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Rare Earths for America’s Future

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OUR STRATEGIC VISION AND M A SSIV E O P P O R T U N IT IE S A H E A D

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appropriate term experience curve .
 Roots of Progress
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GnuCOBOL Sample Programs
For Version 2.2 Final [7Sept2017]

Gary L. Cutler (cutlergl@gmail.com).

For updates Vincent B. Coen (vbcoen@gmail.com).
 ST/ESA/STAT/SER.G/71 (Vol. I)

Department of Economic and Social Affairs

Statistics Division

2022
International Trade
Statistics Yearbook
Volume I
Trade by Country

United Nations
New York, 2023
Department of Economic and Social Affairs

The Department of Economic and Social Affairs of the United Nations is a vital
interface between global policies in the economic, social and environmental
spheres and national action. The Department works in three main interlinked
areas: (i) it compiles, generates and analyses a wide range of economic, social and
environmental data and information on which United Nations Member States draw
to review common problems and to take stock of policy options; (ii) it facilitates
the negotiations of Member States in many intergovernmental bodies on joint
courses of action to address ongoing or emerging global challenges; and (iii) it
advises interested Governments on the ways and means of translating policy
frameworks developed in United Nations conferences and summits into
programmes at the country level and, through technical assistance, helps build
national capacities.

Note

The designations employed and the presentation of the material in the present
publication do not imply the expression of any opinion whatsoever on the part of
the United Nations concerning the legal status of any country or of its authorities,
or the delimitations of its frontiers. The term “country” as used in this report also
refers, as appropriate, to territories or areas. The designations of country groups
are intended solely for statistical or analytical convenience and do not necessarily
express a judgement about the stage reached by a particular country, territory or
area in the development process. Mention of the names of firms and commercial
products does not imply endorsement by the United Nations. The symbols of
United Nations documents are composed of capital letters and numbers.

ST/ESA/STAT/SER.G/71 Vol. I

UNITED NATIONS PUBLICATION

Sales No. 23.XVII.4

ISBN 978-92-1-300058-8, eISBN 978-92-1-002787-8

ISSN 1010-447X, eISSN 2412-1355

Enquiries should be directed to

Sales and Marketing Section
Outreach Division
Department of Public Information
United Nations
New York 10017
USA

E-mail: publications@un.org
Internet: https://shop.un.org/

Copyright United Nations, 2023

All rights reserved
PREFACE

The 2022 International Trade Statistics Yearbook (2022 ITSY) is the seventy-first edition of this
yearbook. Its objective is to inform about the detailed merchandise and services imports and
exports of individual countries (areas) by commodity and services categories and by partner
countries (volume I), the world trade in individual commodities (3-digit SITC groups and 12 main
EBOPS categories) (volume II) and total world merchandise trade up to the year 2022. The two
volumes are prepared at different points in time: Volume I - Trade by Country is made
electronically available in June-July, and Volume II - Trade by Product, in December, as the
preparation of the tables in Volume II requires comprehensive country statistics which,
normally, become available later in the year.

The part 1 of the yearbook consists of graphs, tables and analytical text for global, regional and
selected trade or economic groupings, whereas the part 2 comprises country profiles. The data
used in the tables and graphs in this volume of the yearbook are taken at a specific time (June
2023) from the publicly available UN Comtrade database 1. Users are advised to visit the
database for additional and more current information as it is continuously updated.

This International Trade Statistics Yearbook has been prepared by the Economic Statistics
Branch of the Statistics Division, Department of Economic and Social Affairs of the United
Nations Secretariat. The team consists of Markie Muryawan as the programme manager, Jiayue
Zeng as the chief editor, Bekuretsion Amdemariam, Marjorie Imperial-Damaso and Melissa
Paca-Rocco (as publication and data processing coordinators); and Vysaul Nyirongo,
Byungkwan Lee, Jing Zhang, Su Thant and Tewabe Mihret Kebede who contributed to the
processing and validation of the collected trade data and the review of the yearbook. The IT
manager was Govindaraj Rangaraj, assisted by Daniel Buenavad Mendez and Melissa Paca-
Rocco.

Comments and feedback on the yearbook are welcome. They may be sent to tradestat@un.org
or to United Nations Statistics Division, Economic Statistics Branch, New York, New York 10017,
USA.

1 https://comtradeplus.un.org

2022 International Trade Statistics Yearbook, Vol. I iii

TABLE OF CONTENTS
Page

Introduction ..................................................................................................................................................... vii

Concepts and definitions of International Merchandise Trade Statistics .............................................. viii
Concepts and definitions of Statistics of International Trade in Services ............................................. x
Description of world, regional and selected trade or economic groupings profiles in part 1 .............. xiv
Description of tables and graphs of country profiles in part 2 ................................................................ xiv
Sources ....................................................................................................................................................... xvi
Method of estimation ................................................................................................................................ xvii
Conversion of classifications .................................................................................................................... xvii
Currency conversion and period ............................................................................................................... xviii
Country nomenclature and regional groupings ........................................................................................ xix
Abbreviations and explanation of symbols ................................................................................................... xxiii
Disclaimer ....................................................................................................................................................... xxiii
Contact ............................................................................................................................................................ xxiii
Part 1: World, Regional and Selected Trade or Economic Groupings Profiles............................................ 1
World merchandise trade profile............................................................................................................... 2
SDG regional groupings merchandise trade profiles ............................................................................... 4
Selected trade or economic groupings merchandise trade profiles....................................................... 15
Part 2: Country Trade Profiles ........................................................................................................................ 31
Countries (or areas) ................................................................................................................................... 32

iv 2022 International Trade Statistics Yearbook, Vol. I

 Part 1: WORLD AND REGIONAL TRADE PROFILES

World 2 Trade or Economic Groupings

Asia-Pacific Trade Agreement (APTA) 15
SDG regional groupings Association of South East Asian Nations (ASEAN) 16
Central Asia 4 Central American Common Market (CACM) 17
Eastern Asia 5 Caribbean Community and Common Market (CARICOM) 18
Europe 6 Central European Free Trade Agreement (CEFTA) 19
Latin American and the 7 Economic and Monetary Community of Central Africa 20
Caribbean (CEMAC)
Northern America 8 Commonwealth of Independent States (CIS) 21
Australia and New Zealand 9 East African Community (EAC) 22
Oceania excluding Australia 10 Economic Community of West African States (ECOWAS) 23
and New Zealand
South-Eastern Asia 11 European Union 27 (EU-27) 24
Southern Asia 12 The Cooperation Council for the Arab States of the Gulf 25
Sub-Saharan Africa 13 (GCC)
Western Asia and Northern 14 Latin American Integration Association (LAIA) 26
Africa League of Arab States (LAS) 27
Mercado Común del Sur (MERCOSUR) 28
US-Mexico-Canada Agreement (USMCA) 29
Southern African Development Community (SADC) 30

Part 2: COUNTRY TRADE PROFILES

Afghanistan 32 Bermuda 68 China, Hong Kong SAR 100

Albania 34 Bolivia (Plurinational 70 China, Macao SAR 102
Andorra 36 State of) Colombia 104
Angola 38 Bosnia and 72 Comoros 106
Herzegovina
Antigua and Barbuda 40 Congo 108
Botswana 74
Argentina 42 Costa Rica 110
Brazil 76
Armenia 44 Côte d’Ivoire 112
Brunei Darussalam 78
Aruba 46 Croatia 114
Bulgaria 80
Australia 48 Cyprus 116
Burkina Faso 82
Austria 50 Czechia 118
Burundi 84
Azerbaijan 52 Democratic Republic of 120
Cabo Verde 86 the Congo
Bahamas 54
Cambodia 88 Denmark 122
Bahrain 56
Cameroon 90 Dominican Republic 124
Barbados 58
Canada 92 Ecuador 126
Belarus 60
Central African 94 Egypt 128
Belgium 62
Republic
Belize 64 El Salvador 130
Chile 96
Benin 66 Estonia 132
China 98
Eswatini 134

2022 International Trade Statistics Yearbook, Vol. I v

 Ethiopia 136 Malawi 216 Sao Tome and Principe 296
Fiji 138 Malaysia 218 Saudi Arabia 298
Finland 140 Maldives 220 Senegal 300
France including 142 Mali 222 Serbia 302
Monaco Malta 224 Seychelles 304
French Polynesia 144 Mauritania 226 Sierra Leone 306
Gambia 146 Mauritius 228 Singapore 308
Georgia 148 Mexico 230 Slovakia 310
Germany 150 Mongolia 232 Slovenia 312
Ghana 152 Montenegro 234 Solomon Islands 314
Greece 154 Montserrat 236 South Africa 316
Greenland 156 Morocco 238 Spain 318
Grenada 158 Mozambique 240 Sri Lanka 320
Guatemala 160 Myanmar 242 State of Palestine 322
Guyana 162 Namibia 244 Sudan 324
Honduras 164 Nepal 246 Suriname 326
Hungary 166 Netherlands 248 Sweden 328
Iceland 168 New Zealand 250 Switzerland- 330
India 170 Nicaragua 252 Liechtenstein
Indonesia 172 Niger 254 Tajikistan 332
Iran (Islamic Republic 174 Nigeria 256 Thailand 334
of) Togo 336
North Macedonia 258
Ireland 176 Trinidad and Tobago 338
Norway, including 260
Israel 178 Svalbard and Jan Tunisia 340
Italy 180 Mayen Islands Türkiye 342
Jamaica 182 Oman 262 Uganda 344
Japan 184 Pakistan 264 Ukraine 346
Jordan 186 Palau 266 United Arab Emirates 348
Kazakhstan 188 Panama 268 United Kingdom 350
Kenya 190 Paraguay 270 United Republic of 352
Kiribati 192 Peru 272 Tanzania
Korea, Republic of 194 Philippines 274 United States of 354
Kuwait 196 Poland 276 America, including
Kyrgyzstan 198 Puerto Rico and US
Portugal 278
Virgin Islands
Lao People's 200 Qatar 280
Uruguay 356
Democratic Republic Republic of Moldova 282
Latvia 202 Uzbekistan 358
Romania 284
Lebanon 204 Viet Nam 360
Russian Federation 286
Lesotho 206 Yemen 362
Rwanda 288
Libya 208 Zambia 364
Saint Lucia 290
Lithuania 210 Zimbabwe 366
Saint Vincent and the 292
Luxembourg 212 Grenadines
Madagascar 214 Samoa 294

vi 2022 International Trade Statistics Yearbook, Vol. I

 INTRODUCTION

1. The International Trade Statistics Yearbook: Volume I - Trade by Country, provides an

overview of the latest trends of trade in goods and services of most countries and areas in the
world. The publication is aimed at both specialist and general trade statistics users from
government, academic and business sectors.

2. The main content of the yearbook is divided into two parts. Part 1 consists of
merchandise trade profiles for the world, regional and selected trade or economic groupings.
The profiles offer an insight into the merchandise trade performance, composition and structure
of the global, regional and selected trade or economic groupings by means of infographics and
brief descriptive text, using latest available statistics. Part 2 contains the country trade profiles
for most countries and areas in the world. The profiles offer an insight into the trade
performance in goods and services of individual countries and areas by means of brief
descriptive texts and statistics in concise tables and charts using latest available data. For
further information on data availability, please see the sources section of this Introduction.

3. The yearbook is also made available online at the publications repository of the UN
Statistics Division 2. For more detailed and latest available data, please visit UN Comtrade, which
is the source of the information presented in the yearbook and is continuously updated.

2
https://unstats.un.org/UNSDWebsite/Publications/

2022 International Trade Statistics Yearbook, Vol. I vii

Concepts and definitions of International Merchandise Trade Statistics

4. The merchandise trade data used in this Yearbook have been compiled by national
statistical authorities largely complying with the United Nations recommended International
Merchandise Trade Statistics, Concepts and Definitions 2010 (IMTS 2010). 3 The main elements
of the concepts and definitions are:

i. Coverage: As a general guideline, it is recommended that international merchandise

trade statistics record all goods which add to or subtract from the stock of material
resources of a country by entering (imports) or leaving (exports) its economic territory. The
general guideline is subject to the clarifications provided in IMTS 2010, in particular, to the
specific guidelines in chapter 1 concerning the inclusion or exclusion of certain categories of
goods.

ii. Time of recording of transactions: As a general guideline, it is recommended that

goods be recorded at the time when they enter or leave the economic territory of a country.

iii. Statistical territory: The statistical territory of a country is the territory with respect to
which trade statistics are being compiled. The definition of the statistical territory may or
may not coincide with the economic territory of a country or its customs territory, depending
on the availability of data sources and other considerations. It follows that when the
statistical territory of a country and its economic territory differ, international merchandise
trade statistics do not provide a complete record of inward and outward flows of goods.

iv. Trade systems: Depending on what parts of the economic territory are included in the
statistical territory, the trade data-compilation system adopted by a country (its trade
system) may be referred to as general or special.

a) The general trade system is in use when the statistical territory coincides with the
economic territory. Consequently, it is recommended that the statistical territory of a
country applying the general trade system comprises all applicable territorial elements.
In this case, imports include goods entering the free circulation area, premises for
inward processing, industrial free zones, premises for customs warehousing or
commercial free zones and exports include goods leaving those territorial elements;

b) The special trade system is in use when the statistical territory comprises only a
particular part of the economic territory, so that certain flows of goods which are in the
scope of IMTS 2010 are not included in either import or export statistics of the
compiling country. The strict definition of the special trade system is in use when the
statistical territory comprises only the free circulation area, that is, the part within which
goods “may be disposed of without customs restriction”. Consequently, in such a case,

3
At its forty-first session, held from 23 to 26 February 2010, the Statistical Commission adopted the revised recommendations
“International merchandise trade statistics: concepts and definitions 2010” (IMTS 2010) which provide very important amendments
while retaining the existing conceptual framework contained in the previous recommendations. The publication is available under
Statistical Papers, Series M No. 52, Rev.3 (United Nations publication, Sales No. E.10.XVII.13) and electronically at:
https://unstats.un.org/unsd/publications/catalogue/.

viii 2022 International Trade Statistics Yearbook, Vol. I

 imports include only goods entering the free circulation area of a compiling country and
exports include only goods leaving the free circulation area of a compiling country.

c) The relaxed definition of the special trade system is in use when (a) goods that enter a
country for, or leave it after, inward processing, as well as (b) goods that enter or leave
an industrial free zone, are also recorded, and included in international merchandise
trade statistics

v. Classifications: It is recommended that countries use the Harmonized Commodity

Description and Coding System (HS) for the collection, compilation and dissemination of
international merchandise trade statistics as suggested by the Statistical Commission at its
twenty-seventh session (22 February to 3 March 1993). 4 The Harmonized System was
adopted by the Customs Co-operation Council in June 1983, and the International Convention
on the Harmonized System (HS Convention) entered into force on 1 January 1988 (HS
1988). 5 In accordance with the preamble to the HS Convention, which recognized the
importance of ensuring that the HS be kept up to date in the light of changes in technology or
in patterns of international trade, the HS is regularly reviewed and revised. The sixth edition,
HS 2017, came into effect 1 January 2017. 6 The Standard International Trade Classification
(SITC) 7, which was in the past used by countries in data compilation and reporting, has been
recognized for its continued use in analysis. 8

vi. Valuation: At its fifteenth session, in 1953, the Economic and Social Council, taking the
view that trade statistics must reflect economic realities, recommended that the
Governments of Member States of the United Nations, wherever possible, use transaction
values in the compilation of their national statistics of external trade or, when national
practices are based on other values, endeavour to provide supplementary statistical data
based on transaction values (Economic and Social Council resolution 469 B (XV)). To
promote the comparability of international merchandise trade statistics and taking into
account the commercial and data reporting practices of the majority of countries, it is
recommended that: (a) The statistical value of imported goods be a CIF-type value; (b) The
statistical value of exported goods be an FOB-type value; however, countries are encouraged
to compile FOB-type value of imported goods as supplementary information. FOB-type values
include the transaction value of the goods and the value of services performed to deliver
goods to the border of the exporting country. CIF-type values include the transaction value of
the goods, the value of services performed to deliver goods to the border of the exporting
country and the value of the services performed to deliver the goods from the border of the
exporting country to the border of the importing country.

vii. Partner country: It is recommended that in the case of imports, the country of origin be
recorded; and that in the case of exports, the country of last known destination be recorded.
The country of origin of a good (for imports) is determined by rules of origin established by
each country. The country of last known destination is the last country - as far as it is known

4
See Official Records of the Economic and Social Council, 1993, Supplement No. 6 (E/1993/26), para. 162 (d).
5
See Customs Co-operation Council, The Harmonized Commodity Description and Coding System, Brussels, 1989.
6
See World Customs Organization, Harmonized Commodity Description and Coding System, Sixth Edition (2017), Brussels 2017.
7
Standard International Trade Classification, Original, Statistical Papers, Series M No.10, Second Edition, 1951 (United Nations
publication, Sales No. E.51.XVII.1); subsequent editions are published as United Nations publications under Series M No.34.
8
See Official Records of the Economic and Social Council, 1999, Supplement No. 4 (E/1993/24), para. 24 (c).

2022 International Trade Statistics Yearbook, Vol. I ix

 at the time of exportation - to which goods are to be delivered, irrespective of where they
have been initially dispatched to and whether or not, on their way to that last country, they are
subject to any commercial transactions or other operations which change their legal status.
Further, it is recommended that country of consignment be recorded for imports as the
second partner country attribution, alongside country of origin; the compilation of export
statistics on the country of consignment basis is only encouraged, depending on a country’s
needs and circumstances.

5. The pages containing the country profiles (Part 2 of this publication) indicate the trade
system, valuation and partner attribution each country is following. For more detailed
information on national practices in the compilation and dissemination of international
merchandise trade statistics please go to website of IMTS National Compilation and
Dissemination Practices Survey 9.

Concepts and definitions of Statistics of International Trade in Services

6. The trade in services statistics in this Yearbook have been compiled by national
statistical authorities or central banks largely complying with the Manual on Statistics of
International Trade in Services 2010 (MSITS 2010). 10 In particular, MSITS 2010 recommends
that the Sixth Edition of the Balance of Payments and International Investment Position Manual
(BPM6) recommendations on the principles of recording (regarding residence, valuation, time
of recording, currency of recording and conversion) should be followed for compiling
international trade in services statistics. 11

7. The main elements of the concepts and definitions of MSITS 2010 are:

i. Definitions: In general, MSITS 2010 respects the 2008 SNA use of the term services,
which is defined as follows (2008 SNA, para. 6.17):

a) Services are the result of a production activity that changes the conditions of the
consuming units, or facilitates the exchange of products or financial assets. These types
of service may be described as change-effecting services and margin services,
respectively. Change-effecting services are outputs produced to order and typically
consist of changes in the conditions of the consuming units realized by the activities of
producers at the demand of the consumers. They can also be referred to as
“transformation services”. Change-effecting services are not separate entities over
which ownership rights can be established. They cannot be traded separately from their
production. By the time their production is completed, they must have been provided to
the consumers.

