c-quadrat arts best momentum - raiffeisenbank banka/cq-arts-bm... · 2020. 7. 24. · annual fund...

C-QUADRAT Kapitalanlage AG

Stubenring 2, 1010 Vienna

Annual fund report for the accounting year from January 1, 2013 to December 31, 2013 for

C-QUADRAT ARTS Best Momentum

a co-ownership fund pursuant to § 2 (2) InvFG 2011 of


Annual fund report

C-QUADRAT ARTS Best Momentum of 25 January 1, 2013 – December 31, 2013

CURRENT ORGANS C-QUADRAT Kapitalanlage AG, Vienna

Stubenring 2, 1010 Vienna

Shareholder

C-QUADRAT Investment AG

State commissioners

Michael Kortus Christine Fruhstuck (Deputy)

Supervisory board

Helmut Geil (Chairman) Gerd Alexander Schütz (Deputy Chairman)

Thomas Riess Manfred Köberlein (from August 29, 2013) Dr. Hubert Cussigh (from March 8, 2013 to August 29, 2013) Roland Starha (to January 25, 2013)

Management board

Christian Jost Markus A. Ullmer

Andreas Wimmer

Duly authorized officers

Eva Maria Prochazka Gunther Pahl Dr. Robert Schneider (from June 17, 2013)

Custodian bank Raiffeisen Bank International AG

Auditor

Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H.

Annual fund report


ANNUAL FUND REPORT for C-QUADRAT ARTS Best Momentum, a co-ownership fund pursuant to § 2 (2) InvFG 2011, for the accounting year from January 1, 2013 to December 31, 2013 Dear unit holder, C-QUADRAT Kapitalanlage AG is pleased to present its annual fund report for C-QUADRAT ARTS Best Momentum for the past accounting year.

1. Review of the past five accounting years

Income-retaining fund AT0000825393

Full income-retaining fund AT0000A08LD9

Currency

Total fund assets

Net asset value per income-retaining unit

Income used for reinvestment

Payment pursuant to § 13 (3) InvFG


Income used for full reinvestment

Performance in %

12/31/2013 EUR 183,396,989.85 207.37 17.06 2.44 209.17 19.64 13.25*)

12/31/2012 EUR 164,829,718.85 183.11 17.87 0.00 184.74 18.03 7.45

12/31/2011 EUR 156,843,300.85 170.42 0.00 0.00 171.94 0.00 -16.41

12/31/2010 EUR 189,456,987.96 205.69 0.00 1.82 205.69 0.00 22.94

12/31/2009 EUR 147,189,291.35 167.31 0.00 0.00 167.31 0.00 28.95

*) measured against the income-retaining EUR tranche

Income-retaining fund AT0000A05AE6

Currency


Income used for reinvestment

Payment pursuant to § 13 (3) InvFG

12/31/2013 PLN 852.85 70,31 9.56

12/31/2012 PLN 744.89 0.00 0,00

12/31/2011 PLN 748.94 0.00 0.00

12/31/2010 PLN 815.91 0.00 0.00

12/31/2009 PLN 693.72 0.00 0.00

The performances of the individual tranches may vary due to rounded-off figures

Annual fund report


2. Statement of income and performance of the fund assets 2.1. Performance in accounting year (fund performance)

Calculation acc. OeKB method per unit in fund currency excl. front-end load Income-retaining unit AT0000825393

Net asset value per unit at start of accounting year 183.11

Net asset value per unit at end of accounting year 207.37

Net income/net reduction per unit 24.26

Performance of one income-retaining unit during the accounting year 13.25%

2.1. Performance in accounting year (fund performance) Calculation acc. OeKB method per unit in fund currency excl. front-end load

Full income-retaining unit

AT0000A08LD9




Performance of one full income-retaining unit during the accounting year 13.22%

Performance in accounting year (fund performance) Calculation acc. OeKB method per unit in fund currency excl. front-end load

Income-retaining unit

AT0000A05AE6




Performance of one income-retaining unit during the accounting year 14.49%

.

2.2. Fund earnings

A) Realized fund earnings

Ordinary fund earnings

Income (excl. profit or loss from price changes)

Dividend income from subfunds 4,969.72

Income from subfunds (incl. actual distributions) 877,883.25

Interest expenses -9,613.95 873,239.02

Expenses

Costs for foreign licensing -23,349.78

Custodian bank fees -80,605.43

Custodian fees -42,199.94

Performance fees -809,439.29

Auditing fees -15,243.88

Reimbursement of management costs 557,475.05

Mandatory/publication costs -11,874.31

Management fees -3,703,786.05 -4,129,023.63

Ordinary fund earnings (excl. income adjustment) -3,255,784.61

Realized profit/loss from price changes

Realized profits 28,748,458.64

Realized losses -8,045,095.41

Realized profit or loss from price changes (excl. income adjustment) 20,703,363.23

Total realized fund earnings (excl. income adjustment) 17,447,578.62

B) Non-realized fund earnings

Change in non-realized profit or loss from price changes 1,640,462.08

Documented distribution-equivalent income 2,734,183.59

Total non-realized fund earnings 4,374,645.67

C) Income adjustment

Income adjustment for income during accounting year -234,876.37

Income adjustment for profit carryover during accounting year 0.00 -234,876.37

Overall fund earnings 21,587,347.92

2) Realized profits and losses are not specific to a particular period. Accordingly, like the change in the non-realized profit or loss from price changes, they may not relate to the fund’s performance in the past accounting year. 3) Total profit/loss from price changes without equalization of income (realized profit/loss from price changes, excl. net income, plus change in the non-realized profit/loss from price changes): EUR 25,078,008.90

Annual fund report


The result for the accounting year includes explicitly indicated transaction costs in the amount of EUR 524,028.40.

