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Celsius Investment Funds SICAV An umbrella fund with segregated liability

between Sub-Funds

Unaudited Semi-Annual Report and Financial Statements for the six months ended 31 May 2018 R.C.S Luxembourg B 132.073

Celsius Investment Funds SICAV

1

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 22

Securities Financing Transactions Regulation 35

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.


2

Management and Administration

Registered Office Depositary and Paying Agent

Celsius Investment Funds SICAV Northern Trust Global Services Plc

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 of the Company

Claude Kremer Administrator, Registrar, Domiciliary and Transfer

Partner Agent

Arendt & Medernach S.A. Northern Trust Luxembourg Management Company S.A.

41A, Av. J-F Kennedy 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

Principal office at Lombard Odier Funds Europe S.A. 1 Churchill Place

5, Allée Scheffer Canary Wharf

L-2520 Luxembourg London E14 5HP

Grand Duchy of Luxembourg United Kingdom

Fabien Labouret Distributor

Managing Director - Global Head of Investment Strategies Barclays Bank Plc

Barclays Bank Plc 1 Churchill Place

5 North Colonnade Canary Wharf

Canary Wharf London E14 5HP

London E14 4BB United Kingdom

United Kingdom

Legal Adviser to the Company

Management Company Arendt & Medernach S.A.

FundRock Management Company S.A. 41A, Av. J-F Kennedy

33, rue de Gasperich L-2082 Luxembourg

L-5826 Hesperange Grand Duchy of Luxembourg


Auditor

PricewaterhouseCoopers, Société coopérative

2, rue Gerhard Mercator

B.P. 1443

L-1014 Luxembourg



3

General Information

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 unaudited financial statements contained herein present the financial information of the 7 following Sub-Funds at 31 May

2018:

Sub-Fund Launch Date

Barclays Max Capital Stability Fund 2020

Barclays Capital ComBATS Fund

Sustainable Emerging Markets Fund

Pareto Balanse

Pareto Moderat

Pareto Offensiv

Barclays Managed Commodity Risk Premia Fund

10 January 2014

12 January 2018

03 February 2010

28 February 2011

13 October 2011

10 January 2014

10 January 2014

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.

The Company has appointed FundRock Management Company S.A. ("FundRock") to serve as its management company (the

"Management Company") pursuant to the Management Company Agreement. FundRock is responsible, subject to the overall

supervision of the Directors, for the provision of portfolio and risk management services, administrative services and marketing

services to the Company, and more generally for the day-to-day management of the affairs of the Company as further described

in the Management Company Agreement.

FundRock is organised under the laws of the Grand Duchy of Luxembourg and approved as Chapter 15 management company

by the CSSF, therefore it has to comply with Luxembourg laws and regulations. In accordance with the CSSF Rules and with the

prior approval of the Company, the Management Company may delegate all or part of its duties and powers to any person or

entity. The Management Company's liability to the Company for the performance of such functions shall not be affected by the

delegation. Please refer to the sections in the Prospectus for further information regarding the delegation by the Management

Company of the investment management, distribution and administration functions.

The Management Company has appointed Barclays Bank Plc, as its investment manager pursuant to an Investment Management

Agreement, as amended from time to time, between the Company and the Investment Manager.

The Sub-Funds are managed by Barclays Bank Plc (the “Investment Manager”). The registered office of the Investment Manager

is 1 Churchill Place, Canary Wharf, London E14 5HP, United Kingdom.

A detailed schedule of portfolio movements is available free of charge upon request at the registered office of the Company.

Each Sub-Fund is open to daily subscriptions and redemptions. 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.

6, rue Lou Hemmer

L-1748 Senningerberg



4

Schedule of Investments

In this section, only the Schedule 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.


Schedule of Investments as at 31 May 2018 (Expressed in CHF)

Market Value % of

Security description Currency Nominal CHF Net Assets

Bonds

France (52.39%)

Government of France 0% 25/04/2020 EUR 8,030,000 9,295,552 25.59



Germany (48.73%)

Federal Republic of Germany 0% 04/07/2020 EUR 2,000,000 2,325,375 6.40



Total Bonds 36,726,317 101.12

36,726,317 101.12

TOTAL INVESTMENTS (Cost CHF 30,010,408) 36,726,317 101.12

Other Net Liabilities (406,083) (1.12)

TOTAL NET ASSETS 36,320,234 100.00

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

A nominal of GBP1,810,000 composed of Government bonds is deposited by the counterparty as OTC derivative collateral with

Barclays Bank PLC.

The accompanying notes on page 22 to 34 form an integral part of these financial statements.


5


Schedule of Investments as at 31 May 2018 (Expressed in EUR)

Market Value % of Net

Security description Currency Nominal EUR Assets

Common Stocks

Bermuda (4.39%)

Beijing Enterprises Water Group Ltd HKD 5,628,427 2,907,501 1.01

Credicorp Ltd USD 43,243 8,202,574 2.85

Li & Fung Ltd HKD 4,600,000 1,532,249 0.53

Brazil (7.51%)

Cia Brasileira de Distribuicao - ADR USD 51,208 926,508 0.32

Cia de Saneamento Basico do Estado de Sao Paulo - ADR USD 236,000 1,388,949 0.48

Cielo SA BRL 386,500 1,507,028 0.52

EDP - Energias do Brasil SA BRL 239,600 728,652 0.25

Fibria Celulose SA BRL 240,489 3,915,685 1.36

Itausa - Investimentos Itau SA - Pref BRL 1,389,262 3,588,938 1.24

Kroton Educacional SA BRL 1,701,814 4,231,943 1.47

Lojas Renner SA BRL 433,604 2,959,462 1.02

Natura Cosmeticos SA BRL 176,271 1,367,321 0.47

Qualicorp SA BRL 248,746 1,090,067 0.38

Cayman Islands (6.82%)

China High Speed Transmission Equipment Group Co Ltd HKD 1,088,016 1,366,485 0.47