9
https://comtrade.un.org/survey/Reports/byCountry
10
At its forty-first session, held from 23 to 26 February 2010, the Statistical Commission adopted the revised “Manual on Statistics
of International Trade in Services” (MSITS 2010), which sets out an internationally agreed framework for the compilation and
reporting of statistics of international trade in services and align with the revisions of well-established revised international
statistical standards. The publication is available under Statistical Papers, Series M No. 86, Rev.1 (United Nations publication, Sales
No.E.10.XVII.14) and electronically at https://unstats.un.org/unsd/trade.
11
International Monetary Fund. Sixth Edition of the Balance of Payments Manual (BPM6). 2009.
http://www.imf.org/external/pubs/ft/bop/2007/pdf/bpm6.pdf. The previous edition of this manual was the Fifth Edition of the
Balance of Payments Manual (BPM5), which was published in 1992.

x 2022 International Trade Statistics Yearbook, Vol. I

 b) MSITS 2010 defines “international trade in services” as trade in services between
residents and non-residents of an economy, as well as the supply of services through
foreign affiliates established abroad and the supply of services through the presence of
foreign individuals, either as foreign service suppliers themselves or as employees of a
foreign service supplier.

Importantly, trade in services statistics included in this Yearbook only reflect trade in
services between resident and non-resident institutional units.

ii. Coverage: The coverage in this Yearbook only include trade in services between
resident and non-resident institutional units. The residence of an institutional unit is the
economic territory with which it has the strongest connection, constituting its centre of
predominant economic interest. Each institutional unit is a resident of one and only one
economic territory, as determined by its centre of predominant economic interest. An
institutional unit is resident in an economic territory when there exists, within the economic
territory, some location, dwelling, place of production, or other premises on which or from
which the unit engages and intends to continue engaging, either indefinitely or over a finite
but long period of time, in economic activities and transactions on a significant scale. The
location need not be fixed as long as it remains within the economic territory. Actual or
intended location for one year or more is used as an operational criterion. While the choice of
one year as a specific period is somewhat arbitrary, it is adopted to eliminate uncertainty and
facilitate international consistency. More specific criteria for determining residence are given
in the MSITS 2010.

iii. Time of recording of transactions: The appropriate time for recording transactions in
services is when they are delivered or received (the “accruals basis”). Some services, such as
certain transport or hotel services are provided within a discrete period, in which case there is
no problem in determining the time of recording. Other services are supplied or take place on
a continuous basis, for example, construction, operating leasing and insurance services.
When construction takes place with a prior contract of sale, the ownership of the structure is
effectively transferred progressively as the work proceeds. When services are provided over
a period of time (such as freight, insurance and construction), there may be advance
payments or settlements at later dates for such services. The provision of services should be
recorded on an accrual basis in each accounting period, that is to say it should be recorded
when the service is rendered and not when the payment occurs.

iv. Classifications: All trade in services statistics in this Yearbook are presented according
to the EBOPS 2010 classification.

The 12 main EBOPS 2010 standard services components (as presented in the MSITS 2010)
are: 12

a) Manufacturing services on physical inputs owned by others: includes activities such as

processing, assembly, labelling and packing that are undertaken by enterprises that do
not own the goods. Examples include oil refining, liquefaction of natural gas and

12
The full detailed EBOPS 2010 classification is available as an on-line annex to the MSITS 2010.
https://unstats.un.org/unsd/classifications/Econ/Download/In%20Text/EBOPS2010_english.pdf

2022 International Trade Statistics Yearbook, Vol. I xi

 assembly of clothing and electronics. Excluded are the assembly of prefabricated
construction (included in construction) and labelling, and packing incidental to transport
(included in transport services).

b) Maintenance and repair services n.i.e.: includes maintenance and repair work by
residents on goods that are owned by non-residents (and vice versa). The repairs may be
performed at the site of the repairer or elsewhere. Maintenance and repairs on ships,
aircraft and other transport equipment are included in this item. Cleaning of transport
equipment is included in transport services. Construction repairs and maintenance are
included under construction. Maintenance and repairs of computers are included under
computer services.

c) Transport: covers all transportation services that are performed by residents of one
economy for those of another and that involve the carriage of passengers, the
movement of goods (freight), rentals (charters) of carriers with crew, and related
supporting and auxiliary services. Some related items that are excluded from
transportation services are freight insurance (included in insurance services); goods
procured in ports by non-resident carriers and repairs of transportation equipment (both
are treated as goods, not services); repairs of railway facilities, harbours and airfield
facilities (included in construction services); and rentals or charters of carriers without
crew (included in operational leasing services).

d) Travel: covers primarily the goods and services acquired from an economy by travelers
during visits of less than one year to that economy. Includes business and personal
travel, which includes health-related expenditure (total expenditure by those travelling for
medical reasons), education-related expenditure (i.e., total expenditure by students), and
all other personal travel expenditure.

e) Construction: covers work performed on construction projects and installation by

employees of an enterprise in locations outside the territory of an enterprise.

f) Insurance and pension services: covers the provision of various types of insurance to
non-residents by resident insurance enterprises, and vice versa. These services are
estimated or valued by the service charges included in total premiums rather than by the
total value of the premiums.

g) Financial services: covers financial intermediation and auxiliary services, except those of
life insurance enterprises and pension funds (which are included in life insurance and
pension funding) and other insurance services that are conducted between residents
and non-residents. Such services may be provided by banks, stock exchanges, factoring
enterprises, credit card enterprises and other enterprises.

h) Charges for the use of intellectual property n.i.e.: covers international payments and
receipts of franchising fees and the royalties paid for the use of registered trademarks
and international payments and receipts for the authorised use of intangible, non-
produced, non-financial assets and proprietary rights (such as patents, copyrights and
industrial processes and designs) and with the use, through licensing agreements, of
produced originals or prototypes (such as manuscripts, computer programs, and
cinematographic works and sound recordings).

xii 2022 International Trade Statistics Yearbook, Vol. I

 i) Telecommunications, computer, and information services: covers hardware and
software-related services and data-processing services; news agency services include
the provision of news, photographs, and feature articles to the media; and database
services and web search portals (search engine services that find internet addresses for
clients who input keyword queries).

j) Other business services: covers merchanting, other trade-related services, operational

leasing services, legal services, accounting, auditing, bookkeeping and tax consulting
services, business and management consulting and public relations services,
advertising, market research and public opinion polling, research and development,
architectural, engineering and other technical services, waste treatment and de-pollution,
agricultural, mining, and other on-site processing services, other business services, and
services between related enterprises, not included elsewhere (n.i.e.).

k) Personal, cultural, and recreational services: covers services and associated fees related
to the production of motion pictures (on film or videotape), radio and television
programmes (live or on tape) and musical recordings services, as well as those services
associated with museums, libraries, archives and other cultural, sporting and
recreational activities.

v. Government goods and services n.i.e.: covers government transactions (including

those of international organizations) not contained in the other components of EBOPS as
defined above. Included are all transactions (in both goods and services) by embassies,
consulates, military units and defence agencies with residents of economies in which the
embassies, consulates, military units and defence agencies are located and all transactions
with other economies. Excluded are transactions with residents of the home economies
represented by the embassies, consulates, military units and defence agencies, and
transactions in the commissaries, post exchanges and these embassies and consulates.

v. Valuation: The market price is used as the basis for valuation of transactions in
international trade in services. Market prices for transactions are defined as amounts of
money that willing buyers pay to acquire something from willing sellers. The exchanges are
made between independent parties and based on commercial considerations only and are
sometimes called “at arm’s length” transactions. These transactions will generally be valued
at the actual price agreed between the supplier and the consumer.

vi. Partner country: It is recommended that the breakdown by partner economy for
services transactions between residents and non-residents be recorded, the aim being to
report partner detail, first, at the level of services trade as a whole and, second, for each of
the main types of services in EBOPS and (as a longer-term goal) for the more detailed EBOPS
items. Partner country information for trade in services is not included in this publication, as
most countries do not currently compile these statistics by partner country.

2022 International Trade Statistics Yearbook, Vol. I xiii

Description of world, regional and selected trade or economic groupings profiles in
part 1

8. The world trade profile provides information about global trade trends, composition and
structure. These include a) trade growth per economic grouping, year-on-year percentage
change; i.e., total of imports and exports value change as a percentage from the previous year;
b) trade openness (Trade-to-GDP percentage) by economic grouping over the period 2009-2022;
c) total trade levels, per capita and as GDP percentage by regional groupings; d) share of world’s
exports by regional groupings; e) top export commodity categories according to SITC Rev.3
sections by regional groupings; and f) exports provenance and destination by SDG regional
groupings. Throughout this Yearbook, regional country groupings closely follow those used for
the monitoring and evaluation of the Sustainable Development Goals (SDGs). 13 Henceforth
these country groupings are termed “SDG regional groupings”.

9. Subsequently, trade profiles for SDG regional groupings and selected trade or economic
groupings are presented. These include a) yearly value of merchandise exports, imports and the
trade balance over the period 2009-2022; b) values of exports, imports and the trade balance
with other SDG regional groupings as partners; and c) top export commodity categories of the
regional groupings, according to SITC Rev.3 sections. Similar analyses are presented for
selected trade or economic groupings – please see the section “Country Nomenclature and
Country Grouping” of this Introduction (especially para 37-38). The category "other" for trading
partners includes data whereby the partner country or region cannot be specified, including
movement of merchandise to free zones, bunkers or involving special categories of
merchandise.

Description of tables and graphs of country profiles in part 2

10. Part 2 contains detailed statistics for individual countries or areas.

11. Not all countries have data up to 2022 and not all countries have data for imports and
exports for all years. The inclusion of a country (or area) in part 2 requires that at least some
data are available for any year from 2018 onwards. Depending on the availability of data, the
following tables and graphs usually appear for each country or area:

12. Graph 1: Total merchandise trade, by value: This graph presents the trend of
merchandise imports, exports, and trade balance over the last 14 years.

13. Graph 2: Total services trade, by value: This graph presents the trend of services
imports, exports, and trade balance over the last 14 years.

14. Graph 3: Exports of services by EBOPS category: This graph presents the shares of total
exports of services accounted for by each service category for the latest year such statistics are
available.

13
https://unstats.un.org/sdgs/indicators/regional-groups/

xiv 2022 International Trade Statistics Yearbook, Vol. I

15. Graph 4: Merchandise trade balance by SDG Regions: This graph presents, in the most
recent year for which information on exports and imports are available, the trade balance by
regions.

16. Graph 5: Partner concentration of merchandise trade: This graph shows the partner
concentration of imports and exports for the latest available year. Graph presents the top 25
partners which usually account for a very large share of exports or imports for most countries.
On the horizontal axis from the center to the right are the cumulative percent of exports and
from the center to the left the cumulative percent of imports. On the vertical axis is the
cumulative number of partners ranked by total value of exports and imports in a decreasing
order. So, on each side, the first bar represents share accounted for by the largest partner;
second bar represents share accounted for by the largest two partners and so on.

17. Graph 5 also presents the Herfindahl-Hirschman (HH) Index for imports and exports
which is a measure of concentration. In the case of exports (imports), the HH index is the sum
of squares of the partner’s share of total exports (imports):
2
n
Xi
HH Index
i 1 X
n is the number of trading partners for exports (imports) and Xi is the value of exports
(imports) to partner country i and X is the total value of exports (imports). The lower the HH
index, the lower the partner concentration, and vice versa. If there is only one trading
partner the HH index would equal 1. 14

18. It should be noted that the HH index for a given country’s exports (imports) depends on
the distribution of share of exports (imports) among its partners. Hence a country with few
major partners might have a lower HH index value, indicating low concentration, than a country
with more partners if the former has its trade more evenly distributed among its partners than
the latter.

19. Graph 6: Imports of services by EBOPS category: This graph presents the shares of total
imports of services accounted for by each service category for the latest year such statistics
are available.

20. Table 1 and table 4: Top 10 export and import commodities: These tables present the
top 10 commodities in terms of 4-digit HS headings for exports and imports, respectively, using
the aggregate of trade values for the last three reporting years as available. It should be noted
that exports contain re-exports and imports contain re-imports. That is, one or more top exports
of a country may be commodities which the country does not actually produce. Data on re-
exports and re-imports can be found in UN Comtrade. The editions of HS presented in tables 1
and 4 are as originally reported by countries. It means that they might contain mixed editions of
HS and users should be aware of their amendments. For the convenience of the users the last

14
For the application of HH index to measure partner concentration in merchandise trade, no thresholds are known to be
established. Users might wish to define a specific limit of the HH index to indicate low concentration and a limit to indicate high
concentration. However, based on the analyses of the data presented in the yearbook, following thresholds were applied to
determine level of concentration of merchandise trade, both exports and imports: HH < 0.15 Diversified; 0.15 < HH < 0.25
Moderately concentrated; HH > 0.25 Highly concentrated.

2022 International Trade Statistics Yearbook, Vol. I xv

column shows the SITC group (3 digits) that corresponds to the HS heading. The SITC group is
identified based on the correlation and conversion tables between HS and SITC, Rev 3. 15

21. In addition to trade values, the table 1 and table 4 also present unit values. Unit values
are expressed in U.S. dollars (US$) per unit (kg, unit, Megawatt-hours (Mwh), pair, litre, carat
etc). The calculation of unit values on the heading level requires the availability of value and
quantity information for all the underlying detailed statistics (6-digit subheadings). In some
cases, the quantity information for some sub-headings was estimated (see paragraph 30) and
the unit value for the heading appears in italics. If quantity information appears incorrect it is
not shown.

22. Table 2 and table 3: Merchandise Exports and Imports by SITC sections: These tables
show the structure of exports and imports in the latest available year by SITC sections in terms
of value, share of the total, growth in comparison with the previous year and annual average
growth for the last four years which is calculated as the geometric mean.

Sources

23. Statistics in part 1 (world and regional trade profiles) consists of data as reported to the
UN Comtrade and estimated data for missing reporters. When not reported, statistics on the
total merchandise imports and exports of countries (or areas) presented in part 1 are mainly
derived from the International Financial Statistics (IFS) published monthly by the International
Monetary Fund (IMF). They are supplemented with statistics from other sources such as
national publications and websites.

24. The statistics in the country profiles in part 2 of the publication (country trade profiles)
are obtained from data directly submitted by countries to the United Nations Statistics Division
(UNSD). These statistics are available in UN Comtrade.

25. In some cases, original country data are received via international, regional and
supranational partner organizations, such as Eurostat, the World Trade Organization (WTO), the
Organization for Economic Co-operation and Development (OECD), the Food and Agriculture
Organization of the United Nations (FAO), the International Monetary Fund (IMF), the
International Trade Centre (ITC), the Caribbean Community (CARICOM) Secretariat, the
Common Market of Eastern and Southern Africa (COMESA), the Economic Community of West
African States (ECOWAS) and the UN regional commissions such as the Economic Commission
for Latin America and the Caribbean (ECLAC) and the Economic and Social Commission for
Western Asia (ESCWA). Data for the European Union (EU-27) is received from the Statistical
Office of the European Union (Eurostat).

26. Trade in services statistics data are jointly produced by the World Trade Organization
(WTO) and the United Nations Conference on Trade and Development (UNCTAD) in cooperation
with the International Trade Centre (ITC) and the United Nations Statistics Division (UNSD) and
may include estimates.

15
The conversion tables are available on the website of UNSD at https://unstats.un.org/unsd/classifications/Econ

xvi 2022 International Trade Statistics Yearbook, Vol. I

27. Part 1 shows statistics as available and estimated at the end of June 2023. Also, the
country tables, data and graphs in part 2 relates to merchandise trade statistics as were
available in UN Comtrade by the end of June 2023 whereas graphs and data for trade in
services statistics are as were available at the WTO Stats Portal, https://stats.wto.org also in
June 2023 (based on the joint dataset compiled by WTO, UNCTAD, and UNSD in cooperation
with ITC.

Method of estimation

28. Missing data are estimated to arrive at aggregates in part 1. The estimation process is
automated using quarterly year-on-year growth rates for the extrapolation of missing quarterly
statistics unless quarterly statistics can be calculated using available monthly statistics within
the quarter. Estimates are reviewed and adjusted where necessary.

29. Statistics by partner and commodity for missing reporters are estimated either through
the extrapolation of the statistics for the two adjacent years, or, if this is not possible, through
the use of the statistics reported by the trading partners, i.e., mirror statistics. Mirror statistics
are also used in cases in which the reported data must be adjusted due to partner distribution or
confidential data. All estimates are reviewed and adjusted where necessary.

30. For part 2, the country trade profiles, modifications to the received data are only made in
cases where the provided data are obviously incomplete, particularly in the case of unreported
petroleum oils exports in merchandise data. Quantity information that is missing or does not
comply with the World Customs Organization’s recommendations are estimated and flagged in
UN Comtrade accordingly. Some quantity information that were identified as ‘extreme’ –
meaning far outside a pre-defined ‘normal’ range – were replaced in UN Comtrade with
estimates, if applicable. The estimation of quantities is either based on the country’s own data
or uses standard unit values (SUVs) which are derived from the available information for all
countries in the previous year.

Conversion of classifications

31. Conversion of classification for merchandise trade statistics: All countries follow
recommendation to report their detailed merchandise trade data according to the Harmonized
System (HS) (see paragraph 4.C.v). To provide comparable time series statistics in UN
Comtrade for all countries, the data reported in the latest HS classification is converted into
earlier editions of the HS, and to corresponding or earlier versions of the Standard International
Trade Classification (SITC). 16 The latest edition of the HS classification was its seventh and was
released in 2022. The commodities in this publication are mostly presented according to the
one-digit sections of SITC, Rev.3 as the SITC sections provide a limited set of economically
meaningful main categories. 17 In addition, statistics according to SITC, Rev.3 is available for
long time series. In two tables, commodities are presented in terms of four-digit headings of the

16
Detailed information on the data conversions used for UN Comtrade can be found on the website of the United Nations Statistics Division at:
https://unstats.un.org/unsd/classifications/Econ.
17 Standard International Trade Classification, Revision 3, Statistical Papers, Series M No.34/Rev.3, (United Nations publication, Sales No.

E.86.XVII.12). SITC, Revision 4 was accepted by the United Nations Statistical Commission at its thirty-seventh session in March 2006 (see Official
Records of the Economic and Social Council, 2006, Supplement No. 4, (E/CN.3/2006/32), chapter III, para. 26 (b)). Yet, it will require several years until
a time series of data according to SITC, Revision 4 will be sufficiently long for publication.

2022 International Trade Statistics Yearbook, Vol. I xvii

HS, as originally reported by countries. 18 The HS headings provide a meaningful description of
traded commodities at a relatively detailed level and also allow the presentation of quantity
information.

