90,042,256) -

Change in derivative financial instruments (25,536,036) (565,605) 10,178,531 (86,973,128)

Increase in total fees payable 12,956,153 1,992,303 547,325 1,804,842 733,957

Increase in payable for securities purchased (3,394,642) (289,383) (43,738) (730,386) 186,782

Net cash used in operating activities (93,467,331) (5,156,060) (109,448,735) (131,450,930) (96,064,904)


Proceeds from issue of shares 520,265,998 74,501,701 129,020,488 280,709,771 106,808,430

Payments for redemption of shares (161,635,614) (62,561,867) (29,168,573) (62,095,960) (7,602,426)

Net cash provided by financing activities 358,630,384 11,939,834 99,851,915 218,613,811 99,206,004

Net increase in cash and cash equivalents for the financial year 265,163,053 6,783,774 (9,596,820) 87,162,881 3,141,100

Cash and cash equivalents at the beginning of the financial year 79,307,992 9,655,552 24,000,267 14,429,980 -

Cash and cash equivalents at the end of the financial year 344,471,045 16,439,326 14,403,447 101,592,861 3,141,100


INRIS UCITS PLC

51

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2016 1 General – The Company

InRIS UCITS Plc (the “Company”), whose registered office is located at 33 Sir John Rogerson’s Quay, Dublin 2, Ireland is an investment company with variable capital and having segregated liability between its funds. The Company was incorporated in Ireland on 9 May 2013 with limited liability under the Companies Act 2014 and established as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011) (as amended) and SI No 420 of 2015 – Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (together, the “UCITS regulations”). The Company has been authorised by the Central Bank of Ireland as a UCITS pursuant to the UCITS regulations.

The Company is structured as an umbrella fund and may consist of different Funds each comprising one or more classes of shares. The shares issued in each Fund will rank pari passu with each other in all respects provided that they may differ as to certain matters including currency of denomination, hedging strategies (if any applied to the currency of a particular class), dividend policy, voting rights, the level of fees and expenses to be charged, subscription or redemption procedures or the minimum subscription and minimum holding applicable, as set out in the prospectus and/or relevant supplement as applicable. The assets of each Fund are invested separately on behalf of each Fund in accordance with the investment objective and policies of each Fund. A separate portfolio of assets is not maintained for each class. At 31 December 2016, the Company has seven active funds (the “Funds”):

Fund name Date of commencement R Parus Fund 19 July 2013 R Blackrock Select Fund 22 April 2014 R Intrinsic Value Europe Fund 17 November 2014 R CFM Diversified Fund 11 December 2014 R 2020 Fund 10 June 2015 R Karya Macro Fund 24 May 2016 R CFM Trends Fund 2 December 2016

The investment objectives of the Funds are described on page 4. The investment activities of the Funds are managed by Innocap Global Investment Management Ltd., (the “Investment Manager”). The Investment Manager has appointed Innocap Investment Management Inc. (the “Platform Advisor”) to perform various advisory, risk management and related services with respect to the assets of the Funds. The administration of the Company is delegated to State Street Fund Services (Ireland) Limited (the “Administrator”). Effective 18 March 2016, State Street Custodial Services (Ireland) Limited (the “Depositary” or the “Custodian”) was appointed depositary in accordance with the UCITS Regulations. Prior to that date, State Street Custodial Services (Ireland) Limited acted as custodian to the Company. CACEIS Ireland Limited is the transfer agent of the Company (the “Transfer Agent”).

INRIS UCITS PLC

52

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 1 General – The Company (continued)

The Investment Manager has entered into agreements with a number of Trading Advisors to manage the assets of the Funds in accordance with their respective investment objectives and policies. The R Parus Fund, the R BlackRock Select Fund, the R Intrinsic Value Europe Fund, the R Karyra Macro Fund, the R CFM Trends Fund and the R CFM Diversified Fund each have one Trading Advisor. The R2020 Fund is a multi-advisor fund. Further details in relation to the role of the Trading Advisors is set out in notes 9 and 13. Rothschild HDF Investment Solutions is the Distributor and Consultant (the “Distributor /Consultant”) of the Company. Rothschild HDF Investment Adviser Limited (the “Consultant”) is a Consultant to the Company. Capitalised terms are defined within the prospectus of the Company and/or the offering supplement of the Funds, unless otherwise defined herein. At 31 December 2016 and 2015, the Company had no employees. The Company’s shares are not listed on any securities exchange.

2 Basis of preparation (a) Statement of compliance These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union and interpretations issued by the International Accounting Standards Board (“IASB”). (b) Basis of measurement The financial statements are prepared on a fair value basis for financial assets and liabilities at fair value through profit or loss, except those for which a reliable measure of fair value is not available. Other financial assets and liabilities and non financial assets and liabilities are stated at amortised cost or redemption amount (participating shares). The financial statements have been prepared on a going concern basis.

(c) Functional and presentation currency The financial statements are presented in United States Dollars (“USD”), which is the Company’s functional currency.

3 Significant accounting policies (a) Investment transactions and valuations (i) Classification In accordance with IAS 39, Financial Instruments: Recognition and Measurement (“IAS 39”), the Company has classified all its investments into the financial assets and liabilities at fair value through profit or loss category. The category of financial assets and financial liabilities at fair value through profit or loss comprises:

INRIS UCITS PLC

53

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 3 Significant accounting policies (continued)

(a) Investment transactions and valuations (continued) (i) Classification (continued) • Financial instruments held for trading. Financial assets and liabilities held for trading are

securities which are either acquired for generating a profit from short term fluctuations in price or dealer margins, or are included in a portfolio where a pattern of short term trading exists. Under IAS 39, derivatives and short positions are always classified as held for trading. All derivatives in a net receivable position (positive fair value) are reported as trading assets. All derivatives in a net payable position (negative fair value) are reported as trading liabilities.

• Financial instruments designated at fair value through profit or loss upon initial recognition.

These include financial assets and liabilities that are not held for trading purposes and which may be sold. Financial assets are designated at fair value through profit or loss upon initial recognition if the Platform Advisor manages such investments and makes purchase and sale decisions based on their fair value in accordance with the Company’s documented risk management or investment strategy.

At 31 December 2016 and 2015, the Company classified its investment in equities as designated at fair value through profit or loss upon initial recognition. At 31 December 2016 and 2015, the Company classified its derivative positions as held for trading. All other financial assets are classified as loans and receivables and are carried at amortised cost using the effective interest rate method, less impairment losses, if any. Financial liabilities that are not held for trading comprise all other liabilities. These are carried at amortised cost using the effective interest rate method, less impairment losses, if any. (ii) Recognition The Company recognises financial assets and financial liabilities on the date it becomes a party to the contractual provisions of the instrument. A regular way purchase of financial assets is recognised using trade date accounting. From this date any gains or losses arising from changes in fair value of the financial assets or liabilities are recorded in the Statement of Comprehensive Income. Financial liabilities are not recognised unless one of the parties has performed or the contract is a derivative contract not exempted from the scope of IAS 39.

(iii) Measurement and fair value measurement principles

Initial measurement Financial instruments are measured initially at fair value (transaction price) plus, in the case of financial assets or financial liabilities not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the instruments

Transaction costs on financial assets or financial liabilities at fair value through profit or loss are expensed immediately while on other financial instruments they are amortised. Transaction costs are included within movement in investments held at fair value through profit or loss in the Statement of Comprehensive Income.

INRIS UCITS PLC

54

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016

3 Significant accounting policies (continued)

(a) Investment transactions and valuations (continued)

(iii) Measurement and fair value measurement principles (continued) Subsequent measurement Subsequent to initial recognition, all financial assets and liabilities at fair value through profit or loss are re-measured at fair value. Loans and receivables are measured at amortised cost using the effective interest rate method, less impairment losses, if any. Financial liabilities arising from the redeemable participating preference shares issued by the Company are measured at the redemption amount representing the investor’s right to a residual interest in the Company’s net assets. Financial liabilities that are not at fair value through profit or loss are measured at amortised cost using the effective interest rate method. Fair value measurement principles – general When available the Company measures the fair value of an instrument using quoted prices in an active market for that instrument. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The fair value of financial assets and liabilities traded in active markets (such as publicly traded derivatives, trading securities and exchange-traded funds) are based on the mid-price at the close of trading on the reporting date.

Fair value measurement principles – derivative financial instruments For over-the-counter (“OTC”) derivatives, fair value is determined using pricing models that incorporate observable market prices and the contractual prices of the underlying instruments, the time value of money, yield curves and volatility factors as applicable. Fair value may be adjusted to take into account market, model and credit risks as well as related costs.

Fair value measurement principles – other financial assets and liabilities Financial assets classified as loans and receivables are measured at amortised cost. The amortised cost of a financial asset or liability is the amount at which the financial asset or liability is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount, minus any deduction for impairment.

Financial liabilities arising on redeemable shares issued by the Fund are measured at the redemption amount representing the investors’ rights to a residual interest in the Fund’s net assets. Financial liabilities that are not at fair value through profit or loss are measured at amortised cost using the effective interest rate method. (iv) Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition in accordance with IAS 39. The Company uses the first-in, first-out method to determine realised gains and losses on derecognition. A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expired.

INRIS UCITS PLC

55


(a) Investment transactions and valuations (continued) (v) Offsetting financial instruments Financial assets and liabilities are offset, and the net amounts reported in the Statement of Financial Position, when a current legal enforceable right to offset exists and there is intent to realise the asset and settle the liability simultaneously or on a net basis. (vi) Impairment Financial assets that are measured at amortised cost are reviewed at each reporting date to determine whether there is objective evidence of impairment. If any such indication exists, an impairment loss is recognised in the Statement of Comprehensive Income as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. If in a subsequent period the amount of an impairment loss recognised on a financial asset carried at amortised cost decreases and the decrease can be linked objectively to an event occurring after the write-down, the write-down is reversed through the Statement of Comprehensive Income.

(b) Interest income and expense Interest income and expense is recognised in the Statement of Comprehensive Income as it accrues, using the historical effective interest rate of the asset or liability. Interest income includes the amortisation of any discount or premium, transaction costs (in the case of financial instruments other than those classified at fair value through profit or loss) or other differences between the initial carrying amount of an interest-bearing instrument and its amount at maturity calculated on an effective interest rate basis. (c) Dividend income and expense Dividend income relating to exchange-traded equity securities bought long and dividend expense relating to exchange-traded equity securities sold short are recognised in the Statement of Comprehensive Income on the ex-dividend date. Dividend income, interest received and capital gains may be subject to non-recoverable withholding tax in the country of origin. (d) Contracts for difference Contracts for differences (“CFD”) are agreements between the Company and third parties, which allow the Company to acquire an exposure to the price movement of specific securities without actually purchasing the securities. Upon entering into a CFD, the Company is required to deposit with a broker an initial cash margin equal to a certain percentage of the contract amount. Variation margin payments are made or received by the Company depending upon the fluctuation in the value of the underlying securities. The changes in contract values are recorded as unrealised gains or losses and the Company recognises a realised gain or loss when the contract is closed or when offsetting contracts have been entered into. CFD’s are considered closed and derecognised when the number of contracts bought long and sold short on the same exchange offset and as such only the cost/proceeds associated with the net position is reflected in these financial statements.

INRIS UCITS PLC

56


(e) Forward currency contracts A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, at a price set at the time the contract is made. Forward currency contracts will be valued by reference to the forward price at which a new forward contract of the same size and maturity could be undertaken at the valuation date. The unrealised gain or loss on open forward currency contracts is calculated as the difference between the contract rate and this forward price, and are recognised in the Statement of Financial Position whilst the movement in unrealised gain or loss is recognised in the Statement of Comprehensive Income. (f) TBA contracts The Company enters into To Be Announced (“TBA”) contracts. TBA contracts are agreements for the forward purchase of debt instruments, such as asset-backed securities or treasury bills. The actual instruments that will be delivered to fulfil a TBA trade are not designated at the time the trade is made. The securities are "to be announced" 48 hours prior to the established trade settlement date. The Company does not intend to take delivery of the underlying instruments. The transactions are therefore not treated as a regular way purchase of those instruments but rather as a derivative financial instrument with the characteristics of a forward contract. (g) Repurchase and reverse repurchase transactions Securities sold subject to a simultaneous agreement to repurchase these securities at a certain later date at a fixed price (repurchase agreements) are retained in the financial statements and are measured in accordance with their original measurement principles. The proceeds of the sale are reported as liabilities and are carried at amortised cost. Securities purchased under agreements to resell (reverse repurchase agreements) are reported as originated loans and carried in the statement of financial position at amortised cost. Interest earned on reverse repurchase agreements and interest incurred on repurchase agreements is recognised as interest income or interest expense, over the life of each agreement using the effective interest method. (h) Foreign currency translation The Funds Items included in the financial statements of the Funds are measured and presented using the currency of the primary economic environment in which it operates (the “functional currency”). The functional currency of the R Parus Fund is USD while the functional currency of the R BlackRock Select Fund, R Intrinsic Value Europe Fund, R CFM Diversified Fund, RKarya Macro Fund, R CFM Trends Fund and R 2020 Fund are EUR. Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the reporting currency at the foreign exchange rate ruling at that date. Foreign currency exchange differences arising on translation and realised gains and losses on disposals or settlements of monetary assets and liabilities are recognised as a component of net gain from financial instruments at fair value through profit or loss and is not part of the NAV of any sub-fund.

INRIS UCITS PLC

57


(h) Foreign currency translation (continued) The Funds (continued)

Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to the reporting currency at the foreign exchange rates ruling at the dates that the fair value was determined. The Company The Company has adopted USD as its presentation currency. Where Funds have a functional currency other than USD, those Fund’s financial position and performance is translated from their functional currency to the Company’s presentation currency, as follows: ▪ assets and liabilities, including net assets attributable to participating shareholders, are

translated at the closing rate at each reporting date; and ▪ income and expenses for each Statement of Comprehensive Income and capital

transactions are translated at average exchange rates (unless the average rate is not a reasonable approximation of the cumulative effect of rates prevailing on the transaction dates, in which case income and expenses and capital transactions are translated at the rates prevailing on the dates of each transaction).

Included in the statement of changes in net assets of the Company is an exchange difference due to the presentation of the financial statements in USD. This arises as a result of the conversion of the EUR Funds from their functional currency to the presentation currency of the Company as described above.

(i) Cash and cash equivalents

Cash comprises cash on hand and demand deposits. Cash equivalents are short term, highly liquid investments with maturities of three months or less that are readily convertible to known amounts of cash and which are subject to insignificant changes in value and are held for the purpose of meeting short term cash commitments rather than for investment or other purposes. (j) Participating shares All redeemable participating shares issued by the Company provide investors with the right to require redemption for cash at the value proportionate to the investor’s share in the relevant Fund’s net assets at the redemption date. In accordance with IAS 32, Financial Instruments: Presentation, such instruments meet the definition of puttable instruments. A puttable instrument may be classified as a financial liability or an equity instrument depending on its features. The Company has seven active funds at 31 December 2016. The Funds have multiple share classes, which are denominated in different currencies and to which different rates of distribution fees may apply. All classes of participating shares are financial liability instruments by virtue of not having identical features and are measured at the present value of the redemption amounts. (k) Expenses All expenses are recognised in the Statement of Comprehensive Income on an accruals basis.

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58


(l) Taxation Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Act. Under current Irish law and practice, on that basis, it is not chargeable to Irish tax on its income and gains. However, tax can arise on the happening of a “chargeable event” in the Company. A chargeable event includes any distribution payments to Shareholders or any encashment, redemption, cancellation or transfer of Shares. A chargeable event also includes the appropriation or cancellation of Shares of a Shareholder by the Company for the purposes of meeting the amount of appropriate tax payable on any gain arising on the transfer of an entitlement to a Share. To the extent that any tax arises on such a deemed chargeable event, such tax will be allowed as a credit against any tax payable on the subsequent encashment, redemption, cancellation or transfer of the relevant Shares. No tax will arise on the Company in respect of chargeable events in respect of a Shareholder who is neither Irish Resident nor Irish Ordinary Resident at the time of the chargeable event provided that the necessary signed Relevant Declaration is in place and the Company is not in possession of any information which would reasonably suggest that the information contained therein is not or, is no longer materially correct. Dividend income, interest received and capital gains may be subject to non-recoverable withholding tax in the country of origin.

(m) Net asset value attributable to participating shareholders The liability to participating shareholders is presented in the Statement of Financial Position as “net asset value attributable to participating shareholders” and is determined based on the residual assets of the Company after deducting all other liabilities. The prices at which participating shares of the Funds may be issued or redeemed are calculated by reference to the Fund’s net asset value calculated in accordance with the prospectus of the Company and the offering supplement of the Funds.

(n) Adoption of new and amended accounting standards and interpretations During the financial year, the Company adopted no new or revised accounting standards which had a material effect on the preparation of these financial statements.

(o) Standards, interpretations and amendments to published standards that are not yet effective A number of new standards, interpretations and amendments to published standards have been issued to date and are not yet effective for the financial statements of the Fund for the period ended 31 December 2016, and have not been applied nor early adopted in preparing these financial statements.

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(o) Standards, interpretations and amendments to published standards that are not yet effective (continued) The standards, interpretations and amendments issued but not yet effective at the date of the issuance of the financial statements are listed below:

Standard: Narrative: Effective Date:*

IAS 12 Recognition of Deferred Tax Assets for Unrealised losses (Amendments to IAS 12)

I January 2017

IAS 7 Disclosure Initiative (Amendments to IAS 7) 1 January 2017

IFRS 9 Financial Instruments 1 January 2018

IFRS 15 Revenue from Contracts with Customers 1 January 2018

IFRS 16 Leases 1 January 2019

* Annual periods beginning on or after

Other than as set out below, the Directors anticipate that the adoption of new standards, interpretations and amendments that were in issue at the date of authorisation of these financial statements, but not yet effective, will have no material impact on the financial statements in the year of initial application. Disclosure Initiative (Amendments to IAS 7) The amendment requires that entities shall provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities. To achieve this, the amendment requires that the following changes in liabilities arising from financing activities are disclosed (to the extent necessary): (i) changes from financing cash flows; (ii) changes arising from obtaining or losing control of subsidies or other businesses; (iii) the effect of changes in foreign exchange rates; (iv) changes in fair values; and (v) other changes. Liabilities arising from financing activities are defined as liabilities “for which cash flows were, or future cash flows will be, classified in the statement of cash flows as cash flows from financing activities”. The Directors are currently assessing the impact of Disclosure Initiative (Amendments to IAS 7) on the financial statements of the Company. IFRS 9, Financial Instruments (“IFRS 9”) IFRS 9, issued on 24 July 2014 is the IASB’s replacement of IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 includes requirements for recognition and measurement, impairment, derecognition and general hedge accounting. The IASB completed its project to replace IAS 39 in phases, adding to the standard in each phase. The complete standard issued on 24 July 2014 includes requirements previously issued and additional amendments to incorporate a new expected loss impairment model and to introduce limited amendments to the classification and measurement requirements for financial assets. This version of IFRS 9 supersedes all previous versions and is mandatorily effective for periods beginning on or after 1 January 2018 with early adoption permitted (subject to local endorsement requirements).

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(o) Standards, interpretations and amendments to published standards that are not yet effective (continued) IFRS 9, Financial Instruments (“IFRS 9”) (continued) IFRS 9 uses business models and contractual cash flow characteristics to determine whether a financial asset is measured at amortised cost, fair value through profit or loss or fair value through other comprehensive income, replacing the four category classification in IAS 39. The approach is also based on how an entity manages its financial instruments (its business model) and the contractual cash flow characteristics of the financial assets. Most of the requirements for financial liabilities were carried forward unchanged from IAS 39. However, some changes were made to the fair value option for financial liabilities to address the issue of own credit risk. IFRS 9 introduces a substantially-reformed model for hedge accounting with enhanced disclosures about risk management activity. As part of IFRS 9 the IASB has introduced a new, expected loss impairment model that will require more timely recognition of expected credit losses. Specifically, the new standard requires entities to account for expected credit losses from when financial instruments are first recognised and it lowers the threshold for recognition of full lifetime expected losses. The Directors are currently assessing the impact of IFRS 9 on the financial statements of the Company.

4 Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of these audited financial statements, in accordance with IFRS as adopted by the EU, requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

The assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year, and the judgements that have been made in the process of applying the accounting policies and that have the most significant effect on the amounts recognised in the financial statements, are disclosed in note 15.

5 Cash and cash equivalents

Cash and cash equivalents comprises both balances held with the Depositary as disclosed in the below table, and holdings in money market funds which are held as cash equivalents and which are disclosed overleaf. Cash held at/(due to)

Depositary 31 December 2016

Cash held at Depositary 31 December 2015

R Parus Fund USD 183,049,291 USD 108,390,454 R BlackRock Select Fund EUR 3,501,156 EUR 9,703,286 R Intrinsic Value Europe Fund EUR 22,986,700 EUR 14,403,447 R CFM Diversified Fund EUR 87,132,207 EUR 28,738,435 R 2020 Fund EUR 3,292,073 EUR 3,140,979 R Karya Macro Fund EUR (3,347,957) - R CFM Trends EUR 80,246,531 -

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 5 Cash and cash equivalents (continued)

The cash is held in an account at State Street Bank and Trust Company. State Street Custodial Services (Ireland) Limited and State Street Bank and Trust Company are both wholly owned subsidiaries of State Street Corporation. For R Parus Fund, unencumbered cash at end of day is swept into an overnight deposit account in order to earn interest. The overnight deposit account is held with the Cayman Islands branch of State Street Bank Company. At 31 December 2016, the R CFM Diversified Fund holds a cash collateral balance with Deutsche Bank AG amounting to EUR Nil (2015: EUR 12,863,956). Investments in money market funds and short term deposits held as cash equivalents At 31 December 2016, the R Parus Fund, R 2020 Fund, R CFM Diversified Fund and the R BlackRock Select Fund each hold an investment in Institutional Cash Series PLC amounting to USD55,371,295 (2015: USD61,021,104), EUR 121 (2015: EUR 121), EUR 56,824,793 (2015: EUR 19,990,470) and EUR 32,656 (2015: EUR 3,371,094) respectively. At 31 December 2016, the R Parus Fund and the R CFM Diversified Fund hold a short term deposit with BNP Paribas amounting to USD Nil (2015: USD100,032,932) and EUR Nil (2015: EUR 40,000,000) respectively and the R Parus Fund holds a short term deposit with National Bank of Canada amounting to USDNil (2015: USD75,026,555). At 31 December 2016, the R BlackRock Select Fund holds short term deposits with Standard Chartered and commercial paper issued by Honeywell International amounting to USDNil (2015: USD2,599,937) and USDNil (2015: USD765,009) respectively.

6 Balance due from/to brokers

Due from brokers comprises cash deposited with the brokers, Morgan Stanley & Co. International, Credit Suisse, Barclays Bank Plc, Deutsche Bank AG, Nomura International Plc, HSBC Bank Plc, State Street Bank and Trust Company and Merrill Lynch International. The due from brokers balances include both margin cash and cash collateral held at the brokers at the reporting date. Margin cash represents cash deposited with the brokers which may be collateralised against open positions. Cash collateral is disclosed in the following tables: Collateral Pledged R Parus Fund 31 December 2016 31 December 2015 USD USD National Bank of Canada 46,020,127 28,860,127 Credit Suisse Securities (Europe) Limited

20,723,125

25,324,255

Morgan Stanley & Co. International - 860,000 66,743,252 55,044,382

R 2020 Fund 31 December 2016 31 December 2015 EUR EUR State Street Bank and Trust Company 1,090,000 1,411,000 1,090,000 1,411,000

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6 Balance due from/to brokers (continued)

R BlackRock Select Fund 31 December 2016 31 December 2015 EUR EUR Merrill Lynch International 154,000 400,000 Bank of America, N.A. 390,000 96,000 National Bank of Canada 70,000 550,000 Credit Suisse Securities (Europe) Limited

-

957,000

HSBC Bank Plc - 46,000 Morgan Stanley & Co. International - 311,000 614,000 2,360,000

R CFM Diversified Fund 31 December 2016 31 December 2015 EUR EUR Deutsche Bank AG 90,161,049 22,910,000 Barclays Bank Plc 53,801,000 7,585,000 National Bank of Canada 6,730,000 1,660,000 Nomura International Plc 13,510,000 4,890,000 164,202,049 37,045,000

R Karya Macro Fund 31 December 2016 EUR Deutsche Bank AG 870,000 Goldman Sachs International 2,720,000 National Bank of Canada 380,000 Merrill Lynch International 436,122 Morgan Stanley & Co. International 1,962,550 Credit Suisse Securities (Europe) Limited

8,700,248

JP Morgan Chase Bank, N.A. 1,185,115 Citigroup Global Markets Inc. 2,263,451 Citibank, N.A. (ISDA MA) 3,910,000 BNP Paribas 663,664 Nomura International Plc 274,947 UBS AG 260,000 23,626,097

Balance due to broker includes margin accounts and cash collateral. Cash collateral is disclosed in the following table:

Collateral Received R BlackRock Select Fund 31 December 2016 31 December 2015 EUR EUR Bank of America, N.A. (545,000) (570,000) Credit Suisse Securities (Europe) Limited

-

(508,000)

Deutsche Bank AG - (710,000) (545,000) (1,788,000)

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 7 Administrator and Depositary fees

The Company has appointed State Street Fund Services (Ireland) Limited (the “Administrator”) and State Street Custodial Services (Ireland) Limited (the “Depositary”), private limited companies incorporated in Ireland, as Administrator and Depositary pursuant to the Administration and Depositary agreements respectively. The Depositary acts as depositary of the assets of the Company. In its capacity as trustee, the Depositary also performs certain functions of oversight and review. The Funds are subject to a combined administration and custody fee. Effective 3 March 2016, the R Parus Fund pays to the Administrator and to the Depositary the following maximum fees which are accrued and calculated on a weekly basis and payable monthly in arrears: NAV of the R Parus Fund Administration and Custody Fee From USD0 to USD499,999,999 0.10% From USD500,000,000 to USD749,999,999 0.08% From and above USD750,000,000 0.06%

The fees are subject to a minimum fee of USD75,000 for the first twelve months from the agreement date (3 March 2016), USD112,500 for the period between the twelfth and twenty-fourth months from the agreement date, and USD150,000 per annum thereafter. Prior to 3 March 2016, the R Parus Fund paid to the Administrator and to the Depositary the following maximum fees which were accrued and calculated on a weekly basis and payable monthly in arrears: NAV of the R Parus Fund Administration and Custody Fee From USD0 to USD499,999,999 0.14% From USD500,000,000 to USD749,999,999 0.12% From and above USD750,000,000 0.09%

The fees were subject to a minimum fee of USD75,000 for the first twelve months following the launch of the R Parus Fund, USD112,500 for the period between the twelfth and twenty-fourth months following the launch of the R Parus Fund, and USD150,000 per annum thereafter. Effective 3 March 2016, the R Blackrock Select Fund pays to the Administrator and to the Depositary the following maximum fees which are accrued and calculated on a weekly basis and payable monthly in arrears: NAV of the R BlackRock Select Fund Administration and Custody Fee From USD0 to USD249,999,999 0.25% From USD250,000,000 to USD499,999,999 0.21% From USD500,000,000 to USD749,999,999 0.17% From and above USD750,000,000 0.145%

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 7 Administrator and Depositary fees (continued)

The fees are subject to a minimum fee of USD162,500 for the first twelve months from the agreement date, USD243,750 for the period between the twelfth and twenty-fourth months from the agreement date, and USD325,000 per annum thereafter. Prior to 3 March 2016, the R Blackrock Select Fund paid to the Administrator and to the Depositary the following maximum fees which were accrued and calculated on a weekly basis and payable monthly in arrears: NAV of the R BlackRock Select Fund Administration and Custody Fee From USD0 to USD249,999,999 0.27% From USD250,000,000 to USD499,999,999 0.23% From USD500,000,000 to USD749,999,999 0.19% From and above USD750,000,000 0.165%

The fees were subject to a minimum fee of USD162,500 for the first twelve months following the launch of the Fund, USD243,750 for the period between the twelfth and twenty-fourth months following the launch of the Fund, and USD325,000 per annum thereafter. Effective 3 March 2016, the R Intrinsic Value Europe Fund to the Administrator and to the Depositary the following maximum fees which are accrued and calculated on a weekly basis and payable monthly in arrears: NAV of the R Intrinsic Value Europe Fund Administration and Custody Fee Maximum aggregate fee 0.06%

The fees are subject to a minimum fee of USD100,000 for the first twelve months from the agreement date, and USD150,000 per annum thereafter. Prior to 3 March 2016, the R Intrinsic Value Europe Fund paid to the Administrator and to the Depositary the following maximum fees which were accrued and calculated on a weekly basis and payable monthly in arrears: NAV of the R Intrinsic Value Europe Fund Administration and Custody Fee From USD0 to USD499,999,999 0.12% From USD500,000,000 to USD749,999,999 0.11% From and above USD750,000,000 0.09%

The fees were subject to a minimum fee of USD75,000 for the first twelve months following the launch of the Fund, USD112,500 for the period between the twelfth and twenty-fourth months following the launch of the Fund, and USD150,000 per annum thereafter.

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7 Administrator and Depositary fees (continued)

Effective 3 March 2016, the R CFM Diversified Fund paid to the Administrator and to the Depositary the following maximum fees which are accrued and calculated on a weekly basis and payable monthly in arrears:

NAV of the R CFM Diversified Fund Administration and Custody Fee From USD0 to USD199,999,999 0.15% From USD200,000,000 to USD749,999,999 0.12% From and above USD750,000,000 0.10%

The fees are subject to a minimum fee of USD112,500 for the first twelve months from the agreement date, USD168,750 for the period between the twelfth and twenty-fourth months from the agreement date, and USD225,000 per annum thereafter. Prior to 3 March 2016, the R CFM Diversified Fund paid to the Administrator and to the Depositary the following maximum fees which were accrued and calculated on a weekly basis and payable monthly in arrears:

NAV of the R CFM Diversified Fund Administration and Custody Fee From USD0 to USD249,999,999 0.27% From USD250,000,000 to USD499,999,999 0.23% From USD500,000,000 to USD749,999,999 0.19% From and above USD750,000,000 0.165%

The fees were subject to a minimum fee of USD162,500 for the first twelve months following the launch of the Fund, USD243,750 for the period between the twelfth and twenty-fourth months following the launch of the Fund, and USD325,000 per annum thereafter. Effective 3 March 2016, the R 2020 Fund paid to the Administrator and to the Depositary the following maximum fees which are accrued and calculated on a weekly basis and payable monthly in arrears:

NAV of the R 2020 Fund Administration and Custody Fee From USD0 to USD199,999,999 0.15% From USD200,000,000 to USD749,999,999 0.12% From and above USD750,000,000 0.10%

The fees are subject to a minimum fee of USD112,500 for the first twelve months from the agreement date, USD168,750 for the period between the twelfth and twenty-fourth months from the agreement date, and USD225,000 per annum thereafter.

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Prior to 3 March 2016, the R 2020 Fund paid to the Administrator and to the Depositary the following maximum fees which were accrued and calculated on a weekly basis and payable monthly in arrears: NAV of the R 2020 Fund Administration and Custody Fee From USD0 to USD249,999,999 0.20% From USD250,000,000 to USD499,999,999 0.17% From USD500,000,000 to USD749,999,999 0.145% From and above USD750,000,000 0.12%

The fees were subject to a minimum fee of USD112,500 for the first twelve months following the launch of the Fund, USD168,750 for the period between the twelfth and twenty-fourth months following the launch of the Fund, and USD225,000 per annum thereafter. Effective 3 March 2016, the R Karya Macro Fund paid to the Administrator and to the Depositary the following maximum fees which are accrued and calculated on a weekly basis and payable monthly in arrears: NAV of the R Karya Macro Fund Administration and Depositary Fee From USD0 to USD249,999,999 0.33% From USD250,000,000 to USD499,999,999 0.30% From USD500,000,000 to USD749,999,999 0.25% From and above USD750,000,000 0.20%

The fees are subject to a minimum fee of USD162,500 for the first twelve months from the agreement date, USD243,750 for the period between the twelfth and twenty-fourth months from the agreement date, and USD325,000 per annum thereafter. Prior to 3 March 2016, the R Karya Macro Fund paid to the Administrator and to the Depositary the following maximum fees which were accrued and calculated on a weekly basis and payable monthly in arrears: NAV of the R Karya Macro Fund Administration and Depositary Fee From USD0 to USD249,999,999 0.36% From USD250,000,000 to USD499,999,999 0.33% From USD500,000,000 to USD749,999,999 0.28% From and above USD750,000,000 0.23%

The fees were subject to a minimum fee of USD162,500 for the first twelve months following the launch of the R Parus Fund, USD243,750 for the period between the twelfth and twenty-fourth months following the launch of the R Parus Fund, and USD325,000 per annum thereafter.

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NAV of R CFM Trends Administration and Depositary Fee From USD0 to USD 499,999,999.99 0.13% From USD500,000,000 to USD749,999,999.99 0.11% From and above USD750,000,000 0.09%

The fees are subject to a minimum fee of USD75,000 for the first twelve months following the launch of the Fund, USD112,500 for the period between the twelfth and twenty-fourth months following the launch of the Fund, and USD150,000 per annum thereafter. The fees for the Funds are accrued and calculated on a weekly basis and payable monthly in arrears. The Administrator and Depositary are also entitled to be repaid all of their reasonable out-of-pocket expenses properly incurred by them in the performance of their duties and responsibilities under the administration and Depositary agreements.

8 Transfer Agent Fees

The Funds pay to the Transfer Agent for services provided in relation to transfer agency and registrar services, a maximum aggregate fee of 0.025% per annum of the NAV of the Funds, accrued and calculated on a weekly basis, subject to a minimum fee of EUR 2,500 per Fund per annum and payable monthly in arrears. The Transfer Agent is also entitled to be repaid all of their reasonable out-of-pocket expenses properly incurred by them in the performance of their duties and responsibilities.

The amount of transfer agent fees charged during the period and outstanding at the reporting

date are included in the Statement of Comprehensive Income within other operating expenses and the Statement of Financial Position within other payables and accrued expenses, respectively. Certain fees charged which may have been over-accrued as at year end may be reversed in the normal course of reviews in the year ended 31 December 2017.

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 9 Investment Manager and Trading Advisor Fees

The Investment Manager is responsible for the management of the investment of the assets of the Company in accordance with the investment objectives and policies described in the prospectus. The Investment Manager is part of the National Bank of Canada group of Companies and is authorised and regulated by the Malta Financial Services Authority (“MFSA”). The Investment Manager has appointed Innocap Investment Management Inc. (the “Platform Advisor”) to perform various advisory, risk management and related services with respect to the assets of the Funds.

The Investment Manager has appointed Parus Finance UK Limited, BlackRock Investment Management (UK) Limited, Intrinsic Value Investors (IVI) LLP and Karya Capital Management LP as Trading Advisors to manage the assets of the R Parus Fund, R BlackRock Select Fund, R Intrinsic Value Europe Fund and R Karya Macro Fund, respectively, in accordance with the investment objectives and policies of the Funds. Capital Fund Management S.A acts as the trading advisor for R CFM Diversified Fund and R CFM Trends. The R 2020 Fund is a multi-advisor fund. The Investment Manager has appointed Rothschild & Cie Gestion Limited, Allianz Global Investors GmbH, and Nomura Corporate Research and Asset Management Inc as Trading Advisors to manage the assets of the R 2020 Fund, in accordance with the investment objectives and policies of the R 2020 Fund. Assets are allocated by the Investment Manager among the Trading Advisors and investment strategies in such proportion as the Investment Manager may in its absolute discretion determine. It is not intended that assets will be equally weighted among the Trading Advisors or investment strategies. Investment Manager and Platform Advisor remuneration Pursuant to an investment management agreement the investment management fee payable to the Investment Manager is charged at a rate of 0.25% per annum of the net assets of each class of the R Parus Fund, a rate of 0.20% per annum of the net assets of each class of the R BlackRock Select Fund, R Intinsic Value Europe Fund and R 2020 Fund, a rate of 0.275% per annum of the net assets of each class of the R CFM Diversified Fund except for Class M Euro, and a rate of 0.150% per annum of the net assets of each class of the R CFM Trends Fund except for Class M Euro hedged, payable monthly. Class M Euro within the R CFM Diversified Fund is charged at a sliding scale rate, from 0.15% per annum of the net assets of the class when the assets under management (“AUM”) are under USD30,000,000, 0.28% per annum of the net assets of the class when the AUM is between USD30,000,001 and USD200,000,000, 0.20% per annum of the net assets of the class when the AUM is between USD200,000,001 and USD300,000,000 and 0.15% per annum of the net assets of the class when the AUM is above USD300,000,001. Class M Euro within the R CFM Trends Fund is charged at a sliding scale rate, from 0.10% per annum of the net assets of the class when the AUM are under USD30,000,000 and 0.15% per annum of the net assets of the class when the AUM is above USD30,000,001.

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 9 Investment Manager and Trading Advisor Fees (continued)

Investment Manager and Platform Advisor remuneration (continued) The Investment Manager pays the fees and expenses of the Platform Advisor from its own fees. Pursuant to the platform advisor agreement, the fee payable to the Platform Advisor is equal to an amount of 90% of the Investment Management fees. The amounts in respect of Investment Manager fees charged during the period and outstanding at the reporting date are disclosed in the Statement of Comprehensive Income and the Statement of Financial Position, respectively. Trading Advisor remuneration Pursuant to the trading advisor agreements, the Trading Advisors receive management fees charged at the following rates, calculated daily and payable monthly or quarterly in arrears: Fund Trading advisor management fee R Parus Fund 1.00% per annum of the net assets of the Fund R BlackRock Select Fund 1.05% per annum of the net assets of the Fund R Intrinsic Value Europe Fund 1.00% per annum of the net assets of the Fund R CFM Diversified Fund 0.65% per annum of the net assets of each class of the Fund R 2020 Fund: Rothschild & Cie Gestion Ltd 0.25% of the NAV of the Account* per annum Allianz Global Investors GmbH Highest of (i) €150,000; or (ii) 0.6% (annually) of the first

€20m NAV of the Account* and 0.5% (annually) on amounts exceeding €20 Million per annum.

Nomura Corporate Research and Asset Management Inc

0.5% of the NAV of the Account* per annum if the NAV of the Fund is at or below USD75m or 0.45% of the NAV of the

Account* per annum if the NAV of the Fund exceeds USD75m

R Karya Macro Fund 0.75% per annum of the net assets of the standard share classes and 0.50% per annum of the net assets of the early

bird share classes R CFM Trends 0.4% per annum of the Net Asset Value of each Share Class

* fees for the R 2020 Fund are calculated based on the NAV of the Account, being the NAV of the particular Trading

Advisor’s allocation.

The Trading Advisors of the R Parus Fund, the R BlackRock Select Fund, R CFM Diversified Fund, R Karya Macro Fund and R CFM Trends are also entitled to a performance fee. The performance fee is calculated and accrued on each valuation day as an expense of the relevant share class, payable annually in arrears at the end of the calculation period. The performance fee for the R Parus Fund is payable by reference to the NAV of each share class in excess of that share class’s high water mark. The performance fee for the R BlackRock Select Fund is payable by reference to the NAV of each share class in excess of the 1-Month EURIBOR plus 1% (the “Hurdle Rate”) and subject to that share class’s high water mark. The performance fee for the R CFM Diversified Fund applies to each class of shares excluding Class M Euro, Class NI Euro, Class NI GBP Hedged, Class NC Euro and Class R Euro, which are not subject to a performance fee. For those classes which are subject to a performance fee, the fee is payable by reference to the NAV of each applicable share class in excess of the 1-Month EURIBOR and subject to that share class’s high water mark.

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 9 Investment Manager and Trading Advisor Fees (continued)

Trading Advisor remuneration (continued) The performance fees consist of 20% (15% for R Karya Macro Fund, 10% for R CFM Diversified Fund and R CFM Trends Fund) of the net trading gain, being the greater of zero or the difference between the previous applicable high water mark (and the Hurdle Rate for the R BlackRock Select Fund) and the NAV per share of the Funds as of the end of the relevant calculation period. The performance fee for the R CFM Trends Fund applies to each class of shares excluding NI Classes, NC Classes and M Classes, which are not subject to a performance fee. Class W and Class WD in the R CFM Trends Fund are not subject to a performance fee when the aggregate NAV of the Class W and Class WD shares are below USD100,000. The performance fees in respect of each calculation period are calculated before deduction for any accrued Investment Manager fees, audit fees, legal fees, Directors’ fees and expenses, insurance fees and administration fees. The Funds do not apply an equalisation per share method or a series accounting method. Consequently, the rateable performance fees to be borne by a shareholder may be greater than or lesser than the performance fee borne by other shareholders depending on, among other things, the performance of the Funds and the payment periods. The amounts in respect of Trading Advisors fees charged during the financial year and outstanding at the reporting date are disclosed in the Statement of Comprehensive Income and the Statement of Financial Position, respectively.

10 Distribution Fees The Company has appointed Rothschild HDF Investment Solutions as the Distributor and Consultant (the “Distributor/Consultant”) of the Company. The role of the Distributor/Consultant is to assist and advise the Company in the making of offers of shares and to procure applicants for shares on terms and at the subscription prices set forth in the Prospectus. The Company pays the Distributor/Consultant a percentage of the net assets of each class in the R Parus Fund, R BlackRock Select Fund, R Intrinsic Value Europe Fund, R CFM Diversified Fund, R 2020, R Karya Macro Fund and R CFM Trends as disclosed below. The fees are accrued daily and paid quarterly in arrears.

Fund Class Distribution fee R Parus Fund Class I Euro hedged 0.45% Class I Euro unhedged 0.45% Class I GBP hedged 0.45% Class I CHF hedged 0.45% Class I USD 0.45% Class C Euro hedged 0.95% Class C Euro unhedged 0.95% Class C GBP hedged 0.95% Class C CHF hedged 0.95%

Class C USD 0.95%

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10 Distribution Fees (continued)

Fund Class Distribution fee R BlackRock Select Fund Class F Euro 1.10% Class I Euro 0.35% Class I GBP hedged 0.35% Class I CHF hedged 0.35% Class I USD hedged 0.35% Class I JPY hedged 0.35% Class C Euro 0.85% Class C GBP hedged 0.85% Class C CHF hedged 0.85% Class C USD hedged 0.85%

Class C JPY hedged 0.85% R Intrinsic Value Europe Fund Class D 0.55% Class F GBP unhedged N/A Class F N/A R CFM Diversified Fund Class F Euro 1.125% Class I Euro 0.375% Class I USD hedged 0.375% Class I GBP hedged 0.375% Class I JPY hedged 0.375% Class I CHF hedged 0.375% Class C Euro 0.875% Class C USD hedged 0.875% Class C JPY hedged 0.875% Class C CHF hedged 0.875% Class P Euro 0.425% Class P USD hedged 0.425% Class P GBP hedged 0.425% Class P CHF hedged 0.425% Class M Euro N/A Class NI Euro 0.375% Class NI GBP hedged 0.375% Class NC Euro 0.875% Class R Euro N/A R 2020 Fund Class F Euro 0.70% Class I Euro N/A Class ID Euro N/A Class C Euro 0.40% Class C USD hedged 0.40% Class D Euro 0.40% Class D Euro hedged 0.40% Class P Euro 0.05% Class PB 0.05%

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10 Distribution Fees (continued)

Fund Class Distribution fee R Karya Macro Fund Class I Euro 0.45% Class C Euro 0.95% Class NI Euro 0.30% Class NC Euro 0.80% Class NI GBP hedged 0.30% Class NI USD hedged 0.30% Class F Euro 1.20% Class I CHF hedged 0.45% Class C CHF hedged 0.95% Class I GBP hedged 0.45% Class I JPY hedged 0.45% Class C JPY hedged 0.95% Class I USD hedged 0.45% Class C USD hedged 0.95% Class P Euro 0.50% Class P USD hedged 0.50% Class P GBP hedged 0.50% Class P CHF hedged 0.50% R CFM Trends Fund Class C CHF hedged 0.70% Class C Euro hedged 0.70% Class C JPY hedged 0.70% Class C USD 0.70% Class F Euro hedged 0.95% Class I CHF hedged 0.20% Class I Euro hedged 0.20% Class I GBP hedged 0.20% Class I JPY hedged 0.20% Class I USD 0.20% Class M Euro hedged N/A Class NC Euro hedged 0.70% Class NI CHF hedged 0.20% Class NI Euro hedged 0.20% Class NI GBP hedged 0.20% Class NI USD 0.20% Class P CHF hedged 0.25% Class P Euro hedged 0.25% Class P GBP hedged 0.25% Class P USD 0.25% Class W CHF hedged N/A Class WD Euro hedged N/A Class WD GBP hedged N/A Class WD USD N/A

The amount of distribution fees charged during the financial year and outstanding at the reporting date are presented in the Statement of Comprehensive Income and the Statement of Financial Position. Certain fees charged which may have been over-accrued as at year end may be reversed in the normal course of reviews in the year ended 31 December 2017.

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11 Auditor’s remuneration

Remuneration for work carried out for the Company in respect of the financial year by the statutory audit firm Deloitte is as follows: Financial year ended Fianncial year ended 31 December 2016 31 December 2015

Auditors remuneration USD USD Statutory audit fees 82,258 113,644 Other assurance services - - Tax advisory - - Other non-audit services - -

82,258 113,644

12 Share capital

The Company is structured as an umbrella fund and may consist of different Funds each comprising one or more classes of shares. The Company’s capital is represented by the participating shares outstanding. The capital of each Fund shall at all times equal its net asset value (“NAV”). The objective of the Company is to efficiently deploy the capital of different Funds to different investment strategies in order to enjoy the benefits of each distinct investment strategy. The Company strives to invest the subscriptions of redeemable participating shares in investments that meet the Company’s investment objectives while maintaining sufficient liquidity to meet shareholder redemptions. The terms and conditions applicable to an application for the issue of Shares in a Fund may vary by Class from Fund to Fund. Authorised The authorised share capital of the Company is: ▪ 2 redeemable non-participating voting subscriber shares of no par value; ▪ 299,998 redeemable non-participating non-voting management shares of no par value; and ▪ 500,000,000,000 participating shares of no par value (the “participating shares”).

Non-participating shares do not entitle the holders thereof to any dividend and on a winding up entitle the holders thereof to receive the consideration paid thereof but do not otherwise entitle them to participate in the assets of the Company. There are two voting non-participating shares currently in issue, which were taken by the subscribers to the Company. Every shareholder or holder of voting non-participating shares present in person or by proxy who votes on a show of hands shall be entitled to one vote. Issued Movement in participating shares for the period ending 31 December 2016 was as follows:

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12 Share capital (continued)

Issued (continued) R Parus Fund

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class of the period issued in redeemed out period C USD 922,882 434,009 - (359,243) - 997,648 C Euro hedged 557,641 1,054,367 - (703,124) (3,746) 905,138 I Euro hedged 3,115,633 3,408,810 3,552 (2,467,521) (232) 4,060,242 I Euro unhedged 328,809 124,357 - (226,037) - 227,129 I CHF hedged 51,492 101,171 - (37,689) - 114,974 I GBP hedged 23,255 110,351 - (15,620) (704) 117,282 I USD 270,537 999,344 923 (646,642) - 624,162

R BlackRock Select Fund

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class of the period issued in redeemed out period C USD hedged 33,754 - - (20,593) - 13,161 C Euro 707,385 62,351 - (626,638) (6,868) 136,230 F Euro 32,455 126 - (20,113) - 12,468 I Euro 360,846 13,200 6,806 (320,459) - 60,393

R Intrinsic Value Europe Fund

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class of the period issued in redeemed out period F Euro 731,632 135,947 - (189,770) - 677,809 F GBP unhedged 1,376,766 377,529 - (491,057) - 1,263,238

R CFM Diversified Fund

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class of the period issued in redeemed out period I Euro 117,894 2,999,177 8,570 (456,840) (34,910) 2,633,891 M Euro 205,384 274,567 - (128,070) - 351,881 NI Euro 1,254,198 - - (162,133) - 1,092,065 NC Euro 322,743 - - (45,364) - 277,379 R Euro 173,229 188,419 30,307 (186,199) - 205,756 C Euro 15,235 996,727 - (156,626) (9,000) 846,336 I USD hedged 36,143 611,379 6,355 (92,899) (2,940) 558,038 NI GBP 103,506 - - (27,076) - 76,430 I CHF - 181,876 2,882 (16,516) - 168,242 I GBP - 370,309 - (35,910) - 334,399 F Euro - 17,729 - (1,011) - 16,718

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Issued (continued) R 2020 Fund

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class of the period issued in redeemed out period C Euro 597,660 191,529 - (96,647) - 692,542 D Euro 217,207 51,435 - (20,000) - 248,642 I Euro 178,351 224,439 - - - 402,790

R Karya Macro Fund

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class of the period issued in redeemed out period NI USD - 133,037 21,672 (8,556) - 146,153 NI Euro - 379,755 - (64,646) (19,000) 296,109 I Euro - 2,000 - - - 2,000 NC Euro - 16,572 - - - 16,572

R CFM Trends Fund

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class of the period issued in redeemed out period WD USD - 165,610 - - (10,250) 155,360 WD GB - 933,860 8,308 - (50,170) 891,998 I Euro - 10 - - - 10 WD EUR - 67,209 59,132 - - 126,341 M EUR - 1,000 - - - 1,000

Movement in participating shares for the period ending 31 December 2015 was as follows: R Parus Fund

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class of the period issued in redeemed out period C USD 666,172 412,476 55,815 (174,643) (36,938) 922,882 C Euro hedged 430,526 505,293 20,380 (275,788) (122,770) 557,641 I Euro hedged 1,023,241 2,310,346 67,441 (238,617) (46,778) 3,115,633 I Euro unhedged 437,463 155,481 20,766 (284,901) - 328,809 I CHF - 51,492 - - - 51,492 I GBP hedged - 23,255 - - - 23,255 I USD - 221,208 53,329 (4,000) - 270,537

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Issued (continued) R BlackRock Select Fund

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class of the period issued in redeemed out period C USD hedged 103,941 41,911 1 (112,099) - 33,754 C Euro 620,009 396,908 - (302,032) (7,500) 707,385 F Euro 51,090 68,640 - (87,274) (1) 32,455 I Euro 256,176 207,769 7,457 (110,556) - 360,846


Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class of the period issued in redeemed out period F Euro 624,254 293,694 - (186,316) - 731,632 F GBP unhedged 753,032 675,435 149,506 (51,701) (149,506) 1,376,766


Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class of the period issued in redeemed out period I Euro 2,000 187,885 9,162 (28,500) (52,654) 117,894 M Euro - 207,020 - (1,636) - 205,384 NI Euro 179,003 1,298,030 57,298 (33,769) (246,364) 1,254,198 NC Euro - 378,918 (41,940) (14,234) 322,744 R Euro - 60,533 259,692 (146,996) - 173,229 C Euro - 43,303 (28,069) - 15,235 I USD hedged - 36,143 - - - 36,143 NI GBP - 103,506 - - - 103,506

R 2020 Fund

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class of the period issued in redeemed out period C Euro - 647,739 - (50,079) - 597,660 D Euro - 244,057 - (26,850) - 217,207 I Euro - 180,644 - (2,293) - 178,351

Net asset value per share at 31 December 2015 is disclosed in note 22.

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 13 Financial instrument disclosures and associated risks

The Investment Manager is responsible for the management of the investment of the assets of the Company in accordance with the investment objectives and policies described in the prospectus. The Investment Manager has appointed Trading Advisors for the management of assets of the Funds. The Investment Manager has specified the parameters within which the Trading Advisors are to manage assets allocated to them, and in particular, has specified the investment objective, investment strategy and restrictions that are applicable to such assets.

The strategies of the Funds are implemented by the Trading Advisors. The Trading Advisors are responsible for the discretionary investment management of the Funds, subject to the terms of the offering supplements and the Trading Advisory Agreements. Details of the Trading Advisor and the investment objective and policies for each of the Funds are disclosed in the offering supplements. The Funds are exposed to market, credit, and liquidity risk arising from the financial instruments they hold. The nature and the extent of the financial instruments outstanding at the reporting date are set out in the portfolio statements and the risk management policies employed to manage these risks are detailed below. Risk is measured and managed by the Investment Manager and Trading Advisors for the Funds.

(a) Market risk Market risk is the risk that the fair value of financial assets or liabilities will fluctuate because of changes in, amongst other things, foreign exchange rates, interest rates and other prices. The approach to the management of market risk is driven by the investment objective of the Funds.

The Fund’s portfolios are susceptible to market price risk arising from uncertainties about future prices. Price movements can be volatile and are influenced by, among other things, changing supply and demand relationships, government trade and fiscal policies, national and international political and economic events and changes in exchange rates and interest rates.

The Funds may invest in securities denominated in currencies other than their reporting currency. Consequently, the Funds are exposed to risks that the exchange rate of the investing currency, relative to the reporting currency may move in a manner that may have a favourable or unfavourable effect on the value of the Fund’s assets.

The Funds are subject to exposure to cash flow interest rate risk due to fluctuations in the prevailing levels of market interest rates affecting the amount of interest income and expense arising on cash and broker balances and debt instruments held.

The management of risk is an integral part of the trading programme adopted by the Company.

Risk is measured and managed by the Investment Manager and Trading Advisors for the Funds.

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13 Financial instrument disclosures and associated risks (continued)

(a) Market risk (continued) The Funds market risk is managed on a daily basis by the Investment Manager, supported by the Trading Advisors, using a daily Value-at-Risk (“VaR”) limit. VaR is a widely accepted risk measurement concept that uses statistical models to estimate, within a given level of confidence, the maximum loss that the Funds would experience from an adverse 1-day movement in market rates and prices. The VaR measured are based on a 99% confidence level. The VaR is processed using an historical simulation of the previous 2 financial years of trading days. The VaR limit and VaR usage at 31 December 2016 and 2015 for each Fund are set out in the following table.

Fund VaR Limit VaR Usage 2016 2015 2016 2015

R Parus Fund 3.60% 3.60% 1.15% 1.30% R BlackRock Select Fund 1.40% 1.40% 0.65% 0.70% R Intrinsic Value Europe Fund 3.66% 3.66% 2.44% 2.11% R CFM Diversified Fund 1.40% 1.40% 1.96% 1.45% R 2020 Fund 1.47% 1.47% 0.29% 0.52% R Karya Macro Fund 4.47% - 2.29% - R CFM Trends 2.10% - 2.10% -

The Investment Manager is responsible for calculating the VaR of the Funds and for monitoring the Trading Advisor’s compliance within set limits. The concept of VaR has a number of practical advantages and disadvantages. Advantages are that it quantifies potential losses in simple terms (e.g. a 1% chance of a loss exceeding $1 million), and has met with approval from various regulatory bodies concerned with the risks faced by financial institutions. Limitations include estimation difficulties, and sensitivity to estimation methods used; a tendency to underestimate worst-case outcomes; it paints an incomplete picture of a distribution. The models are based on historical data and cannot take account of the fact that future market price movements, correlations between markets and levels of market liquidity in conditions of market stress may bear no relation to historical patterns. The market price risk information is a relative estimate of risk rather than a precise and accurate number. The market price information represents a hypothetical outcome and is not intended to be predictive (in the case of probability-based methods, such as VaR, profits and losses are almost certain to exceed the reported amount with a frequency depending on the confidence interval chosen); and future market conditions could vary significantly from those experienced in the past.

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 13 Financial instrument disclosures and associated risks (continued)

(a) Market risk (continued)

The following table details the Fund’s maximum, minimum and average VaR for the financial years ended 31 December 2016 and 2015.

Fund Maximum VaR Minimum VaR Average VaR 2016 2015 2016 2015 2016 2015

R Parus Fund 2.46% 1.75% 0.96% 1.02% 1.37% 1.39% R BlackRock Select Fund 0.90% 0.75% 0.58% 0.41% 0.69% 0.58% R Intrinsic Value Europe Fund 2.62% 2.19% 2.06% 1.51% 2.47% 1.78% R CFM Diversified Fund 2.12% 2.68% 0.67% 0.75% 1.31% 0.99% R 2020 Fund 0.62% 0.57% 0.26% 0.23% 0.44% 0.39% R Karya Macro Fund 8.96% - 0.79% - 1.92% - R CFM Trends 2.10% - 0.00% - 0.78% -

The Company has certain investment and borrowing restrictions in place in order to manage the Fund’s exposures and comply with Central Bank requirements. The Investment Manager ensures that the Fund’s portfolios remain in line with these restrictions.

The Trading Advisors may only invest in authorised instruments, within specified concentration limits, and with certain restrictions on borrowing and lending.

Currency risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

The Funds may invest in financial instruments and enter into transactions denominated in currencies other than its functional currency. Consequently, the Funds are exposed to the risk that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse affect on the value of that portion of the Fund’s assets or liabilities denominated in currencies other than USD or EUR.

The Funds may utilise forward currency contracts for the purposes of portfolio and/or share class hedging.

The currency exposure of the Funds is outlined in the tables below and overleaf. The amounts disclosed represent the fair value exposure of the assets and liabilities at the reporting date.

R Parus Fund

Currency Assets

Fair value at 31 December

2016

USD


2015

USD

Euro (EUR) (31,430,417) 16,323,665

British Pound (GBP) (12,847,224) 14,982,324

Australian Dollar (AUD) (5,184,801) (1,963,126)

Canadian Dollar (CAD) - 1,235,718

Swiss Franc (CHF) - (12,313)

Net exposure (49,462,442) 30,566,268

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(a) Market risk (continued) Currency risk (continued) R Parus Fund (continued) Additional currency risk arises from R Parus Fund’s share classes. Class C Euro hedged, Class I Euro hedged and Class I Euro unhedged shares are denominated in currencies other than USD and are therefore exposed to currency fluctuations. It is R Parus Fund’s intention to hedge the currency exposure of holders of the Class C Euro hedged and Class I Euro hedged shares to the R Parus Fund’s base currency through the utilisation of forward currency contracts. The Class I Euro unhedged share class is not hedged. R BlackRock Select Fund At 31 December 2016 and 2015, the majority of R BlackRock Select Fund’s financial assets and liabilities at fair value through profit or loss are traded in EUR, which is the R BlackRock Select Fund’s functional currency. As the R BlackRock Select Fund’s assets and liabilities are predominately denominated in the functional currency the Fund is not exposed to material currency risk. R Intrinsic Value Europe Fund Currency Assets


2016

EUR


2015

EUR

British Pound (GBP) 61,016,717 54,059,465

Swiss Franc (CHF) 42,090,386 40,116,819

Swedish Krona (SEK) 3,971,482 12,405,077

Norwegian Krona (NOK) 18,323,671 8,166,439

Hungarian Forint (HUF) 1,508,281 1,679,850

Danish Krona (DKK) - 3,318,283

Croatian Kuna (HRK) - 2,173,889

Net exposure 126,910,537 121,919,822

R CFM Diversified Fund As at 31 December 2016 and 2015, the majority of R CFM Diversified Fund’s financial assets and liabilities at fair value through profit or loss are traded in EUR, which is the R CFM Diversified Fund’s functional currency. As the R CFM Diversified Fund’s assets and liabilities are predominately denominated in the functional currency the Fund is not exposed to material currency risk.

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(a) Market risk (continued) Currency risk (continued) R 2020 Fund Currency Assets


2016 EUR


2015

EUR

US Dollar (USD) 73,730,308 60,051,029

R CFM Trends Fund As at 31 December 2016 and 2015, the majority of R CFM Trends Fund’s financial assets and liabilities at fair value through profit or loss are traded in EUR, which is the R CFM Trends Fund’s functional currency. As the R CFM Trends Fund’s assets and liabilities are predominately denominated in the functional currency the Fund is not exposed to material currency risk. R Karya Macro Fund Currency Assets


2016

EUR

British Pound (GBP) 335,937

Australian Dollar (AUD) 385,120

US Dollar (USD) 181,863,254

Japanese Yen (JPY) 408,212

New Zealand Dollar (NZD) 115,748

Net exposure 183,108,271

Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The tables overleaf detail the Fund’s exposure to interest rate risks at 31 December 2016.

