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Unaudited Semi‐Annual Report as at 30th June 2016

IPM Umbrella Fund Investment Company (SICAV), Luxembourg

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

Organisation ............................................................................................................................................................ 2

General information ................................................................................................................................................ 4

Combined statement of net assets ........................................................................................................................... 5

Combined statement of operations and other changes in net assets ........................................................................ 6

IPM Umbrella Fund ‐ IPM Global Equity Fund ........................................................................................................... 7 Statement of net assets .................................................................................................................................................. 7 Statement of operations and other changes in net assets.............................................................................................. 8 Statistical information ..................................................................................................................................................... 9 Statement of investments and other net assets ........................................................................................................... 10 Industrial and geographical classification of investments............................................................................................. 25

IPM Umbrella Fund ‐ IPM US Equity Fund ............................................................................................................... 27 Statement of net assets ................................................................................................................................................ 27 Statement of operations and other changes in net assets............................................................................................ 28 Statistical information ................................................................................................................................................... 29 Statement of investments and other net assets ........................................................................................................... 31 Industrial and geographical classification of investments............................................................................................. 40

IPM Umbrella Fund ‐ IPM Europe Equity Fund ........................................................................................................ 41 Statement of net assets ................................................................................................................................................ 41 Statement of operations and other changes in net assets............................................................................................ 42 Statistical information ................................................................................................................................................... 43 Statement of investments and other net assets ........................................................................................................... 45 Industrial and geographical classification of investments............................................................................................. 55

Notes to the financial statements .......................................................................................................................... 57

1

IPM Umbrella Fund

Organisation

Registered office 6, rue Lou Hemmer L‐1748 Senningerberg Grand Duchy of Luxembourg Board of Directors of the Fund Cormac BYRNE Executive Director KB Associates Offshore Fund Consulting 5, George’s Dock I.F.S.C Dublin 1 Ireland Olivier NOEL Deputy Managing Director ‐ Chief Operating Officer Northern Trust Luxembourg Management Company S.A. 6, rue Lou Hemmer L‐1748 Senningerberg Grand Duchy of Luxembourg Martin MÅNSSON

Executive Director, 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 of the 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 David Williams (resigned on 16th February 2016) 52‐54 Townsend Street Dublin 2 Ireland

2

IPM Umbrella Fund

Organisation (continued)

Board of Directors of the Management Company (continued) Mark AUSTIN 50 Bank Street London E14 5NT United Kingdom Fiona Horsewill 50 Bank Street London E14 5NT United Kingdom Patrick Zurstrassen (as from 12th May 2016) Lombard Odier Funds Europe S.A. 291, Route d’Arlon L‐1150 Luxembourg Grand Duchy of Luxembourg Douglas Gee (as from 4th March 2016) 50 Bank Street London E14 5NT United Kingdom Depositary and Paying Agent Northern Trust Global Services Limited (Luxembourg Branch) 6, 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

3

IPM Umbrella Fund

General Information as at 30th June 2016

IPM Umbrella Fund (the "Fund") is an open‐ended investment company incorporated under the laws of the Grand Duchy of Luxembourg as a "Société d’Investissement à 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 has been incorporated under the name of "IPM Fundamental Index Umbrella Fund" on 30th March 2007 for an unlimited period. The Articles have been 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 Fund Equity Fund in EUR - IPM Global Equity Fund in EUR - IPM US Equity Fund in USD

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","IC‐C"*, "IA‐D", "IB‐D" and "IC‐D"* 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 "RA‐C"*, "RC‐C"*, "RD‐C" and "RA‐D"* 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 Custodian Bank and Paying Agent.

4

IPM Umbrella Fund

Combined statement of net assets (in EUR)as at 30th June 2016

Assets NotesSecurities portfolio at market value 1b 120,170,317 Cash at bank 1e 629,303 Income receivable on portfolio 172,992 Receivable on sale of securities 251 Prepaid expenses 3,329

Total assets 120,976,192

LiabilitiesInterest on bank liabilities and expenses payable 270,666

Total liabilities 270,666

Net assets at the end of the period 120,705,526

The accompanying notes are an integral part of these financial statements

5

IPM Umbrella Fund

Combined statement of operations and other changes in net assets (in EUR)for the period ended 30th June 2016

Income NotesDividends, net 1h 1,890,678 Interest on bank accounts 2,373 Other income 1j, 11 99,083 Total income 1,992,134

ExpensesInvestment Management fees 3 (163,105) Management Company and Administration fees 4 (139,748) Other Professional fees (46,196) Subscription duty ("taxe d'abonnement") 7 (4,420) Depositary fees and Paying Agent fees 6 (25,999) Audit fees (28,566) Directors fees (9,222) Interest paid on bank liabilities (1,239) Transaction fees 10 (394) Other expenses (18,770) Total expenses (437,659)

Net investment income 1,554,475

Net realised gain/(loss)‐ on securities portfolio (435,560) ‐ on foreign exchange (5,653) ‐ on forward foreign exchange contracts 1,113

Realised result 1,114,375

Net variation of the unrealised gain/(loss)‐ on securities portfolio (4,745,591) ‐ on foreign exchange (2,078)

Result of operations (3,633,294)

Subscriptions 66,163 Redemptions (2,849,287)

Total changes in net assets (6,416,418)

Total net assets at the beginning of the period 127,745,292

Revaluation difference (623,348)

Total net assets at the end of the period 120,705,526


6

IPM Umbrella Fund - IPM Global Equity Fund

Statement of net assets (in EUR)as at 30th June 2016

Assets Notes

Securities portfolio at market value 1b 53,708,925

Cash at bank 1e 302,367

Income receivable on portfolio 80,208

Prepaid expenses 1,733


Liabilities

Interest on bank liabilities and expenses payable 133,284



Number of Class IA - C (EUR) Shares outstanding 255,278.908

Net Asset Value per Share Class IA - C (EUR) 210.96

Number of Class RD - C (SEK) Shares outstanding 7,772.633

Net Asset Value per Share Class RD - C (SEK) 13.71


7


Statement of operations and other changes in net assets (in EUR)for the period ended 30th June 2016

Income Notes

Dividends, net 1h 748,941

Other income 1j, 11 35,245

Total income 784,186

Expenses

Investment Management fees 3 (105,849)

Management Company and Administration fees 4 (49,015)

Other Professional fees (24,246)

Subscription duty ("taxe d'abonnement") 7 (1,931)

Depositary fees and Paying Agent fees 6 (14,107)

Audit fees (14,767)

Directors fees (3,116)

Interest paid on bank liabilities (773)

Transaction fees 10 (237)

Other expenses (8,419)

Total expenses (222,460)

Net investment income 561,726

Net realised gain/(loss)

- on securities portfolio 871,673

- on foreign exchange (1,216)

- on forward foreign exchange contracts 678


Net variation of the unrealised gain/(loss)

- on securities portfolio (3,060,668)

- on foreign exchange 141


Subscriptions 6,700

Redemptions (2,488,876)





8


Statistical information (in EUR)as at 30th June 2016

Total net assets

- as at 30.06.2016 53,959,949

- as at 31.12.2015 58,069,791

- as at 31.12.2014 95,776,117

- as at 31.12.2013 124,869,642

Number of Share Class IA - C (EUR)

- outstanding at the beginning of the period 267,331.123

- issued (12,052.215)

- outstanding at the end of the period 255,278.908

Net Asset Value per Share Class IA - C (EUR)

- as at 30.06.2016 210.96

- as at 31.12.2015 216.80

- as at 31.12.2014 202.45

- as at 31.12.2013 171.67

Net Asset Value per Share Class IB - C (EUR)

- as at 30.06.2016 -

- as at 31.12.2015 -

- as at 31.12.2014 110.89

- as at 31.12.2013 -

Net Asset Value per Share Class IC - C (EUR)

- as at 30.06.2016 -

- as at 31.12.2015 -

- as at 31.12.2014 -

- as at 31.12.2013 153.70

Number of Share Class RD - C (SEK)


- issued (650.222)

- redeemed 504.253


Net Asset Value per Share Class RD - C (SEK)

- as at 30.06.2016 13.71

- as at 31.12.2015 14.13

- as at 31.12.2014 13.28

- as at 31.12.2013 11.33


9


Statement of investments and other net assets (in EUR)

as at 30th June 2016

Currency

Number/

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 Dollar

AUD 1,190 Shopping Centres Australasia Property Group 781 1,819 -

AUD 15,348 Stockland 38,652 48,451 0.09

AUD 8,694 Westfield Corp 37,818 62,058 0.12

Total Australian Dollar 77,251 112,328 0.21

Euro

EUR 225 Unibail-Rodamco SE 43,889 52,571 0.10

Total Euro 43,889 52,571 0.10

Pound Sterling

GBP 1,728 Land Securities Group PLC 12,861 21,604 0.04

Total Pound Sterling 12,861 21,604 0.04

US Dollar

USD 5,100 American Capital Agency Corp 89,015 90,987 0.17

USD 13,900 Annaly Capital Management Inc Class I 125,827 138,506 0.26

USD 1,800 Equity Residential 99,520 111,602 0.21

USD 1,600 Prologis Inc 51,213 70,628 0.13

USD 400 Simon Property Group Inc 42,265 78,095 0.14

USD 800 WP Glimcher Inc 10,529 8,058 0.01

Total US Dollar 418,369 497,876 0.92

Total REITs 552,370 684,379 1.27

Rights issue

Euro

EUR 1,156 Banco Popolare SC Rts - 301 -

Total Euro - 301 -

Total rights issue - 301 -

Shares

Australian Dollar

AUD 12,798 AMP Ltd 49,842 44,261 0.08

AUD 6,334 Australia & New Zealand Banking Group Ltd 111,714 102,396 0.19

AUD 9,500 BHP Billiton Ltd 231,370 118,749 0.22

AUD 8,268 BlueScope Steel Ltd 32,905 35,300 0.07

AUD 2,930 Commonwealth Bank of Australia 119,811 146,047 0.27

AUD 12,448 Insurance Australia Group Ltd 39,702 45,470 0.08

AUD 1,946 Macquarie Group Ltd 67,575 89,865 0.17

AUD 2,594 National Australia Bank Ltd 48,330 44,212 0.08

AUD 5,296 Origin Energy Ltd 18,127 20,410 0.04

AUD 13,146 QBE Insurance Group Ltd 96,095 91,898 0.17

AUD 92,688 South32 Ltd 108,980 95,669 0.18


10


Statement of investments and other net assets (in EUR) (continued)


Currency

Number/


% of Total

Net Assets

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

Shares (continued)

Australian Dollar (continued)

AUD 6,923 Sydney Airport 16,678 32,202 0.06

AUD 3,240 Westpac Banking Corp 57,575 63,844 0.12

AUD 2,100 Woodside Petroleum Ltd 52,643 37,777 0.07

AUD 5,647 Woolworths Ltd 111,058 79,065 0.15

Total Australian Dollar 1,162,405 1,047,165 1.95

Canadian Dollar

CAD 1,500 Alimentation Couche-Tard Inc Class B 52,291 57,680 0.11

CAD 1,619 Bank of Montreal 76,282 91,959 0.17

CAD 2,439 Bank of Nova Scotia 84,795 107,024 0.20

CAD 26,100 Bombardier Inc Class B 39,291 35,095 0.07

CAD 2,550 Brookfield Asset Management Inc Class A 90,596 75,539 0.14

CAD 1,100 Canadian Imperial Bank of Commerce/Canada 68,202 73,984 0.14

CAD 2,200 Canadian Natural Resources Ltd 66,034 60,779 0.11

CAD 3,900 Cenovus Energy Inc 64,584 48,304 0.09

CAD 1,400 Encana Corp 11,643 9,752 0.02

CAD 200 Fairfax Financial Holdings Ltd 95,995 96,456 0.18

CAD 400 George Weston Ltd 13,503 30,998 0.06

CAD 10,300 Goldcorp Inc 144,835 176,475 0.33

CAD 3,195 Husky Energy Inc 37,120 34,922 0.06

CAD 2,948 Magna International Inc 20,784 92,662 0.17

CAD 1,070 National Bank of Canada 17,249 32,772 0.06

CAD 8,600 Power Corp of Canada 159,413 163,918 0.30

CAD 800 Power Financial Corp 16,530 16,440 0.03

CAD 44 PrairieSky Royalty Ltd 887 748 -

CAD 3,556 Royal Bank of Canada 163,613 188,153 0.35

CAD 1,800 Sun Life Financial Inc 33,625 52,947 0.10

CAD 3,286 Suncor Energy Inc 74,315 81,627 0.15

CAD 22,200 Teck Resources Ltd Class B 151,329 261,730 0.49

CAD 1,000 Thomson Reuters Corp 17,953 36,228 0.07

CAD 5,775 Toronto-Dominion Bank 176,902 222,068 0.41

Total Canadian Dollar 1,677,771 2,048,260 3.81

Danish Krone

DKK 116 AP Moeller - Maersk A/S Class B 130,997 135,727 0.25

DKK 3,185 Novo Nordisk A/S Class B 57,381 153,303 0.28

Total Danish Krone 188,378 289,030 0.53

Euro

EUR 768 Accor SA 27,504 26,642 0.05

EUR 637 Adidas AG Class A 47,575 81,823 0.15

EUR 8,371 Aegon NV 38,507 29,550 0.05

EUR 469 Ageas 12,834 14,532 0.03

EUR 1,854 Airbus Group SE 106,335 95,907 0.18

EUR 701 Akzo Nobel NV 42,053 39,515 0.07

EUR 1,565 Allianz SE 185,416 200,007 0.37


11




Currency

Number/


% of Total

Net Assets


Shares (continued)

Euro (continued)

EUR 501 Anheuser-Busch InBev SA/NV 37,482 58,918 0.11

EUR 298 APERAM SA 5,525 9,403 0.02

EUR 22,513 ArcelorMittal 162,147 92,101 0.17

EUR 4,052 Assicurazioni Generali SpA 61,099 42,749 0.08

EUR 867 Atos SE 54,630 64,618 0.12

EUR 7,553 AXA SA 109,983 134,481 0.25

EUR 4,400 Banca Monte dei Paschi di Siena SpA 211,074 1,668 -

EUR 3,800 Banca Popolare di Milano Scarl 18,705 1,400 -

EUR 14,330 Banco Bilbao Vizcaya Argentaria SA 120,000 72,567 0.13

EUR 21,714 Banco Comercial Portugues SA 19,146 395 -

EUR 19,447 Banco de Sabadell SA 29,633 22,928 0.04

EUR 1,156 Banco Popolare SC 60,082 2,478 -

EUR 1,976 Banco Popular Espanol SA 26,546 2,274 -

EUR 32,359 Banco Santander SA 206,166 110,959 0.21

EUR 964 BASF SE 45,694 66,169 0.12

EUR 1,053 Bayer AG 87,012 94,770 0.18

EUR 3,120 BNP Paribas SA 143,959 124,036 0.23

EUR 3,986 Bouygues SA 121,438 103,357 0.19

EUR 8,504 CaixaBank SA 23,057 16,727 0.03

EUR 2,841 Carrefour SA 66,548 63,099 0.12

EUR 623 Christian Dior SE 96,772 90,210 0.17

EUR 164 Cie de Saint-Gobain 6,184 5,634 0.01

EUR 1,473 Cie Generale des Etablissements Michelin 60,931 125,514 0.23

EUR 1,146 CNP Assurances 18,965 15,259 0.03

EUR 6,595 Commerzbank AG Class A 90,463 38,409 0.07

EUR 404 Continental AG Class A 76,860 68,397 0.13

EUR 1,086 CRH PLC 20,726 28,236 0.05

EUR 995 Danone SA 50,239 63,093 0.12

EUR 1,601 Delhaize Group 104,244 151,343 0.28

EUR 18,874 Deutsche Bank AG 443,349 232,622 0.43

EUR 448 Deutsche Boerse AG Class A 25,101 32,946 0.06

EUR 3,301 Deutsche Post AG 49,699 83,103 0.15

EUR 11,566 Deutsche Telekom AG 137,777 176,728 0.33

EUR 9,797 E.ON SE 127,664 88,428 0.16

EUR 1,468 Edenred 18,370 27,151 0.05

EUR 49,085 Enel SpA 187,403 195,358 0.36

EUR 5,511 Engie SA 117,011 79,965 0.15

EUR 8,351 Eni SpA 142,751 121,257 0.22

EUR 2,408 EXOR SpA 101,203 79,416 0.15

EUR 618 Ferrari NV 13,503 22,650 0.04

EUR 3,096 Ferrovial SA 53,202 53,979 0.10

EUR 5,652 Fiat Chrysler Automobiles NV 37,592 31,058 0.06

EUR 144 Groupe Fnac SA 753 7,003 0.01

EUR 513 HeidelbergCement AG Class A 14,718 34,612 0.06

EUR 1,530 Henkel AG & Co KGaA 82,492 167,612 0.31

EUR 16,117 Iberdrola SA 79,817 98,104 0.18


12




Currency

Number/


% of Total

Net Assets


Shares (continued)