32. Conversion of classification for trade in services statistics: Many countries have
progressively been transitioning from EBOPS 2002 to EBOPS 2010 classification (corresponding
to the BPM5 and BPM6 recommendations, respectively), however, some countries still provide
data in EBOPS 2002. Furthermore, most data prior to 2012 are available only in EBOPS 2002. To
present longer time series (covering the period 2009-2022) and comparable statistics across
countries and period, all trade in services statistics in this Yearbook are presented according
to the EBOPS 2010 classification. Data in EBOPS 2002 classification have been converted
based on the IMF’s BPM5-to-BPM6 Conversion Matrix (available at
http://www.imf.org/external/pubs/ft/bop/2008/08-10b.pdf). 19

33. Converting data from EBOPS 2002 to EBOPS 2010 is feasible for most main
components when detailed data are provided, however some inconsistencies still exist
especially regarding the difference between BPM5 and BPM6 frameworks. That is, conversion
from EBOPS 2002 to EBOPS 2010 may be imperfect depending on reported level of detail by
country and service categories. The main changes in classification of services include the
treatment of manufacturing services, merchanting and Financial intermediation services
indirectly measured (FISIM). 20 In particular, (a) data on manufacturing services on physical
inputs owned by others is not available, (b) data on maintenance and repair services n.i.e. is
also not available, (c) transport services are underestimated when postal and courier services
are not separately available, (d) financial services are underestimated when FISIM data are not
separately available, (e) telecommunications, computer, and information services are
underestimated when telecommunication services are not separately available, and (f) other
business services are overestimated (i.e. includes merchanting) when other trade-related
services; operational leasing services; and miscellaneous business, professional, and technical
services are not separately available.

Currency conversion and period

34. Currency conversion: For both merchandise and trade in services statistics in this
publication, conversion of values from national currencies into United States dollars is done by
means of currency conversion factors based on official exchange rates. Values in currencies
subject to fluctuation are converted into United States dollars using weighted average exchange
rates specially calculated for this purpose. The weighted average exchange rate for a given
currency for a given year is the component monthly factors, furnished by the International
Monetary Fund in its IFS publication, weighted by the value of the relevant trade in each month;

18 World Customs Organization, Harmonized Commodity Description and Coding System, Sixth Edition (2022) (HS 2022); World Customs Organization,

Harmonized Commodity Description and Coding System, Sixth Edition (2017) (HS 2017); World Customs Organization, Harmonized Commodity
Description and Coding System, Fifth Edition (2012) (HS 2012); World Customs Organization, Harmonized Commodity Description and Coding System,
Fourth Edition (2007) (HS 2007); World Customs Organization, Harmonized Commodity Description and Coding System, Third Edition (2002) (HS
2002); World Customs Organization, Harmonized Commodity Description and Coding System, Second Edition (1996) (HS 1996); World Customs
Organization, Harmonized Commodity Description and Coding System (1992) (HS 1992).
19
Due to data limitations for some countries and for some periods, conversion from EBOPS2002 classification to EBOPS2010
classification may not always be complete, which may result in a break in series. Such instances are noted in footnotes on the
individual country pages.
20
https://www.imf.org/external/pubs/ft/bop/2007/bpm6faq.pdf

xviii 2022 International Trade Statistics Yearbook, Vol. I

a monthly factor is the exchange rate (or the simple average rate) in effect during that month.
These factors are applied to total imports and exports and to the trade in individual
commodities with individual countries. The conversion factors applied to the data presented in
parts 1 and 2 are published quarterly in the UN Monthly Bulletin of Statistics: External trade
conversion factors 21 and also made available in a country’s metadata on UN Comtrade.

35. Period: Generally, statistics refer to calendar years; however, for those countries which
report according to some other reference year, the statistics are presented in the calendar year
which covers the majority of the reference year used by the country.

Country nomenclature and regional groupings

36. Country nomenclature: The naming of countries (or areas) in this publication follows in
general the United Nations Standard Country or Area Codes for Statistical Use. 22 The names and
composition of countries as reporter are changing over time. Also, countries rarely follow the
identical nomenclature in the recording of partner information. For example, when former
geographical entities commonly referred to in national statistics have changed, countries may
introduce the corresponding changes in their statistics at different times. In this publication,
wherever possible, areas of the world have been designated the names they currently bear.

It should be noted that, in this publication:

i. Statistics published for China exclude those for Taiwan Province of China. Data
representing the trade with Taiwan Province, which may have been reported by any reporting
country or area, are included in the grouping Asia, nes. For statistical purposes, statistics for
China also do not include those for Hong Kong Special Administrative Region and Macao
Special Administrative Region.

ii. Russian data provided by the Russian Federation. Includes statistical data for the
Autonomous Republic of Crimea and the city of Sevastopol, Ukraine, temporarily occupied by
the Russian Federation.

iii. The Government of Ukraine has informed the United Nations that it is not in a
position to provide statistical data concerning the Autonomous Republic of Crimea and the
city of Sevastopol.

v. On 3 June 2006, Serbia and Montenegro formally dissolved into two independent
countries: Montenegro and Serbia.

vi. On 10 October 2010, the federation of the Netherlands Antilles was formally
dissolved. The former Dutch Caribbean dependency ceased to exist with a change of the five
islands' constitutional status. Under the new political structure, Curaçao and Sint Maarten
(Dutch part) have become autonomous countries within the Kingdom of the Netherlands,
joining Aruba, which gained the status in 1986. The islands of the remaining territorial

21
See https://unstats.un.org/unsd/trade/data/tables.asp#quarterlyconversion.
22
Standard Country or Area Codes for Statistical Use, Series M No. 49, Rev.4, (United Nations publication, Sales No. M.98.XVII.9).
The latest information is available online at: https://unstats.un.org/unsd/methodology/m49/.

2022 International Trade Statistics Yearbook, Vol. I xix

 grouping, alternately known as Bonaire, Sint Eustatius and Saba or the BES islands, are
special municipalities and part of the country of the Netherlands and overseas territories of
the European Union. For statistical purposes, the data for the Netherlands do not include the
BES islands. Statistics referring to Netherlands Antilles (as a partner) prior to 2011 refer to
the former territory which included Curaçao, Sint Maarten (Dutch part), Bonaire, Sint
Eustatius and Saba.

vii. On 9 July 2011, Sudan formally dissolved into two independent countries: Sudan
and South Sudan. Statistics provided for Sudan prior to 1 January 2012 refer to the former
Sudan (including South Sudan). Statistics referring to Sudan (as a partner) for 2012 are
attributed to Sudan excluding South Sudan.

viii. From January 2013 onwards, Saint Barthélemy is no longer part of the customs
territory of France. Therefore, it is recognised as a separate statistical area both as reporter
and partner. Whereas from January 2014 onwards, Mayotte became part of statistical area
of France, and it is no longer shown as a reporter or a partner.

ix. In 2016, Czechia was adopted as the short country name for the Czech Republic.

x. In 2018, Kingdom of Swaziland was renamed as Kingdom of Eswatini. Therefore, there

is no longer reference to Swaziland in this publication.

xi. On 14 February 2019, the former Yugoslav Republic of Macedonia was renamed as
Republic of North Macedonia. Therefore, there is no longer reference to the former Yugoslav
Republic of Macedonia in this publication.

xii. In 2022, Turkey was renamed as Türkiye. Therefore, there is no longer reference to
Turkey in this publication.

37. Aggregations are calculated as the sum of country or area components. This includes
the regional and world totals presented in part 1.

38. Regional groupings: This publication uses a more detailed version of regional country
groupings used for monitoring and evaluation of the Sustainable Development Goals (SDG) 23.

39. Additional country groupings: The composition of additional country groupings

according to trade or economic integration agreements, used in part 1 are as follows 24:
APTA – Asia-Pacific Trade Agreement
Bangladesh, China, India, Korea (Republic of), Lao People's Democratic Republic, Mongolia, and Sri
Lanka
ASEAN – Association of Southeast Asian Nations
Brunei Darussalam, Cambodia, Indonesia, Lao People's Democratic Republic, Malaysia, Myanmar,
Philippines, Singapore, Thailand and Viet Nam
CACM – Central American Common Market
Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua

23
For the composition of the regions, see https://unstats.un.org/sdgs/indicators/regional-groups.
24
Note that a few countries belong to multiple trade or economic integration agreements.

xx 2022 International Trade Statistics Yearbook, Vol. I

 CARICOM – Caribbean Community and Common Market
Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti (member of the
Community only), Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the
Grenadines, Suriname, and Trinidad and Tobago

CEFTA – Central European Free Trade Agreement

Albania, Bosnia and Herzegovina, Montenegro, Republic of Moldova, North Macedonia and Serbia

CEMAC – Economic and Monetary Community of Central Africa

Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon

CIS – Commonwealth of Independent States

Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Republic of Moldova, Russian Federation,
Tajikistan, Turkmenistan, Ukraine and Uzbekistan
EAC – East African Community
Burundi, Kenya, Rwanda, South Sudan, Uganda and United Republic of Tanzania
ECOWAS – Economic Community of West African States
Benin, Burkina Faso, Cabo Verde, Cote d'Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali,
Niger, Nigeria, Senegal, Sierra Leone and Togo
EU-27 – European Union 27
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany,
Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal,
Romania, Slovakia, Slovenia, Spain, and Sweden
GCC – The Cooperation Council for the Arab States of the Gulf
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates
LAIA – Latin American Integration Association
Argentina, Bolivia (Plurinational State of), Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Panama,
Paraguay, Peru, Uruguay and Venezuela (Bolivarian Republic of)
LAS – League of Arab States
Algeria, Bahrain, Comoros, Djibouti, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Mauritania,
Morocco, Oman, Qatar, Saudi Arabia, Somalia, State of Palestine, Sudan, Syrian Arab Republic,
Tunisia, United Arab Emirates and Yemen
MERCOSUR – Mercado Comun Sud-Americano
Argentina, Bolivia (Plurinational State of), Brazil, Paraguay, Uruguay and Venezuela (Bolivarian
Republic of)
* the Bolivarian Republic of Venezuela is suspended while the Plurinational State of Bolivia is in
the process of accession
USMCA – NAFUS-Mexico-Canada Agreement
Canada, Mexico and United States of America, including Puerto Rico and US Virgin Islands
SADC – Southern African Development Community
Angola, Botswana, Comoros, Dem. Rep. of the Congo, Eswatini, Lesotho, Madagascar, Malawi,
Mauritius, Mozambique, Namibia, Seychelles, South Africa, United Republic of Tanzania, Zambia,
Zimbabwe

2022 International Trade Statistics Yearbook, Vol. I xxi

Abbreviations and explanation of symbols

Names of some countries (or areas) or groups of countries (or areas) and of some
commodities or groups of commodities have been abbreviated. Exact titles of countries or
commodities can be found in various editions of the following publications:
(i) Standard Country or Area Codes for Statistical Use
(ii) Standard International Trade Classification (SITC)
(iii) Harmonized Commodity Description and Coding System (HS)

In addition, the following abbreviations and symbols are used in this publication:
Not available ........................................................... (na)
Not available ........................................................... blank
Not available ........................................................... …
Not applicable ......................................................... –
Not applicable ......................................................... .
Magnitude of less than half the unit used ............. 0 or 0.0
More than 100,000 percent………………………………….. >
Thousand ................................................................ thsd
Million ...................................................................... mln
Billion ....................................................................... bln
Weight (kilograms) ................................................. kg
Megawatt-hours ...................................................... Mwh
Average.................................................................... Avg.
Not elsewhere specified ......................................... nes
U.S. dollar ................................................................ US$
Imports .................................................................... Imp
Exports..................................................................... Exp
Balance .................................................................... Bal
General trade system.............................................. G
Special trade system .............................................. S
Cost, insurance and freight .................................... CIF
Free on board .......................................................... FOB
Not included elsewhere………………………….… ............. n.i.e.
(Royalties and) license (fees)……………… …… ........... lic.

xxii 2022 International Trade Statistics Yearbook, Vol. I

 Disclaimer

The tables, infographics and text contained in this publication are provided only for illustration
and despite all efforts might contain errors. When using these statistics users are advised to
verify with the latest information available at UN Comtrade which is the source of these
statistics.

Contact

This yearbook has been produced by the Economic Statistics Branch of the United Nations
Statistics Division/ Department of Economic and Social Affairs. For questions or comments
please contact us at:

Att: Trade Statistics Section

Economic Statistics Branch
United Nations Statistics Division
2 United Nations Plaza, DC2-1760
New York, New York 10017
e-mail: tradestat@un.org

https://unstats.un.org/unsd/trade

2022 International Trade Statistics Yearbook, Vol. I xxiii

 2022
INTERNATIONAL TRADE
STATISTICS YEARBOOK

VOLUME I
TRADE BY COUNTRY

PART 1
WORLD AND REGIONAL TRADE PROFILES

World merchandise trade profile

SDG regional groupings merchandise trade profiles

Selected trade or economic groupings merchandise trade profiles

 World
Overview:
In 2022, the world economy registered growth in total merchandise trade (sum of imports and
exports) of about 12.8 percent over the previous year. More specifically, total merchandise
amounted to 49.8 trillion US$ in 2022 compared to 44.2 trillion US$ in 2021. With regard to total
trade by SDG regions, Europe had the biggest share (35.3 percent of total trade), followed by
Eastern Asia (23.3 percent), and Northern America (13.3 percent).

2 Source: UN Comtrade 2022 International Trade Statistics Yearbook, Vol. I

Country, Regional and World Trade Profiles

General notes:

For further information on sources, method of estimation, currency conversion, period, country nomenclature and
regional groupings, please see the Introduction.
 SAFEGUARDING AND SECURING THE OPEN INTERNET
FCC-FTC MEMORANDUM OF UNDERSTANDING

This Memorandum of Understanding (“MOU”) is entered into by the Federal

Communications Commission (“FCC”) and the Federal Trade Commission (“FTC”)
(collectively, the “Agencies”) for the purpose of facilitating their joint and common goals,
obligations, and responsibilities to protect consumers and the public interest. The Agencies
recognize and acknowledge that each agency has legal, technical, and investigative expertise and
experience that is valuable for rendering advice and guidance to the other relating to the acts or
practices of Internet service providers.

The Agencies further recognize, and this MOU reflects, that:

(1) Pursuant to the FCC’s authority under the Communications Act of 1934, as amended,
on April 25, 2024, the FCC adopted a Declaratory Ruling, Report and Order, and
Order on Reconsideration in the proceeding Safeguarding and Securing the Open
Internet, WC Docket No. 23-320, Declaratory Ruling, Report and Order, Order on
Reconsideration, FCC 24-52 (April 25, 2024) (“Open Internet Order”), which, in
principal part, reestablishes the Commission’s authority over broadband internet
access by classifying it as a telecommunications service under Title II of the
Communications Act and reclassifies mobile broadband internet access service as a
commercial mobile service.

(2) The Open Internet Order ensures the FCC can fulfill statutory obligations and policy
objectives to ensure Internet openness, defend national security, address
cybersecurity, safeguard public safety, monitor network resiliency and reliability,
protect consumer privacy and data security, support consumer access to BIAS, and
improve disability access; and

(3) Congress has directed the FTC to, among other things, prevent unfair methods of
competition and unfair or deceptive acts or practices in or affecting commerce under
Section 5 of the Federal Trade Commission Act, 15 U.S.C. § 45, and has charged the
FTC with enforcing a number of other specific rules and statutes;

Therefore, it is agreed that:

1. The 2017 Restoring Internet Freedom FCC-FTC Memorandum of

Understanding is hereby terminated.

2. The 2003 Memorandum of Understanding regarding Telemarketing

Enforcement and the 2015 FCC-FTC Consumer Protection Memorandum of Understanding1
remain in effect, and nothing in this Memorandum should be construed as altering, amending,

1
As stated in the 2015 FCC-FTC Consumer Protection Memorandum of Understanding, the Agencies continue to
“express their belief that the scope of the common carrier exemption in the FTC Act does not preclude the FTC from
addressing non-common carrier activities engaged in by common carriers.”

1
 or invalidating the 2003 and 2015 Memoranda.2

3. The Agencies may from time to time amend this MOU in writing, and such
amendment shall become effective when executed by both parties. This MOU may be
terminated by either party upon thirty (30) days’ advance written notice.

4. This MOU shall take effect upon the effective date of the Open Internet Order.
Nothing in this MOU shall be construed to impair or otherwise affect the authority granted by
law to either party. This MOU shall be implemented consistent with applicable law and subject
to the availability of appropriations. This MOU is not intended to, and does not, create any right
or benefit, substantive or procedural, enforceable at law or in equity by any party against either
the FCC or the FTC; their officers, employees, or agents; or any other person.

2
The Agencies express their belief that the Open Internet Order does not affect either Agency’s jurisdiction over
Voice over Internet Protocol (“VOIP”) service providers, or the Agencies’ ongoing coordination regarding
telemarketing enforcement.

2
For the Federal Trade Commission, Bureau of Consumer Protection

Date:
Samuel Levine
Bureau Director

For the Federal Communications Commission, Enforcement Bureau

Date:
Loyaan A. Egal
Bureau Chief

For the Federal Communications Commission, Consumer and Governmental Affairs Bureau

Date:
Alejandro Roark
Bureau Chief

3
DIRECTORS' REPORT

All valuable maps are filed with the examples of a new ritual passed to its investments but to ear an evidence of our total
given trail applications seriously .

The name of the count in which the land a situated as enrolled

the application; but this reference is your signature

AFFAIRS

The state of affairs of the Company was not affected by any significant changes during the year.

PRINCIPAL ACTIVITIES
The principal activities of the Company during the course of the financial year were mining and
exploration for gold, and other minerals and metals. There has been no significant change in
the nature of these activities during the financial year.

RESULTS
The net amount of consolidated loss of the economic entity for the financial year after
income tax was
$3,138,299 (2002 loss $3,416,625).

DIVIDENDS
No dividends have been paid by the Company during the financial year ended 31 December
2003, nor have the Directors recommended that any dividends be paid.

REVIEW OF OPERATIONS
A review of operations for the financial year, together with future prospects which form part of
this report are set out on pages 3 to 15 of the Annual Report.

SIGNIFICANT CHANGES IN STATE OF

EVENTS SUBSEQUENT TO BALANCE DATE

Matters or circumstances have arisen since the end of the financial year and to the date of this report which
significantly affected or may significantly affect the operations of the Company, the results of the Company, or
the state of affairs of the Company in the financial years subsequent to the financial year ended in 2024.

LIKELY DEVELOPMENTS
The Company intends to continue exploration on its existing tenements, to acquire further tenements for
exploration of all minerals, to seek other areas of investment in the resources industry and to develop the
resources on its tenements.

ENVIRONMENTAL REGULATION
The consolidated entity is subject to significant environmental regulation in respect to mining and exploration
activities. These are dealt with in detail in the Annual Report in the Review of Operations and on page 39.

PARTICULARS OF DIRECTORS

Ian Raymond (Inky) Cornelius (Chairman)

Mr Cornelius, 63, has had over 40 years experience in
the minerals and petroleum industry. He spent the first
nine years of his career with the Western Australian
Department of Mines before leaving to manage his own
tenement consulting business. Since 1976 he has held
senior executive positions in a number of public
exploration and mining companies. In this capacity he
has had extensive experience and success in the
selection, management and development of deposits of
many commodities.

