Polaris Fund Open-ended Umbrella Fund under Luxembourg law with multiple Sub-Funds Mutual Investment Fund
Unaudited semi-annual report as at 30/06/12
Database Publishing System: CO-Reporter® by CO-Link, Belgium.
Polaris Fund Table of Contents Page General Information Management and Administration
4
Board of Directors of the Management Company
7
Financial Statements Combined
8
Polaris Fund - Ethical Global Balanced
11
Polaris Fund - GEO Short-Term Bond Fund III
16
Polaris Fund - GEO Short-Term Bond Fund V
21
Polaris Fund - GEO Short-Term Bond Fund VI
26
Polaris Fund - GEO Short-Term Bond Fund VII
31
Polaris Fund - GEO Short-Term Bond Fund VIII
36
Polaris Fund - GEO Short-Term Bond Fund X
41
Polaris Fund - GEO Global Bond Total Return I
47
Polaris Fund - GEO Global Bond Total Return II
53
Polaris Fund - GEO Global Bond Total Return III
59
Polaris Fund - GEO Global Bond Total Return IV
68
Polaris Fund - GEO Global Diversified Strategy Fund
72
Polaris Fund - GEO Global Cash Plus Fund
76
Polaris Fund - GEO Global Balanced I Fund
80
Polaris Fund - GEO Global Balanced III Fund
88
Polaris Fund - GEO European Equity Total Return Fund
93
Polaris Fund - GEO Equity Global I
99
Polaris Fund - GEO Equity Global II
104
Polaris Fund - GEO Equity Global III
106
Polaris Fund - GEO Equity Global V
112
Polaris Fund - GEO All Maturity Fund I
137
Polaris Fund - Global Bond
143
Polaris Fund - Social Responsible Fund I
151
Polaris Fund - GEO Global Bond Total Return VI
157
Polaris Fund - GEO Total Return VII
164
Polaris Fund - GEO Global Real Bond Fund II
170
Polaris Fund - GEO Environmental Fund
175
Polaris Fund - GEO Global Cash Plus Fund II
180
Polaris Fund - GEO Liquidity Fund
184
Polaris Fund - GEO Liquidity Fund II
188
Page 2
Polaris Fund Table of Contents (continued) Polaris Fund - GEO Global Bond Total Return V
192
Polaris Fund - GEO Global Advantage Bond Fund I
197
Polaris Fund - GEO Global Balanced IV Fund
204
Polaris Fund - GEO Global Balanced V
208
Polaris Fund - GEO Liquidity III
214
Notes to the financial statements
219
Subscriptions can only be received on the basis of the latest prospectus accompanied by the latest annual report as well as by the latest semi-annual report, if published after the latest annual report. Page 3
Polaris Fund Management and Administration Management Company : Polaris Investment S.A. Société Anonyme 5, Allée Scheffer L – 2520 Luxembourg Luxembourg
Custodian Bank, Administrative, Transfer and Register Agent : CACEIS Bank Luxembourg 5, Allée Scheffer L – 2520 Luxembourg Luxembourg
Investment Advisers : Polaris Investment Italia SGR S.p.A. 4, Via Cordusio I – 20100 Milano Italy
Auditor : PricewaterhouseCoopers, Société coopérative 400, Route d’Esch L – 1471 Luxembourg Luxembourg
ECP International S.A. 5, Rue Goethe L – 1637 Luxembourg Etica Sgr Spa Via Napo Torriani 29 I – 20124 Milano Italy Investment Managers : AXA Rosenberg Investment Management Ltd 9A, Devonshire Square UK – London EC2M 4YY United Kingdom
BlackRock Investment Management Ltd 33, King William Street UK – London EC4R 9AS United Kingdom
BNP Paribas Investment Partners SGR S.p.A. 15, Via Dante I – 20123 Milano Italy
BNY Mellon Asset Management International Ltd The Bank of New York Mellon Centre, 160, Queen Victoria Street UK – London EC4V 4LA United Kingdom
Amundi 90, boulevard Pasteur F – 75015 Paris France
Epsilon Associati SGR S.p.A. Piazzetta Giordano Dell’ Amore 3 I – 20121 Milano Italy
Amundi - London Branch 41, Lothbury UK – London EC2R 7HF United Kingdom
Franklin Templeton Investment Management Ltd The Adelphi 1-11, John Adam Street UK – London WC2N 6HT United Kingdom
BNP Paribas INVESTMENT Partners BELGIUM S.A., Germany Branch Westend First – Ulmenstrasse 23-25, D – 60325 Frankfurt am Main Germany
Goldman Sachs Asset Management International Peterborough Court, 133, Fleet Street UK – London EC4A 2BB United Kingdom
Generali Investments Italy S.p.A. SGR 4, Via Macchiavelli I – 34132 Trieste Italy
PIMCO Europe Ltd Nymphenburger Str. 112-116 D – 80636 München Germany
Page 4
Polaris Fund Management and Administration (continued) Investment Managers (continued) : JP Morgan Asset Management (UK) Ltd 20, Finsbury Street UK – London EC2Y 9AQ United Kingdom
Union Investment Luxembourg S.A. 308, Route d’Esch L – 1471 Luxembourg Luxembourg
Pioneer Investment Management Ltd 1, George’s Quay Plaza IE – George’s Quay, Dublin 2 Ireland
Western Asset Management Co Ltd 10, Exchange Square Primerose Street UK – London EC2A 2EN United Kingdom
State Street Global Advisors Ltd 25, Bank Street UK – London E14 5NU United Kingdom
Pictet Asset Management S.A. 60, route des Acacias CH – 1211 Geneva Switzerland
Wellington Management Company LLP 75, State Street Boston, Massachussets 02109 USA
H20 AM LLP 10, Old Burlington Street London W1S 3AG United Kingdom
Anthilia Capital Partners SGR S.p.A. 68, Corso di Porta Romana I – 20129 Milan Italy
Quaestio Capital Management SGR S.p.A. 14, Via del Lauro I – 20121 Lombardia Italy
Pioneer Investment Management Sgr SpA 6, Galleria San Carlo I – 20122 Milan Italy
Duemme SGR SpA Via Dante 16 I – 20121 Milano Italy
AXA Investment Managers Paris Cœur Défense 4-100, Esplanade du Général de Gaulle F – 92400 Courbevoie France
Schroders Investment Management Limited 31 Gresham Street London EC2V 7QA United Kingdom
Sub Investment Managers : BlackRock, Inc 40, East 52nd Street New York, NY – 10022 USA
Mellon Capital Management Corporation 160, Queen Victoria Street UK – London EC4V 4LA United Kingdom
Goldman Sachs Asset Management L.P. 85 Broad Street New York NY – 10004 USA
Wellington Management International Ltd Cardinal Place 80, Victoria Street UK – London SW1E 5JL United Kingdom
State Street Global Advisors France S.A. Defense Plaza 23-25, Rue Delariviere-Lefoullon F – 92064 Paris la Defense Cedex France
Wellington Global Investment Management Ltd 32F One Exchange Square Central Hong Kong
Page 5
Polaris Fund Management and Administration (continued) Sub Investment Managers : Wellington International Management Cy Pte Ltd 80, Raffles Place 15-01 1, UOB Plaza SG – Singapore 048624 Singapore
BNP Paribas Asset Management SAS 1, boulevard Haussmann F – 75009 Paris France
Fischer Francis Trees & Watts Inc. 200, Park Avenue New York NY – 10166 USA
Page 6
Polaris Fund Board of Directors of the Management Company (continued) Chairman of the Board of Directors : Mr. Francesco Cesarini Università Cattolica del Sacro Cuore 5, Via Necchi I – 20123 Milano Italy Directors : Mr. Alessandro Penati 14, Via del Lauro I – 20121 Milano Italy (since April 26, 2012) Mr. Fausto Amadasi Cassa Italiana di Previdenza ed Assistenza dei Geometri 4, Lungotevere Arnaldo da Brescia I – 00196 Roma Italy Mr. Antonio Giuseppe Branca Fondazione Cassa dei Risparmi di Forlì 45, Corso Garibaldi I – 47100 Forlì Italy Mr. Claudio Marangio Fondazione Eccleasistica Gerini 4, Via Libero Leonardi I – 00173 Roma Italy Mr Pierre Cimino CACEIS Bank Luxembourg 5, Allée Scheffer L – 2520 Luxembourg Luxembourg
Conducting persons : Mr Sante Jannoni 11B, Boulevard Joseph II B.P. 197 L – 2011 Luxembourg (since June 29, 2012) Mrs Barbara Giardini (c/o Polaris Investment SA) 5, Allée Scheffer L – 2520 Luxembourg Luxembourg Mr. Bruno Vanderschelden 8, rue Th. Funck-Brentano L – 1544 Luxembourg (since April 26, 2012)
Page 7
Polaris Fund Combined
Page 8
Polaris Fund Combined
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
7,342,655,621.65
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
6,129,579,411.00 5,988,931,762.08 140,647,648.92
Options purchased at market value Options purchased at cost
Note 2
1,139,401.21 843,938.97
Cash at banks and liquidities Reverse repurchase agreements Time deposits Interest receivable Brokers receivable Interest receivable on swaps Dividends receivable Net unrealised appreciation on forward foreign exchange contracts Net unrealised appreciation on financial futures Net unrealised appreciation on swaps Receivable on spot exchange Other assets
Note 2, 12
Note 2, 7 Note 2, 8
Liabilities
318,448,288.39 43,578,342.24 402,269,634.90 51,008,016.77 352,811,168.59 446,388.34 1,594,191.28 9,066,296.34 5,099,966.07 1,574,478.50 25,902,790.25 137,247.77 797,167,270.67
Short sales of securities at market value Short sales of securities at cost Short sales of securities unrealised loss
35,225,582.12 35,606,206.94 (380,624.82)
Options sold at market value Options sold at cost
Note 2, 10
Bank overdrafts Interest payable Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Performance fees payable Interest payable on swaps Net unrealised depreciation on forward foreign exchange contracts Net unrealised depreciation on financial futures Net unrealised depreciation on swaps Accrued management and advisory fees Accrued professional fees Payable on spot exchange Other liabilities
Note 6 Note 4 Note 5 Note 2, 7 Note 2, 8 Note 2, 9 Note 5
Net asset value
1,606,491.00 2,931,202.26 24,102,168.11 3,344,080.94 669,581,610.91 169,479.06 161,829.38 2,918,101.97 613,111.78 18,029,458.91 5,562,637.62 7,161,856.74 1,154,431.14 135,401.13 25,941,209.58 1,459,820.28 6,545,488,350.98
The accompanying notes form an integral part of these financial statements
Page 9
Polaris Fund Combined Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
83,685,558.16
Net dividends Net interest on bonds Bank interest on cash account Bank interest on time deposits Other financial income Income on reverse repurchase agreements Interest on swaps Other income
Note 2 Note 2 Note 2 Note 2 Note 2 Note 2 Note 2
Expenses
15,665,156.98 58,158,836.55 218,905.65 240,529.85 740,418.06 97,624.92 6,072,745.86 2,491,340.29 20,399,247.99
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Performance fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Interest on swaps Other expenses
Note 5 Note 6 Note 4 Note 5
Note 2 Note 14
Net income from investments
7,068,515.00 488,728.89 318,137.77 313,333.86 2,918,101.23 16,839.49 146,804.78 137,124.73 1,701,495.41 6,767,903.53 522,263.30 63,286,310.17
Net realised profit / loss on: - sales of investment securities - options - forward foreign exchange contracts - financial futures - swaps - foreign exchange
Note 2 Note 2 Note 2 Note 2 Note 2 Note 2
Net realised profit
80,959,497.77 2,410,056.78 (122,028,570.68) (10,986,649.78) (12,762,364.34) 103,891,356.89 104,769,636.81
Movement in net unrealised appreciation / depreciation on: - investment securities - options - forward foreign exchange contracts - financial futures - swaps
Increase in net assets as a result of operations
6,755,943.10 1,165,657.10 62,236,215.08 (2,877,191.66) 7,285,685.33 179,335,945.76
Subscription capitalisation units Redemption capitalisation units
2,846,964,753.07 (2,673,765,691.02)
Increase in net assets
352,535,007.81
Net assets at the beginning of the period
6,192,953,343.17
Net assets at the end of the period
6,545,488,350.98
The accompanying notes form an integral part of these financial statements
Page 10
Polaris Fund - Ethical Global Balanced
Page 11
Polaris Fund - Ethical Global Balanced
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
78,843,390.16
Securities portfolio at market value Cost price Unrealised loss on the securities portfolio
Note 2
Cash at banks and liquidities Interest receivable Dividends receivable Net unrealised appreciation on forward foreign exchange contracts
75,722,643.93 76,254,607.37 (531,963.44) 1,932,147.86 1,114,298.66 52,411.21 21,888.50
Note 2, 7
Liabilities
78,407.30
Accrued custodian & administration fees Taxe d'abonnement payable Net unrealised depreciation on financial futures Accrued management and advisory fees Accrued professional fees
Note 6 Note 4 Note 2, 8 Note 5
2,823.07 1,947.31 114.84 71,923.60 1,598.48
Net asset value
78,764,982.86
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Ethical Global Balanced Classe A Capitalisation units
Units issued
69,876.710
0.000
Units redeemed
Units outstanding as at 30/06/12
885.042
68,991.668
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Ethical Global Balanced Classe A Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
78,764,982.86
79,789,633.85
81,119,680.66
EUR
EUR
EUR
68,991.668 1,141.66
69,876.710 1,141.86
69,876.710 1,160.90
The accompanying notes form an integral part of these financial statements
Page 12
Polaris Fund - Ethical Global Balanced Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
75,722,643.93
96.14
13,915,189.91
17.67
NOK
170,306.03 170,306.03
0.22 0.22
DKK DKK
592,428.18 165,458.98 426,969.20
0.75 0.21 0.54
EUR
165,362.00 165,362.00
0.21 0.21
EUR EUR EUR EUR EUR EUR EUR EUR EUR
2,186,889.94 168,602.24 319,912.91 104,678.42 89,550.41 224,764.00 130,883.89 547,623.00 402,170.41 198,704.66
2.78 0.21 0.41 0.13 0.11 0.29 0.17 0.70 0.51 0.25
EUR EUR EUR EUR EUR EUR EUR EUR
1,882,777.08 340,568.55 481,195.90 271,954.61 84,127.92 69,579.08 168,897.04 193,082.58 273,371.40
2.39 0.43 0.60 0.35 0.11 0.09 0.21 0.25 0.35
EUR
144,351.20 144,351.20
0.18 0.18
EUR EUR EUR EUR EUR EUR
976,898.54 137,785.50 395,303.24 155,457.90 51,117.44 128,434.40 108,800.06
1.24 0.17 0.51 0.20 0.06 0.16 0.14
NOK NOK NOK
516,668.07 181,074.45 68,450.32 267,143.30
0.66 0.23 0.09 0.34
EUR
54,471.67 54,471.67
0.07 0.07
EUR EUR
756,955.21 479,329.57 277,625.64
0.96 0.61 0.35
SEK SEK SEK SEK SEK
795,515.24 215,632.76 198,911.58 58,769.24 220,656.91 101,544.75
1.01 0.27 0.25 0.07 0.29 0.13
CHF CHF
886,077.82 180,955.90 705,121.92
1.12 0.23 0.89
EUR EUR EUR EUR EUR EUR
1,014,485.05 133,993.52 316,954.22 182,685.83 162,287.77 129,169.00 89,394.71
1.29 0.17 0.41 0.23 0.21 0.16 0.11
GBP GBP
3,772,003.88 298,832.84 172,360.29
4.79 0.38 0.22
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Shares
Bermuda
6,086 SEADRILL LTD
Denmark
32 A.P. MOELLER-MAERSK -B- A/S 3,741 NOVO-NORDISK -B-
Finland
18,580 UPM KYMMENE CORP
France
16,088 10,546 30,158 1,827 21,664 2,993 15,426 10,933 13,582
AXA SA BNP PARIBAS SA CREDIT AGRICOLE SA DANONE SA FRANCE TELECOM SA SCHNEIDER ELECTRIC SA TOTAL SA VINCI SA VIVENDI SA
4,305 8,797 4,777 62,970 1,636 12,116 2,361 5,220
ALLIANZ SE REG SHS BASF - NAMEN AKT BMW AG COMMERZBANK AG DEUTSCHE BOERSE AG REG SHS DEUTSCHE POST AG REG SHS FRESENIUS AG HENKEL AG & CO KGAA
Germany
Ireland
4,172 KERRY GROUP PLC 13,710 23,558 139,050 14,522 164,554 38,256
Italy
ATLANTIA SPA ENI SPA INTESA SANPAOLO SPA SNAM SPA TELECOM ITALIA SPA TERNA SPA
Norway
23,172 DNB 11,992 ORKLA BORREGAARD FRIE A 7,787 YARA INTERNATIONAL ASA
Portugal
29,223 EDP-ENERGIAS REG.SHS
Spain
91,808 BANCO SANTANDER SA REG SHS 26,772 TELEFONICA SA 12,728 12,718 3,788 8,526 11,295
Sweden
ATLAS COPCO AB -AELECTROLUX -B- FREE SKF AB -BSVENSKA HANDELSBANK -A- FREE VOLVO -B- FREE
Switzerland
12,593 CREDIT SUISSE GROUP AG REG SHS 5,177 ROCHE HOLDING AG GENUSSSCHEIN 36,771 7,911 18,691 21,478 14,333 20,722
The Netherlands
AEGON NV ASML HOLDING NV KONINKLIJKE AHOLD NV KONINKLIJKE KPN NV REED ELSEVIER NV STMICROELECTRONICS NV
United Kingdom
11,577 ANGLO AMERICAN PLC 51,158 AVIVA PLC
The accompanying notes form an integral part of these financial statements
Page 13
Polaris Fund - Ethical Global Balanced Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 10,275 12,030 14,128 119,758 70,268 68,533 45,715 40,318 36,280 13,469 246,580
BG GROUP PLC BHP BILLITON PLC COMPASS GROUP PLC HSBC HOLDINGS PLC KINGFISHER PLC LEGAL GENERAL GROUP PLC MARKS AND SPENCER GROUP PLC NATIONAL GRID PLC TESCO PLC UNILEVER PLC VODAFONE GROUP PLC
Market value
% of net assets
165,090.84 268,522.80 116,816.61 830,505.67 249,598.60 107,826.61 183,628.41 336,606.22 139,026.25 356,909.36 546,279.38
0.21 0.34 0.15 1.05 0.32 0.14 0.23 0.43 0.18 0.45 0.69
50,719,825.02
64.39
EUR EUR EUR
14,546,714.00 5,057,150.00 6,953,772.00 2,535,792.00
18.47 6.42 8.83 3.22
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
17,421,686.72 210,670.72 705,180.00 710,549.00 1,015,000.00 1,022,700.00 2,076,480.00 1,560,360.00 729,372.00 1,502,145.00 5,629,254.00 713,251.00 1,546,725.00
22.12 0.27 0.90 0.90 1.29 1.30 2.63 1.98 0.93 1.91 7.14 0.91 1.96
EUR EUR EUR
8,655,647.66 291,397.61 3,381,000.05 4,983,250.00
10.99 0.37 4.29 6.33
EUR GBP
5,194,144.65 4,548,180.00 645,964.65
6.59 5.77 0.82
EUR
685,517.00 685,517.00
0.87 0.87
EUR
709,016.00 709,016.00
0.90 0.90
EUR EUR
1,436,085.00 716,653.00 719,432.00
1.82 0.91 0.91
EUR EUR GBP
2,071,013.99 702,163.00 705,509.00 663,341.99
2.63 0.89 0.90 0.84
11,087,629.00
14.08
EUR
702,261.00 702,261.00
0.89 0.89
EUR
802,168.00 802,168.00
1.02 1.02
EUR
9,583,200.00 9,583,200.00
12.17 12.17
75,722,643.93
96.14
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
Bonds Belgium
5,000,000 BELGIQUE OLO -38- 5.00 02-12 28/09A 6,650,000 BELGIUM -41-LINEAIRE 4.25 03-13 28/09A 2,400,000 BELGIUM -54-LINEAIRE 4.00 08-14 28/03A 208,000 700,000 700,000 1,000,000 1,000,000 2,000,000 1,500,000 700,000 1,500,000 5,550,000 700,000 1,500,000
France
AFD EMTN 4.75 02-12 25/10A BANQUE PSA FINANCE 3.25 10-12 26/11A BANQUE PSA FINANCE 4.00 10-13 19/07A CADES 5.25 98-12 25/10A CADES S 172 TR.1 3.25 05-13 25/04A CAISS.NAT.AUTOROUTES 5.85 97-13 24/03A CHARBONNAGES FRANCE 5.50 02-13 25/04A CIE DE SAINT GOBAIN 6.00 09-13 20/05A FRANCE BTAN 0.75 10-12 20/09A FRANCE OAT 4.75 01-12 25/10A RCI BANQUE EMTN 4.00 10-13 11/07A RFF 5.40 98-13 26/02A
Italy
300,000 ITALY BOT (12 MESI) 11-12 15/08U 3,470,000 ITALY BOT (12 MESI) 11-12 16/07U 5,000,000 ITALY CTZ 0.00 10-12 31/08U
Luxembourg
4,550,000 EFSF 0.40 12-13 12/03U 500,000 GAZ CAPITAL REGD 6.58 07-13 31/10A
Spain
700,000 CAJA AHORROS BARCEL. 3.125 10-13 16/09A
The Netherlands
700,000 KBC IFIMA
4.00 11-13 01/03A
United Kingdom
700,000 BRITISH TELECOM EMTN 5.25 07-13 22/01A 700,000 ROYAL BK SCOTLAND 5.25 08-13 15/05A
United States of America
700,000 BMW US CAPITAL LLC 6.375 09-12 23/07A 700,000 MORGAN STANLEY EMTN 3.75 06-13 01/03A 500,000 PEMEX MASTER 7.50 03-13 18/12A
Floating rate bonds France
700,000 AFD EMTN
FL.R 12-15 26/01Q
Germany
800,000 KRED.ANST.WIEDERAUFB. FL.R 10-13 04/03Q
Italy
9,600,000 ITALY CCT
FL.R 05-12 01/11S
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 14
Polaris Fund - Ethical Global Balanced Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
1,596,899.12
Net dividends Net interest on bonds Bank interest on cash account Other financial income Other income
Note 2 Note 2 Note 2 Note 2
Expenses
356,852.34 1,217,698.66 2,172.96 11,972.60 8,202.56 529,301.77
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Transaction fees Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
450,898.92 6,224.99 3,967.84 3,990.38 328.04 1,544.21 59,826.00 2,521.39 1,067,597.35
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2
Net realised profit
(1,186,921.39) (363,328.28) 464,774.22 146,089.69 128,211.59
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures
Decrease in net assets as a result of operations
(80,933.84) 67,045.74 (132,433.91) (18,110.42)
Redemption capitalisation units Ethical Global Balanced Classe A
(1,006,540.57) (1,006,540.57)
Decrease in net assets
(1,024,650.99)
Net assets at the beginning of the period
79,789,633.85
Net assets at the end of the period
78,764,982.86
The accompanying notes form an integral part of these financial statements
Page 15
Polaris Fund - GEO Short-Term Bond Fund III
Page 16
Polaris Fund - GEO Short-Term Bond Fund III
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
339,479,882.39
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
312,937,682.87 309,776,233.94 3,161,448.93
Cash at banks and liquidities Interest receivable
24,805,606.91 1,736,592.61
Liabilities
12,451,558.98
Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Net unrealised depreciation on forward foreign exchange contracts Net unrealised depreciation on financial futures Accrued management and advisory fees Accrued professional fees
9,788,130.27 7,588.48 8,084.91 2,597,226.83 9,869.68 38,718.74 1,940.07
Note 6 Note 4 Note 2, 7 Note 2, 8 Note 5
Net asset value
327,028,323.41
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
8,361.767
Units issued
19,744.678
Units redeemed
Units outstanding as at 30/06/12
93.952
28,012.493
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
327,028,323.41
96,817,188.17
132,680,516.56
28,012.493 11,674.37
8,361.767 11,578.56
11,735.811 11,305.61
The accompanying notes form an integral part of these financial statements
Page 17
Polaris Fund - GEO Short-Term Bond Fund III Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Australia
4,000,000 AUSTRALIA -131-
Austria
2,000,000 AUSTRIA EMTN
Germany Italy
8,000,000 BTPS 9,000,000 BTPS 585,000,000 2,400,000,000 1,350,000,000 4,675,000,000
0.64 0.64
EUR EUR
8,121,380.00 6,068,580.00 2,052,800.00
2.48 1.85 0.63
USD CAD CAD CAD
9,821,718.01 2,411,039.76 2,343,930.43 3,085,820.29 1,980,927.53
3.00 0.74 0.72 0.93 0.61
EUR
3,188,550.00 3,188,550.00
0.98 0.98
EUR EUR EUR
20,501,230.00 1,029,540.00 8,410,420.00 11,061,270.00
6.27 0.31 2.57 3.39
EUR
1,008,380.00 1,008,380.00
0.31 0.31
EUR EUR
16,843,040.00 7,760,240.00 9,082,800.00
5.15 2.37 2.78
JPY JPY JPY JPY
89,836,153.44 5,811,028.90 23,981,619.15 13,463,662.71 46,579,842.68
27.48 1.78 7.33 4.12 14.25
USD
971,640.21 971,640.21
0.30 0.30
PLN
1,800,812.24 1,800,812.24
0.55 0.55
EUR EUR
5,507,410.00 4,489,880.00 1,017,530.00
1.68 1.37 0.31
EUR EUR GBP GBP EUR
11,624,053.94 2,045,520.00 1,022,130.00 1,965,424.54 5,861,413.92 729,565.48
3.55 0.63 0.31 0.60 1.79 0.22
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
72,983,401.46 2,396,619.52 1,582,963.64 794,105.82 1,247,067.29 2,515,817.77 575,451.29 1,315,551.00 1,467,794.73 1,241,518.93 1,589,779.75 1,182,270.20 2,388,936.60 1,606,986.17 2,370,213.94 2,581,553.13 1,568,497.86 1,268,909.58 6,693,999.06 9,073,224.06 2,354,461.75 2,145,178.58
22.32 0.73 0.48 0.24 0.38 0.77 0.18 0.40 0.45 0.38 0.49 0.36 0.73 0.49 0.72 0.79 0.48 0.39 2.05 2.77 0.72 0.66
4.375 06-12 26/09A
3.00 10-15 15/04S 4.25 08-13 15/04S
Japan
JAPAN GOVT 90 0.30 10-15 20/06S JAPAN 084 JGB 0.70 09-14 20/06S JAPAN 087 JGB 0.50 09-14 20/12S JAPAN -790.70 08-13 20/12S
Luxembourg
1,200,000 EUROP.INVEST.BK
Poland
8,000,000 POLAND 0713
1.03 1.03
2,093,000.00 2,093,000.00
4.50 06-13 24/05A 3.00 08-14 12/07A 0.75 11-14 25/09A
1,000,000 BERTELSMANN AG
75.74
EUR
3.125 09-14 15/09A
France
247,677,789.61
3.80 03-13 20/10A
Canada
1,000,000 BOUYGUES 8,000,000 BTAN -5 YR 11,000,000 FRANCE BTAN
94.97
AUD
BANK OF MONTREAL 1.75 11-14 29/04S CANADA 2.00 11-13 01/08S CANADA GOVT BONDS 1.00 11-15 01/02S CANADA GOVT BONDS 2.25 11-14 01/08S
Finland
310,569,163.43
4.50 10-14 21/10S
Belgium
3,000,000 FINLAND
% of net assets
3,377,020.31 3,377,020.31
6,000,000 BELGIQUE OLO -38- 5.00 02-12 28/09A 2,000,000 BELGIQUE-OLO SER 50- 4.00 07-13 28/03A 3,000,000 3,000,000 4,000,000 2,500,000
Market value
3.375 03-13 12/06S
0.00 11-13 25/07S
The Netherlands
4,000,000 NEDERLAND 4.00 06-16 15/07A 1,000,000 RWE FINANCE EMTN 6.125 02-12 26/10A
United Kingdom
2,000,000 1,000,000 1,500,000 4,300,000 721,000
BARCLAYS BANK 2.125 11-14 08/09A NATIONAL GRID EMTN 4.125 06-13 21/03A UK TREASURY STOCK 2.75 09-15 22/01S UNITED KINGDOM 5.00 02-14 07/09S VODAFONE GROUP PLC 3.625 05-12 29/11A
3,000,000 2,000,000 1,000,000 1,500,000 3,000,000 700,000 1,500,000 1,721,000 1,500,000 2,000,000 1,500,000 3,000,000 2,000,000 3,000,000 3,000,000 2,000,000 1,530,000 8,500,000 11,500,000 3,000,000 2,725,000
ANHEUSER BUSCH 1.50 11-14 14/07S CATERPILLAR 0.95 12-15 26/06S CATERPILLAR FIN -G- 1.10 12-15 29/05S COMCAST 8.375 02-13 15/03S CONOCOPHILLIPS 4.75 09-14 01/02S DIRECTV HLDGS 3.125 10-16 15/02S DOW CHEMICAL 5.90 09-15 15/02S DUKE ENERGY 6.30 09-14 01/02S GENERAL MILLS 5.25 08-13 15/08S GEORGIA POWER CO 1.30 10-13 15/09S IBM 0.75 12-15 11/05S INTL FINANCE CORP 1.00 12-17 24/04 MORGAN STANLEY 5.375 05-15 15/10S PEPSICO INC 0.80 11-14 25/08S SBC COMMUNICATIONS 5.10 04-14 15/09S SYSCO CORP 0.55 12-15 12/06S TIME WARNER 6.20 08-13 01/07S US TREAS AA 2015 0.375 12-15 15/06S US TREAS N/B AM-2013 0.375 11-13 30/06S US TREAS N/B Z-2015 0.25 12-15 15/05S USA T NOTES 0.25 12-14 30/04S
United States of America
The accompanying notes form an integral part of these financial statements
Page 18
Polaris Fund - GEO Short-Term Bond Fund III Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination
28,000,000 USA T NOTES 0.25 12-14 31/05S 750,000 USA T NOTES 0.375 11-14 15/11S 3,000,000 VERIZON COMMUNICATION 1.25 11-14 03/11S
Quotation currency
Market value
% of net assets
USD USD USD
22,040,478.06 591,454.98 2,390,567.75
6.75 0.18 0.73
4,709,157.72
1.44
4,709,157.72 2,332,377.61 2,376,780.11
1.44 0.71 0.73
58,182,216.10
17.79
GBP GBP
2,613,604.93 1,408,637.99 1,204,966.94
0.80 0.43 0.37
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
55,568,611.17 1,726,529.99 1,580,414.49 2,343,428.12 2,305,142.74 3,199,673.05 1,394,176.43 1,009,364.72 916,468.48 1,880,111.22 1,182,389.78 955,877.08 595,275.92 540,392.92 2,923,700.41 2,131,478.36 4,360,601.68 2,692,572.25 1,762,917.01 1,413,699.74 1,796,045.10 2,800,650.91 2,109,356.06 1,477,098.66 945,130.70 631,328.15 1,369,366.66 1,746,316.28 2,269,639.46 1,341,520.65 2,770,826.64 1,397,117.51
16.99 0.53 0.48 0.72 0.70 0.98 0.43 0.31 0.28 0.57 0.36 0.29 0.18 0.17 0.89 0.65 1.34 0.82 0.54 0.43 0.55 0.86 0.65 0.45 0.29 0.19 0.42 0.53 0.69 0.41 0.85 0.43
2,368,519.44
0.72
2,368,519.44
0.72
2,368,519.44 2,368,519.44
0.72 0.72
312,937,682.87
95.69
Floating rate bonds United States of America
3,000,000 BANK OF AMERICA L FL.R 11-14 30/01Q 3,000,000 CISCO SYSTEMS FL.R 11-14 14/03Q
USD USD
Mortgage and asset backed securities United Kingdom
1,160,000 CARDS 2004-1 A 1,000,000 COUK 2004-2 -A2,185,000 2,000,000 2,713,205 2,668,879 3,879,309 1,664,470 1,205,054 1,094,147 2,257,223 1,419,553 1,141,196 735,549 672,358 3,600,000 2,657,867 5,248,814 3,269,396 2,103,463 1,644,273 2,088,978 3,368,069 2,612,991 1,694,545 1,199,070 802,063 1,707,062 1,973,486 2,665,004 1,646,478 3,131,269 1,664,722
FL.R 04-16 15/04Q FL.R 04-16 15/06Q
United States of America
COMET 2004-04 A4 FL.R 04-17 15/03M DCENT 2012-A4 A FL.R 12-19 15/05M FG A79169 6.00 08-37 01/11M FG A79172 6.00 08-37 01/11M FG G14447 3.00 12-22 01/04M FGCI 4.50 11-26 01/05M FGCI 4.50 11-26 01/05M FGCI 4.50 11-26 01/06M FGCI J15659 4.00 11-26 01/07M FGCI J16024 4.00 11-26 01/07M FGCI POOL J16633 4.50 11-26 01/09M FHR 2478 FD FL.R 02-32 15/02M FHR 2483 FL FL.R 02-32 15/03M FHR 2684 F FL.R 03-33 15/01M FHR 3706 EB 2.00 10-20 15/07M FN MA1080 3.00 12-42 01/05M FN -8904293.00 12-22 01/05M FNCI AI5981 4.00 11-26 01/07M FNCL 918590 5.50 07-37 01/06M FNCL 918651 5.50 07-37 01/06M FNCN MA1063 3.00 12-42 01/04M FNR 2001-42 QF FL.R 01-31 25/09M FNR 2002-69 Z 5.50 02-32 25/10M FNR 2002-89 F FL.R 02-33 25/01M FNR 2003-17 FN FL.R 03-18 25/03M FNR 2003-4 F FL.R 03-33 25/02M GN POOL 783274 6.00 11-36 15/04M GN 778951 4.00 12-27 15/03M GNR 2008-35 4.25 08-37 20/02M GNSF 6.00 03-33 01/04M G2 82412 4.50 09-39 20/10M
Other transferable securities Mortgage and asset backed securities United States of America
3,000,000 CHAIT 2012-A2 A2
FL.R 12-19 15/05M
USD
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 19
Polaris Fund - GEO Short-Term Bond Fund III Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
1,891,802.00
Net interest on bonds Bank interest on cash account Other financial income
Note 2 Note 2 Note 2
Expenses
1,878,246.36 5,196.88 8,358.76 171,012.06
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
129,446.70 12,975.22 11,812.92 8,317.46 413.57 1,863.39 361.14 2,456.31 3,365.35 1,720,789.94
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2
Net realised loss
(905,850.61) (3,113,871.71) 79,838.37 1,809,916.21 (409,177.80)
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
3,736,797.90 (2,179,516.49) (48,449.68) 1,099,653.93
Subscription capitalisation units Redemption capitalisation units
230,205,885.88 (1,094,404.57)
Increase in net assets
230,211,135.24
Net assets at the beginning of the period
96,817,188.17
Net assets at the end of the period
327,028,323.41
The accompanying notes form an integral part of these financial statements
Page 20
Polaris Fund - GEO Short-Term Bond Fund V
Page 21
Polaris Fund - GEO Short-Term Bond Fund V
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
289,469,600.88
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
282,343,287.05 281,291,159.03 1,052,128.02
Options purchased at market value Options purchased at cost
Note 2
151,949.80 10,220.35
Cash at banks and liquidities Interest receivable Interest receivable on swaps Net unrealised appreciation on financial futures Net unrealised appreciation on swaps Receivable on spot exchange Other assets
1,799,764.24 3,834,867.12 66,793.41 257,052.75 18,957.51 996,434.34 494.66
Note 2, 8
Liabilities
1,598,171.60
Interest payable Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Performance fees payable Interest payable on swaps Net unrealised depreciation on forward foreign exchange contracts Accrued management and advisory fees Accrued professional fees Payable on spot exchange Other liabilities
1,237.21 1,960.00 7,179.06 7,116.70 410,517.47 57,063.97 10,178.63 36,239.76 5,262.30 997,267.64 64,148.86
Note 6 Note 4 Note 5 Note 2, 7 Note 5
Net asset value
287,871,429.28
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
22,314.741
Units issued
3,901.824
Units redeemed
Units outstanding as at 30/06/12
2,147.054
24,069.511
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
287,871,429.28
262,629,343.21
340,004,145.66
24,069.511 11,960.00
22,314.741 11,769.32
29,736.624 11,433.85
The accompanying notes form an integral part of these financial statements
Page 22
Polaris Fund - GEO Short-Term Bond Fund V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Market value
% of net assets
282,343,287.05
98.08
280,638,765.05
97.49
EUR
2,098,040.00 2,098,040.00
0.73 0.73
EUR
7,012,200.00 7,012,200.00
2.44 2.44
EUR EUR EUR EUR
19,751,900.00 7,945,010.00 3,034,290.00 6,158,400.00 2,614,200.00
6.86 2.76 1.05 2.14 0.91
3.50 12-44 01/10Q
DKK
3,161,400.80 3,161,400.80
1.10 1.10
3.125 09-14 15/09A
EUR
3,188,550.00 3,188,550.00
1.11 1.11
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
41,872,447.29 2,020,920.00 1,570,065.00 2,041,000.00 7,887,225.00 598,402.29 7,233,800.00 14,668,780.00 2,587,200.00 1,134,155.00 2,130,900.00
14.55 0.70 0.55 0.71 2.74 0.21 2.51 5.10 0.90 0.39 0.74
EUR EUR EUR
65,617,135.13 54,837,422.63 8,668,552.50 2,111,160.00
22.78 19.04 3.01 0.73
EUR EUR EUR EUR EUR EUR
69,396,900.00 3,880,120.00 18,637,825.00 10,113,700.00 29,236,200.00 5,481,575.00 2,047,480.00
24.10 1.35 6.47 3.51 10.16 1.90 0.71
EUR
1,752,632.00 1,752,632.00
0.61 0.61
PLN
5,058,058.66 5,058,058.66
1.76 1.76
EUR
1,930,220.00 1,930,220.00
0.67 0.67
SEK
2,967,169.82 2,967,169.82
1.03 1.03
EUR EUR EUR EUR
11,934,598.00 2,289,360.00 1,550,370.00 600,888.00 7,493,980.00
4.15 0.80 0.54 0.21 2.60
EUR EUR GBP GBP GBP EUR EUR
40,936,078.35 1,882,784.00 1,362,166.00 11,492,213.57 10,678,806.70 11,041,268.08 2,329,780.00 2,149,060.00
14.22 0.65 0.47 3.99 3.71 3.84 0.81 0.75
EUR EUR
3,961,435.00 2,272,740.00 1,688,695.00
1.38 0.79 0.59
1,704,522.00
0.59
1,704,522.00 1,704,522.00
0.59 0.59
Denomination
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Australia
2,000,000 NATL AUSTRALIA BK
Austria
6,500,000 AUSTRIA 7,400,000 3,000,000 6,000,000 2,500,000
4.30 03-14 15/07A
Belgium
BELGIAN -434.25 04-14 28/09A BELGIQUE OLO -38- 5.00 02-12 28/09A BELGIQUE-OLO SER 50- 4.00 07-13 28/03A BELGIUM -41-LINEAIRE 4.25 03-13 28/09A
Denmark
24,000,000 NYKREDIT
Finland
3,000,000 FINLAND 2,000,000 1,500,000 2,000,000 7,500,000 571,000 7,000,000 14,000,000 2,400,000 1,100,000 2,000,000
3.50 09-15 23/01A
France
BANQUE PSA FINANCE 3.625 10-13 17/09A BFCM EMTN 4.125 10-20 20/07A BPCE 2.875 10-15 22/09A BTAN -5 YR 3.00 08-14 12/07A CIE SAINT GOBAIN EMTN 4.00 10-18 08/10A FRANCE BTAN 2.50 09-14 12/01A FRANCE BTAN 2.50 10-15 15/01A FRANCE FTB 3.50 05-15 25/04A FRANCE OAT 4.00 03-13 25/04A FRANCE OAT 4.00 04-14 25/04U
Germany
48,100,000 GERMANY INFL. INDEX 2.25 07-13 15/04A 8,350,000 GERMANY 154 2.25 09-14 11/04A 2,000,000 MERCK FIN SERVICES 3.375 10-15 24/03A 4,000,000 18,500,000 10,000,000 28,000,000 5,500,000 2,000,000
Italy
BTPS 3.00 10-15 15/04S ITALY BTP 4.25 04-15 01/02S ITALY BTP 4.25 11-14 01/07S ITALY BTP 6.00 11-14 15/11S ITALY CTZ 0.00 10-12 31/08U LOTTOMATICA 5.375 09-16 05/12A
Norway
1,700,000 SPAREBANK 1 SR BK
Poland
21,000,000 POLAND -414-
3.50 10-16 21/04A
5.75 08-14 25/04A
Spain
2,000,000 TELEFONICA EMIS SA 5.496 09-16 01/04A
Sweden
25,700,000 SWEDEN -1046-
5.50 01-12 08/10A
The Netherlands
2,000,000 1,500,000 600,000 7,400,000
KONINKLIJKE KPN NV 6.50 08-16 15/01A LEASEPLAN CORP 3.875 10-15 16/09A NEDERLAND 5.00 02-12 15/07A NETHERLANDS 1.00 11-14 15/01A
1,700,000 1,300,000 9,000,000 8,150,000 8,100,000 2,000,000 2,000,000
HSBC BANK 4.00 10-21 15/01A UBS LONDON EMTN 3.50 10-15 15/07A UK TREASURY STOCK 2.25 09-14 07/03S UK TREASURY STOCK 2.75 09-15 22/01S UNITED KINGDOM 5.00 02-14 07/09S VODAFONE GROUP 6.25 09-16 15/01A WESTPAC SECURITIES NZ 3.875 10-17 20/03A
United Kingdom
United States of America
2,000,000 AT T 6.125 08-15 02/04A 1,700,000 MORGAN STANLEY EMTN 5.375 10-20 10/08A
Floating rate bonds France
1,700,000 SOCIETE GENERALE
FL.R 10-13 22/07Q
EUR
The accompanying notes form an integral part of these financial statements
Page 23
Polaris Fund - GEO Short-Term Bond Fund V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
151,949.80
0.05
151,949.80
0.05
EUR EUR
137,755.80 62,015.40 75,740.40
0.05 0.02 0.03
EUR USD
14,194.00 6,836.97 7,357.03
0.00 0.00 0.00
282,495,236.85
98.13
Derivative instruments Options Germany
129 EURX EURO BUND AUG 140 30.07.12 PUT 129 EURX EURO BUND AUG 141 30.07.12 PUT
Luxembourg
700,000 EUR(C)/USD(P)OTC JUL 1.26 05.07.12 CALL 900,000 USD(C)/JPY(P)OTC SEP 81.00 21.09.12 CALL
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 24
Polaris Fund - GEO Short-Term Bond Fund V Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
5,290,063.60
Net interest on bonds Bank interest on cash account Other financial income Interest on swaps Other income
Note 2 Note 2 Note 2 Note 2
Expenses
4,539,289.39 4,404.25 30,229.46 88,606.43 627,534.07 769,037.79
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Performance fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Interest on swaps Other expenses
Note 5 Note 6 Note 4 Note 5
Note 2 Note 14
Net income from investments
223,104.09 22,343.09 14,818.76 14,322.51 410,517.47 667.23 4,949.51 183.67 14,455.23 58,301.18 5,375.05 4,521,025.81
Net realised profit / loss on: - sales of investment securities - options - forward foreign exchange contracts - financial futures - swaps - foreign exchange
Note 2 Note 2 Note 2 Note 2 Note 2 Note 2
Net realised profit
100,107.73 (168,405.60) (2,599,495.29) (1,230,369.03) 388,484.40 514,374.22 1,525,722.24
Movement in net unrealised appreciation / depreciation on: - investment securities - options - forward foreign exchange contracts - financial futures - swaps
Increase in net assets as a result of operations
1,122,036.34 141,729.45 820,044.73 664,631.09 (102,331.44) 4,171,832.41
Subscription capitalisation units Redemption capitalisation units
46,673,712.33 (25,603,458.67)
Increase in net assets
25,242,086.07
Net assets at the beginning of the period
262,629,343.21
Net assets at the end of the period
287,871,429.28
The accompanying notes form an integral part of these financial statements
Page 25
Polaris Fund - GEO Short-Term Bond Fund VI
Page 26
Polaris Fund - GEO Short-Term Bond Fund VI
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
259,436,226.93
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Interest receivable Net unrealised appreciation on forward foreign exchange contracts
254,366,611.34 251,828,424.26 2,538,187.08 1,924,099.35 3,070,284.78 75,231.46
Note 2, 7
Liabilities
265,129.45
Accrued custodian & administration fees Taxe d'abonnement payable Performance fees payable Accrued management and advisory fees Accrued professional fees
Note 6 Note 4 Note 5 Note 5
6,589.40 6,406.96 215,355.09 32,669.61 4,108.39
Net asset value
259,171,097.48
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
17,346.037
Units issued
7,788.535
Units redeemed
Units outstanding as at 30/06/12
3,605.868
21,528.704
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
259,171,097.48
205,068,758.41
246,427,317.89
21,528.704 12,038.40
17,346.037 11,822.23
21,528.722 11,446.44
The accompanying notes form an integral part of these financial statements
Page 27
Polaris Fund - GEO Short-Term Bond Fund VI Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Market value
% of net assets
254,366,611.34
98.15
247,438,510.62
95.48
EUR
21,665,400.00 21,665,400.00
8.36 8.36
3.50 09-15 28/03A
EUR
21,257,400.00 21,257,400.00
8.20 8.20
4.875 09-14 07/05A
EUR
533,265.00 533,265.00
0.21 0.21
EUR EUR EUR EUR
1,222,087.13 142,770.44 505,005.00 447,017.94 127,293.75
0.47 0.06 0.19 0.17 0.05
EUR EUR
36,748,560.00 19,598,760.00 17,149,800.00
14.18 7.56 6.62
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
122,001,737.50 509,150.00 761,572.50 492,330.00 1,478,775.00 13,119,600.00 1,000,070.00 30,311,100.00 996,650.00 34,559,000.00 15,373,920.00 18,939,600.00 482,560.00 989,400.00 502,085.00 989,170.00 502,335.00 994,420.00
47.08 0.20 0.29 0.19 0.57 5.06 0.39 11.71 0.38 13.34 5.93 7.31 0.19 0.38 0.19 0.38 0.19 0.38
EUR EUR EUR
1,322,234.83 293,610.27 243,562.06 785,062.50
0.51 0.11 0.09 0.31
EUR EUR EUR
1,479,050.00 485,675.00 486,430.00 506,945.00
0.57 0.19 0.19 0.19
EUR
536,460.00 536,460.00
0.21 0.21
EUR EUR EUR EUR
13,548,802.50 1,021,870.00 11,224,700.00 794,557.50 507,675.00
5.23 0.39 4.33 0.31 0.20
EUR EUR GBP GBP
26,281,449.66 197,862.00 158,238.50 19,373,934.00 6,551,415.16
10.14 0.08 0.06 7.47 2.53
EUR
842,064.00 842,064.00
0.32 0.32
6,928,100.72
2.67
EUR EUR EUR
1,743,370.00 738,420.00 523,480.00 481,470.00
0.67 0.28 0.20 0.19
EUR
489,330.00 489,330.00
0.19 0.19
EUR
1,310,630.00 916,250.00
0.51 0.36
Denomination
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Austria
20,000,000 AUSTRIA EMTN
Belgium
20,000,000 BELGIQUE OLO -56-
Denmark
500,000 DONG ENERGY A/S 137,000 500,000 423,000 125,000
3.50 04-15 15/07A
France
CIE SAINT GOBAIN EMTN 3.50 11-15 30/09A RCI BANQUE EMTN 3.375 10-13 23/01A RCI BANQUE EMTN 5.625 11-15 05/10A RCI BANQUE SA 3.75 11-14 07/07A
Germany
18,000,000 BRD 2.75 11-16 08/04A 15,000,000 GERMANY -063.75 06-17 04/01A 500,000 750,000 500,000 1,500,000 13,000,000 1,000,000 30,000,000 1,000,000 35,000,000 16,000,000 20,000,000 500,000 1,000,000 500,000 1,000,000 500,000 1,000,000
Italy
ACEA 4.875 04-14 23/07A A2A SPA 4.875 03-13 30/10A BANCA POP MILANO EMTN 4.00 11-13 15/04A BANCO POPOLARE 4.00 11-13 06/04A BTPS 4.25 08-13 15/04S ITALY BTP 2.50 09-12 01/07S ITALY BTP 4.75 02-13 01/02S ITALY CTZ 0.00 10-12 31/08U ITALY CTZ 0.00 11-12 31/12U ITALY CTZ 0.00 11-13 30/09U ITALY CTZ 0.00 12-14 31/01U MONTE DEI PASCHI 4.125 11-13 11/11A MONTE PASCHI SIENA 2.50 10-13 23/09A TERNA 4.125 12-17 17/02A UBI BANCA 4.125 11-13 21/10A UNICREDIT SPA 4.875 08-13 12/02A VENETO BANCA SCPA 4.875 11-13 21/10A
Luxembourg
291,000 ENEL FINANCE INTL 4.625 11-15 24/06A 238,000 GLENCORE FINANCE 4.125 12-18 03/04A 750,000 GLENCORE FINANCE 5.25 06-13 11/10A
Spain
500,000 BANCO SABADELL 1 3.125 09-14 20/01A 500,000 BCO BILBAO VIZCAYA 2.50 10-13 07/10A 500,000 TELEFONICA EMIS SA 5.58 08-13 12/06A 500,000 SEB
Sweden
3.875 12-17 12/04A
The Netherlands
1,000,000 10,000,000 750,000 500,000
ING GROEP 4.00 12-13 18/09A NEDERLAND 4.00 06-16 15/07A SAINT GOBAIN NEDERL 5.00 04-14 25/04A SNS BANK 4.625 04-14 18/02A
200,000 145,000 15,000,000 5,000,000
ANGLO AMER CAPITAL 2.75 12-19 07/06A IMPERIAL TOBACCO FIN 4.50 11-18 05/07A UK TREASURY 1.75 12-17 22/01S UK TREASURY STOCK 2.75 09-15 22/01S
United Kingdom
United States of America
800,000 NATIONAL GRID
3.25 11-15 03/06A
Floating rate bonds Germany
750,000 ALLIANZ EMTN FL.R 04-XX 29/01A 500,000 HENKEL KGAA -SUB- FL.R 05-04 25/11A 500,000 RWE FL.R 10-XX 28/09A
Guernsey
500,000 CREDIT SUISSE GR FIN. FL.R 06-18 23/01A
Italy
1,000,000 ASSICURAZ GENERAL SUB FL.R 00-22 20/07A
The accompanying notes form an integral part of these financial statements
Page 28
Polaris Fund - GEO Short-Term Bond Fund VI Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 500,000 UNICREDITO ITAL.EMTN FL.R 04-19 22/09A
Jersey Island
500,000 HSBC CAP FDG FL.R 03-XX 31/12A 236,000 UBS JERSEY BRANCH FL.R 06-18 25/09A
Sweden
500,000 NORDEA BANK SUB
FL.R 08-18 10/09A
United Kingdom
500,000 AVIVA PLC 500,000 500,000 500,000 500,000
FL.R 04-XX 29/11A
United States of America
BANK OF AMERICA FL.R 07-17 23/05A BNP PARIBAS FL.R 03-XX XX/XXA CITIGROUP EMTN SUB FL.R 07-17 31/05A ZURICH FINANCE SUB FL.R 03-23 02/10A
Market value
% of net assets
EUR
394,380.00
0.15
EUR EUR
696,325.72 467,755.00 228,570.72
0.27 0.18 0.09
EUR
517,880.00 517,880.00
0.20 0.20
EUR
378,515.00 378,515.00
0.15 0.15
EUR EUR EUR EUR
1,792,050.00 411,085.00 464,990.00 410,000.00 505,975.00
0.68 0.16 0.17 0.16 0.19
254,366,611.34
98.15
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 29
Polaris Fund - GEO Short-Term Bond Fund VI Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
4,228,984.11
Net dividends Net interest on bonds Bank interest on cash account Other financial income Other income
Note 2 Note 2 Note 2 Note 2
Expenses
2,500.00 2,394,823.49 3,439.08 24,181.00 1,804,040.54 467,137.10
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Performance fees Domiciliation fees Professional fees Transaction fees Other expenses
Note 5 Note 6 Note 4 Note 5
Note 2 Note 14
Net income from investments
195,650.98 19,589.60 13,455.69 12,557.43 215,355.09 609.27 3,950.36 855.53 5,113.15 3,761,847.01
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2
Net realised profit
85,826.45 (1,694,012.12) 50,552.39 1,674,241.16 3,878,454.89
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
(121,891.38) 491,653.61 (105,949.96) 4,142,267.16
Subscription capitalisation units Redemption capitalisation units
93,117,856.87 (43,157,784.96)
Increase in net assets
54,102,339.07
Net assets at the beginning of the period
205,068,758.41
Net assets at the end of the period
259,171,097.48
The accompanying notes form an integral part of these financial statements
Page 30
Polaris Fund - GEO Short-Term Bond Fund VII
Page 31
Polaris Fund - GEO Short-Term Bond Fund VII
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
164,625,573.51
Securities portfolio at market value Cost price Unrealised loss on the securities portfolio
Note 2
141,071,560.31 143,163,372.03 (2,091,811.72)
Cash at banks and liquidities Time deposits Interest receivable Brokers receivable
2,998,988.89 15,501,389.66 2,682,829.43 2,370,805.22
Liabilities
5,494,006.74
Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Net unrealised depreciation on forward foreign exchange contracts Net unrealised depreciation on financial futures Accrued management and advisory fees Accrued professional fees
5,032,527.95 4,371.26 3,934.11 368,708.64 59,490.10 21,721.95 3,252.73
Note 6 Note 4 Note 2, 7 Note 2, 8 Note 5
Net asset value
159,131,566.77
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
15,461.403
Units issued
5,259.722
Units redeemed
Units outstanding as at 30/06/12
6,011.988
14,709.137
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
159,131,566.77
162,352,078.55
281,116,887.83
14,709.137 10,818.55
15,461.403 10,500.48
26,970.242 10,423.22
The accompanying notes form an integral part of these financial statements
Page 32
Polaris Fund - GEO Short-Term Bond Fund VII Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Market value
% of net assets
139,126,783.71
87.43
135,771,715.36
85.32
AUD
717,095.43 717,095.43
0.45 0.45
EUR
7,351,130.40 7,351,130.40
4.62 4.62
DKK
0.03 0.03
0.00 0.00
4.50 08-13 12/07A 3.25 10-21 25/10A 4.75 01-12 25/10A
EUR EUR EUR
31,180,122.60 12,377,451.80 9,674,150.80 9,128,520.00
19.59 7.77 6.08 5.74
1.25 11-16 14/10A 3.75 04-15 04/01A 4.00 06-16 04/07A 4.25 07-12 12/10A
EUR EUR EUR EUR
24,090,915.10 5,378,387.20 5,983,276.50 9,056,853.00 3,672,398.40
15.14 3.38 3.76 5.69 2.31
USD USD
301,800.56 266,340.96 35,459.60
0.19 0.17 0.02
EUR EUR EUR EUR EUR
37,585,017.40 12,221,227.20 10,400,514.60 4,631,845.60 3,157,803.00 7,173,627.00
23.62 7.68 6.54 2.91 1.98 4.51
PLN
2,088,401.37 2,088,401.37
1.31 1.31
EUR EUR GBP GBP
15,322,554.77 201,544.40 325,296.00 13,037,316.15 1,758,398.22
9.63 0.13 0.20 8.20 1.10
USD USD USD EUR USD EUR USD USD USD USD USD USD
17,134,677.70 1,035,875.34 868,589.65 209,570.78 830,184.00 436,742.05 53,284.50 2,472,184.83 7,803,815.51 711,928.95 11,151.92 123,283.04 2,578,067.13
10.77 0.65 0.55 0.13 0.52 0.27 0.03 1.55 4.91 0.45 0.01 0.08 1.62
Denomination
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Australia
800,000 WESTPAC BANKING
7.25 10-20 11/02S
Belgium
7,030,000 BELGIUM -41-LINEAIRE 4.25 03-13 28/09A
Denmark
0 REALKREDIT DANMARK 23D 5.00 05-38 01/10Q
France
11,860,000 FRANCE BTAN 9,160,000 FRANCE OAT 9,000,000 FRANCE OAT 5,210,000 5,490,000 7,930,000 3,630,000
Germany
GERMANY GERMANY -04GERMANY -06GERMANY -151-
Iceland
1,300,000 KAUPTHING BANK 144A 5.75 06-11 04/10S 1,000,000 LANDSBANKI ISL.-144A- 6.10 06-11 25/08S 12,740,000 10,420,000 4,580,000 3,340,000 7,100,000
Italy
ITALY BTP ITALY BTP ITALY BTP ITALY BTP ITALY BTP
2.50 3.50 4.25 4.50 4.75
Poland
8,470,000 POLAND -922-
12-15 01/03S 09-14 01/06S 03-13 01/08S 04-20 01/02S 02-13 01/02S
5.75 01-22 23/09A
United Kingdom
230,000 300,000 9,950,000 1,170,000
LLOYDS TSB 6.50 10-20 24/03A STANDARD CHARTERED 5.875 07-17 26/09A UK TREASURY STOCK 2.75 09-15 22/01S UNITED KINGDOM 4.50 08-19 07/03S
1,120,000 1,010,000 220,000 800,000 530,000 50,000 3,150,000 8,410,000 820,000 10,000 135,000 3,220,000
BANK OF AMERICA CORP 7.625 09-19 01/06S CITIGROUP 5.875 07-37 29/05S CITIGROUP 6.875 08-38 05/03S GOLDMAN SACHS GROUP 5.125 09-19 23/10A GOLDMAN SACHS GROUP 6.25 11-41 01/02S JPMORGAN CHASE AND CO 3.875 10-20 23/09A US TREAS N/B Z-2015 0.25 12-15 15/05S US TREASURY B-2020 3.625 10-20 15/02S US TREASURY E-2020 2.625 10-20 15/08S USA TREASURY BOND 4.75 11-41 15/02S USA TREASURY BONDS 3.50 09-39 15/02S USA TREASURY NOTES 1.00 11-16 30/09S
United States of America
Floating rate bonds Iceland
2,227,000 LANDSBANKI ISL.EMTN FL.R 07-12 18/05Q
Luxembourg
250,000 HANNOVER FINANCE
FL.R 10-40 14/09A
United Kingdom
410,000 ROYALE & SUN ALLIANCE FL.R 06-XX 12/07A
United States of America
800,000 JPMORGAN CHASE EMTN FL.R 05-15 12/10Q
1,519,985.86
0.96
EUR
111,350.00 111,350.00
0.07 0.07
EUR
243,302.50 243,302.50
0.15 0.15
GBP
423,869.36 423,869.36
0.27 0.27
EUR
741,464.00 741,464.00
0.47 0.47
Mortgage and asset backed securities Italy
557,204 ITALF 2007-1 A
FL.R 07-26 14/01Q
The Netherlands
616,929 ESAIL 2007-NL2X A FL.R 07-40 17/10Q 251,272 GLDR 2008-2 A 4.00 08-16 20/10M
United Kingdom
302,073 GRANM 2005-1 A5 247,049 GRANM 2006-4 -A7-
FL.R 05-54 20/12Q FL.R 06-54 20/12M
1,835,082.49
1.15
EUR
502,830.54 502,830.54
0.32 0.32
EUR EUR
807,032.79 554,750.24 252,282.55
0.50 0.34 0.16
EUR EUR
525,219.16 288,015.54 237,203.62
0.33 0.18 0.15
The accompanying notes form an integral part of these financial statements
Page 33
Polaris Fund - GEO Short-Term Bond Fund VII Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Money market instruments Bonds Brazil
4,851 BRAZIL NTN-F
10.00 07-17 01/01S
BRL
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 34
Market value
% of net assets
1,944,776.60
1.22
1,944,776.60
1.22
1,944,776.60 1,944,776.60
1.22 1.22
141,071,560.31
88.65
Polaris Fund - GEO Short-Term Bond Fund VII Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
2,568,680.53
Net interest on bonds Bank interest on cash account Bank interest on time deposits Other financial income
Note 2 Note 2 Note 2 Note 2
Expenses
2,551,623.74 859.77 3,766.55 12,430.47 154,843.64
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
115,003.53 10,212.93 6,529.19 6,546.75 414.50 2,980.56 313.98 8,926.84 3,915.36 2,413,836.89
Net realised profit / loss on: - sales of investment securities - options - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2 Note 2
Net realised loss
(3,813,805.04) (35,223.00) (1,150,329.29) (158,766.51) (489,068.87) (3,233,355.82)
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
7,211,346.49 604,170.00 (134,580.72) 4,447,579.95
Subscription capitalisation units Redemption capitalisation units
56,701,854.73 (64,369,946.46)
Decrease in net assets
(3,220,511.78)
Net assets at the beginning of the period
162,352,078.55
Net assets at the end of the period
159,131,566.77
The accompanying notes form an integral part of these financial statements
Page 35
Polaris Fund - GEO Short Term Bond Fund VIII
Page 36
Polaris Fund - GEO Short Term Bond Fund VIII
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
386,094,628.56
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
363,434,449.44 351,342,467.79 12,091,981.65
Options purchased at market value Options purchased at cost
Note 2
119,234.82 13,812.32
Cash at banks and liquidities Interest receivable Net unrealised appreciation on forward foreign exchange contracts
16,201,547.49 2,149,354.37 4,190,042.44
Note 2, 7
Liabilities
1,122,084.88
Options sold at market value Bank overdrafts Accrued custodian & administration fees Taxe d'abonnement payable Net unrealised depreciation on financial futures Accrued management and advisory fees Accrued professional fees Other liabilities
Note 2, 10
(757.68) 780,807.79 8,868.34 9,517.44 256,475.68 61,457.79 5,311.28 404.24
Note 6 Note 4 Note 2, 8 Note 5
Net asset value
384,972,543.68
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
22,603.249
Units issued
10,108.836
Units redeemed
Units outstanding as at 30/06/12
383.636
32,328.449
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
384,972,543.68
265,106,039.67
357,684,733.11
32,328.449 11,908.17
22,603.249 11,728.67
31,471.599 11,365.32
The accompanying notes form an integral part of these financial statements
Page 37
Polaris Fund - GEO Short Term Bond Fund VIII Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Market value
% of net assets
362,766,324.73
94.24
362,766,324.73
94.24
EUR
1,814,477.25 1,814,477.25
0.47 0.47
EUR EUR EUR EUR EUR EUR EUR
26,293,239.25 1,689,252.00 2,619,706.00 393,480.95 1,408,302.75 14,993,178.15 1,882,224.00 3,307,095.40
6.83 0.44 0.68 0.10 0.37 3.89 0.49 0.86
CAD CAD CAD USD
16,552,262.79 5,879,811.71 3,602,496.93 5,452,194.01 1,617,760.14
4.30 1.52 0.94 1.42 0.42
EUR
1,339,169.00 1,339,169.00
0.35 0.35
EUR
1,062,850.00 1,062,850.00
0.28 0.28
EUR EUR EUR EUR
14,128,641.95 5,573,639.00 4,443,620.00 1,189,218.95 2,922,164.00
3.67 1.45 1.15 0.31 0.76
EUR EUR EUR EUR EUR EUR
9,622,888.75 1,573,925.00 2,096,904.25 622,437.50 1,135,630.00 3,004,110.00 1,189,882.00
2.50 0.41 0.54 0.16 0.29 0.79 0.31
EUR EUR EUR EUR EUR
18,843,283.15 4,622,192.95 2,984,408.70 2,442,896.50 5,056,600.00 3,737,185.00
4.89 1.20 0.78 0.63 1.31 0.97
JPY JPY
76,880,256.91 54,983,354.80 21,896,902.11
19.97 14.28 5.69
3.25 11-18 04/04A
EUR
1,060,792.00 1,060,792.00
0.28 0.28
7.00 09-14 19/06S
MXN
1,668,422.26 1,668,422.26
0.43 0.43
PLN
4,386,059.43 4,386,059.43
1.14 1.14
KRW
5,353,947.55 5,353,947.55
1.39 1.39
SEK SEK
6,047,023.75 794,284.04 5,252,739.71
1.57 0.21 1.36
EUR EUR EUR EUR EUR
8,199,184.35 2,381,917.50 2,568,552.00 1,928,219.35 553,061.25 767,434.25
2.13 0.62 0.67 0.50 0.14 0.20
EUR EUR USD EUR GBP
25,148,366.38 1,050,666.00 683,728.30 695,699.62 1,924,777.00 7,672,077.86
6.53 0.27 0.18 0.18 0.50 2.00
Denomination
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Austria
1,675,000 AUSTRIA EMTN
3.50 04-15 15/07A
Belgium
1,550,000 2,440,000 365,000 1,325,000 15,000,000 1,800,000 3,130,000
ANHEUSER BUSCH 6.57 09-14 27/02A BELGIAN -434.25 04-14 28/09A BELGIQUE OLO -48- 4.00 06-22 28/03A BELGIQUE OLO -56- 3.50 09-15 28/03A BELGIUM T-BILL 11-12 20/09U BELGIUM -41-LINEAIRE 4.25 03-13 28/09A BELGIUM -54-LINEAIRE 4.00 08-14 28/03A
7,520,000 4,560,000 6,800,000 1,950,000
CANADA 1.50 11-17 01/03S CANADA GOVT 2.00 09-14 01/12S CANADA GOVT BONDS 3.00 08-14 01/06S CDP FIN 144A-3C7 3.00 09-14 25/11S
Canada
Cayman Islands
1,300,000 TWU EMTN
6.125 09-13 04/02A
Finland
1,000,000 FINLAND
3.125 09-14 15/09A
France
5,300,000 4,300,000 1,135,000 2,800,000
BTAN -5 YR FRANCE BTAN FRANCE BTAN FRANCE BTAN
3.00 08-14 12/07A 2.50 09-14 12/01A 2.50 10-15 15/01A 4.50 08-13 12/07A
1,570,000 2,065,000 575,000 1,075,000 3,000,000 1,150,000
BRD 0.25 12-14 14/03A BRD 1.75 12-22 04/07A BRD -044.25 04-14 04/07A GERMANY 157 2.25 10-15 10/04A KFW INT.FINANCE 0.375 12-14 03/04A VOLKSWAGEN LEASING 2.75 11-15 13/07A
4,765,000 2,990,000 2,425,000 5,000,000 3,700,000
BTPS ITALY BTP ITALY BTP ITALY BTP ITALY BTP
Germany
Italy
3.00 10-15 15/04S 3.50 09-14 01/06S 3.75 08-13 15/12S 4.25 03-13 01/08S 4.25 04-14 01/08S
Japan
5,494,350,000 JAPAN 085 JGB 2,195,600,000 JAPAN 087 JGB
0.70 09-14 20/09S 0.50 09-14 20/12S
Luxembourg
970,000 EUROPEAN UNION
Mexico
27,211,300 MEXICAN BONOS
Poland
18,210,000 POLAND -414-
5.75 08-14 25/04A
South Korea
7,535,000,000 KOREA TREAS -1409- 4.25 04-14 10/09S
Sweden
6,300,000 SWEDEN 1041 40,895,000 SWEDEN -1051-
6.75 97-14 05/05A 3.75 06-17 12/08A
The Netherlands
2,250,000 2,400,000 1,895,000 525,000 725,000
NEDERLAND 2.75 09-15 15/01A NETHERLANDS GOVERNMENT3.75 04-14 15/07A RWE FINANCE EMTN 6.125 02-12 26/10A SCHLUMBERGER FINANCE 2.75 10-15 01/12A VW INTL FINANCE 5.375 09-13 15/11A
1,025,000 670,000 880,000 1,850,000 5,940,000
BG ENERGY CAP EMTN 3.375 09-13 15/07A GLAXOSMITHKLINE EMTN 5.125 07-12 13/12A GLAXOSMITHKLINE TR2 1.50 12-17 08/05S IMPERIAL TABACCO 4.375 06-13 22/11A UK TREASURY 1.75 12-17 22/01S
United Kingdom
The accompanying notes form an integral part of these financial statements
Page 38
Polaris Fund - GEO Short Term Bond Fund VIII Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination
2,300,000 2,415,000 275,000 3,455,000 1,080,000 650,000
UK TREASURY STOCK 2.25 09-14 07/03S UK TREASURY STOCK 2.75 09-15 22/01S UNITED KINGDOM 4.00 09-22 07/03S UNITED KINGDOM 5.00 02-14 07/09S VODAFONE GROUP 6.875 08-13 04/12A VODAFONE GROUP EMTN 4.75 06-16 14/06A
1,300,000 875,000 950,000 1,300,000 19,500,000 406,000 10,950,000 32,075,000 11,555,000 42,790,000 22,300,000 6,800,000 29,200,000 200,000
AT&T INC 4.375 07-13 15/03A MC DONALD'S EMTN 4.25 09-16 10/06A MERCK CO INC 5.375 07-14 01/10A PROCTER&GAMBLE EMTN 4.5 07-14 12/05A UNITED STATES -W2015- 0.25 12-15 15/02S UNITED TECHNOLOGIES 1.20 12-15 01/06S US TREAS N/B 0.25 11-14 15/12S US TREAS N/B 1.25 11-14 15/04S US TREAS N/B Z-2015 0.25 12-15 15/05S US TREASURY NOTE 1.125 10-13 15/06S USA T NOTES 0.125 11-13 30/09S USA T NOTES 2.375 09-14 31/10S USA TREASURY NOTES 1.00 11-14 15/01S WACHOVIA BANK 6.00 08-13 23/05A
United States of America
Quotation currency
Market value
% of net assets
GBP GBP GBP GBP EUR EUR
2,936,899.03 3,164,333.52 408,336.42 4,709,577.93 1,170,169.20 732,101.50
0.76 0.82 0.11 1.22 0.30 0.19
EUR EUR EUR EUR USD USD USD USD USD USD USD USD USD EUR
144,365,459.96 1,332,318.00 976,771.25 1,042,093.00 1,391,104.00 15,316,005.90 324,204.60 8,608,615.61 25,691,451.47 9,068,601.82 33,999,998.32 17,541,311.09 5,610,138.99 23,253,811.91 209,034.00
37.51 0.35 0.25 0.27 0.36 3.98 0.08 2.24 6.67 2.36 8.84 4.56 1.46 6.04 0.05
668,124.71
0.17
668,124.71
0.17
668,124.71 668,124.71
0.17 0.17
119,992.50
0.03
119,992.50
0.03
EUR EUR
115,387.68 757.68 114,630.00
0.03 0.00 0.03
USD
4,604.82 4,604.82
0.00 0.00
363,554,441.94
94.44
Other transferable securities Mortgage and asset backed securities United States of America
847,324 VALET 2011-1 A2
0.67 11-13 20/12M
USD
Derivative instruments Options Germany
(56) EURX EURO BUND SEP 138.5 27.08.12 PUT 56 EURX EURO BUND SEP 143.5 27.08.12 PUT
United States of America
34 US 10 YEAR NOTE SEP 130 27.08.12 PUT
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 39
Polaris Fund - GEO Short Term Bond Fund VIII Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
3,587,173.09
Net interest on bonds Bank interest on cash account Other financial income
Note 2 Note 2 Note 2
Expenses
3,567,468.67 5,992.18 13,712.24 453,467.29
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Transaction fees Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
323,941.67 24,561.21 17,829.93 15,744.38 689.34 4,989.76 59,847.82 5,863.18 3,133,705.80
Net realised profit / loss on: - sales of investment securities - options - forward foreign exchange contracts - financial futures - swaps - foreign exchange
Note 2 Note 2 Note 2 Note 2 Note 2 Note 2
Net realised loss
(2,280,875.47) 100,088.45 (19,098,940.22) 1,463,918.11 (4.76) 2,176,998.28 (14,505,109.81)
Movement in net unrealised appreciation / depreciation on: - investment securities - options - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
13,755,235.27 111,058.99 5,672,103.97 (500,545.75) 4,532,742.67
Subscription capitalisation units Redemption capitalisation units
119,865,669.18 (4,531,907.84)
Increase in net assets
119,866,504.01
Net assets at the beginning of the period
265,106,039.67
Net assets at the end of the period
384,972,543.68
The accompanying notes form an integral part of these financial statements
Page 40
Polaris Fund - GEO Short-Term Bond Fund X
Page 41
Polaris Fund - GEO Short-Term Bond Fund X
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
166,901,924.36
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Interest receivable Net unrealised appreciation on forward foreign exchange contracts Net unrealised appreciation on financial futures Other assets
160,991,758.52 150,600,248.56 10,391,509.96 3,745,009.98 1,786,229.55 180,965.74 181,507.48 16,453.09
Note 2, 7 Note 2, 8
Liabilities
1,759,585.65
Bank overdrafts Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Accrued management and advisory fees Accrued professional fees
1,704,359.82 15,153.08 4,587.13 4,082.71 27,174.59 4,228.32
Note 6 Note 4 Note 5
Net asset value
165,142,338.71
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
19,276.086
Units issued
118.944
Units redeemed
Units outstanding as at 30/06/12
4,672.113
14,722.917
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
165,142,338.71
211,059,455.91
321,144,750.43
14,722.917 11,216.69
19,276.086 10,949.29
29,416.144 10,917.30
The accompanying notes form an integral part of these financial statements
Page 42
Polaris Fund - GEO Short-Term Bond Fund X Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Market value
% of net assets
157,997,795.26
95.68
136,707,803.50
82.79
AUD AUD AUD AUD AUD AUD
10,195,441.20 836,839.12 682,315.09 3,012,636.61 664,119.26 1,434,971.36 3,564,559.76
6.17 0.51 0.41 1.82 0.40 0.87 2.16
EUR
1,279,292.00 1,279,292.00
0.77 0.77
CAD USD USD EUR
8,446,348.38 1,967,799.81 2,240,988.34 2,820,709.98 1,416,850.25
5.11 1.19 1.36 1.70 0.86
USD
1,756,916.20 1,756,916.20
1.06 1.06
USD EUR DKK
3,048,332.32 1,583,919.19 1,464,413.00 0.13
1.85 0.96 0.89 0.00
6.00 09-14 20/08S
AUD
1,044,295.38 1,044,295.38
0.63 0.63
2.00 11-13 25/09A 2.50 10-15 15/01A
EUR EUR
9,192,994.50 3,063,540.00 6,129,454.50
5.57 1.86 3.71
EUR EUR EUR EUR EUR EUR AUD
7,791,324.13 2,942,499.24 720,609.75 1,631,424.00 286,644.40 867,140.15 801,817.50 541,189.09
4.72 1.77 0.44 0.99 0.17 0.53 0.49 0.33
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
45,916,030.95 3,375,704.40 10,117,230.00 5,000,350.00 3,972,080.00 6,986,910.00 3,330,225.00 9,101,880.00 1,791,773.30 359,239.75 284,997.50 910,784.25 684,856.75
27.81 2.04 6.14 3.03 2.41 4.23 2.02 5.51 1.08 0.22 0.17 0.55 0.41
AUD EUR USD EUR AUD
