Jpmorgan Private Fund Annual Report Ce en

Audited Annual Report
Private Bank Funds I
Société d’Investissement à Capital Variable, Luxembourg

(R.C.S. No. B 114 378)
31 March 2024
Audited Annual Report
As at 31 March 2024
Contents
Board of Directors 1
Management and Administration 2
Board of Directors’ Report 3
Investment Managers’ Report 7
Audit Report 8
Financial Statements and Statistical Information
Combined Statement of Net Assets 11
Combined Statement of Operations and Changes in Net Assets 15
Statement of Changes in the Number of Shares 19
Statistical Information 20
Notes to the Financial Statements 21
Schedule of Investments
Private Bank Funds I - Access Balanced Fund (EUR) 25
Private Bank Funds I - Access Balanced Fund (GBP) 26
Private Bank Funds I - Access Balanced Fund (USD) 27
Private Bank Funds I - Access Capital Preservation Fund (EUR) 29
Private Bank Funds I - Access Capital Preservation Fund (USD) 31
Private Bank Funds I - Access Conservative Fund (GBP) 32
Private Bank Funds I - Access Growth Fund (USD) 33
Private Bank Funds I - Access Growth Fund (GBP) 35
Private Bank Funds I - Dynamic Multi-Asset Fund (EUR) 36
Private Bank Funds I - Dynamic Multi-Asset Fund (USD) 38
Private Bank Funds I - Dynamic Income Fund (EUR) 40
Private Bank Funds I - Montes Excelsis Fund 41
Private Bank Funds I - Balanced Moderate Fund 43
Appendix - Unaudited Additional Disclosures

1. Total Expense Ratios 44
2. Summary of Investment Objectives of the Sub-Funds 46
3. Performance and Volatility 47
4. Interest Rate Received/(Charged) on Bank Accounts 48
5. Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% 48
6. Portfolio Turnover Ratio 48
7. Calculation Method of the Risk Exposure 49
8. Securities Financing Transactions 49
9. UCITS Remuneration Disclosures 50
10. Historical Statement of Changes in the Number of Shares 51
11. Management Fees of Undertakings Managed by Investment Managers which are not Members of JPMorgan Chase & Co. group 53
12. Other Events 56
13. Sustainable Finance Disclosure 57
For additional information please consult http://www.jpmorganassetmanagement.lu
No subscriptions can be received solely on the basis of this report. Subscriptions are only valid if made on the basis of the current Prospectus, the current
Key Information Documents, supplemented by the latest audited annual report and, if published thereafter, the latest unaudited semi-annual report.
The current Prospectus, the current Key Information Documents, the unaudited semi-annual report, as well as the audited annual report can be obtained
free of charge from the registered office of the SICAV and from local paying agents.
Details of the Investment Manager(s) for the individual Sub-Funds are available within the Prospectus and from the Management Company at its registered
office or from www.jpmorganassetmanagement.lu.
Board of Directors
Chairman
Jacques Elvinger
Elvinger Hoss Prussen, société anonyme
2, place Winston Churchill
B.P. 425, L-2014 Luxembourg
Grand Duchy of Luxembourg
Directors
Benoit Dumont Annabelle de Araujo
6, route de Trèves J.P. Morgan Securities LLC
L-2633 Senningerberg 277 Park Avenue
Grand Duchy of Luxembourg New York, NY, 10172-0003
United States of America
Alain Feis
6, route de Trèves
L-2633 Senningerberg
Registered Office
6, route de Trèves
1
Management and Administration
Management Company, Registrar and Transfer Agent, Global Distributor and Domiciliary Agent
JPMorgan Asset Management (Europe) S.à r.l.
6, route de Trèves
Investment Managers
J.P. Morgan SE - London Branch
25 Bank Street, Canary Wharf
London E14 5JP
United Kingdom
Depositary, Corporate, Administrative and Listing Agent

Brown Brothers Harriman (Luxembourg) S.C.A.
80, route d’Esch
L-1470 Luxembourg
Auditor
PricewaterhouseCoopers, Société coopérative
2, rue Gerhard Mercator
Luxembourg Legal Adviser

Elvinger Hoss Prussen, société anonyme
2, place Winston Churchill
2
Board of Directors’ Report
Members of the Board
Chairman
Jacques Elvinger
Non-Executive Director and Chairman. A member of the Board since February 2006.
Mr Elvinger became a member of the Luxembourg Bar in 1984 and has been a partner of the Luxembourg law firm Elvinger Hoss Prussen,
société anonyme, since 1987. Mr Elvinger practices general corporate and banking law and specialises in the field of investment and pension
funds. He is a member of the High Committee for the Development of the Financial Sector instituted by the Luxembourg Government. He is
also a member of the Advisory Committees to the Luxembourg Commission for the Supervision of the Financial Sector in the area of
investment funds. Mr Elvinger currently holds a number of board mandates with Luxembourg investment funds including several JPMorgan
managed Luxembourg-domiciled investment funds.
Directors
Annabelle de Araujo
Executive Director. A member of the Board since 31 July 2020.
Annabelle de Araujo is a Managing Director at J.P. Morgan Private Bank and leads a global team focusing on the structuring, product
development and product management for segregated portfolios, mutual funds and advisory programs for J.P. Morgan Wealth Management
clients. She has also served as a Director on the board of the J.P. Morgan Global Access Strategies SPC Ltd. Annabelle joined J.P. Morgan
Private Bank in 2011. Prior to that she was a Director in Ernst & Young’s advisory practice where she led the firm’s relationship with a portfolio
of global clients in the asset management and wealth sectors and the delivery of advisory services in the product, distribution and operating
model areas to this sector. Her key areas of expertise are product development and management, business and operating model strategy
and design, regulatory change and distribution. She is a qualified Chartered Accountant and is an associate of the Institute of Chartered
Accountants in England & Wales.
Benoit Dumont
Non-Executive Director since 31 March 2017. A member of the Board since February 2006.
Mr Dumont was an employee of JPMorgan Suisse S.A. from 1999 until March 2017. Prior to his retirement, Mr Dumont held several positions
as Chairman of the Board of JPMorgan Suisse S.A. from 2007, Managing Director with JPMorgan in Brussels from 1980 and in New York from
1996. He holds a Bachelor degree in Commercial Engineering and a postgraduate degree in Economics and Finance and taught Finance at
ULB-CEPAC. Mr Dumont is currently Chairman of the Board and member of the Audit and Risks Committee of JPMorgan Suisse S.A. He is also a
Director of Holding Benjamin et Edmond de Rothschild SA and Edmond de Rothschild Holding SA - Switzerland as well as Vice Chairman of the
Board and Audit Committee of Edmond de Rothschild Suisse SA and Vice Chairman of Equatex AG, Zurich. Mr Dumont also sits on the Board of
Trustees of the British School of Brussels.
Alain Feis
Independent Non-Executive Director. A member of the Board since February 2006.
Active in the field of Private Banking for more than 30 years, Mr Feis has been working in management positions with various institutions in
Luxembourg.
The Board of Directors (the “Board”) is pleased to present the Audited Annual Report of Private Bank Funds I (the “Fund”) for the year ended
31 March 2024, and considers that taken as a whole they are fair and balanced and provide the information necessary for Shareholders to
assess the Fund’s position and performance.
Structure of the Fund

The Fund is a variable capital open-ended investment company, organised as a “Société Anonyme”, under the laws of the Grand Duchy of
Luxembourg. The Board has appointed JPMorgan Asset Management (Europe) S.à r.l. (JPMAME) as Management Company of the Fund. The
Fund is organised as an “umbrella” with a number of Sub-Funds each of which has its own investment objective, policies and restrictions.
The objective of the Fund is to place the money available to it in transferable securities and other permitted assets of any kind, in accordance
with the Fund’s Prospectus, with the purpose of spreading investment risks and affording Shareholders the results of the management of
their portfolios.
The Fund qualifies as an Undertaking for Collective Investment in Transferable Securities (UCITS) under the EC Directive 2009/65/EC of 13
July 2009 and is subject to the Luxembourg law of 17 December 2010, as amended, on undertakings for collective investment. The Fund may
therefore be offered for sale in European Union Member States, subject to notification in countries other than the Grand Duchy of
Luxembourg. In addition, applications to register the Fund and its Sub-Funds may be made in other countries.
The Fund currently has 13 Sub-Funds. All of the Sub-Funds and Share Classes are registered for offer and distribution in the Grand Duchy of
Luxembourg and a number of the Sub-Funds and Share Classes are registered for distribution in the following jurisdictions: Austria, Belgium,
Cyprus, Denmark, Finland, France, Germany, Greece, Ireland, Italy, The Netherlands, Singapore, Spain, Sweden, Switzerland and the United
Kingdom. During the year there were no country registrations or de-registrations.
3
Board of Directors’ Report (continued)
Role and Responsibility of the Board

The responsibility of the Board is governed exclusively by Luxembourg law. With respect to the annual accounts of the Fund, the duties of the
Directors are governed by the law of 10 December 2010 on, inter alia, the accounting and annual accounts of undertakings for collective
investment and by the law of 17 December 2010, as amended, relating to undertakings for collective investment.
A management agreement between the Fund and JPMorgan Asset Management (Europe) S.à r.l. sets out the matters over which the
Management Company has authority under Chapter 15 of the Law of 17 December 2010. This includes management of the Fund’s assets and
the provision of administration, registration, domiciliation agent and marketing services. All other matters are reserved for approval by the
Board and a schedule setting out such matters for clarity is in place between the Board and the Management Company. The matters reserved
for the Board include determination of each Sub-Fund’s investment objective and policies, investment restrictions and powers, amendments
to the Prospectus, reviewing and approving key investment and financial data, including the annual accounts, as well as the appointment of,
and review of the services provided by, the Management Company, Auditor and Depositary.
Prior to each Board meeting the Directors receive detailed and timely information allowing them to be prepared for the items under
discussion during the meeting. For each quarterly meeting the Board requests, and receives, reports from, amongst others, the Management
Company, the investment managers, risk management as well as proposals for changes to existing Sub-Funds or proposals to launch new
ones as appropriate. Senior representatives of each of these functions attend Board meetings by invitation to enable the Directors to
question the reports presented to them.
The Directors take decisions in the interests of the Fund and its Shareholders as a whole and refrain from taking part in any deliberation or
decision which creates a conflict of interest between their personal interests and those of the Fund and its Shareholders. The subject of
conflicts of interest is documented in the Prospectus and the Management Company’s policy on conflicts of interest is available for inspection
on the website:
https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/lu/en/communications/lux-communication/conflicts-of-interest-ce-en.pdf
The Board can take independent professional advice if necessary and at the Fund’s expense.
Board Composition
The Board is chaired by Mr. Elvinger and consists of two Non-Executive Directors, one Independent Non-Executive Director and one Executive
Director.
The Board defines an Executive Director as someone who is employed by JPMorgan Chase & Co or any of its affiliates, a Non-Executive
Director as someone who has a business, family or other relationship with the Fund or JPMorgan Chase & Co or any of its affiliates, and an
Independent Non-Executive Director as someone who is free of any business, family or other relationship with the Fund or JPMorgan Chase &
Co or any of its affiliates. All Board meetings require a majority of Non-Executive Directors to be in attendance.
In appointing a Director the Board takes into account the relative mix and composition of the Board, which as a whole has a breadth of
investment knowledge, financial skills, as well as legal and other experience relevant to the Fund’s business.
The Board does not limit the number of years of Directors’ service and it does take into account the nature and requirements of the fund
industry and of the Fund’s business when making recommendation to Shareholders that Directors be elected. The terms of each Director’s
appointment are set out in a contract for services and these are available at the Fund’s registered office for inspection.
Induction and Training
All new Directors will receive an induction incorporating relevant information regarding the Fund and their duties and responsibilities as a
Director. In addition, the Board takes active steps to keep up to date with developments relevant to the Fund and have ensured that a formal
training programme is in place.
Board Evaluation
The Board carries out a biennial review of its performance.
Board Remuneration
The Board believes that the remuneration of its members should reflect the responsibilities and experience of the Board as a whole and be
fair and appropriate given the size, complexity and investment objectives of the Fund. The remuneration is reviewed on an annual basis. The
Chair is paid EUR 22,546 and the other Directors EUR 20,041 per annum apart from the Executive Director who has agreed to waive her
remuneration. No element of the remuneration paid by the Fund to the Directors is performance related.
Board Meetings and Committees
The Board meets quarterly but if necessary additional meetings will be arranged. Given the scope and nature of the business of the Fund, the
Board does not currently consider it necessary to have a formal Audit or Remuneration Committee or indeed any other standing committees.
However, this is kept under review. All Board related matters are therefore currently approved by the Board or, where there are specific
matters that need further consideration, a Sub-Committee of the Board could be formed for this specific purpose. Such circumstances could
be where the Board requests some amendments to the Prospectus and where it is not appropriate to wait till the next quarterly Board
meeting for this to be approved. These Sub-Committee meetings are usually formed of a minimum of two Directors.
There were four quarterly Board meetings held during the year where, amongst other matters, the agenda included those items highlighted
under the section above called ‘Role and Responsibility of the Board’. In addition to the Board meeting where the Auditors present the report
on the audit of the Fund accounts, the Non-Executive Directors also meet with them annually without the Executive Directors being in
attendance.
4
Internal Control
Investment management and all administrative services are provided by the Management Company and custody of assets is provided by
Brown Brothers Harriman (Luxembourg) S.C.A. Investment management is provided by J.P. Morgan SE - London Branch. The Board’s system
of internal control therefore mainly comprises monitoring the services provided by the Management Company and the Depositary, including
the operational and compliance controls established by them to meet the Fund’s obligations to Shareholders as set out in the Prospectus,
Articles of Incorporation as well as all relevant regulations. The Management Company formally reports to the Board on a quarterly basis on
the various activities it is responsible for and in addition shall inform the Board without delay of any material administrative or accounting
matters.
Corporate Governance and ALFI Code of Conduct
The Board is responsible for ensuring that a high level of corporate governance is met and considers that the Fund has complied with the best
practices in the Luxembourg funds industry.
In particular the Board has adopted the ALFI Code of Conduct (the “Code”) which sets out principles of good governance. These principles are
set out below:
1. The Board should adopt clear and transparent standards of corporate governance;
2. The Board should have good professional standing and appropriate experience and use best efforts to ensure that it is collectively
competent to fulfil its responsibilities;
3. The Board should act fairly and independently in the best interests of the investors;
4. The Board should act with due care and diligence in the performance of its duties;
5. The Board should ensure compliance with all applicable laws and regulations and with the Fund’s constitutional documents;
6. The Board should ensure that investors are properly informed, are fairly and equitably treated, and receive the benefits and services to
which they are entitled;
7. The Board should ensure that an effective risk management process and appropriate internal controls are in place;
8. The Board should identify and manage fairly and effectively, to the best of its ability, any actual, potential or apparent conflict of interest
and ensure appropriate disclosure;
9. The Board should ensure that Shareholder rights are exercised in a considered way and in the best interests of the Fund;
10. The Board should ensure that the remuneration of the Board members is reasonable and fair and adequately disclosed;
11. The Board should integrate as appropriate sustainability standards and objectives including environmental, social and governance (ESG)
criteria in its business model and operations.
The Board considers that the Fund has been in compliance with the principles of the Code in all material aspects throughout the financial year
ended 31 March 2024. The Board undertakes an annual review of ongoing compliance with the principles of the Code.
Proxy Voting Policy
The Board delegates responsibility for proxy voting to the Management Company. The Management Company manages the voting rights of
the shares entrusted in a prudent and diligent manner, based exclusively on the reasonable judgement of what will best serve the financial
interests of clients. So far as is practicable, the Management Company will vote at all of the meetings called by companies in which they are
invested.
A copy of the global proxy voting guidelines is available from the Fund’s registered office upon request or on the website:
https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/institutional/communications/lux-communication/corporate-governanc
e-principles-and-voting-guidelines.pdf
Directors and Officers Indemnity Insurance

The Fund’s Articles of Incorporation indemnify the Directors against expenses reasonably incurred in connection with any claim against
them arising in the course of their duties or responsibilities as long as they have not acted fraudulently or dishonestly. To protect
Shareholders against any such claim, the Board has taken out Directors and Officers Indemnity Insurance which indemnifies the Directors
against certain liabilities arising in the course of their duties and responsibilities but does not cover against any fraudulent or dishonest
actions on their part.
Auditor
PricewaterhouseCoopers, Société coopérative, are the appointed auditor of the Fund. The provision of audit services was last put to
competitive tender in 2016. The Board reviewed the services of PwC in 2023 and decided that, subject to any other influencing factor, they
should continue to be proposed to the Shareholders to be appointed as Auditor.
Annual General Meetings

The next Annual General Meeting of the Fund will be held on 26 July 2024 at the Registered Office of the Fund to consider matters relating to
the year ending on 31 March 2024. At this meeting Shareholders will be requested to consider the usual matters at such meetings including:
1. The adoption of the financial statements and approval of the allocation of the results;
2. The approval of Directors’ fees;
3. The election of certain Directors;
4. The election of the Auditor; and
5. The discharge of Directors duties.
No special business is being proposed by the Board.
5
Discharge of Directors
One of the resolutions in the AGM is, as required under Luxembourg Law, for Shareholders to vote on the discharge the directors of their
duties for the fiscal year in question. This discharge is only valid where the annual accounts contain no omission or false information
concealing the real financial situation of the Fund.
Privacy Policy
The Management Company complies with a privacy policy that has been issued by J.P. Morgan Asset Management which can be accessed at
www.jpmorgan.com/emea-privacy-policy. This policy was updated during the year to comply with the General Data Protection Regulation.
Significant Events
Please refer to Notes 13 and 14 and to Appendix 12 for details of the significant events during the year and after the year end.
The Board of Directors

Luxembourg, 18 June 2024
The information stated in the report is historical and is not representative of future results.
6
Investment Managers’ Report
Global Market Review for the year ended 31 March 2024

Global financial markets surged upward in the second half of the period as inflationary pressures receded and leading central banks
suspended further increases in policy interest rates. Investor expectations that a broad economic recession could be avoided fueled demand
for both equities and fixed income assets.
The late rally in developed markets equity, led by the U.S., generated substantial returns for the period. Emerging markets equity and debt
also benefitted from investor demand for higher returns. Fixed income markets also turned positive on the outlook for interest rates, though
they broadly underperformed equity markets.
For the twelve months ended 31 March 2024, the MSCI World Index returned 25.72% and the Bloomberg Barclays Global Aggregate Index
returned 0.49% (All performance in USD terms, 31 March 2024, source: J.P. Morgan Asset Management).
While global economic growth was generally stronger than expected in early 2023, the collapse of Silicon Valley Bank in late March roiled
financial markets. Even as U.S. regulators moved to guarantee some deposits at the bank to prevent further contagion, depositors began
withdrawing cash from First Republic Bank. At the end of April 2023, U.S. regulators announced First Republic Bank had been closed and sold
to J.P. Morgan Chase & Co. Meanwhile, the Swiss government brokered a takeover of troubled Credit Suisse by UBS Group AG. These events
sharply elevated market volatility, particularly in U.S. regional bank stocks.
Throughout the first half of 2023, leading central banks continued to raise interest rates at regular intervals in an effort to reduce inflationary
pressures unleashed by post-pandemic supply/demand imbalances. By the end of summer 2023, inflation data in the U.S. and across Europe
had shown significant reduction in core consumer prices. In response, the U.S. Federal Reserve, the European Central Bank and the Bank of
England in separate decisions each declined to raise interest rates further during the final months of 2023.
By the start of the second half of 2023, the general consensus view of economists was that interest rates would remain elevated for an
extended period, particularly in the U.S. where labour markets remained tight and economic growth was generally stronger than expected.
However, at its December 2023 meeting, the Fed indicated it was prepared to begin the process of cutting interest rates in 2024, given the
trajectory of inflation data. The potential for lower interest rates helped to fuel a rally in developed market equities through the end of 2023
and into 2024.
Global economic growth largely proved more resilient than economists' forecasts during the twelve month period, led by expansions in the
U.S., Japan, India and select emerging markets. Meanwhile, the Eurozone, U.K., China and Canada struggled with weaker growth. China's
economy faced low levels of consumer spending and business confidence, along with long-standing debt issues in the domestic property
sector. Across Europe, weakness in consumer and business spending and ongoing stresses from the war in Ukraine have weighed on
economic growth. Notably, inflation data in the U.K. indicated that prices were declining at somewhat slower pace than in other developed
markets.
However, investor concerns about a potential economic recession receded during the period as data showed a general trend toward stability
in labour markets amid declining inflation and the pivot in the policies of leading central banks. Global equity markets responded with a
five-month rally through the end of March 2024. Notably, the outperformance of U.S. equity markets was largely led by a handful of large cap
companies in the information technology and communications sectors; Apple Inc., Amazon.com Inc., Alphabet Inc., Meta Platforms Inc.,
Microsoft Corp., Nvidia Corp. and Tesla Inc.
Outlook
While the economic outlook appears significantly brighter than one year ago, there remain risks to global growth. Slower economic
expansion due to the impact of elevated interest rates may leave national economies vulnerable to potential shocks from geopolitical events,
natural disasters or political turmoil. Financial markets may come under pressure should central banks decline to reduce interest rates to the
extent expected by investors. Additionally, the recent run-up in equity prices, particularly in the U.S., may drive increased market volatility or
market sell-off.
Financial markets have proven to be resilient over the past year and the global macroeconomic backdrop is likely to continue to provide
support for a range of asset classes. In this environment, fixed income investment may provide attractive levels of income and U.S. equity
markets are likely to see a broadening of corporate earnings growth. The prospects for long-term economic growth and improving corporate
fundamentals should provide further support for global equity markets.
Investment Managers
Luxembourg, 18 June 2024
7
Audit report
To the Shareholders of
Our opinion
In our opinion, the accompanying annual accounts give a true and fair view of the financial position of
Private Bank Funds I (the “Fund”) and of each of its sub-funds as at 31 March 2024, and of the results of their
operations and changes in their net assets for the year then ended in accordance with Luxembourg legal
and regulatory requirements relating to the preparation and presentation of the annual accounts.
What we have audited
The Fund’s annual accounts comprise:
· the Combined Statement of Net Assets as at 31 March 2024;

