unaudited semi-annual report for the six month …€¦ · u access (ireland) ucits plc general...

U ACCESS (IRELAND) UCITS PLC (An open-ended umbrella investments company

with variable capital and segregated liability between sub-funds)

UNAUDITED SEMI-ANNUAL REPORT

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2018

U ACCESS (IRELAND) UCITS PLC

CONTENTS

1

General Information 2

Investment Manager’s Report 4

Statement of Financial Position 5

Statement of Comprehensive Income 7

Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares 9

Statement of Cash Flows 13

Notes to Financial Statements 15

Statement of Significant Purchases and Sales 50

Schedule of Investments 58

Securities Financing Transactions Regulation 2016 74


GENERAL INFORMATION

2

Directors ManagerYvonne Connolly (Irish) Carne Global Fund Managers (Ireland) LimitedBryan T iernan (Irish) 1 2nd Floor, Block EPatrick Palffy(French) Iveagh CourtRémy Portes (French) Harcourt Road

Dublin 2All Directors are non-executive. Ireland1 Independent Director

Administrator, Registrar & Transfer AgentDepositary BNY Mellon Fund Services (Ireland)BNY Mellon Trust Company (Ireland) Limited Designated Activity CompanyOne Dockland Central One Dockland Central Guild Street Guild StreetIFSC IFSCDublin 1 Dublin 1Ireland Ireland

Principal Investment Manager AuditorsUnion Bancaire Privée, UBP SA KPMGRue du Rhône 96-98 - CP 1320 1 Harbourmaster PlaceCH-1211 Geneva 1 IFSCSwitzerland Dublin 1

IrelandIrish Legal AdvisersDillon Eustace Sub-Investment Managers/Portfolio Managers33 Sir John Rogerson’s Quay U Access (IRL) Trend MacroDublin 2 Trend Capital Management LPIreland 1800 N. Military Trail

Suite 475Company Secretary Boca RatonCarne Global Financial Services Limited Florida 334312nd Floor, Block E United States of AmericaIveagh CourtHarcourt Road U Access (IRL) Electron Global Utility FundDublin 2 Electron Capital Partners, LLCIreland 599 Lexington Avenue

38th Floor, New YorkRegistered O ffice New York 100222nd Floor, Block E United States of AmericaIveagh CourtHarcourt Road U Access (IRL) Nexthera UCITSDublin 2 Nexthera Capital LPIreland 900 Third Avenue

Suite 1100, New YorkRepresentative and Paying Agent: France New York 10022Société Générale United States of America28 Boulevard Haussman75009 Paris U Access (IRL) Cheyne Arbitrage UCITSFrance Cheyne Capital Management (UK) LLP

Stornoway House13 Cleveland RowLondon SW1A 1HDUnited Kingdom


GENERAL INFORMATION (CONTINUED)

3

Facilities Agent: United Kingdom Information and Paying Agent: Germany Duff & Phelps Ltd Marcard Stein & Co AG14th Floor, The Shard Ballindamm 3632 London Bridge 20095 HamburgLondon SE1 9SG GermanyUnited Kingdom

Paying Agent in Switzerland Paying Agent: Sweden Banque Cantonale de GeneveSkandinaviska Enskilda Banken AB (publ) 17, quai de l'lleKungsträdgårdsgatan 8 1204 GenevaSE-106 40 Stockholm SwitzerlandSweden

Financial Agent: Belgium Representative in Switzerland Caceis Belgium SA Carnegie Fund Services S.A.Avenue du Port/Havenlaan 86C b 320 11, rue du Général - DufourB-1000 Brussels 1204 GenevaBelgium Switzerland

Representative Agent: Luxembourg Representative Agent: SpainSociété Générale Bank & Trust Allfunds Bank S.A., Allfunds Bank International S.A.28-32 Place de la gare Calle Estafeta no 6L-1616 Luxembourg Edifcio 3

Complejo Plaza de la FuentaLa MoralejaAlcobendas28109 MadridSpain

Switzerland: The prospectus and the Key Investor Information for Switzerland, the articles, the interim and annual reports in French and other information can be obtained free of charge from the representative in Switzerland: Carnegie Fund Services S.A., 11, rue du Général - Dufour, 1204 Geneva, Switzerland, web: www.carnegie-fund-services.ch. The payment service in Switzerland is Banque Cantonale de Genève, 17, Quai de l'Ile, CH-1204 Geneva, Switzerland. The latest share prices are available on www.fundinfo.com. Each time performance data is published, it should be noted that the past performance is no indication of current or future performance, and that it does not take account of the commissions and costs incurred on the issue and redemption of units.


INVESTMENT MANAGER’S REPORT

4

U Access (IRL) Trend Macro As of 30 June 2018, aggregate net assets in U Access (IRL) Trend Macro (the “Fund”) totalled US$381,093,115. Strategy Statement Trend Capital Management LP (the “Portfolio Manager”) seeks to produce consistent, absolute returns on capital by pursuing a fundamental global macro strategy. That strategy includes identifying and capitalising on fundamental trends in interest rates, currencies, and credit and equity indices in both developed and emerging markets. Active risk and liquidity management are important components of the strategy. U Access (IRL) Electron Global Utility Fund As of 30 June 2018, aggregate net assets in U Access (IRL) Electron Global Utility Fund (the “Fund”) totalled US$76,116,422. Strategy Statement Electron Capital Partners, LLC (the “Portfolio Manager”) seeks to produce absolute returns through long and short investments primarily in publicly traded equity securities. This is achieved by deploying assets globally and investing in utility and infrastructure companies. Active risk and liquidity management are important components of the strategy. U Access (IRL) Nexthera UCITS As of 30 June 2018, aggregate net assets in U Access (IRL) Nexthera UCITS (the “Fund”) totalled US$145,167,345. Strategy Statement Nexthera Capital LP (the “Portfolio Manager”) seeks to produce high, risk-adjusted returns for its investors by investing in a diversified global portfolio of healthcare companies. This is achieved by deploying fundamentally driven long/short investment approach to investment primarily in equity and equity related instruments across global, liquid markets and to a lesser extent in corporate debt instruments. Active risk and liquidity management are important components of the strategy. U Access (IRL) Cheyne Arbitrage UCITS As of 30 June 2018, aggregate net assets in U Access (IRL) Cheyne Arbitrage UCITS (the “Fund”) totalled EUR 70,946,985. Strategy Statement Cheyne Capital Management (UK) LP (the “Portfolio Manager”) seeks to produce to achieve risk adjusted total rates of return independent of market movements through arbitrage strategies with minimal net market exposure. This is achieved by deploying risk and mixed arbitrage investment strategies. Active risk and liquidity management are important components of the strategy. Union Bancaire Privée, UBP SA 02 August 2018


STATEMENT OF FINANCIAL POSITION

The accompanying notes are an integral part of the financial statements and should be read in conjunction therewith. 5

As at 30 June 2018

U Access (IRL) Trend

Macro

U Access (IRL) Electron

Global Utility Fund

U Access (IRL)

Nexthera UCITS

U Access (IRL)

Cheyne Arbitrage

UCITS* TotalUS$ US$ US$ € US$

Assets Note Cash and cash equivalents 5 64,526,878 6,309,134 18,978,128 11,085,338 102,759,597 Cash collateral account 5 56,541,882 2,120,109 29,539,281 177,972 88,409,108 Cash held in investor money collection accounts 5 127,471 - 168,200 209,894 540,785 Due from broker 870,613 878 1,876,060 1,937 2,749,813 Financial assets at fair value through profit or loss 3 334,075,267 73,301,139 97,705,839 64,620,894 580,546,525 Dividends receivable - - - 61,798 72,168 Interest receivable 3,999,081 - 4,103 616,164 4,722,740 Other assets 10,849 30,279 19,898 38,312 105,767

Total assets 460,152,041 81,761,539 148,291,509 76,812,309 779,906,503

Liabilities Cash collateral payable 5 - (3,033,171) - - (3,033,171) Bank overdraft 5 (12,154) - (101) - (12,255) Due to broker (36,052,040) - (389,695) (3,219,957) (40,202,001) Financial liabilities at fair value through profit or loss 3 (33,813,371) (2,437,680) (1,418,952) (956,469) (38,786,967) Securit ies sold under agreement to repurchase 4 (7,537,004) - - - (7,537,004) Redemptions payable (377,814) - (79,418) (1,093,694) (1,734,448) Portfolio management fee payable 9 (347,720) (66,872) (93,452) (35,355) (549,332) Incentive fee payable 9 - (1,136) (829,652) (246,318) (1,118,438) Platform fee payable 9 (107,214) (23,987) (34,306) (15,588) (183,711) Investment management fee payable 9 (127,300) (13,470) (30,878) (18,115) (192,803) Administration fee payable 9 (68,388) (14,306) (21,749) (6,014) (111,466) Audit fee payable (33,202) (1,302) (8,487) (2,003) (45,330) Depositary and custodian fee payable 9 (105,310) (12,740) (16,169) (4,919) (139,963) Legal fees payable (10,153) (7,292) - - (17,445) Interest payable (94,078) - (701) (13,834) (110,934) Dividends payable - - (5,624) (5,867) (12,475) Subscriptions in advance (127,471) - (168,200) (209,894) (540,785) Accrued expenses (245,707) (33,161) (26,780) (37,297) (349,205)Total l iabilities (79,058,926) (5,645,117) (3,124,164) (5,865,324) (94,677,733)

Net assets attributable to holders of redeemable shares 12 381,093,115 76,116,422 145,167,345 70,946,985 685,228,770

*U Access (IRL) Cheyne Arbitrage UCITS commenced trading on 30 April 2018. The Euro figures for U Access (IRL) Cheyne Arbitrage UCITS have been converted into US Dollars in the total figure for U Access (Ireland) UCITS Plc using the €/US$ exchange rate as at 30 June 2018 of 1.1678.


STATEMENT OF FINANCIAL POSITION (CONTINUED)


As at 31 December 2017

U Access (IRL) Trend Macro

U Access (IRL) Electron Global

Utility Fund

U Access (IRL) Nexthera

UCITS* TotalUS$ US$ US$ US$

Assets Note Cash and cash equivalents 5 71,175,191 2,639,026 20,176,701 93,990,918 Cash collateral 5 86,088,758 - 8,170,441 94,259,199 Cash held in investor money collection accounts 5 1,356,778 - - 1,356,778 Due from broker 12,026,228 878 130,328 12,157,434 Financial assets at fair value through profit or loss 3 290,101,662 60,524,035 50,984,099 401,609,796 Dividends receivable - - 20,670 20,670 Interest receivable 3,024,218 - 1,048 3,025,266 Other assets 15,836 37,504 23,933 77,273

Total assets 463,788,671 63,201,443 79,507,220 606,497,334

Liabilities Bank overdraft 5 (4,735,936) - (544,947) (5,280,883) Due to broker (13,594,368) - (9,385,054) (22,979,422) Financial liabilit ies at fair value through profit or loss 3 (55,156,793) (191,004) (866,206) (56,214,003) Redemptions payable (4,297,507) - - (4,297,507) Portfolio management fee payable 9 (355,427) (53,523) (33,292) (442,242) Incentive fee payable 9 (2,386,739) (1,101,590) (535,693) (4,024,022) Platform fee payable 9 (898,994) (169,689) (45,514) (1,114,197) Investment management fee payable 9 (1,699,098) (92,970) (44,399) (1,836,467) Administration fee payable 9 (125,177) (39,879) (29,260) (194,316) Audit fee payable (55,599) (4,502) (7,315) (67,416) Depositary and custodian fee payable 9 (283,991) (40,031) (20,728) (344,750) Legal fees payable (5,438) (6,790) - (12,228) Interest payable (419,305) (2,932) - (422,237) Subscriptions in advance (1,356,778) - - (1,356,778) Accrued expenses (224,304) (53,739) (15,729) (293,772)

Total liabilities (85,595,454) (1,756,649) (11,528,137) (98,880,240)

Net assets attributable to holders of redeemable shares 12 378,193,217 61,444,794 67,979,083 507,617,094

*U Access (IRL) Nexthera UCITS commenced trading on 5 July 2017.


STATEMENT OF COMPREHENSIVE INCOME


For the six months period ended 30 June 2018


Macro


Utility Fund


UCITS

U Access (IRL) Cheyne

Arbitrage UCITS* Total

US$ US$ US$ € US$Investment Income Note Interest income 21,700,277 11,873 144,325 841,967 22,875,365 Other income 2,218 - - - 2,218 Dividend received (long) - - 223,855 452,171 771,041 Dividend paid (short) - - (243,075) (469,959) (811,786) Net foreign exchange gain/(loss) 6 10,463 (912) (10,839) 197,878 238,170 Net (loss)/gain on financial assets and liabilit ies at fair value through profit or loss 6 (22,419,814) (26,891) 4,305,991 2,966,064 (14,551,391)

Total investment income (706,856) (15,930) 4,420,257 3,988,121 8,523,617

O perating Expenses Portfolio management fee 9 (2,307,908) (376,812) (447,440) (62,633) (3,207,954) Incentive fee 9 (1,324,674) (1,225) (857,516) (246,318) (2,481,492) Depositary and custodian fee 9 (279,042) (27,644) (54,731) (6,005) (368,684) Platform fee 9 (503,686) (103,406) (115,102) (24,090) (751,346) Investment management fee 9 (872,281) (73,732) (141,211) (32,182) (1,126,168) Administration fee 9 (174,256) (37,426) (40,780) (6,014) (259,740) Audit fee (19,976) (3,631) (7,479) (2,003) (33,510) Legal fee (24,392) (3,870) (5,254) (609) (34,253) Transaction fee 14 (15,604) - (191,318) (71,311) (293,218) Organisational expense (4,987) (7,479) (5,054) (492) (18,115) Operational fee (151,630) (39,590) (30,555) (24,378) (251,276) Other expenses (129,581) (25,839) (29,061) (8,065) (194,241)

Total operating expenses (5,808,017) (700,654) (1,925,501) (484,100) (9,019,997)

Net investment (loss)/income (6,514,873) (716,584) 2,494,756 3,504,021 (496,380)

Finance Costs Interest expense (16,742,452) (779) (4,411) (960,497) (17,909,968)

Total finance costs (16,742,452) (779) (4,411) (960,497) (17,909,968)

Less: Withholding tax (885,080) - (21,572) (72,225) (994,054)

(Decrease)/increase in net assets attributable to holders of redeemable shares (24,142,405) (717,363) 2,468,773 2,471,299 (19,400,402)

*U Access (IRL) Cheyne Arbitrage UCITS commenced trading on 30 April 2018.

The Euro figures for U Access (IRL) Cheyne Arbitrage UCITS have been converted into US Dollars in the total figure for U Access (Ireland) UCITS Plc for the financial period ended 30 June 2018 using the €/US$ average exchange rate of 1.21013.


STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)



U Access (IRL)

Trend Macro


Utility Fund Total US$ US$ US$

Investment Income Note

Interest income 13,871,850 187 13,872,037

Other income 284 28 312

Net foreign exchange gain 6 364,871 959 365,830 Net gain on financial assets and liabilit ies at fair value through profit or loss

6 8,374,848 7,394,650 15,769,498

Total investment income 22,611,853 7,395,824 30,007,677

O perating Expenses

Portfolio management fee 9 (2,492,631) (340,881) (2,833,512) Incentive fee 9 (37,648) (696,069) (733,717) Depositary and custodian fee 9 (178,947) (32,145) (211,092) Platform fee 9 (509,618) (93,330) (602,948) Investment management fee 9 (837,516) (38,670) (876,186)

Administration fee 9 (138,219) (41,655) (179,874) Audit fee (19,812) (5,908) (25,720) Legal fee (37,501) (3,430) (40,931) Transaction fee 14 (135,728) - (135,728) Organisational expense (4,959) (7,438) (12,397) Operational fee (150,134) (43,725) (193,859)

Other expenses (43,356) (9,165) (52,521)

Total operating expenses (4,586,069) (1,312,416) (5,898,485)

Net investment income 18,025,784 6,083,408 24,109,192

Finance Costs Interest expense (2,725,948) (4,105) (2,730,053)

Total finance costs (2,725,948) (4,105) (2,730,053)

Increase in net assets attributable to holders of redeemable shares 15,299,836 6,079,303 21,379,139


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES





Utility Fund


UCITS



US$ US$ US$ € US$

Net assets at beginning of the period 378,193,217 61,444,794 67,979,083 - 507,617,094

(Decrease)/increase in net assets attributable to holders of redeemable shares (24,142,405) (717,363) 2,468,773 2,471,299 (19,400,402)

Subscriptions during the periodClass A USD 3,450,000 4,068,500 4,571,000 - 12,089,500 Class B CHF 490,958 - 2,204,033 - 2,694,991 Class B EUR 47,269,563 - 2,849,045 2,412 50,121,527 Class B GBP 45,127,700 - 172,190 - 45,299,890 Class B SEK 24,397,302 - - - 24,397,302 Class B USD 18,047,503 2,000 13,852,554 - 31,902,057 Class C CHF 161,007 - 1,627,783 2,427,445 4,726,314 Class C EUR - - 30,503,967 51,248,497 92,521,311 Class C GBP - - 68,835 5,902,814 7,212,007 Class C USD - - 17,831,497 7,109,634 26,435,078 Class D CHF 2,725,032 126,672 - - 2,851,704 Class D EUR 1,582,378 2,152,097 108,277 - 3,842,752 Class D GBP 202,353 213,199 216,784 - 632,336 Class D SEK 534,442 - - - 534,442 Class D USD 5,608,875 9,791,000 3,651,700 - 19,051,575 Class E EUR 4,003,228 - - - 4,003,228 Class E USD 3,320,554 - 80,000 - 3,400,554 Class F USD - - 200,000 3,139,520 3,999,227 Class G EUR 6,356,072 - - - 6,356,072 Class H USD - 150,000 - - 150,000 Class H EUR - 2,010,575 - - 2,010,575 Class I CHF 25,431 - - - 25,431 Class I EUR 6,642,124 - - - 6,642,124 Class I USD 3,603,735 - 1,344,000 - 4,947,735

Total subscriptions during the period 173,548,257 18,514,043 79,281,665 69,830,322 355,847,732

* U Access (IRL) Cheyne Arbitrage UCITS commenced trading on 30 April 2018.


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES (CONTINUED)


For the six months period ended 30 June 2018 (continued)



Utility Fund


UCITS



US$ US$ US$ € US$

Redemptions during the periodClass A EUR (480,156) - - - (480,156)Class A USD (1,724,479) (497,160) (100,000) - (2,321,639)Class B EUR (52,848,124) - - - (52,848,124)Class B GBP (17,208,820) - - - (17,208,820)Class B USD (14,374,918) - (1,449,805) - (15,824,723)Class C CHF - - - (939,744) (1,137,212)Class C EUR (1,612,896) - (331,333) (414,892) (2,446,302)Class C SEK (1,129,898) - - - (1,129,898)Class C USD - - (1,822,798) - (1,822,798)Class D EUR (4,241,388) (9,127) - - (4,250,515)Class D GBP - (39,661) - - (39,661)Class D SEK (8,277,824) - - - (8,277,824)Class D USD (39,352,609) (2,079,104) - - (41,431,713)Class E EUR (447,245) - - - (447,245)Class E USD (424,822) - - - (424,822)Class F USD - (500,000) (858,240) - (1,358,240)Class G EUR (4,141,938) - - - (4,141,938)Class I EUR (134,838) - - - (134,838)Class I GBP (105,950) - - - (105,950)Class I USD (49) - - - (49)

Total redemptions during the period (146,505,954) (3,125,052) (4,562,176) (1,354,636) (155,832,467)

Difference attributable to foreign currency conversion (Note 2) - - - - (3,003,187)

Net assets at end of the period 381,093,115 76,116,422 145,167,345 70,946,985 685,228,770

* U Access (IRL) Cheyne Arbitrage UCITS commenced trading on 30 April 2018. All Euro figures for U Access (IRL) Cheyne Arbitrage UCITS have been converted into US Dollars in the total figure for U Access (Ireland) UCITS Plc as at 30 June 2018 using the average €/US$ exchange rate for the financial period ended 30 June 2018 of 1.21013.