2.3. Development of fund assets

Fund assets on December 31, 2012 (899,640.185 units) 164,829,718.85

Change in funds

Due to sales of certificates 43,881,259.68

Due to repurchases of certificates -47,136,212.97

Pro rata income adjustment 234,876.37 -3,020,076.92

Fund earnings from income statement 21,587,347.92

Fund assets on December 31, 2013 (884,006.584 units) 183,396,989.85

2.4. Appropriation of income

Payment pursuant to §13 (3) InvFG (EUR 2.44 x 802,590.943 income-retaining units) 1,958,321.90

Payment pursuant to §13 (3) InvFG (PLN 9.56 x 20,500.00 income-retaining units) 47,246.87

Reinvested income (income-retaining units) 13,695,967.77

Reinvested income (income-retaining units) 314,979.29

Reinvested income (full income-retaining units) 1,196,186.42 17,212,702.25

Total 17,212,702.25

Realized fund earnings (incl. income adjustment) 17,212,702.25

Asset-based loss and expense allowance

Change in profit carryover

Ordinary carryover from the previous year 0.00

Ordinary carryover into following period 0.00

Profit carryover from previous year 0.00

Profit carryover into following period 0.00 0.00

Total appropriation of income 17,212,702.25

Annual fund report


Payment (AT0000825393) EUR 2.44 per income-retaining unit will be paid out from February 15, 2014 against surrender of the coupon to the custodial account providers. The paying agent is obliged to deduct from the payment for income-retaining units investment income tax at a rate of EUR 2.44 per unit (rounded-off) where no grounds for an exemption apply. Payment (AT0000A05AE6) PLN 9.56 per income-retaining unit will be paid out from February 15, 2014 against surrender of the coupon to the custodial account providers. The paying agent is obliged to deduct from the payment for income-retaining units investment income tax at a rate of PLN 9.56 per unit (rounded-off) where no grounds for an exemption apply. The fund’s subfunds are managed by external investment fund management companies which charged management fees of between 0.15% and 2.50% p.a. They did not charge any front-end load fees for the purchase of units. Calculation method for overall risk: Commitment approach

3. Financial markets The international financial markets started out positively in 2013. Japanese equities in particular appreciated strongly, buoyed by the Bank of Japan’s announcement that it would continue its securities-purchasing program indefinitely. However, European stock exchanges suffered a return to uncertainty in mid-March due to the outcome of the election in Italy, the United Kingdom’s downgrade by the ratings agency Moody’s and the threat of Cyprus’ bankruptcy, which prompted some European equity prices to fall sharply. The international markets subsequently recovered, however, and this upward trend remained intact until late May, when the American central bank announced that it might soon wind down its bond-purchasing program. This gave rise to a strong correction which continued up to late June, and the EuroSTOXX 50 fell by as much as -11.43%. In addition, the price of a fine ounce of gold dropped below USD 1,200, having last reached this level three years previously. The second half of the year was characterized by positive economic data from the United States and the FED’s decision to continue with its monthly bond-purchasing program, which triggered a rally for the international stock indexes. At the end of the year strong price losses initially resulted, mainly due to profit-taking and speculation over the international central banks’ future course of action. Nonetheless, December ended positively following a strong rebound in the last week of trading.

4. Investment policy The investment objective of C-QUADRAT ARTS Best Momentum is to achieve capital growth subject to higher risk. To implement this investment policy, the fund’s management uses a technical trading program developed by ARTS Asset Management with a short- to medium-term trend-following orientation. Funds showing upward movement in the short to medium term are given the highest weighting in the portfolio. As opposed to most traditionally managed funds of funds, the investment strategy of C-QUADRAT ARTS Best Momentum is not geared toward outperforming a benchmark, but much more to generating absolute growth over the long term. C-QUADRAT ARTS Best Momentum represents a highly active management style and a constantly changing portfolio.

Annual fund report


5. Makeup of the fund assets Fund assets incl. changes and liquidated positions ISIN Security Currency Holdings Additions

