InRIS UCITS Plc INRIS UCITS PLC 3 DIRECTORS, OFFICERS AND OTHER INFORMATION (CONTINUED) Trading...

InRIS UCITS Plc Annual report and audited financial statements for the financial year ended 31 December 2017 (Registration number 527368)

INRIS UCITS PLC FINANCIAL STATEMENTS for the financial year ended 31 December 2017 Contents Page(s)

Directors, officers and other information 1 - 3

Directors’ report 4 - 9

Disclosure on remuneration 10 - 11

Investment Manager’s report 12 - 41

Depositary’s report to the shareholders 42

Statement of director’s responsibilities 43

Independent auditor’s report to the shareholders 44 - 47

Statement of Comprehensive Income

Of the Company 48

Of the Funds 49- 52

Statement of Financial Position

Of the Company 53

Of the Funds 54 - 57

Statement of changes in net assets attributable to participating shareholders

Of the Company 58


Statement of cash flows

Of the Company 63


Notes to the financial statements 68 - 179

Portfolio statement

Of the R Parus Fund 180 - 182

Of the R Intrinsic Value Europe Fund 183 - 185

Of the R CFM Diversified Fund 186 - 221

Of the R 2020 Fund 222 - 231

Of the R Karya Macro Fund 232 - 244

Of the R CFM Trends Fund 245 - 248

Of the R Perdurance Market Neutral Fund 249 - 251

INRIS UCITS PLC

FINANCIAL STATEMENTS for the financial year ended 31 December 2017 Contents (continued)

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

Of the R Parus Fund 252 - 253

Of the R Instrinsic Value Europe Fund 254 - 255

Of the R CFM Diversified Fund 256 - 257

Of the R 2020 Fund 258 - 259

Of the R Karya Macro Fund 260 - 261

Of the R Perdurance Market Neutral Fund 262 - 263

Securities financing transactions disclosures (unaudited) 264 – 266

INRIS UCITS PLC

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DIRECTORS, OFFICERS AND OTHER INFORMATION

Directors of InRIS UCITS Plc John Skelly (Irish) ** (the “Company”) Yvonne Connolly (Irish) **

François Rivard* (Canadian)

Etienne Rouzeau* (French)

Charles Lacroix* (appointed 16 August 2017) (French) Barbara Vannotti-Holzrichter*(resigned 16 August 2017)

(Swiss)

Active Funds at 31 December 2017 R Parus Fund R Intrinsic Value Europe Fund R CFM Diversified Fund R 2020 Fund R Karya Macro Fund R CFM Trends Fund R Perdurance Market Neutral Fund Registered office of the Company 33 Sir John Rogerson’s Quay Dublin 2 D02 XK09 Ireland Secretary Tudor Trust Limited 33 Sir John Rogerson’s Quay Dublin 2 D02 XK09 Ireland Investment Manager & Promoter (from 18 May 2017) Innocap Global Investment Management (Ireland) Ltd Embassy House Herbert Park Lane Ballsbridge Dublin 4 D04 H6Y0 Ireland (until 18 May 2017) 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 *Non-executive director **Independent non-executive director

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DIRECTORS, OFFICERS AND OTHER INFORMATION (CONTINUED) Distributor, Consultant (appointed effective from 31 December 2017) and Sub-Advisor Rothschild Asset Management 29 avenue de Messine 75008 Paris France

(agreement assigned to Rothschild Asset Management effective 31 December 2017)

Rothschild HDF Investment Solutions 29 avenue de Messine 75008 Paris France Trading Advisor Parus Finance (UK) Limited to the R Parus Fund 33 St. James’s Square London SW1Y 4JS United Kingdom 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 Asset Management to the R 2020 Fund 29 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

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DIRECTORS, OFFICERS AND OTHER INFORMATION (CONTINUED) 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 Trading Advisor Perdurance Asset Management Limited to R Perdurance Market 4th Floor, Forum 4, Grenville Street Neutral Fund St Helier, Jersey JE2 4UF United Kingdom Administrator State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 D02 HD32 Ireland Depositary State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 D02 HD32 Ireland

Transfer Agent CACEIS Ireland Limited One Custom House Plaza International Financial Services Centre Dublin 1 D01 C2C5 Ireland Independent auditor Deloitte Chartered Accountants and Statutory Audit Firm Earlsfort Terrace Dublin 2 D02 AY28 Ireland Legal Adviser Dillon Eustace 33 Sir John Rogerson’s Quay Dublin 2 D02 XK09 Ireland

INRIS UCITS PLC

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DIRECTORS’ REPORT for the financial year ended 31 December 2017

The Directors present the Annual Report and Audited Financial Statements for InRIS UCITS Plc (the “Company”) for the financial year ended 31 December 2017. 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 2017, the Company has seven active funds, the R Parus Fund, the R Intrinsic Value Europe Fund, the R CFM Diversified Fund, the R 2020 Fund, the R Karya Macro Fund, the R CFM Trends Fund and the R Perdurance Market Neutral 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. Investment objectives 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 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. In seeking to achieve the Fund’s investment objective, the Fund will primarily trades financial derivative instruments to gain exposure to a diversified portfolio of global fixed income securities, global interest rates, global currencies, global equities, global stock indices and global credit.” 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. The Fund implements a Long-Term Trend following strategy that is directional in nature and that seeks to be diversified within futures on bonds, short-term interest rates, stock indices and currencies as well as through foreign currency forwards and interest rate swaps.

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DIRECTORS’ REPORT (CONTINUED) for the financial year ended 31 December 2017 Investment objectives (continued) The investment objective of the R Perdurance Market Neutral Fund is to produce long term capital growth by investing in a market neutral portfolio of primarily European equities while delivering low correlation to equity markets. 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 - 42.

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 1,327,883. Directors The names of persons who were Directors at any time during the period are as follows: John Skelly** Yvonne Connolly**

François Rivard*

Etienne Rouzeau*

Charles Lacroix* (appointed 16 August 2017) Barbara Vannotti-Holzrichter*(resigned 16 August 2017)

*Non-executive director **Independent non-executive director

Directors’ interests None of the Directors held, at 31 December 2017 or during the financial period, any beneficial interest in the shares of the company (2016: no beneficial interest). Related parties Disclosures in respect of related parties are contained in note 16 to the financial statements.

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DIRECTORS’ REPORT (CONTINUED) for the financial year ended 31 December 2017 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 transactions with a connected party; and (b) all transactions with a connected party that were 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. 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 Effective 18 May 2017, Innocap Global Investment Management (Ireland) Ltd was appointed Investment Manager to the Company, replacing Innocap Global Investment Management Ltd.

As a result of restructuring within the Rothschild group, Rothschild Asset Management replaced Rothschild & Cie Gestion as Trading Advisor to the R2020 Fund, a sub-fund of the Company, with effect from 1 July 2017. With effect from 31 August 2017, the consultant agreement in place with Rothschild HDF Investment Adviser Limited was terminated and the existing consultant agreement with Rothschild HDF Investment Solutions was amended to reflect that it will be the sole consultant to the Company.

INRIS UCITS PLC

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DIRECTORS’ REPORT (CONTINUED) for the financial year ended 31 December 2017 Significant events during the year (continued) The Company launched one new Fund during the year, R Perdurance Market Neutral Fund, which commenced operations on 11 October 2017.

The R BlackRock Select Fund ceased trading on 28 June 2017. Barbara Vannotti-Holzrichter resigned as a non-executive Director and chairman of the Board of Directors of the Company on 16 August 2017. Charles Lacroix was appointed as a non-executive Director of the Company on 16 August 2017. Etienne Rouzeau was appointed as chairman of the Board of Directors of the Company on 16 August 2017.

Subsequent events Other than as may be disclosed in note 25, up to the date of the approval of these financial statements there were no events subsequent to the year 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 2017. 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.

http://www.irishfunds.ie/

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DIRECTORS’ REPORT (CONTINUED) for the financial year ended 31 December 2017 Corporate Governance Statement (continued) 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. The convening and conduct of shareholders’ meetings are governed by the Articles of Association of the Company and the Companies Acts. Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors are required to convene an annual general meeting of the Company within eighteen months of incorporation and fifteen months of the date of the previous annual general meeting thereafter. Not less than twenty one days’ notice of every annual general meeting and any meeting convened for the passing of a special resolution must be given to shareholders and fourteen days’ notice must be given in the case of any other general meeting. Two members, present either in person or by proxy, constitutes a quorum at a general meeting.

Compliance Statement The Company is required to include an annual compliance statement in the Directors’ report under section 225 of the Companies Act 2014 (the “Act”). The Directors:

• acknowledge their responsibility for ensuring compliance with the relevant obligations;

• confirm that a “compliance policy statement” has been drawn up setting out the Company’s policies with regard to compliance with the relevant obligations;

• confirm that appropriate arrangements or structures have been put in place that are, in the

Directors’ opinion, designed to secure material compliance with the Company’s relevant obligations; and

• confirm that the Directors have reviewed, during the financial year, the effectiveness of the

arrangements or structures which have been put in place to secure such material compliance.

INRIS UCITS PLC

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DISCLOSURES ON REMUNERATION for the financial year ended 31 December 2017 The Investment Manager has implemented a policy on remuneration (the “Remuneration Policy”) in compliance with the Commission Delegated Regulation (EU) No. 231/2013, the European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013) and the European Securities and Markets Authority’s Guidelines on sound remuneration policies under AIFMD (the “ESMA Guidelines”). The aim of the Remuneration Policy is to ensure that the Investment Manager has a risk-focused remuneration policy 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 including the sub-funds of the Company. 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 board of the Investment Manager are responsible for overseeing the implementation and periodic review of the Remuneration Policy. 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 risk profile of the Investment Manager or the funds under management (the “Identified Staff”). Remuneration Structure Staff engaged in control functions are 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 is directly overseen by the non-executive directors of the Investment Manager. 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. Fixed Remuneration Fixed remuneration is determined on the basis of the role of the individual employee, including

responsibility, job complexity, skills, seniority, performance and local market conditions.

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DISCLOSURES ON REMUNERATION (CONTINUED) for the financial year ended 31 December 2017 Variable Remuneration

The total amount of performance-related remuneration is 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 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. Employee Benefits & Severance Pay The Investment Manager did not have a pension policy in place during the financial year ended 31

December 2017. Other benefits such as health insurance are awarded on the basis of individual

employment contracts and local market practice. No payments related to the early termination of a

contract were made by the Investment Manager during the financial year ended 31 December 2017.

Personal Hedging Strategies Employees of the Investment Manager 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. Delegates of the Investment Manager The Investment Manager delegates the certain portfolio management activities of the sub-funds of the Company to the trading advisors. In accordance with the ESMA Guidelines, the Investment Manager ensures that: a) the trading advisor is subject to regulatory requirements on remuneration that are equally

as effective as those under the ESMA Guidelines; or b) the Investment Manager has put in place appropriate contractual arrangements with the

trading advisor to cover payments to the trading advisor’s “identified staff” as compensation for the performance of the delegated portfolio management activities on behalf of the Investment Manager and to ensure that there is no circumvention of the remuneration rules in the ESMA Guidelines.

Quantitative remuneration disclosures

The remuneration paid by the Investment Manager during the Investment Manager’s financial year ended 31 October 2017 is set out below:

Fixed Remuneration

Variable Remuneration

Number of Beneficiaries*

Total remuneration EUR397,544 EUR97,136 4 Remuneration paid to Identified Staff

EUR397,544 EUR97,136 4

Remuneration attributable to the Company

EUR223,740 EUR54,669 4

* The beneficiaries comprise 1 member of senior management and 3 other Identified Staff

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INVESTMENT MANAGER’S REPORT for the financial year ended 31 December 2017

InRIS UCITS PLC – R Parus Fund

Inception date: July 19th, 2013

Investment Strategy:

The objective of R Parus Fund (the “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 FDIs.

The Fund’s performance for the year ended 31 December 2017 was as follows:

R Parus Class C Euro hedged 2.311%

R Parus Class C USD 4.466%

R Parus Class I Euro hedged 2.814% R Parus Class I Euro unhedged -7.813%

R Parus Class I CHF hedged 2.464%

R Parus Class I GBP hedged 3.745%

R Parus Class I USD 4.950%

R Parus Date Net asset value Net asset value

per share Number of units

in circulation

Class C Euro hedged

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

12/31/2017¹ 70,395,525 100.95 697,343

Class C USD 12/31/2016 105,221,889 105.47 997,648

12/31/2017¹ 105,746,416 109.51 965,663

Class I Euro hedged

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

12/31/2017¹ 363,256,539 107.39 3,382,559

Class I Euro unhedged

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

12/31/2017¹ 15,778,080 118.45 133,210

Class I CHF hedged

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

12/31/2017¹ 5,509,311 80.71 68,260

Class I GBP hedged

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

12/31/2017¹ 3,224,985 82.27 39,198

Class I USD 12/31/2016 50,351,132 80.67 624,162

12/31/2017¹ 30,891,797 84.17 367,013 ¹ the final dealing NAV of the financial year was at 29 December 2017

INRIS UCITS PLC

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INVESTMENT MANAGER’S REPORT for the financial year ended 31 December 2017 InRIS UCITS PLC – R Parus Fund

60

70

80

90

100

110

120

130

140

31/01/2017 22/03/2017 11/05/2017 30/06/2017 19/08/2017 08/10/2017 27/11/2017

PARUS Fund - NAV per share

R Parus Class I Euro hedged R Parus Class I Euro unhedged

R Parus Class C Euro hedged R Parus Class C USD

R Parus Class I USD R Parus Class I CHF hedged

R Parus Class I GBP hedged

Exposure by Region (as % of the Fund's AUM) at 31 December 2017

INRIS UCITS PLC

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INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCITS PLC – R Parus Fund (continued)

Exposure by Sector (as % of the Fund's AUM) at 31 December 2017

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INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCITS PLC – R BlackRock Select Fund Inception date: April 22nd, 2014 Investment Strategy: The Trading Advisor of the Fund sought 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 generally had an exposure to equity that could be positive or negative, resulting in a net positive or net negative exposure to the markets. For example, the Fund could hold a negative exposure to a basket of securities, meaning that when the value of those securities fell, the Fund benefited from that fall in value. At the same time, the Fund could hold a positive exposure to a different basket of securities, meaning that it benefited from an appreciation of the price of these securities. This Fund closed on 28 June 2017. The Fund’s performance on closing was as follows:

R BlackRock Select C Euro -0.52%

R BlackRock Select C USD 0.25%

R BlackRock Select F Euro -0.61%

R BlackRock Select I Euro -0.21%

R BlackRock Select

Date Net asset value Net asset value


in circulation

Class C Euro

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

06/28/20171 2,872,559 102.78 27,949

12/31/2017 - - -

Class C USD

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

06/28/20171 583,906 104.58 5,583

12/31/2017 - - -

Class F Euro

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

06/28/20171 1,094,261 100.55 10,883

12/31/2017 - - -

Class I Euro

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

06/15/20171 10,444,322 104.43 10,000

12/31/2017 - - -

1 date of final NAV

INRIS UCITS PLC

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INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCITS PLC – R BlackRock Select Fund (continued)

99

100

101

102

103

104

105

106

107

31/01/2017 02/03/2017 01/04/2017 01/05/2017 31/05/2017 30/06/2017 30/07/2017

Blackrock Nav per share

INRIS UCITS PLC

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INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCITS PLC – R Intrinsic Value Europe Fund (continued)

Inception date: November 17th, 2014 Investment Strategy: R Intrinsic Value Europe Fund (the “Fund”) will take a valuation driven approach in achieving its investment objective. The Fund’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. The Fund 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. At the end of 2017 the Fund’s performance was as follows:

R Intrinsic Value Europe Class F Euro 13.252% R Intrinsic Value Europe Class F GBP unhedged 17.112%

R Intrinsic Value Europe Fund

Date Net asset value Net asset value


in circulation

Class F Euro 12/31/2016 87,918,648 129.71 677,809

12/31/2017¹ 117,339,074 146.90 798,766

Class F GBP unhedged

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

12/31/2017¹ 228,384,481 162.48 1,405,653

¹ the final dealing NAV of the financial year was at 29 December 2017

INRIS UCITS PLC

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125

130

135

140

145

150

155

160

165

R INTRINSIC NAV PER SHARE

Class F Euro Class F GBP unhedged


INRIS UCITS PLC

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INRIS UCITS PLC

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INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCITS PLC – R CFM Diversified Fund Inception date: December 11th, 2014 Investment Strategy: R CFM Diversified Fund (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. At the end of 2017, the Fund’s performance was as follows: R CFM Diversified I EUR 6.627% R CFM Diversified NI EUR 7.417% R CFM Diversified C EUR 6.104% R CFM Diversified I USD HDG 8.596% R CFM Diversified NC EUR 6.430% R CFM Diversified NI GBP HDG Closed 12/08/2017 R CFM Diversified R EUR 8.699% R CFM Diversified I CHF HDG 6.104% R CFM Diversified F EUR 5.609% R CFM Diversified M EUR 8.726% R CFM Diversified I GBP HDG 7.338% R CFM Diversified G AUD HDG 7.810% R CFM Diversified SI Euro 4.450%

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INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCITS PLC – R CFM Diversified Fund (continued)

R CFM Diversified

Date Net asset value Net asset value per

share

Number of units in

circulation

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

12/31/2017¹ 535,391,180 113.91 4,700,246

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

12/31/2017¹ 87,373,106 115.86 754,116

Class C EUR 12/31/2016 83,465,675 98.62 846,336

12/31/2017¹ 1,081,75,934 104.64 1,033,839

Class I USD HDG 12/31/2016 56,412,099 101.09 558,038

12/31/2017¹ 87,557,120 109.78 797,580

Class NC EUR 12/31/2016 29,302,291 105.64 277,378

12/31/2017¹ 20,954,037 112.90 185,599

Class NI GBP HDG 12/31/2016 7,726,303 101.09 76,430

12/31/2017¹ - - -

Class R EUR 12/31/2016 21,427,444 104.14 205,756

12/31/2017¹ 40,144,125 113.20 354,644

Class I CHF HDG 12/31/2016 16,454,079 97.80 168,242

12/31/2017¹ 26,772,015 103.77 257,989

Class F EUR 12/31/2016 1,656,887 99.11 16,718

12/31/2017¹ 636,507 104.67 6,081

Class M EUR 12/31/2016 38,143,910 108.40 351,881

12/31/2017¹ 22,148,033 117.86 187,911

Class I GBP HDG 12/31/2016 33,901,375 101.38 334,399

12/31/2017¹ 39,885,289 108.82 366,528

R CFM Diversified G

AUD HDG

04/12/2017 498,630 100.00 1,517,748

12/31/2017¹ 47,158,465 107.81 437,442

R CFM Diversified SI

Euro

07/02/2017 70,357,765 100.00 702,126

12/31/2017¹ 47,158,465 104.45 1,039,475 ¹ the final dealing NAV of the financial year was at 29 December 2017

INRIS UCITS PLC

22


90

95

100

105

110

115

120

125

01/01/2017 20/02/2017 11/04/2017 31/05/2017 20/07/2017 08/09/2017 28/10/2017 17/12/2017

CFM Diversified NAV per Share

R CFM Diversified M Euro R CFM Diversified NI Euro R CFM Diversified F Euro

R CFM Diversified I Euro R CFM Diversified C Euro R CFM Diversified I GBP HDG

R CFM Diversified I USD HDG R CFM Diversified NC Euro R CFM Diversified R Euro

R CFM Diversified G AUD HDG R CFM Diversified SI Euro


INRIS UCITS PLC

23



INRIS UCITS PLC

24

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCITS PLC – R 2020 Fund Inception date: June 10th, 2015 Investment Strategy R 2020 Fund (the “Fund”) will seek 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 below 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 Offering Supplement shall be 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 will lead to a highly diversified portfolio, benefiting from the risk spreading characteristics of each underlying strategy. It is expected that the combination of the investment strategies will diversify and stabilize the risk associated with market fluctuations. It is not intended that assets will be equally weighted between investment strategies or that all the investment strategies will be pursued at all times. Decisions with respect to strategy pursuit will be made in accordance with Asset Allocation criteria. The Fund is a long only credit fund that will primarily invest in Debt Securities in 2015 that will mature in the year 2020. In this regard, the Fund will focus on buying and holding Debt Securities that range from low risk (i.e. Government bonds) to high risk securities (i.e. High Yield bonds). 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 Offering Supplement, invest up to 10% of its NAV in transferable securities and money market instruments which are not listed or traded on a Recognised Exchange. 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.

INRIS UCITS PLC

25

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCITS PLC – R 2020 Fund (continued) Investment Strategy (continued) The Fund will not invest more than 10% of its net assets in aggregate in collective investment schemes. The Fund may invest more than 10% of NAV in unrated bonds. The Fund will not invest more than 10% of NAV in Debt Securities that are rated below CCC by Standard & Poor’s or the equivalent by another major credit agency. The Fund will also limit its exposure to corporate bonds issued by companies in the financial sector (for example banks) to 50% of NAV and companies in the energy sector (for example companies engaged in the production of oil or gas) to 30% of NAV, for diversification purposes. Save as provided for in the preceding sentence, the Fund will have no geographic or industry focus. The Fund may invest up to 50% of NAV in emerging markets. The Fund may invest in Russian securities, which are listed or traded on the Moscow Exchange, up to of 10% of NAV. Please refer to the risk factor entitled “Investment in Russia” below for further details. The securities into which the Fund will be invested will be listed or traded on a Recognised Exchange as set out in Appendix II to the Prospectus; however, the Fund may also invest up to 10% of NAV in unlisted transferable securities and money market instruments. The Fund’s strategies may select investments based on bottom-up or top-down approach, or a combination of both, which are stated below in each strategy. A top-down approach identifies opportunities in markets that may benefit from broader macroeconomic, industry or capital market developments, while the bottom up analysis will seek opportunities in individual issuers of those markets. A top-down approach analyses the general world economy’s health, which is the analysis of gross domestic product growth, geopolitical tensions of countries, unemployment, inflation and environment changes in interest rates, default rates and recovery rates. The top-down approach also analyses a country’s stock market’s volatility and whether it is in an upward trend or downward trend. Finally, the top down approach also analyses a country’s major indices, such as stock indices, fixed income indices and volatility indices, by looking at fundamental factors such as price-to-earnings, price-to-sale and dividend yield. A bottom-up approach focuses on the fundamental factors of individual issuers, such as products and services offered, current market value of debt and equity, capital structure, financial stability and viability, their ability to generate cash flows and changes to analyst reports and credit ratings. A bottom-up approach also focuses on the fundamental factors affecting governments, including but not limited to institutional policies, political stability, infrastructure, education, long-term potential growth and the degree of state intervention. The Fund may use forward foreign currency exchange contracts for the purpose of efficient portfolio management.

INRIS UCITS PLC

26

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCITS PLC – R 2020 Fund (continued) Description of Investment Strategies of the Fund

(i) European High Yield Strategy

The European High Yield Strategy of the Fund will primarily invest in High Yield corporate bonds, but may also invest in Investment Grade bonds, which will be fixed or floating. Although the primary focus of the strategy is to invest in High Yield corporate bonds, the strategy may also invest in Investment Grade bonds to reduce overall risk as they have a lower risk than High Yield bonds. The strategy’s corporate bonds will be denominated in EUR and will primarily be from issuers in European countries, but may also come from issuers in emerging markets. The strategy will select investments based on a mix of the top-down and bottom-up approach, as described above. The strategy will not make use of FDIs.

(ii) Emerging Market Debt Strategy The Emerging Market Debt Strategy of the Fund will focus on emerging market Debt Securities, which will be denominated in several currencies such as USD, EUR, GBP and CHF and which are mainly issued by companies and sovereigns of emerging countries. Some of the Debt Securities in which the strategy shall invest in may be issued by companies domiciled in emerging markets that have the majority of their revenues generated in one or more developed countries. The strategy will invest in corporate and government bonds, which will be fixed or floating. The strategy’s Debt Securities will range from Investment Grade to High Yield, including 144A for life securities, all of which are defined above. Emerging markets in which the strategy will be invested will be from Asia, Africa, the Middle East, Latin America and Eastern Europe which includes Russia. The investment selection of the strategy will primarily use a bottom-up approach, however, the strategy will also incorporate, to a lesser extent, a top-down approach in its investment selections (both approaches are described above). The strategy will make use of currency forwards for the purpose of hedging currency risks.

(iii) US High Yield Strategy The US High Yield Strategy of the Fund will focus primarily on High Yield Debt Securities denominated in USD issued by companies in the US, however, the strategy may invest in Debt Securities from other developed countries, such as Canada, UK and Europe, up to 20% of NAV. The strategy will invest mostly in corporate, but may also invest in government bonds, which will be fixed or floating. Although the primary focus of the strategy is to invest in High Yield corporate bonds, the strategy may also invest in Investment Grade bonds to reduce overall risk as they have a lower risk than High Yield bonds. The strategy’s Debt Securities will range from Investment Grade to High Yield, as defined above, and will include some unrated bonds and 144A for life securities as defined above. The investment selection of the strategy will primarily be based on a bottom-up approach, however, a top-down approach will also be incorporated, both of which are described above. The strategy will make use of currency forwards for the purpose of hedging currency risks. At the end of 2017 the fund’s performance was as follows:

R 2020 Class C Euro 3.12%

R 2020 Class D Euro 3.11%

R 2020 Class I Euro 3.53%

INRIS UCITS PLC

27

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCITS PLC – R 2020 Fund (continued)

R 2020 Fund Date Net asset value Net asset value per

share

Number of units in

circulation

Class C Euro 12/31/2016 71,013,247 102.54 692,542

12/31/2017¹ 131,780,724 105.74 1,246,312

Class D Euro 12/31/2016 25,498,279 102.55 248,642

12/31/2017¹ 36,438,763 105.74 344,600

Class I Euro 12/31/2016 41,559,841 103.18 402,790

12/31/2017¹ 35,631,830 106.82 333,557


R2020 NAV PER SHARE

Class C & Class D Class I

INRIS UCITS PLC

28

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCITS PLC – R 2020 Fund (continued)

Exposure by Region (% of total net exposure) at 31 December 2017

Exposure by Sector (% of total net exposure) at 31 December 2017

INRIS UCITS PLC

29

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCTIS PLC – R Karya Macro Fund Inception date: May 24th, 2016 Investment Strategy: R Karya Macro Fund (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.

The global macro strategy employed by the Fund will select investments based on the Trading Advisor’s global macro views of economic and political environments, financial markets, sectors and countries in the Fund’s investment universe. The Trading Advisor shall determine their global macro views through the use of a top-down approach which shall include an analysis of economic, monetary, political and technical factors. More specifically, the approach analyses gross domestic product growth, geopolitical tensions of countries, unemployment, inflation and changes in interest rates. In addition, the approach examines a country’s stock market volatility, bond market volatility and currency volatility and whether it is in an upward trend or downward trend. Finally, the approach analyses a country’s major indices, such as stock indices, fixed income indices and volatility indices, by looking at fundamental factors such as premiums on equity, credit terms, liquidity and volatility.

After global macro views have been determined, the Trading Advisor will classify them into different themes, which may vary over time depending on the economic or political situations of countries. Generally, themes shall be based on, but will not be limited to, monetary policy, global economic cycles, economic cycles of sectors and countries and the use of economic stimulus. Themes will be determined by the Trading Advisor to have either a potential positive or negative impact on the financial markets in the immediate to medium-term (generally less than 1 year). Generally, the Trading Advisor shall take long positions in themes that it determines to have a positive impact on the financial markets and shall take short positions in themes that it determines more likely to have a negative impact on the financial markets. The Trading Advisor shall select, for each theme, Investment Categories that are deemed to be positively correlated with that theme. Positively correlated Investment Categories are defined as those that have the best risk versus return profile for a theme as determined by the Trading Advisor. Therefore, The Fund will take both long and short positions in each Investment Category and short positions will only be achieved synthetically through the use of FDIs listed below.

INRIS UCITS PLC

30

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCTIS PLC – R Karya Macro Fund Once themes have been established, the Trading Advisor shall select long and short positions for each theme through a bottom-up selection of securities within the Investment Categories selected for that theme. The bottom-up approach focuses on the fundamental factors of individual instruments, such as current market value of debt and equity, ability to generate cash flows, changes to credit ratings and analyst research reports that include, without being limited to, data on the economy, interest rates, foreign policy and central banks. The bottom-up approach also focuses on the fundamental factors affecting governments, including, but not limited to, institutional policies, political stability, long-term potential growth and the degree of state intervention. The degree of state intervention is typically measured by the regulatory actions taken by a government, which include government spending, economic policies, taxes, subsidies, tariffs and minimum wage. The Fund may invest directly in collective investment schemes, such as exchange traded funds, which are subject to limits, debt securities, such as mortgage back securities (“MBS”), and fixed or floating rate government bonds. The MBS in which the Fund shall invest will not include embedded derivatives and/or leverage. The debt securities mentioned above may be traded over the counter. The Fund will not invest directly in the Investment Category of equity, only synthetically through the use of equity total return swaps, equity index futures, equity index options and options on equity index futures. The Fund may also take both long and short positions in the following FDIs, to deploy the Fund’s strategy: currency futures and currency forwards, non-deliverable forwards, swaps and total return swaps on debt securities, indices and collective investment schemes, credit default swap indices, currency options and options on currency futures, and TBA or forward pass-through MBS. The Fund shall also use interest rate swaps, swaptions, bond futures, options on bond futures, options on bonds, interest rate futures and options on interest rate futures primarily to hedge the risk arising from MBS, but may also use them for investment purposes. The above derivatives may be traded over the counter or shall be listed or traded on a Recognised Exchange The Fund may invest in investment grade and non-investment grade securities, such as government bonds and MBS. Investment grade securities are securities that are rated BBB- and above by Standard & Poor’s or the equivalent by another major credit agency. Non-investment grade securities are securities that are rated below BBB- by Standard & Poor’s or the equivalent by another major credit agency. The Fund shall not invest more than 20% of NAV in non-investment grade securities. It is expected that the total gross long position will generally be approximately 7500% of the Net Asset Value of the Fund and the total gross short position will generally be approximately 1500% of the Net Asset Value of the Fund. However, the total gross long positions and the total gross short positions may exceed or fall below these percentages depending on changes in the Trading Advisor’s global macro views and themes, as described above.

INRIS UCITS PLC

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INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCTIS PLC – R Karya Macro Fund (continued) As the use of financial derivatives is an important part of the approach of the Fund, the Fund may have significant cash balances to invest. Such cash balances may be invested in money market funds, money market instruments which include, but are 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), fixed and floating rate government bonds, debt instruments issued by supranational organizations and agencies, such as (but not limited to) the European Union, the United Nations or the World Trade Organization and fixed or floating rate corporate bonds, rated at least BBB- (long term) and A-2/P-2 (short term) by Standard & Poor’s (or the equivalent by another major credit agency) and in government bonds as described above with a maturity of over 397 days 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 eligible credit institutions in accordance with the UCITS Regulations and the Central Bank UCITS Regulations (which are considered investment grade or above by the principal rating agencies). Sight deposits are bank deposits that can be withdrawn immediately without notice or penalty. Term deposits or Time deposits are bank deposits that cannot be withdrawn until a term or without a notice and/or a penalty.

At the end of 2017 the Fund’s performance was as follows:

R Karya Macro Fund Class I EUR 4.816%

R Karya Macro Fund Class NC EUR 4.737%

R Karya Macro Fund Class NI EUR 5.431%

R Karya Macro Fund Class NI USD HDG 6.932%

INRIS UCITS PLC

32

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCTIS PLC – R Karya Macro Fund (continued)

R Karya Macro Fund

Date Net asset

value

Net asset value per

share

Number of units in circulation

R Karya Macro Fund Class I EUR

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

12/31/2017¹ 211,536 105.77 2,000

R Karya Macro Fund Class NC EUR

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

12/31/2017¹ 1,803,514 104.36 17,281

R Karya Macro Fund Class NI EUR

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

12/31/2017¹ 17,860,078 106.76 167,285

R Karya Macro Fund Class NI USD

HDG

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

12/31/2017¹ 15,340,471 108.90 140,865


85

90

95

100

105

110

KARYA NAV PER SHARE

Class I Euro Clss NC Euro Class NI Euro Class NI USD HDG

INRIS UCITS PLC

33

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCTIS PLC – R Karya Macro Fund (continued)



INRIS UCITS PLC

34

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCTIS PLC – R CFM Trends Fund Inception date: December 2nd, 2016 Investment Strategy: R CFM Trends Fund (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. The Program applies proprietary algorithms that seek to predict the future prices and risks of financial instruments and will typically be applied to one or more asset classes or a subset of an asset class described in the section entitled “Investment Policy” in the Fund’s Offering Supplement. For each instrument traded, the Program uses various inputs including market data such as price and volatility, fundamental data such as company financial information, macro economic data, to assess whether the price of an instrument is likely to rise or fall. These assessments are made within global equity, currency, fixed income and interest rate markets. The opportunities identified by the Program are evaluated in the light of trading cost and risk and may result in the Program taking either directional or spread positions (relative value trade where a long and short positions in instruments are used to generate a profit on convergence or divergence) in the instruments described herein and the holding period of positions taken will vary. The Program is developed, tested and validated using CFM’s proprietary tools. In production, the Program is continuously fed with price and fundamental data that is collected electronically, checked for consistency and pre-processed for standardisation. The Program processes the data and generates automated signals proposing a risk exposure relative to each traded instrument. Based on the trading signals and risk constraints, an optimal portfolio is determined. The optimal portfolio is compared by the Trading Advisor at regular intervals with the portfolio held by the Fund, generating orders when differences exceed tolerances.

INRIS UCITS PLC

35

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCTIS PLC – R CFM Trends Fund (continued) At any time, the optimal portfolio determined by the Program may differ from the portfolio of investments of the Fund. This difference can be caused by the fact that trading costs are not justified based on the perceived benefit of achieving the optimal portfolio, by the time required to complete the appropriate trades or as a result of minimum volume requirement to effect the relevant trades. The optimum position in each instrument is periodically re-assessed by the Program. The portfolio construction mechanism seeks to minimize risk and deliver an acceptable level of volatility, which is expected to be lower than that of traditional market indices such as S&P 500. Trades are executed using proprietary execution algorithms that factor in the cost of trading (i.e.) when trading costs are outweighed by the expected benefits of modifying the portfolio as identified by the Program. The trading activity is generally conducted electronically, using the Trading Advisor’s proprietary execution platform but the Trading Advisor may also at times, complement or overrule trades (for example, when the specifications of a traded instruments in the portfolio of investments of the Fund change, when the credit risk of a counterparty change or when a political risk is not picked up with the data or algorithms used by the Program). 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 section below entitled “Investments in Collective Investment Schemes”. 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.

INRIS UCITS PLC

36

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCTIS PLC – R CFM Trends Fund (continued) At the end of 2017 the fund’s performance was as follows:

R CFM Trends NI Euro hedged 7.996%

R CFM Trends I EUR HDG 11.19 %

R CFM Trends M EUR HDG 11.76 %

R CFM Trends WD EUR HDG 10.75%

R CFM Trends WD GBP HDG 11.69%

R CFM Trends WD USD 12.74%

R CFM Trends Fund

Date Net asset

value Net asset value

per share

Number of units in

circulation

R CFM Trends NI Euro hedged

09/27/2017 16,700,000 100.00 167,000

12/31/2017¹ 24,624,535 108.00 228,013

R CFM Trends I EUR HDG

12/31/2016 991 99.09 10

12/31/2017¹ 1,102 110.18 10

R CFM Trends M EUR HDG

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

12/31/2017¹ 109,991 109.99 1,000

R CFM Trends WD EUR HDG

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

12/31/2017¹ 18,037,111 109.45 164,794

R CFM Trends WD GBP HDG

12/31/2016 88,316,740 99.01 891,998

12/31/2017¹ 119,982,149 110.59 1,084,945

R CFM Trends WD USD

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

12/31/2017¹ 32,645,051 111.66 292,365


INRIS UCITS PLC

37

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCTIS PLC – R CFM Trends Fund (continued)

85

90

95

100

105

110

115

R CFM TRENDS NAV PER SHARE

Class I Euro hedged Class M Euro hedged Class NI Euro hedged

Class WD Euro hedged Class WD GBP hedged Class WD USD


INRIS UCITS PLC

38

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCTIS PLC – R CFM Trends Fund (continued)


INRIS UCITS PLC

39

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCTIS PLC – R Perdurance Market Neutral Fund Inception date: October 11th, 2017 Investment Strategy: The investment objective of the R Perdurance Market Neutral Fund (the “Fund”) is to produce long term capital growth by investing in a market neutral portfolio of primarily European equities while delivering low correlation to equity markets. The Fund will seek to achieve its investment objective by taking long and short positions in equity securities of all types of market capitalization. The Fund may invest directly in equities such as common and preferred stocks listed or traded on a Recognised Exchange in developed European countries and from time to time in other developed markets comprised in the MSCI World Index. The Fund may also seek indirect exposure to equity markets by investing in futures on equity indices, swaps on equity indices, contracts for differences, swaps on single listed stocks, OTC swaps on customised equity portfolios (“Baskets”), currency forwards and total return swaps as further described in the section below “Financial Instruments Derivatives” in the Fund’s Offering Supplement. The Fund may also invest in collective investment schemes and hold cash and other liquid assets for cash management purposes as further described below. At the end of 2017 the Fund’s performance was as follows:

R Perdurance Market Neutral Fund Class I Euro 2.79%

R Perdurance Market Neutral Fund Class NC Euro 2.66%

R Perdurance Market Neutral Fund Class ND Euro 3.76%

R Perdurance Market Neutral Fund Class NI Euro 2.44%

R Perdurance Market Neutral

Fund

Date Net asset value

Net asset value per

share

Number of units in

circulation R Perdurance Market Neutral Fund Class I Euro

10/23/2017 200,195 100.00 2,000 12/31/2017¹ 205,587 102.79 2,000

R Perdurance Market Neutral Fund Class NC Euro

10/23/2017 2,095,031 100.00 20,930 12/31/2017¹ 12,462,178 102.66 121,389

R Perdurance Market Neutral Fund Class ND Euro

11/02/2017 145,800 100.00 1,458 12/31/2017¹ 151,282 103.76 1,458

R Perdurance Market Neutral Fund Class NI Euro

10/19/2017 17,500,000 100.00 175,000 12/31/2017¹ 39,838,495 102.44 388,882


INRIS UCITS PLC

40

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCTIS PLC – R Perdurance Market Neutral Fund (continued)

949596979899

100101102103104105

R PERDURANCE NAV PER SHARE

Class I Euro Class NC Euro Class ND Euro Class NI Euro


INRIS UCITS PLC

41

INVESTMENT MANAGER’S REPORT (CONTINUED) for the financial year ended 31 December 2017 InRIS UCTIS PLC – R Perdurance Market Neutral Fund (continued)


INRIS UCITS PLC

43

STATEMENT OF DIRECTORS’ RESPONSIBILITIES for the financial year ended 31 December 2017 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

48

STATEMENT OF COMPREHENSIVE INCOME OF THE COMPANY for the financial year ended 31 December 2017

Note

Financial year ended

31 December 2017


31 December 2016

Investment income USD USD

Dividend income 7,825,038 9,038,264 Income from derivative instruments 20,426,527 14,398,381 Interest income on investments and cash balances 16,479,129 9,141,608

Movement in financial assets and liabilities held at fair value through profit or loss 240,682,296

(217,296,734)

Other income 141,919 64

Net investment gain/(loss) 285,554,909

(184,718,417)

Operating expenses

Trading advisor - management fees 9 19,359,712 19,902,807

Distribution fees 10 10,335,139 9,252,152

Investment manager fees 9 3,993,058 4,051,556

Administration fees 7 3,090,703 2,412,063

Other operating expenses 2,180,404 1,820,217

Depositary fees 7 975,316 1,344,214

Interest expense 907,743 1,021,645

Trading advisor - performance fees 9 8,762,379 416,553

Directors’ fees 176,917 125,872

Audit fees 11 172,930 82,258

Total operating expenses 49,954,301 40,429,337

Finance costs

Distribution paid 1,497,585 823,212

Total finance costs 1,497,585 823,212

Operating profit/(loss) before withholding tax 234,103,023 (225,970,966)

Withholding tax (1,127,803) (1,694,858)

Change in net assets attributable to

participating shareholders from operations 232,975,220 (227,665,824)

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 11 April 2018 The attached notes form an integral part of these audited financial statements.