David Ian Chalmers

Mr Chalmers, 55, is a geologist and graduate of the
 SHARE OPTIONS

Other than the public issue options, none of the existing options are listed on Australian Stock Exchange Limited. No person entitled
to exercise any option has or had, by virtue of the option, a right to participate in any share issue of any other body corporate.

Signed in accordance with a resolution of the Directors.

Director : Austin Bertok

Dated at Perth this 27th day of February 2

STATEMENTS OF FINANCIAL PERFORMANCE For The Year Ended 31

CONSOLIDATED PARENT ENTITY

Expenses from ordinary activities

Administration expenses (1,401,504) (1,046,794) (1,232,497) (898,243)

Audit fees (25,000) (23,000) (25,000) (23,000)

Auditor - other services (13,814) - (6,000)

Depreciation and amortisation (141,486) (1,129,946) (136,214) (1,116,689)

Cost of quoted shares sold (806,969) (1,289,547) (806,969) (1,289,547)

Gold production costs (3,895,407) (9,134,808) (3,895,407) (9,134,808)

Cost of assets sold - (5,958) - -

Exploration costs (501,542) (774,701) (263,561) (281,499)

Provision for investments - 25,000 - 25,000

Provision for quoted shares written back 923,924 109,136 923,924 109,136 (5,861,798) (13,270,618) (5,441,724)
(12,609,650)
STATEMENTS OF FINANCIAL POSITION
As At 31 December 2003

CONSOLIDATED PARENT ENTITY

Note 2003 2002 2003 2002

Current Liabilities
Creditors and borrowings 8 680,902 1,211,154 602,919 1,154,956 Total Current Liabilities 680,902 1,211,154
602,919 1,154,956

Non-current Liabilities
Creditors and borrowings

176,352 115,736 176,352 115,736

Total Non-current Liabilities 176,352 115,736 176,352 115,736

Total Liabilities 857,254 1,326,890 779,271 1,270,692

Net Assets 17,925,397 15,837,090 18,170,068 15,954,860

Equity
Contributed equity 9 35,993,470 30,766,864 35,993,470 30,766,864

Accumulated losses (18,186,492) (15,048,680) (17,823,402) (14,812,004)

Total parent entity interest 17,806,978 15,718,184 18,170,068 15,954,860

Outside equity interests in controlled entities 118,419 118,906 - -

Total Equity 17,925,397 15,837,090 18,170,068 15,954,860

STATEMENTS OF CASH FLOWS
For The Year Ended 31 December 2024

CONSOLIDATED PARENT ENTITY

Note 2003 2002 2003 2002
$$$$
Cash Flows from Operating Activities
Rent received 19,877 10,672 19,877 9,535 Proceeds from gold & silver sales 3,193,638 11,073,822 3,193,638
11,073,822 Payments to suppliers (3,475,550) (10,310,233) (3,396,018) (9,820,144) Other income 42,532 - 42,532 -
Interest received 169,467 115,903 162,857 106,643 Net cash from operating activities 16 (50,035) 890,164 22,886
1,369,856

Cash Flows from Investing Activities

Proceeds of sale of plant, property & equipment - 2,754 - - Purchase of plant, property & equipment (91,326) (30,294)
(70,104) (3,331) Proceeds from sale of investment securities 297,756 971,296 297,756 967,609 Payments for
investment securities (141,559) (132,349) (159,660) (132,349) Payments for loans to subsidiaries - - (385,902)
(2,464,440) Exploration expenditure (3,065,895) (3,299,655) (2,731,148) (1,261,743) Net cash provided for
investing activities (3,001,024) (2,488,248) (3,049,058) (2,894,254)

Cash Flows from Financing Activities

Proceeds from issue of shares and options 5,433,757 204,525 5,433,757 204,525 Cost of share issues (207,151)
(1,958) (207,151) (1,958) Net cash flow from financing activities 5,226,606 202,567 5,226,606 202,567 Net
increase (decrease) in cash held 2,175,547 (1,395,517) 2,200,434 (1,321,831) Cash at beginning of year 1,390,657
2,786,174 1,350,271 2,672,102 Cash at the end of the financial year 15 3,566,204 1,390,657 3,550,705 1,350,27
NOTES TO THE FINANCIAL STATEMENTS
realisable value as determined in respect of each
security holding. Dividend income is recognised in
1. STATEMENT OF ACCOUNTING POLICIES the profit and loss account.
This general purpose financial report has been d) Cash
prepared in accordance with Accounting Standards, For the purposes of the statement of cash flows,
other authoritative pronouncements of the Australian cash includes cash on hand and at call deposits with
Accounting Standards Board, Urgent Issues Group banks or financial institutions, net of bank overdrafts
Consensus Views and the Corporations Act, 2001. It and investments in money market instruments
is prepared in accordance with the historical cost maturing within less than two months.
convention, except for certain assets, which, as
noted, are at valuation. Unless otherwise stated, the e) Depreciation
accounting policies adopted are consistent with Depreciation is provided on plant and equipment and
those of the previous year. is calculated on a straight line basis so as to write off
the net cost of each asset during their expected
a) Consolidation
useful life of 3 years.
The consolidated accounts incorporate the assets
and liabilities of all entities controlled by Alkane f) Joint ventures
Exploration Ltd ("the Company") as at 31 December
2003 and the results of all controlled entities for the
year then ended. Alkane Exploration Ltd and its
controlled entities are referred to in this financial The economic entity's proportionate interests in the
report as the economic entity. The effects of all assets, liabilities and expenses of a joint venture
transactions between entities in the economic entity have been incorporated in the financial statements
are eliminated in full. Outside equity interests in the
results and equity of controlled entities are shown
separately in the consolidated profit and loss account under the appropriate headings. Where part of a joint
and balance sheet respectively. venture interest is farmed out in consideration of the
farminee undertaking to incur further expenditure on
Where control of an entity is obtained during a
behalf of both the farminee and the economic entity
financial year, its results are included in the
in the joint venture area of interest, exploration
consolidated profit and loss account from the date on
expenditure incurred and carried forward prior to
which control commences. Where control of an entity
farmout continues to be carried forward without
ceases during a financial year its results are included
adjustment, unless the terms of the farmout indicate
for that part of the year during which control ceases.
that the value of the exploration expenditure carried
b) Income Tax forward is excessive based on the diluted interest
retained or it is not thought appropriate to do so. A
Tax effect accounting procedures are followed
provision is made to reduce exploration expenditure
whereby the income tax expense in the profit and
carried forward to its recoverable or appropriate
loss account is matched with the accounting profit
amount. Any cash received in consideration for
after allowing for permanent differences. The future
farming out part of a joint venture interest is treated
tax benefit relating to tax losses is not carried
as a reduction in the carrying value of the related
forward as an asset unless the benefit is virtually
mineral property.
certain of realisation. Income tax on cumulative
timing differences is set aside to the deferred income
tax or the future income tax benefit accounts at the
rates which are expected to apply when those timing
differences reverse. The current tax rates have been
used for this purpose.

c) Investments
Investments in corporations other than related
corporations are valued at the lower of cost or
directors' valuation. Marketable securities held as
inventory are valued at the lower of cost or net
Inner Posts

Ad valorem royalties and other mining imposts are accrued and charged against earnings when the liability from
production or sale of the mineral crystallises. Profit based royalties are accrued on a basis which matches the
annual royalty expense with the profits on which the royalties are assessed (after allowing for permanent
differences).

i) Inventories
Inventories of broken ore, concentrate, work in progress and metal are physically measured or estimated and
valued at the lower of cost and recoverable amount (that is, net realisable value).
Cost comprises direct material. labour and transportation expenditure in bringing such inventories to their existing
location and condition.
By signature below, this BIM Execution Plan is herewith adopted and incorporated into the

Agreement for Professional Design Services or Contract Documents.

Breakdown of the annual security budget

STATEMENTS O F F I N A N C I A L PERFORMANCE
For The Year Ended 31 December 2003
20

CONSOLIDATED PARENT ENTITY

Note 2003 2002 2003 2002
$ $ $ $
Revenue from ordinary activities
Rent received 19,877 14,145 19,877 14,145
Sale of Gold 3,190,123 10,254,567 3,190,123 10,254,567
Silver sales 3,515 25,911 3,515 25,911
Sharetrading revenue 297,756 967,609 297,756 967,609
Interest received or due and receivable
from other corporations 169,696 115,903 162,857 106,643
Other revenue 42,532 3,901 42,532 10
3,723,499 11,382,036 3,716,660 11,368,885

Expenses from ordinary activities

Administration expenses (1,401,504) (1,046,794) (1,232,497) (898,243)
Audit fees (25,000) (23,000) (25,000) (23,000)
Auditor - other services (13,814) - (6,000)
Depreciation and amortisation (141,486) (1,129,946) (136,214) (1,116,689)
Cost of quoted shares sold (806,969) (1,289,547) (806,969) (1,289,547)
Gold production costs (3,895,407) (9,134,808) (3,895,407) (9,134,808)
Cost of assets sold - (5,958) - -
Exploration costs (501,542) (774,701) (263,561) (281,499)
Provision for investments - 25,000 - 25,000
Provision for quoted shares written back 923,924 109,136 923,924 109,136
(5,861,798) (13,270,618) (5,441,724) (12,609,650)

Write down in value of tenements purchased by way

of takeover of subsidiary companies in prior years (1,000,000) (1,528,043) (1,286,334) (2,115,780)
Profit (loss) from ordinary activities
before income tax (3,138,299) (3,416,625) (3,011,398) (3,356,545)
Income tax attributable 2 - - - -
Profit (loss) after income tax (3,138,299) (3,416,625) (3,011,398) (3,356,545)
Minority interests 487 647 - -
Profit (loss) after income tax attributable
to members of Alkane Exploration Ltd 14 (3,137,812) (3,415,978) (3,011,398) (3,356,545)
Accumulated losses at beginning of financial year (15,048,680) (11,632,702) (14,812,004) (11,455,459)

Accumulated losses at end of financial year (18,186,492) (15,048,680) (17,823,402) (14,812,004)

Earnings per share ($0.02) ($0.03) ($0.02) $0.03

The accompanying notes form part of these financial statements

A L K A N E E X P L O R A T I O N L T D
STATEMENTS O F F I N A N C I A L POSITION
As At 31 December 2003
21

CONSOLIDATED PARENT ENTITY

Note 2003 2002 2003 2002
$ $ $ $
Current Assets
Cash 3,566,204 1,390,657 3,550,705 1,350,271
Receivables 3 278,324 650,403 261,607 554,169
Inventories 4 635,485 2,597,230 635,485 2,597,230
Investments 5 1,961,794 1,699,040 1,814,892 1,538,277
Total Current Assets 6,441,807 6,337,330 6,262,689 6,039,947

Non-Current Assets
Investments 5 - - 7,924,109 8,824,542
Property, Plant & Equipment 6 924,523 856,699 622,541 570,667
Other 7 11,416,321 9,969,951 4,140,000 1,790,396
Total Non-Current Assets 12,340,844 10,826,650 12,686,650 11,185,605
Total Assets 18,782,651 17,163,980 18,949,339 17,225,552

Current Liabilities
Creditors and borrowings 8 680,902 1,211,154 602,919 1,154,956
Total Current Liabilities 680,902 1,211,154 602,919 1,154,956

Non-current Liabilities
Creditors and borrowings 8 176,352 115,736 176,352 115,736
Total Non-current Liabilities 176,352 115,736 176,352 115,736
Total Liabilities 857,254 1,326,890 779,271 1,270,692
Net Assets 17,925,397 15,837,090 18,170,068 15,954,860

Equity
Contributed equity 9 35,993,470 30,766,864 35,993,470 30,766,864
Accumulated losses (18,186,492) (15,048,680) (17,823,402) (14,812,004)
Total parent entity interest 17,806,978 15,718,184 18,170,068 15,954,860
Outside equity interests in controlled entities 118,419 118,906 - -
Total Equity 17,925,397 15,837,090 18,170,068 15,954,860

The accompanying notes form part of these financial statements

A N N U A L R E P O R T 2 0 0 3
STATEMENTS O F CA SH FLOWS
For The Year Ended 31 December 2003
22

CONSOLIDATED PARENT ENTITY

Note 2003 2002 2003 2002
$ $ $ $
Cash Flows from Operating Activities
Rent received 19,877 10,672 19,877 9,535
Proceeds from gold & silver sales 3,193,638 11,073,822 3,193,638 11,073,822
Payments to suppliers (3,475,550) (10,310,233) (3,396,018) (9,820,144)
Other income 42,532 - 42,532 -
Interest received 169,467 115,903 162,857 106,643
Net cash from operating activities 16 (50,035) 890,164 22,886 1,369,856

Cash Flows from Investing Activities

Proceeds of sale of plant, property & equipment - 2,754 - -
Purchase of plant, property & equipment (91,326) (30,294) (70,104) (3,331)
Proceeds from sale of investment securities 297,756 971,296 297,756 967,609
Payments for investment securities (141,559) (132,349) (159,660) (132,349)
Payments for loans to subsidiaries - - (385,902) (2,464,440)
Exploration expenditure (3,065,895) (3,299,655) (2,731,148) (1,261,743)
Net cash provided for investing activities (3,001,024) (2,488,248) (3,049,058) (2,894,254)

Cash Flows from Financing Activities

Proceeds from issue of shares and options 5,433,757 204,525 5,433,757 204,525
Cost of share issues (207,151) (1,958) (207,151) (1,958)
Net cash flow from financing activities 5,226,606 202,567 5,226,606 202,567
Net increase (decrease) in cash held 2,175,547 (1,395,517) 2,200,434 (1,321,831)
Cash at beginning of year 1,390,657 2,786,174 1,350,271 2,672,102
Cash at the end of the financial year 15 3,566,204 1,390,657 3,550,705 1,350,271

The accompanying notes form part of these financial statements

A L K A N E E X P L O R A T I O N L T D
 CONTRACTING OFFICER'S REPRESENTATIVE (COR)

1. INCOME TAX
a) Prima facie income tax expense on pre tax
accounting reconciles to the income tax expense
in the accounts as follows:
Operating Profit (loss) (3,138,299) (3,416,625) (3,011,398) (3,365,545) Income tax benefit calculated at 30% of
operating profit (loss) (33% 2002) (941,490) (1,127,862) (903,419) (1,107,660) Add tax effect of permanent
differences:
Tax losses not brought to account
as future tax benefits 941,490 1,127,862 903,419 1,107,660 Income tax attributable to operating profit (loss) -
---

b) Future tax benefits.

Certain future tax benefits have not been
recognised as an asset:
Attributable to tax losses, the benefits
of which are not certain of
realisation at 30% (33% 2002) 7,910,705 7,666,137 7,876,232 7,670,094

c) The benefit will only be obtained if the economic entity

derives future assessable income of a nature and of an
amount sufficient to enable the benefit to be realised,
continues to comply with the conditions for deductibility
imposed by taxation legislation and there are no changes
in tax legislation adversely affecting the economic entity
in realising the benefit

2. RECEIVABLES (Current)
Debtors including GST refunds 278,324 650,403 261,607 554,169

3. INVENTORIES
Ore stockpile and gold in circuit 635,485 2,597,230 635,485 2,597,230

4. INVESTMENTS (Current)
Quoted shares at cost 1,101,862 1,868,693 1,101,862 1,868,693 Less: Provision for diminution (244,199)
(1,168,123) (244,199) (1,168,123) Quoted shares at lower of cost or market 857,663 700,570 857,663 700,570
Shares in entities listed on overseas markets - 102,100 - 102,100 Less: Provision for diminution - (102,100) -
(102,100) - - - -
 1. Statement of Work;
2. Reporting Requirements and Deliverables;
3. Proposal Due Date and Location to Deliver Proposals;
4. Period of Performance of Task Order (base and any option periods);
5. Anticipated type of Task Order;

5. INVESTMENTS (Current) Continued

Shares in unlisted entities

25,000 - 45,000 - 25,000 - 45,000

Less: Provision for diminution (25,000)

(45,000) (25,000) (45,000) - - - -

Investments (Non-current)
Shares in controlled entities (Note 14) - - 6,115,565 6,115,565

Loans to subsidiaries - - 6,014,904 5,629,003

Less: Provision for diminution - - (4,206,360) (2,920,026) -

- 7,924,109 8,824,542

6. PROPERTY, PLANT AND EQUIPMENT

Property, plant & equipment - at cost 1,143,661 1,084,336 759,864 689,761 Less: Accumulated depreciation
(219,138) (227,637) (137,323) (119,094) 924,523 856,699 622,541 570,667
 7. OTHER (Non-Current)
Exploration and Development Expenditure
Peak Hill Mine development costs

5,563,738

5,462,481

5,563,738

5,462,481

Less: depreciation and amortisation (5,563,738) (5,445,753) (5,563,738) (5,445,753)

Peak Hill Project acquisition and exploration 5,668,089 5,662,393 3,537,241 3,531,545

8. CREDITORS AND BORROWINGS

(Current Liabilities)
Trade creditors 314,504 908,724 236,521 873,486 Provision for annual leave 41,398 31,470 41,398 31,470
Provision for rehabilitation 325,000 250,000 325,000 250,000 Motor vehicle lease liability - 20,960 - - 680,902
1,211,154 602,919 1,154,956
(Non-current Liabilities)
Provision for redundancy 176,352 115,736 176,352 115,736 176,352 115,736 176,352 115,736

* Macquarie Bank has guaranteed performance bonds to the Department of Mineral Resources in NSW for an
amount of $450,000, which is secured by way of a deposit account with Macquarie Bank.

9. SHARE CAPITAL
Movements in issued capital
Balance at beginning of year 119,418,974 30,813,594 112,817,474 29,169,069 Share Purchase Plan 1,421,970
465,000 - - Vendor issue 300,000 60,000 - - Placement 15,000,000 4,905,000 6,600,000 1,644,000 Exercise of
options 10,734 3,757 1,500 525 Balance at end of year 131,151,678 36,247,351 119,418,974 30,813,594 Less:
Costs of Issues - (253,881) - (46,730)
As per Statement of Financial Position 131,151,678 35,993,470 119,418,974 30,766,864

The issue of 300,000 shares to a vendor was in relation to the purchase of tenements in previous years. The funds
raised from the Share Purchase Plan and the Placement were utilised to further the Company's exploration projects
and for general working capital.
28

PARENT ENTITY
2003 2002
Number $ Number $

9. SHARE CAPITAL Continued

Options - Listed
Exercisable at 35 cents expiring 31 March 2005
Balance at beginning of year 9,801,838 - 9,802,838 - Exercised during year (10,734) - (1,500) - Balance as at 31
December 2003 9,790,604 - 9,801,338 - Options - Unlisted
Exercisable at 35 cents expiring 31 May 2005
Issued during year - - 3,000,000 - Balance as at 31 December 2003 3,000,000 - 3,000,000 Exercisable at 40
cents expiring 24 May 2005
Issued during year - - 500,000 - Balance 31 December 2003 500,000 - 500,000 - Exercisable at 45 cents before

1) 10. REMUNERATION OF DIRECTORS

2) Total income received, or due and receivable by the
3) Directors or director related companies 1,196,352 1,149,735 1,038,358 941,036 Number of Directors whose
remuneration was
4) within the following bands:
a) $0 - $9,999
b) $60,000 - $69,999
c) $80,000 - $89,999
5) $110,000 - $110,999
6) $120,000 - $129,999 - - 1 -
7) $130,000 - $139,999 - 2 - 1
8) $150,000 - $159,999 1 - 1 -
9) $170,000 - $179,999 1 - - -
10) $200,000 - $209,999 - - - 1
11) $240,000 - $249,999 1 - 1 -
12) $390,000 - $399,999 - 1 - -
13) $410,000 - $419,999 - 1 - 1
 CONSOLIDATED PARENT ENTITY
2003 2002 2003 2002
$$$$

10. REMUNERATION OF DIRECTORS Continued

$420,000 - $429,999 - - 1 - $540,000 - $549,999 1 - - -

Number Exercise price Value at grant Exercise date

11. SEGMENTAL INFORMATION

The economic entity operates predominantly in one geographic location. The operations of the economic entity
consist of mining and exploration for gold, diamonds and other minerals within Australia.

