EMAIL DETAILS

Arlene Busch

202-333-1880

abusch@rosemontseneca.com


*From:* Fund Reports - IPM [mailto:fundreports@ipm.se]
*Sent:* Friday, December 02, 2011 9:49 AM
*To:* IPM Client Relationship Management
*Subject:* IPM Preliminary November Performance


Please find the preliminary *November *performance below.


*Fund*

*Status*

*30-nov-11*

*YTD*

*ITD (ann.)*

*Inception Date*

*IPM Global TAA Fund (A-shares, USD)*

Prel.

-1.33%

-9.86%

-

-

*IPM Global TAA Fund (B-shares, USD)*

Prel.

-1.29%

-9.49%

10.06%

2006-07-01

*IPM Global TAA Fund (C-shares, EUR)*

Prel.

-1.25%

-9.93%

-

-

*IPM Global TAA Fund (E-shares, USD)*

Prel.

-1.37%

-10.22%

-

-

*IPM Global Currency Fund (A-shares, USD)*

Prel.

-0.89%

-6.99%

4.77%

2005-04-01

*IPM Global Derivatives Fund (C-shares, USD)*

Prel.

1.52%

1.21%

-0.25%

2008-09-10

*IPM Global Commodity Fund (C-shares, USD)*

Prel.

3.29%

-11.37%

-3.54%

2010-04-01

*IPM Multi Strategy (C-shares, USD)*

Prel.

-0.49%

-7.31%

-3.50%

2010-07-01


*The content in this performance report has been obtained and compiled in
good faith from sources believed to be reliable. However, no representation
or warranty, expressed or implied, is made by IPM Informed Portfolio
Management AB (“IPM”) with respect to the completeness or accuracy of its
contents, and it is not to be relied upon as authoritative and should not
be taken in substitution for the exercise of reasoned, independent judgment
by you. Recipients are urged to base their investment decisions upon such
investigations as they deem necessary. To the extent permitted by
applicable law, no liability whatsoever is accepted by IPM for any direct
or consequential loss arising from the use of this document or its
contents. The content of this performance report must not be published or
distributed in the United States.*


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

Alternatively, you may respond to this e-mail.


Kind regards,

Client Services - IPM


Client Services
*IPM Informed Portfolio Management AB
*S/B: +46 8 20 19 29,

Direct: +46 8 506 85 991

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