Nominal Disposals

Nominal Price Market value in

EUR % share

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN EURO

AT0000722657 KEPLER GLOBAL AF (T) EUR 29,000 29,000

65.75 1,906,750.00 1.04

AT0000A09ZK2 RAIFF.INFRASTR. AKT.(R) T EUR 1,270 5,100 3,830 140.03 177,838.10 0.10

BE0173086381 KBC EQ.FD-ST.TEL.+TEC.CAP EUR 2,800 5,600 2,800 121.44 340,032.00 0.19

DE0009771923 DEKA-TELEMEDIEN TF EUR 3,050 24,700 21,650 57.72 176,046.00 0.10

DE000A0KFFW9 FT UNTERNEHMERWERTE EUR 1,500 9,000 7,500 62.48 93,720.00 0.05

DE000ETFL433 DK DAX EX FINANCIALS 30 EUR 118,000 118,000

21.96 2,591,280.00 1.41

FR0000284689 COMGEST MONDE C EUR 4,450 8,300 3,850 1,091.26 4,856,107.00 2.65

FR0010258731 ODDO VALEURS RENDE.B 3DEC EUR 7 7

124,794.48 873,561.36 0.48

FR0010655712 AMUNDI ETF MSCI GERMANY EUR 2,850 7,500 4,650 179.66 512,031.00 0.28

GB0008192063 BARING GER.GR.TR.ACC.EO EUR 740,000 740,000

6.922 5,122,280.00 2.79

GB0030655780 BARING EURO.SE.TR.DIS. EO EUR 58,500 235,500 421,000 27.87 1,630,395.00 0.89

GB00B3FQM304 THREADN.INVT.-AMER.R.AEOH EUR 2,100,000 2,100,000

2.3846 5,007,660.00 2.73

LU0048167497 JB MULTISTK-GERM.VAL.ST.B EUR 9,150 13,700 4,550 300.66 2,751,039.00 1.50

LU0089558679 UNIDYNAMICFDS: GL INH.A EUR 66,000 66,000

38.41 2,535,060.00 1.38

LU0120694483 VONTOBEL-EUR.M.+S.C. B-EO EUR 4,390 14,340 9,950 157.95 693,400.50 0.38

LU0121803570 HAIG MB MAX VALUE B EUR 32,800 49,000 16,200 140.20 4,598,560.00 2.51

LU0124167924 FPM-STOCKP.GERM.ALL CAP C EUR 3,200 29,600 26,400 290.31 928,992.00 0.51

LU0129233507 LUPUS ALP.-SM.GER.CHAMP.C EUR 1,440 9,430 7,990 212.30 305,712.00 0.17

LU0144224713 VERMOEGENSAUFBAU-HAIG I EUR 58,000 58,000

15.73 912,340.00 0.50

LU0200685153 BGF-US BAS.VAL.N.A2 EO H. EUR 102,000 180,000 78,000 48.52 4,949,040.00 2.70

LU0207947044 FPM FDS-STOCKP.GER.S./M.C EUR 1,200 9,900 8,700 235.41 282,492.00 0.15

LU0218245263 LUPUS ALP.-MICRO CHAMP. EUR 10,300 15,400 5,100 64.86 668,058.00 0.36

LU0228581574 DB PLAT.CROCI GERMANY I1C EUR 18,800 18,800

206.31 3,878,628.00 2.11

LU0248320664 PICTET-GENERICS NAM.HPEO EUR 35,000 35,000

147.45 5,160,750.00 2.81

LU0251127410 FID.FDS-AMER. A ACC.EO GL EUR 320,000 570,000 250,000 15.36 4,915,200.00 2.68

LU0261948227 FID.FDS-GERMANY A ACC.EUR EUR 244,000 244,000

16.31 3,979,640.00 2.17

LU0261948904 FID.FDS-IBERIA A ACC. EUR EUR 275,000 275,000

13.97 3,841,750.00 2.09

LU0261951528 FID.FDS-EU.SM.C.A ACC.EUR EUR 416,000 729,000 374,000 14.40 5,990,400.00 3.27

LU0264597617 HEND.HOR.-PAN EUR.A.AA.EO EUR 255,000 321,000 66,000 14.18 3,615,900.00 1.97

LU0280770768 JB MULTIP.-RS.SU.H.L.B EO EUR 35,000 35,000

140.41 4,914,350.00 2.68

LU0289217050 JPM-US VALUE FD C ACC EOH EUR 330,000 635,000 305,000 15.00 4,950,000.00 2.70

LU0325075066 JPM-HIGHB.US ST.CAC.HD EO EUR 49,000 116,000 67,000 100.17 4,908,330.00 2.68

LU0346393456 FID.FDS-AM.GWTH A AC.EOHD EUR 79,000 472,000 393,000 12.41 980,390.00 0.53

LU0348402537 CS(LUX)-EQ.LUX.GOODS BEO EUR 20,000 20,000

242.91 4,858,200.00 2.65

LU0351545669 NORDEA 1-GL.STAB.EQ.BI-EO EUR 132,000 132,000

13.14 1,734,480.00 0.95

LU0396248931 ING(L)-MIDD.EA.+N.A.PEO EUR 4,450 9,100 4,650 476.57 2,120,736.50 1.16

LU0414045822 AGIF-EUR.EQU.DIVID.AT EO EUR 18,300 18,300

218.77 4,003,491.00 2.18

LU0433926036 G.SACHS F.-US EQ.OCS EOHA EUR 265,000 501,000 236,000 18.68 4,950,200.00 2.70

LU0482497954 INVESCO GL.STR.EQU.A EOHD EUR 25,000 153,000 128,000 30.36 759,000.00 0.41

LU0525202155 BL.STR.-B.E.D.E.A.R.A2 EO EUR 45,000 60,500 15,500 123.10 5,539,500.00 3.02

LU0603942888 COMST.-SDAX TR UCIT.ETF I EUR 59,000 221,000 162,000 66.6149 3,930,279.10 2.14

LU0650624025 COMST.-F.A.Z.IDX U.ETF I EUR 83,000 83,000

21.22 1,761,260.00 0.96

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN US DOLLARS