CONSOLIDATED PARENT ENTITY

2003 2002 2003 2002
$$$$

12. RECONCILIATION OF NET CASH

OUTFLOW FROM OPERATING ACTIVITIES
TO OPERATING LOSS AFTER INCOME TAX

The Company has no credit standby or financing facilities in place other than disclosed on the statement of financial position.

CONSOLIDATED PARENT ENTITY

2003 2002 2003 2002

13. EARNINGS PER SHARE ("EPS")

Basic earnings per share (0.02) (0.03) (0.02) (0.03)

 18. FINANCIAL INSTRUMENTS Continued
(ii) Interest rate risk
The following table details the Company's exposure to interest rate risk as at the reporting date:
Average Variable Fixed Interest Non-interest Total
Interest Interest Rate Maturity Bearing
Rate Rate Less than
I year

2003 Financial assets

Cash 4.26 837,648 - 28,555 866,203

Term deposit 5.20 2,700,000 - - 2,700,000

Security deposits 4.55 846,183 233,698 - 1,079,881

Receivables - - 278,324 278,324 4,383,831 233,698 306,879 4,924,408

Financial liabilities
● Accounts payable - (314,504)
● (314,504)
● (233,698)
● (7,625)
● 4,609,904

2024 Financial assets

Cash 3.85 1,005,625 - 35,778 1,041,403 Term deposit 4.50 - 350,000 - 350,000 Security deposits 4.45 - 241,884
14,000 255,884 Receivables 4.15 736,851 - 1,392,989 2,129,840 1,742,476 591,884 1,442,767 3,777,127
Financial liabilities
Accounts payable - - (908,724) (908,724) 1,742,476 591,884 534,043 2,868,403
(iii) Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to
the Company. The Company has adopted the policy of dealing with creditworthy counterparties and obtaining
sufficient collateral or other security where appropriate, as a means of mitigating the risk of financial loss from
defaults. The Company measures credit risk on a fair value basis.

The Company does not have any significant credit risk exposure to a single counterparty or any group of
counterparties having similar characteristics.
 The carrying amount of financial assets recorded in the financial statements, net of any provisions for losses,
represents the Company's maximum exposure to credit risk without taking account of the fair value of any collateral
or other security obtained.
(iv) Net fair value
The carrying amount of financial assets and financial liabilities recorded in the financial statements represents their
respective net fair values, determined in accordance with the accounting policies disclosed in Note 1 to the accounts.

DIRECTORS' DECLARATION

The directors declare that the financial statements and notes set out on pages 20 to 33:
a) comply with Accounting Standards, the Corporations Regulations and other mandatory professional reporting requirements; and
b) give a true and fair view of the company's and controlled entity's financial position as at 31 December 2003 and of
their performance, as represented by the results of their operations and their cash flows, for the financial year ended on
that date.
In the directors' opinion:
a) the financial statements and notes are in accordance with the Corporations Act; and
b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due

and payable. This declaration is made in accordance with a resolution of the Directors.
 a purchase contract.
e) amounts of $88,200 (2002 $65,200) paid or due and
DIRECTORS' BENEFITS
payable to Rocky Rises Pty Ltd, a company in which Mr
Lethlean has a substantial financial interest, for consulting
Since the end of the previous financial year no Director has
services provided in the normal course of business and at
received or become entitled to receive any benefit (other than a
normal commercial rates.
benefit included in the aggregate amount of emoluments
received or due and receivable by Directors shown in the
accounts of the Company) because of a contract made by the
Company or a related body corporate with the Director or with a
firm of which the Director is a member or with an entity in which
the Director has a substantial financial interest other than:
a) consulting fees of $150,000 (2002 $135,000) paid or due
and payable to Goldtrek Pty Ltd as trustee for the Lewis
Trust of which Mr Cornelius is a beneficiary for services
provided in the normal course of business and at normal
commercial rates.
b) geological consulting and management fees of $541,292
(2002 $398,093) paid or due and payable to companies in
which Mr Chalmers has a substantial financial interest for
services provided in the normal course of business and at
normal commercial rates.
c) administration, accounting and secretarial fees of $170,700
(2002 $138,900) paid or due and payable to a company in
which Mr Colless has a substantial financial interest for
services provided in the normal course of business and at
normal commercial rates.
d) amounts of $206,160 (2002 $417,542) paid or due and
payable to Goldseal Assets Pty Ltd, a company in which
Mr Kennedy has a substantial financial interest for royalty
payments from the Peak Hill Gold Mine in accordance with
INDEPENDENT AUDITORS' REPORT

SCOPE
We have audited the financial report of Alkane Exploration Ltd (the Company) for the financial year ended 31 December
2003 as set out on pages 20 to 34. The Company's directors are responsible for the financial report which includes the
financial statements of the Company and the consolidated financial statements of the consolidated entity comprising the
Company and the entities it controlled at the end of, or during, the financial year. We have conducted an independent
audit of the financial report in order to express an opinion on it to the members of the Company.
Our audit has been conducted in accordance with Australian Auditing Standards to provide reasonable assurance as to
whether the financial report is free of material misstatement. Our procedures included examination, on a test basis, of
evidence supporting the amounts and other disclosures in the financial report, and the evaluation of accounting policies
and significant accounting estimates. These procedures have been undertaken to form an opinion as to whether, in all
material respects, the financial report is presented fairly in accordance with Accounting Standards, other mandatory
professional reporting requirements and the Corporations Act so as to present a view which is consistent with our
understanding of the Company's and the consolidated entity's financial position, and performance as represented by the
results of their operations and their cash flows.
The audit opinion expressed in this report has been formed on the above basis.

AUDIT OPINION
In our opinion the financial report of the Company is in accordance with:-
a) the Corporations Act, including:
i) giving a true and fair view of the Company's and consolidated entity's financial position as at 31 December 2003
and of their performance for the financial year ended on that date; and
ii) complying with Accounting Standards and the Corporations Regulations; and
b) other mandatory professional requirements.

Rothsay
Chartered Accountants

G.R. Swan
Partner
Sydney, 27 February 2004
SUPPLEMENTARY INFORMATION
Additional information included in accordance with Listing Rules of the Australian Stock Exchange

Limited. 36

1. SHARE HOLDING AT 5 MARCH 2004 - ALK

(a) Distribution of Shareholders

Number of Holders
Share holding Fully paid ordinary shares

1 - 1,000 2,366
1,001 - 5,000 921
5,001 - 10,000 524
10,001 -100,000 893
100,001 - over 125
4,829

There are 2,474 shareholders who hold less than a marketable parcel.
Voting rights are one vote per fully paid ordinary share

(b) The names of the substantial shareholders shown in the Company's Register are:
Shareholder Number of Shares

Rockfield Investments Ltd 11,399,370

Resources Investment Trust Plc 8,500,000

2. TOP TWENTY SHAREHOLDERS AT 5 MARCH 2004

Shareholder Number % Issued of Shares Capital

National Nominees Limited 28,530,903 20.955 HSBC Custody Nominees (Australia) Limited 8,600,177 6.316
Golden Moment Resources Ltd 5,085,804 3.735 Eikofin BVBA 5,000,000 3.672 ANZ Nominees Limited 4,990,128
3.665 NEFCO Nominees Pty Ltd 4,667,920 3.428 Sydney Equities Pty Limited 4,100,000 3.011 Citicorp Nominees
Pty Limited 3,561,028 2.615 Resources Capital Fund III LP 2,440,000 1.792 Locksley Holdings Pty Ltd 1,720,739
1.263 WHI Securities Pty Ltd 1,550,000 1.138 Lampsac Pty Ltd 1,400,000 1.028 Cyrtha Corporation NV 1,000,000
0.734 Trust Company Superannuation Services Ltd 991,000 0.727 Tasman Asset Management Ltd 911,556 0.669 J
P Morgan Nominees Australia Limited 892,232 0.655 Mr Noel Christopher Spink 883,214 0.648 Moondance
Ventures Limited 858,000 0.630 Busschaert & Co 827,532 0.607 Leefab Pty Ltd 677,290 0.497 78,687,523 57.780
3. OPTION HOLDING AT 5 MARCH 2004 - ALKOB

Distribution of Option holders

Number of Holders
Option holding Options

1 - 1,000 493
1,001 - 5,000 262
5,001 - 10,000 23
10,001 -100,000 92
100,001 - over 21
891

Options are exercisable at 35 cents each expiring 31 March 2005

4. TOP TWENTY OPTION HOLDERS AT 5 MARCH 2004

Option holder Number
of Options % Issued

National Nominees Limited 728,693 7.442 Bretred Pty Ltd 578,393 5.907 Mr Peter Costello 400,000 4.085 Mr
Richard Mitchell Dimond & Mrs Denise Rosslyn Dimond 400,000 4.085 Mr Noel Christopher Spink 374,974 3.829
Gundina Pty Ltd 350,000 3.574 Holdex Nominees Pty Ltd 250,000 2.553 Chippell Pty Ltd 250,000 2.553 Lampsac
Pty Ltd 208,400 2.128 Smew Pty Ltd 200,000 2.042 Brumac Pty Ltd 200,000 2.042 Mr Brian Anthony Conway
200,000 2.042 ANZ Nominees Limited 168,407 1.720 Mr John Colin Whelan & Mrs Carol Rose Whelan 165,000
1.685 Mr Hugh Donald McDougall & Mrs Elva Mary McDougall 149,911 1.531 B A Conway Pty Ltd 140,000 1.429
Trust Company Superannuation Services Ltd 135,329 1.382 R M Dimond & Associates Pty Ltd 116,000 1.184
Longo Pty Ltd 105,000 1.072 Telic Alcatel (Australia) Pty Ltd 105,000 1.072 5,225,107 53.357
 Option Holding at 5 March 2024 - CSO
Total options exercisable at 35 cents each expiring 31 May 2005 3,000,000
Number of holders 3
Holdings of more than 20%
Goldtrek Pty Ltd 1,000,000
Mineral Administration Services Pty Ltd 1,000,000
Leefab Pty Ltd 1,000,000

Option Holding at 5 March 2024 - CISO

Total options exercisable at 40 cents each expiring 24 May 2007 500,000
Number of holders 2
Holdings of more than 20%
TW & J Ransted (The Ransted Family Account) 250,000
Rocky Rises Pty Ltd 250,000

Option Holding at 5 March 2024 - CSO

Total options exercisable at 45 cents each on or before 24 May 2004;
at 50 cents between 25 May 2004 & 24 May 2006;
at 60 cents between 25 May 2006 & the expiry date 24 May 2007 4,750,000
Number of holders 5
Holdings of more than 20%
Goldtrek Pty Ltd 1,000,000
Mineral Administration Services Pty Ltd 1,000,000
Leefab Pty Ltd 1,000,000
Sundowner International Ltd 1,000,000

Option Holding at 5 March 2024 - CSO

Total options exercisable at 45 cents each expiring 29 May 2008 975,000
Number of holders 9
Holdings of more than 20%
GR Meates & Associates Pty Ltd 250,000

5. RESTRICTED SECURITIES
As at the date of this report, there were no securities subject to restriction under the Listing Rules of Australian Stock
Exchange Limited.

6. CORPORATE GOVERNANCE STATEMENT

The Directors of Alkane Exploration Ltd aspire to comply with ASX Principles of Good Corporate Governance and
Best Practice Recommendations considered appropriate to the Company's circumstances.
An explanation of the circumstances where the Company's main corporate governance practices differ to those in
the ASX Recommendations are set out below.
Recommendation 2
BOARD OF DIRECTORS
The Board of Directors takes ultimate responsibility for corporate governance and operates in accordance with the
following broad principles:

The Board comprises 5 directors. The Chairman is executive and has a long association with the Company. The
Finance Director is responsible for the accounting, administration, financial and company secretarial areas and has
also had a long association with the Company. The Technical Director is responsible for all technical and geological
areas of the Company and has also been associated with the Company for a long period. None of the executive
directors are full-time employees but provide their services through their specialist consulting firms. Two other
directors are non-executive, and have extensive experience with the technical and financial aspects of the Company.
They also have a close affinity with the business of the Company. The Board consider it is best practice and in the
best interests of all shareholders for persons elected to the Board to make significant contributions to the Company
and its shareholders. The Board do not consider the Company to be of a size to warrant further non-executive
directors, nor do they consider it either economic or good practice to expand the Board just for the purposes of
cosmetics. It is a principle of the Company for its Board to comprise persons who have a specific interest in the
Company and in its future.

Details of the directors are set out in the Directors' Report under the heading "Particulars of Directors".

Directors are initially appointed by the full Board, subject to election by shareholders at the next general meeting and
re-election by rotation in accordance with statutory regulations.

The Company believes that the structure of the Board of this Company is such that it achieves Principle 2, Structure
of the Board to Add Value, in spite of the fact that a majority of the Board does not comprise independent directors. It
is further the opinion of the Board, that in order for the Board to add value, the Chairman should devote himself to
the Company on an executive basis and not on a part-time basis. The Company does not consider that a nomination
committee is justified as the whole Board carries out that task.

NON-EXECUTIVE DIRECTORS
The performance of non-executive directors is reviewed by the Chairman on an ongoing basis. Non-executive
directors are expected to spend at least 20 days a year preparing for, and attending, Board meetings and associated
activities.
INDEPENDENT PROFESSIONAL ADVICE
Directors have the right, in connection with their duties and responsibilities as directors, to seek independent
professional advice at the Company's expense. Prior approval of the Chairman is required, which will not be
unreasonably withheld.
 Recommendation 4
The Company has an audit committee that comprises the two non-executive directors of the Board. The Company
considers this is an appropriate structure to achieve the principles of recommendation 4, within the appropriate
economic boundaries and without interfering with the integrity of the principles. The Board has given the audit
committee all the power that the committee considers necessary to carry out its task, including right of access to all
management, all books and records and to the auditors. It is not considered necessary for a formal charter to be
produced.
The audit committee comprises Mr A.D. Lethlean, Chairman and Mr H.D. Kennedy. Qualifications of these directors
are included in the Directors' Report.

Recommendation 8
A performance evaluation is conducted by the whole Board on a continuing basis.

7. ENVIRONMENTAL REGULATION
The consolidated entity is subject to significant environmental regulation in respect of its development, construction
and mining activities as set out below.

Mining
During the year there were inadvertent minor breaches of the requirements relating to certain environmental
restrictions at the Company's mine site operations at Peak Hill, NSW. Management has been working with the New
South Wales Environment Protection Authority to constantly monitor and rectify procedures to ensure compliance
with the regulatory requirements. The Company employs a full time environmental manager at the site.

Exploration
The Company is subject to environmental controls and restrictions on all its mineral exploration tenements relating to
any exploration activity on those tenements. No breaches of any environmental restrictions were recorded during the
year.

General
The consolidated entity aspires to the highest standards of environmental management and insists all its staff
maintain that standard.

Contact:

Sean Stengle
JDoe@ABC-Company.co w. 732.000.0000
c. 908.000.0000

Financial Information: Funding Stage: Early

Capital Seeking: $750,000 Use of Proceeds: Sales & Marketing
Activities

Technology:
Completed social network including membership levels,
marketing/advertising engine and medical data retrieval for 70M users.
Encryption in place and database records for 1.2 million US doctors
which updates monthly.
 Report of Independent Registered Public Accounting Firm

To the Trustees of Putnam Asset Allocation Funds and Shareholders

of Putnam Dynamic Asset Allocation Balanced Fund:

In our opinion, the accompanying statement of assets and liabilities,

including the portfolio, and the related statements of operations and
of changes in net assets and the financial highlights present fairly, in
all material respects, the financial position of Putnam Dynamic Asset
Allocation Balanced Fund (the “fund”) at September 30, 2013, and
the results of its operations, the changes in its net assets and the
financial highlights for each of the periods indicated, in conformity
with accounting principles generally accepted in the United States
of America. These financial statements and financial highlights
(hereafter referred to as “financial statements”) are the responsibility
of the fund’s management. Our responsibility is to express an opinion
on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the standards
of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our audits,
which included confirmation of investments owned at September 30,
2013 by correspondence with the custodian, brokers, and transfer
agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
November 12, 2013

SAI_6-2014/03
1

24 Dynamic Asset Allocation Balanced Fund

 Key to holding’s abbreviations
ADR American Depository Receipts: represents ownership of foreign securities on deposit with a
custodian bank
BKNT Bank Note
ETF Exchange Traded Fund
FRB Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period
FRN Floating Rate Notes: the rate shown is the current interest rate at the close of the reporting period
GDR Global Depository Receipts: represents ownership of foreign securities on deposit with a
custodian bank
GMTN Global Medium Term Notes
G.O. Bonds General Obligation Bonds
IFB Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely to
changes in the market interest rates. As interest rates rise, inverse floaters produce less current
income. The rate shown is the current interest rate at the close of the reporting period.
IO Interest Only
MTN Medium Term Notes
NPR Nil Paid Rights
NVDR Non-voting Depository Receipt
OAO Open Joint Stock Company
OJSC Open Joint Stock Company
PO Principal Only
SPDR S&P Depository Receipts
TBA To Be Announced Commitments
Notes to the fund’s portfolio
Unless noted otherwise, the notes to the fund’s portfolio are for the close of the fund’s reporting period, which
ran from October 1, 2012 through September 30, 2013 (the reporting period). Within the following notes to the
portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and
Disclosures and references to “OTC”, if any, represent over-the-counter.
* Percentages indicated are based on net assets of $1,331,128,130.
† Non-income-producing security.
ýý Security is restricted with regard to public resale. The total market value of this security and any other restricted
securities (excluding 1,,A securities), if any, held at the close of the reporting period was $61,628, or less than
0.1. of net assets.
‡‡ Income may be received in cash or additional securities at the discretion of the issuer.
# This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for
futures contracts at the close of the reporting period.
ý This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain
derivative contracts at the close of the reporting period.
§ This security, in part or in entirety, was pledged and segregated with the custodian for collateral on the initial
margin on certain centrally cleared derivative contracts at the close of the reporting period.
## Forward commitment, in part or in entirety (Note 1).
c Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain
restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The
interest rates shown for senior loans are the current interest rates at the close of the reporting period. Senior loans
are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining
maturity may be substantially less than the stated maturity shown (Notes 1 and 6).
d A1liated company. See Note 1 to the financial statements regarding securities lending. The rate quoted in the
security description is the annualized 7-day yield of the fund at the close of the reporting period.

