Semi-Annual Report 2008

Similar documents
AXA World Funds II (the "Company")

NBG INTERNATIONAL FUNDS FCP

Unaudited Semi-Annual Report for the period from March 1, 2011 to August 31, 2011

Amundi Money Market Fund

BANQUE CARNEGIE FUND SICAV Société d'investissement à Capital Variable

BANQUE CARNEGIE FUND SICAV Société d'investissement à Capital Variable

w_> BANQUE CARNEGIE FUND SICAV Societe d'investissement a Capital Variable AUDITED ANNUAL REPORT 31 DECEMBER 2015 R.C.S. Luxembourg B

ECHIQUIER FUND. Echiquier Agressor Fund. Echiquier Agenor Mid Cap Europe. Echiquier Arty Fund. Echiquier Global Leaders

NBG INTERNATIONAL FUNDS FCP. Unaudited semi-annual report. Mutual Investment Fund

PARVEST GLOBAL EQUITIES A sub-fund of Parvest, a Société d Investissement à Capital Variable (investment company with variable capital)

SIMPLIFIED PROSPECTUS JULY 2010 GENERAL INFORMATION

Fundsmith Equity Fund Feeder

UBP MONEY MARKET FUND

QUEST MANAGEMENT, SICAV

Quest Management, SICAV

KAIROS ALPHA SICAV. Organisational Structure 2. General Information 3. Statistics 4

QUEST MANAGEMENT, SICAV

PARVEST EQUITY GLOBAL BRANDS

(LF) Fund of Funds A mutual investment fund organised under the laws of the Grand Duchy of Luxembourg

MANAGED FUNDS PORTFOLIO

TreeTop Portfolio SICAV

UBS ETF MSCI EMU hedged to GBP UCITS ETF, and UBS ETF MSCI EMU UCITS ETF

Swiss Life Funds (LUX)

ASHMORE SICAV ( The Fund )

Level Two Investments

Dexia Equities L Luxembourg Société d'investissement à Capital Variable ("SICAV") 69, route d Esch L 1470 Luxembourg R.C.S. Luxembourg B

TreeTop Portfolio SICAV

Annual Report Investment Company under Luxembourg Law (SICAV) Audited annual report as of 31 December 2007

PARVEST. SEMI-ANNUAL REPORT at 31/08/2013. R.C.S. Luxembourg B

QUEST MANAGEMENT, SICAV

WMP I SICAV. WMP I SICAV - Absolute Return Currency Fund. R.C.S. Luxembourg - B

HQ Portfolio Undertaking for Collective Investment in Transferable Securities under the Luxembourg law of December 20, 2002 (hereafter the Company )

Credit Suisse Solutions (Lux)

CARNEGIE INVESTMENT FUND

HSBC AMANAH FUNDS HSBC AMANAH FUNDS. HSBC Amanah Global Equity. HSBC Amanah Global Equity. Simplified Prospectus December 2010 June 2011

BANQUE CARNEGIE FUND SICAV

RISKELIA FUND. Organisation 2. Statistics 4

ABN AMRO MULTI- MANAGER FUNDS - FUND OF MANDATES ASIA-PACIFIC EQUITIES

MANDARINE VALEUR. Fond Commun de Placement [mutual fund] under French law. Six-monthly report. 30 June 2015

AMUNDI MONEY MARKET FUND -

GIM UK Loans S.A. Société Anonyme de Titrisation. R.C.S. Luxembourg N B , avenue John F. Kennedy, L-1855 Luxembourg

HSBC Portfolios. Unaudited Semi-Annual Report for the period ended 31 January 2015

Julius Baer Multistock Société d'investissement à Capital Variable

WORLDSELECT ONE SICAV

T. Rowe Price Funds SICAV (The Company )

CARNEGIE FUND II FONDS COMMUN DE PLACEMENT AUDITED ANNUAL REPORT 31 DECEMBER 2014

Eleva UCITS Fund. Société d Investissement à Capital Variable

American Growth Portfolio

Final Terms dated 28 September Erste Group Bank AG. Issue of USD 500,000, per cent. Fixed Rate Callable Subordinated Notes due 2023

Nordea Markets ETF. Investment Company under Luxembourg Law

JPMorgan Private Bank Funds I. Société d Investissement à Capital Variable, Luxembourg (R.C.S. No. B )

HSBC International Select Fund MultiAlpha Europe Equity

Eurizon Strategia Flessibile

OLD MUTUAL AFRICAN AGRICULTURAL FUND (Luxembourg)