BE0170813936 KBC EQ.FD-MEDICAL TECH C. USD 1,330 1,330

2,286.85 2,207,592.45 1.20

BE6213773508 KBC EQ.FD-TECHNO. CAP. USD 37,000 37,000

184.49 4,954,549.08 2.70

IE0003708116 IFS4-INV.CONT.E.SM.CP.E.A USD 13,940 41,740 27,800 205.62 2,080,452.04 1.13

IE00B3YC1100 SOURCE MKTS-INDS.S+P US.A USD 47,500 47,500

250.055 8,621,021.59 4.70

LU0360484686 MSI-US ADVANTAGE FD Z DL USD 134,000 134,000

49.89 4,852,302.67 2.65

LU0562313402 SISF FRONT.MKTS EQ.A A DL USD 24,700 77,700 53,000 134.25 2,406,804.57 1.31

US4642872919 ISHS TR.-GLOBAL TECH ETF USD 490,000 490,000

82.85 29,465,795.68 16.07

Annual fund report


INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN BRITISH POUNDS

GB0001448900 THREADN.-UK EQU.INC. E 1 GBP 46,061 5,066,061 5,020,000 0.862 47,532.95 0.03

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN SWISS FRANCS

LU0038279252 JB MULTISTK-SW.S.+M.C.S.A CHF 8,000 8,000

407.74 2,666,056.40 1.45

LU0149524034 SISF SWISS S.M.CP A ACC CHF 124,000 124,000

28.29 2,867,151.61 1.56

TOTAL SECURITIES ADMITTED TO OFFICIAL TRADING OR ANOTHER REGULATED MARKET 178,874,137.60 97.53

BANK BALANCES

EUR balances

4,450,301.57 2.43

BALANCES IN OTHER EU CURRENCIES PLN

170.24 0.00

TOTAL 4,450,471.81 2.43

ACCRUALS/DEFERRALS

INTEREST CLAIMS

-1,747.86 0.00

PORTFOLIO COMMISSION CLAIMS

74,128.30 0.04

TOTAL ACCRUALS/DEFERRALS 72,380.44 0.04

TOTAL fund assets 183,396,989.85 100.00

NET ASSET VALUE C-QUADRAT ARTS Best Momentum (TTH)

EUR 207.37

NET ASSET VALUE C-QUADRAT ARTS Best Momentum (VTH) IA

EUR 209.17

NET ASSET VALUE C-QUADRAT ARTS Best Momentum (TTH) PLN

EUR 852.85

UNITS IN CIRCULATION C-QUADRAT ARTS Best Momentum (TTH)

UNITS 802,590.943

UNITS IN CIRCULATION C-QUADRAT ARTS Best Momentum (VTH) IA

UNITS 60,915.641

UNITS IN CIRCULATION C-QUADRAT ARTS Best Momentum (TTH) PLN

UNITS 20,500

CONVERSION RATES/EXCHANGE RATES

FOREIGN-CURRENCY ASSETS CONVERTED INTO EURO AT THE EXCHANGE RATES/CONVERSION RATES

AS OF DECEMBER 27, 2013

CURRENCY

UNIT PRICE

in EUR

Swiss franc 1 = EUR 1.223500

Euro

1 = EUR 1.000000

British pound

1 = EUR 0.835300

Polish zloty

1 = EUR 4.148000

US dollar

1 = EUR 1.377750

Annual fund report


SECURITIES PURCHASES AND SALES DURING THE PERIOD UNDER REVIEW NOT LISTED UNDER THE PORTFOLIO OF INVESTMENTS ISIN Security Currency Holdings Additions Nominal Disposals Nominal

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN SWISS FRANCS

IE0034004147 OMGI-OLD M.SWISS EQ.ASFA CHF 0

144,000 LU0026741651 JB MULTISTK-SWISS STOCK B CHF 0 5,100 5,100 LU0106244287 SISF SWISS EQUITY A ACC CHF 0 48,000 48,000 LU0227177580 SISF SWISS EQU.OPPO.A ACC CHF 0 10,700 10,700 LU0261951288 FID.FDS-SWITZERL.AACC.CHF CHF 0 555,000 555,000 LU0376446257 BGF-SWISS S.+M.OPPO.A2 SF CHF 0 11,600 11,600 LU0469452717 J.B.M.-WMP EM EST.LEA.BSF CHF 0

7,100

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN EURO

AT0000746789 ESPA STOCK PHARMA (T) EUR 0 7,300 7,300

AT0000859368 MEINL EQU.AUSTRIA (A) EUR 0

29,500 AT0000A04D20 ESPA STOCK NEW CONS. (T) EUR 0

3,630

BE0129009966 KBC EQU.FD-BELGIUM CAP. EUR 0 4,000 4,000 BE0133741752 KBC ECO FD-WORLD CAP. EUR 0 930 930 BE0164243223 KBC EQ.FD-FLAND.SM.CA.CAP EUR 0 520 520 BE0166584350 KBC EQ.FD-PHARMA CAP. EUR 0 5,600 5,600 BE0166979428 KBC SEL.IMMO-WORLD PL.CAP EUR 0 1,220 1,220 BE0171890065 KBC EQ.-CONSUM.DURAB.CAP. EUR 0 8,100 8,100 BE0947326246 KBC EQU.-HGH DIV.EUR.CAP. EUR 0

4,650

DE0005152409 DWS GERMAN SMALL/MID CAP EUR 0 25,000 25,000 DE0005152482 DWS ZUKUNFTSINVESTITIONEN EUR 0 5,700 5,700 DE0005933923 ISHARES MDAX UCITS ETF EUR 0 150,000 150,000 DE0005933931 ISHARES DAX UCITS ETF EUR 0

425,000

DE0005933972 ISHARES TECDAX (DE) EUR 0 930,000 930,000 DE0006289390 ISH. DJ INDUSTRIAL AVER. EUR 0 49,000 49,000 DE0007019317 DEKA-FINANZWERTE TF EUR 0