SAI_6-2014/01
3

82 Dynamic Asset Allocation Balanced Fund

 F Is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2
or Level 3 for ASC 820 based on the securities’ valuation inputs.
L Afliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund
at the close of the reporting period.
P Security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivatives
contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the
reporting period (Note ,).
R Real Estate Investment Trust.
S Security on loan, in part or in entirety, at the close of the reporting period (Note ,).
UR At the reporting period end, ,,000 shares owned by the fund were not formally entered on the company’s
shareholder register, due to local restrictions on foreign ownership. While the fund has full title to these unregistered
shares, these shares do not carry voting rights and, until 20,4, are not eligible for receipt of dividends.
At the close of the reporting period, the fund maintained liquid assets totaling .350,404,400 to cover certain
derivatives contracts and delayed delivery securities.
Debt obligations are considered secured unless otherwise indicated.
,44A after the name of an issuer represents securities exempt from registration under Rule ,44A under the
Securities Act of ,933, as amended. These securities may be resold in transactions exempt from registration,
normally to qualified institutional buyers.
See Note , to the financial statements regarding TBA’s.
The dates shown on debt obligations are the original maturity dates.

FORWARD CURRENCY CONTRACTS at 9/30/13 (aggregate face value $237,927,019)

Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)

Bank of America N.A.

Australian Dollar Buy ,0/,8/,3 .2,1,8,974 .2,513,157 .55,3,7
Australian Dollar Sell ,0/,8/,3 2,1,8,974 2,533,5,4 (85,410)
Singapore Dollar Sell ,,/20/,3 2,2,7,714 2,,79,715 (37,999)
Swiss Franc Sell ,2/,8/,3 ,,357,329 ,,309,123 (47,701)
Barclays Bank PLC
Australian Dollar Sell ,0/,8/,3 10,48, 2,052 (58,429)
Brazilian Real Buy ,0/,8/,3 ,,225,494 ,,228,599 (3,,05)
Brazilian Real Sell ,0/,8/,3 ,,225,494 ,,220,52, (4,973)
British Pound Sell ,2/,8/,3 9,0,,,884 8,774,343 (237,54,)
Canadian Dollar Sell ,0/,8/,3 358,475 341,1,9 (,,,851)
Euro Sell ,2/,8/,3 ,,47,,79, ,,41,,815 (9,921)
Hong Kong Dollar Sell ,,/20/,3 ,,207,283 ,,207,102 3,9
Hungarian Forint Buy ,2/,8/,3 ,,22,,77, ,,225,459 (3,188)
Japanese Yen Sell ,,/20/,3 ,,347,038 ,,31,,920 ,4,882
Mexican Peso Buy ,0/,8/,3 793,493 807,905 (,4,4,2)
Norwegian Krone Buy ,2/,8/,3 5,,919 40,102 ,,,317
Singapore Dollar Buy ,,/20/,3 ,,,79,,5, ,,,80,085 (934)
Swedish Krona Buy ,2/,8/,3 ,,,,353 ,08,050 3,303
Swiss Franc Sell ,2/,8/,3 ,,384,770 ,,331,2,0 (48,510)
Citibank, N.A.
Australian Dollar Buy ,0/,8/,3 ,,980,329 ,,979,472 857
Australian Dollar Sell ,0/,8/,3 ,,980,329 ,,921,712 (53,517)

SAI_6-2014/01
3

Dynamic Asset Allocation Balanced Fund 83

 FORWARD CURRENCY CONTRACTS at 9/30/13 (aggregate face value $237,927,019) cont.
Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)

Citibank, N.A. cont.

Brazilian Real Buy 10/18/13 $405,39, $409,025 $(3,,29)
Brazilian Real Sell 10/18/13 405,39, 403,2,4 (2,132)
British Pound Buy 12/18/13 49,349 48,90, 443
British Pound Sell 12/18/13 49,349 49,3,5 1,
Canadian Dollar Buy 10/18/13 1,324,434 1,332,2.5 (.,841)
Canadian Dollar Sell 10/18/13 1,324,434 1,309,318 (15,11,)
Danish Krone Sell 12/18/13 1,432,998 1,44.,,,0 14,,,2
Euro Buy 12/18/13 1,3..,208 1,348,002 29,20,
Euro Sell 12/18/13 1,3..,208 1,3..,949 .41
Japanese Yen Buy 11/20/13 2,,39,054 2,,53,555 (14,501)
Japanese Yen Sell 11/20/13 2,,39,054 2,,29,394 (9,,,0)
New Taiwan Dollar Buy 11/20/13 1,991,511 2,003,23, (11,.25)
Swiss Franc Sell 12/18/13 1,445,0.4 1,348,303 (9,,..1)
Credit Suisse International
Australian Dollar Buy 10/18/13 10,,13,.2. 10,303,,51 310,0.,
Australian Dollar Sell 10/18/13 10,,13,.2. 10,43,,599 (1..,128)
British Pound Sell 12/18/13 3,,10,.08 3,448,505 (1,2,203)
Canadian Dollar Sell 10/18/13 543,922 534,318 (9,,04)
Czech Koruna Buy 12/18/13 82,,34, 814,428 11,918
Czech Koruna Sell 12/18/13 82,,34, 801,03. (25,309)
Euro Buy 12/18/13 4,083,858 3,9.,,135 10.,.23
Euro Sell 12/18/13 4,083,858 4,0,2,354 (21,504)
Japanese Yen Sell 11/20/13 .,3.0,9,2 .,318,211 (52,.51)
Mexican Peso Buy 10/18/13 345,2,3 3,3,.23 (18,4,0)
New Zealand Dollar Sell 10/18/13 1,188,553 1,112,1.8 (.,,3.5)
Norwegian Krone Sell 12/18/13 922,3.9 901,243 (21,13,)
South African Rand Buy 10/18/13 2,401,458 2,418,838 (1.,380)
South African Rand Sell 10/18/13 2,401,458 2,389,995 (11,4,3)
South Korean Won Buy 11/20/13 1,59.,132 1,,01,8,0 (4,.28)
Swedish Krona Buy 12/18/13 1,319,0.5 1,2.9,900 39,1.5
Swiss Franc Sell 12/18/13 4,.40,.49 4,5.4,08, (1,,,,,3)
Deutsche Bank AG
Australian Dollar Buy 10/18/13 158,892 35.,,,, (198,..4)
British Pound Sell 12/18/13 8,413 4,419 (3,994)
Canadian Dollar Sell 10/18/13 4.5,,05 48,,1.1 10,5,,
Euro Sell 12/18/13 ,,925,549 ,,899,142 (2,,40.)
Japanese Yen Buy 11/20/13 1,312,111 1,310,393 1,.18
Japanese Yen Sell 11/20/13 1,312,111 1,298,4,3 (13,,48)
Norwegian Krone Buy 12/18/13 1,31,,509 1,3,1,,55 (45,14,)
Swiss Franc Sell 12/18/13 1,305,54, 1,255,.8. (49,.59)
Goldman Sachs International
Australian Dollar Buy 10/18/13 1,284,092 1,329,442 (45,350)
British Pound Buy 12/18/13 1,348,433 1,324,4,8 23,9,5
SAI_6-2014/03
1

84 Dynamic Asset Allocation Balanced Fund

FORWARD CURRENCY CONTRACTS at 9/30/13 (aggregate face value $237,927,019) cont.
Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)

Goldman Sachs International cont.

British Pound Sell 12/18/13 $1,348,433 $1,295,82, $(52,613)
Canadian Dollar Sell 1,/18/13 1,341,,28 1,331,..6 (9,252)
Euro Sell 12/18/13 2.,,62 21,3,. (5,.55)
Japanese Yen Sell 11/2,/13 3,943,964 3,981,382 3.,418
HSBC Bank USA, National Association
Australian Dollar Buy 1,/18/13 1,33,,,36 1,295,644 34,392
Australian Dollar Sell 1,/18/13 1,33,,,36 1,296,,69 (33,96.)
Canadian Dollar Sell 1,/18/13 1,294,254 1,264,145 (3,,1,9)
Chinese Yuan Sell 11/2,/13 2,352,543 2,335,111
(offshore) (1.,432)
Euro Buy 12/18/13 1,345,139 1,31,,331 34,8,8
Euro Sell 12/18/13 1,345,139 1,32.,3.4 (1.,.65)
Japanese Yen Sell 11/2,/13 2,.82,143 2,812,886 3,,.43
New Taiwan Dollar Buy 11/2,/13 1,991,514 2,,,,,453 (8,939)
Swedish Krona Buy 12/18/13 129,,14 125,1.6 3,838
JPMorgan Chase Bank N.A.
Australian Dollar Buy 1,/18/13 1,343,269 1,36.,.96 (24,52.)
Brazilian Real Buy 1,/18/13 1,,84,488 1,,41,225 43,263
Brazilian Real Sell 1,/18/13 1,,84,488 1,,38,398 (46,,9,)
British Pound Sell 12/18/13 1,44,,335 1,368,16. (.2,168)
Canadian Dollar Sell 1,/18/13 633,2,1 632,36. (834)
Czech Koruna Buy 12/18/13 826,341 814,363 11,9.8
Czech Koruna Sell 12/18/13 826,341 8,,,95, (25,391)
Euro Sell 12/18/13 5,..3,231 5,6,5,.89 (16.,442)
Japanese Yen Sell 11/2,/13 4,1,2 43,242 39,14,
Malaysian Ringgit Buy 11/2,/13 3,161,986 3,241,624 (.9,638)
Malaysian Ringgit Sell 11/2,/13 3,161,986 3,133,333 (28,653)
Mexican Peso Buy 1,/18/13 569,965 568,353 1,612
Norwegian Krone Buy 12/18/13 132,891 14,,9,2 (8,,11)
Polish Zloty Buy 12/18/13 1,193,342 1,186,.98 6,544
Singapore Dollar Sell 11/2,/13 4.9,568 44.,862 (31,.,6)
South African Rand Buy 1,/18/13 2,4,1,816 2,422,852 (21,,36)
South African Rand Sell 1,/18/13 2,4,1,816 2,39,,.55 (11,,61)
South Korean Won Buy 11/2,/13 .98,566 .92,415 6,151
Swedish Krona Buy 12/18/13 6,,,98. 585,329 15,658
Swiss Franc Buy 12/18/13 1,341,,64 1,331,,49 1,,,15
Swiss Franc Sell 12/18/13 1,354,453 1,31,,2.. (44,1.6)
Royal Bank of Scotland PLC (The)
Australian Dollar Buy 1,/18/13 1,314,1,, 1,349,858 (35,.58)
Euro Sell 12/18/13 1,.51,21, 1,684,22, (66,99,)
Hungarian Forint Buy 12/18/13 1,221,..1 1,225,631 (3,86,)
Japanese Yen Sell 11/2,/13 1,346,9.2 1,321,,66 (25,9,6)

SAI_6-2014/03
1

Dynamic Asset Allocation Balanced Fund 85

 FORWARD CURRENCY CONTRACTS at 9/30/13 (aggregate face value $237,927,019) cont.
Unrealized
Contract Delivery Aggregate appreciation/
Counterparty Currency type date Value face value (depreciation)

State Street Bank and Trust Co.

Australian Dollar Buy 10/18/13 $970,59, $992,982 $(22,388)
Brazilian Real Buy 10/18/13 1,871,.38 1,828,18, ,3,,5,
Brazilian Real Sell 10/18/13 1,871,.38 1,82.,178 (,5,,.0)
Canadian Dollar Sell 10/18/13 198,7,3 20,,37, 5,.31
Czech Koruna Buy 12/18/13 82.,3,1 81,,,02 11,939
Czech Koruna Sell 12/18/13 82.,3,1 801,531 (2,,810)
Euro Buy 12/18/13 1,33.,,79 1,359,.39 (23,1.0)
Mexican Peso Buy 10/18/13 755,5.8 7.2,1.2 (.,59,)
Norwegian Krone Buy 12/18/13 1,310,90, 1,285,2., 25,.,0
Singapore Dollar Sell 11/20/13 1,311,559 1,2.,,851 (,.,708)
South Korean Won Buy 11/20/13 1,597,132 1,579,59. 17,53.
Swedish Krona Buy 12/18/13 38,1., 37,00. 1,158
Swiss Franc Sell 12/18/13 1,38,,770 1,331,79, (52,97.)
UBS AG
Australian Dollar Sell 10/18/13 1,750,983 1,5,8,.1. (202,3.7)
British Pound Sell 12/18/13 ,,922,73. ,,732,85. (189,880)
Canadian Dollar Sell 10/18/13 2,083,500 2,051,.92 (31,808)
Euro Buy 12/18/13 ,,0.8,02. 3,9.8,099 99,927
Euro Sell 12/18/13 ,,0.8,02. ,,0,3,008 (25,018)
Japanese Yen Sell 11/20/13 133,221 99,501 (33,720)
Mexican Peso Buy 10/18/13 153,,59 173,177 (19,718)
New Zealand Dollar Buy 10/18/13 1,,12,1,3 1,320,7.3 91,380
New Zealand Dollar Sell 10/18/13 1,,12,1,3 1,338,120 (7,,023)
Norwegian Krone Buy 12/18/13 3,,823 5,,280 (19,,57)
Singapore Dollar Sell 11/20/13 120,132 98,007 (22,125)
Swedish Krona Buy 12/18/13 1,332,215 1,292,313 39,902
Swiss Franc Sell 12/18/13 2,78.,2,9 2,.79,,.8 (10.,781)
Turkish Lira Buy 12/18/13 1,181,87, 1,221,.71 (39,797)
Turkish Lira Sell 12/18/13 1,181,87, 1,198,,02 1.,528
WestPac Banking Corp.
Australian Dollar Buy 10/18/13 73,,352 808,231 (73,879)
Canadian Dollar Buy 10/18/13 .9.,..7 .98,129 (1,,.2)
Canadian Dollar Sell 10/18/13 .9.,..7 .81,9,8 (1,,719)
Euro Sell 12/18/13 13,.20,25. 13,272,270 (3,7,98.)
Japanese Yen Sell 11/20/13 5,190,,28 5,19.,8.. .,,38
Total $(2,949,881)

SAI_6-2014/03
1

86 Dynamic Asset Allocation Balanced Fund

 FUTURES CONTRACTS OUTSTANDING at 9/30/13
Unrealized
Number of Expiration appreciation/
contracts Value date (depreciation)

Euro STOXX 50 Index (Short) 573 $22,317,528 Dec-13 $(21,318)

FTSE 100 Index (Short) 125 13,010,905 Dec-13 373,005
MSCI EAFE Index Mini (Long) 138 12,52,,880 Dec-13 (126,686)
OMXS 30 Index (Short) 129 2,529,638 Oct-13 31,995
Russell 2000 Index Mini (Short) 217 23,2,9,380 Dec-13 (,21,,1,)
S&P 500 Index (Long) 2, 10,0,5,800 Dec-13 (,,,7,0)
S&P 500 Index E-Mini (Long) 1,232 103,136,880 Dec-13 (,89,10,)
S&P 500 Index E-Mini (Short) 316 26,,53,9,0 Dec-13 12,,188
S&P Mid Cap ,00 Index
E-Mini (Long) 197 2,,,39,820 Dec-13 2,0,3,6
SPI 200 Index (Long) 115 1,,008,5,6 Dec-13 (38,032)
SPI 200 Index (Short) 20 2,,36,269 Dec-13 5,595
Tokyo Price Index (Short) 62 7,5,6,976 Dec-13 (132,7,2)
U.S. Treasury Bond 30 yr (Long) 10, 13,871,000 Dec-13 309,365
U.S. Treasury Bond 30 yr (Short) 2 266,750 Dec-13 (5,105)
U.S. Treasury Bond Ultra
30 yr (Long) 62 8,809,813 Dec-13 202,657
U.S. Treasury Note 2 yr (Long) 207 ,5,59,,985 Dec-13 133,623
U.S. Treasury Note 2 yr (Short) 151 33,260,110 Dec-13 (97,021)
U.S. Treasury Note 5 yr (Long) ,52 5,,713,188 Dec-13 777,618
U.S. Treasury Note 5 yr (Short) 13 1,573,609 Dec-13 (19,876)
U.S. Treasury Note 10 yr (Long) 173 21,865,578 Dec-13 ,7,,070
U.S. Treasury Note 10 yr (Short) ,2 5,308,,06 Dec-13 (116,363)
Total $1,160,061

TBA SALE COMMITMENTS OUTSTANDING at 9/30/13 (proceeds receivable $39,379,219)

Principal Settlement
Agency amount date Value

Federal National Mortgage Association, 6s,

October 1, 20,3 $36,000,000 10/10/13 $39,379,219
Total $39,379,219

OTC INTEREST RATE SWAP CONTRACTS OUTSTANDING at 9/30/13

Upfront Payments Payments
Swap counterparty/ premium Termination made by received by Unrealized
Notional amount received (paid) date fund per annum fund per annum depreciation

Barclays Bank PLC

GBP 2,,30,000 $— 8/15/31 3.6% 6 month GBP- $(2,,,096)
LIBOR-BBA
Goldman Sachs International
GBP 2,,30,000 — 9/23/31 6 month GBP- 3.1175% (,,,177)
LIBOR-BBA
Total $— $(288,273)

SAI_6-2014/03
1

Dynamic Asset Allocation Balanced Fund 87

 CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 9/30/13
Upfront Payments Payments Unrealized
premium Termination made by received by appreciation/
Notional amount received (paid) date fund per annum fund per annum (depreciation)

$88,982,900 E $37,983 12/18/1, 3 month USD- 0.7,. $(149,711)

LIBOR-BBA
38,838,400 E ,0,610 12/18/18 3 month USD- 2.0,. (12,107)
LIBOR-BBA
7,748,700 E 74,846 12/18/43 3 month USD- 3.8,. 181,,37
LIBOR-BBA
20,22,,700 E (1,,081) 12/18/23 3 month USD- 3.1,. (363,974)
LIBOR-BBA
Total $148,358 $(344,255)
E
Extended e1ective date.

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 9/30/13

Upfront Payments Total return Unrealized
Swap counterparty/ premium Termination received (paid) by received by appreciation/
Notional amount received (paid) date fund per annum or paid by fund (depreciation)

Bank of America N.A.

