audited annual report as at 31st december 2017 ipm ... · ipm umbrella fund (the “fund”) is an...

Audited Annual Reportas at 31st December 2017

IPM Umbrella FundInvestment Company (SICAV), LuxembourgSociété d'investissement à capital variable

R.C.S. Luxembourg B 125 651

Notice

Subscriptions for Shares of the Fund can only be accepted on the basis of the full Prospectus and the Key Investor Information Document (KIID) and the most recent audited annual report or semi-annual report of the Fund (if more recent than such annual report) which are available from the registered office of the Fund in Luxembourg and from the Placement Agent.

IPM Umbrella Fund

Contents

1

Organisation 2

General Information 4

Report of the Board of Directors 5

Audit Report 9

Combined Statement of Net Assets 12

Combined Statement of Operations and Other Changes in Net Assets 13

IPM Umbrella Fund - IPM Global Equity Fund 14Statement of Net Assets 14Statement of Operations and Other Changes in Net Assets 15Statistical Information 16Statement of Investments and Other Net Assets 17Industrial and Geographical Classification of Investments 33

IPM Umbrella Fund - IPM US Equity Fund (in liquidation since 9th June 2017) 34Statement of Operations and Other Changes in Net Assets 34Statistical Information 35

IPM Umbrella Fund - IPM Europe Equity Fund 36Statement of Net Assets 36Statement of Operations and Other Changes in Net Assets 37Statistical Information 38Statement of Investments and Other Net Assets 40Industrial and Geographical Classification of Investments 50

Notes to the Financial Statements 51

Appendix 1 - Securities Financing Transactions and Re-use (Unaudited) 57

Appendix 2 - Supplementary Information (Unaudited) 60

3

IPM Umbrella Fund

Organisation

2

Registered Office 6, rue Lou Hemmer L-1748 Senningerberg Grand Duchy of Luxembourg

Board of Directors of the Fund Cormac BYRNE Senior ConsultantKB Associates 5, George’s Dock I.F.S.C Dublin 1 Ireland

Olivier NOEL Deputy Managing Director Northern Trust Luxembourg Management Company S.A. 6, rue Lou Hemmer L-1748 Senningerberg Grand Duchy of Luxembourg

Martin MÅNSSON Portfolio Manager, Investment Strategy & Product Management IPM Informed Portfolio Management AB Mäster Samuelsgatan 6 SE-111 44 Stockholm Sweden

Management Company and Central Administrator Northern Trust Luxembourg Management Company S.A.

6, rue Lou Hemmer L-1748 Senningerberg Grand Duchy of Luxembourg

Board of Directors ofthe Management Company Steve DAVID

6, rue Lou Hemmer L-1748 Senningerberg Grand Duchy of Luxembourg

Olivier NOEL 6, rue Lou Hemmer L-1748 Senningerberg Grand Duchy of Luxembourg

Mark AUSTIN 50 Bank Street London E14 5NT United Kingdom

Fiona HORSEWILL (until 1 September 2017)50 Bank Street London E14 5NT United Kingdom

IPM Umbrella Fund

Organisation (continued)

32

Board of Directors ofthe Management Company (continued) Patrick ZURSTRASSEN

5, Allee SchefferL-2520 LuxembourgGrand Duchy of Luxembourg

Douglas GEE50 Bank StreetLondon E14 5NTUnited Kingdom

Audrey LEWIS 25 rue du SchlammesteeL-5770 Weiler-la-TourGrand Duchy of Luxembourg

Depositary and Paying Agent Northern Trust Global Services Limited Luxembourg Branch6, rue Lou Hemmer L-1748 Senningerberg Grand Duchy of Luxembourg

Registrar and Transfer Agent Northern Trust Luxembourg Management Company S.A. 6, rue Lou Hemmer L-1748 Senningerberg Grand Duchy of Luxembourg

Investment Manager and Promoter IPM Informed Portfolio Management AB Mäster Samuelsgatan 6 SE-111 44 Stockholm Sweden

Distribution and Placement Agent IPM Informed Portfolio Management AB Mäster Samuelsgatan 6 SE-111 44 Stockholm Sweden

Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P. 1443, L-1014 Luxembourg Grand Duchy of Luxembourg

Legal Adviser Arendt & Medernach S.A.41A, avenue J. F. Kennedy L-2082 Luxembourg Grand Duchy of Luxembourg

IPM Umbrella Fund

General Information

4

IPM Umbrella Fund (the “Fund”) is an open-ended investment company incorporated under the laws of the Grand Duchy of Luxembourg as a “Societe d’lnvestissement a Capital Variable” (“SICAV”) registered pursuant to Part I of the amended Luxembourg law of 17th December 2010 on Undertaking for Collective Investment, (the “Law of 2010”).

The Fund was incorporated under the name of “IPM Fundamental Index Umbrella Fund” on 30th March 2007 for an unlimited period. The Articles were published on 16th April 2007 in the Mémorial C, Recueil des Sociétés et Associations (the “Mémorial C”). The articles were amended by a deed of Maître Joseph Gloden on 1st July 2008. The Fund was renamed to “IPM Fundamental Umbrella Fund” and adapted to Part I of the Law. The minutes of the Extraordinary General Shareholders’ Meeting was published in the “Mémorial C” on 18th July 2008.

The Fund was renamed to “IPM Equity Umbrella Fund” on 10th May 2012. The minutes of the extraordinary general shareholders’ meeting were published in the Mémorial C on 28th June 2012.

The Fund was further renamed to “IPM Umbrella Fund” on 31st October 2014. The minutes of the extraordinary general shareholders’ meeting were published in the Mémorial C on 14th November 2014.

The registered office of the Fund is at 6, rue Lou Hemmer, L-1748 Senningerberg, Grand Duchy of Luxembourg.

The Fund is an umbrella Fund and as such provides investors with the choice of investment in a range of several separate Sub-Funds each of which relates to a separate portfolio of liquid assets and other securities and assets permitted by law with specific investment objectives, as described in Part B of the current Prospectus.

At present, the following Sub-Funds are at the Shareholders’ disposal:

- IPM Europe Equity Fund in EUR - IPM Global Equity Fund in EUR

IPM US Equity Fund was put in liquidation on 9th June 2017.

For each Sub-Fund, the Fund may offer more than one class of shares. Each class of shares within a Sub-Fund may have different features or be offered to different types of investors, but will participate in the assets of that Sub-Fund.

Currently, the following classes of shares are offered to the Shareholders:

• Class “I” Shares, reserved to institutional investors and are issued as Capitalisation (“C”) and Distribution (“D”) Shares (hereafter “IA-C”, “IB-C” and ”IC-C”** shares);

• Class “R” Shares, are available for subscription by retail investors and, as the case may be, institutional investors and are issued as Capitalisation (“C”) and Distribution (“D”) Shares (hereafter “RC-C”**and “RD-C” shares).

**As from 1st June, 2012, such Classes of Shares were closed for subscription to new shareholders of the Fund.

Classes of shares are submitted to different investment manager fees.

The Net Asset Value per share of each Class within the relevant Sub-Fund is determined daily as of each bank business day in Luxembourg (the “Valuation Day”).

The reference currency of IPM Umbrella Fund is the euro (EUR).

Financial reports of the Fund are published annually and semi-annually. These reports, as well as the sales prospectus, the KIID, the Statutes and all information concerning the Fund are available at the registered office of the Fund, the Depositary and Paying Agent.

IPM Umbrella Fund

Report of the Board of Directors

5

IPM Global Equity Fund

First Quarter:

2017 got off to a good start for global equity markets with a continuation of the positive momentum seen during the Q4 2016. A stronger USD helped early on in as did the oil price which kept stably at around 50 USD/barrel level. The main focus was on Trump’s Administration and early on signals regarding policy. Such news rather than wider global focus dominated the rest of the quarter with the positive momentum and confidence seen in late 2016 mostly intact. Europe had important upcoming elections to consider during spring and Q3, starting with the Dutch election in late March and French and German elections in April/May and September respectively. During the First Quarter no large trends were otherwise in charge besides US Politics and general growth consideration. For the quarter, the FTSE Global benchmark index increased by 5.14% (EUR). During the same period the IPM Global Fund (Class IA-C) gained 4.42%.

Second Quarter:

Spring saw a turn-point after the solid momentum that had spurred equity markets since mid-2016 came to a halt, partially as it became apparent that the Trump Administration were facing substantial challenges both internally and from the Republicans and public in general. The USD also began to falter and with the European elections being calmed by the outcome from the Dutch elections, the scope started to broaden and international focus regained along with Trump’s visit to Saudi Arabia. From a global perspective, the outlook and sentiment was stable and for Europe clearly improving as the region showed signs of political stability. Business confidence was thus intact and relieved. For the quarter, the FTSE Global benchmark index declined by 2.28% (EUR). During the same period the IPM Global Fund (Class IA-C) fell by 2.78%.

Third Quarter:

Third Quarter was a good quarter for global markets although dampened measured in EUR, and particularly towards the latter half. Employment statistics for example came in strong both in US, Asia and Europe and even if central banks warned about upcoming quantitative tightening, the general understanding was that growth was only modestly positive. Along with the high global political challenges at stake, the overall mood was indeed carefully positive, and the still weak USD added to the mixed picture yet still for the benefit of Asian growth which was clearly much welcomed by investors. Europe also contributed to the positive picture with steady industrial growth and improving consumer confidence, despite but also as consequence of a stronger EUR. UK was the laggard this quarter among all Brexit uncertainty casting increasingly serious shadows both on political and corporate/consumer scenes. For the Third Quarter period, FTSE Global benchmark index increased by 1.17% (EUR). During the same period the IPM Global Equity Fund (Class IA-C) increased by 2.06%.

Fourth Quarter:

Fourth Quarter was like previous quarter a stable and positive quarter for global markets and particularly in the beginning of the quarter. The US markets made strong advances on back of tax reform optimism and a continuing growth momentum, the latter which also spurred Asia and Japan during the quarter. Europe was however more calm despite an also positive economic mood, but plagued by simmering political risk. UK recovered better than many of its European neighbours, supported by seeming Brexit progress and general global economic support. For the quarter, FTSE Global index gained 4.05% (EUR). During the same period the IPM Global Equity Fund (Class IA-C) increased by 4.53%.

Calendar Year 2017:

For the full year, the FTSE Developed Benchmark gained 8.13%. In the same period the IPM Global Equity Fund gained 8.30%. Both numbers in Euro.

Portfolio Valuation:

In comparing traditional valuation parameters between the Fund’s portfolio and its Market Capitalization Weighted benchmark, there is still a large valuation discount to the Fund’s portfolio in general. Using P/E and P/BV, the discount grew during the year to approximately 20% and 30% respectively. As for P/Sales, the discount also grew to well in excess of 50% during the year. In comparing the Fund’s Yield, the IPM Europe Equity Fund has a yield that has grown to being approximately 30% higher than its Benchmark.

IPM Umbrella Fund

Report of the Board of Directors (continued)

6 7

IPM Global Equity Fund (continued)

Risk Summary:

The long decline in the Fund´s Risk profile during 2015 and 2016 came to a halt and reversed with the heightened nervousness that developed during this period. The SRRI indicator however remained within Category 5 during the reversal and has remained stable in the category´s lower region during 2017. The Tracking-error compared to the FTSE Global benchmark was on average 3.20% during the year and well within expected ranges. With largest holding standing at 1.4% of total Fund value at year end and no FDIs were held in the portfolio, the Fund was not close to breaching any Global Exposure limits nor any UCITS/Prospectus guidelines.

Portfolio Activity:

Being an inherently stable and systematic portfolio construction methodology following set constituent parameters, trading in the fund refers to Rebalancing towards an equivalent model portfolio according to investment guidelines. In general, there is not much turnover activity given the passive nature of the strategy, although 2017 saw a slight increase due to some added factors and methodology enhancements. The Fund follows a pre-set and discretionary quarterly rescheduling strategy. Remaining portfolio activity refers mainly to ongoing cash-flow investing/rebalancing following either corporate actions (cash from Dividends and M&A) or client inflow/outflow (subscription/redemptions). Such trades are executed on demand according to methodology guidelines but are typically not commented on in these reports. As for level of subscription and redemptions during 2017, there was a net outflow of 210,300 EUR for IPM Global Equity Fund.

IPM US Equity Fund (*in liquidation since June 9th 2017)

First Quarter:

2017 got off to a good start for Equity markets with a continuation of the positive momentum seen during the late 2016. A stronger USD helped early on as did the oil price which kept stably at around 50 USD/barrel level. The main focus was on Trump’s Administration and early on signals regarding policy. Such news rather than wider global focus dominated the rest of the quarter with the positive momentum and confidence seen in late 2016 mostly intact. Europe had important upcoming elections to consider during spring and Q3, starting with the Dutch election in late March and French and German elections in April/May and September respectively. During the First Quarter no large trends were otherwise in charge besides US politics and general growth consideration. For the quarter, the S&P500 benchmark gained 5.91%. During the same period the IPM US Equity Fund (Class IB-C) gained 3.85%.

Second Quarter:

Second quarter saw a turn-point after the solid market momentum that had spurred US since mid-2016 came to a halt. With it becoming apparent that the Trump Administration was facing substantial challenges both internally and from the Republicans and public in general, slowly the markets confidence in the Trump Effect started to wane. The USD also began to falter and with the European elections being calmed by the outcome from the Dutch elections in late Q1, the scope started to broaden and international focus was regained along with Trump’s visit to Saudi Arabia. From a global perspective, the outlook and sentiment was stable and slowly improving as Europe showed good signs of political stability, even over the French elections in April and May. This had also a positive effect on US equity markets during the quarter. For the relevant Second Quarter period*, up until June 9th liquidation, the S&P500 benchmark gained 3.20%. During the same relevant period* the IPM US Equity Fund (Class IB-C) gained 1.03%.

Calendar period:

For the relevant period* in 2017, the S&P500 benchmark gained 9.30%. In the same period the IPM US Equity Fund gained 4.92%.


In comparing traditional valuation parameters between the Fund’s portfolio and its Market Capitalization Weighted benchmark, there is still a large valuation discount to the Fund’s portfolio in general. Using P/E and P/BV, the discount grew during the year to approximately 20% and 30% respectively. As for P/Sales, the discount also grew to in excess of 50% during the year. In comparing the Fund’s Yield, the IPM US Equity Fund had a yield that had grown to being approximately 25% higher than its Benchmark.

IPM Umbrella Fund


6 7

IPM US Equity Fund (*in liquidation since June 9th 2017) (continued)

Risk Summary:

The long decline in the Fund´s Risk profile during 2015 and 2016 came to a halt and reversed with the heightened nervousness that developed during this period. The SRRI indicator however remained within Category 5 during the reversal and remained stable in the category´s lower region during the relevant period* in 2017. The Tracking-error compared to the S&P500TR benchmark was on average 2.65% during the period under review and well within expected ranges. With largest holding standing at 3.8% of total Fund value at period* end and no FDIs were held in the portfolio, the Fund was not close to breaching any Global Exposure limits nor any UCITS/Prospectus guidelines.

Portfolio Activity:

Being an inherently stable and systematic portfolio construction methodology following set constituent parameters, trading in the fund refers to Rebalancing towards an equivalent model portfolio according to investment guidelines. In general, there is not much turnover activity given the passive nature of the strategy, although 2017 saw a slight increase due to some added factors and methodology enhancements.

Fund Liquidation in June:

Due to a considerable redemption by clients during mid-Q2, it was decided to liquidate the IPM US Equity Fund, which was then effectuated on June 9th at which point all assets, having been sold and converted into liquid proceeds, were distributed to remaining clients.

IPM Europe Equity Fund

First Quarter:

2017 got off to a good start for equity markets with a continuation of the positive momentum seen during the Q4 2016. A stronger USD helped early on in as did the oil price which kept stably at around 50 USD/barrel level. The main focus was on Trump’s Administration and early on signals regarding policy. Such news rather than wider global focus dominated the rest of the quarter with the positive momentum and confidence seen in late 2016 mostly intact. Europe had important upcoming elections to consider during spring and Q3, starting with the Dutch election in late March and French and German elections in April/May and September respectively. During the First Quarter no large trends were otherwise in charge besides US Politics and general growth consideration. For the First Quarter period, the MSCI Europe benchmark index gained by 1.96%. During the same period the IPM Europe Equity Fund (Class IB-C) increased by 5.90%.