INRIS UCITS PLC

49

STATEMENT OF COMPREHENSIVE INCOME OF THE FUNDS for the financial year ended 31 December 2017

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

Financial year

ended 31 December 2017

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 1,415,877 - 5,631,979 -

Income from derivative instruments - - - 18,111,849

Interest income on investments and cash balances 2,356,389 105,938 - 535,272

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

100,484,648

242,915

40,702,403

46,977,447

Other income 11,887 73,204 - 9,225

Net investment gain 104,268,801 422,057 46,334,382 65,633,793

Operating expenses

Trading advisor – management fees 9 7,692,844 101,112 3,406,194 5,004,071

Distribution fees 10 4,507,699 51,185 - 3,912,559

Investment manager fees 9 1,290,942 16,250 510,455 1,574,799

Other operating expense 708,813 80,752 154,681 550,081

Administration fees 7 660,083 225,583 204,368 1,022,639

Depositary fees 7 203,310 - 162,040 343,616

Interest expense - 1,305 156,415 608,570

Trading advisor – performance fees 9 - 1,193 - 5,565,083

Directors’ fees 35,569 - 25,072 36,719

Audit fees 11 50,348 20,669 15,314 31,398

Total operating expenses 15,149,608 498,049 4,634,539 18,649,535

Finance costs

Distribution paid - - 1,327,883 -

Total finance costs - - 1,327,883 -

Operating profit/(loss) before withholding tax 89,119,193 (75,992) 40,371,960 46,984,258

Withholding tax (353,767) - (682,777) -

Change in net assets attributable to participating

shareholders from operations 88,765,426 (75,992) 39,689,183 46,984,258

INRIS UCITS PLC

50

STATEMENT OF COMPREHENSIVE INCOME OF THE FUNDS (CONTINUED) for the financial year ended 31 December 2017

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


31 December 2017


31 December 2017


31 December 2017

Financial period from 11 October

2017 (date of commencement) to 31 December 2017

R 2020 R Karya Macro R CFM Trends R Perdurance

Note Fund Fund Fund Market Neutral Fund

EUR EUR USD EUR

Investment income

Dividend income - 18,372 - 32,541

Interest income on investments and cash balances 11,384,624 303,583 217,634 -


(2,025,601)

735,981

40,564,705

1,709,667

Other income - - - 32,868

Net investment gain 9,359,023 1,057,936 40,782,339 1,775,076

Operating expenses

Trading advisor – management fees 9 965,075 187,531 741,284 23,544

Distribution fees 10 1,026,710 120,847 27,924 31,030

Investment manager fees 9 440,873 112,221 264,996 16,809

Other operating expense 133,731 189,433 211,619 8,517

Administration fees 7 330,679 190,377 185,374 17,176

Depositary fees 7 109,796 11,224 62,400 2,519

Interest expense - - 32,144 10,088

Trading advisor – performance fees 9 - 364,296 1,123,587 332,158

Directors’ fees 18,647 17,490 28,325 2,288

Audit fees 11 12,592 16,372 11,235 2,385

Total operating expenses 3,038,103 1,209,791 2,688,888 446,514

Operating profit/(loss) before withholding tax 6,320,920 (151,855) 38,093,451 1,328,562

Withholding tax (3,548) - - -


shareholders from operations 6,317,372 (151,855) 38,093,451 1,328,562

INRIS UCITS PLC

51



Financial year


Financial year


Financial year


Financial year




Investment income USD EUR EUR EUR

Dividend income 1,305,235 819 6,989,839 -

Income from derivative instruments - - - 13,016,136

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


(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) -


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

INRIS UCITS PLC

52




31 December 2016

Financial period from 24 May 2016 (date of

commencement) to 31 December 2016

Financial period from 2 December 2016 (date of

commencement) to 31 December 2016

R 2020 R Karya Macro R CFM Trends

Note Fund Fund Fund

EUR EUR USD

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 4,510,060 1,026,887 (1,288,115)

Other income - - -

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

Operating expenses

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

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

Investment manager fees 9 199,126 62,003 2

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

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

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

Interest expense - 46,256 -

Trading advisor – performance fees 9 - 143,961 -

Directors’ fees 12,908 7,348 592

Audit fees 11 10,788 9,392 440

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

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

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


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

INRIS UCITS PLC

54

STATEMENT OF FINANCIAL POSITION OF THE FUNDS as at 31 December 2017 31 December 2017 31 December 2017 31 December 2017 31 December 2017



Assets USD EUR EUR EUR

Cash and cash equivalents 5 94,597,413 146,104 11,875,068 193,310,138

Balance due from brokers 6 150,820,613 - 25 374,556,337

Receivable for fund shares sold - - - 14,909,427

Other receivables 184,363 159,282 449,447 5,653,557

Financial assets at fair value through profit or loss

Investment in equity instruments 15 340,235,497 - 312,128,764 -

Investment in debt instruments 15 129,649,861 - 52,504,290 593,850,925

Derivative financial instruments 15 7,359,657 - - 109,911,068

Total assets 722,847,404 305,386 376,957,594 1,292,191,452

Liabilities

Financial liabilities at fair value through profit or loss

Derivative financial instruments 15 15,690,414 - - 131,395,725

Other liabilities

Payable for fund shares purchased 689,728 - 1,710,691 1,943,738

Balance due to brokers 6 11,667,995 - 852 44,585,511

Interest payable 652,696 2,525 - 5,046,173

Distribution fees payable 10 6,211,035 - - 4,729,214

Trading advisor - management fee payable 9 700,556 43,279 295,522 3,410,541

Other payables and accrued expenses 529,147 110,408 206,615 34,179

Administration fees payable 7 110,920 100,314 36,035 -

Investment manager fees payable 9 104,357 8,960 39,764 171,990

Depositary fees payable 7 51,982 11,317 9,426 451,465

Trading advisor - performance fees payable 9 85,179 1,195 - 5,585,301

Audit fee payable 11 - 21,252 35,298 2,148

Directors’ fees payable 23,296 6,136 - -

Liabilities (excluding net assets attributable to participating shareholders) 36,517,305 305,386 2,334,203 197,355,985

Net asset value attributable to participating shareholders 686,330,099 - 374,623,391 1,094,835,467


INRIS UCITS PLC

55

STATEMENT OF FINANCIAL POSITION OF THE FUNDS (CONTINUED) as at 31 December 2017 31 December 2017 31 December 2017 31 December 2017 31 December 2017 R 2020 R Karya Macro R CFM Trends R Perdurance

Note Fund Fund Fund Market Neutral Fund

Assets EUR EUR USD EUR

Cash and cash equivalents 5 16,421,588 4,925,190 41,462,212 4,472,477

Balance due from brokers 6 140,205 34,755,230 73,216,391 11,736,784

Receivable for securities sold 12,140,210 397,550 5,046,519 227,290

Receivable for fund shares sold 77,886 24,850 - -

Other receivables 3,205,248 473,323 - 51,406


Investment in equity instruments 15 20,838 1,751,065 - 38,876,109

Investment in debt instruments 15 192,326,679 25,287,773 129,077,516 -

Derivative financial instruments 15 1,538,555 7,715,961 11,758,805 269,221

Total assets 225,871,209 75,330,942 260,561,443 55,633,287

Liabilities


Derivative financial instruments 15 404,504 6,668,044 9,495,225 134,948

Other liabilities

Payable for securities purchased - 3,001,704 - 2,428,858

Payable for fund shares purchased 19,239,762 421,585 482,967 -

Balance due to brokers 6 340,000 8,562,501 2,451,067 -

Distribution fees payable 10 1,157,516 151,445 45,456 31,030

Trading advisor - management fee payable 9 574,808 16,026 473,844 23,544


Administration fees payable 7 71,711 42,499 37,660 9,943

Investment manager fees payable 9 44,361 9,584 36,483 -


Trading advisor - performance fees payable 9 - 364,297 1,123,587 332,158

Audit fee payable 11 9,406 34,894 8,342 2,385

Directors’ fees payable - 2,030 999 2,288

Repurchase agreements - 23,342,038 - -

Liabilities (excluding net assets attributable to participating shareholders) 22,019,891 42,680,605 14,249,051 2,975,745

Net asset value attributable to participating shareholders 203,851,318 32,650,337 246,312,392 52,657,542


INRIS UCITS PLC

56

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



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


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


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


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


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

57

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

R 2020 R Karya R CFM Trends

Note Fund Fund Fund

Assets EUR EUR USD

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

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

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

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


Investment in equity instruments 15 30,287 - -

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

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

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

Liabilities


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

Other liabilities

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

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

Interest payable 1,780 3,904,302 -

Distribution fees payable 10 354,026 - 17,532

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

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

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

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

Depositary fees payable 7 49,480 - 3,378

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

Audit fee payable 11 12,493 18,851 916

Directors’ fees payable - 3,214 -

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

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


INRIS UCITS PLC

58

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO PARTICIPATING SHAREHOLDERS OF THE COMPANY for the for the financial year ended 31 December 2017

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

2017 2016

USD USD

Operating activities



Capital transactions

Issue of shares during the financial year 1,294,129,827 1,818,548,664

Redemption of shares during the financial year (837,435,570) (920,537,663)

Net increase in net assets attributable to participating

shareholders from capital transactions 456,694,257 898,011,001

Net increase in net assets attributable to

participating shareholders in the financial year 689,669,477 670,345,177

Net asset value attributable to participating

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

Exchange difference due to the presentation

of the financial statements in USD 3(k) 210,961,473 (56,782,336)


shareholders at the end of the financial year 3,044,391,421 2,143,760,471

INRIS UCITS PLC

59

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

for the for the financial year ended 31 December 2017


31 December 2017

Financial year ended 31 December 2017




Fund Select Fund Europe Fund Fund

USD EUR EUR EUR



participating shareholders from operations 88,765,426 (75,992) 39,689,183 46,984,258


Issue of shares during the financial year 113,384,925 129,487 79,750,819 695,340,293

Redemption of shares during the financial year (263,190,750) (23,011,451) (38,682,050) (337,834,420)

Net increase/(decrease) in net assets attributable to

participating shareholders from capital transactions (149,805,825) (22,881,964) 41,068,769 357,505,873

Net increase/(decrease) in net assets attributable

to participating shareholders in the financial year (61,040,399) (22,957,956) 80,757,952 404,490,131


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


shareholders at the end of the financial year 686,330,099 - 374,623,391 1,094,835,467


INRIS UCITS PLC

60

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







R 2020 R Karya Macro R CFM Trends R Perdurance Fund Fund Fund Market Neutral Fund

EUR EUR USD EUR Operating activities


participating shareholders from operations 6,317,372 (151,855) 38,093,451 1,328,562


Issue of shares during the financial year 127,808,691 16,214,681 86,132,020 51,330,393

Redemption of shares during the financial year (67,822,587) (28,241,606) (15,314,890) (1,413)


participating shareholders from capital transactions 59,986,104 (12,026,925) 70,817,130 51,328,980


to participating shareholders in the financial year 66,303,476 (12,178,780) 108,910,581 52,657,542


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


shareholders at the end of the financial year 203,851,318 32,650,337 246,312,392 52,657,542


INRIS UCITS PLC

61




31 December 2016






USD EUR EUR EUR



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)


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


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

62



Financial year ended 31 December

2016

Financial period from 24 May 2016

(date of commencement) to 31 December 2016

Financial period from 2 December


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

Operating activities Change in net assets attributable to

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


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

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

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


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


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


INRIS UCITS PLC

63

STATEMENT OF CASH FLOWS OF THE COMPANY

for the financial year ended 31 December 2017

Financial year

ended 31 December

Financial year ended 31

December 2017 2016

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 (177,323,564) (372,305,799)

(Decrease)/increase in balance due to brokers (37,761,095) 92,568,773

Increase in receivable for securities purchased (8,716,915) (60,081,276)

Decrease/(increase) in other receivables 3,766,046 (8,723,656)

Increase in financial assets designated at fair value through profit or loss (520,439,416) (463,265,465)

Change in derivative financial instruments 5,744,416 29,156,108

Increase/(decrease) in total fees payable 8,878,680 (3,160,305)

(Decrease)/increase in payable for securities purchased (153,065,558) 162,231,698

Net cash used in operating activities (645,942,186) (851,245,746)

Cash flow from financing activities

Proceeds from issue of shares 1,328,196,448 1,818,548,664

Payments for redemption of shares (834,036,955) (920,537,663)

Net cash provided by financing activities 494,159,493 898,011,001

Net (decrease)/increase in cash and cash equivalents for the financial year (151,782,693) 46,765,255

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

Exchange difference due to the presentation

of the financial statements in USD 63,201,003 (36,306,347)

Cash and cash equivalents at the end of the financial year 413,625,272 502,206,962

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

64

STATEMENTS OF CASH FLOWS OF THE FUNDS for the for the financial year ended 31 December 2017


2017


2017


2017


2017



USD EUR EUR EUR



participating shareholders from operations 88,765,426 (75,992) 39,689,183 46,984,258 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 26,538,921 1,874,188 (25) (110,467,199)

(Decrease)/increase in balance due to brokers (53,225,693) - 852 22,252,637

(Increase)/decrease in other receivables (76,174) 981,744 68,140 8,425

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

through profit or loss (63,418,729) 19,087,671 (92,975,638) (263,585,975)

Change in derivative financial instruments 12,262,875 52,867 (2,155) 1,036,016

Increase/(decrease) in total fees payable (54,680) (2,010,899) (262,818) 10,463,180

Net cash provided by/(used in) operating activities 10,791,946 19,909,579 (53,482,461) (293,308,658)


Proceeds from issue of shares 113,384,925 1,015,008 79,750,819 689,391,568

Payments for redemption of shares (268,000,044) (24,312,295) (37,379,990) (346,729,772)

Net cash provided by/(used in) financing activities (154,615,119) (23,297,287) 42,370,829 342,661,796

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

(143,823,173)

(3,387,708)

(11,111,632)

49,353,138

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

Cash and cash equivalents at the end of the financial year 94,597,413 146,104 11,875,068 193,310,138


INRIS UCITS PLC

65

STATEMENTS OF CASH FLOWS OF THE FUNDS (CONTINUED) for the for the financial year ended 31 December 2017


2017


2017


2017




R Perdurance Market

Fund Fund Fund Neutral Fund

EUR EUR USD EUR



participating shareholders from operations 6,317,372 (151,855) 38,093,451 1,328,562 Adjustments to reconcile change in net assets attributable to




(Increase)/decrease in balance due from brokers 7,817,899 (7,287,615) (60,007,176) (11,736,784)

Increase in balance due to brokers 340,000 (11,363,595) 2,388,011 -

(Increase)/decrease in receivable for securities sold (6,861,705) (397,550) - -

Increase in other receivables (1,011,695) 3,180,038 - (51,406)

(Increase)/decrease in financial assets designated as at fair value through profit or loss (68,861,339) 172,107,533 (129,077,516) (38,876,109)

Change in derivative financial instruments (1,395,047) (2,682,477) (2,765,875) (134,273)

Increase in total fees payable 1,310,476 (3,919,379) 1,766,950 411,939

Increase/(decrease) in payable for securities purchased - (129,898,487) 482,967 2,428,858

Net cash provided by/(used in) operating activities (46,856,710) 19,586,613 (149,602,155) (46,629,213)



Payments for redemption of shares (52,257,372) (28,063,113) (14,831,923) (1,413)

Net cash provided by/(used in) financing activities 75,473,433 (11,313,466) 110,817,836 51,101,690

Net increase/(decrease) in cash and cash equivalents for the financial year 13,129,394

8,273,147

(38,784,319)

4,472,477

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

Cash and cash equivalents at the end of the financial year 16,421,588 4,925,190 41,462,212 4,472,477


INRIS UCITS PLC

66

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


31 December 2016


2016


2016


2016



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




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

Decrease/(increase) 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

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



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 (decrease)/increase 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


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


2016

Financial period from 24 May 2016

(date of commencement) to 31 December 2016

Financial period from 2 December



Fund Fund Fund

EUR EUR USD


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

Adjustments to reconcile change in net assets attributable to




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

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

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

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

Increase in financial assets designated as at fair value

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

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

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

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

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


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

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

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

Net increase/(decrease) in cash and cash equivalents for the financial year 151,094 (3,347,957) 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 3,292,194 (3,347,957) 80,246,531


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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2017 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 2017, the Company has seven active funds (the “Funds”): Fund name Date of commencement Date of closure R Parus Fund 19 July 2013 - R BlackRock Select Fund 22 April 2014 28 June 2017 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 - R Perdurance Market Neutral Fund 11 October 2017 -

The investment objectives of the Funds are described on page 4. Effective from 18 May 2017, the investment activities of the Funds are managed by Innocap Global Investment Management (Ireland) Ltd., (the “Investment Manager”). Prior to that date, Innocap Global Investment Management Ltd. acted as investment manager to the Company. 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”). The Company appointed State Street Custodial Services (Ireland) Limited as Depositary in accordance with the UCITS Regulations. CACEIS Ireland Limited is the transfer agent of the Company (the “Transfer Agent”).

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 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 Intrinsic Value Europe Fund, the R Karyra Macro Fund, the R CFM Trends Fund, the R CFM Diversified Fund and the R Perdurance Market Neutral 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. Capitalised terms are defined within the prospectus of the Company and/or the offering supplements of the Funds, unless otherwise defined herein. At 31 December 2017 and 2016, or during the financial year, 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. Please refer to note 3(k) for details of each Funds 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:

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 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 2017 and 2016, the Company classified its investment in equities, corporate bonds and government bonds as designated at fair value through profit or loss upon initial recognition. At 31 December 2017 and 2016, 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. (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.

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017

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.

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3 Significant accounting policies (continued)

(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) 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. (e) 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.

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(e) Contracts for difference (continued) 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.

(f) Futures contracts A futures contract is an agreement between two parties to buy or sell a security, index or currency at a specific price or rate at a future date. Upon entering into a futures contract, the Company is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as “initial cash margin”. Subsequent payments (“variation margin”) are made or received by the Company each day, depending upon the daily fluctuation in the value of a contract. The daily changes in contract value are recorded as change in unrealised gains or losses and the Company recognises a realised gain or loss when the contract is closed or an offsetting position is taken. Unrealised gains and losses on futures contracts are recognised in the statement of financial position.

(g) Option contracts An option is a contract which gives the buyer the right to buy or sell a security, index, currency, commodity or other asset at a specified strike price on or before a specified date. Option contracts can be exchange traded contracts or OTC contracts. When options are purchased, or written an amount equal to the premium paid or received respectively is recorded as an investment and is subsequently valued to reflect the current market value at year end. The difference between these two amounts is treated as an unrealised gain or loss which is recognised in the statement of comprehensive income. Premiums paid on the purchase of options which subsequently expire unexercised are treated as realised losses.

(h) Swaps Swaps are contractual agreements between two parties to exchange streams of payments over time based on specified notional amounts. Interest rate swaps relate to contracts taken out by the Company with major brokers in which the Company either receives or pays a floating rate of interest in return for paying or receiving a fixed rate of interest. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In a currency swap, the Company pays a specified amount in one currency and receives a specified amount in another currency. Currency swaps are gross-settled.

(i) 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.

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3 Significant accounting policies (continued) (j) 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. (k) 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 and R CFM Trends Fund is USD while the functional currency of the R BlackRock Select Fund, R Intrinsic Value Europe Fund, R CFM Diversified Fund, R 2020 Fund, R Karya Macro Fund and R Perdurance Market Neutral 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.

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 functional currencies of the Funds of the Company are EUR or USD, reflecting the primary economic environment in which each Fund operates. Both currencies are reflective of the economic environment in which the Company operates and as such judgement is required in determining the appropriate functional currency. 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).

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(k) Foreign currency translation (continued)

The Company (continued) 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.

(l) 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.

(m) 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 2017. 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. (n) Expenses All expenses are recognised in the Statement of Comprehensive Income on an accruals basis.

(o) 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 Ordinarily 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.

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(o) Taxation (continued) Dividend income, interest received and capital gains may be subject to non-recoverable withholding tax in the country of origin.

(p) 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.

(q) Adoption of new and amended accounting standards and interpretations Amendments to IAS 7, ‘Statement of Cash Flows’ became effective for annual periods beginning on or after 1 January 2017. These amendments require the Company to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. Adoption of these amendments did not have a material impact on the Company’s financial statements. There are no other standards, amendments to standards or interpretations that are effective for annual periods beginning on 1 January 2017 that have a material effect on the financial statements of the Company.

(r) 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 2017, and have not been applied nor early adopted in preparing these financial statements. 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:*

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 overleaf, 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.

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(r) Standards, interpretations and amendments to published standards that are not yet effective (continued) 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). 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 Company plans to adopt the new standard on the required effective date and will not restate comparative information. During 2017, the Directors have performed an impact assessment of all three aspects of IFRS 9. This assessment is based on currently available information and may be subject to changes arising from further reasonable and supportable information being made available to the Directors in 2018 when the Company will adopt IFRS 9. It is expected the financial instruments that are currently measured at fair value through profit or loss will continue to be measured at fair value through profit or loss under IFRS 9. Similarly, those financial instruments currently measured at amortised cost will continue to be measured at amortised cost under IFRS 9. Those financial instruments measured at amortised cost will consist primarily of short-term receivables with no material impact expected from application of the new impairment model. Overall, the Directors expect no significant impact on its statement of financial position.

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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 and holdings in money market funds, which are held as cash equivalents, as disclosed in the below table:

31 December 2017

Cash held at Depositary

Investments in Money Market

Funds

Total cash and cash equivalent

R Parus Fund USD 33,134,890 ¹USD 61,462,523 USD 94,597,413 R BlackRock Select Fund EUR 146,104 - EUR 146,104 R Intrinsic Value Europe Fund

EUR 11,875,068 - EUR 11,875,068 R CFM Diversified Fund EUR 104,858,698 ¹EUR 88,451,440 EUR 193,310,138 R 2020 Fund EUR 16,421,588 - EUR 16,421,588 R Karya Macro Fund EUR 4,925,190 - EUR 4,925,190 R CFM Trends Fund USD 19,643,500 ²USD 21,818,712 USD 41,462,212 R Perdurance Market Neutral Fund

EUR 4,472,477 - EUR 4,472,477

31 December 2016


Investments in Money Market

Funds

Total cash and cash equivalent

R Parus Fund USD 183,049,291 ³USD 55,371,295 USD 238,420,586 R BlackRock Select Fund EUR 3,501,156 ³EUR 32,656 EUR 3,533,812 R Intrinsic Value Europe Fund

EUR 22,986,700 - EUR 22,986,700 R CFM Diversified Fund EUR 87,132,207 ³EUR 56,824,793 EUR 143,957,000 R 2020 Fund EUR 3,292,073 ³EUR 121 EUR 3,292,194 R Karya Macro Fund EUR (3,347,957) - EUR (3,347,957) R CFM Trends Fund USD 80,246,531 - USD 80,246,531 ¹ at 31 December 2017, R Parus Fund and R CFM Diversified Fund each hold an investment in Institutional Cash Series Plc. ² at 31 December 2017, R CFM Trends Fund holds an investment in Goldman Sachs US Dollar Liquid Reserves Fund. ³ at 31 December 2016, R Parus Fund, R BlackRock Select Fund, R CFM Diversified Fund and R2020 Fund each hold an investment in Institutional Cash Series Plc.

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 the R Parus Fund, up until September 27th 2017, 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. For the R Parus Fund, from September 28th 2017, unencumbered cash at end of day remains in the demand deposit account in order to earn interest. The demand deposit account is an onshore US DDA account with State Street Bank and Trust.

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 6 Balance due from/to brokers and repurchase agreements

Due from brokers comprises cash deposited with the brokers, Morgan Stanley & Co. International, Credit Suisse Securities (Europe) Limited, Barclays Bank Plc, Deutsche Bank AG, Nomura International Plc, UBS AG, State Street Bank and Trust Company, Merrill Lynch International, National Bank of Canada, Goldman Sachs International, JP Morgan Chase Bank, N.A, Citigroup Global Markets Inc, Citibank N.A., and BNP Paribas. 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 2017 31 December 2016 USD USD National Bank of Canada 24,010,127 46,020,127 Credit Suisse Securities (Europe) Limited

18,603,125

20,723,125

42,613,252 66,743,252 R BlackRock Select Fund 31 December 2017 31 December 2016 EUR EUR Bank of America, N.A. - 390,000 Merrill Lynch International - 154,000 National Bank of Canada - 70,000 - 614,000 R CFM Diversified Fund 31 December 2017 31 December 2016 EUR EUR Deutsche Bank AG - 90,161,049 Barclays Bank Plc 48,298,189 53,801,000 JP Morgan Chase Bank, N.A. 37,480,000 - National Bank of Canada 8,700,000 6,730,000 Nomura International Plc 24,310,000 13,510,000 118,788,189 164,202,049 R 2020 Fund 31 December 2017 31 December 2016 EUR EUR State Street Bank and Trust Company 120,000 1,090,000 120,000 1,090,000

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 6 Balance due from/to brokers and repurchase agreements (continued)

R Karya Macro Fund 31 December 2017 31 December 2016 EUR EUR

Barclays Bank Plc 1,400,000 - Deutsche Bank AG 130,000 870,000 Goldman Sachs International 1,520,000 2,720,000 National Bank of Canada 500,000 380,000 Merrill Lynch International 451,250 436,122 Morgan Stanley & Co. International 2,549,469 1,962,550 Credit Suisse Securities (Europe) Limited 12,681,128 8,700,248 JP Morgan Chase Bank, N.A. 516,322 1,185,115 Citigroup Global Markets Inc. 1,022,012 2,263,451 Citibank, N.A. (ISDA MA) 1,140,064 3,910,000 BNP Paribas 516,322 663,664

Nomura International Plc 541,307 274,947

UBS AG - 260,000 22,967,874 23,626,097

R CFM Trends Fund 31 December 2017 31 December 2016 USD USD

National Bank of Canada 8,320,000 -

8,320,000 -

R Perdurance Market Neutral Fund 31 December 2017 31 December 2016 EUR EUR

UBS AG 9,359,770 -

9,359,770 -

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 2017 31 December 2016 EUR EUR Bank of America, N.A. - (545,000) - (545,000)

R 2020 Fund 31 December 2017 31 December 2016 EUR EUR

State Street Bank and Trust Company (340,000) - (340,000) -

R CFM Diversified Fund 31 December 2017 31 December 2016 EUR EUR Deutsche Bank AG (7,544,338) - (7,544,338) -

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 6 Balance due from/to brokers and repurchase agreements (continued)

R Karya Macro Fund 31 December 2017 31 December 2016 EUR EUR

Citigroup Global Markets Inc. (921,457) - Credit Suisse Securities (Europe) Limited (192,014) - (1,113,471) -

The Funds may also post securities as collateral. At 31 December 2017, R CFM Diversified Fund has pledged securities with a fair value of EUR 75,054,300. The assets, in the form of French government bonds, are pledged to Deutsche Bank.

Repurchase agreements

The Funds may enter into repurchase and reverse repurchase agreements. At 31 December 2017 the R Karya Macro Fund has entered into a repurchase agreement. Repurchase agreements are transactions in which the Fund sells a security and simultaneously agrees to repurchase the security at a fixed price on a future date. The Fund continues to recognise the securities in the Statement of Financial Position in “financial assets at fair value through profit or loss” because the Fund retains all the risks and rewards of ownership. A financial liability is recognised for the obligation to pay the repurchase price. At 31 December 2017, the obligation arising from the repurchase agreement amounts to EUR 23,342,038. The securities pledged by the Fund consist of US government bonds with a fair value of USD 27,041,000. The agreement matures in January 2018.

7 Administrator and Depositary fees

The Company has appointed the 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. 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 R Parus Fund Administration and Depositary Fee Effective from

March 2017 Effective from

March 2016 From USD Nil to USD 499,999,999 0.13% 0.10% From USD 500,000,000 to USD 749,999,999 0.11% 0.08% From and above USD 750,000,000 0.09% 0.06% The fees are subject to a minimum fee of USD 150,000 per annum.

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 7 Administrator and Depositary fees (continued)

The R BlackRock Select 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 R BlackRock Select Fund Administration and Depositary Fee Effective from


March 2016 From USD Nil to USD 249,999,999 0.28% 0.25% From USD 250,000,000 to USD 499,999,999 0.24% 0.21% From USD 500,000,000 to USD 749,999,999 0.20% 0.17% From and above USD 750,000,000 0.18% 0.145% The fees were subject to a minimum fee of USD 243,750 for the period between the twelfth and twenty-fourth months from the agreement date, and USD 325,000 per annum thereafter. 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 R Intrinsic Value Europe Fund Administration and Depositary Fee Effective from


March 2016 Maximum aggregate fee 0.09% 0.06% The fees are subject to a minimum fee of USD 150,000 per annum.

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 R CFM Diversified Fund Administration and Depositary Fee Effective from


March 2016 From USD Nil to USD 499,999,999 0.18% 0.15% From USD 500,000,000 to USD 749,999,999 0.15% 0.12% From and above USD 750,000,000 0.13% 0.10%

The fees are subject to a minimum fee of USD 225,000 per annum.

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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 R 2020 Fund Administration and Depositary Fee Effective from


March 2016 From USD Nil to USD 199,999,999 0.18% 0.15% From USD 200,000,000 to USD 749,999,999 0.15% 0.12% From and above USD 750,000,000 0.13% 0.10%

The fees are subject to a minimum fee of USD 168,750 for the period between the twelfth and twenty-fourth months from the agreement date, and USD 225,000 per annum thereafter.

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 R Karya Macro Fund Administration and Depositary Fee Effective from


May 2016 From USD Nil to USD 249,999,999 0.36% 0.33% From USD 250,000,000 to USD 499,999,999 0.33% 0.30% From USD 500,000,000 to USD 749,999,999 0.28% 0.25% From and above USD 750,000,000 0.23% 0.20% The fees are subject to a minimum fee of USD 162,500 for the first twelve months from the agreement date, USD 243,750 for the period between the twelfth and twenty-fourth months from the agreement date, and USD 325,000 per annum thereafter.

NAV of R CFM Trends Fund Administration and Depositary Fee Effective from


December 2016 From USD Nil to USD 499,999,999 0.13% 0.13% From USD 500,000,000 to USD 749,999,999 0.11% 0.11% From and above USD 750,000,000 0.09% 0.09%

The fees are subject to a minimum fee of USD 75,000 for the first twelve months following the launch of the Fund, USD 112,500 for the period between the twelfth and twenty-fourth months following the launch of the Fund, and USD 150,000 per annum thereafter.

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The R Perdurance Market Neutral 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 R Perdurance Market Neutral Fund

Administration and Depositary Fee

From USD Nil to USD 499,999,999

0.13% From USD 500,000,000 to USD 749,999,999

0.11%

From and above USD 750,000,000

0.09% The fees are subject to a minimum fee of USD 75,000 for the first twelve months from the agreement date, USD 112,500 for the period between the twelfth and twenty-fourth months from the agreement date, and USD 150,000 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.

The amount of administration fees and depositary fees charged in the period and outstanding at the reporting date is presented in the Statement of Comprehensive Income and Statement of Financial Position respectively.

8 Transfer Agent Fees

The fees payable to the Transfer Agent under the registrar and transfer agency agreement are based on the combined net asset value of the Company, InRIS UCITS plc and any related funds which the Transfer Agent acts as prime Transfer Agent. The applicable rates are as follows (calculated on the net asset value of each relevant Fund as layered fees): Combined Net Asset Value

Transfer Agency Fee p.a.

From EUR Nil to EUR 400,000,000

0.025% Above EUR 400,000,000 to EUR 1,500,000,000

0.020%

Above EUR 1,500,000,000 to EUR 3,000,000,000 0.015% Above EUR 3,000,000,000 to EUR 5,000,000,000

0.012%

Above EUR 5,000,000,000 On quotation The amount of transfer agent fees charged during the period and outstanding at the reporting date are included within other operating expenses in the Statement of Comprehensive Income and within other payables and accrued expenses in the Statement of Financial position, respectively.

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 authorised and regulated by the Central Bank of Ireland.

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9 Investment Manager and Trading Advisor Fees (continued) The Investment Manager has appointed 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, Karya Capital Management LP and Perdurance Asset Management Limited as Trading Advisors to manage the assets of the R Parus Fund, R BlackRock Select Fund, R Intrinsic Value Europe Fund, R Karya Macro Fund and R Perdurance Market Neutral Fund, respectively, in accordance with the investment objectives and policies of the Funds. Capital Fund Management S.A acts as the trading advisor of both R CFM Diversified Fund and R CFM Trends Fund.

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 payable monthly and charged at the following rates: - maximum of 0.25% per annum of the net assets of each class of the R Parus Fund; - maximum of 0.20% per annum of the net assets of each class of the R BlackRock Select

Fund, R 2020 Fund and R Perdurance Market Neutral Fund; - maximum of 0.30% per annum of the net assets of each class of the R Karya Macro Fund; - maximum of 0.275% per annum of the net assets of each class of the R CFM Diversified

Fund with the exception of Class M Euro1 and Class S. The Class S shares are charged at a rate of 0.15% per annum;

- maximum of 0.15% per annum of the net assets of each class of the R CFM Trends Fund except for Class M Euro hedged2; and

1Class 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 USD 30,000,000; 0.28% per annum of the net assets of the class when the AUM is between USD 30,000,001 and USD 200,000,000; 0.20% per annum of the net assets of the class when the AUM is between USD 200,000,001 and USD 300,000,000 and 0.15% per annum of the net assets of the class when the AUM is above USD 300,000,001. 2Class 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 USD 30,000,000 and 0.15% per annum of the net assets of the class when the AUM is above USD 30,000,001.

3The R CFM Diversified Fund Class S fees and all share class fees of R Intrinsic Value Europe Fund were amended during

the period. The amended rates are effective from 10 October 2017. The fees prior to the amendment were as outlined

above.

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 9 Investment Manager and Trading Advisor Fees (continued)

Investment Manager and Platform Advisor remuneration (continued) Until 10 October 2017, the R Intrinsic Value Europe Fund investment management fee payable to the Investment Manager is payable monthly and charged to a maximum of 0.20% per annum of the net assets of each class. From 10 October 2017, all classes within the R Intrinsic Value Europe Fund are charged at a sliding scale rate, from maximum of 0.12% per annum of the net assets of each class when the net assets are under EUR 199,999,999; maximum of 0.11% per annum of the net assets when the net assets are between EUR 200,000,000 and EUR 299,999,999 and maximum of 0.10% per annum of the net assets of the class when the net assets above EUR 299,999,999. The Investment Manager was appointed on 18 May 2017. The fees payable to the previous investment manager from 1 January 2017 until 18 May 2017 were payable monthly and charged at the following rates: - maximum of 0.25% per annum of the net assets of each class of the R Parus Fund; - maximum 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; - maximum of 0. 275% per annum of the net assets of each class of the R CFM Diversified

Fund except for Class M Euro1; - maximum of 0.30% per annum of the net assets of each class of the R Karya Macro Fund; - maximum of 0.15% per annum of the net assets of each class of the R CFM Trends Fund

except for Class M Euro hedged2. 1Class 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 USD 30,000,000; 0.28% per annum of the net assets of the class when the AUM is between USD 30,000,001 and USD 200,000,000; 0.20% per annum of the net assets of the class when the AUM is between USD 200,000,001 and USD 300,000,000 and 0.15% per annum of the net assets of the class when the AUM is above USD 300,000,001. 2Class 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 USD 30,000,000 and 0.15% per annum of the net assets of the class when the AUM is above USD 30,000,001.

3The R CFM Diversified Fund Class S fees and all share class fees of R Intrinsic Value Europe Fund were amended during

the period. The amended rates are effective from 10 October 2017. The fees prior to the amendment were as outlined

above.

The Investment Manager pays the fees and expenses of the Platform Advisor from its own fees. The fee payable to the Platform Advisor is approximately 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:

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Trading Advisor remuneration (continued)

Fund Trading advisor management fee R Parus Fund 1.10% 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 Fund4 0.65% per annum of the net assets of the standard share

classes of the Fund, 1.00% per annum of the net assets of the Class I2 Euro3, 0.40% per annum of the net assets of the SI

share classes and 0.75% per annum of the net assets of Class SI2

R 2020 Fund: Rothschild & Cie Gestion Ltd 0.25% of the net assets of the Account1 per annum Allianz Global Investors GmbH Highest of (i) EUR 150,000; or (ii) 0.6% (annually) of the

first EUR 20,000,000 of the net assets of the Account1 and 0.5% (annually) on net assets of the Account1 exceeding EUR

20,000,000 per annum Nomura Corporate Research and Asset Management Inc

0.5% of the net assets per annum if the net assets of the Account1 is at or below USD 75,000,000 or 0.45% of the net

assets per annum if the net assets of the Account1 exceeds USD 75,000,000

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 Fund5 0.40% per annum of the net assets of each share class R Perdurance Market Neutral Fund

0.40% per annum of the net assets of the standard share classes and 0.25% per annum of the net assets of the early

bird share classes 1 fees for R 2020 Fund are calculated based on the NAV of the Account, being the NAV of the particular Trading Advisor’s

allocation. 2 fees for R Parus Fund increased from 1% effective from 31 March 2017.

3 fees for R CFM Diversified Class I2 Euro decreased from 1.15% effective from 10 October 2017. 4 There are no fees applied to the Class M, Class G Euro, Class G AUD Hedged or Class R shares. 5 There are no fees applied to the Class M shares.

The Trading Advisors of R Parus Fund, R BlackRock Select Fund, R CFM Diversified Fund, R Karya Macro Fund, R CFM Trends Fund and R Perdurance Market Neutral Fund 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.

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Trading Advisor remuneration (continued)

- the performance fee for the R Parus Fund is payable by reference to the net assets of each share class in excess of that share class’s high water mark;

- the performance fee for the R CFM Trends Fund* is payable by reference to the net assets of each share class in excess of the 1-Week US LIBOR (the “Hurdle Rate”) and subject to that share class’s high water mark. The performance fee for the R CFM Trends Fund applies to each class of shares excluding Class M Euro hedged, Class NC Euro hedged, Class NI CHF hedged, Class NI Euro hedged, Class NI GBP hedged and Class NI USD, which are not subject to a performance fee. Class W and Class WD in are not subject to a performance fee when the aggregate net of the Class W and Class WD shares are below USD 100,000.;

- the performance fee for the R Perdurance Market Neutral Fund is payable by reference to the net assets of each share class in excess of the Euro Overnight Index Average (the “Hurdle Rate”) and subject to that share class’s high water mark;

- the performance fee for the R BlackRock Select Fund was payable by reference to the net assets 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, Class R Euro, Class I2 Euro, Class G Euro, Class G AUD Hedged and Class SI3 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 net assets of each applicable share class in excess of the 1-Week EURIBOR and subject to that share classes high water mark; and

- the performance fee of R Karya Macro Fund is payable by reference to the net assets of each applicable share class in excess of the 1-Week EURIBOR and subject to that share classes high water mark.

The performance fees consist of between 10% to 20% (as defined in each offering supplement) 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 applicable funds) and the net assets per share of the Funds as of the end of the relevant calculation period.

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 less than the performance fee borne by other shareholders depending on, among other things, the performance of the Funds and the payment periods and investment period.

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.

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10 Distribution Fees

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 (closed), R Intrinsic Value Europe Fund, R CFM Diversified Fund, R 2020, R Karya Macro Fund, R CFM Trends Fund and R Perdurance Market Neutral Fund 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%

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 I2 Euro1 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%

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10 Distribution Fees (continued)

Fund Class Distribution fee R CFM Diversified Fund Class P Euro 0.425% (continued) 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 Class G Euro N/A Class G AUD Hedged N/A Class SI CHF Hedged2 0.45% Class SI Euro2 0.45% Class SI GBP Hedged2 0.45% Class SI USD Hedged2 0.45% Class SI2 Euro2 0.45%

1 Effective from 10 October 2017 the distribution fee was amended to 0.375%. Prior to this date the applicable rate was

0.475%. 2 Effective from 10 October 2017 the distribution fee was amended to 0.45%. Prior to this date the applicable rate was 0.325%.

Fund

Class Distribution fee

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 USD hedged 0.40% Class P Euro 0.05% Class PB 0.05% 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%

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Fund Class Distribution fee R Karya Macro Fund (continued) 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 0.20% Class WD Euro hedged 0.20% Class WD GBP hedged 0.20% Class WD USD 0.20% R Perdurance Market Neutral Fund

Class C Euro

0.90%

Class C USD hedged 0.90% Class D Euro 0.90% Class F Euro 1.15% Class I CHF hedged 0.40% Class I Euro 0.40% Class I GBP hedged 0.40% Class ID GBP hedged 0.40% Class I USD hedged 0.40% Class NC Euro 0.80% Class ND Euro 0.80% Class NI Euro 0.30% Class NI GBP hedged 0.30% Class NID GBP hedged 0.30% Class NI USD hedged 0.30%

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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, respectively.

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 Financial year ended 31 December 2017 31 December 2016

Auditors remuneration USD USD Statutory audit fees 172,930 82,258 Other assurance services - - Tax advisory - - Other non-audit services - -

172,930 82,258

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. There are no redeemable non-participating non-voting management shares in issue.

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.

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 12 Share capital (continued)

Issued Movement in participating shares for the period ending 31 December 2017 was as follows:

R Parus Fund

Shares at

Shares at

beginning of Shares Switch Shares Switch end of the

Class of the year issued in redeemed out year C USD 997,648 142,488 - (174,222) (250) 965,664

C Euro hedged 905,138 79,907 - (252,344) (35,357) 697,344

I Euro hedged 4,060,242 573,235 54,301 (1,305,218) - 3,382,560 I Euro unhedged 227,129 3,858 - (78,729) (19,048) 133,210

I CHF hedged 114,974 3,060 - (49,775) - 68,259

I GBP hedged 117,282 10,667 - (88,750) - 39,199 I USD 624,162 64,688 325 (322,162) 367,013


Shares at

Shares at


Class of the year issued in redeemed out year C USD hedged 13,161 - - (13,161) - - C Euro 136,230 1,249 - (137,479) - - F Euro 12,468 - - (12,468) - - I Euro 60,393 - - (60,393) - -


Shares at

Shares at


Class of the year issued in redeemed out year F Euro 677,809 230,260 1,484 (110,787) - 798,766

F GBP unhedged 1,263,238 270,178 - (126,582) (1,180) 1,405,653

R CFM Diversified Fund

Shares at

Shares at


Class of the year issued in redeemed out year I Euro 2,633,891 3,308,596 - (1,057,381) (184,860) 4,700,246 M Euro 351,881 224,925 - (388,895) - 187,911 NI Euro 1,092,065 29,390 - (367,339) - 754,116 NC Euro 277,379 - - (91,779) - 185,600 R Euro 205,756 183,971 - (35,083) - 354,644 C Euro 846,336 558,404 - (370,901) - 1,033,839 I USD hedged 558,038 354,747 - (115,205) - 797,580 NI GBP hedged 76,430 - - (76,430) - - I CHF hedged 168,242 116,888 - (27,141) - 257,989 I GBP hedged 334,399 113,995 - (81,866) - 366,528 F Euro 16,718 2,707 - (13,344) - 6,081 G AUD - 940,307 - (502,865) - 437,442 SI Euro - 837,349 202,126 - - 1,039,475

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12 Share capital (continued)

Issued (continued)

R 2020 Fund

Shares at

Shares at


Class of the year issued in redeemed out year C Euro 692,542 967,282 - (413,512) - 1,246,312 D Euro 248,642 190,577 - (94,619) - 344,600 I Euro 402,790 62,821 - (132,053) - 333,558 R Karya Macro Fund

Shares at

Shares at


Class of the year issued in redeemed out year NI USD hedged 146,153 156,101 - (161,389) - 140,865 NI Euro 296,109 5,263 - (134,086) - 167,286 I Euro 2,000 - - - - 2,000 NC Euro 16,572 709 - - - 17,281 R CFM Trends Fund

Shares at

Shares at


Class of the year issued in redeemed out year WD USD 155,360 176,938 2,575 (41,488) (1,020) 292,365 WD GBP hedged 891,898 263,212 - (68,326) (1,940) 1,084,845 I Euro hedged 10 - - - - 10 WD EUR hedged 126,341 49,155 863 (11,565) - 164,794 M EUR hedged 1,000 - - - - 1,000 NI EUR hedged - 228,013 - - - 228,013 R Perdurance Market Neutral Fund

Shares at

Shares at


Class of the year issued in redeemed out year I Euro - 2,000 - - - 2,000 ND Euro - 1,458 - - - 1,458 NC Euro - 121,403 - (14) - 121,389 NI Euro - 388,882 - - - 388,882

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Issued (continued) Movement in participating shares for the period ending 31 December 2016 was as follows: R Parus Fund

Shares at

Shares at


Class of the year issued in redeemed out year 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 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


Class of the year issued in redeemed out year 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


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

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Issued (continued) R CFM Diversified Fund

Shares at

Shares at


Class of the year issued in redeemed out year 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 322,744 - - (45,364) - 277,380 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 hedged 103,506 - - (27,076) - 76,430 I CHF hedged - 181,876 2,882 (16,516) - 168,242 I GBP hedged - 370,309 - (35,910) - 334,399 F Euro - 17,729 - (1,011) - 16,718

R 2020 Fund

Shares at

Shares at


Class of the year issued in redeemed out year 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


Class of the year issued in redeemed out year NI USD hedged - 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


Class of the year issued in redeemed out year WD USD - 165,610 - - (10,250) 155,360 WD GBP hedged - 933,860 8,308 - (50,170) 891,998 I Euro hedged - 10 - - - 10 WD EUR hedged - 67,209 59,132 - - 126,341 M EUR hedged - 1,000 - - - 1,000 Net asset value per share at 31 December 2017 is disclosed in note 22.

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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 and derivative instruments held.

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

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13 Financial instrument disclosures and associated risks (continued)

(a) Market risk (continued) Risk is measured and managed by the Investment Manager and Trading Advisors for the Funds.

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 usage or exposure as a percentage of net asset value at 31 December 2017 and 2016 for each Fund are set out in the following table below, together with the applicable maximum limit at the equivalent dates. Fund VaR Limit VaR Usage

2017 2016 2017 2016 R Parus Fund 3.60% 3.60% 1.42% 1.15% R BlackRock Select Fund - 1.40% - 0.65% R Intrinsic Value Europe Fund 3.66% 3.66% 2.12% 2.44% R CFM Diversified Fund 1.47% 1.40% 1.12% 1.96% R 2020 Fund 1.47% 1.47% 0.23% 0.29% R Karya Macro Fund 4.47% 4.47% 2.72% 2.29% R CFM Trends Fund 2.10% 2.10% 1.71% 2.10% R Perdurance Market Neutral Fund 2.20% - 0.99% - 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 2017 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 2017 and 2016.

Fund Maximum VaR Minimum VaR Average VaR 2017 2016 2017 2016 2017 2016

R Parus Fund 1.44% 2.46% 1.12% 0.96% 1.29% 1.37% R BlackRock Select Fund - 0.90% - 0.58% - 0.69% R Intrinsic Value Europe Fund 2.45% 2.62% 2.10% 2.06% 2.26% 2.47% R CFM Diversified Fund 1.61% 2.12% 0.73% 0.67% 1.06% 1.31% R 2020 Fund 0.33% 0.62% 0.21% 0.26% 0.28% 0.44% R Karya Macro Fund 5.69% 8.96% 1.64% 0.79% 2.96% 1.92% R CFM Trends Fund 2.41% 2.10% 1.31% 0.00% 1.67% 0.78% R Perdurance Market Neutral Fund

1.89% - 0.87% - 0.97% -

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 effect 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.

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(a) Market risk (continued) Currency risk (continued) R Parus Fund

Currency Assets

Fair value at 31 December

2017

USD


2016

USD

Australian Dollar (AUD) 4,776,675 (5,184,801)

British Pound (GBP) 39,885,622 (12,847,224)

Euro (EUR) 17,062,580 (31,430,417)

Hong Kong Dollar (HKD) 11,713,829 -

Swiss Franc (CHF) 520 -

Net exposure 73,439,226 (49,462,442)

The above disclosure represents the exposure of the Fund based on the fair value of the Fund’s assets and liabilities. The Fund also invests in derivative financial instruments with an underlying currency exposure for hedging or investment purposes. The exposure from the derivative financial instruments is represented by the notional amounts. Details of the derivative financial instruments are included in the Portfolio Statements attached to the financial statements. R BlackRock Select Fund R Blackrock Select Fund closed on 28 June 2017 and did not have any significant exposure at 31 December 2017. At 31 December 2016, the majority of R BlackRock Select Fund’s financial assets and liabilities at fair value through profit or loss were traded in EUR, which was the R BlackRock Select Fund’s functional currency. As the R BlackRock Select Fund’s assets and liabilities were predominately denominated in the functional currency, the Fund was not exposed to material currency risk. R Intrinsic Value Europe Fund

Currency Assets


2017

EUR


2016

EUR

British Pound (GBP) 74,327,371 61,016,717

Danish Krona (DKK) 11,979,032 -

Hungarian Forint (HUF) 410,050 1,508,281

Norwegian Krona (NOK) 26,468,346 18,323,671

Swedish Krona (SEK) 3,559,358 3,971,482

Swiss Franc (CHF) 54,790,514 42,090,386

Net exposure 171,534,671 126,910,537

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(a) Market risk (continued)

Currency risk (continued) R CFM Diversified Fund As at 31 December 2017 and 2016, 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 R CFM Diversified Fund’s functional currency. The Fund also invests in derivative financial instruments with an underlying currency exposure for hedging or investment purposes. The exposure from the derivative financial instruments is represented by the notional amounts. Details of the derivative financial instruments are included in the Portfolio Statements attached to the financial statements. R 2020 Fund

Currency Assets


2017 EUR


2016

EUR

US Dollar (USD) 113,357,915 73,730,308

The Fund also invests in derivative financial instruments with an underlying currency exposure for hedging or investment purposes. The exposure from the derivative financial instruments is represented by the notional amounts. Details of the derivative financial instruments are included in the Portfolio Statements attached to the financial statements. R Karya Macro Fund

Currency Assets


2017

EUR


2016

EUR

Australian Dollar (AUD) (12,367) 385,120

British Pound (GBP) - 335,937

Euro (EUR) 12,627,390 -

Japanese Yen (JPY) 591,553 408,212

New Zealand Dollar (NZD) - 115,748

US Dollar (USD) 53,512,684 181,863,254

Net exposure 66,719,260 183,108,271

The Fund also invests in derivative financial instruments with an underlying currency exposure for hedging or investment purposes. The exposure from the derivative financial instruments is represented by the notional amounts. Details of the derivative financial instruments are included in the Portfolio Statements attached to the financial statements.

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(a) Market risk (continued) Currency risk (continued) R CFM Trends Fund

Currency Assets

Fair value at 31 December 2017

USD

Fair value at 31 December 2016*

USD

Australian Dollar (AUD) (745,309) (672)

British Pound (GBP) 67,391 (5,174,760)

Canadian Dollar (CAD) 1,361,965 -

Euro (EUR) (2,874,068) 6,232,579

Hong Kong Dollar (HKD) 1,573,585 49,376

Japanese Yen (JPY) 1,561,129 (423)

Singapore Dollar (SGD) (25,816) (52,179)

South African Rand (ZAR) (326,693) -

South Korean Won (KRW) 1,049,920 (3,115)

Swiss Franc (CHF) 88,628 (231)

Net exposure 1,730,732 1,050,575

The Fund also invests in derivative financial instruments with an underlying currency exposure for hedging or investment purposes. The exposure from the derivative financial instruments is represented by the notional amounts. Details of the derivative financial instruments are included in the Portfolio Statements attached to the financial statements. R Perdurance Market Neutral Fund

Currency Assets


2017

EUR


2016

EUR

Danish Krona (DKK) 1,354,367 -

Norwegian Krona (NOK) 4,160,842 -

Swedish Krona (SEK) 2,598,127 -

Swiss Franc (CHF) 2,468,564 -

United States Dollar (USD) 2,456,999 -

Net exposure 13,038,899 -

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 2017.

