ABN AMRO Funds - Aia.com.hk

NOTES TO THE FINANCIAL STATEMENTS
1. Purpose of the SICAV
ABN AMRO Funds (‘‘the SICAV’’) is an open-ended investment
company incorporated on March 23, 1994 under the laws of the
Grand Duchy of Luxembourg as a Société Anonyme, which qualifies
as a Société d’Investissement à Capital Variable (SICAV). The
SICAV is an ‘‘umbrella structure’’ under which its capital is divided
into different investment portfolios of securities and other assets
permitted by law with specific investment objectives and various
risk characteristics (hereinafter referred to as the ‘‘Funds’’ and each
a ‘‘Fund’’).
There is no cross-liability between Funds. Each Fund is exclusively
responsible for those liabilities attributable to it; the claim of any
third party against a Fund can only be made against the assets of that
Fund.
The exclusive purpose of the SICAV is to manage its capital for the
benefit of the Shareholders. For this purpose the SICAV invests the
funds available to it in transferable securities, money market
instruments and other assets permitted by law with the aim of
spreading investment risks and affording its shareholders with the
results of the management of its assets. The SICAV was originally
authorised under part I of the Luxembourg law of March 30, 1988. In
keeping with a decision of the general meeting of Shareholders on
August 12, 2005, the SICAV is now authorised under part I of the
Law of December 20, 2002 (‘‘the Law’’). The SICAV may take any
measures and carry out any transaction which it may deem useful for
the fulfillment and development of its purpose to the largest extent
permitted under the Law on undertakings for collective investment.
Each Fund can issue multiple Classes of Shares. Each Class
represents an interest in the Fund’s portfolio, but may have its own
characteristics, such as fee structure, investment minimum, dividend
policy or reference currency. The types of Share Classes currently in
existence are :
Class A: Capital Growth Shares;
Class B: Dividend Shares;
Class D: Capital Growth Shares/Distribution Shares;
Class I: Capital Growth Shares/Institutional Shares;
Class J: Capital Growth Shares;
AH, BH, DH, IH and JH Shares (‘‘Hedged Share Classes’’) may also
be created. These Shares will have a substantial part of the assets of
the SICAV attributable to that Share Class denominated in or hedged
into the currency of that Share Class. The Hedged Share classes will
be issued in a currency different from the reference currency of the
Fund considered.
During the year ended April 30, 2008, the following Funds were
merged:
Fund Merged into Ratio Date
AAF High Yield
Bond Fund (USD)
AAF Preferred
Securities Fund
AAF 2001 Interest
Growth Fund Euro
AAF Biotech Fund
AAF Global
Emerging Markets
Bond Fund (Euro)
AAF High Yield
Bond Fund (Euro)
1 June 1, 2007
AAF Absolute
Return Bond Fund A B : : 1.006195333 June 1, 2007
1.986618507
D : 0.829957119
A1 : 1.006232817
B1 : 0.986579613
D1 : 0.829926786
AAF 2001 Euro 1.004720543 August 3, 2007
Bond Fund
AAF Health Care
Fund
AAF Global
Emerging Markets
Bond Fund (USD)
A : 0.578380047
A3 : 0.578493643
D : 0.747535593
August 3, 2007
1 February 21, 2008
During the year ended April 30, 2008, the following Funds were
liquidated:
Fund
Date
AAF Sustainable Global Credit Fund May 25, 2007
AAF Denmark Bond Fund May 25, 2007
AAF Global Leader Fund May 25, 2007
AAF Europe Property Equity Fund April 21, 2008
During the year ended April 30, 2008, the following Funds
contributed their assets to the SICAV:
183
Contributor
ABN Transpacific
Fund SICAV
AAAI Global TAA
Fund
ABN AMRO
Rainbow Fund –
EMU Government
Bond - Passive
Date
ofcontribution
September
27, 2007
October 19,
2007
December
14, 2007
Assetscontributed
Name of receiving
Fund
EUR 24,271,044 AAF Japan
Opportunities Fund
EUR 118,663,158 AAF Global TAA Fund
EUR 89,026,871 AAF EMU Government
Bond – Passive Fund
During the year ended April 30, 2008, the following Funds were
launched:
Fund
Date
AAF ARBF V150 September 21, 2007
AAF Japan Opportunities Fund September 28, 2007
AAF Europe Property Equity Fund October 12, 2007
AAF Clean Tech Fund October 12, 2007
AAF Global TAA Fund October 19, 2007
AAF EMU Government Bond – Passive
December 14, 2007
Fund
During the year ended April 30, 2008, the following Fund names
were changed:
Fund New Name Date
AAF High Yield Bond Fund AAF High Yield Bond Fund June 1, 2007
(Euro)
AAF Absolute Return Bond AAF ARBF V300 September 21, 2007
Fund
AAF Global Emerging
Markets Bond Fund (USD)
AAF Global Emerging
Markets Bond Fund
February 21, 2008
2. Summary of Significant Accounting policies
The financial statements are prepared and presented in accordance
with generally accepted accounting principles applicable to investment
funds in Luxembourg.
a. Principles of valuation
For each Share Class of each Fund, the Net Asset Value (NAV) per
Share is expressed in the applicable reference currency of the
relevant Fund or Share Class as defined in the Prospectus. The NAV
per Share is determined as of each Valuation Day. For any given
Fund and Share Class, the NAV per Share is calculated by taking the
portion of SICAV assets attributable to that Fund and Share Class (as
valued according to the valuation policies below), subtracting the
portion of SICAV liabilities attributable to that Fund and Share
Class, and dividing the result by the total number of Shares
outstanding in that Fund and Share Class then outstanding. NAV per
Share may be rounded up or down to the nearest unit of the relevant
reference currency, as determined by the Board of Directors.
In certain prevailing market conditions, taking into account the level
of buying and selling in a relevant Fund and the size of the Fund, the
Board of Directors may consider it in the best interest of
Shareholders to calculate the NAV per share of such Fund using
securities bid or offer prices and/or by applying an estimate of the
bid or offer spread applicable to the markets in which the Fund’s
securities are traded. It may further adjust such NAV for any dealing
charges and sales commissions incurred, provided always that such
dealing charges and sales commissions shall not exceed 1% of the
net asset value of the Fund at such time.
The value of the assets shall be determined as follows:
1) The value of any cash on hand or on deposit is recorded at
book value;
2) The value of transferable securities and money market instruments
and any other assets listed or dealt in on any regulated
market and/or any other regulated market is based on the last
available price on the relevant markets, on which such investments
are traded, of each Valuation Date. Depending on the
market in question, the relevant closing price used, will either
be the business day in that market preceding the relevant Valuation
Date or on the same business day as the Valuation
Date;