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Celsius
Investment
Funds SICAVAn umbrella fund with segregated
liability between Sub-Funds
Unaudited Semi-Annual Report and Financial Statements
for the six months ended 31 May 2016
R.C.S Luxembourg B 132.073
Celsius Investment Funds SICAV
Table of Contents Page
Management and Administration 2
General Information 3
Schedule of Investments 4
Statement of Net Assets 12
Statement of Operations 16
Statement of Changes in Net Assets 18
Statement of Changes in Shares Outstanding 20
Statistical Information 21
Notes to the Financial Statements 23
Additional Information for Shareholders 37
No subscription can be accepted on the basis of the financial statements. Subscriptions are only valid if they are made on the basis
of the latest published Prospectus accompanied by the latest annual financial statements and the most recent semi-annual
financial statements, if published thereafter.
1
Celsius Investment Funds SICAV
Management and Administration
Registered Office Depositary and Paying Agent
Celsius Investment Funds SICAV Northern Trust Global Services Limited
6, rue Lou Hemmer (Luxembourg Branch)
L-1748 Senningerberg 6, rue Lou Hemmer
Grand Duchy of Luxembourg L-1748 Senningerberg
Grand Duchy of Luxembourg
Board of Directors
Claude Kremer Administrator, Registrar, Domiciliary
Partner and Transfer Agent
Arendt & Medernach Northern Trust Luxembourg Management Company S.A.
41A, avenue JFK 6, rue Lou Hemmer
L-2082 Luxembourg L-1748 Senningerberg
Grand Duchy of Luxembourg Grand Duchy of Luxembourg
Patrick Zurstrassen Investment Manager
Independent Director Barclays Bank Plc, acting through its Wealth
Principal office at Lombard Odier Funds Europe S.A. and Investment Management Division
5, Allée Scheffer 1 Churchill Place
L-2520 Luxembourg Canary Wharf
Grand Duchy of Luxembourg London E14 5HP
United Kingdom
Clare Prince
Barclays Wealth and Investment Management Distributor
1 Churchill Place Barclays Bank Plc
London E14 5HP 1 Churchill Place
United Kingdom Canary Wharf
London E14 5HP
Conducting Persons United Kingdom
Martine Capus
Carne Global Financial Services Luxembourg S.à r.l. Legal Adviser to the Company
6B, route de Trèves Arendt & Medernach
L-2633 Senningerberg 41A, avenue JFK
Grand Duchy of Luxembourg L-2082 Luxembourg
Grand Duchy of Luxembourg
Anil Kumar Singh
Carne Global Fund Managers (Luxembourg) S.A.
6B, route de Trèves
L-2633 Senningerberg
Grand Duchy of Luxembourg
Auditor
PricewaterhouseCoopers, Société coopérative
2, rue Gerhard Mercator
B.P. 1443
L-1014 Luxembourg
Grand Duchy of Luxembourg
2
Celsius Investment Funds SICAV
General Information
Sub-Fund Launch Date
Barclays Max Capital Stability Fund 2020
Diversified Fixed Income Opportunities Fund
Barclays Pure Beta Commodity Fund
Barclays Capital ComBATS Fund
Sustainable Emerging Markets Fund
Barclays Backwardation Long Only Fund
Pareto Balanse
Pareto Moderat
Pareto Offensiv
The Sub-Funds are managed by Barclays Bank Plc (the “Investment Manager”). The registered office of the Investment Manager is
1 Churchill Place, London E14 5HP, United Kingdom.
Each Sub-Fund is open to daily subscriptions and redemptions, except the Diversified Fixed Income Opportunities Fund which is
open to subscriptions and redemptions twice per month. Copies of the Prospectus and of the financial statements of the Company
are available by writing to the Company at the following address:
Northern Trust Luxembourg Management Company S.A.
Celsius Investment Funds SICAV (the “Company”) is an investment company organised under the laws of the Grand Duchy of
Luxembourg as a Société d’Investissement à Capital Variable (“SICAV”) with the capacity to divide its assets into several separate
investment portfolios (the “Sub-Funds”).
Its financial year ends on 30 November of each year.
The annual general meeting of Shareholders of the Company is held on the last Tuesday of March of each year, at the registered
office of the Company.
03 February 2010
09 February 2010
27 September 2010
28 February 2011
13 October 2011
25 June 2012
10 January 2014
10 January 2014
10 January 2014
The unaudited financial statements contained herein present the financial information of the 9 following Sub-Funds at 31 May
2016:
L-1748 Senningerberg
6, rue Lou Hemmer
Grand Duchy of Luxembourg
A detailed schedule of portfolio movements is available free of charge upon request at the registered office of the Company.
3
Celsius Investment Funds SICAV
Schedule of Investments
Barclays Max Capital Stability Fund 2020
Schedule of Investments as at 31 May 2016 (Expressed in CHF)
Market Value % of Net
Security description Currency Nominal CHF Assets
Bonds
France (48.79%)
Government of France 0% 25/04/2020 EUR 8,030,000 8,992,966 23.87
Government of France 0% 25/10/2020 EUR 2,000,000 2,239,459 5.94
Government of France 0% 25/04/2021 EUR 6,400,000 7,152,855 18.98
Germany (45.44%)
Federal Republic of Germany 0% 04/07/2020 EUR 2,000,000 2,253,850 5.98
Federal Republic of Germany 0% 04/07/2020 EUR 6,200,000 6,982,946 18.53
Federal Republic of Germany 0% 04/01/2021 EUR 7,000,000 7,885,505 20.93
Total Bonds 35,507,581 94.23
35,507,581 94.23
TOTAL INVESTMENTS (Cost CHF 30,010,408) 35,507,581 94.23
Other Net Assets 2,176,182 5.77
TOTAL NET ASSETS 37,683,763 100.00
A nominal of EUR 1,488,250 is deposited as OTC derivative collateral with Barclays Bank Plc.
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
In this section, only the Schedules of Investments of the Sub-Funds investing in transferable securities are disclosed. Derivatives for
all Sub-Funds are detailed in the notes to the financial statements.
Transferable securities admitted to an official exchange listing or dealt
on another regulated market
Total transferable securities admitted to an official exchange listing or
dealt on another regulated market
4
Celsius Investment Funds SICAV
Diversified Fixed Income Opportunities Fund
Schedule of Investments as at 31 May 2016 (Expressed in EUR)Market Value % of Net
Security description Currency Nominal EUR Assets
Bonds
Austria (21.74%)
Republic of Austria 3.2% 20/02/2017* EUR 7,500,000 7,700,903 21.74
Finland (2.82%)
Nordea Bank Finland Abp FRN 10/08/2016 EUR 1,000,000 1,000,448 2.82
France (19.78%)
Government of France 0% 15/06/2016 EUR 4,000,000 4,000,700 11.30
Government of France 0% 18/08/2016* EUR 3,000,000 3,003,280 8.48
Germany (13.51%)
KFW 3.875% 21/01/2019 EUR 2,500,000 2,784,338 7.86
Landesbank Baden-Wuerttemberg FRN 23/12/2016 EUR 1,000,000 1,001,200 2.83
Norddeutsche Landesbank Girozentrale 0% 30/09/2016 EUR 1,000,000 1,000,848 2.82
Jersey (4.57%)
Heathrow Funding Ltd 4.375% 25/01/2019 EUR 1,574,000 1,617,340 4.57
Spain (8.54%)
Spain Government Bond 0.5% 31/10/2017 EUR 3,000,000 3,026,400 8.54
Supranational (27.37%)
European Stability Mechanism 1.375% 04/03/2021 EUR 9,000,000 9,692,069 27.37
Sweden (5.77%)
Sweden Government International Bond 0.875% 31/01/2018 EUR 2,000,000 2,042,354 5.77
United States (9.14%)
BMW US Capital LLC 1% 18/07/2017 EUR 3,200,000 3,235,574 9.14
Total Bonds 40,105,454 113.24
40,105,454 113.24
TOTAL INVESTMENTS (Cost EUR 39,031,841) 40,105,454 113.24
Other Net Liabilities (4,688,012) (13.24)
TOTAL NET ASSETS 35,417,442 100.00
* A nominal of EUR 8,921,000 is deposited as OTC derivative collateral with Barclays Bank Plc.
