UBP MONEY MARKET FUND

Transcription

1 Société d'investissement à Capital Variable Luxembourg Trade Register Nr. B Unaudited semi-annual report No subscription can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus supplemented by the latest annual report and the most recent semi-annual report, if published thereafter.

2 CONTENTS ORGANISATION... 2 CONSOLIDATED STATEMENT OF NET ASSETS... 5 CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS... 6 UBP Money Market Fund (Euro)... 7 STATEMENT OF NET ASSETS... 7 STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS... 8 STATISTICAL INFORMATION... 9 STATEMENT OF INVESTMENTS AND OTHER NET ASSETS INDUSTRIAL CLASSIFICATION OF INVESTMENTS GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS UBP Money Market Fund (USD) STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS STATISTICAL INFORMATION STATEMENT OF INVESTMENTS AND OTHER NET ASSETS INDUSTRIAL CLASSIFICATION OF INVESTMENTS GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS UBP Money Market Fund (CHF) STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS STATISTICAL INFORMATION STATEMENT OF INVESTMENTS AND OTHER NET ASSETS INDUSTRIAL CLASSIFICATION OF INVESTMENTS GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS UBP Money Market Fund (GBP) STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS STATISTICAL INFORMATION STATEMENT OF INVESTMENTS AND OTHER NET ASSETS INDUSTRIAL CLASSIFICATION OF INVESTMENTS GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS NOTES TO THE FINANCIAL STATEMENTS

3 ORGANISATION BOARD OF DIRECTORS Mr. Pierre BERGER Mr. Dominique LEPREVOTS Mr. Daniel VAN HOVE Mr. Daniel JAKOBOVITS Mr. André LABRANCHE Senior Vice President UBP Gestion Institutionnelle SA 8, rue Robert-Estienne CH Geneva 1 Chairman of the Board of Directors Executive Vice President Union Bancaire Gestion Institutionnelle 7, place Vendôme F Paris Director Managing Director Bellatrix Investment S.A. 370, route de Longwy L Luxembourg Director Executive Vice President Head of the Fixed Income Fund Management Union Bancaire Privée 96-98, rue du Rhône CH Geneva 1 Director (until 27th February 2009) Senior Vice President Union Bancaire Privée, Luxembourg Branch 18, boulevard Royal L Luxembourg Director (until 16th March 2009) REGISTERED OFFICE 18, boulevard Royal, L Luxembourg DOMICILIARY, REGISTRAR, TRANSFER, ADMINISTRATIVE AND PAYING AGENT Union Bancaire Privée (Luxembourg) S.A., 18, boulevard Royal, L Luxembourg CUSTODIAN BANK Union Bancaire Privée (Luxembourg) S.A., 18, boulevard Royal, L Luxembourg 2

4 ORGANISATION (continued) INVESTMENT MANAGER Union Bancaire Privée, 96-98, rue du Rhône, CH Geneva 1 INVESTMENT ADVISOR UBP Advisory Services, 18, boulevard Royal, L Luxembourg REPRESENTATIVE, DISTRIBUTOR AND PAYING AGENT IN SWITZERLAND Union Bancaire Privée, 96-98, rue du Rhône, CH Geneva 1 AUDITORS Deloitte S.A., 560, rue de Neudorf, L Luxembourg LEGAL ADVISORS Elvinger, Hoss & Prussen, 2, place Winston Churchill, B.P. 425, L Luxembourg 3

5 ORGANISATION (continued) UBP Money Market FUND (the Fund ) is a variable capital investment company incorporated in the Grand Duchy of Luxembourg. Additional information for Swiss investors: Representative for Switzerland is: Union Bancaire Privée, 96-98, rue du Rhône, CH Geneva 1 TEL: (058) Payment services, execution place and jurisdiction place are established, as regards the shares distributed in Switzerland, in the place here-above mentioned. Supplementary information on the distribution of different Types and Classes of shares of the Fund in Switzerland can be found in the prospectus. The Articles of Incorporation, the prospectus and the annual and half-yearly reports can be obtained free of charge at the representative s premises in Switzerland and at the registered office of the Fund, 18, boulevard Royal, L Luxembourg. Publications in Switzerland concerning the Fund are made in the Feuille Officielle Suisse du Commerce and in Le Temps. The subscription and redemption prices of the shares of the different Sub-Funds are published in Le Temps at the time of each issue and redemption, but at least twice a month. Investors subject to a tax in Switzerland are hereby warned that transactions made on the Fund s shares may be subject to a different tax treatment depending on the canton in which the investor is taxed. Potential investors in the Fund s shares must nevertheless inquire about the legislation and rules applicable to the acquisition, holding and redemption of shares, in the light of their place of residence. Supplementary information for Swiss investors concerning the SFA guidelines of 7th June 2005 on the transparency with regard to management fee: Trailer fees granted for the commercialisation of the Fund to distributors and investment managers can be directly deducted from the management and advisory fees. Rebates from the management and advisory fees will only be granted to institutional investors who, from a commercial perspective, are holding shares of the Fund for third parties. 4

6 CONSOLIDATED STATEMENT OF NET ASSETS (in EUR) ASSETS Securities portfolio at market value 1,080,686, Cash at banks 49,192, Formation expenses, net Income receivable on portfolio 5,984, Interest receivable on bank accounts 68, Unrealised gain on forward foreign exchange contracts 152, Total assets 1,136,085, LIABILITIES Interest on bank liabilities and expenses payable 1,554, Total liabilities 1,554, NET ASSETS at the end of the period 1,134,530,