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(a) Market risk (continued) Interest Rate Risk (continued) R Parus Fund

All amounts stated in USD Fixed / Non- Less than 1 month Greater interest

31 December 2016 1 month to 1 financial

year

than 1 financial

year bearing Total

Assets

Loans and receivables

Cash and cash equivalents 238,420,586 - - - 238,420,586

Balance due from brokers 177,359,534 - - - 177,359,534

Other receivables - - - 108,188 108,188

Financial assets at

fair value through profit or loss

Investment in equity instruments - - - 306,518,030 306,518,030

Investment in debt instruments 49,986,850 49,961,750 - - 99,948,600

Derivative financial assets - - - 10,948,389 10,948,389

Total assets 465,766,970 49,961,750 - 317,574,607 833,303,327 Liabilities

Derivative financial instruments - - - 7,016,271 7,016,271

Other liabilities

Balance due to brokers 64,893,688 - - - 64,893,688

Payable for securities purchased - - - 5,499,022 5,499,022

Trading advisor -

performance fees payable - - - 85,179 85,179

Distribution fees payable - - - 5,117,574 5,117,574

Trading advisor -

management fees payable - - - 1,610,159 1,610,159

Administration fees payable - - - 348,747 348,747

Investment manager fees payable - - - 256,910 256,910

Other payables and

accrued expenses - - - 433,663 433,663

Interest payable - - - 533,557 533,557

Depositary fees payable - - - 113,208 113,208

Audit fee payable - - - 12,402 12,402

Director’s fee payable - - - 12,449 12,449

Total Liabilities (excluding net assets attributable to participating shareholders) 64,893,688 - - 21,039,141

85,932,829

Total interest sensitivity gap 400,873,282 49,961,750 -

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Interest Rate Risk (continued) R BlackRock Select Fund Fixed / Non-

All amounts stated in EUR Less than 1 month Greater interest

31 December 2016 1 month to 1

financial year

than 1 financial

year bearing Total

Assets




Receivable for securities sold - - - 885,521 885,521

Other receivables - - - 1,165,496 1,165,496

Financial assets at


Investment in debt instruments 4,254,484 14,532,589 300,598 - 19,087,671

Derivative financial assets - - - 957,774 957,774

Total assets 9,662,484 14,532,589 300,598 3,008,791 27,504,462

Liabilities

Derivative financial instruments - - - 904,907 904,907

Other liabilities


Trading advisor -



Trading advisor -

management fees payable - - - 40,721 40,721



Other payables and





Directors’ fees payable - - - 14,881 14,881

Total Liabilities (excluding net assets attributable to participating shareholders) 1,274,456 - - 3,272,050 4,546,506

Total interest sensitivity gap 8,388,028 14,532,589 300,598

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Interest Rate Risk (continued) R Intrinsic Value Europe Fund All amounts stated in EUR Fixed / Non-

31 December 2016 Less than 1 month Greater interest

1 month to 1

financial year

than 1 financial

year bearing Total

Assets




Financial assets at



Investment in debt instruments - 18,130,581 - - 18,130,581

Total assets 22,986,700 18,130,581 - 254,044,422 295,161,703

Liabilities Financial liabilities at fair value through profit or loss


Other liabilities

Payable for securities purchased - - - 408,631 408,631

Trading advisor - - -




Other payables and


Interest payable - - - - -



Directors’ fees payable - - - - -

Total Liabilities (excluding net assets attributable to participating shareholders) - - -

1,296,264

1,296,264


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Interest Rate Risk (continued) R CFM Diversified Fund All amounts stated in EUR Less than 1 month Greater Non-interest


financial year

than 1 financial

year bearing Total

Assets




Receivable for securities sold - - - 8,960,702 8,960,702


Financial assets at fair value through

profit or loss



Total assets 558,096,138 180,214,950 - 74,711,713 813,022,801

Liabilities

Financial liabilities at fair value through

profit or loss


Other liabilities


Trading advisor -




Trading advisor -

management fees payable - - - 1,782,268 1,782,268



Other payables and


Interest payable - - - 4,363,566 4,363,566





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(a) Market risk (continued) Interest Rate Risk (continued) R 2020 Fund

All amounts stated in EUR Less than 1 month Greater Non-interest


financial year

than 1 financial

year bearing Total

Assets







profit or loss

Investment in equity instruments - - - 30,287 30,287

Investment in debt instruments 475,824 246,784 122,733,283 - 123,455,891


Total assets 11,726,122 246,784 122,733,283 7,666,732 142,372,921

Liabilities


profit or loss


Other liabilities


Distribution fees payable - - - 354,026 354,026

Trading advisor -




Other payables and





Total Liabilities (excluding net assets attributable to participating shareholders) - - -

4,825,079

4,825,079

Total interest sensitivity gap 11,726,122 246,784 122,733,283

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(a) Market risk (continued) Interest Rate Risk (continued) R Karya Macro Fund



financial year

than 1 financial

year bearing Total

Assets


Cash and cash equivalents (3,347,957) - - - (3,347,957)





profit or loss

Investment in debt instruments - - 175,804,333 - 175,804,333


Total assets 24,119,658 - 175,804,333 13,091,035 213,015,026

Liabilities


profit or loss


Other liabilities


Trading advisor -

performance fees payable - 20,885 20,885

Balance due to broker 19,926,096 - - - 19,926,096



Other payables and


Depositary fees payable -

Interest payable - - - 3,904,302 3,904,302


Director’s fee payable - - - 3,214 3,214


Total interest sensitivity gap 4,193,562 - 175,804,333

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(a) Market risk (continued) Interest Rate Risk (continued) R CFM Trends



financial year

than 1 financial

year bearing Total

Assets






profit or loss


Total assets 93,455,746 - - 47,216,097 140,671,843

Liabilities


profit or loss


Other liabilities

Balance due to brokers 63,056 - - - 63,056


Trading advisor -



Investment manager fees payable - - - 2 2

Other payables and


Depositary fees payable - - - - -


Director’s fee payable - - - 916 916

Total Liabilities (excluding net assets attributable to participating shareholders) 63,056 - -

3,206,976

3,270,032

Total interest sensitivity gap 93,392,594

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Interest Rate Risk (continued) The following tables detail the Fund’s exposure to interest rate risks at 31 December 2015.

R Parus Fund

All amounts stated in USD Fixed / Non-


1 month to 1

financial year

than 1 financial

year bearing Total

Assets




Receivable for securities sold - - - - -


Financial assets at



Investment in debt instruments - 59,988,840 - - 59,988,840


Total assets 406,667,067 59,988,840 - 300,956,624 767,612,531 Liabilities


profit or loss


Other liabilities

Balnce due to brokers 9,909,280 - - - 9,909,280

Payable for securities purchased - - - - -

Trading advisor -

performance fees payable - - - 13,579,460 13,579,460


Trading advisor -




Other payables and





Director’s fee payable - - - 12,005 12,005 Total Liabilities (excluding net assets attributable to participating shareholders)

9,909,280

-

- 29,615,983 39,525,263

Total interest sensitivity gap 396,757,787 - -

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Interest Rate Risk (continued)

R BlackRock Select Fund Fixed / Non-

All amounts stated in EUR Less than 1 month Greater interest


financial year

than 1 financial

year bearing Total

Assets






Financial assets at

fair value through profit or loss - - - 76,459 76,459

Investment in equity instruments

Investment in debt instruments 9,135,132 85,395,671 3,129,073 - 97,659,876


Total assets 31,186,784 85,395,671 3,129,073 9,443,803 129,155,331

Liabilities


profit or loss


Other liabilities


Trading advisor -




Trading advisor -




Other payables and





Directors’ fees payable - - - 14,918 14,918


Total interest sensitivity gap 27,421,065 85,395,671 3,129,073

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Interest Rate Risk (continued)

R Intrinsic Value Europe Fund All amounts stated in EUR Fixed / Non-


1 month to 1

financial year

than 1 financial

year bearing Total

Assets





Financial assets at




Total assets 22,129,671 24,830,102 - 239,713,002 286,672,775

Liabilities

Other liabilities


Trading advisor -




Other payables and


Interest payable - - - - -



Directors’ fees payable - - - (4,358) (4,358)

Total Liabilities (excluding net assets attributable to participating shareholders) - - - 851,573 851,573


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(a) Market risk (continued) Interest Rate Risk (continued)



31 December 2015 1 month to 1 financial

year

than 1 financial

year bearing Total

Assets







profit or loss



Total assets 197,738,283 62,038,476 - 20,388,519 280,165,278

Liabilities


profit or loss


Other liabilities


Trading advisor -




Trading advisor -




Other payables and

accrued expenses - - - (983) (983)




Directors’ fees payable - - - - -


Total interest sensitivity gap 191,194,608

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(a) Market risk (continued) Interest Rate Risk (continued)

R 2020 Fund



financial year

than 1 financial

year bearing Total

Assets







profit or loss

Investment in debt instruments - 456,724 88,418,920 - 88,875,644


Total assets 4,552,100 456,724 88,418,920 1,823,495 95,251,239

Liabilities


profit or loss


Other liabilities


Distribution fees payable 416,903 416,903

Trading advisor -




Other payables and




Director’s fee payable - - - (2,915) (2,915) Total Liabilities (excluding net assets attributable to participating shareholders) - - - 2,853,938 2,853,938

Total interest sensitivity gap 4,552,100 - -

Other price risk Other price risk is the risk that the value of an instrument will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer or all factors affecting all instruments traded in the market.

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13 Financial instrument disclosures and associated risks (continued)


Other price risk (continued) Short positions held by the Funds are exposed to a potentially infinite level of price risk. In order to meet the respective Fund’s investment objective, the Trading Advisors apply a disciplined investment and risk management approach. The Trading Advisors have flexibility to invest across a number of markets and asset classes. A portion of each Fund's assets may be held in cash or cash equivalents for use as collateral or as part of the investment objective depending upon the market cycle and investment decision process. The Trading Advisors seek to structure a diversified multi-asset class portfolio, subject to pre-defined concentration and liquidity limits and risk mitigation parameters. Exposure and counterparty management is managed to enhance cash balances and mitigate counterparty risks. Portfolio positions and associated hedges are identified and constructed through internally generated analysis and the use of primary data such as company level data, market share, market prices, production, consumption, price or credit data. R Parus Fund At 31 December 2016, the R Parus Fund’s investments in equity instruments categorised by industry sector are as follows:

31 December 2016

Fair value % of net Assets USD assets Equities Information technology 226,694,629 30.34%

Consumer, discretionary 44,028,535 5.89%

Financial 23,313,212 3.12%

Healthcare 12,481,654 1.67%

Government bonds 99,948,600 13.37% Total equities and bonds 406,466,630 54.39%

The R Parus Fund’s exposure to derivative financial instruments at 31 December 2016 are included in the portfolio statement on pages 144 - 146. R BlackRock Select Fund At 31 December 2016, the R BlackRock Select Fund’s investments in debt instruments and equities categorised by industry sector are as follows:

31 December 2016

Fair value % of net Assets EUR assets Corporate bonds Financial 17,405,692 75.82%

Government bonds 1,681,979 7.33% Total bonds 19,087,671 83.15%

The R BlackRock Select Fund’s exposure to derivative financial instruments at 31 December 2016 are included in the portfolio statement on pages 147 - 176.

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(a) Market risk (continued) Other price risk (continued) R Intrinsic Value Europe Fund At 31 December 2016, the R Intrinsic Value Europe Fund’s investments in equity and debt instruments categorised by industry sector are as follows:

31 December 2016

Fair value % of net Assets EUR assets Government bonds Sovereign government bonds 18,130,581 6.17%

Total government bonds 18,130,581 6.17%

Equities

Industrials 67,849,764 23.09%

Materials 58,423,614 19.88%


Financial 28,063,916 9.55%

Consumer, staples 27,740,120 9.44%

Health Care 5,684,000 1.93%

Information technology 4,138,522 1.41% Total equities 253,526,835 86.27%

R CFM Diversified Fund At 31 December 2016, the R CFM Diversified Fund’s investments in equity and debt instruments categorised by industry sector are as follows:

31 December 2016



The R CFM Diversified Fund’s exposure to derivative financial instruments at 31 December 2016 are included in the portfolio statement on pages 180 – 243.

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(a) Market risk (continued) Other price risk (continued) R 2020 Fund At 31 December 2016, the R 2020 Fund’s investments in debt instruments categorised by industry sector are as follows:

31 December 2016

Fair value % of net Assets EUR assets Equities Oil & gas 30,287 0.02%

Corporate bonds 120,867,039 87.87%

Government bonds

Sovereign government bonds 2,588,852 1.88% Total bonds 123,486,178 89.77%

The R 2020 Fund’s exposure to derivative financial instruments at 31 December 2016 are included in the portfolio statement on pages 244 - 252.

R Karya Macro Fund At 31 December 2016, the R Karya Macro Fund’s investments in debt instruments and exchange traded funds categorised by industry sector are as follows:

31 December 2016

Fair value % of net Assets EUR assets

Corporate bonds 150,906,195 336.63%

Government bonds

Sovereign government bonds 24,898,138 55.54%

Total bonds 175,804,333 392.17%

The R Karya Macro Fund’s exposure to derivative financial instruments at 31 December 2016 are included in the portfolio statement on pages 253 - 258. R CFM Trends At 31 December 2016, the R CFM Trends Fund had no investments in debt or equity instruments. The R CFM Trends Fund’s exposure to derivative financial instruments at 31 December 2016 are included in the portfolio statement on pages 259 - 260.

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(a) Market risk (continued) Other price risk (continued) R Parus Fund At 31 December 2015, the R Parus Fund’s investments in equity instruments categorised by industry sector are as follows:

31 December 2015

Fair value % of net Assets USD assets Equities Information technology 129,090,146 17.73%


Financial 48,977,764 6.73%

Private placement 18,026,271 2.48% Total equities 270,128,083 37.11%

R BlackRock Select Fund At 31 December 2015, the R BlackRock Select Fund’s investments in debt instruments and contracts for difference categorised by industry sector are as follows:

31 December 2015

Fair value % of net Assets EUR assets Corporate bonds Financial 94,951,120 80.78%

Governmemt bonds 2,708,756 2.30%

Equities

Industrials 76,459 0.07% Total corporate bonds 97,736,335 83.15%

R CFM Diversified Fund At 31 December 2015, the R CFM Diversified Fund’s investments in equity and debt instruments categorised by industry sector are as follows:

31 December 2015



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(a) Market risk (continued) Other price risk (continued) R Intrinsic Value Europe Fund At 31 December 2015, the R Intrinsic Value Europe Fund’s investments in equity and debt instruments categorised by industry sector are as follows:

31 December 2015



Equities

Industrials 59,962,169 20.98%

Materials 59,393,813 20.78%


Financial 36,527,155 12.78%

Consumer, staples 33,213,005 11.62%

Health Care 5,341,705 1.87%

Energy 2,329,669 0.82% Total equities 238,494,087 83.45%

R 2020 Fund At 31 December 2015, the R 2020 Fund’s investments in debt instruments categorised by industry sector are as follows:

31 December 2015

Fair value % of net Assets EUR assets Corporate bonds 85,470,430 92.50%

Government bonds

Sovereign government bonds 3,405,114 3.69% Total corporate bonds 88,875,544 96.19%

The Platform Advisor acts as a risk monitor to the Investment Manager. Should the Investment Manager become aware of any breach in the applicable investment restrictions, the Investment Manager will immediately take appropriate action.

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(b) Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation whether through insolvency, bankruptcy or other causes. Credit risk comprises issuer risk, replacement risk, settlement risk, concentration risk and country risk. Issuer risk is the risk of loss due to the default or credit deterioration of an issuer of instruments or due to the incapacity of a counterparty to honour its commitments before the transaction terminates. Replacement risk is the risk of a loss due to the counterparty’s failure or unwillingness to perform on a contract or agreement during the life of a transaction. Settlement risk is the risk of loss when a Fund meets its obligation under a contract or agreement, through the advance of funds or securities, before receipt of the counterparty’s payment or securities. At 31 December 2016, the maximum credit risk exposure in the event of default is represented by the carrying amounts of financial assets per the statement of financial position. The financial assets which subject the Funds to credit risk consist of cash and investments in equity instruments, debt instruments and derivative instruments. Cash and cash collateral held as cover against the Fund’s margin liabilities with the brokers, and cash assets held on deposit with the Depositary also expose the Funds to credit risk. The replacement risk is equal to the potential replacement cost of the transaction or portfolio of transactions estimated over the life of the contract. The replacement risk in a transaction is calculated as the current mark-to-market (MTM) exposure, which is the current replacement cost of the transaction. In aggregating replacement risk exposures to a single counterparty, legally enforceable netting agreements and similar credit risk enhancements are fully reflected in the exposure measurement, to ensure that realistic measures of counterparty exposure are reported. The Funds equity instruments are held either directly with the Depositary or with one of the sub-Depositaries. These assets are held distinct and separately from the proprietary assets of the Depositary/sub-Depositaries. Securities are clearly recorded to ensure they are held on behalf of the Fund. Bankruptcy or insolvency of the Depositary, one of its agents or affiliates, and/or a sub-Depositary may cause the Fund’s rights with respect to the securities held to be delayed. The R Parus Fund, the R BlackRock Select Fund, the R Intrinsic Value Europe Fund, the R CFM Diversified Fund, the R 2020 Fund and the R Karya Macro Fund hold investments in debt instruments. The Funds are therefore exposed to the credit risk of the issuers. The Investment Manager sets limits on the nature of the securities in which the Funds may invest.

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(b) Credit risk (continued) For R BlackRock Select Fund, at the time of purchase all securities must have a minimum credit rating of A-2 or P-2 (short term) by Standard and Poors and Moody’s respectively, or BBB or Baa1 (long term) by Standard and Poors and Moody’s respectively. The R BlackRock Select Fund may not invest in securities that are unrated. The R Intrinsic Value Europe Fund is only permitted to invest in sovereign government bonds issued by sovereigns in Europe or which are considered developed. The R Intrinsic Value Europe Fund is not permitted to invest in emerging market sovereign government bonds, or corporate bonds. The R Karya Macro Fund may not invest more than 20% of it’s NAV in securities that are rated below BBB- by Standard & Poor’s or the equivalent by another major credit agency. The R 2020 Fund may not invest more than 10% of it's NAV in debt securities that are rated below CCC by Standard & Poor’s or the equivalent by another major credit agency. The R 2020 Fund must also limited its exposure to corporate bonds issued by companies in the financial sector to 50% of it’s NAV and companies in the energy sector to 30% of it’s NAV. The Investment Manager monitors the exposure of the Funds to each counterparty and sets limits on the exposure allowed. The credit exposure of a trade is assessed according to the current mark-to-market value (“MTM limit”). Each derivative counterparty has a current MTM limit of 15% of net asset value per trade. The Investment Manager monitors the exposure of the Funds to each counterparty and sets limits on the exposure allowed. Such credit risk monitoring permits the ongoing assessment of each Fund’s aggregate credit exposures, and also facilitates the identification and resolution of any breach of restrictions in respect of credit risk in a timely manner. Effective exposure monitoring and management is achieved through the following: • Aggregating actual client entity exposures across all on and off balance sheet

transactions/positions across each Fund. Risk measurement also permits the disaggregation of credit risk exposures by client, group of related/financially interdependent accounts, instrument or trading unit;

• Monitoring of exposures against limits established by the Investment Manager; and • Reporting and analysing of reports detailing exceptions to credit risk limits on a daily basis.

The Platform Advisor also outlines the reasons for exceeding the credit risk limits and, if required, proposes actions to resolve the exceeding amount.

The credit exposure of a trade is assessed according to the current mark-to-market value (“MTM limit”). Each derivative counterparty has a current MTM limit of 15% of net asset value per trade. The R Parus Fund, the R BlackRock Select Fund, R 2020 Fund, R Karya Macro Fund and the R CFM Diversified Fund engage in the trading of OTC derivative instruments. As at 31 December 2016, Swaps entered into by R Karya Macro Fund (Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC), R CFM Diversified Fund and R CFM Trends Fund (Barclays Capital Inc. and Deutsche Bank Securities Inc.) are centrally cleared. All other OTC derivatives are uncleared. The brokers hold the Fund’s open derivatives positions and cash as collateral in respect of those positions. Disclosures in respect of cash collateral are included in note 6. Open derivative positions are disclosed in the portfolio statements of the Funds.

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(b) Credit risk (continued) No securities have been pledged or received as collateral as at 31 December 2016.

The Fund’s open positions in respect of OTC derivatives are held in the Company’s account on the counterparty’s books.

The brokers shall treat funds they receive from the Company or hold on the Company’s behalf pursuant to the ISDA Master Agreements as a debt due from the brokers to the Company and will be received by the brokers with title and full ownership transference. In the event of a broker’s insolvency, the Company will rank as an unsecured creditor of such broker in respect of such funds. The Investment Manager monitors the credit rating of the brokers. In the event of deterioration in the credit standing of the brokers, the Investment Manager will consider dealing with another provider. The credit ratings of the Fund’s Brokers, as determined by Standard and Poors*, are as follows: 31 December 2016 31 December 2015 Morgan Stanley & Co International A+ A Credit Suisse A A Barclays Bank Plc A- A- Deutsche Bank AG BBB+ BBB+ Nomura International Plc A A- Merrill Lynch International A+ A HSBC Bank Plc A AA- Allianz SE AA AA

*the credit ratings relate to Standard and Poor’s ratings of the entity or its ultimate parent(s)

Cash and cash equivalents comprises balances held with/(due from) the Depositary and investments in money market funds: Cash held at

Depositary 31 December 2016

Cash held at Custodian

31 December 2015 R Parus Fund USD238,420,586 USD 108,390,454 R BlackRock Select Fund EUR 3,533,812 EUR 9,703,286 R Intrinsic Value Europe Fund EUR 22,986,700 EUR 14,403,447 R CFM Diversified Fund EUR 143,957,000 EUR 28,738,435 R 2020 Fund EUR 3,292,194 EUR 3,140,979 R Karya Macro Fund EUR (3,347,957) - R CFM Trends Fund USD80,246,531 -

For cash assets held with State Street Custodial Services (Ireland) Limited, the cash is held in an account at State Street Bank and Trust Company. Cash deposited with the Depositary is deposited as banker and is held on its balance sheet. Accordingly, in accordance with usual banking practice, the Depositary’s liability to the Fund in respect of such cash deposits shall be that of debtor and the Company will rank as a general creditor of the Depositary.

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(b) Credit risk (continued) State Street Custodial Services (Ireland) Limited and State Street Bank and Trust Company are both wholly owned subsidiaries of State Street Corporation. The credit rating of State Street Corporation, as determined by Standard and Poors, is AA- (2015: A). For R Parus Fund, unencumbered cash at end of day is swept into an overnight deposit account in order to earn interest. The overnight deposit account is held with the Cayman Islands branch of State Street Bank Company. At 31 December 2016, the R CFM Diversified Fund holds a cash collateral balance with Deutsche Bank AG amounting to EUR Nil (2015: EUR 12,863,956). The credit rating of Deutsche Bank AG, as determined by Standard and Poors, is BBB+. At 31 December 2016, the R Parus Fund, R 2020 Fund, R CFM Diversified Fund and the R BlackRock Select Fund each hold an investment in Institutional Cash Series PLC amounting to USD55,371,295 (2015:USD61,021,104), EUR 121 (2015: EUR 121), EUR 56,824,793 (2015: EUR 19,990,470) and EUR 32,656 (2015: EUR 3,371,094) respectively. The credit rating of BlackRock ICS Fund, as determined by Standard and Poors, is AAAm (2015: AAAm). At 31 December 2016, the R Parus Fund and the R CFM Diversified Fund hold a short term deposit with BNP Paribas amounting to USD NIl (2015: USD100,032,932) and EUR Nil (2015: EUR 40,000,000) respectively and the R Parus Fund holds a short term deposit with National Bank of Canada amounting to USDNil (2015: USD75,026,555). At 31 December 2016, the R BlackRock Select Fund holds short term deposits with Standard Chartered and commercial paper issued by Honeywell International amounting to USDNil (2015: USD2,599,937) and USDNil (2015: USD765,009) respectively. The credit ratings of National Bank of Canada, BNP Paribas, Standard Chartered Bank and Honeywell International as determined by Standard & Poor’s, are all A. (b) Liquidity Risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The R Parus Fund’s offering supplement provides for the weekly creation and cancellation of shares. The R BlackRock Select Fund, the R Intrinsic Value Europe Fund, the R CFM Diversified Fund, R Karya Macro Fund, R CFM Trends Fund and the R 2020 Fund’s offering supplements provides for the fortnightly creation and cancellation of shares. Therefore, they are exposed to the liquidity risk of meeting shareholder redemptions on a weekly and fortnightly basis. The Fund's liabilities as of 31 December 2016 are short term in nature.

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(c) Liquidity Risk (continued)

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The R Parus Fund’s offering supplement provides for the weekly creation and cancellation of shares. The R BlackRock Select Fund, the R Intrinsic Value Europe Fund, the R CFM Diversified Fund R 2020 Fund, R CFM Trends Fund and the R Karya Macro Fund’s offering supplements provides for the fortnightly creation and cancellation of shares. Therefore, they are exposed to the liquidity risk of meeting shareholder redemptions on a weekly and fortnightly basis. The Fund's liabilities as of 31 December 2016 are short term in nature. The following tables show the residual contractual, undiscounted cash flows of the Fund’s liabilities at 31 December 2016. R Parus Fund

All amounts stated in USD

31 December 2016

Less than 1

month

1-3

months

3 months to

1 financial

year

Greater than

1 financial

year

Financial liabilities

Other payables 78,916,558 - - -


profit or loss – held for trading

Derivative financial instruments 7,016,271 - - -

Net asset value attributable

to participating shareholders 747,370,498 - - -


All amounts stated in EUR

31 December 2016

Less than 1

month

1-3

months

3 months to

1 financial

year

Greater than

1 financial

year





Derivative financial instruments 826,114 9,469 69,324 -





31 December 2016

Less than 1

month

1-3

months

3 months to

1 financial

year

Greater than

1 financial

year





Derivative financial instruments 2,155 - - -



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(c) Liquidity Risk (continued)



31 December 2016

Less than 1

month

1-3

months

3 months to

1 financial

year

Greater than

1 financial

year





Derivative financial instruments 71,858,235 8,012,951 666,484 -



R 2020 Fund


31 December 2016

Less than 1

month

1-3 months 3 months

to 1

financial

year

Greater than

1 financial

year





Derivative financial instruments - - 425,383 -



R Karya Macro Fund


31 December 2016

Less than 1

month

1-3 months 3 months

to 1

financial

year

Greater than

1 financial

year





Derivative financial instruments 5,547,429 2,521,045 444,088 1,999,856



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(c) Liquidity risk (continued) R CFM Trends


31 December 2016

Less than 1

month

1-3 months 3 months

to 1

financial

year

Greater than

1 financial

year


Other payables 115,898 - - -



Derivative financial instruments 343,200 2,622,574 188,360 -



The following tables show the residual contractual, undiscounted cash flows of the Fund’s liabilities at 31 December 2015. R Parus Fund

All amounts stated in USD

31 December 2015

Less than 1

month

1-3 months 3 months

to 1

financial

year

Greater than

1 financial

year










31 December 2015

Less than 1

month

1-3 months 3 months

to 1

financial

year

Greater than

1 financial

year








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(c) Liquidity risk (continued) R Intrinsic Value Europe Fund


31 December 2015

Less than 1

month

1-3 months 3 months

to 1

financial

year

Greater than

1 financial

year







31 December 2015

Less than 1

month

1-3 months 3 months

to 1

financial

year

Greater than

1 financial

year








R 2020 Fund


31 December 2015

Less than 1

month

1-3 months 3 months

to 1

financial

year

Greater than

1 financial

year








A portion of the Fund’s assets are maintained as cash and cash equivalents and are available to meet unexpected redemptions. At 31 December 2016 and 2015, the Fund’s cash and cash equivalents represented the following percentages of the net assets of the Funds:

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(c) Liquidity risk (continued) Cash at

31 December 2016 Cash at

31 December 2015 [% of net assets] [% of net assets] R Parus Fund 31.90% 47.31% R BlackRock Select Fund 15.39% 13.99% R Intrinsic Value Europe Fund 7.82% 5.04% R CFM Diversified Fund 20.85% 41.87% R 2020 Fund 2.39% 3.40% R Karya Macro Fund (7.47)% - R CFM Trends 58.40% -

The Fund’s investment portfolios include instruments which are considered to be readily realisable as they are highly liquid at the time of trading. At 31 December 2016 and 2015, the Fund’s financial instruments that are liquid instruments represented the following percentages of the net assets of the Fund: Liquid assets at

31 December 2016 Liquid assets at

31 December 2015 [% of net assets] [% of net assets] R Parus Fund 55.63% 45.34% R BlackRock Select Fund 23.56% 83.15% R Intrinsic Value Europe Fund 86.27% 94.83% R CFM Diversified Fund 59.11% 38.18% R 2020 Fund 8.20% 96.19% R Karya Macro Fund 53.80% - R CFM Trends 68.02% -

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 14 Offsetting financial assets and liabilities

The Funds enter into derivative transactions under International Swaps and Derivatives Association (ISDA) master agreements. In general, under ISDA master agreements the amounts owed by each counterparty on a single day in respect of a single transaction outstanding in the same currency are aggregated into a single net amount that is payable by one party to the other. In certain circumstances – for example, when a credit event such as a default occurs – all outstanding transactions (or certain transactions, specified as “Affected Transactions”) under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of such transactions. ISDA master agreements can be amended to allow for multi-transactional, cross currency or cross product netting. Exchange-traded derivatives are subject to an enforceable master netting arrangement or similar agreement in that they are cleared under derivative clearing agreements. The ISDA master agreements and derivative clearing agreements do not meet the criteria for offsetting in the Statement of Financial Position, since the Company does not have a currently legally enforceable right to offset recognised amounts. Rather, the right of offset is enforceable only on the occurrence of future events such as a default of the counterparty or other credit events. The tables overleaf set out the carrying amounts of recognised financial instruments that are subject to these agreements. The columns “Related amounts not set off in the Statement of Financial Position” in the following tables discloses amounts with respect to derivative financial instruments which are subject to ISDA master arrangements but were not offset due to not meeting the net settlement/simultaneous settlement criteria or because the rights to set-off are conditional upon the default of the counterparty only. No disclosure is included in respect of R Intrinsic Value Europe Fund as the Fund holds no recognised financial assets and financial liabilities within scope of the disclosure requirements at the reporting date.

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 14 Offsetting financial assets and liabilities (continued)

R Parus Fund

31 December 2016 Gross amount Gross amount of Amounts of financial

of recognised recognised financial assets/liabilities

financial assets/liabilities set presented in the

assets/ off in the statement statement of financial

liabilities of financial position position

USD USD USD

Derivative financial assets

Morgan Stanley & Co. International 4,597,560 - 4,597,560

National Bank of Canada 4,250,880 - 4,250,880

State Street 2,099,949 - 2,099,949

Total derivative financial assets at fair value through profit or loss 10,948,389 - 10,948,389

Derivative financial liabilities

Morgan Stanley & Co. International (1,577,643) - (1,577,643)

National Bank of Canada (26,698) - (26,698)

State Street (5,411,930) - (5,411,930)

Total derivative financial liabilities at fair value through profit or loss (7,016,271) - (7,016,271)

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R Parus Fund (continued)

31 December 2016 Amounts of financial Related amounts not set off in

assets/liabilities

the Statement of Financial

Position

presented in the

statement of financial Financial Cash Net

position instruments collateral amount

USD USD USD USD


Morgan Stanley & Co. International 4,597,560 (1,577,643) (3,019,917) -

National Bank of Canada 4,250,880 (26,698) - 4,224,182

State Street 2,099,949 (2,099,949) - -

Total derivative financial assets at fair value through profit or loss 10,948,389 (3,704,290) (3,019,917) 4,224,182


Morgan Stanley & Co. International (1,577,643) 1,577,643 - -

National Bank of Canada (26,698) 26,698 - -

State Street (5,411,930) 2,099,949 3,311,981 -

Total derivative financial liabilities at fair value through profit or loss (7,016,271) 3,704,290 3,311,981 -

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USD USD USD


Morgan Stanley & Co. International 16,018,716 - 16,018,716

National Bank of Canada 10,239,810 - 10,239,810

State Street 4,442,886 4,442,886



Morgan Stanley & Co. International (5,301,371) (5,301,371)


State Street (3,743,268) (3,743,268)


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112




assets/liabilities


Position

presented in the



USD USD USD USD


Morgan Stanley & Co. International 16,018,716 (5,301,371) (9,909,280) 808,065

National Bank of Canada 10,239,810 (611,429) - 9,628,381

State Street 4,442,886 (3,743,268) - 699,618

Total derivative financial assets at fair value through profit or loss 30,701,412 (9,656,068) (9,909,280) 11,136,064


Morgan Stanley & Co. International (5,301,371) 5,301,371 - -

National Bank of Canada (611,429) 611,429 - -

State Street (3,743,268) 3,743,268

Total derivative financial liabilities at fair value through profit or loss (9,656,068) 9,656,068 - -

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USD USD USD


Merrill Lynch International 337,387 - 337,387

Morgan Stanley & Co International 300,535 - 300,535

HSBC Bank Plc 152,565 - 152,565

Deutsche Bank AG 35,960 - 35,960

Credit Suisse 105,642 - 105,642

State Street 25,685 - 25,685

Total derivative financial assets at fair value through profit or loss 957,774 - 957,774


Merrill Lynch International (283,827) - (283,827)

Morgan Stanley & Co International (381,544) - (381,544)

HSBC Bank Plc (100,552) - (100,552)

Deutsche Bank AG (22,484) - (22,484)

Credit Suisse (74,636) - (74,636)


State Street (32,395) - (32,395)

Total derivative financial liabilities at fair value through profit or loss (904,907) - (904,907)

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R BlackRock Select Fund (continued)


assets/liabilities the Statement of Financial Position

presented in the



USD USD USD USD


Merrill Lynch International 337,387 (283,827) (53,560) -

Morgan Stanley & Co International 300,535 (300,535) - -

HSBC Bank Plc 152,565 (100,552) (4) 52,009

Deutsche Bank AG 35,960 (22,484) (13,476) -

Credit Suisse 105,642 (74,636) (31,006) -

State Street 25,685 (25,685) - -

Total derivative financial assets at fair value through profit or loss 957,774 (807,719) (98,046) 52,009


Merrill Lynch International (283,827) 283,827 - -

Morgan Stanley & Co International (381,544) 300,535 - (81,009)

HSBC Bank Plc (100,552) 100,552 - -

Deutsche Bank AG (22,484) 22,484 - -

Credit Suisse (74,636) 74,636 - -

National Bank of Canada (9,469) - 9,469 -

State Street (32,395) 25,685 6,710 -

Total derivative financial liabilities at fair value through profit or loss (904,907) 807,719 16,179 (81,009)

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USD USD USD


Merrill Lynch International 2,215,824 - 2,215,824

Morgan Stanley & Co International 1,485,230 - 1,485,230

HSBC Bank Plc 1,016,772 - 1,016,772


Credit Suisse 864,828 - 864,828



Merrill Lynch International (2,060,318) - (2,060,318)

Morgan Stanley & Co International (1,626,823) - (1,626,823)

HSBC Bank Plc (309,545) - (309,545)

Deutsche Bank AG (538,774) - (538,774)

Credit Suisse (444,273) - (444,273)



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116





presented in the



USD USD USD USD


Merrill Lynch International 2,215,824 (2,060,318) (155,506) -

Morgan Stanley & Co International 1,485,230 (1,485,230) -

HSBC Bank Plc 1,016,772 (309,545) - 707,227

Deutsche Bank AG 363,843 (363,843) - -

Credit Suisse 864,828 (444,273) (420,555) -

Total derivative financial assets at fair value through profit or loss 5,946,497 (4,663,209) (576,061) 707,227


Merrill Lynch International (2,060,318) 2,060,318 - -

Morgan Stanley & Co International (1,626,823) 1,485,230 - (141,593)

HSBC Bank Plc (309,545) 309,545 - -

Deutsche Bank AG (538,774) 363,843 174,931 -

Credit Suisse (444,273) 444,273 - -

National Bank of Canada (69,426) - - (69,426)

Total derivative financial liabilities at fair value through profit or loss (5,049,159) 4,663,209 174,931 (211,019)

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USD USD USD


Barclays Bank Plc 36,398,186 - 36,398,186

Deutsche Bank AG 16,207,282 - 16,207,282

Nomura International Plc 5,821,648 - 5,821,648

National Bank of Canada 42,578 - 42,578

State Street 1,619,335 - 1,619,335



Barclays Bank Plc (55,428,687) - (55,428,687)

Deutsche Bank AG (18,394,099) - (18,394,099)

Nomura International Plc (4,864,067) - (4,864,067)


State Street (1,460,160) - (1,460,160)


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118


R CFM Diversified Fund (continued)



presented in the



USD USD USD USD


Barclays Bank Plc 36,398,186 (36,398,186) - -

Deutsche Bank AG 16,207,282 (16,207,282) - -

Nomura International Plc 5,821,648 (4,864,067) - 957,581

National Bank of Canada 42,578 (42,578) - -

State Street 1,619,335 (1,460,160) - 159,175

Total derivative financial assets at fair value through profit or loss 60,089,029 (58,972,273) - 1,116,756


Barclays Bank Plc (55,428,687) 36,398,186 19,030,501 -

Deutsche Bank AG (18,394,099) 16,207,282 2,186,817 -

Nomura International Plc (4,864,067) 4,864,067 - -

National Bank of Canada (390,657) 42,578 348,079 -

State Street (1,460,160) 1,460,160 - -

Total derivative financial liabilities at fair value through profit or loss (80,537,670) 58,972,273 21,565,397 -

INRIS UCITS PLC

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USD USD USD



Deutsche Bank AG 7,229,605 - 7,229,605


Nomura International Plc 1,902,670 - 1,902,670




Deutsche Bank AG (12,684,459) - (12,684,459)


Nomura International Plc (1,416,308) - (1,416,308)


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presented in the



USD USD USD USD



Deutsche Bank AG 7,229,605 (7,229,605) - -

National Bank of Canada 24,135 (24,135) - -

Nomura International Plc 1,902,670 (1,416,308) (486,362) -

Total derivative financial assets at fair value through profit or loss 18,781,575 (18,295,213) (486,362) -



Deutsche Bank AG (12,684,459) 7,229,605 5,454,854 -

National Bank of Canada (674,097) 24,135 - (649,962)

Nomura International Plc (1,416,308) 1,416,308 - -

Total derivative financial liabilities at fair value through profit or loss (29,128,085) 18,295,213 10,182,910 (649,962)

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R 2020 Fund






USD USD USD


Allianz SE 145,452 - 145,452

Nomura International Plc 18,935 - 18,935



Nomura International Plc (425,383) - (425,383)


INRIS UCITS PLC

122


R 2020 Fund (continued)


assets/liabilities


Position

presented in the



USD USD USD USD


Allianz SE 145,452 - (145,452) -

Nomura International Plc 18,935 (18,935) - -

Total derivative financial assets at fair value through profit or loss 164,387 (18,935) (145,452) -


Nomura International Plc (425,383) 18,935 406,448 -

Total derivative financial liabilities at fair value through profit or loss (425,383) 18,935 406,448 -

INRIS UCITS PLC

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USD USD USD


State Street 30,683 - 30,683



State Street (1,933,199) - (1,933,199)


INRIS UCITS PLC

124




assets/liabilities


Position

presented in the



USD USD USD USD


State Street 30,683 (30,683) - -

Total derivative financial assets at fair value through profit or loss 30,683 (30,683) - -


State Street (1,933,199) 30,683 1,902,516 -

Total derivative financial liabilities at fair value through profit or loss (1,933,199) 30,683 1,902,516 -

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USD USD USD


State Street (2,155) - (2,155)


Amounts of financial Related amounts not set off in

assets/liabilities


Position

presented in the



USD USD USD USD


State Street (2,155) - 2,155 -

Total derivative financial liabilities at fair value through profit or loss (2,155) - 2,155 -

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R Karya Macro Fund






USD USD USD


State Street 7,690,665 - 7,690,665

Citigroup 719,749 - 719,749

Merrill Lynch International 467,444 467,444



State Street (9,390,444) - (9,390,444)

Citigroup (1,019,930) - (1,019,930)



INRIS UCITS PLC

127


R Karya Macro Fund (continued)


assets/liabilities


Position

presented in the



USD USD USD USD


State Street 7,690,665 (7,690,665) - -

Citigroup 719,749 (719,749) - -

Merrill Lynch International 467,444 - - 467,444

Total derivative financial assets at fair value through profit or loss 8,877,858 (8,410,414) - 467,444


State Street (9,390,444) 7,690,665 - (1,699,799)

Citigroup (1,019,930) 719,749 300,181 -

National Bank of Canada (102,044) - 102,044 -

Total derivative financial liabilities at fair value through profit or loss (10,512,418) 8,410,414 402,225 (1,699,799)

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R CFM Trends






USD USD USD





State Street 336,332 - 336,332



Deutsche Bank AG (538,230) - (538,230)


National Bank of Canada (610) - (610)

State Street (342,589) - (342,589)


INRIS UCITS PLC

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R CFM Trends (continued)


assets/liabilities


Position

presented in the



USD USD USD USD


Deutsche Bank AG 309,242 (309,242) - -


National Bank of Canada 955,816 (610) - 955,206

State Street 336,332 (336,332) - -

Total derivative financial assets at fair value through profit or loss 2,651,839 (1,696,633) - 955,206


Deutsche Bank AG (538,230) 309,242 149,376 (79,612)


National Bank of Canada (610) 610 - -

State Street (342,589) 336,332 6,257 -

Total derivative financial liabilities at fair value through profit or loss (3,154,134) 1,696,633 1,377,889 (79,612)

INRIS UCITS PLC

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15 Fair value measurements recognised in the Statement of Financial Position

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into levels 1 to 3 based on the degree to which the fair value is observable:

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

• Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

• Level 3 inputs are unobservable inputs for the asset or liability.

R Parus Fund

31 December 2016 Total Level 1 Level 2 Level 3

USD USD USD USD

Assets

Financial assets as at fair value through profit or loss

Equities 306,518,030 306,518,030 - -

Contracts for difference 4,047,325 - 4,047,325 - Government bonds 99,948,600 - 99,948,600 -

Forward currency contracts

6,901,064 - 6,901,064 -

417,415,019 306,518,030 110,896,9899

-


Contracts for difference 6,922,686 - 6,922,686 -

Forward currency contracts 93,585 - 93,585 -

7,016,271 - 7,016,271 -


USD USD USD USD

Assets


Equities 270,128,083 270,128,083 - -

Contracts for difference 20,328,991 - 20,328,991 - Government bonds 59,988,840 - 59,988,840 -

Forward currency contracts

10,372,421 - 10,372,421 -

360,818,335 270,128,083 90,690,252 -



Forward currency contracts 1,451,991 - 1,451,991 -

9,656,068 - 9,656,068 -

INRIS UCITS PLC

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 15 Fair value measurements recognised in the Statement of Financial Position (continued)



EUR EUR EUR EUR

Assets

Financial assets as at fair value through profit or loss Corporate bonds 17,405,692 - 17,405,692 -

Government bonds 1,681,979 - 1,681,979 -

Contracts for difference 932,088 - 932,088 -


20,045,445 - 20,045,445 -


Contract for difference 793,373 - 793,373 -


Futures currency contracts 69,670 69,670 - -

904,907 69,670 835,237 -


EUR EUR EUR EUR

Assets


Corporate bonds 94,951,120 - 94,951,120 -

Equities 76,459 76,459 - -




103,682,832 76,459 103,606,373 -


Contract for difference 4,934,194 - 4,934,194 -


Futures contracts 45,539 45,539 - -

5,049,159 45,539 5,003,620 -

R CFM Trends


EUR EUR EUR EUR

Assets

Financial assets at fair value through profit or loss Forward currency contracts 1,292,148 - 1,292,148 -

Futures contracts 1,359,691 1,359,691 - -

2,651,839 1,359,691 1,292,148 -

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R CFM Trends (continued)


EUR EUR EUR EUR




3,154,134 2,810,934 343,200 -


31 December 2016 Total Level 1 Level 2 Level 3 EUR EUR EUR EUR Assets Financial assets at fair value through profit or loss

Contracts for difference 50,918,338 - 50,918,338 - Options contracts 1,049,040 1,049,040 - Government bonds 330,264,950 - 330,264,950 -

Forward currency contracts 1,661,913 - 1,661,913 - Futures contracts 6,459,738 6,459,738 - -

390,353,979 7,508,778 382,845,201 - Liabilities Financial liabilities at fair value through profit or loss

Contract for difference 51,267,980 - 51,267,980 - Futures contracts 7,220,770 7,220,770 - - Forward currency contracts 1,850,817 - 1,850,817 - Options contracts 20,198,103 20,198,103 - -

80,537,670 27,418,873 53,118,797 -


EUR EUR EUR EUR

Assets



Options contracts 90,578 90,578 - -




108,823,831 2,692,074 106,131,757 - Liabilities Financial liabilities at fair value through profit or loss

Contract for difference 15,621,648 - 15,621,648 -



Options contracts 10,756,614 10,756,614 - -

29,128,085 12,832,339 16,295,746 -

INRIS UCITS PLC

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R 2020 Fund


EUR EUR EUR EUR

Assets



Equities 30,287 30,287 - -


Corporate bonds 120,867,039 - 120,867,039 -

123,650,565 30,287 123,620,378 - Liabilities Financial liabilities at fair value through profit or loss


425,383 - 425,383 -


EUR EUR EUR EUR

Assets

Financial assets at fair value through profit or loss Forward currency contracts 30,683 - 30,683 -

Government bonds 3,405,114 - 3,405,114

Corporate bonds 85,470,530 - 85,470,530

88,906,327 - 88,906,327 -


Forward currency contracts 1,933,199 - 1,933,199 -

1,933,199 - 1,933,199 -



EUR EUR EUR EUR

Assets Financial assets as at fair value through profit or loss

Equities 253,526,835 253,526,835 - -


271,657,416 253,526,835 18,130,581 -

Total Level 1 Level 2 Level 3

EUR EUR EUR EUR

Liabilities



2,155 - 2,155 -

INRIS UCITS PLC

134


R Intrinsic Value Europe Fund (continued)


EUR EUR EUR EUR

Assets



Equities 238,494,087 238,494,087 - -

271,050,413 238,494,087 32,556,326 -

R Karya Macro Fund

31 December 2016 Total Level 1 Level 2 Level 3 EUR EUR EUR EUR

Assets


Coporate bonds 150,906,195 - 150,906,195 -


Forward currency contracts 1,314,956 - 1,314,956 - TBA contracts 3,249,189 - 3,249,189 -

Futures contracts 719,749 719,749 - -

Interest rate swaps 1,109,999 - 1,109,999 -

Option contracts 2,462,076 467,444 1,994,632 -

Credit default swaps 21,889 - 21,889 -

184,682,191 1,187,193 183,494,998 -


EUR EUR EUR EUR



TBA contracts 5,364,362 - 5,364,362 -


Interest rate swaps 1,961,868 - 1,961,868 -

Option contracts 1,247,597 - 1,247,597 -

Credit default swaps 5,046 - 5,046 -

10,512,418 1,019,930 9,492,488 -

INRIS UCITS PLC

135


In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement, and considers factors specific to the investment. There were no transfers between levels during the financial years ended 31 December 2016 and 2015. Valuation methods All of the Fund’s investments are carried at fair value on the Statement of Financial Position. The major methods and assumptions used in estimating the fair values of financial instruments are set out below. Fair value determined using a quoted price in an active market Where financial assets and liabilities have a quoted price in an active market at the reporting date, the fair value of the financial assets and liabilities is based on this price. Such financial assets and financial liabilities are categorised within level 1 of the fair value hierarchy and include investments in equity instruments and exchange-traded derivative contracts. Fair value determined using a valuation technique Where the fair value of financial assets and liabilities is determined using a valuation technique, the methods and assumptions will vary according to the instrument being valued.

Investments in debt instruments

The fair value of corporate bonds is estimated using market price quotations (where observable). When observable price quotations are not available, fair value is determined based on suitable valuation techniques. Corporate bonds are generally categorised in level 2 of the fair value hierarchy. In instances where significant inputs are unobservable, they are categorised in level 3 of the hierarchy. The fair value of sovereign government bonds is based on quoted prices. Sovereign government bonds are categorised in level 2 of the fair value hierarchy.

Derivative financial instruments The Fund’s OTC derivatives are contracts for difference and forward currency contracts. The fair value of a contract for difference (“CFD”) is calculated based on the change in fair value of the underlying securities, which are listed instruments. The pricing inputs used in determining the fair value of the sub-fund’s CFDs are therefore observed from actively quoted markets. Accordingly, the CFDs contracts held by the sub-fund are categorised within level 2 of the fair value hierarchy. Forward currency contracts are valued by reference to the forward price at which a new forward currency contract of the same size and maturity could be undertaken at the valuation date. Forward currency contracts are categorised within level 2 of the fair value hierarchy.

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16 Related parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The Investment Manager and Promoter, Innocap Global Investment Management Ltd, is a subsidiary of National Bank of Canada (“NBC”). The Platform Advisor, Innocap Investment Management Inc, is co-owned by NBC and BNP Paribas SA, both of whom own 50% of the entity.

Investment Manager & Promoter National Bank of Canada (“NBC”) acts as broker in respect of the forward currency contracts. The Fund may pledge cash collateral to the broker relating to these contracts. The Investment Manager & Promoter is a subsidiary of NBC. At 31 December 2016, the R Parus Fund, R BlackRock Select Fund and R CFM Diversified Fund hold collateral with NBC amounting to USD46,020,127 (2015: USD28,860,137), EUR 70,000 (2015: EUR 550,000) and EUR 6,730,00 (2015: EUR 1,660,000) respectively. At 31 December 2016, the R Parus Fund holds a short term deposit with NBC amounting to USDNIL (2015: USD75,026,555). Certain of the Funds hold open forward currency contracts at 31 December 2016 and 2015, the counterparty to which is NBC. The gross amount of derivative assets and liabilities held with NBC is disclosed in note 14. Transaction fees may be incurred in connection with trading activity at normal commercial rates. Platform Advisor François Rivard, a Director of the Company, is also an employee of the Platform Advisor, Innocap Investment Management Inc.

The Investment Manager pays the fees and expenses of the Platform Advisor from its own fees. At 31 December 2016, the R BlackRock Select Fund holds an investment in corporate bonds issued by BNP Paribas the fair value of which is USDNil (2015: USD2,162,922). At 31 December 2016, the R Parus Fund and the R CFM Diversified Fund hold a short term deposit with BNP Paribas amounting to USDNil (2015: USD100,032,932) and EUR Nil (2015: EUR 40,000,000) respectively. BNP Paribas is a co-owner of the Platform Advisor. Trading Advisor to the R BlackRock Select Fund The Trading Advisor to the R BlackRock Select Fund is BlackRock Investment Management (UK) Limited. At 31 December 2016, the R Parus Fund, R 2020 Fund, R CFM Diversified Fund and the R BlackRock Select Fund each hold an investment in BlackRock ICS Fund amounting to USD55,371,295 (2015: USD61,021,104), EUR Nil (2015: EUR 121), EUR 56,824,793 (2015: EUR 19,990,470) and EUR 32,656 (2015: EUR 3,371,094) respectively. Trading Advisor to the R CFM Diversified Fund The Class M shares of the R CFM Diversified Fund are owned by parties connected to the Trading Advisor of the R CFM Diversified Fund. Distributor and consultant Etienne Rouzeau, a Director of the Company, is also an employee of the Distributor/Consultant, Rothschild HDF Investment Solutions.

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137


16 Related parties (continued) Distributor and consultant (continued)

Barbara Vannotti-Holzrichter, a Director of the Company, is also an employee of Rothschild Bank AG and Rothschild Wealth Management and Trust. These companies, being subsidiaries within the Rothschild Group, are related to the Distributor/Consultant. The amount of distribution fees charged during the financial year and outstanding at the reporting date are presented in the Statement of Comprehensive Income and the Statement of Financial Position. Directors’ fees The listing of the members of the Board of Directors of the Company is shown on page 1. John Skelly and Yvonne Connolly are entitled to receive a fee amounting to EUR11,000 each per annum with an additional amount of up to EUR2,750 each per Fund. François Rivard, Etienne Rouzeau and Barbara Vannotti-Holzrichter are not entitled to fees as Directors in view of their functions with the Platform Advisor and the Distributor/Consultant and/or related entities. Directors’ support services fees The Company also pays a fee to Carne Global Financial Services Limited (“Carne”) in respect of Directors’ support services for John Skelly and Yvonne Connolly amounting to EUR9,000 each per annum per Director with an additional amount of up to EUR2,250 per Director per Fund. John Skelly and Yvonne Connolly are both Principals of Carne.

17 Soft commission arrangements

There were no soft commission arrangements affecting the scheme during the period. 18 Transaction costs 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 instrument. Separately identifiable transaction costs for the financial year of USD1,644,256 (2015: USD1,439,504) have been included in the Statement of Comprehensive Income. These include transaction costs paid to Depositaries, Custodians and sub-Custodians, identifiable brokerage charges and commissions, identifiable transaction related taxes and other market charges and separately identifiable transaction costs related to Financial Derivative Instruments.

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138

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 19 Efficient portfolio management The Investment Manager or each of the Trading Advisors may, on behalf of a Fund, engage in

transactions in financial derivative instruments (“FDIs”) for the purposes of efficient portfolio management and/or to protect against exchange risks within the conditions and limits laid down by the Central Bank from time to time. Efficient portfolio management transactions relating to the assets of the Fund may be entered into by the Investment Manager or each of the Trading Advisors aiming to hedge or reduce the overall risk of its investments, enhance performance and/or to manage interest rate and currency exchange rate risk. Such transactions may include foreign exchange transactions which alter the currency characteristics of transferable securities held by a Fund. Such techniques and instruments may include futures, options, forward foreign exchange contracts and swaps and stocklending and repurchase and reverse repurchase agreements and when issued and/or delayed delivery securities.

Realised gains and losses on financial instruments used for efficient portfolio management are

presented in the Statement of Comprehensive Income. The R Parus Fund utilises forward currency contracts for the purposes of portfolio and share

class hedging and contracts for difference for investment purposes. The R BlackRock Select Fund utilises forward currency contracts for the purposes of portfolio and share class hedging and futures contracts and contracts for difference for investment purposes. The R CFM Diversified Fund utilises futures and options contracts and contracts for difference for investment purposes.

20 Calculation of global exposure The global exposure of the Funds, including FDIs, is calculated by an absolute VaR approach.

Absolute VaR is measured over a holding period (of 20 days) and should not be greater than 20% of the NAV of the Funds. The VaR is calculated using a one-tailed 99% confidence level and the historical observation period will not be less than one year.

The VaR measures for the period are disclosed in note 13(a). Leverage is generated by the Funds through the leverage that is inherent in the FDIs and shall be

calculated as the sum of the notional amounts of the FDIs used. The level of leverage employed at the reporting date is disclosed in the table below.

Cash Credit Currency Equity Fixed

Income Total

R Parus Fund 62.29% 0.00% 14.72% 65.70% 0.20% 142.91%

R BlackRock Select Fund 19.03% 75.82% 2.05% 257.77% 0.17% 354.84%

R Intrinsic Value Europe Fund 7.74% 0.00% 0.15% 86.54% 0.22% 94.65%

R CFM Diversified Fund 56.77% 0.00% 150.41% 296.69% 157.50% 661.37%

R 2020 Fund 17.58% 87.72% 54.64% 0.02% 0.54% 160.50%

R Karya Macro Fund 94.19% 1,448.26% 258.35% 41.88% 1,477.94% 3,320.62%

R CFM Trends 107.85% 0.00% 89.44% 80.57% 358.06% 635.92%

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139

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 20 Calculation of global exposure (continued) The level of leverage employed at the 31 December 2015 was disclosed in the table below.

Equity Cash Credit Foreign

Exchange Fixed

Income Total

R Parus Fund 88.06% 56.84% 0.00% 16.09% 0.19% 161.18%

R BlackRock Select Fund 270.43% 21.00% 76.76% 0.52% 0.05% 368.76%

R Intrinsic Value Europe Fund 83.27% 5.40% 0.00% 0.11% 0.31% 89.09%

R CFM Diversified Fund 245.71% 68.80% 0.00% 208.53% 150.75% 673.79%

R 2020 Fund 0.00% 4.36% 92.51% 65.64% 1.36% 163.87%

The global exposure of the Funds, including FDIs, is calculated by an absolute VaR approach.

Absolute VaR is measured over a holding period (of 20 days) and should not be greater than 20% of the NAV of the Funds. The VaR is calculated using a one-tailed 99% confidence level and the historical observation period will not be less than one year.