Euro (continued)

EUR 1,903 Industria de Diseno Textil SA 31,202 56,919 0.11

EUR 10,419 ING Groep NV 92,679 95,636 0.18

EUR 41,103 Intesa Sanpaolo SpA 86,700 69,957 0.13

EUR 1,044 KBC Group NV 42,031 45,852 0.08

EUR 5,765 Koninklijke Ahold NV 80,391 114,724 0.21

EUR 39,575 Koninklijke KPN NV 119,898 128,817 0.24

EUR 4,523 Koninklijke Philips NV 99,968 101,293 0.19

EUR 5,651 Leonardo-Finmeccanica SpA 42,911 51,198 0.09

EUR 62 Linde AG Class A 9,042 7,772 0.01

EUR 430 LVMH Moet Hennessy Louis Vuitton SE 69,393 58,480 0.11

EUR 8,684 Mapfre SA 25,544 17,003 0.03

EUR 4,937 Mediaset SpA 20,398 15,463 0.03

EUR 494 Merck KGaA 35,229 44,979 0.08

EUR 1,611 METRO AG Class A 43,327 44,254 0.08

EUR 517 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen77,876 77,679 0.14

EUR 2,188 NN Group NV 62,366 54,251 0.10

EUR 22,798 Nokia OYJ - FH 120,314 116,384 0.22

EUR 12,553 Nokia OYJ - TQ 43,455 63,857 0.12

EUR 7,303 OMV AG Class A 183,638 184,145 0.34

EUR 2,000 Orange SA 26,811 29,310 0.05

EUR 417 OSRAM Licht AG Class A 8,596 19,407 0.04

EUR 584 Pernod Ricard SA 27,268 58,458 0.11

EUR 2,850 Peugeot SA 24,953 30,823 0.06

EUR 3,691 PostNL NV 21,407 13,587 0.03

EUR 1,329 Proximus SADP 37,026 37,843 0.07

EUR 1,064 Publicis Groupe SA 63,356 64,404 0.12

EUR 1,378 Renault SA 66,199 94,310 0.17

EUR 4,516 Repsol SA 42,023 51,528 0.10

EUR 2,130 Rexel SA 25,184 24,101 0.04

EUR 382 Rizzoli Corriere Della Sera Mediagroup SpA 206 307 -

EUR 5,055 RWE AG Class A 123,561 71,730 0.13

EUR 1,020 Safran SA 59,991 62,138 0.12

EUR 6,559 Saipem SpA 72,181 2,351 -

EUR 502 Salzgitter AG Class A 25,544 11,890 0.02

EUR 2,521 Sanofi 128,064 188,873 0.35

EUR 714 Schneider Electric SE 40,379 37,885 0.07

EUR 2,739 Siemens AG 228,029 251,468 0.47

EUR 2,916 Societe Generale SA 100,512 82,260 0.15

EUR 254 Sodexo SA 10,407 24,577 0.05

EUR 1,489 Solvay SA 117,211 124,153 0.23

EUR 10,548 Stora Enso OYJ 73,844 75,735 0.14

EUR 1,611 Technip SA 81,545 78,641 0.15

EUR 20,110 Telecom Italia SpA/Milano 20,325 14,781 0.03

EUR 3,166 Telefonica SA 36,780 26,784 0.05

EUR 4,625 Thyssenkrupp AG Class A 76,521 83,296 0.15

EUR 8,452 TOTAL SA 368,373 366,648 0.68


13




Currency

Number/


% of Total

Net Assets


Shares (continued)

Euro (continued)

EUR 1,000 Umicore SA 29,915 46,270 0.09

EUR 3,557 UniCredit SpA 19,667 7,007 0.01

EUR 374 Unipol Gruppo Finanziario SpA 36,496 788 -

EUR 1,383 Valeo SA 61,423 55,500 0.10

EUR 2,839 Valmet OYJ 6,270 33,926 0.06

EUR 7,786 Veolia Environnement SA 122,575 151,593 0.28

EUR 2,942 Vinci SA 119,887 187,376 0.35

EUR 4,655 Vivendi SA 69,308 78,670 0.15

EUR 1,555 Volkswagen AG Class A 213,951 187,222 0.35

Total Euro 8,100,089 7,715,463 14.27

Hong Kong Dollar

HKD 25,500 BOC Hong Kong Holdings Ltd 55,334 68,641 0.13

HKD 3,000 Cheung Kong Property Holdings Ltd 6,175 16,847 0.03

HKD 3,000 CK Hutchison Holdings Ltd 15,469 29,430 0.05

HKD 5,000 CLP Holdings Ltd 27,967 45,831 0.08

HKD 2,100 Hang Seng Bank Ltd 20,497 32,236 0.06

HKD 2,500 Power Assets Holdings Ltd 10,252 20,609 0.04

HKD 7,521 Sun Hung Kai Properties Ltd 43,599 81,199 0.15

HKD 2,000 Swire Pacific Ltd Class A 8,001 20,328 0.04

HKD 5,950 Swire Properties Ltd 4,074 14,187 0.03

Total Hong Kong Dollar 191,368 329,308 0.61

Israeli Shekel

ILS 1,440 Teva Pharmaceutical Industries Ltd 61,196 65,127 0.12

Total Israeli Shekel 61,196 65,127 0.12

Japanese Yen

JPY 3,667 Aeon Co Ltd 29,033 51,029 0.09

JPY 400 Asahi Group Holdings Ltd 5,355 11,603 0.02

JPY 7,000 Asahi Kasei Corp 33,562 43,484 0.08

JPY 3,100 Astellas Pharma Inc 16,020 43,519 0.08

JPY 2,200 Bridgestone Corp 73,800 63,101 0.12

JPY 1,900 Canon Inc 51,258 48,553 0.09

JPY 300 Central Japan Railway Co Class C 20,560 47,709 0.09

JPY 8,700 Chubu Electric Power Co Inc 116,779 110,570 0.20

JPY 7,000 Dai Nippon Printing Co Ltd 53,759 69,710 0.13

JPY 2,000 Daihatsu Motor Co Ltd 13,833 23,216 0.04

JPY 3,800 Dai-ichi Life Insurance Co Ltd 43,223 37,576 0.07

JPY 3,100 Daiichi Sankyo Co Ltd 60,692 67,278 0.12

JPY 1,000 Daikin Industries Ltd 54,417 74,702 0.14

JPY 700 Daito Trust Construction Co Ltd 68,834 102,200 0.19

JPY 5,800 Daiwa House Industry Co Ltd 91,184 151,753 0.28

JPY 4,000 Daiwa Securities Group Inc 22,950 18,864 0.03

JPY 800 Denso Corp 20,195 25,108 0.05

JPY 400 Dentsu Inc 14,860 16,741 0.03


14




Currency

Number/


% of Total

Net Assets


Shares (continued)

Japanese Yen (continued)

JPY 1,100 East Japan Railway Co Class C 62,903 91,042 0.17

JPY 1,000 Eisai Co Ltd 54,156 49,907 0.09

JPY 100 FANUC Corp 13,090 14,508 0.03

JPY 3,600 FUJIFILM Holdings Corp 71,265 124,578 0.23

JPY 12,000 Fujitsu Ltd 40,212 39,378 0.07

JPY 1,300 Hitachi High-Technologies Corp Class C 16,478 31,721 0.06

JPY 3,000 Hitachi Ltd 12,804 11,158 0.02

JPY 800 Hoya Corp 11,374 25,508 0.05

JPY 4,000 Idemitsu Kosan Co Ltd 61,592 77,633 0.14

JPY 2,200 Inpex Corp 23,792 15,315 0.03

JPY 2,000 Isuzu Motors Ltd 3,992 21,909 0.04

JPY 3,200 ITOCHU Corp 27,365 34,801 0.06

JPY 500 Japan Tobacco Inc 5,963 18,000 0.03

JPY 1,900 JFE Holdings Inc 24,034 21,922 0.04

JPY 21,200 JX Holdings Inc 80,119 74,162 0.14

JPY 3,100 Kao Corp 110,761 161,266 0.30

JPY 900 KDDI Corp 6,709 24,582 0.05

JPY 2,900 Kirin Holdings Co Ltd 34,897 43,841 0.08

JPY 30,000 Kobe Steel Ltd 27,677 21,847 0.04

JPY 2,000 Kubota Corp 9,898 23,997 0.04

JPY 700 Kyocera Corp 25,583 29,739 0.06

JPY 1,700 Kyushu Electric Power Co Inc 14,648 15,244 0.03

JPY 5,300 Mitsubishi Corp 72,971 83,146 0.15

JPY 4,000 Mitsubishi Electric Corp 27,144 42,396 0.08

JPY 4,000 Mitsubishi Estate Co Ltd 68,700 65,735 0.12

JPY 13,000 Mitsubishi Heavy Industries Ltd 38,794 46,469 0.09

JPY 8,000 Mitsubishi Materials Corp 19,186 17,057 0.03

JPY 18,500 Mitsubishi UFJ Financial Group Inc 85,722 74,002 0.14

JPY 6,100 Mitsui & Co Ltd 57,367 64,949 0.12

JPY 3,000 Mitsui Fudosan Co Ltd 53,695 61,370 0.11

JPY 110,200 Mizuho Financial Group Inc 154,000 143,391 0.27

JPY 2,500 MS&AD Insurance Group Holdings Inc 58,406 57,503 0.11

JPY 13,000 NEC Corp 26,607 27,033 0.05

JPY 1,000 Nikon Corp 7,813 12,161 0.02

JPY 5,100 Nippon Telegraph & Telephone Corp 125,531 214,789 0.40

JPY 4,700 NTT DOCOMO Inc 77,303 114,085 0.21

JPY 7,900 ORIX Corp 76,197 90,664 0.17

JPY 16,000 Osaka Gas Co Ltd 52,503 55,087 0.10

JPY 11,600 Panasonic Corp 93,323 89,667 0.17

JPY 11,900 Resona Holdings Inc 52,512 38,841 0.07

JPY 600 Rohm Co Ltd 20,161 21,084 0.04

JPY 3,000 Sekisui House Ltd 18,639 46,840 0.09

JPY 1,600 Seven & i Holdings Co Ltd 39,232 60,099 0.11

JPY 2,000 Shin-Etsu Chemical Co Ltd 79,042 104,622 0.19

JPY 3,300 Shiseido Co Ltd 54,807 76,353 0.14

JPY 100 SoftBank Group Corp 3,285 5,079 0.01


15




Currency

Number/


% of Total

Net Assets


Shares (continued)

Japanese Yen (continued)

JPY 2,200 Sony Corp 28,751 57,677 0.11

JPY 4,000 Sumitomo Chemical Co Ltd 20,611 14,670 0.03

JPY 4,100 Sumitomo Electric Industries Ltd 22,702 48,223 0.09

JPY 4,700 Sumitomo Mitsui Financial Group Inc 157,697 120,663 0.22

JPY 9,940 Sumitomo Mitsui Trust Holdings Inc 32,388 28,763 0.05

JPY 500 Suzuki Motor Corp 10,781 12,080 0.02

JPY 6,000 Taisei Corp 9,102 44,116 0.08

JPY 5,000 Tohoku Electric Power Co Inc 56,181 56,461 0.10

JPY 3,300 Tokio Marine Holdings Inc 77,250 97,489 0.18

JPY 15,000 Tokyo Gas Co Ltd 61,532 55,329 0.10

JPY 83,000 Toshiba Corp 170,398 201,287 0.37

JPY 900 Toyota Motor Corp 39,952 39,894 0.07

JPY 3,200 Toyota Tsusho Corp 61,478 61,376 0.11

JPY 800 West Japan Railway Co Class C 30,467 45,393 0.08

Total Japanese Yen 3,671,856 4,474,617 8.25

Korean Won

KRW 389 BNK Financial Group Inc 5,425 2,453 -

KRW 743 Hana Financial Group Inc 21,976 13,500 0.03

KRW 1,037 Hyundai Heavy Industries Co Ltd 102,784 85,495 0.16

KRW 168 Hyundai Motor Co Class C 20,313 17,789 0.03

KRW 1,299 KB Financial Group Inc 45,633 33,093 0.06

KRW 1,472 Korea Electric Power Corp 57,190 69,479 0.13

KRW 386 KT Corp 10,443 8,944 0.02

KRW 399 Kwangju Bank 3,240 2,713 0.01

KRW 6,058 LG Display Co Ltd 118,958 124,981 0.23

KRW 272 Samsung C&T Corp 41,764 26,145 0.05

KRW 456 Samsung Electronics Co Ltd 305,536 507,796 0.94

KRW 3,637 Shinhan Financial Group Co Ltd 100,802 108,003 0.20

KRW 550 SK Innovation Co Ltd 61,840 60,388 0.11

KRW 5,260 Woori Bank 49,759 39,132 0.07

Total Korean Won 945,663 1,099,911 2.04

Norwegian Krone

NOK 2,000 Akastor ASA 2,667 1,999 -

NOK 2,000 Aker Solutions ASA 7,440 7,637 0.01

NOK 3,129 DNB ASA 11,184 33,440 0.06

NOK 13,620 Norsk Hydro ASA 47,082 44,421 0.08

NOK 4,400 Orkla ASA 20,185 34,953 0.06

NOK 27,550 Seadrill Ltd 70,955 79,304 0.15

NOK 10,641 Statoil ASA 150,829 164,943 0.31

NOK 3,180 Telenor ASA 31,756 47,069 0.09

Total Norwegian Krone 342,098 413,766 0.76


16




Currency

Number/


% of Total

Net Assets


Shares (continued)