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
Transferable securities admitted to an official exchange listing or dealt on
another regulated market
Total transferable securities admitted to an official exchange listing or
dealt on another regulated market
5
Celsius Investment Funds SICAV
Sustainable Emerging Markets Fund
Schedule of Investments as at 31 May 2016 (Expressed in EUR)
Market Value % of Net
Security description Currency Quantity EUR Assets
Common Stocks
Bermuda (4.58%)
Beijing Enterprises Water Group Ltd HKD 2,892,427 1,668,986 1.14
Credicorp Ltd USD 29,743 3,745,761 2.57
Li & Fung Ltd HKD 2,755,316 1,261,701 0.87
Brazil (6.66%)
Cia Brasileira de Distribuicao - ADR USD 51,208 512,425 0.35
Cia de Saneamento Basico do Estado de Sao Paulo - ADR USD 218,893 1,380,309 0.95
Cia Energetica de Minas Gerais - ADR USD 259,243 346,977 0.24
EDP - Energias do Brasil SA BRL 153,600 467,703 0.32
Itausa - Investimentos Itau SA - Pref BRL 792,762 1,411,577 0.97
Kroton Educacional SA BRL 817,514 2,258,908 1.55
Lojas Renner SA BRL 201,004 1,047,646 0.72
Natura Cosmeticos SA BRL 176,271 989,949 0.68
Qualicorp SA BRL 222,946 847,877 0.58
Tractebel Energia SA BRL 49,000 433,554 0.30
Cayman Islands (5.04%)
China High Speed Transmission Equipment Group Co Ltd HKD 1,088,016 749,845 0.52
JA Solar Holdings Co Ltd - ADR USD 75,400 539,805 0.37
Tencent Holdings Ltd HKD 226,871 4,546,396 3.12
Trina Solar Ltd - ADR USD 208,914 1,506,921 1.03
Chile (0.26%)
Aguas Andinas SA CLP 776,423 384,266 0.26
China (7.23%)
China Longyuan Power Group Corp Ltd HKD 1,725,456 1,065,454 0.73
China Merchants Bank Co Ltd HKD 1,743,500 3,213,660 2.20
Guodian Technology & Environment Group Corp Ltd HKD 975,000 47,353 0.03
Huaneng Renewables Corp Ltd HKD 2,432,871 663,928 0.46
Ping An Insurance Group Corp HKD 799,000 3,206,018 2.20
Zhuzhou CSR Times Electric Co Ltd HKD 466,362 2,345,860 1.61
Hong Kong (8.16%)
BOC Hong Kong Holdings Ltd HKD 1,284,500 3,549,946 2.44
China Everbright International Ltd HKD 1,965,465 1,893,215 1.30
Guangdong Investment Ltd HKD 1,297,755 1,644,724 1.13
Hang Seng Bank Ltd HKD 151,800 2,420,615 1.66
Hong Kong & China Gas Co Ltd HKD 1,375,503 2,373,121 1.63
India (4.72%)
Infosys Ltd - ADR USD 243,728 4,256,072 2.92
Tata Motors Ltd - ADR USD 60,700 1,826,044 1.25
Wipro Ltd - ADR USD 74,526 804,003 0.55
Indonesia (3.99%)
Bank Rakyat Indonesia Persero Tbk PT IDR 3,665,840 2,494,991 1.71
Telekomunikasi Indonesia Persero Tbk PT IDR 13,644,478 3,319,815 2.28
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
Transferable securities admitted to an official exchange listing or
dealt on another regulated market
6
Celsius Investment Funds SICAV
Sustainable Emerging Markets Fund
Schedule of Investments as at 31 May 2016 (Expressed in EUR) (continued)
Market Value % of Net
Security description Currency Quantity EUR Assets
Common Stocks (continued)
Israel (2.86%)
Check Point Software Technologies Ltd USD 54,670 4,172,746 2.86
Malaysia (1.69%)
DiGi.Com Bhd MYR 1,418,874 1,382,879 0.95
Malayan Banking Bhd MYR 610,943 1,084,559 0.74
Mexico (4.80%)
Cemex SAB de CV MXN 4,632,480 2,652,325 1.82
Fomento Economico Mexicano SAB de CV MXN 439,012 3,572,986 2.45
Gentera SAB de CV MXN 472,629 775,361 0.53
Qatar (0.32%)
Qatar Electricity & Water Co. QAR 9,354 460,423 0.32
Singapore (0.10%)
Sound Global Ltd HKD 412,939 142,296 0.10
South Africa (10.35%)
Barloworld Ltd ZAR 85,265 350,669 0.24
Bid Corp Ltd ZAR 116,235 2,008,814 1.38
Bidvest Group Ltd ZAR 116,235 832,403 0.57
FirstRand Ltd ZAR 792,446 1,923,501 1.32
Imperial Holdings Ltd ZAR 55,439 443,279 0.30
Mondi Ltd ZAR 72,939 1,268,555 0.87
Nedbank Group Ltd ZAR 154,486 1,561,695 1.07
Standard Bank Group Ltd ZAR 182,338 1,291,420 0.89
Truworths International Ltd ZAR 146,166 784,875 0.54
Vodacom Group Ltd ZAR 245,894 2,308,785 1.58
Woolworths Holdings Ltd ZAR 487,967 2,318,716 1.59
South Korea (10.92%)
Coway Co Ltd KRW 27,632 2,145,128 1.47
Hankook Tire Co Ltd KRW 36,037 1,390,664 0.95
Hyundai Mobis Co Ltd KRW 18,138 3,486,047 2.39
KT Corp KRW 73,819 1,785,981 1.23
LG Electronics Inc KRW 87,724 3,709,240 2.55
Shinhan Financial Group Co Ltd KRW 94,278 2,810,351 1.93
Woongjin Thinkbig Co Ltd KRW 64,991 585,362 0.40
Taiwan (18.88%)
Asustek Computer Inc TWD 308,942 2,382,639 1.63
Cathay Financial Holding Co Ltd TWD 1,150,720 1,194,907 0.82
Chunghwa Telecom Co Ltd TWD 882,598 2,674,107 1.83
CTBC Financial Holding Co Ltd TWD 2,726,594 1,284,221 0.88
Delta Electronics Inc TWD 215,717 891,249 0.61
Everlight Electronics Co Ltd TWD 599,026 768,048 0.53
Far EasTone Telecommunications Co Ltd TWD 564,000 1,166,654 0.80
Fubon Financial Holding Co Ltd TWD 2,988,000 3,168,579 2.17
MediaTek Inc TWD 368,000 2,229,943 1.53
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
Transferable securities admitted to an official exchange listing or
dealt on another regulated market
7
Celsius Investment Funds SICAV
Sustainable Emerging Markets Fund
Schedule of Investments as at 31 May 2016 (Expressed in EUR) (continued)
Market Value % of Net
Security description Currency Quantity EUR Assets
Common Stocks (continued)
Taiwan (18.88%) (continued)
Merida Industry Co Ltd TWD 143,050 541,769 0.37
Neo Solar Power Corp TWD 1,078,870 531,919 0.37
Pegatron Corp TWD 1,112,987 2,081,532 1.43
Siliconware Precision Industries Co Ltd TWD 1,236,000 1,804,337 1.24
Taiwan Cement Corp TWD 529,000 437,848 0.30
Taiwan Mobile Co Ltd TWD 265,000 813,849 0.56
Taiwan Semiconductor Manufacturing Co Ltd TWD 984,637 4,244,374 2.91
United Microelectronics Corp TWD 3,880,883 1,304,108 0.90
Thailand (3.33%)
Advanced Info Service PCL THB 326,916 1,356,298 0.93
Kasikornbank PCL THB 329,376 1,441,041 0.99
PTT Global Chemical PCL THB 1,373,091 2,054,241 1.41
Turkey (3.05%)
KOC Holding AS TRY 459,772 1,834,373 1.26
Turkiye Garanti Bankasi AS TRY 1,136,398 2,614,536 1.79
Total Common Stocks 141,295,057 96.94
Rights
Brazil (0.00%)
EDP - Energias do Brasil SA Rts BRL 42,127 3,677 -
Total Rights 3,677 -
141,298,734 96.94
TOTAL INVESTMENTS (Cost EUR 143,763,301) 141,298,734 96.94
Other Net Assets 4,463,974 3.06
TOTAL NET ASSETS 145,762,708 100.00
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
Transferable securities admitted to an official exchange listing or
dealt on another regulated market
Total transferable securities admitted to an official exchange listing
or dealt on another regulated market
8
Celsius Investment Funds SICAV
Pareto Balanse
Schedule of Investments as at 31 May 2016 (Expressed in NOK)
Number of Market Value % of
Security description Currency Shares NOK Net Assets
Collective Investment Schemes
Mutual Funds
Ireland (80.73%)
EUR 7,060,011 95,243,724 16.32
USD 6,968,790 88,878,580 15.23
GlobalAccess Japan Fund M JPY Accumulation JPY 2,318,588 23,491,936 4.02
USD 1,762,166 17,920,506 3.07
USD 4,250,300 54,314,130 9.31
GlobalAccess US Value Fund M USD Accumulation USD 219,927 45,031,153 7.72
iShares Core S&P 500 UCITS ETF USD 52,266 85,854,471 14.71
Pareto Nordic Alpha Class B NOK 386,559 60,405,267 10.35
Norway (19.18%)
Pareto Global - C NOK 25 46,768 0.01
Pareto Hoyrente NOK 90,643 88,262,690 15.12
Pareto Likviditet NOK 23,740 23,634,879 4.05
Total Mutual Funds 583,084,104 99.91
Total Collective Investment Schemes 583,084,104 99.91
TOTAL INVESTMENTS (Cost NOK 518,744,593)
Other Net Assets 541,563 0.09
TOTAL NET ASSETS 583,625,667 100.00
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
GlobalAccess Europe (ex-UK) Alpha Fund M EUR Accumulation
GlobalAccess Global Corporate Bond Fund M USD Accumulation
GlobalAccess Pacific Rim (ex-Japan) Fund M USD Accumulation
GlobalAccess US Small & Mid Cap Equity Fund M USD Accumulation
9
Celsius Investment Funds SICAV
Pareto Moderat
Schedule of Investments as at 31 May 2016 (Expressed in NOK)
Number of Market Value % of
Security description Currency Shares NOK Net Assets
Collective Investment Schemes
Mutual Funds
Ireland (62.39%)
EUR 3,451,498 46,562,749 10.40
USD 5,451,043 69,521,533 15.53
GlobalAccess Japan Fund M JPY Accumulation JPY 1,332,965 13,505,603 3.02
USD 897,684 9,129,079 2.04
USD 1,843,931 23,563,397 5.27
GlobalAccess US Value Fund M USD Accumulation USD 114,494 23,443,219 5.24
iShares Core S&P 500 UCITS ETF USD 28,195 46,314,369 10.35
Pareto Nordic Alpha Class B NOK 301,911 47,177,814 10.54
Luxembourg (10.22%)
JPMorgan Funds - Systematic Alpha Class C EUR 43,445 45,722,983 10.22
Norway (28.65%)
Pareto Global - C NOK 20 36,485 0.01
Pareto Hoyrente NOK 70,739 68,880,885 15.39
Pareto Likviditet NOK 59,598 59,333,479 13.25
Total Mutual Funds 453,191,595 101.26
Total Collective Investment Schemes 453,191,595 101.26
TOTAL INVESTMENTS (Cost NOK 422,586,428) 453,191,595 101.26
Other Net Liabilities (5,632,358) (1.26)
TOTAL NET ASSETS 447,559,237 100.00
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
GlobalAccess Europe (ex-UK) Alpha Fund M EUR Accumulation
GlobalAccess Global Corporate Bond Fund M USD Accumulation
GlobalAccess Pacific Rim (ex-Japan) Fund M USD Accumulation
GlobalAccess US Small & Mid Cap Equity Fund M USD Accumulation
10
Celsius Investment Funds SICAV
Pareto Offensiv
Schedule of Investments as at 31 May 2016 (Expressed in NOK)
Number of Market Value % of
Security description Currency Shares NOK Net Assets
Collective Investment Schemes
Mutual Funds