7 CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS from 1st January 2009 to 30th June 2009 (in EUR) INCOME Interest on bonds and other debt securities, net 8,904, Interest on bank accounts 152, Other income 1, Total income 9,058, EXPENSES Advisory fees 1,175, Management fees 1,175, Custodian fees 613, Central administration costs 432, Audit fees 13, Other administration costs 329, Subscription duty ("taxe d'abonnement") 59, Interest paid on bank liabilities Other expenses Total expenses 3,798, NET INVESTMENT INCOME 5,259, NET REALISED GAIN/(LOSS) - on securities portfolio -1,080, on forward foreign exchange contracts 350, on foreign exchange -77, REALISED RESULT 4,452, NET VARIATION OF THE UNREALISED GAIN/(LOSS) - on securities portfolio 820, on forward foreign exchange contracts -790, RESULT OF OPERATIONS 4,482, Subscriptions 560,656, Redemptions -545,029, TOTAL CHANGES IN NET ASSETS 20,109, TOTAL NET ASSETS at the beginning of the period 1,112,923, Revaluation difference 1,497, TOTAL NET ASSETS at the end of the period 1,134,530,

8 UBP Money Market Fund (Euro) STATEMENT OF NET ASSETS (in EUR) ASSETS Securities portfolio at market value 530,472, Cash at banks 13,057, Income receivable on portfolio 3,327, Total assets 546,857, LIABILITIES Interest on bank liabilities and expenses payable 758, Total liabilities 758, NET ASSETS at the end of the period 546,099, Number of shares outstanding 4,278,388 Net asset value per share

9 UBP Money Market Fund (Euro) STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS from 1st January 2009 to 30th June 2009 (in EUR) INCOME Interest on bonds and other debt securities, net 5,037, Interest on bank accounts 68, Total income 5,105, EXPENSES Advisory fees 573, Management fees 573, Custodian fees 293, Central administration costs 204, Audit fees 4, Other administration costs 155, Subscription duty ("taxe d'abonnement") 28, Total expenses 1,833, NET INVESTMENT INCOME 3,272, NET REALISED GAIN/(LOSS) - on securities portfolio -332, REALISED RESULT 2,939, NET VARIATION OF THE UNREALISED GAIN/(LOSS) RESULT OF OPERATIONS 2,939, Subscriptions 271,491, Redemptions -254,428, TOTAL CHANGES IN NET ASSETS 20,001, TOTAL NET ASSETS at the beginning of the period 526,097, TOTAL NET ASSETS at the end of the period 546,099,

10 UBP Money Market Fund (Euro) STATISTICAL INFORMATION (in EUR) Total net assets - as at ,099, as at ,097, as at ,243, Portfolio Turnover Rate (in %) (subscriptions and redemptions are netted by NAV calculation) - as at Number of shares - outstanding at the beginning of the period 4,143,017 - issued 2,131,329 - redeemed -1,995,958 - outstanding at the end of the period 4,278,388 Net asset value per share - as at as at as at TER per share (in %) - as at

11 UBP Money Market Fund (Euro) STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets INVESTMENTS IN SECURITIES TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING Bonds Austria EUR 3,630,000 Autobahnen-Schnellstrassen-Fin 3.25% EMTN 04/ EUR 1,000,000 Oesterreichische Kontrollbk AG 4.125% EMTN 07/ Denmark 3,665, ,665, ,020, ,020, ,685, ,685, EUR 6,000,000 Denmark 3.125% T-Notes Ser 144A 04/ ,065, ,065, France EUR 3,242,611.5 Caisse Nat des Autoroutes 7.5% 95/ ,351, ,351, EUR 7,800,000 Caisse d'amort de la Dette Soc 3.75% Sen 04/ ,869, ,869, EUR 500,000 Crédit Agricole SA FRN EMTN Ser 115 Tr 1 05/ , , EUR 5,000,000 Entr Recherche Activité Pétrol 3.75% EMTN Sen 5,118, ,118, / EUR 6,340,000 Regie Auton Transports Paris 5.75% 97/ ,520, ,520, EUR 1,200,000 Réseau Ferré de France SA 5.25% Sen Parallel Bd 1,245, ,245, / EUR 2,050,000 SNCF 4.625% EMTN 99/ ,086, ,086, EUR 2,100,000 Total Capital SA 3.75% EMTN Sen 04/ ,136, ,136, EUR 13,500,000 Un Nat Interprf Empl Comm Ind 3% 05/ ,695, ,695, Germany 42,522, ,522, EUR 16,800,000 KFW AG 3.5% EMTN 06/ ,899, ,899, EUR 8,000,000 KFW AG 3.75% EMTN 08/ ,168, ,168, EUR 4,870,000 KFW AG 4% 99/ ,911, ,911, EUR 2,000,000 KFW AG 5.25% 99/ ,053, ,053, EUR 5,050,000 Landwirtschaftliche Rentenbank 3.375% EMTN 04/ ,103, ,103, Grand Duchy of Luxembourg 37,136, ,136, EUR 12,000,000 EIB 4.5% EMTN 07/ ,267, ,267, EUR 830,000 EIB 5.75% Sen 97/ , , Spain 13,112, ,112, EUR 5,000,000 Instituto de Credito Oficial 4% EMTN Ser / ,105, ,105, EUR 9,950,000 Instituto de Credito Oficial 4.125% EMTN Ser ,080, ,080, / Switzerland 15,186, ,186, DEM 7,550,000 Eurofima 5.625% 97/ ,928, ,928, EUR 1,800,000 Eurofima 5.75% EMTN 99/ ,852, ,852, ,781, ,781,