JA Solar Holdings Co Ltd - ADR USD 75,400 467,657 0.16

Tencent Holdings Ltd HKD 409,871 17,869,374 6.19

Chile (0.13%)

Aguas Andinas SA CLP 776,423 385,862 0.13

China (11.43%)

BYD Co Ltd HKD 659,500 3,666,099 1.27

China Longyuan Power Group Corp Ltd HKD 2,281,456 1,803,941 0.62

China Merchants Bank Co Ltd HKD 1,842,000 6,497,762 2.25

China Pacific Insurance Group Co Ltd HKD 1,085,400 4,018,474 1.39

CRRC Corp Ltd HKD 3,159,000 2,418,462 0.84

Huaneng Renewables Corp Ltd HKD 4,306,871 1,585,125 0.55

Ping An Insurance Group Corp HKD 995,000 8,356,435 2.89

Xinjiang Goldwind Science & Technology Corp Ltd HKD 1,248,240 1,712,219 0.59

Zhuzhou CSR Times Electric Co Ltd HKD 689,362 2,973,829 1.03

Colombia (0.84%)

Bancolombia SA - ADR USD 61,400 2,439,589 0.84

Hong Kong (11.43%)

AIA Group Ltd HKD 802,000 6,306,356 2.18

BOC Hong Kong Holdings Ltd HKD 2,002,000 8,625,469 2.99

China Everbright International Ltd HKD 1,965,465 2,515,733 0.87

Guangdong Investment Ltd HKD 1,297,755 1,873,682 0.65

Hang Seng Bank Ltd HKD 200,800 4,304,826 1.49

Lenovo Ltd HKD 8,450,000 3,839,031 1.33

Link REIT HKD 731,500 5,544,283 1.92

India (3.65%)

Infosys Ltd - ADR USD 638,929 9,956,411 3.45

Wipro Ltd - ADR USD 149,052 587,372 0.20

Transferable securities admitted to an official exchange listing or

dealt on another regulated market



6

Sustainable Emerging Markets Fund (continued)




Common Stocks (continued)

Indonesia (2.57%)

Bank Rakyat Indonesia Persero Tbk PT IDR 18,329,200 3,480,611 1.21

Telekomunikasi Indonesia Persero Tbk PT IDR 14,955,478 3,245,669 1.13

Unilever Indonesia Tbk PT IDR 233,000 655,061 0.23

Malaysia (0.47%)

DiGi.Com Bhd MYR 1,418,874 1,349,897 0.47

Mexico (1.11%)

Cemex SAB de CV MXN 5,687,779 2,887,658 1.00

Gentera SAB de CV MXN 472,629 304,896 0.11

Qatar (0.15%)

Qatar Electricity & Water Co. QAR 9,354 418,165 0.15

South Korea (10.63%)

Coway Co Ltd KRW 25,371 1,760,236 0.61

Hankook Tire Co Ltd KRW 41,037 1,397,480 0.48

Hanon Systems Corp KRW 134,639 1,080,715 0.37

KT Corp KRW 120,819 2,592,496 0.90

LG Electronics Inc KRW 65,919 4,851,105 1.68

Shinhan Financial Group Co Ltd KRW 154,478 5,371,106 1.86

SK Hynix Inc KRW 184,200 13,672,740 4.73

Singapore (0.05%)

Sound Global Ltd HKD 412,939 134,392 0.05

South Africa (10.50%)

Barloworld Ltd ZAR 168,265 1,513,763 0.52

FirstRand Ltd ZAR 330,000 1,339,299 0.46

Foschini Ltd ZAR 236,867 2,951,894 1.02

Mondi Ltd ZAR 85,439 2,026,885 0.70

Mr Price Co ZAR 269,937 4,582,985 1.59

Nedbank Group Ltd ZAR 154,486 2,859,022 0.99

Netcare Ltd ZAR 1,274,000 2,551,644 0.88

Standard Bank Group Ltd ZAR 299,338 4,199,358 1.45

Truworths International Ltd ZAR 426,166 2,423,728 0.84

Vodacom Group Ltd ZAR 347,894 3,376,845 1.17

Woolworths Holdings Ltd ZAR 642,967 2,537,274 0.88

Taiwan (17.20%)

Advantech Co Ltd TWD 116,596 676,758 0.24

ASE Industrial Holding Co Ltd TWD 1,100,000 2,390,343 0.83

Asustek Computer Inc TWD 308,942 2,398,285 0.83

Cathay Financial Holding Co Ltd TWD 2,432,720 3,728,300 1.29

Chunghwa Telecom Co Ltd TWD 1,503,898 4,687,042 1.62

Everlight Electronics Co Ltd TWD 599,026 691,960 0.24

Far EasTone Telecommunications Co Ltd TWD 824,000 1,800,008 0.62

Fubon Financial Holding Co Ltd TWD 1,532,000 2,282,183 0.79

Fubon Financial Holding Co Ltd - Pref TWD 70,705 122,714 0.04




7

Sustainable Emerging Markets Fund (continued)




Common Stocks (continued)

Taiwan (17.20%)(continued)

Innolux Corp TWD 5,065,000 1,679,931 0.58

Lite-On Technology Corp TWD 883,000 987,169 0.35

MediaTek Inc TWD 931,000 8,292,046 2.87

Merida Industry Co Ltd TWD 143,050 523,542 0.18

Nanya Technology Corp TWD 2,403,000 6,843,324 2.37

Neo Solar Power Corp TWD 1,078,870 357,834 0.12

Taiwan Semiconductor Manufacturing Co Ltd TWD 1,906,637 12,211,527 4.23

Thailand (3.84%)

Central Pattana Co Ltd THB 1,341,800 2,739,876 0.95

Kasikornbank PCL - Alien Market THB 767,376 4,007,247 1.39

PTT Global Chemical PCL THB 1,815,091 4,338,203 1.50

Total Common Stocks 267,784,569 92.72

Total transferable securities admitted to an official exchange listing

or dealt on another regulated market 267,784,569 92.72

TOTAL INVESTMENTS (Cost EUR 234,391,797) 267,784,569 92.72

Other Net Assets 21,034,749 7.28






8

Pareto Balanse

Schedule of Investments as at 31 May 2018 (Expressed in NOK)