Second Quarter:

Spring saw a turn-point after the solid momentum that had spurred equity markets since mid-2016 came to a halt, partially as it became apparent that the Trump Administration were facing substantial challenges both internally and from the Republicans and public in general. The USD also began to falter and with the European elections being calmed by the outcome from the Dutch elections, the scope started to broaden and international focus regained along with Trump’s visit to Saudi Arabia. From a global perspective, the outlook and sentiment was stable and for Europe clearly improving as the region showed signs of political stability. Business confidence was thus intact and relieved. For the Second Quarter period, the MSCI Europe benchmark index declined by 2.08%. During the same period the IPM Europe Equity Fund (Class IB-C) increased by 0.43%.

Third Quarter:

Third quarter was a good quarter for global markets and particularly towards the latter half. Europe as a region here followed suit with an increasingly positive economic picture as the quarter passed on. Employment statistics for example came in strong both in US, Asia and Europe and even if central banks warned about upcoming quantitative tightening, the general understanding was that growth was only modestly positive. Along with the high global political challenges at stake, the overall mood was indeed carefully positive, and the still weak USD added to the mixed picture yet still for the benefit of Asian growth which was clearly welcomed by investors. Europe also contributed to the positive picture with steady industrial growth and improving consumer confidence, despite but also as consequence of a stronger EUR. UK was the laggard this quarter among all Brexit uncertainty prevailing. For the quarter, the MSCI Europe benchmark index gained 0.79%. During the same period the IPM Europe Equity Fund (Class IB-C) increased by 4.48%. Both measured in EUR.

IPM Umbrella Fund


8

IPM Europe Equity Fund (continued)

Fourth Quarter:

Fourth quarter was like previous quarter a stable and positive quarter for global markets and particularly in the beginning of the quarter. The US markets made strong advances on back of tax reform optimism and a continuing growth momentum, the latter which also spurred Asia and Japan during the quarter. Europe was however more calm despite an also positive economic mood, but plagued by simmering political risk. UK recovered better than many of its European neighbours, supported by seeming Brexit progress and general global economic support. For the Fourth Quarter period, the MSCI Europe benchmark index gained 0.63%. During the same period the IPM Europe Equity Fund (Class IB-C) increased by 1.32%. Both measured in EUR.

Calendar Year 2017:

For the full year the MSCI Europe TR Net benchmark gained 10.24%. In the same period the IPM Europe Equity Fund gained 12.58%.


In comparing traditional valuation parameters between the Fund’s portfolio and its Market Capitalization Weighted benchmark, there is still a large valuation discount to the Fund’s portfolio in general. Using P/E and P/BV, the discount grew during the year to approximately 20% and 30% respectively. As for P/Sales, the discount also grew to in excess of 50% during the year. In comparing the Fund’s Yield, the IPM Europe Equity fund has a yield that has grown to being approximately 40% higher than its Benchmark.

Risk Summary:

The long decline in the Fund´s Risk profile during 2015 and 2016 came to a halt and reversed with the heightened nervousness that developed during this period. The SRRI indicator however remained within Category 5 during the reversal and has remained stable in the category´s lower region during 2017. The Tracking-error compared to the MSCI Europe benchmark was on average 3.20% during the year and thus marginally down compared to earlier. With largest holding standing at 3.2% of total Fund value at year end 2017 and no FDIs were held in the portfolio, the Fund was not close to breaching any Global Exposure limits nor any UCITS/Prospectus guidelines.

Portfolio Activity:

Being an inherently stable and systematic portfolio construction methodology following set constituent parameters, trading in the fund refers to Rebalancing towards an equivalent model portfolio according to investment guidelines. In general, there is not much turnover activity given the passive nature of the strategy, although 2017 saw a slight increase due to some added factors and methodology enhancements. The Fund follows a pre-set and discretionary quarterly rescheduling strategy. Remaining portfolio activity refers mainly to ongoing cash-flow investing/rebalancing following either corporate actions (cash from Dividends and M&A) or client inflow/outflow (subscription/redemptions). Such trades are executed on demand according to methodology guidelines but are typically not commented on in these reports. As for level of subscription and redemptions during 2017, there was a net outflow of some 6.5m EUR for IPM Europe Equity Fund.

Note: The figures stated in this report are historical and not necessarily indicative of future performance

Audit ReportTo the Shareholders ofIPM Umbrella Fund

9

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of IPM Umbrella Fund and of each of its sub-funds (the “Fund”) as at 31 December 2017, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

• the statement of net assets as at 31 December 2017;• the statement of investments and other net assets as at 31 December 2017;• the statement of operations and other changes in net assets for the year then ended; and• the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under those Law and standards are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 LuxembourgT: + 352 49 48 48 1, F: + 352 49 48 48 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256)R.C.S. Luxembourg B 65 477 - TVA LU25482518

10

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information included in the annual report but does not include the financial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and 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 identified above 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, 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 the Board of Directors of the Fund and those charged with governance for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines 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 Board of Directors of the Fund is 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 Board of Directors of the Fund either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Fund’s financial reporting process.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit 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 audit 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 the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF 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 the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit.

10 11

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 andappropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting fromfraud 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 areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of theFund’s internal control;

• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by the Board of Directors of the Fund;

• conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis of accountingand, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditionsthat may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a materialuncertainty exists, we are required to draw attention in our audit report to the related disclosures in the financialstatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our audit report. However, future events or conditions may cause the Fund tocease to continue as a going concern;

• evaluate the overall presentation, structure and content of the financial statements, including the disclosures, andwhether the financial statements represent the underlying transactions and events in a manner that achieves fairpresentation.

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 we identify during our audit.

PricewaterhouseCoopers, Société coopérative Luxembourg, 10 April 2018 Represented by

Christelle Crépin

IPM Umbrella Fund

Combined Statement of Net Assets (in EUR)as at 31st December 2017

12

The accompanying notes are an integral part of these financial statements

Assets NotesSecurities portfolio at market value 1b 93,274,731Cash at banks 1e 277,245Income receivable on portfolio 114,500

Total assets 93,666,476

LiabilitiesPayable on redemptions of shares 6,094Interests on bank liabilities and expenses payable 276,853

Total liabilities 282,947

Net assets at the end of the year 93,383,529

IPM Umbrella Fund

Combined Statement of Operations and Other Changes in Net Assets (in EUR)for the year ended 31st December 2017

13


Income NotesDividends, net 1h 2,596,833Interest on bank accounts 15,108Income from securities lending 1j,10 106,051Other income 4,804Total income 2,722,796

ExpensesInvestment Management fees 3 (319,126)Incentive fees 5 (12,148)Management Company and Administration fees 4 (176,618)Other Professional fees (72,938)Subscription duty ("taxe d'abonnement") 7 (9,665)Depositary and Paying Agent fees 6 (92,420)Audit fees (52,040)Directors fees (18,092)Transaction fees 9 (563)Other expenses (29,314)Total expenses (782,924)

Net investment income 1,939,872

Net realised gain/(loss)- on securities portfolio 22,779,374- on foreign exchange (294,207)- on forward foreign exchange contracts 158,246

Realised result 24,583,285

Net variation of the unrealised gain/(loss)- on securities portfolio (15,372,824)- on foreign exchange (477)

Result of operations 9,209,984

Subscriptions 34,983,548*Redemptions (68,911,231)*

Total changes in net assets (24,717,699)

Total net assets at the beginning of the year 121,736,182

Revaluation difference (3,634,954)

Total net assets at the end of the year 93,383,529

* Includes EUR 16,310,400 relating to a switch on IPM Global Equity Fund from Class IB-C (EUR) to Class IB-C (SEK).

IPM Umbrella Fund - IPM Global Equity Fund

Statement of Net Assets (in EUR)as at 31st December 2017

14




LiabilitiesPayable on redemptions of shares 6,094Interests on bank liabilities and expenses payable 191,124



Number of Class IA-C (EUR) Shares outstanding 252,548.454Net Asset Value per Share Class IA-C (EUR) 263.73

Number of Class RD-C (SEK) Shares outstanding 8,144.909Net Asset Value per Share Class RD-C (SEK) 16.97


Statement of Operations and Other Changes in Net Assets (in EUR)for the year ended 31st December 2017

15


Income NotesDividends, net 1h 1,623,779Interest on bank accounts 11,804Income from securities lending 1j,10 64,339Total income 1,699,922

ExpensesInvestment Management fees 3 (274,162)Incentive fees 5 (12,140)Management Company and Administration fees 4 (91,164)Other Professional fees (46,847)Subscription duty ("taxe d'abonnement") 7 (7,234)Depositary and Paying Agent fees 6 (45,452)Audit fees (34,376)Directors fees (6,232)Transaction fees 9 (300)Other expenses (18,476)Total expenses (536,383)

Net investment income 1,163,539



Net variation of the unrealised gain/(loss)- on securities portfolio (6,681,945)- on foreign exchange (305)


Subscriptions 32,360,972*Redemptions (32,571,273)*

Total changes in net assets 4,917,485



* Includes EUR 16,310,400 relating to a switch from Class IB-C (EUR) to Class IB-C (SEK).


Statistical Information (in EUR)as at 31st December 2017

16


Total Net Assets-as at 31.12.2017 66,741,820-as at 31.12.2016 61,824,335-as at 31.12.2015 58,069,791

Number of Share Class IA-C (EUR)-outstanding at the beginning of the year 253,357.605-redeemed (809.151)-outstanding at the end of the year 252,548.454

Net Asset Value per Share Class IA-C (EUR)-as at 31.12.2017 263.73-as at 31.12.2016 243.50-as at 31.12.2015 216.80

Number of Share Class IB-C (EUR)-outstanding at the beginning of the year –-issued 160,000.000-redeemed (160,000.000)*-outstanding at the end of the year –

Number of Share Class IB-C (SEK)-outstanding at the beginning of the year –-issued 1,569,394.196**-redeemed (1,569,394.196)-outstanding at the end of the year –

Number of Share Class RD-C (SEK)-outstanding at the beginning of the year 8,327.394-issued 3,077.024-redeemed (3,259.509)-outstanding at the end of the year 8,144.909

Net Asset Value per Share Class RD-C (SEK)-as at 31.12.2017 16.97-as at 31.12.2016 15.77-as at 31.12.2015 14.13

* Includes 160,000.000 shares relating to a switch on redemption from Class IB-C (EUR) to Class IB-C (SEK).** Includes 1,569,394.196 shares relating to a switch on subscription from Class IB-C (EUR) to Class IB-C (SEK).


Statement of Investments and Other Net Assets (in EUR)as at 31st December 2017

17


CurrencyNumber/

Nominal Value Description Cost Market Value% of Total

Net Assets

Transferable securities admitted on an official stock exchange listing

Real Estate Investment Trusts (REITs)

Australian DollarAUD 25,272 Scentre Group Ltd 77,540 68,972 0.10AUD 11,724 Westfield Corp 62,038 72,471 0.11

Total Australian Dollar 139,578 141,443 0.21

EuroEUR 266 Unibail-Rodamco SE 57,801 55,860 0.08

Total Euro 57,801 55,860 0.08

Hong Kong DollarHKD 5,500 Link REIT 36,911 42,450 0.06

Total Hong Kong Dollar 36,911 42,450 0.06

Pound SterlingGBP 1,620 Land Securities PLC 12,155 18,396 0.03

Total Pound Sterling 12,155 18,396 0.03

US DollarUSD 7,800 AGNC Investment Corp 149,648 131,148 0.20USD 7,600 Annaly Capital Management Inc 73,886 75,253 0.11USD 900 Crown Castle International Corp 78,549 83,202 0.12USD 400 Equity Residential 23,616 21,242 0.03USD 5,800 Host Hotels & Resorts Inc 91,546 95,878 0.14USD 300 Ventas Inc 19,911 14,993 0.02USD 500 Welltower Inc 32,593 26,553 0.04USD 1,100 Weyerhaeuser Co 31,723 32,300 0.05

Total US Dollar 501,472 480,569 0.71

Total Real Estate Investment Trusts (REITs) 747,917 738,718 1.09

Shares

Australian DollarAUD 2,489 Amcor Ltd 26,834 24,999 0.04AUD 23,077 AMP Ltd 76,528 78,013 0.12AUD 1,125 Australia & New Zealand Banking Group Ltd 18,951 21,060 0.03AUD 19,889 BHP Billiton Ltd 350,714 383,075 0.57AUD 3,749 BlueScope Steel Ltd 14,920 37,533 0.06AUD 2,024 Commonwealth Bank of Australia 93,691 105,916 0.16AUD 163 CSL Ltd 14,599 15,002 0.02AUD 17,737 Insurance Australia Group Ltd 79,016 83,645 0.13AUD 1,706 Macquarie Group Ltd 78,228 110,710 0.17AUD 8,383 National Australia Bank Ltd 179,996 161,462 0.24AUD 42,452 South32 Ltd 90,879 96,503 0.14AUD 3,300 Suncorp Group 30,816 29,792 0.04


Statement of Investments and Other Net Assets (in EUR) (continued)as at 31st December 2017

18 19


CurrencyNumber/

Nominal Value Description Cost Market Value % of Total

Net Assets Transferable securities admitted on an official stock exchange listing (continued) Shares (continued) Australian Dollar (continued)

AUD 7,071 Sydney Airport 17,390 32,471 0.05AUD 10,176 Telstra Corp Ltd 30,276 24,060 0.04AUD 6,367 Westpac Banking Corp 128,899 130,014 0.20AUD 3,517 Woodside Petroleum Ltd 73,998 75,780 0.11AUD 15,419 Woolworths Ltd 273,664 274,182 0.41

Total Australian Dollar 1,579,399 1,684,217 2.53

Canadian DollarCAD 700 Alimentation Couche-Tard Inc 27,837 30,516 0.05CAD 1,635 Bank of Montreal 77,227 109,312 0.16CAD 790 Bank of Nova Scotia 27,664 42,594 0.06CAD 750 Brookfield Asset Management Inc 26,572 27,277 0.04CAD 400 Canadian Imperial Bank of Commerce 24,801 32,579 0.05CAD 18,100 Cenovus Energy Inc 148,622 138,107 0.21CAD 509 Enbridge Inc 20,768 16,631 0.03CAD 400 George Weston Ltd 13,503 29,022 0.04CAD 4,500 Goldcorp Inc 63,277 47,945 0.07CAD 3,195 Husky Energy Inc 37,120 37,693 0.06CAD 2,691 Magna International Inc 54,718 127,419 0.19CAD 8,100 Manulife Financial Corp 125,267 141,161 0.21CAD 1,082 National Bank of Canada 17,652 45,105 0.07CAD 800 Onex Corp 52,703 49,020 0.07CAD 8,900 Power Corp of Canada 184,385 191,482 0.29CAD 800 Power Financial Corp 16,530 18,366 0.03CAD 3,156 Royal Bank of Canada 163,851 215,324 0.32CAD 1,800 Sun Life Financial Inc 33,625 62,068 0.09CAD 5,100 Teck Resources Ltd 83,875 111,421 0.17CAD 1,000 Thomson Reuters Corp 17,953 36,416 0.05CAD 4,484 Toronto-Dominion Bank 138,262 219,500 0.33CAD 12,800 Valeant Pharmaceuticals International Inc 147,346 222,898 0.33

Total Canadian Dollar 1,503,558 1,951,856 2.92

Danish KroneDKK 2,259 Danske Bank A/S 68,779 73,303 0.11DKK 1,576 Novo Nordisk A/S 36,955 70,805 0.11

Total Danish Krone 105,734 144,108 0.22

EuroEUR 1,011 Abertis Infraestructuras SA 16,557 18,754 0.03EUR 576 Accor SA 21,882 24,768 0.04EUR 5,277 ACS Actividades de Construccion y Servicios SA 152,529 172,136 0.26EUR 323 adidas AG 41,404 53,989 0.08EUR 46,640 Aegon NV 221,465 247,892 0.37



18 19


CurrencyNumber/


Net Assets

Transferable securities admitted on an official stock exchange listing (continued)

Shares (continued)