12 UBP Money Market Fund (Euro) STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets The Netherlands EUR 12,230,000 Bank Nederlandse Gemeenten NV 3.25% 04/ ,371, ,371, EUR 9,050,000 Rabobank Nederland NV 3.75% EMTN 06/ ,111, ,111, ,483, ,483, Total bonds 145,975, ,975, TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET Money market instruments France EUR 9,500,000 BNP Paribas SA 0% CD 09/ ,477, ,477, EUR 5,000,000 BNP Paribas SA 0% CD 09/ ,986, ,986, EUR 5,000,000 BNP Paribas SA 0% CD 09/ ,988, ,988, EUR 15,000,000 Caisse d'amort de la Dette Soc 0% BTr 08/ ,947, ,947, EUR 15,000,000 Caisse d'amort de la Dette Soc 0% BTr 09/ ,971, ,971, EUR 5,000,000 Caisse d'amort de la Dette Soc 0% BTr 09/ ,989, ,989, EUR 10,000,000 Un Nat Interprf Empl Comm Ind 0% BTr 09/ ,958, ,958, Ireland 64,320, ,320, EUR 9,000,000 Ireland 0% T-Bills 09/ ,979, ,979, Total money market instruments 73,300, ,300, OTHER TRANSFERABLE SECURITIES Money market instruments Australia EUR 10,500,000 National Australia Bank Ltd 0% ECP 09/ ,478, ,478, Denmark EUR 10,000,000 Kommunekredit 0% ECP 09/ ,988, ,988, EUR 10,000,000 Kommunekredit 0% ECP 09/ ,918, ,918, ,907, ,907, Finland EUR 10,000,000 Municipality Finance Plc 0% CD 09/ ,992, ,992, France EUR 10,000,000 Caisse d'amort de la Dette Soc 0% ECP 09/ ,985, ,985, EUR 15,000,000 Caisse d'amort de la Dette Soc 0% ECP 09/ ,963, ,963, EUR 15,000,000 Caisse des Dépôts et Consignat 0% ECP 09/ ,934, ,934, EUR 10,000,000 Caisse des Dépôts et Consignat 0% ECP 09/ ,954, ,954, EUR 9,000,000 HSBC France 0% CD 09/ ,980, ,980, EUR 4,000,000 Société Générale 0% ECP 09/ ,989, ,989, ,807, ,807,

13 UBP Money Market Fund (Euro) STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) (in EUR) Currency Number / nominal value Description Cost Market value % of total net assets Germany EUR 10,000,000 KFW AG 0% ECP 09/ ,984, ,984, EUR 15,000,000 Landwirtschaftliche Rentenbk 0% ECP 09/ ,965, ,965, EUR 15,000,000 Landwirtschaftliche Rentenbk 0% ECP 09/ ,966, ,966, Grand Duchy of Luxembourg 39,916, ,916, EUR 10,000,000 BCEE 0% ECP 09/ ,975, ,975, Spain EUR 10,000,000 Instituto de Credito Oficial 0% ECP 09/ ,947, ,947, Sweden EUR 10,000,000 Kommuninvest I Sverige AB 0% ECP 09/ ,985, ,985, EUR 10,000,000 Kommuninvest I Sverige AB 0% ECP 09/ ,983, ,983, EUR 9,000,000 Nordea Bank AB 0% ECP 09/ ,977, ,977, EUR 8,500,000 Nordea Bank AB 0% ECP 09/ ,480, ,480, EUR 10,000,000 Swedbank AB 0% ECP 09/ ,978, ,978, EUR 5,000,000 Sweden 0% ECP 09/ ,989, ,989, EUR 5,000,000 Swedish Export Credit 0% ECP 09/ ,977, ,977, EUR 5,000,000 Swedish Export Credit 0% ECP 09/ ,973, ,973, The Netherlands 62,345, ,345, EUR 10,000,000 Bank Nederlandse Gemeenten NV 0% ECP 09/ ,976, ,976, EUR 5,000,000 ING Bank NV 0% CD 09/ ,986, ,986, EUR 5,000,000 ING Bank NV 0% ECP 09/ ,988, ,988, EUR 5,000,000 ING Bank NV 0% ECP 09/ ,984, ,984, EUR 10,000,000 Nederlandse Waterschapsbank NV 0% ECP 09/ ,979, ,979, EUR 12,000,000 Nederlandse Waterschapsbank NV 0% ECP 09/ ,980, ,980, EUR 10,000,000 Rabobank Nederland NV 0% ECP 09/ ,981, ,981, EUR 10,000,000 Rabobank Nederland NV 0% ECP 09/ ,983, ,983, United Kingdom 66,861, ,861, EUR 10,000,000 Calyon 0% CD 09/ ,984, ,984, EUR 9,000,000 Calyon 0% ECP 09/ ,979, ,979, ,964, ,964, Total money market instruments 311,197, ,197, TOTAL INVESTMENTS IN SECURITIES 530,472, ,472, CASH AT BANKS 13,057, OTHER NET ASSETS/(LIABILITIES) 2,568, TOTAL 546,099,

14 UBP Money Market Fund (Euro) INDUSTRIAL CLASSIFICATION OF INVESTMENTS (in percentage of net assets) Banks % Countries and governments % Diversified financial services 6.62 % Local public administrations 3.65 % International institutions 3.47 % Transportation 1.80 % TOTAL % GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS (by domicile of the issuer) (in percentage of net assets) France % The Netherlands % Germany % Sweden % Denmark 4.76 % Spain 4.61 % Grand Duchy of Luxembourg 4.24 % United Kingdom 3.47 % Australia 1.92 % Finland 1.83 % Ireland 1.64 % Switzerland 1.06 % Austria 0.86 % TOTAL % 13

15 UBP Money Market Fund (USD) STATEMENT OF NET ASSETS (in USD) ASSETS Securities portfolio at market value 657,338, Cash at banks 35,103, Income receivable on portfolio 2,584, Interest receivable on bank accounts 96, Total assets 695,122, LIABILITIES Interest on bank liabilities and expenses payable 958, Total liabilities 958, NET ASSETS at the end of the period 694,163, Number of shares outstanding 5,337,566 Net asset value per share

16 UBP Money Market Fund (USD) STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS from 1st January 2009 to 30th June 2009 (in USD) INCOME Interest on bonds and other debt securities, net 4,124, Interest on bank accounts 96, Total income 4,220, EXPENSES Advisory fees 727, Management fees 727, Custodian fees 372, Central administration costs 259, Audit fees 9, Other administration costs 197, Subscription duty ("taxe d'abonnement") 36, Total expenses 2,329, NET INVESTMENT INCOME 1,891, NET REALISED GAIN/(LOSS) - on securities portfolio -283, on foreign exchange REALISED RESULT 1,607, NET VARIATION OF THE UNREALISED GAIN/(LOSS) RESULT OF OPERATIONS 1,607, Subscriptions 358,517, Redemptions -336,034, TOTAL CHANGES IN NET ASSETS 24,091, TOTAL NET ASSETS at the beginning of the period 670,072, TOTAL NET ASSETS at the end of the period 694,163,