Utility Fund Total

US$ US$ US$

Net assets at beginning of the period 381,721,132 57,643,214 439,364,346

Increase in net assets attributable to holders of redeemable shares 15,299,836 6,079,303 21,379,139

Subscriptions during the periodClass A EUR 982,043 - 982,043 Class A USD 643,000 2,295,436 2,938,436 Class B CHF 462,653 - 462,653 Class B EUR 15,909,149 - 15,909,149 Class B GBP 13,931,391 - 13,931,391 Class B USD 11,352,026 - 11,352,026 Class C CHF 183,971 - 183,971 Class D CHF 47,014 - 47,014 Class D EUR 2,387,699 2,829,943 5,217,642 Class D GBP 186,833 273,118 459,951 Class D SEK 3,051,982 - 3,051,982 Class D USD 18,551,788 5,571,000 24,122,788 Class E EUR 970,478 - 970,478 Class E USD 976,291 - 976,291 Class F USD - 2,000 2,000 Class G EUR 24,474,474 - 24,474,474 Class H USD - 800,000 800,000 Class I EUR 28,707,340 - 28,707,340 Class I USD 1,677,960 - 1,677,960

Total subscriptions during the period 124,496,092 11,771,497 136,267,589




For the six months period ended 30 June 2017 (continued)



Utility Fund Total

US$ US$ US$

Redemptions during the periodClass A EUR (654,440) (313,985) (968,425)Class A USD (9,219,255) (480,850) (9,700,105)Class B EUR (3,532,623) - (3,532,623)Class B GBP (5,226,097) - (5,226,097)Class B USD (8,980,050) - (8,980,050)Class C CHF (82,636) - (82,636)Class C EUR (2,248,354) - (2,248,354)Class C SEK (345,683) - (345,683)Class C USD (1,394,607) - (1,394,607)Class D EUR (5,483,586) (180,041) (5,663,627)Class D GBP - (49,407) (49,407)Class D SEK (2,808,421) - (2,808,421)Class D USD (7,454,455) (2,891,900) (10,346,355)Class E EUR (6,784,852) - (6,784,852)Class E USD (184,125) - (184,125)Class F USD - (1,247,945) (1,247,945)Class G EUR (939,432) - (939,432)Class I EUR (1,150,285) - (1,150,285)Class I USD (2,604,741) - (2,604,741)Class T USD (3,311,713) (1,150,902) (4,462,615)Total redemptions during the period (62,405,355) (6,315,030) (68,720,385)

Net assets at end of the period 459,111,705 69,178,984 528,290,689


STATEMENT OF CASH FLOWS




Macro

U Access (IRL)

Electron Global

Utility Fund

U Access (IRL)

Nexthera UCITS

U Access (IRL)

Cheyne Arbitrage

UCITS* Total

Note US$ US$ US$ € US$Cash flows from operating activities(Decrease)/increase in net assets attributable to holders of redeemable shares

(24,142,405) (717,363) 2,468,773 2,471,299 (19,400,402)

Adjustments to reconcile net (decrease)/increase in net assets attributable to holders of redeemable shares to net cash used in operating activities:

Net change in operating assets and liabilities: Financial assets at fair value through profit or loss (43,973,605) (12,777,104) (46,721,740) (64,620,894) (178,936,729) Dividends receivable - - 20,670 (61,798) (51,498) Due from broker 11,155,615 - (1,745,732) (1,937) 9,407,621 Interest receivable (974,863) - (3,055) (616,164) (1,697,474) Other assets 4,987 7,225 4,035 (38,312) (28,494) Financial liabilities at fair value through profit or loss (21,343,422) 2,246,676 552,746 956,469 (17,427,036) Securit ies sold under agreement to repurchase 7,537,004 - - - 7,537,004 Due to broker 22,457,672 - (8,995,359) 3,219,957 17,222,581 Portfolio management fee payable (7,707) 13,349 60,160 35,355 107,090 Incentive fee payable (2,386,739) (1,100,454) 293,959 246,318 (2,905,584) Platform fee payable (791,780) (145,702) (11,208) 15,588 (930,486) Investment management fee payable (1,571,798) (79,500) (13,521) 18,115 (1,643,664) Administration fee payable (56,789) (25,573) (7,511) 6,014 (82,850) Audit fee payable (22,397) (3,200) 1,172 2,003 (22,086) Depositary and custodian fee payable (178,681) (27,291) (4,559) 4,919 (204,787) Legal fees payable 4,715 502 - - 5,217 Redemptions payable (3,919,693) - 79,418 1,093,694 (2,563,059) Subscriptions in advance (1,229,307) - 168,200 209,894 (815,993) Dividends payable - - 5,624 5,867 12,475 Interest payable (325,227) - 2,932 701 13,834 (311,303) Accrued expenses 21,403 (20,578) 11,051 37,297 55,431

Net cash used in operating activities (59,743,017) (12,631,945) (53,836,176) (57,002,482) (192,674,026)

Cash flows from financing activities Proceeds from issuance of shares 173,548,257 18,514,043 79,281,665 69,830,322 355,847,732 Payments for redemption of shares (146,505,954) (3,125,052) (4,562,176) (1,354,636) (155,832,467)

Net cash provided by financing activities 27,042,303 15,388,991 74,719,489 68,475,686 200,015,265

Difference attributable to foreign currency conversion - - - - (3,003,187)

Net (decrease)/increase in cash and cash equivalents (32,700,714) 2,757,046 20,883,313 11,473,204 7,341,239

Cash and cash equivalents at beginning of the period 5 153,884,791 2,639,026 27,802,195 - 184,326,012

Cash and cash equivalents at end of the period 5 121,184,077 5,396,072 48,685,508 11,473,204 188,664,064

Supplemental disclosure of cash flow informationInterest received 20,725,414 11,873 141,270 225,803 21,142,250 Interest paid (17,067,679) (3,711) (3,710) (946,663) (18,180,613)Dividend received - - 244,525 513,969 844,738 Dividend paid - - (237,451) (464,092) (779,418)



STATEMENT OF CASH FLOWS (CONTINUED)





Utility Fund Total

Note US$ US$ US$Cash flows from operating activitiesIncrease in net assets attributable to holders of redeemable shares 15,299,836 6,079,303 21,379,139

Adjustments to reconcile net increase in net assets attributable to holders of redeemable shares to net cash used in operating activities:

Net change in operating assets and liabilities:

Financial assets at fair value through profit or loss (59,925,056) (9,978,397) (69,903,453) Due from broker (9,197,482) (13,736,405) (22,933,887) Interest receivable (538,540) - (538,540) Other assets 68,814 10,844 79,658 Financial liabilit ies at fair value through profit or loss (4,725,371) 443,323 (4,282,048)

Due to broker 27,943,065 13,871,226 41,814,291 Portfolio management fee payable 532,248 9,928 542,176 Incentive fee payable (1,792,353) 677,507 (1,114,846) Platform fee payable 239,251 40,874 280,125 Investment management fee payable 478,562 21,479 500,041 Administration fee payable 84 41,655 41,739 Audit fee payable 771 (13,364) (12,593) Depositary and custodian fee payable (85,721) (10,551) (96,272) Legal fees payable 3,082 (331) 2,751 Redemptions payable 2,119,229 624,398 2,743,627 Interest payable 328,189 15,444 343,633 Accrued expenses (344) 5,768 5,424

Net cash used in operating activities (29,251,736) (1,897,299) (31,149,035)

Cash flows from financing activities Proceeds from issuance of shares 124,712,729 11,771,497 136,484,226 Payments for redemption of shares (62,405,355) (6,315,030) (68,720,385)

Net cash provided by financing activities 62,307,374 5,456,467 67,763,841

Net increase in cash and cash equivalents 33,055,638 3,559,168 36,614,806

Cash and cash equivalents at beginning of the period 5 94,045,049 752,221 94,797,270

Cash and cash equivalents at end of the period 5 127,100,687 4,311,389 131,412,076

Supplemental disclosure of cash flow informationInterest received 13,333,310 187 13,333,497 Interest paid (2,397,759) 11,339 (2,386,420)


NOTES TO FINANCIAL STATEMENTS

15

1. General information

U Access (Ireland) UCITS plc (the “Company”) was incorporated in Ireland on 5 March 2014 as an investment company with variable capital and segregated liability between sub-funds and with limited liability under registration number 540616. The Company is authorised by the Central Bank of Ireland in accordance with the European Communities (Undertakings for Collective Investments in Transferable Securities) Regulations, 2011 (as amended) (“UCITS Regulations”) and is regulated by the Central Bank of Ireland in accordance with the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015, (as amended) (the “Central Bank UCITS Regulations”).

The financial statements are prepared in accordance with the Irish Companies Act 2014, UCITS Regulations, Central Bank UCITS Regulations and in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. The Company is structured as an umbrella fund consisting of different funds, each comprising one or more classes. The assets of each fund will be invested separately on behalf of each fund by the Portfolio Manager of such fund in accordance with the investment objective and policies of each fund and the applicable Investment Management Agreement. As at 30 June 2018, the Company has established four funds: U Access (IRL) Trend Macro, U Access (IRL) Electron Global Utility Fund, U Access (IRL) Nexthera UCITS and U Access (IRL) Cheyne Arbitrage UCITS (each a “Fund” and together the “Funds”). The U Access (IRL) Cheyne Arbitrage UCITS commenced trading on 30 April 2018.

Additional funds may be established by the Directors from time to time with the prior approval of the Central Bank of Ireland. The Company has appointed Union Bancaire Privée, UBP SA as the Principal Investment Manager (the “Principal Investment Manager”) to the Company. The Company has appointed BNY Mellon Fund Services (Ireland) Designated Activity Company as administrator and registrar of the Company pursuant to the Administration Agreement with responsibility for the day to day administration of the Company’s affairs. The Company has appointed BNY Mellon Trust Company (Ireland) Limited as depositary of the Company pursuant to the Depositary Agreement with responsibility for acting as custodian and depositary of the assets of each Fund. The description of the investment objectives and policies of each Fund are contained in the Supplements dated 18 April 2018.

2. Significant accounting policies

(a) Statement of compliance These condensed unaudited interim financial statements should be read in conjunction with the 31 December 2017 annual report and audited financial statements which have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as adopted by the European Union. The unaudited interim financial statements have been compiled using accounting policies, methods of computation and presentation which are consistent with the annual report for the year ended 31 December 2017, unless otherwise stated. These condensed unaudited interim financial statements have been prepared in accordance with International Accounting Standard 34: Interim Financial Reporting (“IAS 34”) and Irish Statute comprising the Companies Act 2014, UCITS Regulations and Central Bank of Ireland UCITS Regulations. (b) Standards, interpretations and amendments not yet effective at 30 June 2018 The following new significant standards and amendment to standards are relevant but not yet effective for the Company’s operations: IFRS 9 – Financial Instruments: Classification and Measurement In July 2014, the IASB issued the final version of IFRS 9 Financial Instruments which reflects all phases of the financial instruments project and replaces IAS 39 Financial Instruments: Recognition and Measurement and all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment, and hedge accounting. IFRS 9 is effective for annual periods beginning on or after 1 January 2018, with early application permitted. Retrospective application is required but comparative information is not compulsory. The adoption of IFRS 9 is unlikely to have a material effect on the classification and measurement of the Company’s financial assets or financial liabilities. (c) Foreign exchange translation

Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which it operates (the “functional currency”). This is United States Dollars (“US$”) for all Funds, except U Access (IRL) Cheyne Arbitrage UCITS whose functional currency is Euro (“€”). Each Fund has adopted its functional currency as the presentation currency for these financial statements. Assets and liabilities expressed in foreign currencies will be converted into the functional currency of the Company using the exchange rates prevailing as at 30 June 2018. Transactions in foreign currencies are translated into the Funds functional currency at the exchange rate ruling at the transaction dates. Gains and losses on foreign exchange transactions are recognised in the Statement of Comprehensive Income in determining the result for the period. As at 30 June 2018, the exchange rate of €/US$ 1.1678 was used to translate the Statement of Financial Position of U Access (IRL) Cheyne Arbitrage UCITS.


NOTES TO FINANCIAL STATEMENTS (CONTINUED)

16

2. Significant accounting policies (continued) (c) Foreign exchange translation (continued) As at 30 June 2018, the Statement of Comprehensive Income and Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares of U Access (IRL) Cheyne Arbitrage UCITS has been translated using an average rate of exchange of €/US$ 1.21013 in arriving at the US Dollar value for the Company. This results in a currency translation loss in the Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares and Statement of Cash Flows when compared to the €/US$ rate used at the financial period end. The adjustment recorded in the Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares is a loss of US$3,003,187. The adjustment recorded in the Statement of Cash Flows for the current period is a loss of US$3,003,187. (d) Repurchase agreements

Under a repurchase agreement, the Company sells a security to a buyer, usually a broker for cash. The Company does not record a sale of the security and it agrees later to repay cash plus interest in exchange for the return (repurchase) of the same security. This transaction is similar, in effect, to borrowing by the Company which is collateralised by the securities. The Company carries repurchase agreements at amortised cost, which combined with accrued interest, approximates fair value and is included in the Statement of Financial Position as “Securities sold under agreement to repurchase”. The collateralised securities are not derecognised from the Schedule of Investments. The interests paid are recorded in the Statement of Comprehensive Income under “Interest Expense”,



17

3. Financial assets and liabilities at fair value through profit or loss The following table summarises the financial assets and liabilities at fair value through profit or loss as at 30 June 2018:


Macro

U Access (IRL)

Electron Global

Utility Fund

U Access (IRL)

Nexthera UCITS

U Access (IRL)

Cheyne Arbitrage

UCITS*

US$ US$ US$ €Financial assets at fair value through profit or lossHeld for trading: Equities - 69,769,745 96,963,087 3,013,702

Total equities - 69,769,745 96,963,087 3,013,702

Interest bearing securities Corporate bonds 77,392,039 - - - Government bonds 206,468,390 - - 60,438,500

Total interest bearing securities 283,860,429 - - 60,438,500

Derivative contracts Contracts for difference - 3,507,977 249,575 1,122,138 Credit default swaps 4,452,730 - - - Equity option - - 396,025 - Foreign exchange options 529,621 - - - Forward currency contracts 11,081,517 23,417 97,152 46,554 Futures contract 384,722 - - - Index option 347,430 - - - Interest rate swaps 2,843,212 - - - Total return swaps 30,575,606 - - -

Total derivative contracts 50,214,838 3,531,394 742,752 1,168,692 Total financial assets at fair value through profit or loss 334,075,267 73,301,139 97,705,839 64,620,894

Financial l iabilities at fair value through profit or lossDerivative contracts Contracts for difference - (791,680) (911,274) (899,801) Credit default swaps (24,779,118) - - - Equity options - - (487,695) Forward currency contracts (8,718,275) (4,894) (19,983) (28,550) Futures contracts - - - (28,118) Interest rate swaps (315,978) - - - Total return swaps - (1,641,106) - -

Total derivative contracts (33,813,371) (2,437,680) (1,418,952) (956,469)Total financial liabilities at fair value through profit or loss (33,813,371) (2,437,680) (1,418,952) (956,469)




18

3. Financial assets and liabilities at fair value through profit or loss (continued) The following table summarises the financial assets and liabilities at fair value through profit or loss as at 31 December 2017:



Utility Fund


UCITS*

US$ US$ US$Financial assets at fair value through profit or lossHeld for trading: Equities - 59,128,707 49,629,239

Total equities - 59,128,707 49,629,239

Interest bearing securities Corporate bonds 67,109,267 - - Government bonds 176,308,225 - -

Total interest bearing securities 243,417,492 - -

Derivative contracts Contracts for difference - 539,694 462,118 Equity options - - 790,163 Forward currency contracts 11,711,467 67,299 102,579 Futures contracts 6,692,860 - - Interest rate swaps 12,149,144 - - Total return swaps 16,130,699 788,335 - Total derivative contracts 46,684,170 1,395,328 1,354,860 Total financial assets at fair value through profit or loss 290,101,662 60,524,035 50,984,099

Financial liabilities at fair value through profit or lossDerivative contracts Contracts for difference - (190,119) (357,839) Credit default swaps (42,189,988) - - Equity options - - (508,084) Forward currency contracts (11,129,953) (885) (283) Interest rate swaps (1,836,852) - -

Total derivative contracts (55,156,793) (191,004) (866,206)Total financial liabilities at fair value through profit or loss (55,156,793) (191,004) (866,206)

*U Access (IRL) Nexthera UCITS commenced trading on 5 July 2017



19

3. Financial assets and liabilities at fair value through profit or loss (continued) A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The Company discloses the values of its investments in accordance with IFRS 13 – Fair Value Measurement (“IFRS 13”). This requires the Company to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: - Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities. - Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as

prices) or indirectly (that is, derived from prices). - Level 3 - inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The following tables analyse within the fair value hierarchy, the Company’s financial assets and liabilities measured at fair value at 30 June 2018: U Access (IRL) Trend Macro

Level 1 Level 2 Level 3 TotalUS$ US$ US$ US$

Financial assets at fair value through profit or loss held for trading

Interest bearing securities Corporate bonds - 77,392,039 - 77,392,039 Government bonds 44,884,169 161,584,221 - 206,468,390 Total interest bearing securities 44,884,169 238,976,260 - 283,860,429

Derivative contracts Credit default swaps - 4,452,730 - 4,452,730 Foreign exchange options - 529,621 - 529,621 Forward currency contracts - 11,081,517 - 11,081,517 Futures contract 384,722 - - 384,722 Index option 347,430 - - 347,430 Interest rate swaps - 2,843,212 - 2,843,212 Total return swaps - 30,575,606 - 30,575,606

Total derivative contracts 732,152 49,482,686 - 50,214,838 45,616,321 288,458,946 - 334,075,267

Financial liabilities at fair value through profit or loss held for trading

Derivative contracts Credit default swaps - (24,779,118) - (24,779,118) Forward currency contracts - (8,718,275) - (8,718,275) Interest rate swaps - (315,978) - (315,978)

Total derivative contracts - (33,813,371) - (33,813,371)- (33,813,371) - (33,813,371)



20

3. Financial assets and liabilities at fair value through profit or loss (continued) U Access (IRL) Electron Global Utility Fund



Held for trading: Equities 69,769,745 - - 69,769,745

Total equities 69,769,745 - - 69,769,745

Derivative contracts Contracts for difference - 3,507,977 - 3,507,977 Forward currency contracts - 23,417 - 23,417

Total derivative contracts - 3,531,394 - 3,531,394 69,769,745 3,531,394 - 73,301,139


Derivative contracts Contracts for difference - (791,680) - (791,680) Forward currency contracts - (4,894) - (4,894) Total return swap - (1,641,106) - (1,641,106)

Total derivative contracts - (2,437,680) - (2,437,680) - (2,437,680) - (2,437,680)

U Access (IRL) Nexthera UCITSLevel 1 Level 2 Level 3 Total

US$ US$ US$ US$


Held for trading: Equities 96,963,087 - - 96,963,087 Total equities 96,963,087 - - 96,963,087

Derivative contracts Contracts for difference - 249,575 - 249,575 Equity options 396,025 - - 396,025 Forward currency contracts - 97,152 - 97,152 Total derivative contracts 396,025 346,727 - 742,752

97,359,112 346,727 - 97,705,839


Derivative contracts Contracts for difference - (911,274) - (911,274) Equity options (487,695) - - (487,695) Forward currency contracts - (19,983) - (19,983)Total derivative contracts (487,695) (931,257) - (1,418,952)

(487,695) (931,257) - (1,418,952)



21

3. Financial assets and liabilities at fair value through profit or loss (continued) U Access (IRL) Cheyne Arbitrage UCITS*

Level 1 Level 2 Level 3 Total€ € € €



Total equities 3,013,702 - - 3,013,702

Interest bearing securities: Government bonds 20,034,100 40,404,400 - 60,438,500

Total interest bearing securities 20,034,100 40,404,400 - 60,438,500

Derivative contracts Contracts for difference - 1,122,138 - 1,122,138 Forward currency contracts - 46,554 - 46,554

Total derivative contracts - 1,168,692 - 1,168,692 23,047,802 41,573,092 - 64,620,894


Derivative contracts Contracts for difference - (899,801) - (899,801) Futures contracts (28,118) - - (28,118) Forward currency contracts - (28,550) - (28,550)

Total derivative contracts (28,118) (928,351) - (956,469)(28,118) (928,351) - (956,469)

*U Access (IRL) Cheyne Arbitrage UCITS commenced trading on 30 April 2018. For the period ended 30 June 2018, the Company invested in Level 1 and Level 2 securities. During the year ended 30 June 2018, the Company did not have any transfers between any of the levels of the fair value hierarchy.



