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Annual Report & Audited Financial Statements InRIS UCITS Plc (Registration number 527368)

For the financial year ended 31 December 2019

InRIS UCITS Plc Page

Directors, officers and other information 1 – 4

Directors’ report 5 – 11

Statement of Directors’ responsibilities 12

Disclosure on remuneration (unaudited) 13 – 14

Investment Manager’s report 15 – 39

Depositary’s report to the shareholders 40

Independent auditor’s report to the shareholders 41 – 43

Statement of Comprehensive Income

Of the Company 44

Of the Funds 45 – 48

Statement of Financial Position

Of the Company 49


Statement of Changes in Net Assets Attributable to Participating Shareholders

Of the Company 54


Statement of Cash Flows

Of the Company 59


Notes to the financial statements 64 – 196

Portfolio Statement


Statement of Changes in the Composition of the Portfolio (unaudited)


Securities Financing Transactions Disclosures (unaudited) 253 – 255

InRIS UCITS Plc

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Directors, officers and other information Directors of InRIS UCITS Plc John Skelly (Irish)1

Yvonne Connolly (Irish)1

François Rivard (Canadian)2

Etienne Rouzeau (French)2

Charles Lacroix (French)2

Active Funds at 31 December 2019 InRIS Parus InRIS CFM Diversified InRIS CFM Trends

InRIS Perdurance Market Neutral InRIS Prentice

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 Innocap Global Investment Management (Ireland) Ltd Embassy House Herbert Park Lane Ballsbridge Dublin 4 D04 H6Y0 Ireland Platform Advisor Innocap Investment Management Inc. Les Cours Mont-Royal 1555 Peel Street, 6th Floor Montreal (Quebec) H3A 3L8 Canada 1Independent non-executive director 2Non-executive director

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Directors, officers and other information (continued) Distributor & Consultant Rothschild & Co Asset Management Europe of the Company 29 avenue de Messine 75008 Paris France Trading Advisor Parus Finance (UK) Limited to InRIS Parus 100 Pall Mall London SW1Y 5NQ United Kingdom Trading Advisor Intrinsic Value Investors (IVI) LLP to InRIS Intrinsic Value Europe (until 4 June 2019) 1 Hat & Mitre Court 88 St. John Street London EC1M 4EL United Kingdom Trading Advisor Capital Fund Management S.A. to InRIS CFM Diversified 23 rue de l’Universite 75007 Paris France Trading Advisors Rothschild & Co Asset Management Europe to InRIS 2020 (until 22 January 2020) 29 avenue de Messine 75008 Paris France

Nomura Corporate Research and Asset Management Inc (until 7 June 2019) Worldwide Plaza 309 West 49th Street New York, NY 10019 United States Allianz Global Investors GmbH (until 18 January 2019) Bockenheimer Landstrasse 42-44 D-60323 Frankfurt am Main Germany

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Directors, officers and other information (continued) Trading Advisor Karya Capital Management LP to InRIS Karya Macro (until 18 January 2019) 1330 Avenue of the Americas, Suite 520 New York, NY 10019 United States

Trading Advisor Capital Fund Management S.A. to InRIS CFM Trends 23 rue de l’Universite 75007 Paris France

Trading Advisor Perdurance Asset Management Limited to InRIS Perdurance Market Neutral 4th Floor, Forum 4, Grenville Street St Helier, Jersey JE2 4UF United Kingdom Trading Advisor Prentice Capital Management, L.P. to InRIS Prentice 100 West Putnam Avenue Greenwich CT 06830 United States 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

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Directors, officers and other information (continued) Independent auditor Deloitte Ireland LLP Chartered Accountants and Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Dublin 2 D02 AY28 Ireland Legal Adviser Dillon Eustace 33 Sir John Rogerson’s Quay Dublin 2 D02 XK09 Ireland

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Directors’ report For the financial year ended 31 December 2019

The Board of Directors (the “Directors”) present the annual report and audited financial statements for InRIS UCITS Plc (the “Company”) for the financial year ended 31 December 2019. 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 230 of 2019 – Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (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. During the year ended 31 December 2019, the Company had eight active funds, InRIS Parus, InRIS Intrinsic Value Europe, InRIS CFM Diversified, InRIS 2020, InRIS Karya Macro, InRIS CFM Trends, InRIS Perdurance Market Neutral and InRIS Prentice (together, the “Funds”). InRIS Karya Macro, InRIS Intrinsic Value Europe, and InRIS 2020 were fully redeemed on 14 February 2019, 25 April 2019 and 30 December 2019, respectively. At 31 December 2019, the Company has five active 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 InRIS Parus 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 InRIS Intrinsic Value Europe was to preserve capital and to increase the value of the capital over time.

The investment objective of InRIS CFM Diversified is to achieve long-term capital appreciation through trading strategies that seek to have a return profile different from that of traditional asset classes such as stocks and bonds.

The investment objective of InRIS 2020 was 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 InRIS Karya Macro was to seek absolute returns over a medium to long-term period (1 to 3 years).

The investment objective of InRIS CFM Trends is to achieve long-term capital appreciation through trading strategies that seek to have a return profile different from that of traditional asset classes such as stocks and bonds.

The investment objective of InRIS Perdurance Market Neutral 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.

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Directors’ report (continued) For the financial year ended 31 December 2019

Investment objectives (continued)

The investment objective of InRIS Prentice is to achieve long-term capital appreciation by investing in the U.S. consumer goods sector, 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 15 - 39.

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 14 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 have not recommended a dividend. For the year ended 31 December 2018, the Directors declared a dividend distribution in respect of Class F GBP unhedged of InRIS Intrinsic Value Europe of EUR 240,772.

The Company's key financial performance indicators for the year were as follows:

2019 2019 2019

InRIS InRIS InRIS Intrinsic

UCITS Plc Parus Value Europe

USD USD EUR

Change in net assets attributable to

participating shareholders from operations 81,182,459 (15,866,404) 62,940,008

Net asset value attributable to

participating shareholders 974,232,177 153,636,089 -

2019 2019 2019

InRIS CFM InRIS InRIS Karya

Diversified 2020 Macro

EUR EUR EUR


participating shareholders from operations (8,225,746) 1,288,506 606,426


participating shareholders 402,310,906 - -

2019 2019 2019

InRIS CFM InRIS Perdurance InRIS

Trends Market Neutral Prentice

USD EUR USD


participating shareholders from operations 30,311,578 2,759,988 314,617


participating shareholders 245,742,905 95,314,743 16,268,647

The NAV per share of each share class of the Funds is disclosed in note 23 of the financial statements.

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Directors’ report (continued) For the financial year ended 31 December 2019 Directors The names of persons who were Directors at any time during the financial year are as follows: John Skelly1

Yvonne Connolly1 François Rivard2

Etienne Rouzeau2

Charles Lacroix2

1Independent non-executive director 2Non-executive director Directors’ interests Etienne Rouzeau held 905 (2018: 905) Class M Euro shares in InRIS CFM Diversified at 31 December 2019. None of the other Directors held, at 31 December 2019 or during the financial period, any beneficial interest in the shares of the company (2018: no beneficial interest). Related parties Disclosures in respect of related parties are contained in note 17 to the financial statements. Connected persons The Directors are satisfied that (a) there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 43(1) of the UCITS Regulations are applied to all transactions with a connected person; and (b) all transactions with a connected person that were entered into during the financial year to which the report relates complied with the obligations that are prescribed by Regulation 43(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.

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Directors’ report (continued) For the financial year ended 31 December 2019 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 overleaf. Independent auditor Deloitte Ireland LLP 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 On 19 February 2019, the Fund’s changed their name as follows:

Old name New name R Parus Fund InRIS Parus R Intrinsic Value Europe Fund InRIS Intrinsic Value Europe R CFM Diversified Fund InRIS CFM Diversified

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

During the year, all investors fully redeemed from InRIS Karya Macro. On 18 January 2019, the trading advisor agreement between the Investment Manager and Karya Capital Management LP with respect to InRIS Karya Macro was terminated.

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Directors’ report (continued) For the financial year ended 31 December 2019 Significant events during the year (continued) During the year, all investors fully redeemed from InRIS Intrinsic Value Europe. On 4 June 2019, the trading advisor agreement between the Investment Manager and Intrinsic Value Investors (IVI) LLP with respect to InRIS Intrinsic Value Europe was terminated. During the year, all investors fully redeemed from InRIS 2020. On 18 January 2019, the trading advisor agreement between the Investment Manager and Allianz Global Investors GmbH with respect to InRIS 2020 was terminated. On 7 June 2019, the trading advisor agreement between the Investment Manager and Nomura Corporate Research and Asset Management Inc with respect to InRIS 2020 was terminated. On 22 January 2020, the trading advisor agreement between the Investment Manager and Rothschild & Co Asset Management Europe with respect to InRIS 2020 was terminated. During the year, the Administrator agreed to pay compensation to InRIS CFM Diversified as a result of a valuation error. Compensation has been received in the amount of EUR 1,958,577 and is included within ‘Other income’ in the Statement of Comprehensive Income. Those shareholders impacted have been notified. Compensation payments made to shareholders as a result of the error in the amount of EUR 374,549 is included within ‘Other operating expenses’ in the Statement of Comprehensive Income.

Subsequent events The Investment Manager and the Trading Advisor are monitoring the recent outbreak of the novel coronavirus (“COVID-19”) and its potential impact on the Funds. The outbreak of COVID-19 has increased volatility in financial markets. While the extent and duration of the impact of COVID-19 on global and local economies, financial markets, and sectors and issuers in which the Funds may invest is uncertain at this point, the outbreak has the potential to adversely affect the value of the Fund’s Portfolios. The consequences of the outbreak will be reflected as appropriate in next year’s financial statements. Up to the date of the approval of these financial statements there were no other 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 financial year ended 31 December 2019.

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Directors’ report (continued) For the financial year ended 31 December 2019 Corporate Governance Statement The Company is subject to corporate governance practices imposed by: (i) the Irish Companies Act 2014 (the “Irish Companies Act”); (ii) the Articles of Association of the Company; and (iii) the Central Bank of Ireland In addition, the Company adopted the Corporate Governance Code published by Irish Funds (“IF”) for Irish domiciled Collective Investment Schemes (the “IFIA Code”). The IFIA Code is publicly available at www.irishfunds.ie. The Directors voluntarily adopted the Corporate Governance Code for Irish Domiciled Collective Investment Schemes as published by IF, as the Company’s corporate governance code. The Directors have assessed the measures included in the IFIA Code as being consistent with its corporate governance practices and procedures for the financial period. The Directors have established processes regarding internal control and risk management systems to ensure effective oversight of the financial reporting process. These include appointing the Administrator, State Street Fund Services (Ireland) Limited, to maintain the accounting records of the Company independently of the Investment Manager and the Custodian. The Administrator is contractually obliged to maintain proper books and records as required by the administration agreement. To that end the Administrator performs regular reconciliations of its records to those of the Investment Manager and the Custodian. Doran and Minehane, an independent accountancy firm based in Ireland, has been engaged to prepare the financial statements of the Company. Doran and Minehane is contractually obliged to prepare for review and approval by the Directors the annual and interim reports including financial statements intended to give a true and fair view.

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

http://www.irishfunds.ie/

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Directors’ report (continued) For the financial year ended 31 December 2019 Corporate Governance Statement (continued) 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.

Approval of the Directors’ Report Approved by the Board of Directors on 21 April 2020 and signed on its behalf by: ________________ _____________________ John Skelly Yvonne Connolly Director Director

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Statement of Directors’ responsibilities For the financial year ended 31 December 2019

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. Approved by the Board of Directors on 21 April 2020 and signed on its behalf by: ________________ _____________________ John Skelly Yvonne Connolly Director Director

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Disclosures on remuneration (unaudited) For the financial year ended 31 December 2019 The Investment Manager has implemented a policy on remuneration (the “Remuneration Policy”) in compliance with Commission Delegated Regulation (EU) No. 231/2013, the European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013), Regulation 24A(1) of the UCITS Regulations and the European Securities and Markets Authority’s Guidelines on sound remuneration policies (the “ESMA Guidelines”). The aim of the Remuneration Policy is to ensure that the Investment Manager has risk-focused remuneration policies and practices that are consistent with and promote sound and effective risk management and do not encourage risk-taking that is inconsistent with the risk profiles, fund rules, offering documents, or instruments of incorporation of the funds that it manages including the Funds. By aligning its Remuneration Policy with effective risk management, it is less likely that the Investment Manager’s employees will have incentives to act in a manner that is inconsistent with the risk tolerance of the Funds and contrary to interests of their investors. The 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 Investment Manager’s risk profile (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 (unaudited) (continued) For the financial year ended 31 December 2019 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 Employee benefits such as pension contributions and 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 2019.

Personal Hedging Strategies Employees of the Investment Manager may not 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 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 2019 is set out below:

Fixed Remuneration

Variable Remuneration

Number of Beneficiaries*

Total remuneration EUR 569,848 EUR 127,844 6

Remuneration paid to Identified Staff EUR 569,848 EUR 127,844 6

Remuneration attributable to the Company EUR 83,580 EUR 18,751 6

* The beneficiaries comprise 1 member of senior management (including executives) and 5 other Identified Staff

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Investment Manager’s report For the financial year ended 31 December 2019 InRIS UCITS PLC – InRIS Parus

Inception date: 19 July 2013

Investment Strategy:

The objective of InRIS Parus 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, InRIS Parus uses a bottom-up approach, emphasizing stock picking, based on in-house fundamental analysis together with portfolio monitoring and risk control. InRIS Parus primarily invests directly or indirectly in equities but also use financial derivative instruments (“FDIs”). InRIS Parus primarily invests 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). InRIS Parus may take synthetic long and short positions through investments in FDIs.

InRIS Parus’ performance for the financial year ended 31 December 2019 was as follows:

InRIS Parus Class C Euro Hedged (1.54)%

InRIS Parus Class C USD 0.98%

InRIS Parus Class I CHF Hedged (2.14)%

InRIS Parus Class I Euro Hedged (1.36)%

InRIS Parus Class I Euro Unhedged 4.01%

InRIS Parus Class I GBP Hedged 0.11%

InRIS Parus Class I USD 1.69%

InRIS Parus Class SI Euro Hedged (3.15)%

InRIS Parus Class X Euro Hedged 4.20%

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Investment Manager’s report (continued) For the financial year ended 31 December 2019

InRIS UCITS PLC – InRIS Parus (continued)

InRIS Parus Date Net asset value Net asset value

per share Number of units in

circulation

Class C Euro Hedged

31/12/20181 EUR 28,446,931 EUR 98.76 288,050

31/12/20192 EUR 9,453,130 EUR 97.24 97,218

Class C USD 31/12/20181 USD 80,269,618 USD 110.19 728,497

31/12/20192 USD 21,047,802 USD 111.27 189,165

Class I CHF Hedged

31/12/20181 CHF 2,902,156 CHF 79.06 36,708

31/12/20192 CHF 729,466 CHF 77.37 9,428

Class I Euro Hedged

31/12/20181 EUR 148,267,405 EUR 105.59 1,404,213

31/12/20192 EUR 31,650,554 EUR 104.15 303,905

Class I Euro Unhedged

31/12/20181 EUR 14,794,047 EUR 125.80 117,600

31/12/20192 EUR 11,856,409 EUR 130.84 90,614

Class I GBP Hedged

31/12/20181 GBP 3,180,460 GBP 81.71 38,923

31/12/20192 GBP 255,459 GBP 81.80 3,123

Class I USD 31/12/20181 USD 34,478,991 USD 85.11 405,097

31/12/20192 USD 9,307,892 USD 86.55 107,539

Class SI Euro Hedged

31/12/20181 EUR 110,643,398 EUR 106.08 1,043,000

31/12/2019 - - -

X Euro Hedged

31/12/2018 - - -

31/12/20192 EUR 55,894,003 EUR 104.20 536,426 1 the final dealing NAV of the financial year was at 21 December 2018 2 the final dealing NAV of the financial year was at 27 December 2019.

Notes: InRIS Parus Class SI Euro Hedged closed on 14 May 2019. InRIS Class X Euro Hedged launched on 10 July 2019.

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InRIS UCITS PLC – InRIS Parus (continued)

70.00

80.00

90.00

100.00

110.00

120.00

130.00

140.00

InRIS Parus Fund

Class I Euro hedged Class I Euro unhedged Class C Euro hedged

Class C USD Class I USD Class I CHF hedged

Class I GBP hedged Class SI Euro hedged Class X Euro hedged

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InRIS UCITS PLC – InRIS Intrinsic Value Europe

Inception date: 17 November 2014 Investment Strategy: InRIS Intrinsic Value Europe took a valuation driven approach in achieving its investment objective. InRIS Intrinsic Value Europe’s aim was to establish the intrinsic value of a company through extensive research and analysis. The calculation of the intrinsic value comprised 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. InRIS Intrinsic Value Europe also took 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, InRIS Intrinsic Value Europe generally purchased those companies which traded at a substantial discount to that value. Capital was allocated towards those investments offering the most substantial discounts to intrinsic value. InRIS Intrinsic Value Europe’s performance for the financial period ended 25 April 2019 was as follows:

InRIS Intrinsic Value Europe Class F Euro 18.89%

InRIS Intrinsic Value Europe Class F GBP Unhedged 14.33%

InRIS Intrinsic Value Europe

Date Net asset value Net asset value

per share Number of units

in circulation

Class F Euro 31/12/2018 EUR 106,916,653 EUR 128.90 829,464

31/12/2019 - - -

Class F GBP Unhedged

31/12/2018 GBP 217,879,652 GBP 144.07 1,512,367

31/12/2019 - - -

Notes: Class F Euro closed on 25 April 2019. Class F GBP Unhedged Euro closed on 25 April 2019.

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Investment Manager’s report (continued) For the financial year ended 31 December 2019 InRIS UCITS PLC – InRIS Intrinsic Value Europe (continued)

100.00

110.00

120.00

130.00

140.00

150.00

160.00

170.00

InRIS Intrinsic Value Europe Fund

Class F Euro Class F GBP unhedged

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InRIS UCITS PLC – InRIS CFM Diversified Inception date: 11 December 2014 Investment Strategy: InRIS CFM Diversified is a quantitative trading fund, meaning that it selects assets based on models and mathematical formulas which are systematic in nature. InRIS CFM Diversified 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 deploys its strategy by investing in FDIs, as specifically described below for each model. The models used by the Program apply proprietary algorithms that seeks to predict the future prices and risks of financial instruments. InRIS CFM Diversified’s performance for the financial year ended 31 December 2019 was as follows:

InRIS CFM Diversified Class C Euro (3.28)%

InRIS CFM Diversified Class F Euro (3.28)%

InRIS CFM Diversified Class G AUD Hedged 0.02%

InRIS CFM Diversified Class I CHF Hedged (3.65)%

InRIS CFM Diversified Class I Euro (2.83)%

InRIS CFM Diversified Class I GBP Hedged (1.60)%

InRIS CFM Diversified Class I USD Hedged (0.07)%

InRIS CFM Diversified Class M Euro (1.66)%

InRIS CFM Diversified Class NC Euro (3.21)%

InRIS CFM Diversified Class NI Euro (2.82)%

InRIS CFM Diversified Class R Euro (1.72)%

InRIS CFM Diversified Class SI Euro (2.52)%

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Investment Manager’s report (continued) For the financial year ended 31 December 2019 InRIS UCITS PLC – InRIS CFM Diversified (continued)

InRIS CFM Diversified

Date Net asset value Net asset value per

share

Number of units in circulation

Class C Euro 31/12/2018 EUR 104,143,510 EUR 93.70 1,111,498

31/12/2019 EUR 23,215,814 EUR 90.63 256,162

Class F Euro 31/12/2018 EUR 331,818 EUR 93.47 3,550

31/12/2019 EUR 231,954 EUR 90.40 2,566

Class G AUD Hedged

31/12/2018 AUD 65,717,441 AUD 100.54 653,647

31/12/2019 AUD 102,631,013 AUD 100.56 1,020,559

Class I CHF Hedged

31/12/2018 CHF 6,630,760 CHF 93.00 71,299

31/12/2019 CHF 636,788 CHF 89.61 7,106

Class I Euro 31/12/2018 EUR 272,813,693 EUR 102.51 2,661,340

31/12/2019 EUR 162,980,767 EUR 99.61 1,636,224

Class I GBP Hedged

31/12/2018 GBP 8,185,027 GBP 98.94 82,730

31/12/2019 GBP 8,025,178 GBP 97.36 82,432

Class I USD Hedged

31/12/2018 USD 21,732,218 USD 101.67 213,761

31/12/2019 USD 5,345,323 USD 101.60 52,611

Class M Euro 31/12/2018 EUR 20,737,941 EUR 107.27 193,333

31/12/2019 EUR 7,534,292 EUR 105.49 71,422

Class NC Euro 31/12/2018 EUR 9,572,844 EUR 101.09 94,692

31/12/2019 EUR 4,869,572 EUR 97.84 49,773

Class NI Euro 31/12/2018 EUR 16,311,677 EUR 104.27 156,434

31/12/2019 EUR 8,825,438 EUR 101.33 87,093

Class R Euro 31/12/2018 EUR 40,288,403 EUR 103.02 391,089

31/12/2019 EUR 20,028,968 EUR 101.25 197,808

Class SI Euro 31/12/2018 EUR 98,011,321 EUR 94.29 1,039,475

31/12/2019 EUR 95,533,846 EUR 91.91 1,039,475

InRIS UCITS Plc

22

Investment Manager’s report (continued) For the financial year ended 31 December 2019 InRIS UCITS PLC – InRIS CFM Diversified (continued)

85.00

90.00

95.00

100.00

105.00

110.00

115.00

120.00

InRIS CFM Diversified Fund

Class I Euro Class NI Euro Class C EuroClass I USD HDG Class NC Euro Class R EuroClass F Euro Class I CHF HDG Class M EuroClass I GBP HDG Class G AUD HDG Euro Class SI Euro

InRIS UCITS Plc

23

Investment Manager’s report (continued) For the financial year ended 31 December 2019 InRIS UCITS PLC – InRIS 2020 Inception date: 10 June 2015 Investment Strategy InRIS 2020 sought 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 was expected that InRIS 2020 may have had more strategies over time, which were to be selected after qualitative and quantitative assessments of the risks, operations and investment processes of the strategy had been performed. In such cases, the offering supplement was to be updated to reflect the addition of any new trading strategies in accordance with the requirements of the Central Bank. It was expected that the combination of multiple strategies would lead to a highly diversified portfolio, benefiting from the risk spreading characteristics of each underlying strategy. It was expected that the combination of the investment strategies would diversify and stabilize the risk associated with market fluctuations. It was not intended that assets would be equally weighted between investment strategies or that all the investment strategies would be pursued at all times. Decisions with respect to strategy pursuit were made in accordance with Asset Allocation criteria. InRIS 2020 was a long only credit fund that primarily invested in Debt Securities in 2015 that were to mature in the year 2020. In this regard, the InRIS 2020 focused on buying and holding Debt Securities that ranged from low risk (i.e. Government bonds) to high risk securities (i.e. High Yield bonds). When the majority of the assets held by InRIS 2020 had reached maturity (which was expected to be in the year 2020 or 2021), depending on market conditions, the Company may have in accordance with the requirements of the Central Bank, redeemed all Shares in InRIS 2020 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 merged InRIS 2020 with another fund authorised pursuant to the UCITS Directive. InRIS 2020 invested directly in fixed or floating rate government bonds and corporate bonds, which included Investment Grade, High Yield and unrated Debt Securities. Further, InRIS 2020 may have in accordance with Appendix I of the offering supplement, invested up to 10% of its net asset value (“NAV”) in transferable securities and money market instruments which were not listed or traded on a Recognised Exchange. Such securities may have included 144A for life securities, which were privately placed bonds sold by non-reporting companies that may have been resold twelve (12) months after issue solely to qualified institutional buyers.

InRIS UCITS Plc

24


InRIS UCITS PLC – InRIS 2020 (continued) Investment Strategy (continued) InRIS 2020 did not invest more than 10% of its net assets in aggregate in collective investment schemes. InRIS 2020 may have invested more than 10% of NAV in unrated bonds. InRIS 2020 did not invest more than 10% of NAV in Debt Securities that were rated below CCC by Standard & Poor’s or the equivalent by another major credit agency. InRIS 2020 also limited 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, InRIS 2020 had no geographic or industry focus. InRIS 2020 may have invested up to 50% of NAV in emerging markets. InRIS 2020 may have invested in Russian securities, which were 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 InRIS 2020 were invested were listed or traded on a Recognised Exchange as set out in Appendix II to the prospectus; however, InRIS 2020 may also have invested up to 10% of NAV in unlisted transferable securities and money market instruments. InRIS 2020’s strategies may have selected 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 seeks 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. InRIS 2020 may have used forward foreign currency exchange contracts for the purpose of efficient portfolio management.

InRIS UCITS Plc

25


InRIS UCITS PLC – InRIS 2020 (continued) Investment Strategy (continued) Description of Investment Strategies of InRIS 2020

(i) European High Yield Strategy

The European High Yield Strategy of InRIS 2020 primarily invested in High Yield corporate bonds, but may also invest in Investment Grade bonds, which were fixed or floating. Although the primary focus of the strategy was to invest in High Yield corporate bonds, the strategy may have also invested in Investment Grade bonds to reduce overall risk as they have a lower risk than High Yield bonds. The strategy’s corporate bonds were denominated in EUR and were primarily from issuers in European countries, but may also have come from issuers in emerging markets. The strategy selected investments based on a mix of the top-down and bottom-up approach, as described above. The strategy did not make use of FDIs.

(ii) Emerging Market Debt Strategy

The Emerging Market Debt Strategy of InRIS 2020 focused on emerging market Debt Securities, which were denominated in several currencies such as USD, EUR, GBP and CHF and which were mainly issued by companies and sovereigns of emerging countries. Some of the Debt Securities in which the strategy invested in may have been issued by companies domiciled in emerging markets that had the majority of their revenues generated in one or more developed countries. The strategy invested in corporate and government bonds, which were fixed or floating. The strategy’s Debt Securities ranged from Investment Grade to High Yield, including 144A for life securities, all of which are defined above. Emerging markets in which the strategy were invested were from Asia, Africa, the Middle East, Latin America and Eastern Europe which includes Russia. The investment selection of the strategy primarily used a bottom-up approach, however, the strategy also incorporated, to a lesser extent, a top-down approach in its investment selections (both approaches are described above). The strategy made use of currency forwards for the purpose of hedging currency risks.

(iii) US High Yield Strategy

The US High Yield Strategy of InRIS 2020 focused primarily on High Yield Debt Securities denominated in USD issued by companies in the US, however, the strategy may also have invested in Debt Securities from other developed countries, such as Canada, UK and Europe, up to 20% of NAV. The strategy invested mostly in corporate, but may also have invested in government bonds, which were fixed or floating. Although the primary focus of the strategy was to invest in High Yield corporate bonds, the strategy may also have invested in Investment Grade bonds to reduce overall risk as they have a lower risk than High Yield bonds. The strategy’s Debt Securities ranged from Investment Grade to High Yield, as defined above, and included some unrated bonds and 144A for life securities as defined above. The investment selection of the strategy was primarily based on a bottom-up approach, however, a top-down approach was also incorporated, both of which are described above. The strategy made use of currency forwards for the purpose of hedging currency risks.

InRIS UCITS Plc

26


InRIS UCITS PLC – InRIS 2020 (continued) InRIS 2020’s performance for the financial period ended 30 December 2019 was as follows:

InRIS 2020 Class C Euro 2.41%

InRIS 2020 Class D Euro 2.25%

InRIS 2020 Class I Euro 3.22%

InRIS 2020 Date Net asset value Net asset value per

share

Number of units in circulation

Class C Euro 31/12/2018 EUR 38,190,525 EUR 102.56 372,385

31/12/2019 - - -

Class D Euro 31/12/2018 EUR 8,960,080 EUR 102.56 87,362

31/12/2019 - - -

Class I Euro 31/12/2018 EUR 6,118,945 EUR 104.03 58,819

31/12/2019 - - - Note: Last trade date for all classes 30 December 2019 as a result of termination.

100

101

102

103

104

105

106

107

108

InRIS 2020 Fund

Class C Euro Class D Euro Class I Euro

InRIS UCITS Plc

27


InRIS UCITS PLC – InRIS Karya Macro Inception date: 24 May 2016 Investment Strategy: InRIS Karya Macro sought 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”). InRIS Karya Macro did not focus on a particular Investment Category. InRIS Karya Macro invested primarily in developed markets worldwide. InRIS Karya Macro may have invested up to 10% of NAV in emerging markets. Instruments in which InRIS Karya Macro may have invested may have been traded over the counter or listed or traded on a recognised exchange, as set out in Appendix II to the prospectus.

The global macro strategy employed by InRIS Karya Macro selected investments based on the Trading Advisor’s global macro views of economic and political environments, financial markets, sectors and countries in InRIS Karya Macro’s investment universe. The Trading Advisor determined their global macro views through the use of a top-down approach which included an analysis of economic, monetary, political and technical factors. More specifically, the approach analysed gross domestic product growth, geopolitical tensions of countries, unemployment, inflation and changes in interest rates. In addition, the approach examined a country’s stock market volatility, bond market volatility and currency volatility and whether it was in an upward trend or downward trend. Finally, the approach analysed 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 had been determined, the Trading Advisor classified them into different themes, which may have varied over time depending on the economic or political situations of countries. Generally, themes were based on, but not limited to, monetary policy, global economic cycles, economic cycles of sectors and countries and the use of economic stimulus. Themes were 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 took long positions in themes that it determined to have a positive impact on the financial markets and took short positions in themes that it determined more likely to have a negative impact on the financial markets. The Trading Advisor selected, for each theme, Investment Categories that were 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, InRIS Karya Macro may have taken both long and short positions in each Investment Category and short positions were only achieved synthetically through the use of FDIs listed overleaf.

InRIS UCITS Plc

28


InRIS UCITS PLC – InRIS Karya Macro (continued) Investment Strategy (continued): Once themes had been established, the Trading Advisor selected 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 focused 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 included, without being limited to, data on the economy, interest rates, foreign policy and central banks. The bottom-up approach also focused 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 was typically measured by the regulatory actions taken by a government, which included government spending, economic policies, taxes, subsidies, tariffs and minimum wage. InRIS Karya Macro may have invested directly in collective investment schemes, such as exchange traded funds, which were subject to limits, debt securities, such as mortgage back securities (“MBS”), and fixed or floating rate government bonds. The MBS in which InRIS Karya Macro may have invested in did not include embedded derivatives and/or leverage. The debt securities mentioned above may have been traded over the counter. InRIS Karya Macro may not have invested 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. InRIS Karya Macro may also have taken both long and short positions in the following FDIs, to deploy InRIS Karya Macro’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. InRIS Karya Macro may also have used 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 have used them for investment purposes. The above derivatives may have been traded over the counter or listed or traded on a recognised exchange. InRIS Karya Macro may have invested 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. InRIS Karya Macro may not have invested more than 20% of NAV in non-investment grade securities. It was expected that the total gross long position would generally have been approximately 7500% of the net asset value of InRIS Karya Macro and the total gross short position would generally have been approximately 1500% of the net asset value of InRIS Karya Macro. However, the total gross long positions and the total gross short positions may have exceeded or fallen below these percentages depending on changes in the Trading Advisor’s global macro views and themes, as described above.

InRIS UCITS Plc

29


InRIS UCITS PLC – InRIS Karya Macro (continued) Investment Strategy (continued): As the use of financial derivatives was an important part of the approach of InRIS Karya Macro, InRIS Karya Macro may have had significant cash balances to invest. Such cash balances may have been invested in money market funds, money market instruments which included, but were 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. InRIS Karya Macro’s assets may also have been 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.

InRIS Karya Macro’s performance for the financial period ended 14 February 2019 was as follows:

InRIS Karya Macro Class NC Euro (0.94)%

InRIS Karya Macro Class NI Euro (0.02)%

InRIS UCITS Plc

30


InRIS UCITS PLC – InRIS Karya Macro (continued)

InRIS Karya Macro Date Net asset value Net asset value


in circulation

Class NC Euro 31/12/2018 EUR 93,538 EUR 86.46 1,082

31/12/2019 - - -

Class NI Euro 31/12/2018 EUR 455,311 EUR 88.87 5,123

31/12/2019 - - -

Class NI USD Hedged 31/12/2018 USD 4,803,712 USD 93.30 51,488

31/12/2019 - - - Notes: Class NC EUR closed on 14 February 2019. Class NI EUR closed on 10 January 2019. Class NI USD Hedged closed on 31 December 2018.

85.00

90.00

95.00

100.00

105.00

110.00

115.00

31-12-18 28-02-19

InRIS Karya Macro Fund

Class NC Euro Class NI EUR

InRIS UCITS Plc

31


InRIS UCITS PLC – InRIS CFM Trends Inception date: 2 December 2016 Investment Strategy: InRIS CFM Trends is a quantitative trading fund, meaning that it selects assets based on mathematical formulas which are systematic in nature (i.e. trading decisions are made automatically as determined by the mathematical formulas). InRIS CFM Trends 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 InRIS CFM Trends’ 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 InRIS CFM Trends’ 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 InRIS CFM Trends, generating orders when differences exceed tolerances.

InRIS UCITS Plc

32


InRIS UCITS PLC – InRIS CFM Trends (continued) Investment Strategy (continued): At any time, the optimal portfolio determined by the Program may differ from the portfolio of investments of InRIS CFM Trends. 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 InRIS CFM Trends 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 InRIS CFM Trends, it 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. InRIS CFM Trends’ 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 InRIS CFM Trends 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 InRIS CFM Trends. 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 InRIS CFM Trends, InRIS CFM Trends may at times be invested in money market funds and money market instruments in order to manage the cash held by InRIS CFM Trends. 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

33

Investment Manager’s report (continued) For the financial year ended 31 December 2019 InRIS UCITS PLC – InRIS CFM Trends (continued) InRIS CFM Trends’ performance for the financial year ended 31 December 2019 was as follows:

InRIS CFM Trends Class C Euro Hedged 7.17%

InRIS CFM Trends Class I Euro Hedged 7.88%

InRIS CFM Trends Class I USD (3.27)%

InRIS CFM Trends Class NI Euro Hedged 7.71%

InRIS CFM Trends Class SSI USD 5.04%

InRIS CFM Trends Class WD Euro Hedged 7.89%

InRIS CFM Trends Class WD GBP Hedged 9.41%

InRIS CFM Trends Class WD USD 10.97%

InRIS CFM Trends Date Net asset value Net asset value


in circulation

Class C Euro Hedged

31/12/2018 EUR 184,344 EUR 92.19 2,000

31/12/2019 EUR 197,563 EUR 98.80 2,000

Class I Euro Hedged 31/12/2018 EUR 967 EUR 96.74 10

31/12/2019 EUR 1,044 EUR 104.36 10

Class I USD 31/12/2018 - - -

31/12/2019 USD 1,450,998 USD 96.73 15,000

Class NI Euro Hedged

31/12/2018 EUR 5,830,150 EUR 94.14 61,929

31/12/2019 EUR 4,563,118 EUR 101.40 45,000

Class SSI USD 31/12/2018 - - -

31/12/2019 EUR 78,573,323 USD 105.04 748,007

Class WD Euro Hedged

31/12/2018 EUR 21,850,495 EUR 95.68 228,368

31/12/2019 EUR 18,818,372 EUR 103.23 182,297

Class WD GBP Hedged

31/12/2018 GBP 109,629,183 GBP 97.59 1,123,411

31/12/2019 GBP 85,935,348 GBP 106.77 804,835

Class WD USD 31/12/2018 USD 31,728,278 USD 100.48 315,759

31/12/2019 USD 25,407,023 USD 111.50 227,856

Notes: Class I USD Launched on 22 July 2019. Class SSI USD Launched on 22 May 2019.

InRIS UCITS Plc

34


InRIS UCITS PLC – InRIS CFM Trends (continued)

85.00

90.00

95.00

100.00

105.00

110.00

115.00

120.00

125.00

130.00

InRIS CFM Trends Fund

Class I Euro hedged Class SSI USD Class NI Euro hedged

Class WD Euro hedged Class WD GBP hedged Class WD USD

Class C Euro hedged Class I USD

InRIS UCITS Plc

35


InRIS UCITS PLC – InRIS Perdurance Market Neutral Inception date: 11 October 2017 Investment Strategy: The investment objective of InRIS Perdurance Market Neutral 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. InRIS Perdurance Market Neutral seeks to achieve its investment objective by taking long and short positions in equity securities of all types of market capitalization. InRIS Perdurance Market Neutral 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. InRIS Perdurance Market Neutral 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 InRIS Perdurance Market Neutral’s offering supplement. InRIS Perdurance Market Neutral may also invest in collective investment schemes and hold cash and other liquid assets for cash management purposes as further described below. InRIS Perdurance Market Neutral’s performance for the financial year ended 31 December 2019 was as follows:

InRIS Perdurance Market Neutral Class C Euro 2.73%

InRIS Perdurance Market Neutral Class I Euro 3.27%

InRIS Perdurance Market Neutral Class I USD Hedged 4.30%

InRIS Perdurance Market Neutral Class NC Euro 3.00%

InRIS Perdurance Market Neutral Class NI Euro 3.45%

InRIS UCITS Plc

36


InRIS UCITS PLC – InRIS Perdurance Market Neutral (continued)

InRIS Perdurance Market Neutral

Date Net asset value Net asset value


in circulation

Class C Euro 31/12/2018 EUR 9,935,763 EUR 88.01 112,900

31/12/2019 EUR 28,643,314 EUR 90.41 316,804

Class I Euro 31/12/2018 EUR 16,707,129 EUR 90.24 185,150

31/12/2019 EUR 18,512,209 EUR 93.19 198,660

Class I USD Hedged 31/12/2018 USD 737,005 USD 94.72 7,781

31/12/2019 - - -

Class NC Euro 31/12/2018 EUR 6,633,371 EUR 89.87 73,810

31/12/2019 EUR 4,440,399 EUR 92.57 47,968

Class NI Euro 12/31/2018 EUR 56,712,924 EUR 90.12 629,321

12/31/2019 EUR 43,718,821 EUR 93.23 468,958 Notes: Class I USD hedged closed on 9 July 2019.

85.00

87.00

89.00

91.00

93.00

95.00

97.00

99.00

101.00

103.00

105.00

R Perdurance Market Neutral Fund

Class I Euro Class NC Euro Class NI Euro Class C Euro Class I USD hedged

InRIS UCITS Plc

37


InRIS UCITS PLC – InRIS Prentice Inception date: 1 July 2019 Investment Strategy: The investment objective of the Fund is to achieve long-term capital appreciation by investing in the U.S. consumer goods sector, while delivering low correlation to equity markets. The Fund is a U.S. consumer sector (as described below) equity long/short fund. This will involve buying equities and using financial derivative instruments (“FDI”) to hedge or take positions on equities likely to add value. The Trading Advisor relies primarily on fundamental research, which includes reviewing a prospective company’s balance sheet and/or economic forecasts. The Fund will take long positions in companies experiencing prolonged under-performance, or undergoing significant change and take synthetic short positions through FDIs in fully valued structurally declining companies, which are companies which, in the Trading Advisor’s view, are facing business or financial difficulties. The Trading Advisor selects positions based on fundamental research and the use of primary data, such as company public disclosures, market share, market prices, production, consumption, price or credit data. The Trading Advisor’s portfolio’s concentration of long positions shall be high (typically 30-60 stocks) and the trading frequency shall be low due to the long investment horizon. The Fund will invest primarily in North American equities, and may also invest from time to time in other markets (including emerging markets), via the use of listed common stocks, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), contracts for differences, swaps on single listed equity, swaps on single over-the-counter (“OTC”) equity, swaps on equity indices and total return swaps, as further described in the section below entitled “Financial Instruments Derivatives”. The Fund may invest up to 10% of its NAV in emerging markets. The consumer sector relates to companies that manufacture products and provide services that consumers purchase on a discretionary basis, as well as companies that provide direct-to-consumer products that, based on consumer purchasing habits, are typically considered nondiscretionary. Examples include but are not limited to: apparel, textiles, food service/lodging, household furniture, appliances, leisure-related, printing and publishing, general retail, food products, beverages and soaps and toiletries. When selecting equities, the Fund focuses on long-term outcome with the objective to make money on each position, whether long or synthetically short.