17 UBP Money Market Fund (USD) STATISTICAL INFORMATION (in USD) Total net assets - as at ,163, as at ,072, as at ,435, Portfolio Turnover Rate (in %) (subscriptions and redemptions are netted by NAV calculation) - as at Number of shares - outstanding at the beginning of the period 5,163,873 - issued 2,758,765 - redeemed -2,585,072 - outstanding at the end of the period 5,337,566 Net asset value per share - as at as at as at TER per share (in %) - as at

18 UBP Money Market Fund (USD) STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (in USD) Currency Number / nominal value Description Cost Market value % of total net assets INVESTMENTS IN SECURITIES TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING Bonds Austria USD 11,000,000 Oesterreich 5.25% 99/ ,175, ,175, Canada USD 8,979,000 Ontario (Province of) 3.625% Sen 04/ ,108, ,108, USD 1,390,000 Ontario (Province of) 3.75% Gl 02/ ,415, ,415, ,524, ,524, France USD 13,100,000 Caisse d'amort de la Dette Soc 4% EMTN 05/ ,404, ,404, USD 5,400,000 Caisse d'amort de la Dette Soc 5% EMTN Ser220Tr1 5,518, ,518, / USD 8,000,000 Council of Europe Dev Bank 3.75% EMTN Ser JUL 8,168, ,168, / USD 5,720,000 SNCF 5% EMTN 06/ ,837, ,837, ,928, ,928, Germany USD 2,000,000 KFW AG 3.375% EMTN Ser Tr 1 04/ ,023, ,023, USD 3,000,000 KFW AG 4.5% 07/ ,076, ,076, USD 1,290,000 KFW AG 4.625% EMTN 02/ ,310, ,310, USD 17,403,000 KFW AG 4.875% 06/ ,743, ,743, USD 1,400,000 Landwirtschaftliche Rentenbank 3.625% Ser G10 1,420, ,420, / USD 13,000,000 Landwirtschaftliche Rentenbank 4% EMTN Ser ,301, ,301, / USD 1,380,000 Landwirtschaftliche Rentenbk 2.625% EMTN Ser 903 1,399, ,399, / USD 950,000 Landwirtschaftliche Rentenbk 3.875% Gl Ser 11 05/ , , Grand Duchy of Luxembourg 41,250, ,250, USD 1,000,000 EIB 3.875% EMTN Sen 03/ ,027, ,027, USD 1,200,000 EIB 4% Sen 05/ ,231, ,231, USD 1,110,000 EIB 5% 07/ ,143, ,143, Norway 3,402, ,402, USD 3,400,000 Eksportfinans ASA 4.375% MTN Tr 7 04/ ,426, ,426, Spain USD 3,870,000 Instituto de Credito Oficial 3.875% EMTN Sen 04/ ,931, ,931,

19 UBP Money Market Fund (USD) STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) (in USD) Currency Number / nominal value Description Cost Market value % of total net assets Sweden USD 4,000,000 Kommuninvest I Sverige AB 4% EMTN Sen 05/ ,079, ,079, USD 2,000,000 Swedish Export Credit 4.375% EMTN 05/ ,038, ,038, USD 10,000,000 Swedish Export Credit 4.875% Tr 44 07/ ,250, ,250, The Netherlands 16,368, ,368, USD 800,000 Bank Nederlandse Gemeenten NV 4% EMTN Sen 822, , / USD 4,620,000 Bank Nederlandse Gemeenten NV 4.375% EMTN Sen 4,687, ,687, / USD 660,000 Bank Nederlandse Gemeenten NV 5% EMTN Ser , , / USD 220,000 Nederlandse Waterschapsbank NV 3.875% EMTN 221, , / USD 670,000 Rabobank Nederland NV 3.625% EMTN Ser 1135A Tr 1 677, , / USD 4,144,000 Rabobank Nederland NV 5.25% EMTN 07/ ,195, ,195, USD 600,000 Shell Finance (Netherland) BV 5.125% EMTN Ser 5 06/ , , United Kingdom 11,892, ,892, USD 1,000,000 Network Rail Infrastruct Fin 4.875% EMTN 06/ ,013, ,013, USD 1,000,000 Network Rail MTN Finance Plc 3.875% EMTN 04/ ,015, ,015, United States of America 2,028, ,028, USD 1,810,000 IBRD 4.125% Tr 55 02/ ,830, ,830, Total bonds 138,760, ,760, TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET Money market instruments France USD 6,000,000 BNP Paribas SA 0% CD 09/ ,995, ,995, USD 10,000,000 BNP Paribas SA 0% CD 09/ ,989, ,989, USD 5,000,000 BNP Paribas SA 0% CD 09/ ,992, ,992, USD 10,000,000 BNP Paribas SA 0% CD 09/ ,992, ,992, USD 10,000,000 Calyon 0% CD 09/ ,981, ,981, USD 10,000,000 HSBC France 0% CD 09/ ,989, ,989, Total money market instruments 50,940, ,940, OTHER TRANSFERABLE SECURITIES Bonds United States of America USD 10,000,000 IBRD FRN Ser GDIF 09/ ,000, ,000, Total bonds 10,000, ,000,