The VaR measures for the period are disclosed in note 13(a). 21 Foreign exchange rates

The following period ended USD exchange rates were used in this report:

Currency Rate at 31 December 2016

Rate at 31 December 2015

Euro (EUR) 0.95027 0.92056 The following average USD exchange rates have been used in this report: Currency Financial year ended

31 December 2016 Financial year ended

31 December 2015 Euro (EUR) 0.90400 0.90075

22 NAV per share

The NAV per share of each class of the R Parus Fund as at 31 December 2016 is as follows:

Class C Class C Class I Class I USD Euro Euro Euro

Net asset value per redeemable Hedged Hedged Unhedged participating share in issue USD EUR EUR EUR R Parus Fund 105.47 99.37 105.18 130.31

Class I Class I Class I CHF USD GBP

Net asset value per redeemable Hedged participating share in issue CHF USD GBP R Parus Fund 79.31 80.67 79.82

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140

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 22 NAV per share (continued) The NAV per share of each class of the R BlackRock Select Fund as at 31 December 2016 is as

follows: Class C Class I Class F Class C

Euro Euro Euro USD Net asset value per redeemable Hedged participating share in issue USD EUR EUR USD R BlackRock Select Fund 103.31 104.66 101.16 104.32

The NAV per share of each class of the R Intrinsic Value Europe Fund as at 31 December 2016 is as follows:

Class F Class F Euro GBP

Net asset value per redeemable Unhedged

participating share in issue EUR GBP R Intrinsic Value Europe Fund 129.71 138.73

The NAV per share of each class of the R CFM Diversified Fund as at 31 December 2016 is as

follows: Class M Class NC Class I Class NI

Net asset value per redeemable Euro Euro Euro Euro

participating share in issue EUR EUR EUR EUR

R CFM Diversified Fund 108.40 105.64 106.83 107.86

Class R Class NI Class C Class I Net asset value per redeemable Euro Euro Hedged participating share in issue EUR GBP EUR USD R CFM Diversified Fund 104.14 101.09 98.62 101.09

Class I Class F Class I Net asset value per redeemable Hedged Euro Hedged participating share in issue GBP EUR CHF R CFM Diversified Fund 101.38 99.11 97.80

The NAV per share of each class of the R Karya Macro Fund as at 31 December 2016 is as follows:

Class NC Class NI Class NI Class I Net asset value per redeemable EUR USD Euro Euro participating share in issue Hedged USD EUR EUR R Karya Macro Fund 99.64 101.84 101.26 100.91

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141

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2015 22 NAV per share (continued) The NAV per share of each class of the R 2020 Fund as at 31 December 2016 is as follows:

Class C Class I Class D Net asset value per redeemable Euro Euro Euro participating share in issue EUR EUR EUR R 2020 Fund 102.54 103.18 102.55

The NAV per share of each class of the R CFM Trends Fund as at 31 December 2016 is as follows:

Class I Class M Class WD Net asset value per redeemable Euro USD USD participating share in issue Hedged Hedged

EUR USD USD R CFM Trends Fund 99.09 98.42 99.04

Class WD Class WD

Net asset value per redeemable Euro GBP participating share in issue Hedged Hedged EUR GBP R CFM Trends Fund 98.83 99.01


Class C Class C Class I Class I

USD Euro Euro Euro Net asset value per redeemable Hedged Hedged Unhedged participating share in issue USD EUR EUR EUR R Parus Fund 129.96 124.24 130.79 153.84

Class I Class I Class I CHF USD GBP

Net asset value per redeemable Hedged participating share in issue CHF USD GBP R Parus Fund 99.20 99.12 98.11

The NAV per share of each class of the R BlackRock Select Fund as at 31 December 2015 is as

follows:

Class C Class I Class F Class C Euro Euro Euro USD

Net asset value per redeemable Hedged participating share in issue USD EUR EUR USD R BlackRock Select Fund 103.68 104.51 101.75 102.68

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142

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 22 NAV per share (continued) The NAV per share of each class of the R Intrinsic Value Europe Fund as at 31 December 2015 is

as follows:

Class F Class F Euro GBP

Net asset value per redeemable Unhedged participating share in issue EUR GBP R Intrinsic Value Europe Fund 116.04 107.56


follows:

Class M Class NC Class I Class NI

Net asset value per redeemable Euro Euro Euro Euro

participating share in issue EUR EUR EUR EUR

R CFM Diversified Fund 108.06 106.90 107.75 108.60

Class R Class NI Class C Class I

Net asset value per redeemable Euro Euro Hedged participating share in issue EUR GBP EUR USD R CFM Diversified Fund 103.80 100.83 99.98 100.73

The NAV per share of each class of the R 2020 Fund as at 31 December 2015 is as follows:

Class C Class I Class D Net asset value per redeemable Euro Euro Euro participating share in issue EUR EUR EUR R 2020 Fund 92.84 93.34 93.14


Class C Class C Class I Class I

USD Euro Euro Euro Net asset value per redeemable Hedged Hedged Unhedged participating share in issue USD EUR EUR EUR R Parus Fund 115.63 110.57 115.89 124.88

The NAV per share of each class of the R BlackRock Select Fund as at 31 December 2014 is as

follows:

Class C Class I Class F Class C Euro Euro Euro USD

Net asset value per redeemable Hedged

participating share in issue USD EUR EUR USD R BlackRock Select Fund 103.87 104.28 102.22 102.69

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143

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2016 22 NAV per share (continued) The NAV per share of each class of the R Intrinsic Value Europe Fund as at 31 December 2014 is

as follows: Class F Class F

Euro GBP Net asset value per redeemable Unhedged participating share in issue EUR GBP R Intrinsic Value Europe Fund 103.21 100.72


follows: Class I Class NI

Net asset value per redeemable Euro Euro participating share in issue EUR EUR R CFM Diversified Fund 100.01 99.96

23 Material changes to the Prospectus during the financial year A Supplement to the Prospectus, relating to R Karya Macro Fund, was issued on 4 August 2016. A Supplement to the Prospectus, relating to R CFM Trends Fund, was issued on 2 December 2016. 24 Subsequent events Subsequent to the reporting date the Company intends to transfer the role of Investment

Manager and Promoter from Innocap Global Investment Management Ltd to Innocap Global Investment Management (Ireland) Limited. Innocap Global Investment Management (Ireland) Limited is part of the National Bank of Canada group of Companies and is authorised and regulated by the Central Bank of Ireland.

Up to the date of approval of the financial statements, there were no other material subsequent

events affecting the Company which necessitate disclosure in or revision of the figures included in the financial statements.

25 Approval of financial statements The financial statements were approved by the Board of Directors of the Company on 26 April

2017.

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144

PORTFOLIO STATEMENT OF R PARUS FUND (UNAUDITED) as at 31 December 2016

Quantity Security Currency Fair Value % of Net

US$ Assets

1,290,856,633 Sanofi EUR 12,481,654 1.67%

63,761,455 Criteo Sa Spon Adr USD 14,448,863 1.93%

26,930,517 3.60%

3,116,652,000 Industria De Diseno Textil EUR 3,721,905 0.50%

3,721,905 0.50%

373,225,734 Dr Horton Inc USD 4,615,354 0.62%

196,500,243 Lennar Corp A USD 2,759,412 0.37%

214,427,037 Radian Group Inc USD 10,279,346 1.38%

539,000,000 Nvidia Corp USD 4,295,751 0.57%

340,662,694 Mgic Investment Corp USD 13,033,864 1.74%

5,332,313,000 Apple Inc USD 43,857,791 5.87%

1,476,886,684 Qualcomm Inc USD 17,914,026 2.40%

49,345,008 Priceline Group Inc/The USD 20,907,482 2.79%

161,088,699 Tesla Motors Inc USD 2,364,694 0.32%

507,497,895 Vipshop Holdings Ltd Adr USD 9,659,690 1.29%

2,340,824,544 Facebook Inc A USD 66,668,484 8.92%

2,495,276,682 Alibaba Group Holding Sp Adr USD 10,102,101 1.35%

54,075,108 Zillow Group Inc A USD 3,254,001 0.44%

1,206,645,916 Paypal Holdings Inc USD 2,700,932 0.36%

120,957,805 Zillow Group Inc C USD 4,785,229 0.64%

296,087,212 Alphabet Inc Cl A USD 58,667,451 7.85%

275,865,608 36.91%

306,518,030 41.01%

50,000,000 TREASURY BILL USD 49,961,750 6.68%

50,000,000 TREASURY BILL USD 49,986,850 6.69%

99,948,600 13.37%

99,948,600 13.37%

Equity - 41.01%

France - 3.60%

Total France

Spain - 0.50%

Total Spain

United States of America - 36.91%

Total United States of America

Total equities

Government Bond - 13.37%


Total United States of America

Total government bond

INRIS UCITS PLC

145

PORTFOLIO STATEMENT OF R PARUS FUND (UNAUDITED) (CONTINUED) as at 31 December 2016


US$ Assets

107,730 Asos Plc GBP 165,064 0.02%

960,846 Aust And Nz Banking Group AUD (1,572,391) (0.21)%

46,455 Avalonbay Communities Inc USD (410,517) (0.05)%

1,041,706 Barratt Developments Plc GBP 113,939 0.02%

104,986 Bed Bath & Beyond Inc USD 554,326 0.07%

191,754 Berkeley Group Holdings/The GBP (20,672) 0.00%

77,776 Casino Guichard Perrachon EUR (288,761) (0.04)%

356,702 Commonwealth Bank Of Austral AUD (1,221,702) (0.16)%

10,810 Credit Acceptance Corp USD (295,870) (0.04)%

26,395 Essex Property Trust Inc USD (345,664) (0.05)%

317,540 Intl Consolidated Airline-Di GBP (105,547) (0.01)%

176,135 Kohls Corp USD 903,573 0.12%

34,810 Lowe'S Cos Inc USD 53,607 0.01%

127,580 Macy'S Inc USD 778,238 0.10%

946,893 National Australia Bank Ltd AUD (1,302,724) (0.17)%

297,626 Persimmon Plc GBP (270,856) (0.04)%

427,199 Seagate Technology USD 422,927 0.06%

435,794 Staples Inc USD 305,056 0.04%

158,020 Target Corp USD 750,595 0.10%

921,798 Westpac Banking Corp AUD (1,087,982) (0.15)%

(2,875,361) (0.38)%Total contracts for difference

Contracts for difference - (0.38)%

Derivative financial instruments - 0.53%

Forward Expiration Amount Amount Fair Value % of Net

date bought sold US$ Assets

BOUGHT CHF/SOLD USD 31-Jan-17 9,103,600 8,899,795 74,438 0.01%

BOUGHT EUR/SOLD USD 31-Jan-17 519,339,300 544,449,355 4,088,652 0.55%

BOUGHT GBP/SOLD USD 31-Jan-17 9,345,300 11,468,178 87,790 0.01%

SOLD AUD/BOUGHT USD 13-Jan-17 91,691,851 123,000,000 2,650,184 0.35%

SOLD CNY/BOUGHT USD 13-Jan-17 17,800,000 124,009,040 (37,557) (0.01)%

SOLD EUR/BOUGHT USD 31-Jan-17 3,386,064 3,231,100 (26,698) 0.00%

SOLD EUR/BOUGHT USD 4-Jan-17 3,370,262 3,223,127 (29,330) 0.00%

6,807,479 0.91%

Forward currency contracts - 0.91%

Total forward currency contracts

INRIS UCITS PLC

146

PORTFOLIO STATEMENT OF R PARUS FUND (UNAUDITED) (CONTINUED) as at 31 December 2016

3,932,118 0.53%

238,420,586 31.90%

112,465,846 15.05%

(13,914,682) (1.86)%

747,370,498 100.00%

Other net liabilities

Net assets attributable to redeemable

participating shareholders

Total derivative financial instruments

Cash and cash equivalents

Due from/to broker

INRIS UCITS PLC

147

PORTFOLIO STATEMENT OF R BLACKROCK SELECT FUND (UNAUDITED) as at 31 December 2016


EUR Assets

Australia - 4.30%

1,250,000,000 Aust + Nz Banking Group EUR 987,286 4.30%

Total Australia 987,286 4.30%

Canada - 5.89%

1,000,000,000 Caisse Centrale Desjardn EUR 300,599 1.31%

1,750,000,000 Canadian Imperial Bank EUR 1,051,806 4.58%

Total Canada 1,352,405 5.89%

France - 3.92%

1,750,000,000 Banque Fed Cred Mutuel EUR 900,509 3.92%

Total France 900,509 3.92%

Germany - 10.65%

500,000,000 Deutsche Bahn Finance Bv EUR 1,252,000 5.45%

3,000,000,000 Fms Wertmanagement EUR 200,630 0.87%

2,000,000,000 Kfw EUR 993,193 4.33%

Total Germany 2,445,823 10.65%

Ireland - 8.34%

800,000,000 Met Life Glob Funding I EUR 967,452 4.22%

1,500,000,000 Ge Capital Euro Funding EUR 946,914 4.12%

Total Ireland 1,914,366 8.34%

Netherlands - 21.31%

2,000,000,000 Siemens Financieringsmat EUR 856,175 3.73%

1,250,000,000 Bk Nederlandse Gemeenten EUR 1,433,007 6.25%

1,250,000,000 Ing Bank Nv EUR 801,016 3.49%

1,350,000,000 Neder Waterschapsbank EUR 300,332 1.31%

2,000,000,000 Cooperatieve Rabobank Ua EUR 1,500,270 6.53%

Total Netherlands 4,890,800 21.31%

Sweden - 12.16%

1,500,000,000 Nordea Bank Ab EUR 955,425 4.15%

750,000,000 Skandinaviska Enskilda EUR 1,213,818 5.29%

1,250,000,000 Svenska Handelsbanken Ab EUR 623,562 2.72%

Total Sweden 2,792,805 12.16%

United Kingdom - 1.75%

2,250,000,000 Credit Suisse Ag London EUR 400,866 1.75%

United Kingdom 400,866 1.75%

United States - 7.50%

2,000,000,000 Coca Cola Co/The EUR 1,720,832 7.50%

United States 1,720,832 7.50%

Total corporate bonds 17,405,692 75.82%

Corporate bonds - 75.82%

INRIS UCITS PLC

148

PORTFOLIO STATEMENT OF R BLACKROCK SELECT FUND (UNAUDITED) (CONTINUED) as at 31 December 2016


EUR Assets

Government bonds - 7.33%

France - 1.76%

1,500,000,000 Unedic EUR 403,632 1.76%

Total France 403,632 1.76%

Germany - 5.57%

1,550,000,000 Land Nordrhein Westfalen EUR 1,278,347 5.57%

Germany 1,278,347 5.57%

1,681,979 7.33%Total government bonds

Future Expiration Number of Position Fair Value % of Net

date contracts EUR Assets

Futures contracts - (0.30)%

FTSE 100 IDX FUT MAR17 17 Mar 2017 (290) Short (62,254) (0.27)%

FTSE 250 INDEX FU MAR17 17 Mar 2017 (20) Short (7,416) (0.03)%

(69,670) (0.30)%


date bought sold EUR Assets

BOUGHT MXN/SOLD USD 09 Feb 2017 10,220,002 500,000 (32,395) (0.14)%

BOUGHT USD/SOLD EUR 31 Jan 2017 1,375,700 1,311,940 (9,469) (0.04)%

SOLD USD/BOUGHT MXN 09 Feb 2017 10,220,002 500,000 25,686 0.11%

(16,178) (0.07)%

Total futures contracts

Forward currency contracts - (0.07)%

Derivative financial instruments - (0.23)%

Total forward currrency contracts


EUR Assets

24,841 3I Group Plc GBP 6,984 0.03%

21,285 3I Infrastructure Plc GBP 224 0.00%

2,000 77 Bank Ltd/The JPY (634) 0.00%

6,906 Aa Plc GBP 64 0.00%

1,169 Abbott Laboratories USD 576 0.00%

Contracts for difference - 0.60%

INRIS UCITS PLC

149



EUR Assets

Contracts for difference (continued)

