Semi-Annual Report 2008

Transcription

1 Semi-Annual Report 2008 Off the beaten tr ack tr acker s EasyETF S&P GSCI TM for period from 1 January 2008 to 30 June 2008

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3 Unaudited Semi-Annual Report as at 30 June

4 Unaudited Semi-Annual Report as at 30 June 2008 No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus which will be accompanied by a copy of the latest available annual report and a copy of the latest available semi-annual report, if published after such annual report. 2

5 Table of contents Administration of the Fund 4 Foreign Distribution 6 Statement of Net Assets 7 Statement of Changes in the Number of Units 7 Statistics 8 Statement of Investments and Other Net Assets 9 Notes to the Financial Statements 11 Additional Unaudited Appendix 16 3

6 Administration of the Fund Management Company AXA Funds Management S.A., 49, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Registered Address of the Fund 23, avenue de la Porte-Neuve, L-2085 Luxembourg, Grand Duchy of Luxembourg Board of Directors of the Management Company Chairman Mr Jean-Benoît Naudin, Global Head of Operational Support and Service Management, AXA Investment Managers Paris, residing in Paris, France Members Mr Guy Dauger de Caulaincourt, Oversight and SLA Manager and General Manager, AXA Funds Management S.A., residing in Luxembourg, Grand Duchy of Luxembourg Mr Bruno Durieux, Chief Financial Officer, AXA Luxembourg S.A., residing in Luxembourg, Grand Duchy of Luxembourg Mr Kirk Hotte, Retail Senior Sales Manager, AXA Investment Managers Paris, residing in Paris, France Mr Christian Rabeau, Chief Investment Officer, AXA Investment Managers Paris, residing in Paris, France Mr Pierre Goffin, Chief Financial Officer (until 1 February 2008), AXA Luxembourg S.A., residing in Luxembourg, Grand Duchy of Luxembourg Mr Christof Jansen, Oversight and SLA Manager and General Manager, AXA Funds Management S.A., residing in Luxembourg, Grand Duchy of Luxembourg Promoter AXA Investment Managers Paris, Coeur Défense, Tour B, La Défense 4, 100, Esplanade du Général de Gaulle, F Courbevoie, France Sub-Investment Manager AXA Investment Managers Paris, Coeur Défense, Tour B, La Défense 4, 100, Esplanade du Général de Gaulle, F Courbevoie, France Custodian, Paying Agent, Registrar and Transfer Agent and Secretarial Agent BNP Paribas Securities Services - Luxembourg Branch, 33, rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg (Postal address: L-2085 Luxembourg) 4

7 Administration of the Fund Administrator BNP Paribas Securities Services - Luxembourg Branch, 33, rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg (Postal address: L-2085 Luxembourg) (since 30 April 2008) BNP Paribas Fund Services, 33, rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg (Postal address: B.P. 2463, L-1024 Luxembourg) (until 30 April 2008) Independent Auditor PricewaterhouseCoopers S.à r.l., Réviseur d entreprises, 400, route d Esch, L-1471 Luxembourg, Grand Duchy of Luxembourg Legal Advisor Arendt & Medernach, 14, rue Erasme, B.P. 39, L-2010 Luxembourg, Grand Duchy of Luxembourg 5