InRIS UCITS Plc

38


InRIS UCITS PLC – InRIS Prentice (continued) Investment Strategy (continued): The Fund has active long and short positions. Single stocks included in the portfolio are the result of a bottom-up selection process. Although this selection process is the primary focus, portfolio monitoring and risk control, using FDIs to minimize losses, are also an integral part of the process. The Fund has a variable net exposure (meaning the value of long positions minus the value of short positions), which shall generally be between +30% to -10% of the Net Asset Value of the Fund and shall be derived from microeconomic data points. When the valuation of the market is low, the Fund will tend to hold more long positions than short positions. When the market reflects a higher valuation, the Fund will increase the short positions and thus reduce the net exposure. The Fund may take both long and synthetic short positions in any of the asset classes set out in this Supplement in order to achieve its investment objective. It is expected that the total gross long positions will not exceed 80% of the Net Asset Value of the Fund and the total gross short positions will not exceed 70% 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 how the strategy described above is implemented from time to time. Long positions may be held through a combination of direct investment in equites and/or FDI while short positions will be held through FDI only. InRIS Prentices’ performance for the financial year ended 31 December 2019 was as follows:

InRIS Prentice Class I Euro Hedged (3.76)%

InRIS Prentice Class M Euro Hedged 5.32%

InRIS Prentice Class M USD 7.70%

InRIS Prentice Class NI Euro Hedged 2.95%

InRIS UCITS Plc

39


InRIS UCITS PLC – InRIS Prentice (continued) Investment Strategy (continued):

InRIS Prentice Date Net asset value Net asset value


in circulation

Class I Euro Hedged 31/12/2018 - - -

31/12/2019 EUR 9,624 EUR 96.24 100

Class M Euro Hedged 31/12/2018 - - -

31/12/2019 EUR 11,677 EUR 105.32 111

Class M USD 31/12/2018 - - -

31/12/2019 EUR 2,670 USD 107.70 25

Class NI Euro Hedged 31/12/2018 - - -

31/12/2019 EUR 14,469,554 EUR 102.95 140,543 Notes: Class I Euro Hedged launched on 6 November 2019. Class M Euro Hedged launched on 14 August 2019. Class M USD launched on 28 August 2019. Class NI Euro Hedged launched on 17 July 2019.

9092949698

100102104106108110

InRIS Prentice Fund

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

InRIS UCITS Plc

40

Depositary’s report to the shareholders For the financial year ended 31 December 2019 We have enquired into the conduct of InRIS UCITS Plc (the “Company”) for the financial year ended 31 December 2019 in our capacity as Depositary to the Company. This report including the opinion has been prepared for and solely for the shareholders in the Company as a body, in accordance with Regulation 34, (1), (3) and (4) in Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, (‘the UCITS Regulations’), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown. Responsibilities of the Depositary Our duties and responsibilities are outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders. Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisions of the Company’s Memorandum and Articles of Association and the UCITS Regulations. It is the overall responsibility of the Company to comply with these provisions. If the Company has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation. Basis of Depositary Opinion The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Company has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the Company’s Memorandum and Articles of Association and the UCITS Regulations and (ii) otherwise in accordance with the Company’s constitutional documentation and the appropriate regulations. Opinion In our opinion, the Company has been managed during the year, in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum & Articles of Association, the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (‘the Central Bank UCITS Regulations’); and

(ii) otherwise in accordance with the provisions of the Memorandum & Articles of Association, the UCITS Regulations and the Central Bank UCITS Regulations.

State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland Date: 21 April 2020

e620751

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e620751

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Deloitte Ireland LLP

Chartered Accountants &

Statutory Audit Firm

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF INRIS UCITS PLC

Report on the Audit of the Financial Statements Opinion on the financial statements of InRIS UCITS Plc (the ‘Fund’) In our opinion the Fund’s financial statements:

give a true and fair view of the assets, liabilities and financial position of the Fund as at 31 December

2019 and its profit for the financial year then ended; and have been properly prepared in accordance with the relevant financial reporting framework, the

applicable Regulations and, in particular, with the requirements of the Companies Act 2014. The financial statements we have audited comprise:

the Statement of Comprehensive Income; the Statement of Financial Position; the Statement of Changes in Net Assets attributable to participating shareholders; the Statement of Cash Flows; and

the related notes 1 to 27 including a summary of significant accounting policies as set out in note 3. The relevant financial reporting framework that has been applied in their preparation is the Companies Act 2014 and International Financial Reporting Standards (IFRS) as adopted by the European Union (“the relevant financial reporting framework”). The applicable regulations that have been applied in their preparation is the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations, 2015 (as amended) (“the UCITS Regulations”) (“the applicable Regulations”).

Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are described below in the “Auditor's responsibilities for the audit of the financial statements” section of our report. We are independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where:

the directors’ use of the going concern basis of accounting in preparation of the financial statements is not appropriate; or

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Fund’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

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INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF

INRIS UCITS PLC Other information The directors are responsible for the other information. The other information comprises the information included in the Annual report and audited financial statements for the financial year ended 31 December 2019, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or

our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of directors As explained more fully in the Statement of Directors’ Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view and otherwise comply with the Companies Act 2014, and for such internal control as the directors determine is necessary to

enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Fund or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our

opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (Ireland), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may

involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

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INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF

INRIS UCITS PLC

Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditor’s report. However, future events or conditions may cause the entity (or where relevant, the group) to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that the auditor identifies during the audit. This report is made solely to the Fund’s members, as a body, in accordance with Section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the Fund’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Fund and the Fund’s members as

a body, for our audit work, for this report, or for the opinions we have formed. Report on other legal and regulatory requirements Opinion on other matters prescribed by the Companies Act 2014 Based solely on the work undertaken in the course of the audit, we report that: We have obtained all the information and explanations which we consider necessary for the purposes of

our audit. In our opinion the accounting records of the Fund were sufficient to permit the financial statements to be

readily and properly audited.

The financial statements are in agreement with the accounting records. In our opinion the information given in the directors’ report is consistent with the financial statements and

the directors’ report has been prepared in accordance with the Companies Act 2014. Matters on which we are required to report by exception Based on the knowledge and understanding of the Fund and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the provisions in the Companies Act 2014 which require us to report to you if, in our opinion, the disclosures of directors’ remuneration and transactions specified by law are not made.

Darren Griffin For and on behalf of Deloitte Ireland LLP Chartered Accountants and Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Dublin 2 Date: 28 April 2020

DAGRIFFIN

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InRIS UCITS Plc

44

Statement of Comprehensive Income of the Company For the financial year ended 31 December 2019

Financial Financial

year ended year ended

31 December 31 December

Note 2019 2018

Investment income USD USD

Dividend income 6,522,519 11,254,175

Interest income on cash balances 5,612,947 3,089,122

Net gain/(loss) on financial assets and liabilities

at fair value through profit or loss 89,277,537 (239,728,618)

Other income 24 2,245,616 23,184

Net investment gain/(loss) 103,658,619 (225,362,137)

Operating expenses

Trading advisor - management fees 10 8,274,272 19,285,897

Variable consultant fees 11 3,104,507 2,577,637

Investment manager fees 10 2,622,071 4,723,548

Distribution fees 11 1,731,243 7,379,299

Other operating expenses 10, 24 1,638,592 821,397

Administration fees 7 1,395,036 2,811,470

Interest expense on cash balances 1,385,210 2,001,118

Legal fees 467,356 488,004

Fixed consultant fees 11 458,292 556,593

Trading advisor - performance fees 10 276,624 20,438

Hedging fees 10 246,050 446,692

Depositary fees 7 153,324 886,944

Directors’ fees 17 84,438 181,929

Transfer agent fees 8 (333,259) 663,787

Total operating expenses 21,503,756 42,844,753

Finance costs

Distribution paid - 283,477

Total finance costs - 283,477

Operating profit/(loss) before withholding tax 82,154,863 (268,490,367)

Withholding tax (972,404) (1,417,201)


participating shareholders from operations 81,182,459 (269,907,568)

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 21 April 2020.

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

InRIS UCITS Plc

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Statement of Comprehensive Income of the Funds For the financial year ended 31 December 2019

1For the period from 1 January 2019 to 25 April 2019. InRIS Intrinsic Value Europe was fully redeemed on 25 April 2019.2For the period from 1 January 2019 to 30 December 2019. InRIS 2020 was fully redeemed on 30 December 2019.The attached notes form an integral part of these audited financial statements.

Financial Financial Financial Financial

year ended year ended year ended year ended

31 December 31 December 31 December 31 December

2019 2019 2019 2019

InRIS InRIS Intrinsic InRIS CFM InRIS

Note Parus Value Europe1 Diversified 20202

Investment income USD EUR EUR EUR

Dividend income 1,462,157 2,568,470 - -

Interest income on cash balances 1,093,538 - - -

Net (loss)/gain on financial assets and liabilities held

at fair value through profit or loss (12,492,401) 62,032,045 (1,420,606) 1,803,869

Other income 24 31,225 1,950 1,958,577 2,303

Net investment (loss)/gain (9,905,481) 64,602,465 537,971 1,806,172

Operating expenses

Trading advisor - management fees 10 2,768,974 1,208,369 2,460,035 94,593

Variable consultant fees 11 997,258 - 1,506,750 72,612

Investment manager fees 10 619,149 132,889 1,069,388 68,962

Distribution fees 11 472,685 - 736,587 150,724

Other operating expenses 10, 24 466,352 (10,626) 830,803 (51,891)

Administration fees 7 228,519 44,714 600,481 123,904

Interest expense on cash balances - 23,689 1,102,434 33,110

Legal fees 56,963 23,718 124,672 83,988

Fixed consultant fees 11 92,607 1,820 223,107 14,413

Hedging fees 10 115,086 - 44,949 -

Depositary fees 7 48,981 33,262 72,861 (54,320)

Directors’ fees 17 14,596 5,870 25,074 11,454

Transfer agent fees 8 (199,118) (86,507) (41,152) (29,883)

Total operating expenses 5,682,052 1,377,198 8,755,989 517,666

Operating (loss)/profit before withholding tax (15,587,533) 63,225,267 (8,218,018) 1,288,506

Withholding tax (278,871) (285,259) (7,728) -


participating shareholders from operations (15,866,404) 62,940,008 (8,225,746) 1,288,506

InRIS UCITS Plc

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Statement of Comprehensive Income of the Funds (continued) For the financial year ended 31 December 2019

1For the period from 1 January 2019 to 14 February 2019. InRIS Karya Macro was fully redeemed on 14 February 2019. The attached notes form an integral part of these audited financial statements.




2019 2019 2019 2019

InRIS Karya InRIS CFM InRIS Perdurance InRIS

Note Macro1 Trends Market Neutral Prentice

Investment income EUR USD EUR USD

Dividend income - 8,783 1,893,264 59,759 Interest income on cash balances 4,779 4,508,250 - 5,813

Net gain on financial assets and liabilities held

at fair value through profit or loss 607,386 27,983,996 2,521,257 454,900

Other income - 14,298 - 4,065

Net investment gain 612,165 32,515,327 4,414,521 524,537

Operating expenses

Trading advisor - management fees 10 (8,436) 962,150 278,636 30,778

Variable consultant fees 11 30,095 267,587 10,774

Investment manager fees 10 395 366,434 181,893 10,272

Distribution fees 11 3,555 48,733 186,361 4,616

Other operating expenses 10 13,982 41,100 195,768 36,906

Administration fees 7 (687) 214,294 59,736 25,686

Interest expense on cash balances - - 78,880 -

Legal fees 8,933 85,199 38,533 12,103

Fixed consultant fees 11 651 72,961 20,755 1,000

Trading advisor - performance fees 10 (554) 228,123 561 48,493

Hedging fees 10 - 77,507 79 3,080

Depositary fees 7 (158) 31,326 12,884 822

Directors’ fees 17 (11,761) 17,965 9,993 6,420

Transfer agent fees 8 (181) 27,862 11,992 1,042

Total operating expenses 5,739 2,203,749 1,343,658 191,992

Operating profit before withholding tax 606,426 30,311,578 3,070,863 332,545

Withholding tax - - (310,875) (17,928)


participating shareholders from operations 606,426 30,311,578 2,759,988 314,617

InRIS UCITS Plc

47



Financial Financial Financial Financial year ended year ended year ended year ended

31 December 31 December 31 December 31 December 2018 2018 2018 2018 InRIS InRIS Intrinsic InRIS CFM InRIS

Note Parus Value Europe Diversified 2020 Investment income USD EUR EUR EUR Dividend income 1,856,960 6,251,012 - - Interest income on cash balances 1,349,162 - - - Net gain/(loss) on financial assets and liabilities held at fair value through profit or loss (11,768,748) (49,203,276) (93,259,697) (1,265,313) Other income 21,499 - - -

Net investment loss (8,541,127) (42,952,264) (93,259,697) (1,265,313)

Operating expenses Trading advisor – management fees 10 6,615,398 3,824,156 4,849,921 787,445 Variable consultant fees 11 930,129 - 1,237,753 38,305 Investment manager fees 10 1,139,290 498,695 1,639,774 297,149 Distribution fees 11 2,603,103 - 2,971,944 618,567 Other operating expenses 146,002 17,840 273,609 36,292 Administration fees 7 496,624 153,384 1,108,214 182,603 Interest expense on cash balances - 86,642 1,395,752 86,338 Legal fees 100,723 38,381 157,314 27,881 Fixed consultant fees 11 194,418 107,371 93,021 47,957 Trading advisor – performance fees 10 - - 14,418 - Hedging fees 10 267,533 - 73,504 - Depositary fees 7 160,540 157,406 299,727 74,101 Directors’ fees 17 25,225 19,490 31,461 23,886 Transfer agent fees 8 148,352 95,953 221,740 37,158

Total operating expenses 12,827,337 4,999,318 14,368,152 2,257,682

Finance costs Distribution paid - 240,772 - -

Total finance costs - 240,772 - -

Operating loss before withholding tax (21,368,464) (48,192,354) (107,627,849) (3,522,995)

Withholding tax (415,256) (555,120) - -

Change in net assets attributable to participating shareholders from operations (21,783,720) (48,747,474) (107,627,849) (3,522,995)

InRIS UCITS Plc

48



Financial Financial Financial

year ended year ended year ended

31 December 31 December 31 December

2018 2018 2018

InRIS Karya InRIS CFM InRIS Perdurance

Note Macro Trends Market Neutral

Investment income EUR USD EUR

Dividend income 8,498 - 1,722,043

Interest income on cash balances 118,988 1,599,868 -

Net loss on financial assets and liabilities held

at fair value through profit or loss (820,052) (40,960,594) (14,280,058)

Other income - 1,685 -

Net investment loss (692,566) (39,359,041) (12,558,015)

Operating expenses

Trading advisor – management fees 10 135,730 970,771 339,947

Variable consultant fees 11 13,322 2,918 107,458

Investment manager fees 10 76,997 364,181 222,368

Distribution fees 11 60,875 16,013 391,690

Other operating expenses 106,533 82,301 69,474

Administration fees 7 220,535 225,297 110,029

Interest expense on cash balances - - 130,924

Legal fees 37,625 47,771 27,162

Fixed consultant fees 11 5,370 43,288 17,129

Trading advisor – performance fees 10 554 2,734 65

Hedging fees 10 6,175 85,124 189

Depositary fees 7 8,845 59,617 26,258

Directors’ fees 17 23,609 22,849 15,244

Transfer agent fees 8 3,496 60,703 27,881

Total operating expenses 699,666 1,983,567 1,485,818

Operating loss before withholding tax (1,392,232) (41,342,608) (14,043,833)

Withholding tax (2,550) - (293,335)


participating shareholders from operations (1,394,782) (41,342,608) (14,337,168)

InRIS UCITS Plc

49

Statement of Financial Position of the Company As at 31 December 2019


Note 2019 2018

Assets USD USD

Cash and cash equivalents 5 396,388,901 430,923,648

Balance due from brokers 6 305,125,175 333,036,195

Receivable for securities sold 807,795 4,392,091

Receivable for fund shares sold 2,499,083 1,060,642

Other receivables 22,089,931 2,785,053

Financial assets measured at fair value through profit or loss

Investment in equity instruments 16 177,988,510 588,096,211

Investment in debt instruments 16 219,025,940 725,810,912

Derivative financial instruments 16 45,293,367 133,010,404

Total assets 1,169,218,702 2,219,115,156

Liabilities Financial liabilities measured at fair value through profit or loss

Derivative financial instruments 16 62,049,049 112,660,564

Financial liabilities measured at amortised cost

Balance due to brokers 6 103,957,609 87,254,197

Payable for fund shares purchased 24,523,048 35,466,182

Other payables and accrued expenses 965,699 409,501

Trading advisor - management fees payable 10 728,214 3,064,815

Payable for securities purchased 510,528 9,190

Variable consultant fees payable 11 510,148 2,132,993

Fixed consultant fees payable 11 329,224 275,007

Distribution fees payable 11 328,106 4,605,447

Administration fees payable 7 286,069 585,376

Trading advisor - performance fee payable 10 277,237 124,916

Investment manager fees payable 10 182,181 808,017

Transfer agent fees payable 8 147,965 1,068,446

Interest payable 91,656 2,404,191

Depositary fees payable 7 64,436 342,455

Directors’ fees payable 17 19,228 26,201

Hedging fees payable 10 16,128 35,801

Liabilities (excluding net assets attributable to participating shareholders) 194,986,525 251,273,299

Net asset value attributable to participating shareholders 974,232,177 1,967,841,857


The financial statements were approved by the Board of Directors on 21 April 2020 and signed on its behalf by:

________________ _____________________ John Skelly Yvonne Connolly Director Director


InRIS UCITS Plc

50

Statement of Financial Position of the Funds As at 31 December 2019

31 December 31 December 31 December 31 December 2019 2019 2019 2019 InRIS InRIS Intrinsic InRIS CFM InRIS Note Parus Value Europe Diversified 2020 Assets USD EUR EUR EUR Cash and cash equivalents 5 31,060,774 146,984 128,165,374 17,033,620 Balance due from brokers 6 13,648,587 - 195,331,294 - Receivable for fund shares sold 27,560 - 1,945,382 - Other receivables 423,078 173,979 7,435,286 - Financial assets measured at fair value through profit or loss Investment in equity instruments 16 77,796,276 - - - Investment in debt instruments 16 37,450,438 - 161,759,986 - Derivative financial instruments 16 1,847,288 - 30,201,743 -

Total assets 162,254,001 320,963 524,839,065 17,033,620 Liabilities Financial liabilities measured at fair value through profit or loss Derivative financial instruments 16 3,711,216 - 42,032,955 - Financial liabilities measured at amortised cost Balance due to brokers 6 2,199,112 - 77,279,554 - Payable for fund shares purchased 1,853,534 320,963 1,707,987 16,823,196 Other payables and accrued expenses 243,328 - 401,257 107,491 Trading advisor - management fees payable 10 129,922 - 319,913 28,337 Variable consultant fees payable 11 121,911 - 264,366 4,835 Fixed consultant fees payable 11 82,451 - 128,505 10,809 Distribution fees payable 11 81,833 - 117,910 20,465 Administration fees payable 7 54,371 - 90,246 25,715 Investment manager fees payable 10 33,363 - 84,892 2,603 Transfer agent fees payable 8 27,397 - 58,206 2,969 Interest payable 58,754 - - 1,086 Depositary fees payable 7 11,649 - 35,488 3,452 Directors’ fees payable 17 3,294 - 2,654 2,662 Hedging fees payable 10 5,777 - 4,226 -

Liabilities (excluding net assets attributable to participating shareholders) 8,617,912 320,963 122,528,159 17,033,620

Net asset value attributable to participating shareholders 153,636,089 - 402,310,906 -


InRIS UCITS Plc

51

Statement of Financial Position of the Funds (continued) As at 31 December 2019


2019 2019 2019 2019


Note Macro Trends Market Neutral Prentice

Assets EUR USD EUR USD Cash and cash equivalents 5 359 193,914,976 1,708,467 6,344,208 Balance due from brokers 6 - 56,134,702 12,505,467 2,045,228 Receivable for securities sold - - 715,417 4,740 Receivable for fund shares sold - 10,865 246,742 - Other receivables - 12,497,947 505,102 60,533 Financial assets measured at fair value through profit or loss Investment in equity instruments 16 - - 81,616,030 8,578,282 Derivative financial instruments 16 - 8,564,780 739,665 149,584

Total assets 359 271,123,270 98,036,890 17,182,575

Liabilities Financial liabilities measured at fair value through profit or loss

Derivative financial instruments 16 - 10,660,464 432,905 9,462 Financial liabilities measured at amortised cost Balance due to brokers 6 - 13,883,003 752,746 284,277

Payable for fund shares purchased 359 182,318 1,180,640 - Other payables and accrued expenses - 42,732 79,889 18,895 Trading advisor - management fees payable 10 - 140,585 52,222 8,177

Payable for securities purchased - - - 510,528

Variable consultant fees payable 11 - 13,646 59,170 5,995

Fixed consultant fees payable 11 - 65,001 21,730 1,000

Distribution fees payable 11 - 20,463 60,157 2,957 Administration fees payable 7 - 64,056 20,815 14,111 Trading advisor - performance fee payable 10 - 228,123 553 48,493

Investment manager fees payable 10 - 28,887 16,917 2,729

Transfer agent fees payable 8 - 38,446 11,057 1,042

Interest payable - - 26,971 1,408

Depositary fees payable 7 - 4,621 3,587 430 Directors’ fees payable 17 - 3,234 2,788 3,603 Hedging fees payable 10 4,786 - 821

Liabilities (excluding net assets attributable to participating shareholders) 359 25,380,365 2,722,147 913,928

Net asset value attributable to participating shareholders - 245,742,905 95,314,743 16,268,647


InRIS UCITS Plc

52


31 December 31 December 31 December 31 December 2018 2018 2018 2018 InRIS InRIS Intrinsic InRIS CFM InRIS Note Parus Value Europe Diversified 2020 Assets USD EUR EUR EUR Cash and cash equivalents 5 58,963,790 8,744,476 158,784,345 5,128,842 Balance due from brokers 6 71,097,762 129 165,491,990 - Receivable for securities sold 3,673,872 60,613 - - Receivable for fund shares sold - 133,991 707,103 77,948 Other receivables 614,422 440,517 1,103 933,706 Financial assets measured at fair value through profit or loss Investment in equity instruments 16 137,083,563 308,990,540 - 4,297 Investment in debt instruments 16 208,985,670 32,249,077 371,397,954 48,459,286 Derivative financial instruments 16 21,044,562 - 91,998,958 363,147

Total assets 501,463,641 350,619,343 788,381,453 54,967,226 Liabilities Financial liabilities measured at fair value through profit or loss Derivative financial instruments 16 1,657,356 - 85,520,931 186,261 Financial liabilities measured at amortised cost Balance due to brokers 6 21,883,160 44 49,918,970 260,166 Payable for fund shares purchased 6,192,510 214,139 9,456,476 270,274 Other payables and accrued expenses 95,705 77,012 28,648 32,941 Trading advisor - management fees payable 10 612,033 94,541 1,381,224 298,960 Payable for securities purchased - 8,039 - - Variable consultant fees payable 11 807,072 - 1,049,857 21,174 Fixed consultant fees payable 11 65,393 107,371 21,343 15,625 Distribution fees payable 11 1,622,423 - 2,047,724 305,335 Administration fees payable 7 144,217 45,721 119,755 49,778 Trading advisor - performance fees payable 10 85,179 - 14,418 - Investment manager fees payable 10 69,600 274,487 133,339 110,480 Transfer agent fees payable 8 380,167 95,953 336,311 71,046 Interest payable 634,443 - 1,523,984 - Depositary fees payable 7 39,017 42,494 128,220 75,565 Directors’ fees payable 17 5,129 - - 102 Hedging fees payable 10 22,291 - 3,778 -

Liabilities (excluding net assets attributable to participating shareholders) 34,315,695 959,801 151,684,978 1,697,707

Net asset value attributable to participating shareholders 467,147,946 349,659,542 636,696,475 53,269,519


InRIS UCITS Plc

53



2018 2018 2018


Note Macro Trends Market Neutral

Assets EUR USD EUR Cash and cash equivalents 5 15,631,750 156,500,883 188,926

Balance due from brokers 6 3,502,675 54,409,670 12,546,388

Receivable for securities sold 38,579 15,499 515,530

Receivable for fund shares sold - - 8,782

Other receivables 148,671 1,736 373,293

Financial assets measured at fair value through profit or loss Investment in equity instruments 16 - - 85,540,203

Derivative financial instruments 16 115,806 5,650,332 524,353

Total assets 19,437,481 216,578,120 99,697,475

Liabilities Financial liabilities measured at fair value through profit or loss Derivative financial instruments 16 144,179 9,686,337 2,778,197 Financial liabilities measured at amortised cost Balance due to brokers 6 1,218,161 2,859,438 3,286,306

Payable for fund shares purchased 13,073,287 110,951 2,496,672

Other payables and accrued expenses 74,182 63,103 6,518

Trading advisor - management fees payable 10 23,178 383,037 12,660

Variable consultant fees payable 11 14,167 10,718 65,310 Fixed consultant fees payable 11 2,769 23,055 16,090 Distribution fees payable 11 38,967 39,318 183,057

Administration fees payable 7 72,776 65,733 40,383

Trading advisor - performance fees payable 10 554 22,622 -

Investment manager fees payable 10 3,850 6,086 118,470

Transfer agent fees payable 8 4,265 77,396 26,810 Interest payable - - 24,149

Depositary fees payable 7 1,170 13,668 6,035

Directors’ fees payable 17 14,227 1,394 2,884

Hedging fees payable 10 729 8,320 33

Liabilities (excluding net assets attributable to participating shareholders) 14,686,461 13,371,176 9,063,574

Net asset value attributable to participating shareholders 4,751,020 203,206,944 90,633,901


InRIS UCITS Plc

54

Statement of Changes in Net Assets Attributable to Participating Shareholders of the Company For the financial year ended 31 December 2019

Financial Financial



Note 2019 2018

USD USD

Operating activities


participating shareholders from operations 81,182,459 (269,907,568)

Capital transactions

Issue of shares during the financial year 337,926,818 865,438,595

Redemption of shares during the financial year (1,386,927,210) (1,592,033,489)

Net decrease in net assets attributable to

participating shareholders from capital transactions (1,049,000,392) (726,594,894)


participating shareholders in the financial year (967,817,933) (996,502,462)

Net asset value attributable to participating

shareholders at the beginning of the financial year 1,967,841,857 3,044,391,427

Exchange difference due to the presentation

of the financial statements in USD 3(i) (25,791,747) (80,047,108)


shareholders at the end of the financial year 974,232,177 1,967,841,857



InRIS UCITS Plc

55

Statement of Changes in Net Assets Attributable to Participating Shareholders of the Funds For the financial year ended 31 December 2019





2019 2019 2019 2019


Parus Value Europe Diversified 2020

USD EUR EUR EUR



participating shareholders from operations (15,866,404) 62,940,008 (8,225,746) 1,288,506


Issue of shares during the financial year 85,672,186 6,824,245 74,387,622 786,183

Redemption of shares during the financial year (383,317,639) (419,423,795) (300,547,445) (55,344,208)


participating shareholders from capital transactions (297,645,453) (412,599,550) (226,159,823) (54,558,025)


participating shareholders in the financial year (313,511,857) (349,659,542) (234,385,569) (53,269,519)


shareholders at the beginning of the financial year 467,147,946 349,659,542 636,696,475 53,269,519


shareholders at the end of the financial year 153,636,089 - 402,310,906 -

InRIS UCITS Plc

56

Statement of Changes in Net Assets Attributable to Participating Shareholders of the Funds (continued) For the financial year ended 31 December 2019





2019 2019 2019 2019


Macro Trends Market Neutral Prentice

EUR USD EUR USD



participating shareholders from operations 606,426 30,311,578 2,759,988 314,617


Issue of shares during the financial year - 107,556,139 32,029,948 17,123,153


Net (decrease)/increase in net assets attributable to

participating shareholders from capital transactions (5,357,446) 12,224,383 1,920,854 15,954,030


participating shareholders in the financial year (4,751,020) 42,535,961 4,680,842 16,268,647


shareholders at the beginning of the financial year 4,751,020 203,206,944 90,633,901 -


shareholders at the end of the financial year - 245,742,905 95,314,743 16,268,647

InRIS UCITS Plc

57






2018 2018 2018 2018



USD EUR EUR EUR



participating shareholders from operations (21,783,720) (48,747,474) (107,627,849) (3,522,995)


Issue of shares during the financial year 199,669,631 67,930,524 319,712,545 30,251,900



participating shareholders from capital transactions (197,398,433) 23,783,625 (350,511,143) (147,058,804)


participating shareholders in the financial year (219,182,153) (24,963,849) (458,138,992) (150,581,799)


shareholders at the beginning of the financial year 686,330,099 374,623,391 1,094,835,467 203,851,318


shareholders at the end of the financial year 467,147,946 349,659,542 636,696,475 53,269,519

InRIS UCITS Plc

58



Financial Financial Financial

year ended year ended year ended


2018 2018 2018


Macro Trends Market Neutral

EUR USD EUR



participating shareholders from operations (1,394,782) (41,342,608) (14,337,168)


Issue of shares during the financial year 16,022,322 29,086,042 106,851,258

Redemption of shares during the financial year (42,526,857) (30,848,882) (54,537,731)


participating shareholders from capital transactions (26,504,535) (1,762,840) 52,313,527


participating shareholders in the financial year (27,899,317) (43,105,448) 37,976,359


shareholders at the beginning of the financial year 32,650,337 246,312,392 52,657,542


shareholders at the end of the financial year 4,751,020 203,206,944 90,633,901

InRIS UCITS Plc

59

Statement of Cash Flows of the Company For the financial year ended 31 December 2019

Financial Financial



2019 2018

USD USD

Cash flows from operating activities


participating shareholders from operations 81,182,459 (269,907,568) Adjustments to reconcile change in net assets attributable to participating

shareholders from operations to net cash provided by operating activities Changes in operating assets and liabilities Decrease in balance due from brokers 24,162,141 372,482,445 Increase in balance due to brokers 17,832,646 11,989,352 Decrease in receivable for securities sold 3,571,601 18,920,666 (Increase)/decrease in other receivables (19,344,066) 8,821,972 Decrease in financial assets measured at fair value through profit or loss 899,409,275 649,295,746 Change in derivative financial instruments 37,015,230 (48,329,395) Decrease in total fees payable (11,745,643) (21,259,931) Increase/(decrease) in payable for securities purchased 501,504 (9,872,628) Net cash provided by operating activities 1,032,585,147 712,140,659 Cash flows from financing activities Proceeds from issue of shares 336,473,886 882,021,026 Payments for redemption of shares (1,397,323,311) (1,584,318,320) Net cash used in financing activities (1,060,849,425) (702,297,294) Net (decrease)/increase in cash and cash equivalents for the financial year (28,264,278) 9,843,365 Cash and cash equivalents at the beginning of the financial year 430,923,648 413,625,272 Exchange difference due to the presentation

of the financial statements in USD (6,270,469) 7,455,011 Cash and cash equivalents at the end of the financial year 396,388,901 430,923,648 Supplementary information Interest received 5,653,698 3,108,263 Interest paid (1,361,449) (2,001,118) Dividends received 5,978,284 11,415,066



InRIS UCITS Plc

60

Statement of Cash Flows of the Funds For the financial year ended 31 December 2019


Financial Financial Financial Financial year ended year ended year ended year ended 31 December 31 December 31 December 31 December

2019 2019 2019 2019



USD EUR EUR EUR


Change in net assets attributable to participating shareholders from operations (15,866,404) 62,940,008 (8,225,746) 1,288,506

Adjustments to reconcile change in net assets attributable to participating

shareholders from operations to net cash provided by operating activities

Changes in operating assets and liabilities

Decrease/(increase) in balance due from brokers 57,449,175 129 (29,839,304) - (Decrease)/increase in balance due to brokers (19,684,048) (44) 27,360,584 (260,166) Decrease in receivable for securities sold 3,673,872 60,613 - - Decrease/(increase) in other receivables 191,344 266,538 (7,434,183) 933,706 Decrease in financial assets measured at fair value through profit or loss 230,822,519 341,239,617 209,637,968 48,463,583 Change in derivative financial instruments 21,251,134 - 18,309,239 176,886 Decrease in total fees payable (3,728,619) (737,579) (5,280,938) (770,582) Decrease in payable for securities purchased - (8,039) - -

Net cash provided by operating activities 274,108,973 403,761,243 204,527,620 49,831,933

Cash flows from financing activities Proceeds from issue of shares 85,644,626 6,958,236 73,149,343 864,131 Payments for redemption of shares (387,656,615) (419,316,971) (308,295,934) (38,791,286)

Net cash used in financing activities (302,011,989) (412,358,735) (235,146,591) (37,927,155)

Net (decrease)/increase in cash and cash equivalents for the financial year (27,903,016) (8,597,492) (30,618,971) 11,904,778

Cash and cash equivalents at the beginning of the financial year 58,963,790 8,744,476 158,784,345 5,128,842

Cash and cash equivalents at the end of the financial year 31,060,774 146,984 128,165,374 17,033,620

Supplementary information

Interest received 1,128,307 - - -

Interest paid - (23,689) (1,102,434) (32,024)

Dividends received 868,514 2,612,632 - -

InRIS UCITS Plc

61

Statement of Cash Flows of the Funds (continued) For the financial year ended 31 December 2019



2019 2019 2019 2019


Macro Trends Market Neutral Prentice

EUR USD EUR USD


Change in net assets attributable to participating shareholders from operations 606,426 30,311,578 2,759,988 314,617


shareholders from operations to net cash provided by/(used in) operating activities


Decrease/(increase) in balance due from brokers 3,502,675 (1,725,032) 40,921 (2,045,228) (Decrease)/increase in balance due to brokers (1,218,161) 11,023,565 (2,533,560) 284,277 Decrease/(increase) in receivable for securities sold 38,579 15,499 (199,887) (4,740) Decrease/(increase) in other receivables 148,671 (12,496,211) (131,809) (60,533) Decrease/(increase) in financial assets measured at fair value through profit or loss - - 3,924,173 (8,578,282) Change in derivative financial instruments (28,373) (1,940,321) (2,560,604) (140,122) (Decrease)/increase in total fees payable (250,834) (59,870) (146,543) 109,661 Increase in payable for securities purchased - - - 510,528

Net cash provided by/(used in) operating activities 2,798,983 25,129,208 1,152,679 (9,609,822)

Cash flows from financing activities Proceeds from issue of shares - 107,545,274 31,791,988 17,123,153 Payments for redemption of shares (18,430,374) (95,260,389) (31,425,126) (1,169,123)

Net cash (used in)/provided by financing activities (18,430,374) 12,284,885 366,862 15,954,030

Net (decrease)/increase in cash and cash equivalents for the financial year (15,631,391) 37,414,093 1,519,541 6,344,208

Cash and cash equivalents at the beginning of the financial year 15,631,750 156,500,883 188,926 -

Cash and cash equivalents at the end of the financial year 359 193,914,976 1,708,467 6,344,208


Interest received 10,259 4,508,250 - 5,663

Interest paid - - (58,729) -

Dividends received - 8,783 1,893,264 59,759

InRIS UCITS Plc

62




2018 2018 2018 2018

InRIS R BlackRock InRIS Intrinsic InRIS CFM

Parus Select Fund Value Europe Diversified

USD EUR EUR EUR


Change in net assets attributable to participating shareholders from operations (21,783,720) - (48,747,474) (107,627,849)




Decrease/(increase) in balance due from brokers 79,722,851 - (104) 209,064,347

Increase/(decrease) in balance due to brokers 10,215,165 - (808) 5,333,459 Increase in receivable for securities sold - - (60,613) - (Increase)/decrease in other receivables (430,059) 159,282 8,930 5,652,454

Decrease in financial assets measured at fair value through profit or loss 123,816,125 - 23,393,437 222,452,971

Change in derivative financial instruments (27,717,963) - - (27,962,684)

(Decrease)/increase in total fees payable (3,886,499) (305,386) 114,919 (12,642,410)

(Decrease)/increase in payable for securities purchased (3,673,872) - 8,039 -

Net cash provided by/(used in) operating activities 156,262,028 (146,104) (25,283,674) 294,270,288

Cash flows from financing activities Proceeds from issue of shares 199,669,631 - 67,796,533 333,914,869

Payments for redemption of shares (391,565,282) - (45,643,451) (662,710,950)

Net cash (used in)/provided by financing activities (191,895,651) - 22,153,082 (328,796,081)

Net decrease in cash and cash equivalents for the financial year (35,633,623) (146,104) (3,130,592) (34,525,793)

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

Cash and cash equivalents at the end of the financial year 58,963,790 - 8,744,476 158,784,345


Interest received 1,296,869 - - -

Interest paid - - (86,642) (1,395,752)

Dividends received 2,010,582 - 6,257,186 -

InRIS UCITS Plc

63




2018 2018 2018 2018

InRIS InRIS Karya InRIS CFM InRIS Perdurance

2020 Macro Trends Market Neutral

EUR EUR USD EUR


Change in net assets attributable to participating shareholders from operations (3,522,995) (1,394,782) (41,342,608) (14,337,168)




Decrease/(increase) in balance due from brokers 140,205 31,252,555 18,806,721 (809,604)

(Decrease)/increase in balance due to brokers (79,834) (7,344,340) 408,371 3,286,306 Decrease/(increase) in receivable for securities sold 12,140,210 358,971 5,031,020 (288,240) Decrease/(increase) in other receivables 2,271,542 324,652 (1,736) (321,887)

Decrease/(increase) in financial assets measured at fair value through profit or loss 143,883,934 3,696,800 129,077,516 (46,664,094)

Change in derivative financial instruments 957,165 1,076,290 6,299,585 2,388,117

(Decrease)/increase in total fees payable (1,054,619) (433,899) (1,105,342) 90,460

Decrease in payable for securities purchased - (3,001,704) - (2,428,858)

Net cash provided by/(used in) operating activities 154,735,608 24,534,543 117,173,527 (59,084,968)

Cash flows from financing activities Proceeds from issue of shares 30,251,838 16,047,172 29,086,042 106,842,476

Payments for redemption of shares (196,280,192) (29,875,155) (31,220,898) (52,041,059)

Net cash (used in)/provided by financing activities (166,028,354) (13,827,983) (2,134,856) 54,801,417

Net (decrease)/increase in cash and cash equivalents for the financial year (11,292,746) 10,706,560 115,038,671 (4,283,551)

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

Cash and cash equivalents at the end of the financial year 5,128,842 15,631,750 156,500,883 188,926


Interest received - 175,942 1,604,246 -

Interest paid (86,338) - - (130,924)

Dividends received - 8,498 - 1,722,043

InRIS UCITS Plc

64

Notes to and forming part of the financial statements For the financial year ended 31 December 2019 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 230 of 2019 – Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (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 offering 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. During the financial year ended 31 December 2019, the Company had eight active funds (the “Funds”): Fund name Date of

commencement InRIS Parus 19 July 2013 InRIS Intrinsic Value Europe 17 November 2014 InRIS CFM Diversified 11 December 2014 InRIS 2020 10 June 2015 InRIS Karya Macro 24 May 2016 InRIS CFM Trends 2 December 2016 InRIS Perdurance Market Neutral 11 October 2017 InRIS Prentice 1 July 2019 InRIS Karya Macro, InRIS Intrinsic Value Europe, and InRIS 2020 were fully redeemed on 14 February 2019, 25 April 2019 and 30 December 2019, respectively.

InRIS UCITS Plc

65

Notes to and forming part of the financial statements (continued) For the financial year ended 31 December 2019 1 General – The Company (continued)

The investment objectives of the Funds are described on pages 5 and 6. The investment activities of the Funds are managed by Innocap Global Investment Management (Ireland) Ltd., (the “Investment Manager”). The Investment Manager has appointed Innocap Investment Management Inc. (the “Platform Advisor”) to perform various advisory, risk management and related services for the Investment Manager 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 (the “Depositary”) as Depositary in accordance with the UCITS Regulations. CACEIS Ireland Limited is the transfer agent of the Company (the “Transfer Agent”). 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. InRIS Parus, InRIS CFM Diversified, InRIS CFM Trends, InRIS Perdurance Market Neutral and InRIS Prentice each have one Trading Advisor. InRIS Intrinsic Value Europe and InRIS Karya Macro also had one Trading Advisor each prior to the agreements being terminated during the financial year. InRIS 2020 Fund was a multi-advisor fund prior to the agreements being terminated during the financial year. Further details in relation to the role of the Trading Advisors is set out in note 10. Rothschild & Co Asset Management Europe 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 supplement of the Funds, unless otherwise defined herein. Eligibility for French “Plan d’Epargne en Actions” (“PEA”) A PEA is a French equity savings plan intended to encourage French tax resident individuals to invest in European equities. PEA eligible funds must invest on a permanent basis at least 75% of their assets in PEA eligible securities issued by companies (i) established in a Member State of the European Union or in Iceland, Liechtenstein or Norway and (ii) subject to corporate income tax, or an equivalent tax. As at 31st December, 2019, InRIS Perdurance had 85.63% of its total net assets invested in eligible PEA securities. At 31 December 2019 and 31 December 2018, or during the financial year, the Company had no employees. The Company’s shares are not listed on any securities exchange.

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66

Notes to and forming part of the financial statements (continued) For the financial year ended 31 December 2019 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 have been prepared in accordance with Irish Statute comprising the Companies Act 2014 under the historical cost convention as modified by the revaluation of financial assets and liabilities at fair value through profit or loss. 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 presentation currency. Please refer to note 3(i) for details of each Funds functional currency. (d) Comparatives Comparative balances have been reclassified where necessary to conform with the current year presentation.