Pound Sterling

GBP 18,404 Anglo American PLC 293,586 160,975 0.30

GBP 3,740 Antofagasta PLC 19,285 20,953 0.04

GBP 4,016 AstraZeneca PLC 190,367 215,865 0.40

GBP 18,177 Aviva PLC 82,481 86,155 0.16

GBP 18,423 BAE Systems PLC 63,756 116,162 0.22

GBP 54,684 Barclays PLC 169,691 91,200 0.17

GBP 86,331 BP PLC 464,362 455,157 0.84

GBP 2,110 British American Tobacco PLC 57,067 122,961 0.23

GBP 12,057 BT Group PLC 18,313 59,483 0.11

GBP 721 Carnival PLC 11,461 28,717 0.05

GBP 27,036 Centrica PLC 79,412 73,360 0.14

GBP 3,979 Compass Group PLC 15,864 68,084 0.13

GBP 2,631 Diageo PLC 26,551 66,056 0.12

GBP 10,644 GlaxoSmithKline PLC 162,736 205,502 0.38

GBP 63,788 Glencore PLC 166,965 117,321 0.22

GBP 7,724 Home Retail Group PLC 19,739 14,211 0.03

GBP 43,241 HSBC Holdings PLC 333,718 242,415 0.45

GBP 533 Imperial Brands PLC 14,794 25,997 0.05

GBP 1,725 Indivior PLC 1,234 5,212 0.01

GBP 12,575 J Sainsbury PLC 42,387 35,150 0.07

GBP 22,469 Ladbrokes PLC 37,915 30,173 0.06

GBP 27,871 Legal & General Group PLC 24,476 63,955 0.12

GBP 50,561 Lloyds Banking Group PLC 55,586 32,890 0.06

GBP 2 Lonmin PLC 384 5 -

GBP 6,269 Man Group PLC 21,267 8,728 0.02

GBP 6,342 Marks & Spencer Group PLC 18,485 24,321 0.05

GBP 5,686 National Grid PLC 36,878 74,988 0.14

GBP 4,823 Prudential PLC 20,584 72,950 0.14

GBP 1,182 Reckitt Benckiser Group PLC 37,165 106,530 0.20

GBP 8,745 Rolls-Royce Holdings PLC 33,543 74,870 0.14

GBP 12,955 Royal Bank of Scotland Group PLC 55,949 26,750 0.05

GBP 28,929 Royal Dutch Shell PLC Class A 671,433 712,737 1.32

GBP 6,626 RSA Insurance Group PLC 54,834 39,825 0.07

GBP 4,573 SSE PLC 69,549 85,511 0.16

GBP 7,496 Standard Chartered PLC 82,415 50,926 0.09

GBP 5,440 Standard Life PLC 17,980 19,219 0.04

GBP 47,370 Tesco PLC 146,015 99,693 0.18

GBP 12,600 Thomas Cook Group PLC 24,309 9,529 0.02

GBP 4,555 Unilever PLC 104,793 196,165 0.36

GBP 54,980 Vodafone Group PLC 148,683 150,607 0.28

GBP 16,559 Wm Morrison Supermarkets PLC 50,157 37,340 0.07

GBP 1,137 Wolseley PLC 17,566 52,947 0.10

GBP 5,964 WPP PLC 26,778 111,378 0.21

Total Pound Sterling 3,990,513 4,292,973 8.00


17




Currency

Number/


% of Total

Net Assets


Shares (continued)

Singapore Dollar

SGD 3,400 Singapore Airlines Ltd 18,912 24,240 0.04

Total Singapore Dollar 18,912 24,240 0.04

Swedish Krona

SEK 1,840 Atlas Copco AB Class B 37,173 38,744 0.07

SEK 2,216 Investor AB Class B 83,839 66,131 0.12

SEK 6,318 Nordea Bank AB Class A 28,389 47,589 0.09

SEK 2,600 Skanska AB Class B 22,747 48,449 0.09

SEK 3,527 SKF AB Class B 56,227 50,248 0.09

SEK 3,359 Svenska Handelsbanken AB Class A 14,831 36,328 0.07

SEK 1,441 Swedbank AB Class A 5,091 26,898 0.05

SEK 8,239 Telefonaktiebolaget LM Ericsson Class B 67,051 56,282 0.10

SEK 11,801 Telia Co AB Class A 44,420 49,798 0.09

SEK 16,427 Volvo AB Class B 117,259 144,851 0.27

Total Swedish Krona 477,027 565,318 1.04

Swiss Franc

CHF 9,423 ABB Ltd 156,331 166,469 0.31

CHF 1,050 Adecco Group AG 59,575 47,431 0.09

CHF 185 Baloise Holding AG 7,693 18,495 0.03

CHF 11,426 Credit Suisse Group AG 222,825 108,845 0.20

CHF 1,577 LafargeHolcim Ltd 66,032 59,071 0.11

CHF 3,573 Nestle SA 171,219 248,096 0.46

CHF 1,483 Novartis AG 54,138 109,825 0.20

CHF 2,550 Petroplus Holdings AG Class A 34,740 71 -

CHF 652 Roche Holding AG 111,875 154,282 0.29

CHF 414 Swiss Life Holding AG 70,047 85,647 0.16

CHF 2,088 Swiss Re AG Class A 100,313 163,504 0.30

CHF 428 Syngenta AG 157,594 147,941 0.27

CHF 2,616 UBS Group AG 36,456 30,383 0.06

CHF 168 Zurich Insurance Group AG Class A 30,004 37,161 0.07

Total Swiss Franc 1,278,842 1,377,221 2.55

US Dollar

USD 1,000 3M Co Class C 59,692 157,631 0.29

USD 2,300 Abbott Laboratories 63,163 81,384 0.15

USD 1,200 AbbVie Inc 24,564 66,873 0.12

USD 1,800 Accenture PLC Class A 75,002 183,556 0.34

USD 2,500 Activision Blizzard Inc 39,612 89,180 0.17

USD 200 Adobe Systems Inc 13,670 17,245 0.03

USD 1,376 Aetna Inc 99,604 151,268 0.28

USD 1,755 Aflac Inc 61,768 113,993 0.21

USD 493 AGCO Corp 16,127 20,915 0.04

USD 5,500 Alcoa Inc 50,622 45,893 0.09

USD 565 Allstate Corp 12,527 35,575 0.07

USD 6,500 Ally Financial Inc 120,347 99,874 0.19


18




Currency

Number/


% of Total

Net Assets


Shares (continued)

US Dollar (continued)

USD 400 Alphabet Inc Class A 105,704 253,308 0.47

USD 100 Alphabet Inc Class C 67,070 62,298 0.12

USD 3,153 Altria Group Inc 50,555 195,716 0.36

USD 284 Amazon.com Inc 40,550 182,939 0.34

USD 700 Ameren Corp 13,210 33,760 0.06

USD 1,000 American Electric Power Co Inc 36,582 63,090 0.12

USD 500 American Express Co Class C 16,668 27,346 0.05

USD 3,900 American International Group Inc 119,169 185,671 0.34

USD 1,200 Ameriprise Financial Inc 71,693 97,052 0.18

USD 1,048 AmerisourceBergen Corp 27,755 74,825 0.14

USD 1,300 Amgen Inc 53,509 178,041 0.33

USD 611 Anadarko Petroleum Corp 39,394 29,286 0.05

USD 1,536 Anthem Inc 70,039 181,591 0.34

USD 900 Aon PLC 23,244 88,489 0.16

USD 3,000 Apache Corp 143,047 150,331 0.28

USD 6,225 Apple Inc 335,511 535,677 0.99

USD 3,900 Applied Materials Inc 82,605 84,147 0.16

USD 2,700 Archer-Daniels-Midland Co Class C 89,792 104,238 0.19

USD 1,400 Arrow Electronics Inc 78,969 78,005 0.14

USD 13,231 AT&T Inc 290,952 514,615 0.95

USD 1,300 Automatic Data Processing Inc 41,099 107,504 0.20

USD 2,900 Avnet Inc 40,261 105,746 0.20

USD 3,900 Avon Products Inc 29,004 13,270 0.02

USD 600 Axis Capital Holdings Ltd 20,402 29,704 0.06

USD 200 Baker Hughes Inc 9,394 8,125 0.02

USD 16,652 Bank of America Corp 141,401 198,904 0.37

USD 2,800 Bank of New York Mellon Corp 77,769 97,916 0.18

USD 1,928 Baxter International Inc 54,550 78,477 0.15

USD 2,650 Berkshire Hathaway Inc Class B 178,427 345,374 0.64

USD 3,432 Best Buy Co Inc 90,473 94,531 0.17

USD 100 BlackRock Inc 21,774 30,832 0.06

USD 913 Boeing Co 61,405 106,730 0.20

USD 1,900 Bristol-Myers Squibb Co Class C 52,875 125,789 0.23

USD 19 California Resources Corp 53 205 -

USD 2,000 Capital One Financial Corp 39,664 114,335 0.21

USD 1,687 Cardinal Health Inc 65,191 118,460 0.22

USD 2,200 Caterpillar Inc 146,556 150,126 0.28

USD 500 CBS Corp Class B 24,118 24,502 0.05

USD 700 CDK Global Inc 9,130 34,964 0.06

USD 400 Celgene Corp 25,185 35,512 0.07

USD 3,000 CenterPoint Energy Inc 53,625 64,809 0.12

USD 3,510 CenturyLink Inc 82,881 91,656 0.17

USD 1,000 Charles Schwab Corp 13,349 22,782 0.04

USD 275 Charter Communications Inc Class A 9,533 56,597 0.10

USD 402 Chemours Co 3,216 2,982 0.01

USD 1,181 Chubb Ltd 45,961 138,952 0.26


19




Currency

Number/


% of Total

Net Assets


Shares (continued)


USD 585 Cigna Corp 9,085 67,397 0.12

USD 500 Cincinnati Financial Corp 10,415 33,705 0.06

USD 14,412 Cisco Systems Inc 258,695 372,186 0.69

USD 5,418 Citigroup Inc 167,827 206,732 0.38

USD 5,600 Coca-Cola Co 132,555 228,496 0.42

USD 1,500 Colgate-Palmolive Co Class C 47,066 98,834 0.18

USD 1,800 Columbia Pipeline Group Inc 11,764 41,300 0.08

USD 3,740 Comcast Corp Class A 94,750 219,461 0.41

USD 9,600 Community Health Systems Inc 112,816 104,127 0.19

USD 600 Computer Sciences Corp 2,741 26,815 0.05

USD 1,200 ConAgra Foods Inc 14,623 51,642 0.10

USD 5,291 ConocoPhillips 252,925 207,649 0.38

USD 900 Consolidated Edison Inc 25,449 65,166 0.12

USD 3,400 Corning Inc 71,759 62,678 0.12

USD 1,303 Costco Wholesale Corp 99,431 184,188 0.34

USD 600 CSRA Inc 5,460 12,654 0.02

USD 3,000 CSX Corp 24,518 70,426 0.13

USD 400 Cummins Inc 7,237 40,484 0.08

USD 1,800 CVS Health Corp 45,443 155,121 0.29

USD 5,700 Devon Energy Corp 142,691 185,989 0.34

USD 1,521 Discover Financial Services 9,607 73,370 0.14

USD 2,600 DISH Network Corp Class A 63,033 122,634 0.23

USD 6,416 Dow Chemical Co 217,610 287,087 0.53

USD 500 DTE Energy Co 10,655 44,610 0.08

USD 964 Duke Energy Corp 43,373 74,442 0.14

USD 800 Eastman Chemical Co Class C 50,838 48,895 0.09

3A3WWXW USD 1,400 Eaton Corp PLC 73,318 75,271 0.14

USD 2,800 eBay Inc 59,461 59,002 0.11

USD 1,359 Edison International 43,627 95,012 0.18

USD 2,214 EI du Pont de Nemours & Co 93,249 129,139 0.24

USD 1,900 Eli Lilly & Co Class C 77,600 134,682 0.25

USD 6,900 EMC Corp/MA 156,182 168,750 0.31

USD 1,000 Emerson Electric Co Class C 36,088 46,951 0.09

USD 10,500 Ensco PLC Class A 143,485 91,773 0.17

USD 1,558 Entergy Corp 88,785 114,086 0.21

USD 2,100 EOG Resources Inc 141,290 157,687 0.29

USD 400 Everest Re Group Ltd 57,691 65,771 0.12

USD 5,207 Exelon Corp 141,390 170,419 0.32

USD 1,698 Express Scripts Holding Co Class C 48,284 115,854 0.21

USD 10,801 Exxon Mobil Corp 778,624 911,369 1.69

USD 600 Facebook Inc Class A 57,698 61,720 0.11

USD 700 FedEx Corp 64,580 95,635 0.18

USD 3,400 Fifth Third Bancorp 41,160 53,833 0.10

USD 1,100 FirstEnergy Corp 28,377 34,566 0.06

USD 1,576 Fluor Corp 53,909 69,909 0.13

USD 5,676 Ford Motor Co Class C 64,074 64,222 0.12


20




Currency

Number/


% of Total

Net Assets


Shares (continued)


USD 1,000 Gap Inc 12,841 19,101 0.04

USD 14,932 General Electric Co Class C 309,320 423,115 0.78

USD 900 General Mills Inc 21,624 57,778 0.11

USD 5,900 General Motors Co Class C 185,986 150,295 0.28

USD 13,700 Genworth Financial Inc Class A 31,003 31,816 0.06

USD 1,100 Goldman Sachs Group Inc 137,957 147,116 0.27

USD 4,395 Goodyear Tire & Rubber Co Class C 76,986 101,513 0.19

USD 1,500 Halliburton Co Class C 54,507 61,150 0.11

USD 325 Halyard Health Inc 4,020 9,513 0.02

USD 143 Harris Corp 2,998 10,740 0.02

USD 3,747 Hartford Financial Services Group Inc 97,202 149,684 0.28

USD 686 Hawaiian Electric Industries Inc 10,852 20,247 0.04

USD 900 HCA Holdings Inc 31,487 62,387 0.12

USD 4,200 Hertz Global Holdings Inc 55,029 41,851 0.08

USD 1,400 Hess Corp 63,413 75,737 0.14

USD 1,400 HollyFrontier Corp 46,643 29,955 0.06

USD 2,528 Home Depot Inc 54,856 290,562 0.54

USD 1,218 Honeywell International Inc 42,959 127,528 0.24

USD 28,698 HP Inc 316,345 324,191 0.60

USD 512 Humana Inc 31,264 82,901 0.15

USD 317 Huntington Ingalls Industries Inc 6,405 47,946 0.09

USD 600 Illinois Tool Works Inc 55,093 56,255 0.10

USD 3,359 Ingram Micro Inc Class A 68,747 105,159 0.19

USD 10,051 Intel Corp 188,890 296,749 0.55

USD 3,718 International Business Machines Corp 486,742 507,960 0.94

USD 1,600 International Paper Co Class C 55,609 61,036 0.11

USD 4,700 Interpublic Group of Cos Inc 96,497 97,727 0.18

USD 700 Intuit Inc 64,718 70,325 0.13

USD 600 Invesco Ltd 16,231 13,794 0.03

USD 3,400 JC Penney Co Inc 36,012 27,177 0.05

USD 6,127 Johnson & Johnson 433,532 668,982 1.24

USD 2,000 Johnson Controls Inc 29,265 79,680 0.15

USD 8,754 JPMorgan Chase & Co Class C 288,558 489,647 0.91

USD 3,600 Juniper Networks Inc 80,699 72,878 0.14

USD 600 Kellogg Co Class C 18,750 44,097 0.08

USD 1,200 Kimberly-Clark Corp 43,296 148,500 0.27

USD 1,500 Kohl's Corp 81,742 51,199 0.09

USD 4,374 Kroger Co Class C 48,882 144,849 0.27

USD 300 Laboratory Corp of America Holdings 23,407 35,178 0.07

USD 465 Lands' End Inc 9,311 6,873 0.01

USD 700 Lear Corp 61,635 64,118 0.12

USD 100 Liberty Global Plc LiLAC Class A 496 2,904 0.01

USD 2,500 Liberty Interactive Corp QVC Group Class A 5,921 57,091 0.11

USD 910 Liberty TripAdvisor Holdings Inc Class A 1,422 17,922 0.03

USD 900 Lincoln National Corp 13,429 31,408 0.06

USD 2,400 Lowe's Cos Inc 37,587 171,032 0.32


21




Currency

Number/


% of Total

Net Assets


Shares (continued)