Ireland (80.48%)
EUR 3,082,591 41,585,976 10.55
USD 1,475,278 18,815,406 4.77
GlobalAccess Japan Fund M JPY Accumulation JPY 2,570,584 26,045,159 6.61
USD 1,860,655 18,922,099 4.80
USD 5,052,535 64,565,806 16.38
GlobalAccess US Value Fund M USD Accumulation USD 314,272 64,348,765 16.32
EUR 857,546 19,049,802 4.83
iShares Core S&P 500 UCITS ETF USD 38,917 63,926,807 16.22 Norway (11.68%)
Pareto Global - C NOK 18 32,736 0.01
Pareto Hoyrente NOK 23,062 22,456,646 5.70
Pareto Investment Fund - B NOK 1,524 23,522,903 5.97 Total Mutual Funds 363,272,105 92.16
Total Collective Investment Schemes 363,272,105 92.16
TOTAL INVESTMENTS (Cost NOK 336,161,134) 363,272,105 92.16
Other Net Assets 30,908,368 7.84
TOTAL NET ASSETS 394,180,473 100.00
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
GlobalAccess Europe (ex-UK) Alpha Fund M EUR Accumulation
GlobalAccess Global Corporate Bond Fund M USD Accumulation
GlobalAccess Pacific Rim (ex-Japan) Fund M USD Accumulation
GlobalAccess US Small & Mid Cap Equity Fund M USD Accumulation
Hermes Investment Funds PLC - Hermes Sourcecap European Alpha Fund S
EUR Accumulation
11
Celsius Investment Funds SICAV
Statement of Net Assets as at 31 May 2016
Barclays Max
Capital Stability
Fund 2020
Diversified Fixed
Income
Opportunities
Fund
Barclays Pure
Beta Commodity
Fund
Barclays Capital
ComBATS Fund
Sustainable
Emerging Markets
Fund
Barclays
Backwardation
Long Only Fund
Notes CHF EUR USD USD EUR USD
Assets
Market value of investments 35,507,581 40,105,454 - - 141,298,734 -
Funded swaps at market value 2 (k),5 - - 433,479 15,657,935 - 11,077,031
Unrealised appreciation on forward foreign exchange contracts 2 (f),7 - - 396 - - -
Unrealised appreciation on long-dated forward foreign
exchange contracts 2 (g),6 1,685,663 - - - - -
Cash at bank 565,276 3,257,017 1,054 219,633 4,261,219 98,920
Interest receivable - 197,090 - - - -
Receivable for investments sold - - - - - -
Receivable for shares issued - - - - 253,734 -
Dividends receivable - - - - 310,482 -
Fixed fees receivable - - 84,770 69,257 - 38,829
Other receivables - - - - - -
Total Assets 37,758,520 43,559,561 519,699 15,946,825 146,124,169 11,214,780
Liabilities
Management fees payable 4 - 49,006 635 5,302 106,968 11,114
Fixed fees payable 4 - 4,229 - - 166,470 -
Payable for investments purchased - - - - - -
Payable for shares redeemed - - - - - -
Options at market value 2 (i),(j),6 - 87,000 - - - -
Unrealised depreciation on unfunded swaps 2 (k),5 - 8,000,217 - - - -
Unrealised depreciation on forward foreign exchange contracts 2 (f),7 - - 6 344,984 - - Unrealised depreciation on long-dated forward foreign
exchange contracts 2 (g),6 - - - - - - Bank overdraft - - 9,738 - - - Other payables and accrued expenses 74,757 1,667 29 28 88,023 15
Total Liabilities 74,757 8,142,119 10,408 350,314 361,461 11,129
NET ASSETS 37,683,763 35,417,442 509,291 15,596,511 145,762,708 11,203,651
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
12
Celsius Investment Funds SICAV
Statement of Net Assets as at 31 May 2016 (continued)
Barclays Max
Capital Stability
Fund 2020
Diversified Fixed
Income
Opportunities
Fund
Barclays Pure
Beta Commodity
Fund
Barclays Capital
ComBATS Fund
Sustainable
Emerging Markets
Fund
Barclays
Backwardation
Long Only Fund
CHF EUR USD USD EUR USD
Number of shares outstanding
Class A - 600,000 578 - 1,244,734 153,295
Class B 113,206 - - 47,603 - -
Class C 2,100 - - - - -
Class D - - - 25,000 - -
Class E - - 1,333 - - -
Class F - - - 11 - -
Class G - - 520 - - -
Class H - - - - - -
Class I - - - - - -
Class J - - - - - -
Class K - - 3,838 93,377 - -
Class Q - - - - - -
Class S - - - - - -
Class T - - - - - -
Class U - - - - - -
Net asset value per share
Class A - EUR 59.03 USD 61.02 - EUR 117.10 USD 73.09
Class B CHF 115.80 - - EUR 94.01 - -
Class C CHF 11,702.32 - - - - -
Class D - - - CHF 95.63 - -
Class E - - USD 56.55 - - -
Class F - - - EUR 90.07 - -
Class G - - GBP 59.36 - - -
Class H - - - - - -
Class I - - - - - -
Class J - - - - - -
Class K - - EUR 82.78 JPY 9,749.66 - -
Class Q - - - - - -
Class S - - - - - -
Class T - - - - - -
Class U - - - - - -
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
13
Celsius Investment Funds SICAV
Statement of Net Assets as at 31 May 2016 (continued)
Pareto Balanse Pareto Moderat Pareto Offensiv Combined
Notes NOK NOK NOK EUR
Assets
Market value of investments 583,084,104 453,191,595 363,272,105 363,808,417
Funded swaps at market value 2 (k),5 - - - 24,404,599
Unrealised appreciation on forward foreign exchange contracts 2 (f),7 114,935 97,193 73,002 30,981
Unrealised appreciation on long-dated forward foreign
exchange contracts 2 (g),6 - - - 1,523,014
Cash at bank 27,785,933 24,138,586 44,679,397 18,692,105
Interest receivable - - - 197,090
Receivable for investments sold - 1,495,588 67,252,965 7,384,151
Receivable for shares issued 49,257 - 1,230,882 391,231
Dividends receivable - - - 310,482
Fixed fees receivable 180,891 - 83,549 201,640
Other receivables 2,063,674 201,354 84,916 252,403
Total Assets 613,278,794 479,124,316 476,676,816 417,196,113
Liabilities
Management fees payable 4 2,472,610 1,965,233 1,515,152 810,690
Fixed fees payable 4 - 119,807 - 183,567
Payable for investments purchased 16,277,040 22,710,398 70,798,971 11,791,949
Payable for shares redeemed 427,323 205,124 2,967,656 386,680
Options at market value 2 (i),(j),6 - - - 87,000
Unrealised depreciation on unfunded swaps 2 (k),5 - - - 8,000,217
Unrealised depreciation on forward foreign exchange contracts 2 (f),7 10,346,822 6,187,283 7,105,857 2,849,017Unrealised depreciation on long-dated forward foreign
exchange contracts 2 (g),6 - - - - Bank overdraft - - - 8,747Other payables and accrued expenses 129,332 377,234 108,707 223,384
Total Liabilities 29,653,127 31,565,079 82,496,343 24,341,251
NET ASSETS 583,625,667 447,559,237 394,180,473 392,854,862
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
14
Celsius Investment Funds SICAV
Statement of Net Assets as at 31 May 2016 (continued)
Pareto Balanse Pareto Moderat Pareto Offensiv
NOK NOK NOK
Number of shares outstanding
Class A 5,316,749 4,138,491 3,539,400
Class B - - -
Class C - - -
Class D - - -
Class E - - -
Class F - - -
Class G - - -
Class H - - -
Class I - - -
Class J - - -
Class K - - -
Class Q - - -
Class S - - -
Class T - - -
Class U - - -
Net asset value per share
Class A NOK 109.77 NOK 108.15 NOK 111.37
Class B - - -
Class C - - -
Class D - - -
Class E - - -
Class F - - -
Class G - - -
Class H - - -
Class I - - -
Class J - - -
Class K - - -
Class Q - - -
Class S - - -
Class T - - -
Class U - - -
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
15
Celsius Investment Funds SICAV
Statement of Operations for the period ended 31 May 2016
Barclays Max
Capital Stability
Fund 2020
Diversified Fixed
Income
Opportunities
Fund
Barclays Pure Beta
Commodity Fund
Barclays Capital
ComBATS Fund
Sustainable
Emerging Markets
Fund
Barclays
Backwardation
Long Only Fund
Notes CHF EUR USD USD EUR USD
Income
Interest income - - - - - -
Bank interest - - - - 7,033 -
Net dividend income - - - - 1,659,117 -
Other income - - - - - -
Total income - - - - 1,666,150 -
Investment management fees 4 66,033 175,329 867 15,597 312,515 32,572
Fixed fees 4 18,866 34,465 492 15,591 257,929 10,857
Taxe d’abonnement 3 4,512 - - - 36,339 543
Interest expense - 248,223 - - - -
General expenses 6,563 - - - - -
Other expenses 4 5,729 6,635 49 64 9,185 24
Total expense 101,703 464,652 1,408 31,252 615,968 43,996
Net investment (loss)/income (101,703) (464,652) (1,408) (31,252) 1,050,182 (43,996)
Net realised loss on investments 2 (d) - (232,197) - - (1,333,766) -
Net realised gain/(loss) on swaps 2 (k) - 9,141 (12,169) 16,187 - (9,292)
Net realised (loss)/gain on forward foreign exchange
contracts 2 (f) (29) 1,450 (2,080) 1,505,871 95,504 499
Net realised gain/(loss) on foreign currencies 2 (b) 1,309 (458) 886 (207,482) (486,790) 148
Net change in unrealised appreciation/(depreciation) on
investments 1,006,722 120,687 - (111) (6,623,232) -
Net change in unrealised appreciation/(depreciation) on
swaps 2 (k) 26,990 (4,337,481) 43,261 (52,191) - 604,772
Net change in unrealised depreciation on options 2 (j) - (87,000) - - - -
Net change in unrealised appreciation/(depreciation) on
forward foreign exchange contracts 2 (f) - - 788 (207,216) - -
Net change in unrealised depreciation on long-dated forward
foreign exchange contracts 2 (g) (1,255,513) - - - - -
Net change in unrealised (depreciation)/appreciation on
foreign currencies (9,496) 85,596 (6,854) - 40,205 -
Net (decrease)/increase in net assets resulting from operations (331,720) (4,904,914) 22,424 1,023,806 (7,257,897) 552,131
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
16
Celsius Investment Funds SICAV
Statement of Operations for the period ended 31 May 2016 (continued)
Pareto Balanse Pareto Moderat Pareto Offensiv Combined
Notes NOK NOK NOK EUR
Income
Interest income - - - -
Bank interest - 13,394 - 8,451
Net dividend income - 1,982,158 - 1,869,007
Other income 2,185,868 261,981 581,128 320,738
Total income 2,185,868 2,257,533 581,128 2,198,196
Investment management fees 4 2,947,058 2,376,726 1,769,406 1,343,439
Fixed fees 4 248,276 452,710 337,029 443,814
Taxe d’abonnement 3 140,336 113,177 84,257 76,716