3 Significant accounting policies

(a) Financial instruments (i) Classification In accordance with IFRS 9, Financial Instruments (“IFRS 9”), the Company classifies its financial assets and financial liabilities at initial recognition into the categories of financial assets and financial liabilities discussed below. In applying that classification, a financial asset or financial liability is considered to be held for trading if:

(a) It is acquired or incurred principally for the purpose of selling or repurchasing it in the near term; or (b) On initial recognition, it is part of a portfolio of identified financial instruments that are managed together and for which, there is evidence of a recent actual pattern of short-term profit-taking; or (c) It is a derivative (except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument).

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67

Notes to and forming part of the financial statements (continued) For the financial year ended 31 December 2019 3 Significant accounting policies (continued)

(a) Financial instruments (continued) (i) Classification (continued)

Financial assets The Company classifies its financial assets as subsequently measured at amortised cost or measured at fair value through profit or loss on the basis of both:

• The entity’s business model for managing the financial asset;

• The contractual cash flow characteristics of the financial asset.

Financial assets measured at amortised cost A debt instrument is measured at amortised cost if it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company includes in this category short-term non-financing receivables including restricted broker balances, accrued income and other receivables.

Financial assets measured at fair value through profit or loss A financial asset is measured at fair value through profit or loss if:

(a) Its contractual terms do not give rise to cash flows on specified dates that are solely payments

of principal and interest (“SPPI”) on the principal amount outstanding; or (b) It is not held within a business model whose objective is either to collect contractual cash flows,

or to both collect contractual cash flows and sell; or (c) At initial recognition, it is irrevocably designated as measured at fair value through profit or

loss when doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases.

The Company’s investment portfolio is managed and performance is evaluated on a fair value basis. The Company is primarily focused on fair value information and uses that information to assess the assets’ performance and to make decisions. The Company has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income. The contractual cash flows of the Company’s debt securities are solely principal and interest, however, these securities are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of contractual cash flows is only incidental to achieving the Company’s business model’s objective. Consequently, all investments are measured at fair value through profit or loss.

InRIS UCITS Plc

68


(a) Financial instruments (continued) (i) Classification (continued) Financial liabilities Financial liabilities measured at fair value through profit or loss A financial liability is measured at fair value through profit or loss if it meets the definition of held for trading. Derivative contracts that have a negative fair value are presented as liabilities at fair value through profit or loss. Financial liabilities measured at amortised cost This category includes all financial liabilities, other than those measured at fair value through profit or loss. The Company includes in this category short-term payables. As such, the Company classifies all of its investment portfolio as financial assets or liabilities as fair value through profit or loss. The Company’s policy requires the Investment Manager and the Board of Directors to evaluate the information about these financial assets and liabilities on a fair value basis together with other related financial information.

(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.

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(a) Financial instruments (continued) (iii) Measurement and fair value measurement principles Initial measurement Financial assets and financial liabilities measured at fair value through profit or loss are recorded in the Statement of Financial Position at fair value. All transaction costs for such instruments are recognised directly in profit or loss. Financial assets and liabilities (other than those classified as at fair value through profit or loss) are measured initially at their fair value plus any directly attributable incremental costs of acquisition or issue. Subsequent measurement Subsequent to initial recognition, all financial assets and liabilities at fair value through profit or loss are re-measured at fair value. Subsequent changes in the fair value of those financial instruments are recorded in net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Comprehensive Income. Interest and dividends earned or paid on these instruments are recorded separately in interest revenue or expense and dividend revenue or expense in the Statement of Comprehensive Income. Debt instruments, other than those classified as at fair value through profit or loss, are measured at amortised cost using the effective interest method less any allowance for impairment. Gains and losses are recognised in profit or loss when the debt instruments are derecognised or impaired, as well as through the amortisation process. Financial liabilities arising on redeemable shares issued by the Company are measured at the redemption amount representing the investors’ rights 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. Gains and losses are recognised in profit or loss when the liabilities are derecognised, as well as through the amortisation process.

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.

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(a) Financial instruments (continued) (iii) Measurement and fair value measurement principles (continued) 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. (iv) Derecognition A financial asset (or, where applicable, a part of a financial asset or a part of a group of similar financial assets) is derecognised where the rights to receive cash flows from the asset have expired, or the Company has transferred its rights to receive cash flows from the asset, or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement and the Company has: (a) Transferred substantially all of the risks and rewards of the asset; or (b) Neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Company has transferred its right to receive cash flows from an asset (or has entered into a pass-through arrangement), and has neither transferred nor retained substantially all of the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Company’s continuing involvement in the asset. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained. The Company derecognises a financial liability when the obligation under the liability is discharged, cancelled or expired. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid is recognised in the statement of comprehensive income.

(v) Offsetting financial instruments Financial assets and liabilities are offset and the net amounts reported in the Statement of Financial Position, when a current legally enforceable right to offset the recognised amounts exists and there is intent to settle on a net basis or to settle the asset and the liability simultaneously.

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(a) Financial instruments (continued)

(vi) Impairment Financial assets that are measured at amortised cost are reviewed at each reporting date. The Company applies the general approach in accordance with IFRS 9.

The Company measures the loss allowance at an amount equal to the lifetime expected credit losses (“ECLs”) if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the Company shall measure the loss allowance at an amount equal to 12-month ECLs.

The Company’s approach to ECLs reflects a probability-weighted outcome, the time value of money and reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. Significant financial difficulties of the counterparty, probability that the counterparty will enter bankruptcy or financial reorganisation, and default in payments are all considered indicators that a loss allowance may be required.

If the credit risk increases to the point that it is considered to be credit impaired, interest income will be calculated based on the gross carrying amount adjusted for the loss allowance. A significant increase in credit risk is defined by management as any contractual payment which is more than 45 days past due or if the credit rating of the counterparty deteriorates to below investment grade. Any contractual payment which is more than 90 days past due is considered credit impaired.

(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 is 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.

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(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.

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 with the same broker 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.

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(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) 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 InRIS Parus, InRIS CFM Trends and InRIS Prentice is USD while the functional currency of InRIS CFM Diversified and InRIS Perdurance Market Neutral are EUR. The functional currency of InRIS Intrinsic Value Europe, InRIS 2020 and InRIS Karya Macro which were active during the financial year was 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 presentation currency. The Company has adopted USD as its presentation currency.

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(i) Foreign currency translation (continued) The Company (continued) Where Funds have a functional currency other than USD, those Fund’s financial position and performance is translated from their functional currency to the Company’s presentation currency, as follows: ▪ assets and liabilities, including net assets attributable to participating shareholders, are translated

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

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

Included in the Statement of Changes in Net Assets of the Company is an exchange difference due to the presentation of the financial statements in USD. This arises as a result of the conversion of the EUR Funds from their functional currency to the presentation currency of the Company as described above and has no impact on the net asset value of each Fund.

(j) 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.

(k) 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 five active funds at 31 December 2019. 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. (l) Expenses All expenses are recognised in the Statement of Comprehensive Income on an accruals basis.

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

(n) 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 (“NAV”) calculated in accordance with the prospectus of the Company and the offering supplement of the Funds.

(o) Adoption of new and amended accounting standards and interpretations IFRIC 23, 'Uncertainty over income tax treatments' IFRIC 23 provides a framework to consider, recognise and measure the accounting impact of tax uncertainties. The interpretation provides specific guidance in several areas where previously IAS 12 was silent. There is no specific guidance in IAS 12, and the Company today may be using different models to determine the unit of account and measure the consequences of tax uncertainties. The interpretation also explains when to reconsider the accounting for a tax uncertainty, and it states specifically that the absence of comment from the tax authority is unlikely, in isolation, to trigger a reassessment. There are no new disclosure requirements in IFRIC 23. IFRIC 23 is effective for annual periods starting on or after 1 January 2019. Adoption of IFRIC 23 did not have a material impact on the Company’s financial statements.

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(o) Adoption of new and amended accounting standards and interpretations (continued) IFRIC 23, 'Uncertainty over income tax treatments' (continued) There are no other new standards, interpretations or amendments to existing standards that are effective for the year beginning on or after 1 January 2019, that would have had a material impact on the financial statements of the Company. (p) 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 Company for the year ended 31 December 2019, 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:*

Amendments to IFRS 3 Definition of a Business 1 January 2020

Amendments to IAS 1 and IAS 8 Definition of Material 1 January 2020

IFRS 17 Insurance Contracts 1 January 2023

* Annual periods beginning on or after.

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.

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 16.

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Notes to and forming part of the financial statements (continued) For the financial year ended 31 December 2019

5 Cash and cash equivalents

Cash and cash equivalents comprise balances held with the Depositary, balances held in deposit accounts and holdings in money market funds, which are held as cash equivalents, as disclosed in the below table:

31 December 2019 Cash held at Cash held in Investment in Total cash and Depositary deposit accounts Money Market Funds cash equivalents InRIS Parus USD 4,167,897 1USD 12,799,906 2USD 14,092,971 USD 31,060,774 InRIS Intrinsic Value Europe EUR 146,984 - - EUR 146,984 InRIS CFM Diversified EUR 16,562,804 3EUR 75,566,821 4EUR 36,035,749 EUR 128,165,374 InRIS 2020 EUR 17,033,620 - - EUR 17,033,620 InRIS Karya Macro EUR 359 - - EUR 359 InRIS CFM Trends USD 11,105,421 5USD 160,919,530 6USD 21,890,025 USD 193,914,976 InRIS Perdurance Market Neutral EUR 1,708,467 - - EUR 1,708,467 InRIS Prentice USD 959,271 7USD 3,962,092 8USD 1,422,845 USD 6,344,208

31 December 2018 Cash held at Cash held in Investment in Total cash and Depositary deposit accounts Money Market Funds cash equivalents InRIS Parus USD 15,477,517 1USD 43,486,273 - USD 58,963,790 InRIS Intrinsic Value Europe EUR 8,744,476 - - EUR 8,744,476 InRIS CFM Diversified EUR 36,939,271 3EUR 61,806,825 4EUR 60,038,249 EUR 158,784,345 InRIS 2020 EUR 5,128,842 - - EUR 5,128,842 InRIS Karya Macro EUR 15,631,750 - - EUR 15,631,750 InRIS CFM Trends USD 15,658,737 5USD 122,927,645 6USD 17,914,501 USD 156,500,883 InRIS Perdurance Market Neutral EUR 188,926 - - EUR 188,926

¹InRIS Parus held an amount of USD 12,799,906 (31 December 2018: USD 43,486,273) in a cash deposit account with BNP Paribas at 31 December 2019.

2InRIS Parus held an investment in Blackrock Institutional Cash Series US Dollar Liquidity Fund – Core amounting to USD 14,092,971 (31 December 2018: USD Nil) at 31 December 2019.

3InRIS CFM Diversified held an amount of EUR 75,566,821 (31 December 2018: EUR 61,806,825) in a cash deposit account with BNP Paribas at 31 December 2019.

4InRIS CFM Diversified held an investment in Blackrock Institutional Cash Series Euro Liquidity Fund – Core amounting to EUR 36,035,749 (31 December 2018: EUR 60,038,249) at 31 December 2019.

5InRIS CFM Trends held an amount of USD 45,358,731 (31 December 2018: USD 38,406,603) in a cash deposit account with BNP Paribas, an amount of USD 45,615,504 (31 December 2018: USD 38,280,697) in a cash deposit account with Bank of Nova Scotia, an amount of USD 40,693,996 (31 December 2018: USD 16,635,897) in a cash deposit account with National Bank of Canada, an amount of USD 29,251,299 (31 December 2018: USD Nil) in a time deposit account with CACEIS Ireland Limited and an amount of USD Nil (31 December 2018: USD 29,604,448) in a time deposit account with Royal Bank of Canada at 31 December 2019.

6InRIS CFM Trends held an investment in Goldman Sachs US Dollar Liquid Reserves Fund amounting to USD 21,890,025 (31 December 2018: USD 17,914,501) at 31 December 2019.

7InRIS Prentice held an amount of USD 3,012,092 (31 December 2018: USD Nil) in a cash deposit account with BNP Paribas and an amount of USD 950,000 (31 December 2018: USD Nil) in a cash deposit account with National Bank of Canada at 31 December 2019.

8InRIS Prentice held an investment in Blackrock Institutional Cash Series US Dollar Liquidity Fund – Core amounting to USD 1,422,845 (31 December 2018: USD Nil) at 31 December 2019.

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Notes to and forming part of the financial statements (continued) For the financial year ended 31 December 2019 5 Cash and cash equivalents (continued)

The cash held at the Depositary is held in an account at State Street Bank and Trust Company. The Depositary and State Street Bank and Trust Company are both wholly owned subsidiaries of State Street Corporation. 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.

6 Balance due from/to brokers

Due from brokers comprises cash deposited with the brokers. 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. The tables below detail amounts due from/(to) the Fund’s brokers at the reporting date:

InRIS Parus 31 December 31 December 2019 2018 USD USD Credit Suisse Securities (Europe) Limited1 4,633,408 6,679,398 Morgan Stanley & Co. International 5,805,052 27,408,237 National Bank of Canada1 3,210,127 37,010,127

Balance due from brokers 13,648,587 71,097,762

Morgan Stanley & Co. International (2,199,112) (21,873,195) National Bank of Canada - (9,965)

Balance due to brokers (2,199,112) (21,883,160)

¹Balance includes cash collateral pledged. InRIS Parus has pledged a total cash collateral amount of USD 7,843,535 (31 December 2018: USD 43,689,525) to the counterparties at 31 December 2019.

InRIS Intrinsic Value Europe 31 December 31 December 2019 2018 EUR EUR State Street Bank and Trust Company - 129

Balance due from brokers - 129

State Street Bank and Trust Company - (44)

Balance due to brokers - (44)

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Notes to and forming part of the financial statements (continued) For the financial year ended 31 December 2019 6 Balance due from/(to) brokers (continued)

InRIS CFM Diversified 31 December 31 December 2019 2018 EUR EUR Barclays Bank Plc1 107,649,443 100,708,158 Deutsche Bank AG1 37,567,148 30,502,230 JP Morgan Chase Bank, N.A.1 31,901,376 20,061,602 National Bank of Canada1 2,770,000 7,760,000 Nomura International Plc1 15,443,327 6,460,000


Barclays Bank Plc (31,647,025) (17,859,795) Deutsche Bank AG2 (32,709,832) (32,059,060) JP Morgan Chase Bank, N.A. (7,397,884) (115) National Bank of Canada (5,524,813) -


¹Balance includes cash collateral pledged. InRIS CFM Diversified has pledged a total cash collateral amount of EUR 82,393,138 (31 December 2018: EUR 56,404,348) to the counterparties at 31 December 2019.

2Balance includes cash collateral received. InRIS CFM Diversified has received a total cash collateral amount of EUR 1,922,453 (31 December 2018: EUR 5,770,000) from the counterparties at 31 December 2019.

InRIS 2020 31 December 31 December 2019 2018 EUR EUR State Street Bank and Trust Company1 - (260,166)

Balance due to brokers - (260,166)

1Balance includes cash collateral received. InRIS 2020 has received a total cash collateral amount of EUR 260,000 from the counterparties at 31 December 2018.

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InRIS Karya Macro 31 December 31 December 2019 2018 EUR EUR Citibank, N.A. (ISDA MA) 1 - 1,030,265 Credit Suisse Securities (Europe) Limited1 - 856,943 National Bank of Canada1 - 1,612,996 State Street Bank and Trust Company - 2,471

Balance due from brokers - 3,502,675

Citigroup Global Markets Inc.2 - (9) Credit Suisse Securities (Europe) Limited2 - (108,151) Merrill Lynch International - (1) National Bank of Canada2 - (1,110,000)

Balance due to brokers - (1,218,161)

¹Balance includes cash collateral pledged. InRIS Karya Macro has pledged a total cash collateral amount of EUR 1,613,061 to the counterparties at 31 December 2018. 2Balance includes cash collateral received. InRIS Karya Macro has received a total cash collateral amount of EUR 1,112,079 from the counterparties at 31 December 2018.

InRIS CFM Trends 31 December 31 December 2019 2018 USD USD Barclays Bank Plc 37,068,122 24,028,612 Deutsche Bank AG1 14,766,580 12,471,058 National Bank of Canada1 4,300,000 17,910,000


Barclays Bank Plc (13,676,332) (1,503,702) Deutsche Bank AG2 (206,671) (1,355,736)


¹Balance includes cash collateral pledged. InRIS CFM Trends has pledged a total cash collateral amount of USD 18,437,613 (31 December 2018: USD 28,493,285) to the counterparties at 31 December 2019. 2Balance includes cash collateral received. InRIS CFM Trends has received a total cash collateral amount of USD 203,865 (31 December 2018: USD Nil) from the counterparties at 31 December 2019.

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InRIS Perdurance Market Neutral 31 December 31 December 2019 2018 EUR EUR Morgan Stanley & Co. International 4,983,811 1,365,386 National Bank of Canada1 - 380,686 UBS AG1 7,521,656 10,800,316


Morgan Stanley & Co. International (282,495) - UBS AG2 (470,251) (3,286,306)

Balance due to brokers (752,746) (3,286,306)

¹Balance includes cash collateral pledged. InRIS Perdurance Market Neutral has pledged a total cash collateral amount of EUR 3,646,262 (31 December 2018: EUR 11,181,000) to the counterparties at 31 December 2019. 2Balance includes cash collateral received. InRIS Perdurance Market Neutral has received a total cash collateral amount of EUR 446,302 (31 December 2018: EUR Nil) from the counterparties at 31 December 2019.

InRIS Prentice 31 December 31 December 2019 2018 USD USD Goldman Sachs1 1,450,228 - National Bank of Canada1 595,000 -

Balance due from brokers 2,045,228 -

Goldman Sachs (284,277) -

Balance due to brokers (284,277) -

¹Balance includes cash collateral pledged. InRIS Prentice has pledged a total cash collateral amount of USD 2,045,228 (31 December 2018: USD Nil) to the counterparties at 31 December 2019.

The Funds may also post securities as collateral. At 31 December 2019, InRIS CFM Diversified has pledged securities with a fair value of EUR 22,186,351 (31 December 2018: EUR 44,938,654). The assets, in the form of French government bonds, are pledged to Deutsche Bank.

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Notes to and forming part of the financial statements (continued) For the financial year ended 31 December 2019 7 Administrator and Depositary fees

The Company has appointed the Administrator and Depositary pursuant to the Administration and Depositary agreements, respectively. The Administrator administers the day to day operations and business of the Company, including computing the NAV and the NAV per Share and maintaining the books and record of the Company. 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 depositary fee. Pursuant to an amended administration agreement and depositary agreement, InRIS Parus pays to the Administrator and to the Depositary the following maximum fees which are accrued and calculated at each valuation date and payable monthly in arrears:

NAV of InRIS Parus Administration and Depositary Fee Effective from

1 July 2018 Effective from

19 February 2018 From USD Nil to USD 249,999,999 0.08% 0.10% From USD 250,000,000 to USD 499,999,999 0.07% 0.08% From USD 500,000,000 to USD 749,999,999 0.06% 0.065% From USD 750,000,000 to USD 999,999,999 0.05% 0.05% From and above USD 1,000,000,000 0.04% 0.04%

Effective 19 February 2018, the fees were subject to a minimum fee of USD 150,000 per annum with the minimal annual charge discounted by 75% in year 1 and by 25% in year 2. Effective 1 July 2018, the fees are subject to a minimum fee of USD 100,000 per annum with the minimal annual charge discounted by 50% in year 1 and by 25% in year 2. Prior to 19 February 2018, InRIS Parus paid to the Administrator and to the Depositary the following maximum fees which were accrued and calculated at each valuation date and payable monthly in arrears:

NAV of InRIS Parus Administration and Depositary Fee Effective from

March 2017 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 were 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)


7 Administrator and Depositary fees (continued) During the financial year, InRIS Parus incurred administration fees of USD 228,519 (2018: USD 496,624) and depositary fees of USD 48,981 (2018: USD 160,540). At 31 December 2019, administration fees payable amounted to USD 54,371 (31 December 2018: USD 144,217) and depositary fees payable amounted to USD 11,649 (31 December 2018: USD 39,017).

Pursuant to an amended administration agreement and depositary agreement, InRIS Intrinsic Value Europe paid to the Administrator and to the Depositary the following maximum fees which were accrued and calculated at each valuation date and payable monthly in arrears:

NAV of InRIS Intrinsic Value Europe Administration and Depositary Fee From USD Nil to USD 249,999,999 0.04% From and above USD 250,000,000 0.03%

The fees were subject to a minimum fee of USD 75,000 per annum with the minimal annual charge discounted by 33% in year 1.

Prior to 19 February 2018, InRIS Intrinsic Value Europe paid to the Administrator and to the Depositary the following maximum fees which were accrued and calculated at each valuation date and payable monthly in arrears:

NAV of InRIS Intrinsic Value Europe Administration and Depositary Fee Effective from

March 2017 Maximum aggregate fee 0.09%

The fees were subject to a minimum fee of USD 150,000 per annum. During the financial year, InRIS Intrinsic Value Europe incurred administration fees of EUR 44,714 (2018: EUR 153,384) and depositary fees of EUR 33,262 (2018: EUR 157,406). At 31 December 2019, administration fees payable amounted to EUR Nil (31 December 2018: EUR 45,721) and depositary fees payable amounted to EUR Nil (31 December 2018: EUR 42,494).

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7 Administrator and Depositary fees (continued) Pursuant to an amended administration agreement and depositary agreement, InRIS CFM Diversified pays to the Administrator and to the Depositary the following maximum fees which are accrued and calculated at each valuation date and payable monthly in arrears:

NAV of InRIS CFM Diversified Administration and Depositary Fee Effective from


19 February 2018 From USD Nil to USD 249,999,999 0.085% 0.13% From USD 250,000,000 to USD 499,999,999 0.08% 0.115% From USD 500,000,000 to USD 749,999,999 0.075% 0.10% From USD 750,000,000 to USD 999,999,999 0.075% 0.08% From and above USD 1,000,000,000 0.07% 0.065% Effective 1 July 2018, the fees are subject to a minimum fee of USD 150,000 per annum with the minimal annual charge discounted by 75% in year 1 and by 25% in year 2.

Effective 19 February 2018, the fees were subject to a minimum fee of USD 225,000 per annum with the minimal annual charge discounted by 75% in year 1 and by 25% in year 2. Prior to 19 February 2018, InRIS CFM Diversified paid to the Administrator and to the Depositary the following maximum fees which were accrued and calculated at each valuation date and payable monthly in arrears:

NAV of InRIS CFM Diversified Administration and Depositary Fee Effective from


The fees were subject to a minimum fee of USD 225,000 per annum. During the financial year, InRIS CFM Diversified incurred administration fees of EUR 600,481 (2018: EUR 1,108,214) and depositary fees of EUR 72,861 (2018: EUR 299,727). At 31 December 2019, administration fees payable amounted to EUR 90,246 (31 December 2018: EUR 119,755) and depositary fees payable amounted to EUR 35,488 (31 December 2018: EUR 128,220).

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7 Administrator and Depositary fees (continued)

Pursuant to an amended administration agreement and depositary agreement, InRIS 2020 paid to the Administrator and to the Depositary the following maximum fees which were accrued and calculated at each valuation date and payable monthly in arrears: NAV of InRIS 2020 Administration and Depositary Fee Effective from


19 February 2018 From USD Nil to USD 249,999,999 0.085% 0.13% From USD 250,000,000 to USD 499,999,999 0.08% 0.115% From USD 500,000,000 to USD 749,999,999 0.075% 0.10% From USD 750,000,000 to USD 999,999,999 0.075% 0.08% From and above USD 1,000,000,000 0.07% 0.065% Effective 1 July 2018, the fees were subject to a minimum fee of USD 150,000 per annum with the minimal annual charge discounted by 75% in year 1 and by 25% in year 2.

Effective 19 February 2018, the fees were subject to a minimum fee of USD 225,000 per annum with the minimal annual charge discounted by 75% in year 1 and by 25% in year 2. Prior to 19 February 2018, InRIS 2020 paid to the Administrator and to the Depositary the following maximum fees which were accrued and calculated at each valuation date and payable monthly in arrears:

NAV of InRIS 2020 Administration and Depositary Fee Effective from


The fees were subject to a minimum fee of USD 168,750 for the period between the twelfth and twenty-fourth months following the launch of the Fund, and USD 225,000 per annum thereafter. During the financial year, InRIS 2020 incurred administration fees of EUR 123,904 (2018: EUR 182,603) and depositary fees of EUR (54,320) (2018: EUR 74,101). At 31 December 2019, administration fees payable amounted to EUR 25,715 (31 December 2018: EUR 49,778) and depositary fees payable amounted to EUR 3,452 (31 December 2018: EUR 75,565).

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Pursuant to an amended administration agreement and depositary agreement, InRIS Karya Macro paid to the Administrator and to the Depositary the following maximum fees which were accrued and calculated at each valuation date and payable monthly in arrears: NAV of InRIS Karya Macro Administration and Depositary Fee Effective from


19 February 2018 From USD Nil to USD 249,999,999 0.135% 0.225% From USD 250,000,000 to USD 499,999,999 0.13% 0.205% From USD 500,000,000 to USD 749,999,999 0.125% 0.19% From USD 750,000,000 to USD 999,999,999 0.125% 0.175% From and above USD 1,000,000,000 0.12% 0.16% Effective 1 July 2018, the fees were subject to a minimum fee of USD 275,000 per annum with the minimal annual charge discounted by 75% in year 1 and by 25% in year 2.

Effective 19 February 2018, the fees were subject to a minimum fee of USD 325,000 per annum with the minimal annual charge discounted by 75% in year 1 and by 25% in year 2. Prior to 19 February 2018, InRIS Karya Macro paid to the Administrator and to the Depositary the following maximum fees which were accrued and calculated at each valuation date and payable monthly in arrears:

NAV of InRIS Karya Macro Administration and Depositary Fee Effective from

March 2017 From USD Nil to USD 249,999,999 0.36% From USD 250,000,000 to USD 499,999,999 0.33% From USD 500,000,000 to USD 749,999,999 0.28% From and above USD 750,000,000 0.23%

The fees were subject to a minimum fee of USD 162,500 for the first twelve months following the launch of the Fund, USD 243,750 for the period between the twelfth and twenty-fourth months following the launch of the Fund, and USD 325,000 per annum thereafter.

During the financial year, InRIS Karya Macro incurred administration fees of EUR (687) (2018: EUR 220,535) and depositary fees of EUR (158) (2018: EUR 8,845). At 31 December 2019, administration fees payable amounted to EUR Nil (31 December 2018: EUR 72,776) and depositary fees payable amounted to EUR Nil (31 December 2018: EUR 1,170).

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Pursuant to an amended administration and depositary agreement, InRIS CFM Trends pays to the Administrator and to the Depositary the following maximum fees which are accrued and calculated at each valuation date and payable monthly in arrears:

NAV of InRIS CFM Trends Administration and Depositary Fee Effective from



Effective 19 February 2018, the fees were subject to a minimum fee of USD 150,000 per annum with the minimal annual charge discounted by 75% in year 1 and by 25% in year 2.

Prior to 19 February 2018, InRIS CFM Trends paid to the Administrator and to the Depositary the following maximum fees which are accrued and calculated at each valuation date and payable monthly in arrears:

NAV of InRIS CFM Trends Administration and Depositary Fee Effective from


The fees were 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. During the financial year, InRIS CFM Trends incurred administration fees of USD 214,294 (2018: USD 225,297) and depositary fees of USD 31,326 (2018: USD 59,617). At 31 December 2019, administration fees payable amounted to USD 64,056 (31 December 2018: USD 65,733) and depositary fees payable amounted to USD 4,621 (31 December 2018: USD 13,668).

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Pursuant to an amended administration agreement and depositary agreement, InRIS Perdurance Market Neutral pays to the Administrator and to the Depositary the following maximum fees which are accrued and calculated at each valuation date and payable monthly in arrears:

NAV of InRIS Perdurance Market Neutral Administration and Depositary Fee Effective from



Effective 19 February 2018, the fees were subject to a minimum fee of USD 150,000 per annum with the minimal annual charge discounted by 75% in year 1 and by 25% in year 2. Prior to 19 February 2018, InRIS Perdurance Market Neutral paid to the Administrator and to the Depositary the following maximum fees which are accrued and calculated at each valuation date and payable monthly in arrears:

NAV of InRIS Perdurance Market Neutral 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 were 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. During the financial year, InRIS Perdurance Market Neutral incurred administration fees of EUR 59,736 (2018: EUR 110,029) and depositary fees of EUR 12,884 (2018: EUR 26,258). At 31 December 2019, administration fees payable amounted to EUR 20,815 (31 December 2018: EUR 40,383) and depositary fees payable amounted to EUR 3,587 (31 December 2018: EUR 6,035).

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Pursuant to an administration agreement and depositary agreement, InRIS Prentice pays to the Administrator and to the Depositary the following maximum fees which are accrued and calculated at each valuation date and payable monthly in arrears:

NAV of InRIS Prentice Administration and Depositary Fee Effective from

1 July 2019 From USD Nil to USD 249,999,999 0.096% From USD 250,000,000 to USD 499,999,999 0.086% From USD 500,000,000 to USD 749,999,999 0.076% From USD 750,000,000 to USD 999,999,999 0.066% From and above USD 1,000,000,000 0.056% The fees are subject to a minimum fee of USD 50,000 for the first twelve months following the launch of the Fund, USD 75,000 for the period between the twelfth and twenty-fourth months following the launch of the Fund, and USD 100,000 per annum thereafter. During the financial year, InRIS Prentice incurred administration fees of USD 25,686 and depositary fees of USD 822. At 31 December 2019, administration fees payable amounted to USD 14,111 and depositary fees payable amounted to USD 430. The fees for the Funds are accrued and calculated each valuation date 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.

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For the financial year ended 31 December 2019 8 Transfer Agent Fees

The fees payable to the Transfer Agent under the registrar and transfer agency agreement are based on the combined NAV of the Company and any related funds which the Transfer Agent (or its delegates) acts as Transfer Agent. The applicable rates are as follows (calculated on the NAV 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

Transfer agent fees have been reversed in a number of funds for the year ended 31 December 2019 as a result of over accruals in prior periods. Transfer agent fees (reversed)/incurred by Fund during the financial year is as follows:

Financial year Financial year ended ended 31 December 31 December 2019 2018 InRIS Parus USD (199,118) USD 148,352 InRIS Intrinsic Value Europe EUR (86,507)1 EUR 95,953 InRIS CFM Diversified EUR (41,152) EUR 221,740 InRIS 2020 EUR (29,883)2 EUR 37,158 InRIS Karya Macro EUR (181)3 EUR 3,496 InRIS CFM Trends USD 27,862 USD 60,703 InRIS Perdurance Market Neutral EUR 11,992 EUR 27,881 InRIS Prentice USD 1,042 -

1For the period from 1 January 2019 to 25 April 2019. InRIS Intrinsic Value Europe was fully redeemed on 25 April 2019. 2For the period from 1 January 2019 to 30 December 2019. InRIS 2020 was fully redeemed on 30 December 2019. 3For the period from 1 January 2019 to 14 February 2019. InRIS Karya Macro was fully redeemed on 14 February 2019.

Transfer agent fees payable by Fund at the reporting date is as follows:

31 December 31 December 2019 2018 InRIS Parus USD 27,397 USD 380,167 InRIS Intrinsic Value Europe - EUR 95,953 InRIS CFM Diversified EUR 58,206 EUR 336,311 InRIS 2020 EUR 2,969 EUR 71,046 InRIS Karya Macro - EUR 4,265 InRIS CFM Trends USD 38,446 USD 77,396 InRIS Perdurance Market Neutral EUR 11,057 EUR 26,810 InRIS Prentice USD 1,042 -

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For the financial year ended 31 December 2019 9 Financial Management Fee

The Funds incur a Financial Management Fee which is accrued at each valuation point. The Financial Management Fee consists of fees payable to the Investment Manager, the Trading Advisor and the Distributor/Consultant. The maximum aggregate annual Financial Management Fee consists of a percentage of the net assets of each class in InRIS Parus, InRIS Intrinsic Value Europe, InRIS CFM Diversified, InRIS 2020, InRIS Karya Macro, InRIS CFM Trends, InRIS Perdurance Market Neutral and InRIS Prentice as disclosed below. Fund Class Maximum aggregate Financial Management Fee InRIS Parus Class C CHF hedged 2.30% Class C Euro hedged 2.30% Class C Euro unhedged 2.30% Class C GBP hedged 2.30% Class C USD 2.30% Class I CHF hedged 1.65% Class I Euro hedged 1.65% Class I Euro unhedged 1.65% Class I GBP hedged 1.65% Class I USD 1.65% Class SI Euro hedged 1.50% Class X Euro hedged 1.50% InRIS Intrinsic Class F Euro 1.25% Value Europe Class F GBP unhedged 1.25% InRIS CFM Diversified Class C CHF hedged 1.80% Class C Euro 1.80% Class C JPY hedged 1.80% Class C USD hedged 1.80% Class F Euro 2.05% Class G AUD Hedged 0.275% Class G Euro 0.275% Class I CHF hedged 1.30% Class I Euro 1.30% Class I2 Euro 1.65% Class I GBP hedged 1.30% Class I JPY hedged 1.30% Class I USD hedged 1.30% Class M Euro 0.275%

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For the financial year ended 31 December 2019 9 Financial Management Fee (continued)

Fund Class Maximum aggregate Financial Management Fee InRIS CFM Diversified Class NC Euro 1.80% (continued) Class NI Euro 1.30% Class NI GBP hedged 1.30% Class R Euro 0.275% Class SI CHF Hedged 1.00% Class SI Euro 1.00% Class SI GBP Hedged 1.00% Class SI USD Hedged 1.00% Class SI2 Euro 1.35% InRIS 2020 Class C Euro 1.20% Class C USD hedged 1.20% Class D Euro 1.20% Class D USD hedged 1.20% Class F Euro 1.50% Class I Euro 0.80% Class ID Euro 0.80% InRIS Karya Macro Class C CHF hedged 2.00% Class C Euro 2.00% Class C JPY hedged 2.00% Class C USD hedged 2.00% Class F Euro 2.00% Class I CHF hedged 1.50% Class I Euro 1.50% Class I GBP hedged 1.50% Class I JPY hedged 1.50% Class I USD hedged 1.50% Class NC Euro 1.60% Class NI Euro 1.10% Class NI GBP hedged 1.10% Class NI USD hedged 1.10% InRIS CFM Trends Class C CHF hedged 1.25% Class C Euro hedged 1.25% Class C JPY hedged 1.25% Class C USD 1.25% Class F Euro hedged 1.50%

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Fund Class Maximum aggregate Financial Management Fee InRIS CFM Trends Class I CHF hedged 0.75% (continued) Class I Euro hedged 0.75% Class I2 Euro hedged 0.95% Class I GBP hedged 0.75% Class I JPY hedged 0.75% Class I USD 0.75% Class M Euro hedged 0.10% Class NC Euro hedged 1.25% Class NI CHF hedged 0.75% Class NI Euro hedged 0.75% Class NI GBP hedged 0.75% Class NI USD 0.75% Class SI Euro hedged 0.55% Class SI USD 0.55% Class SI2 Euro hedged 0.75% Class SI2 USD 0.75% Class SSI Euro hedged 0.45% Class SSI USD 0.45% Class SSI2 Euro hedged 0.65% Class SSI2 USD 0.65% Class W CHF hedged 0.75% Class WD Euro hedged 0.75% Class WD GBP hedged 0.75% Class WD USD 0.75% InRIS Perdurance Class C Euro 1.50% Market Neutral Class C USD hedged 1.50% Class D Euro 1.50% Class F Euro 1.75% Class I CHF hedged 1.00% Class I Euro 1.00% Class I GBP hedged 1.00% Class ID GBP hedged 1.00% Class I USD hedged 1.00% Class NC Euro 1.25% Class ND Euro 1.25% Class NI Euro 0.75% Class NI GBP hedged 0.75% Class NID GBP hedged 0.75% Class NI USD hedged 0.75%

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Fund Class Maximum aggregate Financial Management Fee InRIS Prentice Class C CHF hedged 2.00% Class C Euro hedged 2.00% Class C USD 2.00% Class F Euro hedged 2.25% Class I CHF hedged 1.50% Class I Euro hedged 1.50% Class I GBP hedged 1.50% Class I USD 1.50% Class M Euro hedged 0.25% Class M USD 0.25% Class NC Euro hedged 1.60% Class NI Euro hedged 1.10% Class NI USD 1.10% The maximum annual fees payable to the Investment Manager and the Trading Advisor are disclosed in note 10. Refer to note 11 for details on distribution fees, fixed consultant fees and variable consultant fees payable to the Distributor/Consultant.

10 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. The Investment Manager has appointed the Platform Advisor to perform various advisory, risk management and related services for the Investment Manager with respect to the assets of the Funds. The Investment Manager has appointed Parus Finance (UK) Limited, Capital Fund Management S.A, Perdurance Asset Management Limited and Prentice Capital Management , L.P. as Trading Advisors to manage the assets of InRIS Parus, both InRIS CFM Diversified and InRIS CFM Trends, InRIS Perdurance Market Neutral and InRIS Prentice, respectively, in accordance with the investment objectives and policies of the Funds. Intrinsic Value Investors (IVI) LLP and Karya Capital Management LP were Trading Advisors to InRIS Intrinsic Value Europe and InRIS Karya Macro, respectively, prior to these trading advisor agreements being terminated during the financial year.

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10 Investment Manager and Trading Advisor Fees (continued)

InRIS 2020 was a multi-advisor fund during the financial year. The Investment Manager had appointed Allianz Global Investors GmbH, Nomura Corporate Research and Asset Management Inc, and Rothschild & Co Asset Management Europe as Trading Advisors to manage the assets of InRIS 2020, in accordance with the investment objectives and policies of InRIS 2020. Each of the respective trading advisor agreements with the Investment Manager were terminated during the financial year.

Assets were allocated by the Investment Manager, based on the recommendations of Rothschild & Co Asset Management Europe (who previously also served as sub-advisor to InRIS 2020), among the Trading Advisors and investment strategies in such proportion as the Investment Manager may have in its absolute discretion determined. Assets were not equally weighted among the Trading Advisors or investment strategies.

Investment Manager remuneration Pursuant to an investment management agreement, the maximum annual fee payable to the Investment Manager consists of a percentage of the net assets of each class in InRIS Parus, InRIS Intrinsic Value Europe, InRIS CFM Diversified, InRIS 2020, InRIS Karya Macro, InRIS CFM Trends, InRIS Perdurance Market Neutral and InRIS Prentice as disclosed below.

The Investment Manager fees are paid monthly in arrears.

Fund Class Maximum Annual Investment Manager Fee InRIS Parus Class C CHF hedged 0.25% Class C Euro hedged 0.25% Class C Euro unhedged 0.25% Class C GBP hedged 0.25% Class C USD 0.25% Class I CHF hedged 0.25% Class I Euro hedged 0.25% Class I Euro unhedged 0.25% Class I GBP hedged 0.25% Class I USD 0.25% Class SI Euro hedged 0.25% Class X Euro hedged 0.25% InRIS Intrinsic Class F Euro 0.10% - 0.12%1 Value Europe Class F GBP unhedged 0.10% - 0.12%1

1Maximum of 0.12% per annum of the net assets of each class of InRIS Intrinsic Value Europe when the net assets were under EUR 199,999,999; maximum of 0.11% per annum of the net assets of each class when the net assets were between EUR 200,000,000 and EUR 299,999,999 and maximum of 0.10% per annum of the net assets of each class when the net assets were above EUR 299,999,999.

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10 Investment Manager and Trading Advisor Fees (continued) Investment Manager remuneration (continued) Fund Class Maximum Annual Investment Manager Fee InRIS CFM Diversified Class C CHF hedged 0.275% Class C Euro 0.275% Class C JPY hedged 0.275% Class C USD hedged 0.275% Class F Euro 0.275% Class G AUD Hedged 0.275% Class G Euro 0.275% Class I CHF hedged 0.275% Class I Euro 0.275% Class I2 Euro 0.275% Class I GBP hedged 0.275% Class I JPY hedged 0.275% Class I USD hedged 0.275% Class M Euro 0.15% - 0.28%1

Class NC Euro 0.275% Class NI Euro 0.275% Class NI GBP hedged 0.275% Class R Euro 0.275% Class SI CHF Hedged 0.15% Class SI Euro 0.15% Class SI GBP Hedged 0.15% Class SI USD Hedged 0.15% Class SI2 Euro 0.15% InRIS 2020 Class C Euro 0.20% Class C USD hedged 0.20% Class D Euro 0.20% Class D USD hedged 0.20% Class F Euro 0.20% Class I Euro 0.20% Class ID Euro 0.20% 1Class M Euro within InRIS CFM Diversified 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 EUR 30,000,000; 0.28% per annum of the net assets of the class when the AUM is between EUR 30,000,001 and EUR 200,000,000; 0.20% per annum of the net assets of the class when the AUM is between EUR 200,000,001 and EUR 300,000,000 and 0.15% per annum of the net assets of the class when the AUM is above EUR 300,000,001.