USD 1,700 LyondellBasell Industries NV Class A 127,310 113,879 0.21

USD 300 M&T Bank Corp 14,180 31,927 0.06

USD 1,900 Macy's Inc 14,930 57,481 0.11

USD 800 ManpowerGroup Inc 56,339 46,332 0.09

USD 9,600 Marathon Oil Corp 90,130 129,705 0.24

USD 900 MasterCard Inc Class A 50,976 71,339 0.13

USD 1,200 Mattel Inc 34,730 33,798 0.06

USD 1,600 McDonald's Corp 122,278 173,315 0.32

USD 934 McKesson Corp 26,708 156,921 0.29

USD 5,685 Merck & Co Inc 192,614 294,804 0.55

USD 1,704 MetLife Inc 69,850 61,092 0.11

USD 16,058 Microsoft Corp 479,715 739,626 1.37

USD 1,400 Mondelez International Inc Class A 35,166 57,351 0.11

USD 900 Monsanto Co Class C 61,190 83,774 0.16

USD 700 Morgan Stanley 15,211 16,370 0.03

USD 400 Mosaic Co 13,768 9,426 0.02

USD 2,100 National Oilwell Varco Inc 58,968 63,608 0.12

USD 1,300 NetApp Inc 31,077 28,774 0.05

USD 7,300 Newmont Mining Corp 167,715 257,056 0.48

USD 2,543 News Corp Class A 8,428 25,981 0.05

USD 900 NextEra Energy Inc 92,374 105,639 0.20

USD 2,300 NIKE Inc Class B 70,274 114,281 0.21

USD 1,800 NiSource Inc 7,417 42,969 0.08

USD 1,000 Nordstrom Inc 6,248 34,250 0.06

USD 500 Norfolk Southern Corp 15,422 38,314 0.07

USD 600 Northern Trust Corp 22,896 35,786 0.07

USD 900 Northrop Grumman Corp 50,417 180,073 0.33

USD 950 NOW Inc 21,271 15,512 0.03

USD 7,100 NRG Energy Inc 75,114 95,800 0.18

USD 2,100 Occidental Petroleum Corp 129,071 142,829 0.26

USD 1,000 Omnicom Group Inc 74,011 73,352 0.14

USD 2,500 ONEOK Inc 59,502 106,778 0.20

USD 5,955 Oracle Corp 152,311 219,396 0.41

USD 400 O'Reilly Automotive Inc 82,846 97,610 0.18

USD 2,725 PepsiCo Inc 141,062 259,856 0.48

USD 14,565 Pfizer Inc 292,181 461,617 0.86

USD 1,200 PG&E Corp 32,370 69,044 0.13

USD 4,500 Philip Morris International Inc 286,957 412,026 0.76

USD 2,595 Phillips 66 143,426 185,325 0.34

USD 1,311 PNC Financial Services Group Inc 71,066 96,046 0.18

USD 1,000 PPG Industries Inc 98,566 93,749 0.17

USD 2,800 PPL Corp 92,487 95,144 0.18

USD 900 Praxair Inc 89,659 91,049 0.17

USD 2,300 Principal Financial Group Inc 35,052 85,110 0.16

USD 3,401 Procter & Gamble Co 184,068 259,204 0.48

USD 3,357 Progressive Corp 75,656 101,228 0.19


22




Currency

Number/


% of Total

Net Assets


Shares (continued)


USD 2,059 Prudential Financial Inc 52,495 132,219 0.25

USD 1,400 Public Service Enterprise Group Inc 31,976 58,737 0.11

USD 3,600 QUALCOMM Inc 151,098 173,592 0.32

USD 1,000 Quorum Health Corp 10,067 9,640 0.02

USD 1,100 Raytheon Co 45,198 134,610 0.25

USD 688 Reynolds American Inc 5,413 33,398 0.06

USD 12,600 Rite Aid Corp 73,639 84,949 0.16

USD 1,300 Ross Stores Inc 65,164 66,337 0.12

USD 300 S&P Global Inc 5,601 28,964 0.05

USD 1,686 Schlumberger Ltd 91,187 120,013 0.22

USD 2,800 Seagate Technology PLC 121,673 61,396 0.11

USD 1,548 Sears Holdings Corp 41,690 18,964 0.03

USD 12 Shire PLC ADR 1,234 2,038 -

USD 2,300 Southern Co 101,862 111,030 0.21

USD 1,414 Southern Copper Corp 12,707 34,340 0.06

USD 500 Stanley Black & Decker Inc 32,161 50,056 0.09

USD 7,200 Staples Inc 96,356 55,866 0.10

USD 1,400 Starbucks Corp 63,484 71,982 0.13

USD 200 State Street Corp 6,507 9,707 0.02

USD 8,000 SUPERVALU Inc 72,420 33,989 0.06

USD 4,100 Symantec Corp 61,930 75,804 0.14

USD 942 Synovus Financial Corp 14,885 24,581 0.04

USD 1,220 Sysco Corp 36,920 55,721 0.10

USD 2,900 Target Corp 151,449 182,257 0.34

USD 1,000 TD Ameritrade Holding Corp 9,051 25,631 0.05

USD 800 TE Connectivity Ltd 35,103 41,125 0.08

USD 615 Tech Data Corp 13,518 39,775 0.07

USD 3,000 Tenet Healthcare Corp 74,872 74,639 0.14

USD 400 Tesoro Corp 3,439 26,975 0.05

USD 1,600 Texas Instruments Inc 34,735 90,229 0.17

USD 1,004 Time Inc 7,453 14,875 0.03

USD 2,138 Time Warner Inc 46,921 141,526 0.26

USD 2,062 TJX Cos Inc 94,874 143,344 0.27

USD 277 TopBuild Corp 2,224 9,026 0.02

USD 1,597 Travelers Cos Inc 54,554 171,121 0.32

USD 5,073 Twenty-First Century Fox Inc Class A 117,426 123,520 0.23

USD 1,900 Tyco International Plc 30,541 72,857 0.13

USD 1,700 Tyson Foods Inc Class A 101,721 102,204 0.19

USD 600 Union Pacific Corp 19,641 47,122 0.09

USD 2,400 United Parcel Service Inc Class B 124,691 232,709 0.43

USD 1,933 United Technologies Corp 102,451 178,432 0.33

USD 1,608 UnitedHealth Group Inc 78,132 204,374 0.38

USD 1,500 Unum Group 21,352 42,923 0.08

USD 2,053 US Bancorp 46,826 74,529 0.14

USD 3,506 Valero Energy Corp 71,929 160,949 0.30

USD 107 Veritiv Corp 708 3,619 0.01


23




Currency

Number/


% of Total

Net Assets


Shares (continued)


USD 13,208 Verizon Communications Inc 445,291 663,878 1.23

USD 1,200 Viacom Inc Class B 14,449 44,794 0.08

USD 2,000 Visa Inc Class A 31,948 133,525 0.25

USD 700 Walgreens Boots Alliance Inc 23,076 52,468 0.10

USD 1,600 Walt Disney Co 84,533 140,881 0.26

USD 800 Waste Management Inc 24,974 47,721 0.09

USD 6,800 Weatherford International PLC 63,132 33,971 0.06

USD 523 WEC Energy Group Inc 13,177 30,741 0.06

USD 9,392 Wells Fargo & Co Class C 266,125 400,129 0.74

USD 214 Western Digital Corp 7,083 9,104 0.02

USD 400 Whirlpool Corp 64,145 59,999 0.11

USD 14,500 Windstream Holdings Inc 99,973 120,991 0.22

USD 4,600 Xerox Corp 21,845 39,294 0.07

USD 1,400 Xylem Inc/NY 25,092 56,267 0.10

USD 500 Yum! Brands Inc 27,497 37,319 0.07

USD 700 Zions Bancorporation 11,832 15,834 0.03

Total US Dollar 19,487,875 29,275,157 54.29

Total shares 41,593,993 53,017,556 98.26

42,146,363 53,702,236 99.53

Other transferable securities

Rights issues

US Dollar

USD 6,986 Safeway 6,382 0.01

USD 6,986 Safeway - 307 -

Total US Dollar - 6,689 0.01

Total rights issues - 6,689 0.01

Total other transferable securities - 6,689 0.01

Total investments in securities 42,146,363 53,708,925 99.54

Cash at bank 302,367 0.56

Other net liabilities (51,343) (0.10)

Total net assets 53,959,949 100.00

Total transferable securities admitted on an

official stock exchange listing


24


Industrial and geographical classification of investments


Industrial classification

(in percentage of net assets)

Energy 10.48

Banks 8.60

Capital Goods 8.40

Pharmaceuticals & Biotechnology 6.23

Materials 6.19

Insurance 6.18

Technology Hardware & Equipment 5.85

Software & Services 5.31

Utilities 5.08

Telecommunication Services 4.60

Food, Beverage & Tobacco 4.25

Diversified Financials 3.84

Retailing 3.11

Health Care Equipment & Services 3.04

Food & Staples Retailing 2.86

Media 2.64

Automobiles & Components 2.63

Household & Personal Products 2.26

Real Estate 2.22

Transportation 1.77

Semiconductors & Semiconductor Equipment 1.24

Consumer Durables & Apparel 1.22

Consumer Services 0.88

Commercial & Professional Services 0.58

Rental & Leasing Services 0.08

Total 99.54


25


Industrial and geographical classification of investments (continued)


Geographical classification

(by domicile of the issuer)


United States 54.02

Japan 8.25

United Kingdom 6.86

France 5.12

Germany 3.99

Canada 3.74

Switzerland 3.27

Netherlands 2.39

Australia 2.16

Republic of Korea (South) 2.04

Italy 1.14

Sweden 1.04

Spain 0.98

Belgium 0.89

Hong Kong 0.61

Norway 0.61

Finland 0.54

Denmark 0.53

Ireland 0.39

Austria 0.34

Luxembourg 0.19

Bermuda 0.18

Israel 0.12

Peru 0.06

Singapore 0.04

Chile 0.04

Total 99.54


26

IPM Umbrella Fund - IPM US Equity Fund

Statement of net assets (in USD)as at 30th June 2016

Assets Notes




Prepaid expenses 396


Liabilities

Expenses payable 63,728



Number of Class IB - C (USD) Shares outstanding 85,041.022

Net Asset Value per Share Class IB - C (USD) 161.16

Number of Class IC - C (USD) Shares outstanding 93,081.229

Net Asset Value per Share Class IC - C (USD) 192.93




27


Statement of operations and other changes in net assets (in USD)for the period ended 30th June 2016

Income Notes


Interest on bank accounts 2,636



Expenses




Subscription duty ("taxe d'abonnement") 7 (879)


Audit fees (5,970)








- on forward foreign exchange contracts (2)





Result of operations 1,172,748

Subscriptions 22,280

Redemptions (3,836)

Total changes in net assets 1,191,192




28


Statistical information (in USD)as at 30th June 2016

Total net assets

- as at 30.06.2016 31,709,323

- as at 31.12.2015 30,518,131

- as at 31.12.2014 210,456,702

- as at 31.12.2013 223,389,829

Net Asset Value per Share Class IA - C (USD)

- as at 30.06.2016 -

- as at 31.12.2015 -

- as at 31.12.2014 114.50

- as at 31.12.2013 -

Net Asset Value per Share Class IA - D (USD)

- as at 30.06.2016 -

- as at 31.12.2015 -

- as at 31.12.2014 219.83

- as at 31.12.2013 206.20

Number of Share Class IB - C (USD)


- issued 23.385

- redeemed (0.045)


Net Asset Value per Share Class IB - C (USD)

- as at 30.06.2016 161.16

- as at 31.12.2015 155.25

- as at 31.12.2014 159.80

- as at 31.12.2013 142.39

Number of Share Class IC - C (USD)


- issued 78.608

- redeemed (13.227)


Net Asset Value per Share Class IC - C (USD)

- as at 30.06.2016 192.93

- as at 31.12.2015 185.74

- as at 31.12.2014 190.92

- as at 31.12.2013 169.97


29


Statistical information (in USD) (continued)as at 30th June 2016

Net Asset Value per Share Class RA - D (USD)

- as at 30.06.2016 -

- as at 31.12.2015 -

- as at 31.12.2014 219.84

- as at 31.12.2013 205.41

Net Asset Value per Share Class RC - C (USD)

- as at 30.06.2016 -

- as at 31.12.2015 -

- as at 31.12.2014 218.77

- as at 31.12.2013 194.63



- issued 232.317

- redeemed (84.723)



- as at 30.06.2016 17.39

- as at 31.12.2015 16.83

- as at 31.12.2014 17.46

- as at 31.12.2013 15.67


30


Statement of investments and other net assets (in USD)


Currency

Number/


% of Total

Net Assets



US Dollar

USD 2,500 American Capital Agency Corp 54,291 49,550 0.16

USD 11,000 Annaly Capital Management Inc Class I 132,325 121,770 0.38

USD 300 AvalonBay Communities Inc 47,118 54,117 0.17

USD 100 Boston Properties Inc 5,542 13,190 0.04

USD 600 Equity Residential 36,746 41,328 0.13

USD 1,000 HCP Inc 40,212 35,380 0.11

USD 2,600 Host Hotels & Resorts Inc 43,175 42,146 0.13

USD 700 Kimco Realty Corp 19,185 21,966 0.07

USD 1,300 Prologis Inc 49,305 63,752 0.20

USD 200 Public Storage 43,749 51,118 0.16

USD 500 Welltower Inc 30,395 38,085 0.12

Total US Dollar 502,043 532,402 1.67

Total REITs 502,043 532,402 1.67

Shares

US Dollar

USD 800 3M Co Class C 63,869 140,096 0.44

USD 2,700 Abbott Laboratories 84,038 106,137 0.33

USD 600 AbbVie Inc 24,633 37,146 0.12

USD 1,400 Accenture PLC Class A 56,324 158,606 0.50

USD 1,100 Activision Blizzard Inc 25,204 43,593 0.14

USD 400 Adobe Systems Inc 30,217 38,316 0.12

USD 952 Aetna Inc 29,076 116,268 0.37

USD 1,000 Aflac Inc 55,108 72,160 0.23

USD 1,100 AGCO Corp 54,324 51,843 0.16

USD 400 Agilent Technologies Inc 9,658 17,744 0.06

USD 4,884 Alcoa Inc 47,482 45,275 0.14

USD 1,000 Allstate Corp 34,937 69,950 0.22

USD 4,500 Ally Financial Inc 92,220 76,815 0.24

USD 503 Alphabet Inc Class C 285,808 348,126 1.10

USD 2,500 Altria Group Inc 68,276 172,400 0.54

USD 200 Amazon.com Inc 34,940 143,124 0.45

USD 900 Amdocs Ltd 52,157 51,948 0.16

USD 900 Ameren Corp 28,550 48,222 0.15

USD 1,300 American Electric Power Co Inc 80,286 91,117 0.29

USD 1,400 American Express Co Class C 55,246 85,064 0.27

USD 700 American Financial Group Inc 49,039 51,751 0.16

USD 4,407 American International Group Inc 193,683 233,086 0.74

USD 900 Ameriprise Financial Inc 51,631 80,865 0.26

USD 1,000 AmerisourceBergen Corp 20,758 79,320 0.25

USD 700 Amgen Inc 65,384 106,505 0.34

USD 1,300 Anadarko Petroleum Corp 68,295 69,225 0.22

USD 900 Analog Devices Inc 35,217 50,976 0.16

USD 1,171 Anthem Inc 105,936 153,799 0.49


31


Statement of investments and other net assets (in USD) (continued)