26,000

DE0008475120 ALL.INFORMAT A (EUR) EUR 0 31,500 31,500 DE0008481854 ALLIANZ ENERGY A (EUR) EUR 0 38,000 38,000 DE0008490822 DWS EUROP.AKT.TYP O EUR 0 19,500 19,500 DE0009750497 UNIDEUTSCHLAND XS EUR 0 77,700 77,700 DE0009769851 DWS HEALTH CARE TYP O EUR 0 67,700 67,700 DE0009769919 DWS FINANCIALS TYP O EUR 0 86,000 86,000 DE0009777003 ASTRA-FONDS EUR 0

13,700

DE0009786285 DEKA-EUROPAPOTENTIAL TF EUR 0 31,000 31,000 DE0009848036 E.ON AKTIENFONDS DWS EUR 0 93,000 93,000 DE000A0DPMX7 ISHS-ESTXX MID UC. ETFDZ EUR 0 690,000 690,000 DE000A0DPMZ2 ISHS-ESTXX SM. UC.ETF DZ EUR 0 810,000 810,000 DE000A0H0744 IS.DJ AS.PAC.S.D.30 U.ETF EUR 0

49,500

DE000A0H08G5 ISHS STX 600 FINS ANLAKT EUR 0

79,000 DE000A0LGQM3 IS.II-FTSE/MAC.GL I.100DZ EUR 0 345,000 345,000 DE000A0Q8M94 ETFX-ETFX DAXGL.ALT.EN.DZ EUR 0 186,000 186,000 FR0000172041 AXA AEDIFICANDI A CA.4 D. EUR 0 7,400 7,400 FR0000438707 DEXIA RISK ARBITR.C 3 DEC EUR 0 76 76 FR0010168773 LYXOR ETF MSCI EMU SM.CAP EUR 0 246,300 246,300 FR0010247783 ODDO AVENIR EURO B 3 DEC. EUR 0 5 5 FR0010345363 LYXOR ETF ST.EUR.600 FIN. EUR 0 122,600 122,600 FR0010345470 LYXOR ETF ST.EUR.600 CH. EUR 0 132,500 132,500 FR0010407197 LYXOR ETF PRIVEX DEO EUR 0 1,750,000 3,130,000 FR0010527275 LYXOR ETF WORLD WATER DEO EUR 0 265,000 265,000 FR0010594002 EDR US VALUE+YIELD I 3D. EUR 0 5,000 5,000 FR0010869529 MUF-LYXOR ETF EOST.50 D. EUR 0 59,000 68,600 FR0010949479 AMUN.ETF NASD.100 EO H.D. EUR 0 84,000 84,000 GB0030929748 M+G I.(1)-M+G EU.SMA.EO A EUR 0

33,000

GB0030939119 M+G I.(1)-M+G JP.SMA.EO A EUR 0 108,000 108,000 IE0004868828 BARING INTL-AS.FRON.A EO EUR 0 12,400 28,900 IE0007356581 RUSS.INV.-CON.EUR.EQ.FD.C EUR 0 42,000 42,000 IE0031069499 AXA ROS.E.A.-PA.EX-J.B EO EUR 0

59,800

Annual fund report


IE0031503885 RUSS.INV.-RUSS.US S.C.E.F EUR 0 1,320 1,320 IE0031687902 BNY MGF-US DY.V.EO C EUR 0 1,920,000 1,920,000 IE00B0H1S125 IFS-INVESCO GL RE.ES.A EO EUR 0

237,100

IE00B23D8Z06 POWERSHS GL.L.PRIVATE EQ. EUR 0 1,430,000 1,430,000 IE00B3LZ5109 MAGNA UMB.-UNDERV.ASSTS R EUR 0

51,000

IE00B3NMJY03 MAGNA UMBR.FD-MENA R EUR 0 56,000 56,000 IE00B3VWMM18 ISHSVII-MSCI EMU SC U.ETF EUR 0 238,500 238,500 IE00B3ZW0K18 ISHS V-S+P 500 MON.EOH EUR 0 432,000 432,000 IE00B441G979 ISHS V-MSCI WD EO-H UCITS EUR 0 140,000 140,000 IE00B4ZJ4188 COMGEST-GR.EUR.OP.EO EUR 0 164,000 258,000 IE00B5M1WJ87 SPDR S+P EO DIV.ARIST.ETF EUR 0 700,000 700,000 IE00B5MJYB88 SOURCE M.-S.E.600OP.TEL.A EUR 0 32,500 32,500 IE00B5MTYK77 SOURCE M.-S.E.600OP.FIN.A EUR 0 7,110 14,410 IE00B5MTZ488 SOURCE M.-S.E.600OP.MED.A EUR 0 158,000 158,000 IE00B5N9RL80 TRAD.-F+C R.EST.S.AAEO EUR 0 134,000 134,000 IE00B60SX063 SOURCE M.-ST.EU.MID200S.A EUR 0 97,000 97,000 LU0028118809 INVESCO PAN EUROP.EQU. A EUR 0

385,000

LU0028119013 INVESCO PAN EUR.SM.CAP A EUR 0

95,000 LU0046217351 HEND.HOR.PAN EU.SM.C.A2 A EUR 0 196,900 196,900 LU0054738967 NESTOR FERNOST FDS B EUR 0 10,900 10,900 LU0078113650 MSI-EUROP.PROPERTY NAM.A EUR 0 81,000 125,000 LU0088927925 HEND.HORIZ.-PAN E.PR.A2 A EUR 0 190,000 239,500 LU0095527585 ING(L)-EURO EQ. P CAP. EUR 0

41,000

LU0096450399 OYSTER-ITAL.VAL.NAM. EO A EUR 0 4,950 4,950 LU0101441086 UNISECTOR: BIOPHARMA A EUR 0 96,000 96,000 LU0106237406 SISF EUR.SMILL.COM.A ACC EUR 0 170,000 170,000 LU0114722498 FID.FDS-GL FIN.SERV.A GL. EUR 0