Market Value % of

Security description Currency Nominal NOK Net Assets

Collective Investment Schemes

Mutual Funds

Ireland (71.50%)

GlobalAccess Europe (ex-UK) Alpha Fund M EUR Accumulation EUR 5,654,457 87,115,702 12.30

GlobalAccess Global Corporate Bond Fund M USD Accumulation USD 8,336,138 109,955,914 15.52

GlobalAccess Japan Fund M JPY Accumulation JPY 2,272,480 31,875,981 4.50

GlobalAccess Pacific Rim (ex-Japan) Fund M USD Accumulation USD 1,446,415 22,250,487 3.14

GlobalAccess US Small & Mid Cap Equity Fund M USD Accumulation USD 4,342,845 73,487,512 10.37

GlobalAccess US Value Fund M USD Accumulation USD 247,084 61,476,087 8.68

iShares Core S&P 500 UCITS ETF USD 56,136 120,382,635 16.99

Luxembourg (9.80%)

Boussard & Gavaudan SICAV - Absolute Return Class C EUR 3,216 33,891,643 4.79

JPMorgan Funds - Systematic Alpha Class C EUR 34,295 35,485,709 5.01

Norway (18.24%)

Pareto Hoyrente NOK 62,451 64,404,622 9.09

Pareto Investment Fund - B NOK 1,710 36,426,862 5.14

Pareto Likviditet NOK 28,507 28,391,073 4.01

Total Mutual Funds 705,144,227 99.54

Total Collective Investment Schemes 705,144,227 99.54

TOTAL INVESTMENTS (Cost NOK 568,478,049) 705,144,227 99.54





9

Pareto Moderat


Market Value % of



Mutual Funds

Ireland (51.24%)



GlobalAccess Japan Fund M JPY Accumulation JPY 933,556 13,094,959 3.18

GlobalAccess Pacific Rim (ex-Japan) Fund M USD Accumulation USD 593,635 9,132,008 2.22




Luxembourg (19.47%)

Boussard & Gavaudan SICAV - Absolute Return Class C EUR 3,749 39,508,635 9.60

JPMorgan Funds - Systematic Alpha Class C EUR 39,232 40,594,006 9.87

Norway (28.19%)


Pareto Investment Fund - B NOK 990 21,092,565 5.13

Pareto Likviditet NOK 53,841 53,621,842 13.03



TOTAL INVESTMENTS (Cost NOK 351,816,969) 406,953,106 98.90





10

Pareto Offensiv


Market Value % of



Mutual Funds

Ireland (83.50%)



GlobalAccess Japan Fund M JPY Accumulation JPY 3,388,162 47,525,607 6.90

GlobalAccess Pacific Rim (ex-Japan) Fund M USD Accumulation USD 2,257,075 34,721,024 5.04



EUR 1,198,648 31,940,064 4.64


Norway (14.95%)


Pareto Investment Fund - C NOK 3,538 76,872,850 11.16



TOTAL INVESTMENTS (Cost: NOK 553,740,575) 677,808,254 98.45



Hermes Investment Funds PLC - Hermes Sourcecap European Alpha



11


Schedule of Investments as at 31 May 2018 (Expressed in USD)

Market Value % of

Security description Currency Nominal USD Net Assets

Bonds

United States (89.87%)

United States Treasury Bill 0% 19/07/2018 USD 4,000,000 3,990,520 13.89






Total Bonds 25,820,837 89.87

25,820,837 89.87

TOTAL INVESTMENTS (Cost USD 26,178,386) 25,820,837 89.87



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



12

Statement of Net Assets as at 31 May 2018

Barclays Max

Capital Stability

Fund 2020

Barclays Capital

ComBATS Fund

Sustainable

Emerging

Markets Fund

Pareto Balanse

Notes CHF USD EUR NOK

Assets

Market value of investments 36,726,317 - 267,784,569 705,144,227

Funded swaps at market value 2(k),5 - 7,056,841 - -

Unrealised appreciation on forward foreign exchange contracts 2(f),7 - - - 2,038,129

Unrealised appreciation on long-dated forward foreign exchange contracts 2(g),6 185,180 50,585 - -

Cash at bank 228,750 183,949 50,714,706 15,203,868

Interest receivable - 18 - -

Receivable for investments sold - - 2,225,556 1,142,453

Receivable for shares issued - - - -

Dividends receivable - - 371,806 -

Fixed fees receivable 107,998 178,110 33,732 626,021

Total Assets 37,248,245 7,469,503 321,130,369 724,154,698

Liabilities

Management fees payable 4(a) 396,261 6,254 225,949 1,571,309

Fixed fees payable 4(b) 6,483 29,431 341,363 1,107,762

Payable for shares redeemed - - 31,736,879 420,633

Unrealised depreciation on forward foreign exchange contracts 2(f),7 - - - 12,455,306

Unrealised depreciation on long-dated forward foreign exchange contracts 2(g),6 524,929 - - -

Other payables and accrued expenses 338 - 6,860 168,816

Total Liabilities 928,011 35,685 32,311,051 15,723,826

NET ASSETS 36,320,234 7,433,818 288,819,318 708,430,872



13

Statement of Net Assets as at 31 May 2018 (continued)

