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    Sanlam G

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    1 1 1 1 Company Information 42 2 2 2 Investment Manager’s Report 53333 Portfolio of Investments (Unaudited) 3.1 Sanlam Global Equity Fund 18 3.2 Sanlam Global Best Ideas Feeder Fund 19 3.3 Sanlam Global Balanced Fund 20 3.4 Sanlam Global Bond Fund 21 3.5 Sanlam Global Liquidity Fund 22 3.6 Sanlam Euro Liquidity Fund 23 3.7 Sanlam Sterling Liquidity Fund 24 3.8 Sanlam US Dollar Liquidity Fund 254444 Balance Sheet (Unaudited) 26 5555 Income Statement (Unaudited) 30 6666

    Statement of Changes in Net Assets Attributable to Holders of

    Redeemable Participating Shares (Unaudited) 33 7777 Cash Flow Statement (Unaudited) 40 8888 Notes to the Unaudited Financial Statements 41

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    DIRECTORSDIRECTORSDIRECTORSDIRECTORS REGISTERED OFFICEREGISTERED OFFICEREGISTERED OFFICEREGISTERED OFFICE Christiaan Gerhardus Swanepoel – South African 2A Parkview House Peter Murray – Irish

    Beech Hill Road

    Paul Dobbyn – Irish Dublin 4 All Directors act in a Non Executive capacity Ireland MANAGER MANAGER MANAGER MANAGER INVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGER Sanlam Asset Management (Ireland) Limited Sanlam Investment Management (Pty) 2A Parkview House Limited Beech Hill Road

    Willie van Schoor Avenue Dublin 4 Bellville 7530 Ireland South Africa ADMINISTRATOR & REGISTRARADMINISTRATOR & REGISTRARADMINISTRATOR & REGISTRARADMINISTRATOR & REGISTRAR CUSTODIANCUSTODIANCUSTODIANCUSTODIAN J.P. Morgan Administration Services Governor & Company of the Bank of (Ireland) Limited Ireland JPMorgan House

    Lower Baggot Street

    International Financial Services Centre Dublin 2 Dublin 1 Ireland Ireland INDEPENDENT AUDITORSINDEPENDENT AUDITORSINDEPENDENT AUDITORSINDEPENDENT AUDITORS BROKERSBROKERSBROKERSBROKERS Ernst & Young NCB Stockbrokers Limited Harcourt Centre 3 George’s Dock Harcourt Street International Financial Services Centre Dublin 2 Dublin 1 Ireland Ireland DISTRIBUTORSDISTRIBUTORSDISTRIBUTORSDISTRIBUTORS SECRETARYSECRETARYSECRETARYSECRETARY Sanlam Collective Investments Limited Sanlam Asset Management (Ireland) 2 Strand Road

    Limited

    Bellville 7530 2A Parkview House South Africa Beech Hill Road Dublin 4 Ireland Sanlam Investment Management (Pty) IRISH LEGALIRISH LEGALIRISH LEGALIRISH LEGAL ADVISORSADVISORSADVISORSADVISORS Limited

    A & L Goodbody

    Willie van Schoor Avenue North Wall Quay Bellville 7530 International Financial Services Centre South Africa Dublin 1 Ireland PSigma Investments Limited 126 Jermyn Street London SW1Y 4UJ United Kingdom Registered Number: 307841

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    ECONOMIC & MARKET REVIEW ECONOMIC & MARKET REVIEW ECONOMIC & MARKET REVIEW ECONOMIC & MARKET REVIEW –––– SIX MONTHS ENDED JUNE SIX MONTHS ENDED JUNE SIX MONTHS ENDED JUNE SIX MONTHS ENDED JUNE 2009200920092009

    Business surveys and real economic data indicate the world economy is stabilising following precipitous falls in gross domestic product (GDP) in the final quarter of 2008 and first half of 2009. Admittedly, there are still many weak points, including the US housing market, where house prices continue to decline against the backdrop of a still elevated inventory level. However, the increase in new orders relative to inventories recorded in the JP Morgan global Purchasing Managers’ Index (PMI) series in recent months suggests production should record a relative improvement in the latter half of 2009. Certainly, a sustained increase in final demand is imperative in order to cement a continued recovery. On this score, the apparent stabilisation of global consumer spending, including increases in vehicle sales, in recent months is, nonetheless, encouraging. Developed countries have lagged a relative improvement in economic activity that has been led by emerging markets, as reflected in better exports and industrial production data in bellwether Asian economies. At least some growth should also be seen in developed economies in the latter half of 2009 as, for example, fiscal stimulation in the US kicks in. Meanwhile, headline consumer prices in the US and other developed economies are declining. Deflation remains a key risk in a number of developed economies. In addition to weak demand and surplus capacity, wage growth can be expected to weaken materially in response to higher unemployment rates. In turn, this can be expected to maintain downward pressure on prices in the near term. Quantitative easing also holds no threat as yet on the inflation front. Although base money has been sharply boosted by the Fed, the monetary transmission mechanism remains impaired and credit extension constrained. A surge in broadly defined M2 US money supply in the early months of 2009 has also dissipated of late. Overall, the absence of inflationary pressures suggests the Fed funds target rate is likely to remain close to zero and quantitative easing is likely to be maintained for an extended period. However, we should note the marked increases in budget deficits, especially in countries such as the US and UK, suggest rapid expansion in the level of government debt in the years ahead. This could create an incentive for these governments to boost nominal GDP growth and allow higher inflation in order to eventually ease their way out of a likely debt problem. Also of concern is that the Fed has no experience in unwinding a balance sheet of this size. So the US could well end up with inflation that is a couple of percentage points higher over the longer term than the trend over the last decade. Global equity markets rose for the first six months of 2009 but had a bumpy ride in what ended up to be a 6.8% rise in the MSCI World Index. During the second quarter the MSCI World (Developed Markets) Index rose by 20.75%, marking it one of the best quarters in the history of the Index. Even more astonishing was the three-month period to the end of May, which saw the MSCI World Index rise by more than 30%. During April and May stock markets delivered a monthly return of over 11% and 9% respectively. However, there was a period of reflection in June, as equity markets fell by less than 0.5%. This ‘pause for breath’ was probably necessary given the strength of the rally based on what many have viewed as fairly flimsy support. During June, the ongoing debate continued about whether or not the global economy and markets were in the midst of a stabilisation and prospective recovery. All regional markets participated in the stock market rally over the past 6 months. In dollar terms, the markets were led from the East, with the Pacific excluding Japan region rising by nearly 32%, Japan advancing by over 23% and Europe up 25%. The US posted a relatively modest return of just under 17%.

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    ECONOMIC & MARKET REVIEWECONOMIC & MARKET REVIEWECONOMIC & MARKET REVIEWECONOMIC & MARKET REVIEW ---- SIX MONTHS ENDED JUNE 2009SIX MONTHS ENDED JUNE 2009SIX MONTHS ENDED JUNE 2009SIX MONTHS ENDED JUNE 2009

    However, it was the emerging markets that delivered the highest returns, with the MSCI Emerging Markets Index rising by more than 35% during the first half of the year- delivering 21% in the second quarter alone. At an emerging-market country level, Singapore was the strongest performer rising by just under 46% during the second quarter. China and Brazil experienced gains of almost 36% and 41% respectively, while India and Hungary outshone these emerging-market stalwarts, delivering returns of about 60% and 70% respectively. Turning to currencies, dollar weakness against most currencies, barring a few minor currencies, was a notable theme during the first half of the year. This depreciation in the US dollar was closely linked to the increased risk appetite as markets rebounded off their March lows and signs of economic stabilisation began appearing in the second quarter. The rand gained most ground against the greenback, gaining 19% and outpacing the likes of the Hungarian forint, which rose more than 16%, and the Brazilian real’s gain of nearly 15% during the second quarter. In more widely traded currencies, the Australian dollar appreciated over 14% and the British pound climbed nearly 13%. Meanwhile, the euro gained more than 5%, while the Japanese yen rose a more modest 2%. At the sector level, all sectors produced positive absolute returns for the period. The major mover was the financial sector, which rose by over 38%, although the magnitude of the rally is disguised somewhat, with financials falling slightly in June. During three months to the end of May, the sector rose by nearly 60%. With this performance, it seems likely that the sector has passed its nadir. Elsewhere, materials rose more than 25% and industrials by nearly 24%. The energy sector also benefited from renewed investor interest. The laggards during the quarter were the telecommunication services sector, which did not quite achieve a double-digit return, while healthcare also delivered returns of less than 10%. Utilities pipped these two sectors to the post, rising by more than 13%. Risk aversion in the fixed income markets continued to subside during the first half of the year, as “less bad” data suggested the contraction of economic activity had slowed. Treasuries moved out of favour, with the US 10-year yield rising 136 basis points during the six month period and resulting in the worst six-month total return decline of 8.6% in over a decade. In contrast, the demand for spread assets gathered additional momentum, leading to impressive returns in the Barclays Capital High Yield, collateralised mortgage backed securities (CMBS), Emerging Markets, and Corporate indices.