Euro (continued)EUR 2,513 Ageas 92,192 102,317 0.15EUR 711 Akzo Nobel NV 40,932 51,917 0.08EUR 1,784 Allianz SE 237,263 341,636 0.51EUR 3,042 Alstom SA 93,938 105,268 0.16EUR 271 Anheuser-Busch InBev SA/NV 20,275 25,238 0.04EUR 298 Aperam SA 5,525 12,792 0.02EUR 10,167 ArcelorMittal 215,887 275,678 0.41EUR 783 Arkema SA 73,119 79,514 0.12EUR 354 ASML Holding NV 51,211 51,383 0.08EUR 10,378 Assicurazioni Generali SpA 156,570 157,746 0.24EUR 1,613 Atlantia SPA 37,828 42,454 0.06EUR 873 Atos SE 67,076 105,939 0.16EUR 12,447 AXA SA 236,007 307,877 0.46EUR 39,881 Banco Bilbao Vizcaya Argentaria SA 285,210 283,634 0.43EUR 98,476 Banco de Sabadell SA 163,339 163,076 0.24EUR 69,208 Banco Santander SA 375,880 379,191 0.57EUR 2,003 BASF SE 124,564 183,755 0.28EUR 704 Bayer AG 82,482 73,216 0.11EUR 1,371 Bayerische Motoren Werke AG 115,939 119,044 0.18EUR 1,158 Bayerische Motoren Werke AG - Preference 79,050 86,433 0.13EUR 4,194 BNP Paribas SA 212,945 261,076 0.39EUR 785 Capgemini SE 63,456 77,629 0.12EUR 806 Carrefour SA 18,259 14,540 0.02EUR 10,626 Ceconomy AG 98,460 133,941 0.20EUR 1,862 Cie de Saint-Gobain 86,747 85,615 0.13EUR 2,114 Cie Generale des Etablissements Michelin 135,384 252,729 0.38EUR 4,174 CNH Industrial NV 41,586 46,624 0.07EUR 1,146 CNP Assurances 18,965 22,066 0.03EUR 18,964 Commerzbank AG 214,182 237,145 0.36EUR 7,907 Credit Agricole SA 89,446 109,117 0.16EUR 1,091 CRH PLC 20,872 32,681 0.05EUR 923 Danone SA 52,822 64,564 0.10EUR 31,886 Deutsche Bank AG 618,183 506,190 0.76EUR 11,211 Deutsche Lufthansa AG 144,971 344,402 0.52EUR 4,436 Deutsche Post AG 117,451 176,331 0.26EUR 7,615 Deutsche Telekom AG 118,113 112,664 0.17EUR 29,135 E.ON SE 244,571 263,992 0.40EUR 1,483 Edenred 18,673 35,859 0.05EUR 4,873 EDP - Energias de Portugal SA 13,875 14,059 0.02EUR 977 Eiffage SA 73,506 89,239 0.13EUR 6,553 Electricite de France SA 58,212 68,282 0.10EUR 5,713 Endesa SA 109,136 102,006 0.15EUR 52,666 Enel SpA 221,267 270,177 0.41



20 21


CurrencyNumber/


Net Assets Transferable securities admitted on an official stock exchange listing (continued) Shares (continued) Euro (continued)

EUR 13,925 Engie SA 185,546 199,615 0.30EUR 10,429 Eni SpA 165,660 143,920 0.22EUR 1,499 Erste Group Bank AG 43,888 54,121 0.08EUR 196 Essilor International SA 22,512 22,530 0.03EUR 3,314 EXOR NV 151,808 169,345 0.25EUR 17,346 Fiat Chrysler Automobiles NV 169,289 258,629 0.39EUR 1,608 Fortum OYJ 23,074 26,532 0.04EUR 859 Fresenius Medical Care AG & Co 73,160 75,403 0.11EUR 561 Fresenius SE & Co KGaA 41,919 36,504 0.05EUR 144 Groupe Fnac SA 753 14,501 0.02EUR 198 Henkel AG & Co KGaA - Preference 18,436 21,849 0.03EUR 65 Hermes International 20,864 29,006 0.04EUR 14,619 Iberdrola SA 79,057 94,439 0.14EUR 13,222 ING Group NV 148,834 202,627 0.30EUR 105,634 Intesa Sanpaolo SpA 269,105 292,606 0.44EUR 1,469 KBC Group NV 95,648 104,461 0.16EUR 36 Kering 9,064 14,148 0.02EUR 5,077 Koninklijke Ahold Delhaize NV 85,701 93,087 0.14EUR 33,296 Koninklijke KPN NV 100,092 96,825 0.15EUR 1,888 Koninklijke Philips NV 49,511 59,547 0.09EUR 424 Legrand SA 21,423 27,217 0.04EUR 206 Linde AG 32,153 40,098 0.06EUR 148 LVMH Moet Hennessy Louis Vuitton SE 26,444 36,319 0.05EUR 8,684 Mapfre SA 25,544 23,256 0.04EUR 4,937 Mediaset SpA 20,398 15,946 0.02EUR 532 Merck KGaA 51,092 47,747 0.07EUR 450 Muenchener Rueckversicherungs-Gesellschaft AG 70,347 81,337 0.12EUR 5,598 NN Group NV 173,114 202,200 0.30EUR 2,230 OMV AG 61,242 117,811 0.18EUR 5,081 Orange SA 71,609 73,547 0.11EUR 417 OSRAM Licht AG 8,596 31,246 0.05EUR 8,627 Peugeot SA 111,028 146,271 0.22EUR 3,859 PostNL NV 22,072 15,729 0.02EUR 795 Renault SA 66,531 66,708 0.10EUR 5,839 Repsol SA 66,686 86,096 0.13EUR 23,032 RWE AG 377,332 391,544 0.59EUR 1,835 RWE AG - Preference 24,479 26,296 0.04EUR 502 Salzgitter AG 25,544 23,893 0.04EUR 515 Sampo Oyj 23,311 23,587 0.04EUR 1,387 Sanofi 80,751 99,656 0.15EUR 172 SAP SE 15,753 16,073 0.02EUR 1,398 Schneider Electric SE 89,702 99,062 0.15EUR 1,111 Siemens AG 110,471 129,043 0.19



20 21


CurrencyNumber/



EUR 12,348 Snam SpA 51,943 50,380 0.08EUR 3,746 Societe Generale SA 133,240 161,265 0.24EUR 254 Sodexo SA 10,407 28,461 0.04EUR 942 Solvay SA 98,220 109,178 0.16EUR 15,793 Stora Enso OYJ 162,130 208,783 0.31EUR 1,444 TechnipFMC PLC 36,546 37,327 0.06EUR 314,939 Telecom Italia SpA 246,792 226,914 0.34EUR 23,015 Telefonica SA 214,577 186,997 0.28EUR 9,315 TOTAL SA 415,945 428,909 0.64EUR 8,113 UniCredit SPA 129,738 126,400 0.19EUR 9,442 Uniper SE 154,800 245,492 0.37EUR 3,139 UPM-Kymmene OYJ 76,363 81,331 0.12EUR 1,598 Valeo SA 98,273 99,507 0.15EUR 922 Veolia Environnement SA 15,374 19,616 0.03EUR 1,192 Vinci SA 78,100 101,499 0.15EUR 10,959 Vivendi SA 185,624 245,701 0.37

Total Euro 11,236,821 12,974,712 19.45

Hong Kong DollarHKD 9,400 AIA Group Ltd 56,256 66,742 0.10HKD 3,000 CK Asset Holdings Ltd 6,175 21,828 0.03HKD 9,500 CK Hutchison Holdings Ltd 87,948 99,281 0.15HKD 2,500 Power Assets Holdings Ltd 10,252 17,564 0.03HKD 2,000 Swire Pacific Ltd 8,001 15,415 0.02HKD 5,950 Swire Properties Ltd 4,074 15,973 0.03HKD 17,000 Wharf Holdings Ltd 47,488 48,897 0.07HKD 17,000 Wharf Real Estate Inv Co Ltd 78,572 94,173 0.14

Total Hong Kong Dollar 298,766 379,873 0.57

Israeli ShekelILS 1,440 Teva Pharmaceutical Industries Ltd 61,196 22,677 0.03

Total Israeli Shekel 61,196 22,677 0.03

Japanese YenJPY 11,867 Aeon Co Ltd 141,637 166,903 0.25JPY 700 Aisin Seiki Co Ltd 28,827 32,757 0.05JPY 1,500 Ajinomoto Co Inc 27,528 23,520 0.04JPY 800 Asahi Group Holdings Ltd 21,885 33,060 0.05JPY 14,000 Asahi Kasei Corp 90,754 150,432 0.23JPY 9,400 Astellas Pharma Inc 99,684 99,858 0.15JPY 5,000 Bridgestone Corp 168,645 193,613 0.29JPY 9,200 Canon Inc 268,988 285,651 0.43JPY 600 Central Japan Railway Co 83,187 89,510 0.13



22 23


CurrencyNumber/


Net Assets Transferable securities admitted on an official stock exchange listing (continued) Shares (continued) Japanese Yen (continued)

JPY 9,400 Chubu Electric Power Co Inc 106,747 97,322 0.15JPY 6,400 Dai Nippon Printing Co Ltd 115,862 118,897 0.18JPY 12,500 Dai-ichi Life Holdings Inc 195,655 214,755 0.32JPY 100 Daikin Industries Ltd 5,442 9,858 0.01JPY 4,000 Daiwa House Industry Co Ltd 86,996 127,951 0.19JPY 3,700 Denso Corp 142,943 184,986 0.28JPY 1,300 Dentsu Inc 49,280 45,890 0.07JPY 1,300 East Japan Railway Co 89,759 105,666 0.16JPY 400 FANUC Corp 70,221 80,018 0.12JPY 5,300 FUJIFILM Holdings Corp 169,582 180,428 0.27JPY 42,000 Fujitsu Ltd 224,983 249,230 0.37JPY 74,000 Hitachi Ltd 397,821 480,258 0.72JPY 3,600 Honda Motor Co Ltd 94,048 102,781 0.15JPY 400 Hoya Corp 15,606 16,642 0.03JPY 3,600 Idemitsu Kosan Co Ltd 87,247 120,426 0.18JPY 16,500 Inpex Corp 145,458 171,867 0.26JPY 4,300 ITOCHU Corp 47,843 66,851 0.10JPY 1,100 Japan Tobacco Inc 24,559 29,527 0.04JPY 6,400 JFE Holdings Inc 103,889 128,028 0.19JPY 52,800 JX Holdings Inc 217,389 283,770 0.43JPY 10,300 Kansai Electric Power Co Inc 119,536 105,079 0.16JPY 2,900 Kao Corp 129,660 163,341 0.24JPY 2,000 KDDI Corp 48,717 41,465 0.06JPY 4,500 Kirin Holdings Co Ltd 71,142 94,494 0.14JPY 18,000 Kobe Steel Ltd 153,017 139,055 0.21JPY 3,500 Komatsu Ltd 82,148 105,515 0.16JPY 2,200 Kubota Corp 33,715 35,935 0.05JPY 2,700 Kyocera Corp 125,720 147,166 0.22JPY 22,700 Marubeni Corp 125,030 136,952 0.21JPY 31,000 Mitsubishi Chemical Holdings Corp 193,340 283,370 0.42JPY 4,000 Mitsubishi Corp 77,079 92,053 0.14JPY 11,200 Mitsubishi Electric Corp 149,318 154,955 0.23JPY 4,200 Mitsubishi Estate Co Ltd 70,841 60,856 0.09JPY 3,200 Mitsubishi Heavy Industries Ltd 110,330 99,593 0.15JPY 2,200 Mitsubishi Materials Corp 65,529 65,218 0.10JPY 6,100 Mitsubishi Motors Corp 25,571 36,707 0.06JPY 82,800 Mitsubishi UFJ Financial Group Inc 455,528 505,846 0.76JPY 14,200 Mitsui & Co Ltd 161,103 192,314 0.29JPY 2,900 Mitsui Fudosan Co Ltd 58,864 54,132 0.08JPY 151,900 Mizuho Financial Group Inc 240,290 229,753 0.34JPY 1,000 MS&AD Insurance Group Holdings 30,900 28,195 0.04JPY 100 Murata Manufacturing Co Ltd 12,272 11,178 0.02JPY 7,200 NEC Corp 165,901 161,810 0.24



22 23


CurrencyNumber/


Net Assets Transferable securities admitted on an official stock exchange listing (continued) Shares (continued) Japanese Yen (continued)

JPY 1,000 Nikon Corp 7,813 16,781 0.03JPY 100 Nintendo Co Ltd 18,984 30,450 0.05JPY 3,000 Nippon Steel & Sumitomo Metal Corp 58,058 64,116 0.10JPY 11,300 Nippon Yusen KK 198,020 229,642 0.34JPY 11,400 Nissan Motor Co Ltd 96,934 94,684 0.14JPY 6,000 Oji Holdings Corp 24,412 33,267 0.05JPY 8,800 ORIX Corp 98,043 123,897 0.19JPY 2,700 Osaka Gas Co Ltd 47,686 43,313 0.07JPY 33,000 Panasonic Corp 340,014 402,406 0.60JPY 11,300 Resona Holdings Inc 52,085 56,228 0.08JPY 24,900 Ricoh Co Ltd 216,641 192,728 0.29JPY 7,700 Sekisui House Ltd 90,561 115,867 0.17JPY 5,200 Seven & i Holdings Co Ltd 185,952 180,022 0.27JPY 1,300 Sharp Corp 24,489 37,192 0.06JPY 700 Shin-Etsu Chemical Co Ltd 31,281 59,252 0.09JPY 400 SoftBank Group Corp 26,495 26,377 0.04JPY 80,500 Sojitz Corp 186,164 205,906 0.31JPY 1,100 Sompo Holdings Inc 33,312 35,487 0.05JPY 6,800 Sony Corp 197,785 255,521 0.38JPY 1,900 Subaru Corp 61,329 50,327 0.08JPY 29,000 Sumitomo Chemical Co Ltd 145,383 173,653 0.26JPY 5,300 Sumitomo Corp 60,092 75,031 0.11JPY 7,600 Sumitomo Electric Industries Ltd 105,781 107,030 0.16JPY 2,500 Sumitomo Metal Mining Co Ltd 61,135 95,697 0.14JPY 8,400 Sumitomo Mitsui Financial Group Inc 282,903 302,293 0.45JPY 4,094 Sumitomo Mitsui Trust Holdings Inc 138,851 135,377 0.20JPY 3,500 Suzuki Motor Corp 124,759 169,062 0.25JPY 7,800 T&D Holdings Inc 97,216 111,115 0.17JPY 1,500 Takeda Pharmaceutical Co Ltd 66,009 70,980 0.11JPY 10,000 Tohoku Electric Power Co Inc 120,059 106,528 0.16JPY 2,000 Tokio Marine Holdings Inc 46,818 76,011 0.11JPY 5,200 Tokyo Gas Co Ltd 108,112 99,122 0.15JPY 92,000 Toshiba Corp 206,386 215,598 0.32JPY 1,500 Toyota Industries Corp 74,712 80,284 0.12JPY 6,420 Toyota Motor Corp 311,996 342,333 0.51JPY 3,200 Toyota Tsusho Corp 61,478 107,282 0.16JPY 900 West Japan Railway Co 45,519 54,737 0.08JPY 15,200 Yamada Denki Co Ltd 68,925 69,780 0.10

Total Japanese Yen 10,150,208 11,480,813 17.20

Korean WonKRW 5,487 Hana Financial Group Inc 161,500 212,562 0.32KRW 1,009 Hyundai Motor Co 117,283 122,444 0.18



24 25


CurrencyNumber/


Net Assets Transferable securities admitted on an official stock exchange listing (continued) Shares (continued) Korean Won (continued)

KRW 81 Hyundai Robotics Co Ltd 15,805 24,007 0.04KRW 4,661 KB Financial Group Inc 160,627 229,874 0.34KRW 844 LG Chemical Ltd - Preference 136,298 163,480 0.25KRW 6,323 LG Electronics Inc 358,649 521,376 0.78KRW 1,594 LG Electronics Inc - Preference 32,077 58,278 0.09KRW 272 Samsung C&T Corp 41,764 26,660 0.04KRW 480 Samsung Electronics Co Ltd 596,060 951,399 1.43KRW 216 Samsung Fire & Marine Insurance - Preference 31,511 29,741 0.04KRW 5,905 Shinhan Financial Group Co Ltd 185,691 226,918 0.34KRW 348 SK Holdings Co Ltd 71,224 76,610 0.11KRW 1,645 SK Hynix Inc 60,606 97,893 0.15KRW 4,989 Woori Bank 70,045 61,125 0.09