Barclays Max Capital

Stability Fund 2020

Barclays Capital

ComBATS Fund

Sustainable Emerging

Markets Fund Pareto Balanse

CHF USD EUR NOK

Number of shares outstanding

Class A - - 1,914,583 5,639,715

Class B 111,662 - - -

Class C 2,100 - - -

Class D - - - -

Class E - - - -

Class F - - - -

Class G - - - -

Class H - - - -

Class I - - - -

Class J - - - -

Class K - 91,877 - -

Class Q - - - -

Class S - - - -

Class T - - - -

Class U - - - -

Class Z

Net asset value per share

Class A - - EUR 150.85 NOK 125.61

Class B CHF 111.97 - - -

Class C CHF 11,341.51 - - -

Class D - - - -

Class E - - - -

Class F - - - -

Class G - - - -

Class H - - - -

Class I - - - -

Class J - - - -

Class K - JPY 8,790.57 - -

Class Q - - - -

Class S - - - -

Class T - - - -

Class U - - - -

Class Z - - - -



14


Pareto Moderat Pareto Offensiv Barclays Managed

Commodity Risk Premia

Fund*

Combined

Notes NOK NOK USD EUR

Assets

Market value of investments 406,953,106 677,808,254 25,820,837 509,304,101

Funded swaps at market value 2(k),5 - - 3,353,771 8,918,532

Unrealised appreciation on forward foreign exchange contracts 2(f),7 1,471,312 1,489,402 - 523,359

Unrealised appreciation on long-dated forward foreign exchange contracts 2(g),6 - - - 204,702

Cash at bank 8,913,465 22,622,839 2,623,332 58,212,482

Interest receivable - - 245 225

Receivable for investments sold 494,155 1,295,014 - 2,532,485

Receivable for shares issued - 594,178 - 62,208

Dividends receivable - - - 371,806

Fixed fees receivable 487,901 507,745 6,262 455,571

Total Assets 418,319,939 704,317,432 31,804,447 580,585,471

Liabilities

Management fees payable 4(a) 918,857 1,488,540 - 993,165

Fixed fees payable 4(b) 541,909 763,373 23,773 645,227

Payable for investments purchased - - 3,049,974 2,612,842

Payable for shares redeemed 32,431 - - 31,784,312

Unrealised depreciation on forward foreign exchange contracts 2(f),7 5,320,601 13,566,308 - 3,281,405

Unrealised depreciation on long-dated forward foreign exchange contracts 2(g),6 - - - 457,426

Other payables and accrued expenses 5,993 4,017 - 25,877

Total Liabilities 6,819,791 15,822,238 3,073,747 39,800,254

NET ASSETS 411,500,148 688,495,194 28,730,700 540,785,217

*Barclays Managed Commodity Risk Premia Fund launched on 12 January 2018.



15


Pareto Moderat Pareto Offensiv

Barclays Managed Commodity

Risk Premia Fund*NOK NOK USD

Number of shares outstanding

Class A 3,486,277 4,995,284 -

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 - - 280,000

Class Z

Net asset value per share

Class A NOK 118.03 NOK 137.83 -

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 - - USD 102.61

Class Z




16

Statement of Operations for the period ended 31 May 2018

Barclays Max

Capital Stability

Fund 2020

Barclays Capital

ComBATS Fund

Sustainable

Emerging

Markets Fund

Pareto Balanse


Income

Bank interest - - - 335,659

Net dividend income - - 2,509,275 -

Total Income - - 2,509,275 335,659

Investment management fees 4(a) 52,984 7,531 630,192 3,716,189

Fixed fees 4(b) 39,127 7,551 153,438 627,193

Taxe d’abonnement 3 - - 73,278 176,961

Other expenses 4 2,150 957 16,339 17,486

Total Expense 94,261 16,039 873,247 4,537,829

Net Investment (loss)/income (94,261) (16,039) 1,636,028 (4,202,170)

Net realised (loss)/gain on investments 2(d) - - (3,992,361) 10,809,726

Net realised loss on swaps 2(k) - (7,163,762) - -

Net realised (loss)/gain on forward foreign exchange contracts 2(f) (357) 366,076 (154) (1,502,069)

Net realised (loss)/gain on foreign currencies 2(b) (710) (191,476) (206,241) 3,360,534

Net change in unrealised (depreciation)/appreciation on investments (822,615) - 7,342,175 (8,722,315)

Net change in unrealised appreciation on swaps 2(k) - 7,068,477 - -

Net change in unrealised appreciation/(depreciation) on forward foreign exchange

contracts 2(f) 672,522 (44,229) 153,311 3,540,491

Net change in unrealised appreciation on long-dated forward foreign exchange contracts 2(g) 22,439 - - -

Net change in unrealised (depreciation)/appreciation on foreign currencies (338) (357) (16,187) 1,217,529

Net (decrease)/increase in net assets resulting from operations (223,320) 18,690 4,916,571 4,501,726



17

Statement of Operations for the period ended 31 May 2018 (continued)

Combined


Income

Bank interest 658,746 - 1,001 103,824

Net dividend income - - - 2,509,275

Total Income 658,746 - 1,001 2,613,099

Investment management fees 4(a) 2,196,849 3,470,380 - 1,653,534

Fixed fees 4(b) 365,658 629,498 21,046 378,458

Taxe d’abonnement 3 104,612 165,256 5,329 123,956

Other expenses 4 15,422 29,174 309,344 280,599

Total Expense 2,682,541 4,294,308 335,719 2,436,547

Net Investment (loss)/income (2,023,795) (4,294,308) (334,718) 176,552

Net realised gain/(loss) on investments 2(d) 4,960,642 11,105,053 997,995 (385,323)

Net realised loss on swaps 2(k) - - - (5,910,032)

Net realised (loss)/gain on forward foreign exchange contracts 2(f) (1,087,003) (351,832) 330 (2,790)

Net realised gain/(loss) on foreign currencies 2(b) 1,442,951 3,735,400 (51) 519,586

Net change in unrealised (depreciation)/appreciation on investments (7,606,906) 4,466,116 20,348 5,428,243

Net change in unrealised (depreciation)/appreciation on swaps 2(k) - - (25,991) 5,809,981

Net change in unrealised appreciation/(depreciation) on forward foreign exchange contracts 2(f) 4,223,208 (504,913) - 1,442,556

Net change in unrealised appreciation on long-dated forward foreign exchange contracts 2(g) - - - 19,148

Net change in unrealised appreciation on foreign currencies 510,720 1,219,491 (13) 288,540

Net increase in net assets resulting from operations 419,817 15,375,007 657,900 7,386,461