8 Foreign Distribution Regarding the distribution of the Fund in Switzerland The Swiss Representative and Paying Agent is BNP Paribas Securities Services, Zurich Branch, Selnaustrasse 16, Postfach 2119, CH-8022 Zurich. The prospectus, simplified prospectus, memorandum and articles of association, annual and semi-annual reports, as well as a list of repurchases and sales, are available free of charge at the office of the Swiss Representative. Regarding the distribution of the Fund in Germany The German Representative and Paying Agent is BNP Paribas Securities Services Frankfurt, Grüneburgweg 14, D Frankfurt am Main, Germany. Regarding the distribution of the Fund in Austria The Austrian Representative and Paying Agent is Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A-1010 Vienna, Austria. Regarding the distribution of the Fund in Belgium The Belgian Representative and Paying Agent is JP Morgan Chase Bank, Brussels Branch, 1, bvd du Roi Albert II, B-1210 Brussels, Belgium. Regarding the distribution of the Fund in The United Kingdom The Representative and Paying Agent for the United Kingdom is BNP Paribas Securities Services, 55 Moorgate, London EC2R 6PA, The United Kingdom. Regarding the distribution of the Fund in The Netherlands AXA IM Benelux - Netherlands Branch S.A./N.V., WTC Schiphol, Schiphol Boulevard 215, 1118 BH Schiphol Airport is responsible for providing financial services in The Netherlands. 6

9 Statement of Net Assets as at 30 June 2008 EasyETF S&P GSCI USD ASSETS Investment in securities at cost 1,048,984,679 Unrealised appreciation on securities 1,293,532 Investment in securities at market value (note 2.3) 1,050,278,211 Cash at bank 4,363,904 Interest receivable 297,943 Interest receivable on swap 1,871,031 Other receivables and prepayments 359,033 Net unrealised appreciation on forward foreign exchange contracts (notes 2.4, 10) 1,012,658 Net unrealised appreciation on swaps contracts (notes 2.5, 9) 19,429,586 Formation expenses (note 2.7) 9,393 Total assets 1,077,621,759 LIABILITIES Investment management fees (note 4) 396,126 Subscription tax (note 8) 136,964 Accrued expenses 735,318 Amounts payable on redemptions 77,490,000 Other liabilities 361,069 Total liabilities 79,119,477 NET ASSETS AT THE END OF THE PERIOD 998,502,282 Statement of Changes in the Number of Units as at 30 June 2008 Class A USD Class A Euro Unhedged Class B Euro hedged USD USD USD Units outstanding at the beginning of the period 4,336,200 4,309, ,052 Number of units issued 4,379, , ,691 Number of units redeemed (2,820,140) (1,277,000) (359,154) Units outstanding at the end of the period 5,895,760 3,320, ,589 Net asset value per unit (in USD) Net asset value per unit (in EUR) The accompanying notes form an integral part of these financial statements. 7

10 Statistics EasyETF S&P GSCI USD Net assets 30 June ,502, December ,395, December ,283,658 Net asset value per unit - Class A USD 30 June 2008 USD December 2007 USD December 2006 USD Net asset value per unit - Class A Euro Unhedged 30 June 2008 USD EUR December 2007 USD EUR December 2006 USD EUR Net asset value per unit - Class B Euro Hedged 30 June 2008 USD EUR December 2007 USD EUR December 2006 USD EUR