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

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

31 December 2017 1 month to 1 financial

year than 1

financial year

interest bearing

Total

Assets

Loans and receivables

Cash and cash equivalents 94,597,413 - - - 94,597,413

Balance due from brokers 150,820,613 - - - 150,820,613

Other receivables - - - 184,363 184,363

Financial assets at

fair value through profit or loss

Investment in equity instruments - - - 340,235,497 340,235,497

Investment in debt instruments - 129,649,861 - - 129,649,861

Derivative financial assets - - - 7,359,657 7,359,657

Total assets 245,418,026 129,649,861 - 347,779,517 722,847,404

Liabilities

Derivative financial instruments - - - 15,690,414 15,690,414

Other liabilities

Balance due to brokers 11,667,995 - - - 11,667,995

Payable for fund shares purchased - - - 689,728 689,728

Trading advisor -

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

Distribution fees payable - - - 6,211,035 6,211,035

Trading advisor -

management fees payable - - - 700,556 700,556

Administration fees payable - - - 110,920 110,920

Investment manager fees payable - - - 104,357 104,357

Other payables and

accrued expenses - - - 529,147 529,147

Interest payable - - - 652,696 652,696

Depositary fees payable - - - 51,982 51,982

Audit fee payable - - - - -

Director’s fee payable - - - 23,296 23,296 Net assets attributable to participating shareholders

- - - 686,330,099 686,330,099

Total Liabilities 11,667,995 - - 711,179,409 722,847,404

Total interest sensitivity gap 233,750,031 129,649,861 -

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Interest Rate Risk (continued) R BlackRock Select Fund

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

31 December 2017 1 month to 1

financial year

than 1 financial

year

interest bearing

Total

Assets


Cash and cash equivalents 146,104 - - - 146,104

Balance due from brokers - - - - -

Receivable for securities sold - - - - -


Financial assets at


Investment in debt instruments - - - - -

Derivative financial assets - - - - -

Total assets 146,104 - - 159,282 305,386

Liabilities

Derivative financial instruments - - - - -

Other liabilities

Payable for securities purchased - - - - -

Trading advisor -


Balance due to brokers - - - - -

Trading advisor -




Other payables and




Audit fee payable - - - 21,252 21,252

Directors’ fees payable - - - 6,136 6,136

Total Liabilities - - - 305,386 305,386

Total interest sensitivity gap 146,104 - -

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Interest Rate Risk (continued) R Intrinsic Value Europe Fund



financial year

than 1 financial

year

interest bearing

Total

Assets



Balance due from brokers 25 - - - 25


Financial assets at



Investment in debt instruments 6,052,962 46,451,328 - - 52,504,290

Total assets 17,928,055 46,451,328 - 312,578,211 376,957,594

Liabilities Financial liabilities at fair value through profit or loss

Derivative financial instruments - - - - -

Other liabilities

Payable for fund shares purchased - - - 1,710,691 1,710,691

Balance due to brokers 852 - - - 852

Trading advisor -




Other payables and


Interest payable - - - - -


Audit fee payable - - - - -

Directors’ fees payable - - - 35,298 35,298

Net assets attributable to participating shareholders

374,623,391 374,623,391

Total Liabilities 852 - - 376,956,742 376,957,594


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Interest Rate Risk (continued) R CFM Diversified Fund



financial year

than 1 financial

year

interest bearing

Total

Assets




Receivable for securities sold - - - 14,909,427 14,909,427

Other receivables - - - 5,653,557 5,653,557

Financial assets at fair value through

profit or loss



Total assets 617,897,475 543,819,925 - 130,474,052 1,292,191,452

Liabilities

Financial liabilities at fair value through

profit or loss


Other liabilities


Trading advisor -

performance fees payable - - - 5,585,301 5,585,301



Trading advisor -

management fees payable - - - 3,410,541 3,410,541

Administration fees payable - - - - -


Other payables and


Interest payable - - - 5,046,173 5,046,173


Audit fee payable - - - 2,148 2,148 Net assets attributable to participating shareholders

- - - 1,094,835,467 1,094,835,467

Total Liabilities 44,585,511 - - 1,247,605,941 1,292,191,452


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



financial year

than 1 financial

year

interest bearing

Total

Assets



Balance due from brokers 140,205 - - - 140,205


Receivable for fund shares sold 77,886 77,886



profit or loss

Investment in equity instruments - - - 20,838 20,838

Investment in debt instruments - 1,747,106 190,579,573 - 192,326,679


Total assets 16,561,793 1,747,106 190,579,573 16,982,737 225,871,209

Liabilities


profit or loss

Derivative financial instruments - - - 404,504 404,504

Other liabilities


Balance due to brokers 340,000 - - - 340,000


Trading advisor -




Other payables and






- - - 203,851,318 203,851,318

Total Liabilities 340,000 - - 225,531,209 225,871,209

Total interest sensitivity gap 16,221,793 1,747,106 190,579,573

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Interest Rate Risk (continued)

R Karya Macro Fund



financial year

than 1 financial

year

interest bearing

Total

Assets




Receivable for securities sold - - - 397,550 397,550

Receivable for fund shares sold - - - 24,850 24,850



profit or loss

Investment in equity instruments - 1,751,065 1,751,065

Investment in debt instruments - - 25,287,773 - 25,287,773


Total assets 39,680,420 - 25,287,773 10,362,749 75,330,942

Liabilities


profit or loss


Other liabilities

Payable for securities purchased - - - 3,001,704 3,001,704

Payable for fund shares purchased - - - 421,585 421,585

Trading advisor -


Balance due to broker 8,562,501 - - - 8,562,501

Repurchase agreements - 23,342,038 - - 23,342,038



Other payables and



Distribution fees payable - 151,445 151,445

Trading advisor – Management fees

- - -

16,026

16,026



- - - 32,650,337 32,650,337

Total Liabilities 8,562,501 23,342,038 - 43,426,403 75,330,942

Total interest sensitivity gap 7,809,235 (23,342,038) 25,287,773

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



financial year

than 1 financial

year

interest bearing

Total

Assets






profit or loss



Total assets 114,678,603 129,077,516 - 16,805,324 260,561,443

Liabilities


profit or loss


Other liabilities

Payable for fund shares purchased 482,967 482,967


Distribution fees payable - - - 45,456 45,456

Trading advisor -




Other payables and



Trading advisor -

performance fees payable 1,123,587 1,123,587


Director’s fee payable - - - 999 999 Net assets attributable to participating shareholders

- - - 246,312,392 246,312,392



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(a) Market risk (continued) Interest Rate Risk (continued) R Perdurance Market Neutral Fund



financial year

than 1 financial year

interest bearing

Total

Assets







profit or loss


Derivative financial assets - - - 269,221 269,221

Total assets 16,209,261 - - 39,424,026 55,633,287

Liabilities


profit or loss


Other liabilities

Payable for securities purchases - - - 2,428,858 2,428,858


Trading advisor -



Investment manager fees payable - - - - -

Other payables and



Trading advisor -

performance fees payable 332,158 332,158



- - - 52,657,542 52,657,542

Total Liabilities - - - 55,633,287 55,633,287

Total interest sensitivity gap 16,209,261 - -

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Interest Rate Risk (continued) The following tables detail the Fund’s exposure to interest rate risks at 31 December 2016.

R Parus Fund


31 December 2016 1 month to 1 financial

year than 1

financial year

interest bearing

Total

Assets





Financial assets at





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

Liabilities


Other liabilities



Trading advisor -



Trading advisor -




Other payables and






- - - 747,370,498 747,370,498



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112







financial year

than 1 financial

year

interest bearing

Total

Assets






Financial assets at


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


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

Liabilities


Other liabilities


Trading advisor -



Trading advisor -




Other payables and





Directors’ fees payable - - - 14,881 14,881 Net assets attributable to participating shareholders

- - - 22,957,956 22,957,956


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

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financial year

than 1 financial

year

interest bearing

Total

Assets




Financial assets at




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



Other liabilities

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

Trading advisor - - -




Other payables and





Directors’ fees payable - - - - -


- - - 293,865,439 293,865,439



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




financial year

than 1 financial

year

interest bearing

Total

Assets







profit or loss



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

Liabilities


profit or loss


Other liabilities


Trading advisor -




Trading advisor -




Other payables and




Audit fee payable - - - 17,297 17,297 Net assets attributable to participating shareholders

- - - 690,345,336 690,345,336



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

R 2020 Fund



financial year

than 1 financial

year

interest 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



Trading advisor -




Other payables and




Interest payable - - - 1,780 1,780 Net assets attributable to participating shareholders

- - - 137,547,842 137,547,842


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

interest 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 -



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


- - -

44,829,117

44,829,117


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 Fund



financial year

than 1 financial

year

interest 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 Net assets attributable to participating shareholders

- - - 137,401,811 137,401,811

Total Liabilities 63,056 - - 140,608,787 140,671,843

Total interest sensitivity gap 93,392,690

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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. 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 2017, R Parus Fund’s investments in equity and debt instruments categorised by industry sector are as follows:

31 December 2017

Fair value % of net

Assets USD assets Equities

Information technology 280,078,765 6.65%

Consumer, discretionary 49,685,664 37.48%

Healthcare 10,471,068 1.40%

Government bonds

Sovereign government bonds 129,649,862 17.35% Total equities and bonds 469,885,359 62.88%

R Parus Fund’s exposure to derivative financial instruments at 31 December 2017 are included in the portfolio statement on pages 182 - 184.

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(a) Market risk (continued) Other price risk (continued) R BlackRock Select Fund At 31 December 2017, R BlackRock Select Fund did not hold any investments. R Intrinsic Value Europe Fund At 31 December 2017, R Intrinsic Value Europe Fund’s investments in equity and debt instruments categorised by industry sector are as follows:

31 December 2017

Fair value % of net

Assets EUR assets

Equities

Materials 71,734,759 19.15%


Industrials 67,759,595 18.09%

Consumer, staples 36,255,866 9.68%

Financial 27,442,152 7.33%


Health Care 16,831,065 4.49% Government bonds

Sovereign government bonds 52,504,290 14.02%

Total equities and bonds 364,633,054 97.35%

R CFM Diversified Fund At 31 December 2017, R CFM Diversified Fund’s investments in equity and debt instruments categorised by industry sector are as follows:

31 December 2017

Fair value % of net

Assets EUR assets Government bonds


Total bonds 593,850,925 54.24%

R CFM Diversified Fund’s exposure to derivative financial instruments at 31 December 2017 are included in the portfolio statement on pages 188 - 222.

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(a) Market risk (continued) Other price risk (continued) R 2020 Fund At 31 December 2017, R 2020 Fund’s investments in equity and debt instruments categorised by industry sector are as follows:

31 December 2017

Fair value % of net

Assets EUR assets Equities Oil & gas 20,838 0.01%

Corporate bonds 186,494,304 91.49%

Government bonds

Sovereign government bonds 5,832,375 2.86% Total bonds 192,347,517 94.36%

R 2020 Fund’s exposure to derivative financial instruments at 31 December 2017 are included in the portfolio statement on pages 223 - 231. R Karya Macro Fund At 31 December 2017, R Karya Macro Fund’s investments in debt instruments and exchange traded funds categorised by industry sector are as follows:

31 December 2017

Fair value % of net

Assets EUR assets

Equities

Financial 1,120,023 3.43%

Oil & gas 631,041 1.93%

Government bonds


Total bonds 27,038,837 82.81%

R Karya Macro Fund’s exposure to derivative financial instruments at 31 December 2017 are included in the portfolio statement on pages 232 - 243.

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(a) Market risk (continued) Other price risk (continued) R CFM Trends Fund At 31 December 2017, R CFM Trends Fund’s investments in debt instruments categorised by industry sector are as follows:

31 December 2017

Fair value % of net

Assets USD assets Government bonds


Total bonds 129,077,516 52.40%

R CFM Trends Fund’s exposure to derivative financial instruments at 31 December 2017 are included in the portfolio statement on pages 244 - 246. R Perdurance Market Neutral Fund At 31 December 2017, R Perdurance Market Neutral Fund’s investments in equity instruments categorised by industry sector are as follows:

31 December 2017

Fair value % of net

Assets EUR assets

Equities


Health Care 7,446,850 14.14%


Industrials 5,097,646 9.68%


Telecommunications 2,411,172 4.58%

Total equities 38,876,109 73.83%

R Perdurance Market Neutral Fund’s exposure to derivative financial instruments at 31 December 2017 are included in the portfolio statement on pages 247 - 248.

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

31 December 2016

Fair value % of net

Assets USD assets Equities



Financial 23,313,212 3.12%

Healthcare 12,481,654 1.67%

Government bonds


R BlackRock Select Fund At 31 December 2016, R BlackRock Select Fund’s investments in debt instruments 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

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

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(a) Market risk (continued) Other price risk (continued)


At 31 December 2016, 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

Equities

Industrials 67,849,764 23.09%

Materials 58,423,614 19.88%


Financial 28,063,916 9.55%


Health Care 5,684,000 1.93%

Information technology 4,138,522 1.41% Government bonds


Total equities and bonds 271,657,416 92.44%


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

31 December 2016

Fair value % of net

Assets EUR assets Government bonds


Total bonds 330,264,950 47.84%

R 2020 Fund At 31 December 2016, R 2020 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 Equities Oil & gas 30,287 0.02%


Government bonds


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(a) Market risk (continued) Other price risk (continued)

R 2020 Fund (continued)

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.

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

31 December 2016

Fair value % of net

Assets EUR assets


Government bonds


Total bonds 175,804,333 392.17%

R CFM Trends Fund At 31 December 2016, R CFM Trends Fund had no investments in debt or equity instruments. (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.

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(b) Credit risk (continued) At 31 December 2017, 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. R Parus Fund, R Intrinsic Value Europe Fund, R CFM Diversified Fund, R 2020 Fund, R Karya Macro Fund and R CFM Trends Fund hold investments in debt instruments. These sub-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. 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 could not invest in securities that are unrated. R Intrinsic Value Europe Fund is permitted to invest in European government bonds up to a maximum of 25% of the net asset value of the Fund. The sovereign bonds are required to be investment grade (rated BBB or Baa1 by Standard and Poor’s and Moody’s respectively) The R Intrinsic Value Europe Fund may also invest in European corporate bonds up to a maximum of 10% of the net asset value of the Fund. 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. 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. R 2020 Fund must also limit 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.

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(b) Credit risk (continued) 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”). The derivative counterparties have a MTM limit of up to a maximum of 15% of net asset value per trade.

R Parus Fund, R 2020 Fund, R Karya Macro Fund, R CFM Diversified Fund and CFM Trends Fund engage in the trading of OTC derivative instruments. As at 31 December 2017, swaps entered into by R Karya Macro Fund, R CFM Diversified Fund and R CFM Trends Fund are centrally cleared. All other OTC derivatives entered into during the years ended 31 December 2017 and 2016 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.

The Funds may also post securities as collateral. At 31 December 2017, R CFM Diversified Fund has pledged securities with a fair value of EUR 75,054,300. The assets, in the form of French government bonds, are pledged to Deutsche Bank.

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.

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127


(b) Credit risk (continued) The credit ratings of the Fund’s Brokers, as determined by Standard and Poors*, are as follows: 31 December 2017 31 December 2016 Morgan Stanley & Co International A+ A+ Credit Suisse A A Barclays Bank Plc A A- Deutsche Bank AG A- BBB+ Nomura International Plc A- A Merrill Lynch International A+ A+ HSBC Bank Plc AA- A Allianz SE AA AA Goldman Sachs International A+ A+ Citibank N.A. (ISDA MA) A+ A+ JP Morgan Chase Bank, N.A. A- A- BNP Paribas A A Natixis Investment Managers A A National Bank of Canada A A *the credit ratings relate to Standard and Poor’s ratings of the entity or its ultimate parent(s)

The Funds may enter into repurchase and reverse repurchase agreements. Reverse repurchase agreements expose the Funds to the credit risk that the counterparty will fail to fulfil its obligations. This risk is mitigated by entering into master netting agreements and holding collateral in the form of cash and marketable securities. When the Fund enters into a repurchase agreement it pledges securities and cash as collateral to the counterparty. The counterparty has the right to sell or repledge the securities. At 31 December 2017 the R Karya Macro Fund has entered into a repurchase agreement whereby it has sold assets with an agreement to repurchase. The pledged assets are recognised in the Statement of Financial Position of the Fund in “financial assets at fair value through profit or loss”. The securities pledged by R Karya Macro Fund consist of US government bonds with a fair value of USD 27,041,000. Cash and cash equivalents comprises balances held with/(due from) the Depositary and investments in money market funds: Cash held at

Depositary 31 December 2017


31 December 2016 R Parus Fund USD 33,134,890 USD 183,049,291 R BlackRock Select Fund EUR 146,104 EUR 3,501,156 R Intrinsic Value Europe Fund EUR 11,875,068 EUR 22,986,700 R CFM Diversified Fund EUR 104,858,698 EUR 87,132,207 R 2020 Fund EUR 16,421,588 EUR 3,292,073 R Karya Macro Fund EUR 4,887,466 EUR (3,347,957) R CFM Trends Fund USD 19,643,500 USD 80,246,531 R Perdurance Market Neutral Fund EUR 4,472,477 -

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(b) Credit risk (continued)

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.

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 A (2016: AA-). 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 2017, R Parus Fund, R 2020 Fund, R CFM Diversified Fund and R BlackRock Select Fund each hold an investment in Institutional Cash Series PLC amounting to USD 61,462,523 (2016: USD 55,371,295), EUR Nil (2016: EUR 121), EUR 88,451,440 (2016: EUR 56,824,793) and EUR NIL (2016: EUR 32,656), respectively. At 31 December 2017, R CFM Trends Fund holds an investment in Goldman Sachs US Dollar Liquid Reserves Fund amounting to USD 21,818,712 (2016: USD Nil). The credit rating of these money market funds, as determined by Fitch, is AAAmmf (2016: AAAmmf).

(c) Liquidity Risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. R Parus Fund’s offering supplement provides for the weekly creation and cancellation of shares. R Intrinsic Value Europe Fund, R CFM Diversified Fund, R 2020 Fund, R Karya Macro Fund, R CFM Trends Fund and R Perdurance Market Neutral Fund’s offering supplements provide for the daily creation and cancellation of shares. Therefore, they are exposed to the liquidity risk of meeting shareholder redemptions on a weekly and daily basis respectively. The Fund's liabilities as of 31 December 2017 are short term in nature.

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(c) Liquidity Risk (continued)

The following tables show the residual contractual, undiscounted cash flows of the Fund’s liabilities at 31 December 2017. R Parus Fund All amounts stated in USD

31 December 2017

Less than 1

month

1-3

months

3 months to

1 financial

year

Greater than

1 financial

year

Financial liabilities

Other payables 20,826,891 - - -


profit or loss – held for trading

Derivative financial instruments 15,690,414 - - -

Net asset value attributable

to participating shareholders 686,330,099 - - -


All amounts stated in EUR

31 December 2017

Less than 1

month

1-3

months

3 months to

1 financial

year

Greater than

1 financial

year


Other payables 305,386 - - -



Derivative financial instruments - - - -


to participating shareholders - - - -



31 December 2017

Less than 1

month

1-3

months

3 months to

1 financial

year

Greater than

1 financial

year





Derivative financial instruments - - - -



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130


(c) Liquidity Risk (continued) R CFM Diversified Fund All amounts stated in EUR

31 December 2017

Less than 1

month

1-3

months

3 months to

1 financial

year

Greater than

1 financial

year





Derivative financial instruments 94,747,660 34,326,816 2,321,249 -


to participating shareholders 1,094,835,467 - - -

R 2020 Fund


31 December 2017

Less than 1

month

1-3

months

3 months to

1 financial

year

Greater than

1 financial

year





Derivative financial instruments 404,504 - - -



R Karya Macro Fund


31 December 2017

Less than 1

month

1-3

months

3 months to

1 financial

year

Greater than

1 financial

year



Repurchase agreements 23,342,038 - - -



Derivative financial instruments 574,741 2,631,049 964,582 2,497,672



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131


(c) Liquidity risk (continued) R CFM Trends Fund

All amounts stated in USD

31 December 2017

Less than 1

month

1-3

months

3 months to

1 financial

year

Greater than

1 financial

year





Derivative financial instruments 352,473 8,798,345 344,407 -



R Perdurance Market Neutral Fund


31 December 2017

Less than 1

month

1-3

months

3 months to

1 financial

year

Greater than

1 financial

year





Derivative financial instruments 134,948 - - -



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





Derivative financial instruments 7,016,271 - - -



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(c) Liquidity risk (continued)

R BlackRock Select Fund 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 -



R Intrinsic Value Europe Fund 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 Financial liabilities Other payables 1,294,109 - - - Financial assets at fair value through profit or loss – held for trading

Derivative financial instruments 2,155 - - - Net asset value attributable to participating shareholders 293,865,439 - - -

R CFM Diversified Fund 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 71,858,235 8,012,951 666,484 -



R 2020 Fund 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 - - 425,383 -



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133


(c) Liquidity risk (continued) 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



R CFM Trends 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


Other payables 115,898 - - -



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



A portion of the Fund’s assets are maintained as cash and cash equivalents and are available to meet unexpected redemptions. At 31 December 2017 and 2016, the Fund’s cash and cash equivalents represented the following percentages of the net assets of the Funds: Cash at

31 December 2017 Cash at

31 December 2016 % of net assets % of net assets R Parus Fund 13.78% 31.90% R BlackRock Select Fund n/a 15.39% R Intrinsic Value Europe Fund 3.17% 7.82% R CFM Diversified Fund 17.66% 20.85% R 2020 Fund 8.05% 2.39% R Karya Macro Fund 15.08% (7.47)% R CFM Trends Fund 16.83% 58.40% R Perdurance Market Neutral Fund 8.49% - The Fund’s investment portfolios include instruments which are considered to be readily realisable as they are highly liquid at the time of trading.

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134


(c) Liquidity risk (continued) At 31 December 2017 and 2016, 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 2017 Liquid assets at

31 December 2016 % of net assets % of net assets R Parus Fund 68.46% 55.63% R BlackRock Select Fund - 23.56% R Intrinsic Value Europe Fund 97.33% 86.27% R CFM Diversified Fund 54.24% 59.11% R 2020 Fund 17.57% 8.20% R Karya Macro Fund 82.81% 53.80% R CFM Trends Fund 52.40% 68.02% R Perdurance Market Neutral Fund 73.83% -

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. Repurchase agreements are subject to an enforceable master netting arrangement or similar agreement in that they are cleared under global master repurchase agreements. The ISDA master agreements, derivative clearing agreements and global master repurchase 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.

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 14 Offsetting financial assets and liabilities (continued)

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. R Parus Fund

31 December 2017 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 1,919,300 - 1,919,300

National Bank of Canada 5,007,852 - 5,007,852

State Street 432,505 - 432,505

Total derivative financial assets at fair value through profit or loss 7,359,657 - 7,359,657

Derivative financial liabilities

Morgan Stanley & Co. International (13,399,906) - (13,399,906)

National Bank of Canada (92,063) - (92,063)

State Street (2,198,445) - (2,198,445)

Total derivative financial liabilities at fair value through profit or loss (15,690,414) - (15,690,414)

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136


R Parus Fund (continued)

31 December 2017 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 1,919,300 (1,919,300) - -

National Bank of Canada 5,007,852 (92,063) - 4,915,789

State Street 432,505 (432,505) - -

Total derivative financial assets at fair value through profit or loss 7,359,657 (2,443,868) - 4,915,789


Morgan Stanley & Co. International (13,399,906) 1,919,300 11,480,606 -

National Bank of Canada (92,063) 92,063 - -

State Street (2,198,445) 432,505 1,765,940 -

Total derivative financial liabilities at fair value through profit or loss (15,690,414) 2,443,868 13,246,546 -

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USD USD USD


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


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



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


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


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138






Position

presented in the



USD USD USD USD


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


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 - -


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


INRIS UCITS PLC

139








EUR EUR EUR


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)

INRIS UCITS PLC

140


R BlackRock Select Fund (continued)


assets/(liabilities) the Statement of Financial Position

presented in the



EUR EUR EUR EUR


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)

INRIS UCITS PLC

141








EUR EUR EUR


Barclays Bank Plc 70,605,455 - 70,605,455

Deutsche Bank AG 19,363,508 - 19,363,508

Nomura International Plc 3,879,535 - 3,879,535




Barclays Bank Plc (85,423,690) - (85,423,690)

Deutsche Bank AG (24,950,502) - (24,950,502)

Nomura International Plc (8,779,375) - (8,779,375)

National Bank of Canada (12,242,158) - (12,242,158)


INRIS UCITS PLC

142


R CFM Diversified Fund (continued)



presented in the



EUR EUR EUR EUR


Barclays Bank Plc 70,605,455 (70,605,455) - -

Deutsche Bank AG 19,363,508 (19,363,508) - -

Nomura International Plc 3,879,535 (3,879,535) - -

National Bank of Canada 16,062,570 (12,242,158) - 3,820,412



Barclays Bank Plc (85,423,690) 70,605,455 14,818,235 -

Deutsche Bank AG (24,950,502) 19,363,508 5,586,994 -

Nomura International Plc (8,779,375) 3,879,535 - (4,899,840)

National Bank of Canada (12,242,158) 12,242,158 - -

Total derivative financial liabilities at fair value through profit or loss (131,395,725) 106,090,656 20,405,229 (4,899,840)

INRIS UCITS PLC

143








EUR EUR EUR



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




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)


INRIS UCITS PLC

144





presented in the



EUR EUR EUR EUR



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




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 - -


INRIS UCITS PLC

145


R 2020 Fund






EUR EUR EUR


Allianz SE 718,548 - 718,548

Nomura International Plc 820,007 - 820,007



Allianz SE (55,262) - (55,262)

Nomura International Plc (349,242) - (349,242)


INRIS UCITS PLC

146






Position

presented in the



EUR EUR EUR EUR


Allianz SE 718,548 (55,262) - 663,286

Nomura International Plc 820,007 (349,242) - 470,765

Total derivative financial assets at fair value through profit or loss 1,538,555 (404,504) - 1,134,051


Allianz SE (55,262) 55,262 - -

Nomura International Plc (349,242) 349,242 - -

Total derivative financial liabilities at fair value through profit or loss (404,504) 404,504 - -

INRIS UCITS PLC

147








EUR EUR EUR


Allianz SE 145,452 - 145,452






INRIS UCITS PLC

148






Position

presented in the



EUR EUR EUR EUR


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

149


R Intrinsic Value Europe Fund At 31 December 2017, R Intrinsic Value Europe Fund did not hold any derivative instruments and therefore, R Intrinsic Value Europe Fund has no balances subject for this offsetting disclosure.






EUR EUR EUR


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


Amounts of financial Related amounts not set off in

assets/liabilities


Position

presented in the



EUR EUR EUR EUR


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

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

INRIS UCITS PLC

150


R Karya Macro Fund






EUR EUR EUR


Barclays Bank Plc 141,666 - 141,666

State Street 3,864,340 - 3,868,340

Citigroup Global Markets Inc 1,244,631 - 1,244,631



Credit Suisse Securities (Europe) Limited 660,814 - 660,814

Goldman Sachs International 225,174 - 225,174

Morgan Stanley & Co. International 123,853 - 123,853

PNP Paribas 101,841 - 101,841


Natixis Investment Managers 102,835 - 102,835

JP Morgan Chase Bank, N.A. 17,739 - 17,739


INRIS UCITS PLC

151


R Karya Macro Fund (continued)






Derivative financial liabilities EUR EUR EUR

Barclays Bank Plc (86,091) - (86,091)

State Street (3,862,548) - (3,862,548)

Citigroup Global Markets Inc. (460,663) - (450,663)

Merrill Lynch International (171,042) - (171,042)

Deutsche Bank AG (540,545) - (540,545)

Credit Suisse Securities (Europe) Limited (599,710) - (599,710)

Goldman Sachs International (94,813) - (94,813)

Morgan Stanley & Co. International (416,196) - (416,196)

PNP Paribas (228,114) - (228,114)


Natixis Investment Managers (65,434) - (65,434)

JP Morgan Chase Bank, N.A. (5,908) - (5,908)



Repurchase agreements – Merrill Lynch International (23,342,038) - (23,342,038)

INRIS UCITS PLC

152






Position

presented in the



EUR EUR EUR EUR


Barclays Bank Plc 141,666 (86,091) - 55,575

State Street 3,864,340 (3,862,548) - 1,792

Citigroup Global Markets Inc. 1,244,631 (460,663) - 783,968

Merrill Lynch International 629,195 (171,042) - 458,153

Deutsche Bank AG 507,415 (507,415) - -

Credit Suisse Securities (Europe) Limited 660,814 (599,710) - 61,104

Goldman Sachs International 225,174 (94,813) - 130,361

Morgan Stanley & Co. International 123,853 (123,853) - -

PNP Paribas 101,841 (101,841) - -

Nomura International Plc 96,458 (16,268) - 80,190

Natixis Investment Managers 102,835 (65,434) - 37,401

JP Morgan Chase Bank, N.A. 17,739 (5,908) - 11,831


INRIS UCITS PLC

153

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 14 Offsetting financial assets and liabilities (continued) R Karya Macro Fund (continued)




Position

presented in the



EUR EUR EUR EUR


Barclays Bank Plc (86,091) 86,091 - -

State Street (3,862,548) 3,862,548 - -

Citigroup Global Markets Inc. (460,663) 460,663 - -

Merrill Lynch International (171,042) 171,042 - -

Deutsche Bank AG (540,545) 507,415 33,130 -

Credit Suisse Securities (Europe) Limited (599,710) 599,710 - -

Goldman Sachs International (94,813) 94,813 - -

Morgan Stanley & Co. International (416,196) 123,853 292,343 -

PNP Paribas (228,114) 101,841 126,273 -

Nomura International Plc (16,268) 16,268 - -

Natixis Investment Managers (65,434) 65,434 - -

JP Morgan Chase Bank, N.A. (5,908) 5,908 - -


Total derivative financial liabilities at fair value through profit or loss (6,668,044) 6,095,586 572,458 -

Repurchase agreements – Merrill Lynch International (23,342,038) 23,342,038 - -

INRIS UCITS PLC

154








EUR EUR EUR


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

Citigroup 719,749 - 719,749




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

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



INRIS UCITS PLC

155






Position

presented in the



EUR EUR EUR EUR


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 - (1,699,779)

Citigroup (1,019,930) 719,749 300,181 -


Total derivative financial liabilities at fair value through profit or loss (10,512,418) 8,410,414 402,225 (1,699,779)

INRIS UCITS PLC

156


R CFM Trends Fund






USD USD USD


Deutsche Bank AG 2,575,838 - 2,575,838





Deutsche Bank AG (4,572,519) - (4,572,519)




INRIS UCITS PLC

157


R CFM Trends Fund (continued)




Position

presented in the



USD USD USD USD


Deutsche Bank AG 2,575,838 (2,575,838) - -

Barclays Bank Plc 7,422,022 (4,918,869) - 2,503,153




Deutsche Bank AG (4,572,519) 2,575,838 1,996,681 -

Barclays Bank Plc (4,918,869) 4,918,869 - -



INRIS UCITS PLC

158








USD USD USD




National Bank of Canada 955,816 - 955,816

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

159






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

160








EUR EUR EUR


Morgan Stanley 188,396 - 188,396

UBS 80,825 - 80,825



Morgan Stanley (67,176) - (67,176)

UBS (67,772) - (67,772)


INRIS UCITS PLC

161


R Perdurance Market Neutral Fund (continued)




Position

presented in the



EUR EUR EUR EUR


Morgan Stanley 188,396 (67,176) - 121,220

UBS 80,825 (67,772) - 13,053

Total derivative financial assets at fair value through profit or loss 269,221 (134,948) - 134,273


Morgan Stanley (67,176) 67,176 - -

UBS (67,772) 67,772 - -

Total derivative financial liabilities at fair value through profit or loss (134,948) 134,948 - -

INRIS UCITS PLC

162


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 2017 Total Level 1 Level 2 Level 3 USD USD USD USD

Assets

Financial assets as at fair value through profit or loss

Equities 340,235,497 340,235,497 - -

Government bonds 129,649,861 - 129,649,861 -

Contracts for difference 2,340,451 - 2,340,451 - Forward currency contracts

5,019,206 - 5,019,206 -

477,245,015 340,235,497 137,009,518 -

Liabilities Financial liabilities at fair value through profit or loss Contracts for difference 10,944,282 - 10,944,282 -

Forward currency contracts 4,746,132 - 4,746,132 -

15,690,414 - 15,690,414 -

31 December 2016 Total Level 1 Level 2 Level 3

USD USD USD USD

Assets


Equities 306,518,030 306,518,030 - -


Contracts for difference 4,047,325 - 4,047,325 - Forward currency contracts

6,901,064 - 6,901,064 -

417,415,019 306,518,030 110,896,9899

-

Liabilities Financial liabilities at fair value through profit or loss Contracts for difference 6,922,686 - 6,922,686 -

Forward currency contracts 93,585 - 93,585 -

7,016,271 - 7,016,271 -

INRIS UCITS PLC

163

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 15 Fair value measurements recognised in the Statement of Financial Position (continued)

R BlackRock Select Fund At 31 December 2017, R BlackRock Select Fund did not hold any investments. 31 December 2016 Total Level 1 Level 2 Level 3

EUR EUR EUR EUR

Assets Financial assets as at fair value through profit or loss

Corporate bonds 17,405,692 - 17,405,692 -


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


Equities 312,128,764 312,128,764 - -


364,633,054 312,128,764 52,504,290 -


EUR EUR EUR EUR Assets


Equities 253,526,835 253,526,835 - -


271,657,416 253,526,835 18,130,581 -

Liabilities Financial assets as at fair value through profit or loss


2,155 - 2,155 -

INRIS UCITS PLC

164



31 December 2017 Total Level 1 Level 2 Level 3 EUR EUR EUR EUR Assets Financial assets at fair value through profit or loss Contracts for difference 78,841,884 - 78,841,884 - Options contracts 99,082 99,082 - - Government bonds 593,850,925 - 593,850,925 - Forward currency contracts 16,062,570 - 16,062,570 - Futures contracts 14,654,567 14,654,567 - - Credit default swaps 252,965 - 252,965 -

703,761,993 14,753,649 689,008,344 - Liabilities Financial liabilities at fair value through profit or loss Contract for difference 70,101,940 - 70,101,940 -

Futures contracts 16,521,984 16,521,984 - - Forward currency contracts 12,242,157 - 12,242,157 - Options contracts 32,529,644 32,529,644 - -

131,395,725 49,051,628 82,344,097 -

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 -


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 -

INRIS UCITS PLC

165


R 2020 Fund


EUR EUR EUR EUR

Assets


Equities 20,838 20,838 - - Government bonds 5,832,375 - 5,832,375 -

Corporate bonds 186,494,304 - 186,494,304 -


193,886,072 20,838 193,865,234 -

Liabilities Financial liabilities at fair value through profit or loss Forward currency contracts 404,504 - 404,504 -

404,504 - 404,504 -

31 December 2016 Total Level 1 Level 2 Level 3 EUR EUR EUR EUR Assets Financial assets at fair value through profit or loss Equities 30,287 30,287 - - Government bonds 2,588,852 - 2,588,852 - Corporate bonds 120,867,039 - 120,867,039 - Forward currency contracts 164,387 - 164,387 -

123,650,565 30,287 123,620,278 - Liabilities Financial liabilities at fair value through profit or loss Forward currency contracts 425,383 - 425,383 -

425,383 - 425,383 -

INRIS UCITS PLC

166


15 Fair value measurements recognised in the Statement of Financial Position (continued)

R Karya Macro Fund

31 December 2017 Total Level 1 Level 2 Level 3 EUR EUR EUR EUR Assets Financial assets at fair value through profit or loss Equities 1,751,065 1,751,065 - - Government bonds 25,287,773 - 25,287,773 - Forward currency contracts 1,824,671 - 1,824,671 - TBA contracts 2,039,668 - 2,039,668 - Futures contracts 901,933 901,933 - - Interest rate swaps 896,431 - 896,431 - Currency swaps 812,496 812,496 Option contracts 1,074,763 552,970 521,793 - Credit default swaps 165,999 - 165,999 -

34,754,799 3,205,968 31,548,831 - Liabilities Financial liabilities at fair value through profit or loss


TBA contracts 2,262,770 - 2,262,770 -

Futures contracts 321,615 321,615 - -

Interest rate swaps 454,117 - 454,117 -

Currency swaps 1,055,305 1,055,305

Option contracts 405,074 167,262 237,812 -

Credit default swaps 448,674 - 448,674 -

6,668,044 488,877 6,179,167 -


EUR EUR EUR EUR

Assets Financial assets at fair value through profit or loss Corporate bonds 150,906,195 - 150,906,195 - Government bonds 24,898,138 - 24,898,138 - 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 - Liabilities Financial liabilities at fair value through profit or loss Forward currency contracts 913,615 - 913,615 -

TBA contracts 5,364,362 - 5,364,362 -

Futures contracts 1,019,930 1,019,930 - -

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

167


R CFM Trends Fund


USD USD USD USD

Assets





140,836,321 9,997,861 130,838,460 -




9,495,225 9,491,388 3,837 -


USD USD USD USD

Assets




2,651,839 1,359,691 1,292,148 -




3,154,134 2,810,934 343,200 -


31 December 2017 Total Level 1 Level 2 Level 3 USD USD USD USD

Assets


Equities 38,876,109 38,876,109 - -


39,145,330 38,876,109 269,221 - Liabilities Financial liabilities at fair value through profit or loss


134,948 - 134,948 -

INRIS UCITS PLC

168


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 2017 and 2016. 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, forward currency contracts and swaps. 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-funds 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. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows. Estimates cash flows are discounted using a yield curve which reflects the relevant benchmark rate used by market participants.

INRIS UCITS PLC

169


15 Fair value measurements recognised in the Statement of Financial Position (continued)

The pricing inputs used in determining the fair value of the interest rate swaps are observable. Accordingly, they are categorised within level 2 of the fair value hierarchy. The fair value of credit default swaps is determined using market standard models and pricing sources. The principal input into the model is the credit curve. The pricing inputs used in determining the fair value of the credit defaults swaps are observable. Accordingly, they are categorised within level 2 of the fair value hierarchy.

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 (Ireland) Ltd, is a subsidiary of the Platform Advisor, Innocap Investment Management Inc. Innocap Investment Management Inc was co-owned by NBC and BNP Paribas SA, both of whom owned 50% of the entity. In December 2017 the sale of NBC's interest in Innocap Investment Management Inc to La Caisse de dépôt et placement du Québec (“la Caisse”) was announced. The transaction will also result in Innocap Investment Management Inc's management team becoming shareholders alongside la Caisse and BNP Paribas. The transaction is expected to be finalised in the second quarter of 2018.

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. As outlined above, the Platform Advisor was 50% owned by NBC during the period. At 31 December 2017, the R Parus Fund, R BlackRock Select Fund and R CFM Diversified Fund hold collateral with NBC amounting to USD 24,010,127 (2016: USD 46,020,127), EUR Nil (2016: EUR 70,000) and EUR 8,700,000 (2016: EUR 6,730,00) respectively. Certain Funds hold open forward currency contracts at 31 December 2017 and 2016, 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. Trading Advisor to the R BlackRock Select Fund The Trading Advisor to the R BlackRock Select Fund was BlackRock Investment Management (UK) Limited. At 31 December 2017, R Parus Fund, R 2020 Fund, R CFM Diversified Fund and R BlackRock Select Fund each hold an investment in the Institutional Cash Series Plc, a money market fund managed by BlackRock, amounting to USD 61,462,523 (2016: USD 55,371,295), EUR Nil (2016: EUR 121), EUR 88,451,440 (2016: EUR 56,824,793) and EUR Nil (2016: EUR 32,656), respectively.

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170


16 Related parties (continued)

Class M Shares The Class M shares of the R CFM Diversified Fund and R CFM Trends Fund a restricted to the to the Trading Advisor of the Funds, its partners, employees and affiliates. Distributor and consultant Etienne Rouzeau, a Director of the Company, is also an employee of the Distributor/Consultant, Rothschild HDF Investment Solutions.

Barbara Vannotti-Holzrichter, a former 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. Distributor and consultant (continued) 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 EUR 11,000 each per annum with an additional amount of up to EUR 2,750 each per Fund. François Rivard, Etienne Rouzeau and Charles Lacroix 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 EUR 9,000 each per annum per Director with an additional amount of up to EUR 2,250 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 31 December 2017 of USD 1,202,771 (2016: USD1,644,256) 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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171

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 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 derivative financial instruments used for efficient portfolio

management are included in “movement in financial assets and liabilities at fair value through profit or loss in the Statement of Comprehensive Income.

R Parus Fund utilises forward currency contracts for the purposes of portfolio and share class

hedging and contracts for difference for investment purposes. R BlackRock Select Fund utilised forward currency contracts for the purposes of portfolio and share class hedging and futures contracts and contracts for difference for investment purposes. R CFM Diversified Fund utilises forward currency contracts for the purposes of portfolio and share class hedging utilises and futures, options contracts and contracts for difference for investment purposes. R Karya Macro Fund utilises forward currency contracts for the purposes of portfolio and share class hedging and TBA contracts, options contracts, future contracts and swaps for investment purposes. R CFM Trends Fund utilises forward currency contracts for the purposes of portfolio and share class hedging and future contracts for investment purposes. R 2020 Fund utilise forward currency contracts for the purposes of portfolio hedging. R Perdurance Market Neutral Fund utilises contracts for difference for investment purposes.

20 Calculation of global exposure

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 34.21% 0.00% 45.56% 96.63% 18.94% 195.34%

R BlackRock Select Fund 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

R Intrinsic Value Europe Fund 3.17% 0.00% 0.00% 83.32% 14.02% 100.51%

R CFM Diversified Fund 52.07% 5.18% 9,762.49% 456.11% 13,671.77% 23,947.62%

R 2020 Fund 8.93% 93.13% 54.09% 0.01% 2.80% 158.96%

R Karya Macro Fund 87.95% 797.96% 13.68% 108.62% 1,053.35% 2,061.56%

R CFM Trends Fund 47.07% 0.00% 951.02% 248.26% 5,004.21% 6,250.56%

R Perdurance Market Neutral Fund 35.39% 0.00% 0.00% 241.16% 0.00%

276.55%

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 20 Calculation of global exposure (continued)

The level of leverage employed at the 31 December 2016 was disclosed in the table below.

Cash Credit Currency Equity

Fixed Income Total

R Parus Fund 62.29% 0.00% 24.34% 65.70% 13.37% 165.70%

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% 6,225.90% 388.71% 11,960.92% 18,632.30%

R 2020 Fund 9.06% 89.28% 106.20% 0.02% 1.70% 206.26%

R Karya Macro Fund 94.19% 1,448.26% 258.35% 41.88% 1,477.94% 3,320.62%

R CFM Trends Fund 108.93% 0.00% 316.87% 80.57% 4,576.87% 5,083.24%

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.

21 Foreign exchange rates

The following period ended USD exchange rates were used in this report:

Currency Rate at 31 December 2017

Rate at 31 December 2016

Euro (EUR) 0.83278 0.95027

The following average USD exchange rates have been used in this report: Currency Financial year ended

31 December 2017 Financial year ended

31 December 2016 Euro (EUR) 0.88668 0.90400

22 NAV per share

The NAV per share of each class of the R Parus Fund as at 29 December 2017, the date of the last dealing NAV of the year ended 31 December 2017 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 109.51 100.95 107.39 118.45

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22 NAV per share (continued)

Class I Class I Class I CHF USD GBP

Net asset value per redeemable Hedged Hedged participating share in issue CHF USD GBP R Parus Fund 80.71 84.17 82.27

The NAV per share of each class of the R BlackRock Select Fund as at 29 December 2017, the date of the last dealing NAV of the year ended 31 December 2017 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 EUR EUR EUR USD

R BlackRock Select Fund - - - - The NAV per share of each class of the R Intrinsic Value Europe Fund as at 29 December 2017,

the date of the last dealing NAV of the year ended 31 December 2017 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 146.90 162.48

The NAV per share of each class of the R CFM Diversified Fund as at 29 December 2017, the date of the last dealing NAV of the year ended 31 December 2017 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 117.86 112.9 113.91 115.86

Class R Class SI Class C Class I Euro Euro Euro USD Hedged EUR EUR EUR USD 113.2 104.45 104.64 109.78

Class G Class I Class F Class I AUD Hegded GBP Hedged EUR CHF Hedged

AUD GBP EUR CHF 107.81 108.82 104.67 103.77

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 22 NAV per share (continued)

The NAV per share of each class of the R 2020 Fund as at 29 December 2017, the date of the last dealing NAV of the year ended 31 December 2017 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 105.74 106.82 105.74

The NAV per share of each class of the R Karya Macro Fund as at 29 December 2017, the date of

the last dealing NAV of the year ended 31 December 2017 is as follows:

Class NC Class NI Class NI Class I Net asset value per redeemable Euro USD Euro Euro participating share in issue Hedged EUR USD EUR EUR R Karya Macro Fund 104.36 108.90 106.76 105.77

The NAV per share of each class of the R CFM Trends Fund as at 29 December 2017, the date of

the last dealing NAV of the year ended 31 December 2017 is as follows:

Class I Class M Class WD Net asset value per redeemable Euro Euro USD

participating share in issue Hedged Hedged

EUR EUR USD R CFM Trends Fund 110.18 109.99 111.66

Class NI Class WD Class WD

Euro Euro GBP Hedged Hedged Hedged EUR EUR GBP

108.00 109.45 110.59

The NAV per share of each class of the R Perdurance Market Neutral Fund as at 29 December 2017, the date of the last dealing NAV of the year ended 31 December 2017 is as follows:

Class NC Class I Class ND Class NI



R Perdurance Market Neutral Fund 102.66 102.79 103.76 102.44

The NAV per share of each class of the R Parus Fund as at 31 December 2016 is as follows:



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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 22 NAV per share (continued)

Class I Class I Class I CHF USD GBP

Net asset value per redeemable Hedged Hedged participating share in issue CHF USD GBP R Parus Fund 79.31 80.67 79.82

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 EUR 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:



The NAV per share of each class of the R CFM Diversified Fund as at 31 December 2016 is as follows:





Class R Class NI Class C Class I Euro Hedged Euro USD EUR GBP EUR USD 104.14 101.09 98.62 101.09

Class I Class F Class I GBP Euro CHF

Hedged Hedged GBP EUR CHF 101.38 99.11 97.80

The NAV per share of each class of the R 2020 Fund as at 31 December 2016 is as follows:


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22 NAV per share (continued)

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 Euro USD Euro Euro participating share in issue Hedged EUR USD EUR EUR R Karya Macro Fund 99.64 101.84 101.26 100.91

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 EUR USD participating share in issue Hedged Hedged EUR EUR USD R CFM Trends Fund 99.09 98.42 99.04

Class WD Class WD Euro GBP

Hedged Hedged EUR GBP

98.83 99.01 The NAV per share of each class of the R Parus Fund as at 31 December 2015 is as follows:



Class I Class I Class I

CHF USD GBP Hedged

CHF USD GBP 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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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 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:



The NAV per share of each class of the R CFM Diversified Fund as at 31 December 2015 is as

follows:





Class R Class NI Class C Class I

Euro Euro Hedged EUR GBP EUR USD 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:


23 Significant events during the year

Effective 18 May 2017, Innocap Global Investment Management (Ireland) Ltd was appointed Investment Manager to the Company, replacing Innocap Global Investment Management Ltd.

As a result of restructuring within the Rothschild group, Rothschild Asset Management replaced Rothschild & Cie Gestion as Trading Advisor to the R2020 Fund, a sub-fund of the Company, with effect from 1 July 2017.

With effect from 31 August 2017, the consultant agreement in place with Rothschild HDF Investment Adviser Limited was terminated and the existing consultant agreement with Rothschild HDF Investment Solutions was amended to reflect that it will be the sole consultant to the Company.

The Company launched one new Fund during the year, R Perdurance Market Neutral Fund, which commenced operations on 11 October 2017.

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 23 Significant events during the year (continued) The R BlackRock Select Fund ceased trading on 28 June 2017. Barbara Vannotti-Holzrichter resigned as a non-executive Director and chairman of the Board

of Directors of the Company on 16 August 2017. Charles Lacroix was appointed as a non-executive Director of the Company on 16 August 2017. Etienne Rouzeau was appointed as chairman of the Board of Directors of the Company on 16

August 2017.