Pareto Moderat Pareto Offensiv Barclays

Managed

Commodity Risk



18

Statement of Changes in Net Assets for the period ended 31 May 2018


Net assets at beginning of the period 36,532,342 7,415,128 259,454,447 700,164,392

Reevaluation Difference 2(i) - - - -

Net investment (loss)/income (94,261) (16,039) 1,636,028 (4,202,170)

Net realised (loss)/gain on investments 2(d) - - (3,992,361) 10,809,726

Net realised loss on swaps 2(k) - (7,163,762) - -

Net realised (loss)/gain on forward foreign exchange contracts 2(f) (357) 366,076 (154) (1,502,069)

Net realised (loss)/gain on foreign currencies 2(b) (710) (191,476) (206,241) 3,360,534

Net realised (loss)/profit for the period (95,328) (7,005,201) (2,562,728) 8,466,021

Proceeds from subscription of shares 11,769 - 70,068,484 47,903,047

Payments for redemption of shares (557) - (45,620,184) (44,138,293)

Net proceeds from shares transactions 11,212 - 24,448,300 3,764,754

Net change in unrealised (depreciation)/appreciation on investments (822,615) - 7,342,175 (8,722,315)

Net change in unrealised appreciation on swaps 2(k) - 7,068,477 - -

Net change in unrealised appreciation on long-dated forward foreign exchange contracts 2(g) 22,439 - - -

Net change in unrealised (depreciation)/appreciation on forward foreign exchange

contracts 2(f) 672,522 (44,229) 153,311 3,540,491

Net change in unrealised appreciation/(depreciation) on foreign currencies (338) (357) (16,187) 1,217,529

Net assets at the end of the period 36,320,234 7,433,818 288,819,318 708,430,872

Pareto BalanseBarclays Max

Capital Stability

Fund 2020

Barclays Capital

ComBATS Fund

Sustainable

Emerging Markets

Fund



19

Statement of Changes in Net Assets for the period ended 31 May 2018 (continued)

Combined


Net assets at beginning of the period 428,139,960 602,044,216 - 471,936,589

Reevaluation Difference 2(i) - - - 7,829,794

Net investment (loss)/income (2,023,795) (4,294,308) (334,718) 176,552

Net realised gain/(loss) on investments 2(d) 4,960,642 11,105,053 997,995 (385,323)

Net realised loss on swaps 2(k) - - - (5,910,032)

Net realised (loss)/gain on forward foreign exchange contracts 2(f) (1,087,003) (351,832) 330 (2,790)

Net realised gain/(loss) on foreign currencies 2(b) 1,442,951 3,735,400 (51) 519,586

Net realised profit/(loss) for the period 3,292,795 10,194,313 663,556 (5,602,007)

Proceeds from subscription of shares 37,361,934 117,486,544 28,072,800 114,238,904

Payments for redemption of shares (54,421,563) (46,410,573) - (60,636,406)

Net proceeds from shares transactions (17,059,629) 71,075,971 28,072,800 53,602,498

Net change in unrealised (depreciation)/appreciation on investments (7,606,906) 4,466,116 20,348 5,428,243

Net change in unrealised (depreciation)/appreciation on swaps 2(k) - - (25,991) 5,809,981

Net change in unrealised appreciation on long-dated forward foreign exchange contracts 2(g) - - - 19,148

Net change in unrealised appreciation/(depreciation) on forward foreign exchange

contracts 2(f) 4,223,208 (504,913) - 1,442,556

Net change in unrealised appreciation on foreign currencies 510,720 1,219,491 - 13 288,540

Net assets at the end of the period 411,500,148 688,495,194 28,730,700 540,755,342

Pareto Moderat Pareto Offensiv Barclays Managed

Commodity Risk

Premia Fund



20

Statement of Changes in Shares Outstanding

Number of

shares issued

Number of

shares

redeemed

Number of

shares

outstanding as

at 31 May 2018


Class B 111,562 105 (5) 111,662

Class C 2,100 - - 2,100


Class K(1)

91,877 - - 91,877


Class A 1,755,814 456,778 (298,009) 1,914,583

Pareto Balanse

Class A 5,611,945 379,541 (351,771) 5,639,715

Pareto Moderat

Class A 3,629,792 311,537 (455,052) 3,486,277

Pareto Offensiv

Class A 4,472,879 864,224 (341,819) 4,995,284

Barclays Managed Commodity Risk Premia Fund*

Class Z - 280,000 - 280,000

Number of shares

outstanding as at

30 November

2017

(1) Hedged share classes




21

Statistical Information

For the period ended 31 May 2018

For the period

ended 31 May

2018

For the year ended

30 November

2017

For the year ended

30 November

2016


Class B Net assets CHF 12,503,066 CHF 12,574,473 CHF 13,012,819

Net asset value per share CHF 111.97 CHF 112.71 CHF 114.89

Class C Net assets CHF 23,817,168 CHF 23,957,869 CHF 24,400,423

Net asset value per share CHF 11,341.51 CHF 11,408.51 CHF 11,619.25

Diversified Fixed Income Opportunities Fund*

Class A Net assets - - EUR 36,373,719

Net asset value per share - - EUR 60.62


Class B(1) Net assets - - EUR 12,492


Class D(1) Net assets - - CHF 2,267,670

Net asset value per share - - CHF 90.71

Class F(1) Net assets - - EUR 936


Class K Net assets JPY 807,647,116 JPY 829,789,899 JPY 867,089,431

Net asset value per share JPY 8,790.56 JPY 9,031.52 JPY 9,285.90


Class A Net assets EUR 288,819,318 EUR 259,454,447 EUR 216,075,739

Net asset value per share EUR 150.85 EUR 147.77 EUR 131.53

Pareto Balanse

Class A Net assets NOK 708,430,872 NOK 700,164,392 NOK 600,192,133

Net asset value per share NOK 125.61 NOK 124.76 NOK 111.82

Pareto Moderat



Pareto Offensiv



Barclays Managed Commodity Risk Premia Fund**

Class Z Net assets USD 28,730,700 - -

Net asset value per share USD 102.61 - -



22

Notes to the Financial Statements for the period ended 31 May 2018

1. General information

a) 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 Company has appointed FundRock Management Company S.A. ("FundRock") to serve as its management company

(the "Management Company") pursuant to the Management Company Agreement. FundRock is responsible, subject to the

overall supervision of the Directors, for the provision of portfolio and risk management services, administrative services and

marketing services to the Company, and more generally for the day-to-day management of the affairs of the Company as

further described in the Management Company Agreement.