11 Statement of Investments and Other Net Assets as at 30 June 2008 Denomination Nominal Market value* USD % of net assets* Transferable securities admitted to an official exchange listing Bonds Banks Allianc&Leic Bld 07-12/01/2009 FRN 14,000,000 13,819, Bradford&Bin Plc 03-19/09/2008 FRN 7,160,000 7,105, Macquarie Bank 05-14/10/2008 FRN 13,800,000 13,736, Suncorp-Metway 06/04/2009 FRN 5,000,000 4,986, Total Banks 39,647, Other credit institutions Gen Elec Cap Crp 06-24/10/2008 FRN 6,000,000 5,993, Hsbc Finance Crp 06-05/09/2008 FRN 15,000,000 14,972, Leaseplan Corp Nv FRN 05-17/11/ ,500,000 10,442, Santander Us 05-19/09/2008 FRN 10,000,000 9,989, Total Other credit institutions 41,398, Total Bonds 81,046, Total Transferable securities admitted to an official exchange listing 81,046, Money Market Instruments Banks Abn Amro Bank Nv 08-07/07/2008 4,000,000 3,997, Anz.Banking.G 0% 11/08/2008 ECP 7,000,000 6,978, Banco Pop Espanol 0% 28/08/2008 ECP 7,000,000 6,967, Bank America London 0% 20/08/2008 ECP 6,000,000 5,978, Bank Austria Credit 0% 12/09/2008 ECP 6,000,000 5,967, Bank Ned.Gemeenten 0% 18/07/2008 ECP 4,000,000 3,995, Bank Of Scotland 0% 03/07/2008 ECP 2,500,000 2,499, Bank Of Scotland 0% 12/09/2008 ECP 8,000,000 7,955, Banque Caisse Epargne 0% 14/08/2008 ECP 4,500,000 4,485, Bnp Paribas 0% 21/08/2008 ECP 2,500,000 2,490, Denomination Nominal Market value* USD % of net assets* Banks (continued) Caisse Depots+Cons 0% 25/08/2008 Cd 5,000,000 4,981, Comnwth.Bank 0% 22/08/2008 ECP 4,000,000 3,985, Danske Bank As 0% 29/08/2008 ECP 4,000,000 3,983, Dexia Credit Local 0% 21/08/2008 ECP 4,000,000 3,985, Dnb Nor Bank Asa 0% 27/08/2008 ECP 4,000,000 3,983, Fortis Bank 0% 17/09/2008 8,000,000 7,949, Fortis Bank 0% 18/09/2008 Tb 15,000,000 14,905, Ing Bank Nv 0% 22/08/2008 ECP 3,500,000 3,486, Kbc France 0% 08/09/2008 Cd 15,000,000 14,917, Kbc France 0% 08/07/2008 9,000,000 8,995, La Banque Postale 0% 09/09/2008 Cd 10,000,000 9,947, Lloyds Tsb Bank Plc 0% 14/08/2008 ECP 4,500,000 4,485, National Australia Bank 0% 25/07/2008 ECP 4,000,000 3,991, Nordea Bank Finland 0% 18/09/2008 ECP 8,000,000 7,952, Pohjola Bank Plc 0% 19/09/2008 ECP 8,000,000 7,949, Rabobank Intl Lon 0% 22/09/2008 ECP 8,000,000 7,951, Rabobank Intl London 0% 21/08/2008 ECP 4,000,000 3,985, St George Bank Ltd 0% 21/07/2008 Ecp 4,000,000 3,993, Ulster Bank Ltd 0% 11/09/2008 ECP 10,000,000 9,940, Unicredit Bankk.Ie 0% 17/07/2008 ECP 6,000,000 5,992, Total Banks 188,677, * Any differences in the percentage of net asset figures are the result of roundings. The accompanying notes form an integral part of these financial statements. 9

12 Statement of Investments and Other Net Assets as at 30 June 2008 Denomination Nominal Market value* USD % of net assets* Government bonds 04/09/ ,000,000 50,836, /08/ ,000,000 61,913, /10/ ,500,000 33,344, /10/ ,000,000 45,751, /07/ ,300,000 25,287, /09/ ,000,000 99,637, /08/ ,000,000 34,933, /10/ ,000,000 18,891, /07/ ,000,000 24,985, /09/ ,000,000 99,600, /08/ ,000,000 22,948, /10/ ,000,000 12,923, /07/ ,000,000 90,921, /08/ ,000,000 54,844, /07/ ,000,000 42,955, Denomination Nominal Market value* USD % of net assets* Miscellaneous Bbv (Ldn) 0% 02/09/2008 ECP 7,000,000 6,967, Bcee 0% 16/09/2008 ECP 8,000,000 7,953, Caisse Cent Desj 0% 29/08/2008 ECP 5,000,000 4,978, Cncep 0% 04/08/2008 ECP 6,000,000 5,982, Tesco Plc 0% 28/07/2008 ECP 9,000,000 8,981, Toyota Moto Fin 0% 03/09/2008 ECP 6,000,000 5,973, Total Miscellaneous 40,838, Other credit institutions Hsbc France 0% 21/08/2008 Ecp 7,000,000 6,972, Unicredito Itali 0% 25/09/2008 ECP 2,000,000 1,985, Total other credit institutions 8,958, Total Money Market Instruments 969,232, Total investments 1,050,278, Cash at banks 4,363, Other net liabilities (56,139,833) (5.63) Total net assets 998,502, Total Government bonds 719,774, Holdings Aegon Nv 0% 03/07/2008 ECP 2,000,000 1,999, Allianz Ag Hold 0% 07/07/2008 ECP 2,000,000 1,998, Skandin Ens Banken 0% 06/08/2008 ECP 5,000,000 4,986, Total Holdings 8,984, Insurance Aviva Plc 0% 10/07/2008 ECP 2,000,000 1,998, Total Insurance 1,998, * Any differences in the percentage of net asset figures are the result of roundings. The accompanying notes form an integral part of these financial statements.