Total Korean Won 2,039,140 2,802,367 4.20

Norwegian KroneNOK 2,000 Aker Solutions ASA 7,440 9,405 0.01NOK 4,417 DNB ASA 54,083 68,402 0.10NOK 7,232 Norsk Hydro ASA 25,000 45,910 0.07NOK 6,918 Statoil ASA 116,400 123,403 0.19NOK 811 Yara International ASA 31,143 31,105 0.05

Total Norwegian Krone 234,066 278,225 0.42

Pound SterlingGBP 14,655 Anglo American PLC 225,522 255,814 0.38GBP 3,740 Antofagasta PLC 19,285 42,343 0.06GBP 2,284 AstraZeneca PLC 108,267 131,764 0.20GBP 18,177 Aviva PLC 82,481 103,717 0.16GBP 130,923 Barclays PLC 350,635 299,552 0.45GBP 90,130 BP PLC 471,038 530,724 0.80GBP 34,975 BT Group PLC 90,226 107,052 0.16GBP 1,651 Carnival PLC 63,925 90,987 0.14GBP 80,600 Centrica PLC 220,990 124,667 0.19GBP 3,825 Compass Group PLC 15,283 68,944 0.10GBP 10,094 Direct Line Insurance Group PLC 41,815 43,404 0.06GBP 1,137 Ferguson PLC 17,566 68,271 0.10GBP 6,328 GlaxoSmithKline PLC 103,263 94,278 0.14GBP 38,751 Glencore PLC 120,732 170,253 0.25GBP 65,638 HSBC Holdings PLC 512,207 567,076 0.85GBP 533 Imperial Brands PLC 14,794 19,010 0.03GBP 9,974 International Consolidated Air 56,951 73,147 0.11GBP 50,402 J Sainsbury PLC 167,879 137,067 0.21GBP 28,495 Kingfisher PLC 111,651 108,404 0.16GBP 22,469 Ladbrokes PLC 37,915 46,043 0.07



24 25


CurrencyNumber/


Net Assets Transferable securities admitted on an official stock exchange listing (continued) Shares (continued) Pound Sterling (continued)

GBP 76,219 Legal & General Group PLC 165,869 234,666 0.35GBP 176,089 Lloyds Banking Group PLC 151,988 135,012 0.20GBP 6,269 Man Group PLC 21,267 14,605 0.02GBP 29,091 Marks & Spencer Group PLC 110,705 103,167 0.15GBP 5,212 National Grid PLC 33,925 51,382 0.08GBP 48,976 Old Mutual PLC 123,048 127,837 0.19GBP 11,035 Pearson PLC 78,114 91,495 0.14GBP 8,768 Prudential PLC 93,898 188,216 0.28GBP 9,159 Rolls-Royce Holdings PLC 54,810 87,393 0.13GBP 12,795 Royal Bank of Scotland Group PLC 43,096 40,071 0.06GBP 6,661 Royal Dutch Shell PLC 159,692 186,096 0.28GBP 14,083 Royal Mail PLC 60,767 71,789 0.11GBP 6,626 RSA Insurance Group PLC 54,834 47,213 0.07GBP 6,932 Sky PLC 82,097 79,029 0.12GBP 4,981 SSE PLC 76,280 74,069 0.11GBP 20,252 Standard Chartered PLC 199,905 177,978 0.27GBP 17,348 Standard Life Aberdeen PLC 69,287 85,326 0.13GBP 110,008 Tesco PLC 250,119 259,320 0.39GBP 12,600 Thomas Cook Group PLC 24,309 17,445 0.03GBP 1,001 Unilever PLC 23,029 46,522 0.07GBP 31,114 Vodafone Group PLC 84,142 82,370 0.12GBP 32,852 Wm Morrison Supermarkets PLC 92,759 81,383 0.12GBP 5,964 WPP PLC 26,778 90,098 0.13

Total Pound Sterling 4,913,143 5,454,999 8.17

Singapore DollarSGD 1,100 DBS Group Holdings Ltd 14,410 17,034 0.03SGD 300,989 Noble Group 146,529 37,512 0.06SGD 14,400 Oversea-Chinese Banking Corp 95,070 111,180 0.17SGD 3,400 Singapore Airlines Ltd 18,912 22,607 0.03SGD 3,766 United Overseas Bank Ltd 54,374 62,072 0.09

Total Singapore Dollar 329,295 250,405 0.38

Swedish KronaSEK 1,840 Atlas Copco AB 37,173 58,878 0.09SEK 2,216 Investor AB 83,839 84,321 0.13SEK 6,318 Nordea Bank AB 28,389 63,813 0.10SEK 8,623 Sandvik AB 96,862 126,036 0.19SEK 18,570 Skandinaviska Enskilda Banken AB Class A 202,023 181,893 0.27SEK 32,675 Svenska Cellulosa AB SCA 246,995 281,000 0.42SEK 14,769 Svenska Handelsbanken AB 174,508 168,547 0.25SEK 1,441 Swedbank AB 5,091 29,006 0.04SEK 11,501 Telefonaktiebolaget LM Ericsson 70,701 62,994 0.09



26 27


CurrencyNumber/


Net Assets Transferable securities admitted on an official stock exchange listing (continued) Shares (continued) Swedish Krona (continued)

SEK 3,594 TeliaSonera AB 13,528 13,361 0.02SEK 14,518 Volvo AB 148,652 225,488 0.34

Total Swedish Krona 1,107,761 1,295,337 1.94

Swiss FrancCHF 9,277 ABB Ltd 175,262 207,075 0.31CHF 724 Adecco Group AG 44,095 46,125 0.07CHF 594 Cie Financiere Richemont SA 43,668 44,822 0.07CHF 34,341 Credit Suisse Group AG 505,364 510,634 0.76CHF 1,410 LafargeHolcim Ltd 72,940 66,212 0.10CHF 703 Nestle SA 51,028 50,344 0.07CHF 2,550 Petroplus Holdings AG 34,740 65 –CHF 723 Roche Holding AG 146,922 152,301 0.23CHF 356 Swiss Life Holding AG 82,123 104,958 0.16CHF 952 Swiss Re AG 71,695 74,236 0.11CHF 165 Swisscom AG 70,673 73,111 0.11CHF 13,767 UBS Group AG 200,226 211,062 0.32CHF 355 Zurich Insurance Group AG 87,490 89,980 0.13

Total Swiss Franc 1,586,226 1,630,925 2.44

US DollarUSD 1,300 Abbott Laboratories 44,303 61,785 0.09USD 500 Accenture PLC 34,056 63,745 0.10USD 1,200 Activision Blizzard Inc 44,169 63,278 0.09USD 348 Adient PLC 5,985 22,808 0.03USD 400 AerCap Holdings NV 14,096 17,525 0.03USD 11,300 AES Corp 109,849 101,915 0.15USD 476 Aetna Inc 34,456 71,507 0.11USD 1,755 Aflac Inc 61,768 128,293 0.19USD 493 AGCO Corp 16,127 29,326 0.04USD 700 Alcoa Corp 22,830 31,403 0.05USD 365 Allstate Corp 18,891 31,828 0.05USD 6,500 Ally Financial Inc 120,347 157,845 0.24USD 700 Ameren Corp 13,210 34,388 0.05USD 1,700 American Express Co 109,961 140,595 0.21USD 3,700 American International Group Inc 155,987 183,583 0.27USD 400 Ameriprise Financial Inc 23,898 56,452 0.08USD 2,648 AmerisourceBergen Corp 152,671 202,481 0.30USD 1,700 Andeavor 152,769 161,874 0.24USD 1,536 Anthem Inc 70,039 287,821 0.43USD 300 Aon PLC 7,748 33,478 0.05USD 1,100 Apache Corp 56,676 38,676 0.06USD 3,625 Apple Inc 337,652 510,875 0.77



26 27


CurrencyNumber/


Net Assets Transferable securities admitted on an official stock exchange listing (continued) Shares (continued) US Dollar (continued)

USD 1,200 Applied Materials Inc 53,939 51,086 0.08USD 1,300 Aptiv PLC 72,264 91,838 0.14USD 2,600 Archer-Daniels-Midland Co 105,279 86,782 0.13USD 7,100 Arconic Inc 144,429 161,122 0.24USD 1,400 Arrow Electronics Inc 78,969 93,749 0.14USD 16,131 AT&T Inc 537,856 522,296 0.78USD 7,000 Avis Budget Group Inc 194,198 255,796 0.38USD 2,900 Avnet Inc 99,644 95,685 0.14USD 3,900 Avon Products Inc 29,004 6,983 0.01USD 600 Axis Capital Holdings Ltd 20,402 25,113 0.04USD 14,652 Bank of America Corp 205,603 360,199 0.54USD 1,300 Bank of New York Mellon Corp 36,107 58,309 0.09USD 1,100 Baxter International Inc 57,599 59,214 0.09USD 1,400 BB&T Corp 43,861 57,968 0.09USD 200 Becton Dickinson and Co 34,564 35,653 0.05USD 3,200 Bed Bath & Beyond Inc 119,055 58,601 0.09USD 3,432 Best Buy Co Inc 90,473 195,694 0.29USD 200 Bioverativ Inc 8,114 8,981 0.01USD 100 BlackRock Inc 21,774 42,781 0.06USD 209 Brighthouse Financial Inc 11,845 10,206 0.02USD 361 British American Tobacco PLC 2,969 20,139 0.03USD 2,000 Capital One Financial Corp 39,664 165,856 0.25USD 4,387 Cardinal Health Inc 231,033 223,844 0.34USD 1,300 Carnival Corp 67,698 71,853 0.11USD 300 Caterpillar Inc 22,635 39,369 0.06USD 1,600 CBS Corp 94,285 78,614 0.12USD 1,100 Centene Corp 65,575 92,412 0.14USD 2,600 CenterPoint Energy Inc 50,847 61,406 0.09USD 13,010 CenturyLink Inc 245,488 180,719 0.27USD 1,800 CF Industries Holdings Inc 62,709 63,767 0.10USD 600 Charles Schwab Corp 15,112 25,668 0.04USD 402 Chemours Co 3,216 16,759 0.02USD 72,100 Chesapeake Energy Corp 274,287 237,771 0.36USD 281 Chubb Ltd 10,936 34,196 0.05USD 585 Cigna Corp 9,085 98,940 0.15USD 500 Cincinnati Financial Corp 10,415 31,217 0.05USD 1,912 Cisco Systems Inc 41,177 60,984 0.09USD 900 CIT Group Inc 25,503 36,898 0.05USD 7,218 Citigroup Inc 291,484 447,278 0.67USD 1,500 Citizens Financial Group Inc 49,143 52,440 0.08USD 4,380 Comcast Corp 67,310 146,085 0.22USD 19,900 Community Health Systems Inc 141,448 70,598 0.11USD 920 Conduent Inc 6,828 12,381 0.02



28 29


CurrencyNumber/



USD 3,791 ConocoPhillips 178,491 173,291 0.26USD 900 Consolidated Edison Inc 25,449 63,670 0.10USD 300 Constellation Brands Inc 52,627 57,104 0.09USD 903 Costco Wholesale Corp 68,908 139,962 0.21USD 600 CSRA Inc 5,460 14,950 0.02USD 1,000 CSX Corp 18,331 45,811 0.07USD 800 Cummins Inc 47,396 117,682 0.18USD 4,600 CVS Health Corp 255,153 277,731 0.42USD 1,400 DaVita Inc 84,440 84,236 0.13USD 700 Deere & Co 68,840 91,237 0.14USD 568 Dell Technologies Inc - VMware 19,853 38,447 0.06USD 433 Delphi Technologies PLC 13,956 18,920 0.03USD 900 Delta Air Lines Inc 40,856 41,972 0.06USD 3,900 Devon Energy Corp 121,712 134,460 0.20USD 1,521 Discover Financial Services 9,607 97,431 0.15USD 500 Dollar General Corp 32,848 38,728 0.06USD 500 Dover Corp 31,047 42,051 0.06USD 1,000 Dr Pepper Snapple Group Inc 84,122 80,829 0.12USD 500 DTE Energy Co 10,655 45,578 0.07USD 900 eBay Inc 23,624 28,286 0.04USD 1,359 Edison International 43,627 71,572 0.11USD 700 Eli Lilly & Co 50,870 49,236 0.07USD 1,100 Emerson Electric Co 50,755 63,840 0.10USD 43,700 Ensco PLC 206,280 215,079 0.32USD 2,358 Entergy Corp 143,065 159,825 0.24USD 100 Everest Re Group Ltd 14,423 18,426 0.03USD 5,407 Exelon Corp 155,853 177,457 0.27USD 6,098 Express Scripts Holding Co 316,047 379,043 0.57USD 1,901 Exxon Mobil Corp 154,156 132,411 0.20USD 800 Facebook Inc 85,292 117,562 0.18USD 700 FedEx Corp 64,580 145,468 0.22USD 3,400 Fifth Third Bancorp 41,160 85,906 0.13USD 2,800 FirstEnergy Corp 74,070 71,399 0.11USD 6,800 Flextronics International Ltd 84,050 101,875 0.15USD 7,300 Ford Motor Co 73,330 75,930 0.11USD 12,846 Frontier Communications Corp 188,744 72,318 0.11USD 2,800 Gap Inc 66,115 79,420 0.12USD 2,332 General Electric Co 51,468 33,889 0.05USD 500 General Mills Inc 12,013 24,688 0.04USD 3,000 General Motors Co 112,114 102,407 0.15USD 31,600 Genworth Financial Inc 96,308 81,842 0.12USD 1,500 Goldman Sachs Group Inc 217,330 318,238 0.48USD 3,100 Goodyear Tire & Rubber Co 86,359 83,412 0.12



28 29


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USD 2,000 Halliburton Co 76,860 81,396 0.12USD 325 Halyard Health Inc 4,020 12,499 0.02USD 143 Harris Corp 2,998 16,869 0.02USD 3,347 Hartford Financial Services Group Inc 110,186 156,870 0.23USD 686 Hawaiian Electric Industries Inc 10,852 20,652 0.03USD 2,000 HCA Holdings Inc 111,971 146,302 0.22USD 5,180 Herc Holdings Inc 187,114 270,086 0.40USD 8,640 Hertz Global Holdings Inc 132,695 159,014 0.24USD 20,400 Hewlett Packard Enterprise Co 257,654 243,957 0.37USD 7,000 HollyFrontier Corp 215,870 298,584 0.45USD 30,898 HP Inc 360,224 540,612 0.81USD 612 Humana Inc 62,234 126,431 0.19USD 2,700 Huntington Bancshares Inc 31,577 32,738 0.05USD 2,918 International Business Machines Corp 413,827 372,818 0.56USD 1,500 International Paper Co 59,609 72,377 0.11USD 4,700 Interpublic Group of Cos Inc 96,497 78,907 0.12USD 1,500 Invesco Ltd 40,969 45,645 0.07USD 3,400 JC Penney Co Inc 36,012 8,947 0.01USD 5,554 JPMorgan Chase & Co 222,288 494,624 0.74USD 3,500 Juniper Networks Inc 76,693 83,070 0.12USD 600 Kellogg Co 18,750 33,967 0.05USD 1,900 KeyCorp 31,865 31,915 0.05USD 500 Kimberly-Clark Corp 18,040 50,241 0.07USD 1,400 Kohl's Corp 53,007 63,226 0.09USD 13,574 Kroger Co 292,700 310,298 0.46USD 1,200 L Brands Inc 55,355 60,180 0.09USD 300 Laboratory Corp of America Holdings 23,408 39,851 0.06USD 900 Las Vegas Sands Corp 48,122 52,083 0.08USD 600 Lear Corp 67,099 88,271 0.13USD 6,900 Liberty Interactive Corp QVC Group 112,514 140,321 0.21USD 910 Liberty TripAdvisor Holdings Inc 1,422 7,143 0.01USD 900 Lincoln National Corp 13,429 57,614 0.09USD 1,000 Lowe's Cos Inc 15,661 77,398 0.12USD 1,700 LyondellBasell Industries NV 127,310 156,183 0.23USD 600 M&T Bank Corp 60,163 85,438 0.13USD 16,200 Macy's Inc 304,214 339,838 0.51USD 1,400 ManpowerGroup Inc 107,982 147,030 0.22USD 5,100 Marathon Petroleum Corp 234,961 280,228 0.42USD 400 McDonald's Corp 30,570 57,335 0.09USD 1,834 McKesson Corp 154,474 238,185 0.36USD 3,885 Merck & Co Inc 175,958 182,053 0.27USD 200 MetLife Inc 8,701 8,421 0.01USD 900 Micron Technology Inc 13,752 30,819 0.05