FundRock is organised under the laws of the Grand Duchy of Luxembourg and approved as Chapter 15 management

company by the CSSF, therefore it has to comply with Luxembourg laws and regulations. In accordance with the CSSF Rules

and with the prior approval of the Company, the Management Company may delegate all or part of its duties and powers to

any person or entity. The Management Company's liability to the Company for the performance of such functions shall not

be affected by the delegation. Please refer to the sections in the Prospectus for further information regarding the delegation

by the Management Company of the investment management, distribution and administration functions.

The Management Company has appointed Barclays Bank Plc as its investment manager pursuant to an Investment

Management Agreement, as amended from time to time, between the Company, Management Company and the

Investment Manager.

b) The Fund

As at 31 May 2018, the Company has seven active Sub-Funds:

Barclays Max Capital Stability Fund 2020, Barclays Capital ComBATS Fund, Sustainable Emerging Markets Fund, Pareto

Balanse, Pareto Moderat, Pareto Offensiv and Barclays Managed Commodity Risk Premia Fund (the ""Sub-Funds"").

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 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 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.

The Investment objective of Barclays Managed Commodity Risk Premia Fund is to provide Shareholders with a return

linked to the performance of a portfolio of Eligible Indices which are either (i) Alternative Risk Premia Indices or (ii) Market

Risk Premia Indices, both being commodity-related indices.

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 instruments, other Undertakings

for Collective Investment in Transferable Securities ("UCITS"), assets and instruments used for the purpose of efficient

portfolio management.


23

Notes to the Financial Statements for the period ended 31 May 2018 (continued)

1. General information

c) The Shares

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 2018, 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.

Barclays Capital ComBATS Fund currently offers one share class: Class K (Hedge Share Class) denominated in JPY.

Sustainable Emerging Markets Fund currently offers one share class: Class A denominated in EUR.

Pareto Balanse currently offers one share class: Class A denominated in NOK.

Pareto Moderat currently offers one share class: Class A denominated in NOK.

Pareto Offensiv currently offers one share class: Class A denominated in NOK.

Barclays Managed Commodity Risk Premia Fund currently offers one share class: Class Z denominated in USD.

2. Accounting policies

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:

a) Cash at bank and other liquid assets

Cash at bank and other liquid assets are valued at their face value with interest accrued, where applicable.

b) 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 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.

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 2018, the base currency is the Euro (“EUR”) for Sustainable Emerging Markets Fund, the Swiss Franc (“CHF”)

for Barclays Max Capital Stability Fund 2020, the US Dollar (“USD”) for Barclays Capital ComBATS Fund and Barclays

Managed Commodity Risk Premia Fund and the Norwegian Krone (“NOK”) for Pareto Balanse, Pareto Moderat and Pareto

Offensiv.


24


2. Accounting policies (continued)

b) Base currency (continued)

The exchange rates on 31 May 2018 are (those exchange rates are taken at 5pm United Kingdom time) as follows:

Exchange rates on 31 May 2018

1 EUR 1.167301 USD

1 EUR 1.147573 CHF

1 EUR 1.139938 GBP

1 EUR 9.551463 NOK

1 EUR 126.821473 JPY

c) 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.

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.

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.

d) 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.

e) Exchange traded derivative instruments

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 Depositary. 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 Depositary.


25



f) Forward foreign exchange contracts

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.

g) 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.

h) Futures contracts

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.

i) Written options

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 as 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.

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.

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.

j) 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.


26



j) Purchased options(continued)

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.

k) Swap agreements

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.

Funded and unfunded swaps are disclosed in section 5 of the notes to the financial 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.

l) Combined 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.

3. Taxation of the Company

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.

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-Fund: Barclays Capital ComBATS Fund.

For Barclays Max Capital Stability Fund 2020, Sustainable Emerging Markets Fund, Pareto Balanse, Pareto Moderat,

Pareto Offensiv and Barclays Managed Commodity Risk Premia Fund 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.


27


3. Taxation of the Company (continued)

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 may not be recoverable.

4. Significant agreements

a) Management fees

In accordance with and subject to the terms of the Management Company Agreement, the annual Management Fee will be

a percentage of the net assets of each Fund or Class of Shares or the Initial Issue Price, as indicated in the Supplement of the

Prospectus, subject to a minimum flat fee of EUR 1,250 per Sub-Fund. Management Fees are payable periodically at a rate

which is within a range specified in the relevant Supplement of each Fund. The Management Fee will be calculated upon

each Dealing Day.

The minimum fee is replaced by a basis point fee based on the individual Sub-Funds assets under management as

determined on the last net asset valuation day of the month provided the basis point fee is higher than the minimum fee.

The basis point fee applies once the respective Sub-Fund’s assets under management reach and exceed the following

bands:

Sub-Fund Assets up to EUR 100 Million 3.50bps per annum

Sub-Fund Assets over EUR 100 Million, up to EUR 250 million 3.00bps per annum

Sub-Fund Assets over EUR 250 Million, up to EUR 500 million 2.50bps per annum

Sub-Fund Assets over EUR 500 Million 1.75bps per annum

The Manager is entitled to a fee at the annual rates set out below. The fee will be accrued daily based on the daily Net Asset

Value of the relevant Fund. Such fee will be paid on a quarterly basis in arrears.

Sub-Fund Management Fees


Class B and C Up to 1.90%


Class B, D and K Up to 0.50%

Class F Up to 1.20%


Class A Up to 0.43%

Pareto Balanse

Class A Up to 2.20%

Pareto Moderat

Class A Up to 2.20%

Pareto Offensiv

Class A Up to 2.20%

Barclays Managed Commodity Risk Premia Fund*

Class Z Nil

Maximum Management fee rates are set out in the Prospectus for each Sub-Fund.