Flossbach von Storch III SICAV

Pictet Strategy Fund. Fonds Commun de Placement Mutual Fund under Luxembourg Law. Unaudited semi-annual report as at December 31, 2017

ING (L) Liquid. Open-ended Investment Company with Variable Capital (SICAV) SIMPLIFIED PROSPECTUS INVESTMENT MANAGEMENT

Rathbone Luxembourg Funds SICAV Société d'investissement à Capital Variable (SICAV) R.C.S. B Annual report including audited financial

SEB Fund 3. Simplified Prospectus

COELI SICAV II Société d Investissement à Capital Variable

UBS (Lux) Equity SICAV Small Caps Europe

Copies of these documents may be supplied to all current and future investors at any time free of charge. Man Umbrella SICAV Man AHL Trend

REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS

AMUNDI ETF MSCI WORLD FINANCIALS UCITS ETF

Credit Suisse Index Fund (Lux) Audited Annual Report at

PARVEST SICAV SEMI-ANNUAL REPORT. at 31/08/2014. R.C.S. Luxembourg B

HSBC International Select Fund MultiAlpha Global High Yield Bond <

Torrus Funds Audited annual report and accounts

Pictet Strategy Fund. Fonds Commun de Placement Mutual Fund under Luxembourg Law. Unaudited semi-annual report as at December 31, 2016

AMUNDI ETF MSCI CHINA UCITS ETF

Pictet Funds (LUX) Luxembourg Open-ended Investment Company (SICAV) governed by Luxembourg law

Investment company under Luxembourg law with variable capital and multiple Sub-Funds EXTRACT OF THE PROSPECTUS. relating to the issue of Shares

FRANKLIN TEMPLETON INVESTMENT FUNDS

Semi-Annual Report 2009.

MARGIN OF SAFETY FUND

Asia Ex-Japan Equity Portfolio

HSBC International Select Fund MultiAlpha Asia Pacific ex Japan Equity

SF (LUX) SICAV 1. Simplified Prospectus of the Subfund SF (LUX) SICAV 1 BMI Protected Global Growth Fund (USD) November 2009

TreeTop Portfolio SICAV

HSBC GLOBAL INVESTMENT FUNDS European Equity High Dividend

AMUNDI ETF NASDAQ-100 UCITS ETF

VESPUCCI STRUCTURED FINANCIAL PRODUCTS

FULCRUM UCITS SICAV. Société d Investissement à Capital Variable. Annual Report and Audited Financial Statements as at 31 December 2017

MELLON OFFSHORE FUNDS. Nikko Global Currency Fund. Unaudited Semi-Annual Report for the period from April 1, 2011 to September 30, 2011

PARTIES GENERAL CHARACTERISTICS

Danske Invest Leveraged Fund

PARVEST. SEMI-ANNUAL REPORT at 31/08/2013. R.C.S. Luxembourg B

PiraeusInvest A Mutual Investment Fund organised under the laws of Luxembourg

AMUNDI ETF MSCI WORLD ENERGY UCITS ETF

NESTLÉ FINANCE INTERNATIONAL LTD. Annual Financial Report

Simplified Prospectus

RMF Umbrella SICAV. Prospectus April 2009

GAM Star (Lux) Société d'investissement à Capital Variable

AMUNDI ETF MSCI INDIA UCITS ETF

LUXEMBOURG FUTURE FUND. Financial statements and report of the Réviseur d Entreprises Agréé as at and for the year ended March 31, 2017

General information Management Company: Dynamic Asset Management Company (Luxembourg) S.A 15 rue du Fort Bourbon, L-1249 Luxembourg

MACQUARIE FUND SOLUTIONS MACQUARIE EMERGING MARKETS INFRASTRUCTURE FUND

Allianz Global Investors Fund II

ASHMORE SICAV ( The Fund )

SWISSCANTO (LU) SICAV II

Transcription:

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

Unaudited Semi-Annual Report as at 30 June 2008 1

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

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

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-92400 Courbevoie, France Sub-Investment Manager AXA Investment Managers Paris, Coeur Défense, Tour B, La Défense 4, 100, Esplanade du Général de Gaulle, F-92400 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

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

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-60322 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

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 4,309,150 371,052 Number of units issued 4,379,700 288,250 401,691 Number of units redeemed (2,820,140) (1,277,000) (359,154) Units outstanding at the end of the period 5,895,760 3,320,400 413,589 Net asset value per unit (in USD) 102.82 102.83 122.93 Net asset value per unit (in EUR) - 65.30 78.07 The accompanying notes form an integral part of these financial statements. 7