8,284,139.50 2,144,408.71 2,365,909.25 988,065.09 1,126,451.70 1,659,304.75
5.02 1.30 1.44 0.60 0.68 1.00
USD USD PLN PLN PLN
6,216,841.95 1,069,572.67 1,449,924.74 363,550.31 2,555,751.80 778,042.43
3.76 0.65 0.88 0.22 1.54 0.47
ZAR
412,166.21 412,166.21
0.25 0.25
EUR EUR
3,702,292.00 2,124,004.00 1,578,288.00
2.24 1.28 0.96
Denomination
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
929,000 610,000 3,025,000 795,000 1,405,000 3,960,000
Australia
AUSTRALIA 4.50 09-20 15/04S AUSTRALIA (INDEXED) 3.00 09-25 20/09Q AUSTRALIAN GOVT S 128 5.75 10-22 15/07S COMMONW.BK AUSTRALIA 5.75 08-13 17/12S NSW TREASURY INDEXED 2.75 07-25 20/11Q QUEENSLAND TREASURY 6.00 06-17 14/09S
Belgium
1,225,000 BELGIQUE-OLO 59 2,246,000 2,675,000 3,400,000 1,175,000
2.75 10-16 28/03A
Canada
CANADA GOVT BONDS 3.25 10-21 01/06S CANADIAN IMPERIAL BK 2.75 11-16 27/01S CDP FIN 144A-3C7 3.00 09-14 25/11S QUEBEC (PROV.OF) 5.00 09-19 29/04A
Cayman Islands
2,150,000 PETROBRAS INTL FIN CO 3.875 11-16 27/01S
Denmark
2,005,000 FIH REG S 2.45 09-12 17/08S 1,450,000 KOMMUNALKREDIT EMTN 4.375 07-12 02/10A 1 NYKREDIT 4.00 09-41 01/10A
Finland
1,230,000 NORDIC INV BK
France
3,000,000 FRANCE BTAN 5,850,000 FRANCE BTAN 2,818,000 675,000 1,600,000 280,000 755,000 750,000 655,000 3,480,000 10,025,000 5,000,000 4,000,000 7,000,000 3,420,000 9,000,000 1,810,000 425,000 290,000 1,025,000 725,000 2,420,000 2,225,000 1,200,000 990,000 1,925,000 1,240,000 1,660,000 1,475,000 10,700,000 3,290,000
Germany
BRD 2.00 11-22 04/01A BRD 2.25 11-21 04/09A DUESSELD HYPBK 1.875 10-13 13/12A KFW 1.875 12-19 20/03A KRED.ANST.WIEDERAUFB. 4.125 07-17 04/07A KRED.WIEDERAUFBAU 2.625 11-19 16/08A KRED.WIEDERAUFBAU 5.50 05-13 08/08S
Italy
BTPS BTPS ITALY BTP ITALY BTP ITALY BTP ITALY BTP ITALY BTP ITALY BTP ITALY BTP ITALY BTP ITALY BTPS ITALY BTPS
3.00 10-15 15/04S 4.25 08-13 15/04S 2.50 09-12 01/07S 3.00 11-14 01/04S 3.50 09-14 01/06S 3.75 11-16 15/04S 4.25 03-13 01/08S 4.75 12-17 01/05S 5.00 09-40 01/09S 5.50 12-22 01/09S 3.75 10-21 01/03S 4.75 11-21 01/09S
Luxembourg
BEI 6.50 09-19 07/08S EURO COMMONITY 3.25 09-14 07/11A EUROP.INVEST.BK 3.125 09-14 04/06S EUROP.INVEST.BK 4.25 09-19 15/04A EUROP.INVEST.BK 6.00 10-20 06/08S
Poland
POLAND POLAND POLAND POLAND 0416 POLAND 1016
5.00 11-22 23/03S 5.125 11-21 21/04S 5.75 10-21 25/10A 5.00 10-16 25/04A 4.75 11-16 25/10A
South Africa
5,480,000 SOUTH AFRICA
6.50 10-41 28/02S
Spain
2,300,000 BANCO SANTANDER 3.625 10-17 06/04A 1,600,000 CAJA MADRID 3.875 10-13 30/11A
The accompanying notes form an integral part of these financial statements
Page 43
Polaris Fund - GEO Short-Term Bond Fund X Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Sweden
1,281,000 SWEDBANK HYPOTEK EMTN 2.00 10-14 31/01A 2,765,000 SWEDISH EXP CREDIT 2.125 11-13 10/12A 1,535,000 SWEDISH EXPORT CREDIT 3.625 09-14 27/05A
The Netherlands
750,000 850,000 1,100,000 70,000 5,025,000
DEUTSCHE TELEKOM EMTN 4.375 09-14 02/06A FORTIS BANK NEDERLAND 3.375 09-14 19/05A LEASEPLAN CORP 3.25 09-14 22/05A NEDERLAND 4.00 05-37 15/01A NETHERLANDS GOVERNMENT3.75 04-14 15/07A
1,700,000 350,000 770,000 387,000 850,000
BARCLAYS BK PLC-144A- 6.05 07-17 04/12S BAT INTL FINANCE 3.625 11-21 09/11A NORTHERN ROCK 5.625 07-17 22/06S UK TREASURY GILT STK 4.75 04-38 07/12S VIRGIN MEDIA 5.50 11-21 15/01S
2,250,000 1,080,000 500,000 1,280,000 870,000 270,000 1,660,000 600,000 2,230,000 1,300,000 340,000
CALIFORNIA STATE 5.25 09-14 01/04S COX COMMUNICAT.-144A- 8.375 09-39 01/03S CROWN CASTLE INTL 144A6.113 10-20 15/01M FANNIE MAE 1.95 12-19 28/03S FANNIE MAE 2.70 12-22 28/03S KRAFT FOODS INC 6.50 01-31 01/11S MASSMUTUAL GLB 144A 3.625 09-12 16/07S MET LIFE GLOBAL REGS 2.875 09-12 17/09S TIME WARNER CABLE INC 5.40 07-12 02/07S UBS AG STAMFORD -108- 5.875 07-17 20/12S WM COVERD BD EMTN 4.375 07-14 19/05A
United Kingdom
United States of America
Market value
% of net assets
EUR GBP EUR
6,387,405.27 1,306,517.52 3,471,440.25 1,609,447.50
3.87 0.79 2.11 0.97
EUR EUR EUR EUR EUR
8,307,548.25 793,987.50 893,945.00 1,154,252.00 87,458.00 5,377,905.75
5.03 0.48 0.54 0.70 0.05 3.26
USD EUR USD GBP GBP
4,127,690.11 1,346,768.11 371,010.50 663,308.54 636,907.00 1,109,695.96
2.50 0.82 0.22 0.40 0.39 0.67
USD USD USD USD USD USD USD USD USD USD EUR
10,598,745.15 1,903,488.83 1,224,062.41 458,350.73 1,014,968.29 691,618.19 262,311.09 1,309,291.13 475,083.78 1,757,450.16 1,144,610.54 357,510.00
6.43 1.16 0.74 0.28 0.61 0.42 0.16 0.79 0.29 1.07 0.69 0.22
Floating rate bonds France
442,000 BNP PARIBAS
FL.R 11-14 20/12Q
Germany
395,000 ENBW INTL FINANCE
FL.R 11-72 02/04A
Luxembourg
475,000 TIERS 2012-01
FL.R 12-14 12/05Q
Sweden
3,185,000 SVENSKA HANDELSBANK FL.R 05-17 19/10Q
The Netherlands
90,000 EUREKO BV
FL.R 05-49 29/06A
United Kingdom
900,000 AVIVA PLC
FL.R 04-XX 29/11A
United States of America
540,000 KRAFT FOODS INC
FL.R 12-13 10/07Q
5,469,293.20
3.31
USD
347,009.11 347,009.11
0.21 0.21
EUR
403,611.00 403,611.00
0.24 0.24
USD
374,295.73 374,295.73
0.23 0.23
EUR
3,167,737.30 3,167,737.30
1.92 1.92
EUR
68,059.80 68,059.80
0.04 0.04
EUR
681,327.00 681,327.00
0.41 0.41
USD
427,253.26 427,253.26
0.26 0.26
Mortgage and asset backed securities France
57,254 AUTO ABS -2007-1-A- FL.R 07-19 25/02Q
Italy
231,338 COMP 2007-2 A
FL.R 07-20 25/10Q
Luxembourg
245,858 ABEST 5 A FL.R 10-13 21/10M 1,200,000 BUMP 2011-2 A FL.R 11-23 23/02M
The Netherlands
600,000 BUMP 2012-5 A2 162,202 GLDR 2008-2 A 785,928 STORM 2010-1 A1 2,890,000 473,000 500,000 580,000 244,417 1,202,000 560,000
FL.R 12-22 20/06M 4.00 08-16 20/10M FL.R 10-52 22/03Q
United Kingdom
ARKLE 2010-2A 1A1 FL.R 10-60 17/05Q ARKLE 2012-1A 2A1 FL.R 12-60 15/07Q BUMP 2012-5 A1 FL.R 12-22 20/06M FOSSM 2011 -1X A3 FL.R 11-54 18/10Q HEADI 2011-1 A1B FL.R 11-51 11/03Q HMI 2010-1A A2 FL.R 10-54 12/10Q PERMM 2006-1 6A1 FL.R 06-20 15/04Q
United States of America
640,000 COMET 2006-A12-A- FL.R 06-16 15/07M 640,000 COMET 2006-A5 -A5- FL.R 06-16 15/01M
15,820,698.56
9.58
EUR
56,976.51 56,976.51
0.03 0.03
EUR
229,745.55 229,745.55
0.14 0.14
EUR EUR
1,454,235.32 246,634.52 1,207,600.80
0.88 0.15 0.73
GBP EUR EUR
1,700,450.91 752,482.64 162,853.83 785,114.44
1.03 0.46 0.10 0.47
USD USD EUR GBP EUR USD GBP
5,770,024.05 2,288,714.67 376,882.65 504,548.47 717,981.46 244,780.12 952,124.56 684,992.12
3.49 1.38 0.23 0.31 0.43 0.15 0.58 0.41
USD USD
6,609,266.22 504,280.70 504,156.65
4.01 0.31 0.31
The accompanying notes form an integral part of these financial statements
Page 44
Polaris Fund - GEO Short-Term Bond Fund X Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination
649,810 425,000 847,000 674,074 401,883 115,217 815,423 890,000 422,435 1,833,816
COMM 2007-C9 A2 5.811 07-49 01/12M FORDF 2009-2 A FL.R 09-14 15/09M FORDO 2011-B A4 1.35 11-15 15/07M GCCFC 2007-GG9 A2 5.381 07-39 10/03M GSR 2005-AR1 4A1 FL.R 05-35 25/01M HEAT 2007-2 2A1 FL.R 07-37 25/07M SLMA 2008-5 A2 FL.R 08-16 25/10Q SLMA 2008-5 A3 FL.R 08-18 25/01Q SLMA 2010-1 A FL.R 10-17 25/07M WBCMT 2007-C33 A2 FL.R 07-12 15/07M
Quotation currency
Market value
% of net assets
USD USD USD USD USD USD USD USD USD USD
513,969.45 336,047.39 676,814.10 534,214.09 308,598.47 89,172.17 647,018.42 719,063.97 330,987.06 1,444,943.75
0.31 0.20 0.41 0.32 0.19 0.05 0.39 0.44 0.20 0.88
2,993,963.26
1.81
2,993,963.26
1.81
EUR
200,100.00 200,100.00
0.12 0.12
GBP
424,916.91 424,916.91
0.26 0.26
USD USD USD USD USD USD USD
2,368,946.35 82,309.60 608,949.53 712,489.17 157,696.71 378,538.27 337,692.77 91,270.30
1.43 0.05 0.37 0.42 0.10 0.23 0.20 0.06
160,991,758.52
97.49
Other transferable securities Mortgage and asset backed securities Ireland
200,000 CAR 2012-F1F A
FL.R 12-14 25/10M
United Kingdom
340,908 TURBF 2012-1 A 104,000 770,000 890,000 200,000 480,000 430,061 115,000
FL.R 12-19 20/02M
United States of America
AHMAT SART-3 1A1 2.98 12-13 13/03M COMNI 2009-A12 A12 3.35 09-12 15/08S FORDF 2012-2 A FL.R 12-19 15/01M SDART 2012-3 A3 1.32 12-16 15/04M SLMA 2012-C A1 FL.R 12-16 15/01M SLMA 2012-2 A FL.R 12-29 25/01M VALET 2012-1 A4 1.15 12-15 21/09M
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 45
Polaris Fund - GEO Short-Term Bond Fund X Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
2,870,942.32
Net dividends Net interest on bonds Bank interest on cash account Other financial income
Note 2 Note 2 Note 2 Note 2
Expenses
537.54 2,856,454.10 9,006.21 4,944.47 240,450.84
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
176,360.31 13,371.15 8,242.08 8,571.26 464.63 3,778.25 16,106.90 9,880.51 3,675.75 2,630,491.48
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2
Net realised profit
2,536,484.99 (6,929,072.82) (2,239,586.77) 4,305,357.49 303,674.37
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
(802,914.39) 4,121,114.61 718,227.47 4,340,102.06
Subscription capitalisation units Redemption capitalisation units
1,321,560.77 (51,578,780.03)
Decrease in net assets
(45,917,117.20)
Net assets at the beginning of the period
211,059,455.91
Net assets at the end of the period
165,142,338.71
The accompanying notes form an integral part of these financial statements
Page 46
Polaris Fund - GEO Global Bond Total Return I
Page 47
Polaris Fund - GEO Global Bond Total Return I
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
882,258,736.96
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Time deposits Interest receivable Brokers receivable Interest receivable on swaps Net unrealised appreciation on forward foreign exchange contracts Receivable on spot exchange
558,768,722.07 550,049,401.18 8,719,320.89 16,187,960.00 85,822,616.15 3,921,579.70 211,986,082.12 119,781.26 450,443.95 5,001,551.71
Note 2, 7
Liabilities
387,728,467.80
Short sales of securities at market value Short sales of securities at cost Short sales of securities unrealised loss
34,575,937.71 34,949,350.87 (373,413.16)
Bank overdrafts Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Interest payable on swaps Net unrealised depreciation on financial futures Net unrealised depreciation on swaps Accrued management and advisory fees Accrued professional fees Payable on spot exchange Other liabilities
4,966,068.02 339,671,328.15 11,351.31 12,225.95 399,286.79 176,873.50 2,904,962.88 61,501.42 10,845.32 4,899,475.20 38,611.55
Note 6 Note 4 Note 2, 8 Note 2, 9 Note 5
Net asset value
494,530,269.16
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
50,367.766
Units issued
1,594.258
Units redeemed
Units outstanding as at 30/06/12
6,609.730
45,352.294
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
494,530,269.16
541,284,083.81
562,767,150.02
45,352.294 10,904.20
50,367.766 10,746.64
52,289.681 10,762.49
The accompanying notes form an integral part of these financial statements
Page 48
Polaris Fund - GEO Global Bond Total Return I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
522,828,336.52
105.72
285,903,709.84
57.81
USD
2,432,226.89 2,432,226.89
0.49 0.49
EUR USD USD
9,592,715.53 7,960,758.00 918,396.05 713,561.48
1.94 1.61 0.19 0.14
USD
835,167.12 835,167.12
0.17 0.17
EUR
2,220,326.50 2,220,326.50
0.45 0.45
EUR
883,456.00 883,456.00
0.18 0.18
EUR EUR EUR EUR EUR EUR EUR
114,831,521.00 10,544,454.00 19,459,692.00 1,142,100.00 42,006,877.00 6,909,276.00 6,814,756.00 27,954,366.00
23.21 2.13 3.93 0.23 8.49 1.40 1.38 5.65
GBP
1,869,317.76 1,869,317.76
0.38 0.38
EUR EUR EUR EUR USD
41,332,041.42 9,527,075.00 9,749,469.00 18,474,750.00 1,532,610.00 2,048,137.42
8.36 1.93 1.97 3.74 0.31 0.41
USD
831,243.61 831,243.61
0.17 0.17
EUR EUR USD USD EUR EUR EUR
37,388,741.46 5,618,690.00 10,004,700.00 720,354.60 5,120,074.86 1,915,409.00 2,969,288.00 11,040,225.00
7.56 1.14 2.02 0.15 1.04 0.39 0.60 2.22
ZAR ZAR ZAR
3,103,661.07 2,934,096.00 93,326.88 76,238.19
0.63 0.59 0.02 0.02
EUR
447,772.50 447,772.50
0.09 0.09
USD EUR EUR
9,553,813.77 1,418,293.77 5,639,328.00 2,496,192.00
1.93 0.29 1.14 0.50
EUR
1,402,137.00 1,402,137.00
0.28 0.28
USD
1,529,222.91 1,529,222.91
0.31 0.31
USD USD EUR
9,429,881.18 4,830,875.20 2,987,560.52 1,611,445.46
1.91 0.98 0.60 0.33
USD USD USD EUR USD USD
48,220,464.12 5,991,785.20 1,077,036.96 949,179.31 2,784,106.50 1,587,058.82 1,343,585.36
9.75 1.22 0.22 0.19 0.56 0.32 0.27
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Australia
2,975,000 NEWCREST FINANCE 144A 4.45 11-21 15/11S
Canada
7,800,000 BANK OF MONTREAL 4.25 08-13 23/01A 1,150,000 CANADIAN NATURAL RES 1.45 11-14 14/11S 840,000 PTTEP CANADA REGS 5.692 10-15 19/07S
Cayman Islands
1,050,000 NOBLE HLDG
3.95 12-22 15/03S
Curacao
2,150,000 TEVA PHARMA FINANCE 2.875 12-19 15/04A
France
800,000 EUTELSAT SA 10,200,000 18,800,000 1,000,000 40,700,000 6,600,000 6,800,000 26,700,000
5.00 11-19 14/01A
Germany
FMS WERTMANAGEMENT 1.825 11-15 24/08A FMS WERTMANAGEMENT 2.25 11-14 14/07A GERMANY -064.00 06-16 04/07A KFW 2.125 11-14 11/04A KFW EMTN 2.00 11-16 07/09A KRED.ANST.WIEDERAUFB. 0.625 12-15 29/05A KRED.WIEDERAUFBAU 3.125 09-14 25/02A
Jersey Island
1,500,000 BAA FUNDING EMTN 9,500,000 9,300,000 17,500,000 1,500,000 2,080,000
Luxembourg
EFSF 1.00 12-14 12/03A EUROPEAN COMMUNITY 3.125 09-14 03/04A EUROPEAN UNION 2.50 11-15 04/12A EUROP.INVEST.BK 1.625 12-15 15/01A GAZ CAPITAL REG S 9.25 09-19 23/04S
Mexico
930,000 PEMEX 5,500,000 10,000,000 900,000 6,300,000 1,900,000 2,800,000 10,500,000
3.00 12-15 08/06S
5.50 10-21 21/01S
Norway
DNB NOR BOLIGKREDIT 4.125 08-13 01/02A DNB NOR BOLIGKREDIT 4.625 07-12 03/07A NORDEA EIENDOMSKREDIT 1.875 11-14 07/04S SPAREBANK 1 BOLIG. 2.625 11-16 27/05S SPAREBANKEN 1 BOLIGK 2.375 09-12 03/12A SPARENBK VEST BOLIGKR 3.125 11-16 08/02A SPBK 1 BOLIGKRED REGS 5.00 08-13 10/09A
South Africa
25,015,267 AFRIQUE DU SUD R186 10.50 98-26 21/12S 961,100 AFRIQUE DU SUD R207 7.25 05-20 15/01S 816,654 SOUTH AFRICA 6.75 06-21 31/03S
Spain
450,000 GAS NATURAL CAPITAL 5.25 09-14 09/07A
Sweden
1,800,000 NORDEA BANK -144A- 1.75 10-13 04/10S 5,400,000 STADSHYPOTEK AB 3.75 06-13 12/12A 2,400,000 SWEDBANK 2.75 11-14 10/09A
The Netherlands
1,350,000 REED ELSEVIER
6.50 09-13 02/04A
United Arab Emirates
1,768,884 DOLPHIN ENERGY LTD 5.888 09-19 15/06S
United Kingdom
5,477,000 ANGLO AMERICAN CAP 9.375 09-14 08/04S 2,750,000 BAT INTERNATIONAL FIN 9.50 08-18 15/11S 1,574,000 BRITISH TELECOM EMTN 5.25 07-13 22/01A 7,500,000 1,264,000 1,150,000 2,450,000 1,900,000 1,650,000
United States of America
AMERICAN EXP. CENTER. 5.55 07-12 17/10S AMGEN 4.85 04-14 18/11S APACHE CORP 3.25 12-22 15/04S AT T 6.125 08-15 02/04A AT T INC 2.95 11-16 15/05S CITIGROUP 4.50 11-22 14/01S
The accompanying notes form an integral part of these financial statements
Page 49
Polaris Fund - GEO Global Bond Total Return I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination
1,300,000 1,100,000 3,300,000 5,450,000 1,500,000 950,000 1,800,000 1,150,000 900,000 1,700,000 2,550,000 200,000 2,850,000 620,000 1,000,000 11,200,000 2,900,000 762,000
DEVON ENERGY 3.25 12-22 15/05S DIAGEO CAPITAL 2.875 12-22 11/05S HCP 5.375 11-21 01/02S HEWLETT PACKARD 1.25 10-13 13/09S HEWLETT PACKARD 4.375 11-21 15/09S KELLOGG CO 3.125 12-22 17/05S KENTUCKY UTIL 1.625 11-15 01/11S MASSMUTUAL GLB 144A 2.30 10-15 28/09S MASSMUTUAL GLB 144A 2.875 10-14 21/04S MCDONALD'S CORP 4.00 11-21 17/02A METROPOL.LIFFE 144A 2.00 11-14 10/01A PHILLIPS 66 4.30 12-22 01/04S PRUDENTIAL FINANCIAL 5.375 10-20 21/06S REINSURANCE GR AM 5.625 07-17 15/03S SCHLUMBERGER 144A 3.30 11-21 14/09S USA T NOTES 1.75 12-22 15/05S VERIZON COMMUNICATION 3.50 11-21 01/11S VERIZON WIRELESS REGS 8.75 08-15 18/12A
Quotation currency
Market value
% of net assets
USD USD USD USD USD USD USD USD USD EUR USD USD USD USD USD USD USD EUR
1,045,675.11 891,311.61 2,885,630.98 4,302,066.50 1,219,703.72 764,469.09 1,440,828.05 933,010.89 733,453.86 1,921,425.00 2,037,235.30 166,067.53 2,478,022.61 534,502.97 830,487.38 8,908,927.99 2,443,902.14 950,991.24
0.21 0.18 0.58 0.87 0.25 0.15 0.29 0.19 0.15 0.39 0.41 0.03 0.50 0.11 0.17 1.81 0.49 0.19
19,323,648.20
3.91
EUR
9,013,860.00 9,013,860.00
1.83 1.83
USD
5,021,410.85 5,021,410.85
1.02 1.02
GBP
2,248,320.35 2,248,320.35
0.45 0.45
EUR
3,040,057.00 3,040,057.00
0.61 0.61
217,600,978.48
44.00
USD USD USD
9,788,527.30 2,045,264.78 1,135,666.06 6,607,596.46
1.98 0.41 0.23 1.34
EUR EUR EUR GBP EUR GBP EUR GBP EUR EUR EUR GBP EUR EUR
32,713,350.16 1,513,971.00 1,329,595.97 7,003,657.50 619,453.71 2,611,017.15 2,073,294.97 195,094.36 1,988,029.77 492,841.98 4,039,772.00 3,326,665.98 1,982,759.45 1,720,437.91 3,816,758.41
6.62 0.31 0.27 1.41 0.13 0.53 0.42 0.04 0.40 0.10 0.82 0.67 0.40 0.35 0.77
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
175,099,101.02 50,418,250.86 848,444.70 10,751,275.56 9,262,465.03 1,652,299.78 834,660.34 758,840.36 123,846.72 1,690,486.86 828,522.66 826,936.74 3,303,848.85 337,558.37 255,105.94 3,285,459.20 168,480.36 1,872,350.74 1,276,602.77 1,105,138.93
35.40 10.21 0.17 2.17 1.87 0.33 0.17 0.15 0.03 0.34 0.17 0.17 0.67 0.07 0.05 0.66 0.03 0.38 0.26 0.22
Floating rate bonds Germany
9,000,000 FMS WERTMANAGEMENT FL.R 11-14 20/01Q
Norway
6,400,000 NORDEA EIENDOMS
FL.R 11-14 07/04Q
United Kingdom
1,800,000 COVENTRY BUILDING FL.R 12-15 10/02A
United States of America
3,050,000 HSBC FINANCE CORP FL.R 06-13 05/04Q
Mortgage and asset backed securities Cayman Islands
2,654,253 ATRM 4X A1A 1,488,276 AVLN3 1A A1 8,671,979 KKR 2006-1A A1 1,500,000 1,326,123 7,000,000 500,000 2,600,000 1,743,798 202,372 1,674,324 508,420 4,000,000 3,300,000 1,600,000 1,700,000 3,800,000 61,000,000 1,000,000 13,000,000 11,000,000 2,096,577 1,060,280 961,179 155,507 2,092,011 987,120 985,230 3,906,478 399,130 300,000 3,900,000 200,000 2,200,000 1,500,000 1,300,000
FL.R 05-19 08/06Q FL.R 05-19 24/02Q FL.R 06-18 25/08Q
United Kingdom
ARKLE 2010-2X 2A FL.R 10-15 17/08Q ARRMF 2011-AX A1B FL.R 11-47 19/11Q BCARD 2012-1X A2 FL.R 12-17 15/02M DRWBY 2012-1 A FL.R 12-44 20/02Q FOSSM 2011 -1X A4 FL.R 11-54 18/10Q GRAN 2004-2 3A FL.R 04-44 20/06Q GRAN 2004-3 2A2 FL.R 04-44 20/09Q GRAN 2004-3 3A1 FL.R 04-44 20/09Q GRANITE MTGE 03-3 -2A-FL.R 03-44 20/01Q HMI 2010-1A A4 FL.R 10-54 15/10Q HMI 2012-1X A3 FL.R 12-54 15/10Q LEOFR 2012-1 A FL.R 12-50 26/05Q PERMM 2009-1 A3 FL.R 09-42 15/07Q PERMM 2011-1X 1A3 FL.R 11-42 15/07Q
United States of America
FANNIE MAE TBA 3.50 12-32 01/08M FG U90442 4.00 12-42 01/06M FGLMC 3.50 12-42 01/07M FHLMC TBA GOLD 4.50 05-35 15/07M FHR 3084 FN FL.R 05-34 15/12M FHR 3231 FB FL.R 06-36 15/10M FHR 3314 FC FL.R 07-36 15/12M FHR 3371 FA FL.R 07-37 15/09M FHR 3545 FA FL.R 09-39 15/06M FN -POOL AK0600- 4.00 11-42 01/01M FN -POOL AK0602- 4.00 11-42 01/01M FN AB1854 4.50 10-40 01/11M FN AJ3146 4.50 11-41 01/10M FN AO1813 4.00 12-42 01/06M FN AO4908 4.00 12-42 01/06M FN AO4908 4.00 12-42 01/06M FN AO6759 4.00 12-42 01/06M FN AO6760 4.00 12-42 01/05M FN AO9181 4.00 12-42 01/07M
The accompanying notes form an integral part of these financial statements
Page 50
Polaris Fund - GEO Global Bond Total Return I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
700,000 848,559 54,000,000 (13,000,000) 17,000,000 11,100,000 5,790,680 736,418 9,000,000 1,581,086 5,106,541 2,789,764 1,991,560 199,653 12,088,374 8,300,000 (28,000,000) 4,000,000 1,000,000 3,022,290 1,717,916 234,086 763,619 3,864,865
FN AO9182 4.00 12-42 01/07M FN MA0878 4.00 11-31 01/10M FNCI 2.50 12-27 01/07M FNCI 4.00 10-25 01/07M FNCL 3.50 12-42 01/07M FNCL 4.00 09-39 01/08M FNCL AJ1676 4.50 11-41 01/09M FNCL POOL AD7128 4.50 10-40 01/07M FNCL POOL AF030686 3.00 12-42 01/08M FNCL POOL AI8842 4.50 11-41 01/08M FNCL POOL AL0658 4.50 11-41 01/08M FNCL POOL A04610 4.00 12-42 01/06M FNCL POOL A04617 4.00 12-42 01/06M FNCL POOL A04631 4.00 12-42 01/06M FNCL POOL 932324 4.50 09-39 01/12M FNCL TBA 4.00 09-39 01/07M FNCL 19836 4.50 12-42 01/07M FNCL 279 3.00 12-42 01/07M FN-MA11464.00 12-42 01/07M FNR 2005-102 DF FL.R 05-35 25/11M FNR 2006-79 PF FL.R 06-36 25/08M FNR 2007-91 FB FL.R 07-37 25/10M FNR 2009-84 WF FL.R 09-39 25/10M FNR 2010-89 CF FL.R 10-38 25/02M
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
Other transferable securities Mortgage and asset backed securities Cayman Islands
1,787,631 AVLN3 1A A2
FL.R 05-19 24/02Q
USD
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 51
Market value
% of net assets
595,074.81 715,900.92 43,874,601.08 (10,895,330.17) 14,088,663.76 9,300,202.42 4,897,386.32 622,815.29 7,259,244.12 1,337,180.91 4,318,785.32 2,341,542.59 1,671,583.06 167,575.25 10,223,572.79 6,966,468.52 (23,680,607.54) 3,235,195.62 850,045.31 2,387,311.49 1,355,060.73 186,927.73 620,498.46 3,058,827.46
0.12 0.14 8.87 (2.20) 2.85 1.88 0.99 0.13 1.47 0.27 0.87 0.47 0.34 0.03 2.07 1.41 (4.79) 0.65 0.17 0.48 0.27 0.04 0.13 0.62
1,364,447.84
0.28
1,364,447.84
0.28
1,364,447.84 1,364,447.84
0.28 0.28
524,192,784.36
106.00
Polaris Fund - GEO Global Bond Total Return I Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
7,085,497.99
Net interest on bonds Bank interest on cash account Bank interest on time deposits Other financial income Interest on swaps
Note 2 Note 2 Note 2 Note 2 Note 2
Expenses
5,334,796.39 9,616.71 114,829.56 7,193.46 1,619,061.87 2,658,886.37
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Interest on swaps Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
386,095.95 38,678.29 24,591.49 24,793.76 982.19 10,360.92 1,684.21 32,800.57 2,130,383.22 8,515.77 4,426,611.62
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - financial futures - swaps - foreign exchange
Note 2 Note 2 Note 2 Note 2 Note 2
Net realised profit
3,501,413.84 (429,028.19) (2,534,476.84) (1,464,132.59) 1,599,359.37 5,099,747.21
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures - swaps
Increase in net assets as a result of operations
(117,404.49) 1,370,481.66 1,293,929.27 (312,098.54) 7,334,655.11
Subscription capitalisation units Redemption capitalisation units
17,335,345.70 (71,423,815.46)
Decrease in net assets
(46,753,814.65)
Net assets at the beginning of the period
541,284,083.81
Net assets at the end of the period
494,530,269.16
The accompanying notes form an integral part of these financial statements
Page 52
Polaris Fund - GEO Global Bond Total Return II
Page 53
Polaris Fund - GEO Global Bond Total Return II
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
144,765,200.50
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Interest receivable Net unrealised appreciation on forward foreign exchange contracts Net unrealised appreciation on financial futures Other assets
114,686,076.72 107,161,513.62 7,524,563.10 28,767,987.30 672,764.55 535,046.78 93,653.50 9,671.65
Note 2, 7 Note 2, 8
Liabilities
10,618,727.93
Bank overdrafts Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Accrued management and advisory fees Accrued professional fees
9,477,044.57 1,115,153.08 3,953.23 3,316.42 16,708.42 2,552.21
Note 6 Note 4 Note 5
Net asset value
134,146,472.57
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
12,020.401
Units issued
923.813
Units redeemed
Units outstanding as at 30/06/12
402.535
12,541.679
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
134,146,472.57
127,357,370.99
129,577,291.82
12,541.679 10,696.05
12,020.401 10,595.10
12,088.436 10,719.11
The accompanying notes form an integral part of these financial statements
Page 54
Polaris Fund - GEO Global Bond Total Return II Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Market value
% of net assets
110,511,770.32
82.38
95,950,765.86
71.52
AUD AUD AUD AUD AUD AUD
6,584,870.83 122,508.21 497,754.45 2,489,782.32 421,861.92 771,105.61 2,281,858.32
4.91 0.09 0.37 1.87 0.31 0.57 1.70
USD USD EUR
3,551,348.58 904,772.86 1,742,203.22 904,372.50
2.65 0.67 1.31 0.67
USD
710,938.18 710,938.18
0.53 0.53
USD DKK
995,380.76 995,380.64 0.12
0.74 0.74 0.00
6.00 09-14 20/08S
AUD
628,275.27 628,275.27
0.47 0.47
11-12 20/09U
EUR
34,999,836.55 34,999,836.55
26.08 26.08
EUR EUR EUR EUR EUR EUR EUR EUR
7,519,033.15 662,766.00 801,834.20 750,945.10 2,890,496.00 225,220.60 1,342,907.80 390,500.20 454,363.25
5.61 0.49 0.60 0.56 2.16 0.17 1.00 0.29 0.34
EUR EUR EUR EUR EUR
1,988,784.40 285,114.00 806,792.95 283,165.45 235,860.00 377,852.00
1.48 0.21 0.60 0.21 0.18 0.28
AUD EUR EUR AUD
4,260,354.14 1,284,872.98 1,541,828.50 722,522.05 711,130.61
3.18 0.96 1.15 0.54 0.53
USD USD PLN PLN
2,244,951.68 599,478.23 742,431.35 283,446.00 619,596.10
1.67 0.45 0.55 0.21 0.46
ZAR
320,030.51 320,030.51
0.24 0.24
EUR USD
1,346,983.91 1,035,751.50 311,232.41
1.00 0.77 0.23
USD EUR EUR EUR
3,611,905.37 1,027,603.67 530,358.40 1,031,655.80 1,022,287.50
2.69 0.77 0.40 0.76 0.76
EUR EUR EUR USD
2,501,961.66 528,450.00 578,435.00 708,291.00 686,785.66
1.87 0.39 0.43 0.54 0.51
USD GBP
1,463,866.53 335,961.46 403,209.86
1.09 0.25 0.30
Denomination
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
136,000 445,000 2,500,000 505,000 755,000 2,535,000
Australia
AUSTRALIA 4.50 09-20 15/04S AUSTRALIA (INDEXED) 3.00 09-25 20/09Q AUSTRALIAN GOVT S 128 5.75 10-22 15/07S COMMONW.BK AUSTRALIA 5.75 08-13 17/12S NSW TREASURY INDEXED 2.75 07-25 20/11Q QUEENSLAND TREASURY 6.00 06-17 14/09S
Canada
1,080,000 CANADIAN IMPERIAL BK 2.75 11-16 27/01S 2,100,000 CDP FIN 144A-3C7 3.00 09-14 25/11S 750,000 QUEBEC (PROV.OF) 5.00 09-19 29/04A
Cayman Islands
870,000 PETROBRAS INTL FIN CO 3.875 11-16 27/01S
Denmark
1,260,000 FIH REG S 1 NYKREDIT
2.45 09-12 17/08S 4.00 09-41 01/10A
Finland
740,000 NORDIC INV BK
France
35,000,000 FRANCE BTF 650,000 790,000 745,000 2,800,000 220,000 1,340,000 340,000 425,000 285,000 815,000 335,000 240,000 400,000
Germany
DUESSELD HYPBK 1.875 10-13 13/12A EUROHYPO 1.875 11-13 01/10A GERMANY 0.75 12-17 24/02A GERMANY 1.25 11-16 14/10A KFW 1.875 12-19 20/03A KRED.ANST.WIEDERAUFB. 0.625 12-15 29/05A KRED.ANST.WIEDERAUFB. 4.125 07-17 04/07A KRED.WIEDERAUFBAU 2.625 11-19 16/08A
Italy
ITALY BTP ITALY BTP ITALY BTP ITALY BTP ITALY BTPS
4.75 11-16 15/09S 4.75 12-17 01/05S 5.00 09-40 01/09S 5.50 12-22 01/09S 4.75 11-21 01/09S
Luxembourg
1,450,000 1,450,000 635,000 825,000
BEI 6.50 09-19 07/08S EURO COMMONITY 3.25 09-14 07/11A EUROP.INVEST.BK 4.25 09-19 15/04A EUROP.INVEST.BK 6.00 10-20 06/08S
695,000 850,000 1,150,000 2,620,000
POLAND POLAND POLAND POLAND 1016
Poland
5.00 11-22 23/03S 5.125 11-21 21/04S 5.75 10-21 25/10A 4.75 11-16 25/10A
South Africa
4,255,000 SOUTH AFRICA
6.50 10-41 28/02S
Spain
1,050,000 CAJA MADRID 3.875 10-13 30/11A 450,000 TELEFONICA EMIS SA 5.462 11-21 16/02S 1,300,000 520,000 980,000 975,000 500,000 550,000 675,000 865,000
Sweden
SHB MTN TR.2 REGS 2.875 09-12 14/09S SWEDBANK HYPOTEK EMTN 2.00 10-14 31/01A SWEDISH COVERED BOND 3.00 10-15 03/02A SWEDISH EXPORT CREDIT 3.625 09-14 27/05A
The Netherlands
ABN AMRO BANK 3.75 09-14 15/07A FORTIS BANK NEDERLAND 3.375 09-14 19/05A LEASEPLAN CORP 3.25 09-14 22/05A VW INTL FIN 144 A 1.625 10-13 12/08S
United Kingdom
390,000 NORTHERN ROCK 5.625 07-17 22/06S 245,000 UK TREASURY GILT STK 4.75 04-38 07/12S
The accompanying notes form an integral part of these financial statements
Page 55
Polaris Fund - GEO Global Bond Total Return II Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 180,000 UNITED KINGDOM 4.25 10-40 07/12S 345,000 VIRGIN MEDIA 5.50 11-21 15/01S
1,450,000 345,000 435,000 300,000 1,160,000 680,000 5,500,000 1,000,000 110,000 1,040,000 400,000 85,000 430,000 315,000 3,600,000 180,000 1,318,000 6,475,000 2,295,500 530,000 270,000
United States of America
CALIFORNIA STATE 5.25 09-14 01/04S COMCAST 6.40 10-40 01/03S COX COMMUNICAT.-144A- 8.375 09-39 01/03S CROWN CASTLE INTL 144A6.113 10-20 15/01M FANNIE MAE 1.95 12-19 28/03S FANNIE MAE 2.70 12-22 28/03S FED HOME LOAN BK 2.00 09-12 14/09S IBM 6.50 08-13 15/10S KRAFT FOODS INC 6.50 01-31 01/11S MASSMUTUAL GLB 144A 3.625 09-12 16/07S MET LIFE GLOBAL REGS 2.875 09-12 17/09S NEWS AMERICA 6.40 05-35 15/12S ORACLE CORP 5.375 11-40 15/07S TIMES WARNER CABLE 5.875 10-40 15/11S UNITED STATES -B2022- 2.00 12-22 15/02S US TREAS N/B 3.125 12-42 15/02S US TREAS N/B 3.75 11-41 15/08S US TREAS N/B AM-2013 0.375 11-13 30/06S US TREASURY NOTES 2.125 11-21 15/08S VERIZON COMM. 6.90 08-38 15/04S WM COVERD BD EMTN 4.375 07-14 19/05A
Market value
% of net assets
GBP GBP
274,289.21 450,406.00
0.20 0.34
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD EUR
23,222,244.34 1,226,692.80 340,685.63 493,025.13 275,010.44 919,815.01 540,575.14 4,350,010.04 847,799.54 106,867.48 820,278.80 316,722.53 77,983.25 416,676.96 278,571.65 2,935,611.28 152,653.56 1,254,643.86 5,108,619.64 1,903,514.51 572,582.09 283,905.00
17.31 0.91 0.25 0.37 0.21 0.69 0.40 3.24 0.63 0.08 0.61 0.24 0.06 0.31 0.21 2.19 0.11 0.94 3.80 1.42 0.43 0.21
Floating rate bonds Luxembourg
365,000 TIERS 2012-01
FL.R 12-14 12/05Q
The Netherlands
70,000 EUREKO BV
FL.R 05-49 29/06A
United Kingdom
2,750,000 HSBC BANK PLC SUB
FL.R 05-20 30/09Q
United States of America
320,000 KRAFT FOODS INC FL.R 12-13 10/07Q 2,500,000 MORGAN STANLEY GMTN FL.R 06-13 29/11Q 488,343 SLMA 03-7 REGS FL.R 03-33 15/12Q
5,843,810.13
4.36
USD
287,616.72 287,616.72
0.21 0.21
EUR
52,935.40 52,935.40
0.04 0.04
EUR
2,435,537.50 2,435,537.50
1.82 1.82
USD EUR EUR
3,067,720.51 253,187.11 2,411,250.00 403,283.40
2.29 0.19 1.80 0.30
Mortgage and asset backed securities France
50,892 AUTO ABS -2007-1-A- FL.R 07-19 25/02Q
Italy
144,586 COMP 2007-2 A
FL.R 07-20 25/10Q
Luxembourg
163,905 ABEST 5 A FL.R 10-13 21/10M 600,000 BUMP 2011-2 A FL.R 11-23 23/02M
The Netherlands
400,000 BUMP 2012-5 A2 99,853 GLDR 2008-2 A 428,688 STORM 2010-1 A1
FL.R 12-22 20/06M 4.00 08-16 20/10M FL.R 10-52 22/03Q
United Kingdom
1,165,000 368,000 400,000 310,000 124,792 865,000 494,000 529,000 435,000
ARKLE 2010-2A 1A1 FL.R 10-60 17/05Q ARKLE 2012-1A 2A1 FL.R 12-60 15/07Q BUMP 2012-5 A1 FL.R 12-22 20/06M FOSSM 2011 -1X A3 FL.R 11-54 18/10Q HEADI 2011-1 A1B FL.R 11-51 11/03Q HMI 2007-1 4A FL.R 07-30 15/07Q HMI 2010-1A A2 FL.R 10-54 12/10Q LEOFR 2012-1 A FL.R 12-50 26/05Q PERMM 2006-1 6A1 FL.R 06-20 15/04Q
290,000 290,000 291,120 175,000 472,000 208,622 543,616 666,000
COMET 2006-A12-A- FL.R 06-16 15/07M COMET 2006-A5 -A5- FL.R 06-16 15/01M FHR 2920 HC 4.50 05-18 15/12M FORDF 2009-2 A FL.R 09-14 15/09M FORDO 2011-B A4 1.35 11-15 15/07M GSR 2005-AR1 4A1 FL.R 05-35 25/01M SLMA 2008-5 A2 FL.R 08-16 25/10Q SLMA 2008-5 A3 FL.R 08-18 25/01Q
United States of America
8,717,194.33
6.50
EUR
50,645.78 50,645.78
0.04 0.04
EUR
143,590.97 143,590.97
0.11 0.11
EUR EUR
768,223.44 164,423.04 603,800.40
0.57 0.12 0.45
GBP EUR EUR
1,030,153.35 501,655.10 100,254.01 428,244.24
0.77 0.38 0.07 0.32
USD USD EUR GBP EUR USD USD GBP GBP
4,388,308.97 922,613.36 293,219.48 403,638.78 383,748.72 124,977.17 681,163.76 391,305.77 655,549.83 532,092.10
3.27 0.68 0.22 0.30 0.29 0.09 0.51 0.29 0.49 0.40
USD USD USD USD USD USD USD USD
2,336,271.82 228,502.19 228,445.98 234,160.75 138,372.45 377,162.05 160,196.71 431,345.61 538,086.08
1.74 0.17 0.17 0.17 0.10 0.28 0.12 0.32 0.41
The accompanying notes form an integral part of these financial statements
Page 56
Polaris Fund - GEO Global Bond Total Return II Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Other transferable securities Mortgage and asset backed securities France
1,100,000 GNKGO 2012-1 A
Ireland
800,000 CAR 2012-F1F A
103,000 311,000 700,000 155,000 380,000 334,492 101,000
% of net assets
4,174,306.40
3.11
4,174,306.40
3.11 0.82 0.82
FL.R 12-38 18/07M
EUR
1,101,100.00 1,101,100.00
FL.R 12-14 25/10M
EUR
800,400.00 800,400.00
0.60 0.60
GBP GBP
620,251.03 287,150.35 333,100.68
0.46 0.21 0.25
USD USD USD USD USD USD USD
1,652,555.37 81,518.16 245,952.34 560,384.74 122,214.94 299,676.13 262,649.93 80,159.13
1.23 0.06 0.18 0.42 0.09 0.22 0.20 0.06
114,686,076.72
85.49
United Kingdom
230,000 GMG 2012-1 A1 267,245 TURBF 2012-1 A
Market value
FL.R 12-45 14/05Q FL.R 12-19 20/02M
United States of America
AHMAT SART-3 1A1 2.98 12-13 13/03M COMNI 2009-A12 A12 3.35 09-12 15/08S FORDF 2012-2 A FL.R 12-19 15/01M SDART 2012-3 A3 1.32 12-16 15/04M SLMA 2012-C A1 FL.R 12-16 15/01M SLMA 2012-2 A FL.R 12-29 25/01M VALET 2012-1 A4 1.15 12-15 21/09M
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 57
Polaris Fund - GEO Global Bond Total Return II Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
1,196,636.29
Net interest on bonds Bank interest on cash account Other financial income
Note 2 Note 2 Note 2
Expenses
1,177,536.44 17,314.75 1,785.10 182,864.68
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
100,712.47 10,088.90 6,564.44 6,467.24 405.63 2,465.83 46,777.85 5,803.91 3,578.41 1,013,771.61
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2
Net realised loss
861,262.79 (5,081,744.28) (2,000,572.50) 1,801,910.01 (3,405,372.37)
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
1,095,265.90 2,890,093.16 652,201.07 1,232,187.76
Subscription capitalisation units Redemption capitalisation units
9,849,555.16 (4,292,641.34)
Increase in net assets
6,789,101.58
Net assets at the beginning of the period
127,357,370.99
Net assets at the end of the period
134,146,472.57
The accompanying notes form an integral part of these financial statements
Page 58
Polaris Fund - GEO Global Bond Total Return III
Page 59
Polaris Fund - GEO Global Bond Total Return III
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
761,907,178.92
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Interest receivable Brokers receivable Interest receivable on swaps Net unrealised appreciation on financial futures Receivable on spot exchange Other assets
709,167,553.70 686,558,273.24 22,609,280.46 5,052,405.26 4,794,331.15 29,921,181.96 78,572.92 216,664.90 12,582,827.31 93,641.72
Note 2, 8
Liabilities
135,695,280.07
Options sold at market value Options sold at cost
Note 2, 10
Bank overdrafts Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Performance fees payable Interest payable on swaps Net unrealised depreciation on forward foreign exchange contracts Net unrealised depreciation on swaps Accrued management and advisory fees Accrued professional fees Payable on spot exchange
17,611.96 94,062.03 305,064.13 116,651,458.77 14,121.01 15,485.94 1,032,106.69 81,098.08 3,511,952.87 1,224,391.38 103,519.84 10,674.10 12,727,795.30
Note 6 Note 4 Note 5 Note 2, 7 Note 2, 9 Note 5
Net asset value
626,211,898.85
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
46,466.858
Units issued
17,744.170
Units redeemed
Units outstanding as at 30/06/12
10,888.075
53,322.953
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
626,211,898.85
532,771,426.16
592,215,484.86
53,322.953 11,743.76
46,466.858 11,465.62
52,323.935 11,318.25
The accompanying notes form an integral part of these financial statements
Page 60
Polaris Fund - GEO Global Bond Total Return III Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
682,556,563.86
108.99
304,056,255.89
48.55
EUR AUD AUD USD AUD USD
6,076,377.64 616,176.00 835,370.14 2,154,720.73 248,725.42 1,314,454.18 906,931.17
0.97 0.10 0.13 0.35 0.04 0.21 0.14
CAD CAD CAD
15,822,787.25 7,364,800.00 6,469,857.39 1,988,129.86
2.53 1.18 1.03 0.32
USD
3,488,869.63 3,488,869.63
0.56 0.56
USD EUR EUR USD EUR GBP EUR EUR EUR AUD EUR
30,031,221.58 2,604,192.90 2,559,625.00 543,420.00 6,919,483.86 733,789.00 5,839,543.94 2,717,390.00 3,549,668.00 415,816.00 3,235,656.88 912,636.00
4.80 0.42 0.41 0.09 1.09 0.12 0.93 0.43 0.57 0.07 0.52 0.15
EUR EUR AUD AUD AUD AUD GBP AUD
37,452,680.16 5,927,020.00 1,007,280.00 3,328,395.46 3,586,162.91 16,045,494.93 1,345,680.71 2,601,334.81 3,611,311.34
5.97 0.95 0.16 0.53 0.57 2.55 0.21 0.42 0.58
EUR
3,109,409.00 3,109,409.00
0.50 0.50
USD USD USD USD GBP EUR EUR EUR USD
12,407,736.24 4,430,676.49 763,957.29 704,227.57 161,230.85 634,579.53 2,494,128.00 1,880,867.00 786,200.00 551,869.51
1.98 0.70 0.12 0.11 0.03 0.10 0.40 0.30 0.13 0.09
EUR EUR EUR AUD AUD AUD USD
29,282,484.65 8,655,024.00 3,390,160.00 9,220,932.00 2,386,259.03 689,671.66 3,253,119.02 1,687,318.94
4.68 1.38 0.54 1.48 0.38 0.11 0.52 0.27
EUR EUR AUD
5,797,041.19 626,826.00 2,690,105.34 2,480,109.85
0.93 0.10 0.43 0.40
EUR
787,239.00 787,239.00
0.13 0.13
AUD
2,793,890.39 2,793,890.39
0.45 0.45
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
600,000 1,000,000 2,600,000 300,000 1,400,000 1,100,000
Australia
COMMONW BK AUSTRALIA 3.00 12-22 03/05A COMMONW.BK AUSTRALIA 5.75 08-13 17/12S ING BANK (AUSTRALIA) 5.75 09-13 28/08S MACQUARIE BANK 144A 3.30 09-14 17/07S TREASURY CORP OF VICT 6.00 03-22 17/10S WESTPAC BANKING 144A 2.90 08-14 10/09S
Canada
9,000,000 BRIT.COLUMBIA (PROV) 3.25 11-21 18/12S 8,100,000 ONTARIO (PROV.OF) 3.15 11-22 02/06S 2,100,000 ONTARIO (PROV.OF) 4.65 10-41 02/06S
Denmark
4,500,000 DANSKE BANK
3.875 11-16 14/04A
France
3,300,000 2,500,000 500,000 8,700,000 700,000 4,500,000 2,600,000 3,400,000 400,000 4,100,000 900,000
BNP PARIBAS HOME LOAN 2.20 10-15 02/11S BNP PARIBAS HOME LOAN 3.00 09-13 23/07U BNP PARIBAS HOME LOAN 3.75 10-20 20/04A CADES 1.625 11-14 17/03A CIE DE FIN.FONCIER 4.25 04-14 29/01A CIE DE FIN.FONCIER 5.375 07-14 30/01A CM-CIC COVERED BONDS 3.125 10-15 21/01A CREDIT AGRICOLE CB 3.50 09-14 21/07A CREDIT AGRICOLE HOME 2.875 11-16 09/09A DEXIA MUNICIPAL AGENCY 5.75 05-15 24/08S GCE COVERED 2.00 10-13 30/09A
5,800,000 1,000,000 4,000,000 4,100,000 17,500,000 1,500,000 2,000,000 4,200,000
FMS WERTMANAGEMENT 1.625 12-17 22/02A FMS WERTMANAGEMENT 1.875 12-13 05/09A FMS WERTMANAGEMENT 5.00 12-17 20/03S KFW 5.50 12-22 09/02S KFW 6.25 11-21 19/05S KRED.ANST.WIEDERAUFB. 6.00 10-20 20/08S KRED.WIEDERAUFBAU 2.75 11-15 07/09A LANDW RENTENBK 5.50 12-20 09/03S
Germany
Ireland
2,900,000 GERMAN POSTAL PENSION 3.375 05-16 18/01A
Italy
6,300,000 1,000,000 900,000 200,000 600,000 2,600,000 1,900,000 800,000 700,000
INTESA SAN PAOLO 6.50 11-21 24/02S ITALY 3.125 10-15 26/01S ITALY 4.75 06-16 25/01S ITALY 6.875 93-23 27/09S ITALY EMTN 6.00 98-28 04/08A ITALY BTP 2.50 12-15 01/03S ITALY BTP 4.75 12-17 01/05S ITALY BTP 5.50 12-22 01/09S ITALY SUB 5.25 06-16 20/09S
8,400,000 3,100,000 8,400,000 2,800,000 800,000 3,700,000 2,000,000
EUROPEAN UNION 2.75 12-22 04/04A EUROPEAN UNION 3.25 11-18 04/04A EUROPEAN UNION 3.50 11-21 04/06A EUROP.INVEST.BANK 6.25 09-15 15/04A EUROP.INVEST.BK 6.125 07-17 23/01S EUROP.INVEST.BK 6.25 11-21 08/06S TYCO INTL GRP 6.00 03-13 15/11S
Luxembourg
Norway
600,000 DNB NOR BOLIGKREDIT 2.50 11-16 18/10A 2,600,000 DNB NOR BOLOGKREDITT 2.375 10-15 20/07A 3,000,000 KOMMUNALBANKEN AS 4.75 12-17 12/04S
Slovenia
900,000 SLOVENIE RS70
5.125 11-26 30/03A
Switzerland
3,200,000 EUROFIMA BALE EMTN 6.25 03-18 28/12S
The accompanying notes form an integral part of these financial statements
Page 61
Polaris Fund - GEO Global Bond Total Return III Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
669,000 8,300,000 2,600,000 3,000,000 14,900,000 3,000,000 400,000 2,200,000 1,900,000 4,100,000 3,700,000 500,000 5,300,000 5,000,000 7,800,000 1,800,000 1,900,000 1,700,000 1,800,000 6,200,000 1,800,000 1,000,000 925,000 4,600,000 1,300,000 2,450,000 2,000,000 1,000,000 1,500,000 5,000,000 400,000 2,000,000 1,955,000 2,000,000 700,000 1,300,000 2,000,000 1,175,000 2,000,000 1,100,000 800,000 500,000 2,035,000 1,200,000 1,200,000 437,000 2,300,000 1,600,000 480,000 13,000 340,000 14,751,000 993,000 400,000 14,300,000 846,000 653,000 100,000 1,900,000 1,550,000
The Netherlands
ACHMEA HYPOTHEEK 144A 3.20 09-14 03/11S ING BANK 3.75 12-17 07/03S ING BANK EMTN 2.25 10-15 31/08A NEDERLAND 4.00 08-18 15/07A NEDERLAND 4.50 07-17 15/07A NETHERLANDS 4.00 09-19 15/07A
United Kingdom
BANK OF SCOTLAND 4.50 03-13 23/10A BARCLAYS BANK PLC 6.00 10-21 14/01A BARCLAYS BANK SUB 6.625 11-22 30/03A CREDIT AGRICOLE-144A- 2.625 11-14 21/01S HBOS TREASURY EMTN 4.375 06-16 13/07A LLOYDS TSB BANK 3.50 12-17 11/01A LLOYDS TSB BANK PLC 4.875 12-27 30/03A NATIONWIDE BUILDING 3.50 05-15 07/12A RBS 3.00 10-15 08/09A UK TREASURY GILT STK 4.75 04-38 07/12S UK TREASURY STOCK 4.25 09-39 07/09S UK TREASURY STOCK 4.50 07-42 07/12S UNITED KINGDOM 4.25 10-40 07/12S YORSHIRE BUILGING 3.25 10-15 22/09A
United States of America
AMERICAN MUN PWR OHIO 7.834 10-41 15/02S AMER.MUN PWR OHIO INC 8.084 10-50 15/02S BANK OF AMERICA 6.50 09-16 01/08S BANK OF AMERICA CORP 7.375 09-14 15/05S BEAR STEARNS CO 6.40 07-17 02/10S CALIFORNIA STATE 7.55 09-39 01/04S CALIFORNIA STATE 7.60 10-40 01/11S CALIFORNIA STATE 7.625 10-40 01/03S CARDINAL HEALTH INC 5.50 08-13 15/06S CARDINAL HEALTH INC 5.80 07-16 15/10S CITIGROUP SUB 5.00 04-14 15/09S CITY OF NEW YORK 6.646 10-31 01/12S CITY OF NY-BUILD AMER 6.271 10-37 01/12S DEXIA CREDIT LOCAL 2.75 10-14 29/04S INTL FIN CORP MTN 5.00 11-16 03/08S INTL FIN CORP MTN 5.75 09-14 24/06S LOS ANGELES CA 6.582 09-39 15/05S MUN EL AUTH GEOGIA 7.055 10-57 01/04S NEWELL RUBBERMAID 5.50 08-13 15/04S NEWS AMERICA HLDGS 7.43 96-26 01/10S STATE OF CALIFORNIA 7.50 09-34 01/04S STATE OF CALIFORNIA 7.95 10-36 01/03S UNIV CALIF RMCPR 6.583 09-49 15/05S US TREAS N/B 3.75 11-41 15/08S US TREASURY 3.00 12-42 15/05S US TREASURY BILLS 12 -12 25/10U USA T NOTES 3.125 11-41 15/11S USA T NOTES INDEX 2.375 04-25 15/01S USA T-BILLS -12 08/11U USA T-BILLS -12 13/09U USA T-BILLS -12 23/11U USA T-BILLS -13 02/05U USA T-BILLS 11-12 18/10U USA T-BILLS 11-12 23/08U USA T-BILLS 12-13 27/06U USA TREASURY BILLS -12 30/05U USA TREASURY BILLS -12 30/08U USA TREASURY NTS INDX 1.75 08-18 15/01S WM COVERD BD EMTN 4.375 07-14 19/05A WM COVERED BOND PROGR.4.00 06-16 27/09A
Market value
% of net assets
USD USD EUR EUR EUR EUR
33,915,464.55 550,424.56 6,490,876.99 2,693,548.00 3,435,300.00 17,283,255.00 3,462,060.00
5.42 0.09 1.04 0.43 0.55 2.76 0.55
EUR EUR EUR USD EUR EUR GBP EUR EUR GBP GBP GBP GBP EUR
50,231,524.02 417,600.00 2,035,726.00 1,805,323.00 3,172,041.78 4,053,165.00 531,790.00 6,936,770.49 5,347,250.00 8,160,048.00 2,962,358.18 2,895,862.07 2,709,305.40 2,742,892.10 6,461,392.00
8.01 0.07 0.33 0.29 0.51 0.65 0.08 1.11 0.85 1.29 0.47 0.46 0.43 0.44 1.03
USD USD USD USD USD USD USD USD USD USD USD USD USD USD AUD AUD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD EUR EUR
72,859,530.59 1,967,638.79 1,131,484.18 799,113.12 3,902,777.67 1,179,572.90 2,484,499.43 2,050,856.94 1,019,534.30 1,234,016.80 4,569,987.19 323,757.14 1,866,151.85 1,990,123.91 1,547,961.08 596,140.71 1,100,776.22 2,012,213.86 996,284.82 1,629,553.68 1,072,250.67 788,142.31 466,585.24 2,103,039.13 1,142,316.11 992,720.93 344,158.48 1,951,847.60 2,032,897.37 378,016.77 10,238.40 267,750.77 11,605,479.14 782,054.43 315,022.47 11,245,235.75 665,425.98 514,293.15 108,799.80 1,997,850.00 1,672,961.50
11.62 0.31 0.18 0.13 0.62 0.19 0.40 0.33 0.16 0.20 0.73 0.05 0.30 0.32 0.25 0.10 0.18 0.32 0.16 0.26 0.17 0.13 0.07 0.34 0.18 0.16 0.05 0.31 0.32 0.06 0.00 0.04 1.84 0.12 0.05 1.79 0.11 0.08 0.02 0.32 0.27
Floating rate bonds Australia
2,300,000 COMMONW.BK AUST 144A FL.R 09-13 12/07Q 1,400,000 COMMONW.BK AUST. 144A FL.R 09-14 17/09Q
USD USD
The accompanying notes form an integral part of these financial statements
Page 62
41,594,506.02
6.64
2,924,118.43 1,816,683.74 1,107,434.69
0.47 0.29 0.18
Polaris Fund - GEO Global Bond Total Return III Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
France
8,600,000 CREDIT AGRICOLE
FL.R 11-14 21/07Q
Germany
2,500,000 FMS WERTMANAGEMENT FL.R 12-15 02/02Q 6,100,000 FMS WERTMANAGEMENT FL.R 11-15 18/02Q 1,100,000 NRW BANK FL.R 09-12 24/08Q
Spain
4,000,000 ICO FL.R 11-14 25/03Q 600,000 ICO 345 REGS FL.R 10-13 28/01Q
The Netherlands
5,200,000 ACHMEA HYPHOTEEK 144A FL.R 09-14 03/11Q 500,000 ELM FL.R 07-XX 25/05S 2,400,000 RABOBANK NED. SUB FL.R 09-XX 29/12S
United Kingdom
900,000 BARCLAYS BANK FL.R 05-17 11/09Q 1,200,000 BARCLAYS BANK RCI SUB FL.R 08-XX 29/11A 3,100,000 1,000,000 2,300,000 3,400,000 1,200,000
United States of America
DEXIA CREDIT LOCAL FL.R 10-14 29/04Q GOLDMAN SACHS GROUP FL.R 06-16 22/03Q JP MORGAN CHASE FL.R 06-16 13/06Q MERRILL LYNCH & CO FL.R 07-14 31/01Q MERRILL LYNCH EMTN FL.R 04-14 22/07Q
Market value
% of net assets
USD
6,644,943.27 6,644,943.27
1.06 1.06
EUR EUR USD
9,479,760.51 2,504,875.00 6,107,442.00 867,443.51
1.52 0.40 0.98 0.14
EUR USD
4,284,592.77 3,825,680.00 458,912.77
0.68 0.61 0.07
USD AUD USD
6,772,856.56 4,074,525.04 310,245.95 2,388,085.57
1.08 0.65 0.05 0.38
USD GBP
2,385,562.71 692,036.57 1,693,526.14
0.38 0.11 0.27
USD USD USD EUR EUR
9,102,671.77 2,293,079.07 718,719.36 1,677,103.34 3,270,902.00 1,142,868.00
1.45 0.37 0.11 0.27 0.52 0.18
336,905,801.95
53.80
AUD
851,711.97 851,711.97
0.14 0.14
EUR EUR EUR EUR
3,305,233.55 468,473.48 1,508,290.50 131,872.14 1,196,597.43
0.53 0.07 0.25 0.02 0.19
EUR EUR EUR EUR
18,692,241.23 3,783,661.27 4,660,273.43 6,128,916.66 4,119,389.87
2.98 0.60 0.74 0.98 0.66
EUR EUR EUR EUR GBP EUR EUR EUR EUR EUR
14,399,576.25 276,652.73 385,461.04 2,473,426.69 3,248,892.22 2,371,451.78 762,755.79 402,736.95 1,734,495.62 534,785.01 2,208,918.42
2.30 0.04 0.06 0.39 0.53 0.38 0.12 0.06 0.28 0.09 0.35
EUR EUR EUR EUR EUR EUR
8,474,356.23 1,329,033.19 6,317,174.60 64,230.31 475,157.22 155,727.41 133,033.50
1.35 0.21 1.01 0.01 0.08 0.02 0.02
EUR
1,760,511.44 1,760,511.44
0.28 0.28
EUR EUR EUR
12,477,706.79 6,243,942.56 5,518,162.96 715,601.27
1.99 1.00 0.88 0.11
EUR EUR EUR EUR EUR EUR
33,677,424.06 814,869.52 378,406.00 5,099,118.28 1,788,984.09 428,293.14 1,508,438.39
5.38 0.13 0.06 0.81 0.29 0.07 0.24
Mortgage and asset backed securities Australia
1,085,002 SWAN 2006-1E A2
FL.R 06-37 12/05Q
France
470,754 1,500,000 149,008 1,198,243
AUTO ABS -2007-1-A- FL.R 07-19 25/02Q COMP 2011-2 A FL.R 12-24 25/05M FCC PROUDREED S.1 C.A FL.R 05-17 18/08Q GNKGO 2011-1 A FL.R 11-26 18/10M
3,768,003 4,647,762 6,089,106 4,100,895
DRVON 8 A FL.R 11-16 21/12M DRVON 9 A FL.R 11-17 21/04M RNBAG 2012-1 A FL.R 12-15 15/09M SCGA 2011-2 A REGS FL.R 11-15 13/12M
299,027 400,156 2,685,130 3,835,900 2,062,384 858,234 495,591 2,173,805 536,193 2,194,947
DECO 2007-E6X A1 FL.R 07-18 27/04Q DECO 9 - E3X A1 FL.R 06-17 27/07Q GRND 1 A FL.R 06-16 20/07Q GRND 1 B FL.R 06-16 20/07Q OPERA FIN. CSC3 A FL.R 05-17 25/04Q QUOKK 2006 -1 A FL.R 06-16 01/09Q QUOKK 2006-1 B FL.R 06-16 01/09Q RIVOL 2006-1 A FL.R 06-18 03/08Q SCGA 2006-1 A FL.R 06-19 10/07M SCGA 2010-1 A FL.R 10-19 12/08M
1,490,167 6,900,000 67,037 504,312 157,605 134,801
FGOLD 1 A2 FL.R 06-25 30/07Q INTS 3 A3 FL.R 07-33 30/10Q ITALEASE FIN 05-1-A2- FL.R 05-20 14/09Q LEASI 2-A FL.R 06-25 22/12Q LOCAT SECUR.2004-2-A FL.R 04-24 12/12Q LOMBARDA LEASE 4 -A FL.R 05-22 30/01Q
Germany
Ireland
Italy
Jersey Island
2,133,252 MARS3 SERIES 3 -A1B- FL.R 05-37 20/03Q
Luxembourg
6,223,108 VCL 13 A FL.R 11-16 21/11M 5,794,381 WINDM IX-X A1 FL.R 06-16 22/08Q 815,351 WINDM IX-X B FL.R 06-16 22/08Q 816,592 380,305 5,632,694 1,791,798 427,745 1,514,445
The Netherlands
ARENA 2004-II-A-EMTN FL.R 04-51 17/10Q ARENA 2006-I -A- FL.R 06-64 17/12Q DECO 2007-E5X A1 FL.R 07-20 27/10Q DMPL SERIES V -A- FL.R 05-51 28/12Q DMPL SERIES VIII A1 FL.R 10-47 25/07Q DUTCH MBS XII A FL.R 05-37 02/07Q
The accompanying notes form an integral part of these financial statements
Page 63
Polaris Fund - GEO Global Bond Total Return III Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination
2,941,758 962,183 693,811 1,399,337 1,180,910 1,176,108 4,014,736 711,391 244,996 1,793,061 1,332,482 2,921,856 857,856 4,500,000 1,420,616 5,000,000 3,496,142 2,350,260 295,130 424,604 2,783,545 2,700,000 2,000,000 5,359,992 2,608,073 197,222 354,999 3,011,152 5,100,000 114,653 6,615,354 10,262,740 2,507,353 92,240 4,244,918 897,013 3,042,687 3,338,100 1,451,887 655,297 903,858 445,899 2,819,353 500,000 313,145 184,364 179,982 737,458 921,821 1,600,000 717,527 2,973,324 4,625,000 2,856,449 4,000,000 1,850,000 3,450,000 957,902 1,400,000 5,040,116 2,058,654 1,936,447 5,100,000 3,225,448 1,874,723 1,004,531 1,366,511
DUTCH MTG PTFII -A- FL.R 03-36 20/05Q ESAIL 2007-NL2X A FL.R 07-40 17/10Q GLDR 2008-2 A 4.00 08-16 20/10M HERME 11 A FL.R 06-40 18/09Q HERME 12 A FL.R 06-38 18/12Q HERME 9A HOLLAND EURO FL.R 05-39 18/05Q HOHO III A FL.R 05-83 20/03Q HOLLAND HOMES A1 FL.R 03-80 28/12Q MESDG CHAR A FL.R 07-19 25/10Q MONASTERY 2006-I -A2- FL.R 06-44 17/11Q SAEC 5A FL.R 05-42 25/05Q SAEC 9 A1 FL.R 10-92 23/09Q STORM 2006-2 A2 FL.R 06-48 22/05Q STORM 2012-2 A1 FL.R 12-54 22/04Q
United Kingdom
ARRMF 2010-1A A1B FL.R 10-47 16/05Q ARRMF 2010-1X MB FL.R 10-47 16/05Q ARRMF 2011-AX A1B FL.R 11-47 19/11Q AUBN 3 -A2FL.R 02-39 01/11M AUBN 4 -A2FL.R 04-41 01/10M BLST 2006-1 A1 FL.R 06-43 09/05Q BRNL 2007-1X A4A- FL.R 07-39 13/01Q CARDS 2004-1 A FL.R 04-16 15/04Q COUK 2004-1 CL-A- FL.R 04-16 15/03Q EMAST 2007-1V A2 FL.R 07-40 15/06Q ESAIL 2006-4X A3A FL.R 06-44 10/12Q ESAIL 2007 2X A2A FL.R 07-45 13/03Q ESAIL 2007-2X A2C FL.R 07-45 13/03Q EUROSAIL 2007-1X A3A FL.R 07-45 13/03Q FOSSM 2012-1X 2B2 FL.R 12-54 18/10Q GHM 2006-1 A2B FL.R 06-38 18/06Q GHM 2007-1 A2B FL.R 07-39 18/03Q GHM 2007-2A AC FL.R 07-39 18/06Q GRAMM 2006-3 A7 FL.R 06-54 20/12M GRAN 2004-1 2A2 FL.R 04-44 20/03Q GRAN 2004-1 3A FL.R 04-44 20/03Q GRAN 2004-2 2B FL.R 04-44 20/06Q GRAN 2004-2 3A FL.R 04-44 20/06Q GRAN 2004-3 3A1 FL.R 04-44 20/09Q GRAN 2004-3 3A2 FL.R 04-44 20/09Q GRANITE MTGE 03-3 -2A-FL.R 03-44 20/01Q GRANITE 2003-3 -1A3- FL.R 03-44 20/01Q GRANITE 2003-3 -3A- FL.R 03-44 20/01Q GRANM 2005-1 A5 FL.R 05-54 20/12Q GRANM 2005-1 B2 FL.R 05-54 20/12Q GRANM 2005-2 -A5- FL.R 05-XX 20/12Q GRANM 2005-4 A5 FL.R 05-54 20/12Q GRANM 2006-1A A5 FL.R 06-54 20/12M GRANM 2006-2 A5 FL.R 06-54 20/12Q GRANM 2007-1 2A1 FL.R 07-54 20/12M GRANM 2007-2 -3B2- FL.R 07-54 20/12M LMS 1 AA FL.R 06-38 17/06Q MANSD 2007-2X A1 FL.R 07-49 15/12Q MANSD 2007-2X M1 FL.R 07-49 15/12Q MARSA 4X A3C FL.R 06-40 20/03Q NGATE 2006-3X A3B FL.R 06-50 01/12Q NGATE 2007-1X MA FL.R 07-50 01/12Q NGATE 2007-1X MB FL.R 07-50 01/12Q NGATE 2007-3X A1 FL.R 07-50 15/12Q NGATE 2007-3X A2B FL.R 07-50 15/12Q OPERA FINANCE -A- FL.R 05-17 02/02Q OPERA SCOT A REG S FL.R 05-14 31/07Q PARAGON -12- A2B- FL.R 06-38 15/11Q PARGN 10 X A2B FL.R 05-41 15/06Q PARGN -11X -A2A FL.R 06-41 15/10Q PARGN 12X A2A FL.R 06-38 15/11Q PARGN 12X A2C FL.R 06-38 15/11Q PARGN -7A-A1AFL.R 04-34 15/05Q
Quotation currency
Market value
% of net assets
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
2,923,294.36 865,206.81 696,600.19 1,346,300.16 1,124,735.68 1,137,148.60 3,790,568.10 695,224.38 217,296.19 1,236,422.33 1,331,142.65 2,923,945.42 853,339.77 4,518,090.00
0.47 0.14 0.11 0.21 0.18 0.18 0.61 0.11 0.03 0.20 0.21 0.47 0.14 0.72
EUR EUR EUR GBP GBP GBP EUR GBP EUR GBP EUR EUR GBP EUR GBP EUR EUR USD USD EUR GBP EUR GBP GBP GBP EUR USD GBP EUR EUR EUR EUR USD EUR USD EUR GBP GBP GBP GBP EUR GBP EUR GBP EUR GBP GBP EUR EUR GBP GBP USD USD
176,694,462.88 1,423,518.60 4,928,459.00 3,505,298.47 2,609,512.31 308,548.97 437,411.38 2,562,186.97 3,278,726.36 1,956,989.90 5,398,778.92 2,117,109.49 188,954.64 420,652.70 2,535,939.48 6,298,932.49 94,761.86 5,425,030.64 6,426,177.00 1,896,740.88 88,876.57 5,041,320.18 792,287.10 3,617,614.34 3,963,535.37 1,729,129.53 635,218.57 693,731.01 533,745.47 2,688,148.96 425,866.52 300,611.17 176,671.93 136,477.74 706,686.70 695,496.31 1,360,183.76 767,306.93 3,108,482.02 3,207,734.49 2,984,836.45 2,997,435.80 1,124,953.66 1,594,762.50 1,150,951.28 1,154,762.00 5,795,137.17 2,562,882.17 1,459,955.02 3,523,947.00 3,091,136.04 1,811,546.51 614,894.14 873,309.36
28.22 0.23 0.79 0.56 0.42 0.05 0.07 0.41 0.52 0.31 0.86 0.34 0.03 0.07 0.40 1.01 0.02 0.87 1.03 0.30 0.01 0.81 0.13 0.58 0.63 0.28 0.10 0.11 0.09 0.43 0.07 0.05 0.03 0.02 0.11 0.11 0.22 0.12 0.50 0.51 0.48 0.48 0.18 0.25 0.18 0.18 0.93 0.41 0.23 0.56 0.49 0.29 0.10 0.14
The accompanying notes form an integral part of these financial statements
Page 64
Polaris Fund - GEO Global Bond Total Return III Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination
765,325 4,057,658 5,782,866 1,595,962 1,979,941 200,000 5,000,000 3,410,700 6,130,708 348,633 1,444,601 4,158,663 6,670,269 541,829 5,369,468 1,931,810 8,000,000 439,435 2,163,441 485,902 7,703,636 2,900,000
PARGN 7X A1B FL.R 04-34 15/05Q PARGN -7X A1CFL.R 04-34 15/05Q PARGN 8 A2B FL.R 04-35 16/04Q PARGN 9X AB FL.R 08-34 15/05Q PARGN -9X--AAFL.R 05-41 15/05Q PERMM 2009-1 A2 FL.R 09-42 15/07Q PERMM 2009-1 A3 FL.R 09-42 15/07Q RESIDENTIAL 19X M1C FL.R 25-38 11/02Q RLOC 2007-1A A3C FL.R 07-43 15/12Q RMAC 2004-NSP4 A2 FL.R 04-36 12/12Q RMAC 2004-NS3X- A2C FL.R 04-36 12/06Q RMAC 2006-NS1X -A2C- FL.R 06-44 12/06Q RMAC 2007-NS1X- A2A FL.R 07-44 12/06Q RMACS 2006-NS2X A2A FL.R 06-44 12/06Q RMACS 2006-NS2X A2C FL.R 06-44 12/06Q RMACS 2006-NS4X A2A FL.R 06-44 12/06Q RMACS 2006-NS4X A3A FL.R 06-44 12/06Q SLKRD 2011-1 AA FL.R 11-54 21/03Q SPF 2005 - B A FL.R 05-43 10/06Q SPF 2006 - A A FL.R 06-44 10/03Q UROPA 2007-1 A2B FL.R 07-40 10/10Q USAF 2006-1 A FL.R 06-17 31/03Q
251,330 1,104,991 2,500,000 52,822 17,000,000 6,727,880 7,990,989 25,000,000 6,147,964 868,793 500,000 383,122 4,996,689 6,948,614 637,737
ARMT 2004-1 3A1 FL.R 04-35 25/01M CD 2007-CD4 A2B FL.R 07-12 11/03M COMNI 2009-A14A A14 FL.R 09-18 15/08M CSFB 2004-AR6 9A2 FL.R 04-34 25/10M FANNIE MAE TBA 3.50 12-32 01/08M FHR 3759 FB FL.R 10-40 15/11M FNA 2010-M7 FA FL.R 10-20 15/11M FNCL 3.50 12-42 01/07M FNR 2010-136 FA FL.R 10-40 25/12M HFCHC 2006-2 -A1- FL.R 06-36 20/03M JPMCC 2006-LDP9C A3 5.336 06-47 15/05M MRFC 2001-TBC1 A1 FL.R 01-31 15/11M SLMA 2003-2 A5 FL.R 03-23 15/12Q WBCMT 2007-C32 A2 FL.R 07-49 01/06M WFMBS 2004-S A1 FL.R 04-34 25/09M
United States of America
Quotation currency
Market value
% of net assets
GBP EUR EUR EUR GBP GBP EUR EUR USD GBP EUR EUR GBP GBP EUR GBP GBP EUR GBP GBP EUR GBP
758,287.06 3,245,679.85 4,534,981.39 1,227,183.44 1,897,131.82 249,044.33 5,060,111.50 2,542,148.19 3,997,634.18 367,272.76 1,211,217.66 3,461,724.94 6,290,980.15 582,059.61 4,537,803.57 2,370,145.88 7,560,455.81 441,878.43 2,265,809.14 503,407.93 6,957,736.39 3,408,405.02
0.12 0.52 0.72 0.20 0.30 0.04 0.81 0.41 0.64 0.06 0.19 0.55 1.00 0.09 0.72 0.38 1.21 0.07 0.36 0.08 1.11 0.54
USD USD USD USD USD USD USD USD USD USD USD USD EUR USD USD
66,572,577.55 175,791.28 885,587.54 2,067,245.18 38,468.86 14,050,987.94 5,310,190.04 6,299,887.58 20,718,623.18 4,852,292.97 645,022.39 436,097.63 279,085.37 4,677,825.45 5,639,248.59 496,223.55
10.63 0.03 0.14 0.33 0.01 2.24 0.85 1.01 3.31 0.77 0.10 0.07 0.04 0.75 0.90 0.08
Other transferable securities
26,610,989.84
4.25
5,964,814.23
0.95
USD AUD
2,783,205.16 1,669,607.98 1,113,597.18
0.44 0.26 0.18
USD USD
3,181,609.07 1,270,452.70 1,911,156.37
0.51 0.20 0.31
2,423,480.47
0.39
2,423,480.47 2,423,480.47
0.39 0.39
18,222,695.14
2.91
GBP
11,722,930.22 11,722,930.22
1.87 1.87
USD USD USD USD USD USD USD
6,499,764.92 799,708.79 13,260.66 87,621.01 529,133.52 1,761,578.47 3,294,842.25 13,620.22
1.04 0.13 0.00 0.01 0.08 0.28 0.54 0.00
(17,611.96)
0.00
Bonds Finland
2,100,000 FINLAND REGS 1,300,000 NORDIC INV BK
1.125 12-17 02/05S 5.00 12-22 19/04A
United States of America
1,400,000 AMERICAN MUN PWR OHIO 6.27 11-50 15/02S 2,100,000 NEW JERSEY TR FD 5.50 11-41 15/06S
Floating rate bonds Australia
3,000,000 ING BANK LTD
FL.R 10-15 03/03Q
AUD
Mortgage and asset backed securities United Kingdom
13,600,000 NGATE 2007-3X A3 965,870 17,149 100,000 600,000 2,272,431 4,178,708 23,114
FL.R 07-50 15/12Q
United States of America
COMM 2010-C1 A1 FL.R 10-15 10/11M CSFB 2003-AR20 2A1 FL.R 03-33 25/08M CSMC 2010-UD1 A 5.9329 10-17 18/06M GSMC 2010-C1 A2 4.592 10-20 10/07M SLMA 2009-D A FL.R 09-17 15/01M SLMA 2012-B A1 FL.R 12-15 15/05M SURF 2003-BC1 A FL.R 03-34 25/01M
Derivative instruments Options Germany
(47) EURX EURO BUND AUG 144.0 30.07.12 CALL
EUR
The accompanying notes form an integral part of these financial statements
Page 65
(17,611.96)
0.00
7,530.00 7,530.00
0.00 0.00
Polaris Fund - GEO Global Bond Total Return III Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Luxembourg
(3,338,000) USD(C)/MXN(P) OTC AUG 14.3 23.08.12 CALL (1,450,000) USD(C)/MXN(P)OTC JUL 14.10 19.07.12 CALL (3,970,000) USD(C)/MXN(P)OTC JUL 14.30 12.07.12 CALL
USD USD USD
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 66
Market value
% of net assets
(25,141.96) (19,649.45) (3,237.30) (2,255.21)
0.00 0.00 0.00 0.00
709,149,941.74
113.24
Polaris Fund - GEO Global Bond Total Return III Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
9,656,042.20
Net dividends Net interest on bonds Bank interest on cash account Other financial income Interest on swaps
Note 2 Note 2 Note 2 Note 2 Note 2
Expenses
6,304.26 8,079,715.69 5,638.30 12,137.39 1,552,246.56 3,071,484.81
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Performance fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Interest on swaps Other expenses
Note 5 Note 6 Note 4 Note 5
Note 2 Note 14
Net income from investments
611,936.90 46,386.01 31,796.48 29,734.63 1,032,106.69 1,167.65 10,222.79 4,306.34 37,125.69 1,257,112.43 9,589.20 6,584,557.39
Net realised profit / loss on: - sales of investment securities - options - forward foreign exchange contracts - financial futures - swaps - foreign exchange
Note 2 Note 2 Note 2 Note 2 Note 2 Note 2
Net realised loss
6,531,906.91 1,402,039.99 (14,135,909.36) (4,279,261.02) (9,282,030.00) 9,299,512.15 (3,879,183.94)
Movement in net unrealised appreciation / depreciation on: - investment securities - options - forward foreign exchange contracts - financial futures - swaps
Increase in net assets as a result of operations
7,964,910.80 (197,086.69) 3,358,676.56 (599,967.69) 6,785,866.16 13,433,215.20
Subscription capitalisation units Redemption capitalisation units
206,474,128.95 (126,466,871.46)
Increase in net assets
93,440,472.69
Net assets at the beginning of the period
532,771,426.16
Net assets at the end of the period
626,211,898.85
The accompanying notes form an integral part of these financial statements
Page 67
Polaris Fund - GEO Global Bond Total Return IV
Page 68
Polaris Fund - GEO Global Bond Total Return IV
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
252,683,514.21
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Time deposits Interest receivable Net unrealised appreciation on forward foreign exchange contracts Net unrealised appreciation on financial futures
199,746,585.51 198,243,923.78 1,502,661.73 2,277,643.79 50,000,000.00 567,815.75 90,497.75 971.41
Note 2, 7 Note 2, 8
Liabilities
56,491.13
Accrued custodian & administration fees Taxe d'abonnement payable Accrued management and advisory fees Accrued professional fees
Note 6 Note 4 Note 5
6,305.89 6,245.54 40,937.85 3,001.85
Net asset value
252,627,023.08
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
13,443.531
Units issued
12,669.372
Units redeemed
Units outstanding as at 30/06/12
3,746.411
22,366.492
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
252,627,023.08
149,833,070.01
87,313,004.56
22,366.492 11,294.89
13,443.531 11,145.37
7,795.780 11,200.03
The accompanying notes form an integral part of these financial statements
Page 69
Polaris Fund - GEO Global Bond Total Return IV Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
177,299,416.48
70.19
161,602,864.42
63.98
EUR EUR
21,987,785.97 11,992,724.41 9,995,061.56
8.70 4.74 3.96
EUR EUR EUR EUR EUR EUR EUR
117,562,956.85 292,905.00 31,992,012.66 12,996,601.23 9,998,701.56 19,995,804.77 36,992,231.63 5,294,700.00
46.55 0.12 12.66 5.14 3.96 7.92 14.65 2.10
EUR
2,021,840.00 2,021,840.00
0.80 0.80
EUR
411,496.00 411,496.00
0.16 0.16
USD EUR EUR EUR EUR
5,754,412.31 390,940.31 711,004.00 1,924,800.00 623,088.00 2,104,580.00
2.28 0.15 0.28 0.76 0.25 0.84
GBP EUR
6,863,780.69 4,728,620.69 2,135,160.00
2.72 1.87 0.85
USD EUR USD USD USD
7,000,592.60 1,599,397.26 1,022,910.00 2,011,800.17 1,101,267.88 1,265,217.29
2.77 0.63 0.40 0.80 0.44 0.50
6,801,725.00
2.69
EUR
1,449,760.00 1,449,760.00
0.57 0.57
EUR EUR
2,351,095.00 1,816,400.00 534,695.00
0.93 0.72 0.21
EUR
3,000,870.00 3,000,870.00
1.19 1.19
8,894,827.06
3.52
EUR