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10 Investment Manager and Trading Advisor Fees (continued) Investment Manager remuneration (continued) Fund Class Maximum Annual Investment Manager Fee InRIS Karya Macro Class C CHF hedged 0.30% Class C Euro 0.30% Class C JPY hedged 0.30% Class C USD hedged 0.30% Class F Euro 0.30% Class I CHF hedged 0.30% Class I Euro 0.30% Class I GBP hedged 0.30% Class I JPY hedged 0.30% Class I USD hedged 0.30% Class NC Euro 0.30% Class NI Euro 0.30% Class NI GBP hedged 0.30% Class NI USD hedged 0.30% InRIS CFM Trends Class C CHF hedged 0.15% Class C Euro hedged 0.15% Class C JPY hedged 0.15% Class C USD 0.15% Class F Euro hedged 0.15% Class I CHF hedged 0.15% Class I Euro hedged 0.15% Class I2 Euro hedged 0.15% Class I GBP hedged 0.15% Class I JPY hedged 0.15% Class I USD 0.15% Class M Euro hedged 0.10% - 0.15%1 Class NC Euro hedged 0.15% Class NI CHF hedged 0.15% Class NI Euro hedged 0.15% Class NI GBP hedged 0.15% Class NI USD 0.15% Class SI Euro hedged 0.105% Class SI USD 0.105% Class SI2 Euro hedged 0.105% 1Class M Euro hedged within InRIS CFM Trends 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.

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Investment Manager remuneration (continued)

Fund Class Maximum Annual Investment Manager Fee InRIS CFM Trends Class SI2 USD 0.105% (continued) Class SSI Euro hedged 0.105% Class SSI USD 0.105% Class SSI2 Euro hedged 0.105% Class SSI2 USD 0.105% Class W CHF hedged 0.15% Class WD Euro hedged 0.15% Class WD GBP hedged 0.15% Class WD USD 0.15% InRIS Perdurance Class C Euro 0.20% Market Neutral Class C USD hedged 0.20% Class D Euro 0.20% Class F Euro 0.20% Class I CHF hedged 0.20% Class I Euro 0.20% Class I GBP hedged 0.20% Class ID GBP hedged 0.20% Class I USD hedged 0.20% Class NC Euro 0.20% Class ND Euro 0.20% Class NI Euro 0.20% Class NI GBP hedged 0.20% Class NID GBP hedged 0.20% Class NI USD hedged 0.20% InRIS Prentice Class C CHF hedged 0.25% Class C Euro hedged 0.25% Class C USD 0.25% Class F Euro hedged 0.25% Class I CHF hedged 0.25% Class I Euro hedged 0.25% Class I GBP hedged 0.25% Class I USD 0.25% Class M Euro hedged 0.25% Class M USD 0.25% Class NC Euro hedged 0.25% Class NI Euro hedged 0.25% Class NI USD 0.25%

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10 Investment Manager and Trading Advisor Fees (continued) Investment Manager remuneration (continued) Investment Manager fees incurred by Fund during the financial year is as follows: Financial Financial year ended year ended 31 December 31 December 2019 2018 InRIS Parus USD 619,149 USD 1,139,290 InRIS Intrinsic Value Europe EUR 132,8891 EUR 498,695 InRIS CFM Diversified EUR 1,069,388 EUR 1,639,774 InRIS 2020 EUR 68,9622 EUR 297,149 InRIS Karya Macro EUR 3953 EUR 76,997 InRIS CFM Trends USD 366,434 USD 364,181 InRIS Perdurance Market Neutral EUR 181,893 EUR 222,368 InRIS Prentice USD 10,272 -


Investment Manager fees payable by Fund at the reporting date is as follows: 31 December 31 December 2019 2018 InRIS Parus USD 33,363 USD 69,600 InRIS Intrinsic Value Europe - EUR 274,487 InRIS CFM Diversified EUR 84,892 EUR 133,339 InRIS 2020 EUR 2,603 EUR 110,480 InRIS Karya Macro - EUR 3,850 InRIS CFM Trends USD 28,887 USD 6,086 InRIS Perdurance Market Neutral EUR 16,917 EUR 118,470 InRIS Prentice USD 2,729 -

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10 Investment Manager and Trading Advisor Fees (continued) Investment Manager remuneration (continued) Hedged share classes are also subject to a hedging fee. The hedging fee is payable to the Investment Manager at a rate of 0.06% per annum of the net assets of the hedged class. Only 50% of the hedging fee is charged on the first 100 million in aggregate of the Class W CHF Hedged, Class WD Euro Hedged and Class WD GBP hedged share classes of InRIS CFM Trends. Hedging fees incurred by Fund during the financial year is as follows: Financial Financial year ended year ended 31 December 31 December 2019 2018 InRIS Parus USD 115,086 USD 267,533 InRIS CFM Diversified EUR 44,949 EUR 73,504 InRIS Karya Macro - EUR 6,175 InRIS CFM Trends USD 77,507 USD 85,124 InRIS Perdurance Market Neutral EUR 79 EUR 189 InRIS Prentice USD 3,080 - Hedging fees payable by Fund at the reporting date is as follows: 31 December 31 December 2019 2018 InRIS Parus USD 5,777 USD 22,291 InRIS CFM Diversified EUR 4,226 EUR 3,778 InRIS Karya Macro - EUR 729 InRIS CFM Trends USD 4,786 USD 8,320 InRIS Perdurance Market Neutral - EUR 33 InRIS Prentice USD 821 -

Platform Advisor remuneration The Investment Manager pays the fees and expenses of the Platform Advisor from its own fees.

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Trading Advisor remuneration – management fees Pursuant to the trading advisor agreements, the maximum annual management fee payable to the Trading Advisors consists of a percentage of the net assets of each class in InRIS Parus, InRIS Intrinsic Value Europe, InRIS CFM Diversified, InRIS 2020, InRIS Karya Macro, InRIS CFM Trends, InRIS Perdurance Market Neutral and InRIS Prentice as disclosed below. The Trading Advisor management fees are calculated daily and payable monthly or quarterly in arrears. Fund Class Maximum Annual Trading Advisor - Management Fee InRIS Parus Class C CHF hedged 1.10% Class C Euro hedged 1.10% Class C Euro unhedged 1.10% Class C GBP hedged 1.10% Class C USD 1.10% Class I CHF hedged 1.00% Class I Euro hedged 1.00% Class I Euro unhedged 1.00% Class I GBP hedged 1.00% Class I USD 1.00% Class SI Euro hedged 0.90% Class X Euro hedged 0.90% InRIS Intrinsic Class F Euro 1.00% Value Europe Class F GBP unhedged 1.00% InRIS CFM Diversified Class C CHF hedged 0.65% Class C Euro 0.65% Class C JPY hedged 0.65% Class C USD hedged 0.65% Class F Euro 0.65% Class G AUD Hedged N/A Class G Euro N/A Class I CHF hedged 0.65% Class I Euro 0.65% Class I2 Euro 1.00% Class I GBP hedged 0.65% Class I JPY hedged 0.65% Class I USD hedged 0.65% *N/A = Not applicable

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Trading Advisor remuneration – management fees (continued) Fund Class Maximum Annual Trading Advisor - Management Fee InRIS CFM Diversified Class M Euro N/A (continued) Class NC Euro 0.65% Class NI Euro 0.65% Class NI GBP hedged 0.65% Class R Euro N/A Class SI CHF Hedged 0.40% Class SI Euro 0.40% Class SI GBP Hedged 0.40% Class SI USD Hedged 0.40% Class SI2 Euro 0.75% InRIS 20201 Rothschild & Co Asset 0.25% of the net assets Management Europe of the Account 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 Account and 0.5% (annually) on net assets of the

Account 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 Account is at or below

USD 75,000,000 or 0.45% of the net assets per annum if the net assets of

the Account exceeds USD 75,000,000

*N/A = Not applicable

1Fees for InRIS 2020 were calculated based on the NAV of each Account, being the NAV of the particular Trading Advisor’s allocation.

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Trading Advisor remuneration – management fees (continued) Fund Class Maximum Annual Trading Advisor - Management Fee InRIS Karya Macro Class C CHF hedged 0.75% Class C Euro 0.75% Class C JPY hedged 0.75% Class C USD hedged 0.75% Class F Euro 0.75% Class I CHF hedged 0.75% Class I Euro 0.75% Class I GBP hedged 0.75% Class I JPY hedged 0.75% Class I USD hedged 0.75% Class NC Euro 0.50% Class NI Euro 0.50% Class NI GBP hedged 0.50% Class NI USD hedged 0.50% InRIS CFM Trends Class C CHF hedged 0.40% Class C Euro hedged 0.40% Class C JPY hedged 0.40% Class C USD 0.40% Class F Euro hedged 0.40% Class I CHF hedged 0.40% Class I Euro hedged 0.40% Class I2 Euro hedged 0.60% Class I GBP hedged 0.40% Class I JPY hedged 0.40% Class I USD 0.40% Class M Euro hedged N/A Class NC Euro hedged 0.40% Class NI CHF hedged 0.40% Class NI Euro hedged 0.40% Class NI GBP hedged 0.40% Class NI USD 0.40% Class SI Euro hedged 0.30% Class SI USD 0.30% Class SI2 Euro hedged 0.50% Class SI2 USD 0.50% *N/A = Not applicable

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Trading Advisor remuneration – management fees (continued)

Fund Class Maximum Annual Trading Advisor - Management Fee InRIS CFM Trends Class SSI Euro hedged 0.20% (continued) Class SSI USD 0.20% Class SSI2 Euro hedged 0.40% Class SSI2 USD 0.40% Class W CHF hedged 0.40% Class WD Euro hedged 0.40% Class WD GBP hedged 0.40% Class WD USD 0.40% InRIS Perdurance Class C Euro 0.40% Market Neutral Class C USD hedged 0.40% Class D Euro 0.40% Class F Euro 0.40% 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 0.25% Class ND Euro 0.25% Class NI Euro 0.25% InRIS Prentice Class C CHF hedged 0.85% - 0.90%1 Class C Euro hedged 0.85% - 0.90%1 Class C USD 0.85% - 0.90%1 Class F Euro hedged 0.85% - 0.90%1 Class I CHF hedged 0.85% - 0.90%1 Class I Euro hedged 0.85% - 0.90%1 Class I GBP hedged 0.85% - 0.90%1 Class I USD 0.85% - 0.90%1 Class M Euro hedged N/A Class M USD N/A Class NC Euro hedged 0.60% Class NI Euro hedged 0.60% Class NI USD 0.60% *N/A = Not applicable

10.85% per annum for the portion of the net assets of the class when the NAV of the Fund is under USD 200,000,000 and 0.90% per annum for the portion of the net assets of the class when the NAV of the Fund is above USD 200,000,000.

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Trading Advisor remuneration – management fees (continued) Trading advisor – management fees incurred by Fund during the financial year is as follows: Financial Financial year ended year ended 31 December 31 December 2019 2018 InRIS Parus USD 2,768,974 USD 6,615,398 InRIS Intrinsic Value Europe EUR 1,208,3691 EUR 3,824,156 InRIS CFM Diversified EUR 2,460,035 EUR 4,849,921 InRIS 2020 EUR 94,5932 EUR 787,445 InRIS Karya Macro EUR (8,436)3 EUR 135,730 InRIS CFM Trends USD 962,150 USD 970,771 InRIS Perdurance Market Neutral EUR 278,636 EUR 339,947 InRIS Prentice USD 30,778 -


Trading advisor – management fees payable by Fund at the reporting date is as follows: 31 December 31 December 2019 2018 InRIS Parus USD 129,922 USD 612,033 InRIS Intrinsic Value Europe - EUR 94,541 InRIS CFM Diversified EUR 319,913 EUR 1,381,224 InRIS 2020 EUR 28,337 EUR 298,960 InRIS Karya Macro - EUR 23,178 InRIS CFM Trends USD 140,585 USD 383,037 InRIS Perdurance Market Neutral EUR 52,222 EUR 12,660 InRIS Prentice USD 8,177 - Trading Advisor remuneration – research costs and middle office service charges During the year ended 31 December 2019, InRIS Parus incurred Trading advisor – research costs in the amount of USD 255,467 and InRIS Perdurance Market Neutral incurred Trading advisor – middle office service charges in the amount of EUR 55,410. These expenses are included within ‘Other operating expenses’ in the Statement of Comprehensive Income.

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Trading Advisor remuneration – performance fees The Trading Advisors of InRIS Parus, InRIS CFM Diversified, InRIS CFM Trends, InRIS Perdurance Market Neutral and InRIS Prentice are also entitled to a performance fee. The Trading Advisor of InRIS Karya Macro was also entitled to a performance fee. The performance fee is calculated and accrued on each valuation day as an expense of the relevant share class, payable annually in arrears at the end of the calculation period.

The performance fees consist of between 10% to 20% (as disclosed below and overleaf) 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 relevant Funds shares applicable) and the net assets per share of the Funds as of the end of the relevant calculation period.

For InRIS Karya Macro, prior to 7 December 2018, the performance fees in respect of each calculation period were calculated by reference to the NAV of each share class adding back to such NAV, the Investment Manager’s fee, the Distributor’s fee, all audit fees, legal fees, Directors fees and expenses, insurance fees, regulatory fees and administrator fees and all accrual expenses incurred by the fund since the last payment of a performance fee.

For InRIS CFM Diversified and InRIS CFM Trends, prior to 7 December 2018, the performance fees in respect of each calculation period were calculated by reference to the NAV of each share class adding back to such NAV, the Investment Manager’s fee, the Distributor’s fee, all audit fees, legal fees, Directors fees and expenses, insurance fees, regulatory fees and administrator fees and all accrual expenses incurred (excluding transaction costs and the Trading Advisor’s management fee) incurred by the relevant share class since the last payment of a performance fee.

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.

Fund Class Maximum Annual Trading Advisor - Performance Fee InRIS Parus1 Class C CHF hedged 20% of the net trading gain Class C Euro hedged 20% of the net trading gain Class C Euro unhedged 20% of the net trading gain Class C GBP hedged 20% of the net trading gain Class C USD 20% of the net trading gain Class I CHF hedged 20% of the net trading gain Class I Euro hedged 20% of the net trading gain Class I Euro unhedged 20% of the net trading gain Class I GBP hedged 20% of the net trading gain Class I USD 20% of the net trading gain Class SI Euro hedged 20% of the net trading gain Class X Euro hedged 16% of the net trading gain

1Payable by reference to the net assets of each share class in excess of that share class’s high water mark;

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Trading Advisor remuneration – performance fees (continued)

Fund Class Maximum Annual Trading Advisor - Performance Fee InRIS Intrinsic Class F Euro N/A Value Europe Class F GBP unhedged N/A InRIS CFM Diversified1 Class C CHF hedged 10% of the net trading gain Class C Euro 10% of the net trading gain Class C JPY hedged 10% of the net trading gain Class C USD hedged 10% of the net trading gain Class F Euro 10% of the net trading gain Class G AUD Hedged N/A Class G Euro N/A Class I CHF hedged 10% of the net trading gain Class I Euro 10% of the net trading gain Class I2 Euro N/A Class I GBP hedged 10% of the net trading gain Class I JPY hedged 10% of the net trading gain Class I USD hedged 10% of the net trading gain Class M Euro N/A Class NC Euro N/A Class NI Euro N/A Class NI GBP hedged N/A Class R Euro N/A Class SI CHF Hedged 10% of the net trading gain Class SI Euro 10% of the net trading gain Class SI GBP Hedged 10% of the net trading gain Class SI USD Hedged 10% of the net trading gain Class SI2 Euro N/A InRIS 2020 Class C Euro N/A Class C USD hedged N/A Class D Euro N/A Class D USD hedged N/A Class F Euro N/A Class I Euro N/A Class ID Euro N/A *N/A = Not applicable

1For 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 higher of zero or the 1-Week EURIBOR and subject to that share class’ high water mark.

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Fund Class Maximum Annual Trading Advisor - Performance Fee InRIS Karya Macro1 Class C CHF hedged 15% of the net trading gain Class C Euro 15% of the net trading gain Class C JPY hedged 15% of the net trading gain Class C USD hedged 15% of the net trading gain Class F Euro 15% of the net trading gain Class I CHF hedged 15% of the net trading gain Class I Euro 15% of the net trading gain Class I GBP hedged 15% of the net trading gain Class I JPY hedged 15% of the net trading gain Class I USD hedged 15% of the net trading gain Class NC Euro 15% of the net trading gain Class NI Euro 15% of the net trading gain Class NI GBP hedged 15% of the net trading gain Class NI USD hedged 15% of the net trading gain InRIS CFM Trends2 Class C CHF hedged 10% of the net trading gain Class C Euro hedged 10% of the net trading gain Class C JPY hedged 10% of the net trading gain Class C USD 10% of the net trading gain Class F Euro hedged 10% of the net trading gain Class I CHF hedged 10% of the net trading gain Class I Euro hedged 10% of the net trading gain Class I2 Euro hedged N/A Class I GBP hedged 10% of the net trading gain Class I JPY hedged 10% of the net trading gain Class I USD 10% of the net trading gain Class M Euro hedged N/A Class NC Euro hedged N/A Class NI CHF hedged N/A Class NI Euro hedged N/A Class NI GBP hedged N/A Class NI USD N/A *N/A = Not applicable

1Payable by reference to the net assets of each applicable share class in excess of the 1-Week EURIBOR plus one percent and subject to that share class’ high water mark.

2Payable 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.

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Fund Class Maximum Annual Trading Advisor - Performance Fee InRIS CFM Trends12 Class SI Euro hedged 10% of the net trading gain Class SI USD 10% of the net trading gain Class SI2 Euro hedged N/A Class SI2 USD N/A Class SSI Euro hedged 10% of the net trading gain Class SSI USD 10% of the net trading gain Class SSI2 Euro hedged N/A Class SSI2 USD N/A Class W CHF hedged 10% of the net trading gain Class WD Euro hedged 10% of the net trading gain Class WD GBP hedged 10% of the net trading gain Class WD USD 10% of the net trading gain InRIS Perdurance Class C Euro 20% of the net trading gain Market Neutral3 Class C USD hedged 20% of the net trading gain Class D Euro 20% of the net trading gain Class F Euro 20% of the net trading gain Class I CHF hedged 20% of the net trading gain Class I Euro 20% of the net trading gain Class I GBP hedged 20% of the net trading gain Class ID GBP hedged 20% of the net trading gain Class I USD hedged 20% of the net trading gain Class NC Euro 20% of the net trading gain Class ND Euro 20% of the net trading gain Class NI Euro 20% of the net trading gain Class NI GBP hedged 20% of the net trading gain Class NID GBP hedged 20% of the net trading gain Class NI USD hedged 20% of the net trading gain *N/A = Not applicable

1Payable 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.

2Class W CHF hedged, Class WD Euro hedged, Class WD GBP hedged and Class WD USD are not subject to a performance fee when the aggregate net assets of the Class W and Class WD shares are below USD 100,000,000 (a 10% performance fee is payable on the aggregate net assets of the Class W and Class WD shares that is at or over USD 100,000,000).

3Payable 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’ high water mark;

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Trading Advisor remuneration – performance fees (continued) Fund Class Maximum Annual Trading Advisor - Performance Fee InRIS Prentice1 Class C CHF hedged 20% of the net trading gain Class C Euro hedged 20% of the net trading gain Class C USD 20% of the net trading gain Class F Euro hedged 20% of the net trading gain Class I CHF hedged 20% of the net trading gain Class I Euro hedged 20% of the net trading gain Class I GBP hedged 20% of the net trading gain Class I USD 20% of the net trading gain Class M Euro hedged 20% of the net trading gain Class M USD 20% of the net trading gain Class NC Euro hedged 20% of the net trading gain Class NI Euro hedged 20% of the net trading gain Class NI USD 20% of the net trading gain

1Payable by reference to the net assets of each share class in excess of that share class’s high water mark;

Trading advisor – performance fees incurred by Fund during the financial year is as follows: Financial Financial year ended year ended 31 December 31 December 2019 2018 InRIS CFM Diversified - EUR 14,418 InRIS Karya Macro EUR (554)1 EUR 554 InRIS CFM Trends USD 228,123 USD 2,734 InRIS Perdurance Market Neutral EUR 561 EUR 65 InRIS Prentice USD 48,493 -

1For the period from 1 January 2019 to 14 February 2019. InRIS Karya Macro was fully redeemed on 14 February 2019.

Trading advisor – performance fees payable by Fund at the reporting date is as follows: 31 December 31 December 2019 2018 InRIS Parus - USD 85,179 InRIS CFM Diversified - EUR 14,418 InRIS Karya Macro - EUR 554 InRIS CFM Trends USD 228,123 USD 22,622 InRIS Perdurance Market Neutral EUR 553 - InRIS Prentice USD 48,493 -

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For the financial year ended 31 December 2019 11 Distribution Fees, Fixed Consultant Fees and Variable Consultant 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. Distribution fees The Company pays the Distributor/Consultant a distribution fee. The distribution fee consists of a percentage of the net assets of each class in InRIS Parus, InRIS CFM Diversified, InRIS 2020, InRIS Karya Macro, InRIS CFM Trends, InRIS Perdurance Market Neutral and InRIS Prentice as disclosed below. The fees are accrued daily and paid quarterly in arrears.

Fund Class Distribution fee Distribution fee

Effective from

20 August 2018 Prior to

20 August 2018 InRIS Parus Class C CHF hedged 0.59% 0.95% Class C Euro hedged 0.59% 0.95% Class C Euro unhedged 0.59% 0.95% Class C GBP hedged 0.59% 0.95%

Class C USD 0.59% 0.95% Class I CHF hedged 0.09% 0.45% Class I Euro hedged 0.09% 0.45% Class I Euro unhedged 0.09% 0.45% Class I GBP hedged 0.09% 0.45% Class I USD 0.09% 0.45% Class SI Euro hedged 0.09% 0.35% Class X Euro hedged 0.09% -1 InRIS Intrinsic Class F Euro N/A N/A Value Europe Class F GBP unhedged N/A N/A InRIS CFM Diversified Class C CHF hedged 0.59% 0.875% Class C Euro 0.59% 0.875% Class C JPY hedged 0.59% 0.875% Class C USD hedged 0.59% 0.875% Class F Euro 0.84% 1.125% Class G AUD Hedged 0.00% 0.00% Class G Euro 0.00% 0.00%

1Classes established after 20 August 2018 *N/A = No distribution agreement

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For the financial year ended 31 December 2019 11 Distribution Fees, Fixed Consultant Fees and Variable Consultant Fees (continued)

Distribution fees (continued)


Effective from


20 August 2018 InRIS CFM Diversified Class I CHF hedged 0.09% 0.375% (continued) Class I Euro 0.09% 0.375% Class I2 Euro 0.09% 0.375% Class I GBP hedged 0.09% 0.375% Class I JPY hedged 0.09% 0.375% Class I USD hedged 0.09% 0.375% Class M Euro N/A N/A Class NC Euro 0.59% 0.875%

Class NI Euro 0.09% 0.375% Class NI GBP hedged 0.09% 0.375% Class R Euro 0.00% 0.00% Class SI CHF Hedged 0.09% 0.45% Class SI Euro 0.09% 0.45% Class SI GBP Hedged 0.09% 0.45% Class SI USD Hedged 0.09% 0.45% Class SI2 Euro 0.09% 0.45% InRIS 2020 Class C Euro 0.49% 0.40% Class C USD hedged 0.49% 0.40% Class D Euro 0.49% 0.40% Class D USD hedged 0.49% 0.40% Class F Euro 0.79% 0.70% Class I Euro 0.09% N/A Class ID Euro 0.09% N/A InRIS Karya Macro Class C CHF hedged 0.59% 0.95% Class C Euro 0.59% 0.95% Class C JPY hedged 0.59% 0.95% Class C USD hedged 0.59% 0.95% Class F Euro 0.84% 1.20% Class I CHF hedged 0.09% 0.45% Class I Euro 0.09% 0.45% *N/A = No distribution agreement

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11 Distribution Fees, Fixed Consultant Fees and Variable Consultant Fees (continued)



Effective from


20 August 2018 InRIS Karya Macro Class I GBP hedged 0.09% 0.45% (continued) Class I JPY hedged 0.09% 0.45% Class I USD hedged 0.09% 0.45% Class NC Euro 0.59% 0.80% Class NI Euro 0.09% 0.30% Class NI GBP hedged 0.09% 0.30% Class NI USD hedged 0.09% 0.30% InRIS CFM Trends Class C CHF hedged 0.59% 0.70% Class C Euro hedged 0.59% 0.70% Class C JPY hedged 0.59% 0.70% Class C USD 0.59% 0.70% Class F Euro hedged 0.84% 0.95% Class I CHF hedged 0.09% 0.20% Class I Euro hedged 0.09% 0.20% Class I2 Euro hedged 0.09% -1 Class I GBP hedged 0.09% 0.20% Class I JPY hedged 0.09% 0.20% Class I USD 0.09% 0.20% Class M Euro hedged N/A N/A Class NC Euro hedged 0.59% 0.70% Class NI CHF hedged 0.09% 0.20% Class NI Euro hedged 0.09% 0.20% Class NI GBP hedged 0.09% 0.20% Class NI USD 0.09% 0.20% Class SI Euro hedged 0.09% -1 Class SI USD 0.09% -1 Class SI2 Euro hedged 0.09% -1 Class SI2 USD 0.09% -1 Class SSI Euro hedged 0.09% -1


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Effective from


20 August 2018 InRIS CFM Trends Class SSI USD 0.09% -1 (continued) Class SSI2 Euro hedged 0.09% -1 Class SSI2 USD 0.09% -1 Class W CHF hedged N/A 0.20% Class WD Euro hedged N/A 0.20% Class WD GBP hedged N/A 0.20% Class WD USD N/A 0.20% InRIS Perdurance Class C Euro 0.59% 0.90% Market Neutral Class C USD hedged 0.59% 0.90% Class D Euro 0.59% 0.90% Class F Euro 0.84% 1.15% Class I CHF hedged 0.09% 0.40% Class I Euro 0.09% 0.40% Class I GBP hedged 0.09% 0.40% Class ID GBP hedged 0.09% 0.40% Class I USD hedged 0.09% 0.40% Class NC Euro 0.59% 0.80% Class ND Euro 0.59% 0.80% Class NI Euro 0.09% 0.30% Class NI GBP hedged 0.09% 0.30% Class NID GBP hedged 0.09% 0.30% Class NI USD hedged 0.09% 0.30% InRIS Prentice Class C CHF hedged 0.59% -1 Class C Euro hedged 0.59% -1 Class C USD 0.59% -1 Class F Euro hedged 0.84% -1 Class I CHF hedged 0.09% -1 Class I Euro hedged 0.09% -1 Class I GBP hedged 0.09% -1 Class I USD 0.09% -1


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For the financial year ended 31 December 2019 11 Distribution Fees, Fixed Consultant Fees and Variable Consultant Fees (continued)

Distribution fees (continued) Fund Class Distribution fee Distribution fee

Effective from


20 August 2018 InRIS Prentice Class M Euro hedged N/A -1 (continued) Class M USD N/A -1 Class NC Euro hedged 0.59% -1 Class NI Euro hedged 0.09% -1 Class NI USD 0.09% -1


Distribution fees incurred by Fund during the financial year is as follows: Financial Financial year ended year ended 31 December 31 December 2019 2018 InRIS Parus USD 472,685 USD 2,603,103 InRIS CFM Diversified EUR 736,587 EUR 2,971,944 InRIS 2020 EUR 150,7241 EUR 618,567 InRIS Karya Macro EUR 3,5552 EUR 60,875 InRIS CFM Trends USD 48,733 USD 16,013 InRIS Perdurance Market Neutral EUR 186,361 EUR 391,690 InRIS Prentice USD 4,616 -

1For the period from 1 January 2019 to 30 December 2019. InRIS 2020 was fully redeemed on 30 December 2019. 2For the period from 1 January 2019 to 14 February 2019. InRIS Karya Macro was fully redeemed on 14 February 2019.

Distribution fees payable by Fund at the reporting date is as follows: 31 December 31 December 2019 2018 InRIS Parus USD 81,833 USD 1,622,423 InRIS CFM Diversified EUR 117,910 EUR 2,047,724 InRIS 2020 EUR 20,465 EUR 305,335 InRIS Karya Macro - EUR 38,967 InRIS CFM Trends USD 20,463 USD 39,318 InRIS Perdurance Market Neutral EUR 60,157 EUR 183,057 InRIS Prentice USD 2,957 -

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11 Distribution Fees, Fixed Consultant Fees and Variable Consultant Fees (continued) Fixed consultant fees The Company pays the Distributor/Consultant a fixed consultant fee of EUR 300,000 per annum, which is accrued on each valuation point and paid quarterly out of the assets of each Fund of the Company, in proportion to their respective NAV. The fixed consultant fee for the year ended 31 December 2019 is presented as greater than EUR 300,000 in the Statement of Comprehensive Income. This is due to accounting adjustments made by the Administrator during the year. The adjustments arose as a result of a rebalance and split out of the distribution fees, fixed consultant fees and variable consultant fees in the Statement of Comprehensive Income. Fixed consultant fees incurred by Fund during the financial year is as follows: Financial Financial year ended year ended 31 December 31 December 2019 2018 InRIS Parus USD 92,607 USD 194,418 InRIS Intrinsic Value Europe EUR 1,8201 EUR 107,371 InRIS CFM Diversified EUR 223,107 EUR 93,021 InRIS 2020 EUR 14,4132 EUR 47,957 InRIS Karya Macro EUR 6513 EUR 5,370 InRIS CFM Trends USD 72,961 USD 43,288 InRIS Perdurance Market Neutral EUR 20,755 EUR 17,129 InRIS Prentice USD 1,000 -


Fixed consultant fees payable by Fund at the reporting date is as follows: 31 December 31 December 2019 2018 InRIS Parus USD 82,451 USD 65,393 InRIS Intrinsic Value Europe - EUR 107,371 InRIS CFM Diversified EUR 128,505 EUR 21,343 InRIS 2020 EUR 10,809 EUR 15,625 InRIS Karya Macro - EUR 2,769 InRIS CFM Trends USD 65,001 USD 23,055 InRIS Perdurance Market Neutral EUR 21,730 EUR 16,090 InRIS Prentice USD 1,000 -

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Variable consultant fees The Company also pays the Consultant a variable consultant fee which is equal to (or less than) the difference between the total financial management fee disclosed in the relevant Fund’s offering supplement of each share class1 and:

I. Trading Advisor management fee; II. Investment Manager fees; and

III. Distribution fees 1Not applicable for: all classes in InRIS Intrinsic Value Europe; Class W CHF hedged, Classes WD Euro hedged, Class WD GBP hedged, Class WD USD and Class M Euro hedged in InRIS CFM Trends; and Class M Euro in InRIS CFM Diversified.

Variable consultant fees incurred by Fund during the financial year is as follows:

Financial Financial year ended year ended 31 December 31 December 2019 2018 InRIS Parus USD 997,258 USD 930,129 InRIS CFM Diversified EUR 1,506,750 EUR 1,237,753 InRIS 2020 EUR 72,6121 EUR 38,305 InRIS Karya Macro - EUR 13,322 InRIS CFM Trends USD 30,095 USD 2,918 InRIS Perdurance Market Neutral EUR 267,587 EUR 107,458 InRIS Prentice USD 10,774 -

1For the period from 1 January 2019 to 30 December 2019. InRIS 2020 was fully redeemed on 30 December 2019. Variable consultant fees payable by Fund at the reporting date is as follows:

31 December 31 December 2019 2018 InRIS Parus USD 121,911 USD 807,072 InRIS CFM Diversified EUR 264,366 EUR 1,049,857 InRIS 2020 EUR 4,835 EUR 21,174 InRIS Karya Macro - EUR 14,167 InRIS CFM Trends USD 13,646 USD 10,718 InRIS Perdurance Market Neutral EUR 59,170 EUR 65,310 InRIS Prentice USD 5,995 -

In addition to the fixed consultant fees and variable consultant fees, the Consultant may share a portion of the performance fee payable to Capital Fund Management S.A., in respect of the classes of InRIS CFM Diversified, with the exception of Class SI Euro.

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12 Auditor’s remuneration

Remuneration for work carried out for the Company in respect of the financial year by the statutory audit firm Deloitte Ireland LLP is as follows: Financial year ended Financial year ended 31 December 2019 31 December 2018

Auditors remuneration USD USD Statutory audit fees 56,746 67,993 Other assurance services - - Tax advisory - - Other non-audit services - -

56,746 67,993

13 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 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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13 Share capital (continued) Issued Movement in participating shares for the year ending 31 December 2019 was as follows: InRIS Parus

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year issued in redeemed out year C Euro hedged 288,050 1,228 - (192,060) - 97,218 C USD 728,497 37,046 - (576,378) - 189,165 I CHF hedged 36,708 - - (27,280) - 9,428 I Euro hedged 1,404,213 70,264 - (1,137,770) (32,802) 303,905 I Euro unhedged 117,600 316 - (27,302) - 90,614 I GBP hedged 38,923 - - (35,800) - 3,123 I USD 405,097 74,690 - (372,248) - 107,539 SI Euro hedged 1,043,000 - - (1,043,000) - - X Euro hedged - 556,290 32,801 (52,665) - 536,426


Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year issued in redeemed out year F Euro 829,464 16,015 - (845,479) - - F GBP Unhedged 1,512,367 25,540 - (1,537,907) - - InRIS CFM Diversified

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year issued in redeemed out year C Euro 1,111,498 69,644 - (924,980) - 256,162 F Euro 3,550 40 - (1,024) - 2,566 G AUD hedged 653,647 443,073 - (76,161) - 1,020,559 I CHF hedged 71,299 3,619 - (67,812) - 7,106 I Euro 2,661,340 335,890 - (1,361,006) - 1,636,224 I GBP hedged 82,730 14,308 15,910 (30,516) - 82,432 I USD hedged 213,761 7,462 - (148,255) (20,357) 52,611 M Euro 193,333 6,748 - (128,659) - 71,422 NC Euro 94,692 - - (44,919) - 49,773 NI Euro 156,434 - - (69,341) - 87,093 R Euro 391,089 - - (193,281) - 197,808 SI Euro 1,039,475 - - - - 1,039,475

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13 Share capital (continued)

Issued (continued) InRIS 2020

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year issued in redeemed out year C Euro 372,385 2,872 - (375,257) - - D Euro 87,362 - - (87,362) - - I Euro 58,819 4,550 - (63,369) - - InRIS Karya Macro

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year issued in redeemed out year NC Euro 1,082 - - (1,082) - - NI Euro 5,123 - - (5,123) - - NI USD hedged 51,488 - - (51,488) - - InRIS CFM Trends

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year issued in redeemed out year C Euro hedged 2,000 - - - - 2,000 I Euro hedged 10 - - - - 10 I USD - 15,000 - - - 15,000 NI Euro hedged 61,929 - - (16,929) - 45,000 SSI USD - 808,931 - (60,924) - 748,007 WD Euro hedged 228,368 27,973 - (74,044) - 182,297 WD GBP hedged 1,123,411 137,508 - (456,085) - 804,834 WD USD 315,759 26,047 - (113,950) - 227,856 InRIS Perdurance Market Neutral

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year Issued in redeemed out year C Euro 112,900 255,024 - (51,120) - 316,804 I Euro 185,150 92,530 - (79,020) - 198,660 I USD Hedged 7,781 212 - (7,993) - - NC Euro 73,810 - - (25,842) - 47,968 NI Euro 629,321 - - (160,363) - 468,958

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Issued (continued) InRIS Prentice

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year Issued in redeemed out year I Euro hedged - 100 - - - 100 M Euro hedged - 111 - - - 111 M USD - 25 - - - 25 NI Euro hedged - 150,929 - (10,386) - 140,543 Movement in participating shares for the year ending 31 December 2018 was as follows: InRIS Parus

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year issued in redeemed out year C Euro hedged 697,344 31,051 - (440,345) - 288,050 C USD 965,664 96,084 - (333,251) - 728,497 I CHF hedged 68,259 - - (31,551) - 36,708 I Euro hedged 3,382,560 190,078 6,636 (1,132,061) (1,043,000) 1,404,213 I Euro unhedged 133,210 16,685 - (26,181) (6,114) 117,600 I GBP hedged 39,199 15,494 - (15,770) - 38,923 I USD 367,013 234,195 - (196,111) - 405,097 SI Euro hedged - - 1,043,000 - - 1,043,000


Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year issued in redeemed out year F Euro 798,766 243,404 6,722 (219,428) - 829,464 F GBP Unhedged 1,405,654 177,099 - (64,964) (5,422) 1,512,367

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Issued (continued) InRIS CFM Diversified

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year issued in redeemed out year C Euro 1,033,839 412,043 - (334,384) - 1,111,498 F Euro 6,081 2,424 - (4,955) - 3,550 G AUD hedged 437,442 274,068 - (57,863) - 653,647 I CHF hedged 257,989 18,411 41 (205,142) - 71,299 I Euro 4,700,246 1,685,958 - (3,724,864) - 2,661,340 I GBP hedged 366,528 52,090 - (335,858) (30) 82,730 I USD hedged 797,580 132,654 - (716,473) - 213,761 M Euro 187,911 83,627 - (78,205) - 193,333 NC Euro 185,600 - - (90,908) - 94,692 NI Euro 754,116 - - (597,682) - 156,434 R Euro 354,644 123,704 - (87,259) - 391,089 SI Euro 1,039,475 373,191 - (373,191) - 1,039,475 InRIS 2020

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year issued in redeemed out year C Euro 1,246,312 201,590 - (1,072,986) (2,531) 372,385 D Euro 344,600 459 - (257,697) - 87,362 I Euro 333,558 81,080 2,500 (358,319) - 58,819 InRIS Karya Macro

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year issued in redeemed out year I Euro 2,000 - - (2,000) - - NC Euro 17,281 2,756 - (18,955) - 1,082 NI Euro 167,286 50,080 - (212,243) - 5,123 NI USD hedged 140,865 108,594 - (197,971) - 51,488

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Issued (continued) InRIS CFM Trends

Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year issued in redeemed out year C Euro hedged - 2,000 - - - 2,000 I Euro hedged 10 12,200 - (12,200) - 10 M Euro hedged 1,000 - - (1,000) - - NI Euro hedged 228,013 916 - (167,000) - 61,929 WD Euro hedged 164,794 71,152 3,680 (11,258) - 228,368 WD GBP hedged 1,084,844 96,702 - (52,685) (5,450) 1,123,411 WD USD 292,365 28,108 3,205 (7,919) - 315,759


Shares at Shares at

beginning of Shares Switch Shares Switch end of the Class the year Issued in redeemed out year C Euro - 137,350 - (24,450) - 112,900 I Euro 2,000 380,246 - (197,096) - 185,150 I USD Hedged - 12,683 - (4,902) - 7,781 NC Euro 121,389 58,816 - (106,395) - 73,810 ND Euro 1,458 1,400 - (2,858) - - NI Euro 388,882 485,448 - (245,009) - 629,321

NAV per share at 31 December 2019 is disclosed in note 23.

14 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.

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For the financial year ended 31 December 2019 14 Financial instrument disclosures and associated risks (continued)

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 and overleaf.

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. 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 is based on a 99% confidence level for all of the Funds. The VaR is processed using a historical simulation of the previous 2 years of trading days for InRIS Parus, InRIS Intrinsic Value Europe, InRIS Karya Macro, InRIS 2020 and InRIS Perdurance Market Neutral. The VaR is processed using a Monte Carlo simulation of 2 years of trading days for InRIS CFM Diversified and InRIS CFM Trends. The VaR is processed using a historical simulation of the previous 1 years of trading days for InRIS Prentice.

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14 Financial instrument disclosures and associated risks (continued)

(a) Market risk (continued) The VaR usage or exposure as a percentage of NAV at 31 December 2019 and 31 December 2018 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

2019 2018 2019 2018 InRIS Parus 3.66% 3.66% 1.05% 0.88% InRIS Intrinsic Value Europe - 3.66% - 1.77% InRIS CFM Diversified 1.47% 1.47% 0.82% 0.90% InRIS 2020 - 1.47% - 0.20% InRIS Karya Macro - 4.47% - 0.10% InRIS CFM Trends 2.10% 2.10% 1.12% 0.82% InRIS Perdurance Market Neutral 3.00% 2.20% 1.26% 1.07% InRIS Prentice 3.00% - 2.58% -

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 USD 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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(a) Market risk (continued) The following table details the Fund’s maximum, minimum and average VaR for the financial years ended 31 December 2019 and 31 December 2018.

Fund Maximum VaR Minimum VaR Average VaR

2019 2018 2019 2018 2019 2018

InRIS Parus 1.31% 1.96% 0.73% 0.86% 0.96% 1.43% InRIS Intrinsic Value Europe - 2.14% - 1.37% - 1.60% InRIS CFM Diversified 1.69% 1.97% 0.58% 0.70% 0.95% 1.02% InRIS 2020 - 0.23% - 0.12% - 0.16% InRIS Karya Macro - 3.97% - 0.00% - 1.25% InRIS CFM Trends 1.82% 3.35% 0.57% 0.72% 1.13% 1.29% InRIS Perdurance Market Neutral 1.80% 1.21% 1.05% 0.80% 1.33% 1.03% InRIS Prentice 2.68% - 1.47% - 2.37% -

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 overleaf. The amounts disclosed represent the fair value exposure of the assets and liabilities (before any hedging through forward currency contracts) at the reporting date.