Currency

Number/


% of Total

Net Assets


Shares (continued)


USD 300 Aon PLC 17,009 32,769 0.10

USD 3,000 Apache Corp 184,572 167,010 0.53

USD 6,300 Apple Inc 484,116 602,280 1.90

USD 2,900 Applied Materials Inc 45,417 69,513 0.22

USD 700 Arch Capital Group Ltd 52,485 50,400 0.16

USD 2,700 Archer-Daniels-Midland Co Class C 79,044 115,803 0.37

USD 700 Arrow Electronics Inc 18,448 43,330 0.14

USD 300 Ashland Inc 11,882 34,431 0.11

USD 700 Assurant Inc 55,690 60,417 0.19

USD 19,422 AT&T Inc 600,433 839,225 2.65

USD 800 Autoliv Inc 89,877 85,960 0.27

USD 600 Automatic Data Processing Inc 27,241 55,122 0.17

USD 100 AutoZone Inc 51,309 79,384 0.25

USD 300 Avery Dennison Corp 11,110 22,425 0.07

USD 1,300 Avis Budget Group Inc 41,617 41,899 0.13

USD 1,600 Avnet Inc 32,256 64,816 0.20

USD 9,300 Avon Products Inc 87,446 35,154 0.11

USD 800 Axis Capital Holdings Ltd 29,936 44,000 0.14

USD 1,000 Baker Hughes Inc 43,955 45,130 0.14

USD 600 Ball Corp 38,684 43,374 0.14

USD 22,417 Bank of America Corp 281,901 297,474 0.94

USD 2,681 Bank of New York Mellon Corp 66,227 104,157 0.33

USD 1,157 Baxter International Inc 36,267 52,320 0.16

USD 700 BB&T Corp 19,273 24,927 0.08

USD 1,400 Bed Bath & Beyond Inc 77,270 60,508 0.19

USD 2,660 Berkshire Hathaway Inc Class B 213,753 385,141 1.21

USD 2,100 Best Buy Co Inc 45,244 64,260 0.20

USD 200 BlackRock Inc 37,948 68,506 0.22

USD 1,100 Boeing Co 67,411 142,857 0.45

USD 2,800 Boston Scientific Corp 33,419 65,436 0.21

USD 1,629 Bristol-Myers Squibb Co Class C 40,859 119,813 0.38

USD 24 Broadcom Ltd 995 3,730 0.01

USD 500 Bunge Ltd 33,359 29,575 0.09

USD 2,000 CA Inc 43,716 65,660 0.21

USD 3,561 California Resources Corp 58,939 43,438 0.14

USD 1,400 Capital One Financial Corp 71,087 88,914 0.28

USD 1,400 Cardinal Health Inc 45,485 109,214 0.34

USD 1,200 Caterpillar Inc 88,312 90,972 0.29

USD 1,820 CBS Corp Class B 68,669 99,081 0.31

USD 600 Celgene Corp 70,566 59,178 0.19

USD 173 Centene Corp 5,975 12,347 0.04

USD 1,800 CenterPoint Energy Inc 20,489 43,200 0.14

USD 3,700 CenturyLink Inc 140,247 107,337 0.34

USD 500 CF Industries Holdings Inc 27,319 12,050 0.04

USD 287 Charter Communications Inc Class A 16,985 65,620 0.21

USD 2,200 Chemours Co 13,505 18,128 0.06


32




Currency

Number/


% of Total

Net Assets


Shares (continued)


USD 1,000 Chesapeake Energy Corp 5,507 4,280 0.01

USD 500 Chicago Bridge & Iron Co NV 19,992 17,315 0.05

USD 1,081 Chubb Ltd 50,039 141,298 0.45

USD 500 Cigna Corp 44,608 63,995 0.20

USD 1,000 Cincinnati Financial Corp 49,356 74,890 0.24

USD 9,900 Cisco Systems Inc 203,572 284,031 0.90

USD 4,133 Citigroup Inc 187,157 175,198 0.55

USD 7,300 Cliffs Natural Resources Inc 35,594 41,391 0.13

USD 900 CME Group Inc 56,662 87,660 0.28

USD 500 Coach Inc 20,091 20,370 0.06

USD 3,100 Coca-Cola Co 89,584 140,523 0.44

USD 1,200 Colgate-Palmolive Co Class C 49,568 87,840 0.28

USD 3,000 Comcast Corp Class A 106,612 195,570 0.62

USD 1,100 Comerica Inc 27,780 45,243 0.14

USD 2,400 Community Health Systems Inc 52,862 28,920 0.09

USD 1,000 Computer Sciences Corp 15,848 49,650 0.16

USD 4,800 ConocoPhillips 224,368 209,280 0.66

USD 900 CONSOL Energy Inc 9,518 14,481 0.05

USD 400 Consolidated Edison Inc 20,320 32,176 0.10

USD 1,500 Corning Inc 27,060 30,720 0.10

USD 1,000 Costco Wholesale Corp 55,612 157,040 0.50

USD 300 CR Bard Inc 22,120 70,548 0.22

USD 300 Crown Holdings Inc 7,247 15,201 0.05

USD 2,100 CSX Corp 31,883 54,768 0.17

USD 2,006 CVS Health Corp 86,837 192,054 0.61

USD 700 Danaher Corp 25,905 70,700 0.22

USD 1,000 Darden Restaurants Inc 29,116 63,340 0.20

USD 300 Deere & Co Class C 25,033 24,312 0.08

USD 900 Delphi Automotive PLC 74,562 56,340 0.18

USD 500 Delta Air Lines Inc 23,209 18,215 0.06

USD 3,100 Denbury Resources Inc 9,038 11,129 0.04

USD 2,800 Devon Energy Corp 114,281 101,500 0.32

USD 500 Discover Financial Services 9,980 26,795 0.08

USD 1,600 DISH Network Corp Class A 89,534 83,840 0.26

USD 500 Dollar General Corp 43,059 47,000 0.15

USD 269 Dollar Tree Inc 17,302 25,351 0.08

USD 3,100 Dow Chemical Co 116,186 154,101 0.49

USD 900 Dr Pepper Snapple Group Inc 31,511 86,967 0.27

USD 300 DTE Energy Co 11,357 29,736 0.09

USD 332 Duke Energy Corp 20,557 28,482 0.09

3A3WWXW USD 646 Eaton Corp PLC 26,886 38,586 0.12

USD 4,800 eBay Inc 40,806 112,368 0.35

USD 1,400 Edison International 54,372 108,738 0.34

USD 1,400 EI du Pont de Nemours & Co 62,309 90,720 0.29

USD 800 Eli Lilly & Co Class C 30,835 63,000 0.20

USD 4,200 EMC Corp 97,241 114,114 0.36


33




Currency

Number/


% of Total

Net Assets


Shares (continued)


USD 1,600 Emerson Electric Co Class C 73,878 83,456 0.26

USD 6,400 Ensco PLC Class A 65,821 62,144 0.20

USD 1,100 Entergy Corp 94,271 89,485 0.28

USD 1,100 EOG Resources Inc 87,547 91,762 0.29

USD 700 Estee Lauder Cos Inc Class A 59,417 63,714 0.20

USD 400 Everest Re Group Ltd 28,184 73,068 0.23

USD 3,302 Exelon Corp 133,396 120,061 0.38

USD 200 Expedia Inc 21,077 21,260 0.07

USD 1,543 Express Scripts Holding Co Class C 92,984 116,959 0.37

USD 12,900 Exxon Mobil Corp 1,127,087 1,209,246 3.81

USD 300 Facebook Inc Class A 31,945 34,284 0.11

USD 700 FedEx Corp 87,403 106,246 0.34

USD 3,507 Fifth Third Bancorp 29,503 61,688 0.19

USD 600 Fiserv Inc 14,268 65,238 0.21

USD 3,900 Flextronics International Ltd 28,144 46,020 0.15

USD 400 Flowserve Corp 17,541 18,068 0.06

USD 1,400 Fluor Corp 81,934 68,992 0.22

USD 1,000 FMC Technologies Inc 46,485 26,670 0.08

USD 1,752 FNF Group 19,798 65,700 0.21

USD 300 Foot Locker Inc 3,473 16,458 0.05

USD 10,800 Ford Motor Co Class C 105,768 135,756 0.43

USD 800 Franklin Resources Inc 31,009 26,696 0.08

USD 500 GameStop Corp Class A 22,368 13,290 0.04

USD 1,000 Gap Inc 18,028 21,220 0.07

USD 8,691 General Electric Co Class C 221,102 273,593 0.86

USD 1,400 General Mills Inc 54,560 99,848 0.31

USD 3,291 General Motors Co Class C 90,978 93,135 0.29

USD 700 Genuine Parts Co Class C 25,933 70,875 0.22

USD 13,200 Genworth Financial Inc Class A 57,181 34,056 0.11

USD 700 Gilead Sciences Inc 15,300 58,394 0.18

USD 1,000 Goldman Sachs Group Inc 161,857 148,580 0.47

USD 2,200 Goodyear Tire & Rubber Co Class C 38,238 56,452 0.18

USD 1,200 Halliburton Co Class C 45,314 54,348 0.17

USD 2,900 Hartford Financial Services Group Inc 80,502 128,702 0.41

USD 300 Hasbro Inc 8,583 25,197 0.08

USD 1,000 HCA Holdings Inc 36,511 77,010 0.24

USD 400 Henry Schein Inc 22,685 70,720 0.22

USD 800 Herbalife Ltd 45,920 46,824 0.15

USD 500 Hershey Co 19,322 56,745 0.18

USD 900 Hertz Global Holdings Inc 9,106 9,963 0.03

USD 1,000 Hess Corp 54,241 60,100 0.19

USD 3,000 Hewlett Packard Enterprise Co 54,221 54,810 0.17

USD 1,300 HollyFrontier Corp 50,910 30,901 0.10

USD 1,800 Home Depot Inc 111,971 229,842 0.72

USD 1,000 Honeywell International Inc 55,739 116,320 0.37

USD 18,600 HP Inc 243,774 233,430 0.74


34




Currency

Number/


% of Total

Net Assets


Shares (continued)


USD 400 Humana Inc 15,732 71,952 0.23

USD 1,739 Huntington Bancshares Inc 9,394 15,547 0.05

USD 249 Huntington Ingalls Industries Inc 9,270 41,839 0.13

USD 700 Illinois Tool Works Inc 32,302 72,912 0.23

USD 800 Ingersoll-Rand PLC 28,911 50,944 0.16

USD 1,100 Ingram Micro Inc Class A 18,648 38,258 0.12

USD 10,000 Intel Corp 283,841 328,000 1.03

USD 2,900 International Business Machines Corp 452,382 440,162 1.39

USD 1,200 International Paper Co Class C 33,061 50,856 0.16

USD 2,700 Interpublic Group of Cos Inc 59,547 62,370 0.20

USD 430 Interval Leisure Group Inc 6,094 6,837 0.02

USD 200 Intuit Inc 20,403 22,322 0.07

USD 600 Invesco Ltd 18,691 15,324 0.05

USD 900 Jabil Circuit Inc 20,345 16,623 0.05

USD 400 Jacobs Engineering Group Inc 21,646 19,924 0.06

USD 3,700 JC Penney Co Inc 43,631 32,856 0.10

USD 4,882 Johnson & Johnson 363,991 592,187 1.87

USD 1,600 Johnson Controls Inc 40,519 70,816 0.22

USD 900 Joy Global Inc 14,623 19,026 0.06

USD 7,939 JPMorgan Chase & Co Class C 333,711 493,329 1.56

USD 2,200 Juniper Networks Inc 49,120 49,478 0.16

USD 1,300 KBR Inc 19,769 17,212 0.05

USD 4,100 KeyCorp 27,525 45,305 0.14

USD 800 Kimberly-Clark Corp 47,496 109,984 0.35

USD 900 Kindred Healthcare Inc 16,930 10,161 0.03

USD 1,138 KLA-Tencor Corp 45,563 83,358 0.26

USD 800 Kohl's Corp 41,066 30,336 0.10

USD 3,700 Kroger Co Class C 69,232 136,123 0.43

USD 600 L Brands Inc 9,330 40,278 0.13

USD 600 Lear Corp 63,207 61,056 0.19

USD 500 Legg Mason Inc 15,263 14,745 0.05

USD 400 Lexmark International Inc Class A 11,328 15,100 0.05

USD 10 Liberty Braves Group Class A 351 150 -

USD 1,600 Liberty Interactive Corp QVC Group Class A 15,628 40,592 0.13

USD 25 Liberty Media Group Class A 669 479 -

USD 100 Liberty SiriusXM Group Class A 2,731 3,136 0.01

USD 600 Lincoln National Corp 14,771 23,262 0.07

USD 1,200 Loews Corp 50,586 49,308 0.16

USD 1,900 Lowe's Cos Inc 40,345 150,423 0.47

USD 1,119 LyondellBasell Industries NV Class A 77,748 83,276 0.26

USD 100 M&T Bank Corp 6,532 11,823 0.04

USD 1,300 Macy's Inc 20,931 43,693 0.14

USD 1,100 ManpowerGroup Inc 94,818 70,774 0.22

USD 8,800 Marathon Oil Corp 110,920 132,088 0.42

USD 2,164 Marathon Petroleum Corp 50,487 82,145 0.26

USD 467 Marriott International Inc Class A 12,094 31,037 0.10


35




Currency

Number/


% of Total

Net Assets


Shares (continued)


USD 700 MasterCard Inc Class A 12,853 61,642 0.19

USD 1,100 Mattel Inc 28,531 34,419 0.11

USD 1,000 McDonald's Corp 79,617 120,340 0.38

USD 700 McKesson Corp 57,436 130,655 0.41

USD 900 MDU Resources Group Inc 16,089 21,600 0.07

USD 4,833 Merck & Co Inc 190,877 278,429 0.88

USD 2,200 MetLife Inc 99,248 87,626 0.28

USD 1,400 MGM Resorts International 24,250 31,682 0.10

USD 12,101 Microsoft Corp 465,950 619,208 1.95

USD 100 Molson Coors Brewing Co Class B 8,856 10,113 0.03

USD 1,500 Mondelez International Inc Class A 33,034 68,265 0.22

USD 400 Monsanto Co Class C 36,957 41,364 0.13

USD 2,900 Morgan Stanley 73,208 75,342 0.24

USD 2,300 Murphy Oil Corp 73,780 73,025 0.23

USD 2,000 Nabors Industries Ltd 56,537 20,100 0.06

USD 400 Nasdaq Inc 26,145 25,868 0.08

USD 500 National Oilwell Varco Inc 28,435 16,825 0.05

USD 1,000 NetApp Inc 24,518 24,590 0.08

USD 300 Netflix Inc 27,046 27,444 0.09

USD 400 Newfield Exploration Co Class C 11,255 17,672 0.06

USD 4,600 Newmont Mining Corp 134,326 179,952 0.57

USD 2,400 News Corp Class A 31,564 27,240 0.09

USD 700 NextEra Energy Inc 86,718 91,280 0.29

USD 1,800 NIKE Inc Class B 53,502 99,360 0.31

USD 2,000 NiSource Inc 49,984 53,040 0.17

USD 2,600 Noble Corp plc 48,067 21,424 0.07

USD 700 Noble Energy Inc 22,644 25,109 0.08

USD 389 Nordstrom Inc 10,389 14,801 0.05

USD 500 Norfolk Southern Corp 34,656 42,565 0.13

USD 600 Northern Trust Corp 33,136 39,756 0.13

USD 700 Northrop Grumman Corp 52,161 155,596 0.49

USD 3,700 NRG Energy Inc 47,541 55,463 0.17

USD 600 Nucor Corp 25,015 29,646 0.09

USD 2,280 Occidental Petroleum Corp 160,821 172,277 0.54

USD 2,700 Office Depot Inc 25,018 8,937 0.03

USD 1,300 OGE Energy Corp 36,697 42,575 0.13

USD 900 Omnicom Group Inc 38,784 73,341 0.23

USD 1,100 ONEOK Inc 29,117 52,195 0.16

USD 5,300 Oracle Corp 116,923 216,929 0.68

USD 200 O'Reilly Automotive Inc 43,333 54,220 0.17

USD 200 Parker-Hannifin Corp 9,589 21,610 0.07

USD 700 PBF Energy Inc Class A 21,733 16,646 0.05

USD 559 Pentair PLC 25,972 32,584 0.10

USD 1,000 People's United Financial Inc 15,733 14,660 0.05

USD 2,198 PepsiCo Inc 155,689 232,856 0.73

USD 12,473 Pfizer Inc 287,518 439,174 1.38


36




Currency

Number/


% of Total

Net Assets


Shares (continued)