30 31


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USD 800 Microsoft Corp 51,625 56,989 0.09USD 800 Monsanto Co 79,624 77,801 0.12USD 2,200 Morgan Stanley 91,364 96,131 0.14USD 7,700 Mosaic Co 137,194 164,542 0.25USD 1,500 Mylan NV 48,500 52,852 0.08USD 6,300 National Oilwell Varco Inc 186,090 188,979 0.28USD 2,400 NetApp Inc 98,871 110,566 0.17USD 400 Netflix Inc 52,457 63,944 0.10USD 4,500 Newmont Mining Corp 124,908 140,606 0.21USD 2,543 News Corp 8,428 34,329 0.05USD 3,300 Noble Energy Inc 77,440 80,082 0.12USD 3,300 Nordstrom Inc 105,019 130,208 0.19USD 500 Norfolk Southern Corp 15,422 60,335 0.09USD 600 Northern Trust Corp 22,896 49,912 0.07USD 950 NOW Inc 21,271 8,726 0.01USD 9,500 NRG Energy Inc 140,200 225,316 0.34USD 500 NVIDIA Corp 71,162 80,571 0.12USD 500 Occidental Petroleum Corp 30,731 30,671 0.05USD 1,000 Omnicom Group Inc 74,011 60,651 0.09USD 100 O'Reilly Automotive Inc 20,712 20,032 0.03USD 200 Parker-Hannifin Corp 27,895 33,241 0.05USD 825 PepsiCo Inc 42,707 82,390 0.12USD 9,265 Pfizer Inc 211,795 279,462 0.42USD 5,295 Phillips 66 348,904 446,027 0.67USD 811 PNC Financial Services Group Inc 52,213 97,451 0.15USD 1,000 PPG Industries Inc 98,566 97,285 0.15USD 1,200 PPL Corp 39,637 30,929 0.05USD 1,500 Progressive Corp 55,877 70,353 0.11USD 1,259 Prudential Financial Inc 32,099 120,553 0.18USD 1,400 Public Service Enterprise Group Inc 31,976 60,043 0.09USD 3,500 QUALCOMM Inc 166,340 186,601 0.28USD 1,000 Ralph Lauren Corp 62,400 86,351 0.13USD 8,800 Regions Financial Corp 116,966 126,636 0.19USD 53,800 Rite Aid Corp 102,983 88,263 0.13USD 1,300 Ross Stores Inc 65,728 86,880 0.13USD 300 S&P Global Inc 5,601 42,322 0.06USD 700 Seagate Technology PLC 24,363 24,390 0.04USD 1,548 Sears Holdings Corp 41,690 4,615 0.01USD 900 Southern Co 39,859 36,043 0.05USD 1,414 Southern Copper Corp 12,707 55,875 0.08USD 500 Stanley Black & Decker Inc 32,161 70,657 0.11USD 1,000 State Street Corp 44,203 81,287 0.12USD 1,300 SunTrust Banks Inc 70,149 69,926 0.10



30 31


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USD 2,600 Synchrony Financial 88,988 83,599 0.12USD 942 Synovus Financial Corp 14,885 37,608 0.06USD 1,220 Sysco Corp 36,920 61,701 0.09USD 300 T Rowe Price Group Inc 20,069 26,215 0.04USD 1,500 Tapestry Inc 49,868 55,251 0.08USD 6,800 Target Corp 367,800 369,504 0.55USD 800 TE Connectivity Ltd 35,103 63,318 0.09USD 9,300 Tenet Healthcare Corp 139,059 117,412 0.18USD 1,004 Time Inc 7,453 15,426 0.02USD 838 Time Warner Inc 18,391 63,834 0.10USD 1,162 TJX Cos Inc 53,464 73,989 0.11USD 277 TopBuild Corp 2,224 17,472 0.03USD 697 Travelers Cos Inc 35,862 78,732 0.12USD 4,773 Twenty-First Century Fox Inc 118,731 137,252 0.21USD 2,600 Tyson Foods Inc 145,384 175,535 0.26USD 200 Union Pacific Corp 15,585 22,335 0.03USD 2,400 United Parcel Service Inc 176,317 238,141 0.36USD 1,633 United Technologies Corp 125,528 173,486 0.26USD 1,500 Unum Group 21,352 68,567 0.10USD 953 US Bancorp 27,082 42,523 0.06USD 7,606 Valero Energy Corp 477,271 582,168 0.87USD 12,608 Verizon Communications Inc 481,460 555,747 0.83USD 1,700 VF Corp 80,645 104,763 0.16USD 5,100 Viacom Inc 150,338 130,855 0.20USD 1,800 Voya Financial Inc 58,579 74,156 0.11USD 600 Walgreens Boots Alliance Inc 37,805 36,286 0.05USD 600 Walt Disney Co 42,347 53,719 0.08USD 800 Waste Management Inc 24,974 57,495 0.09USD 523 WEC Energy Group Inc 13,177 28,933 0.04USD 300 WellCare Health Plans Inc 48,112 50,244 0.07USD 8,092 Wells Fargo & Co 282,072 408,845 0.61USD 214 Western Digital Corp 7,083 14,173 0.02USD 400 Whirlpool Corp 64,145 56,176 0.08USD 3,400 Williams Cos Inc 86,591 86,331 0.13USD 3,675 Xerox Corp 95,174 89,212 0.13USD 500 Yum China Holdings Inc 7,772 16,664 0.02USD 500 Yum! Brands Inc 19,725 33,982 0.05

Total US Dollar 20,124,384 25,385,258 38.04

Total shares 55,269,697 65,735,772 98.51



32


CurrencyNumber/


Net Assets


Exchange Traded Funds

US DollarUSD 900 SPDR S&P 500 ETF Trust 198,616 200,012 0.30

Total US Dollar 198,616 200,012 0.30

Total Exchange Traded Funds 198,616 200,012 0.30

Total transferable securities admitted on an official stock exchange listing 56,216,230 66,674,502 99.90

Other transferable securities

Rights issue

EuroEUR 5,839 Repsol SA – 2,213 0.00

Total Euro – 2,213 0.00

USD – – 0.00US Dollar

6,986 Safeway Casa LEY 6,986 Safeway PDC LLV – – 0.00

Total US Dollar – – 0.00

Total rights issue – 2,213 0.00

Total other transferable securities – 2,213 0.00

Total investments in securities 56,216,230 66,676,715 99.90

Cash at banks 174,471 0.26

Other net liabilities (109,366) (0.16)

Total net assets 66,741,820 100.00


Industrial and Geographical Classification of Investmentsas at 31st December 2017

33


Industrial classification(in percentage of net assets)

Banks 14.79Energy 8.62Materials 7.39Insurance 7.10Capital Goods 7.00Technology Hardware & Equipment 6.75Diversified Financials 5.65Utilities 5.48Automobiles & Components 4.72Health Care Equipment & Services 3.92Telecommunication Services 3.59Transportation 3.35Retailing 3.35Food & Staples Retailing 3.26Consumer Durables & Apparel 2.85Pharmaceuticals, Biotech & Life Sciences 2.50Media 2.06Software & Services 1.88Real Estate 1.43Food Beverage & Tobacco 1.35Consumer Services 0.77Semiconductors & Semiconductor Equipment 0.76Commercial & Professional Services 0.61Household & Personal Products 0.42Software and Services 0.30Total 99.90

Geographical classification(by domicile of the issuer)(in percentage of net assets)

United States 39.37Japan 17.20United Kingdom 7.93Germany 5.70France 5.48Republic of South Korea 4.20Switzerland 2.79Australia 2.74Canada 2.59Spain 2.27Netherlands 2.06Italy 2.00Sweden 1.94Hong Kong 0.69Finland 0.51Belgium 0.51Luxembourg 0.43Norway 0.42Singapore 0.32Austria 0.26Denmark 0.22Ireland 0.08Peru 0.08Chile 0.06Israel 0.03Portugal 0.02Total 99.90

IPM Umbrella Fund - IPM US Equity Fund (in liquidation since 9th June 2017)

Statement of Operations and Other Changes in Net Assets (in USD)for the year ended 31st December 2017

34


Income NotesDividends, net 1h 174,885Interest on bank accounts 2,933Income from securities lending 1j,10 2,454Other income 5,769Total income 186,041

ExpensesInvestment Management fees 3 (13,788)Management Company and Administration fees 4 (29,328)Other Professional fees (11,800)Subscription duty ("taxe d'abonnement") 7 (163)Depositary and Paying Agent fees 6 (11,806)Audit fees (5,379)Directors fees (2,993)Other expenses (4,440)Total expenses (79,697)

Net investment income 106,344

Net realised gain/(loss)- on securities portfolio 10,544,194- on foreign exchange 145- on forward foreign exchange contracts 314


Net variation of the unrealised gain/(loss)- on securities portfolio (9,436,338)


Subscriptions 10,475Redemptions (32,747,352)



Total net assets at the end of the year –

IPM Umbrella Fund - IPM US Equity Fund (in liquidation since 9th June 2017)

Statistical Information (in USD)as at 31st December 2017

35


Total Net Assets-as at 31.12.2017 –-as at 31.12.2016 31,522,218-as at 31.12.2015 30,518,131

Number of Share Class IB-C (USD)-outstanding at the beginning of the year 74,067.159-issued 18.244-redeemed (74,085.403)-outstanding at the end of the year –

Net Asset Value per Share Class IB-C (USD)-as at 31.12.2017 –-as at 31.12.2016 176.84-as at 31.12.2015 155.25

Number of Share Class IC-C (USD)-outstanding at the beginning of the year 86,601.540-redeemed (86,601.540)-outstanding at the end of the year –

Net Asset Value per Share Class IC-C (USD)-as at 31.12.2017 –-as at 31.12.2016 211.82-as at 31.12.2015 185.74

Number of Share Class RD-C (SEK)-outstanding at the beginning of the year 4,229.897-issued 362.525-redeemed (4,592.422)-outstanding at the end of the year –

Net Asset Value per Share Class RD-C (SEK)-as at 31.12.2017 –-as at 31.12.2016 19.00-as at 31.12.2015 16.83

IPM Umbrella Fund - IPM Europe Equity Fund

Statement of Net Assets (in EUR)as at 31st December 2017

36




LiabilitiesInterests on bank liabilities and expenses payable 85,729



Number of Class IA-C (EUR) Shares outstanding 92,662.703Net Asset Value per Share Class IA-C (EUR) 133.93

Number of Class IB-C (EUR) Shares outstanding 104,399.907Net Asset Value per Share Class IB-C (EUR) 134.51

Number of Class RC-C (EUR) Shares outstanding 8.000Net Asset Value per Share Class RC-C (EUR) 189.57

Number of Class RD-C (EUR) Shares outstanding 435.000Net Asset Value per Share Class RD-C (EUR) 131.47

Number of Class RD-C (SEK) Shares outstanding 8,748.593Net Asset Value per Share Class RD-C (SEK) 14.81


Statement of Operations and Other Changes in Net Assets (in EUR)for the year ended 31st December 2017

37


Income NotesDividends, net 1h 827,414Interest on bank accounts 861Income from securities lending 1j,10 39,668Total income 867,943

ExpensesInvestment Management fees 3 (33,482)Incentive fees 5 (8)Management Company and Administration fees 4 (61,030)Other Professional fees (16,264)Subscription duty ("taxe d'abonnement") 7 (2,295)Depositary and Paying Agent fees 6 (37,136)Audit fees (13,185)Directors fees (9,368)Transaction fees 9 (263)Other expenses (7,140)Total expenses (180,171)

Net investment income 687,772



Net variation of the unrealised gain/(loss)- on securities portfolio (832,503)- on foreign exchange (172)


Subscriptions 2,613,852Redemptions (9,068,684)




39


Statistical Information (in EUR)as at 31st December 2017

38


Total Net Assets-as at 31.12.2017 26,641,709-as at 31.12.2016 30,025,884-as at 31.12.2015 41,581,853

Number of Share Class IA-C (EUR)-outstanding at the beginning of the year 73,391.910-issued 19,270.793-outstanding at the end of the year 92,662.703

Net Asset Value per Share Class IA-C (EUR)-as at 31.12.2017 133.93-as at 31.12.2016 119.09-as at 31.12.2015 111.83

Number of Share Class IB-C (EUR)-outstanding at the beginning of the year 104,364.667-issued 35.860-redeemed (0.620)-outstanding at the end of the year 104,399.907

Net Asset Value per Share Class IB-C (EUR)-as at 31.12.2017 134.51-as at 31.12.2016 119.48-as at 31.12.2015 111.95

Number of Share Class IC-C (EUR)-outstanding at the beginning of the year 55,460.689-redeemed (55,460.689)-outstanding at the end of the year –

Net Asset Value per Share Class IC-C (EUR)-as at 31.12.2017 –-as at 31.12.2016 157.01-as at 31.12.2015 146.94

Number of Share Class RC-C (EUR)-outstanding at the beginning of the year 8.154-redeemed (0.154)-outstanding at the end of the year 8.000

Net Asset Value per Share Class RC-C (EUR)-as at 31.12.2017 189.57-as at 31.12.2016 169.21-as at 31.12.2015 158.66


Statistical Information (in EUR) (continued)as at 31st December 2017

39


38

Number of Share Class RD-C (EUR)-outstanding at the beginning of the year 315.000-issued 120.000-outstanding at the end of the year 435.000

Net Asset Value per Share Class RD-C (EUR)-as at 31.12.2017 131.47-as at 31.12.2016 117.31-as at 31.12.2015 110.86

Number of Share Class RD-C (SEK)-outstanding at the beginning of the year 5,265.911-issued 6,527.157-redeemed (3,044.475)-outstanding at the end of the year 8,748.593

Net Asset Value per Share Class RD-C (SEK)-as at 31.12.2017 14.81-as at 31.12.2016 13.22-as at 31.12.2015 12.49

41


Statement of Investments and Other Net Assets (in EUR)as at 31st December 2017

40


CurrencyNumber/


Net Assets

Transferable securities admitted on an official stock exchange listing

Real Estate Investment Trusts (REITs)

EuroEUR 180 Fonciere Des Regions 14,322 17,006 0.06EUR 264 Gecina SA 34,500 40,630 0.15EUR 142 Unibail-Rodamco SE 31,615 29,820 0.11

Total Euro 80,437 87,456 0.32

Pound SterlingGBP 1,907 British Land Co PLC 10,531 14,856 0.06GBP 2,279 Land Securities PLC 17,749 25,879 0.10GBP 5,952 Segro PLC 38,693 39,359 0.15

Total Pound Sterling 66,973 80,094 0.31

Total Real Estate Investment Trusts (REITs) 147,410 167,550 0.63

Shares

Danish KroneDKK 44 AP Moeller - Maersk A/S 62,934 64,061 0.24DKK 1,392 Danske Bank A/S 33,403 45,170 0.17DKK 418 ISS A/S 14,335 13,491 0.05DKK 2,401 Novo Nordisk A/S 75,880 107,869 0.40DKK 551 Novozymes A/S 23,606 26,235 0.10DKK 90 Pandora A/S 9,881 8,165 0.03DKK 1,604 TDC A/S 6,909 8,214 0.03DKK 439 Vestas Wind Systems A/S 15,520 25,283 0.10