22

3. Financial assets and liabilities at fair value through profit or loss (continued) The following tables analyse within the fair value hierarchy, the Company’s financial assets and liabilities measured at fair value at 31 December 2017: U Access (IRL) Trend Macro



Interest bearing securities Corporate bonds - 67,109,267 - 67,109,267 Government bonds 40,035,846 136,272,379 - 176,308,225 Total interest bearing securities 40,035,846 203,381,646 - 243,417,492

Derivative contracts Forward currency contracts - 11,711,467 - 11,711,467 Futures contracts 6,692,860 - - 6,692,860 Interest rate swaps - 12,149,144 - 12,149,144 Total return swaps - 16,130,699 - 16,130,699

Total derivative contracts 6,692,860 39,991,310 - 46,684,170 46,728,706 243,372,956 - 290,101,662


Derivative contracts Credit default swaps - (42,189,988) - (42,189,988) Forward currency contracts - (11,129,953) - (11,129,953) Interest rate swaps - (1,836,852) - (1,836,852)

Total derivative contracts - (55,156,793) - (55,156,793)- (55,156,793) - (55,156,793)

U Access (IRL) Electron Global Utility FundLevel 1 Level 2 Level 3 Total

US$ US$ US$ US$



Total equities 59,128,707 - - 59,128,707

Derivative contracts Contracts for difference - 539,694 - 539,694 Forward currency contracts - 67,299 - 67,299 Total return swap - 788,335 - 788,335

Total derivative contracts - 1,395,328 - 1,395,328

59,128,707 1,395,328 - 60,524,035


Derivative contracts Contracts for difference - (190,119) - (190,119) Forward currency contracts - (885) - (885)

Total derivative contracts - (191,004) - (191,004)

- (191,004) - (191,004)



23

3. Financial assets and liabilities at fair value through profit or loss (continued)

U Access (IRL) Nexthera UCITS*Level 1 Level 2 Level 3 Total

US$ US$ US$ US$



Total equities 49,629,239 - - 49,629,239

Derivative contracts Contracts for difference - 462,118 - 462,118 Equity options 790,163 - - 790,163 Forward currency contracts - 102,579 - 102,579

Total derivative contracts 790,163 564,697 - 1,354,860

50,419,402 564,697 - 50,984,099


Derivative contracts Contracts for difference - (357,839) - (357,839) Equity options - (508,084) - (508,084) Forward currency contracts - (283) - (283)

Total derivative contracts - (866,206) - (866,206)

- (866,206) - (866,206)

For the year ended 31 December 2017, the Company invested in Level 1 and Level 2 securities. During the year ended 31 December 2017, the Company did not have any transfers between any of the levels of the fair value hierarchy. Those financial instruments not measured at fair value through profit or loss are short-term financial assets and liabilities whose carrying amounts approximate fair value because of their short-term nature and, for financial assets, high credit quality of counterparties. All these financial instruments are level 2 securities as at 30 June 2018 and 31 December 2017. As at 30 June 2018 and 31 December 2017, the Company did not have any Level 3 securities presented in financial assets and liabilities at fair value through profit or loss.

4. Repurchase agreements As at 30 June 2018, the Company had entered into the following repurchase agreements. U Access (IRL) Trend Macro

Fair valueUnderlying Security Counterparty Coupon Rate Maturity Date US$Demeter Investments BV 04/12/2018 Flat Trading BNY Mellon 0.00% 04/12/2018 1,165,307 Demeter Investments BV 17/07/2018 Flat Trading BNY Mellon 0.00% 17/07/2018 3,568,550 Demeter Investments BV 15/01/2019 Flat Trading BNY Mellon 0.00% 15/01/2019 2,803,147

7,537,004

U Access (IRL) Electron Global Utility Fund, U Access (IRL) Nexthera UCITS and U Access (IRL) Cheyne Arbitrage UCITS did not hold any repurchase agreements as at 30 June 2018. U Access (IRL) Trend Macro, U Access (IRL) Electron Global Utility Fund and U Access (IRL) Nexthera UCITS did not hold any repurchase agreements as at 31 December 2017. U Access (IRL) Cheyne Arbitrage UCITS commenced trading on 30 April 2018.



24

5. Cash and cash equivalents

As at 30 June 2018 and 31 December 2017, cash balances were held as disclosed below: U Access (IRL) Trend Macro

30 June 2018 31 December 2017US$ US$

Cash and cash equivalentsBank of America 36,784 - BNY Mellon 61,701,306 39,310,174 Citibank NA 257,188 1,765,287 Credit Suisse 584 15,086,698 JPMorgan Chase Bank NA 2,469,658 15,013,032 UBS AG 61,358 -

Total cash and cash equivalents 64,526,878 71,175,191

Cash collateralBarclays Capital - 574,084 Bank of America 403,216 1,494,793 BNP Paribas - 1,030,000 BNY Mellon 393,821 - Citibank NA 4,240,653 1,116,489 Credit Suisse 7,907,534 31,043,142 Goldman Sachs 588,975 JPMorgan Chase Bank NA 42,947,203 50,798,537 UBS AG 60,480 31,713

Total cash collateral 56,541,882 86,088,758

Bank overdraftBNY Mellon (12,154) - Credit Suisse - (4,031,151)JPMorgan Chase Bank NA - (704,785)

Total bank overdraft (12,154) (4,735,936)

Cash held in investor money collection accountsBNY Mellon 127,471 1,356,778

Total cash held in investor money collection accounts 127,471 1,356,778

Total 121,184,077 153,884,791

U Access (IRL) Electron Global Utility Fund30 June 2018 31 December 2017

US$ US$Cash and cash equivalentsBNY Mellon 6,301,191 2,639,026 Morgan Stanley 7,943 -


Cash collateralBNY Mellon 30,326 - Morgan Stanley 2,089,783 -

Total cash collateral 2,120,109 -

Cash collateral payableMorgan Stanley (3,033,171) -

(3,033,171) -

Total 5,396,072 2,639,026



25

5. Cash and cash equivalents (continued) U Access (IRL) Nexthera UCITS

30 June 2018 31 December 2017US$ US$

Cash and cash equivalentsBNY Mellon 17,993,710 17,590,734 Goldman Sachs 957,096 2,585,967 UBS AG 27,322 -


Cash collateralGoldman Sachs 18,997,522 3,677,040 UBS AG 10,541,759 4,493,401

Total cash collateral 29,539,281 8,170,441

Bank overdraftBNY Mellon (101) (126,619)Goldman Sachs - (72)UBS AG - (418,256)

Total bank overdraft (101) (544,947)

Cash held in investor money collection accountsBNY Mellon 168,200 - Total cash held in investor money collection accounts 168,200 -

Total 48,685,508 27,802,195

U Access (IRL) Cheyne Arbitrage UCITS*

30 June 2018 31 December 2017€ €

Cash and cash equivalentsBNY Mellon 9,403,187 - Morgan Stanley 53,489 - UBS AG 1,628,662

Total cash and cash equivalents 11,085,338 -

Cash collateralBNY MellonMorgan Stanley 177,972 - Total cash collateral 177,972 -

Cash held in investor money collection accountsBNY Mellon 209,894 - Total cash held in investor money collection accounts 209,894 -

Total 11,473,204 -




26

6. Net Change in Fair Value of Financial Assets and Financial Liabilities through Profit or Loss For the six months period ended 30 June 2018


Macro

U Access (IRL) Electron Global Utility

Fund

U Access (IRL)

Nexthera UCITS


Arbitrage UCITS*

US$ US$ US$ €

Realised (losses)/gain on investments (11,445,436) 6,128,087 15,265,394 (15,525)Realised gains/(losses) on derivative contracts 16,598,534 (3,162,065) (7,426,869) 3,150,427 Realised gains/(losses) on foreign currency 189,558 (624) (8,200) 201,356 Change in unrealised depreciation on investments (24,457,716) (2,627,131) (2,538,027) (338,772)Change in unrealised depreciation on derivative contracts (3,115,196) (365,782) (994,507) 169,934 Change in unrealised depreciation on foreign currency (179,095) (288) (2,639) (3,478)

Total** (22,409,351) (27,803) 4,295,152 3,163,942

*U Access (IRL) Cheyne Arbitrage UCITS commenced trading on 30 April 2018. ** Included in the total is an overall loss on share class hedging of US$(16,815,698) for U Access (IRL) Trend Macro, US$(415,242) for U Access (IRL) Electron Global Utility Fund, US$(2,669,494) for U Access (IRL) Nexthera UCITS and gain of EUR285,101 for U Access (IRL) Cheyne Arbitrage UCITS. For the six months period ended 30 June 2017



Utility Fund

US$ US$

Realised gains on investments 8,019,746 5,924,971 Realised losses on derivative contracts (10,654,286) (1,640,834)Realised gains on foreign currency 318,756 961 Change in unrealised (depreciation)/appreciation on investments (821,463) 2,880,971 Change in unrealised appreciation on derivative contracts 11,830,851 229,542 Change in unrealised appreciation/(depreciation) on foreign currency 46,115 (2)

Total 8,739,719 7,395,609



27

7. Offsetting of financial assets and liabilities

Financial assets and liabilities are offset and the net amount is reported in the Statement of Financial Position when the Company has a legally enforceable right to offset and the transactions are intended to be settled on a net basis or simultaneously. As at 30 June 2018 and 31 December 2017, no financial instruments of the Company are being presented net within the Statement of Financial Position. The following tables provide information on the financial impact of netting for instruments subject to an enforceable master netting arrangement or similar agreement in the event of default as defined under such agreements.

U Access (IRL) Trend Macro30 June 2018

Gross amountsof assets

presented inthe Statement Cash

of Financial Financial Securitied collateral Net Counterparty Position instruments received received amount

US$ US$ US$ US$ US$ BNY Mellon 438,621 (438,621) - - - Bank of America 206,135 (147,979) - - 58,156 Barclays Capital 2,636,246 - - - 2,636,246 Citibank NA 1,379,801 (792,757) - - 587,044 Credit Suisse 648,067 (648,067) - - - Goldman Sachs 30,253,485 - - - 30,253,485 JPMorgan Chase Bank NA 14,512,192 (14,512,192) - - - UBS AG 140,291 (140,291) - - - Total 50,214,838 (16,679,907) - - 33,534,931

Gross amountsnot offset in the

Statement of FinancialPosition

Gross amountsof l iabilitiespresented in

the Statement Cashof Financial Financial Securities collateral Net

Counterparty Position instruments pledged pledged amountUS$ US$ US$ US$ US$

BNY Mellon (8,019,503) 438,621 7,580,882 - - Bank of America (147,979) 147,979 - - - Citibank NA (792,757) 792,757 - - - Credit Suisse (2,320,285) 648,067 - 1,672,218 - JPMorgan Chase Bank NA (29,868,990) 14,512,192 - 15,356,798 - UBS AG (200,861) 140,291 - 60,480 (90)Total (41,350,375) 16,679,907 7,580,882 17,089,496 (90)

not offset in the Statement of Financial

Position

Gross amounts



28

7. Offsetting of financial assets and liabilities (continued) U Access (IRL) Electron Global Utility Fund30 June 2018



of Financial Financial collateral Net Counterparty Position instruments received amount

US$ US$ US$ US$ BNY Mellon 23,417 (4,894) - 18,523 Morgan Stanley 3,507,977 (2,432,786) (1,075,191) - Total 3,531,394 (2,437,680) (1,075,191) 18,523

Gross amountsof liabilitiespresented in

the Statement Cashof Financial Financial collateral Net

Counterparty Position instruments pledged amountUS$ US$ US$ US$

BNY Mellon (4,894) 4,894 - - Morgan Stanley (2,432,786) 2,432,786 - - Total (2,437,680) 2,437,680 - -

Statement of Financial




Position

U Access (IRL) Nexthera UCITS30 June 2018




US$ US$ US$ US$ BNY Mellon 97,152 (19,983) - 77,169 Goldman Sachs 645,600 (645,600) - - Total 742,752 (665,583) - 77,169





29

7. Offsetting of financial assets and liabilities (continued)

U Access (IRL) Nexthera UCITS (continued)30 June 2018 (continued)




BNY Mellon (19,983) 19,983 - - Goldman Sachs (1,155,946) 645,600 510,346 - Morgan Stanley (243,020) - - (243,020) UBS AG (3) - 3 - Total (1,418,952) 665,583 510,349 (243,020)



U Access (IRL) Cheyne Arbitrage UCITS*30 June 2018




€ € € € BNY Mellon 46,554 (28,550) - 18,004 UBS AG 1,122,138 (899,801) - 222,337 Total 1,168,692 (928,351) - 240,341

Gross amountsof liabil itiespresented in


Counterparty Position instruments pledged amount€ € € €

BNY Mellon (28,550) 28,550 - - Morgan Stanley (28,118) - 28,118 - UBS AG (899,801) 899,801 - - Total (956,469) 928,351 28,118 -








30

7. Offsetting of Financial Assets and Liabilities (continued)

U Access (IRL) Trend Macro31 December 2017




US$ US$ US$ US$ BNY Mellon 2,659,798 (20,802) - 2,638,996 BNP Paribas 27,977 (27,977) - - Citibank NA 163,722 (115,070) - 48,652 Credit Suisse 12,214,372 (12,214,372) - - Goldman Sachs 16,015,537 - - 16,015,537 JPMorgan Chase Bank NA 14,616,867 (14,616,867) - - UBS AG 985,897 (758,974) - 226,923 Total 46,684,170 (27,754,062) - 18,930,108




BNY Mellon (20,802) 20,802 - - Bank of America (154,707) - 154,707 - Barclays Capital (1,288) - 1,288 - BNP Paribas (111,029) 27,977 83,052 - Citibank NA (115,070) 115,070 - - Credit Suisse (15,063,834) 12,214,372 - (2,849,462) JPMorgan Chase Bank NA (38,931,089) 14,616,867 14,269,670 (10,044,552) UBS AG (758,974) 758,974 - - Total (55,156,793) 27,754,062 14,508,717 (12,894,014)

Position







31

7. Offsetting of Financial Assets and Liabilities (continued) U Access (IRL) Electron Global Util ity Fund31 December 2017




US$ US$ US$ US$ BNY Mellon 67,299 (885) - 66,414 Morgan Stanley 1,328,028 (190,119) - 1,137,909 Total 1,395,327 (191,004) - 1,204,323




BNY Mellon (885) 885 - - Morgan Stanley (190,119) 190,119 - - Total (191,004) 191,004 - -





U Access (IRL) Nexthera UCITS*31 December 2017




US$ US$ US$ US$ BNY Mellon 102,579 (283) - 102,296 Goldman Sachs 830,972 (754,757) - 76,215 UBS AG 421,309 (111,166) - 310,143 Total 1,354,860 (866,206) - 488,654





32

7. Offsetting of Financial Assets and Liabilities (continued) U Access (IRL) Nexthera UCITS* (continued)31 December 2017 (continued)




BNY Mellon (283) 283 - - Goldman Sachs (754,757) 754,757 - - UBS AG (111,166) 111,166 - - Total (866,206) 866,206 - -

Position




8. Share transactions

The table below outlines the share classes available as at 30 June 2018 for U Access (IRL) Trend Macro: U Access (IRL) Trend Macro

Class A 3 Class B 4 Class C 5 Class D Class E 6 Class F 1 Class G 6 Class I Class J 4 Class T 2

CHF 7 CHF 7 CHF 7 CHF 7 CHF 7 EUR 7 EUR 7 CHF 7 EUR 7 USD

EUR 7 EUR 7 EUR 7 EUR 7 EUR 7 USD EUR 7

USD GBP 7 SEK 7 GBP 7 GBP 7 GBP 7

SEK 7 USD SEK 7 SEK 7 SEK 7

USD USD USD USD 1 The Class F Shares are closed to new or subsequent subscription unless permitted otherwise by the Directors at their sole discretion only for the Principal Investment Manager or its affiliates, investment funds or any other investment vehicles, managed, advised or promoted by Principal Investment Manager or its affiliates or the Principal Investment Manager’s clients having a discretionary or advisory mandate or specific investment services agreement with Principal Investment Manager or its affiliates that were previously invested in the Class C Shares or any other investors who are prior approved by the Directors at their sole discretion; 2 The Class T Shares are only available to specific investors introduced by the Portfolio Manager who have a discretionary or advisory mandate or specific investment services agreement with the Portfolio Manager; 3 The Class A Shares are only available to the Principal Investment Manager or its affiliates, investment funds or any other investment vehicles, managed, advised or promoted by Principal Investment Manager or its affiliates or Principal Investment Manager’s clients having a discretionary or advisory mandate or specific investment services agreement with Principal Investment Manager or its affiliates or at the sole discretion of the Directors; 4 The Class B and the Class J share are only available to: (A) investors in the United Kingdom, the Netherlands and such other countries as may be decided by the Directors at their sole discretion from time to time who purchase the Shares directly; (B) investors (which are pre-approved by the Directors at their sole discretion) who purchase the Shares indirectly through a financial intermediary (such as a fund platform or wealth management firm) which provides either: (i) portfolio management services; or (ii) independent investment advisory services; or (iii) similar services based on agreements specifically providing for investment in retrocession-free share or unit classes; (C) other investors having received a specific approval given the Directors at their sole discretion. These Shares do not give rights to any retrocessions. The Class B Shares are retail distribution review (RDR) compliant; 5 The Class C Shares are closed to new or subsequent subscription requests unless permitted otherwise by the Directors and only for investors who are prior approved by the Directors at their sole discretion. Class C shares are only invested by (A) investors in the United Kingdom, the Netherlands and such other countries as may be decided by the Directors at their sole discretion from time to time who purchase the Shares directly; (B) investors (which are pre-approved by the Directors at their sole discretion) who purchase the Shares indirectly through a financial intermediary (such as a fund platform or wealth management firm) which provides either: (i) portfolio management services; or (ii) independent investment advisory services; or (iii) similar services based on agreements specifically providing for investment in retrocession-free share or unit classes; (C) other investors having received a specific approval given by the Directors at their sole discretion. These Shares do not give rights to any retrocessions. The Class C Shares are retail distribution review (RDR) compliant;



33

8. Share transactions (continued) 6 The Class E Shares and Class G Shares are only available to: (i) investors who purchase shares through financial intermediary entities having a specific arrangement with the Principal Investment Manager or affiliates, or (ii) investors who are prior approved by the Directors in their sole discretion; 7 The Class A CHF Shares, Class A EUR Shares, Class B CHF Shares, Class B EUR Shares, Class B GBP Shares, Class B SEK Shares, Class C CHF Shares, Class C EUR Shares, Class C SEK Shares, Class D CHF Shares, Class D EUR Shares, Class D GBP Shares, Class D SEK Shares, Class E CHF Shares, Class E EUR Shares, Class E GBP Shares, Class E SEK Shares, Class F EUR Shares, Class G EUR Shares, Class I CHF Shares, Class I EUR Shares, Class I GBP Shares, Class I SEK Shares and Class J EUR are “Currency Hedged Class” as described in the Prospectus under “Hedged Classes – Currency Hedged Classes”. Accordingly, the Principal Investment Manager will seek, on behalf of the Company, to hedge the exchange rate fluctuation risks between the designated currency of such Classes of Shares and the Base Currency. USD shares are available at an issue price of US$100 per share, EUR shares available at an issue price of €100 per share, CHF shares available at an issue price CHF100 per share, GBP shares available at an issue price GBP100 per share and SEK shares available at an issue price SEK100 per share. The table below outlines the share classes available as at 30 June 2018 for U Access (IRL) Electron Global Utility Fund:

U Access (IRL) Electron Global Utility Fund

Class A 1 Class B 2 Class C 3 Class D Class F 4 Class H 5 Class T 6

CHF 7 CHF 7 CHF 7 CHF 7 CHF 7 CHF 7 CHF 7

EUR 7 EUR 7 EUR 7 EUR 7 EUR 7 EUR 7 EUR 7

GBP 7 GBP 7 GBP 7 GBP 7 GBP 7 GBP 7 GBP 7

USD SEK 7 SEK 7 SEK 7 USD USD USD

USD USD USD 1 The Class A Shares are only available to the Principal Investment Manager or its affiliates, investment funds or any other investment vehicles, managed, advised or promoted by Principal Investment Manager or its affiliates or its Clients having a discretionary or advisory mandates or specific investment services agreement with Principal Investment Manager or its affiliates or at the sole discretion of the Directors; 2 The Class B share are only available to: (A) investors in the United Kingdom, the Netherlands and such other countries as may be decided by the Directors at their sole discretion from time to time who purchase the Shares directly; (B) investors (which are pre-approved by the Directors at their sole discretion) who purchase the Shares indirectly through a financial intermediary (such as a fund platform or wealth management firm) which provides either: (i) portfolio management services; or (ii) independent investment advisory services; or (iii) similar services based on agreements specifically providing for investment in retrocession-free share or unit classes; (C) other investors having received a specific approval given the Directors at their sole discretion. These Shares do not give rights to any retrocessions. The Class B Shares are retail distribution review (RDR) compliant; 3 The Class C Shares are closed to new or subsequent subscription requests unless permitted otherwise by the Directors and only for investors who are prior approved by the Directors at their sole discretion. Class C shares are only invested by (A) investors in the United Kingdom, the Netherlands and such other countries as may be decided by the Directors at their sole discretion from time to time who purchase the Shares directly; (B) investors (which are pre-approved by the Directors at their sole discretion) who purchase the Shares indirectly through a financial intermediary (such as a fund platform or wealth management firm) which provides either: (i) portfolio management services; or (ii) independent investment advisory services; or (iii) similar services based on agreements specifically providing for investment in retrocession-free share or unit classes; (C) other investors having received a specific approval given by the Directors at their sole discretion. These Shares do not give rights to any retrocessions. The Class C Shares are retail distribution review (RDR) compliant; 4 The Class F Shares are closed to new or subsequent subscription unless permitted otherwise by the Directors at their sole discretion only for the Principal Investment Manager or its affiliates, investment funds or any other investment vehicles, managed, advised or promoted by Principal Investment Manager or its affiliates or its Clients having a discretionary or advisory mandates or specific investment services agreement with Principal Investment Manager or its affiliates any other investors who are prior approved by the Directors at their sole discretion;

5 The Class H Shares are only available to specific investors who are prior approved both by the Portfolio Manager and the Principal Investment Manager; and

6 The Class T Shares are closed to new or subsequent subscription requests unless permitted otherwise by the Directors only for investors who are prior approved by the Portfolio Manager and the Principal Investment Manager;



34

8. Share transactions (continued) 7 The Class A CHF Shares, Class A EUR Shares, Class A GBP Shares, Class B CHF Shares, Class B EUR Shares, Class B GBP Shares, Class B SEK Shares, Class C CHF Shares, Class C EUR Shares, Class C GBP Shares, Class C SEK, Class D CHF Shares, Class D EUR Shares, Class D GBP Shares, Class D SEK Shares, Class F CHF Shares, Class F EUR Shares, Class F GBP Shares, Class H CHF Shares, Class H EUR Shares, Class H GBP shares, Class T CHF Shares, Class T EUR Shares and Class T GBP Shares are “Currency Hedged Class” as described in the Prospectus under “Hedged Classes – Currency Hedged Classes”. Accordingly, the Principal Investment Manager will seek, on behalf of the Company, to hedge the exchange rate fluctuation risks between the designated currency of such Classes of Shares and the Base Currency.