102,000

LU0119205192 ING(L)-EU.REAL ES.P C EUR 0 6,000 6,000 LU0119750205 INVESCO PAN EUR.STR.EQU.A EUR 0

330,000

LU0129456397 JPM-EUROPE SM.CAP C ACC EUR 0 194,500 194,500 LU0129491469 JPM-TURKEY EQ.C EUR 0

330,000

LU0145647722 DWS INVEST-TOP EUROL. FC EUR 0 22,700 22,700 LU0152717012 ING(L)-INDUSTR. P CAP EUR 0 7,500 7,500 LU0153358667 F+C PTFS FD-EUROP.EQU. A EUR 0

148,000

LU0158903558 ACATIS CH.SEL.-AC.AK.DTSC EUR 0 4,780 4,780 LU0169525168 JPM-EUROPE FOC. C A. EUR EUR 0 99,000 118,800 LU0169528188 JPM FDS-EU.STR.DIV.INH.C EUR 0

39,500

LU0171304719 BGF-WLD FINANC.F.NA.A2 EO EUR 0 28,000 28,000 LU0171307068 BGF-WLD HEALTHSC.NA.A2EO EUR 0 474,000 474,000 LU0196152606 PAR.GRP L.I.-L.PR.EQ.EOIA EUR 0 63,700 63,700 LU0200684693 BGF-US FLEX.NA.A2 EO H. EUR 0 99,000 99,000 LU0201071890 HEN.GAR.-CONT.EURO.R EO A EUR 0 260,000 260,000 LU0201078713 HEN.GAR.-P.EUR.SM.CO.REOA EUR 0 287,000 287,000 LU0207432559 F+C PTFS FD-EUR.SMALLC. A EUR 0 136,000 148,900 LU0209404259 DWS TUERKEI EUR 0 10,400 10,400 LU0209999266 LO F.-TECHNOLOGY S EO EUR 0 49,000 49,000 LU0217390573 JPM-PACIFIC EQ.FD.A A EO EUR 0 182,000 182,000 LU0218912151 VONTOBEL-US VAL.EQ.H-EO H EUR 0 14,500 14,500 LU0224509132 SISF GL PR.SECS A ACC E H EUR 0 24,000 50,000 LU0225507309 JPM-EUR. MICRO CAP A ACC EUR 0 219,000 219,000 LU0227853388 DB PLATIN.BRANC.STARS I1C EUR 0 28 28 LU0236040357 UBS(L)E.-US OP.EO.H.P-ACC EUR 0 8,800 8,800 LU0244549597 G.SACHS-GL EQ.P.P.OCSEO A EUR 0 340,000 340,000 LU0254836850 ROBECO EMERG.STA.EQ. D EO EUR 0

31,500

LU0255617598 NORDEA 1-NTH AM.VAL.HB-EO EUR 0 26,500 26,500 LU0258924702 JPM-GL.R.EST.USD A AC.EUR EUR 0 110,000 110,000 LU0260085492 JUPIT.GL.FD.-J.EU.GR.L EO EUR 0

176,000

LU0261952419 FID.FDS-GL HTH C.A ACC.EO EUR 0 148,000 148,000 LU0262307480 JUPIT.GL.FD.-J.GL.FIN.LEO EUR 0

41,000

LU0266012235 AXA WLD-FR.E.R.E.S.A T EO EUR 0 31,000 31,000 LU0274211480 DB X-TRACKERS DAX ETF 1C EUR 0 204,000 204,000 LU0274221281 DB X-TR.SMI ETF 1D EUR 0 212,000 212,000 LU0274937183 AVIVA INV.-EU.CON.EQ.A EO EUR 0

305,000

Annual fund report


LU0281486075 JPM-EU SEL.EQ.PL.A(EO)ACC EUR 0 42,000 42,000 LU0289214545 JPM-EUR.EQ.PLUS C(EO)ACC EUR 0 16,200 16,200 LU0289216672 JPM-AMERICA EQ.C ACC EOH EUR 0 164,000 164,000 LU0316459139 SISF MIDDLE EAST A ACC EO EUR 0 155,000 155,000 LU0320896664 ROBECO US PREM.EQU.DH EO EUR 0 34,000 34,000 LU0322249623 DB X-T.S.E.600O.+G.S.D.1C EUR 0 28,000 28,000 LU0325073871 JPM-HIGHB.EUR.ST.C ACC EO EUR 0

70,000

LU0328436547 G.SA.-G.S.C.C.EQ.IACCSNAP EUR 0 176,000 176,000 LU0334662938 SISF HK EQU.BACC EO-H. EUR 0 8,900 8,900 LU0348413815 DEKALUX-PHARMATECH TF EUR 0 22,200 22,200 LU0348927095 NORDEA 1-CLI.+EN.EQ.BI-EO EUR 0 104,000 104,000 LU0350714233 JPM-GL CONS.TREND.C AC.EO EUR 0 206,000 206,000 LU0351546048 NORDEA 1-NORD.EQ.SM.BI-EO EUR 0 126,000 126,000 LU0360482128 MSI-EUROZONE EQ.ALPHA ZEO EUR 0 100,000 100,000 LU0362174053 OYSTER-US VALUE EO2 EUR 0 19,600 19,600 LU0367024196 INVESCO US STRUCTUR.A EOH EUR 0 184,000 184,000 LU0368678339 FID.FDS-PACIFIC A ACC. EO EUR 0 425,000 472,000 LU0372507243 PICTET-TIMBER HP EO EUR 0 13,600 13,600 LU0378435712 COMSTAGE ETF-SXEUR600FS I EUR 0 82,000 82,000 LU0378435985 COMSTAGE ETF-SXXEU600HC I EUR 0 42,000 42,000 LU0390856580 NORDEA 1-AFRICAN EQ.BI-EO EUR 0 50,000 50,000 LU0390857398 NORDEA 1-EM.CONSUMER BIEO EUR 0 250,000 250,000 LU0407233740 PICTET-EMERG.MKTS HP(EO) EUR 0 900 900 LU0441853008 JPM-ASEAN EQ.FD.C ACC.EUR EUR 0 48,500 74,000 LU0441856100 JPM-AS.PA.EX-JA.B.F.E.CEO EUR 0

