ニッコウ・マネー・マーケット・ファンド

Nikko Money Market Fund

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(*) (*) U MMF ) MMF MMF ( MMF ( ) MMF( ) (*) Aaa/MR1+ (*) (*) (*)US

S&P P S&P Aa 12 31 ( ) (*) 1 1,000 1 1,000 10 10 10 10 10

( ) US SMBC UFJ TT SMBC UFJ TT (2009 24 ) SMBC UFJ PB UFJ TT (2009 24 ) SMBC TT (2009 24 ) SMBC TT (2009 24 )

0.91( ) (*) 0.01( ) 2 ( ) 0.150( ) 2 ( )5 ( ) 0.125( ) 5 ( )20 ( ) 0.100( ) 20 ( ) (*) 0.090( ) 0.65( ) 0.04( ) 0.06( ) ( ) 1.00 ( )40 21 ( ) (5)

Q1 (*) (*)US S&P P S&P Aa Q2 Q3 Q4

Q5 Q6 Q7 Q8 15 5 (5)

()

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2008 12 31 0.706789 1.444774 0.812084 1.717917 0.683203 1.196973 0.943768 1.424510

20071231 0.679763 1.136104 0.980400 1.289075 0.731171 1.192690 1.069883 1.358827 5

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Nikko Money Market Fund

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PricewaterhouseCoopers Société à responsabilité limitée Réviseur d'entreprises 400, route d Esch B.P. 1443 L-1014 Luxembourg Telephone +352 494848-1 Facsimile +352 494848-2900 www.pwc.com/lu info@lu.pwc.com Independent Auditor s Report To the Shareholders of Nikko Money Market Fund We have audited the accompanying financial statements of Nikko Money Market Fund and of each of its sub-funds, which comprise the statement of net assets and the statement of investments as at December 31, 2008 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Board of Directors of the Management Company s responsibility for the financial statements The Board of Directors of the Management Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the Institut des Réviseurs d Entreprises. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the Auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Management Company, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. R.C.S. Luxembourg B 65 477 - TVA LU17564447 Page 14

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2008 12 31 1. 2002 12 20 II 2008 12 31 5 US US 2. 2.1 2.2 0.706789 1.444774 0.812084 1.717917 0.683203 1.196973 0.943768 1.424510

2.3 2.4 2.5 2.6 3. 0.01% 4. US 2 0.150% 2 5 0.125% 5 20 0.100% 20 0.090% 2 0.150% 2 5 0.125% 5 20 0.100% 20 0.090% 2 0.150% 2 5 0.125% 5 20 0.100% 20 0.090% 2 0.150% 2 5 0.125% 5 20 0.100% 20 0.090%

2 0.150% 2 5 0.125% 5 20 0.100% 20 0.090% 5. 0.65 6. 0.04 7. 0.06 8. 0.01% 9. 0.01 0.01 0.01 0.01 0.01.

:251_a_9139822072105.doc :2009/04/30 18:26 :09/05/13 5:45 2008 12 31 ( ) US * I. A. % 50,000,000 EIB 3.375 16MAR09 50,242,500 50,207,080 2.72 46,238,000 KFW 3.250 30MAR09 46,478,438 46,446,060 2.52 96,720,938 96,653,140 5.24 B. % 40,000,000 BETA FINANCE FRN 20JAN09 40,000,000 40,000,000 2.17 40,000,000 40,000,000 2.17 136,720,938 136,653,140 7.41 (*) %