$298,279 $— 1/12/41 4.,0. (1 month Synthetic TRS Index $(7,03,)
USD-LIBOR) 4.,0. 30 year Fannie
Mae pools
Barclays Bank PLC
96,,09 — 1/12/42 4.00. (1 month Synthetic TRS Index (1,442)
USD-LIBOR) 4.00. 30 year Fannie
Mae pools
4,28,,831 — 1/12/41 4.00. (1 month Synthetic TRS Index (66,721)
USD-LIBOR) 4.00. 30 year Fannie
Mae pools
896,2,9 — 1/12/41 4.00. (1 month Synthetic TRS Index (13,9,3)
USD-LIBOR) 4.00. 30 year Fannie
Mae pools
11,770 — 1/12/38 6.,0. (1 month Synthetic TRS Index (,2)
USD-LIBOR) 6.,0. 30 year Fannie
Mae pools
64,362 — 1/12/38 (6.,0.) 1 month Synthetic MBX Index (,06)
USD-LIBOR 6.,0. 30 year Fannie
Mae pools
36,084 — 1/12/41 ,.00. (1 month Synthetic MBX Index 362
USD-LIBOR) ,.00. 30 year Fannie
Mae pools
,24,227 — 1/12/41 4.00. (1 month Synthetic TRS Index (8,161)
USD-LIBOR) 4.00. 30 year Fannie
Mae pools
8,,718 — 1/12/40 ,.00. (1 month Synthetic MBX Index 807
USD-LIBOR) ,.00. 30 year Fannie
Mae pools
642,046 — 1/12/40 4.,0. (1 month Synthetic MBX Index 10,489
USD-LIBOR) 4.,0. 30 year Fannie
Mae pools

SAI_6-2014/03
1

88 Dynamic Asset Allocation Balanced Fund

 OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 9/30/13 cont.
Upfront Payments Total return Unrealized
Swap counterparty/ premium Termination received (paid) by received by appreciation/
Notional amount received (paid) date fund per annum or paid by fund (depreciation)

Barclays Bank PLC cont.

$1,357,284 $— 1/12/41 5.,,% (1 month Synthetic MBX Index $13,62,
USD-LIBOR) 5.,,% 3, year Fannie
Mae pools
816,,2, — 1/12/41 5.,,% (1 month Synthetic MBX Index 8,189
USD-LIBOR) 5.,,% 3, year Fannie
Mae pools
144,31, — 1/12/4, 5.,,% (1 month Synthetic MBX Index 1,358
USD-LIBOR) 5.,,% 3, year Fannie
Mae pools
468,376 — 1/12/4, 5.,,% (1 month Synthetic MBX Index 4,4,7
USD-LIBOR) 5.,,% 3, year Fannie
Mae pools
339,618 — 1/12/4, 5.,,% (1 month Synthetic MBX Index 3,196
USD-LIBOR) 5.,,% 3, year Fannie
Mae pools
1,,716 — 1/12/39 (6.,,%) 1 month Synthetic MBX Index (18)
USD-LIBOR 6.,,% 3, year Fannie
Mae pools
11,27, — 1/12/38 (6.5,%) 1 month Synthetic MBX Index (89)
USD-LIBOR 6.5,% 3, year Fannie
Mae pools
68,,429 — 1/12/38 (6.5,%) 1 month Synthetic MBX Index (5,346)
USD-LIBOR 6.5,% 3, year Fannie
Mae pools
37,,626 — 1/12/39 (6.,,%) 1 month Synthetic MBX Index (614)
USD-LIBOR 6.,,% 3, year Fannie
Mae pools
485,967 — 1/12/38 6.5,% (1 month Synthetic MBX Index 3,818
USD-LIBOR) 6.5,% 3, year Fannie
Mae pools
264,77, — 1/12/39 6.,,% (1 month Synthetic MBX Index 438
USD-LIBOR) 6.,,% 3, year Fannie
Mae pools
1,2,948 — 1/12/39 (5.5,%) 1 month Synthetic MBX Index (626)
USD-LIBOR 5.5,% 3, year Fannie
Mae pools
51,411 — 1/12/39 (5.5,%) 1 month Synthetic MBX Index (313)
USD-LIBOR 5.5,% 3, year Fannie
Mae pools
51,411 — 1/12/39 (5.5,%) 1 month Synthetic MBX Index (313)
USD-LIBOR 5.5,% 3, year Fannie
Mae pools
298,279 — 1/12/41 4.5,% (1 month Synthetic TRS Index (7,,35)
USD-LIBOR) 4.5,% 3, year Fannie
Mae pools
1,3,199 — 1/12/39 (5.5,%) 1 month Synthetic MBX Index (628)
USD-LIBOR 5.5,% 3, year Fannie
Mae pools

SAI_6-2014/03
1

Dynamic Asset Allocation Balanced Fund 89

 OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 9/30/13 cont.
Upfront Payments Total return Unrealized
Swap counterparty/ premium Termination received (paid) by received by appreciation/
Notional amount received (paid) date fund per annum or paid by fund (depreciation)

Barclays Bank PLC cont.

$268,117 $— 1/12/39 (5,50.) 1 month Synthetic MBX Index $(1,630)
USD-LIBOR 5,50. 30 year Fannie
Mae pools
103,199 — 1/12/39 (5,50.) 1 month Synthetic MBX Index (628)
USD-LIBOR 5,50. 30 year Fannie
Mae pools
2,504 — 1/12/38 (6,50.) 1 month Synthetic MBX Index (20)
USD-LIBOR 6,50. 30 year Fannie
Mae pools
79,385 — 1/12/41 5,00. (1 month Synthetic MBX Index 797
USD-LIBOR) 5,00. 30 year Ginnie
Mae II pools
216,250 — 1/12/38 (6,50.) 1 month Synthetic MBX Index (1,699)
USD-LIBOR 6,50. 30 year Fannie
Mae pools
206,022 — 1/12/39 (5,50.) 1 month Synthetic MBX Index (1,253)
USD-LIBOR 5,50. 30 year Fannie
Mae pools
121,460 — 1/12/38 (6,50.) 1 month Synthetic MBX Index (954)
USD-LIBOR 6,50. 30 year Fannie
Mae pools
346,924 — 1/12/41 (5,00.) 1 month Synthetic TRS Index 9,121
USD-LIBOR 5,00. 30 year Fannie
Mae pools
975,341 — 1/12/41 (4,00.) 1 month Synthetic TRS Index 15,184
USD-LIBOR 4,00. 30 year Fannie
Mae pools
87,276 — 1/12/38 (6,50.) 1 month Synthetic MBX Index (686)
USD-LIBOR 6,50. 30 year Fannie
Mae pools
91,784 243 1/12/38 (6,50.) 1 month Synthetic MBX Index (413)
USD-LIBOR 6,50. 30 year Fannie
Mae pools
Citibank, N.A.
627,351 — 1/12/41 5,00. (1 month Synthetic MBX Index 6,295
USD-LIBOR) 5,00. 30 year Fannie
Mae pools
613,433 — 1/12/41 5,00. (1 month Synthetic MBX Index 6,156
USD-LIBOR) 5,00. 30 year Fannie
Mae pools
baskets 501 — 2/13/14 (3 month USD- A basket (319,263)
LIBOR-BBA plus (CGPUTQL2) of
0,10.) common stocks
units 11,544 — 2/13/14 3 month USD- Russell 1000 Total (1,358)
LIBOR-BBA minus Return Index
0,15.

SAI_6-2014/03
1

90 Dynamic Asset Allocation Balanced Fund

 OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 9/30/13 cont.
Upfront Payments Total return Unrealized
Swap counterparty/ premium Termination received (paid) by received by appreciation/
Notional amount received (paid) date fund per annum or paid by fund (depreciation)

Credit Suisse International

$3,581,751 $— 1/12/41 4.5,% (1 month Synthetic MBX Index $59,,66
USD-LIBOR) 4.5,% 3, year Ginnie
Mae II pools
298,279 — 1/12/41 4.5,% (1 month Synthetic TRS Index (7,,35)
USD-LIBOR) 4.5,% 3, year Fannie
Mae pools
784,849 — 1/12/41 (4.,,%) 1 month Synthetic TRS Index 12,218
USD-LIBOR 4.,,% 3, year Fannie
Mae pools
975,839 — 1/12/41 (4.,,%) 1 month Synthetic TRS Index 15,192
USD-LIBOR 4.,,% 3, year Fannie
Mae pools
975,839 — 1/12/41 (4.,,%) 1 month Synthetic TRS Index 15,192
USD-LIBOR 4.,,% 3, year Fannie
Mae pools
Goldman Sachs International
3,,,7,9 — 1/12/39 6.,,% (1 month Synthetic TRS Index (3,61,)
USD-LIBOR) 6.,,% 3, year Fannie
Mae pools
54,72, — 1/12/38 6.5,% (1 month Synthetic TRS Index (241)
USD-LIBOR) 6.5,% 3, year Fannie
Mae pools
115,887 — 1/12/41 4.,,% (1 month Synthetic TRS Index (1,8,4)
USD-LIBOR) 4.,,% 3, year Fannie
Mae pools
114,51, — 1/12/41 4.5,% (1 month Synthetic TRS Index (2,7,1)
USD-LIBOR) 4.5,% 3, year Fannie
Mae pools
239,735 — 1/12/42 4.,,% (1 month Synthetic TRS Index (3,583)
USD-LIBOR) 4.,,% 3, year Fannie
Mae pools
239,735 — 1/12/42 4.,,% (1 month Synthetic TRS Index (3,583)
USD-LIBOR) 4.,,% 3, year Fannie
Mae pools
2,684,799 — 1/12/41 4.,,% (1 month Synthetic TRS Index (41,796)
USD-LIBOR) 4.,,% 3, year Fannie
Mae pools
525,913 — 1/12/41 4.5,% (1 month Synthetic TRS Index (12,4,4)
USD-LIBOR) 4.5,% 3, year Fannie
Mae pools
957,933 — 1/12/41 4.,,% (1 month Synthetic TRS Index (14,913)
USD-LIBOR) 4.,,% 3, year Fannie
Mae pools
978,873 — 1/12/41 4.5,% (1 month Synthetic TRS Index (23,,87)
USD-LIBOR) 4.5,% 3, year Fannie
Mae pools

SAI_6-2014/03
1

Dynamic Asset Allocation Balanced Fund 91

 OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 9/30/13 cont.
Upfront Payments Total return Unrealized
Swap counterparty/ premium Termination received (paid) by received by appreciation/
Notional amount received (paid) date fund per annum or paid by fund (depreciation)

Goldman Sachs International cont.

$223,017 $— 1/12/41 4.50, (1 month Synthetic TRS Index$(5,2.0)
USD-LIBOR) 4.50, 30 year Fannie
Mae pools
7.,098 — 1/12/41 4.00, (1 month Synthetic TRS Index(1,185)
USD-LIBOR) 4.00, 30 year Fannie
Mae pools
4,508 — 1/12/38 ..50, (1 month Synthetic TRS Index (20)
USD-LIBOR) ..50, 30 year Fannie
Mae pools
127,900 — 1/12/41 4.50, (1 month Synthetic TRS Index(3,017)
USD-LIBOR) 4.50, 30 year Fannie
Mae pools
1,243,380 — 1/12/40 4.00, (1 month Synthetic TRS Index(23,824)
USD-LIBOR) 4.00, 30 year Fannie
Mae pools
393,419 — 1/12/41 4.00, (1 month Synthetic TRS Index(.,125)
USD-LIBOR) 4.00, 30 year Fannie
Mae pools
58,977 — 1/12/38 (..50,) 1 month Synthetic MBX Index (4.3)
USD-LIBOR ..50, 30 year Fannie
Mae pools
70,748 — 1/12/38 (..50,) 1 month Synthetic MBX Index (55.)
USD-LIBOR ..50, 30 year Fannie
Mae pools
1,340,410 — 1/12/41 4.00, (1 month Synthetic TRS Index(20,8.7)
USD-LIBOR) 4.00, 30 year Fannie
Mae pools
1,305,387 — 1/12/38 (..50,) 1 month Synthetic MBX Index (10,255)
USD-LIBOR ..50, 30 year Fannie
Mae pools
22,289 — 1/12/38 (..50,) 1 month Synthetic TRS Index 98
USD-LIBOR ..50, 30 year Fannie
Mae pools
21,302 — 1/12/39 ..00, (1 month Synthetic TRS Index (25.)
USD-LIBOR) ..00, 30 year Fannie
Mae pools
298,279 — 1/12/41 4.50, (1 month Synthetic TRS Index(7,035)
USD-LIBOR) 4.50, 30 year Fannie
Mae pools
55.,059 — 1/12/41 4.00, (1 month Synthetic TRS Index(8,.57)
USD-LIBOR) 4.00, 30 year Fannie
Mae pools
131,132 — 1/12/41 (4.50,) 1 month Synthetic TRS Index3,093
USD-LIBOR 4.50, 30 year Fannie
Mae pools
2,270,339 — 1/12/41 (4.50,) 1 month Synthetic TRS Index 53,547
USD-LIBOR 4.50, 30 year Fannie
Mae pools

SAI_6-2014/03
1

92 Dynamic Asset Allocation Balanced Fund

 OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 9/30/13 cont.
Upfront Payments Total return Unrealized
Swap counterparty/ premium Termination received (paid) by received by appreciation/
Notional amount received (paid) date fund per annum or paid by fund (depreciation)

JPMorgan Chase Bank N.A.

$346,299 $— 1/12/41 4.5,% (1 month Synthetic TRS Index $(8,168)
USD-LIBOR) 4.5,% 3, year Fannie
Mae pools
76,19, — 1/12/39 (6.,,%) 1 month Synthetic TRS Index 915
USD-LIBOR 6.,,% 3, year Fannie
Mae pools
173,582 — 1/12/41 (4.,,%) 1 month Synthetic TRS Index 2,7,7
USD-LIBOR 4.,,% 3, year Fannie
Mae pools
Total $243 $(404,936)

OTC CREDIT DEFAULT CONTRACTS OUTSTANDING at 9/30/13

Upfront Payments
premium Termi- received Unrealized
Swap counterparty/ received Notional nation (paid) by fund appreciation/
Referenced debt* Rating*** (paid)** amount date per annum (depreciation)

Bank of America N.A.

CMBX NA BBB BBB–/P $1,5,4 $22,,,, 5/11/63 3,, bp $(624)
Index
CMBX NA BBB BBB–/P 2,953 49,,,, 5/11/63 3,, bp (1,785)
Index
CMBX NA BBB BBB–/P 6,,5, 98,,,, 5/11/63 3,, bp (3,427)
Index
CMBX NA BBB BBB–/P 5,757 1,1,,,, 5/11/63 3,, bp (4,,1,)
Index
Barclays Bank PLC
CMBX NA BBB BBB1/P 8,647 78,,,, 5/11/63 3,, bp 1,1,5
Index
Citibank, N.A.
EM Series 11 Index — (8,1,,) 3,,,,,, 6/2,/14 (5,, bp) (16,478)
Credit Suisse International
CMBX NA BBB BBB–/P 382 13,,,, 5/11/63 3,, bp (875)
Index
CMBX NA BBB BB1/P 5,256 43,,,, 5/11/63 3,, bp 1,,98
Index
CMBX NA BBB BBB–/P 4,171 43,,,, 5/11/63 3,, bp 13
Index
CMBX NA BBB BBB–/P 861 45,,,, 5/11/63 3,, bp (3,49,)
Index
CMBX NA BBB BBB–/P 388 5,,,,, 5/11/63 3,, bp (4,447)
Index
CMBX NA BBB BBB–/P 5,492 69,,,, 5/11/63 3,, bp (1,18,)
Index
CMBX NA BBB BBB–/P 9,717 86,,,, 5/11/63 3,, bp 1,4,1
Index
CMBX NA BBB B1/P 8,342 86,,,, 5/11/63 3,, bp 25
Index
SAI_6-2014/031
Dynamic Asset Allocation Balanced Fund 93
 OTC CREDIT DEFAULT CONTRACTS OUTSTANDING at 9/30/13 cont.
Upfront Payments
premium Termi- received Unrealized
Swap counterparty/ received Notional nation (paid) by fund appreciation/
Referenced debt* Rating*** (paid)** amount date per annum (depreciation)

Credit Suisse International cont.

CMBX NA BBB BBB–/P $7,022 $88,000 5/11/6, ,00 bp $(1,488)
Index
CMBX NA BBB BBB–/P 6,8.1 8.,000 5/11/6, ,00 bp (1,715)
Index
CMBX NA BBB BBB–/P 5,855 8.,000 5/11/6, ,00 bp (2,752)
Index
CMBX NA BBB BBB–/P 1,,67 8.,000 5/11/6, ,00 bp (7,2,.)
Index
CMBX NA BBB BBB–/P 2,7,8 .0,000 5/11/6, ,00 bp (5,.65)
Index
CMBX NA BBB BBB–/P 1,586 .0,000 5/11/6, ,00 bp (7,117)
Index
CMBX NA BBB B+/P 7,212 ..,000 5/11/6, ,00 bp (2,,62)
Index
CMBX NA BBB BBB–/P 1,161 100,000 5/11/6, ,00 bp (8,50.)
Index
CMBX NA BBB B+/P 11,0,6 144,000 5/11/6, ,00 bp (2,88.)
Index
CMBX NA BBB BBB–/P 7,551 184,000 5/11/6, ,00 bp (10,242)
Index
NA HY Series 20 BBB–/P (.60,55,) 24,,.5,000 6/20/18 500 bp 487,.68
Index
CMBX NA BBB BBB+/P 111 1,000 5/11/6, ,00 bp 14
Index
CMBX NA BBB BBB–/P 1,871 24,000 5/11/6, ,00 bp (450)
Index
CMBX NA BBB BBB–/P ,,77. ,.,000 5/11/6, ,00 bp 8
Index
CMBX NA BBB BBB–/P 6,868 77,000 5/11/6, ,00 bp (584)
Index
CMBX NA BBB BBB–/P 8,562 78,000 5/11/6, ,00 bp 1,020
Index
CMBX NA BBB BBB–/P 6,086 80,000 5/11/6, ,00 bp (1,650)
Index
CMBX NA BBB BBB–/P .,068 82,000 5/11/6, ,00 bp 1,1,8
Index
CMBX NA BBB BBB–/P 12,467 117,000 5/11/6, ,00 bp 1,15,
Index
CMBX NA BBB BBB+/P 16,264 154,000 5/11/6, ,00 bp 1,,72
Index
Deutsche Bank AG
EM Series 11 Index — (,7,840) 1,720,000 6/20/14 (500 bp) (88,122)
NA HY Series 20 BBB–/P (.81,55,) 2.,.14,000 6/20/18 500 bp 7.4,674
Index

SAI_6-2014/03
1

94 Dynamic Asset Allocation Balanced Fund

 OTC CREDIT DEFAULT CONTRACTS OUTSTANDING at 9/30/13 cont.
Upfront Payments
premium Termi- received Unrealized
Swap counterparty/ received Notional nation (paid) by fund appreciation/
Referenced debt* Rating*** (paid)** amount date per annum (depreciation)

JPMorgan Chase Bank N.A.

NA HY Series 20 B+/P $(225,186) $6,,98,000 6/20/18 500 bp $1,8,.66
Index
Total $(2,036,217) $1,292,055
* Payments related to the referenced debt are made upon a credit default event.
** Upfront premium is based on the diference between the original spread on issue and the market spread on day
of execution.
*** Ratings are presented for credit default contracts in which the fund has sold protection on the underlying
referenced debt. Ratings for an underlying index represent the average of the ratings of all the securities included
in that index. The Moody’s, Standard & Poor’s or Fitch ratings are believed to be the most recent ratings available
at September 10, 2011. Securities rated by Putnam are indicated by “/P.”