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(a) Market risk (continued) Currency risk (continued) InRIS Parus

Currency Fair value at Fair value at


2019 2018

Assets USD USD

Australian Dollar (AUD) 21,288 4,163,622

British Pound (GBP) 8,967,153 29,957,971

Canadian Dollar (CAD) (85,831) 456,489

Euro (EUR) 2,250,259 10,204,545

Hong Kong Dollar (HKD) 2,024,563 8,913,645

Swiss Franc (CHF) 70,970 (40,744)

Net exposure 13,248,402 53,655,528

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 Statement attached to the financial statements.




2019 2018

Assets EUR EUR

British Pound (GBP) - 82,387,924

Danish Krona (DKK) - 5,584,077

Norwegian Krona (NOK) - 22,266,133

Swedish Krona (SEK) - 2,746,034

Swiss Franc (CHF) - 56,869,561

Net exposure - 169,853,729

The above disclosure represents the exposure of the Fund based on the fair value of the Fund’s assets and liabilities.

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(a) Market risk (continued)

Currency risk (continued)


As at 31 December 2019 and December 2018, the majority of InRIS CFM Diversified’s financial assets and liabilities at fair value through profit or loss are traded in EUR, which is InRIS CFM Diversified’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 Statement attached to the financial statements. InRIS 2020



2019 2018

Assets EUR EUR

US Dollar (USD) - 5,340,541


The above disclosure represents the exposure of the Fund based on the fair value of the Fund’s assets and liabilities. InRIS Karya Macro



2019 2018

Assets EUR EUR

Australian Dollar (AUD) - (20,762)

US Dollar (USD) - 4,445,608


The above disclosure represents the exposure of the Fund based on the fair value of the Fund’s assets and liabilities.

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(a) Market risk (continued) Currency risk (continued) InRIS CFM Trends



2019 2018

Assets USD USD

Australian Dollar (AUD) (3,220,336) 252,674

British Pound (GBP) (1,229,186) (938,204)

Canadian Dollar (CAD) (83,417) (882,332)

Euro (EUR) (6,369,890) 358,458

Hong Kong Dollar (HKD) (845,302) (219,052)

Japanese Yen (JPY) (211,422) 339,183

Singapore Dollar (SGD) (205,472) 1,042,160

South African Rand (ZAR) (125,732) 14,341

South Korean Won (KRW) 992,735 1,743,421

Swiss Franc (CHF) 239,325 132,061

Net exposure (11,058,697) 1,842,710

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 Statement attached to the financial statements. InRIS Perdurance Market Neutral



2019 2018

Assets EUR EUR

British Pound (GBP) 18,800 -

Danish Krona (DKK) 3,337,938 -

Swedish Krona (SEK) 21,078,936 11,065,078

Swiss Franc (CHF) 4,684,412 4,338,622

United States Dollar (USD) - 866

Net exposure 29,120,086 15,404,566

InRIS Prentice

As at 31 December 2019, the majority of InRIS Prentice’s financial assets and liabilities at fair value through profit or loss are traded in USD, which is InRIS Prentice’s functional currency.

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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 below detail the Fund’s exposure to interest rate risks at 31 December 2019.

InRIS Parus

All amounts stated in USD 1 month to Greater than

Less than 1 financial 1 financial Non-interest

1 month year year bearing Total

31 December 2019

Assets

Cash and cash equivalents 31,060,774 - - - 31,060,774

Balance due from broker 13,648,587 - - - 13,648,587

Receivable for fund shares sold - - - 27,560 27,560

Other receivables - - - 423,078 423,078

Financial assets measured at fair

value through profit or loss

Investment in equity instruments - - - 77,796,276 77,796,276

Investment in debt instruments - 37,450,438 - - 37,450,438

Derivative financial instruments - - - 1,847,288 1,847,288

Total assets 44,709,361 37,450,438 - 80,094,202 162,254,001

Liabilities


Financial liabilities measured at

amortised cost

Balance due to brokers 2,199,112 - - - 2,199,112

Payable for fund shares purchased - - - 1,853,534 1,853,534

Other payables and accrued expenses - - - 243,328 243,328

Trading advisor - management fees payable - - - 129,922 129,922

Variable consultant fees payable - - - 121,911 121,911

Fixed consultant fees payable - - - 82,451 82,451

Distribution fees payable - - - 81,833 81,833

Administration fees payable - - - 54,371 54,371

Investment manager fees payable - - - 33,363 33,363

Transfer agent fees payable - - - 27,397 27,397

Interest payable - - - 58,754 58,754

Depositary fees payable - - - 11,649 11,649

Directors’ fees payable - - - 3,294 3,294

Hedging fees payable - - - 5,777 5,777

Net assets attributable to

participating shareholders - - - 153,636,089 153,636,089

Total liabilities 2,199,112 - - 160,054,889 162,254,001

Total interest sensitivity gap 42,510,249 37,450,438 -

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(a) Market risk (continued) Interest rate risk (continued) InRIS Intrinsic Value Europe

All amounts stated in EUR 1 month to Greater than



31 December 2019

Assets

Cash and cash equivalents 146,984 - - - 146,984


Total assets 146,984 - - 173,979 320,963

Liabilities


amortised cost

Payable for fund shares purchased - - - 320,963 320,963

Total liabilities - - - 320,963 320,963

Total interest sensitivity gap 146,984 - -

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(a) Market risk (continued) Interest rate risk (continued) InRIS CFM Diversified




31 December 2019

Assets



Receivable for fund shares sold - - - 1,945,382 1,945,382

Other receivables - - - 7,435,286 7,435,286



Investment in debt instruments 69,019,170 92,740,016 - - 161,759,986


Total assets 392,516,638 92,740,016 - 39,582,411 524,839,065

Liabilities



amortised cost


















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(a) Market risk (continued) Interest rate risk (continued) InRIS 2020




31 December 2019

Assets


Total assets 17,033,620 - - - 17,033,620

Liabilities


amortised cost





Fixed consultant fees payable - - - 10,809 10,809 Distribution fees payable - - - 20,465 20,465 Administration fees payable - - - 25,715 25,715




Depositary fees payable - - - 3,452 3,452 Directors’ fees payable - - - 2,662 2,662

Total liabilities - - - 17,033,620 17,033,620

Total interest sensitivity gap 17,033,620 - -

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(a) Market risk (continued) Interest rate risk (continued) InRIS Karya Macro




31 December 2019

Assets

Cash and cash equivalents 359 - - - 359

Total assets 359 - - - 359

Liabilities


amortised cost

Payable for fund shares purchased - - - 359 359

Total liabilities - - - 359 359

Total interest sensitivity gap 359 - -

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(a) Market risk (continued) Interest rate risk (continued) InRIS CFM Trends




31 December 2019

Assets




Other receivables - - - 12,497,947 12,497,947




Total assets 250,049,678 - - 21,073,592 271,123,270

Liabilities



amortised cost









Trading advisor - performance fee payable - - - 228,123 228,123










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(a) Market risk (continued) Interest rate risk (continued) InRIS Perdurance Market Neutral




31 December 2019

Assets

Cash and cash equivalents 1,708,467 - - - 1,708,467 Balance due from broker 12,505,467 - - - 12,505,467 Receivable for securities sold - - - 715,417 715,417 Receivable for fund shares sold - - - 246,742 246,742 Other receivables - - - 505,102 505,102 Financial assets measured at fair


Investment in equity instruments - - - 81,616,030 81,616,030 Derivative financial instruments - - - 739,665 739,665 Total assets 14,213,934 - - 83,822,956 98,036,890

Liabilities

Derivative financial instruments - - - 432,905 432,905


amortised cost

Balance due to brokers 752,746 - - - 752,746 Payable for fund shares purchased - - - 1,180,640 1,180,640 Other payables and accrued expenses - - - 79,889 79,889 Trading advisor - management fees payable - - - 52,222 52,222 Variable consultant fees payable - - - 59,170 59,170 Fixed consultant fees payable - - - 21,730 21,730 Distribution fees payable - - - 60,157 60,157 Administration fees payable - - - 20,815 20,815 Trading advisor - performance fees payable - - - 553 553 Investment manager fees payable - - - 16,917 16,917 Transfer agent fees payable - - - 11,057 11,057 Interest payable - - - 26,971 26,971 Depositary fees payable - - - 3,587 3,587 Directors’ fees payable - - - 2,788 2,788 Net assets attributable to


Total liabilities 752,746 - - 97,284,144 98,036,890


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(a) Market risk (continued) Interest rate risk (continued) InRIS Prentice




31 December 2019

Assets

Cash and cash equivalents 6,344,208 - - - 6,344,208 Balance due from broker 2,045,228 - - - 2,045,228 Receivable for securities sold - - - 4,740 4,740 Other receivables - - - 60,533 60,533



Investment in equity instruments - - - 8,578,282 8,578,282 Derivative financial instruments - - - 149,584 149,584 Total assets 8,389,436 - - 8,793,139 17,182,575

Liabilities



amortised cost

Balance due to brokers 284,277 - - - 284,277 Other payables and accrued expenses - - - 18,895 18,895 Trading advisor – management fees payable - - - 8,177 8,177 Payable for securities purchased 510,528 510,528 Variable consultant fees payable - - - 5,995 5,995 Fixed consultant fees payable - - - 1,000 1,000 Distribution fees payable - - - 2,957 2,957 Administration fees payable - - - 14,111 14,111 Trading advisor – performance fees payable 48,493 48,493 Investment manager fees payable - - - 2,729 2,729 Transfer agent fees payable - - - 1,042 1,042 Interest payable - - - 1,408 1,408 Depositary fees payable - - - 430 430 Directors’ fees payable - - - 3,603 3,603 Hedging fees payable - - - 821 821 Net assets attributable to




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(a) Market risk (continued) Interest rate risk (continued)

InRIS Parus All amounts stated in USD 1 month to Greater than



31 December 2018

Assets



Receivable for securities sold - - - 3,673,872 3,673,872







Total assets 130,061,552 208,985,670 - 162,416,419 501,463,641

Liabilities



amortised cost







Distribution fees payable - - - 1,622,423 1,622,423


Trading advisor - performance fees payable - - - 85,179 85,179











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(a) Market risk (continued) Interest rate risk (continued) InRIS Intrinsic Value Europe




31 December 2018

Assets


Balance due from broker 129 - - - 129

Receivable for securities sold - - - 60,613 60,613






Investment in debt instruments 9,408,489 22,840,588 - - 32,249,077

Total assets 18,153,094 22,840,588 - 309,625,661 350,619,343

Liabilities


amortised cost

Balance due to brokers 44 - - - 44


Other payables and accrued expenses - - - 77,012 77,012 Trading advisor – management fees payable

- - - 94,541 94,541

Payable for securities purchased - - - 8,039 8,039








Total liabilities 44 - - 350,619,299 350,619,343


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(a) Market risk (continued) Interest rate risk (continued) InRIS CFM Diversified




31 December 2018

Assets









Total assets 324,276,335 371,397,954 - 92,707,164 788,381,453

Liabilities



amortised cost




Trading advisor - management fees payable - - - 1,381,224 1,381,224

Variable consultant fees payable - - - 1,049,857 1,049,857


Distribution fees payable - - - 2,047,724 2,047,724


Trading advisor - performance fees payable - - - 14,418 14,418



Interest payable - - - 1,523,984 1,523,984







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(a) Market risk (continued) Interest rate risk (continued) InRIS 2020




31 December 2018

Assets






Investment in equity instruments - - - 4,297 4,297

Investment in debt instruments - 2,935,418 45,523,868 - 48,459,286


Total assets 5,128,842 2,935,418 45,523,868 1,379,098 54,967,226

Liabilities



amortised cost

Balance due to brokers 260,166 - - - 260,166











Directors’ fees payable - - - 102 102




Total interest sensitivity gap 4,868,676 2,935,418 45,523,868

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(a) Market risk (continued) Interest rate risk (continued) InRIS Karya Macro




31 December 2018

Assets








Total assets 19,134,425 - - 303,056 19,437,481

Liabilities



amortised cost





Variable consultant fees payable - - - 14,167 14,167 Fixed consultant fees payable - - - 2,769 2,769



Trading advisor - performance fees payable - - - 554 554


Transfer agent fees payable - - - 4,265 4,265 Depositary fees payable - - - 1,170 1,170


Hedging fees payable - - - 729 729 Net assets attributable to




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(a) Market risk (continued) Interest rate risk (continued) InRIS CFM Trends




31 December 2018

Assets








Total assets 210,910,553 - - 5,667,567 216,578,120

Liabilities



amortised cost









Trading advisor - performance fees payable 22,622 22,622










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(a) Market risk (continued) Interest rate risk (continued) InRIS Perdurance Market Neutral




31 December 2018

Assets

Cash and cash equivalents 188,926 - - - 188,926









Total assets 12,735,314 - - 86,962,161 99,697,475

Liabilities



amortised cost














Hedging fees payable - - - 33 33





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(a) Market risk (continued) 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. InRIS Parus At 31 December 2019 and 31 December 2018, InRIS Parus’s investments in equity and debt instruments categorised by industry sector are as follows:

31 December 2019 31 December 2018

Fair value % of net Fair value % of net

USD assets USD assets

Assets

Equities

Consumer, discretionary 10,868,409 7.07% 14,329,451 3.07%

Healthcare 28,403,032 18.49% 29,133,144 6.24%

Information technology 18,334,961 11.93% 26,932,522 5.77%

Telecommunications 20,189,874 13.14% 66,688,446 14.28%

Government bonds

Sovereign government bonds 37,450,438 24.38% 208,985,670 44.74%

Total equities and bonds 115,246,714 75.01% 346,069,233 74.10%

InRIS Parus’s exposure to derivative financial instruments at 31 December 2019 is included in the Portfolio Statement attached to the financial statements.

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(a) Market risk (continued) Other price risk (continued) InRIS Intrinsic Value Europe During the financial year ended 31 December 2019, InRIS Intrinsic Value Europe closed. At 31 December 2018, InRIS Intrinsic Value Europe’s investments in equity and debt instruments categorised by industry sector are as follows:

31 December 2018

Fair value % of net

EUR assets

Assets

Equities

Consumer, discretionary 69,225,746 19.80%

Consumer, staples 40,158,802 11.49%

Financial 35,559,116 10.17%

Health Care 4,803,429 1.37%

Industrials 59,286,532 16.96%

Materials 69,074,816 19.75%

Telecommunications 30,882,099 8.83%

Government bonds

Sovereign government bonds 32,249,077 9.22%

Total equities and bonds 341,239,617 97.59%

InRIS CFM Diversified At 31 December 2019 and 31 December 2018, InRIS CFM Diversified’s investments in debt instruments categorised by industry sector are as follows:

31 December 2019 31 December 2018

Fair value % of net Fair value % of net

EUR assets EUR assets

Assets

Government bonds Sovereign government bonds 161,759,986 40.21% 371,397,954 58.33%

Total bonds 161,759,986 40.21% 371,397,954 58.33%

InRIS CFM Diversified’s exposure to derivative financial instruments at 31 December 2019 is included in the Portfolio Statement attached to the financial statements.

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(a) Market risk (continued) Other price risk (continued) InRIS 2020 During the financial year ended 31 December 2019, InRIS 2020 closed. At 31 December 2018, InRIS 2020’s investments in equity and debt instruments categorised by industry sector are as follows:

31 December 2018

Fair value % of net

EUR assets

Assets

Equities Oil & gas 4,297 0.01%

Corporate bonds 48,459,286 90.97%

Total equities and bonds 48,463,583 90.98%

InRIS Karya Macro During the financial year ended 31 December 2019, InRIS Karya Macro closed. At 31 December 2018, InRIS Karya Macro held no investments in equity or debt instruments. InRIS CFM Trends At 31 December 2019 and 31 December 2018, InRIS CFM Trends’ held no investments in equity or debt instruments.

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Other price risk (continued)

InRIS Perdurance Market Neutral At 31 December 2019 and 31 December 2018, InRIS Perdurance Market Neutral’s investments in equity instruments categorised by industry sector are as follows:

31 December 2019 31 December 2018 Fair value % of net Fair value % of net

EUR assets EUR assets

Assets

Equities Consumer, discretionary 7,221,522 7.57% 7,786,762 8.59%

Consumer, staples 16,838,057 17.66% 6,887,555 7.60%

Energy - - 4,418,484 4.88%

Healthcare 9,336,368 9.80% - -

Industrials 22,942,037 24.07% 29,335,917 32.37%

Information technology 16,564,534 17.38% 16,705,404 18.43%

Materials - - 4,187,865 4.62%

Telecommunications 4,161,192 4.37% 8,899,741 9.82%

Utilities 4,552,320 4.78% 7,318,475 8.07%

Total equities 81,616,030 85.63% 85,540,203 94.38%

InRIS Perdurance Market Neutral’s exposure to derivative financial instruments at 31 December 2019 is included in the Portfolio Statement attached to the financial statements.

InRIS Prentice At 31 December 2019, InRIS Prentices’ investments in equity instruments categorised by industry sector are as follows:

31 December 2019 Fair value % of net

USD assets

Assets

Equities Consumer, discretionary 6,944,634 42.69%

Consumer, staples 538,138 3.31%

Healthcare 135,162 0.83%

Real Estate 960,348 5.90%

Total equities 8,578,282 52.73%

InRIS Prentices’ exposure to derivative financial instruments at 31 December 2019 is included in the Portfolio Statement attached to the financial statements.

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(a) Market risk (continued) Other price risk (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. (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. The Company is exposed to the risk of credit-related losses that can occur as a result of a counterparty or issuer being unable or unwilling to honour its contractual obligations whether through insolvency, bankruptcy or other causes. Credit risk comprises issuer risk, replacement risk, settlement risk, concentration risk and country risk. Issuer risk is the risk of loss due to the default or credit deterioration of an issuer of instruments or due to the incapacity of a counterparty to honour its commitments before the transaction terminates. Replacement risk is the risk of a loss due to the counterparty’s failure or unwillingness to perform on a contract or agreement during the life of a transaction. Settlement risk is the risk of loss when a Fund meets its obligation under a contract or agreement, through the advance of funds or securities, before receipt of the counterparty’s payment or securities. At 31 December 2019, 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, debt instruments and derivative instruments. Cash and cash collateral held as cover against the Fund’s margin liabilities with the brokers, cash assets held on deposit with the Depositary and other receivables also expose the Funds to credit risk. The Company measures credit risk and expected credit losses on financial assets measured at amortised cost using probability of default, exposure at default and loss given default. Management consider both historical analysis and forward-looking information in determining any expected credit loss. At 31 December 2019 and 31 December 2018, all cash and broker balances are held with counterparties with a credit rating of A- or higher and can be settled within 1 week. Management consider the probability of default to be close to zero as these instruments have a low risk of default and the counterparties have a strong capacity to meet their contractual obligations in the near term. As a result, no loss allowance has been recognised based on 12-month expected credit losses as any such impairment would be wholly insignificant to the Company.

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(b) Credit risk (continued) 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 in addition to those laid out in the UCITS regulations. The Funds equity instruments are held either directly with the Depositary or with one of the sub-Custodians. These assets are held distinct and separately from the proprietary assets of the Depositary/sub-Custodians. 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-Custodian may cause the Fund’s rights with respect to the securities held to be delayed. InRIS Parus, InRIS CFM Diversified and InRIS CFM Trends 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. InRIS Intrinsic Value Europe was permitted to invest in European government bonds up to a maximum of 25% of the NAV of the Fund. The sovereign bonds were required to be investment grade (rated BBB or Baa1 by Standard and Poor’s and Moody’s respectively). InRIS Intrinsic Value Europe may also have invested in European corporate bonds up to a maximum of 10% of the NAV of the Fund. InRIS Karya Macro may not have invested more than 20% of its NAV in securities that are rated below BBB- by Standard & Poor’s or the equivalent by another major credit agency. InRIS 2020 may not have invested more than 10% of its NAV in debt securities that are rated below CCC by Standard & Poor’s or the equivalent by another major credit agency. InRIS 2020 was also required to limit its exposure to corporate bonds issued by companies in the financial sector to 50% of its NAV and companies in the energy sector to 30% of its NAV. InRIS Prentice is permitted to invest in fixed rate government bonds (i.e. treasury bills) which are considered to be investment grade, meaning they are rated BBB or above by Standard & Poor’s or the equivalent by another major credit agency. 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.

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(b) Credit risk (continued) 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 per trade. InRIS Parus, InRIS CFM Diversified, InRIS CFM Trends Fund and InRIS Prentice engage in the trading of OTC derivative instruments. As at 31 December 2019, swaps entered into by InRIS CFM Diversified and InRIS CFM Trends are centrally cleared. All other OTC derivatives entered into during the years ended 31 December 2019 and 31 December 2018 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 2019, InRIS CFM Diversified has pledged securities with a fair value of EUR 22,186,351 (2018: EUR 44,938,654). The assets, in the form of French government bonds, are pledged to Deutsche Bank. The Investment Manager monitors credit risk on a daily basis and looks to reduce Deutsche Bank credit risk by posting initial margin for CFM Diversified and CFM Trends to pledge accounts held at the Depositary. The Fund’s open positions in respect of OTC derivatives are held in the Company’s account on the counterparty’s books.

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(b) Credit risk (continued) The brokers shall treat funds they receive from the Company or hold on the Company’s behalf pursuant to the ISDA Master Agreements as a debt due from the brokers to the Company and will be received by the brokers with title and full ownership transference. In the event of a broker’s insolvency, the Company will rank as an unsecured creditor of such broker in respect of such funds. The Investment Manager monitors the credit rating of the brokers. In the event of deterioration in the credit standing of the brokers, the Investment Manager will consider dealing with another provider. The credit ratings of the Fund’s Brokers, as determined by Standard and Poors*, are as follows:

31 December 2019 31 December 2018 Allianz SE AA AA Barclays Bank Plc A A Citibank N.A. (ISDA MA) A+ A+ Credit Suisse Securities (Europe) Limited A+ BBB+ Deutsche Bank AG BBB+ BBB+ Goldman Sachs International A+ A+ JP Morgan Chase Bank, N.A. A+ A- Merrill Lynch International A+ A+ Morgan Stanley & Co International A+ A+ National Bank of Canada A A Nomura International Plc A- A- *the credit ratings relate to Standard and Poor’s ratings of the entity or its ultimate parent(s) Cash and cash equivalents comprise balances held with the Depositary, balances held in deposit accounts and holdings in money market funds which are held as cash equivalents.

Cash held at Cash held at Depositary Depositary 31 December 31 December 2019 2018 InRIS Parus USD 4,167,897 USD 15,477,517 InRIS Intrinsic Value Europe EUR 146,984 EUR 8,744,476 InRIS CFM Diversified EUR 16,562,804 EUR 36,939,271 InRIS 2020 EUR 17,033,620 EUR 5,128,842 InRIS Karya Macro EUR 359 EUR 15,631,750 InRIS CFM Trends USD 11,105,421 USD 15,658,737 InRIS Perdurance Market Neutral EUR 1,708,467 EUR 188,926 InRIS Prentice USD 959,271 -

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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 (2018: A). 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. The credit ratings of the banks that the Funds hold deposit accounts with, as determined by Standard and Poors*, are as follows:

31 December 2019 31 December 2018 BNP Paribas A+ A- Bank of Nova Scotia A+ A+ CACEIS Ireland Limited A+ A+ National Bank of Canada A A Royal Bank of Canada AA- AA- *the credit ratings relate to Standard and Poor’s ratings of the entity or its ultimate parent(s) At 31 December 2019, InRIS Parus held an investment in Blackrock Institutional Cash Series US Dollar Liquidity Fund – Core amounting to USD 14,092,971 (31 December 2018: USD Nil). At 31 December 2019, InRIS CFM Diversified held an investment in Blackrock Institutional Cash Series Euro Liquidity Fund – Core amounting to EUR 36,035,749 (2018: EUR 60,038,249). At 31 December 2019, InRIS CFM Trends held an investment in Goldman Sachs US Dollar Liquid Reserves Fund amounting to USD 21,890,025 (2018: USD 17,914,501). At 31 December 2019, InRIS Prentice held an investment in Blackrock Institutional Cash Series US Dollar Liquidity Fund – Core amounting to USD 1,422,845 (31 December 2018: USD Nil). The credit rating of these money market funds, as determined by Fitch, is AAAmmf (2018: AAAmmf).

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(c) Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. InRIS Parus and InRIS Prentice’s offering supplements provide for the weekly creation and cancellation of shares. InRIS CFM Diversified, InRIS CFM Trends and InRIS Perdurance Market Neutral’s offering supplements provide for the daily creation and cancellation of shares. InRIS Intrinsic Value Europe, InRIS 2020 and InRIS Karya Macro offering supplements also provided 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 2019 are short term in nature. The following tables show the residual contractual, undiscounted cash flows of the Fund’s liabilities at 31 December 2019.

InRIS Parus

All amounts stated in USD Less than 1-3 months 3 months to Greater than

1 1 month 1 financial year financial year 31 December 2019 Financial liabilities measured at amortised cost Other payables 4,906,696 - - - Financial liabilities measured at fair value through profit or loss Derivative financial liabilities 3,711,216 - - - Net asset value attributable to participating shareholders 153,636,089 - - -


All amounts stated in EUR Less than 1-3 months 3 months to Greater than

1 1 month 1 financial year financial year 31 December 2019 Financial liabilities measured at amortised cost Other payables 320,963 - - -

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(c) Liquidity risk (continued) InRIS CFM Diversified


1 1 month 1 financial year financial year 31 December 2019 Financial liabilities measured at amortised cost Other payables 80,495,204 - - - Financial liabilities measured at fair value through profit or loss Derivative financial liabilities 32,040,939 8,891,446 679,687 420,883 Net asset value attributable to participating shareholders 402,310,906 - - - InRIS 2020


1 1 month 1 financial year financial year 31 December 2019 Financial liabilities measured at amortised cost Other payables 17,033,620 - - -

InRIS Karya Macro


1 1 month 1 financial year financial year 31 December 2019 Financial liabilities measured at amortised cost Other payables 359 - - -

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(c) Liquidity risk (continued) InRIS CFM Trends


1 1 month 1 financial year financial year 31 December 2019 Financial liabilities measured at amortised cost Other payables 14,719,901 - - - Financial liabilities measured at fair value through profit or loss Derivative financial liabilities 1,395,622 8,134,088 540,055 590,699 Net asset value attributable to participating shareholders 245,742,905 - - -


All amounts stated in EUR Less than 1-3 months 3 months to Greater than 1 1 month 1 financial year financial year

31 December 2019 Financial liabilities measured at amortised cost Other payables 2,289,242 - - - Financial liabilities measured at fair value through profit or loss Derivative financial liabilities 431,430 1,475 - - Net asset value attributable to participating shareholders 95,314,743 - - -

InRIS Prentice

All amounts stated in USD Less than 1-3 months 3 months to Greater than 1 1 month 1 financial year financial year

31 December 2019 Financial liabilities measured at amortised cost Other payables 904,466 - - - Financial liabilities measured at fair value through profit or loss Derivative financial liabilities 9,462 - - - Net asset value attributable to participating shareholders 16,268,647 - - -

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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 2018. InRIS Parus


1 1 month 1 financial year financial year 31 December 2018 Financial liabilities measured at amortised cost Other payables 32,658,339 - - - Financial liabilities measured at fair value through profit or loss Derivative financial liabilities 1,657,356 - - - Net asset value attributable to participating shareholders 467,147,946 - - -



1 1 month 1 financial year financial year 31 December 2018 Financial liabilities measured at amortised cost Other payables 959,801 - - - Financial liabilities measured at fair value through profit or loss Net asset value attributable to participating shareholders 349,659,542 - - - InRIS CFM Diversified


1 1 month 1 financial year financial year 31 December 2018 Financial liabilities measured at amortised cost Other payables 66,164,047 - - - Financial liabilities measured at fair value through profit or loss Derivative financial liabilities 71,017,708 13,646,629 4,609 851,985 Net asset value attributable to participating shareholders 636,696,475 - - -

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(c) Liquidity risk (continued)

InRIS 2020


31 December 2018 Financial liabilities measured at amortised cost Other payables 1,511,446 - - - Financial liabilities measured at fair value through profit or loss Derivative financial liabilities 186,261 - - - Net asset value attributable to participating shareholders 53,269,519 - - -

InRIS Karya Macro


1 1 month 1 financial year financial year 31 December 2018 Financial liabilities measured at amortised cost Other payables 14,542,282 - - - Financial liabilities measured at fair value through profit or loss Derivative financial liabilities 64,149 80,030 - - Net asset value attributable to participating shareholders 4,751,020 - - - InRIS CFM Trends


1 1 month 1 financial year financial year 31 December 2018 Financial liabilities measured at amortised cost Other payables 3,684,839 - - - Financial liabilities measured at fair value through profit or loss Derivative financial liabilities 84,219 6,160,089 1,224,967 2,217,062 Net asset value attributable to participating shareholders 203,206,944 - - -

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(c) Liquidity risk (continued)



31 December 2018 Financial liabilities measured at amortised cost Other payables 6,285,377 - - - Financial liabilities measured at fair value through profit or loss Derivative financial liabilities 2,778,197 - - - Net asset value attributable to participating shareholders 90,633,901 - - - A portion of the Fund’s assets are maintained as cash and cash equivalents and are available to meet unexpected redemptions. At 31 December 2019 and 31 December 2018, the Fund’s cash and cash equivalents represented the following percentages of the net assets of the Funds:

Cash and cash equivalents at Cash and cash equivalents at 31 December 2019 31 December 2018 % of net assets % of net assets InRIS Parus 20.22% 12.62% InRIS Intrinsic Value Europe - 2.50% InRIS CFM Diversified 31.86% 24.94% InRIS 2020 - 9.63% InRIS Karya Macro - 329.02% InRIS CFM Trends 78.91% 77.02% InRIS Perdurance Market Neutral 1.79% 0.21% InRIS Prentice 39.00% -

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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160


For the financial year ended 31 December 2019 15 Offsetting financial assets and liabilities

The Funds enter into derivative transactions under International Swaps and Derivatives Association (ISDA) master agreements. In general, under ISDA master agreements the amounts owed by each counterparty on a single day in respect of a single transaction outstanding in the same currency are aggregated into a single net amount that is payable by one party to the other. In certain circumstances – for example, when a credit event such as a default occurs – all outstanding transactions (or certain transactions, specified as “Affected Transactions”) under the agreement are terminated, the termination value is assessed and only a single net amount is payable in settlement of such transactions. ISDA master agreements can be amended to allow for multi-transactional, cross currency or cross product netting. Exchange-traded derivatives are subject to an enforceable master netting arrangement or similar agreement in that they are cleared under derivative clearing agreements. The ISDA master agreements and derivative clearing agreements do not meet the criteria for offsetting in the Statement of Financial Position, since the Company does not have a currently legally enforceable right to offset recognised amounts. Rather, the right of offset is enforceable only on the occurrence of future events such as a default of the counterparty or other credit events. The tables overleaf set out the carrying amounts of recognised financial instruments that are subject to these agreements. The columns “Gross amount not offset 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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For the financial year ended 31 December 2019 15 Offsetting financial assets and liabilities (continued)

InRIS Parus 31 December 2019 Gross amount not offset in the


Gross amounts of recognised financial assets Financial Cash Net

presented in the Statement of Financial Position instruments collateral amount

Description USD USD USD USD

Derivative financial assets

Credit Suisse Securities (Europe) Limited 116,224 (116,224) - -

Morgan Stanley & Co. International 794,003 (794,003) - -

National Bank of Canada 937,061 (19,376) - 917,685

Balance due from brokers

Credit Suisse Securities (Europe) Limited 4,633,408 - (320,528) 4,312,880

Morgan Stanley & Co. International 5,805,052 - (4,660,197) 1,144,855

National Bank of Canada 3,210,127 - - 3,210,127

Gross amount not offset in the


Gross amounts of recognised financial liabilities Financial Cash Net



Derivative financial liabilities

Credit Suisse Securities (Europe) Limited (436,752) 116,224 320,528 -

Morgan Stanley & Co. International (3,255,088) 794,003 2,461,085 -

National Bank of Canada (19,376) 19,376 - -

Balance due to brokers

Morgan Stanley & Co. International (2,199,112) - 2,199,112 -

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162



InRIS Parus (continued)

31 December 2018 Gross amount not offset in the






Credit Suisse Securities (Europe) Limited 3,051,272 (481,121) - 2,570,151

Morgan Stanley & Co. International 17,937,092 (1,119,114) - 16,817,978

National Bank of Canada 56,198 (56,198) - -


BNP Paribas 43,486,273 - - 43,486,273

Credit Suisse Securities (Europe) Limited 6,679,398 - - 6,679,398

Morgan Stanley & Co. International 27,408,237 - (21,873,195) 5,535,042

National Bank of Canada 37,010,127 - (923) 37,009,204







Credit Suisse Securities (Europe) Limited (481,121) 481,121 - -

Morgan Stanley & Co. International (1,119,114) 1,119,114 - -

National Bank of Canada (57,121) 56,198 923 -


Morgan Stanley & Co. International (21,873,195) - 21,873,195 -

State Street Bank and Trust Company (9,965) - - (9,965)

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163








Description EUR EUR EUR EUR


Barclays Bank Plc 18,475,443 (18,475,443) - -

Deutsche Bank AG 2,787,003 (2,301,859) - 485,144

JP Morgan Chase Bank, N.A. 6,625,029 (6,625,029) - -

National Bank of Canada 511 (192) - 319

Nomura International Plc 2,313,757 (2,313,757) - -


Barclays Bank Plc 107,649,443 - (43,056,441) 64,593,002

Deutsche Bank AG 37,567,148 - (32,709,832) 4,857,316

JP Morgan Chase Bank, N.A. 31,901,376 - (7,729,580) 24,171,796


Nomura International Plc 15,443,327 - (6,100,376) 9,342,951







Barclays Bank Plc (29,884,859) 18,475,443 11,409,416 -

Deutsche Bank AG (2,301,859) 2,301,859 - -

JP Morgan Chase Bank, N.A. (6,956,725) 6,625,029 331,696 -

National Bank of Canada (192) 192 - -

Nomura International Plc (2,889,320) 2,313,757 575,563 -


Barclays Bank Plc (31,647,025) - 31,647,025 -

Deutsche Bank AG (32,709,832) - 32,709,832 -

JP Morgan Chase Bank, N.A. (7,397,884) - 7,397,884 -

Nomura International Plc (5,524,813) - 5,524,813 -

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164



InRIS CFM Diversified (continued)








Deutsche Bank AG 20,275,178 (13,358,273) (6,916,905) -

JP Morgan Chase Bank, N.A. 18,376,438 (11,991,506) (115) 6,384,817

National Bank of Canada 100,787 (100,787) - -

Nomura International Plc 6,725,304 (5,963,304) - 762,000



Deutsche Bank AG 30,502,230 - (25,142,155) 5,360,075

JP Morgan Chase Bank, N.A. 20,061,602 - - 20,061,602

National Bank of Canada 7,760,000 - (692,828) 7,067,172

Nomura International Plc 6,460,000 - - 6,460,000








Deutsche Bank AG (13,358,273) 13,358,273 - -

JP Morgan Chase Bank, N.A. (11,991,506) 11,991,506 - -

National Bank of Canada (793,615) 100,787 692,828 -

Nomura International Plc (5,963,304) 5,963,304 - -



Deutsche Bank AG (32,059,060) - 32,059,060 -

JP Morgan Chase Bank, N.A. (115) - 115 -

InRIS UCITS Plc

165



InRIS 2020







Allianz SE 63,253 (63,253) - -

Nomura International Plc 299,894 (92,633) - 207,261







Allianz SE (93,628) 63,253 - (30,375)

Nomura International Plc (92,633) 92,633 - -


State Street Bank and Trust Company (260,166) - - (260,166)

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166



InRIS Karya Macro







Citibank, N.A. (ISDA MA) 115,788 (115,788) - -

Deutsche Bank AG 18 - - 18


Citibank, N.A. (ISDA MA) 1,030,265 - (27,371) 1,002,894

Credit Suisse Securities (Europe) Limited 856,943 - (108,151) 748,792

National Bank of Canada 1,612,996 - (1,111,029) 501,967

State Street Bank and Trust Company 2,471 - - 2,471







Citibank, N.A. (ISDA MA) (143,150) 115,788 27,362 -

National Bank of Canada (1,029) - 1,029 -


Citigroup Global Markets Inc. (9) - 9 -

Credit Suisse Securities (Europe) Limited (108,151) - 108,151 -

Merrill Lynch International (1) - - (1)

National Bank of Canada (1,110,000) - 1,110,000 -

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167



InRIS CFM Trends








Deutsche Bank AG 313,197 (313,197) - -

National Bank of Canada 1,724,339 (353) - 1,723,986



Deutsche Bank AG 14,766,580 - (2,302,101) 12,464,479









Deutsche Bank AG (2,408,627) 313,197 2,095,430 -

National Bank of Canada (353) 353 - -



Deutsche Bank AG (206,671) - 206,671 -

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168



InRIS CFM Trends (continued)








Deutsche Bank AG 397,456 (397,456) - -

National Bank of Canada 977,305 (5,657) - 971,648



Deutsche Bank AG 12,471,058 - (1,787,171) 10,683,887









Deutsche Bank AG (828,891) 397,456 431,435 -

National Bank of Canada (5,657) 5,657 - -



Deutsche Bank AG (1,355,736) - 1,355,736 -

InRIS UCITS Plc

169










Morgan Stanley & Co. International 664,198 (217,190) - 447,008

UBS AG 75,467 (75,467) - -


Morgan Stanley & Co. International 4,983,811 - (282,495) 4,701,316

UBS AG 7,521,656 - (610,499) 6,911,157







Morgan Stanley & Co. International (217,190) 217,190 - -

UBS AG (215,715) 75,467 140,248 -

Balance due to broker

Morgan Stanley & Co. International (282,495) - 282,495 -

UBS AG (470,251) - 470,251 -

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InRIS Perdurance Market Neutral (continued) 31 December 2018 Gross amount not offset in the






Morgan Stanley & Co. International 397,230 (397,230) - -

National Bank of Canada 7 - - 7

UBS AG 127,116 (127,116) - -


Morgan Stanley & Co. International 1,365,386 - (1,365,386) -

National Bank of Canada 380,686 - - 380,686

UBS AG 10,800,316 - (3,634,408) 7,165,908







Morgan Stanley & Co. International (2,302,979) 397,230 1,365,386 (540,363)

UBS AG (475,218) 127,116 348,102 -

Balance due to broker

UBS AG (3,286,306) - 3,286,306 -

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InRIS Prentice





Description USD USD USD EUR


Goldman Sachs International 17,596 (9,462) - 8,134



Goldman Sachs International 1,450,228 - (284,277) 1,165,951








Goldman Sachs International (9,462) 9,462 - -


Goldman Sachs International (284,277) - 284,277 -

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16 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.

InRIS Parus

31 December 2019 Total Level 1 Level 2 Level 3

USD USD USD USD

Assets


Contracts for difference 910,227 - 910,227 -

Equities 77,796,276 77,796,276 - -

Forward currency contracts 937,061 - 937,061 -

Government bonds 37,450,438 - 37,450,438 -

117,094,002 77,796,276 39,297,726 -

Liabilities

Financial liabilities measured at fair value through profit or loss

Contracts for difference 3,155,010 - 3,155,010 -


3,711,216 - 3,711,216 -


USD USD USD USD

Assets



Equities 137,083,563 137,083,563 - -

Forward currency contracts

1,205,994 - 1,205,994 -


367,113,795 137,083,563 230,030,232 -

Liabilities




1,657,356 - 1,657,356 -

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16 Fair value measurements recognised in the Statement of Financial Position (continued) InRIS Intrinsic Value Europe

During the financial year ended 31 December 2019, InRIS Intrinsic Value Europe closed.


EUR EUR EUR EUR

Assets


Equities 308,990,540 308,990,540 - -


341,239,617 308,990,540 32,249,077 -



EUR EUR EUR EUR

Assets



Credit default swaps 2,146,908 - 2,146,908 -


Forward currency contracts 2,666,527 - 2,666,527 -

Futures contracts 2,605,173 2,605,173 - -

Options contracts 17,379 17,379 - -

191,961,729 2,622,552 189,339,177 -

Liabilities





Options contracts 8,445,505 8,445,505 - -

42,032,955 15,786,980 26,245,975 -

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16 Fair value measurements recognised in the Statement of Financial Position (continued)



EUR EUR EUR EUR

Assets






Options contracts 65,249 65,249 - -

463,396,912 10,931,266 452,465,646 -

Liabilities



Credit default swaps 851,985 - 851,985 -



Options contracts 19,034,404 19,034,404 - -

85,520,931 29,180,964 56,339,967 -

InRIS 2020

During the financial year ended 31 December 2019, InRIS 2020 closed.