· the Combined Statement of Operations and Changes in Net Assets for the year then ended;
· the Schedule of Investments as at 31 March 2024; and
· the notes to the annual accounts, which include a summary of significant accounting policies.
Basis for opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July
2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission
de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as
adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur
d’entreprises agréé” for the audit of the annual accounts” section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
We are independent of the Fund in accordance with the International Code of Ethics for Professional
Accountants, including International Independence Standards, issued by the International Ethics
Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the
ethical requirements that are relevant to our audit of the annual accounts. We have fulfilled our other
ethical responsibilities under those ethical requirements.
Other information
The Board of Directors of the Fund is responsible for the other information. The other information
comprises the information stated in the annual report but does not include the annual accounts and our
audit report thereon.
Our opinion on the annual accounts does not cover the other information and we do not express any form of
assurance conclusion thereon.
PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg
T:+352 494848 1, F:+352 494848 2900, www.pwc.lu
Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n° 10028256)

R.C.S. Luxembourg B 65 477 - TVA LU25482518
8
In connection with our audit of the annual accounts, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with the
annual accounts or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors of the Fund for the annual accounts
The Board of Directors of the Fund is responsible for the preparation and fair presentation of the annual
accounts in accordance with Luxembourg legal and regulatory requirements relating to the preparation
and presentation of the annual accounts, and for such internal control as the Board of Directors of the Fund
determines is necessary to enable the preparation of annual accounts that are free from material
misstatement, whether due to fraud or error.
In preparing the annual accounts, the Board of Directors of the Fund is responsible for assessing the Fund’s
and each of its sub-funds’ ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the Board of Directors of the Fund
either intends to liquidate the Fund or close any of its sub-funds or to cease operations, or has no realistic
alternative but to do so.
Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the annual accounts
The objectives of our audit are to obtain reasonable assurance about whether the annual accounts as a
whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these annual accounts.
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by
the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit.
We also:
· identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
· obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund’s internal control;
· evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors of the Fund;
9
· conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related
to events or conditions that may cast significant doubt on the Fund’s or any of its sub-funds’ ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our audit report to the related disclosures in the annual accounts or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our audit report. However, future events or conditions may cause the Fund or any of its
sub-funds to cease to continue as a going concern;
· evaluate the overall presentation, structure and content of the annual accounts, including the
disclosures, and whether the annual accounts represent the underlying transactions and events in a
manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
PricewaterhouseCoopers, Société coopérative Luxembourg, 18 June 2024

Represented by
Régis Malcourant
10
Combined Statement of Net Assets
As at 31 March 2024
Private Bank
Funds I
Combined
USD
Assets
Investments in Securities at Market Value 9,873,455,942
Acquisition Cost: 8,647,957,864
Amounts Receivable from Subscriptions 58,443,876
Cash at Bank and at Brokers 43,838,311
Amounts Receivable on Sale of Investments 13,188,359
Net Unrealised Gain on Forward Foreign Exchange Contracts 584,659
Fee Waiver * 2,495
Total Assets 9,989,513,642
Liabilities
Amounts Payable on Redemptions 45,489,656
Management and Advisory Fees Payable 4,938,348
Amounts Payable on Purchase of Investments 2,539,038
Net Unrealised Loss on Forward Foreign Exchange Contracts 1,208,247
Other Payables** 1,127,659
Total Liabilities 55,302,948
Total Net Assets 9,934,210,694
Historical Total Net Assets

31 March 2023 10,826,754,229
31 March 2022 12,540,219,456
* Please refer to Note 3a), 3b) and 3c). To the extent that actual operating costs exceed the capped percentage, the amount borne by the Management Company will be separately disclosed as a “Fee
Waiver” in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets.
** Other Payables are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses.
The accompanying notes form an integral part of these Financial Statements.
11
Combined Statement of Net Assets (continued)
As at 31 March 2024
Access Access Access Access Access Access
Balanced Balanced Balanced Capital Preservation Capital Preservation Conservative
Fund (EUR) Fund (GBP) Fund (USD) Fund (EUR) Fund (USD) Fund (GBP) (1)
EUR GBP USD EUR USD GBP
3,115,350,227 446,046,782 1,873,635,808 1,160,344,296 400,640,871 10,375,005

2,635,426,811 374,264,764 1,554,184,301 1,114,691,592 374,706,118 10,240,416
31,260,801 4,500,000 8,430,184 2,715,000 - 125,000
5,039,315 790,694 20,442,785 715,964 3,464,475 111,527
- - - - - -
- - - 189 - -
- 1,241 - - - -
3,151,650,343 451,338,717 1,902,508,777 1,163,775,449 404,105,346 10,611,532
18,270,886 1,302,755 4,971,961 2,012,555 1,400,040 -

1,467,378 255,757 1,047,774 601,225 214,916 2,957
- - - - - -
- - 2,319 - - -
339,265 52,292 220,659 138,865 48,880 682
20,077,529 1,610,804 6,242,713 2,752,645 1,663,836 3,639
3,131,572,814 449,727,913 1,896,266,064 1,161,022,804 402,441,510 10,607,893
2,594,035,418 397,882,782 1,596,610,395 1,124,042,349 363,103,357 -

2,624,538,183 378,012,385 1,671,377,955 1,389,316,208 447,368,285 -
(1) This Sub-Fund was launched on 13 March 2024.

12
As at 31 March 2024
Access
Growth
Fund (USD)
USD
Assets
Investments in Securities at Market Value 233,463,577
Acquisition Cost: 192,524,942
Amounts Receivable from Subscriptions 6,200,000
Cash at Bank and at Brokers 397,447
Amounts Receivable on Sale of Investments -
Net Unrealised Gain on Forward Foreign Exchange Contracts -
Fee Waiver * -
Total Assets 240,061,024
Liabilities
Amounts Payable on Redemptions -
Management and Advisory Fees Payable 143,153
Amounts Payable on Purchase of Investments 2,304,196
Net Unrealised Loss on Forward Foreign Exchange Contracts 5,046
Other Payables** 28,824
Total Liabilities 2,481,219
Total Net Assets 237,579,805
Historical Total Net Assets

31 March 2023 225,232,694
31 March 2022 257,096,497
* Please refer to Note 3a), 3b) and 3c). To the extent that actual operating costs exceed the capped percentage, the amount borne by the Management Company will be separately disclosed as a “Fee
** Other Payables are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses.
13
As at 31 March 2024
Access Dynamic Dynamic Dynamic Montes Balanced
Growth Multi-Asset Multi-Asset Income Excelsis Moderate
Fund (GBP) (1) Fund (EUR) Fund (USD) Fund (EUR) (1) Fund Fund
GBP EUR USD EUR USD EUR
13,880,255 449,313,268 1,054,060,709 19,423,327 244,071,602 323,600,724

13,631,151 414,847,070 967,274,140 19,257,347 223,468,095 290,642,557
392,999 523,000 216,000 - - -
21,105 994,450 2,393,016 1,001,135 7,245,293 331,454
116,895 8,849,353 3,483,390 - - -
- - 389,800 - 194,655 -
- - - - 928 -
14,411,254 459,680,071 1,060,542,915 20,424,462 251,512,478 323,932,178
- 9,954,298 4,815,193 - - -
4,494 236,101 548,768 5,283 79,905 70,878
185,903 - - - - -
- 1,111,928 - - - -
899 54,914 127,281 1,220 29,616 25,313
191,296 11,357,241 5,491,242 6,503 109,521 96,191
14,219,958 448,322,830 1,055,051,673 20,417,959 251,402,957 323,835,987
- 1,386,994,410 2,059,805,036 - 234,128,873 284,878,429

- 1,941,499,933 2,794,447,706 - 245,994,155 -
14
Combined Statement of Operations and Changes in Net Assets
For the Year Ended 31 March 2024
Private Bank
Funds I
Combined
USD
Net Assets at the Beginning of the Year* 10,802,652,366
Income
Dividend Income, Net 40,719,529
Bank Interest 2,920,014
Other Income 20,556
Total Income 43,660,099
Expenses
Management and Advisory Fees 63,635,193
Depositary, Corporate, Administration and Domiciliary Agency Fees 2,850,260
Registrar and Transfer Agency Fees 273,790
Taxe d’abonnement 3,697,634
Overdraft Interest 39,943
Sundry Fees** 1,235,752
71,732,572
Less: Fee Waiver*** (220,603)
Total Expenses 71,511,969
Net Investment Income/(Loss) (27,851,870)
Net Realised Gain/(Loss) on Sale of Investments 109,121,187

Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 47,280
Net Realised Gain/(Loss) on Foreign Exchange (2,478,361)
Net Realised Gain/(Loss) for the Year 106,690,106
Net Change in Unrealised Gain/(Loss) on Investments 989,897,966

Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts (2,729,520)
Net Change in Unrealised Gain/(Loss) on Foreign Exchange 744,787
Net Change in Unrealised Gain/(Loss) for the Year 987,913,233
Increase/(Decrease) in Net Assets as a Result of Operations 1,066,751,469
Movements in Share Capital

Subscriptions 1,488,203,597
Redemptions (3,414,088,859)
Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital (1,925,885,262)
Dividend Distribution (9,307,879)
Net Assets at the End of the Year 9,934,210,694
* The opening balance was combined using the foreign exchange rates as at 31 March 2024. The same net assets when combined using the foreign exchange rate ruling as at 31 March 2023 reflected a
figure of USD 10,826,754,229.
** Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees, registration, publication, mailing, printing fees, broker collateral charges as well as legal and marketing expenses.
*** Please refer to Note 3a), 3b) and 3c). To the extent that actual operating costs exceed the capped percentage, the amount borne by the Management Company will be separately disclosed as a “Fee
15
Combined Statement of Operations and Changes in Net Assets (continued)
Access Access Access Access Access Access
Balanced Balanced Balanced Capital Preservation Capital Preservation Conservative
Fund (EUR) Fund (GBP) Fund (USD) Fund (EUR) Fund (USD) Fund (GBP) (1)
EUR GBP USD EUR USD GBP
2,594,035,418 397,882,782 1,596,610,395 1,124,042,349 363,103,357 -
11,492,040 4,356,471 5,675,088 5,504,690 1,596,933 -

261,445 56,000 314,529 143,184 67,733 1,306
7,617 1,215 1,885 1,219 1,040 -
11,761,102 4,413,686 5,991,502 5,649,093 1,665,706 1,306
16,936,371 2,993,337 11,899,042 7,407,175 2,526,035 2,957

699,833 169,705 397,592 320,172 130,356 -
35,911 20,345 35,781 27,379 21,575 -
1,192,014 171,784 666,296 393,075 130,219 1,301
- 432 - - - -
172,661 67,143 198,032 107,398 101,231 3,819
19,036,790 3,422,746 13,196,743 8,255,199 2,909,416 8,077
(10,001) (27,695) (6,177) (26,968) (30,476) (4,437)
19,026,789 3,395,051 13,190,566 8,228,231 2,878,940 3,640
(7,265,687) 1,018,635 (7,199,064) (2,579,138) (1,213,234) (2,334)
29,244,867 7,783,598 37,813,745 (8,460,322) 5,309,221 82

- - 699,529 22,072 171,970 -
165,948 70,728 (94,942) 30,282 (71,267) 10,556
29,410,815 7,854,326 38,418,332 (8,407,968) 5,409,924 10,638
380,539,906 43,797,454 210,349,098 81,982,350 23,756,042 134,589

- - 202,912 (9,344) 44,142 -
(1,714) (213) (194) - - -
380,538,192 43,797,241 210,551,816 81,973,006 23,800,184 134,589
402,683,320 52,670,202 241,771,084 70,985,900 27,996,874 142,893
511,414,891 70,813,128 335,016,400 296,900,225 63,530,311 10,465,000

(375,282,673) (68,798,299) (274,703,041) (330,895,767) (52,055,935) -
136,132,218 2,014,829 60,313,359 (33,995,542) 11,474,376 10,465,000
(1,278,142) (2,839,900) (2,428,774) (9,903) (133,097) -
3,131,572,814 449,727,913 1,896,266,064 1,161,022,804 402,441,510 10,607,893
16
Access
Growth
Fund (USD)
USD
Net Assets at the Beginning of the Year* 225,232,694
Income
Dividend Income, Net 726,295
Bank Interest 56,511
Other Income 876
Total Income 783,682
Expenses
Management and Advisory Fees 1,773,698
Depositary, Corporate, Administration and Domiciliary Agency Fees 116,028
Registrar and Transfer Agency Fees 23,161
Taxe d’abonnement 108,089
Overdraft Interest 1,265
Sundry Fees** 81,145
2,103,386
Less: Fee Waiver*** (27,880)
Total Expenses 2,075,506
Net Investment Income/(Loss) (1,291,824)
Net Realised Gain/(Loss) on Sale of Investments 10,535,238

Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 73,288
Net Realised Gain/(Loss) on Foreign Exchange (9,181)
Net Realised Gain/(Loss) for the Year 10,599,345
Net Change in Unrealised Gain/(Loss) on Investments 34,400,234

Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 19,721
Net Change in Unrealised Gain/(Loss) on Foreign Exchange (3,543)
Net Change in Unrealised Gain/(Loss) for the Year 34,416,412
Increase/(Decrease) in Net Assets as a Result of Operations 43,723,933
Movements in Share Capital

Subscriptions 29,804,283
Redemptions (60,461,098)
Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital (30,656,815)
Dividend Distribution (720,007)
Net Assets at the End of the Year 237,579,805
* The opening balance was combined using the foreign exchange rates as at 31 March 2024. The same net assets when combined using the foreign exchange rate ruling as at 31 March 2023 reflected a
figure of USD 10,826,754,229.
** Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees, registration, publication, mailing, printing fees, broker collateral charges as well as legal and marketing expenses.
*** Please refer to Note 3a), 3b) and 3c). To the extent that actual operating costs exceed the capped percentage, the amount borne by the Management Company will be separately disclosed as a “Fee
17
Access Dynamic Dynamic Dynamic Montes Balanced
Growth Multi-Asset Multi-Asset Income Excelsis Moderate
Fund (GBP) (1) Fund (EUR) Fund (USD) Fund (EUR) (1) Fund Fund
GBP EUR USD EUR USD EUR
- 1,386,994,410 2,059,805,036 - 234,128,873 284,878,429
- 3,302,038 3,559,532 - 472,710 1,169,435

728 425,096 1,278,532 2,055 211,917 17,739
- 1,048 3,151 - 511 818
728 3,728,182 4,841,215 2,055 685,138 1,187,992
4,494 5,618,743 9,423,261 5,283 949,384 840,787

- 261,146 401,667 - 97,313 101,186
- 24,530 30,458 - 21,400 19,323
1,713 213,514 414,286 2,324 81,761 121,452
- 11,994 23,297 - 1,621 241
3,827 110,238 140,000 33,677 83,755 73,352
10,034 6,240,165 10,432,969 41,284 1,235,234 1,156,341
(4,642) (15,746) (8,289) (7,643) (928) (32,603)
5,392 6,224,419 10,424,680 33,641 1,234,306 1,123,738
(4,664) (2,496,237) (5,583,465) (31,586) (549,168) 64,254
101 12,353,466 10,011,820 795 (675,226) 466,312

- 993,427 (1,590,442) - (403,804) -
32,375 (1,683,377) (438,703) 2,770 (412,151) 6,881
32,476 11,663,516 7,982,675 3,565 (1,491,181) 473,193
249,104 22,702,048 81,253,435 165,980 18,582,264 38,447,740

- (3,670,994) 575,358 - 403,112 -
42 714,149 (350,018) - 329,057 251
249,146 19,745,203 81,478,775 165,980 19,314,433 38,447,991
276,958 28,912,482 83,877,985 137,959 17,274,084 38,985,438
13,943,000 23,181,502 19,645,778 20,280,000 - -

- (990,671,686) (1,107,361,216) - - -
13,943,000 (967,490,184) (1,087,715,438) 20,280,000 - -
- (93,878) (915,910) - - (27,880)
14,219,958 448,322,830 1,055,051,673 20,417,959 251,402,957 323,835,987
18
Statement of Changes in the Number of Shares (continued)
Shares Outstanding Shares Outstanding
at the Beginning Shares Shares at the End
of the Year Subscribed Redeemed of the Year
Private Bank Funds I - Access Balanced Fund (EUR)

Access Balanced Fund (EUR) A (acc) 388,527.985 85.000 77,489.565 311,123.420
Access Balanced Fund (EUR) B (acc) 40,043.371 – – 40,043.371
Access Balanced Fund (EUR) C (acc) 8,166,681.042 2,249,075.619 1,535,492.841 8,880,263.820
Access Balanced Fund (EUR) C (inc) 920,742.143 111,252.819 114,386.448 917,608.514
Access Balanced Fund (EUR) Inst (acc) 950,869.041 159,298.682 28,476.514 1,081,691.209
Access Balanced Fund (EUR) Inst (inc) 25,349.051 – 318.543 25,030.508
Access Balanced Fund (EUR) Q (acc) 6,635,002.264 148,386.283 266,768.312 6,516,620.235
Private Bank Funds I - Access Balanced Fund (GBP)

Access Balanced Fund (GBP) A (acc) 41,404.668 – 324.261 41,080.407
Access Balanced Fund (GBP) A (inc) 4,088.233 27.257 – 4,115.490
Access Balanced Fund (GBP) B (inc) 10,513.697 – – 10,513.697
Access Balanced Fund (GBP) C (acc) 1,180,574.327 217,946.711 245,357.172 1,153,163.866
Access Balanced Fund (GBP) C (inc) 873,496.270 168,307.665 172,804.176 868,999.759
Access Balanced Fund (GBP) Inst (acc) 34,715.477 11,212.321 725.525 45,202.273
Access Balanced Fund (GBP) Inst (inc) 561,080.136 60,345.277 32,716.874 588,708.539
Private Bank Funds I - Access Balanced Fund (USD)

Access Balanced Fund (USD) A (acc) 600,980.054 22,742.570 60,791.425 562,931.199
Access Balanced Fund (USD) B (acc) 72,767.582 – 601.555 72,166.027
Access Balanced Fund (USD) C (acc) 5,626,371.271 1,158,705.379 989,860.486 5,795,216.164
Access Balanced Fund (USD) C (acc) - EUR (hedged) + – 2,000.000 – 2,000.000
Access Balanced Fund (USD) C (inc) 1,510,007.842 470,771.455 518,508.179 1,462,271.118
Access Balanced Fund (USD) Inst (acc) 752,824.806 38,415.873 879.536 790,361.143
Access Balanced Fund (USD) Inst (inc) 276,924.900 318,307.470 8,688.558 586,543.812
Access Balanced Fund (USD) X (acc) 1,483,492.965 – 143,343.184 1,340,149.781
Private Bank Funds I - Access Capital Preservation Fund (EUR)

Access Capital Preservation Fund (EUR) A (acc) 258,332.868 – 22,632.570 235,700.298
Access Capital Preservation Fund (EUR) B (acc) 2,662.445 – 83.083 2,579.362
Access Capital Preservation Fund (EUR) C (acc) 8,143,360.456 2,237,929.327 2,506,604.228 7,874,685.555
Access Capital Preservation Fund (EUR) Inst (acc) 638,691.884 108,606.889 90,037.982 657,260.791
Access Capital Preservation Fund (EUR) Inst (inc) - GBP (hedged) 7,325.885 – 4,166.430 3,159.455
Private Bank Funds I - Access Capital Preservation Fund (USD)

Access Capital Preservation Fund (USD) A (acc) 403,990.337 – 29,343.552 374,646.785
Access Capital Preservation Fund (USD) C (acc) 2,288,364.124 277,031.767 334,837.396 2,230,558.495
Access Capital Preservation Fund (USD) C (inc) 80,126.252 236,861.974 15,502.070 301,486.156
Access Capital Preservation Fund (USD) Inst (acc) 5,900.553 – – 5,900.553
Access Capital Preservation Fund (USD) Inst (inc) 49,304.016 – 16,204.182 33,099.834
Private Bank Funds I - Access Conservative Fund (GBP) (1)

Access Conservative Fund (GBP) C (inc) + – 104,636.155 – 104,636.155
Private Bank Funds I - Access Growth Fund (USD)

Access Growth Fund (USD) A (acc) 66,730.338 – – 66,730.338
Access Growth Fund (USD) C (acc) 892,862.118 116,267.530 311,331.469 697,798.179
Access Growth Fund (USD) C (acc) - EUR (hedged) + – 4,235.136 – 4,235.136
Access Growth Fund (USD) C (inc) 244,364.736 57,801.915 14,836.022 287,330.629
Access Growth Fund (USD) Inst (acc) 14,915.625 1,639.780 1,878.411 14,676.994
Access Growth Fund (USD) Inst (acc) - EUR (hedged) + – 10.000 – 10.000
Access Growth Fund (USD) Inst (inc) 217,208.331 – 1,304.229 215,904.102
Private Bank Funds I - Access Growth Fund (GBP) (1)

Access Growth Fund (GBP) C (acc) + – 101,648.366 – 101,648.366
Access Growth Fund (GBP) C (inc) + – 37,718.221 – 37,718.221
Private Bank Funds I - Dynamic Multi-Asset Fund (EUR)

Dynamic Multi-Asset Fund (EUR) C (acc) 11,478,650.231 187,767.683 8,206,027.231 3,460,390.683
Dynamic Multi-Asset Fund (EUR) C (inc) 177,992.763 172.643 133,825.929 44,339.477
Dynamic Multi-Asset Fund (EUR) Inst (acc) 1,232,008.258 24,987.727 824,052.400 432,943.585
Private Bank Funds I - Dynamic Multi-Asset Fund (USD)

Dynamic Multi-Asset Fund (USD) C (acc) 13,856,103.977 156,236.504 6,799,636.459 7,212,704.022
Dynamic Multi-Asset Fund (USD) C (acc) - AUD (hedged) 2,266,642.577 – 1,918,074.357 348,568.220
Dynamic Multi-Asset Fund (USD) C (acc) - EUR (hedged) + – 2,000.000 – 2,000.000
Dynamic Multi-Asset Fund (USD) C (acc) - SGD (hedged) 3,234,713.734 – 822,626.104 2,412,087.630
Dynamic Multi-Asset Fund (USD) C (inc) 985,464.224 415.146 683,262.200 302,617.170
Dynamic Multi-Asset Fund (USD) C (inc) - GBP (hedged) 404,808.825 1,938.540 299,622.029 107,125.336
Dynamic Multi-Asset Fund (USD) Inst (acc) 636,107.133 88.325 241,726.771 394,468.687
Dynamic Multi-Asset Fund (USD) X (acc) 1,030,970.747 – 1,030,970.747 –
Private Bank Funds I - Dynamic Income Fund (EUR) (1)