Total Danish Krone 242,468 298,488 1.12

EuroEUR 6,389 A2A SpA 9,204 9,852 0.04EUR 690 Aareal Bank AG 20,689 26,034 0.10EUR 834 Accor SA 31,373 35,862 0.13EUR 1,725 ACS Actividades de Construccion y Servicios SA 49,976 56,269 0.21EUR 116 adidas AG 8,883 19,389 0.07EUR 41,676 Aegon NV 208,094 221,508 0.83EUR 242 Aena SA 28,663 40,898 0.15EUR 2,033 Ageas 75,103 82,774 0.31EUR 12,416 Air France-KLM 95,409 168,609 0.63EUR 234 Air Liquide SA 18,600 24,582 0.09EUR 853 Akzo Nobel NV 49,546 62,286 0.23EUR 1,857 Allianz SE 238,312 355,615 1.33EUR 1,654 Alstom SA 50,603 57,237 0.21EUR 722 Amadeus IT Group SA 27,394 43,399 0.16EUR 164 Anheuser-Busch InBev SA/NV 14,206 15,273 0.06EUR 7,141 ArcelorMittal 138,224 193,628 0.73



41


40

CurrencyNumber/


Net Assets


Shares (continued)

Euro (continued)EUR 417 Arkema SA 24,493 42,346 0.16EUR 125 ASML Holding NV 18,033 18,144 0.07EUR 11,197 Assicurazioni Generali SpA 165,664 170,194 0.64EUR 455 Atlantia SPA 10,577 11,976 0.04EUR 489 Atos SE 27,780 59,340 0.22EUR 436 Aurubis AG 24,225 33,825 0.13EUR 10,333 AXA SA 219,611 255,587 0.96EUR 2,504 Banca Mediolanum SpA 17,911 18,066 0.07EUR 8,647 Banca Popolare dell'Emilia Romagna SC 38,712 36,404 0.14EUR 38,032 Banco Bilbao Vizcaya Argentaria SA 280,580 270,484 1.02EUR 16,782 Banco BPM SpA 51,141 43,969 0.17EUR 47,940 Banco de Sabadell SA 79,300 79,389 0.30EUR 13,518 Banco Espirito Santo SA 67,183 – –EUR 74,666 Banco Santander SA 418,231 409,095 1.54EUR 4,457 Bank of Irleand Group PLC 23,372 31,868 0.12EUR 2,498 Bankia SA 10,343 9,960 0.04EUR 3,607 Bankinter SA 28,430 28,510 0.11EUR 1,532 BASF SE 100,519 140,546 0.53EUR 1,054 Bayer AG 111,380 109,616 0.41EUR 2,157 Bayerische Motoren Werke AG 183,644 187,292 0.70EUR 416 Bayerische Motoren Werke AG - Preference 28,087 31,050 0.12EUR 1,566 Bilfinger SE 53,860 61,959 0.23EUR 3,678 BNP Paribas SA 194,669 228,955 0.86EUR 16 Bollore SA 56 73 –EUR 1,056 Bouygues SA 38,521 45,735 0.17EUR 2,613 CaixaBank SA 8,589 10,162 0.04EUR 406 Capgemini SE 29,053 40,149 0.15EUR 4,261 Carrefour SA 96,256 76,868 0.29EUR 784 Casino Guichard Perrachon SA 38,482 39,639 0.15EUR 12,393 Ceconomy AG 126,482 156,214 0.59EUR 3,252 Cie de Saint-Gobain 141,170 149,527 0.56EUR 1,293 Cie Generale des Etablissements Michelin 96,972 154,578 0.58EUR 4,705 CNH Industrial NV 42,414 52,555 0.20EUR 1,540 CNP Assurances 27,118 29,653 0.11EUR 11,423 Commerzbank AG 115,001 142,845 0.54EUR 467 Covestro AG 33,823 40,176 0.15EUR 2,822 Credit Agricole SA 30,077 38,944 0.15EUR 3,219 CRH PLC 106,378 96,425 0.36EUR 495 Danone SA 30,805 34,625 0.13EUR 69 Dassault Systemes SE 5,245 6,113 0.02EUR 30,135 Deutsche Bank AG 650,624 478,393 1.80EUR 255 Deutsche Boerse AG 21,843 24,684 0.09EUR 7,017 Deutsche Lufthansa AG 94,097 215,562 0.81



42 43


CurrencyNumber/



EUR 5,144 Deutsche Post AG 107,848 204,474 0.77EUR 6,046 Deutsche Telekom AG 93,042 89,451 0.34EUR 1,767 Distribuidora Internacional de Alimentacion SA 9,435 7,603 0.03EUR 197 Draegerwerk AG & Co KGaA - Preference 16,007 14,243 0.05EUR 22,945 E.ON SE 242,116 207,905 0.78EUR 486 Eiffage SA 36,723 44,391 0.17EUR 2,964 Electricite de France SA 25,750 30,885 0.12EUR 853 Elior Group SA 17,809 14,693 0.06EUR 3,268 Endesa SA 58,967 58,350 0.22EUR 51,673 Enel SpA 199,683 265,082 0.99EUR 13,455 Engie SA 194,375 192,877 0.72EUR 17,230 Eni SpA 256,975 237,774 0.89EUR 1,597 Erste Group Bank AG 42,696 57,660 0.22EUR 1,291 Evonik Industries AG 37,747 40,499 0.15EUR 3,481 EXOR NV 138,730 177,879 0.67EUR 638 Faurecia 39,435 41,553 0.16EUR 15,853 Fiat Chrysler Automobiles NV 128,347 236,368 0.89EUR 1,614 Fomento de Construcciones y Contratas SA 12,591 13,922 0.05EUR 3,781 Fortum OYJ 52,657 62,386 0.23EUR 160 Fresenius Medical Care AG & Co 13,326 14,045 0.05EUR 3,501 Galp Energia SGPS SA 52,608 53,653 0.20EUR 703 GEA Group AG 26,573 28,127 0.11EUR 1,043 GEDI Gruppo Editoriale SpA 712 732 –EUR 1,512 Grifols SA - Preference 23,635 28,751 0.11EUR 161 Hannover Rueck SE 15,476 16,889 0.06EUR 269 Henkel AG & Co KGaA - Preference 27,983 29,684 0.11EUR 191 Hochtief AG 23,976 28,192 0.11EUR 267 HUGO BOSS AG 20,428 18,941 0.07EUR 4,951 IMMOFINANZ AG 8,559 10,630 0.04EUR 11,679 ING Group NV 135,469 178,981 0.67EUR 1,551 Innogy SE 55,462 50,679 0.19EUR 89,344 Intesa Sanpaolo SpA 204,824 247,483 0.93EUR 2,692 K+S AG 60,357 55,872 0.21EUR 805 KBC Group NV 57,829 57,244 0.21EUR 498 Kesko OYJ 20,381 22,534 0.08EUR 229 KION Group AG 18,093 16,483 0.06EUR 1,732 Kloeckner & Co SE 20,045 17,822 0.07EUR 981 Kone OYJ 30,186 43,929 0.16EUR 1,163 Koninklijke Ahold Delhaize NV 16,420 21,324 0.08EUR 167 Koninklijke DSM NV 9,646 13,305 0.05EUR 12,112 Koninklijke KPN NV 36,580 35,222 0.13EUR 1,885 Koninklijke Philips NV 54,388 59,453 0.22EUR 1,527 Lagardere SCA 34,008 40,817 0.15



42 43


CurrencyNumber/



EUR 718 LANXESS AG 45,289 47,596 0.18EUR 617 Legrand SA 29,483 39,605 0.15EUR 247 Linde AG 36,423 48,079 0.18EUR 51 L'Oreal SA 3,740 9,432 0.04EUR 5,056 Mapfre SA 9,407 13,540 0.05EUR 4,968 Mediobanca SpA 38,572 46,997 0.18EUR 422 Merck KGaA 43,221 37,874 0.14EUR 1,612 METRO AG 32,806 26,840 0.10EUR 611 Metso OYJ 19,035 17,395 0.07EUR 167 MTU Aero Engines AG 17,399 24,950 0.09EUR 780 Muenchener Rueckversicherungs-Gesellschaft AG 124,981 140,985 0.53EUR 3,542 Natixis SA 20,229 23,363 0.09EUR 795 Neste OYJ 30,306 42,413 0.16EUR 93 Nexans SA 3,481 4,753 0.02EUR 4,201 NN Group NV 132,954 151,740 0.57EUR 6,165 Nokia OYJ 38,181 24,007 0.09EUR 946 Nokian Renkaat OYJ 29,705 35,759 0.13EUR 1,689 OMV AG 48,030 89,230 0.33EUR 4,777 Orange SA 61,335 69,147 0.26EUR 343 OSRAM Licht AG 24,318 25,701 0.10EUR 4,878 Peugeot SA 76,851 82,706 0.31EUR 388 Porsche Automobil Holding SE - Preference 27,586 27,075 0.10EUR 15,925 Poste Italiane SpA 97,088 99,929 0.38EUR 262 ProSiebenSat.1 Media SE 9,417 7,521 0.03EUR 2,280 Prysmian SpA 46,109 61,993 0.23EUR 584 Publicis Groupe SA 23,321 33,084 0.12EUR 632 Raiffeisen Bank International AG 17,473 19,086 0.07EUR 5,873 Rallye SA 105,024 87,097 0.33EUR 440 Randstad Holding NV 23,722 22,546 0.08EUR 2,536 RELX NV 39,234 48,602 0.18EUR 5,330 Repsol SA 69,756 78,591 0.29EUR 2,212 Rexel SA 34,473 33,445 0.13EUR 291 Rheinmetall AG 23,664 30,802 0.12EUR 11,841 Royal Dutch Shell PLC 297,425 329,002 1.23EUR 199 RTL Group SA 14,473 13,347 0.05EUR 14,375 RWE AG 233,960 244,375 0.92EUR 7,648 RWE AG - Preference 78,063 109,596 0.41EUR 26,944 Saipem SpA 95,763 102,549 0.38EUR 541 Sampo Oyj 14,444 24,778 0.09EUR 2,262 Sanofi 157,208 162,525 0.61EUR 6,405 Schaeffler AG - Preference 98,232 94,698 0.36EUR 1,312 Schneider Electric SE 64,808 92,968 0.35EUR 285 SCOR SE 9,500 9,560 0.04



44 45


CurrencyNumber/



EUR 1,593 Siemens AG 164,995 185,027 0.69EUR 4,366 Snam SpA 18,165 17,813 0.07EUR 151,913 SNS REAAL 295,079 – –EUR 8,007 Societa Cattolica di Assicurazioni SCRL 96,784 72,463 0.27EUR 4,689 Societe Generale SA 176,671 201,861 0.76EUR 312 Sodexo SA 29,840 34,960 0.13EUR 393 Solvay SA 43,395 45,549 0.17EUR 3,623 STMicroelectronics NV 28,560 65,957 0.25EUR 5,501 Stora Enso OYJ 44,346 72,723 0.27EUR 1,634 Suez Environnement Co 25,044 23,963 0.09EUR 281 Talanx AG 8,312 9,574 0.04EUR 255,308 Telecom Italia SpA 197,749 183,949 0.69EUR 1,992 Telefonica Deutschland Holding 8,531 8,339 0.03EUR 15,828 Telefonica SA 172,347 128,602 0.48EUR 2,345 Terna Rete Elettrica Nazionale 11,010 11,359 0.04EUR 160 Thales SA 7,282 14,381 0.05EUR 10,547 TOTAL SA 464,714 485,637 1.82EUR 288 UCB SA 18,180 19,060 0.07EUR 442 Umicore SA 13,473 17,439 0.07EUR 6,023 UniCredit SPA 106,210 93,838 0.35EUR 18,299 Unione di Banche Italiane SpA 72,780 66,718 0.25EUR 8,288 Uniper SE 142,614 215,488 0.81EUR 17,489 Unipol Gruppo Finanziario SpA 62,301 68,382 0.26EUR 8,451 UnipolSai SpA 10,696 16,454 0.06EUR 854 UPM-Kymmene OYJ 11,934 22,127 0.08EUR 1,152 Valeo SA 50,440 71,735 0.27EUR 6,631 Vallourec SA 31,786 33,387 0.13EUR 2,608 Veolia Environnement SA 47,175 55,485 0.21EUR 916 Vienna Insurance Group AG 20,588 23,601 0.09EUR 1,203 Vinci SA 63,808 102,435 0.38EUR 7,906 Vivendi SA 152,141 177,253 0.67EUR 458 Voestalpine AG 18,808 22,829 0.09EUR 790 Vonovia SE 24,011 32,698 0.12EUR 81 Wartsila OYJ Abp 4,196 4,261 0.02EUR 179 Wendel SA 25,048 25,848 0.10

Total Euro 12,768,429 13,979,973 52.48

Norwegian KroneNOK 2,343 DNB ASA 22,724 36,284 0.14NOK 2,300 Marine Harvest ASA 31,581 32,550 0.12NOK 12,511 Norsk Hydro ASA 64,997 79,421 0.30NOK 6,885 Statoil ASA 112,585 122,814 0.46NOK 8,952 Storebrand ASA 49,909 60,976 0.23



44 45


CurrencyNumber/


Net Assets Transferable securities admitted on an official stock exchange listing (continued) Shares (continued) Norwegian Krone (continued)

NOK 3,935 Subsea 7 SA 37,770 49,279 0.18NOK 1,587 Telenor ASA 27,868 28,422 0.11NOK 752 Yara International ASA 29,107 28,842 0.11

Total Norwegian Krone 376,541 438,588 1.65

Pound SterlingGBP 55,367 AA PLC 130,883 106,034 0.40GBP 4,992 Aggreko PLC 51,190 44,933 0.17GBP 14,663 Anglo American PLC 175,977 255,954 0.96GBP 2,348 Antofagasta PLC 21,896 26,583 0.10GBP 30,485 Aviva PLC 160,773 173,945 0.65GBP 18,217 Balfour Beatty PLC 58,108 60,951 0.23GBP 144,216 Barclays PLC 378,282 329,967 1.24GBP 6,152 Barratt Developments PLC 34,661 44,875 0.17GBP 33,760 BHP Billiton PLC 522,792 579,037 2.17GBP 146,876 BP PLC 792,230 864,869 3.25GBP 399 British American Tobacco PLC 14,264 22,555 0.08GBP 21,341 BT Group PLC 69,179 65,321 0.25GBP 948 Bunzl PLC 9,112 22,128 0.08GBP 1,368 Burberry Group PLC 9,812 27,617 0.10GBP 5,215 Capita PLC 38,494 23,553 0.09GBP 8,061 Carillion PLC 39,050 1,566 0.01GBP 2,563 Carnival PLC 127,311 141,248 0.53GBP 110,081 Centrica PLC 305,439 170,267 0.64GBP 2,645 Compass Group PLC 28,867 47,675 0.18GBP 526 DCC PLC 40,255 44,235 0.17GBP 1,166 Diageo PLC 21,186 35,794 0.13GBP 13,337 Direct Line Insurance Group PLC 54,782 57,349 0.22GBP 15,599 Dixons Carphone PLC 47,573 34,970 0.13GBP 12,573 Drax Group PLC 51,702 38,328 0.14GBP 2,793 EasyJet PLC 44,705 46,064 0.17GBP 7,804 Evraz PLC 10,265 29,891 0.11GBP 751 Experian PLC 12,456 13,841 0.05GBP 764 Ferguson PLC 15,325 45,874 0.17GBP 85,778 Firstgroup PLC 177,406 106,779 0.40GBP 14,477 G4S PLC 44,375 43,545 0.16GBP 7,112 GKN PLC 19,011 25,590 0.10GBP 12,677 GlaxoSmithKline PLC 226,760 188,868 0.71GBP 19,687 Glencore PLC 45,332 86,495 0.32GBP 760 Hiscox Ltd 2,955 12,534 0.05GBP 56,482 HSBC Holdings PLC 408,504 487,973 1.83GBP 1,546 Imperial Brands PLC 56,546 55,140 0.21GBP 3,557 Inchcape PLC 24,309 31,356 0.12