800 Abc Mart Inc JPY (1,594) (0.01)%

62,584 Aberdeen Asset Mgmt Plc EUR (6,026) (0.03)%

628 Abertis Infraestructuras Sa (Cfd Ms) EUR 88 0.00%

148 Abiomed Inc USD 840 0.00%

238 Acadia Healthcare Co. USD 316 0.00%

107 Accenture Plc USD (753) 0.00%

1,900 Acom Co Ltd JPY 333 0.00%

240 Acs Actividades Cons Y Serv EUR 742 0.00%

1,329 Acs Actividades Cons Y Serv EUR (7) 0.00%

37 Acuity Brands Inc USD 455 0.00%

275 Adient Ord Wi USD (602) 0.00%

1,365 Admiral Group Plc GBP 592 0.00%

1,549 Adp EUR (6,416) (0.03)%

312 Advance Auto Parts Inc USD 1,124 0.00%

2,300 Aeon Co Ltd JPY (2,655) (0.01)%

1,700 Aeon Co Ltd JPY 471 0.00%

183 Aetna Inc USD 245 0.00%

93 Affiliated Managers Group USD (537) 0.00%

6,573 Aggreko Plc GBP 39 0.00%

992 Aggreko Plc GBP (6) 0.00%

649 Agilent Technologies Inc USD (615) 0.00%

608 Agl Energy Ord AUD 380 0.00%

384 Agnico Eagle Mines Ltd CAD 2,126 0.01%

42,800 Aia Group Ltd EUR (2,125) (0.01)%

400 Ain Holdings Inc JPY 1,291 0.01%

1,474 Air Liquide Sa EUR (369) 0.00%

204 Air Products + Chemicals Inc USD (919) 0.00%

1,274 Airbus Se EUR 1,605 0.01%

17,100 Airports Of Thailand Pcl For EUR 2,515 0.01%

400 Aisin Seiki Co Ltd JPY (260) 0.00%

100 Ajinomoto Co Inc JPY (140) 0.00%

1,800 Ajinomoto Co Inc JPY 293 0.00%

549 Ak Steel Holding Corp USD 187 0.00%

71,278 Akbank T.A.S. EUR 3,923 0.02%

552 Akzo Nobel EUR 33 0.00%

131 Akzo Nobel EUR (9) 0.00%

64 Alexandria Real Estate Equit USD 311 0.00%

2,587 Alfa Laval Ab SEK 414 0.00%

2,800 Alfresa Holdings Corp JPY 706 0.00%

2,194 Alibaba Group Holding Sp Adr EUR (4,515) (0.02)%

926 Alimentation Couche Tard B CAD 1,163 0.01%

124 Allegiant Travel Co USD 65 0.00%

278 Allergan Plc USD (4,583) (0.02)%

21 Allete Inc USD (8) 0.00%

692 Allete Inc USD 190 0.00%

381 Alliance Data Systems Corp USD 1,040 0.00%

272 Allied Properties Real Estat CAD (152) 0.00%

383 Allison Transmission Holding USD (134) 0.00%

INRIS UCITS PLC

150



EUR Assets


1,346 Ally Financial Inc USD 1,110 0.00%

65,243 Alpha Bank Ord Shs EUR (4,468) (0.02)%

100 Alps Electric Co Ltd JPY (75) 0.00%

400 Alps Electric Co Ltd JPY 416 0.00%

2,644 Als Ltd AUD 263 0.00%

1,226 Alstria Office Reit Ag EUR (981) 0.00%

2,388 Altice Nv A EUR (658) 0.00%

1,858 Altice Nv B EUR (602) 0.00%

19,555 Alumina Ltd AUD (1,208) (0.01)%

1,500 Amada Co Ltd Cfd JPY (110) 0.00%

669 Amadeus It Group Sa EUR 858 0.00%

499 Amaya Inc CAD 46 0.00%

45 Amazon.Com Inc USD 475 0.00%

272 Amc Networks Inc A USD 228 0.00%

980 Amdocs Ltd USD (873) 0.00%

387 Amec Foster Wheeler Ord GBP 62 0.00%

14,725 Amec Foster Wheeler Plc GBP (2,228) (0.01)%

13,422 America Movil Spn Adr Cl L EUR 27 0.00%

1,541 American Eagle Outfitters Inc USD (2,075) (0.01)%

246 American Financial Group Inc USD (578) 0.00%

4,048 American Homes 4 Rent A USD (4,759) (0.02)%

396 American Water Works Co Inc USD 143 0.00%

61 Ameriprise Financial Inc USD (149) 0.00%

970 Amerisourcebergen Corp USD 1,398 0.01%

628 Ameritrade Holding USD (441) 0.00%

987 Amphenol Corp Cl A USD (701) 0.00%

172 Ams Ag CHF 8 0.00%

8,000 Ana Holdings Inc JPY 231 0.00%

300 Analog Devices Inc USD (282) 0.00%

325 Andritz Ag EUR 97 0.00%

14,428 Anglo American Plc GBP (930) 0.00%

255 Anheuser-Busch Inbev Sa/Nv EUR (608) 0.00%

256 Antero Resources Corp USD (430) 0.00%

8,440 Antofagasta Plc GBP (840) 0.00%

6,756 Antofagasta Plc GBP 673 0.00%

121 Aon Plc USD (99) 0.00%

600 Aoyama Trading Co Ltd JPY 471 0.00%

1,000 Aozora Bank Ltd JPY (114) 0.00%

1,356 Apa Group AUD (572) 0.00%

1,301 Applied Materials Inc USD (974) 0.00%

74 Aptargroup Inc USD (34) 0.00%

1,171 Arcelormittal EUR 516 0.00%

1,573 Arch Capital Group Ltd USD 507 0.00%

2,459 Archer Daniels Midland Co USD (210) 0.00%

5,886 Aristocrat Leisure Ltd AUD 1,805 0.01%

319 Arkema EUR (406) 0.00%

244 Armstrong World Industries Inc USD 127 0.00%

968 Arthur J Gallagher + Co USD (1,046) 0.00%

INRIS UCITS PLC

151



EUR Assets


1,200 Asahi Breweries Ltd Cfd JPY 797 0.00%

400 Asahi Intecc JPY (667) 0.00%

2,000 Asahi Kasei Corp JPY 593 0.00%

7,180 Ashmore Group Plc GBP (387) 0.00%

3,834 Ashtead Group Plc GBP (1,617) (0.01)%

1,400 Asics Corp JPY 1,126 0.00%

198 Asm International EUR 145 0.00%

600 Asm Pacific Technology HKD 459 0.00%

911 Aspen Insurance Holdings Ltd Cfd USD 1,814 0.01%

314 Aspen Technology Inc USD 128 0.00%

1,779 Assa Abloy 'B' SEK 538 0.00%

583 Associated British Foods Plc GBP (519) 0.00%

169 Assurant Inc USD 17 0.00%

456 Assurant Inc USD (179) 0.00%

800 Astellas Pharma Inc JPY 314 0.00%

273,000 Astra International Tbk Pt EUR 7,312 0.03%

2,705 Astrazeneca Plc GBP 1,188 0.01%

845 Astrazeneca Plc GBP (371) 0.00%

3,791 At+T Inc USD (3,702) (0.02)%

527 Atkins Ws Plc GBP (191) 0.00%

1,701 Atlantia Spa EUR 443 0.00%

585 Atlantica Yield Plc USD (754) 0.00%

489 Atlas Copco Ab A Shs SEK (469) 0.00%

719 Atmos Energy Corp USD 784 0.00%

290 Auckland Intl Airport Ltd NZD (29) 0.00%

765 Auckland Intl Airport Ltd NZD 25 0.00%

94 Aurubis Ag EUR 120 0.00%

1,093 Aust And Nz Banking Group AUD (323) 0.00%

7,192 Auto Trader Group Plc GBP 497 0.00%

2,384 Autogrill Spa EUR 894 0.00%

142 Autoliv Inc USD (670) 0.00%

430 Avalonbay Communities Inc USD (3,078) (0.01)%

1,544 Avangrid Inc USD (1,478) (0.01)%

15,264 Aviva Plc GBP 840 0.00%

756 Avnet Inc USD 298 0.00%

2,303 Axalta Coating Systems Ltd USD (1,428) (0.01)%

6,083 Axis Bank Ltd EUR (17,300) (0.08)%

259,550 Ayala Land Inc EUR 27 0.00%

500 Azbil Corp JPY 545 0.00%

519 Azimut Holding Spa EUR (53) 0.00%

780 B+G Foods Inc USD (296) 0.00%

12,395 B+M European Value Retail Sa GBP (2,599) (0.01)%

2,905 B2Gold Corp CAD 924 0.00%

6,137 Babcock Intl Group Plc GBP 431 0.00%

14,520 Bae Systems Plc GBP 85 0.00%

446 Baker Hughes Inc USD (161) 0.00%

5,985 Balfour Beatty Plc GBP 105 0.00%

2,138 Ball Corp USD 2,493 0.01%

INRIS UCITS PLC

152



EUR Assets


2,497 Bank Hapoalim Bm ILS (375) 0.00%

531,000 Bank Of China Ltd H EUR (1,410) (0.01)%

249 Bank Of Hawaii Corp USD 19 0.00%

32,531 Bank Of Ireland EUR (69) 0.00%

2,000 Bank Of Kyoto Ltd/The JPY 1,071 0.00%

4,000 Bank Of Kyoto Ltd/The JPY (1,756) (0.01)%

632 Bank Of Nova Scotia CAD (728) 0.00%

69,480 Bank Of The Philippine Islan EUR 4,989 0.02%

28 Banque Cantonale Vaudois Reg CHF 301 0.00%

10,175 Barclays Plc GBP 715 0.00%

5,833 Barratt Developments GBP (103) 0.00%

11,504 Barratt Developments Plc GBP 202 0.00%

498 Barrick Gold Corp CAD 989 0.00%

2,951 Baxter International Inc. Cfd USD (2,098) (0.01)%

746 Bayerische Motoren Werke Ag EUR 746 0.00%

1,383 Bayerische Motoren Werke Prf EUR 1,950 0.01%

39,186 Bba Aviation Plc GBP (3,351) (0.01)%

53,630 Bdo Unibank Inc EUR 201 0.00%

675 Be Semiconductor Industries EUR (31) 0.00%

261 Beiersdorf Ag EUR 131 0.00%

442 Bekaert Nv EUR (33) 0.00%

7,054 Bellway Plc GBP 2,479 0.01%

2,408 Berendsen Plc GBP (1,650) (0.01)%

369 Berkeley Group Holdings/The GBP (73) 0.00%

1,080 Berkeley Group Holdings/The GBP 215 0.00%

486 Berkshire Hathaway Inc Cl B USD 1,267 0.01%

410 Berry Plastics Group Inc USD 836 0.00%

619 Best Buy Co Inc USD (3,222) (0.01)%

170,000 Better Capital Pcc Ltd GBP 1,494 0.01%

4,200 Bic Camera Inc JPY 1,775 0.01%

1,156 Big Lots Inc USD (5,338) (0.02)%

201 Biomerieux EUR 734 0.00%

548 Blackbaud Inc USD 415 0.00%

1,077 Blackhawk Network Holdings I Cfd USD 957 0.00%

791 Blackstone Mortgage Tru Cl A USD (120) 0.00%

814 Blue Buffalo Pet Products In USD (278) 0.00%

38,112 Bm+Fbovespa Sa EUR (3,873) (0.02)%

6,256 Bodycote Plc GBP 696 0.00%

277 Boeing Co/The USD 502 0.00%

18,434 Bollore EUR (622) 0.00%

45 Bollore New EUR (3) 0.00%

29,304 Booker Group Plc GBP (2,163) (0.01)%

1,353 Booz Allen Hamilton Holdings USD (256) 0.00%

8,639 Boral Limited Cfd AUD 1,777 0.01%

791 Borgwarner Inc USD (15) 0.00%

1,523 Boskalis Westminster EUR (3,031) (0.01)%

360 Boston Beer Company Inc A USD (199) 0.00%

4,034 Bp Plc GBP 3,656 0.02%

INRIS UCITS PLC

153



EUR Assets


572 Brandywine Realty Trust USD 575 0.00%

139 Brembo Spa EUR 430 0.00%

10,809 Brf Sa Adr EUR (1,717) (0.01)%

200 Bridgestone Corp JPY (314) 0.00%

7,028 British American Tobacco Plc GBP 8,933 0.04%

11,698 British Land Co Plc GBP (206) 0.00%

12,745 Britvic (Wi) GBP (2,090) (0.01)%

258 Brixmor Property Group Inc USD 171 0.00%

807 Brookdale Senior Living Inc USD (275) 0.00%

1,200 Brother Industries Ltd Cfd JPY (1,135) 0.00%

39,996 Bt Group Plc GBP 1,570 0.01%

745,700 Bts Group Holdings Pcl Forgn EUR (647) 0.00%

76 Buffalo Wild Wings Inc USD 800 0.00%

7,764 Bunzl GBP (3,729) (0.02)%

3,741 Burberry Group Plc GBP (1,885) (0.01)%

5,688 Bureau Veritas Sa EUR (995) 0.00%

393 Burlington Stores Inc USD (1,163) (0.01)%

311 Bwx Technologies Inc USD 534 0.00%

109 Cable One Inc USD (530) 0.00%

1,068 Cabot Corp USD (2,684) (0.01)%

3,232 Cairn Energy Plc GBP (621) 0.00%

1,502 Callon Pete Co Del Com USD 1,083 0.00%

3,000 Calsonic Kansei Corp JPY (590) 0.00%

2,605 Caltex Australia Ltd AUD (250) 0.00%

869 Caltex Australia Ltd AUD 391 0.00%

1,220 Campbell Soup Co USD 1,169 0.01%

1,755 Can Imperial Bk Of Commerce CAD (2,490) (0.01)%

716 Canadian Natural Resources CAD (735) 0.00%

400 Canon Inc JPY (369) 0.00%

4,300 Canon Inc JPY 4,020 0.02%

1,500 Capcom Co Ltd JPY (1,816) (0.01)%

661 Capgemini EUR 1,349 0.01%

3,607 Capita Plc GBP (1,714) (0.01)%

29,792 Capital + Counties Propertie GBP 3,665 0.02%

10,301 Capital + Counties Propertie GBP (1,267) (0.01)%

1,750 Capital Power Corp CAD (520) 0.00%

33,600 Capitaland Commercial Trust SGD (662) 0.00%

2,783 Capitec Bank Holdings Ltd EUR (5,694) (0.02)%

1,289 Cardinal Health Inc USD (1,259) (0.01)%

6,143 Carillion Plc GBP 1,741 0.01%

150 Carlsberg As B DKK 323 0.00%

118 Carmax Inc USD (176) 0.00%

4,936 Carnival Plc GBP (289) 0.00%

379 Carrefour Sa EUR 27 0.00%

79 Carter S Inc USD (444) 0.00%

55 Casey S General Stores Inc USD 346 0.00%

1,400 Casio Computer Co Ltd Cfd JPY 607 0.00%

245 Catalent Inc USD (54) 0.00%

INRIS UCITS PLC

154



EUR Assets


15,000 Cathay Pacific Airways HKD (147) 0.00%

5,759 Cavium Ord USD 733 0.00%

610 Cbs Corp Class B Non Voting USD (237) 0.00%

104 Celanese Corp Series A USD (410) 0.00%

2,095 Cellnex Telecom EUR (618) 0.00%

45,438 Centamin Plc EUR 15,070 0.07%

5,629 Centerpoint Energy Inc USD 1,761 0.01%

2,097 Centerra Gold Inc CAD (445) 0.00%

200 Central Japan Railway Co JPY 41 0.00%

369 Cerner Corp USD 623 0.00%

548 Cf Industries Hdg. USD (1,470) (0.01)%

199 Cfd Atos EUR 655 0.00%

176 Cfd Compagnie De Saint Gobain EUR 99 0.00%

14,801 Cfd Hsbc Holdings Plc GBP (2,494) (0.01)%

1,897 Cfd Hsbc Holdings Plc GBP 276 0.00%

363,451 Cfd Lloyds Banking Group Plc GBP (7,920) (0.03)%

699 Cfd Renault EUR 307 0.00%

3,694 Cfd Smith Nephew Plc GBP 1,818 0.01%

53,442 Cfd Wm Morrison Supermarkets GBP (1,190) (0.01)%

4,341 Cfd Wpp Plc GBP (1,170) (0.01)%

431 Cgi Group Inc Class A CAD (247) 0.00%

7,000 Champion Reit HKD 34 0.00%

40,000 Champion Reit HKD (293) 0.00%

497 Charles Schwab Corp/The USD 24 0.00%

328 Charter Comms.Cl.A USD 1,008 0.00%

707 Check Point Software Technologies USD (396) 0.00%

643 Chemours Co/The USD 419 0.00%

3,000 Cheung Kong Infrastructure HKD 1,095 0.00%

4,500 Cheung Kong Property Holding HKD 2,009 0.01%

267 Chevron Corp USD (164) 0.00%

4,000 Chiba Bank Ltd/The JPY 975 0.00%

6,000 Chiba Bank Ltd/The JPY (1,609) (0.01)%

8,378 China Life Insurance Co Adr EUR (4,599) (0.02)%

148,000 China Resources Power Holdin EUR 2,512 0.01%

69 Chipotle Mexican Grill Inc USD 329 0.00%

10 Chocoladefabriken Lindt & Spruengli Ag CHF (1,306) (0.01)%

2 Chocoladefabriken Lindt Reg CHF (4,991) (0.02)%

9,000 Chow Tai Fook Jewellery Grou HKD (341) 0.00%

2,000 Chubu Electric Power Co Inc JPY 1,642 0.01%

2,000 Chubu Electric Power Co Inc JPY (1,764) (0.01)%

1,200 Chugai Pharmaceutical Co Ltd JPY (878) 0.00%

2,000 Chugoku Electric Power Co JPY 2,804 0.01%

2,600 Chugoku Electric Power Co JPY (1,733) (0.01)%

236 Church + Dwight Co Inc USD (148) 0.00%

1,106 Cie Financiere Richemont Reg CHF (1,135) 0.00%

549 Cinemark Holdings Inc USD (139) 0.00%

600 Citizen Watch Co Ltd JPY 34 0.00%

1,200 Citizen Watch Co Ltd JPY (458) 0.00%

INRIS UCITS PLC

155



EUR Assets


65 Citrix Systems Inc USD (116) 0.00%

6,500 Ck Hutchison Holdings Ltd HKD 4,531 0.02%

242 Clean Harbors Inc USD 369 0.00%

1,500 Clp Holdings Ltd HKD (339) 0.00%

2,208 Cms Energy Corp USD 1,507 0.01%

4,354 Cnh Industrial Nv EUR (109) 0.00%

333 Cno Financial Group Inc USD (129) 0.00%

453 Coach Inc USD 576 0.00%

57,066 Cobham Plc GBP 736 0.00%

3,670 Coca Cola Amatil Ltd AUD 1,328 0.01%

1,303 Coca Cola Cfd USD 260 0.00%

6,517 Coca Cola Hbc Ag Di EUR (6,632) (0.03)%

1,280 Coca Cola Hbc Ag Di GBP (1,545) (0.01)%

1,408 Coca Cola Hbc Ag Di GBP 1,699 0.01%

15,055 Coca Cola Icecek As EUR (4,811) (0.02)%

394 Colony Starwood Homes USD 90 0.00%

800 Colopl Inc JPY (137) 0.00%

670 Colruyt Sa EUR 1,062 0.00%

3,200 Comfortdelgro Corp Ltd SGD 63 0.00%

12,000 Comfortdelgro Corp Ltd SGD (630) 0.00%

306 Commerce Bancshares Inc USD 52 0.00%

348 Commercial Metals Co USD 488 0.00%

611 Commonwealth Bank Of Australia AUD (742) 0.00%

199 Commscope Holding Co Inc USD 43 0.00%

3,132 Compass Group Plc GBP 3,339 0.01%

5,089 Compass Group Plc (Ln) (Cfd Ms) GBP (5,151) (0.02)%

362 Computer Sciences Corp USD 669 0.00%

113 Concho Resources Inc USD 709 0.00%

1,000 Concordia Financial Group Lt JPY 542 0.00%

700 Concordia Financial Group Lt JPY (69) 0.00%

617 Consol Energy Inc USD (702) 0.00%

61 Constellation Brands Inc A USD 179 0.00%

14 Constellation Software Inc CAD 2 0.00%

3,229 Contact Energy Ltd NZD 448 0.00%

11,841 Convatec Group Plc GBP 430 0.00%

704 Copart Inc USD (481) 0.00%

148 Cornerstone Ondemand Inc Cfd USD (95) 0.00%

2,845 Corning Inc [Nys] USD 81 0.00%

895 Corus Entertainment Inc B Sh CAD 13 0.00%

100 Cosmo Energy Holdings Co Ltd JPY (159) 0.00%

2,857 Cott Corporation CAD (848) 0.00%

945 Coty Inc Cl A USD 36 0.00%

21 Covestro Ag EUR (44) 0.00%

165 Covestro Ag EUR 183 0.00%

136,500 Cp All Pcl Foreign EUR (512) 0.00%

536 Cr Bard Inc USD 2,008 0.01%

1,225 Credicorp Ltd EUR 1,121 0.00%

52 Credit Acceptance Corp USD (413) 0.00%

INRIS UCITS PLC

156



EUR Assets


1,461 Crescent Point Energy Corp CAD 41 0.00%

5,009 Crh Plc GBP 6,690 0.03%

2,538 Crh Plc EUR 1,282 0.01%

572 Croda International GBP (235) 0.00%

20,896 Csr Ltd AUD 5,392 0.02%

6,263 Ctt Correios De Portugal EUR 1,397 0.01%

190 Cullen/Frost Bankers Inc USD 433 0.00%

238 Cvs Health Corp USD 140 0.00%

2,215 Cybg Plc GBP (54) 0.00%

639 Cybg Plc Cdi AUD 31 0.00%

5,323 Cybg Plc Cdi AUD (694) 0.00%

825 Cypress Semiconductor Corp USD (274) 0.00%

6,000 Dai Nippon Printing Co Ltd JPY 3,463 0.02%

200 Daicel Corp JPY 14 0.00%

1,600 Daicel Corp JPY (455) 0.00%

3,000 Daido Steel Co Ltd JPY 829 0.00%

1,000 Daido Steel Co Ltd JPY (171) 0.00%

1,000 Daifuku Co Ltd JPY (1,057) 0.00%

700 Dai-Ichi Life Holdings Inc JPY (481) 0.00%

1,200 Daiichi Sankyo Co Ltd JPY (5) 0.00%

2,300 Daiichi Sankyo Co Ltd JPY 290 0.00%

700 Daikin Industries Ltd JPY 341 0.00%

9,425 Dairy Crest Group Plc GBP (1,491) (0.01)%

600 Daito Trust Construct Co Ltd JPY 1,244 0.01%

3 Daiwa Office Investment Corp JPY 407 0.00%

1,000 Daiwa Securities Group Inc JPY 479 0.00%

6,000 Daiwa Securities Group Inc JPY (2,131) (0.01)%

237 Danaher Corp USD (376) 0.00%

475 Darden Restaurants Inc USD (821) 0.00%

19 Dassault Aviation Sa EUR 211 0.00%

482 Davita Inc Cfd USD (37) 0.00%

1,009 Dcc Plc GBP 1,832 0.01%

3,020 Dct Industrial Trust Inc USD 4,169 0.02%

46,257 Debenhams Plc GBP 244 0.00%

338 Dell Technologies Cl V Ord Wi USD 574 0.00%

513 Delphi Automotive Plc USD (775) 0.00%

500 Dena Co Ltd JPY 2,431 0.01%

300 Denso Corp JPY 690 0.00%

565 Dentsply Sirona Inc USD 1,430 0.01%

1,700 Dentsu Inc JPY (2,176) (0.01)%

536 Derwent London Plc GBP (446) 0.00%

2,344 Detour Gold Corp CAD (4,309) (0.02)%

1,211 Deutsche Euroshop Ag EUR 1,683 0.01%

1,498 Dexus Property Group AUD (432) 0.00%

1,348 Dh Corp CAD (829) 0.00%

2,938 Diageo Plc GBP (1,876) (0.01)%

415 Dialog Semiconductor Plc EUR 855 0.00%

852 Diamond Offshore Drilling Inc USD (1,332) (0.01)%

INRIS UCITS PLC

157



EUR Assets


1,082 Dick'S Sporting Goods Inc USD (5,197) (0.02)%

1,637 Diebold Nixdorf Inc USD (972) 0.00%

13,006 Direct Line Insurance Group GBP (2,072) (0.01)%

9,747 Direct Line Insurance Group GBP 1,553 0.01%

1,375 Dish Network Corp A USD 691 0.00%

10,748 Dixons Carphone Plc GBP 1,095 0.00%

2,100 Dmg Mori Co Ltd JPY 2,048 0.01%

779 Dollar Tree Inc USD 6,293 0.03%

586 Dollarama Inc CAD (530) 0.00%

479 Domino S Pizza Inc USD (313) 0.00%

536 Dominos Pizza Enterprises Ord AUD 853 0.00%

152 Dominos Pizza Enterprises Ord AUD (152) 0.00%

491 Domtar Corp CAD (160) 0.00%

700 Don Quijote Holdings Co Ltd JPY (28) 0.00%

696 Dong Energy A/S DKK 1,316 0.01%

70 Dormakaba Holding Ag CHF 3,071 0.01%

2,000 Dowa Holdings Co Ltd JPY (520) 0.00%

87 Dr Pepper Snapple Group Inc USD 12 0.00%

3,987 Drax Group GBP (2,485) (0.01)%

401 Dril-Quip Inc USD (1,388) (0.01)%

13,662 Ds Smith Plc GBP 304 0.00%

7,980 Ds Smith Plc GBP (174) 0.00%

2,604 Dsv A/S DKK (3,047) (0.01)%

378 Duerr Ag EUR 185 0.00%

237 Dufry 'R' CHF (155) 0.00%

2,669 Duke Realty Corp USD 2,252 0.01%

124 Dycom Industries Inc USD (67) 0.00%

3,176 E.On Se EUR 492 0.00%

667 E.On Se EUR 103 0.00%

361 Eastman Chemical Co USD (527) 0.00%

758 Eaton Vance Corp USD 151 0.00%

100 Ebara Corp JPY (142) 0.00%

379 Ebay Inc USD (14) 0.00%

496 Ebro Foods Sa EUR 84 0.00%

1,384 Education Realty Trust Inc USD (2,441) (0.01)%

200 Eisai Co Ltd JPY (7) 0.00%

100 Eisai Co Ltd JPY 98 0.00%

55 Elbit Systems Ltd ILS (3) 0.00%

5,089 Electrocomponents Plc GBP (173) 0.00%

1,727 Electrolux Ab Ser B SEK 18 0.00%

5,291 Element Fleet Management Cor CAD 2,019 0.01%

547 Elisa Oyj EUR 449 0.00%

224,766 Emaar Malls Group Pjsc EUR 2,524 0.01%

508 Emera Inc CAD (171) 0.00%

30,195 Emirates Telecom Group Co EUR (1,675) (0.01)%

2,608 Empire Co Ltd A CAD (369) 0.00%

1,863 Empire State Realty Trust A USD (919) 0.00%

767 Enbridge Inc CAD 304 0.00%

INRIS UCITS PLC

158



EUR Assets


462 Energen Corp USD (489) 0.00%

4,444 Enerplus Corp CAD 440 0.00%

615 Entergy Corp Cfd USD (626) 0.00%

47 Eog Resources Inc USD (126) 0.00%

695 Epam Systems Inc USD (1,021) 0.00%

222 Eqt Corp USD 385 0.00%

208 Equinix Inc USD (1,499) (0.01)%

440 Equity Commonwealth USD 309 0.00%

1,424 Equity Lifestyle Properties USD 3,146 0.01%

6,375 Erste Group Bank Ag EUR (5,323) (0.02)%

8,102 Esprit Holdings Ltd HKD 228 0.00%

13,983 Essentra Plc GBP 3,702 0.02%

126 Essex Property Trust Inc USD (1,316) (0.01)%

634 Estee Lauder Companies Cl A USD (655) 0.00%

151 Eurazeo EUR 276 0.00%

280 Evercore Partners Inc Cl A USD 27 0.00%

392 Evonik Industries Ag EUR 114 0.00%

25 Exor Holding Nv EUR 212 0.00%

53 Expedia Wni. USD 185 0.00%

2,202 Experian Plc GBP (1,935) (0.01)%

352 Express Scripts Holding Co USD (130) 0.00%

222 Extra Space Storage Inc USD (1,023) 0.00%

314 Extraction Oil + Gas Inc USD 116 0.00%

989 Exxon Mobil Corp USD 591 0.00%

63 F5 Networks Inc Cfd USD (49) 0.00%

2,536 Fabege Ab SEK 2,197 0.01%

144 Fairfax Financial Hldgs Ltd CAD (4,455) (0.02)%

1,617 Familymart Uny Holdings Co L JPY (6,256) (0.03)%

200 Fast Retailing Co Ltd JPY 1,902 0.01%

945 Fastighets Ab Balder B Shrs SEK (768) 0.00%

1,636 Faurecia EUR 925 0.00%

116 Federal Express Cfd (Db) USD (1,277) (0.01)%

2,462 Ferrovial Sa Cfd EUR 862 0.00%

60,000 Fih Mobile Ltd HKD 334 0.00%

1,708 Finning International Inc CAD (785) 0.00%

1,698 First American Financial Corp USD (354) 0.00%

41,766 First Gulf Bank EUR (2,605) (0.01)%

1,924 First Horizon National Corp USD 36 0.00%

592 First Solar Inc USD 292 0.00%

954 Firstenergy Corp USD 317 0.00%

84 Fischer Georg Reg CHF 431 0.00%

54 Fitbit Inc - A Cfd USD (14) 0.00%

208 Fleetcor Technologies Inc USD 1,392 0.01%

401 Flowserve Corp USD 349 0.00%

1,613 Ford Motor Co USD 688 0.00%

587 Forest City Realty Trust A USD (377) 0.00%

206 Fortis Inc CAD 157 0.00%

435 Fortum Oyj EUR 91 0.00%

INRIS UCITS PLC

159



EUR Assets


611 Fortune Brands Home + Securi USD (660) 0.00%

23,019 Foxtons Group Plc GBP (135) 0.00%

228 Fraport Ag Frankfurt Airport EUR 55 0.00%

554 Freeport Mcmoran Inc USD 746 0.00%

1,196 Fresnillo Plc GBP 1,396 0.01%

1,599 Frontier Communications Corp Cfd USD 167 0.00%

239 Frutarom ILS 377 0.00%

1,000 Fukuoka Financial Group Inc JPY 341 0.00%

4,000 Fukuoka Financial Group Inc JPY (1,138) 0.00%

1,000 Fukuyama Transporting Co Ltd JPY (394) 0.00%

37,387 G4S Plc GBP 0 0.00%

1,354 Gaming And Leisure Propertie USD (1,078) 0.00%

86 Gartner Inc USD (201) 0.00%

124 Gatx Corp USD 94 0.00%

36,285 Gazprom Pao Spon Adr EUR 21,041 0.09%

3,271 Gea Group Ag EUR (1,897) (0.01)%

534 Gecina Sa EUR (3,311) (0.01)%

2,305 General Electric Co USD (743) 0.00%

2,107 General Growth Properties USD (1,558) (0.01)%

26,000 Genting Singapore Plc Cfd SGD (938) 0.00%

1,551 Genus Plc GBP (654) 0.00%

1,223 Gildan Activewear Inc CAD 2,318 0.01%

44 Givaudan Reg CHF (1,888) (0.01)%

7,843 Gkn Plc GBP (13) 0.00%

14,656 Gkn Plc GBP 138 0.00%

2,740 Glaxosmithkline Plc GBP (1,493) (0.01)%

1,838 Glencore Plc GBP (6) 0.00%

6,190 Glencore Plc (Ln) (Cfd Ms) GBP (384) 0.00%

1,300 Glory Ltd JPY (476) 0.00%

1,992 Gn Store Nord A/S DKK 1,205 0.01%

9,873 Gramercy Property Trust USD (7,675) (0.03)%

325 Grand City Properties EUR (557) 0.00%

3,088 Grandvision Nv EUR (803) 0.00%

3,051 Great Eagle Holdings Ltd HKD (1,311) (0.01)%

15,336 Great Portland Estates Plc GBP 4,042 0.02%

860 Great Portland Estates Plc GBP (227) 0.00%

8,415 Greencore Group Plc GBP 1,213 0.01%

6,565 Greene King Plc GBP (403) 0.00%

2,146 Greggs Plc GBP (955) 0.00%

5,981 Groupon Inc USD (1,531) (0.01)%

5,333 Gs Retail Co Ltd EUR (3,660) (0.02)%

320 Gulfport Energy Corp USD (416) 0.00%

1,500 Gunma Bank Ltd/The JPY 804 0.00%

9,100 Gunma Bank Ltd/The JPY (1,701) (0.01)%

6,277 Gvc Holdings Plc GBP 1,508 0.01%

297 Hain Celestial Group Inc USD 141 0.00%

289 Hain Celestial Group Inc USD 137 0.00%

1,300 Hakuhodo Dy Holdings Inc Cfd JPY 1,463 0.01%

INRIS UCITS PLC

160



EUR Assets


11,732 Halfords Group Plc GBP (344) 0.00%

1,600 Hamamatsu Photonics Kk Cfd JPY 845 0.00%

8,499 Hammerson Plc GBP (2,290) (0.01)%

767 Hancock Holding Co USD (837) 0.00%

7,000 Hang Lung Group Ltd HKD (1,370) (0.01)%

18,000 Hang Lung Properties Ltd HKD (661) 0.00%

432 Hannover Rueck Se EUR (86) 0.00%

7,492 Hargreaves Lansdown Plc GBP (2,458) (0.01)%

325 Harley Davidson Inc USD 459 0.00%

47 Harris Corp Cfd USD (112) 0.00%

1,250 Hasbro Inc USD (4,676) (0.02)%

900 Haseko Corp JPY 54 0.00%

400 Haseko Corp JPY (33) 0.00%

43,564 Hays Plc GBP 612 0.00%

2,300 Hazama Ando Corp JPY 139 0.00%

2,564 Healthscope Ltd Cfd AUD (124) 0.00%

1,550 Heidelbergcement Ag EUR (1,969) (0.01)%

500 Heiwa Corp JPY (183) 0.00%

190 Helmerich + Payne USD (549) 0.00%

4,018 Henderson Group Plc Cfd GBP (254) 0.00%

2,355 Hennes + Mauritz Ab B Shs SEK 1,598 0.01%

205 Henry Schein Inc USD (480) 0.00%

258 Hertz Global Holdings Inc USD (169) 0.00%

170 Hexagon Ab B Shs SEK 122 0.00%

200 Hikari Tsushin Inc JPY (65) 0.00%

1,419 Hikma Pharmaceuticals Plc GBP (2,201) (0.01)%

2,811 Hilton Worldwide Holdings In USD 293 0.00%

4,000 Hiroshima Bank Ltd/The JPY (943) 0.00%

800 His Co Ltd JPY 68 0.00%

300 Hisamitsu Pharmaceutical Co Cfd JPY (927) 0.00%

300 Hitachi Capital Corp Cfd JPY (224) 0.00%

100 Hitachi Capital Corp Cfd JPY 47 0.00%

700 Hitachi Kokusai Electric Inc JPY (979) 0.00%

40,163 Hochschild Mining Plc EUR 11,202 0.05%

834 Hochtief Ag EUR 459 0.00%

3,000 Hokuhoku Financial Group Inc JPY 6,901 0.03%

2,100 Hokuhoku Financial Group Inc JPY (1,400) (0.01)%

1,700 Hokuriku Electric Power Co JPY 1,763 0.01%

2,600 Hokuriku Electric Power Co JPY (1,691) (0.01)%

18,340 Hollysys Automation Technolo EUR (9,864) (0.04)%

98 Home Depot Inc USD (164) 0.00%

6,609 Homeserve Plc GBP 736 0.00%

101,100 Hon Hai Precision Industry EUR 3,691 0.02%

48,100 Hong Kong And China Gas HKD 3,960 0.02%

200 Horiba Ltd JPY (146) 0.00%

3,083 Hormel Foods Corp USD 1,023 0.00%

300 Hoshizaki Corp JPY (1,146) 0.00%

452 Howard Hughes Corp Trs USD 292 0.00%

INRIS UCITS PLC

161



EUR Assets


2,306 Hp Inc USD (1,465) (0.01)%

18,148 Hsbc Holdings Plc GBP (2,636) (0.01)%

106 Hubbell Inc USD 134 0.00%

24,580 Hudbay Minerals Inc EUR 17,325 0.08%

3,595 Hufvudstaden Ab SEK 2,101 0.01%

180 Hugo Boss Ag Ord EUR (203) 0.00%

690 Hunt Jb Transprt Svcs Inc USD (615) 0.00%

23,588 Hunting Plc GBP 9,534 0.04%

51 Huntington Ingalls Industrie USD (28) 0.00%

6,065 Husqvarna Ab B Shs SEK 1,039 0.00%

511 Hyatt Hotels Cl.A USD (878) 0.00%

9,491 Hydro One Ltd CAD (2,416) (0.01)%

1,550 Iamgold Corp CAD (986) 0.00%

4,587 Iberdrola Sa EUR (1,050) 0.00%

606 Iberiabank Corp USD 2,125 0.01%

1,500 Ichigo Inc JPY 98 0.00%

1,200 Idemitsu Kosan Co Ltd JPY (6,331) (0.03)%

541 Idexx Laboratories Inc USD (1,354) (0.01)%

15,325 Ig Group Holdings Plc GBP 2,495 0.01%

194,400 Ihh Healthcare Bhd EUR 2,660 0.01%

4,000 Ihi Corp JPY (910) 0.00%

113 Illumina Inc USD 289 0.00%

1,968 Imi Plc GBP (323) 0.00%

1,280 Imperial Brands Plc (Ln) (Cfd Ms) GBP 375 0.00%

20,429 Inchcape Plc GBP 13,642 0.06%

12,598 Incitec Pivot Ltd AUD (1,435) (0.01)%

438 Independence Group Nl AUD (81) 0.00%

4,871 Independence Group Nl AUD 1,204 0.01%

3,862 Informa Plc GBP (249) 0.00%

340 Ingenico Group EUR (925) 0.00%

1,003 Ingersoll Rand Plc USD (2,083) (0.01)%

383 Ingredion Inc USD 14 0.00%

4,591 Inmarsat Plc GBP 834 0.00%

2,913 Inmobiliaria Colonial Sa EUR (418) 0.00%

231 Innogy Se EUR (499) 0.00%

10,149 Insurance Australia Group Lt Cfd AUD (906) 0.00%

1,201 Integrated Device Tech Inc USD 2,050 0.01%

2,981 Inter Pipeline Ltd CAD 1,181 0.01%

1,295 Interactive Brokers Gro Cl A USD 2,971 0.01%

1,212 Intercontinental Hotels Grou GBP (1,505) (0.01)%

589 International Game Technolog USD 274 0.00%

3,570 Interpublic Group Of Cos Inc USD (2,539) (0.01)%

6,024 Intertek Group Plc GBP 11,852 0.05%

662 Intrum Justitia Ab SEK (560) 0.00%

649 Intuit Inc USD (1,951) (0.01)%

270 Ipsen EUR 311 0.00%

42 Israel Corp Limited/The ILS 441 0.00%

6,464 Israel Discount Bank A ILS (428) 0.00%

INRIS UCITS PLC

162



EUR Assets


2,711 Iss A/S DKK 474 0.00%

2,200 Isuzu Motors Ltd JPY 393 0.00%

15,856 Itau Unibanco H Spon Prf Adr EUR 5,158 0.02%

1,200 Ito En Ltd JPY 2,223 0.01%

1,900 Itochu Corp JPY (834) 0.00%

100 Itochu Techno Solutions Corp JPY 33 0.00%

41,887 Itv Plc GBP 4,858 0.02%

29,979 Iwg Plc GBP 1,475 0.01%

1,500 Iyo Bank Ltd/The JPY 2,034 0.01%

2,000 Iyo Bank Ltd/The JPY (146) 0.00%

238 J2 Global Inc USD (59) 0.00%

1,162 Jabil Circuit Inc USD 2,314 0.01%

264 Jack Henry & Associates Inc USD (200) 0.00%

300 Japan Airlines Co Ltd Cfd JPY (173) 0.00%

300 Japan Airport Terminal Co Ltd JPY 88 0.00%

5,700 Japan Display Inc JPY (417) 0.00%

100 Japan Petroleum Exploration JPY 233 0.00%

1,000 Japan Petroleum Exploration JPY (1,349) (0.01)%

300 Japan Post Insurance Co Ltd JPY 314 0.00%

200 Japan Post Insurance Co Ltd JPY (124) 0.00%

2 Japan Real Estate Investment JPY 130 0.00%

300 Japan Steel Works Ltd JPY 144 0.00%

1,100 Japan Steel Works Ltd JPY (313) 0.00%

1,110 Jb Hi-Fi Ltd AUD 1,044 0.00%

2,185 Jean Coutu Group Inc Class A CAD 1,189 0.01%

1,328 Jeronimo Martins EUR (312) 0.00%

6,000 Jgc Corp JPY 585 0.00%

1,628 Jm Ab SEK 595 0.00%

154 John Bean Technologies Corp USD (37) 0.00%

79 John Laing Group Plc GBP (9) 0.00%

4,000 Johnson Electric Holdings HKD (698) 0.00%

783 Johnson Matthey Plc GBP (917) 0.00%

547 Johnson Matthey Plc GBP 641 0.00%

197 Jones Lang Lasalle Inc USD (34) 0.00%

8,501 Jupiter Fund Management GBP 821 0.00%

3,000 Juroku Bank Ltd/The JPY 1,470 0.01%

2,000 Juroku Bank Ltd/The JPY (260) 0.00%

4,809 Just Eat Plc GBP 901 0.00%

226 Jyske Bank Reg DKK (21) 0.00%

214 Jyske Bank Reg DKK 88 0.00%

468 K S Ag Reg EUR (351) 0.00%

1,000 Kandenko Co Ltd Cfd JPY (73) 0.00%

2,200 Kansai Paint Co Ltd JPY (769) 0.00%

1,800 Kao Corp JPY 1,394 0.01%

588 Kate Spade + Co USD 2,102 0.01%

2,742 Kaz Minerals Plc GBP 675 0.00%

1,000 Keihan Holdings Co Ltd JPY (699) 0.00%

6,000 Keihan Holdings Co Ltd JPY 49 0.00%

INRIS UCITS PLC

163



EUR Assets


1,000 Keikyu Corp JPY (415) 0.00%

1,000 Keio Electric Railway Co Ltd Cfd JPY 138 0.00%

2,000 Keiyo Bank Ltd/The JPY 55 0.00%

4 Kenedix Office Investment Co JPY 1,967 0.01%

3,600 Keppel Corp Ltd SGD 709 0.00%

351 Kerry Group Plc A EUR 975 0.00%

8,500 Kerry Properties Ltd HKD (676) 0.00%

100 Keyence Corp JPY (2,455) (0.01)%

317 Keysight Technologies In USD (18) 0.00%

2,683 Kindred Group Plc SEK 2,367 0.01%

13,842 Kingfisher Plc GBP (1,427) (0.01)%

2,826 Kinross Gold Corp CAD 40 0.00%

600 Kissei Pharmaceutical Co Ltd JPY 901 0.00%

4,102 Kloeckner + Co Se EUR (1,866) (0.01)%

100 Kobayashi Pharmaceutical Co JPY (20) 0.00%

800 Kobe Steel Ltd JPY (793) 0.00%

935 Kohls Corp USD (5,140) (0.02)%

2,100 Koito Manufacturing Co Ltd JPY (1,998) (0.01)%

100 Konami Holdings Corp JPY (508) 0.00%

4,000 Konica Minolta Inc JPY (1,428) (0.01)%

645 Koninklijke Dsm Nv EUR 490 0.00%

374 Kraft Heinz Co/The USD (601) 0.00%

53,546 Kroton Educacional Sa EUR 22,722 0.10%

1,794 Kt+G Corp EUR (9,806) (0.04)%

400 Kuraray Co Ltd JPY (68) 0.00%

1,200 Kyocera Corp JPY (59) 0.00%

400 Kyorin Holdings Ord JPY 352 0.00%

200 Kyowa Hakko Kogyo Co Ltd Cfd JPY 116 0.00%

300 Kyowa Hakko Kogyo Co Ltd Cfd JPY (56) 0.00%

239 L Brands Inc USD 1,263 0.01%

78 Laboratory Crp Of Amer Hldgs USD (74) 0.00%

22,769 Ladbrokes Coral Group Plc GBP 720 0.00%

3,916 Laird Group GBP (124) 0.00%

499,300 Land + Houses Pub Nvdr EUR 8,550 0.04%

880 Landstar System Inc USD (1,419) (0.01)%

1,077 Lanxess Ag EUR 565 0.00%

715 Laredo Petroleum Inc USD 136 0.00%

883 Las Vegas Sands Corp USD (2,327) (0.01)%

519 Lear Ord USD (910) 0.00%

23,727 Legal + General Group Plc GBP 1,306 0.01%

3,220 Legg Mason Inc USD (3,419) (0.01)%

3,141 Leonardo Spa EUR 409 0.00%

655 Leroey Seafood Group Asa NOK (909) 0.00%

8,170 Lg Display Co Ltd EUR 1,857 0.01%

16,000 Li + Fung Ltd HKD 98 0.00%

794 Liberty Broadband C USD 519 0.00%

16,443 Liberty Holdings Ltd EUR (4,561) (0.02)%

997 Liberty Property Trust USD 680 0.00%

INRIS UCITS PLC

164



EUR Assets


1,521 Liberty Ventures Ser A USD 4,903 0.02%

151 Life Storage Inc USD (415) 0.00%

70 Lithia Motors Inc Cl A USD 48 0.00%

1,000 Lixil Group Corp JPY (1,831) (0.01)%

3,374 Lkq Corp USD 6,142 0.03%

569 Logitech International Sa CHF 159 0.00%

767 London Stock Exchange Group GBP 1,321 0.01%

957 Lonza Group CHF 12,418 0.05%

290 Loomis Ab B SEK 348 0.00%

568 Lowe S Cos Inc USD (1,373) (0.01)%

3,260 Lukoil Pjsc Spon Adr EUR (11,383) (0.05)%

681 Lundin Petroleum SEK (469) 0.00%

3,798 Luxoft Holding Inc EUR 7,044 0.03%

1,029 M + T Bank Corp USD (2,517) (0.01)%

100 M3 Inc JPY 91 0.00%

211 Macdonald Dettwiler + Assoc CAD (131) 0.00%

104 Macerich Co/The USD 239 0.00%

659 Macy S Inc USD (2,706) (0.01)%

1,000 Maeda Corp JPY (748) 0.00%

4,000 Maeda Road Construction Co Ltd JPY (195) 0.00%

10,998 Mail.Ru Group Gdr Regs EUR (5,527) (0.02)%

82,174 Man Group Plc GBP (1,925) (0.01)%

882 Manpowergroup Inc USD (1,404) (0.01)%

3,861 Maple Leaf Foods Inc CAD 377 0.00%

73 Markel Corp Cfd USD (1,642) (0.01)%

6,972 Marks + Spencer Group Plc GBP 49 0.00%

400 Maruha Nichiro Corp JPY (1,079) 0.00%

800 Marui Group Co Ltd JPY (318) 0.00%

800 Marui Group Co Ltd JPY 821 0.00%

1,241 Masco Corp USD 94 0.00%

347 Masimo Corp USD 559 0.00%

305 Mastec Inc USD (260) 0.00%

100 Matsumotokiyoshi Holdings Co JPY 512 0.00%

500 Matsumotokiyoshi Holdings Co JPY (854) 0.00%

18,055 Mayne Pharma Group Ltd AUD 1,607 0.01%

1,253 Mccormick + Co Non Vtg Shrs USD 1,150 0.01%

2,600 Mcdonald S Holdings Co Japan JPY 1,609 0.01%

5,925 Mediaset Espana Comunicacion Sa EUR 948 0.00%

775 Medical Properties Trust Inc USD (272) 0.00%

1,073 Medicines Company USD 2,270 0.01%

5,157 Mediclinic International Plc GBP (2,840) (0.01)%

5,806 Mediobanca Spa EUR (581) 0.00%

351 Mednax Inc USD (465) 0.00%

159 Medtronic Plc USD 333 0.00%

6,385 Meggitt Plc GBP 1,107 0.00%

100 Meiji Holdings Co Ltd JPY 146 0.00%

1,000 Melco International Develop. HKD (44) 0.00%

860 Melia Hotels International EUR 499 0.00%

INRIS UCITS PLC

165



EUR Assets


57,791 Melrose Industries Plc GBP (7,955) (0.03)%

4,866 Merlin Entertainments Plc-Wi Cfd GBP (570) 0.00%

940 Metro Ag EUR 409 0.00%

4,727 Metsa Board Oyj EUR (2,269) (0.01)%

282 Metso Oyj EUR 206 0.00%

66 Mettler Toledo International USD (449) 0.00%

3,724 Mgic Investment Corp USD 777 0.00%

2,800 Mgm China Holdings Ltd HKD (507) 0.00%

229 Mgm Growth Properties Llc A USD (245) 0.00%

3,318 Micro Focus International Plc GBP 2,177 0.01%

569 Microsemi Corp USD 1,101 0.00%

420 Mid America Apartment Comm USD 980 0.00%

904 Mineral Resources AUD (62) 0.00%

503 Mineral Resources AUD 7 0.00%

200 Miraca Holdings Ord JPY 211 0.00%

21,809 Mitie Group Plc GBP (2,376) (0.01)%

400 Mitsub Tanabe Ord JPY 424 0.00%

10,600 Mitsubishi Chemical Holdings JPY 5,998 0.03%

6,200 Mitsubishi Chemical Holdings JPY (1,273) (0.01)%

600 Mitsubishi Corp JPY 22 0.00%

1,300 Mitsubishi Corp JPY (629) 0.00%

1,300 Mitsubishi Electric Corp JPY 212 0.00%

2,000 Mitsubishi Estate Co Ltd JPY (439) 0.00%

1,000 Mitsubishi Heavy Industries Ltd JPY 134 0.00%

400 Mitsubishi Materials Corp JPY 374 0.00%

600 Mitsubishi Materials Corp JPY (805) 0.00%

1,200 Mitsubishi Ufj Lease + Finan JPY 112 0.00%

100 Mitsubishi Ufj Lease + Finan JPY (2) 0.00%

3,700 Mizuho Financial Group Inc JPY 232 0.00%

17,400 Mizuho Financial Group Inc JPY (1,372) (0.01)%

100 Mochida Pharmaceutical Co JPY 187 0.00%

4,255 Mol Hungarian Oil And Gas Pl EUR (11,189) (0.05)%

805 Molson Coors Brewing Co USD 130 0.00%

445 Moncler Spa EUR 54 0.00%

275 Mondelez International Inc A USD 110 0.00%

2,705 Mondi Plc GBP (3,106) (0.01)%

2,070 Mondi Plc GBP 2,289 0.01%

13,179 Moneysupermarket.Com GBP (911) 0.00%

12,359 Moneysupermarket.Com Group Plc GBP 854 0.00%

1,350 Monster Beverage Corp USD (64) 0.00%

18,799 Morrison(Wm)Spmkts. GBP 419 0.00%

13,811 Mtr Corp HKD 4,982 0.02%

1,005 Nabors Industries Ltd USD 458 0.00%

700 Nabtesco Corp Cfd JPY 700 0.00%

700 Nagase + Co Ltd JPY 23 0.00%

4,000 Nagoya Railroad Co Ltd JPY 112 0.00%

1,098 Naspers Ltd N Shs EUR 4,715 0.02%

436,543 National Bank Of Greece EUR 6,548 0.03%

INRIS UCITS PLC

166



EUR Assets


7,106 National Grid Plc GBP 2,189 0.01%

582 Natl Health Investors Inc USD (1,320) (0.01)%

873 Ncr Corporation USD (480) 0.00%

628 Neste Oyj EUR 414 0.00%

838 Netapp Ord USD (1,366) (0.01)%

315 Netflix Com USD 358 0.00%

1,181 Nets A/S DKK 1,239 0.01%

208 Netscout Systems Inc USD 237 0.00%

537 Nevro USD 779 0.00%

975 New Flyer Industries Inc CAD (896) 0.00%

1,853 New Jersey Resources Corp USD 827 0.00%

2,878 New Residential Investment USD 55 0.00%

19,000 New World Development HKD (367) 0.00%

4,590 New York Community Bancorp Cfd USD 5,092 0.02%

711 Newcrest Mining AUD 412 0.00%

2,179 Newell Rubbermaid Inc USD 4,193 0.02%

489 Nexans Sa EUR (587) 0.00%

795 Nexity EUR 1,006 0.00%

800 Nexon Co Ltd JPY (494) 0.00%

524 Next Plc GBP (252) 0.00%

44 Nextera Energy Inc USD 101 0.00%

300 Nichi Iko Pharmaceutical Co JPY 283 0.00%

900 Nichi Iko Pharmaceutical Co JPY (88) 0.00%

900 Nihon Kohden Corporation Cfd JPY 22 0.00%

100 Nihon M&A Center Inc JPY (93) 0.00%

1,400 Nikon Corporation Cfd JPY 2,913 0.01%

1,000 Nippo Corp JPY (1,122) 0.00%

1,000 Nippon Electric Glass Co Ltd JPY 218 0.00%

4,000 Nippon Kayaku Co Ltd JPY (1,020) 0.00%

2,000 Nippon Meat Packers Inc Cfd JPY 1,219 0.01%

1,900 Nippon Paint Holdings Co Ltd JPY 1,490 0.01%

2,600 Nippon Telegraph & Telephone Corp JPY 695 0.00%

1,400 Nishi Nippon Financial Holdi JPY 904 0.00%

3,000 Nishi Nippon Railroad Co Ltd JPY 355 0.00%

7,000 Nishimatsu Construction Co JPY (57) 0.00%

2,000 Nishimatsu Construction Co JPY 690 0.00%

100 Nissan Chemical Industries Ltd JPY (33) 0.00%

500 Nisshin Seifun Group Inc JPY 265 0.00%

800 Nissin Foods Holdings Co Ltd JPY (1,813) (0.01)%

12,347 Nokia Oyj EUR (691) 0.00%

1,200 Nomura Holdings Inc JPY (588) 0.00%

1,400 Nomura Real Estate Holdings Inc JPY 564 0.00%

450 Norbord Inc CAD 176 0.00%

895 Nordic American Tankers Ltd USD (569) 0.00%

596 Nordstrom Inc USD (4,153) (0.02)%

123 Northrop Grumman Cfd USD 68 0.00%

1,990 Northstar Asset Man.Gp. Wni. USD (943) 0.00%

553 Northwestern Corp USD 112 0.00%

INRIS UCITS PLC

167



EUR Assets


1,198 Norwegian Cruise Line Holdin USD 1,878 0.01%

3,727 Nos Sgps EUR 471 0.00%

661 Novartis Ag Reg CHF (432) 0.00%

800 Nsk Ltd JPY (299) 0.00%

1,100 Ntt Docomo Inc JPY 2,240 0.01%

5,700 Ntt Docomo Inc JPY (2,317) (0.01)%

3,300 Ntt Urban Development Corp JPY (858) 0.00%

867 Nufarm Ltd AUD 137 0.00%

1,161 Nuvasive Inc USD (417) 0.00%

389 Oasis Petroleum Inc USD 137 0.00%

200 Obayashi Corp JPY (60) 0.00%

3,300 Obayashi Corp JPY 188 0.00%

200 Obic Co Ltd Cfd JPY 0 0.00%

350 Oge Energy Corp USD (46) 0.00%

712 Olin Corp USD 128 0.00%

300 Olympus Corp JPY 610 0.00%

465 Omnicom Group USD (1,226) (0.01)%

500 Omron Corp JPY (1,171) (0.01)%

500 Omron Corp JPY 366 0.00%

137 Oneok Inc USD 40 0.00%

11,949 Onesavings Bank Plc GBP 19 0.00%

1,300 Ono Pharmaceutical Co Ltd JPY 842 0.00%

18,500 Opap Sa EUR 7,215 0.03%

400 Open House Co Ltd JPY 42 0.00%

443 Orbotech Ltd USD 185 0.00%

500 Orient Overseas Intl Ltd HKD (40) 0.00%

800 Oriental Land Co Ltd JPY 380 0.00%

500 Orix Corp JPY (181) 0.00%

3,000 Osaka Gas Co Ltd JPY 404 0.00%

8,000 Osaka Gas Co Ltd JPY (533) 0.00%

225 Oshkosh Corp USD (532) 0.00%

12,951 Otp Bank Plc EUR (5,395) (0.02)%

279 Owens Corning USD (257) 0.00%

1,105 Pacwest Bancorp USD (179) 0.00%

2,080 Paddy Power Betfair Plc GBP 7,188 0.03%

17,331 Pagegroup Plc GBP (264) 0.00%

4,848 Pagegroup Plc GBP 74 0.00%

72 Palo Alto Networks Inc USD 271 0.00%

1,000 Panahome Corp JPY (870) 0.00%

2,534 Pandora Media USD (24) 0.00%

454 Papa John S Intl Inc USD (1,162) (0.01)%

23,815 Paragon Group Companies Plc GBP 4,715 0.02%

1,752 Paramount Group Inc USD (333) 0.00%

992 Paramount Resources Ltd CAD (35) 0.00%

2,448 Parex Resources Inc CAD (225) 0.00%

1,400 Park24 Co Ltd JPY 1,577 0.01%

867 Parkland Fuel Corp CAD 386 0.00%

21,329 Parmalat Spa EUR (10,920) (0.05)%

INRIS UCITS PLC

168



EUR Assets


524 Parsley Energy Inc Cl A USD 164 0.00%

154 Paycom Software Inc USD (56) 0.00%

1,900 Penta Ocean Construction Co JPY (124) 0.00%

320 Perkinelmer Inc USD 558 0.00%

2,891 Persimmon Plc GBP (1,660) (0.01)%

1,124 Persimmon Plc GBP 645 0.00%

5,194 Peugeot Sa EUR (1,402) (0.01)%

6,380 Physicians Realty Trust USD (5,686) (0.02)%

2,428 Pilgrim'S Pride Corp USD 2,256 0.01%

400 Pilot Corp JPY (740) 0.00%

80 Pinnacle Financial Partners USD (76) 0.00%

552 Pitney Bowes Inc USD (293) 0.00%

639 Plastic Omnium EUR 63 0.00%

4,161 Platinum Asset Management AUD (1,314) (0.01)%

2,501 Playtech Plc GBP 894 0.00%

100 Pola Orbis Holdings Inc JPY 853 0.00%

8,026 Polski Koncern Naftowy Orlen EUR (4,323) (0.02)%

384 Pool Corp USD (534) 0.00%

1,112 Poste Italiane Spa EUR (28) 0.00%

560 Potash Corp Of Saskatchewan Inc CAD 115 0.00%

7,000 Power Assets Ord HKD 3,467 0.02%

5,100 Prada S.P.A. HKD 0 0.00%

478 Prairiesky Royalty Ltd CAD (132) 0.00%

57 Praxair Inc USD (35) 0.00%

2,109 Precision Drilling Corp CAD (105) 0.00%

2,847 Pretium Resources Inc CAD (2,798) (0.01)%

4 Priceline Group Inc/The USD 133 0.00%

1,165 Procter + Gamble Co When Dis USD 662 0.00%

1,046 Prosiebensat.1 Media Se EUR 105 0.00%

221 Prosperity Bancshares Inc USD (331) 0.00%

72,481 Providence Resources Plc GBP 1,274 0.01%

1,324 Provident Financial Plc GBP (1,691) (0.01)%

746 Proximus EUR 451 0.00%

11,823 Prudential Plc EUR (3,639) (0.02)%

5,658 Prudential Plc GBP 2,751 0.01%

45,400 Public Bank Berhad EUR 2,790 0.01%

7,125 Qantas Airways Ltd AUD (147) 0.00%

41,212 Qinetiq Group Plc GBP 5,918 0.03%

845 Qts Realty Trust Inc Cl A USD (1,563) (0.01)%

33,790 Qube Holdings Ltd AUD (1,337) (0.01)%

1,377 Quebecor Inc CAD 419 0.00%

398 Quintiles Ims Holdings Inc USD 1,694 0.01%

1,101 Radian Group Inc USD (301) 0.00%

6,421 Raia Drogasil Sa EUR (8,652) (0.04)%

1,391 Raiffeisen Bank Internationa EUR (1,148) (0.01)%

1,000 Rakuten Inc JPY 16 0.00%

1,077 Randgold Resources Ltd GBP 11,923 0.05%

302 Randstad Holding Nv EUR (245) 0.00%

INRIS UCITS PLC

169



EUR Assets


469 Range Resources Corp USD (133) 0.00%

167 Raytheon Company USD (98) 0.00%

280 Realogy Holdings Corp USD 64 0.00%

843 Reckitt Benckiser Group Plc GBP (2,084) (0.01)%

91 Reckitt Benckiser Group Plc GBP 45 0.00%

3,700 Recruit Holdings Co Ltd JPY (5,802) (0.03)%

157 Regal Beloit Corp USD (439) 0.00%

129 Regal Entertainment Group A USD 9 0.00%

303 Regal Entertainment Group A USD (12) 0.00%

460 Regency Centers Corp USD 1,073 0.00%

6,401 Regis Resources Ltd AUD 1,544 0.01%

8,350 Reliance Inds Spons Gdr 144A EUR (1,975) (0.01)%

33,746 Relx Plc GBP 23,325 0.10%

486 Renaissancere Holdings Ltd USD (2,640) (0.01)%

2,000 Rengo Co Ltd JPY (179) 0.00%

87,034 Rentokil Initial Plc GBP 11,114 0.05%

1,320 Repsol Sa EUR 465 0.00%

1,028 Repsol Ypf EUR 129 0.00%

3,600 Resona Holdings Inc JPY 2,252 0.01%

13,200 Resona Holdings Inc JPY (2,897) (0.01)%

400 Resorttrust Inc JPY (247) 0.00%

1,100 Resorttrust Inc JPY 331 0.00%

476 Restaurant Brands International Inc CAD 104 0.00%

4,691 Restaurant Group Plc GBP (396) 0.00%

1,249 Rheinmetall Ag EUR 995 0.00%

3,466 Rice Energy Inc USD 1,380 0.01%

11,537 Richter Gedeon Nyrt EUR 4,085 0.02%

1,401 Rightmove Plc GBP 1,366 0.01%

700 Rinnai Corporation Cfd JPY (604) 0.00%

1,314 Rio Tinto Plc GBP (1,077) 0.00%

472 Rocket Internet Se EUR 116 0.00%

267 Rockwell Collins Inc USD 151 0.00%

500 Rohto Pharmaceutical Co Ltd JPY (468) 0.00%

101 Roper Technologies Inc USD (373) 0.00%

41,116 Rosneft Pjsc Reg S Gdr EUR 521 0.00%

1,912 Ross Stores Inc USD (3,028) (0.01)%

4,304 Rotork Plc GBP 408 0.00%

237 Royal Caribbean Cruises Ltd USD 786 0.00%

8,015 Royal Dutch Shell B (Lse) GBP 7,981 0.03%

2,238 Royal Dutch Shell Plc A Shs GBP (6,646) (0.03)%

2,068 Royal Dutch Shell Plc B Shs GBP (2,059) (0.01)%

16,046 Royal Mail Plc GBP 3,121 0.01%

101 Rsp Permian Inc USD 21 0.00%

130 Rsp Permian Inc USD (34) 0.00%

166 Ryder System Inc USD (541) 0.00%

3,048 S Oil Corp EUR 4,374 0.02%

2,178 Saab 'B' SEK (636) 0.00%

5,447 Sacyr Sa EUR 272 0.00%

INRIS UCITS PLC

170



EUR Assets


3,963 Sage Group Plc/The GBP (348) 0.00%

6,717 Sage Group Plc/The GBP 590 0.00%

30,188 Sainsbury J Plc GBP 460 0.00%

6,681 Sainsbury J Plc GBP (25) 0.00%

276 Salmar Asa NOK (9) 0.00%

146 Salzgitter Ag EUR (8) 0.00%

1,100 San-In Godo Bank Ltd/The JPY 1,085 0.00%

400 San-In Godo Bank Ltd/The JPY (26) 0.00%

1,700 Sankyo Co Ltd JPY 2,764 0.01%

1,600 Sankyo Co Ltd JPY (520) 0.00%

47,337 Sanlam Ltd EUR 9,009 0.04%

228 Sanmina Corp USD 50 0.00%

345 Sanofi EUR 159 0.00%

1,300 Santen Pharmaceutical Co Ltd JPY 940 0.00%

400 Santen Pharmaceutical Co Ltd JPY (169) 0.00%

500 Sapporo Holdings Ltd Cfd JPY 175 0.00%

3,121 Saputo Inc CAD 3,221 0.01%

50,503 Sartorius Stedim Biotech EUR (119) 0.00%

2,600 Sbi Holdings Inc JPY 1,078 0.00%

2,700 Sbi Holdings Inc JPY (2,675) (0.01)%

1,594 Sbm Offshore Nv EUR (1,748) (0.01)%

2,832 Schibsted Asa B Shs NOK (4,679) (0.02)%

2,001 Schibsted Asa Cl A NOK (4,518) (0.02)%

57 Schindler Holding Part Cert CHF 229 0.00%

607 Scottish And Southern Energy (Ln) (Cfd Ms)GBP (220) 0.00%

711 Scotts Miracle Gro Co Cl A USD (94) 0.00%

204 Scripps Networks Inter Cl A USD 176 0.00%

29,500 Sembcorp Industries Ltd Cfd SGD 1,549 0.01%

216,600 Semen Indonesia Persero Tbk EUR 499 0.00%

292 Sempra Energy USD 163 0.00%

3,423 Senior Housing Prop Trust USD (5,582) (0.02)%

127,477 Serco Group Plc GBP 4,928 0.02%

324 Servicemaster Global Holding USD 510 0.00%

500 Seven + I Holdings Co Ltd JPY 288 0.00%

700 Seven + I Holdings Co Ltd JPY (347) 0.00%

8,900 Seven Bank Ltd JPY (344) 0.00%

228 Seven Generations Energy A CAD (150) 0.00%

1,162 Severn Trent Plc GBP 517 0.00%

38,000 Shangri La Asia Ltd HKD 1,952 0.01%

1,844 Shaw Comms.'B' CAD 91 0.00%

3,000 Shiga Bank Ltd/The JPY 1,853 0.01%

4,000 Shiga Bank Ltd/The JPY (553) 0.00%

2,100 Shikoku Electric Power Co JPY (700) 0.00%

1,400 Shimachu Co Ltd JPY (727) 0.00%

300 Shimano Inc JPY 122 0.00%

3,493 Shire Plc GBP 7,407 0.03%

700 Shiseido Co Ltd JPY (105) 0.00%

1,000 Shizuoka Bank Ltd/The JPY (246) 0.00%

INRIS UCITS PLC

171



EUR Assets


167 Siemens Ag Reg EUR (141) 0.00%

14,102 Sig Plc GBP (1,570) (0.01)%

177 Signet Jewelers Ord USD 128 0.00%

7,000 Silergy Corp EUR (1,901) (0.01)%

522 Simon Property Group Inc USD (1,153) (0.01)%

699 Sims Metal Management Ltd AUD 50 0.00%

358 Sinclair Broadcast Group A USD 322 0.00%

4,100 Singapore Airlines Ltd SGD 166 0.00%

31,300 Singapore Telecom SGD 1,361 0.01%

10,765 Sirius Xm Holdings Inc USD (408) 0.00%

13,000 Sjm Holdings Ltd HKD (315) 0.00%

28,000 Sjm Holdings Ltd HKD 137 0.00%

16,279 Sky Plc GBP 572 0.00%

1,731 Slm Corp USD 197 0.00%

677 Smart Real Estate Investment CAD (322) 0.00%

2,625 Smith(Wh) GBP (1,476) (0.01)%

6,271 Smiths Group Plc GBP (441) 0.00%

410 Smiths Group Plc GBP 29 0.00%

1,125 Smurfit Kappa Group Plc EUR (164) 0.00%

310 Snc Lavalin Group Inc CAD 111 0.00%

2,747 Snyders Lance Inc USD (201) 0.00%

224 Societe Generale Sa EUR (169) 0.00%

597 Sodexo EUR 1,493 0.01%

300 Softbank Group Corp JPY 202 0.00%

1,290 Software Ag EUR 1,148 0.01%

968 Sonic Healthcare Ltd AUD 140 0.00%

2,000 Sotetsu Holdings Inc JPY 968 0.00%

2,332 Southern Co/The USD (1,614) (0.01)%

230 Southwest Gas Holdings Inc USD 160 0.00%

638 Southwestern Energy Co [Nys] USD 106 0.00%

1,041 Spectris Plc GBP (768) 0.00%

236 Spirax Sarco Engineering Plc GBP 97 0.00%

1,940 Spirax Sarco Engineering Plc GBP (818) 0.00%

5,338 Spirit Realty Capital Inc USD (2,480) (0.01)%

179 Splunk Inc USD (711) 0.00%

1,238 Sprint Corp USD 35 0.00%

1,957 Ss+C Technologies Holdings USD 538 0.00%

5,795 Sse Plc GBP 2,105 0.01%

23,984 Ssp Group Plc GBP 0 0.00%

15,607 Standard Chartered Plc GBP (4,388) (0.02)%

18,558 Standard Life Plc GBP (935) 0.00%

146 Stanley Black + Decker Inc USD (481) 0.00%

1,000 Stanley Electric Co Ltd JPY (772) 0.00%

2,689 Stantec Inc CAD 2,738 0.01%

30 Stericycle Inc USD 13 0.00%

70 Stericycle Inc USD (13) 0.00%

317 Steris Plc USD 634 0.00%

1,777 Sterling Bancorp USD 758 0.00%

INRIS UCITS PLC

172



EUR Assets


3,110 Store Capital Corp USD (3,125) (0.01)%

302 Straumann Holding Ag Reg CHF 4,648 0.02%

3,747 Subsea 7 Ord Shs NOK (576) 0.00%

1,900 Sugi Holdings Co Ltd JPY (463) 0.00%

9,000 Sumitomo Chemical Co Ltd JPY (1,536) (0.01)%

2,000 Sumitomo Corp JPY 1,114 0.00%

4,800 Sumitomo Corp JPY (1,521) (0.01)%

1,300 Sumitomo Dainippon Pharma Co JPY (1,179) (0.01)%

2,000 Sumitomo Heavy Industries JPY (124) 0.00%

200 Sumitomo Mitsui Financial Group Inc JPY 779 0.00%

400 Sumitomo Mitsui Financial Group Inc JPY (754) 0.00%

600 Sumitomo Mitsui Trust Holdin JPY 1,283 0.01%

800 Sumitomo Mitsui Trust Holdin JPY (1,860) (0.01)%

1,000 Sumitomo Osaka Cement Co Ltd JPY 316 0.00%

1,100 Sumitomo Rubber Industries JPY (372) 0.00%

1,800 Sumitomo Rubber Industries JPY 1,185 0.01%

743 Sun Communities Inc USD (2,233) (0.01)%

6,000 Sun Hung Kai Properties HKD (1,247) (0.01)%

55,000 Sunny Optical Tech EUR 3,782 0.02%

728 Sunstone Hotel Investors Inc USD 166 0.00%

27,500 Suntec Reit SGD 0 0.00%

300 Suzuki Motor Corp JPY 78 0.00%

1,225 Svenska Handelsbanken A Shs SEK 703 0.00%

40 Swatch Group Ag/The CHF (313) 0.00%

671 Swatch Group Ag/The Reg CHF (1,064) 0.00%

594 Swift Transportation Cl. A USD (321) 0.00%

4,000 Swire Properties Ltd HKD (256) 0.00%

2,677 Symrise Ag EUR (4,444) (0.02)%

92 Synnex Corp Cfd USD (419) 0.00%

1,000 Sysmex Corp JPY (1,870) (0.01)%

200 Tadano Ltd JPY (174) 0.00%

1,000 Tadano Ltd JPY 350 0.00%

5,064 Tag Immobilien Ag EUR 4,861 0.02%

1,000 Taiheiyo Cement Corp JPY 3 0.00%

5,000 Taisei Corporation Cfd JPY 729 0.00%

5,910 Taiwan Semiconductor Sp Adr EUR 10,051 0.04%

1,400 Taiyo Yuden Co Ltd JPY 1,140 0.00%

1,000 Takashimaya Co Ltd JPY (439) 0.00%

141 Take Two Interactive Softwre USD (157) 0.00%

600 Takeda Pharmaceutical Co Ltd JPY 258 0.00%

1,162 Tanger Factory Outlet Center USD 1,334 0.01%

1,426 Target Corp USD (6,421) (0.03)%

1,510 Tate + Lyle Plc GBP (363) 0.00%

63,659 Taylor Woodrow GBP (1,342) (0.01)%

400 Tdk Corp JPY 650 0.00%

872 Te Connectivity Ltd USD (1,166) (0.01)%

198 Tech Data Corp USD (792) 0.00%

1,551 Technicolor Regr EUR 66 0.00%

INRIS UCITS PLC

173



EUR Assets


319 Technip Sa EUR (53) 0.00%

63 Technip Sa EUR 57 0.00%

400 Teijin Ltd JPY 42 0.00%

14,092 Telefonica Brasil Adr EUR 6,250 0.03%

2,535 Telefonica Deutschland Holdi EUR (138) 0.00%

66 Telefonica Sa EUR (4) 0.00%

476 Teleperformance EUR 1,642 0.01%

8,314 Telia Co Ab SEK 113 0.00%

400 Temp Holdings Co Ltd JPY 549 0.00%

4,410 Tenaris Sa EUR (2,293) (0.01)%

503 Tenneco Inc USD (930) 0.00%

1,002 Teradata Corp USD (931) 0.00%

234 Terex Corp USD 89 0.00%

2,900 Terumo Corp JPY (4,463) (0.02)%

87,280 Tesco GBP 2,006 0.01%

309 Texas Instruments Inc USD (141) 0.00%

46,000 Texwinca Holdings Ltd HKD (543) 0.00%

853 Thales Sa EUR 179 0.00%

300 Thk Co Ltd Cfd JPY 261 0.00%

700 Thk Co Ltd Cfd JPY (154) 0.00%

4,485 Thomas Cook Group Plc GBP 3 0.00%

18,373 Thomas Cook Group Plc GBP (34) 0.00%

951 Thomson Reuters Corp CAD (430) 0.00%

7,005 Tiger Brands Ltd EUR (31) 0.00%

337 Tivo Corp USD (11) 0.00%

1,410 Tjx Companies Inc USD (3,040) (0.01)%

2,674 Tnt EUR 24 0.00%

1,000 Tobu Railway Co Ltd JPY (488) 0.00%

3,000 Toho Gas Co Ltd JPY (1,807) (0.01)%

7,000 Toho Gas Co Ltd JPY 512 0.00%

200 Tohoku Electric Power Co Inc JPY 389 0.00%

1,700 Tohoku Electric Power Co Inc JPY (857) 0.00%

1,800 Tokai Tokyo Financial Holdin JPY (512) 0.00%

2,000 Tokuyama Corp JPY 471 0.00%

400 Tokyo Century Corp JPY 994 0.00%

500 Tokyo Century Corp JPY (41) 0.00%

5,000 Tokyo Gas Co Ltd - Cfd JPY 1,843 0.01%

14,000 Tokyo Gas Co Ltd - Cfd JPY (1,058) 0.00%

100 Tokyo Ohka Kogyo Co Ltd JPY (150) 0.00%

1,000 Tokyu Corp JPY 268 0.00%

6,000 Tokyu Corp JPY (927) 0.00%

1,738 Tomtom EUR (394) 0.00%

2,000 Tonengeneral Sekiyu Kk JPY 2,910 0.01%

6,000 Tonengeneral Sekiyu Kk JPY (829) 0.00%

1,200 Topcon Corp JPY (55) 0.00%

2,600 Toppan Forms Co Ltd JPY 1,627 0.01%

5,000 Toppan Printing Co Ltd JPY 5,202 0.02%

11,000 Toppan Printing Co Ltd JPY (358) 0.00%

INRIS UCITS PLC

174



EUR Assets


5,000 Toray Industries Inc JPY 366 0.00%

941 Torex Gold Res Inc CAD (1,530) (0.01)%

13,000 Toshiba Corp JPY 14,178 0.06%

1,940 Total Sa EUR (2,223) (0.01)%

1,183 Total System Services Inc USD (157) 0.00%

3,300 Toto Ltd JPY (1,431) (0.01)%

1,100 Toyo Tire & Rubber Co Ltd JPY (622) 0.00%

300 Toyoda Gosei Co Ltd JPY 64 0.00%

3,256 Tpg Telecom Ltd AUD 477 0.00%

75 Transdigm Group Inc USD 337 0.00%

714 Transocean Ltd USD (122) 0.00%

13,657 Transurban Group AUD (848) 0.00%

485 Travis Perkins Plc GBP (11) 0.00%

1,738 Travis Perkins Plc GBP 118 0.00%

978 Treehouse Foods Inc USD 918 0.00%

1,000 Trend Micro Inc JPY 738 0.00%

333 Trinity Industries Inc USD 63 0.00%

173 Trinseo Sa USD 107 0.00%

2,576 Tryg A/S DKK 724 0.00%

3,509 Tui Ag Di GBP (671) 0.00%

81,825 Turkcell Iletisim Hizmet As EUR 10,121 0.04%

52,438 Turkiye Halk Bankasi EUR (1,207) (0.01)%

484 Twenty First Century Fox A USD 23 0.00%

183 Twilio Inc A USD (138) 0.00%

167 Tyler Technologies Inc USD 37 0.00%

1,000 Uacj Corp JPY 20 0.00%

548 Umicore EUR 410 0.00%

263 Unifirst Corp/Ma USD 748 0.00%

1,025 Unilever Drc EUR (1,957) (0.01)%

3,432 Unilever Plc GBP 5,428 0.02%

566 Union Pacific Corp USD (489) 0.00%

2,580 Uniper Ord EUR 1,600 0.01%

7,000 Unipol Gruppo Finanziario Sp EUR 318 0.00%

3,222 Unipolsai Spa EUR 32 0.00%

869 United Overseas Bank Ltd SGD 285 0.00%

233 United States Steel Corp USD 625 0.00%

2,408 United Utilities Group Plc GBP 536 0.00%

709 Unitedhealth Group Inc Cfd (Usd) USD (390) 0.00%

845 Urban Outfitters Inc USD (2,195) (0.01)%

2,207 Us Foods Holding Corp USD 2,867 0.01%

500 Uss Co Ltd Cfd JPY (175) 0.00%

23,586 Vale Sa Sp Adr EUR 20,950 0.09%

527 Valeo Sa EUR (173) 0.00%

202 Valero Energy Corp USD 130 0.00%

276 Valmont Industries USD 2,905 0.01%

109 Vectren Corp USD 9 0.00%

3,775 Vedanta Resources Plc GBP 1,349 0.01%

659 Ventas Inc USD 1,218 0.01%

INRIS UCITS PLC

175



EUR Assets


18,500 Venture Corp Ltd SGD 1,591 0.01%

1,538 Veolia Environnement EUR 758 0.00%

7,218 Vereit Inc USD (2,737) (0.01)%

667 Verisign Inc USD (1,531) (0.01)%

849 Verisk Analytics Inc USD 124 0.00%

391 Vermilion Energy Inc CAD (324) 0.00%

491 Versum Materials Inc USD (163) 0.00%

2,147 Victrex Plc GBP (851) 0.00%

2,166 Vienna Insurance Group Ag EUR 563 0.00%

41,326 Vimpelcom Ltd Spon Adr EUR (1,473) (0.01)%

162 Vmware USD (592) 0.00%

4,022 Vocus Communications Ord AUD 4,002 0.02%

6,576 Vocus Communications Ord AUD (135) 0.00%

30,145 Vodafone Group Plc GBP 530 0.00%

186 Volkswagen Ag EUR 330 0.00%

359 Volkswagen Ag Pref EUR (872) 0.00%

80 Vulcan Materials Co Cfd USD (93) 0.00%

320 Vwr Corp USD 164 0.00%

56 Wacker Chemie Ag EUR 296 0.00%

1,000 Wacoal Holdings Corp JPY 951 0.00%

221 Wageworks Inc USD (220) 0.00%

250 Walgreens Boots Alliance Inc USD 702 0.00%

618 Waste Connections Inc USD (683) 0.00%

450 Waste Management Inc USD 346 0.00%

100 Watsco Inc USD (278) 0.00%

4,851 Weingarten Realty Investors USD 6,163 0.03%

2,551 Weir Group Plc/The GBP (1,375) (0.01)%

121 Wellcare Health Plans Inc USD (36) 0.00%

847 Wells Fargo + Co USD 64 0.00%

83 Welltower Inc USD 283 0.00%

1,125 Wereldhave Nv EUR (1,809) (0.01)%

87 Wereldhave Nv EUR (156) 0.00%

208 Western Alliance Bancorp USD 62 0.00%

80 Western Digital Corp USD 10 0.00%

7,275 Western Union Co EUR (748) 0.00%

9,521 Wetherspoon J.D. Plc GBP (4,406) (0.02)%

61 Wex Inc USD (24) 0.00%

27,000 Wh Group Ltd HKD (858) 0.00%

1,479 Wh Smith Plc GBP 832 0.00%

3,000 Wheelock + Co Ltd HKD (182) 0.00%

627 Whitbread Plc GBP (933) 0.00%

948 Whitecap Resources Inc CAD 35 0.00%

1,190 Whiting Petroleum Corp USD 124 0.00%

5,491 William Demant Holding DKK 1,108 0.00%

213 Williams Sonoma Inc USD (1,535) (0.01)%

123 Williams Sonoma Inc USD 21 0.00%

170 Willis Towers Watson Plc Cfd USD 15 0.00%

425 Wirecard Ag EUR 493 0.00%

INRIS UCITS PLC

176



EUR Assets


3,075 Wizz Air Holdings Plc GBP 2,774 0.01%

3,261 Wolseley Plc GBP 879 0.00%

3,489 Wood Group John Plc GBP (777) 0.00%

3,141 Worleyparsons AUD 980 0.00%

756 Wp Carey Inc USD (363) 0.00%

11,200 Wynn Macau Ltd HKD 0 0.00%

206 Wynn Resorts Ltd USD 866 0.00%

295 Xcel Energy Inc USD 134 0.00%

2,974 Xerox Corp USD (846) 0.00%

2,323 Xilinx Inc USD 418 0.00%

280 Xl Group Ltd USD (218) 0.00%

195 Xpo Logistics Inc USD 717 0.00%

200 Yakult Honsha Co Ltd JPY (260) 0.00%

3,100 Yamada Denki Co Ltd JPY (296) 0.00%

1,000 Yamaguchi Financial Group In JPY 1,122 0.00%

500 Yamaha Corp JPY (270) 0.00%

1,400 Yamato Holdings Co Ltd JPY 669 0.00%

400 Yaskawa Electric Corp JPY (201) 0.00%

1,300 Yaskawa Electric Corp JPY 420 0.00%

600 Yokogawa Electric Corp JPY (454) 0.00%

500 Yokohama Rubber Co Ltd Cfd (Jt) JPY (252) 0.00%

600 Yokohama Rubber Co Ltd Cfd (Jt) JPY 463 0.00%

1 Yoox Net A Porter Group EUR (2) 0.00%

1,807 Yoox Net A Porter Group EUR 181 0.00%

5,000 Yue Yuen Indl.Hdg. HKD (764) 0.00%

866 Zardoya Otis Sa EUR (61) 0.00%

1,196 Zayo Group Holdings USD 397 0.00%

1,000 Zeon Corp JPY 485 0.00%

761 Zillow Group Inc C USD 1,035 0.00%

403 Zimmer Holdings Cfd (Usd) USD (210) 0.00%

115 Zoetis Inc USD 131 0.00%

290 Zoetis Inc USD 331 0.00%

7869 Zto Express Cayman Inc Adr EUR (8,434) (0.04)%

4632 Zynga Inc Cl A USD (1,142) 0.00%

138,715 0.60%

52,867 0.23%

3,533,812 15.39%

599,732 2.61%

(316,126) 1.38%

22,957,956 100.00%

Due from/to broker






Total contracts for difference

INRIS UCITS PLC

177

PORTFOLIO STATEMENT OF R INTRINSIC VALUE EUROPE FUND (UNAUDITED) as at 31 December 2016


EUR Assets

43,034,751 Tessenderlo Chemie EUR 6,960,000 2.37%

Total Belgium 6,960,000 2.37%

Finland - 4.59%

44,108,252 Tikkurila Oyj EUR 5,902,578 2.01%

150,348,256 Metso Oyj EUR 7,577,160 2.58%

Total Finland 13,479,738 4.59%

France - 14.15%

225,940,312 Publicis Groupe EUR 5,447,205 1.85%

1,286,615,922 Vivendi EUR 5,477,887 1.86%

44,900,000 Vicat EUR 7,985,910 2.72%

153,741,139 Sodexo EUR 7,796,880 2.65%

2,153,579 Robertet Sa EUR 3,373,300 1.15%

417,029,585 Safran Sa EUR 6,048,328 2.06%

5,420,000 Tff Group EUR 5,460,000 1.86%

Total France 41,589,510 14.15%

Germany - 21.18%

107,895,311 Axel Springer Se EUR 4,862,102 1.65%

81,309,610 Carl Zeiss Meditec Ag Br EUR 5,684,000 1.93%

52,000,000 Mtu Aero Engines Ag EUR 12,078,000 4.12%

107,600,000 Scout24 Ag EUR 4,138,523 1.41%

31,807,000 Hornbach Baumarkt Ag EUR 3,151,613 1.08%

209,216,186 Adidas Ag EUR 6,111,105 2.08%

252,000,000 Beiersdorf Ag EUR 4,892,420 1.66%

198,416,477 Heidelbergcement Ag EUR 8,233,727 2.80%

161,053,897 Muenchener Rueckver Ag Reg EUR 6,449,435 2.19%

565,937,947 Thyssenkrupp Ag EUR 6,642,576 2.26%

Total Germany 62,243,501 21.18%

2,000,000 Zwack Unicum Rt HUF 1,508,281 0.51%

1,508,281 0.51%

Ireland - 2.47%

832,698,497 Crh Plc GBP 7,267,294 2.47%

Total Ireland 7,267,294 2.47%

Italy - 0.29%

90,835,167 Yoox Net A Porter Group EUR 854,106 0.29%

Total Italy 854,106 0.29%

Total Hungary

Equity - 86.27%

Belgium - 2.37%

Hungary - 0.51%

INRIS UCITS PLC

178

PORTFOLIO STATEMENT OF R INTRINSIC VALUE EUROPE FUND (UNAUDITED)

(CONTINUED) as at 31 December 2016


EUR Assets

Netherlands - 9.52%

288,030,168 Heineken Holding Nv EUR 6,131,178 2.09%

35,432,010 Hunter Douglas Nv EUR 7,766,285 2.64%

252,176,412 Akzo Nobel EUR 6,598,229 2.25%

929,644,864 Koninklijke Philips Nv EUR 7,476,200 2.54%


Norway - 2.34%

118,803,976 Schibsted Asa B Shs NOK 6,874,888 2.34%

Total Norway 6,874,888 2.34%

Sweden - 1.35%

640,515,522 Svenska Cellulosa Ab Sca B SEK 3,971,482 1.35%

Total Sweden 3,971,482 1.35%

Switzerland - 14.33%

3,112,160,000 Nestle Sa Reg CHF 6,179,976 2.11%

30,840,000 Swatch Group Ag/The Br CHF 5,237,982 1.78%

77,214,700 Pargesa Holding Sa Br CHF 6,589,211 2.24%

40,716,831 Schindler Holding Part Cert CHF 7,763,714 2.64%

223,809,448 Julius Baer Group Ltd CHF 8,272,655 2.82%

522,000,000 Cie Financiere Richemont Reg CHF 8,046,847 2.74%

Total Switzerland 42,090,385 14.33%

3,284,006,800 Standard Chartered Plc GBP 6,752,615 2.30%

1,551,594,436 G4S Plc GBP 5,340,360 1.82%

1,283,459,367 Unilever Plc GBP 5,056,782 1.72%

1,838,787,676 Rolls Royce Holdings Plc GBP 6,231,591 2.12%

1,098,564,237 Serco Group Plc GBP 7,366,120 2.50%

1,442,541,160 Hays Plc GBP 7,968,290 2.71%

38,715,758 13.17%

253,526,835 86.27%

Equity (continued)


Total United Kingdom

Total equities

INRIS UCITS PLC

179

PORTFOLIO STATEMENT OF R INTRINSIC VALUE EUROPE FUND (UNAUDITED)