Dynamic Income Fund (EUR) C (acc) + – 182,732.115 – 182,732.115
Dynamic Income Fund (EUR) C (inc) + – 20,000.000 – 20,000.000
Private Bank Funds I - Montes Excelsis Fund

Montes Excelsis Fund C (acc) - USD 1,738,705.748 – – 1,738,705.748
Private Bank Funds I - Balanced Moderate Fund

Balanced Moderate Fund Q (inc) 2,788,024.169 – – 2,788,024.169

+ Share Class launched during the year.
19
Statistical Information (continued)
Net Asset Value per Share in Share Class Currency
31 March 2024 31 March 2023 31 March 2022

Access Balanced Fund (EUR) A (acc) 200.49 175.80 189.65
Access Balanced Fund (EUR) B (acc) 205.87 180.07 193.77
Access Balanced Fund (EUR) C (acc) 220.79 192.40 206.27
Access Balanced Fund (EUR) C (inc) 139.70 123.08 132.52
Access Balanced Fund (EUR) Inst (acc) 187.07 162.87 174.40
Access Balanced Fund (EUR) Inst (inc) 142.15 125.19 134.91
Access Balanced Fund (EUR) Q (acc) 117.58 101.87 108.67

Access Balanced Fund (GBP) A (acc) 183.05 162.15 170.01
Access Balanced Fund (GBP) A (inc) 175.87 156.82 164.47
Access Balanced Fund (GBP) B (inc) 175.50 156.50 164.15
Access Balanced Fund (GBP) C (acc) 161.38 142.10 148.10
Access Balanced Fund (GBP) C (inc) 174.91 155.96 163.58
Access Balanced Fund (GBP) Inst (acc) 175.65 154.59 161.03
Access Balanced Fund (GBP) Inst (inc) 159.00 141.74 148.71

Access Balanced Fund (USD) A (acc) 182.75 159.45 173.47
Access Balanced Fund (USD) B (acc) 187.00 162.75 176.62
Access Balanced Fund (USD) C (acc) 208.57 180.87 195.54
Access Balanced Fund (USD) C (acc) - EUR (hedged) + 113.53 – –
Access Balanced Fund (USD) C (inc) 130.98 115.12 125.33
Access Balanced Fund (USD) Inst (acc) 188.98 163.73 176.85
Access Balanced Fund (USD) Inst (inc) 141.47 123.34 134.27
Access Balanced Fund (USD) X (acc) 109.72 94.41 101.29

Access Capital Preservation Fund (EUR) A (acc) 126.52 119.20 129.01
Access Capital Preservation Fund (EUR) B (acc) 129.01 121.37 131.16
Access Capital Preservation Fund (EUR) C (acc) 133.49 125.23 134.95
Access Capital Preservation Fund (EUR) Inst (acc) 120.65 113.14 121.89
Access Capital Preservation Fund (EUR) Inst (inc) - GBP (hedged) 113.66 107.86 115.91

Access Capital Preservation Fund (USD) A (acc) 134.62 125.07 134.14
Access Capital Preservation Fund (USD) C (acc) 141.08 130.55 139.44
Access Capital Preservation Fund (USD) C (inc) 109.85 102.78 110.93
Access Capital Preservation Fund (USD) Inst (acc) 96.58 89.38 95.46
Access Capital Preservation Fund (USD) Inst (inc) 109.95 102.93 111.21

Access Conservative Fund (GBP) C (inc) + 101.38 – –

Access Growth Fund (USD) A (acc) 181.33 152.30 166.91
Access Growth Fund (USD) C (acc) 196.36 163.97 178.67
Access Growth Fund (USD) C (acc) - EUR (hedged) + 116.66 – –
Access Growth Fund (USD) C (inc) 157.76 133.09 145.68
Access Growth Fund (USD) Inst (acc) 194.96 162.69 177.14
Access Growth Fund (USD) Inst (acc) - EUR (hedged) + 116.78 – –
Access Growth Fund (USD) Inst (inc) 184.05 155.25 170.06

Access Growth Fund (GBP) C (acc) + 102.03 – –
Access Growth Fund (GBP) C (inc) + 102.03 – –

Dynamic Multi-Asset Fund (EUR) C (acc) 113.90 107.65 115.29
Dynamic Multi-Asset Fund (EUR) C (inc) 111.27 106.01 113.82
Dynamic Multi-Asset Fund (EUR) Inst (acc) 113.75 107.49 115.07
Dynamic Multi-Asset Fund (EUR) X (acc)* – – 108.33

Dynamic Multi-Asset Fund (USD) C (acc) 128.49 119.84 126.16
Dynamic Multi-Asset Fund (USD) C (acc) - AUD (hedged) 11.61 11.01 11.74
Dynamic Multi-Asset Fund (USD) C (acc) - EUR (hedged) + 100.53 – –
Dynamic Multi-Asset Fund (USD) C (acc) - SGD (hedged) 12.06 11.43 12.08
Dynamic Multi-Asset Fund (USD) C (inc) 125.38 118.00 124.61
Dynamic Multi-Asset Fund (USD) C (inc) - GBP (hedged) 114.59 108.01 115.09
Dynamic Multi-Asset Fund (USD) Inst (acc) 127.92 119.29 125.52
Dynamic Multi-Asset Fund (USD) X (acc)* – 105.24 110.05

Dynamic Income Fund (EUR) C (acc) + 100.71 – –
Dynamic Income Fund (EUR) C (inc) + 100.71 – –

Montes Excelsis Fund C (acc) - USD 144.59 134.66 141.48

Balanced Moderate Fund Q (inc) 116.15 102.18 –
* Share Class inactive as at the end of the year.
20
Notes to the Financial Statements
As at 31 March 2024
1. Organisation
Private Bank Funds I (the “Fund” or the “SICAV”) is an investment company incorporated on 16 February 2006 for an unlimited period of time. The name of
the SICAV was changed from JPMorgan Private Bank Funds I to Private Bank Funds I on 1 August 2015.
It is organised under Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment, as amended, as a Société Anonyme
qualifying as a Société d’Investissement à Capital Variable (SICAV). As at 31 March 2024, it comprises 13 Sub-Funds each relating to a separate investment
portfolio consisting of securities, cash and other instruments.
On 16 February 2006, JPMorgan Asset Management (Europe) S.à r.l. was appointed by the SICAV to act as Management Company. From 1 July 2011,
JPMorgan Asset Management (Europe) S.à r.l. is acting as a Chapter 15 Management Company under the amended Luxembourg Law of 17 December 2010
and complies with UCITS regulations.
The SICAV is registered with the Registre de Commerce et des Sociétés of Luxembourg, under number B 114 378.
Each Sub-Fund may contain A, B, C, Inst, Q and X Share Classes. These Share Classes may differ in the minimum subscription amount, minimum holding
amount, currency and/or eligibility requirements, the fees and expenses, and the dividend policy applicable to them.
Within each Sub-Fund, individual Share Classes may have a currency of denomination that differs from the currency of denomination of the Sub-Fund. The
currency of denomination for each Share Class is indicated by a suffix in the name of the Share Class.
2. Significant Accounting Policies
The Financial Statements are presented in accordance with Luxembourg regulations (under Luxembourg GAAP) relating to Undertakings for Collective
Investment.
a) Investment Valuation
The value of securities, including ETFs and/or financial derivative instruments which are quoted or dealt in on any stock exchange shall be based on the latest
available price on the relevant stock exchange.
Securities and/or financial derivative instruments dealt in on another regulated market are valued on the basis of the latest available price on such market.
In the event that any of the securities held in the SICAV’s portfolio on the Valuation Date are not quoted or dealt in on a stock exchange or another Regulated
Market, or for any of such securities, no price quotation is available, or if the price as determined pursuant to sub-paragraph is not in the opinion of the
Directors representative of the fair market value of the relevant securities, the value of such securities shall be determined based on the reasonably
foreseeable sales price determined prudently and in good faith.
Shares or Units in UCITS or other UCIs, excluding ETFs, are valued at the latest available price or net asset value, as reported or provided by such
undertakings or their agents.
Liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where
practice allows, may be valued in the same manner.
The Financial Statements are presented on the basis of the Net Asset Value calculated on 29 March 2024, the last business day of the year ended 31 March
2024. In accordance with the Prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation.
b) Realised and Unrealised Gains and Losses on Investments
Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). For trades into other collective investment
schemes, transactions are accounted for on receipt of the trade confirmation from the underlying transfer agents.
Realised gains and losses on sales of investments are calculated on the average book cost. The associated foreign exchange movement between the date of
purchase and date of sale of investments is included in realised gains and losses on investments. Unrealised gains and losses on holdings of investments are
calculated on the total book cost and include the associated unrealised gains and losses on foreign exchange.
c) Income Recognition
Interest income is accrued daily and includes the amortisation of premiums and accretion of discounts, where applicable. Bank interest income is recognised
on an accrual basis. Dividend income is accrued on the ex-dividend date. This income is shown net of any withholding taxes and adjusted accordingly when
tax reclaims apply.
d) Conversion of Foreign Currencies
The books and records of each Sub-Fund are denominated in the base currency of the corresponding Sub-Fund. Amounts denominated in other currencies
are translated into the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies
are converted each business day into the base currency using currency exchange rates prevailing on each such business day; (ii) purchases and sales of
foreign investments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of such
transactions.
Net realised and unrealised gains or losses on foreign exchange represent: (i) foreign exchange gains and losses from the sale and holding of foreign
currencies and instruments; (ii) gains and losses between trade date and settlement date on securities transactions and forward currency exchange
contracts; and (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received.
The resulting gains and losses on translation are included in “Net Realised Gain/(Loss) on Foreign Exchange” in the Combined Statement of Operations and
Changes in Net Assets.
The reference currency of the SICAV as reflected in the combined statements is USD.
The principal exchange rates applied as at 31 March 2024 for the purpose of establishing the combined values of the fund in the Statement of Net Assets and
Statement of Operations and Changes in Net Assets were as follows:
1 USD = 1.532802106 AUD;
1 USD = 0.925925934 EUR;
1 USD = 0.791608976 GBP;
1 USD = 1.349600000 SGD.
e) Forward Currency Exchange Contracts
Unrealised gains or losses on outstanding forward currency exchange contracts are valued on the basis of currency exchange rates prevailing at the relevant
valuation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in
Unrealised Gain/(Loss) on Forward Currency Exchange Contracts”. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net Realised
Gain/(Loss) on Forward Currency Exchange Contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised Gains or Losses are
recorded under “Net Unrealised Gain/(Loss) on Forward Currency Exchange Contracts” in the Combined Statement of Net Assets.
21
Notes to the Financial Statements (continued)
As at 31 March 2024
f) Financial Futures Contracts

As at 31 March 2024 there were no open Financial Future Contracts.
Regulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts
and can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains and
losses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation margin
payments are made or received on a daily basis, depending upon whether losses or gains are incurred. When a contract is closed, the SICAV records a
realised gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract in “Net Realised
Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Operations and Changes in Net Assets.
Unrealised gains or losses are recorded under “Net Unrealised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Net Assets. The
changes in such amounts are recorded under “Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of
Operations and Changes in Net Assets.
3. Fees and Expenses
a) Charging Structures
The Management Company is entitled to receive the initial charge, redemption charge, Management and Advisory Fee and any charge on switches where
applicable to the Share Class as per the Prospectus. The initial charge, redemption charge, Management and Advisory Fee and any charge on switches where
applicable to a Share Class may be applied, or may be waived in whole or in part at the discretion of the Management Company. The Management Company
may pay all or part of the fees and charges it receives as a commission or discount to financial intermediaries or Distributors.
Investment in the SICAV is generally offered via different charging structures, as represented by the A, B, C, Inst, Q and X Share Classes.
All fees, charges, expenses and costs to be borne by the SICAV will be subject, where applicable to the addition of United Kingdom VAT or any analogous
taxation.
Any exceptions to the charging structures detailed above are noted in the Prospectus. The actual fees and expenses charged to each share class are detailed
in Appendix 1 to this report.
b) Management and Advisory Fees
The SICAV pays to the Management Company a management fee calculated as a percentage of the average daily net assets of each Sub-Fund or Share Class
under its management (“Management and Advisory Fee”). The Management and Advisory Fee is accrued daily and payable monthly in arrears at the rate
specified in the Prospectus.
The maximum Management and Advisory Fee that can be charged on Q Share Classes is stated in the Prospectus. However, the actual Management and
Advisory Fee charged may be lower, as agreed between the Management Company and J.P. Morgan SE - London Branch, depending on the size of committed
investment in that Share Class.
Subject to the investment restrictions described in the Prospectus, Sub-Funds may invest in UCITS, other UCIs and closed ended investment undertakings
qualifying as transferable securities within the meaning of UCITS rules including investment trusts (the “Undertakings”) managed by the Management
Company, the Investment Managers or any other member of JPMorgan Chase & Co. In accordance with the Prospectus, no double-charging of fees will occur
with the exception of performance fees. The avoidance of a double-charge of the Management and Advisory Fee on such assets is achieved by either a)
excluding the assets from the net assets on which the Management and Advisory Fee are calculated or b) investing in Undertakings via Classes that do not
accrue a Management and Advisory Fee or other equivalent fees payable to the relevant Investment Manager’s group; or c) the Management and Advisory
Fee being netted off by a rebate to the SICAV or Sub-Fund of the management and advisory fee (or equivalent) charged to the underlying Undertakings; or d)
charging only the difference between the Management and Advisory Fee of the SICAV or Sub-Fund as per the Prospectus and the Management and Advisory
Fee (or equivalent) charged to the Undertakings.
Where a Sub-Fund invests in Undertakings managed by investment managers which are not members of JPMorgan Chase & Co. group, the Management and
Advisory Fee, as specified in the Prospectus, may be charged regardless of any fees reflected in the price of the shares or units of the Undertakings, see
Appendix 11.
As at 31 March 2024, the Sub-Funds invested in X Share Classes of UCITS managed by members of JPMorgan Chase & Co.
c) Operating and Administrative Expenses
The SICAV bears all its ordinary operating and administrative expenses at the rates set out in the Prospectus (“Operating and Administrative Expenses”) to
meet all fixed and variable costs, charges, fees and other expenses incurred in the operation and administration of the SICAV from time to time. The
Operating and Administrative Expenses are calculated as a percentage of the average daily net assets of each Sub-Fund or Share Class. They are accrued
daily and payable monthly in arrears at a maximum rate as specified in the relevant section of the Prospectus.
The Operating and Administrative Expenses cover:
i) Expenses directly contracted by the SICAV, including but not limited to the Custodian fees, Depositary fees, Auditing fees and expenses, the Luxembourg
taxe d’abonnement, Directors’ fees (no fees will be paid to Directors who are also directors or employees of JPMorgan Chase & Co.) and reasonable
out-of-pocket expenses incurred by the Directors.
ii) A “fund servicing fee” paid to the Management Company for administrative and related services which will be the remaining amount of the Operating and
Administrative Expenses after deduction of the expenses detailed under section i) above. The Management Company then bears all expenses incurred in the
day to day operation and administration of the SICAV, including but not limited to formation expenses such as organisation and registration costs;
accounting expenses covering fund accounting and administration services; transfer agency expenses covering registrar and transfer agency services; the
administrative and domiciliary agent services; the fees and reasonable out-of-pocket expenses of the paying agents and representatives; legal fees and
expenses; ongoing registration, listing and quotation fees, including translation expenses; the cost of postage, telephone, facsimile transmission and other
electronic means of communication; and the costs and expenses of preparing, printing, and distributing the SICAV’s Prospectus, Key Information Documents
or any offering document, financial reports and other documents made available to Shareholders.
Operating and Administrative Expenses do not include Transaction Fees and Extraordinary Expenses.
The Operating and Administrative Expenses borne by the A and B Share Classes are set at a fixed rate specified in the Prospectus. Unless otherwise stated in
the Prospectus, the Operating and Administrative Expenses borne by the C, Inst, Q and X Share Classes will be the lower of the actual expenses incurred by
the SICAV and the maximum rate detailed in the Prospectus. To the extent that actual expenses exceed the rate specified in the relevant section of the
Prospectus, the amount borne by the Management Company is separately disclosed as a “Fee Waiver” in the Combined Statement of Net Assets and
Combined Statement of Operations and Changes in Net Assets.
22
As at 31 March 2024
4. Dividend Policy
Share Classes with the suffix “(inc)” may pay dividends.
Share Classes with the suffix “(acc)” will not normally pay dividends.
During the year ended 31 March 2024, the SICAV paid dividends as follows:
Class Name Currency Dividend Amount per Share Payment Date
Access Balanced Fund (EUR) C (inc) EUR 1.37 21 June 2023
Access Balanced Fund (EUR) Inst (inc) EUR 1.39 21 June 2023
Access Balanced Fund (GBP) A (inc) GBP 1.05 21 June 2023
Access Balanced Fund (GBP) B (inc) GBP 1.45 21 June 2023
Access Balanced Fund (GBP) C (inc) GBP 1.98 21 June 2023
Access Balanced Fund (GBP) Inst (inc) GBP 1.91 21 June 2023
Access Balanced Fund (USD) C (inc) USD 1.59 21 June 2023
Access Balanced Fund (USD) Inst (inc) USD 0.78 21 June 2023
Access Capital Preservation Fund (EUR) Inst (inc) - GBP (hedged) GBP 2.68 21 June 2023
Access Capital Preservation Fund (USD) C (inc) USD 1.08 21 June 2023
Access Capital Preservation Fund (USD) Inst (inc) USD 1.19 21 June 2023
Access Growth Fund (USD) C (inc) USD 1.39 21 June 2023
Access Growth Fund (USD) Inst (inc) USD 1.76 21 June 2023
Dynamic Multi-Asset Fund (EUR) C (inc) EUR 0.74 21 June 2023
Dynamic Multi-Asset Fund (USD) C (inc) USD 1.04 21 June 2023
Dynamic Multi-Asset Fund (USD) C (inc) - GBP (hedged) GBP 0.62 21 June 2023
Balanced Moderate Fund Q (inc) EUR 0.01 21 June 2023
5. Taxation
The SICAV is not subject to taxation in Luxembourg on its income, profits or gains. The SICAV is not subject to net wealth tax in Luxembourg. The only tax to
which the SICAV in Luxembourg is subject is the subscription tax (“taxe d’abonnement”) up to a rate of 0.05% per annum based on the net asset value
attributed to each Share Class at the end of the relevant quarter, calculated and paid quarterly. A reduced tax rate of 0.01% per annum of the net assets will
be applicable to Share Classes as identified in the Appendix 5. The 0.01% and 0.05% rates described above, as appropriate, are not applicable for the portion
of the assets of the SICAV invested in other Luxembourg collective investment undertakings which are themselves already subject to the taxe d’abonnement.
No stamp duty, capital duty or other tax is payable in Luxembourg upon the issue of the Shares of the SICAV. No tax is payable on realised or unrealised
capital appreciation of the assets of the SICAV in the Grand Duchy of Luxembourg. Although the SICAV’s realised capital gains, whether short or long-term,
are not expected to become taxable in another country, the shareholders must be aware and recognise that such a possibility is not totally excluded. The
regular income of the SICAV from some of its securities, as well as interest earned on cash deposits in certain countries, may be subject to withholding taxes
at varying rates, which normally cannot be recovered.
6. Statement of Changes in Investments
A list, specifying for each investment within the existing Sub-Funds the total purchases and sales which occurred during the financial year, may be obtained
free of charge upon request at the registered office of the SICAV. Additional information on investments within that Sub-Fund’s portfolio is available to
Shareholders at the registered office of the SICAV.
7. Value of Financial Instruments and Associated Risks
The SICAV entered into forward currency exchange contracts and financial futures contracts which, to varying degrees, represent a market risk in excess of
the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the SICAV’s participation in these
financial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates, indices, and security
values underlying these instruments. Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a
change in the value of the contracts may not directly correlate with changes in the value of the underlying currencies, indices, or securities, or that the
counterparty to a contract defaults on its obligation to perform under the terms of the contract.
8. Transactions with Connected Parties
All transactions with connected parties were carried out on an arm’s length basis.
JPMorgan Chase & Co. and its affiliates are counterparties for certain forward currency exchange contracts and financial futures contracts. The Management
Company, Registrar and Transfer Agent, Global Distributor and Domiciliary Agent, Investment Managers and other related Agents of the SICAV are
considered as connected parties as they are affiliated entities of JPMorgan Chase & Co. In addition Elvinger Hoss Prussen, société anonyme (of which
Mr Jacques Elvinger who is Chairman of the Board of the Directors of the SICAV, is a partner) is compensated for legal services to the SICAV.
9. Information for German Registered Shareholders
A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the financial year, may be obtained free of
charge upon request at the registered office of the SICAV and at the office of the German paying and information agent, JPMorgan Asset Management
(Europe) S.à r.l., Frankfurt Branch, Taunustor 1, D-60310, Frankfurt am Main, Germany. Additional information on investments within each Sub-Fund’s
portfolio is available to shareholders at the registered office of the SICAV and at the office of the German paying and information agent.
10. Information for Investors in Switzerland
Representative in Switzerland: JPMorgan Asset Management (Switzerland) LLC, Dreikönigstrasse 37, 8002 Zürich.
Paying Agent in Switzerland: J.P. Morgan (Suisse) SA, Rue du Rhône 35, 1204 Geneva.
The Prospectus, the Key Information Documents, the articles of incorporation, the annual and semi-annual financial report as well as a list of the purchases
and sales which the SICAV has undertaken during the financial year may be obtained free of charge from the representative.
11. Directors’ Fees
The only remuneration paid to Directors is an annual fee. The total Directors’ fees for the financial year amounted to EUR 62,628 of which EUR 22,546 was
due to the Chairman.
23
As at 31 March 2024
12. Transaction Costs