Interest expense - - - 248,223
General expenses - - - 5,995
Other expenses 4 4,892 35,764 5,711 26,086
Total expense 3,340,562 2,978,377 2,196,403 2,144,273
Net investment (loss)/income (1,154,694) (720,844) (1,615,275) 53,923
Net realised gain on investments 2 (d) 12,740,187 14,736,334 9,849,374 2,386,468
Net realised gain on swaps 2 (k) - - - 4,389
Net realised gain on forward foreign exchange contracts 2 (f) 14,695,407 8,550,869 9,927,437 4,964,982
Net realised gain/(loss) on foreign currencies 2 (b) 1,077,168 712,218 1,930,556 (278,149)
Net change in unrealised depreciation on investments (27,742,727) (25,784,737) (15,887,922) (12,933,414)
Net change in unrealised depreciation on swaps 2 (k) - - - (3,776,000)
Net change in unrealised depreciation on options 2 (j) - - - (87,000)
Net change in unrealised depreciation on forward foreign
exchange contracts 2 (f) (9,529,406) (5,920,058) (7,680,675) (2,635,228)
Net change in unrealised depreciation on long-dated forward
foreign exchange contracts 2 (g) - - - (1,146,875)
Net change in unrealised (depreciation)/appreciation on
foreign currencies (33,365) (248,509) (101,623) 70,343
Net decrease in net assets resulting from operations (9,947,430) (8,674,727) (3,578,128) (13,376,561)
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
17
Celsius Investment Funds SICAV
Statement of Changes in Net Assets for the period ended 31 May 2016
Barclays Max
Capital Stability
Fund 2020
Diversified Fixed
Income
Opportunities
Fund
Barclays Pure Beta
Commodity Fund
Barclays Capital
ComBATS Fund
Sustainable
Emerging Markets
Fund
Barclays
Backwardation
Long Only Fund
Notes CHF EUR USD USD EUR USD
Net assets at beginning of the period 38,005,732 40,322,356 533,228 14,572,705 156,253,439 10,651,520
Revaluation difference 2 (l) - - - - - -
Distribution income - - - - - -
Net investment (loss)/income (101,703) (464,652) (1,408) (31,252) 1,050,182 (43,996)
Net realised loss on investments 2 (d) - (232,197) - - (1,333,766) -
Net realised gain/(loss) on swaps 2 (k) - 9,141 (12,169) 16,187 - (9,292)
Net realised (loss)/gain on forward foreign exchange contracts 2 (f) (29) 1,450 (2,080) 1,505,871 95,504 499
Net realised gain/(loss) on foreign currencies 2 (b) 1,309 (458) 886 (207,482) (486,790) 148
Net realised (loss)/profit for the period (100,423) (686,716) (14,771) 1,283,324 (674,870) (52,641)
Proceeds from subscription of shares 12,298 - - - 25,950,736 -
Payments for redemption of shares (2,547) - (46,361) - (29,183,570) -
Net proceeds from shares transactions 9,751 - (46,361) - (3,232,834) -
Net change in unrealised appreciation/(depreciation) on investments 1,006,722 120,687 - (111) (6,623,232) - Net change in unrealised appreciation/(depreciation) on swaps 2 (k) 26,990 (4,337,481) 43,261 (52,191) - 604,772
Net change in unrealised depreciation on options 2 (j) - (87,000) - - - -
Net change in unrealised appreciation/(depreciation) on
forward foreign exchange contracts 2 (f) - - 788 (207,216) - -
Net change in unrealised depreciation on long-dated forward
foreign exchange contracts 2 (g) (1,255,513) - - - - -
Net change in unrealised (depreciation)/appreciation on
foreign currencies (9,496) 85,596 (6,854) - 40,205 -
Net assets at the end of the period 37,683,763 35,417,442 509,291 15,596,511 145,762,708 11,203,651
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
18
Celsius Investment Funds SICAV
Statement of Changes in Net Assets for the period 31 May 2016 (continued)
Pareto Balanse Pareto Moderat Pareto Offensiv Combined
Notes NOK NOK NOK EUR
Net assets at beginning of the period 559,628,786 480,556,605 290,802,538 401,124,449
Revaluation difference 2 (l) - - - (3,971,721)
Distribution income - - - -
-
Net investment (loss)/income (1,154,694) (720,844) (1,615,275) 53,922
Net realised gain on investments 2 (d) 12,740,187 14,736,334 9,849,374 2,386,468
Net realised gain on swaps 2 (k) - - - 4,389
Net realised gain on forward foreign exchange contracts 2 (f) 14,695,407 8,550,869 9,927,437 4,964,982
Net realised gain/(loss) on foreign currencies 2 (b) 1,077,168 712,218 1,930,556 (278,149)
Net realised gain for the period 27,358,068 23,278,577 20,092,092 7,131,612
Proceeds from subscription of shares 98,470,677 77,786,410 140,841,717 59,539,496
Payments for redemption of shares (64,526,366) (102,109,051) (33,885,654) (50,460,800)
Net proceeds from shares transactions 33,944,311 (24,322,641) 106,956,063 9,078,696
Net change in unrealised depreciation on investments (27,742,727) (25,784,737) (15,887,922) (12,933,414)
Net change in unrealised depreciation on swaps 2 (k) - - - (3,776,000)
Net change in unrealised depreciation on options 2 (j) - - - (87,000)
Net change in unrealised depreciation on forward foreign
exchange contracts 2 (f) (9,529,406) (5,920,058) (7,680,675) (2,635,228)
Net change in unrealised depreciation on long-dated forward
foreign exchange contracts 2 (g) - - - (1,146,875)
Net change in unrealised (depreciation)/appreciation on
foreign currencies (33,365) (248,509) (101,623) 70,343
Net assets at the end of the period 583,625,667 447,559,237 394,180,473 392,854,862
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
19
Celsius Investment Funds SICAV
Statement of Changes in Shares Outstanding
For the period ended 31 May 2016
Number of shares
outstanding as at
30 November 2015
Number of
shares issued
Number of
shares
redeemed
Number of shares
outstanding as at
31 May 2016
Barclays Max Capital Stability Fund 2020
Class B 113,122 106 (22) 113,206
Class C 2,100 - - 2,100
Diversified Fixed Income Opportunities Fund
Class A 600,000 - - 600,000
Barclays Pure Beta Commodity Fund
Class A 578 - - 578
Class E 1,333 - - 1,333
Class G(1)
520 - - 520
Class K 4,375 - (537) 3,838
Barclays Capital ComBATS Fund
Class B(1)
47,603 - - 47,603
Class D(1)
25,000 - - 25,000
Class F(1)
11 - - 11
Class K(1)
93,377 - - 93,377
Sustainable Emerging Markets Fund
Class A 1,264,989 225,390 (245,645) 1,244,734
Barclays Backwardation Long Only Fund
Class A 153,295 - - 153,295
Pareto Balanse
Class A 4,997,117 922,578 (602,946) 5,316,749
Pareto Moderat
Class A 4,367,395 730,025 (958,929) 4,138,491
Pareto Offensiv
Class A 2,528,105 1,320,948 (309,653) 3,539,400
(1) Hedged share classes
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
20
Celsius Investment Funds SICAV
Statistical Information
For the period ended 31 May 2016
For the period
ended 31 May 2016
For the year ended
30 November 2015
For the year ended
30 November 2014
Barclays Max Capital Stability Fund 2020
Class B Net assets CHF 13,108,893 CHF 13,220,529 CHF 13,635,464
Net asset value per share CHF 115.80 CHF 116.87 CHF 112.02
Class C Net assets CHF 24,574,870 CHF 24,785,203 CHF 23,723,497
Net asset value per share CHF 11,702.32 CHF 11,802.48 CHF 11,296.90
Diversified Fixed Income Opportunities Fund
Class A Net assets EUR 35,417,442 EUR 40,322,356 EUR 43,337,630
Net asset value per share EUR 59.03 EUR 67.20 EUR 72.23
Barclays Pure Beta Commodity Fund
Class A Net assets USD 35,271.00 USD 33,534 USD 191,310
Net asset value per share USD 61.02 USD 58.02 USD 79.61
Class E Net assets USD 75,386.00 USD 72,033 USD 133,962
Net asset value per share USD 56.55 USD 54.04 USD 74.93
Class F(1)(2)
Net assets - - EUR 84,549
Net asset value per share - - EUR 70.42
Class G Net assets GBP 30,867 GBP 29,444 GBP 63,504
Net asset value per share USD 59.36 GBP 56.62 GBP 78.02
Class K Net assets EUR 317,724 EUR 362,959 EUR 1,310,275
Net asset value per share EUR 82.78 EUR 82.96 EUR 96.47
Barclays Capital ComBATS Fund
Class B(1)
Net assets EUR 4,475,370 EUR 4,513,495 EUR 5,413,807
Net asset value per share EUR 94.01 EUR 94.82 EUR 91.23
Class D(1)
Net assets CHF 2,390,716 CHF 2,419,093 CHF 2,426,567
Net asset value per share CHF 95.63 CHF 96.76 CHF 93.52
Class E(3)
Net assets - - USD 134,986
Net asset value per share - - USD 90.90
Class F(1)
Net assets EUR 991 EUR 1,006 EUR 23,384
Net asset value per share EUR 90.07 EUR 91.41 EUR 88.90
Class K(1)
Net assets JPY 910,367,574 JPY 918,608,099 JPY 7,453,085
Net asset value per share JPY 9,749.66 JPY 9,837.62 JPY 9,473.14
(1) Hedged share classes
(2) Closed on 17 June 2015
(3) Closed on 29 March 2015
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
21
Celsius Investment Funds SICAV
Statistical Information
For the period ended 31 May 2016 (continued)
For the period
ended 31 May 2016
For the year ended
30 November 2015
For the year ended
30 November 2014
Sustainable Emerging Markets Fund
Class A Net assets EUR 145,762,708 EUR 156,253,439 EUR 218,003,769
Net asset value per share EUR 117.10 EUR 123.52 EUR 132.73
Barclays Backwardation Long Only Fund
Class A Net assets USD 11,203,651 USD 10,651,520 USD 13,607,698
Net asset value per share USD 73.09 USD 69.48 USD 88.77
Pareto Balanse
Class A Net assets NOK 583,625,667 NOK 559,628,786 NOK 359,795,357
Net asset value per share NOK 109.77 NOK 111.99 NOK 105.63
Pareto Moderat
Class A Net assets NOK 447,559,237 NOK 480,556,605 NOK 304,744,531
Net asset value per share NOK 108.15 NOK 110.03 NOK 106.30
Pareto Offensiv
Class A Net assets NOK 394,180,473 NOK 290,802,538 NOK 171,758,191
Net asset value per share NOK 111.37 NOK 115.03 NOK 106.58
The accompanying notes on pages 23 to 36 form an integral part of these financial statements.