USD shares are available at an issue price of US$100 per share, EUR shares available at an issue price of €100 per share, CHF shares available at an issue price CHF100 per share, GBP shares available at an issue price GBP100 per share and SEK shares available at an issue price SEK100 per share. The table below outlines the share classes available as at 30 June 2018 for U Access (IRL) Nexthera UCITS: U Access (IRL) Nexthera UCITS

Class A 1 Class B 2 Class C 3 Class D Class E Class F 1 Class H 4 Class I Class T 4

CHF 5 CHF 5 CHF 5 CHF 5 CHF 5 CHF 5 CHF 5 CHF 5 CHF 5

EUR 5 EUR 5 EUR 5 EUR 5 EUR 5 EUR 5 EUR 5 EUR 5 EUR 5

USD GBP 5 GBP 5 GBP 5 GBP 5 USD GBP 5 GBP 5 GBP 5

SEK 5 SEK 5 SEK 5 SEK 5 SEK 5 SEK 5 SEK 5

USD USD USD USD USD USD USD 1 The Class A Shares and the Class F Shares are only available to the Principal Investment Manager or its affiliates, investment funds or any other investment vehicles, managed, advised or promoted by Principal Investment Manager or its affiliates or Principal Investment Manager’s clients having a discretionary or advisory mandate or specific investment services agreement with Principal Investment Manager or its affiliates or at the sole discretion of the Directors; 2 The Class B share are only available to: (A) investors in the United Kingdom, the Netherlands and such other countries as may be decided by the Directors at their sole discretion from time to time who purchase the Shares directly; (B) investors (which are pre-approved by the Directors at their sole discretion) who purchase the Shares indirectly through a financial intermediary (such as a fund platform or wealth management firm) which provides either: (i) portfolio management services; or (ii) independent investment advisory services; or (iii) similar services based on agreements specifically providing for investment in retrocession-free share or unit classes; (C) other investors having received a specific approval given by the Directors at their sole discretion. These Shares do not give rights to any retrocessions. The Class B Shares are retail distribution review (RDR) compliant; 3 The Class C Shares are closed to new or subsequent subscription requests unless permitted otherwise by the Directors and only for investors who are prior approved by the Directors at their sole discretion. Class C Shares are only invested by (A) investors in the United Kingdom, the Netherlands and such other countries as may be decided by the Directors at their sole discretion from time to time who purchase the Shares directly; (B) investors (which are pre-approved by the Directors at their sole discretion) who purchase the Shares indirectly through a financial intermediary (such as a fund platform or wealth management firm) which provides either: (i) portfolio management services; or (ii) independent investment advisory services; or (iii) similar services based on agreements specifically providing for investment in retrocession-free share or unit classes; (C) other investors having received a specific approval given by the Directors at their sole discretion. These Shares do not give rights to any retrocessions. The Class C Shares are retail distribution review (RDR) compliant; 4 The Class H and T Shares are only available to specific investors who are prior approved both by the Portfolio Manager and the Principal Investment Manager; 5 The Class A CHF Shares, Class A EUR Shares, Class B CHF Shares, Class B EUR Shares, Class B GBP Shares, Class B SEK Shares, Class C CHF Shares, Class C EUR Shares, Class C GBP Shares, Class C SEK Shares, Class D CHF Shares, Class D EUR Shares, Class D GBP Shares, Class D SEK Shares, Class E CHF Shares, Class E EUR Shares, Class E GBP Shares, Class E SEK Shares, Class F CHF Shares, Class F EUR Shares, Class H CHF Shares, Class H EUR Shares, Class H GBP Shares, Class H SEK, Class I CHF Shares, Class I EUR Shares, Class I GBP Shares, Class I SEK Shares, Class T CHF Shares, Class T EUR Shares, Class T GBP Shares, Class T SEK are “Currency Hedged Class” as described in the Prospectus under “Hedged Classes – Currency Hedged Classes”. Accordingly, the Principal Investment Manager or any other entity duly appointed by the Company or the Manager will seek, on behalf of the Company, to hedge the exchange rate fluctuation risks between the designated currency of such Classes of Shares and the Base Currency. USD shares are available at an issue price of US$100 per share, EUR shares available at an issue price of €100 per share, CHF shares available at an issue price CHF100 per share, GBP shares available at an issue price GBP100 per share and SEK shares available at an issue price SEK100 per share.



35

8. Share transactions (continued) The table below outlines the share classes available as at 30 June 2018 for U Access (IRL) Cheyne Arbitrage UCITS: U Access (IRL) Cheyne Arbitrage UCITS

Class A 1 Class B 2 Class C 2 Class D Class E Class F 1 Class H 3 Class I Class K Class T 3

CHF 4 CHF 4 CHF 4 CHF 4 CHF 4 CHF 4 CHF 4 CHF 4 CHF 4 CHF 4

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD 4 GBP 4 GBP 4 GBP 4 GBP 4 USD 4 GBP 4 GBP 4 GBP 4 GBP 4

SEK 4 SEK 4 SEK 4 SEK 4 SEK 4 SEK 4 SEK 4 SEK 4

USD 4 USD 4 USD 4 USD 4 USD 4 USD 4 USD 4 USD 4

1 The Class A Shares and the Class F Shares are only available to the Principal Investment Manager or its affiliates, investment funds or any other investment vehicles, managed, advised or promoted by Principal Investment Manager or its affiliates or Principal Investment Manager’s clients having a discretionary or advisory mandate or specific investment services agreement with Principal Investment Manager or its affiliates or to other investors at the sole discretion of the Directors; 2 The Class B Shares and the Class C Shares are only available to: (A) investors in the United Kingdom, the Netherlands and such other countries as may be decided by the Directors at their sole discretion from time to time who purchase the Shares directly; (B) investors (which are pre-approved by the Directors at their sole discretion) who purchase the Shares indirectly through a financial intermediary (such as a fund platform or wealth management firm) which provides either: (i) portfolio management services; or (ii) independent investment advisory services; or (iii) similar services based on agreements specifically providing for investment in retrocession-free share or unit classes; (C) other investors having received a specific approval given by the Directors at their sole discretion. These Shares do not give rights to any retrocessions. The Class B Shares and the Class C Shares are retail distribution review (RDR) compliant; 3 The Class H and T Shares are only available to specific investors who are prior approved both by the Portfolio Manager and the Principal Investment Manager;

4 The Class A USD Shares, Class A CHF Shares, Class B GBP Shares, Class B USD Shares, Class B CHF Shares, Class B SEK Shares, Class C USD Shares, Class C CHF Shares, Class C GBP Shares, Class C SEK Shares, Class D USD Shares, Class D CHF Shares, Class D SEK Shares, Class D GBP Shares, , Class E GBP Shares, Class E USD Shares, Class E CHF Shares, Class E SEK Shares, Class F USD Shares, Class F CHF Shares, Class I USD Shares, Class I CHF Shares, Class I SEK Shares, Class I GBP Shares, Class K USD Shares, Class K CHF Shares, Class K GBP Shares, Class K SEK, Class H USD Shares, Class H CHF Shares, Class H GBP Shares, Class H SEK, Class T USD Shares, Class T CHF Shares, Class T GBP Shares, Class T SEK are “Currency Hedged Class” as described in the Prospectus under “Hedged Classes – Currency Hedged Classes”. Accordingly, the Principal Investment Manager or any other entity duly appointed by the Company or the Manager will seek, on behalf of the Company, to hedge the exchange rate fluctuation risks between the designated currency of such Classes of Shares and the Base Currency.

USD shares are available at an issue price of US$100 per share, EUR shares available at an issue price of €100 per share, CHF shares available at an issue price CHF100 per share, GBP shares available at an issue price GBP100 per share and SEK shares available at an issue price SEK100 per share.



36

8. Share transactions (continued) Share movements during the period ended 30 June 2018 for each share class are as follows: U Access (IRL) Trend Macro

Shares Sharesoutstanding Shares Shares outstanding

Classes 1 January 2018 Issued Redeemed Switch In Switch O ut 30 June 2018Class A EUR 58,678 - (3,617) - - 55,061 Class A USD 67,379 29,410 (14,458) - (159) 82,172 Class B CHF 41,867 4,256 - - - 46,123 Class B EUR 722,641 332,546 (396,488) 8,812 - 667,511 Class B GBP 468,488 71,246 (108,237) 211,447 - 642,944 Class B SEK - 833,360 - 1,177,991 - 2,011,351 Class B USD 250,269 152,244 (32,417) - (87,794) 282,302 Class C CHF 2,379 1,574 - - - 3,953 Class C EUR 63,004 - (13,009) - - 49,995 Class C SEK 114,106 - (83,395) - - 30,711 Class C USD 97,779 - - - - 97,779 Class D CHF 16,564 24,448 - - - 41,012 Class D EUR 122,916 11,601 (23,424) - (9,216) 101,877 Class D GBP 2,274 1,404 - - - 3,678 Class D SEK 719,449 37,932 (331,077) - (276,593) 149,711 Class D USD 455,183 49,165 (47,719) 162 (308,375) 148,416 Class E EUR 29,540 29,678 (3,557) - - 55,661 Class E USD 13,345 28,699 (3,745) - - 38,299 Class F USD 25,216 - - - - 25,216 Class G EUR 155,883 47,079 (31,561) - - 171,401 Class I CHF 500 228 - - - 728 Class I EUR 371,227 51,920 (1,168) - - 421,979 Class I GBP 686 - (686) - - - Class I USD 13,186 33,204 - - - 46,390

U Access (IRL) Electron Global Util ity Fund


Classes 1 January 2018 Issued Redeemed Switch In Switch O ut 30 June 2018Class A USD 66,087 36,802 (4,500) - - 98,389 Class B USD - 20 - - - 20 Class D CHF 6,000 1,262 - - - 7,262 Class D EUR 46,504 16,510 (75) - - 62,939 Class D GBP 5,417 1,435 (264) - - 6,588 Class D USD 147,069 87,411 (18,516) - - 215,964 Class F USD 40,142 - (4,457) - - 35,685 Class H EUR - 16,879 - - - 16,879 Class H USD 17,529 1,311 - - - 18,840 Class T USD 211,457 - - - - 211,457



37

8. Share transactions (continued) U Access (IRL) Nexthera UCITS


Classes 1 January 2018 Issued Redeemed Switch In Switch O ut 30 June 2018Class A USD - 45,253 (1,004) - - 44,249 Class B CHF - 21,112 - - - 21,112 Class B EUR - 23,818 - - - 23,818 Class B GBP - 1,246 - - - 1,246 Class B USD - 139,954 (14,831) - - 125,123 Class C CHF 17,214 13,279 - - - 30,493 Class C EUR 64,732 212,319 (2,394) - - 274,657 Class C GBP 8,832 434 - - - 9,266 Class C USD 442,798 151,262 (15,604) - - 578,456 Class D EUR - 875 - - - 875 Class D GBP - 1,600 - - - 1,600 Class D USD - 35,701 - - - 35,701 Class E USD - 800 - - - 800 Class F USD 82,159 1,673 (7,547) - - 76,285 Class I USD - 13,343 - - - 13,343



Classes 1 January 2018 Issued Redeemed Switch In Switch O ut 30 June 2018Class B EUR - 24 - - - 24 Class C CHF - 28,338 (10,589) - - 17,749 Class C EUR - 514,711 (4,061) - - 510,650 Class C GBP - 52,447 - - - 52,447 Class C USD - 84,851 - - - 84,851 Class F USD - 37,500 - - - 37,500




38

8. Share transactions (continued)

Share movements during the year ended 31 December 2017 for each share class are as follows: U Access (IRL) Trend Macro


Classes 1 January 2017 Issued Redeemed Switch In Switch O ut 31 December 2017

Class A EUR 44,597 19,881 (5,800) - - 58,678 Class A USD 273,678 15,876 (222,175) - - 67,379 Class B CHF 28,242 13,625 - - - 41,867 Class B EUR 622,000 192,838 (92,197) - - 722,641 Class B GBP 572,817 233,727 (338,056) - - 468,488 Class B USD 333,884 183,263 (286,399) 21,247 (1,726) 250,269 Class C CHF 13,166 1,836 (12,623) - - 2,379 Class C EUR 84,970 - (21,966) - - 63,004 Class C SEK 226,999 - (112,893) - - 114,106 Class C USD 116,410 373 (19,004) - - 97,779 Class D CHF 20,160 478 (4,074) - - 16,564 Class D EUR 137,070 58,876 (73,030) - - 122,916 Class D GBP - 2,274 - - - 2,274 Class D SEK 1,440,953 353,369 (1,074,873) - - 719,449 Class D USD 614,242 233,222 (370,881) - (21,400) 455,183 Class E EUR 83,874 16,874 (71,208) - - 29,540 Class E USD 5,693 11,690 (4,038) - - 13,345 Class F USD 25,216 - - - - 25,216 Class G EUR - 222,473 (66,590) - - 155,883 Class I EUR 16,277 372,334 (17,384) - - 371,227 Class I CHF - 500 - - - 500 Class I GBP 686 - - - - 686 Class I USD 264,554 15,420 (268,165) 1,876 (499) 13,186 Class T USD 31,704 - (31,704) - - -

U Access (IRL) Electron Global Util ity Fund



Class A EUR 3,000 - (3,000) - - - Class A USD 51,189 31,398 (16,500) - - 66,087 Class D CHF - 6,000 - - - 6,000 Class D EUR 5,799 42,394 (1,689) - - 46,504 Class D GBP 644 5,147 (374) - - 5,417 Class D USD 128,347 102,165 (84,337) 894 - 147,069 Class F USD 114,017 915 (73,896) - (894) 40,142 Class H USD 10,000 7,529 - - - 17,529 Class T EUR 45,031 4,514 (49,545) - - - Class T USD 236,303 - (24,846) - - 211,457



39

8. Share transactions (continued) U Access (IRL) Nexthera UCITS*



Class C CHF - 17,214 - - - 17,214 Class C EUR - 65,982 (1,250) - - 64,732 Class C GBP - 8,832 - - - 8,832 Class C USD - 458,643 (15,845) - - 442,798 Class F USD - 124,246 (42,087) - - 82,159

*U Access (IRL) Nexthera UCITS commenced trading on 5 July 2017. For any Class of Shares, a Subscription Charge not exceeding 5% of the Subscription Price may be applied by financial intermediaries involved in the subscription of the Shares. The authorised share capital of the Company is 300,000 non-participating subscriber shares of one Euro each and 500,000,000,000 shares of no par value initially designated as unclassified participating shares. Non-participating shares do not entitle the holders thereof to any dividend and on a winding up entitle the holders thereof to receive the consideration paid therefor but do not otherwise entitle them to participate in the assets of the Company. The Directors have the power to allot shares in the capital of the Company on such terms and in such manner as they may think fit. Shareholders may redeem their Shares on a dealing day at the repurchase price which shall be the NAV per share, less Repurchase Charge, if any and any applicable duties and charges (save during any period when the calculation of the NAV is suspended). The Repurchase Charge is up to a maximum of 3% of repurchase monies. The dealing day is weekly. If requested, the Directors may, in their absolute discretion and subject to the prior approval of the Depositary, agree to designate additional dealing days for the repurchase of Shares relating to any Fund which will be open to all Shareholders. Any such additional dealing days and valuation points designated shall be notified to all Shareholders in the relevant Fund in advance.

9. Fee arrangements

Platform Fee (payable to Principal Investment Manager and to the Manager) The Principal Investment Manager and the Manager are paid an annual fee (the “Platform Fee”) out of the assets of the Company on behalf of each Fund, calculated and accrued at each valuation point and payable monthly in arrears.

U Access (IRL) Trend Macro A maximum Platform Fee of 0.30% of the net asset value of the Fund was payable. For the period ended 30 June 2018, the Fund incurred a total Platform Fee of US$503,686 (30 June 2017: US$509,618) of which US$107,214 was payable at the period end (31 December 2017: US$898,994). U Access (IRL) Electron Global Utility Fund A maximum Platform Fee of 0.30% of the net asset value of the Fund was payable. For the period ended 30 June 2018, the Fund incurred a total Platform Fee of US$103,406 (30 June 2017: US$93,330) of which US$23,987 was payable at the period end (31 December 2017: US$169,689). U Access (IRL) Nexthera UCITS A maximum Platform Fee of 0.30% of the net asset value of the Fund was payable. For the period ended 30 June 2018, the Fund incurred a total Platform Fee of US$115,102 (30 June 2017: N/A) of which US$34,306 was payable at the period end (31 December 2017: US$45,514). U Access (IRL) Cheyne Arbitrage UCITS A maximum Platform Fee of 0.30% of the net asset value of the Fund was payable. For the period ended 30 June 2018, the Fund incurred a total Platform Fee of €24,090 (30 June 2017: N/A) of which €15,588 was payable at the period end (31 December 2017: N/A).



40

9. Fee arrangements (continued) Management Fee and Incentive Fee The Management Fee consists of a fee paid to the Portfolio Manager (the “Portfolio Management Fee”) and to the Investment Manager (the “Investment Management fee”). (a) Portfolio Management Fee With respect to each class of shares, the Funds shall pay a Portfolio Management Fee equal to the percentages set forth in the table overleaf of the NAV of the applicable class of shares. The Portfolio Management Fee shall be calculated at each valuation point, paid monthly in arrears and prorated for any partial period. U Access (IRL) Trend Macro For the period ended 30 June 2018, the Fund incurred a Portfolio Management Fee of US$2,307,908 (30 June 2017: US$2,492,631) of which US$347,720 was payable at the period end (31 December 2017: US$355,427). U Access (IRL) Electron Global Utility Fund For the period ended 30 June 2018, the Fund incurred a Portfolio Management Fee of US$376,812 (30 June 2017: US$340,881) of which US$66,872 was payable at the period end (31 December 2017: US$53,523). U Access (IRL) Nexthera UCITS For the period ended 30 June 2018, the Fund incurred a Portfolio Management Fee of US$447,440 (30 June 2017: N/A) of which US$93,452 was payable at the period end (31 December 2017: US$33,292). U Access (IRL) Cheyne Arbitrage UCITS For the period ended 30 June 2018, the Fund incurred a Portfolio Management Fee of €62,633 (30 June 2017: N/A) of which €35,355 was payable at the period end (31 December 2017: N/A). (b) Investment Management Fee With respect to certain Classes of Shares, the Fund shall pay an Investment Management Fee equal to the percentage set forth in the table overleaf of the Net Asset Value of the applicable Class of Shares as of each Valuation Point, paid monthly in arrears and prorated for any partial period.