For the year ended 31 March 2024, the SICAV incurred transaction costs which have been defined as brokerage fees relating to purchase or sale of
transferable securities, derivatives (except OTC derivatives) or other eligible assets. The SICAV also incurred transaction costs charged by the custodian
agent and relating to purchase and sale of transferable securities as follows:
Sub-Fund Base Currency Custodian Transaction Costs and Brokerage Fees
(in Base Currency)
Private Bank Funds I - Access Balanced Fund (EUR) EUR 74,776
Private Bank Funds I - Access Balanced Fund (GBP) GBP 10,943
Private Bank Funds I - Access Balanced Fund (USD) USD 50,999
Private Bank Funds I - Access Capital Preservation Fund (EUR) EUR 12,458
Private Bank Funds I - Access Capital Preservation Fund (USD) USD 5,408
Private Bank Funds I - Access Conservative Fund (GBP) (1) GBP 95
Private Bank Funds I - Access Growth Fund (GBP) (1) GBP 125
Private Bank Funds I - Access Growth Fund (USD) USD 8,911
Private Bank Funds I - Dynamic Multi-Asset Fund (EUR) EUR 9,996
Private Bank Funds I - Dynamic Multi-Asset Fund (USD) USD 18,685
Private Bank Funds I - Montes Excelsis Fund USD 2,948
Private Bank Funds I - Balanced Moderate Fund EUR 6,736
13. Significant Events during the Year

The Board noted the following corporate actions relating to the Sub-Funds, all of which had been notified to clients as appropriate:
a) Sub-Fund launches
Private Bank Funds I – Access Conservative Fund (GBP), Private Bank Funds I - Access Growth Fund (GBP) and Private Bank Funds I - Dynamic Income Fund
(EUR) were launched on 13 March 2024.
There are no other significant events during the year.
14. Events after the Year End
There were no significant events after the year.
24
As at 31 March 2024
% %
Quantity/ Market of Quantity/ Market of
Nominal Value Net Nominal Value Net
Investments Currency Value EUR Assets Investments Currency Value EUR Assets
Units of authorised UCITS or other collective investment undertakings Xtrackers MSCI USA Communication
Services Fund USD 313,931 17,007,503 0.54
Collective Investment Schemes - UCITS Xtrackers MSCI USA Consumer
Dcretionary Fund USD 227,437 15,444,657 0.49
Ireland Xtrackers MSCI USA Financials Fund USD 1,813,269 51,493,482 1.64
BlackRock Europe Equity 1 Fund - Class Xtrackers MSCI USA Health Care Fund 31,604,312 1.01
J EUR 16,174,019 0.51 USD 572,984
EUR 84,616
Xtrackers MSCI USA Industrials Fund USD 213,080 16,134,891 0.51
BlackRock Institutional Cash Series Euro
Liquidity Fund - Class Premier EUR Xtrackers MSCI USA Information
(Acc) EUR 110,835 11,365,673 0.36 Technology Fund USD 574,588 50,244,528 1.60
Ultra Short Bond Fund - Class J EUR 1,946,667,004 62.16
(Acc) EUR 151,384 15,694,548 0.50
Luxembourg
BlackRock Japan Equity 1 Fund - Class J UBS Lux Fund Solutions - Bloomberg US
JPY JPY 676,632 109,895,724 3.51 Liquid Corporates 1-5 Year Fund 89,151,177 2.85
EUR 6,250,959
BNY Mellon Efficient U.S. High Yield Xtrackers II Eurozone Government Bond
Beta Fund - Class L EUR (Acc) EUR 7,618,339 8,361,889 0.27 7-10 Year Fund 29,168,948 0.93
EUR 119,751
HSBC Global Aggregate Bond Index Xtrackers II Germany Government Bond
Fund - Class S5H EUR Cap EUR 21,346,176 208,167,907 6.65 Fund 58,059,541 1.85
EUR 340,765
Passim Structured Funds - JP Morgan
Mansart MSCI Canada Fund - Class CAD
A (Acc) CAD 598,541 47,805,165 1.53 176,379,666 5.63
PIMCO Mortgage Opportunities Fund -
Class Institutional EUR (hedged) (Acc) 59,141,582 1.89 Total Exchange Traded Funds 2,123,046,670 67.79
EUR 5,849,810
SEI Liquid Alternative Fund - Class A Total Units of authorised UCITS or other collective investment
Wealth EUR (hedged) 31,866,513 1.02 3,115,350,227 99.48
EUR 3,078,890 undertakings
Vanguard Japan Government Bond 3,115,350,227 99.48
Index Fund - Class Institutional Plus Total Investments
“Euro” (Inc) EUR 483,832 46,356,777 1.48 5,039,315 0.16
Cash
Vanguard Pacific ex-Japan Stock Index
Fund - Class Institutional Plus “Euro” Other Assets/(Liabilities) 11,183,272 0.36
Shares EUR 257,819 46,133,063 1.47
Total Net Assets 3,131,572,814 100.00
600,962,860 19.19
Luxembourg † Related Party Fund
JPMorgan Global High Yield Bond Fund
- JPM Global High Yield Bond X (Acc) -
EUR (hedged)† EUR 257,613 50,605,520 1.62 Geographic Allocation of Portfolio as at 31 March 2024 % of Net Assets
JPMorgan Multi-Manager Alternatives Ireland 81.35
Fund - JPM Multi-Manager Altternatives Luxembourg 18.13
X (Acc) - EUR† EUR 295,689 30,284,475 0.97
Lumyna American Debt Credit Fund - Total Investments 99.48
Class EUR B (Acc) EUR 457,946 29,335,992 0.94 Cash and Other Assets/(Liabilities) 0.52
Lumyna American Debt Goverment
Fund - Class EUR B (Acc) 14,824,092 0.47 Total 100.00
EUR 502,341
Lumyna American Debt Securitised
Fund - Class EUR B (Acc) EUR 416,507 30,879,794 0.99
Lumyna Asian Pacific Debt Government
Fund - Class EUR B (hedged) (Acc) EUR 2,400,298 89,867,142 2.87
Lumyna European Debt Credit Fund -
Class EUR B (Acc) EUR 963,848 29,619,049 0.94
Lumyna European Debt Goverment
Fund - Class EUR B (Acc) EUR 3,268,956 89,013,661 2.84
Lumyna Marshall Wace Fund - Class
EUR J (Inc) EUR 129,848 26,910,972 0.86
391,340,697 12.50
Total Collective Investment Schemes - UCITS 992,303,557 31.69

Exchange Traded Funds
Ireland
Invesco EQQQ Nasdaq-100 Fund USD 79,525 32,864,443 1.05
Invesco STOXX Europe 600 Optimised
Insurance Fund EUR 96,148 15,966,337 0.51
Invesco US Treasury 7-10 Year Fund EUR 1,847,780 58,920,161 1.88
Invesco S&P 500 Fund USD 647,640 614,802,253 19.63
iShares Core EUR Corporate Bond Fund EUR 1,143,327 135,907,280 4.34
iShares Core S&P 500 Fund USD (Acc) USD 783,308 400,712,812 12.80
iShares Edge S&P 500 Minimum
Volatility Fund USD (Acc) USD 586,157 48,868,126 1.56
iShares EUR High Yield Bond Fund EUR 10,672,520 59,931,536 1.91
iShares MSCI Europe Consumer
Discretionary Sector Fund EUR 2,290,581 16,155,468 0.52
iShares MSCI Europe Consumer Staples
Sector Fund EUR 7,562,500 41,245,875 1.32
iShares MSCI Europe Financials Sector
Fund EUR 3,719,678 32,495,107 1.04
iShares MSCI Europe Industrials Sector
Fund EUR 2,266,721 15,180,231 0.48
iShares MSCI Europe Information
Technology Sector Fund EUR 4,634,889 37,505,522 1.20
iShares USD Treasury Bond 20+yr Fund EUR 23,782,644 77,376,832 2.47
SPDR MSCI Europe Energy Fund EUR 75,080 15,338,844 0.49
SPDR MSCI Europe Health Care Fund EUR 138,609 30,230,623 0.97
SPDR MSCI Europe Industrials Fund EUR 62,466 19,148,952 0.61
SPDR MSCI Europe Materials Fund EUR 102,027 31,511,039 1.01
Vanguard S&P 500 Fund USD 533,036 49,092,369 1.57
Xtrackers MSCI Nordic Fund EUR 582,710 31,483,821 1.01
The accompanying notes form an integral part of these financial statements.
25
As at 31 March 2024
% %
Investments Currency Value GBP Assets Investments Currency Value GBP Assets
Units of authorised UCITS or other collective investment undertakings Xtrackers MSCI USA Consumer
Collective Investment Schemes - UCITS Xtrackers MSCI USA Financials Fund USD 288,539 7,005,336 1.56
Xtrackers MSCI USA Health Care Fund USD 94,768 4,468,894 0.99
Ireland
BlackRock Europe Equity 1 Fund - Class J
EUR EUR 13,393 2,188,685 0.49 Xtrackers MSCI USA Information
Technology Fund USD 94,440 7,060,292 1.57
BlackRock Institutional Cash Series
Sterling Liquidity - Class Premier GBP
(Acc) GBP 21,317 2,409,899 0.54 279,740,967 62.21
BlackRock Institutional Cash Series Luxembourg
Sterling Ultra Short Bond Fund - Class J UBS Lux Fund Solutions - Bloomberg US
GBP (Acc) GBP 12,070 1,302,645 0.29 Liquid Corporates 1-5 Year Fund 13,096,786 2.91
GBP 1,043,527
BlackRock Japan Equity 1 Fund - Class J Xtrackers II Eurozone Government Bond
JPY JPY 115,145 15,988,450 3.55 7-10 Fund 4,335,828 0.96
GBP 577,379
HSBC Global Aggregate Bond Index Fund Xtrackers II Germany Government Bond
- Class S5H GBP (Dis) GBP 2,790,339 26,625,411 5.92 Fund 8,928,331 1.99
GBP 1,529,282
Mansart MSCI Canada Fund - Class CAD A
(Acc) CAD 98,907 6,753,738 1.50 26,360,945 5.86
PIMCO GIS Mortgage Opportunities Fund
- Class Institutional GBP Income (hedged) 8,628,386 1.92 Total Exchange Traded Funds 306,101,912 68.07
GBP 1,025,967
SEI Liquid Alternative Fund - Class Total Units of authorised UCITS or other collective investment
Hedged GBP Wealth A (Dis) 4,634,035 1.03 446,046,782 99.19
GBP 331,713 undertakings
Vanguard Japan Government Bond Index 446,046,782 99.19
Fund - Class Institutional Plus GBP (Inc) GBP 66,878 6,627,509 1.47 Total Investments
Vanguard Pacific ex-Japan Stock Index Cash 790,694 0.18
Fund - Class Institutional Plus GBP
Accumulation Shares GBP 32,341 5,383,926 1.20 Other Assets/(Liabilities) 2,890,437 0.63
80,542,684 17.91 Total Net Assets 449,727,913 100.00

Luxembourg
BlackRock US Dollar High Yield Bond † Related Party Fund
Fund - Class I4 GBP (hedged) GBP 1,048,257 8,752,948 1.95
JPMorgan Multi-Manager Alternatives
Fund - JPM Multi-Manager Altternatives X Geographic Allocation of Portfolio as at 31 March 2024 % of Net Assets
(inc) - GBP† GBP 42,644 4,466,961 0.99 Ireland 80.12
Lumyna American Debt Credit Fund - Luxembourg 19.07
Class GBP B (Dis) GBP 69,946 4,361,839 0.97
Lumyna American Debt Government Total Investments 99.19
Fund - Class GBP B (Dis) GBP 74,139 2,249,390 0.50 Cash and Other Assets/(Liabilities) 0.81
Lumyna American Debt Securitised Fund Total
- Class GBP B (Dis) 4,270,011 0.95 100.00
GBP 59,109
Fund - Class GBP B (Dis) GBP 346,088 13,279,407 2.95
Class GBP B (Dis) GBP 145,679 4,393,681 0.98
Lumyna European Debt Government
Fund - Class GBP B (Dis) GBP 469,929 13,158,009 2.93
Lumyna Marshall Wace Fund - Class GBP
J (Dis) GBP 19,613 4,469,940 0.99
59,402,186 13.21

Ireland
Invesco US Treasury 7-10 Year Fund GBP 259,624 8,784,378 1.95
iShares $ Treasury Bond 20+yr Fund GBP 3,402,200 11,090,321 2.47
iShares Core EUR Corporate Bond Fund GBP 4,077,350 19,958,628 4.44
iShares Core MSCI Pacific ex-Japan Fund USD 8,096 1,096,493 0.24
iShares Edge S&P 500 Minimum Volatility
Fund USD (Acc) USD 93,020 6,630,137 1.47
iShares EUR High Yield Bond Fund GBP 1,629,775 8,457,717 1.88
Discretionary Sector Fund EUR 380,856 2,296,514 0.51
Sector Fund EUR 1,383,562 6,451,314 1.43
Fund EUR 619,278 4,625,223 1.03
Fund EUR 113,896 652,114 0.15
Technology Sector Fund EUR 707,673 4,895,792 1.09
Xtrackers MSCI USA Communication
26
As at 31 March 2024
% %
Investments Currency Value USD Assets Investments Currency Value USD Assets
Units of authorised UCITS or other collective investment undertakings Xtrackers MSCI Nordic Fund EUR 318,071 18,560,206 0.98
Collective Investment Schemes - UCITS Services Fund USD 175,994 10,297,409 0.54
Xtrackers MSCI USA Consumer
Ireland Dcretionary Fund USD 127,504 9,351,143 0.49
BlackRock Europe Equity 1 Fund - Class Xtrackers MSCI USA Financials Fund 28,463,294 1.50
J EUR 9,323,591 0.49 USD 928,050
EUR 45,164
BlackRock Institutional Cash Series US
Dollar Liquidity Fund - Class Premier Xtrackers MSCI USA Industrials Fund USD 116,218 9,504,308 0.50
GBP (Acc) USD 1,540 179,858 0.01 Xtrackers MSCI USA Information
BlackRock Institutional Cash Series US Technology Fund USD 297,852 28,129,143 1.48
Dollar Ultra Short Bond Fund - Class J
USD (Acc) USD 1,641 179,012 0.01 1,180,589,640 62.26
BlackRock Japan Equity 1 Fund - Class J
JPY 65,932,044 3.48 Luxembourg
JPY 375,876
UBS Lux Fund Solutions - Bloomberg US
BNY Mellon Efficient U.S. High Yield Liquid Corporates 1-5 Year Fund 56,239,600 2.97
Beta Fund - Class L USD (Acc) 7,457,853 0.39 USD 3,297,930
USD 6,046,581
Xtrackers II Eurozone Government Bond
HSBC Global Aggregate Bond Index 7-10 Year Fund 18,864,656 0.99
Fund - Class S5H (Acc) 119,732,566 6.31 USD 2,188,856
USD 11,007,867
Xtrackers II Germany Government Bond
Passim Structured Funds - JP Morgan Fund 37,281,297 1.97
Mansart MSCI Canada Fund - Class CAD USD 5,551,943
A (Acc) CAD 332,469 28,678,472 1.51
PIMCO GIS Mortgage Opportunities 112,385,553 5.93
Fund - Class Institutional USD (Acc) USD 3,192,973 37,198,141 1.96
SEI Liquid Alternative Fund - Class USD Total Exchange Traded Funds 1,292,975,193 68.19
Wealth A USD 1,792,097 19,085,835 1.01 Total Units of authorised UCITS or other collective investment
Vanguard Japan Government Bond 1,873,635,808 98.81
undertakings
Index Fund - Class Institutional Plus
“U.S. Dollar” (Acc) 28,232,297 1.49 Total Investments 1,873,635,808 98.81
USD 276,163
Vanguard Pacific ex-Japan Stock Index 20,442,785 1.08
Fund - Class Institutional Plus “U.S. Cash
Dollar” Shares USD 177,732 25,530,190 1.35 2,187,471 0.11
Other Assets/(Liabilities)
341,529,859 18.01 Total Net Assets 1,896,266,064 100.00
Luxembourg
JPMorgan Global High Yield Bond Fund † Related Party Fund
USD† USD 141,320 29,222,226 1.54
JPMorgan Multi-Manager Alternatives Geographic Allocation of Portfolio as at 31 March 2024 % of Net Assets
Fund - JPM Multi-Manager Alternatives
X - USD† 18,269,893 0.96 Ireland 80.27
USD 138,713
Lumyna American Debt Credit Fund - Luxembourg 18.54
Class USD B (Acc) USD 255,450 18,936,517 1.00 Total Investments 98.81
Lumyna American Debt Government Cash and Other Assets/(Liabilities) 1.19
Fund - Class USD B (Acc) USD 254,312 8,618,624 0.46
Lumyna American Debt Securitised Total 100.00
Fund - Class USD B (Acc) USD 1,296,439 55,137,542 2.91
Class USD B (Acc) USD 522,148 18,243,860 0.96
Fund - Class USD B (Acc) USD 1,785,676 55,784,533 2.94
USD J (Dis) USD 71,181 16,739,892 0.88
239,130,756 12.61

Ireland
Invesco US Treasury 7-10 Year Fund USD 1,062,032 37,723,377 1.99
iShares Core EUR Bond Fund USD 15,519,903 84,769,710 4.47
iShares Core MSCI Pacific ex-Japan
Fund USD 13,622 2,330,588 0.12
iShares EUR High Yield Bond Fund USD 5,899,809 37,428,388 1.97
Sector Fund EUR 4,657,701 27,435,349 1.45
Fund EUR 1,964,936 18,538,935 0.98
Fund EUR 618,988 4,476,992 0.24
Technology Sector Fund EUR 2,347,265 20,513,594 1.08
iShares USD Treasury Bond 20+yr Fund USD 10,315,470 47,538,844 2.51
27
Schedule of Investments (continued)
As at 31 March 2024
Forward Foreign Exchange Contracts
Unrealised % of
Currency Amount Maturity Gain/(Loss) Net
Purchased Purchased Currency Sold Amount Sold Date Counterparty USD Assets
USD 2,309 EUR 2,109 12/04/2024 Merrill 31 -
Total Unrealised Gain on Forward Foreign Exchange Contracts 31 -
EUR 221,409 USD 241,526 12/04/2024 BNPPARIBAS (2,309) -

EUR 1,293 USD 1,403 12/04/2024 Goldman Sachs International (6) -
EUR 1,535 USD 1,667 12/04/2024 Merrill (9) -
EUR 1,826 USD 2,000 12/04/2024 Morgan Stanley (26) -
Total Unrealised Loss on Forward Foreign Exchange Contracts (2,350) -
Net Unrealised Loss on Forward Foreign Exchange Contracts (2,319) -
28
As at 31 March 2024
% %
Units of authorised UCITS or other collective investment undertakings Luxembourg

Collective Investment Schemes - UCITS Liquid Corporates 1-5 Year Fund EUR 2,415,266 34,446,523 2.97
Ireland 7-10 Year Fund EUR 48,134 11,724,480 1.01
BlackRock Europe Equity 1 Fund - Class Xtrackers II Germany Government Bond
J EUR EUR 213,766 40,860,340 3.52 Fund EUR 135,611 23,105,402 1.99
Liquidity Fund - Class Premier EUR
(Acc) 3,026,258 0.26 69,276,405 5.97
EUR 29,511
BlackRock Institutional Cash Series Euro 475,827,476 40.98
Ultra Short Bond Fund - Class J EUR Total Exchange Traded Funds
(Acc) EUR 57,270 5,937,422 0.51 Total Units of authorised UCITS or other collective investment 1,160,344,296 99.94
BlackRock Japan Equity 1 Fund - Class J undertakings
JPY JPY 73,382 11,918,376 1.03 1,160,344,296 99.94
Total Investments
BNY Mellon Efficient U.S. High Yield
Beta Fund - Class L EUR (Acc) EUR 3,483,205 3,823,166 0.33 Cash 715,964 0.06
HSBC Global Aggregate Bond Index
Fund - Class S5H EUR Cap EUR 23,209,187 226,335,995 19.49 Other Assets/(Liabilities) (37,456) 0.00
Mansart MSCI Canada Fund - Class CAD Total Net Assets 1,161,022,804 100.00
A (Acc) CAD 74,821 5,975,895 0.51
PIMCO Mortgage Opportunities Fund - † Related Party Fund
Class Institutional EUR (hedged) (Acc) EUR 2,245,143 22,698,391 1.96
SEI Liquid Alternative Fund - Class A
Wealth EUR (hedged) EUR 1,137,214 11,770,162 1.01
Vanguard Global Bond Index Fund - Geographic Allocation of Portfolio as at 31 March 2024 % of Net Assets
Class Institutional Plus “Euro” Hedged Ireland 68.78
Shares EUR 355,388 36,673,909 3.16 Luxembourg 31.16
Vanguard Japan Government Bond Total Investments 99.94
Index Fund - Class Institutional Plus Cash and Other Assets/(Liabilities)
“Euro” (Inc) 23,098,155 1.99 0.06
EUR 241,079
Total 100.00
392,118,069 33.77
Luxembourg
JPMorgan Global High Yield Bond Fund
EUR (hedged)† EUR 99,832 19,611,095 1.69
Fund - JPM Multi-Manager Altternatives
X (Acc) - EUR† EUR 111,578 11,427,858 0.98
JPMorgan US Aggregate Bond Fund -
JPM US Aggregate Bond X (Acc) - EUR
(hedged)† EUR 175,135 16,949,589 1.46
Lumyna American Debt Credit Fund -
Lumyna American Debt Securitised
Fund - Class EUR B (Acc) EUR 314,562 23,321,641 2.01
Fund - Class EUR B (hedged) (Acc) EUR 1,849,722 69,253,588 5.97
Class EUR B (Acc) EUR 1,319,101 40,535,973 3.49
Lumyna European Debt Goverment
Fund - Class EUR B (Acc) EUR 2,346,971 63,908,024 5.50
EUR J (Inc) EUR 59,772 12,387,696 1.07
292,398,751 25.19

Ireland
Invesco US Treasury 7-10 Year Fund EUR 1,439,712 45,908,096 3.95
iShares Core EUR Corporate Bond Fund EUR 441,184 52,443,542 4.52
iShares Core MSCI Pacific ex-Japan
Fund USD 36,628 5,802,486 0.50
iShares US Aggregate Bond Fund EUR 1,193,647 5,517,335 0.47
SPDR Bloomberg Global Aggregate
Bond Fund EUR 1,476,297 38,876,805 3.35
Xtrackers MSCI USA Financials Fund USD 415,073 11,787,304 1.01
Xtrackers MSCI USA Information
406,551,071 35.01
29
As at 31 March 2024
Unrealised % of
Purchased Purchased Currency Sold Amount Sold Date Counterparty EUR Assets
GBP 353,760 EUR 413,444 12/04/2024 Barclays Bank 200 -
EUR 2,434 GBP 2,084 12/04/2024 Barclays Bank (2) -