46 47


CurrencyNumber/



GBP 249 InterContinental Hotels Group 2,921 13,237 0.05GBP 10,134 International Consolidated Air 41,696 74,321 0.28GBP 483 Intertek Group PLC 19,645 28,240 0.11GBP 7,014 Investec PLC 47,886 42,273 0.16GBP 17,410 ITV PLC 52,146 32,460 0.12GBP 38,531 J Sainsbury PLC 167,121 104,784 0.39GBP 3,589 John Wood Group PLC 23,679 26,280 0.10GBP 898 Johnson Matthey PLC 23,558 31,108 0.12GBP 30,680 Kingfisher PLC 116,877 116,717 0.44GBP 55,866 Legal & General Group PLC 122,531 172,002 0.65GBP 117,628 Lloyds Banking Group PLC 71,390 90,188 0.34GBP 8,954 Man Group PLC 22,208 20,860 0.08GBP 36,270 Marks & Spencer Group PLC 178,137 128,626 0.48GBP 13,024 Melrose Industries PLC 11,228 31,134 0.12GBP 1,496 Mondi PLC 6,309 32,543 0.12GBP 2,311 National Grid PLC 21,113 22,783 0.09GBP 1,070 NEX Group PLC 6,007 7,311 0.03GBP 1,299 Next PLC 31,124 66,218 0.25GBP 46,963 Old Mutual PLC 83,444 122,583 0.46GBP 13,842 Pearson PLC 109,192 114,769 0.43GBP 888 Persimmon PLC 13,390 27,390 0.10GBP 10,122 Petrofac Lyd 51,306 58,154 0.22GBP 9,270 Phoenix Group Holdings 83,281 81,664 0.31GBP 2,501 Provident Financial PLC 24,012 25,301 0.09GBP 5,702 Prudential PLC 52,185 122,400 0.46GBP 272 Randgold Resources Ltd 21,537 22,706 0.09GBP 263 Reckitt Benckiser Group PLC 13,230 20,500 0.08GBP 1,298 RELX PLC 20,897 25,429 0.10GBP 7,666 Rolls-Royce Holdings PLC 71,552 73,147 0.27GBP 9,423 Royal Bank of Scotland Group PLC 23,771 29,511 0.11GBP 115 Royal Dutch Shell PLC 2,827 3,213 0.01GBP 25,172 Royal Mail PLC 123,104 128,317 0.48GBP 2,385 RSA Insurance Group PLC 20,956 16,994 0.06GBP 32,077 SAGA PLC 69,688 45,531 0.17GBP 4,315 Sage Group PLC 19,831 38,791 0.15GBP 596 Schroders PLC 22,902 23,607 0.09GBP 2,311 Sky PLC 19,377 26,347 0.10GBP 2,521 Smiths Group PLC 33,029 42,316 0.16GBP 2,407 Smurfit Kappa Group PLC 64,642 67,979 0.25GBP 9,540 SSE PLC 156,899 141,863 0.53GBP 2,497 St James's Place PLC 33,285 34,487 0.13GBP 11,212 Standard Chartered PLC 136,885 98,533 0.37GBP 25,639 Standard Life Aberdeen PLC 95,929 126,105 0.47



46 47


CurrencyNumber/



GBP 17,598 Taylor Wimpey PLC 27,503 40,918 0.15GBP 99,431 Tesco PLC 244,345 234,387 0.88GBP 84,208 Thomas Cook Group PLC 124,652 116,588 0.44GBP 4,537 Travis Perkins 76,946 80,091 0.30GBP 1,558 TUI AG 19,918 27,029 0.10GBP 1,272 Unilever PLC 44,320 59,117 0.22GBP 6,898 Vedanta Resources PLC 56,414 62,517 0.23GBP 3,217 Vesuvius PLC 12,261 21,165 0.08GBP 150,298 Vodafone Group PLC 367,645 397,895 1.49GBP 1,950 Weir Group PLC 23,623 46,637 0.17GBP 271 Whitbread PLC 7,680 12,212 0.05GBP 13,354 William Hill PLC 37,874 48,441 0.18GBP 52,079 Wm Morrison Supermarkets PLC 145,973 129,013 0.48GBP 7,627 WPP PLC 100,084 115,220 0.43

Total Pound Sterling 7,893,732 8,343,656 31.31

Swedish KronaSEK 831 Alfa Laval AB 13,373 16,381 0.06SEK 2,466 AstraZeneca PLC 111,967 142,594 0.53SEK 671 Atlas Copco AB 14,289 24,174 0.09SEK 1,588 Boliden AB 40,622 45,323 0.17SEK 286 Electrolux AB 7,979 7,688 0.03SEK 566 Essity AB 12,076 13,414 0.05SEK 1,188 Hennes & Mauritz AB 35,076 20,457 0.08SEK 359 ICA Gruppen AB 11,182 10,878 0.04SEK 2,579 Industrivarden AB 45,324 53,120 0.20SEK 2,843 Investor AB 71,193 108,179 0.41SEK 5,534 Nordea Bank AB 36,321 55,894 0.21SEK 1,646 Ratos AB 8,046 6,000 0.02SEK 4,183 Sandvik AB 41,541 61,140 0.23SEK 573 Securitas AB 6,439 8,346 0.03SEK 12,782 Skandinaviska Enskilda Banken AB Class A 135,050 125,200 0.47SEK 2,311 Skandinaviska Enskilda Banken AB Class C 23,734 22,577 0.08SEK 416 Skanska AB 7,402 7,193 0.03SEK 2,273 SKF AB 34,222 42,124 0.16SEK 18,376 Svenska Cellulosa AB SCA 125,414 158,031 0.59SEK 12,732 Svenska Handelsbanken AB 147,446 145,301 0.54SEK 1,822 Swedbank AB 36,532 36,675 0.14SEK 3,382 Tele2 AB 35,144 34,675 0.13SEK 25,676 Telefonaktiebolaget LM Ericsson 167,828 140,634 0.53SEK 9,167 TeliaSonera AB 35,206 34,079 0.13



48 49


CurrencyNumber/


Net Assets


Shares (continued)

Swedish Krona (continued)SEK 8,195 Volvo AB 79,059 127,282 0.48

Total Swedish Krona 1,282,465 1,447,359 5.43

Swiss FrancCHF 6,329 ABB Ltd 105,466 141,272 0.53CHF 619 Adecco Group AG 34,780 39,435 0.15CHF 1,105 Aryzta AG 29,808 36,497 0.14CHF 294 Baloise Holding AG 39,539 38,114 0.14CHF 165 Cie Financiere Richemont SA 11,863 12,451 0.05CHF 610 Clariant AG 12,215 14,205 0.05CHF 33,456 Credit Suisse Group AG 502,181 497,474 1.87CHF 242 Dufry AG 28,517 29,966 0.11CHF 2,148 GAM Holding AG 18,047 28,911 0.11CHF 20 Geberit AG 7,171 7,334 0.03CHF 14 Georg Fischer AG 11,961 15,410 0.06CHF 11 Givaudan SA 20,613 21,169 0.08CHF 47 Helvetia Holding AG 21,560 22,030 0.08CHF 167 Idorsia AG 575 3,632 0.01CHF 352 Julius Baer Group Ltd 16,046 17,928 0.07CHF 770 LafargeHolcim Ltd 38,536 36,158 0.14CHF 108 Lonza Group AG 22,096 24,301 0.09CHF 249 Nestle SA 18,106 17,832 0.07CHF 21 Partners Group Holding AG 11,126 11,988 0.05CHF 2,730 Petroplus Holdings AG 32,272 70 –CHF 182 PSP Swiss Property AG 15,669 14,363 0.05CHF 1,070 Roche Holding AG 230,824 225,397 0.85CHF 260 Schindler Holding AG 36,039 49,837 0.19CHF 10 SGS SA 16,796 21,715 0.08CHF 4 Sika AG 15,839 26,457 0.10CHF 120 Swatch Group AG/The 43,348 40,753 0.15CHF 202 Swiss Life Holding AG 45,167 59,555 0.22CHF 216 Swiss Prime Site AG 17,242 16,613 0.06CHF 1,809 Swiss Re AG 130,272 141,065 0.53CHF 69 Swisscom AG 29,249 30,573 0.11CHF 7,478 UBS Group AG 108,277 114,645 0.43CHF 644 Zurich Insurance Group AG 144,011 163,232 0.61

Total Swiss Franc 1,815,211 1,920,382 7.21

Total shares 24,378,846 26,428,446 99.20

Total transferable securities admitted on an official stock exchange listing 24,526,256 26,595,996 99.83



48 49


CurrencyNumber/


Net Assets

Other transferable securities

Rights issue

EuroEUR 5,330 Repsol SA – 2,020 0.01

Total Euro – 2,020 0.01

Total rights issue – 2,020 0.01

Total other transferable securities – 2,020 0.01

Total investments in securities 24,526,256 26,598,016 99.84

Cash at banks 102,774 0.39

Other net liabilities (59,081) (0.23)

Total net assets 26,641,709 100.00


Industrial and Geographical Classification of Investmentsas at 31st December 2017

50


Industrial classification(in percentage of net assets)

Banks 14.41Insurance 11.46Materials 9.94Energy 9.73Capital Goods 8.20Utilities 7.17Diversified Financials 7.03Telecommunication Services 4.18Transportation 3.97Pharmaceuticals, Biotech & Life Sciences 3.93Automobiles & Components 3.72Food & Staples Retailing 2.85Consumer Services 2.25Retailing 2.20Media 2.10Commercial & Professional Services 1.48Food Beverage & Tobacco 0.94Consumer Durables & Apparel 0.92Real Estate 0.90Software & Services 0.70Technology Hardware & Equipment 0.62Household & Personal Products 0.50Semiconductors & Semiconductor Equipment 0.32Health Care Equipment & Services 0.32Total 99.84

Geographical classification(by domicile of the issuer)(in percentage of net assets)

United Kingdom 29.24Germany 15.78France 14.33Switzerland 7.95Italy 7.07Sweden 4.90Netherlands 4.84Spain 4.81Australia 2.17Norway 1.47Finland 1.38Denmark 1.12Belgium 0.89Austria 0.84Luxembourg 0.78Ireland 0.73United States 0.53South Africa 0.28India 0.23Portugal 0.20Russian Federation 0.11Chile 0.10Jersey 0.09Total 99.84

IPM Umbrella Fund

Notes to the Financial Statementsas at 31st December 2017

51

Note 1 - Significant Accounting Policies

a) Presentation of the Financial Statements

The financial statements of the Fund are established in accordance with the Luxembourg legal and regulatory requirements concerning Undertakings for Collective Investment.

b) Valuation

1) The value of assets, which are listed or dealt in on any stock exchange, is based on the last available price on the stock exchange, which is normally the principal market for such assets.

2) The value of assets dealt in on any other Regulated Market is based on the last available price.

3) In the event that any assets are not listed or dealt in on any stock exchange or on any other Regulated Market, or if, with respect to assets listed or dealt in on any stock exchange, or other Regulated Market as aforesaid, the price as determined pursuant to sub-paragraph (b) or (c) is not representative of the fair market value of the relevant assets, the value of such assets will be based on the reasonably foreseeable sales price determined prudently and in good faith.

4) Units or shares of open-ended underlying funds are valued at their last determined and available Net Asset Value or, if such price is not representative of the fair market value of such assets, then the price is determined by the Board of Directors on a fair and equitable basis and in good faith.

5) All other securities and other assets are valued at fair market value as determined in good faith pursuant to the procedures established by the Board of Directors.

6) The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after making such discount as may be considered appropriate in such case to reflect the true value thereof.

c) Net Realised Gain/(Loss) on Sales of Securities

The net realised gain/(loss) on sales of securities is determined on the basis of the average cost of securities sold.

d) Cost of Securities

For the securities expressed in currencies other than accounting currency, the cost is converted at the rate ruling on the date of each transaction.

e) Cash at Bank

All cash at bank amounts are carried at face value.

f) Foreign Exchange Translation

Bank balances, other assets and liabilities and the value of securities held, which are expressed in currencies other than the accounting currency, are converted at the rate ruling on the balance sheet date. Income and expenses incurred in currencies other than the accounting currency are converted at the rate ruling on the date of each transaction.

IPM Umbrella Fund

Notes to the Financial Statements (continued)as at 31st December 2017

52 53

Note 1 - Significant Accounting Policies (continued)

f) Foreign Exchange Translation (continued)

At the date of the report, the exchange rates were as follows:

1 EUR = 1.53526 AUD1.50454 CAD1.17018 CHF7.44544 DKK

1.00000 EUR0.88767 GBP9.38702 HKD4.16876 ILS

135.27000 JPY

1,285.52000 KRW9.82177 NOK9.83155 SEK1.60475 SGD1.20080 USD

g) Combined Financial Statements

The combined financial statements of the Fund are the aggregate of the financial statement of the different Sub-Funds which, where applicable, are translated in EUR.

h) Dividend Income

Dividends are shown net of withholding tax deducted at source and are recorded as income on the ex-dividend date.

i) Forward Foreign Exchange Contracts

Forward foreign exchange contracts are valued at forward market rates for the remaining period from valuation date to the maturity of the contract. Unrealised gains and losses are recorded in the statement of net assets and the variation of the unrealised gain/(loss) on Forward foreign exchange contracts in the statement of operations and other changes in net assets.

j) Securities Lending

The Sub-Funds may lend portions of their securities portfolio. In general, lending may only be effected via recognised clearing houses or through first-class financial institutions that specialise in such activities and in the modus specified by them. Initial Collateral levels will not be less than 105% of the Market Value of the Borrowed Securities, unless the Borrowed Securities and Collateral are denominated in the same currency, then a collateral level of 102% will apply. All equity loans must have initial collateral levels of 105% regardless of the currency of collateral except for US equities. Initial Collateral will be received prior to, or simultaneously with delivery of loaned securities. Income received in connection with securities lending operations are recorded as other income in the statement of operations and other changes in net assets.

Note 2 - Subscriptions, Redemptions and Conversions

The Board of Directors may at any moment in its sole discretion decide to cease accepting any further subscriptions for Shares of the Sub-Fund in order to protect existing investors, once the Sub-Fund has reached a certain volume. Once the volume of the Sub-Fund has decreased sufficiently, the Board of Directors may decide to again accept further subscriptions.

In order to ensure an equal treatment of the shareholders, the same percentage of dilution levy may be charged at any given Valuation Day to cover costs and expenses related to the subscription/redemption of Shares. The fee will in no event exceed 1.5% of the subscription/redemption amount. The dilution levy will revert to the relevant Sub-Fund.

Conversions are executed free of commission. A dilution levy may however be charged under the conditions described in Subscriptions and Redemptions above.

IPM Umbrella Fund


52 53

Note 3 - Investment Management Fees

The Investment Manager is entitled to receive an annual fee out of the assets of the respective share class. The fee is calculated as of each Valuation Day on the basis of the average net assets of the respective share class and paid out monthly in arrears. The annual fee applicable to the share classes of each Sub-Fund is as follows:

Sub-Fund Share Class"IA"

ShareClass "IB"

Share Class"IC"

ShareClass "RA"

Share Class"RC"

Share Class"RD"

IPM Global Equity Fund 0.40% 0.18% 0.06% 0.40% 0.06% 1.00%IPM US Equity Fund* 0.40% 0.18% 0.06% 0.40% 0.06% 1.00% IPM Europe Equity Fund 0.40% 0.18% 0.06% 0.40% 0.06% 1.00%

* IPM US Equity Fund in liquidation since 9th June 2017.

IPM Informed Portfolio Management AB (“IPM”) has agreed to waive the Investment Management Fees for the IPM Europe Equity Fund in full effective from 1 July 2017 until 31 December 2017. Also IPM in its capacity as Placement Agent will not charge any rebates to the IPM Europe Equity Fund during the time period where the Investment Management fees have been waived. The waiver has been extended until 30 June 2018.

Note 4 - Management Company and Administration Fees

Northern Trust Luxembourg Management Company S.A. acting as the Administrator is entitled to receive the fees set out below.

Administration Fee0.060% of the Net Asset Value of each Sub-Fund on the first €50,000,000;0.050% of the Net Asset Value of each Sub-Fund from €50,000,001 to €100,000,000;0.035% of the Net Asset Value of each Sub-Fund from €100,000,001 to €150,000,000;0.020% of the Net Asset Value of each Sub-Fund from €150,000,001 to €200,000,000; and0.010% of the Net Asset Value of each Sub-Fund thereafter.

Administration fee is subject to a monthly minimum fee of €4,000 per Sub-Fund. With effect from 1 February 2017 to 31 December 2017 the minimum fee payable in relation to the Sub-Funds has been reduced from €4,000 per month to €2,000 per month per Sub-Fund.

The Administrator shall also receive an additional fee of €100 per annum, per investor, for account maintenance and registration.

The Administrator shall also receive a manual transaction fee of €25 per manual transaction, an automated transaction fee of €25 per automated transaction and a conversion/switching fee of €25 per conversion/switch transaction.