13 Notes to the Financial Statements as at 30 June 2008 Note 1 General (the Fund ) is organised in and under the laws of the Grand Duchy of Luxembourg as a Mutual Investment Fund ("Fonds Commun de Placement"). The Fund is registered pursuant to part I of the Law of 20 December The Fund was incorporated for an indefinite term in Luxembourg on 30 December 2004 under the denomination "Easy ETF - GSCI ". The name has been changed to ""on 13 August The Fund is managed by AXA Funds Management S.A., a public limited company ("Société Anonyme") organised under the laws of the Grand Duchy of Luxembourg and has its registered office in Luxembourg City. The Management Company was established on 21 November 1989 for an unlimited period of time. The articles of incorporation of the Management Company were published in the Mémorial of 26 January Consolidated articles of incorporation were amended and deposited with the Register of Commerce and Companies of Luxembourg on 26 May The Fund s objective is to achieve a return comparable to the S&P GSCI (Standard & Poor s GSCI) Total Return Index. There are for the time being three classes of units available, one hedged denominated in euro (EUR), one unhedged denominated in euro (EUR) and the other one in US dollar (USD). Note 2 Significant Accounting Policies The financial statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investments and are expressed in US dollar (USD). 1. Presentation of the financial statements The financial statements are presented on the basis of the latest net asset value calculated during the financial period. 2. Foreign currency translation The cost of investments denominated in currencies other than the Fund accounting currency is converted into that currency at the exchange rate prevailing at the purchase date. Income and expenses in currencies other than the Fund accounting currency are converted into that currency at the exchange rate at the transaction date. At the end of the period, the assets and liabilities denominated in currencies other than the Fund accounting currency are converted into that currency at the exchange rates prevailing at that date. The resulting realised and unrealised foreign exchange gains or losses are included in the Statement of Operations and Changes in Net Assets. The exchange rates used for the translation of the Fund s assets and liabilities not denominated in US dollar (USD) are as follows: 1 US dollar (USD) = euro (EUR) 11