GBP 2,680 EUR 3,143 12/04/2024 Morgan Stanley (9) -
Total Unrealised Loss on Forward Foreign Exchange Contracts (11) -
Net Unrealised Gain on Forward Foreign Exchange Contracts 189 -
30
As at 31 March 2024
% %

Collective Investment Schemes - UCITS Liquid Corporates 1-5 Year Fund USD 706,411 12,046,427 2.99
Ireland 7-10 Year Fund USD 456,256 3,932,242 0.98
BlackRock Europe Equity 1 Fund - Class J Xtrackers II Germany Government Bond
EUR EUR 67,537 13,942,206 3.46 Fund USD 1,208,078 8,112,244 2.02
BlackRock Institutional Cash Series US
Dollar Liquidity Fund - Class Premier GBP
(Acc) 96,233 0.02 24,090,913 5.99
USD 824
BlackRock Institutional Cash Series US 169,916,671 42.22
Dollar Ultra Short Bond Fund - Class J Total Exchange Traded Funds
USD (Acc) USD 7,652 834,830 0.21 Total Units of authorised UCITS or other collective investment 400,640,871 99.55
BlackRock Japan Equity 1 Fund - Class J undertakings
JPY JPY 23,895 4,191,456 1.04 400,640,871 99.55
Total Investments
BNY Mellon Efficient U.S. High Yield Beta
Fund - Class L USD (Acc) USD 1,432,678 1,767,065 0.44 Cash 3,464,475 0.86
HSBC Global Aggregate Bond Index Fund
- Class S5H (Acc) USD 6,954,482 75,643,906 18.80 Other Assets/(Liabilities) (1,663,836) (0.41)
Mansart MSCI Canada Fund - Class CAD A Total Net Assets 402,441,510 100.00
(Acc) CAD 23,547 2,031,139 0.50
PIMCO GIS Mortgage Opportunities Fund † Related Party Fund
- Class Institutional USD (Acc) USD 683,329 7,960,783 1.98
SEI Liquid Alternative Fund - Class USD
Wealth A USD 369,391 3,934,011 0.98
Vanguard Global Bond Index Fund - Class Geographic Allocation of Portfolio as at 31 March 2024 % of Net Assets
Institutional Plus “U.S. Dollar” Hedged Ireland 69.59
Shares USD 138,758 15,816,965 3.93 Luxembourg 29.96
Vanguard Japan Government Bond Index Total Investments 99.55
Fund - Class Institutional Plus “U.S. Cash and Other Assets/(Liabilities)
Dollar” (Acc) 8,051,352 2.00 0.45
USD 78,757
Total 100.00
134,269,946 33.36
Luxembourg
JPMorgan Global High Yield Bond Fund -
JPM Global High Yield Bond X (Acc) -
USD† USD 29,945 6,191,968 1.54
Fund - JPM Multi-Manager Alternatives X
- USD† USD 30,732 4,047,768 1.01
JPMorgan US Aggregate Bond Fund - JPM
US Aggregate Bond X (Acc) - USD† USD 77,191 1,592,455 0.39
Lumyna American Debt Securitised Fund
- Class USD B (Acc) USD 95,689 8,155,593 2.03
Lumyna Marshall Wace Fund - Class USD
J (Dis) USD 16,187 3,806,756 0.95
96,454,254 23.97

Ireland
Invesco US Treasury 7-10 Year Fund USD 455,938 16,194,918 4.02
iShares Core MSCI Pacific ex-Japan Fund USD 11,978 2,049,316 0.51
Fund USD (Acc) USD 43,839 3,947,263 0.98
iShares EUR High Yield Bond Fund USD 1,262,403 8,008,685 1.99
iShares US Aggregate Bond Fund USD 1,236,901 6,499,915 1.61
SPDR Bloomberg Global Aggregate Bond
Fund USD 461,806 13,755,815 3.42
145,825,758 36.23
31
As at 31 March 2024
% %

Collective Investment Schemes - UCITS Liquid Corporates 1-5 Year Fund GBP 24,743 310,958 2.93
Ireland 7-10 Fund GBP 13,798 103,616 0.98
EUR EUR 1,940 317,099 2.99 Fund GBP 35,652 208,145 1.96
(Acc) 1,047 0.01 622,719 5.87
GBP 9
BlackRock Japan Equity 1 Fund - Class J 5,316,702 50.12
JPY 214,945 2.03 Total Exchange Traded Funds
JPY 1,548
BNY Mellon Efficient U.S. High Yield Beta Total Units of authorised UCITS or other collective investment 10,375,005 97.81
Fund GBP 257,020 208,057 1.96 undertakings
HSBC Global Aggregate Bond Index Fund - Total Investments 10,375,005 97.81
Class S5H GBP (Dis) GBP 131,235 1,252,240 11.81
Neuberger Berman US Long Short Equity Cash 111,527 1.05
Fund - Class GBP (Hedged) I3 Distributing GBP 9,062 103,490 0.98
Passim Structured Funds - JP Morgan Other Assets/(Liabilities) 121,361 1.14
(Acc)† CAD 1,553 106,021 1.00 Total Net Assets 10,607,893 100.00
PIMCO GIS Mortgage Opportunities Fund -
Class Institutional GBP Income (hedged) GBP 24,482 205,898 1.94 † Related Party Fund
SEI Liquid Alternative Fund - Class Hedged
GBP Wealth A (Dis) GBP 7,541 105,352 0.99
Vanguard Japan Government Bond Index
Fund - Class Institutional Plus GBP (Inc) GBP 2,102 208,272 1.96 Geographic Allocation of Portfolio as at 31 March 2024 % of Net Assets
Vanguard Pacific ex-Japan Stock Index Ireland 70.89
Fund - Class Institutional Plus GBP Luxembourg 26.92
Accumulation Shares GBP 621 103,363 0.97 Total Investments 97.81
Cash and Other Assets/(Liabilities) 2.19
2,825,784 26.64
Total 100.00
Luxembourg
Fund - JPM Multi-Manager Altternatives X
(inc) - GBP† GBP 1,000 104,749 0.99
Class GBP B (Dis) GBP 4,972 310,048 2.92
Lumyna American Debt Government Fund
- Class GBP B (Dis) GBP 5,097 154,640 1.46
Lumyna American Debt Securitised Fund -
Fund - Class GBP B (Dis) GBP 16,219 622,340 5.87
Lumyna European Debt Government Fund
- Class GBP B (Dis) GBP 20,526 574,728 5.42
2,232,519 21.05

Ireland
Invesco US Treasury 7-10 Year Fund GBP 4,546 153,814 1.45
iShares $ Treasury Bond 20+yr Fund GBP 79,845 260,275 2.46
iShares Core EUR Corporate Bond Fund GBP 95,641 468,163 4.41
iShares Core MSCI Europe Fund EUR 11,483 314,201 2.96
iShares Core S&P 500 Fund USD (Acc) USD 852 372,627 3.51
Fund USD (Acc) USD 2,233 159,160 1.50
iShares EUR High Yield Bond Fund GBP 39,572 205,359 1.94
iShares US Aggregate Bond Fund GBP 71,892 311,041 2.93
Services Fund USD 1,161 53,774 0.51
Dcretionary Fund USD 915 53,122 0.50
Xtrackers MSCI USA Financials Fund USD 4,423 107,384 1.01
Xtrackers MSCI USA Health Care Fund USD 1,121 52,862 0.50
Xtrackers MSCI USA Industrials Fund USD 831 53,797 0.51
Technology Fund USD 1,406 105,112 0.99
4,693,983 44.25

32
As at 31 March 2024
% %
Units of authorised UCITS or other collective investment undertakings Xtrackers MSCI USA Industrials Fund USD 15,304 1,251,561 0.53
Collective Investment Schemes - UCITS Technology Fund USD 35,901 3,390,490 1.43
Ireland
BlackRock Europe Equity 1 Fund - Class J 171,243,287 72.08
EUR EUR 38,539 7,955,893 3.35 Luxembourg
BlackRock Institutional Cash Series US UBS Lux Fund Solutions - Bloomberg US
Dollar Liquidity Fund - Class Premier GBP Liquid Corporates 1-5 Year Fund USD 267,879 4,568,141 1.92
(Acc) USD 217 25,381 0.01 Xtrackers II Eurozone Government Bond
BlackRock Institutional Cash Series US 7-10 Year Fund USD 265,435 2,287,652 0.96
Dollar Ultra Short Bond Fund - Class J Xtrackers II Germany Government Bond
USD (Acc) USD 10,339 1,128,080 0.47 Fund USD 513,597 3,448,804 1.45
BlackRock Japan Equity 1 Fund - Class J
JPY JPY 60,108 10,543,520 4.44 10,304,597 4.33
BNY Mellon Efficient U.S. High Yield Beta
Fund - Class L USD (Acc) USD 715,260 882,201 0.37 181,547,884 76.41
Total Exchange Traded Funds
Neuberger Berman US Long Short Equity
Fund - Class USD I3 (Acc) USD 13,051 166,139 0.07 Total Units of authorised UCITS or other collective investment 233,463,577 98.26
Passim Structured Funds - JP Morgan undertakings
Mansart MSCI Canada Fund - Class CAD A Total Investments 233,463,577 98.26
(Acc) CAD 67,004 5,779,670 2.43
PIMCO GIS Mortgage Opportunities Fund Cash 397,447 0.17
- Class Institutional USD (Acc) USD 393,478 4,584,015 1.93
SEI Liquid Alternative Fund - Class USD Other Assets/(Liabilities) 3,718,781 1.57
Wealth A USD 220,477 2,348,076 0.99
Vanguard Japan Government Bond Index Total Net Assets 237,579,805 100.00
Fund - Class Institutional Plus “U.S.
Dollar” (Acc) USD 22,479 2,297,991 0.97 † Related Party Fund
Fund - Class Institutional Plus “U.S.
Dollar” Shares USD 32,187 4,623,547 1.95
Geographic Allocation of Portfolio as at 31 March 2024 % of Net Assets
40,334,513 16.98 Ireland 89.06
Luxembourg 9.20
Luxembourg Total Investments
JPMorgan Global High Yield Bond Fund - 98.26
JPM Global High Yield Bond X (Acc) - Cash and Other Assets/(Liabilities) 1.74
USD† USD 17,915 3,704,363 1.56 Total 100.00
Fund - JPM Multi-Manager Alternatives X
- USD† USD 17,570 2,314,183 0.97
- Class USD B (Acc) USD 13,381 1,140,463 0.48
Lumyna Marshall Wace Fund - Class USD
J (Dis) USD 9,059 2,130,489 0.90
11,581,180 4.87

Ireland
iShares Core MSCI Europe Fund EUR 68,279 2,360,091 0.99
Fund USD (Acc) USD 25,656 2,310,066 0.97
iShares EUR High Yield Bond Fund USD 716,087 4,542,856 1.91
Sector Fund EUR 590,778 3,479,871 1.46
Fund EUR 243,828 2,300,488 0.97
Fund EUR 177,050 1,280,560 0.54
33
As at 31 March 2024
Unrealised % of
USD 5,039 EUR 4,602 12/04/2024 Merrill 68 -
EUR 480,351 USD 523,993 12/04/2024 BNPPARIBAS (5,010) -

EUR 3,786 USD 4,108 12/04/2024 Goldman Sachs International (18) -
EUR 3,855 USD 4,187 12/04/2024 Merrill (22) -
EUR 4,422 USD 4,841 12/04/2024 Morgan Stanley (64) -
Total Unrealised Loss on Forward Foreign Exchange Contracts (5,114) -
Net Unrealised Loss on Forward Foreign Exchange Contracts (5,046) -
34
As at 31 March 2024
% %

Collective Investment Schemes - UCITS Liquid Corporates 1-5 Year Fund GBP 21,616 271,659 1.91
Ireland 7-10 Fund GBP 18,082 135,787 0.95
EUR EUR 1,271 207,770 1.46 Fund GBP 35,040 204,572 1.44
(Acc) 1,380 0.01 612,018 4.30
GBP 12
BlackRock Japan Equity 1 Fund - Class J 11,118,686 78.19
JPY 633,768 4.46 Total Exchange Traded Funds
JPY 4,564
BNY Mellon Efficient U.S. High Yield Beta Total Units of authorised UCITS or other collective investment 13,880,255 97.61
Fund GBP 336,810 272,648 1.92 undertakings
Neuberger Berman US Long Short Equity Total Investments 13,880,255 97.61
Fund - Class GBP (Hedged) I3 Distributing GBP 11,875 135,618 0.95
Passim Structured Funds - JP Morgan Cash 21,105 0.15
(Acc)† CAD 5,087 347,338 2.44 Other Assets/(Liabilities) 318,598 2.24
PIMCO GIS Mortgage Opportunities Fund -
Class Institutional GBP Income (hedged) GBP 32,059 269,618 1.90 Total Net Assets 14,219,958 100.00
SEI Liquid Alternative Fund - Class Hedged
GBP Wealth A (Dis) GBP 9,886 138,101 0.97 † Related Party Fund
Vanguard Japan Government Bond Index
Fund - Class Institutional Plus GBP (Inc) GBP 1,377 136,465 0.96
Fund - Class Institutional Plus GBP Geographic Allocation of Portfolio as at 31 March 2024 % of Net Assets
Accumulation Shares GBP 1,627 270,904 1.90 Ireland 90.86
Luxembourg 6.75
2,413,610 16.97 Total Investments 97.61
Luxembourg Cash and Other Assets/(Liabilities) 2.39
JPMorgan Multi-Manager Alternatives Total 100.00
(inc) - GBP† GBP 1,378 144,389 1.01
Lumyna American Debt Securitised Fund -
Class GBP B (Dis) GBP 936 67,646 0.48
Fund - Class GBP B (Dis) GBP 3,542 135,924 0.96
347,959 2.45

Ireland
Invesco EQQQ Nasdaq-100 Fund USD 392 138,498 0.97
Insurance Fund EUR 485 68,856 0.48
iShares $ Treasury Bond 20+yr Fund GBP 83,706 272,861 1.92
iShares Core EUR Corporate Bond Fund GBP 83,555 409,002 2.88
iShares Core MSCI Europe Fund EUR 15,048 411,748 2.90
Fund USD (Acc) USD 1,959 139,631 0.98
iShares EUR High Yield Bond Fund GBP 50,550 262,329 1.84
Discretionary Sector Fund EUR 11,225 67,685 0.48
Sector Fund EUR 43,231 201,579 1.42
Fund EUR 18,761 140,121 0.99
Fund EUR 24,037 137,624 0.97
Technology Sector Fund EUR 19,421 134,357 0.94
SPDR MSCI Europe Energy Fund EUR 400 69,865 0.49
SPDR MSCI Europe Health Care Fund EUR 727 135,558 0.95
SPDR MSCI Europe Materials Fund EUR 527 139,153 0.98
Xtrackers MSCI Nordic Fund EUR 1,452 67,071 0.47
Services Fund USD 1,521 70,448 0.50
Dcretionary Fund USD 1,199 69,610 0.49
Xtrackers MSCI USA Financials Fund USD 8,693 211,054 1.48
Xtrackers MSCI USA Health Care Fund USD 2,939 138,592 0.97
Xtrackers MSCI USA Industrials Fund USD 1,089 70,499 0.50
Technology Fund USD 2,763 206,561 1.45
10,506,668 73.89

35
As at 31 March 2024
% %
Units of authorised UCITS or other collective investment undertakings Transferable Securities and Money Market Instruments Dealt in on Another Regulated
Market
Collective Investment Schemes - UCITS
Bonds
Ireland
CRM Long/Short Opportunities UCITS - United States of America
Class G EUR EUR 19,056 4,877,392 1.09 JPMorgan Chase 0.000% 11/07/2024 USD 20,917,000 21,643,866 4.83
HSBC Global Aggregate Bond Index Fund JPMorgan Chase 0.000% 01/11/2024 USD 14,522,000 15,227,258 3.39
- Class S5H EUR Cap EUR 3,722,022 36,297,163 8.10
J O Hambro Capital Management UK 36,871,124 8.22
Growth Fund - Class X EUR (Acc) EUR 4,920,957 11,086,916 2.47
Muzinich Enhancedyield Short-Term Fund Total Bonds 36,871,124 8.22
- Class A1 EUR (hedged) (Acc) EUR 307,289 31,813,660 7.10
OAKS Emerging and Frontier Total Transferable Securities and Money Market Instruments 36,871,124 8.22
Opportunities Fund - Class K EUR EUR 580,871 11,692,356 2.61 Dealt in on Another Regulated Market
Polar Capital Funds - Healthcare Blue Total Investments 449,313,268 100.22
Chip Fundá - Class I EUR (Acc) EUR 359,888 7,147,383 1.59
Polar Capital Global Insurance Funds - Cash 994,450 0.22
Class I USD (Acc) USD 1,219,005 17,061,106 3.80
Other Assets/(Liabilities) (1,984,888) (0.44)
119,975,976 26.76
Total Net Assets 448,322,830 100.00
Luxembourg
Allspring Lux Worldwide Fund - EUR † Related Party Fund
Short Duration Credit Fund - Class X EUR
(Acc) EUR 225,203 22,770,225 5.08
Arcus SICAV Fund Arcus Japan Fund -
Class D EUR (Acc) EUR 93,549 12,161,365 2.71 Geographic Allocation of Portfolio as at 31 March 2024 % of Net Assets
AXA World Funds - US Short Duration Ireland 51.07
High Yield Bonds - Class ZI EUR (hedged) Luxembourg 40.93
(Acc) EUR 167,923 18,169,304 4.05 United States of America 8.22
BlackRock Continental European Flexible Total Investments 100.22
Fund - Class I2 EUR EUR 332,410 11,870,378 2.65 Cash and Other Assets/(Liabilities) (0.22)
BlackRock Global Event Driven Fund -
Class I2 EUR Hedged EUR 76,906 9,325,664 2.08 Total 100.00
Brevan Howard Absolute Return
Government Bond Fund - Class A EUR
Cap EUR 131,778 13,988,899 3.12
JPMorgan US Growth Fund - JPM US
Growth Class X (Dis)† USD 121,034 14,385,101 3.21
JPMorgan US Technology Fund - JPM US
Technology Class X$† USD 16,094 9,438,126 2.11
Nordea 1 Alpha 15 MA Fund - Class BD
EUR (Acc) EUR 97,940 9,409,384 2.10
Redwheel Global Equity Income Fund -
Class S EUR (Acc) EUR 68,102 9,521,514 2.12
UBAM Dynamic US Dollar Bond - Class
I+HC EUR (Acc) EUR 241,544 25,668,353 5.73
156,708,313 34.96

Ireland
Global X Copper Miners Fund EUR 120,644 3,507,121 0.78
Global X S&P 500 Quarterly Buffer Fund USD 791,594 13,100,881 2.92
Invesco Markets - EURO STOXX Optimised
Banks Fund EUR 46,794 4,517,025 1.01
Invesco NASDAQ Biotech Fund USD 105,476 4,492,984 1.00
iShares EUR Bond 1-5yr Fund EUR 2,195,809 11,174,033 2.49
iShares Gold Producers Fund USD 350,872 4,642,556 1.03
iShares Oil & Gas Exploration &
Production Fund USD 173,547 4,538,736 1.01
iShares US Mortgage Backed Securities
Fund EUR 3,622,733 15,632,093 3.49
iShares USD Treasury Bond 3-7yr Fund EUR 5,747,452 24,553,690 5.48
UBS Irl Fund Solutions - Bloomberg
Commodity CMCI SF Fund EUR 360,167 4,777,255 1.07
Xtrackers Russell 2000 Fund USD 31,661 9,091,104 2.03
108,995,964 24.31
Luxembourg
7-10 Year Fund EUR 109,869 26,761,891 5.97
26,761,891 5.97
Total Exchange Traded Funds 135,757,855 30.28

Total Units of authorised UCITS or other collective investment 412,442,144 92.00
undertakings
36
As at 31 March 2024
Unrealised % of
Purchased Purchased Currency Sold Amount Sold Date Counterparty EUR Assets
EUR 10,733,697 GBP 9,161,800 12/06/2024 Barclays Bank 44,396 0.01

USD 3,694,449 EUR 3,391,358 12/06/2024 HSBC Bank 19,455 -
Total Unrealised Gain on Forward Foreign Exchange Contracts 63,851 0.01
EUR 72,522,345 USD 79,780,780 12/06/2024 Barclays Bank (1,133,373) (0.25)

EUR 2,685,584 USD 2,954,844 12/06/2024 Morgan Stanley (42,406) (0.01)
Total Unrealised Loss on Forward Foreign Exchange Contracts (1,175,779) (0.26)
Net Unrealised Loss on Forward Foreign Exchange Contracts (1,111,928) (0.25)
37
As at 31 March 2024
% %
Market
Bonds
Ireland
CRM Long/Short Opportunities Fund - United States of America
Class G USD USD 38,840 10,721,270 1.02 JPMorgan Chase 0.000% 11/07/2024 USD 43,761,000 48,904,230 4.64
HSBC Global Aggregate Bond Index JPMorgan Chase 0.000% 01/11/2024 USD 27,100,000 30,689,395 2.91
Fund - Class S5H (Acc) USD 7,866,621 85,565,241 8.11
Growth Fund - Class X USD (Acc) USD 11,103,683 25,094,323 2.38
Muzinich Enhanced Yield Short-Term Total Bonds 79,593,625 7.55
Fund - Class A1 USD (hedged) (Acc) USD 671,904 74,715,705 7.08
Opportunities Fund - Class J USD USD 1,184,300 26,705,972 2.53 Dealt in on Another Regulated Market
Polar Capital Funds - Healthcare Blue Total Investments 1,054,060,709 99.91
Chip Fund - Class I USD (Acc) USD 756,063 16,240,227 1.54
Polar Capital Global Insurance Funds - Cash 2,393,016 0.23
Class I USD (Acc) USD 2,551,379 38,565,620 3.65
Other Assets/(Liabilities) (1,402,052) (0.14)
277,608,358 26.31
Total Net Assets 1,055,051,673 100.00
Luxembourg
Short Duration Credit Fund - Class X
USD (hedged) (Acc) USD 484,797 53,613,728 5.08
Class D USD (Acc) USD 217,416 27,614,011 2.62 Geographic Allocation of Portfolio as at 31 March 2024 % of Net Assets
High Yield Bonds - Class ZI Luxembourg 41.20
Capitalisation USD USD 334,440 42,691,246 4.05 United States of America 7.55
BlackRock Continental European Total Investments 99.91
Flexible Fund - Class I2 EUR EUR 695,735 26,832,287 2.54 Cash and Other Assets/(Liabilities) 0.09
Class I2 USD USD 162,236 21,308,116 2.02 Total 100.00
Government Bond Fund - Class A USD
(Acc) USD 248,421 31,969,895 3.03
Nordea 1 SICAV - Alpha 15 MA Fund USD 174,650 21,980,918 2.09
Class S USD (Acc) USD 173,973 21,651,011 2.05
UBAM - Dynamic US Dolla Bond - Class
I+C USD 624,035 69,318,413 6.57
370,830,619 35.15