24 Material changes to the Prospectus during the reporting period

With effect from the 31 March 2017, the Supplements for 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 R Karya Macro Fund were re-issued, to reflect amongst other amendments, the removal of the consultant fees from the annual financial management fee and to update the distribution policy for sub-funds with distributing share classes to clarify the dividend payment period. The Supplement for the R Parus Fund was also amended to update the performance fee calculation methodology, which did not result in any increase in performance fees payable. The Supplement for the R CFM Diversified Fund was updated to remove reference to the proposed merger arbitrage strategy, to clarify that the Long-Term Trend Following will not invest directly in securities but will gain its exposure through financial derivative instruments and exchange traded funds, to provide for the reduction in the financial management fee applicable to Class R Shares of the R CFM Diversified Fund from 0.325% to 0.275% of net asset value of the class and to provide for the establishment of two new share classes in the R CFM Diversified Fund, namely, Class G Euro and Class G AUD.

With effect from the 18 May 2017, the Prospectus of the Company, the Existing Fund

Supplement and the Supplements for all Sub-Funds of the Company were re-issued, primarily, to provide for the appointment of Innocap Global Investment Management (Ireland) Limited as investment manager to the Company in place of Innocap Global Investment Management Ltd. Material contracts with service providers and delegates were updated to reflect the change of investment manager, as required. No material changes to the operational workings of the investment management of the Company are envisaged as a result of this change.

With effect from the 19 July 2017, the Prospectus of the Company, the Existing Fund

Supplement and the Supplements for all Sub-Funds of the Company were re-issued to provide for the inclusion of relevant updates to reflect the requirements of Regulation EU 2015/2365 of the European Parliament and of the Council on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012) (commonly known as the SFT Regulations), together with miscellaneous other amendments. The Supplement for the R Karya Macro Fund was amended to provide that the sub-fund may have exposure to options on to-be-announced securities. With respect to the R CFM Diversified Fund, five new share classes, namely, Class I2 Euro, Class SI CHF Hedged, Class SI Euro, Class SI GBP Hedged and Class SI USD Hedged were established on the 19 July 2017.

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (CONTINUED) for the financial year ended 31 December 2017 24 Material changes to the Prospectus during the reporting period (continued) With effect from the 10 October 2017, the Prospectus of the Company, the existing Fund

Supplement and the Supplements for all Sub-Funds of the Company were re-issued to reflect miscellaneous changes. These changes included the removal of Rothschild HDF Investment Advisers Limited as co-distributor to the Company, the resignation of Barbara Vannotti-Holzrichter as Chairman and Director of the Company and the appointment of Charles Lacroix as a Director of the Company. The Supplement for the R Karya Macro Fund was amended to reflect non-material amendments to the investment policy and re-open the NI and NC Classes to subscriptions. With respect to the R CFM Diversified Fund, a new share classes, namely, Class SI2 Euro were established on the 10 October 2017.

A Supplement for R Perdurance Market Neutral Fund was issued on 11 October 2017 25 Subsequent events

On 2 January 2018, Rothschild HDF Investment Solutions assigned its role as Distributor, Consultant and Sub-Advisor to Rothschild Asset Management, effective from 31 December 2017.

On 2 January 2018, Rothschild Asset Management entered into amended Distributor, Consultant and Sub-Advisor agreements with the Company.

On 2 January 2018, a revised prospectus of the Fund was issued.

On 2 January 2018, a revised supplement was issued for 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 and R Perdurance Market Neutral Fund.

The Supplement for R CFM Diversified Fund will be re-issued in April 2018 in order to reflect non-material amendments to the investment policy of the Fund to reflect an increase in the gross long exposure limit from 600% to 3,000%, an increase in the gross short exposure limit from 250% to 3,000% and an increase in the leverage limit from 850% to 3,000%. The increased limits are due to changes in the methodology used to calculate the Fund’s interest rate exposure.

The Supplement for R CFM Trends Fund will be re-issued in April 2018 in order to reflect non-material amendments to the investment policy of the Fund and to reflect an increase in the gross short exposure limit from 650% to 5,000%. The short exposure limit is being increased in order to reflect increasing interest rates in line with the Fund’s trend following strategy.

Up to the date of approval of the audited financial statements, there were no other material

subsequent events affecting the Company which necessitate disclosure in or revision of the figures included in the unaudited condensed interim financial statements.

26 Approval of the financial statements The financial statements were approved by the Board of Directors of the Company on 11 April

2018

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PORTFOLIO STATEMENT OF R PARUS FUND (UNAUDITED) as at 31 December 2017

Quantity Security Currency Fair Value % of NetUS$ Assets

291,784 Criteo SA Spon USD 7,595,138 1.11%121,365 Sanofi EUR 10,471,068 1.53%

18,066,206 2.64%

179 China Literature Ltd HKD 1,913 0.00%236,480 Tencent Holdings Ltd HKD 12,281,847 1.79%

12,283,760 1.79%

150,160 Industria De Diseno Textil EUR 5,237,167 0.76%5,237,167 0.76%

57,000 Adobe Systems Inc USD 9,988,680 1.46%147,568 Alibaba Group Holding SP USD 25,445,150 3.71%58,138 Alphabet Inc USD 61,242,569 8.92%5,835 Amazon.Com Inc USD 6,823,857 0.99%260,372 Apple Inc USD 44,062,754 6.42%115,720 Ctrip.Com International USD 5,103,252 0.74%367,439 Facebook Inc USD 64,838,285 9.45%86,785 Intel Corp USD 4,005,996 0.58%139,410 Nvidia Corp USD 26,975,835 3.93%117,890 Paypal Holdings Inc USD 8,679,062 1.26%14,536 Priceline Group Inc USD 25,259,789 3.68%72,400 Qualcomm Inc USD 4,635,047 0.68%4,054 Tesla Inc USD 1,262,213 0.18%88,280 Twitter Inc USD 2,119,603 0.31%511,893 Vipshop Holdings Ltd USD 5,999,386 0.87%100,873 Zillow Group Inc A USD 4,109,566 0.60%100,130 Zillow Group Inc C USD 4,097,320 0.60%

304,648,364 44.39%

340,235,497 49.57%

Coupon rate / Currency Fair Value % of NetMaturity date US$ Assets

40,000,000 Treasury Bill 0.01% 26 Apr 2018 USD 39,948,765 5.82%30,000,000 Treasury Bill 0.01% 08 Feb 2018 USD 29,946,450 4.36%10,000,000 Treasury Bill 0.01% 22 Feb 2018 USD 9,970,375 1.45%50,000,000 Treasury Bill 0.01% 22 Mar 2018 USD 49,784,271 7.25%

129,649,861 18.89%

129,649,861 18.89%

Total United States of America

Total equities

Government Bonds - 18.89%

United States of America - 18.89%


Total government bonds


Hong Kong - 1.79%

Total Hong Kong

Equity - 49.57%

France - 2.64%

Total France

Spain - 0.76%

Total Spain

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PORTFOLIO STATEMENT OF R PARUS FUND (UNAUDITED) (CONTINUED) as at 31 December 2017

Quantity Security Currency Fair Value % of NetUS$ Assets

62,155 Alliance Data Systems Corp USD (1,016,035) (0.15)%276,230 Ally Financial Inc USD (441,968) (0.06)%958,711 Aust And Nz Banking Group AUD (307,441) (0.04)%64,230 Avalonbay Communities Inc USD 174,063 0.03%959,116 Barratt Developments Plc GBP (531,952) (0.08)%151,431 Bed Bath & Beyond Inc USD 364,949 0.05%188,154 Berkeley Group Holdings/The GBP (870,476) (0.13)%109,320 Capital One Financial Corp USD (512,711) (0.07)%179,827 Carmax Inc USD 1,183,262 0.17%71,586 Casino Guichard Perrachon EUR 104,012 0.02%17,840 Caterpillar Inc USD (286,867) (0.04)%30,810 Cbs Corp-Class B Non Voting USD 33,891 0.00%360,446 Commonwealth Bank Of Austral AUD (400,330) (0.06)%14,100 Credit Acceptance Corp USD (248,160) (0.04)%68,550 Discovery Communications-A USD (104,882) (0.02)%39,795 Essex Property Trust Inc USD 195,393 0.03%223,145 Ggp Inc USD 53,555 0.01%87,150 Interpublic Group Of Cos Inc USD 45,318 0.01%506,920 Intl Consolidated Airline-Di GBP (219,436) (0.03)%889,528 Itv Plc GBP (54,149) (0.01)%435,080 Kingfisher Plc GBP (41,787) (0.01)%198,465 Kohls Corp USD (809,737) (0.12)%30,210 Lowe'S Cos Inc USD (148,029) (0.02)%83,390 Macerich Co/The USD (40,027) (0.01)%234,485 Macy'S Inc USD 143,036 0.02%944,477 National Australia Bank Ltd AUD (73,872) (0.01)%22,980 Omnicom Group USD 42,973 0.01%289,116 Persimmon Plc GBP (672,695) (0.10)%25,365 Publicis Groupe EUR (16,447) 0.00%579,621 Seagate Technology USD (1,530,199) (0.22)%188,285 Synchrony Financial USD (218,411) (0.03)%270,820 Target Corp USD (728,506) (0.11)%6,320,682 Tesco Plc GBP (1,205,593) (0.18)%154,605 Viacom Inc-Class B USD (252,006) (0.04)%925,185 Westpac Banking Corp AUD (130,254) (0.02)%190,150 Wpp Plc GBP (82,312) (0.01)%

(8,603,831) (1.25)%

Derivative financial instruments - (1.21)%

Contracts for difference - (1.25)% ¹ ²

Total contracts for difference

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PORTFOLIO STATEMENT OF R PARUS FUND (UNAUDITED) (CONTINUED) as at 31 December 2017

¹Morgan Stanley and Co. International, ²State Street and ³National Bank of Canada act as counterparty to the open derivative positions at 31 December 2017.

Forward Expiration Amount Amount Fair Value % of Netdate bought sold US$ Assets

BOUGHT CHF/SOLD USD 31-Jan-18 6,099,700 6,216,698 54,558 0.01%BOUGHT EUR/SOLD USD 31-Jan-18 443,804,800 528,866,520 4,917,737 0.72%BOUGHT GBP/SOLD USD 31-Jan-18 3,258,100 4,375,813 35,558 0.01%SOLD AUD/BOUGHT USD 12-Jan-18 90,690,864 120,000,000 (3,170,654) (0.46)%SOLD CHF/BOUGHT USD 31-Jan-18 535,872 526,800 (5,744) 0.00%SOLD CNY/BOUGHT USD 12-Jan-18 27,800,000 184,272,300 (484,246) (0.07)%SOLD EUR/BOUGHT USD 12-Jan-18 55,468,404 47,000,000 (999,169) (0.15)%SOLD EUR/BOUGHT USD 31-Jan-18 5,797,272 4,891,800 (86,319) (0.01)%SOLD HKD/BOUGHT USD 12-Jan-18 11,000,000 85,884,810 11,353 0.00%

273,074 0.04%

(8,330,757) (1.21)%

94,597,413 13.78%

150,820,613 21.97%

(11,667,995) (1.70)%

(8,974,534) (1.30)%

686,330,099 100.00%

Total derivative financial instruments

Forward currency contracts - 0.04% ¹ ² ³

Total forward currency contracts

Derivative financial instruments (continued)

Cash and cash equivalents

Due from broker

Other net liabilities

Net assets attributable to redeemable participating shareholders

Due to broker

Summary

Classification Description Fair Value % of % of

US$ Net Assets Total Assets

A

Transferable securities and money market instruments

admitted to official stock exchange listing or traded on

regulated market

340,235,497 49.57% 47.07%

BTransferable securities and money market instruments

other than those referred above129,649,861 18.89% 17.94%

C UCITS and AIFs - - -

DFinancial derivative instruments dealt in on a regulated

market- - -

E Over the counter financial derivative instruments (8,330,757) (1.21)% (1.15)%

Cash and cash equivalents 94,597,413 13.78% 13.09%

Due from broker 150,820,613 21.97% 20.86%

Due to broker (11,667,995) (1.70)% (1.61)%

Other net assets and liabilities (8,974,534) (1.30)% (1.24)%

686,330,098 100.00%Net assets attributable to holders of redeemable participating

shares

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PORTFOLIO STATEMENT OF R INTRINSIC VALUE EUROPE FUND (UNAUDITED) as at 31 December 2017

Quantity Security Currency Fair Value % of NetEUR Assets

213,400 Tessenderlo Group EUR 8,299,126 2.22%Total Belgium 8,299,126 2.22%

Finland - 4.30%283,900 Metso OYJ EUR 8,082,633 2.16%449,600 Tikkurila OYJ EUR 8,007,376 2.14%Total Finland 16,090,009 4.30%

France - 11.94%164,400 Publicis Groupe EUR 9,313,260 2.49%9,385 Robertet SA EUR 3,829,080 1.02%84,200 Sodexo SA EUR 9,434,610 2.52%191,296 TFF Group EUR 7,672,883 2.05%159,800 Vicat EUR 10,513,242 2.81%177,900 Vivendi EUR 3,988,518 1.06%Total France 44,751,593 11.94%

Germany - 18.88%37,800 Adidas AG EUR 6,318,270 1.69%27,041 Axel Springer SE EUR 1,761,180 0.47%72,900 Beiersdorf AG EUR 7,136,910 1.91%170,400 Carl Zeiss Meditec AG EUR 8,819,904 2.35%107,700 Heidelbergcement AG EUR 9,719,925 2.59%101,800 Hornbach Baumarkt AG EUR 3,149,183 0.85%117,500 Mtu Aero Engines AG EUR 17,554,500 4.69%236,100 Scout24 AG EUR 8,039,205 2.15%341,100 Thyssenkrupp AG EUR 8,259,737 2.20%Total Germany 70,758,814 18.88%

Hungary - 0.11%7,594 Zwack Unicum RT HUF 410,050 0.11%Total Hungary 410,050 0.11%

Ireland - 1.87%233,900 CRH Plc GBP 7,001,136 1.87%Total Ireland 7,001,136 1.87%

Netherlands - 12.65%102,500 Akzo Nobel EUR 7,484,550 2.00%114,400 Heineken Holding NV EUR 9,436,856 2.52%139,400 Hunter Douglas NV EUR 10,092,560 2.69%254,000 Koninklijke Philips NV EUR 8,011,160 2.14%242,400 Takeaway.Com NV EUR 12,333,312 3.29%Total Netherlands 47,358,438 12.65%

Equity - 83.31%

Belgium - 2.22%

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PORTFOLIO STATEMENT OF R INTRINSIC VALUE EUROPE FUND (UNAUDITED)

(CONTINUED) as at 31 December 2017


Equity (continued)

Norway - 2.92%493,400 Schibsted ASA B Shares NOK 10,951,310 2.92%Total Norway 10,951,310 2.92%

Sweden - 0.95%110,200 Essity Aktiebolag SEK 2,611,653 0.70%110,200 Svenska Cellulosa AC SCA SEK 947,705 0.25%Total Sweden 3,559,358 0.95%

Switzerland - 14.63%136,480 Cie Financiere Richemont Reg CHF 10,298,575 2.75%224,520 Julius Baer Group Ltd CHF 11,435,330 3.05%121,280 Nestle Sa Reg CHF 8,685,216 2.32%117,260 Pargesa Holding SA CHF 8,467,476 2.26%49,450 Schindler Holding Part Cert CHF 9,478,573 2.53%18,920 Swatch Group AG CHF 6,425,344 1.72%

Total Switzerland 54,790,514 14.63%

United Kingdom - 12.86%645,700 Babcock Intl Group Plc GBP 5,131,857 1.37%4,864,600 Hays Plc GBP 10,023,227 2.68%945,900 Rolls Royce Holdings Plc GBP 9,025,585 2.41%7,596,133 Serco Group Plc GBP 8,463,219 2.26%857,900 Standard Chartered Plc GBP 7,539,346 2.01%171,600 Unilever Plc GBP 7,975,182 2.13%Total United Kingdom 48,158,416 12.86%

Total equities 312,128,764 83.31%

Government bonds - 13.99% Coupon rate / Currency Fair Value % of NetMaturity date EUR Assets

Denmark - 3.19%41,329,000 Denmark Treasury Bill 0.01% 01 Jun 2018 DKK 5,567,205 1.49%47,675,000 Denmark Treasury Bill 0.01% 01 Mar 2018 DKK 6,411,827 1.71%Total Denmark 11,979,032 3.19%

Netherlands - 1.61%6,049,000 Dutch Treasury Cert 0.01% 31 Jan 2018 EUR 6,052,963 1.62%Total Netherlands 6,052,963 1.61%

INRIS UCITS PLC

185

PORTFOLIO STATEMENT OF R INTRINSIC VALUE EUROPE FUND (UNAUDITED)


Quantity Security Maturity date Currency Fair Value % of NetEUR Assets

Government bonds (continued)

Norway - 4.14%72,140,000 Norwegian Treasury Bill 0.01% 20 Jun 2018 NOK 7,333,344 1.96%80,433,000 Norwegian Treasury Bill 0.01% 21 Mar 2018 NOK 8,183,692 2.18%Total Norway 15,517,036 4.14%

United Kingdom - 5.05%6,823,000 UK Treasury Bill 0.01% 12 Mar 2018 GBP 7,682,041 2.05%4,108,000 UK Treasury Bill 0.01% 02 Jan 2018 GBP 4,627,827 1.24%5,900,000 UK Treasury Bill 0.01% 05 Feb 2018 GBP 6,645,391 1.77%Total United Kingdom 18,955,259 5.05%

Total government bonds 52,504,290 14.02%

11,875,068 3.17%

25 0.00%

(852) 0.00%

(1,883,904) (0.50)%

374,623,391 100.00%participating shareholders


Due from broker


Net assets attributable to redeemable

Due to broker

Summary


EUR Net Assets Total Assets

ATransferable securities and money market instruments admitted

to official stock exchange listing or traded on regulated market 312,128,764 83.31% 82.80%

BTransferable securities and money market instruments other

than those referred above 52,504,290 14.02% 13.93%


D Financial derivative instruments dealt in on a regulated market - - -

E Over the counter financial derivative instruments - - -


Due from broker 25 0.00% 0.00%

Due to broker (852) 0.00% 0.00%


374,623,391 100.00%Net assets attributable to holders of redeemable participating shares

INRIS UCITS PLC

186

PORTFOLIO STATEMENT OF R CFM DIVERSIFIED FUND (UNAUDITED) as at 31 December 2017

Quantity Security Coupon Rate / Currency Fair Value % of Net

Maturity date EUR Assets

50,000,000 French Treasury Bills 0.01% 31 Jan 2018 EUR 50,031,000 4.57%

118,000,000 French Treasury Bills 0.01% 14 Feb 2018 EUR 118,113,280 10.79%

85,000,000 French Treasury Bills 0.01% 28 Feb 2018 EUR 85,105,825 7.77%

156,000,000 French Treasury Bills 0.01% 14 Mar 2018 EUR 156,237,120 14.27%



50,000,000 French Treasury Bills 0.01% 11 Apr 2018 EUR 50,088,000 4.57%

49,000,000 French Treasury Bills 0.01% 09 May 2018 EUR 49,123,725 4.49%

593,850,925 54.24%

593,850,925 54.24%

Quantity Security Currency Fair Value % of Net

EUR Assets

Derivative financial instruments - (1.99)%

Contracts for difference - (0.80)% ¹ ² ³

672 77 Bank Ltd JPY 661 0.00%

115,317 A2 Milk Co Ltd AUD 128,023 0.01%

21,000 Aak AB SEK (158,023) (0.01)%

59,980 Aaron S Inc USD 106,394 0.01%

553,975 Abacus Property Group AUD 179,191 0.02%

230,525 Abbott Laboratories USD (134,377) (0.01)%

47,217 Ablynx Ord EUR (390,438) (0.04)%

289,700 Accor SA EUR (519,892) (0.05)%

304,080 Acom Co Ltd JPY (16,417) (0.00)%

16,466 Acs Actividades Cons y Service EUR (7,296) (0.00)%

37,879 Adastria Co Ltd JPY (57,842) (0.01)%

8,514 Adeka Corp JPY 5,425 0.00%

146,375 Advance Auto Parts Inc USD 137,747 0.01%

67,580 Advanced Energy Industries Inc USD (421,354) (0.04)%

236,207 Advantage Oil & Gas Ltd CAD (75,433) (0.01)%

10,752 Advantest Corp JPY 2,567 0.00%

69,886 Aena Sme SA EUR 1,148,619 0.10%

187,407 Aeon Co Ltd JPY (107,640) (0.01)%

402 Aeon Mall Co Ltd JPY 446 0.00%

224,106 Agfa-Gevaert NV EUR (27,792) (0.00)%

75,249 Agl Energy Ltd AUD 43,622 0.00%

32,316 Agnc Investment Corp USD 6,958 0.00%

2,175 Agnico Eagle Mines Ltd CAD (3,028) (0.00)%

90,295 Ahresty Corp JPY (6,610) (0.00)%

7,138 AI Holdings Ord JPY (2,638) (0.00)%

2,328 Aica Kogyo Co Ltd JPY 3,944 0.00%

1,419 Aichi Steel Corp JPY (1,311) (0.00)%

2,671 Aida Engineering Ltd JPY (296) (0.00)%

9,477 Aiful Corp JPY (210) (0.00)%

1,379 Ain Holdings Inc JPY (7,658) (0.00)%

22,152 Air Canada CAD 17,437 0.00%

602,853 Air France KLM EUR 827,424 0.08%

16,638 Airbus SE EUR 49,157 0.00%

93,707 Aixtron SE EUR (115,383) (0.01)%

20,658 Akebono Brake Industry Co Ltd JPY (2,426) (0.00)%

Government bonds - 54.24%

France - 54.24%

Total France

Total government bonds

INRIS UCITS PLC

187

PORTFOLIO STATEMENT OF R CFM DIVERSIFIED FUND (UNAUDITED) (CONTINUED) as at 31 December 2017

Quantity Security Fair Value % of Net

EUR Assets

Contracts for difference (continued)