14 Notes to the Financial Statements as at 30 June 2008 Note 2 Significant Accounting Policies (continued) 3. Valuation of investment portfolio Investments listed on an official stock exchange or dealt in on another regulated market which operates regularly and is recognised and open to the public, are valued at the last available price, and, in the event that there are several such markets, on the basis of the last available price on the principal market for that investment. If such a price does not reflect the investment s fair value, it is valued on the basis of its expected sale price, which shall be determined with prudence and in good faith. Investments not dealt in or listed on a stock exchange or on a regulated market operating regularly, recognised and open to the public, are valued on the basis of their expected sale price, which shall be determined with prudence and in good faith by the Board of Directors of the Management Company. The value of Money Market Instruments not listed or dealt in on any Regulated Market, stock exchange in an Other State or any Other Regulated Market and with remaining maturity of less than 12 months and of more than 90 days is deemed to be the nominal value thereof, increased by any interest accrued thereon. Money Market Instruments with a remaining maturity of 90 days or less are valued by the amortised cost method, which approximates market value. 4. Forward foreign exchange contracts Open forward foreign exchange contracts are valued at the exchange rate prevailing at the valuation date on the remaining life of the contract. The changes in unrealised profits or losses are taken into consideration in the Statement of Operations and Changes in Net Assets. The unrealised profit or loss at closing date is taken into account in the Statement of Net Assets under the unrealised appreciation or depreciation on forward foreign exchange contracts. 5. Swaps contracts Open swaps are valued at their expected realisation value. The changes in unrealised profits or losses and the realised gains or losses are taken into consideration in the Statement of Operations and Changes in Net Assets. Such realised gains or losses are net of interest expenses paid by the Fund to the swap counterparty. The unrealised profit or loss at closing date is taken into account in the Statement of Net Assets under the unrealised appreciation or depreciation on swap contracts. 6. Futures contracts Outstanding futures contracts are valued at the closing date using the last available market price of the instrument. 7. Formation expenses The formation expenses are capitalised and amortised on a five-year straight line basis. 8. Income Dividends are recorded at the ex-dividend date. Interest is recorded on an accrual basis. 12

15 Notes to the Financial Statements as at 30 June 2008 Note 3 Subscriptions and Redemptions The units issued by the Fund are in registered or bearer form at the subscriber s discretion. There are for the time being three classes of units, with the following characteristics: Class A - USD Class A - Euro Unhedged Class B - Euro Hedged Units are bought and sold on a primary market and on a secondary market. Subscriptions can be paid for in cash, or by the contribution of instruments and securities representative of the Benchmark Index S&P GSCI Total Return Index. All subscriptions of the period have been paid for in cash. Note 4 Investment Management Fees In consideration of its services, the Management Company receives a management fee at an annual rate following: Class A - USD: up to 0.45% Class A - Euro Unhedged: up to 0.45% Class B - Euro Hedged: up to 0.575% The management fees are calculated on each Trading Day and accrued during the quarter in question whenever the net asset value is calculated. Note 5 Custodian and Paying Agent Fees In consideration of its custodial services, the Custodian receives a fee at an annual rate of no more than 0.02% of the Fund s net assets calculated on each Trading Day and accrued during the month in question whenever the net asset value is calculated. It is payable monthly, in arrears. In the same agreement, the Management Company has further appointed BNP Paribas Securities Services - Luxembourg Branch, as the Fund s paying agent responsible for the payment of distributions, if any, and for the payment of the redemption price by the Fund. The fees and costs of the Paying Agent are borne by the Fund and may not exceed a fee at an annual rate corresponding to 0.01% of the Fund s net assets calculated on each Trading Day and accrued during the month in question whenever the Net Asset Value is calculated. The fees are payable monthly, in arrears. Note 6 Registrar, Transfer Agent and Secretarial Agent Fees The fees and costs of the Secretarial Agent and the Registrar and Transfer Agent are borne by the Fund and may not for each of them exceed a fee at an annual rate corresponding to 0.01% maximum of the Fund s net assets calculated on each Trading Day and accrued during the month in question whenever the Net Asset Value is calculated. The fees are payable monthly, in arrears. Note 7 Administration Fees In consideration of its services, the Administrative Agent receives a fee, at an annual rate corresponding to 0.02% maximum of the Fund s net assets, calculated on each Trading Day and accrued during the month in question whenever the Net Asset Value is calculated. The fees are payable monthly, in arrears. 13