Ireland
Global X Copper Miners Fund USD 259,154 8,132,253 0.77
Global X S&P 500 Quarterly Buffer Fund USD 1,961,171 35,053,970 3.32
Invesco Markets - EURO STOXX
Optimised Banks Fund EUR 101,828 10,615,813 1.01
iShares EUR Bond 1-5yr Fund USD 5,081,923 26,725,833 2.53
Fund USD 7,395,088 37,178,805 3.52
iShares USD Treasury Bond 3-7yr Fund USD 447,621 58,307,111 5.53
Commodity CMCI SF Fund USD 696,188 10,867,495 1.03
262,140,942 24.85
Luxembourg
7-10 Year Fund USD 7,412,794 63,887,165 6.05
63,887,165 6.05

undertakings
38
As at 31 March 2024
Unrealised % of
AUD 59,646 USD 38,840 12/04/2024 Merrill 83 -

EUR 200,000 USD 215,747 10/04/2024 Merrill Lynch International 320 -
USD 53,423 AUD 80,593 12/04/2024 Merrill 830 -
USD 20,151,378 EUR 18,315,557 12/06/2024 BNPPARIBAS 312,750 0.03
USD 1,393,492 EUR 1,266,501 12/06/2024 HSBC Bank 21,672 -
USD 286,527 GBP 224,504 12/04/2024 Barclays Bank 2,908 -
USD 2,407 GBP 1,881 12/04/2024 Citibank 31 -
USD 125,553 GBP 97,974 12/04/2024 HSBC Bank 1,781 -
USD 25,109,458 GBP 19,481,611 12/06/2024 State Street Bank 489,612 0.05
USD 136,510 SGD 181,595 12/04/2024 Merrill 1,892 -
AUD 6,964,473 USD 4,600,444 12/04/2024 Citibank (55,556) (0.01)

AUD 38,256 USD 24,975 12/04/2024 HSBC Bank (10) -
GBP 12,254,585 USD 15,626,326 12/04/2024 Barclays Bank (144,882) (0.01)
GBP 219,971 USD 280,201 12/04/2024 Morgan Stanley (2,307) -
SGD 338,701 USD 253,933 12/04/2024 Merrill (2,852) -
SGD 28,520,425 USD 21,378,606 12/04/2024 State Street Bank (236,266) (0.02)
USD 1,949,082 AUD 2,987,035 12/04/2024 Morgan Stanley (203) -
USD 10,149 AUD 15,557 12/04/2024 Standard Chartered Bank (3) -
Total Unrealised Loss on Forward Foreign Exchange Contracts (442,079) (0.04)
Net Unrealised Gain on Forward Foreign Exchange Contracts 389,800 0.04
39
As at 31 March 2024
%
Quantity/ Market of Quantity/ Market % of
Investments Currency Value EUR Assets Investments Currency Value USD Assets
Units of authorised UCITS or other collective investment undertakings

Geographic Allocation of Portfolio as at 31 March 2024 % of Net Assets
Collective Investment Schemes - UCITS Ireland 61.01
Ireland Luxembourg 34.12
Cullen Funds - Emerging Markets High Total Investments 95.13
Dividend Fund EUR 57,468 501,698 2.46 Cash and Other Assets/(Liabilities) 4.87
HSBC Global Aggregate Bond Index Fund -
Class S5DH EUR EUR 399,631 3,584,686 17.56 Total 100.00
Janus Henderson Global Life Sciences
Fund/Ireland EUR 13,314 412,865 2.02
Muzinich Short Duration High Yield Fund EUR 21,790 1,422,240 6.97
PGIM Broad Market US High Yield Bond
Fund EUR 22,787 1,798,744 8.81
PIMCO GIS Capital Securities Fund EUR 75,565 807,036 3.95
8,527,269 41.77
Luxembourg
Arcus Japan Fund Class D (Dis) JPY 9,592 617,634 3.02
JPMorgan Income Fund - JPM Income
Class XH EUR (Inc)† EUR 18,225 1,829,961 8.96
Technology Class X$† USD 1,036 607,838 2.98
MFS Meridian Funds - Global High Yield
Class ISH1 EUR EUR 13,322 1,429,682 7.00
T Rowe Price Funds SICAV - US Smaller
Companies Equity Fund EUR 18,668 423,762 2.08
5,950,455 29.14

Ireland
Global X US Infrastructure Development
Fund USD 6,210 209,041 1.02
HSBC MSCI WORLD Fund EUR 38,979 1,248,068 6.11
Banks Fund EUR 3,355 323,858 1.59
iShares China CNY Bond Fund EUR 73,064 406,046 1.99
Discretionary Sector Fund EUR 43,106 304,027 1.49
iShares MSCI Korea Fund USD Distributors USD 4,670 205,361 1.01
Fund USD 162,097 614,393 3.01
iShares USD Treasury Bond 20+yr Fund EUR 125,685 408,916 2.00
Xtrackers MSCI USA Energy Fund EUR 4,686 209,160 1.02
3,928,870 19.24
Luxembourg
Fund EUR 5,903 1,016,733 4.98
1,016,733 4.98

undertakings
Total Investments 19,423,327 95.13
Cash 1,001,135 4.90
Other Assets/(Liabilities) (6,503) (0.03)
† Related Party Fund

40
As at 31 March 2024
% %
Market
Bonds
Ireland
CRM Long/Short Opportunities Fund - United States of America
Class G USD USD 9,340 2,578,087 1.02 JPMorgan Chase 0.000% 11/07/2024 USD 9,430,000 10,538,308 4.19
HSBC Global Aggregate Bond Index Fund JPMorgan Chase 0.000% 01/11/2024 USD 5,742,000 6,502,528 2.59
- Class S5H (Acc) USD 1,805,977 19,643,607 7.81
Growth Fund - Class X USD (Acc) USD 2,511,318 5,675,578 2.26
Muzinich Enhanced Yield Short-Term Total Bonds 17,040,836 6.78
Fund - Class A1 USD (hedged) (Acc) USD 158,418 17,616,040 7.01
Opportunities Fund - Class J USD USD 249,422 5,624,459 2.24 Dealt in on Another Regulated Market
Polar Capital Funds - Healthcare Blue Total Investments 244,071,602 97.08
Chip Fund - Class I USD (Acc) USD 186,629 4,008,801 1.59
Polar Capital Global Insurance Funds - Cash 7,245,293 2.88
Class I USD (Acc) USD 618,498 9,348,970 3.72
Other Assets/(Liabilities) 86,062 0.04
64,495,542 25.65
Luxembourg
Short Duration Credit Fund - Class X USD
(hedged) (Acc) USD 111,100 12,286,522 4.89
Class D USD (Acc) USD 53,341 6,774,804 2.70 Geographic Allocation of Portfolio as at 31 March 2024 % of Net Assets
High Yield Bonds - Class ZI Capitalisation Luxembourg 40.36
USD USD 79,067 10,092,952 4.01 United States of America 6.78
BlackRock Continental European Flexible Total Investments 97.08
Fund - Class I2 EUR EUR 177,725 6,854,274 2.73 Cash and Other Assets/(Liabilities) 2.92
Class I2 USD USD 37,588 4,936,750 1.96 Total 100.00
Government Bond Fund - Class A USD
(Acc) USD 58,177 7,486,892 2.98
Nordea 1 SICAV - Alpha 15 MA Fund USD 37,623 4,735,068 1.88
Class S USD (Acc) USD 41,216 5,129,334 2.04
UBAM - Dynamic US Dolla Bond - Class
I+C USD 144,835 16,088,424 6.40
87,110,297 34.65

Ireland
Global X Copper Miners Fund USD 61,438 1,927,925 0.77
Global X S&P 500 Quarterly Buffer Fund USD 396,871 7,093,672 2.82
Banks Fund EUR 28,151 2,934,809 1.17
iShares EUR Bond 1-5yr Fund USD 1,170,998 6,158,278 2.45
Fund USD 1,737,059 8,733,064 3.47
iShares USD Treasury Bond 3-7yr Fund USD 102,683 13,375,488 5.32
Commodity CMCI SF Fund USD 158,685 2,477,073 0.99
61,061,981 24.29
Luxembourg
7-10 Year Fund USD 1,666,525 14,362,946 5.71
14,362,946 5.71

undertakings
41
As at 31 March 2024
Unrealised % of
USD 5,059,444 EUR 4,598,521 12/06/2024 BNPPARIBAS 78,523 0.03

USD 425,809 EUR 387,004 12/06/2024 HSBC Bank 6,622 -
USD 376,104 GBP 291,813 12/06/2024 Barclays Bank 7,325 0.01
USD 5,240,495 GBP 4,065,929 12/06/2024 State Street Bank 102,185 0.04
Net Unrealised Gain on Forward Foreign Exchange Contracts 194,655 0.08
42
Private Bank Funds I - Balance Moderate Fund
As at 31 March 2024
% %
Units of authorised UCITS or other collective investment undertakings Xtrackers MSCI USA Consumer
Collective Investment Schemes - UCITS Xtrackers MSCI USA Financials Fund USD 174,181 4,946,418 1.53
Ireland
BlackRock Europe Equity 1 Fund - Class J
EUR EUR 7,703 1,472,392 0.45 Xtrackers MSCI USA Information
Liquidity Fund - Class Premier EUR (Acc) EUR 23,913 2,452,154 0.76
BlackRock Institutional Cash Series Euro 180,697,637 55.80
Ultra Short Bond Fund - Class J EUR (Acc) EUR 20,501 2,125,430 0.66 Luxembourg
BlackRock Japan Equity 1 Fund - Class J UBS Lux Fund Solutions - Bloomberg US
JPY JPY 61,264 9,950,243 3.07 Liquid Corporates 1-5 Year Fund EUR 671,233 9,573,125 2.96
BNY Mellon Efficient U.S. High Yield Beta Xtrackers II Eurozone Government Bond
Fund - Class L EUR (Acc) EUR 850,027 932,989 0.29 7-10 Year Fund EUR 13,633 3,320,726 1.02
HSBC Global Aggregate Bond Index Fund Xtrackers II Germany Government Bond
- Class S5H EUR Cap EUR 2,472,145 24,108,360 7.44 Fund EUR 37,476 6,385,161 1.97
Neuberger Berman US Long Short Equity
Fund - Class I3 EUR (hedged) (Acc) EUR 217,989 2,596,253 0.80 19,279,012 5.95
Mansart MSCI Canada Fund - Class CAD A 199,976,649 61.75
(Acc)† 4,342,444 1.34 Total Exchange Traded Funds
CAD 54,369
PIMCO Mortgage Opportunities Fund - Total Units of authorised UCITS or other collective investment 323,600,724 99.93
Class Institutional EUR (hedged) (Acc) EUR 1,263,935 12,778,384 3.95 undertakings
SEI Liquid Alternative Fund - Class A Total Investments 323,600,724 99.93
Wealth EUR (hedged) EUR 663,811 6,870,443 2.12
Vanguard Japan Government Bond Index Cash 331,454 0.10
Fund - Class Institutional Plus “Euro” (Inc) EUR 52,942 5,072,442 1.57
Vanguard Pacific ex-Japan Stock Index Other Assets/(Liabilities) (96,191) (0.03)
Fund - Class Institutional Plus “Euro”
Shares EUR 23,308 4,170,566 1.29 Total Net Assets 323,835,987 100.00
76,872,100 23.74 † Related Party Fund

Luxembourg
JPMorgan Global High Yield Bond Fund -
JPM Global High Yield Bond X (Acc) - EUR Geographic Allocation of Portfolio as at 31 March 2024 % of Net Assets
(hedged)† EUR 28,199 5,539,375 1.71 Ireland 79.54
JPMorgan Multi-Manager Alternatives Luxembourg 20.39
(Acc) - EUR† 6,680,847 2.06 Total Investments 99.93
EUR 65,230
Lumyna American Debt Credit Fund - Cash and Other Assets/(Liabilities) 0.07
Class EUR B (Acc) EUR 49,999 3,202,919 0.99 Total 100.00
Lumyna American Debt Goverment Fund
- Class EUR B (Acc) EUR 54,656 1,612,903 0.50
Fund - Class EUR B (hedged) (Acc) EUR 254,259 9,519,449 2.94
Lumyna European Debt Goverment Fund
Lumyna Marshall Wace Fund - Class EUR
J (Inc) EUR 19,035 3,945,039 1.22
46,751,975 14.44

Ireland
Invesco US Treasury 7-10 Year Fund EUR 200,219 6,384,383 1.97
iShares Core EUR Corporate Bond Fund EUR 123,922 14,730,608 4.55
Fund USD (Acc) USD 52,522 4,378,779 1.35
Sector Fund EUR 671,869 3,664,374 1.13
Fund EUR 335,442 2,930,421 0.90
Fund EUR 466,715 3,125,590 0.96
43
Appendix - Unaudited Additional Disclosures
1. Total Expense Ratios

For the For the For the Capped Inception
year year year Expense Date
ended ended ended Ratio
31 March 31 March 31 March 31 March
2024^ 2023^ 2022^ 2024^
Private Bank Funds I - Access Balanced Fund (EUR)†

Access Balanced Fund (EUR) A (acc) 1.45% 1.45% 1.45% - 17-Nov-09
Access Balanced Fund (EUR) B (acc) 1.20% 1.20% 1.20% - 02-Feb-10
Access Balanced Fund (EUR) C (acc) 0.83% 0.83% 0.84% 0.90% 08-Dec-09
Access Balanced Fund (EUR) C (inc) 0.83% 0.84% 0.88% 0.90% 18-Apr-18
Access Balanced Fund (EUR) Inst (acc) 0.73% 0.72% 0.75% 0.80% 16-Jan-13
Access Balanced Fund (EUR) Inst (inc) 0.80% 0.80% 0.80% 0.80% 07-Jun-17
Access Balanced Fund (EUR) Q (acc) 0.24% 0.33% 0.34% 0.75% 01-Apr-21
Private Bank Funds I - Access Balanced Fund (GBP)†

Access Balanced Fund (GBP) A (acc) 1.45% 1.45% 1.45% - 25-May-11
Access Balanced Fund (GBP) A (inc) 1.45% 1.45% 1.45% - 25-May-11
Access Balanced Fund (GBP) B (inc) 1.20% 1.20% 1.20% - 29-Jun-11
Access Balanced Fund (GBP) C (acc) 0.84% 0.85% 0.86% 0.90% 19-Jun-13
Access Balanced Fund (GBP) C (inc) 0.85% 0.85% 0.86% 0.90% 08-Feb-12
Access Balanced Fund (GBP) Inst (acc) 0.80% 0.80% 0.80% 0.80% 01-Jun-11
Access Balanced Fund (GBP) Inst (inc) 0.75% 0.75% 0.76% 0.80% 13-Nov-13
Private Bank Funds I - Access Balanced Fund (USD)†

Access Balanced Fund (USD) A (acc) 1.45% 1.45% 1.45% - 20-Oct-10
Access Balanced Fund (USD) B (acc) 1.20% 1.20% 1.20% - 20-Oct-10
Access Balanced Fund (USD) C (acc) 0.84% 0.82% 0.84% 0.90% 20-Oct-10
Access Balanced Fund (USD) C (acc) - EUR (hedged) + 0.90% - - 0.90% 27-Sep-23
Access Balanced Fund (USD) C (inc) 0.84% 0.83% 0.85% 0.90% 18-Apr-18
Access Balanced Fund (USD) Inst (acc) 0.74% 0.73% 0.74% 0.80% 26-Sep-12
Access Balanced Fund (USD) Inst (inc) 0.76% 0.75% 0.78% 0.80% 07-Jun-17
Access Balanced Fund (USD) X (acc) 0.06% 0.05% 0.07% 0.10% 24-Jun-21
Private Bank Funds I - Access Capital Preservation Fund (EUR)†

Access Capital Preservation Fund (EUR) A (acc) 1.15% 1.15% 1.15% - 08-Dec-10
Access Capital Preservation Fund (EUR) B (acc) 1.00% 1.00% 1.00% - 08-Dec-10
Access Capital Preservation Fund (EUR) C (acc) 0.72% 0.72% 0.73% 0.80% 08-Dec-10
Access Capital Preservation Fund (EUR) Inst (acc) 0.69% 0.69% 0.68% 0.75% 13-Nov-13
Access Capital Preservation Fund (EUR) Inst (inc) - GBP (hedged) 0.75% 0.75% 0.75% 0.75% 09-Nov-16
Private Bank Funds I - Access Capital Preservation Fund (USD)†

Access Capital Preservation Fund (USD) A (acc) 1.15% 1.15% 1.15% - 23-May-12
Access Capital Preservation Fund (USD) C (acc) 0.74% 0.74% 0.74% 0.80% 23-May-12
Access Capital Preservation Fund (USD) C (inc) 0.80% 0.80% 0.80% 0.80% 18-Apr-18
Access Capital Preservation Fund (USD) Inst (acc) 0.75% 0.75% 0.75% 0.75% 13-Nov-13
Access Capital Preservation Fund (USD) Inst (inc) 0.75% 0.75% 0.75% 0.75% 10-Dec-14
Private Bank Funds I - Access Conservative Fund (GBP)† (1)

Access Conservative Fund (GBP) C (inc) + 0.80% - - 13-Mar-24
Private Bank Funds I - Access Growth Fund (USD)†

Access Growth Fund (USD) A (acc) 1.45% 1.45% 1.45% - 16-Oct-13
Access Growth Fund (USD) C (acc) 0.87% 0.87% 0.90% 0.90% 30-Oct-13
Access Growth Fund (USD) C (acc) - EUR (hedged) + 0.90% - - 0.90% 27-Sep-23
Access Growth Fund (USD) C (inc) 0.89% 0.90% 0.90% 0.90% 30-Aug-17
Access Growth Fund (USD) Inst (acc) 0.80% 0.80% 0.80% 0.80% 13-Nov-13
Access Growth Fund (USD) Inst (acc) - EUR (hedged) + 0.70% - - 0.80% 27-Sep-23
Access Growth Fund (USD) Inst (inc) 0.79% 0.80% 0.80% 0.80% 13-Nov-13
Private Bank Funds I - Access Growth Fund (GBP)† (1)

Access Growth Fund (GBP) C (acc) + 0.90% - - 0.90% 13-Mar-24
Access Growth Fund (GBP) C (inc) + 0.90% - - 0.90% 13-Mar-24
Private Bank Funds I - Dynamic Multi-Asset Fund (EUR)†

Dynamic Multi-Asset Fund (EUR) C (acc) 0.71% 0.72% 0.73% 0.80% 14-Oct-15
Dynamic Multi-Asset Fund (EUR) C (inc) 0.80% 0.76% 0.80% 0.80% 13-Jan-16
Dynamic Multi-Asset Fund (EUR) Inst (acc) 0.68% 0.69% 0.68% 0.80% 22-Jun-16
^ Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 (as amended 20 April 2015) issued by the Swiss Funds & Asset Management Association (SFAMA). On 25 September
2020, SFAMA and the Asset Management Platform (AMP) Switzerland merged to form the Asset Management Association Switzerland (AMAS). The Total Expense Ratio (“TER”) represents the total
operating costs as a percentage of the Sub-Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian/depositary fees, taxe
d’abonnement and other expenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest is excluded from the calculation. The figures include Fee
Waivers on Management and Advisory Fees or Operating and Administrative expenses, where applicable.
The capped expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’ Financial Statements.
† As the Sub-Fund invests a significant portion of its NAV in target funds which do not publish a TER, a TER is not calculated and published in accordance with the applicable Asset Management
Association Switzerland (AMAS) guidelines.

+ Share Class launched during the period.
44
Appendix - Unaudited Additional Disclosures (continued)
1. Total Expense Ratios (continued)

For the For the For the Capped Inception
year year year Expense Date
ended ended ended Ratio
31 March 31 March 31 March 31 March
2024^ 2023^ 2022^ 2024^
Private Bank Funds I - Dynamic Multi-Asset Fund (USD)†

Dynamic Multi-Asset Fund (USD) C (acc) 0.71% 0.72% 0.80% 0.80% 14-Oct-15
Dynamic Multi-Asset Fund (USD) C (acc) - AUD (hedged) 0.79% 0.77% 0.73% 0.80% 01-Mar-17
Dynamic Multi-Asset Fund (USD) C (acc) - EUR (hedged) + 0.80% - - 0.80% 27-Mar-24
Dynamic Multi-Asset Fund (USD) C (acc) - SGD (hedged) 0.77% 0.76% 0.80% 0.80% 27-Jul-16
Dynamic Multi-Asset Fund (USD) C (inc) 0.72% 0.73% 0.73% 0.80% 14-Oct-15
Dynamic Multi-Asset Fund (USD) C (inc) - GBP (hedged) 0.74% 0.73% 0.74% 0.80% 27-Jul-16
Dynamic Multi-Asset Fund (USD) Inst (acc) 0.68% 0.68% 0.69% 0.75% 22-Jun-16
Dynamic Multi-Asset Fund (USD) X (acc)* 0.04% 0.05% 0.06% 0.10% 09-Jan-20
Private Bank Funds I - Dynamic Income Fund (EUR)† (1)

Dynamic Income Fund (EUR) C (acc) + 0.80% - - 0.80% 13-Mar-24
Dynamic Income Fund (EUR) C (inc) + 0.80% - - 0.80% 13-Mar-24
Private Bank Funds I - Montes Excelsis Fund†

Montes Excelsis Fund C (acc) - USD 0.52% 0.52% 0.52% 0.65% 06-Apr-11
Private Bank Funds I - Balanced Moderate Fund†

Balanced Moderate Fund Q (inc) 0.38% 0.38% - 0.75% 16-Jun-22
^ Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 (as amended 20 April 2015) issued by the Swiss Funds & Asset Management Association (SFAMA). On 25 September
2020, SFAMA and the Asset Management Platform (AMP) Switzerland merged to form the Asset Management Association Switzerland (AMAS). The Total Expense Ratio (“TER”) represents the total
operating costs as a percentage of the Sub-Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian/depositary fees, taxe
d’abonnement and other expenses, as summarised in the Combined Statement of Operations and Changes in Net Assets. Overdraft interest is excluded from the calculation. The figures include Fee
Waivers on Management and Advisory Fees or Operating and Administrative expenses, where applicable.
The capped expense ratios for some Share Classes may have changed over the previous two years. All details concerning these changes have been disclosed in previous years’ Financial Statements.
† As the Sub-Fund invests a significant portion of its NAV in target funds which do not publish a TER, a TER is not calculated and published in accordance with the applicable Asset Management
Association Switzerland (AMAS) guidelines.