EUR EUR EUR EUR

Assets


Corporate bonds 48,459,286 - 48,459,286 -

Equities 4,297 4,297 - -


48,826,730 4,297 48,822,433 -

Liabilities



186,261 - 186,261 -

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During the financial year ended 31 December 2019, InRIS Karya Macro closed.

InRIS Karya Macro

31 December 2018 Total Level 1 Level 2 Level 3 EUR EUR EUR EUR Assets Financial assets measured at fair value through profit or loss Forward currency contracts 18 - 18 - Option contracts 115,788 -

X 115,788 -

115,806 - 115,806 - Liabilities



Option contracts 143,150 - 143,150 -

144,179 - 144,179 -

InRIS CFM Trends


USD USD USD USD

Assets


Credit default swaps 3,216,834 - 3,216,834 -



8,564,780 3,310,410 5,254,370 -

Liabilities




10,660,464 8,251,484 2,408,980 -

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USD USD USD USD

Assets




5,650,332 4,275,571 1,374,761 -

Liabilities




9,686,337 8,851,789 834,548 -



EUR EUR EUR EUR

Assets



Equities 81,616,030 81,616,030 - -


82,355,695 81,616,030 739,665 -

Liabilities



Futures contracts 1,475 1,475 - -

432,905 1,475 431,430 -


EUR EUR EUR EUR

Assets



Equities 85,540,203 85,540,203 - -


86,064,556 85,540,203 524,353 -

Liabilities



2,778,197 - 2,778,197 -

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16 Fair value measurements recognised in the Statement of Financial Position (continued) InRIS Prentice


USD USD USD USD

Assets


Contracts for difference 17,596 - 17,596 - Equities 8,578,282 8,578,282 - - Forward currency contracts 131,988 - 131,988 -

8,727,866 8,578,282 149,584 -

Liabilities



9,462 - 9,462 -

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 2019 and 31 December 2018. 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.

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16 Fair value measurements recognised in the Statement of Financial Position (continued) 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.

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.

17 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.

Investment Manager and Promoter The Investment Manager and Promoter, Innocap Global Investment Management (Ireland) Ltd, is a subsidiary of the Platform Advisor, Innocap Investment Management Inc, which is owned by La Caisse de dépôt et placement du Québec, BNP Paribas SA, and the management team of the Platform Advisor.

Innocap Investment Management Inc was previously co-owned by National Bank of Canada (“NBC”) (and BNP Paribas SA) prior to selling its 50% stake during 2018.

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17 Related parties (continued) Investment Manager and Promoter (continued) NBC acts as broker in respect of the forward currency contracts. The Fund may pledge cash collateral to the broker relating to these contracts. Transaction fees may have been incurred in connection with trading activity at normal commercial rates. The Investment Manager charge a fee for the provision of Designated Persons to the Company. The fee is a) EUR 35,000 per annum payable quarterly in arrears in respect of the first seven sub-funds of the Company b) EUR 2,500 per annum payable quarterly in arrears in respect of each additional sub-fund of the Company thereafter. The Investment Manager charge each Fund management fees. Investment Manager fees incurred by Fund during the financial year is as follows: Financial Financial year ended year ended 31 December 31 December 2019 2018 InRIS Parus USD 619,149 USD 1,139,290 InRIS Intrinsic Value Europe EUR 132,8891 EUR 498,695 InRIS CFM Diversified EUR 1,069,388 EUR 1,639,774 InRIS 2020 EUR 68,9622 EUR 297,149 InRIS Karya Macro EUR 3953 EUR 76,997 InRIS CFM Trends USD 366,434 USD 364,181 InRIS Perdurance Market Neutral EUR 181,893 EUR 222,368 InRIS Prentice USD 10,272 -


Investment Manager fees payable by Fund at the reporting date is as follows: 31 December 31 December 2019 2018 InRIS Parus USD 33,363 USD 69,600 InRIS Intrinsic Value Europe - EUR 274,487 InRIS CFM Diversified EUR 84,892 EUR 133,339 InRIS 2020 EUR 2,603 EUR 110,480 InRIS Karya Macro - EUR 3,850 InRIS CFM Trends USD 28,887 USD 6,086 InRIS Perdurance Market Neutral EUR 16,917 EUR 118,470 InRIS Prentice USD 2,729 -

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17 Related parties (continued) Investment Manager and Promoter (continued) The Investment Manager charges hedging fees in relation to the hedged share classes. Hedging fees incurred by Fund during the financial year is as follows:

Financial Financial year ended year ended 31 December 31 December 2019 2018 InRIS Parus USD 115,086 USD 267,533 InRIS CFM Diversified EUR 44,949 EUR 73,504 InRIS Karya Macro - EUR 6,175 InRIS CFM Trends USD 77,507 USD 85,124 InRIS Perdurance Market Neutral EUR 79 EUR 189 InRIS Prentice USD 3,080 - Hedging fees payable by Fund at the reporting date is as follows:

31 December 31 December 2019 2018 InRIS Parus USD 5,777 USD 22,291 InRIS CFM Diversified EUR 4,226 EUR 3,778 InRIS Karya Macro - EUR 729 InRIS CFM Trends USD 4,786 USD 8,320 InRIS Perdurance Market Neutral - EUR 33 InRIS Prentice USD 821 - Further details in relation to Investment Manager fees is disclosed in note 10. BNP Paribas SA BNP Paribas is a co-owner of the Platform Advisor, Innocap Investment Management Inc. At 31 December 2019, InRIS Parus held an amount of USD 12,799,906 (31 December 2018: USD 43,486,273), InRIS CFM Diversified held an amount of EUR 75,566,821 (31 December 2018: EUR 61,806,825), InRIS CFM Trends held an amount of USD 45,358,731 (31 December 2018: USD 38,406,603) and InRIS Prentice held an amount of USD 3,012,092 (31 December 2018: USD Nil) in cash deposit accounts with BNP Paribas. Platform Advisor François Rivard, a Director of the Company, is also an employee and director of the Platform Advisor, Innocap Investment Management Inc. The Investment Manager pays the fees and expenses of the Platform Advisor from its own fees.

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17 Related parties (continued)

Class M Shares The Class M shares of InRIS CFM Diversified and InRIS CFM Trends are restricted to the Trading Advisor of the Funds, its partners, employees and affiliates.

Etienne Rouzeau, a Director of the Company, held 905 (31 December 2018: 905) Class M Euro shares in InRIS CFM Diversified at 31 December 2019.

Distributor and consultant Etienne Rouzeau and Charles Lacroix, Directors of the Company, are also employees of the Distributor/Consultant, Rothschild & Co Asset Management Europe. Etienne Rouzeau is Managing Director, Head of Investment Solutions with Rothschild & Co Asset Management Europe and Charles Lacroix is Head of Business Development and Member of the Investment Committee at Rothschild & Co Asset Management Europe.

The Distributor/Consultant charge each Fund distribution fees. Distribution fees incurred by Fund during the financial year is as follows:

Financial Financial year ended year ended 31 December 31 December 2019 2018 InRIS Parus USD 472,685 USD 2,603,103 InRIS CFM Diversified EUR 736,587 EUR 2,971,944 InRIS 2020 EUR 150,7241 EUR 618,567 InRIS Karya Macro EUR 3,5552 EUR 60,875 InRIS CFM Trends USD 48,733 USD 16,013 InRIS Perdurance Market Neutral EUR 186,361 EUR 391,690 InRIS Prentice USD 4,616 -

1For the period from 1 January 2019 to 30 December 2019. InRIS 2020 was fully redeemed on 30 December 2019. 2For the period from 1 January 2019 to 14 February 2019. InRIS Karya Macro was fully redeemed on 14 February 2019.

Distribution fees payable by Fund at the reporting date is as follows:

31 December 31 December 2019 2018 InRIS Parus USD 81,833 USD 1,622,423 InRIS CFM Diversified EUR 117,910 EUR 2,047,724 InRIS 2020 EUR 20,465 EUR 305,335 InRIS Karya Macro - EUR 38,967 InRIS CFM Trends USD 20,463 USD 39,318 InRIS Perdurance Market Neutral EUR 60,157 EUR 183,057 InRIS Prentice USD 2,957 -

Further details in relation to distribution fees is disclosed in note 11.

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Distributor and consultant (continued) The Distributor/Consultant charge each Fund fixed consultant fees and variable consultant fees.

Fixed consultant fees incurred by Fund during the financial year is as follows: Financial Financial year ended year ended 31 December 31 December 2019 2018 InRIS Parus USD 92,607 USD 194,418 InRIS Intrinsic Value Europe EUR 1,8201 EUR 107,371 InRIS CFM Diversified EUR 223,107 EUR 93,021 InRIS 2020 EUR 14,4132 EUR 47,957 InRIS Karya Macro EUR 6513 EUR 5,370 InRIS CFM Trends USD 72,961 USD 43,288 InRIS Perdurance Market Neutral EUR 20,755 EUR 17,129 InRIS Prentice USD 1,000 -


Fixed consultant fees payable by Fund at the reporting date is as follows: 31 December 31 December 2019 2018 InRIS Parus USD 82,451 USD 65,393 InRIS Intrinsic Value Europe - EUR 107,371 InRIS CFM Diversified EUR 128,505 EUR 21,343 InRIS 2020 EUR 10,809 EUR 15,625 InRIS Karya Macro - EUR 2,769 InRIS CFM Trends USD 65,001 USD 23,055 InRIS Perdurance Market Neutral EUR 21,730 EUR 16,090 InRIS Prentice USD 1,000 - Further details in relation to fixed consultant fees is disclosed in note 11.

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Distributor and consultant (continued) Variable consultant fees incurred by Fund during the financial year is as follows:

Financial Financial year ended year ended 31 December 31 December 2019 2018 InRIS Parus USD 997,258 USD 930,129 InRIS CFM Diversified EUR 1,506,750 EUR 1,237,753 InRIS 2020 EUR 72,6121 EUR 38,305 InRIS Karya Macro - EUR 13,322 InRIS CFM Trends USD 30,095 USD 2,918 InRIS Perdurance Market Neutral EUR 267,587 EUR 107,458 InRIS Prentice USD 10,774 -

1For the period from 1 January 2019 to 30 December 2019. InRIS 2020 was fully redeemed on 30 December 2019.

Variable consultant fees payable by Fund at the reporting date is as follows:

31 December 31 December 2019 2018 InRIS Parus USD 121,911 USD 807,072 InRIS CFM Diversified EUR 264,366 EUR 1,049,857 InRIS 2020 EUR 4,835 EUR 21,174 InRIS Karya Macro - EUR 14,167 InRIS CFM Trends USD 13,646 USD 10,718 InRIS Perdurance Market Neutral EUR 59,170 EUR 65,310 InRIS Prentice USD 5,995 -

In addition to the fixed consultant fees and variable consultant fees, the Consultant may share a portion of the performance fee payable to Capital Fund Management S.A., in respect of the classes of InRIS CFM Diversified, with the exception of Class SI Euro.

Further details in relation to variable consultant fees is disclosed in note 11.

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.

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17 Related parties (continued) 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.

18 Soft commission arrangements

There were no soft commission arrangements affecting the scheme during the financial year.

19 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 2019 of USD 1,546,863 (2018: USD 3,280,650) 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.

20 Efficient portfolio management and transactions in financial derivative instruments

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. At 31 December 2019 and 31 December 2018, the Funds did not have any open efficient portfolio management instruments other than FDIs, details of which are included in the portfolio statements. InRIS Parus, InRIS Perdurance Market Neutral and InRIS Prentice utilises forward currency contracts for the purposes of portfolio and share class hedging and contracts for difference for investment purposes. InRIS Perdurance Market Neutral also utilises future contracts for investment purposes.

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20 Efficient portfolio management and transactions in financial derivative instruments (continued)

InRIS CFM Diversified utilises forward currency contracts for the purposes of portfolio and share class hedging and utilises futures (with underlying exposure to currencies, interest rates and equity indices), put and call options contracts (with underlying exposure to currencies and interest rates), contracts for difference (with underlying exposure to individual equities) and swaps (with underlying exposure to credit risk) for investment purposes.

InRIS CFM Trends utilises forward currency contracts for the purposes of portfolio and share class hedging and utilises future contracts for investment purposes. The underlying exposures of the futures contracts include currencies, interest rates and equity indices. Gains and losses Realised gains and losses and change in unrealised gains and losses on FDIs are included in “net gain/(loss) on financial assets and liabilities held at fair value through profit or loss” in the Statement of Comprehensive Income. The unrealised gains and losses on open FDIs at 31 December 2019 are detailed in the portfolio statements. Collateral Details of collateral received at 31 December 2019 with respect to FDIs is included in note 6. Risk factors of FDIs Substantial risks are involved in trading FDIs. The value of positions is influenced by amongst other things, changing supply and demand for the underlying assets or by trade, fiscal and monetary policies of governments, foreign exchange controls as well as national and international political and economic events. In addition, government from time to time may intervene, directly or by regulation, in certain markets. Certain of the derivatives in which the Funds may invest are interest and foreign exchange rate sensitive, which means that their value will fluctuate as interest and/or foreign exchange rates fluctuate. The Funds’ performance, therefore, will depend in part on their ability to anticipate and respond to such fluctuations in market interest rates and to utilise appropriate strategies to maximise returns, while attempting to minimize the associated risks to its investment capital. Variance in the degree of volatility of the market from the Funds’ expectations may produce significant losses to the Funds. The Funds may enter into listed or OTC derivative transactions which are subject to the risk that the financial institution used as an intermediary or counterparty might default. The Funds may also be subject to liquidity risk with respect to the FDIs whereby an illiquid market may make it difficult for the Funds to execute trades at a desired price.

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21 Calculation of global exposure

The level of gross exposure employed at the reporting date is disclosed in the table below.

Cash Credit Currency Equity Fixed Income Total

InRIS Parus 5.09% - 24.70% 99.50% 24.38% 153.67%

InRIS CFM Diversified 4.11% 58.77% 121.72% 310.00% 603.77% 1,098.37%

InRIS CFM Trends 0.27% 163.40% 114.86% 128.65% 765.24% 1,172.42%

InRIS Perdurance Market Neutral 5.63% - 4.83% 222.97% - 233.43%

InRis Prentice 0.01% - 100.03% 82.99% - 183.03%

The level of gross exposure employed at 31 December 2018 is disclosed in the table below.

Cash Credit Currency Equity Fixed Income Total

InRIS Parus 7.11% - 28.24% 79.63% 44.74% 159.72%

InRIS Intrinsic Value Europe 0.82% - 0.01% 88.35% 9.21% 98.39%

InRIS CFM Diversified 6.69% 6.73% 69.70% 267.52% 961.54% 1,312.18%

InRIS 2020 0.61% 90.91% 23.14% 0.01% - 114.67%

InRIS Karya Macro 10.60% - 322.49% - - 333.09%

InRIS CFM Trends 2.92% - 72.20% 72.87% 1,924.43% 2,072.42%

InRIS Perdurance Market Neutral 0.39% - 15.78% 239.80% - 255.97%

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).

Existing methods to measure leverage and risk

Gross methods Gross methods consist of measuring leverage as the ratio between the total absolute value of all long and short positions (including off-balance sheet activities) held by the Funds and the Fund’s NAV. A gross method typically takes into account the notional value for derivatives, with delta adjustment when applicable.

Gross methods provide information on the total exposure of a fund and in that way can be seen as a “footprint” at the individual Fund’s level. Still, they do not measure the “riskiness” of the portfolio and they do not take into account netting and hedging effects, which means that they don’t take into account positions that offset or mitigate risks in the portfolio.

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22 Foreign exchange rates

The following period ended USD exchange rates were used in this report:

Currency Rate at 31 December 2019

Rate at 31 December 2018

Australian Dollar (AUD) 1.422576 1.42046 Canadian Dollar (CAD) 1.29675 1.36580 Euro (EUR) 0.890869 0.87478 Hong Kong Dollar (HKD) 7.7918 7.82935 Pound Sterling (GBP) 0.754859 0.78518 Singapore Dollar (SGD) 1.34465 1.36300 Swiss Franc (CHF) 0.96835 0.98580 South African Rand (ZAR) 13.9835 14.38500

The following average USD exchange rates have been used in this report:

Currency Financial year ended

31 December 2019 Financial year ended

31 December 2018 Australian Dollar (AUD) 1.43871 1.33974 Brazilian Real (BRL) 3.94574 3.65422 Canadian Dollar (CAD) 1.32707 1.29665 Chinese Yuan (CNY) 6.90979 6.61990 Czech koruna (CZK) 22.93163 21.74810 Euro (EUR) 0.89288 0.84935 Hong Kong Dollar (HKD) 7.83500 7.83762 Hungarian forint (HUF) 290.70715 270.40986 Indian Rupee (INR) 70.39427 68.40899 Israeli New Shekel (ILS) 3.56285 3.59528 Norwegian krone (NOK) 8.80163 8.14272 Polish Xłoty (PLN) 3.83868 3.61347 Pound Sterling (GBP) 0.78365 0.75015 Swedish krona (SEK) 9.45743 8.70115 Singapore Dollar (SGD) 1.36406 1.34934 Swiss Franc (CHF) 0.99362 0.97858 Turkish Lira (TRY) 5.68456 4.84588 South African Rand (ZAR) 14.44843 13.25506

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For the financial year ended 31 December 2019 22 Foreign exchange rates (continued)

The following period ended EUR exchange rates were used in this report: Currency Rate at

31 December 2019 Rate at

31 December 2018 Australian Dollar (AUD) 1.59684 1.62379 Brazilian Real (BRL) 4.515479 4.43056 Canadian Dollar (CAD) 1.455601 1.56131 Danish Krone (DKK) 7.472479 7.46242 Japanese Yen (JPY) 121.987632 125.42067 Norwegian Krone (NOK) 9.86374 9.89870 Polish Xłoty (PLN) 4.251242 4.29452 Pound Sterling (GBP) 0.847329 0.89757 Swedish Krona (SEK) 10.507774 10.13499 Singapore Dollar (SGD) 1.509369 1.55811 Swiss Franc (CHF) 1.086972 1.12691 United States Dollar (USD) 1.122499 1.14315 South African Rand (ZAR) 15.696472 16.44421

The following average EUR exchange rates have been used in this report: Currency Financial year ended

31 December 2019 Financial year ended

31 December 2018 Australian Dollar (AUD) 1.61075 1.58060 Brazilian Real (BRL) 4.41475 4.30679 Canadian Dollar (CAD) 1.48663 1.53054 Czech Koruna (CZK) 25.67922 25.65427 Danish Krone (DKK) 7.46904 7.45505 Hungarian Forint (HUF) 325.34177 318.89364 Indian Rupee (INR) 78.84401 80.69179 Israeli New Shekel (ILS) 3.99340 4.24284 Japanese Yen (JPY) 122.12987 130.35107 Norwegian Krone (NOK) 9.85155 9.60736 Polish Xłoty (PLN) 4.29843 4.26191 Pound Sterling (GBP) 0.87788 0.88498 Swedish Krona (SEK) 10.58912 10.26296 Singapore Dollar (SGD) 1.52787 1.59271 Swiss Franc (CHF) 1.11316 1.15505 Turkish Lira (TRY) 6.36342 5.69726 United States Dollar (USD) 1.12013 1.18101 South African Rand (ZAR) 16.17668 15.61917

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23 NAV per Share

The NAV per share of each class of InRIS Parus at the reporting date is as follows:

InRIS Parus 31 December 31 December 31 December 20191 20182 20173

Class C Euro Hedged EUR 97.24 EUR 98.76 EUR 100.95

Class C USD USD 111.27 USD 110.19 USD 109.51

Class I CHF Hedged CHF 77.37 CHF 79.06 CHF 80.71

Class I Euro Hedged EUR 104.15 EUR 105.59 EUR 107.39

Class I Euro Unhedged EUR 130.84 EUR 125.80 EUR 118.45

Class I GBP Hedged GBP 81.80 GBP 81.71 GBP 82.27

Class I USD USD 86.55 USD 85.11 USD 84.17

Class SI Euro Hedged - EUR 106.08 -

Class X Euro Hedged EUR 104.20 - -

1 the final dealing NAV of the financial year was at 27 December 2019. 2 the final dealing NAV of the financial year was at 21 December 2018. 3 the final dealing NAV of the financial year was at 22 December 2017.

The NAV per share of each class of InRIS Intrinsic Value Europe at the reporting date is as follows:

InRIS Intrinsic Value Europe 31 December 31 December 31 December 20191 2018 2017

Class F Euro - EUR 128.90 EUR 146.90

Class F GBP Unhedged - GBP 144.07 GBP 162.48

1 the final NAV of the financial year was at 25 April 2019.

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23 NAV per Share (continued)

The NAV per share of each class of InRIS CFM Diversified at the reporting date is as follows:

InRIS CFM Diversified 31 December 31 December 31 December 2019 2018 2017

Class C Euro EUR 90.63 EUR 93.70 EUR 104.64

Class F Euro EUR 90.40 EUR 93.47 EUR 104.67

Class G AUD Hedged AUD 100.56 AUD 100.54 AUD 107.81

Class I CHF Hedged CHF 89.61 CHF 93.00 CHF 103.77

Class I Euro EUR 99.61 EUR 102.51 EUR 113.91

Class I GBP Hedged GBP 97.36 GBP 98.94 GBP 108.82

Class I USD Hedged USD 101.60 USD 101.67 USD 109.78

Class M Euro EUR 105.49 EUR 107.27 EUR 117.86

Class NC Euro EUR 97.84 EUR 101.09 EUR 112.90

Class NI Euro EUR 101.33 EUR 104.27 EUR 115.86

Class R Euro EUR 101.25 EUR 103.02 EUR 113.20

Class SI Euro EUR 91.91 EUR 94.29 EUR 104.45

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The NAV per share of each class of InRIS 2020 at the reporting date is as follows:

InRIS 2020 31 December 31 December 31 December 20191 2018 2017

Class C Euro - EUR 102.56 EUR 105.74

Class D Euro - EUR 102.56 EUR 105.74

Class I Euro - EUR 104.03 EUR 106.82

1 the final NAV of the financial year was at 30 December 2019. The NAV per share of each class of InRIS Karya Macro at the reporting date is as follows:

InRIS Karya Macro 31 December 31 December 31 December 20191 2018 2017

Class I Euro - - EUR 105.77

Class NC Euro - EUR 86.46 EUR 104.36

Class NI Euro - EUR 88.87 EUR 106.76

Class NI USD Hedged - USD 93.30 USD 108.90

1 the final NAV of the financial year was at 14 February 2019.

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23 NAV per Share (continued) The NAV per share of each class of InRIS CFM Trends at the reporting date is as follows:

InRIS CFM Trends 31 December 31 December 31 December 2019 2018 2017

Class C Euro Hedged EUR 98.80 EUR 92.19 -

Class I Euro Hedged EUR 104.36 EUR 96.74 EUR 110.18

Class I USD USD 96.73 - -

Class M Euro Hedged - - EUR 109.99

Class NI Euro Hedged EUR 101.40 EUR 94.14 EUR 108.00

Class SSI USD USD 105.04 - -

Class WD Euro Hedged EUR 103.23 EUR 95.68 EUR 109.45

Class WD GBP Hedged GBP 106.77 GBP 97.59 GBP 110.59

Class WD USD USD 111.50 USD 100.48 USD 111.66

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The NAV per share of each class of InRIS Perdurance Market Neutral at the reporting date is as follows:

InRIS Perdurance Market Neutral 31 December 31 December 31 December 2019 2018 2017

Class C Euro EUR 90.41 EUR 88.01 -

Class I Euro EUR 93.19 EUR 90.24 EUR 102.79

Class I USD Hedged - USD 94.72 -

Class NC Euro EUR 92.57 EUR 89.87 EUR 102.66

Class ND Euro - - EUR 103.76

Class NI Euro EUR 93.23 EUR 90.12 EUR 102.44

The NAV per share of each class of InRIS Prentice at the reporting date is as follows:

InRIS Prentice 31 December 31 December 31 December 2019 2018 2017

Class I Euro hedged EUR 96.24 - -

Class M Euro hedged EUR 105.32 - -

Class M USD USD 107.70 - -

Class NI Euro hedged EUR 102.95 - -

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24 Significant events during the year

On 19 February 2019, the Fund’s changed their name as follows:

Old name New name

R Parus Fund InRIS Parus R Intrinsic Value Europe Fund InRIS Intrinsic Value Europe R CFM Diversified Fund InRIS CFM Diversified R 2020 Fund InRIS 2020 R Karya Macro Fund InRIS Karya Macro

R CFM Trends Fund InRIS CFM Trends R Perdurance Market Neutral Fund InRIS Perdurance Market Neutral

During the financial year, all investors fully redeemed from InRIS Karya Macro. On 18 January 2019, the trading advisor agreement between the Investment Manager and Karya Capital Management LP with respect to InRIS Karya Macro was terminated. During the financial year, all investors fully redeemed from InRIS Intrinsic Value Europe. On 4 June 2019, the trading advisor agreement between the Investment Manager and Intrinsic Value Investors (IVI) LLP with respect to InRIS Intrinsic Value Europe was terminated. During the year, all investors fully redeemed from InRIS 2020. On 18 January 2019, the trading advisor agreement between the Investment Manager and Allianz Global Investors GmbH with respect to InRIS 2020 was terminated. On 7 June 2019, the trading advisor agreement between the Investment Manager and Nomura Corporate Research and Asset Management Inc with respect to InRIS 2020 was terminated. On 22 January 2020, the trading advisor agreement between the Investment Manager and Rothschild & Co Asset Management Europe with respect to InRIS 2020 was terminated. During the financial year, the Administrator agreed to pay compensation to InRIS CFM Diversified as a result of a valuation error. Compensation has been received in the amount of EUR 1,958,577 and is included within ‘Other income’ in the Statement of Comprehensive Income. Those shareholders impacted have been notified. Compensation payments made to shareholders as a result of the error in the amount of EUR 374,549 is included within ‘Other operating expenses’ in the Statement of Comprehensive Income.

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195



25 Material changes to the prospectus during the reporting period

The prospectus was re-issued on 19 February 2019 in order to reflect the amendment to the distribution and consultancy agreements.

The prospectus was further amended on 16 October 2019 to reflect the withdrawal of the United Kingdom from the European Union (while ensuring that the Company can continue to use United Kingdom OTC counterparties) and to remove Liechtenstein and Malta from the list of stock exchanges on which the Fund’s investments in securities and financial derivative instruments other than permitted investment in unlisted securities and OTC derivative instruments, will be listed or traded. The offering supplements for InRIS Parus, InRIS Intrinsic Value Europe, InRIS CFM Diversified, InRIS 2020, InRIS Karya Macro, InRIS CFM Trends and InRIS Perdurance Market Neutral were re-issued on 19 February 2019 in order to reflect the change in name of the Funds. The offering supplement for InRIS Parus was also updated in order to reflect an amendment to the maximum aggregate financial management fee for Class I Euro hedged, Class I Euro unhedged, Class I GBP hedged, Class I CHF hedged and Class I USD. The offering supplement for InRIS 2020 was also updated in order to reflect the termination of Allianz Global Investors GmbH as Trading Advisor to the Fund. The offering supplement for InRIS Karya Macro was also updated to reflect the closure of the fund. The offering supplement for InRIS CFM Trends was also updated in order to reflect the establishment of new share classes, namely, Class SSI USD, Class SSI Euro hedged, Class SSI2 USD and Class SSI2 Euro hedged. The offering supplement for InRIS Perdurance Market Neutral was also updated in order to reflect the removal of Class ND Euro. The offering supplements for InRIS Parus was re-issued on 12 June 2019 in order to reflect the establishment of a new share class, Class X Euro hedged. The offering supplements for InRIS 2020 was re-issued on 10 September 2019 in order to reflect the termination of Nomura Corporate Research and Asset Management Inc. as Trading Advisor to the Fund and to reflect that Rothschild & Co Asset Management Europe is now sole Trading Advisor to the Fund and no longer a sub-advisor to the Fund. The offering supplements for InRIS Prentice was re-issued on 22 October 2019 in order to reflect that the Initial Offer Period in respect of Class M Euro Hedged, Class M USD and Class NI Euro Hedged has now closed.

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196



26 Subsequent events The Investment Manager and the Trading Advisor are monitoring the recent outbreak of the novel coronavirus (“COVID-19”) and its potential impact on the Funds. The outbreak of COVID-19 has increased volatility in financial markets. While the extent and duration of the impact of COVID-19 on global and local economies, financial markets, and sectors and issuers in which the Funds may invest is uncertain at this point, the outbreak has the potential to adversely affect the value of the Fund’s Portfolios. The consequences of the outbreak will be reflected as appropriate in next year’s financial statements. Up to the date of approval of the financial statements, there were no material subsequent events affecting the Company which necessitate disclosure in or revision of the figures included in the financial statements.

27 Approval of the financial statements

The financial statements were approved by the Board of Directors of the Company on 21 April 2020.

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197

Portfolio Statement of InRIS Parus (unaudited) As at 31 December 2019

Quantity Security Currency Fair Value % of Net

USD Assets

Equity - 50.64%

France - 1.12%

17,124 Sanofi EUR 1,722,647 1.12%

Total France 1,722,647 1.12%

Hong Kong - 1.15%

36,585 Tencent Holdings Ltd HKD 1,763,562 1.15%

Total Hong Kong 1,763,562 1.15%

Switzerland - 1.45%

6,860 Roche Holding AG Genusschein EUR 2,224,444 1.45%

Total Switzerland 2,224,444 1.45%

United Kingdom - 3.18%

136,597 Glaxosmithkline Plc GBP 3,219,225 2.09%

670,747 William Hill GBP 1,674,515 1.09%

Total United Kingdom 4,893,740 3.18%

United States of America - 43.74%

1,510 Adobe Systems Inc USD 498,013 0.32%

24,673 Alibaba Group Holding SP USD 5,233,143 3.41%

3,213 Alphabet Inc USD 4,303,460 2.80%

755 Amazon Inc USD 1,395,119 0.90%

14,320 Anthem Inc USD 4,325,070 2.82%

4,007 Apple Inc USD 1,176,656 0.77%

791 Booking Holdings Inc. USD 1,624,500 1.06%

6,815 Cigna Corporation USD 1,393,599 0.91%

92,493 Criteo SA Spon USD 1,602,904 1.04%

62,670 CVS Health Corporation USD 4,655,754 3.03%

8,560 Electronic Arts Inc USD 920,286 0.60%

53,188 Facebook Inc USD 10,916,837 7.10%

18,440 Humana Inc USD 6,758,629 4.40%

45,120 Merck + Co. Inc. USD 4,103,664 2.67%

79,290 Microsoft Corporation USD 12,504,033 8.14%

1,440 Nvidia Corp USD 338,832 0.22%

2,660 Paypal Holdings Inc USD 287,732 0.19%

24,405 The Walt Disney Company USD 3,529,695 2.30%

28,060 Trip.Com International USD 941,132 0.61%

21,305 Twitter Inc USD 682,825 0.45%

Total United States of America 67,191,883 43.74% Total equities 77,796,276 50.64%

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198

Portfolio Statement of InRIS Parus (unaudited) (continued) As at 31 December 2019

Quantity Security Coupon rate / Currency Fair Value % of Net

Maturity date USD Assets

Government Bonds - 24.38%


100,000 U.S. Treasury Bill 0.01% 02 Apr 2020 USD 99,616 0.06%



2,000,000 U.S. Treasury Bill 0.01% 30 Apr 2020 USD 1,989,941 1.30%

35,000,000 U.S. Treasury Bill 0.01% 07 May 2020 USD 34,813,953 22.67%

250,000 U.S. Treasury Bill 0.01% 28 May 2020 USD 248,438 0.17%

100,000 U.S. Treasury Bill 0.01% 04 Jun 2020 USD 99,345 0.06%

Total United States of America 37,450,438 24.38%

Total government bonds 37,450,438 24.38%

Counterparty Quantity Security Currency Fair Value % of Net

USD Assets

Derivative financial instruments - (1.21)%

Contracts for difference - (1.46)%

MS 170,695 Air France-Klm EUR 56,715 0.04%

MS 28,775 Alliance Data Systems Corp USD (270,773) (0.18)%

CS 229,566 Aust And Nz Banking Group AUD 14,524 0.01%

CS 358,581 Bank Of Queensland Ltd AUD 70,579 0.05%

MS 140,841 Barratt Developments Plc GBP (180,982) (0.12)%

MS 1,470 Barratt Developments Plc GBP (1,889) 0.00%

CS 194,165 Bendigo And Adelaide Bank AUD 17,743 0.01%

MS 27,644 Berkeley Group Holdings/The GBP (108,399) (0.07)%

MS 30,997 Carmax Inc USD 257,895 0.17%

MS 3,585 Carvana Co USD (323) 0.00%

MS 4,290 Carvana Co USD (6,392) 0.00%

MS 59,535 Casino Guichard Perrachon EUR (132,988) (0.09)%

MS 29,030 Caterpillar Inc USD (221,209) (0.14)%

CS 103,171 Commonwealth Bank of Australia AUD (40,613) (0.03)%

MS 9,730 Credit Acceptance Corp USD (79,202) (0.05)%

MS 30,480 First Quantum Minerals Ltd CAD (40,193) (0.03)%

CS 397,530 Fortescue Metals Group Ltd AUD (229,144) (0.15)%

MS 61,115 Intl Consolidated Airline-Di C GBP (69,789) (0.05)%

MS 518,435 Kingfisher Plc GBP (84,476) (0.05)%

MS 54,750 Kohls Corp USD (274,298) (0.18)%

MS 250 Kohls Corp USD (1,253) 0.00%

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199



USD Assets

Contracts for difference (continued)

MS 19,565 Lowe'S Cos Inc USD (101,934) (0.07)%

MS 365 Lowe'S Cos Inc USD (1,902) 0.00%

MS 63,505 Macerich Co/The USD (26,037) (0.02)%

MS 39,730 Michaels Cos Inc/The USD (34,168) (0.02)%

CS 230,536 National Australia Bank Ltd AUD (14,580) (0.01)%

MS 131,990 Nordstrom Inc USD (571,517) (0.37)%

MS 5,555 Nordstrom Inc USD (24,053) (0.02)%

CS 4,650 Pagerduty Inc USD 10,091 0.01%

MS 28,415 Peloton Interactive Inc-A USD 144,348 0.09%

MS 1,960 Peloton Interactive Inc-A USD 9,957 0.01%

MS 25,066 Persimmon Plc GBP (68,073) (0.04)%

MS 19,670 Seagate Technology USD (25,374) (0.02)%

MS 14,563 Seagate Technology USD (18,786) (0.01)%

MS 43,290 Slack Technologies Inc- Cl A USD 3,896 0.00%

MS 119,009 Sunac China Holdings Ltd HKD (82,478) (0.05)%

MS 180,700 Taylor Wimpey Plc GBP (50,031) (0.03)%

MS 25,435 Valaris Plc USD (64,859) (0.04)%

MS 12,320 Veoneer Inc USD 8,501 0.01%

MS 22,815 Wayfair Inc- Class A USD (168,147) (0.11)%

MS 1,185 Wayfair Inc- Class A USD (8,733) (0.01)%

CS 272,286 Westpac Banking Corp AUD (152,415) (0.10)%

MS 29,760 Wirecard Ag Cfd EUR 312,691 0.20%

CS 1,660 Zoom Video Communications-A USD 3,287 0.00%

Total contracts for difference (2,244,783) (1.46)%

Counterparty Forward Expiration Amount Amount Fair Value % of Net

date bought sold USD Assets

Forward currency contracts - 0.25%

NBC BOUGHT EUR/SOLD USD 3-Jan-20 2,758,400 3,061,410 34,892 0.02%

NBC BOUGHT USD/SOLD EUR 3-Jan-20 1,538,496 1,387,595 (19,080) (0.01)%

NBC BOUGHT EUR/SOLD USD 6-Jan-20 111,100 124,454 279 0.00%

MS BOUGHT USD/SOLD EUR 6-Jan-20 123,948 110,634 (238) 0.00%

MS BOUGHT USD/SOLD AUD 14-Jan-20 13,473,131 19,700,000 (378,893) (0.25)%

MS BOUGHT USD/SOLD CNY 14-Jan-20 4,300,000 30,304,250 (48,854) (0.03)%

MS BOUGHT USD/SOLD EUR 14-Jan-20 4,780,018 4,300,000 (50,047) (0.03)%

MS BOUGHT USD/SOLD GBP 14-Jan-20 8,294,783 6,300,000 (53,865) (0.04)%

MS BOUGHT USD/SOLD HKD 14-Jan-20 1,700,000 13,286,603 (4,933) 0.00%

NBC BOUGHT CHF/SOLD USD 31-Jan-20 723,700 739,450 9,226 0.01%


NBC BOUGHT GBP/SOLD USD 31-Jan-20 253,100 331,252 4,315 0.00%

InRIS UCITS Plc

200




Derivative financial instruments (continued)

Forward currency contracts (continued)

NBC BOUGHT USD/SOLD EUR 31-Jan-20 124,632 111,100 (296) 0.00%

Total forward currency contracts 380,855 0.25%

Total derivative financial instruments (1,863,928) (1.21)%

Cash and cash equivalents 31,060,774 20.22%

Due from brokers 13,648,587 8.88%

Due to brokers (2,199,112) (1.44)%

Other net assets and liabilities (2,256,946) (1.47)%


participating shareholders 153,636,089 100.00%

Counterparties to derivative financial instruments

Name Code Name Code

Morgan Stanley & Co. International

MS National Bank of Canada NBC

Credit Suisse CS

InRIS UCITS Plc

201


Summary

Classification Description Fair Value % of Net % of

Total

USD Assets Assets

A Transferable securities and money market instruments admitted to official stock exchange listing or traded on regulated market

77,796,276

50.64%

47.95%

B Transferable securities and money market instruments other than those referred above

37,450,438

24.38%

23.08%

C UCITS and AIFs - - -

D Financial derivative instruments Dealt in on a regulated market

- - -

E Over the counter financial derivative instruments (1,863,928) (1.21)% (1.15)%

Cash and cash equivalents 31,060,774 20.22% 19.14%

Due from brokers 13,648,587 8.88% 8.41%

Due to brokers (2,199,112) (1.44)% (1.36)%

Other net assets and liabilities (2,256,946) (1.47)% (1.39)%



InRIS UCITS Plc

202

Portfolio Statement of InRIS CFM Diversified (unaudited) As at 31 December 2019

Quantity Security Coupon Rate / Currency Fair Value % of Net

Maturity date EUR Assets

Government bonds - 40.21%

France - 40.21% 100,000 French Treasury Bill 0.01% 11 Mar 2020 EUR 100,131 0.02% 19,000,000 French Treasury Bill 0.01% 08 Jan 2020 EUR 19,002,470 4.72% 50,000,000 French Treasury Bill 0.01% 22 Jan 2020 EUR 50,017,500 12.43% 37,000,000 French Treasury Bill 0.01% 04 Mar 2020 EUR 37,040,515 9.21% 48,000,000 French Treasury Bill 0.01% 08 Apr 2020 EUR 48,087,120 11.96% 2,500,000 French Treasury Bill 0.01% 05 Feb 2020 EUR 2,501,475 0.62% 5,000,000 French Treasury Bill 0.01% 06 May 2020 EUR 5,010,775 1.25%

Total France 161,759,986 40.21%

Total government bonds 161,759,986 40.21%

Counterparty Quantity Currency Underlying Industry Fair Value % of Net

sector EUR Assets

Derivative financial instruments - (2.94%)

Contracts for difference - (0.39%) BARC 353,117 AUD Equity Basic Materials 164,852 0.04%

BARC 832,752 AUD Equity Basic Materials (106,349) (0.03)%

BARC 1,111,418 AUD Equity Communications 100,796 0.03%

BARC 360,030 AUD Equity Communications (244,212) (0.06)%

BARC 776,449 AUD Equity Consumer, Cyclical 227,477 0.06%

BARC 112,838 AUD Equity Consumer, Cyclical (99,138) (0.02)%

BARC 275,714 AUD Equity Energy 117,161 0.03%

BARC 438,863 AUD Equity Energy (203,403) (0.05)%

BARC 186,606 AUD Equity Financial 77,929 0.02%

BARC 874,524 AUD Equity Financial (215,822) (0.05)%

BARC 155,307 AUD Equity Industrial (74,629) (0.02)%

BARC 13,889 AUD Equity Utilities 213 0.00%

BARC 219,695 AUD Equity Utilities (80,380) (0.02)%

BARC 2,283,241 AUD Equity Others 665,399 0.17%

BARC 1,984,746 AUD Equity Others (562,671) (0.14)%

BARC 9,225 CHF Equity Communications 33,236 0.01%

BARC 13,722 CHF Equity Communications (157,415) (0.04)%

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203

Portfolio Statement of InRIS CFM Diversified (unaudited) (continued) As at 31 December 2019


sector EUR Assets

Contracts for difference (continued) BARC 21,071 CHF Equity Consumer, Cyclical 164,113 0.04%