20 UBP Money Market Fund (USD) STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) (in USD) Currency Number / nominal value Description Cost Market value % of total net assets Money market instruments Australia USD 10,000,000 National Australia Bank Ltd 0% ECP 09/ ,988, ,988, USD 10,000,000 National Australia Bank Ltd 0% ECP 09/ ,984, ,984, USD 10,000,000 Treasury Corp of Victoria 0 ECP 09/ ,991, ,991, USD 10,000,000 Western Aust Treasury Corp 0% ECP 09/ ,992, ,992, Denmark 39,957, ,957, USD 10,000,000 Kommunekredit 0% ECP 09/ ,962, ,962, France USD 15,000,000 Caisse d'amort de la Dette Soc 0% ECP 09/ ,974, ,974, USD 15,000,000 Caisse d'amort de la Dette Soc 0% ECP 09/ ,983, ,983, USD 15,000,000 Caisse d'amort de la Dette Soc 0% ECP 09/ ,958, ,958, USD 15,000,000 Caisse des Dépôts et Consignat 0% ECP 09/ ,990, ,990, USD 10,000,000 Caisse des Dépôts et Consignat 0% ECP 09/ ,986, ,986, USD 15,000,000 Caisse des Dépôts et Consignat 0% ECP 09/ ,983, ,983, Germany 84,876, ,876, USD 10,500,000 KFW AG 0% ECP 09/ ,487, ,487, USD 15,000,000 KFW AG 0% ECP 09/ ,974, ,974, USD 10,000,000 KFW AG 0% ECP 09/ ,990, ,990, USD 15,000,000 KFW AG 0% ECP 09/ ,976, ,976, USD 15,000,000 Landwirtschaftliche Rentenbk 0% ECP 09/ ,958, ,958, USD 15,000,000 Landwirtschaftliche Rentenbk 0% ECP 09/ ,984, ,984, USD 10,000,000 Landwirtschaftliche Rentenbk 0% ECP 09/ ,986, ,986, USD 15,000,000 NRW.BANK 0% ECP 09/ ,990, ,990, USD 10,000,000 NRW.BANK 0% ECP 09/ ,986, ,986, Grand Duchy of Luxembourg 115,334, ,334, USD 10,000,000 BCEE 0% ECP 09/ ,983, ,983, USD 10,000,000 BCEE 0% ECP 09/ ,993, ,993, ,977, ,977, Ireland USD 15,000,000 Natl Treasury Mgt Agency 0% ECP 09/ ,947, ,947, Spain USD 8,000,000 Instituto de Credito Oficial 0% ECP 09/ ,954, ,954, USD 15,000,000 Instituto de Credito Oficial 0% ECP 09/ ,962, ,962, Sweden 22,917, ,917, USD 15,000,000 Kommuninvest I Sverige AB 0% ECP 09/ ,985, ,985, USD 10,000,000 Nordea Bank AB 0% ECP 09/ ,982, ,982, USD 15,000,000 Swedish Export Credit 0% ECP 09/ ,957, ,957, ,926, ,926,

21 UBP Money Market Fund (USD) STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) (in USD) Currency Number / nominal value Description Cost Market value % of total net assets The Netherlands USD 10,000,000 Bank Nederlandse Gemeenten NV 0% ECP 09/ ,979, ,979, USD 10,000,000 Bank Nederlandse Gemeenten NV 0% ECP 09/ ,980, ,980, USD 10,000,000 ING Bank NV 0% ECP 09/ ,984, ,984, USD 10,000,000 Nederlandse Waterschapsbank NV 0% ECP 09/ ,983, ,983, USD 10,000,000 Nederlandse Waterschapsbank NV 0% ECP 09/ ,960, ,960, USD 15,000,000 Nederlandse Waterschapsbank NV 0% ECP 09/ ,954, ,954, USD 10,000,000 Rabobank Nederland NV 0% ECP 09/ ,982, ,982, USD 10,000,000 Rabobank Nederland NV 0% ECP 09/ ,962, ,962, USD 10,000,000 Rabobank Nederland NV 0% ECP 09/ ,983, ,983, United Kingdom 94,771, ,771, USD 5,000,000 BP Capital Markets Plc 0% ECP 08/ ,981, ,981, USD 10,000,000 Calyon 0% CD 09/ ,985, ,985, ,967, ,967, Total money market instruments 457,638, ,638, TOTAL INVESTMENTS IN SECURITIES 657,338, ,338, CASH AT BANKS 35,103, OTHER NET ASSETS/(LIABILITIES) 1,722, TOTAL 694,163,

22 UBP Money Market Fund (USD) INDUSTRIAL CLASSIFICATION OF INVESTMENTS (in percentage of net assets) Banks % Countries and governments % Diversified financial services % Local public administrations 4.38 % International institutions 3.37 % Transportation 0.84 % TOTAL % GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS (by domicile of the issuer) (in percentage of net assets) France % Germany % The Netherlands % Sweden 8.11 % Australia 5.76 % Spain 3.87 % Grand Duchy of Luxembourg 3.37 % United Kingdom 2.46 % Ireland 2.15 % United States of America 1.70 % Austria 1.61 % Canada 1.51 % Denmark 1.43 % Norway 0.49 % TOTAL % 21

23 UBP Money Market Fund (CHF) STATEMENT OF NET ASSETS (in CHF) ASSETS Securities portfolio at market value 51,488, Cash at banks 285, Income receivable on portfolio 242, Unrealised gain on forward foreign exchange contracts 34, Total assets 52,051, LIABILITIES Interest on bank liabilities and expenses payable 52, Total liabilities 52, NET ASSETS at the end of the period 51,999, Number of shares outstanding 482,440 Net asset value per share

24 UBP Money Market Fund (CHF) STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS from 1st January 2009 to 30th June 2009 (in CHF) INCOME Interest on bonds and other debt securities, net 456, Total income 456, EXPENSES Advisory fees 35, Management fees 35, Custodian fees 36, Central administration costs 29, Audit fees 1, Other administration costs 22, Subscription duty ("taxe d'abonnement") 3, Interest paid on bank liabilities Total expenses 164, NET INVESTMENT INCOME 292, NET REALISED GAIN/(LOSS) - on securities portfolio -538, on forward foreign exchange contracts 314, on foreign exchange -38, REALISED RESULT 29, NET VARIATION OF THE UNREALISED GAIN/(LOSS) - on securities portfolio 1,428, on forward foreign exchange contracts -1,403, RESULT OF OPERATIONS 54, Subscriptions 15,389, Redemptions -41,948, TOTAL CHANGES IN NET ASSETS -26,505, TOTAL NET ASSETS at the beginning of the period 78,504, TOTAL NET ASSETS at the end of the period 51,999,