578,784.24 578,784.24
0.23 0.23
EUR
359,709.94 359,709.94
0.14 0.14
EUR GBP EUR EUR
6,946,022.90 2,020,644.90 3,009,930.59 611,847.36 1,303,600.05
2.75 0.80 1.19 0.24 0.52
EUR
1,010,309.98 1,010,309.98
0.40 0.40
2,456,769.97
0.97
2,456,769.97
0.97
2,456,769.97 1,341,254.86 1,115,515.11
0.97 0.53 0.44
19,990,399.06
7.91
19,990,399.06
7.91
19,990,399.06 19,990,399.06
7.91 7.91
199,746,585.51
79.07
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Belgium
12,000,000 BELGIUM T-BILL 10,000,000 BELGIUM T-BILL 300,000 32,000,000 13,000,000 10,000,000 20,000,000 37,000,000 5,000,000
-12 19/07U 11-12 20/09U
France
CIE DE SAINT GOBAIN 3.625 12-22 28/03A FRANCE BTF -12 02/08U FRANCE BTF -12 05/07U FRANCE BTF -12 06/09U FRANCE BTF -12 13/09U FRANCE BTF -12 16/08U LVMH MOET HENNESSY 3.375 11-15 07/04A
Italy
2,000,000 UBI BANCA
4.50 11-16 22/02A
Sweden
400,000 ATLAS COPCO 500,000 700,000 2,000,000 600,000 2,000,000
2.625 12-19 15/03A
The Netherlands
DEUTSCHE TELEKOM 2.25 12-17 06/03A HEINEKEN NV 2.50 12-19 19/03A HIT FINANCE 5.75 11-18 09/03A KPN 4.25 12-22 01/03A NOMURA EUR.FIN.EMTN 5.125 09-14 09/12A
United Kingdom
3,100,000 UNITED KINGDOM 4.25 03-36 07/03S 2,000,000 WESTPAC SECURITIES 3.50 11-16 16/06A 2,000,000 1,000,000 2,500,000 1,400,000 1,600,000
United States of America
GOLDMAN SACHS GROUP 5.45 07-12 01/11S MORGAN STANLEY 4.50 09-10 29/10A MORGAN STANLEY 5.95 07-17 28/12S PEPSICO INC 0.75 12-15 01/03S SIMON PROPERTY 2.15 12-17 15/09S
Floating rate bonds France
2,000,000 CNP ASSURANCES
FL.R 11-41 30/09A
The Netherlands
2,000,000 ALLIANZ FINANCE FL.R 11-41 08/07A 500,000 SIEMENS FIN NV FL.R 06-66 14/09A
United States of America
3,000,000 BEAR STEARNS COS
FL.R 05-12 27/07Q
Mortgage and asset backed securities Italy
576,252 COMP 2010-1 A
Spain
370,971 BBVAP 5 A1 2,000,000 2,400,000 611,064 1,300,000
FL.R 10-18 25/12M FL.R 06-39 15/03Q
The Netherlands
ARENA 2011-1 A2 FL.R 11-42 17/12Q BUMP 2012-5 A2 FL.R 12-22 20/06M DMPL SERIES VIII A1 FL.R 10-47 25/07Q HIGHW 2012-1 A FL.R 12 24 26/03M
United Kingdom
1,000,000 ARKLE 2012-1X 2A2
FL.R 12-15 17/11Q
Other transferable securities Mortgage and asset backed securities United Kingdom
1,700,000 FOSSM 2012-1X 2A2 FL.R 12-54 18/10Q 1,400,000 SMI 2012-1X 2A1 FL.R 12-55 21/01Q
USD USD
Money market instruments Bonds Luxembourg
20,000,000 EFSF TBILL
12-12 06/09U
EUR
Total securities portfolio The accompanying notes form an integral part of these financial statements
Page 70
Polaris Fund - GEO Global Bond Total Return IV Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
940,853.98
Net interest on bonds Bank interest on cash account Bank interest on time deposits Other financial income
Note 2 Note 2 Note 2 Note 2
Expenses
892,322.03 6,067.90 30,090.17 12,373.88 263,827.54
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
207,638.75 15,732.38 12,194.28 10,084.86 518.92 3,079.29 4,546.29 5,916.63 4,116.14 677,026.44
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2
Net realised profit
1,115,606.21 (196,973.02) (1,035,357.25) 611,725.65 1,172,028.03
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
368,851.65 254,512.22 325,953.99 2,121,345.89
Subscription capitalisation units Redemption capitalisation units
142,665,207.65 (41,992,600.47)
Increase in net assets
102,793,953.07
Net assets at the beginning of the period
149,833,070.01
Net assets at the end of the period
252,627,023.08
The accompanying notes form an integral part of these financial statements
Page 71
Polaris Fund - GEO Global Diversified Strategy Fund
Page 72
Polaris Fund - GEO Global Diversified Strategy Fund
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
400,215,670.54
Securities portfolio at market value Cost price Unrealised loss on the securities portfolio
Note 2
Cash at banks and liquidities Time deposits Interest receivable Brokers receivable Net unrealised appreciation on financial futures Receivable on spot exchange Other assets
264,782,624.63 267,537,833.36 (2,755,208.73) 34,946,948.89 23,666,168.08 4,875,332.31 71,673,967.12 21,220.21 239,709.30 9,700.00
Note 2, 8
Liabilities
98,971,511.81
Bank overdrafts Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Net unrealised depreciation on forward foreign exchange contracts Net unrealised depreciation on swaps Accrued management and advisory fees Accrued professional fees Payable on spot exchange Other liabilities
367,274.02 96,697,599.71 7,410.40 7,447.48 233,729.97 180.57 52,210.88 7,068.46 242,648.32 1,355,942.00
Note 6 Note 4 Note 2, 7 Note 2, 9 Note 5
Net asset value
301,244,158.73
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
32,855.693
Units issued
4,619.747
Units redeemed
Units outstanding as at 30/06/12
9,537.585
27,937.855
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
301,244,158.73
352,785,509.63
494,761,354.26
27,937.855 10,782.65
32,855.693 10,737.42
46,287.751 10,688.82
The accompanying notes form an integral part of these financial statements
Page 73
Polaris Fund - GEO Global Diversified Strategy Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
264,782,624.63
87.90
264,782,624.63
87.90
EUR EUR EUR
88,311,980.23 22,453,746.00 45,880,080.00 19,978,154.23
29.32 7.45 15.24 6.63
EUR EUR
86,965,248.40 35,247,712.00 51,717,536.40
28.87 11.70 17.17
EUR
89,505,396.00 89,505,396.00
29.71 29.71
264,782,624.63
87.90
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Belgium
22,200,000 BELGIQUE OLO -38- 5.00 02-12 28/09A 44,700,000 BELGIQUE-OLO SER 50- 4.00 07-13 28/03A 20,015,000 BELGIUM T-BILL -12 13/12U
France
34,600,000 FRANCE BTAN 51,670,000 FRANCE BTAN
3.75 08-13 12/01A 4.50 07-12 12/07A
The Netherlands
88,700,000 NETHERLANDS
1.75 10-13 15/01A
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 74
Polaris Fund - GEO Global Diversified Strategy Fund Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
4,528,063.15
Net interest on bonds Bank interest on cash account Bank interest on time deposits Other financial income Interest on swaps
Note 2 Note 2 Note 2 Note 2 Note 2
Expenses
3,406,210.09 17,766.07 19,338.15 23,339.91 1,061,408.93 1,786,641.79
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Interest on swaps Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
315,272.26 22,797.38 14,593.05 14,613.69 642.13 6,400.93 9,734.50 55,777.40 1,341,221.72 5,588.73 2,741,421.36
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - financial futures - swaps - foreign exchange
Note 2 Note 2 Note 2 Note 2 Note 2
Net realised profit
314,484.89 (1,165,699.26) 2,502,205.00 (1,003,435.79) 429,419.72 3,818,395.92
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures - swaps
Increase in net assets as a result of operations
(2,457,849.65) (210,944.42) (838,207.49) 768,129.64 1,079,524.00
Subscription capitalisation units Redemption capitalisation units
49,981,511.31 (102,602,386.21)
Decrease in net assets
(51,541,350.90)
Net assets at the beginning of the period
352,785,509.63
Net assets at the end of the period
301,244,158.73
The accompanying notes form an integral part of these financial statements
Page 75
Polaris Fund - GEO Global Cash Plus Fund
Page 76
Polaris Fund - GEO Global Cash Plus Fund
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
265,511,496.12
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Time deposits Interest receivable Net unrealised appreciation on forward foreign exchange contracts
196,654,902.35 196,644,180.94 10,721.41 20,953,236.19 47,600,000.00 25,773.96 277,583.62
Note 2, 7
Liabilities
776,263.45
Accrued custodian & administration fees Taxe d'abonnement payable Net unrealised depreciation on financial futures Accrued management and advisory fees Accrued professional fees Other liabilities
Note 6 Note 4 Note 2, 8 Note 5
6,684.45 6,544.89 713,255.98 43,969.29 4,455.56 1,353.28
Net asset value
264,735,232.67
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
21,119.795
Units issued
12,990.119
Units redeemed
Units outstanding as at 30/06/12
8,813.515
25,296.399
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
264,735,232.67
222,385,739.77
236,400,250.12
25,296.399 10,465.33
21,119.795 10,529.73
22,618.654 10,451.56
The accompanying notes form an integral part of these financial statements
Page 77
Polaris Fund - GEO Global Cash Plus Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
172,156,776.66
65.03
172,156,776.66
65.03
EUR
32,283,672.44 32,283,672.44
12.19 12.19
EUR EUR
66,379,084.62 25,998,880.96 40,380,203.66
25.08 9.82 15.26
EUR EUR
27,697,660.64 9,999,706.93 17,697,953.71
10.46 3.78 6.68
EUR EUR
45,796,358.96 20,698,868.96 25,097,490.00
17.30 7.82 9.48
24,498,125.69
9.25
24,498,125.69
9.25
24,498,125.69 24,498,125.69
9.25 9.25
196,654,902.35
74.28
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Belgium
32,300,000 BELGIUM T-BILL
France
26,000,000 FRANCE BTF 40,400,000 FRANCE BTF
11-12 20/09U 11-12 20/09U 11-12 23/08U
Germany
10,000,000 GERMAN TREASURY BILLS 17,700,000 GERMAN TREASURY BILLS
The Netherlands
20,700,000 NEDERLAND T-BILLS 25,100,000 NETHERLANDS T-BILL
-12 26/09U -12 29/08U -12 31/07U -12 27/12U
Money market instruments Bonds Germany
24,500,000 GERMAN TREASURY BILLS
11-12 25/07U
EUR
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 78
Polaris Fund - GEO Global Cash Plus Fund Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
306,066.62
Net interest on bonds Bank interest on cash account Bank interest on time deposits Other financial income
Note 2 Note 2 Note 2 Note 2
Expenses
222,039.75 41,397.04 25,854.39 16,775.44 402,439.23
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net loss from investments
281,399.36 21,322.14 14,909.72 13,668.05 668.49 4,346.71 970.28 60,059.69 5,094.79 (96,372.61)
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2
Net realised loss
(20,867.51) (924,393.40) 232,032.25 231,577.34 (578,023.93)
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures
Decrease in net assets as a result of operations
14,185.62 (287,079.61) (1,078,299.59) (1,929,217.51)
Subscription capitalisation units Redemption capitalisation units
136,782,116.61 (92,503,406.20)
Increase in net assets
42,349,492.90
Net assets at the beginning of the period
222,385,739.77
Net assets at the end of the period
264,735,232.67
The accompanying notes form an integral part of these financial statements
Page 79
Polaris Fund - GEO Global Balanced I Fund
Page 80
Polaris Fund - GEO Global Balanced I Fund
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
296,449,372.77
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Interest receivable Brokers receivable Dividends receivable Net unrealised appreciation on forward foreign exchange contracts Receivable on spot exchange
257,118,335.18 236,311,646.39 20,806,688.79 25,437,038.21 1,016,382.74 7,085,812.21 180,922.16 2,679,346.94 2,931,535.33
Note 2, 7
Liabilities
13,805,071.85
Bank overdrafts Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Performance fees payable Net unrealised depreciation on financial futures Accrued management and advisory fees Accrued professional fees Payable on spot exchange Other liabilities
743,320.60 7,257,289.30 7,067.28 6,987.66 126,964.54 2,651,793.93 69,978.76 14,268.34 2,923,446.67 3,954.77
Note 6 Note 4 Note 5 Note 2, 8 Note 5
Net asset value
282,644,300.92
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
61,993.265
Units issued
338.802
Units redeemed
Units outstanding as at 30/06/12
38,309.203
24,022.864
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
282,644,300.92
712,142,562.90
850,629,272.80
24,022.864 11,765.64
61,993.265 11,487.42
77,779.022 10,936.49
The accompanying notes form an integral part of these financial statements
Page 81
Polaris Fund - GEO Global Balanced I Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
257,118,335.17
90.97
175,805,410.21
62.20
USD
209,278.73 209,278.73
0.07 0.07
DKK DKK DKK
612,188.47 94,300.21 264,787.10 253,101.16
0.22 0.03 0.10 0.09
EUR EUR EUR EUR
1,371,669.48 379,953.57 783,126.57 96,166.44 112,422.90
0.49 0.13 0.29 0.03 0.04
EUR EUR EUR EUR EUR
1,415,971.30 314,842.76 72,257.97 98,353.50 836,276.22 94,240.85
0.50 0.11 0.03 0.03 0.30 0.03
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
14,475,931.96 3,638,534.60 355,102.12 46,466.94 970,311.00 139,030.57 1,415,565.18 1,375,572.00 363,658.34 1,369,516.23 1,514,906.99 68,734.60 51,719.04 729,754.30 717,134.00 1,212,031.80 124,375.45 383,518.80
5.12 1.28 0.13 0.02 0.34 0.05 0.50 0.49 0.13 0.48 0.54 0.02 0.02 0.26 0.25 0.43 0.04 0.14
USD USD
1,756,802.56 615,107.72 1,141,694.84
0.62 0.22 0.40
ILS ILS ILS ILS USD ILS
207,741.12 21,224.69 7,080.83 8,320.83 24,242.74 145,135.97 1,736.06
0.07 0.01 0.00 0.00 0.01 0.05 0.00
EUR EUR EUR
881,211.40 578,639.98 47,522.27 255,049.15
0.31 0.20 0.02 0.09
JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY
12,093,636.44 69,126.70 62,494.11 1,027,893.72 76,675.76 25,894.37 85,048.47 96,075.80 334,559.74 98,694.86 853,789.17 30,931.03 203,876.16 463,050.90 187,146.54
4.28 0.02 0.02 0.37 0.03 0.01 0.03 0.03 0.12 0.03 0.31 0.01 0.07 0.16 0.07
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Shares
Canada
2,677 SXC HEALTH SOLUTIONS CORP
Denmark
9,895 GN GREAT NORDIC 2,320 NOVO-NORDISK -B34,274 PANDORA
Finland
25,381 28,887 59,362 3,765
FORTUM CORP METSO CORP NOKIA OYJ NOKIAN TYRES PLC
12,757 2,382 406 9,659 11,133
ACCOR SA BNP PARIBAS SA HERMES INTERNATIONAL SA REMY COINTREAU SA SUEZ ENVIRONNEMENT COMPANY SA
66,518 6,254 533 34,046 3,269 101,547 80,916 31,719 29,207 28,927 1,570 657 12,595 40,700 26,040 9,179 3,078
France
Germany
BASF - NAMEN AKT BAYER AG REG SHS BRENNTAG - NAMEN AKT DEUTSCHE BANK AG REG SHS DEUTSCHE BOERSE AG REG SHS DEUTSCHE POST AG REG SHS E.ON AG REG SHS FREENET AG REG SHS HANNOVER RUECKVERSICHERUNG AG REG SHS HENKEL AG & CO KGAA HENKEL KGAA MERCK KGAA MTU AERO ENGINES HOLDING AG PROSIEBEN SAT.1 MED.VORZ.AKT.OHNE STIMM. SAP AG UNITED INTERNET AG REG SHS VOLKSWAGEN VORZ.AKT
Ireland
31,565 SEAGATE TECHNOLOGY PLC 80,852 WARNER CHILCOTT 8,866 3,739 10,137 2,862 4,670 4
Israel
BANK HAPOALIM (IL662577) BANK LEUMI LE-ISRAEL (IL604611) BEZEQ THE ISRAEL TELECOMMUNICATION ISRAEL CHEMICALS LTD TEVA PHARMA IND.ADR THE ISRAEL CORP A
Italy
1,369,238 A2A SPA 69,477 BANCA CARIGE AZ. 284,812 INTESA SANPAOLO SPA NON CONV 22,800 7,000 166 6,000 2,000 6,200 4,400 25,300 7,200 106,600 2,900 1,300 31,300 50,000
Japan
A AND D CO LTD BROTHER INDUSTRIES CENTRAL JAPAN RAILWAY CO CHUBU ELECTRIC POWER CO INC CHUGOKU ELECTRIC POWER CO COCA-COLA WEST SHS CREATE S D HOLDING LTD DAIICHI SANKYO CO LTD DAIKOKU DENKI CO LTD DAINIPPON SUMITOMO PHARMA CO LTD DAITO PHARMACEUTICAL CO LTD FAST RETAILING CO LTD FUJIFILM HOLDINGS CORP FUJITSU LTD
The accompanying notes form an integral part of these financial statements
Page 82
Polaris Fund - GEO Global Balanced I Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination 22,100 1,300 10,100 3,300 4,000 2,000 24,200 2,200 18 3,400 1,600 14,400 14,000 280 6,500 25 4,500 11,000 122,000 68,000 4,100 120,000 22,000 7,000 19,000 424,200 4,900 82 41,000 1,500 8,300 2,400 7,000 2,100 1,500 1,900 6,000 48,800 19,000 6,100 1,100 172,000 82,000 2,400 16,000 42,000 3,500 1,600 15,200 14,000 4,000 1,100 8,900 25 1,800 47,000 2,300 15,900
FUTABA INDUSTRIAL CO LTD GENKY STORES INC HARUYAMA TRADING CO LTD HEIWA CORP HISAKA WORKS LTD HOKURIKU ELECTRIC POWER CO INC HONDA MOTOR CO LTD IBIDEN INPEX INRMATION SERVICES INTL DENTSU JAPAN TOBACCO JFE HOLDINGS INC JGC CORP JUPITER TELECOMMUNICATIONS CO LTD KANSAI ELECTRIC POWER KDDI CORP KENKO MAYONNAISE CO LTD KINDEN CORP KINKI NIPPON TOURIST KOBE STEEL KYUSHU ELECTRIC POWER CO INC MARUBENI CORP MARUDAI FOOD MATSUMOTO HOLDINGS MITSUBISHI CHEMICAL HOLDINGS CORP MITSUBISHI UFJ FINANCIAL GROUP INC NIPPON TELEGRAPH AND TELEPHONE CORP NTT DOCOMO INC OENON HOLDINGS INC OLYMPUS CORP ORIX CORP RESORTTRUST RIKEN COPR ROCK FIELD CO LTD SEVEN & I HOLDINGS CO LTD SHIKOKU ELECTRIC POWER CO SHINAMAYWA INDUSTRIES SHISEIDO SHOEI CO LTD SOFTBANK CORP SUMITOMO CORP SUMITOMO HEAVY INDUSTRIES SUMITOMO METAL INDUSTRIES LTD TABAI ESPEC CORP TAIYO NIPPON SANSO TANSEISHA CO LTD TOHOKU ELECTRIC POWER CO INC TOKAI TOKIO MARINE HOLDINGS INC TOKYO THEATRES CO INC TSUKISHIMA KIKAI CO LTD TSURUHA HOLDINGS INC UKC HOLDINGS CORP WOWOW YA-MAN LTD YAMATANE CORP YAMAYA CORP YASHIMA DENKI CO LTD
Norway
38,202 DNB 6,891 GJENSIDIGE FORSIKRING ASA 30,212 STATOIL ASA 21,000 47,000 1,000 29,000 42,000
Singapore
CAPITALAND LTD HO BEE INVESTMENT LTD JARDINE CYCLE & CARRIAGE LTD KEPPEL LAND LTD OVERSEA-CHINESE BANKING CORPORATION LTD
Quotation currency
Market value
% of net assets
JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY
90,794.22 26,935.28 50,970.03 48,559.34 30,101.46 24,452.50 656,995.95 30,960.65 79,016.33 22,094.15 37,306.85 187,434.91 317,309.67 225,365.91 61,304.07 126,657.22 28,797.85 56,489.61 132,533.33 63,797.71 38,263.81 623,360.92 66,266.66 122,084.72 65,486.47 1,583,561.92 179,048.38 107,462.60 78,147.26 19,080.06 604,112.98 31,405.07 22,121.81 31,191.75 35,508.46 31,767.51 23,287.15 604,833.91 81,998.82 177,895.87 12,036.63 603,016.76 105,276.10 18,226.79 73,159.98 98,303.78 27,617.69 28,995.37 298,122.95 15,623.53 27,454.74 53,828.08 92,025.73 42,070.94 21,420.62 52,450.41 28,869.95 55,115.89
0.03 0.01 0.02 0.02 0.01 0.01 0.24 0.01 0.03 0.01 0.01 0.07 0.11 0.08 0.02 0.04 0.01 0.02 0.05 0.02 0.01 0.22 0.02 0.04 0.02 0.57 0.06 0.04 0.03 0.01 0.21 0.01 0.01 0.01 0.01 0.01 0.01 0.21 0.03 0.06 0.00 0.21 0.04 0.01 0.03 0.03 0.01 0.01 0.11 0.01 0.01 0.02 0.03 0.01 0.01 0.02 0.01 0.02
NOK NOK NOK
927,980.24 298,524.34 63,166.13 566,289.77
0.33 0.11 0.02 0.20
SGD SGD SGD SGD SGD
719,649.79 35,268.87 34,059.03 28,806.02 58,084.78 229,639.54
0.25 0.01 0.01 0.01 0.02 0.09
The accompanying notes form an integral part of these financial statements
Page 83
Polaris Fund - GEO Global Balanced I Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 17,000 21,000 15,000 4,000 45,000 8,000 35,000 3,000
SATS SEMBCORP INDUSTRIES LTD SEMBCORP MARINE LTD SINGAPORE AIRLINES LTD SINGAPORE TELECOM - SH BOARD LOT 1000 SMRT CORPORATION LTD STX OSV HOLDINGS UNITED OVERSEAS BANK
33,519 25,752 23,746 22,568 5,796
BANCO BILBAO VIZCAYA ARGENT. SA REG SHS BANCO SANTANDER SA REG SHS IBERDROLA SA LABORATORIOS ALMIRALL -SHSREPSOL
Spain
Sweden
9,554 SWEDISH MATCH
Switzerland
3,687 3,320 5,407 19,087 19,556
ACE LTD REG SHS ACTELION LTD NAMEN ALLIED WORLD AS - NAMEM AKT ROCHE HOLDING AG GENUSSSCHEIN SWISS RE NAMEN AKT
4,606 6,122 11,671 146,649 30,012 35,890 14,211 42,742 8,433 71,474 590,377 27,080 300,839 6,319 52,176 12,670 16,997 205,269 30,550 17,114 52,908 36,448 20,598 65,028 7,431 97,845 115,907 9,926 96,157 87,528 9,828 152,310 51,334 70,441 16,525 13,458 14,621
AGGREKO PLC AMLIN PLC ASTRAZENECA PLC BARCLAYS PLC BG GROUP PLC BHP BILLITON PLC BRITISH AMERICAN TOBACCO PLC BT GROUP PLC BURBERRY GROUP PLC C W COMMUNICATIONS CABLE WIRELESS WORLDWIDE CRODA INT'L PLC DEBENHAMS PLC DOMINO'S PIZZA UKIR DRAX GROUP EASYJET PLC GLAXOSMITHKLINE ADR REPR.2 SHS HSBC HOLDINGS PLC ICG IG GROUP HLDGS IMPERIAL TOBACCO GROUP PLC JOHN WOOD GROUP LADBROKES PLC LEGAL GENERAL GROUP PLC MICRO FOCUS INTL NATIONAL GRID PLC QINETIQ GROUP PLC SABMILLER PLC SAFESTORE HOLDINGS PLC SPIRIT PUB COMPANY PLC STANDARD CHARTERED PLC STANDARD LIFE PLC TALK TALK TELECOM TATE LYLE PLC TULLOW OIL PLC VODAPHONE GROUP -ADRXSTRATA PLC
1,625 4,363 132,434 1,744 50,753 53,977 48,403
ABBOTT LABORATORIES LTD AIRGAS INC AMEREN CORPORATION AMERICAN EXPRESS CO COM. AMERICAN FINANCIAL GROUP AMERISOURCEBERGEN CORP AMGEN INC
United Kingdom
United States of America
Market value
% of net assets
SGD SGD SGD SGD SGD SGD SGD SGD
28,339.50 67,010.85 44,599.26 25,801.64 92,370.85 8,409.79 32,438.65 34,821.01
0.01 0.02 0.02 0.01 0.03 0.00 0.01 0.01
EUR EUR EUR EUR EUR
612,437.33 188,678.45 134,451.19 88,311.37 127,734.88 73,261.44
0.22 0.06 0.05 0.03 0.05 0.03
SEK
303,978.51 303,978.51
0.11 0.11
USD CHF USD CHF CHF
4,230,727.43 215,371.59 107,520.29 338,595.24 2,599,702.95 969,537.36
1.50 0.08 0.04 0.12 0.92 0.34
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP USD GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP USD GBP
12,729,566.73 117,953.68 26,777.60 411,535.82 295,164.87 482,209.86 801,104.19 569,335.77 111,675.43 138,100.67 26,147.94 276,545.40 757,409.96 321,623.71 40,182.00 361,446.64 83,229.58 610,341.03 1,423,512.99 102,022.12 101,317.59 1,605,353.36 308,801.19 40,019.85 102,312.00 48,722.61 816,886.64 225,052.40 313,446.17 120,924.18 54,901.08 168,172.86 439,366.63 120,864.26 563,719.54 300,231.74 298,842.79 144,312.58
4.50 0.04 0.01 0.15 0.10 0.17 0.28 0.20 0.04 0.05 0.01 0.10 0.27 0.11 0.01 0.13 0.03 0.22 0.49 0.04 0.04 0.56 0.11 0.01 0.04 0.02 0.29 0.08 0.11 0.04 0.02 0.06 0.16 0.04 0.20 0.11 0.11 0.05
USD USD USD USD USD USD USD
123,256,638.72 82,552.89 288,826.78 3,500,127.15 79,995.46 1,568,921.78 1,673,688.94 2,785,828.08
43.61 0.03 0.10 1.24 0.03 0.56 0.59 0.99
The accompanying notes form an integral part of these financial statements
Page 84
Polaris Fund - GEO Global Balanced I Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination 13,945 3,587 5,993 6,203 22,062 30,105 5,879 4,546 4,412 8,309 15,178 2,299 3,348 4,771 2,156 36,328 79,072 80,547 2,795 1,458 11,904 122,888 74,976 8,974 32,052 69,719 41,282 98,400 42,966 17,590 41,475 92,009 2,183 61,958 3,740 32,526 14,808 12,218 51,146 8,411 26,718 33,536 3,251 25,943 69,625 57,398 15,045 7,241 20,787 14,109 63,382 57,566 123,345 56,252 2,256 38,603 60,054 93,770 10,368 2,252 39,006 134,076 6,581 10,135 12,088 217,407 20,798 52,957 1,788
APPLE INC ASSURANT INC AT AND T INC BANK OF NEW YORK MELLON CORP BB AND T CORP BERKSHIRE HATHAWAY -BBIG LOTS INC BIOGEN IDEC INC BLACKROCK INC CABLEVISION SYSTEMS -ACAPITAL ONE FINANCIAL CORP CELGENE CORP CENTURYLINK SHS CF INDUSTRIES HOLDINGS INC CHARLES RIVER LABORATORIES INTERNATIONAL CISCO SYSTEMS INC CLEARWIRE CORPORATION -ACONOCOPHILLIPS CO CONSOLIDATED EDISON INC COVANCE CSX CORP DEAN FOODS DELL INC DELTA AIR LINES DENTSPLY INTERNATIONAL INC DIRECTV -ADISCOVER FINANCIAL SERVICES - SHS WI DISH NETWORK -ADOLLAR TREE INC EBAY ELI LILLY & CO EMC CORP ERIE INDEMNITY CO - SHS A EXPRESS SCRIPTS FACEBOOK -AFAMILLY DOLLAR STORE FIRST NIAGARA FINANCIAL GROUP INC FRANKLIN RESOURCES INC GILEAD SCIENCES INC GOOGLE INC HARLEY DAVIDSON INC HARTFORD FINANCIAL SERVICES GROUP INC HERSHEY HEWLETT-PACKARD CO HOLLYFRONTIER HUMANA INC HUNTINGTON INGALLS INDUSTRIESINC IBM CORP INGRAM MICRO -AINTEGRYS ENG GRP SHS INTEL CORP INTUIT JPMORGAN CHASE CO LENDER PROCESSING SERVICES LIBERTY GLOBAL SERIES -CLORILLARD LOWE'S COMPANIES INC MARATHON PETROLEUM CORP MARRIOTT INTERNATIONAL -AMASTERCARD INC -AMERCK AND CO MICROSOFT CORP MSC INDUSTRIAL DIRECT CO INC -ANORFOLK SOUTHERN CORP OCCIDENTAL PETROLEUM CORP ORACLE CORP PEPSICO INC PG AND E CORP PRICELINE.COM INC
Quotation currency
Market value
% of net assets
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
6,417,304.28 98,476.09 168,401.86 107,289.59 536,316.69 1,976,793.39 188,963.72 517,199.07 590,398.99 87,015.18 653,740.58 116,231.70 104,182.28 728,366.53 55,656.25 491,510.78 69,784.99 3,546,721.06 136,969.43 54,974.43 209,742.28 1,649,093.92 739,686.79 77,432.17 954,955.38 2,682,070.51 1,124,882.05 2,213,718.92 1,821,497.03 582,290.61 1,402,381.51 1,858,233.06 123,182.40 2,725,751.66 91,713.33 1,703,895.42 89,264.57 1,068,575.56 2,066,716.74 3,844,583.56 962,778.57 465,891.56 184,523.49 411,105.73 1,943,827.08 3,502,542.15 477,058.27 1,115,948.76 286,158.06 632,267.31 1,331,019.50 2,692,204.48 3,472,768.49 1,120,563.07 84,885.54 4,013,762.93 1,345,838.04 3,319,135.10 320,259.72 763,254.18 1,283,243.77 3,231,854.41 339,927.15 573,175.96 816,979.44 5,088,048.46 1,158,021.10 1,889,100.82 936,260.79
2.28 0.03 0.06 0.04 0.19 0.70 0.07 0.18 0.21 0.03 0.23 0.04 0.04 0.26 0.02 0.17 0.02 1.25 0.05 0.02 0.07 0.58 0.26 0.03 0.34 0.95 0.40 0.78 0.64 0.21 0.50 0.66 0.04 0.96 0.03 0.60 0.03 0.38 0.73 1.37 0.34 0.16 0.07 0.15 0.69 1.24 0.17 0.39 0.10 0.22 0.47 0.95 1.23 0.40 0.03 1.43 0.48 1.17 0.11 0.27 0.45 1.14 0.12 0.20 0.29 1.81 0.41 0.67 0.33
The accompanying notes form an integral part of these financial statements
Page 85
Polaris Fund - GEO Global Balanced I Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination 48,029 24,456 7,763 5,777 2,878 105,461 11,603 10,907 31,527 1,704 13,733 29,644 12,267 14,842 2,097 12,641 192,481 6,507 42,540 5,006 18,122 3,603 11,875 3,510 36,409 94,783 42,523 36,280 55,424 2,114
PROCTER AND GAMBLE CO QUALCOMM INC RAYMOND JAMES FINANCIAL INC REGAL ENTERTAINMENT GROUP -AREGENERON PHARMACEUTICALS INC REYNOLDS AMERICAN SCOTTS -ASTARBUCKS CORP STATE STREET CORP SUNOCO TARGET CORP TESORO CORP THOR INDUSTRIES INC TIME WARNER TJX COS INC TORO CO TYSON FOODS INC -AUNION PACIFIC CORP UNITED PARCEL SERVICE INC UNITED TECHNOLOGIES CORP US BANCORP VERIZON COMMUNICATIONS INC VIACOM -BVISA INC -AWALGREEN CO WELLS FARGO AND CO WESTERN DIGITAL CORP WILLIAMS COS INC WINDSTREAM W.R.BERKLEY CORP
Quotation currency
Market value
% of net assets
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
2,318,093.26 1,073,015.31 209,452.05 62,638.60 259,032.47 3,728,801.13 375,962.62 458,265.03 1,108,991.20 63,779.99 629,701.96 583,045.77 264,952.89 450,271.46 70,938.27 730,041.28 2,856,008.22 611,756.96 2,640,124.82 297,941.91 459,243.94 126,171.01 439,984.63 341,941.85 848,649.16 2,497,571.82 1,021,315.98 823,915.21 421,887.11 64,833.44
0.82 0.38 0.07 0.02 0.09 1.33 0.13 0.16 0.39 0.02 0.22 0.21 0.09 0.16 0.03 0.26 1.01 0.22 0.93 0.11 0.16 0.04 0.16 0.12 0.30 0.88 0.36 0.29 0.15 0.02
81,312,924.96
28.77
EUR
39,092,520.00 39,092,520.00
13.83 13.83
USD
42,220,404.96 42,220,404.96
14.94 14.94
0.01
0.00
0.01
0.00
0.01 0.01
0.00 0.00
257,118,335.18
90.97
Bonds 34,000,000 BRD
Germany
3.25 09-20 04/01A
United States of America
45,500,000 US TREASURY B-2020 3.625 10-20 15/02S
Other transferable securities Shares United States of America
5,036 MARRIOT INTL
USD
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 86
Polaris Fund - GEO Global Balanced I Fund Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
5,099,031.85
Net dividends Net interest on bonds Bank interest on cash account Other financial income
Note 2 Note 2 Note 2 Note 2
Expenses
2,871,001.55 2,067,154.83 27,855.65 133,019.82 1,287,868.30
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Performance fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Other expenses
Note 5 Note 6 Note 4 Note 5
Note 2 Note 14
Net income from investments
684,027.82 34,918.55 16,578.86 22,383.69 126,964.54 909.27 13,144.68 39,321.37 334,453.55 15,165.97 3,811,163.55
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2
Net realised profit
31,951,431.64 (21,610,287.17) (9,131,182.23) 23,609,040.89 28,630,166.68
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
(22,331,663.79) 14,518,601.80 (3,368,245.61) 17,448,859.08
Subscription capitalisation units Redemption capitalisation units
4,024,147.19 (450,971,268.25)
Decrease in net assets
(429,498,261.98)
Net assets at the beginning of the period
712,142,562.90
Net assets at the end of the period
282,644,300.92
The accompanying notes form an integral part of these financial statements
Page 87
Polaris Fund - GEO Global Balanced III Fund
Page 88
Polaris Fund - GEO Global Balanced III Fund
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
136,211,166.90
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Interest receivable Dividends receivable Net unrealised appreciation on financial futures Receivable on spot exchange Other assets
123,403,659.15 103,354,507.58 20,049,151.57 11,145,023.24 979,100.69 167,701.18 334,276.06 179,287.66 2,118.92
Note 2, 8
Liabilities
7,985,355.27
Bank overdrafts Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Net unrealised depreciation on forward foreign exchange contracts Accrued management and advisory fees Accrued professional fees Payable on spot exchange
267,568.34 289,616.86 3,959.18 3,170.06 7,200,109.55 32,948.89 7,448.49 180,533.90
Note 6 Note 4 Note 2, 7 Note 5
Net asset value
128,225,811.63
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
32,828.138
Units issued
1.098
Units redeemed
Units outstanding as at 30/06/12
21,965.051
10,864.185
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
128,225,811.63
371,767,120.57
300,322,794.76
10,864.185 11,802.62
32,828.138 11,324.65
26,862.605 11,179.96
The accompanying notes form an integral part of these financial statements
Page 89
Polaris Fund - GEO Global Balanced III Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
123,403,659.15
96.24
38,435,259.06
29.97
EUR EUR
1,339,792.60 1,066,007.00 273,785.60
1.04 0.83 0.21
USD
156,484.46 156,484.46
0.12 0.12
CAD CAD
388,578.70 237,900.44 150,678.26
0.30 0.18 0.12
USD
243,088.40 243,088.40
0.19 0.19
HKD HKD
744,358.87 462,391.54 281,967.33
0.58 0.36 0.22
DKK
403,980.76 403,980.76
0.32 0.32
EUR EUR EUR EUR EUR
3,052,244.25 401,593.60 648,243.75 1,060,504.48 385,567.41 556,335.01
2.38 0.31 0.51 0.83 0.30 0.43
EUR EUR
1,082,859.16 705,321.16 377,538.00
0.84 0.55 0.29
USD
684,722.43 684,722.43
0.53 0.53
USD
614,667.92 614,667.92
0.48 0.48
JPY JPY JPY JPY JPY JPY
2,782,621.15 309,705.30 181,118.35 979,304.75 421,011.57 460,350.86 431,130.32
2.17 0.24 0.14 0.76 0.33 0.36 0.34
USD
728,042.55 728,042.55
0.57 0.57
CHF CHF CHF
2,312,886.98 684,498.56 934,300.25 694,088.17
1.80 0.53 0.73 0.54
USD
599,145.31 599,145.31
0.47 0.47
EUR
219,668.03 219,668.03
0.17 0.17
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
5,271,255.78 356,140.16 196,018.64 261,640.84 885,818.81 612,535.56 670,454.86 579,837.60 512,321.47 910,231.54 286,256.30
4.11 0.28 0.15 0.20 0.69 0.48 0.52 0.45 0.40 0.72 0.22
USD USD USD USD USD USD
17,810,861.71 956,495.93 583,606.32 488,354.09 847,658.33 374,023.09 734,811.79
13.90 0.75 0.46 0.38 0.66 0.29 0.57
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Shares
Belgium
17,390 ANHEUSER-BUSCH INBEV NV 3,520 SOLVAY
Brazil
10,580 PETROLEO BRASILEIRO SP.ADR REPR.2 SH
Canada
11,270 CANADIAN NATURAL RESOURCES 10,830 FIRST QUANTUM MINERALS LTD
Cayman Islands
2,683 BAIDU - SHS -A- ADR REPR 1 SH -A-
China
314,778 CHINA MERCHANT BANK -H647,000 INDUS.AND COMMERCIAL BANK OF CHINA -H-
Denmark
6,512 CARLSBERG AS -B38,320 5,775 17,752 8,817 38,027
France
AXA SA PPR SANOFI AVENTIS SCHNEIDER ELECTRIC SA VIVENDI SA
Germany
12,422 BAYER AG REG SHS 3,030 VOLKSWAGEN VORZ.AKT
Ireland
16,242 COVIDIEN PLC
Israel
19,778 TEVA PHARMA IND.ADR 35,000 11,600 42,000 22,700 3,400 39,400
Japan
ANRITSU CORP GREE INC JAPAN TOBACCO KOMATSU LTD SMC CORP SUMITOMO CORP
Singapore
25,736 AVAGO TECHNOLOGIES
Switzerland
15,857 COMPAGNIE FINANCIERE RICHEMONT SA 19,845 NESTLE SA REG SHS 15,760 NOVARTIS AG REG SHS
Taiwan
54,466 TAIWAN SEMICON ADR (REPR 5 SHS)
The Netherlands
29,072 KONINKLIJKE KPN NV 10,100 58,180 129,993 55,132 27,442 16,735 63,570 29,940 410,861 29,002 18,828 22,880 18,314 18,480 7,170 10,610
United Kingdom
ASTRAZENECA PLC AVIVA PLC BARCLAYS PLC BG GROUP PLC BHP BILLITON PLC BRITISH AMERICAN TOBACCO PLC PRUDENTIAL PLC STANDARD CHARTERED PLC VODAFONE GROUP PLC XSTRATA PLC
United States of America
ABBOTT LABORATORIES LTD ADOBE SYSTEMS INC ALTERA CORP AMERICAN EXPRESS CO COM. ANADARKO PETROLEUM CORP APACHE CORP
The accompanying notes form an integral part of these financial statements
Page 90
Polaris Fund - GEO Global Balanced III Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination 3,853 9,460 5,330 45,304 19,208 33,709 13,662 2,121 21,122 33,450 15,253 11,734 15,898 10,850 48,666 69 9,850 16,440 8,277 10,853 21,097 22,950 26,085
APPLE INC CAPITAL ONE FINANCIAL CORP CELGENE CORP CISCO SYSTEMS INC CITIGROUP COMCAST CORP DOW CHEMICAL CO GOOGLE INC HARTFORD FINANCIAL SERVICES GROUP INC MERCK AND CO NEWS CORP -BNORFOLK SOUTHERN CORP OCCIDENTAL PETROLEUM CORP PACCAR INC PFIZER INC PNC FINANCIAL SERVICES GROUP INC PRUDENTIAL FINANCIAL INC TIME WARNER UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC VEECO INSTRUMENTS VIRGIN MEDIA INC WELLS FARGO AND CO
Quotation currency
Market value
% of net assets
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
1,773,099.56 407,457.23 269,471.49 612,954.32 414,870.40 849,199.58 339,114.30 969,487.78 293,432.77 1,100,459.00 270,672.99 663,605.99 1,074,482.06 335,062.84 882,012.53 3,322.64 375,899.69 498,751.03 492,621.89 500,295.89 571,209.11 441,078.37 687,350.70
1.39 0.32 0.21 0.48 0.32 0.66 0.26 0.76 0.23 0.86 0.21 0.52 0.84 0.26 0.69 0.00 0.29 0.39 0.38 0.39 0.45 0.34 0.54
84,968,400.09
66.27
CAD
6,813,589.96 6,813,589.96
5.31 5.31
JPY
6,049,030.42 6,049,030.42
4.72 4.72
EUR EUR EUR EUR EUR JPY JPY
23,757,998.11 1,612,457.00 1,720,037.00 4,333,758.00 2,938,050.00 3,830,895.00 6,038,779.33 3,284,021.78
18.54 1.26 1.34 3.38 2.29 2.99 4.72 2.56
JPY JPY
9,052,406.47 5,826,306.29 3,226,100.18
7.06 4.54 2.52
JPY JPY
9,725,452.57 4,560,948.79 5,164,503.78
7.58 3.56 4.02
EUR
3,235,867.27 3,235,867.27
2.52 2.52
GBP GBP GBP GBP
5,165,913.98 1,291,941.67 380,306.51 2,291,342.23 1,202,323.57
4.03 1.01 0.30 1.78 0.94
USD USD USD USD USD USD USD USD
21,168,141.31 2,798,790.20 761,544.08 4,376,736.06 6,379,624.52 2,475,061.32 2,290,837.63 596,102.89 1,489,444.61
16.51 2.18 0.59 3.41 4.99 1.93 1.79 0.46 1.16
123,403,659.15
96.24
Bonds Canada
8,200,000 CANADA GOVT BONDS 600,000,000 AFD 1,100,000 1,100,000 3,900,000 2,500,000 2,700,000 600,000,000 300,000,000
France
5.00 03-14 01/06S
1.80 07-15 19/06A
Germany
BRD 6.25 94-24 04/01A BRD 6.50 97-27 04/07A BRD GOVT 3.50 05-16 04/01A GERMANY 3.75 08-19 04/01A GERMANY -3014.75 03-34 04/07A KFW 1.35 06-14 20/01S KREDITANS.FUER WIEDER.2.05 06-26 16/02S
Japan
550,000,000 DBJ INTL 300,000,000 DBJ REGD
1.75 07-17 17/03S 1.70 02-22 20/09S
Luxembourg
450,000,000 BEI EMTN 1.90 06-26 26/01S 500,000,000 EUROP.INVEST.BK 2.15 07-27 18/01S
The Netherlands
2,789,661 NEDERLAND
4.50 07-17 15/07A
United Kingdom
700,000 200,000 1,500,000 800,000
UK TREASURY STOCK 6.00 98-28 07/12S UK TREASURY STOCK 8.00 96-21 07/06S UNITED KINGDOM 4.25 00-32 07/06S UNITED KINGDOM 4.50 08-19 07/03S
3,400,000 800,000 5,000,000 7,400,000 3,000,000 2,100,000 500,000 1,300,000
UNITED STATES -D2013- 4.25 03-13 15/08S US TREAS N/B 3.75 11-41 15/08S US TREASURY NOTE 2.75 09-19 15/02S US TREASURY NT B2015 4.00 05-15 15/02S USA T NOTES 2.375 09-14 31/10S USA TREASURY BOND 8,75 87-17 15/05S USA TREASURY BONDS 6.125 97-27 15/11S USA TREASURY BONDS 6.25 93-23 15/08S
United States of America
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 91
Polaris Fund - GEO Global Balanced III Fund Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
4,256,080.40
Net dividends Net interest on bonds Bank interest on cash account Other financial income
Note 2 Note 2 Note 2 Note 2
Expenses
1,092,914.87 3,105,885.29 9,295.81 47,984.43 603,951.82
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Transaction fees Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
439,065.73 22,402.82 10,711.68 14,360.77 707.81 7,294.15 99,549.74 9,859.12 3,652,128.58
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2
Net realised profit
11,843,063.74 (9,397,193.56) 3,983,477.27 10,853,239.90 20,934,715.93
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
(14,237,946.79) 6,549,585.42 (271,437.94) 12,974,916.62
Subscription capitalisation units Redemption capitalisation units
12,780.92 (256,529,006.48)
Decrease in net assets
(243,541,308.94)
Net assets at the beginning of the period
371,767,120.57
Net assets at the end of the period
128,225,811.63
The accompanying notes form an integral part of these financial statements
Page 92
Polaris Fund - GEO European Equity Total Return Fund
Page 93
Polaris Fund - GEO European Equity Total Return Fund
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
71,792,008.70
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Interest receivable Dividends receivable Net unrealised appreciation on financial futures
67,533,814.59 67,429,976.90 103,837.69 3,483,261.19 754,594.16 17,146.29 3,192.47
Note 2, 8
Liabilities
24,048.12
Accrued custodian & administration fees Taxe d'abonnement payable Accrued management and advisory fees Accrued professional fees
Note 6 Note 4 Note 5
2,738.42 1,774.28 12,370.09 7,165.33
Net asset value
71,767,960.58
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
36,824.228
Units issued
1,070.946
Units redeemed
Units outstanding as at 30/06/12
30,680.691
7,214.483
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
71,767,960.58
357,611,277.09
395,226,782.56
7,214.483 9,947.76
36,824.228 9,711.30
38,790.539 10,188.74
The accompanying notes form an integral part of these financial statements
Page 94
Polaris Fund - GEO European Equity Total Return Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
67,533,814.59
94.10
17,409,887.69
24.26
EUR EUR EUR
364,822.60 83,937.54 128,184.75 152,700.31
0.51 0.12 0.18 0.21
EUR EUR EUR
799,336.76 20,117.50 620,785.10 158,434.16
1.11 0.03 0.86 0.22
EUR EUR EUR EUR EUR EUR EUR EUR
735,872.53 75,223.56 162,280.46 70,416.72 72,499.91 162,032.70 53,854.68 72,463.80 67,100.70
1.03 0.10 0.23 0.10 0.10 0.23 0.08 0.10 0.09
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
4,424,383.90 40,047.38 85,634.55 164,341.40 80,810.80 249,717.44 135,286.80 370,238.68 101,885.70 314,899.25 85,841.82 55,862.27 232,700.88 35,880.55 22,947.40 328,029.45 96,267.60 67,586.55 110,454.00 22,311.51 742,926.64 255,339.47 46,786.64 54,953.85 32,551.02 28,004.30 107,476.92 354,497.05 201,103.98
6.16 0.06 0.12 0.23 0.11 0.35 0.19 0.51 0.14 0.44 0.12 0.08 0.32 0.05 0.03 0.46 0.13 0.09 0.15 0.03 1.03 0.36 0.07 0.08 0.05 0.04 0.15 0.49 0.28
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
5,710,278.37 419,915.88 688,891.80 549,800.74 64,456.80 363,668.84 93,780.52 436,591.50 195,255.23 192,469.58 182,002.27 162,571.00 209,929.26 168,569.55 194,240.33 105,962.84 185,803.64 139,885.44
7.96 0.59 0.97 0.77 0.09 0.51 0.13 0.61 0.27 0.27 0.25 0.23 0.29 0.23 0.27 0.15 0.26 0.19
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Shares
Austria
33,508 IMMOFINANZ AG 5,175 OMV AG 7,322 VOESTALPINE AG
Belgium
325 ACKERMANS AND VAN HAAREN NV 10,127 ANHEUSER-BUSCH INBEV NV 9,507 KBC GROUPE SA
Finland
4,737 5,986 4,707 7,889 7,935 11,127 8,142 5,015
ELISA CORPORATION -AMETSO CORP ORION CORPORATION (NEW) -BPOHJOLA BANK -ASAMPO OYJ -ASTORA ENSO -RUPM KYMMENE CORP YIT OYJ
30,782 3,435 3,188 1,715 23,828 1,662 12,205 1,470 2,909 8,914 16,094 22,429 895 886 2,737 1,870 1,605 984 1,657 12,436 5,839 956 2,985 1,251 193 3,308 9,637 13,746
ALCATEL-LUCENT SA ALSTOM SA ARKEMA SA ATOS AXA SA BIC BNP PARIBAS SA CASINO GUICHARD PERRACHON SA CHRISTIAN DIOR SA CNP ASSURANCES CREDIT AGRICOLE SA FRANCE TELECOM SA IMERYS SA KLEPIERRE SA LVMH MOET HENNESSY LOUIS VUITTON SA MICHELIN SA REG SHS NEOPOST PPR REXEL SA SANOFI AVENTIS SCHNEIDER ELECTRIC SA SEB SA SOCIETE GENERALE SA THALES UNIBAIL-RODAMCO SE VALEO SA VINCI SA VIVENDI SA
5,308 12,594 9,683 1,004 6,388 70,195 15,319 4,591 13,807 21,031 9,563 2,567 3,595 3,709 19,873 3,737 1,777
ALLIANZ SE REG SHS BASF - NAMEN AKT BAYER AG REG SHS BILFINGER BERGER AG BMW AG COMMERZBANK AG DEUTSCHE BANK AG REG SHS DEUTSCHE BOERSE AG REG SHS DEUTSCHE POST AG REG SHS DEUTSCHE TELEKOM AG REG SHS E.ON AG REG SHS FRESENIUS AG HANNOVER RUECKVERSICHERUNG AG REG SHS HENKEL AG & CO KGAA INFINEON TECHNOLOGIES REG SHS LANXESS AG MERCK KGAA
France
Germany
The accompanying notes form an integral part of these financial statements
Page 95
Polaris Fund - GEO European Equity Total Return Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 3,175 8,312 7,442 8,268 5,006
PROSIEBEN SAT.1 MED.VORZ.AKT.OHNE STIMM. RWE AG SAP AG SIEMENS AG REG SHS SUEDZUCKER MANNH./OCHS
Greece
8,474 GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS
Ireland
66,530 ANGLO-IRISH BANK 31,660 RYANAIR HOLDING ORD. 19,319 11,601 9,102 87,774 20,785 254,075 11,530 3,316 189,776 67,916
Italy
ASSICURAZIONI GENERALI SPA ATLANTIA SPA BANCA POPOLARE DELL'EMILIA ROMAGNA SCARL ENEL SPA FIAT INDUSTRIAL INTESA SANPAOLO SPA PIRELLI AND C SAIPEM SPA TELECOM ITALIA SPA TERNA SPA
Luxembourg
6,973 SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS)
Portugal
58,449 EDP-ENERGIAS REG.SHS
Spain
16,086 2,334 86,761 10,916 2,641 33,824
ABERTIS INFRAESTRUCTURAS SA -AAMADEUS IT HOLDINGS -ABANCO SANTANDER SA REG SHS ENAGAS INDITEX SA REG SHS TELEFONICA SA
5,892 15,620 6,649 30 4,220 2,237 3,012 20,850 5,927 14,115 1,168 9,687 3,143 18,341 312 4,686
AALBERTS INDUSTRIES NV AEGON NV ASML HOLDING NV CORIO NV DSM KONINKLIJKE FUGRO NV -CERT OF SHS HEINEKEN NV KONINKLIJKE AHOLD NV KONINKLIJKE BOSKALIS WESTMINSTER NV KONINKLIJKE KPN NV NUTRECO HOLDING NV REED ELSEVIER NV SBM OFFSHORE NV UNILEVER NV WERELDHAVE NV WOLTERS KLUWER NV
The Netherlands
Market value
% of net assets
EUR EUR EUR EUR EUR
55,943.50 267,438.60 346,387.89 546,845.52 139,867.64
0.08 0.37 0.48 0.76 0.19
EUR
41,946.30 41,946.30
0.06 0.06
EUR EUR
126,640.00 0.00 126,640.00
0.18 0.00 0.18
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
1,582,190.61 205,940.54 116,590.05 38,665.30 223,121.51 160,875.90 284,055.85 95,641.35 116,026.84 148,120.17 193,153.10
2.20 0.29 0.16 0.05 0.31 0.22 0.40 0.13 0.16 0.21 0.27
EUR
129,976.72 129,976.72
0.18 0.18
EUR
108,948.94 108,948.94
0.15 0.15
EUR EUR EUR EUR EUR EUR
1,386,130.98 171,235.47 38,977.80 452,979.18 156,862.92 215,320.73 350,754.88
1.93 0.24 0.05 0.63 0.22 0.30 0.49
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
1,999,359.98 72,118.08 56,919.28 266,392.19 1,038.90 163,736.00 106,772.01 123,928.74 203,787.90 153,924.19 106,652.94 64,158.24 87,299.24 34,211.56 483,927.29 15,777.84 58,715.58
2.79 0.10 0.08 0.38 0.00 0.23 0.15 0.17 0.28 0.21 0.15 0.09 0.12 0.05 0.68 0.02 0.08
50,123,926.90
69.84
EUR EUR EUR
3,488,892.50 1,682,005.50 1,197,468.00 609,419.00
4.86 2.34 1.67 0.85
EUR EUR EUR EUR EUR EUR
12,095,771.70 1,538,004.00 1,371,102.30 2,052,800.00 3,435,058.80 1,617,344.00 2,081,462.60
16.85 2.14 1.91 2.86 4.79 2.25 2.90
EUR EUR EUR EUR EUR
11,244,265.10 2,441,670.00 420,847.20 2,519,334.40 894,978.00 2,381,875.00
15.67 3.40 0.59 3.51 1.25 3.32
Bonds Austria
1,530,000 AUSTRIA 3.50 05-21 15/09A 1,110,000 AUSTRIA 4.30 03-14 15/07A 545,000 AUSTRIA EMTN 4.00 05-16 15/09A
Belgium
1,300,000 1,290,000 2,000,000 3,285,000 1,480,000 1,970,000
BELGIQUE OLO 8.00 95-15 28/03A BELGIQUE OLO -56- 3.50 09-15 28/03A BELGIQUE-OLO SER 50- 4.00 07-13 28/03A BELGIUM -41-LINEAIRE 4.25 03-13 28/09A BELGIUM -52-LINEAIRE 4.00 08-18 28/03A BELGIUM -54-LINEAIRE 4.00 08-14 28/03A
2,265,000 360,000 2,320,000 840,000 2,060,000
FRANCE FTB FRANCE GOVT FRANCE OAT FRANCE OAT FRANCE OAT
France
3.50 05-15 25/04A 4.50 09-41 25/04A 3.50 09-20 25/04A 4.00 04-14 25/04U 5.00 01-16 25/10A
The accompanying notes form an integral part of these financial statements
Page 96
Polaris Fund - GEO European Equity Total Return Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination
2,025,000 FRANCE OAT
5.50 98-29 25/04A
Germany
1,000,000 1,200,000 990,000 1,780,000
BRD -054.00 05-37 04/01A BUNDESREPUB DEUTS. 2.50 10-21 04/01A GERMANY 3.75 08-19 04/01A GERMANY -074.00 07-18 04/01A
2,590,000 1,795,000 2,090,000 430,000 2,065,000 2,020,000 500,000
ITALY BOT ITALY BTP ITALY BTP ITALY BTP ITALY BTP ITALY BTPS ITALY CTZ
Italy
4.50 08-18 01/08S 3.75 06-16 01/08S 4.25 03-13 01/08S 4.25 03-19 01/02S 5.00 07-39 01/08S 3.75 10-21 01/03S 0.00 10-12 31/08U
Luxembourg
3,000,000 EFSF
0.40 12-13 12/03U
The Netherlands
525,000 NEDERLAND 780,000 NEDERLAND 1,920,000 NETHERLANDS
4.00 06-16 15/07A 5.50 98-28 15/01A 1.00 11-14 15/01A
Quotation currency
Market value
% of net assets
EUR
2,585,560.50
3.60
EUR EUR EUR EUR
5,882,254.80 1,313,800.00 1,313,220.00 1,163,467.80 2,091,767.00
8.20 1.83 1.83 1.62 2.92
EUR EUR EUR EUR EUR EUR EUR
10,801,639.05 2,498,055.00 1,738,242.10 2,113,658.80 405,984.50 1,752,462.25 1,794,911.40 498,325.00
15.05 3.48 2.42 2.95 0.57 2.44 2.50 0.69
EUR
2,998,800.00 2,998,800.00
4.18 4.18
EUR EUR EUR
3,612,303.75 589,296.75 1,078,623.00 1,944,384.00
5.03 0.82 1.50 2.71
67,533,814.59
94.10
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 97
Polaris Fund - GEO European Equity Total Return Fund Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
5,565,115.29
Net dividends Net interest on bonds Bank interest on cash account Other financial income Other income
Note 2 Note 2 Note 2 Note 2
Expenses
1,253,822.33 4,152,853.16 5,070.43 120,559.11 32,810.26 465,249.84
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Transaction fees Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
280,431.04 21,261.71 9,153.71 13,629.31 718.83 6,979.17 126,503.29 6,572.78 5,099,865.45
Net realised profit / loss on: - sales of investment securities - financial futures
Note 2 Note 2
Net realised profit
1,882,032.80 4,731,078.80 11,712,977.05
Movement in net unrealised appreciation / depreciation on: - investment securities - financial futures
Increase in net assets as a result of operations
(1,529,851.67) (1,315,811.31) 8,867,314.07
Subscription capitalisation units Redemption capitalisation units
10,713,636.36 (305,424,266.94)
Decrease in net assets
(285,843,316.51)
Net assets at the beginning of the period
357,611,277.09
Net assets at the end of the period
71,767,960.58
The accompanying notes form an integral part of these financial statements
Page 98
Polaris Fund - GEO Equity Global I
Page 99
Polaris Fund - GEO Equity Global I
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
76,047,984.95
Securities portfolio at market value Cost price Unrealised loss on the securities portfolio
Note 2
71,322,459.00 79,987,201.71 (8,664,742.71)
Cash at banks and liquidities Dividends receivable Receivable on spot exchange
4,144,522.95 366,346.59 214,656.41
Liabilities
1,581,918.75
Accrued custodian & administration fees Taxe d'abonnement payable Net unrealised depreciation on forward foreign exchange contracts Accrued management and advisory fees Accrued professional fees Payable on spot exchange
Note 6 Note 4 Note 2, 7 Note 5
2,689.39 1,840.99 1,331,919.18 23,662.95 4,835.11 216,971.13
Net asset value
74,466,066.20
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
33,038.191
Units issued
210.792
Units redeemed
Units outstanding as at 30/06/12
23,528.041
9,720.942
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
74,466,066.20
241,343,891.30
217,210,248.55
9,720.942 7,660.38
33,038.191 7,305.00
26,731.183 8,125.73
The accompanying notes form an integral part of these financial statements
Page 100
Polaris Fund - GEO Equity Global I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
71,322,459.00
95.78
71,322,459.00
95.78
BRL BRL
1,415,857.98 1,060,872.54 354,985.44
1.90 1.42 0.48
CAD CAD
1,609,057.08 352,711.11 1,256,345.97
2.16 0.47 1.69
HKD HKD HKD
1,267,599.72 523,139.44 291,039.85 453,420.43
1.70 0.70 0.39 0.61
EUR EUR EUR EUR EUR EUR EUR EUR EUR
6,887,832.09 732,692.70 1,163,070.40 430,453.65 526,819.90 701,107.29 728,138.25 901,414.80 1,269,475.00 434,660.10
9.25 0.98 1.56 0.58 0.71 0.94 0.98 1.21 1.71 0.58
EUR EUR EUR EUR EUR EUR EUR EUR
7,128,681.19 998,192.40 932,077.64 635,290.00 776,070.75 991,872.00 1,364,922.00 357,465.60 1,072,790.80
9.58 1.34 1.25 0.85 1.04 1.33 1.84 0.48 1.45
HKD HKD HKD
2,188,546.60 892,576.04 671,783.25 624,187.31
2.94 1.20 0.90 0.84
EUR EUR
1,406,777.01 336,817.01 1,069,960.00
1.89 0.45 1.44
EUR EUR EUR
2,106,342.53 933,278.45 513,676.50 659,387.58
2.83 1.25 0.69 0.89
JPY JPY JPY JPY JPY JPY JPY JPY
4,028,081.07 373,036.87 489,872.21 516,774.11 419,302.07 894,578.23 902,556.70 233,440.37 198,520.51
5.41 0.50 0.66 0.69 0.56 1.20 1.22 0.31 0.27
NOK
336,405.26 336,405.26
0.45 0.45
EUR
431,569.11 431,569.11
0.58 0.58
SGD SGD
605,108.39 252,354.37 352,754.02
0.81 0.34 0.47
KRW
508,987.08 508,987.08
0.68 0.68
GBP EUR
1,304,051.55 978,526.88 325,524.67
1.75 1.31 0.44
SEK
919,099.78 919,099.78
1.23 1.23
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Shares
Brazil
148,900 PETROLEO BRASILEIRO -PETROBRAS- PREF. 23,220 VALE DO RIO DOCE PREF -A-
Canada
15,500 SUNCOR ENERGY INC 139,280 TALISMAN ENERGY INC
China
258,000 CHINA LIFE INSURANCE CO LTD 850,130 CHINA TELECOM CORP LTD -H1,426,000 SHANGHAI ELECTRIC GROUP CO LTD -H-
France
29,390 110,980 14,190 36,220 201,990 70,182 17,510 21,250 23,610
ALSTOM SA AXA SA BNP PARIBAS SA CARREFOUR SA CREDIT AGRICOLE SA FRANCE TELECOM SA MICHELIN SA REG SHS SANOFI AVENTIS SOCIETE GENERALE SA
17,580 102,280 37,370 20,550 12,600 12,280 7,680 16,220
BAYER AG REG SHS DEUTSCHE LUFTHANSA AG REG SHS E.ON AG REG SHS HEIDELBERGCEMENT AG MERCK KGAA MUENCHENER RUECKVERSICHERUNGS AG REG SHS SAP AG SIEMENS AG REG SHS
Germany
Hong Kong
331,560 AIA GROUP LTD 282,000 CHINA MERCHANTS HOLDINGS -RC72,500 CHINA MOBILE LTD
Ireland
22,291 CRH PLC 93,040 ELAN CORP
Italy
834,775 INTESA SANPAOLO SPA 807,033 TELECOM ITALIA SPA RISP NON CONV 221,271 UNICREDIT SPA 45,400 79,620 489,040 4,590 121,100 54,270 80,400 17,900
Japan
ITOCHU CORP KONICA MINOLTA HOLDINGS INC MAZDA MOTOR CORP NINTENDO CO LTD NISSAN MOTOR CO LTD NKSJ HOLDINGS NOMURA HOLDINGS INC SONY CORP
Norway
25,660 TELENOR AS
Russia
58,030 GAZPROM ADR REPR. 2 SHS
Singapore
29,250 DBS GROUP HOLDINGS 171,850 SINGAPORE TELECOM - SH BOARD LOT 1000
South Korea
616 SAMSUNG ELECTRONICS CO LTD
Spain
496,380 INTL CONS AIRLINES GROUP 31,391 TELEFONICA SA
Sweden
127,690 TELEFON AB L.M.ERICSSON
The accompanying notes form an integral part of these financial statements
Page 101
Polaris Fund - GEO Equity Global I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
50,230 24,300 7,570 23,318
Switzerland
CREDIT SUISSE GROUP AG REG SHS NOBLE CORP ROCHE HOLDING AG GENUSSSCHEIN SWISS RE NAMEN AKT
Taiwan
114,000 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 299,220 21,910 278,524 38,390 22,150 37,580 25,190
The Netherlands
AEGON NV AKZO NOBEL NV ING GROEP NV KONINKLIJKE PHILIPS ELECTRONICS NV LYONDELLBASELL -ARANDSTAD HOLDING REED ELSEVIER NV
United Kingdom
259,350 39,440 38,877 2,446,120 196,760 107,430 408,320 58,222 201,710 239,382
AVIVA PLC GLAXOSMITHKLINE PLC HSBC HOLDINGS PLC (USD 0.5) LLOYDS BANKING GROUP PLC MARKS AND SPENCER GROUP PLC PERSIMMON PLC RENTOKIL INITIAL PLC REXAM TESCO PLC VODAFONE GROUP PLC
14,400 11,240 51,790 43,910 237,930 58,230 53,460 44,546 27,980 72,700 29,830 34,460 27,130 33,120 20,490 75,890 43,670 67,710 14,770 77,100 1,346,950 12,390 3,993 14,355 41,030 14,160
ABERCROMBIE AND FITCH -AAMGEN INC BAKER HUGHES INC BANK OF AMERICA CORP BROCADE COMMUNICATIONS SYSTEMS INC CHESAPEAKE ENERGY CORP CISCO SYSTEMS INC CITIGROUP COMCAST CORP SPECIAL CLASS A DELL INC DOW CHEMICAL CO JPMORGAN CHASE CO MEDTRONIC INC MERCK AND CO MICROSOFT CORP MORGAN STANLEY NAVISTAR INTERNATIONAL CORP PFIZER INC PROCTER AND GAMBLE CO SAIC INC SPRINT NEXTEL 1 SHS-SERIES 1 SPX CORP TIME WARNER TIME WARNER CABLE VALERO ENERGY CORP (NEW) WATSON PHARMACEUTICALS
United States of America
Market value
% of net assets
CHF USD CHF CHF
3,531,776.58 721,783.12 622,890.35 1,031,055.24 1,156,047.87
4.74 0.97 0.84 1.38 1.55
TWD
244,378.79 244,378.79
0.33 0.33
EUR EUR EUR EUR USD EUR EUR
5,767,145.16 1,090,357.68 811,546.40 1,466,707.38 597,732.30 702,872.62 870,916.50 227,012.28
7.74 1.46 1.09 1.98 0.80 0.94 1.17 0.30
GBP GBP HKD GBP GBP GBP GBP GBP GBP GBP
6,366,485.19 873,795.70 705,347.67 270,730.65 940,233.99 790,347.30 808,612.90 371,177.06 302,947.25 772,959.91 530,332.76
8.55 1.17 0.95 0.36 1.26 1.06 1.09 0.50 0.41 1.04 0.71
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
23,268,676.84 387,388.99 646,916.67 1,677,293.25 283,033.61 924,309.44 853,455.73 723,303.42 962,141.65 692,306.84 717,232.58 740,431.82 970,218.51 827,977.54 1,089,602.46 493,904.18 872,491.31 976,256.18 1,227,162.05 712,865.92 736,339.78 3,460,113.47 637,732.79 121,138.25 928,683.27 780,800.20 825,576.93
31.26 0.52 0.87 2.26 0.38 1.24 1.15 0.97 1.29 0.93 0.96 0.99 1.30 1.11 1.46 0.66 1.17 1.31 1.65 0.96 0.99 4.66 0.86 0.16 1.25 1.05 1.11
71,322,459.00
95.78
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 102
Polaris Fund - GEO Equity Global I Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
2,398,841.60
Net dividends Bank interest on cash account Other financial income
Note 2 Note 2 Note 2
Expenses
2,303,299.99 1,786.24 93,755.37 580,195.97
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
343,735.06 13,220.50 5,621.61 8,527.19 797.71 4,732.30 561.22 196,023.66 6,976.72 1,818,645.63
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - foreign exchange
Note 2 Note 2 Note 2
Net realised loss
(13,766,193.28) (6,854,769.92) 10,157,157.86 (8,645,159.71)
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts
Increase in net assets as a result of operations
18,365,499.31 4,379,288.91 14,099,628.51
Subscription capitalisation units Redemption capitalisation units
1,728,763.28 (182,706,216.89)
Decrease in net assets
(166,877,825.10)
Net assets at the beginning of the period
241,343,891.30
Net assets at the end of the period
74,466,066.20
The accompanying notes form an integral part of these financial statements
Page 103
Polaris Fund - GEO Equity Global II
Page 104
Polaris Fund - GEO Equity Global II Statement of Operations and Changes in Net Assets from 01/01/12 to 23/03/12 Expressed in EUR
Income
546,033.91
Net dividends Bank interest on cash account Other financial income Other income
Note 2 Note 2 Note 2
Expenses
542,203.07 336.02 3,462.53 32.29 309,742.80
Management & advisory fees Custodian fees Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Other expenses
Note 5 Note 6
Note 2 Note 14
Net income from investments
156,355.84 6,023.60 3,861.28 400.00 9,147.79 1,807.86 124,728.88 7,417.55 236,291.11
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - foreign exchange
Note 2 Note 2 Note 2
Net realised profit
18,848,611.78 (1,871,904.55) 10,260,164.22 27,473,162.56
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts
Increase in net assets as a result of operations
(11,998,946.66) 4,231,613.00 19,705,828.90
Subscription capitalisation units Redemption capitalisation units
3,274,728.44 (230,197,529.25)
Decrease in net assets
(207,216,971.91)
Net assets at the beginning of the period
207,216,971.91
Net assets at the end of the period
0.00
The accompanying notes form an integral part of these financial statements
Page 105
Polaris Fund - GEO Equity Global III
Page 106
Polaris Fund - GEO Equity Global III
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
80,667,588.45
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
71,813,967.56 65,452,008.23 6,361,959.33
Cash at banks and liquidities Dividends receivable
8,773,400.55 80,220.34
Liabilities
1,273,197.16
Options sold at market value Options sold at cost
Note 2, 10
Accrued custodian & administration fees Taxe d'abonnement payable Performance fees payable Net unrealised depreciation on financial futures Accrued management and advisory fees Accrued professional fees
Note 6 Note 4 Note 5 Note 2, 8 Note 5
1,003,437.12 2,161,182.88 2,798.32 1,962.66 12,294.45 231,500.00 20,058.99 1,145.62
Net asset value
79,394,391.29
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
4,371.974
Units issued
1,177.752
Units redeemed
Units outstanding as at 30/06/12
0.000
5,549.726
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
79,394,391.29
57,188,116.76
65,449,504.61
5,549.726 14,306.00
4,371.974 13,080.62
5,000.000 13,089.90
The accompanying notes form an integral part of these financial statements
Page 107
Polaris Fund - GEO Equity Global III Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
71,813,967.56
90.45
71,792,616.95
90.42
AUD AUD AUD AUD AUD AUD AUD AUD AUD
2,303,733.20 117,993.03 191,073.17 141,458.63 355,320.48 139,868.10 349,810.86 166,718.32 285,464.84 556,025.77
2.90 0.15 0.24 0.18 0.45 0.18 0.44 0.21 0.36 0.69
BRL BRL BRL
761,926.35 214,438.51 346,086.59 201,401.25
0.96 0.27 0.44 0.25
CAD CAD CAD
1,438,582.88 165,221.43 1,119,147.05 154,214.40
1.81 0.21 1.41 0.19
EUR
426,336.13 426,336.13
0.54 0.54
EUR EUR EUR
1,408,842.55 353,524.09 1,035,490.89 19,827.57
1.77 0.45 1.30 0.02
EUR EUR EUR EUR EUR EUR EUR EUR
5,607,295.42 631,693.35 922,843.70 561,707.20 361,301.00 424,100.16 806,269.02 795,971.63 1,103,409.36
7.06 0.80 1.16 0.71 0.46 0.53 1.02 1.00 1.38
HKD HKD
660,212.52 413,255.04 246,957.48
0.83 0.52 0.31
EUR EUR
710,459.93 419,430.00 291,029.93
0.89 0.52 0.37
JPY JPY JPY JPY
2,123,159.03 780,139.36 533,515.58 422,866.25 386,637.84
2.67 0.98 0.67 0.53 0.49
GBP
294,563.54 294,563.54
0.37 0.37
NOK
818,411.33 818,411.33
1.03 1.03
SGD SGD
654,146.13 412,488.31 241,657.82
0.82 0.52 0.30
KRW
894,032.50 894,032.50
1.13 1.13
EUR USD EUR EUR EUR
1,937,541.15 978,052.20 5,030.53 25,306.58 442,018.88 487,132.96
2.44 1.23 0.01 0.03 0.56 0.61
CHF USD CHF
4,444,602.57 244,377.93 265,957.91 227,225.89
5.60 0.31 0.33 0.29
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Shares
184,913 10,738 5,873 1,086,184 5,506 465,681 244,267 43,686 23,023
Australia
ALKANE RESOURCES ANZ BANKING GROUP LTD ASX LTD BASE RESOURCES LTD BHP BILLITON LTD DEXUS PROPERTY GROUP STAPLED SECURITY LYNAS CORPORATION LTD SUNCORP GROUP WESFARMERS
Brazil
46,275 HYPERMARCAS SA 35,746 LIGHT SA 16,998 LOCALIZA RENT A CAR SA
Canada
4,053 BANK OF NOVA SCOTIA 32,537 POTASH CORP OF SASKATCHEWAN 6,777 SUNCOR ENERGY INC
Finland
8,951 KONE -B-
France
11,654 BNP PARIBAS SA 21,126 DANONE SA 1,077 SOCIETE GENERALE SA 7,985 16,871 8,560 21,253 5,808 9,859 15,199 19,044
Germany
ALLIANZ SE REG SHS BASF - NAMEN AKT CONTINENTAL AG E.ON AG REG SHS FIELMANN AG FRESENIUS AG HENKEL AG & CO KGAA MTU AERO ENGINES HOLDING AG
Hong Kong
48,000 CHINA MOBILE LTD 22,100 HONG KONG EXCHANGES AND CLEARING LTD
Italy
165,000 ENEL SPA 260,313 INTESA SANPAOLO SPA 6,100 30,923 22,800 11,600
Japan
FANUC CORP SHS HOYA CORP KOMATSU LTD NITTO DENKO CORP
Jersey Island
30,832 WPP PLC
Norway
62,426 TELENOR AS
Singapore
105,093 SINGAPORE EXCHANGE LTD 20,820 UNITED OVERSEAS BANK
South Korea
1,082 SAMSUNG ELECTRONICS CO LTD 58,566 665 1,703 22,112 38,539
Spain
AMADEUS IT HOLDINGS -AGRIFOLS B ADR REPR 1/2 SHS B GRIFOLS SA -BGRIFOLS-SHS.A REPSOL
Switzerland
18,999 ABB LTD REG SHS 4,553 ACE LTD REG SHS 15,813 CREDIT SUISSE GROUP AG REG SHS
The accompanying notes form an integral part of these financial statements
Page 108
Polaris Fund - GEO Equity Global III Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination 30,120 NESTLE SA REG SHS 26,565 NOVARTIS AG REG SHS 8,216 ROCHE HOLDING AG GENUSSSCHEIN 53,419 8,653 12,262 59,532
The Netherlands
ING GROEP NV RANDSTAD HOLDING ROYAL IMTECH NV UNILEVER NV
The Netherlands Antilles
5,262 SCHLUMBERGER LTD
Turkey
10,000 MIGROS TICARET A.S. 21,044 40,674 90,613 29,426 10,842 28,271 9,890 121,973 40,809 6,763 79,722 39,180 38,190 10,043 5,521 17,179 17,653 935 14,724 2 78,929 84,204 10,000 5,474 3,712 3,955 6,693 11,981 1,116 14,806 8,871 8,231 3,811 11,386 9,750 29,211 3,529 7,387 26,868 21,003 17,935 12,980 16,153 24,821 26,431 8,610 31,279 25,524 6,900 24,679 26,566 20,826 3,725 22,133
United Kingdom
ANGLO AMERICAN PLC ANTOFAGASTA PLC BG GROUP PLC BHP BILLITON PLC BRITISH AMERICAN TOBACCO PLC GLAXOSMITHKLINE PLC IMPERIAL TOBACCO GROUP PLC PREMIER OIL PLC PRUDENTIAL PLC RECKITT BENCKISER GROUP PLC TESCO PLC XSTRATA PLC
United States of America
AETNA INC ALTRIA GROUP AMERICAN EXPRESS CO COM. AMGEN INC AT AND T INC AUTOZONE INC BAXTER INTERNATIONAL INC BERKSHIRE HATHAWAY INC -ABLACKSTONE GROUP PARTNERSHIP UNITS BOSTON SCIENTIFIC CORP CAMERON INTERNATIONAL CORP CARDINAL HEALTH INC CATERPILLAR INC C.H.ROBINSON WORLWIDE INC CHUBB CORP CIGNA CORP CME GROUP -ACOLGATE-PALMOLIVE CO CONSOLIDATED EDISON INC CVS CAREMARK CORP DEERE & CO DRESSER RAND GROUP INC DTE ENERGY COMPANY EBAY GOOGLE INC HALLIBURTON CO HESS CORP HYATT -AJOHNSON AND JOHNSON JOY GLOBAL INC JPMORGAN CHASE CO LINEAR TECHNOLOGY CORP MARATHON PETROLEUM CORP MCDONALD'S CORP MEAD JOHNSON NUTRITION CO MEDTRONIC INC METLIFE INC MICROSOFT CORP MOODY'S CORP MSCI NORFOLK SOUTHERN CORP OCCIDENTAL PETROLEUM CORP