(CONTINUED) as at 31 December 2016


EUR Assets


Norway - 3.89%

27,000,000,000 Norwegian T Bill NOK 4,770,952 1.62%

20,000,000,000 Norwegian T Bill NOK 6,677,832 2.27%

Total Norway 11,448,784 3.89%

3,999,986,500 Uk Treasury Bill Gbp GBP 6,681,797 2.27%

Total United Kingdom 6,681,797 2.27%





BOUGHT GBP/SOLD EUR 1-Mar-17 23,457 27,482 (3) 0.00%

SOLD GBP/BOUGHT EUR 1-Mar-17 27,442 23,457 (38) 0.00%

SOLD GBP/BOUGHT EUR 1-Jun-17 423,417 363,234 (2,114) 0.00%

(2,155) 0.00%

22,986,700 7.82%

- 0.00%

(776,522) (0.26)%

293,865,439 100.00%

Due from broker








INRIS UCITS PLC

180

PORTFOLIO STATEMENT OF R CFM DIVERSIFIED FUND (UNAUDITED) as at 31 December 2016


EUR Assets

50,000,000 Treasury Certificates Bills 02/17 0.00000 EUR 50,048,750 7.25%

50,000,000 Treasury Certificates Bills 01/17 0.00000 EUR 50,013,500 7.24%

100,062,250 14.49%

50,000,000 French Discount T Bill Bills Regs 01/17 0.00000 EUR 50,011,000 7.24%





230,202,700 33.35%

330,264,950 47.84%


EUR Assets


Contracts for difference - (0.15)%

212 3D Systems Corp USD 113 0.00%

22,502 3I Group Plc GBP 12,393 0.00%

1,951 3M Co Cfd USD 3,689 0.00%

5,530 58 Com Cl.A Adr 1:2 USD 20,514 0.00%

10,196 Aa Plc GBP (33) (0.00)%

739 Aak Ab SEK (2,322) (0.00)%

1,528 Aareal Bank Ag EUR (8,720) (0.00)%

132,871 Abacus Property Group AUD 4,875 0.00%

747 Abb 'R' CHF 761 0.00%

516 Abbott Laboratories USD 117 0.00%

200 Abc Mart Inc JPY 146 0.00%

432 Abercrombie & Fitch Co USD 1,000 0.00%

695 Aberdeen Asset Mgmt Plc GBP 7 0.00%

54,311 Abiomed Inc USD 22,397 0.00%

59,388 Ablynx (Wi) EUR 102,714 0.01%

117,749 Acacia Mining Plc GBP 107,009 0.02%

6,648 Acciona Sa EUR 21,993 0.00%

11,938 Accor EUR (14,244) (0.00)%

26,020 Acom Co Ltd JPY 6,371 0.00%

5,863 Aconex Ltd AUD (1,706) (0.00)%

28,345 Acorda Therapeutics Inc USD 53,232 0.01%

6,494 Acs Actividades Cons Y Serv EUR 23,484 0.00%

21,919 Actelion CHF 1,056,799 0.15%

36,431 Activision Blizzard Inc USD (18,320) (0.00)%

55 Actuant Corp A USD (32) (0.00)%

1,060 Acuity Brands Inc USD 20,403 0.00%

24,654 Adastria Holdings Co Ltd Cfd JPY (39,511) (0.01)%

5,300 Adeka Corp JPY 1,968 0.00%

66,381 Adelaide Brighton Ltd AUD 14,081 0.00%

17,144 Adidas Ag EUR 80,115 0.01%

20,774 Admiral Group Plc GBP (43,214) (0.01)%

1,682 Adobe Systems Inc Cfd USD (30) (0.00)%


Belgium - 14.49%

Total Belgium

France - 33.35%

Total France

Total government bonds

INRIS UCITS PLC

181

PORTFOLIO STATEMENT OF R CFM DIVERSIFIED FUND (UNAUDITED) (CONTINUED) as at 31 December 2016


EUR Assets


8,092 Adva Optical Networking Se EUR (2,664) (0.00)%

24,442 Advance Auto Parts Inc USD 21,213 0.00%

32,645 Advanced Magnetics USD 36,524 0.01%

33,618 Advanced Micro Devices USD (61,183) (0.01)%

32,950 Advantage Oil & Gas Ltd CAD (13,788) (0.00)%

60,800 Advantest Corp JPY (206,449) (0.03)%

626 Aecom USD (382) (0.00)%

11,592 Aecon Group Inc CAD (2,944) (0.00)%

26,536 Aena Sa EUR 29,449 0.00%

271,925 Aeon Co Ltd JPY (171,116) (0.02)%

700 Aeon Financial Service Co Ltd JPY (984) (0.00)%

33,400 Aeon Mall Co Ltd Cfd JPY 1,892 0.00%

4,542 Aercap Holdings N V USD (5,340) (0.00)%

121 Aes Corp/Va USD 9 0.00%

1,486 Aetna Inc Cfd USD (9,478) (0.00)%

453 Africa Oil Corp SEK 1 0.00%

247 Agco Corp USD (70) (0.00)%

22,294 Ageas EUR 68,714 0.01%

739 Agfa-Gevaert Nv EUR (152) (0.00)%

41,114 Aggreko Plc GBP 51,525 0.01%

287 Agilent Technologies Inc USD 430 0.00%

286 Agios Pharmaceuticals Inc USD 538 0.00%

5,413 Agnico Eagle Mines Ltd CAD 10,318 0.00%

5,168 Ai Holdings Corp JPY 7,082 0.00%

5,302 Aida Engineering Ltd JPY (2,246) (0.00)%

50,467 Aiful Corp JPY 2,885 0.00%

14,356 Aimia Inc CAD (5,234) (0.00)%

5,577 Ain Holdings Inc JPY (10,854) (0.00)%

29 Air Canada CAD - 0.00%

614 Air France Klm EUR 216 0.00%

446 Air Lease Corp USD 525 0.00%

808 Air Methods Corp USD 649 0.00%

1,789 Aisin Seiki Co Ltd JPY 2,283 0.00%

23,500 Ajinomoto Co Inc JPY (27,258) (0.00)%

26,540 Ak Steel Holding Corp USD 307 0.00%

6,700 Akamai Technologies Inc USD (268) (0.00)%

45,826 Aker Bp Asa NOK 201,652 0.03%

46,479 Aker Solutions Ord NOK (24,553) (0.00)%

6,736 Akorn Inc USD (6,033) (0.00)%

38,143 Alacer Gold Corp CAD 4,039 0.00%

43,374 Alaska Air Group Inc USD 254,992 0.04%

30,546 Albemarle Corp USD 46,026 0.01%

347 Alexandria Real Estate Equit USD 489 0.00%

48,217 Alexion Pharmaceuticals Inc USD (36,278) (0.01)%

3,837 Alfa Laval Ab SEK (5,968) (0.00)%

1,943 Alfresa Holdings Corp JPY 810 0.00%

3,292 Align Technology Inc USD 7,746 0.00%

6,309 Alimentation Couche-Tard Inc CAD (4,406) (0.00)%

INRIS UCITS PLC

182



EUR Assets


139 Alk Abello A/S DKK 1,199 0.00%

2,512 Alkermes Plc USD (1,532) (0.00)%

4,757 Allegheny Technologies Inc Cfd USD 7,320 0.00%

15,698 Allegiant Travel Co USD 36,245 0.01%

13,308 Allergan Plc USD (201,533) (0.03)%

32 Alliant Energy Corp USD 9 0.00%

119 Allied Properties Real Estat CAD (172) (0.00)%

1,372 Allison Transmission Holding USD (517) (0.00)%

84 Allscripts Healthcare Solutions Cfd USD 61 0.00%

16,734 Almirall Sa EUR (17,436) (0.00)%

2,726 Alnylam Pharmaceuticals Inc USD 16,051 0.00%

3,584 Alphabet Inc USD 46,851 0.01%

21,089 Alpine Electronics Inc JPY (6,152) (0.00)%

18,078 Alps Electric Co Ltd JPY 6,443 0.00%

202,079 Alstom EUR (779,130) (0.11)%

2,835 Altagas Ltd CAD (2,525) (0.00)%

1,517 Alten Sa EUR (15,435) (0.00)%

37,133 Altice Nv A EUR (83,552) (0.01)%

8,098 Altran Technologies Sa EUR 11,512 0.00%

37,279 Altri Sgps Sa EUR 24,148 0.00%

562,113 Alumina Ltd AUD (63,905) (0.01)%

11,900 Amada Co Ltd Cfd JPY 2,794 0.00%

1,121 Amaya Inc CAD (177) (0.00)%

4,995 Amazon.Com Inc USD (5,526) (0.00)%

76,446 Ambarella Inc USD (445,844) (0.06)%

2,009 Amc Networks Inc USD 741 0.00%

213,161 Amcor Ltd/Australia AUD 85,059 0.01%

245 Amec Foster Wheeler Plc GBP (5) (0.00)%

72 Ameren Corp USD 6 0.00%

40,559 America Movil Sab De Cv USD (15,445) (0.00)%

15,917 American Airlines Group Inc USD (2,950) (0.00)%

1,695 American Axle & Manufacturing Holdings Inc USD (5,298) (0.00)%

26 American Campus Communities USD 66 0.00%

20,840 American Eagle Outfitters Inc USD (26,239) (0.00)%

139 American Electric Power Co Inc USD 13 0.00%

117 American Homes 4 Rent USD 21 0.00%

1,160 American International Group USD (2,096) (0.00)%

1,213 American Water Works Co Inc USD (164) (0.00)%

3,914 Amerisourcebergen Corp USD (882) (0.00)%

23,750 Amn Healthcare Services Inc USD 112,153 0.02%

29,310 Amp AUD (6,959) (0.00)%

5,509 Ams Ag CHF 9,108 0.00%

355 Amtrust Financial Services USD 646 0.00%

900 Amuse Inc JPY 1,200 0.00%

2,435 Anadarko Petroleum Corp USD 1,899 0.00%

73,868 Anglo American Plc GBP 34,178 0.00%

39,726 Anglogold Ashanti Ltd USD (14,642) (0.00)%

15,565 Anheuser-Busch Inbev Sa/Nv EUR (56,920) (0.01)%

INRIS UCITS PLC

183



EUR Assets


40 Anheuser-Busch Inbev Sa/Nv USD 13 0.00%

100 Anicom Holdings Inc JPY (226) (0.00)%

30,100 Anritsu Corp JPY (12,306) (0.00)%

195 Ansell Ltd AUD (223) (0.00)%

28,145 Anthem Inc Bs Smc 1/8/16 USD 27,546 0.00%

570,338 Antofagasta Plc GBP (978,823) (0.14)%

19,000 Aoki Holdings Inc JPY 15,263 0.00%

17,053 Aoyama Trading Co Ltd JPY (24,170) (0.00)%

62,483 Aozora Bank Ltd JPY 8,963 0.00%

998 Ap Moller Maersk A/S B DKK (280,705) (0.04)%

289,272 Apa Group AUD (118,264) (0.02)%

326 Apache Corp USD 103 0.00%

36,687 Aperam EUR 436,037 0.06%

153,525 Apn Outdoor Group AUD 57,968 0.01%

11,782 Apple Inc USD (60,462) (0.01)%

7,732 Applied Materials Inc USD 568 0.00%

646 Applus Services Sa EUR (288) (0.00)%

44 Aqua America Inc USD - 0.00%

204 Arc Resources Ltd CAD (61) (0.00)%

14,888 Arcadis Nv EUR 16,916 0.00%

112,136 Arcelormittal EUR 19,533 0.00%

4,523 Arcelormittal USD (509) (0.00)%

173,591 Ardent Leisure Group AUD (23,947) (0.00)%

22,377 Ariad Pharmaceuticals Inc USD (17,275) (0.00)%

200 Ariake Japan Co Ltd Cfd JPY (829) (0.00)%

653 Arista Networks Inc USD 1,128 0.00%

185,227 Aristocrat Leisure Ltd AUD 60,004 0.01%

460 Arkema EUR 2,813 0.00%

23,155 Armstrong World Industries Inc USD (446) (0.00)%

2,415 Arris International Plc USD (3,257) (0.00)%

12,046 Aryzta Ag CHF 25,386 0.00%

61,000 Asahi Glass Co Ltd JPY 25,385 0.00%

7,800 Asahi Group Holdings Ltd JPY 1,728 0.00%

4,000 Asahi Holdings Inc JPY 400 0.00%

2,000 Asahi Kasei Corp JPY 572 0.00%

795,217 Asaleo Care Ltd AUD (27,305) (0.00)%

5,435 Ascena Retail Group Inc Cfd USD 1,685 0.00%

8,388 Ashmore Group Plc GBP (5,528) (0.00)%

9,745 Ashtead Group Plc GBP 12,724 0.00%

40,600 Asics Corp JPY 25,528 0.00%

1,800 Askul Corp JPY 1,587 0.00%

56,179 Asm International Nv EUR (350,395) (0.05)%

21,229 Asml Holding Nv EUR (329,300) (0.05)%

57,067 Asos Plc GBP (337,380) (0.05)%

1,819 Aspen Technology Inc USD 293 0.00%

21,601 Associated British Foods Plc GBP (41,678) (0.01)%

4,215 Assurant Inc USD 25,690 0.00%

5,514 Assured Guaranty Ltd USD 10,023 0.00%

257,012 Astellas Pharma Inc JPY 96,497 0.01%

76,840 Astrazeneca Plc GBP (207,566) (0.03)%

INRIS UCITS PLC

184



EUR Assets


7,889 Asx Ord AUD 5,957 0.00%

97,434 At&T Inc USD 346,805 0.05%

3,555 Atco Ltd/Canada CAD 4,222 0.00%

47,767 Athabasca Oil Corp CAD (23,301) (0.00)%

3,505 Athenahealth USD (35,290) (0.01)%

2,445 Atkins Ws Plc GBP 523 0.00%

129,753 Atlas Copco Ab A Shs SEK 756,489 0.11%

17 Atmos Energy Corp USD 8 0.00%

60,888 Atresmedia Corp De Medios De EUR (65,025) (0.01)%

285 Atwood Oceanics Inc USD (82) (0.00)%

30,594 Aurizon Ord AUD 1,711 0.00%

25,204 Aurubis Ag EUR (142,199) (0.02)%

331,662 Ausnet Services AUD 21,518 0.00%

5,313 Aust And Nz Banking Group AUD (6,905) (0.00)%

111,673 Austevoll Seafood Asa NOK 157,961 0.02%

38,647 Australian Agricultural Co Ltd AUD (1,061) (0.00)%

68,511 Australian Pharmaceutical Industries Ltd AUD (11,914) (0.00)%

102,909 Auto Trader Group (Wi) GBP (30,911) (0.00)%

17,309 Autobacs Seven Co Ltd JPY (12,150) (0.00)%

54,401 Autodesk Inc USD (51,780) (0.01)%

402 Autoliv Inc SEK 4,937 0.00%

89,605 Automotive Holdings Group Ltd AUD (16,279) (0.00)%

281 Autoneum Holding Ag CHF (1,287) (0.00)%

163 Avalonbay Communities Inc USD (1,284) (0.00)%

3,163 Aveo Group AUD 439 0.00%

375 Avery Dennison Corp USD (663) (0.00)%

2,643 Aveva Group Plc GBP (620) (0.00)%

2,100 Avex Group Holdings Inc JPY (1,672) (0.00)%

8,926 Avis Budget Group Inc USD (13,811) (0.00)%

41,790 Avnet Inc USD (57,666) (0.01)%

524,698 Awe Ltd AUD (6,436) (0.00)%

40,166 Axa Sa EUR 92,812 0.01%

205 Axel Springer Se EUR 253 0.00%

238,943 Axfood Ab SEK (70,618) (0.01)%

6,328 Axis Capital Holdings Ltd USD 25,161 0.00%

8,800 Azbil Corp JPY (13,547) (0.00)%

10,512 B+M European Value Retail Sa GBP (831) (0.00)%

38,829 B2Gold Corp CAD 1,647 0.00%

19,216 Babcock Intl Group Plc GBP 2,493 0.00%

11,561 Badger Daylighting Ltd CAD 6,681 0.00%

435,184 Bae Systems Plc GBP (480,018) (0.07)%

3,932 Baidu Inc - Adr (Uq*) (Cfd Ms) USD 7,666 0.00%

10,133 Bakkafrost P/F NOK 75,525 0.01%

911,338 Balfour Beatty Plc GBP (114,550) (0.02)%

56,738 Ball Corp USD (11,733) (0.00)%

3,400 Baloise Holding Ag Reg CHF 59,394 0.01%

21,911 Banco Bradesco Sa USD (1,246) (0.00)%

1,635,148 Banco Popular Espanol Sa EUR 246,314 0.04%

15,395 Banco Santander Sa EUR 4,621 0.00%

186 Bank Of Hawaii Corp USD 938 0.00%

INRIS UCITS PLC

185



EUR Assets


1,488 Bank Of Montreal CAD 8,339 0.00%

21,214 Bank Of Queensland Ltd AUD (5,834) (0.00)%

1,219 Bank Of The Ozarks USD 4,526 0.00%

2,759,489 Bankia Sa EUR (767,243) (0.11)%

4,190 Bankinter Sa EUR 2,828 0.00%

3,101 Bankunited Inc USD 6,435 0.00%

7 Banque Cantonale Vaudois Reg CHF (6) (0.00)%

127,053 Bapcor Ltd AUD (78,261) (0.01)%

25,806 Barclays Plc USD (4,470) (0.00)%

80,407 Barratt Developments GBP (10,208) (0.00)%

100,158 Barrick Gold Corp CAD 65,637 0.01%

54,202 Basilea Pharmaceutica 'R' CHF (65,068) (0.01)%

78,356 Bavarian Nordic A/S DKK (126,860) (0.02)%

1,731 Baxter International Inc. Cfd USD 38 0.00%

40,094 Bayer Ag Reg EUR (292,093) (0.04)%

44,756 Bayerische Motoren Werke Ag EUR (657,541) (0.10)%

23,991 Baytex Energy Corp CAD 223 0.00%

379,476 Bba Aviation Plc GBP (281,770) (0.04)%

376 Bce Inc CAD (15) (0.00)%

142,139 Be Semiconductor Industries EUR 1,177,464 0.17%

107,133 Beach Energy Ltd AUD (2,303) (0.00)%

316 Beazley Plc GBP 35 0.00%

147 Bechtle Ag EUR 126 0.00%

2 Becton Dickinson And Co USD 7 0.00%

2,512 Bed Bath & Beyond Inc USD 10,627 0.00%

19,487 Beiersdorf (Xet) EUR (13,083) (0.00)%

34,425 Bekaert Nv EUR (34,660) (0.01)%

2,230 Belden Inc USD (1,661) (0.00)%

104 Bellamy'S Australia Ltd AUD (395) (0.00)%

14,833 Bellway Plc GBP 43,031 0.01%

18,314 Bemis Co Inc USD (36,361) (0.01)%

644 Bendigo And Adelaide Bank AUD (275) (0.00)%

11,400 Benesse Holdings Inc JPY (17,022) (0.00)%

278 Berry Plastics Group Inc USD (323) (0.00)%

440 Bertrandt Ag EUR (366) (0.00)%

2,273 Best Buy Co Inc USD (9,571) (0.00)%

6,025 Betsson Ab SEK 493 0.00%

2,924 Bgeo Group Ord GBP (449) (0.00)%

23,579 Bhp Billiton Ltd AUD 9,276 0.00%

9,938 Bhp Billiton Ltd AUD (1,926) (0.00)%

3,885 Bhp Billiton Ltd-Spon Adr (Un) (Cfd Ms) USD 6,483 0.00%

212 Bhp Billiton Plc GBP (32) (0.00)%

13,717 Bic Camera Inc JPY (3,540) (0.00)%

12,820 Big Lots Inc USD (24,999) (0.00)%

1,849 Big Yellow Group Plc GBP (500) (0.00)%

8,431 Bilfinger Se EUR (61,255) (0.01)%

623 Bilia Ab A Shs SEK 1,835 0.00%

3,684 Billerud SEK (1,294) (0.00)%

957 Binckbank Nv EUR (510) (0.00)%

793 Biogen Inc USD 7,493 0.00%

INRIS UCITS PLC

186



EUR Assets


54,468 Biomarin Pharmaceutical Inc USD 105,308 0.02%

9,958 Birchcliff Energy Ltd CAD (1,050) (0.00)%

56,517 Bitauto Holdings Ltd USD 153,292 0.02%

1,223 Black Hills Corp USD 2,948 0.00%

41,426 Blackberry Ltd CAD 30,498 0.00%

1,269 Blackberry Ord USD 960 0.00%

2,815 Blackmores Ltd AUD (28,788) (0.00)%

3,224 Bloomin' Brands Inc USD 1,871 0.00%

349 Bluebird Bio Inc USD (356) (0.00)%

146,729 Bluescope Steel Ltd AUD 21,779 0.00%

12,818 Bnp Paribas Sa EUR 34,882 0.01%

141 Boardwalk Real Estate Invest CAD (404) (0.00)%

40,464 Boliden Ab SEK 148,339 0.02%

378,369 Bollore EUR (37,100) (0.01)%

3,458 Bonavista Energy Corp CAD 408 0.00%

1,046 Bonterra Energy Corp CAD (1,903) (0.00)%

10,923 Booker Group Plc GBP 214 0.00%

23,058 Boral Limited Cfd AUD 6,020 0.00%

2,197 Borgwarner Inc USD (7,673) (0.00)%

83,856 Boskalis Westminster EUR 35,980 0.01%

1,292 Boston Beer Company Inc A USD 3,997 0.00%

4,296 Boston Scientific Corp USD (4,826) (0.00)%

194 Bouygues Sa EUR (208) (0.00)%

18,103 Bovis Homes Group GBP (5,348) (0.00)%

3,754 Boyd Gaming Corp USD 4,677 0.00%

13,419 Brambles Ltd AUD (5,481) (0.00)%

2,058 Brandywine Realty Trust USD 2,201 0.00%

30,005 Brf Sa USD 12,575 0.00%

11,283 Brickworks Ltd AUD (8,069) (0.00)%

129,864 Bridgestone Corp JPY (139,339) (0.02)%

2,944 Brinker International Inc USD 9,967 0.00%

1,193 Bristol-Myers Squibb Co USD 1,054 0.00%

7,042 Britvic (Wi) GBP 36 0.00%

2,600 Brixmor Property Group Inc USD 168 0.00%

5,723 Broadcom Ltd USD 35,805 0.01%

3,535 Brookdale Senior Living Inc USD (2,447) (0.00)%

17,500 Brother Industries Ltd Cfd JPY (21,715) (0.00)%

1,198 Brown-Forman Corp USD 453 0.00%

6,622 Brp Inc/Ca CAD 15,966 0.00%

17,900 Bruker Corp USD (24,741) (0.00)%

13,503 Brunel International Nv EUR (16,466) (0.00)%

205 Brunswick Corp USD 772 0.00%

686,194 Bt Group Plc GBP (145,539) (0.02)%

7,581 Bt Investment Management Ltd AUD 1,348 0.00%

39,946 Btg Plc GBP 23,223 0.00%

2,695 Bunge Ltd USD (9,723) (0.00)%

77,147 Burberry Group Plc GBP (82,560) (0.01)%

665 Burckhardt Compression Holding Ag CHF 181 0.00%

1,462 Burlington Stores Inc USD (4,237) (0.00)%

136,084 Bw Lpg Ltd NOK 52,003 0.01%

INRIS UCITS PLC

187



EUR Assets


83,364 Bwp Trust AUD 4,738 0.00%

80,362 Bwx Technologies Inc USD 39,659 0.01%

1,507 Cabot Corp USD (651) (0.00)%

16,310 Cabot Oil + Gas Corp USD (19,175) (0.00)%

3,371 Caci International Inc USD 16,615 0.00%

1,757 Cadence Design Sys Inc USD (1,737) (0.00)%

29,106 Cairn Energy Plc GBP (13,041) (0.00)%

4,493 Caixabank Ord Shs EUR (39) (0.00)%

33,194 Cal Maine Foods Inc USD 110,941 0.02%

22,403 Calbee Inc JPY (19,430) (0.00)%

51,552 Callon Petroleum Co USD (104,151) (0.02)%

9,006 Calpine Corp USD (1,778) (0.00)%

86,593 Caltex Australia Ltd AUD 28,999 0.00%

227,869 Cameco Corp CAD (261,509) (0.04)%

79 Campbell Soup Co USD 12 0.00%

245 Can Apartment Prop Real Esta CAD (160) (0.00)%

75,505 Canadian Energy Services & Technology Corp CAD 35,171 0.01%

8,261 Canadian National Railway Co CAD 3,155 0.00%

365 Canadian Natural Resources Ltd CAD 479 0.00%

231 Canadian Pacific Railway Ltd CAD (2,266) (0.00)%

2,226 Canadian Pacific Railway Ltd USD 22,084 0.00%

3,505 Canadian Solar Inc USD 1,625 0.00%

4,583 Canadian Tire Corp Ltd CAD 2,252 0.00%

3,626 Canadian Utilities Ltd CAD 1,949 0.00%

2,289 Canadian Western Bank CAD (1,811) (0.00)%

4,960 Cancom Se EUR 7,175 0.00%

927 Canfor Corp CAD 17 0.00%

400 Canon Marketing Japan Inc JPY (533) (0.00)%

96,857 Capcom Co Ltd JPY (197,739) (0.03)%

265 Capgemini EUR 1,229 0.00%

11,980 Capita Plc GBP 56,182 0.01%

33,303 Capital + Counties Propertie GBP (5,309) (0.00)%

47,375 Capital Power Corp CAD (3,439) (0.00)%

12,729 Cargotec Oyj EUR 91,687 0.01%

150,754 Carillion Plc GBP 33,238 0.00%

2,430 Carl Zeiss Meditec Ag EUR (2,638) (0.00)%

320 Carlisle Cos Inc USD (571) (0.00)%

1,278 Carmax Inc USD (7,652) (0.00)%

80,050 Carnival Corp USD 44,530 0.01%

75,258 Carnival Plc GBP 549,801 0.08%

2,576 Carrizo Oil + Gas Inc USD (11,960) (0.00)%

50,962 Carsales.Com AUD (29,782) (0.00)%

288 Caseys General Stores Inc Cfd USD (466) (0.00)%

139 Casino Guichard Perrachon EUR 171 0.00%

59,251 Casio Computer Co Ltd JPY 71,301 0.01%

9,728 Caverion Ord EUR (11,780) (0.00)%

37,682 Cavium Ord USD (181,208) (0.03)%

1,200 Cawachi Ltd JPY (1,980) (0.00)%

26,158 Cbl + Associates Properties USD 8,637 0.00%

61 Ccl Industries Inc CAD 676 0.00%

INRIS UCITS PLC

188



EUR Assets


6,037 Cdk Global Inc USD 286 0.00%

71 Ceb Ord USD (111) (0.00)%

1,965 Celanese Corp Series A USD (1,147) (0.00)%

7,221 Celesio Ag EUR (2,030) (0.00)%

31,156 Celestica Inc CAD 8,453 0.00%

5,211 Celgene Corp USD 12,155 0.00%

6,213 Cellnex Telecom EUR 5,655 0.00%

111 Cembra Money Bank N Ord CHF 182 0.00%

206 Cemex Sab De Cv USD 10 0.00%

6,249 Cenovus Energy Inc CAD 2,096 0.00%

516,369 Centamin Egypt Ltd GBP (68,925) (0.01)%

5,178 Centene Corp USD (5,222) (0.00)%

15 Centerpoint Energy Inc USD 1 0.00%

17,114 Centerra Gold Inc CAD 7,168 0.00%

23,000 Central Glass Co Ltd JPY 17,387 0.00%

1,600 Central Japan Railway Co JPY 7,153 0.00%

86,799 Centrica Plc GBP (9,018) (0.00)%

173,208 Centurylink Inc USD 29,527 0.00%

806 Cewe Stiftung & Co Kgaa EUR 2,650 0.00%

178,910 Cf Industries Hdg. USD (429,371) (0.06)%

2,692 Cfd Allianz EUR 71,897 0.01%

461 Cfd Atos EUR 2,585 0.00%

9,273 Cfd Carrefour EUR (13,963) (0.00)%

1,741 Cfd Compagnie De Saint Gobain EUR 10,281 0.00%

264,349 Cfd Credit Suisse Ag CHF (902,997) (0.13)%

55,551 Cfd Daimler Ag EUR (671,368) (0.10)%

64,721 Cfd Danone EUR 152,837 0.02%

100,452 Cfd Hsbc Holdings Plc GBP (26,200) (0.00)%

5,557 Cfd L'Oreal EUR (33,391) (0.00)%

159 Cfd Proximus EUR (142) (0.00)%

58,364 Cfd Renault EUR 546,625 0.08%

158,888 Cfd Tele2 Ab Ser B SEK (12,523) (0.00)%

773 Cfe EUR (4,915) (0.00)%

253 Cgi Group Inc Class A CAD 205 0.00%

50,678 Challenger Ord AUD 20,250 0.00%

160 Charles River Laboratories USD 766 0.00%

1,086 Charles Schwab Corp/The USD 239 0.00%

691 Charter Comms.Cl.A USD 2,493 0.00%

10,138 Charter Hall Group AUD 1,494 0.00%

11,579 Charter Hall Retail Reit AUD 381 0.00%

144,300 Charter Hall Retail Reit AUD (1,899) (0.00)%

32,507 Chartwell Retirement Residences CAD (2,934) (0.00)%

36 Check Point Software Technologies Ltd USD 7 0.00%

2,192 Cheesecake Factory Inc/The USD (2,912) (0.00)%

3,988 Chemed Corp USD 30,294 0.00%

832 Chemours Co/The USD (706) (0.00)%

62,281 Cheniere Energy Inc USD (31,691) (0.00)%

35,334 Chevron Corp USD (196,309) (0.03)%

2,605 Chiba Bank Ltd/The JPY 629 0.00%

3,629 Chicago Bridge + Iron Co Nv USD (6,968) (0.00)%

INRIS UCITS PLC

189



EUR Assets


31,664 Chico'S Fas Inc USD 29,032 0.00%

4,014 Children'S Place Inc/The USD (10,910) (0.00)%

55,688 Chimera Investment Corp USD 835 0.00%

3,119 China Biologic Products Inc USD (35,100) (0.01)%

10,927 China Mobile Ltd USD (21,248) (0.00)%

19,786 Chipotle Mexican Grill Inc USD 318,364 0.05%

29,124 Chiyoda Co Ltd JPY (29,304) (0.00)%

34,000 Chiyoda Corp JPY 4,071 0.00%

563 Chocoladefabriken Lindt & Spruengli Ag CHF 95,116 0.01%

4,454 Chr Hansen Holding A/S DKK (3,910) (0.00)%

660 Christian Dior Se EUR (16,827) (0.00)%

106,544 Chubu Electric Power Co Inc JPY 23,596 0.00%

52,344 Chugai Pharmaceutical Co Ltd JPY (62,778) (0.01)%

100 Chugoku Bank Ltd/The Cfd JPY 107 0.00%

2,638 Chugoku Electric Power Co Inc/The JPY (548) (0.00)%

1,638 Chugoku Marine Paints Ltd JPY 919 0.00%

152 Church + Dwight Co Inc USD (81) (0.00)%

226 Ci Financial Corp CAD (361) (0.00)%

73,408 Cia Brasileira De Distribuicao USD (51,403) (0.01)%

617 Cia De Distribucion Integral EUR 1,252 0.00%

1,972 Cia De Minas Buenaventura Saa USD 599 0.00%

15,418 Cie Automotive Sa EUR 22,472 0.00%

63,139 Cie Financiere Richemont Reg CHF (331,351) (0.05)%

2,865 Ciena Corp USD 8,040 0.00%

13,627 Cimarex Energy Co USD 27,997 0.00%

32,454 Cimic Group Ltd AUD 91,902 0.01%

1,109 Cincinnati Financial Corp USD (1,063) (0.00)%

548 Cineplex Inc CAD 350 0.00%

11,886 Cineworld Group Plc GBP 8,286 0.00%

114 Cirrus Logic Inc USD (130) (0.00)%

3,345 Cit Group Inc USD (5,506) (0.00)%

6,147 Citizen Watch Co Ltd JPY 236 0.00%

299 Citizens Financial Group Inc USD 38 0.00%

6,955 Citycon Oyj EUR (760) (0.00)%

4,100 Ckd Corp JPY 1,585 0.00%

2,739 Clariant Ag CHF (2,726) (0.00)%

94,000 Clarion Co Ltd JPY 32,936 0.00%

228 Clean Harbors Inc USD (460) (0.00)%

177,239 Cleanaway Waste Management Ltd AUD (15,085) (0.00)%

24,093 Cliffs Natural Resources Inc USD (20,599) (0.00)%

863 Close Brothers Group Plc GBP (914) (0.00)%

74 Cms Energy Corp USD 14 0.00%

2,338 Cno Financial Group Inc USD 2,675 0.00%

4,655 Cnp Assurances EUR 10,775 0.00%

13,910 Coach Inc USD (19,098) (0.00)%

1,293,374 Cobham Plc GBP 248,474 0.04%

249 Coca Cola Cfd USD 54 0.00%

184 Coca Cola Hbc Ag Di GBP 64 0.00%

26,201 Coca-Cola Amatil Ltd AUD (9,833) (0.00)%

2,502 Coca-Cola European Partners Plc USD 1,944 0.00%

INRIS UCITS PLC

190



EUR Assets


600 Coca-Cola West Japan Co Ltd Cfd JPY 1,000 0.00%

6,423 Cochlear Ltd AUD (18,867) (0.00)%

100 Cocokara Fine Hdg. JPY 85 0.00%

31,927 Coeur Mining Inc USD (16,867) (0.00)%

1,334 Cogeco Communications Inc CAD 1,576 0.00%

466 Cognex Corp USD 1,765 0.00%

374 Cognizant Tech Solutions A USD (284) (0.00)%

4,262 Colfax Corp USD 6,832 0.00%

876 Colgate-Palmolive Co USD (571) (0.00)%

20,450 Colliers International Group Inc CAD 27,289 0.00%

166 Colopl Inc JPY (5) (0.00)%

1,509 Coloplast B DKK 1,032 0.00%

382 Com Hem Holding Ab-W/I Cfd SEK (233) (0.00)%

8,447 Comerica Inc USD 30,066 0.00%

59,433 Cominar Real Estate Investment Trust CAD 28,937 0.00%

150 Commerce Bcsh. USD 1,140 0.00%

182,548 Commercial Metals Co USD (64,723) (0.01)%

303,603 Commerzbank Ag EUR (275,668) (0.04)%

6,853 Commonwealth Bank Of Australia AUD (13,742) (0.00)%

2,120 Commscope Holding Co Inc USD 271 0.00%

2,330 Communications Sales & Leasing Inc USD 253 0.00%

12,545 Commvault Systems Inc USD 30,886 0.00%

175,270 Compass Group Plc GBP 285,802 0.04%

8,613 Compass Minerals Internation USD (5,721) (0.00)%

4,083 Compugroup Medical Se EUR (1,651) (0.00)%

149,048 Computershare Ltd AUD (85,840) (0.01)%

600 Comsys Holdings Corp JPY (504) (0.00)%

773 Concho Resources Inc USD (7,444) (0.00)%

8,607 Conocophillips USD (3,902) (0.00)%

31,694 Consol Energy Inc USD (69,644) (0.01)%

1,544 Constellation Brands Inc A USD 3,376 0.00%

2,784 Constellation Software Inc/Canada CAD (22,799) (0.00)%

255 Construcciones Y Aux EUR 805 0.00%

21,389 Continental Ag EUR 103,086 0.01%

6,059 Continental Resources Inc/Ok USD (34,015) (0.00)%

4,152 Cooper Tire & Rubber Cfd USD 2,147 0.00%

16,129 Copa Holdings Sa USD 23,653 0.00%

132 Copart Inc USD 86 0.00%

4,187 Core Laboratories Nv USD 22,038 0.00%

1,058 Corelogic Inc/United States USD (53) (0.00)%

3,826 Coresite Realty Corp USD 31,886 0.00%

12,091 Cornerstone Ondemand Inc Cfd USD (72,732) (0.01)%

608 Corporate Office Properties USD 1,501 0.00%

39,406 Corus Entertainment Inc B Sh CAD (13,040) (0.00)%

500 Cosmos Pharmaceutical Corp JPY (2,520) (0.00)%

832 Costar Group Inc USD 1,940 0.00%

6,776 Cott Corporation CAD 71 0.00%

43,767 Coty Inc Cl A USD 10,821 0.00%

43,599 Countrywide Plc GBP 33,007 0.00%

172 Cousins Properties Inc USD 4 0.00%

INRIS UCITS PLC

191



EUR Assets


972 Covanta Holding Corp Cfd USD (938) (0.00)%

2,923 Covestro Ag EUR 1,898 0.00%

19 Cr Bard Inc USD (12) (0.00)%

76 Cracker Barrel Old Country USD (109) (0.00)%

15,300 Create Restaurants Holdings Inc JPY 1,723 0.00%

521 Credicorp Ltd USD (578) (0.00)%

35,254 Credit Corp Group Ltd AUD (9,273) (0.00)%

600 Credit Saison Co Ltd JPY 127 0.00%

14,865 Credit Suisse Group Ag USD (13,671) (0.00)%

614 Cree Inc USD 202 0.00%

2,607 Crescent Point Energy Corp CAD 2,069 0.00%

37,757 Crest Nicholson Holdings GBP 7,343 0.00%

20,337 Crew Energy Inc CAD 1,168 0.00%

5,003 Crh Plc GBP 17,030 0.00%

28,145 Crombie Real Estate Investment Trust CAD (4,031) (0.00)%

1,515,181 Cromwell Property Group AUD 66,629 0.01%

132,681 Crown Resorts Ltd AUD 15,095 0.00%

11,674 Csl AUD (23,685) (0.00)%

303,546 Csr Ltd AUD 108,844 0.02%

109,135 Ctrip.Com International-Adr USD 486,801 0.07%

18,025 Cts Eventim (Xet) EUR 16,819 0.00%

38,423 Ctt Correios De Portugal EUR (16,575) (0.00)%

3,338 Cubesmart USD 6,709 0.00%

426 Cullen/Frost Bankers Inc USD 2,050 0.00%

2,331 Curtiss-Wright Corp USD (5,538) (0.00)%

9,443 Cvr Energy Inc USD (69,956) (0.01)%

1,750 Cvs/Caremark Corp Cfd USD (603) (0.00)%

43,003 Cyberagent Inc JPY 46,340 0.01%

192 Cyberark Software Ltd USD (33) (0.00)%

346,450 Cypress Semiconductor Corp USD (63,968) (0.01)%

2,691 Cyrusone Inc USD 5,394 0.00%

44,504 Cys Investments Inc USD (11,804) (0.00)%

2,091 Daetwyler Holding Ag CHF (6,557) (0.00)%

41,000 Dai Nippon Printing Co Ltd Cfd JPY (23,940) (0.00)%

5,150 Daicel Corp JPY (628) (0.00)%

18,795 Daifuku Co Ltd JPY (41,714) (0.01)%

20,000 Daiho Corp JPY (3,244) (0.00)%

131 Dai-Ichi Life Holdings Inc JPY (25) (0.00)%

31,400 Daiichi Sankyo Co Ltd JPY 2,755 0.00%

46,976 Daikin Industries Ltd JPY 15,100 0.00%

188,000 Daikyo Inc JPY 11,947 0.00%

79,500 Daikyonishikawa Corp JPY 53,455 0.01%

10,443 Daily Mail & General Trust Plc GBP (11,434) (0.00)%

16,597 Dainippon Pharma Co Ltd JPY 18,654 0.00%

1,900 Daio Paper Corp JPY (324) (0.00)%

6,375 Dairy Crest Group Plc GBP (344) (0.00)%

6,800 Daito Trust Construct Co Ltd JPY (9,777) (0.00)%

5,600 Daiwa House Industry Co Ltd JPY (2,523) (0.00)%

22,000 Daiwa Securities Group Inc JPY (4,445) (0.00)%

847 Dana Inc USD (1,562) (0.00)%

INRIS UCITS PLC

192



EUR Assets


20,182 Darling Ingredients Inc USD 12,056 0.00%

21,732 Dassault Systemes Sa EUR (67,898) (0.01)%

9,229 Dave & Buster'S Entertainment Inc USD 6,658 0.00%

59,837 Dcm Holdings Co Ltd JPY (3,074) (0.00)%

484 Dct Industrial Trust Inc USD 842 0.00%

2,372,991 Debenhams Plc GBP (308,984) (0.04)%

21,159 Deckers Outdoor Corp USD 84,469 0.01%

14,150 Delek Us Holdings Inc USD (41,094) (0.01)%

9,203 Delta Air Lines Inc USD (1,207) (0.00)%

5,832 Delta Lloyd Nv EUR 339 0.00%

6,825 Dena Co Ltd JPY 44,357 0.01%

53,000 Denka Co Ltd JPY 4,682 0.00%

33,143 Dentsply Sirona Inc USD 22,396 0.00%

7,290 Depomed Inc USD (3,307) (0.00)%

10,898 Descartes Systems Group Inc/The CAD 8,575 0.00%

11,236 Detour Gold Corp CAD 6,736 0.00%

312 Deutsche Pfandbriefbank Ag Cfd EUR (309) (0.00)%

96 Deutsche Wohnen Ag Br EUR 86 0.00%

16,475 Deutz (Xet) EUR 15,012 0.00%

14,422 Devon Energy Corp USD 36,349 0.01%

8,786 Dexcom USD 44,830 0.01%

200 Dexerials Corp JPY (181) (0.00)%

49,986 Dexus Property Group AUD 17,796 0.00%

26,170 Dfds A/S DKK 129,292 0.02%

21,675 Dh Corp CAD (51,888) (0.01)%

223 Diageo Plc USD (571) (0.00)%

34,156 Dialog Semiconductor Plc EUR 292,829 0.04%

154 Diamond Offshore Drilling Inc USD 36 0.00%

4,016 Diamondback Energy Inc USD (25,366) (0.00)%

200 Dic Corp JPY (24) (0.00)%

30,754 Diebold Nixdorf Inc USD (62,667) (0.01)%

6,894 D'Ieteren Sa/Nv EUR 17,210 0.00%

3,711 Digital Realty Trust Inc USD 21,551 0.00%

711 Dignity Plc GBP 1,249 0.00%

4,586 Dillards Inc Cl A USD (38,499) (0.01)%

80,339 Direct Line Insurance Group GBP 6,484 0.00%

3,593 Disco Corp JPY 19,366 0.00%

10,240 Discovery Communications Inc USD (302) (0.00)%

5,366 Dish Network Corp A USD (2,249) (0.00)%

13,210 Dixons Carphone Plc Cfd GBP (1,603) (0.00)%

218 Dksh Holding Ag CHF 149 0.00%

8,303 Dmg Mori Ag EUR (45,032) (0.01)%

15,630 Dmg Mori Co Ltd JPY (10,724) (0.00)%

16,091 Dolby Laboratories Inc Cl A USD (14,618) (0.00)%

1,070 Dollar General Corp USD (2,742) (0.00)%

52,861 Dollar Tree Inc USD 491,667 0.07%

19,133 Dollarama Inc CAD (20,260) (0.00)%

5,900 Dominion Diamond Corp CAD (358) (0.00)%

160 Dominion Resources Inc/Va USD 43 0.00%

1,980 Dominos Pizza Enterprises Ord AUD (461) (0.00)%

INRIS UCITS PLC

193



EUR Assets


8 Dormakaba Holding Ag CHF 219 0.00%

599 Douglas Emmett Inc USD (118) (0.00)%

100 Doutor Nichires Holdings Co JPY 20 0.00%

84,875 Dowa Holdings Co Ltd JPY 7,415 0.00%

9,720 Downer Edi AUD 349 0.00%

113,836 Downer Edi AUD 32,783 0.00%

100 Dr Ci Labo JPY 268 0.00%

13,234 Dr Horton Inc USD (5,170) (0.00)%

566 Dr Pepper Snapple Group Inc USD (2,070) (0.00)%

6,017 Draegerwerk Ag & Co Kgaa EUR (120,810) (0.02)%

200,738 Drax Group GBP (166,105) (0.02)%

89,986 Dream Global Real Estate Investment Trust CAD 16,966 0.00%

2,330 Dream Office Real Estate Investment Trust CAD (2,414) (0.00)%

2,120 Drew Industries Inc USD (4,655) (0.00)%

7,306 Dril-Quip Inc USD 2,891 0.00%

540 Dst Systems Inc USD 1,948 0.00%

1,675 Dstr Int Aliment Ord EUR 1,806 0.00%

22,996 Dsv A/S DKK (18,414) (0.00)%

37 Dte Energy Co USD 18 0.00%

3,600 Dts Corp JPY (1,229) (0.00)%

32,127 Duerr Ag EUR (373,720) (0.05)%

28,710 Dufry 'R' CHF (139,610) (0.02)%

64 Duke Energy Corp USD 10 0.00%


2,063 Duluxgroup AUD (536) (0.00)%

245 Dun & Bradstreet Corp/The USD 113 0.00%

26,991 Dunelm Group Plc GBP 13,003 0.00%

4,161 Dupont Fabros Technology USD 12,974 0.00%

6,400 Duskin Co Ltd JPY (5,472) (0.00)%

19 Dyax Corporation Cvr USD 20 0.00%

12,665 Dycom Industries Inc USD 81,839 0.01%

1,573 Dynegy Inc USD 58 0.00%

67,442 E.On Se EUR 29,326 0.00%

466 Eagle Materials Inc USD (406) (0.00)%

4,300 Earth Chemical Co Ltd JPY 128 0.00%

876 East West Bancorp Inc USD 2,349 0.00%

533 Easyjet GBP 113 0.00%

21 Eaton Vance Corp USD (2) (0.00)%

100 Ebara Corp JPY 199 0.00%

1,080 Ebay Inc USD 726 0.00%

537 Echo Entertainment Group Ord AUD 3 0.00%

39,788 Echo Entertainment Group Ord AUD (3,005) (0.00)%

27,605 Eclipx Group Ltd AUD (1,233) (0.00)%

2,854 Eclipx Group Ltd AUD (150) (0.00)%

4,639 Edenred EUR (8,559) (0.00)%

45,933 Edf EUR 39,477 0.01%

12,852 Edgewell Personal Care Co USD 72,953 0.01%

62,300 Edion Corp JPY (1,765) (0.00)%

16 Edison International USD 3 0.00%

1,171,082 Edp Energias De Portugal Sa EUR (67,791) (0.01)%

1,365 Edp Renovaveis Sa EUR 207 0.00%

1,073 Edwards Lifesciences Corp USD 2,191 0.00%

19,024 Efg International 'R' CHF (18,717) (0.00)%

13,584 Eiffage EUR (12,953) (0.00)%

INRIS UCITS PLC

194



EUR Assets


4,429 Dominos Pizza Enterprises Ord AUD 7,691 0.00%

757,766 Domino'S Pizza Group Plc GBP 253,227 0.04%

1,382 Domino'S Pizza Inc USD 11,505 0.00%

5,912 Domtar Corp USD (1,825) (0.00)%

29,433 Don Quijote Holdings Co Ltd JPY 7,233 0.00%

8 Dormakaba Holding Ag CHF 219 0.00%

599 Douglas Emmett Inc USD (118) (0.00)%

100 Doutor Nichires Holdings Co JPY 20 0.00%

84,875 Dowa Holdings Co Ltd JPY 7,415 0.00%

123,556 Downer Edi AUD 33,132 0.00%

100 Dr Ci Labo JPY 268 0.00%

13,234 Dr Horton Inc USD (5,170) (0.00)%

566 Dr Pepper Snapple Group Inc USD (2,070) (0.00)%

6,017 Draegerwerk Ag & Co Kgaa EUR (120,810) (0.02)%

200,738 Drax Group GBP (166,105) (0.02)%

89,986 Dream Global Real Estate Investment Trust CAD 16,966 0.00%

2,330 Dream Office Real Estate Investment Trust CAD (2,414) (0.00)%

2,120 Drew Industries Inc USD (4,655) (0.00)%

7,306 Dril-Quip Inc USD 2,891 0.00%

540 Dst Systems Inc USD 1,948 0.00%

1,675 Dstr Int Aliment Ord EUR 1,806 0.00%

22,996 Dsv A/S DKK (18,414) (0.00)%

37 Dte Energy Co USD 18 0.00%

3,600 Dts Corp JPY (1,229) (0.00)%

32,127 Duerr Ag EUR (373,720) (0.05)%

28,710 Dufry 'R' CHF (139,610) (0.02)%

64 Duke Energy Corp USD 10 0.00%


2,063 Duluxgroup AUD (536) (0.00)%

245 Dun & Bradstreet Corp/The USD 113 0.00%

26,991 Dunelm Group Plc GBP 13,003 0.00%

4,161 Dupont Fabros Technology USD 12,974 0.00%

6,400 Duskin Co Ltd JPY (5,472) (0.00)%

19 Dyax Corporation Cvr USD 20 0.00%

12,665 Dycom Industries Inc USD 81,839 0.01%

1,573 Dynegy Inc USD 58 0.00%

67,442 E.On Se EUR 29,326 0.00%

466 Eagle Materials Inc USD (406) (0.00)%

4,300 Earth Chemical Co Ltd JPY 128 0.00%

876 East West Bancorp Inc USD 2,349 0.00%

533 Easyjet GBP 113 0.00%

21 Eaton Vance Corp USD (2) (0.00)%

100 Ebara Corp JPY 199 0.00%

1,080 Ebay Inc USD 726 0.00%

537 Echo Entertainment Group Ord AUD 3 0.00%

39,788 Echo Entertainment Group Ord AUD (3,005) (0.00)%

30,459 Eclipx Group Ltd AUD (1,383) (0.00)%

4,639 Edenred EUR (8,559) (0.00)%

45,933 Edf EUR 39,477 0.01%

12,852 Edgewell Personal Care Co USD 72,953 0.01%

62,300 Edion Corp JPY (1,765) (0.00)%

INRIS UCITS PLC

195



EUR Assets


16 Edison International USD 3 0.00%

1,171,082 Edp Energias De Portugal Sa EUR (67,791) (0.01)%

1,365 Edp Renovaveis Sa EUR 207 0.00%

1,073 Edwards Lifesciences Corp USD 2,191 0.00%

19,024 Efg International 'R' CHF (18,717) (0.00)%

13,584 Eiffage EUR (12,953) (0.00)%

2,538 Eisai Co Ltd JPY (2,953) (0.00)%

121,949 Eldorado Gold Corp CAD (51,356) (0.01)%

700 Elecom Co Ltd JPY 37 0.00%

9,900 Electric Power Development Co Ltd JPY 14,127 0.00%

1,159 Electrocomponents Plc GBP 1,375 0.00%

131,704 Electrolux Ab Ser B SEK 348,419 0.05%

1,340 Elekta Ab B Shs SEK (687) (0.00)%

66,311 Eli Lilly + Co USD (395,326) (0.06)%

1,981 Elia System Operator Sa/Nv EUR 8,270 0.00%

46,622 Elisa Oyj EUR (96,052) (0.01)%

4,665 Ellie Mae Inc USD 4,890 0.00%

9,837 Elringklinger Ag EUR 6,727 0.00%

11,721 Embraer Sa USD 1,775 0.00%

16,479 Emera Inc CAD (3,866) (0.00)%

121 Emmi Ag CHF 5,349 0.00%

35,597 Empire Co Ltd A CAD 63,074 0.01%

390 Ems Chemie Holding Ag Reg CHF 12,434 0.00%

1,121 Enbridge Inc CAD (53) (0.00)%

3,121 Enbridge Income Fund Holdings Inc CAD (1,370) (0.00)%

930 Encana Corp CAD (712) (0.00)%

45,590 Ence Energia Y Celulosa Sa EUR 11,793 0.00%

34,342 Endesa S.A. Cfd EUR 88,620 0.01%

109 Enercare Inc CAD (23) (0.00)%

622 Enerflex Ltd CAD (45) (0.00)%

7,288 Enerplus Corp CAD 3,670 0.00%

1,252 Engie EUR (439) (0.00)%

102 Entergy Corp USD 45 0.00%

56,328 Entertainment One (Di) GBP (29,553) (0.00)%

18,470 Envision Healthcare Corp USD (84,772) (0.01)%

13,900 Eog Resources Inc USD 19,720 0.00%

1,609 Epam Systems Inc USD 2,045 0.00%

1,223 Epr Properties USD 2,486 0.00%

693 Equifax Inc USD 2,497 0.00%

3,284 Equinix Inc USD 58,706 0.01%

464 Equity Lifestyle Properties USD 1,152 0.00%

409 Equity Residential USD (895) (0.00)%

100 Erex Co Ltd JPY 436 0.00%

9,406 Ericsson Lm B Shs SEK (1,043) (0.00)%

291,467 Essentra Plc GBP 269,364 0.04%

37 Essex Property Trust Inc USD (137) (0.00)%

12,651 Essilor International EUR 83,606 0.01%

857 Esterline Technologies Corp Cfd USD (910) (0.00)%

1,246 Esure Group Plc GBP (1,378) (0.00)%

532 Euler Hermes Group EUR 3,509 0.00%

58 Eurazeo EUR (41) (0.00)%

INRIS UCITS PLC

196



EUR Assets


5,502 Eurofins Scientific Se EUR (316,120) (0.05)%

377,643 Euronav Nv EUR (142,478) (0.02)%

837 Euronet Worldwide Inc USD 540 0.00%

8,514 Europcar Prom EUR (7,579) (0.00)%

106,457 Eutelsat Communications Sa EUR 105,877 0.02%

62 Evercore Partners Inc Cl A USD (34) (0.00)%

20 Everest Re Group Ltd USD (5) (0.00)%

156 Eversource Energy USD 41 0.00%

4,971 Evolution Mining Ltd AUD (289) (0.00)%

1,263 Evonik Industries Ag EUR 1,832 0.00%

49,954 Evotec Ag EUR (140,219) (0.02)%

531,838 Evraz GBP 445,033 0.06%

79,247 Exact Sciences Corp USD 101,942 0.01%

900 Exedy Corp JPY 1,061 0.00%

55,795 Exelixis USD (99,335) (0.01)%

300 Exelon Corp USD 51 0.00%

5,574 Expedia Wni. USD 56,813 0.01%

29,439 Expeditors Intl Wash Inc USD 1,923 0.00%

215,338 Experian Plc GBP 462,806 0.07%

6,754 Express Inc USD 10,306 0.00%

22,667 Extendicare Inc CAD (1,735) (0.00)%

5,560 Extra Space Storage Inc USD 37,011 0.01%

46,142 Exxon Mobil Corp USD (122,786) (0.02)%

4,000 Ezaki Glico Co Ltd JPY (4,520) (0.00)%

28,557 F5 Networks Inc Cfd USD 105,142 0.02%

744 Fabege Ab SEK (409) (0.00)%

938 Fair Isaac Corp USD (1,143) (0.00)%

111 Fairfax Financial Hldgs Ltd CAD (839) (0.00)%

381,952 Fairfax Media Ltd AUD (21,114) (0.00)%

114 Familymart Uny Holdings Co Ltd JPY 46 0.00%

31,549 Fancl Corp JPY (13,955) (0.00)%

6,653 Fanuc Corporation JPY (25,497) (0.00)%

6,926 Fast Retailing Co Ltd JPY (113,418) (0.02)%

24 Fastenal Co USD (1) (0.00)%

7,752 Fastighets Ab Balder B Shrs SEK (29,956) (0.00)%

923 Faurecia EUR 3,967 0.00%

1,700 Fcc Co Ltd JPY 1,727 0.00%

15 Federal Realty Investment Trust USD (7) (0.00)%

306 Federated Investors Inc USD 194 0.00%

227,547 Ferrovial Sa Cfd EUR 144,972 0.02%

75,470 Fibria Celulose Sa USD 34,973 0.01%

29 Fidelity National Info Serv USD (43) (0.00)%

2,185 Fifth Third Bancorp USD 1,607 0.00%

167,487 Fingerprint Cards Ab SEK (606,961) (0.09)%

191 Finisar USD (518) (0.00)%

336 Finish Line/The Cl A USD (315) (0.00)%

18,260 Finning International Inc CAD (10,189) (0.00)%

33,824 Fireeye Inc USD 31,159 0.00%

654 First Horizon National Corp USD 527 0.00%

570 First Industrial Realty Tr USD 813 0.00%

INRIS UCITS PLC

197



EUR Assets


64,578 First Majestic Silver Corp CAD (69,195) (0.01)%

1,377 First Quantum Minerals Ltd CAD (610) (0.00)%

2,364 First Republic Bank/Ca USD 22,524 0.00%

21,766 First Solar Inc USD (23,921) (0.00)%

525 Firstenergy Corp USD 66 0.00%

574,508 Firstgroup Plc GBP (31,904) (0.00)%

1,664 Firstservice Corp CAD (6,310) (0.00)%

573 Fischer Georg Reg CHF 16,648 0.00%

1,974 Fiserv Inc USD 3,224 0.00%

44,471 Fisher & Paykel Healthcare Corp Ltd AUD 9,872 0.00%

5,303 Fitbit Inc - A Cfd USD 962 0.00%

28,244 Five Below USD (6,432) (0.00)%

64,363 Five Prime Therapeutics USD (381,373) (0.06)%

71,525 Fletcher Building Ltd AUD 19,457 0.00%

105,408 Flexigroup Ltd/Australia AUD 3,950 0.00%

14,020 Flight Centre Travel Group Ltd AUD 15,353 0.00%

123 Flir Systems Inc USD (33) (0.00)%

212 Flow Traders EUR (637) (0.00)%

911 Flowers Foods Inc USD 3,844 0.00%

190 Flughafen Zuerich Ag Reg CHF 1,091 0.00%

205 Fluor Corp USD (204) (0.00)%

65,251 Fmc Corp USD (24,152) (0.00)%

19,743 Fmc Technologies Inc USD (20,689) (0.00)%

445 Fomento Economico Mexicano Sab De Cv USD 643 0.00%

1,459 Fonciere Des Regions EUR 2,239 0.00%

104 Foot Locker Inc USD 228 0.00%

122 Forbo Holding Ag CHF 2,801 0.00%

340,395 Ford Motor Co USD 25,131 0.00%

1,237 Fortinet Inc USD (1) (0.00)%

262 Fortis Inc/Canada CAD (262) (0.00)%

9,530 Fortum Oyj EUR (1,504) (0.00)%

3,214 Fortuna Silver Mines Inc CAD (1,337) (0.00)%

569 Fortune Brands Home + Securi USD (912) (0.00)%

94 Forum Energy Technologies Inc USD (111) (0.00)%

494 Fossil Group Inc USD 3,542 0.00%

60,600 Foster Electric Co Ltd JPY 52,095 0.01%

2,085 Franco Nevada CAD (4,069) (0.00)%

1 Franco-Nevada Corp USD (1) (0.00)%

5,349 Franklin Resources Inc USD (922) (0.00)%

2,719 Freenet Ag EUR (4,265) (0.00)%

18,183 Fresenius Medical Care Ag + EUR (23,945) (0.00)%

6,825 Fresenius Se + Co Kgaa EUR 48,724 0.01%

59,460 Fresnillo (Wi) GBP 70,899 0.01%

9,383 Frontline Ltd/Bermuda NOK 485 0.00%

3,162 Fuchs Petrolub Se EUR 4,932 0.00%

29,200 Fudo Tetra Corp JPY 1,899 0.00%

34,236 Fugro Nv EUR 25,464 0.00%

117,004 Fuji Heavy Industries Ltd JPY 107,906 0.02%

400 Fuji Mach.Mnfg. JPY 127 0.00%

89,581 Fuji Media Holdings Inc JPY (69,384) (0.01)%

INRIS UCITS PLC

198



EUR Assets


500 Fuji Oil Holdings Inc JPY (485) (0.00)%

1,600 Fuji Seal International Inc JPY (2,354) (0.00)%

500 Fujikura Ltd JPY 32 0.00%

50,290 Fujitsu General Ltd JPY 93,580 0.01%

42,000 Fujitsu Ltd JPY 8,661 0.00%

2,000 Fukuoka Financial Group Inc JPY 97 0.00%

100 Fullcast Holdings Co Ltd JPY 48 0.00%

12,000 Furukawa Co Ltd JPY (455) (0.00)%

4,500 Furukawa Electric Co Ltd JPY (4,178) (0.00)%

400 Fuyo General Lease Co Ltd JPY 618 0.00%

119,834 G4S Plc GBP (48,534) (0.01)%

12,535 G8 Education Ltd AUD 3,270 0.00%

413,500 Galaxy Resources Ltd AUD 23,790 0.00%

2,079 Galenica Ag CHF (331,646) (0.05)%

268 Galliford Try Plc GBP (63) (0.00)%

72,297 Galp Energia Sgps Sa EUR 117,671 0.02%

38,328 Gam Holding Ag CHF (77,546) (0.01)%

213,397 Gamesa Corp Tecnologica Sa EUR 122,191 0.02%

13,561 Gamestop Corp USD (3,565) (0.00)%

6,473 Gaming And Leisure Propertie USD (633) (0.00)%

22,541 Gap Inc/The USD 55,720 0.01%

156 Garmin Ltd USD (192) (0.00)%

3,928 Gartner Inc USD 6,103 0.00%

222,812 Gas Natural Sdg Sa EUR 98,075 0.01%

936 Gatx Corp USD 2,478 0.00%

2,456 Gaztransport Et Techniga Sa EUR (33,983) (0.00)%

5,200 Gca Corp JPY 4,041 0.00%

22,498 Gea Group Ag EUR (18,663) (0.00)%

378 Geberit Ag Reg CHF 14,975 0.00%

5,583 Gecina Sa EUR 36,740 0.01%

11,382 Gemalto EUR (8,476) (0.00)%

2,364 Generac Holdings Inc USD 782 0.00%

322 General Dynamics Corp USD 717 0.00%

131,236 General Electric Co USD (91,877) (0.01)%

110,246 General Motors Co USD 16,631 0.00%

33 Genesee & Wyoming Inc USD (217) (0.00)%

1,707 Genmab A/S DKK (4,761) (0.00)%

6,679 Genworth Mi Canada Inc CAD 4,266 0.00%

211,585 Genworth Mortgage Insurance Australia Ltd AUD 30,573 0.00%

3,497 Geo Group Inc/The USD 8,667 0.00%

35,300 Geo Holdings Corp JPY 35,156 0.01%

8,203 George Weston Ltd CAD 10,703 0.00%

84,173 Getinge Ab B Shs SEK 190,789 0.03%

1,133 Gft Technologies Se EUR 2,839 0.00%

7,200 Gigas Ks Denki Corp Cfd JPY (3,912) (0.00)%

748 G-Iii Apparel Group Ltd USD 1,229 0.00%

116 Gildan Activewear Inc CAD 199 0.00%

66,924 Gilead Sciences USD (123,845) (0.02)%

113,237 Gkn Plc GBP (54,780) (0.01)%

1,396,322 Glencore Plc GBP 484,797 0.07%

INRIS UCITS PLC

199



EUR Assets


9,738 Global Payments Inc USD 7,471 0.00%

2,600 Glory Ltd JPY (951) (0.00)%

159,600 Gmo Internet Ord JPY 88,136 0.01%

9,709 Gn Store Nord A/S DKK (29,511) (0.00)%

46,933 Gnc Holdings Cl.A USD (135,047) (0.02)%

29,989 Go Ahead Group Plc GBP (35,277) (0.01)%

3,389 Golar Lng Ltd USD 3,718 0.00%

13,999 Goldcorp Inc CAD (9,174) (0.00)%

451 Goldcorp Inc USD 71 0.00%

1,500 Goldcrest Co Ltd JPY (805) (0.00)%

2,878 Goodyear Tire + Rubber Co USD 491 0.00%

16,304 Gpt Group/The AUD 2,247 0.00%

224,623 Graincorp Ltd AUD (135,590) (0.02)%

2,363 Grammer Ag EUR (4,828) (0.00)%

55,167 Gran Tierra Energy Inc CAD (8,359) (0.00)%

2,371 Granges Ab SEK 3 0.00%

14,580 Granite Real Estate Investment Trust CAD 12,058 0.00%

27,341 Graphic Packaging Holding Co USD (2,415) (0.00)%

425 Great Plains Energy Inc USD 40 0.00%

221,343 Gree Inc JPY (17,026) (0.00)%

46,610 Green Plains Inc USD (31,274) (0.00)%

66,886 Greenbrier Companies Inc USD 134,666 0.02%

14,009 Greencross Ltd AUD (1,020) (0.00)%

32,284 Greene King Plc GBP 6,678 0.00%

61,622 Greggs Plc GBP (51,701) (0.01)%

1,299 Grenke Ag EUR (33,581) (0.00)%

6,757 Grieg Seafood Asa NOK 994 0.00%

136 Group 1 Automotive Inc USD (507) (0.00)%

4,336 Grubhub Inc USD 544 0.00%