240,679 Aker BP ASA NOK 1,015,135 0.09%

295,897 Aker Solutions ASA NOK (109,494) (0.01)%

30,659 Alacer Gold Corp CAD (2,853) (0.00)%

120,676 Alen Jpy JPY (334,542) (0.03)%

101,881 Alexion Pharmaceuticals Inc USD (816,556) (0.07)%

4,692 Alimentation Cou Tard Subvtng CAD 552 0.00%

198 Alk-Abello A/S DKK 866 0.00%

86,413 Alkermes Plc USD (167,101) (0.02)%

88,047 Allegheny Technologies Inc USD (88,593) (0.01)%

46,507 Allegiant Travel Co USD 106,508 0.01%

13,732 Allergan Plc USD 117,216 0.01%

175 Allied Properties Real Estate CAD 43 0.00%

137,032 Allison Transmission Holding USD 216,580 0.02%

532 Allreal Holding AG Reg CHF (2,227) (0.00)%

84,840 Almirall SA EUR 211,873 0.02%

29,006 Alps Electric Co Ltd JPY 43,893 0.00%

124,170 Als Ltd AUD 44,782 0.00%

293,609 Alstom CFD EUR (2,554,000) (0.23)%

513 Altium Ltd AUD (54) (0.00)%

150,847 Altri Sgps SA EUR 137,833 0.01%

4,832 Altus Group Ltd/Canada CAD 2,987 0.00%

128,515 Alumina Ltd AUD (13,146) (0.00)%

17,215 Amano Corp JPY 1,757 0.00%

1,747 Ambu A/S DKK 3,155 0.00%

122,458 Amcor Limited AUD (6,647) (0.00)%

137,782 America Movil Sab De CV USD 4,876 0.00%

20,121 American Outdoor Brands Corp USD (19,940) (0.00)%

25,851 Amn Healthcare Services Inc USD (20,452) (0.00)%

173,094 Amp Ltd AUD 6,944 0.00%

65,856 Ams AG CHF (328,981) (0.03)%

4,033 Amuse Inc JPY 1,640 0.00%

24,446 Ana Holdings Inc JPY 30,934 0.00%

66,155 Anadarko Petroleum Corp USD (278,592) (0.03)%

37,591 Analog Devices Inc USD (83,956) (0.01)%

2,336 Andeavor USD (17,255) (0.00)%

113,613 Anglo American Plc GBP 117,105 0.01%

35,836 Anglogold Ashanti Ltd USD (7,755) (0.00)%

85,381 Anheuser Busch Inbev SA EUR 510,216 0.05%

13,257 Anheuser-Busch Inbev SA USD 32,112 0.00%

53,071 Annaly Capital Management Inc USD 9,104 0.00%

330 Anritsu Corp JPY (1) (0.00)%

3,991 Ansell Ltd AUD 1,468 0.00%

25,672 Aoki Holdings Inc JPY 2,848 0.00%

93,384 Apollo Commercial Real Estate USD (15,412) (0.00)%

22,511 Applied Optoelectronics Inc USD (61,568) (0.01)%

53,999 Applus Services SA EUR 17,947 0.00%

518 Aptargroup Inc USD (917) (0.00)%

881 Arb Corp Ltd AUD (85) (0.00)%

367,339 Ardent Leisure Group AUD (61,552) (0.01)%

185,398 Aristocrat Leisure Ltd AUD 216,398 0.02%

409 Array Biopharma Inc USD (641) (0.00)%

11,392 Artis Real Estate Investment CAD 69 0.00%

17,105 Asahi Glass Co Ltd JPY 24,969 0.00%

88 Asahi Group Holdings Ltd JPY (22) (0.00)%

865,709 Asaleo Care Ltd AUD (22,492) (0.00)%

3,501 Askul Corp JPY (1,682) (0.00)%

75,851 Asml Holding NV EUR (26,154) (0.00)%

INRIS UCITS PLC

188



EUR Assets


21,342 Aspen Technology Inc USD (12,797) (0.00)%

15,118 Asr Nederland NV EUR (2,297) (0.00)%

13,873 Assa Abloy AB SEK 1,523 0.00%

5,046 Assured Guaranty Ltd USD (8,843) (0.00)%

13,711 Atco Ltd/Canada CAD (9,842) (0.00)%

9,105 Aurubis AG EUR 51,239 0.00%

241,746 Ausnet Services AUD (7,906) (0.00)%

334,089 Austevoll Seafood ASA NOK (132,844) (0.01)%

6,985 Australia & New Zealand Banking AUD 7,407 0.00%

805,062 Australian Pharmaceutical Industry AUD 31,335 0.00%

73,009 Autodesk Inc USD 251,360 0.02%

200,900 Automotive Holdings Group Ltd AUD (31,060) (0.00)%

4,747 Autozone Inc USD (60,556) (0.01)%

299,673 Axfood AB SEK 332,200 0.03%

101,217 Babcock Intl Group Plc GBP 78,929 0.01%

56,511 Baidu Inc USD 172,670 0.02%

124,837 Baker Hughes A Ge Co USD (115,978) (0.01)%

1,986,910 Balfour Beatty Plc GBP (601,556) (0.05)%

241,350 Ball Corp USD 414,046 0.04%

12,552 Banco Bilbao Vizcaya Argentaria SA USD (588) (0.00)%

24,397 Banco Bradesco SA USD 5,593 0.00%

19,563 Banco Santander SA USD (2,444) (0.00)%

1,504 Bank Of Kyoto Ltd JPY 951 0.00%

535 Bank Of Queensland Ltd AUD 5 0.00%

440,027 Bapcor Ltd AUD 55,347 0.01%

93,230 Barrick Gold Corp CAD 51,744 0.00%

43,877 Basilea Pharmaceutica AG CHF (175,400) (0.02)%

33,044 Bavarian Nordic A/S DKK (30,157) (0.00)%

4,626 Bce Inc USD 747 0.00%

160,366 Be Semiconductor Industries EUR 4,626,808 0.42%

297,844 Beach Energy Ltd AUD 97,438 0.01%

2,916 Becton Dickinson And Co USD 32,183 0.00%

169,935 Bega Cheese Ltd AUD (4,370) (0.00)%

939 Berkeley Grp Holdings Cfd GBP (144) (0.00)%

91,634 Best Buy Co Inc USD 614,662 0.06%

25,821 Bet At Home.Com AG EUR (88,011) (0.01)%

37,137 Bhp Billiton Limited AUD 37,145 0.00%

26,006 Bhp Billiton Ltd USD 68,261 0.01%

61,629 Bhp Billiton Plc GBP 72,996 0.01%

65,352 Big Lots Inc USD (139,014) (0.01)%

1,216 Bilfinger SE EUR (4,790) (0.00)%

163,440 Biomarin Pharmaceutical Ord USD (419,776) (0.04)%

2,938 Bkw AG CHF (1,215) (0.00)%

84,426 Blackberry Ltd CAD 21,537 0.00%

33,426 Bloomin Brands Inc USD (4,835) (0.00)%

2,674 Bluebird Bio Inc USD 1,491 0.00%

65,059 Bluescope Steel Ltd AUD 93,083 0.01%

1,156 Bobst Group SA CHF 15,430 0.00%

25,585 Boeing Co/The USD 264,487 0.02%

5,321 Boliden Ab SEK 495 0.00%

122,320 Bombardier Inc CAD (2,428) (0.00)%

44,064 Bonavista Energy Corp CAD 610 0.00%

6,419 Bonterra Energy Corp CAD (451) (0.00)%

233,738 Boral Ltd AUD (157,111) (0.01)%

24,393 Borregaard ASA NOK 15,935 0.00%

33,795 Boskalis Westminster EUR (16,748) (0.00)%

INRIS UCITS PLC

189



EUR Assets


334 Boston Beer Co Inc USD 263 0.00%

362,577 Bp Plc GBP (85,123) (0.01)%

367,887 Brambles Ltd AUD (84,268) (0.01)%

17,824 Brenntag AG EUR 6,161 0.00%

97,403 Brf SA USD 21,094 0.00%

4,428 Brink S Co USD (6,576) (0.00)%

12,281 Brookfield Asset Manage CL CAD (8,266) (0.00)%

156,548 Brother Industries Ltd JPY 1,271 0.00%

561 Brown N Group Plc GBP 35 0.00%

53,631 Brp Inc/Ca CAD (23,830) (0.00)%

15,686 Bt Investment Management Ltd AUD 3,736 0.00%

109,816 Btg Plc GBP (107,326) (0.01)%

114,002 Bw Lpg Ltd NOK (69,561) (0.01)%

234,907 Bwp Trust AUD 40 0.00%

76,488 Bwx Technologies Inc USD (118,593) (0.01)%

12,513 C.H. Robinson Worldwide Inc USD (22,948) (0.00)%

23,232 Cadence Design Sys Inc USD (40,121) (0.00)%

359,526 Cairn Energy Plc GBP (28,611) (0.00)%

7,149 Calbee Inc JPY 9,980 0.00%

9,603 Caltex Australia Ltd AUD 2,669 0.00%

1,062 Cameco Corp CAD 474 0.00%

7,244 Canadian Natural Resources CAD (5,520) (0.00)%

12 Canadian Pacific Railway Ltd CAD 17 0.00%

4,787 Canadian Tire Corp Ltd CAD (2,254) (0.00)%

1,748 Canadian Utilities Ltd CAD (1,473) (0.00)%

56,687 Canfor Corp CAD (61,892) (0.01)%

245 Canon Marketing Japan Inc JPY (25) (0.00)%

20,961 Capital Power Corp CAD 1,678 0.00%

12,675 Carmax Inc USD 50,455 0.00%

18,563 Carnival Corp USD 11,286 0.00%

178,943 Carnival Plc GBP 1,145,593 0.10%

4,233 Carsales.Com Ltd AUD (8,900) (0.00)%

37,510 Cascades Inc CAD 18,223 0.00%

70,176 Ceconomy AG EUR (97,023) (0.01)%

3,966 Celestica Inc CAD 706 0.00%

6,049 Cellnex Telecom SAU EUR (4,951) (0.00)%

160,146 Cemex Sab Spons ADR USD (2,818) (0.00)%

52,384 Cenovus Energy Inc CAD 21,557 0.00%

6,842,099 Centamin Plc GBP 482,648 0.04%

575 Centene Corp USD (861) (0.00)%

97,793 Centerra Gold Inc CAD (52,669) (0.00)%

66,601 Ces Energy Solutions Corp CAD (18,041) (0.00)%

13,962 Cewe Stiftung + Co Kgaa EUR 138,745 0.01%

INRIS UCITS PLC

190



EUR Assets


98,779 Charter Hall Group AUD 25,456 0.00%

484,328 Charter Hall Retail REIT AUD (34,480) (0.00)%

20,578 Chartwell Retirement Residence CAD (10,530) (0.00)%

47,417 Cheesecake Factory Inc USD (33,959) (0.00)%

109 Chemed Corp USD 206 0.00%

14,790 Chemours Co USD (15,415) (0.00)%

33,118 Chemtrade Logistics Income Fund CAD (2,922) (0.00)%

474 Cheniere Energy Inc USD (2,097) (0.00)%

39,386 Chevron Corp USD (199,028) (0.02)%

36,565 Chiba Bank Ltd JPY 15,112 0.00%

79,229 Children'S Place Inc USD 818,952 0.07%

299,480 Chimera Investment Corp USD 43,047 0.00%

4,897 Chipotle Mexican Grill Inc USD 66,168 0.01%

965 Chiyoda Corp JPY 35 0.00%

3,566 Chorus Aviation Inc CAD 312 0.00%

143,568 Chugai Pharmaceutical Co Ltd JPY 42,895 0.00%

34,108 Chugoku Bank Ltd JPY 10,796 0.00%

13,097 Ci Financial Corp CAD (5,394) (0.00)%

49,464 Cie Automotive Sa EUR 197,046 0.02%

5,314 Cie D'Entreprises Cfe EUR (14,326) (0.00)%

29,000 Cie Financiere Richemont Reg CHF (87,496) (0.01)%

74,482 Cimic Group Ltd AUD 367,604 0.03%

7,282 Cineplex Inc CAD 6,362 0.00%

3,407 Cirrus Logic Inc USD (5,557) (0.00)%

1,414 Citizen Watch Co Ltd JPY (95) (0.00)%

73,853 Claranova Sadir EUR 840 0.00%

255,977 Clarion Co Ltd JPY (30,034) (0.00)%

55,352 Cleveland-Cliffs Inc USD 22,760 0.00%

28,396 Cnp Assurances EUR 1,121 0.00%

3,401,079 Cobham Plc GBP 364,402 0.03%

39,867 Coca Cola Amatil Ord AUD 5,190 0.00%

64,233 Coca-Cola Bottlers Japan Holdi JPY 67,009 0.01%

1,071 Cocokara Fine Inc JPY 1,052 0.00%

188,348 Coeur Mining Inc USD (17,552) (0.00)%

33,233 Cogeco Communications Inc CAD (108,285) (0.01)%

29,270 Colliers International Group I CAD (56,485) (0.01)%

17,995 Colopl Inc JPY (9,033) (0.00)%

138,931 Com Hem Holding AB SEK 55,646 0.01%

5,124 Commonwealth Bank Of Australia AUD (10,303) (0.00)%

186,024 Computershare Ltd AUD 152,938 0.01%

13,766 Comsys Holdings Corp JPY (12,636) (0.00)%

112,742 Conocophillips USD (349,748) (0.03)%

1,996 Constellation Software Inc CAD 8,411 0.00%

15,209 Construcciones Y Auxiliar De Ferrocarriles SA EUR (28,136) (0.00)%

892 Continental Resources Inc USD 38 0.00%

63,156 Copa Holdings SA USD (14,171) (0.00)%

13,174 Copart Inc USD (1,410) (0.00)%

44,004 Corus Entertainment Inc CAD (1,067) (0.00)%

1,225 Cosmo Energy Holdings Co Ltd JPY 3,500 0.00%

469,932 Costa Group Holdings Ltd AUD 556,650 0.05%

217,737 Coty Inc USD (482,329) (0.04)%

137,599 Covestro AG EUR 1,171,737 0.11%

14,652 Cracker Barrel Old Country USD 15,982 0.00%

INRIS UCITS PLC

191



EUR Assets


17,005 Cramo Oyj EUR (17,610) (0.00)%

74,129 Credit Corp Group Ltd AUD (207,617) (0.02)%

3,482 Crescent Point Energy Corp CAD (2,003) (0.00)%

5,070 Crew Energy Inc CAD (2,696) (0.00)%

27,922 Criteo SA USD (108,689) (0.01)%

54,089 Crombie Real Estate Investment CAD 710 0.00%

2,816,530 Cromwell Property Group AUD 11,608 0.00%

38,922 CSL Ltd AUD (183,256) (0.02)%

554,406 CSR Ltd AUD 139,802 0.01%

62,312 Ctrip.Com International Ltd USD 100,550 0.01%

9,638 Cts Eventim Ag + Co Kgaa EUR (371) (0.00)%

92,520 Ctt Correios De Portugal EUR (57,813) (0.01)%

22,284 Curtiss-Wright Corp USD (43,610) (0.00)%

1,527 Cyberagent Inc JPY (3,013) (0.00)%

190 Daetwyler Holding Ag Br CHF 2,429 0.00%

2,444 Dai Nippon Printing Co Ltd JPY (789) (0.00)%

167,978 Daicel Corp JPY (55,740) (0.01)%

10,240 Dai-Ichi Life Holdings Inc JPY 616 0.00%

139,792 Daiichi Sankyo Co Ltd JPY (207,458) (0.02)%

1,123 Daiichikosho Co Ltd JPY 1,646 0.00%

171,544 Daikyonishikawa Corp JPY (71,250) (0.01)%

12,841 Daimler AG Registered Shares EUR 6,459 0.00%

20,739 Daio Paper Corp JPY (1,686) (0.00)%

816 Daiwa House Industry Co Ltd JPY (9) (0.00)%

715 Danaher Corp USD 690 0.00%

33,552 Danone EUR 29,997 0.00%

64,222 Darden Restaurants Inc USD 605,324 0.06%

1,129 Dassault Aviation SA EUR (14,547) (0.00)%

138,800 Dave + Buster S Entertainmen USD 238,346 0.02%

643,976 Debenhams Plc GBP (128,236) (0.01)%

260,483 Dena Co Ltd JPY 404,876 0.04%

7,638 Denka Co Ltd JPY 20,830 0.00%

124,152 Dentsply Sirona Inc USD 120,653 0.01%

12,349 Dentsu Inc JPY 14,945 0.00%

25,722 Derichebourg SA EUR 2,637 0.00%

9,914 Descartes Systems Group Inc/Th CAD (461) (0.00)%

394,992 Deutsche Lufthansa Reg EUR 2,697,705 0.25%

22,454 Deutsche Pfandbriefbank AG EUR 22,820 0.00%

223,597 Deutz AG EUR 156,548 0.01%

36 Dexcom Inc USD (11) (0.00)%

13,866 Dexerials Corp JPY (9,509) (0.00)%

101,424 Dfds A/S DKK (111,251) (0.01)%

9,808 Dillard'S Inc USD 1,672 0.00%

133,899 Dno Asa NOK 1,524 0.00%

2,813 Dollar Tree Inc USD (3,119) (0.00)%

39,889 Domino'S Pizza Enterprises Ltd AUD 160,984 0.01%

8,392 Don Quijote Holdings Co Ltd JPY (31,669) (0.00)%

110,204 Dowdupont Inc USD 59,322 0.01%

2,489 Downer Edi Ltd AUD (10) (0.00)%

15,070 Draegerwerk Ag & Co Kgaa EUR (176,019) (0.02)%

196,239 Dream Global Real Estate Inves CAD 52,982 0.00%

172,072 Dsv A/S DKK (1,748,685) (0.16)%

91,028 Dufry Ag Reg CHF (316,367) (0.03)%

78 Duskin Co Ltd JPY (4) (0.00)%

19 Dyax Corporation Cvr USD (46) (0.00)%

22,023 Dycom Industries Inc USD 62,412 0.01%

17,510 E.On SE EUR 3,985 0.00%

4,607 Eagle Industry Co Ltd JPY 2,765 0.00%

INRIS UCITS PLC

192



EUR Assets


6,661 Eagle Pharmaceuticals Inc USD (31,543) (0.00)%

239,732 Eclipx Group Ltd AUD 50,196 0.00%

111,717 Edion Corp JPY 42,120 0.00%

2,787 Efg International AG CHF 156 0.00%

40,968 Eisai Co Ltd JPY 2,835 0.00%

3,199 Eizo Corp JPY 12,416 0.00%

301,313 Eldorado Gold Corp CAD (66,042) (0.01)%

5,984 Elecom Co Ltd JPY 2,123 0.00%

431,610 Electrolux AB SEK 457,094 0.04%

163,109 Element Fleet Management Corp CAD 24,277 0.00%

2,148 Elia System Operator SA EUR 2,117 0.00%

64,190 Emera Inc CAD 65,912 0.01%

5,530 Empire Co Ltd CAD 1,088 0.00%

54,849 Enbridge Inc CAD (18,438) (0.00)%

31,278 Encana Corp CAD (32,667) (0.00)%

662,975 Ence Energia Y Celulosa SA EUR 614,280 0.06%

159,173 Endo International Plc USD (44,708) (0.00)%

16,491 Enerflex Ltd CAD (2,437) (0.00)%

63,325 Enerplus Corp CAD 25,445 0.00%

1,412 Entegris Inc USD (572) (0.00)%

25,702 Entra Asa NOK 24,636 0.00%

244,482 Envision Healthcare Corp USD (511,382) (0.05)%

1,449 Eps Holdings Inc JPY 974 0.00%

1,197 Eramet Ord EUR 5,826 0.00%

2,207 Escrow Agent Japan Co Ltd JPY 97 0.00%

75,222 Essilor International EUR (448,634) (0.04)%

132,950 Estia Health Ltd AUD 13,110 0.00%

29,041 Esure Group Plc GBP (2,831) (0.00)%

1,426 Eurofins Scientific EUR (108,933) (0.01)%

356,333 Euronav SA Cfd EUR 168,026 0.02%

1,127 Euronet Worldwide Inc USD (2,331) (0.00)%

1,616 Eutelsat Communications EUR (25) (0.00)%

203,726 Evotec AG EUR (92,225) (0.01)%

1,299,128 Evraz Plc GBP 1,568,321 0.14%

34,950 Exedy Corp JPY 35,255 0.00%

134,453 Exelixis Inc USD 356,555 0.03%

68,679 Extended Stay America Inc USD 76,301 0.01%

4,409 Extendicare Inc CAD 530 0.00%

92,628 Exxon Mobil Corp USD (27,121) (0.00)%

92,715 F5 Networks Inc USD (229,796) (0.02)%

270 Fair Isaac Corp USD (747) (0.00)%

2,434 Fairfax Financial Hldgs Ltd CAD 64,144 0.01%

217,669 Fairfax Media Ltd AUD 230 0.00%

53,363 Fancl Corp JPY (45,366) (0.00)%

24,049 Fanuc Corp JPY 123,716 0.01%

182,769 Faurecia EUR 1,422,251 0.13%

8,355 Fcc Co Ltd JPY 7,486 0.00%

727 Fenner Plc GBP 94 0.00%

68,854 Ferrari NV USD (197,427) (0.02)%

2,443,934 Ferrexpo Plc GBP 1,133,663 0.10%

165,356 Ferrovial SA EUR (56,985) (0.01)%

294,098 Fiat Chrysler Automobiles NV USD 175,156 0.02%

6,101 Fielmann AG EUR 14,305 0.00%

17,244 Finnair Oyj EUR 594 0.00%

53,381 Finning International Inc CAD (27,547) (0.00)%

68,504 First Data Corp USD 16,428 0.00%

INRIS UCITS PLC

193



EUR Assets


71 Firstservice Corp CAD 3 0.00%

168,390 Fisher & Paykel Healthcare Corp AUD 139,689 0.01%

427,885 Fitbit Inc USD 403,175 0.04%

40,348 Fleetcor Technologies Inc USD (350,701) (0.03)%

679,043 Fletcher Building Ltd AUD (174,785) (0.02)%

107,881 Flexigroup Ltd/Australia AUD 148 0.00%

24,343 Flowserve Corp USD 9,123 0.00%

1 Fnac Darty SA EUR (0) (0.00)%

642 Fomento Economico Mex Sp Adr USD 912 0.00%

602 Forbo Holding AG Reg CHF 32,270 0.00%

6,266 Fortis Inc CAD 5,789 0.00%

612,227 Fortum Oyj Cfd EUR (691,193) (0.06)%

45,332 Foster Electric Co Ltd JPY 41,482 0.00%

6,665 Freehold Royalties Ltd CAD (2,814) (0.00)%

128,119 Freeport-Mcmoran Inc USD 352,844 0.03%

23,605 Fst Quantum Min Ord CAD (41,414) (0.00)%

5,793 Fudo Tetra Corp JPY 182 0.00%

6,515 Fuji Machine Mfg Ord JPY (1,060) (0.00)%

18,844 Fujibo Holdings Inc JPY 29,957 0.00%

11,211 Fujitec Co Ltd JPY (5,227) (0.00)%

47,598 Fujitsu General Ltd JPY 32,724 0.00%

2,957 Fujitsu Ltd JPY (206) (0.00)%

3,872 Fukui Computer Holdings Inc JPY (3,159) (0.00)%

396 Fullcast Holdings Co Ltd JPY 256 0.00%

1,495 Funai Soken Holdings Inc JPY 130 0.00%

42,126 Fuso Chemical Co Ltd JPY (92,463) (0.01)%

65,338 Futaba Industrial Co Ltd JPY 911 0.00%

828 Fuyo General Lease Co Ltd JPY 133 0.00%

369,157 G4S Plc GBP (21,616) (0.00)%

2,958 G5 Entertainment AB SEK 4,000 0.00%

10,133 G8 Education Ltd AUD (626) (0.00)%

106,299 Gamestop Corp Class A USD (70,819) (0.01)%

254,417 Gateway Lifestyle AUD 14,951 0.00%

16,578 Gaztransport Et Technigaz SA EUR 137,898 0.01%

308,907 Gea Group AG EUR (383,304) (0.04)%

851,372 General Electric Co USD 519,397 0.05%

81,843 Gentex Corp USD 32,035 0.00%

14 Genus Plc GBP (20) (0.00)%

3,915 Genworth Mi Canada Inc CAD 911 0.00%

570,413 Genworth Mortgage Insurance Australia Ltd AUD (25,976) (0.00)%

8,611 Geo Group Inc USD (21,083) (0.00)%

3,304 Geo Holdings Corp JPY 2,248 0.00%

189 Getinge AB B Shares SEK (10) (0.00)%

887 Gildan Activewear Inc CAD (195) (0.00)%

41,398 Global Payments Inc USD 10,712 0.00%

6,808 Glory Ltd JPY 13,337 0.00%

260,274 Gmo Internet Inc JPY (58,704) (0.01)%

1,659 Gmo Payment Gateway Inc JPY (13,000) (0.00)%

28,885 Godaddy Inc USD 37,940 0.00%

38,214 Goldcorp Inc CAD 6,530 0.00%

9,230 Goldcrest Co Ltd JPY (2,001) (0.00)%

83,519 Graincorp Ltd AUD 20,694 0.00%

31,116 Granite Real Estate Investment CAD (37,019) (0.00)%

43,121 Great Canadian Gaming Corp CAD 99,741 0.01%

2,972,710 Greencore Group Plc GBP (691,615) (0.06)%

158,745 Greggs Plc GBP 532,758 0.05%

INRIS UCITS PLC

194



EUR Assets


417,244 Grieg Seafood Asa NOK 63,436 0.01%

1,163 Grupo Catalana Occidente SA EUR 1,145 0.00%

100,962 Gs Yuasa Corp JPY (14,181) (0.00)%

30,616 Gud Holdings Ltd AUD 79 0.00%

83,794 Gunma Bank Ltd JPY 7,346 0.00%

32,571 Guyana Goldfields Inc CAD 15,153 0.00%

60,292 Gw Pharmaceuticals Plc USD (369,782) (0.03)%

727,526 Gwa Group Ltd AUD (32,906) (0.00)%

127,156 H I S Co Ltd JPY 131,604 0.01%

70,726 H Lundbeck A/S DKK (233,366) (0.02)%

1,977 H&R Block Inc USD (1,165) (0.00)%

9,521 H2O Retailing Corp JPY 11,733 0.00%

20,480 Hachijuni Bank Ltd JPY 538 0.00%

100,394 Halliburton Co USD (526,524) (0.05)%

91,427 Halma Plc GBP (60,497) (0.01)%

3,012 Hamakyorex Co Ltd JPY 1,672 0.00%

119,609 Hamburger Hafen Und Logistik A EUR (90,477) (0.01)%

651,813 Hansteen Holdings Plc GBP 200,780 0.02%

96 Hapag-Lloyd AG EUR 233 0.00%

12,155 Harvey Norman Holdings Ltd AUD 236 0.00%

418,868 Haseko Corp JPY 20,804 0.00%

7,018 Hastings Group Holdings Plc GBP 601 0.00%

132,618 Hawaiian Holdings Inc USD (364,448) (0.03)%

35,568 Hazama Ando Corp JPY 2,724 0.00%

595,077 Healthscope Ltd AUD (94,484) (0.01)%

91,290 Heidelbergcement AG EUR (254,371) (0.02)%

3,632 Heiwa Corp JPY (3,329) (0.00)%

1,176 Heiwa Real Estate Co Ltd JPY (574) (0.00)%

3,797 Heiwado Co Ltd JPY (2,217) (0.00)%

7,845 Helmerich & Payne Inc USD (30,405) (0.00)%

547,433 Hennes + Mauritz AB B Shares SEK 1,934,106 0.18%

142,446 Hertz Global Holdings Inc USD (323,615) (0.03)%

173,571 Hess Corp USD (245,101) (0.02)%

70,477 Hewlett Packard Enterprise Co USD (11,451) (0.00)%

518,197 Hikma Pharmaceuticals Plc GBP 1,145,608 0.10%

98,231 Hino Motors Ltd JPY (54,819) (0.01)%

38,919 Hiroshima Bank Ltd JPY 28,052 0.00%

2,042 Hisamitsu Pharmaceutical Co In JPY (6,329) (0.00)%

27,633 Hispania Activos Inmobiliarios EUR 18,444 0.00%

6,009 Hitachi Chemical Co Ltd JPY (2,621) (0.00)%

98 Hitachi Kokusai Electric Inc JPY (4) (0.00)%

17,378 Hitachi Ltd JPY (1,214) (0.00)%

947,261 Hochschild Mining Plc GBP 106,895 0.01%

59,751 Hochtief Ag EUR 432,391 0.04%

1,440 Hodogaya Chemical Co Ltd JPY (2,864) (0.00)%

94,807 Hokuetsu Kishu Paper Co Ltd JPY 29,604 0.00%

11,725 Hokuhoku Financial Group Inc JPY 7,467 0.00%

40,625 Hokuriku Electric Power Co JPY 21,030 0.00%

2,323 Home Capital Group Inc CAD (741) (0.00)%

6,675 Hoosiers Holdings JPY 4,948 0.00%

56,939 Horizon Pharma Plc USD 2,163 0.00%

53,525 Hosiden Corp JPY 39,841 0.00%

2,829 Hosokawa Micron Corp JPY 11,555 0.00%

347 Hoya Corp JPY (186) (0.00)%

986 Hudbay Minerals Inc CAD 119 0.00%

1,151 Huhtamaki Oyj EUR (436) (0.00)%

INRIS UCITS PLC

195



EUR Assets


17,453 Humana Inc USD (172,356) (0.02)%

40,040 Hunting Plc GBP (24,983) (0.00)%

21,186 Huntington Ingalls Industrie USD (105,329) (0.01)%

25,300 Huntsman Corp USD 30,685 0.00%

974,130 Iamgold Corp CAD 306,467 0.03%

13,463 Ibj Leasing Co Ltd JPY 1,430 0.00%

9,848 Ibstock Plc GBP 2,771 0.00%

9,213 Ichikoh Industries Ltd JPY (731) (0.00)%

462 Idom Inc JPY (10) (0.00)%

64,541 Iida Group Holdings Co Ltd JPY (25,530) (0.00)%

1,782 Iluka Resources Ltd AUD (1,011) (0.00)%

785 Imax Corp USD 1,377 0.00%

47,413 Imperial Oil Ltd CAD 15,227 0.00%

491,261 Incitec Pivot Ltd AUD (94,276) (0.01)%

3,561 Incyte Corp USD 5,801 0.00%

453,170 Independence Group Nl AUD (365,859) (0.03)%

775 Inficon Holding Ag Reg CHF 32,088 0.00%

1,325,496 Infigen Energy AUD (64,276) (0.01)%

13,358 Ingenico Group EUR (48,751) (0.00)%

27,127 Innergex Renewable Energy Inc CAD 1,623 0.00%

190,120 Inpex Corp JPY (202,390) (0.02)%

5,915 Inter Pipeline Ltd CAD (4,206) (0.00)%

45,444 Intercept Pharmaceuticals Inc USD 115,640 0.01%

43,912 Interfor Corp CAD (7,632) (0.00)%

54,899 Internet Initiative Japan Inc JPY 51,292 0.00%

11,659 Intertek Group Plc GBP (3,459) (0.00)%

1,212,894 Intl Consolidated Airline GBP 481,093 0.04%

149,345 Investa Office Fund AUD (8,647) (0.00)%

4,374 Ion Beam Applications EUR 639 0.00%

25,661 Ioof Holdings Ltd AUD (1,715) (0.00)%

286,215 Iph Ltd AUD (55,622) (0.01)%

44,723 Ipsos EUR 234,009 0.02%

107,183 Iress Ltd AUD 15,070 0.00%

60,784 Irobot Corp USD 404,077 0.04%

15,307 Iseki & Co Ltd JPY (10,971) (0.00)%

304,610 Isentia Group Ltd AUD 30,276 0.00%

95,366 Isetan Mitsukoshi Holdings Ltd JPY (66,592) (0.01)%

28,445 Ishihara Sangyo Kaisha Ltd JPY 17,835 0.00%

497 Istyle Ord JPY 0 0.00%

1,425 Iwatani Corp JPY 1,884 0.00%

8,977 Iyo Bank Ltd JPY 534 0.00%

31,251 J D Wetherspoon Plc GBP 39,693 0.00%

758 Jaccs Co Ltd JPY 229 0.00%

3,192 Jack In The Box Inc Cfd USD 12,173 0.00%

472 Jafco Co Ltd JPY 622 0.00%

167,572 James Hardie Industries Plc AUD (278,179) (0.03)%

14,030 Japan Aviation Electronics Ind JPY 11,203 0.00%

55,011 Japan Petroleum Exploration Co JPY (165,520) (0.02)%

14,775 Japan Securities Finance Co Ltd JPY 3,168 0.00%

68,160 Japan Steel Works Ltd JPY (14,246) (0.00)%

104,845 JB Hi-Fi Ord AUD (85,818) (0.01)%

7,093 Jcdecaux SA EUR 3,973 0.00%

4,658 Jcu Corp JPY (6,239) (0.00)%

1,726,882 Jd Sports Fashion Plc GBP 32,406 0.00%

37,029 Jenoptik AG EUR 87,966 0.01%

11,455 Jetblue Airways Corp Cfd USD 8,299 0.00%

43,161 Jfe Holdings Inc JPY (18,842) (0.00)%

660,907 Jgc Corp JPY (1,078,006) (0.10)%

INRIS UCITS PLC

196




240,331 Jm AB SEK (911,593) (0.08)%

2,548 John Laing Group Plc GBP 42 0.00%

387,134 Johnson Controls International USD (154,110) (0.01)%

1,315 Johnson Matthey Plc GBP (199) (0.00)%

1,538 Jtekt Corp JPY 80 0.00%

97,554 Juki Corp JPY (62,471) (0.01)%

176,761 Juniper Networks Inc USD 105,792 0.01%

19,973 Just Energy Group Inc CAD (2,519) (0.00)%

177,335 K S AG Reg EUR 60,214 0.01%

62,905 Kabu.Com Securities Co Ltd JPY (4,507) (0.00)%

27,151 Kadokawa Dwango Corp JPY (18,057) (0.00)%

244 Kagome Co Ltd JPY 36 0.00%

293,523 Kajima Corp JPY (160,796) (0.01)%

629 Kaken Pharmaceutical Co Ltd JPY 930 0.00%

23,073 Kanamoto Co Ltd JPY (59,543) (0.01)%

19,815 Kanematsu Ord JPY 31,055 0.00%

466,272 Kansai Electric Power Co Inc JPY (340,983) (0.03)%

36,319 Kansai Paint Ord JPY 5,770 0.00%

100 Kato Works Co Ltd JPY 144 0.00%

3,068 Kaufman & Broad SA EUR 3,043 0.00%

20,063 Kawada Technologies Inc JPY 19,308 0.00%

5,308 Kawasaki Heavy Industries Ltd JPY (10,042) (0.00)%

8,055 Kaz Minerals Plc GBP 8,744 0.00%

85,491 KB Home USD 46,286 0.00%

92,400 Kddi Corp JPY (246,620) (0.02)%

10,302 Keihin Corp JPY 6,800 0.00%

6,298 Keiyo Bank Ltd JPY 227 0.00%

244 Keio Corporation JPY 146 0.00%

39,198 Kelt Exploration Ltd CAD 4,351 0.00%

8,037 Kemet Corp USD (1,125) (0.00)%

39,470 Keyera Corp CAD 21,163 0.00%

830 Kikkoman Corp JPY (1) (0.00)%

9,060 Kinaxis Inc CAD 21,619 0.00%

26,282 Kinden Corp JPY (13,252) (0.00)%

374,223 Kindred Group Plc SEK 962,623 0.09%

441,899 Kingfisher Plc GBP (85,147) (0.01)%

51,396 Kinross Gold Corp CAD 1,040 0.00%

38,395 Kirin Holdings Co Ltd JPY 48,495 0.00%

13,526 Kissei Pharmaceutical Co Ltd JPY 1,000 0.00%

33,796 Kitz Corp JPY 10,993 0.00%

703 Klab Inc JPY (46) (0.00)%

75,434 Kla-Tencor Corp USD 153,539 0.01%

239,412 Kloeckner & Co Se EUR (83,616) (0.01)%

401 Kohls Corp USD (214) (0.00)%

32,901 Koito Manufacturing Co Ltd JPY 38,384 0.00%

3,086 Kokuyo Co Ltd JPY (533) (0.00)%

60,352 Komatsu Ltd JPY (218,211) (0.02)%

9,675 Komeri Co Ltd JPY 3,981 0.00%

2,109 Komori Corp JPY (349) (0.00)%

18,560 Konami Holdings Corp JPY 25,066 0.00%

11,192 Kraft Heinz Co USD 27,509 0.00%

23,044 Kumiai Chemical Industry Co Ltd JPY 3,945 0.00%

126,842 Kuraray Co Ltd JPY (30,966) (0.00)%

685 Kyb Corp JPY 342 0.00%

11,057 Kyoei Steel Ltd JPY (10,271) (0.00)%

323 Kyudenko Corp JPY 150 0.00%

158,542 Kyushu Electric Power Co Inc JPY (108,794) (0.01)%

INRIS UCITS PLC

197

PORTFOLIO STATEMENT OF R CFM DIVERSIFIED FUND (UNAUDITED) (CONTINUED) as at 31 December 2017 Quantity Security Fair Value % of Net

EUR Assets


1,210 L Oreal EUR 2,978 0.00%

18,388 Labrador Iron Ore Royalty Corp CAD 48,683 0.00%

69,875 Laird Plc GBP 2,949 0.00%

296 Laredo Petroleum Inc USD (15) (0.00)%

67,202 Las Vegas Sands Corp USD 7,964 0.00%

9,641 Laurentian Bank Of Canada CAD (24,862) (0.00)%

29,948 Lear Corp USD (105,496) (0.01)%

29,782 Lec Inc JPY 59,675 0.01%

334 Lendingtree Inc USD 6,566 0.00%

13,019 Lendlease Group AUD (380) (0.00)%

795 Leopalace21 Corp JPY (72) (0.00)%

347,663 Leroy Seafood Group Asa NOK 231,634 0.02%

33,502 Lifull Co Ltd JPY (22,040) (0.00)%

3,864 Linamar Corp CAD 8,232 0.00%

17,299 Link Administration Holdings Ltd AUD 790 0.00%

1,949 Link And Motivation Inc JPY 172 0.00%

70,644 Live Nation Entertainment Inc USD (145,983) (0.01)%

228,546 Lonmin Plc GBP (28,232) (0.00)%

133,397 Loomis AB SEK 251,727 0.02%

251,904 Louisiana-Pacific Corp USD (255,452) (0.02)%

14,686 Lundin Mining Corp CAD 6,717 0.00%

103,087 M3 Inc JPY (201,496) (0.02)%

47,684 M6 Metropole Television EUR 21,249 0.00%

46,426 Maeda Corp JPY (27,353) (0.00)%

3,052 Mag Silver Corp CAD (3,752) (0.00)%

2,522 Makita Corp JPY (975) (0.00)%

860 Mallinckrodt Plc USD 306 0.00%

71,903 Manhattan Associates Inc USD 309,005 0.03%

24,537 Maple Leaf Foods Inc CAD 15,046 0.00%

1,043 Marathon Oil Corp USD 44 0.00%

277,377 Marine Harvest Asa NOK (166,780) (0.02)%

135,598 Martinrea International Inc CAD 60,373 0.01%

279,458 Marui Group Co Ltd JPY (157,833) (0.01)%

95 Maruwa Co Ltd/Aichi JPY (225) (0.00)%

206 Maruwa Unyu Kikan Co Ltd JPY 91 0.00%

153,069 Masimo Corp USD (507,918) (0.05)%

34,176 Matas A/S DKK (57,945) (0.01)%

562,326 Mattel Inc USD 1,344,003 0.12%

42,710 Maxar Technologies Ltd CAD 9,655 0.00%

40,569 Maximus Inc USD 78,051 0.01%

3,450 Mdu Res Group Inc Com USD (3,074) (0.00)%

1,156,335 Mediaset Espana Comunicacion EUR (850,413) (0.08)%

210,416 Medicines Ord USD 236,806 0.02%

363,667 Mediclinic International Plc GBP 305,009 0.03%

59,447 Medtronic Plc USD 68,197 0.01%

437 Meg Energy Corp CAD 77 0.00%

38,809 Megachips Corp JPY 9,117 0.00%

28,605 Meidensha Corp JPY 445 0.00%

26,645 Meitec Corp JPY 3,638 0.00%

25,214 Melco Resorts + Entert ADR USD 61,718 0.01%

45,823 Merck + Co. Inc USD (22,221) (0.00)%

304,890 Metcash Ltd AUD 22,762 0.00%

1,439 Methanex Corp CAD 7,131 0.00%

2,689 Micronics Japan Ord JPY (1,511) (0.00)%

81,225 Minebea Mitsumi Inc JPY 74,621 0.01%

5,694 Mineral Resources Ord AUD (14,498) (0.00)%

INRIS UCITS PLC

198



EUR Assets


694 Miroku Jyoho Service Co Ltd JPY 162 0.00%

42,401 Misumi Group Inc JPY (1,728) (0.00)%

14,356 Mitsuba Corp JPY 17,193 0.00%

356,017 Mitsubishi Chemical Holdings C JPY 47,112 0.00%

5,665 Mitsubishi Estate Co Ltd JPY (403) (0.00)%

168,651 Mitsubishi Gas Chemical Co Inc JPY 117,534 0.01%

256,627 Mitsubishi Heavy Industries Lt JPY (98,861) (0.01)%

2,528 Mitsubishi Logistics Corp JPY 1,216 0.00%

4,635 Mitsubishi Materials Corp JPY (8,904) (0.00)%

1,053,390 Mitsubishi Motors Corp JPY (208,201) (0.02)%

54,121 Mitsubishi UFJ Lease & Finance JPY 12,583 0.00%

43,873 Mitsui Chemicals Inc JPY (193) (0.00)%

233,568 Mitsui Engineering & Shipbuild JPY (100,967) (0.01)%

21 Mitsui Fudosan Co Ltd JPY (1) (0.00)%

2,788 Mitsui High-Tec Inc JPY 2,347 0.00%

41,892 Mitsui Osk Lines Ltd JPY (46,678) (0.00)%

2,828 Miura Co Ltd JPY (3,303) (0.00)%

559,593 Mobile Telesystems Pjsc USD (76,696) (0.01)%

1,446 Mobimo Holding AG CHF 20,391 0.00%

29 Mochida Pharmaceutical Co Ltd JPY (52) (0.00)%

2,470 Molina Healthcare Inc USD (2,800) (0.00)%

361,762 Momo Inc USD 54,901 0.01%

78,718 Monadelphous Group Ltd AUD 200,786 0.02%

342,612 Mondelez International Inc USD 42,081 0.00%

506,927 Mondi Plc GBP 759,794 0.07%

1,533,702 Moneysupermarket.Com GBP 563,723 0.05%

42,447 Monotaro Co Ltd JPY (113,153) (0.01)%

101,233 Monster Beverage Corp USD (52,264) (0.00)%

38,695 Moody S Corp USD 135,665 0.01%

23,362 Morinaga & Co Ltd/Japan JPY 13,573 0.00%

35,869 Morinaga Milk Industry Co Ltd JPY 135,001 0.01%

132,553 Morphosys Ag EUR (2,101,127) (0.19)%

50,522 Mosaic Co USD (56,322) (0.01)%

2,992 Ms+Ad Insurance Group Holdin JPY 2,894 0.00%

1,116 Mullen Group Ltd CAD (74) (0.00)%

15,209 Musashi Seimitsu Industry Co Ltd JPY 25,298 0.00%

3,057 Musashino Bank Ltd JPY 4,385 0.00%

63,784 Mycronic AB SEK (41,268) (0.00)%

13,264 Myer Holdings Ltd AUD 781 0.00%

73,118 Mylan NV USD (259,719) (0.02)%

458,590 Myob Group Ltd AUD 37,601 0.00%

7,323 Nabors Industries Ltd USD (751) (0.00)%

20,750 Namura Shipbuilding Co Ltd JPY (1,245) (0.00)%

10,751 National Australia Bank Ltd AUD 3,138 0.00%

19,907 National Beverage Corp USD (169,192) (0.02)%

18,494 National Fuel Gas Co USD (50,177) (0.00)%

245,283 Navigator Co SA EUR 56,919 0.01%

455,055 Ncc AB B Shares SEK (1,890,690) (0.17)%

277,194 Ncr Corp USD 619,349 0.06%

28,973 Nec Networks & System Integrated JPY 8,579 0.00%

22,256 Nektar Therapeutics USD (105,006) (0.01)%

49,391 Neopost SA EUR (305,357) (0.03)%

134,806 Neste OYJ EUR 2,256,750 0.21%

57,838 Net One Systems Co Ltd JPY (51,890) (0.00)%

72,686 Netflix Inc USD (279,415) (0.03)%

178,444 Neurocrine Biosciences Inc USD (858,831) (0.08)%

INRIS UCITS PLC

199



EUR Assets


505 Nevro Corp USD 2,431 0.00%

341,431 Nevsun Resources Ltd CAD (27,535) (0.00)%

44,548 New Flyer Industries Inc CAD 144,295 0.01%

24,436 New Oriental Educatio SP ADR USD 176,043 0.02%

280,834 New Residential Investment Corp USD 44,240 0.00%

28,088 Newcrest Mining Ltd AUD (2,275) (0.00)%

181,212 Newell Brands Inc USD 9,384 0.00%

11,846 Nexans SA EUR 7,996 0.00%

8,630 Nexstar Media Group Ord CL USD (73,099) (0.01)%

2,669 Ngk Spark Plug Co Ltd JPY (114) (0.00)%

251 Nh Hotel Group SA EUR 42 0.00%

14,964 Nhk Spring Co Ltd JPY (949) (0.00)%

153,114 Nib Holdings Ltd (Australia) AUD 86,187 0.01%

95,940 Nichi Iko Pharmaceutical Co JPY (36,172) (0.00)%

154,702 Nichias Corp JPY 62,214 0.01%

37,730 Nichiha Corp JPY 101,440 0.01%

155,829 Nichirei Corp JPY (164,746) (0.02)%

28,969 Nidec Corp JPY (103,880) (0.01)%

37,181 Nifco Inc JPY 44,060 0.00%

14,319 Nihon Kohden Corp JPY (4,234) (0.00)%

645 Nihon M&A Center Inc JPY (261) (0.00)%

844 Nihon Nohyaku Co Ltd JPY 91 0.00%

89,455 Nihon Unisys Ltd JPY 92,290 0.01%

46,270 Nine Entertainment Co Holdings AUD 1,512 0.00%

359 Nippon Ceramic Co Ltd JPY 44 0.00%

5,604 Nippon Denko Co Ltd JPY 160 0.00%

187 Nippon Express Co Ltd JPY 33 0.00%

17,149 Nippon Gas Co Ltd JPY 15,847 0.00%

875,814 Nippon Light Metal Holdings Co JPY 131,465 0.01%

750 Nippon Sheet Glass Co Ltd JPY (66) (0.00)%

20,437 Nippon Signal Company Ltd JPY 909 0.00%

103,947 Nippon Soda Co Ltd JPY 4,611 0.00%

89,712 Nippon Suisan Kaisha Ltd JPY (16,580) (0.00)%

63,463 Nippon Telegraph + Telephone JPY (239,132) (0.02)%

200 Nippon Valqua Industries Ltd JPY 22 0.00%

184,258 Nippon Yakin Kogyo Co Ltd JPY 27,460 0.00%

180,524 Nippon Yusen KK JPY (154,615) (0.01)%

90,508 Nishimatsu Construction Co Ltd JPY (59,674) (0.01)%

18,469 Nisshin Oillio Group Ltd JPY (5,400) (0.00)%

8,498 Nitto Boseki Co Ltd JPY (5,925) (0.00)%

10,321 Nobia AB SEK (7,082) (0.00)%

240,284 Nobina AB SEK 153,697 0.01%

4,092 Noble Energy Inc USD (1,991) (0.00)%

461 Noevir Holdings Co Ltd JPY 1,009 0.00%

19,038 Nof Corp JPY (8,640) (0.00)%

3,138,622 Nokia OYJ EUR 2,271,675 0.21%

49,151 Nomura Co Ltd JPY 2,947 0.00%

50,888 Norbord Inc CAD (58,751) (0.01)%

18,612 Nordstrom Inc USD 23,474 0.00%

220 Noritake Co Ltd/Nagoya Japan JPY (42) (0.00)%

1,504 Noritz Corp JPY 425 0.00%

46,092 North Pacific Bank Ltd JPY 6,133 0.00%

29,138 North West Co Inc CAD (51,304) (0.00)%

88,501 Northern Star Resources Ltd AUD 46,718 0.00%

898 Northland Power Inc CAD 69 0.00%

23,169 Northview Apartment Real Estate CAD (5,639) (0.00)%

29,261 Novagold Resources Inc CAD 1,073 0.00%

14,264 Novartis AG CHF (23,278) (0.00)%

INRIS UCITS PLC

200



EUR Assets


209,411 Novo Nordisk A/S USD 331,347 0.03%

24,973 Novo Nordisk A/S B DKK 48,925 0.00%

928 Nsd Co Ltd JPY 519 0.00%

767 Nsk Ltd JPY 25 0.00%

185,753 Ntn Corp JPY 10,986 0.00%

495 Nu Skin Enterprises Inc USD 157 0.00%

268,708 Nufarm Ltd (Australia) AUD (12,962) (0.00)%

38,384 Nutrisystem Inc USD 47,028 0.00%

103,015 Nuvista Energy Ltd CAD (27,381) (0.00)%

99 Nvr Inc USD 3,440 0.00%

3,375 Obara Group Inc JPY (3,743) (0.00)%

182,036 Obayashi Corp JPY (104,107) (0.01)%

190,821 Occidental Petroleum Corp USD (499,967) (0.05)%

168,895 Oci Nv EUR (313,603) (0.03)%

4,240 Odakyu Electric Railway Co Ltd JPY (466) (0.00)%

4,567 Ogaki Kyoritsu Bank Ltd/The JPY (1,080) (0.00)%

138,033 Oil Search Ltd AUD (70,695) (0.01)%

212,928 Oji Holdings Corp JPY 99,158 0.01%

8,634 Oki Electric Industry Co Ltd JPY (2,140) (0.00)%

19,156 Okinawa Electric Power Co Inc JPY 972 0.00%

39,321 Okumura Corp JPY 21,699 0.00%

14,285 On Semiconductor Corp USD 8,992 0.00%

5,289 Onex Corporation CAD 3,867 0.00%

108,121 Ono Pharmaceutical Co Ltd JPY (47,158) (0.00)%

172,622 Onward Holdings Co Ltd JPY (75,882) (0.01)%

24,985 Open Text Corp CAD (45,253) (0.00)%

172 Oracle Corp Japan JPY (396) (0.00)%

16,693 Orica Ltd AUD 581 0.00%

11,273 Oriflame Holding Ag Cfd SEK (7,793) (0.00)%

208,723 Origin Energy Ltd AUD (232,153) (0.02)%

382,193 Orora Ltd AUD 56,085 0.01%

53,989 Osaki Electric Co Ltd JPY 8,293 0.00%

49,000 Osisko Gold Royalties Ltd CAD 23,466 0.00%

200,794 Otsuka Holdings Co Ltd JPY 32,346 0.00%

194,341 Outotec OYJ EUR (119,153) (0.01)%

51,016 Owens Corning USD 152,521 0.01%

3,937 Owens Illinois Inc USD (6,721) (0.00)%

6,132 Oz Minerals Ltd AUD 981 0.00%

20,945 Pacific Industrial Co Ltd JPY 21,368 0.00%

80,084 Pacific Metals Co Ltd JPY (110,459) (0.01)%

476,715 Pact Group Holdings Ltd AUD (51,596) (0.00)%

4,787 Paddy Power Betfair Plc GBP (14,132) (0.00)%

172,487 Pan American Silver Corp CAD 55,716 0.01%

129 Panalpina Welttransport Reg CHF (2,209) (0.00)%

73,290 Paragon Banking Group Plc GBP 32,188 0.00%

385 Paramount Bed Holdings Co Ltd JPY 712 0.00%

39,236 Paramount Resources Ltd CAD (41,557) (0.00)%

47,089 Parex Resources Inc CAD 29,133 0.00%

91,387 Parkland Fuel Corp CAD (66,429) (0.01)%

3 Parsley Energy Inc USD 1 0.00%

962 Pason Systems Inc CAD (146) (0.00)%

51,525 Patterson-Uti Energy Inc USD (57,150) (0.01)%

12,082 Paycom Software Inc USD (16,803) (0.00)%

9,031 Pc Depot Corp JPY (1,132) (0.00)%

609,749 Peab AB SEK (801,386) (0.07)%

1,094 Pembina Pipeline Corp CAD (393) (0.00)%

INRIS UCITS PLC

201



EUR Assets


41,190 Penta-Ocean Construction Co Ltd JPY 169 0.00%

4,670 Peptidream Inc JPY (3,970) (0.00)%

3,521 Perpetual Ltd AUD (3,433) (0.00)%

139,677 Perrigo Co Plc USD 4,337 0.00%

394,790 Persimmon Plc GBP 1,207,847 0.11%

1,917,040 Petroleum Geo Services NOK (112,345) (0.01)%

494,171 Peugeot SA EUR (392,422) (0.04)%

144,456 Phillips 66 USD (412,538) (0.04)%

51,420 Pigeon Corp JPY (1,976) (0.00)%

167,501 Pilgrim'S Pride Corp Cfd USD (782,542) (0.07)%

3,212 Piolax Inc JPY (1,366) (0.00)%

162,568 Pioneer Corp JPY (12,098) (0.00)%

152 Pioneer Natural Resources Co USD (54) (0.00)%

2,316 Platinum Asset Management Ltd AUD (81) (0.00)%

7,282 Plenus Co Ltd JPY 5,970 0.00%

16 Pnm Resources Inc USD 1 0.00%

731,896 Polymetal International Plc GBP 217,092 0.02%

175,882 Porsche Automobil Holding Prf EUR (2,267,863) (0.21)%

138,124 Potash Corp Of Saskatchewan CAD (43,404) (0.00)%

145,684 Potash Corp Of Saskatchewan Inc USD (121,978) (0.01)%

8,200 Prairiesky Royalty Ltd CAD 9,268 0.00%

98,868 Precision Drilling Corp CAD (15,789) (0.00)%

154,416 Premier Investments Ltd AUD (151,135) (0.01)%

7,792 Premium Brands Holdings Corp CAD (17,401) (0.00)%

135,757 Press Kogyo Co Ltd JPY 13,988 0.00%

6,585 Pressance Corp JPY 5,159 0.00%

28,955 Pretium Resources Inc CAD (9,726) (0.00)%

341,095 Prima Meat Packers Ltd JPY 102,662 0.01%

5,727 Ptc Inc USD 8,912 0.00%

128,284 Publicis Groupe EUR 317,428 0.03%

170,969 Pure Industrial Real Estate CAD 10,666 0.00%

837,698 Qantas Airways Ltd AUD (348,457) (0.03)%

9,665 Quanta Services Inc USD (9,739) (0.00)%

276,396 Qube Holdings Ltd AUD 8,904 0.00%

137,806 Quebecor Inc CAD (88,424) (0.01)%

22 Radius Health Inc USD 8 0.00%

13,606 Ramirent Oyj EUR 2,212 0.00%

351 Range Resources Corp USD 115 0.00%

1,781 Regeneron Pharmaceuticals Inc USD (17,629) (0.00)%

400,384 Regis Healthcare Ltd AUD (136,639) (0.01)%

163,859 Regis Resources Ltd AUD 40,369 0.00%

365,548 Relx Plc GBP 151,000 0.01%

398,835 Ren - Redes Energeticas Nacion EUR (66,163) (0.01)%

120,809 Resmed Inc AUD (109,828) (0.01)%

49,088 Resolute Energy Corp USD 63,390 0.01%

21,032 Resolute Mining Ltd AUD (1,560) (0.00)%

166,942 Resorttrust Inc JPY (126,959) (0.01)%

90,317 Rexel Sa EUR 12,296 0.00%

13,779 RH cfds USD (169,851) (0.02)%

1,507 Rhoen Klinikum Ag EUR (5,850) (0.00)%

20,127 Rib Software SE EUR 98,462 0.01%

92,628 Ricoh Co Ltd JPY (33,660) (0.00)%

100 Ricoh Leasing Co Ltd JPY 48 0.00%

25,066 Rio Tinto Ltd AUD 100,965 0.01%

234,640 Rio Tinto Plc USD 995,698 0.09%

19,447 Ritchie Bros Auctioneers CAD (35,278) (0.00)%

INRIS UCITS PLC

202



EUR Assets


201,216 Robert Half International Inc USD (244,620) (0.02)%

90,547 Rocket Internet SE EUR (99,325) (0.01)%

13,504 Rockwool Intl A/S B Shs DKK 649,972 0.06%

12,494 Roland Dg Corp JPY (13,848) (0.00)%

6,780 Rollins Inc USD 362 0.00%

1,887 Round One Corp JPY (908) (0.00)%

230 Royal Caribbean Cruises Ltd USD (283) (0.00)%

1,099 Royal Gold Inc USD (549) (0.00)%

978 Royal Holdings Co Ltd JPY 18 0.00%

19,546 Royal Unibrew DKK 109,673 0.01%

904,710 Rpc Group Plc GBP 508,192 0.05%

59 Rsp Permian Inc USD (10) (0.00)%

1,925 Russel Metals Inc CAD (353) (0.00)%

58,744 Rwe AG Cfd EUR 36,670 0.00%

8,276 Ryanair Holdings Plc USD (96,399) (0.01)%

292 Ryobi Ltd JPY 25 0.00%

2,029 S.O.I.T.E.C. EUR (11,663) (0.00)%

52,402 Saizeriya Co Ltd JPY 97,089 0.01%

229 Sakai Moving Service Co Ltd JPY (6) (0.00)%

634 Sakata Inx Corp JPY 33 0.00%

97,870 Salmar Asa NOK 179,631 0.02%

3,482 Sanden Corporation JPY (3,490) (0.00)%

18,363 Sanderson Farms Inc USD (408,439) (0.04)%

299,585 Sandfire Resources Nl AUD 189,907 0.02%

39,766 San-In Godo Bank Ltd JPY 21,619 0.00%

3,654 Sanken Electric Co Ltd JPY 2,265 0.00%

24,566 Sankyo Co Ltd JPY 11,858 0.00%

5,213 Sankyu Inc JPY 2,964 0.00%

2,270 Sanoma Ord EUR 6,687 0.00%

200,406 Santen Pharmaceutical Co Ltd JPY (87,408) (0.01)%

134,513 Santos Ltd AUD (145,297) (0.01)%

200 Sanwa Holdings Corp JPY (3) (0.00)%

2,142 Sanyo Chemical Industries Ltd JPY (317) (0.00)%

17,093 Sanyo Special Steel Co Ltd JPY 4,675 0.00%

449 Sap AG Cfd EUR 483 0.00%

56,201 Saputo Inc CAD (49,945) (0.00)%

77,536 Sarepta Therapeutics Inc USD (5,803) (0.00)%

98,527 Sas AB SEK (30,724) (0.00)%

24,505 Sawai Pharmaceutical Co Ltd JPY 63,193 0.01%

208,287 Scandic Hotels Group AB SEK 188,401 0.02%

190,028 Scentre Group AUD (19,693) (0.00)%

84,841 Schaeffler AG EUR 154,324 0.01%

25,726 Schibsted Asa Cfd (Nok) NOK (38,857) (0.00)%

11,284 Schindler Holding Part Cert CHF 367,132 0.03%

219,842 Schlumberger Ltd USD (801,826) (0.07)%

1 Schweiter Technologies AG CHF 12 0.00%

42,424 Science Applications Inte Cfd USD 83,732 0.01%

1,440 Scotts Miracle-Gro Co USD 5,944 0.00%

37,968 Screen Holdings Co Ltd JPY (235,774) (0.02)%

30,110 Sealed Air Corp USD 27,176 0.00%

47,716 Seattle Genetics Inc USD 173,593 0.02%

1,168 Secure Energy Services Inc CAD 668 0.00%

21,692 Seek Ltd AUD (22,794) (0.00)%

18,543 Sega Sammy Holdings Inc JPY 5,382 0.00%

4,823 Seiko Holdings Corp JPY (8,379) (0.00)%

12,517 Seino Holdings Co Ltd JPY 1,475 0.00%

7,565 Seiren Co Ltd JPY 5,374 0.00%

INRIS UCITS PLC

203



EUR Assets


7,573 Semafo Inc CAD (1,834) (0.00)%

14,652 Senko Group Holdings Co Ltd JPY 1,300 0.00%

2,979,450 Serco Group Plc GBP 219,510 0.02%

3,060 Seven Generations Energy Ltd CAD 285 0.00%

33,757 Seven Group Holdings Ltd AUD (59,117) (0.01)%

288,489 Seven West Media Ltd AUD (4,557) (0.00)%

544 Shaw Communications Inc CAD 93 0.00%

4,814 Shawcor Ltd CAD 922 0.00%

266 Sherwin-Williams Co USD 172 0.00%

14,621 Shiga Bank Ltd JPY (324) (0.00)%

69,564 Shikoku Electric Power Co JPY (121,728) (0.01)%

8,020 Shimamura Co Ltd JPY (66,996) (0.01)%

1,707 Shin-Etsu Polymer Co Ltd JPY 271 0.00%

300 Shinko Electric Industries Co JPY 37 0.00%

6,619 Shionogi + Co Ltd JPY (7,926) (0.00)%

253,812 Shire Plc GBP 141,661 0.01%

7,459 Shizuoka Bank Ltd JPY 2,189 0.00%

801,431 Shopping Centres Australasia AUD (1,287) (0.00)%

25,264 Showa Denko KK JPY 102,006 0.01%

7,474 Shutterfly Inc USD 34,669 0.00%

25,172 Siemens AG EUR 34,210 0.00%

314,541 Siemens Gamesa Renewable Energy EUR (204,582) (0.02)%

2,647 Sierra Wireless Inc CAD 2,236 0.00%

3,343 Sig Plc GBP 62 0.00%

1,372,989 Sigma Healthcare Ltd AUD 81,431 0.01%

422 Siix Corp JPY (321) (0.00)%

65,473 Siltronic AG EUR 672,854 0.06%

884 Simcorp A/S DKK (2,898) (0.00)%

30,421 Sims Metal Management Ltd AUD 30,887 0.00%

13,504 Sina Corp/China USD 24,034 0.00%

153,637 Sinclair Broadcast Group USD 478,700 0.04%

9,916 Sirtex Medical Ord AUD 5,960 0.00%

24,794 Sixt SE EUR (610,379) (0.06)%

478,754 Skanska AB SEK 529,659 0.05%

12,032 Sky Perfect Jsat Holdings JPY (1,447) (0.00)%

282,451 Skycity Entertainment Group Ltd AUD (20,836) (0.00)%

182,134 Skylark Co Ltd JPY (53,185) (0.00)%

81,687 Skyworks Solutions Inc USD (650,966) (0.06)%

22,857 Sleep Country Canada Holdings CAD 7,210 0.00%

140,076 Sleep Number Corp USD 244,014 0.02%

1,471 Sma Solar Technology AG EUR (663) (0.00)%

623 Smc Corp/Japan JPY (4,134) (0.00)%

4,944 Sms Co Ltd JPY 1,510 0.00%

82,266 Snc Lavalin Group Inc CAD (42,241) (0.00)%

56,069 Sociedad Quimica Y Minera De Chile SA USD 210,828 0.02%

172 Sodexo Sa EUR 63 0.00%

791 Sodick Co Ltd JPY (69) (0.00)%

739,141 Sojitz Corp JPY (113,136) (0.01)%

6,323 Solasto Ord JPY (6,147) (0.00)%

2,022 Sompo Holdings Inc JPY (2,371) (0.00)%

99 Sony Corp JPY (24) (0.00)%

13,363 Sony Corp USD (15,974) (0.00)%

2,164 Sony Financial Holdings Inc JPY 923 0.00%

3,517 Sophos Group Plc GBP 366 0.00%

26,569 Sotheby USD 733 0.00%

413,104 South32 Ltd Cfd AUD 96,299 0.01%

16,048 Southern Co USD 32,330 0.00%

INRIS UCITS PLC

204



EUR Assets


30,716 Southern Copper Corp USD (138,126) (0.01)%

401,040 Southern Cross Media Group Ltd AUD 5,841 0.00%

118,520 Sparebank 1 Sr-Bank Asa NOK 60,737 0.01%

381,166 Spark Infrastructure Group AUD 17,964 0.00%

597,956 Spark New Zealand Ltd AUD (19,862) (0.00)%

10,040 Spectrum Brands Holdings Inc USD (20,736) (0.00)%

3,542 Speedcast International Ltd AUD 16 0.00%

148,111 Spirit Aerosystems Holdings USD 367,837 0.03%

40,604 Sprouts Farmers Market Inc Cfd USD 20,550 0.00%

1,031 Square Enix Holdings Co Ltd JPY (1,207) (0.00)%

835,279 Ssp Group Plc GBP 1,243,624 0.11%

40,848 Ssr Mining Inc CAD 7,661 0.00%

245,827 St Barbara Ltd AUD 147,791 0.01%

477 St Marc Holdings Co Ltd JPY 88 0.00%

1,122 Stamps.Com Inc USD 10,537 0.00%

5,399 Stanley Electric Co Ltd JPY 2,339 0.00%

37,902 Stantec Inc CAD (4,030) (0.00)%

92,001 Star Entertainment Grp Ltd AUD (33,570) (0.00)%

3,603 Star Micronics Co Ltd JPY 2,263 0.00%

10,298 Stars Group Inc CAD (2,766) (0.00)%

120,372 Steadfast Group Ltd AUD 12,440 0.00%

3,232 Stella Chemifa Corp JPY 363 0.00%

7,112 Stella-Jones Inc CAD (2,220) (0.00)%

524,937 Stmicroelectronics Nv USD (339,423) (0.03)%

13,951 Stockland AUD 2,417 0.00%

690,424 Stora Enso Oyj R Shares EUR 1,504,798 0.14%

47 Storebrand Asa NOK 5 0.00%

4,121 Stroeer SE EUR 77,028 0.01%

153,184 Subsea 7 SA NOK (24,525) (0.00)%

6,695 Sugi Holdings Co Ltd JPY 13,363 0.00%

37,473 Sumco Corp JPY (17,060) (0.00)%

55,800 Sumida Corp JPY (20,625) (0.00)%

18,613 Sumitomo Bakelite Co JPY 4,409 0.00%

22,762 Sumitomo Dainippon Pharma Co Ltd JPY (6,515) (0.00)%

386 Sumitomo Heavy Industries Ltd JPY (87) (0.00)%

219,128 Sumitomo Metal Mining Co Ltd JPY (1,314,980) (0.12)%

165,339 Sumitomo Rubber Industries JPY 68,453 0.01%

12,080 Sumitomo Seika Chemicals Co Ltd JPY (17,797) (0.00)%

2,931 Sumitomo Warehouse Co Ltd JPY 433 0.00%

10,999 Sun Life Financial Inc CAD (6,578) (0.00)%

499 Sunrise Communications Group A CHF (254) (0.00)%

9,912 Super Retail Group Ltd AUD 3 0.00%

28,075 Supergroup Plc GBP (88,852) (0.01)%

31,467 Superior Energy Services Inc USD (1,539) (0.00)%

809 Superior Plus Corp CAD 95 0.00%

125,260 Surge Energy Inc CAD 3,459 0.00%

81,311 Suzuki Motor Corp JPY 262,627 0.02%

533,217 Svenska Cellulosa AB Sca B SEK 460,090 0.04%

154,938 Swedish Orphan Biovitrum AB SEK 30,885 0.00%

106,733 Symantec Corp USD 59,517 0.01%

170,583 Symrise Ag EUR (697,793) (0.06)%

144,687 Synthomer Plc GBP 33,090 0.00%

23,885 Sysmex Corp JPY (59,312) (0.01)%

9,250 T&D Holdings Inc JPY 4,244 0.00%

1,156,604 Tabcorp Holdings Ltd AUD (863,133) (0.08)%

27,129 Tachi-S Co Ltd JPY (7,836) (0.00)%

40,981 Tadano Ltd JPY (49,274) (0.00)%

91,895 Taisei Corp JPY (174,895) (0.02)%

7,815 Taisho Pharmaceutical Holdings JPY (4,862) (0.00)%

INRIS UCITS PLC

205

PORTFOLIO STATEMENT OF R CFM DIVERSIFIED FUND (UNAUDITED) (CONTINUED) as at 31 December 2017 Quantity Security Fair Value % of Net