Quotation currency
Market value
% of net assets
CHF CHF CHF
1,418,046.04 1,169,952.55 1,119,042.25
1.79 1.47 1.41
EUR EUR EUR EUR
2,282,808.60 281,304.45 200,533.28 230,219.05 1,570,751.82
2.88 0.35 0.25 0.29 1.99
USD
269,143.39 269,143.39
0.34 0.34
TRY
77,983.75 77,983.75
0.10 0.10
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
6,298,167.80 543,201.01 546,944.90 1,455,900.38 656,820.62 434,363.40 505,600.51 300,085.90 509,539.91 372,228.92 281,269.25 305,497.54 386,715.46
7.93 0.68 0.69 1.83 0.83 0.55 0.64 0.38 0.64 0.47 0.35 0.38 0.49
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
38,380,668.18 1,166,720.22 273,421.58 253,242.51 988,735.01 496,045.06 270,520.43 616,666.48 196,911.08 812,893.13 376,215.81 336,550.96 181,165.44 248,363.67 182,409.01 384,054.42 415,400.50 235,775.39 1,214,534.18 434,724.79 303,088.63 242,855.34 399,615.81 455,827.19 966,986.42 1,613,070.43 165,255.06 919,912.22 615,004.52 954,799.73 580,241.44 454,786.41 612,774.86 935,566.38 600,640.87 1,984,375.94 778,964.20 167,735.71 594,878.54 765,129.27 558,292.05 210,664.08 1,495,880.71
48.35 1.47 0.34 0.32 1.25 0.62 0.34 0.78 0.25 1.02 0.47 0.42 0.23 0.31 0.23 0.48 0.52 0.30 1.53 0.55 0.38 0.31 0.50 0.57 1.22 2.04 0.21 1.16 0.77 1.20 0.73 0.57 0.77 1.18 0.76 2.51 0.98 0.21 0.75 0.96 0.70 0.27 1.89
The accompanying notes form an integral part of these financial statements
Page 109
Polaris Fund - GEO Equity Global III Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination 4,582 36,211 8,563 7,909 71,186 37,952 15,710 65,954 25,960 10,000 5,293 12,800 35,282 3,470 19,185 36,052 6,951 2,804 26,616 19,895 2,954
OMNICOM GROUP INC ORACLE CORP PENTAIR INC PEPSICO INC PFIZER INC PLUM CREEK TIMBER PROCTER AND GAMBLE CO PULTEGROUP SANDISK CORP SOLERA HOLDINGS -SHSSTATE STREET CORP SYSCO CORP TJX COS INC TRAVELERS COS INC/THE UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC US BANCORP WELLPOINT INC WELLS FARGO AND CO XCEL ENERGY INC 3M CO
Quotation currency
Market value
% of net assets
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
175,473.94 847,458.10 258,296.87 440,368.73 1,290,160.36 1,187,261.65 758,234.51 556,091.41 746,243.88 329,301.45 186,186.14 300,672.16 1,193,535.53 174,559.55 1,141,832.91 1,661,906.15 176,150.79 140,945.72 701,342.77 445,385.88 208,564.20
0.22 1.07 0.33 0.55 1.63 1.50 0.96 0.70 0.94 0.41 0.23 0.38 1.50 0.22 1.44 2.10 0.22 0.18 0.88 0.56 0.26
21,350.61
0.03
21,350.61 21,350.61
0.03 0.03
(1,003,437.12)
(1.26)
(1,003,437.12)
(1.26)
EUR
(487,500.00) (487,500.00)
(0.61) (0.61)
USD USD
(515,937.12) (156,022.22) (359,914.90)
(0.65) (0.20) (0.45)
70,810,530.44
89.19
Warrants, Rights Spain
38,539 REPSOL YPF
05.07.12 RIGHT
EUR
Derivative instruments Options Germany
(1,500) DJ STOXX BANK SEP 85.00 24.09.12 PUT
United States of America
(400) GREEN MTN COFFEE SEP 25.00 22.09.12 PUT (175) SP 500 SEP 1300 22.09.12 PUT
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 110
Polaris Fund - GEO Equity Global III Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
867,984.04
Net dividends Net interest on bonds Bank interest on cash account Bank interest on time deposits Other financial income
Note 2 Note 2 Note 2 Note 2 Note 2
Expenses
837,808.67 1,095.89 1,901.95 208.33 26,969.20 195,781.62
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Performance fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Other expenses
Note 5 Note 6 Note 4 Note 5
Note 2 Note 14
Net income from investments
116,228.83 5,662.25 3,945.75 3,623.08 12,294.45 323.20 1,221.61 1,939.46 47,789.39 2,753.60 672,202.42
Net realised profit / loss on: - sales of investment securities - options - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2 Note 2
Net realised profit
(26,505.83) 684,616.76 820,233.87 (107,077.42) 125,388.78 2,168,858.58
Movement in net unrealised appreciation / depreciation on: - investment securities - options - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
3,277,535.70 1,002,924.97 (380,203.97) (362,840.75) 5,706,274.53
Subscription capitalisation units
16,500,000.00
Increase in net assets
22,206,274.53
Net assets at the beginning of the period
57,188,116.76
Net assets at the end of the period
79,394,391.29
The accompanying notes form an integral part of these financial statements
Page 111
Polaris Fund - GEO Equity Global V
Page 112
Polaris Fund - GEO Equity Global V
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
212,919,951.37
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Dividends receivable Net unrealised appreciation on financial futures Receivable on spot exchange
208,100,398.25 191,991,408.08 16,108,990.17 3,112,489.63 513,255.53 14,115.38 1,179,692.58
Note 2, 8
Liabilities
1,874,206.11
Bank overdrafts Accrued custodian & administration fees Taxe d'abonnement payable Net unrealised depreciation on forward foreign exchange contracts Accrued management and advisory fees Accrued professional fees Payable on spot exchange
407,557.41 5,474.01 5,217.55 262,563.00 20,831.78 10,739.69 1,161,822.67
Note 6 Note 4 Note 2, 7 Note 5
Net asset value
211,045,745.26
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
44,251.609
Units issued
4,502.431
Units redeemed
Units outstanding as at 30/06/12
32,325.925
16,428.115
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
211,045,745.26
536,007,309.12
270,762,041.77
16,428.115 12,846.62
44,251.609 12,112.72
20,923.511 12,940.56
The accompanying notes form an integral part of these financial statements
Page 113
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
208,094,323.17
98.60
208,076,726.55
98.59
AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD
8,085,704.10 68,907.98 12,938.76 73,233.65 103,159.04 616,583.76 32,453.84 36,657.28 12,115.39 1,048,197.85 16,312.51 97,426.57 10,680.15 40,401.03 76,937.30 36,588.12 839,658.09 41,082.54 27,094.21 218,584.31 34,041.57 86,933.89 50,882.88 7,730.39 45,854.21 59,207.62 56,768.37 22,222.50 28,240.54 95,532.49 37,082.11 547,938.87 180,452.66 100,171.94 102,907.48 21,896.64 169,188.56 62,889.22 29,667.24 108,629.05 31,980.29 61,743.31 11,329.95 76,387.38 110,517.48 46,789.31 52,101.61 477,293.25 23,355.03 75,897.31 195,622.15 115,273.47 71,058.36 222,166.71 669,135.16 200,769.97 335,679.17 51,353.58
3.83 0.03 0.01 0.03 0.05 0.28 0.02 0.02 0.01 0.49 0.01 0.05 0.01 0.02 0.04 0.02 0.39 0.02 0.01 0.10 0.02 0.04 0.02 0.00 0.02 0.03 0.03 0.01 0.01 0.05 0.02 0.26 0.09 0.05 0.05 0.01 0.08 0.03 0.01 0.05 0.02 0.03 0.01 0.04 0.05 0.02 0.02 0.23 0.01 0.04 0.09 0.05 0.03 0.11 0.31 0.10 0.16 0.02
EUR EUR EUR EUR EUR EUR
240,850.46 44,450.44 49,228.83 23,274.16 42,852.10 11,656.40 22,151.95
0.11 0.02 0.02 0.01 0.02 0.01 0.01
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Shares
5,776 20,277 12,788 33,173 34,651 8,052 10,433 503 41,263 6,846 19,581 978 922 7,119 688 19,577 6,864 3,951 6,865 9,847 21,965 17,165 2,909 5,015 25,720 20,196 1,691 4,856 4,549 13,623 28,818 9,881 5,023 10,443 3,449 15,655 22,900 34,167 12,628 4,120 6,019 13,752 30,705 16,913 19,975 24,620 160,139 7,265 16,514 8,100 4,522 30,868 28,953 39,206 8,013 15,507 2,533 1,097 3,294 1,288 1,730 644 2,855
Australia
AGL ENERGY LTD ALUMINA AMCOR LTD AMP LIMITED ANZ BANKING GROUP LTD APA GROUP STAPLED SECURITY ASCIANO SHS ASX LTD BHP BILLITON LTD BORAL LTD BRAMBLES CALTEX AUSTRALIA LTD CAMPBELL BROTHERS LTD COCA-COLA AMATIL LTD COCHLEAR COMMONWEALTH BANK OF AUSTRALIA COMPUTERSHARE LIMITED CROWN CSL LTD ECHO ENTERTAINMENT GROUP LTD FORTESCUE METALS GROUP LTD GOODMAN GROUP - STAPLED SECURITY GPT GROUP STAPLED SECURITY ILUKA RESOURCES INCITEC PIVOT LTD INSURANCE AUSTRALIA GROUP LIMITED LEIGTHON HOLDINGS LTD LEND LEASE CORP LTD - STAPLED SECURITIES MACQUARIE GROUP METCASH LTD NAT. AUSTRALIA BANK NEWCREST MINING LTD ORICA LIMITED ORIGIN ENERGY LTD OZ MINERALS QBE INSURANCE GROUP QR NATIONAL QUANTAS AIRWAYS LTD SANTOS LTD SIMS METAL MANAGEMENT LTD SONIC HEALTHCARE LTD SP AUSNET STAPLED SECURITY STOCKLAND SUNCORP GROUP SYDNEY AIRPORT STAPLED SECURITY TATTS GROUP TELSTRA CORP TOLL HOLDING LTD TRANSURBAN GROUP WESFARMERS WESFARMERS PRICE PROTECTED SHS WESTFIELD - STAPLED WESTFIELD GROUP LTD STAPLED SECURITY WESTPAC BANKING CORP WOODSIDE PETROLEUM WOOLWORTHS LTD WORLEYPARSONS LTD
Austria
ANDRITZ AG ERSTE GROUP BANK AG OESTERR.ELEKTR.WIRT.AG -A-(VERBUNDGESEL) OMV AG STRABAG SE TELEKOM AUSTRIA AG
The accompanying notes form an integral part of these financial statements
Page 114
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 2,265 VOESTALPINE AG 8,474 2,138 1,202 37 1,448 2,007 554 698 1,069 1,175 2,177 1,400 22,000 1,846 983 6,819 3,200 3,500 62,480 6,770 54,091 3,984
Belgium
ANHEUSER-BUSCH INBEV NV BELGACOM SA COLRUYT GROUPE BRUXELLES LAMBERT GBL GROUPE DELHAIZE KBC GROUPE SA MOBISTAR SA SOLVAY TELENET GROUP HOLDING NV UCB UMICORE
Bermuda
AXIS CAPITAL HOLDINGS LTD BIOSENSORS INTERNATIONAL GROUP LTD BUNGE LTD GOLAR LNG INVESCO LTD JARDINE MATHESON HLD JARDINE STRATEGIC HLD LI FUNG MARVELL TECHNOLOGY GROUP LTD NOBLE GROUP LTD SEADRILL LTD
British Virgin Islands
1,333 MICHAEL KORS HOLDINGS LTD 2,409 2,110 1,317 3,260 4,156 8,957 15,074 1,361 9,837 1,639 22,445 2,262 6,852 4,000 4,725 5,834 5,682 13,503 5,937 1,845 1,068 534 9,816 3,000 2,546 4,098 9,406 2,383 10,220 9,605 3,194 200 2,707 5,751 2,735 1,894 1,835 10,432 2,600 3,291
Canada
AGNICO EAGLE MINES AGRIUM ALIMENTATION COUCHE - TARD INC SUB VTG B ARC RESOURCES ATHABASCA OIL SANDS CORP BANK OF MONTREAL BANK OF NOVA SCOTIA BAYTEX ENERGY BCE INC BELL ALIANT BOMBARDIER INC B BONAVISTA ENERGY BROOKFIELD ASSET MANAGEMENT INC -ABROOKFIELD OFFICE PROPERTIES CAMECO CORP CANADIAN IMPERIAL BANK OF COMMERCE CANADIAN NATIONAL RAILWAY CANADIAN NATURAL RESOURCES CANADIAN OIL SANDS LTD (NEW) CANADIAN PACIFIC RAILWAY CANADIAN TIRE CORP -A- NON VOTING CANADIAN UTILITIES -A- NON VOTING CENOVUS ENERGY INC CENTERRA GOLD INC CGI GROUP SUB.VTG SHS -ACRESCENT POINT ENERGY CORP ELDORADO GOLD EMERA ENBRIDGE INC ENCANA CORP ENERPLUS FAIRFAX FINANCIAL HOLDINGS SUB.VTG FINNING INTERNATIONAL FIRST QUANTUM MINERALS LTD FORTIS INC FRANCO-NEVADA CORP GEORGE WESTON GOLDCORP GREAT WEST LIFECO INC HUSKY ENERGY
Market value
% of net assets
EUR
47,236.58
0.02
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
919,154.37 519,456.20 48,008.79 42,304.39 1,979.50 41,818.24 33,446.66 14,980.16 54,290.44 36,880.50 46,812.00 79,177.49
0.44 0.24 0.02 0.02 0.00 0.02 0.02 0.01 0.03 0.02 0.02 0.04
USD SGD USD NOK USD USD USD HKD USD SGD NOK
802,992.92 35,908.75 15,531.99 91,263.58 29,449.08 121,436.82 122,044.05 84,118.04 94,064.65 60,175.41 37,515.30 111,485.25
0.38 0.02 0.01 0.04 0.01 0.06 0.06 0.04 0.04 0.03 0.02 0.05
USD
43,948.40 43,948.40
0.02 0.02
CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD
11,027,749.79 76,790.08 147,157.72 45,258.99 57,703.57 35,978.51 389,504.02 614,494.89 45,119.45 319,194.02 32,342.93 69,742.14 27,834.62 178,535.98 55,095.65 81,699.13 323,096.50 378,141.22 285,037.24 90,494.79 106,557.22 56,860.94 27,427.48 245,599.17 16,510.14 48,155.07 120,366.38 91,170.04 61,907.35 321,194.36 157,392.08 32,291.80 62,321.16 49,547.25 80,013.91 68,261.37 67,400.78 82,037.80 309,069.42 44,353.24 64,738.90
5.23 0.04 0.07 0.02 0.03 0.02 0.18 0.29 0.02 0.15 0.02 0.03 0.01 0.08 0.03 0.04 0.15 0.18 0.14 0.04 0.05 0.03 0.01 0.12 0.01 0.02 0.06 0.04 0.03 0.15 0.07 0.02 0.03 0.02 0.04 0.03 0.03 0.04 0.15 0.02 0.03
The accompanying notes form an integral part of these financial statements
Page 115
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 4,244 700 3,450 809 500 4,312 1,030 13,619 1,277 2,796 24,167 1,778 1,481 1,300 6,552 4,762 3,218 3,207 1,484 5,613 11,120 1,900 2,100 4,798 12 4,953 18,363 1,642 5,002 2,724 5,151 8,900 2,314 7,751 20,099 942 13,441 6,027 1,673 600 5,149 2,249 11,671 1,595 4,160 9,137 3,756 1,488 4,318 9,779
IAMGOLD IGM FINANCIAL INC IMPERIAL OIL INMET MINING CORP INTACT FINANCIAL CORP IVANHOE MINES KEYERA KINROSS GOLD CORP LOBLAW COMPANIES MAGNA INTERNATIONAL SHS -A- SUB.VTG MANULIFE FINANCIAL CORP MEG ENERGY METRO -A- SUB VTG NATIONAL BK CANADA COMMON NEXEN INC OSISKO MINING PACIFIC RUB PEMBINA PIPELINE CORP PENGROWTH ENERGY CORP PENN WEST PETROLEUM POTASH CORP OF SASKATCHEWAN POWER CORP DU CANADA SUB. POWER FINANCIAL RESEARCH IN MOTION RIOCAN REIT (UNITS) ROGERS COMMUNICATIONS -B- NON VOTING ROYAL BANK OF CANADA SAPUTO SHAW COMMUNICATIONS -B- NON.VOTING SHOPPERS DRUG MART CORP SILVER WHEATON SINO FOREST CORP SNC-LAVALIN GROUP SUN LIFE FINANCIAL INC SUNCOR ENERGY INC SXC HEALTH SOLUTIONS CORP TALISMAN ENERGY INC TECK RESOURSES LTD -BTELUS CORP TELUS NON-VOTING THOMSON REUTERS TIM HORTONS INC TORONTO DOMINION BANK TOURMALINE OIL CORP TRANSALTA CORP TRANSCANADA CORP VALEANT PHARMA VERMILION ENERGY INC VITERRA INC YAMANA GOLD
77,548 9,767 29,173 12,713 302
BELLE INTERNAIONAL HOLDING HENGAN INTL GROUP SANDS CHINA LTD TENCENT HOLDINGS LTD VERIPOS INC
13 1,144 1,477 484 9,322 2,316 750 3,522 2,926 371
Cayman Islands
Denmark
A.P. MOELLER-MAERSK -B- A/S CARLSBERG AS -BCHRISTIAN HANSEN COLOPLAST -BDANSKE BANK DSV FLSMIDTH & CO. SHS NOVO-NORDISK -BNOVOZYMES -BWILLIAM DEMANT HOLDING
Market value
% of net assets
CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD CAD
39,495.85 21,664.15 113,573.33 26,094.35 24,498.55 33,462.79 33,740.21 87,477.40 31,980.52 86,900.22 207,159.06 50,148.19 59,675.00 73,121.55 87,309.36 25,765.41 53,627.11 64,499.43 7,409.96 59,264.60 382,485.02 35,128.89 41,310.14 27,962.84 256.93 141,306.46 740,339.39 53,724.34 74,387.23 86,431.07 108,972.27 0.00 68,217.17 132,703.11 457,363.91 73,619.80 121,241.72 146,884.10 79,062.59 27,626.67 115,297.80 93,297.65 718,798.28 33,139.01 55,466.67 301,353.27 132,588.61 52,872.16 53,901.99 118,746.35
0.02 0.01 0.05 0.01 0.01 0.02 0.02 0.04 0.02 0.04 0.10 0.02 0.03 0.03 0.04 0.01 0.03 0.03 0.00 0.03 0.18 0.02 0.02 0.01 0.00 0.07 0.35 0.03 0.04 0.04 0.05 0.00 0.03 0.06 0.22 0.03 0.06 0.07 0.04 0.01 0.05 0.04 0.34 0.02 0.03 0.14 0.06 0.03 0.03 0.06
HKD HKD HKD HKD NOK
542,844.48 103,357.42 74,365.25 72,607.99 291,872.85 640.97
0.26 0.05 0.04 0.03 0.14 0.00
DKK DKK DKK DKK DKK DKK DKK DKK DKK DKK
895,258.68 67,217.71 70,969.59 29,939.93 68,618.78 102,068.21 36,168.27 32,282.58 401,974.21 59,745.21 26,274.19
0.42 0.03 0.03 0.01 0.03 0.05 0.02 0.02 0.19 0.03 0.01
The accompanying notes form an integral part of these financial statements
Page 116
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Finland
2,227 5,399 2,395 2,165 1,120 47,989 1,957 6,315 9,205 5,664 1,578
ELISA CORPORATION -AFORTUM CORP KONE -BMETSO CORP NESTE OIL NOKIA OYJ NOKIAN TYRES PLC SAMPO OYJ -ASTORA ENSO -RUPM KYMMENE CORP WARTSILA CORPORATION -B-
2,694 237 4,068 25,047 2,176 586 905 26,886 427 342 13,491 2,357 858 2,301 6,775 905 2,082 672 5,997 460 3,009 19,604 6,625 738 2,367 215 2,461 1,121 25,361 191 5,824 207 328 494 1,256 715 1,257 3,772 2,959 3,212 2,328 19,503 2,403 3,709 973 1,352 425 2,153 1,178 14,350 6,735 2,915 533 9,301 1,245
ACCOR SA AEROPORTS DE PARIS-ADPAIR LIQUIDE SA ALCATEL-LUCENT SA ALSTOM SA ARKEMA SA ATOS AXA SA BIC BIOMERIEUX SA BNP PARIBAS SA BOUYGUES BUREAU VERITAS SA CAP GEMINI SA CARREFOUR SA CASINO GUICHARD PERRACHON SA CGG VERITAS SA CHRISTIAN DIOR SA CIE DE SAINT-GOBAIN SA CIMENT VICAT SA CNP ASSURANCES CREDIT AGRICOLE SA DANONE SA DASSAULT SYSTEMES SA EDENRED SA ERAMET SA ESSILOR INTERNATIONAL SA EUTELSAT COMMUNICATIONS SA FRANCE TELECOM SA GECINA SA REG SHS GROUPE EUROTUNNEL SA HERMES INTERNATIONAL SA ILIAD SA IMERYS SA JC DECAUX SA KLEPIERRE SA LAGARDERE GROUPE SCA NOM LEGRAND SA L'OREAL SA LVMH MOET HENNESSY LOUIS VUITTON SA MICHELIN SA REG SHS NATIXIS SA PERNOD RICARD SA PEUGEOT SA PPR PUBLICIS GROUPE REMY COINTREAU SA RENAULT SA REXEL SA SANOFI AVENTIS SCHNEIDER ELECTRIC SA SCOR SE ACT PROV REGROUPEMENT SEB SA SOCIETE GENERALE SA SODEXHO SA
France
Market value
% of net assets
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
699,661.31 35,364.76 80,823.03 114,073.85 58,693.15 9,917.60 77,742.18 58,436.02 128,952.30 44,552.20 50,409.60 40,696.62
0.33 0.02 0.04 0.05 0.03 0.00 0.04 0.03 0.06 0.02 0.02 0.02
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
7,140,695.47 66,487.92 14,125.20 366,323.40 32,586.15 54,247.68 30,208.30 42,643.60 281,765.28 34,757.80 22,188.96 409,249.49 49,968.40 60,180.12 66,729.00 98,542.38 62,725.55 42,129.27 72,744.00 174,512.70 17,572.00 28,976.67 68,045.48 324,724.38 54,552.96 52,890.62 19,506.95 180,391.30 27,201.07 263,120.38 13,417.75 37,273.60 50,145.75 37,474.00 19,804.46 21,841.84 18,518.50 27,641.43 100,919.86 272,938.16 384,958.20 119,845.44 41,307.35 202,476.78 28,755.88 109,219.25 48,739.60 36,796.50 67,690.32 15,861.77 857,269.00 294,521.55 55,705.65 26,085.02 171,231.41 76,443.00
3.38 0.03 0.01 0.17 0.02 0.03 0.01 0.02 0.13 0.02 0.01 0.19 0.02 0.03 0.03 0.05 0.03 0.02 0.03 0.08 0.01 0.01 0.03 0.15 0.03 0.03 0.01 0.09 0.01 0.12 0.01 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.05 0.13 0.18 0.06 0.02 0.10 0.01 0.05 0.02 0.02 0.03 0.01 0.40 0.14 0.03 0.01 0.08 0.04
The accompanying notes form an integral part of these financial statements
Page 117
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 4,270 1,239 1,717 1,462 928 5,729 6,647 14,947 681
SUEZ ENVIRONNEMENT COMPANY SA TECHNIP-COFLEXIP THALES UNIBAIL-RODAMCO SE VALEO SA VEOLIA ENVIRONNEMENT SA VINCI SA VIVENDI SA WENDEL SA
2,689 6,075 721 10,981 10,614 1,104 455 4,324 302 1,819 61,312 1,012 11,651 2,219 7,436 11,141 37,919 23,012 597 1,591 2,751 2,488 1,513 2,153 65 12,388 855 2,300 1,258 2,184 901 848 2,058 452 2,525 1,091 1,367 6,241 797 11,205 595 10,536 1,195 516 1,692 4,013 1,476 1,823 256
ADIDAS NAMEN AKT ALLIANZ SE REG SHS AXEL SPRINGER VERLAG AG NAMEN AKT BASF - NAMEN AKT BAYER AG REG SHS BEIERSDORF AG BILFINGER BERGER AG BMW AG BRENNTAG - NAMEN AKT CELESIO NAMEN AKT COMMERZBANK AG CONTINENTAL AG DEUTSCHE BANK AG REG SHS DEUTSCHE BOERSE AG REG SHS DEUTSCHE LUFTHANSA AG REG SHS DEUTSCHE POST AG REG SHS DEUTSCHE TELEKOM AG REG SHS E.ON AG REG SHS FRAPORT AG FRESENIUS AG FRESENIUS MEDICAL CARE AG & CO KGAA GEA GROUP AG HEIDELBERGCEMENT AG HENKEL AG & CO KGAA HOCHTIEF AG INFINEON TECHNOLOGIES REG SHS KABEL DEUTSCHLAND HOLDING AG K+S LANXESS AG LINDE AG MAN SE MERCK KGAA METRO AG MTU AERO ENGINES HOLDING AG MUENCHENER RUECKVERSICHERUNGS AG REG SHS PORSCHE AUTOMOBIL HLDG - VORZ.AKT-STIMMR RHOEN KLINIKUM AG RWE AG SALZGITTER AG SAP AG SGL CARBON SE SIEMENS AG REG SHS SOFTWARE AG SUEDZUCKER MANNH./OCHS SYMRISE AG THYSSENKRUPP AG UNITED INTERNET AG REG SHS VOLKSWAGEN VORZ.AKT WACKER CHEMIE AG
Germany
Greece
2,501 COCA COLA HBC - REG SHS 3,058 GREEK ORGANISAT.OF FOOTBALL PROGNOSTICS 919 HELLENIC PETROLEUM
Guernsey
19,285 RESOLUTION
Hong Kong
125,800 AIA GROUP LTD 24,832 BANK OF EAST ASIA LTD
Market value
% of net assets
EUR EUR EUR EUR EUR EUR EUR EUR EUR
36,145.55 101,536.05 44,676.34 212,136.20 30,150.72 57,198.34 244,509.90 218,674.61 39,688.68
0.02 0.05 0.02 0.10 0.01 0.03 0.12 0.10 0.02
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
7,235,917.28 151,820.94 480,593.25 24,423.88 600,660.70 602,662.92 56,469.60 29,211.00 246,165.32 26,328.36 23,456.01 81,912.83 66,407.44 332,053.50 94,374.07 67,764.27 155,305.54 328,151.03 391,204.00 25,321.76 130,111.98 153,588.33 52,173.36 57,138.45 112,752.61 2,479.75 66,052.82 42,001.88 82,800.00 62,547.76 267,867.60 72,566.54 66,754.56 47,344.29 26,188.88 280,653.75 42,707.20 25,808.96 200,804.18 25,802.88 521,536.73 18,361.70 696,851.04 29,199.83 14,417.04 40,591.08 51,506.86 19,999.80 227,145.80 13,875.20
3.43 0.07 0.23 0.01 0.28 0.30 0.03 0.01 0.12 0.01 0.01 0.04 0.03 0.16 0.04 0.03 0.07 0.16 0.19 0.01 0.06 0.07 0.02 0.03 0.05 0.00 0.03 0.02 0.04 0.03 0.13 0.03 0.03 0.02 0.01 0.13 0.02 0.01 0.10 0.01 0.25 0.01 0.34 0.01 0.01 0.02 0.02 0.01 0.11 0.01
EUR EUR EUR
54,488.78 35,014.00 15,137.10 4,337.68
0.03 0.02 0.01 0.00
GBP
46,693.02 46,693.02
0.02 0.02
HKD HKD
3,065,133.70 338,659.87 69,876.10
1.45 0.16 0.03
The accompanying notes form an integral part of these financial statements
Page 118
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 52,833 20,046 67,109 68,952 212,195 25,000 12,655 35,121 11,004 13,447 65,986 15,323 117,389 20,500 16,025 29,573 24,499 19,216 9,138 31,755 22,027
BOC HONG KONG (HOLDINGS) LTD CHINA L&P HLDGS CHINA MOBILE LTD CHINA UNICO HK CNOOC LTD -RCGALAXY ENTERTAINMENT GROUP LTD HANG LUNG GROUP LTD HANG LUNG PROPERTIES LTD HANG SENG BANK LTD HENDERSON LAND DEVLOPMENT CO LTD HONG KONG CHINA GAS HONG KONG EXCHANGES AND CLEARING LTD LENOVO GROUP LTD -RCMTR CORP LTD POWER ASSETS HOLDINGS SINO LAND SJM HOLDINGS LTD SUN HUNG KAI PROPERTIES LTD SWIRE PACIFIC LTD SIE A THE LINK REIT - UNITS WHARF HOLDINGS
8,208 2,063 6,206 8,716 3,868 4,625 1,558 763 16,908 5,037 2,300 3,869
ACCENTURE - SHS CLASS A COOPER INDUSTRIES COVIDIEN PLC CRH PLC INGERSOLL-RAND JAMES HARDIES IND/CHESS UNITS OF FOR SEC KERRY GROUP PLC PADDY POWER PLC RYANAIR HOLDING ORD. SEAGATE TECHNOLOGY PLC WILLIS GROUP HOLDINGS PLC XL GROUP
17,802 13,278 10,689 4,094 12,265 64
BANK HAPOALIM (IL662577) BANK LEUMI LE-ISRAEL (IL604611) BEZEQ THE ISRAEL TELECOMMUNICATION ISRAEL CHEMICALS LTD TEVA PHARMACEUTICAL IND.UNITS 1 UT =1SH THE ISRAEL CORP A
17,098 5,137 2,112 30,040 4,390 80,171 7,100 21,743 84,918 1,735 11,412 9,715 182,631 2,080 2,285 12,259 9,955 10,119 3,595 2,951 3,123 19,982 125,126 24,032 341 13,220
Ireland
Israel
Italy
ASSICURAZIONI GENERALI SPA ATLANTIA SPA AUTOGRILL SPA A2A SPA BANCA CARIGE AZ. BANCA MONTE DEI PASCHI DI SIENA SPA CAMPARI POST FRAZIONAMENTO ENEL GREEN POWER ENEL SPA EXOR SPA FIAT INDUSTRIAL FIAT SPA INTESA SANPAOLO SPA LOTTOMATICA SPA LUXOTTICA GROUP SPA MEDIASET SPA MEDIOBANCA SPA PARMALAT SPA PIRELLI AND C PRYSMIAN SPA SAIPEM SPA SNAM SPA TELECOM ITALIA SPA TERNA SPA TOD'S SPA UBI BANCA SCPA
Market value
% of net assets
HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD HKD
126,664.38 133,893.87 577,773.60 68,365.01 331,965.60 48,660.07 61,129.37 93,477.13 118,493.26 58,261.50 110,068.28 171,227.57 77,990.62 55,082.89 94,582.63 34,909.11 35,539.70 177,933.16 83,268.51 102,099.37 95,212.10
0.06 0.06 0.27 0.03 0.16 0.02 0.03 0.04 0.06 0.03 0.05 0.08 0.04 0.03 0.04 0.02 0.02 0.08 0.04 0.05 0.05
USD USD USD GBP USD AUD EUR EUR EUR USD USD USD
1,441,438.87 388,651.92 110,835.14 261,629.57 132,716.75 128,562.50 29,736.28 53,906.80 39,332.65 67,632.00 98,156.11 66,133.72 64,145.43
0.68 0.19 0.05 0.12 0.06 0.06 0.01 0.03 0.02 0.03 0.05 0.03 0.03
ILS ILS ILS ILS ILS ILS
514,732.50 42,616.95 25,145.55 8,773.93 34,678.47 375,740.62 27,776.98
0.24 0.02 0.01 0.00 0.02 0.18 0.01
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
1,636,565.55 182,264.68 51,626.85 15,090.24 12,694.90 3,002.76 15,729.55 38,979.00 27,135.26 215,861.56 29,338.85 88,328.88 38,549.12 204,181.46 31,616.00 63,111.70 16,905.16 34,583.67 15,117.79 29,820.53 34,644.74 109,273.77 70,336.64 97,660.84 68,347.01 26,921.95 33,975.40
0.78 0.09 0.02 0.01 0.01 0.00 0.01 0.02 0.01 0.10 0.01 0.04 0.02 0.10 0.01 0.03 0.01 0.02 0.01 0.01 0.02 0.05 0.03 0.05 0.03 0.01 0.02
The accompanying notes form an integral part of these financial statements
Page 119
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination
Quotation currency
27,338 UNICREDIT SPA 2,600 6,245 1,100 3,000 2,751 8,580 700 24,636 5,000 8,000 12,638 5,538 17,396 3,400 5,625 1,000 17,110 815 4,303 3,800 23 12,000 3,396 9,211 3,000 5,020 4,600 1,500 6,327 1,100 10 5,521 1,706 2,000 3,000 130 8,781 2,654 4,000 2,169 1,211 9,029 23,294 2,000 8,000 5,557 2,405 8,000 1,100 2,000 4,639 3,438 2,019 2,000 700 2,447 650 13,000 6,798 38 5,819 18,524 8,000 4,000 1,800 5,000
Japan
ADVANTEST CORP AEON CO LTD AEON MALL CO LTD AIR WATER AISIN SEIKI CO LTD AJINOMOTO CO INC ALFRESA HOLDINGS CORP ALL NIPPON AIRWAYS CO LTD AMADA CO LTD AOZORA BANK SHS ASAHI GLASS CO LTD ASAHI GROUP HD ASAHI KASEI CORPORATION ASICS CORP KOBE ASTELLAS PHARMA BANK OF KYOTO BANK OF YOKOHAMA LTD BENESSE HOLDINGS INC BROTHER INDUSTRIES CASIO COMPUTER CO LTD CENTRAL JAPAN RAILWAY CO CHIBA BANK CHIYODA CORP CHUBU ELECTRIC POWER CO INC CHUGAI PHARMACEUTICAL CHUGOKU ELECTRIC POWER CO CITIZEN HOLDINGS -SHSCOCA-COLA WEST SHS COSMO OIL LTD CREDIT SAISON CO LTD CYBER AGENT DAI NIPPON PRINTING CO LTD DAICEL CORP DAIDO STEEL DAIHATSU MOTOR CO DAI-ICHI LIFE INSURANCE CO LT DAIICHI SANKYO CO LTD DAIKIN INDUSTRIES LTD DAINIPPON SCREEN MFG CO LTD DAINIPPON SUMITOMO PHARMA CO LTD DAITO TRUST CONSTRUCTION CO LTD DAIWA HOUSE INDUSTRY CO LTD DAIWA SECURITIES GROUP INC DENA CO LTD DENKI KAGAKU KOGYO KK DENSO CORP DENTSU DIC DON QUIJOTE DOWA HOLDINGS CO LTD EAST JAPAN RAILWAY CO EISAI ELECTRIC POWER DEVELOPMENT CO EZAKI GLICO CO LTD FAMILYMART CO LTD FANUC CORP SHS FAST RETAILING CO LTD FUJI ELECTRIC SHS FUJI HEAVY INDUSTRIES LTD FUJI MEDIA HLDGS FUJIFILM HOLDINGS CORP FUJITSU LTD FUKUOKA FINANCIAL GROUP FUKUYAMA TRANSPORTING LTD GREE INC GS YUASA CORP
Market value
% of net assets
EUR
81,467.24
0.04
JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY
19,788,973.42 31,608.51 61,181.02 18,326.53 28,531.21 71,479.91 93,801.01 29,173.13 54,985.89 23,109.39 14,932.22 66,523.97 93,469.00 73,873.80 33,812.79 192,485.65 5,945.24 63,365.65 28,693.91 38,416.02 19,477.07 142,419.01 56,529.12 32,498.55 117,710.08 44,648.52 64,994.86 21,078.92 20,576.24 12,621.81 19,086.97 20,077.52 33,859.61 8,205.04 9,737.55 41,093.23 117,087.57 116,117.36 58,291.91 22,832.87 17,372.13 90,295.00 100,493.08 68,323.97 41,221.62 21,805.78 147,791.46 55,768.09 12,166.99 29,776.55 9,698.04 229,069.34 118,496.05 41,653.10 17,815.96 25,232.69 312,950.98 101,938.08 24,778.40 42,765.46 51,263.34 86,086.04 69,334.05 24,492.00 17,104.90 28,104.57 17,875.21
9.38 0.01 0.03 0.01 0.01 0.03 0.04 0.01 0.03 0.01 0.01 0.03 0.04 0.04 0.02 0.09 0.00 0.03 0.01 0.02 0.01 0.07 0.03 0.02 0.06 0.02 0.03 0.01 0.01 0.01 0.01 0.01 0.02 0.00 0.00 0.02 0.06 0.06 0.03 0.01 0.01 0.04 0.05 0.03 0.02 0.01 0.07 0.03 0.01 0.01 0.00 0.11 0.06 0.02 0.01 0.01 0.15 0.05 0.01 0.02 0.02 0.04 0.03 0.01 0.01 0.01 0.01
The accompanying notes form an integral part of these financial statements
Page 120
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 1,000 660 13,922 4,000 321 1,300 1,000 1,686 366 57,243 1,000 1,500 2,715 1,000 2,589 19,389 5,471 896 500 28 2,976 14,176 20,272 500 600 26 6,000 11,600 5,846 7,624 2,922 5,000 1 3,731 2,600 4,060 31 29,319 1,300 1,000 5,000 4,364 9,581 2,000 5,258 20,527 32 8,000 6,420 14,000 6,000 2,200 593 3,000 18,941 9,696 33,536 2,000 11,984 759 9,000 800 11,181 5,500 900 2,044 4,000 7,082 900
HACHIJUNI BANK HAMATSU PHOTONICS HANKYU HANSHIN HOLDINGS INC HINO MOTORS LTD HIROSE ELECTRIC CO HISAMITSU PHARMACEUTICAL CO INC HITACHI CHEMICAL CO LTD HITACHI CONST MACH. HITACHI HIGH-TECHNOLOGIES HITACHI LTD HITACHI METALS LTD HITACHI TRANSPORT SYSTEM HOKKAIDO ELECTRIC POWER CO INC HOKUGIN FINANCIAL GROUP HOKURIKU ELECTRIC POWER CO INC HONDA MOTOR CO LTD HOYA CORP IBIDEN IDEMITSU KOSAN INPEX ISETAN MITSUKOSHI ISUZU MOTORS LTD ITOCHU CORP ITOCHU TECHNO-SOLUTIONS CORP CTC JAPAN PETROLEUM EXPLORATION CO LTD JAPAN RETAIL FUND INVESTMENT CORP JAPAN STEEL WORKS JAPAN TOBACCO JFE HOLDINGS INC J.FRONT RETAILING CO LTD JGC CORP JOYO BANK LTD JP REAL ESTATE INVESTMENT JS GROUP JSR CORP JTEKT CORP JUPITER TELECOMMUNICATIONS CO LTD JX HOLDINGS INC KAGOME CO LTD KAKAKU.COM KAMIGUMI CO LTD KANEKA CORP KANSAI ELECTRIC POWER KANSAI PAINT CO LTD KAO CORP KAWASAKI HEAVY INDUSTRIES KDDI CORP KEIKYU CORP KEIO KEISEI ELECTRIC RAILWAY CO LTD KEISEI ELECTRIC RAILWAY CO LTD KEWPIE CORP KEYENCE CORP KIKKOMAN CORP KINETSU KIRIN HOLDINGS CO LTD KOBE STEEL KOITO MANUFACTURING KOMATSU LTD KONAMI CO LTD KONICA MINOLTA HOLDINGS INC K'S HOLDINGS SHS KUBOTA CORP KURARAY CO LTD KURITA WATER INDUSTRIES LTD KYOCERA CORP KYOWA HAKKO KIRIN CO LTD KYUSHU ELECTRIC POWER CO INC LAWSON INC
JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY
The accompanying notes form an integral part of these financial statements
Page 121
Market value
% of net assets
4,078.71 17,507.44 55,271.37 22,595.85 24,853.85 50,327.11 12,285.50 24,709.51 7,055.59 275,311.23 9,312.89 21,790.97 27,590.39 1,273.98 31,653.76 526,384.07 94,391.35 12,609.43 35,059.11 122,914.29 24,746.72 59,219.76 166,568.36 18,986.24 17,894.96 32,481.53 25,894.37 270,474.65 76,093.37 30,041.97 66,227.06 17,875.21 7,219.21 61,828.65 35,254.66 32,718.15 24,951.23 118,135.90 20,772.77 26,674.55 31,256.93 18,920.03 90,362.20 16,808.62 113,927.82 43,787.67 162,121.24 57,279.68 36,583.35 52,677.55 39,819.25 26,289.40 114,901.65 29,153.38 59,484.33 89,627.45 31,463.53 21,884.79 222,264.43 13,432.36 55,373.65 18,361.10 80,607.62 55,783.49 16,327.67 137,871.40 32,274.14 66,093.74 49,596.30
0.00 0.01 0.03 0.01 0.01 0.02 0.01 0.01 0.00 0.13 0.00 0.01 0.01 0.00 0.01 0.26 0.04 0.01 0.02 0.06 0.01 0.03 0.08 0.01 0.01 0.02 0.01 0.13 0.04 0.01 0.03 0.01 0.00 0.03 0.02 0.02 0.01 0.06 0.01 0.01 0.01 0.01 0.04 0.01 0.05 0.02 0.08 0.03 0.02 0.02 0.02 0.01 0.05 0.01 0.03 0.04 0.01 0.01 0.11 0.01 0.03 0.01 0.04 0.03 0.01 0.07 0.02 0.03 0.02
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 500 1,599 21,923 1,568 33,702 2,000 1,300 7,000 1,100 14,790 24,794 16,933 3,293 33,897 731 17,000 40,753 3,000 168,068 7,068 11,639 15,209 305,837 7,456 370 2,605 1,200 19,000 3,400 23,138 2,700 3,609 856 1,638 528 890 4,920 1,464 9 2,402 11,007 2,000 2,420 1,292 20,426 2,000 9,125 320 21,769 2,800 28,955 3,500 1,100 298 2,015 5,319 1,400 49,625 1,700 2,600 5,088 1,445 20 160 5,577 130 8,531 10,717 2,540
MABUCHI MOTOR CO LTD MAKITA CORP MARUBENI CORP MARUI GROUP CO LTD MAZDA MOTOR CORP MEDICEO HOLDINGS CORP MEIJI HLDGS MINEBEA CO LTD MIRACA HOLDINGS INC MITSUBISHI CHEMICAL HOLDINGS CORP MITSUBISHI ELECTRIC CORP MITSUBISHI ESTATE MITSUBISHI GAS CHEM. MITSUBISHI HEAVY INDUSTRIES LTD MITSUBISHI LOGISTICS MITSUBISHI MATERIAL MITSUBISHI MOTORS CORP MITSUBISHI TANABE PHARMA CORP MITSUBISHI UFJ FINANCIAL GROUP INC MITSUI CHEMICALS MITSUI FUDOSAN CO LTD MITSUI OSK LINES LTD MIZUHO FINANCIAL GROUP INC MS&AD INSURANCE GROUP HOLDING M'UFJ LEASE & FIN -SHSMURATA MANUFACTURING CO LTD NABTESCO CORP NAGOYA RAIL ROAD CO. LTD. NAMCO BANDAI HOLDINGS INC, TOKYO NEC CORP NEXON CO LTD NGK INSULATORS LTD NGK SPARK PLUG CO LTD NHK SPRING CO LTD NIDEC CORP NIDEC CORP (6594.T) NIKON CORP NINTENDO CO LTD NIPPON BUILDING FD NIPPON ELECTRIC GLASS CO LTD NIPPON EXPRESS NIPPON KAYAKU CO LTD NIPPON MEAT PACKERS INC., OSAKA NIPPON PAPER GROUP NIPPON SHEET GLASS CO LTD NIPPON SHOKUBAI CO LTD NIPPON TELEGRAPH AND TELEPHONE CORP NIPPON TELEVISION NETWORK NIPPON YUSEN KK NISSAN CHEMICAL INDUSTRIES LTD NISSAN MOTOR CO LTD NISSHIN FLOUR MILL. NISSHIN FOODS NITORI NITTO DENKO CORP NKSJ HOLDINGS NOK CORP NOMURA HOLDINGS INC NOMURA REAL ESTATE HOLDINGS INC NOMURA RESEARCH INSTITUTE NSK LTD NTN CORP NTT DATA CORP NTT DOCOMO INC OBAYASHI CORP OBIC ODAKYU ELECTRIC RAILWAY CO LTD OJI PAPER CO LTD OLYMPUS CORP
JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY
The accompanying notes form an integral part of these financial statements
Page 122
Market value
% of net assets
15,603.77 43,789.59 113,882.85 9,384.07 35,613.29 22,240.32 46,924.90 21,707.02 35,903.50 50,976.05 161,608.10 237,127.94 14,634.46 107,792.79 6,042.48 38,446.52 32,197.50 33,923.40 627,407.08 13,820.84 175,865.11 42,657.13 404,731.87 101,835.84 12,058.36 106,893.51 20,857.70 41,093.23 36,499.01 28,106.29 41,330.25 31,115.28 8,842.56 13,782.44 31,390.84 53,088.39 116,710.70 133,738.18 68,528.22 11,149.19 35,654.59 14,754.46 25,166.12 16,128.06 17,549.92 18,941.80 333,431.93 38,175.92 44,932.17 21,402.85 213,893.58 32,180.32 32,970.38 22,190.15 67,161.66 88,459.54 23,255.55 144,085.55 24,293.50 44,857.89 25,626.53 3,539.09 48,055.68 209,683.13 19,222.00 19,604.46 66,726.40 32,280.90 32,308.90
0.01 0.02 0.05 0.00 0.02 0.01 0.02 0.01 0.02 0.02 0.08 0.11 0.01 0.05 0.00 0.02 0.02 0.02 0.31 0.01 0.08 0.02 0.20 0.05 0.01 0.05 0.01 0.02 0.02 0.01 0.02 0.01 0.00 0.01 0.01 0.03 0.06 0.06 0.03 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.16 0.02 0.02 0.01 0.10 0.02 0.02 0.01 0.03 0.04 0.01 0.07 0.01 0.02 0.01 0.00 0.02 0.10 0.01 0.01 0.03 0.02 0.02
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 2,800 1,039 564 1,474 24,397 600 3,777 28,911 2,700 9,300 7,000 37,380 7,791 307 1,400 800 1,000 1,223 300 148 2,859 2,900 2,800 7,042 6,694 9,417 15,164 2,716 2,892 300 1,100 5,592 5,247 5,100 6,000 5,082 5,986 20,000 3,500 60 555 11,473 19,744 13,172 2,200 1,600 2,100 1,600 2,900 23,966 14,153 9,219 9,000 52,161 17,207 59,990 5,561 2,600 1,000 4,783 1,000 9,100 17,000 15,000 800 1,706 5,000 1,000 9,630
OMRON CORP ONO PHARMACEUTICAL CO LTD ORIENTAL LAND CO LTD ORIX CORP OSAKA GAS CY OSAKA TITANIUM TECHNOLOGIES OTSUKA HOLDINGS PANASONIC CORP PARK24 CO RAKUTEN RENGO RESONA HOLDINGS INC RICOH CO LTD RINNAI CORP ROHM CO LTD SANKYO CO LTD SANRIO CO LTD SANTEN PHARMACEUTICAL CO LTD SAWAI PHARMACEUTICAL CO LTD SBI HOLDING SECOM CO LTD SEGA SAMMY HOLDINGS INC SEIKO EPSON CORP SEKISUI CHEMICAL CO LTD SEKISUI HOUSE LTD SEVEN & I HOLDINGS CO LTD SHARP CORP SHIKOKU ELECTRIC POWER CO SHIMADZU CORPORATION SHIMAMURA CORP SHIMANO INC SHIMIZU CORP SHIN-ETSU CHEM. CO LTD SHINOGI CO LTD SHINSEI BANK LTD SHISEIDO SHIZUOKA BANK LTD SHOWA DENKO KK SHOWA SHELL SEKIYU KK SKY PERFECT JSAT HOLDING SMC CORP SOFTBANK CORP SOJITZ CORP SONY CORP SONY FINANCIAL HOLDINGS SQUARE ENIX HDLGS STANLEY ELECTRIC CO LTD START TODAY CO LTD SUMCO CORP SUMITOMO CHEMICAL CO LTD SUMITOMO CORP SUMITOMO ELECTRIC INDUSTRIES LTD SUMITOMO HEAVY INDUSTRIES SUMITOMO METAL INDUSTRIES LTD SUMITOMO MITSUI FINANCIAL GROUP INC SUMITOMO MITSUI TRUST - SHS SUMITOMO REALTY & DEVELOPMENT CO LTD SUMITOMO RUBBER INDUSTRIES LTD SUZUKEN CO SUZUKI MOTOR CORP SYSMEX T AND D HOLDINGS INC TAIHEIYO CEMENT CORP TAISEI TAISHO PHARMACEUTICAL HOLDINGS CO LTD TAIYO NIPPON SANSO TAKASHIMAYA CO LTD TAKATA CORP TAKEDA PHARMA CO LTD
JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY
The accompanying notes form an integral part of these financial statements
Page 123
Market value
% of net assets
46,179.27 51,304.82 50,797.99 107,284.64 80,473.98 14,345.60 91,126.15 183,589.01 31,357.66 75,680.28 34,357.93 120,714.55 51,243.65 16,614.66 42,100.56 30,654.50 28,629.96 39,555.82 25,420.33 8,550.47 102,916.33 46,396.54 22,149.46 51,324.53 49,449.27 222,922.13 60,202.21 45,410.82 19,564.17 27,286.85 56,489.61 15,242.24 225,928.04 54,395.94 5,688.46 62,987.01 48,357.36 30,417.48 16,798.75 21,213.23 75,145.51 334,590.05 25,543.42 146,084.47 28,114.45 19,735.81 25,426.25 17,555.23 20,477.49 57,514.11 154,867.70 89,497.30 31,553.20 66,967.15 443,865.02 139,818.12 106,598.48 26,447.41 26,516.54 76,569.53 31,010.03 75,760.28 30,555.75 31,553.20 53,013.33 7,800.68 30,121.21 16,986.39 343,801.03
0.02 0.02 0.02 0.05 0.04 0.01 0.04 0.09 0.01 0.04 0.02 0.06 0.02 0.01 0.02 0.01 0.01 0.02 0.01 0.00 0.05 0.02 0.01 0.02 0.02 0.11 0.03 0.02 0.01 0.01 0.03 0.01 0.11 0.03 0.00 0.03 0.02 0.01 0.01 0.01 0.04 0.16 0.01 0.07 0.01 0.01 0.01 0.01 0.01 0.03 0.07 0.04 0.01 0.03 0.22 0.07 0.05 0.01 0.01 0.04 0.01 0.04 0.01 0.01 0.03 0.00 0.01 0.01 0.17
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 2,800 1,819 12,742 1,814 1,800 15,000 5,619 6,601 9,269 14,014 2,025 31,852 13,951 5,000 3,000 9,000 13,667 52,595 3,282 2,592 787 1,800 500 2,248 2,515 1,600 900 7,411 1,428 3,600 2,400 260 2,172 168 1,306 1,222 1,276 2,260 5,600 3,000 5,000 3,631 5,000 2,100 4,000
TBS HOLDINGS TDK CORP TEIJIN LTD TERUMO CORP. THK CO LTD TOBU RAILWAY CO LTD TOHO GAS TOHOKU ELECTRIC POWER CO INC TOKIO MARINE HOLDINGS INC TOKYO ELECTRIC POWER CO INC TOKYO ELECTRON LTD TOKYO GAS CO LTD TOKYU CORP TOKYU LAND CORP TONENGENERAL SEKIYU TOPPAN PRINTING TORAY INDUSTRIES INC TOSHIBA CORP TOTO LTD TOYO SEIKAN KAISHA TOYO SUISAN KAISHA TOYODA GOSEI CO LTD TOYOTA BOSHOKU CORP TOYOTA INDUSTRIES CORP TOYOTA TSUSHO CORP TREND MICRO INC TSUMURA AND CO UBE INDUSTRIES LTD UNI-CHARM UNY CO LTD USHIO INC. USS WEST JAPAN RAILWAY COMPANY YAHOO JAPAN CORP YAKULT HONSHA CO LTD YAMADA DENKI CO LTD YAMAHA CORP. YAMAHA MOTOR CO LTD YAMATO HOLDINGS CO LTD YAMAZAKI BAKING CO YASKAWA ELECTRIC CORP YOKOGAWA ELECTRIC CORP YOKOHAMA RUBBER CO ZENSHO CO ZEON CORP
12,604 39,920 8,546 2,512 1,058 7,210 3,488 16,071
EXPERIAN GROUP GLENCORE INTL INFORMA PETROFAC LTD RANDGOLD RESSOURCES LTD SHIRE WOLSELEY PLC WPP PLC
12,268 3,871 3,021 5,602
ARCELORMITTAL SA REG SHS SES GLOBAL CERT.GC FID.DEP.REC(1-A-SHS) SUBSEA 7 SA TENARIS SA - REG.SHS
8,644 14,849 9,253 10,334 24,458 12,054
AUCKLAND INTERNATIONAL AIRPORT FISCHER AND PAYKEL INDUSTRIES LTD FLETCHER BUILDING LTD SKY CITY TELECOM CORP OF NEW ZEALAND LTD VECTOR LTD
Jersey Island
Luxembourg
New Zealand
Norway
1,176 AKER SOLUTIONS
Market value
% of net assets
JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY
27,016.26 57,485.10 30,326.84 58,401.97 26,522.47 62,069.45 27,468.62 52,086.97 181,796.16 21,313.53 73,894.49 128,027.63 51,666.52 19,356.58 20,946.59 47,107.60 73,020.20 155,825.42 19,188.14 24,548.57 16,531.60 32,317.59 4,745.33 50,218.24 37,529.70 36,959.22 18,718.60 13,466.89 64,096.55 30,966.58 23,227.90 22,056.63 70,356.83 42,672.97 40,241.15 48,936.70 10,270.25 16,851.09 70,734.48 30,901.40 29,627.42 29,332.71 29,479.28 20,697.72 23,820.45
0.01 0.03 0.01 0.03 0.01 0.03 0.01 0.02 0.09 0.01 0.04 0.06 0.02 0.01 0.01 0.02 0.03 0.07 0.01 0.01 0.01 0.02 0.00 0.02 0.02 0.02 0.01 0.01 0.03 0.01 0.01 0.01 0.03 0.02 0.02 0.02 0.00 0.01 0.03 0.01 0.01 0.01 0.01 0.01 0.01
GBP GBP GBP GBP GBP GBP GBP GBP
863,594.85 140,278.11 145,820.74 40,147.51 43,093.02 74,992.34 163,252.01 102,471.59 153,539.53
0.41 0.07 0.07 0.02 0.02 0.04 0.07 0.05 0.07
EUR EUR NOK EUR
344,866.52 148,565.48 72,155.44 46,894.02 77,251.58
0.16 0.07 0.03 0.02 0.04
NZD NZD NZD NZD NZD NZD
146,021.87 13,358.26 18,527.16 34,400.60 22,253.21 37,022.37 20,460.27
0.07 0.01 0.01 0.02 0.01 0.01 0.01
NOK
656,724.36 13,079.14
0.31 0.01
The accompanying notes form an integral part of these financial statements
Page 124
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 12,005 13,745 12,331 997 12,582 8,319 1,762
DNB NORSK HYDRO ASA ORKLA BORREGAARD FRIE A SCHIBSTED AS STATOIL ASA TELENOR AS YARA INTERNATIONAL ASA
Papua New Guinea
17,643 OIL SEARCH
Portugal
30,444 4,521 3,668 11,523
EDP-ENERGIAS REG.SHS GALP ENERGIA SA REG SHS -BJERONIMO MARTINS SGPS SA PORTUGAL TELECOM REG.
3,450 48,000 9,000 42,000 24,288 16,000 17,000 86,000 1,227 29,000 42,580 2,281 10,000 12,000 5,000 7,000 93,000 23,000 10,000 19,552 5,000 38,000
AVAGO TECHNOLOGIES CAPITALAND LTD CITY DEVELOPMENT COMFORTDELGRO CORP DBS GROUP HOLDINGS FRASER & NEAVE LTD GLOBAL LOGISTIC PROPERTIES LTD HUTCHISON PORT HOLDINGS TRUST JARDINE CYCLE & CARRIAGE LTD OLAM INTERNATIONAL LTD OVERSEA-CHINESE BANKING CORPORATION LTD SATS SEMBCORP INDUSTRIES LTD SEMBCORP MARINE LTD SINGAPORE AIRLINES LTD SINGAPORE EXCHANGE LTD SINGAPORE TELECOM - SH BOARD LOT 1000 S'PORE PRESS HOLDINGS LTD STARHUB UNITED OVERSEAS BANK UOL GROUP LTD YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD
8,847 375 3,310 2,971 3,759 75,216 15,892 17,438 18,696 16,810 7,353 1,801 3,663 5,700 1,383 5,481 1,919 79,068 3,370 22,888 15,629 1,551 270 1,654 13,273 69,265 455
ABERTIS INFRAESTRUCTURAS SA -AACCIONA SA ACERINOX REG SHS ACS AMADEUS IT HOLDINGS -ABANCO BILBAO VIZCAYA ARGENT. SA REG SHS BANCO SABADELL REG.SHS BANKIA SA BCO POPULAR ESPANOL REG. CAIXABANK DIA EBRO FOODS SA ENAGAS FERROVIAL SA FOMENTO DE CONSTRUCCIONES Y CONTRATAS GAS NATURAL SDG GRIFOLS-SHS.A IBERDROLA SA INDITEX SA REG SHS INTL CONS AIRLINES GROUP MAPFRE REG-SHS OBRASCON HUARTE LAIN SA PROSEGUR CIA DE SEGURIDAD SA REG SHS RED ELECTRICA CORPORACION SA REPSOL TELEFONICA SA ZARDOYA OTIS SPLIT ISSUE
Singapore
Spain
Sweden
1,879 ALFA LAVAL 3,315 ASSA ABLOY -B-
Market value
% of net assets
NOK NOK NOK NOK NOK NOK NOK
93,811.44 48,648.10 70,385.33 25,454.31 235,835.36 109,062.95 60,447.73
0.04 0.02 0.03 0.01 0.12 0.05 0.03
AUD
93,769.19 93,769.19
0.04 0.04
EUR EUR EUR EUR
190,645.69 56,747.62 45,210.00 48,876.10 39,811.97
0.09 0.03 0.02 0.02 0.02
USD SGD SGD SGD SGD SGD SGD USD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD SGD
1,596,505.08 97,596.63 80,614.56 62,700.21 40,363.26 209,544.71 69,666.91 22,100.58 48,114.73 35,344.99 32,650.14 232,810.75 3,802.49 31,909.93 35,679.41 32,252.04 27,474.89 190,899.76 55,795.73 21,273.29 226,940.14 15,332.94 23,636.99
0.76 0.05 0.04 0.03 0.02 0.10 0.03 0.01 0.02 0.02 0.02 0.10 0.00 0.02 0.02 0.02 0.01 0.09 0.03 0.01 0.10 0.01 0.01
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
2,679,129.35 94,176.32 17,662.50 29,187.58 50,180.19 62,775.30 423,390.86 24,362.44 16,112.71 33,334.97 43,050.41 27,279.63 24,439.57 52,637.31 50,655.90 13,940.64 55,385.51 38,360.81 294,053.89 274,756.10 45,180.91 25,053.29 25,281.30 10,913.40 56,914.14 167,770.72 718,278.05 3,994.90
1.27 0.04 0.01 0.01 0.02 0.03 0.20 0.01 0.01 0.02 0.02 0.01 0.01 0.02 0.02 0.01 0.03 0.02 0.14 0.13 0.02 0.01 0.01 0.01 0.03 0.08 0.35 0.00
SEK SEK
2,829,404.95 25,355.08 72,888.75
1.34 0.01 0.03
The accompanying notes form an integral part of these financial statements
Page 125
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 7,756 4,599 3,524 949 2,679 11,537 3,562 3,170 7,376 2,304 4,240 36,195 14,286 1,912 22,510 5,107 4,182 6,960 7,504 13,371 2,822 38,448 3,996 25,756 18,135
ATLAS COPCO AB -ABOLIDEN AB ELECTROLUX -B- FREE ELEKTA INSTRUMENT -B- FREE GETINGE -BHENNES AND MAURITZ AB HEXAGON -BINVESTMENT AB KINNEVIK -BINVESTOR -B- FREE LUNDIN PETROL MEDA -ANORDEA BANK SANDVIK AB SCANIA -BSKANDINAVISKA ENSKILDA BANKEN -ASKANSKA -B- FREE SKF AB -BSVENSKA CELLULOSA SCA AB-SHS-BSVENSKA HANDELSBANK -A- FREE SWEDBANK -ASWEDISH MATCH TELEFON AB L.M.ERICSSON TELE2 AB TELIASONERA AB VOLVO -B- FREE
28,521 4,706 1,243 1,582 950 36 2 3,283 6,443 14,954 347 114 482 91 3,074 2,421 832 229 37,574 2,960 30,543 323 8,860 643 71 26 757 80 355 5,312 318 1,321 146 6,035 46,045 9,222 2,054
ABB LTD REG SHS ACE LTD REG SHS ACTELION LTD NAMEN ADECCO REG.SHS ARYZTA BARRY CALLEBAUT NOM.SHS CHOCOLADEFABRIKEN LINDT.SPRUENGLI NOM. CLARIANT NAMEN AKT COMPAGNIE FINANCIERE RICHEMONT SA CREDIT SUISSE GROUP AG REG SHS DUFRY GROUP GALENICA AG NAMEN AKT GEBERIT AG GIVAUDAN SA REG.SHS HOLCIM LTD REG SHS JULIUS BAER GROUP NAMEN AKT KUEHNE + NAGEL INTERNATIONAL AG LONZA GROUP NOM. NESTLE SA REG SHS NOBLE CORP NOVARTIS AG REG SHS PANALPINA WELTTRANSPORT (HOLDING) AGNAM ROCHE HOLDING AG GENUSSSCHEIN SCHINDLER HOLDING SA SGS SA REG SHS SIKA SONOVA HOLDING NAM-AKT STRAUMANN HOLDING REG SULZER AG NOM SWISS RE NAMEN AKT SWISSCOM SHS NOM THE SWATCH GROUP REG THE SWATCH GROUP REG TYCO INTERNATIONAL LTD UBS SA REG SHS WEATHERFORD IN ZURICH INSURANCE GROUP NAMEN AKT
28,227 3,123 5,177 679
AEGON NV AKZO NOBEL NV ASML HOLDING NV CORE LABORATORIES
Switzerland
The Netherlands
Market value
% of net assets
SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK SEK
131,399.10 50,402.88 55,115.93 34,148.62 52,298.53 325,846.66 48,065.35 50,122.15 110,898.93 33,904.40 31,874.42 245,445.86 144,091.34 25,778.55 115,023.41 61,625.65 64,881.99 82,237.57 194,207.07 165,773.23 89,787.25 276,744.84 48,721.14 129,728.26 163,037.99
0.06 0.02 0.03 0.02 0.02 0.16 0.02 0.02 0.05 0.02 0.02 0.12 0.07 0.01 0.05 0.03 0.03 0.04 0.09 0.08 0.04 0.14 0.02 0.06 0.08
CHF USD CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF USD CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF CHF USD CHF USD CHF
8,226,861.05 366,856.30 274,895.22 40,255.34 55,316.99 37,251.80 25,805.27 57,936.14 25,487.22 278,124.76 214,882.44 33,077.88 57,182.70 74,919.37 70,419.60 133,974.86 69,053.37 69,405.49 7,507.82 1,768,979.48 75,874.71 1,345,148.15 22,843.82 1,206,756.86 56,636.89 104,920.28 39,568.75 57,634.48 9,264.45 33,101.61 263,355.62 100,921.28 72,310.49 45,398.99 251,329.54 423,591.77 91,780.36 365,090.95
3.90 0.17 0.13 0.02 0.03 0.02 0.01 0.03 0.01 0.13 0.10 0.02 0.03 0.04 0.03 0.06 0.03 0.03 0.00 0.85 0.04 0.64 0.01 0.57 0.03 0.05 0.02 0.03 0.00 0.02 0.12 0.05 0.03 0.02 0.12 0.20 0.04 0.17
EUR EUR EUR USD
2,800,115.05 102,859.19 115,675.92 207,416.51 62,011.82
1.33 0.05 0.05 0.10 0.03
The accompanying notes form an integral part of these financial statements
Page 126
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 7,552 2,662 1,142 965 1,582 3,005 51,007 13,244 1,211 18,334 12,628 837 4,110 3,338 1,657 8,940 2,820 7,833 3,406 22,093 5,794
DE MASTERBLENDERS1753 USD DSM KONINKLIJKE FUGRO NV -CERT OF SHS GEMALTO NV HEINEKEN HOLDING HEINEKEN NV ING GROEP NV KONINKLIJKE AHOLD NV KONINKLIJKE BOSKALIS WESTMINSTER NV KONINKLIJKE KPN NV KONINKLIJKE PHILIPS ELECTRONICS NV KONINKLIJKE VOPAK LYONDELLBASELL -AQIAGEN NV RANDSTAD HOLDING REED ELSEVIER NV SBM OFFSHORE NV STMICROELECTRONICS NV TNT EXPRESS UNILEVER NV WOLTERS KLUWER NV
The Netherlands Antilles
16,291 SCHLUMBERGER LTD 2,040 16,252 3,142 3,862 16,041 5,206 4,391 16,716 4,964 15,510 40,657 9,076 133,749 39,019 25,673 24,410 14,425 10,068 99,961 3,013 5,323 11,409 9,356 3,851 65,804 23,664 2,055 30,933 2,926 1,457 1,975 6,313 9,558 1,738 25,739 63,094 19,607 10,208 231,499 6,778 3,614 12,857 5,176 3,464
United Kingdom
ADMIRAL GROUP PLC AEGIS GROUP AGGREKO PLC AMEC ANGLO AMERICAN PLC ANTOFAGASTA PLC AON ARM HOLDINGS PLC ASSOCIATED BRITISH FOODS PLC ASTRAZENECA PLC AVIVA PLC BALFOUR BEATTY BARCLAYS PLC BG GROUP PLC BHP BILLITON PLC BRITISH AMERICAN TOBACCO PLC BRITISH LAND CO PLC REIT BRITISH SKY BROADCASTING GROUP BT GROUP PLC BUNZL PLC BURBERRY GROUP PLC CAIRN ENERGY PLC CAPITA GROUP CAPITAL SHOPPING CENTRES CENTRICA PLC COMPASS GROUP PLC CRODA INT'L PLC DIAGEO PLC DRAX GROUP EASYJET PLC EURASIAN NATURAL RESOURCES CORPORATION FERREXPO FIRSTGROUP PLC FRESNILLO PLC GKN GLAXOSMITHKLINE PLC GROUP 4 SECURICOR HAMMERSON PLC HSBC HOLDINGS PLC ICAP PLC IMI PLC IMPERIAL TOBACCO GROUP PLC INMARSAT INTERCONTINENTAL HOTELS GROUP PLC
Market value
% of net assets
USD EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD EUR EUR EUR EUR EUR EUR EUR EUR
68,316.43 103,285.60 54,507.66 54,609.35 55,876.24 123,640.73 268,602.86 129,446.86 31,449.67 138,531.70 196,617.96 42,310.35 130,420.16 44,011.53 38,400.98 80,567.28 30,695.70 33,869.89 31,468.03 582,923.81 72,598.82
0.03 0.05 0.03 0.03 0.03 0.06 0.13 0.06 0.01 0.07 0.09 0.02 0.06 0.02 0.02 0.04 0.01 0.02 0.01 0.28 0.03
USD
833,260.16 833,260.16
0.39 0.39
GBP GBP GBP GBP GBP GBP USD GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
17,086,999.57 30,054.13 32,399.56 80,462.54 47,827.51 414,060.43 70,005.29 161,862.01 104,436.26 78,653.42 546,904.34 136,980.57 33,427.86 269,200.66 626,927.45 573,049.54 977,938.64 91,014.25 86,668.67 261,176.06 38,840.18 87,170.62 37,353.16 75,856.33 15,325.94 258,629.00 195,664.52 57,477.01 627,759.07 20,269.72 9,571.08 10,139.85 16,790.98 26,496.84 31,297.32 57,452.27 1,128,377.43 67,634.58 55,878.42 1,605,414.52 28,273.08 37,140.54 390,111.67 31,442.39 65,717.96
8.10 0.01 0.02 0.04 0.02 0.20 0.03 0.08 0.05 0.04 0.26 0.06 0.02 0.13 0.30 0.27 0.46 0.04 0.04 0.12 0.02 0.04 0.02 0.04 0.01 0.12 0.09 0.03 0.30 0.01 0.00 0.00 0.01 0.01 0.01 0.03 0.53 0.03 0.03 0.77 0.01 0.02 0.18 0.01 0.03
The accompanying notes form an integral part of these financial statements
Page 127
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination 18,932 1,841 13,089 8,845 58,149 12,302 4,824 3,106 1,917 29,743 12,361 84,198 558,157 2,349 3,370 28,073 20,459 5,060 27,702 40,905 2,046 53,387 9,868 4,027 8,131 32,949 8,278 14,610 10,683 24,032 1,006 33,914 63,201 9,423 13,156 367 2,435 9,329 4,631 11,898 25,697 36,301 5,454 97,816 2,519 3,111 11,801 14,862 7,542 618,421 2,868 2,660 21,204 19,773 5,035 6,569 1,088 4,594 6,082 1,434 4,800 1,169 2,734 785 2,668 1,184 2,559
INTERNATIONAL POWER INTERTEK GROUP PLC INVENSYS INVESTEC ITV PLC J SAINSBURY PLC JOHN WOOD GROUP JOHNSON MATHEY PLC KAZAKHMYS PLC KINGFISHER PLC LAND SECURITIES GROUP PLC REIT LEGAL GENERAL GROUP PLC LLOYDS BANKING GROUP PLC LONMIN PLC LSE GROUP MAN GROUP PLC MARKS AND SPENCER GROUP PLC MONDI PLC MORRISON SUPERMARKETS PLC NATIONAL GRID PLC NEXT PLC OLD MUTUAL PLC PEARSON PLC PENNON GROUP PLC PREMIER OIL PLC PRUDENTIAL PLC RECKITT BENCKISER GROUP PLC REED ELSEVIER PLC REXAM ROLLS-ROYCE HOLDINGS PLC ROTORK PLC ROYAL BANK OF SCOTLAND RSA INSURANCE GROUP PLC SABMILLER PLC SAGE GROUP SCHRODERS SEVERN TRENT PLC SMITH AND NEPHEW PLC SMITHS GROUP -SHSSSE PLC STANDARD CHARTERED PLC STANDARD LIFE PLC TATE LYLE PLC TESCO PLC THE BERKELEY GR TRAVIS PERKINS PLC TULLOW OIL PLC UNILEVER PLC UNITED UTILITIES GROUP PLC VODAFONE GROUP PLC WEIR GROUP PLC WHITBREAD XSTRATA PLC
United States of America
ABBOTT LABORATORIES LTD ACTIVISION BLIZZARD ADOBE SYSTEMS INC ADVANCE AUTO PARTS AETNA INC AFLAC INC AGCO CORP AGILENT TECHNOLOGIES AGL RESOURCES INC AIR PRODUCTS CHEMICALS INC AIRGAS INC AKAMAI TECHNOLOGIES ALBERMARLE CORPORATION ALEXION PHARMACEUTICALS
Quotation currency
Market value
% of net assets
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
97,690.15 60,797.82 36,026.70 40,666.67 55,051.45 45,826.51 40,870.75 84,761.44 17,094.50 105,649.96 112,824.11 132,473.18 214,543.11 22,485.49 41,817.82 26,421.44 82,179.89 34,083.55 91,107.43 341,506.96 80,894.25 99,898.55 154,404.75 37,925.77 33,967.10 300,535.93 344,277.22 92,362.07 55,586.99 254,844.35 24,494.13 90,244.52 84,439.85 297,562.29 45,089.10 6,059.97 49,747.31 73,504.36 58,094.98 204,549.72 439,716.93 104,717.01 43,646.83 374,834.40 43,866.90 37,315.86 214,404.52 393,821.88 62,919.91 1,370,065.06 54,233.59 66,672.60 209,288.27
0.05 0.03 0.02 0.02 0.03 0.02 0.02 0.04 0.01 0.05 0.05 0.06 0.10 0.01 0.02 0.01 0.04 0.02 0.04 0.16 0.04 0.05 0.07 0.02 0.02 0.14 0.16 0.04 0.03 0.12 0.01 0.04 0.04 0.14 0.02 0.00 0.02 0.03 0.03 0.10 0.21 0.05 0.02 0.18 0.02 0.02 0.10 0.19 0.03 0.66 0.03 0.03 0.10
USD USD USD USD USD USD USD USD USD USD USD USD USD USD
105,546,025.76 1,004,503.61 47,570.74 167,557.25 58,487.34 140,348.59 204,115.19 51,673.95 148,419.68 35,695.01 173,922.08 51,966.31 66,749.93 55,643.01 200,235.37
50.01 0.48 0.02 0.08 0.03 0.07 0.10 0.02 0.07 0.02 0.08 0.02 0.03 0.03 0.09
The accompanying notes form an integral part of these financial statements
Page 128
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination 1,664 3,955 862 1,319 7,209 4,153 25,374 4,523 1,669 3,310 6,259 14,422 6,206 5,788 3,125 3,207 1,969 9,997 2,047 6,482 3,510 16,266 1,436 5,009 1,501 11,847 16,815 1,821 1,115 73,887 2,665 1,347 5,933 305 494 1,569 1,506 4,893 5,654 136,270 15,829 1,160 7,012 10,067 2,027 2,432 2,822 12,424 3,933 3,222 1,421 1,835 1,719 2,932 17,284 20,971 6,568 645 4,693 2,468 4,652 3,102 2,776 7,601 4,512 2,369 2,643 7,984 4,800
ALLEGHENY TECHNOLOGIES INC ALLERGAN INC ALLIANCE DATA SYSTEMS CORP ALLIANT ENERGY CORP ALLSTATE CORP ALTERA CORP ALTRIA GROUP AMAZON.COM INC AMERCIAN WATER WORKS CO INC AMEREN CORPORATION AMERICAN ELECTRIC POWER CO INC AMERICAN EXPRESS CO COM. AMERICAN INTERNATIONAL GROUP INC AMERICAN TOWER CORP AMERIPRISE FINANCIAL INC AMERISOURCEBERGEN CORP AMETEK INC AMGEN INC AMPHENOL -AANADARKO PETROLEUM CORP ANALOG DEVICES INC ANNALY CAPITAL MANAGEMENT ANSYS INC APACHE CORP APOLLO GROUP -AAPPLE INC APPLIED MATERIALS INC ARROW ELECTRONICS INC ASHLAND INC AT AND T INC AUTODESK INC AUTOLIV AUTOMATIC DATA PROCESSING INC AUTOMATION AUTOZONE INC AVALONBAY COMMUN AVNET INC AVON PRODUCTS INC. COM. BAKER HUGHES INC BANK OF AMERICA CORP BANK OF NEW YORK MELLON CORP BARD INC BAXTER INTERNATIONAL INC BB AND T CORP BEAM WHEN ISSUED BECTON DICKINSON BED BATH AND BEYOND INC BERKSHIRE HATHAWAY -BBEST BUY CO INC BIOGEN IDEC INC BLACKROCK INC BMC SOFTWARE INC BORG WARNER BOSTON PROPERTIES INC BOSTON SCIENTIFIC CORP BRISTOL-MYERS SQUIBB CO BROADCOM CORPORATION BROWN-FORMAN CORP -B- NON VOTING CA INC CABOT OIL AND GAS CORP -ACALPINE CORP CAMERON INTERNATIONAL CORP CAMPBELL SOUP CO CAPITAL ONE FINANCIAL CORP CARDINAL HEALTH INC CAREFUSION - SHS CARMAX INC CATERPILLAR INC CBRE GROUP
Quotation currency
Market value
% of net assets
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
41,814.71 288,494.82 91,698.51 47,363.64 199,333.21 110,742.30 690,809.42 813,858.44 45,083.58 87,480.71 196,788.23 661,522.10 156,928.84 318,851.96 128,688.78 99,440.88 77,438.08 575,375.97 88,586.93 338,133.56 104,189.51 215,077.01 71,412.44 346,905.96 42,804.61 5,451,832.47 151,845.79 47,080.11 60,896.46 2,076,206.94 73,478.86 58,017.43 260,218.89 8,479.10 142,927.37 174,919.92 36,622.01 62,499.93 183,112.88 878,364.60 273,784.76 98,207.64 293,674.64 244,723.97 99,812.64 143,250.46 137,425.32 815,800.73 64,958.58 366,567.40 190,153.44 61,713.72 88,845.36 250,376.93 77,223.34 594,072.30 174,932.74 49,224.42 100,179.95 76,623.62 60,521.27 104,398.11 73,017.52 327,387.15 149,327.45 47,938.16 54,024.21 534,196.00 61,879.36
0.02 0.14 0.04 0.02 0.09 0.05 0.33 0.39 0.02 0.04 0.09 0.31 0.07 0.15 0.06 0.05 0.04 0.27 0.04 0.16 0.05 0.10 0.03 0.16 0.02 2.59 0.07 0.02 0.03 0.98 0.03 0.03 0.12 0.00 0.07 0.08 0.02 0.03 0.09 0.42 0.13 0.05 0.14 0.12 0.05 0.07 0.07 0.39 0.03 0.17 0.09 0.03 0.04 0.12 0.04 0.28 0.08 0.02 0.05 0.04 0.03 0.05 0.03 0.16 0.07 0.02 0.03 0.25 0.03
The accompanying notes form an integral part of these financial statements
Page 129
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination 7,980 2,311 5,811 5,494 7,877 1,875 848 14,616 523 305 8,496 426 2,041 3,884 1,978 3,826 1,229 1,300 67,369 3,000 35,030 2,436 1,655 1,861 842 3,734 3,753 3,871 28,457 3,937 5,840 26,196 2,100 5,955 1,036 15,511 2,477 3,653 19,652 5,505 2,084 3,924 1,940 13,415 15,797 1,513 1,389 5,173 19,300 10,602 6,041 1,767 4,965 897 8,098 7,137 2,164 829 3,198 2,375 3,234 7,203 1,898 2,286 15,464 2,725 2,220 17,504 1,956
CBS -BCELANESE CORP-ACELGENE CORP CENTERPOINT ENERGY CENTURYLINK SHS CERNER CORP CF INDUSTRIES HOLDINGS INC CHARLES SCHWAB CORP/THE CHARTER COMMUNICATIONS INC CHECKPOINT SYSTEMS INC CHESAPEAKE ENERGY CORP CHIPOTLE MEXICAN GRILL -AC.H.ROBINSON WORLWIDE INC CHUBB CORP CHURCH AND DWIGHT CIGNA CORP CIMAREX ENERGY CO CINCINNATI FINANCIAL CORP CISCO SYSTEMS INC CIT GROUP CITIGROUP CITRIX SYSTEMS CLIFF NATURAL RESOURCES CLOROX CO CME GROUP -ACMS ENERGY CORP COACH INC COCA COLA ENTERPRISES INC COCA-COLA CO COGNIZANT TECHNOLOGY SOLUTIONS -ACOLGATE-PALMOLIVE CO COMCAST CORP COMERICA INC CONAGRA FOODS INC CONCHO RES CONOCOPHILLIPS CO CONSOL ENERGY INC CONSOLIDATED EDISON INC CORNING INC COSTCO WHOLESALE CORP COVENTRY HEALTH CARE INC CROWN CASTLE INTERNATIONAL CROWN HOLDINGS INC CSX CORP CVS CAREMARK CORP DARDEN RESTAURANTS INC DAVITA INC DEERE & CO DELL INC DELTA AIR LINES DENBURY RESOURCES DENTSPLY INTERNATIONAL INC DEVON ENERGY CORP DIAMOND OFFSHORE DRILLING DIRECTV -ADISCOVER FINANCIAL SERVICES - SHS WI DISCOVERY COMM -ADISCOVERY COMM -CDISH NETWORK -ADOLLAR GENERAL DOLLAR TREE INC DOMINION RESOURCES INC DONALDSON CO DOVER CORP DOW CHEMICAL CO DR PEPPER SNAPPLE GROUP DTE ENERGY COMPANY DUKE ENERGY HLDG EASTMAN CHEMICAL CO
Quotation currency
Market value
% of net assets
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
206,126.16 63,044.66 293,789.65 89,485.03 245,114.64 122,128.76 129,460.24 148,918.39 29,206.89 2,093.34 124,522.75 127,543.20 94,133.19 222,869.77 86,458.11 132,653.56 53,380.47 38,998.46 911,489.48 84,252.00 756,607.15 161,126.70 64,280.33 106,259.06 177,887.88 69,145.42 172,944.68 85,530.78 1,753,321.64 186,139.24 479,054.41 659,931.54 50,818.33 121,676.18 69,488.45 682,994.90 59,024.06 179,015.85 200,228.80 412,099.60 52,204.69 181,381.22 52,724.95 236,365.31 581,690.09 60,362.63 107,492.76 329,648.56 190,407.00 91,479.37 71,927.43 52,645.89 226,878.65 41,794.74 311,527.80 194,474.18 92,081.48 32,721.02 71,945.87 101,789.72 137,101.93 306,498.56 49,908.40 96,570.24 383,843.03 93,943.30 103,788.35 318,066.46 77,635.81
0.10 0.03 0.14 0.04 0.12 0.06 0.06 0.07 0.01 0.00 0.06 0.06 0.04 0.11 0.04 0.06 0.03 0.02 0.43 0.04 0.36 0.08 0.03 0.05 0.08 0.03 0.08 0.04 0.83 0.09 0.23 0.31 0.02 0.06 0.03 0.32 0.03 0.08 0.09 0.20 0.02 0.09 0.02 0.11 0.28 0.03 0.05 0.16 0.09 0.04 0.03 0.02 0.11 0.02 0.15 0.09 0.04 0.02 0.03 0.05 0.06 0.15 0.02 0.05 0.18 0.04 0.05 0.15 0.04
The accompanying notes form an integral part of these financial statements
Page 130
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination 15,195 3,448 4,236 1,434 11,266 4,741 13,406 27,115 1,090 2,291 3,495 1,668 4,393 1,252 2,983 10,166 2,553 7,535 1,269 3,518 400 3,907 2,818 13,358 5,391 2,039 812 1,976 992 2,937 49,395 3,398 506 1,899 986 3,425 9,300 8,558 9,275 1,876 9,858 6,154 3,302 2,161 4,244 11,872 2,999 7,000 2,997 6,679 3,500 1,334 953 2,251 4,226 25,510 1,510 4,208 2,734 3,941 19,157 1,654 2,594 11,133 2,171 14,529 638 5,448 865
EBAY ECOLAB INC EDISON INTERNATIONAL EDWARDS LIFESCIENCES CORP EI DU PONT DE NEMOURS & CO ELECTRONIC ARTS ELI LILLY & CO EMC CORP ENERGIZER HOLDINGS INC ENTERGY CORP EOG RESOURCES INC EQT EQTY RESIDENTIAL PPTYS TR SHS BEN.INT. EQUIFAX INC ESTEE LAUDER COMPANIES INC -AEXELON CORP EXPEDITORS INTERNATIONAL OF WASHINGTON EXPRESS SCRIPTS FAMILLY DOLLAR STORE FASTENAL CO FED RLTY INV TR / SHS.OF BENEF.INTEREST FEDEX CORP FIDELITY NATIONAL FIFTH THIRD BANCORP FIRSTENERGY CORP FISERV INC FLOWSERVE FLUOR CORP FMC CORP FMC TECHNOLOGIES INC FORD MOTOR FOREST LABORATORIES INC FOSSIL INC FRANKLIN RESOURCES INC F5 NETWORKS GAP INC GENERAL GROWTH PROPERTIES GENERAL MILLS INC GENERAL MOTORS CO GENUINE PARTS CO GILEAD SCIENCES INC GOLDMAN SACHS GROUP INC GOOGLE INC GREEN MOUNTAIN COFFEE ROASTER INC H & R BLOCK INC HALLIBURTON CO HARLEY DAVIDSON INC HARTFORD FINANCIAL SERVICES GROUP INC HCA HOLDINGS INC HCP HEALTH CARE REIT HELMERICH PAINE HENRY SCHEIN INC HERSHEY HESS CORP HEWLETT-PACKARD CO HILLSHIRE BRAND (WHEN ISSUED) HJ HEINZ CO HOLLYFRONTIER HOLOGIC INC HOME DEPOT INC HORMEL FOODS CORP HOSPIRA HOST HOTELS & RESORTS - SHS HUMANA INC IBM CORP IHS INC -AILLINOIS TOOL WORKS INTEGRYS ENG GRP SHS
Quotation currency
Market value
% of net assets
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
503,007.72 186,195.53 154,212.36 116,726.84 448,935.52 46,137.94 453,292.98 547,620.23 64,632.99 122,560.96 248,165.52 70,489.61 215,868.15 45,973.92 127,213.24 301,363.16 77,954.97 331,491.31 66,477.38 111,745.46 32,808.79 282,037.96 75,676.64 141,048.19 208,962.05 116,036.86 73,422.64 76,825.85 41,804.63 90,791.15 373,269.81 93,689.00 30,518.29 166,084.87 77,354.05 73,841.06 132,569.24 259,899.39 144,125.92 89,065.84 398,343.83 464,853.58 1,509,311.01 37,088.04 53,440.86 265,589.28 108,068.45 97,245.97 71,863.76 232,361.10 160,789.57 45,705.31 58,942.49 127,764.49 144,690.67 404,244.20 34,494.23 180,316.80 76,329.24 56,022.73 799,912.87 39,647.52 71,500.82 138,784.18 132,478.81 2,239,140.95 54,159.99 227,055.45 38,763.29
0.24 0.09 0.07 0.06 0.21 0.02 0.21 0.26 0.03 0.06 0.12 0.03 0.10 0.02 0.06 0.14 0.04 0.16 0.03 0.05 0.02 0.13 0.04 0.07 0.10 0.05 0.03 0.04 0.02 0.04 0.18 0.04 0.01 0.08 0.04 0.03 0.06 0.12 0.07 0.04 0.19 0.22 0.72 0.02 0.03 0.13 0.05 0.05 0.03 0.11 0.08 0.02 0.03 0.06 0.07 0.19 0.02 0.09 0.04 0.03 0.38 0.02 0.03 0.07 0.06 1.06 0.03 0.11 0.02
The accompanying notes form an integral part of these financial statements
Page 131