Statistics EasyETF S&P GSCI USD Net assets 30 June 2008 998,502,282 31 December 2007 661,395,608 31 December 2006 750,283,658 Net asset value per unit - Class A USD 30 June 2008 USD 102.82 31 December 2007 USD 73.01 31 December 2006 USD 55.32 Net asset value per unit - Class A Euro Unhedged 30 June 2008 USD 102.83 EUR 65.30 31 December 2007 USD 73.01 EUR 49.94 31 December 2006 USD 55.32 EUR 41.92 Net asset value per unit - Class B Euro Hedged 30 June 2008 USD 122.93 EUR 78.07 31 December 2007 USD 81.33 EUR 55.63 31 December 2006 USD 56.72 EUR 42.99 8

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 13,819,400 1.38 Bradford&Bin Plc 03-19/09/2008 FRN 7,160,000 7,105,208 0.71 Macquarie Bank 05-14/10/2008 FRN 13,800,000 13,736,229 1.38 Suncorp-Metway 06/04/2009 FRN 5,000,000 4,986,896 0.50 Total Banks 39,647,733 3.97 Other credit institutions Gen Elec Cap Crp 06-24/10/2008 FRN 6,000,000 5,993,280 0.60 Hsbc Finance Crp 06-05/09/2008 FRN 15,000,000 14,972,985 1.50 Leaseplan Corp Nv FRN 05-17/11/2008 10,500,000 10,442,358 1.05 Santander Us 05-19/09/2008 FRN 10,000,000 9,989,800 1.00 Total Other credit institutions 41,398,423 4.15 Total Bonds 81,046,156 8.12 Total Transferable securities admitted to an official exchange listing 81,046,156 8.12 Money Market Instruments Banks Abn Amro Bank Nv 08-07/07/2008 4,000,000 3,997,887 0.40 Anz.Banking.G 0% 11/08/2008 ECP 7,000,000 6,978,346 0.70 Banco Pop Espanol 0% 28/08/2008 ECP 7,000,000 6,967,212 0.70 Bank America London 0% 20/08/2008 ECP 6,000,000 5,978,052 0.60 Bank Austria Credit 0% 12/09/2008 ECP 6,000,000 5,967,658 0.60 Bank Ned.Gemeenten 0% 18/07/2008 ECP 4,000,000 3,995,102 0.40 Bank Of Scotland 0% 03/07/2008 ECP 2,500,000 2,499,434 0.25 Bank Of Scotland 0% 12/09/2008 ECP 8,000,000 7,955,093 0.80 Banque Caisse Epargne 0% 14/08/2008 ECP 4,500,000 4,485,637 0.45 Bnp Paribas 0% 21/08/2008 ECP 2,500,000 2,490,425 0.25 Denomination Nominal Market value* USD % of net assets* Banks (continued) Caisse Depots+Cons 0% 25/08/2008 Cd 5,000,000 4,981,224 0.50 Comnwth.Bank 0% 22/08/2008 ECP 4,000,000 3,985,081 0.40 Danske Bank As 0% 29/08/2008 ECP 4,000,000 3,983,047 0.40 Dexia Credit Local 0% 21/08/2008 ECP 4,000,000 3,985,020 0.40 Dnb Nor Bank Asa 0% 27/08/2008 ECP 4,000,000 3,983,323 0.40 Fortis Bank 0% 17/09/2008 8,000,000 7,949,813 0.80 Fortis Bank 0% 18/09/2008 Tb 15,000,000 14,905,702 1.49 Ing Bank Nv 0% 22/08/2008 ECP 3,500,000 3,486,034 0.35 Kbc France 0% 08/09/2008 Cd 15,000,000 14,917,476 1.49 Kbc France 0% 08/07/2008 9,000,000 8,995,326 0.90 La Banque Postale 0% 09/09/2008 Cd 10,000,000 9,947,212 1.00 Lloyds Tsb Bank Plc 0% 14/08/2008 ECP 4,500,000 4,485,970 0.45 National Australia Bank 0% 25/07/2008 ECP 4,000,000 3,991,948 0.40 Nordea Bank Finland 0% 18/09/2008 ECP 8,000,000 7,952,687 0.80 Pohjola Bank Plc 0% 19/09/2008 ECP 8,000,000 7,949,083 0.80 Rabobank Intl Lon 0% 22/09/2008 ECP 8,000,000 7,951,808 0.80 Rabobank Intl London 0% 21/08/2008 ECP 4,000,000 3,985,419 0.40 St George Bank Ltd 0% 21/07/2008 Ecp 4,000,000 3,993,475 0.40 Ulster Bank Ltd 0% 11/09/2008 ECP 10,000,000 9,940,628 1.00 Unicredit Bankk.Ie 0% 17/07/2008 ECP 6,000,000 5,992,768 0.60 Total Banks 188,677,890 18.93 * 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