10,504 Grupo Televisa Sab USD (1,823) (0.00)%

24,000 Gs Yuasa Corp JPY (4,877) (0.00)%

58,642 Gud Holdings Ltd AUD (7,490) (0.00)%

68,505 Guess ? Inc USD 188,896 0.03%

1,896 Guidewire Software Inc Cfd USD 11,123 0.00%

190 Gunma Bank Ltd/The JPY (16) (0.00)%

40,161 Gurunavi Inc JPY (26,608) (0.00)%

12,281 Guyana Goldfields Inc CAD 4,653 0.00%

41,147 Gw Pharmaceuticals Plc USD 9,357 0.00%

93,057 H Lundbeck A/S DKK (471,529) (0.07)%

119 H&R Real Estate Investment Trust CAD 47 0.00%

25,602 H+R Block Inc USD (19,246) (0.00)%

1,762 H2O Retailing Corp JPY (866) (0.00)%

3,100 Hachijuni Bank Ltd/The JPY (1,529) (0.00)%

14,009 Hain Celestial Group Inc USD 2,187 0.00%

4,674 Halfords Group Plc GBP 136 0.00%

32,144 Halliburton Co USD (25,195) (0.00)%

447 Halma Plc GBP (228) (0.00)%

5,164 Halozyme Therapeutics Inc USD 9,449 0.00%

33,200 Hamamatsu Photonics Kk Cfd JPY (10,976) (0.00)%

447 Hammerson Plc GBP (207) (0.00)%

INRIS UCITS PLC

200



EUR Assets


293 Hancock Holding Co USD 285 0.00%

160 Hanesbrands Inc USD (4) (0.00)%

857 Hannover Rueck Se EUR 7,442 0.00%

493,970 Hansteen Holdings Plc GBP 39,301 0.01%

16,000 Hanwa Co Ltd JPY 2,788 0.00%

20,361 Hargreaves Lansdown Plc GBP 7,872 0.00%

2,364 Harris Corp Cfd USD (2,648) (0.00)%

1,641 Hartford Financial Svcs Grp USD 825 0.00%

36,742 Harvey Norman Holdings Ltd AUD 9,841 0.00%

429 Hasbro Inc USD (3,076) (0.00)%

16,186 Haseko Corp JPY (458) (0.00)%

4,397 Havas Sa EUR (2,501) (0.00)%

104,387 Hawaiian Holdings Inc USD 524,999 0.08%

3,823 Hays Plc GBP 85 0.00%

4,280 Hazama Ando Corp JPY (1,056) (0.00)%

4,034 Hcp Inc USD 641 0.00%

9,490 Hd Supply Holdings Inc Cfd USD 28,979 0.00%

1,191 Healthcare Realty Trust Inc USD 1,034 0.00%

66,930 Healthscope Ltd Cfd AUD (1,839) (0.00)%

980 Healthsouth Corp USD (407) (0.00)%

100 Hearts United Group Co Ltd JPY 36 0.00%

26,156 Hecla Mining Co USD (14,969) (0.00)%

2,785 Heidelbergcement Ag EUR 19,331 0.00%

24,215 Heidelberger Druckmaschinen EUR (8,242) (0.00)%

22,500 Heiwa Corp Cfd JPY 38,139 0.01%

200 Heiwa Real Estate Co Ltd JPY (72) (0.00)%

2,300 Heiwado Co Ltd JPY 9,329 0.00%

500 Helen Of Troy Ltd USD (151) (0.00)%

10,888 Hemfosa Fastigheter Ab SEK (3,115) (0.00)%

2,294 Henderson Group Plc AUD (111) (0.00)%

34,688 Henkel Ag & Co Kgaa EUR 258,195 0.04%

72,337 Hennes + Mauritz Ab B Shs SEK 52,527 0.01%

987 Herc Holdings Inc USD (250) (0.00)%

10,108 Hermes International EUR (505,931) (0.07)%

3,719 Hershey Co/The USD (23,551) (0.00)%

52 Hess Ord USD 45 0.00%

1,637 Hexcel Corp USD (362) (0.00)%

3,405 Hibbett Sports Inc USD 9,678 0.00%

30,094 Hikma Pharmaceuticals Plc GBP 138,560 0.02%

34,622 Hill-Rom Holdings Inc USD (89,349) (0.01)%

1,500 Hino Motors Ltd JPY 354 0.00%

36,433 His Co Ltd JPY 22,282 0.00%

800 Hisamitsu Pharmaceutical Co JPY 2,268 0.00%

1,991 Hiscox Ltd GBP 970 0.00%

7,200 Hitachi Capital Corp JPY 3,746 0.00%

43,882 Hitachi Chemical Co Ltd JPY 134,668 0.02%

9,400 Hitachi Construction Machine Cfd JPY 12,880 0.00%

700 Hitachi High-Technologies Co Cfd JPY 1,166 0.00%

1,800 Hitachi Kokusai Electric Inc JPY (2,341) (0.00)%

18,000 Hitachi Ltd JPY 3,163 0.00%

INRIS UCITS PLC

201



EUR Assets


8,300 Hitachi Metals Ltd JPY 5,813 0.00%

9,600 Hitachi Transport System Ltd JPY 2,628 0.00%

75,809 Hitachi Zosen Corp JPY (1,388) (0.00)%

118,467 Hochschild Mining (Wi) GBP (58,849) (0.01)%

17,028 Hochtief Ag EUR 254,765 0.04%

13,629 Hokkaido Electric Power Co Inc JPY (7,328) (0.00)%

24,600 Hokuetsu Kishu Paper Co Ltd JPY 1,610 0.00%

2,300 Hokuhoku Financial Group Inc JPY (3,047) (0.00)%

2,948 Hokuriku Electric Power Co JPY (1,134) (0.00)%

28,169 Hollyfrontier Corp USD (83,116) (0.01)%

25,535 Holmen Ab B Shares SEK 181,346 0.03%

5,813 Hologic Inc USD 10,055 0.00%

2,032 Home Capital Group Inc CAD 2,329 0.00%

22,806 Home Depot Inc USD 99,087 0.01%

24,313 Honda Motor Co Ltd JPY 14,665 0.00%

83,444 Honda Motor Co Ltd USD (43,638) (0.01)%

400 Horiba Ltd JPY 1,117 0.00%

42,749 Horizon Pharma USD (107,736) (0.02)%

974 Hormel Foods Corp USD (454) (0.00)%

2,100 Hoshizaki Corp JPY (6,959) (0.00)%

898 Host Hotels & Resorts Inc USD 756 0.00%

19,223 House Foods Group Inc JPY (21,158) (0.00)%

318 Howden Joinery Group Plc GBP 57 0.00%

89,340 Hoya Corp JPY 298,816 0.04%

222 Hp Inc USD (166) (0.00)%

1,579 Hsbc Holdings Plc USD (898) (0.00)%

6,985 Hsn Inc USD (10,703) (0.00)%

16,999 Hudbay Minerals Inc CAD (16,248) (0.00)%

26,118 Hudson S Bay Co CAD 27,048 0.00%

6,137 Hufvudstaden Ab SEK 3,731 0.00%

13,617 Hugo Boss Ag Ord EUR (58,213) (0.01)%

1,162 Huhtamaki Oyj Cfd EUR (72) (0.00)%

4,886 Hunting Plc GBP (3,884) (0.00)%

22,640 Huntington Ingalls Industrie USD 105,555 0.02%

39,161 Huntsman Corp USD (15,531) (0.00)%

23,709 Husky Energy Inc CAD (8,395) (0.00)%

2,596 Husqvarna Ab B Shs SEK 93 0.00%

1,079 Hypoport Ag EUR (2,545) (0.00)%

2,882 Iac/Interactivecorp USD 7,014 0.00%

37,427 Iamgold Corp CAD (8,675) (0.00)%

444,578 Iberdrola Sa EUR 147,944 0.02%

7,200 Ibiden Co Ltd JPY 1,112 0.00%

4,700 Ibj Leasing Co Ltd JPY 7,515 0.00%

155 Icade EUR (1,179) (0.00)%

7,114 Icici Bank Ltd USD 2,361 0.00%

2,300 Idemitsu Kosan Co Ltd Cfd JPY 9,491 0.00%

11,797 Idexx Laboratories Inc USD 4,137 0.00%

100 Idom Inc JPY 62 0.00%

18,441 Ihi Corp JPY (2,722) (0.00)%

2,000 Iida Group Holdings Co Ltd JPY (7) (0.00)%

INRIS UCITS PLC

202



EUR Assets


85,025 Ilg Inc USD (5,370) (0.00)%

27,700 Illumina USD (106,718) (0.02)%

234,237 Iluka Resources AUD (174,859) (0.03)%

75,407 Imagination Technologies Group Plc GBP (10,690) (0.00)%

573 Imax Corp USD (5) (0.00)%

22,384 Imi Plc GBP 4,462 0.00%

2,599 Impax Laboratories Inc USD 1,974 0.00%

36,086 Imperial Brands Plc (Ln) (Cfd Ms) GBP (165,712) (0.02)%

45,470 Imperial Oil Ltd CAD (22,738) (0.00)%

42 Imperva USD (26) (0.00)%

2,574 Implenia Ag CHF (51,395) (0.01)%

5,601 Inc Research Holdings Cl.A USD 11,359 0.00%

7,461 Inchcape Plc GBP (3,598) (0.00)%

209,407 Incitec Pivot Ltd AUD (60,039) (0.01)%

40,773 Incyte Corp USD (71,443) (0.01)%

24,006 Independence Group Nl AUD (1,814) (0.00)%

136,787 Indivior Plc GBP 10,123 0.00%

51,629 Industria De Diseno Textil Sa EUR (30,352) (0.00)%

72 Industrial Alliance Insurance & Financial Services IncCAD 179 0.00%

12,886 Industrivarden Ab SEK 13,127 0.00%

309 Indutrade Ab SEK 253 0.00%

171,842 Infigen Energy AUD 4,419 0.00%

343,437 Infigen Energy AUD (1,954) (0.00)%

53,334 Infineon Technologies Ag EUR 56,512 0.01%

920 Infinera Corp Cfd USD (56) (0.00)%

17,411 Informa Plc GBP (8,319) (0.00)%

4,200 Information Services International-Dentsu Ltd JPY (2,083) (0.00)%

105 Infosys Ltd USD 5 0.00%

208 Ing Groep Nv USD (105) (0.00)%

57,755 Inmarsat GBP (19,525) (0.00)%

81,410 Innate Pharma Sa EUR 241,413 0.03%

61,967 Innergex Renewable Energy Inc CAD (11,123) (0.00)%

380,460 Inpex Corp JPY (233,840) (0.03)%

37,076 Insurance Australia Group Ltd AUD 10,155 0.00%

155 Intact Financial Corp CAD (287) (0.00)%

78,097 Integrated Device Technology Inc USD 11,198 0.00%

5,831 Inter Pipeline Ltd CAD 9,111 0.00%

1,450 Interactive Brokers Group Inc USD (351) (0.00)%

5,169 Intercept Pharms. USD (34,878) (0.01)%

69,954 Intercontinental Hotels Group Plc GBP 644,980 0.09%

72 Interdigital Comms. USD 75 0.00%

7,042 Interfor Corp CAD (650) (0.00)%

22,344 Intermediate Capital Group Plc GBP 23,070 0.00%

7,300 International Consolidated Airlines Group Sa GBP (390) (0.00)%

155 International Flavors & Fragrances Inc USD (536) (0.00)%

255 International Game Technology Plc USD (20) (0.00)%

458 International Personal Finance Plc GBP 3 0.00%

19,432 Internet Initiative Japan Inc JPY (19,290) (0.00)%

1,767 Interpublic Group Of Cos Inc USD (1,051) (0.00)%

167,760 Interserve Plc GBP 9,608 0.00%

INRIS UCITS PLC

203



EUR Assets


28,354 Intertape Polymer Group Inc CAD 9,923 0.00%

11,373 Intertek Group Plc GBP (14,946) (0.00)%

42,941 Intrexon Corp USD (197,318) (0.03)%

88,629 Intrum Justitia Ab SEK 284,811 0.04%

35,724 Intuit Inc USD 22,359 0.00%

302 Intuitive Surgical Inc USD (2,474) (0.00)%

1,695 Invesco Mortgage Capital Inc USD (459) (0.00)%

85,931 Investa Office Fund AUD 18,267 0.00%

1,447 Investment Ab Latour SEK 243 0.00%

40,353 Invocare Ltd AUD (26,994) (0.00)%

6,778 Ionis Pharmaceuticals Inc USD (12,536) (0.00)%

124 Ipg Photonics Corp USD 328 0.00%

15,875 Iph Ltd AUD 973 0.00%

42,183 Ipsos EUR 327,391 0.05%

2,109 Iress Ltd AUD (780) (0.00)%

1,607 Iron Mountain Inc USD (884) (0.00)%

27,098 Ironwood Pharmaceuticals Inc USD 7,329 0.00%

2,000 Iseki & Co Ltd JPY 33 0.00%

117,916 Isentia Group Ltd AUD 25,148 0.00%

162,204 Isetan Mitsukoshi Holdings Ltd JPY 6,702 0.00%

173 Iss A/S DKK (661) (0.00)%

353 Isuzu Motors Ltd JPY (61) (0.00)%

93,806 Itau Unibanco H Spon Prf Adr USD 4,036 0.00%

2,800 Ito En Ltd JPY 2,613 0.00%

84,087 Itochu Corp JPY (9,976) (0.00)%

5,100 Itochu Techno-Solutions Corp JPY 1,163 0.00%

37,614 Itv Plc GBP 13,550 0.00%

208,105 Iwg Plc GBP (61,677) (0.01)%

9,926 Iyo Bank Ltd JPY (5,667) (0.00)%

1,200 Izumi Co Ltd JPY (293) (0.00)%

600 J D Wetherspoon Plc GBP 235 0.00%

25,870 J Front Retailing Co Ltd JPY 9,173 0.00%

159 J2 Global Inc Cfd USD 1,210 0.00%

1,272 Jabil Circuit Inc USD (3,039) (0.00)%

1,169 Jack Henry & Associates Inc USD 1,464 0.00%

454 Jack In The Box Inc Cfd USD 3,280 0.00%

219 Jacobs Engineering Group Inc USD (968) (0.00)%

800 Jafco Co Ltd JPY 938 0.00%

50,587 James Hardie Industries Plc AUD (38,930) (0.01)%

58,200 Japan Airlines Co Ltd Cfd JPY 16,823 0.00%

100 Japan Airport Terminal Co JPY (24) (0.00)%

28,000 Japan Aviation Electronics Industry Ltd JPY 24,126 0.00%

1,700 Japan Securities Finance Co Ltd JPY (1,271) (0.00)%

13,300 Japan Steel Works Ltd/The JPY (3,870) (0.00)%

1,826 Japan Tobacco Inc JPY 902 0.00%

221 Japara Healthcare Ltd AUD 1 0.00%

4,900 Jb Hi-Fi Ltd AUD 1,332 0.00%

665,513 Jd Sports Fashion Plc GBP 429,502 0.06%

33,557 Jd.Com 'A' Adr 1:2 USD 41,935 0.01%

36,054 Jean Coutu Group Pjc Inc/The CAD 4,177 0.00%

INRIS UCITS PLC

204



EUR Assets


479 Jenoptik Ag EUR 928 0.00%

1,000 Jeol Ltd JPY 480 0.00%

76,136 Jeronimo Martins EUR 6,670 0.00%

516 Jeronimo Martins EUR (1,783) (0.00)%

27,327 Jetblue Airways Corp USD 59,804 0.01%

800 Jfe Holdings Inc JPY 783 0.00%

295,410 Jgc Corp JPY (504,961) (0.07)%

9,292 Johnson Controls International Plc USD 17,821 0.00%

31,670 Johnson Matthey Plc GBP (72,570) (0.01)%

1,762 Jones Lang Lasalle Inc USD 689 0.00%

11,609 Jpn Petroleum Ex Ord JPY (19,501) (0.00)%

25,394 Jtekt Corp JPY 6,107 0.00%

16,900 Juki Corp JPY 10,401 0.00%

10,940 Jungheinrich Ag EUR 116,307 0.02%

1,776 Juniper Networks Inc Cfd (Db) USD 1,212 0.00%

2,752 Jupiter Fund Management GBP 104 0.00%

414,129 Just Eat Plc GBP (449,964) (0.07)%

40,699 Just Energy Group Inc CAD (267) (0.00)%

73,602 Jvc Kenwood Corp JPY 659 0.00%

9,336 Jyske Bank Reg DKK (50,237) (0.01)%

91,304 K S Ag Reg EUR (276,132) (0.04)%

44,500 Kabu.Com Securities Co Ltd JPY (12,701) (0.00)%

20,602 Kadokawa Dwango Corp JPY (22,192) (0.00)%

10,000 Kagome Co Ltd JPY (19,540) (0.00)%

1,000 Kajima Corp JPY (57) (0.00)%

45,139 Kakaku.Com Inc JPY 51,398 0.01%

11,000 Kaken Pharmaceutical Co Ltd JPY 11,517 0.00%

29,200 Kanamoto Co Ltd JPY 116,080 0.02%

35,000 Kaneka Corp JPY 11,665 0.00%

139,285 Kanematsu Corp JPY 7,997 0.00%

56,286 Kansai Electric Power Co Inc JPY (60,017) (0.01)%

5,251 Kansai Paint Co Ltd JPY 2,726 0.00%

63,844 Kanto Denka Kogyo Co Ltd JPY 51,091 0.01%

22,548 Kao Corp JPY 49,773 0.01%

2,560 Kapstone Paper And Packaging Cfd USD 3,758 0.00%

6,268 Kate Spade & Co USD (22,672) (0.00)%

2,000 Kawasaki Heavy Industries Ltd JPY (98) (0.00)%

31,534 Kawasaki Kisen Kaisha Ltd JPY 896 0.00%

173,010 Kaz Minerals Plc GBP 340,759 0.05%

19,674 Kb Home USD (780) (0.00)%

205 Kbc Groep Nv EUR 85 0.00%

65 Kbr Inc USD 24 0.00%

12,957 Kddi Corp JPY (851) (0.00)%

8,600 Keihin(Teq) Ord JPY 12,259 0.00%

2,000 Keikyu Corp JPY (2,048) (0.00)%

4,000 Keio Electric Railway Co Ltd Cfd JPY (1,593) (0.00)%

1,069 Keller Group Plc GBP 1,124 0.00%

885 Kelt Exploration Ltd CAD 159 0.00%

13,328 Kenedix Inc JPY (1,175) (0.00)%

602 Kennametal Inc USD (1,328) (0.00)%

INRIS UCITS PLC

205



EUR Assets


1,302 Kennedy Wilson Europe Real Estate Plc GBP (719) (0.00)%

14,357 Kering EUR (853,644) (0.12)%

18,892 Kesko Oyj EUR (66,199) (0.01)%

16,171 Kewpie Corp JPY (19,105) (0.00)%

2,400 Keyence Corp JPY (38,433) (0.01)%

3,180 Keyera Corp CAD (4,182) (0.00)%

264 Kier Group Plc GBP 66 0.00%

4,000 Kikkoman Corp JPY (7,804) (0.00)%

36,013 Kimberly-Clark Corp USD (37,318) (0.01)%

25 Kimco Realty Corp USD 2 0.00%

10,896 Kinaxis Inc CAD 5,612 0.00%

4,902 Kinden Corp JPY 326 0.00%

197,666 Kinder Morgan Inc/De USD 257,222 0.04%

268,384 Kindred Group Plc SEK 9,217 0.00%

8,121 Kinnevik Ab Cfd SEK (4,714) (0.00)%

77,416 Kinross Gold Corp CAD (13,334) (0.00)%

10,000 Kintetsu Group Holdings Co L JPY 325 0.00%

14,200 Kintetsu World Express Inc JPY 657 0.00%

3,040 Kion Group Ag EUR 8,083 0.00%

5,600 Kirin Holdings Co Ltd JPY 2,030 0.00%

18,100 Kissei Pharmaceutical Co Ltd JPY (33,343) (0.00)%

25 Kite Pharma Inc USD (14) (0.00)%

100 Klab Inc JPY 17 0.00%

23,164 Kloeckner + Co Se EUR 20,705 0.00%

521 Knight Transportation Inc USD (1,000) (0.00)%

71,851 Kobe Steel Ltd JPY (15,707) (0.00)%

1,283 Koenig & Bauer Ag EUR 10 0.00%

27,901 Kohls Corp USD (118,877) (0.02)%

10,907 Koito Manufacturing Co Ltd JPY 20,793 0.00%

1,717 Komatsu Ltd JPY (258) (0.00)%

600 Komeri Co Ltd JPY (332) (0.00)%

28,700 Konami Holdings Corp JPY 200,608 0.03%

79,696 Kone Oyj B EUR 46,929 0.01%

137 Konecranes Oyj EUR 105 0.00%

3,235 Konica Minolta Inc JPY (608) (0.00)%

147,946 Koninklijke Bam Groep Nv EUR 28,735 0.00%

7,967 Koninklijke Dsm Nv EUR (11,881) (0.00)%

1,787 Korian EUR 4,889 0.00%

3,403 Kroger Co USD (2,434) (0.00)%

3,669 Krones Ag EUR (3,054) (0.00)%

2,285 Kudelski Sa CHF 735 0.00%

31,338 Kuehne + Nagel International Ag CHF (34,054) (0.00)%

29,000 Kumagai Gumi Co Ltd JPY (1,398) (0.00)%

8,800 Kura Corp JPY 2,212 0.00%

36,800 Kuraray Co Ltd JPY 39,879 0.01%

700 Kurita Water Industries Ltd JPY (979) (0.00)%

3,500 Kuroda Electric Co Ltd JPY (190) (0.00)%

21,358 Kyb Corp JPY (7,692) (0.00)%

300 Kyocera Corporation Cfd JPY 917 0.00%

3,600 Kyoei Steel Ltd JPY 4,457 0.00%

INRIS UCITS PLC

206



EUR Assets


30,200 Kyorin Holdings Inc JPY (26,196) (0.00)%

100 Kyoritsu Maintenance Co Ltd JPY (98) (0.00)%

16,783 Kyowa Exeo Corp JPY (7,101) (0.00)%

1,000 Kyudenko Corporation Cfd JPY (569) (0.00)%

16,110 Kyushu Electric Power Co Inc JPY (16,955) (0.00)%

1,317 L Brands Inc USD 5,677 0.00%

2,272 L E Lundbergforetagen Ab SEK 746 0.00%

53 Laboratory Crp Of Amer Hldgs USD 1 0.00%

14,948 Labrador Iron Ore Royalty Corp CAD (11,682) (0.00)%

121,430 Ladbrokes Coral Group Plc GBP 3,241 0.00%

118,414 Lafargeholcim Ltd-Reg CHF (1,044,165) (0.15)%

5,820 Laird Plc GBP 5,927 0.00%

893 Lam Research USD (87) (0.00)%

1,470 Lamar Advertising Co A USD 1,312 0.00%

282 Lancashire Holdings Ltd GBP 213 0.00%

22,162 Landstar System Inc USD 52,957 0.01%

14,936 Lannett Co Inc Cfd USD (12,037) (0.00)%

6,233 Laredo Petroleum Hdg. USD 5,202 0.00%

5,902 Laurentian Bank Of Canada CAD 16,735 0.00%

100 Lawson Inc JPY 236 0.00%

18,051 Lear Ord USD 35,219 0.01%

122 Leg Immobilien Ag EUR (594) (0.00)%

4,115 Legg Mason Inc Cfd USD 7,742 0.00%

3,348 Leidos Holdings Inc Cfd USD (404) (0.00)%

18,118 Lendingclub Corp USD 2,387 0.00%

5,784 Lendingtree Inc USD (15,513) (0.00)%

49,554 Lendlease Group AUD (33,176) (0.00)%

78 Lennar Corp USD (12) (0.00)%

2,974 Lennox International Inc USD (1,371) (0.00)%

282 Leoni Ag EUR 194 0.00%

5,251 Leopalace21 Corp JPY 1,023 0.00%

10,371 Leroy Seafood Group Asa NOK 50,322 0.01%

173,884 Leucadia National Corp USD (192,973) (0.03)%

1,086 Lexington Realty Trust USD 471 0.00%

120,771 Liberbank EUR (28,853) (0.00)%

530 Liberty Global Plc USD 205 0.00%

30 Liberty Interactive Corp Qvc Group USD (3) (0.00)%

250 Liberty Property Trust USD 22 0.00%

67 Life Storage Inc USD (47) (0.00)%

1,567 Lifepoint Health Inc USD 2,665 0.00%

7,638 Ligand Pharmaceuticals Inc USD (19,563) (0.00)%

813 Linamar Corp CAD 1,095 0.00%

11,018 Lincoln Electric Holdings Inc USD (19,238) (0.00)%

818 Lincoln National Corp USD 1,004 0.00%

7,500 Linical Co Ltd JPY (2,650) (0.00)%

64,650 Lion Corp JPY 33,759 0.00%

2,288 Lions Gate Entertainment Corp USD (2,335) (0.00)%

39 Lithia Motors Inc Cl A USD (167) (0.00)%

59 Live Nation Entertainment In USD 60 0.00%

6,719 Lixil Group Corp JPY (5,537) (0.00)%

INRIS UCITS PLC

207



EUR Assets


562 Lkq Corp USD (570) (0.00)%

16,642 Lloyds Banking Group Plc GBP 295 0.00%

175 Loblaw Cos Ltd CAD (132) (0.00)%

129,433 Logitech International Sa CHF 180,688 0.03%

100,751 Londonmetric Property Plc GBP (2,995) (0.00)%

142,933 Lonmin Plc GBP 28,971 0.00%

20,551 Lonza Group CHF 234,301 0.03%

246 Louisiana Pacific Corp USD (145) (0.00)%

231 Lowe S Cos Inc USD (470) (0.00)%

35 Lpl Financial Holdings Inc USD 7 0.00%

221,384 Lucara Diamond Corp CAD (29,485) (0.00)%

11,364 Lululemon Athletica Inc USD 68,871 0.01%

5,752 Lundin Mining Corp SEK (1,298) (0.00)%

344,047 Lundin Petroleum SEK (1,940,413) (0.28)%

445 Lvmh (Fp*) (Cfd Ms) EUR (5,848) (0.00)%

41,969 Lyondellbasell Industries Nv USD (176,495) (0.03)%

28,702 M3 Inc JPY (3,197) (0.00)%

3,142 M6 Metropole Television EUR (7,076) (0.00)%

1,722 Mabuchi Motor Co Ltd JPY 3,284 0.00%

17,332 Macdonald Dettwiler + Assoc CAD 37,852 0.01%

92,220 Macquarie Atlas Roads Group AUD (22,808) (0.00)%

1,015 Macquarie Group Ltd AUD 1,668 0.00%

119 Macquarie Infrastructure Corp USD (27) (0.00)%

37,888 Macy'S Inc USD 230,912 0.03%

9,000 Maeda Corp JPY 3,292 0.00%

4,815 Mag Silver Corp CAD (3,864) (0.00)%

10,635 Magellan Financial Group Ltd AUD 6,921 0.00%

4,585 Magna International Inc CAD 5,432 0.00%

38,000 Makino Milling Machine Co Ltd JPY 31,075 0.00%

5,100 Makita Corporation Cfd JPY (3,546) (0.00)%

32,182 Mallinckrodt Wni. USD (82,366) (0.01)%

157,590 Man Group Plc Cfd GBP 52,062 0.01%

300 Mandom Corp JPY (363) (0.00)%

67,484 Manhattan Associates Inc USD 39,571 0.01%

260,714 Mantra Group Ltd AUD 5,597 0.00%

219 Manulife Financial Corp CAD (80) (0.00)%

7,910 Maple Leaf Foods Inc CAD 6,271 0.00%

22,026 Marathon Oil Corp USD 15,056 0.00%

4,208 Marathon Petroleum Corp USD 1,108 0.00%

34,567 Marine Harvest NOK (54,018) (0.01)%

6,024 Marketaxess Holdings Inc USD 103,871 0.02%

356,108 Marks + Spencer Group Plc GBP (54,528) (0.01)%

113,998 Marston'S Plc GBP (6,136) (0.00)%

2,704 Martin Marietta Materials Cfd USD 4,118 0.00%

19,656 Martinrea International Inc CAD 10,308 0.00%

92,213 Marubeni Corp JPY (21,016) (0.00)%

700 Maruha Nichiro Corp JPY 1,470 0.00%

152,891 Marui Group Co Ltd JPY (153,042) (0.02)%

3,700 Maruichi Steel Tube Ltd JPY 3,690 0.00%

210,764 Marvell Technology Group Ltd USD 82,610 0.01%

INRIS UCITS PLC

208



EUR Assets


7,147 Masco Corp USD (137) (0.00)%

14,917 Mastec Inc USD 2,650 0.00%

4,485 Matador Resources Co USD 2,765 0.00%

17,480 Matas A/S DKK (56,510) (0.01)%

2,100 Matsui Securities Co Ltd JPY 2,101 0.00%

3,131 Matsumotokiyoshi Holdings Co Ltd JPY (5,386) (0.00)%

13,300 Matsuya Co Ltd JPY (865) (0.00)%

3,245 Mattel Inc USD 12,368 0.00%

84 Maximus Inc USD 40 0.00%

11,428 Mazda Motor Corp JPY 4,744 0.00%

13 Mccormick & Co Inc/Md USD 1 0.00%

268 Mckesson Corp USD (822) (0.00)%

54,164 Mcmillan Shakespeare Ltd AUD 33,447 0.00%

44 Mdc Holdings Inc USD 102 0.00%

8,037 Mead Johnson Nutrition Co USD 10,139 0.00%

354,725 Mediaset Espana Comunicacion Sa EUR 240,216 0.03%

132,653 Medibank Private Ltd AUD 19,730 0.00%

118,455 Medicines Company USD 101,786 0.01%

436,136 Mediclinic International Plc GBP 424,969 0.06%

74 Medidata Solutions Inc USD 185 0.00%

31,857 Medipal Holdings Corp JPY (50,683) (0.01)%

2,003 Mednax Inc USD 2,222 0.00%

58,201 Medtronic Plc USD 91,093 0.01%

46,854 Meg Energy Corp CAD (68,565) (0.01)%

100 Megachips Corp JPY (99) (0.00)%

72,348 Meggitt Plc GBP (18,954) (0.00)%

4,311 Megmilk Snow Brand Co Ltd JPY 4,203 0.00%

7,000 Meidensha Corp JPY 2,105 0.00%

212 Meiji Holdings Co Ltd JPY 27 0.00%

55,930 Melco Crown Entertainment Ltd USD 192,920 0.03%

4,521 Melexis Nv EUR 12,536 0.00%

190,665 Melrose GBP 65,880 0.01%

6,040 Mercadolibre Inc USD 11,969 0.00%

31,734 Merck Kgaa EUR 211,677 0.03%

5,864 Merlin Entertainments Plc-Wi Cfd GBP 13 0.00%

8,318 Merlin Properties Socimi Sa EUR 3,717 0.00%

3,831 Metals X Ltd AUD (13) (0.00)%

166,023 Metcash Ltd AUD (25,077) (0.00)%

8,175 Methanex Corp CAD (38,545) (0.01)%

439 Metro Inc CAD (62) (0.00)%

14,129 Metsa Board Oyj EUR (18,121) (0.00)%

81,190 Metso Oyj EUR 372,145 0.05%

1,113 Mettler-Toledo International Inc USD (6,873) (0.00)%

18,089 Mgic Investment Corp USD (18,541) (0.00)%

101,927 Mgm Resorts International USD (5,313) (0.00)%

91,380 Michael Kors Holdings Ltd USD (290,590) (0.04)%

44,686 Micro Focus International Plc GBP (31,899) (0.00)%

135,731 Micron Technology Inc USD (304,671) (0.04)%

1,180 Microsemi Corp USD (904) (0.00)%

793 Microsoft Corp USD (1,493) (0.00)%

INRIS UCITS PLC

209



EUR Assets


1,246 Microstrategy Inc USD 939 0.00%

626 Mid America Apartment Comm USD 3,880 0.00%

220 Middleby Corp USD 1,760 0.00%

3,679 Millicom Intl Cellular Sdr SEK 28,026 0.00%

84,541 Minebea Co Ltd JPY 28,561 0.00%

2,906 Mineral Resources AUD 307 0.00%

35,651 Mineral Resources AUD (10,965) (0.00)%

1,900 Mirait Holdings Corp JPY 606 0.00%

200 Miroku Jyoho Service Co Ltd JPY (48) (0.00)%

9,350 Mirvac Group AUD 272 0.00%

4,583 Mirvac Group AUD (64) (0.00)%

56,994 Misumi Group Inc JPY 53,592 0.01%

54,080 Mitchells + Butlers Plc GBP (12,443) (0.00)%

500 Mitsuba Corp JPY (922) (0.00)%

17,252 Mitsubishi Chemical Holdings JPY 3,656 0.00%

400 Mitsubishi Corp JPY 20 0.00%

5,163 Mitsubishi Electric Corp JPY 608 0.00%

3,000 Mitsubishi Estate Co Ltd JPY (546) (0.00)%

66,400 Mitsubishi Gas Chemical Co Inc JPY 134,858 0.02%

40,094 Mitsubishi Heavy Industries Ltd JPY (5,737) (0.00)%

28,680 Mitsubishi Logistics Corp JPY (22,071) (0.00)%

9,600 Mitsubishi Materials Corp JPY 13,943 0.00%

1,300 Mitsubishi Tanabe Pharma JPY (1,501) (0.00)%

44,240 Mitsubishi Ufj Financial Group Inc JPY 10,418 0.00%

55,800 Mitsubishi Ufj Lease & Finance Co Ltd JPY 33,356 0.00%

75,984 Mitsui & Co Ltd JPY (6,678) (0.00)%

214,431 Mitsui Chemicals Inc JPY (6,737) (0.00)%

378,645 Mitsui Engineering & Shipbuilding Co Ltd JPY (45,700) (0.01)%

17,000 Mitsui Fudosan Co., Ltd. JPY (2,004) (0.00)%

38,000 Mitsui Mining + Smelting Co JPY (9,267) (0.00)%

42,974 Mitsui Osk Lines Ltd JPY (9,253) (0.00)%

3,000 Miura Co Ltd JPY 1,392 0.00%

74,828 Mizuho Financial Group Inc JPY (3,552) (0.00)%

30,392 Mobileye Nv USD (25,564) (0.00)%

802 Mobimo Holding Ag CHF 20,764 0.00%

100 Modec Inc JPY 104 0.00%

15,798 Modern Times Group B Shs SEK (80,614) (0.01)%

1,279 Mohawk Industries Inc USD 2,798 0.00%

20,282 Molina Healthcare Inc USD 25,542 0.00%

42,425 Molson Coors Brewing Co USD 19,669 0.00%

3,152 Monadelphous Group Ltd AUD 103 0.00%

1,868 Mondelez International Inc A USD (3,956) (0.00)%

178,411 Mondi Plc GBP 434,977 0.06%

115,800 Monex Group Inc JPY (50,564) (0.01)%

516,515 Moneysupermarket.Com Group Plc GBP (53,337) (0.01)%

16,700 Monotaro Co Ltd JPY 2,569 0.00%

134,632 Monster Beverage Corp USD 50,699 0.01%

720 Morgan Advanced Materials Pl GBP (24) (0.00)%

147 Morgan Stanley USD 56 0.00%

3,800 Morinaga & Co Ltd/Japan JPY (10,995) (0.00)%

INRIS UCITS PLC

210



EUR Assets


3,000 Morinaga Milk Industry Co JPY (1,414) (0.00)%

49,590 Morphosys Ag EUR (92,838) (0.01)%

32,454 Morrison(Wm)Spmkts. GBP 11,886 0.00%

14,709 Mosaic Co/The USD (8,779) (0.00)%

31,143 Mrc Global Inc USD (2,199) (0.00)%

6,926 Ms&Ad Insurance Group Holdings Inc JPY 3,878 0.00%

102 Msc Industrial Direct Co-A USD (144) (0.00)%

416 Msci Inc USD (12) (0.00)%

307 Mtu Aero Engines Holding Ag Cfd EUR 4,734 0.00%

5,699 Muenchener Rueckver Ag Reg EUR 156,989 0.02%

161 Mullen Group Ltd CAD (25) (0.00)%

4,961 Murata Manufacturing Co Ltd JPY (10,041) (0.00)%

5,700 Musashi Seimitsu Industry Co Ltd JPY 9,367 0.00%

174,057 Mycronic Ab SEK 352,654 0.05%

55,121 Myer Holdings Ltd AUD (4,088) (0.00)%

8,548 Mylan Nv USD (13,672) (0.00)%

23,987 Myob Group Ltd AUD 2,532 0.00%

4,650 Myriad Genetics USD (191) (0.00)%

23,413 N Brown Group Plc GBP (6,886) (0.00)%

13,189 Nabors Industries Ltd USD (1,260) (0.00)%

12,400 Nabtesco Corp Cfd JPY 18,741 0.00%

107,000 Nachi-Fujikoshi Corp JPY (55,767) (0.01)%

4,800 Nagase + Co Ltd JPY 3,604 0.00%

9,000 Nagoya Railroad Co Ltd JPY 293 0.00%

8,800 Namco Bandai Holdings Inc Cfd JPY (2,022) (0.00)%

11,800 Namura Shipbuilding Co Ltd JPY 7,701 0.00%

3,000 Nankai Electric Railway Co Ltd JPY 1,520 0.00%

17,278 National Australia Bank Ltd AUD (17,213) (0.00)%

741 National Bank Of Canada CAD 2,164 0.00%

14,143 National Express Group Cfd GBP 2,963 0.00%

10 National Fuel Gas Co USD 2 0.00%

39 National Grid Plc USD 11 0.00%

6,655 National Oilwell Varco Inc USD 245 0.00%

1,543 National Retail Properties USD 2,241 0.00%

24,285 Natixis EUR (35,881) (0.01)%

18,504 Navient Corp USD (12,646) (0.00)%

38,659 Navitas Ltd AUD 195 0.00%

151,561 Navitas Ltd AUD (18,505) (0.00)%

134,588 Ncc 'B' SEK 144,287 0.02%

6,343 Ncr Corporation USD 9,611 0.00%

41,511 Nec Corp JPY 2,346 0.00%

800 Nec Networks & System Integration Corp JPY (273) (0.00)%

39,778 Nektar Therp. USD 691 0.00%

9,538 Nemetschek Se EUR (70,072) (0.01)%

20,385 Neopost Sa EUR 105,427 0.02%

171,555 Neste Oyj EUR 478,124 0.07%

50,398 Net Entertainment Ne 'B' SEK 21,287 0.00%

21,930 Net One Systems Co Ltd JPY 2,997 0.00%

3,786 Netapp Inc USD 4,540 0.00%

8,798 Netease Inc USD (66,850) (0.01)%

INRIS UCITS PLC

211



EUR Assets


53,371 Netflix Com USD (280,926) (0.04)%

4,083 Neurocrine Biosciences Inc USD (27,237) (0.00)%

5,377 Nevro Corp USD (16,414) (0.00)%

25,112 Nevsun Resources Ltd CAD 2,803 0.00%

11,950 New Flyer Industries Inc CAD (11,590) (0.00)%

12,238 New Gold Inc CAD 840 0.00%

18,728 New Oriental Ed.& Tech. Gp.Ads 1:4 USD (132,200) (0.02)%

67,530 New Residential Investment Corp USD 12,846 0.00%

88,878 Newell Rubbermaid Inc USD 179,175 0.03%

9,461 Newfield Exploration Co USD (44,937) (0.01)%

729 Newmarket Corp USD 269 0.00%

33,034 Newmont Mining Corp USD 48,876 0.01%

30,703 News Corp AUD (14,064) (0.00)%

27 News Corp USD 9 0.00%

2,651 Nex Group Plc GBP 11,369 0.00%

9,759 Nexans Sa EUR 22,442 0.00%

166 Nexity EUR (156) (0.00)%

15,039 Nexon Co Ltd JPY (10,326) (0.00)%

159 Nexstar Broadcasting Group A USD 550 0.00%

16,800 Next Co Ltd JPY (945) (0.00)%

16,269 Next Plc GBP 16,958 0.00%

128 Nextera Energy Inc USD 65 0.00%

3,747 Ngk Spark Plug Co Ltd JPY (5,435) (0.00)%

13,264 Nh Hotel Group Sa EUR 6 0.00%

13,107 Nhk Spring Co Ltd JPY 4,419 0.00%

4,088 Nichi-Iko Pharmaceutical Co Ltd JPY (2,455) (0.00)%

100 Nichirei Corp JPY 16 0.00%

5,400 Nidec Corp JPY 5,917 0.00%

8,102 Nifco Inc/Japan JPY (2,939) (0.00)%

100 Nihon Chouzai Co Ltd JPY (57) (0.00)%

4,000 Nihon Kohden Corporation Cfd JPY (1,009) (0.00)%

8,018 Nihon M&A Center Inc JPY (9,391) (0.00)%

1,600 Nihon Parkerizing Co Ltd JPY (611) (0.00)%

300 Nihon Trim Co Ltd JPY 597 0.00%

1,500 Nihon Unisys Ltd JPY (707) (0.00)%

822 Nike Inc Cl B USD 231 0.00%

41,245 Nikkiso Co Ltd JPY (23,846) (0.00)%

89,100 Nikon Corporation Cfd JPY 98,283 0.01%

5,094 Nintendo Co Ltd JPY 62,364 0.01%

44,000 Nippon Chemi-Con Corp JPY (7,836) (0.00)%

2,000 Nippon Commercial Development Co Ltd JPY 1,284 0.00%

266,000 Nippon Electric Glass Co Ltd JPY (45,096) (0.01)%

7,000 Nippon Express Co Ltd JPY (2,162) (0.00)%

14,400 Nippon Gas Co Ltd JPY 8,233 0.00%

229,589 Nippon Light Metal Holdings JPY (14,706) (0.00)%

4,000 Nippon Meat Packers Inc Cfd JPY (6,796) (0.00)%

12,323 Nippon Paint Holdings Co Ltd JPY 40,378 0.01%

9,800 Nippon Paper Industries Co L Cfd JPY (3) (0.00)%

31,000 Nippon Sheet Glass Co Ltd JPY (10,921) (0.00)%

2,600 Nippon Shinyaku Co Ltd JPY (8,756) (0.00)%

INRIS UCITS PLC

212



EUR Assets


2,800 Nippon Shokubai Co Ltd JPY 6,601 0.00%

3,296 Nippon Signal Company Ltd JPY (1,581) (0.00)%

3,000 Nippon Soda Co Ltd JPY 1,292 0.00%

4,324 Nippon Steel & Sumikin Bussan Corp JPY (2,699) (0.00)%

2,330 Nippon Steel + Sumitomo Meta JPY 1,015 0.00%

124,600 Nippon Suisan Kaisha Ltd JPY 48,876 0.01%

76,815 Nippon Telegraph & Telephone Corp JPY 177,531 0.03%

1,437 Nippon Television Holdings Inc JPY 591 0.00%

20,206 Nippon Yusen Kk JPY 554 0.00%

8,400 Nipro Corp JPY 1,456 0.00%

25,000 Nishi Nippon Railroad Co Ltd JPY 5,267 0.00%

2,000 Nishimatsu Construction Co JPY 16 0.00%

200 Nishimatsuya Chain Co Ltd JPY (127) (0.00)%

3 Nisource Inc USD - 0.00%

6,056 Nissan Chemical Industries Ltd JPY (4,851) (0.00)%

99,976 Nissan Motor Co Ltd JPY 88,363 0.01%

800 Nissha Printing Co Ltd JPY 2,556 0.00%

1,000 Nisshin Seifun Group Inc Cfd JPY (1,227) (0.00)%

100 Nisshin Steel Co Ltd JPY (20) (0.00)%

7,500 Nisshinbo Holdings Inc JPY 1,274 0.00%

26,189 Nissin Electric Co Ltd JPY (990) (0.00)%

4,244 Nissin Foods Holdings Co Ltd JPY (6,927) (0.00)%

10,400 Nissin Kogyo Co Ltd JPY 14,016 0.00%

800 Nitori Co Ltd Cfd JPY 9,468 0.00%

15,406 Nitto Denko Corp JPY 125,249 0.02%

2,400 Nitto Kogyo Corp JPY (281) (0.00)%

18,586 Nn Group Nv EUR 81,192 0.01%

9,397 Nobia Ab SEK 2,579 0.00%

794 Nobina Ab SEK (278) (0.00)%

137 Noble Energy Inc USD 29 0.00%

1,500 Nok Corp JPY (1,110) (0.00)%

465,136 Nokia Oyj EUR 125,894 0.02%

9,363 Nokian Renkaat Oyj EUR 30,590 0.00%

300 Nomura Co Ltd JPY (44) (0.00)%

25,546 Nomura Real Estate Holdings Inc JPY 27,363 0.00%

100 Nomura Research Institute Ltd JPY - 0.00%

9,277 Norbord Inc CAD (1,623) (0.00)%

36,028 Nordea Bank Ab SEK (56,666) (0.01)%

124,000 Nordex Se EUR 523,941 0.08%

96,200 Nordic American Tankers Ltd USD (18,569) (0.00)%

187 Nordson Corp USD 403 0.00%

68,251 Nordstrom Inc USD (523,440) (0.08)%

59 Norma Group (Xet) EUR (168) (0.00)%

124,582 Norsk Hydro Asa NOK 105,241 0.02%

2,300 North Pacific Bank Ltd JPY (528) (0.00)%

4,200 North West Co Inc/The CAD 4,575 0.00%

134,853 Northern Star Resources Ltd AUD 10,223 0.00%

46,355 Northland Power Inc CAD (51,210) (0.01)%

264 Northview Apartment Real Estate Investment TrustCAD 143 0.00%

2,144 Norwegian Air Shuttle As NOK (2,705) (0.00)%

INRIS UCITS PLC

213



EUR Assets


758 Norwegian Cruise Line Holdin USD 432 0.00%

6,712 Novagold Resources Inc CAD 95 0.00%

1,938 Novartis Ag USD (7,001) (0.00)%

40,869 Novartis Ag Reg CHF 40,100 0.01%

14,893 Novo Nordisk A/S USD 31,911 0.00%

114,888 Novo Nordisk A/S B DKK (990,564) (0.14)%

7,061 Now Inc USD (7,648) (0.00)%

22,492 Nrg Energy Inc [Nys] USD 18,897 0.00%

200 Ns Solutions Corp Cfd JPY (112) (0.00)%

4,249 Nsk Ltd JPY (2,148) (0.00)%

7,577 Ntn Corp JPY (1,727) (0.00)%

900 Ntt Data Corp JPY (293) (0.00)%

11,800 Ntt Docomo Inc JPY 4,166 0.00%

2,200 Ntt Urban Development Corp JPY 683 0.00%

646 Nu Skin Enterprises Inc USD (1,174) (0.00)%

1,844 Nuance Communications Inc USD 1,275 0.00%

63 Nucor Corp USD (170) (0.00)%

50,541 Nufarm Ltd AUD (19,759) (0.00)%

948 Nuvasive Inc USD 1,948 0.00%

5,040 Nuvista Energy Ltd CAD 457 0.00%

37,009 Nvidia Corp USD 492,699 0.07%

30 Nvr Inc USD 2,087 0.00%

289 Nyrstar Nv EUR (393) (0.00)%

20,141 Oasis Petroleum Inc USD 4,282 0.00%

31,448 Obayashi Corp JPY 6,977 0.00%

100 Obic Co Ltd Cfd JPY (65) (0.00)%

26,989 Oc Oerlikon Corp Ag Reg CHF (29,630) (0.00)%

581 Ocado Group Plc GBP 78 0.00%

35 Occidental Petroleum Corp USD 15 0.00%

247 Oceanagold Corp AUD (63) (0.00)%

38,984 Oceanagold Corp CAD 4,399 0.00%

26,860 Oceaneering International Inc USD (13,236) (0.00)%

4,200 Odakyu Electric Railway Co Ltd JPY (3,035) (0.00)%

85,990 Ofx Group Ltd AUD (2,887) (0.00)%

57 Oge Energy Corp USD 12 0.00%

2,375 Oil Search AUD (166) (0.00)%

18,000 Oji Holdings Corp JPY 1,024 0.00%

2,800 Okamura Corp JPY 1,779 0.00%

25,983 Oki Electric Industry Co Ltd JPY (20,121) (0.00)%

1,900 Okinawa Electric Power Co Inc/The JPY 4,597 0.00%

46,000 Okuma Corp JPY 42,627 0.01%

21,000 Okumura Corp JPY 1,366 0.00%

521 Old Dominion Freight Line USD (483) (0.00)%

251,212 Old Mutual Plc GBP 1,453 0.00%

20,560 Old Republic International Corp USD 21,776 0.00%

147,143 Olin Corp USD 56,602 0.01%

48,462 Olympus Corp JPY (7,358) (0.00)%

2,184 Omron Corp JPY 3,716 0.00%

8,514 Oneok Inc USD 18,887 0.00%

12,080 Onex Corp CAD 24,718 0.00%

INRIS UCITS PLC

214



EUR Assets


106,465 Ono Pharmaceutical Co Ltd JPY (29,995) (0.00)%

126,628 Onward Holdings Co Ltd JPY (65,649) (0.01)%

800 Open House Co Ltd JPY (275) (0.00)%

952 Open Text Corp CAD 1,697 0.00%

647,386 Ophir Energy Plc GBP (122,967) (0.02)%

6,262 Opko Health Ord USD (6,615) (0.00)%

1,000 Optex Co Ltd JPY (2,487) (0.00)%

163 Orange Belgium Ord EUR 1 0.00%

42 Oreilly Automotive Inc Cfd USD (138) (0.00)%

11,282 Orica Ltd AUD (5,200) (0.00)%

6,602 Orient Corp JPY 290 0.00%

20,903 Oriental Land Co Ltd JPY (17,132) (0.00)%

8,255 Oriflame Holding Ag SEK 7,151 0.00%

20,265 Origin Energy Ltd AUD (5,849) (0.00)%

302 Orion Oyj Class B EUR 869 0.00%

49,900 Orix Corp JPY 17,345 0.00%

1,165 Orkla Asa NOK (243) (0.00)%

112 Orocobre Ltd AUD 18 0.00%

244,872 Orora Ltd AUD 37,311 0.01%

20,403 Orpea EUR (27,658) (0.00)%

671,000 Osaka Gas Co Ltd JPY 92,965 0.01%

100 Osaka Titanium Technologies Co Ltd JPY 15 0.00%

100 Osg Corp JPY (8) (0.00)%

162 Oshkosh Corp USD (830) (0.00)%

27,320 Osisko Gold Royalties Ltd CAD 1,280 0.00%

18,498 Osram Licht Ag EUR 45,208 0.01%

1,600 Otsuka Corp JPY 795 0.00%

2,373 Otsuka Holdings Co Ltd JPY 8,595 0.00%

20,901 Outokumpu Oyj EUR 14,568 0.00%

305 Outotec Oyj EUR (8) (0.00)%

9 Owens & Minor Inc USD 1 0.00%

25,834 Owens Corning USD (2,288) (0.00)%

4,863 Owens-Illinois Inc Cfd USD 4,448 0.00%

9,913 Oz Minerals Ord AUD (1,899) (0.00)%

64,037 Oz Minerals Ord AUD 879 0.00%

7,500 Pacific Industrial Co Ltd JPY 3,478 0.00%

1,000 Pacific Metals Co Ltd JPY (81) (0.00)%

1,857 Pacira Pharmaceuticals Inc Cfd USD (1,452) (0.00)%

928 Packaging Corp Of America USD (143) (0.00)%

289,005 Pact Group Holdings Ltd AUD 49,606 0.01%

1,148 Pacwest Bancorp USD 3,130 0.00%

35,213 Pagegroup Plc GBP 27,099 0.00%

3,317 Painted Pony Petroleum Ltd CAD (701) (0.00)%

2,222 Palo Alto Networks Inc USD (19,634) (0.00)%

18,637 Paltac Corporation JPY (32,451) (0.00)%

34,689 Pan American Silver Corp CAD (57,888) (0.01)%

3,437 Panalpina Welttransport Holding Ag CHF (1,286) (0.00)%

50,700 Panasonic Corp- Cfd JPY (8,200) (0.00)%

12,906 Pandora A/S DKK 186,816 0.03%

253,537 Pandora Media USD (192,456) (0.03)%

INRIS UCITS PLC

215



EUR Assets


709 Panera Bread Company Class A USD (4,565) (0.00)%

31,339 Papa John S Intl Inc USD (80,716) (0.01)%

28,352 Paragon Group Of Cos Plc/The GBP (27,409) (0.00)%

30 Paramount Resources Ltd CAD 2 0.00%

3,271 Parex Resources Inc CAD (1,421) (0.00)%

59,641 Park24 Co Ltd JPY (27,858) (0.00)%

2,790 Parkland Fuel Corp CAD (985) (0.00)%

32,596 Parsley Energy Inc USD (81,511) (0.01)%

655 Partners Group Holding Ag CHF 31,248 0.00%

11,744 Pason Systems Inc CAD (29,760) (0.00)%

1,662 Patrizia Immobilien Ag EUR 4,370 0.00%

64,247 Patterson Cos Inc USD (132,372) (0.02)%

13,922 Patterson Uti Energy Inc USD 2,021 0.00%

2,870 Paycom Software Inc USD (964) (0.00)%

9,679 Pbf Energy Inc USD (15,463) (0.00)%

1,232 Pdc Energy Inc USD 3,275 0.00%

43,018 Peab Ab SEK 20,107 0.00%

426,720 Pearson Plc GBP 148,778 0.02%

2,318 Pebblebrook Hotel Trust USD (1,947) (0.00)%

2,381 Pembina Pipeline Corp CAD (4,172) (0.00)%

147,212 Pengrowth Energy Corp CAD (12,714) (0.00)%

1,133 Penn West Petroleum Ltd CAD (24) (0.00)%

153,466 Pennon Group GBP 33,476 0.00%

335 Penske Automotive Group Inc USD (339) (0.00)%

18,816 Penta-Ocean Construction Co Ltd JPY 505 0.00%

208 Peoples United Financial Inc Cfd USD 126 0.00%

7,328 Pepsico Inc USD 30,435 0.00%

57 Peptidream Inc JPY 182 0.00%

38,529 Pernod Ricard Sa EUR (154,380) (0.02)%

574 Perpetual Ltd AUD (491) (0.00)%

60,978 Perrigo Co Plc USD 157,734 0.02%

70,125 Persimmon Plc GBP 56,966 0.01%

104,100 Petrofac Ltd GBP 116,594 0.02%

6,369 Pets At Home Group Plc GBP (844) (0.00)%

251,860 Peugeot Sa EUR 685,327 0.10%

17,433 Peyto Exploration & Development Corp CAD 11 0.00%

386 Pfeiffer Vacuum Technology Ag EUR (935) (0.00)%

7,735 Pfizer Inc (Un) (Cfd Ms) USD (2,493) (0.00)%

325 Pg&E Corp USD 73 0.00%

41 Philip Morris International Inc USD (14) (0.00)%

612 Phillips 66 USD 484 0.00%

80,606 Phoenix Group Holdings GBP (101,691) (0.01)%

656 Physicians Realty Trust USD 534 0.00%

81,327 Pigeon Corp JPY 75,611 0.01%

172,341 Pilgrim'S Pride Corp USD 197,714 0.03%

10 Pinnacle West Capital Corp USD - 0.00%

94,800 Pioneer Corp JPY (854) (0.00)%

4 Pioneer Natural Resources Co USD 5 0.00%

4,616 Pitney Bowes Inc USD 3,516 0.00%

873 Plains Gp Holdings Lp Cl A USD (370) (0.00)%

INRIS UCITS PLC

216



EUR Assets


12,337 Plastic Omnium EUR 29,270 0.00%

19,570 Platform Specialty Products USD (7,428) (0.00)%

44,622 Platinum Asset Management Ltd AUD 6,127 0.00%

11,463 Playtech Plc GBP 4,733 0.00%

200 Plenus Co Ltd JPY (80) (0.00)%

600 Pola Orbis Holdings Inc JPY 3,804 0.00%

199,283 Polymetal International Plc GBP 65,750 0.01%

3,838 Pool Corp USD (408) (0.00)%

316 Popular Inc USD 650 0.00%

36,586 Porsche Automobil Holding Se EUR (221,316) (0.03)%

24 Portland General Electric Co USD 3 0.00%

133,829 Portola Pharmaceuticals USD (562,337) (0.08)%

62 Posco USD (51) (0.00)%

3,770 Post Holdings Inc USD 14,427 0.00%

48,626 Postnl Nv EUR (21,250) (0.00)%

141,307 Potash Corp Of Saskatchewan Inc CAD 22,935 0.00%

6,277 Power Corp Of Canada CAD 228 0.00%

22,163 Power Financial Corp CAD (5,614) (0.00)%

2,739 Pra Group Inc USD (8,086) (0.00)%

3,788 Prairiesky Royalty Ltd CAD 2,321 0.00%

3,770 Precision Drilling Corp CAD 533 0.00%

4,019 Premier Investments Ltd AUD 1,333 0.00%

327,954 Premier Oil Plc GBP (32,130) (0.00)%

2,325 Premium Brands Holdings Corp CAD (1,763) (0.00)%

31,400 Press Kogyo Co Ltd JPY 4,201 0.00%

6 Prestige Brands Holdings Inc USD (1) (0.00)%

8,760 Pretium Resources Inc CAD 1,732 0.00%

39 Priceline Group Inc/The USD (1,422) (0.00)%

57,000 Prima Meat Packers Ltd JPY (8,422) (0.00)%

69,498 Primary Health Care Ltd AUD (19,835) (0.00)%

1,923 Primerica Inc Cfd USD (2,848) (0.00)%

1,722 Prologis Inc USD 2,946 0.00%

14,676 Proofpoint Inc USD 85,391 0.01%

10,687 Prosegur Comp Seguridad EUR (3,437) (0.00)%

54,552 Prosiebensat.1 Media Se EUR (132,295) (0.02)%

225 Prosperity Bancshares Inc USD 1,130 0.00%

9,747 Proto Labs Inc Cfd USD 7,167 0.00%

35 Provident Financial Plc GBP 6 0.00%

14,367 Ptc Inc USD 28,789 0.00%

1,275 Public Service Enterprise Group Inc USD (2,064) (0.00)%

248 Public Storage USD 3,339 0.00%

5,378 Publicis Groupe EUR (26,953) (0.00)%

164,192 Pultegroup Inc USD 74,685 0.01%

16,131 Puma Biotechnology Inc Cfd USD 180,598 0.03%

23,837 Pure Industrial Real Estate Trust CAD 4,527 0.00%

983 Pvh Corp USD (13,135) (0.00)%

34,017 Pz Cussons Plc GBP (10,492) (0.00)%

562,401 Qantas Airways Ltd AUD 14,627 0.00%

19,694 Qbe Insurance Group AUD (16,333) (0.00)%

11,764 Qep Resources Inc USD (14,258) (0.00)%

INRIS UCITS PLC

217



EUR Assets


511,217 Qinetiq Group Plc GBP 239,689 0.03%

1,878 Qorvo USD (2,177) (0.00)%

18,668 Qualcomm Inc USD (51,613) (0.01)%

22,875 Quanta Services Inc Cfd USD 23,915 0.00%

147,973 Qube Holdings Ltd AUD (8,683) (0.00)%

42,275 Quebecor Inc CAD 26,841 0.00%

6,887 Radian Group Inc USD (22,043) (0.00)%

3,538 Radius Health USD 50,011 0.01%

9,170 Raging River Exploration Inc CAD 76 0.00%

4,900 Raito Kogyo Co Ltd JPY 2,651 0.00%

11,794 Ralph Lauren Corp USD 162,191 0.02%

210 Ramsay Health Care Ltd AUD (41) (0.00)%

6,347 Ramsay Health Care Ltd AUD 9,501 0.00%

19,656 Randgold Resources Ltd GBP (207,388) (0.03)%

727 Randgold Resources Ltd USD 3,317 0.00%

1,471 Randstad Holding Nv EUR (18,110) (0.00)%

3,060 Range Resources Corp USD (3,143) (0.00)%

848 Rational (Xet) EUR 2,702 0.00%

2,802 Ratos Ab SEK (1,069) (0.00)%

180 Raymond James Financial Inc USD (444) (0.00)%

167 Rayonier Inc USD (12) (0.00)%

3,606 Rea Group Ltd AUD (8,698) (0.00)%

6,774 Realogy Holdings Corp USD (6,958) (0.00)%

2,392 Realty Income Corp USD 4,695 0.00%

5,200 Recruit Holdings Co Ltd JPY (13,629) (0.00)%

28,593 Red Hat Inc USD (238,505) (0.03)%

223,715 Redes Energeticas Nacionais EUR 5,850 0.00%

296 Regency Centers Corp USD 602 0.00%

5,327 Regeneron Pharmaceuticals Inc USD 52,001 0.01%

18,470 Regions Financial Corp USD 12,803 0.00%

169,963 Regis Healthcare Ltd AUD 30,937 0.00%

19,100 Relia Inc JPY (8,178) (0.00)%

10,919 Reliance Steel + Aluminum USD (18,981) (0.00)%

27,530 Relx Plc GBP 11,947 0.00%

13,377 Remy Cointreau EUR (103,416) (0.01)%

160,600 Renesas Electronics Corp JPY 86,541 0.01%

14,724 Rengo Co Ltd JPY (3,702) (0.00)%

193 Renishaw Plc GBP 36 0.00%

1,297,802 Rentokil Initial Plc GBP 311,123 0.05%

3,174 Repsol Ypf EUR 3,323 0.00%

422 Republic Services Inc USD 621 0.00%

329,002 Resmed Inc AUD 68,780 0.01%

105 Resmed Inc USD (1) (0.00)%

229,903 Resolute Mining Ltd AUD 29,442 0.00%

86,532 Resona Holdings Inc JPY 31,120 0.00%

93,158 Resorttrust Inc JPY 40,967 0.01%

778 Restaurant Brands International Inc CAD 19 0.00%

23,191 Restaurant Group Plc GBP 6,304 0.00%

4,879 Restoration Hardware Holding USD 24,748 0.00%

68,512 Retail Food Group Ltd AUD (39,041) (0.01)%

INRIS UCITS PLC

218



EUR Assets


13,436 Rexel Sa EUR (50,631) (0.01)%

17,115 Rheinmetall Ag EUR 51,608 0.01%

8,099 Rhoen-Klinikum Ag Cfd EUR 3,983 0.00%

10,137 Rice Energy Inc USD (23,103) (0.00)%

20,035 Ricoh Co Ltd JPY 2,862 0.00%

335 Rieter Holding Ag CHF (7,517) (0.00)%

2,900 Right On Co Ltd JPY (118) (0.00)%

64,940 Rightmove Plc GBP (2,249) (0.00)%

4,767 Rio Tinto Plc USD (2,486) (0.00)%

4,103 Ritchie Bros Auctioneers Inc CAD 15,944 0.00%

655 Rlj Lodging Trust USD 1,014 0.00%

881 Robert Half International Inc USD (21) (0.00)%

4,330 Roche Holding Ag Genusschein CHF 42,111 0.01%

1,511 Rocket Internet Se EUR (1,091) (0.00)%

3 Rockwell Collins Inc USD (1) (0.00)%

5,279 Rockwool International A/S DKK 78,910 0.01%

4,573 Rogers Communications Inc CAD (157) (0.00)%

2,200 Rohm Co Ltd JPY (8,292) (0.00)%

7,784 Rohto Pharmaceutical Co Ltd JPY (11,823) (0.00)%

10,503,088 Rolls Royce Hldgs Plc GBP (12,304) (0.00)%

206,543 Rolls Royce Holdings Plc GBP (14,770) (0.00)%

752 Ross Stores Inc USD (1,414) (0.00)%

6,500 Round One Corp JPY 719 0.00%

2,554 Rowan Cos Plc USD 10 0.00%

112 Royal Bank Of Canada CAD 58 0.00%

878,381 Royal Bank Of Scotland Group GBP (375,805) (0.05)%

4,554 Royal Caribbean Cruises Ltd USD 4,620 0.00%

2,327 Royal Dutch Shell Plc EUR 5,481 0.00%

75,959 Royal Dutch Shell Plc USD (226,985) (0.03)%

1,113 Royal Gold Inc USD (3,984) (0.00)%

100 Royal Holdings Co Ltd JPY (54) (0.00)%

162,638 Royal Mail Plc GBP (394) (0.00)%

8,216 Royal Unibrew A/S DKK (18,353) (0.00)%

296,194 Rpc Group Plc GBP (778,644) (0.11)%

903 Rpc Inc USD (248) (0.00)%

367 Rpm International Inc USD 29 0.00%

4,472 Rr Donnelley & Sons Co USD (1,320) (0.00)%

1,115 Rsa Insurance Group Plc GBP 504 0.00%

9,021 Rsp Permian Inc USD 745 0.00%

1,127 Rubis EUR 10,863 0.00%

41,465 Russel Metals Inc CAD (9,481) (0.00)%

109,583 Rwe Ag EUR 150,094 0.02%

300 Ryohin Keikaku Co Ltd JPY (1,171) (0.00)%

2,157 Saab 'B' SEK 6,558 0.00%

3,188 Saga Group Ltd GBP (187) (0.00)%

378,486 Sage Group Plc/The GBP 136,160 0.02%

1,222,842 Sainsbury J Plc GBP (237,500) (0.03)%

1,400 Saizeriya Co Ltd JPY 1,559 0.00%