43,300

LU0482497442 INVESCO-AS.CON.DEM.ACEOHD EUR 0 126,000 126,000 LU0482497798 INVESCO GR.CHINA E.AEOHD EUR 0 215,000 215,000 LU0489337690 DB X-T.FTSE E/N DE.RE.1C EUR 0 1,760,000 1,760,000 LU0490619193 DB X-TR.S+P500 3CEO EUR 0 281,000 281,000 LU0510167264 ROBECO CGF-US L.C.EQ.DHEO EUR 0 116,000 116,000 LU0523223328 ABERD.GL-E.M.INF.EQ.A2EOH EUR 0

138,000

LU0533032008 MUL-LYX.U.ETF MSCI WCDCEO EUR 0 45,800 45,800 LU0533032263 MUL-LYX.ETF MSCI WCS C EO EUR 0 3,850 3,850 LU0533033238 MUL-LYX.U.E.MSCI W.HC CEO EUR 0 160,800 160,800 LU0533034558 MUL-LYX.ETF MSCI W.UT.CEO EUR 0 22,200 22,200 LU0540979720 DB X-TR.MSCI W.C.D.I.1CDL EUR 0 480,000 480,000 LU0540980066 DB X-TR.MSCI W.C.S.I.1CDL EUR 0 274,000 274,000 LU0540980223 DB X-TR.MSCI W.H.C.I.1CDL EUR 0 464,000 464,000 LU0540980652 DB X-TR.MSCI W.UTI.I.1CDL EUR 0 72,000 72,000 LU0562822386 BGF-EUROP.EQ.INC.A2 A EO EUR 0 244,000 244,000 LU0568605256 AMUNDI-EQ.US R.VAL.IHECAP EUR 0 3,750 3,750 LU0568613607 AMUNDI-EQ.MENA IHE CAP EUR 0 2,950 2,950 LU0603933895 COMST.-DIVDAX TR U.ETF I EUR 0 182,000 182,000 LU0701926320 PIONEER-EUR.EQ.T.IN.AEOD. EUR 0 65,000 65,000

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN BRITISH POUNDS

GB0000804335 BARING EUR.GR.TR. DIS.UTS GBP 0 164,000 164,000 GB0006779218 BNY M.I.-NEW.HG.INC.LS IN GBP 0 2,430,000 2,430,000 GB00B0MY7199 BNY M.I.-NE.AS.IN.INS.INC GBP 0 468 1,049,734

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN SWEDISH CROWNS

LU0261949381 FID.FDS-NORDIC A ACC. SEK SEK 0 711,000 711,000

INVESTMENT CERTIFICATES ON OTHER ORGANIZED MARKETS IN US DOLLARS

IE0003824293 IFS3-INVESCO GL HEAL.C. A USD 0 32,500 32,500

IE0031386182 SK.GL.-US VALUE A DL USD 0 137,200 137,200 IE0031387487 OMGI-OLD M.US DIV.ADLACC USD 0 92,059 92,059 IE0033535075 COMGEST GROWTH WORLD USD 0 49,000 49,000 IE00B1P1JL82 VANG.INV.S.-GBL ENH.IN.DL USD 0 20,800 20,800 IE00B3VWM098 ISHSVII-MSCI USA SC U.ETF USD 0 16,000 16,000 IE00B449XP68 SOURCE MKTS-C.D.S+P US.A USD 0 43,300 43,300 LU0048587868 FID.FDS-MALAYSIA A GL. USD 0

10,000

LU0048621477 FID.FDS-THAILAND A GL. USD 0

126,000

Annual fund report


LU0075112721 INVESCO ASIA OPPORT.EQ.A USD 0

9,600 LU0084408755 VONTOBEL-FAR EAST EQ.B-DL USD 0

3,500

LU0106261372 SISF US LARGE CAP A ACC USD 0 38,500 38,500 LU0107464264 ABERD.GL-TECHNOLOG.EQ.A-2 USD 0 930,000 930,000 LU0116261222 ALGER-ALGER AM.SMALLCAP A USD 0 76,000 76,000 LU0119209004 ING(L)-HLTH CARE P C. USD 0 3,500 3,500 LU0119217528 ING(L)-TELECOM P CAP. USD 0 1,380 1,380 LU0129484761 JPM-JF HONG KONG C USD 0

30,500

LU0149503202 INVESCO US STRUCTURED E.A USD 0 84,000 84,000 LU0158081363 AMU.-EQ.THAILAND IU(C) USD 0 910 910 LU0165623355 AMU.-EQ.GREAT.CHINA IU(C) USD 0