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    MARKET OUTLOOK MARKET OUTLOOK MARKET OUTLOOK MARKET OUTLOOK –––– SECOND HALF SECOND HALF SECOND HALF SECOND HALF 2009200920092009 On balance, positive interpretations of weak data have become more common as investors have regained confidence in the overall functioning of the credit markets. As a consequence, markets have begun to speculate on the end of quantitative easing and the withdrawal of monetary stimulus by the Federal Reserve. In fact, from May 14 to June 8, the yield on the five-year Treasury note rose nearly a full percentage point as investors reduced duration exposure. In its June 24th statement the Federal Open Market Committee (FOMC) has discouraged such speculation by underscoring its commitment to support liquidity both through a low Fed Funds rate and its non-traditional programs. While acknowledging the improvement in economic conditions at the margin, the Fed reiterated its belief that the risk of deflation outweighs the risk of inflation. Despite this unambiguous message, the growing sense is that a policy shift may be on the horizon. Investors are divided on what the next major movement in the equity market will be after the strength of the market rally seen since February. While very few are willing to call the start of a new bull market, there are those that believe the rally has been justified by the increasing stability of corporate earnings albeit at a low level. They point to the stabilisation in economies and bottoming in corporate earnings, with the increasing potential for more upside surprises and a rising equity market later in 2009, although at a much more moderate pace. In sharp contrast, there are those whose view is that the market rally has been largely, if not totally, unjustified, given that economic conditions have yet to truly stabilise. Hence they believe that the market will retrace its steps until such time that the economic climate has become much more positive. With this debate likely to continue, and the quieter summer conditions in the northern hemisphere, the market is likely to remain in a trading range for the foreseeable future, although one that will probably be quite large. This situation is expected to prevail until there is firm evidence that the worst is behind us and future prospects are more positive.

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    SANLAM GLOBAL EQUITY FUND SANLAM GLOBAL EQUITY FUND SANLAM GLOBAL EQUITY FUND SANLAM GLOBAL EQUITY FUND

    INVESTMENT OBJECTIVE INVESTMENT OBJECTIVE INVESTMENT OBJECTIVE INVESTMENT OBJECTIVE

    The Sanlam Global Equity Fund aims to provide above average long-term capital growth.

    FUND PERFORMANCE FUND PERFORMANCE FUND PERFORMANCE FUND PERFORMANCE

    Following the difficult year of 2008, 2009 started off in much the same fashion, with the first quarter of the year seeing markets continue to decline substantially. However, the second quarter saw equity markets rally and recover, leaving markets up for 2009 so far. In this environment, given the Fund's defensive positioning, the Fund was able to out-perform during the first quarter of 2009, but failed to keep pace with the market during the second quarter. The net impact is that the Fund finds itself slightly behind for the first half of 2009.

    FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK

    Global equity markets have recovered for 2009, but still find themselves considerably lower than before the outbreak of the credit crisis. The market debate has now turned to the strength of the recent rally. Some market participants believe this rally has been unjustified, as the economic downturn is clearly not over yet. Consequently, they believe that equity markets will retrace much of their recent gains. Meanwhile other investors think the rally has been justified, given signs of economic recovery, and that equity markets will make further progress from here. The Fund has been defensively biased, but is increasingly shifting to a more positive stance, and so should be able to deliver out-performance in the future.

    INVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERS

    Sanlam Investment Management (PTY) Limited

    -40%

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    Fund USD-terms -11.03% 18.84% 5.73% -35.44% 2.01%

    Benchmark -11.92% 20.75% 6.35% -29.50% 1.69%

    Excess return 0.89% -1.91% -0.62% -5.94% 0.32%

    1st Qtr 2009 2nd Qtr 2009 Year to date 12 Months Since Inception

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    SANLAM GLOBAL BEST IDEAS FEEDER FUNDSANLAM GLOBAL BEST IDEAS FEEDER FUNDSANLAM GLOBAL BEST IDEAS FEEDER FUNDSANLAM GLOBAL BEST IDEAS FEEDER FUND

    INVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVE

    The investment objective of the fund is to provide above average long-term capital growth by investing in global equities which the Investment Manager has identified as being under valued and as offering above average growth potential.

    FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE

    The first half 2009 was a six month period of extreme movements (very poor Jan to March and then strong April and May) which reflected the huge swings in both uncertainty and moods about the global economy. The net effect after 6 months was miniscule - the indices being almost flat (JSE and S&P +3%, but the Dow Jones -3%).However, the indices hide the investment returns that could have been made, or lost. The Rand, Brazilian Real and the Pound gained 14% - 17% against the US$ whilst the Euro was about flat.

    Emerging markets generally showed very strong returns but stock picking was the name of the game in both developed and emerging markets: Barclays gained 88% and Lloyds TSB lost 43%. Great Wall Motors is but one of many examples of companies our portfolio was invested in that generated returns of around 120% over the six months. However, most investors held positions in Citigroup (-56%), Deutsche Post (– 23%) etc. Funds focusing on stockpicking did remarkably well, all gaining about 34% in US$. We don’t expect the remainder of 2009 or 2010 to be much different. The macro environment remain very uncertain, but many individual companies offer tremendous upside.

    FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK

    It is amazing how many good solid companies with good and long track records the team is uncovering. Whilst it seems that markets have run hard, we are excited about the valuation and growth of these recent investments. It is impossible to predict where markets will go over the next 6 -12 months. We are convinced however that the portfolio we have built up will prove to be an excellent investment over the next few years.

    INVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERS

    Sanlam Investment Management (PTY) Limited

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    Fund USD- terms -3.50% 39.85% 34.95% -28.36% 5.85%

    Benchmark -11.92% 20.75% 6.35% -29.50% 0.25%

    Excess return 8.42% 19.10% 28.60% 1.14% 5.60%

    1st Qtr 2009 2nd Qtr 2009 Year to date 12 Months Since Inception

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    SANLAM GLOBAL BALANCED FUNDSANLAM GLOBAL BALANCED FUNDSANLAM GLOBAL BALANCED FUNDSANLAM GLOBAL BALANCED FUND

    INVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVE

    The Sanlam Global Balanced Fund aims to provide above average long-term capital growth.

    FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE

    The Sanlam Global Balanced Fund managed to outperform its benchmark (65% MSCI World / 35% Barclays Global Aggregate) for the first half of the year, albeit it by a modest 0.03%. The fund was roughly 2% overweight in equities during this period which paid dividends towards the second quarter.

    The majority of the out-performance was driven by a small allocation in the Sanlam Global Best Ideas Fund, a high alpha fund, which managed to outperform the MSCI World Index by 28.6%. Investments in the core equity funds, the Sanlam World Tracker and Sanlam Universal Equity fund, underperformed the MSCI World Index by -0.3% and -0.48% respectively. The investment in the Bond Fund produced the largest underperformance for the reporting period with a return of -1.32% vs 1.52% for the Barclays Global Aggregate index.

    FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK

    The Fund will continue to maintain its slight bias towards equities. The third quarter’s equity earnings season will be closely watched as it should provide some direction for the global markets.

    INVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERS

    Sanlam Investment Management (Pty) Limited

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    Fund USD- terms -8.69% 14.96% 4.97% -24.42% 1.49%

    Benchmark -8.84% 15.12% 4.94% -18.85% 1.82%

    Excess return 0.15% -0.16% 0.03% -5.57% -0.33%

    1st Qtr 2009 2nd Qtr 2009 Year to date 12 Months Since Inception

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    SANLASANLASANLASANLAM M M M GLOBAL BOND FUND GLOBAL BOND FUND GLOBAL BOND FUND GLOBAL BOND FUND

    INVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVE

    The Sanlam Global Bond Fund aims to provide above average long-term capital growth by investing principally in the fixed income funds of the Sanlam Universal Fund plc.

    FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE

    The Sanlam Global Bond Fund invests, other than cash, in the Sanlam Universal Bond Fund. The Fund returned -1.27% in $US terms in the first half of 2009 underperforming the Barclays Global Index by –2.79%. Despite a good start to the year in January for the Sanlam Universal Bond Fund (outperforming the Index by 1.1%), four out of the six months ended up being down months, with the other positive month being June. The Universal Bond Fund was subjected to a comprehensive review and in March the manager line up was changed for the first time since inception of the portfolio. All three of the Funds underlying investment managers were terminated mid way through March and BlackRock Investment Management was appointed as the sole manager of the Fund. BlackRock follows a diversified strategy with taking active positions in all major areas of the global bond market including duration, curve, currency and credit. The transition management process has been carefully managed to ensure the efficient transition of depressed assets. All three of the Funds former underlying investment managers were unable to outperform in the index throughout the first quarter (PIMCO outperformed in January only).

    FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK

    The Fund will continue its bias to be long US dollar duration, and will continue to be overweight in the 10-year sector. Some duration may be moved to the front end, as the market is potentially prematurely pricing in Fed funds hikes. There will be a continued trimming of portfolio credit risk as the expectation that sentiment could deteriorate increases and poor fundamentals could reassert themselves.

    INVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERS

    Sanlam Investment Management (PTY) Limited

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    Fund USD- terms -5.38% 4.34% -1.27% -3.70% 6.42%

    Benchmark -3.25% 4.93% 1.52% 2.76% 7.04%

    Excess return -2.13% -0.59% -2.79% -6.46% -0.62%

    1st Qtr 2009 2nd Qtr 2009 Year to date 12 Months Since Inception

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    SANLAM GLOBAL LIQUIDITY FUND SANLAM GLOBAL LIQUIDITY FUND SANLAM GLOBAL LIQUIDITY FUND SANLAM GLOBAL LIQUIDITY FUND

    ININININVESTMENT OBJECTIVEVESTMENT OBJECTIVEVESTMENT OBJECTIVEVESTMENT OBJECTIVE

    The Sanlam Global Liquidity Fund aims to provide a return consistent with investment in a combination of highly liquid Euro, Sterling and US Dollar investments.

    FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE

    During the second quarter the Fund maintained its structural underweight to the US Dollar in favour of an overweight position to the Euro. Reason for this being the relative interest rate differentials between the Dollar and Euro short term interest rates. With the US moving to a zero interest rate base as well as a policy of Quantitative easing, the risk is also that inflation will raise its head sooner in the US than in Euroland. At the end of the quarter we locked in some profits by allocating some funds from the Sanlam Euro Liquidity fund to the Sanlam Dollar Liquidity fund. At the end of the quarter the Global Liquidity was 5.5% underweight dollars, 2% underweight Sterling and 7.5% overweight the Euro.

    FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK

    Our fundamental outlook is still negative towards the Dollar and we perceive the value territory to be above $1.45 against the Euro. At these levels we will allocate funds back to the Sanlam Dollar Liquidity fund from the Sanlam Euro Liquidity. Sterling has shown tentative signs of resurgence and we will also look to remove our underweight to a neutral position. The Sterling has been especially weak in the latter parts of 2008 and if the UK economy experience stronger economic growth than anticipated it may lead to outperformance against other currencies.

    INVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERSINVESTMENT MANAGERS

    Sanlam Investment Management (Pty) Limited

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    Fund USD- terms -1.68% 4.95% 3.92% -4.31% 4.63%

    Benchmark -1.61% 4.54% 3.46% -3.61% 4.94%

    Excess return -0.07% 0.41% 0.46% -0.70% -0.31%

    1st Qtr 2009 2nd Qtr 2009 Year to date 12 Months Since Inception

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    SANLAM EURO LIQUIDITY FUND SANLAM EURO LIQUIDITY FUND SANLAM EURO LIQUIDITY FUND SANLAM EURO LIQUIDITY FUND

    INVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVE

    The investment objective of the Fund is to provide a high degree of safety of principal together with an investment return exceeding that available from cash deposits in Euro. The Fund intends to pursue its investment objective primarily by investing all of its assets in some or all of the classes of shares of the Institutional Euro Liquidity Fund a sub-fund of Institutional Cash Series plc (an Irish UCITS open-ended umbrella investment company with variable capital) which in the opinion of the Investment Manager will enable the Fund to achieve its investment objective. FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE

    During the first quarter 2009, the European Central Bank lowered their target rates by 100 basis points to 1.50%. With the economic recession deepening throughout the quarter, the realisation that traditional monetary policy alone was not enough to stimulate the economy became more evident. As a result, non-conventional monetary policies had to be put in place in addition to bring back confidence levels in the banking sector. The ECB lowered the rate twice during the quarter, bringing official rates to 1.00%. While most recent rhetoric has had a modestly dovish tone, it was implied that the existing level of rates was “appropriate” for current conditions. Although somewhat dwarfed by its lending operation, the ECB also announced a planned purchase of €60bn in Euro denominated covered bonds which it later emerged would be in the 3 to 10 year maturities. Questions over the sustainability of economic recovery and the timing of any policy reversal were the main market drivers. A more positive sentiment towards risk assets generally, early signs of improvement in Eurozone forward-looking indicators and the tone of ECB and political rhetoric prompted concerns in the market that the ECB may be on the early side in tightening rates. This fuelled a meaningful sell-off in yields early in the quarter, which was partly reversed by June’s rally, leaving 10 year yields 40 basis points higher for the period as a whole. The curve steepened marginally as short dated bonds remained well anchored, while longer-dated maturities were slower to enjoy the rally towards the end of the quarter as inflation remained a lingering concern. The differential between peripheral and core spreads continued to narrow during the second quarter.

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    Fund EUR- terms 0.52% 0.21% 0.78% 1.07%

    Benchmark 0.32% 0.17% 0.51% 0.72%

    Excess return 0.20% 0.04% 0.27% 0.35%

    !st Qtr 2009 2nd Qtr 2009% Year to Date Since Inception

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    SANLAM EURO LIQUIDITY FUND (Continued) SANLAM EURO LIQUIDITY FUND (Continued) SANLAM EURO LIQUIDITY FUND (Continued) SANLAM EURO LIQUIDITY FUND (Continued)

    FUND PERFORMANCE (Continued) FUND PERFORMANCE (Continued) FUND PERFORMANCE (Continued) FUND PERFORMANCE (Continued)

    Economic data released during the second half of the period revealed a notable discrepancy between the real and forward-looking data. The official release of first quarter GDP data showed a fall of 2.5% quarter on quarter, falling short of even the most pessimistic of expectations. Industrial Production data released during the period showed further signs of contraction and the employment picture remained bleak, with unemployment rising to 9.50% in May. That said, PMI data and business sentiment survey data generally painted a more positive picture for future expectations. The absence of inflation was another key theme with the quarter witnessing some of the lowest data releases on record. The June estimate registered at -0.1% year over year after a flat reading in May. There was some country divergence within the data with Spanish inflation in particular falling sharply, while inflation in Italy proved stickier. Money market yields have been driven markedly lower over the first half of the year as the central banks continue their efforts in trying to disintermediate a large part of the bank funding markets. This has helped to remove a large part of the liquidity premium that had been reflected in Libor post the collapse of Lehman and AIG such that we are now close to levels pre-Lehman bankruptcy. Between April and June yields in three month Libor came down by approximately 40 basis points over the ending at 1.09%. While some dispersion remains across issuers, in general fewer and fewer issuers have been posting generous levels in the money markets as their funding needs have been fulfilled near term. The underlying fund has continued to maintain a high level of liquidity and have made selective use of asset backed commercial paper in short maturities (typically in the one to three month part of the curve) at levels comfortably above Libor. The managers of this fund has been selectively allocating to the government guaranteed/agency and supranational floating rate note area as a way to add value at Libor plus levels to the portfolio as well as simultaneously migrating the credit quality of the portfolio upwards. They have also been using the recent rally in credit spreads as an opportunity to reduce risk in names we do not like in favour of those that we do.

    FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK

    The credit and capital markets have enjoyed a positive tone and return for the second quarter and continue to be well supported by investor flows into the asset class. The fund will continue its defensive stance, trying to add some value by making selective use of the asset backed commercial paper within the portfolio in 1-3 month maturities.

    INVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGER

    Sanlam Investment Management (Pty) Limited

  • 2222

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    SANLAM STERLING LIQUIDITY FUND SANLAM STERLING LIQUIDITY FUND SANLAM STERLING LIQUIDITY FUND SANLAM STERLING LIQUIDITY FUND

    INVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVE

    The investment objective of the Fund is to provide a high degree of safety of principal together with an investment return exceeding that available from cash deposits in Sterling. The Fund intends to pursue its investment objective primarily by investing all of its assets in some or all of the classes of shares of the Institutional Sterling Liquidity Fund a sub-fund of Institutional Cash Series plc (an Irish UCITS open-ended umbrella investment company with variable capital) which in the opinion of the Investment Manager will enable the Fund to achieve its investment objective.

    FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE

    During the first quarter the year the MPC gradually reduced base rates down from 2.00% to 0.50%, they then maintained this rate for the second quarter. Confirmation of the extent of the slowdown in the first quarter arrived with the fact that GDP was in fact worse than the market had expected at -4.9% year over year in the first quarter and reflected a synchronised, global contraction characterised by a retrenchment in business investment and an aggressive destocking in the manufacturing and industrial side of the economy. The Central Bank added a further £50bn to the stimulative quantitative easing package bringing the total to £125bn. As the quarter progressed the market chose to refocus its attention on the better leading economic data that emerged, particularly in the form of the Purchasing Manager Indices. Notably, the services PMI actually ended the quarter in positive territory featuring above 50 at 51.7 for May from a low of 40.1 and seemed to suggest that UK was likely to experience a recovery. Housing data generally pointed to a slowing in the pace of house price declines as well as a healthy demand side hampered only by supply. At its May Inflation Report the MPC chose to dampen investor optimism and err on the side of caution by remaining stimulative. It maintained its negative quarterly forecasts for growth into the second quarter of 2010 and instead chose to raise its expectations of CPI relative to the February Inflation Report, despite remaining below the 2% target at the two year horizon. In the minutes of the May MPC meeting the committee seemed to decide that the upside risks associated with too much quantitative easing (inflation) were at this stage in the cycle preferable to those associated with too little (deflation). Indeed their expectations continue to be that near term we will see inflation fall further, despite the near term stickiness which has been attributed to import price inflation rather than domestic demand strength, as such central bank exit strategies seem premature.

    -1.0%

    -0.5%

    0.0%

    0.5%

    1.0%

    Fund GBP- terms 0.31% 0.15% 0.50% 0.68%

    Benchmark 0.27% 0.12% 0.43% 0.61%

    Excess return 0.04% 0.03% 0.07% 0.07%

    1st Qtr 2009% 2nd Qtr 2009% Year to date Since Inception

  • 2222

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    d SANLAM STERLING LIQUIDITY FUND (Continued)SANLAM STERLING LIQUIDITY FUND (Continued)SANLAM STERLING LIQUIDITY FUND (Continued)SANLAM STERLING LIQUIDITY FUND (Continued)

    FUND PERFORMANCE (contained) FUND PERFORMANCE (contained) FUND PERFORMANCE (contained) FUND PERFORMANCE (contained)

    Money market yields have been driven markedly lower over the quarter as the central banks continue their efforts in trying to disintermediate a large part of the bank funding markets. This has helped to remove a large part of the liquidity premium that had been reflected in Libor post the collapse of Lehman and AIG such that we are now close to levels pre-Lehman bankruptcy. The credit and capital markets have enjoyed a positive tone and return for the second quarter and continue to be well supported by investor flows into the asset class.

    The fund continued to maintain high levels of liquidity. The managers of the underlying fund has continued to make selective use of asset backed commercial paper in short maturities (typically in the one to three month part of the curve) at levels comfortably above Libor. Where they have added positions longer than three months for the money funds as an interest rate view they have chosen to select high quality agency like names. They also continue to favour government guaranteed floating rate securities at levels above libor as a way of adding value to the portfolios as well as migrating the credit quality of our fund upwards in order to navigate the default cycle.

    FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK

    The possibility exists that interest rates will stay low for longer than the market has priced given the as yet only very marginal improvements in net lending and as such very low prospects for growth looking forward. We are yet to see the full extent to which job losses will hurt consumer confidence and threaten growth and the fund will therefore remain cautiously positioned.

    INVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGERINVESTMENT MANAGER

    Sanlam Investment Management (Pty) Limited

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    SANLAM US DOLLAR LIQUIDITY FUND SANLAM US DOLLAR LIQUIDITY FUND SANLAM US DOLLAR LIQUIDITY FUND SANLAM US DOLLAR LIQUIDITY FUND

    INVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVEINVESTMENT OBJECTIVE

    The investment objective of the Fund is to provide a high degree of safety of principal together with an investment return exceeding that available from cash deposits in Dollar. The Fund intends to pursue its investment objective primarily by investing all of its assets in some or all of the classes of shares of the Institutional Dollar Liquidity Fund a sub-fund of Institutional Cash Series plc (an Irish UCITS open-ended umbrella investment company with variable capital) which in the opinion of the Investment Manager will enable the Fund to achieve its investment objective.

    FUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCEFUND PERFORMANCE

    During the first half of 2009, the Federal Open Market Committee (FOMC) maintained an unchanged monetary policy stance with the Federal Funds target rate at 0.00% to 0.25%. The Committee stated that the pace of economic contraction is slowing, but also noted that economic conditions were likely to necessitate an “exceptionally low” level of rates for an “extended period” of time. The FOMC also declared that it is monitoring the size and composition of its balance sheet and would adjust the timing and amounts of its purchases of securities as conditions warrant.

    The slope of the Libor curve, when measured from one-month to one-year, stood at a positive 130 bps at the end of June and individual settings fell as much as 63 bps in certain tenors over the quarter. More notably, 3-month LIBOR breached its all-time low of 1.00% in early May, then dropped to 0.60% basis points the following month. At the same time, the 3-month LIBOR-OIS spread, which is a gauge of banks reluctance to lend, declined to 38 bps at the end of June. This is down a total of 59 bps from the end of March when it stood at 97 basis points and down 86bps since 1 January 2009 when it stood at 124basis points. Recent readings for this measure are near levels not observed since February 2008.

    The fund primarily invests in the Institutional Dollar Liquidity Fund, which was invested as follows: Investments were primarily concentrated in commercial paper and Yankee certificates of deposits due in approximately one to three months. In an effort to add incremental yield and maintain the Fund’s weighted average maturity, additional monies were invested in CD’s due in approximately six months. As credit remains under pressure and the yield curve continues to tighten, investments purchased during the quarter traded in a wide range, yielding 0.32% to 1.25% basis points. Additions were made to the bank floating rate exposure, purchasing obligations based on the 1-month and 3-month Libor indices. These instruments also possessed one and three month put features. Additionally, purchases also included municipal variable rate demand notes, all of which possess a weekly put feature. Overall, investments in Treasury bills, overnight Repos and Time Deposits, and instruments maturing within 30 days totalled an estimated 45% of assets. The underlying Fund closed the first half of the year with an average weighted maturity of 50 days.

    FUND OUTLOOKFUND OUTLOOKFUND OUTLOOKFUND OUTLOOK The market continues to trade richer on a daily basis. Commercial paper issuance across the board is down an estimated 20 to 25% as issuers outstanding have decreased or are being funding directly through the Commercial Paper Funding Facility (CPFF). While economic conditions remain difficult, the financial system has benefited from a significant degree of government support.