BARC 19,267 CHF Equity Consumer, Cyclical (312,007) (0.08)%

BARC 50,822 CHF Equity Energy 902,959 0.22%

BARC 7,925 CHF Equity Energy (13,131) 0.00%

BARC 5,035 CHF Equity Others 63,235 0.02%

BARC 515,509 CHF Equity Others (733,315) (0.18)%

BARC 48,232 DKK Equity Communications 102,239 0.03%

BARC 14,831 DKK Equity Communications (154,631) (0.04)%

BARC 95 DKK Equity Consumer, Cyclical 34 0.00%

BARC 1,450 DKK Equity Consumer, Cyclical (34,460) (0.01)%

BARC 4,510 DKK Equity Technology (1,255) 0.00%

BARC 37,997 DKK Equity Others 214,582 0.05%

BARC 16,697 DKK Equity Others (172,560) (0.04)%

BARC 94,434 EUR Equity Basic Materials 237,752 0.06%

BARC 426,367 EUR Equity Basic Materials (268,806) (0.07)%

BARC 594,041 EUR Equity Communications 165,907 0.04%

BARC 1,733,691 EUR Equity Communications (189,396) (0.05)%

BARC 36,328 EUR Equity Consumer, Cyclical 405,210 0.10%

BARC 412,942 EUR Equity Consumer, Cyclical (602,940) (0.15)%

BARC 1 EUR Equity Consumer, Non-cyclical - 0.00%

BARC 1 EUR Equity Consumer, Non-cyclical (1) 0.00%

BARC 13,257 EUR Equity Energy 56,410 0.01%

BARC 996 EUR Equity Energy (352) 0.00%

BARC 367,470 EUR Equity Financial 39,638 0.01%

BARC 206,556 EUR Equity Financial (508,303) (0.13)%

BARC 462,830 EUR Equity Industrial 1,317,183 0.33%

BARC 147,816 EUR Equity Industrial (195,904) (0.05)%

BARC 11,370 EUR Equity Technology 34,418 0.01%

BARC 1 EUR Equity Technology (2) 0.00%

BARC 2 EUR Equity Utilities 1 0.00%

BARC 216 EUR Equity Utilities (1,173) 0.00%

BARC 1,611,115 EUR Equity Others 4,328,550 1.08%

BARC 1,871,219 EUR Equity Others (4,405,946) (1.10)%

BARC 39,113 GBP Equity Basic Materials 242,802 0.06%

BARC 1,170,409 GBP Equity Basic Materials (796,335) (0.20)%

BARC 422,336 GBP Equity Consumer, Cyclical 292,709 0.07%

BARC 245,900 GBP Equity Consumer, Cyclical (136,950) (0.03)%

BARC 90,159 GBP Equity Consumer, Non-cyclical (33,701) (0.01)%

InRIS UCITS Plc

204



sector EUR Assets

Contracts for difference (continued) BARC 28,179 GBP Equity Financial 104,957 0.03%

BARC 39,724 GBP Equity Financial (16,357) 0.00%

BARC 79,851 GBP Equity Industrial 144,428 0.04%

BARC 459,111 GBP Equity Industrial (467,785) (0.12)%

BARC 126,580 GBP Equity Technology 183,352 0.05%

BARC 57,346 GBP Equity Technology (62,667) (0.02)%

BARC 1,550,726 GBP Equity Others 2,294,003 0.57%

BARC 1,799,582 GBP Equity Others (1,740,738) (0.43)%

BARC 55,011 HKD Equity Basic Materials 2,933 0.00%

BARC 35,377 HKD Equity Basic Materials (1,217) 0.00%

BARC 2,273 HKD Equity Communications 113 0.00%

BARC 3,580 HKD Equity Communications (12) 0.00%

BARC 1,862 HKD Equity Consumer, Cyclical 158 0.00%

BARC 42,245 HKD Equity Consumer, Cyclical (530) 0.00%

BARC 18,863 HKD Equity Consumer, Non-cyclical 2,124 0.00%

BARC 47,313 HKD Equity Consumer, Non-cyclical (140) 0.00%

BARC 150,714 HKD Equity Energy 155 0.00%

BARC 15,558 HKD Equity Energy (43) 0.00%

BARC 40,180 HKD Equity Financial 230 0.00%

BARC 3,733 HKD Equity Industrial 277 0.00%

BARC 13,014 HKD Equity Industrial (1,419) 0.00%

BARC 5,129 HKD Equity Technology 233 0.00%

BARC 51,509 HKD Equity Utilities 497 0.00%

BARC 60,426 HKD Equity Utilities (1,291) 0.00%

BARC 398,980 HKD Equity Others 8,067 0.00%

BARC 792,572 HKD Equity Others (11,409) 0.00%

BARC 3,172 KRW Equity Basic Materials 2,339 0.00%

BARC 11,997 KRW Equity Basic Materials (1,196) 0.00%

BARC 299 KRW Equity Communications 272 0.00%

BARC 684 KRW Equity Communications (27) 0.00%

BARC 7 KRW Equity Consumer, Cyclical 1 0.00%

BARC 2,256 KRW Equity Consumer, Cyclical (759) 0.00%

BARC 4 KRW Equity Consumer, Non-cyclical - 0.00%

BARC 10,370 KRW Equity Consumer, Non-cyclical (1,379) 0.00%

BARC 477 KRW Equity Energy 1,336 0.00%

BARC 180 KRW Equity Energy (34) 0.00%

BARC 2,038 KRW Equity Financial 1,558 0.00%

BARC 518 KRW Equity Financial (591) 0.00%

BARC 2,299 KRW Equity Utilities 106 0.00%

BARC 246 KRW Equity Utilities (321) 0.00%

InRIS UCITS Plc

205


Counterparty Quantity Currency Underlying Industry FairValue % of Net

sector EUR Assets

Contracts for difference (continued) BARC 10,710 KRW Equity Others 6,326 0.00%

BARC 18,662 KRW Equity Others (8,993) 0.00%

BARC 35,059 NOK Equity Basic Materials 16,840 0.00%

BARC 817,599 NOK Equity Basic Materials (396,652) (0.10)%

BARC 2 NOK Equity Energy - 0.00%

BARC 17,249 NOK Equity Energy (4,002) 0.00%

BARC 186,734 NOK Equity Others 54,760 0.01%

BARC 617,144 NOK Equity Others (580,643) (0.14)%

BARC 61,949 SEK Equity Basic Materials 56,097 0.01%

BARC 43,025 SEK Equity Consumer, Cyclical 66,711 0.02%

BARC 40,166 SEK Equity Consumer, Cyclical (15,877) 0.00%

BARC 3,623 SEK Equity Consumer, Non-cyclical 4,778 0.00%

BARC 215,932 SEK Equity Consumer, Non-cyclical (507,371) (0.13)%

BARC 44,755 SEK Equity Financial (149,822) (0.04)%

BARC 298,455 SEK Equity Others 864,397 0.21%

BARC 192,903 SEK Equity Others (202,300) (0.05)%

BARC 1,145 TWD Equity Basic Materials 1 0.00%

BARC 63,602 TWD Equity Basic Materials (1,332) 0.00%

BARC 9,605 TWD Equity Communications 32 0.00%

BARC 100,706 TWD Equity Consumer, Non-cyclical 847 0.00%

BARC 12,483 TWD Equity Consumer, Non-cyclical (252) 0.00%

BARC 18,867 TWD Equity Financial 641 0.00%

BARC 39,455 TWD Equity Financial (360) 0.00%

BARC 2,755 TWD Equity Industrial 144 0.00%

BARC 831,819 TWD Equity Others 5,834 0.00%

BARC 412,952 TWD Equity Others (7,605) 0.00%

DB 2,617,482 EUR Equity Communications 47,618 0.01%

DB 68,402 EUR Equity Communications (11,561) 0.00%

JPM 64,218 CAD Equity Basic Materials 25,408 0.01%

JPM 48,455 CAD Equity Basic Materials (32,620) (0.01)%

JPM 126,553 CAD Equity Communications 35,931 0.01%

JPM 127,361 CAD Equity Communications (61,546) (0.02)%

JPM 49,128 CAD Equity Consumer, Cyclical 11,338 0.00%

JPM 25,745 CAD Equity Consumer, Cyclical (18,069) 0.00%

JPM 221,166 CAD Equity Energy 148,370 0.04%

JPM 187,240 CAD Equity Energy (170,605) (0.04)%

JPM 120,444 CAD Equity Utilities 67,823 0.02%

JPM 201,013 CAD Equity Utilities (80,616) (0.02)%

JPM 202,577 CAD Equity Others 124,086 0.03%

InRIS UCITS Plc

206



sector EUR Assets

Contracts for difference (continued) JPM 266,713 CAD Equity Others (303,269) (0.08)%

JPM 177,669 USD Equity Basic Materials 413,801 0.10%

JPM 193,123 USD Equity Basic Materials (305,891) (0.08)%

JPM 30,759 USD Equity Communications 16,478 0.00%

JPM 63,152 USD Equity Communications (123,462) (0.03)%

JPM 113,000 USD Equity Consumer, Cyclical 286,804 0.07%

JPM 200,481 USD Equity Consumer, Cyclical (524,831) (0.13)%

JPM 173,923 USD Equity Consumer, Non-cyclical 171,651 0.04%

JPM 199,653 USD Equity Consumer, Non-cyclical (388,171) (0.10)%

JPM 29,729 USD Equity Energy 25,647 0.01%

JPM 110,310 USD Equity Energy (265,260) (0.07)%

JPM 187,423 USD Equity Financial 413,848 0.10%

JPM 267,039 USD Equity Financial (507,363) (0.13)%

JPM 272,124 USD Equity Industrial 576,502 0.14%

JPM 122,331 USD Equity Industrial (163,713) (0.04)%

JPM 68,094 USD Equity Technology 171,700 0.04%

JPM 41,618 USD Equity Technology (52,576) (0.01)%

JPM 86,614 USD Equity Utilities 22,954 0.01%

JPM 51,849 USD Equity Utilities (86,531) (0.02)%

JPM 2,289,887 USD Equity Others 4,112,688 1.02%

JPM 2,255,240 USD Equity Others (3,872,202) (0.96)%

Nomura 198 CHF Equity Communications 74 0.00%

Nomura 8,732 CHF Equity Communications (18,399) 0.00%

Nomura 6,059 CHF Equity Consumer, Cyclical 16,588 0.00%

Nomura 17,230 CHF Equity Consumer, Cyclical (29,829) (0.01)%

Nomura 133,283 CHF Equity Energy 78,633 0.02%

Nomura 9,899 CHF Equity Energy (6,641) 0.00%

Nomura 451 CHF Equity Others 1,451 0.00%

Nomura 350,134 CHF Equity Others (117,707) (0.03)%

Nomura 21,436 DKK Equity Communications 43,941 0.01%

Nomura 2,496 DKK Equity Communications (4,726) 0.00%

Nomura 12,685 DKK Equity Consumer, Cyclical 32,258 0.01%

Nomura 14,121 DKK Equity Others (21,504) (0.01)%

Nomura 22,500 EUR Equity Basic Materials 30,881 0.01%

Nomura 35,802 EUR Equity Basic Materials (29,710) (0.01)%

Nomura 523,635 EUR Equity Communications 36,734 0.01%

Nomura 203,306 EUR Equity Communications (32,067) (0.01)%

Nomura 10,264 EUR Equity Consumer, Cyclical 40,018 0.01%

Nomura 23,313 EUR Equity Consumer, Cyclical (43,595) (0.01)%

InRIS UCITS Plc

207



sector EUR Assets

Contracts for difference (continued) Nomura 2,977 EUR Equity Energy 5,966 0.00%

Nomura 3,746 EUR Equity Energy (1,340) 0.00%

Nomura 133,117 EUR Equity Financial 57,721 0.01%

Nomura 138,683 EUR Equity Financial (18,534) 0.00%

Nomura 10,786 EUR Equity Industrial 1,352 0.00%

Nomura 97,518 EUR Equity Industrial (54,984) (0.01)%

Nomura 5,699 EUR Equity Technology 4,560 0.00%

Nomura 2,063 EUR Equity Technology (21) 0.00%

Nomura 125 EUR Equity Utilities 5 0.00%

Nomura 163 EUR Equity Utilities (82) 0.00%

Nomura 449,218 EUR Equity Others 285,358 0.07%

Nomura 1,060,444 EUR Equity Others (640,404) (0.16)%

Nomura 243,392 GBP Equity Basic Materials 96,413 0.02%

Nomura 58 GBP Equity Basic Materials (5) 0.00%

Nomura 178,344 GBP Equity Consumer, Cyclical 66,974 0.02%

Nomura 230,913 GBP Equity Consumer, Cyclical (124,650) (0.03)%

Nomura 18,970 GBP Equity Consumer, Non-cyclical 1,066 0.00%

Nomura 8,987 GBP Equity Consumer, Non-cyclical (502) 0.00%

Nomura 10,425 GBP Equity Financial (1,635) 0.00%

Nomura 31,546 GBP Equity Industrial 12,305 0.00%

Nomura 472,021 GBP Equity Industrial (207,028) (0.05)%

Nomura 40,130 GBP Equity Technology 25,918 0.01%

Nomura 10,051 GBP Equity Technology (2,088) 0.00%

Nomura 381,419 GBP Equity Others 261,194 0.06%

Nomura 485,905 GBP Equity Others (149,951) (0.04)%

Nomura 150,563 JPY Equity Basic Materials 134,033 0.03%

Nomura 174,619 JPY Equity Basic Materials (148,421) (0.04)%

Nomura 140,235 JPY Equity Communications 18,303 0.00%

Nomura 5,675 JPY Equity Communications (2,303) 0.00%

Nomura 57,374 JPY Equity Consumer, Cyclical 64,167 0.02%

Nomura 139,391 JPY Equity Consumer, Cyclical (45,597) (0.01)%

Nomura 88,126 JPY Equity Consumer, Non-cyclical 27,641 0.01%

Nomura 76,366 JPY Equity Consumer, Non-cyclical (12,034) 0.00%

Nomura 35,188 JPY Equity Energy 16,500 0.00%

Nomura 89,490 JPY Equity Energy (49,928) (0.01)%

Nomura 158,125 JPY Equity Financial 170,712 0.04%

Nomura 66,644 JPY Equity Financial (48,164) (0.01)%

Nomura 162,657 JPY Equity Industrial 35,397 0.01%

Nomura 100,049 JPY Equity Industrial (78,243) (0.02)%

InRIS UCITS Plc

208



sector EUR Assets

Contracts for difference (continued) Nomura 79,765 JPY Equity Utilities 9,310 0.00%

Nomura 3,626 JPY Equity Utilities (1,159) 0.00%

Nomura 1,246,332 JPY Equity Others 623,913 0.16%

Nomura 1,118,626 JPY Equity Others (813,075) (0.20)%

Nomura 233,220 NOK Equity Basic Materials 27,372 0.01%

Nomura 45,672 NOK Equity Energy - 0.00%

Nomura 3,359 NOK Equity Financial 136 0.00%

Nomura 35,527 NOK Equity Others 11,983 0.00%

Nomura 556,082 NOK Equity Others (154,604) (0.03)%

Nomura 2,171 SEK Equity Basic Materials 57 0.00%

Nomura 24,284 SEK Equity Basic Materials (3,631) 0.00%

Nomura 45,274 SEK Equity Consumer, Cyclical 37,665 0.01%

Nomura 4,257 SEK Equity Consumer, Cyclical (764) 0.00%

Nomura 10,336 SEK Equity Consumer, Non-cyclical 2,702 0.00%

Nomura 58,410 SEK Equity Consumer, Non-cyclical (4,071) 0.00%

Nomura 1 SEK Equity Financial - 0.00%

Nomura 35,176 SEK Equity Others 34,456 0.01%

Nomura 51,789 SEK Equity Others (21,924) 0.00%

Total contracts for difference (1,580,161) (0.39)%

InRIS UCITS Plc

209



date Bought sold EUR Assets


NBC BOUGHT AUD/SOLD EUR 2-Jan-20 156,308 97,697 189 0.00%

NBC BOUGHT EUR/SOLD AUD 2-Jan-20 57,887 92,700 (165) 0.00%

NBC BOUGHT GBP/SOLD EUR 2-Jan-20 23,795 27,761 322 0.00%

NBC BOUGHT USD/SOLD EUR 2-Jan-20 2,426 2,188 (27) (0.01)%

DB BOUGHT AUD/SOLD EUR 3-Jan-20 49,718 31,048 87 0.00%

DB BOUGHT CHF/SOLD EUR 3-Jan-20 14,600 13,417 15 0.00%

DB BOUGHT EUR/SOLD AUD 3-Jan-20 17,056 27,337 (64) 0.00%

DB BOUGHT EUR/SOLD CHF 3-Jan-20 13,389 14,571 (17) 0.00%

DB BOUGHT EUR/SOLD USD 3-Jan-20 8,103 8,985 99 0.00%

DB BOUGHT AUD/SOLD EUR 31-Jan-20 104,040,900 63,984,577 1,100,782 0.27%

DB BOUGHT CHF/SOLD EUR 31-Jan-20 663,600 607,982 2,645 0.00%

DB BOUGHT EUR/SOLD CHF 31-Jan-20 13,424 14,600 (11) 0.00%

DB BOUGHT GBP/SOLD EUR 31-Jan-20 8,143,700 9,548,695 53,299 0.01%

DB BOUGHT USD/SOLD EUR 31-Jan-20 5,416,000 4,856,267 (39,768) (0.01)%

DB BOUGHT BRL/SOLD USD 18-Mar-20 125,603,790 30,400,000 322,693 0.08%

DB BOUGHT CZK/SOLD EUR 18-Mar-20 122,963,345 4,800,000 16,579 0.00%

DB BOUGHT EUR/SOLD CZK 18-Mar-20 1,300,000 33,279,371 (3,581) 0.00%

DB BOUGHT EUR/SOLD HUF 18-Mar-20 700,000 231,681,540 93 0.00%

DB BOUGHT EUR/SOLD NOK 18-Mar-20 5,700,000 58,351,094 (189,371) (0.04)%

DB BOUGHT EUR/SOLD PLN 18-Mar-20 1,400,000 6,010,361 (7,429) 0.00%

DB BOUGHT EUR/SOLD SEK 18-Mar-20 4,800,000 50,540,160 (4,609) 0.00%

DB BOUGHT HUF/SOLD EUR 18-Mar-20 431,179,320 1,300,000 2,584 0.00%

DB BOUGHT ILS/SOLD USD 18-Mar-20 24,184,570 7,000,000 13,467 0.00%

DB BOUGHT INR/SOLD USD 18-Mar-20 6,172,470,400 86,200,000 (173,416) (0.04)%

DB BOUGHT NOK/SOLD EUR 18-Mar-20 57,215,390 5,700,000 74,746 0.02%

DB BOUGHT PLN/SOLD EUR 18-Mar-20 53,784,707 12,500,000 94,609 0.02%

DB BOUGHT SEK/SOLD EUR 18-Mar-20 166,634,588 15,900,000 (58,855) (0.01)%

DB BOUGHT SGD/SOLD USD 18-Mar-20 15,193,954 11,200,000 47,760 0.01%

DB BOUGHT TRY/SOLD USD 18-Mar-20 478,258,026 80,600,000 (767,049) (0.19)%

DB BOUGHT USD/SOLD BRL 18-Mar-20 4,000,000 16,460,458 (35,168) (0.01)%

DB BOUGHT USD/SOLD ILS 18-Mar-20 4,200,000 14,510,866 (8,096) 0.00%

DB BOUGHT USD/SOLD INR 18-Mar-20 6,200,000 442,691,200 20,290 0.01%

DB BOUGHT USD/SOLD SGD 18-Mar-20 121,800,000 165,386,846 (569,751) (0.14)%

DB BOUGHT USD/SOLD TRY 18-Mar-20 4,800,000 28,521,268 42,800 0.01%

DB BOUGHT USD/SOLD ZAR 18-Mar-20 2,200,000 32,428,358 (42,681) (0.01)%

DB BOUGHT ZAR/SOLD USD 18-Mar-20 595,534,594 40,200,000 873,468 0.22%


InRIS UCITS Plc

210


Counterparty Number of Option Position Fair Value % of Net

contracts Name EUR Assets

Option contracts - 2.09%

BARC (12) Audusd Euro 9Am Feb20C 68.5 Exp 02/07/2020 Short (21,274) (0.01)%

BARC (14) Audusd Euro 9Am Feb20C 69 Exp 02/07/2020 Short (19,457) 0.00%

BARC (30) Audusd Euro 9Am Feb20C 69.5 Exp 02/07/2020 Short (31,270) (0.01)%


BARC (24) Audusd Euro 9Am Feb20C 70.5 Exp 02/07/2020 Short (11,973) 0.00%


BARC (8) Audusd Euro 9Am Feb20C 71.5 Exp 02/07/2020 Short (1,496) 0.00%

BARC (4) Audusd Euro 9Am Feb20P 66.5 Exp 02/07/2020 Short (107) 0.00%

BARC (9) Audusd Euro 9Am Feb20P 67 Exp 02/07/2020 Short (281) 0.00%

BARC (18) Audusd Euro 9Am Feb20P 67.5 Exp 02/07/2020 Short (802) 0.00%

BARC (32) Audusd Euro 9Am Feb20P 68 Exp 02/07/2020 Short (1,996) 0.00%

BARC (15) Audusd Euro 9Am Feb20P 68.5 Exp 02/07/2020 Short (1,470) 0.00%

BARC (22) Audusd Euro 9Am Feb20P 69 Exp 02/07/2020 Short (3,528) 0.00%


BARC (1) Audusd Euro 9Am Feb20P 70 Exp 02/07/2020 Short (401) 0.00%


BARC (5) Audusd Euro 9Am Jan20C 67.5 Exp 01/03/2020 Short (12,829) 0.00%

BARC (12) Audusd Euro 9Am Jan20C 68 Exp 01/03/2020 Short (25,550) (0.01)%

BARC (41) Audusd Euro 9Am Jan20C 68.5 Exp 01/03/2020 Short (69,033) (0.02)%

BARC (1) Audusd Euro 9Am Jan20C 68.75 Exp 01/03/2020 Short (1,461) (0.01)%

BARC (51) Audusd Euro 9Am Jan20C 69 Exp 01/03/2020 Short (63,608) (0.02)%




BARC (8) Audusd Euro 9Am Jan20C 70 Exp 01/03/2020 Short (3,065) 0.00%

BARC (6) Audusd Euro 9Am Jan20P 66.5 Exp 01/03/2020 Short (27) 0.00%

BARC (43) Audusd Euro 9Am Jan20P 67 Exp 01/03/2020 Short (192) 0.00%


BARC (53) Audusd Euro 9Am Jan20P 68 Exp 01/03/2020 Short (236) 0.00%





DB (18) Bp Curr 9Am Feb20C 131.5 Exp 02/07/2020 Short (22,349) (0.01)%

DB (17) Bp Curr 9Am Feb20C 132 Exp 02/07/2020 Short (18,079) (0.01)%


DB (10) Bp Curr 9Am Feb20C 133.5 Exp 02/07/2020 Short (6,292) (0.01)%


DB (10) Bp Curr 9Am Feb20C 134.5 Exp 02/07/2020 Short (4,176) 0.00%


DB (10) Bp Curr 9Am Feb20C 135.5 Exp 02/07/2020 Short (2,617) 0.00%

InRIS UCITS Plc

211




Option contracts (continued)

DB (30) Bp Curr 9Am Feb20C 136 Exp 02/07/2020 Short (6,180) 0.00%

DB (17) Bp Curr 9Am Feb20P 125 Exp 02/07/2020 Short (947) 0.00%

DB (5) Bp Curr 9Am Feb20P 126.5 Exp 02/07/2020 Short (390) 0.00%

DB (10) Bp Curr 9Am Feb20P 127 Exp 02/07/2020 Short (891) 0.00%

DB (18) Bp Curr 9Am Feb20P 128 Exp 02/07/2020 Short (2,305) 0.00%

DB (5) Bp Curr 9Am Feb20P 128.5 Exp 02/07/2020 Short (752) 0.00%


DB (24) Bp Curr 9Am Feb20P 129.5 Exp 02/07/2020 Short (4,944) 0.00%



DB (8) Bp Curr 9Am Feb20P 131.5 Exp 02/07/2020 Short (3,608) 0.00%


DB (1) Bp Curr 9Am Feb20P 134 Exp 02/07/2020 Short (1,119) (0.01)%

DB (5) Bp Curr 9Am Jan20C 129 Exp 01/03/2020 Short (10,941) (0.01)%



DB (16) Bp Curr 9Am Jan20C 131.5 Exp 01/03/2020 Short (13,452) (0.01)%


DB (40) Bp Curr 9Am Jan20C 132.5 Exp 01/03/2020 Short (16,704) (0.01)%

DB (31) Bp Curr 9Am Jan20C 133 Exp 01/03/2020 Short (8,458) 0.00%

DB (12) Bp Curr 9Am Jan20C 133.5 Exp 01/03/2020 Short (2,138) 0.00%


DB (9) Bp Curr 9Am Jan20C 134.5 Exp 01/03/2020 Short (601) (0.01)%


DB (18) Bp Curr 9Am Jan20C 135.5 Exp 01/03/2020 Short (300) 0.00%

DB (8) Bp Curr 9Am Jan20C 136 Exp 01/03/2020 Short (44) 0.00%

DB (1) Bp Curr 9Am Jan20C 136.5 Exp 01/03/2020 Short (6) 0.00%

DB (4) Bp Curr 9Am Jan20P 124 Exp 01/03/2020 Short (22) 0.00%

DB (4) Bp Curr 9Am Jan20P 124.5 Exp 01/03/2020 Short (22) 0.00%








DB (113) Bp Curr 9Am Jan20P 130 Exp 01/03/2020 Short (1,258) 0.00%



DB (36) Bp Curr 9Am Jan20P 131.5 Exp 01/03/2020 Short (1,804) 0.00%


InRIS UCITS Plc

212










BARC (4) Cad Curr 9Am Feb20C 76 Exp 02/07/2020 Short (4,276) 0.00%

BARC (6) Cad Curr 9Am Feb20C 76.5 Exp 02/07/2020 Short (4,330) 0.00%

BARC (4) Cad Curr 9Am Feb20P 75.5 Exp 02/07/2020 Short (214) 0.00%

BARC (6) Cad Curr 9Am Feb20P 76 Exp 02/07/2020 Short (641) 0.00%

BARC (7) Cad Curr 9Am Jan20C 76 Exp 01/03/2020 Short (6,797) 0.00%

BARC (2) Cad Curr 9Am Jan20C 76.2 Exp 01/03/2020 Short (1,497) 0.00%

BARC (3) Cad Curr 9Am Jan20P 75.7 Exp 01/03/2020 Short (13) 0.00%

BARC (5) Cad Curr 9Am Jan20P 76 Exp 01/03/2020 Short (22) 0.00%

BARC (5) Cad Curr 9Am Jan20P 76.2 Exp 01/03/2020 Short (44) 0.00%

BARC (4) Dax Index Feb20 12750 Put Short (2,294) 0.00%

BARC (8) Dax Index Jan20 12100 Put Short (276) 0.00%






BARC (19) Dax Index Jan20 12400 Put Short (1,207) 0.00%









BARC (7) Dax Index Jan20 12850 Call Short (15,445) 0.00%




BARC (72) Dax Index Jan20 12950 Put Short (20,160) (0.01)%







InRIS UCITS Plc

213





BARC (29) Dax Index Jan20 13150 Call Short (29,522) (0.01)%




















BARC (9) Dax Index Jan20 13950 Call Short (72) (0.01)%

BARC (1) Euro Curr 9Am Feb20C 1.11 Exp 02/07/2020 Short (2,205) 0.00%

BARC (33) Euro Curr 9Am Feb20C 1.115 Exp 02/07/2020 Short (57,695) (0.01)%








BARC (27) Euro Curr 9Am Feb20P 1.09 Exp 02/07/2020 Short (752) (0.01)%

BARC (72) Euro Curr 9Am Feb20P 1.095 Exp 02/07/2020 Short (3,207) 0.00%




BARC (107) Euro Curr 9Am Feb20P 1.115 Exp 02/07/2020 Short (29,788) (0.01)%




InRIS UCITS Plc

214





BARC (38) Euro Curr 9Am Jan20C 1.105 Exp 01/03/2020 Short (98,174) (0.02)%



BARC (7) Euro Curr 9Am Jan20C 1.117 Exp 01/03/2020 Short (8,341) 0.00%







BARC (32) Euro Curr 9Am Jan20P 1.09 Exp 01/03/2020 Short (178) 0.00%

BARC (207) Euro Curr 9Am Jan20P 1.095 Exp 01/03/2020 Short (1,153) 0.00%






BARC (40) Euro Curr 9Am Jan20P 1.112 Exp 01/03/2020 Short (223) (0.01)%

BARC (240) Euro Curr 9Am Jan20P 1.115 Exp 01/03/2020 Short (1,336) (0.01)%




BARC (2) Euro Stoxx 50 Pr Feb20 3650 Put Short (878) 0.00%

BARC (7) Euro Stoxx 50 Pr Feb20 3700 Put Short (4,067) 0.00%

BARC (20) Euro Stoxx 50 Pr Feb20 3825 Call Short (5,100) 0.00%





BARC (19) Euro Stoxx 50 Pr Jan20 3375 Put Short (342) 0.00%





BARC (65) Euro Stoxx 50 Pr Jan20 3500 Put Short (2,535) 0.00%




BARC (28) Euro Stoxx 50 Pr Jan20 3600 Call Short (41,300) (0.02)%



InRIS UCITS Plc

215








BARC (13) Euro Stoxx 50 Pr Jan20 3675 Call Short (10,751) 0.00%

BARC (184) Euro Stoxx 50 Pr Jan20 3675 Put Short (36,064) (0.01)%











BARC (56) Euro Stoxx 50 Pr Jan20 3875 Call Short (504) 0.00%

BARC (54) Jpn Yen 9Am Feb20C 91.5 Exp 02/07/2020 Short (71,559) (0.02)%

BARC (95) Jpn Yen 9Am Feb20C 92 Exp 02/07/2020 Short (92,038) (0.02)%

BARC (53) Jpn Yen 9Am Feb20C 92.5 Exp 02/07/2020 Short (37,182) (0.01)%

BARC (29) Jpn Yen 9Am Feb20C 93 Exp 02/07/2020 Short (14,532) 0.00%

BARC (21) Jpn Yen 9Am Feb20C 93.5 Exp 02/07/2020 Short (7,483) 0.00%


BARC (27) Jpn Yen 9Am Feb20C 94.5 Exp 02/07/2020 Short (5,412) 0.00%


BARC (38) Jpn Yen 9Am Feb20P 91 Exp 02/07/2020 Short (5,501) 0.00%

BARC (98) Jpn Yen 9Am Feb20P 91.5 Exp 02/07/2020 Short (26,192) (0.01)%

BARC (103) Jpn Yen 9Am Feb20P 92 Exp 02/07/2020 Short (48,174) (0.01)%

BARC (19) Jpn Yen 9Am Feb20P 92.5 Exp 02/07/2020 Short (14,176) 0.00%

BARC (64) Jpn Yen 9Am Jan20C 92 Exp 01/03/2020 Short (34,922) (0.01)%

BARC (113) Jpn Yen 9Am Jan20C 92.5 Exp 01/03/2020 Short (20,134) (0.01)%

BARC (104) Jpn Yen 9Am Jan20C 93 Exp 01/03/2020 Short (5,791) 0.00%

BARC (64) Jpn Yen 9Am Jan20C 93.5 Exp 01/03/2020 Short (1,425) 0.00%

BARC (70) Jpn Yen 9Am Jan20C 94 Exp 01/03/2020 Short (1,169) 0.00%

BARC (17) Jpn Yen 9Am Jan20C 94.5 Exp 01/03/2020 Short (189) 0.00%

BARC (8) Jpn Yen 9Am Jan20C 95 Exp 01/03/2020 Short (89) 0.00%

BARC (47) Jpn Yen 9Am Jan20P 91.5 Exp 01/03/2020 Short (262) 0.00%

BARC (176) Jpn Yen 9Am Jan20P 92 Exp 01/03/2020 Short (5,880) 0.00%

BARC (133) Jpn Yen 9Am Jan20P 92.5 Exp 01/03/2020 Short (29,621) (0.01)%

BARC (32) Jpn Yen 9Am Jan20P 93 Exp 01/03/2020 Short (21,381) (0.01)%

BARC (3) Nikkei 225 Feb20 23625 Put Short (10,698) 0.00%

InRIS UCITS Plc

216





BARC (5) Nikkei 225 Feb20 23750 Call Short (16,600) 0.00%

BARC (18) Nikkei 225 Feb20 23750 Put Short (73,778) (0.02)%

BARC (8) Nikkei 225 Feb20 23875 Call Short (22,297) (0.01)%






BARC (17) Nikkei 225 Feb20 24250 Call Short (27,175) (0.01)%

BARC (3) Nikkei 225 Feb20 24250 Put Short (19,428) 0.00%








BARC (3) Nikkei 225 Jan20 22875 Call Short (20,043) 0.00%

BARC (9) Nikkei 225 Jan20 22875 Put Short (2,508) 0.00%

BARC (6) Nikkei 225 Jan20 23000 Call Short (34,676) (0.01)%













BARC 3 Nikkei 225 Jan20 23750 Put Long 6,394 0.00%


BARC 4 Nikkei 225 Jan20 23875 Put Long 10,985 0.00%






BARC (11) Nikkei 225 Jan20 24625 Call Short (992) 0.00%

InRIS UCITS Plc

217





BARC (4) Nikkei 225 Jan20 24750 Call Short (230) 0.00%

BARC (1) S+P Emini 3Rd Wk Feb20C 3150 Exp 02/21/2020 Short (5,189) 0.00%









BARC (8) S+P Emini 3Rd Wk Feb20P 3070 Exp 02/21/2020 Short (8,107) 0.00%





BARC (12) S+P Emini 3Rd Wk Feb20P 3250 Exp 02/21/2020 Short (34,477) (0.01)%

BARC (11) S+P Emini 3Rd Wk Feb20P 3270 Exp 02/21/2020 Short (36,013) (0.01)%





BARC (1) S+P Emini 3Rd Wk Jan20C 3070 Exp 01/17/2020 Short (7,428) 0.00%


BARC (10) S+P Emini 3Rd Wk Jan20C 3100 Exp 01/17/2020 Short (61,693) (0.02)%
















BARC (1) S+P Emini 3Rd Wk Jan20C 3245 Exp 01/17/2020 Short (969) 0.00%


InRIS UCITS Plc

218













BARC (5) S+P Emini 3Rd Wk Jan20P 2880 Exp 01/17/2020 Short (356) 0.00%


BARC (19) S+P Emini 3Rd Wk Jan20P 2930 Exp 01/17/2020 Short (1,862) 0.00%































InRIS UCITS Plc

219





BARC (20) S+P Emini 3Rd Wk Jan20P 3210 Exp 01/17/2020 Short (20,267) (0.01)%






BARC (93) Us 10Yr Fut Optn Feb20C 127.5 Exp 01/24/2020 Short (91,913) (0.02)%

BARC (263) Us 10Yr Fut Optn Feb20C 128 Exp 01/24/2020 Short (175,724) (0.05)%


BARC (271) Us 10Yr Fut Optn Feb20C 129 Exp 01/24/2020 Short (64,129) (0.02)%


BARC (130) Us 10Yr Fut Optn Feb20C 130 Exp 01/24/2020 Short (9,048) 0.00%

BARC (120) Us 10Yr Fut Optn Feb20C 130.5 Exp 01/24/2020 Short (5,011) 0.00%

BARC (78) Us 10Yr Fut Optn Feb20C 131 Exp 01/24/2020 Short (2,171) 0.00%

BARC (10) Us 10Yr Fut Optn Feb20P 126.5 Exp 01/24/2020 Short (418) 0.00%

BARC (86) Us 10Yr Fut Optn Feb20P 127 Exp 01/24/2020 Short (7,183) 0.00%

BARC (190) Us 10Yr Fut Optn Feb20P 127.5 Exp 01/24/2020 Short (31,737) (0.01)%

BARC (237) Us 10Yr Fut Optn Feb20P 128 Exp 01/24/2020 Short (69,279) (0.02)%







BARC (5) Us 10Yr Fut Optn Feb20P 131.5 Exp 01/24/2020 Short (13,781) 0.00%

BARC (5) Us 10Yr Fut Optn Mar20C 127.5 Exp 02/21/2020 Short (5,846) 0.00%


BARC (10) Us 10Yr Fut Optn Mar20C 129 Exp 02/21/2020 Short (4,733) 0.00%


BARC (32) Us 10Yr Fut Optn Mar20P 127 Exp 02/21/2020 Short (7,572) 0.00%

BARC (15) Us 10Yr Fut Optn Mar20P 128.5 Exp 02/21/2020 Short (10,857) 0.00%

BARC (1) Us 10Yr Fut Optn Mar20P 129 Exp 02/21/2020 Short (988) 0.00%

Total option contracts (8,428,126) (2.09)%

InRIS UCITS Plc

220


Counterparty Expiration Future Number of Position Fair Value % of Net

date contracts EUR Assets

Futures contracts - (1.18%)

BARC 14-Dec-20 3Mo Euro Euribor Dec20 31 Long (887) 0.00%

BARC 13-Dec-21 3Mo Euro Euribor Dec21 29 Long (1,450) 0.00%

BARC 15-Jun-20 3Mo Euro Euribor Jun20 21 Long (312) 0.00%

BARC 14-Jun-21 3Mo Euro Euribor Jun21 22 Long (988) 0.00%

BARC 15-Mar-21 3Mo Euro Euribor Mar21 28 Long (950) 0.00%

BARC 14-Mar-22 3Mo Euro Euribor Mar22 19 Long (938) 0.00%

BARC 14-Sep-20 3Mo Euro Euribor Sep20 23 Long (1,075) 0.00%

BARC 13-Sep-21 3Mo Euro Euribor Sep21 23 Long (800) 0.00%

BARC 14-Dec-20 3Mo Euroyen Tfx Dec20 4 Long (123) 0.00%

BARC 15-Jun-20 3Mo Euroyen Tfx Jun20 7 Long (154) 0.00%

BARC 14-Sep-20 3Mo Euroyen Tfx Sep20 4 Long (133) 0.00%

BARC 14-Dec-20 90Day Eur Futr Dec20 377 Long (87,583) (0.02)%

BARC 13-Dec-21 90Day Eur Futr Dec21 316 Long (96,515) (0.02)%

BARC 15-Jun-20 90Day Eur Futr Jun20 335 Long (85,345) (0.02)%



BARC 15-Mar-21 90Day Eur Futr Mar21 349 Long (71,715) (0.02)%

BARC 14-Mar-22 90Day Eur Futr Mar22 200 Long (52,650) (0.01)%

BARC 14-Sep-20 90Day Eur Futr Sep20 305 Long (80,334) (0.02)%

BARC 13-Sep-21 90Day Eur Futr Sep21 245 Long (71,782) (0.02)%

BARC 16-Dec-20 90Day Sterling Fu Dec20 469 Long 2,397 0.00%

BARC 17-Jun-20 90Day Sterling Fu Jun20 465 Long (49,671) (0.01)%

BARC 16-Jun-21 90Day Sterling Fu Jun21 385 Long 3,754 0.00%

BARC 17-Mar-21 90Day Sterling Fu Mar21 440 Long (6,034) 0.00%

BARC 16-Sep-20 90Day Sterling Fu Sep20 405 Long (10,976) 0.00%

BARC 17-Jan-20 Amsterdam Idx Fut Jan20 239 Long (108,986) (0.03)%

BARC 16-Mar-20 Audusd Crncy Fut Mar20 119 Long 76,339 0.02%

BARC 16-Mar-20 Aust 10Y Bond Fut Mar20 87 Long (141,335) (0.04)%

BARC 16-Mar-20 Aust 3Yr Bond Fut Mar20 1,664 Long (655,808) (0.16)%

BARC 14-Dec-20 Bank Accept Futr Dec20 277 Long (16,583) 0.00%

BARC 15-Jun-20 Bank Accept Futr Jun20 230 Long (20,747) (0.01)%

BARC 14-Jun-21 Bank Accept Futr Jun21 87 Long (5,960) 0.00%

BARC 15-Mar-21 Bank Accept Futr Mar21 132 Long (14,341) 0.00%

BARC 14-Sep-20 Bank Accept Futr Sep20 238 Long (18,832) 0.00%

DB 16-Mar-20 Bp Currency Fut Mar20 70 Long 73,369 0.02%

BARC 17-Jan-20 Cac40 10 Euro Fut Jan20 144 Long 8,525 0.00%

BARC 17-Mar-20 Cad Currency Fut Mar20 207 Long 227,523 0.06%

BARC 20-Mar-20 Can 10Yr Bond Fut Mar20 (283) Short 329,094 0.08%

BARC 19-Feb-20 Cboe Vix Future Feb20 (18) Short 14,298 0.00%

BARC 22-Jan-20 Cboe Vix Future Jan20 (43) Short 56,548 0.01%

BARC 18-Mar-20 Cboe Vix Future Mar20 (7) Short 4,031 0.00%

InRIS UCITS Plc

221




Futures contracts (continued)