25 UBP Money Market Fund (CHF) STATISTICAL INFORMATION (in CHF) Total net assets - as at ,999, as at ,504, as at ,412, Portfolio Turnover Rate (in %) (subscriptions and redemptions are netted by NAV calculation) - as at Number of shares - outstanding at the beginning of the period 728,817 - issued 142,825 - redeemed -389,202 - outstanding at the end of the period 482,440 Net asset value per share - as at as at as at TER per share (in %) - as at

26 UBP Money Market Fund (CHF) STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (in CHF) Currency Number / nominal value Description Cost Market value % of total net assets INVESTMENTS IN SECURITIES TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING Bonds Australia CHF 1,000,000 ANZ Banking Group Ltd FRN EMTN 06/ , , CHF 1,000,000 Commonwealth Bank of Australia FRN EMTN 07/ , , Austria 1,989, ,989, CHF 2,000,000 Oesterreich 3% EMTN 99/ ,031, ,031, Denmark CHF 1,000,000 Danske Bank A/S FRN EMTN 08/ , , Finland CHF 700,000 Municipality Finance Plc 2.25% EMTN 08/ , , France CHF 2,000,000 Agence Française de Dév SA 2% EMTN 03/ ,015, ,015, CHF 245,000 BNP Paribas SA FRN EMTN Sen 08/ , , CHF 1,870,000 Total Capital SA 2.375% 03/ ,887, ,887, Germany 4,148, ,148, CHF 3,650,000 KFW AG 3% 99/ ,717, ,717, Norway CHF 2,870,000 Kommunalbanken A/S 2.25% EMTN 02/ ,902, ,902, Sweden CHF 1,090,000 Kommuninvest I Sverige AB 2.25% EMTN 03/ ,104, ,104, The Netherlands CHF 1,000,000 Bank Nederlandse Gemeenten NV 2.125% Sen 1,006, ,006, / CHF 720,000 Bank Nederlandse Gemeenten NV 3.625% 97/ , , CHF 1,100,000 Nederlandse Waterschapsbank NV 3.5% EMTN 98/ ,119, ,119, United Kingdom 2,852, ,852, CHF 2,320,000 BP Capital Markets Plc 1.25% EMTN 05/ ,331, ,331, United States of America CHF 1,500,000 Roche Holdings Inc 1.2% 09/ ,500, ,500, Total bonds 24,282, ,282,

27 UBP Money Market Fund (CHF) STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) (in CHF) Currency Number / nominal value Description Cost Market value % of total net assets TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET Money market instruments France EUR 500,000 BNP Paribas SA 0% CD 09/ , , EUR 1,000,000 BNP Paribas SA 0% CD 09/ ,509, ,520, EUR 500,000 BNP Paribas SA 0% CD 09/ , , EUR 1,500,000 Un Nat Interprf Empl Comm Ind 0% BTr 09/ ,273, ,284, Ireland 5,292, ,326, EUR 1,000,000 Ireland 0% T-Bills 09/ ,509, ,521, Total money market instruments 6,801, ,848, OTHER TRANSFERABLE SECURITIES Money market instruments Australia EUR 1,500,000 National Australia Bank Ltd 0% ECP 09/ ,260, ,282, Denmark CHF 3,000,000 Kommunekredit 0% ECP 09/ ,996, ,996, France CHF 2,000,000 Caisse des Dépôts et Consignat 0% ECP 09/ ,999, ,999, EUR 1,000,000 HSBC France 0% CD 09/ ,513, ,521, EUR 1,000,000 Société Générale 0% ECP 09/ ,517, ,520, Germany 5,029, ,041, CHF 1,500,000 NRW.BANK 0% ECP 08/ ,499, ,499, Norway CHF 1,500,000 Eksportfinans ASA 0% ECP 09/ ,493, ,493, Spain USD 2,000,000 Instituto de Credito Oficial 0% ECP 09/ ,278, ,161, Sweden EUR 1,000,000 Nordea Bank AB 0% ECP 09/ ,511, ,521, EUR 1,000,000 Swedish Export Credit 0% ECP 09/ ,512, ,516, ,024, ,038,

28 UBP Money Market Fund (CHF) STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) (in CHF) Currency Number / nominal value Description Cost Market value % of total net assets The Netherlands EUR 500,000 ING Bank NV 0% CD 09/ , , USD 1,000,000 Nederlandse Waterschapsbank NV 0% ECP 09/ ,127, ,082, ,881, ,843, Total money market instruments 20,463, ,356, TOTAL INVESTMENTS IN SECURITIES 51,547, ,488, CASH AT BANKS 285, OTHER NET ASSETS/(LIABILITIES) 225, TOTAL 51,999,

29 UBP Money Market Fund (CHF) INDUSTRIAL CLASSIFICATION OF INVESTMENTS (in percentage of net assets) Banks % Diversified financial services % Countries and governments % Local public administrations 5.76 % Pharmaceuticals and biotechnology 2.88 % TOTAL % GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS (by domicile of the issuer) (in percentage of net assets) France % Germany % The Netherlands 9.03 % Norway 8.45 % Australia 8.22 % Sweden 7.97 % Denmark 7.68 % United Kingdom 4.48 % Spain 4.16 % Austria 3.91 % Ireland 2.93 % United States of America 2.88 % Finland 1.36 % TOTAL % 28

30 UBP Money Market Fund (GBP) STATEMENT OF NET ASSETS (in GBP) ASSETS Securities portfolio at market value 40,826, Cash at banks 9,306, Formation expenses, net Income receivable on portfolio 559, Unrealised gain on forward foreign exchange contracts 110, Total assets 50,801, LIABILITIES Interest on bank liabilities and expenses payable 67, Total liabilities 67, NET ASSETS at the end of the period 50,734, Number of shares outstanding 434,997 Net asset value per share