28


4. Significant agreements (continued)

b) Fixed fees

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:

Administrator's fees,

Depositary's fees,

Directors fees,

Other Administrative expenses,

Setting Up Costs except Barclays Max Capital Stability Fund 2020,

Transaction fees.

The fixed fee will accrue on each day and be calculated on each Dealing Day and paid monthly.

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% and Sustainable Emerging Markets Fund where the fixed

fee arrangement was terminated and from the 1 December 2015 effective fees incurred are now charged to the Fund.

The Taxe d'Abonnement is excluded from the fixed fees in Barclays Max Capital Stability Fund 2020, Sustainable Emerging

Markets Fund, Pareto Balanse, Pareto Moderat, Pareto Offensiv and Barclays Managed Commodity Risk Premia Fund.

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

outside the assets of the Sub-Fund or paid 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.

c) Depositary

The Company has appointed Northern Trust Global Services Plc (Luxembourg Branch), (the “Depositary”) to act as

Custodian of the assets of each Sub-Fund and to provide depositary 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-Delegate of the assets of the Company. These fees are included in the fixed fees.

d) Administrator

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.

e) Promoter

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.

f) Transaction costs

Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset

or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or

disposed of the financial 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.


29



g) Transaction costs (continued)

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 custodians 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 2018, the Sub-Funds incurred transaction costs as follows:

Sub-Fund Combined

Barclays Max Capital Stability Fund 2020 CHF 617 - 617

Barclays Capital ComBATS Fund USD 1,188 - 1,188

Sustainable Emerging Markets Fund EUR 495 88,685 89,180

Pareto Balanse NOK 29,214 18,409 47,624

Pareto Moderat NOK 30,916 10,781 41,697

Pareto Offensiv NOK 38,931 21,133 60,064

Barclays Managed Commodity Risk Premia Fund USD 7,159 - 7,159

Combined EUR 18,104 93,898 112,001

Fund currency Custody

transaction fees

Purchases and

sales transaction

fees

h) Preliminary charge

A preliminary charge may be levied as follows:

Sub-Fund Preliminary Charge Rate


Class B and C No Charge


Class B, D and K Up to 4.00% of Investment Amount

Class F Up to 5.00% of Investment Amount


Class A Up to 4.00% of Investment Amount

Pareto Balanse


Pareto Moderat


Pareto Offensiv



Class Z No Charge


30



i) Repurchase charge

A repurchase charge is payable by shareholders to the Distributor in the Barclays Max Capital Stability Fund 2020 (Class B

and C) of 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.

5. Swaps

Funded Swaps


On 31 May 2018, the market value of swaps and the unrealised appreciation/depreciation) on funded swaps are the

following:

Unrealised

appreciation/

Termination Market Value (depreciation)

Underlying Date Counterparty Notional USD USD

Funded Total Return Swap on

Barclays Capital ComBATS 12 USD 12 March 2019 Barclays Bank Plc 7,201,373 7,056,841 (144,532)

Total Return Index

Total 7,056,841 (144,532)

Currency

The Barclays Capital ComBATS 12 Total Return Index is a long-short commodities index. Barclays Capital ComBATS Fund

has been fully collateralised by the counterparty with government bonds amounting to USD 5,247,655


On 31 May 2018, the market value of swaps and the unrealised appreciation/(depreciation) on funded swaps are the

following:

Unrealised

appreciation/

Termination Market Value (depreciation)

Underlying Date Counterparty Notional USD USD

Funded Total Return Swap on

USD 29 June 2020 Barclays Bank Plc 800,600 35,482 30,028

USD 29 June 2018 Barclays Bank Plc 16,340,000 220,263 150,808


USD 29 June 2018 Barclays Bank Plc 63,910,411 2,355,738 2,337,488


Total 3,353,771 3,075,964

Currency

Bloomberg ex-Agriculture &

Livestock 6 Month Forward Index

Barclays Backwardation Alpha

Bloomberg CI Index Excess Return

Bloomberg Commodity Index 3

Month Forward

Bloomberg Commodity Index 6

Month Forward

Barclays Commodity Strategy

1627 Index Excess Return


31


6. Long-dated forward foreign exchange contracts


On 31 May 2018, the unrealised appreciation/(depreciation) on long-dated forward foreign exchange contracts are the

following:

Unrealised

appreciation/

(depreciation)

To Deliver Settlement Date CHF

Swiss Franc 37,597,115 Euro 33,500,000 1 October 2020 (524,929)

Euro 1,870,000 Swiss Franc 1,938,414 1 October 2020 185,180

Net depreciation (339,749)

To Receive Counterparty

Northern Trust

Northern Trust

7. Forward foreign exchange contracts


On 31 May 2018, the Fund had entered into the following forward foreign exchange contracts:

Unrealised

appreciation/

(depreciation)

Counterparty USD

Japanese Yen 812,350,000 USD 7,430,322 UBS 50,585

Net appreciation 50,585

15 June 2018

To Receive To Deliver Settlement Date

Pareto Balanse


Unrealised

appreciation/

(depreciation)

Settlement Date Counterparty NOK

Norweigan Krone 163,458,321 EUR 16,900,000 4 June 2018 UBS 2,038,129

Norweigan Krone 31,437,859 JPY 430,000,000 4 June 2018 UBS (947,400)

Norweigan Krone 32,062,678 JPY 428,000,000 3 July 2018 UBS (197,016)

Norweigan Krone 393,005,930 USD 48,200,000 3 July 2018 (984,084)

Norweigan Krone 160,903,215 EUR 16,830,000 3 July 2018 UBS (8,418)

Norweigan Krone 385,512,469 USD 48,375,000 4 June 2018 UBS (10,318,388)

Net depreciation (10,417,177)

Barclays Bank Plc

To Receive To Deliver


32


7. Forward foreign exchange contracts

Pareto Moderat


Unrealised

appreciation/

(depreciation)