22
Celsius Investment Funds SICAV
Notes to the Financial Statements for the period ended 31 May 2016
1. General information
a)
b)
The investment objective of Pareto Balanse is to provide Shareholders with medium capital growth over the long term with
a medium level of risk.
The investment objective of Pareto Moderat is to provide Shareholders with moderate capital growth over the long term
with a medium level of risk.
The investment objective of Pareto Offensiv is to provide Shareholders with enhanced capital growth over the long term
with a medium to high level of risk.
In order to achieve their investment objective, the Sub-Funds intend to invest the net proceeds of any issue of Shares in
assets consisting of financial derivative instruments ("FDIs") (including Derivative Contracts in the form of swaps, futures,
options and forward foreign exchange contracts), transferable securities, money market instrument, other Undertakings for
Collective Investment in Transferable Securities ("UCITS"), assets and instruments used for the purpose of efficient portfolio
management.
The Company
Celsius Investment Funds SICAV (the “Company”) is an Investment Company with variable capital incorporated on 17
September 2007 and authorised in Luxembourg as an undertaking for collective investment pursuant to Part I of the law of
17 December 2010 relating to undertakings for collective investment, as amended (the “Law”).
The investment objective of Barclays Max Capital Stability Fund 2020 is to provide Shareholders with a return linked to the
performance of the Multi-Asset Protected Portfolio which is comprised of the Multi-Asset Basket and the Protection
Component.
The Fund
As at 31 May 2016, the Company has nine active Sub-Funds:
Barclays Max Capital Stability Fund 2020, Diversified Fixed Income Opportunities Fund, Barclays Pure Beta Commodity
Fund, Barclays Capital ComBATS Fund, Sustainable Emerging Markets Fund, Barclays Backwardation Long Only Fund,
Pareto Balanse, Pareto Moderat and Pareto Offensiv (the "Sub-Funds").
The investment objective of Barclays Pure Beta Commodity Fund is to provide Shareholders with a return linked to the
performance of the Barclays Capital Pure Beta DJ-UBSCISM
Total Return Index, a diversified long-only commodities index net
of fees and expenses.
The investment objective of Barclays Capital ComBATS Fund is to provide Shareholders with a return linked to the
performance of the Barclays Capital ComBATS 12 Total Return Index, a diversified long-short commodities index net of fees
and expenses.
The investment objective of Sustainable Emerging Markets Fund is to provide Shareholders with long-term capital
appreciation through exposure in local currencies to a portfolio of Emerging Market Equities meeting certain sustainable
investment criteria.
The investment objective of the Barclays Backwardation Long Only Fund is to provide Shareholders with a return linked to
the performance of the Barclays Backwardation Capped Index, a diversified long-only commodities index, net of fees and
expenses.
The investment objective of Diversified Fixed Income Opportunities Fund is to provide Shareholders with an absolute
excess return over money market of approximately 5% per annum ("p.a.") with medium to high volatility.
23
Celsius Investment Funds SICAV
1. General information (continued)
c)
2. Accounting policies
a)
b)
Pareto Offensiv currently offers one share class: Class A denominated in NOK.
The accounts of the Company have been prepared in accordance with the Luxembourg regulations relating to undertakings
for collective investments ("UCIs"). The significant accounting policies used in these financial statements are detailed as
follows:
Cash and other liquid assets
Cash and other liquid assets are valued at their face value with interest accrued, where applicable.
Base currency
Any value expressed otherwise than in the base currency of the relevant Sub-Fund (whether of an investment or cash) and
any non-base currency borrowings are converted into the base currency at the rate (whether official or otherwise) which
the Administrator deems appropriate in the circumstances.
The Directors may decide to create within each Sub-Fund different share classes. All share classes relating to the same Sub-
Fund are commonly invested in accordance with such Sub-Fund’s investment objective but may differ with regard to their
fee structure, minimum initial investment amount, minimal additional investment amount, minimum shareholding,
minimum repurchase amount, dividend policy (including the dates and payments of any dividends), investor eligibility
criteria or other particular feature(s). A separate Net Asset Value per Share is calculated for each issued share class in
relation to each Sub-Fund. The different features of each share class available relating to a Sub-Fund are described in detail
in the relevant Supplements to the Prospectus.
The Investment Manager has the ability to hedge the shares of such classes in relation to the Fund currency. Where hedging
of this kind is undertaken, the Investment Manager may engage, for the exclusive account of such share class, in currency
forwards, currency futures, currency option transactions and swaps in order to preserve the value of the reference currency
against the Fund currency. Where undertaken, the effects on this hedging will be reflected in the Net Asset Value ("NAV")
and, therefore, in the performance of such additional share class. Similarly, any expenses arising from such hedging
transactions will be borne by the class in relation to which they have been incurred.
As at 31 May 2016, the following classes are active:
Barclays Max Capital Stability Fund 2020 currently offers two share classes: Class B denominated in CHF and Class C
denominated in CHF.
Diversified Fixed Income Opportunities Fund currently offers one share class: Class A denominated in EUR.
Notes to the Financial Statements for the period ended 31 May 2016 (continued)
The Shares
Barclays Pure Beta Commodity Fund currently offers four share classes: Class A denominated in USD, Class E denominated
in USD, Class G (Hedge Share Class) denominated in GBP and Class K denominated in EUR.
Barclays Capital ComBATS Fund currently offers four share classes: Class B (Hedge Share Class) denominated in EUR, Class
D (Hedge Share Class) denominated in CHF, Class F (Hedge Share Class) denominated in EUR and Class K (Hedge Share
Class) denominated in JPY.
Sustainable Emerging Markets Fund currently offers one share class: Class A denominated in EUR.
Barclays Backwardation Long Only Fund currently offers one share class: Class A denominated in USD.
Pareto Balanse currently offers one share class: Class A denominated in NOK.
Pareto Moderat currently offers one share class: Class A denominated in NOK.
24
Celsius Investment Funds SICAV
Notes to the Financial Statements for the period ended 31 May 2016 (continued)
2. Accounting policies (continued)
b)
Exchange rates on 31 May 2016
1 EUR 1.113251 USD
1 EUR 1.106794 CHF
1 EUR 9.310285 NOK
c)
d)
e)
If the assets are listed or traded on several stock exchanges or OTC markets, the official close of business prices on the
stock exchange or OTC market which, in the opinion of the Administrator, constitutes the main market for such assets, will
be used.
Investments in securities
Investments in securities are accounted for on a trade date basis. Realised gains and losses on sales of investments in
securities are determined on the average cost basis and include transaction costs.
Exchange traded derivative instruments
In the event that any of the investments as at the Valuation Point for the relevant Dealing Day are not listed or traded on any
stock exchange or OTC market, such securities shall be valued at their probable realisation value determined by the
Administrator (being approved by the Board of Directors) with care and in good faith in consultation with the Investment
Manager.
Investments in open-ended UCIs are valued on the basis of the last available NAV of the units or shares of such UCIs.
Income and expenses expressed in currencies other than the reference currency of the respective Sub-Funds are
converted at exchange rates ruling at the transaction date.
As at 31 May 2016, the base currency is the Euro (“EUR”) for Diversified Fixed Income Opportunities Fund, Sustainable
Emerging Markets Fund, the Swiss Franc (“CHF”) for Barclays Max Capital Stability Fund 2020, the US Dollar (“USD”) for
Barclays Pure Beta Commodity Fund, Barclays Capital ComBATS Fund, Barclays Backwardation Long Only Fund and the
Norwegian Krone (“NOK”) for Pareto Balanse, Pareto Moderat and Pareto Offensiv.
The exchange rates on 31 May 2016 are (this exchange rate is taken at 5pm United Kingdom time) as follows:
The acquisition cost of securities expressed in a currency other than the reference currency of the respective Sub-Funds is
translated at the exchange rate prevailing on the date of purchase.
Base currency (continued)
Assets listed or traded on a stock exchange
Assets listed or traded on a stock exchange or on an over-the-counter ('OTC') market for which market quotations are
readily available shall be valued at the last quoted official close of business price on the principal exchange or market for
such investment as at the Valuation Point for the relevant Dealing Day provided that the value of any investment listed on a
stock exchange but acquired or traded at a premium or at a discount outside the relevant stock exchange may be valued
taking into account the level of premium or discount as at the date of valuation of the investment. Such premiums or
discounts thereon above shall be provided by an independent broker or market maker or if such premiums/discounts are
unavailable, by the Investment Manager. However, the Administrator in agreement with the Investment Manager may
adjust the value of investments traded on an OTC market if it considers such adjustment is required to reflect the fair value
thereof in the context of currency, marketability, dealing costs and/or such other considerations as are deemed relevant.
Exchange traded derivative instruments are valued at the settlement price for such instruments on such market as at the
Valuation Point for the relevant Dealing Day; if such price is not available such value is the probable realisation value
estimated with care and in good faith by the Administrator or the Investment Manager and approved for such purpose by
the Custodian. OTC derivative instruments are valued at the latest valuation for such instruments as at the Valuation Point
for the relevant Dealing Day as provided by the counterparty on a daily basis and verified on a weekly basis by a specialised
unit or department of Barclays Bank Plc (being independent from the counterparty).