U Access (IRL) Trend Macro For the period ended 30 June 2018, the Fund incurred an Investment Management Fee of US$872,281 (30 June 2017: US$837,516) of which US$127,300 was payable at the period end (31 December 2017: US$1,699,098). U Access (IRL) Electron Global Utility Fund For the period ended 30 June 2018, the Fund incurred an Investment Management Fee of US$73,732 (30 June 2017: US$38,670) of which US$13,470 was payable at the period end (31 December 2017: US$92,970). U Access (IRL) Nexthera UCITS For the period ended 30 June 2018, the Fund incurred an Investment Management Fee of US$141,211 (30 June 2017: N/A) of which US$30,878 was payable at the period end (31 December 2017: US$44,399). U Access (IRL) Cheyne Arbitrage UCITS For the period ended 30 June 2018, the Fund incurred an Investment Management Fee of €32,182 (30 June 2017: N/A) of which €18,115 was payable at the period end (31 December 2017: N/A). (c) Incentive Fee With respect to each class of shares and Performance Period (as defined in the Funds’ Supplements to the Prospectus), the Company shall pay the Portfolio Manager an incentive fee (the “Incentive Fee”) equal to the percentage set forth in the table overleaf of the Net Profits (as defined in the Funds’ Supplements to the Prospectus) for each class of shares for such Performance Period as set forth in the table overleaf of the Net Profits of the applicable class of shares for each Performance Period. The Incentive Fee shall be calculated at each valuation point, accrued with respect to all shares in the applicable class, and paid annually in arrears. U Access (IRL) Trend Macro As of the 30 June 2018, the provision of the Fund for Incentive Fees was US$Nil (31 December 2017: US$2,386,739). The crystallised incentive fees amount on redemption since the beginning of the period was US$1,324,674 (from 1 January 2017 to 30 June 2017: US$63). During the period the Fund incurred total Incentive Fees of US$1,324,674 (from 1 January 2017 to 30 June 2017: US$37,648).



41

9. Fee arrangements (continued) Management Fee and Incentive Fee (continued) (c) Incentive Fee (continued) U Access (IRL) Electron Global Utility Fund As of the 30 June 2018, the provision of the Fund for Incentive Fees was US$1,136 (31 December 2017: US$1,101,590). The crystallised incentive fees amount on redemption since the beginning of the period was US$1,225 (from 1 January 2017 to 30 June 2017: US$36,275). During the period the Fund incurred total Incentive Fees of US$1,225 (from 1 January 2017 to 30 June 2017: US$696,069). U Access (IRL) Nexthera UCITS As of the 30 June 2018, the provision of the Fund for Incentive Fees was US$829,652 (31 December 2017: US$535,693). The crystallised incentive fees amount on redemption since the beginning of the period was US$30,121 (from 1 January 2017 to 30 June 2017: N/A). During the period the Fund incurred total Incentive Fees of US$857,516 (from 1 January 2017 to 30 June 2017: N/A). U Access (IRL) Cheyne Arbitrage UCITS As of the 30 June 2018, the provision of the Fund for Incentive Fees was €246,318 (31 December 2017: N/A). The crystallised incentive fees amount on redemption since the beginning of the period was €1,208 (from 1 January 2017 to 30 June 2017: N/A). During the period the Fund incurred total Incentive Fees of €246,318 (from 1 January 2017 to 30 June 2017: N/A). Each of the Principal Investment Manager, the Portfolio Manager reserves the right to waive or rebate a portion or all of the applicable Investment Management Fee, Portfolio Management Fee and Incentive Fee or the Investment Management fee to which it is entitled in respect of one or more classes of shares or shareholders. U Access (IRL) Trend Macro The maximum Management Fees schedule in force from 1 January 2017 to 30 June 2018 (consisting of the Portfolio Management Fee and, if applicable, the Investment Management Fee) and maximum Incentive Fees for each class of Shares for U Access (IRL) UCITS Trend Macro were:

Management Fee

2.0% per annum

1.50% per annum

1.50% per annum

2.0% per annum

2.0% per annum

1.5% per annum

2.0% per annum

1.50% per annum

1.50% per annum

1.50% per annum

Including: Portfolio Management Fee

1.50% 1.10% 1.00% 1.50% 1.10% 1.00% 1.10% 1.10% 1.10% 1.50%

and Investment Management Fee

0.50% 0.40% 0.50% 0.50% 0.90% 0.50% 0.90% 0.40% 0.40% 0.00%

16.75% of the Net

20% of the Net

15% of the Net

20% of the Net

20% of the Net

15% of the Net

20% of the Net

20% of the Net

20% of the Net

10% of the Net

Profits Profits Profits Profits Profits Profits Profits Profits Profits Profits

Class T Shares

Class I Shares

Class J Shares

Incentive Fee

Class G Shares

Class A Shares

Class B Shares

Class C Shares

Class D Shares

Class E Shares

Class F Shares

U Access (IRL) Electron Global Utility Fund The maximum Management Fees schedule in force from 1 January 2017 to 30 June 2018 (consisting of the Portfolio Management Fee and, if applicable, the Investment Management Fee) and maximum Incentive Fees for each class of Shares for the U Access (IRL) Electron Global Utility Fund were:

Class A Shares

Class B Shares

Class C Shares

Class D Shares

Class F Shares

Class H Shares

Class T Shares

Management Fee

1.50% per annum

1.50% per annum

1.25% per annum

1.50% per annum

1.25% per annum

1.50% per annum

1.25% per annum

Including: Portfolio Management Fee

1.00% 1.00% 0.833% 1.00% 0.833% 1.50% 1.25%

and Investment Management Fee

0.50% 0.50% 0.416% 0.50% 0.416% 0% 0%

Incentive Fee20% of the Net Profits

20% of the Net Profits








42

9. Fee arrangements (continued) Management Fee and Incentive Fee (continued) U Access (IRL) Nexthera UCITS The maximum Management Fees schedule in force from 5 July 2017 to 30 June 2018 (consisting of the Portfolio Management Fee and, if applicable, the Investment Management Fee) and maximum Incentive Fees for each class of Shares for the U Access (IRL) Nexthera UCITS were:

Class A Shares

Class B Shares

Class C Shares

Class D Shares

Class E Shares*

Class F Shares

Class H Shares*

Class I Shares

Class T Shares*

Management Fee

1.50% per annum

1.50% per annum

1.00% per annum

2.00% per annum

2.00% per annum

1.00% per annum

1.50% per annum

1.50% per annum

1.00% per annum

Including: Portfolio Management Feeand Investment Management Fee

0.50% 0.50% 0.25% 0.60% 1.00% 0.25% 0.35% 0.50% 0.18%

Incentive Fee20% of the Net Profits









1.00% 1.00% 0.75% 1.40% 0.75%1.00% 1.15% 0.82%1.00%

*Class E, Class H and Class T Shares launched during the period ended 30 June 2018. U Access (IRL) Cheyne Arbitrage UCITS The maximum Management Fees schedule in force from 30 April 2018 to 30 June 2018 (consisting of the Portfolio Management Fee and, if applicable, the Investment Management Fee) and maximum Incentive Fees for each class of Shares for the U Access (IRL) Cheyne Arbitrage UCITS were:

Class A Shares

Class B Shares

Class C Shares

Class D Shares

Class E Shares

Class F Shares

Class H Shares

Class I Shares

Class K Shares

Class T Shares

Management Fee

1.50% per annum

1.30% per annum

1.00% per annum

1.50% per annum

2.00% per annum

1.00% per annum

1.30% per annum

1.30% per annum

1.00% per annum

1.00% per annum

Including: Portfolio Management Feeand Investment Management Fee

0.50% 0.45% 0.35% 0.50% 1.00% 0.35% 0.30% 0.45% 0.35% 0.18%

Incentive Fee











1.00% 0.85% 0.85% 0.82%0.65%0.65% 1.00% 1.00% 0.65% 1.00%

Administrator’s Fees U Access (IRL) Trend Macro The Administrator shall be paid an annual fee out of the assets of the Company on behalf of the Fund, calculated and accrued at each Valuation Point and payable monthly in arrears at a rate which shall not exceed 0.15% per annum of the Net Asset Value of the Fund plus VAT, if any, thereon subject to a minimum of US$120,000 per annum. For the period ended 30 June 2018, the Fund incurred an Administration Fee of US$174,256 (30 June 2017: US$138,219) of which US$68,388 (31 December 2017: US$125,177) was payable at the period end.



43

9. Fee arrangements (continued) Administrator’s Fees (continued) U Access (IRL) Electron Global Utility Fund The Administrator shall be paid an annual fee out of the assets of the Company on behalf of the Fund, calculated and accrued at each Valuation Point and payable monthly in arrears at a rate which shall not exceed 0.15% per annum of the Net Asset Value of the Fund plus VAT, if any, thereon subject to a minimum of US$120,000 per annum. For the period ended 30 June 2018, the Fund incurred an Administration Fee of US$37,426 (30 June 2017: US$41,655) of which US$14,306 (31 December 2017: US$39,879) was payable at the period end. U Access (IRL) Nexthera UCITS The Administrator shall be paid an annual fee out of the assets of the Company on behalf of the Fund, calculated and accrued at each Valuation Point and payable monthly in arrears at a rate which shall not exceed 0.15% per annum of the Net Asset Value of the Fund plus VAT, if any, thereon subject to a minimum of US$120,000 per annum. For the period ended 30 June 2018, the Fund incurred an Administration Fee of US$40,780 (30 June 2017: N/A) of which US$21,749 (31 December 2017: US$29,260) was payable at the period end. U Access (IRL) Cheyne Arbitrage UCITS The Administrator shall be paid an annual fee out of the assets of the Company on behalf of the Fund, calculated and accrued at each Valuation Point and payable monthly in arrears at a rate which shall not exceed 0.15% per annum of the Net Asset Value of the Fund plus VAT, if any, thereon, with a minimum fee per month that shall not exceed €10,000. For the period ended 30 June 2018, the Fund incurred an Administration Fee of €6,014 (30 June 2017: N/A) of which €6,014 (31 December 2017: N/A) was payable at the period end. Depositary’s Fees BNY Mellon Trust Company (Ireland) Limited acts as Depositary to the Company. U Access (IRL) Trend Macro The Depositary shall be paid an annual fee out of the assets of the Company on behalf of the Fund, calculated and accrued at each Valuation Point and payable monthly in arrears at a rate which shall not exceed 0.05% per annum of the Net Asset Value of the Fund plus VAT, if any, thereon subject to a minimum of US$34,500 per annum. For the period ended 30 June 2018, the Fund incurred a Depositary Fee of US$279,042 (30 June 2017: US$178,947) of which US$105,310 (31 December 2017: US$283,991) was payable at the period end. U Access (IRL) Electron Global Utility Fund The Depositary shall be paid an annual fee out of the assets of the Company on behalf of the Fund, calculated and accrued at each Valuation Point and payable monthly in arrears at a rate which shall not exceed 0.05% per annum of the Net Asset Value of the Fund plus VAT, if any, thereon subject to a minimum of US$34,500 per annum. For the period ended 30 June 2018, the Fund incurred a Depositary Fee of US$27,644 (30 June 2017: US$32,145) of which US$12,740 (31 December 2017: US$40,031) was payable at the period end. U Access (IRL) Nexthera UCITS The Depositary shall be paid an annual fee out of the assets of the Company on behalf of the Fund, calculated and accrued at each Valuation Point and payable monthly in arrears at a rate which shall not exceed 0.05% per annum of the Net Asset Value of the Fund plus VAT, if any, thereon subject to a minimum of US$34,500 per annum. For the period ended 30 June 2018, the Fund incurred a Depositary Fee of US$54,731 (30 June 2017: N/A) of which US$16,169 (31 December 2017: US$20,728) was payable at the period end.



44

9. Fee arrangements (continued) Depositary’s Fees (continued) U Access (IRL) Cheyne Arbitrage UCITS The Depositary shall be paid an annual fee out of the assets of the Company on behalf of the Fund, calculated and accrued at each Valuation Point and payable monthly in arrears at a rate which shall not exceed 0.05% per annum of the Net Asset Value of the Fund plus VAT, if any, thereon, with a minimum fee per year that shall not exceed €34,500. For the period ended 30 June 2018, the Fund incurred a Depositary Fee of €6,005 (30 June 2017: N/A) of which €4,919 (31 December 2017: N/A) was payable at the period end.

10. Related person transactions and connected person disclosures Related person transactions

Investment management transactions have been disclosed in Note 9. Except as disclosed below, the Company had no other related party or connected person transactions for the period ended 30 June 2018 or period ended 30 June 2017. Management fees paid to Carne Global Fund Managers (Ireland) Limited (the “Manager”) are included within Platform Fees and have been disclosed in Note 9. U Access (IRL) Trend Macro For the period ended 30 June 2018, payments to Carne Global Financial Services Limited as Company Secretary for fund governance services, money laundering reporting officer services and registration services were US$27,297 (30 June 2017: US$28,260). U Access (IRL) Electron Global Utility Fund For the period ended 30 June 2018, payments to Carne Global Financial Services Limited as Company Secretary for fund governance services, money laundering reporting officer services and registration services were US$2,355 (30 June 2017: US$2,884). U Access (IRL) Nexthera UCITS For the period ended 30 June 2018, payments to Carne Global Financial Services Limited as Company Secretary for fund governance services, money laundering reporting officer services and registration services were US$5,543 (30 June 2017: N/A). U Access (IRL) Cheyne Arbitrage UCITS For the period ended 30 June 2018, payments to Carne Global Financial Services Limited as Company Secretary for fund governance services, money laundering reporting officer services and registration services were US$NIL (30 June 2017: N/A). Each of the Directors is entitled to remuneration for services to the Company as follows: Patrick Palffy and Rémy Portes are employees of Union Bancaire Privée, UBP SA (the Principal Investment Manager) and are not entitled to receive Directors’ fees from the Company. Yvonne Connolly is an employee of Carne Global Financial Services Limited (the Company Secretary) and is entitled to an annual director’s fee of €5,500 (31 December 2017: €5,500) of which €1,375 was payable at the period end (31 December 2017: €1,375). Bryan Tiernan (Independent Director of the Company) is entitled to an annual director’s fee of €17,500 (31 December 2017: €17,500) of which €4,375 was payable at the period end (31 December 2017: €4,375).

11. Research and data expenses

The Company reimburses the Portfolio Managers for research/financial data expenses. U Access (IRL) Trend Macro For the period ended 30 June 2018, payments to the Portfolio Managers for research expenses for the Fund were US$65,534 (30 June 2017: US$86,713). U Access (IRL) Electron Global Utility Fund For the period ended 30 June 2018, payments to the Portfolio Managers for research expenses for the Fund were US$11,323 (30 June 2017: US$12,514). U Access (IRL) Nexthera UCITS For the period ended 30 June 2018, payments to the Portfolio Managers for research expenses for the Fund were US$Nil (30 June 2017: N/A). U Access (IRL) Cheyne Arbitrage UCITS For the period ended 30 June 2018, payments to the Portfolio Managers for research expenses for the Fund were €Nil (30 June 2017: N/A).



45

12. Net Asset Value Comparison The following tables summarise the Net Asset Value per Share and total net assets of each Share Class of the Funds for the period ended 30 June 2018 and years ended 31 December 2017 and 31 December 2016:

Period ended 30 June 2018

Net Asset Value per

shareNet Asset

Value

Net Asset Value per

shareNet Asset

Value

Net Asset Value per

shareNet Asset

Value

Net Asset Value per

shareNet Asset

Value

Class A EUR €104.08 €5,730,835 - - - - - - Class A USD $107.33 $8,819,622 $110.19 $10,841,222 $102.43 $4,532,375 - - Class B CHF fr. 102.70 fr. 4,736,836 - - fr. 101.77 fr. 2,148,640 - - Class B EUR €104.75 €69,921,008 - - €97.57 €2,323,919 €101.67 €2,440Class B GBP £107.81 £69,314,298 - - £102.00 £127,135 - - Class B SEK kr. 88.20 kr. 177,408,239 - - - - Class B USD $108.68 $30,681,609 $97.68 $1,954 $98.43 $12,315,878 - - Class C CHF fr. 101.17 fr. 399,952 - - fr. 113.59 fr. 3,463,576 fr. 102.67 fr. 1,822,243Class C EUR €103.10 €5,154,624 - - €114.01 €31,312,454 €102.73 €52,457,746Class C GBP - - - - £114.83 £1,064,008 £102.79 £5,391,151Class C SEK kr. 104.32 kr. 3,203,896 - - - - - - Class C USD $108.07 $10,567,167 - - $116.69 $67,500,300 $103.01 $8,740,507Class D CHF fr. 99.07 fr. 4,063,108 fr. 98.72 fr. 716,967 - - - - Class D EUR €100.46 €10,234,794 €106.08 €6,676,631 €97.76 €85,542 - - Class D GBP £101.24 £372,403 £108.07 £711,929 £101.01 £161,609 - - Class D SEK kr. 101.17 kr. 15,145,507 - - - - - - Class D USD $105.36 $15,636,604 $111.81 $24,146,075 $101.93 $3,639,052 - - Class E EUR €99.52 €5,539,066 - - - - - - Class E USD $105.24 $4,030,543 - - $101.16 $80,927 - - Class F USD $110.23 $2,779,491 $112.13 $4,001,386 $116.94 $76,284 $103.82 $3,893,312Class G EUR €100.51 €17,227,325 - - - - - - Class H USD - - $112.62 $2,121,783 - - - - Class H EUR - - €99.35 €1,676,841 - - - - Class I CHF fr. 98.20 fr. 71,535 - - - - - - Class I EUR €97.13 €40,986,418 - - - - - - Class I USD $99.64 $4,622,405 - - $100.81 $1,345,014 - - Class T USD - - $111.54 $23,585,266 - - - -


U Access (IRL) Electron Global Utility Fund


U Access (IRL) Nexthera UCITS




46

12. Net Asset Value Comparison (continued)

31 December 2017Net Asset Value per

shareNet Asset

Value

Net Asset Value per

shareNet Asset

Value

Net Asset Value per

shareNet Asset

ValueClass A EUR €106.31 €6,238,058 - - - - Class A USD $108.72 $7,325,377 $110.47 $7,300,766 - - Class B CHF fr. 105.29 fr. 4,408,058 - - - - Class B EUR €107.78 €77,888,387 - - - - Class B GBP £109.87 £51,472,219 - - - - Class B USD $110.36 $27,618,430 - - - - Class C CHF fr. 103.51 fr. 246,219 - - fr. 106.40 fr. 1,831,564Class C EUR €105.35 €6,637,189 - - € 106.59 € 6,899,861Class C GBP - - - - £106.80 £943,250Class C SEK kr. 106.41 kr. 12,142,364 - - - - Class C USD $108.88 $10,646,615 - - $107.70 $47,689,003Class D CHF fr. 102.44 fr. 1,696,717 fr. 100.85 fr. 605,080 - - Class D EUR €103.06 €12,667,538 €108.11 €5,027,614 - - Class D GBP £103.45 £235,198 £109.65 £594,014 - - Class D SEK kr. 103.79 kr. 74,672,764 - - - - Class D USD $106.88 $48,648,087 $112.36 $16,525,030 - - Class E EUR €102.91 €3,039,889 - - - - Class E USD $107.70 $1,437,294 - - - - Class F USD $110.78 $2,793,380 $112.31 $4,508,178 $107.82 $8,858,167Class G EUR €103.37 €16,113,546 - - - - Class H USD - - $113.19 $1,984,117 - - Class I CHF fr. 101.17 fr. 50,584 - - - - Class I EUR €99.32 €36,871,811 - - - - Class I GBP £102.91 £70,593 - - - - Class I USD $101.59 $1,339,536 - - - - Class T USD - - $111.94 $23,671,375 - -

U Access (IRL) Trend MacroU Access (IRL) Nexthera

UCITS*U Access (IRL) Electron

Global Utility Fund




47

12. Net Asset Value Comparison (continued)

31 December 2016

Net Asset Value per

share Net Asset Value

Net Asset Value per

share Net Asset Value

Class A EUR €104.14 €4,644,522 €95.03 €285,084Class A USD $104.69 $28,652,461 $95.64 $4,895,797Class B CHF fr. 103.53 fr. 2,923,869 - - Class B EUR €105.68 €65,729,940 - - Class B GBP £107.09 £61,344,244 - - Class B USD $106.46 $35,546,208 - - Class C CHF fr. 101.67 fr. 1,338,601 - - Class C EUR €103.10 €8,760,509 - - Class C SEK kr. 104.24 kr. 23,661,606 - - Class C USD $104.77 $12,195,760 - - Class D CHF fr. 101.07 fr. 2,037,532 - - Class D EUR €101.48 €13,909,390 €95.43 €553,426Class D GBP - - £96.25 £62,029Class D SEK kr. 102.28 kr. 147,376,596 - - Class D USD $103.53 $63,592,416 $97.61 $12,528,087Class E EUR €101.19 €8,486,988 - - Class E USD $104.48 $594,734 - - Class F USD $106.14 $2,676,373 $96.25 $10,974,636Class H USD - - $98.56 $985,614Class I EUR €97.52 €1,587,330 - - Class I GBP £100.20 £68,736 - - Class I USD $97.92 $25,904,873 - - Class T EUR - - €97.20 €4,377,195Class T USD $106.13 $3,364,756 $96.03 $22,692,326

U Access (IRL) Trend MacroU Access (IRL) Electron Global

Utility Fund



48

13. Exchange Rates For all Funds, excluding U Access (IRL) Cheyne Arbitrage UCITS the following exchange rates were used to convert assets and liabilities denominated in other currencies into US Dollars as at 30 June 2018 and 31 December 2017:

30 June 2018 31 December 2017Argentine peso 0.0319 0.0537Brazilian real 0.2567 0.2994Canadian dollar 0.7608 - Chilean peso 0.0015 0.0016Chinese renminbi yuan 0.1509 0.1536Czech koruna 0.0450 0.0470Egyptian pound 0.0559 0.0553Euro 1.1678 1.1999Ghana cedi 0.2088 0.2212Hungarian forint 0.0035 0.0039Indian rupee 0.0146 - Indonesian rupiah - 0.0001Japanese yen 0.0090 0.0089Kazakhstan tenge 0.0029 0.0030Mexican peso 0.0504 0.0508New Zealand dollar 0.6773 0.7087Nigerian naira 0.0028 0.0027Polish zloty 0.2670 0.2873Russian rouble 0.0159 - South Africa rand 0.0729 0.0808South Korean won 0.0009 0.0009Swedish krona 0.1116 0.1219Swiss franc 1.0098 1.0262Taiwan dollar 0.0329 0.0337U.K. pound 1.3198 1.3502Uruguay peso 0.0307 0.0348

For U Access (IRL) Cheyne Arbitrage UCITS, the following exchange rates were used to convert assets and liabilities denominated in other currencies into Euro as at 30 June 2018:

30 June 2018Canadian Dollar 0.6514 Israeli Shekel 0.2341 Japanese yen 0.0077 Norwegian krone 0.1051 Swedish krona 0.0956 Swiss franc 0.8647 U.K. pound 1.1291 United States Dollar 0.8563

14. Transaction Costs In order to achieve its investment objective, the Company incurs transaction costs in relation to trading activity on its portfolio. These include certain broker and commission fees incurred on trades through the year. Commission fees borne by the Company include fees of US$293,218 (30 June 2017: US$135,728). As part of its trading activity conducted with counterparties for OTC derivatives, the Company does incur other transaction costs which are not separately identifiable.