    INVESTMEINVESTMEINVESTMEINVESTMENTNTNTNT MANAGER MANAGER MANAGER MANAGER Sanlam Investment Management (Pty) Limited

    -0.50%

    -0.25%

    0.00%

    0.25%

    0.50%

    Fund USD-terms 0.22% 0.10% 0.33% 0.40%

    Benchmark 0.06% 0.05% 0.12% 0.15%

    Excess return 0.16% 0.05% 0.21% 0.25%

    1st Qtr 2009% 2nd Qtr 2009% Year to date Since Inception

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    PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM GLOBAL EQUITY FUND SANLAM GLOBAL EQUITY FUND SANLAM GLOBAL EQUITY FUND SANLAM GLOBAL EQUITY FUND (UNAUDITED)(UNAUDITED)(UNAUDITED)(UNAUDITED)

    30/06/2009 31/12/2008 30/06/2008

    Net Asset Value USD 2,311,968 USD 2,185,604 USD 3,866,340 Class A Shares Number of Shares in Issue 3,358,697 3,336,263 3,573,507 Net Asset Value per Share USD 0.6884 USD 0.6551 USD 1.0819

    Net Asset Value USD 47,084,561 USD 110,372,709 USD 241,231,196 Class B Shares Number of Shares in Issue 64,456,170 159,401,250 211,654,487 Net Asset Value per Share USD 0.7305 USD 0.6924 USD 1.1397

    Net Asset Value USD 878,824,056 USD 640,464,668 USD 958,890,895 Class C Shares Number of Shares in Issue 1,190,779,013 915,416,996 833,342,055 Net Asset Value per Share USD 0.7380 USD 0.6996 USD 1.1507

    Net Asset Value - USD 2,479 USD 2,708 Class D Shares Number of Shares in Issue - 2,945 1,959 Net Asset Value per Share - USD 0.8418 USD 1.3824

    NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair ValueUSDUSDUSDUSD

    % Net% Net% Net% NetAssetsAssetsAssetsAssets

    Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss

    Collective investment schemes – 99.19% (2008: 98.15%)

    Sanlam Universal Funds Plc – 99.19% (2008: 98.15%) 829,452,157 Sanlam Universal Equity Fund E 826,963,800 89.09%93,717,370 Sanlam Universal World Equity Tracker Fund E 93,773,601 10.10%

    10 Sanlam Emerging Markets Fund E 89 0.00%10 Sanlam Global Financial Fund E 46 0.00%

    Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 920,737,536920,737,536920,737,536920,737,536 99.19%99.19%99.19%99.19%

    Other assets and liabilities 7,483,049 0.81%

    Net assets attributable to holderNet assets attributable to holderNet assets attributable to holderNet assets attributable to holders of redeemable participatings of redeemable participatings of redeemable participatings of redeemable participating shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 928,220,585928,220,585928,220,585928,220,585 100.00%100.00%100.00%100.00%

  • 19

    Portfolio of Investm

    ents as at 30 June 2009(U

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    continued3333

    PORTFOLIO OF INVESTMENTSPORTFOLIO OF INVESTMENTSPORTFOLIO OF INVESTMENTSPORTFOLIO OF INVESTMENTS –––– SANLAM GLOBAL BEST IDEAS FEEDER FUND SANLAM GLOBAL BEST IDEAS FEEDER FUND SANLAM GLOBAL BEST IDEAS FEEDER FUND SANLAM GLOBAL BEST IDEAS FEEDER FUND (UNAUDITED)(UNAUDITED)(UNAUDITED)(UNAUDITED)

    NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair Value

    USDUSDUSDUSD % Net% Net% Net% Net

    AssetsAssetsAssetsAssets

    Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss

    Collective investment schemes – 100.02% (2008: 100.03%)

    Sanlam Universal Funds Plc – 100.02% (2008: 100.03%) 199,164,841Sanlam Global Beat Ideas Fund E 148,337,973 100.02%

    Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 148,337,973148,337,973148,337,973148,337,973 100.02%100.02%100.02%100.02%

    Other assets and liabilities (36,612) (0.02)%

    Net assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participating shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 148,301,361148,301,361148,301,361148,301,361 100.00%100.00%100.00%100.00%

    30/06/2009 31/12/2008 30/06/2008 Net Asset Value USD 7,964,607 USD 6,500,684 USD 13,665,398 Class A

    Shares Number of Shares in Issue 6,392,996 7,017,116 7,755,286 Net Asset Value per Share USD 1.2458 USD 0.9264 USD 1.7621

    Net Asset Value USD 14,123,128 USD 10,471,088 USD 19,913,505 Class B Shares Number of Shares in Issue 11,169,212 11,169,212 11,203,292 Net Asset Value per Share USD 1.2645 USD 0.9375 USD 1.7775

    Net Asset Value USD 126,213,626 USD 93,910,311 USD 177,930,278 Class C Shares Number of Shares in Issue 98,679,357 99,095,441 99,095,442 Net Asset Value per Share USD 1.2790 USD 0.9477 USD 1.7955

  • 20

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    PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM GLOBAL BALANCED FUNDSANLAM GLOBAL BALANCED FUNDSANLAM GLOBAL BALANCED FUNDSANLAM GLOBAL BALANCED FUND (UNAUDITED)(UNAUDITED)(UNAUDITED)(UNAUDITED)

    30/06/2009 31/12/2008 30/06/2008 Net Asset Value USD 5,574,296 USD 5,497,313 USD 9,142,062 Class A

    Shares Number of Shares in Issue 6,090,872 6,209,502 7,375,694 Net Asset Value per Share USD 0.9152 USD 0.8853 USD 1.2395

    Net Asset Value USD 160,949 USD 155,295 USD 216,895 Class B Shares Number of Shares in Issue 150,687 150,687 150,687 Net Asset Value per Share USD 1.0681 USD 1.0306 USD 1.4394

    Net Asset Value USD 132,203,357 USD 129,011,423 USD 182,467,749 Class C Shares Number of Shares in Issue 124,082,441 125,572,693 127,288,156 Net Asset Value per Share USD 1.0654 USD 1.0274 USD 1.4335

    Net Asset Value - USD 2,651 USD 2,541 Class D Shares Number of Shares in Issue - 2,450 1,686 Net Asset Value per Share - USD 1.0820 USD 1.5071

    NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair ValueUSDUSDUSDUSD

    % Net% Net% Net% NetAssetsAssetsAssetsAssets

    FinaFinaFinaFinancial assets at fair value through profit or lossncial assets at fair value through profit or lossncial assets at fair value through profit or lossncial assets at fair value through profit or loss

    Collective investment schemes – 99.03% (2008: 98.04%)

    Sanlam Universal Funds Plc – 99.03% (2008: 98.04%) 62,421,227 Sanlam Universal Equity Fund E 62,233,963 45.11%37,525,594 Sanlam Universal Bond Fund E 44,167,625 32.02%25,757,812 Sanlam World Equity Tracker Fund E 25,773,266 18.69%7,872,016 Sanlam Global Best Ideas Fund E 4,432,024 3.21%

    Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 136,606,878136,606,878136,606,878136,606,878 99.03%99.03%99.03%99.03%

    Other assets and liabilities 1,331,724 0.97%

    Net assets attributable to holders of redeemable participatNet assets attributable to holders of redeemable participatNet assets attributable to holders of redeemable participatNet assets attributable to holders of redeemable participatinginginging shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 137,938,602137,938,602137,938,602137,938,602 100.00%100.00%100.00%100.00%

  • 21

    Portfolio of Investm

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    continued3333

    PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM GLOBAL BOND FUNDSANLAM GLOBAL BOND FUNDSANLAM GLOBAL BOND FUNDSANLAM GLOBAL BOND FUND (UNAUDITED)(UNAUDITED)(UNAUDITED)(UNAUDITED)

    NoNoNoNominalminalminalminal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair Value

    USDUSDUSDUSD % Net% Net% Net% Net

    AssetsAssetsAssetsAssets

    Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss

    Collective investment schemes – 99.14% (2008: 99.46%)

    Sanlam Universal Funds Plc – 99.14% (2008: 99.46%) 233,539,176 Sanlam Universal Bond Fund E 274,875,611 99.14% Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 274,875,611274,875,611274,875,611274,875,611 99.14%99.14%99.14%99.14%

    Other assets and liabilities 2,391,637 0.86%

    Net assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participating shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 277,267,248277,267,248277,267,248277,267,248 100.00%100.00%100.00%100.00%

    30/06/2009 31/12/2008 30/06/2008

    Net Asset Value USD 463,006 USD 349,403 USD 368,548 Class A Shares Number of Shares in Issue 318,308 236,644 241,810 Net Asset Value per Share USD 1.4546 USD 1.4765 USD 1.5241

    Net Asset Value USD 27,258,246 USD 39,778,051 USD 52,681,490 Class B Shares Number of Shares in Issue 18,577,535 26,730,710 34,324,899 Net Asset Value per Share USD 1.4673 USD 1.4881 USD 1.5348

    Net Asset Value USD 249,545,996 USD 380,296,902 USD 264,460,953 Class C Shares Number of Shares in Issue 168,845,470 253,797,817 171,166,314 Net Asset Value per Share USD 1.4780 USD 1.4984 USD 1.5451

    Net Asset Value - USD 2,972 USD 2,218 Class D Shares Number of Shares in Issue - 1,924 1,395 Net Asset Value per Share - USD 1.5444 USD 1.5892

  • 22

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    PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM GLOBAL LIQUIDITY FUNDSANLAM GLOBAL LIQUIDITY FUNDSANLAM GLOBAL LIQUIDITY FUNDSANLAM GLOBAL LIQUIDITY FUND (UNAUDITED)(UNAUDITED)(UNAUDITED)(UNAUDITED)