USD 2,000 PG&E Corp 85,528 127,840 0.40

USD 2,800 Philip Morris International Inc 174,705 284,816 0.90

USD 2,950 Phillips 66 194,602 234,053 0.74

USD 900 Pinnacle West Capital Corp 31,122 72,954 0.23

USD 2,900 Pitney Bowes Inc 72,595 51,620 0.16

USD 1,145 PNC Financial Services Group Inc 65,577 93,192 0.29

USD 300 PPG Industries Inc 16,897 31,245 0.10

USD 1,200 PPL Corp 42,547 45,300 0.14

USD 500 Praxair Inc 52,995 56,195 0.18

USD 1,100 Principal Financial Group Inc 32,880 45,221 0.14

USD 2,700 Procter & Gamble Co 189,575 228,609 0.72

USD 1,900 Progressive Corp 48,488 63,650 0.20

USD 1,500 Prudential Financial Inc 101,046 107,010 0.34

USD 2,000 Public Service Enterprise Group Inc 68,882 93,220 0.29

USD 2,000 QUALCOMM Inc 110,386 107,140 0.34

USD 600 Quorum Health Corp 10,761 6,426 0.02

USD 300 Ralph Lauren Corp 35,282 26,886 0.08

USD 855 Raytheon Co 40,794 116,237 0.37

USD 7,958 Regions Financial Corp 54,129 67,723 0.21

USD 200 Reliance Steel & Aluminum Co 12,947 15,380 0.05

USD 1,095 Republic Services Inc 15,317 56,184 0.18

USD 1,020 Reynolds American Inc 12,014 55,009 0.17

USD 7,800 Rite Aid Corp 42,463 58,422 0.18

USD 400 Rockwell Automation Inc 16,788 45,928 0.14

USD 900 Ross Stores Inc 21,938 51,021 0.16

USD 4,800 RR Donnelley & Sons Co Class C 70,097 81,216 0.26

USD 2,201 Schlumberger Ltd 141,331 174,055 0.55

USD 900 Seagate Technology PLC 9,103 21,924 0.07

USD 1,200 Sealed Air Corp 25,713 55,164 0.17

USD 1,500 Sears Holdings Corp 66,616 20,415 0.06

USD 200 Sempra Energy 18,863 22,804 0.07

USD 7 Shire PLC ADR 807 1,336 -

USD 7,700 SLM Corp 75,132 47,586 0.15

USD 1,100 Southern Co 39,462 58,993 0.19

USD 300 Stanley Black & Decker Inc 31,989 33,366 0.11

USD 5,600 Staples Inc 87,624 48,272 0.15

USD 692 Starbucks Corp 10,850 39,527 0.12

USD 1,000 Starwood Hotels & Resorts Worldwide Inc 76,881 73,950 0.23

USD 400 State Street Corp 18,525 21,568 0.07

USD 452 Stryker Corp 26,318 54,163 0.17

USD 1,151 SunTrust Banks Inc 27,661 47,283 0.15

USD 10,700 SUPERVALU Inc 75,378 50,504 0.16

USD 3,200 Symantec Corp 45,976 65,728 0.21

USD 430 Synchrony Financial 8,771 10,870 0.04

USD 1,700 Sysco Corp 55,428 86,258 0.27

USD 2,300 Target Corp 144,027 160,586 0.51


37




Currency

Number/


% of Total

Net Assets


Shares (continued)


USD 600 TE Connectivity Ltd 20,876 34,266 0.11

USD 800 Tech Data Corp 26,850 57,480 0.18

USD 600 Telephone & Data Systems Inc 15,610 17,796 0.06

USD 1,500 Tenet Healthcare Corp 41,833 41,460 0.13

USD 600 Tesoro Corp 10,054 44,952 0.14

USD 1,200 Texas Instruments Inc 33,377 75,180 0.24

USD 1,237 Time Inc 13,861 20,361 0.06

USD 1,600 Time Warner Inc 79,491 117,664 0.37

USD 700 Timken Co Class C 12,748 21,462 0.07

USD 1,400 TJX Cos Inc 69,529 108,122 0.34

USD 725 Torchmark Corp 15,578 44,819 0.14

USD 1,100 Travelers Cos Inc 73,386 130,944 0.41

USD 2,600 Twenty-First Century Fox Inc Class B 71,374 70,850 0.22

USD 900 Tyco International Plc 16,193 38,340 0.12

USD 1,200 Tyson Foods Inc Class A 16,646 80,148 0.25

USD 1,450 UGI Corp 41,122 65,612 0.21

USD 900 Union Pacific Corp 46,415 78,525 0.25

USD 2,100 United Parcel Service Inc Class B 135,939 226,212 0.71

USD 500 United Rentals Inc 22,988 33,550 0.11

USD 5,200 United States Steel Corp 88,197 87,672 0.28

USD 1,400 United Technologies Corp 103,521 143,570 0.45

USD 798 UnitedHealth Group Inc 40,400 112,678 0.36

USD 1,300 Unum Group 46,121 41,327 0.13

USD 2,100 US Bancorp 49,209 84,693 0.27

USD 2,700 Valero Energy Corp 108,987 137,700 0.43

USD 10,476 Verizon Communications Inc 427,719 584,980 1.84

USD 900 VF Corp 16,570 55,341 0.17

USD 2,000 Viacom Inc Class B 86,449 82,940 0.26

USD 1,900 Visa Inc Class A 41,819 140,923 0.45

USD 800 Walgreens Boots Alliance Inc 27,915 66,616 0.21

USD 1,700 Walt Disney Co 98,243 166,294 0.52

USD 900 Waste Management Inc 28,576 59,643 0.19

USD 3,500 Weatherford International PLC 39,767 19,425 0.06

USD 700 WellCare Health Plans Inc 55,012 75,096 0.24

USD 7,819 Wells Fargo & Co Class C 241,028 370,073 1.17

USD 614 Western Digital Corp 17,301 29,018 0.09

USD 300 Western Refining Inc 7,892 6,189 0.02

USD 2,000 Western Union Co Class C 37,113 38,360 0.12

USD 200 Whirlpool Corp 17,574 33,328 0.11

USD 1,100 Whole Foods Market Inc 37,147 35,222 0.11

USD 8,200 Windstream Holdings Inc 60,606 76,014 0.24

USD 1,800 World Fuel Services Corp 58,848 85,482 0.27

USD 3,500 WPX Energy Inc 45,451 32,585 0.10

USD 400 WR Berkley Corp 9,945 23,968 0.08

USD 200 WW Grainger Inc 15,677 45,450 0.14

USD 200 Wynn Resorts Ltd 16,390 18,128 0.06


38




Currency

Number/


% of Total

Net Assets


Shares (continued)


USD 800 Xcel Energy Inc 15,068 35,824 0.11

USD 6,000 Xerox Corp 54,593 56,940 0.18

USD 900 XL Group PLC 22,039 29,979 0.09

USD 600 Xylem Inc 17,278 26,790 0.08

USD 600 Yum! Brands Inc 22,107 49,752 0.16

USD 200 Zions Bancorporation 3,106 5,026 0.02

Total US Dollar 22,748,978 31,041,333 97.90

Total shares 22,748,978 31,041,333 97.90

Warrants

US Dollar

USD 1 American International Group Inc 19/01/2021 - 19 -

Total US Dollar - 19 -

Total warrants - 19 -

23,251,021 31,573,754 99.57

Other transferable securities

Rights issues

US Dollar

USD 5 Liberty Braves Group - 13 -

USD 21,000 Safeway - 21,313 0.07

USD 21,000 Safeway - 1,025 -

Total US Dollar - 22,351 0.07

Total rights issues - 22,351 0.07

Total other transferable securities - 22,351 0.07








39






Energy 11.24


Capital Goods 6.18

Banks 5.85

Insurance 5.63





Retailing 5.12



Utilities 4.33

Materials 3.51

Media 3.36




Transportation 1.79


Real Estate 1.67




Rental & Leasing Services 0.03

Total 99.64




United States 96.92

United Kingdom 0.65

Switzerland 0.62

Ireland 0.59

Bermuda 0.53

Sweden 0.27

Netherlands 0.05

Singapore 0.01

Total 99.64


40

IPM Umbrella Fund - IPM Europe Equity Fund

Statement of net assets (in EUR)as at 30th June 2016

Assets Notes




Receivable on sale of securities 251

Prepaid expenses 1,240


Liabilities

Interest on bank liabilities and expenses payable 80,018



Number of Class IA - C (EUR) Shares outstanding 102,778.980

Net Asset Value per Share Class IA - C (EUR) 103.49

Number of Class IB - C (EUR) Shares outstanding 186,636.969

Net Asset Value per Share Class IB - C (EUR) 103.71

Number of Class IC - C (EUR) Shares outstanding 59,635.583

Net Asset Value per Share Class IC - C (EUR) 136.20

Number of Class RC - C (EUR) Shares outstanding 8.154

Net Asset Value per Share Class RC - C (EUR) 147.04

Number of Class RD - C (EUR) Shares outstanding 315.000

Net Asset Value per Share Class RD - C (EUR) 102.26




41


Statement of operations and other changes in net assets (in EUR)for the period ended 30th June 2016

Income Notes




Expenses




Subscription duty ("taxe d'abonnement") 7 (1,698)


Audit fees (8,425)


Interest paid on bank liabilities (466)

Transaction fees 10 (157)







- on forward foreign exchange contracts 437

Realised result (1,234,354)





Subscriptions 39,408

Redemptions (356,958)





42


Statistical information (in EUR)as at 30th June 2016

Total net assets

- as at 30.06.2016 38,203,049

- as at 31.12.2015 41,581,853

- as at 31.12.2014 142,307,167

- as at 31.12.2013 149,159,473

Number of Share Class IA - C (EUR)


- redeemed (3,200.000)


Net Asset Value per Share Class IA - C (EUR)

- as at 30.06.2016 103.49

- as at 31.12.2015 111.83

- as at 31.12.2014 106.06

- as at 31.12.2013 -

Number of Share Class IB - C (EUR)


- issued 46.073

- redeemed (0.130)


Net Asset Value per Share Class IB - C (EUR)

- as at 30.06.2016 103.71

- as at 31.12.2015 111.95

- as at 31.12.2014 105.94

- as at 31.12.2013 100.43

Number of Share Class IC - C (EUR)


- redeemed (11.734)


Net Asset Value per Share Class IC - C (EUR)

- as at 30.06.2016 136.20

- as at 31.12.2015 146.94

- as at 31.12.2014 138.89

- as at 31.12.2013 131.47

Number of Share Class RC - C (EUR)

- outstanding at the beginning of the period 8.154

- outstanding at the end of the period 8.154

Net Asset Value per Share Class RC - C (EUR)

- as at 30.06.2016 147.04

- as at 31.12.2015 158.66

- as at 31.12.2014 149.99

- as at 31.12.2013 142.14


43


Statistical information (in EUR) (continued)as at 30th June 2016

Number of Share Class RD - C (EUR)

- outstanding at the beginning of the period 155.000

- issued 160.000

- outstanding at the end of the period 315.000

Net Asset Value per Share Class RD - C (EUR)

- as at 30.06.2016 102.26

- as at 31.12.2015 110.86

- as at 31.12.2014 105.80

- as at 31.12.2013 101.09



- issued 1,542.126

- redeemed (1,487.027)



- as at 30.06.2016 11.52

- as at 31.12.2015 12.49

- as at 31.12.2014 11.92

- as at 31.12.2013 11.39


44


Statement of investments and other net assets (in EUR)


Currency

Number/


% of Total

Net Assets



Euro

EUR 537 Unibail-Rodamco SE 100,724 125,470 0.33

Total Euro 100,724 125,470 0.33

Pound Sterling

GBP 1,907 British Land Co PLC 10,720 13,929 0.04

GBP 2,431 Land Securities Group PLC 18,666 30,393 0.08

GBP 5,772 Segro PLC Reits 38,077 28,803 0.08

Total Pound Sterling 67,463 73,125 0.20

Total REITs 168,187 198,595 0.53

Rights issues

Euro

EUR 1,336 ACS Actividades de Construccion y Servicios SA Rts - 846 -

EUR 436 Banco Popolare SC Rts - 113 -

Total Euro - 959 -

Total rights issues - 959 -

Shares

Danish Krone

DKK 232 ALK-Abello A/S 14,259 36,454 0.10

DKK 174 AP Moeller - Maersk A/S Class B 202,122 203,590 0.53

DKK 922 Carlsberg A/S Class B 73,254 78,632 0.21

DKK 3,809 Danske Bank A/S 73,444 89,800 0.24

DKK 755 DSV A/S 28,201 28,435 0.07

DKK 670 H Lundbeck A/S 9,754 22,496 0.06

DKK 1,389 ISS A/S 45,094 46,899 0.12

DKK 5,444 Novo Nordisk A/S Class B 165,448 262,036 0.69

DKK 407 Pandora A/S 47,065 49,618 0.13

DKK 1,789 Vestas Wind Systems A/S 63,248 108,810 0.28

Total Danish Krone 721,889 926,770 2.43

Euro

EUR 977 Acciona SA 64,070 63,730 0.17

EUR 941 Accor SA 27,515 32,643 0.09

EUR 1,336 ACS Actividades de Construccion y Servicios SA 41,895 32,592 0.09

EUR 1,655 Adidas AG Class A 94,509 212,585 0.56

EUR 21,781 Aegon NV 115,734 76,887 0.20

EUR 1,910 Ageas 63,397 59,181 0.15

EUR 3,397 Air France-KLM 28,150 19,434 0.05

EUR 992 Air Liquide SA 84,598 93,308 0.24

EUR 1,772 Airbus Group SE 80,322 91,666 0.24

EUR 2,232 Akzo Nobel NV 137,936 125,818 0.33


45




Currency

Number/


% of Total

Net Assets


Shares (continued)

Euro (continued)