31 UBP Money Market Fund (GBP) STATEMENT OF OPERATIONS AND OTHER CHANGES IN NET ASSETS from 1st January 2009 to 30th June 2009 (in GBP) INCOME Interest on bonds and other debt securities, net 534, Interest on bank accounts 13, Other income 1, Total income 549, EXPENSES Advisory fees 51, Management fees 51, Custodian fees 26, Central administration costs 20, Audit fees Other administration costs 15, Subscription duty ("taxe d'abonnement") 2, Other expenses Total expenses 167, NET INVESTMENT INCOME 381, NET REALISED GAIN/(LOSS) - on securities portfolio -163, on forward foreign exchange contracts 122, on foreign exchange -44, REALISED RESULT 296, NET VARIATION OF THE UNREALISED GAIN/(LOSS) - on securities portfolio -98, on forward foreign exchange contracts 110, RESULT OF OPERATIONS 308, Subscriptions 20,050, Redemptions -20,087, TOTAL CHANGES IN NET ASSETS 271, TOTAL NET ASSETS at the beginning of the period 50,463, TOTAL NET ASSETS at the end of the period 50,734,

32 UBP Money Market Fund (GBP) STATISTICAL INFORMATION (in GBP) Total net assets - as at ,734, as at ,463, as at ,327, Portfolio Turnover Rate (in %) (subscriptions and redemptions are netted by NAV calculation) - as at Number of shares - outstanding at the beginning of the period 435,279 - issued 172,319 - redeemed -172,601 - outstanding at the end of the period 434,997 Net asset value per share - as at as at as at TER per share (in %) - as at

33 UBP Money Market Fund (GBP) STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (in GBP) Currency Number / nominal value Description Cost Market value % of total net assets INVESTMENTS IN SECURITIES TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING Bonds Australia GBP 1,000,000 ANZ Banking Group Ltd 4.5% EMTN 05/ ,015, ,015, Germany GBP 5,000,000 KFW AG 5.5% EMTN 04/ ,110, ,110, GBP 1,500,000 KFW AG 5.5% EMTN 07/ ,547, ,547, GBP 500,000 KFW AG 5.625% EMTN 99/ , , Grand Duchy of Luxembourg 7,172, ,172, GBP 1,500,000 EIB 5.5% 98/ ,544, ,544, Ireland GBP 1,000,000 GE Capital UK Funding FRN EMTN Sen 07/ ,000, ,000, Norway GBP 1,000,000 Eksportfinans ASA 6% 99/ ,027, ,027, GBP 2,000,000 Kommunalbanken A/S 4.75% EMTN Ser 1262 Tr 1 2,048, ,048, / ,076, ,076, Spain GBP 1,000,000 Instituto de Credito Oficial 5% EMTN 04/ ,025, ,025, GBP 500,000 Instituto de Credito Oficial 5.375% EMTN Ser , , / The Netherlands 1,540, ,540, GBP 1,000,000 Bank Nederlandse Gemeenten NV 5.25% EMTN Sen 1,024, ,024, / GBP 3,000,000 Rabobank Nederland NV 4.75% EMTN Ser 937A Tr 1 3,042, ,042, / GBP 1,850,000 Shell Intl Finance BV 5.25% EMTN 06/ ,898, ,898, United Kingdom 5,965, ,965, GBP 1,500,000 BP Capital Markets Plc 5.75% EMTN Ser 43 07/ ,547, ,547, United States of America GBP 500,000 IBRD 6.125% EMTN 00/ , , GBP 1,000,000 Intl Finance Corp 5.625% EMTN 98/ ,031, ,031, ,549, ,549, Total bonds 24,410, ,410,

34 UBP Money Market Fund (GBP) STATEMENT OF INVESTMENTS AND OTHER NET ASSETS (continued) (in GBP) Currency Number / nominal value Description Cost Market value % of total net assets TRANSFERABLE SECURITIES DEALT IN ON ANOTHER REGULATED MARKET Bonds Canada GBP 2,500,000 Ontario (Province of) 5.375% EMTN Sen 04/ ,535, ,535, Total bonds 2,535, ,535, Money market instruments France GBP 500,000 HSBC France 0% CD 09/ , , United Kingdom GBP 1,000,000 Societe Generale London 0% CD 09/ , , GBP 1,000,000 United Kingdom 0% T-Bills 08/ , , GBP 225,000 United Kingdom 0% T-Bills 09/ , , GBP 4,000,000 United Kingdom 0% T-Bills 09/ ,995, ,995, ,216, ,216, Total money market instruments 6,715, ,715, OTHER TRANSFERABLE SECURITIES Money market instruments France GBP 1,000,000 Caisse d'amort de la Dette Soc 0% ECP 09/ , , Ireland EUR 1,000,000 Natl Treasury Mgt Agency 0% ECP 08/ , , Sweden EUR 1,000,000 Nordea Bank AB 0% ECP 09/ , , EUR 500,000 Nordea Bank AB 0% ECP 09/ , , EUR 1,000,000 Sweden 0% ECP 09/ , , EUR 1,000,000 Swedish Export Credit 0% ECP 09/ , , The Netherlands 3,051, ,971, GBP 500,000 Bank Nederlandse Gemeenten NV 0% ECP 09/ , , GBP 1,000,000 Bank Nederlandse Gemeenten NV 0% ECP 09/ , , United Kingdom 1,495, ,495, EUR 1,000,000 Calyon 0% ECP 09/ , , Total money market instruments 7,262, ,163, TOTAL INVESTMENTS IN SECURITIES 40,924, ,826, CASH AT BANKS 9,306, OTHER NET ASSETS/(LIABILITIES) 602, TOTAL 50,734,

35 UBP Money Market Fund (GBP) INDUSTRIAL CLASSIFICATION OF INVESTMENTS (in percentage of net assets) Banks % Diversified financial services % Countries and governments % International institutions 6.09 % Local public administrations 5.00 % TOTAL % GEOGRAPHICAL CLASSIFICATION OF INVESTMENTS (by domicile of the issuer) (in percentage of net assets) United Kingdom % The Netherlands % Germany % Norway 6.07 % Sweden 5.86 % Canada 5.00 % Ireland 3.65 % United States of America 3.05 % Grand Duchy of Luxembourg 3.04 % Spain 3.04 % France 2.95 % Australia 2.00 % TOTAL % 34