+ Share Class launched during the period.
45
2. Summary of Investment Objectives of the Sub-Funds

To achieve a total level of return in EUR in excess of global equity and debt markets by investing primarily in a diversified portfolio of UCITS and other UCIs
and using financial derivative instruments where appropriate.

To achieve a total level of return in GBP in excess of global equity and debt markets by investing primarily in a diversified portfolio of UCITS and other UCIs

To achieve a total level of return in USD in excess of global equity and debt markets by investing primarily in a diversified portfolio of UCITS and other UCIs

To achieve a total level of return in EUR in excess of global debt and equity markets by investing primarily in a diversified portfolio of UCITS and other UCIs
and using financial derivative instruments where appropriate while seeking to preserve capital over the long term.

To achieve a total level of return in USD in excess of global debt and equity markets by investing primarily in a diversified portfolio of UCITS and other UCIs
and using financial derivative instruments where appropriate while seeking to preserve capital over the long term.

To achieve income and long term capital growth by investing primarily in a diversified portfolio of UCITS and other UCIs and using financial derivative
instruments where appropriate.

To achieve long term capital growth by investing primarily in a diversified portfolio of UCITS and other UCIs and using financial derivative instruments where
appropriate.

To achieve long term capital growth by investing primarily in a diversified portfolio of UCITS and other UCIs and using financial derivative instruments where
appropriate.

To achieve a return in EUR, through a combination of income and capital appreciation, in excess of its cash benchmark over a full market cycle. This will be
achieved by investing in a diversified multi-asset portfolio of UCITS, UCIs, structured products and financial derivative instruments where appropriate.

To achieve a return in USD, through a combination of income and capital appreciation, in excess of its cash benchmark over a full market cycle. This will be

The Sub-Fund seeks to provide income and long term capital appreciation, by investing primarily in a diversified portfolio of UCITS, and other UCIs,
structured products and financial derivative instruments where appropriate.

To achieve a return in USD, through a combination of income and capital appreciation, in excess of its cash benchmark over a full market cycle. This will be

To achieve a total level of return in EUR in excess of global equity and debt markets by investing in a balanced portfolio of equity and debt securities, primarily
using UCITS and other UCIs. Financial derivative instruments will be used where appropriate.
46
3. Performance and Volatility
Performance
Returns for periods greater than one year are annualised. SICAV performance includes reinvestment of income and is net of all expenses.
Past performance is no indication of current or future performance.
The performance data does not take into account the commissions and costs incurred on the issue and redemption of units.
Volatility
The standard deviation (D) of the price is calculated on a daily basis throughout each SICAV’s financial year.
The details below relate to the year ended 31 March 2024.
If D is equal to or less than 0.1 then volatility will be Low.
If D is greater than 0.1 but less or equal to 1.0 then volatility will be Medium.
If D is greater than 1.0 but less than or equal to 2.4 then volatility will be High.
If D is greater than 2.4 then volatility will be Very High.
Share Class 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years Volatility

Access Balanced Fund (EUR) A (acc) 5.91% 11.88% 10.68% 14.04% 2.82% 4.35% Medium
Access Balanced Fund (EUR) B (acc) 5.98% 12.03% 10.89% 14.33% 3.07% 4.61% Medium
Access Balanced Fund (EUR) C (acc) 6.08% 12.24% 11.20% 14.76% 3.46% 4.99% Medium
Access Balanced Fund (EUR) C (inc) 6.07% 12.23% 11.19% 14.62% 3.45% 4.97% Medium
Access Balanced Fund (EUR) Inst (acc) 6.10% 12.28% 11.28% 14.86% 3.57% 5.10% Medium
Access Balanced Fund (EUR) Inst (inc) 6.08% 12.25% 11.23% 14.66% 3.49% 5.02% Medium
Access Balanced Fund (EUR) Q (acc) 6.25% 12.59% 11.71% 15.42% 4.02% 5.55% Medium

Access Balanced Fund (GBP) A (acc) 5.20% 11.26% 10.95% 12.89% 3.76% 4.90% Medium
Access Balanced Fund (GBP) A (inc) 5.20% 11.27% 10.95% 12.82% 3.76% 4.90% Medium
Access Balanced Fund (GBP) B (inc) 5.27% 11.41% 11.15% 13.07% 4.02% 5.16% Medium
Access Balanced Fund (GBP) C (acc) 5.37% 11.60% 11.46% 13.57% 4.39% 5.53% Medium
Access Balanced Fund (GBP) C (inc) 5.36% 11.61% 11.45% 13.42% 4.38% 5.53% Medium
Access Balanced Fund (GBP) Inst (acc) 5.38% 11.63% 11.50% 13.62% 4.44% 5.58% Medium
Access Balanced Fund (GBP) Inst (inc) 5.39% 11.66% 11.53% 13.52% 4.49% 5.63% Medium

Access Balanced Fund (USD) A (acc) 4.68% 13.54% 10.74% 14.61% 2.64% 3.16% Medium
Access Balanced Fund (USD) B (acc) 4.74% 13.68% 10.95% 14.90% 2.90% 3.41% Medium
Access Balanced Fund (USD) C (acc) 4.84% 13.89% 11.25% 15.31% 3.28% 3.79% Medium
Access Balanced Fund (USD) C (acc) - EUR (hedged) + 4.44% 12.88% - - - - Medium
Access Balanced Fund (USD) C (inc) 4.84% 13.90% 11.25% 15.16% 3.27% 3.79% Medium
Access Balanced Fund (USD) Inst (acc) 4.87% 13.95% 11.33% 15.42% 3.37% 3.90% Medium
Access Balanced Fund (USD) Inst (inc) 4.87% 13.94% 11.31% 15.40% 3.35% 3.87% Medium
Access Balanced Fund (USD) X (acc) 5.05% 14.33% 11.89% 16.22% 4.08% - Medium

Access Capital Preservation Fund (EUR) A (acc) 1.98% 7.63% 5.99% 6.14% (0.97%) (0.63%) Medium
Access Capital Preservation Fund (EUR) B (acc) 2.02% 7.71% 6.11% 6.29% (0.82%) (0.49%) Medium
Access Capital Preservation Fund (EUR) C (acc) 2.10% 7.86% 6.33% 6.60% (0.54%) (0.21%) Medium
Access Capital Preservation Fund (EUR) Inst (acc) 2.11% 7.89% 6.37% 6.64% (0.51%) (0.17%) Medium
Access Capital Preservation Fund (EUR) Inst (inc) - GBP (hedged) 2.40% 8.51% 7.39% 7.86% 0.83% 0.97% Medium

Access Capital Preservation Fund (USD) A (acc) 1.76% 8.79% 6.91% 7.64% 0.18% (0.16%) Medium
Access Capital Preservation Fund (USD) C (acc) 1.86% 9.01% 7.24% 8.07% 0.59% 0.25% Medium
Access Capital Preservation Fund (USD) C (inc) 1.84% 8.98% 7.19% 7.93% 0.53% 0.19% Medium
Access Capital Preservation Fund (USD) Inst (acc) 1.86% 9.01% 7.23% 8.06% 0.58% - Medium
Access Capital Preservation Fund (USD) Inst (inc) 1.86% 9.00% 7.23% 7.98% 0.58% 0.24% Medium

Access Conservative Fund (GBP) C (inc) + 1.38% - - - - - Medium

Access Growth Fund (USD) A (acc) 6.43% 16.49% 13.44% 19.06% 4.23% 5.20% Medium
Access Growth Fund (USD) C (acc) 6.58% 16.83% 13.93% 19.75% 4.83% 5.80% Medium
Access Growth Fund (USD) C (acc) - EUR (hedged) + 6.15% 15.76% - - - - Medium
Access Growth Fund (USD) C (inc) 6.57% 16.82% 13.91% 19.73% 4.81% 5.78% Medium
Access Growth Fund (USD) Inst (acc) 6.60% 16.87% 13.99% 19.58% 4.91% 5.88% Medium
Access Growth Fund (USD) Inst (acc) - EUR (hedged) + 6.18% 9.44% - - - - Medium
Access Growth Fund (USD) Inst (inc) 6.60% 16.88% 13.99% 19.68% 4.91% 5.89% Medium

Access Growth Fund (GBP) C (acc) + 2.03% - - - - - Medium
Access Growth Fund (GBP) C (inc) + 2.03% - - - - - Medium

Dynamic Multi-Asset Fund (EUR) C (acc) 3.55% 6.91% 5.46% 5.81% (0.60%) (0.07%) Medium
Dynamic Multi-Asset Fund (EUR) C (inc) 3.51% 6.85% 5.38% 5.66% (0.67%) (0.14%) Medium
Dynamic Multi-Asset Fund (EUR) Inst (acc) 3.55% 6.92% 5.48% 5.82% (0.58%) (0.04%) Medium
(1) This Sub-Fund was launched on 13 March 2024

47
3. Performance and Volatility (continued)
Share Class 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years Volatility

Dynamic Multi-Asset Fund (USD) C (acc) 3.25% 7.95% 6.36% 7.22% 0.92% 0.94% Medium
Dynamic Multi-Asset Fund (USD) C (acc) - AUD (hedged) 2.93% 7.00% 4.97% 5.45% (0.56%) (0.20%) Medium
Dynamic Multi-Asset Fund (USD) C (acc) - EUR (hedged) + 0.53% - - - - - Low
Dynamic Multi-Asset Fund (USD) C (acc) - SGD (hedged) 2.81% 7.01% 5.05% 5.51% (0.08%) 0.28% Medium
Dynamic Multi-Asset Fund (USD) C (inc) 3.24% 7.93% 6.33% 7.14% 0.91% 0.93% Medium
Dynamic Multi-Asset Fund (USD) C (inc) - GBP (hedged) 3.18% 7.74% 6.08% 6.67% 0.25% 0.42% Medium
Dynamic Multi-Asset Fund (USD) Inst (acc) 3.24% 7.95% 6.37% 7.23% 0.95% 0.98% Medium

Dynamic Income Fund (EUR) C (acc) + 0.71% - - - - - Medium
Dynamic Income Fund (EUR) C (inc) + 0.71% - - - - - Medium
Private Bank Funds I - Montes Excelsis Fund 3.18% 7.89% 6.44% 7.37% 1.09% 1.17% Medium
Montes Excelsis Fund C (acc) - USD

Balanced Moderate Fund Q (inc) 5.53% 11.52% 10.64% 13.68% - - Medium

4. Interest Rate Received/(Charged) on Bank Accounts

Basis for Bank Interest Rates
The rates are based on the Brown Brothers Harriman Treasury rates and consequently may change on a daily basis. The bank interest amount is posted to
each of the SICAV’s bank accounts on a monthly basis on the first business day of the subsequent month based on the bank balances from the prior month.
5. Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01%

A reduced tax rate of 0.01% per annum of the net assets will be applicable to Share Classes which are only sold to and held by Institutional Investors. All Share
Classes (except X Share Classes) are charged at a rate of 0.05%.
6. Portfolio Turnover Ratio

The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buying and selling investments according to its
investment policy. The Portfolio Turnover Ratio is calculated as outlined below:
(Total securities’ purchases and sales - total subscriptions and redemptions of Sub-Fund shares)
Average net Sub-Fund assets in Sub-Fund currency
The Portfolio Turnover Ratio is expressed as a percentage and in the case the outcome of the calculation is negative, a zero value has been published.
Sub-Fund Portfolio Turnover Ratio (%)*
Private Bank Funds I - Access Balanced Fund (EUR) 58.02
Private Bank Funds I - Access Balanced Fund (GBP) 62.62
Private Bank Funds I - Access Balanced Fund (USD) 64.45
Private Bank Funds I - Access Capital Preservation Fund (EUR) 34.78
Private Bank Funds I - Access Capital Preservation Fund (USD) 69.99
Private Bank Funds I - Access Conservative Fund (GBP) (1) 0.00
Private Bank Funds I - Access Growth Fund (USD) 66.65
Private Bank Funds I - Access Growth Fund (GBP) (1) 0.00
Private Bank Funds I - Dynamic Multi-Asset Fund (EUR) 84.70
Private Bank Funds I - Dynamic Multi-Asset Fund (USD) 103.50
Private Bank Funds I - Montes Excelsis Fund 120.05
Private Bank Funds I - Dynamic Income Fund (EUR) (1) 0.00
Private Bank Funds I - Balanced Moderate Fund 82.37
* Calculated for 12-month period.

48
7. Calculation Method of the Risk Exposure
Global Exposure using the Commitment Approach
Sub-Fund Name Fund Benchmark

Private Bank Funds I - Access Balanced Fund (EUR) MSCI World Index (Total Return Net) (55%)
Bloomberg Global Aggregate Index Hedged to EUR (35%)
HFRX Global Hedge Fund USD Index Hedged to EUR (10%)
Private Bank Funds I - Access Balanced Fund (GBP) MSCI World Index (Total Return Net) (55%)
Bloomberg Global Aggregate Index Hedged to GBP (35%)
HFRX Global Hedge Fund USD Index Hedged to GBP (10%)
Private Bank Funds I - Access Balanced Fund (USD) MSCI World Index (Total Return Net) (55%)
Bloomberg Global Aggregate Index Hedged to USD (35%)
HFRX Global Hedge Fund USD Index (10%)
Benchmark for EUR Hedged Share Classes:
MSCI World Index (Total Return Net) Hedged to EUR (55%)
Private Bank Funds I - Access Capital Preservation Fund (EUR) Bloomberg Global Aggregate Index Hedged to EUR (70%)
MSCI World Index (Total Return Net) (20%)
Benchmark for GBP Hedged Share Classes:
MSCI World Index Local Currency (Total Return Net) (20%)
Private Bank Funds I - Access Capital Preservation Fund (USD) Bloomberg Global Aggregate Index Hedged to USD (70%)
MSCI World Index (Total Return Net) (20%)
Private Bank Funds I – Access Conservative Fund (GBP) (1) MSCI World Index (Total Return Net) (35%)
Private Bank Funds I - Access Growth Fund (USD) MSCI World Index (Total Return Net) (75%)
Bloomberg Global Aggregate Index Hedged to USD (15%)
Benchmark for EUR Hedged Share Classes:
MSCI World Index (Total Return Net) Hedged to EUR (75%)
Private Bank Funds I - Access Growth Fund (GBP) (1) MSCI World Index (Total Return Net) (75%)
Private Bank Funds I - Dynamic Multi-Asset Fund (EUR) ICE BofA ESTR Overnight Rate Index Total Return in EUR
Private Bank Funds I - Dynamic Multi-Asset Fund (USD) ICE BofA SOFR Overnight Rate Index Total Return in USD
Benchmark for the Hedged Share Classes:
ICE BofA SOFR Overnight Rate Index Total Return Hedged to SGD for the SGD Hedged Share Classes
ICE BofA SOFR Overnight Rate Index Total Return Hedged to GBP for the GBP Hedged Share Classes
ICE BofA SOFR Overnight Rate Index Total Return Hedged to EUR for the EUR Hedged Share Classes
ICE BofA SOFR Overnight Rate Index Total Return Hedged to AUD for the AUD Hedged Share Classes
Private Bank Funds I – Dynamic Income Fund (EUR) (1) MSCI All Countries World Index EUR (Total Return Net) (25%)
Bloomberg Global High Yield Corporate Total Return Index Hedged to EUR (35%)
Bloomberg Global Aggregate Index Total Return Hedged to EUR (40%)
Private Bank Funds I - Montes Excelsis Fund ICE BofA SOFR Overnight Rate Index Total Return in USD
Private Bank Funds I - Balanced Moderate Fund MSCI World Index (Total Return Net) (45%)
8. Securities Financing Transactions

The SICAV does not engage in Securities Financing Transactions (as defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions
include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or sell-buy back
transactions and margin lending transactions). Accordingly, disclosures required by Article 13 of the Regulation are not applicable for the year ended
31 March 2024.
49
9. UCITS Remuneration Disclosures

JPMorgan Asset Management (Europe) S.à r.l. (the “Management Company”) is the authorised manager of Private Bank Funds I (the “Fund”) and is part of
the J.P. Morgan Chase & Co. group of companies. In this section, the terms “J.P. Morgan” or “Firm” refer to that group, and each of the entities in that group
globally, unless otherwise specified.
This section of the annual report has been prepared in accordance with the Undertakings for Collective Investment in Transferable Securities (the “UCITS
Directive”) and the ‘Guidelines on sound remuneration policies’ issued by the European Securities and Markets Authority under the UCITS Directive. The
information in this section is in respect of the most recent complete remuneration period (“Performance Year”) as at the reporting date.
Remuneration Policy
A summary of the Remuneration Policy applying to the Management Company (the “Remuneration Policy”) can be found at
https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/policies/remuneration-policy/jpmam-emea-remuneration-policy.pdf (the
“Remuneration Policy Statement”). This Remuneration Policy Statement includes details of how remuneration and benefits are calculated, including the
financial and non-financial criteria used to evaluate performance, the responsibilities and composition of the Firm’s Compensation and Management
Development Committee, and the measures adopted to avoid or manage conflicts of interest. A copy of this policy can be requested free of charge from the
Management Company.
The Remuneration Policy applies to all employees of the Management Company, including individuals whose professional activities may have a material
impact on the risk profile of the Management Company or the UCITS Funds it manages (“UCITS Identified Staff”). The UCITS Identified Staff include members
of the Board of the Management Company (the “Board”), senior management, the heads of relevant Control Functions, and holders of other key functions.
Individuals are notified of their identification and the implications of this status on at least an annual basis.
The Board reviews and adopts the Remuneration Policy on an annual basis, and oversees its implementation, including the classification of UCITS Identified
Staff. The Board last reviewed and adopted the Remuneration Policy that applied to the 2023 Performance Year in June 2023 with no material changes and
was satisfied with its implementation.
Quantitative Disclosures
The table below provides an overview of the aggregate total remuneration paid to staff of the Management Company in respect of the 2023 Performance
Year and the number of beneficiaries.
Due to the Firm’s structure, the information needed to provide a further breakdown of remuneration attributable to the Company is not readily available and
would not be relevant or reliable. However, for context, the Management Company manages 45 Alternative Investment Funds (with 50 Sub-Funds) and 6
UCITS (with 179 Sub-Funds) as at 31 December 2023, with a combined AUM as at that date of USD 16,602m and USD 466,699m respectively.
Fixed remuneration Variable remuneration Total remuneration Number of beneficiaries
All staff (USD ‘000s) 54,109 27,380 81,489 364
No carried interest was paid to any employees by Private Bank Funds I in the year.
The aggregate total remuneration paid to UCITS Identified Staff in respect of the 2023 Performance Year was USD 157,186k, of which USD 7,138k relates to
Senior Management and USD 150,048k relates to other UCITS Identified Staff(1).
(1)
The Identified Staff disclosures includes employees of companies to which portfolio management has been formally delegated, in line with the latest ESMA guidance.
50
10. Historical Statement of Changes in the Number of Shares (continued)


Access Balanced Fund (EUR) A (acc) 415,009.831 92.060 26,573.906 388,527.985
Access Balanced Fund (EUR) B (acc) 40,043.371 – – 40,043.371
Access Balanced Fund (EUR) Inst (acc) 2,452,868.928 448,682.169 1,950,682.056 950,869.041
Access Balanced Fund (EUR) Inst (inc) 43,202.136 – 17,853.085 25,349.051
Access Balanced Fund (EUR) Q (acc) 4,352,639.999 3,053,779.344 771,417.079 6,635,002.264

Access Balanced Fund (GBP) A (acc) 41,902.531 – 497.863 41,404.668
Access Balanced Fund (GBP) A (inc) 4,444.145 1.185 357.097 4,088.233
Access Balanced Fund (GBP) C (acc) 1,011,489.828 269,401.626 100,317.127 1,180,574.327
Access Balanced Fund (GBP) Inst (acc) 35,201.039 362.737 848.299 34,715.477

Access Balanced Fund (USD) A (acc) 622,651.181 12.520 21,683.647 600,980.054
Access Balanced Fund (USD) B (acc) 72,767.582 – – 72,767.582
Access Balanced Fund (USD) C (acc) 5,459,680.177 871,387.550 704,696.456 5,626,371.271
Access Balanced Fund (USD) C (inc) 1,079,736.870 635,972.306 205,701.334 1,510,007.842
Access Balanced Fund (USD) Inst (acc) 753,401.513 78.757 655.464 752,824.806
Access Balanced Fund (USD) Inst (inc) 274,433.541 8,067.415 5,576.056 276,924.900
Access Balanced Fund (USD) X (acc) 1,752,308.787 – 268,815.822 1,483,492.965

Access Capital Preservation Fund (EUR) A (acc) 282,727.689 – 24,394.821 258,332.868
Access Capital Preservation Fund (EUR) B (acc) 2,662.445 – – 2,662.445
Access Capital Preservation Fund (EUR) C (acc) 9,217,925.096 927,783.733 2,002,348.373 8,143,360.456
Access Capital Preservation Fund (EUR) Inst (inc) - GBP (hedged) 7,325.885 – – 7,325.885

Access Capital Preservation Fund (USD) Inst (acc) 5,939.166 5,890.553 5,929.166 5,900.553

Access Growth Fund (USD) A (acc) 66,734.338 – 4.000 66,730.338
Access Growth Fund (USD) Inst (inc) 240,091.340 6,068.983 28,951.992 217,208.331

Dynamic Multi-Asset Fund (EUR) C (acc) 14,084,627.088 1,514,710.947 4,120,687.804 11,478,650.231
Dynamic Multi-Asset Fund (EUR) C (inc) 494,103.258 14,082.366 330,192.861 177,992.763
Dynamic Multi-Asset Fund (EUR) Inst (acc) 1,302,441.063 25,276.249 95,709.054 1,232,008.258
Dynamic Multi-Asset Fund (EUR) X (acc) * 1,030,113.782 – 1,030,113.782 –

Dynamic Multi-Asset Fund (USD) C (acc) 17,899,132.977 407,566.821 4,450,595.821 13,856,103.977
Dynamic Multi-Asset Fund (USD) C (acc) - AUD (hedged) 3,061,445.110 294,378.990 1,089,181.523 2,266,642.577
Dynamic Multi-Asset Fund (USD) C (acc) - SGD (hedged) 4,334,295.751 25,000.000 1,124,582.017 3,234,713.734
Dynamic Multi-Asset Fund (USD) C (inc) 1,111,330.609 44,524.867 170,391.252 985,464.224
Dynamic Multi-Asset Fund (USD) Inst (acc) 863,632.490 100.990 227,626.347 636,107.133
Dynamic Multi-Asset Fund (USD) X (acc) 1,030,970.747 – – 1,030,970.747

Private Bank Funds I - Balanced Moderate Fund (1)

Balanced Moderate Fund Q (inc) – 2,788,024.169 – 2,788,024.169
(1) This Sub-Fund was launched on 15 June 2022.