EUR Assets


16,689 Taiwan Semiconductor Manufacturing USD 695 0.00%

5,748 Taiyo Holdings Co Ltd JPY (5,099) (0.00)%

642 Taiyo Nippon Sanso Corp JPY (20) (0.00)%

65,731 Takara Bio Inc JPY (36,926) (0.00)%

276 Takara Holdings Inc JPY 2 0.00%

18,401 Takara Leben Co Ltd JPY 1,280 0.00%

27,867 Takasago Thermal Engineering JPY (5,562) (0.00)%

866 Tal Education Grp 3 Adr Rep CL USD 210 0.00%

29,991 Talanx Ag EUR 103,984 0.01%

3,798 Tamura Corp JPY 329 0.00%

412 Tanseisha Co Ltd JPY 30 0.00%

9,766 Target Corp USD 16,363 0.00%

89,824 Tassal Group Ltd AUD 8,131 0.00%

186,056 Taylor Morrison Home Corp USD 49,409 0.00%

833,440 Taylor Wimpey Plc GBP 89,493 0.01%

13,127 Technicolor Regr EUR 1,493 0.00%

27,396 Technology One Ltd AUD (1,247) (0.00)%

1,520 Technopro Holdings Inc JPY 3,327 0.00%

165,866 Teck Resources Ltd CAD 381,443 0.03%

156 Tecmo Koei Holdings Co JPY 2 0.00%

2,776 Ted Baker Ord GBP (1,365) (0.00)%

2,610 Teijin Ltd JPY 1,737 0.00%

152,317 Telefonica Brasil SA USD 33,096 0.00%

40,693 Telenor Asa NOK (9,475) (0.00)%

1,352 Television Francaise (T.F.1) EUR (282) (0.00)%

130,635 Telstra Corp Ltd AUD 6,733 0.00%

107,551 Temenos Group Ag Reg CHF 3,092,589 0.28%

155,730 Tenaris Sa USD (317,121) (0.03)%

60,241 Tenet Healthcare Corp USD (48,911) (0.00)%

1,491 Terumo Corp JPY (447) (0.00)%

42,705 Tesaro Inc USD 15,986 0.00%

5,160,501 Tesco Plc GBP (1,153,606) (0.11)%

2,706 Tessenderlo Group SA EUR (2,138) (0.00)%

178,954 Teva Pharmaceutical Industries USD (533,790) (0.05)%

43,780 Tfi International Inc CAD (11,767) (0.00)%

8,453 Thermo Fisher Scientific Inc USD 20,274 0.00%

7,594 Thomas Cook Group Plc GBP 227 0.00%

3,160 Thule Group Ab SEK (329) (0.00)%

508,926 Thyssenkrupp AG EUR (319,342) (0.03)%

9,923 Tmx Group Ltd CAD 6,200 0.00%

11,332 Toagosei Co Ltd JPY (645) (0.00)%

1,506 Tocalo Co Ltd JPY 3,013 0.00%

161,316 Toda Corp JPY 10,838 0.00%

8,953 Toho Co Ltd/Tokyo JPY 2,811 0.00%

3,411 Toho Gas Co Ltd JPY 496 0.00%

4,056 Toho Zinc Co Ltd JPY 8,873 0.00%

224,024 Tohoku Electric Power Co Inc JPY (67,266) (0.01)%

2,630 Tokai Tokyo Financial Holdin JPY 40 0.00%

6,984 Token Corp JPY (34,406) (0.00)%

614 Tokyo Century Corp JPY 1,082 0.00%

1,344 Tokyo Ohka Kogyo Co Ltd JPY (908) (0.00)%

2,487 Tokyo Steel Manufacturing Co Ltd JPY 519 0.00%

47,518 Tokyu Corp JPY (2,419) (0.00)%

31,535 Tomtom NV EUR 23,974 0.00%

58,768 Tomy Co Ltd JPY (25,801) (0.00)%

529 Topcon Corp JPY (14) (0.00)%

1,056 Toppan Printing Co Ltd JPY (17) (0.00)%

INRIS UCITS PLC

206



EUR Assets


41,351 Topre Corp JPY (7,828) (0.00)%

16,015 Torc Oil & Gas Ltd CAD 5,336 0.00%

6,959 Torex Gold Resources Inc CAD (3,361) (0.00)%

666 Toridoll Holdings Corp JPY 514 0.00%

88,863 Toro Co USD (1,389) (0.00)%

2,508 Toromont Industries Ltd CAD 1,474 0.00%

11,225 Tosei Corp JPY 276 0.00%

61,328 Toshiba Tec Corp JPY 1,016 0.00%

214,153 Tosoh Corp JPY 107,853 0.01%

3,637 Towa Corp JPY 653 0.00%

16,482 Towa Pharmaceutical Co Ltd JPY (38,990) (0.00)%

47,598 Toyo Construction Co Ltd JPY 9,457 0.00%

2,000 Toyo Ink Sc Holdings Co Ltd JPY 251 0.00%

336 Toyo Suisan Kaisha Ltd JPY 91 0.00%

200 Toyobo Co Ltd JPY (33) (0.00)%

107,825 Toyota Boshoku Corp JPY 26,579 0.00%

32,564 Tpr Co Ltd JPY (22,721) (0.00)%

338,217 Trade Me Group Ltd AUD (38,297) (0.00)%

2,349 Transalta Corp CAD (251) (0.00)%

69,533 Transalta Renewables Inc CAD (2,772) (0.00)%

44,153 Transcanada Corp CAD 20,547 0.00%

82,522 Transcontinental Inc CAD (162,321) (0.01)%

15,811 Transcosmos Inc JPY (16,363) (0.00)%

298,355 Transurban Group AUD (150,653) (0.01)%

242,652 Travis Perkins Plc GBP (230,996) (0.02)%

7,339 Treasury Wine Estates Ltd AUD 72 0.00%

368 Trend Micro Inc/Japan JPY (171) (0.00)%

40,375 Trican Well Service Ltd CAD 11,317 0.00%

105,307 Trinseo SA USD (105,149) (0.01)%

122,636 Tripadvisor Inc USD 16,359 0.00%

13,259 Trusco Nakayama Corp JPY (14,058) (0.00)%

20,616 Ts Tech Co Ltd JPY 6,233 0.00%

19,128 Tsubaki Nakashima Co Ltd JPY 26,556 0.00%

1,087 Tsubakimoto Chain Co JPY 255 0.00%

88,366 Tsugami Corp JPY 175,099 0.02%

8,218 Tsuruha Holdings Inc JPY 11,638 0.00%

5,420,493 Tullow Oil Plc GBP (2,339,875) (0.21)%

264,421 Turquoise Hill Resources Ltd CAD (82,613) (0.01)%

114,092 Two Harbors Investment Corp USD 22,042 0.00%

5,713 Uacj Corp JPY (1,478) (0.00)%

430 Ube Industries Ltd JPY 10 0.00%

37,855 Ultragenyx Pharmaceutical Inc USD 126,053 0.01%

44,319 Ulvac Inc JPY (131,460) (0.01)%

279,910 Umicore EUR (1,111,230) (0.10)%

92,924 Unipres Corp JPY 41,684 0.00%

23,926 Uni-Select Inc CAD 45,005 0.00%

2,478 United Arrows Ltd JPY (6,137) (0.00)%

4,167 United Rentals Inc USD 38,885 0.00%

70,851 United Therapeutics Corp USD 1,034,114 0.09%

211,330 Unitika Ltd JPY (12,497) (0.00)%

453,277 Upm-Kymmene OYJ EUR 1,003,872 0.09%

63,939 Us Silica Holdings Inc USD 25,329 0.00%

114,754 Vale SA USD 88,429 0.01%

43 Valiant Holding Ag Reg CHF (10) (0.00)%

240,863 Valmet OYJ EUR 134,755 0.01%

314,326 Vectura Group Plc GBP (71,379) (0.01)%

7,324 Verisign Inc USD (3,239) (0.00)%

INRIS UCITS PLC

207



EUR Assets


217,223 Vestas Wind Systems A/S DKK (740,444) (0.07)%

34,682 Vicinity Centres AUD 1,752 0.00%

81,750 Vifor Pharma AG CHF (562,621) (0.05)%

81,227 Virtus Health Ltd AUD (14,475) (0.00)%

546,323 Vivendi EUR (779,002) (0.07)%

64,214 Vmware Inc Class A USD 278,611 0.03%

450,431 Vocus Group Ltd AUD 30,279 0.00%

73,817 Volkswagen AG Pref EUR (460,095) (0.04)%

2,505 Vontobel Holding AG CHF 607 0.00%

26,516 Voyage Group Inc JPY 8,218 0.00%

6,901 Wabtec Corp USD (26,002) (0.00)%

120,454 Wacom Co Ltd JPY (5,635) (0.00)%

639 Waddell & Reed Financial-A Cfd USD (51) (0.00)%

11,996 Wakita & Co Ltd JPY 4,472 0.00%

16,097 Washington H Soul Pattinson & AUD 7,453 0.00%

6,329 Waste Connections Inc CAD (1,428) (0.00)%

902 Watsco Inc USD 1,873 0.00%

33,326 Webjet Ltd AUD (743) (0.00)%

328,218 Weir Group Plc GBP (629,523) (0.06)%

984 Welcia Holdings Co Ltd JPY 35 0.00%

58,645 Wellcare Health Plans Inc USD (567,128) (0.05)%

13,507 West Fraser Timber Co Ltd CAD (31,402) (0.00)%

163,506 Western Areas Ltd AUD (115,144) (0.01)%

694,633 Western Forest Products Inc CAD (30,184) (0.00)%

294 Westjet Airlines Ltd CAD (182) (0.00)%

10,144 Weston George Ltd CAD (5,062) (0.00)%

30,851 Westpac Banking Corp AUD 26,248 0.00%

44,811 Wex Inc USD (446,680) (0.04)%

14,645 Wheaton Precious Metals Corp CAD (7,190) (0.00)%

14,942 Whitecap Resources Inc CAD 1,897 0.00%

227,479 Whitehaven Coal Ltd AUD 123,355 0.01%

3,966 Williams Sonoma Inc Com USD 1,784 0.00%

3,500 Winpak Ltd CAD (5,188) (0.00)%

19,491 Wix.Com Ltd USD 43,014 0.00%

61,814 Wizz Air Holdings Plc GBP 364,607 0.03%

809,269 Wood Group (John) Cfd - Gbp GBP 351,124 0.03%

47,492 Woodside Petroleum Ltd AUD (48,989) (0.00)%

75,362 Worleyparsons Ltd AUD (52,710) (0.00)%

88,885 Worthington Industries USD 180,746 0.02%

1,001 Wpx Energy Ord USD 31 0.00%

2,888 Wuestenrot & Wuerttembergische EUR 1,110 0.00%

7,894 Xebio Holdings Co Ltd JPY (4,552) (0.00)%

108 Xing Se EUR 221 0.00%

97,682 Xxl Asa NOK (33,025) (0.00)%

1,530,143 Yahoo Japan Corp JPY (48,043) (0.00)%

120,604 Yamada Denki Co Ltd JPY (9,749) (0.00)%

88,983 Yamaha Motor Co Ltd JPY 110,014 0.01%

2,170 Yamaichi Electronics Co Ltd JPY 113 0.00%

185,109 Ya-Man Ltd JPY (182,675) (0.02)%

42,846 Yamana Gold Inc CAD (17,713) (0.00)%

138,708 Yamato Holdings Ord JPY 16,633 0.00%

4,000 Yamato Kogyo Co Ltd JPY (6,949) (0.00)%

70,379 Yara International Asa NOK (110,420) (0.01)%

1,608 Yit Oyj EUR 1,241 0.00%

564 Yodogawa Steel Works Ltd JPY 625 0.00%

1,428 Yokowo Co Ltd JPY 1,587 0.00%

INRIS UCITS PLC

208



EUR Assets


77 Yondoshi Holdings Inc JPY (13) (0.00)%

12,545 Yorozu Corp JPY (5,459) (0.00)%

30,749 Yum! Brands Inc Cfd USD 47,630 0.00%

8,860 Yy Inc Adr USD 60,758 0.01%

399 Zenrin Co Ltd JPY 225 0.00%

32,061 Zensho Holdings Co Ltd JPY 8,140 0.00%

1,635 Zeon Corp JPY (153) (0.00)%

26,634 Zpg Plc GBP (8,085) (0.00)%

Total contracts for difference 8,739,944 0.80%

Forward Expiration Amount Amount Fair Value % of Net

date Bought sold US$ Assets

BOUGHT AUD / SOLD EUR 31-Jan-18 46,987,700 30,237,588 319,540 0.03%

BOUGHT AUD / SOLD EUR 31-Jan-18 151,900 97,680 1,104 0.00%

BOUGHT AUD / SOLD EUR 31-Jan-18 98,600 63,603 519 0.00%

BOUGHT AUD / SOLD EUR 31-Jan-18 73,500 47,761 38 0.00%

BOUGHT AUD / SOLD EUR 31-Jan-18 290,100 189,056 (397) (0.00)%

BOUGHT CHF / SOLD EUR 31-Jan-18 27,085,600 23,170,880 (17,426) (0.00)%

BOUGHT GBP / SOLD EUR 31-Jan-18 40,280,500 45,419,744 (74,661) (0.01)%

BOUGHT GBP / SOLD EUR 31-Jan-18 117,700 132,387 112 0.00%

BOUGHT USD / SOLD EUR 31-Jan-18 87,279,900 73,245,357 (678,164) (0.06)%

BOUGHT USD / SOLD EUR 31-Jan-18 211,700 177,902 (1,888) (0.00)%

BOUGHT USD / SOLD EUR 31-Jan-18 944,400 795,190 (9,987) (0.00)%

BOUGHT PLN / SOLD EUR 21-Mar-18 131,058,912 30,997,264 277,001 0.03%

BOUGHT CZK / SOLD EUR 21-Mar-18 30,412,923 1,194,819 (5,095) (0.00)%

BOUGHT NOK / SOLD EUR 21-Mar-18 235,014,353 23,971,783 (102,840) (0.01)%

BOUGHT SEK / SOLD EUR 21-Mar-18 9,896,705 1,000,000 6,673 0.00%

BOUGHT SEK / SOLD EUR 21-Mar-18 4,949,572 500,000 3,461 0.00%



BOUGHT CZK / SOLD EUR 21-Mar-18 3,890,002 152,270 (97) (0.00)%

BOUGHT CZK / SOLD EUR 21-Mar-18 165,438,410 6,477,564 (5,773) (0.00)%

BOUGHT NOK / SOLD EUR 21-Mar-18 532,754 53,791 318 0.00%

BOUGHT PLN / SOLD EUR 21-Mar-18 4,245,548 1,006,251 6,854 0.00%

BOUGHT CZK / SOLD EUR 21-Mar-18 8,568,291 335,587 (404) (0.00)%

BOUGHT NOK / SOLD EUR 21-Mar-18 8,980,454 908,194 3,895 0.00%

BOUGHT PLN / SOLD EUR 21-Mar-18 405,722 96,063 754 0.00%

BOUGHT NOK / SOLD EUR 21-Mar-18 939,623 93,961 1,471 0.00%

BOUGHT CZK / SOLD EUR 21-Mar-18 154,890,563 6,037,924 21,245 0.00%

BOUGHT NOK / SOLD EUR 21-Mar-18 29,416,283 2,972,890 14,739 0.00%

BOUGHT HUF / SOLD EUR 21-Mar-18 62,237,920 200,000 475 0.00%

BOUGHT PLN / SOLD EUR 21-Mar-18 1,804,608 428,186 2,443 0.00%

BOUGHT CZK / SOLD EUR 21-Mar-18 5,114,844 199,624 464 0.00%


BOUGHT PLN / SOLD EUR 21-Mar-18 1,259,912 300,000 650 0.00%



BOUGHT PLN / SOLD EUR 21-Mar-18 419,023 100,000 (10) (0.00)%


BOUGHT NOK / SOLD EUR 21-Mar-18 1,752,158 177,895 61 0.00%

BOUGHT TRY / SOLD USD 21-Mar-18 317,278,703 80,324,739 3,771,773 0.34%

BOUGHT TRY / SOLD USD 21-Mar-18 317,278,703 80,324,739 (2,546,822) (0.23)%

BOUGHT BRL / SOLD USD 21-Mar-18 247,017,908 74,055,015 (2,332,666) (0.21)%

Forward currency contracts - (0.35)% ⁴ ⁵

INRIS UCITS PLC

209




BOUGHT BRL / SOLD USD 21-Mar-18 247,017,908 74,055,015 2,165,082 0.20%

BOUGHT USD / SOLD ILS 21-Mar-18 50,772,862 177,915,724 (1,118,653) (0.10)%

BOUGHT USD / SOLD ILS 21-Mar-18 50,772,862 177,915,724 588,543 0.05%

BOUGHT INR / SOLD USD 21-Mar-18 10,117,095,756 155,642,838 4,246,243 0.39%

BOUGHT INR / SOLD USD 21-Mar-18 10,117,095,756 155,642,838 (3,108,765) (0.28)%

BOUGHT USD / SOLD BRL 21-Mar-18 2,000,000 6,721,800 (47,257) (0.00)%

BOUGHT USD / SOLD BRL 21-Mar-18 2,000,000 6,721,800 39,243 0.00%

BOUGHT USD / SOLD INR 21-Mar-18 3,200,000 208,300,800 41,941 0.00%

BOUGHT USD / SOLD INR 21-Mar-18 3,200,000 208,300,800 (69,115) (0.01)%

BOUGHT ILS / SOLD USD 21-Mar-18 1,766,329 500,000 10,403 0.00%

BOUGHT ILS / SOLD USD 21-Mar-18 1,766,329 500,000 (1,769) (0.00)%

BOUGHT USD / SOLD TRY 21-Mar-18 1,900,000 7,523,259 8,140 0.00%

BOUGHT USD / SOLD TRY 21-Mar-18 1,900,000 7,523,259 (41,037) (0.00)%

BOUGHT USD / SOLD TRY 21-Mar-18 200,000 791,394 (4,060) (0.00)%

BOUGHT USD / SOLD TRY 21-Mar-18 200,000 791,394 710 0.00%

BOUGHT ILS / SOLD USD 21-Mar-18 1,755,295 500,000 8,054 0.00%

BOUGHT ILS / SOLD USD 21-Mar-18 1,755,295 500,000 (2,062) (0.00)%

BOUGHT USD / SOLD INR 21-Mar-18 682,020 44,252,868 (13,844) (0.00)%

BOUGHT USD / SOLD INR 21-Mar-18 682,020 44,252,868 9,886 0.00%



BOUGHT USD / SOLD TRY 21-Mar-18 400,672 1,592,663 169 0.00%

BOUGHT USD / SOLD TRY 21-Mar-18 400,672 1,592,663 (8,422) (0.00)%

BOUGHT ILS / SOLD USD 21-Mar-18 701,293 200,000 3,490 0.00%

BOUGHT ILS / SOLD USD 21-Mar-18 701,293 200,000 (1,291) (0.00)%

BOUGHT ILS / SOLD USD 21-Mar-18 699,522 200,000 3,123 0.00%

BOUGHT ILS / SOLD USD 21-Mar-18 699,522 200,000 (1,348) (0.00)%

BOUGHT USD / SOLD BRL 21-Mar-18 84,041 279,075 1,983 0.00%

BOUGHT USD / SOLD BRL 21-Mar-18 84,041 279,075 (1,482) (0.00)%




BOUGHT USD / SOLD TRY 21-Mar-18 491,663 1,945,515 433 0.00%

BOUGHT BRL / SOLD USD 21-Mar-18 668,201 201,217 4,431 0.00%

BOUGHT BRL / SOLD USD 21-Mar-18 668,201 201,217 (5,625) (0.00)%

BOUGHT BRL / SOLD USD 21-Mar-18 66,904 20,122 464 0.00%

BOUGHT BRL / SOLD USD 21-Mar-18 66,904 20,122 (563) (0.00)%

BOUGHT ILS / SOLD USD 21-Mar-18 15,232,267 4,373,018 56,451 0.01%

BOUGHT ILS / SOLD USD 21-Mar-18 15,232,267 4,373,018 (32,697) (0.00)%

BOUGHT USD / SOLD TRY 21-Mar-18 567,715 2,238,517 2,277 0.00%


BOUGHT BRL / SOLD USD 21-Mar-18 10,006,300 3,008,744 (77,944) (0.01)%

BOUGHT BRL / SOLD USD 21-Mar-18 10,006,300 3,008,744 63,784 0.01%

BOUGHT TRY / SOLD USD 21-Mar-18 11,910,178 3,024,592 115,203 0.01%

BOUGHT TRY / SOLD USD 21-Mar-18 11,910,178 3,024,592 (76,944) (0.01)%

BOUGHT USD / SOLD ILS 21-Mar-18 1,788,796 6,244,374 9,664 0.00%

BOUGHT USD / SOLD ILS 21-Mar-18 1,788,796 6,244,374 (22,631) (0.00)%







BOUGHT TRY / SOLD USD 21-Mar-18 1,121,917 285,755 (8,089) (0.00)%

BOUGHT TRY / SOLD USD 21-Mar-18 1,121,917 285,755 10,994 0.00%

BOUGHT INR / SOLD USD 21-Mar-18 21,267,108 329,202 6,968 0.00%

BOUGHT INR / SOLD USD 21-Mar-18 21,267,108 329,202 (6,256) (0.00)%

Forward currency contracts (continued)

INRIS UCITS PLC

210








BOUGHT TRY / SOLD USD 21-Mar-18 389,767 100,000 (2,768) (0.00)%

BOUGHT TRY / SOLD USD 21-Mar-18 389,767 100,000 3,176 0.00%

BOUGHT USD / SOLD ILS 21-Mar-18 58,219 202,925 460 0.00%

BOUGHT USD / SOLD ILS 21-Mar-18 58,219 202,925 (809) (0.00)%

BOUGHT BRL / SOLD USD 21-Mar-18 2,413,317 724,350 (15,284) (0.00)%

BOUGHT BRL / SOLD USD 21-Mar-18 2,413,317 724,350 12,945 0.00%



BOUGHT ILS / SOLD USD 21-Mar-18 13,883,787 3,999,623 47,993 0.00%

BOUGHT ILS / SOLD USD 21-Mar-18 13,883,787 3,999,623 (37,731) (0.00)%







BOUGHT INR / SOLD USD 21-Mar-18 103,769,405 1,608,429 (33,606) (0.00)%

BOUGHT INR / SOLD USD 21-Mar-18 103,769,405 1,608,429 35,304 0.00%





BOUGHT USD / SOLD ILS 21-Mar-18 514,366 1,790,258 (8,282) (0.00)%

BOUGHT USD / SOLD ILS 21-Mar-18 514,366 1,790,258 5,823 0.00%



BOUGHT BRL / SOLD USD 21-Mar-18 3,332,200 1,000,000 15,850 0.00%

BOUGHT BRL / SOLD USD 21-Mar-18 3,332,200 1,000,000 (18,955) (0.00)%



BOUGHT USD / SOLD ILS 21-Mar-18 600,000 2,077,270 5,020 0.00%

BOUGHT USD / SOLD ILS 21-Mar-18 600,000 2,077,270 (5,243) (0.00)%









BOUGHT USD / SOLD ILS 21-Mar-18 200,000 693,243 500 0.00%

BOUGHT USD / SOLD ILS 21-Mar-18 200,000 693,243 (771) (0.00)%

BOUGHT ZAR / SOLD USD 22-Mar-18 582,028,185 42,014,595 1,426,602 0.13%

BOUGHT ZAR / SOLD USD 22-Mar-18 582,028,185 42,014,595 2,267,834 0.21%

BOUGHT USD / SOLD ZAR 22-Mar-18 1,099,938 15,249,287 (23,820) (0.00)%

BOUGHT USD / SOLD ZAR 22-Mar-18 1,099,938 15,249,287 (73,684) (0.01)%

BOUGHT USD / SOLD ZAR 22-Mar-18 195,979 2,658,165 (9,348) (0.00)%






BOUGHT ZAR / SOLD USD 22-Mar-18 5,145,712 400,000 11,702 0.00%


INRIS UCITS PLC

211




BOUGHT ZAR / SOLD USD 22-Mar-18 5,145,712 400,000 (2,702) (0.00)%

BOUGHT ZAR / SOLD USD 22-Mar-18 2,432,315 189,009 (386) (0.00)%


BOUGHT USD / SOLD ZAR 22-Mar-18 924,058 11,501,815 12,852 0.00%






BOUGHT EUR / SOLD GBP 31-Jan-18 48,452 42,900 158 0.00%

BOUGHT EUR / SOLD GBP 31-Jan-18 87,210 77,300 190 0.00%

BOUGHT EUR / SOLD USD 31-Jan-18 88,733 106,100 518 0.00%

BOUGHT EUR / SOLD HUF 21-Mar-18 1,397,023 438,888,746 (16,686) (0.00)%

BOUGHT EUR / SOLD SEK 21-Mar-18 67,737,476 675,843,893 (1,008,019) (0.09)%

BOUGHT EUR / SOLD NOK 21-Mar-18 100,000 985,990 (141) (0.00)%

BOUGHT EUR / SOLD PLN 21-Mar-18 100,000 423,819 (1,135) (0.00)%

BOUGHT EUR / SOLD HUF 21-Mar-18 41,894 13,195,286 (609) (0.00)%

BOUGHT EUR / SOLD NOK 21-Mar-18 100,000 976,382 835 0.00%



BOUGHT EUR / SOLD NOK 21-Mar-18 100,000 980,701 396 0.00%



BOUGHT EUR / SOLD HUF 21-Mar-18 100,824 31,689,114 (1,250) (0.00)%

BOUGHT EUR / SOLD NOK 21-Mar-18 170,102 1,684,050 (936) (0.00)%

BOUGHT EUR / SOLD SEK 21-Mar-18 199,455 1,984,720 (2,427) (0.00)%

BOUGHT EUR / SOLD PLN 21-Mar-18 2,761,908 11,661,543 (20,857) (0.00)%


BOUGHT EUR / SOLD SEK 21-Mar-18 2,734,217 27,058,599 (18,130) (0.00)%


BOUGHT EUR / SOLD SEK 21-Mar-18 100,000 998,126 (1,527) (0.00)%

BOUGHT EUR / SOLD SEK 21-Mar-18 62,912 622,867 (445) (0.00)%

BOUGHT EUR / SOLD PLN 21-Mar-18 2,449,803 10,326,116 (14,293) (0.00)%




BOUGHT EUR / SOLD SEK 21-Mar-18 400,000 3,931,526 93 0.00%


Total forward currency contracts 3,820,413 0.35%

Number of Option Position Fair Value % of Net

contracts Name EUR Assets

Option contracts - (2.96)% ¹ ²

(673) EURO CURR 2PM OP JAN18P 1.175 EXP 01/05/2018 Short (3,503) (0.00)%


(388) EURO CURR 2PM OP JAN18C 1.21 EXP 01/05/2018 Short (121,169) (0.01)%








(1) EURO CURR 2PM OP JAN18P 1.21 EXP 01/05/2018 Short (573) (0.00)%

(36) BP CURR 2PM OP JAN18C 138.5 EXP 01/05/2018 Short (187) (0.00)%

(11) BP CURR 2PM OP JAN18P 126.5 EXP 01/05/2018 Short (57) (0.00)%

(134) BP CURR 2PM OP JAN18P 136 EXP 01/05/2018 Short (47,427) (0.00)%

(416) BP CURR 2PM OP JAN18C 134.5 EXP 01/05/2018 Short (253,331) (0.02)%


INRIS UCITS PLC

212


Option contracts (continued)



(267) BP CURR 2PM OP JAN18C 132 EXP 01/05/2018 Short (496,122) (0.05)%

(346) BP CURR 2PM OP JAN18P 133.5 EXP 01/05/2018 Short (3,602) (0.00)%





(146) BP CURR 2PM OP JAN18P 130 EXP 01/05/2018 Short (760) (0.00)%






(112) BP CURR 2PM OP JAN18C 138 EXP 01/05/2018 Short (583) (0.00)%



(25) BP CURR 2PM OP JAN18C 139.5 EXP 01/05/2018 Short (130) (0.00)%




























(629) EURO CURR 2PM OP JAN18C 1.19 EXP 01/05/2018 Short (1,165,494) (0.11)%



(362) EURO CURR 2PM OP JAN18C 1.18 EXP 01/05/2018 Short (1,040,056) (0.09)%






(1) EURO CURR 2PM OP JAN18C 1.235 EXP 01/05/2018 Short (10) (0.00)%

5 NIKKEI 225 JAN18 22750 CALL Long 9,056 0.00%

(138) NIKKEI 225 JAN18 24000 CALL Short (4,081) (0.00)%



INRIS UCITS PLC

213






(40) NIKKEI 225 JAN18 22375 PUT Short (32,528) (0.00)%

4 NIKKEI 225 JAN18 23125 CALL Long 2,661 0.00%




(29) NIKKEI 225 JAN18 24125 CALL Short (643) (0.00)%

















7 NIKKEI 225 JAN18 22875 PUT Long 15,007 0.00%







(4) S+P 500 EMINI 3WK FUTURE OPTN EXP 01/19/2018 Short (12,200) (0.00)%

(12) S+P EMINI 3RD WK JAN18C 2605 EXP 01/19/2018 Short (38,849) (0.00)%


(18) S+P EMINI 3RD WK JAN18P 2635 EXP 01/19/2018 Short (7,495) (0.00)%



(6) S+P EMINI 3RD WK JAN18P 2540 EXP 01/19/2018 Short (887) (0.00)%





















INRIS UCITS PLC

214
























13 S+P EMINI 3RD WK JAN18P 2675 EXP 01/19/2018 Long 10,555 0.00%










(114) DAX INDEX JAN18 12350 PUT Short (17,442) (0.00)%



(98) EURO STOXX 50 PR JAN18 3625 CALL Short (3,038) (0.00)%



(37) EURO STOXX 50 PR JAN18 3275 PUT Short (1,628) (0.00)%

(387) DAX INDEX JAN18 13500 CALL Short (14,706) (0.00)%

(4) EURO STOXX 50 PR JAN18 3575 CALL Short (404) (0.00)%




















INRIS UCITS PLC

215















(28) DAX INDEX JAN18 13700 CALL Short (336) (0.00)%
























(43) EURO STOXX 50 PR JAN18 3750 CALL Short (86) (0.00)%



















(51) US 10YR FUT OPTN FEB18C 126 EXP 01/26/2018 Short (1,991) (0.00)%

(128) US 10YR FUT OPTN FEB18P 123 EXP 01/26/2018 Short (13,324) (0.00)%

(372) US 10YR FUT OPTN FEB18C 125.5 EXP 01/26/2018 Short (24,203) (0.00)%

(2,004) US 10YR FUT OPTN FEB18P 123.5 EXP 01/26/2018 Short (391,145) (0.04)%

INRIS UCITS PLC

216





(2,847) US 10YR FUT OPTN FEB18C 124.5 EXP 01/26/2018 Short (629,775) (0.06)%

(767) US 10YR FUT OPTN FEB18P 124.5 EXP 01/26/2018 Short (449,115) (0.04)%

(3,192) US 10YR FUT OPTN FEB18P 124 EXP 01/26/2018 Short (1,121,440) (0.10)%

(71) US 10YR FUT OPTN FEB18P 125 EXP 01/26/2018 Short (63,747) (0.01)%

(1,553) US 10YR FUT OPTN FEB18C 125 EXP 01/26/2018 Short (181,871) (0.02)%

(735) US 10YR FUT OPTN FEB18C 123.5 EXP 01/26/2018 Short (468,633) (0.04)%

(1,535) US 10YR FUT OPTN FEB18C 124 EXP 01/26/2018 Short (599,210) (0.05)%

(48) EURO CURR 2PM OP FEB18P 1.165 EXP 02/09/2018 Short (3,997) (0.00)%

(34) EURO CURR 2PM OP FEB18C 1.18 EXP 02/09/2018 Short (104,763) (0.01)%

(21) EURO CURR 2PM OP FEB18P 1.155 EXP 02/09/2018 Short (765) (0.00)%

(2) EURO CURR 2PM OP FEB18P 1.15 EXP 02/09/2018 Short (52) (0.00)%


(18) NIKKEI 225 FEB18 22000 PUT Short (27,944) (0.00)%

(1) NIKKEI 225 FEB18 22750 CALL Short (3,475) (0.00)%

(230) BP CURR 2PM OP FEB18C 136.5 EXP 02/09/2018 Short (90,981) (0.01)%



(194) BP CURR 2PM OP FEB18C 137 EXP 02/09/2018 Short (59,575) (0.01)%

(69) BP CURR 2PM OP FEB18P 129.5 EXP 02/09/2018 Short (2,155) (0.00)%


(32) BP CURR 2PM OP FEB18P 128 EXP 02/09/2018 Short (500) (0.00)%











(115) BP CURR 2PM OP FEB18P 131 EXP 02/09/2018 Short (7,781) (0.00)%






(19) BP CURR 2PM OP FEB18P 128.5 EXP 02/09/2018 Short (396) (0.00)%




















INRIS UCITS PLC

217







(12) BP CURR 2PM OP FEB18P 129 EXP 02/09/2018 Short (312) (0.00)%















(1) NIKKEI 225 FEB18 24500 CALL Short (237) (0.00)%













(89) EURO STOXX 50 PR FEB18 3450 PUT Short (39,783) (0.00)%

(105) S+P EMINI 3RD WK FEB18C 2740 EXP 02/16/2018 Short (22,953) (0.00)%


(46) S+P EMINI 3RD WK FEB18P 2695 EXP 02/16/2018 Short (77,573) (0.01)%

(1) EURO STOXX 50 PR FEB18 3400 PUT Short (313) (0.00)%







(13) EURO STOXX 50 PR FEB18 3650 CALL Short (1,170) (0.00)%









(42) DAX INDEX FEB18 12550 PUT Short (26,796) (0.00)%



(93) DAX INDEX FEB18 13500 CALL Short (17,717) (0.00)%



(7) EURO STOXX 50 PR FEB18 3625 CALL Short (917) (0.00)%

INRIS UCITS PLC

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(1) DAX INDEX FEB18 13850 CALL Short (45) (0.00)%



(4) S+P EMINI 3RD WK FEB18C 2745 EXP 02/16/2018 Short (741) (0.00)%







(1) S+P EMINI 3RD WK FEB18C 2720 EXP 02/16/2018 Short (437) (0.00)%








Total option contracts (32,430,562) (2.96)%

INRIS UCITS PLC

219


Expiration Future Number of Position Fair Value % of Net

date contracts EUR Assets

Futures contracts - (0.17)% ¹ ²

16-Mar-20 90DAY EUR FUTR MAR20 (127) Short (7,349) (0.00)%

15-Jun-20 90DAY EUR FUTR JUN20 (75) Short (4,841) (0.00)%

17-Sep-18 3MO EURO EURIBOR SEP18 2,158 Long 56,900 0.01%

17-Dec-18 3MO EURO EURIBOR DEC18 2,406 Long (189,638) (0.02)%

18-Mar-19 90DAY EUR FUTR MAR19 (228) Short (10,722) (0.00)%


18-Jun-18 3MO EURO EURIBOR JUN18 2,105 Long 65,163 0.01%

17-Sep-18 90DAY EUR FUTR SEP18 (148) Short (6,277) (0.00)%

17-Dec-18 90DAY EUR FUTR DEC18 (155) Short (6,163) (0.00)%


16-Dec-19 90DAY EUR FUTR DEC19 (109) Short (6,090) (0.00)%

16-Sep-19 90DAY EUR FUTR SEP19 (121) Short (6,152) (0.00)%

20-Jun-18 90DAY STERLING FU JUN18 (660) Short (84,871) (0.01)%

8-Mar-18 NIKKEI 225 (OSE) MAR18 30 Long 37,835 0.00%

16-Mar-18 MSCI EMGMKT MAR18 61 Long 14,674 0.00%

16-Mar-18 NASDAQ 100 E-MINI MAR18 (58) Short 14,207 0.00%

16-Mar-18 DAX INDEX FUTURE MAR18 (227) Short 1,174,850 0.11%

16-Mar-18 FTSE 100 IDX FUT MAR18 546 Long 1,217,683 0.11%

20-Mar-18 KOREA 3YR BND FUT MAR18 (848) Short 120,559 0.01%

16-Mar-18 FTSE/MIB IDX FUT MAR18 321 Long (1,130,015) (0.10)%

8-Mar-18 TOPIX INDX FUTR MAR18 199 Long 405,300 0.04%

19-Sep-18 90DAY STERLING FU SEP18 (693) Short (82,012) (0.01)%

19-Dec-18 90DAY STERLING FU DEC18 (652) Short (33,078) (0.00)%

15-Mar-18 FTSE/JSE TOP 40 MAR18 (221) Short (117,148) (0.01)%

18-Jun-18 3MO EUROYEN TFX JUN18 (38) Short (323) (0.00)%

17-Dec-18 3MO EUROYEN TFX DEC18 (21) Short (9) (0.00)%

18-Jun-18 EURO CHF 3MO ICE JUN18 (33) Short (598) (0.00)%

14-Sep-18 3MO EUROYEN TFX SEP18 (29) Short 37 0.00%

16-Mar-18 S+P500 EMINI FUT MAR18 1,909 Long 607,351 0.06%

20-Mar-18 US ULTRA BOND CBT MAR18 341 Long 297,087 0.03%

27-Mar-18 LONG GILT FUTURE MAR18 229 Long 214,482 0.02%

13-Mar-18 JPN 10Y BOND(OSE) MAR18 (49) Short 22,769 0.00%

29-Mar-18 US 2YR NOTE (CBT) MAR18 (3,157) Short 689,901 0.06%

29-Mar-18 US 5YR NOTE (CBT) MAR18 4,589 Long (1,766,887) (0.16)%

17-Sep-18 EURO CHF 3MO ICE SEP18 (32) Short (171) (0.00)%

16-Mar-18 DJIA MINI E-CBOT MAR18 993 Long 703,947 0.06%

16-Mar-18 EURO STOXX 50 MAR18 1,817 Long (1,350,710) (0.12)%

8-Mar-18 KOSPI2 INX FUT MAR18 49 Long 38,817 0.00%

20-Mar-18 KOREA 10YR BND FU MAR18 (668) Short 169,807 0.02%

15-Jan-18 US DOLLAR FUT JAN18 (216) Short 9,774 0.00%

19-Mar-18 JPN YEN CURR FUT MAR18 (477) Short (97,518) (0.01)%

19-Mar-18 BP CURRENCY FUT MAR18 (683) Short (378,956) (0.03)%

19-Mar-18 MEXICAN PESO FUT MAR18 (403) Short 199,380 0.02%

17-Dec-18 EURO CHF 3MO ICE DEC18 (33) Short (641) (0.00)%

19-Mar-18 AUDUSD CRNCY FUT MAR18 (1,180) Short (1,932,449) (0.18)%

19-Mar-18 CHF CURRENCY FUT MAR18 (627) Short (863,591) (0.08)%

16-Mar-18 S+P MID 400 EMINI MAR18 41 Long (24,634) (0.00)%

20-Mar-18 CAD CURRENCY FUT MAR18 (94) Short (127,340) (0.01)%

30-Jan-18 MSCI TAIWAN INDEX JAN18 243 Long 142,447 0.01%

30-Jan-18 MSCI SING IX ETS JAN18 786 Long 115,641 0.01%

19-Jan-18 IBEX 35 INDX FUTR JAN18 (67) Short 107,874 0.01%

25-Jan-18 SGX NIFTY 50 JAN18 544 Long (7,104) (0.00)%

20-Mar-18 US 10YR NOTE (CBT)MAR18 1,024 Long (541,774) (0.05)%

8-Mar-18 NIKKEI 225 MINI MAR18 2,451 Long 315,642 0.03%

19-Mar-18 NZD FUT MAR18 (607) Short (664,536) (0.06)%

18-Mar-19 3MO EUROYEN TFX MAR19 (24) Short 92 0.00%

30-Jan-18 FTSE CHINA A50 JAN18 397 Long (20,515) (0.00)%

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¹ Barclays Bank Plc, ² Deutsche Bank AG, ³ Nomura International Plc, ⁴ National Bank of Canada, ⁵ State Street Bank and Trust Company act as counterparty to the open derivative positions at 31 December 2017.

Futures contracts (continued)

Expiration Future Number of Position Fair Value % of Net

date contracts EUR Assets

16-Mar-18 S+P500 EMINI FUT MAR18 360 Long (303,766) (0.03)%

19-Mar-18 EURO FX CURR FUT MAR18 3,025 Long 2,713,763 0.25%

20-Mar-18 US 10YR NOTE (CBT)MAR18 (1,255) Short (100,740) (0.01)%

30-Jan-18 HANG SENG IDX FUT JAN18 735 Long 1,295,944 0.12%

30-Jan-18 HSCEI FUTURES JAN18 118 Long 27,453 0.00%

18-Mar-19 BANK ACCEPT FUTR MAR19 (150) Short 38,517 0.00%

8-Mar-18 EURO-BOBL FUTURE MAR18 890 Long (631,440) (0.06)%

8-Mar-18 EURO-BUND FUTURE MAR18 257 Long (289,620) (0.03)%

20-Mar-18 CAN 10YR BOND FUT MAR18 (1,776) Short 2,213,184 0.20%

15-Mar-18 S+P/TSX 60 IX FUT MAR18 306 Long 69,747 0.01%

8-Mar-18 EURO-SCHATZ FUT MAR18 3,612 Long (500,975) (0.05)%

16-Mar-18 EURO STOXX 50 MAR18 (1,062) Short 410,990 0.04%

8-Mar-18 NIKKEI 225 (OSE) MAR18 303 Long (143,639) (0.01)%

8-Mar-18 EURO-BTP FUTURE MAR18 533 Long (1,738,420) (0.16)%

15-Mar-18 AUST 10Y BOND FUT MAR18 908 Long (500,844) (0.05)%

16-Mar-18 DAX INDEX FUTURE MAR18 (15) Short 36,838 0.00%

19-Jan-18 AMSTERDAM IDX FUT JAN18 575 Long (713,080) (0.07)%

19-Jan-18 CAC40 10 EURO FUT JAN18 1,066 Long (891,170) (0.08)%

8-Mar-18 EURO BUXL 30Y BND MAR18 (42) Short 133,320 0.01%

8-Mar-18 EURO-OAT FUTURE MAR18 622 Long (1,231,490) (0.11)%

18-Jun-18 BANK ACCEPT FUTR JUN18 (247) Short 26,187 0.00%

19-Mar-18 BP CURRENCY FUT MAR18 2,911 Long 742,177 0.07%

17-Sep-18 BANK ACCEPT FUTR SEP18 (243) Short 41,832 0.00%

17-Dec-18 BANK ACCEPT FUTR DEC18 (211) Short 47,980 0.00%

15-Mar-18 SPI 200 FUTURES MAR18 623 Long 86,533 0.01%

17-Jun-19 BANK ACCEPT FUTR JUN19 (96) Short 27,882 0.00%

Total futures contracts (1,867,417) (0.17)%

Notional amount Derivative name Maturity date Currency Fair Value % of Net

EUR Assets

Credit default swaps - (0.87%) ¹

30,000,000 CDXIG_S29_5Y_T0_CDX 21-Dec-22 USD 85,449 0.01%

19,000,000 ITXEB_S28_5Y_T0_CDX 21-Dec-22 EUR 88,413 0.01%

6,100,000 ITXEX_S28_5Y_T0_CDX 21-Dec-22 EUR 27,617 0.00%

7,900,000 CDXHY_S29_5Y_T0_CDX 21-Dec-22 USD 51,486 0.00%

Total credit default swaps 252,965 0.02%

Total derivative financial instruments (21,484,658) (1.96)%

193,310,138 17.66%

374,556,337 34.21%

(44,585,511) (4.07)%

(811,765) (0.08)%


participating shareholders 1,094,835,467 100.00%


Due from broker


Due to broker

INRIS UCITS PLC

221


Summary


EUR Net AssetsTotal Assets

ATransferable securities and money market instruments admitted to

official stock exchange listing or traded on regulated market - - -

BTransferable securities and money market instruments other than those

referred above 593,850,925 54.24% 45.96%


D Financial derivative instruments dealt in on a regulated market (34,297,979) (3.13)% (2.65)%

E Over the counter financial derivative instruments 12,813,322 1.17% 0.99%


Due from broker 374,556,337 34.21% 28.99%

Due to broker (44,585,511) (4.07)% (3.45)%

Other net assets and liabilities (811,765) (0.08)% (0.06)%

1,094,835,467 100.00%Net assets attributable to holders of redeemable participating shares

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222

PORTFOLIO STATEMENT OF R 2020 FUND (UNAUDITED) as at 31 December 2017

Quantity Security Coupon rate / Currency Fair Value % of NetMaturity date EUR Assets

Argentina - 0.65%450,000 Cablevision SA 6.5% 15 Jun 2021 USD 398,993 0.20%400,000 Pan American Energy LLC 7.875% 07 May 2021 USD 360,766 0.18%600,000 YPF Sociedad Anonima 8.5% 23 Mar 2021 USD 566,372 0.28%Total Argentina 1,326,131 0.65%

Australia - 0.29%500,000 Baosteel Financing 2015 3.875% 28 Jan 2020 USD 423,079 0.21%200,000 Shandong Energy Aust Company 4.55% 26 Jul 2020 USD 167,231 0.08%Total Australia 590,310 0.29%

Austria - 1.18%2,000,000 Raiffeisen Bank Intl 6.625% 18 May 2021 EUR 2,395,333 1.18%Total Austria 2,395,333 1.18%

Bermuda - 1.33%1,500,000 Aircastle Ltd 5.125% 15 Mar 2021 USD 1,317,871 0.65%400,000 Digicel Group Ltd 8.25% 30 Sep 2020 USD 328,544 0.16%1,250,000 Weatherford Bermuda 7.75% 15 Jun 2021 USD 1,065,045 0.52%Total Bermuda 2,711,460 1.33%

Brazil - 0.99%100,000 Banco Abc Brasil SA 7.875% 08 Apr 2020 USD 90,175 0.04%400,000 Banco Bradesco (Cayman) 5.9% 16 Jan 2021 USD 348,101 0.17%300,000 Banco Btg Pactual (Cayman) 4% 16 Jan 2020 USD 249,906 0.12%400,000 Banco Do Brasil (Cayman) 5.375% 15 Jan 2021 USD 343,937 0.17%400,000 Itau Unibanco Holding SA 5.75% 22 Jan 2021 USD 348,934 0.17%600,000 Votorantim Cimentos SA 3.25% 25 Apr 2021 EUR 634,248 0.31%Total Brazil 2,015,301 0.99%

750,000 Central Plaza Dev Ltd 3.875% 25 Jan 2020 USD 626,229 0.31%700,000 Franshion Development 6.75% 15 Apr 2021 USD 641,635 0.31%500,000 Gerdau Trade Inc 5.75% 30 Jan 2021 USD 445,536 0.22%600,000 Gold Fields Orogen Holdings 4.875% 07 Oct 2020 USD 510,909 0.25%500,000 Haitong Intl Fin 2015 4.2% 29 Jul 2020 USD 425,383 0.21%400,000 Huarong Finance II Company 3.25% 03 Jun 2021 USD 331,297 0.16%200,000 Rock Intl Investment Inc 6.625% 27 Mar 2020 USD 160,116 0.08%700,000 Sino Ocean Ld Trs Fin II Company 4.45% 04 Feb 2020 USD 594,256 0.29%250,000 Studio City Finance Ltd 8.5% 01 Dec 2020 USD 213,399 0.10%Total British Virgin Islands 3,948,760 1.94%

Canada - 3.31%1,871,000 Air Canada 7.75% 15 Apr 2021 USD 1,776,266 0.87%2,300,000 Bombardier Inc 6.125% 15 May 2021 EUR 2,463,887 1.21%1,350,000 Bombardier Inc 6.125% 15 May 2021 USD 1,212,785 0.59%1,500,000 First Quantum Minerals Ltd 7% 15 Feb 2021 USD 1,299,134 0.64%Total Canada 6,752,072 3.31%

Corporate bonds - 91.49%

British Virgin Islands - 1.94%

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PORTFOLIO STATEMENT OF R 2020 FUND (UNAUDITED) (CONTINUED) as at 31 December 2017


200,000 Abq Finance 3.625% 13 Apr 2021 USD 165,306 0.08%350,000 Agricola Senior Trust 6.75% 18 Jun 2020 USD 296,932 0.15%400,000 Bos Funding Ltd 3.374% 08 Jun 2020 USD 333,319 0.16%500,000 Braskem Finance Ltd 5.75% 15 Apr 2021 USD 443,454 0.22%200,000 CCB Banco Industr E Company 8.5% 27 Apr 2020 USD 181,521 0.09%200,000 CCBL Cayman 1 Corp 2.75% 31 May 2021 USD 163,629 0.08%300,000 China Evergrande Group 6.25% 28 Jun 2021 USD 250,302 0.12%250,000 China Sce Property Holdings 10% 02 Jul 2020 USD 223,533 0.11%200,000 China Aoyuan Property Group 6.35% 11 Jan 2020 USD 169,390 0.08%200,000 Dar Al Arkan Sukuk Co Ltd 6.5% 28 May 2019 USD 164,773 0.08%400,000 Gruposura Finance 5.7% 18 May 2021 USD 357,262 0.18%300,000 Guorui Properties Ltd 7% 21 Mar 2020 USD 242,350 0.12%300,000 Modern Land China Co Ltd 6.875% 20 Oct 2019 USD 248,916 0.12%1,020,000 Noble Holding Intl Ltd 4.625% 01 Mar 2021 USD 798,468 0.39%250,000 Parkson Retail Group Ltd 4.5% 03 May 2018 USD 206,665 0.10%250,000 QIB Sukuk Ltd 2.754% 27 Oct 2020 USD 203,199 0.10%400,000 QNB Finance Ltd 2.875% 29 Apr 2020 USD 330,566 0.16%250,000 Times Property Holding Ltd 6.25% 23 Jan 2020 USD 210,197 0.10%