The Administrator shall also receive an additional fee of €4,000 per share class per annum in respect of multiple share classes.

Northern Trust Luxembourg Management Company S.A. acting as the Management Company is entitled to receive the fees set out below.

Management Company Fee0.035% of the Net Asset Value of the Fund on the first €500,000,000; 0.030% of the Net Asset Value of the Fund from €500,000,001 to €1,000,000,000; and 0.025% of the Net Asset Value of the Fund thereafter.

The above Management Company Fee will be waived for a period of three months in respect of newly launched Sub-Funds.

The above fees shall be paid monthly in arrears.

Note 5 - Incentive Fee

The Incentive Fee is a fee paid to the Investment Manager which is tied directly to the investment performance of the Sub-Fund, rather than just to the value of the Sub-Fund’s assets.

1.00000 EUR0.88767 GBP9.38702 HKD4.16876 ILS

135.27000 JPY

1,285.52000 KRW9.82177 NOK9.83155 SEK1.60475 SGD1.20080 USD

IPM Umbrella Fund


54 55

Note 5 - Incentive Fee (continued)

The Investment Manager will be entitled to an Incentive Fee equal to 18% for "IB" shares, 24% for “IC” shares and 24% for “RC” shares of the Relative Profits (if any) achieved during the calculation period calculated on a share by share basis. For the share classes “IA”, “RA” and “RD” the Investment Manager is not entitled to an incentive fee.

The Hurdle corresponds to the minimum performance required to be achieved by the Fund before an Incentive Fee will be paid to the Investment Manager. The Hurdle is a variable threshold (as set out below). If the Gross Asset Value per share (“GAV”) does not (i) increase by more than the increase in percentage of the hurdle rate or if the GAV does (ii) decrease by more than the decrease in percentage of the hurdle rate, then no Incentive Fee will be accrued or paid.

The applicable Hurdle Rate for the calculation of the incentive fee is as follows for the Sub-Funds:

- IPM Global Equity Fund "FTSE All World Developed Large Cap Total Return Index"- IPM US Equity Fund* "S&P 500 Total Return Index" - IPM Europe Equity Fund "MSCI Europe Total Return"

* IPM US Equity Fund in liquidation since 9th June 2017.

For Institutional Share Classes

The incentive period of all Sub-Funds is one month, accrued daily and paid monthly based on the GAV per share of each valuation day. If at the end of an incentive period, the GAV per share does not exceed the Sub-Fund adjusted GAV, no accrual or payment will occur.

The GAV corresponds to the Net Asset Value (plus equalisation) before accrual of the Incentive Fee. The High Watermark principle is not applied.

Shareholders who subscribe for shares at a time when the GAV per share is either above or below the Fund adjusted GAV, should note that certain adjustments are made to reduce inequities that could, otherwise, result to the Investor or the Investment Manager.

The methodology to avoid such inequities, so called Equalisation, ensures (i) that the Incentive Fee charged reflects the exact performance achieved by each Investor, (ii) that all investors have the same amount of capital per share at risk.

Equalisation makes that the price that any new Investor pays comprises two elements: (i) the NAV per share and (ii) an adjustment that takes into account the current Incentive Fee accruals as well as any deficit between the Fund’s current NAV and its adjusted GAV.

The adjustments applied through the chosen Equalisation method result in the shareholder either receiving additional shares (“Equalisation Credit”) or having a portion of shares compulsorily redeemed (“Contingent Liquidation”). By such the Equalisation ensures the right attribution of Incentive Fee in regards to the actual realised performance.

Shares redeemed and shares subscribed as a result of equalisation adjustments are recorded respectively as redemptions and subscriptions in the statement of operations and other changes in net assets.

For Retail Share Classes

The incentive period of all Sub-Funds is a financial year, accrued daily and paid yearly based on the GAV per share of each valuation day. If at the end of an incentive period, the GAV per share does not exceed the Fund adjusted GAV, no accrual or payment will occur.

The Gross Asset Value per share (“GAV”) corresponds to the Net Asset Value before accrual of the Incentive Fee.

No equalisation is used for retail share classes.

The High Watermark principle is not applied. Consequently, the Fund may pay an Incentive Fee if the performance of the Fund is higher than the performance of the Hurdle, even if the Fund performance is negative. However, the hurdle rate variations are cumulated during rolling three years periods meaning that at the end of a three years period, the GAV is re-set to equal (i) the NAV at the end of the previous three year period or (ii) the NAV at the last time an Incentive Fee was crystallised depending on which occurred last. Negative relative performances, if any, are thus carried forward or taken into consideration for a maximum of 3 years.

IPM Umbrella Fund


54 55

Note 6 - Depositary and Paying Agent Fees

The Fund will pay to Northern Trust Global Services Limited (the “Depositary”), as compensation for the execution of its duties as Depositary and paying agent, fees which will be directly debited from the relevant Sub-Fund's account in the four weeks following the issuance of fee notification by the Depositary at the month end for charges related to the previous month.

The Depositary is entitled to receive out of the Fund’s assets a Depositary fee payable monthly in arrears based on the Fund’s average net assets calculated for each Valuation Day. This fee will not exceed 0.05% per Sub-Fund.

Note 7 - Subscription Duty (“Taxe d’abonnement”)

The Fund is governed by Luxembourg law.

Pursuant to the legislation and regulations which are prevailing, the Fund is subject to an annual subscription duty ("taxe d'abonnement") of 0.05% which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter.

The rate of this tax may be reduced to 0.01% of the value of the net assets for Sub-Funds or Classes of shares reserved to institutional investors.

According to Article 175 Chapter 23 of the amended Law of 17th December 2010 the net assets invested in Undertakings for Collective Investments already subject to the "taxe d'abonnement" are exempt from this tax.

Note 8 - Changes in the Investments

The statement of changes in investments for the period referring to the report is available free of charge upon request at the registered office of the Fund.

Note 9 - Transaction Fees

Transaction fees incurred by the Fund relating to purchase or sale of securities are included in the transaction price used to calculate the realised and unrealised gain/(loss) on securities. They are mainly broker fees.

For the year ended 31st December 2017 these transaction fees amount to:

Sub-Fund CurrencyPurchases and Sales

transaction feesDepositary

transaction feesTotal

transaction feesIPM Global Equity Fund EUR 49,594 21,211 70,805IPM US Equity Fund* USD 6,011 7,882 13,893IPM Europe Equity Fund EUR 36,006 17,191 53,197

* IPM US Equity Fund is in liquidation since 9th June 2017.

Other transaction fees are mainly composed of fees relating to liquidation of transactions paid to the Depositary. These fees are included in Depositary fees in the statement of operations and other changes in net assets. Transaction fees included in the statement of operations and other changes in net assets on the IPM Global Equity Fund and the IPM Europe Equity Fund are related to charges on American Depositary Receipts ("ADRs").

Note 10 - Securities Lending

Income earned on securities lending throughout the year was the following:

Sub-Fund CurrencySecurities lending

income (gross)Direct and indirect

costs

Securities lending income

(net)IPM Global Equity Fund EUR 86,163 (21,824) 64,339IPM US Equity Fund* USD 3,164 (710) 2,454IPM Europe Equity Fund EUR 52,116 (12,448) 39,668

* IPM US Equity Fund is in liquidation since 9th June 2017.

IPM Umbrella Fund


56

Note 10 - Securities Lending (continued)

The value of the securities lent as at 31st December 2017 was as the following:

Sub-FundValue of securities

lent in EUR Collateral in EURIPM Global Equity Fund 5,961,825 6,292,705IPM Europe Equity Fund 3,381,331 3,568,994Total 9,343,156 9,861,699

Collateral consist of bonds issued or guaranteed by OECD member states or their local governments, authorities, instrumentalities or agencies.

Note 11 - Subsequent events

There were no material events subsequent to the year-end that require adjustment or disclosure in the notes to the financial statements.

IPM Umbrella Fund

Appendix 1 - Securities Financing Transactions and Re-use (Unaudited)as at 31st December 2017

57

The following information is presented with regard to Regulation (EU) 2015/2365 on transparency of securities financing and of re-use (“SFTR”).

IPM Global Equity Fund

Global Data

Securities on loan as a proportion of total lendable assets 8.93%

Assets engaged by SFT Type EUR % of Net AssetsSecurities lending 5,961,825 8.93%

Concentration Data

10 largest collateral issuers Collateral EURMORGAN STANLEY & CO. INTERNATIONAL PLC 1,368,244DEUTSCHE BANK AG, LONDON BRANCH 863,798CREDIT SUISSE AG, DUBLIN BRANCH 803,914BNP PARIBAS ARBITRAGE 548,300MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 521,437UBS AG, LONDON BRANCH 495,133HSBC BANK PLC 402,811J.P. MORGAN SECURITIES LLC 233,314BARCLAYS CAPITAL INC. 223,539CITIGROUP GLOBAL MARKETS INC. 212,697

10 largest securities lending counterpartiesSecurity Lending

EURMORGAN STANLEY & CO. INTERNATIONAL PLC 817,606MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 799,343DEUTSCHE BANK AG, LONDON BRANCH 704,171BNP PARIBAS ARBITRAGE 562,990CREDIT SUISSE AG, DUBLIN BRANCH 542,851UBS AG, LONDON BRANCH 456,714HSBC BANK PLC 400,419J.P. MORGAN SECURITIES LLC 358,411BARCLAYS CAPITAL INC. 334,152CREDIT SUISSE SECURITIES (USA) LLC 312,387

Aggregate Transaction Data

Collateral type (EUR’000): Government Bonds (6,293) (Aaa 4,620; Aa1 802; NR 681; Aa2 149; Aa 41)*

* Moody’s long-term credit rating

Maturity: <1 day1 day –1 week

1 week –1 month 1-3 months

3 months –1 year >1 year

Open maturity

Collateral (EUR) 6,292,705

Securities Lending

Collateral currency (EUR '000): USD (3,601); EUR (1,986); GBP (577); AUD (39); NOK (39); CAD (21); SEK (19); DKK (11)

Countries** of counterparties (EUR '000): UK (3,542); US (1,399); Ireland (804); France (548)Settlement & clearing type (EUR '000): Triparty (3,956); Bilateral (2,337)

**Country determined by domicile of the counterparty.

Reuse of Collateral

There is no re-use of collateral on securities lending.

IPM Umbrella Fund

Appendix 1 - Securities Financing Transactions and Re-use (Unaudited) (continued)as at 31st December 2017

58 59

IPM Global Equity Fund (continued)

Safekeeping – Collateral Received

Custodian Name Collateral kept EURChase Bank 3,905,682Northern Trust 2,336,987BNY Mellon 50,036

Return & Cost

Securities LendingFund Agent*

EUR % EUR %Return 86,163 79.8 21,824 20.2Cost 21,824 100.0

*Northern Trust Global Services Limited is the securities lending agent.

IPM Europe Equity Fund

Global Data

Securities on loan as a proportion of total lendable assets 12.69%

Assets engaged by SFT Type EUR % of Net AssetsSecurities lending 3,381,331 12.69%

Concentration Data

10 largest collateral issuers Collateral EURMORGAN STANLEY & CO. INTERNATIONAL PLC 776,018DEUTSCHE BANK AG, LONDON BRANCH 489,915CREDIT SUISSE AG, DUBLIN BRANCH 455,951BNP PARIBAS ARBITRAGE 455,951MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 295,740UBS AG, LONDON BRANCH 280,821HSBC BANK PLC 228,460J.P. MORGAN SECURITIES LLC 132,327BARCLAYS CAPITAL INC. 126,783CITIGROUP GLOBAL MARKETS INC. 120,634

10 largest securities lending counterpartiesSecurity Lending

EURMORGAN STANLEY & CO. INTERNATIONAL PLC 1,228,775CREDIT SUISSE AG, DUBLIN BRANCH 660,654DEUTSCHE BANK AG, LONDON BRANCH 571,976UBS AG, LONDON BRANCH 278,541BNP PARIBAS ARBITRAGE 253,971HSBC BANK PLC 132,052J.P. MORGAN SECURITIES PLC 63,548CREDIT SUISSE SECURITIES (EUROPE) LIMITED 60,112MERRILL LYNCH INTERNATIONAL 48,578CITIGROUP GLOBAL MARKETS LIMITED 40,713

IPM Umbrella Fund

Appendix 1 - Securities Financing Transactions and Re-use (Unaudited) (continued)as at 31st December 2017

58 59

IPM Europe Equity Fund (continued)

Aggregate Transaction Data

Collateral type (EUR’000): Government Bonds (3,569) (Aaa 2,621; Aa1 455; NR 386; Aa2 84; Aa 23)*

* Moody’s long-term credit rating

Maturity: <1 day1 day –1 week

1 week –1 month 1-3 months

3 months –1 year >1 year

Open maturity

Collateral (EUR) 3,568,994

Securities Lending

Collateral currency (EUR '000): USD (2,042); EUR (1,126); GBP (328); AUD (22); NOK (22); CAD (12); SEK (11); DKK (6)

Countries** of counterparties (EUR '000): UK (2,009); US (793); Ireland (456); France (311)Settlement & clearing type (EUR '000): Triparty (2,244); Bilateral (1,325)

**Country determined by domicile of the counterparty.

Reuse of Collateral

There is no re-use of collateral on securities lending.

Safekeeping – Collateral Received

Custodian Name Collateral kept EURChase Bank 2,215,161Northern Trust 1,325,454BNY Mellon 28,379

Return & Cost

Securities LendingFund Agent*

EUR % EUR %Return 52,116 80.7 12,448 19.3Cost 12,448 100.0

*Northern Trust Global Services Limited is the securities lending agent.

IPM Umbrella Fund

Appendix 2 - Supplementary Information (Unaudited)as at 31st December 2017

60

Risk Management

The global exposure determination methodology used for the risk monitoring of all the Sub-Funds is the commitment approach.

Remuneration Disclosures

Northern Trust Luxembourg Management Company S.A. (NTLMC) is the appointed UCITS Manager. The Management Company has a Board of Directors whose primary role is to ensure that all decisions related to the UCITS under management are taken for the best interests of investors. The Board has appointed and empowered the Conducting Officers to execute the duties as authorised managers of UCITS Manager. The Non-Independent Directors and Conducting Officers, all of whom are Northern Trust employees, are paid compensation which reflects their broader role and responsibilities within the organization rather than being remunerated specifically for their UCITS Manager duties.

NTLMC sets a fund framework (setting of the investment objective, the investment policies, the proposed investment strategies and investment limits including leverage, liquidity and credit) that achieves a necessary level of risk control over the delegate investment manager. This framework and the ongoing controls exercised by NTLMC ensure that no persons from the delegate investment manager have the capacity to exercise a material impact on the risk profile of the UCITS.

NTLMC seeks annual assurances from the delegate investment manager that they have an appropriate risk management focused remuneration policy in place or one that is in line with regulation which is equally effective as UCITS V. NTLMC follows up on a quarterly basis to review any changes.

This policy is reviewed and agreed annually by the Luxembourg Management Committee. During 2017 the policy was updated to reflect provisions in line with UCITS regulations. No other material changes have been made to the remuneration policy.

The details of the up-to-date remuneration policy of the Management Company is available at https://www.northerntrust.com/documents/funds/intl/remuneration-policy/ucits-v-remuneration-disclosure-ntlmc.pdf and a paper copy is available free of charge upon request from the registered office of the Management Company.

The total staff remuneration of the Management Company for the financial year ended 31 December 2017 was as follows:

Fixed remuneration1: EUR 8,648,957

Variable remuneration2: EUR 1,200,553

Number of beneficiaries3: 127

Fixed remuneration - identified staff/risk takers4: EUR 746,904

Variable remuneration - identified staff/risk takers4: EUR 299,612

1Fixed remuneration: consists of basic yearly salaries paid during the Management Company’s financial year 2017 including fixed annual allowances.

2Variable remuneration: consists of annual bonuses, overtime and other variable allowances paid during the Management Company’s financial year 2017.

3Number of beneficiaries: average number of employees for the period of the Management Company’s financial year 2017.

4Identified staff/risk takers: employees of the Management Company whose professional activities may have a material impact on the risk profile of the UCITS.

IPM Informed Portfolio Management ABMäster Samuelsgatan 6SE-111 44 StockholmSwedenwww.ipm.se

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