16 Notes to the Financial Statements as at 30 June 2008 Note 8 Taxation In accordance with applicable Luxembourg law and accepted practice, the Fund is not liable to Luxembourg corporation tax. Similarly, no withholding tax is levied on any sums distributed by the Fund. Some income generated by the Fund s portfolio (such as dividends or interest) may be liable to withholding tax in the countries of origin. In Luxembourg the Fund is liable to an annual registration tax (the subscription tax ) corresponding to 0.01% of net asset value. This annual tax is not paid on that part of the Fund s net assets that is invested in shares or units issued by other Luxembourg-based UCIs. The tax is payable quarterly, and calculated at the end of the quarter for which the tax is due on the basis of the Fund s net assets. Note 9 Swaps Contracts As at 30 June 2008, the Fund entered into the following swaps contracts: Counterparty: Goldman Sachs International - BUYER Name Currency Maturity date Total commitment Unrealised appreciation in USD S&P GSCI TR Index USD 14/07/ ,164,063 3,680,560 S&P GSCI TR Index USD 14/07/ ,999, ,808 S&P GSCI TR Index USD 14/07/2008 6,556, ,333 S&P GSCI TR Index USD 14/07/2008 5,977, ,821 S&P GSCI TR Index USD 14/07/2008 3,092,273 61,466 S&P GSCI TR Index USD 14/07/2008 1,985,674 39,470 S&P GSCI TR Index USD 14/07/2008 4,860,764 96,619 S&P GSCI TR Index USD 14/07/ ,811,785 7,549,631 S&P GSCI TR Index USD 14/07/ ,361 15,267 Total 614,320,399 12,208,975 Counterparty: Morgan Stanley Capital Group - BUYER Name Currency Maturity date Total commitment Unrealised appreciation in USD S&P GSCI TR Index USD 14/07/ ,013,578 4,771,943 S&P GSCI TR Index USD 14/07/ ,757, ,416 S&P GSCI TR Index USD 14/07/2008 4,461, ,636 S&P GSCI TR Index USD 14/07/ ,040 8,634 S&P GSCI TR Index USD 14/07/2008 7,040, ,629 S&P GSCI TR Index USD 14/07/ ,398, ,141 Total 219,076,540 5,814,399 Counterparty: Merrill Lynch - BUYER Name Currency Maturity date Total commitment Unrealised appreciation in USD S&P GSCI TR Index USD 14/07/ ,656,890 1,406,212 Total 70,656,890 1,406,212 14

17 Notes to the Financial Statements as at 30 June 2008 Note 10 Forward Foreign Exchange Contracts As at 30 June 2008, the Fund entered into the following forward foreign exchange contracts: Bought currency Amount Sold currency Amount Unrealised appreciation/ Maturity (depreciation) in USD USD 1,007,814 EUR 650,000 (11,175) 15/09/2008 USD 679,169 EUR 440,000 (10,622) 15/09/2008 USD 1,104,387 EUR 715,000 (16,520) 15/09/2008 EUR 31,386,000 USD 48,183,944 1,016,687 15/09/2008 EUR 370,000 USD 580,611 (600) 15/09/2008 EUR 1,100,000 USD 1,724,428 (70) 15/09/2008 EUR 360,000 USD 559,008 5,327 15/09/2008 EUR 200,000 USD 311,467 2,053 15/09/2008 EUR 550,000 USD 847,441 14,738 15/09/2008 EUR 350,000 USD 535,818 12,840 15/09/2008 Total 1,012,658 Note 11 Changes in the Portfolio The list of changes in the portfolio for the period ended 30 June 2008 is available free of charge at the Registered Office of the Management Company of the Fund. 15

18 Additional Unaudited Appendix TER (Total Expense Ratio) Sub-fund Class Currency TER Class A USD USD 0.59% Class A Euro unhedged USD 0.60% Class B Euro hedged USD 0.72% The TERs above represent the actual calculations made by the fund administrator whereas TERs published for small Classes of Shares are effected by rounding processes. This creates a TER not necessarily representing a figure of expenses which Shareholders are reasonably expected to pay. PTR (Portfolio Turnover Ratio) Sub-fund Currency PTR USD % Performance of the Fund Sub-fund Class Currency Class A USD USD 40.83% 31.98% (15.63%) Class A Euro unhedged USD 30.76% 31.98% (15.97%) Class B Euro hedged USD 40.34% 43.39% (8.56%) 16

19 For further information call Photo : GraphicObsession