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination 59,789 1,019 1,038 4,477 5,953 4,619 3,681 518 1,889 2,123 1,201 1,352 34,450 8,849 1,320 48,110 5,719 1,292 3,224 13,500 5,087 5,700 929 71,080 2,018 22,178 1,431 1,777 4,882 1,279 2,311 257 1,800 6,925 1,264 2,181 3,120 4,800 2,536 521 2,403 2,114 5,100 1,755 15,516 1,600 9,235 4,440 3,247 7,802 1,404 4,439 3,539 3,546 1,814 12,771 3,034 2,596 2,666 2,217 12,636 38,257 11,405 5,948 13,641 2,210 95,627 1,427 2,008
INTEL CORP INTERCONTINENTAL EXCHANGE INC INTERNATIONAL FLAVORS FRAGRANCES INTERNATIONAL GAME TECHNOLOGY INTERNATIONAL PAPER CO INTERPUBLIC GROUP OF COMPANIES INC INTUIT INTUITIVE SURGICAL IRON MOUNTAIN JABIL CIRCUIT INC J.B. HUNT TRANSPORT SERVICES INC J.M. SMUCKER CO SHS JOHNSON AND JOHNSON JOHNSON CONTROLS INC JOY GLOBAL INC JPMORGAN CHASE CO JUNIPER NETWORKS INC KANSAS CITY SOUTHERN INDUSTRIES INC KELLOGG KEYCORP KIMBERLY CLARK KIMCO REALTY KINDER MORGAN MANAGEMENT LLC KINDER MORGAN MANAGEMENT LLC (FRACTION) KLA-TENCOR CORP KRAFT FOODS INC LABORATORY CORP OF AMERICA HOLDINGS LAM RESEARCH CORP LAS VEGAS SANDS CORP LEAR LEUCADIA NATIONAL CORP LIBERTY GLOBAL INC SERIES -ALIBERTY GLOBAL SERIES -CLIBERTY INTERACTIVE -ALIBERTY MEDIA CORP -ALIFE TECHNOLOGIES CORP LIMITED BRANDS INC LINCOLN NATIONAL CORP LINEAR TECHNOLOGY CORP LINKEDLN -ALINN ENERGY LKQ CORP LOEWS CORP LORILLARD LOWE'S COMPANIES INC MACERICH CO MARATHON OIL CORP MARATHON PETROLEUM CORP MARRIOTT INTERNATIONAL -AMARSH MC-LENNAN COS. INC. MASTERCARD INC -AMATTEL MAXIM INTEGRATED PRODUCTS INC MC GRAW-HILL INC MCCORMICK & CO INC NON VOTING MCDONALD'S CORP MCKESSON CORP MDU RESOURCES GROUP MEAD JOHNSON NUTRITION CO MEADWESTVACO MEDTRONIC INC MERCK AND CO METLIFE INC MGM RESORTS INTL MICRON TECHNOLOGY MICROSHIP TECH MICROSOFT CORP MOLSON COORS BREWING CO -B- NON VOTING MONSTER BEVERAGE CORP
Quotation currency
Market value
% of net assets
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
1,255,566.64 109,186.89 44,822.82 55,563.41 135,614.22 39,491.08 172,150.31 226,045.64 49,061.46 34,010.16 56,404.08 80,456.28 1,834,003.39 193,219.96 59,007.60 1,354,533.15 73,501.35 70,817.95 125,322.03 82,337.18 335,792.91 85,474.17 53,746.65 0.00 78,315.67 674,925.62 104,428.44 52,845.81 167,304.82 38,025.82 38,733.67 10,050.75 67,727.83 97,077.14 87,560.17 77,320.19 104,561.36 82,720.14 62,608.16 43,628.44 72,143.97 55,638.15 164,407.23 182,476.85 347,720.77 74,449.39 186,075.37 157,160.71 100,297.39 198,147.01 475,847.63 113,471.62 71,502.27 125,739.73 86,694.06 890,915.75 224,134.19 44,205.95 169,134.12 50,225.56 385,636.72 1,258,602.69 277,250.11 52,306.59 67,826.10 57,607.50 2,305,054.91 46,788.91 112,658.76
0.59 0.05 0.02 0.03 0.06 0.02 0.08 0.11 0.02 0.02 0.03 0.04 0.87 0.09 0.03 0.64 0.03 0.03 0.06 0.04 0.16 0.04 0.03 0.00 0.04 0.32 0.05 0.03 0.08 0.02 0.02 0.00 0.03 0.05 0.04 0.04 0.05 0.04 0.03 0.02 0.03 0.03 0.08 0.09 0.16 0.04 0.09 0.07 0.05 0.09 0.23 0.05 0.03 0.06 0.04 0.42 0.11 0.02 0.08 0.02 0.18 0.60 0.13 0.02 0.03 0.03 1.09 0.02 0.05
The accompanying notes form an integral part of these financial statements
Page 132
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination 2,835 23,524 3,696 3,606 1,917 2,170 5,607 942 5,494 4,580 5,710 4,686 1,757 22,845 3,818 5,364 4,483 4,395 2,014 4,233 2,786 3,446 3,484 3,663 4,173 7,593 3,731 1,523 10,373 1,828 1,309 3,464 2,380 50,177 4,397 1,371 1,942 3,951 2,939 4,654 2,587 19,630 1,142 1,214 94,519 5,355 1,161 1,590 1,610 1,000 7,194 2,050 7,706 3,412 1,857 648 4,240 34,673 3,910 7,925 7,229 6,289 6,535 2,209 830 2,753 21,470 2,870 2,065
MOODY'S CORP MORGAN STANLEY MOSAIC MOTOROLA INC SHS EX-DISTRIBUTION M&T BANK CORPORATION MURPHY OIL CORP MYLAN INC NATIONAL FUEL GAZ CO NATIONAL OILWELL VARCO INC NETAPP NEW YORK COMMUNITY BANCORP INC NEWELL RUBBERMAID NEWFIELD EXPLORATION CO NEWS CORP -ANEWS CORP -BNEXTERA ENERGY NIKE INC NISOURCE NORDSTROM INC NORFOLK SOUTHERN CORP NORTHEAST UTILITIES INC NORTHERN TRUST CORP NRG ENERGY NUANCE COMMUNICATIONS INC NUCOR CORP NVIDIA CORP NYSE EURONEXT O REILLY AUTO OCCIDENTAL PETROLEUM CORP OCEANEERING INTERNATIONAL INC OGE ENERGY CO (HOLDING CO) OMNICOM GROUP INC ONEOK INC (NEW) ORACLE CORP PACCAR INC PALL CORP PARKER-HANNIFIN CORP PAYCHEX INC PEABODY ENERGY CORP PEOPLES UNITED FINANCIAL PEPCO HOLDINGS PEPSICO INC PERRIGO PETSMART INC PFIZER INC PG AND E CORP PINNACLE WEST CAPITAL CORP PIONER NATURAL RESOURCES COMPANY PLAIN EXPLORATION & PRODUCTION CO PLUM CREEK TIMBER PNC FINANCIAL SERVICES GROUP INC PPG INDUSTRIES INC PPL CORP PRAXAIR INC PRECISION CASTPARTS CORP PRICELINE.COM INC PRINCIPAL FINANCIAL GROUP INC PROCTER AND GAMBLE CO PROGRESS ENERGY INC PROGRESSIVE CORP PROLOGIS PRUDENTIAL FINANCIAL INC PUBLIC SERVICE ENTERPRISE GROUP INC PUBLIC STORAGE INC PVH CORP QEP RESOURCES QUALCOMM INC QUANTA SERVICES INC QUEST DIAGNOSTICS
Quotation currency
Market value
% of net assets
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
81,651.04 270,450.46 159,483.83 136,704.35 124,728.49 85,992.91 94,418.34 34,872.67 278,975.11 114,838.34 56,377.84 66,982.42 40,579.70 401,256.89 67,752.54 290,844.99 310,088.44 85,714.71 78,858.72 239,393.57 85,201.26 124,963.49 47,659.46 68,754.31 124,626.06 82,688.04 75,205.06 100,533.24 701,069.47 68,939.82 53,420.36 132,658.60 79,348.96 1,174,309.05 135,785.37 59,213.20 117,647.82 97,790.40 56,786.01 42,577.47 39,894.09 1,092,987.51 106,123.53 65,222.43 1,713,042.83 191,025.45 47,334.73 110,518.81 44,631.65 31,283.24 346,420.82 171,424.29 168,869.52 292,334.23 240,698.10 339,315.99 87,636.58 1,673,473.27 185,386.47 130,079.78 189,290.94 240,003.36 167,359.44 251,370.47 50,877.19 65,015.10 942,003.55 54,435.13 97,469.37
0.04 0.13 0.08 0.06 0.06 0.04 0.04 0.02 0.13 0.05 0.03 0.03 0.02 0.19 0.03 0.14 0.15 0.04 0.04 0.11 0.04 0.06 0.02 0.03 0.06 0.04 0.04 0.05 0.33 0.03 0.03 0.06 0.04 0.56 0.06 0.03 0.06 0.05 0.03 0.02 0.02 0.52 0.05 0.03 0.81 0.09 0.02 0.05 0.02 0.01 0.16 0.08 0.08 0.14 0.11 0.16 0.04 0.79 0.09 0.06 0.09 0.11 0.08 0.12 0.02 0.03 0.45 0.03 0.05
The accompanying notes form an integral part of these financial statements
Page 133
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 1,445 728 1,791 250 2,432 19,400 3,575 4,280 1,066 1,783 1,657 1,180 2,893 2,571 5,255 1,625 2,947 1,896 1,069 901 2,979 1,190 1,479 4,726 42,711 7,900 838 10,384 2,021 8,869 4,349 8,250 35,406 4,167 2,200 8,703 9,409 2,415 6,544 1,037 3,648 1,256 7,537 9,652 7,372 3,485 8,533 3,731 2,588 2,163 14,610 8,103 4,661 1,335 12,297 3,999 9,610 902 565 5,309 1,863 1,480 3,485 6,125 3,920 9,007 11,200 12,971 24,724
RACKSPACE HOSTING INC RALCORP HOLDINGS RANGE RESOURCES CORP RAYONIER REIT RED HAT REGIONS FINANCIAL CORP REPUBLIC SERVICES -AREYNOLDS AMERICAN ROCK-TENN CO ROCKWELL AUTOMATION ROCKWELL COLLINS ROPER INDUSTRIES INC ROSS STORES INC SAFEWAY INC SAIC INC SALESFORCE COM.INC SANDISK CORP SBA COMMUNICATIONS SCANA SCRIPPS NETWORKS SEMPRA ENERGY SHERWIN WILLIAMS CO SIGMA-ALDRICH CORP SIMON PROPERTY GROUP INC SIRIUS XM RADIO SLM SM ENERGY SOUTHERN CO SOUTHERN COPPER CORP SOUTHWEST AIRLINES CO SOUTHWESTERN ENERGY SPECTRA ENERGY SPRINT NEXTEL 1 SHS-SERIES 1 ST JUDE MEDICAL INC STANLEY BLCK DECK STAPLES STARBUCKS CORP STARWOOD HOTELS AND RESORTS STATE STREET CORP STERICYCLE INC STRYKER CORP SUNOCO SUNTRUST BANKS INC SYMANTEC CORP SYSCO CORP T ROWE PRICE GROUP INC TARGET CORP TD AMERITRADE HOLDING CORP TECO ENERGY TERADATA - SHS TEXAS INSTRUMENTS INC THE WESTERN UNION COMPANY THERMO FISHER SCIEN SHS TIFFANY CO TIME WARNER TIME WARNER CABLE TJX COS INC TRACTOR SUPPLY CO TRANSDIGM GROUP TRAVELERS COS INC/THE TRIMBLE NAVIGATION LTD TRW AUTOMOTIVE HOLDINGS TYSON FOODS INC -AUNION PACIFIC CORP UNITED CONTINENTAL HOLDINGS INC UNITED PARCEL SERVICE INC UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC US BANCORP
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
The accompanying notes form an integral part of these financial statements
Page 134
Market value
% of net assets
50,032.15 38,285.90 87,316.63 8,845.20 108,237.94 103,187.42 74,539.62 151,328.63 45,821.91 92,813.51 64,436.35 91,662.58 142,410.24 36,770.54 50,187.62 177,039.91 84,714.20 85,234.47 40,298.62 40,369.46 161,690.65 124,105.83 86,160.88 579,684.93 62,263.39 97,796.78 32,429.12 378,849.69 50,180.62 64,435.74 109,423.25 188,916.91 90,952.73 131,046.82 111,573.22 89,495.41 395,325.54 100,935.03 230,191.21 74,907.84 158,389.98 47,011.54 143,904.11 111,119.12 173,168.37 172,897.52 391,265.33 49,979.91 36,830.13 122,735.61 330,295.02 107,524.94 190,656.40 55,701.71 373,062.13 258,711.56 325,091.45 59,036.38 59,792.36 267,071.08 67,543.93 42,870.49 51,709.98 575,843.15 75,153.54 558,993.99 666,589.97 597,930.34 626,550.44
0.02 0.02 0.04 0.00 0.05 0.05 0.04 0.07 0.02 0.04 0.03 0.04 0.07 0.02 0.02 0.08 0.04 0.04 0.02 0.02 0.08 0.06 0.04 0.27 0.03 0.05 0.02 0.18 0.02 0.03 0.05 0.09 0.04 0.06 0.05 0.04 0.19 0.05 0.11 0.04 0.08 0.02 0.07 0.05 0.08 0.08 0.19 0.02 0.02 0.06 0.16 0.05 0.09 0.03 0.18 0.12 0.15 0.03 0.03 0.13 0.03 0.02 0.02 0.27 0.04 0.26 0.32 0.28 0.30
Polaris Fund - GEO Equity Global V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination 7,317 1,297 4,939 2,538 1,656 33,797 2,758 1,452 6,219 3,288 6,582 3,036 11,016 20,116 5,650 1,040 1,591 4,342 67,920 2,737 7,923 1,747 2,158 8,217 8,527 2,455 1,067 1,600 790 1,859 845 6,306 16,284 3,230 2,917 14,510 2,308 8,299
VALERO ENERGY CORP (NEW) VARIAN MEDICAL SYTEMS VENTAS INC VERISIGN INC VERISK ANALYTICS INC VERIZON COMMUNICATIONS INC VERTEX PHARMACEUTICALS INC VF CORP VIACOM -BVIRGIN MEDIA INC VISA INC -AVORNADO REALTY TRUST SHS OF BENEF.INT WALGREEN CO WALT DISNEY CO WASTE MANAGEMENT INC WATERS WATSON PHARMACEUTICALS WELLPOINT INC WELLS FARGO AND CO WESTERN DIGITAL CORP WEYERHAEUSER CO WHITING PETROLEUM CORP WHOLE FOODS MARKET WILLIAMS COS INC WINDSTREAM WISCONSIN ENERGY CORP WMWARE W.R.BERKLEY CORP WW GRAINGER INC WYNDHAM WORLDWIDE WYNN RESORTS LTD XCEL ENERGY INC XEROX CORP XILINX INC XYLEM WHEN ISSUED YAHOO INC ZIMMER HOLDINGS INC 3M CO
Quotation currency
Market value
% of net assets
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
139,242.39 62,108.42 245,655.95 87,136.57 64,280.02 1,183,514.19 121,529.77 152,688.55 230,422.27 63,192.40 641,214.03 200,908.77 256,769.46 768,784.52 148,701.78 65,126.51 92,760.80 218,254.74 1,789,720.50 65,737.17 139,599.13 56,606.63 162,090.19 186,607.26 64,907.47 76,548.88 76,545.20 49,069.78 119,049.37 77,257.52 69,062.21 141,171.32 100,985.05 85,442.73 57,855.00 180,996.26 117,050.46 585,942.56
0.07 0.03 0.12 0.04 0.03 0.56 0.06 0.07 0.11 0.03 0.30 0.10 0.12 0.36 0.07 0.03 0.04 0.10 0.85 0.03 0.07 0.03 0.08 0.09 0.03 0.04 0.04 0.02 0.06 0.04 0.03 0.07 0.05 0.04 0.03 0.09 0.06 0.28
Warrants, Rights Australia
979 BRAMBLES
29.06.12 RIGHT
Canada
4,312 IVANHOE MINES
Spain
8,840 ABERTIS (SHS) 5,480 GAS NATURAL 13,273 REPSOL YPF
19.07.12 RIGHT 18.06.12 RIGHT 13.06.12 RIGHT 05.07.12 RIGHT
17,596.62
0.01
AUD
134.43 134.43
0.00 0.00
CAD
3,066.31 3,066.31
0.00 0.00
EUR EUR EUR
14,395.88 4,543.76 2,498.88 7,353.24
0.01 0.00 0.00 0.01
6,075.08
0.00
4,911.86
0.00
GBP
4,911.82 4,911.82
0.00 0.00
USD
0.04 0.04
0.00 0.00
Other transferable securities Shares United Kingdom
3,974,152 ROLLS ROYCE HLD C ENTITLEMENT JUL 2012
United States of America
53,182 MARRIOT INTL
Warrants, Rights Austria
6,924 IMMOEAST
France
7 AIR LIQUIDE
Spain
16,808 CAIXABANK SA 455 ZARDOYA OTIS
1,163.22
0.00 0.00 0.00
XX RIGHT
EUR
0.01 0.01
14.06.12 RIGHT
EUR
61.29 61.29
0.00 0.00
EUR EUR
1,101.92 907.63 194.29
0.00 0.00 0.00
208,100,398.25
98.60
15.06.12 RIGHT 29.06.12 RIGHT
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 135
Polaris Fund - GEO Equity Global V Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
5,489,804.63
Net dividends Bank interest on cash account Other financial income
Note 2 Note 2 Note 2
Expenses
5,376,214.75 4,399.37 109,190.51 512,386.18
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
239,492.92 30,963.15 14,592.20 19,848.17 857.67 10,935.04 2,246.73 178,563.73 14,886.57 4,977,418.45
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2
Net realised profit
19,644,732.82 (20,171,440.67) 355,805.41 21,315,972.44 26,122,488.45
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
(6,507,597.66) 15,441,086.82 (35,744.96) 35,020,232.65
Subscription capitalisation units Redemption capitalisation units
59,507,080.75 (419,488,877.26)
Decrease in net assets
(324,961,563.86)
Net assets at the beginning of the period
536,007,309.12
Net assets at the end of the period
211,045,745.26
The accompanying notes form an integral part of these financial statements
Page 136
Polaris Fund - GEO All Maturity Fund I
Page 137
Polaris Fund - GEO All Maturity Fund I
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
347,454,266.79
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
332,224,134.97 329,461,514.73 2,762,620.24
Options purchased at market value Options purchased at cost
Note 2
738,503.28 673,779.80
Cash at banks and liquidities Interest receivable Brokers receivable Interest receivable on swaps
2,925,461.52 3,881,354.55 7,658,150.61 26,661.86
Liabilities
10,665,555.69
Options sold at market value Options sold at cost
Note 2, 10
Bank overdrafts Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Interest payable on swaps Net unrealised depreciation on forward foreign exchange contracts Net unrealised depreciation on financial futures Net unrealised depreciation on swaps Accrued management and advisory fees Accrued professional fees
261,980.91 285,184.01 421,869.38 8,054,901.96 6,160.45 8,326.23 2,725.00 440,623.42 965,345.39 434,494.66 68,249.74 878.55
Note 6 Note 4 Note 2, 7 Note 2, 8 Note 2, 9 Note 5
Net asset value
336,788,711.10
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
4,307.109
Units issued
27,684.568
Units redeemed
Units outstanding as at 30/06/12
47.701
31,943.976
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
336,788,711.10
43,829,750.43
0.00
31,943.976 10,543.11
4,307.109 10,176.14
0.000 0.00
The accompanying notes form an integral part of these financial statements
Page 138
Polaris Fund - GEO All Maturity Fund I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
329,419,585.47
97.82
308,496,027.27
91.61
EUR EUR EUR
7,430,941.00 261,207.50 667,524.00 6,502,209.50
2.21 0.08 0.20 1.93
EUR
3,418,112.00 3,418,112.00
1.01 1.01
DKK DKK DKK DKK
27,817,546.00 7,016,219.98 6,474,498.78 6,605,240.68 7,721,586.56
8.26 2.08 1.92 1.96 2.30
EUR EUR EUR EUR
23,093,122.50 11,797,635.00 2,036,920.00 4,171,840.00 5,086,727.50
6.86 3.51 0.60 1.24 1.51
EUR EUR
661,240.00 560,430.00 100,810.00
0.20 0.17 0.03
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR SEK EUR EUR AUD AUD EUR EUR EUR EUR EUR EUR EUR EUR EUR
77,947,513.31 5,667,270.00 1,867,302.50 3,107,370.00 311,401.20 6,287,941.00 822,040.00 9,105,824.00 4,207,040.00 1,631,175.00 2,949,706.00 6,437,970.00 5,036,400.00 2,173,541.87 425,149.50 637,890.00 2,624,021.64 1,283,639.60 5,556,262.50 4,209,114.00 3,070,710.00 3,266,855.00 2,303,158.00 1,886,360.00 115,490.00 715,519.00 2,248,362.50
23.14 1.68 0.55 0.92 0.09 1.87 0.24 2.71 1.25 0.48 0.88 1.91 1.50 0.65 0.13 0.19 0.78 0.38 1.65 1.25 0.91 0.97 0.68 0.56 0.03 0.21 0.67
EUR
1,681,136.00 1,681,136.00
0.50 0.50
EUR EUR
3,545,727.00 1,348,025.00 2,197,702.00
1.05 0.40 0.65
EUR EUR EUR EUR EUR SEK EUR
22,683,357.35 5,155,900.00 4,189,522.50 1,133,396.00 919,566.00 1,937,320.00 2,196,125.35 7,151,527.50
6.74 1.53 1.24 0.34 0.27 0.58 0.65 2.13
EUR
95,139.00 95,139.00
0.03 0.03
EUR EUR
13,285,578.00 5,189,900.00 1,886,580.00
3.94 1.54 0.56
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Australia
250,000 COMMONW BK AUSTRALIA 2.625 12-17 12/01A 650,000 COMMONW BK AUSTRALIA 3.00 12-22 03/05A 6,350,000 WESTPAC BANKING 2.125 12-16 16/02A
Austria
3,200,000 ERSTE GROUP BANK AG 3.125 11-16 29/03A
Denmark
44,300,000 46,700,000 48,700,000 55,700,000
DENMARK 4.00 05-17 15/11A NYKREDIT 2.00 11-17 01/04S REALKREDIT DANMARK 2.00 09-13 01/01A REALKREDIT DANMARK 2.00 11-17 01/04A
11,100,000 2,000,000 4,000,000 4,750,000
FINLAND 3.125 09-14 15/09A NORDEA BANK 2.25 12-19 03/05A NORDEA BANK FINLAND 2.375 11-16 02/09A OP MORTGAGE BANK 3.25 11-16 01/04A
Finland
France
500,000 PERNOD RICARD 100,000 RENAULT SA 5,250,000 1,750,000 3,000,000 310,000 6,100,000 800,000 9,100,000 4,000,000 1,500,000 2,900,000 6,300,000 5,000,000 18,000,000 410,000 600,000 3,000,000 1,400,000 5,050,000 4,200,000 2,700,000 3,050,000 2,200,000 1,750,000 100,000 700,000 2,150,000
7.00 09-15 15/01A 4.00 10-16 25/01A
Germany
BERLIN 3.75 05-15 23/03A BRANDENBURG 4.25 07-14 14/05A BUNDESLAENDER BRD 34 2.00 10-15 02/06A BUNDESSCHATZANW 1.00 10-12 14/12A DEUT PFANDBRIEFBANK 2.25 12-16 18/01A DEUTSCHE PFANDBRIEFBAN3.75 06-13 31/05A EAA 1.125 12-15 30/09U EUROHYPO 2.875 11-16 19/01A EUROHYPO 3.75 09-16 25/05A FMS WERTMANAGEMENT 1.375 12-15 16/01A FMS WERTMANAGEMENT 1.625 12-17 22/02A FMS WERTMANAGEMENT 1.875 12-13 05/09A FMS WERTMANAGEMENT 3.94 11-17 12/08A GERMANY -3023.75 03-13 04/07A GERMANY -3034.25 03-14 04/01A KFW 5.50 12-22 09/02S KFW 6.25 11-21 19/05S KRED WIEDERAUFBAU 3.125 11-18 15/06A KRED.ANST.WIEDERAUFB. 0.625 12-15 29/05A KRED.ANST.WIEDERAUFB. 3.625 10-20 20/01A LAND BADEN WUERTTEM 3.50 05-15 14/01A LAND BERLIN -264- 3.50 09-14 13/02A LAND HESSEN S.0507 3.25 05-15 14/10A LAND SACHSEN ANHALT 4.50 07-17 11/09A NORDRHEIN WESTFALEN 1.75 12-17 15/02A NRW BANK 3.375 09-14 18/03A
Guernsey
1,600,000 CREDIT SUISSE
Italy
1,750,000 ITALY BTP 2,600,000 ITALY BTP 4,700,000 4,050,000 1,100,000 900,000 1,850,000 18,000,000 6,150,000
2.625 10-15 01/12A 4.00 05-37 01/02S 5.00 09-40 01/09S
Luxembourg
COMMUN. EUROPEENNE 3.375 10-19 10/05A EUROPEAN UNION 2.75 11-21 21/09A EUROPEAN UNION 2.75 12-22 04/04A EUROP.INVEST.BK 1.625 12-15 15/01A EUROP.INVEST.BK 3.125 09-14 15/04A EUROP.INVEST.BK 4.50 07-17 08/12A EUROP.INVEST.BK 4.625 04-20 15/04A
Morocco
100,000 MAROCCO KINGDOM REGS 4.50 10-20 05/10A
Norway
5,000,000 DNB BOLIGKREDITT 2.375 12-17 11/04A 1,800,000 DNB NOR BOLIG EMTN 2.625 11-16 11/01A
The accompanying notes form an integral part of these financial statements
Page 139
Polaris Fund - GEO All Maturity Fund I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination
5,000,000 SPAREBANK 1 BOLIG.-12-3.25 10-17 17/03A 800,000 SPBK 1 BOLIGKREDITT 2.50 10-15 23/06A
Sweden
3,800,000 4,950,000 6,200,000 26,700,000 65,900,000
SEB REG S 114 3.00 11-16 20/01A SWEDBANK 3.375 09-14 27/05A SWEDBANK HYPOTEK 3.625 09-16 05/10A SWEDBANK MORTGAGE 3.75 10-17 15/03A SWEDEN -10513.75 06-17 12/08A
200,000 6,500,000 450,000 3,000,000 2,450,000 600,000 2,500,000 200,000 300,000 6,800,000 4,750,000 1,900,000 2,500,000 3,400,000 32,000,000 3,000,000
ABN AMRO BANK NV 4.25 07-17 01/03A BANK V.NED.GEM. 3.00 11-21 25/10A BK NED GEMEENTEN 3.75 08-14 14/03A BK NEDERLANDSE GEMEEN.4.125 06-16 28/06A BNG 1.875 12-19 06/06A FORTIS BANK NEDERLAND 3.375 09-14 19/05A ING BANK NV 3.375 09-14 03/03A ING BANK NV 3.375 12-22 10/01A NEDERLAND 2.25 12-22 15/07A NEDERLAND 4.00 08-18 15/07A NETHERLANDS GOVERNMENT3.75 04-14 15/07A NETHERLANDS GOVT 3.25 11-21 15/07A NIBC BANK EMTN 3.50 09-14 07/04A NWB 3.00 11-16 12/07A NWB REGS 2.75 12-17 24/04A NWB REGS 1040 4.375 08-18 22/01A
2,000,000 4,500,000 6,000,000 2,000,000 1,650,000 10,900,000 8,100,000
BARCLAYS BANK 2.25 12-17 22/02A LLOYDS TSB BANK 3.50 12-17 11/01A NORTHERN ROCK PLC 4.125 07-17 27/03A ROYAL BANK SCOTLAND 4.00 11-16 15/03A UBS LONDON 3.00 11-16 06/06A UK TREASURY STOCK 3.75 11-52 22/07S UNITED KINGDOM 4.25 10-40 07/12S
The Netherlands
United Kingdom
United States of America
3,100,000 BA COVERED BOND 4.25 07-17 05/04A 1,000,000 WM COVERD BD EMTN 4.375 07-14 19/05A 4,450,000 WM COVERED BOND PROGR.4.00 06-16 27/09A
Quotation currency
Market value
% of net assets
EUR EUR
5,376,250.00 832,848.00
1.59 0.25
EUR EUR EUR SEK SEK
27,655,820.99 4,038,108.00 5,209,726.50 6,761,224.00 3,182,266.91 8,464,495.58
8.21 1.20 1.55 2.01 0.94 2.51
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR SEK EUR
45,251,455.38 223,364.00 6,775,210.00 473,445.00 3,324,900.00 2,419,277.00 631,020.00 2,615,000.00 212,140.00 304,155.00 7,786,680.00 5,083,592.50 2,101,115.00 2,626,450.00 3,617,872.00 3,639,184.88 3,418,050.00
13.44 0.07 2.01 0.14 0.99 0.72 0.19 0.78 0.06 0.09 2.32 1.51 0.62 0.78 1.07 1.08 1.01
EUR EUR EUR EUR EUR GBP GBP
44,780,667.24 2,043,320.00 4,786,110.00 6,423,900.00 2,164,300.00 1,763,256.00 15,256,766.78 12,343,014.46
13.30 0.61 1.42 1.91 0.64 0.52 4.54 3.66
EUR EUR EUR
9,148,671.50 3,294,153.00 1,051,500.00 4,803,018.50
2.72 0.98 0.31 1.43
Floating rate bonds
13,587,852.13
4.03
GBP
33,409.03 33,409.03
0.01 0.01
DKK
5,548,642.45 5,548,642.45
1.65 1.65
FL.R 12-14 22/04Q
EUR
4,402,200.00 4,402,200.00
1.31 1.31
1,500,000 HSH N FINANCE EMTN FL.R 03-15 21/12Q
EUR
1,497,210.00 1,497,210.00
0.44 0.44
EUR
1,895,878.90 1,895,878.90
0.56 0.56
EUR
210,511.75 210,511.75
0.06 0.06
7,335,706.07
2.18
EUR
1,809,948.60 1,809,948.60
0.54 0.54
EUR
863,227.70 863,227.70
0.26 0.26
EUR
123,864.58 123,864.58
0.04 0.04
GBP
46,143.01 46,143.01
0.01 0.01
EUR
191,273.98 191,273.98
0.06 0.06
EUR EUR EUR
1,271,834.19 601,169.95 401,107.71 269,556.53
0.38 0.18 0.12 0.08
Cayman Islands
27,733 TRAFFORD CENTRE
FL.R 05-15 28/07Q
Denmark
41,900,000 REALKREDIT DANMARK FL.R 05-38 01/01Q
Germany
4,400,000 ERSTE ABWICKLUNG.
Guernsey
Luxembourg
1,900,000 VALHALLA I SA
FL.R 10-13 26/03Q
United States of America
250,000 SLM STUDENT REGS A-3 FL.R 03-27 15/12Q
Mortgage and asset backed securities France
1,800,000 COMP 2011-2 A
FL.R 12-24 25/05M
Germany
857,621 RNBAG 2012-1 A
Ireland
123,081 SCGA 2010-1 A
FL.R 12-15 15/09M FL.R 10-19 12/08M
Jersey Island
37,500 REC 4 A1
Spain
FL.R 05-14 20/10Q
220,230 BANKINTER S.3 -A-
FL.R 01-38 16/10Q
The Netherlands
594,762 GLDR 2010-A A 400,000 HIGHW 2012-1 A 276,781 JUBIL IV-X A
FL.R 10-18 20/04M FL.R 12 24 26/03M FL.R 04-19 15/10S
The accompanying notes form an integral part of these financial statements
Page 140
Polaris Fund - GEO All Maturity Fund I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
450,000 200,000 400,000 518,274 368,729 479,347 100,000 400,000 190,579
United Kingdom
ARKLE 2010-1X 3A1 FL.R 10-60 17/05Q ARKLE 2012-1X 2A2 FL.R 12-15 17/11Q FOSSM 2011 -1X A4 FL.R 11-54 18/10Q GRAN 2004-2 2B FL.R 04-44 20/06Q GRANM 2006-1X-A6- FL.R 06-54 20/12M GRANM 2006-4 -A7- FL.R 06-54 20/12M INGUK 1 A FL.R 05-15 30/01Q PERMM 2011-1X 1A3 FL.R 11-42 15/07Q RMAC 2007-NS1X- A2A FL.R 07-44 12/06Q
Market value
% of net assets
3,029,414.01 451,075.05 202,062.00 401,694.95 457,765.88 353,963.10 460,244.79 121,101.82 401,764.05 179,742.37
0.89 0.13 0.06 0.12 0.13 0.11 0.13 0.04 0.12 0.05
2,804,549.50
0.83
2,804,549.50
0.83
EUR
1,900,477.54 1,900,477.54
0.56 0.56
EUR
904,071.96 904,071.96
0.27 0.27
476,522.37
0.14
476,522.37
0.14
EUR EUR
16,580.00 12,080.00 4,500.00
0.00 0.00 0.00
AUD EUR EUR EUR EUR EUR EUR EUR EUR
463,057.40 46,083.40 52,563.13 3,448.61 90,605.00 247,221.68 (145,235.07) 158,819.93 139,761.53 (130,210.81)
0.14 0.01 0.02 0.00 0.03 0.07 (0.04) 0.05 0.04 (0.04)
USD
(3,115.03) (3,115.03)
0.00 0.00
332,700,657.34
98.79
EUR EUR EUR EUR EUR EUR GBP EUR GBP
Other transferable securities Mortgage and asset backed securities The Netherlands
1,900,000 STORM 2012-3 A1
FL.R 12-54 22/05Q
United Kingdom
900,000 HMI 2011-1X A3
FL.R 11-54 15/10Q
Derivative instruments Options Germany
(65) EURX EURO BUND AUG 138.0 30.07.12 PUT (15) EURX EURO BUND AUG 139.0 30.07.12 PUT 4,200,000 6,750,000 1,000,000 12,450,000 4,000,000 (5,800,000) 2,500,000 2,200,000 (5,200,000)
Luxembourg
AUD(P)/USD(C)OTC AUG 0.971 23.08.12 PUT EUR(C)/CHF(P) O SEP 1.1989 25.09.12 CALL EUR(P)/CHF(C)OTC AUG 1.20 08.08.12 PUT EUR(P)/CHF(C)OTC SEP1.1989 25.09.12 PUT EUR(P)/USD(C)OTC APR1.3158 24.04.13 PUT SWAPTION IRO 10Y MAR 3 17.03.14 PUT SWAPTION IRO 30Y MAR 3 17.03.14 PUT SWAPTION IRO 30Y MAR 3 17.03.14 PUT SWAPTION IRS 10Y EUR MAR 3 17.03.14 PUT
United States of America
(23) US 10 YEAR NOTE AUG 135.0 27.07.12 CALL
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 141
Polaris Fund - GEO All Maturity Fund I Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
2,663,138.98
Net interest on bonds Bank interest on cash account Other financial income Interest on swaps
Note 2 Note 2 Note 2 Note 2
Expenses
2,549,246.06 1,605.38 7,936.26 104,351.28 344,734.74
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Bank interest on overdrafts Transaction fees Interest on swaps Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
233,616.20 14,229.03 13,323.07 9,121.17 462.35 408.20 12,279.54 58,133.33 3,161.85 2,318,404.24
Net realised profit / loss on: - sales of investment securities - options - forward foreign exchange contracts - financial futures - swaps - foreign exchange
Note 2 Note 2 Note 2 Note 2 Note 2 Note 2
Net realised profit
686,052.43 222,953.68 (246,036.14) 1,330,658.02 1,517,606.32 100,224.72 5,929,863.27
Movement in net unrealised appreciation / depreciation on: - investment securities - options - forward foreign exchange contracts - financial futures - swaps
Increase in net assets as a result of operations
2,254,220.69 91,466.58 (412,703.18) (1,167,318.40) (434,494.66) 6,261,034.30
Subscription capitalisation units Redemption capitalisation units
287,202,254.42 (504,328.05)
Increase in net assets
292,958,960.67
Net assets at the beginning of the period
43,829,750.43
Net assets at the end of the period
336,788,711.10
The accompanying notes form an integral part of these financial statements
Page 142
Polaris Fund - Global Bond
Page 143
Polaris Fund - Global Bond
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
54,975,087.21
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Interest receivable Brokers receivable Net unrealised appreciation on financial futures Other assets
46,272,468.33 41,943,843.64 4,328,624.69 5,282,387.23 446,388.72 2,919,182.75 52,807.95 1,852.23
Note 2, 8
Liabilities
6,712,557.79
Short sales of securities at market value Short sales of securities at cost Short sales of securities unrealised loss
649,644.41 656,856.07 (7,211.66)
Bank overdrafts Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Performance fees payable Net unrealised depreciation on forward foreign exchange contracts Accrued management and advisory fees Accrued professional fees
819,593.20 5,137,995.49 2,187.92 1,191.15 81,383.29 10,798.45 8,933.32 830.56
Note 6 Note 4 Note 5 Note 2, 7 Note 5
Net asset value
48,262,529.42
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
3,350.000
Units issued
416.829
Units redeemed
Units outstanding as at 30/06/12
0.000
3,766.829
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
48,262,529.42
41,459,793.64
47,136,828.52
3,766.829 12,812.51
3,350.000 12,376.06
4,000.000 11,784.21
The accompanying notes form an integral part of these financial statements
Page 144
Polaris Fund - Global Bond Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
42,157,852.98
87.35
35,636,248.59
73.84
USD AUD AUD AUD USD AUD AUD EUR
2,484,988.42 206,658.41 246,799.65 5,592.75 846,525.99 177,891.62 403,426.12 490,577.03 107,516.85
5.15 0.43 0.51 0.01 1.75 0.37 0.84 1.02 0.22
EUR
111,820.00 111,820.00
0.23 0.23
EUR
218,415.60 218,415.60
0.45 0.45
CAD CAD CAD USD USD USD EUR
1,437,332.30 195,472.46 247,221.07 219,302.95 65,380.14 414,810.29 84,125.14 211,020.25
2.98 0.41 0.51 0.45 0.14 0.86 0.17 0.44
USD
195,469.25 195,469.25
0.41 0.41
GBP USD DKK
357,162.70 132,017.05 225,145.62 0.03
0.74 0.27 0.47 0.00
EUR EUR EUR EUR EUR EUR EUR EUR USD EUR EUR EUR USD EUR
2,096,245.88 216,680.00 102,677.00 99,987.00 110,469.00 68,383.90 231,142.50 175,353.00 72,325.00 144,447.23 167,572.50 109,935.00 224,172.00 270,677.75 102,424.00
4.34 0.45 0.21 0.21 0.23 0.14 0.48 0.36 0.15 0.30 0.35 0.23 0.46 0.56 0.21
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR CAD EUR EUR
3,300,916.65 179,049.50 382,621.68 378,378.00 149,509.35 229,419.00 101,714.00 204,380.00 277,194.50 216,722.55 81,898.40 265,575.05 126,338.30 203,902.00 160,363.50 67,962.32 118,013.50 157,875.00
6.84 0.37 0.80 0.79 0.31 0.48 0.21 0.42 0.57 0.45 0.17 0.55 0.26 0.42 0.33 0.14 0.24 0.33
EUR USD
298,992.92 99,733.00 199,259.92
0.62 0.21 0.41
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
251,000 265,000 5,000 850,000 225,000 395,000 545,000 105,000
Australia
ASCIANO FINANCE 144A 5.00 11-18 07/04S AUSTRALIA 122 5.25 05-19 15/03S AUSTRALIA (INDEXED) 3.00 09-25 20/09Q AUSTRALIAN GOVT S 128 5.75 10-22 15/07S NAT.AUST.BK 2.35 09-12 16/11S NSW TREASURY INDEXED 2.75 07-25 20/11Q QUEENSLAND TREASURY 6.00 06-17 14/09S WESTPAC BANKING 2.125 12-16 16/02A
Austria
100,000 AUSTRIA EMTN
Belgium
195,000 ANHEUSER BUSCH 250,000 214,000 244,000 80,000 500,000 100,000 175,000
4.00 05-16 15/09A 4.00 11-21 02/06A
Canada
CANADA 1.50 11-17 01/03S CANADA 5.00 04-37 01/06S CANADA GOVT 4.25 07-18 01/06S CANADIAN NTL RAILWAI 2.85 11-21 15/12S CDP FIN 144A-3C7 3.00 09-14 25/11S NEXEN INC 6.40 07-37 15/05S QUEBEC (PROV.OF) 5.00 09-19 29/04A
Cayman Islands
225,000 PETROBRAS INTL FIN 5.75 09-20 20/01S
Denmark
100,000 DONG ENERGY 4.875 12-32 12/01A 285,000 FIH REG S 2.45 09-12 17/08S 0 NYKREDIT 4.00 09-41 01/10A
France
200,000 100,000 100,000 100,000 65,000 225,000 150,000 55,000 175,000 150,000 100,000 200,000 330,000 100,000
ADP 4.00 11-21 08/07A BNP PARIBAS HOME LOAN 3.125 12-22 22/03A BPCE 4.25 12-23 06/02A CM CIC CB 4.125 12-24 19/01A CRH FINANCE 3.60 12-24 08/03A FRANCE 3.00 11-22 25/04U FRANCE GOVT 4.50 09-41 25/04A FRANCE OAT 6.00 94-25 25/10A FRANCE TELECOM 4.125 11-21 14/09S FRANCE TELECOM EMTN 4.75 07-17 21/02A PERNOD RICARD 5.00 11-17 15/03A PERNOD RICARD 7.00 09-15 15/01A SFEF REGD NT REG-S 3.375 09-14 05/05S SOCIETE GENERALE SFH 2.875 12-19 14/03A
175,000 356,000 315,000 141,000 225,000 100,000 200,000 275,000 209,000 80,000 265,000 110,000 200,000 150,000 75,000 110,000 150,000
BAYERISCKE LDBK 1.875 10-14 30/06A BRD 2.25 10-20 04/09A BRD 3.25 10-42 04/07A BRD -1592.00 11-16 26/02A DUESSELD HYPBK 1.875 10-13 13/12A FMS WERTMANAGEMENT 1.375 12-15 16/01A FMS WERTMANAGEMENT 1.625 12-17 22/02A GERMANY 0.75 12-17 24/02A GERMANY -3023.75 03-13 04/07A KFW 1.875 12-19 20/03A KRED.ANST.WIEDERAUFB. 0.625 12-15 29/05A KRED.ANST.WIEDERAUFB. 4.125 07-17 04/07A KRED.WIEDERAUFBAU 1.375 12-17 21/02A KRED.WIEDERAUFBAU 2.625 11-19 16/08A KRED.WIEDERAUFBAU 5.05 05-25 04/02S UNITY MEDIA REG S 8.125 09-17 01/12A UNITYM NRW REGS 7.50 12-19 15/03S
Germany
Ireland
100,000 INTESA SAN PAOLO BK 4.00 12-13 08/08A 260,000 IRISH LIFE PERM.144A 3.60 10-13 14/01S
The accompanying notes form an integral part of these financial statements
Page 145
Polaris Fund - Global Bond Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
193,000 142,000 250,000 300,000 70,000 500,000 90,000 200,000 150,000
Italy
BTPS BTPS ITALY BTP ITALY BTP ITALY BTP ITALY BTP ITALY BTP ITALY BTPS ITALY BTPS
3.00 10-15 15/04S 4.00 10-20 01/09S 4.75 11-16 15/09S 4.75 12-17 01/05S 5.00 07-39 01/08S 5.00 09-40 01/09S 5.50 12-22 01/09S 3.75 10-21 01/03S 4.75 11-21 01/09S
Japan
40,000,000 DEVELOP BK OF JAPAN 2.30 06-26 19/03S 200,000 TOKYO ELECTRIC POWER 4.50 04-14 24/03A
Luxembourg
110,000 EUROP.INVEST.BK 4.25 09-19 15/04A 215,000 EUROP.INVEST.BK 6.00 10-20 06/08S 200,000 EUROP.INVEST.BK EMTN 3.50 09-16 15/04A
Mexico
90,000 MEXICAN STATES 5.95 08-19 19/03S 24,000 MEXICO TR. 19 5.625 06-17 15/01S 170,000 170,000 110,000 100,000
Norway
DNB BOLIGKREDITT 2.75 12-22 21/03A EKSPORTFINANS 701 3.00 09-14 17/11S SPAREBANK 1 BOLIG 2.75 12-19 01/02S STATOILHYDRO EMTN 4.375 09-15 11/03A
Philippines
170,000,000 ASIAN DEVELOP BANK 2.35 04-27 21/06S
Poland
260,000 310,000 425,000 600,000 960,000
POLAND POLAND POLAND POLAND 0416 POLAND 1016
5.00 11-22 23/03S 5.125 11-21 21/04S 5.75 10-21 25/10A 5.00 10-16 25/04A 4.75 11-16 25/10A
500,000 200,000 150,000 150,000 250,000 250,000 350,000
BANCO SANTANDER 3.625 10-17 06/04A BBVA 4.25 11-15 30/03A BCO POP ESPANOL 4.25 10-15 30/09A CAJA MADRID 3.50 09-14 13/11A CAJA MADRID 3.875 10-13 30/11A ICO GMTN 2.875 10-13 15/11A SPAIN 4.25 11-16 31/10A
300,000 200,000 115,000 350,000 215,000
SHB MTN TR.2 REGS 2.875 09-12 14/09S SWEDBANK HYPOTEK EMTN 2.00 10-14 31/01A SWEDISH COVERED BOND 3.00 10-15 03/02A SWEDISH EXPORT CREDIT 3.25 09-14 16/09S SWEDISH EXPORT CREDIT 3.625 09-14 27/05A
100,000 40,000 100,000 200,000 150,000 150,000 20,000 235,000 205,000
ABN AMRO BANK 3.75 09-14 15/07A COOP EMTN TR76 3.875 12-22 08/02S FORTIS BANK NEDERLAND 3.375 09-14 19/05A ING BANK NV 5.375 11-21 15/04A LEASEPLAN CORP 3.25 09-14 22/05A NEDERLAND 2.25 12-22 15/07A NEDERLAND 4.00 05-37 15/01A VW INTL FIN 144 A 1.625 10-13 12/08S ZIGGO FIN REGS 6.125 10-17 15/11S
255,000 105,000 150,000 100,000 100,000 150,000 300,000 150,000 50,000
BARCLAYS BANK 2.25 12-17 22/02A BARCLAYS BANK 6.75 09-19 22/05S BARCLAYS BANK SUB 6.625 11-22 30/03A BAT INTL FINANCE 3.625 11-21 09/11A BOPARAN REGS 9.875 11-18 30/04S BRAMBLES FINANCE PLC 4.625 11-18 20/04A DEUTSCHE BANK AG 3.25 11-16 11/01S FCE BANK EMTN 9.375 09-14 17/01A HAMMERSON PLC 4.875 06-15 19/06A
Spain
Sweden
The Netherlands
United Kingdom
Market value
% of net assets
EUR EUR EUR EUR EUR EUR EUR EUR EUR
1,753,191.19 187,215.79 128,999.90 250,100.00 296,979.00 59,405.50 422,635.00 88,447.50 177,714.00 141,694.50
3.63 0.39 0.27 0.52 0.62 0.12 0.87 0.18 0.37 0.29
JPY EUR
651,664.57 452,580.57 199,084.00
1.35 0.94 0.41
EUR AUD EUR
527,218.24 125,161.30 185,324.94 216,732.00
1.09 0.26 0.38 0.45
USD USD
108,626.93 86,585.24 22,041.69
0.23 0.18 0.05
EUR USD EUR EUR
524,164.65 173,303.10 127,402.55 114,466.00 108,993.00
1.09 0.36 0.26 0.24 0.23
JPY
1,934,648.82 1,934,648.82
4.01 4.01
USD USD PLN PLN PLN
970,126.87 224,265.24 270,769.08 104,751.78 143,313.19 227,027.58
2.01 0.46 0.56 0.22 0.30 0.47
EUR EUR EUR EUR EUR EUR EUR
1,762,238.00 461,740.00 195,694.00 143,629.50 136,902.00 246,607.50 243,870.00 333,795.00
3.65 0.95 0.41 0.30 0.28 0.51 0.51 0.69
USD EUR EUR USD EUR
1,077,538.39 237,139.31 203,984.00 121,061.65 289,925.93 225,427.50
2.23 0.49 0.42 0.25 0.60 0.47
EUR USD EUR GBP EUR EUR EUR USD EUR
1,246,617.66 105,690.00 31,907.34 105,170.00 262,986.03 157,398.00 152,077.50 24,988.00 186,583.39 219,817.40
2.58 0.22 0.07 0.22 0.53 0.33 0.32 0.05 0.39 0.45
EUR USD EUR EUR GBP EUR USD EUR EUR
4,076,470.75 260,523.30 96,722.79 142,525.50 106,003.00 128,128.78 166,041.00 243,132.26 166,213.50 53,458.50
8.45 0.54 0.20 0.30 0.22 0.27 0.34 0.50 0.34 0.11
The accompanying notes form an integral part of these financial statements
Page 146
Polaris Fund - Global Bond Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 175,000 210,000 290,000 74,000 140,000 104,000 90,000 240,000 101,000 350,000 35,000 175,000 125,000 220,000
HSBC HOLDINGS SUB 6.00 09-10 10/06A IMPERIAL TOBACCO EMTN 5.00 11-19 02/12A LLOYDS BANK 9.875 11-21 16/12A MARKS SPENCER 124 5.625 04-14 24/03A NORTHERN ROCK 5.625 07-17 22/06S ROYAL BANK SCOTLAND 3.625 10-13 17/05A SCOTT SOUTH ENERGY 6.125 08-13 29/07A TESCO 3.375 11-18 02/11A UK TREASURY GILT STK 4.75 04-38 07/12S UK TREASURY STOCK 4.25 09-39 07/09S UK TREASURY STOCK 4.50 07-42 07/12S UNITED KINGDOM 4.25 10-40 07/12S VIRGIN MEDIA 5.50 11-21 15/01S VODAFONE GROUP 4.15 09-14 10/06S
95,000 50,000 245,000 165,000 150,000 100,000 300,000 200,000 165,000 165,000 170,000 130,000 300,000 150,000 250,000 100,000 250,000 80,000 300,000 110,000 80,000 50,000 420,000 470,000 825,000 100,000 200,000 345,000 75,000 80,000 80,000 345,000 95,000 200,000 50,000 110,000 100,000 320,000 70,000 125,000 100,000 42,000 50,000 55,000 1,040,000 1,150,000 675,000 127,000 200,000 7,000 225,000 55,000 125,000
ALPHA NATURAL RES 6.00 11-19 01/06S AMER EXPRESS CREDIT 5.375 09-14 01/10A AMERICAN EXP.CREDIT 2.80 11-16 19/09S BANK OF AMERICA -L- 5.625 10-20 01/07S BANK OF AMERICA CORP 5.25 06-16 09/11S CALIFORNIA STATE 3.95 10-15 01/11S CALIFORNIA STATE 5.25 09-14 01/04S CAPITAL ONE BANK 8.875 09-40 15/05S CAPITAL ONE FINANCIAL 2.15 12-15 23/03S CAPITAL ONE FINANCIAL 3.15 11-16 15/07S CITIGROUP 144A 4.75 12-15 15/02S CMS ENERGY 6.25 10-20 01/02S COMCAST CORP 5.30 03-14 15/01S CONSOL ENERGY 8.25 10-20 01/04S COX COMMUNICATIONS 7.125 02-12 01/10S CROWN CASTLE INTL 144A6.113 10-20 15/01M CS NY SUB TR.1 5.50 09-14 01/05S CSX 4.25 11-21 01/06S DIRECTV HLDGS 5.00 11-21 01/03S DISH DBS CORPORATION 6.625 05-14 01/10S DOMTAR 10.75 09-17 01/06S DOMTAR CORP 9.50 07-16 01/08S FANNIE MAE 1.95 12-19 28/03S FANNIE MAE 2.70 12-22 28/03S FED HOME LOAN BK 2.00 09-12 14/09S FED HOME LOAN BK 5.625 06-16 13/06S FORD MOTOR CREDIT 5.00 11-18 15/05S INTL FIN CORP 3.00 09-14 22/04S INTL PAPER CO 6.00 11-41 15/11S JABIL CIRCUIT 7.75 09-16 15/07S JP MORGAN CHASE 4.25 10-20 15/10S JPMORGAN CHASE AND CO 3.70 09-15 20/01S JUNIPER NETWORKS 4.60 11-21 15/03S KOREA FINANCE CORP 4.625 11-21 16/11S KRAFT FOODS 6.125 07-18 01/02S KRAFT FOODS INC 5.375 10-20 10/02S MET LIFE GLOBAL REGS 2.875 09-12 17/09S MORGAN STANLEY 6.00 09-14 13/05S MURRAY SIT 4.647 12-17 09/03S PACIFICORP 6.00 09-39 15/01S PRUDENTIAL FINANCIAL 3.875 10-15 14/01S QVC INC 144A 5.125 12-22 02/07S QVC INC 144A 7.50 09-19 01/10S SESI LLC 6.375 11-19 01/05S UNITED STATES -B2022- 2.00 12-22 15/02S UNITED STATES -W2015- 0.25 12-15 15/02S US TREAS N/B 3.125 12-42 15/02S US TREAS N/B N-2015 1.875 10-15 30/06S US TREAS N/B U-2017 0.875 12-17 31/01S US TREASURY NOTES 1.25 10-15 31/08S US TREASURY P-2015 1.75 10-15 31/07S USA T NOTES 0.375 12-15 15/03S USA T NOTES 1.75 12-22 15/05S
United States of America
Market value
% of net assets
EUR EUR USD GBP USD EUR EUR EUR GBP GBP GBP GBP GBP USD
189,990.50 235,641.00 247,644.30 96,592.36 120,601.55 105,466.40 94,781.70 253,648.80 166,221.21 533,448.28 55,779.81 266,670.07 163,190.59 184,045.55
0.39 0.49 0.51 0.20 0.25 0.22 0.20 0.53 0.34 1.11 0.12 0.55 0.34 0.38
USD GBP USD USD GBP USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
10,502,398.80 64,588.47 65,870.72 201,486.71 138,796.07 188,377.83 84,924.16 253,798.51 160,053.58 130,840.27 134,855.20 138,647.02 113,835.15 251,798.59 124,256.34 200,135.03 91,670.15 209,034.32 69,002.16 260,384.54 92,463.10 81,408.34 47,279.46 333,036.47 373,632.81 652,501.51 90,879.00 167,044.64 284,740.20 67,153.97 72,150.35 65,889.29 283,312.95 80,450.38 169,939.72 47,342.90 102,804.77 79,180.63 260,710.30 56,665.22 129,887.17 82,503.82 33,887.93 43,733.50 45,601.28 848,065.48 903,251.62 572,450.85 104,382.76 159,032.59 5,655.13 184,382.98 43,324.27 99,430.00
21.76 0.13 0.14 0.42 0.29 0.39 0.18 0.53 0.33 0.27 0.28 0.29 0.24 0.52 0.26 0.41 0.19 0.43 0.14 0.54 0.19 0.17 0.10 0.69 0.77 1.35 0.19 0.35 0.59 0.14 0.15 0.14 0.59 0.17 0.35 0.10 0.21 0.16 0.54 0.12 0.27 0.17 0.07 0.09 0.09 1.75 1.86 1.19 0.22 0.33 0.01 0.38 0.09 0.21
The accompanying notes form an integral part of these financial statements
Page 147
Polaris Fund - Global Bond Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Market value
% of net assets
144,267.00 307,476.46 122,814.31 203,308.88 56,926.13 26,440.81 94,635.00
0.30 0.64 0.25 0.42 0.12 0.05 0.20
889,939.03
1.84
EUR EUR
104,158.80 17,305.80 86,853.00
0.22 0.04 0.18
FL.R 08-18 28/05A
EUR
211,205.00 211,205.00
0.43 0.43
FL.R 08-25 15/02A
GBP
133,802.99 133,802.99
0.28 0.28
USD
126,078.56 126,078.56
0.26 0.26
EUR
22,686.60 22,686.60
0.05 0.05
USD USD EUR
292,007.08 53,181.51 87,033.07 151,792.50
0.60 0.11 0.18 0.31
5,631,665.36
11.67
EUR
6,330.72 6,330.72
0.01 0.01
EUR
28,718.19 28,718.19
0.06 0.06
EUR EUR
228,670.67 27,403.87 201,266.80
0.47 0.06 0.41
GBP EUR EUR EUR
481,228.70 250,827.55 23,063.16 100,276.93 107,061.06
1.00 0.52 0.05 0.21 0.22
USD EUR GBP EUR USD USD GBP GBP
1,485,354.42 199,198.03 100,909.69 247,579.82 46,567.92 251,991.22 198,029.23 245,366.48 195,712.03
3.08 0.41 0.21 0.51 0.10 0.52 0.41 0.51 0.41
USD USD USD USD USD USD USD USD USD USD USD
3,401,362.66 78,793.86 131,728.11 51,222.67 439,234.81 1,017,440.50 589,258.96 756,766.85 (100,720.02) 79,069.97 159,814.43 198,752.52
7.05 0.16 0.27 0.11 0.91 2.12 1.22 1.57 (0.21) 0.16 0.33 0.41
3,464,970.94
7.18
22,014.50
0.05
22,014.50 22,014.50
0.05 0.05
Denomination 170,000 380,000 150,000 245,000 70,000 30,000 90,000
USA T NOTES 3.125 11-41 15/11S VERIZON COMMUNICATION 2.00 11-16 01/11S WACHOVIA CORP 5.50 08-13 01/05S WACHOVIA CORP G-25- 5.70 06-13 01/08S WELLS FARGO BANK 3.50 12-22 08/03S WELLS FARGO COMPANY 4.60 11-21 01/04S WM COVERD BD EMTN 4.375 07-14 19/05A
USD USD USD USD USD USD EUR
Floating rate bonds Germany
20,000 DEUTSCHE BANK EMTN FL.R 05-17 09/03A 85,000 ENBW INTL FINANCE FL.R 11-72 02/04A
Italy
250,000 INTESA SANPAOLO
Jersey Island
100,000 BAA FUNDING LTD
Luxembourg
160,000 TIERS 2012-01
FL.R 12-14 12/05Q
The Netherlands
30,000 EUREKO BV
FL.R 05-49 29/06A
United States of America
60,000 BOSTON SCIENTIFIC FL.R 05-15 15/11S 110,000 KRAFT FOODS INC FL.R 12-13 10/07Q 150,000 ZURICH FINANCE SUB FL.R 03-23 02/10A
Mortgage and asset backed securities France
6,362 AUTO ABS -2007-1-A- FL.R 07-19 25/02Q
Italy
28,917 COMP 2007-2 A
FL.R 07-20 25/10Q
Luxembourg
27,318 ABEST 5 A FL.R 10-13 21/10M 200,000 BUMP 2011-2 A FL.R 11-23 23/02M
The Netherlands
200,000 22,971 100,000 107,172
BUMP 2012-5 A2 GLDR 2008-2 A HIGHW 2012-1 A STORM 2010-1 A1
250,000 100,000 200,000 46,499 320,000 250,000 198,000 160,000
ARKLE 2012-1A 2A1 FL.R 12-60 15/07Q BUMP 2012-5 A1 FL.R 12-22 20/06M FOSSM 2011 -1X A3 FL.R 11-54 18/10Q HEADI 2011-1 A1B FL.R 11-51 11/03Q HMI 2007-1 4A FL.R 07-30 15/07Q HMI 2010-1A A2 FL.R 10-54 12/10Q LEOFR 2012-1 A FL.R 12-50 26/05Q PERMM 2006-1 6A1 FL.R 06-20 15/04Q
100,000 155,537 63,682 530,000 1,176,973 702,056 892,071 (120,000) 100,000 200,000 246,000
FL.R 12-22 20/06M 4.00 08-16 20/10M FL.R 12 24 26/03M FL.R 10-52 22/03Q
United Kingdom
United States of America
COMET 2006-A12-A- FL.R 06-16 15/07M DBUBS 2011-LC1A A1 3.742 11-17 10/06M FHR 2920 HC 4.50 05-18 15/12M FNCL 3.50 12-42 01/07M FNCL POOL AB0532 5.50 09-38 01/12M FNCL POOL AH3864 4.00 11-41 01/09M FNCL POOL AL0160 4.50 11-41 01/05M FNCL TBA 4.00 09-39 01/07M FORDF 2009-2 A FL.R 09-14 15/09M FORDO 2011-B A4 1.35 11-15 15/07M SLMA 2008-5 A3 FL.R 08-18 25/01Q
Other transferable securities Bonds United States of America
25,000 QVC INC 144A
7.375 10-20 15/10S
USD
Mortgage and asset backed securities United Kingdom
95,077 TURBF 2012-1 A
FL.R 12-19 20/02M
GBP
The accompanying notes form an integral part of these financial statements
Page 148
3,442,956.44
7.13
118,506.97 118,506.97
0.25 0.25
Polaris Fund - Global Bond Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
494,617 197,951 100,000 300,000 (200,000) 470,000 200,000 110,000 590,000 (440,000) 230,000 361,128 190,220 900,000 80,000 40,000 55,000 140,000 124,240
United States of America
FN AK3103 4.00 12-42 01/02M FN AL1704 6.50 12-42 01/04M FNCI 3.00 12-27 01/08M FNCI POOL 4663 4.00 10-23 01/08M FNCL 5.00 12-42 01/07M FNCL 6.00 12-42 01/08M FNCL FAMILY 30 YRS 5.00 08-38 01/07M FNCL POOL 28212 5.00 11-31 01/08M FNCL POOL 5869 4.50 09-39 13/08M FNCL 45433 5.50 12-42 01/07M FORDF 2012-2 A FL.R 12-19 15/01M FREDDIE MAC G11632 5.50 04-19 01/09M FREDDIE MAC G11635 5.50 04-19 01/10M GNSF POOL 8494 5.00 09-39 20/07M SDART 2012-2 A2 0.91 12-13 15/10M SDART 2012-2 A3 1.22 12-14 15/04M SDART 2012-3 A3 1.32 12-16 15/04M SLMA 2012-C A1 FL.R 12-16 15/01M SLMA 2012-2 A FL.R 12-29 25/01M
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 149
Market value
% of net assets
3,324,449.47 415,148.29 175,603.12 82,455.88 251,282.95 (170,624.68) 406,986.28 170,624.68 93,816.49 498,548.37 (378,299.71) 184,126.42 306,575.33 161,485.23 780,665.17 63,098.38 31,627.99 43,366.60 110,406.99 97,555.69
6.88 0.86 0.36 0.17 0.52 (0.35) 0.84 0.35 0.19 1.03 (0.78) 0.38 0.64 0.33 1.62 0.13 0.07 0.09 0.23 0.20
45,622,823.92
94.53
Polaris Fund - Global Bond Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
765,517.44
Net interest on bonds Bank interest on cash account Other financial income
Note 2 Note 2 Note 2
Expenses
762,585.61 2,713.09 218.74 149,726.77
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Performance fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Other expenses
Note 5 Note 6 Note 4 Note 5
Note 2 Note 14
Net income from investments
52,739.06 3,565.10 2,378.57 2,285.35 81,383.29 274.57 795.36 194.13 4,129.50 1,981.84 615,790.67
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2
Net realised loss
560,613.96 (1,997,963.90) (192,439.74) 673,404.77 (340,594.24)
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
607,594.68 1,199,564.75 86,170.59 1,552,735.78
Subscription capitalisation units
5,250,000.00
Increase in net assets
6,802,735.78
Net assets at the beginning of the period
41,459,793.64
Net assets at the end of the period
48,262,529.42
The accompanying notes form an integral part of these financial statements
Page 150
Polaris Fund - Social Responsible Fund I
Page 151
Polaris Fund - Social Responsible Fund I
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
46,913,292.17
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
42,877,158.84 40,824,906.75 2,052,252.09
Cash at banks and liquidities Interest receivable Dividends receivable
3,482,575.50 514,331.74 39,226.09
Liabilities
1,409,677.52
Bank overdrafts Interest payable Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Performance fees payable Accrued management and advisory fees Accrued professional fees
1,051,130.44 265.11 239,149.38 2,125.23 1,124.95 103,838.85 11,280.77 762.79
Note 6 Note 4 Note 5 Note 5
Net asset value
45,503,614.65
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
3,311.001
Units issued
438.788
Units redeemed
Units outstanding as at 30/06/12
0.000
3,749.789
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
45,503,614.65
38,079,674.68
45,577,375.89
3,749.789 12,134.98
3,311.001 11,500.96
4,000.000 11,394.34
The accompanying notes form an integral part of these financial statements
Page 152
Polaris Fund - Social Responsible Fund I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
42,877,158.84
94.23
16,069,211.96
35.31
AUD AUD AUD
777,527.86 187,686.77 276,914.67 312,926.42
1.71 0.41 0.61 0.69
CAD
258,369.95 258,369.95
0.57 0.57
EUR EUR
414,591.06 242,894.96 171,696.10
0.91 0.53 0.38
EUR EUR EUR EUR
903,533.81 272,138.40 231,381.00 146,253.17 253,761.24
1.99 0.60 0.51 0.32 0.56
HKD
218,381.11 218,381.11
0.48 0.48
USD
381,502.01 381,502.01
0.84 0.84
EUR
278,677.15 278,677.15
0.61 0.61
JPY JPY JPY JPY JPY JPY
1,382,081.63 197,895.37 319,729.24 172,253.82 155,139.05 299,916.40 237,147.75
3.04 0.43 0.71 0.38 0.34 0.66 0.52
GBP GBP
279,134.03 101,098.50 178,035.53
0.61 0.22 0.39
NOK
206,426.23 206,426.23
0.45 0.45
SGD SGD
288,111.57 120,785.00 167,326.57
0.63 0.27 0.36
EUR
263,581.92 263,581.92
0.58 0.58
EUR
105,830.80 105,830.80
0.23 0.23
USD
568,413.25 568,413.25
1.25 1.25
GBP GBP GBP GBP GBP GBP GBP
2,337,334.01 483,270.30 476,411.42 263,838.96 125,827.82 275,293.73 361,568.36 351,123.42
5.14 1.07 1.05 0.58 0.28 0.60 0.79 0.77
USD USD USD USD USD USD USD USD USD USD USD USD USD
7,405,715.57 178,340.70 104,397.75 241,699.42 145,429.85 242,075.28 149,765.57 440,717.91 96,686.50 177,758.72 480,595.72 447,344.49 137,685.29 251,540.92
16.27 0.39 0.23 0.53 0.32 0.53 0.33 0.97 0.21 0.39 1.06 0.98 0.30 0.55
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Shares
Australia
4,376 COMMONWEALTH BANK OF AUSTRALIA 92,909 TELSTRA CORP 18,335 WESTPAC BANKING CORP
Canada
6,338 BANK OF NOVA SCOTIA
France
23,177 AXA SA 5,660 BNP PARIBAS SA 3,440 4,230 2,569 29,323
Germany
ALLIANZ SE REG SHS BASF - NAMEN AKT BMW AG DEUTSCHE TELEKOM AG REG SHS
Hong Kong
37,000 POWER ASSETS HOLDINGS
Ireland
8,057 ACCENTURE - SHS CLASS A
Italy
249,264 INTESA SANPAOLO SPA 20,200 2,500 34 2,300 40,600 59,000
Japan
AEON CO LTD FANUC CORP SHS KDDI CORP KYOCERA CORP NISSAN MOTOR CO LTD TOKYO GAS CO LTD
Jersey Island
4,465 SHIRE 18,635 WPP PLC
Norway
11,013 STATOIL ASA
Singapore
14,000 DBS GROUP HOLDINGS 14,416 UNITED OVERSEAS BANK
Spain
20,853 REPSOL
The Netherlands
20,097 ING GROEP NV
The Netherlands Antilles
11,113 SCHLUMBERGER LTD 30,078 68,698 74,277 7,319 10,389 163,205 35,574 5,314 2,276 5,771 2,469 17,892 3,250 7,153 2,045 2,167 6,420 8,284 4,072 6,225
United Kingdom
BG GROUP PLC HSBC HOLDINGS PLC KINGFISHER PLC SSE PLC UNILEVER PLC VODAFONE GROUP PLC XSTRATA PLC
United States of America
AFLAC INC AMERICAN EXPRESS CO COM. BAXTER INTERNATIONAL INC BECTON DICKINSON CISCO SYSTEMS INC COACH INC COCA-COLA CO COGNIZANT TECHNOLOGY SOLUTIONS -ACOLGATE-PALMOLIVE CO COSTCO WHOLESALE CORP ECOLAB INC ELI LILLY & CO GILEAD SCIENCES INC
The accompanying notes form an integral part of these financial statements
Page 153
Polaris Fund - Social Responsible Fund I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 17,657 4,733 5,627 11,118 2,979 15,048 5,185 5,134 3,242 8,446 990 4,661 7,857 2,508 8,333 11,849 12,178
INTERNATIONAL PAPER CO INTUIT KIMBERLY CLARK LOWE'S COMPANIES INC METLIFE INC MICROSOFT CORP NORFOLK SOUTHERN CORP PACCAR INC PRUDENTIAL FINANCIAL INC QUALCOMM INC SALESFORCE COM.INC TARGET CORP TJX COS INC UNION PACIFIC CORP US BANCORP VALERO ENERGY CORP (NEW) VERIZON COMMUNICATIONS INC
Market value
% of net assets
402,240.94 221,349.47 371,438.31 249,159.54 72,418.07 362,726.70 293,233.09 158,544.94 123,722.52 370,571.12 107,858.16 213,721.75 265,790.17 235,790.14 211,173.15 225,486.27 426,453.11
0.88 0.49 0.82 0.55 0.16 0.80 0.64 0.35 0.27 0.81 0.24 0.47 0.58 0.52 0.46 0.50 0.94
26,697,515.32
58.67
EUR EUR EUR
827,571.50 494,707.50 228,214.00 104,650.00
1.82 1.09 0.50 0.23
EUR EUR EUR EUR
1,352,129.20 353,544.00 255,847.20 637,080.00 105,658.00
2.97 0.78 0.56 1.40 0.23
EUR
177,442.50 177,442.50
0.39 0.39
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
6,238,024.10 231,304.00 107,774.00 72,753.12 115,296.48 304,749.00 106,421.00 204,676.00 305,841.00 157,198.50 205,460.00 427,380.00 110,583.00 842,527.50 319,205.00 657,500.00 519,600.00 218,360.00 111,715.00 215,871.00 100,338.00 220,848.00 102,887.00 316,419.00 263,317.50
13.71 0.51 0.24 0.16 0.25 0.67 0.23 0.45 0.67 0.35 0.45 0.94 0.24 1.85 0.70 1.44 1.14 0.48 0.25 0.47 0.22 0.49 0.23 0.70 0.58
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
5,669,634.19 106,612.00 1,159,070.00 488,911.50 148,101.91 1,607,272.50 110,580.08 177,966.20 621,810.00 742,470.00 506,840.00
12.46 0.23 2.55 1.07 0.33 3.54 0.24 0.39 1.37 1.63 1.11
EUR
206,668.00 206,668.00
0.45 0.45
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
Bonds Austria
450,000 AUSTRIA 3.50 05-21 15/09A 200,000 AUSTRIA 4.30 07-17 15/09A 100,000 AUSTRIA EMTN 3.80 03-13 20/10A 300,000 240,000 600,000 100,000
Belgium
BELGIAN -445.00 04-35 28/03A BELGIQUE OLO -60- 3.50 11-17 28/06A BELGIUM -473.25 06-16 28/09A BELGIUM -54-LINEAIRE 4.00 08-14 28/03A
Finland
150,000 FINLAND
4.375 08-19 04/07A
France
200,000 100,000 72,000 117,000 300,000 100,000 200,000 300,000 150,000 200,000 400,000 100,000 750,000 250,000 500,000 500,000 200,000 100,000 150,000 100,000 200,000 100,000 300,000 250,000
ASFFP 5.625 07-22 04/07A AUCHAN 3.625 11-18 19/10A BANQUE PSA FINANCE 3.625 10-13 17/09A BANQUE PSA FINANCE 4.25 11-16 25/02A BNP PARIBAS EMTN 2.625 10-16 16/09A BOUYGUES 4.00 10-18 12/02A CADES 1.875 12-15 16/02A CIE DE FIN.FONCIER 4.50 07-13 09/01A CIE SAINT GOBAIN EMTN 4.00 10-18 08/10A FRANCE 3.00 11-22 25/04U FRANCE OAT 3.00 04-15 25/10A FRANCE OAT 3.75 08-19 25/10A FRANCE OAT 4.00 07-18 25/04A FRANCE OAT 5.50 98-29 25/04A FRANCE OAT 6.00 94-25 25/10A FRANCE OAT 3.50 10-26 25/04A FRANCE TELECOM EMTN 4.125 11-19 23/01A FRANCE TELECOM EMTN 4.75 07-17 21/02A FRANCE TELECOM EMTN 8.125 03-33 28/01A RCI BANQUE SA 2.75 10-12 10/09A SCHNEIDER ELECTRIC 4.00 05-17 11/08A SOCIETE GENERALE 5.25 08-13 28.03A SOCIETE GENERALE EMTN 4.75 11-21 02/03A UNIBAIL-RODAMCO EMTN 3.875 10-20 05/11A
100,000 1,100,000 330,000 107,000 1,550,000 104,000 170,000 600,000 600,000 500,000
BETELSMANN AG EMTN 3.625 05-15 06/10A BRD 2.50 09-14 10/10A BRD 5.50 00-31 04/01A GERMANY SERIE 07 4.25 07-39 04/07A GERMANY -3023.75 03-13 04/07A HENKEL EMTN 4.625 09-14 19/03A KFW EMTN 2.00 11-16 07/09A KFW INT.FINANCE 3.875 03-13 04/07A KRED.ANST.WIEDERAUFB. 4.625 07-23 04/01A VOLKSWAGEN BANK 2.375 10-13 28/06A
Germany
Guernsey
200,000 CS GUERNSEY EMTN
2.875 10-15 24/09A
The accompanying notes form an integral part of these financial statements
Page 154
Polaris Fund - Social Responsible Fund I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Italy
200,000 130,000 150,000 250,000 590,000 600,000 125,000 100,000 100,000
A2A EMTN ITALY BTP ITALY BTP ITALY BTP ITALY BTP ITALY BTP ITALY BTP ITALY BTPS UNICREDIT SPA
4.50 09-16 02/11A 3.75 06-16 01/08S 4.00 06-17 01/02S 4.25 03-19 01/02S 4.50 09-19 01/09S 4.75 12-17 01/06S 5.00 07-39 01/08S 3.75 10-21 01/03S 4.875 08-13 12/02A
400,000 400,000 700,000 300,000 100,000
BEI EMTN 3.50 12-27 15/04A EUROP.INVEST.BK 3.00 10-22 28/09A EUROP.INVEST.BK 3.875 06-16 15/10A EUROP.INVEST.BK 4.25 09-19 15/04A MICHELIN LUX 2.75 12-19 20/06A
Luxembourg
Norway
200,000 DEN NORSKE BANK 4.375 11-21 24/02S 100,000 DNB NOR BANK ASA EMTN 4.50 09-14 29/05A
Spain
650,000 400,000 250,000 125,000 100,000
BBVA 4.25 11-15 30/03A ICO EMTN 6.00 11-21 08/03A ICO REG S 5.125 11-16 25/01A SPAIN 5.85 11-22 31/01A TELEFONICA EMISIONES 3.661 10-17 18/09A
100,000 200,000 200,000 159,000
NORDEA BANK 2.75 10-15 18/08A NORDEA BANK EMTN 4.50 10-20 26/03A SWEDBANK 3.325 12-17 09/02A SWEDBANK 3.375 09-14 27/05A
250,000 300,000 200,000 500,000 700,000 250,000 150,000 300,000 200,000 40,000 250,000 230,000 100,000 300,000 100,000 250,000 200,000
ALLIANZ FINANCE II BV 5.00 08-13 06/03A BK NEDERLANDSE GEMEEN.3.75 06-13 16/12A BMW FINANCE 3.25 11-16 28/01A BMW FINANCE NV EMTN 8.875 08-13 19/09A BNG REGS EMTN S1011 2.25 12-17 12/01A DEUTSCHE TELEKOM EMTN 4.00 05-15 19/01A EDP FINANCE EMTN 3.75 05-15 22/06A FORTIS BANK NED REGS 4.00 10-15 02/03A ING BANK SUB.(LT II) 4.625 04-19 15/03A LINDE FINANCE 3.125 11-18 12/12A LINDE FINANCE BV-EMTN- 4.75 07-17 24/04A NEDERLAND 4.00 05-37 15/01A RABOBANK EMTN 4.375 09-14 22/01A RABOBANK NEDERLAND 3.50 11-18 17/10A RABOBANK SUB 5.875 09-19 20/05A UNILEVER NV 4.875 08-13 21/05A VW INTL FINANCE 2.125 12-15 19/01A
Sweden
The Netherlands
United Kingdom
100,000 LLOYDS TSB EMTN 5.375 09-19 03/09A 100,000 ROYAL BK OF SCOTLAND 5.75 09-14 21/05A
United States of America
150,000 BMW US CAPITAL LLC 6.375 09-12 23/07A 300,000 FREDDIE MAC EMTN 4.375 04-14 15/01A 300,000 HSBC FINANCE CORP 3.75 05-15 04/11A
Market value
% of net assets
EUR EUR EUR EUR EUR EUR EUR EUR EUR
2,137,499.65 190,704.00 125,889.40 145,410.00 236,037.50 553,095.50 590,958.00 106,081.25 88,857.00 100,467.00
4.70 0.42 0.28 0.32 0.52 1.22 1.29 0.23 0.20 0.22
EUR EUR EUR EUR EUR
2,044,927.00 416,896.00 413,840.00 772,205.00 341,349.00 100,637.00
4.49 0.92 0.91 1.69 0.75 0.22
EUR EUR
325,704.00 219,632.00 106,072.00
0.72 0.49 0.23
EUR EUR EUR EUR EUR
1,471,087.25 636,005.50 382,048.00 245,662.50 121,071.25 86,300.00
3.23 1.39 0.84 0.54 0.27 0.19
EUR EUR EUR EUR
678,488.73 103,718.00 198,942.00 208,486.00 167,342.73
1.49 0.23 0.44 0.45 0.37
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
4,571,776.70 257,095.00 313,911.00 211,812.00 547,505.00 725,221.00 266,707.50 138,441.00 314,922.00 183,134.00 42,995.20 286,870.00 287,362.00 105,005.00 316,383.00 111,535.00 259,140.00 203,738.00
10.05 0.56 0.69 0.47 1.20 1.60 0.59 0.30 0.69 0.40 0.09 0.63 0.63 0.23 0.70 0.25 0.57 0.45
EUR EUR
216,624.00 110,376.00 106,248.00
0.48 0.25 0.23
EUR EUR EUR
779,938.50 150,463.50 314,769.00 314,706.00
1.71 0.33 0.69 0.69
98,879.00
0.22
98,879.00 98,879.00
0.22 0.22
11,552.56
0.03
11,552.56 11,552.56
0.03 0.03
42,877,158.84
94.23
Floating rate bonds United Kingdom
100,000 HSBC HOLDINGS PLC
FL.R 05-20 29/06A
EUR
Warrants, Rights Spain
20,853 REPSOL YPF
05.07.12 RIGHT
EUR
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 155
Polaris Fund - Social Responsible Fund I Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
725,331.64
Net dividends Net interest on bonds Bank interest on cash account Other financial income
Note 2 Note 2 Note 2 Note 2
Expenses
234,612.39 483,943.59 173.78 6,601.88 196,170.23
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Performance fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Other expenses
Note 5 Note 6 Note 4 Note 5
Note 2 Note 14
Net income from investments
67,015.24 3,364.18 2,260.09 2,156.54 103,838.11 270.86 727.20 1,199.91 13,371.47 1,966.63 529,161.41
Net realised profit / loss on: - sales of investment securities - financial futures - foreign exchange
Note 2 Note 2 Note 2
Net realised profit
1,103,590.87 1,775.00 154,432.58 1,788,959.86
Movement in net unrealised appreciation / depreciation on: - investment securities
Increase in net assets as a result of operations
384,980.11 2,173,939.97
Subscription capitalisation units
5,250,000.00
Increase in net assets
7,423,939.97
Net assets at the beginning of the period
38,079,674.68
Net assets at the end of the period
45,503,614.65
The accompanying notes form an integral part of these financial statements
Page 156
Polaris Fund - GEO Global Bond Total Return VI
Page 157
Polaris Fund - GEO Global Bond Total Return VI
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
93,279,111.32
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Interest receivable Brokers receivable Interest receivable on swaps Net unrealised appreciation on financial futures Other assets
77,124,063.28 72,139,963.83 4,984,099.45 1,292,118.42 654,465.70 14,148,896.84 9,035.74 50,240.04 291.30
Note 2, 8
Liabilities
25,705,494.57
Options sold at market value Bank overdrafts Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Performance fees payable Interest payable on swaps Net unrealised depreciation on forward foreign exchange contracts Net unrealised depreciation on swaps Accrued management and advisory fees Accrued professional fees
Note 2, 10
(800.00) 61,926.16 24,834,314.80 2,580.95 1,670.73 9,040.03 11,490.03 351,105.40 421,492.46 11,379.84 1,294.17
Note 6 Note 4 Note 5 Note 2, 7 Note 2, 9 Note 5
Net asset value
67,573,616.75
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
5,700.000
Units issued
130.394
Units redeemed
Units outstanding as at 30/06/12
0.000
5,830.394
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
67,573,616.75
64,586,375.05
66,772,931.53
5,830.394 11,589.89
5,700.000 11,330.94
6,000.000 11,128.82
The accompanying notes form an integral part of these financial statements
Page 158
Polaris Fund - GEO Global Bond Total Return VI Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Market value
% of net assets
72,431,626.32
107.19
49,039,252.73
72.57
AUD EUR USD
2,106,400.75 751,116.67 614,382.00 740,902.08
3.12 1.11 0.91 1.10
CAD CAD CAD
1,703,722.52 818,311.11 798,747.83 86,663.58
2.52 1.21 1.18 0.13
EUR
105,591.00 105,591.00
0.16 0.16
USD USD
1,022,772.94 387,652.18 635,120.76
1.51 0.57 0.94
EUR USD EUR GBP EUR EUR
2,720,270.89 310,860.00 715,808.67 313,611.00 648,838.22 313,545.00 417,608.00
4.03 0.46 1.07 0.46 0.96 0.46 0.62
EUR EUR EUR EUR AUD EUR EUR AUD EUR
6,664,201.14 1,343,901.00 1,138,599.00 320,235.00 803,080.00 458,442.71 523,430.00 300,651.00 807,408.43 968,454.00
9.86 2.00 1.69 0.47 1.19 0.68 0.77 0.44 1.19 1.43
EUR EUR EUR
1,476,333.00 1,033,520.00 107,221.00 335,592.00
2.18 1.52 0.16 0.50
USD GBP EUR EUR EUR
1,086,177.64 492,297.39 105,763.25 191,856.00 197,986.00 98,275.00
1.61 0.73 0.16 0.28 0.29 0.15
EUR EUR EUR AUD AUD
4,475,676.29 1,372,410.00 1,859,120.00 548,865.00 255,670.61 439,610.68
6.62 2.03 2.75 0.81 0.38 0.65
MXN MXN
1,270,381.75 1,054,691.85 215,689.90
1.88 1.56 0.32
EUR EUR USD EUR
2,437,702.66 1,532,370.00 310,396.77 393,313.89 201,622.00
3.61 2.27 0.46 0.58 0.30
4.00 09-15 20/01S
USD
83,123.60 83,123.60
0.12 0.12
4.375 11-21 18/01A
EUR
356,524.00 356,524.00
0.53 0.53
AUD
523,854.44 523,854.44
0.78 0.78
EUR USD
2,730,270.40 422,760.00 250,125.37
4.04 0.63 0.37
Denomination