If in any case a particular value is not ascertainable as provided above or if the Board of Directors considers that some other
method of valuation better reflects the fair value of the relevant investment on derivative instrument, then in such case the
method of valuation of the relevant investment on derivative investment is such as the Directors in their absolute discretion
determines, such method of valuation to be approved by the Custodian.
25
Celsius Investment Funds SICAV
Notes to the Financial Statements for the period ended 31 May 2016 (continued)
2. Accounting policies (continued)
f)
g)
h)
i)
Forward foreign exchange contracts
In general, written call options may serve as a partial hedge against decreases in value in the underlying securities to the
extent of the premium received.
Forward foreign exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies and
unrealised gain or loss is recorded daily under "Unrealised appreciation/(depreciation) on forward foreign exchange
contracts" in the Statement of Net Assets. The changes in such amounts are included in the Statement of Changes in Net
Assets under “Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts”. When a
contract is closed, the realised gain/loss is recorded under “Net realised gain/(loss) on forward foreign exchange contracts”
in the Statement of Operations and the Statement of Changes in Net Assets.
Futures contracts
The Fund may write call or put options in exchange for a premium. The premium is initially recorded as liability, which is
subsequently adjusted to the current value of the option contract. When a written option expires, the Company realises a
gain equal to the amount of the premium received. The difference between the premium and the amount paid at the closing
of a transaction is considered a realised gain or loss. When a written call option is exercised, the premium received is offset
against the proceeds to determine the realised gain or loss. When a written put option is exercised, the premium reduces
the cost basis of the security purchased by the Company. The changes in such amounts are included in the Statement of
Operations and the Statement of Changes in Net Assets under “Net change in unrealised appreciation/(depreciation) on
options contracts".
The Company, as writer of an option, may have no control over whether the underlying securities may be sold (call) or
purchased (put) and, as a result, bears the market risk of an unfavourable change in the price of the securities underlying
the written option.
The Company may enter into futures contracts for the delayed delivery of securities or currency, or contracts based on
financial indices at a fixed price on a future date. In entering such contracts, the Company is required to deposit with the
broker either in cash or securities an amount equal to a certain percentage of the contract amount. Subsequent payments
are made or received by the Company each day, depending on the daily fluctuations in the value of the contracts, and are
recorded for financial statements purposes as unrealised gains or losses by the Company. Upon entering into such
contracts, the Company bears the risk of interest or exchange rates or securities’ prices moving unexpectedly, in which case,
the Company may not achieve the anticipated benefits of the futures contracts and may realise a loss. The changes in such
amounts are included in the Statements of Operations and Statements of Changes in Net Assets under “Net change in
unrealised appreciation/(depreciation) on futures contracts”. Where the assets are listed or traded on a stock exchange, the
official close of business prices on the stock exchange, as selected by the Administrator, will be used.
Written options
Long-dated forward foreign exchange contracts
Long-dated forward foreign exchange contracts are valued at the prevailing forward exchange rate of the underlying
currencies and unrealised gain or loss is recorded daily under "Unrealised appreciation/(depreciation) on long-dated
forward foreign exchange contracts" in the Statement of Net Assets. The changes in such amounts are included in the
Statement of Changes in Net Assets under “Net change in unrealised appreciation/(depreciation) on long-dated forward
foreign exchange contracts”. When the contracts close, the realised gain/loss will be recorded under “Net realised
gain/(loss) on long-dated forward foreign exchange contracts” in the Statement of Operations and the Statement of
Changes in Net Assets.
Where the assets are listed or traded on a stock exchange, the official close of business prices on the stock exchange, as
selected by the Administrator, will be used. Where the asset is an OTC instrument, Barclays Bank Plc and the Administrator
will value the asset in an independent manner.
26
Celsius Investment Funds SICAV
Notes to the Financial Statements for the period ended 31 May 2016 (continued)
2. Accounting policies (continued)
j)
k)
l)
3. Taxation of the Company
Purchased options
The Company may purchase call or put options for a premium. Purchasing call options may be a hedge against an
anticipated increase in the cost of securities to be acquired or to increase the Fund’s exposure to the underlying instrument.
Purchasing put options may hedge against a decline in the value of portfolio securities. The premium paid is included as an
investment in the Statements of Net Assets and is subsequently adjusted to the current value of the option. Premiums paid
for purchased options which have expired are treated as a "Net realised gain/(loss) from options" in the Statement of
Operations and the Statement of Changes in Net Assets.
Premiums paid for purchased options which are exercised or closed are added to the amount paid or offset against the
proceeds on the underlying security or financial instrument to determine the realised gain or loss. The risk of loss associated
with purchased options is limited to the premium paid. The market value of the options is recorded under "Options at
market value" in the Statement of Net Assets.
Where the assets are listed or traded on a stock exchange, the official close of business prices on the stock exchange, as
selected by the Administrator, will be used. Where the asset is an OTC instrument, Barclays Bank Plc and the Administrator
will value the asset in an independent manner.
In order to achieve their investment objective, the Sub-Funds intend to invest the net proceeds of any issue of shares in
derivative contracts in the form of funded or unfunded swaps (the “Swaps”), entered into with the Approved Counterparty.
The Fund may use funded swaps to gain exposure to the Money Market Component or the Diversified Component, and
where such funded swaps are used, the Fund will have no further payment obligations other than the initial amounts paid to
the Approved Counterparty.
Funded swap means a swap where the Fund pays to the Approved Counterparty the full swap notional equal to the net
proceeds of any issue of shares in exchange for the performance or the payout of all or part of the Underlying.
The Fund may also use unfunded swaps to gain exposure to the Diversified Component, and where such unfunded swaps
are used, the Fund may have further payment obligations to the Approved Counterparty reflecting the change in value of
such swaps in favour of the Approved Counterparty.
Swap agreements
Funded and unfunded swaps are disclosed in section 5 of the notes to the financial statements.
The combined Statements of Net Assets, of Operations and of Changes in Net Assets are expressed in Euros at the
exchange rate prevailing at the period end for each Sub-Fund. The "Revaluation difference" in the statements relates to the
revaluation of the opening NAV at this exchange rate.
Under current law and practice, the Company is not liable to any Luxembourg income tax. Dividends paid (if any) by the
Company to its Shareholders are not liable to any Luxembourg withholding tax.
Combined statements
In the Statement of Net Assets, the funded swaps are disclosed at their market value and the unfunded swaps are disclosed
at their unrealised value. In the Statement of Operations and the Statement of Changes in Net Assets, the funded and
unfunded swaps show their change in unrealised. Where the asset is an OTC instrument, Barclays Bank Plc and the
Administrator will value the asset in an independent manner.
The Company is, however, liable in Luxembourg to a tax (“Taxe d'Abonnement ”) of 0.05 per cent per annum in respect of
share classes for Retail Investors and of 0.01 per cent per annum in respect of share classes for Institutional Investors.
Investments by a Sub-Fund in shares or units of another Luxembourg UCI are excluded from the Net Asset Value of the
Fund serving as basis for the calculation of the Taxe d'Abonnement payable by that Sub- Fund. The Taxe d'Abonnement is
payable quarterly on the basis of the NAV of the Sub-Fund at the end of the relevant calendar quarter.
The Taxe d'Abonnement is included in the fixed fees for the following Sub-Funds: Diversified Fixed Income Opportunities
Fund, Barclays Pure Beta Commodity Fund and Barclays Capital ComBATS Fund.
27
Celsius Investment Funds SICAV
Notes to the Financial Statements for the period ended 31 May 2016 (continued)
3. Taxation of the Company (continued)
4. Significant agreements
a) Investment Manager fees
Sub-Fund Investment Manager Fees
Barclays Max Capital Stability Fund 2020
Class B and C 0.35%
Diversified Fixed Income Opportunities Fund
Class A 1.00%
Barclays Pure Beta Commodity Fund
Class A 0.20%
Class E 1.20%
Class G 0.30%
Class K 0.20%
Barclays Capital ComBATS Fund
Class B, D and K 0.20%
Class F 1.20%
Sustainable Emerging Markets Fund
Class A(1)
0.43%
Barclays Backwardation Long Only Fund
Class A 0.60%
Pareto Balanse
Class A 1.05%
Pareto Moderat
Class A 1.05%
Pareto Offensiv
Class A 1.05%
The Company has appointed Barclays Bank Plc, acting through Funds and Advisory, to provide certain investment related
services to the Company. Funds and Advisory is the investment management team within Barclays, the investment banking
division of Barclays Bank Plc. The principal activity of Funds and Advisory is the provision of investment management
services. In accordance with and subject to the terms of the Investment Management Agreement, the annual investment
management fee will be a percentage of the Net Assets of each Sub-Fund or share class. This fee will accrue and be
calculated on each Dealing Day and be payable quarterly in arrears.
Details of current fee rates in operation for each Sub-Fund are as follows:
Maximum investment manager fee rates are set out in the Prospectus for each Sub-Fund.
(1)Effective 1 December 2015, the Investment Management fees were reduced from 0.53% to 0.43% on the Sustainable
Emerging Markets Fund.
For Barclays Max Capital Stability Fund 2020, Sustainable Emerging Markets Fund, Barclays Backwardation Long Only
Fund, Pareto Balanse, Pareto Moderat and Pareto Offensiv the Taxe d'Abonnement is not included in the Fixed Fees and is
therefore disclosed separately, under "Taxe d'Abonnement ", in the Statement of Operations.
No stamp duty or other taxes are payable in Luxembourg in connection with the issue of shares by the Company, except a
one-off tax payment of EUR 1,250 which was paid upon incorporation of the Company.
Under current law and practice in Luxembourg, no capital gains tax is payable on the realised capital appreciation of the
assets of the Company and no tax is payable on the investment income received in respect of the assets. Investment income
for dividends and interest received by the Company may however be subject to withholding taxes in the country of origin at
varying rates; such withholding taxes are not recoverable.
28
Celsius Investment Funds SICAV
Notes to the Financial Statements for the period ended 31 May 2016 (continued)
4. Significant agreements (continued)
b) Performance fees
The Sub-Funds active as at 31 May 2016 are not subject to performance fees.
c) Fixed fees
1 Administrator's fees,
2 Depositary's fees,
3 Directors fees,
4 Other Administrative expenses,
5 Setting Up Costs except Barclays Max Capital Stability 2020 Fund,
6 Transaction fees.
d) Depositary
e) Administrator
f) Promoter
In respect of Sustainable Emerging Markets Fund, the fixed fee arrangement with the Investment Manager was terminated
effective 1 December 2015, which provided for a fixed fee payment up to 0.20% of the NAV of share class A. As a result the
effective fees incurred will now be charged to the Fund.
