EMAIL DETAILS

Arlene Busch

202-333-1880

abusch@rosemontseneca.com


*From:* Fund Reports - IPM [mailto:fundreports@ipm.se]
*Sent:* Thursday, June 09, 2011 3:24 AM
*To:* IPM Client Relationship Management
*Subject:* IPM Commodity Fund - May


Please find attached May 2011 monthly fund report for the *IPM Commodity
Fund. *

* *

We are delighted to announce that the IPM Global TAA Fund was awarded the
title best “Macro over $1bn” by the magazine HFMWeek on May 26. HFMWeek’s
European Performance Awards are held annually in London and recognizes the
industry’s best and brightest.


Earlier this year IPM was also voted “Hedge Fund Manager of the Year” at the
Global Pensions Award Ceremony, making this the second time in just a few
months that IPM earns major recognition in the European financial sector.

* *

If you have any questions, please contact your relationship manager
directly.


Alternatively, you may respond to this e-mail.


Kind regards,


Sara Wetterholm


Client Services

*IPM Informed Portfolio Management***

S/B: +46 8 20 19 29

www.ipm.se

P Please consider the environment before printing this e-mail

This email and any attached files are confidential and may be legally
privileged. If you are not the addressee(s), any disclosure, reproduction,
copying, distribution, or use of this communication is strictly prohibited.
If you have received this transmission in error please notify the sender
immediately and then delete this email. Email transmission cannot be
guaranteed to be secure or error free as information could be intercepted,
corrupted, lost, destroyed, arrive late or incomplete, or contain viruses.
The sender therefore does not accept liability for any errors or omissions
in the contents of this message, which arise as a result of email
transmission. If verification is required please request a hardcopy version.
IPM Informed Portfolio Management AB is authorised and regulated by the
Swedish Financial Supervisory Authority