:251_a_9139822072105.doc :2009/04/30 18:26 :09/05/13 5:45 2008 12 31 ( ) US * II. A. % 70,000,000 BANK NEDERL GEMEENTEN CP 02MAR09 69,699,942 69,778,527 3.78 25,000,000 BANK NEDERL GEMEENTEN CP 16JAN09 24,934,340 24,981,395 1.36 25,000,000 BANK NEDERL GEMEENTEN CP 23JAN09 24,941,388 24,976,555 1.35 30,000,000 BANK NEDERL GEMEENTEN CP 30JAN09 29,884,422 29,943,129 1.62 50,000,000 BELGIUM KINGDOM CP 06JAN09 49,922,205 49,983,500 2.71 70,000,000 CAISSE DEPOTS CONSIGN. CP 05JAN09 69,875,098 69,977,292 3.80 25,000,000 CAISSE DEPOTS CONSIGN. CP 14JAN09 24,979,850 24,990,840 1.36 75,000,000 CAISSE DEPOTS CONSIGN. CP 28JAN09 74,948,161 74,949,893 4.07 75,000,000 DANSKE BANK CP 20FEB09 74,865,035 74,881,050 4.06 30,000,000 DENMARK KINGDOM CP 15JAN09 29,954,569 29,986,020 1.63 50,000,000 DENMARK KINGDOM CP 23JAN09 49,880,260 49,950,450 2.71 30,000,000 ENERGIE BEHEER NEDERLAND CP 05JAN09 29,975,021 29,994,006 1.63 60,000,000 KOMMUNINVEST I SVERIGE CP 03MAR09 59,747,666 59,810,748 3.24 50,000,000 KOMMUNINVEST I SVERIGE CP 09FEB09 49,854,895 49,904,045 2.71 30,000,000 KOMMUNINVEST I SVERIGE CP 10FEB09 29,937,613 29,957,739 1.62 30,000,000 KREDITANSTALT FUR WIEDER CP 07JAN09 29,949,336 29,990,349 1.63 75,000,000 KREDITANSTALT FUR WIEDER CP 12FEB09 74,871,595 74,910,323 4.06 25,000,000 KREDITANSTALT FUR WIEDER CP 25FEB09 24,890,592 24,932,215 1.35 30,000,000 KREDITANSTALT FUR WIEDER CP 27FEB09 29,864,944 29,909,451 1.62 75,000,000 LANDWIRTSCHAFT RENTBK CP 26JAN09 74,796,470 74,911,365 4.06 50,000,000 NEDERL WATERSCHAPS CP 06MAR09 49,821,473 49,862,990 2.70 50,000,000 NEDERL WATERSCHAPS CP 09MAR09 49,849,413 49,880,570 2.71 30,000,000 NEDERL WATERSCHAPS CP 18MAR09 29,895,292 29,909,253 1.62 25,000,000 NEDERL WATERSHAPSBK CP 27FEB09 24,872,996 24,917,658 1.35 25,000,000 STATE OF THE NETHERLANDS CP 05JAN09 24,965,326 24,994,800 1.36 25,000,000 STATE OF THE NETHERLANDS CP 26JAN09 24,956,762 24,981,470 1.36 50,000,000 TASMANIAN PUBLIC FIN CP 05JAN09 49,894,349 49,980,790 2.71 50,000,000 TASMANIAN PUBLIC FIN CP 12FEB09 49,902,026 49,930,470 2.71 45,000,000 TASMANIAN PUBLIC FIN CP 13JAN09 44,936,761 44,973,962 2.44 1,276,867,800 1,278,150,855 69.33 1,276,867,800 1,278,150,855 69.33 1,413,588,738 1,414,803,995 76.74 (*) %

:251_a_9139822072105.doc :2009/04/30 18:26 :09/05/13 5:45 2008 12 31 US (%) * 10.82 5.69 2.71 1.63 20.85 8.66 4.06 2.52 15.24 5.42 3.80 9.22 4.34 4.06 8.40 5.15 2.71 7.86 7.58 7.58 2.72 2.72 2.71 2.71 2.16 2.16 76.74 (*) %