EUR 2,748 Allianz SE 321,741 351,194 0.92

EUR 1,930 Amadeus IT Holding SA Class A 73,227 75,801 0.20

EUR 2,174 Anheuser-Busch InBev NV 177,345 255,662 0.67

EUR 29,732 ArcelorMittal 188,926 121,634 0.32

EUR 1,380 Arkema SA 81,056 95,317 0.25

EUR 1,181 ASML Holding NV 80,973 104,389 0.27

EUR 9,015 Assicurazioni Generali SpA 135,563 95,108 0.25

EUR 806 Atlantia SpA 18,005 18,030 0.05

EUR 1,641 Atos SE 86,602 122,304 0.32

EUR 1,391 Aurubis AG Class A 68,734 56,795 0.15

EUR 2,214 Autogrill SpA 9,263 16,051 0.04

EUR 14,321 AXA SA 278,470 254,985 0.67

EUR 2,115 Banca Mediolanum SpA 8,534 12,976 0.03

EUR 17,396 Banca Popolare dell'Emilia Romagna SC 77,898 57,024 0.15

EUR 43,926 Banco Bilbao Vizcaya Argentaria SA 382,855 222,441 0.58

EUR 23,533 Banco de Sabadell SA 38,783 27,745 0.07

EUR 13,518 Banco Espirito Santo SA 67,183 1,622 -

EUR 2,836 Banco Popolare SC 83,521 6,080 0.02

EUR 5,167 Banco Popular Espanol SA 16,430 5,947 0.02

EUR 99,698 Banco Santander SA 582,783 341,864 0.89

EUR 55,006 Bank of Ireland 24,945 10,039 0.03

EUR 2,917 Bankinter SA 17,073 16,825 0.04

EUR 3,951 BASF SE 238,656 271,197 0.71

EUR 2,347 Bayer AG 206,181 211,230 0.55

EUR 1,608 Bilfinger SE 61,501 42,347 0.11

EUR 7,189 BNP Paribas SA 357,123 285,799 0.75

EUR 462 Boskalis Westminster 15,557 14,271 0.04

EUR 2,940 Bouygues SA 91,054 76,234 0.20

EUR 1,917 bpost SA 46,511 43,871 0.11

EUR 918 Cap Gemini SA 50,926 71,788 0.19

EUR 633 Cargotec Oyj Class B 21,852 23,054 0.06

EUR 5,581 Carrefour SA 166,456 123,954 0.32

EUR 586 Christian Dior SE 92,822 84,853 0.22

EUR 4,125 Cie de Saint-Gobain 138,194 141,714 0.37

EUR 1,893 Cie Generale des Etablissements Michelin 139,056 161,303 0.42

EUR 5,098 CNP Assurances 74,308 67,880 0.18

EUR 343 Colruyt SA 15,082 17,004 0.04

EUR 10,103 Commerzbank AG Class A 112,813 58,840 0.15

EUR 681 Continental AG Class A 111,906 115,293 0.30

EUR 608 Corbion NV 14,666 13,136 0.03

EUR 8,081 Credit Agricole SA 67,801 61,092 0.16

EUR 3,228 CRH PLC 77,516 83,928 0.22

EUR 1,737 Daimler AG 102,242 92,964 0.24

EUR 2,011 Danone SA 101,581 127,518 0.33

EUR 673 Dassault Systemes 45,993 45,952 0.12

EUR 3,061 DB X-Trackers Euro Stoxx 50 UCITS ETF 125,477 117,099 0.31


46




Currency

Number/


% of Total

Net Assets


Shares (continued)

Euro (continued)

EUR 2,205 Delhaize Group 135,277 208,439 0.55

EUR 31,575 Deutsche Bank AG 905,904 389,162 1.02

EUR 897 Deutsche Boerse AG Class A 51,861 65,965 0.17

EUR 5,233 Deutsche Lufthansa AG 78,160 55,103 0.14

EUR 9,189 Deutsche Post AG 181,953 231,333 0.61

EUR 16,950 Deutsche Telekom AG 230,315 258,996 0.68

EUR 3,230 Deutsche Wohnen AG Class B 86,076 98,596 0.26

EUR 294 D'ieteren SA/NV 10,587 11,416 0.03

EUR 2,253 Distribuidora Internacional de Alimentacion SA 12,190 11,720 0.03

EUR 1,263 Draegerwerk AG & Co KGaA 74,099 69,149 0.18

EUR 20,894 E.ON SE 353,622 188,589 0.49

EUR 1,610 Edenred 29,355 29,777 0.08

EUR 697 Eiffage SA 46,316 44,754 0.12

EUR 4,839 Endesa SA 83,744 87,247 0.23

EUR 88,361 Enel SpA 326,214 351,677 0.92

EUR 16,018 Engie SA 294,489 232,421 0.61

EUR 13,715 Eni SpA 222,112 199,142 0.52

EUR 1,817 EXOR SpA 52,556 59,925 0.16

EUR 759 Faurecia 21,210 21,810 0.06

EUR 4,676 Ferrovial SA 72,430 81,526 0.21

EUR 16,788 Fiat Chrysler Automobiles NV 97,463 92,250 0.24

EUR 849 Fomento de Construcciones y Contratas SA 15,249 6,444 0.02

EUR 2,123 Fresenius SE & Co KGaA 38,676 139,736 0.37

EUR 2,174 Galp Energia SGPS SA 23,867 27,175 0.07

EUR 489 GEA Group AG Class A 14,971 20,672 0.05

EUR 177 Gemalto NV 9,967 9,698 0.03

EUR 2,394 Grifols SA 47,535 48,502 0.13

EUR 715 Groupe Bruxelles Lambert SA 45,721 52,524 0.14

EUR 347 Groupe Fnac SA 3,351 16,875 0.04

EUR 876 Hannover Rueck SE 74,384 82,178 0.22

EUR 775 Heineken Holding NV 40,369 56,699 0.15

EUR 949 Heineken NV 75,108 78,549 0.21

EUR 761 Hella KGaA Hueck & Co Class C 28,055 21,890 0.06

EUR 2,177 Henkel AG & Co KGaA 201,551 238,490 0.62

EUR 1,169 HOCHTIEF AG Class A 89,551 135,253 0.35

EUR 18,225 Iberdrola SA 101,840 110,936 0.29

EUR 309 Imerys SA 17,696 17,777 0.05

EUR 2,280 Industria de Diseno Textil SA 64,030 68,195 0.18

EUR 7,344 Infineon Technologies AG Class A 71,420 95,288 0.25

EUR 19,750 ING Groep NV 186,851 181,285 0.47

EUR 5,020 International Consolidated Airlines Group SA 13,903 22,214 0.06

EUR 49,306 Intesa Sanpaolo SpA 133,669 83,919 0.22

EUR 772 Italmobiliare SpA 28,051 24,380 0.06

EUR 697 Italmobiliare SpA 19,341 17,878 0.05

EUR 7,431 Jeronimo Martins SGPS SA 81,465 105,223 0.28

EUR 609 K+S AG 18,591 11,172 0.03


47




Currency

Number/


% of Total

Net Assets


Shares (continued)

Euro (continued)

EUR 2,392 KBC Groep NV 86,913 105,057 0.27

EUR 225 Kesko OYJ Class B 5,835 8,577 0.02

EUR 8,702 Kloeckner & Co SE 73,198 86,341 0.23

EUR 1,430 Kone OYJ Class B 37,707 58,987 0.15

EUR 44,508 Koninklijke KPN NV 137,272 144,874 0.38

EUR 16,561 Koninklijke Ahold NV 232,575 329,564 0.86

EUR 1,691 Koninklijke BAM Groep NV 6,730 5,545 0.01

EUR 4,947 Koninklijke Philips NV 115,644 110,788 0.29

EUR 1,093 LafargeHolcim Ltd 54,559 40,550 0.11

EUR 1,117 Lagardere SCA 27,175 21,949 0.06

EUR 1,476 LANXESS AG Class A 58,861 57,977 0.15

EUR 356 Legrand SA 7,601 16,486 0.04

EUR 11,275 Leonardo-Finmeccanica SpA 79,279 102,151 0.27

EUR 402 Linde AG Class A 47,933 50,391 0.13

EUR 579 L'Oreal SA 42,457 99,588 0.26

EUR 691 LVMH Moet Hennessy Louis Vuitton SE 69,190 93,976 0.25

EUR 8,484 Mediaset SpA 20,466 26,572 0.07

EUR 2,956 Mediobanca SpA 24,325 15,238 0.04

EUR 451 Merck KGaA 27,451 41,064 0.11

EUR 3,195 METRO AG Class A 101,509 87,767 0.23

EUR 1,552 Metropole Television SA 27,453 23,280 0.06

EUR 2,128 Metso OYJ 44,686 44,752 0.12

EUR 379 MTU Aero Engines AG Class A 31,419 31,756 0.08

EUR 1,271 Muenchener Rueckversicherungs-Gesellschaft 165,207 190,968 0.50

EUR 4,723 Natixis SA 17,164 16,101 0.04

EUR 247 Neste Oyj 6,530 7,936 0.02

EUR 1,085 Nexans SA 43,572 40,953 0.11

EUR 4,862 NN Group NV 147,971 120,553 0.32

EUR 11,251 Nokia OYJ 68,021 57,436 0.15

EUR 23,729 Nokia OYJ - TQ 161,891 120,709 0.32

EUR 3,459 Nokian Renkaat OYJ 110,691 110,792 0.29

EUR 6,280 OMV AG Class A 178,585 158,350 0.41

EUR 17,526 Orange SA 220,339 256,844 0.67

EUR 360 Orion Oyj Class B 10,380 12,528 0.03

EUR 857 OSRAM Licht AG Class A 30,970 39,885 0.10

EUR 5,586 Peugeot SA 75,402 60,413 0.16

EUR 562 Porsche Automobil Holding SE 32,653 23,230 0.06

EUR 8,248 PostNL NV 31,264 30,361 0.08

EUR 2,660 Proximus SADP 76,328 75,743 0.20

EUR 2,167 Publicis Groupe SA 84,762 131,169 0.34

EUR 75 Puma SE 20,541 15,082 0.04

EUR 449 Raiffeisen Bank International AG 4,624 5,062 0.01

EUR 345 Rallye SA 11,503 5,372 0.01

EUR 789 Randstad Holding NV 31,395 28,526 0.07

EUR 1,167 Renault SA 82,245 79,869 0.21

EUR 2,440 Rexel SA 28,573 27,609 0.07


48




Currency

Number/


% of Total

Net Assets


Shares (continued)

Euro (continued)

EUR 232 Rheinmetall AG Class A 9,541 12,342 0.03

EUR 1,792 RHOEN-KLINIKUM AG Class A 46,524 47,183 0.12

EUR 1,137 Rizzoli Corriere Della Sera Mediagroup SpA 534 915 -

EUR 46,145 Royal Dutch Shell PLC Class A 1,164,717 1,138,397 2.98

EUR 199 RTL Group SA 14,473 14,595 0.04

EUR 16,693 RWE AG Class A 308,041 236,874 0.62

EUR 942 Ryanair Holdings PLC 14,010 10,758 0.03

EUR 1,668 Safran SA 94,920 101,615 0.27

EUR 55,777 Saipem SpA 116,822 19,996 0.05

EUR 1,477 Salzgitter AG Class A 35,128 34,983 0.09

EUR 2,263 Sampo Oyj Class A 42,635 82,667 0.22

EUR 5,104 Sanofi 300,711 382,392 1.00

EUR 1,644 SAP SE 92,698 110,411 0.29

EUR 2,833 SBM Offshore NV 47,100 29,704 0.08

EUR 1,479 Schneider Electric SE 63,297 78,476 0.21

EUR 3,127 SCOR SE 74,681 83,882 0.22

EUR 432 SEB SA 25,831 47,045 0.12

EUR 5,018 Siemens AG 409,398 460,703 1.21

EUR 5,221 Smurfit Kappa Group PLC 126,087 103,376 0.27

EUR 14,253 Snam SpA 69,798 76,396 0.20

EUR 2,205 Societa Cattolica di Assicurazioni SCRL 58,255 12,502 0.03

EUR 4,404 Societe Generale SA 165,139 124,237 0.33

EUR 892 Sodexo SA 82,505 86,310 0.23

EUR 1,157 Solvay SA 101,090 96,471 0.25

EUR 11,459 Sonae SGPS SA 8,121 8,079 0.02

EUR 151,913 SRH NV 295,079 - -

EUR 970 STMicroelectronics NV 5,864 5,089 0.01

EUR 12,816 Stora Enso OYJ 97,585 92,019 0.24

EUR 493 Strabag SE Class B 17,179 13,360 0.03

EUR 3,411 Suedzucker AG Class A 47,672 67,453 0.18

EUR 1,862 Suez 33,483 26,217 0.07

EUR 286 Talanx AG Class A 6,886 7,616 0.02

EUR 2,646 Technip SA 115,897 129,164 0.34

EUR 225,897 Telecom Italia SpA 219,642 166,034 0.43

EUR 16,202 Telefonica SA 201,256 137,069 0.36

EUR 2,256 Tenaris SA 25,866 29,351 0.08

EUR 10,000 Terna Rete Elettrica Nazionale SpA 47,052 49,940 0.13

EUR 907 Thales SA 41,278 68,034 0.18

EUR 2,833 Thyssenkrupp AG Class A 54,661 51,022 0.13

EUR 17,339 TOTAL SA 747,967 752,166 1.97

EUR 2,079 Umicore SA 83,213 96,195 0.25

EUR 27,636 UniCredit SpA 158,934 54,443 0.14

EUR 2,961 Unipol Gruppo Finanziario SpA 25,975 6,236 0.02

EUR 7,460 UPM-Kymmene OYJ 104,251 122,344 0.32

EUR 3,705 Valeo SA 80,231 148,682 0.39

EUR 8,531 Veolia Environnement SA 145,108 166,099 0.43


49




Currency

Number/


% of Total

Net Assets


Shares (continued)

Euro (continued)

EUR 4,248 Vinci SA 182,395 270,555 0.71

EUR 9,128 Vivendi SA 189,043 154,263 0.40

EUR 2,128 voestalpine AG Class A 62,298 63,883 0.17

EUR 2,764 Volkswagen AG Class A 398,553 332,786 0.87

EUR 826 Wartsila OYJ Abp 13,266 30,190 0.08

EUR 729 Wendel SA 66,860 67,884 0.18

EUR 1,650 Wessanen 14,538 15,675 0.04

EUR 3,458 Wienerberger AG Class A 57,826 43,571 0.11

EUR 1,175 Wolters Kluwer NV 18,687 42,958 0.11

EUR 3,556 YIT OYJ 42,519 22,936 0.06

Total Euro 20,918,424 19,744,211 51.66

Norwegian Krone

NOK 7,650 Akastor ASA 10,489 7,645 0.02

NOK 4,008 DNB ASA 22,223 42,833 0.11

NOK 429 Gjensidige Forsikring ASA 5,962 6,401 0.02

NOK 5,110 Marine Harvest ASA 66,226 76,680 0.20

NOK 3,726 Norsk Hydro ASA 19,574 12,152 0.03

NOK 10,373 Orkla ASA 82,682 82,403 0.22

NOK 8,147 Petroleum Geo-Services ASA 107,792 17,282 0.05

NOK 16,897 Seadrill Ltd 42,766 48,639 0.13

NOK 20,121 Statoil ASA 325,698 311,889 0.82

NOK 12,407 Storebrand ASA 51,063 41,853 0.11

NOK 18,345 Subsea 7 SA 127,613 160,433 0.42

NOK 2,844 Telenor ASA 45,044 42,095 0.11

Total Norwegian Krone 907,132 850,305 2.24

Pound Sterling

GBP 11,475 AA PLC 35,768 33,111 0.09

GBP 32,464 Anglo American PLC 389,590 283,954 0.74

GBP 7,692 Antofagasta PLC 71,732 43,095 0.11

GBP 28,225 Aviva PLC 144,302 133,780 0.35

GBP 29,786 BAE Systems PLC 166,769 187,809 0.49

GBP 23,302 Balfour Beatty PLC 93,750 60,284 0.16

GBP 114,826 Barclays PLC 365,875 191,503 0.50

GBP 2,109 Barratt Developments PLC 6,587 10,288 0.03

GBP 45,541 BHP Billiton PLC 732,459 516,647 1.35

GBP 162,512 BP PLC 906,983 856,801 2.24

GBP 4,575 British American Tobacco PLC 163,558 266,611 0.70

GBP 41,369 BT Group PLC 132,902 204,094 0.53

GBP 948 Bunzl PLC 9,112 26,259 0.07

GBP 1,368 Burberry Group PLC 9,812 19,095 0.05

GBP 8,061 Carillion PLC 39,050 22,678 0.06

GBP 1,315 Carnival PLC 34,130 52,375 0.14

GBP 57,050 Centrica PLC 207,954 154,801 0.41

GBP 10,350 Cobham PLC 21,255 19,590 0.05


50




Currency

Number/


% of Total

Net Assets


Shares (continued)