15. Dividends

Due to a negative net income for 2017, no dividend is paid in consideration of the Class G EUR of U Access (IRL) Trend Macro. There were no dividends paid during the period ended 30 June 2017.



49

16. Soft commissions The Principal Investment Manager did not engage in any soft commission arrangements impacting the Company during the years ended 30 June 2018 or the period 30 June 2017.

17. Statement of changes in the composition of the portfolio A statement of changes in the composition of the portfolio for the period ended 30 June 2018 is available to shareholders on request free of charge.

18. Efficient Portfolio Management Subject to the conditions and within the limits from time to time laid down by the Central Bank of Ireland, and except as otherwise stated in the investments objective and policies of the Company, the Investment Manager may employ financial FDI for efficient portfolio management purposes. Furthermore, new techniques and instruments may be developed which may be suitable for use by the Company in the future, and the Company may employ such techniques and instruments subject to the prior approval of, and any restrictions imposed by, the Central Bank of Ireland. The Principal Investment Manager of the Company has identified all FDI which are used for efficient portfolio management. A UCITS is required to disclose the revenues arising from efficient portfolio management in order to hedge currency and market exposure as well as increase capital and income returns. During the financial period, futures, options, swaps, forwards and repurchase agreements were entered into for the purpose of efficient portfolio management in order to hedge currency and market exposure and/or for investment purposes. The notional amounts are detailed in the Schedule of Investments. The total returns earned in trading in repurchase agreements was US$1,400,066 (30 June 2017: US$250,002).

19. Significant events during the period

There was one new sub-fund, U Access (IRL) Cheyne Arbitrage UCITS launched on 30 April 2018. A new Prospectus was issued for the Company dated 6 March 2018 which superseded a Prospectus issued on the 9 November 2017. In summary the Prospectus was updated for the General Data Protection Regulation (EU 2016/679) which comes into effect on the 25 May 2018 and the addition of new share classes available for subscription for U Access (IRL) Trend Macro and U Access (IRL) Nexthera UCITS. A new prospectus was issued for the Company dated 18 April 2018 which superseded a Prospectus issued on the 6 March 2018. In summary the Prospectus was updated for the new sub-fund U Access (IRL) Cheyne Arbitrage UCITS.

20. Subsequent events

Investors in U Access (IRL) Trend Macro are advised that the current sub-investment investment manager, Trend Capital Management LP will be replaced by Trend Capital Advisors LP on 31 August, 2018, subject to the receipt of approval from the Central Bank of Ireland. Trend Capital Management LP and Trend Capital Advisors LP are affiliated investment advisers under common control and rely on the same umbrella registration with the United States Securities and Exchange Commission (“SEC”). Apart from the above, there are no events that would have a material impact on the financial statements subsequent to 30 June 2018.

21. Directors approval The Directors approved the financial statements on 29 August 2018.


STATEMENT OF SIGNIFICANT PURCHASES AND SALES

50

The Statement of Significant Purchases and Sales reflects the aggregate purchases of transferable securities exceeding one percent of the total value of purchases and aggregate disposals of transferable securities greater than one percent of the total value of the sales for the period. At minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.

U Access (IRL) Trend Macro Statement of Material Purchases for the period ended 30 June 2018

CostDescription Nominal US$South Africa Government Bond 8.75% 28/02/2048 429,967,735 34,116,363 United States Treasury Note/Bond 1.50% 31/08/2018 30,000,000 29,973,047 United States Treasury Note/Bond 0.875% 31/03/2018 25,000,000 24,980,469 United States Treasury Note/Bond 1.375% 30/06/2018 25,000,000 24,978,516 United States Treasury Note/Bond 1.375% 30/09/2018 25,000,000 24,965,820 United States Treasury Bill 0% 14/06/2018 25,000,000 24,962,104 United States Treasury Bill 0% 26/04/2018 25,000,000 24,926,014 Letras del Banco Central de la Republica Argentina 0% 18/07/2018 518,586,064 21,809,482 Argentine Republic Government International Bond 7.82% 31/12/2033 16,214,429 20,499,817 United States Treasury Bill 0% 26/07/2018 20,000,000 19,894,858 Letras del Banco Central de la Republica Argentina 0% 19/09/2018 398,398,683 15,079,695 Argentum Netherlands BV 0% 04/09/2018 194,750,000 10,496,207 United States Treasury Bill 0% 17/05/2018 10,000,000 9,959,855 Nigeria Government International Bond 0% 18/10/2018 3,650,000,000 9,710,205 Demeter Investments BV 17/07/2018 Flat Trading 184,500,000 9,584,849 Bonos de la Nacion Argentina con Ajuste por CER 08/02/2019 Flat Trading 178,755,429 9,083,098 Republic of Argentina 31/12/2033 17,458,339 7,426,922 Demeter Investments BV 0% 26/02/2019 137,000,000 6,687,545 Argentina T reasury Bill 14/09/2018 Flat Trading 134,598,703 6,683,699 Nigeria Government International Bond 0% 03/01/2019 2,500,000,000 6,433,882 Argentine Republic Government International Bond 31/12/2033 Flat Trading 4,938,894 6,098,975 Uruguay Monetary Regulation Bill 0% 08/02/2019 184,591,000 5,911,715 Letras del Banco Central de la Republica Argentina 0% 15/08/2018 129,224,809 4,874,696 Ghana Government Bond 16.25% 07/04/2025 21,502,978 4,846,620


STATEMENT OF SIGNIFICANT PURCHASES AND SALES (CONTINUED)

51

U Access (IRL) Trend Macro (continued) Statement of Significant Sales for the period ended 30 June 2018

ProceedsDescription Nominal US$South Africa Government Bond 8.75% 28/02/2048 (429,967,735) (32,235,706) Letras del Banco Central de la Republica Argentina 0% 18/07/2018 (518,586,064) (19,913,290) Argentina POM Polit ica Monetaria N.A. 31/06/2020 (320,148,979) (17,705,871) Letras del Banco Central de la Republica Argentina 0%19/09/2018 (398,398,683) (13,925,315) EP PetroEcuador via Noble Sovereign Funding I Ltd 7.92496% 24/09/2019 (10,770,397) (9,998,215) Egypt T reasury Bills 0% 29/05/2018 (142,375,000) (7,942,892) Bonos de la Nacion Argentina con Ajuste por CER 08/02/2019 Flat Trading (178,755,429) (7,209,212) Egypt T reasury Bills 0% 03/07/2018 (120,750,000) (6,624,566) Uruguay Treasury Bills % 04/05/2018 (178,878,000) (6,073,945) Argentina T reasury Bill 14/09/2018 Flat Trading (134,598,703) (5,507,870) Uruguay Monetary Regulation Bill 0% 08/02/2019 (184,591,000) (5,502,687) Republic of Argentina 31/12/2033 (16,828,990) (5,014,959) Egypt T reasury Bills 0% 23/01/2018 (87,125,000) (4,901,778) Credit Bank of Moscow Via CBOM Finance Plc 8.875% 10/11/2022 (6,127,000) (4,857,418) Uruguay Monetary Regulation Bill 0% 19/10/2018 (150,744,000) (4,820,752) Letras del Banco Central de la Republica Argentina 0% 15/08/2018 (129,224,809) (4,670,366) Development Bank of Kazakhstan JSC 9.50% 14/12/2020 (1,357,000,000) (4,227,362) Petroamazonas EP 4.625% 16/02/2020 (4,235,091) (4,172,440) ARGBON 0% 03/04/2022 (63,867,260) (3,422,050) Bonos de la Nacion Argentina con Ajuste por CER 06/03/2020 Flat Trading (90,129,079) (3,385,427) Stoneway Capital Corp 10% 01/03/2027 (2,871,000) (3,115,432) Letras del Banco Central de la Republica Argentina 0% 21/06/2018 (65,155,142) (2,861,962) Letras del Banco Central de la Republica Argentina 0% 16/05/2018 (61,483,631) (2,787,945) Egypt T reasury Bills 0% 20/03/2018 (44,100,000) (2,464,228) BHIP 0% 12/01/2020 (59,493,000) (2,411,589) Argentine Bonos del Tesoro 05/03/2018 Flat T rading (43,297,823) (2,399,172) Ghana Government Bond 16.25% 07/04/2025 (11,378,420) (2,370,129) Egypt T reasury Bills 0% 24/04/2018 (41,250,000) (2,330,344)



52

U Access (IRL) Electron Global Utility Fund Statement of Significant Purchases for the period ended 30 June 2018

CostDescription Nominal US$Alleghany Corporation 18,825 11,077,616 Agilent Technologies Inc 122,380 8,241,514 Electronics For Imaging Inc 181,214 6,183,022 Aflac Inc 128,157 5,820,891 Dell Technologies Inc 61,055 5,414,717 Brookdale Senior Living Inc 568,949 5,342,431 Apple Inc 29,601 5,308,930 Alcoa Corporation 116,841 5,246,161 Ameren Corporation 93,882 5,246,126 Adtran Inc 323,436 5,110,289 Alphabet Inc 3,711 4,187,543 Amazon.com Inc 2,368 3,542,907 Esterline Technologies Corporation 40,844 3,055,131 Facebook Inc 14,397 2,904,451 Aclaris Therapeutics Inc 162,028 2,876,208 Berry Global Group Inc 53,312 2,875,310 Independent Bank Corporation/MI 115,150 2,855,720 Energen Corporation 45,032 2,639,776 Bank of America Corporation 83,041 2,623,265 Bio-Rad Laboratories Inc 10,153 2,590,040 Kforce Inc 75,544 2,455,180 Assembly Biosciences Inc 44,326 2,420,643 Atara Biotherapeutics Inc 50,065 2,420,643 Array BioPharma Inc 141,145 2,420,637 BB&T Corporation 44,220 2,420,603 Arista Networks Inc 8,012 2,420,585 Everi Holdings Inc 292,546 2,299,412 PJT Partners Inc 46,983 2,292,301 QCR Holdings Inc 51,233 2,269,622 Adobe Systems Inc 8,617 1,902,547 Align Technology Inc 5,351 1,377,642 Acxiom Corporation 46,546 1,328,167 Apartment Investment & Management Company 33,521 1,325,756



53

U Access (IRL) Electron Global Utility Fund (continued) Statement of Significant Sales for the period ended 30 June 2018

Proceeds

Description Nominal US$Agilent Technologies Inc (122,380) (7,843,057) Amazon.com Inc (5,262) (7,778,165) Aflac Inc (128,157) (5,819,609) Ameren Corporation (93,882) (5,376,622) Electronics For Imaging Inc (154,870) (5,329,077) Apple Inc (29,601) (5,239,377) Alleghany Corporation (8,501) (5,181,031) Alphabet Inc (4,668) (4,756,688) Adtran Inc (323,436) (4,697,908) Cigna Corporation (22,073) (4,316,375) General Dynamics Corporation (19,619) (4,116,459) Iovance Biotherapeutics Inc (260,644) (3,948,674) Brookdale Senior Living Inc (309,509) (3,020,013) HCA Healthcare Inc (30,219) (3,019,180) Esterline Technologies Corporation (40,844) (2,993,865) Bank of America Corporation (83,041) (2,652,330) S&P Global Inc (14,254) (2,651,672) GFF Alpha TRS 1,536,812,881 (2,507,010) Radian Group Inc (115,121) (2,476,253) Asbury Automotive Group Inc (33,802) (2,470,926) BB&T Corporation (44,220) (2,467,034) QCR Holdings Inc (51,233) (2,433,568) Kforce Inc (75,544) (2,407,965) Energen Corporation (45,032) (2,383,544) Progressive Corporation/The (41,646) (2,310,104) PJT Partners Inc (46,983) (2,267,813) Acorda Therapeutics Inc (77,847) (2,129,108) Adobe Systems Inc (8,617) (2,045,590) Array BioPharma Inc (120,045) (1,866,700) Cohu Inc (77,600) (1,711,080) Heritage Commerce Corporation (93,201) (1,534,088) Interactive Corporation (10,332) (1,401,846) Apartment Investment & Management Company (33,521) (1,377,713) Sterling Bancorporation/DE (52,150) (1,361,115) Visteon Corporation (9,449) (1,252,370)



54

U Access (IRL) Nexthera UCITS Statement of Significant Purchases for the period ended 30 June 2018

Cost

Description Nominal US$Allergan Plc 113,430 18,925,017 Pacira Pharmaceuticals Inc/DE 393,329 13,074,964 AstraZeneca Plc 263,008 9,317,907 Bristol-Myers Squibb Company 136,378 8,837,559 Global Blood Therapeutics Inc 202,095 8,830,208 Sangamo BioSciences Inc 455,955 8,399,587 Exelixis Inc 347,305 7,211,446 Cellectis SA 212,792 6,649,528 Tesaro Inc 148,303 6,501,469 Corcept Therapeutics Inc 389,927 6,322,281 Seattle Genetics Inc 116,824 6,139,501 Acadia Pharmaceuticals Inc 331,139 5,577,506 Alexion Pharmaceuticals Inc 45,161 5,344,254 Esperion Therapeutics Inc 105,264 5,263,260 Immunomedics Inc 308,310 5,120,030 Pfizer Inc 143,119 5,031,815 BioMarin Pharmaceutical Inc 60,237 4,959,405 Dova Pharmaceuticals Inc 175,770 4,784,062 Heron Therapeutics Inc 162,228 4,692,542 Insmed Inc 175,488 4,241,077 Catalyst Biosciences Inc 129,984 3,594,577 Cara Therapeutics Inc 186,674 3,449,953 Abeona Therapeutics Inc 200,936 3,437,733 Acorda Therapeutics Inc 133,043 3,377,723 Stemline Therapeutics Inc 184,481 3,238,958 FibroGen Inc 58,713 3,143,149 Akorn Inc 153,236 2,852,398 Audentes Therapeutics Inc 78,938 2,775,290 Cymabay Therapeutics Inc 187,600 2,292,423 Sage Therapeutics Inc 12,970 2,153,734



55

U Access (IRL) Nexthera UCITS (continued) Statement of Significant Sales for the period ended 30 June 2018

Proceeds

Description Nominal US$Allergan Plc (78,419) (13,335,992) AstraZeneca Plc (263,008) (9,594,395) Bristol-Myers Squibb Company (136,378) (8,460,295) BioMarin Pharmaceutical Inc (94,228) (7,902,102) Pacira Pharmaceuticals Inc/DE (214,299) (7,513,402) Ablynx NV (140,325) (7,382,796) Global Blood Therapeutics Inc (131,660) (6,982,011) Mylan NV (134,194) (6,064,563) Corcept Therapeutics Inc (366,145) (6,058,027) Acadia Pharmaceuticals Inc (331,139) (5,370,256) Seattle Genetics Inc (82,210) (5,351,828) Sangamo BioSciences Inc (221,890) (5,331,137) Heron Therapeutics Inc (162,228) (5,016,878) Pfizer Inc (143,119) (4,968,004) FibroGen Inc (78,591) (4,392,475) Merck & Company Inc (64,409) (3,658,479) SAGE Therapeutics Inc (23,041) (3,500,694) Alnylam Pharmaceuticals Inc (24,089) (3,483,478) GlycoMimetics Inc (125,293) (2,958,144) Insmed Inc (109,908) (2,926,118) Arrowhead Pharmaceuticals Inc (311,777) (2,846,543) Acorda Therapeutics Inc (85,877) (2,573,463) Madrigal Pharmaceuticals Inc (10,273) (2,440,449) Atara Biotherapeutics Inc (67,048) (2,212,898) Menlo Therapeutics Inc (61,346) (2,085,971) Shire Plc (11,122) (1,757,740) Sucampo Pharmaceuticals Inc (91,467) (1,641,110) Perrigo Company Plc (21,113) (1,597,001)



56

U Access (IRL) Cheyne Arbitrage UCITS Statement of Significant Purchases for the period ended 30 June 2018

Cost

Description Nominal €France Government Bond OAT 1% 25/11/2018 23,000,000 23,201,710 Spain Government Bond 3.75% 31/10/2018 20,000,000 20,378,330 Kingdom of Belgium Treasury Bill 0% 11/10/2018 20,000,000 20,036,930 Belgium Government Bond 1.25% 22/06/2018 17,000,000 17,040,500 Com Hem Holding AB 216,500 3,201,904 Twenty-First Century Fox Inc 39,626 1,614,023 Yoox Net-A-Porter Group 25,209 955,748



57

U Access (IRL) Cheyne Arbitrage UCITS (continued) Statement of Significant Sales for the period ended 30 June 2018

ProceedsDescription Nominal €France Government Bond OAT 1% 25/11/2018 (3,000,000) (3,025,500) Twenty-First Century Fox Inc (39,626) (1,639,205) Yoox Net-A-Porter Group (25,209) (957,942) Discovery Inc 6,186,807 (585,098) Cavium Inc 15,186,176 (441,316) Aetna Inc 6,356,768 (262,611) NXP Semiconductors NV 13,056,686 (233,145) Dell Technologies Inc 6,772,063 (217,935) SKY Plc 6,864,374 (204,343) Akorn Inc 3,300,869 (197,957) Twenty-First Century Fox - B 5,483,244 (196,315) Linde AG - Tender 5,681,343 (154,836) Monsanto Company 7,807,014 (100,848) Sartorius Stedium Biotech 3,779,224 (95,073) Microsemi Corportion 3,135,005 (90,185) Interactive Corporation 6,689,598 (86,557) Zalando SE 1,707,916 (83,790)


U ACCESS (IRL) TREND MACRO

SCHEDULE OF INVESTMENTS (UNAUDITED)

(Expressed in U.S. Dollars)

58

As at 30 June 2018

Numberof Units

Fair ValueUS$

% of Net Assets

Financial assets at fair value through profit or loss

Corporate bondsAgua y Saneamientos Argentinos SA 6.625% 01/02/2023 2,379,000 2,062,783 0.54%Argentum Netherlands BV 0% 04/09/18 194,750,000 10,462,160 2.75%Banco Hipotecario SA 07/11/2022 Flat Trading 83,058,000 2,586,026 0.68%Banco Macro SA 17.5% 08/05/2022 72,452,000 2,331,764 0.61%Banco Supervielle SA 09/08/2020 Flat Trading 23,189,000 750,338 0.20%Cia General de Combustibles SA 9.5% 07/11/2021 1,910,000 1,878,304 0.49%Credit Bank of Moscow Via CBOM Finance PLC 8.875% 10/11/2022 2,737,000 2,246,311 0.59%Credivalores-Crediservicios SAS 9.75% 27/07/2022 2,827,000 2,791,253 0.73%Demeter Investments BV 0 % 26/02/2019 137,000,000 6,746,618 1.77%Demeter Investments BV 04/12/2018 Flat Trading 28,000,000 1,423,477 0.37%Demeter Investments BV 15/01/2019 Flat Trading 69,000,000 3,449,614 0.91%Demeter Investments BV 15/01/2019 Flat Trading 24,000,000 1,205,098 0.32%Demeter Investments BV 17/07/2018 Flat Trading 184,500,000 10,098,513 2.65%Demeter Investments BV 31/07/2018 Flat Trading 77,000,000 4,194,326 1.10%Fidelity Bank Plc 10.5% 16/10/2022 4,091,000 4,065,206 1.07%Geo Coal International Pte Ltd 8% 04/10/2022 1,160,000 1,062,311 0.28%HTA Group Ltd/Mauritius 9.125% 08/03/2022 1,347,000 1,295,545 0.34%JP Morgan Structured Products BV 0% 24/09/2018 1,723,286,000 4,633,167 1.22%Odebrecht Drilling Norbe VIII/IX Ltd 01/12/2026 Flat Trading 4,323,355 2,153,442 0.56%Odebrecht Offshore Drilling Finance Ltd 01/12/2026 Flat T rading 2,360,581 626,675 0.16%Rio Energy SA / UGEN SA / UENSA SA 6.875% 01/02/2025 1,928,000 1,630,201 0.43%Saderea Ltd 12.5% 30/11/2026 7,046,293 7,743,488 2.03%Stoneway Capital Corp 10% 01/03/2027 1,942,000 1,955,419 0.51%

77,392,039 20.31%

Government bondsArgent-GDP 0% 15/12/2035 (Flat T rading) 87,692,478 4,902,886 1.29%Argentina Republic Government International Bond 7.82% 31/12/2033 16,214,429 19,001,389 4.99%Argentina Republic Government International Bond 31/12/2033 Flat Trading 4,938,894 5,739,494 1.51%Egypt Treasury Bills 0% 10/07/2018 37,000,000 2,059,591 0.54%Egypt Treasury Bills 0% 24/07/2018 15,425,000 852,781 0.22%Egypt Treasury Bills 0% 18/09/2018 71,900,000 3,859,350 1.01%Egypt Treasury Bills 0% 02/10/2018 34,500,000 1,838,239 0.48%Ghana Government Bond 16.25% 07/04/2025 10,124,558 1,959,335 0.51%Ghana Government Bond 18.25% 25/07/2022 22,711,000 4,769,746 1.25%Ghana Government Bond 19% 02/11/2026 31,287,000 6,773,286 1.78%Ghana Government Bond 24.75% 19/07/2021 25,014,000 6,015,911 1.58%Nigeria Government International Bond 0% 18/10/2018 3,650,000,000 9,767,814 2.56%Nigeria Government International Bond 0% 03/01/2019 2,500,000,000 6,529,357 1.71%Nigeria Government International Bond 12.1493% 18/07/2034 1,693,641,000 4,117,234 1.08%Nigeria Government International Bond 13.98% 23/02/2028 659,375,000 1,822,976 0.48%Nigeria Government International Bond 16.2884% 17/03/2027 1,046,716,000 3,225,536 0.85%

Description

The accompanying notes are an integral part of the financial statements and should be read in conjunction therewith.