:251_a_9139822072105.doc :2009/04/30 18:26 :09/05/13 5:45 2008 12 31 ( ) * I. A. % 12,000,000 FRANCE (BTAN) 3.50 12JAN09 12,011,232 12,007,301 4.45 3,000,000 FRANCE T-BILL 0.00 08JAN09 2,997,802 2,998,763 1.11 7,000,000 FRANCE T-BILL 0.00 19FEB09 6,977,768 6,981,713 2.59 10,000,000 NEDERLAND T BILL 0.00 31DEC08 9,989,455 9,999,445 3.71 31,976,257 31,987,222 11.86 B. % 3,000,000 BANK OF AMERICA CORP FRN 15FEB12 2,999,250 2,999,511 1.11 4,000,000 ING BANK NV FRN 20OCT10 3,998,800 3,999,492 1.48 5,000,000 MERRILL LYNCH FRN 09FEB09 5,006,300 5,000,175 1.85 1,000,000 ROYAL BANK OF CANADA FRN 23MAR11 1,000,330 1,000,198 0.38 13,004,680 12,999,376 4.82 44,980,937 44,986,598 16.68 II. A. % 20,000,000 BANK OF SCOTLAND CP 18FEB09 19,927,585 19,941,602 7.39 15,000,000 CAISSE DEPOTS CONSIGN. CP 05JAN09 14,967,072 14,994,014 5.56 5,000,000 KOMMUNINVEST I SVERIGE CP 09JAN09 4,991,189 4,997,158 1.85 21,000,000 LANDWIRTSCHAFT RENTBK CP 22JAN09 20,964,436 20,973,612 7.77 3,000,000 RESEAU FERRE DE FRANCE CP 09JAN09 2,992,817 2,998,005 1.11 12,000,000 STATE OF THE NETHERLANDS CP 20JAN09 11,978,505 11,986,724 4.44 15,000,000 TASMANIAN PUBLIC FIN CP 13JAN09 14,965,515 14,985,799 5.56 90,787,119 90,876,914 33.68 90,787,119 90,876,914 33.68 135,768,056 135,863,512 50.36 (*) %

:251_a_9139822072105.doc :2009/04/30 18:26 :09/05/13 5:45 2008 12 31 ( ) (%) * 8.16 5.56 1.11 14.83 8.16 1.48 9.64 7.77 7.77 7.39 7.39 5.55 5.55 1.85 1.11 2.96 1.85 1.85 0.37 0.37 50.36 (*) %

:251_a_9139822072105.doc :2009/04/30 18:26 :09/05/13 5:45 2008 12 31 ( ) * I. A. % 9,000,000 ANZ BANKING GROUP FRN 02MAR09 9,016,560 9,000,806 0.40 15,000,000 CITIGROUP INC FRN 09JUN10 15,036,400 15,011,203 0.67 14,000,000 GENERAL ELEC CAP AUS FRN 10FEB11 14,000,420 14,000,178 0.62 42,000,000 GOLDMAN SACHS GROUP FRN 12APR11 41,994,740 41,996,746 1.87 10,000,000 GOLDMAN SACHS GROUP FRN 21OCT09 10,057,500 10,015,764 0.45 15,000,000 HBOS TREASURY SERV FRN 19OCT11 S TD 15,000,000 15,000,000 0.67 15,000,000 HBOS TREASURY SERVICES FRN 23MAR09 14,999,400 14,999,949 0.67 4,000,000 HSBC FINANCE CORP FRN 22SEP11 4,000,400 4,000,223 0.18 12,500,000 MERRILL LYNCH FRN 02SEP10 12,515,750 12,506,859 0.56 20,000,000 MERRILL LYNCH FRN 09MAR10 20,099,000 20,035,510 0.89 10,000,000 MERRILL LYNCH FRN 15JUN11 10,010,100 10,005,415 0.45 13,000,000 MERRILL LYNCH FRN 28JUL09 13,014,640 13,002,795 0.58 15,000,000 MERRILL LYNCH FRN 30NOV11 15,000,000 15,000,000 0.67 10,000,000 ROYAL BANK OF CANADA FRN 01APR10 9,957,300 9,977,775 0.43 204,702,210 204,553,223 9.11 B. 25,000,000 ABU DHABI COM BK FRN 17JAN12 25,000,000 25,000,000 1.11 15,000,000 BOS INTL AUSTRALIA FRN 23SEP09 15,000,000 15,000,000 0.67 10,000,000 COMMONWEALTH BK AUST FRN 24JUN09 9,999,500 9,999,952 0.45 49,999,500 49,999,952 2.23 254,701,710 254,553,175 11.34 (*) %