Norweigan Krone 117,999,498 EUR 12,200,000 4 June 2018 UBS 1,471,312

Norweigan Krone 2,821,280 USD 350,000 4 June 2018 UBS (42,612)

Norweigan Krone 169,432,847 USD 20,780,000 3 July 2018 (424,259)

Norweigan Krone 116,638,100 EUR 12,200,000 3 July 2018 UBS (6,102)

Norweigan Krone 13,259,566 JPY 177,000,000 3 July 2018 UBS (81,476)

Norweigan Krone 13,057,678 JPY 178,600,000 4 June 2018 UBS (393,502)

Norweigan Krone 163,369,625 USD 20,500,000 4 June 2018 UBS (4,372,650)


Barclays Bank Plc


Pareto Offensiv


Unrealised

appreciation/

(depreciation)


Norweigan Krone 119,450,312 EUR (12,350,000) 4 June 2018 UBS 1,489,402

Norweigan Krone 7,718,938 USD (950,000) 4 June 2018 UBS (54,485)

Norweigan Krone 48,318,756 JPY (645,000,000) 3 July 2018 (296,905)

Norweigan Krone 120,462,300 EUR (12,600,000) 3 July 2018 UBS (6,302)

Norweigan Krone 415,836,150 USD (51,000,000) 3 July 2018 UBS (1,041,251)

Norweigan Krone 401,251,738 USD (50,350,000) 4 June 2018 UBS (10,739,655)

Norweigan Krone 47,376,122 JPY (648,000,000) 4 June 2018 UBS (1,427,710)



Barclays Bank Plc


33


8. Management fees of the underlying Funds

Annual Management Fees

%

Boussard & Gavaudan SICAV - Absolute Return Class C 1.00%

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 Hoyrente 0.65%

Pareto Investment Fund - B 0.95%

Pareto Likviditet 0.25%

*related parties

9. Related parties

The Management Company has appointed Barclays Bank Plc to provide certain investment related services to the Company.

The principal activity is the provision of fund management services.

At period end, Barclays Bank Plc is the counterparty of all swaps and some forward foreign exchange contracts, as indicated

in Note 5 and Note 7. Barclays Bank Plc is regulated by the laws of England and Wales.

10. Changes in the composition of the investment portfolio

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.

11. Value of financial instruments and associated risks

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.

Exchange rates

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.

12. Events during the period

A new Prospectus and Sub-Fund supplements were issued in December 2017.

A new Sub-Fund Barclays Managed Commodity Risk Premia Fund launched on 12 January 2018.

There have been no events during the period, which, in the opinion of the Directors, may have had an impact on the

Financial Statements.


34


13. Subsequent events

There have been no other 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 2018.


35

Securities Financing Transactions Regulations

The following information is presented with regard to Regulation (EU) 2015/2365 on transparency of securities financing and of

reuse (“SFTR”).

Assets engaged by SFT Type - Total Return Swaps % of AUM

Barclays Capital ComBATS Fund USD 7,056,841 94.93%

Concentration Data

Largest collateral issuers


Germany Government USD 857,500

Netherlands Government USD 1,345,762

UK Government USD 1,110,875

US Government USD 1,933,518

Collateral

Top Ten Counterparties - Total Return Swaps

Fund

Barclays Capital ComBATS Fund Barclays Bank Plc USD 5,247,655

Counterparty Collateral

Aggregate Transaction Data


Collateral type (USD '000)

* Moody's long-term credit rating

Maturity

<1 day 1 day-

1 week

1 week-

1 month

1 - 3

months

3 months -

1 year

>1 year Open Maturity

(USD'000)

Collateral - - - 819 - 4,429 -

Collateral Currency (USD '000):

Country of Counterparty: UK

Settlement and clearing type: Bilateral

Government bonds (5,247) (Aaa 4,137; Aa1 1,111)*

EUR (2,203); GBP (1,111); USD (1,934)

Reuse of Collateral


There is no reuse of collateral by the Fund as at 31 May 2018.

Safekeeping - Collateral Received

All collateral received is held by Barclays Bank Plc as at 31 May 2018.

Collateral held in: Segregated account - 100%


36

Securities Financing Transactions Regulations (continued)

Return and Cost


SFT Type

% Amount

Return USD 100% 7,068,477

Cost USD 100% (7,163,762)

Barclays Bank Plc

Barclays Bank Plc

Total Return Swap

Currency Counterparty

The Returns line shows the realised and unrealised gain for the period and the Cost line shows the realised and unrealised losses

for the period under review.


37

Additional Information for Shareholders

Performance v Index

Sub-Fund Start Date End Date

Fund

Return

Index

Return

Total differences

over and above

fees Comments

30/11/2017 31/05/2018 (2.67)% (0.34%) 0.42% Any total difference in

performance can be

attributed to the fees charged

at the fund level, the index

level, as well as the slippage

with allocating all assets to

the underlying assets at any

given time.

Barclays Capital

ComBATS Fund

Tracking Error v Index

Sub-Fund Start Date End Date

Fund

Return

Index

Return

Annualised

Tracking Comments

30/11/2017 31/05/2018 (2.67)% (0.34%) 0.07% 2.00% The tracking error limits is 2.00% as

defined in the Prospectus, where as the

actual realised annualised tracking error

is 0.07%. This means the Fund's

performance was within expectations of

the tracking error to the index and for

the period. Any tracking error can be

attributed to the fees charged at the

fund level, the index level, as well as the

slippage with allocating all assets to the

underlying assets at any given time.

Tracking

Error

Limit

Barclays Capital

ComBATS Fund

From 1 December 2017 to 31 May 2018, the Barclays Capital ComBATS Fund and the Barclays Managed Commodity Risk

Premia Fund have used the absolute Value-at-risk (“VaR”) approach in order to monitor and measure their global exposure.

The following sub-funds have used the commitment approach in order to monitor and measure their global exposure.



Pareto Balanse

Pareto Moderat

Pareto Offensiv


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').

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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