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Australia
800,000 TREASURY CORP OF VICT 6.00 03-22 17/10S 600,000 WESTPAC BANKING 2.125 12-16 16/02A 900,000 WESTPAC BANKING 144A 2.70 09-14 09/12S
Canada
1,000,000 BRIT.COLUMBIA (PROV) 3.25 11-21 18/12S 1,000,000 ONTARIO (PROV.OF) 3.15 11-22 02/06S 100,000 QUEBEC PROV. B104-1 4.25 10-21 01/12S
Cayman Islands
100,000 UPCB FINANCE LTD REGS 7.625 10-20 15/01S
Denmark
500,000 DANSKE BANK 3.875 11-16 14/04A 800,000 KOMMUNALKREDIT 1.25 10-13 03/09A 300,000 900,000 300,000 500,000 300,000 400,000 1,300,000 1,100,000 300,000 800,000 500,000 500,000 300,000 900,000 900,000
France
BNP PARIBAS COVERED 4.75 08-13 28/05A CADES 1.625 11-14 17/03A CADES 4.50 08-13 04/09A CIE DE FIN.FONCIER 5.375 07-14 30/01A CM-CIC COVERED BONDS 3.125 10-15 21/01A CREDIT AGRICOLE CB 3.50 09-14 21/07A
Germany
FMS WERTMANAGEMENT 1.825 11-15 24/08A FMS WERTMANAGEMENT 2.25 11-14 14/07A FMS WERTMANAGEMENT 2.75 11-16 03/06A IKB DEUT.IND 2.125 09-12 10/09A KFW 6.25 11-21 19/05S KFW EMTN 2.00 11-16 07/09A KRED.ANST.WIEDERAUFB. 0.625 12-15 29/05A KRED.ANST.WIEDERAUFB. 6.00 10-20 20/08S LANDWIRT.RENTENBANK 2.875 11-21 30/08A
Ireland
1,000,000 DEPFA ACS BANK REGS 4.375 04-15 15/01A 100,000 GERMAN POSTAL PENSION 3.375 05-16 18/01A 300,000 GERMAN POSTAL PENSION 4.25 06-17 18/01A 700,000 100,000 200,000 200,000 100,000 1,300,000 1,700,000 500,000 300,000 500,000
Italy
INTESA SAN PAOLO 6.50 11-21 24/02S ITALY EMTN 6.00 98-28 04/08A ITALY BTP 2.50 12-15 01/03S ITALY BTP 4.75 12-17 01/05S ITALY BTP 5.50 12-22 01/09S
Luxembourg
EUROPEAN UNION 2.50 11-15 04/12A EUROPEAN UNION 3.25 11-18 04/04A EUROPEAN UNION 3.50 11-21 04/06A EUROP.INVEST.BANK 6.25 09-15 15/04A EUROP.INVEST.BK 6.25 11-21 08/06S
Mexico
16,600,000 MEXICAN BONOS 3,100,000 MEXICAN BONOS 1,500,000 300,000 500,000 200,000
6.50 11-21 10/06S 8.00 09-20 11/06S
Norway
DNB NOR BOLIGKREDIT 4.125 08-13 01/02A DNB NOR BOLOGKREDITT 2.375 10-15 20/07A KOMMUNALBANKEN A/S 1.375 12-17 08/06S SPAREBANKEN 1 BOLIGK 2.375 09-12 03/12A
Qatar
100,000 QATAR STATE OF
Slovenia
400,000 SLOVENIA (REP OF)
Switzerland
600,000 EUROFIMA BALE EMTN 6.25 03-18 28/12S
The Netherlands
400,000 ABN AMRO BANK 3.75 09-14 15/07A 304,000 ACHMEA HYPHOTEEKBANK 3.20 09-14 03/11A
The accompanying notes form an integral part of these financial statements
Page 159
Polaris Fund - GEO Global Bond Total Return VI Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 200,000 900,000 300,000 200,000 300,000 300,000
FORTIS BANK NEDERLAND 3.375 09-14 19/05A ING BANK 3.75 12-17 07/03S ING BANK EMTN 2.25 10-15 31/08A LEASEPLAN CORP 3.25 09-14 22/05A NIBC BANK EMTN 3.50 09-14 07/04A NIBC BANK EMTN 3.625 11-14 01/04A
200,000 640,000 200,000 300,000 500,000 400,000 500,000 400,000 300,000 300,000 500,000 100,000 300,000 800,000 900,000 200,000 400,000 100,000 100,000 200,000 600,000
BARCLAYS BANK SUB 6.625 11-22 30/03A BARCLAYS BK PLC 144A 10.179 09-21 12/06S BNZ INT FUNDING EMTN 3.125 10-17 23/11A BRADFORD&BINGLEY-EMTN- 4.25 06-16 04/05A CREDIT AGRICOLE-144A- 2.625 11-14 21/01S FCE BANK 5.125 10-15 16/11A HBOS PLC 6.75 08-18 21/05S HBOS TREASURY EMTN 4.375 06-16 13/07A LLOYDS TBS FL.R 11.14 24/01Q LLOYDS TBS EMTN 1.50 12-17 02/05A NATIONWIDE BUILDING 3.50 05-15 07/12A NATIONWIDE BUILDING 4.625 07-12 13/09A NATIONWIDE BUILDING 2.875 10-15 14/09A RBS 3.00 10-15 08/09A ROYAL BK OF SCOTL.-S1-9.118 00-XX 31/12S UK TREASURY GILT STK 4.75 04-38 07/12S UK TREASURY STOCK 4.25 09-39 07/09S UK TREASURY STOCK 4.50 07-42 07/12S UNITED KINGDOM 4.25 03-36 07/03S UNITED KINGDOM 4.25 10-40 07/12S YORSHIRE BUILGING 3.25 10-15 22/09A
100,000 100,000 100,000 300,000 600,000 200,000 300,000 200,000 800,000 200,000 200,000 300,000 400,000 200,000 392,295 200,000 600,000 400,000 100,000 200,000 200,000 200,000 500,000 500,000 100,000 200,000 200,000 200,000 200,000 250,000 200,000 200,000 200,000 300,000 400,000 100,000 100,000 27,000 205,000
AMERICAN INTL SUB A6 8.175 09-58 15/05S AMERICAN MUN PWR OHIO 7.834 10-41 15/02S AMER.MUN PWR OHIO INC 7.734 10-33 15/02S AMER.MUN PWR OHIO INC 8.084 10-50 15/02S BA COVERED BOND 4.25 07-17 05/04A BAY AREA TOLL S-1 7.043 01-50 01/04S BEAR STEARNS CO 6.40 07-17 02/10S BUILD AMERICAN BONDS 6.908 10-41 15/02S BURLINGTON NORTH 5.65 07-17 01/05S CALIFORNIA STATE 7.30 09-39 01/10S CALIFORNIA STATE 7.60 10-40 01/11S CALIFORNIA STATE 7.70 10-30 01/11S CITIGROUP 6.50 08-13 19/08S CITY OF NY-BUILD AMER 6.271 10-37 01/12S CONTL AIRLINES 4.75 10-21 12/01S DENVER COLORADO CITY 7.017 11-37 15/12S DEXIA C.LOC REGS 2.75 10-14 29/04S HSBC FINANCE 6.676 11-21 15/01S ILFC 5.875 03-13 01/05S ILFC -144 A6.50 10-14 01/09S ILFC -144 A6.75 10-16 01/09S ILLINOIS RTA S 2006A 5.00 06-25 01/07S INTL FIN CORP MTN 5.00 11-16 03/08S INTL FIN CORP MTN 5.75 09-14 24/06S INTL LEASE FINANCE 6.375 08-13 25/03S JONES APPAREL 5.125 05-14 15/11S LIMITED BRANDS 6.90 07-17 15/07S LONG BEACH CALIFORNIA 5.914 11-25 01/08S LOS ANGELES CA D 6.574 10-45 01/07S METROPOLITAN NY 6.687 10-40 15/11S NW JERSEY ST TPK AUTH 7.102 10-41 01/01S PUGET ENERGY 6.50 10-20 15/12S PULTE GROUP 5.25 04-14 15/01S TENN VALLEY AUTH -E- 6.25 97-17 15/12S UNIV CALIF RMCPR 6.583 09-49 15/05S US TREAS N/B 3.75 11-41 15/08S US TREASURY 3.00 12-42 15/05S US TREASURY BILLS -12 04/10U US TREASURY BILLS -12 12/07U
United Kingdom
United States of America
Market value
% of net assets
EUR USD EUR EUR EUR EUR
210,340.00 703,830.03 310,794.00 209,864.00 315,174.00 307,383.00
0.31 1.04 0.46 0.31 0.47 0.45
EUR USD EUR EUR USD GBP USD EUR USD GBP EUR EUR EUR EUR USD GBP GBP GBP GBP GBP EUR
8,237,884.96 190,034.00 588,267.17 210,090.00 320,895.00 386,834.36 520,850.33 367,573.72 438,180.00 236,726.00 374,949.95 534,725.00 100,813.00 314,187.00 836,928.00 636,056.50 329,150.91 609,655.17 159,370.91 152,536.15 304,765.79 625,296.00
12.19 0.28 0.87 0.31 0.47 0.57 0.77 0.54 0.65 0.35 0.55 0.79 0.15 0.46 1.25 0.94 0.49 0.90 0.24 0.23 0.45 0.93
USD USD USD USD EUR USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD AUD AUD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
12,038,364.75 85,214.13 109,313.27 105,013.99 339,445.25 637,578.00 223,075.53 272,209.13 220,954.26 740,874.83 197,054.49 205,085.70 278,863.72 330,297.47 203,593.24 327,286.41 202,545.21 465,168.43 343,178.41 80,892.79 166,750.53 169,319.57 174,234.27 425,814.79 423,375.47 80,643.00 161,582.29 176,777.90 197,295.62 227,177.81 255,376.07 222,350.58 171,918.20 162,425.44 299,966.90 413,373.79 95,193.01 82,726.74 21,264.92 161,491.74
17.81 0.13 0.16 0.16 0.50 0.94 0.33 0.40 0.33 1.10 0.29 0.30 0.41 0.49 0.30 0.48 0.30 0.69 0.51 0.12 0.25 0.25 0.26 0.63 0.63 0.12 0.24 0.26 0.29 0.34 0.38 0.33 0.25 0.24 0.44 0.61 0.14 0.12 0.03 0.24
The accompanying notes form an integral part of these financial statements
Page 160
Polaris Fund - GEO Global Bond Total Return VI Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination
80,000 400,000 100,000 100,000 88,000 533,000 30,000 67,000 100,000 361,000 16,000 1,000,000
US TREASURY BILLS -12 15/11U US TREASURY BILLS 12 -12 25/10U USA T NOTES 3.125 11-41 15/11S USA T NOTES INDEX 2.375 04-25 15/01S USA T-BILLS -12 13/09U USA T-BILLS -13 02/05U USA T-BILLS 11-12 18/10U USA T-BILLS 11-12 23/08U USA T-BILLS 12-13 27/06U USA TREASURY BILLS -12 30/05U USA TREASURY BILLS -12 30/08U WM COVERD BD EMTN 4.375 07-14 19/05A
Quotation currency
Market value
% of net assets
USD USD USD USD USD USD USD USD USD USD USD EUR
63,003.94 315,019.63 84,862.94 127,056.09 69,306.04 419,333.70 23,627.02 52,766.27 78,638.01 283,946.46 12,601.75 1,051,500.00
0.09 0.47 0.13 0.19 0.10 0.62 0.03 0.08 0.12 0.42 0.02 1.55
8,174,562.80
12.10
AUD USD AUD
1,535,346.28 404,062.84 237,307.43 893,976.01
2.27 0.60 0.35 1.32
USD USD
848,791.60 76,123.78 772,667.82
1.26 0.11 1.15
EUR USD
1,080,078.50 1,001,220.00 78,858.50
1.60 1.48 0.12
EUR
765,136.00 765,136.00
1.13 1.13
USD USD
1,181,576.77 783,562.50 398,014.27
1.75 1.16 0.59
GBP EUR
408,429.54 108,673.35 299,756.19
0.60 0.16 0.44
USD USD USD USD EUR EUR USD EUR
2,355,204.11 155,037.23 156,885.86 369,851.47 541,560.23 189,436.00 577,218.00 75,865.32 289,350.00
3.49 0.23 0.23 0.55 0.80 0.28 0.86 0.11 0.43
15,217,810.79
22.52 0.72 0.30 0.15 0.27
Floating rate bonds Australia
500,000 BANK OF SCOTLAND FL.R 09-12 24/07Q 300,000 COMMONW.BK AUST. 144A FL.R 09-14 17/09Q 1,100,000 ING BANK AUS FL.R 09-14 24/06Q
France
100,000 CIE DE FIN.FONCIER FL.R 11-14 17/04Q 1,000,000 CREDIT AGRICOLE FL.R 11-14 21/07Q
Germany
1,000,000 FMS WERTMANAGEMENT FL.R 11-15 18/02Q 100,000 NRW BANK FL.R 09-12 24/08Q 800,000 ICO
Spain
FL.R 11-14 25/03Q
The Netherlands
1,000,000 ACHMEA HYPHOTEEK 144A FL.R 09-14 03/11Q 400,000 RABOBANK NED. SUB FL.R 09-XX 29/12S
United Kingdom
90,256 GRANITE MORT.03-2 FL.R 03-43 20/07Q 300,000 LLOYDS BANK TSB FL.R 11-14 16/06Q 200,000 200,000 500,000 700,000 200,000 600,000 100,000 300,000
United States of America
ALLY FINANCIAL FL.R 11-14 20/06Q CITIGROUP INC FL.R 11-14 13/01Q DEXIA CREDIT LOCAL FL.R 10-14 29/04Q GOLDMAN SACHS GROUP FL.R 11-14 07/02Q MERRILL LYNCH FL.R 06-14 25/08Q MERRILL LYNCH & CO FL.R 07-14 31/01Q MORGAN STANLEY FL.R 11-14 24/01Q MORGAN STANLEY GMTN FL.R 06-13 29/11Q
Mortgage and asset backed securities Australia
FL.R 05-37 17/06Q FL.R 05-37 14/08Q FL.R 09-17 09/02M
AUD AUD AUD
486,301.96 199,778.69 103,071.11 183,452.16
FL.R 11-26 18/10M FL.R 12-22 25/03M
EUR EUR
482,124.93 281,552.33 200,572.60
0.71 0.41 0.30
FL.R 10-19 12/08M
EUR
165,152.78 165,152.78
0.24 0.24
EUR
256,556.95 256,556.95
0.38 0.38
EUR EUR
174,567.01 82,211.51 92,355.50
0.26 0.12 0.14
EUR
52,213.32 52,213.32
0.08 0.08
GBP EUR EUR USD USD GBP GBP USD
5,713,805.56 617,542.39 117,490.63 285,527.96 288,354.13 333,911.19 763,718.59 43,373.54 68,850.71
8.46 0.91 0.17 0.42 0.43 0.49 1.14 0.06 0.10
252,172 CRGT 2005-1 A3 130,956 CRGT 2005-2 A2 227,220 SMHL 2009-2 A
France
281,939 GNKGO 2011-1 A 200,000 TTSOC 2012-1 A
Ireland
164,108 SCGA 2010-1 A
Jersey Island
310,876 MARS3 SERIES 3 -A1B- FL.R 05-37 20/03Q
Luxembourg
81,953 ABEST 5 A 92,250 VCL 11 A
FL.R 10-13 21/10M FL.R 09-15 21/08M
The Netherlands
52,176 SAEC 9 A1 500,000 117,359 348,177 460,508 500,000 642,345 36,873 100,000
FL.R 10-92 23/09Q
United Kingdom
FOSSM 2012-1X 2B2 GFUND 2011-1 A1B GHM 2007-1 A2B GHM 2007-2A AC GRAMM 2007-1 1B1 GRAN 2004-2 3A GRANM 2006-1X A8 GRANM 2006-3 B2
FL.R 12-54 18/10Q FL.R 11-47 24/04Q FL.R 07-39 18/03Q FL.R 07-39 18/06Q FL.R 07-54 20/12M FL.R 04-44 20/06Q FL.R 06-54 20/12M FL.R 06-54 20/12M
The accompanying notes form an integral part of these financial statements
Page 161
Polaris Fund - GEO Global Bond Total Return VI Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 200,000 300,000 450,000 421,078 310,579 77,645 700,000 275,973 725,048
GRANM 2007-2 -3B2- FL.R 07-54 20/12M HMI 2011-1A A3 FL.R 10-54 12/10Q NGATE 2007-3X A2B FL.R 07-50 15/12Q PARGN -7X A1CFL.R 04-34 15/05Q PARGN 9X AB FL.R 08-34 15/05Q PARGN -9X--AAFL.R 05-41 15/05Q PERMM 2009-1 A3 FL.R 09-42 15/07Q RMACS 2006-NS4X A2A FL.R 06-44 12/06Q UROPA 2007-1 A2B FL.R 07-40 10/10Q
59,105 18,559 216,838 3,000,000 262,125 857,671 996,573 2,000,000 32,277 1,469 400,000 13,927 68,592 139,574 54,319 6,589 564,142 643,953 61,696 163,312
BNCMT 2007-2 A2 FL.R 07-37 25/05M CSFB 2004-AR6 9A2 FL.R 04-34 25/10M CWALT 2005-J1 3A1 FL.R 05-32 25/08M FANNIE MAE TBA 3.50 12-32 01/08M FHR 3759 FB FL.R 10-40 15/11M FN -POOL AE0949- 4.00 11-41 01/02M FN -POOL 468551- 3.98 11-21 01/08M FNCL 4.00 09-39 01/08M FSPC T-62 1A1 FL.R 04-44 25/10M GSR 2003-2F 3A1 6.00 03-32 25/03M GSR 2005-AR6 4A5 4.555 05-35 25/09M IMM 2003-9F A1 FL.R 03-33 25/07M JPMMT 2005-A4 2A1 FL.R 05-35 25/07M NGN 2011-R4 1A FL.R 11-20 06/03M RAMC 2002-3 A FL.R 02-32 25/12M RAMP 2002-RS3 AII1 FL.R 02-32 25/06M SLMA 2003-2 A5 FL.R 03-23 15/12Q SLMA 2008-9 A FL.R 08-23 25/04Q WAMU 2003-AR9 1A6 FL.R 03-33 25/09M WFMBS 2005-AR12 2A5 FL.R 05-35 25/07M
United States of America
Market value
% of net assets
EUR EUR EUR EUR EUR GBP EUR GBP EUR
170,022.97 301,959.60 371,173.50 336,815.83 238,813.55 74,397.32 708,415.61 338,592.28 654,845.76
0.25 0.45 0.55 0.50 0.35 0.11 1.06 0.50 0.97
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD EUR USD USD USD
7,887,088.28 42,120.70 13,516.11 170,131.63 2,479,586.11 206,890.52 719,871.95 873,518.26 1,675,712.15 25,337.45 1,212.90 255,207.28 9,886.20 46,970.66 110,245.16 28,731.33 4,177.72 528,141.58 524,536.79 45,843.53 125,450.25
11.67 0.06 0.02 0.25 3.66 0.31 1.07 1.29 2.48 0.04 0.00 0.38 0.01 0.07 0.16 0.04 0.01 0.78 0.78 0.07 0.19
Other transferable securities Bonds Finland
200,000 FINLAND REGS
1.125 12-17 02/05S
USD
Mortgage and asset backed securities United Kingdom
900,000 NGATE 2007-3X A3 118,078 939,117 3,000,000 12,825 454,207
FL.R 07-50 15/12Q
United States of America
CFAB 2003-1 2A2 FL.R 03-32 25/11M FN -AE09813.50 11-41 01/03M FNCL POOL 5869 4.50 09-39 13/08M RAMC 2003-3 A FL.R 03-33 25/12M SLMA 2012-B A1 FL.R 12-15 15/05M
159,010.29 159,010.29
0.24 0.24 6.70
GBP
1.15 1.15
USD USD USD USD USD
3,757,644.51 77,721.38 778,288.22 2,534,991.73 8,508.15 358,135.03
5.55 0.12 1.15 3.74 0.01 0.53
800.00
0.00
800.00
0.00
800.00 800.00
0.00 0.00
77,124,863.28
114.13
EUR
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 162
0.24
775,782.16 775,782.16
Options (5) EURX EURO BUND AUG 144.0 30.07.12 CALL
6.94
159,010.29
4,533,426.67
Derivative instruments Germany
4,692,436.96
Polaris Fund - GEO Global Bond Total Return VI Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
1,308,420.48
Net interest on bonds Bank interest on cash account Other financial income Interest on swaps
Note 2 Note 2 Note 2 Note 2
Expenses
1,076,280.02 1,970.89 449.09 229,720.48 347,406.92
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Performance fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Interest on swaps Other expenses
Note 5 Note 6 Note 4 Note 5
Note 2 Note 14
Net income from investments
69,887.14 5,173.45 3,356.92 3,316.30 9,040.03 306.04 1,249.14 139.05 22,549.36 224,969.97 7,419.52 961,013.56
Net realised profit / loss on: - sales of investment securities - options - forward foreign exchange contracts - financial futures - swaps - foreign exchange
Note 2 Note 2 Note 2 Note 2 Note 2 Note 2
Net realised loss
844,474.30 122,417.66 (1,763,014.43) (648,666.39) (1,737,334.03) 1,029,068.56 (1,192,040.77)
Movement in net unrealised appreciation / depreciation on: - investment securities - options - forward foreign exchange contracts - financial futures - swaps
Increase in net assets as a result of operations
887,500.60 (33,777.66) 597,945.39 27,688.02 1,199,926.12 1,487,241.70
Subscription capitalisation units
1,500,000.00
Increase in net assets
2,987,241.70
Net assets at the beginning of the period
64,586,375.05
Net assets at the end of the period
67,573,616.75
The accompanying notes form an integral part of these financial statements
Page 163
Polaris Fund - GEO Total Return VII
Page 164
Polaris Fund - GEO Total Return VII
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
52,395,127.56
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Interest receivable Brokers receivable Dividends receivable Net unrealised appreciation on forward foreign exchange contracts
45,971,051.23 45,255,968.99 715,082.24 3,839,604.25 246,013.82 2,070,601.42 9,496.15 258,360.69
Note 2, 7
Liabilities
2,244,794.36
Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Net unrealised depreciation on financial futures Accrued management and advisory fees Accrued professional fees
1,795,356.02 1,643.12 1,239.84 435,884.27 8,467.01 2,204.10
Note 6 Note 4 Note 2, 8 Note 5
Net asset value
50,150,333.20
Changes in number of units outstanding from 30/03/12 to 30/06/12 Units outstanding as at 30/03/12
Capitalisation units
0.000
Units issued
Units redeemed
Units outstanding as at 30/06/12
0.000
5,000.000
5,000.000
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
50,150,333.20
0.00
51,868,938.27
5,000.000 10,030.07
0.000 0.00
5,026.667 10,318.75
The accompanying notes form an integral part of these financial statements
Page 165
Polaris Fund - GEO Total Return VII Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
45,970,954.92
91.67
19,249,534.30
38.38
EUR
265,367.70 265,367.70
0.53 0.53
EUR
64,471.14 64,471.14
0.13 0.13
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
3,032,993.82 230,978.25 111,853.04 114,120.27 145,900.90 125,246.40 205,764.97 278,393.40 177,775.63 247,203.20 122,846.25 294,825.74 275,222.18 144,046.62 102,838.26 200,092.90 122,972.26 132,913.55
6.05 0.46 0.22 0.23 0.29 0.25 0.41 0.56 0.35 0.49 0.24 0.58 0.55 0.29 0.21 0.40 0.25 0.27
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
2,844,055.89 178,752.36 156,321.36 165,029.90 193,449.46 159,517.86 122,607.00 230,852.84 267,451.87 148,648.00 237,450.40 187,732.35 183,107.93 261,350.18 177,718.18 174,066.20
5.67 0.36 0.31 0.33 0.39 0.32 0.24 0.46 0.53 0.30 0.47 0.37 0.37 0.52 0.35 0.35
USD EUR
247,974.10 107,390.66 140,583.44
0.49 0.21 0.28
EUR EUR EUR EUR EUR
641,258.28 150,497.88 151,193.08 103,966.17 123,487.59 112,113.56
1.28 0.30 0.30 0.21 0.25 0.22
EUR
89,020.61 89,020.61
0.18 0.18
EUR EUR EUR EUR EUR
652,332.16 107,012.92 99,620.85 196,405.77 121,306.08 127,986.54
1.30 0.21 0.20 0.39 0.24 0.26
EUR EUR EUR EUR
925,777.04 233,258.43 93,008.09 154,501.11 445,009.41
1.85 0.47 0.19 0.31 0.88
USD
69,868.85 69,868.85
0.14 0.14
USD
10,416,414.71 197,822.13
20.76 0.39
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Shares
Belgium
4,329 ANHEUSER-BUSCH INBEV NV
Finland
39,797 NOKIA OYJ
France
2,565 10,673 3,762 10,031 4,304 4,198 3,798 17,135 2,680 1,025 3,499 4,607 3,294 5,586 1,379 3,343 9,085
AIR LIQUIDE SA AXA SA BNP PARIBAS SA CARREFOUR SA CIE DE SAINT-GOBAIN SA DANONE SA ESSILOR INTERNATIONAL SA FRANCE TELECOM SA L'OREAL SA LVMH MOET HENNESSY LOUIS VUITTON SA PERNOD RICARD SA SANOFI AVENTIS SCHNEIDER ELECTRIC SA SOCIETE GENERALE SA UNIBAIL-RODAMCO SE VINCI SA VIVENDI SA
3,166 1,976 3,017 3,407 2,802 4,302 5,428 30,905 8,744 1,936 1,689 5,691 5,615 2,687 1,397
ADIDAS NAMEN AKT ALLIANZ SE REG SHS BASF - NAMEN AKT BAYER AG REG SHS BMW AG DEUTSCHE BANK AG REG SHS DEUTSCHE BOERSE AG REG SHS DEUTSCHE TELEKOM AG REG SHS E.ON AG REG SHS LINDE AG MUENCHENER RUECKVERSICHERUNGS AG REG SHS RWE AG SAP AG SIEMENS AG REG SHS VOLKSWAGEN VORZ.AKT
Germany
Ireland
2,268 ACCENTURE - SHS CLASS A 9,304 CRH PLC 14,118 59,478 92,993 158,216 37,622
Italy
ASSICURAZIONI GENERALI SPA ENEL SPA INTESA SANPAOLO SPA TELECOM ITALIA SPA UNICREDIT SPA
Luxembourg
7,351 ARCELORMITTAL SA REG SHS
Spain
19,011 26,787 2,409 9,597 12,342
BANCO BILBAO VIZCAYA ARGENT. SA REG SHS IBERDROLA SA INDITEX SA REG SHS REPSOL TELEFONICA SA
5,822 17,662 9,923 16,866
ASML HOLDING NV ING GROEP NV KONINKLIJKE PHILIPS ELECTRONICS NV UNILEVER NV
The Netherlands
The Netherlands Antilles
1,366 SCHLUMBERGER LTD
United States of America
3,894 ABBOTT LABORATORIES LTD
The accompanying notes form an integral part of these financial statements
Page 166
Polaris Fund - GEO Total Return VII Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 2,647 11,046 290 6,766 1,742 2,349 2,978 1,658 1,047 135 4,154 1,903 7,738 4,101 2,186 1,770 1,260 453 7,339 1,775 820 1,491 6,776 2,322 2,486 2,771 4,277 1,807 2,095 3,110 1,197 11,859 1,526 3,136 2,050 1,580 2,144 6,067 4,907 986 7,010 1,140 7,113 1,950 999 293 3,481 5,271 4,013 2,725 815 6,187 3,188 1,834 6,217 5,359 237 2,758 4,251 5,315 2,696 4,204 3,637 1,646 6,851 1,090 1,459 924 5,333
ALLSTATE CORP ALTRIA GROUP AMAZON.COM INC AMERICAN ELECTRIC POWER CO INC AMERICAN EXPRESS CO COM. AMERICAN INTERNATIONAL GROUP INC AMGEN INC ANADARKO PETROLEUM CORP APACHE CORP APPLE INC AT AND T INC BAKER HUGHES INC BANK OF AMERICA CORP BANK OF NEW YORK MELLON CORP BAXTER INTERNATIONAL INC BERKSHIRE HATHAWAY -BBIOGEN IDEC INC BLACKROCK INC BRISTOL-MYERS SQUIBB CO CAPITAL ONE FINANCIAL CORP CATERPILLAR INC CELGENE CORP CISCO SYSTEMS INC CITIGROUP COCA-COLA CO COLGATE-PALMOLIVE CO COMCAST CORP CONOCOPHILLIPS CO COSTCO WHOLESALE CORP CVS CAREMARK CORP DEERE & CO DELL INC DEVON ENERGY CORP DIRECTV -ADOW CHEMICAL CO EBAY EI DU PONT DE NEMOURS & CO ELI LILLY & CO EMC CORP EOG RESOURCES INC EXELON CORP FEDEX CORP FORD MOTOR GILEAD SCIENCES INC GOLDMAN SACHS GROUP INC GOOGLE INC HALLIBURTON CO HEWLETT-PACKARD CO HJ HEINZ CO HOME DEPOT INC IBM CORP INTEL CORP JOHNSON AND JOHNSON JPMORGAN CHASE CO KRAFT FOODS INC LOWE'S COMPANIES INC MASTERCARD INC -AMCDONALD'S CORP MEDTRONIC INC MERCK AND CO METLIFE INC MICROSOFT CORP MORGAN STANLEY NATIONAL OILWELL VARCO INC NEWS CORP -ANIKE INC NORFOLK SOUTHERN CORP OCCIDENTAL PETROLEUM CORP ORACLE CORP
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
The accompanying notes form an integral part of these financial statements
Page 167
Market value
% of net assets
73,191.15 300,728.34 52,181.95 212,728.73 79,903.72 59,398.30 171,398.38 86,489.58 72,511.59 62,125.21 116,726.40 61,631.38 49,877.34 70,932.55 91,553.45 116,224.03 143,350.38 60,618.94 207,901.23 76,452.07 54,864.82 75,381.24 91,677.96 50,152.49 153,169.96 227,304.76 107,746.50 79,567.52 156,829.91 114,518.97 76,278.63 116,996.71 69,731.48 120,641.05 50,884.52 52,303.53 85,435.63 205,141.62 99,102.80 70,011.79 207,806.00 82,294.16 53,751.76 78,795.95 75,461.28 133,927.36 77,873.68 83,526.90 171,960.87 113,784.13 125,603.96 129,926.76 169,718.51 51,636.12 189,197.07 120,097.68 80,324.71 192,400.41 129,735.81 174,856.19 65,538.47 101,335.93 41,813.82 83,580.82 120,333.15 75,395.14 82,512.45 62,449.45 124,809.98
0.15 0.61 0.10 0.43 0.16 0.12 0.34 0.17 0.14 0.12 0.23 0.12 0.10 0.14 0.18 0.23 0.29 0.12 0.41 0.15 0.11 0.15 0.18 0.10 0.31 0.46 0.21 0.16 0.31 0.23 0.15 0.23 0.14 0.24 0.10 0.10 0.17 0.41 0.20 0.14 0.41 0.16 0.11 0.16 0.15 0.27 0.16 0.17 0.34 0.23 0.25 0.26 0.34 0.10 0.38 0.24 0.16 0.38 0.26 0.35 0.13 0.20 0.08 0.17 0.24 0.15 0.16 0.12 0.25
Polaris Fund - GEO Total Return VII Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 4,355 8,567 265 1,628 1,110 124 2,653 1,004 1,725 673 8,158 1,458 3,635 932 2,306 2,803 816 1,908 1,180 2,216 4,247 3,690 963 4,345 1,989 2,283 2,843 1,631
PEPSICO INC PFIZER INC PHILLIPS 66 PNC FINANCIAL SERVICES GROUP INC PRAXAIR INC PRICELINE.COM INC PROCTER AND GAMBLE CO PRUDENTIAL FINANCIAL INC QUALCOMM INC SIMON PROPERTY GROUP INC SOUTHERN CO STARBUCKS CORP TARGET CORP TEXAS INSTRUMENTS INC TIME WARNER TJX COS INC UNION PACIFIC CORP UNITED PARCEL SERVICE INC UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC US BANCORP VERIZON COMMUNICATIONS INC VISA INC -AWALGREEN CO WALT DISNEY CO WELLS FARGO AND CO WILLIAMS COS INC 3M CO
Market value
% of net assets
242,483.98 155,266.54 6,941.10 78,394.93 95,102.87 64,930.84 128,045.59 38,315.05 75,684.96 82,549.29 297,636.34 61,258.86 166,676.37 21,070.15 69,958.63 94,821.16 76,716.41 118,414.63 70,230.01 102,152.00 107,626.59 129,217.60 93,814.81 101,276.62 76,014.74 60,158.01 64,564.25 115,155.12
0.49 0.31 0.01 0.16 0.19 0.13 0.26 0.08 0.15 0.16 0.60 0.12 0.33 0.04 0.14 0.19 0.15 0.24 0.14 0.20 0.21 0.26 0.19 0.20 0.15 0.12 0.13 0.23
26,717,322.68
53.28
AUD
1,981,750.34 1,981,750.34
3.95 3.95
CAD
2,755,483.67 2,755,483.67
5.49 5.49
DKK
1,454,093.50 1,454,093.50
2.90 2.90
EUR EUR
3,700,107.00 2,184,582.00 1,515,525.00
7.38 4.36 3.02
EUR EUR EUR EUR EUR EUR EUR EUR
8,542,178.20 979,142.50 1,482,656.57 1,463,370.42 485,160.42 972,128.63 1,966,995.04 994,738.62 197,986.00
17.04 1.95 2.96 2.92 0.97 1.94 3.93 1.98 0.39
CHF
2,943,083.72 2,943,083.72
5.87 5.87
GBP
2,464,071.19 2,464,071.19
4.91 4.91
USD
2,876,555.06 2,876,555.06
5.74 5.74
4,097.94
0.01
4,097.94 4,097.94
0.01 0.01
96.31
0.00
96.31
0.00
96.31 96.31
0.00 0.00
45,971,051.23
91.67
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
Bonds Australia
2,200,000 AUSTRALIA
4.50 09-20 15/04S
Canada
3,100,000 CANADA GOVT BONDS
Denmark
9,500,000 DENMARK KINGDON
3.75 08-19 01/06S 3.00 11-21 15/11A
Germany
1,900,000 BRD 3.25 09-20 04/01A 1,500,000 BUNDESSCHATZAWN 1.50 11-13 15/03A 1,000,000 1,500,000 1,500,000 500,000 1,000,000 2,000,000 1,000,000 200,000
Italy
ITALY BOT -13 14/02U ITALY BOT (12 MESI) 11-12 15/11U ITALY BOT (12 MESI) 12-13 12/04U ITALY BOT (12 MONTHS) -13 14/06U ITALY BOT (12MESI) -13 14/05U ITALY BOT (12MESI) 12-13 14/01U ITALY BOT (6 MESI) -12 31/08U ITALY BTP 4.75 12-17 01/05S
Switzerland
3,100,000 SWISS (GOVT)
2.25 05-20 06/07A
United Kingdom
1,600,000 UK TREASURY STOCK
4.75 05-20 07/03S
United States of America
3,100,000 US TREASURY B-2020 3.625 10-20 15/02S
Warrants, Rights Spain
7,397 REPSOL YPF
05.07.12 RIGHT
EUR
Other transferable securities Warrants, Rights France
11 AIR LIQUIDE
14.06.12 RIGHT
EUR
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 168
Polaris Fund - GEO Total Return VII Statement of Operations and Changes in Net Assets from 30/03/12 to 30/06/12 Expressed in EUR
Income
214,850.10
Net dividends Net interest on bonds Bank interest on cash account Other financial income
Note 2 Note 2 Note 2 Note 2
Expenses
67,265.75 141,003.37 5,254.31 1,326.67 49,722.37
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Transaction fees Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
26,386.03 1,928.08 2,489.84 1,235.98 99.91 2,204.14 14,700.19 678.20 165,127.73
Net realised profit / loss on: - sales of investment securities - options - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2 Note 2
Net realised loss
24,193.40 (7,900.65) (457,643.52) 117,373.64 (228,376.06) (387,225.46)
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
715,082.24 258,360.69 (435,884.27) 150,333.20
Subscription capitalisation units
50,000,000.00
Increase in net assets
50,150,333.20
Net assets at the beginning of the period
0.00
Net assets at the end of the period
50,150,333.20
The accompanying notes form an integral part of these financial statements
Page 169
Polaris Fund - GEO Global Real Bond Fund II
Page 170
Polaris Fund - GEO Global Real Bond Fund II
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
64,622,808.91
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Interest receivable Brokers receivable Net unrealised appreciation on financial futures Other assets
61,905,542.32 59,730,704.49 2,174,837.83 1,829,164.44 643,827.44 209,483.59 34,251.58 539.54
Note 2, 8
Liabilities
598,097.43
Accrued custodian & administration fees Taxe d'abonnement payable Net unrealised depreciation on forward foreign exchange contracts Accrued management and advisory fees Accrued professional fees
Note 6 Note 4 Note 2, 7 Note 5
2,513.92 1,582.84 581,835.13 10,830.17 1,335.37
Net asset value
64,024,711.48
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
6,241.593
Units issued
138.354
Units redeemed
Units outstanding as at 30/06/12
441.593
5,938.354
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
64,024,711.48
66,661,860.13
63,562,262.33
5,938.354 10,781.56
6,241.593 10,680.26
6,000.000 10,593.71
The accompanying notes form an integral part of these financial statements
Page 171
Polaris Fund - GEO Global Real Bond Fund II Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
61,373,063.78
95.86
60,379,563.78
94.31
USD
293,353.18 293,353.18
0.46 0.46
USD
102,391.71 102,391.71
0.16 0.16
USD
617,150.78 617,150.78
0.96 0.96
USD USD
188,050.89 87,712.85 100,338.04
0.29 0.14 0.15
EUR
1,679,081.00 1,679,081.00
2.62 2.62
EUR
15,686,618.99 15,686,618.99
24.50 24.50
EUR
18,412,149.17 18,412,149.17
28.77 28.77
EUR
304,912.00 304,912.00
0.48 0.48
EUR
7,775,517.18 7,775,517.18
12.14 12.14
USD
93,573.15 93,573.15
0.15 0.15
USD
82,494.78 82,494.78
0.13 0.13
USD USD
235,095.94 101,024.39 134,071.55
0.37 0.16 0.21
USD
630,442.54 630,442.54
0.98 0.98
USD
64,062.89 64,062.89
0.10 0.10
USD
103,507.03 103,507.03
0.16 0.16
USD
87,883.85 87,883.85
0.14 0.14
SEK
3,596,447.28 3,596,447.28
5.62 5.62
EUR USD EUR USD EUR
4,258,657.76 102,838.00 711,085.46 1,527,741.60 766,392.70 1,150,600.00
6.65 0.16 1.11 2.38 1.20 1.80
USD
179,116.66 179,116.66
0.28 0.28
USD EUR EUR USD GBP GBP
3,068,894.82 317,085.11 315,936.00 302,637.00 624,488.48 777,310.34 731,437.89
4.79 0.50 0.49 0.47 0.98 1.21 1.14
USD USD USD USD USD USD
2,920,162.18 566,120.17 207,959.86 732,134.28 664,509.83 189,863.72 559,574.32
4.56 0.88 0.32 1.15 1.04 0.30 0.87
993,500.00
1.55
993,500.00 993,500.00
1.55 1.55
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Australia
370,000 BHP BILLITON FINANCE 1.125 11-14 21/11S
Brazil
90,000 BRAZIL
7.125 06-37 20/01S
Canada
760,000 ROYAL BK CANADA
2.30 11-16 20/07S
Chile
100,000 CHILI 3.875 10-20 05/08S 100,000 CODELCO INC REGS 7.50 09-19 15/01S
Finland
1,490,000 FINLAND
3.50 11-21 15/04A
France
12,620,000 FRANCE OAT INDEXEE 1.60 04-15 25/07A
Germany
16,150,000 GERMANY INFL. INDEX 2.25 07-13 15/04A
Guernsey
295,000 ABB INTL FINANCE
Italy
6,960,000 ITALY INFL. INDEX
4.625 06-13 06/06A 1.85 07-12 15/09S
Lithuania
100,000 REPUBLIC OF LITHUANIA 7.375 10-20 11/02S
Luxembourg
100,000 SB CAPITAL
5.499 10-15 07/07S
Mexico
110,000 MEXICO TR. 19 5.625 06-17 15/01S 150,000 PEMEX 5.50 10-21 21/01S
Norway
790,000 DNB BANK ASA
3.20 12-17 03/04S
Panama
50,000 PANAMA (REP.OF)
Poland
120,000 POLAND
9.375 99-29 01/04S
5.00 11-22 23/03S
South Korea
100,000 EXP-IMP BANK KOREA 5.125 10-20 29/06S
Sweden
28,000,000 SWEDEN -1051100,000 900,000 1,470,000 980,000 1,100,000
3.75 06-17 12/08A
The Netherlands
ALLIANZ FINANCE II BV 5.00 08-13 06/03A BANK V.NED.GEM. 1.375 12-15 23/03S BANK V.NED.GEM.EMTN 4.375 03-13 04/07A ING BANK 3.75 12-17 07/03S ING BANK NV 3.375 09-14 03/03A
Undefined
200,000 KAZMUNAIGAZ FIN REG-S 7.00 10-20 05/05S
United Kingdom
400,000 300,000 300,000 770,000 510,000 480,000
BARCLAYS BANK 5.45 07-12 12/09S CREDIT SUISSE EMTN 6.125 08-13 05/08A LLOYDS BANK EMTN 3.25 09-12 26/11A LLOYDS TSB CAPITAL 4.20 12-17 28/03S UK TREASURY STOCK 4.25 09-39 07/09S UNITED KINGDOM 4.25 10-40 07/12S
710,000 260,000 900,000 820,000 160,000 710,000
AMERCIAN EXPRESS CRDT 1.75 12-15 12/06S BB T CORPORATION 2.15 12-17 22/03S MERRILL LYNCH 676 6.15 08-13 25/04S PLAINS ALL.AMER 3.65 12-22 01/06S US TREASURY INDEXEE 2.125 11-41 15/02S WELLS FARGO CO 1.50 12-15 01/07S
United States of America
Floating rate bonds United States of America
1,000,000 CITIGROUP EMTN -35- FL.R 06-13 28/06Q
EUR
The accompanying notes form an integral part of these financial statements
Page 172
Polaris Fund - GEO Global Real Bond Fund II Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Other transferable securities Bonds United States of America
670,000 EXELON GENERATION
4.25 12-22 15/06S
USD
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 173
Market value
% of net assets
532,478.54
0.83
532,478.54
0.83
532,478.54 532,478.54
0.83 0.83
61,905,542.32
96.69
Polaris Fund - GEO Global Real Bond Fund II Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
683,235.12
Net interest on bonds Bank interest on cash account Other financial income
Note 2 Note 2 Note 2
Expenses
676,434.40 3,153.45 3,647.27 105,405.41
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
69,180.33 5,121.35 3,309.98 3,282.92 308.33 1,299.92 908.33 19,643.43 2,350.82 577,829.71
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - financial futures - foreign exchange
Note 2 Note 2 Note 2 Note 2
Net realised profit
434,317.30 (173,408.73) (762,346.21) 342,936.11 419,328.18
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
581,590.24 (297,460.92) (29,438.43) 674,019.07
Subscription capitalisation units Redemption capitalisation units
1,500,000.00 (4,811,167.72)
Decrease in net assets
(2,637,148.65)
Net assets at the beginning of the period
66,661,860.13
Net assets at the end of the period
64,024,711.48
The accompanying notes form an integral part of these financial statements
Page 174
Polaris Fund - GEO Environmental Fund
Page 175
Polaris Fund - GEO Environmental Fund
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
23,144,215.41
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
Note 2
Cash at banks and liquidities Brokers receivable Dividends receivable Net unrealised appreciation on forward foreign exchange contracts Receivable on spot exchange
22,518,374.96 20,771,671.73 1,746,703.23 300,781.13 173,559.69 53,214.83 38,874.37 59,410.43
Note 2, 7
Liabilities
586,052.14
Accrued custodian & administration fees Taxe d'abonnement payable Performance fees payable Accrued management and advisory fees Accrued professional fees Payable on spot exchange Other liabilities
Note 6 Note 4 Note 5 Note 5
1,650.59 558.16 517,650.01 11,601.59 429.29 58,756.92 (4,594.42)
Net asset value
22,558,163.27
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
2,439.246
Units issued
168.455
Units redeemed
Units outstanding as at 30/06/12
178.383
2,429.318
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
22,558,163.27
21,411,129.59
14,954,274.01
2,429.318 9,285.80
2,439.246 8,777.77
1,403.501 10,654.98
The accompanying notes form an integral part of these financial statements
Page 176
Polaris Fund - GEO Environmental Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
22,518,374.96
99.82
22,518,374.96
99.82
EUR
185,145.00 185,145.00
0.82 0.82
BRL BRL BRL
1,706,809.78 608,406.50 358,914.70 739,488.58
7.57 2.70 1.59 3.28
CAD CAD CAD CAD USD CAD
1,803,007.12 394,117.67 272,352.70 244,600.29 227,292.75 244,553.65 420,090.06
7.99 1.75 1.21 1.08 1.01 1.08 1.86
HKD HKD
456,780.92 221,865.54 234,915.38
2.02 0.98 1.04
CLP
393,170.95 393,170.95
1.74 1.74
DKK
243,350.45 243,350.45
1.08 1.08
EUR
299,202.12 299,202.12
1.33 1.33
EUR EUR
963,564.09 411,062.00 552,502.09
4.27 1.82 2.45
USD EUR
714,067.01 409,343.21 304,723.80
3.17 1.82 1.35
HKD
488,628.38 488,628.38
2.17 2.17
PHP
264,455.14 264,455.14
1.17 1.17
SGD SGD
659,493.67 282,956.49 376,537.18
2.92 1.25 1.67
KRW
398,247.97 398,247.97
1.77 1.77
CHF
281,473.88 281,473.88
1.25 1.25
EUR
318,949.70 318,949.70
1.41 1.41
GBP GBP GBP
1,575,330.00 1,121,913.39 226,631.29 226,785.32
6.98 4.97 1.00 1.01
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
11,766,698.78 393,680.51 1,129,871.83 272,011.98 269,473.39 250,128.63 452,082.84 239,082.78 754,015.37 511,519.24 297,920.49 216,752.15 793,492.64 454,281.98 425,867.66 401,989.02 495,464.01 264,641.15
52.16 1.75 5.02 1.21 1.19 1.11 2.00 1.06 3.34 2.27 1.32 0.96 3.52 2.01 1.89 1.78 2.20 1.17
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Shares
Austria
22,681 ZUMTOBEL AG
Brazil
41,525 CEMIG PREF (CIA ENERG.MINAS GERAIS) 20,800 COPEL PREF.-B24,600 SABESP 5,651 34,110 69,703 10,140 55,321 10,582
Canada
AGRIUM INNERGEX RENEWABLE PURE TECHNOLOGIES LTD STANTEC INC SUNOPTA INC WEST FRASER TIMBER CO
Cayman Islands
1,300,000 GCL POLY ENERGY HOLDINGS LTD 522,000 SHENGUAN HOLDINGS (GROUP) LTD
Chile
298,718 INVERSIONES AGUAS METROPOLITANAS SA
Denmark
11,918 NOVOZYMES -B-
Finland
8,332 OUTOTEC OYJ
France
9,400 SCHNEIDER ELECTRIC SA 65,269 SUEZ ENVIRONNEMENT COMPANY SA
Germany
25,590 ELSTER GROUP -ADR- REP 1/4 SHS 57,150 INFINEON TECHNOLOGIES REG SHS
Hong Kong
862,000 GUANGDONG INVEST -RC-
Philippines
576,000 MANILLA WATER COMPANY INC
Singapore
317,000 INDOFOOD AGRI RESOURCES LTD 1,062,000 SOUND GLOBAL
South Korea
16,260 WOONG JIN COWAY CO LTD
Switzerland
21,883 ABB LTD REG SHS
The Netherlands
16,988 ROYAL IMTECH NV
United Kingdom
119,126 PENNON GROUP PLC 9,233 SPIRAX-SARCO ENGINEERING PLC 27,184 UNITED UTILITIES GROUP PLC 10,925 41,828 13,830 86,576 9,734 8,747 6,300 16,960 8,027 6,200 37,993 14,613 20,805 35,934 9,316 15,838 8,315
United States of America
AGCO CORP AMERCIAN WATER WORKS CO INC AQUA AMERICA INC AXT INC BALCHEM CORP BORG WARNER CLARCOR INC CLEAN HARBORS INC DEERE & CO DELTIC TIMBER CORP ENERNOC INC ITC HOLDINGS CORP JOHNSON CONTROLS INC MASTEC INC MOSAIC PLUM CREEK TIMBER POLYPORE INTL
The accompanying notes form an integral part of these financial statements
Page 177
Polaris Fund - GEO Environmental Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 15,818 13,258 13,615 21,939 10,161 4,135 14,015 6,156 13,934 29,622 17,340
POTLATCH CORP (HOLDING CO) QUANTA SERVICES INC RAYONIER REIT REPUBLIC SERVICES -AROCKWELL AUTOMATION ROPER INDUSTRIES INC TETREA TECH INC TRIMBLE NAVIGATION LTD WASTE CONNECTIONS INC WEYERHAEUSER CO XYLEM WHEN ISSUED
USD USD USD USD USD USD USD USD USD USD USD
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 178
Market value
% of net assets
398,114.27 251,463.74 481,709.55 457,433.47 528,927.67 321,207.44 288,019.54 223,188.65 328,517.62 521,924.21 343,916.95
1.76 1.11 2.14 2.03 2.34 1.42 1.28 0.99 1.46 2.31 1.52
22,518,374.96
99.82
Polaris Fund - GEO Environmental Fund Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
273,788.10
Net dividends Bank interest on cash account Other financial income
Note 2 Note 2 Note 2
Expenses
270,620.64 185.85 2,981.61 625,282.69
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Performance fees Domiciliation fees Professional fees Transaction fees Other expenses
Note 5 Note 6 Note 4 Note 5
Note 2 Note 14
Net loss from investments
71,893.27 1,723.83 1,111.76 1,105.02 517,650.01 234.39 536.46 23,730.36 7,297.59 (351,494.59)
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - foreign exchange
Note 2 Note 2 Note 2
Net realised loss
(223,342.21) (51,241.47) 298,394.84 (327,683.43)
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts
Increase in net assets as a result of operations
1,547,735.66 38,874.37 1,258,926.60
Subscription capitalisation units Redemption capitalisation units
1,579,126.74 (1,691,019.66)
Increase in net assets
1,147,033.68
Net assets at the beginning of the period
21,411,129.59
Net assets at the end of the period
22,558,163.27
The accompanying notes form an integral part of these financial statements
Page 179
Polaris Fund - GEO Global Cash Plus Fund II
Page 180
Polaris Fund - GEO Global Cash Plus Fund II
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
112,408,125.84
Securities portfolio at market value Cost price Unrealised loss on the securities portfolio
Note 2
99,671,364.35 100,082,108.13 (410,743.78)
Cash at banks and liquidities Interest receivable Brokers receivable
10,928,691.62 1,235,499.90 572,569.97
Liabilities
1,423,866.07
Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Performance fees payable Net unrealised depreciation on financial futures Accrued management and advisory fees Accrued professional fees
1,324,243.93 3,593.43 2,743.80 9,977.36 62,034.25 20,623.22 650.08
Note 6 Note 4 Note 5 Note 2, 8 Note 5
Net asset value
110,984,259.77
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
3,164.220
Units issued
10,400.964
Units redeemed
Units outstanding as at 30/06/12
2,812.587
10,752.597
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
110,984,259.77
32,458,844.20
19,550,032.00
10,752.597 10,321.62
3,164.220 10,258.09
1,933.606 10,110.66
The accompanying notes form an integral part of these financial statements
Page 181
Polaris Fund - GEO Global Cash Plus Fund II Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Market value
% of net assets
96,592,664.35
87.04
48,314,196.81
43.54
EUR
5,558,216.00 5,558,216.00
5.01 5.01
FL.R 06-12 31/07A
EUR
5,257,102.98 5,257,102.98
4.74 4.74
BTPS 4.25 08-13 15/04S ITALY BOT -13 14/02U ITALY BTP 2.00 09-12 15/12S ITALY BTP 2.50 09-12 01/07S ITALY BTP 4.75 02-13 01/02S ITALY CTZ 0.00 10-12 31/12U ITALY CTZ 0.00 11-12 31/12U MC TRENTINO AA 2.30 10-12 31/08A UBI BANCA 2.15 10-12 28/09S UNICREDIT 4.03 08-12 30/12A UNICREDIT SPA 3.40 09-12 27/10A
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
36,100,342.46 2,926,680.00 6,544,965.15 46,876.86 15,001.05 16,536,725.79 1,971,757.92 19,748.00 2,557,061.33 4,844,397.60 57,012.76 580,116.00
32.53 2.64 5.90 0.04 0.01 14.91 1.78 0.02 2.30 4.36 0.05 0.52
EUR
823,217.50 823,217.50
0.74 0.74
EUR EUR
575,317.87 74,911.40 500,406.47
0.52 0.07 0.45
Floating rate bonds
46,981,587.24
42.33
Italy
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
24,007,917.52 114,637.00 2,192,376.60 971,503.20 2,515,143.31 2,721,124.00 6,270,008.25 4,046,223.00 1,800,382.00 2,776,436.16 600,084.00
21.64 0.10 1.98 0.88 2.27 2.45 5.65 3.65 1.62 2.50 0.54
EUR EUR
16,270,536.48 3,247,830.00 13,022,706.48
14.66 2.93 11.73
EUR EUR
6,664,313.10 5,694,183.45 970,129.65
6.00 5.13 0.87
EUR EUR EUR
38,820.14 6,873.44 1,975.20 29,971.50
0.03 0.01 0.00 0.02
1,296,880.30
1.17
1,296,880.30 51,764.00 76,126.05 135,884.00 53,625.00 9,732.00 578,946.00 390,803.25
1.17 0.05 0.07 0.12 0.05 0.01 0.52 0.35
3,078,700.00
2.77
Denomination
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
France
5,300,000 FRANCE OAT
4.00 03-13 25/10A
Germany
5,250,000 KRED.ANST.WIED. 2,900,000 6,682,000 47,000 15,000 16,367,000 1,997,000 20,000 2,565,000 4,858,000 57,000 580,000
Italy
Jersey Island
70,000 ETFS CO SEC 06 SS MAT INDS MET DJ-AIGCI
The Netherlands
74,100 DEUTSCHE POST.FINANCE 5.125 02-12 04/10A 507,000 RBS NV 0.00 07-12 31/10A
116,000 2,196,000 984,000 2,504,000 2,800,000 6,281,000 3,963,000 1,790,000 2,832,000 600,000
BANCA IMI FL.R 07-12 30/11A BANCA INTESA FL.R 98-13 24/03A INTESA SAN PAOLO FL.R 06-12 10/11A INTESA SAN PAOLO FL.R 06-12 25/09A INTESA SANPAOLO FL.R 08-13 30/04S ITALY CCT FL.R 05-12 01/11S MEDIOBANCA FL.R 06-12 29/09A MEDIOBANCA FL.R 06-12 30/11A MEDIOCREDITO CENTRALE FL.R 98-13 25/02S UNICREDIT 428 FL.R 11-12 18/07Q
Luxembourg
3,138,000 BEI FL.R 98-13 05/02A 12,802,000 EUROP.INVEST.BK FL.R 03-13 28/02A
United Kingdom
5,550,000 BARCLAYS BANK 973,000 MORGAN STANLEY
FL.R 08-13 30/09A FL.R 06-12 28/12A
United States of America
7,000 MERRILL LYNCH EMTN FL.R 06-13 09/08Q 2,000 MORGAN STANLEY FL.R 07-12 31/08A 29,000 MORGAN STANLEY FL.R 07-12 31/08A
Equities 8,000 2,600 8,000 2,200 400 4,700 18,500
Jersey Island
ETFS CO SEC LTD 06 SS AGR DJ AIGCI ETFS CO SEC LTD 06 SS FIX MAT ON COPPER ETFS COMMODITY (CRUDE OIL) ETFS COMMODITY ON SILVER ETFS COMMODITY ON SILVER ETFS METAL SEC LTD 07 WITHOUT FIX MAT GD ETFS METAL (SILVER CMDTY)
EUR EUR EUR EUR EUR EUR EUR
Shares/Units of UCITS/UCIS Shares/Units in investment funds France
5,000 LYXOR ETF CO CRB THOMSON (R/J) TR -A-
Ireland
184,000 ISHARES II FTSE EPRA/NAREIT PTY YIELD
3,078,700.00
2.77
EUR
104,800.00 104,800.00
0.09 0.09
EUR
2,973,900.00 2,973,900.00
2.68 2.68
99,671,364.35
89.81
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 182
Polaris Fund - GEO Global Cash Plus Fund II Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
1,206,647.20
Net dividends Net interest on bonds Bank interest on cash account Other financial income Other income
Note 2 Note 2 Note 2 Note 2
Expenses
22,660.18 1,159,532.63 4,581.06 1,152.76 18,720.57 177,292.73
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Performance fees Domiciliation fees Professional fees Transaction fees Other expenses
Note 5 Note 6 Note 4 Note 5
Note 2 Note 14
Net income from investments
111,582.19 7,880.01 6,053.54 5,051.29 9,977.36 394.29 756.47 32,646.46 2,951.12 1,029,354.47
Net realised profit / loss on: - sales of investment securities - financial futures - foreign exchange
Note 2 Note 2 Note 2
Net realised profit
(407,694.64) (196,019.03) 21,656.16 447,296.96
Movement in net unrealised appreciation / depreciation on: - investment securities - financial futures
Increase in net assets as a result of operations
(252,894.53) (60,849.04) 133,553.39
Subscription capitalisation units Redemption capitalisation units
107,447,607.89 (29,055,745.71)
Increase in net assets
78,525,415.57
Net assets at the beginning of the period
32,458,844.20
Net assets at the end of the period
110,984,259.77
The accompanying notes form an integral part of these financial statements
Page 183
Polaris Fund - GEO Liquidity Fund
Page 184
Polaris Fund - GEO Liquidity Fund
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
148,163,344.87
Securities portfolio at market value Cost price
Note 2
Cash at banks and liquidities Reverse repurchase agreements Time deposits Interest receivable Interest receivable on swaps
117,922,898.72 117,922,898.72 48,471.19 17,699,999.32 12,400,000.00 63,944.23 28,031.41
Note 2, 12
Liabilities
54,575.36
Accrued custodian & administration fees Taxe d'abonnement payable Interest payable on swaps Net unrealised depreciation on swaps Accrued management and advisory fees Accrued professional fees
Note 6 Note 4
4,347.87 3,661.59 27,101.45 1,637.76 15,401.49 2,425.20
Note 2, 9 Note 5
Net asset value
148,108,769.51
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
11,971.934
Units issued
12,635.789
Units redeemed
Units outstanding as at 30/06/12
9,981.726
14,625.997
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
148,108,769.51
121,035,485.41
225,359,361.72
14,625.997 10,126.41
11,971.934 10,109.94
22,473.561 10,027.75
The accompanying notes form an integral part of these financial statements
Page 185
Polaris Fund - GEO Liquidity Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
54,980,031.23
37.12
25,980,031.23
17.54
EUR
7,996,151.85 7,996,151.85
5.40 5.40
EUR EUR
11,991,328.77 5,995,725.55 5,995,603.22
8.10 4.05 4.05
EUR
999,568.52 999,568.52
0.67 0.67
EUR
4,992,982.09 4,992,982.09
3.37 3.37
29,000,000.00
19.58
EUR EUR EUR EUR EUR
24,000,000.00 7,000,000.00 7,000,000.00 2,000,000.00 2,000,000.00 6,000,000.00
16.20 4.73 4.72 1.35 1.35 4.05
EUR
5,000,000.00 5,000,000.00
3.38 3.38
5,000,000.00
3.38
5,000,000.00
3.38
5,000,000.00 5,000,000.00
3.38 3.38
57,942,867.49
39.12
57,942,867.49
39.12
EUR EUR
7,990,356.11 3,995,405.28 3,994,950.83
5.39 2.69 2.70
EUR EUR EUR
19,982,361.38 7,995,755.59 6,988,713.23 4,997,892.56
13.49 5.40 4.72 3.37
EUR EUR EUR
18,990,681.02 4,996,836.03 7,995,407.08 5,998,437.91
12.82 3.37 5.40 4.05
EUR
5,995,556.63 5,995,556.63
4.05 4.05
EUR
4,983,912.35 4,983,912.35
3.37 3.37
117,922,898.72
79.62
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
France
8,000,000 SAGESS
-12 23/07U
Sweden
6,000,000 STADSHYPOTEK 6,000,000 SWEDBANK AB
-12 13/09U -12 18/09U
The Netherlands
1,000,000 RABOBANK CDNP
-12 04/09U
United Kingdom
5,000,000 LLOYDS
-12 11/09U
Floating rate bonds 7,000,000 7,000,000 2,000,000 2,000,000 6,000,000
France
AXA (OIS+0.05) FL.R -12 05/09U BNP PAR (OIS+032) FL.R -12 04/07U CREDIT AGRI(OIS+0.31) FL.R -12 10/07U NATIXIS (OIS+0.33) FL.R -12 19/07U SOCIETE GEN(OIS+0.30) FL.R -12 02/08U
The Netherlands
5,000,000 ING BANK (OIS+0.275) FL.R -12 11/09U
Other transferable securities Floating rate bonds France
5,000,000 BPCE (OIS+0.40)
FL.R 12-12 10/09U
EUR
Money market instruments Bonds Belgium
4,000,000 LVMH 4,000,000 LVMH FINANCE
France
8,000,000 ACOSS 7,000,000 CDC 5,000,000 RATP
-12 07/08U -12 10/07U -12 19/07U -12 06/08U -12 25/09U
Germany
5,000,000 ERSTE ABWICKLUNGSANSTALT -12 13/09U 8,000,000 FMS WERTMANAGEMENT -12 10/09U 6,000,000 LANDESBK HESSEN TH -12 17/07U
Sweden
6,000,000 SVENSKA HANDELSBANK
The Netherlands
5,000,000 ABN AMRO BANK
-12 25/09U -12 05/12U
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 186
Polaris Fund - GEO Liquidity Fund Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
524,178.86
Net interest on bonds Bank interest on cash account Bank interest on time deposits Income on reverse repurchase agreements Interest on swaps
Note 2 Note 2 Note 2 Note 2 Note 2
Expenses
294,049.16 321.55 23,377.10 82,329.74 124,101.31 269,385.88
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Interest on swaps Other expenses
Note 5 Note 6 Note 4
Note 2 Note 14
Net income from investments
105,341.34 13,064.96 7,843.28 8,374.99 533.47 2,206.90 645.68 566.93 126,341.90 4,466.43 254,792.98
Net realised profit / loss on: - sales of investment securities
Note 2
Net realised profit
21,000.64 275,793.62
Movement in net unrealised appreciation / depreciation on: - swaps
Increase in net assets as a result of operations
(135.91) 275,657.71
Subscription capitalisation units Redemption capitalisation units
127,805,731.02 (101,008,104.63)
Increase in net assets
27,073,284.10
Net assets at the beginning of the period
121,035,485.41
Net assets at the end of the period
148,108,769.51
The accompanying notes form an integral part of these financial statements
Page 187
Polaris Fund - GEO Liquidity Fund II
Page 188
Polaris Fund - GEO Liquidity Fund II
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
103,075,053.45
Securities portfolio at market value Cost price
Note 2
102,433,513.54 102,433,513.54
Cash at banks and liquidities Interest receivable
557,637.14 83,902.77
Liabilities
18,271.25
Accrued custodian & administration fees Taxe d'abonnement payable Accrued management and advisory fees Accrued professional fees
Note 6 Note 4 Note 5
3,421.96 2,547.80 10,880.48 1,421.01
Net asset value
103,056,782.20
Changes in number of units outstanding from 01/01/12 to 30/06/12 Units outstanding as at 01/01/12
Capitalisation units
7,024.873
Units issued
7,954.280
Units redeemed
Units outstanding as at 30/06/12
4,786.781
10,192.372
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
103,056,782.20
70,913,482.25
0.00
10,192.372 10,111.17
7,024.873 10,094.63
0.000 0.00
The accompanying notes form an integral part of these financial statements
Page 189
Polaris Fund - GEO Liquidity Fund II Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
61,958,188.47
60.13
50,458,188.47
48.97
EUR
4,996,935.00 4,996,935.00
4.85 4.85
EUR EUR
4,996,805.41 1,998,927.24 2,997,878.17
4.85 1.94 2.91
EUR EUR EUR EUR EUR EUR
17,993,103.17 2,999,894.45 2,996,095.09 4,999,726.68 2,999,813.25 999,412.57 2,998,161.13
17.47 2.91 2.91 4.86 2.91 0.97 2.91
EUR EUR
9,980,446.31 4,985,049.01 4,995,397.30
9.68 4.84 4.84
EUR EUR
7,994,589.30 2,998,355.90 4,996,233.40
7.76 2.91 4.85
EUR EUR
4,496,309.28 2,497,075.65 1,999,233.63
4.36 2.42 1.94
11,500,000.00
11.16
11,500,000.00 4,000,000.00 2,500,000.00 5,000,000.00
11.16 3.88 2.43 4.85
40,475,325.07
39.27
40,475,325.07
39.27
EUR
5,492,318.38 5,492,318.38
5.33 5.33
EUR EUR EUR
8,992,142.01 2,000,000.00 1,996,769.67 4,995,372.34
8.73 1.94 1.94 4.85
EUR EUR
9,995,588.75 4,996,477.48 4,999,111.27
9.69 4.85 4.84
EUR EUR
8,996,553.38 1,997,447.71 6,999,105.67
8.73 1.94 6.79
EUR EUR
6,998,722.55 2,000,000.00 4,998,722.55
6.79 1.94 4.85
102,433,513.54
99.40
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Austria
5,000,000 OESTRREICHISCHE KONTROL
Finland
2,000,000 POHJOLA BANK 3,000,000 POHJOLA BANK ECP 3,000,000 3,000,000 5,000,000 3,000,000 1,000,000 3,000,000
France
BNP PARIBAS BNP PARIBAS FRANCE BTF FRANCE BTF HSBC HSBC FRANCE
-12 31/08U
-12 31/08U -12 19/07U
-12 04/07U -12 07/09U -12 02/08U -12 12/07U -12 14/08U -12 23/08U
Germany
5,000,000 ALLIANZ SE -12 16/10U 5,000,000 DEUTSCHE BOERSE AG -12 31/08U
Sweden
3,000,000 NORDEA BANK -12 03/09U 5,000,000 SVENSKA HANDELSBANK -12 16/08U
The Netherlands
2,500,000 RABOBANK NED CDNP 2,000,000 RABOBANK NED CDNP
-12 20/08U -12 25/09U
Floating rate bonds France
4,000,000 BFCM (OIS+0.25) FL.R 12-12 05/07U 2,500,000 BPCE (OIS+0.31) FL.R -12 05/07U 5,000,000 CRCAM NE (OIS+0.29) FL.R 12-12 05/07U
EUR EUR EUR
Money market instruments Bonds Belgium
5,500,000 FORTIS BANK
-12 17/09U
France
2,000,000 BNP PAR (OIS+0.42) 1.02 -12 11/07U 2,000,000 BPCE -12 26/07U 5,000,000 CADES -12 05/09U
Germany
5,000,000 DEUTSCHE BANK AG -12 17/09U 5,000,000 DZ BANK -12 09/07U
Luxembourg
2,000,000 BGL BNP PARIBAS 7,000,000 EUROPEAN INVT BANK
-12 07/09U -12 09/08U
United Kingdom
2,000,000 BARCLAYS BK (OIS+0.45)1.359 -12 03/07U 5,000,000 HSBC BANK -12 14/09U
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 190
Polaris Fund - GEO Liquidity Fund II Statement of Operations and Changes in Net Assets from 01/01/12 to 30/06/12 Expressed in EUR
Income
220,600.61
Net interest on bonds Bank interest on cash account Other financial income
Note 2 Note 2 Note 2
Expenses
219,754.50 821.11 25.00 84,987.87
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Other expenses
Note 5 Note 6 Note 4
Note 14
Net income from investments
61,017.50 7,558.59 5,559.88 4,845.26 355.85 1,090.07 759.29 3,801.43 135,612.74
Net realised profit / loss on: - sales of investment securities
Note 2
6,720.32
Net realised profit
142,333.06
Increase in net assets as a result of operations
142,333.06
Subscription capitalisation units Redemption capitalisation units
80,372,112.75 (48,371,145.86)
Increase in net assets
32,143,299.95
Net assets at the beginning of the period
70,913,482.25
Net assets at the end of the period
103,056,782.20
The accompanying notes form an integral part of these financial statements
Page 191
Polaris Fund - Global Bond Total Return V
Page 192
Polaris Fund - Global Bond Total Return V
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
95,260,743.96
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
56,571,099.71 55,671,627.78 899,471.93
Options purchased at market value Options purchased at cost
34,900.00 12,600.00
Cash at banks and liquidities Reverse repurchase agreements Interest receivable Net unrealised appreciation on forward foreign exchange contracts Net unrealised appreciation on financial futures
12,092,841.25 25,878,342.92 212,646.98 106,314.36 364,598.74
Liabilities
88,022.98
Accrued custodian & administration fees Taxe d'abonnement payable Performance fees payable Accrued management and advisory fees Accrued professional fees
3,023.44 2,354.41 62,843.31 15,838.92 3,962.90
Net asset value
95,172,720.98
Changes in number of units outstanding from 27/01/12 to 30/06/12 Units outstanding as at 27/01/12
Capitalisation units
0.000
Units issued
10,625.355
Units redeemed
Units outstanding as at 30/06/12
1,166.761
9,458.594
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
95,172,720.98
0.00
0.00
9,458.594 10,062.04
0.000 0.00
0.000 0.00
The accompanying notes form an integral part of these financial statements
Page 193
Polaris Fund - Global Bond Total Return V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
53,548,341.77
56.26
31,559,792.76
33.16
AUD CHF USD USD
5,106,393.36 1,083,822.61 2,102,443.49 949,864.07 970,263.19
5.37 1.14 2.21 1.00 1.02
EUR EUR EUR
11,784,569.36 4,860,019.36 4,945,750.00 1,978,800.00
12.38 5.11 5.19 2.08
MXN
936,879.88 936,879.88
0.98 0.98
EUR EUR
10,999,183.38 5,999,683.38 4,999,500.00
11.56 6.31 5.25
GBP EUR
2,732,766.78 634,266.78 2,098,500.00
2.87 0.67 2.20
1,570,320.24
1.65
1,570,320.24 1,570,320.24
1.65 1.65
20,418,228.77
21.45
EUR
525,582.78 525,582.78
0.55 0.55
EUR
291,213.25 291,213.25
0.31 0.31
EUR
823,877.97 823,877.97
0.87 0.87
GBP EUR
3,544,064.64 2,924,741.72 619,322.92
3.72 3.07 0.65
EUR EUR EUR EUR EUR EUR EUR EUR EUR
5,738,630.06 197,046.31 580,315.80 579,684.69 800,805.29 632,312.59 978,890.88 865,000.75 991,542.94 113,030.81
6.03 0.21 0.61 0.61 0.84 0.66 1.03 0.91 1.04 0.12
EUR
574,489.08 574,489.08
0.60 0.60
EUR EUR EUR EUR EUR EUR EUR
3,511,466.12 203,717.38 790,561.04 649,633.29 281,184.02 376,192.49 1,138,803.86 71,374.04
3.69 0.21 0.83 0.68 0.30 0.40 1.20 0.07
USD GBP EUR USD EUR EUR EUR USD USD USD
5,408,904.87 197,788.22 619,484.46 388,677.51 814,958.15 603,440.79 100,929.00 386,617.74 794,082.21 454,222.11 1,048,704.68
5.68 0.21 0.65 0.41 0.86 0.63 0.11 0.41 0.83 0.48 1.09
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
1,337,000 2,500,000 1,250,000 1,250,000
France
CIE DE FIN.FONCIER 5.50 05-15 22/09S DEXIA MUN AGENCY 2.375 06-16 09/02A SOCIETE GENERAL REGS FL.R 11-14 11/04Q SOCIETE GEN.REG-S 2.20 10-13 14/09S
Italy
5,000,000 ITALY BOT (12 MESI) 12-13 12/04U 5,000,000 ITALY BOT (365 GIORNI) 11-12 14/12U 2,000,000 MONTE PASCHI SIENA 2.50 10-13 23/09A
Mexico
13,000,000 MEXICAN BONOS
8.50 09-29 31/05S
The Netherlands
6,000,000 NEDERLAND T-BILLS 5,000,000 NETHERLANDS T-BILL
-12 31/07U -12 27/12U
United Kingdom
500,000 CHESTER ASSET 3 A 4.65 03-15 15/09A 2,000,000 NORTHERN ROCK PLC 3.625 05-15 20/04A
Floating rate bonds France
2,000,000 SOCIETE GENERALE EMTN FL.R 09-14 19/03Q
USD
Mortgage and asset backed securities Australia
532,618 CRUSADE 2004-1E -A1- FL.R 04-37 16/06Q
France
292,631 AUTO ABS -2007-1-A- FL.R 07-19 25/02Q
Germany
820,179 SCGA 2011-2 A REGS FL.R 11-15 13/12M
Ireland
2,455,217 DECO 2011-CSPK A REGS FL.R 11-21 22/05Q 615,406 SCGA 2010-1 A FL.R 10-19 12/08M 200,000 600,000 649,966 887,400 639,291 1,000,000 914,800 1,094,586 115,531
Italy
CLARF 2011-1 A1 FL.R 11-60 28/11Q CLARF 2011-1 A2 FL.R 11-60 28/11Q FGOLD 1 A2 FL.R 06-25 30/07Q ITALF 2007-1 A FL.R 07-26 14/01Q SIENA MORT.S2010-7 A1 FL.R 10-70 22/11Q SIENA MORT.S2010-7 A2 FL.R 10-70 22/11Q VELA HOME SRL-2-A2- FL.R 04-28 27/07Q VELA HOME SRL-3-A- FL.R 05-40 30/07Q VELAH HOME SRL 4 A1 FL.R 06-42 25/10Q
Luxembourg
572,788 VCL 14 A
FL.R 11-16 21/07M
The Netherlands
204,148 873,286 639,780 295,228 376,571 1,144,035 71,448
ARENA 2004-II-A-EMTN FL.R 04-51 17/10Q DECO 2007-E5X A1 FL.R 07-20 27/10Q GLDR 2009-C A FL.R 09-17 20/08M HERME 12 A FL.R 06-38 18/12Q SAEC 5A FL.R 05-42 25/05Q STORM 2006-1 A2 FL.R 06-48 22/04Q STORM 2010-1 A1 FL.R 10-52 22/03Q
250,000 500,000 405,601 1,030,000 600,000 100,000 392,700 1,000,000 575,000 1,325,000
ARKLE 2011-2X 1A1 FL.R 10-60 17/05Q FOSSM 2011 -1X A6 FL.R 11-54 18/10Q GRANM 2006-2 A5 FL.R 06-54 20/12Q HMI 2010-1X A2 REGS FL.R 10-54 15/10Q HMI 2010-1X A3 FL.R 10-54 15/10Q HMI 2012-1X A4 FL.R 11-54 15/10Q LEEK 17X A2C FL.R 06-37 21/12Q PERMM 2011 2X 1A2 FL.R 11-42 15/07Q PERMM 2011-1X 1A1 FL.R 11-42 15/07Q SMI 2010-1X A1 FL.R 10-55 21/01Q
United Kingdom
The accompanying notes form an integral part of these financial statements
Page 194
Polaris Fund - Global Bond Total Return V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
3,022,757.94
3.18
3,022,757.94
3.18
GBP
1,198,862.94 1,198,862.94
1.26 1.26
USD USD
1,823,895.00 1,196,962.27 626,932.73
1.92 1.26 0.66
34,900.00
0.04
34,900.00
0.04
34,900.00 12,900.00 22,000.00
0.04 0.01 0.03
56,605,999.71
59.48
Other transferable securities Mortgage and asset backed securities Ireland
1,000,000 DECO 2012-MHLX A
FL.R 12-21 28/07Q
United Kingdom
1,500,000 ARKLE 2012-1X 2A1 FL.R 12-15 17/11Q 790,000 SMI 2011-1X 1A FL.R 11-55 21/01Q
Derivative instruments Options Germany
100 DJ EURO STOXX 50 JUL 2350 23.07.12 CALL 200 DJ EURO STOXX 50 SEP 2550 24.09.12 CALL
EUR EUR
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 195
Polaris Fund - Global Bond Total Return V Statement of Operations and Changes in Net Assets from 27/01/12 to 30/06/12 Expressed in EUR
Income
457,633.02
Net interest on bonds Bank interest on cash account Other financial income Income on reverse repurchase agreements
437,206.09 3,968.80 1,174.95 15,283.18
Expenses
177,381.43
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Performance fees Domiciliation fees Professional fees Transaction fees Other expenses
82,138.68 6,186.13 4,635.84 3,965.46 62,843.31 328.01 8,103.51 6,867.13 2,313.36
Net income from investments
280,251.59
Net realised profit / loss on: - sales of investment securities - options - forward foreign exchange contracts - financial futures - foreign exchange
95,285.06 16,828.04 (713,812.22) (630,971.19) 111,654.23
Net realised loss
(840,764.49)
Movement in net unrealised appreciation / depreciation on: - investment securities - options - forward foreign exchange contracts - financial futures
Increase in net assets as a result of operations
899,471.93 22,300.00 106,314.36 364,598.74 551,920.54
Subscription capitalisation units Redemption capitalisation units
106,298,619.35 (11,677,818.91)
Increase in net assets
95,172,720.98
Net assets at the beginning of the period
0.00
Net assets at the end of the period
95,172,720.98
The accompanying notes form an integral part of these financial statements
Page 196
Polaris Fund - GEO Global Advantage Bond Fund I
Page 197
Polaris Fund - GEO Global Advantage Bond Fund I
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
357,718,895.28
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
344,504,693.97 342,660,951.06 1,843,742.91
Options purchased at market value Options purchased at cost
94,813.31 133,526.50