:251_a_9139822072105.doc :2009/04/30 18:26 :09/05/13 5:45 2008 12 31 ( ) II. * A. 50,000,000 BANK NEDERL GEMEENTEN CP 31DEC08 49,833,266 49,994,945 2.23 50,000,000 BANK NEDERL GEMMENTEN CP 08JAN09 49,849,330 49,956,255 2.23 50,000,000 BANK NEDERL GEMMENTEN CP 20JAN09 49,835,653 49,892,145 2.22 50,000,000 BANK NEDERL GEMMENTEN CP 23JAN09 49,826,824 49,870,120 2.22 50,000,000 BELGIUM KINGDOM CP 31DEC08 49,836,909 49,995,060 2.23 50,000,000 CAISSE DEPOTS CONSIGN. CP 05JAN09 49,836,923 49,968,435 2.23 50,000,000 CAISSE DEPOTS CONSIGN. CP 09JAN09 49,851,470 49,952,085 2.22 50,000,000 CAISSE DEPOTS CONSIGN. CP 20JAN09 49,806,529 49,873,035 2.22 50,000,000 CAISSE DEPOTS CONSIGN. CP 22JAN09 49,798,455 49,850,465 2.22 45,000,000 CAISSE DEPOTS CONSIGN. CP 30JAN09 44,818,225 44,818,227 2.00 50,000,000 KREDITANSTALT FUR WIEDER CP 09FEB09 49,666,243 49,782,795 2.22 50,000,000 LANDWIRTSCHAFT RENTBK CP 05JAN09 49,851,042 49,971,170 2.23 50,000,000 LANDWIRTSCHAFT RENTBK CP 08JAN09 49,842,912 49,954,395 2.23 50,000,000 LANDWIRTSCHAFT RENTBK CP 22JAN09 49,801,017 49,852,370 2.22 50,000,000 QUEENSLAND TREAS CORP CP 05JAN09 49,803,001 49,970,450 2.23 40,000,000 TASMANIAN PUBLIC FIN CP 13JAN09 39,855,105 39,936,608 1.78 100,000,000 TREASURY CORP VICTORIA CP 12JAN09 99,649,235 99,861,820 4.42 881,762,139 883,500,380 39.35 881,762,139 883,500,380 39.35 1,136,463,849 1,138,053,555 50.69 (*) %

:251_a_9139822072105.doc :2009/04/30 18:26 :09/05/13 5:45 2008 12 31 (%) * 8.45 2.18 0.62 11.25 8.66 2.23 10.89 6.67 2.23 8.90 6.66 2.23 8.89 3.32 2.99 6.31 2.23 2.23 1.12 1.12 1.10 1.10 50.69 (*) %

:251_b_9139822072105.doc :2009/04/30 18:26 :09/05/13 5:45 2008 12 31 ( ) * I. A. 2,400,000 BAYERISCHE LANDESBANK FRN 04FEB09 2,400,663 2,399,992 8.43 2,000,000 CANADIAN HOUSING TRUST 3.55 16MAR09 2,011,800 2,009,855 7.06 1,000,000 CANADA T-BILL 0.00 08JAN09 999,780 999,802 3.51 1,500,000 CANADA T-BILL 0.00 19FEB09 1,495,875 1,497,078 5.26 1,500,000 CANADA T-BILL 0.00 22JAN09 1,497,570 1,498,730 5.26 1,000,000 HBOS TREASURY SERVICES FRN 29SEP09 997,400 998,833 3.50 9,403,088 9,404,290 33.02 B. 300,000 ANZ BANKING 4.00 20JAN09 300,450 300,058 1.05 300,000 BANK NEDERLANDSE GEM 5.5 02JUL09 301,800 301,570 1.06 1,600,000 LANDESKREDITBK BW 4.5 26JAN09 1,608,000 1,601,119 5.62 710,000 PROVINCE OF ONTARIO 4 22JAN09 711,233 710,990 2.50 607,000 PROVINCE OF ONTARIO 5 27JAN09 608,293 608,293 2.14 500,000 RABOBANK NED 4.25 05JAN09 501,400 500,069 1.76 1,000,000 TOYOTA MOTOR CREDIT 4.125 27MAR09 1,005,000 1,001,907 3.51 5,036,176 5,024,006 17.64 14,439,264 14,428,296 50.66 14,439,264 14,428,296 50.66 (*) %

:251_b_9139822072105.doc :2009/04/30 18:26 :09/05/13 5:45 2008 12 31 (%) * 14.02 7.06 4.63 25.71 14.05 14.05 4.56 4.56 3.52 3.52 2.82 2.82 50.66 (*) %