    30/06/2009 31/12/2008 30/06/2008

    Net Asset Value USD 41,628 USD 23,766 USD 32,484 Class A Shares Number of Shares in Issue 33,955 19,964 25,045 Net Asset Value per Share USD 1.2260 USD 1.1904 USD 1.2970

    Net Asset Value USD 156,657,226 USD 121,874,234 USD 503,159,787 Class B Shares Number of Shares in Issue 131,362,009 105,123,544 398,141,985 Net Asset Value per Share USD 1.1926 USD 1.1593 USD 1.2638

    Net Asset Value USD 488,879 USD 474,704 USD 670,122 Class C Shares Number of Shares in Issue 401,472 401,653 521,125 Net Asset Value per Share USD 1.2177 USD 1.1819 USD 1.2859

    NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair ValueUSDUSDUSDUSD

    % Net% Net% Net% NetAssetsAssetsAssetsAssets

    Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss

    Collective investment schemes – 95.15% (2008: 99.77%)

    Institutional Cash Series – 95.15% (2008: 99.77%) 390,744 Institutional Euro Liquidity Fund A 75,076,106 47.76%376,502 Institutional US Dollar liquidity Fund A 53,846,958 34.26%77,494 Institutional Sterling Liquidity Fund A 20,645,707 13.13%

    Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 149,568,771149,568,771149,568,771149,568,771 95.15%95.15%95.15%95.15%

    Other assets and liabilities 7,618,962 4.85%

    Net assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participatingNet assets attributable to holders of redeemable participating shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 157,187,733157,187,733157,187,733157,187,733 100.00%100.00%100.00%100.00%

  • 23

    Portfolio of Investm

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    continued3333

    PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM EURO LIQUIDITY FUND SANLAM EURO LIQUIDITY FUND SANLAM EURO LIQUIDITY FUND SANLAM EURO LIQUIDITY FUND (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)

    NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair Value

    EUREUREUREUR % Net% Net% Net% Net

    AssetsAssetsAssetsAssets

    Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss

    Collective investment schemes – 94.53% (2008: 90.72%)

    Institutional Cash Series – 94.53% (2008: 90.72%) 63,187 Institutional Euro Liquidity Fund A 8,654,952 94.53% Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 8,654,9528,654,9528,654,9528,654,952 94.53%94.53%94.53%94.53%

    Other assets and liabilities 500,388 5.47%

    Net assets attributable to holders of redeemablNet assets attributable to holders of redeemablNet assets attributable to holders of redeemablNet assets attributable to holders of redeemable participatinge participatinge participatinge participating shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 9,155,3409,155,3409,155,3409,155,340 100.00%100.00%100.00%100.00%

    30/06/2009 31/12/2008 30/06/2008

    Net Asset Value EUR 73 EUR 72 - Class A Shares Number of Shares in Issue 72 72 - Net Asset Value per Share EUR 1.0117 EUR 1.0049 -

    Net Asset Value EUR 73 EUR 72 - Class B Shares Number of Shares in Issue 72 72 - Net Asset Value per Share EUR 1.0117 EUR 1.0049 -

    Net Asset Value EUR 9,155,194 EUR 8,842,815 - Class C Shares Number of Shares in Issue 9,055,090 8,801,604 - Net Asset Value per Share EUR 1.0111 EUR 1.0047 -

  • 24

    3333 P

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    PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM STERLING LIQUIDITY FUND SANLAM STERLING LIQUIDITY FUND SANLAM STERLING LIQUIDITY FUND SANLAM STERLING LIQUIDITY FUND (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)

    30/06/2009 31/12/2008 30/06/2008 Class A Net Asset Value GBP 57 GBP 57 - Shares Number of Shares in Issue 56 56 - Net Asset Value per Share GBP 1.0082 GBP 1.0043 - Class B Net Asset Value GBP 57 GBP 57 - Shares Number of Shares in Issue 56 56 - Net Asset Value per Share GBP 1.0082 GBP 1.0043 - Class C Net Asset Value GBP 2,745,782 GBP 2,649,981 - Shares Number of Shares in Issue 2,724,687 2,639,342 - Net Asset Value per Share GBP 1.0077 GBP 1.0040 -

    NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair ValueGBPGBPGBPGBP

    % Net% Net% Net% NetAssetsAssetsAssetsAssets

    Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss

    Collective investment schemes – 90.75% (2008: 75.68%)

    Institutional Cash Series – 90.75% (2008: 75.68%) 15,401 Institutional Sterling Liquidity Fund A 2,491,850 90.75%

    Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 2,491,8502,491,8502,491,8502,491,850 90.75%90.75%90.75%90.75%

    Other assets and liabilities 254,046 9.25%

    Net assets attributable to holders of redeNet assets attributable to holders of redeNet assets attributable to holders of redeNet assets attributable to holders of redeemable participatingemable participatingemable participatingemable participating shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 2,745,8962,745,8962,745,8962,745,896 100.00%100.00%100.00%100.00%

  • 25

    Portfolio of Investm

    ents as at 30 June 2009(U

    naudited)-

    continued3333

    PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS PORTFOLIO OF INVESTMENTS –––– SANLAM US DOLLAR LIQUIDITY FUND SANLAM US DOLLAR LIQUIDITY FUND SANLAM US DOLLAR LIQUIDITY FUND SANLAM US DOLLAR LIQUIDITY FUND (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)

    NominalNominalNominalNominal SecuritySecuritySecuritySecurity ClassClassClassClass Fair ValueFair ValueFair ValueFair Value

    USDUSDUSDUSD % Net% Net% Net% Net

    AssetsAssetsAssetsAssets

    Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss

    Collective investment schemes – 94.00% (2008: 94.72%)

    Institutional Cash Series – 94.00% (2008: 94.72%) 66,086 Institutional US Dollar Liquidity Fund A 9,451,583 94.00% Total Total Total Total ffffinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or lossinancial assets at fair value through profit or loss 9,451,5839,451,5839,451,5839,451,583 94.00%94.00%94.00%94.00%

    Other assets and liabilities 603,397 6.00%

    Net assets attributable to hNet assets attributable to hNet assets attributable to hNet assets attributable to holders of redeemable participatingolders of redeemable participatingolders of redeemable participatingolders of redeemable participating shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009shares as at 30/06/2009 10,054,98010,054,98010,054,98010,054,980 100.00%100.00%100.00%100.00%

    30/06/2009 31/12/2008 30/06/2008

    Net Asset Value 100 USD 100 - Class A Shares Number of Shares in Issue 100 100 - Net Asset Value per Share 1.0044 USD 1.0014 -

    Net Asset Value 3,861,317 USD 3,856,307 - Class B Shares Number of Shares in Issue 3,851,959 3,851,959 - Net Asset Value per Share 1.0024 USD 1.0011 -

    Net Asset Value 6,193,563 USD 6,076,429 - Class C Shares Number of Shares in Issue 6,171,747 6,068,332 - Net Asset Value per Share 1.0035 USD 1.0013 -

  • The accompanying notes form an integral part of these financial statements.

    4444 B

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    heet

    (U

    naud

    ited)

    26

    Note

    Sanlam Global EquityFund

    30/06/2009USD

    SanlamGlobal

    Best Ideas Feeder

    Fund30/06/2009

    USD

    Sanlam Global

    Balanced Fund

    30/06/2009 USD

    AssetsAssetsAssetsAssets Cash and cash equivalents 5 6,974,258 95,599 1,508,970 Debtors 6 53,371,465 14,929 1,871,987 Financial assets at fair value through profit or loss 7 920,737,536 148,337,973 136,606,878

    TTTTotal assetsotal assetsotal assetsotal assets 981,083,259 148,448,501 139,987,835

    LiabilitiesLiabilitiesLiabilitiesLiabilities Creditors 8 (52,862,674) (147,140) (2,049,233)

    Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets attributable to holders of attributable to holders of attributable to holders of attributable to holders of redeemable participating shares) redeemable participating shares) redeemable participating shares) redeemable participating shares)

    (52,862,674) (147,140) (2,049,233)

    Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares redeemable participating shares redeemable participating shares redeemable participating shares

    (928,220,585) (148,301,361)

    (137,938,602)

    Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities

    (981,083,259) (148,448,501)

    (139,987,835)