Pound Sterling (continued)

GBP 10,386 Compass Group PLC 113,111 177,713 0.47

GBP 3,068 Diageo PLC 55,744 77,027 0.20

GBP 9,834 Direct Line Insurance Group PLC 36,451 40,801 0.11

GBP 10,034 Drax Group PLC 46,841 39,083 0.10

GBP 11,527 DS Smith PLC 19,697 53,581 0.14

GBP 9,060 Electrocomponents PLC 26,703 28,367 0.07

GBP 45,788 Evraz PLC 36,776 75,592 0.20

GBP 46,190 Firstgroup PLC 128,479 55,747 0.15

GBP 14,477 G4S PLC 44,375 31,861 0.08

GBP 15,753 GKN PLC 42,110 51,123 0.13

GBP 32,468 GlaxoSmithKline PLC 572,107 626,855 1.64

GBP 127,378 Glencore PLC 289,536 234,278 0.61

GBP 2,965 Hiscox Ltd 11,099 36,819 0.10

GBP 62,843 Home Retail Group PLC 184,412 115,621 0.30

GBP 3,167 Howden Joinery Group PLC 7,518 14,637 0.04

GBP 100,102 HSBC Holdings PLC 740,329 561,187 1.47

GBP 9,732 ICAP PLC 54,214 49,149 0.13

GBP 4,048 IMI PLC 26,315 47,102 0.12

GBP 2,472 Imperial Brands PLC 65,466 120,573 0.32

GBP 5,166 Inchcape PLC 11,395 39,038 0.10

GBP 1,613 InterContinental Hotels Group PLC 18,054 53,433 0.14

GBP 7,014 Investec PLC 47,885 39,085 0.10

GBP 17,410 ITV PLC 52,146 37,646 0.10

GBP 20,282 J Sainsbury PLC 99,208 56,693 0.15

GBP 1,349 Johnson Matthey PLC 35,390 45,467 0.12

GBP 25,385 Kingfisher PLC 94,905 98,510 0.26

GBP 36,378 Legal & General Group PLC 45,518 83,476 0.22

GBP 200,690 Lloyds Banking Group PLC 104,080 130,549 0.34

GBP 5 Lonmin PLC 926 12 -

GBP 35,515 Man Group PLC 88,085 49,444 0.13

GBP 18,066 Marks & Spencer Group PLC 111,652 69,281 0.18

GBP 13,024 Melrose Industries PLC 57,141 66,722 0.17

GBP 6,128 Mitchells & Butlers PLC 21,508 17,078 0.04

GBP 3,010 Mondi PLC 12,693 50,526 0.13

GBP 8,815 National Grid PLC 80,246 116,253 0.30

GBP 896 Next PLC 12,777 53,153 0.14

GBP 45,230 Old Mutual PLC 66,322 109,013 0.29

GBP 3,574 Pearson PLC 31,099 41,587 0.11

GBP 5,193 Phoenix Group Holdings 59,133 50,083 0.13

GBP 28,756 Premier Foods PLC 65,281 14,273 0.04

GBP 44,246 Premier Oil PLC 47,542 40,463 0.11

GBP 10,232 Prudential PLC 93,644 154,763 0.41

GBP 2,167 Reckitt Benckiser Group PLC 109,012 195,305 0.51

GBP 10,528 Rexam PLC 46,089 81,710 0.21

GBP 10,371 Rolls-Royce Holdings PLC 101,306 88,791 0.23

GBP 23,337 Royal Bank of Scotland Group PLC 135,929 48,187 0.13


51




Currency

Number/


% of Total

Net Assets


Shares (continued)

Pound Sterling (continued)

GBP 19,562 Royal Dutch Shell PLC Class A - LN 407,889 481,958 1.26

GBP 5,613 Royal Mail PLC 36,146 33,838 0.09

GBP 12,090 RSA Insurance Group PLC 106,227 72,666 0.19

GBP 1,692 SABMiller PLC 74,911 88,972 0.23

GBP 9,841 Sage Group PLC 45,228 76,438 0.20

GBP 36,441 Serco Group PLC 73,233 48,848 0.13

GBP 2,311 Sky PLC 19,377 23,581 0.06

GBP 7,855 SSE PLC 127,475 146,882 0.38

GBP 12,645 Standard Chartered PLC 222,873 85,908 0.22

GBP 17,255 Standard Life PLC 52,367 60,960 0.16

GBP 2,723 Tate & Lyle PLC 15,703 21,904 0.06

GBP 17,690 Taylor Wimpey PLC 6,092 28,162 0.07

GBP 79,021 Tesco PLC 302,123 166,305 0.44

GBP 42,792 Thomas Cook Group PLC 85,679 32,362 0.08

GBP 1,815 TUI AG Class D 29,183 18,597 0.05

GBP 25,374 Tullow Oil PLC 41,918 80,056 0.21

GBP 12,021 Unilever PLC 391,284 517,695 1.36

GBP 3,217 Vesuvius PLC 12,261 11,106 0.03

GBP 159,252 Vodafone Group PLC 433,633 436,239 1.14

GBP 2,183 Weir Group PLC 20,463 37,852 0.10

GBP 271 Whitbread PLC 7,680 11,387 0.03

GBP 6,800 William Hill PLC 19,689 21,070 0.06

GBP 63,886 Wm Morrison Supermarkets PLC 186,998 144,061 0.38

GBP 2,013 Wolseley PLC 40,378 93,740 0.25

GBP 8,822 WPP PLC 91,001 164,752 0.43

Total Pound Sterling 10,531,648 10,255,771 26.85

Swedish Krona

SEK 317 Alfa Laval AB Class A 4,159 4,445 0.01

SEK 8,656 AstraZeneca PLC 389,531 465,320 1.22

SEK 2,635 Atlas Copco AB Class A 55,043 60,831 0.16

SEK 5,561 Boliden AB Class A 77,192 96,181 0.25

SEK 1,037 Bonava AB Class B 10,258 11,237 0.03

SEK 3,321 Electrolux AB Class B Series B 64,313 80,619 0.21

SEK 3,139 Hennes & Mauritz AB Class B 92,679 82,204 0.22

SEK 5,675 Industrivarden AB Class C 99,734 82,055 0.21

SEK 5,089 Investor AB Class B 127,436 151,869 0.40

SEK 1,037 NCC AB Class B 19,215 21,483 0.06

SEK 12,325 Nordea Bank AB Class A 80,893 92,836 0.24

SEK 9,104 Ratos AB Class B 44,503 39,665 0.10

SEK 8,594 SAS AB Class A 50,067 14,608 0.04

SEK 2,594 Securitas AB Class B 21,933 35,633 0.09

SEK 3,412 Skandinaviska Enskilda Banken AB Class A 12,856 26,443 0.07

SEK 4,807 Skanska AB Class B 55,773 89,575 0.23

SEK 5,341 SKF AB Class B 77,614 76,091 0.20

SEK 2,198 SSAB AB Class B 2,457 3,713 0.01


52




Currency

Number/


% of Total

Net Assets


Shares (continued)

Swedish Krona (continued)

SEK 2,513 SSAB AB Class B 42,284 4,266 0.01

SEK 3,331 Svenska Cellulosa AB SCA Class B 90,550 95,194 0.25

SEK 12,308 Svenska Handelsbanken AB Class A 103,881 133,113 0.35

SEK 4,916 Swedbank AB Class A 98,567 91,763 0.24

SEK 216 Swedish Match AB Class A 4,367 6,712 0.02

SEK 3,225 Tele2 AB Class B 26,932 25,200 0.07

SEK 20,164 Telefonaktiebolaget LM Ericsson Class B 162,771 137,744 0.36

SEK 16,252 Telia Co AB Class A 74,507 68,580 0.18

SEK 21,169 Volvo AB Class B 190,174 186,665 0.49

Total Swedish Krona 2,079,689 2,184,045 5.72

Swiss Franc

CHF 15,509 ABB Ltd 259,752 273,986 0.72

CHF 631 Actelion Ltd 77,237 95,150 0.25

CHF 2,763 Adecco Group AG 154,967 124,813 0.33

CHF 80 Autoneum Holding AG Class A 6,694 16,853 0.04

CHF 43 Baloise Holding AG 2,748 4,299 0.01

CHF 314 BKW AG Class A 24,703 12,562 0.03

CHF 1,034 Cie Financiere Richemont SA 63,826 54,218 0.14

CHF 1,198 Clariant AG 16,863 18,187 0.05

CHF 24,101 Credit Suisse Group AG 436,407 229,589 0.60

CHF 1,197 GAM Holding AG Class A 12,381 11,447 0.03

CHF 86 Geberit AG 28,245 29,242 0.08

CHF 77 Georg Fischer AG 26,759 55,280 0.14

CHF 53 Givaudan SA 70,523 95,786 0.25

CHF 61 Helvetia Holding AG 21,510 28,547 0.07

CHF 599 Julius Baer Group Ltd 22,274 21,480 0.06

CHF 160 Kuehne + Nagel International AG 10,132 20,135 0.05

CHF 1,364 LafargeHolcim Ltd - VX 58,559 51,092 0.13

CHF 818 Logitech International SA 11,739 11,942 0.03

CHF 316 Lonza Group AG 47,139 47,066 0.12

CHF 9,053 Nestle SA 395,519 628,606 1.65

CHF 4,626 Novartis AG 243,510 342,584 0.90

CHF 2,730 Petroplus Holdings AG Class A 32,272 76 -

CHF 80 Rieter Holding AG 14,918 14,739 0.04

CHF 2,032 Roche Holding AG 404,162 480,829 1.26

CHF 464 Schindler Holding AG 43,626 75,455 0.20

CHF 49 SGS SA 82,300 100,781 0.26

CHF 18 Sika AG Class B 62,367 67,790 0.18

CHF 594 Swiss Life Holding AG 78,919 122,885 0.32

CHF 227 Swiss Prime Site AG 17,746 18,499 0.05

CHF 3,057 Swiss Re AG Class A 177,946 239,383 0.63

CHF 713 Syngenta AG 245,018 246,453 0.64

CHF 11,795 UBS Group AG 166,873 136,991 0.36


53




Currency

Number/


% of Total

Net Assets


Shares (continued)

Swiss Franc (continued)

CHF 829 Zurich Insurance Group AG Class A 162,540 183,373 0.48

Total Swiss Franc 3,480,174 3,860,118 10.10

Total shares 38,638,956 37,821,220 99.00

38,807,143 38,020,774 99.53








54






Energy 11.78

Capital Goods 10.49

Materials 9.71

Banks 8.56


Insurance 7.52


Utilities 5.38






Transportation 2.06


Media 1.78


Retailing 1.45




Real Estate 0.84



Total 99.53


55


Industrial and geographical classification of investments (continued)





United Kingdom 24.69

France 15.74

Germany 14.43

Switzerland 11.08

Netherlands 8.21

Sweden 4.50

Italy 3.85

Spain 3.51

Belgium 2.66

Denmark 2.43

Finland 2.08

Norway 1.69

Australia 1.35

Luxembourg 0.75

Austria 0.73

Ireland 0.55

Portugal 0.37

South Africa 0.23

Russian Federation 0.20

United States 0.14

Jersey 0.13

Chile 0.11

Bermuda 0.10

Total 99.53


56

IPM Umbrella Fund

Notes to the financial statements


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.

57

IPM Umbrella Fund

Notes to the financial statements (continued)


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 = 1.49201 AUD 315.67500 HUF 4.40086 PLN

3.55921 BRL 14,678.42718 IDR 9.41275 SEK

1.44279 CAD 4.27838 ILS 1.49523 SGD

1.08229 CHF 113.97236 JPY 39.03878 THB

735.52113 CLP 1,279.64778 KRW 3.19470 TRY

27.08246 CZK 20.49619 MXN 35.83814 TWD

7.43981 DKK 4.47880 MYR 1.11095 USD

0.83105 GBP 9.29637 NOK 16.26986 ZAR

8.61869 HKD

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.

58

IPM Umbrella Fund



Note 2 - Subscription, redemption and conversion fees

There is neither subscription fee nor redemption fee applicable.

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.

The redemption fee applicable for each Class of Share is equal to a maximum of 0.5% of the Net Asset Value per Share

and will revert to the Distribution and Placement Agent.

Conversions are executed free of commission. A dilution levy may however be charged under the conditions described

in Subscriptions and Redemptions above.

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"

Share

Class "IB"

Share Class

"IC"

Share

Class "RA"

Share Class

"RC"

Share Class

"RD"

IPM Europe Equity Fund 0.40% 0.18% 0.06% 0.40% 0.06% 1.00%

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%

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 Fee

0.060% 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; and

0.010% 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.

59

IPM Umbrella Fund



Note 4 - Management Company and Administration fees (continued)

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 Fee

0.035% 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.

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 Europe Equity Fund "MSCI Europe Total Return"

- IPM Global Equity Fund "FTSE All World Developed Large Cap Total Return Index"

- IPM US Equity Fund "S&P 500 Total Return Index"

During the whole period ended 30th June 2016, no performance fee was accrued and paid as IPM US Equity Fund

underperformed the defined benchmark.

60

IPM Umbrella Fund



Note 5 - Incentive fee (continued)

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.

Note 6 - Depositary fees 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.

61

IPM Umbrella 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 - Risk management

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

approach.

Note 10 - 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 period ended 30th June 2016 these transaction fees amount to:

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”).

Sub-Fund Currency

Purchases and Sales

transaction fees

Depositary

transaction fees

Total

transaction fees

IPM Global Equity Fund EUR 14,263 10,275 24,538

IPM US Equity Fund USD 2,687 8,445 11,132

IPM Europe Equity Fund EUR 22,852 2,384 25,236

62

IPM Umbrella Fund



Note 11 - Securities lending

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

The value of the securities lent on 30th June 2016 was the following:

Collaterals are obligations issued or guaranteed by OECD member states or their local governments, authorities,

instrumentalities or agencies.

Sub-Fund Currency

Securities lending

income (gross)

Direct and indirect

costs

Securities

lending income

(net)

IPM Global Equity Fund EUR 45,472 (10,227) 35,245

IPM US Equity Fund USD 11,136 (2,503) 8,633

IPM Europe Equity Fund EUR 71,044 (15,981) 55,063

Sub-Fund

Value of

securities lent

in EUR Collateral in EUR

IPM Global Equity Fund 2,134,113 2,262,976

IPM US Equity Fund 479,851 508,825

IPM Europe Equity Fund 3,265,556 3,462,737

Total 5,879,520 6,234,538

63

IPM Informed Portfolio Management AB

Mäster Samuelsgatan 6

SE-111 44 Stockholm

Sweden

www.ipm.se

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