In each Sub-Fund, the fixed fee amounts to 0.20% of the average daily NAV of the relevant Class of Shares, except for
Barclays Max Capital Stability Fund 2020 where it is up to 0.10% & Sustainable Emerging Markets Fund.
The Performance Fee will accrue on a daily basis, crystallise at the end of each Performance Period and will be payable
quarterly in arrears. The Performance Fee will be payable by the Company out of the assets of the Fund and will be
calculated on a share class basis so that each relevant share class in issuance is charged a Performance Fee which is based
only on the performance of such share.
The fixed fee will accrue on each day and be calculated on each Dealing Day and paid monthly.
Fixed fees means the fees payable by the Company for each Sub-Fund, out of the Sub-Fund’s assets, in respect of the
ordinary fees, expenses and costs incurred by the Sub-Fund that include:
The Investment Manager will be entitled to a performance fee equal to a percentage set out of the increase in the Net Asset
Value per Share of the relevant share class in issue in respect of each Performance Period but only to the extent that such
increase exceeds the High Water Mark.
The Taxe d'Abonnement is excluded from the fixed fees in Barclays Max Capital Stability Fund 2020, Barclays
Backwardation Long Only Fund, Pareto Balanse, Pareto Moderat and Pareto Offensiv.
The fixed fees as set out in the Prospectus where sufficient will cover Administrator’s, Legal, Depositary’s, and Auditor’s
fees. Where the fixed fees are not sufficient to cover specific expenses of the Sub-Funds, the expenses will be either settled
out of the assets of the Sub-Fund or directly by Barclays Bank Plc.
The advisory fees “in respect of the Protection Strategy” charged in Barclays Max Capital Stability Fund 2020 are disclosed
under “General expenses” in the Statement of Operations.
Any fees other than fixed fees are payable by the Company.
The Company has appointed Northern Trust Global Services Limited (Luxembourg Branch) (the “Depositary”) to act as
Custodian of the assets of each Sub-Fund and to provide trustee services to each Sub-Fund in accordance with the
Luxembourg Regulations. Under the terms of the Depositary Agreement, the Depositary may, however, appoint any person
or persons to be the Sub-Custodian of the assets of the Company. These fees are included in the fixed fees.
The Company has appointed Northern Trust Management Company S.A (the “Administrator”) to act as Administrator,
Registrar and Transfer Agent of each Sub-Fund with responsibility for performing the day to day administration of each Sub-
Fund including the calculation of the NAV and the NAV per Share of each Sub-Fund. These fees are included in the fixed
fees.
The Promoter of the Company is Barclays Bank Plc. Barclays Bank Plc has its registered office at 1 Churchill Place, London
E14 5HP, United Kingdom ("UK"). Barclays is authorised by the UK Financial Conduct Authority.
29
Celsius Investment Funds SICAV
Notes to the Financial Statements for the period ended 31 May 2016 (continued)
4. Significant agreements (continued)
g) Transaction costs
Sub-Fund Fund currency Custody
transaction fees
Purchases and
sales
transaction fees
Combined
Barclays Max Capital Stability Fund 2020 CHF 438 - 438
Diversified Fixed Income Opportunities Fund EUR 484 - 484
Barclays Pure Beta Commodity Fund USD 1,479 - 1,479
Barclays Capital ComBATS Fund USD 2,607 - 2,607
Sustainable Emerging Markets Fund EUR 614 61,097 61,711
Barclays Backwardation Long Only Fund USD 586 - 586
Pareto Balanse NOK 32,029 153,391 185,420
Pareto Moderat NOK 62,320 147,039 209,359
Pareto Offensiv NOK 79,766 174,584 254,350
Combined EUR 24,208 111,396 135,604
Transaction costs on purchases and sales of equities, collective investment schemes and futures contracts are included in
the Statement of Operations and the Statement of Changes in Net Assets for each Sub-Fund in the fixed fees. Custody
transactions costs are included in depositary fees as disclosed in Note 4 (c). These costs are separately identifiable
transaction costs.
Custody transaction costs include transaction costs paid to depositaries and sub-custodians. Purchases and sales
transaction costs include identifiable brokerage charges, commissions, transaction related taxes and other market charges.
For the period ended 31 May 2016, the Sub-Funds incurred transaction costs as follows:
Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset
or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or
disposed of the financial asset or financial liability. When a financial asset or financial liability is recognised initially, an entity
shall measure it at its fair value through profit or loss plus, transaction costs that are directly attributable to the acquisition
or issue of the financial asset or financial liability.
Transaction costs on the purchase and sale of money market instruments, bonds, forward foreign exchange currency
contracts and swaps are included in the purchase and sale price of the investment.
30
Celsius Investment Funds SICAV
Notes to the Financial Statements for the period ended 31 May 2016 (continued)
4. Significant agreements (continued)
h) Preliminary charge
Sub-Fund Preliminary Charge Rate
Barclays Max Capital Stability Fund 2020
Class B and C No Charge
Diversified Fixed Income Opportunities Fund
Class A No Charge
Barclays Pure Beta Commodity Fund
Class A Up to 4.00% of Investment Amount
Class E, G and K Up to 5.00% of Investment Amount
Barclays Capital ComBATS Fund
Class B, D and K Up to 4.00% of Investment Amount
Class F Up to 5.00% of Investment Amount
Sustainable Emerging Markets Fund
Class A Up to 4.00% of Investment Amount
Barclays Backwardation Long Only Fund
Class A Up to 4.00% of Investment Amount
Pareto Balanse
Class A Up to 2.00% of Investment Amount
Pareto Moderat
Class A Up to 2.00% of Investment Amount
Pareto Offensiv
Class A Up to 2.00% of Investment Amount
i) Repurchase charge
A repurchase charge is levied on Barclays Max Capital Stability Fund 2020 (Class B and C) for up to 4.00% of the Initial Issue
Price per Share for the period from the 3 February 2010 ('the Launch Date') to (but excluding) the first anniversary of the
Launch Date; for up to 2.50% of the Initial Issue Price per Share for the period from (and including) the first anniversary of
the Launch Date to (but excluding) the second anniversary of the Launch Date; and for up to 1.00% of the Initial Issue Price
per Share for the period from (and including) the second anniversary of the Launch Date to (but excluding) the third
anniversary of the Launch Date. Subsequent to (and including) the third anniversary of the Launch Date no more charge is
levied.
A preliminary charge may be levied as follows:
31
Celsius Investment Funds SICAV
Notes to the Financial Statements for the period ended 31 May 2016 (continued)
5. Swaps
a) Funded Swaps
Barclays Pure Beta Commodity Fund
Unrealised
appreciation/
Termination Market Value (depreciation)
Underlying Currency Date Counterparty Notional USD USD
Funded Total Return Swap on
Barclays Capital Pure Beta USD 22 July 2016 Barclays Bank Plc 555,500 433,479 (122,021)
DJ- UBSCISM
Total Return Index
Total 433,479 (122,021)
Barclays Capital ComBATS Fund
Unrealised
appreciation/
Termination Market Value (depreciation)
Underlying Currency Date Counterparty Notional USD USD
Funded Total Return Swap on
Barclays Capital ComBATS 12 USD 22 July 2016 Barclays Bank Plc 14,220,474 15,657,935 1,437,461
Total Return Index
Total 15,657,935 1,437,461
Barclays Backwardation Long Only Fund
Unrealised
appreciation/
Termination Market Value (depreciation)
Underlying Currency Date Counterparty Notional USD USD
Funded Total Return Swap on
Barclays Commodity Strategy USD 22 July 2016 Barclays Bank Plc 11,728,958 11,077,031 651,927
1690 Total Return Index
Total 11,077,031 651,927
Barclays Pure Beta Commodity Fund has been fully collateralized by government bonds amounting to USD 468,041,
including bonds issued by Government of France, Government of Netherlands and Government of United Kingdom
representing 14.72%, 13.43% and 14.45% of the NAV.
Barclays Capital ComBATS Fund has been fully collateralized by government bonds amounting to USD 15,914,594.
Barclays Backwardation Long Only Fund has been fully collateralized by government bonds amounting to USD 10,813,512.