51
10. Historical Statement of Changes in the Number of Shares (continued)


Access Balanced Fund (EUR) A (acc) 449,411.185 – 34,401.354 415,009.831
Access Balanced Fund (EUR) B (acc) 41,050.167 – 1,006.796 40,043.371
Access Balanced Fund (EUR) Inst (acc) 722,456.396 2,887,067.084 1,156,654.552 2,452,868.928
Access Balanced Fund (EUR) Inst (inc) 65,038.339 336.020 22,172.223 43,202.136
Access Balanced Fund (EUR) Q (acc) – 4,389,643.993 37,003.994 4,352,639.999

Access Balanced Fund (GBP) A (acc) 44,009.198 – 2,106.667 41,902.531
Access Balanced Fund (GBP) A (inc) 9,997.399 46.340 5,599.594 4,444.145
Access Balanced Fund (GBP) C (acc) 573,500.233 447,556.678 9,567.083 1,011,489.828
Access Balanced Fund (GBP) Inst (acc) 50,530.718 5,508.261 20,837.940 35,201.039

Access Balanced Fund (USD) A (acc) 690,537.601 – 67,886.420 622,651.181
Access Balanced Fund (USD) B (acc) 72,767.582 – – 72,767.582
Access Balanced Fund (USD) C (acc) 3,635,737.346 2,191,954.918 368,012.087 5,459,680.177
Access Balanced Fund (USD) C (inc) 650,880.291 515,525.438 86,668.859 1,079,736.870
Access Balanced Fund (USD) Inst (acc) 754,791.653 43,273.242 44,663.382 753,401.513
Access Balanced Fund (USD) Inst (inc) 263,360.745 11,072.796 – 274,433.541
Access Balanced Fund (USD) X (acc) – 1,752,308.787 – 1,752,308.787

Access Capital Preservation Fund (EUR) A (acc) 292,944.906 0.010 10,217.227 282,727.689
Access Capital Preservation Fund (EUR) B (acc) 2,780.947 – 118.502 2,662.445
Access Capital Preservation Fund (EUR) C (acc) 9,454,880.264 1,916,703.394 2,153,658.562 9,217,925.096
Access Capital Preservation Fund (EUR) Inst (inc) - GBP (hedged) 15,762.976 3,218.690 11,655.781 7,325.885

Access Capital Preservation Fund (USD) Inst (acc)* 3,526.913 5,939.166 3,526.913 5,939.166

Access Growth Fund (USD) A (acc) 66,734.338 – – 66,734.338
Access Growth Fund (USD) Inst (inc) 114,586.891 147,937.767 22,433.318 240,091.340

Dynamic Multi-Asset Fund (EUR) C (acc) 10,725,170.024 5,344,664.483 1,985,207.419 14,084,627.088
Dynamic Multi-Asset Fund (EUR) C (inc) 210,811.671 304,365.244 21,073.657 494,103.258
Dynamic Multi-Asset Fund (EUR) Inst (acc) 1,275,135.796 48,394.339 21,089.072 1,302,441.063
Dynamic Multi-Asset Fund (EUR) X (acc) 1,119,920.697 – 89,806.915 1,030,113.782

Dynamic Multi-Asset Fund (USD) C (acc) 13,920,544.222 6,885,355.630 2,906,766.875 17,899,132.977
Dynamic Multi-Asset Fund (USD) C (acc) - AUD (hedged) 5,316,330.456 313,480.501 2,568,365.847 3,061,445.110
Dynamic Multi-Asset Fund (USD) C (acc) - SGD (hedged) 2,948,407.623 1,422,663.576 36,775.448 4,334,295.751
Dynamic Multi-Asset Fund (USD) C (inc) 583,861.937 590,684.876 63,216.204 1,111,330.609
Dynamic Multi-Asset Fund (USD) Inst (acc) 617,013.537 266,809.462 20,190.509 863,632.490
Dynamic Multi-Asset Fund (USD) X (acc) 1,030,970.747 – – 1,030,970.747

* Share Class reactivated during the year.
52
11. Management Fees of Undertakings Managed by Investment Managers which are not Members of JPMorgan Chase & Co. group
The management fees below are for Undertakings managed by investment managers which are not members of JPMorgan Chase & Co. group and held by the
SICAV on 31 March 2024.
Sub-Fund and Share Class Management Fee*
Access Balanced Fund (EUR)

BlackRock Europe Equity 1 Fund - Class J EUR 0.04%
BlackRock Institutional Cash Series Euro Liquidity Fund - Class Premier EUR (Acc) 0.10%
BlackRock Institutional Cash Series Euro Ultra Short Bond Fund - Class J EUR (Acc) 0.06%
BlackRock Japan Equity 1 Fund - Class J JPY 0.04%
BNY Mellon Efficient U.S. High Yield Beta Fund - Class L EUR (Acc) 0.16%
HSBC Global Aggregate Bond Index Fund - Class S5H EUR Cap 0.05%
Lumyna American Debt Credit Fund - Class EUR B (Acc) 0.42%
Lumyna American Debt Goverment Fund - Class EUR B (Acc) 0.32%
Lumyna American Debt Securitised Fund - Class EUR B (Acc) 0.38%
Lumyna Asian Pacific Debt Government Fund - Class EUR B (hedged) (Acc) 0.32%
Lumyna European Debt Credit Fund - Class EUR B (Acc) 0.42%
Lumyna European Debt Goverment Fund - Class EUR B (Acc) 0.32%
Lumyna Marshall Wace Fund - Class EUR J (Inc) 1.50%
PIMCO Mortgage Opportunities Fund - Class Institutional EUR (hedged) (Acc) 0.69%
SEI Liquid Alternative Fund - Class A Wealth EUR (hedged) 0.00%
Vanguard Japan Government Bond Index Fund - Class Institutional Plus “Euro” (Inc) 0.06%
Vanguard Pacific ex-Japan Stock Index Fund - Class Institutional Plus “Euro” Shares 0.12%
Access Balanced Fund (GBP)

BlackRock Institutional Cash Series Sterling Liquidity - Class Premier GBP (Acc) 0.00%
BlackRock Institutional Cash Series Sterling Ultra Short Bond Fund - Class J GBP (Acc) 0.06%
BlackRock US Dollar High Yield Bond Fund - Class I4 GBP (hedged) 0.55%
HSBC Global Aggregate Bond Index Fund - Class S5H GBP (Dis) 0.05%
Lumyna American Debt Credit Fund - Class GBP B (Dis) 0.42%
Lumyna American Debt Government Fund - Class GBP B (Dis) 0.32%
Lumyna American Debt Securitised Fund - Class GBP B (Dis) 0.38%
Lumyna Asian Pacific Debt Government Fund - Class GBP B (Dis) 0.32%
Lumyna European Debt Credit Fund - Class GBP B (Dis) 0.42%
Lumyna European Debt Government Fund - Class GBP B (Dis) 0.32%
Lumyna Marshall Wace Fund - Class GBP J (Dis) 1.50%
PIMCO GIS Mortgage Opportunities Fund - Class Institutional GBP Income (hedged) 0.69%
SEI Liquid Alternative Fund - Class Hedged GBP Wealth A (Dis) 0.75%
Vanguard Japan Government Bond Index Fund - Class Institutional Plus GBP (Inc) 0.06%
Vanguard Pacific ex-Japan Stock Index Fund - Class Institutional Plus GBP Accumulation Shares 0.12%
Access Balanced Fund (USD)

BlackRock Institutional Cash Series US Dollar Liquidity Fund - Class Premier GBP (Acc) 0.10%
BlackRock Institutional Cash Series US Dollar Ultra Short Bond Fund - Class J USD (Acc) 0.06%
BNY Mellon Efficient U.S. High Yield Beta Fund - Class L USD (Acc) 0.16%
HSBC Global Aggregate Bond Index Fund - Class S5H (Acc) 0.05%
Lumyna American Debt Credit Fund - Class USD B (Acc) 0.42%
Lumyna American Debt Government Fund - Class USD B (Acc) 0.32%
Lumyna American Debt Securitised Fund - Class USD B (Acc) 0.38%
Lumyna Asian Pacific Debt Government Fund - Class USD B (Acc) 0.32%
Lumyna European Debt Credit Fund - Class USD B (Acc) 0.42%
Lumyna European Debt Government Fund - Class USD B (Acc) 0.32%
Lumyna Marshall Wace Fund - Class USD J (Dis) 1.50%
PIMCO GIS Mortgage Opportunities Fund - Class Institutional USD (Acc) 0.69%
SEI Liquid Alternative Fund - Class USD Wealth A 0.75%
Vanguard Japan Government Bond Index Fund - Class Institutional Plus “U.S. Dollar” (Acc) 0.06%
Vanguard Pacific ex-Japan Stock Index Fund - Class Institutional Plus “U.S. Dollar” Shares 0.12%
Access Capital Preservation Fund (EUR)

Vanguard Global Bond Index Fund - Class Institutional Plus “Euro” Hedged Shares 0.10%
53
(continued)
Access Capital Preservation Fund (USD)

Lumyna American Debt Credit Fund - Class USD B (Acc) 0.42%
Lumyna European Debt Credit Fund - Class USD B (Acc) 0.42%
Lumyna European Debt Government Fund - Class USD B (Acc) 0.32%
Vanguard Global Bond Index Fund - Class Institutional Plus “U.S. Dollar” Hedged Shares 0.10%
Access Conservative Fund (GBP)

BNY Mellon Efficient U.S. High Yield Beta Fund 0.16%
HSBC Global Aggregate Bond Index Fund - Class S5H GBP (Dis) 0.05%
Lumyna American Debt Credit Fund - Class GBP B (Dis) 0.42%
Lumyna American Debt Government Fund - Class GBP B (Dis) 0.32%
Lumyna European Debt Credit Fund - Class GBP B (Dis) 0.42%
Lumyna European Debt Government Fund - Class GBP B (Dis) 0.32%
Neuberger Berman US Long Short Equity Fund - Class GBP (Hedged) I3 Distributing 1.35%
Access Growth Fund (USD)

Neuberger Berman US Long Short Equity Fund - Class USD I3 (Acc) 1.35%
Vanguard Pacific ex-Japan Stock Index Fund - Class Institutional Plus “U.S. Dollar” Shares 0.12%
Access Growth Fund (GBP)

BNY Mellon Efficient U.S. High Yield Beta Fund 0.16%
Neuberger Berman US Long Short Equity Fund - Class GBP (Hedged) I3 Distributing 1.35%
Dynamic Multi-Asset Fund (EUR)

Allspring Lux Worldwide Fund - EUR Short Duration Credit Fund - Class X EUR (Acc) 0.00%
Arcus SICAV Fund Arcus Japan Fund - Class D EUR (Acc) 1.00%
AXA World Funds - US Short Duration High Yield Bonds - Class ZI EUR (hedged) (Acc) 0.45%
BlackRock Continental European Flexible Fund - Class I2 EUR 0.75%
BlackRock Global Event Driven Fund - Class I2 EUR Hedged 1.00%
Brevan Howard Absolute Return Government Bond Fund - Class A EUR Cap 0.30%
CRM Long/Short Opportunities UCITS - Class G EUR 0.00%
J O Hambro Capital Management UK Growth Fund - Class X EUR (Acc) 0.60%
Muzinich Enhancedyield Short-Term Fund - Class A1 EUR (hedged) (Acc) 0.45%
Nordea 1 Alpha 15 MA Fund - Class BD EUR (Acc) 1.10%
OAKS Emerging and Frontier Opportunities Fund - Class K EUR 1.00%
Polar Capital Funds - Healthcare Blue Chip Fund - Class I EUR (Acc) 0.85%
Polar Capital Global Insurance Funds - Class I USD (Acc) 0.75%
Redwheel Global Equity Income Fund - Class S EUR (Acc) 0.60%
UBAM Dynamic US Dollar Bond - Class I+HC EUR (Acc) 0.08%
54
(continued)
Dynamic Multi-Asset Fund (USD)

Allspring Lux Worldwide Fund - EUR Short Duration Credit Fund - Class X USD (hedged) (Acc) 0.00%
Arcus SICAV Fund Arcus Japan Fund - Class D USD (Acc) 1.00%
AXA World Funds - US Short Duration High Yield Bonds - Class ZI Capitalisation USD 0.45%
BlackRock Global Event Driven Fund - Class I2 USD 1.00%
Brevan Howard Absolute Return Government Bond Fund - Class A USD (Acc) 0.30%
CRM Long/Short Opportunities Fund - Class G USD 0.00%
J O Hambro Capital Management UK Growth Fund - Class X USD (Acc) 0.60%
Muzinich Enhanced Yield Short-Term Fund - Class A1 USD (hedged) (Acc) 0.45%
Nordea 1 SICAV - Alpha 15 MA Fund 1.10%
OAKS Emerging and Frontier Opportunities Fund - Class J USD 1.00%
Polar Capital Funds - Healthcare Blue Chip Fund - Class I USD (Acc) 0.85%
Redwheel Global Equity Income Fund - Class S USD (Acc) 0.60%
UBAM - Dynamic US Dolla Bond - Class I+C 0.08%
Dynamic Income Fund (EUR)

Arcus Japan Fund Class D (Dis) 0.00%
Cullen Funds - Emerging Markets High Dividend Fund 0.75%
HSBC Global Aggregate Bond Index Fund - Class S5DH EUR 0.05%
Janus Henderson Global Life Sciences Fund/Ireland 0.80%
MFS Meridian Funds - Global High Yield Class ISH1 EUR 0.00%
Muzinich Short Duration High Yield Fund 0.50%
PGIM Broad Market US High Yield Bond Fund 0.20%
PIMCO GIS Capital Securities Fund 0.96%
T Rowe Price Funds SICAV - US Smaller Companies Equity Fund 0.56%
Montes Excelsis Fund

Allspring Lux Worldwide Fund - EUR Short Duration Credit Fund - Class X USD (hedged) (Acc) 0.00%
Arcus SICAV Fund Arcus Japan Fund - Class D USD (Acc) 1.00%
AXA World Funds - US Short Duration High Yield Bonds - Class ZI Capitalisation USD 0.45%
BlackRock Global Event Driven Fund - Class I2 USD 1.00%
Brevan Howard Absolute Return Government Bond Fund - Class A USD (Acc) 0.30%
CRM Long/Short Opportunities Fund - Class G USD 0.00%
J O Hambro Capital Management UK Growth Fund - Class X USD (Acc) 0.60%
Muzinich Enhanced Yield Short-Term Fund - Class A1 USD (hedged) (Acc) 0.45%
Nordea 1 SICAV - Alpha 15 MA Fund 1.10%
OAKS Emerging and Frontier Opportunities Fund - Class J USD 1.00%
Polar Capital Funds - Healthcare Blue Chip Fund - Class I USD (Acc) 0.85%
Redwheel Global Equity Income Fund - Class S USD (Acc) 0.60%
UBAM - Dynamic US Dolla Bond - Class I+C 0.08%
Balanced Moderate Fund

Lumyna American Debt Goverment Fund - Class EUR B (Acc) 0.32%
Neuberger Berman US Long Short Equity Fund - Class I3 EUR (hedged) (Acc) 1.35%
Vanguard Pacific ex-Japan Stock Index Fund - Class Institutional Plus “Euro” Shares 0.12%
55
12. Other Events

• May 2024 - Reduction of annual management and advisory fee for certain Share Classes of Private Bank Funds I - Dynamic Income Fund (EUR), Private
Bank Funds I - Dynamic Income Fund (USD) and Private Bank Funds I - Montes Excelsis Fund.
56
13. Sustainable Finance Disclosure

The Sub-Funds below were categorised as Article 6 in respect of the Sustainable Finance Disclosure Regulation:
· Private Bank Funds I - Access Balanced Fund (EUR)
· Private Bank Funds I - Access Balanced Fund (GBP)
· Private Bank Funds I - Access Balanced Fund (USD)
· Private Bank Funds I - Access Capital Preservation Fund (EUR)
· Private Bank Funds I - Access Capital Preservation Fund (USD)
· Private Bank Funds I - Access Conservative Fund (GBP)
· Private Bank Funds I - Access Growth Fund (USD)
· Private Bank Funds I - Access Growth Fund (GBP)
· Private Bank Funds I - Dynamic Multi-Asset Fund (EUR)
· Private Bank Funds I - Dynamic Multi-Asset Fund (USD)
· Private Bank Funds I – Dynamic Income Fund (EUR)
· Private Bank Funds I - Montes Excelsis Fund
· Private Bank Funds I - Balanced Moderate Fund
As at the year-end the portfolio investment did not take into account the EU criteria for environmentally sustainable economic activities.
57
Language Disclaimer Annual
NEXT STEPS
Email Address: Address:
fundinfo@jpmorgan.com JPMorgan Asset Management (Europe) S.à r.l.
6, route de Trèves,
Homepage:
L-2633 Senningerberg,
www.jpmorganassetmanagement.com/jpmpbfi
Tel No: (352) 34 101
EN JPMPB 03/24

Jpmorgan Private Fund Annual Report Ce en

Uploaded by

Copyright:

Available Formats

Jpmorgan Private Fund Annual Report Ce en

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Jpmorgan Private Fund Annual Report Ce en

Uploaded by

Copyright:

Available Formats

Audited Annual Report

Private Bank Funds I

Société d’Investissement à Capital Variable, Luxembourg

Appendix - Unaudited Additional Disclosures

For additional information please consult http://www.jpmorganassetmanagement.lu

Depositary, Corporate, Administrative and Listing Agent

Luxembourg Legal Adviser

Members of the Board

Structure of the Fund

Role and Responsibility of the Board

Directors and Officers Indemnity Insurance

Annual General Meetings

The Board of Directors

Global Market Review for the year ended 31 March 2024

What we have audited

The Fund’s annual accounts comprise:

· the Combined Statement of Net Assets as at 31 March 2024;

Basis for opinion

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n° 10028256)

PricewaterhouseCoopers, Société coopérative Luxembourg, 18 June 2024

Total Net Assets 9,934,210,694

Historical Total Net Assets

The accompanying notes form an integral part of these Financial Statements.

3,115,350,227 446,046,782 1,873,635,808 1,160,344,296 400,640,871 10,375,005

18,270,886 1,302,755 4,971,961 2,012,555 1,400,040 -

3,131,572,814 449,727,913 1,896,266,064 1,161,022,804 402,441,510 10,607,893

2,594,035,418 397,882,782 1,596,610,395 1,124,042,349 363,103,357 -

(1) This Sub-Fund was launched on 13 March 2024.

Total Net Assets 237,579,805

Historical Total Net Assets

The accompanying notes form an integral part of these Financial Statements.

13,880,255 449,313,268 1,054,060,709 19,423,327 244,071,602 323,600,724

14,219,958 448,322,830 1,055,051,673 20,417,959 251,402,957 323,835,987

- 1,386,994,410 2,059,805,036 - 234,128,873 284,878,429

(1) This Sub-Fund was launched on 13 March 2024.

The accompanying notes form an integral part of these Financial Statements.

Net Assets at the Beginning of the Year* 10,802,652,366

Total Income 43,660,099

Less: Fee Waiver*** (220,603)

Total Expenses 71,511,969

Net Investment Income/(Loss) (27,851,870)

Net Realised Gain/(Loss) on Sale of Investments 109,121,187

Net Realised Gain/(Loss) for the Year 106,690,106

Net Change in Unrealised Gain/(Loss) on Investments 989,897,966

Net Change in Unrealised Gain/(Loss) for the Year 987,913,233

Increase/(Decrease) in Net Assets as a Result of Operations 1,066,751,469

Movements in Share Capital

Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital (1,925,885,262)

Dividend Distribution (9,307,879)

Net Assets at the End of the Year 9,934,210,694

The accompanying notes form an integral part of these Financial Statements.

2,594,035,418 397,882,782 1,596,610,395 1,124,042,349 363,103,357 -

11,492,040 4,356,471 5,675,088 5,504,690 1,596,933 -

11,761,102 4,413,686 5,991,502 5,649,093 1,665,706 1,306

16,936,371 2,993,337 11,899,042 7,407,175 2,526,035 2,957

19,036,790 3,422,746 13,196,743 8,255,199 2,909,416 8,077

(10,001) (27,695) (6,177) (26,968) (30,476) (4,437)

19,026,789 3,395,051 13,190,566 8,228,231 2,878,940 3,640

(7,265,687) 1,018,635 (7,199,064) (2,579,138) (1,213,234) (2,334)