500 Sakata Seed Corp JPY (1,194) (0.00)%

11,033 Salesforce.Com Inc Cfd USD 36,374 0.01%

INRIS UCITS PLC

219



EUR Assets


56,250 Salmar Asa NOK 37,907 0.01%

14,018 Salzgitter Ag EUR 115,435 0.02%

9,000 Sanden Holdings Corp JPY (285) (0.00)%

145 Sanderson Farms Inc USD 1,059 0.00%

224,579 Sandfire Resources Nl AUD (25,430) (0.00)%

500 San-In Godo Bank Ltd/The JPY 319 0.00%

165,000 Sanken Electric Co Ltd JPY (31,363) (0.00)%

1,242 Sankyo Co Ltd JPY (1,433) (0.00)%

407 Sanmina Corp USD 1,323 0.00%

35,060 Sanofi EUR (168,571) (0.02)%

100 Sanrio Co Ltd JPY 156 0.00%

241 Santander Consumer Usa Hdg. USD 106 0.00%

16,075 Santen Pharmaceutical Co Ltd JPY (7,027) (0.00)%

5,670 Santos Ltd AUD 64 0.00%

2,028 Santos Ltd AUD (1) (0.00)%

1,700 Sanwa Holdings Corp JPY (179) (0.00)%

26,000 Sanyo Special Steel Co Ltd JPY (4,602) (0.00)%

42,363 Sap Se EUR (385,074) (0.06)%

6,100 Sapporo Holdings Ltd Cfd JPY 428 0.00%

241 Saputo Inc CAD (329) (0.00)%

67,312 Saracen Mineral Holdings Ltd AUD 6,338 0.00%

6,691 Sartorius Ag Vorzug EUR 113,411 0.02%

5,254 Sartorius Stedim Biotech Cfd EUR 5,452 0.00%

23,917 Sas Ab SEK (6,892) (0.00)%

10,088 Savills Plc GBP 1,453 0.00%

37,046 Sba Communications Corp-Cl A Cfd USD (150,611) (0.02)%

17,800 Sbi Holdings Inc JPY (7,958) (0.00)%

86,515 Sbm Offshore Nv EUR (347,759) (0.05)%

27 Scana Corp USD 1 0.00%

72,483 Scentre Group AUD 18,355 0.00%

10,282 Schibsted Asa Cl A NOK 52,951 0.01%

32,645 Schindler Holding Part Cert CHF 97,167 0.01%

409 Scor Se EUR 2,414 0.00%

59,846 Screen Holdings Co Ltd JPY 227,299 0.03%

4,534 Scripps Networks Inter Cl A USD 8,581 0.00%

146,054 Seadrill Ltd NOK 56,195 0.01%

36 Seagate Technology [Nys] USD (26) (0.00)%

36,295 Sealed Air Corp USD (11,594) (0.00)%

24,348 Seattle Genetics Inc USD 277,384 0.04%

3,631 Seaworld Entertainment Inc USD (3,635) (0.00)%

1,600 Secom Co Ltd JPY 2,978 0.00%

16,706 Secure Energy Services Inc CAD 24,641 0.00%

38,856 Sega Sammy Holdings Inc JPY (9,073) (0.00)%

91,027 Segro Plc GBP 40,926 0.01%

1,067 Sei Investments Co USD 2,163 0.00%

6,468 Seibu Holdings Inc JPY (2,834) (0.00)%

8,200 Seikagaku Corp JPY (6,637) (0.00)%

29,988 Seiko Epson Corp JPY 43,677 0.01%

8,067 Seiko Holdings Corp JPY 1,584 0.00%

15,979 Seino Holdings Co Ltd JPY 3,673 0.00%

INRIS UCITS PLC

220



EUR Assets


952 Sekisui Chemical Co Ltd JPY 468 0.00%

41,206 Sekisui House Ltd JPY (24,544) (0.00)%

208,229 Select Harvests Ltd AUD 39,543 0.01%

143,378 Semafo Inc CAD 35,806 0.01%

231 Semgroup Corp Class A USD (156) (0.00)%

138 Sempra Energy USD (7) (0.00)%

6,173 Senior Housing Properties Trust USD 5,055 0.00%

39,701 Senior Plc GBP 7,744 0.00%

6,600 Senko Co Ltd JPY (1,006) (0.00)%

216 Sensata Technologies Holding USD (281) (0.00)%

2,312,596 Serco Group Plc GBP (1,099,760) (0.16)%

3,472 Service Corp International Cfd USD 4,682 0.00%

1,932 Servicemaster Global Holdings Inc USD (1,010) (0.00)%

13,942 Servicenow Inc USD 109,837 0.02%

74,057 Ses Sa EUR 60,903 0.01%

1,600 Seven + I Holdings Co Ltd JPY (234) (0.00)%

31,202 Seven Bank Ltd JPY (1,846) (0.00)%

20,770 Seven Generations Energy Ltd CAD 5,657 0.00%

48,364 Seven Group Holdings Ltd AUD (18,584) (0.00)%

703,430 Seven West Media Ltd AUD 56,452 0.01%

10,803 Sfr Group Sa EUR (29,233) (0.00)%

2,126 Sgs Sa CHF (78,000) (0.01)%

5,714 Shaw Communications Inc CAD 2,535 0.00%

9,734 Shawcor Ltd CAD 18,349 0.00%

15,289 Sherwin-Williams Co/The USD 4,440 0.00%

19,400 Shikoku Electric Power Co Inc JPY (14,666) (0.00)%

2,100 Shima Seiki Mfg Ltd JPY (8,450) (0.00)%

8,038 Shimachu Co Ltd JPY (10,017) (0.00)%

6,000 Shimamura Co Ltd JPY (47,872) (0.01)%

6,700 Shimano Inc JPY (23,464) (0.00)%

6,000 Shimizu Corp JPY (805) (0.00)%

500 Shin-Etsu Chemical Co Ltd JPY 1,685 0.00%

2,689 Shinko Electric Industries Co Ltd JPY (1,561) (0.00)%

2,000 Shinmaywa Industries Ltd JPY 1,447 0.00%

33,000 Shinsei Bank Ltd JPY 2,771 0.00%

14,654 Shionogi & Co Ltd JPY 24,331 0.00%

600 Ship Healthcare Holdings Inc JPY (63) (0.00)%

44,772 Shire Ltd GBP (176,278) (0.03)%

9,070 Shire Plc USD 36,289 0.01%

12,230 Shiseido Co Ltd JPY (4,920) (0.00)%

19,100 Shoei Co Ltd Cfd JPY 5,305 0.00%

119,537 Shopping Centres Australasia Property Group AUD 7,182 0.00%

2,600 Showa Corp JPY 2,748 0.00%

4,300 Showa Denko K K JPY 4,282 0.00%

61,312 Sibanye Gold Ltd USD (42,077) (0.01)%

4,401 Siemens Ag Reg EUR 47,090 0.01%

55,607 Sig Plc GBP 1,180 0.00%

175,428 Sigma Pharmaceuticals Ltd AUD (7,959) (0.00)%

11 Signature Bank/New York Ny USD - 0.00%

11,560 Signet Jewelers Ord USD (27,000) (0.00)%

INRIS UCITS PLC

221



EUR Assets


43 Sika Ag Br CHF 14,792 0.00%

8,757 Silver Standard Resources Inc CAD (9,895) (0.00)%

15,627 Silver Wheaton Corp CAD (17,120) (0.00)%

5,104 Silver Wheaton Corp USD 5,780 0.00%

1,097 Simcorp A/S DKK 1,711 0.00%

206 Sims Metal Management Ord AUD (2) (0.00)%

5,791 Sims Metal Management Ord AUD 1,312 0.00%

68 Sina Corp/China USD (62) (0.00)%

3,661 Sinclair Broadcast Group A USD 2,767 0.00%

761 Sirtex Medical Ltd AUD 4,600 0.00%

69,698 Six Flags Entertainment Corp USD 145,705 0.02%

21,249 Sixt Se EUR (47,814) (0.01)%

86,464 Sk Telecom Co Ltd USD (29,905) (0.00)%

16,174 Skandinaviska Enskilda Ban A SEK (16,414) (0.00)%

12,830 Skanska Ab B Shs SEK 42,691 0.01%

43,017 Skechers U.S.A. Inc USD 61,749 0.01%

6,416 Skf 'B' SEK (7,208) (0.00)%

45,333 Sky Perfect Jsat Holdings Inc JPY 2,760 0.00%

61,224 Skycity Entertainment Group Ltd AUD 3,644 0.00%

20,500 Skylark Co Ltd Cfd JPY 9,213 0.00%

1,584 Skyworks Solutions Inc Cfd USD 2,823 0.00%

457 Slm Corp USD (412) (0.00)%

10,826 Sma Solar Technology Ag EUR (134,459) (0.02)%

2,274 Smc Corp/Japan JPY 80,872 0.01%

220,683 Smith & Wesson Holding Corp USD (368,065) (0.05)%

1,094 Smith A.O. Corp USD (1,395) (0.00)%

925 Smiths Group Plc GBP 50 0.00%

6,800 Sms JPY 14,124 0.00%

20,847 Snc Lavalin Group Inc CAD (12,224) (0.00)%

189 Societe Bic Sa EUR 300 0.00%

14,949 Societe Generale Sa EUR 64,538 0.01%

123 Sofina Sa EUR (363) (0.00)%

1,462 Softbank Group Corp JPY 107 0.00%

3,714 Software Ag EUR (3,488) (0.00)%

3,200 Sohgo Security Services Co JPY (4,162) (0.00)%

558,700 Sojitz Corp JPY (30,029) (0.00)%

6,505 Solvay Sa EUR (162,522) (0.02)%

2,485 Sompo Holdings Inc JPY (1,426) (0.00)%

324,462 Sonae EUR (39,247) (0.01)%

7,560 Sonic Corp USD 2,747 0.00%

234 Sonoco Products Co USD (309) (0.00)%

1,935 Sony Corp JPY (483) (0.00)%

2,421 Sony Financial Holdings Inc Cfd JPY (3,101) (0.00)%

1,378 Sophos Group (Wi) GBP (39) (0.00)%

12,520 Sopra Steria Group EUR (100,478) (0.01)%

415 Sotheby'S USD (259) (0.00)%

47,727 South32 Ltd AUD (5,851) (0.00)%

12,629 South32 Ltd AUD 340 0.00%

8,719 Southern Co/The USD (547) (0.00)%

133,234 Southern Copper Corp USD 126,519 0.02%

INRIS UCITS PLC

222



EUR Assets


315,823 Southern Cross Media Group Ltd AUD 38,187 0.01%

15,559 Southwest Airlines Co USD 46,316 0.01%

28 Southwestern Energy Co USD 14 0.00%

749,822 Spark Infrastructure Group AUD (67,509) (0.01)%

12,688 Spark New Zealand Ltd AUD (535) (0.00)%

5,999 Spectris Plc GBP (37,123) (0.01)%

115 Spectrum Brands Holdings Inc USD 267 0.00%

38,333 Spirax Sarco Engineering Plc GBP 405,032 0.06%

70,920 Spirit Aerosystems Holdings Inc USD (2,342) (0.00)%

10,490 Spirit Airlines Inc USD (21,483) (0.00)%

17,123 Splunk Inc USD (91,547) (0.01)%

94,447 Sponda Oyj EUR 46,819 0.01%

202,874 Spotless Group Holdings Ltd AUD 8,268 0.00%

26,862 Sprint Corp USD 6,891 0.00%

13,957 Sprouts Farmers Market Inc USD (14,243) (0.00)%

12,100 Square Enix Holdings Co Ltd JPY 11,590 0.00%

9,069 Ssp Group Plc GBP 828 0.00%

76,609 St Barbara Ltd AUD 3,194 0.00%

123,151 St Barbara Ltd AUD (13,945) (0.00)%

41,390 St Modwen Properties Plc GBP (15,638) (0.00)%

4,560 Stada Arzneimittel Ag EUR 11,754 0.00%

59,902 Stagecoach Group Plc GBP 820 0.00%

370 Stamps.Com Inc USD (1,002) (0.00)%

447,963 Standard Chartered Plc GBP (353,073) (0.05)%

1,200 Stanley Electric Co Ltd JPY 390 0.00%

6,452 Stantec Inc CAD 8,600 0.00%

779 Staples Inc USD 483 0.00%

800 Star Micronics Co Ltd JPY (234) (0.00)%

73,804 Starbucks Corp USD (168,331) (0.02)%

47,555 Start Today Co Ltd JPY 102,886 0.01%

1,154 Statoil Asa NOK 129 0.00%

106,134 Steadfast Group Ltd AUD 10,028 0.00%

2,989 Steel Dynamics USD (612) (0.00)%

1,100 Stella Chemifa Corp JPY 1,118 0.00%

53,475 Stericycle Inc USD (207,082) (0.03)%

281 Stifel Financial Corp USD (16) (0.00)%

24,798 Stockland AUD 4,634 0.00%

380,530 Stora Enso Oyj EUR 917,179 0.13%

594 Store Capital Corp USD (4) (0.00)%

84,291 Storebrand Asa NOK 124,547 0.02%

616 Straumann Holding Ag Reg CHF (13,908) (0.00)%

36,397 Stroeer Se & Co Kgaa EUR (184,707) (0.03)%

305 Stryker Corp USD 1,830 0.00%

172,176 Subsea 7 Ord Shs NOK 424,329 0.06%

26,754 Suedzucker Ag EUR (90,633) (0.01)%

5,093 Suez EUR (3,602) (0.00)%

3,306 Sulzer Ag CHF (35,007) (0.01)%

52,115 Sumco Corp JPY (98,237) (0.01)%

110,000 Sumitomo Chemical Co Ltd JPY 27,620 0.00%

100 Sumitomo Corp JPY 1 0.00%

INRIS UCITS PLC

223



EUR Assets


542 Sumitomo Electric Industries Ltd JPY (32) (0.00)%

2,000 Sumitomo Forestry Co Ltd JPY 277 0.00%

68,000 Sumitomo Heavy Industries JPY (35,173) (0.01)%

3,000 Sumitomo Metal Mining Co Ltd Cfd JPY 512 0.00%

8,381 Sumitomo Mitsui Financial Group Inc JPY 13,225 0.00%

10,533 Sumitomo Mitsui Trust Holdin JPY (3,444) (0.00)%

103,500 Sumitomo Osaka Cement Co Ltd JPY 30,269 0.00%

20,000 Sumitomo Realty + Developmen JPY 8,932 0.00%

67,639 Sumitomo Rubber Industries Ltd JPY (16,226) (0.00)%

8,800 Sun Frontier Fudousan Co Ltd JPY 3,361 0.00%

495 Sun Life Financial Inc CAD (6) (0.00)%

43,434 Suncor Energy Inc CAD (30,007) (0.00)%

3,066 Suncor Energy Inc USD 5 0.00%

3,741 Suncorp Group Ltd AUD 2,169 0.00%

1,500 Sundrug Co Ltd Cfd JPY 1,910 0.00%

6,977 Sunrise Communications Group CHF (30,902) (0.00)%

185 Sunstone Hotel Investors Inc USD (96) (0.00)%

1,230 Suntrust Banks Inc USD 3,100 0.00%

6,200 Super Retail Group Ltd AUD (3,291) (0.00)%

61 Supergroup Plc GBP (36) (0.00)%

272 Superior Energy Services Inc USD (50) (0.00)%

46,392 Superior Plus Corp CAD 23,766 0.00%

2,004 Surge Energy Inc CAD (280) (0.00)%

25,058 Suruga Bank Ltd JPY 1,283 0.00%

16,282 Suzuken Co Ltd/Aichi Japan JPY (48,753) (0.01)%

48,810 Suzuki Motor Corp JPY 120,213 0.02%

184 Svb Financial Group USD 1,917 0.00%

5,499 Svenska Cellulosa Ab-B Shs Cfd SEK 3,969 0.00%

1,464 Swatch Group Ag/The CHF (4,050) (0.00)%

93,527 Swedish Match Ab SEK 65,937 0.01%

241,414 Swedish Orphan Biovitrum Ab Cfd SEK (51,998) (0.01)%

8,235 Swiss Life Holding Ag CHF 393,532 0.06%

47,685 Swiss Re Ag CHF 517,164 0.07%

124 Swisscom Ag Reg CHF (1,639) (0.00)%

622 Sydbank A/S DKK (2,811) (0.00)%

122,558 Sydney Airport AUD 23,760 0.00%

26,731 Symantec Corp USD 4,390 0.00%

31,314 Symrise Ag EUR 23,058 0.00%

5,565 Synaptics Inc USD 5,443 0.00%

1,995 Synchronoss Technologies Inc USD 18,860 0.00%

1,989 Synchrony Financial Cfd USD 3,156 0.00%

1,124 Synnex Corp Cfd USD 4,201 0.00%

362 Synovus Financial Corp Cfd USD 813 0.00%

17,014 Synthomer Plc GBP 7,016 0.00%

454 Syrah Resources Ltd AUD 16 0.00%

5,364 Sysmex Corp JPY 2,400 0.00%

87 T Rowe Price Group Inc USD 67 0.00%

802 T&D Holdings Inc JPY (609) (0.00)%

63,693 Tabcorp Holdings Ltd AUD (5,213) (0.00)%

6,373 Tableau Software Inc USD (15,584) (0.00)%

INRIS UCITS PLC

224



EUR Assets


3,100 Tachi-S Co Ltd JPY (6,602) (0.00)%

700 Tadano Ltd JPY 1,445 0.00%

3,702 Tahoe Resources Inc CAD 1,260 0.00%

128,313 Taiheiyo Cement Corp JPY 11,908 0.00%

4,800 Taikisha Ltd JPY (1,172) (0.00)%

21,343 Tailored Brands Inc USD (137,427) (0.02)%

2,000 Taisei Corporation Cfd JPY 163 0.00%

100 Taisho Pharmaceutical Holdin JPY (49) (0.00)%

7,045 Taiwan Semiconductor Sp Adr USD (6,164) (0.00)%

1,100 Taiyo Holdings Co Ltd JPY 1,040 0.00%

26,727 Taiyo Nippon Sanso Corp JPY (19,905) (0.00)%

900 Taiyo Yuden Co Ltd JPY 1,164 0.00%

200 Takara Bio JPY 273 0.00%

27,567 Takara Holdings Inc JPY (8,425) (0.00)%

11,402 Takara Leben Co Ltd JPY (483) (0.00)%

10,500 Takasago Thermal Engineering JPY 1,792 0.00%

50,612 Takashimaya Co Ltd JPY (5,557) (0.00)%

103,946 Takeda Pharmaceutical Co Ltd JPY (128,001) (0.02)%

12,556 Take-Two Interactive Software Inc USD (947) (0.00)%

6,193 Takuma Co Ltd JPY (3,289) (0.00)%

4,036 Tal Education Group Cl.A Adr 1:2 USD (15,623) (0.00)%

17,103 Talanx Ag EUR 75,660 0.01%

1,000 Tamron Co Ltd JPY 179 0.00%

197 Tanger Factory Outlet Center USD 230 0.00%

12,441 Targa Resources USD 32,563 0.00%

204 Taro Pharmaceutical Industries Ltd USD 314 0.00%

30,373 Taser International Inc USD (73,591) (0.01)%

24,048 Tassal Group Ltd AUD (4,885) (0.00)%

5,043 Tata Motors Ltd Spon Adr USD (6,311) (0.00)%

1,878 Tate + Lyle Plc GBP 516 0.00%

113 Taubman Centers Inc USD (80) (0.00)%

601,038 Taylor Woodrow GBP (22,013) (0.00)%

247,954 Tdc A/S DKK (91,493) (0.01)%

100 Tdk Corp JPY (285) (0.00)%

59,899 Team Health Holdings USD (49,281) (0.01)%

170 Tecan Group Ag Reg CHF (144) (0.00)%

1,502 Tech Data Corp USD (467) (0.00)%

39,716 Technicolor Regr EUR 25,206 0.00%

5,717 Technology One Ltd AUD (381) (0.00)%

99,035 Technology One Ltd AUD 13,598 0.00%

2,612 Teck Resources Ltd USD (2,069) (0.00)%

8,532 Teck Resources Ltd Cls B CAD (28,159) (0.00)%

4,964 Tecnicas Reunidas Sa EUR 26,139 0.00%

7,618 Teekay Corp USD 345 0.00%

15,714 Tegna Inc USD (15,669) (0.00)%

24,490 Teijin Ltd JPY 45,125 0.01%

786 Telecom Plus Cfd GBP (44) (0.00)%

73 Teleflex Inc USD 845 0.00%

4,708 Telefonaktiebolaget Lm Ericsson USD 752 0.00%

53,081 Telefonica Brasil Sa USD 21,336 0.00%

INRIS UCITS PLC

225



EUR Assets


165,726 Telefonica Deutschland Holdi EUR (23,174) (0.00)%

52,532 Telefonica Sa EUR (15,708) (0.00)%

7,501 Telenet Group Holding Nv EUR 74,212 0.01%

144,103 Telenor NOK (100,783) (0.01)%

29 Teleperformance EUR (141) (0.00)%

91,159 Television Francaise (T.F.1) EUR 44,160 0.01%

482,671 Telia Co Ab SEK 51,991 0.01%

37,881 Telstra Corp Ltd Cfd AUD 3,991 0.00%

94 Telus Corp CAD (53) (0.00)%

66,646 Temenos Group Ag CHF 733,870 0.11%

23,354 Temp Holdings Co Ltd JPY (10,987) (0.00)%

3,358 Tempur Sealy International I USD (14,762) (0.00)%

811 Tenet Healthcare Corp USD 175 0.00%

1,435 Terex Corp USD (1,343) (0.00)%

1,199 Terumo Corp JPY 2,582 0.00%

4,692 Tesaro Inc USD (6,403) (0.00)%

1,875,965 Tesco Plc GBP (944,884) (0.14)%

4,381 Tesla Motors USD (91,512) (0.01)%

30,622 Tesoro Corp USD 175,732 0.03%

1,288 Tessenderlo Chemie Nv EUR (6,094) (0.00)%

67,594 Teva Pharmaceutical Industries Ltd USD (48,770) (0.01)%

988 Texas Capital Bancshares Inc USD 4,073 0.00%

56,051 Texas Instruments Inc USD (33,072) (0.00)%

433 Texas Roadhouse Inc-Class A Cfd USD 485 0.00%

27,227 Tfi International Inc CAD 11,929 0.00%

29,400 T-Gaia Corp JPY 46,075 0.01%

3,829 Thales Sa EUR 62,669 0.01%

2,000 The Bank Of Kyoto Ltd JPY (1,219) (0.00)%

539 Thermo Fisher Scientific Inc USD 488 0.00%

91,522 Thk Co Ltd JPY (90,566) (0.01)%

1,092,528 Thomas Cook Group Plc GBP (58,329) (0.01)%

42 Thomson Reuters Corp CAD (23) (0.00)%

32 Thor Industries Stk Cfd USD (16) (0.00)%

157,386 Thyssenkrupp Ag EUR (277,083) (0.04)%

2,370 Tiffany + Co USD 10,927 0.00%

54,396 Tim Participacoes Sa USD 18,388 0.00%

6,700 Tis Inc JPY 5,331 0.00%

203 Tlg Immobilien Ag EUR (170) (0.00)%

633 T-Mobile Us Inc USD 1,259 0.00%

7,800 Toagosei Co Ltd JPY 2,755 0.00%

1,996 Tobu Railway Co Ltd JPY (27) (0.00)%

27,000 Toda Corp JPY 5,243 0.00%

100 Toho Co Ltd JPY 16 0.00%

366,000 Toho Gas Co Ltd JPY 135,753 0.02%

500 Toho Holdings Co Ltd Cfd JPY 471 0.00%

18,800 Toho Titanium Co Ltd JPY 3,353 0.00%

88,000 Toho Zinc Co Ltd JPY (8,520) (0.00)%

77,400 Tohoku Electric Power Co Inc JPY 87,507 0.01%

35,698 Tokai Rika Co Ltd JPY (27,765) (0.00)%

400 Tokai Tokyo Financial Holdin JPY 101 0.00%

INRIS UCITS PLC

226



EUR Assets


100 Token Corp JPY 317 0.00%

52,225 Tokuyama Corp JPY (1,134) (0.00)%

3,300 Tokyo Broadcasting System Holdings Inc JPY 2,156 0.00%

900 Tokyo Century Corp JPY 2,231 0.00%

800 Tokyo Dome Corp JPY (163) (0.00)%

16,564 Tokyo Electron Ltd JPY 85,649 0.01%

266,000 Tokyo Gas Co Ltd - Cfd JPY 66,649 0.01%

3,700 Tokyo Steel Manufacturing Co Ltd JPY (1,394) (0.00)%

20,400 Tokyo Tatemono Co Ltd Cfd JPY (14,098) (0.00)%

3,000 Tokyu Corp JPY 122 0.00%

36,283 Tokyu Fudosan Holdings Corp JPY (9,354) (0.00)%

2,857 Toll Brothers Inc USD (556) (0.00)%

3,264 Tomra Systems Asa NOK 205 0.00%

83,318 Tomtom EUR (53,680) (0.01)%

60,305 Topcon Corp JPY (27,996) (0.00)%

1,600 Topre Corp JPY 2,776 0.00%

53,893 Torc Oil & Gas Ltd CAD (4,546) (0.00)%

900 Toridoll JPY 490 0.00%

5,763 Toro Co/The USD 769 0.00%

18,509 Toromont Industries Ltd CAD 21,810 0.00%

1,757 Toronto Dominion Bank CAD 3,269 0.00%

6,800 Tosei Corp JPY 2,372 0.00%

246,816 Toshiba Corp JPY 259,713 0.04%

75,000 Toshiba Machine Co Ltd JPY (22,688) (0.00)%

3,770 Toshiba Plant Systems & Services Corp JPY (5,074) (0.00)%

109,000 Toshiba Tec Corp JPY 4,396 0.00%

196,832 Tosoh Corp JPY 88,065 0.01%

36,684 Total Sa EUR 195,192 0.03%

16,475 Total System Services Inc USD (2,551) (0.00)%

200 Totetsu Kogyo Co Ltd JPY 16 0.00%

5,941 Toto Ltd JPY 11,151 0.00%

132 Tourmaline Oil Corp CAD 67 0.00%

18,500 Towa Pharmaceutical Co Ltd JPY (67,593) (0.01)%

24,273 Toyo Construction Co Ltd JPY 514 0.00%

15,000 Toyo Eng Ord JPY 975 0.00%

2,000 Toyo Ink Sc Holdings Co Ltd JPY 244 0.00%

7,533 Toyo Seikan Group Holdings Ltd JPY 1,467 0.00%

2,300 Toyo Suisan Kaisha Ltd JPY (3,459) (0.00)%

1,655 Toyo Tire & Rubber Co Ltd JPY 830 0.00%

17,000 Toyobo Co Ltd JPY 243 0.00%

4,200 Toyoda Gosei Co Ltd JPY 8,957 0.00%

16,278 Toyota Boshoku Corp JPY 11,247 0.00%

25,381 Toyota Industries Corp JPY (40,158) (0.01)%

8,969 Toyota Motor Corp JPY 12,154 0.00%

18,583 Toyota Motor Corp USD (24,834) (0.00)%

2,166 Tp Icap Plc GBP (10,995) (0.00)%

104,375 Tpg Telecom Ltd AUD (23,340) (0.00)%

300 Tpr Co Ltd JPY 219 0.00%

30,526 Transalta Corp CAD (1,058) (0.00)%

938 Transalta Renewables Inc CAD 163 0.00%

INRIS UCITS PLC

227



EUR Assets


3,952 Transcanada Corp CAD 612 0.00%

65,433 Transcontinental Inc CAD 157,647 0.02%

11,700 Transcosmos Inc JPY 3,356 0.00%

301,667 Transurban Group AUD 35,688 0.01%

231,345 Travis Perkins Plc GBP 98,145 0.01%

26,053 Treasury Wine Estates Ltd AUD (1,186) (0.00)%

2,877 Treehouse Foods Inc USD (7,828) (0.00)%

6,100 Trend Micro Incorporated Cfd JPY 2,369 0.00%

372 Tri Pointe Group Inc USD (49) (0.00)%

67 Trimble Inc USD 121 0.00%

41,092 Trinity Industries Inc USD (4,123) (0.00)%

79,485 Trinseo USD 24,180 0.00%

27,560 Tripadvisor Inc Cfd USD 48,125 0.01%

49,327 Tritax Big Box Reit Plc GBP 865 0.00%

5,882 Triumph Group Inc Cfd USD 7,656 0.00%

675 Tryg A/S DKK (324) (0.00)%

8,900 Ts Tech Co Ltd JPY (582) (0.00)%

18,928 Tsi Holdings Co Ltd JPY (6,130) (0.00)%

400 Tsumura + Co JPY (406) (0.00)%

6,100 Tsuruha Holdings Inc JPY (26,274) (0.00)%

2,948 Tui Ag Di GBP (4,684) (0.00)%

12,088 Tullow Oil Plc GBP 9,469 0.00%

3,438 Tupperware Brands Corp USD (5,200) (0.00)%

19,637 Turquoise Hill Resources Ltd CAD (2,550) (0.00)%

800 Tv Asahi Holdings Corp JPY 1,047 0.00%

106,768 Twenty First Century Fox A USD (1,758) (0.00)%

36,177 Twitter Inc Cfd USD 76,705 0.01%

75,286 Two Harbors Investment Corp USD 2,495 0.00%

1,671 Tyler Technologies Inc USD (9,325) (0.00)%

13,321 Tyson Foods Inc-Cl A USD 61,506 0.01%

513 U Blox Holding Ag CHF 8,444 0.00%

306,051 Uacj Corp JPY 20,986 0.00%

470,000 Ube Industries Ltd Cfd JPY 23,391 0.00%

1,091 Ubiquiti Networks Inc USD 1,498 0.00%

10,038 Ubisoft Entm. EUR 2,615 0.00%

2,343 Ucb Sa EUR 15,930 0.00%

45 Udr Inc USD (7) (0.00)%

14,452 Ulta Salon Cosmetics + Fragr USD 56,763 0.01%

5,440 Ultimate Software Group Inc/The USD 113,458 0.02%

53,483 Ultra Electronics Holdings Plc GBP (85,800) (0.01)%

488 Ultragenyx Pharmaceutical In USD 1,957 0.00%

20,249 Ulvac Inc JPY 24,820 0.00%

3,532 Umicore EUR (7,158) (0.00)%

63,240 Unicharm Corp JPY (63,969) (0.01)%

262 Unilever Nv USD (306) (0.00)%

10,400 Unipres Corp JPY 11,512 0.00%

19,119 Uni-Select Inc CAD 10,436 0.00%

17,982 Unite Group Plc/The GBP (2,480) (0.00)%

9,453 United Arrows Ltd JPY (20,902) (0.00)%

5,367 United Continental Holdings Inc USD (18,316) (0.00)%

28,436 United Internet Ag Reg Share EUR 11,619 0.00%

186 United Natural Foods Inc USD 45 0.00%

INRIS UCITS PLC

228



EUR Assets


14,557 United Rentals Inc Cfd USD 54,737 0.01%

1,973 United Therapeutics Corp USD (27,376) (0.00)%

59,641 United Utilities Group Plc GBP 33,266 0.00%

41 Unitedhealth Group Inc Cfd (Usd) USD 68 0.00%

98,405 Unitika Ltd JPY (1,512) (0.00)%

3,844 Universal Display Corp USD 5,115 0.00%

2,209 Universal Health Services Inc USD (34,402) (0.00)%

300 Unizo Holdings Co Ltd JPY (439) (0.00)%

2,103 Unum Group USD 3,228 0.00%

186,156 Upm Kymmene Oyj EUR 1,134,767 0.16%

182 Uponor Oyj EUR 273 0.00%

5,230 Urban Outfitters Inc USD 18,265 0.00%

12,691 Us Silica Holdings Inc USD 59,975 0.01%

1,253 Usg Corp USD 217 0.00%

1,700 Ushio Inc JPY (1,520) (0.00)%

6,200 Uss Co Ltd Cfd JPY (1,785) (0.00)%

19,750 V Technology Co Ltd JPY 168,985 0.02%

4,871 Vail Resorts Inc USD 3,603 0.00%

53,018 Valero Energy Corp USD 324,764 0.05%

191 Valiant Holding Ag CHF 1,072 0.00%

11,826 Validus Holdings Ltd USD 6,858 0.00%

75,601 Vallourec Cfd EUR (45,619) (0.01)%

41,345 Valmet Corp EUR (111,558) (0.02)%

2,600 Valor Holdings Co Ltd JPY 6,721 0.00%

66 Valora 'R' CHF 493 0.00%

5,206 Vantiv Inc Cl A USD 15,348 0.00%

1,890 Vastned Retail Nv EUR (1,238) (0.00)%

471 Vca Inc USD 2,702 0.00%

200 Vector Inc JPY 77 0.00%

30 Vectren Corp USD 1 0.00%

7,804 Vectura Group GBP (56) (0.00)%

8,664 Veeva Systems Inc Class A USD (39,279) (0.01)%

6,376 Ventas Inc USD 12,531 0.00%

5,749 Vereit Inc USD 928 0.00%

12,941 Veresen Inc CAD (7,001) (0.00)%

1,246 Verifone Systems Inc USD (1,261) (0.00)%

5,334 Verint Systems Inc USD 11,721 0.00%

4,154 Verisign Inc USD (11,105) (0.00)%

70 Verisk Analytics Inc USD 81 0.00%

353 Vermilion Energy Inc CAD 491 0.00%

37,507 Vertex Pharmaceuticals Inc USD 269,531 0.04%

115,537 Vestas Wind Systems A/S DKK 15,225 0.00%

2,498 Viacom Inc Class B USD (5,475) (0.00)%

350 Viasat Inc USD (411) (0.00)%

489 Vicat EUR 372 0.00%

75,717 Vicinity Centres AUD 3,671 0.00%

10,076 Victrex Plc GBP (44,500) (0.01)%

40,113 Vinci Sa EUR (30,009) (0.00)%

139,455 Vipshop Holdings Ltd USD 30,877 0.00%

900 Virgin Money Holdings Uk Plc GBP (8) (0.00)%

17,852 Virtus Health Ltd AUD 655 0.00%

4,601 Visteon Corp USD 6,899 0.00%

INRIS UCITS PLC

229



EUR Assets


228,375 Vivendi Sa EUR (35,393) (0.01)%

52,892 Vmware USD (110,315) (0.02)%

238,415 Vocus Communications Ord AUD 43,467 0.01%

1,568,704 Vodafone Group Plc GBP 337,409 0.05%

26,899 Volkswagen Ag Pref EUR (427,016) (0.06)%

119 Vontobel Holding Ag Reg CHF 1,361 0.00%

4,245 Vopak EUR 3,110 0.00%

12,057 Voya Financial Inc USD (1,009) (0.00)%

2,364 Vulcan Materials Co Cfd USD (1,604) (0.00)%

1,107 Wabtec Corp/De USD 719 0.00%

2,159 Wacker Chemie Ag EUR (40,216) (0.01)%

9,025 Waddell & Reed Financial Inc USD 984 0.00%

167 Walgreens Boots Alliance Inc USD 164 0.00%

1,965 Wal-Mart Stores Inc USD 2,441 0.00%

106 Walt Disney Co/The USD 9 0.00%

4,920 Waste Connections Inc CAD (9,491) (0.00)%

156 Watsco Inc USD (168) (0.00)%

1,494 Webjet Ltd AUD 329 0.00%

10,094 Webmd Health Corp USD (34,641) (0.01)%

118 Webster Financial Corp USD 522 0.00%

20,956 Weibo Corp USD (178,444) (0.03)%

6,350 Weir Group Plc/The GBP (31,423) (0.00)%

4,826 Wellcare Health Plans Inc USD (1,854) (0.00)%

4,888 Wells Fargo + Co USD (9,499) (0.00)%

2,836 Welltower Inc USD 10,875 0.00%

5,216 Wereldhave Nv EUR 19,419 0.00%

740 Werner Enterprises Inc USD (96) (0.00)%

471 Wesco International Inc USD 678 0.00%

8,695 Wesfarmers Ltd AUD (4,176) (0.00)%

6,724 West Fraser Timber Co Ltd CAD 165 0.00%

2,900 West Japan Railway Co JPY 5,092 0.00%

278 West Pharmaceutical Services Inc USD 970 0.00%

3,302 Western Alliance Bancorp USD 5,834 0.00%

201,520 Western Areas Ltd AUD 4,408 0.00%

37,605 Western Digital Corp USD (76,880) (0.01)%

15,096 Western Forest Products Inc CAD (408) (0.00)%

847 Westfield Corp AUD (280) (0.00)%

1,009 Westjet Airlines Ltd CAD (70) (0.00)%

372 Westlake Chemical Corp USD 1,083 0.00%

42 Westpac Banking AUD - 0.00%

5,640 Westshore Terminals Investment Corp CAD 7,113 0.00%

89 Wex Inc USD (77) (0.00)%

37,491 Wh Smith Plc GBP (65,192) (0.01)%

1,716 Whirlpool Corp USD 31,054 0.00%

46,711 Whitbread Plc GBP 35,036 0.01%

106,528 Whitehaven Coal Ltd AUD (12,802) (0.00)%

56,975 Whole Foods Market Inc USD (19,039) (0.00)%

3,541 Wihlborgs Fastigheter Ab SEK (4,201) (0.00)%

15,921 William Demant Holding DKK 14,702 0.00%

115 Williams Cos Inc/The USD 41 0.00%

77,423 Williams Sonoma Inc USD (446,936) (0.06)%

INRIS UCITS PLC

230



EUR Assets


48 Winpak Ltd CAD (36) (0.00)%

523 Wirecard Ag EUR 470 0.00%

30,243 Wisconsin Energy Cfd USD (75,697) (0.01)%

7,276 Wisdomtree Investments Inc USD (106) (0.00)%

157 Wizz Air Holdings Plc GBP 143 0.00%

1,864 Wolters Kluwer EUR (6,065) (0.00)%

361 Wolverine World Wide Inc USD 199 0.00%

81,255 Wood Group (John) Plc GBP 187,123 0.03%

32,436 Woodside Petroleum Ltd AUD (22,016) (0.00)%

579 Woodward Inc USD (370) (0.00)%

140,274 Woolworths Ltd AUD (115,118) (0.02)%

9,328 Workday Inc USD 155,254 0.02%

4,823 Workspace Group Plc GBP (6,255) (0.00)%

10 World Fuel Services Corp USD (2) (0.00)%

1,768 Worleyparsons AUD (100) (0.00)%

696 Worleyparsons AUD 14 0.00%

2,287 Worthington Industries Inc USD (1,846) (0.00)%

85 Wp Carey Inc USD 78 0.00%

38,978 Wpx Energy Inc USD (34,320) (0.00)%

673 Wr Grace & Co USD 41 0.00%

22,083 Wsp Global Inc CAD 44,989 0.01%

16,671 Wynn Resorts Ltd USD 243,825 0.04%

132 Xcel Energy Inc USD 17 0.00%

24,011 Xebio Holdings Co Ltd JPY (7,488) (0.00)%

13,579 Xerox Corp USD (6,049) (0.00)%

336 Xing Ag EUR (7) (0.00)%

691 Xl Group Ltd USD (620) (0.00)%

2,787 Xpo Logistics Inc USD (3,554) (0.00)%

2,995 Xxl Asa NOK 495 0.00%

637 Xylem Inc USD (1,252) (0.00)%

25,214 Yahoo! Inc USD 1,175 0.00%

32,100 Yakult Honsha Co Ltd JPY (105,230) (0.02)%

734,979 Yamada Denki Co Ltd JPY (110,542) (0.02)%

18,100 Yamaha Corporation Cfd JPY 13,508 0.00%

15,129 Yamana Gold Inc CAD 2,583 0.00%

4,207 Yamato Kogyo Co Ltd JPY 595 0.00%

24,500 Yamato Transport Co Ltd Cfd JPY (16,945) (0.00)%

2,060 Yamazaki Baking Co Ltd JPY (116) (0.00)%

2,618 Yandex Nv USD 1,904 0.00%

98,662 Yara International Asa NOK 698,877 0.10%

9,469 Yaskawa Electric Corp JPY (4,761) (0.00)%

10,134 Yelp Inc USD (9,059) (0.00)%

14,622 Yit Oyj EUR 11,746 0.00%

9,838 Yokogawa Electric Corp JPY 6,033 0.00%

11,700 Yokohama Rubber Co Ltd JPY 2,739 0.00%

20,700 Yoshinoya Holdings Co Ltd JPY (7,908) (0.00)%

135 Ypsomed Holding Ag CHF 33 0.00%

103,556 Zalando (Xet) EUR (578,221) (0.08)%

54,253 Zardoya Otis Sa EUR 54,596 0.01%

76 Zayo Group Holdings Inc USD (116) (0.00)%

954 Zebra Technologies Corp-Cl A Cfd USD (6,069) (0.00)%

INRIS UCITS PLC

231



EUR Assets


1,423 Zendesk Inc USD (201) (0.00)%

400 Zenkoku Hosho Co Ltd Cfd Jpy JPY 390 0.00%

200 Zenrin Co Ltd JPY 688 0.00%

2,800 Zensho Holdings Co Ltd JPY (653) (0.00)%

2,000 Zeon Corp JPY 2,065 0.00%

9,745 Zimmer Holdings Cfd (Usd) USD (10,906) (0.00)%

4,942 Zions Bancorporation USD 13,020 0.00%

219,391 Zodiac Aerospace Ord EUR (281,847) (0.04)%

Total contracts for difference (349,642) (0.05)%


date Bought sold US$ Assets

BOUGHT BRL/SOLD USD 15-Mar-17 66,348 20,000 (451) (0.00)%

BOUGHT BRL/SOLD USD 15-Mar-17 41,259,437 12,039,872 95,741 0.01%

BOUGHT CHF/SOLD EUR 4-Jan-17 23,575 21,956 36 0.00%

BOUGHT CHF/SOLD EUR 31-Jan-17 16,562,700 15,446,966 11,267 0.00%

BOUGHT CHF/SOLD EUR 3-Jan-17 50,000 46,674 (32) (0.00)%

BOUGHT GBP/SOLD EUR 31-Jan-17 44,821,053 52,458,417 15,036 0.00%

BOUGHT GBP/SOLD EUR 3-Jan-17 107,655 126,132 (13) (0.00)%

BOUGHT INR/SOLD USD 15-Mar-17 1,767,430,748 25,905,341 (194,391) (0.03)%

BOUGHT NOK/SOLD EUR 15-Mar-17 618,746 68,630 (694) (0.00)%

BOUGHT NOK/SOLD EUR 15-Mar-17 1,189,260 130,405 172 0.00%

BOUGHT PLN/SOLD EUR 15-Mar-17 19,990,479 4,463,674 54,491 0.01%

BOUGHT TRY/SOLD USD 15-Mar-17 121,735,315 34,189,474 (785,623) (0.11)%

BOUGHT USD/SOLD BRL 15-Mar-17 522,517 1,784,212 (8,024) (0.00)%

BOUGHT USD/SOLD BRL 15-Mar-17 23,566 81,021 50 0.00%

BOUGHT USD/SOLD EUR 3-Jan-17 86,627 82,587 (457) (0.00)%

BOUGHT USD/SOLD EUR 31-Jan-17 56,619,000 53,995,812 (390,656) (0.06)%

BOUGHT USD/SOLD ILS 15-Mar-17 13,478,166 51,083,732 81,889 0.01%

BOUGHT USD/SOLD INR 15-Mar-17 1,232,303 84,339,367 (18,443) (0.00)%

BOUGHT USD/SOLD TRY 15-Mar-17 1,519,260 5,415,995 (22,204) (0.00)%

BOUGHT USD/SOLD TRY 15-Mar-17 1,364,700 4,856,820 6,848 0.00%

BOUGHT USD/SOLD ZAR 15-Mar-17 159,755 2,218,959 (582) (0.00)%

BOUGHT ZAR/SOLD USD 15-Mar-17 92,750,176 6,673,511 (86,065) (0.01)%

BOUGHT ZAR/SOLD USD 15-Mar-17 3,220,209 226,710 235 0.00%

SOLD BRL/BOUGHT USD 15-Mar-17 171,850 573,974 970 0.00%

SOLD BRL/BOUGHT USD 15-Mar-17 164,944 571,409 (4,114) (0.00)%

SOLD BRL/BOUGHT USD 15-Mar-17 185,923 638,830 (2,599) (0.00)%

SOLD BRL/BOUGHT USD 15-Mar-17 23,566 81,021 (837) (0.00)%

SOLD CHF/BOUGHT EUR 4-Jan-17 2,747 2,945 - 0.00%

SOLD CZK/BOUGHT EUR 15-Mar-17 16,206,721 436,771,131 40,538 0.01%

SOLD GBP/BOUGHT EUR 31-Jan-17 3,384,709 2,879,900 13,118 0.00%

SOLD GBP/BOUGHT EUR 31-Jan-17 265,600 224,100 3,239 0.00%

SOLD GBP/BOUGHT EUR 3-Jan-17 89,014 76,000 (21) (0.00)%

SOLD GBP/BOUGHT EUR 4-Jan-17 599,718 510,000 2,249 0.00%

SOLD GBP/BOUGHT EUR 4-Jan-17 2,822,205 2,400,000 10,583 0.00%

SOLD GBP/BOUGHT EUR 5-Jan-17 37,180 31,734 4 0.00%

SOLD HUF/BOUGHT EUR 16-Mar-17 1,914,452 598,982,289 (21,278) (0.00)%

SOLD ILS/BOUGHT USD 15-Mar-17 13,478,166 51,083,732 88,275 0.01%

SOLD INR/BOUGHT USD 15-Mar-17 1,232,303 84,339,367 18,271 0.00%

SOLD NOK/BOUGHT EUR 15-Mar-17 1,104,981 9,920,400 15,754 0.00%


INRIS UCITS PLC

232




SOLD SEK/BOUGHT EUR 15-Mar-17 18,244,640 177,712,241 (312,465) (0.05)%

SOLD TRY/BOUGHT USD 15-Mar-17 1,519,260 5,415,995 25,336 0.00%

SOLD TRY/BOUGHT USD 15-Mar-17 1,364,700 4,856,820 (1,868) (0.00)%

SOLD USD/BOUGHT BRL 15-Mar-17 41,325,785 12,059,872 268,215 0.04%

SOLD USD/BOUGHT EUR 5-Jan-17 14,626 15,301 119 0.00%



SOLD USD/BOUGHT INR 15-Mar-17 1,767,430,748 25,905,341 121,488 0.02%

SOLD USD/BOUGHT TRY 15-Mar-17 121,735,315 34,189,474 676,396 0.10%

SOLD USD/BOUGHT ZAR 15-Mar-17 95,970,385 6,900,221 111,224 0.02%

SOLD ZAR/BOUGHT USD 15-Mar-17 159,755 2,218,959 196 0.00%

(188,904) (0.03)%Total forward currency contracts

Forward currency contracts (continued)

Number of Option Position Fair Value % of Net

contracts Name EUR Assets

Option contracts - (7.89)%

(1,000) NIKKEI 225 JAN17 18000 CALL Short (9,511) (0.00)%

(1,200) EURO STOXX 50 PR JAN17 3000 PUT Short (3,720) (0.00)%

(560) EURO STOXX 50 PR JAN17 2825 PUT Short (392) (0.00)%

(1,690) EURO STOXX 50 PR JAN17 3250 CALL Short (119,652) (0.02)%



(135) DAX INDEX JAN17 10600 PUT Short (2,201) (0.00)%


(22,000) NIKKEI 225 JAN17 17250 PUT Short (2,861) (0.00)%




(495) DAX INDEX JAN17 11400 CALL Short (103,406) (0.01)%





(95) DAX INDEX JAN17 9800 PUT Short (285) (0.00)%







(590) EURO STOXX 50 PR JAN17 2950 CALL Short (198,889) (0.03)%

(3,000) NIKKEI 225 FEB17 19000 CALL Short (13,534) (0.00)%






(400) EURO STOXX 50 PR JAN17 3025 PUT Short (1,560) (0.00)%

(46,000) NIKKEI 225 FEB17 18500 PUT Short (106,567) (0.02)%




INRIS UCITS PLC

233




Option contracts (continued)






(10) EURO STOXX 50 PR FEB17 3250 CALL Short (984) (0.00)%


(58,750) GBP FUTR OPTN JAN17P 122 EXP 01/06/2017 Short (17,267) (0.00)%


(39,375) GBP FUTR OPTN JAN17C 125 EXP 01/06/2017 Short (7,093) (0.00)%




(730) EURO STOXX 50 PR FEB17 3200 PUT Short (39,201) (0.01)%



(100,000) GBP FUTR OPTN JAN17C 128 EXP 01/06/2017 Short (948) (0.00)%

(30) DAX INDEX JAN17 12000 CALL Short (528) (0.00)%

(17,500) GBP FUTR OPTN JAN17P 120 EXP 01/06/2017 Short (664) (0.00)%





(1,360) EURO STOXX 50 PR FEB17 3425 CALL Short (30,328) (0.00)%


(145) DAX INDEX FEB17 10950 PUT Short (17,777) (0.00)%
























(14,375) GBP FUTR OPTN FEB17C 130 EXP 02/03/2017 Short (1,499) (0.00)%


(61,875) GBP FUTR OPTN FEB17P 122 EXP 02/03/2017 Short (69,809) (0.01)%




INRIS UCITS PLC

234






(2,000) NIKKEI 225 JAN17 16750 PUT Short (146) (0.00)%





(3,750) GBP FUTR OPTN FEB17P 117 EXP 02/03/2017 Short (747) (0.00)%




































(21,875) GBP FUTR OPTN FEB17C 133 EXP 02/03/2017 Short (622) (0.00)%













(30,000) US 10YR FUT OPTN MAR17C 127 EXP 02/24/2017 Short (5,777) (0.00)%

INRIS UCITS PLC

235






(550) S+P EMINI 3RD WK JAN17C 2200 EXP 01/20/2017 Short (25,916) (0.00)%


(1,000) US 10YR FUT OPTN MAR17P 125 EXP 02/24/2017 Short (1,333) (0.00)%




(750,000) EURO FX CURR OPT MAR17C 1.155 EXP 03/03/2017 Short (498) (0.00)%


(435,000) US 10YR FUT OPTN FEB17P 122 EXP 01/27/2017 Short (45,108) (0.01)%




(16,000) US 10YR FUT OPTN FEB17C 127.5 EXP 01/27/2017 Short (711) (0.00)%




(360,000) US 10YR FUT OPTN FEB17C 128 EXP 01/27/2017 Short (15,999) (0.00)%


(1,650) S+P EMINI 3RD WK JAN17P 2150 EXP 01/20/2017 Short (9,855) (0.00)%






(451,000) US 10YR FUT OPTN FEB17P 123.5 EXP 01/27/2017 Short (160,346) (0.02)%










(950) S+P EMINI 3RD WK JAN17P 2110 EXP 01/20/2017 Short (3,152) (0.00)%



(400) S+P EMINI 3RD WK JAN17P 2085 EXP 01/20/2017 Short (986) (0.00)%



(1,650) S+P EMINI 3RD WK JAN17C 2185 EXP 01/20/2017 Short (96,677) (0.01)%















INRIS UCITS PLC

236






(16,875,000) EURO CURR 2PM OP JAN17P 1.075 EXP 01/06/2017 Short (300,782) (0.04)%


(250,000) EURO CURR 2PM OP JAN17C 1.11 EXP 01/06/2017 Short (24) (0.00)%

(214,000) US 10YR FUT OPTN FEB17C 124.5 EXP 01/27/2017 Short (114,127) (0.02)%








(250) S+P EMINI 3RD WK FEB17C 2270 EXP 02/17/2017 Short (5,215) (0.00)%


(800) S+P EMINI 3RD WK FEB17P 2150 EXP 02/17/2017 Short (13,577) (0.00)%


(2,375,000) EURO CURR 2PM OP FEB17P 1.07 EXP 02/03/2017 Short (47,736) (0.01)%



(250) S+P EMINI 3RD WK JAN17C 2360 EXP 01/20/2017 Short (107) (0.00)%



(4,000,000) EURO CURR 2PM OP FEB17C 1.075 EXP 02/03/2017 Short (26,167) (0.00)%


(875,000) EURO CURR 2PM OP FEB17P 1.005 EXP 02/03/2017 Short (1,327) (0.00)%







(3,000) S+P EMINI 3RD WK FEB17P 2240 EXP 02/17/2017 Short (119,744) (0.02)%



(27,000) US 10YR FUT OPTN MAR17P 122.5 EXP 02/24/2017 Short (10,799) (0.00)%

(1,800) S+P EMINI 3RD WK FEB17C 2355 EXP 02/17/2017 Short (4,608) (0.00)%





















INRIS UCITS PLC

237






























(700) EURO STOXX 50 PR FEB17 3400 CALL Short (20,370) (0.00)%






















(4,000) NIKKEI 225 FEB17 20875 CALL Short (943) (0.00)%






(5) DAX INDEX FEB17 11000 PUT Short (663) (0.00)%


(60) DAX INDEX FEB17 11900 CALL Short (5,616) (0.00)%


INRIS UCITS PLC

238









(1,710) EURO STOXX 50 PR FEB17 3350 PUT Short (203,490) (0.03)%



















(1,450) S+P EMINI 3RD WKL MAR17 JAN17 2225 PUT Short (27,907) (0.00)%








(7,625,000) EURO CURR 2PM OP JAN17C 1.1 EXP 01/06/2017 Short (1,084) (0.00)%




(4,250,000) EURO CURR 2PM OP JAN17C 1.105 EXP 01/06/2017 Short (403) (0.00)%














(1,000) US 10YR FUT OPTN FEB17P 124.5 EXP 01/27/2017 Short (741) (0.00)%








INRIS UCITS PLC

239











(1,500) S+P EMINI 3RD WK JAN17C 2340 EXP 01/20/2017 Short (996) (0.00)%




















(2,000) NIKKEI 225 FEB17 21125 CALL Short (293) (0.00)%






(2,800) EURO STOXX 50 PR FEB17 3175 CALL Short (418,880) (0.06)%


(875,000) EURO CURR 2PM OP FEB17P 1.075 EXP 02/03/2017 Short (20,325) (0.00)%











(750,000) EURO CURR 2PM OP FEB17C 1.095 EXP 02/03/2017 Short (1,920) (0.00)%












INRIS UCITS PLC

240


















(18,000) US 10YR FUT OPTN MAR17C 124.5 EXP 02/24/2017 Short (15,466) (0.00)%

(100) S+P EMINI 3RD WK FEB17C 2305 EXP 02/17/2017 Short (939) (0.00)%





























51,000 NIKKEI 225 JAN17 18625 PUT Long 45,602 0.01%

49,000 NIKKEI 225 JAN17 19750 CALL Long 14,339 0.00%


625 GBP FUTR OPTN (IMM) MAR17P 121 EXP 03/03/2017 Long 705 0.00%

625 GBP FUTR OPTN (IMM) MAR17P 118 EXP 03/03/2017 Long 332 0.00%

5,000 GBP FUTR OPTN (IMM) MAR17P 124 EXP 03/03/2017 Long 11,187 0.00%

47,500 GBP FUTR OPTN JAN17C 124 EXP 01/06/2017 Long 22,067 0.00%

1,000 NIKKEI 225 JAN17 20125 CALL Long 89 0.00%



500,000 EURO FX CURR OPT MAR17C 1.11 EXP 03/03/2017 Long 1,422 0.00%

125,000 EURO FX CURR OPT MAR17P 1.095 EXP 03/03/2017 Long 5,060 0.00%

250,000 EURO FX CURR OPT MAR17P 1.09 EXP 03/03/2017 Long 9,196 0.00%

INRIS UCITS PLC

241







850 S+P EMINI 3RD WK JAN17P 2250 EXP 01/20/2017 Long 24,821 0.00%




10 EURO STOXX 50 PR JAN17 3375 CALL Long 147 0.00%


280 EURO STOXX 50 PR JAN17 3200 PUT Long 6,104 0.00%






1,850 S+P EMINI 3RD WK JAN17C 2300 EXP 01/20/2017 Long 4,823 0.00%

9,625,000 EURO CURR 2PM OP JAN17C 1.045 EXP 01/06/2017 Long 135,968 0.02%

375,000 EURO CURR 2PM OP JAN17P 1.025 EXP 01/06/2017 Long 142 0.00%




200 S+P EMINI 3RD WK JAN17C 2325 EXP 01/20/2017 Long 199 0.00%


100 S+P EMINI 3RD WK JAN17C 2315 EXP 01/20/2017 Long 142 0.00%




100 S+P EMINI 3RD WK FEB17C 2350 EXP 02/17/2017 Long 289 0.00%





1,875,000 EURO CURR 2PM OP JAN17P 1.02 EXP 01/06/2017 Long 444 0.00%


Total option contracts (19,149,063) (2.77)%

Expiration Future Number of Position Fair Value % of Net



19-Jun-17 BANK ACCEPT FUTR JUN17 (1,193) Short 18,046 0.00%

18-Dec-17 BANK ACCEPT FUTR DEC17 (742) Short (80,507) (0.01)%

16-Mar-17 SPI 200 FUTURES MAR17 27 Long 57,101 0.01%

22-Mar-17 CAN 10YR BOND FUT MAR17 (6) Short 6,335 0.00%

3-Aug-17 EURO-BTP FUTURE MAR17 (231) Short (423,470) (0.06)%

3-Aug-17 EURO-OAT FUTURE MAR17 126 Long 153,870 0.02%

15-Mar-17 AUST 3YR BOND FUT MAR17 (760) Short 105,948 0.02%

15-Mar-17 AUST 10Y BOND FUT MAR17 (473) Short (150,262) (0.02)%

3-Aug-17 EURO-BOBL FUTURE MAR17 2,391 Long 1,179,560 0.17%

26-Jan-17 HANG SENG IDX FUT JAN17 69 Long 108,840 0.02%

18-Sep-17 BANK ACCEPT FUTR SEP17 (1,038) Short 8,024 0.00%

13-Mar-17 BP CURRENCY FUT MAR17 (40) Short 61,691 0.01%

13-Mar-17 EURO FX CURR FUT MAR17 (514) Short 196,480 0.03%

INRIS UCITS PLC

242


Expiration Future Number of Position Fair Value % of Net


Futures contracts (continued)

13-Mar-17 JPN YEN CURR FUT MAR17 (143) Short 59,001 0.01%

14-Mar-17 CAD CURRENCY FUT MAR17 125 Long (108,694) (0.02)%

13-Mar-17 AUDUSD CRNCY FUT MAR17 762 Long (1,657,985) (0.24)%

13-Mar-17 CHF CURRENCY FUT MAR17 (675) Short 40,241 0.01%

13-Mar-17 NZD FUT MAR17 77 Long (154,548) (0.02)%

13-Mar-17 MEXICAN PESO FUT MAR17 557 Long (132,264) (0.02)%

16-Jan-17 US DOLLAR FUT JAN17 297 Long 64,263 0.01%

19-Jun-17 90DAY EUR FUTR JUN17 139 Long (14,447) (0.00)%

18-Sep-17 90DAY EUR FUTR SEP17 125 Long (30,955) (0.00)%

18-Dec-17 90DAY EUR FUTR DEC17 146 Long 19,768 0.00%

19-Jun-17 3MO EURO EURIBOR JUN17 707 Long (9,925) (0.00)%

18-Dec-17 3MO EURO EURIBOR DEC17 662 Long 9,763 0.00%

18-Sep-17 3MO EURO EURIBOR SEP17 678 Long (35,188) (0.01)%

20-Dec-17 90DAY STERLING FU DEC17 2,336 Long 225,867 0.03%

20-Sep-17 90DAY STERLING FU SEP17 2,053 Long 107,720 0.02%

21-Jun-17 90DAY STERLING FU JUN17 1,921 Long (43,390) (0.01)%

18-Sep-17 EURO CHF 3MO ICE SEP17 (216) Short 14,436 0.00%

17-Mar-17 S+P500 EMINI FUT MAR17 465 Long (478,964) (0.07)%

15-Sep-17 3MO EUROYEN TFX SEP17 31 Long 305 0.00%

17-Mar-17 FTSE 100 IDX FUT MAR17 284 Long 547,253 0.08%

13-Mar-17 JPN 10Y BOND(OSE) MAR17 (23) Short (5,609) (0.00)%

13-Mar-17 BP CURRENCY FUT MAR17 (806) Short 920,503 0.13%

13-Mar-17 EURO FX CURR FUT MAR17 (212) Short 31,808 0.00%

13-Mar-17 JPN YEN CURR FUT MAR17 51 Long 43,909 0.01%

22-Mar-17 US 10YR NOTE (CBT)MAR17 (1,257) Short (208,876) (0.03)%

31-Mar-17 US 5YR NOTE (CBT) MAR17 (643) Short (371,163) (0.05)%

3-Aug-17 EURO-BUND FUTURE MAR17 211 Long 485,980 0.07%

17-Mar-17 DAX INDEX FUTURE MAR17 25 Long 92,925 0.01%

29-Mar-17 LONG GILT FUTURE MAR17 76 Long 234,243 0.03%

17-Mar-17 NASDAQ 100 E-MINI MAR17 254 Long (269,993) (0.04)%

21-Mar-17 KOREA 3YR BND FUT MAR17 (2,257) Short (269,262) (0.04)%

3-Sep-17 KOSPI2 INX FUT MAR17 112 Long 215,783 0.03%

23-Jan-17 MSCI TAIWAN INDEX JAN17 740 Long 231,837 0.03%

14-Mar-17 CAD CURRENCY FUT MAR17 (161) Short 99,635 0.01%

27-Jan-17 MSCI SING IX ETS JAN17 (401) Short 53,206 0.01%

13-Mar-17 AUDUSD CRNCY FUT MAR17 195 Long (393,145) (0.06)%

13-Mar-17 CHF CURRENCY FUT MAR17 (149) Short (22,962) (0.00)%

13-Mar-17 NZD FUT MAR17 369 Long (739,754) (0.11)%

13-Mar-17 MEXICAN PESO FUT MAR17 (1,536) Short 413,160 0.06%

18-Dec-17 3MO EUROYEN TFX DEC17 18 Long 732 0.00%

18-Dec-17 EURO CHF 3MO ICE DEC17 (143) Short 5,737 0.00%

3-Sep-17 NIKKEI 225 MINI MAR17 896 Long (27,109) (0.00)%

19-Jun-17 3MO EUROYEN TFX JUN17 51 Long (1,494) (0.00)%

19-Jun-17 EURO CHF 3MO ICE JUN17 (300) Short 7,745 0.00%

17-Mar-17 EURO STOXX 50 MAR17 835 Long 406,670 0.06%

3-Sep-17 NIKKEI 225 (OSE) MAR17 281 Long 34,303 0.00%

17-Mar-17 DAX INDEX FUTURE MAR17 91 Long 197,050 0.03%

13-Mar-17 BP CURRENCY FUT MAR17 (853) Short (214,767) (0.03)%

17-Mar-17 S+P500 EMINI FUT MAR17 148 Long (226,189) (0.03)%

18-Jan-17 CBOE VIX FUTURE JAN17 (1) Short (972) (0.00)%

13-Mar-17 EURO FX CURR FUT MAR17 (820) Short (1,096,334) (0.16)%

22-Mar-17 US 10YR NOTE (CBT)MAR17 (41) Short (51,760) (0.01)%

15-Feb-17 CBOE VIX FUTURE FEB17 (1) Short (782) (0.00)%

Total future contracts (761,032) (0.11)%

INRIS UCITS PLC

243


Total derivative financial instruments (20,448,641) (2.96)%

143,957,000 20.85%

241,756,264 35.02%

(5,184,237) (0.75)%

Net assets attributable to redeemable participating shareholders 690,345,336 100.00%


Due from/to broker


INRIS UCITS PLC

244

PORTFOLIO STATEMENT OF R 2020 FUND (UNAUDITED) as at 31 December 2016


EUR Assets


Argentina - 1.11%

168,000,000 Aeropuertos Argent USD 401,050 0.29%

300,000,000 Bco De Galicia Y USD 289,405 0.21%

1,000,000,000 Ypf Sociedad Anonima USD 407,717 0.30%

500,000,000 Cablevision Sa USD 434,641 0.32%

Total Argentina 1,532,813 1.11%

Austria - 0.65%

500,000,000 Raiffeisen Bank Intl EUR 890,072 0.65%

Total Austria 890,072 0.65%

Brazil - 0.21%

500,000,000 Banco Daycoval Sa USD 292,960 0.21%

Total Brazil 292,960 0.21%

British Virgin Islands - 0.29%

852,390,000 Gold Fields Orogen Hold USD 187,343 0.14%

500,000,000 Franshion Development USD 213,979 0.16%

Total British Virgin Islands 401,322 0.29%

Canada - 2.98%

780,000,000 Bombardier Inc EUR 1,058,140 0.77%

350,000,000 First Quantum Minerals L USD 192,463 0.14%

489,137,000 Iamgold Corp USD 631,809 0.46%

650,000,000 Teck Resources Limited USD 522,636 0.38%

400,000,000 Air Canada USD 843,937 0.61%

850,000,000 Bombardier Inc USD 852,216 0.61%

Total Canada 4,101,201 2.98%

Cayman Islands - 1.83%

646,200,000 Suzano Trading Ltd USD 393,724 0.29%

162,800,000 Embraer Overseas Ltd USD 305,760 0.22%

208,675,000 Noble Holding Intl Ltd USD 18,251 0.01%

300,000,000 Agricola Senior Trust USD 336,644 0.24%

538,764,000 Transocean Inc USD 806,566 0.59%

600,000,000 Ccbl Cayman 1 Corp USD 278,429 0.20%

500,000,000 Tam Capital 3 Inc USD 195,307 0.14%

650,000,000 Alpha Star Holding Ltd USD 186,240 0.14%

Total Cayman Islands 2,520,921 1.83%

China - 1.19%

484,500,000 Parkson Retail Group Ltd USD 276,951 0.20%

500,000,000 Jd.Com Inc USD 281,473 0.20%

300,000,000 Xinyuan Real Estate USD 551,074 0.40%

350,000,000 China Sce Property Hldgs USD 524,066 0.38%

Total China 1,633,564 1.19%

Colombia - 0.26%

620,000,000 Bancolombia Sa USD 354,231 0.26%

Total Colombia 354,231 0.26%

INRIS UCITS PLC

245

PORTFOLIO STATEMENT OF R 2020 FUND (UNAUDITED) (CONTINUED) as at 31 December 2016


EUR Assets

Corporate bonds (continued)