59

As at 30 June 2018

Numberof Units

Fair ValueUS$

% of Net Assets

Financial assets at fair value through profit or loss (continued)

Government bonds (continued)Provincia de Buenos Aires/Argentina 31/05/2022 Flat Trading 91,880,000 2,746,077 0.72%Provincia de Entre Rios Argentina 8.75% 08/02/2025 5,673,000 4,951,423 1.30%Provincia de Mendoza Argentina 09/06/2021 Flat Trading 76,836,747 2,380,810 0.62%Provincia de Rio Negro 7.75% 07/12/2025 4,684,000 3,769,285 0.99%Provincia de Rio Negro 25.25% 06/07/2020 68,586,536 2,401,572 0.63%Republic of Argentina 31/12/2033 20,686,789 5,002,734 1.31%Republic of Ghana Government Bonds 17.5% 29/05/2028 10,206,000 2,058,749 0.54%United States Treasury Bill 0% 26/07/2018 20,000,000 19,977,037 5.24%United States Treasury Note/Bond 1.375% 30/06/2018 25,000,000 25,000,000 6.56%United States Treasury Note/Bond 1.375% 30/09/2018 25,000,000 24,965,332 6.55%United States Treasury Note/Bond 1.5% 31/08/2018 30,000,000 29,980,446 7.88%

206,468,390 54.18%

Credit default swapsCDX SUBFIN CDSI S29 5Y (Credit Suisse) 14,676,705 648,067 0.17%CDX CDX.EM.29-V1 - 100 20/06/2023 (JP Morgan Chase) 1,537,789 61,268 0.02%CDS Russian Federation (Government) - 100 20/06/2023 Senior (Bank of America) 2,737,174 49,469 0.01%CDS Republica Federativa Do Brasil - 100 20/06/2023 Senior U (Barclays Capital) 35,553,056 2,636,246 0.69%CDS Republica Federativa Do Brasil - 100 20/06/2023 Senior U (Citibank) 14,264,136 1,057,680 0.28%

4,452,730 1.17%

Interest rate swapsIRS CNY 3.155% - CNY 1W Repo Rate 06/06/2019 (JPMorgan Chase) 150,485,674 36,991 0.01%IRS CNY 3.17% - CNY 1W Repo Rate 21/06/2020 (JPMorgan Chase) 434,049,215 130,842 0.03%IRS CNY 3.2175% - CNY 1W Repo Rate 20/06/2020 (JPMorgan Chase) 334,619,439 148,951 0.04%IRS CNY 3.22% - CNY 1W Repo Rate 20/06/2020 (JPMorgan Chase) 183,562,664 83,009 0.02%IRS CNY 3.25% - CNY 1W Repo Rate 03/05/2019 (JPMorgan Chase) 201,163,543 88,227 0.02%IRS CNY 3.575% - CNY 1W Repo Rate 08/01/2019 (JPMorgan Chase) 1,331,267,827 839,386 0.22%IRS CNY 3.56% - CNY 1W Repo Rate 08/01/2019 (JPMorgan Chase) 993,483,454 609,651 0.16%IRS CNY 3.58% - CNY 1W Repo Rate 09/01/2019 (JPMorgan Chase) 327,849,540 216,393 0.06%IRS CNY 3.62% - CNY 1W Repo Rate 15/01/2019 (JPMorgan Chase) 323,854,369 218,557 0.06%IRS CNY 3.64% - CNY 1W Repo Rate 12/01/2019 (JPMorgan Chase) 647,140,993 471,205 0.13%

2,843,212 0.75%

Total return swaps 38,090,000 2,279,183 0.60% 27,772,000 1,477,598 0.39% 33,804,010 278,722 0.07% 58,046,000 14,057 0.00% 38,436,713 29,342 0.01% 629,193,000 2,012,286 0.53% 1,140,088,000 204,559 0.05% 1,326,856,000 253,756 0.07%TRS NGOMOB 0% 04/10/2018 TRS (Goldman Sachs)

Description

TRS EGYGB 18.4% 30/05/2024 (Goldman Sachs)

TRS EGYTB 0% 07/08/2018 (Citibank)TRS EGYGB 14.5% 20/02/2025 (Goldman Sachs)

TRS EGYTB 0% 19/03/2019 (Citibank)TRS NGERIA 16.288% 17/03/2027 TRS (Goldman Sachs)TRS NGOMOB 0% 09/08/2018 TRS (Goldman Sachs)

TRS EGYTB 0% 29/11/2018 (Citibank)






60

As at 30 June 2018

Numberof Units

Fair ValueUS$

% of Net Assets


Total return swaps (continued) 140,730,000 361,374 0.09% 876,514,000 2,250,762 0.59% 1,359,055,000 3,934,981 1.03% 986,260,000 2,660,829 0.70% 975,330,000 2,613,588 0.69% 860,828,000 2,294,351 0.60% 592,194,000 1,570,715 0.41% 3,243,843,000 8,339,503 2.19%

30,575,606 8.02%

Futures contract 394 384,722 0.10%

384,722 0.10%

Currency optionsFxOption EUR Call/USD Put 1.165% 05/07/2018 (JPMorgan Chase) 41,704,108 232,465 0.06%FxOption USD Call/KRW Put 1.125% 19/07/2018 ( JPMorgan Chase) 28,681,666 126,283 0.03%FxOption USD Call/TWD Put 30.5% 23/07/2018 ( JPMorgan Chase) 37,875,113 170,873 0.04%

529,621 0.13%

Index optionJuly 18 Puts on SPX Put 2755 20/07/2018 ( JPMorgan Chase) 74 347,430 0.09%

347,430 0.09%

Forward currency contracts*

Currency Amount Currency Amount Maturity Gain % of NetReceivable Receivable Payable Payable Date US$ AssetsCHF 110,000 USD 110,578 26 July 2018 760 0.00%EUR 23,736,717 CZK 607,321,982 19 September 2018 470,476 0.12%EUR 6,779,729 CZK 173,452,574 20 September 2018 135,195 0.04%EUR 1,802,718 USD 2,084,104 05 July 2018 21,990 0.01%EUR 154,173,360 USD 179,968,805 26 July 2018 437,491 0.11%NGN 1,723,286,000 USD 4,434,080 24 September 2018 480,648 0.13%SEK 147,600 USD 16,486 26 July 2018 27 0.00%USD 10,896,358 ARS 299,775,170 14 August 2018 1,022,078 0.27%USD 1,816,125 ARS 51,432,660 14 September 2018 170,798 0.04%USD 3,409,566 ARS 90,379,071 16 July 2018 343,825 0.09%USD 4,261,862 ARS 119,886,167 17 September 2018 437,604 0.11%USD 853,174 ARS 24,059,507 18 July 2018 38,858 0.01%

TRS NIGTB 0% 31/01/2019 TRS (Goldman Sachs)

TRS NIGTB 0% 13/09/2018 TRS (Goldman Sachs)

TRS NIGTB 0% 01/11/2018 Corporation (Goldman Sachs)

TRS NIGB 13.98% 23/02/2028 TRS (Goldman Sachs)

EURO-BOBL Future Sep18

Description

TRS NIGTB 0% 04/10/2018 Corporation (Goldman Sachs)TRS NIGTB 0% 18/10/2018 Corporation (Goldman Sachs)

TRS NIGB 12.4% 18/03/2036 TRS (Goldman Sachs)TRS NIGB 12.149% 18/07/2034 TRS (Goldman Sachs)






61

As at 30 June 2018

Forward currency contracts* (continued)

Currency Amount Currency Amount Maturity Gain % of NetReceivable Receivable Payable Payable Date US$ AssetsUSD 3,924,906 ARS 113,173,801 21 August 2018 221,321 0.06%USD 4,677,612 ARS 99,843,628 26 July 2018 1,327,941 0.35%USD 26,034,322 BRL 93,737,542 10 August 2018 1,965,410 0.52%USD 4,889,416 BRL 18,393,005 12 July 2018 151,234 0.04%USD 4,889,416 BRL 18,452,656 13 August 2018 152,726 0.04%USD 9,158,724 BRL 34,837,954 25 July 2018 198,545 0.05%USD 19,928,626 CAD 25,860,451 06 July 2018 254,879 0.07%USD 8,022,394 CLP 5,031,989,612 30 July 2018 320,341 0.08%USD 11,672,530 CZK 255,327,625 09 July 2018 182,277 0.05%USD 114,017 CZK 2,455,236 19 September 2018 3,161 0.00%USD 24,707 CZK 521,859 20 September 2018 1,144 0.00%USD 2,113,576 EUR 1,802,718 05 July 2018 7,481 0.00%USD 45,867,698 EUR 38,157,091 09 July 2018 1,275,911 0.34%USD 13,615,283 EUR 11,603,699 27 July 2018 36,153 0.01%USD 11,672,530 HUF 3,174,833,603 09 July 2018 407,102 0.11%USD 10,038,678 INR 663,697,157 09 July 2018 356,736 0.09%USD 7,648,444 KRW 8,499,715,817 23 July 2018 12,413 0.00%USD 1,052,425 KZT 348,510,472 09 July 2018 33,124 0.01%USD 1,927,348 KZT 645,179,793 12 July 2018 41,203 0.01%USD 1,860,792 KZT 630,528,422 16 October 2018 39,598 0.01%USD 1,464,870 KZT 492,416,181 17 October 2018 42,742 0.01%USD 10,692 NZD 15,168 06 July 2018 419 0.00%USD 4,982,156 NZD 7,149,180 30 July 2018 139,871 0.04%USD 11,672,530 PLN 42,691,861 09 July 2018 273,432 0.07%USD 4,863,554 RUB 303,009,132 05 July 2018 41,885 0.01%USD 39,724 SEK 352,003 26 July 2018 343 0.00%USD 11,742,457 TWD 356,054,468 25 July 2018 34,375 0.01%

11,081,517 2.91%

Total financial assets at fair value through profit or loss 334,075,267 87.66%

Description






62

As at 30 June 2018

Numberof Units

Fair ValueUS$

% of Net Assets

Financial l iabilities at fair value through profit or loss

Credit default swapsCDX iTraxx Europe Senior Financials Series 29 Version 1 - 10 (Credit Suisse) 383,953,144 (2,320,285) (0.61%)CDX iTraxx Over CDSI S29 5Y (JP Morgan Chase) 233,724,591 (22,135,758) (5.81%)CDS Republica Argentina - 500 20/06/2023 (JP Morgan Chase) 21,748,247 (323,075) (0.08%)

(24,779,118) (6.50%)

Interest rate swapsIRS PLN 2.53% - PLN 6M WIBOR 11/06/2023 (JPMorgan Chase ) (74,514,706) (87,886) (0.02%)IRS PLN 2.545% - PLN 6M WIBOR 12/06/2023 (JPMorgan Chase ) (76,274,896) (103,580) (0.03%)IRS PLN 2.57% - PLN 6M WIBOR 12/06/2023 (JPMorgan Chase ) (74,514,706) (124,512) (0.03%)

(315,978) (0.08%)


Currency Amount Currency Amount Maturity Loss % of NetReceivable Receivable Payable Payable Date US$ AssetsARS 83,851,926 USD 2,930,996 14 August 2018 (169,002) (0.04%)ARS 93,783,271 USD 3,359,949 16 July 2018 (178,734) (0.05%)ARS 99,843,628 USD 4,685,780 26 July 2018 (1,336,109) (0.35%)BRL 93,737,542 USD 25,894,460 10 August 2018 (1,825,548) (0.48%)CAD 25,860,451 USD 20,060,033 06 July 2018 (386,287) (0.10%)CHF 9,092,056 USD 9,224,961 26 July 2018 (22,257) (0.01%)CLP 5,031,989,612 USD 7,980,698 30 July 2018 (278,645) (0.07%)CZK 609,777,226 EUR 23,736,717 19 September 2018 (359,619) (0.09%)CZK 173,974,434 EUR 6,779,729 20 September 2018 (111,631) (0.03%)EUR 16,286,879 USD 20,278,044 09 July 2018 (1,244,595) (0.33%)EUR 487 USD 570 26 July 2018 - (0.00%)GBP 69,148,098 USD 91,668,057 26 July 2018 (294,765) (0.08%)INR 663,697,157 USD 10,133,447 09 July 2018 (451,504) (0.12%)KRW 8,499,715,817 USD 7,648,444 23 July 2018 (12,413) (0.00%)KZT 348,510,472 USD 1,028,054 09 July 2018 (8,754) (0.00%)KZT 645,179,793 USD 1,930,227 12 July 2018 (44,081) (0.01%)KZT 630,528,422 USD 1,864,090 16 October 2018 (42,896) (0.01%)KZT 492,416,181 USD 1,474,377 17 October 2018 (52,248) (0.01%)NZD 15,168 USD 10,695 06 July 2018 (422) (0.00%)NZD 7,149,180 USD 5,042,724 30 July 2018 (200,439) (0.05%)RUB 303,009,132 USD 4,865,334 05 July 2018 (43,665) (0.01%)SEK 194,484,542 USD 21,918,341 26 July 2018 (160,034) (0.04%)TWD 356,054,468 USD 11,741,285 25 July 2018 (33,203) (0.01%)USD 291,922 EUR 252,434 09 July 2018 (3,082) (0.00%)USD 639,164 EUR 550,865 26 July 2018 (5,431) (0.00%)USD 13,411 GBP 10,158 26 July 2018 (12) (0.00%)USD 4,441,459 NGN 1,723,286,000 24 September 2018 (473,269) (0.12%)USD 2,584,901 UYU 84,938,720 14 January 2019 (25,439) (0.01%)

Description






63

As at 30 June 2018

Financial l iabilities at fair value through profit or loss (continued)


Currency Amount Currency Amount Maturity Loss % of NetReceivable Receivable Payable Payable Date US$ Assets

USD 3,459,856 UYU 113,765,409 16 January 2019 (34,919) (0.01%)

USD 2,206,658 UYU 71,208,869 16 October 2018 (22,937) (0.01%)USD 954,161 UYU 30,962,534 16 November 2018 (9,080) (0.00%)USD 2,593,231 UYU 84,694,926 19 December 2018 (23,757) (0.01%)USD 851,795 UYU 27,981,468 22 January 2019 (6,690) (0.00%)UYU 84,938,720 USD 2,775,775 14 January 2019 (165,435) (0.04%)UYU 113,765,409 USD 3,728,180 16 January 2019 (233,405) (0.06%)UYU 71,208,869 USD 2,384,450 16 October 2018 (154,854) (0.04%)UYU 30,962,534 USD 1,025,249 16 November 2018 (62,009) (0.02%)UYU 84,694,926 USD 2,796,135 19 December 2018 (179,147) (0.05%)UYU 27,981,468 USD 920,443 22 January 2019 (61,958) (0.03%)

(8,718,275) (2.29%)

Total financial l iabilities at fair value through profit or loss (33,813,371) (8.87%)

Total financial assets and liabilities at fair value through profit or loss 300,261,896 78.79%

O ther assets 126,076,774 33.08%

O ther liabilities (45,245,555) (11.87%)Net assets attributable to holders of redeemable shares 381,093,115 100.00%

% ofAnalysis of total assets AssetsTransferable securit ies listed on an official stock exchange 61.69%Financial derivative instruments dealt on a regulated market 0.16%OTC financial derivative instruments 10.75%Cash and cash equivalents 26.34%Other assets 1.06%Total Assets 100.00%

Description

*Counterparties to forward currency contracts as at 30 June 2018 are Bank of America, BNY Mellon, Citibank NA, UBS AG and JPMorgan Chase Bank NA.