Statement of Investments and Other Net Assets as at 30 June 2008 Denomination Nominal Market value* USD % of net assets* Government bonds 04/09/2008 51,000,000 50,836,210 5.09 07/08/2008 62,000,000 61,913,476 6.20 08-02/10/2008 33,500,000 33,344,352 3.35 08-09/10/2008 46,000,000 45,751,709 4.59 10/07/2008 25,300,000 25,287,561 2.53 11/09/2008 100,000,000 99,637,027 9.97 14/08/2008 35,000,000 34,933,937 3.50 16/10/2008 19,000,000 18,891,130 1.89 17/07/2008 25,000,000 24,985,833 2.50 18/09/2008 100,000,000 99,600,000 9.96 21/08/2008 23,000,000 22,948,506 2.30 23/10/2008 13,000,000 12,923,174 1.29 24/07/2008 91,000,000 90,921,134 9.09 28/08/2008 55,000,000 54,844,962 5.48 31/07/2008 43,000,000 42,955,567 4.30 Denomination Nominal Market value* USD % of net assets* Miscellaneous Bbv (Ldn) 0% 02/09/2008 ECP 7,000,000 6,967,501 0.70 Bcee 0% 16/09/2008 ECP 8,000,000 7,953,863 0.80 Caisse Cent Desj 0% 29/08/2008 ECP 5,000,000 4,978,521 0.50 Cncep 0% 04/08/2008 ECP 6,000,000 5,982,895 0.60 Tesco Plc 0% 28/07/2008 ECP 9,000,000 8,981,470 0.90 Toyota Moto Fin 0% 03/09/2008 ECP 6,000,000 5,973,832 0.60 Total Miscellaneous 40,838,082 4.10 Other credit institutions Hsbc France 0% 21/08/2008 Ecp 7,000,000 6,972,887 0.70 Unicredito Itali 0% 25/09/2008 ECP 2,000,000 1,985,436 0.20 Total other credit institutions 8,958,323 0.90 Total Money Market Instruments 969,232,055 97.07 Total investments 1,050,278,211 105.19 Cash at banks 4,363,904 0.44 Other net liabilities (56,139,833) (5.63) Total net assets 998,502,282 100.00 Total Government bonds 719,774,578 72.04 Holdings Aegon Nv 0% 03/07/2008 ECP 2,000,000 1,999,567 0.20 Allianz Ag Hold 0% 07/07/2008 ECP 2,000,000 1,998,991 0.20 Skandin Ens Banken 0% 06/08/2008 ECP 5,000,000 4,986,068 0.50 Total Holdings 8,984,626 0.90 Insurance Aviva Plc 0% 10/07/2008 ECP 2,000,000 1,998,556 0.20 Total Insurance 1,998,556 0.20 10 * 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.

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 2002. 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 2007. 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 1990. Consolidated articles of incorporation were amended and deposited with the Register of Commerce and Companies of Luxembourg on 26 May 2006. 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) = 0.635042 euro (EUR) 11

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

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

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 14/07/2008 185,164,063 3,680,560 S&P GSCI TR Index USD 14/07/2008 25,999,914 516,808 S&P GSCI TR Index USD 14/07/2008 6,556,860 130,333 S&P GSCI TR Index USD 14/07/2008 5,977,705 118,821 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 14/07/2008 379,811,785 7,549,631 S&P GSCI TR Index USD 14/07/2008 871,361 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 14/07/2008 175,013,578 4,771,943 S&P GSCI TR Index USD 14/07/2008 14,757,113 406,416 S&P GSCI TR Index USD 14/07/2008 4,461,274 104,636 S&P GSCI TR Index USD 14/07/2008 406,040 8,634 S&P GSCI TR Index USD 14/07/2008 7,040,527 148,629 S&P GSCI TR Index USD 14/07/2008 17,398,008 374,141 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 14/07/2008 70,656,890 1,406,212 Total 70,656,890 1,406,212 14

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

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 326.28% Performance of the Fund Sub-fund Class Currency 30.06.2008 31.12.2007 31.12.2006 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

For further information call www.easyetf.com Photo : GraphicObsession