On 31 May 2016, the market value of swaps and the unrealised appreciation/(depreciation) on swaps are the following:
On 31 May 2016, the market value of swaps and the unrealised appreciation/(depreciation) on swaps are the following:
On 31 May 2016, the market value of swaps and the unrealised appreciation/(depreciation) on swaps are the following:
32
Celsius Investment Funds SICAV
Notes to the Financial Statements for the period ended 31 May 2016 (continued)
5. Swaps (continued)
b) Unfunded Swaps
Diversified Fixed Income Opportunities Fund
On 31 May 2016, the unrealised appreciation/(depreciation) on unfunded swaps are the following:
Unrealised
appreciation/
Termination (depreciation)
Underlying Currency Date Counterparty Notional EUR
EUR 20 February 2017
Barclays Bank
Plc 7,500,000 (3,781,271)
EUR 21 January 2019
Barclays Bank
Plc 2,500,000 (1,015,000)
EUR 04 March 2021
Barclays Bank
Plc 14,000,000 (232,500)
USD 10 September 2045
Barclays Bank
Plc 25,000,000 (255,300)
USD 18 December 2045
Barclays Bank
Plc 25,000,000 (2,716,146)
Total (8,000,217)
Unfunded 3 month USD LIBOR
Interest rate - 2.8000%
Unfunded 9 Years Interest Rate
Swap linked to KFW Bond -
3.254%
Unfunded 3 month USD LIBOR
Interest rate - 2.6400%
Unfunded 7 Years Interest Rate
Swap linked to Republic of
Austria - 2.967%
Unfunded 6 month Euribor
Interest Rate - 1.422%
33
Celsius Investment Funds SICAV
Notes to the Financial Statements for the period ended 31 May 2016 (continued)
6. Long-dated forward foreign exchange contracts
Barclays Max Capital Stability Fund 2020
Unrealised
appreciation/
(depreciation)
Settlement Date Counterparty CHF
Swiss Franc 37,597,115 Euro 33,500,000 1 October 2020 Northern Trust 1,613,958
Euro 1,870,000 Swiss Franc 1,938,414 1 October 2020 Northern Trust 71,705
Net appreciation 1,685,663
7. Forward foreign exchange contracts
Barclays Pure Beta Commodity Fund
On 31 May 2016, the Fund had entered into the following forward foreign exchange contracts:
Unrealised
appreciation/
(depreciation)
Settlement Date Counterparty USD
Pound Sterling 30,569 US Dollar 44,116 15 June 2016 UBS 382
Pound Sterling 864 US Dollar 1,244 15 June 2016 UBS 14
US Dollar 993 Pound Sterling 686 15 June 2016 UBS (6)
Net appreciation 390
Barclays Capital ComBATS Fund
On 31 May 2016, the Fund had entered into the following forward foreign exchange contracts:
Unrealised
appreciation/
(depreciation)
Settlement Date Counterparty USD
Euro 4,534,340 US Dollar 5,174,081 15 June 2016 UBS (124,232)
Euro 1,009 US Dollar 1,151 15 June 2016 UBS (28)
Japanese Yen 923,131,248 US Dollar 8,495,577 15 June 2016 UBS (168,577)
Swiss Francs 2,427,020 US Dollar 2,494,637 15 June 2016 UBS (52,147)
Net depreciation (344,984)
Pareto Balanse
On 31 May 2016, the Fund had entered into the following forward foreign exchange contracts:
Unrealised
appreciation/
(depreciation)
Settlement Date Counterparty NOK
Norwegian Krone 86,794,303 Euro 9,330,586 3 June 2016 Barclays Bank Plc (76,035)
Norwegian Krone 17,483,454 Japanese Yen 230,451,150 3 June 2016 Barclays Bank Plc 105,540
Norwegian Krone 1,192,185 Japanese Yen 15,685,164 3 June 2016 UBS 9,395
Norwegian Krone 232,452,145 US Dollar 28,990,004 3 June 2016 Barclays Bank Plc (9,995,608)
Norwegian Krone 39,740,813 US Dollar 4,784,799 3 June 2016 UBS (275,179)
Net depreciation (10,231,887)
On 31 May 2016, the unrealised appreciation/(depreciation) on long-dated forward foreign exchange contracts are the
following:
To Receive To Deliver
To Receive To Deliver
To Receive To Deliver
To Receive To Deliver
34
Celsius Investment Funds SICAV
Notes to the Financial Statements for the period ended 31 May 2016 (continued)
7. Forward foreign exchange contracts (continued)
Pareto Moderat
On 31 May 2016, the Fund had entered into the following forward foreign exchange contracts:
Unrealised
appreciation/
(depreciation)
Settlement Date Counterparty NOK
Japanese Yen 3,866,712 Norwegian Krone 294,294 3 June 2016 UBS (2,712)
Norwegian Krone 69,163,602 Euro 7,435,245 3 June 2016 Barclays Bank Plc (60,590)
Norwegian Krone 16,100,780 Japanese Yen 212,225,994 3 June 2016 Barclays Bank Plc 97,193
Norwegian Krone 142,415,803 US Dollar 17,761,224 3 June 2016 Barclays Bank Plc (6,123,981)
Net depreciation (6,090,090)
Pareto Offensiv
On 31 May 2016, the Fund had entered into the following forward foreign exchange contracts:
Unrealised
appreciation/
(depreciation)
Settlement Date Counterparty NOK
Norwegian Krone 104,091,134 Euro 11,190,035 3 June 2016 Barclays Bank Plc (91,187)
Norwegian Krone 7,203,202 Euro 777,655 3 June 2016 UBS (36,984)
Norwegian Krone 11,467,195 Japanese Yen 151,150,244 3 June 2016 Barclays Bank Plc 69,222
Norwegian Krone 478,035 Japanese Yen 6,289,172 3 June 2016 UBS 3,780
Norwegian Krone 158,266,578 US Dollar 19,738,036 3 June 2016 Barclays Bank Plc (6,805,576)
Norwegian Krone 24,903,749 US Dollar 2,998,375 3 June 2016 UBS (172,110)
Net depreciation (7,032,855)
8. Management fees of the underlying Funds
Annual Management Fees
%
GlobalAccess Europe (ex-UK) Alpha Fund M EUR Accumulation 0.75%
GlobalAccess Global Corporate Bond Fund M USD Accumulation 0.55%
GlobalAccess Japan Fund M JPY Accumulation 0.80%
GlobalAccess Pacific Rim (ex-Japan) Fund M USD Accumulation 0.75%
GlobalAccess US Small & Mid Cap Equity Fund USD Accumulation 0.90%
GlobalAccess US Value Fund M USD Accumulation 0.65%
Hermes Investment Funds PLC - Hermes Sourcecap European Alpha Fund S EUR Accumulation 0.60%
iShares Core S&P 500 UCITS ETF 0.07%
JPMorgan Funds - Systematic Alpha Class C 0.75%
Pareto Likviditet 0.35%
Pareto Global - C 1.25%
Pareto Hoyrente 0.65%
Pareto Nordic Alpha B 0.95%
To Receive To Deliver
For the underlying funds in which the Funds invest, the investment manager of the underlying funds receives the current
annual management fee as detailed below:
To Receive To Deliver
35
Celsius Investment Funds SICAV
9. Related parties
10. Changes in the composition of the investment portfolio
11. Value of financial instruments and associated risks
12. Events during the period
- The Investment Management fees were reduced from 0.53% to 0.43%.
-
13. Subsequent events
Valuation of the underlying and the fund assets
Investors in the shares should be aware that such an investment involves assessing the risk of an investment linked to the
underlying and, where applicable, the fund assets and the techniques used to link the fund assets to the underlying.
Notes to the Financial Statements for the period ended 31 May 2016 (continued)
At period end, Barclays Bank Plc is the counterparty of all swaps, long-dated forward foreign exchange contracts and some
forward foreign exchange contracts, as indicated in Note 5, Note 6 and Note 7. Barclays Bank Plc, acting through Funds and
Advisory, is regulated by the laws of England and Wales.
These changes are made available to the Shareholders by the Depositary and Administrative Agent at the Company’s
registered office. They will be sent free of charge to anyone who so requests.
An investment in the shares involves risks. These risks may include or relate to, among others, equity market, bond market,
foreign exchange, interest rate, credit, market volatility and political risks and any combination of these and other risks.
The Company has appointed Barclays Bank Plc, the investment management team within Barclays, the investment banking
division of Barclays, to provide certain investment related services to the Company. The principal activity is the provision of
fund management services.
Exchange rates
There have been no events subsequent to the period end, which, in the opinion of the Directors, may have had an impact on
the Financial Statements for the period ended 31 May 2016.
Investors in the shares should be aware that an investment in the shares may involve exchange rate risks except share
classes that are hedged against this risk.
Risk
An investment in the shares involves risks. These risks may include or relate to, among others, equity market, bond market,
foreign exchange, interest rate, credit, market volatility, risks associated with the use of derivatives and political risks and
any combination of these and other risks. Specific risk factors relevant to the Sub-Funds are detailed in the Prospectus.
Effective 1 December 2015, the following changes occured on share class A in the Sustainable Emerging Markets Fund:
The fixed fee arrangement with the Investment Manager was terminated, which provided for a fixed fee
payment up to 0.20% of the NAV of share class A. As a result the effective fees incurred will now be charged to
the Fund.
36
Celsius Investment Funds SICAV
Performance vs Index
Sub-Fund Start Date End DateFund
ReturnIndex
Return
Total differences
over and above fees Comments
04/01/2016 31/05/2016 8.75% 10.41% (1.23%) Any total difference in performance can be attributed to thefees charged at the fund level, the index level, as well as theslippage with allocating all assets to the underlying assets atany given time. Positive slippage can be attributed to underallocation to the index where the index has subsequently lostmoney.
04/01/2016 31/05/2016 (1.21%) 0.16% (0.39%) Any total difference in performance can be attributed to thefees charged at the fund level, the index level, as well as theslippage with allocating all assets to the underlying assets atany given time.
04/01/2016 31/05/2016 5.52% 5.89% (0.29%) Any total difference in performance can be attributed to thefees charged at the fund level, the index level, as well as theslippage with allocating all assets to the underlying assets atany given time.
Additional Information for Shareholders
Barclays Backwardation Long Only Fund
Barclays Capital ComBATS Fund
Barclays Pure Beta Commodity Fund
37
Celsius Investment Funds SICAV
Additional Information for Shareholders (continued)
Tracking Error vs Index
Sub-Fund Start Date End DateFund
ReturnIndex
Return
Annualised Tracking
ErrorTracking
Error Limit Comments
Barclays Pure Beta Commodity Fund
04/01/2016 31/05/2016 8.75% 10.41% 1.42% 2.00% The tracking error limits is 2.0% as defined in theprospectus, where as the actual realisedannualised tracking error is 1.42%. This meansthe fund performance was within expectations ofthe tracking error to the index and for the period.Any tracking error can be attributed to the feescharge at the fund and the index level, as well asthe slippage with allocating assets to theunderlying at any given time.
Barclays Capital ComBATS Fund
04/01/2016 31/05/2016 (1.21%) 0.16% 0.50% 2.00% The tracking error limits is 2.0% as defined in theprospectus, where as the actual realisedannualised tracking error is 0.50%. This meansthe fund performance was within expectations ofthe tracking error to the index and for the period.Any tracking error can be attributed to the feescharge at the fund and the index level, as well asthe slippage with allocating assets to theunderlying at any given time.
Barclays Backwardation Long Only Fund
04/01/2016 31/05/2016 5.52% 5.89% 0.09% 2.00% The tracking error limits is 2.0% as defined in theprospectus, where as the actual realisedannualised tracking error is 0.09%. This meansthe fund performance was within expectations ofthe tracking error to the index and for the period.Any tracking error can be attributed to the feescharge at the fund and the index level, as well asthe slippage with allocating assets to theunderlying at any given time.
38
Barclays is the sponsor of the Celsius Investment Funds SICAV.
Barclays offers wealth and investment management products and services to its clients through Barclays Bank Plc and its subsidiary companies.
Barclays Bank Plc is registered in England and authorised by the Prudential Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority. Registered No.1026167. Registered Office: 1 Churchill Place, London E14 5HP.
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Celsius Investment Funds SICAV is an investment company incorporated under Luxembourg law in the form a société anonyme
qualifying as a société d'investissement à capital variable ('SICAV,).