:251_b_9139822072105.doc :2009/04/30 18:26 :09/05/13 5:45 2008 12 31 ( ) * I. A. 15,000,000 ANZ NATIONAL INTL LTD FRN 27OCT09 15,020,145 15,004,046 1.29 9,000,000 9,000,000 0.78 9,000,000 HBOS TREASURY SERVICES FRN 13APR09 24,020,145 24,004,046 2.07 B. 9,000,000 ANZ NATIONAL INTL LTD FRN 27OCT09 9,011,696 9,002,520 0.78 15,000,000 BANK OF AMERICA CORP FRN 08MAR12 15,000,000 15,000,000 1.29 30,000,000 BANK OF IRELAND FRN 01JUL11 29,997,800 29,998,876 2.59 10,000,000 BANK OF NEW ZEALAND FRN 03FEB09 9,998,200 9,999,931 0.86 30,000,000 BANK OF NEW ZEALAND FRN 16JAN11 29,996,750 29,998,556 2.59 15,000,000 BANK OF NOVA SCOTIA FRN 16FEB10 15,000,000 15,000,000 1.29 10,000,000 CAN IMPERIAL BK COMMERC FRN 20APR11 9,997,000 9,998,608 0.86 20,000,000 COMMONWEALTH BK AUST FRN 04DEC11 20,000,000 20,000,000 1.73 20,000,000 ROYAL BANK OF SCOTLAND 9 05FEB09 20,000,000 20,000,000 1.73 159,001,446 158,998,491 13.72 183,021,591 183,002,537 15.79 (*) %

:251_b_9139822072105.doc :2009/04/30 18:26 :09/05/13 5:45 2008 12 31 ( ) II. * A. 50,000,000 BANK NEDERL GEMEENTEN CP 04FEB09 49,560,427 49,744,765 4.29 65,000,000 BANK NEDERL GEMMENTEN CP 15JAN09 64,731,607 64,861,472 5.60 50,000,000 CAISSE DEPOTS CONSIGN. CP 05FEB09 49,586,668 49,753,335 4.29 30,000,000 CAISSE DEPOTS CONSIGN. CP 05JAN09 29,812,447 29,970,387 2.59 15,000,000 CAISSE DEPOTS CONSIGN. CP 08JAN09 14,935,437 14,981,256 1.29 35,000,000 CAISSE DEPOTS CONSIGN. CP 29JAN09 34,829,644 34,835,138 3.01 50,000,000 KREDITANSTALT FUR WIEDER CP 02FEB09 49,496,742 49,728,400 4.29 50,000,000 TASMANIAN PUBLIC FIN CP 30JAN09 49,527,630 49,767,565 4.29 65,000,000 WESTERN AUSTRALIA TREAS CP 23JAN09 64,660,942 64,810,759 5.60 407,141,544 408,453,077 35.25 407,141,544 408,453,077 35.25 590,163,135 591,455,614 51.04 (*) %

:251_b_9139822072105.doc :2009/04/30 18:26 :09/05/13 5:45 2008 12 31 (%) * 8.09 5.59 13.68 6.88 4.30 11.18 5.60 4.29 9.89 4.29 4.29 4.23 4.23 2.59 2.59 2.16 2.16 1.73 1.73 1.29 1.29 51.04 (*) %

2007 12 31 1. US 1998 8 3 2002 12 20 II 2007 12 31 5 US US 2. 2.1 2.2 0.679763 1.136104 0.980400 1.289075 0.731171 1.192690 1.069883 1.358827

2.3 2.4 2.5 5 2.6 3. 0.01% 4. US 2 0.150% 2 5 0.125% 5 20 0.100% 20 0.090% 2 0.150% 2 5 0.125% 5 20 0.100% 20 0.090% 2 0.150% 2 5 0.125% 5 20 0.100% 20 0.090% 2 0.150% 2 5 0.125% 5 20 0.100% 20 0.090% 2 0.150% 2 5 0.125% 5 20 0.100% 20 0.090%

5. 0.65 6. 2007 4 1 0.10 2007 4 1 0.04 7. 2007 4 1 0.06 8. 0.01% 9. 0.01 0.01 0.01 0.01 0.01

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