U ACCESS (IRL) ELECTRON GLOBAL UTILITY FUND



64

As at 30 June 2018

Numberof Units

Fair ValueUS$

% of Net Assets


EquitiesAclaris Therapeutics Inc 162,028 3,235,699 4.25%Acxiom Corporation 46,546 1,394,053 1.83%AdvanSix Inc 953 34,908 0.05%Alcoa Corporation 109,745 5,144,846 6.76%Align Technology Inc 5,351 1,830,791 2.40%Alleghany Corporation 10,324 5,935,990 7.80%Alphabet Inc 4,888 5,519,481 7.25%Anika Therapeutics Inc 40,966 1,310,912 1.72%Appfolio Inc 55,117 3,370,404 4.43%Arista Networks Inc 8,012 2,063,010 2.70%Armstrong Flooring Inc 32,873 461,537 0.60%Array BioPharma Inc 21,100 354,058 0.47%Assembly Biosciences Inc 44,326 1,738,022 2.28%Atara Biotherapeutics Inc 50,065 1,839,889 2.42%Berry Global Group Inc 53,312 2,449,153 3.22%Bio-Rad Laboratories Inc 10,153 2,929,547 3.85%Brookdale Senior Living Inc 259,440 2,358,310 3.10%Cigna Corporation 2,065 350,947 0.46%Conduent Inc 124,310 2,258,713 2.97%Dell Technologies Inc 64,288 5,437,479 7.14%Electronics For Imaging Inc 26,344 857,760 1.13%Everi Holdings Inc 264,249 1,902,593 2.50%Facebook Inc 14,397 2,797,625 3.68%Fortinet Inc 6,828 426,272 0.56%GMS Inc 60,059 1,626,998 2.14%Herc Holdings Inc 1 56 0.00%Independent Bank Corporation 115,150 2,936,325 3.86%Koppers Holdings Inc 47,271 1,812,843 2.38%Laboratory Corp of America Holdings 17,307 3,107,126 4.08%MCBC Holdings Inc 58,282 1,687,264 2.22%Stoneridge Inc 73,077 2,567,926 3.37%Visteon Corporation 226 29,208 0.04%

69,769,745 91.66%

Contracts for difference*Advansix Inc (953) 1,687 0.00%Alcoa Upstream Corporation (109,745) 282,045 0.37%Align Technology Inc (5,351) 21,083 0.03%Alleghany Corporation (10,324) 142,162 0.19%Alphabet Inc Cl A (4,888) 106,705 0.14%

Description






65

As at 30 June 2018

Numberof Units

Fair ValueUS$

% of Net Assets


Contracts for difference* (continued)Anika Therapeutics Inc (40,966) 439,975 0.58%Appfolio Inc - A (55,117) 88,187 0.12%Arista Networks Inc (8,012) 138,287 0.18%Array Biopharma Inc (21,100) 12,027 0.02%Assembly Biosciences Inc (44,326) 154,254 0.20%Atara Biotherapeutics Inc (50,065) 615,800 0.82%Berry Global Group Inc (53,312) 71,162 0.09%Bio-Rad Laboratories-A (10,153) 30,703 0.04%Cigna Corporation (2,065) 10,727 0.01%Conduent Inc (124,310) 212,570 0.28%Dell Technologies (64,288) 259,685 0.34%Electronics For Imaging (26,344) 53,478 0.07%Everi Holdings Inc (264,249) 277,461 0.36%Facebook Inc-A (14,397) 106,826 0.14%Fortinet Inc (6,828) 10,242 0.01%Gms Inc (60,059) 127,926 0.17%Independent Bank Corporation - Mich (115,150) 46,060 0.06%Koppers Holdings Inc (47,271) 177,266 0.23%Laboratory Corp Of America Holdings (17,307) 48,806 0.06%Mcbc Holdings Inc (58,282) 72,853 0.10%

3,507,977 4.61%Forward currency contracts**

Currency Amount Currency Amount Maturity Gain % of NetReceivable Receivable Payable Payable Date US$ AssetsEUR 8,371,073 USD 9,772,013 26 July 2018 23,417 0.03%

23,417 0.03%


Description






66

As at 30 June 2018

Numberof Units

Fair ValueUS$

% of Net Assets

Financial liabilities at fair value through profit or loss

Contracts for difference*Aclaris Therapeutics Inc (162,028) (354,841) (0.47%)Acxiom Corporation (46,546) (6,982) (0.01%)Armstrong Flooring Inc (32,873) (8,547) (0.01%)Brookdale Senior Living Inc (259,440) (155,664) (0.20%)Herc Holdings Inc (1) (1) (0.00%)Stoneridge Inc (73,077) (265,270) (0.34%)Visteon Corporation (226) (375) (0.00%)

(791,680) (1.03%)

Total return swapGff Alpha TRS OTC (Morgan Stanley) 629,146 (1,641,106) (2.16%)

(1,641,106) (2.16%)

Forward currency contracts**

Currency Amount Currency Amount Maturity Loss % of NetReceivable Receivable Payable Payable Date US$ AssetsCHF 717,803 USD 728,296 26 July 2018 (1,757) (0.00%)GBP 712,640 USD 944,731 26 July 2018 (3,038) (0.00%)USD 9,198 EUR 7,945 26 July 2018 (99) (0.01%)

(4,894) (0.01%)


Total financial assets and liabilities at fair value through profit or loss 70,863,459 (93.10%)

O ther assets 8,460,400 11.12%

O ther liabilities (3,207,437) (4.22%)Net assets attributable to holders of redeemable shares 76,116,422 100.00%

% ofAnalysis of total assets Assets

Transferable securit ies listed on an official stock exchange 85.33%OTC financial derivative instruments 4.32%Cash and cash equivalents 10.31%Other assets 0.04%

Total Assets 100.00%

Description

*Counterparty to contracts for difference as at 30 June 2018 is Morgan Stanley. **Counterparty to forward currency contracts as at 30 June 2018 is BNY Mellon.



U ACCESS (IRL) NEXTHERA UCITS



67

As at 30 June 2018

Numberof Units

Fair ValueUS$

% of Net Assets


EquitiesAbeona Therapeutics Inc 200,936 3,214,976 2.21%Acorda Therapeutics Inc 47,166 1,353,664 0.93%Akorn Inc 77,993 1,293,904 0.89%Alexion Pharmaceuticals Inc 45,161 5,606,738 3.86%Audentes Therapeutics Inc 78,938 3,016,221 2.09%Cara Therapeutics Inc 89,488 1,713,695 1.18%Catalyst Biosciences Inc 178,263 2,080,329 1.43%Cellectis SA_B1P76L5 15,008 431,148 0.30%Cellectis SA_15117K103 170,404 4,820,729 3.32%Corcept Therapeutics Inc 23,782 373,853 0.26%Cymabay Therapeutics Inc 265,420 3,561,936 2.45%Deciphera Pharmaceuticals Inc 44,888 1,766,343 1.22%Dova Pharmaceuticals Inc 225,106 6,735,172 4.64%Endocyte Inc 135,770 1,873,626 1.29%Esperion Therapeutics Inc 94,411 3,699,967 2.55%Exelixis Inc 340,305 7,323,364 5.05%FibroGen Inc 18,155 1,136,503 0.78%Global Blood Therapeutics Inc 131,109 5,926,127 4.08%Immunomedics Inc 376,112 8,902,571 6.13%Insmed Inc 167,368 3,958,253 2.73%Inventiva SA 5,006 42,209 0.03%Kiniksa Pharmaceuticals Limited 200 3,470 0.00%Kura Oncology Inc 117,868 2,145,198 1.48%Molecular Templates Inc 59,182 309,522 0.21%Oncopeptides AB 59,166 1,059,561 0.73%OncoSec Medical Inc 577,015 796,281 0.55%Pacira Pharmaceuticals Inc/DE 179,030 5,737,912 3.96%SAGE Therapeutics Inc 1,606 251,387 0.17%Sangamo BioSciences Inc 350,011 4,970,156 3.42%Seattle Genetics Inc 34,614 2,298,023 1.58%Sol-Gel Technologies Limited 12,818 101,134 0.07%Stemline Therapeutics Inc 184,481 2,960,920 2.04%TESARO Inc 148,303 6,595,034 4.54%Zosano Pharma Corporation 221,363 903,161 0.62%

96,963,087 66.79%

Equity optionJanuary 19 Calls on BMRN US Call 115 18/01/2019 (Goldman Sachs) 1,022 396,025 0.27%

396,025 0.27%

Description






68

As at 30 June 2018

Numberof Units

Fair ValueUS$

% of Net Assets


Contracts for differenceAstrazeneca Plc-Spons ADR (UBS) 285,634 - 0.00%Cara Therapeutics Inc (Goldman Sachs) 88,000 95,920 0.07%Corcept Therapeutics Inc (Goldman Sachs) 131,654 55,295 0.04%Fibrogen Inc (UBS) 40,301 - 0.00%Sage Therapeutics Inc (Goldman Sachs) 19,992 98,360 0.07%Sage Therapeutics Inc (UBS) 17,937 - 0.00%Takeda Pharmaceutical Company Limited (Goldman Sachs) 228,974 - 0.00%

249,575 0.18%

Forward currency contracts*Currency Amount Currency Amount Maturity Gain % of NetReceivable Receivable Payable Payable Date US$ AssetsCHF 40,000 USD 40,273 26 July 2018 214 0.00%EUR 34,734,025 USD 40,547,158 26 July 2018 96,938 0.07%

97,152 0.07%


Description






69

As at 30 June 2018

Numberof Units

Fair ValueUS$

% of Net Assets

Financial liabilities at fair value through profit or loss

Contracts for differenceAllergan Plc (Morgan Stanley) 75,882 (243,020) (0.17%)Amgen Inc (Goldman Sachs) (14,387) (15,250) (0.01%)Endocyte Inc (Goldman Sachs) 82,505 (37,952) (0.03%)Health Care Select Sector (Goldman Sachs) (117,155) (32,803) (0.02%)Mallinckrodt Plc (Goldman Sachs) (155,715) (21,800) (0.02%)Mylan Inc (Goldman Sachs) 183,335 (240,169) (0.16%)Nasdaq Biotech Index (Goldman Sachs) (2,126) (163,498) (0.11%)Nasdaq Biotech Index (UBS) (1,277) (3) (0.00%)S&P Biotech Select Indus (Goldman Sachs) (874) (113,637) (0.08%)Vital Therapies Inc (Goldman Sachs) (57,523) (43,142) (0.03%)

(911,274) (0.63%)

Equity optionsJanuary 19 Puts on BMRN US Put 75 18/01/2019 (Goldman Sachs) (1,533) (467,565) (0.33%)July 18 Calls on GBT US Call 65 20/07/2018 (Goldman Sachs) (671) (20,130) (0.01%)

(487,695) (0.34%)Forward currency contracts*

Currency Amount Currency Amount Maturity Loss % of NetReceivable Receivable Payable Payable Date US$ AssetsCHF 5,737,524 USD 5,821,393 26 July 2018 (14,045) (0.01%)GBP 1,392,890 USD 1,846,522 26 July 2018 (5,938) (0.00%)

(19,983) (0.01%)



O ther assets 50,585,670 34.85%O ther liabilities (1,705,212) (1.17%)Net assets attributable to holders of redeemable shares 145,167,345 100.00%

% ofAnalysis of total assets AssetsTransferable securit ies listed on an official stock exchange 65.39%OTC financial derivative instruments 0.50%Cash and cash equivalents 32.83%Other assets 1.28%Total Assets 100.00%

Description

*Counterparty to forward currency contracts as at 30 June 2018 is BNY Mellon.



U ACCESS (IRL) CHEYNE ARBITRAGE UCITS


(Expressed in Euro)

70

As at 30 June 2018

Numberof Units

Fair Value€

% of Net Assets


EquityCom Hem Holding AB 216,500 3,013,702 4.25%

3,013,702 4.25%

Government bondsFrance Government Bond OAT 1% 25/11/2018 20,000,000 20,129,500 28.37%Kingdom of Belgium Treasury Bill 0% 11/10/2018 20,000,000 20,034,100 28.24%Spain Government Bond 3.75% 31/10/2018 20,000,000 20,274,900 28.58%

60,438,500 85.19%

Contracts for difference*Akorn Inc 63,133 44,331 0.06%Andeavor 26,100 28,608 0.04%AT&T Inc 27,585 41,465 0.06%CME Group Inc (3,787) 1,083 0.00%CVS Caremark Corporation (15,383) 75,084 0.11%Dell Technologies 42,564 21,140 0.03%Discovery Inc (154,995) 91,580 0.13%Envision Healthcare 83,572 10,019 0.01%Heineken NV 37,658 19,582 0.03%Hufvudstaden AB-A SHS 13,438 128 0.00%Husqvarna AB-B SHS 11,672 848 0.00%IAC/Interactivecorp 23,672 26,757 0.04%Industrivarden AB-C SHS 52,620 11,068 0.02%Indutrade AB 7,878 301 0.00%Infinity Property & Casualty 22,972 37,375 0.05%Kindred Healthcare Inc 248,256 - 0.00%Linde AG - Tender 15,770 36,271 0.05%Match Group Inc (50,653) 18,217 0.03%Naturex 20,077 - 0.00%Orbotech Limited 57,204 56,822 0.08%Pargesa Holding SA-BR (40,880) 22,228 0.03%Prosegur Cash SA (219,541) 6,586 0.01%Qliro Group AB 8,240 126 0.00%Rockwell Collins Inc 26,850 10,116 0.01%Rsp Permian Inc 90,429 1,549 0.00%Sandvik AB 6,026 2,103 0.00%Shire Plc 139,290 275,154 0.39%Sinclair Broadcast Group -A (17,700) 11,368 0.0002Skanska AB 5,637 2,802 0.00%Sky Plc 174,557 16,768 0.02%

Description





(Expressed in Euro)

71

As at 30 June 2018

Numberof Units

Fair Value€

% of Net Assets


Contracts for difference* (continued)Ssab AB-A Shares (498,341) 13,817 0.02%Svenska Handelsbkn Ser A 11,238 1,074 0.00%Tele2 AB-B SHS (192,164) 98,290 0.14%Twenty-First Century Fox - B 137,720 105,097 0.15%Verifone Systems Inc 163,807 2,805 0.00%Virgin Money Holdings UK-WI 294,643 20,312 0.03%XL Group Limited 66,163 567 0.00%Zalando SE 19,811 1,387 0.00%Zurich Financial Services AG 10,767 9,310 0.01%

1,122,138 1.57%


Currency Amount Currency Amount Maturity Gain % of NetReceivable Receivable Payable Payable Date € AssetsEUR 203,972 GBP 180,000 31 July 2018 735 0.00%EUR 3,206,569 SEK 33,124,500 31 July 2018 39,561 0.06%EUR 860,520 USD 1,000,000 31 July 2018 6,258 0.01%

46,554 0.07%


Description





(Expressed in Euro)

72

As at 30 June 2018

Numberof Units

Fair Value€

% of Net Assets

Financial l iabilities at fair value through profit or loss

Contracts for difference*Aetna Inc 18,317 (83,444) (0.12%)Angi Homeservices Inc- A (104,938) (40,437) (0.06%)Bayerische Motoren Werke AG 67,792 (66,436) (0.09%)Bayerische Motoren Werke-PRF (78,154) (11,723) (0.02%)Cie Generale d'Optique Essilor International SA (27,233) (4,085) (0.01%)Concho Resources Inc (28,937) (14,124) (0.02%)Cybg Plc-WI (357,142) (10,494) (0.01%)Discovery Inc-C 165,288 (82,092) (0.12%)Frutarom 29,463 (3,644) (0.01%)Gemalto 62,336 (14,961) (0.02%)GGP Inc 154,841 (17,237) (0.02%)Groupe Bruxelles Lambert SA 33,786 (6,082) (0.01%)Heineken Holding NV (39,088) (13,681) (0.02%)Holmen AB 15,857 (227) (0.00%)Innogy SE 85,529 (855) (0.00%)Investment AB Kinne (95,077) (39,995) (0.06%)Kemper Corporation (28,329) (56,695) (0.08%)Kla-Tencor Corporation (14,301) (23,145) (0.03%)KLX INC 51,372 (28,594) (0.04%)Lundbergs AB-B SHS (92,009) (7,037) (0.01%)Luxottica Group SpA 59,090 (4,727) (0.01%)Marathon Petroleum Corporation (41,486) (34,104) (0.05%)Millicom Intl Cellular-SDR 9,133 (873) (0.00%)Modern T imes Group-B SHS 2,329 (802) (0.00%)Nex Group Plc 85,293 (3,856) (0.01%)Nxp Semiconductors NV 69,412 (9,821) (0.01%)Praxair Inc (24,286) (18,292) (0.03%)Prosegur Cia de Seguridad SA 84,886 (849) (0.00%)Sartorius AG-Vorzug (49,982) (64,977) (0.09%)Sartorius Stedim Biotech 4,160 (3,952) (0.01%)Ssab AB - B Shares 624,856 (38,233) (0.04%)Takeda Pharmaceutical Company Limited (38,147) (34,990) (0.05%)Talanx AG (76,594) (22,978) (0.03%)Tribune Media Company - A 77,128 (5,284) (0.01%)United Technologies Corporation (9,099) (5,220) (0.01%)Validus Holdings Limited 54,965 (8,001) (0.01%)Vmware Inc-Class A (25,107) (100,402) (0.13%)Walt Disney Co/THE (24,661) (17,452) (0.02%)

(899,801) 1.26%

Futures contractsDAX Index Future Sep18 2 (25,075) (0.04%)OMXS30 Index Future Jul18 67 (3,043) (0.00%)

(28,118) 0.04%

Description





(Expressed in Euro)

73

As at 30 June 2018

Numberof Units

Fair Value€

% of Net Assets

Financial l iabilities at fair value through profit or loss (continued)


Currency Amount Currency Amount Maturity Loss % of NetReceivable Receivable Payable Payable Date € AssetsCHF 1,815,416 EUR 1,571,611 31 July 2018 (1,206) 0.00%EUR 38,921 CHF 45,000 31 July 2018 (5) 0.00%GBP 5,370,055 EUR 6,086,957 31 July 2018 (23,645) 0.03%USD 12,582,221 EUR 10,752,214 31 July 2018 (3,694) 0.01%

(28,550) 0.04%

Total financial l iabilities at fair value through profit or loss (956,469) 1.34%


O ther assets 12,191,415 17.18%O ther liabilities (4,908,855) (6.92%)

Net assets attributable to holders of redeemable shares 70,946,985 100.00%

% ofAnalysis of total assets AssetsTransferable securit ies listed on an official stock exchange 82.61%OTC financial derivative instruments 1.52%Cash and cash equivalents 14.94%Other assets 0.93%Total Assets 100.00%

Description

*Counterparty to contracts for difference at 30 June 2018 is UBS. **Counterparty to forward currency contracts as at 30 June 2018 is BNY Mellon.



SECURITIES FINANCING TRANSACTIONS REGULATION 2016

74

Securities Financing Transactions Regulation (Regulation (EU) 2015/2365) (“SFTR”) came into force on 12 January 2016 and, amongst other requirements, introduces new disclosure requirements in the Fund’s annual and interim reports published after 13 January 2017 detailing the Company’s use of securities financing transactions. Securities financing transactions are defined as repurchase/reverse repurchase transactions, total return swaps (including contracts for difference “CFDs”), securities borrowing and lending and margin lending transactions.

For the period ended 30 June 2018, the Company has not entered into any securities lending, securities borrowing or margin lending transactions.

For the period ended 30 June 2018, the Company has entered into total return swaps (including CFD’s) and repurchase agreements. As a result, additional disclosures have been included in this supplementary section to the unaudited semi-annual report and accounts.

The following table details the Company’s exposure to total return swaps as at 30 June 2018.

Fund CounterpartyCounterparty country

of incorporationTotal return swaps (including CFDs*)

% of net assets

CurrencyUSD

U Access (IRL) Trend Macro Citibank United States of America 322,122 0.08%U Access (IRL) Trend Macro Goldman Sachs United States of America 30,253,484 7.94%U Access (IRL) Electron Global Utility Fund Morgan Stanley United States of America 144,450,703 189.78%U Access (IRL) Nexthera UCITS Goldman Sachs United States of America 53,868,946 37.11%U Access (IRL) Nexthera UCITS Morgan Stanley United States of America 12,651,047 8.71%U Access (IRL) Nexthera UCITS UBS AG United States of America 49,371,076 34.01%U Access (IRL) Cheyne UCITS UBS AG United States of America 178,339,863 251.37%

*the value of total TRS’s is based on the aggregate gross notional value of all open positions. U Access (IRL) Trend Macro

The total returns earned on trading in total return swaps during the period ended 30 June 2018 was US$1,881,883.

For the period ended 30 June 2018, U Access (IRL) Trend Macro entered into repurchase agreements. The value of the repurchase agreement entered into as at 30 June 2018 amounts to (US$7,537,004). The total returns earned in trading in repurchase agreements was US$1,060,594. For the period ended 30 June 2018, U Access (IRL) Trend Macro did not trade in reverse repurchase agreements. U Access (IRL) Electron Global Utility Fund

The total returns earned on trading in total return swaps during the period ended 30 June 2018 was (US$3,497,878).

For the period ended 30 June 2018, U Access (IRL) Electron Global Utility Fund did not trade in repurchase or reverse repurchase agreements.

U Access (IRL) Nexthera UCITS

The total returns earned on trading in total return swaps during the period ended 30 June 2018 was (US$4,822,430).

For the period ended 30 June 2018, U Access (IRL) Nexthera UCITS did not trade in repurchase or reverse repurchase agreements.

U Access (IRL) Cheyne Arbitrage UCITS

The total returns earned on trading in total return swaps during the period ended 30 June 2018 was US$3,023,779.

For the period ended 30 June 2018, U Access (IRL) Cheyne Arbitrage UCITS did not trade in repurchase or reverse repurchase agreements.

Maturity tenor

All total return swaps have an open maturity tenor as at 30 June 2018 as they are recallable or terminable on a daily basis.

Settlement and clearing

All OTC derivative transactions and total return swaps are entered into by the Company under an International Swap and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivative transactions (including total return swaps) entered into by the parties.


SECURITIES FINANCING TRANSACTIONS REGULATION 2016 (CONTINUED)

75

Collateral and safekeeping

All collateral received by the Company under the ISDA Master Agreement is transferred under a title transfer arrangement. Collateral received by the Company is held by the Depositary in line with the UCITS regulatory requirements. The collateral posted by the Company is transferred either under a security interest or a title transfer arrangement in accordance with the terms of each ISDA Master Agreement.

Non-cash collateral received by way of title transfer collateral arrangement in relation to OTC derivative transactions, cannot be sold, re-invested or pledged.

As at 30 June 2018, the Company has pledged non-cash collateral in respect of the repurchase agreement of US$9,306,585. As at 30 June 2018, there has been no cash collateral received or pledged in relation to SFTR transactions. Any collateral disclosed elsewhere in the financial statements relates to other financial derivative instruments.

unaudited semi-annual report for the six month …€¦ · u access (ireland) ucits plc general...

Documents