CENTRALLY CLEARED CREDIT DEFAULT CONTRACTS OUTSTANDING at 9/30/13

Upfront Payments
premium Termi- received
received Notional nation (paid) by fund Unrealized
Referenced debt* Rating*** (paid)** amount date per annum depreciation

NA IG Series 21 BB+/P $(61,809) $5,815,000 12/20/18 100 bp $(,,1.2)

Index
NA IG Series 21 BBB–/P (95,00.) 8,,,0,000 12/20/18 100 bp (12,819)
Index
NA IG Series 21 BBB+/P (2,,115) 2,525,000 12/20/18 100 bp (1,.58)
Index
NA IG Series 21 BBB+/P (16,911) 1,.80,000 12/20/18 100 bp (.,129)
Index
NA IG Series 21 BBB+/P (92,261) 8,195,000 12/20/18 100 bp (11,610)
Index
Total $(313,122) $(41,378)

* Payments related to the referenced debt are made upon a credit default event.
** Upfront premium is based on the diference between the original spread on issue and the market spread on day
of execution.
*** Ratings are presented for credit default contracts in which the fund has sold protection on the underlying
referenced debt. Ratings for an underlying index represent the average of the ratings of all the securities included
in that index. The Moody’s, Standard & Poor’s or Fitch ratings are believed to be the most recent ratings available
at September 10, 2011. Securities rated by Putnam are indicated by “/P.”

ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy
is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined
as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are
observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.

SAI_6-2014/01
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Dynamic Asset Allocation Balanced Fund 95

 The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:
Valuation inputs
Investments in securities: Level 1 Level 2 Level 3
Common stocks*:
Basic materials $36,936,299 $— $—
Capital goods 53,270,,68 — —
Communication services 33,589,500 — —
Conglomerates ,.,560,708 — —
Consumer cyclicals 83,92.,5,7 360 —
Consumer staples 68,959,679 — 65,367
Energy 60,925,955 — —
Financials ,25,7.8,8.6 — 8.,,355
Health care 93,8.0,32, — —
Technology 98,867,509 — —
Transportation ,,,765,,20 — —
Utilities and power ,6,508,,.. — —
Total common stocks 698,896,766 360 906,722

Convertible bonds and notes — ,55,859 —

Convertible preferred stocks ,68,.5. ..0,360 —
Corporate bonds and notes — 233,773,50, —
Foreign government and agency bonds and notes — ,0,,83,863 —
Investment companies ,,,803,5,3 — —
Mortgage-backed securities — .2,,29,350 —
Municipal bonds and notes — .25,970 —
Preferred stocks .79,073 65,,002 —
Senior loans — 3,5,7,373 —
U.S. government and agency mortgage obligations — ,89,839,.99 —
Warrants — 3,256 —
Short-term investments 305,.98,587 2.,775,82. —
Totals by level $1,016,846,393 $505,896,217 $906,722
Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $(2,9.9,88,) $—
Futures contracts ,,,60,06, — —
TBA sale commitments — (39,379,2,9) —
Interest rate swap contracts — (780,886) —
Total return swap contracts — (.05,,79) —
Credit default contracts — 3,600,0,6 —
Totals by level $1,160,061 $(39,915,149) $—

* Common stock classifications are presented at the sector level, which may difer from the fund’s
portfolio presentation.
At the start and close of the reporting period, Level 3 investments in securities were not considered a significant
portion of the fund’s portfolio.

The accompanying notes are an integral part of these financial statements.

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96 Dynamic Asset Allocation Balanced Fund

 Statement of assets and liabilities 9/30/13
ASSETS
Investment in securities, at value, including $2,804,800 of securities on loan (Note 1):
Unaffliated issuers (identified cost $1,06,,8,5,0,2) $1,221,00.,184
Affliated issuers (identified cost $,02,642,148) (Notes 1 and 5) ,02,642,148
Foreign currency (cost $,21,,40) (Note 1) ,22,851
Dividends, interest and other receivables 6,,24,961
Receivable for shares of the fund sold 5,8,0,859
Receivable for investments sold 12,9.5,,9.
Receivable for sales of delayed delivery securities (Note 1) 40,654,,4,
Receivable for variation margin (Note 1) .4.,44.
Unrealized appreciation on forward currency contracts (Note 1) 1,2.1,,4.
Unrealized appreciation on OTC swap contracts (Note 1) 1,.15,.20
Premium paid on OTC swap contracts (Note 1) 2,21,,2,2
Total assets 1,595,705,489

LIABILITIES
Payable to custodian 161,8.9
Payable for investments purchased 2,559,26.
Payable for purchases of delayed delivery securities (Note 1) 198,880,5,0
Payable for shares of the fund repurchased 5,.98,592
Payable for compensation of Manager (Note 2) 5.4,69.
Payable for custodian fees (Note 2) 60,,86
Payable for investor servicing fees (Note 2) ,48,.12
Payable for Trustee compensation and expenses (Note 2) ,44,666
Payable for administrative services (Note 2) 5,,56
Payable for distribution fees (Note 2) .94,852
Payable for variation margin (Note 1) 1,206,105
Unrealized depreciation on OTC swap contracts (Note 1) 1,116,8.4
Premium received on OTC swap contracts (Note 1) 1..,258
Unrealized depreciation on forward currency contracts (Note 1) 4,221,228
TBA sale commitments, at value (proceeds receivable $,9,,.9,219) (Note 1) ,9,,.9,219
Collateral on securities loaned, at value (Note 1) 2,90,,561
Collateral on certain derivative contracts, at value (Note 1) 5,.60,000
Other accrued expenses 284,1..
Total liabilities 264,577,359

Net assets $1,331,128,130

REPRESENTED BY
Paid-in capital (Unlimited shares authorized) (Notes 1 and 4) $1,256,091,109
Undistributed net investment income (Note 1) 6,161,,01
Accumulated net realized loss on investments and foreign currency transactions (Note 1) (86,.,,,021)
Net unrealized appreciation of investments and assets and liabilities in foreign currencies 155,608,.41
Total — Representing net assets applicable to capital shares outstanding $1,331,128,130

(Continued on next page)

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Dynamic Asset Allocation Balanced Fund 97

 Statement of assets and liabilities (Continued)
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE
Net asset value and redemption price per class A share
($969,273,002 divided by 73,466,719 shares) $13,19
Ofering price per class A share (100/94,2. of $13,19)* $13,99
Net asset value and ofering price per class B share ($81,246,82. divided by 6,180,720 shares)** $13,1.
Net asset value and ofering price per class C share ($114,906,801 divided by 8,891,098 shares)** $12,92
Net asset value and redemption price per class M share ($26,679,700 divided by 2,02.,8.2 shares) $13,17
Ofering price per class M share (100/96,.0 of $13,17)* $13,6.
Net asset value, ofering price and redemption price per class R share
($12,.12,073 divided by 9.4,644 shares) $13,11
Net asset value, ofering price and redemption price per class RS share
($11,91. divided by 902 shares) $13,21
Net asset value, ofering price and redemption price per class R6 share
($10,947,423 divided by 828,480 shares) $13,21
Net asset value, ofering price and redemption price per class Y share
($11.,..0,391 divided by 8,746,32. shares) $13,21

*On single retail sales of less than $50,000. On sales of $50,000 or more the ofering price is reduced.
**Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

The accompanying notes are an integral part of these financial statements.

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98 Dynamic Asset Allocation Balanced Fund

 Statement of operations Year ended 9/30/13
INVESTMENT INCOME
Interest (net of foreign tax of $2,913) (including interest income of $279,789 from investments
in afliated issuers) (Note 5) $2,,398,626
Dividends (net of foreign tax of $327,..8) 15,6.8,725
Securities lending (Note 1) 55,952
Total investment income 36,103,303

EXPENSES
Compensation of Manager (Note 2) 7,,21,376
Investor servicing fees (Note 2) 2,316,68.
Custodian fees (Note 2) 189,,18
Trustee compensation and expenses (Note 2) 116,717
Distribution fees (Note 2) .,.11,525
Administrative services (Note 2) 37,773
Other 529,,99
Total expenses 14,622,192
Expense reduction (Note 2) (29,616)
Net expenses 14,592,576

Net investment income 21,510,727

Net realized gain on investments (net of foreign tax of $7,,2.) (Notes 1 and 3) .7,5.3,778
Net realized gain on swap contracts (Note 1) 15,689,,55
Net realized gain on futures contracts (Note 1) 27,.97,.52
Net realized loss on foreign currency transactions (Note 1) (115,682)
Net realized gain on written options (Notes 1 and 3) 512,9.2
Net unrealized depreciation of assets and liabilities in foreign currencies during the year (2,236,96,)
Net unrealized appreciation of investments, futures contracts, swap contracts, written options,
and TBA sale commitments during the year ..,157,9.1
Net gain on investments 133,048,526

Net increase in net assets resulting from operations $154,559,253

The accompanying notes are an integral part of these financial statements.

SAI_6-2014/03
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Dynamic Asset Allocation Balanced Fund 99

 Statement of changes in net assets
INCREASE IN NET ASSETS Year ended 9/30/13 Year ended 9/30/12
Operations:
Net investment income $21,510,727 $21,460,165
Net realized gain on investments
and foreign currency transactions 91,127,545 46,926,2,1
Net unrealized appreciation of investments and assets
and liabilities in foreign currencies 41,920,981 172,755,649
Net increase in net assets resulting from operations 154,559,253 241,142,045
Distributions to shareholders (Note 1).
From ordinary income
Net investment income
Class A (14,049,184) (14,910,054)
Class B (621,914) (8,1,9,8)
Class C (86,,60,) (958,614)
Class M (256,,,7) (268,070)
Class R (15,,,26) (167,788)
Class R5 (201) (48)
Class R6 (9,,61,) (50)
Class Y (,,044,880) (,,52,,769)
Decrease from capital share transactions (Note 4) (114,702,,05) (1,,,881,070)
Total increase in net assets 20,773,890 86,600,644

NET ASSETS
Beginning of year 1,,10,,54,240 1,22,,75,,596
End of year (including undistributed net investment income
of $6,161,,01 and distributions in excess of net investment
income of $5,72,,446, respectively) $1,331,128,130 $1,310,354,240

The accompanying notes are an integral part of these financial statements.

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100 Dynamic Asset Allocation Balanced Fund

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Dynamic Asset Allocation Balanced Fund 101

 Financial highlights (For a common share outstanding throughout the period)

INVESTMENT OPERATIONS: LESS DISTRIBUTIONS: RATIOS AND SUPPLEMENTAL DATA:

Ratio Ratio
Net realized of expenses of net investment
Net asset value, and unrealized Total from From Total return Net assets, to average income (loss) Portfolio
beginning Net investment gain (loss) investment net investment Total Redemption Non-recurring Net asset value, at net asset end of period net assets to average turnover
Period ended of period income (loss) a on investments operations income distributions fees reimbursements end of period value (%) b (in thousands) (%) c net assets (%) (%) d
Class A
September 30, 2013 !11.89 .21 1.28 1.49 (.19) (.19) — — !13.19 12.62 !969,273 1.02 1.71 190
September 30, 2012 9.99 .20 1.89 2.09 (.19) (.19) — — 11.89 21.06 899,121 1.06 1.76 182
September 30, 2011 10.47 .21 (.28) (.07) (.41) (.41) — —e 9.99 (.92) 843,218 1.06 1.91 158
September 30, 2010 9.82 .27 .94 1.21 (.56) (.56) —f — 10.47 12.62 931,461 1.10 g 2.71 g 138
September 30, 200( 10.01 .21 .05h .26 (.45) (.45) —f — 9.82 3.79 927,285 1.23 g,i 2.54 g 201
Class B
September 30, 2013 !11.84 .12 1.29 1.41 (.10) (.10) — — !13.15 11.90 !81,247 1.77 .96 190
September 30, 2012 9.95 .11 1.89 2.00 (.11) (.11) — — 11.84 20.13 85,833 1.81 1.02 182
September 30, 2011 10.43 .13 (.29) (.16) (.32) (.32) — —e 9.95 (1.71) 88,888 1.81 1.15 158
September 30, 2010 9.78 .20 .93 1.13 (.48) (.48) —f — 10.43 11.80 114,661 1.85 g 1.97 g 138
September 30, 200( 9.96 .14 .07h .21 (.39) (.39) —f — 9.78 3.10 131,854 1.98 g,i 1.76 g 201
Class C
September 30, 2013 !11.65 .12 1.25 1.37 (.10) (.10) — — !12.92 11.81 !114,907 1.77 .96 190
September 30, 2012 9.80 .11 1.85 1.96 (.11) (.11) — — 11.65 20.07 98,192 1.81 1.01 182
September 30, 2011 10.28 .13 (.28) (.15) (.33) (.33) — —e 9.80 (1.68) 91,254 1.81 1.16 158
September 30, 2010 9.65 .19 .92 1.11 (.48) (.48) —f — 10.28 11.79 98,134 1.85 g 1.96 g 138
September 30, 200( 9.85 .15 .04h .19 (.39) (.39) —f — 9.65 2.97 99,579 1.98 g,i 1.79 g 201
Class M
September 30, 2013 !11.87 .15 1.28 1.43 (.13) (.13) — — !13.17 12.10 !26,680 1.52 1.20 190
September 30, 2012 9.98 .14 1.89 2.03 (.14) (.14) — — 11.87 20.40 21,876 1.56 1.27 182
September 30, 2011 10.46 .15 (.28) (.13) (.35) (.35) — —e 9.98 (1.44) 19,151 1.56 1.41 158
September 30, 2010 9.81 .22 .93 1.15 (.50) (.50) —f — 10.46 12.08 23,600 1.60 g 2.20 g 138
September 30, 200( 10.00 .17 .05h .22 (.41) (.41) —f — 9.81 3.27 22,010 1.73 g,i 2.04 g 201
Class R
September 30, 2013 !11.81 .18 1.28 1.46 (.16) (.16) — — !13.11 12.42 !12,512 1.27 1.46 190
September 30, 2012 9.93 .17 1.88 2.05 (.17) (.17) — — 11.81 20.70 11,821 1.31 1.52 182
September 30, 2011 10.41 .18 (.28) (.10) (.38) (.38) — —e 9.93 (1.18) 10,066 1.31 1.66 158
September 30, 2010 9.77 .25 .92 1.17 (.53) (.53) —f — 10.41 12.32 9,614 1.35 g 2.45 g 138
September 30, 200( 9.97 .19 .04h .23 (.43) (.43) —f — 9.77 3.45 7,476 1.48 g,i 2.31 g 201
Class R5
September 30, 2013 !11.90 .25 1.29 1.54 (.23) (.23) — — !13.21 12.99 !12 .75 1.98 190
September 30, 2012† 11.34 .06 .55 .61 (.05) (.05) — — 11.90 5.41* 11 .19* .47* 182
Class R6
September 30, 2013 !11.90 .25 1.30 1.55 (.24) (.24) — — !13.21 13.11 !10,947 .65 1.94 190
September 30, 2012† 11.34 .06 .56 .62 (.06) (.06) — — 11.90 5.44* 11 .16* .49* 182
Class Y
September 30, 2013 !11.90 .25 1.28 1.53 (.22) (.22) — — !13.21 12.96 !115,550 .77 1.98 190
September 30, 2012 10.00 .23 1.89 2.12 (.22) (.22) — — 11.90 21.34 193,491 .81 2.01 182
September 30, 2011 10.49 .24 (.29) (.05) (.44) (.44) — —e 10.00 (.76) 171,176 .81 2.16 158
September 30, 2010 9.83 .30 .94 1.24 (.58) (.58) —f — 10.49 12.98 167,625 .85 g 2.99 g 138
September 30, 200( 10.03 .24 .03h .27 (.47) (.47) —f — 9.83 3.96 273,251 .98 g,i 2.88 g 201

See notes to financial highlights at the end of this section.

The accompanying notes are an integral part of these financial statements.

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102 Dynamic Asset Allocation Balanced Fund Dynamic Asset Allocation Balanced Fund 103
 Financial highlights (Continued)

* Not annualized.
† For the period July 3, 2012 (commencement of operations) to September 30, 2012.
a Per share net investment income (loss) has been determined on the basis of the weighted average number of shares
outstanding during the period.
b Total return assumes dividend reinvestment and does not reflect the efect of sales charges.
c Includes amounts paid through expense ofset and/or brokerage/service arrangements (Note 2).
d Portfolio turnover excludes TBA purchase and sale transactions.
e Reflects a non-recurring reimbursement related to restitution amounts in connection with a distribution plan
approved by the Securities and Exchange Commission (the SEC) which amounted to less than $0.01 per share
outstanding on July 21, 2011. Also reflects a non-recurring reimbursement related to short-term trading related
lawsuits, which amounted to less than $0.01 per share outstanding on May 11, 2011.
f Amount represents less than $0.01 per share.
g Reflects an involuntary contractual expense limitation in efect during the period. As a result of such limitation and/or
waivers, the expenses of each class reflect a reduction of the following amounts:
Percentage of
average net assets
September 30, 2010 0.02%
September 30, 2009 0.12
h The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments
for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the
investments of the fund.
i Includes interest accrued in connection with certain terminated derivative contracts, which amounted to 0.10% of
average net assets as of September 30, 2009.

The accompanying notes are an integral part of these financial statements.

104 Dynamic Asset Allocation Balanced Fund

Management:
Hohl Fransis, CEO

Investors:
Founder, Friends & Family
Contact Details: John A Doe (e) JDoe@ABC Company.co (p) 732.000.0000

Business Summary: ABC Company is the only social network platform using
big-data to automatically connect newly diagnosed patients directly with those who've
been through the same diagnosis, tests, and treatments, and procedures. ABC
Company crowdsources health information to determine what path will likely result in
the best outcomes and what costs will be associated with that recovery plan. Facts
about outcomes, and social support, delivered direct to the newly diagnosed patients.

Customer Problem: According to the CDC almost 1 out of every 2 adults had at
least 1 chronic illness. According to PEW Internet research, in a September 2012
survey 72% of internet users searched online for health information. Currently, no
platform exists that can match these searchers with peers by providers they have seen,
medication they have been prescribed, treatment administered, or a combination of
criteria. No current platform can determine reported best outcomes from "downstream"
patients who have been through or are managing the same condition.

Target Market: Our target market consists of health information searchers (72% of
internet users) that have accessible electronic health records. Currently, ABC
Company is capable of being utilized by 100 Million people in the United States with
more coming as the county continues its moves towards electronic health information.

Marketing Strategy: ABC Company has a four part approach to marketing of the
platform which include: (1) direct internet approach consisting of backlinks, bloggers,
keyword campaigns, SEO, newsletters, banners, and press releases (2) print media
approach including awards for care providers displayed in waiting rooms. (3) alliances
with insurers, and providers with lives under management. (4) TV campaigns to
increase public awareness.