    Note

    Sanlam Global BondFund

    30/06/2009USD

    Sanlam Global

    LiquidityFund

    30/06/2009USD

    Sanlam Euro

    Liquidity Fund

    30/06/2009EUR

    AssetsAssetsAssetsAssets Cash and cash equivalents 5 2,810,941 13,495,106 497,050 Debtors 6 27,810 44,835,668 14,873Financial assets at fair value through profit or loss 7 274,875,611 149,568,771 8,654,952

    TTTTotal assetsotal assetsotal assetsotal assets 277,714,362 207,899,545 9,166,875

    LiabilitiesLiabilitiesLiabilitiesLiabilities Creditors 8 (447,114) (50,711,812) (11,535)

    Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets attributable to holders of attributable to holders of attributable to holders of attributable to holders of redeemable participating shares) redeemable participating shares) redeemable participating shares) redeemable participating shares)

    (447,114) (50,711,812) (11,535)

    Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares redeemable participating shares redeemable participating shares redeemable participating shares

    (277,267,248) (157,187,733) (9,155,340)

    Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities (277,714,362) (207,899,545) (9,165,875)

  • The accompanying notes form an integral part of these financial statements. 27

    Balance Sheet (U

    naudited) - continued 4444

    Note

    SanlamSterling

    LiquidityFund

    30/06/2009GBP

    Sanlam US Dollar Liquidity

    Fund30/06/2009

    USD

    Total30/06/2009

    USDAssetsAssetsAssetsAssets Cash and cash equivalents 5 248,801 599,553 26,591,315 Debtors 6 12,682 19,047 100,182,651Financial assets at fair value through profit or loss 7 2,491,850 9,451,583 1,655,821,733

    TTTTotal assetsotal assetsotal assetsotal assets 2,753,333 10,070,183 1,782,595,699

    LiabilitiesLiabilitiesLiabilitiesLiabilities Creditors 8 (7,437) (15,203) (106,261,602)

    LiabilitiesLiabilitiesLiabilitiesLiabilities (excluding net assets (excluding net assets (excluding net assets (excluding net assets attributable to holders of attributable to holders of attributable to holders of attributable to holders of redeemable participating shares) redeemable participating shares) redeemable participating shares) redeemable participating shares)

    (7,437) (15,203) (106,261,602)

    Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares redeemable participating shares redeemable participating shares redeemable participating shares

    (2,745,896) (10,054,980) (1,676,334,097)

    Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities (2,753,333) (10,070,183) (1,782,595,699)

  • The accompanying notes form an integral part of these financial statements. 28

    4444

    Bal

    ance

    Shee

    tB

    alan

    ceSh

    eet

    Bal

    ance

    Shee

    tB

    alan

    ceSh

    eet

    Bal

    ance

    Shee

    tB

    alan

    ceSh

    eet

    Bal

    ance

    Shee

    tB

    alan

    ceSh

    eet

    Bal

    ance

    Shee

    t

    B

    alan

    ce S

    heet

    (U

    naud

    ited)

    - co

    ntin

    ued

    Note

    Sanlam Global EquityFund

    31/12/2008USD

    Sanlam Global

    Best Ideas Feeder

    Fund31/12/2008

    USD

    Sanlam Global

    Balanced Fund

    31/12/2008 USD

    AssetsAssetsAssetsAssets Cash and cash equivalents 5 14,501,266 74,868 2,764,996 Debtors 6 461,825 282,133 2,876 Financial assets at fair value through profit or loss 7 739,056,894 110,911,500 132,033,650

    TTTTotalotalotalotal assets assets assets assets 754,019,985 111,268,501 134,801,522

    LiabilitiesLiabilitiesLiabilitiesLiabilities Creditors 8 (994,525) (386,418) (134,840)

    Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets attributable to holders of redeemable attributable to holders of redeemable attributable to holders of redeemable attributable to holders of redeemable participating shares) participating shares) participating shares) participating shares) (994,525) (386,418) (134,840)

    Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares redeemable participating shares redeemable participating shares redeemable participating shares

    (753,025,460) (110,882,083) (134,666,682)

    Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities (754,019,985) (111,268,501) (134,801,522)

    Note

    Sanlam Global Bond Fund

    31/12/2008USD

    Sanlam Global

    LiquidityFund

    31/12/2008USD

    Sanlam Euro

    Liquidity Fund

    31/12/2008EUR

    AssetsAssetsAssetsAssets Cash and cash equivalents 5 3,194,813 4,751,909 825,612 Debtors 6 4,430 3,529 -Financial assets at fair value through profit or loss

    7 418,152,688 117,768,610 8,022,566

    TTTTotal assetsotal assetsotal assetsotal assets 421,351,931 122,524,048 8,848,178

    LiabilitiesLiabilitiesLiabilitiesLiabilities Creditors 8 (924,603) (151,344) (5,219)

    LiabilitiLiabilitiLiabilitiLiabilities (excluding net assets es (excluding net assets es (excluding net assets es (excluding net assets attributable to holders of redeemable attributable to holders of redeemable attributable to holders of redeemable attributable to holders of redeemable participating shares) participating shares) participating shares) participating shares)

    (924,603) (151,344) (5,219)

    Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares redeemable participating shares redeemable participating shares redeemable participating shares

    (420,427,328) (122,372,704) (8,842,959)

    Total liabilities Total liabilities Total liabilities Total liabilities (421,351,931) (122,524,048) (8,848,178)

  • The accompanying notes form an integral part of these financial statements.

    4444

    29

    Balance Sheet (U

    naudited) -continued

    Note

    Sanlam Sterling

    Liquidity Fund

    31/12/2008GBP

    Sanlam US Dollar Liquidity

    Fund31/12/2008

    USD

    Total31/12/2008

    USDAssetsAssetsAssetsAssets Cash and cash equivalents 5 661,747 531,028 27,922,638 Debtors 6 - - 754,793 Financial assets at fair value through profit or loss 7 2,005,523 9,408,749 1,541,383,444

    TTTTotal assetsotal assetsotal assetsotal assets 2,667,270 9,939,777 1,570,060,875

    LiabilitiesLiabilitiesLiabilitiesLiabilities Creditors 8 (17,175) (6,941) (2,630,735)

    Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets attributable to holders of attributable to holders of attributable to holders of attributable to holders of redeemable participating sharedeemable participating sharedeemable participating sharedeemable participating shares) res) res) res) (17,175) (6,941) (2,630,735)

    Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares redeemable participating shares redeemable participating shares redeemable participating shares

    (2,650,095) (9,932,836) (1,567,430,140)

    Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities (2,667,270) (9,939,777) (1,570,060,875)

  • The accompanying notes form an integral part of these financial statements. 30

    5555

    Inco

    me

    Stat

    emen

    t (U

    naud

    ited)

    Note

    Sanlam Global EquityFund

    30/06/2009USD

    SanlamGlobal

    Best IdeasFeeder

    Fund30/06/2009

    USD

    Sanlam Global

    Balanced Fund

    30/06/2009 USD

    Revenue:Revenue:Revenue:Revenue: Net gains on financial assets and liabilities at fair value through profit or loss – held for trading 47,224,895 38,840,277 5,580,228 Gross income 3 31,581 561 17,886 Expenses 4 (2,888,001) (507,756) (522,681) ProfitProfitProfitProfit/(Loss)/(Loss)/(Loss)/(Loss) before tax before tax before tax before tax 44,368,475 38,333,082 5,075,433 Withholding tax - - - Net increase Net increase Net increase Net increase in assets attributable to in assets attributable to in assets attributable to in assets attributable to holders of redeemable participating holders of redeemable participating holders of redeemable participating holders of redeemable participating shares shares shares shares

    44,368,475 38,333,082

    5,075,433

    Note

    Sanlam GlobalBond Fund

    30/06/2009USD

    Sanlam Global

    LiquidityFund

    30/06/2009USD

    Sanlam Euro

    Liquidity Fund*

    30/06/2009EUR

    Revenue:Revenue:Revenue:Revenue: Net (losses)/gains on financial assets and liabilities at fair value through profit or loss – held for trading (6,080,577) 4,391,722 64,748 Gross income 3 8,696 121,544 12,691 Expenses 4 (1,463,541) (450,563) (20,238)ProfitProfitProfitProfit/(Loss)/(Loss)/(Loss)/(Loss) before tax before tax before tax before tax (7,535,422) 4,062,703 57,201 Withholding tax - - - Net (decrease)/increase in assets Net (decrease)/increase in assets Net (decrease)/increase in assets Net (decrease)/increase in assets attributable to holders of redeeattributable to holders of redeeattributable to holders of redeeattributable to holders of redeemable mable mable mable participating shares participating shares participating shares participating shares

    (7,535,422) 4,062,703 57,201

    Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above.