Cash at banks and liquidities Interest receivable Brokers receivable Interest receivable on swaps Net unrealised appreciation on financial futures Net unrealised appreciation on swaps Receivable on spot exchange Other assets
4,158,972.75 3,073,274.68 1,672,038.00 117,511.74 21,900.00 1,555,520.99 2,517,685.18 2,484.66
Liabilities
57,229,185.65
Options sold at market value Options sold at cost
325,018.69 390,773.34
Bank overdrafts Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Interest payable on swaps Net unrealised depreciation on forward foreign exchange contracts Accrued management and advisory fees Accrued professional fees Payable on spot exchange
1,883,386.19 51,263,791.20 6,993.65 7,428.85 1,949.46 1,128,707.84 74,352.06 5,065.88 2,532,491.83
Net asset value
300,489,709.63
Changes in number of units outstanding from 27/01/12 to 30/06/12 Units outstanding as at 27/01/12
Capitalisation units
0.000
Units issued
Units redeemed
Units outstanding as at 30/06/12
66.884
29,108.023
29,174.907
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
300,489,709.63
0.00
0.00
29,108.023 10,323.26
0.000 0.00
0.000 0.00
The accompanying notes form an integral part of these financial statements
Page 198
Polaris Fund - GEO Global Advantage Bond Fund I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Market value
% of net assets
344,504,693.97
114.65
264,215,640.61
87.93
AUD EUR EUR EUR EUR
8,260,602.66 3,286,512.66 940,347.00 1,043,620.00 1,044,580.00 1,945,543.00
2.75 1.09 0.31 0.35 0.35 0.65
3.125 05-15 06/10A
EUR
1,067,790.00 1,067,790.00
0.36 0.36
-13 17/01U
EUR
3,195,273.68 3,195,273.68
1.06 1.06
USD
1,514,635.35 1,514,635.35
0.50 0.50
USD USD USD
3,921,235.57 1,489,936.56 1,478,887.36 952,411.65
1.30 0.49 0.49 0.32
USD USD
1,639,383.00 491,299.79 1,148,083.21
0.55 0.16 0.39
CAD CAD
4,594,397.69 2,559,653.72 2,034,743.97
1.53 0.85 0.68
USD EUR USD USD
3,514,089.46 487,413.42 987,750.00 961,673.29 1,077,252.75
1.17 0.16 0.33 0.32 0.36
EUR
1,032,710.00 1,032,710.00
0.34 0.34
DKK DKK DKK EUR
21,962,880.39 7,813,288.32 7,825,921.70 6,102,860.37 220,810.00
7.31 2.60 2.61 2.03 0.07
EUR
3,535,388.00 3,535,388.00
1.18 1.18
EUR EUR EUR EUR EUR EUR EUR USD
12,681,622.91 406,028.00 394,840.00 406,192.00 8,666,272.19 404,280.00 1,157,541.00 936,675.00 309,794.72
4.22 0.14 0.13 0.14 2.88 0.13 0.39 0.31 0.10
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
37,963,917.93 454,122.58 960,759.00 102,320.00 1,359,995.00 3,001,920.00 3,221,888.00 1,472,464.00 202,810.00 306,354.00 2,668,625.00 1,462,609.45 1,928,025.00 3,206,944.00 2,008,301.20 2,984,697.75 4,185,840.00 404,180.00
12.64 0.15 0.32 0.03 0.45 1.00 1.07 0.49 0.07 0.10 0.89 0.49 0.64 1.07 0.67 0.99 1.40 0.13
Denomination
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
3,300,000 900,000 1,000,000 1,000,000 1,900,000
Australia
AUSTRALIAN GOVT S 128 5.75 10-22 15/07S COMMONW BK AUSTRALIA 2.625 12-17 12/01A NATIONAL AUSTRALIA BK 2.625 12-17 13/01S TELSTRA CORP 3.50 12-22 21/09A WESTPAC BANKING 2.125 12-16 16/02A
Austria
1,000,000 ASFINAG EMTN
Belgium
3,200,000 BELGIUM T-BILL
Bermuda
1,800,000 QTEL INTL FIN
4.75 10-21 16/02S
Brazil
1,900,000 BANCO BRAZIL REGS 4.375 12-19 03/05S 1,900,000 BANCO SANTANDER BRASI 4.625 12-17 13/02S 1,100,000 ELECTROBRAS 5.75 11-21 27/10S
British Virgin Islands
600,000 GERDAU TRADE REGS 5.75 10-21 30/01S 1,300,000 GTL TRADE FIN 144A 7.25 07-17 20/10S
Canada
3,200,000 CANADA HOUSING 2,500,000 QUEBEC (PROV.OF) 600,000 900,000 1,156,400 1,240,000
2.65 11-22 15/03S 3.50 11-22 01/12S
Cayman Islands
BRASKEM SA REGS 5.75 11-21 15/04S IPIC GMTN EMTN 5.875 11-21 14/03A ODEBRECHT FIN. 144A 6.35 10-21 30/06S PETROBRAS INTL FIN 5.75 09-20 20/01S
Curacao
1,000,000 TEVA PHARMA FINANCE 2.875 12-19 15/04A 57,600,000 57,700,000 45,000,000 200,000
Denmark
NYKREDIT REALKREDIT 2.00 11-13 01/01A REALKREDIT DANMARK 2.00 09-13 01/01A REALKREDIT DANMARK 2.00 11-13 01/01A TDC AS 4.375 11-18 23/02A
Finland
3,400,000 NORDEA BANK FINLAND 2.375 12-17 17/07A
France
400,000 400,000 400,000 8,670,000 400,000 1,100,000 900,000 350,000
BANQUE PSA FINANCE 4.00 10-13 19/07A BANQUE PSA FINANCE 4.00 11-15 24/06A FRANCE BTAN 1.75 12-17 25/02A FRANCE BTF -12 29/11U RCI 3.25 11-14 17/01A RCI BANQUE EMTN 5.625 12-15 13/03A SFEF 3.00 09-14 07/04A VIVENDI -144A6.625 08-18 04/04S
454,000 900,000 100,000 1,300,000 3,000,000 3,200,000 1,400,000 200,000 300,000 2,500,000 1,457,000 1,900,000 3,200,000 2,008,000 2,955,000 4,000,000 400,000
BRD 5.00 02-12 04/07A BUNDESLAENDER BRD 30 4.25 08-14 02/05A DEPFA PFANDBRIEF 4.00 08-13 15/03A DEUTSCHE PFANDBRIEFBK 2.625 11-12 06/10A EAA 1.125 12-15 30/09U EAA 1.25 12-15 06/03A EUROHYPO 2.875 11-16 19/01A EUROHYPO SA LUX-2241- 4.25 07-12 20/11A EUROHYPO -22124.50 03-13 21/01A FMS WERTMANAGEMENT 2.75 11-16 03/06A IKB DEUT.IND 2.125 09-12 10/09A KFW 1.875 11-13 16/05A KRED.ANST.WIEDERAUFB. 0.625 12-15 29/05A KREDIT FUER WIE.INTL 5.25 02-12 04/07A KWF 1.25 10-13 17/06A LAND NIEDERSACHSEN 3.25 09-14 07/04A LBK BAD.WUERT -12- 4.50 07-12 05/10A
Germany
The accompanying notes form an integral part of these financial statements
Page 199
Polaris Fund - GEO Global Advantage Bond Fund I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination
700,000 1,200,000 2,960,000 3,000,000
MTU AERO ENG. 3.00 12-17 21/06A NORDRHEIN WEST 756 4.00 06-14 14/11A NORTH RHINE W 724 3.50 06-13 15/03A NRW BANK 2.375 09-12 30/07A
Guernsey
2,500,000 CRED.SUISSE GUERNSEY 2.875 11-18 18/10A 5,250,000 300,000 650,000 400,000 300,000 300,000
Ireland
DEPFA ACS 3.875 03-13 15/07A DEPFA ACS 4.875 05-15 28/10S DEPFA ACS BANK REGS 4.375 04-15 15/01A LEASEPLAN FINANCE NV 3.75 10-13 18/03A NOVATEK FINANCE REG S 5.326 11-16 03/02S VEB FINANCE 5.375 12-17 13/02S
Japan
400,000,000 JAPAN T-BILL 275
Jersey Island
500,000 BAA FUNDING 1,947,000 1,300,000 700,000 100,000 1,300,000 1,500,000 1,200,000 500,000 500,000 1,400,000 1,000,000 1,100,000 1,900,000 1,700,000 145,800,000 471,200,000
-12 23/07U 4.125 10-18 12/10A
Luxembourg
BEI 4.375 07-13 15/04A EURO COMMONITY 3.25 09-14 07/11A EUROHYPO EMTN 5.125 06-16 21/01A EUROPEAN UNION 2.75 12-22 04/04A EUROP.INVEST.BK 3.125 09-14 15/04A EUROP.INVEST.BK 5.375 02-12 15/10A GAZ CAPITAL REG S 5.999 11-21 23/01S GAZ CAPITAL REG S 9.25 09-19 23/04S SBERBANK NOTE 5.40 10-17 24/03S SBERBANK NOTE 5.717 11-21 16/06S TNK-BP FINANCE REG.S 7.875 07-18 13/03S
Mexico
BBVA 4.50 11-16 10/03A BBVA BANCOMER SA TEXA 4.50 11-16 10/03S COMIS FEDER ELEC REGS 4.875 11-21 26/05S MEXICAN BONOS 6.25 11-16 16/06S MEXICAN BONOS 7.75 07-17 14/12S
New Zealand
300,000 BNZ INT FUNDING 700,000 1,300,000 400,000 500,000
2.375 12-15 07/05A
Norway
DNB BOLIGKREDITT 2.375 12-17 11/04A DNB NOR BOLIG EMTN 2.625 11-16 11/01A DNB NOR BOLIGKREDIT 3.375 10-17 20/01A DNB NOR BOLIGKREDIT 4.625 07-12 03/07A
South Africa
161,500,000 REP SOUTH AFRICA-R203-8.25 04-17 15/09S
South Korea
300,000 EXP-IMP BANK KOREA 5.125 10-20 29/06S 1,600,000 EXP-IMP.BANK KOREA 4.00 12-17 11/01S 1,700,000 EXP-IMP.BANK KOREA 5.375 06-16 04/10S
Sweden
300,000 1,900,000 1,200,000 1,800,000
SEB EMTN 4.50 08-13 25/04A SKANDINAV ENSKIL BK 4.125 11-21 07/04A SWEDBANK 3.375 10-17 22/03A SWEDBANK HYPOTEK 3.625 09-16 05/10A
1,300,000 2,100,000 800,000 300,000 100,000 1,000,000 200,000 3,500,000 1,200,000 300,000 700,000 400,000
ABN AMRO BANK NV 4.25 07-17 01/03A BK NED GEMEENTEN 3.75 08-14 14/03A DEUTSCHE TELEKOM 2.25 12-17 06/03A DEUTSCHE TELEKOM INTL 7.375 02-19 04/12A ING BANK 3.25 11-16 03/03A KPN NV 7.50 09-19 04/02A LEASEPLAN CORP 3.75 11-13 07/08A NEDERLAND 2.25 12-22 15/07A NWB EMTN 4.25 04-14 16/09A RABOBANK EMTN 6.875 10-20 19/03A RABOBANK NEDERLAND 4.125 11-21 12/01A RWE FIN REGS 11094 5.50 09-22 06/07A
The Netherlands
Quotation currency
Market value
% of net assets
EUR EUR EUR EUR
714,385.00 1,291,896.00 3,025,031.20 3,000,750.75
0.24 0.43 1.01 1.00
EUR
2,639,700.00 2,639,700.00
0.88 0.88
EUR USD EUR EUR USD USD
7,133,515.45 5,322,712.50 241,947.92 671,788.00 404,772.00 247,205.39 245,089.64
2.37 1.78 0.08 0.22 0.13 0.08 0.08
JPY
3,949,769.67 3,949,769.67
1.31 1.31
EUR
529,005.00 529,005.00
0.18 0.18
EUR EUR USD EUR EUR EUR USD USD USD USD USD
10,888,803.38 2,009,927.04 1,382,329.00 571,550.37 103,036.00 1,361,360.00 1,522,095.00 1,009,605.61 492,340.73 408,833.38 1,122,427.01 905,299.24
3.62 0.67 0.46 0.19 0.03 0.45 0.51 0.34 0.16 0.14 0.37 0.30
USD USD USD MXN MXN
44,246,602.11 879,413.87 1,505,327.60 1,453,971.87 9,018,247.05 31,389,641.72
14.73 0.29 0.50 0.48 3.00 10.46
EUR
307,248.00 307,248.00
0.10 0.10
EUR EUR EUR EUR
3,022,267.00 726,586.00 1,362,530.00 432,916.00 500,235.00
1.01 0.24 0.46 0.14 0.17
ZAR
16,713,673.35 16,713,673.35
5.56 5.56
USD USD USD
3,109,036.68 263,651.55 1,345,586.07 1,499,799.06
1.03 0.09 0.45 0.49
EUR EUR EUR EUR
5,748,349.00 309,525.00 2,176,336.00 1,299,552.00 1,962,936.00
1.91 0.10 0.73 0.43 0.65
EUR EUR USD GBP EUR EUR EUR EUR EUR EUR EUR GBP
12,770,729.38 1,451,866.00 2,209,410.00 625,504.49 466,154.99 106,705.00 1,249,190.00 203,144.00 3,548,475.00 1,292,820.00 293,802.00 752,836.00 570,821.90
4.25 0.48 0.73 0.21 0.16 0.04 0.42 0.07 1.17 0.43 0.10 0.25 0.19
The accompanying notes form an integral part of these financial statements
Page 200
Polaris Fund - GEO Global Advantage Bond Fund I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
United Arab Emirates
1,200,000 DOLPHIN ENERGY LTD 5.50 12-21 15/12S 500,000 DOLPHIN ENERGY REGS 5.50 12-21 15/12S
United Kingdom
1,200,000 600,000 2,400,000 1,300,000 1,000,000 300,000 296,593 100,000 400,000 400,000 1,000,000 800,000 300,000 400,000 1,000,000 400,000 1,600,000 100,000 300,000 1,000,000 1,500,000 300,000 700,000 700,000 2,400,000 3,700,000 1,000,000
ABBAY NATL T REGS S13 3.125 10-14 30/06A ABBEY NAT TREAS.SERV 2.875 11-13 14/06A ANZ BANKING 3.00 11-16 20/10A BANK OF SCOTLAND EMTN 3.875 06-14 15/01A BARCLAYS BK EMTN 10.00 09-21 21/05A BAT INTL FINANCE 3.625 11-21 09/11A BBC PACIFIC QUAY FIN 5.565 04-34 25/07Q BRADFORD&BINGLEY-EMTN- 4.25 06-16 04/05A CO-OPERATIVE GR REGS 6.25 11-26 08/07A EAST POWER NET 4.75 11-21 30/09A FCE BANK PLC 4.75 11-15 19/01N HBOS TREASURY 3.25 06-13 25/01A LLOYDS TSB BANK PLC 4.875 12-27 30/03A MARKS AND SPENCER 6.125 11-21 06/12A MOTABILITY OPE EMTN 3.25 12-18 30/11A NATIONAL GRID REG-S 5.875 99-24 02/02A NATIONWIDE BUILD.EMTN 3.875 06-13 05/12A NATIONWIDE REGS 398 5.625 09-19 09/09S NORTHERN ROCK PLC 3.625 06-13 28/03A NORTHERN ROCK PLC 3.625 05-15 20/04A RBS 2.75 10-13 18/06A RBS 3.00 10-15 08/09A STANDARD CHARTERED BK 7.75 08-18 03/04A UBS LONDON 2.375 10-13 21/01A UBS LONDON 3.875 09-19 02/12A UK TREASURY STOCK 4.50 07-42 07/12S WESTPAC SECURITIES 3.50 11-16 16/06A
300,000 150,000 1,300,000 600,000 1,200,000 100,000 1,100,000 1,200,000 300,000 500,000 400,000 1,300,000 200,000 1,300,000 7,300,000 800,000 800,000
AMERICAN INTL GROUP 6.765 11-17 15/11S AMERICAN INTL GRP 29 5.00 07-17 26/06A AMGEN 3.625 12-22 15/05S AMGEN 4.375 11-18 05/12A BA COVERED BOND 4.25 07-17 05/04A CALIFORNIA STATE 7.60 10-40 01/11S COMCAST CABLE COM. 6.50 06-17 15/01S DISCOVERY COMM. 5.05 10+20 01/06S HSBC FINANCE 6.676 11-21 15/01S JP MORGAN CHASE 4.25 10-20 15/10S MERRILL LYNCH REG-S 7.75 08-18 30/04A MORGAN STANLEY 6.625 08-18 01/04S NATIONAL GRID 3.25 11-15 03/06A SABMILLER HLDGS 3.75 12-22 15/01S UNITED STATES -B2022- 2.00 12-22 15/02S WM COVERD BD EMTN 4.375 07-14 19/05A WM COVERED BOND PROGR.4.00 06-16 27/09A
United States of America
Market value
% of net assets
USD USD
1,491,779.68 1,053,045.98 438,733.70
0.50 0.35 0.15
EUR EUR EUR EUR GBP EUR GBP EUR GBP GBP EUR EUR GBP GBP EUR GBP EUR GBP EUR EUR EUR EUR GBP EUR EUR GBP EUR
29,746,872.87 1,239,708.00 609,678.00 2,519,832.00 1,353,781.00 1,360,140.90 318,009.00 405,262.75 106,965.00 484,434.56 539,295.51 1,057,330.00 811,784.00 392,647.38 540,417.75 1,049,140.00 600,093.93 1,667,328.00 136,256.33 305,565.00 1,049,250.00 1,526,940.00 313,848.00 993,825.24 706,965.00 2,694,072.00 5,896,723.52 1,067,580.00
9.90 0.41 0.20 0.84 0.45 0.45 0.11 0.13 0.04 0.16 0.18 0.35 0.27 0.13 0.18 0.35 0.20 0.55 0.05 0.10 0.35 0.51 0.10 0.33 0.24 0.90 1.96 0.36
GBP EUR USD EUR EUR USD USD USD USD USD GBP USD EUR USD USD EUR EUR
17,034,362.40 402,906.94 154,291.50 1,060,139.47 672,630.00 1,275,156.00 102,542.84 1,033,462.15 1,074,824.44 257,383.80 411,808.05 554,883.20 1,074,859.94 210,516.00 1,091,526.74 5,952,767.33 841,200.00 863,464.00
5.67 0.13 0.05 0.35 0.22 0.43 0.03 0.34 0.36 0.09 0.14 0.18 0.36 0.07 0.36 1.99 0.28 0.29
20,103,892.27
6.69
EUR EUR EUR EUR EUR EUR
12,717,616.20 1,802,772.00 3,222,880.00 2,499,825.00 1,601,787.20 1,801,638.00 1,788,714.00
4.23 0.60 1.07 0.83 0.53 0.60 0.60
EUR
1,397,396.00 1,397,396.00
0.47 0.47
USD
953,348.51 953,348.51
0.32 0.32
GBP GBP EUR
1,598,402.07 152,277.84 357,979.23 1,088,145.00
0.53 0.05 0.12 0.36
USD
3,437,129.49 611,608.49
1.14 0.20
Floating rate bonds 1,800,000 3,200,000 2,500,000 1,600,000 1,800,000 1,800,000
Germany
FMS WERTMANAGEMENT FL.R 11-14 20/01Q LAND BERLIN -287- FL.R 09-14 28/10S LAND HESSEN FL.R 12-12 17/09S LAND NORDRHEIN WEST FL.R 10-15 12/08Q LOWER SAXONY 110 FL.R 11-16 07/04Q NRW BANK FL.R 11-16 28/09Q
Guernsey
1,400,000 HSH N FINANCE EMTN FL.R 03-15 21/12Q
The Netherlands
1,426,000 ABN AMRO BANK SUB. FL.R 05-15 09/03Q
United Kingdom
100,000 BRITISH TELECOM PLC FL.R 01-16 07/12A 300,000 HSBC BANK REG S EMTN FL.R 03-23 20/03A 900,000 IMPERIAL TOBACCO FIN FL.R 09-16 17/02A
United States of America
900,000 CITIGROUP INC
FL.R 06-16 09/06A
The accompanying notes form an integral part of these financial statements
Page 201
Polaris Fund - GEO Global Advantage Bond Fund I Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Denomination
2,000,000 GOLDMAN SACHS GRP FL.R 07-17 30/01Q 300,000 MERRILL LYNCH EMTN FL.R 04-14 22/07Q 800,000 MERRILL LYNCH EMTN FL.R 07-14 30/05Q
Quotation currency
Market value
% of net assets
EUR EUR EUR
1,776,660.00 285,717.00 763,144.00
0.59 0.10 0.25
60,185,161.09
20.03
EUR EUR
1,584,080.01 513,038.64 1,071,041.37
0.53 0.17 0.36
EUR EUR
1,237,118.85 861,733.62 375,385.23
0.41 0.29 0.12
EUR EUR EUR
712,479.07 37,338.48 474,336.59 200,804.00
0.24 0.01 0.16 0.07
GBP EUR EUR EUR GBP GBP
6,546,409.48 1,345,062.04 502,118.68 837,072.10 2,404,882.69 199,077.32 1,258,196.65
2.18 0.45 0.17 0.28 0.79 0.07 0.42
USD
50,105,073.68 50,105,073.68
16.67 16.67
(230,205.38)
(0.08)
(230,205.38)
(0.08)
(230,205.38) 8,632.86 6,774.30 13,321.82 15,261.95 (221,246.88) (58,698.84) (45,072.97) 50,822.38
(0.08) 0.00 0.00 0.00 0.01 (0.08) (0.02) (0.01) 0.02
344,274,488.59
114.57
Mortgage and asset backed securities Germany
510,916 DRVON 8 A FL.R 11-16 21/12M 1,066,233 SCGA 2011-2 A REGS FL.R 11-15 13/12M
Luxembourg
859,182 VCL 14 A FL.R 11-16 21/07M 394,176 WINDM IX-X A1 FL.R 06-16 22/08Q
The Netherlands
38,865 ATOMIUM MTGE-2003-I-A FL.R 03-34 01/07M 523,972 DECO 2007-E5X A1 FL.R 07-20 27/10Q 200,000 STORM 2012-2 A1 FL.R 12-54 22/04Q 1,270,002 500,000 860,559 2,505,153 181,453 1,334,054
United Kingdom
ECLIP 2007-1X A FL.R 07-20 25/01Q FOSSM 2011 -1X A4 FL.R 11-54 18/10Q GRAN 2003-2 2A FL.R 03-43 20/07Q GRANM 2005-2 -A5- FL.R 05-XX 20/12Q MALL FUNDING SER.1-A- FL.R 05-14 22/04Q RMAC 2007-NS1X- A2A FL.R 07-44 12/06Q
United States of America
59,400,000 GNSF
3.50 12-32 01/06M
Derivative instruments Options 2,300,000 3,200,000 3,200,000 3,100,000 (15,500,000) (15,500,000) (1,800,000) 800,000
Luxembourg
AUD(P)/USD(C)OTC AUG 0.971 23.08.12 PUT EUR(P)/DKK(C)OTC JUN 7.235 26.06.13 PUT EUR(P)/PLN(C)OTC JNC 6.925 26.06.13 PUT EUR(P)/SEK(C)OTC JUN 8.105 26.06.13 PUT SWAPTION IRO USD MAR 1.40 18.03.13 CALL SWAPTION IRO USD MAR 1.40 18.03.13 PUT SWAPTION IRO 10Y MAR 3 17.03.14 PUT SWAPTION IRO 30Y MAR 3 17.03.14 PUT
AUD EUR EUR EUR USD USD EUR EUR
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 202
Polaris Fund - GEO Global Advantage Bond Fund I Statement of Operations and Changes in Net Assets from 27/01/12 to 30/06/12 Expressed in EUR
Income
2,280,337.98
Net interest on bonds Bank interest on cash account Other financial income Income on reverse repurchase agreements Interest on swaps
2,000,437.22 7,642.11 528.68 12.00 271,717.97
Expenses
339,191.82
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Interest on swaps Other expenses
190,156.60 9,333.90 9,815.85 5,983.28 333.58 9,208.78 1,510.23 12,236.98 97,410.96 3,201.66
Net income from investments
1,941,146.16
Net realised profit / loss on: - sales of investment securities - options - forward foreign exchange contracts - financial futures - swaps - foreign exchange
895,172.61 72,641.45 (556,846.54) (147,567.56) (780,466.66) 720,962.58
Net realised profit
2,145,042.04
Movement in net unrealised appreciation / depreciation on: - investment securities - options - forward foreign exchange contracts - financial futures - swaps
Increase in net assets as a result of operations
1,843,742.91 27,041.46 (1,128,707.84) 21,900.00 1,555,520.99 4,464,539.56
Subscription capitalisation units Redemption capitalisation units
296,706,113.22 (680,943.15)
Increase in net assets
300,489,709.63
Net assets at the beginning of the period
0.00
Net assets at the end of the period
300,489,709.63
The accompanying notes form an integral part of these financial statements
Page 203
Polaris Fund - GEO Global Balanced IV Fund
Page 204
Polaris Fund - GEO Global Balanced IV Fund
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
266,727,376.83
Securities portfolio at market value Cost price Unrealised loss on the securities portfolio
43,638,570.00 43,736,670.00 (98,100.00)
Cash at banks and liquidities Time deposits Interest receivable Dividends receivable Net unrealised appreciation on financial futures
48,668,116.02 167,279,461.01 3,619,940.43 67,775.77 3,453,513.60
Liabilities
6,471,164.35
Bank overdrafts Interest payable Accrued custodian & administration fees Taxe d'abonnement payable Interest payable on swaps Net unrealised depreciation on swaps Accrued management and advisory fees Accrued professional fees
845,198.04 3,342,578.62 5,624.81 6,434.17 32,397.00 2,174,697.03 62,767.39 1,467.29
Net asset value
260,256,212.48
Changes in number of units outstanding from 11/05/12 to 30/06/12 Units outstanding as at 11/05/12
Capitalisation units
0.000
Units issued
Units redeemed
Units outstanding as at 30/06/12
2.385
26,189.997
26,192.382
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
260,256,212.48
0.00
0.00
26,189.997 9,937.24
0.000 0.00
0.000 0.00
The accompanying notes form an integral part of these financial statements
Page 205
Polaris Fund - GEO Global Balanced IV Fund Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
43,638,570.00
16.77
43,638,570.00
16.77
EUR EUR
8,584,480.00 4,269,280.00 4,315,200.00
3.30 1.64 1.66
EUR
8,452,640.00 8,452,640.00
3.25 3.25
EUR EUR
8,462,480.00 4,251,400.00 4,211,080.00
3.25 1.63 1.62
EUR EUR
8,581,080.00 4,261,800.00 4,319,280.00
3.30 1.64 1.66
EUR EUR EUR
9,557,890.00 4,234,520.00 1,042,450.00 4,280,920.00
3.67 1.63 0.40 1.64
43,638,570.00
16.77
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Austria
4,000,000 AUSTRIA 4,000,000 AUSTRIA
3.40 09-14 20/10A 4.30 03-14 15/07A
Belgium
8,000,000 BELGIUM -54-LINEAIRE 4.00 08-14 28/03A
Finland
4,000,000 FINLAND 4,000,000 FINLAND
France
4,000,000 FRANCE OAT 4,000,000 FRANCE OAT
3.125 09-14 15/09A 5.375 02-13 04/07A 4.00 04-14 25/04U 4.00 04-14 25/10A
The Netherlands
4,000,000 NEDERLAND 2.75 09-15 15/01A 1,000,000 NEDERLAND 4.25 03-13 15/07A 4,000,000 NETHERLANDS GOVERNMENT3.75 04-14 15/07A
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 206
Polaris Fund - GEO Global Balanced IV Fund Statement of Operations and Changes in Net Assets from 11/05/12 to 30/06/12 Expressed in EUR
Income
1,450,309.67
Net dividends Net interest on bonds Bank interest on cash account Bank interest on time deposits Interest on swaps
234,344.76 165,386.81 5,981.47 23,065.60 1,021,531.03
Expenses
1,961,170.56
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Domiciliation fees Professional fees Bank interest on overdrafts Transaction fees Interest on swaps Other expenses
92,033.96 4,657.79 6,434.17 2,985.78 83.92 1,467.29 498.11 29,190.94 1,474,028.82 349,789.78
Net loss from investments
(510,860.89)
Net realised profit / loss on: - financial futures - swaps - foreign exchange
(1,005,478.57) (401,051.23) 21,219.02
Net realised loss
(1,896,171.67)
Movement in net unrealised appreciation / depreciation on: - investment securities - financial futures - swaps
Decrease in net assets as a result of operations
(98,100.00) 3,453,513.60 (2,174,697.03) (715,455.10)
Subscription capitalisation units Redemption capitalisation units
260,995,375.60 (23,708.02)
Increase in net assets
260,256,212.48
Net assets at the beginning of the period
0.00
Net assets at the end of the period
260,256,212.48
The accompanying notes form an integral part of these financial statements
Page 207
Polaris Fund - GEO Global Balanced V
Page 208
Polaris Fund - GEO Global Balanced V
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
213,450,630.25
Securities portfolio at market value Cost price Unrealised profit on the securities portfolio
206,574,073.49 205,825,682.61 748,390.88
Cash at banks and liquidities Interest receivable Brokers receivable Dividends receivable Net unrealised appreciation on forward foreign exchange contracts
4,397,862.02 1,921,682.77 348,837.09 46,475.14 161,699.74
Liabilities
780,442.42
Brokers payable Accrued custodian & administration fees Taxe d'abonnement payable Performance fees payable Accrued management and advisory fees Accrued professional fees
411,640.96 4,700.48 5,262.98 326,908.10 30,543.76 1,386.14
Net asset value
212,670,187.83
Changes in number of units outstanding from 11/05/12 to 30/06/12 Units outstanding as at 11/05/12
Capitalisation units
0.000
Units issued
Units redeemed
Units outstanding as at 30/06/12
0.000
21,161.742
21,161.742
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
212,670,187.83
0.00
0.00
21,161.742 10,049.75
0.000 0.00
0.000 0.00
The accompanying notes form an integral part of these financial statements
Page 209
Polaris Fund - GEO Global Balanced V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
206,574,073.49
97.13
59,482,009.30
27.97
USD USD CAD USD USD
2,885,701.62 543,111.86 665,841.61 533,098.94 618,418.08 525,231.13
1.36 0.26 0.31 0.25 0.29 0.25
DKK DKK
602,621.08 237,847.29 364,773.79
0.28 0.11 0.17
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
3,550,848.23 186,136.56 298,810.98 265,722.83 129,836.72 680,110.70 373,534.20 353,832.64 244,563.20 309,048.67 309,033.45 400,218.28
1.67 0.09 0.14 0.12 0.06 0.31 0.18 0.17 0.11 0.15 0.15 0.19
EUR EUR EUR EUR EUR EUR EUR
1,557,378.26 200,376.62 202,831.42 218,297.00 272,048.92 193,909.15 299,935.35 169,979.80
0.73 0.09 0.10 0.10 0.13 0.09 0.14 0.08
HKD
495,045.10 495,045.10
0.23 0.23
USD
481,733.97 481,733.97
0.23 0.23
EUR EUR EUR EUR EUR
1,857,569.81 451,333.74 388,320.38 531,377.57 171,368.78 315,169.34
0.87 0.21 0.18 0.25 0.08 0.15
JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY JPY
6,420,510.87 272,824.10 84,220.88 133,560.41 129,972.53 187,146.54 298,190.11 263,341.35 239,105.13 578,256.14 108,035.40 215,142.48 158,605.46 126,746.10 223,371.00 234,649.17 252,070.09 184,440.57 276,619.37 119,299.75 109,621.46 169,588.34 181,814.59 294,323.73 236,782.34
3.02 0.13 0.04 0.06 0.06 0.09 0.14 0.12 0.11 0.26 0.05 0.10 0.07 0.06 0.11 0.11 0.12 0.09 0.13 0.06 0.05 0.08 0.09 0.14 0.11
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Shares
17,035 22,485 82,996 17,963 24,834
Canada
AGNICO EAGLE MINES GOLDCORP KINROSS GOLD CORP POTASH CORP OF SASKATCHEWAN INC SILVER WHEATON
Denmark
46 A.P. MOELLER-MAERSK -B- A/S 5,880 CARLSBERG AS -B-
France
7,542 11,986 25,489 12,389 22,420 21,284 3,836 6,784 16,787 3,771 27,356
ACCOR SA ALSTOM SA AXA SA AXA SA BNP PARIBAS SA EDF SA L'OREAL SA PUBLICIS GROUPE SOCIETE GENERALE SA TECHNIP-COFLEXIP VIVENDI SA
3,529 3,091 12,841 6,214 8,429 9,322 2,570
BAYER AG REG SHS CONTINENTAL AG E.ON AG REG SHS HENKEL KGAA METRO AG RWE AG SIEMENS AG REG SHS
Germany
Hong Kong
57,500 CHINA MOBILE LTD
Ireland
11,427 COVIDIEN PLC 42,339 97,863 475,293 14,597 495,160 10,500 16,000 12,000 6,300 50,000 62,000 9,700 29,100 24,800 8,300 11,600 22,000 2,300 43,000 36,000 18,000 58,000 74,100 2,000 1,200 2,330 56,300 9,100 14,800
Italy
ASSICURAZIONI GENERALI SPA FIAT SPA INTESA SANPAOLO SPA PRYSMIAN SPA TELECOM ITALIA SPA RISP NON CONV
Japan
AISIN SEIKI CO LTD ASAHI GLASS CO LTD DAIWA HOUSE INDUSTRY CO LTD ELECTRIC POWER DEVELOPMENT CO FUJITSU LTD HITACHI LTD HONDA MOTOR CO LTD ITOCHU CORP JAPAN TOBACCO JFE HOLDINGS INC KOMATSU LTD KUBOTA CORP LAWSON INC MARUBENI CORP MITSUBISHI ELECTRIC CORP MITSUBISHI ESTATE MITSUBISHI HEAVY INDUSTRIES LTD MITSUBISHI UFJ FINANCIAL GROUP INC NIDEC CORP (6594.T) NINTENDO CO LTD ORIX CORP RESONA HOLDINGS INC SANTEN PHARMACEUTICAL CO LTD SEGA SAMMY HOLDINGS INC
The accompanying notes form an integral part of these financial statements
Page 210
Polaris Fund - GEO Global Balanced V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination 22,000 2,600 10,800 4,800 44,000 4,400 37,000 66,000 8,000
SEKISUI HOUSE LTD SHIN-ETSU CHEM. CO LTD SUMITOMO CORP SUMITOMO MITSUI FINANCIAL GROUP INC SUMITOMO MITSUI TRUST - SHS TOKYO ELECTRON LTD TOKYO TATEMONO CO TOSHIBA CORP WEST JAPAN RAILWAY COMPANY
Norway
11,041 YARA INTERNATIONAL ASA
Portugal
43,263 GALP ENERGIA SA REG SHS -B-
Spain
93,424 BANCO BILBAO VIZCAYA ARGENT. SA REG SHS 68,522 REPSOL 935 976 1,125 28,513 9,215 3,345 35,383 29,525
Switzerland
FLUGHAFEN ZUERICH NAMEN-AKT FORBO HOLDING NOM. GALENICA AG NAMEN AKT GAM HOLDING AG NOVARTIS AG REG SHS ROCHE HOLDING AG GENUSSSCHEIN TEMENOS GROUP AG NAM.AKT UBS SA REG SHS
The Netherlands
6,398 AKZO NOBEL NV 19,879 KONINKLIJKE PHILIPS ELECTRONICS NV 24,271 15,910 39,815 43,231 30,727 24,041 24,423 1,340,987 33,248 50,941 122,008 20,158 43,711 37,733 5,761 11,483 9,945 30,734 10,811 14,477 3,269 64,205 6,262 15,626 46,421 7,599 33,348 44,600 9,179 1,431 20,933 26,583 87,203 8,565 21,934 47,212 11,390 32,071
United Kingdom
ANGLO AMERICAN PLC ASSOCIATED BRITISH FOODS PLC BG GROUP PLC BHP BILLITON PLC FRESNILLO PLC GLAXOSMITHKLINE PLC IMPERIAL TOBACCO GROUP PLC LLOYDS BANKING GROUP PLC PRUDENTIAL PLC SMITHS GROUP -SHSSOCO INTL STANDARD CHARTERED PLC XSTRATA PLC
United States of America
ACTIVISION BLIZZARD AMAZON.COM INC AMEREN CORPORATION AMERICAN ELECTRIC POWER CO INC ANADARKO PETROLEUM CORP ANALOG DEVICES INC APACHE CORP APPLE INC APPLIED MATERIALS INC CATERPILLAR INC CENTURYLINK SHS CITIGROUP CITRIX SYSTEMS COMCAST CORP CVS CAREMARK CORP EXPRESS SCRIPTS GOOGLE INC HEWLETT-PACKARD CO JPMORGAN CHASE CO KEYCORP LORILLARD MERCK AND CO MICROSOFT CORP MOSAIC MYLAN INC
Market value
% of net assets
JPY JPY JPY JPY JPY JPY JPY JPY JPY
162,516.28 111,952.15 118,177.85 123,818.92 102,550.38 160,560.87 108,525.24 195,540.97 259,141.17
0.08 0.05 0.06 0.06 0.05 0.08 0.05 0.09 0.12
NOK
378,776.05 378,776.05
0.18 0.18
EUR
432,630.00 432,630.00
0.20 0.20
EUR EUR
1,392,001.78 525,883.70 866,118.08
0.65 0.25 0.40
CHF CHF CHF CHF CHF CHF CHF CHF
3,107,610.50 259,214.09 439,592.06 564,302.96 250,436.79 405,838.99 455,598.38 461,011.49 271,615.74
1.46 0.12 0.21 0.26 0.12 0.19 0.21 0.22 0.13
EUR EUR
546,497.95 236,981.92 309,516.03
0.26 0.11 0.15
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
6,878,119.23 626,498.38 252,090.22 639,716.97 964,963.37 553,321.46 429,950.90 741,051.35 515,445.51 303,263.18 639,044.80 436,399.89 344,935.74 431,437.46
3.23 0.29 0.12 0.30 0.46 0.26 0.20 0.35 0.24 0.14 0.30 0.21 0.16 0.20
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
28,894,964.85 356,501.85 1,036,621.37 303,486.72 312,679.17 1,603,239.27 320,909.63 1,002,626.79 1,504,350.50 579,795.36 418,979.88 486,246.20 1,002,639.46 502,628.00 840,105.24 1,642,297.78 403,816.69 654,095.72 331,714.77 748,442.21 531,855.50 890,549.43 721,598.44 1,138,028.51 491,482.92 540,055.37
13.60 0.17 0.49 0.14 0.15 0.75 0.15 0.47 0.71 0.27 0.20 0.23 0.47 0.24 0.40 0.77 0.19 0.31 0.16 0.35 0.25 0.42 0.34 0.54 0.23 0.25
The accompanying notes form an integral part of these financial statements
Page 211
Polaris Fund - GEO Global Balanced V Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Market value
% of net assets
USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
961,072.77 911,278.99 467,394.51 641,509.33 431,277.05 843,927.91 201,417.75 369,530.92 778,719.92 502,231.98 812,156.35 313,519.03 385,564.00 693,495.92 562,103.61 1,206,612.06 448,405.97
0.45 0.43 0.22 0.30 0.20 0.40 0.09 0.17 0.37 0.24 0.38 0.15 0.18 0.33 0.26 0.57 0.21
126,187,217.00
59.33
EUR
15,685,200.00 15,685,200.00
7.38 7.38
EUR EUR EUR
32,977,391.00 13,039,616.00 9,794,975.00 10,142,800.00
15.51 6.13 4.61 4.77
4.50 03-13 04/01A
EUR
9,203,850.00 9,203,850.00
4.33 4.33
2.00 09-12 15/12S 0.00 11-13 30/04U 0.00 11-12 31/12U 0.00 11-13 30/09U 0.00 12-14 31/01U
EUR EUR EUR EUR EUR
53,164,670.00 12,467,250.00 12,691,900.00 9,874,000.00 9,608,700.00 8,522,820.00
24.99 5.86 5.96 4.64 4.52 4.01
2.75 05-12 07/09A
EUR
899,370.00 899,370.00
0.42 0.42
EUR EUR
14,256,736.00 9,514,060.00 4,742,676.00
6.70 4.47 2.23
20,866,886.00
9.81
EUR
17,968,500.00 17,968,500.00
8.45 8.45
EUR EUR
2,301,134.00 802,544.00 1,498,590.00
1.08 0.38 0.70
EUR
597,252.00 597,252.00
0.28 0.28
37,961.19
0.02
37,961.19 37,961.19
0.02 0.02
206,574,073.49
97.13
Denomination 14,220 38,938 25,789 13,322 18,262 16,396 27,020 8,059 13,084 10,895 53,877 8,953 8,750 18,146 9,641 45,791 6,351
OCCIDENTAL PETROLEUM CORP ORACLE CORP PFIZER INC PNC FINANCIAL SERVICES GROUP INC QEP RESOURCES SPX CORP TAKE TWO INTERACTIVE SOFTWARE INC TARGET CORP UNITED TECHNOLOGIES CORP UNITEDHEALTH GROUP INC UNUM SHS VERIZON COMMUNICATIONS INC VERTEX PHARMACEUTICALS INC WALT DISNEY CO WATSON PHARMACEUTICALS WELLS FARGO AND CO 3M CO
Bonds Belgium
15,000,000 BELGIUM -41-LINEAIRE 4.25 03-13 28/09A
France
12,800,000 FRANCE BTAN 9,500,000 FRANCE OAT 10,000,000 FRANCE OAT
3.75 08-13 12/01A 4.00 03-13 25/04A 4.75 01-12 25/10A
Germany
9,000,000 GERMANY 12,500,000 13,000,000 10,000,000 10,000,000 9,000,000
Italy
ITALY BTP ITALY CCTZ ITALY CTZ ITALY CTZ ITALY CTZ
Spain
900,000 BANESTO
The Netherlands
9,500,000 NEDERLAND 4,700,000 NETHERLANDS
5.00 02-12 15/07A 1.75 10-13 15/01A
Floating rate bonds Italy
18,000,000 ITALY CCT
FL.R 05-12 01/11S
United Kingdom
800,000 BARCLAYS BANK PLC FL.R 09-13 28/01Q 1,500,000 CREDIT AGRICOLE 313 FL.R 10-13 12/03Q
United States of America
600,000 JPMORGAN CHASE
FL.R 06-13 26/09Q
Warrants, Rights Spain
68,522 REPSOL YPF
05.07.12 RIGHT
EUR
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 212
Polaris Fund - GEO Global Balanced V Statement of Operations and Changes in Net Assets from 11/05/12 to 30/06/12 Expressed in EUR
Income
765,584.84
Net dividends Net interest on bonds Bank interest on cash account
192,193.89 572,719.93 671.02
Expenses
441,214.83
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Performance fees Domiciliation fees Professional fees Transaction fees Other expenses
51,597.51 4,379.80 5,262.98 2,807.57 326,908.10 83.92 1,386.14 48,238.75 550.06
Net income from investments
324,370.01
Net realised profit / loss on: - sales of investment securities - forward foreign exchange contracts - foreign exchange
(294,651.18) (100,444.49) 213,402.87
Net realised profit
142,677.21
Movement in net unrealised appreciation / depreciation on: - investment securities - forward foreign exchange contracts
Increase in net assets as a result of operations
748,390.88 161,699.74 1,052,767.83
Subscription capitalisation units
211,617,420.00
Increase in net assets
212,670,187.83
Net assets at the beginning of the period
0.00
Net assets at the end of the period
212,670,187.83
The accompanying notes form an integral part of these financial statements
Page 213
Polaris Fund - GEO Liquidity Fund III
Page 214
Polaris Fund - GEO Liquidity Fund III
Financial Statements as at 30/06/12 Statement of net assets as at 30/06/12 Expressed in EUR
Assets
96,786,444.62
Securities portfolio at market value Cost price Unrealised loss on the securities portfolio
95,403,311.12 95,491,348.09 (88,036.97)
Cash at banks and liquidities Interest receivable
954,521.99 428,611.51
Liabilities
20,029.04
Accrued custodian & administration fees Taxe d'abonnement payable Performance fees payable Accrued management and advisory fees Accrued professional fees
2,351.61 2,392.32 9,222.78 4,676.18 1,386.15
Net asset value
96,766,415.58
Changes in number of units outstanding from 11/05/12 to 30/06/12 Units outstanding as at 11/05/12
Capitalisation units
0.000
Units issued
Units redeemed
Units outstanding as at 30/06/12
0.000
9,669.939
9,669.939
Key figures relating to the last 3 years Period ending as at:
Total Net Assets
EUR
Capitalisation units Number of units Net asset value per unit
30/06/12
31/12/11
31/12/10
96,766,415.58
0.00
0.00
9,669.939 10,006.93
0.000 0.00
0.000 0.00
The accompanying notes form an integral part of these financial statements
Page 215
Polaris Fund - GEO Liquidity Fund III Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
74,213,276.35
76.69
54,585,266.25
56.41
EUR EUR
2,076,340.00 1,022,870.00 1,053,470.00
2.15 1.06 1.09
EUR
726,173.00 726,173.00
0.75 0.75
EUR EUR EUR EUR EUR EUR
31,054,757.63 1,497,856.40 23,298,686.89 1,036,880.00 2,499,333.51 1,997,192.83 724,808.00
32.09 1.55 24.08 1.07 2.58 2.06 0.75
EUR EUR
2,521,010.00 1,512,630.00 1,008,380.00
2.61 1.57 1.04
EUR
1,047,180.00 1,047,180.00
1.08 1.08
EUR EUR EUR
3,517,030.56 1,499,080.56 1,003,430.00 1,014,520.00
3.63 1.54 1.04 1.05
EUR EUR EUR EUR EUR EUR EUR
7,025,681.78 1,015,470.00 2,024,840.00 522,310.00 946,346.46 1,498,044.22 499,361.10 519,310.00
7.26 1.05 2.08 0.54 0.98 1.55 0.52 0.54
EUR EUR EUR EUR
5,571,923.28 1,027,760.00 1,499,263.28 1,021,140.00 2,023,760.00
5.76 1.06 1.55 1.06 2.09
EUR
1,045,170.00 1,045,170.00
1.08 1.08
19,628,010.10
20.28
EUR
1,003,570.00 1,003,570.00
1.04 1.04
EUR EUR EUR
4,005,185.00 1,504,215.00 1,500,510.00 1,000,460.00
4.14 1.56 1.55 1.03
EUR EUR
2,502,900.00 1,502,610.00 1,000,290.00
2.59 1.56 1.03
EUR
995,140.00 995,140.00
1.03 1.03
EUR
1,504,440.00 1,504,440.00
1.55 1.55
EUR EUR EUR
4,502,534.10 1,001,590.00 1,999,294.10 1,501,650.00
4.65 1.04 2.06 1.55
EUR EUR EUR EUR
4,113,951.00 501,205.00 1,504,770.00 1,605,136.00 502,840.00
4.25 0.52 1.56 1.65 0.52
EUR
1,000,290.00 1,000,290.00
1.03 1.03
Transferable securities admitted to an official stock exchange listing and/or dealt in on another regulated market Bonds
Australia
1,000,000 NATIONAL AUSTRALIA BK 4.875 08-13 21/01A 1,000,000 ST GEORGE BANK 6.50 08-13 24/06A
Belgium
700,000 INBEV NV 1,500,000 23,300,000 1,000,000 2,500,000 2,000,000 700,000
7.375 09-13 30/01A
France
BNP PARIBAS -12 30/08U FRANCE BTF -12 05/07U FRANCE TELECOM EMTN 7.25 03-13 28/01A SCHNEIDER ELECTRIC -12 23/07U SOCIETE GENERALE -12 04/09U VEOLIA ENVIRONNEMENT 4.875 03-13 28/05A
Germany
1,500,000 BASF SE EMTN 3.75 09-12 08/10A 1,000,000 BERTELSMANN AG 4.375 06-12 26/09A
Norway
1,000,000 DNB NOR BANK ASA
5.875 08-13 20/06A
Sweden
1,500,000 SKANDINAV ENSKILDA BANK -12 27/09U 1,000,000 SVENSKA HANDELSBK 3.00 09-12 20/08A 1,000,000 SWEDBANK EMTN 3.125 10-13 04/03A
The Netherlands
1,000,000 2,000,000 500,000 914,000 1,500,000 500,000 500,000
ABN AMRO BANK ENTN 2.75 10-13 29/10A BMW FINANCE NV EMTN 4.875 07-12 18/10A DEUTSCHE TELEKOM 4.50 06-13 25/10A E.ON INTL FINANCE 5.125 08-13 07/05A ING BANK -12 03/09U ING BANK -12 27/08U REED ELSEVIER 6.50 09-13 02/04A
1,000,000 1,500,000 1,000,000 2,000,000
ROYAL BK SCOTLAND 5.25 08-13 15/05A UBS AG -12 31/07U UBS AG LONDON EMTN 4.875 08-13 21/01A VODAFONE GROUP PLC 3.625 05-12 29/11A
United Kingdom
United States of America
1,000,000 WACHOVIA BANK
6.00 08-13 23/05A
Floating rate bonds Finland
1,000,000 POHJOLA BANK
FL.R 10-13 25/02Q
France
1,500,000 BFCM FL.R 11-13 24/01Q 1,500,000 BPCE FL.R 10-12 20/07Q 1,000,000 HSBC FRANCE FL.R 10-12 01/08Q
Germany
1,500,000 DEUTSCHE BANK AG FL.R 10-13 15/03Q 1,000,000 VOLKSWAGEN BANK EMTN FL.R 11-12 12/10Q
Italy
1,000,000 BNL EMTN
Sweden
1,500,000 SBAB
FL.R 03-13 06/03Q FL.R 11-13 01/02Q
The Netherlands
1,000,000 ING BANK EMTN 2,000,000 LEASEPLAN CORP 1,500,000 RABOBANK NED 500,000 1,500,000 1,600,000 500,000
FL.R 11-13 08/01Q FL.R 11-12 03/12Q FL.R 11-13 14/01Q
United Kingdom
BARCLAYS BANK EMTN FL.R 12-13 07/02Q BARCLAYS BANK PLC FL.R 09-13 28/01Q CS LDN EMTN FL.R 09-13 07/01Q LLOYDS TSB BANK FL.R 11-13 18/01Q
United States of America
1,000,000 BEAR STEARNS COS
FL.R 05-12 27/07Q
The accompanying notes form an integral part of these financial statements
Page 216
Polaris Fund - GEO Liquidity Fund III Securities portfolio as at 30/06/12 Expressed in EUR Qty/ Nominal
Quotation currency
Denomination
Market value
% of net assets
6,200,375.00
6.41
6,200,375.00
6.41
EUR EUR EUR
5,700,000.00 2,000,000.00 1,700,000.00 2,000,000.00
5.89 2.06 1.76 2.07
EUR
500,375.00 500,375.00
0.52 0.52
14,989,659.77
15.49
14,989,659.77
15.49 1.03 1.03
Other transferable securities Floating rate bonds France
2,000,000 LA BANQ POST(OIS+0.09)FL.R -12 05/09U 1,700,000 OSEO (OIS+0.03) FL.R 12-12 30/08U 2,000,000 UNIBAIL (OIS-0.02) FL.R -12 02/07U
The Netherlands
500,000 RABOBANK
FL.R 12-13 16/05Q
Money market instruments Bonds Belgium
-12 05/09U
EUR
999,182.89 999,182.89
-12 12/09U -12 30/08U
EUR EUR
1,997,409.48 998,762.09 998,647.39
2.06 1.03 1.03
EUR EUR
2,998,005.78 999,310.48 1,998,695.30
3.10 1.03 2.07
EUR
5,997,271.24 5,997,271.24
6.20 6.20
EUR
1,498,901.22 1,498,901.22
1.55 1.55
EUR
1,498,889.16 1,498,889.16
1.55 1.55
95,403,311.12
98.59
1,000,000 LVMH
France
1,000,000 BFCM 1,000,000 BPCE
Germany
1,000,000 DEUTSCHE BANK AG -12 14/09U 2,000,000 DZ BANK -12 03/09U
Luxembourg
6,000,000 EFSF TBILL
Norway
1,500,000 DNB BANK ASA
Sweden
12-12 06/09U -12 28/09U
1,500,000 SVENSKA HANDELSBANK
-12 31/08U
Total securities portfolio
The accompanying notes form an integral part of these financial statements
Page 217
Polaris Fund - GEO Liquidity Fund III Statement of Operations and Changes in Net Assets from 11/05/12 to 30/06/12 Expressed in EUR
Income
175,387.40
Net interest on bonds Bank interest on cash account
175,043.19 344.21
Expenses
23,602.30
Management & advisory fees Custodian fees Taxe d'abonnement Administration fees Performance fees Domiciliation fees Professional fees Other expenses
7,130.82 1,826.82 2,392.32 1,171.06 9,222.78 83.92 1,386.15 388.43
Net income from investments
151,785.10
Net realised profit / loss on: - sales of investment securities
(2,182.55)
Net realised profit
149,602.55
Movement in net unrealised appreciation / depreciation on: - investment securities
Increase in net assets as a result of operations
(88,036.97) 61,565.58
Subscription capitalisation units
96,704,850.00
Increase in net assets
96,766,415.58
Net assets at the beginning of the period
0.00
Net assets at the end of the period
96,766,415.58
The accompanying notes form an integral part of these financial statements
Page 218
Polaris Fund
Notes to the financial statements
Page 219
Polaris Fund Notes to the financial statements as at June 30, 2012 1. ORGANISATION Polaris Fund (the “Fund”) is an Undertaking for Collective Investment in Transferable Securities under Luxembourg Law, created in Luxembourg pursuant to Part I of the Law of December 20, 2002 on undertakings for collective investment (the “Law”). With effect from July 1, 2011, as a consequence of the repealing of the EC Directive 85/611, the Fund qualifies as an Undertaking for Collective Investment in Transferable Securities under the EC Directive 2009/65 of July 13, 2009 and is subject to the Luxembourg law of December 17, 2010 relating to Undertakings for Collective Investment. As a consequence, Part I of the Law of 2002 has been replaced by Part I of the Law of December 17, 2010. The Management Regulations (the “Regulations”), in force since December 16, 2005, were published in the Mémorial, “Recueil des Sociétés et Associations” on December 16, 2005. The Regulations were amended for the last time on August 17, 2007. The Fund is managed by Polaris Investment S.A. (the “Management Company”) which was formed for an unspecified period in Luxembourg as a “société anonyme” under Luxembourg law on February 12, 2004. It is registered with the Trade and Companies Register under number R.C.S. B 99 179. As at June 30, 2012, the Management Company has been designated as management company only for Polaris Fund. As at June 30, 2012, the following Sub-Funds were open: - Polaris Fund - Ethical Global Balanced - Polaris Fund - GEO Short-Term Bond Fund III - Polaris Fund - GEO Short-Term Bond Fund V - Polaris Fund - GEO Short-Term Bond Fund VI - Polaris Fund - GEO Short-Term Bond Fund VII - Polaris Fund - GEO Short-Term Bond Fund VIII - Polaris Fund - GEO Short-Term Bond Fund X - Polaris Fund - GEO Global Bond Total Return I - Polaris Fund - GEO Global Bond Total Return II - Polaris Fund - GEO Global Bond Total Return III - Polaris Fund - GEO Global Bond Total Return IV - Polaris Fund - GEO Global Diversified Strategy Fund - Polaris Fund - GEO Global Cash Plus Fund - Polaris Fund - GEO Global Balanced I Fund - Polaris Fund - GEO Global Balanced III Fund - Polaris Fund - GEO European Equity Total Return Fund - Polaris Fund - GEO Equity Global I - Polaris Fund - GEO Equity Global II - Polaris Fund - GEO Equity Global III - Polaris Fund - GEO Equity Global V - Polaris Fund - GEO All Maturity Fund I - Polaris Fund - Global Bond - Polaris Fund - Social Responsible Fund I - Polaris Fund - GEO Global Bond Total Return VI - Polaris Fund - GEO Total Return VII (reactivated on March 30, 2012) - Polaris Fund - GEO Global Real Bond Fund II - Polaris Fund - GEO Environmental Fund - Polaris Fund - GEO Global Cash Plus II - Polaris Fund - GEO Liquidity Fund - Polaris Fund - GEO Liquidity Fund II - Polaris Fund - Global Bond Total Return V (launched on January 27, 2012) - Polaris Fund - GEO Global Advantage Bond Fund I (launched on January 27, 2012) - Polaris Fund - GEO Global Balanced IV Fund (launched on May 11, 2012) - Polaris Fund - GEO Global Balanced V Fund (launched on May 11, 2012) - Polaris Fund - GEO Liquidity III (launched on May 11, 2012) As at March 23, 2012, the Sub-Fund Polaris Fund - GEO Equity Global II had been put as dormant.
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Polaris Fund Notes to the financial statements as at June 30, 2012 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Subject to a decision of the Board of the Management Company, the Fund is authorized to issue two types of units for each Sub-Fund: distribution units and capitalisation units. Only capitalisation units were issued as at June 30, 2012.
Presentation of the financial statements The financial statements are presented in accordance with Luxembourg regulations governing Undertakings for Collective Investment (Organismes de Placement Collectif). The combined financial statements of the Fund are presented in Euro. 1) Securities portfolio Securities and/or financial derivatives instruments quoted on an official stock exchange or another regulated market which operates regularly and is recognised and open to the public, are valued on the basis of the last price known on the valuation date, unless said price is not representative. If the security and/or financial derivatives instruments in question is quoted on several markets, it is valued on the basis of the price on the main market. Securities not quoted on an official stock exchange or another regulated market which operates regularly and is recognised and open to the public, as well as assets that are quoted but for which their price is not representative are valued at their probable realisation value estimated according to valuation criteria deemed prudent by the Management Company. The financial derivative instruments which are not listed on any official stock exchange or traded on any other organized market will be valued on a daily basis in accordance with market practice, with a constant reliable and verifiable method. The value of money market instruments not listed or traded on another regulated market, and with remaining maturity of less than 12 months and of more than 90 days is valued by the mark-to-market method. Money market instruments with a remaining maturity of 90 days or less will be valued by the amortised cost method, which approximates market value. Shares/Units of Undertakings for Collective Investment open to redemption are valued on the basis of the last known net asset value. When the valuation date of this net asset value does not coincide with the valuation date of the Sub-Fund, and this value turns out to have registered a substantial variation since the date it was valued, the value taken into account could be adjusted accordingly by the Board of Directors prudently and in good faith. 2) Net income realised on securities portfolio The net income realised on sales of securities is calculated on the basis of the average cost of the securities sold. 3) Forward foreign exchange contracts Forward foreign exchange contracts remaining open at the closing date are valued by reference to the forward foreign exchange rate corresponding to the remaining life of the contract. The unrealised appreciation or depreciation on forward foreign exchange contracts is disclosed in the statement of net assets. 4) Financial futures contracts Futures are valued at their liquidating value based upon the settlement price on the exchange on which the particular future is traded. The unrealised appreciation or depreciation on futures is disclosed in the statement of net assets. 5) Options Options are valued at the last known market price. Realised and change in unrealised gains and losses on options are included in the statement of operations and changes in net assets. The market value on options is disclosed in the statement of net assets. 6) Swaps Swaps are valued according to the market-to-market method and by comparison with internal models using the actualisation of the interest rate curve. The unrealised appreciation or depreciation on Swaps is disclosed in the statement of net assets. 7) Repurchase Agreement (repo and reverse repo) Each Sub-Fund may occasionally enter into Repurchase Agreements which consist of the purchase and sale of securities with a clause reserving the seller the obligation to repurchase from the acquirer the securities sold at price and term specified by the two parties in a contractual agreement. Each Sub-Fund can act either as purchaser or seller in repurchase agreement transactions.
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Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 8) Transactions fees Transaction fees include stock exchange fees, handling charges, settlement fees and trading fees linked to transactions on portfolio securities, forward foreign exchange contracts, options and futures contracts. 9) Conversion of items in foreign currencies Transaction and acquisition costs denominated in foreign currencies are converted into the accounting currency of each SubFund based on the exchange rate in force on the date of the transaction or acquisition. Assets and liabilities denominated in foreign currencies are converted into the accounting currency of each Sub-Fund based on the exchange rate in force at the end of the financial year. Any resulting gains or losses are recognised in the statement of operations and changes in net assets. As at June 30, 2012, the exchange rates used were the following: 1EUR =
1.23805 2.5615 1.29375 1.20115 637.44385 7.43435 0.8091 9.8438 285.755 11919.55325 4.95835 101.25755
AUD BRL CAD CHF CLP DKK GBP HKD HUF IDR ILS JPY
1EUR =
1453.50645 17.03815 4.02985 7.5438 1.5789 53.47145 4.2352 8.7595 1.60765 37.92555 1.26905 10.37895
KRW MXN MYR NOK NZD PHP PLN SEK SGD TWD USD ZAR
10) Dividend and interest income Dividend income is accounted for on an ex-dividend basis, net of withholding tax. Interest income is recognised on an accrual basis. 11) Formation expenses The formation expenses have been totally amortized over a period of five financial years. 12) Other financial income Other financial income are mainly composed of Securities lending income. 13) Mortgage related securities - To Be Announced securities (TBAs) TBA positions refer to the common trading practice in the mortgage backed securities market in which a security is to be bought from a mortgage pool (Ginnie Mae, Fannie Mae or Freddie Mac,…) for a fix price at a future date. At the time of purchase the exact security is not known, but the main characteristics of it are specified. Although the price has been established at the time of the purchase, the principal value has not been finalised. TBA positions are disclosed in the Securities portfolio as at June 30, 2012. The purchase of this type of security has not been settled and as a consequence, the amount corresponding to the payable due when the transaction is settled, is disclosed under “Brokers payable” in the Statement of net assets. The realised gains/(losses) on TBAs and changes in unrealised appreciation/depreciation are disclosed in the Statement of operations and changes in net assets respectively under the headings “Net realised profit/(loss) on sales of investment securities” and “Movement in net unrealised appreciation/depreciation on investments securities”. 14) Abbreviation XX: Perpetual Bonds TIIE: (Tasa de Interés Interbancaria de Equilibrio) is a benchmark Mexican peso floating rate index.
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Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 3. DETERMINATION OF NET ASSET VALUE OF UNITS The net asset value per unit is expressed in the accounting currency of each Sub-Fund and is determined by dividing the net assets of each Sub-Fund by the number of units outstanding of each Sub-Fund.
4. TAXATION The Fund is subject to Luxembourg legislation. The net assets of the Fund are liable for a Luxembourg tax at the annual rate of 0.05% payable at the end of each quarter, calculated on the amount of the net assets of each Sub-Fund at the end of each quarter. Nevertheless, the Sub-Funds, category and/or sub-category of units expressly reserved for institutional investors, apply a reduced tax rate of 0.01% per annum.
5. MANAGEMENT FEES AND PERFORMANCE FEES Management fees will be paid to the Management Company, calculated on the net asset value of each Sub-Fund and payable monthly. The Management Company will pay out of these fees, the appointed Investment Managers and Investment Advisers. The rates of the management fees are the following: Sub-Funds Polaris Fund - Ethical Global Balanced Polaris Fund - GEO Short-Term Bond Fund III Polaris Fund - GEO Short-Term Bond Fund V Polaris Fund - GEO Short-Term Bond Fund VI Polaris Fund - GEO Short-Term Bond Fund VII Polaris Fund - GEO Short-Term Bond Fund VIII Polaris Fund - GEO Short-Term Bond Fund X Polaris Fund - GEO Global Bond Total Return I Polaris Fund - GEO Global Bond Total Return II Polaris Fund - GEO Global Bond Total Return III Polaris Fund - GEO Global Bond Total Return IV Polaris Fund - GEO Global Diversified Strategy Fund Polaris Fund - GEO Global Cash Plus Fund Polaris Fund - GEO Global Balanced I Fund Polaris Fund - GEO Global Balanced III Fund Polaris Fund - GEO European Equity Total Return Fund Polaris Fund - GEO Equity Global I Polaris Fund - GEO Equity Global III Polaris Fund - GEO Equity Global V
Polaris Fund - GEO All Maturity Fund I Polaris Fund - Global Bond Polaris Fund - Social Responsible Fund I Polaris Fund - GEO Global Bond Total Return VI Polaris Fund - GEO Total Return VII 1) Polaris Fund - GEO Global Real Bond Fund II Polaris Fund - GEO Environmental Fund Polaris Fund - GEO Global Cash Plus Fund II Polaris Fund - GEO Liquidity Fund Polaris Fund - GEO Liquidity Fund II Polaris Fund - GEO Global Bond Total Return V Polaris Fund - GEO Global Advantage Bond Fund I Polaris Fund - GEO Global Balanced IV Fund Polaris Fund - GEO Global Balanced V Fund Polaris Fund - GEO Liquidity III 1)
Management fees 1.13% p.a. 0.155% p.a. 0.155% p.a. 0.155% p.a. 0.175% p.a. 0.205% p.a. 0.205% p.a. 0.155% p.a. 0.155% p.a. 0.205% p.a. 0.205% p.a. 0.215% p.a. 0.205% p.a. 0.305% p.a. 0.305% p.a. 0.205% p.a. 0.405% p.a. 0.32% p.a If assets under management are up to EUR 100 mln, the commission is EUR 135,000.00 If assets under management are greater than EUR 100 mln,, the commission is EUR 135,000.00 + 0.115% per year on the excess EUR 100 mln Sub-Fund’s net assets 0.255% p.a. 0.23% p.a. 0.31% p.a. 0.21% p.a. 0.21% p.a. 0.21% p.a. 0.65% p.a. 0.22% p.a. 0.125% p.a. 0.125% p.a. 0.205% p.a. 0.32% p.a. 0.305% p.a. 0.18% p.a. 0.06% p.a.
since March 30, 2012, date of reactivation.
Page 223
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 5. MANAGEMENT FEES AND PERFORMANCE FEES (continued) Performance fees may also be collected by the Management Company as a variable quota calculated and allocated at any valuation and withdrawn on December 31 of each year, on the basis of the Sub-Fund overperformance compared to a benchmark. The detailed formulas to calculate the performance fees are indicated in the prospectus of the Fund. As at June 30, 2012, performance fees were due for the Sub-Funds Polaris Fund - GEO Short-Term Bond Fund V, Polaris Fund GEO Short-Term Bond Fund VI, Polaris Fund - GEO Global Total Return III, Polaris Fund - Global Balanced I Fund, Polaris Fund - GEO Equity Global III, Polaris Fund - Global Bond, Polaris Fund - Social Responsible Fund I, Polaris Fund - GEO Global Bond Total Return VI, Polaris Fund - GEO Environmental Fund, Polaris Fund - GEO Global Cash Plus II, Polaris Fund - Global Bond Total Return V, Polaris Fund - GEO Global Balanced V Fund, Polaris Fund - GEO Liquidity Fund III for a total amount of EUR 2,918,101.97. The Sub-Funds Polaris Fund - GEO Equity Global V, Polaris - GEO Liquidity Fund and Polaris - GEO Liquidity Fund II are not subject to performance fees.
6. CUSTODIAN, ADMINISTRATION, TRANSFER AND REGISTER AGENT FEES The commission of the Custodian Bank, the Administrative, Transfer and Register Agent is fixed in accordance with the established practices on the Luxembourg market. This commission corresponding to an all-in rate of 0.025% p.a. and is calculated on the net asset value of each Sub-Fund and payable on a monthly basis. In addition, the Fund will support the bank commissions on portfolio transactions and any and all rights relating thereto.
7. FORWARD FOREIGN EXCHANGE CONTRACTS As at June 30, 2012, the currency receivable and payable positions in respect of the outstanding forward foreign exchange contracts were as follows: Polaris Fund - Ethical Global Balanced Currency Currency receivable EUR Total Currency payable CHF DKK GBP NOK SEK Total
Amounts 8,326,529.60 8,326,529.60 807,559.42 620,094.57 5,425,781.74 717,145.21 734,060.16 8,304,641.10
As at June 30, 2012, the net unrealised appreciation on forward foreign exchange contracts amounted to EUR 21,888.50 and the final expiry date for all open contracts will be July 31, 2012. Polaris Fund - GEO Short-Term Bond Fund III Currency Currency receivable AUD CAD EUR GBP PLN USD Total
Amounts 2,697,790.88 7,424,154.59 269,412,928.27 10,510,635.01 1,275,028.33 4,107,742.17 295,428,279.25
Page 224
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 7. FORWARD FOREIGN EXCHANGE CONTRACTS (continued) Polaris Fund - GEO Short-Term Bond Fund III (continued) Currency payable AUD 5,395,581.76 CAD 14,848,309.18 EUR 26,123,150.74 GBP 21,021,270.03 JPY 89,830,338.57 PLN 1,263,222.52 USD 139,543,633.28 Total 298,025,506.08 As at June 30, 2012, the net unrealised depreciation on forward foreign exchange contracts amounted to EUR 2,597,226.83 and the final expiry date for all open contracts will be October 11, 2012. Polaris Fund - GEO Short-Term Bond Fund V Currency Currency receivable EUR NOK SEK Total Currency payable DKK GBP PLN SEK Total
Amouts 45,275,287.52 689,331.76 353,901.48 46,318,520.76 3,214,806.94 33,901,160.54 5,241,783.15 3,970,948.76 46,328,699.39
As at June 30, 2012, the net unrealised depreciation on forward foreign exchange contracts amounted to EUR 10,178.63 and the final expiry date for all open contracts will be September 5, 2012. Polaris Fund - GEO Short-Term Bond Fund VI Currency Currency receivable EUR Total Currency payable GBP Total
Amount 23,601,371.62 23,601,371.62 23,526,140.16 23,526,140.16
As at June 30, 2012, the net unrealised appreciation on forward foreign exchange contracts amounted to EUR 75,231.46 and the final expiry date for all open contracts will be July 5, 2012. Polaris Fund - GEO Short-Term Bond Fund VII Currency Currency receivable AUD BRL CAD EUR GBP JPY KRW MYR NOK PLN SEK USD Total
Amounts 2,108,153.95 1,666,227.05 4,177,622.89 48,751,691.74 1,116,108.02 485,494.66 2,066,614.71 1,456,629.90 2,100,317.88 5,833,470.44 3,257,331.30 15,950,424.11 88,970,086.65
Page 225
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 7. FORWARD FOREIGN EXCHANGE CONTRACTS (continued) Polaris Fund - GEO Short-Term Bond Fund VII (continued) Currency Amounts Currency payable AUD 2,751,111.78 BRL 4,342,885.03 CAD 4,173,726.73 EUR 14,992,476.25 GBP 18,529,248.46 JPY 4,693,863.63 KRW 595,862.51 MYR 1,452,860.63 NOK 2,100,441.28 PLN 6,459,192.01 SEK 3,257,035.22 USD 25,990,091.76 Total 89,338,795.29 As at June 30, 2012, the net unrealised depreciation on forward foreign exchange contracts amounted to EUR 368,708.64 and the final expiry date for all open contracts will be August 16, 2012. Polaris Fund - GEO Short-Term Bond Fund VIII Currency Currency receivable CAD EUR GBP JPY USD Total Currency payable AUD CAD EUR GBP JPY KRW MXN PLN SEK USD Total
Amounts 769,082.13 284,014,366.94 494,376.47 383,181.30 5,988,731.72 291,649,738.56 2,540,285.13 16,830,144.93 7,735,566.07 21,984,921.51 77,336,356.64 5,288,118.26 1,725,187.30 4,443,237.63 6,103,202.24 143,472,676.41 287,459,696.12
As at June 30, 2012, the net unrealised appreciation on forward foreign exchange contracts amounted to EUR 4,190,042.44 and the final expiry date for open contracts will be July 31, 2012.
Page 226
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 7. FORWARD FOREIGN EXCHANGE CONTRACTS (continued) Polaris Fund - GEO Short-Term Bond Fund X Currency Currency receivable AUD CAD EUR GBP PLN USD ZAR Total Currency payable AUD CAD EUR GBP PLN USD ZAR Total
Amounts 20,888,090.14 3,188,405.79 149,864,147.19 10,399,209.00 3,616,830.37 48,538,811.70 806,632.65 237,302,126.84 36,045,393.98 5,362,705.31 87,504,333.47 18,670,127.30 7,233,778.80 81,498,189.58 806,632.66 237,121,161.10
As at June 30, 2012, the net unrealised appreciation on forward foreign exchange contracts amounted to EUR 180,965.74 and the final expiry date for open contracts will be October 17, 2012. Polaris Fund - GEO Global Bond Total Return I Currency Currency receivable AUD CAD DKK EUR GBP JPY MXN NOK NZD SEK USD Total Currency payable AUD CAD EUR GBP JPY NOK NZD PLN SEK USD ZAR Total
Amounts 3,537,097.82 2,319,395.33 1,243,561.41 163,310,316.38 5,613,749.05 733,632.12 3,223,020.69 1,710,463.22 2,848,567.48 2,536,685.44 45,058,610.80 232,135,099.74 7,996,143.83 3,768,719.63 27,714,676.31 21,603,530.64 6,101,690.44 3,285,923.06 1,111,838.41 634,634.02 1,733,408.85 154,830,708.45 2,903,382.15 231,684,655.79
As at June 30, 2012, the net unrealised appreciation on forward foreign exchange contracts amounted to EUR 450,443.95 and the maximal final expiry date for all open contracts will be September 19, 2012.