4,989,782 2.45%

Chile - 0.17%400,000 Latam Airlines Group SA 7.25% 09 Jun 2020 USD 352,265 0.17%

352,265 0.17%China - 0.65%500,000 Bluestar Fin Holdings 4.375% 11 Jun 2020 USD 426,491 0.21%300,000 Guanghui Investment Gr 7.875% 30 Mar 2020 USD 248,596 0.12%650,000 Shougang Group 1.35% 07 Aug 2020 EUR 656,819 0.32%Total China 1,331,906 0.65%

Colombia - 0.36%350,000 Bancolombia SA 6.125% 26 Jul 2020 USD 312,240 0.15%500,000 Oleoducto Central SA 4% 07 May 2021 USD 426,799 0.21%Total Colombia 739,039 0.36%

Costa Rica - 0.26%600,000 Banco Nal Costa Rica 5.875% 25 Apr 2021 USD 521,840 0.26%Total Costa Rica 521,840 0.26%

Finland - 1.03%2,000,000 Teollisuuden Voima OYJ 2.5% 17 Mar 2021 EUR 2,090,160 1.03%Total Finland 2,090,160 1.03%

France - 5.99%1,800,000 Eramet 4.5% 06 Nov 2020 EUR 1,927,386 0.95%800,000 Italcementi Finance 6.125% 21 Feb 2018 EUR 806,916 0.40%300,000 Neopost SA 2.5% 23 Jun 2021 EUR 309,657 0.15%2,200,000 New Areva Holding SA 3.5% 22 Mar 2021 EUR 2,337,918 1.15%2,000,000 Novafives SAS 4.5% 30 Jun 2021 EUR 2,045,890 1.00%600,000 Rallye SA 4% 02 Apr 2021 EUR 2,170,647 1.06%2,000,000 Tereos Finance Groupe I 4.25% 04 Mar 2020 EUR 2,088,110 1.02%500,000 Vilmorie Et Company 2.375% 26 May 2021 EUR 521,250 0.26%Total France 12,207,774 5.99%

Corporate bonds (continued)

Cayman Islands - 2.45%

Total Cayman Islands

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224


Quantity SECURITY Coupon rate / Currency Fair Value % of NetMaturity date EUR Assets

Georgia - 0.26%600,000 Georgian Oil + Gas Corp 6.75% 26 Apr 2021 USD 537,325 0.26%Total Georgia 537,325 0.26%

Germany - 1.04%2,000,000 Thyssenkrupp AG 2.75% 08 Mar 2021 EUR 2,128,890 1.04%Total Germany 2,128,890 1.04%

600,000 Bank Of East Asia Ltd 6.125% 16 Jul 2020 USD 534,985 0.26%750,000 China Citic Bank Intl 6.875% 24 Jun 2020 USD 673,252 0.33%250,000 China South City Holding 5.75% 09 Mar 2020 USD 202,063 0.09%200,000 Icbc Asia Ltd 5.125% 30 Nov 2020 USD 175,961 0.09%500,000 Weichai Intl Hk Energy 4.125% 30 Sep 2020 USD 424,136 0.21%Total Hong Kong 2,010,397 0.99%

India - 0.34%500,000 Adani Ports And Special 3.5% 29 Jul 2020 USD 421,288 0.21%300,000 ICICI Bank Ltd (Hong Kong) 5.75% 16 Nov 2020 USD 268,465 0.13%Total India 689,753 0.34%

Ireland - 1.15%400,000 ABH Financial (Alfa Holding) 2.626% 28 Apr 2020 EUR 408,078 0.20%200,000 Credit Bank Of Moscow 7.7% 01 Feb 2018 USD 167,236 0.08%200,000 Eurochem M+C (Ecgi) 3.8% 12 Apr 2020 USD 167,247 0.08%200,000 Metalloinvest Finance 5.625% 17 Apr 2020 USD 175,386 0.09%400,000 Mmc Norilsk (Mmc Fin) 5.55% 28 Oct 2020 USD 354,779 0.17%1,000,000 Smurfit Kappa Acquisition Company4.125% 30 Jan 2020 EUR 1,079,650 0.53%Total Ireland 2,352,376 1.15%

Isle of Man - 0.17%400,000 Anglogold Holdings Plc 5.375% 15 Apr 2020 USD 348,855 0.17%Total Isle of Man 348,855 0.17%

Israel - 0.16%400,000 Delek + Avner Tamar Bd 4.435% 30 Dec 2020 USD 334,470 0.16%Total Israel 334,470 0.16%

Italy - 5.82%2,000,000 Intesa Sanpaolo SPA 5.15% 16 Jul 2020 EUR 2,224,900 1.09%2,010,000 Kedrion SPA 4.625% 24 Apr 2019 EUR 2,094,732 1.03%1,800,000 Leonardo SPA 4.5% 19 Jan 2021 EUR 2,016,072 0.99%1,000,000 Mediaset SPA 5.125% 24 Jan 2019 EUR 1,050,545 0.52%2,075,000 Salini Impregilo SPA 3.75% 24 Jun 2021 EUR 2,209,439 1.08%1,600,000 Unicredit SPA 6.125% 19 Apr 2021 EUR 2,263,413 1.11%Total Italy 11,859,101 5.82%

Jersey - 1.03%2,000,000 Lincoln Finance Ltd 6.875% 15 Apr 2021 EUR 2,098,230 1.03%Total Jersey 2,098,230 1.03%

Hong Kong - 0.99%


INRIS UCITS PLC

225




400,000 Kazmunaygas National Co 7% 05 May 2020 USD 361,459 0.18%Total Kazakshtan 361,459 0.18%

300,000 Doosan Infracore Co Ltd 2.5% 26 Jul 2020 USD 247,054 0.12%247,054 0.12%

1,500,000 Aldesa Financial Services 7.25% 01 Apr 2021 EUR 1,411,500 0.69%2,100,000 Arcelormittal 3% 09 Apr 2021 EUR 2,270,625 1.11%2,100,000 Arcelormittal 3% 09 Apr 2021 USD 813,208 0.40%2,300,000 Bmbg Bond Finance SCA 3% 15 Jun 2021 EUR 2,357,500 1.16%2,100,000 Cirsa Funding Luxembourg 5.75% 15 May 2021 EUR 2,199,645 1.08%1,300,000 CNH Industrial Fin Eur 2.75% 18 Mar 2019 EUR 1,342,634 0.66%400,000 Evraz Group SA 8.25% 28 Jan 2021 USD 563,999 0.28%1,700,000 Fiat Chrysler Finance EU 4.75% 22 Mar 2021 EUR 1,892,134 0.93%1,000,000 Intelsat Jackson Holding 7.5% 01 Apr 2021 USD 761,992 0.37%102,000 Intelsat Luxembourg SA 7.75% 01 Jun 2021 USD 45,339 0.02%1,900,000 Monitchem Holdco 3 S.A. 5.25% 15 Jun 2021 EUR 1,923,076 0.94%400,000 Oao Tmk (Tmk Capital) 6.75% 03 Apr 2020 USD 351,749 0.17%Total Luxembourg 15,933,401 7.82%

Mauritius - 0.09%200,000 Lodha Developers Intl Ltd 12% 13 Mar 2020 USD 177,924 0.09%Total Malaysia 177,924 0.09%

Mexico - 0.76%600,000 Bbva Bancomer Sa Texas 7.25% 22 Apr 2020 USD 542,138 0.27%600,000 Petroleos Mexicanos 3.125% 27 Nov 2020 EUR 644,575 0.32%600,000 Petroleos Mexicanos 3.125% 27 Nov 2020 USD 362,925 0.18%Total Mexico 1,549,638 0.76%

Mongolia - 0.18%400,000 Trad + Dev Bank Mongolia 9.375% 19 May 2020 USD 365,384 0.18%Total Mongolia 365,384 0.18%

25,000 Clear Channel Intl BV 8.75% 15 Dec 2020 USD 21,600 0.01%2,000,000 Constellium NV 4.625% 15 May 2021 EUR 2,043,280 1.00%250,000 First Bank Nigeria 1% 07 Aug 2020 USD 207,154 0.10%1,500,000 Hertz Holdings Netherlands 4.375% 15 Jan 2019 EUR 1,530,000 0.75%100,000 Lukoil Intl Finance Bv 6.125% 09 Nov 2020 USD 89,980 0.04%100,000 Lukoil Intl Finance Bv 6.125% 09 Nov 2020 USD 89,980 0.04%1,000,000 Nxp Bv/Nxp Funding LLC 4.125% 01 Jun 2021 USD 851,516 0.42%1,900,000 Nyrstar Netherlands Holdings 8.5% 15 Sep 2019 EUR 2,100,184 1.03%1,800,000 Oi European Group BV 4.875% 31 Mar 2021 EUR 2,041,020 1.00%2,000,000 Petrobras Global Finance 3.75% 14 Jan 2021 EUR 2,785,445 1.37%2,000,000 Saipem Finance Intl BV 3% 08 Mar 2021 EUR 2,100,320 1.03%1,000,000 Teva Pharm Fnc NL II 0.375% 25 Jul 2020 EUR 953,035 0.47%750,000 Veon Holdings BV 3.95% 16 Jun 2021 USD 627,706 0.31%1,100,000 Ziggo BV 3.625% 27 Mar 2020 EUR 1,163,751 0.57%Total Netherlands 16,604,971 8.15%

Kazakhstan - 0.18%

Luxembourg - 7.82%

Korea, the Republic of - 0.12%

Netherlands - 8.15%

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226



Nigeria - 0.19%450,000 Zenith Bank Plc 6.25% 22 Apr 2019 USD 384,985 0.19%Total Nigeria 384,985 0.19%

Oman - 0.08%200,000 Bank Muscat Saog 3.75% 03 May 2021 USD 167,876 0.08%Total Panama 167,876 0.08%

Paraguay - 0.13%300,000 Regional Saeca 8.125% 24 Jan 2019 USD 261,750 0.13%Total Paraguay 261,750 0.13%

Philipines - 0.08%200,000 Rizal Commercial Banking 3.45% 02 Feb 2021 USD 168,987 0.08%Total Philipines 168,987 0.08%

Singapore - 0.60%250,000 Alam Synergy Pte Ltd 6.95% 27 Mar 2020 USD 210,797 0.10%450,000 Golden Legacy Pte Ltd 8.25% 07 Jun 2021 USD 407,623 0.20%37,000 Marquee Land Pte 9.75% 05 Aug 2019 USD 32,392 0.02%200,000 Ottawa Holdings Pte Ltd 5.875% 16 May 2018 USD 149,900 0.07%500,000 Pratama Agung 6.25% 24 Feb 2020 USD 427,608 0.21%Total Singapore 1,228,320 0.60%

700,000 Eskom Holdings Soc Ltd 5.75% 26 Jan 2021 USD 577,639 0.28%400,000 Firstrand Bank Ltd 4.25% 30 Apr 2020 USD 340,323 0.17%Total South Africa 917,962 0.45%

Spain - 0.03%612,690 Abengoa Abenewco Two 1.5% 31 Mar 2023 EUR 69,736 0.03%Total Spain 69,736 0.03%

Sri Lanka - 0.23%250,000 National Savings Bank 5.15% 10 Sep 2019 USD 211,297 0.10%300,000 Srilankan Airlines Ltd 5.3% 27 Jun 2019 USD 252,644 0.12%Total Sri Lanka 463,941 0.23%

Sweden - 1.01%330,000 Stena AB 5.875% 01 Feb 2019 EUR 2,066,735 1.01%Total Sweden 2,066,735 1.01%

Turkey - 1.53%200,000 Export Credit Bank Of Turkey 5.375% 08 Feb 2021 USD 170,822 0.08%700,000 Tc Ziraat Bankasi AS 4.75% 29 Apr 2021 USD 578,721 0.28%600,000 Turkiye Garanti Bankasi 6.25% 20 Apr 2021 USD 529,210 0.26%400,000 Turkiye Is Bankasi A.S 5% 25 Jun 2021 USD 334,246 0.16%700,000 Turkiye Sinai Kalkinma 4.875% 18 May 2021 USD 579,716 0.28%650,000 Yapi Ve Kredi Bankasi AS 4% 22 Jan 2020 USD 537,831 0.26%450,000 Yasar Holding 8.875% 06 May 2020 USD 383,556 0.19%

3,114,102 1.53%


South Africa - 0.45%

Total Trinidad and Tobabgo

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200,000 Algeco Scotsman Global Finance 8.5% 15 Oct 2018 USD 166,972 0.08%2,000,000 Anglo American Capital 2.5% 29 Apr 2021 EUR 2,132,048 1.05%2,000,000 Anglo American Capital 2.5% 29 Apr 2021 USD 771,674 0.38%200,000 Ferrexpo Finance Plc 10.375% 07 Apr 2019 USD 174,518 0.09%1,800,000 International Game Tech 4.125% 15 Feb 2020 EUR 1,916,172 0.94%1,000,000 Intl Personal Finance Pl 5.75% 07 Apr 2021 EUR 946,500 0.46%2,000,000 Ote Plc 3.5% 09 Jul 2020 EUR 2,114,010 1.04%1,900,000 Thomas Cook Finance Plc 6.75% 15 Jun 2021 EUR 1,973,207 0.97%400,000 Tullow Oil Plc 6% 01 Nov 2020 USD 337,708 0.16%500,000 Vedanta Resources Plc 8.25% 07 Jun 2021 USD 461,151 0.22%500,000 Vedanta Resources Plc 8.25% 07 Jun 2021 USD 42,474 0.02%1,000,000 Virgin Media Secured Finance 5.25% 15 Jan 2021 USD 880,663 0.43%

11,917,097 5.85%

1,060,000 Aleris Intl Inc 7.875% 01 Nov 2020 USD 1,363,841 0.67%1,511,000 Allegheny Technologies 5.95% 15 Jan 2021 EUR 1,289,786 0.63%1,500,000 Ally Financial Inc 4.25% 15 Apr 2021 EUR 1,283,519 0.63%1,250,000 Apx Group Inc 8.75% 01 Dec 2020 EUR 1,064,394 0.52%895,000 Arconic Inc 5.4% 15 Apr 2021 USD 793,597 0.39%475,000 Artesyn Embedded Technol 9.75% 15 Oct 2020 EUR 390,625 0.19%1,040,000 Ashton Woods USA/Finance 6.875% 15 Feb 2021 USD 886,659 0.43%1,500,000 Ball Corp 3.5% 15 Dec 2020 USD 2,510,788 1.23%1,500,000 Cablevision Systems Corp 8% 15 Apr 2020 USD 1,336,609 0.66%1,450,000 Calatlantic Group Inc 8.375% 15 Jan 2021 USD 1,396,204 0.68%250,000 Calfrac Holdings LP 7.5% 01 Dec 2020 USD 206,113 0.10%250,000 Calumet Specialty Prod 11.5% 15 Jan 2021 USD 236,821 0.12%600,000 Cco Hldgs LLC/Cap Corp 5.25% 15 Mar 2021 USD 508,411 0.25%300,000 Celanese Us Holdings LLC 5.875% 15 Jun 2021 USD 273,707 0.13%1,000,000 Centurylink Inc 6.45% 15 Jun 2021 USD 845,270 0.41%220,000 Cf Industries Inc 7.125% 01 May 2020 USD 200,213 0.10%1,250,000 Chesapeake Energy Corp 5.375% 15 Jun 2021 USD 1,009,743 0.50%750,000 Chs/Community Health Sys 8% 15 Nov 2019 USD 780,001 0.38%1,000,000 Citgo Holding Inc 10.75% 15 Feb 2020 USD 897,318 0.44%1,500,000 Clear Channel Worldwide 7.625% 15 Mar 2020 USD 1,228,868 0.60%1,100,000 Cno Financial Group Inc 4.5% 30 May 2020 USD 948,118 0.47%1,500,000 Dell Inc 4.625% 01 Apr 2021 USD 1,296,011 0.64%2,000,000 Dish DBS Corp 6.75% 01 Jun 2021 USD 1,752,998 0.86%1,000,000 Energy Transfer Equity 7.5% 15 Oct 2020 USD 918,138 0.45%500,000 Flexi Van Leasing 7.875% 15 Aug 2018 USD 416,389 0.20%500,000 Frontier Communications 8.5% 15 Apr 2020 USD 697,452 0.34%829,000 Fts International Inc 1% 15 Jun 2020 USD 704,180 0.35%600,000 Gci Inc 6.75% 01 Jun 2021 USD 509,036 0.25%500,000 Genworth Holdings Inc 7.7% 15 Jun 2020 USD 421,073 0.21%893,000 Goodyear Tire + Rubber 8.75% 15 Aug 2020 USD 853,362 0.42%1,000,000 Harland Clarke Holdings 6.875% 01 Mar 2020 USD 851,516 0.42%1,800,000 Hca Healthcare Inc 6.25% 15 Feb 2021 USD 1,592,688 0.78%650,000 Hecla Mining Co 6.875% 01 May 2021 USD 556,868 0.27%500,000 Hertz Corp 7.375% 15 Jan 2021 USD 422,635 0.21%650,000 Hexion Inc 6.625% 15 Apr 2020 USD 488,528 0.24%250,000 Hexion Inc/Hexion Nova 9% 15 Nov 2020 USD 156,146 0.08%

United Kingdom - 5.85%

Total United Kingdom


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United States of America (continued)1,650,000 Hughes Satellite Systems 7.625% 15 Jun 2021 USD 1,523,515 0.75%2,100,000 Huntsman International Ltd 5.125% 15 Apr 2021 USD 2,359,592 1.16%450,000 Icahn Enterprises 6% 01 Aug 2020 USD 385,637 0.19%1,250,000 Intl Game Technology 5.5% 15 Jun 2020 USD 1,100,828 0.54%984,000 JC Penney Corp Inc 5.65% 01 Jun 2020 USD 750,824 0.37%1,000,000 K Hovnanian Enterprises 8% 01 Nov 2019 USD 888,991 0.44%900,000 L Brands Inc 6.625% 01 Apr 2021 USD 824,450 0.40%2,000,000 Lennar Corp 4.75% 01 Apr 2021 USD 1,738,424 0.85%500,000 Mediacom Brdbnd LLC 5.5% 15 Apr 2021 USD 423,155 0.21%1,500,000 Mgm Resorts Intl 6.75% 01 Oct 2020 USD 1,352,223 0.66%400,000 Mhp Se 8.25% 02 Apr 2020 USD 362,517 0.18%500,000 Nabors Industries Inc 5% 15 Sep 2020 USD 417,430 0.20%953,000 Nationstar Mort/Cap Corp 7.875% 01 Oct 2020 USD 810,998 0.40%1,600,000 Navient Corp 5.875% 25 Mar 2021 USD 1,380,746 0.68%1,105,000 Netflix Inc 5.375% 01 Feb 2021 USD 976,583 0.48%750,000 Qep Resources Inc 6.875% 01 Mar 2021 USD 677,673 0.33%408,000 Radian Group Inc 5.25% 15 Jun 2020 USD 702,719 0.34%600,000 Rent A Center Inc 4.75% 01 May 2021 USD 474,683 0.23%1,350,000 Resolute Energy Corp 8.5% 01 May 2020 USD 1,149,546 0.56%850,000 Rr Donnelley + Sons Co 7.875% 15 Mar 2021 USD 739,715 0.36%800,000 Sabine Pass Liquefaction 5.625% 01 Feb 2021 USD 714,697 0.35%500,000 Sabra Health/Capital Corp 5.5% 01 Feb 2021 USD 425,498 0.21%700,000 Sanchez Energy Corp 7.75% 15 Jun 2021 USD 550,883 0.27%1,620,000 Scientific Games Interna 6.625% 15 May 2021 USD 1,399,692 0.69%1,000,000 Sealed Air Corp 6.5% 01 Dec 2020 USD 916,056 0.45%664,000 Sprint Communications 7% 01 Mar 2020 USD 1,831,812 0.90%1,000,000 Sunoco Lp/Finance Corp 6.25% 15 Apr 2021 USD 867,755 0.43%1,200,000 Tenet Healthcare Corp 4.5% 01 Apr 2021 USD 1,009,327 0.50%1,550,000 Tpc Group Inc 8.75% 15 Dec 2020 USD 1,297,260 0.64%450,000 Transdigm Inc 5.5% 15 Oct 2020 USD 379,903 0.19%1,000,000 Tri Pointe Group / Homes 4.375% 15 Jun 2019 USD 853,597 0.42%1,684,000 Triumph Group Inc 4.875% 01 Apr 2021 USD 1,384,868 0.68%822,000 United Continental Hldgs 6% 01 Dec 2020 USD 736,740 0.36%1,586,000 Universal Hospital Servi 7.625% 15 Aug 2020 USD 1,327,390 0.65%700,000 Windstream Service 7.75% 15 Oct 2020 USD 495,503 0.24%670,000 Wpx Energy Inc 7.5% 01 Aug 2020 USD 606,783 0.30%1,200,000 ZF NA Capital 2.25% 26 Apr 2019 USD 1,235,814 0.61%

66,161,452 32.46%

186,494,304 91.49%



Total corporate bonds

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Argentina - 0.60%200,000 City Of Buenos Aires 8.95% 19 Feb 2021 USD 185,293 0.09%500,000 Provincia De Buenos Aires 9.95% 09 Jun 2021 USD 483,369 0.23%600,000 Republic Of Argentina 6.875% 22 Apr 2021 USD 545,074 0.26%Total Argentina 1,213,736 0.60%

Bahrain - 0.17%400,000 Kingdom Of Bahrain 5.875% 26 Jan 2021 USD 344,064 0.17%Total Bahrain 344,064 0.17%

Brazil - 0.09%200,000 Banco Nac De Desen Econo 5.5% 12 Jul 2020 USD 175,884 0.09%Total Brazil 175,884 0.09%

India - 0.12%300,000 Export Import BK India 2.75% 12 Aug 2020 USD 249,773 0.12%Total India 249,773 0.12%

400,000 Kazagro Natl Mgmt Holding 3.255% 22 May 2019 EUR 408,630 0.20%Total Mongolia 408,630 0.20%

Mongolia - 0.12%250,000 Mongolia Intl Bond 10.875% 06 Apr 2021 USD 244,924 0.12%Total Mongolia 244,924 0.12%

Nigeria - 0.28%650,000 Republic Of Nigeria 6.75% 28 Jan 2021 USD 576,628 0.28%Total Netherlands 576,628 0.28%

Oman - 0.25%600,000 Oman Gov International Bond 3.625% 15 Jun 2021 USD 500,694 0.25%Total Oman 500,694 0.25%

Pakistan - 0.21%500,000 Second Pakistan Sukuk 6.75% 03 Dec 2019 USD 432,031 0.21%Total Pakistan 432,031 0.21%

Senegal - 0.19%400,000 Republic Of Senegal 8.75% 13 May 2021 USD 384,996 0.19%Total Senegal 384,996 0.19%

500,000 ZAR Sov Capital Fund Pty 3.903% 24 Jun 2020 USD 422,733 0.21%Total South Africa 422,733 0.21%

Sri Lanka - 0.22%500,000 Republic Of Sri Lanka 6.25% 04 Oct 2020 USD 439,582 0.22%Total Sri Lanka 439,582 0.22%

Kazakhstan - 0.20%

South Africa - 0.21%

Government bonds - 2.86%

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¹ Allianz Global Investors GmbH and ² Nomura International Plc act as counterparty to the open derivative positions at 31 December 2017.


Government bonds (continued)

Turkey - 0.22%400,000 Republic Of Turkey 5.125% 18 May 2020 EUR 438,700 0.22%Total Turkey 438,700 0.22%


Equity - 0.01%

Spain - 0.01%1,686,678 Abengoa Sa B Shares EUR 18,554 0.01%163,116 Abengoa SA CL A EUR 2,284 0.00%Total Canada 20,838 0.01%

Total equity 20,838 0.01%


Derivative financial instruments - 0.56%

Forward currency contracts - 0.56% ¹ ²

SOLD EUR/BOUGHT USD 8-Jan-18 33,691,906 28,398,778 (349,242) (0.17)%SOLD USD/BOUGHT EUR 8-Jan-18 101,781,162 121,270,234 820,007 0.40%SOLD EUR/BOUGHT USD 14-Mar-18 3,857,040 3,253,998 (55,262) (0.03)%SOLD USD/BOUGHT EUR 14-Mar-18 41,265,753 48,891,871 718,548 0.35%

Total forward currency contracts 1,134,051 0.56%

Total derivative financial instruments 1,134,051 0.56%

Cash and cash equivalents 16,421,588 8.06%

Due from broker 140,205 0.07%

Due to broker (340,000) (0.17)%

Other net assets (5,852,043) (2.88)%

Net assets attributable to redeemable participating shareholders 203,851,318 100.00%

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Summary




official stock exchange listing or traded on regulated market 20,838 0.01% 0.01%

BTransferable securities and money market instruments other than

those referred above 192,326,679 94.35% 85.15%





Due from broker 140,205 0.07% 0.06%

Due to broker (340,000) (0.17)% (0.15)%

Other net assets and liabilities (5,852,043) (2.88)% 0.20%


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PORTFOLIO STATEMENT OF R KARYA MACRO FUND (UNAUDITED) as at 31 December 2017


Equity - 5.36%5500 Energy Select Sector Spdr Fund USD 330,971 1.01%4236 Financial Select Sector SPDR USD 98,457 0.30%14575 Spdr S+P Bank ETF USD 574,601 1.76%13832 Vaneck Vectors Oil Services ETF USD 300,070 0.92%7663 Vanguard Financials ETF USD 446,966 1.37%

Total Equity 1,751,065 5.36%


Coupon rate /

United States of America - 77.45% Maturity date

7,287,560 US Treasury Bills 1% 15 Feb 2046 USD 6,489,697 19.87%

7,148,330 US Treasury Bills 0.375% 15 Jan 2027 USD 5,912,431 18.10%

6,546,291 US Treasury Bills 0.875% 15 Feb 2047 USD 5,670,261 17.36%

8,707,707 US Treasury Bills 0.375% 15 Jul 2027 USD 7,215,384 22.09%

Total United States of America 25,287,773 77.43%

Total Government Bonds 25,287,773 77.43%

Notional amount Derivative name Currency Fair Value % of NetEUR Assets

Options - 2.05% ¹ ² ³ ⁴ ⁵ ⁶

15,000,000 01F032633 MAR 2018 CALLS STRIKE USD (395) 0.00%15,000,000 01F032633 MAR 2018 CALLS STRIKE USD (893) 0.00%15,000,000 01F032633 MAR 2018 PUTS STRIKE USD (2,835) (0.01)%15,000,000 01F032633 MAR 2018 PUTS STRIKE USD (3,333) (0.01)%14,000,000 01F040610 JAN 2018 CALLS STRIKE USD (33,030) (0.10)%14,000,000 01F040610 JAN 2018 PUTS STRIKE USD (1,610) 0.00%6,000,000 2I65BROT2 JAN 2018 PUTS STRIKE USD 18,860 0.06%6,000,000 2I65BROT2 JAN 2018 PUTS STRIKE USD 21,008 0.06%6,000,000 2I65BROT2 JAN 2018 PUTS STRIKE USD 26,059 0.08%10,000,000 2I65BROT2 JAN 2018 PUTS STRIKE USD 34,513 0.11%9,000,000 2I65BROT2 JAN 2018 PUTS STRIKE USD 27,073 0.08%6,000,000 2I65BROT2 JAN 2018 PUTS STRIKE USD 18,151 0.06%12,000,000 2I65BROT2 JAN 2018 PUTS STRIKE USD 43,571 0.13%9,000,000 2I65BROT2 JAN 2018 PUTS STRIKE USD 27,724 0.08%12,000,000 2I65BROT2 JAN 2018 PUTS STRIKE USD 13,528 0.04%4,500,000 2I65BROT2 MAR 2018 CALLS STRIKE USD 1,273 0.00%7,500,000 2I65BROT2 MAR 2018 PUTS STRIKE USD (63,470) (0.19)%6,000,000 2I65BROT2 MAR 2018 PUTS STRIKE USD 3,065 0.01%9,000,000 2I65BROT2 MAR 2018 PUTS STRIKE USD 2,648 0.01%6,000,000 2I65BROT2 MAR 2018 PUTS STRIKE USD 2,373 0.01%30,000,000 2I666VCA1 JAN 2018 PUTS STRIKE EUR 28,746 0.09%


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PORTFOLIO STATEMENT OF R KARYA MACRO FUND (UNAUDITED) (CONTINUED) as at 31 December 2017

Notional amount Derivative name Currency Fair Value % of Net

EUR Assets

30,000,000 2I666VCA1 JAN 2018 PUTS STRIKE EUR 21,090 0.06%30,000,000 2I666VCA1 JAN 2018 PUTS STRIKE EUR 8,647 0.03%(2,800) ESTX BANKS EUR PR FEB18 125 PUT EUR (3,780) (0.01)%5,600 ESTX BANKS EUR PR FEB18 135 CALL EUR 7,840 0.02%(560) EURO STOXX 50 PR FEB18 3350 PUT EUR (12,488) (0.04)%(600) EURO STOXX 50 PR FEB18 3375 PUT EUR (15,840) (0.05)%(1,160) EURO STOXX 50 PR FEB18 3400 PUT EUR (36,308) (0.11)%(600) EURO STOXX 50 PR FEB18 3425 PUT EUR (22,440) (0.07)%(560) EURO STOXX 50 PR FEB18 3450 PUT EUR (25,032) (0.08)%600 EURO STOXX 50 PR FEB18 3600 PUT EUR 74,340 0.23%560 EURO STOXX 50 PR FEB18 3650 PUT EUR 92,008 0.28%600 EURO STOXX 50 PR JAN18 3575 PUT EUR 49,260 0.15%620 EURO STOXX 50 PR JAN18 3750 CALL EUR 124 0.00%(560) EURO STOXX 50 PR MAR18 3350 PUT EUR (24,752) (0.08)%(540) EURO STOXX 50 PR MAR18 3400 PUT EUR (30,402) (0.09)%1,660 EURO STOXX 50 PR MAR18 3675 PUT EUR 332,000 1.02%540 EURO STOXX 50 PR MAR18 3725 CALL EUR 5,238 0.02%450 S+P500 EMINI OPTN MAR18C 2600 EXP 03/16/2018 USD 38,412 0.12%(450) S+P500 EMINI OPTN MAR18P 2450 EXP 03/16/2018 USD (4,310) (0.01)%(550) S+P500 EMINI OPTN MAR18P 2500 EXP 03/16/2018 USD (6,756) (0.02)%(3,550) S+P500 EMINI OPTN MAR18P 2550 EXP 03/16/2018 USD (57,649) (0.18)%350 S+P500 EMINI OPTN MAR18P 2600 EXP 03/16/2018 USD 7,724 0.02%3,550 S+P500 EMINI OPTN MAR18P 2650 EXP 03/16/2018 USD 110,864 0.34%200 S+P500 EMINI OPTN MAR18P 2700 EXP 03/16/2018 USD 9,119 0.03%3,650 TRS ENERGY BASKET 2 07/06/17-0 USD 28,836 0.09%2,760 TRS KARYA ENERGY BASKET 02/28/ USD 20,669 0.06%(112,000) US 10YR FUT OPTN MAR18C 125.5 EXP 02/23/2018 USD (18,946) (0.06)%(112,000) US 10YR FUT OPTN MAR18P 123.5 EXP 02/23/2018 USD (40,806) (0.12)%

Total options 669,689 2.05%


Currency Swaps (0.74%) ¹ ² ³ ⁴ ⁵ ⁶ ⁷ ⁸ ⁹

1,500,000 AUDUSD 02 JAN 18 P.75 AUD 5,281 0.02%1,500,000 AUDUSD 02 JAN 18 P.7515 AUD 5,291 0.02%1,500,000 AUDUSD 02 JAN 18 P.775 AUD (13,614) (0.04)%1,500,000 AUDUSD 02 JAN 18 P.7775 AUD (14,105) (0.04)%3,000,000 AUDUSD 08 JAN 18 P.77 AUD (26,677) (0.08)%6,000,000 AUDUSD 12 MAR 18 C.757 AUD (73,804) (0.23)%12,000,000 AUDUSD 12 MAR 18 C.77 AUD 101,086 0.31%2,400,000 AUDUSD 12 SEP 18 C.757 AUD (26,371) (0.08)%7,000,000 AUDUSD 13 FEB 18 P.77 AUD (61,333) (0.19)%7,000,000 AUDUSD 18 JUL 18 P.77 AUD 50,869 0.16%7,000,000 AUDUSD 18 JUL 18 P.77 AUD (43,910) (0.13)%

Options (continued)

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Currency Swaps (continued)

7,000,000 AUDUSD 23 JUL 18 C.8142 AUD 69,898 0.21%7,000,000 AUDUSD 23 JUL 18 P.7579 AUD (51,255) (0.16)%3,000,000 AUDUSD 26 FEB 18 C.762 AUD (23,751) (0.07)%9,000,000 AUDUSD 26 FEB 18 C.775 AUD 41,012 0.13%3,000,000 AUDUSD 26 FEB 18 P.746 AUD (12,022) (0.04)%3,000,000 AUDUSD 26 FEB 18 P.762 AUD 21,964 0.07%3,000,000 AUDUSD 28 MAR 18 C.7984 AUD (885) 0.00%1,500,000 EURGBP 18 SEP 18 P.889 EUR (18,131) (0.06)%4,200,000 EURUSD 01 JUN 18 P1.1836 EUR 15,037 0.05%4,000,000 EURUSD 01 JUN 18 P1.1836 EUR (39,691) (0.12)%6,000,000 EURUSD 08 JAN 18 C1.192 EUR (5,483) (0.02)%6,000,000 EURUSD 08 JAN 18 C1.192 EUR (27,229) (0.08)%3,000,000 EURUSD 14 JUN 18 P1.18 EUR 20,481 0.06%3,000,000 EURUSD 14 JUN 18 P1.18 EUR (26,107) (0.08)%3,300,000 EURUSD 20 AUG 18 C1.203 EUR (19,508) (0.06)%3,300,000 EURUSD 20 AUG 18 P1.203 EUR 15,417 0.05%6,000,000 EURUSD 21 JUN 18 P1.1774 EUR 35,609 0.11%6,000,000 EURUSD 21 JUN 18 P1.1774 EUR (44,132) (0.14)%6,000,000 EURUSD 29 JAN 18 C1.1645 EUR 104,370 0.32%6,000,000 EURUSD 29 JAN 18 C1.1645 EUR (67,907) (0.21)%6,000,000 EURUSD 29 JAN 18 C1.2 EUR (22,011) (0.07)%3,000,000 EURUSD 29 MAR 18 C1.2 EUR 12,123 0.04%6,000,000 EURUSD 30 MAR 18 C1.2 EUR 43,934 0.13%4,800,000 EURUSD 30 MAR 18 C1.205 EUR 31,449 0.10%6,000,000 EURUSD 30 MAR 18 C1.215 EUR 21,286 0.07%6,000,000 EURUSD 30 MAR 18 P1.167 EUR (14,328) (0.04)%3,000,000 EURUSD 30 MAR 18 P1.17 EUR (15,239) (0.05)%4,800,000 EURUSD 30 MAR 18 P1.1725 EUR (22,273) (0.07)%7,250,000 EURUSD 30 MAY 18 C1.199 EUR (76,654) (0.23)%7,250,000 EURUSD 30 MAY 18 C1.199 EUR (62,744) (0.19)%1,400,000 GBPUSD 01 APR 19 C1.315 GBP 21,122 0.06%1,400,000 GBPUSD 01 APR 19 C1.315 GBP 18,809 0.06%2,800,000 GBPUSD 01 APR 19 C1.315 GBP (3,828) (0.01)%900,000 GBPUSD 12 JAN 18 C1.3392 GBP (813) 0.00%900,000 GBPUSD 12 JAN 18 P1.3392 GBP 7,781 0.02%6,000,000 GBPUSD 14 FEB 18 C1.3625 GBP 10,064 0.03%1,800,000 GBPUSD 26 MAR 18 C1.365 GBP (4,651) (0.01)%3,000,000 GBPUSD 29 JAN 18 C1.344 GBP (9,650) (0.03)%3,000,000 USDCAD 19 JAN 18 C1.2719 USD (35,855) (0.11)%3,000,000 USDCAD 19 JAN 18 C1.2719 USD 8,456 0.03%3,000,000 USDCAD 19 JAN 18 C1.32 USD 16,676 0.05%3,000,000 USDCAD 19 JAN 18 C1.32 USD (4,361) (0.01)%6,000,000 USDCAD 28 MAR 18 P1.24 USD 5,356 0.02%3,000,000 USDCAD 28 MAR 18 P1.259 USD (4,342) (0.01)%6,000,000 USDCNH 10 APR 18 C6.8 USD (34,481) (0.11)%9,000,000 USDJPY 04 JAN 18 P111.67 USD (38,697) (0.12)%3,000,000 USDJPY 04 JAN 18 P112.71 USD 16,794 0.05%3,000,000 USDJPY 10 JAN 18 C114.75 USD 7,701 0.02%6,000,000 USDJPY 23 NOV 18 P103.5 USD (27,196) (0.08)%3,000,000 USDJPY 23 NOV 18 P109.5 USD 20,848 0.06%2,800,000 USDKRW 01 FEB 18 C1119 USD (60,751) (0.19)%1,330,000 USDKRW 01 FEB 18 C1119 USD 37,536 0.11%1,750,000 USDKRW 01 FEB 18 P1119 USD 35,384 0.11%1,470,000 USDKRW 25 JAN 18 C1119 USD 3,896 0.01%1,750,000 USDKRW 25 JAN 18 P1119 USD (14,263) (0.04)%1,850,000 USDKRW 29 MAY 18 C1106 USD (7,250) (0.02)%1,850,000 USDKRW 29 MAY 18 P1056 USD 6,967 0.02%

Total currency swaps (242,809) (0.74)%

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Interest rate swaps - 1.35% ¹ ² ⁴ ⁵ ⁶ ⁷ ⁸ ⁹11,000,000 EUR IRS PAY 0.0145% 09/18/18-0 EUR 7,196 0.02%11,000,000 EUR IRS PAY 0.024% 09/18/18-09 EUR 5,102 0.02%3,800,000 EUR IRS REC 0.243% 10/24/17-10 EUR (7,129) (0.02)%5,500,000 EUR IRS REC 0.2435% 10/24/17-1 EUR (10,185) (0.03)%2,750,000 EUR IRS REC 0.875% 10/17/17-10 EUR 5,916 0.02%1,980,000 EUR IRS REC 0.885% 10/09/17-10 EUR 6,508 0.02%1,980,000 EUR IRS REC 0.893% 10/09/17-10 EUR 8,015 0.02%3,850,000 EUR IRS REC 0.8955% 10/09/17-1 EUR 16,500 0.05%1,980,000 EUR IRS REC 0.899% 10/09/17-10 EUR 9,145 0.03%840,000 EUR IRS REC 1.565% 09/21/17-09 EUR 17,914 0.05%17,750,000 EUR SWAPTION 01/31/18 IRS REC 0.3% 02/02/18-02/02/ EUR (33,715) (0.10)%16,750,000 EUR SWAPTION 01/31/18 IRS REC 0.42% 02/02/18-02/02 EUR 14,268 0.04%55,000,000 USD IRS PAY 2.266% 12/21/17-12 USD (29,524) (0.09)%47,000,000 USD IRS PAY 2.284% 12/22/17-12 USD (56,852) (0.17)%16,680,000 USD IRS PAY 2.294% 12/28/17-12 USD (25,678) (0.08)%3,250,000 USD IRS PAY 2.3405% 12/19/17-1 USD 18,714 0.06%4,500,000 USD IRS PAY 2.3785% 12/20/17-1 USD 13,409 0.04%540,000 USD IRS PAY 2.4% 01/03/18-01/0 USD 899 0.00%540,000 USD IRS PAY 2.41% 01/03/18-01/ USD 499 0.00%9,000,000 USD IRS PAY 2.4435% 12/21/17-1 USD (16,060) (0.05)%10,200,000 USD IRS PAY 2.47% 12/27/17-12/ USD (37,339) (0.11)%7,500,000 USD IRS PAY 2.472% 12/22/17-12 USD (28,919) (0.09)%3,000,000 USD IRS PAY 2.5445% 01/03/18-0 USD 15,159 0.05%2,000,000 USD IRS PAY 2.5485% 01/02/18-0 USD 8,677 0.03%6,000,000 USD IRS PAY 2.549% 01/02/18-01 USD 25,509 0.08%47,000,000 USD IRS REC 2.07% 12/22/17-12/ USD (1,348) 0.00%13,500,000 USD IRS REC 2.246% 01/03/18-01 USD (5,908) (0.02)%21,000,000 USD IRS REC 2.2635% 01/02/18-0 USD 5,549 0.02%3,500,000 USD IRS REC 2.399% 01/03/18-01 USD (6,083) (0.02)%6,000,000 USD IRS REC 2.414% 01/02/18-01 USD (3,647) (0.01)%4,500,000 USD IRS REC 2.415% 01/02/18-01 USD (2,403) (0.01)%8,100,000 USD SWAPTION 01/04/18 IRS PAY 2.15% 01/08/18-01/08 USD (6,662) (0.02)%5,400,000 USD SWAPTION 01/04/18 IRS PAY 2.17% 01/08/18-01/08 USD (720) 0.00%8,100,000 USD SWAPTION 01/04/18 IRS REC 2.15% 01/08/18-01/08 USD 24,414 0.07%5,400,000 USD SWAPTION 01/04/18 IRS REC 2.17% 01/08/18-01/08 USD 15,730 0.05%300,000 USD SWAPTION 01/19/18 IRS PAY 2.55% 01/23/18-01/23 USD (2,968) (0.01)%300,000 USD SWAPTION 01/19/18 IRS REC 2.55% 01/23/18-01/23 USD (2,501) (0.01)%15,000,000 USD SWAPTION 02/02/18 IRS PAY 2.4% 02/06/18-02/06/ USD 20,733 0.06%30,000,000 USD SWAPTION 02/02/18 IRS PAY 2.5% 02/06/18-02/06/ USD (37,999) (0.12)%30,000,000 USD SWAPTION 02/02/18 IRS PAY 2.65% 02/06/18-02/06 USD (6,050) (0.02)%30,000,000 USD SWAPTION 02/02/18 IRS REC 2.3% 02/06/18-02/06/ USD (41,083) (0.13)%56,000,000 USD SWAPTION 02/28/18 IRS REC 2.1% 03/02/18-03/02/ USD 43,596 0.13%56,000,000 USD SWAPTION 02/28/18 IRS REC 2.13% 03/02/18-03/02 USD 56,628 0.17%28,000,000 USD SWAPTION 02/28/18 IRS REC 2.2% 03/02/18-03/02/ USD 36,334 0.11%28,000,000 USD SWAPTION 02/28/18 IRS REC 2.23% 03/02/18-03/02 USD 22,175 0.07%10,500,000 USD SWAPTION 03/14/18 IRS PAY 2.39% 03/16/18-03/16 USD (2,392) (0.01)%10,500,000 USD SWAPTION 03/14/18 IRS REC 2.39% 03/16/18-03/16 USD 18,906 0.06%6,000,000 USD SWAPTION 03/15/18 IRS PAY 2.38% 03/19/18-03/19 USD (3,804) (0.01)%6,000,000 USD SWAPTION 03/15/18 IRS PAY 2.38% 03/19/18-03/19 USD (3,830) (0.01)%6,000,000 USD SWAPTION 03/15/18 IRS REC 2.38% 03/19/18-03/19 USD 13,243 0.04%6,000,000 USD SWAPTION 03/15/18 IRS REC 2.38% 03/19/18-03/19 USD 13,218 0.04%13,500,000 USD SWAPTION 03/28/18 IRS PAY 2.44% 04/03/18-04/03 USD (25,923) (0.08)%13,500,000 USD SWAPTION 03/28/18 IRS REC 2.44% 04/03/18-04/03 USD (44,091) (0.14)%6,000,000 USD SWAPTION 03/29/18 IRS PAY 2.43% 04/04/18-04/04 USD 1,067 0.00%6,000,000 USD SWAPTION 03/29/18 IRS PAY 2.43% 04/04/18-04/04 USD 3,065 0.01%6,000,000 USD SWAPTION 03/29/18 IRS REC 2.43% 04/04/18-04/04 USD (2,404) (0.01)%6,000,000 USD SWAPTION 03/29/18 IRS REC 2.43% 04/04/18-04/04 USD (405) 0.00%8,100,000 USD SWAPTION 05/02/18 IRS PAY 2.38% 05/04/18-05/04 USD 20,705 0.06%8,100,000 USD SWAPTION 05/02/18 IRS REC 2.38% 05/04/18-05/04 USD 50,978 0.16%8,100,000 USD SWAPTION 05/03/18 IRS PAY 2.58% 05/08/18-05/08 USD 69,200 0.21%8,100,000 USD SWAPTION 05/03/18 IRS REC 2.58% 05/08/18-05/08 USD 28,303 0.09%

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Interest rate swaps (continued)4,050,000 USD SWAPTION 05/08/18 IRS PAY 2.34% 05/10/18-05/10 USD (2,855) (0.01)%4,050,000 USD SWAPTION 05/08/18 IRS REC 2.34% 05/10/18-05/10 USD 24,789 0.08%16,200,000 USD SWAPTION 05/14/18 IRS PAY 2.44% 05/16/18-05/16 USD 49,691 0.15%16,200,000 USD SWAPTION 05/14/18 IRS REC 2.44% 05/16/18-05/16 USD 41,427 0.13%11,200,000 USD SWAPTION 05/16/18 IRS PAY 2.41% 05/18/18-05/18 USD 20,799 0.06%11,200,000 USD SWAPTION 05/16/18 IRS REC 2.41% 05/18/18-05/18 USD 40,518 0.12%2,750,000 USD SWAPTION 09/27/18 IRS PAY 2.55% 10/01/18-10/01 USD 20,549 0.06%2,750,000 USD SWAPTION 09/27/18 IRS REC 2.55% 10/01/18-10/01 USD 27,105 0.08%3,300,000 USD SWAPTION 10/18/18 IRS PAY 2.6% 10/22/18-10/22/ USD 34,742 0.11%3,300,000 USD SWAPTION 10/18/18 IRS REC 2.6% 10/22/18-10/22/ USD 13,620 0.04%12,000,000 USD SWAPTION 12/31/18 IRS PAY 2.49% 01/03/19-01/03 USD (5,640) (0.02)%12,000,000 USD SWAPTION 12/31/18 IRS REC 2.49% 01/03/19-01/03 USD 5,916 0.02%