    *The Sanlam Euro Liquidity Fund, Sanlam Sterling Liquidity Fund and Sanlam US Dollar Liquidity Fund were launched on 29 September 2008, therefore no comparatives are available.

  • The accompanying notes form an integral part of these financial statements.

    5555

    31

    Income Statem

    ent (Unaudited) – continued

    Note

    Sanlam Sterling

    Liquidity Fund*

    30/06/2009GBP

    SanlamUS Dollar Liquidity

    Fund*30/06/2009

    USD

    Total30/06/2009

    USDRevenRevenRevenRevenue:ue:ue:ue: Net gains on financial assets and liabilities at fair value through profit or loss – held for trading 15,756 38,325 90,108,939 Gross income 3 4,906 8,549 213,992 Expenses 4 (10,722) (28,480) (5,905,658)Profit/(loss) before taxProfit/(loss) before taxProfit/(loss) before taxProfit/(loss) before tax 9,940 18,394 84,417,273 Withholding tax - - - Net increase in assets attributable Net increase in assets attributable Net increase in assets attributable Net increase in assets attributable to holders to holders to holders to holders of redeemable of redeemable of redeemable of redeemable participating shares participating shares participating shares participating shares

    9,940 18,394 84,417,273

    Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above.

    *The Sanlam Euro Liquidity Fund, Sanlam Sterling Liquidity Fund and Sanlam US Dollar Liquidity Fund were launched on 29 September 2008, therefore no comparatives are available.

  • The accompanying notes form an integral part of these financial statements. 32

    5555

    Inco

    me

    Stat

    emen

    t (U

    naud

    ited)

    – co

    ntin

    ued

    Note

    Sanlam Global Equity Fund

    30/06/2008USD

    SanlamGlobal

    Best IdeasFeeder

    Fund30/06/2008

    USD

    Sanlam Global

    BalancedFund

    30/06/2008USD

    Revenue:Revenue:Revenue:Revenue: Net losses on financial assets and liabilities at fair value through profit or loss – held for trading (184,329,434) (59,521,515) (16,551,531)Gross income 3 3,655,025 3,226 28,478Expenses 4 (5,312,354) (1,168,293) (832,630)Loss/profit before taxLoss/profit before taxLoss/profit before taxLoss/profit before tax (185,986,763) (60,686,582) (17,355,683)Withholding tax - - - Net decrease in assets attributable to Net decrease in assets attributable to Net decrease in assets attributable to Net decrease in assets attributable to holders of redeemable participating holders of redeemable participating holders of redeemable participating holders of redeemable participating shshshshares ares ares ares

    (185,986,763) (60,686,582) (17,355,683)

    Note

    Sanlam GlobalBond Fund

    30/06/2008USD

    Sanlam Global

    LiquidityFund

    30/06/2008USD

    Total 30/06/2008

    USD Revenue:Revenue:Revenue:Revenue: Net gains/(losses) on financial assets and liabilities at fair value through profit or loss – held for trading 14,030,492 11,191,012 (235,180,976) Gross income 3 83,867 112,885 3,883,481 Expenses 4 (1,907,849) (1,435,984) (10,657,110) Loss/profit before taxLoss/profit before taxLoss/profit before taxLoss/profit before tax 12,206,510 9,867,913 (241,954,605) Withholding tax - - - Net Net Net Net iiiincrease/ncrease/ncrease/ncrease/(decrease(decrease(decrease(decrease)))) in assets in assets in assets in assets attributable to holders of redeemable attributable to holders of redeemable attributable to holders of redeemable attributable to holders of redeemable participating shares participating shares participating shares participating shares

    12,206,510 9,867,913 (241,954,605)

    Gains and losses arise solely from continuing operations. There were no gains or losses other than those reflected above.

  • The accompanying notes form an integral part of these financial statements.

    Statement of C

    hanges in Net A

    ssets Attributable to H

    olders of Redeem

    able Participating Shares (U

    naudited)6666

    33

    *The Sanlam Euro Liquidity Fund, the Sanlam Sterling Liquidity Fund and the Sanlam US Dollar Liquidity Fund were launched on 29 September 2008, therefore no comparatives are available.

    Sanlam Global EquityFund

    30/06/2009USD

    Sanlam Global

    Best IdeasFeeder Fund 30/06/2009

    USD

    SanlamGlobal

    BalancedFund

    30/06/2009USD

    NNNNet assets attributable to holders of et assets attributable to holders of et assets attributable to holders of et assets attributable to holders of redeemable participating shares at the start redeemable participating shares at the start redeemable participating shares at the start redeemable participating shares at the start of of of of the periodthe periodthe periodthe period 753,025,460 110,882,083 134,666,682 Proceeds from redeemable participating shares issued 235,167,795 125 2,182,688 Redemption of redeemable participating shares (104,341,145) (913,929) (3,986,201)Net increase/(decrease) from share transactions 130,826,650 (913,804) (1,803,513)Net increase in assets attributable to holders of redeemable participating shares from operations 44,368,475 38,333,082 5,075,433 Exchange differences due to presentation of these financial statements in USD - - - Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares at the end redeemable participating shares at the end redeemable participating shares at the end redeemable participating shares at the end of the periodof the periodof the periodof the period 928,220,585 148,301,361 137,938,602

    Sanlam Global BondFund

    30/06/2009USD

    Sanlam Global

    LiquidityFund

    30/06/2009USD

    Sanlam Euro

    Liquidity Fund*

    30/06/2009EUR

    Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares aredeemable participating shares aredeemable participating shares aredeemable participating shares at the start t the start t the start t the start of the periodof the periodof the periodof the period 420,427,328 122,372,704 8,842,959 Proceeds from redeemable participating shares issued 48,288,278 116,143,880 286,700 Redemption of redeemable participating shares (183,912,936) (85,391,554) (31,520)Net (decrease)/increase from share transactions (135,624,658) 30,752,326 255,180 Net (decrease)/increase in assets attributable to holders of redeemable participating shares from operations (7,535,422) 4,062,703 57,201 Exchange differences due to presentation of these financial statements in USD - - - Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares at the end redeemable participating shares at the end redeemable participating shares at the end redeemable participating shares at the end of the periodof the periodof the periodof the period 277,267,248 157,187,733 9,155,340

  • The accompanying notes form an integral part of these financial statements. 34

    St

    atem

    ent o

    f Cha

    nges

    in N

    et A

    sset

    s A

    ttrib

    utab

    le to

    Hol

    ders

    of R

    edee

    mab

    le P

    artic

    ipat

    ing

    Shar

    es (

    Una

    udite

    d)-

    cont

    inue

    d 6666

    *The Sanlam Euro Liquidity Fund, Sanlam Sterling Liquidity Fund and Sanlam US Dollar Liquidity Fund were

    launched on 29 September 2008, therefore no comparatives are available.

    Sanlam Sterling

    Liquidity Fund*

    30/06/2009GBP

    Sanlam US DollarLiquidity

    Fund*30/06/2009

    USD

    Total 30/06/2009

    USD Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares at the start redeemable participating shares at the start redeemable participating shares at the start redeemable participating shares at the start of the periodof the periodof the periodof the period 2,650,095 9,932,836 1,567,430,140 Proceeds from redeemable participating shares issued 97,221 210,180

    402,540,574

    Redemption of redeemable participating shares (11,360) (106,430)

    (378,713,442)

    Net increasefrom share transactions 85,861 103,750

    23,827,132 Net increase in assets attributable to holders of redeemable participating shares from operations 9,940 18,394

    84,417,273

    Exchange differences due to presentation of these financial statements in USD - - 659,552 Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable participating shares at the end redeemable participating shares at the end redeemable participating shares at the end redeemable participating shares at the end of the periodof the periodof the periodof the period 2,745,896 10,054,980

    1,676,334,097

  • The accompanying notes form an integral part of these financial statements.

    6666

    35

    Statement of C

    hanges in Net A

    ssets Attributable to H

    olders of Redeem

    able Participating Shares (U

    naudited) - continued

    Sanlam Global Equity Fund

    30/06/2008USD

    Sanlam Global

    Best Ideas

    Feeder Fund 30/06/2008

    USD

    Sanlam Global

    BalancedFund

    30/06/2008USD

    Net asse