36 NOTES TO THE FINANCIAL STATEMENTS NOTE 1 - GENERAL INFORMATION UBP MONEY MARKET FUND (the Fund ) is a Société d Investissement à Capital Variable incorporated on 4th February 2000, for an unlimited period. It is regulated under Part II of the law of 20th December 2002 relating to Undertakings for Collective Investment (as amended). The Fund is registered in the Registre de Commerce et des Sociétés de Luxembourg under number B The exclusive object of the Fund is to invest its assets in money market instruments, such as bank bills, bankers acceptances, certificates of deposit, trade bills, commercial paper and in fixed or floating rate securities such as treasury bills, government and corporate bonds and notes, and in demand and time deposits, in accordance with the investment policy. The Fund offers investors a choice between several sub-funds (the Sub-Funds ) which are mainly distinguished by their specific investment policy and/or by their minimum investment amounts, and/or by the currency in which they are denominated. The specifications of each Sub-Fund are described in the relevant Appendix to the prospectus. At the date of the report, the Fund offered shares in the following four Sub-Funds: - UBP Money Market Fund (Euro) expressed in EUR - UBP Money Market Fund (USD) expressed in USD - UBP Money Market Fund (CHF) expressed in CHF - UBP Money Market Fund (GBP) expressed in GBP NOTE 2 - PRINCIPAL ACCOUNTING METHODS The financial statements are presented in accordance with generally accepted accounting principles in Luxembourg. a) Valuation of investments The value of securities which are quoted or dealt in on any stock exchange are based on the last available price of the Valuation Date on the stock exchange which is normally the principal market of such securities, and each security traded on any other regulated market is valued in a manner as similar as possible to that provided for quoted securities. The money market instruments are valued at: - market value plus any accrued interest for debt instruments having, at the moment of their acquisition by the Fund, an initial or remaining maturity of more than 12 months, until the instruments have a remaining maturity of less than 12 months at which time they will move to an amortised cost basis plus accrued interest, and - on an amortised cost basis plus accrued interest for debt instruments having, at the moment of their acquisition by the Fund, an initial or remaining maturity of less than 12 months. Those instruments are presented at acquisition cost (market value for revalued money market instruments in currency) in the statement of investments and other net assets and the difference between the acquisition cost and the redemption price, amortized by straight line method in the currency of the Sub-Fund, is recorded as interest. 35

37 NOTES TO THE FINANCIAL STATEMENTS (continued) b) Net realised gains/(losses) on sales of investments The net realised gains/(losses) on sales of investments are determined on the basis of the average cost. c) Foreign exchange The financial statements of the Fund are the aggregate of the financial statements of the different Sub-Funds which, where applicable, are translated into EUR at the balance sheet date exchange rate: 1 EUR = CHF Swiss Franc GBP Pound Sterling USD US Dollar The market value of investments and other assets and liabilities expressed in currencies other than the different currencies of the Sub-Funds are converted into the Sub-Funds currencies at the exchange rates prevailing on the date of the report. The costs of investments and transactions in currencies other than the different currencies of the Sub-Funds are converted at the rates of exchange ruling at the transaction date. Profits and losses arising on foreign exchange operations and valuations are included in the statement of operations and other changes in net assets. d) Formation expenses The expenses of establishing the Fund have been amortised over a period not exceeding five years. If Sub-Funds are created in the future, these Sub-Funds will bear, in principle, their own formation expenses to be amortised over a period not exceeding five years. e) Income from investments Interest is accrued on a daily basis. Dividends are recognised as income on the date securities are first quoted ex-dividend. NOTE 3 - MANAGEMENT FEE The Board of Directors of the Fund has appointed Union Bancaire Privée to act as investment manager. In consideration of its services the investment manager receives an annual management fee of maximum 0.2% of the average net asset value of each Sub-Fund during the relevant quarter. This annual management fee accrues daily and is paid at the end of the relevant quarter, out of the assets of the relevant Sub-Fund. For the Sub-Fund UBP Money Market Fund (CHF), the investment manager receives an annual management fee of 0.1% of the average net asset value of the Sub-Fund during the relevant quarter. 36

38 NOTE 4 - ADVISORY FEE NOTES TO THE FINANCIAL STATEMENTS (continued) The Board of Directors of the Fund has appointed UBP Advisory Services to act as investment adviser to the Fund. The investment adviser receives for its services an annual advisory fee, expressed as a percentage of the average net asset value of each Sub-Fund during the relevant quarter, in accordance with the table below : Sub-Fund Rate 1. UBP Money Market Fund (Euro) maximum 0.20 % 2. UBP Money Market Fund (USD) maximum 0.20 % 3. UBP Money Market Fund (CHF) maximum 0.10 % 4. UBP Money Market Fund (GBP) maximum 0.20 % This fee accrues daily and is paid at the end of the relevant quarter, out of the assets of the relevant Sub-Fund. NOTE 5 - SUBSCRIPTION DUTY ( taxe d abonnement ) The Fund is governed by Luxembourg law. Pursuant to the legislation and regulations which are prevailing, the Fund is subject to an annual subscription duty of 0.01% ( taxe d abonnement ) which is payable quarterly and calculated on the basis of the net assets of each Sub-Fund on the last day of each quarter. NOTE 6 - SECURITIES LENDING At the date of the report, no Sub-Fund was engaged in securities lending operations. NOTE 7 - TOTAL EXPENSE RATIO ( TER ) AND PORTFOLIO TURNOVER RATE ( PTR ) The TER and the PTR disclosed under STATISTICAL INFORMATION of this report are calculated in accordance with the Guidelines on the calculation and disclosure of the TER and PTR issued by the Swiss Funds Association SFA on 16th May The TER and the PTR are calculated for the last 12 months preceding the date of this report. Transaction fees are not taken into account in the calculation of the TER. The PTR has been calculated according to the following formula (Total 1 - Total 2)/M*100 with Total 1 = Total securities transactions = X + Y X = Securities purchases Y = Securities sales Total 2 = Total subscriptions and redemptions = S + T S = subscriptions T = redemptions S+T: subscriptions and redemptions are netted per NAV calculation day. M = average net assets 37