Total interest rate swaps 442,314 1.35%


Credit default swaps - (0.87%) ³ ⁴ ⁷950,000 BUY PROTECTION CMBX.NA.AAA.9 67.50 MORGAN STANLEY USD (12,684) (0.04)%645,000 BUY PROTECTION CMBX.NA.BBB-.8 557.00 DEUTSCHE BANK USD (2,965) (0.01)%800,000 BUY PROTECTION CMBX.NA.AAA.10 75.75 MORGAN STANLEY USD (14,051) (0.04)%350,000 BUY PROTECTION CMBX.NA.BBB-.8 563.00 CREDIT SUISSE USD (2,710) (0.01)%2,750,000 BUY PROTECTION CMBX.NA.AAA.10 76.00 DEUTSCHE BANK USD (48,120) (0.15)%1,750,000 BUY PROTECTION CMBX.NA.AAA.10 70.25 DEUTSCHE BANK USD (21,836) (0.07)%1,000,000 BUY PROTECTION CMBX.NA.AAA.8 68.25 CREDIT SUISSE I USD (15,579) (0.05)%1,000,000 BUY PROTECTION CMBX.NA.AAA.8 68.50 CREDIT SUISSE I USD (15,618) (0.05)%315,000 BUY PROTECTION CMBX.NA.BBB-.9 484.00 CREDIT SUISSE USD (6,154) (0.02)%1,250,000 BUY PROTECTION CMBX.NA.AAA.8 72.00 MORGAN STANLEY USD (22,035) (0.07)%1,500,000 BUY PROTECTION CMBX.NA.AAA.9 78.75 CREDIT SUISSE I USD (33,011) (0.10)%1,750,000 BUY PROTECTION CMBX.NA.AAA.8 69.75 MORGAN STANLEY USD (28,326) (0.09)%585,000 BUY PROTECTION CMBX.NA.BBB-.8 581.00 CREDIT SUISSE USD (13,513) (0.04)%320,000 BUY PROTECTION CMBX.NA.BBB-.9 485.00 CREDIT SUISSE USD (6,694) (0.02)%1,000,000 BUY PROTECTION CMBX.NA.AAA.8 71.75 MORGAN STANLEY USD (17,520) (0.05)%445,000 BUY PROTECTION CMBX.NA.BBB-.8 604.00 MORGAN STANLE USD (14,401) (0.04)%1,000,000 BUY PROTECTION CMBX.NA.AAA.8 61.25 CREDIT SUISSE I USD (10,425) (0.03)%1,000,000 BUY PROTECTION CMBX.NA.BBB-.9 448.00 DEUTSCHE BANK USD 5,398 0.02%800,000 BUY PROTECTION CMBX.NA.BBB-.8 537.00 DEUTSCHE BANK USD 3,813 0.01%5,200,000 BUY PROTECTION CMBX.NA.AAA.9 62.00 DEUTSCHE BANK A USD (47,445) (0.15)%1,250,000 BUY PROTECTION CMBX.NA.AAA.8 53.50 DEUTSCHE BANK A USD (6,992) (0.02)%1,435,000 BUY PROTECTION CMBX.NA.BBB-.10 451.00 DEUTSCHE BAN USD (9,167) (0.03)%2,165,000 BUY PROTECTION CMBX.NA.BBB-.9 481.00 DEUTSCHE BANK USD (12,635) (0.04)%975,000 BUY PROTECTION CMBX.NA.BBB-.8 567.00 DEUTSCHE BANK USD (273) 0.00%2,750,000 BUY PROTECTION CMBX.NA.AAA.10 58.375 GOLDMAN SACHS USD (11,152) (0.03)%48,715,000 SELL PROTECTION ITRX.SNR.FIN.28 CS FCM EUR 30,130 0.09%12,619,000 BUY PROTECTION ITRX.EUR.XOVER.28 CS FCM EUR 62,125 0.19%167,520,000 SELL PROTECTION CDX.NA.IG.29 CS FCM USD (75,367) (0.23)%14,546,626 SELL PROTECTION CDX.EUR.ITRX.28 CS FCM EUR 9,851 0.03%64,273,400 BUY PROTECTION CDX.NA.HY.29 CS FCM USD 54,682 0.17%

Total credit default swaps (282,675) (0.87)%

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No. of Future Position Currency Fair Value % of Net

contracts US$ Assets

Futures contracts - 1.78% ²

45,000,000 90DAY EUR FUTR DEC18 Long USD (29,980) (0.09)%

(30,000,000) 90DAY EUR FUTR DEC19 Short USD 13,741 0.04%

(22,000,000) 90DAY EUR FUTR MAR20 Short USD 12,148 0.04%

(24,750,000) 90DAY EUR FUTR JUN20 Short USD 11,003 0.03%

(22,500,000) 90DAY EUR FUTR SEP20 Short USD 6,558 0.02%

(105,000,000) 90DAY EUR FUTR DEC20 Short USD 3,123 0.01%

(100) S+P500 EMINI FUT MAR18 Short USD 479 0.00%

(19,200,000) EURO-BOBL FUTURE MAR18 Short EUR 188,520 0.58%

(3,900,000) EURO-BUND FUTURE MAR18 Short EUR 11,120 0.03%

1,950 EURO STOXX 50 MAR18 Long EUR (155,930) (0.48)%

(3,700,000) EURO-BTP FUTURE MAR18 Short EUR 127,650 0.39%

(11,000) YEN DENOM NIKKEI MAR18 Short JPY 11,422 0.03%

50 DAX INDEX FUTURE MAR18 Long EUR (10,525) (0.03)%

(18,600,000) EURO-OAT FUTURE MAR18 Short EUR 287,220 0.88%

1,380,000 TOPIX INDX FUTR MAR18 Long JPY 228,949 0.70%

27,800 EURO STOXX BANK MAR18 Long EUR (118,030) (0.36)%

190 CAC40 10 EURO FUT JAN18 Long EUR (7,150) (0.02)%

Total futures contracts 580,318 1.78%


date bought sold EUR Assets

BOUGHT EUR/SOLD USD 03-Jan-18 32,000,000 37,771,200 544,976 1.67%

BOUGHT USD/SOLD EUR 22-Jan-18 900,413 760,529 (11,512) (0.04)%

BOUGHT USD/SOLD JPY 22-Jan-18 1,621,300 181,792,764 (29,319) (0.09)%

BOUGHT USD/SOLD JPY 22-Jan-18 1,621,300 181,792,764 34,350 0.11%

BOUGHT GBP/SOLD USD 22-Jan-18 672,085 901,497 (3,955) (0.01)%

BOUGHT GBP/SOLD USD 22-Jan-18 672,085 901,497 10,794 0.03%

BOUGHT JPY/SOLD USD 22-Jan-18 80,756,064 720,000 (12,394) (0.04)%

BOUGHT JPY/SOLD USD 22-Jan-18 80,756,064 720,000 10,338 0.03%

BOUGHT USD/SOLD GBP 22-Jan-18 900,000 672,085 8,191 0.03%

BOUGHT USD/SOLD GBP 22-Jan-18 900,000 672,085 (16,275) (0.05)%

BOUGHT JPY/SOLD USD 22-Jan-18 101,036,700 900,000 13,614 0.04%

BOUGHT JPY/SOLD USD 22-Jan-18 101,036,700 900,000 (15,507) (0.05)%

BOUGHT EUR/SOLD USD 22-Jan-18 760,529 900,000 11,855 0.04%

BOUGHT USD/SOLD EUR 31-Jan-18 15,446,600 12,959,536 (116,757) (0.36)%

BOUGHT EUR/SOLD USD 31-Jan-18 403,368 480,000 4,281 0.01%

BOUGHT USD/SOLD EUR 21-Mar-18 550,000 463,474 (7,566) (0.02)%



BOUGHT USD/SOLD EUR 21-Mar-18 1,776,917 1,500,000 (27,074) (0.08)%











Forward currency contracts - 0.34% ¹²

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BOUGHT USD/SOLD EUR 21-Mar-18 600,000 497,397 (43) 0.00%

BOUGHT USD/SOLD EUR 21-Mar-18 300,000 248,670 7 0.00%





BOUGHT KRW/SOLD USD 21-Mar-18 221,198,250 195,000 5,839 0.02%




BOUGHT CNH/SOLD USD 21-Mar-18 9,118,450 1,375,000 (19,458) (0.06)%

BOUGHT CNH/SOLD USD 21-Mar-18 9,118,450 1,375,000 35,403 0.11%

BOUGHT USD/SOLD CNH 21-Mar-18 165,000 1,106,396 (523) 0.00%

BOUGHT USD/SOLD CNH 21-Mar-18 165,000 1,106,396 (2,934) (0.01)%

BOUGHT GBP/SOLD USD 21-Mar-18 414,529 550,000 896 0.00%

BOUGHT GBP/SOLD USD 21-Mar-18 414,529 550,000 9,198 0.03%


BOUGHT GBP/SOLD USD 21-Mar-18 207,177 275,000 448 0.00%

BOUGHT USD/SOLD GBP 21-Mar-18 823,681 621,706 (1,490) 0.00%

BOUGHT USD/SOLD GBP 21-Mar-18 823,681 621,706 (14,646) (0.04)%

BOUGHT USD/SOLD KRW 21-Mar-18 17,288 18,949,630 (343) 0.00%

BOUGHT USD/SOLD KRW 21-Mar-18 17,288 18,949,630 (19) 0.00%

BOUGHT USD/SOLD KRW 21-Mar-18 520,000 570,986,000 (1,330) 0.00%

BOUGHT USD/SOLD KRW 21-Mar-18 520,000 570,986,000 (10,311) (0.03)%








BOUGHT KRW/SOLD USD 21-Mar-18 344,195,971 317,735 (619) 0.00%






Forward currency contracts - (continued)

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BOUGHT USD/SOLD GBP 21-Mar-18 900,000 668,184 14,315 0.04%

BOUGHT AUD/SOLD USD 21-Mar-18 1,175,151 900,000 14,832 0.05%

BOUGHT AUD/SOLD USD 21-Mar-18 1,175,151 900,000 911 0.00%







BOUGHT USD/SOLD AUD 21-Mar-18 1,002,138 1,310,807 2,050 0.01%

BOUGHT USD/SOLD AUD 21-Mar-18 1,002,138 1,310,807 (21,065) (0.06)%

BOUGHT CAD/SOLD USD 21-Mar-18 423,389 330,377 (190) 0.00%

BOUGHT CAD/SOLD USD 21-Mar-18 423,389 330,377 6,711 0.02%

BOUGHT USD/SOLD NZD 21-Mar-18 1,811,095 2,589,398 14,200 0.04%

BOUGHT USD/SOLD NZD 21-Mar-18 1,811,095 2,589,398 (38,070) (0.12)%



BOUGHT GBP/SOLD USD 21-Mar-18 1,201,988 1,607,519 (9,252) (0.03)%

BOUGHT GBP/SOLD USD 21-Mar-18 1,201,988 1,607,519 27,984 0.09%





BOUGHT USD/SOLD NZD 21-Mar-18 300,000 428,889 1,400 0.00%

BOUGHT USD/SOLD NZD 21-Mar-18 300,000 428,889 (5,334) (0.02)%



BOUGHT USD/SOLD AUD 21-Mar-18 420,000 547,806 (7,468) (0.02)%

BOUGHT USD/SOLD AUD 21-Mar-18 420,000 547,806 509 0.00%

BOUGHT AUD/SOLD USD 21-Mar-18 123,972 94,921 73 0.00%

BOUGHT AUD/SOLD USD 21-Mar-18 123,972 94,921 1,607 0.00%

BOUGHT USD/SOLD NZD 21-Mar-18 900,000 1,285,343 (15,875) (0.05)%

BOUGHT USD/SOLD NZD 21-Mar-18 900,000 1,285,343 4,851 0.01%

BOUGHT USD/SOLD NZD 21-Mar-18 840,000 1,200,144 4,239 0.01%








BOUGHT USD/SOLD NZD 21-Mar-18 300,000 431,033 (1,401) 0.00%


BOUGHT USD/SOLD AUD 21-Mar-18 300,000 391,234 (1,139) 0.00%


BOUGHT USD/SOLD AUD 21-Mar-18 900,000 1,172,964 (16,003) (0.05)%

BOUGHT USD/SOLD AUD 21-Mar-18 900,000 1,172,964 1,678 0.01%




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BOUGHT USD/SOLD AUD 21-Mar-18 900,000 1,168,237 (12,823) (0.04)%

BOUGHT USD/SOLD AUD 21-Mar-18 900,000 1,168,237 1,562 0.00%





BOUGHT USD/SOLD AUD 21-Mar-18 600,000 772,232 5,101 0.02%






BOUGHT USD/SOLD CAD 21-Mar-18 339,620 427,683 (2,968) (0.01)%

BOUGHT USD/SOLD CAD 21-Mar-18 339,620 427,683 1,265 0.00%

BOUGHT CNH/SOLD USD 21-Mar-18 24,963 3,742 108 0.00%

BOUGHT CNH/SOLD USD 21-Mar-18 24,963 3,742 (46) 0.00%

BOUGHT AUD/SOLD USD 21-Mar-18 710,000 553,090 (3,145) (0.01)%




BOUGHT CAD/SOLD USD 21-Mar-18 753,979 600,000 (2,289) (0.01)%








BOUGHT USD/SOLD GBP 21-Mar-18 152,480 113,200 (1,332) 0.00%

BOUGHT USD/SOLD GBP 21-Mar-18 152,480 113,200 471 0.00%

BOUGHT CAD/SOLD USD 21-Mar-18 1,130,931 899,963 (3,434) (0.01)%

BOUGHT CAD/SOLD USD 21-Mar-18 1,130,931 899,963 6,362 0.02%



BOUGHT EUR/SOLD USD 21-Mar-18 1,390,823 1,648,704 24,175 0.07%


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BOUGHT EUR/SOLD USD 21-Mar-18 252,833 300,000 4,157 0.01%
























BOUGHT EUR/SOLD USD 21-Mar-18 855,136 1,020,000 9,635 0.03%





BOUGHT JPY/SOLD USD 22-Mar-18 168,571,650 1,500,000 (22,996) (0.07)%

BOUGHT JPY/SOLD USD 22-Mar-18 168,571,650 1,500,000 24,991 0.08%

















BOUGHT JPY/SOLD USD 22-Mar-18 65,779,894 587,592 (10,349) (0.03)%

BOUGHT JPY/SOLD USD 22-Mar-18 65,779,894 587,592 9,252 0.03%








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BOUGHT GBP/SOLD USD 22-Mar-18 672,085 905,382 (6,807) (0.02)%








BOUGHT AUD/SOLD USD 22-Mar-18 626,623 480,137 340 0.00%

BOUGHT USD/SOLD JPY 22-Mar-18 800,000 90,254,080 (10,167) (0.03)%

BOUGHT USD/SOLD JPY 22-Mar-18 800,000 90,254,080 6,523 0.02%





BOUGHT JPY/SOLD USD 22-Mar-18 33,807,876 300,000 (1,414) 0.00%




















BOUGHT CAD/SOLD USD 22-Mar-18 1,130,931 900,000 (1,968) (0.01)%

BOUGHT CAD/SOLD USD 22-Mar-18 1,130,931 900,000 4,875 0.01%

BOUGHT USD/SOLD CAD 22-Mar-18 899,899 1,130,931 (7,915) (0.02)%

BOUGHT USD/SOLD CAD 22-Mar-18 899,899 1,130,931 4,925 0.02%




BOUGHT USD/SOLD NZD 20-Jun-18 507,500 705,963 (37,976) (0.12)%

BOUGHT USD/SOLD NZD 20-Jun-18 507,500 705,963 43,134 0.13%

BOUGHT NZD/SOLD USD 20-Jun-18 705,963 507,117 (46,385) (0.14)%

BOUGHT NZD/SOLD USD 20-Jun-18 705,963 507,117 41,543 0.13%

104,182 0.32%Total forward currency contracts


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¹ Merrill Lynch International, ² Citibank Global Markets Inc., ³ Deutsche Bank AG, ⁴ Credit Suisse Securities (Europe) Limited, ⁵ Goldman Sachs International, ⁶ Nomura International Plc, ⁷ Morgan Stanley & Co. International, ⁸ PNP Paribas, ⁹ Natixis Investment Managers, ¹⁰ Barclays Bank Plc, ¹¹ JP Morgan Chase Bank N.A., ¹² National Bank of Canada act as counterparty to the open derivative positions at 31 December 2017.

TBA Contract Last priced date Interest rate / Quantity Fair value % of Net

Maturity date EUR Assets

TBA Contracts - (0.68%) ¹²

FNMA TBA 15 YR 3 02-Jan-18 3% 23 Jan 2033 51,000,000 (365,244) (1.12)%

FNMA TBA 30 YR 3.5 02-Jan-18 3.5% 18 Jan 2048 60,000,000 (660,846) (2.02)%

FNMA TBA 30 YR 3.5 02-Jan-18 3.5% 18 Jan 2048 (67,000,000) 801,528 2.45%

FNMA TBA 15 YR 3 02-Jan-18 3% 16 Feb 2033 46,000,000 (151,406) (0.46)%

FNMA TBA 30 YR 3 02-Jan-18 3% 13 Feb 2048 3,000,000 (687) 0.00%

FHLMC TBA 15 YR 2.5 02-Jan-18 2.5% 23 Jan 2033 17,000,000 (167,164) (0.51)%

GNMA II TBA 30 YR 3.5 02-Jan-18 3.5% 24 Jan 2048 34,750,000 (390,483) (1.20)%

FNMA TBA 30 YR 3.5 02-Jan-18 3.5% 13 Feb 2048 19,000,000 (147,424) (0.45)%

FNMA TBA 15 YR 2.5 02-Jan-18 2.5% 23 Jan 2033 14,000,000 (125,087) (0.38)%


FNMA TBA 30 YR 3 02-Jan-18 3% 18 Jan 2048 (14,000,000) 174,147 0.53%


FNMA TBA 30 YR 4 02-Jan-18 4% 18 Jan 2048 (70,000,000) 1,063,950 3.26%

FNMA TBA 30 YR 4 02-Jan-18 4% 13 Feb 2048 1,000,000 (198) 0.00%

FHLMC TBA 30 YR 4 02-Jan-18 4% 18 Jan 2048 19,500,000 (198,801) (0.61)%

Total TBA Contracts (223,102) (0.68)%

1,047,917 3.21%

4,925,190 15.08%

34,755,230 106.45%

(31,904,539) (97.72)%

(3,212,299) (9.83)%

32,650,337 100.00%participating shareholders



Due from broker

Due to broker



INRIS UCITS PLC

244


Summary




official stock exchange listing or traded on regulated market 1,751,065 5.36% 2.32%


referred above 25,287,773 77.45% 33.57%


D Financial derivative instruments dealt in on a regulated market 1,250,007 3.83% 1.66%

E Over the counter financial derivative instruments (202,090) (0.62)% (0.27)%


Due from broker 34,755,230 106.45% 46.14%

Due to broker (31,904,539) (97.72)% (42.35)%



INRIS UCITS PLC

245

PORTFOLIO STATEMENT OF R CFM TRENDS FUND (UNAUDITED) as at 31 December 2017

Quantity Security Coupon rate / Currency Fair Value % of NetMaturity Date US$ Assets

11,550,000 Treasury Bill 0.01% 29 Mar 2018 USD 11,512,372 4.67%10,000,000 Treasury Bill 0.01% 26 Apr 2018 USD 9,956,854 4.04%36,000,000 Treasury Bill 0.01% 24 May 2018 USD 35,795,343 14.53%32,000,000 Treasury Bill 0.01% 08 Feb 2018 USD 31,959,012 12.97%3,000,000 Treasury Bill 0.01% 15 Feb 2018 USD 2,995,481 1.22%3,500,000 Treasury Bill 0.01% 22 Feb 2018 USD 3,493,753 1.42%2,000,000 Treasury Bill 0.01% 15 Mar 2018 USD 1,994,840 0.81%31,500,000 Treasury Bill 0.01% 19 Apr 2018 USD 31,369,861 12.74%




BOUGHT EUR/SOLD USD 31-Jan-18 43,302,400 51,604,081 477,689 0.19%BOUGHT GBP/SOLD USD 31-Jan-18 121,903,600 163,770,613 1,283,255 0.52%SOLD GBP/BOUGHT USD 31-Jan-18 410,884 306,300 (3,837) 0.00%

1,757,107 0.71%

Future Expiration Number of Position Fair Value % of Net

date contracts USD Assets

Futures contracts - 0.21% ² ³

3MO EURO EURIBOR DEC18 17-Dec-18 1,024 Long (100,987) (0.04)%

3MO EURO EURIBOR JUN18 18-Jun-18 896 Long 32,722 0.01%3MO EURO EURIBOR SEP18 17-Sep-18 918 Long 37,810 0.02%3MO EUROYEN TFX DEC18 17-Dec-18 (6) Short - 0.00%3MO EUROYEN TFX JUN18 18-Jun-18 (10) Short (67) 0.00%3MO EUROYEN TFX MAR19 18-Mar-19 (6) Short 33 0.00%3MO EUROYEN TFX SEP18 14-Sep-18 (8) Short (44) 0.00%90DAY EUR FUTURE DEC18 17-Dec-18 (692) Short 36,550 0.01%

90DAY EUR FUTURE DEC19 16-Dec-19 (490) Short 40,375 0.02%

90DAY EUR FUTURE JUN18 18-Jun-18 (756) Short 8,863 0.00%



90DAY EUR FUTURE MAR19 18-Mar-19 (1,023) Short 74,263 0.03%

90DAY EUR FUTURE MAR20 16-Mar-20 (567) Short 30,050 0.01%

90DAY EUR FUTURE SEP18 17-Sep-18 (661) Short 40,538 0.02%

90DAY EUR FUTURE SEP19 16-Sep-19 (543) Short 49,650 0.02%

90DAY STERLING FU DEC18 19-Dec-18 (619) Short (39,433) (0.02)%

90DAY STERLING FU JUN18 20-Jun-18 (627) Short (104,128) (0.04)%



Forward currency contracts - 0.71% ¹

Total forward currency contracts

INRIS UCITS PLC

246

PORTFOLIO STATEMENT OF R CFM TRENDS FUND (UNAUDITED) (CONTINUED) as at 31 December 2017




90DAY STERLING FU SEP18 19-Sep-18 (659) Short (99,748) (0.04)%

AMSTERDAM IDX FUT JAN18 19-Jan-18 195 Long (292,179) (0.12)%

AUDUSD CRNCY FUTURE MAR18 19-Mar-18 (467) Short (904,020) (0.37)%

AUST 10Y BOND FUTURE MAR18 15-Mar-18 309 Long (165,906) (0.07)%

AUST 3YR BOND FUTURE MAR18 15-Mar-18 (574) Short 140,663 0.06%

BANK ACCEPT FUTURE DEC18 17-Dec-18 (202) Short 75,342 0.03%

BANK ACCEPT FUTURE JUN18 18-Jun-18 (237) Short 42,340 0.02%

BANK ACCEPT FUTURE JUN19 17-Jun-19 (92) Short 34,558 0.01%

BANK ACCEPT FUTURE MAR19 18-Mar-19 (143) Short 44,256 0.02%

BANK ACCEPT FUTURE SEP18 17-Sep-18 (234) Short 49,463 0.02%

BP CURRENCY FUTURE MAR18 19-Mar-18 (14) Short (4,150) 0.00%

CAC40 10 EURO FUTURE JAN18 19-Jan-18 39 Long (32,494) (0.01)%

CAD CURRENCY FUTURE MAR18 20-Mar-18 307 Long 520,690 0.21%

CAN 10YR BOND FUTURE MAR18 20-Mar-18 (1,011) Short 1,517,371 0.62%

CHF CURRENCY FUTURE MAR18 19-Mar-18 (240) Short (399,894) (0.16)%

DAX INDEX FUTURE MAR18 16-Mar-18 24 Long (163,219) (0.07)%

DJIA MINI E-CBOT MAR18 16-Mar-18 321 Long 257,345 0.10%

EURO FX CURR FUTURE MAR18 19-Mar-18 564 Long 1,414,950 0.57%

EURO STOXX 50 MAR18 16-Mar-18 900 Long (805,917) (0.33)%

EURO-BOBL FUTURE MAR18 08-Mar-18 1,700 Long (1,489,641) (0.60)%

EURO-BTP FUTURE MAR18 08-Mar-18 309 Long (1,240,331) (0.50)%

EURO-BUND FUTURE MAR18 08-Mar-18 162 Long (331,193) (0.13)%

EURO-OAT FUTURE MAR18 08-Mar-18 422 Long (1,020,776) (0.41)%

FTSE 100 IDX FUTURE MAR18 16-Mar-18 (350) Short (949,914) (0.39)%

FTSE CHINA A50 JAN18 30-Jan-18 163 Long (10,338) 0.00%

FTSE/JSE TOP 40 MAR18 15-Mar-18 98 Long 77,043 0.03%

FTSE/MIB IDX FUTURE MAR18 16-Mar-18 161 Long (657,786) (0.27)%

HANG SENG IDX FUTURE JAN18 30-Jan-18 283 Long 598,154 0.24%

HSCEI FUTURE JAN18 30-Jan-18 131 Long 36,317 0.01%

IBEX 35 INDX FUTURE JAN18 19-Jan-18 (151) Short 370,551 0.15%

JPN 10Y BOND(OSE) MAR18 13-Mar-18 114 Long (82,202) (0.03)%

JPN YEN CURR FUTURE MAR18 19-Mar-18 198 Long (986) 0.00%

KOREA 10YR BND FUTURE MAR18 20-Mar-18 (428) Short 121,125 0.05%

KOREA 3YR BND FUT MAR18 20-Mar-18 (976) Short 189,837 0.08%

KOSPI2 INX FUT MAR18 08-Mar-18 66 Long 59,864 0.02%

LONG GILT FUTURE MAR18 27-Mar-18 151 Long 157,433 0.06%

MEXICAN PESO FUT MAR18 19-Mar-18 (557) Short 382,400 0.16%

MSCI EMGMKT MAR18 16-Mar-18 448 Long 938,800 0.38%

MSCI SING IX ETS JAN18 30-Jan-18 343 Long 58,882 0.02%

MSCI TAIWAN INDEX JAN18 30-Jan-18 94 Long 65,720 0.03%

NASDAQ 100 E-MINI MAR18 16-Mar-18 189 Long (69,550) (0.03)%

NIKKEI 225 (OSE) MAR18 08-Mar-18 28 Long (21,305) (0.01)%

NIKKEI 225 MINI MAR18 08-Mar-18 1,530 Long 252,734 0.10%

NZD FUT MAR18 19-Mar-18 (363) Short (475,555) (0.19)%

INRIS UCITS PLC

247


¹ National Bank of Canada, ² Deutsche Bank AG and ³ Barclays Bank Plc act as counterparty to the open

derivative positions at 31 December 2017.




S+P MID 400 EMINI MAR18 16-Mar-18 25 Long (16,000) (0.01)%

S+P/TSX 60 IX FUT MAR18 15-Mar-18 61 Long 15,102 0.01%

S+P500 EMINI FUT MAR18 16-Mar-18 1,083 Long 448,743 0.18%

SGX NIFTY 50 JAN18 25-Jan-18 763 Long (13,625) (0.01)%

SPI 200 FUTURES MAR18 15-Mar-18 195 Long 22,272 0.01%

TOPIX INDX FUTR MAR18 08-Mar-18 294 Long 909,807 0.37%

US 2YR NOTE (CBT) MAR18 29-Mar-18 (1,029) Short 361,655 0.15%

US DOLLAR FUT JAN18 15-Jan-18 (944) Short 80,261 0.03%

US ULTRA BOND CBT MAR18 20-Mar-18 281 Long 319,641 0.13%

506,473 0.21%

Total derivative financial instruments 2,263,580 0.92%

Total bonds and derivative financial instruments 131,341,096 53.32%

41,462,212 16.83%

73,216,391 29.73%

(2,451,067) (1.00)%

2,743,760 1.12%

246,312,392 100.00%

Other net assets


Total futures


Due from broker

Due to broker

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248


Summary


US$ Net Assets Total Assets


official stock exchange listing or traded on regulated market -- -


referred above 129,077,516 52.40% 49.54%


D Financial derivative instruments dealt in on a regulated market 506,473 0.21% 0.19%



Due from broker 73,216,391 29.73% 28.10%

Due to broker (2,451,067) (1.00)% (0.94)%

Other net assets and liabilities 2,743,760 1.12% 1.05%


INRIS UCITS PLC

249

PORTFOLIO STATEMENT OF R PERDURANNCE MARKET NEUTRAL FUND (UNAUDITED) as at 31 December 2017


Equity - 73.83%

Denmark - 2.57%14,928 Pandora A/S DKK 1,354,367 2.57%Total Denmark 1,354,367 2.57%

France - 17.78%27,365 Eiffage EUR 2,499,519 4.75%6,296 Kering EUR 2,474,328 4.70%116,197 Maisons Du Monde Sa EUR 4,386,437 8.33%Total France 9,360,284 17.78%

Germany - 21.24%162,972 Deutsche Telekom Ag Reg EUR 2,411,171 4.58%28,731 Fresenius Medical Care Ag + EUR 2,522,007 4.79%35,367 Porsche Automobil Hldg Prf EUR 2,467,909 4.69%40,492 Sap Se EUR 3,783,977 7.19%Total Germany 11,185,064 21.24%

Netherlands - 10.05%28,084 Heineken Nv EUR 2,441,342 4.64%155,508 Koninklijke Ahold Delhaize N EUR 2,851,239 5.41%Total Netherlands 5,292,581 10.05%

Norway - 7.90%480,786 Xxl Asa NOK 4,160,842 7.90%Total Norway 4,160,842 7.90%

Sweden - 4.93%84,219 Intrum Justitia Ab SEK 2,598,127 4.93%Total Sweden 2,598,127 4.93%

Switzerland - 4.69%10,971 Lonza Group Ag Reg CHF 2,468,564 4.69%Total Switzerland 2,468,564 4.69%

United Kingdom - 4.66%85,000 Astrazeneca Plc Spons Adr USD 2,456,280 4.66%Total United Kingdom 2,456,280 4.66%

Total equities 38,876,109 73.83%

INRIS UCITS PLC

250

PORTFOLIO STATEMENT OF R PERDURANCE MARKET NEUTRAL FUND (UNAUDITED)


¹ Morgan Stanley and Co. International and ² UBS AG act as counterparty to the open derivative positions at 31

December 2017.



Contracts for difference - 0.25% ¹ ²

10,503 Airbus Se EUR (18,905) (0.04)%10,498 Airbus Se EUR (18,896) (0.04)%13,979 Heidelbergcement Ag EUR 10,484 0.02%13,976 Heidelbergcement Ag EUR 10,482 0.02%168,540 Pirelli + C Spa EUR 28,652 0.05%168,530 Pirelli + C Spa EUR 28,650 0.05%86,250 Ryanair Holdings Plc EUR (9,208) (0.02)%86,250 Ryanair Holdings Plc EUR (8,625) (0.02)%89,868 Spie Sa EUR (27,410) (0.05)%89,862 Spie Sa EUR (27,408) (0.05)%19,025 Stroeer Se + Co Kgaa EUR (7,610) (0.01)%19,022 Stroeer Se + Co Kgaa EUR (7,609) (0.01)%513,121 Sxxf Ex Financials [Ms] EUR 140,062 0.27%126,244 Sxxf Ex Financials [Ubs] EUR 32,483 0.06%10,543 Teleperformance EUR 3,161 0.01%10,535 Teleperformance EUR 3,161 0.01%26,509 Total Sa EUR (4,639) (0.01)%26,504 Total Sa EUR (4,638) (0.01)%33,575 Valeo Sa EUR 6,044 0.01%33,567 Valeo Sa EUR 6,042 0.01%

Total contracts for difference 134,273 0.25%

134,273 0.25%

4,472,477 8.49%

11,736,784 22.29%

(2,562,101) (4.86)%

52,657,542 100.00%

Other net assets




Due from broker

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251

PORTFOLIO STATEMENT OF R PERDURANCE MARKET NEUTRAL FUND (UNAUDITED)


Summary




official stock exchange listing or traded on regulated market 38,876,109 73.83% 69.88%


referred above - - -



E Over the counter financial derivative instruments 134,273 0.25% 0.24%


Due from broker 11,736,784 22.29% 21.10%

Due to broker - - -



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252

STATEMENT OF CHANGES OF COMPOSITION OF THE PORTFOLIO (UNAUDITED) for the financial year ended 31 December 2017

R Parus Fund

Purchases and sales for the year ended 31 December 2017

Purchases*

Cost (being the 20 largest in the financial year to 31 December 2017)

USD

Treasury Bill 308,948,296 Wi Treasury Sec

129,789,160

Nvidia Corp

18,340,283 Alibaba Group Holding Sp 10,834,826 Tencent Holdings Ltd 8,191,872 Priceline Group Inc 7,451,385 Adobe Systems Inc 7,403,717 Apple Inc 7,104,311 Vipshop Holdings Ltd 6,424,221 Amazon.Com Inc 5,621,912 Ctrip.Com International 5,519,966 Facebook Inc 5,462,984 Alphabet Inc Cl A 4,995,325 Paypal Holdings Inc 3,946,595 Intel Corp 3,500,592 Sanofi 3,139,280 Criteo Sa Spon 2,347,086 Industria De Diseno Textil 1,886,225 Twitter Inc 1,753,520 Zillow Group Inc 480,336

*This data excludes the trading of derivative financial instruments

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253

STATEMENT OF CHANGES OF COMPOSITION OF THE PORTFOLIO (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2017


Purchases and sales for the financial year ended 31 December 2017 (continued)

Sales*

Proceeds (being the 20 largest in the financial year to 31 December 2017)

USD

Wi Treasury Sec 230,000,000 Treasury Bill 180,000,000 Facebook Inc 35,188,122 Apple Inc 22,266,574 Alphabet Inc Cl 18,572,973 Mgic Investment Corp 13,776,972 Qualcomm Inc 12,741,945 Radian Group Inc 9,918,867 Alibaba Group Holding Sp 8,501,234 Priceline Group Inc 7,551,503 Vipshop Holdings Ltd 7,417,765 Nvidia Corp 7,242,275 Dr Horton Inc 5,677,363 Sanofi 5,412,856 Criteo Sa Spon 5,397,342 Lennar Corp 3,363,027 Tesla Inc 2,161,979 Zillow Group Inc 1,280,438 Adobe Systems Inc 411,349 Tencent Holdings Ltd 390,669


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254

STATEMENT OF CHANGES OF COMPOSITION OF THE PORTFOLIO (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2017 R Intrinsic Value Europe Fund


Purchases*

Cost (being the 20 largest in the year to 31 December 2017)

EUR

UK Treasury Bill Gbp 31,065,828 Norwegian T Bill

27,058,571

Denmark Treasury Bill

23,755,511 Dutch Treasury Cert 12,139,323 Takeaway.Com Nv 7,629,160 Babcock Intl Group Plc 6,075,267 Publicis Groupe 4,901,462 Serco Group Plc 4,142,376 Scout24 Ag 3,718,114 Tff Group 3,620,430 Schibsted Asa B Shs 2,996,647 Tikkurila Oyj 2,392,220 Nestle Sa Reg 2,192,137 Unilever Plc 1,652,665 Heineken Holding Nv 1,524,678 Rolls Royce Holdings Plc 1,487,407 Vicat 1,368,979 Julius Baer Group Ltd

1,351,481

Sodexo Sa 1,318,964 Heidelbergcement Ag 1,222,751


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255

STATEMENT OF CHANGES OF COMPOSITION OF THE PORTFOLIO (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2017 R Intrinsic Value Europe Fund (continued)

Purchases and sales for the year ended 31 December 2017 (continued)

Sales*

Proceeds (being the 20 largest in the year to 31 December 2017)

EUR

Denmark Treasury Bill 35,471,662 Dutch Treasury Cert 18,188,323 Tff Group 8,184,396 Takeaway.Com Nv 7,629,160 Safran Sa 7,526,940 Muenchener Rueckver Ag Reg 7,189,659 G4S Plc 6,341,438 Axel Springer Se 6,202,598 Babcock Intl Group Plc 6,075,267 Publicis Groupe 4,901,462 Serco Group Plc 4,142,376 Scout24 Ag 3,718,114 Vivendi 3,127,475 Schibsted Asa B Shs 2,996,647 Tikkurila Oyj 2,392,220 Nestle Sa Reg 2,192,137 Akzo Nobel 1,779,253 Unilever Plc 1,652,665 Julius Baer Group Ltd 1,571,752 Rolls Royce Holdings Plc 1,552,313


INRIS UCITS PLC

256

STATEMENT OF CHANGES OF COMPOSITION OF THE PORTFOLIO (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2017 R CFM Diversified Fund


Purchases*

Cost (being the 2 in the year to 31 December 2017)

EUR

French Discount T Bill 1,546,363,322 Belgium Treasury Certificate 50,075,949


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257

STATEMENT OF CHANGES OF COMPOSITION OF THE PORTFOLIO (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2017 R CFM Diversified Fund (continued)


Sales*

Proceeds (being the 2 in the year to 31 December 2017)

EUR

French Discount T Bill 1,100,000,000 Belgium Treasury Certificate

150,000,000


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258

STATEMENT OF CHANGES OF COMPOSITION OF THE PORTFOLIO (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2017 R 2020 Fund (continued)


Purchases*


EUR

Nomura Corporate Research 52,933,580 Rothschild Et Cie Gestion 40,238,800 Allianz Global Investors Gmbh 29,034,620 Wind Acquisition Fin Sa 4,615,545 Ball Corp 2,374,345 Huntsman International L 2,336,240 Saipem Finance Intl Bv

2,081,503

Nyrstar Netherlands Hold 2,079,220 Petrobras Global Finance 2,077,000 Oi European Group Bv 2,049,100 Thomas Cook Finance Plc 2,030,440 Choice Hotels Intl Inc 2,028,448 Aircastle Ltd 1,996,281 Mgm Resorts Intl 1,927,587 Netflix Inc 1,909,114 Sealed Air Corp 1,886,913 Fiat Chrysler Finance Eu 1,866,335 Lennar Corp 1,856,473 Bombardier Inc 1,829,335 Anglo American Capital 1,740,662

*This data excludes the trading of derivative financial instruments. There were no purchases of non-derivative financial instruments in the period.

INRIS UCITS PLC

259

STATEMENT OF CHANGES OF COMPOSITION OF THE PORTFOLIO (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2017 R 2020 Fund (continued)


Sales*

Proceeds (being the 20 largest in the year to 31 December 2017)

EUR

Nomura Corporate Research 35,896,200 Allianz Global Investors Gmbh 18,673,800 Wind Acquisition Fin Sa 5,541,527 Choice Hotels Intl Inc 2,327,825 Xpo Logistics Inc 2,057,500 Inovyn Finance Plc 1,958,900 Vallourec Sa 1,848,650 Rialto Hlds Llc/Corp 1,704,088 Interoute Finco Plc 1,659,008 Viridian Group Fundco Ii 1,658,800 Cit Group Inc 1,552,991 Financiere Quick Sas 1,548,721 Labeyrie Fine Foods Sas 1,439,382 American Axle + Mfg Inc 1,423,014 Aircastle Ltd 1,372,285 Unicredito Luxem Fin 1,270,501 Netflix Inc 1,261,574 Valeant Pharmaceuticals 1,251,067 Medi Partenaires Sas 1,242,000 Thom Europe Sas 1,222,128

*This data excludes the trading of derivative financial instruments. There were no sales of non-derivative financial instruments in the period.

INRIS UCITS PLC

260

STATEMENT OF CHANGES OF COMPOSITION OF THE PORTFOLIO (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2017 R Karya Macro Fund


Purchases*


EUR

Fnma Tba 30 Yr 3.5 1,049,554,858 Fnma Tba 15 Yr 2.5 892,549,176 Fnma Tba 30 Yr 4 865,516,892 Fnma Tba 15 Yr 3 836,072,161 Us Treasury N/B 648,517,874 Fnma Tba 30 Yr 3 572,257,467 Gnma Ii Tba 30 Yr 3.5 497,678,721 Fhlmc Tba 15 Yr 2.5 388,297,643 Tsy Infl Ix N/B 327,002,186 Fhlmc Tba 30 Yr 3.5 316,348,089 Fhlmc Tba 30 Yr 4 313,749,787 Gnma Ii Tba 30 Yr 4 213,932,390 Fhlmc Tba 15 Yr 3 109,232,572 Gnma Ii Tba 30 Yr 3 87,962,305 Fnma Tba 15 Yr 4 61,103,015 Fhlmc Tba 30 Yr 3 29,640,483 Vaneck Vectors Oil Services Et 821,061 Spdr S+P Bank Etf 564,386 Vanguard Financials Etf 431,830 Energy Select Sector Spdr Fund 318,751


INRIS UCITS PLC

261

STATEMENT OF CHANGES OF COMPOSITION OF THE PORTFOLIO (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2017 R Karya Macro Fund


Sales*

Proceeds (being the 18 in the year to31 December 2017)

EUR

Fnma Tba 30 Yr 3.5 1,059,716,467 Fnma Tba 15 Yr 2.5 969,606,762 Fnma Tba 30 Yr 4 926,914,829 Fnma Tba 15 Yr 3 749,256,986 US Treasury N/B 654,858,508 Fnma Tba 30 Yr 3 554,276,855 Gnma Ii Tba 30 Yr 3.5 465,008,680 Fhlmc Tba 15 Yr 2.5 408,597,336 Fhlmc Tba 30 Yr 3.5 320,484,269 Tsy Infl Ix N/B 318,713,248 Fhlmc Tba 30 Yr 4 296,366,845 Gnma Ii Tba 30 Yr 4 213,228,192 Gnma Ii Tba 30 Yr 3 109,749,693 Fhlmc Tba 15 Yr 3 107,673,768 Fnma Tba 15 Yr 4 61,103,015 Fhlmc Tba 30 Yr 3 29,479,417 Vaneck Vectors Oil Services 335,187 Financial Select Sector Spdr 209,838


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262

STATEMENT OF CHANGES OF COMPOSITION OF THE PORTFOLIO (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2017 R Perdurance Market Neutral

Purchases and sales for the period ended 31 December 2017

Sales*

Proceeds (being the 12 in the period to31 December 2017)

EUR

Novo Nordisk A/S B 3,653,153 Shire Plc 2,520,085 Sap Se 1,652,970 Pandora A/S 1,508,403 Nestle Sa Reg 1,498,224 Deutsche Telekom Ag Reg 692,785 Kering 385,010 Lonza Group Ag Reg 308,510 Heineken Nv 276,046 Porsche Automobil Hldg Prf 203,568 Fresenius Medical Care Ag + 199,560 Eiffage 28,220


INRIS UCITS PLC

263

STATEMENT OF CHANGES OF COMPOSITION OF THE PORTFOLIO (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2017 R Perdurance Market Neutral

Purchases and sales for the period ended 31 December 2017

Purchases*

Proceeds (being the 17 in the period to31 December 2017)

EUR

Sap Se 5,556,971 Maisons Du Monde Sa 4,258,983 Xxl Asa 4,251,760 Novo Nordisk A/S B 3,493,051 Deutsche Telekom Ag Reg 3,215,145 Kering 2,859,713 Koninklijke Ahold Delhaize N 2,844,669 Lonza Group Ag Reg 2,766,519 Intrum Justitia Ab 2,691,626 Heineken Nv 2,658,783 Pandora A/S 2,590,959 Fresenius Medical Care Ag + 2,578,368 Eiffage 2,498,433 Shire Plc 2,429,655 Astrazeneca Plc Spons Adr 2,428,858 Porsche Automobil Hldg Prf 2,295,357 Nestle Sa Reg 1,506,506


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264

SECURITIES FINANCING TRANSACTIONS DISCLOSURES (UNAUDITED) for the financial year ended 31 December 2017 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 2017. SFTs and TRS At 31 December 2017, the Company holds open repurchase agreements. The Company also holds 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 2017 are presented in the Portfolio Statement.

Global Data As at 31 December 2017, 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 Fund Contracts for difference US$ (8,603,830) (1.25%)

R CFM Diversified Fund Contracts for difference EUR 8,739,944 0.80%

R Perdurance Market

Neutral Fund

Contracts for difference EUR 134,273 0.25%

R Karya Macro Fund Repurchase agreement EUR (23,342,038) 71.49%

Concentration Data At 31 December 2017, the top counterparties for CFDs were as follows: R Parus Fund Counterparty Fair value US$

1 Morgan Stanley (6,837,892)

2 State Street (1,765,939)

R CFM Diversified Fund Counterparty Fair value EUR

1 Nomura (4,899,840)

2 Barclays 12,917,798

3 Deutsche Bank 1,829,768

4 JP Morgan Chase (1,107,782)

R Perdurance Market

Neutral Fund Counterparty Fair value EUR

1 Morgan Stanley 121,220

2 UBS 13,053

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265

SECURITIES FINANCING TRANSACTIONS DISCLOSURES (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2017

Concentration Data (continued) R Karya Macro Fund Counterparty Fair value EUR

1 Merrill Lynch (23,342,038)

Maturity profile The maturity profile of all CFDs held at 31 December 2017 is “open”. The repurchase agreement matures on 1 January 2018. Aggregate Transaction Data

R Parus Fund

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



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

JP Morgan Chase Contract for difference Net, bilateral See note below



Morgan Stanley Contract for difference Net, bilateral See note below

UBS Contract for difference Net, bilateral See note below

R Karya Macro Fund


Merrill Lynch Repurchase agreement 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 2017 was as follows:

Broker/counterparty Location Collateral received Collateral granted

Type Value Type Value

R Parus Fund

Morgan Stanley United Kingdom - - Cash & equities US$ 18,300,943

Credit Suisse United Kingdom - - Cash US$ 18,603,125

INRIS UCITS PLC

266

SECURITIES FINANCING TRANSACTIONS DISCLOSURES (UNAUDITED) (CONTINUED) for the financial year ended 31 December 2017

Collateral (continued)

Broker/counterparty Location Collateral received Collateral granted

Type Value Type Value


Nomura United Kingdom - - Cash EUR 24,310,000

Barclays United Kingdom - - Cash EUR 31,638,639

Deutsche Bank Germany - - Cash EUR 32,260,143

Deutsche Bank Germany - - French T Bills EUR 73,177,943

JP Morgan Chase - - EUR 37,480,000


Morgan Stanley - - Cash EUR 3,202,677

UBS Switzerland - - Cash EUR 9,359,770

R Karya Macro Fund

Bank of Ameriica

Merrill Lynch USA - -

US Treasury

Notes US$ 28,029,123

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 French Treasury Bills have the following maturity profile: Type 1 week to 1

month 1 to 3 months

3 months to

1 year Above 1 year Total

French Treasury Bill EUR 9,754,778 EUR 63,423,165 - - EUR 73,177,943

The US Treasury Notes have the following maturity profile: Type 1 week to 1

month 1 to 3 months

3 months to

1 year Above 1 year Total

US Treasury Notes - - - US$ 28,029,123 US$ 28,029,123

The maturity profile of all other collateral is “open”.

InRIS UCITS Plc INRIS UCITS PLC 3 DIRECTORS, OFFICERS AND OTHER INFORMATION (CONTINUED) Trading...

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