BARC 16-Mar-20 Chf Currency Fut Mar20 (20) Short (3,107) 0.00%

BARC 20-Mar-20 Dax Index Future Mar20 (40) Short (17,713) 0.00%

BARC 20-Mar-20 Djia Mini E-Cbot Mar20 (276) Short (352,521) (0.09)%

BARC 20-Mar-20 E-Mini Russ 2000 Mar20 (261) Short (221,368) (0.06)%

BARC 16-Mar-20 Euro Fx Curr Fut Mar20 342 Long 85,067 0.02%

BARC 20-Mar-20 Euro Stoxx 50 Mar20 1,719 Long (56,080) (0.01)%

BARC 6-Mar-20 Euro-Btp Future Mar20 391 Long 101,220 0.03%

BARC 6-Mar-20 Euro-Bund Future Mar20 (11) Short 7,580 0.00%

BARC 6-Mar-20 Euro-Buxl 30Y Bnd Mar20 (30) Short 95,620 0.02%

BARC 6-Mar-20 Euro-Oat Future Mar20 175 Long (327,500) (0.08)%

BARC 6-Mar-20 Euro-Schatz Fut Mar20 (3,629) Short 284,715 0.07%

BARC 20-Mar-20 Ftse 100 Idx Fut Mar20 174 Long 22,695 0.01%

BARC 23-Jan-20 Ftse China A50 Jan20 50 Long 10,713 0.00%

BARC 19-Mar-20 Ftse/Jse Top 40 Mar20 (220) Short 82,118 0.02%

BARC 20-Mar-20 Ftse/Mib Idx Fut Mar20 118 Long (86,650) (0.02)%

BARC 30-Jan-20 Hang Seng Idx Fut Jan20 (96) Short (163,304) (0.04)%

BARC 30-Jan-20 Hscei Futures Jan20 (40) Short (30,247) (0.01)%

BARC 17-Jan-20 Ibex 35 Indx Futr Jan20 141 Long (73,632) (0.02)%

BARC 13-Mar-20 Jpn 10Y Bond(Ose) Mar20 (47) Short (24,674) (0.01)%

BARC 16-Mar-20 Jpn Yen Curr Fut Mar20 (386) Short (264,248) (0.07)%

BARC 17-Mar-20 Korea 10Yr Bnd Fu Mar20 (147) Short (3,620) 0.00%

BARC 17-Mar-20 Korea 3Yr Bnd Fut Mar20 263 Long 23,881 0.01%

BARC 12-Mar-20 Kospi2 Inx Fut Mar20 80 Long 195,447 0.05%

BARC 27-Mar-20 Long Gilt Future Mar20 (50) Short 97,978 0.02%

BARC 16-Mar-20 Mexican Peso Fut Mar20 1,390 Long 472,210 0.12%

BARC 20-Mar-20 Msci Emgmkt Mar20 (253) Short (155,840) (0.04)%

BARC 30-Jan-20 Msci Sing Ix Ets Jan20 410 Long (13,436) 0.00%

BARC 30-Jan-20 Msci Taiwan Index Jan20 90 Long (35,555) (0.01)%

BARC 20-Mar-20 Nasdaq 100 E-Mini Mar20 (169) Short (572,957) (0.14)%

BARC 12-Mar-20 Nikkei 225 (Ose) Mar20 132 Long (245,926) (0.06)%

BARC 12-Mar-20 Nikkei 225 (Sgx) Mar20 (35) Short 2,906 0.00%

BARC 12-Mar-20 Nikkei 225 Mini Mar20 (279) Short (56,692) (0.01)%

BARC 16-Mar-20 Nzd Fut Mar20 (77) Short (111,893) (0.03)%

BARC 24-Jan-20 Rxg0C171 (4) Short 1,680 0.00%

BARC 24-Jan-20 Rxg0C171.5 (10) Short 4,440 0.00%







InRIS UCITS Plc

222






BARC 24-Jan-20 Rxg0C176 (3) Short 570 0.00%

BARC 24-Jan-20 Rxg0P168.5 (1) Short (70) 0.00%

BARC 24-Jan-20 Rxg0P169 (5) Short (630) 0.00%

BARC 24-Jan-20 Rxg0P169.5 (5) Short (750) 0.00%

BARC 24-Jan-20 Rxg0P170 (19) Short (5,950) 0.00%

BARC 24-Jan-20 Rxg0P170.5 (9) Short (3,120) 0.00%


BARC 24-Jan-20 Rxg0P171.5 (33) Short (26,110) (0.01)%


BARC 24-Jan-20 Rxg0P172.5 (10) Short (13,470) 0.00%


BARC 20-Mar-20 S+P Mid 400 Emini Mar20 (59) Short (180,004) (0.04)%

BARC 19-Mar-20 S+P/Tsx 60 Ix Fut Mar20 386 Long (65,206) (0.02)%

BARC 20-Mar-20 S+P500 Emini Fut Mar20 31 Long (20,563) (0.01)%

BARC 19-Mar-20 Spi 200 Futures Mar20 430 Long (1,306,392) (0.32)%

BARC 12-Mar-20 Topix Indx Futr Mar20 (4) Short (1,476) 0.00%

BARC 20-Mar-20 Us 10Yr Note (Cbt)Mar20 (119) Short (33,727) (0.01)%

BARC 31-Mar-20 Us 2Yr Note (Cbt) Mar20 (687) Short 76,656 0.02%

BARC 31-Mar-20 Us 5Yr Note (Cbt) Mar20 901 Long (306,932) (0.08)%

BARC 20-Jan-20 Us Dollar Fut Jan20 3,021 Long (784,730) (0.20)%

BARC 20-Mar-20 Us Long Bond(Cbt) Mar20 (76) Short 5,457 0.00%

BARC 20-Mar-20 Us Ultra Bond Cbt Mar20 (56) Short 201,002 0.05%

BARC 22-Jan-20 Vstoxx Future Jan20 (599) Short (39,975) (0.01)%

Total futures contracts (4,736,302) (1.18)%

InRIS UCITS Plc

223


Counterparty Notional amount Derivative name Maturity date Currency Fair Value % of Net

EUR Assets

Credit default swaps - 0.53%

BARC 44,550,000 CDXHY_S33_5Y_T0_CDX 20-Dec-24 USD 1,171,185 0.29%

BARC 150,000,000 CDXIG_S33_5Y_T0_CDX 20-Dec-24 USD 742,500 0.18%

BARC 54,000,000 ITXEB_S32_5Y_T0_CDX 20-Dec-24 EUR 196,385 0.05%

BARC 6,000,000 ITXEX_S32_5Y_T0_CDX 20-Dec-24 EUR 31,514 0.01%

BARC 3,000,000 ITXSENF_S32_5Y_T0_CDX 20-Dec-24 EUR 5,324 0.00%

Total credit default swaps 2,146,908 0.53%


Fair Value % of Net

EUR Assets



Due to brokers (77,279,554) (19.21)%

Other net assets and liabilities 6,165,018 1.53%

Net asset value attributable to participating shareholders 402,310,906 100.00%


Name Code Name Code

Barclays Bank Plc BARC Deutsche Bank AG DB

Nomura International Plc NI JP Morgan Chase Bank. N.A. JPM

National Bank of Canada NBC

InRIS UCITS Plc

224


Summary

Classification Description Fair Value % of Net % of Total

EUR Assets Assets


-

-

-


161,759,986

40.21%

30.82%


D Financial derivative instruments dealt in on a regulated market

(13,164,428)

(3.27)%

(2.51)%

E Over the counter financial derivative instruments 1,333,216 0.33% 0.25%


Due from brokers 195,331,294 48.55% 37.22%

Due to brokers (77,279,554) (19.21)% (14.72)%

Other net assets and liabilities 6,165,018 1.53% 1.17%



InRIS UCITS Plc

225

Portfolio Statement of InRIS CFM Trends (unaudited) As at 31 December 2019



Derivative financial instruments - (2.16)%

Forward currency contracts - (0.15)%


DB BOUGHT USD/SOLD EUR 2-Jan-20 35,686 32,193 (451) 0.00%


DB BOUGHT USD/SOLD EUR 6-Jan-20 146,632 130,880 (281) 0.00%

NBC BOUGHT GBP/SOLD USD 31-Jan-20 88,183,000 115,412,147 1,503,247 0.61%


NBC BOUGHT USD/SOLD EUR 31-Jan-20 148,526 132,400 (353) 0.00%

DB BOUGHT BRL/SOLD USD 18-Mar-20 3,673,295 900,000 10,337 0.00%

DB BOUGHT CZK/SOLD EUR 18-Mar-20 322,798,242 12,600,000 24,975 0.01%

DB BOUGHT EUR/SOLD CZK 18-Mar-20 800,000 20,475,562 (1,154) (0.01)%

DB BOUGHT EUR/SOLD HUF 18-Mar-20 14,000,000 4,629,656,200 7,837 0.00%

DB BOUGHT EUR/SOLD NOK 18-Mar-20 79,400,000 813,201,579 (1,509,226) (0.62)%

DB BOUGHT EUR/SOLD PLN 18-Mar-20 1,600,000 6,862,312 (3,907) 0.00%

DB BOUGHT EUR/SOLD SEK 18-Mar-20 39,000,000 410,638,800 (21,122) (0.01)%

DB BOUGHT HUF/SOLD EUR 18-Mar-20 265,145,560 800,000 564 0.00%

DB BOUGHT ILS/SOLD USD 18-Mar-20 64,574,732 18,700,000 71,643 0.03%

DB BOUGHT INR/SOLD USD 18-Mar-20 1,352,825,900 18,900,000 (93,163) (0.03)%

DB BOUGHT NOK/SOLD EUR 18-Mar-20 54,124,821 5,400,000 35,424 0.01%

DB BOUGHT PLN/SOLD EUR 18-Mar-20 108,455,270 25,200,000 110,906 0.05%

DB BOUGHT SEK/SOLD EUR 18-Mar-20 167,981,731 16,000,000 (17,358) 0.00%

DB BOUGHT SGD/SOLD USD 18-Mar-20 4,884,492 3,600,000 35,162 0.01%

DB BOUGHT TRY/SOLD USD 18-Mar-20 91,066,340 15,400,000 (385,947) (0.15)%

DB BOUGHT USD/SOLD BRL 18-Mar-20 14,800,000 61,147,674 (353,979) (0.14)%

DB BOUGHT USD/SOLD ILS 18-Mar-20 1,300,000 4,510,825 (11,280) 0.00%

DB BOUGHT USD/SOLD INR 18-Mar-20 1,200,000 86,162,200 2,183 0.00%

DB BOUGHT USD/SOLD SGD 18-Mar-20 1,200,000 1,626,870 (10,759) 0.00%

DB BOUGHT USD/SOLD TRY 18-Mar-20 1,000,000 6,044,945 3,373 0.00%

DB BOUGHT ZAR/SOLD USD 18-Mar-20 4,382,523 300,000 10,329 0.00%

Total forward currency contracts (371,444) (0.15)%

InRIS UCITS Plc

226

Portfolio Statement of InRIS CFM Trends (unaudited) (continued) As at 31 December 2019

Counterparty Future Expiration Number of Position Fair Value % of Net

date contracts USD Assets

Futures contracts - (2.01)%

BARC 3Mo Euro Euribor 15-Jun-20 63 Long (30,588) (0.01)%

BARC 3Mo Euro Euribor 14-Sep-20 71 Long (40,747) (0.02)%

BARC 3Mo Euro Euribor 14-Dec-20 96 Long (62,860) (0.03)%

BARC 3Mo Euro Euribor 14-Jun-21 68 Long (45,377) (0.02)%

BARC 3Mo Euro Euribor 15-Mar-21 86 Long (49,208) (0.02)%

BARC 3Mo Euro Euribor 13-Sep-21 72 Long (53,038) (0.02)%

BARC 3Mo Euro Euribor 13-Dec-21 90 Long (31,430) (0.01)%

BARC 3Mo Euro Euribor 14-Mar-22 58 Long (14,747) (0.01)%

BARC 3Mo Euroyen Tfx 14-Sep-20 7 Long (1,277) 0.00%

BARC 3Mo Euroyen Tfx 14-Dec-20 7 Long (391) 0.00%

BARC 3Mo Euroyen Tfx 15-Jun-20 11 Long (1,288) 0.00%

BARC 90Day Eur Future 15-Jun-20 313 Long (93,950) (0.04)%

BARC 90Day Eur Future 14-Sep-20 285 Long (84,300) (0.03)%

BARC 90Day Eur Future 14-Mar-22 187 Long (54,750) (0.02)%

BARC 90Day Eur Future 14-Dec-20 353 Long (85,538) (0.03)%

BARC 90Day Eur Future 15-Mar-21 326 Long (74,475) (0.03)%

BARC 90Day Eur Future 13-Sep-21 229 Long (61,213) (0.02)%


BARC 90Day Eur Future 13-Dec-21 296 Long (84,113) (0.03)%


BARC 90Day Sterling Future 17-Jun-20 2 Long 8 0.00%

BARC 90Day Sterling Future 16-Jun-21 2 Long 58 0.00%

BARC 90Day Sterling Future 17-Mar-21 2 Long 8 0.00%

BARC 90Day Sterling Future 16-Sep-20 2 Long 41 0.00%

BARC 90Day Sterling Future 16-Dec-20 2 Long 33 0.00%

BARC Amsterdam Idx Future 17-Jan-20 195 Long (96,288) (0.04)%

BARC Audusd Crncy Future 16-Mar-20 (368) Short (581,360) (0.24)%

BARC Aust 10Y Bond Future 16-Mar-20 245 Long (445,288) (0.18)%

BARC Aust 3Yr Bond Future 16-Mar-20 2,606 Long (1,246,025) (0.51)%

BARC Bank Accept Future 14-Dec-20 135 Long (18,402) (0.01)%

BARC Bank Accept Future 15-Jun-20 112 Long (9,909) 0.00%

BARC Bank Accept Future 14-Sep-20 116 Long (14,517) (0.01)%

BARC Bank Accept Future 15-Mar-21 64 Long (12,560) (0.01)%

BARC Bank Accept Future 14-Jun-21 42 Long (6,612) 0.00%

BARC Bp Currency Future 16-Mar-20 100 Long 37,975 0.02%

BARC Cac40 10 Euro Future 17-Jan-20 159 Long 10,136 0.00%

BARC Cad Currency Future 17-Mar-20 201 Long 251,850 0.10%

BARC Can 10Yr Bond Future 20-Mar-20 (277) Short 391,440 0.16%

BARC Chf Currency Future 16-Mar-20 12 Long 18,663 0.01%

BARC Dax Index Future 20-Mar-20 (3) Short 1,179 0.00%

BARC Djia Mini E-Cbot 20-Mar-20 (22) Short (21,065) (0.01)%

InRIS UCITS Plc

227



date contracts USD Assets


BARC E-Mini Russ 2000 20-Mar-20 (159) Short (191,858) (0.08)%

BARC Euro Fx Curr Future 16-Mar-20 (571) Short (668,569) (0.28)%

BARC Euro Stoxx 50 20-Mar-20 1,158 Long (35,864) (0.01)%

BARC Euro-Btp Future 6-Mar-20 347 Long 128,032 0.05%

BARC Euro-Bund Future 6-Mar-20 (124) Short 253,707 0.10%

BARC Euro-Buxl 30Y Bnd 6-Mar-20 31 Long (229,282) (0.09)%

BARC Euro-Oat Future 6-Mar-20 46 Long (105,537) (0.04)%

BARC Euro-Schatz Future 6-Mar-20 (2,002) Short 175,149 0.07%

BARC Ftse 100 Idx Future 20-Mar-20 (118) Short (52,043) (0.02)%

BARC Ftse China A50 23-Jan-20 165 Long 40,650 0.02%

BARC Ftse/Jse Top 40 19-Mar-20 (339) Short 122,474 0.05%

BARC Ftse/Mib Idx Future 20-Mar-20 91 Long (71,784) (0.03)%

BARC Hang Seng Idx Future 30-Jan-20 (65) Short (125,927) (0.05)%

BARC Hscei Futures 30-Jan-20 (92) Short (76,548) (0.03)%

BARC Ibex 35 Indx Future 17-Jan-20 (129) Short 82,827 0.03%

BARC Jpn 10Y Bond(Ose) 13-Mar-20 (68) Short (31,470) (0.01)%

BARC Jpn Yen Curr Future 16-Mar-20 (129) Short (26,751) (0.01)%

BARC Korea 10Yr Bnd Future 17-Mar-20 23 Long (4,332) 0.00%

BARC Korea 3Yr Bnd Future 17-Mar-20 172 Long 15,366 0.01%

BARC Kospi2 Inx Future 12-Mar-20 51 Long 163,528 0.07%

BARC Long Gilt Future 27-Mar-20 142 Long (228,082) (0.10)%

BARC Mexican Peso Future 16-Mar-20 584 Long 240,955 0.10%

BARC Msci Emgmkt 20-Mar-20 (103) Short (67,335) (0.03)%

BARC Msci Sing Ix Ets 30-Jan-20 202 Long (6,916) 0.00%

BARC Msci Taiwan Index 30-Jan-20 81 Long (34,770) (0.01)%

BARC Nasdaq 100 E-Mini 20-Mar-20 132 Long 579,389 0.24%

BARC Nikkei 225 (Ose) 12-Mar-20 29 Long 81,528 0.03%

BARC Nikkei 225 (Sgx) 12-Mar-20 41 Long 6,184 0.00%

BARC Nikkei 225 Mini 12-Mar-20 330 Long 91,465 0.04%

BARC Nzd Future 16-Mar-20 (179) Short (298,405) (0.12)%

BARC S+P/Tsx 60 Ix Future 19-Mar-20 174 Long (36,005) (0.01)%

BARC S+P500 Emini Future 20-Mar-20 185 Long 478,523 0.19%

BARC Spi 200 Futures 19-Mar-20 223 Long (770,504) (0.32)%

BARC Topix Indx Future 12-Mar-20 2 Long (2,806) 0.00%

BARC Us 10Yr Note (Cbt) 20-Mar-20 490 Long (537,312) (0.22)%

BARC Us 2Yr Note (Cbt) 31-Mar-20 (955) Short 139,242 0.06%

BARC Us Dollar Future 20-Jan-20 3,941 Long (1,150,376) (0.47)%

BARC Us Ultra Bond Cbt 20-Mar-20 12 Long (74,516) (0.03)% Total futures (4,941,074) (2.01)%

InRIS UCITS Plc

228


Counterparty Notional Derivative name Maturity Currency Fair Value % of Net

amount date USD Assets

Credit default swaps - 1.31%

BARC 41,580,000 CDXHY_S33_5Y_T0_CDX 20-Dec-24 USD 1,122,353 0.46%

BARC 176,000,000 CDXIG_S33_5Y_T0_CDX 20-Dec-24 USD 1,076,515 0.44%

BARC 147,000,000 ITXEB_S32_5Y_T0_CDX 20-Dec-24 EUR 844,261 0.34%

BARC 15,000,000 ITXEX_S32_5Y_T0_CDX 20-Dec-24 EUR 169,541 0.07%

BARC 2,000,000 ITXSENF_S32_5Y_T0_CDX 20-Dec-24 EUR 4,164 0.00%

Total credit default swaps 3,216,834 1.31%




Due to brokers (13,883,003) (5.65)%

Other net assets and liabilities 11,671,914 4.75%



Name Code Name Code

Barclays Bank Plc BARC National Bank of Canada NBC

Deutsche Bank AG DB

InRIS UCITS Plc

229


Summary

Classification Description Fair Value % of Net

% of Total

USD Assets Assets

A

Transferable securities and money market

instruments admitted to official stock exchange

listing or traded on regulated market - - -

B Transferable securities and money market - - -

instruments other than those referred above - - -


D Financial derivative instruments dealt

in on a regulated market (4,941,074) (2.01)% (1.82)%

E Over the counter financial derivative instruments 2,845,390 1.16% 1.05%


Due from brokers 56,134,702 22.84% 20.70%

Due to brokers (13,883,003) (5.65)% (5.12)%

Other net assets and liabilities 11,671,914 4.75% 4.31%



InRIS UCITS Plc

230

Portfolio Statement of InRIS Perdurance Market Neutral (unaudited) As at 31 December 2019


EUR Assets

Equity - 85.63%

Denmark - 3.51%

156,038 Iss A/S DKK 3,337,938 3.51%

Total Denmark 3,337,938 3.51%

France - 34.03%

64,600 Atos Se EUR 4,801,072 5.04%

52,500 Essilorluxottica EUR 7,129,500 7.48%

112,400 Korian EUR 4,711,808 4.94%

7,095 Maisons Du Monde Sa EUR 92,022 0.10%

27,650 Pernod Ricard Sa EUR 4,407,410 4.62%

116,314 Spie Sa EUR 2,112,262 2.22%

21,300 Teleperformance EUR 4,630,620 4.86%

192,000 Veolia Environnement EUR 4,552,320 4.77%

Total France 32,437,014 34.03%

Germany - 21.56%

285,600 Deutsche Telekom Ag Reg EUR 4,161,192 4.37%

38,225 Sap Se EUR 4,599,232 4.83%

108,000 Siemens Healthineers Ag EUR 4,624,560 4.85%

66,644 Wirecard Ag EUR 7,164,230 7.51%

Total Germany 20,549,214 21.56%

Netherlands - 4.49%

191,750 Koninklijke Ahold Delhaize N EUR 4,275,066 4.49%

Total Netherlands 4,275,066 4.49%

Sweden - 22.04%

173,500 Intrum Ab SEK 4,613,337 4.84%

276,185 Saab Ab B SEK 8,247,880 8.65%

177,500 Swedish Match Ab SEK 8,155,581 8.55%

Total Sweden 21,016,798 22.04%


InRIS UCITS Plc

231

Portfolio Statement of InRIS Perdurance Market Neutral (unaudited) (continued) As at 31 December 2019


EUR Assets

Derivative financial instruments - 0.32%

Contracts for difference - 0.32%

MS 271,991 Fiat Chrysler Automobiles Nv EUR (124,028) (0.13)%

UBS 271,991 Fiat Chrysler Automobiles Nv EUR (124,028) (0.13)%

MS 224,375 Glanbia Plc EUR 13,463 0.01%

UBS 224,375 Glanbia Plc EUR 13,463 0.01%

MS 207,475 Leonardo Spa EUR (42,533) (0.04)%

UBS 207,475 Leonardo Spa EUR (42,533) (0.04)%

MS 8,012 Roche Holding Ag CHF 2,948 0.00%

UBS 8,013 Roche Holding Ag CHF 2,949 0.00%

MS 875,000 Sxxf Ex Financials [Ms] EUR 644,787 0.68%

UBS 77,500 Sxxf Ex Financials [Ubs] EUR 59,055 0.06%

MS 49,000 Wizz Air Holdings Plc GBP (49,154) (0.05)%

UBS 49,000 Wizz Air Holdings Plc GBP (49,154) (0.05)%

Total contracts for difference 305,235 0.32%


date bought sold EUR Assets



MS BOUGHT GBP/SOLD EUR 21-Jan-20

3,900,000

4,596,940 3,000 0.00%


InRIS UCITS Plc

232




Futures contracts - 1.92%

MS EURO STOXX 50 20-Mar-20 (25) Short (1,475) 0.00%

Total futures (1,475) 0.00%

Total derivative financial instruments 306,760 0.32%



Due to brokers (752,746) (0.79)%

Other net liabilities (69,235) (0.07)%



Name Code Name Code

Morgan Stanley & Co. International MS UBS AG UBS

InRIS UCITS Plc

233


Summary


EUR Assets Assets

A

Transferable securities and money market

instruments admitted to official stock exchange

listing or traded on regulated market 81,616,030 85.63% 83.25%

B Transferable securities and money market

instruments other than those referred above - - -


D Financial derivative instruments dealt

in on a regulated market (1,475) 0.00% 0.00%

E Over the counter financial derivative instruments 308,235 0.32% 0.31%


Due from brokers 12,505,467 13.12% 2.55%

Due to brokers (752,746) (0.79)% (1.13)%

Other net assets and liabilities (69,235) (0.07)% (0.08)%



InRIS UCITS Plc

234

Portfolio Statement of InRIS Prentice (unaudited) As at 31 December 2019


USD Assets

Equity - 52.73%

Canada - 0.47%

3,644 Canopy Growth Corp USD 76,852 0.47%

Total Canada 76,852 0.47%


88,426 Abercrombie + Fitch Co Cl A USD 1,528,886 9.40%

218,182 At Home Group Inc USD 1,200,001 7.38%

6,335 Camping World Holdings Inc A USD 93,378 0.57%

11,483 Children S Place Inc/The USD 717,917 4.41%

323,683 Gopro Inc Class A USD 1,404,784 8.64%

88,056 Groupon Inc USD 210,454 1.29%

3,335 Macerich Co/The USD 89,778 0.55%

9,984 Molson Coors Brewing Co B USD 538,138 3.31%

4,703 Party City Holdco Inc USD 11,005 0.07%

43,748 Petiq Inc USD 1,095,887 6.74%

62,401 Realogy Holdings Corp USD 604,042 3.71%

30,070 Sally Beauty Holdings Inc USD 548,778 3.37%

1,438 Simon Property Group Inc USD 214,204 1.32%

1,683 Taubman Centers Inc USD 52,324 0.32%

3,495 Ww International Inc USD 133,544 0.82%

9,654 Zynerba Pharmaceuticals Inc USD 58,310 0.36%

Total United States of America 8,501,430 52.26%


InRIS UCITS Plc

235

Portfolio Statement of InRIS Prentice (unaudited) (continued) As at 31 December 2019


USD Assets

Derivative financial instruments - 0.86%

Contracts for difference - 0.05%

GS 923 Dpz Us Equity Jpmc Usd Trs USD (1,357) (0.01)%

GS 9,917 Floor & Decor Holdings Inc USD (2,975) (0.02)%

GS 1,377 Lululemon Athletica Inc USD (2,272) (0.01)%

GS 1,215 Mcdonald S Corp USD 681 0.00%

GS 4,897 Nike Inc Cl B USD 1,273 0.01%

GS 698 Orly Us Equity Msco Usd Trs USD (733) 0.00%

GS 2,438 Procter + Gamble Co/The USD 2,901 0.02%

GS 315 Russell 2000 Index Market Inde USD 178 0.00%

GS 70 S&P Retail Select Industry Tr USD 2,148 0.01%

GS 7,853 Sbux Us Equity Jpmc Usd Trs USD 1,649 0.01%

GS 12,253 Seaworld Entertainment Inc USD 6,249 0.04%

GS 1,453 Target Corp USD 1,453 0.00%

GS 2,876 Toll Brothers Inc USD 1,064 0.01%

GS 1,864 Tractor Supply USD (2,125) (0.01)%

Total contracts for difference 8,134 0.05%





NBC BOUGHT EUR/SOLD USD 31-Jan-20 14,507,400 16,181,119 131,988 0.81% Total forward currency contracts 131,988 0.81% Total derivative financial instruments 140,122 0.86% Cash and cash equivalents 6,344,208 39.00%


Due to brokers (284,277) (1.74)% Other net liabilities (554,916) (3.42)% Net asset value attributable to participating shareholders 16,268,647 100.00%

InRIS UCITS Plc

236

Portfolio Statement of InRIS Prentice (unaudited) (continued) As at 31 December 2019


Name Code Name Code

Goldman Sachs International GS National Bank of Canada NBC

Summary


USD Assets Assets


8,578,282 52.73% 49.92%


- - -


D Financial derivative instruments dealt in on a regulated market

- - -

E Over the counter financial derivative instruments 140,122 0.86% 0.82%


Due from brokers 2,045,228 12.57% 11.90%

Due to brokers (284,277) (1.75)% (1.65)%

Other net assets and liabilities (554,916) (3.41)% (3.23)%



InRIS UCITS Plc

237

Statement of Changes of Composition of the Portfolio (unaudited) For the financial year ended 31 December 2019

InRIS Parus

Purchases and sales for the year ended 31 December 2019

Purchases* Cost

(being the 20 largest aggregate purchases that occurred in the year ended 31 December 2019) USD

Treasury Bill 117,707,329

Microsoft Corp 12,284,147

Humana Inc 8,762,295

Cvs Health Corp 7,159,592

Facebook Inc Class A 6,644,880

Walt Disney Co/The 6,435,174

Alibaba Group Holding Sp Adr 6,166,669

Apple Inc 4,274,301

Anthem Inc 4,184,090

Alphabet Inc Cl A 3,416,792

Amazon.Com Inc 2,965,956

Weibo Corp Spon Adr 2,475,368

Roche Holding Ag Genusschein 2,200,852

Twitter Inc 2,143,591

Merck + Co. Inc. 2,069,070

William Hill Plc 1,789,433

Cigna Corp 1,769,286

Electronic Arts Inc 1,416,489

Tencent Holdings Ltd 973,089

Nvidia Corp 937,361 *This data excludes the trading of derivative financial instruments.

InRIS UCITS Plc

238

Statement of Changes of Composition of the Portfolio (unaudited) (continued) For the financial year ended 31 December 2019

InRIS Parus (continued)


Sales* Proceeds

(being the 20 largest aggregate sales that occurred in the year ended 31 December 2019) USD


Facebook Inc Class A 31,924,336

Microsoft Corp 22,649,326

Alphabet Inc Cl A 20,504,351

Twitter Inc 16,828,849

Apple Inc 11,294,869

Alibaba Group Holding Sp Adr 9,072,044

Cvs Health Corp 8,256,835

Sanofi 7,754,973

Glaxosmithkline Plc 5,497,186

Merck + Co. Inc. 5,391,244

Weibo Corp Spon Adr 4,351,117

Booking Holdings Inc 4,238,408

Humana Inc 4,130,575

Criteo Sa Spon Adr 3,452,011

Walt Disney Co/The 3,078,333

Paypal Holdings Inc 2,953,705

Nvidia Corp 2,682,670

Tencent Holdings Ltd 2,319,933

Industria De Diseno Textil 2,208,526 *This data excludes the trading of derivative financial instruments.

InRIS UCITS Plc

239




Purchases* Cost

(being the largest aggregate purchases that occurred in the year ended 31 December 2019) EUR

Uk Treasury Bill Gbp 20,392,953

Norwegian T Bill 9,296,673

Convatec Group Plc 8,129,658

Dutch Treasury Cert 7,403,571

Akzo Nobel N.V. 6,130,295

Publicis Groupe 1,903,209

Cie Financiere Richemont Reg 404,752

Rolls Royce Holdings Plc 368,260

Thyssenkrupp Ag 361,923

Swatch Group Ag/The Br 344,500

Heidelbergcement Ag 333,989

Zalando Se 85,155

Lanxess Ag 85,078

Crh Plc 79,223

Metso Oyj 66,194 *This data excludes the trading of derivative financial instruments.

InRIS UCITS Plc

240


InRIS Intrinsic Value Europe (continued)


Sales* Proceeds

(being the 20 largest aggregate sales that occurred in the year ended 31 December 2019) EUR

Uk Treasury Bill Gbp 40,655,054

Takeaway.Com Nv 18,056,479

Norwegian T Bill 16,591,902

Mtu Aero Engines Ag 15,960,970

Rolls Royce Holdings Plc 14,467,164

Julius Baer Group Ltd 14,321,064

Dws Group Gmbh + Co Kgaa 13,503,801

Cie Financiere Richemont Reg 13,339,622

Nestle Sa Reg 12,828,400

Zalando Se 12,596,210

Heidelbergcement Ag 12,583,412

Serco Group Plc 12,275,154


Heineken Holding Nv 11,822,794

Metso Oyj 11,590,369

Lanxess Ag 10,957,039

Pargesa Holding Sa Br 10,635,615

Unilever Plc 10,499,132

Schibsted Asa B Shs 10,298,267

Vicat 10,215,957 *This data excludes the trading of derivative financial instruments.

InRIS UCITS Plc

241




Purchases* Cost

(being the largest aggregate purchase that occurred in the year ended 31 December 2019) EUR


*This data excludes the trading of derivative financial instruments.

InRIS UCITS Plc

242




Sales* Proceeds

(being the largest aggregate sale that occurred in the year ended 31 December 2019) EUR



InRIS UCITS Plc

243


InRIS 2020


Purchases* Cost

(being the largest aggregates purchases that occurred in the year ended 31 December 2019) EUR

French Discount T Bill 17,140,649

Barclays Bank Plc 2,182,700

Mediobanca Spa 2,045,240

Abengoa Abenewco Two 1,331,459

Oi European Group Bv 1,092,400

Ball Corp 1,057,400

Kb Home 456,096

Spain Letras Del Tesoro 451,427

Energy Transfer Operatng 304,940

Thyssenkrupp Ag 202,166 *This data excludes the trading of derivative financial instruments.

InRIS UCITS Plc

244


InRIS 2020 (continued)


Sales* Proceeds


French Discount T Bill 17,129,265

Anglo American Capital 2,429,261

Ball Corp 2,260,872

Barclays Bank Plc 2,143,325

Oi European Group Bv 2,140,902

Teollisuuden Voima Oyj 2,081,971

Salini Impregilo Spa 2,049,435

Mediobanca Spa 2,045,171

Lincoln Finance Ltd 2,034,748

Bmbg Bond Finance Sca 2,015,900

Kedrion Spa 2,010,000

Leonardo Spa 1,903,666

Unicredit Spa 1,786,400

Fiat Chrysler Finance Eu 1,598,640

Bombardier Inc 1,597,500

Teva Pharm Fnc Nl Ii 1,586,250

Casino Guichard Perracho 1,569,375

Ote Plc 1,430,389

Arcelormittal 1,405,545

Abengoa Abenewco Two 1,331,586 *This data excludes the trading of derivative financial instruments.

InRIS UCITS Plc

245


InRIS Karya Macro


Purchases* Cost

No purchases occurred in the year ended 31 December 2019 EUR


InRIS UCITS Plc

246


InRIS Karya Macro (continued)


Sales* Proceeds

No sales occurred in the year ended 31 December 2019 EUR


InRIS UCITS Plc

247


InRIS CFM Trends


Purchases* Cost

No purchases occurred in the year ended 31 December 2019 USD *This data excludes the trading of derivative financial instruments.

InRIS UCITS Plc

248




Sales* Proceeds

No sales occurred in the year ended to 31 December 2019 USD *This data excludes the trading of derivative financial instruments.

InRIS UCITS Plc

249




Purchases* Cost

(being the 20 largest aggregate purchases that occurred in the year ended 31 December 2019) EUR

Osram Licht Ag 16,073,428

Swedish Match Ab 9,003,139

Wirecard Ag 8,892,914

Essilorluxottica 8,170,114

Pernod Ricard Sa 6,423,734

Teleperformance 5,533,510

Siemens Healthineers Ag 5,480,439

Saab Ab B 5,125,249

Iss A/S 4,894,573

Atos Se 4,838,801

Korian 4,663,808

Intrum Ab 944,569

Sap Se 879,403

Spie Sa 812,255

Koninklijke Ahold Delhaize N 732,716

Deutsche Telekom Ag Reg 495,769

Veolia Environnement 457,757

Eiffage 349,209

Altran Technologies Sa 329,708

Inzk Ubs Gbp 179,594 *This data excludes the trading of derivative financial instruments.

InRIS UCITS Plc

250


InRIS Perdurance Market Neutral (continued)


Sales* Proceeds


Osram Licht Ag 18,073,747

Altran Technologies Sa 13,052,544

Eiffage 5,967,213

Kering 5,545,910

Wirecard Ag 5,443,817

Intrum Ab 5,296,729

Veolia Environnement 5,052,404

Royal Dutch Shell Plc A Shs 4,762,002

Spie Sa 4,669,121

Arkema 4,558,391

Abb Ltd Reg 4,537,265


Koninklijke Ahold Delhaize N 3,554,635

Teleperformance 3,102,031

Maisons Du Monde Sa 2,596,962

Pernod Ricard Sa 2,330,447

Swedish Match Ab 2,150,093

Sap Se 2,149,488

Iss A/S 1,988,108

Siemens Healthineers Ag 1,823,756 *This data excludes the trading of derivative financial instruments.

InRIS UCITS Plc

251


InRIS Prentice


Purchases* Cost

(being the 20 largest aggregate purchases that occurred in the year ended 31 December 2019) USD

Macy S Inc 7,537,616

Abercrombie + Fitch Co Cl A 3,314,502

L Brands Inc 2,603,378

Nu Skin Enterprises Inc A 2,559,117

Tjx Companies Inc 2,494,675

Petiq Inc 2,153,872

American Eagle Outfitters 1,970,344

Capri Holdings Ltd 1,906,830

Gopro Inc Class A 1,832,246

Newell Brands Inc 1,513,366

At Home Group Inc 1,369,824

Urban Outfitters Inc 1,024,841

Kohls Corp 920,158

Children S Place Inc/The 885,276

Realogy Holdings Corp 840,851

Molson Coors Beverage Co B 606,543

Spectrum Brands Holdings Inc 576,341

Sally Beauty Holdings Inc 553,616

Groupon Inc 363,034

Fitbit Inc A 337,976 *This data excludes the trading of derivative financial instruments.

InRIS UCITS Plc

252


InRIS Prentice (continued)


Sales* Proceeds

(being the 20 largest aggregate sales that occurred in the year ended 31 December 2019) USD

Macy S Inc 7,655,373

L Brands Inc 2,576,582

Nu Skin Enterprises Inc A 2,519,096

Tjx Companies Inc 2,505,838

American Eagle Outfitters 2,015,875

Abercrombie + Fitch Co Cl A 1,934,165

Capri Holdings Ltd 1,823,396

Newell Brands Inc 1,636,289

Urban Outfitters Inc 1,086,394

Kohls Corp 995,195

Petiq Inc 889,498

Spectrum Brands Holdings Inc 679,375

Fitbit Inc A 574,594

Gopro Inc Class A 364,688

Realogy Holdings Corp 315,180

Kroger Co 262,579

Snap Inc A 175,759

Sally Beauty Holdings Inc 168,307

Hain Celestial Group Inc 164,483

Sprouts Farmers Market Inc 152,115 *This data excludes the trading of derivative financial instruments.

InRIS UCITS Plc

253

Securities Financing Transactions Disclosures (unaudited) For the financial year ended 31 December 2019 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 financial year ended 31 December 2019. SFTs and TRS

The Company held no open positions in SFTs at the reporting date. At 31 December 2019, the Company held 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 2019 are presented in the Portfolio Statement. Global Data

As at 31 December 2019, 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

InRIS Parus Contracts for difference USD (2,244,783) (1.46)%

InRIS CFM Diversified Contracts for difference EUR (1,580,161) (0.39)%

InRIS Perdurance Market Neutral Contracts for difference EUR 305,235 0.32%

InRIS Prentice Contracts for difference USD 8,134 0.05%

Concentration Data

At 31 December 2019, the top counterparties for CFDs were as follows:

InRIS Parus Counterparty Fair value USD

1 Morgan Stanley (1,924,255)

2 Credit Suisse (320,528)

InRIS CFM Diversified Counterparty Fair value EUR

1 Barclays (708,959)

2 Deutsche Bank 36,057

3 JP Morgan Chase (331,696)

4 Nomura (575,563)

InRIS UCITS Plc

254

Securities Financing Transactions Disclosures (unaudited) (continued) For the financial year ended 31 December 2019 Concentration Data (continued)

InRIS Perdurance Market Neutral Counterparty Fair value EUR

1 Morgan Stanley 445,483

2 UBS AG (140,248)

InRIS Prentice Counterparty Fair value USD

1 Goldman Sachs International 8,134

Maturity profile

The maturity profile of all CFDs held at 31 December 2019 is “open”.

Aggregate Transaction Data

InRIS Parus

Counterparties Security Type Settlement basis Collateral

Morgan Stanley Contract for difference Net, bilateral See note below

Credit Suisse 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

Nomura Contract for difference Net, bilateral See note below



Morgan Stanley Contract for difference Net, bilateral See note below

UBS AG Contract for difference Net, bilateral See note below

InRIS Prentice


Goldman Sachs International Contract for difference Net, bilateral See note below

All of the CFDs and underlying collateral can be liquidated on demand. It is not possible to separately identify the collateral posted in respect of each particular CFD. Aggregate data per counterparty is stated below.

InRIS UCITS Plc

255

Securities Financing Transactions Disclosures (unaudited) (continued) For the financial year ended 31 December 2019 Collateral

The collateral received and granted in respect of CFDs at 31 December 2019 was as follows:

Broker/counterparty Location Collateral received Collateral granted

Type Value Type Value

InRIS Parus

Credit Suisse United Kingdom - - Cash USD 4,213,407


Barclays United Kingdom - - Cash EUR 2,631,021

JP Morgan Chase United Kingdom - - Cash EUR 20,210,000

Nomura United Kingdom - - Cash EUR 15,148,909


UBS AG Switzerland - - Cash EUR 2,825,744

InRIS Prentice

Goldman Sachs United Kingdom - - Cash USD 975,227

The collateral received is not reused by the Company and consequently no investment returns are made on the reuse of collateral received. The collateral granted is held in pooled and/or segregated accounts as per the various agreements in place with each counterparty.

The maturity profile of all other collateral is “open”.

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