Page 227
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 7. FORWARD FOREIGN EXCHANGE CONTRACTS (continued) Polaris Fund - GEO Global Bond Total Return II Currency Currency receivable AUD CAD EUR GBP JPY PLN USD ZAR Total Currency payable AUD CAD EUR GBP PLN USD ZAR Total
Amounts 10,668,309.04 135,265.70 95,842,946.13 2,648,003.96 196,182.90 916,485.64 40,006,206.73 519,898.44 150,933,298.54 19,206,817.17 270,531.40 55,221,530.63 6,055,493.77 1,833,089.34 67,290,891.01 519,898.44 150,398,251.76
As at June 30, 2012, the net unrealised appreciation on forward foreign exchange contracts amounted to EUR 535,046.78 and the maximal final expiry date for all open contracts will be October 17, 2012. Polaris Fund - GEO Global Bond Total Return III
Currency receivable
Currency payable
Currency CAD EUR GBP JPY MXN USD Total AUD CAD EUR GBP JPY MXN USD Total
Amounts 6,293,333.33 757,372,554.88 169,258,949.34 549,766.41 16,950,016.30 764,679,083.59 1,715,103,703.85 54,936,120.82 2,270,734.37 416,531,000.00 298,936,901.71 549,450.39 1,463,364.03 943,928,085.40 1,718,615,656.72
As at June 30, 2012, the net unrealised depreciation on forward foreign exchange contracts amounted to EUR 3,511,952.87 and the maximal final expiry date for all open contracts will be September 20, 2012.
Page 228
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 7. FORWARD FOREIGN EXCHANGE CONTRACTS (continued) Polaris Fund - GEO Global Bond Total Return IV Currency Currency receivable AUD EUR MXN PLN SEK USD Total Currency payable CAD CHF EUR GBP JPY USD Total
Amounts 646,177.46 13,410,756.61 3,022,628.63 259,728.00 513,727.95 18,145,139.87 35,998,158.52 3,864,734.30 83,253.55 15,244,389.81 4,820,170.56 4,540,895.96 7,354,216.59 35,907,660.77
As at June 30, 2012, the net unrealised appreciation on forward foreign exchange contracts amounted to EUR 90,497.75 and the maximal final expiry date for all open contracts will be July 26, 2012. Polaris Fund - GEO Global Diversified Strategy Fund Currency Amounts Currency receivable AUD 1,679,818.47 DKK 290,430.47 EUR 31,779,149.10 GBP 2,547,335.64 JPY 139,466.40 NOK 1,470,081.38 NZD 3,356,767.37 SEK 2,430,338.99 USD 20,538,483.04 Total 64,231,870.86 Currency payable AUD 629,780.10 CAD 3,400,965.94 CHF 3,850,476.64 DKK 290,430.47 EUR 30,893,236.30 GBP 6,707,561.28 JPY 4,953,922.21 NOK 2,530,548.09 NZD 2,343,403.64 SEK 3,115,309.59 USD 5,749,966.57 Total 64,465,600.83 As at June 30, 2012, the net unrealised depreciation on forward foreign exchange contracts amounted to EUR 233,729.97 and the maximal final expiry date for all open contracts will be September 19, 2012.
Page 229
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 7. FORWARD FOREIGN EXCHANGE CONTRACTS (continued) Polaris Fund - GEO Global Cash Plus Fund Currency Currency receivable AUD CAD CHF EUR GBP JPY NOK NZD SEK USD Total Currency payable AUD CAD CHF EUR GBP JPY NOK NZD SEK USD Total
Amounts 16,677,619.67 10,114,570.97 359,655.33 776,999.94 7,417,410.44 9,418,475.81 8,526,187.30 8,511,740.92 17,880,664.65 71,146,750.02 150,830,075.05 13,187,013.82 1,126,712.23 2,078,035.29 21,271,183.08 17,186,030.52 6,941,364.44 2,422,687.06 1,098,060.57 6,678,179.72 78,563,224.70 150,552,491.43
As at June 30, 2012, the net unrealised appreciation on forward foreign exchange contracts amounted to EUR 277,583.62 and the final expiry date for all open contracts will be September 19, 2012. Polaris Fund - GEO Global Balanced I Fund Currency Currency receivable AUD CHF DKK EUR JPY NOK NZD SEK SGD USD Total Currency payable AUD CAD CHF EUR GBP JPY NOK NZD SEK SGD USD Total
Amounts 4,280,925.65 5,707,030.76 103,573.28 253,004,496.33 11,727,520.57 3,595,005.17 8,740,262.21 5,549,403.50 174,167.27 21,039,360.15 313,921,744.89 3,957,836.92 9,893,719.81 18,627,981.52 61,462,058.61 20,788,530.46 33,162,267.91 6,627,959.38 6,460,193.81 5,936,411.90 808,633.72 143,516,803.91 311,242,397.95 Page 230
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 7. FORWARD FOREIGN EXCHANGE CONTRACTS (continued) As at June 30, 2012, the net unrealised appreciation on forward foreign exchange contracts amounted to EUR 2,679,346.94 and the final expiry date for all open contracts will be September 19, 2012. Polaris Fund - GEO Global Balanced III Fund Currency Currency receivable CAD CHF EUR GBP HKD JPY SGD USD Total Currency payable CAD CHF EUR GBP HKD JPY SGD USD Total
Amounts 1,275,296.70 2,721,569.14 210,201,317.74 20,854,510.69 2,213,398.72 28,119,786.58 1,031,434.98 69,699,149.05 336,116,463.60 8,314,750.94 4,932,841.83 126,363,944.66 31,021,780.51 2,213,398.72 65,142,124.52 1,653,521.28 103,674,210.69 343,316,573.15
As at June 30, 2012, the net unrealised depreciation on forward foreign exchange contracts amounted to EUR 7,200,109.55 and the final expiry date for all open contracts will July 23, 2012. Polaris Fund - GEO Equity Global I Currency Currency receivable BRL CAD CHF EUR GBP HKD JPY KRW NOK SEK SGD TWD USD Total
Amounts 964,534.95 807,729.47 1,759,354.70 82,993,086.30 7,639,889.33 6,219,538.27 4,294,954.77 983,659.79 1,289,164.81 91,870.37 498,001.28 105,469.80 11,986,493.53 119,633,747.37
Page 231
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 7. FORWARD FOREIGN EXCHANGE CONTRACTS (continued) Polaris Fund - GEO Equity Global I (continued) Currency Currency payable BRL CAD CHF EUR GBP HKD JPY KRW NOK SEK SGD TWD USD Total
Amounts 2,463,791.42 2,340,809.54 4,633,990.69 36,753,015.94 14,709,961.29 9,849,788.76 8,289,263.28 1,709,901.10 1,610,215.61 1,020,614.34 1,084,589.10 345,826.97 36,153,898.51 120,965,666.55
As at June 30, 2012, the net unrealised depreciation on forward foreign exchange contracts amounted to EUR 1,331,919.18and the maximal final expiry date for all open contracts will be October 2, 2012. Polaris Fund - GEO Equity Global II Currency Currency receivable AUD CAD CHF DKK EUR GBP HKD JPY NOK SEK USD Total Currency payable AUD CAD CHF DKK EUR GBP HKD JPY NOK SEK USD Total
Amounts 1,576,789.66 2,114,883.49 1,659,682.17 363,127.74 38,803,320.48 4,186,352.49 427,078.73 4,211,651.99 367,042.23 961,834.20 22,619,316.90 77,291,080.08 1,576,789.66 2,114,883.49 1,659,682.17 363,127.74 38,812,765.46 4,186,352.49 427,078.73 4,211,651.99 367,042.23 961,834.20 22,619,316.90 77,300,525.06
As at June 30, 2012, the net unrealised depreciation on forward foreign exchange contracts amounted to EUR 9,444.98 and the maximal final expiry date for all open contracts will be March 26, 2012.
Page 232
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 7. FORWARD FOREIGN EXCHANGE CONTRACTS (continued) Polaris Fund - GEO Equity Global V Currency Currency receivable AUD CAD CHF DKK EUR GBP HKD ILS JPY NOK NZD SEK SGD USD Total Currency payable AUD CAD CHF DKK EUR GBP HKD ILS JPY NOK NZD SEK SGD USD Total
Amounts 11,067,582.95 15,027,939.52 9,867,476.79 1,369,209.48 430,701,938.74 23,590,845.68 5,090,574.31 721,521.67 26,735,891.29 1,141,646.47 267,193.76 3,678,624.77 2,067,123.66 144,679,626.31 676,007,195.40 19,239,483.16 25,867,280.00 17,375,548.01 2,298,030.77 248,716,903.91 41,838,717.69 8,810,946.06 1,252,052.40 45,982,829.89 1,969,127.68 437,484.61 6,411,875.93 3,826,966.51 252,242,511.78 676,269,758.40
As at June 30, 2012, the net unrealised depreciation on forward foreign exchange contracts amounted to EUR 262,563.00 and the maximal final expiry date for all open contracts will be August 3, 2012. Polaris Fund - GEO All Maturity Fund I Currency Currency receivable AUD EUR USD Total Currency payable AUD DKK EUR GBP SEK USD Total
Amounts 387,706.47 92,380,943.40 6,725,546.65 99,494,196.52 7,887,403.59 33,945,805.62 7,226,757.42 29,002,595.48 17,651,692.45 4,220,565.38 99,934,819.94
As at June 30, 2012, the net unrealised depreciation on forward foreign exchange contracts amounted to EUR 440,623.42 and the maximal final expiry date for all open contracts will be July 6, 2012.
Page 233
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 7. FORWARD FOREIGN EXCHANGE CONTRACTS (continued) Polaris Fund - Global Bond Currency receivable
Currency payable
Devise AUD CAD EUR GBP JPY PLN USD Total AUD CAD EUR GBP JPY PLN USD Total
Montant 3,053,188.48 1,000,193.24 59,715,136.83 3,140,526.51 2,431,013.79 474,593.88 19,455,498.21 89,270,150.94 5,448,487.54 1,831,884.06 29,888,021.53 6,417,624.52 5,569,194.59 949,187.76 39,176,549.39 89,280,949.39
As at June 30, 2012, the net unrealised depreciation on forward foreign exchange contracts amounted to EUR 10,798.45 and the maximal final expiry date for all open contracts will be October 17, 2012. Polaris Fund - GEO Global Bond Total Return VI Currency Currency receivable AUD CAD EUR GBP USD Total Currency payable AUD CAD EUR GBP MXN USD Total
Amounts 1,651,761.47 1,614,685.99 83,498,551.14 119,864.15 59,760,725.48 146,645,588.23 6,776,538.03 3,354,589.37 43,086,000.00 6,158,792.68 1,387,543.44 86,233,230.11 146,996,693.63
As at June 30, 2012, the net unrealised depreciation on forward foreign exchange contracts amounted to EUR 351,105.40 and the maximal final expiry date for all open contracts will be September 20, 2012. Polaris Fund - GEO Total Return VII Currency Currency receivable EUR Total Currency payable AUD CAD CHF GBP USD Total
Amounts 24,367,145.83 24,367,145.83 1,817,374.10 2,821,256.04 3,163,634.85 2,595,476.46 13,711,043.69 24,108,785.14
As at June 30, 2012, the net unrealised appreciation on forward foreign exchange contracts amounted to EUR 258,360.69 and the maximal final expiry date for all open contracts will be July 27, 2012. Page 234
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 7. FORWARD FOREIGN EXCHANGE CONTRACTS (continued) Polaris Fund - GEO Global Real Bond Fund II Currency Currency receivable AUD CAD EUR GBP JPY KRW SEK USD Total Currency payable AUD CAD EUR GBP JPY KRW SEK USD Total
Amounts 2,671,283.55 848,084.89 32,527,356.57 5,757,925.55 5,133,570.88 115,451.71 5,586,131.04 10,870,155.19 63,509,959.38 3,039,164.01 1,061,803.80 18,717,214.80 7,728,410.48 4,769,962.57 115,451.71 8,823,408.54 19,836,378.60 64,091,794.51
As at June 30, 2012, the net unrealised depreciation on forward foreign exchange contracts amounted to EUR 581,835.13 and the maximal final expiry date for all open contracts will be October 11, 2012. Polaris Fund - GEO Environmental Fund Currency Currency receivable JPY Total currency payable EUR Total
Amount 815,702.75 815,702.75 776,828.38 776,828.38
As at June 30, 2012, the net unrealised appreciation on forward foreign exchange contracts amounted to EUR 38,874.37 and the maximal final expiry date for all open contracts will be July 17, 2012. Polaris Fund - GEO Global Bond Total Return V Currency Currency receivable CAD EUR MXN NOK USD Total Currency payable AUD CAD CHF EUR GBP JPY MXN NZD USD Total
Amounts 795,994.59 25,244,169.59 4,284,502.73 3,233,670.97 7,030,288.09 40,588,625.97 4,846,330.92 797,568.00 2,081,338.72 4,989,488.31 8,775,805.15 98,758.07 808,713.45 3,353,437.54 14,730,871.45 40,482,311.61
As at June 30, 2012, the net unrealised appreciation on forward foreign exchange contracts amounted to Page 235
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 7. FORWARD FOREIGN EXCHANGE CONTRACTS (continued) EUR 106,314.36 and the maximal final expiry date for all open contracts will be July 18, 2012. Polaris Fund - GEO Global Advantage Bond Fund I Currency Amounts Currency receivable BRL 6,828,775.33 CLP 1,039,621.76 CNY 3,354,593.14 COP 3,724,581.95 CZK 1,661,011.13 EUR 98,566,292.42 HKD 1,868,048.69 ILS 3,493,483.94 INR 6,457,741.89 KRW 12,925,339.28 MXN 6,819,895.86 MYR 1,705,155.29 PEN 1,393,499.74 PLN 4,127,607.43 RUB 6,573,077.90 SGD 1,701,092.63 THB 2,383,525.15 TRY 1,927,226.16 TWD 3,540,830.65 USD 92,204,113.21 ZAR 1,925,290.52 Total 264,220,804.07 Currency payable AUD 6,232,229.70 BRL 1,309,219.20 CAD 4,475,362.32 COP 1,762,015.06 DKK 21,907,765.98 EUR 23,500,120.46 GBP 16,734,643.44 ILS 1,746,741.97 INR 3,228,870.94 JPY 3,950,322.72 KRW 6,462,669.64 MXN 39,044,790.49 PEN 656,825.58 USD 118,065,159.20 ZAR 16,272,775.21 Total 265,349,511.91 As at June 30, 2012, the net unrealised depreciation on forward foreign exchange contracts amounted to EUR 1,128,707.84 and the maximal final expiry date for all open contracts will be December 12, 2012.
Page 236
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 7. FORWARD FOREIGN EXCHANGE CONTRACTS (continued) Polaris Fund - GEO Global Balanced V Fund Currency Currency receivable EUR GBP USD Total Currency payable CAD CHF EUR GBP JPY USD Total
Amounts 54,904,545.91 6,674,082.31 1,891,178.44 63,469,806.66 479,227.05 2,997,127.75 8,604,197.61 13,644,790.51 5,826,726.01 31,756,037.99 63,308,106.92
As at June 30, 2012, the net unrealised appreciation on forward foreign exchange contracts amounted to EUR 161,699.74 and the maximal final expiry date for all open contracts will be September 6, 2012.
8. OPEN POSITIONS ON FINANCIAL FUTURES As at June 30, 2012, the open positions on financial futures were as follows: Polaris Fund - Ethical Global Balanced Currency Quantity BuyDescription Sell EUR 8 B CAC40 10 EURO EUR 1 B AMSTERDAM IN /201207 EUR 1 B DAX INDEX GERMANY EUR 1 B IBEX 35 INDEX EUR 1 B MDAX INDEX (EUREX) SEK 8 B OMXS30 INDEX (OML) CHF 5 B SWISS MARKET INDEX EUR 1 B FTSE MIB INDEX GBP 9 B FTSE 100 INDEX
Polaris Fund - GEO Short -Term Bond Fund III Currency Quantity BuyDescription Sell USD 28 S US 5 YEARS NOTE-CBT KRW 46 B KOREA 3YR BO /201209 USD 72 B US 2 YEARS NOTE- CBT
Commitment 255,360.00 61,450.00 160,287.50 69,859.00 51,500.00 93,955.13 252,216.63 71,480.00 614,349.28 TOTAL
Commitment (2,206,374.85) 3,312,871.23 11,347,070.64 TOTAL
Page 237
Unrealised appreciation/(depreciation) 906.66 (24.28) 297.92 270.43 56.00 1 102.18 (267.60) 575.00 (3,031.15) (114.84)
Unrealised appreciation/(depreciation) (6,002.28) (1,651.18) (2,216.22) (9,869.68)
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 8. OPEN POSITIONS ON FINANCIAL FUTURES (continued) Polaris Fund - GEO Short-Term Bond Fund V Currency Quantity BuyDescription Sell EUR 52 S BTP03YR ITALY EUR 271 B EURO SCHATZ FUTURE USD 234 B EURO/USD 90D /201306 USD 234 S EURO/USD 90D /201406 USD 54 S US 5 YEARS NOTE-CBT GBP 3 B LONG GILT FUTURE-LIF EUR 16 B EURO BTP FUTURE -EUX JPY 2 S JPN 10 YEARS BOND EUR 89 S EURO BOBL FUTURE EUR 132 S EURO BUND FUTURE USD 51 B US 10 YEARS NOTE AUD 17 S AUSTR 3YR BO /201209
Polaris Fund - GEO Short-Term Bond Fund VII Currency Quantity BuyDescription Sell USD 105 S US 5 YEARS NOTE-CBT EUR 18 S EURO BOBL FUTURE EUR 24 B EURO BUND FUTURE USD 176 S US 10 YEARS NOTE USD 14 B US TREASURY BOND
Polaris Fund - GEO Short-Term Bond Fund VIII Currency Quantity BuyDescription Sell CAD 21 B CAN 10YR BON /201209 USD 137 S US 5 YEARS NOTE-CBT GBP 187 S LONG GILT FUTURE-LIF JPY 7 S JPN 10 YEARS BOND EURO-OAT-FUTURESEUR 24 S EUX EUR 54 B EURO BOBL FUTURE EUR 88 S EURO BUND FUTURE USD 74 B US 2 YEARS NOTE- CBT USD 179 B US 10 YEARS NOTE EUR 21 B EURO BUXL FUTURE USD 70 B US TREASURY BOND AUD 23 B AUSTR 3YR BO /201209
Commitment (5,364,320.00) 29,944,145.00 45,843,938.38 (45,786,316.54) (4,255,151.49) 441,638.86 1,607,360.00 (2,838,109.36) (11,204,210.00) (18,598,800.00) 4,018,754.19 (3,684,510.42) TOTAL
Commitment (8,273,905.68) (2,266,020.00) 3,381,600.00 (13,868,641.90) 1,103,187.42 TOTAL
Commitment
Unrealised appreciation/(depreciation) (99,320.00) (59,155.00) 9,219.49 (57,621.84) 18,980.64 (363.37) 17,120.00 4,147.84 74,980.00 398,116.20 (53,392.15) 4,340.94 257,052.75
Unrealised appreciation/(depreciation) (15,704.42) 28,900.00 (27,290.00) (37,121.77) (8,273.91) (59,490.10)
2,247,304.35 (10,795,476.93) (27,528,822.15) (9,933,382.75)
Unrealised appreciation/(depreciation) 25,355.25 (14,310.58) (16,212.09) (23,800.69)
(3,073,200.00) 6,798,060.00 (12,399,200.00) 11,662,267.05 14,105,039.20 2,749,740.00 5,515,937.12 4,984,925.87 TOTAL
12,060.00 (4,210.00) (48,360.00) (5,429.75) 10,373.16 (42,440.00) (145,926.09) (3,574.89) (256,475.68)
Page 238
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 8. OPEN POSITIONS ON FINANCIAL FUTURES (continued) Polaris Fund - GEO Short-Term Bond Fund X Currency Quantity BuyDescription Sell CAD 16 S CAN 10YR BON /201209 EUR 372 B EURO SCHATZ FUTURE USD 127 S US 5 YEARS NOTE-CBT GBP 7 B LONG GILT FUTURE-LIF JPY 6 S JPN 10 YEARS BOND EUR 76 S EURO BOBL FUTURE EUR 16 S EURO BUND FUTURE USD 77 S US 2 YEARS NOTE- CBT USD 13 B US 10 YEARS NOTE EUR 12 S EURO BUXL FUTURE USD 1 B US TREASURY BOND USD 11 S US ULTRA BD /201209 AUD 92 S AUSTR 10YR BOND AUD 47 S AUSTR 3YR BO /201209
Polaris Fund - GEO Global Total Return I Currency Quantity BuyDescription Sell EUR 183 S EURO SCHATZ FUTURE USD 131 B EURO/USD 90D /201403 USD 131 S EURO/USD 90D /201503 EUR 40 S 3MO EURO EURIBOR EUR 18 S 3MO EURO EURIBOR USD 175 S US 5 YEARS NOTE-CBT GBP 16 B LONG GILT FUTURE-LIF EUR 34 S EURO BTP FUTURE -EUX JPY 20 S JPN 10 YEARS BOND EUR 50 B EURO BUND FUTURE USD 253 S US 2 YEARS NOTE- CBT USD 55 S US 10 YEARS NOTE USD 340 S US TREASURY BOND USD 4 S US ULTRA BD /201209
Polaris Fund - GEO Global Bond Total return II Currency Quantity BuyDescription Sell CAD 3 B CAN 10YR BON /201209 EUR 62 S EURO SCHATZ FUTURE USD 61 S US 5 YEARS NOTE-CBT GBP 11 S LONG GILT FUTURE-LIF JPY 4 S JPN 10 YEARS BOND EUR 19 S EURO BOBL FUTURE EUR 26 S EURO BUND FUTURE USD 71 S US 2 YEARS NOTE- CBT USD 51 S US 10 YEARS NOTE EUR 1 S EURO BUXL FUTURE USD 1 S US TREASURY BOND USD 28 S US ULTRA BD /201209 AUD 55 S AUSTR 10YR BOND AUD 19 S AUSTR 3YR BO /201209
Commitment (1,712,231.88) 41,104,140.00 (10,007,485.91) 1,030,490.67 (8,514,328.07) (9,567,640.00) (2,254,400.00) (12,135,061.66) 1,024,388.32 (1,571,280.00) 78,799.10 (866,790.12) (57,416,453.55) (10,186,587.64) TOTAL
Commitment (20,220,585.00) 25,644,123.56 (25,575,735.79) (9,949,500.00) (4,477,950.00) (13,789,842.80) 2,355,407.24 (3,415,640.00) (28,381,093.58) 7,045,000.00 (39,872,345.46) (4,333,950.59) (26,791,694.57) (315,196.41) TOTAL
Commitment 321,043.48 (6,850,690.00) (4,806,745.20) (1,619,342.48) (5,676,218.72) (2,391,910.00) (3,663,400.00) (11,189,472.44) (4,018,754.19) (130,940.00) (78,799.10) (2,206,374.85) (34,325,053.75) (4,117,982.24) TOTAL
Page 239
Unrealised appreciation/(depreciation) (15,118.84) (49,290.00) (17,200.37) (4,016.81) (10,665.87) 70,020.00 (2,810.00) 4,555.57 1,197.65 151,920.00 574.32 (20,272.60) 65,131.59 7,482.84 181,507.48
Unrealised appreciation/(depreciation) 43,920.00 (1,290.34) (7,742.01) (238,150.00) (102,000.00) 17,237.30 11,074.03 (61,910.00) (21,430.50) (96,070.00) 18,690.16 13,105.99 239,122.47 8,569.40 (176,873.50)
Unrealised appreciation/(depreciation) 3,594.20 16,430.00 (8,261.60) (5,710.05) (7,110.58) 23,940.00 84,300.00 4,136.95 (20,071.16) 12,660.00 (608.43) (51,602.97) 38,937.36 3,019.78 93,653.50
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 8. OPEN POSITIONS ON FINANCIAL FUTURES (continued) Polaris Fund - GEO Global Total Return III Currency Quantity BuyDescription Sell CAD 244 S CAN 10YR BON /201209 GBP 123 S LONG GILT FUTURE-LIF EUR 13 B EURO BTP FUTURE -EUX EUR 312 S EURO BUND FUTURE USD 107 B US 10 YEARS NOTE AUD 150 S AUSTR 3YR BO /201209
Polaris Fund - GEO Global Total Return IV Currency Quantity BuyDescription Sell EUR 188 S EURO SCHATZ FUTURE USD 70 S US 5 YEARS NOTE-CBT EUR 189 S EURO BOBL FUTURE EUR 83 B EURO BUND FUTURE USD 462 S US 10 YEARS NOTE USD 229 B US TREASURY BOND
Polaris Fund - Global Diversified Strategy Fund Currency Quantity BuyDescription Sell EUR 56 S CAC40 10 EURO USD 8 S DJIA MINI FU /201209 EUR 47 B AMSTERDAM IN /201207 USD 72 B S&P 500 EMINI INDEX GBP 111 B LONG GILT FUTURE-LIF EUR 28 B DAX INDEX GERMANY HKD 12 B HANG SENG IN /201207 EUR 49 S IBEX 35 INDEX JPY 6 B JPN 10 YEARS BOND USD 47 B MINI MSCI EA /201209 USD 9 B NASDAQ 100 E /201209 CAD 15 S S&P/TSE CAN 60 INDEX SEK 137 S OMXS30 INDEX (OML) SEK 137 S OMXS30 INDEX (OML) SGD 22 S MSCI.SING IN /201207 USD 10 S RUSSELL 2000 /201209 EUR 60 B EURO BUND FUTURE CHF 18 S SWISS MARKET INDEX EUR 2 B FTSE MIB INDEX JPY 27 B TOPIX INDEX /201209 USD 55 S US 10 YEARS NOTE AUD 5 B AUSTR 10YR BOND AUD 81 S SPI 200 INDE /201209 GBP 48 B FTSE 100 INDEX
Commitment (26,111,536.23) (18,107,193.18) 1,305,980.00 (43,960,800.00) 8,431,503.88 (32,510,386.09) TOTAL
Commitment (20,773,060.00) (5,515,937.12) (23,793,210.00) 11,694,700.00 (36,405,184.98) 18,044,994.29 TOTAL
Commitment (1,787,520.00) (403,703.56) 2,888,150.00 3,847,791.66 16,340,637.75 4,488,050.00 1,185,456.84 (3,423,091.00) 8,514,328.07 2,636,562.78 370,162.72 (1,533,681.16) (1,608,981.68) (1,608,981.68) (908,929.18) (626,768.05) 8,454,000.00 (907,979.85) 142,960.00 2,050,513.77 (4,333,950.59) 3,120,459.43 (6,635,778.04) 3,276,529.48 TOTAL
Page 240
Unrealised appreciation/(depreciation) (281,066.67) 27,919.91 25,910.00 395,860.00 9,628.27 38,413.39 216,664.90
Unrealised appreciation/(depreciation) 46,060.00 (7,756.79) 243,980.00 (242,060.00) (164,960.99) 125,709.19 971.41
Unrealised appreciation/(depreciation) (64,680.00) (12,669.31) 114,070.00 131,626.02 19,650.29 115,487.50 29,587.15 (252,973.18) 24,294.48 20,494.62 11,233.60 (9,739.13) (47,702.49) (47,702.49) (27,095.45) (5,034.39) (218,343.62) (20,605.25) 4,110.00 155,455.07 23,441.87 (3,378.86) (22,071.00) 56,062.29 21,220.21
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 8. OPEN POSITIONS ON FINANCIAL FUTURES (continued) Polaris Fund - Global Cash Plus Fund Currency Quantity BuyDescription Sell JPY 6 S 10YR MINI JG /201209 EUR 164 B CAC40 10 EURO CAD 85 S CAN 10YR BON /201209 EUR 144 B AMSTERDAM IN /201207 USD 118 B S&P 500 EMINI INDEX GBP 156 S LONG GILT FUTURE-LIF EUR 40 B DAX INDEX GERMANY HKD 68 S HANG SENG IN /201207 JPY 5 S JPN 10 YEARS BOND CAD 25 B S&P/TSE CAN 60 INDEX EUR 183 B EURO BUND FUTURE CHF 143 S SWISS MARKET INDEX JPY 122 S TOPIX INDEX /201209 USD 53 B US 10 YEARS NOTE AUD 26 S AUSTR 10YR BOND AUD 102 B SPI 200 INDE /201209 GBP 51 S FTSE 100 INDEX
Polaris Fund - Global Balanced I Fund Currency Quantity BuyDescription Sell CAD 18 B CAN 10YR BON /201209 USD 5 B DJIA MINI FU /201209 EUR 89 B AMSTERDAM IN /201207 USD 1,419 S S&P 500 EMINI INDEX GBP 285 B LONG GILT FUTURE-LIF HKD 57 B HANG SENG IN /201207 EUR 98 S IBEX 35 INDEX JPY 57 B JPN 10 YEARS BOND USD 186 S MINI MSCI EM /201209 USD 220 B MINI MSCI EA /201209 USD 5 S NASDAQ 100 E /201209 CAD 3 B S&P/TSE CAN 60 INDEX SEK 669 S OMXS30 INDEX (OML) USD 5 B RUSSELL 2000 /201209 EUR 186 B EURO BUND FUTURE USD 141 B US 10 YEARS NOTE AUD 37 B AUSTR 10YR BOND AUD 130 S SPI 200 INDE /201209
Commitment (851,492.06) 5,234,880.00 (9,096,231.88) 8,848,800.00 6,306,102.99 (22,965,220.62) 6,411,500.00 (6,717,588.74) (7,095,273.40) 2,556,135.27 25,784,700.00 (7,213,395.50) (9,265,284.42) 4,176,352.39 (16,226,389.05) 8,356,164.94 (3,481,312.57) TOTAL
Commitment 1,926,260.87 252,314.72 5,469,050.00 (75,833,560.54) 41,955,691.51 5,630,919.97 (6,846,182.00) 80,886,116.71 (6,923,060.56) 12,341,357.71 (205,645.96) 306,736.23 (7,856,998.11) 313,384.03 26,207,400.00 11,110,673.34 23,091,399.80 (10,650,014.14) TOTAL
Page 241
Unrealised appreciation/(depreciation) 782.16 223,645.00 (85,437.22) 431,428.66 220,079.98 (115,473.98) 234,000.00 (175,010.13) 4,127.20 46,183.57 (367,734.91) (158,756.19) (891,587.84) 26,102.20 (5,856.69) (28,835.67) (70,912.12) (713,255.98)
Unrealised appreciation/(depreciation) 11,980.68 6,747.17 166,590.00 (2,386,464.30) 246,460.20 159,526.81 (505,946.36) 178,554.59 (222,780.82) 372,058.87 (6,094.10) (1,298.55) (232,941.38) 2,459.66 (489,318.52) 52,074.34 (16,669.05) 13,266.83 (2,651,793.93)
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 8. OPEN POSITIONS ON FINANCIAL FUTURES (continued) Polaris Fund - Global Balanced III Fund Currency Quantity BuyDescription Sell JPY 46 S 10YR MINI JG /201209 EUR 84 S EURO SCHATZ FUTURE USD 254 B S&P 500 EMINI INDEX USD 44 B US 5 YEARS NOTE-CBT GBP 4 B LONG GILT FUTURE-LIF EUR 41 S EURO BOBL FUTURE USD 129 S RUSSELL 2000 /201209 EUR 18 B EURO BUND FUTURE JPY 44 B TOPIX INDEX /201209 USD 32 S US 2 YEARS NOTE- CBT USD 34 B US 10 YEARS NOTE USD 40 B US TREASURY BOND AUD 29 B AUSTR 10YR BOND GBP 62 S FTSE 100 INDEX
Polaris Fund - GEO European Equity Total Return Fund Currency Quantity BuyDescription Sell EUR 13 B CAC40 10 EURO EUR 2 B AMSTERDAM IN /201207 EUR 2 B DAX INDEX GERMANY EUR 2 B IBEX 35 INDEX EUR 1 B MDAX INDEX (EUREX) EUR 1 B FTSE MIB INDEX
Polaris Fund - GEO Equity Global III Currency Quantity BuyDescription Sell EUR 20 S DAX INDEX GERMANY EUR 150 S DJ EURO STOXX 50
Polaris Fund - GEO Equity Global V Currency Quantity BuyDescription Sell USD 5 B S&P 500 EMINI INDEX EUR 5 B DJ EURO STOXX 50
Commitment (6,528,105.81) (9,281,580.00) 13,574,153.89 3,467,160.47 588,851.81 (5,161,490.00) (8,085,307.91) 2,536,200.00 3,341,577.99 (5,043,142.51) 2,679,169.46 3,151,964.07 18,098,664.71 (4,232,183.91) TOTAL
Commitment 414,960.00 122,900.00 320,575.00 139,718.00 51,500.00 71,480.00 TOTAL
Commitment (3,205,750.00) (3,382,500.00) TOTAL
Commitment 267,207.75 112,750.00 TOTAL
Page 242
Unrealised appreciation/(depreciation) (118.51) 23,510.00 344,277.22 6,771.80 2,719.07 26,650.00 (295,295.69) (55,830.00) 298,525.89 2,437.85 21,768.25 32,997.12 (8,978.12) (65,158.82) 334,276.06
Unrealised appreciation/(depreciation) 1,473.33 (48.56) 595.84 540.86 56.00 575.00 3,192.47
Unrealised appreciation/(depreciation) (54,500.00) (177,000.00) (231,500.00)
Unrealised appreciation/(depreciation) 8,948.04 5,167.34 14,115.38
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 8. OPEN POSITIONS ON FINANCIAL FUTURES (continued) Polaris Fund - GEO All Maturity Fund I Currency Quantity BuyDescription Sell GBP 174 B LONG GILT FUTURE-LIF EUR 382 B EURO BUND FUTURE USD 50 B US 10 YEARS NOTE
Polaris Fund - Global Bond Currency Quantity BuySell CAD 4 B EUR 35 S USD 7 S JPY 2 B EUR 1 B EUR 7 S USD 8 S USD 7 B USD 9 B AUD 11 S AUD 1 B
Description CAN 10YR BON /201209 EURO SCHATZ FUTURE US 5 YEARS NOTE-CBT JPN 10 YEARS BOND EURO BOBL FUTURE EURO BUND FUTURE US 2 YEARS NOTE- CBT US 10 YEARS NOTE US TREASURY BOND AUSTR 10YR BOND AUSTR 3YR BO /201209
Polaris Fund - GEO Global Bond otal Return VI Currency Quantity BuyDescription Sell CAD 24 S CAN 10YR BON /201209 GBP 11 S LONG GILT FUTURE-LIF EUR 1 B EURO BTP FUTURE -EUX EUR 41 S EURO BUND FUTURE AUD 10 S AUSTR 3YR BO /201209
Polaris Fund - GEO Total Return VII Currency Quantity BuyDescription Sell USD 149 S S&P 500 EMINI INDEX CHF 2 S SWISS FED BOND (EUZ) USD 3 B EMINI HEALTH CA INDX USD 2 S EMINI MATERIALS INDX USD 6 S E-MINI INDUSTRIAL SE USD 2 S EMINI ENERGY SE INDX USD 4 S EMINI CONS STA IDX USD 16 S E-MINU UTL S .SECT USD 8 B E-MINI TECHNOLO-CME USD 15 B E-MINI CONSUMER-CME JPY 2 B JPN 10 YEARS BOND USD 7 B NASDAQ 100 E /201209 EUR 2 S EURO BUND FUTURE USD 5 S US 10 YEARS NOTE EUR 270 S DJ EURO STOXX 50
Commitment 25,615,053.76 53,823,800.00 3,939,955.08 TOTAL
Commitment 428,057.97 (3,867,325.00) (551,593.71) 2,838,109.36 125,890.00 (986,300.00) (1,260,785.63) 551,593.71 709,191.92 (6,865,010.75) 216,735.91 TOTAL
Commitment (2,568,347.83) (1,619,342.48) 100,460.00 (5,776,900.00) (2,167,359.07) TOTAL
Commitment (7,962,791.06) (252,674.52) 89,878.26 (58,374.37) (167,652.97) (104,597.93) (108,963.40) (467,373.23) 181,237.93 516,764.51 2,838,109.36 287,904.34 (281,800.00) (393,995.51) (6,088,500.00) TOTAL
Page 243
Unrealised appreciation/(depreciation) 49,660.12 (1,004,540.00) (10,465.51) (965,345.39)
Unrealised appreciation/(depreciation) 4,792.27 9,275.00 (887.77) 3,555.29 (1,260.00) 22,820.00 935.74 743.18 5,168.90 7,787.47 (122.13) 52,807.95
Unrealised appreciation/(depreciation) (28,931.40) 2,817.95 2,000.00 71,800.00 2,553.49 50,240.04
Unrealised appreciation/(depreciation) (198,429.93) 3,246.89 2,231.59 (2,505.81) (3,293.80) (4,885.54) (3,459.28) (7,281.04) 5,610.50 13,356.45 13,628.61 8,900.36 4,560.00 1,526.73 (269,090.00) (435,884.27)
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 8. OPEN POSITIONS ON FINANCIAL FUTURES (continued) Polaris Fund - GEO Global Real Bond Fund II Currency Quantity BuyDescription Sell EUR 17 S EURO SCHATZ FUTURE USD 28 S US 5 YEARS NOTE-CBT GBP 28 S LONG GILT FUTURE-LIF JPY 1 B JPN 10 YEARS BOND EUR 30 S EURO BOBL FUTURE EUR 4 B EURO BUND FUTURE USD 13 S US 2 YEARS NOTE- CBT USD 37 B US 10 YEARS NOTE USD 19 S US TREASURY BOND USD 12 S US ULTRA BD /201209 AUD 25 S AUSTR 10YR BOND
Polaris Fund - GEO Global Cash Plus II Currency Quantity BuyDescription Sell USD 9 S USD/AUD (CME /201209 USD 1 S USD/GBP (CME /201209 USD 37 B USD/CAD (CME /201209 EUR 1 S CAC40 10 EURO USD 1 S EUR/USD (CME) EUR 1 B AMSTERDAM INDEX HKD 1 B HANG SENG IN /201207 EUR 1 S IBEX 35 INDEX EUR 19 S EURO BTP FUTURE -EUX JPY 3 B JPN 10 YEARS BOND USD 5 B JPN YEN CURR FUT USD 2 S MINI MSCI EM /201209 USD 5 B NASDAQ 100 E /201209 USD 9 S USD/NZD (CME /201209 CAD 1 S S&P/TSE CAN 60 INDEX SEK 5 S OMXS30 INDEX (OML) USD 1 B RUSSELL 2000 /201209 EUR 6 S EURO BUND FUTURE USD 17 S USD/CHF (CME /201209 EUR 2 S FTSE MIB INDEX USD 1 B US TREASURY BOND USD 21 B VIX FUTURE ( /201209 EUR 2 S DJ EURO STOXX 50 AUD 1 B SPI 200 INDE /201209 GBP 1 S FTSE 100 INDEX
Polaris Fund - Global Bond Total Return V Currency Quantity BuyDescription Sell EUR 30 B BTP03YR ITALY EUR 350 B DJ EUR STOX BANK IDX EUR 164 S EURO SCHATZ FUTURE USD 70 S S&P 500 EMINI INDEX EUR 60 B EURO BTP FUTURE -EUX USD 10 S US TREASURY BOND EUR 146 B DJ EURO STOXX 50
Commitment (1,878,415.00) (2,206,374.85) (4,121,962.67) 1,419,054.68 (3,776,700.00) 563,600.00 (2,048,776.64) 2,915,566.76 (1,497,182.93) (945,589.22) (15,602,297.16) TOTAL
Commitment (721,177.26) (77,208.34) 2,861,920.33 (31,920.00) (124,778.38) 61,450.00 98,788.07 (69,859.00) (1,908,740.00) 4,257,164.04 617,341.71 (74,441.51) 205,645.96 (565,935.15) (102,245.41) (58,721.96) 62,676.81 (845,400.00) (1,768,419.29) (142,960.00) 78,799.10 323,509.71 (45,100.00) 81,923.19 (68,261.03) TOTAL
Commitment 3,094,800.00 1,554,000.00 (18,121,180.00) (3,740,908.55) 6,027,600.00 (787,991.02) 3,292,300.00 TOTAL Page 244
Unrealised appreciation/(depreciation) 4,675.00 (240.09) 27,759.24 (2,271.44) 1,050.00 280.00 775.68 (18,985.66) 27,628.94 (8,704.84) 2,284.75 34,251.58
Unrealised appreciation/(depreciation) (18,658.82) (443.05) 20,038.61 (1,170.00) 197.00 (50.00) 1,340.95 (5,039.00) (3,340.00) 2,666.47 (2,265.47) (3,522.32) 4,586.11 (9,585.91) (1,690.18) (1,883.67) 2,884.05 9,930.00 (5,240.14) (13,085.00) (443.24) (34,088.49) (2,100.00) (565.41) (506.74) (62,034.25)
Unrealised appreciation/(depreciation) 63,190.00 140,430.00 24,990.00 (154,859.93) 109,000.00 6,648.67 175,200.00 364,598.74
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 8. OPEN POSITIONS ON FINANCIAL FUTURES (continued) Polaris Fund - GEO Global Advantage Bond Fund I Currency Quantity BuyDescription Sell EUR 15 S EURO BOBL FUTURE
Polaris Fund - GEO Global Balanced IV Fund Currency Quantity BuyDescription Sell USD 237 B EUR/USD (CME) EUR 2,580 B DJ EURO STOXX 50
Commitment (1,888,350.00) TOTAL
Commitment 29,572,475.47 58,179,000.00 TOTAL
Unrealised appreciation/(depreciation) 21,900.00 21,900.00
Unrealised appreciation/(depreciation) 112,413.60 3,341,100.00 3,453,513.60
9. SWAPS Credit default swaps The Fund has entered into Credit Default swap agreements whereby one party (the protection buyer) pays the other (the protection seller) a fixed periodic coupon for the specified life of the agreement in return for a payment contingent to a credit event. If such an event occurs, the protection seller will then make a payment to the protection buyer and the swap will terminate. Unrealised appreciation/depreciation resulting there from are accounted for in “Net unrealised appreciation on swaps” or “Net unrealised depreciation on swaps” in the statement of net assets. The Fund may only enter into credit default swap transactions with highly rated financial institutions. Polaris fund - GEO Global Total Return III Nominal Currency Maturity Underlying date CARDINAL HEALTH INC 5 3,000,000 USD 20/12/16 15102016 CARDINAL HEALTH INC 5 2,000,000 USD 20/12/16 15102016 UNITED KINGDOM 4 11,100,000 USD 20/06/15 07062032 1,300,000
USD
20/06/15
1,000,000
USD
20/06/15
600,000
USD
20/06/15
2,100,000
USD
20/06/21
2,100,000
EUR
20/06/16
2,500,000
USD
20/09/16
Purchase/Sale
Counterparty
Premium (%)
Unrealised appreciation/(depreciation) (EUR)
P
JPMORGAN CHASE BANK US
0.6
(16,391.98)
P
DEUTSCHE BANK AG LDN
0.5
(3,987.64)
S
DEUTSCHE BANK AG LDN
1
184,902.79
AUSTRALIA 513 6 15052013 UNITED KINGDOM 4 07062032 UNITED KINGDOM 4 07062032
S
UBS AG LONDON BRANCH
1
21,414.89
S
DEUTSCHE BANK AG LDN
1
16,657.92
S
CITIBANK NY
CALIFORNIA 5.25% 01/02/2018 US TREASURY NT E-2016 4 15082016
S
DEUTSCHE BANK AG LDN
S
UBS AG (US)
S
UBS AG LONDON BRANCH
1
9,994.75
2.0299
(7,799.86)
0.25
(9,324.68)
1
39,045.60
1,200,000
USD
20/06/16
AUSTRALIA 513 6 15052013 UNITED KINGDOM 4 07062032
S
CITIBANK NY
1
20,533.07
5,200,000
USD
20/09/16
AUSTRALIA 513
6 15052013
S
UBS AG (US)
1
81,214.87
1,700,000
USD
20/12/16
AUSTRALIA 513 6 15052013
S
DEUTSCHE BANK AG LDN
1
24,662.80
1,000,000
USD
20/12/16
AUSTRALIA 513
6 15052013
S
UBS AG (US)
1
14,507.57
300,000
USD
20/12/16
AUSTRALIA 513
6 15052013
S
UBS AG (US)
1
4,352.25
8,000,000
USD
20/12/16
S
BARCLAYS CAPITAL LD
0.25
(166,324.68)
1,500,000
USD
20/06/13
P
DEUTSCHE BANK AG LDN
0.69
(6,405.27)
4,100,000
USD
20/03/14
P
BARCLAYS BANK PLC NY
1
68,525.32 (26,641.89)
6,000,000
EUR
20/06/16
BRD -26 20062016 CARDINAL HEALTH INC 5 15062013 CREDIT AGRICOLE 5.065% 10/08/202 US TREASURY NT E-2016 4 15082016
S
HSBC BANK USA N.A
0.25
2,000,000
USD
20/12/13
TYCO INTL GRP
6 15112013
P
DEUTSCHE BANK AG LDN
0.75
(9,909.56)
6,500,000
USD
20/03/16
AUSTRALIA 513
6 15052013
S
DEUTSCHE BANK AG LDN
1
107,978.32
Page 245
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 9. SWAPS (continued) Polaris fund - GEO Global Total Return III (continued) Nominal Currency Maturity Underlying date
Purchase/Sale
Counterparty
3,300,000
USD
20/12/16
AUSTRALIA 513 6 15052013
S
2,200,000
USD
20/09/16
S P
DEUTSCHE BANK AG LDN DEUTSCHE BANK AG LDN DEUTSCHE BANK AG LDN
S
BNP-PARIBAS SA PARIS
2,000,000
USD
20/06/13
AUSTRALIA 513 6 15052013 NEWELL RUBBERMAID 6 15042018
800,000
USD
20/06/17
ITALY
4,700,000
USD
20/06/17
NEDERLANDS 3 15072015
S
1,400,000
USD
20/06/17
NEDERLANDS 3 15072015
S
Polaris fund - GEO All Maturity Fund I Nominal Currency Maturity date
6 27092023
Underlying
Purchase/Sale
Premium (%)
Unrealised appreciation/(depreciation) (EUR)
1
47,874.92
1
34,360.12
0.78
(8,761.79)
1
(98,708.01)
HSBC BANK USA N.A
0.25
(144,156.99)
UBS AG (US)
0.25
(42,940.42)
TOTAL
134,672.42
Counterparty
Premium (%)
Unrealised appreciation/(depreciation) (EUR)
3,600,000
USD
20/03/17
DENMARK EMTN
3 17032014
S
DEUTSCHE BANK AG LDN
0.25
(101,115.26)
4,200,000
EUR
20/12/16
ITRAXX EUROPE SERIE 16 5Y
P
HSBC BANK USA N.A
1
116,820.11
6,700,000
EUR
20/12/16
ITRAXX EUROPE SERIE 16 5Y
P
HSBC BANK USA N.A
1
186,355.94
4,600,000
USD
20/06/17
BRD -2-
S
BARCLAYS CAPITAL LD
0.25
(123,243.33)
2,600,000
USD
20/06/17
DENMARK EMTN
S
BNP-PARIBAS SA PARIS DEUTSCHE BANK AG LDN
0.25
(80,878.90)
0.25
(79,393.70)
1
(173,274.52)
1
(173,274.52)
1
(173,274.52)
20/06/17
6 20062016
2,600,000
USD
1,300,000
USD
20/06/17
KINGDOM OF SPAIN
S
1,300,000
USD
20/06/17
KINGDOM OF SPAIN
S
1,300,000
USD
20/06/17
KINGDOM OF SPAIN
S
HSBC BANK USA N.A BNP-PARIBAS SA PARIS BARCLAYS CAPITAL LD
3,100,000
USD
BRD -2-
S
UBS AG (US)
20/06/17
NEDERLANDS
3 17032014 3 15072015
6 20062016
Polaris fund - GEO Global Bond Total Return VI Nominal Currency Maturity Underlying date
S
Purchase/Sale
300,000
USD
20/06/15
UNITED KINGDOM 4 07062032
S
100,000
USD
20/06/15
AUSTRALIA 513 6 15052013
S
600,000
USD
20/06/15
UNITED KINGDOM 4 07062032
S
100,000
USD
20/06/13
200,000
USD
200,000
USD
200,000
P
USD
ILFC 5 01052013 CALIFORNIA STATE 3 20/03/21 01112015 STATE OF ILLINOIS 4 20/03/21 01012014 STATE OF ILLINOIS 4 20/03/21 01012014
400,000
USD
20/03/16
AUSTRALIA 513
6 15052013
S
200,000
USD
20/06/21
S
200,000
EUR
20/06/16
CALIFORNIA 5.25% 01/02/2018 US TREASURY NT E-2016 4 15082016
300,000
USD
20/09/16
S
S S S
S
Counterparty DEUTSCHE BANK AG LDN BNP PARIBAS LONDON BRANCH CITIBANK NY GOLDMAN SACHS INTERN. DEUTSCHE BANK AG LDN DEUTSCHE BANK AG LDN DEUTSCHE BANK AG LDN DEUTSCHE BANK AG LDN DEUTSCHE BANK AG LDN UBS AG (US) UBS AG LONDON BRANCH
0.25
(83,055.25)
TOTAL
(684,333.93)
Premium (%)
Unrealised appreciation/(depreciation) (EUR)
1
4,997.37
1
1,647.31
1
9,994.75
5
(2,205.55)
2.8
7,416.86
2.9
5,332.64
2.82
4,519.33
1
6,644.80
2.0299
(742.85)
0.25
(888.04)
1
4,685.46
1,000,000
USD
20/06/16
AUSTRALIA 513 6 15052013 UNITED KINGDOM 4 07062032
S
CITIBANK NY
1
17,110.92
500,000
USD
20/09/16
AUSTRALIA 513
6 15052013
S
UBS AG (US)
1
7,809.14
200,000
USD
20/12/16
AUSTRALIA 513
6 15052013
S
CITIBANK NY
1
2,901.53
200,000
USD
20/03/14
PULTE GROUP
5 15012014
P
5
(8,375.81)
200,000
USD
20/12/16
AUSTRALIA 513
6 15052013
S
1
2,901.53
300,000
USD
20/12/16
AUSTRALIA 513
6 15052013
S
BARCLAYS CAPITAL LD DEUTSCHE BANK AG LDN CREDIT SUISSE INTERNATIONAL LDN
1
4,352.25
Page 246
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 9. SWAPS (continued) Polaris fund - GEO Global Bond Total Return VI (continued) Nominal Currency Maturity Underlying date 100,000
USD
20/12/16
1,000,000
USD
20/12/16
200,000
USD
20/12/14
800,000
USD
20/06/17
500,000
USD
20/03/14
AUSTRALIA 513 15052013
Purchase/Sale
Counterparty
Premium (%)
Unrealised appreciation/(depreciation) (EUR)
6 S
UBS AG (US)
S
BARCLAYS CAPITAL LD
1
1,450.78
0.25
(20,790.60)
P
DEUTSCHE BANK AG LDN
5
(7,447.21)
P
DEUTSCHE BANK AG LDN
0.5
(8,607.56)
P
BARCLAYS BANK PLC NY
1
8,356.74
700,000
EUR
20/06/16
BRD -26 20062016 JONES APPAREL 5 15112014 BURLINGTON NORTHERN 5 16032018 CREDIT AGRICOLE 5.065% 10/08/202 US TREASURY NT E-2016 4 15082016
S
HSBC BANK USA N.A
0.25
(3,108.25)
600,000
USD
20/03/16
AUSTRALIA 513
6 15052013
S
DEUTSCHE BANK AG LDN
1
9,967.24
200,000
USD
20/09/16
AUSTRALIA 513
6 15052013
S
DEUTSCHE BANK AG LDN
1
3,123.67
6 15072017
P
DEUTSCHE BANK AG LDN
4.8
(18,344.79)
S
BNP-PARIBAS SA PARIS
1
(49,354.02)
200,000
USD
20/09/17
LIMITED BRANDS
400,000
USD
20/06/17
ITALY 6 27092023
100,000
USD
20/06/17
NEDERLANDS
3 15072015
S
UBS AG (US)
0.25
(3,067.19)
500,000
USD
20/06/17
NEDERLANDS
3 15072015
S
HSBC BANK USA N.A
0.25
(15,335.87)
TOTAL
(35,055.43)
Polaris fund - GEO Global Advantage Bond Fund I Nominal Currency Maturity Underlying date 2,500,000
USD
20/03/17
2,500,000
USD
20/03/17
2,500,000 4,000,000 3,000,000
AUSTRALIA 513
6 15052013
Purchase/Sale
S S
USD
BRD -26 20062016 UNITED KINGDOM 4 20/03/17 07062032
USD
20/06/17
S
USD
20/06/17
JAPAN GOVT 055 2 21032022 UNITED KINGDOM 4 07062032
S
S
Page 247
Counterparty BNP PARIBAS LONDON BRANCH HSBC BANK USA N.A BNP PARIBAS LONDON BRANCH BARCLAYS BANK PLC NY GOLDMAN SACHS INTERN.
Premium (%)
Unrealised appreciation/(depreciation) (EUR)
1
33,536.06
0.25
(59,454.39)
1
36,990.44
1
18,402.69
1
41,946.06
TOTAL
71,420.87
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 9. SWAPS (continued) Interest rate swaps The Fund has concluded Interest rate swap contracts in which the counterparties exchange respective engagements for the payment or receipt of fixed or floating interest on a specific nominal reference amount. These swaps are valued every day the Net Asset value is calculated and the unrealised amounts are accounted for in “Net unrealised appreciation on swaps” or “Net unrealised depreciation on swaps” in the Statement of net assets. Polaris Fund - GEO Short-Term Bond Fund V Nominal Currency Maturity date
Flows paid
Flows received
Unrealised appreciation/(depreciation) (EUR)
1,900,000,000
JPY
28/05/14
JPY LIBOR 6 MONTHS
0.36
28,756.11
1,900,000,000
JPY
28/05/15
0.39
JPY LIBOR 6 MONTHS
(15,653.90)
7,100,000
GBP
04/06/42
GBP LIBOR 6 MONTHS
3.47
(131,720.22)
7,200,000
EUR
04/06/42
1.80
EUR EURIBOR 6 MONTHS
309,195.57
6,900,000
EUR
04/07/21
EUR OIS
(172,806.79)
30,000,000
CAD
11/06/13
0.96
1.18 CAD OVERNIGHT COMPOUNDED RATE
23,000,000
EUR
04/07/17
EUR EURIBOR 6 MONTHS
(9,381.86)
2.72
1.56 AUD OVERNIGHT COMPOUNDED RATE
(44,352.80)
(5,033.22)
37,000,000
AUD
15/06/13
8,000,000
AUD
18/06/22 AUD BANK BILL 6 MONTHS
23,000,000
AUD
18/06/13
2.66
4.28 AUD OVERNIGHT COMPOUNDED RATE
67,970,000
SEK
02/07/17
SEK STIBOR 3 MONTHS
2.02
(23,280.21)
7,580,000
EUR
02/07/17
1.29
EUR EURIBOR 6 MONTHS
4,982.63
3,790,000
EUR
02/07/17
1.29
EUR EURIBOR 6 MONTHS
2,023.61
33,985,000
SEK
02/07/17
SEK STIBOR 3 MONTHS
2.03
(10,041.32)
TOTAL
18,957.51
Polaris Fund - GEO Global Total Return I Nominal Currency Maturity date
Flows paid
Flows received
47,148.22
39,121.70
Unrealised appreciation/(depreciation) (EUR)
8,000,000
EUR
14/03/14
3.11
EUR EURIBOR 3 MONTHS
(312,845.04)
32,000,000
EUR
15/04/14
2.87
EUR EURIBOR 3 MONTHS
(1,213,483.36)
11,000,000
EUR
07/04/14
2.02
EUR EURIBOR 3 MONTHS
(579,281.07)
2,900,000
GBP
24/02/52
GBP LIBOR 6 MONTHS
3.65
(344.69)
11,690,000
GBP
24/02/27
3.89
GBP LIBOR 6 MONTHS
(119,634.64)
10,000,000
GBP
12/04/52
GBP LIBOR 6 MONTHS
3.70
13,325.70
10,000,000
GBP
12/04/27
3.92
GBP LIBOR 6 MONTHS
(63,703.84) (236,600.33)
5,300,000
EUR
02/05/29
2.88
EUR EURIBOR 6 MONTHS
13,560,000
EUR
02/05/21
EUR EURIBOR 6 MONTHS
2.48
288,170.13
12,660,000
EUR
02/05/16
1.59
EUR EURIBOR 6 MONTHS
(68,478.36)
2,330,000
EUR
10/05/31
2.92
EUR EURIBOR 6 MONTHS
(61,492.12)
6,030,000
EUR
10/05/21
EUR EURIBOR 6 MONTHS
2.63
31,316.65 (22,812.10)
880,000
EUR
10/05/31
2.92
EUR EURIBOR 6 MONTHS
2,290,000
EUR
10/05/21
EUR EURIBOR 6 MONTHS
2.63
11,637.08
14,000,000
EUR
16/05/21
EUR EURIBOR 6 MONTHS
2.42
(58,801.09)
5,330,000
EUR
16/05/31
2.64
EUR EURIBOR 6 MONTHS
39,078.01
7,700,000
EUR
14/07/14
0.71
EUR EURIBOR 3 MONTHS
(18,338.65)
Page 248
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 9. SWAPS (continued) Polaris Fund - GEO Global Total Return I (continued) Nominal Currency Maturity Flows paid date
Flows received
7,700,000
EUR
03/04/14
30,000,000
EUR
12/03/14
30,000,000
EUR
04/12/15
1,150,000
GBP
19/12/22 GBP LIBOR 6 MONTHS
1,460,000
GBP
19/12/17
1.50
9,310,000
USD
19/12/22
2.00
6,890,000
USD
19/12/17
790,000
USD
19/12/42
1.25 USD LIBOR 3 MONTHS
20,580,000
USD
19/12/19
5,725,000
USD
19/12/32
1.75 USD LIBOR 3 MONTHS
20,940,000
EUR
19/12/15
1.00
6,990,000
EUR
19/12/17
1.50
7,000,000
USD
19/12/27
2.50
11,890,000
USD
19/12/15
0.75
26,330,000
USD
19/12/14
0.75
37,660,000
EUR
25/06/15
34,450,000
EUR
25/06/17
1.02 EUR EURIBOR 6 MONTHS
6,840,000
EUR
25/06/23
2.15
Unrealised appreciation/(depreciation) (EUR)
0.69
EURIBOR 3 MONTHS EUR EURIBOR 3 0.59 MONTHS EUR EURIBOR 3 0.76 MONTHS 2.25 GBP LIBOR 6 MONTHS USD LIBOR 3 MONTHS USD LIBOR 3 MONTHS 2.50 USD LIBOR 3 MONTHS 2.50 EUR EURIBOR 6 MONTHS EUR EURIBOR 6 MONTHS USD LIBOR 3 MONTHS USD LIBOR 3 MONTHS USD LIBOR 3 MONTHS EUR EURIBOR 6 MONTHS
8,465.64 (3,421.73) 19,431.93 5,187.81 (11,887.65) (89,783.82) (38,965.98) (1,704.49) (301,108.96) 78,564.75 27,120.80 (23,639.83) (186,566.80) (4,925.64) (59,616.00) (17,995.07)
1.44 EUR EURIBOR 6 MONTHS
38,234.42
TOTAL
(2,904,962.88)
29,935.44
Polaris Fund - GEO Global Total Return III
Nominal
Currency
Maturity date
Flows paid
Flows received
Unrealised appreciation/(depreciation) (EUR)
22,100,000
MXN
27/07/20
MXN TIIE 1 MONTH
6.96
109,343.66
11,000,000
MXN
27/07/20
MXN TIIE 1 MONTH
6.96
54,424.45
12,700,000
MXN
27/07/20
MXN TIIE 1 MONTH
6.96
62,835.50
15,900,000
MXN
27/07/20
MXN TIIE 1 MONTH
6.96
78,668.06
23,400,000
MXN
27/07/20
MXN TIIE 1 MONTH
6.96
115,775.64
36,200,000
MXN
08/12/15
MXN TIIE 1 MONTH
6.59
107,248.53
18,500,000
MXN
08/06/16
MXN TIIE 1 MONTH
6.75
64,884.50
52,200,000
MXN
08/06/16
MXN TIIE 1 MONTH
6.75
183,079.51
22,680,000
MXN
02/06/21
MXN TIIE 1 MONTH
7.50
163,804.36
78,100,000
MXN
08/06/16
MXN TIIE 1 MONTH
6.75
273,917.81
22,300,000
MXN
08/06/16
MXN TIIE 1 MONTH
6.75
78,212.13
44,700,000
MXN
08/06/16
MXN TIIE 1 MONTH
156,774.98
61,900,000
USD
20/06/22
2.25
7,800,000
USD
20/06/16
1.25
6.75 USD LIBOR 3 MONTHS USD LIBOR 3 MONTHS
Page 249
(2,282,541.05) (115,505.98)
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 9. SWAPS (continued) Polaris Fund - GEO Global Total Return III (continued)
Nominal
Currency
Maturity date
Flows paid
Flows received
Unrealised appreciation/(depreciation) (EUR)
16,300,000
USD
20/06/22
2.25
USD LIBOR 3 MONTHS
(601,056.85)
42,700,000
MXN
13/09/17
MXN TIIE 1 MONTH
5.50
23,855.94
69,000,000
MXN
13/09/17
MXN TIIE 1 MONTH
5.50
38,549.41
62,100,000
MXN
13/09/17
MXN TIIE 1 MONTH
5.50
34,694.47
168,200,000
MXN
13/09/17
MXN TIIE 1 MONTH
5.50
93,971.13
TOTAL
(1,359,063.80)
Polaris Fund - Global Diversified Strategy Fund
Nominal
Currency
Maturity date
Flows paid
Flows received
920,000
EUR
19/12/14
1.00
5,430,000
EUR
19/12/15
1.00
1,990,000
EUR
19/12/17
1.50
990,000
USD
19/12/15
1,990,000
EUR
19/12/17
5,430,000
EUR
19/12/15
920,000
EUR
19/12/14
0.75 EUR EURIBOR 6 MONTHS EUR EURIBOR 6 MONTHS EUR EURIBOR 6 MONTHS
990,000
USD
19/12/15
USD LIBOR 3 MONTHS
EUR EURIBOR 6 MONTHS EUR EURIBOR 6 MONTHS EUR EURIBOR 6 MONTHS USD LIBOR 3 MONTHS
Unrealised appreciation/(depreciation) (EUR) (1,837.80) 7,032.75 (6,730.08) (410.13)
1.50
6,730.08
1.00
(7,195.06)
1.00
1,838.81
0.75
390.87
TOTAL
(180.57)
Polaris fund - GEO All Maturity Fund I
Nominal
Currency
Maturity date
19,126,971
BRL
02/01/15
1,652,745
BRL
02/01/15
24,620,835
BRL
02/01/15
14,976,785
AUD
15/03/23
Flows paid
Flows received
BRL MONEY MARKET CDI BRL MONEY MARKET CDI BRL MONEY MARKET CDI AUD BANK BILL 6 MONTHS
Page 250
Unrealised appreciation/(depreciation) (EUR)
9.31
159,123.10
9.31
5,929.69
9.01
137,173.11
4.00
(52,386.63)
TOTAL
249,839.27
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 9. SWAPS (continued) Polaris Fund - GEO Global Bond Total Return VI
Nominal
Currency
Maturity date
Flows paid
Flows received
Unrealised appreciation/(depreciation) (EUR)
4,100,000
MXN
08/12/15
MXN TIIE 1 MONTH
6.59
12,146.93
9,600,000
MXN
27/07/20
MXN TIIE 1 MONTH
6.96
47,497.70
2,100,000
MXN
08/06/16
MXN TIIE 1 MONTH
6.75
7,365.27
3,500,000
MXN
08/06/16
MXN TIIE 1 MONTH
6.75
12,275.45
9,000,000
MXN
08/06/16
MXN TIIE 1 MONTH
6.75
31,565.43
2,800,000
MXN
08/06/16
MXN TIIE 1 MONTH
6.75
9,820.36
5,600,000
MXN
08/06/16
MXN TIIE 1 MONTH
19,640.71
7,800,000
USD
20/06/22
2.25
4,600,000
USD
20/06/22
2.25
1,900,000
USD
20/06/22
2.25
6.75 USD LIBOR 3 MONTHS USD LIBOR 3 MONTHS USD LIBOR 3 MONTHS
100,000
MXN
13/09/17
MXN TIIE 1 MONTH
5.50
55.87
400,000
MXN
13/09/17
MXN TIIE 1 MONTH
5.50
223.47
500,000
MXN
13/09/17
MXN TIIE 1 MONTH
(287,622.33) (169,623.39) (70,061.85)
5.50
279.34
TOTAL
(386,437.03)
Polaris Fund - GEO Liquidity Fund
Nominal
Currency
Maturity date
Flows paid
Flows received
Unrealised appreciation/(depreciation) (EUR)
7,987,100
EUR
06/08/12
0.35
EUR OIS
3,994,950
EUR
10/07/12
0.36
EUR OIS
(570.26) (16.70)
7,995,755
EUR
19/07/12
0.35
EUR OIS
(160.11)
3,995,405
EUR
07/08/12
0.31
EUR OIS
(157.98)
7,996,151
EUR
23/07/12
0.32
EUR OIS
(105.81)
4,983,912
EUR
05/12/12
0.25
EUR OIS
(222.98)
7,995,407
EUR
10/09/12
0.27
EUR OIS
(310.91)
4,996,836
EUR
13/09/12
0.27
EUR OIS
(207.39)
4,992,982
EUR
11/09/12
0.28
EUR OIS
(292.34)
5,995,725
EUR
13/09/12
0.29
EUR OIS
(420.25) 183.21
5,995,603
EUR
18/09/12
0.24
EUR OIS
5,998,437
EUR
17/07/12
0.31
EUR OIS
8.32
5,995,556
EUR
25/09/12
0.23
EUR OIS
346.55
4,997,892
EUR
25/09/12
0.23
EUR OIS
288.89
TOTAL
(1,637.76)
Page 251
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 9. SWAPS (continued) Polaris Fund - GEO Global Advantage Bond Fund I
Nominal
Currency
Maturity date
Flows paid
Flows received
BRL MONEY MARKET CDI
61,379,778
BRL
02/01/14
4,500,000
GBP
19/09/17
22,982,463
BRL
02/01/14
16,291,340
BRL
02/01/15
42,610,126
BRL
02/01/15
4,800,000
EUR
15/03/22
74,049,878
BRL
02/01/14
3.00 BRL MONEY MARKET CDI
2,500,000
EUR
15/03/22
0.93
1.50 BRL MONEY MARKET CDI BRL MONEY MARKET CDI BRL MONEY MARKET CDI
Unrealised appreciation/(depreciation) (EUR)
10.18 GBP LIBOR 6 MONTHS
823,324.31 (47,775.21)
9.98
278,318.60
9.31
136,290.69
8.83 EUR EURIBOR 6 MONTHS
164,325.70 (65,934.90)
8.25
161,209.83
3.00
34,341.10
TOTAL
1,484,100.12
Equity swap The Fund has concluded Equity swap contracts in which the counterparties exchange respective engagements for the payment or receipt of fixed or floating interest on a specific nominal reference amount. These swaps are valued every day the Net Asset value is calculated and the unrealised amounts are accounted for in “Net unrealised appreciation on swaps” or “Net unrealised depreciation on swaps” in the Statement of net assets. As at June 30, 2012, Polaris Fund - GEO Global Balanced IV Fund had entered into 268 equity swap agreements. The notional values of these swaps transactions are the following: Currency CHF DKK EUR GBP NOK SEK Total
Notional value (EUR) 5,585,943.73 3,919,523.49 252,001,810.78 41,814,328.67 132,289.27 5,833,852.85 309,287,748.80
As at June 30, 2012, the unrealised net depreciation on interest rate swaps amounted to EUR 2,174,697,03.
Page 252
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 10. OPTIONS As at June 30, 2012, the Fund was engaged in the following short options contracts : Polaris Fund - GEO Short-Term Bond Fund V Description Maturity date
Currency
Strike
Number of options
Commitment (EUR)
Unrealised appreciation/(depreciation (EUR)
EURX EURO BUND /PUT
30/07/12
EUR
140
129
(18,060,000.00)
62,015.40
EURX EURO BUND /PUT
30/07/12
EUR
141
129
(18,189,000.00)
75,740.40
USD(C)/JPY(P)OTC /CALL
21/09/12
USD
81
900,000
57,444,545.13
(903.32)
EUR(C)/USD(P) /CALL
05/07/12
EUR
1.26
700,000
882,000.00
4,876.97
TOTAL
141,729.45
Polaris Fund - GEO Short-Term Bond Fund VIII Description Maturity date
Currency
Strike
Number of options
Commitment (EUR)
Unrealised appreciation/(depreciation (EUR)
US 10 YEAR NOTE /PUT
27/08/12
USD
130
34
(3,482,920.29)
(9,207.50)
EURX EURO BUND /PUT
27/08/12
EUR
143.5
56
(8,036,000.00)
114,630.00
EURX EURO BUND /PUT
27/08/12
EUR
138.5
56
7,756,000.00
757.68
TOTAL
106,180.18
Polaris Fund - GEO Global Total Return III Description Maturity date USD(C)/MXN(P)OTC /CALL
12/07/12
USD(C)/MXN(P)OTC /CALL EURX EURO BUND /CALL USD(C)/MXN(P) /CALL
Currency
Strike
Number of options
Commitment (EUR)
Unrealised appreciation/(depreciation (EUR)
USD
14.3
3,970,000
(44,735,038.02)
19/07/12
USD
14.1
1,450,000
(16,110,476.34)
7,263.23
30/07/12
EUR
144
47
(6,768,000.00)
7,530.00
23/08/12
USD
14.3
3,338,000
(37,613,490.41)
19,294.55
TOTAL
76,450.07
Polaris Fund - GEO Equity Global III Description Maturity date
Currency
Strike
Number of options
Commitment (EUR)
42,362.29
Unrealised appreciation/(depreciation (EUR)
SP 500 /PUT
22/09/12
USD
1,300
175
17,926,795.63
1,094,949.20
GREEN MTN COFFEE /PUT
22/09/12
USD
25
400
787,991.02
(38,953.44)
DJ STOXX BANK /PUT
24/09/12
EUR
85
1,500
6,375,000.00
101,750.00
TOTAL
1,157,745.76
Polaris Fund - GEO All Maturity Fund I Description Maturity date
Currency
Strike
Number of options
Commitment (EUR)
Unrealised appreciation/(depreciation (EUR)
AUD(P)/USD(C)OTC /PUT
23/08/12
AUD
0.97
4,200,000
(3,294,051.13)
SWAPTION IRO 10Y /PUT
17/03/14
EUR
3
5,800,000
17,400,000.00
27,564.93
SWAPTION IRO 30Y /PUT
17/03/14
EUR
3
2,500,000
(7,500,000.00)
(3,912.63)
EUR(P)/USD(C) /PUT
24/04/13
EUR
1.32
4,000,000
(5,263,200.00)
68,221.68
EUR(P)/CHF(C)OTC /PUT
08/08/12
EUR
1.2
1,000,000
(1,200,000.00)
(3,301.39)
SWAPTION IRS 10Y /PUT
17/03/14
EUR
3
5,200,000
15,600,000.00
(23,610.81)
SWAPTION IRO 30Y /PUT
17/03/14
EUR
3
2,200,000
(6,600,000.00)
39,482.46
EURX EURO BUND /PUT
30/07/12
EUR
138
65
8,970,000.00
12,080.00
EURX EURO BUND /PUT
30/07/12
EUR
139
15
2,085,000.00
4,500.00
EUR(P)/CHF(C)OTC /PUT
25/09/12
EUR
1.99
12,450,000
(24,763,050.00)
(1,903.75)
EUR(C)/CHF(P) OTC /CALL
25/09/12
EUR
1.2
6,750,000
8,092,575.00
790.63
US 10 YEAR NOTE /CALL
27/07/12
USD
135
23
(2,446,712.11)
2,668.98
TOTAL
87,926.58
Polaris Fund - GEO Global Bond otal Return VI Description Maturity date EURX EURO BUND /CALL
30/07/12
Currency EUR
Strike
Number of options
144
Commitment (EUR) 5
Page 253
(34,653.52)
Unrealised appreciation/(depreciation (EUR)
(720,000.00)
800.00
TOTAL
800.00
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 10. OPTIONS (continued) Polaris Fund - Global Bond Total Return V Description Maturity date
Currency
Strike
Number of options
Commitment (EUR)
Unrealised appreciation/(depreciation (EUR)
DJ EURO STOXX /CALL
24/09/12
EUR
2,550
200
5,100,000.00
DJ EURO STOXX 50 /CALL
23/07/12
EUR
2,350
100
2,350,000.00
9,600.00
TOTAL
22,300.00
Polaris Fund - GEO Liquidity Fund III Description Maturity date
Currency
AUD(P)/USD(C)OTC /PUT
23/08/12
AUD
SWAPTION IRO USD /CALL
18/03/13
USD
SWAPTION IRO USD /PUT
18/03/13
USD
SWAPTION IRO 10Y /PUT
17/03/14
EUR
SWAPTION IRO 30Y /PUT
17/03/14
EUR(P)/SEK(C)OTC /PUT EUR(P)/PLN(C)OTC /PUT EUR(P)/DKK(C)OTC /PUT
Strike
Number of options
0.97
Commitment (EUR)
12,700.00
Unrealised appreciation/(depreciation (EUR)
2,300,000
(1,803,885.14)
(22,578.00)
1.4
15,500,000
(17,099,405.07)
(105,754.92)
1.4
15,500,000
17,099,405.07
162,582.54
3
1,800,000
5,400,000.00
8,927.03
EUR
3
800,000
(2,400,000.00)
(1,735.76)
26/06/13
EUR
8.11
3,100,000
(25,125,500.00)
1,464.45
26/06/13
EUR
6.93
3,200,000
(22,160,000.00)
(198.18)
26/06/13
EUR
7.24
3,200,000
(23,152,000.00)
(15,665.70)
TOTAL
27,041.46
11. SECURITIES LENDING Each Sub-Fund may only lend securities through a standardized lending system organized by a recognized clearing institution or through a first class financial institution specializing in this type of transaction. As part of lending transactions, each Sub-Fund must receive collateral as guarantee. Such collateral, received in the form of liquid assets and/or securities issued or guaranteed by a member state of the OECD, or by their local authorities, or by supranational institutions and undertakings of a community, regional or world-wide nature, must at the conclusion of the contract be at least equal to the total market value of the securities lent. As at June 30, 2012, the market value of the securities lent and of the collateral blocked for each Sub-Fund are as follows: Name of Sub-Fund Polaris Fund - Ethical Global Balanced Polaris Fund - GEO Short -Term Bond Fund III Polaris Fund - GEO Short-Term Bond Fund V Polaris Fund - GEO Short-Term Bond Fund VI Polaris Fund - GEO Short-Term Bond Fund VII Polaris Fund - GEO Short-Term Bond Fund VIII Polaris Fund - GEO Short-Term Bond Fund X Polaris Fund - GEO Global Total Return I Polaris Fund - GEO Global Total Return II Polaris Fund - GEO Global Total Return III Polaris Fund - GEO Global Total Return IV Polaris Fund - Global Diversified Strategy Fund Polaris Fund - Global Cash Plus Fund Polaris Fund - Global Balanced I Fund Polaris Fund - Global Balanced III Fund Polaris Fund - GEO European Equity Total Return Fund Polaris Fund - GEO Equity Global I Polaris Fund - GEO Equity Global III Polaris Fund - GEO Equity Global V Polaris Fund - GEO All Maturity Fund I
Currency EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
Page 254
Market value of securities lent 25,399,617.91 52,869,080.25 155,576,280.61 116,349,899.34 55,039,870.25 129,675,990.04 35,695,050.80 104,471,124.00 15,549,477.09 39,709,032.85 110,970,056.06 161,338,211.44 112,325,098.99 105,367,171.44 46,125,853.29 18,720,185.81 13,378,930.44 11,127,107.58 37,905,854.10 63,535,326.93
Collateral cash value 1,787,701,651.94 56,715,134.28 165,781,344.99 124,552,935.85 59,507,058.85 139,298,078.15 38,135,315.19 110,653,265.58 16,628,412.59 42,313,432.47 235,555,217.17 173,253,163.14 117,968,595.68 112,771,426.64 49,472,014.84 19,751,667.82 13,627,147.73 11,493,459.99 39,401,170.76 67,575,146.56
Polaris Fund Notes to the financial statements as at June 30, 2012 (continued) 11. SECURITIES LENDING (continued) Name of Sub-Fund
Currency
Polaris Fund - Global Bond Polaris Fund - Social responsible Fund I Polaris Fund - GEO Global Bond otal Return VI Polaris Fund - GEO Total Return VII Polaris Fund - GEO Global Real Bond Fund II Polaris Fund - GEO Environmental Fund Polaris Fund - GEO Global Cash Plus II Polaris Fund - Global Bond Total Return V Polaris Fund - GEO Global Advantage Bond Fund I TOTAL
EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
Market value of securities lent 2,374,553.53 5,937,551.45 4,299,591.67 1,071,051.90 35,583,613.55 1,567,360.98 14,236,144.00 5,799,693.93 31,797,104.96 1,513,795,885.19
Collateral cash value 25,536,549.25 6,282,712.30 4,576,464.21 1,097,736.25 37,592,264.73 1,646,092.67 15,163,277.16 6,090,609.00 33,613,009.02 3,513,754,354.81
The Fund held also cash collateral of EUR 1,391,173,027.09. 12. REVERSE REPURCHASE AGREEMENTS During the financial year ended June 30, 2012, Polaris Fund - GEO Liquidity Fund entered into reverse repurchase contracts (see note 2) by which it lent a certain amount of cash to financial institutions, guaranteed by collateral. On June 30, 2012, loans granted in accordance with these agreements were guaranteed by the following underlying assets: Polaris Fund - GEO Liquidity Fund Description of underlying assets CRH 4.250 03-14 25/10 FRANCE OAT INDEX 1.100 09-22 25/07
Polaris Fund - Global Bond Total Return V Description of underlying assets BELGIUM - 47- 3.250 06-16 28/09 FRANCE BTAN INDEXE 0.450 10-16 25/07
Amount lent Currency 7,000,000 EUR 9,426,225 EUR Total
Value of underlying assets (EUR) 9,999,999.32 7,700,000.00 17,699,999.32
Amount lent Currency 9,253,000 EUR 14,900,000 EUR Total
Value of underlying assets (EUR) 10,000,692.92 15,877,650.00 25,878,342.92
13. CHANGES IN SECURITIES PORTFOLIO COMPOSITION The details of the changes in the Sub-Funds’ respective securities portfolio composition for the year ended June 30, 2012 are at the disposal of the Unitholders at the registered office of the Management Company of the Fund and are available upon request free of charge. 14. OTHER EXPENSES As at year end other expenses include miscellaneous fees such as publication fees and other operating fees. 15. SUBSEQUENT EVENTS As at July 1, 2012, Mr Sante Jannoni became conducting person.
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