Costa Rica - 0.28%

500,000,000 Banco Nal Costa Rica USD 384,451 0.28%

Total Costa Rica 384,451 0.28%

Croatia - 0.23%

325,000,000 Agrokor D.D EUR 313,032 0.23%

Total Croatia 313,032 0.23%

Finland - 0.68%

500,000,000 Teollisuuden Voima Oyj EUR 931,157 0.68%

Total Finland 931,157 0.68%

France - 8.64%

750,000,000 New Areva Holding Sa EUR 806,000 0.59%

400,000,000 Vallourec Sa EUR 711,851 0.52%

570,000,000 Cerba European Lab Sas EUR 617,142 0.45%

500,000,000 Italcementi Finance EUR 855,796 0.62%

500,000,000 Tereos Finance Groupe I EUR 851,460 0.62%

300,000,000 Rallye Sa EUR 620,607 0.45%

190,000,000 Oberthur Tech Hlds EUR 946,125 0.69%

525,000,000 Eramet EUR 772,684 0.56%

464,600,000 Rallye Sa EUR 394,274 0.29%

360,000,000 Financiere Quick Sas EUR 533,495 0.39%

350,000,000 Neopost Sa EUR 291,972 0.21%

355,000,000 Labeyrie Fine Foods Sas EUR 930,983 0.68%

145,000,000 Financiere Quick Sas EUR 382,585 0.28%

380,000,000 Novafives Sas EUR 1,018,474 0.74%

536,776,000 Thom Europe Sas EUR 1,058,165 0.77%

725,000,000 Cma Cgm Sa EUR 186,812 0.14%

245,000,000 Albea Beauty Holdings Sa EUR 524,750 0.38%

385,000,000 Albea Beauty Holdings Sa USD 380,072 0.28%

Total France 11,883,247 8.64%

Georgia - 0.14%

250,000,000 Georgian Oil + Gas Corp USD 198,388 0.14%

Total Georgia 198,388 0.14%

Germany - 1.37%

325000000 Techem Energy Met EUR 522,813 0.38%

850000000 Thyssenkrupp Ag EUR 1,045,950 0.76%

400,000,000 Senvion Holding Gmbh EUR 316,500 0.23%

Total Germany 1,885,263 1.37%

Hong Kong - 1.36%

500,000,000 Baosteel Financing 2015 USD 288,596 0.20%

900,000,000 Huarong Finance Ii USD 279,830 0.20%

670,000,000 Haitong Intl Fin Hldg 15 USD 190,238 0.13%

500,000,000 Icbc Asia Ltd USD 302,641 0.22%

1,000,000,000 Icici Bank Ltd/Hong Kong USD 310,359 0.23%

825,000,000 Studio City Finance Ltd USD 494,193 0.36%

Total Hong Kong 1,865,857 1.36%

INRIS UCITS PLC

246



EUR Assets


India - 0.88%

900,000,000 Vedanta Resources Plc USD 594,738 0.43%

1,200,000,000 Vedanta Resources Plc USD 47,879 0.03%

350,000,000 Gcx Ltd USD 568,357 0.41%

Total India 1,210,974 0.88%

Ireland - 0.36%

375,000,000 Fly Leasing Ltd USD 497,156 0.36%

Total Ireland 497,156 0.36%

Italy - 3.89%

921,750,000 Intesa Sanpaolo Spa EUR 881,404 0.64%

579,012,000 Unicredit Spa EUR 572,328 0.42%

375,000,000 Mediaset Spa EUR 1,080,710 0.79%

600,000,000 Salini Impregilo Spa EUR 957,218 0.70%

149,284,000 Kedrion Spa EUR 846,851 0.62%

738,584,000 Leonardo Finmeccanica Sp EUR 1,016,456 0.74%

Total Italy 5,354,967 3.89%

Jamaica - 0.24%

2,000,000,000 Digicel Group Ltd USD 327,270 0.24%

Total Jamaica 327,270 0.24%

Jersey - 0.79%

1,250,000,000 Lincoln Finance Ltd EUR 1,091,250 0.79%

Total Jersey 1,091,250 0.79%

Kazakhstan - 0.17%

560,000,000 Zhaikmunai Llp USD 232,283 0.17%

Total Kazakshtan 232,283 0.17%

Luxembourg - 7.44%

450,000,000 Cirsa Funding Luxembourg EUR 861,712 0.63%

2,475,000,000 Wind Acquisition Fin Sa EUR 306,380 0.22%

500,000,000 Arcelormittal EUR 1,052,740 0.77%

2,000,000,000 Intelsat Luxembourg Sa USD 32,155 0.02%

800,000,000 Gazprom (Gaz Capital Sa) USD 289,136 0.21%

300,000,000 Befesa Zc (Via Zinc Cap) EUR 618,753 0.45%

600,000,000 Ineos Group Holdings Sa EUR 921,317 0.67%

435,000,000 Bmbg Bond Finance Sca EUR 835,400 0.61%

1,750,000,000 Wind Acquisition Fin Sa EUR 730,625 0.53%

1,000,000,000 Cnh Industrial Fin Eur S EUR 832,084 0.60%

250,000,000 Aldesa Financial Servcs EUR 485,450 0.35%

235,000,000 Monitchem Holdco 3 S.A. EUR 828,728 0.60%

415,000,000 Play Topco Sa EUR 510,963 0.37%

428,000,000 Picard Bondco EUR 1,051,705 0.76%

1,500,000,000 Intelsat Jackson Hldg USD 280,398 0.20%

756,095,000 Arcelormittal USD 521,451 0.38%

731,884,000 Intelsat Connect Finance USD 79,943 0.06%

Total Luxembourg 10,238,940 7.44%

INRIS UCITS PLC

247



EUR Assets


Malaysia - 0.21%

1,250,000,000 Petronas Global Sukuk Lt USD 284,427 0.21%

Total Malaysia 284,427 0.21%

Mexico - 0.33%

480,893,000 Controladora Mabe Sa Cv USD 256,577 0.19%

1,250,000,000 Petroleos Mexicanos USD 202,418 0.15%

Total Mexico 458,995 0.33%

Mongolia - 0.26%

500,000,000 Trad + Dev Bank Mongolia USD 364,112 0.26%

Total Mongolia 364,112 0.26%

Netherlands - 4.58%

775,000,000 United Group Bv EUR 629,910 0.46%

300,000,000 Carlson Wagonlit Bv EUR 754,997 0.55%

71,686,000 Ziggo Bv EUR 835,104 0.61%

1,000,000,000 Lukoil Intl Finance Bv USD 206,058 0.15%

1,250,000,000 Majapahit Holding Bv USD 319,981 0.23%

400,000,000 Grupo Antolin Dutch Bv EUR 830,600 0.60%

300,000,000 Constellium Nv EUR 870,300 0.63%

750,000,000 Petrobras Global Finance EUR 599,967 0.44%

171,427,000 Indo Energy Finance Bv USD 534,724 0.39%

300,000,000 First Bnk Nigeria USD 195,544 0.14%

270,000,000 Portaventura Ent Barc EUR 521,750 0.38%


Nigeria - 0.17%

500,000,000 Zenith Bank Plc USD 231,771 0.17%

Total Nigeria 231,771 0.17%

Panama - 0.32%

550,000,000 Global Bank Corporation USD 436,241 0.32%

Total Panama 436,241 0.32%

Paraguay - 0.22%

300,000,000 Regional Saeca USD 301,849 0.22%

Total Paraguay 301,849 0.22%

Poland - 0.22%

725,000,000 Play Finance 2 Sa EUR 305,876 0.22%

Total Poland 305,876 0.22%

Singapore - 1.17%

230,000,000 Pacific Emerald Pte Ltd USD 399,336 0.29%

248,256,000 Marquee Land Pte USD 202,418 0.15%

235,000,000 Alam Synergy Pte Ltd USD 385,873 0.28%

365,000,000 Ottawa Holdings Pte Ltd USD 134,629 0.10%

350,000,000 Golden Legacy Pte Ltd USD 490,891 0.36%

Total Singapore 1,613,147 1.17%

INRIS UCITS PLC

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EUR Assets


South Africa - 0.35%

1,750,000,000 Eskom Holdings Soc Ltd USD 476,376 0.35%

Total South Africa 476,376 0.35%

Spain - 1.37%

500,000,000 Abengoa Sa EUR 17,860 0.02%

250,000,000 Nh Hotel Group Sa EUR 872,664 0.63%

550,000,000 Abengoa Finance Sau EUR 39,960 0.03%

265,000,000 Abengoa Greenfield Sa EUR 25,116 0.02%

323,550,000 Almirall Sa EUR 933,300 0.68%

Total Spain 1,888,900 1.37%

Sri Lanka - 0.31%

250,000,000 National Savings Bank USD 233,994 0.17%

175,000,000 Srilankan Airlines Ltd USD 186,139 0.14%

Total Sri Lanka 420,133 0.31%

Sweden - 0.65%

200,000,000 Stena Ab EUR 890,248 0.65%

Total Sweden 890,248 0.65%

850,000,000 Petro Co Trin/Tobago Ltd USD 409,997 0.30%

Total Trinidad and Tobabgo 409,997 0.30%

Turkey - 2.12%

500,000,000 Yapi Ve Kredi Bankasi As USD 406,749 0.29%

750,000,000 Turkiye Halk Bankasi As USD 222,199 0.16%

750,000,000 Turkiye Is Bankasi A.S USD 231,400 0.17%

250,000,000 Yasar Holding USD 432,623 0.31%

750,000,000 Turkiye Is Bankasi A.S USD 181,184 0.13%

500,000,000 Turkiye Halk Bankasi As USD 355,388 0.26%

500,000,000 Akbank Tas USD 184,252 0.13%

500,000,000 Export Credit Bank Of Tu USD 186,034 0.14%

300,000,000 Turkiye Sinai Kalkinma B USD 445,089 0.32%

500,000,000 Tc Ziraat Bankasi As USD 272,795 0.20%

Total Turkey 2,917,713 2.12%

750,000,000 Mhp Sa USD 182,982 0.13%

Total Ukraine 182,982 0.13%

500,000,000 Axis Bank/Dubai USD 278,537 0.20%

Total United Arab Emirates 278,537 0.20%

Trinidad and Tobabgo - 0.30%

Ukraine - 0.13%

United Arab Emirates - 0.20%

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EUR Assets



700,000,000 Ote Plc EUR 923,886 0.67%

600,000,000 Viridian Group Fundco Ii EUR 964,125 0.70%

350,000,000 Interoute Finco Plc EUR 864,236 0.63%

175,000,000 Avis Budget Finance Plc EUR 526,723 0.38%

750,000,000 Anglo American Capital EUR 821,360 0.60%

300,000,000 Inovyn Finance Plc EUR 959,252 0.70%

400,000,000 Intl Personal Finance Pl EUR 638,000 0.46%

650,000,000 Tullow Oil Plc USD 181,560 0.13%

447,855,000 Virgin Media Secured Fin USD 752,844 0.55%

500,000,000 Anglo American Capital USD 387,770 0.28%

Total United Kingdom 7,019,756 5.10%


1,000,000,000 Reliance Holdings Usa USD 250,224 0.18%

1,000,000,000 Bbva Bancomer Sa Texas USD 261,318 0.19%

700,000,000 International Game Tech EUR 1,078,675 0.78%

400,000,000 Ball Corp EUR 665,400 0.48%

400,000,000 Cemex Finance Llc EUR 936,054 0.68%

638,603,000 Gerdau Holdings Inc USD 254,800 0.19%

500,000,000 Xpo Logistics Inc EUR 957,038 0.70%

699,990,000 Windstream Services Llc USD 440,721 0.32%

1,009,000,000 Avaya Inc USD 41,716 0.03%

399,818,000 Commercial Metals Co USD 302,915 0.22%

1,300,000,000 Sprint Communications USD 98,483 0.07%

282,387,000 Goodyear Tire + Rubber USD 1,013,859 0.74%

400,000,000 Jc Penney Corp Inc USD 689,810 0.50%

124,143,000 Intl Game Technology USD 739,512 0.54%

1,021,505,000 Frontier Communications USD 499,526 0.36%

250,000,000 Choice Hotels Intl Inc USD 446,445 0.32%

900,000,000 Cablevision Systems Corp USD 493,600 0.36%

499,000,000 Hertz Corp USD 477,601 0.35%

235,000,000 New Enterprise Stone + L USD 950,462 0.69%

1,200,000,000 Chs/Community Health Sys USD 290,230 0.21%


2,000,000,000 Dish Dbs Corp USD 773,288 0.56%

400,000,000 Amkor Technology Inc USD 537,746 0.39%


206,098,000 Nrg Energy Inc USD 69,519 0.05%

900,000,000 Hughes Satellite Systems USD 1,044,086 0.76%

500,000,000 Alliance Data Systems Co USD 386,347 0.28%

400,000,000 Production Res Group USD 237,023 0.17%

1,549,995,000 Hexion Inc USD 337,521 0.25%

1,000,000,000 L Brands Inc USD 427,589 0.31%

400,000,000 Dell Inc USD 969,424 0.70%

1,250,000,000 Arconic Inc USD 902,637 0.66%

400,000,000 Celanese Us Holdings Llc USD 316,171 0.23%

400,000,000 Calatlantic Group Inc USD 831,951 0.60%

574,016,000 Hexion Inc/Hexion Nova USD 186,063 0.14%

1,250,000,000 Centurylink Inc USD 1,002,607 0.73%

325,000,000 Gci Inc USD 585,921 0.43%

INRIS UCITS PLC

250



EUR Assets


United States of America (continued)

300,000,000 United Continental Hldgs USD 506,044 0.37%

250,000,000 Rent A Center Inc USD 475,677 0.35%

338,758,000 Crestwood Midstream Part USD 537,094 0.39%

499,925,000 Hecla Mining Co USD 633,207 0.46%

1,697,870,000 Icahn Enterprises/Fin USD 437,841 0.32%

1,500,000,000 Cequel Com Hldg I/Cap Cp USD 244,726 0.18%

250,000,000 99 Cents Only Stores Llc USD 98,483 0.07%

850,000,000 Terex Corp USD 437,841 0.32%

1,000,000,000 Hca Holdings Inc USD 818,203 0.59%

630,000,000 Usi Inc/Ny USD 483,823 0.35%

290,000,000 Avaya Inc USD 63,107 0.05%

645,000,000 Universal Hospital Servi USD 566,011 0.41%

440,067,000 Aleris Intl Inc USD 534,914 0.39%

350,000,000 Ashton Woods Usa/Finance USD 687,959 0.50%

400,000,000 American Axle + Mfg Inc USD 588,765 0.43%

450,000,000 Rr Donnelley + Sons Co USD 343,446 0.25%

500,000,000 Intl Lease Finance Corp USD 689,381 0.50%

272,264,000 Chesapeake Energy Corp USD 312,752 0.23%

525,000,000 Antero Resources Corp USD 292,975 0.21%

289,975,000 Lin Television Corp USD 343,861 0.25%

835,000,000 Vector Group Ltd USD 495,378 0.36%

500,000,000 Isle Of Capri Casinos USD 392,747 0.29%

999,940,000 Mgm Resorts Intl USD 438,706 0.32%

400,000,000 Nationstar Mort/Cap Corp USD 446,665 0.32%

375,000,000 Triumph Group Inc USD 388,018 0.28%

265,000,000 Flexi Van Leasng USD 216,876 0.16%

550,000,000 Transdigm Inc USD 437,574 0.32%

383,625,000 Mrt Mid Part/Mrt Mid Fin USD 564,589 0.41%

850,000,000 Tenet Healthcare Corp USD 660,346 0.48%

297,671,000 Ladder Cap Fin Lllp/Corp USD 475,824 0.35%

250,000,000 Artesyn Embedded Technol USD 261,673 0.19%

1,250,000,000 T Mobile Usa Inc USD 694,359 0.50%

930,000,000 Apx Group Inc USD 479,972 0.35%

719,465,000 Apx Group Inc USD 427,319 0.31%

350,000,000 Radian Group Inc USD 695,188 0.51%

600,000,000 Ncl Corp Ltd USD 96,942 0.07%

1,000,000,000 Ball Corp USD 596,587 0.43%

350,000,000 Radian Group Inc USD 740,815 0.54%

600,000,000 Ally Financial Inc USD 1,084,066 0.79%

300,000,000 Hub International Ltd USD 245,615 0.18%

500,000,000 Sabra Health/Captl Corp USD 488,267 0.36%

760,000,000 Blueline Rental Finance USD 743,304 0.54%

500,000,000 Netflix Inc USD 482,275 0.35%

500,000,000 Cco Hldgs Llc/Cap Corp USD 586,209 0.43%

500,000,000 Aircastle Ltd USD 861,282 0.63%

1,991,620,000 Sabine Pass Liquefaction USD 815,359 0.59%

450,000,000 Realogy Group/Co Issuer USD 294,027 0.21%

399,966,000 Titan International Inc USD 258,354 0.19%

450,000,000 Allegiant Travel Co USD 73,596 0.05%

600,000,000 Sanchez Energy Corp USD 678,597 0.49%

200,000,000 Mediacom Brdbnd Llc/Corp USD 486,490 0.35%

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251



EUR Assets


500,000,000 American Airlines Group USD 578,099 0.42%

465,000,000 Kcg Holdings Inc USD 609,813 0.44%

500,000,000 Navient Corp USD 987,201 0.72%

325,000,000 Cno Financial Group Inc USD 585,921 0.43%

Total United States of America 47,945,725 34.86%

Total corporate bonds 120,867,039 87.87%


Argentina - 0.57%

899,500,000 Provincia De Buenos USD 374,970 0.27%

500,000,000 City Of Buenos Aires USD 212,373 0.15%

4,500,000,000 Republic Of Argentina USD 202,417 0.14%

Total Argentina 789,760 0.57%

Gabon - 0.18%

161,239,000 Republic Of Gabon USD 246,785 0.18%

Total Gabon 246,785 0.18%

India - 0.20%

500,000,000 Export Import Bk India USD 281,546 0.20%

Total India 281,546 0.20%

Kazakhstan - 0.15%

600,000,000 Kazagro Natl Mgmt Hldg EUR 200,265 0.15%


Mongolia - 0.27%

580,000,000 Devt Bank Of Mongolia USD 372,599 0.27%


Nigeria - 0.31%

500,000,000 Republic Of Nigeria USD 432,299 0.31%

Total Netherlands 432,299 0.31%

Senegal - 0.19%

500,000,000 Republic Of Senegal USD 265,598 0.19%

Total Senegal 265,598 0.19%


INRIS UCITS PLC

252



EUR Assets

Equity - 0.02%

Canada - 0.02%

785 Pacific Exploration + Prod USD 30,287 0.02%

Total Canada 30,287 0.02%

Total equity 30,287 0.02%



SOLD USD/BOUGHT EUR 16-Mar-17 24,211,316 25,474,090 145,452 0.11%

SOLD USD/BOUGHT EUR 1-Jun-17 2,000,000 2,089,840 18,935 0.01%

SOLD USD/BOUGHT EUR 1-Jun-17 48,914,987 52,049,506 (425,383) (0.31)%

(260,996) (0.19)%

(260,996) (0.19)%

Cash and cash equivalents 3,292,194 2.39%

Due from broker 7,958,104 5.79%

Other net assets 3,072,362 2.23%


participating shareholders 137,547,842 100.00%





INRIS UCITS PLC

253

PORTFOLIO STATEMENT OF R KARYA MACRO FUND (UNAUDITED) as at 31 December 2016


EUR Assets



73,000,000 FNMA TBA 15 YR 2.5 USD 69,325,615 154.64%

21,000,000 FNMA TBA 15 YR 2.5 USD 19,920,431 44.44%

(25,000,000) FNMA TBA 30 YR 3 USD (23,512,397) (52.45)%

23,000,000 FNMA TBA 30 YR 3.5 USD 22,186,789 49.49%

37,650,000 FHLMC TBA 15 YR 2.5 USD 35,762,594 79.78%

5,000,000 FHLMC TBA 30 YR 3.5 USD 4,854,331 10.83%

23,300,000 GNMA II TBA 30 YR 3 USD 22,368,832 49.90%


Total Corporate Bonds 150,906,195 336.63%


EUR Assets

Government Bonds - 55.54%


1 TSY INFL IX N/B USD 1 0.00%

7,172,800 US TREASURY N/B USD 6,566,844 14.65%

6,001,775 TSY INFL IX N/B USD 5,743,421 12.81%

13,722,035 TSY INFL IX N/B USD 12,587,872 28.08%


Total Government Bonds 24,898,138 55.54%

Notional amount Derivative name Currency Fair Value % of Net

EUR Assets

Options - 1.67%

218 EURO STOXX 50 INDEX EUR 164,372 0.36%

132 EURO STOXX 50 PR EUR 303,072 0.68%

7,000,000 2I667DAZ7 Jan 2017 Puts strike 110 EUR 8,996 0.02%

10,500,000 2I666VBO2 Feb 2017 Puts strike 85 EUR 9,369 0.02%


INRIS UCITS PLC

254

PORTFOLIO STATEMENT OF R KARYA MACRO FUND (UNAUDITED) (CONTINUED) as at 31 December 2016


EUR Assets

Options (continued)

35,000,000 2I666VBO2 Jan 2017 Puts strike 80 EUR 21,215 0.05%

3,500,000 2I667KFK9 Mar 2017 Puts strike 350 EUR (16,544) (0.04)%

10,500,000 2I667DAZ7 Jan 2017 Puts strike 110 EUR 9,189 0.02%

36,000,000 2I65BYDL6 Jan 2017 Puts strike 80 USD 19,159 0.04%

21,000,000 2I65BYDL6 Feb 2017 Puts strike 75 USD (21,731) (0.05)%


6,000,000 2I65BRNE6 Jan 2017 Puts strike 101 USD 34,076 0.08%

6,000,000 2I65BRNE6 Mar 2017 Puts strike 101 USD (55,180) (0.12)%


24,500,000 2I666VBO2 Jan 2017 Calls strike 67.5 EUR 2,840 0.01%


6,000,000 2I667KFK9 Jan 2017 Puts strike 375 EUR 40,444 0.09%

6,000,000 2I667KFK9 Mar 2017 Puts strike 362.5 EUR (67,916) (0.15)%

6,000,000 2I65BRNE6 Jan 2017 Puts strike 101 USD 32,797 0.07%

6,000,000 2I65BRNE6 Mar 2017 Puts strike 101 USD (54,824) (0.12)%

16,250,000 2I65BYDL6 Jan 2017 Calls strike 72.5 USD (15,847) (0.04)%


1,750,000 2I65BRNE6 Feb 2017 Puts strike 104 USD (6,172) (0.01)%

1,750,000 2I65BRNE6 Mar 2017 Puts strike 103.5 USD (6,290) (0.01)%

10,500,000 2I65BYDL6 Jan 2017 Calls strike 67.5 USD 2,519 0.01%

10,500,000 2I65BYDL6 Jan 2017 Puts strike 77.5 USD 6,671 0.01%

21,000,000 2I65BYDL6 Feb 2017 Calls strike 65 USD 7,847 0.02%

14,000,000 2I65BYDL6 Jan 2017 Calls strike 65 USD 6,538 0.01%


3,500,000 2I65BRNE6 Jun 2017 Puts strike 101 USD (4,597) (0.01)%

9,700,000 2I667KFK9 Jan 2017 Puts strike 387.5 EUR 79,114 0.18%

6,500,000 2I667DAZ7 Feb 2017 Puts strike 125 EUR 27,072 0.06%

17,500,000 2I666VBO2 Feb 2017 Puts strike 80 EUR 592 0.00%

17,500,000 2I65BYDL6 Feb 2017 Puts strike 75 USD (1,272) 0.00%


3,000,000 2I65BRNE6 Jun 2017 Puts strike 101 USD (1,961) 0.00%

6,000,000 USDCAD 28 Sep 17 C1.35 USD 34,424 0.08%

3,000,000 GBPUSD 21 Jul 17 P1.15 GBP (15,277) (0.03)%

3,000,000 GBPUSD 21 Jul 17 C1.3 GBP (20,922) (0.05)%

9,000,000 NZDUSD 17 Feb 17 P.69 NZD 2,969 0.01%

6,000,000 AUDUSD 11 May 17 C.77 AUD 38,986 0.09%

6,000,000 AUDUSD 11 May 17 P.77 AUD (120,925) (0.27)%

2,500,000 USDJPY 13 Jan 17 P100 USD 42,324 0.09%

2,500,000 USDJPY 13 Jan 17 C108 USD (135,764) (0.30)%

2,500,000 USDJPY 13 Jan 17 P100 USD (54,266) (0.12)%

2,500,000 USDJPY 13 Jan 17 C108 USD 155,691 0.35%

8,750,000 USDKRW 17 Mar 17 C1200 USD 38,769 0.09%

8,750,000 USDKRW 17 Mar 17 C1250 USD (11,318) (0.03)%

6,000,000 AUDUSD 11 May 17 C.77 AUD (106,194) (0.24)%

6,000,000 AUDUSD 11 May 17 P.77 AUD 181,859 0.41%

9,000,000 NZDUSD 17 Feb 17 P.69 NZD (54,058) (0.12)%

9,000,000 NZDUSD 17 Feb 17 P.69 NZD 4,521 0.01%

9,000,000 NZDUSD 17 Feb 17 P.69 NZD (53,927) (0.12)%

6,000,000 USDKRW 24 Feb 17 C1200 USD 29,850 0.07%

10,500,000 USDJPY 17 Mar 17 P110 USD (39,297) (0.09)%

10,500,000 USDJPY 17 Mar 17 C120 USD (40,010) (0.09)%

Derivative financial instruments (continued)

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255



EUR Assets

Options (continued)

16,500,000 USD SWAPTION 01/13/17 IRS REC 2.23% 01/17/17-01/17USD 35,467 0.08%

16,500,000 USD SWAPTION 02/10/17 IRS REC 2.2% 02/14/17-02/14/USD 69,269 0.15%

3,500,000 GBP SWAPTION 06/09/17 IRS REC 1.45% 06/09/17-06/09GBP 35,034 0.08%

3,500,000 GBP SWAPTION 06/09/17 IRS PAY 1.45% 06/09/17-06/09GBP (28,022) (0.06)%

18,000,000 USD SWAPTION 11/07/17 IRS PAY 2.5% 11/09/17-11/09/USD 156,860 0.35%

7,000,000 USD SWAPTION 12/03/18 IRS REC 2.6% 12/05/18-12/05/USD (12,123) (0.03)%

7,000,000 USD SWAPTION 12/03/18 IRS PAY 2.6% 12/05/18-12/05/USD (20,819) (0.05)%

1,500,000,000 JPY SWAPTION 09/29/17 IRS PAY 0.5% 10/03/17-10/03/JPY 327,292 0.73%

56,000,000 USD SWAPTION 12/29/17 IRS PAY 2.5% 01/03/18-01/03/USD (64,056) (0.14)%

8,400,000 EUR SWAPTION 03/09/17 IRS REC 0.175% 03/13/17-03/1EUR (13,758) (0.03)%

8,400,000 EUR SWAPTION 03/09/17 IRS PAY 0.175% 03/13/17-03/1EUR 16,418 0.04%

6,000,000 AUD SWAPTION 01/31/17 IRS PAY 3% 02/01/17-02/01/27AUD 543 0.00%

24,500,000 GBP SWAPTION 02/01/17 IRS PAY 1.1% 02/01/17-02/01/GBP 53,591 0.12%

14,000,000 AUD SWAPTION 02/06/17 IRS PAY 2.15% 02/07/17-02/07AUD (53,484) (0.12)%

3,500,000 USD SWAPTION 12/07/17 IRS REC 2.56% 12/11/17-12/11USD 30,226 0.07%

3,500,000 USD SWAPTION 12/07/17 IRS PAY 2.56% 12/11/17-12/11USD (5,532) (0.01)%


14,000,000 AUD SWAPTION 02/06/17 IRS PAY 2.15% 02/07/17-02/07AUD (52,416) (0.12)%


28,000,000 USD SWAPTION 03/14/17 IRS PAY 2.55% 03/16/17-03/16USD 48,451 0.11%



3,500,000 USD SWAPTION 12/07/17 IRS REC 2.56% 12/11/17-12/11USD (20,422) (0.05)%

3,500,000 USD SWAPTION 12/07/17 IRS PAY 2.56% 12/11/17-12/11USD (56,180) (0.13)%

6,000,000 AUD SWAPTION 01/31/17 IRS PAY 3% 02/01/17-02/01/27AUD 5,281 0.01%

Total Options 1,214,479 2.71%

Derivative financial instruments (continued)


EUR Assets

Credit default swaps - 0.04%

4,103,200 Buy Protection ITRX.SNR.FIN.26 Citi FCM EUR 4,270 0.01%

129,100 Buy Protection ITRX.EUR.XOVER.26 Citi FCM EUR (202) 0.00%

40,755,000 Sell Protection CDX.EUR.ITRX.26 Citi FCM EUR 17,571 0.04%

15,797,400 Buy Protection CDX.NA.HY.27 Citi FCM USD (4,844) (0.01)%

626,600 Sell Protection CDX.NA.IG.27 Citi FCM USD 48 0.00%

Total credit default swaps 16,843 0.04%

INRIS UCITS PLC

256



EUR Assets

Interest rate swaps - (1.90)%

1,400,000 AUD IRS REC 2.0175% 07/14/16-07/14/21 AUD (24,932) (0.06)%

11,600,000 AUD IRS PAY 1.7275% 07/21/16-07/21/18 AUD 30,323 0.07%

9,500,000 AUD IRS REC 1.935% 07/21/16-07/21/21 AUD (193,545) (0.43)%

3,500,000 AUD IRS REC 1.876% 08/17/16-08/17/21 AUD (79,184) (0.18)%

13,000,000 AUD IRS PAY 1.6225% 08/17/16-08/17/18 AUD 52,150 0.12%

5,630,000 AUD IRS PAY 2.03% 11/30/16-11/30/19 AUD 15,125 0.03%

5,630,000 AUD IRS PAY 2.03% 11/30/16-11/30/19 AUD 15,125 0.03%

7,950,000 AUD IRS PAY 2.98% 12/06/16-12/06/26 AUD 7,329 0.02%

10,500,000 AUD IRS PAY 2.98% 12/06/16-12/06/26 AUD 9,680 0.02%

10,000,000 AUD IRS REC 2.2% 01/03/17-01/03/20 AUD 2,857 0.01%

10,000,000 AUD IRS REC 2.198% 01/03/17-01/03/20 AUD 2,452 0.01%

600,000 EUR IRS PAY 0.433% 10/14/16-10/14/26 EUR 11,388 0.03%

680,000 EUR IRS REC 1.272% 12/05/16-12/05/46 EUR 9,755 0.02%

1,830,000 EUR IRS PAY 0.758% 12/20/16-12/20/26 EUR (20,607) (0.05)%

325,000 GBP IRS PAY 0.86% 10/28/16-10/28/21 GBP (85) 0.00%

830,000 GBP IRS PAY 1.38% 12/09/16-12/09/26 GBP (13,807) (0.03)%

365,500,000 JPY IRS REC 0.37% 09/29/16-09/29/36 JPY (150,860) (0.34)%

155,000,000 JPY IRS PAY 0.0525% 10/03/16-10/03/26 JPY 19,128 0.04%

180,000,000 JPY IRS REC 0.363% 10/03/16-10/03/36 JPY (76,372) (0.17)%

250,000,000 JPY IRS REC 0.53% 11/18/16-11/18/36 JPY (40,159) (0.09)%

231,000,000 JPY IRS REC 0.5775% 11/22/16-11/22/36 JPY (19,892) (0.04)%

210,000,000 JPY IRS REC 0.703% 12/15/16-12/15/36 JPY 23,017 0.05%

210,000,000 JPY IRS REC 0.70375% 12/15/16-12/15/36 JPY 23,266 0.05%

5,335,000 USD IRS REC 1.0685% 08/30/16-08/30/19 USD (69,293) (0.15)%

10,400,000 USD IRS REC 1.068% 08/30/16-08/30/19 USD (135,209) (0.30)%

7,250,000 USD IRS PAY 1.328% 09/06/16-09/06/23 USD 334,394 0.75%

1,613,000 USD IRS REC 1.7805% 09/22/16-09/22/36 USD (179,743) (0.40)%

14,686,000 USD IRS REC 1.1835% 11/03/16-11/03/19 USD (171,485) (0.38)%

7,436,000 USD IRS REC 1.1885% 11/03/16-11/03/19 USD (85,836) (0.19)%

55,000,000 USD IRS PAY 1.23% 11/16/16-11/16/18 USD 178,041 0.40%

13,050,000 USD IRS PAY 2.064% 11/21/16-11/21/26 USD 255,537 0.57%

5,260,000 USD IRS PAY 2.26% 12/12/16-12/12/26 USD 16,255 0.04%

10,010,000 USD IRS PAY 2.36% 12/14/16-12/14/26 USD (54,870) (0.12)%

6,485,000 USD IRS PAY 2.4455% 12/16/16-12/16/26 USD (83,026) (0.19)%

5,741,540 USD IRS PAY 2.488% 12/19/16-12/19/26 USD (94,138) (0.21)%

5,460,000 USD IRS PAY 2.50003% 12/19/16-12/19/26 USD (95,181) (0.21)%

5,737,270 USD IRS PAY 2.472% 12/19/16-12/19/26 USD (86,159) (0.19)%

4,780,000 USD IRS PAY 2.69244% 12/19/16-12/19/46 USD (139,265) (0.31)%

1,350,000 USD IRS PAY 2.696% 12/21/16-12/21/46 USD (40,305) (0.09)%

4,340,000 USD IRS PAY 2.47677% 12/22/16-12/22/26 USD (66,833) (0.15)%

16,095,000 USD IRS PAY 1.97% 12/23/16-12/23/21 USD (30,464) (0.07)%

1,100,000 USD IRS REC 2.62275% 01/03/17-01/03/47 USD 16,403 0.04%

1,050,000 USD IRS REC 2.61193% 01/04/17-01/04/47 USD 13,321 0.03%

32,750,000 USD IRS PAY 1.47% 01/04/17-01/04/19 USD (10,618) (0.02)%

23,100,000 USD IRS REC 1.995% 01/04/17-01/04/22 USD 63,426 0.14%

3,150,000 USD IRS REC 2.34241% 01/04/17-01/04/27 USD 11,027 0.02%

Total interest rate swaps (851,869) (1.90)%

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257


No. of Future Position Currency Fair Value % of Net

contracts US$ Assets


98 AUST 10Y BOND FUT MAR17 Short AUD 34,489 0.08%

(365) AUST 3YR BOND FUT MAR17 Long AUD (17,739) (0.04)%

9 CAC40 10 EURO FUT JAN17 Long EUR 3,170 0.01%

7 CAC40 10 EURO FUT MAR17 Long EUR 910 0.00%

17 DAX INDEX FUTURE MAR17 Short EUR 20,325 0.05%

15 EURO-BUND FUTURE MAR17 Long EUR 39,050 0.09%

(4) EURO BUXL 30Y BND MAR17 Long EUR (14,640) (0.03)%

(26) EURO STOXX 50 MAR17 Short EUR (4,940) (0.01)%

(21) LONG GILT FUTURE MAR17 Long GBP (55,588) (0.12)%

68 YEN DENOM NIKKEI MAR17 Long JPY (90,249) (0.20)%

(88) US ULTRA BOND CBT MAR17 Short USD (226,890) (0.51)%

(167) 90DAY EUR FUTR SEP19 Long USD 3,863 0.01%

1,232 US 5YR NOTE (CBT) MAR17 Long USD 303,293 0.68%

(281) US 2YR NOTE (CBT) MAR17 Short USD (108,379) (0.24)%

(1,108) US 10YR NOTE (CBT)MAR17 Short USD (455,129) (1.02)%

351 EURO FX CURR FUT MAR17 Short USD (45,793) (0.10)%

86 US LONG BOND(CBT) MAR17 Short USD 159,191 0.36%

1 S+P500 EMINI FUT MAR17 Long USD (583) 0.00%

(6) NASDAQ 100 E-MINI MAR17 Long USD 7,585 0.02%

91 US 10YR ULTRA FUT MAR17 Short USD 147,873 0.33%

Total futures contracts (300,181) (0.67)%


date bought sold EUR Assets

BOUGHT AUD/SOLD USD 15-Mar-17 11,784,508 16,334,820 (132,353) (0.30)%

BOUGHT CAD/SOLD USD 15-Mar-17 2,986,792 3,986,383 (50,557) (0.11)%

BOUGHT GBP/SOLD USD 15-Mar-17 1,632,000 1,328,131 4,994 0.01%

BOUGHT GBP/SOLD USD 15-Mar-17 680,000 547,663 (9,758) (0.02)%

BOUGHT JPY/SOLD USD 15-Mar-17 9,316,000 1,089,387,642 (47,047) (0.10)%

BOUGHT NZD/SOLD USD 15-Mar-17 138,024 200,000 (693) 0.00%

BOUGHT USD/SOLD AUD 15-Mar-17 19,166,021 26,448,796 (253,666) (0.57)%

BOUGHT USD/SOLD EUR 15-Mar-17 46,228,945 43,881,348 (175,875) (0.39)%

BOUGHT USD/SOLD EUR 15-Mar-17 23,237,772 21,950,000 4,553 0.01%

BOUGHT USD/SOLD GBP 15-Mar-17 4,373,953 3,528,263 (58,324) (0.13)%

BOUGHT USD/SOLD JPY 15-Mar-17 11,154,946 1,301,787,030 (137,011) (0.31)%

BOUGHT USD/SOLD KRW 15-Mar-17 2,810,165 3,358,370,555 (38,051) (0.08)%

BOUGHT USD/SOLD NZD 15-Mar-17 564,533 810,401 (8,967) (0.02)%

SOLD AUD/BOUGHT USD 15-Mar-17 19,166,021 26,448,796 297,943 0.66%

SOLD GBP/BOUGHT USD 15-Mar-17 4,033,953 3,250,924 64,816 0.14%

SOLD GBP/BOUGHT USD 15-Mar-17 340,000 277,339 (200) 0.00%

SOLD JPY/BOUGHT USD 15-Mar-17 11,154,946 1,301,787,030 94,154 0.21%

SOLD KRW/BOUGHT USD 15-Mar-17 2,810,165 3,358,370,555 66,121 0.15%

SOLD NZD/BOUGHT USD 15-Mar-17 564,533 810,401 9,590 0.02%

SOLD USD/BOUGHT AUD 15-Mar-17 16,334,820 11,784,508 154,574 0.34%

SOLD USD/BOUGHT CAD 15-Mar-17 3,986,383 2,986,792 39,476 0.09%

SOLD USD/BOUGHT EUR 15-Mar-17 577,375 612,000 (830) 0.00%

SOLD USD/BOUGHT EUR 15-Mar-17 49,794,125 52,215,715 461,830 1.03%

SOLD USD/BOUGHT GBP 15-Mar-17 275,324 340,000 (283) 0.00%

SOLD USD/BOUGHT GBP 15-Mar-17 1,600,470 1,972,000 14,364 0.03%

SOLD USD/BOUGHT JPY 15-Mar-17 1,089,387,642 9,316,000 100,776 0.22%

SOLD USD/BOUGHT NZD 15-Mar-17 200,000 138,024 1,765 0.00%

401,341 0.90%Total forward currency contracts


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258


TBA Contract Settle date Notional Fair value % of Net

amount EUR Assets

TBA Contracts - (4.72)%

FNMA TBA 15 YR 2.5 23-Jan-17 257,606,483 (2,120,506) (4.73)%

FNMA TBA 15 YR 2.5 16-Feb-17 20,054,898 322,289 0.72%

FNMA TBA 30 YR 3 18-Jan-17 292,803,924 (135,616) (0.30)%

FNMA TBA 30 YR 3.5 18-Jan-17 266,598,748 (2,203,120) (4.91)%

FNMA TBA 30 YR 3.5 13-Feb-17 31,913,771 167,207 0.37%

FHLMC TBA 15 YR 2.5 23-Jan-17 35,418,013 (214,904) (0.48)%

FHLMC TBA 30 YR 3.5 18-Jan-17 4,828,010 (29,295) (0.07)%

GNMA II TBA 30 YR 3 24-Jan-17 36,495,100 (187,676) (0.42)%

FNMA TBA 15 YR 2.5 23-Jan-17 (189,096,237) 127,742 0.28%

FNMA TBA 30 YR 3 18-Jan-17 (292,824,858) 291,412 0.65%

FNMA TBA 30 YR 3 18-Jan-17 (23,445,346) (202,279) (0.45)%

FNMA TBA 30 YR 3.5 18-Jan-17 (465,413,574) 2,340,539 5.22%

FNMA TBA 30 YR 3.5 13-Feb-17 (9,694,500) (39,072) (0.09)%

GNMA II TBA 30 YR 3 24-Jan-17 (14,429,942) (231,894) (0.52)%

Total TBA Contracts (2,115,173) (4.72)%

(1,634,560) (3.65)%

(3,347,957) (7.47)%

27,467,615 61.27%

(19,926,096) (44.45)%

(133,534,218) (297.87)%

44,829,117 100.00%participating shareholders


Due from broker




Due to broker

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259

PORTFOLIO STATEMENT OF R CFM TRENDS (UNAUDITED) as at 31 December 2016




BOUGHT EUR/SOLD USD 3-Jan-17 461,497 482,795 3,969 0.00%

BOUGHT EUR/SOLD USD 31-Jan-17 12,738,400 13,352,860 101,729 0.07%


BOUGHT GBP/SOLD USD 31-Jan-17 245,000 303,567 (612) 0.00%


SOLD EUR/BOUGHT USD 3-Jan-17 482,415 461,200 (4,035) 0.00%

SOLD GBP/BOUGHT USD 3-Jan-17 40,878,636 33,356,700 (338,553) (0.25)%

948,948 0.69%




EURO CHF 3MO ICE JUN17 19-Jun-17 (182) Short 4,477 0.00%

3MO EUROYEN TFX SEP17 15-Sep-17 19 Long 611 0.00%

FTSE 100 IDX FUT MAR17 17-Mar-17 173 Long 127,859 0.09%

JPN 10Y BOND(OSE) MAR17 13-Mar-17 (14) Short (3,858) 0.00%

BP CURRENCY FUT MAR17 13-Mar-17 (489) Short (124,256) (0.09)%

EURO FX CURR FUT MAR17 13-Mar-17 (129) Short (128,750) (0.09)%

JPN YEN CURR FUT MAR17 13-Mar-17 31 Long 20,988 0.02%

US 10YR NOTE (CBT)MAR17 22-Mar-17 (762) Short (812,984) (0.59)%

US 5YR NOTE (CBT) MAR17 31-Mar-17 (390) Short (246,445) (0.18)%

EURO-BUND FUTURE MAR17 8-Mar-17 128 Long 114,915 0.08%

DAX INDEX FUTURE MAR17 14-Mar-17 15 Long 3,889 0.00%

LONG GILT FUTURE MAR17 29-Mar-17 46 Long 89,337 0.07%

3MO EUROYEN TFX DEC17 18-Dec-17 11 Long 354 0.00%

NASDAQ 100 E-MINI MAR17 17-Mar-17 155 Long (250,410) (0.18)%

90DAY EUR FUTR JUN17 19-Jul-17 84 Long 8,688 0.01%

90DAY EUR FUTR SEP17 18-Jun-17 75 Long 9,900 0.01%

90DAY EUR FUTR DEC17 18-Dec-17 89 Long 13,175 0.01%

3MO EURO EURIBOR JUN17 19-Jun-17 429 Long 21,069 0.02%

3MO EURO EURIBOR DEC17 18-Dec-17 401 Long 19,724 0.01%

3MO EURO EURIBOR SEP17 18-Sep-17 411 Long 20,185 0.01%

90DAY STERLING FU DEC17 20-Nov-17 1,417 Long 141,528 0.10%

90DAY STERLING FU SEP17 20-Sep-17 1,246 Long 85,878 0.06%

90DAY STERLING FU JUN17 21-Jun-17 1,179 Long 26,597 0.02%

EURO CHF 3MO ICE SEP17 18-Sep-17 (131) Short 2,312 0.00%

3MO EUROYEN TFX JUN17 19-Jun-17 31 Long 664 0.00%

S+P500 EMINI FUT MAR17 17-Mar-17 282 Long (323,780) (0.24)%

EURO CHF 3MO ICE DEC17 18-Dec-17 (87) Short 2,140 0.00%

KOREA 3YR BND FUT MAR17 21-Mar-17 (1,380) Short (51,921) (0.04)%

KOSPI2 INX FUT MAR17 9-Mar-17 67 Long 32,394 0.02%



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PORTFOLIO STATEMENT OF R CFM TRENDS (UNAUDITED) (CONTINUED) as at 31 December 2016



Futures contracts (continued)

MSCI TAIWAN INDEX JAN17 23-Jan-17 454 Long 165,880 0.12%

CAD CURRENCY FUT MAR17 14-Mar-17 (98) Short (25,735) (0.02)%

MSCI SING IX ETS JAN17 27-Jan-17 (246) Short 35,336 0.03%

AUDUSD CRNCY FUT MAR17 13-Mar-17 118 Long 12,670 0.01%

CHF CURRENCY FUT MAR17 13-Mar-17 (91) Short (79,100) (0.06)%

NIKKEI 225 MINI MAR17 9-Mar-17 550 Long (129,850) (0.09)%

NZD FUT MAR17 13-Mar-17 224 Long 89,880 0.07%

MEXICAN PESO FUT MAR17 13-Mar-17 (932) Short (95,615) (0.07)%

BANK ACCEPT FUTR JUN17 19-Jul-17 (724) Short (59,990) (0.04)%

BANK ACCEPT FUTR DEC17 18-Dec-17 (450) Short (58,359) (0.04)%

BANK ACCEPT FUTR SEP17 18-Sep-17 (629) Short (70,010) (0.05)%

SPI 200 FUTURES MAR17 16-Mar-17 16 Long 4,942 0.00%

CAN 10YR BOND FUT MAR17 22-Mar-17 (4) Short (2,162) 0.00%

EURO-BTP FUTURE MAR17 8-Mar-17 (140) Short (51,356) (0.04)%

EURO-OAT FUTURE MAR17 8-Mar-17 76 Long 25,630 0.02%

AUST 3YR BOND FUT MAR17 15-Mar-17 (466) Short (107,705) (0.08)%

AUST 10Y BOND FUT MAR17 15-Mar-17 (290) Short (188,648) (0.14)%

EURO-BOBL FUTURE MAR17 8-Mar-17 1,450 Long 203,461 0.15%

HANG SENG IDX FUT JAN17 26-Jan-17 42 Long 75,208 0.05%

(1,451,243) (1.06)%

(502,295) (0.37)%

80,246,531 58.40%

13,146,159 9.57%

44,511,416 32.40%

137,401,811 100.00%

Other net assets



Total futures



Due from broker

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261

STATEMENT OF CHANGES OF COMPOSITION OF THE PORTFOLIO (UNAUDITED) for the financial year ended 31 December 2016

R Parus Fund

Purchases and sales for the period ended 31 December 2016

Purchases* Cost (being the 20 largest in the financial year to 31 December 2016) USD

Wi Treasury Sec 459,650,353 US Treasury Bill 149,858,570 Apple Inc. 75,037,523 Facebook Inc. 66,362,889 Alphabet Inc. Class C 58,121,116 The Priceline Group Inc. 21,377,486 Qualcomm Inc 20,780,418 Tesla Motors Inc 15,130,863 Sanofi 14,688,962 Vipshop Holdings Ltd 13,687,380 Mgic Investment Corperation 13,489,702 DR Horton Inc. 12,512,346 Alibaba Group Holding SP ADR 11,904,543 Banca Monte Dei Paschi Siena. 9,925,356 Lennar Corporation 9,762,839 Radian Group Inc. 9,277,787 Criteo SA Spon ADR 9,153,071 Toll Brothers Inc. 6,619,152 Zillow Group Inc. C 5,251,736 Industria De Diseno Textile 4,129,354

*This data excludes the trading of deriviative financial instruments

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STATEMENT OF CHANGES OF COMPOSITION OF THE PORTFOLIO (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2016


Purchases and sales for the financial year ended 31 December 2016 (continued)

Sales* Proceeds (being the 20 largest in the financial year to 31 December 2016) USD

Wi Treasury Sec 520,000,000 Facebook Inc. 64,210,394 Apple Inc. 60,736,060 Alphabet Inc. Class A 50,312,217 US Treasury Bill 50,000,000 DR Horton Inc 29,927,436 Mgic Investment Corperation 25,088,719 Lennar Corporation 22,518,459 Zillow Group Inc. A 18,648,047 Radian Group Inc. 18,143,565 Tesla Motors Inc. 13,999,546 Banca Monte Dei Paschi Siena. 12,750,895 The Priceline Group Inc. 6,841,972 Toll Brothers Inc. 6,787,221 Asos Plc 6,733,502 Criteo SA Spon ADR 6,551,661 Bank of Ireland 3,970,946 Linkedin Corporation 3,228,910 Qualcom Inc 3,214,160 Newmont Mining Corporation 2,628,155


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Purchases* Cost (being the 20 largest in the financial year to 31 December 2016) EUR Cooperative Rabobank 9,200,000 GE Capital Euro Funding 4,226,419 Svenska Hadelsbanken AB 3,774,200 Deutsch Bahn Finance BV 3,690,738 Erste Abwicklungsanstalt 2,815,832 Kfw 2,672,702 Nestle Finance International Ltd 2,584,467 Banque Fed Cred Mutuel 2,501,102 Nordea Bank AB 2,437,837 The Coca Cola Company 2,191,664 Skandinaviska Enskilda 2,020,005 Metlife Global Funding 1,779,068 Bk Nederlandse Gemeenten 1,720,834 Bank of Nova Scotia 1,702,602 Land Nordrhein Westfalen 1,673,612 French Discount T-Bill 1,660,037 National Australia Bank 1,229,733 Canadian Imperial Bank 1,202,292 European Investment Bank 1,010,380 Roche Holdings Inc 1,007,610


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Purchases and sales for the financial year ended 31 December 2016 (continued)

Sales* Proceeds (being the 20 largest in the financial year to 31 December 2016) EUR Bk Nederlandse Gemeenten 9,284,549 Cooperative Rabobank 8,806,698 Rabobank Nederland 8,804,436 Ge Capital Euro Funding 8,784,368 Banque Fed Cred Mutuel 6,594,014 Svenska Hadelsbanken AB 5,718,595 Commonwealth Bank Australia 5,101,086 National Australia Bank 4,206,918 FMS Wertmanagement 4,002,515 KFW 3,923,880 Bank of Nova Scotia 3,915,157 Neder Waterschapsbank 3,844,282 Skandinaviska Enskilda 3,530,172 The Coca Cola Company 3,448,215 Erste Abwicklungsanstalt 3,402,194 BMW Finance NV 3,100,080 Bank of Montreal 3,089,577 Australia and New Zealand Banking Group 3,001,917 Credit Suisse AG 3,001,342 Mitsubishi UFJ Trust 3,000,742


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Purchases* Cost (being the 20 largest in the period to 31 December 2016) EUR

IVI Umbrella Fund PLC 32,190,626 UK Treasury Bill 28,324,358 Norwegian T Bill 18,610,204 Hays PLC 7,739,966 Schibsted ASA B SHS 7,118,001 The Swatch Group AG 6,060,069 Scout 24 AG 4,143,143 Dutch Treasury Certificate 2,989,647 Hunter Douglas NV 2,760,422 Metso OYJ 2,423,634 Koninklijke Philps NV 2,388,426 CIE Finance Richmont Reg 2,232,015 Netherlands Government 2,156,794 Vivendi 2,130,107 MTU Aero Engines AG 1,980,435 Thyssenkrupp AG 1,861,975 Sandvik AB 1,781,039 Serco Group PLC 1,775,154 Axel Springer SE 1,725,103 Heidelbergcement AG 1,666,313


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266


R Intrinsic Value Europe Fund (continued)

Purchases and sales for the period ended 31 December 2016 (continued)

Sales* Proceeds (being the 20 largest in the period to 31 December 2016) EUR

UK Treasury Bill 36,224,991 IVI Umbrella Fund PLC 32,190,626 Norwegian T Bill 15,618,805 Sandvik AB 10,664,780 Netherlands Government 7,805,774 Deutsche Boerse AG 5,565,698 Heidelbergcement AG 5,305,398 Addidas AG 4,923,476 Thyssenkrupp AG 4,249,600 CRH PLC 4,144,618 Kuna 3,445,131 Sodexo 3,090,822 Adris Grupa DD Preference 2,993,490 Dutch Treasury Certificate 2,986,722 Denmark Treasury Bill 2,819,435 Svenska Cellulosa AB SCA B 2,629,850 MTU Aero Engines AG 2,538,345 Shindler Holding Part Certificate 2,493,189 Metso OYJ 2,226,479 Rolls Royce Holdings PLC 2,130,686


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Purchases* Cost (being the 2 in the period to 31 December 2016) EUR French Discount T Bill 711,030,962 Belgium Treasury Certificate 300,505,369


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268




Sales* Proceeds (being the 2 in the period to 31 December 2016) EUR French Discount T Bill 538,000,000 Belgium Treasury Certificate 232,000,000


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269




Purchases* Proceeds EUR Reliance Holdings USA 875,173 Golden Legacy Pte Ltd 687,422 Studio City Finance Ltd 666,804 Petroleos Mexicanos 661,954 China Aoyun Property 574,362 Xinyuan Real Estate 533,381 ICBC Asia Ltd 491,785 Axis Bank Dubai 489,499 China SCE Property Holdings 488,939 Petrobas Global Finance 471,020 Baosteel Financing 2015 466,310 Eskom Holdings SOC Ltd 464,173 Petronas Global Sukuk LT 460,911 Export Import BK India 458,649 Huarong Finance II 446,216 JD.COM Inc 445,711 Aeropuertos Argent 2000 442,748 Turkiye Sinai Kalkinma B 442,469 CCBL Cayman 1 Corp 441,487 Cablevision SA 429,792

*This data excludes the trading of derivative financial instruments. There were no purchases of non-derivative financial instruments in the period.

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Sales* Cost EUR Petroleos Mexicanos 831,125 Reliance Holdings USA 634,808 China Aoyun Property 599,914 Huarong Finance II 562,361 Pratama Agung 562,078 PTTEP Canada Intl FIN LT 516,116 Banco Cont 513,139 Republic of Angola (Northern) 509,950 Fed Republic of Brazil 493,296 Vale Overseas Ltd 481,292 Vingroup JSC 476,954 Bank of Baroda 476,517 Exim Sukuk Malaysia 453,395 Sinochem Overseas Capital 447,344 Citic Ltd 420,268 Oleoducto Central 416,264 International Bank of AZ 411,474 Islamic Republic of Pakistan 394,398 Double Rosy Ltd 385,917 Greenko Dutch BV 385,572

*This data excludes the trading of derivative financial instruments. There were no sales of non-derivative financial instruments in the period.

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R Karya Macro Fund


Purchases* Cost (being the 10 in the period to 31 December 2016) EUR FNMA TBA 15 YR 2.5 1,158,795,525 FNMA TBA 30 YR 3 1,084,794,541 FNMA TBA 30 YR 3.5 1,078,813,889 FHLMC TBA 15 YR 2.5 365,343,810 GNMA II TBA 30 YR 3 306,529,756 FNMA TBA 15 YR 3 265,712,593 US TREASURY N/B 264,315,845 FHLMC TBA 30 YR 3 85,236,898 TSY INFL IX N/B 78,540,929 FHLMC TBA 30 YR 3.5 27,656,423


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R Karya Macro Fund


Sales* Proceeds (being the 10 in the period to 31 December 2016) EUR FNMA TBA 30 YR 3 1,108,151,988 FNMA TBA 15 YR 2.5 1,071,483,000 FNMA TBA 30 YR 3.5 1,053,687,817 FHLMC TBA 15 YR 2.5 331,044,632 GNMA II TBA 30 YR 3 285,214,178 FNMA TBA 15 YR 3 266,222,047 US TREASURY N/B 257,528,881 FHLMC TBA 30 YR 3 84,962,044 TSY INFL IX N/B 57,496,393 FHLMC TBA 30 YR 3.5 22,634,170


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SECURITIES FINANCING TRANSACTIONS DISCLOSURES (UNAUDITED) for the financial year ended 31 December 2016 Background The Securities Financing Transaction Regulation (“SFTR” or “Regulations”) came into effect on 12 January 2016. The Regulations provide for reporting and disclosure requirements for entities engaged in securities financing transactions (“SFTs”) and total return swaps (“TRS”). The disclosure requirements, which are not subject to audit, apply to annual financial statements issued after 13 January 2017 and form part of the annual report of the Company for the year ended 31 December 2016. SFTs and TRS The Company does not have any open SFTs at the reporting date. However, the Company does hold open positions in contracts for difference (CFDs) and these positions are deemed to be equivalent to TRS for the purposes of the Regulations. The CFDs held by the Company at 31 December 2016 are presented in the Portfolio Statement. Global Data As at 31 December 2016, the net amount of CFDs as a proportion of total lendable assets (excluding cash and cash equivalents) was as follows:

Fund Type of asset Net amount % of net asset

value

R Parus Contracts for difference US$ (2,875,361) (0.38%) R BlackRock Contracts for difference EUR 145,954 0.60%

R CFM Diversified Fud Contracts for difference EUR (349,642) (0.05%)

Concentration Data At 31 December 2016, the top 10 counterparties for CFDs were as follows:

R Parus Counterparty Fair value US$

1 Morgan Stanley 407,289

2 State Street (3,282,650)

R BlackRock Counterparty Fair value EUR

1 Merrill Lynch 123,227

2 HSBC 52,013

3 Credit Suisse 31,006

4 Deutsche Bank 13,477

5 Morgan Stanley (81,008)

R CFM Diversified Counterparty Fair value EUR

1 Nomura 957,580

2 Barclays (413,864)

3 Deutsche Bank (893,358)

Maturity profile The maturity profile of all CFDs held at 31 December 2016 is “open”.

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SECURITIES FINANCING TRANSACTIONS DISCLOSURES (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2016 Aggregate Transaction Data

R Parus

Counterparties Security Type Settlement basis Collateral

Morgan Stanley Contract for difference Net, bilateral See note below

State Street Contract for difference Net, bilateral See note below

R BlackRock


Merrill Lynch Contract for difference Net, bilateral See note below

HSBC Contract for difference Net, bilateral See note below

Credit Suisse Contract for difference Net, bilateral See note below

Deutsche Bank Contract for difference Net, bilateral See note below

Morgan Stanley Contract for difference Net, bilateral See note below

R CFM Diversified


Nomura Contract for difference Net, bilateral See note below

Barclays Contract for difference Net, bilateral See note below

Deutsche Bank Contract for difference Net, bilateral See note below

All of the CFDs and underlying collateral can be liquidated on demand. It is not possible to separately identify the collateral posted in respect of each particular CFD. Aggregate data per counterparty is stated below. Collateral The collateral received and granted in respect of CFDs at 31 December 2016 was as follows:

Broker/counterparty Location Collateral received Collateral granted

Type Value Type Value

R Parus

Morgan Stanley United Kingdom - - Cash & equities US$ 5,756,789

Credit Suisse United Kingdom - - Cash US$ 20,723,125

R BlackRock

Merrill Lynch United Kingdom Cash EUR 105,002 - -

HSBC United Kingdom - - - -

Credit Suisse United Kingdom - - - -

Deutsche Bank Germany - - - -

Morgan Stanley United Kingdom - - - -

R CFM Diversified

Nomura United Kingdom - - Cash EUR 13,510,000

Barclays United Kingdom - - Cash EUR 46,231,115

Deutsche Bank Germany - - Cash EUR 72,760,872

The collateral received is not reused by the Company and consequently no investment returns are made on the reuse of collateral received. The collateral granted is held in pooled and/or segregated accounts as per the various agreements in place with each counterparty. The maturity profile of all collateral is “open”.

InRIS UCITS Plc - Fondsvermittlung24.de · INRIS UCITS PLC 1 DIRECTORS, OFFICERS AND OTHER...

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