790

LU0169518387 JPM-JF AS.ALPHA PL.A USD USD 0

76,000 LU0188438112 SISF ASIAN EQ.YIELD A ACC USD 0

316,000

LU0200076999 HEN.GAR.-GLO.FOCUS R DL A USD 0 250,000 250,000 LU0209137388 HEND.HORIZ.-GL.PPTY E.A2A USD 0 250,000 250,000 LU0210528922 JPM-US SM.COMP. A ACC DL USD 0 206,000 206,000 LU0227179875 SISF ASIAN SMALL.A ACC.DL USD 0 15,300 17,900 LU0231459107 ABERD.GL.-ASIAN SM. A-2 USD 0 49,000 243,500 LU0258925188 JPM-GL.R.EST.USD C AC.USD USD 0 24,500 24,500 LU0269905997 SISF ASIAN PAC.PPTY AA DL USD 0

25,000

LU0278937759 ABERD.GL-EM.MK.SM.CO.A-2A USD 0

393,000 LU0297162777 AMU.-EQUITY ASEAN IU(C)DL USD 0

1,700

LU0325074846 JPM-HIGHB.US ST. C ACC DL USD 0 234,000 234,000 LU0355585273 JPM-AFRICA EQUITY C AC.DL USD 0 331,500 331,500 LU0360481310 MSI-ASIAN PPTY NAM. Z DL USD 0

33,000

LU0360485493 MSI-GLOBAL PPTY NAM. Z DL USD 0 122,000 206,000 LU0414403419 BGF-ASIA PAC.EQU.I.NA A2 USD 0

165,000

LU0432979887 JPM-GLOB.HEALTHC.C ACC.DL USD 0 41,000 41,000 LU0607512778 INV.FDS-GL.SM.CO.EQ.ADL C USD 0 32,500 32,500 US4642866242 ISHARES-MSCI THAI.C.I.M.I USD 0 238,000 238,000 US4642884229 ISHSTR-INT.DEV.PROP.ETF USD 0

499,000

US4642887784 ISHS TR.-US REGION.BKS.ET USD 0 1,040,000 1,040,000 US4642888287 ISHS TR.-US HEAL.PROV.ETF USD 0 208,000 208,000

Vienna, April 15, 2014


Christian Jost Markus A. Ullmer Andreas Wimmer

Annual fund report


6. audit opinion We have audited the attached annual fund report (including the accounts) as of December 31, 2013 issued by C-QUADRAT Kapitalanlage AG, Vienna, (the management company) for its fund C-QUADRAT ARTS Best Momentum, a co-ownership fund pursuant to § 2 (2) InvFG 2011, for the accounting year from January 1, 2013 to December 31, 2013. Responsibility of the statutory representatives for the annual fund report, management of the asset portfolio and the accounting The statutory representatives of the management company/the custodian bank are responsible for the accounting, valuation of the asset portfolio, calculation of withholding taxes, preparation of the annual fund report and management of the asset portfolio in accordance with the provisions of the Austrian Investment Fund Act, the supplementary provisions in the fund regulations and the tax regulations. This responsibility includes the setup, execution and maintenance of an internal control system where this is significant for the registration and valuation of the asset portfolio and preparation of the annual fund report so that this report is free from significant factual misstatements due to intentional or unintentional errors; selection and application of suitable valuation methods; performance of estimates which appear appropriate with consideration of the applicable outline conditions. Responsibility of the (bank) auditor and description of the type and scope of the statutory audit of the annual fund report We are responsible for providing an audit opinion for this annual fund report on the basis of our audit. We performed our audit pursuant to § 49 (5) of the Austrian Investment Fund Act 2011 whilst complying with the applicable Austrian statutory regulations and principles of proper balance-sheet auditing. These principles require our compliance with rules of professional conduct and our planning and execution of the audit so that we are able to form an opinion with a reasonable degree of certainty on whether the annual fund report is free from significant factual misstatements. An audit includes the performance of audit activities to obtain documentation of the figures and other disclosures in the annual fund report. The audit activities are chosen at the discretion of the (bank) auditor, with consideration of its assessment of the risk of significant factual misstatements due to intentional or unintentional errors. In performing the risk assessment, the (bank) auditor gives consideration to the internal control system where this is of significance for preparation of the annual fund report and valuation of the asset portfolio, so as to specify suitable audit activities with consideration of the applicable outline conditions. No audit opinion is provided on the effectiveness of the internal control measures implemented by the management company and the custodian bank, however. The audit also includes an assessment of the appropriateness of the valuation methods used and the key estimates made by the statutory representatives as well as an evaluation of the overall statement provided in the annual fund report. In our opinion we have obtained sufficient and suitable documentation for our audit, so that it provides an adequate degree of certainty on which to base our judgment.

Opinion Our audit has not given rise to any objections. On the basis of our audit findings, in our view the annual fund report as of December 31, 2013 for C-QUADRAT ARTS Best Momentum, a co-ownership fund pursuant to § 2 (2) InvFG 2011, complies with the statutory regulations. Compliance with the Austrian Investment Fund Act and the fund regulations Pursuant to § 49 (5) InvFG 2011 our audit includes an assessment of whether this annual fund report complies with the Austrian Federal Act on Investment Funds (Austrian Investment Fund Act) and the fund regulations. We have implemented our audit in accordance with the above principles, so that we are able to determine with a sufficient level of certainty whether this annual fund report complies with the provisions of the Austrian Investment Fund Act and the fund regulations. According to our audit findings, the provisions of the Austrian Federal Act on Investment Funds (Austrian Investment Fund Act) and the fund regulations have been complied with. Report on activities performed during the past accounting year We have undertaken a critical assessment of the disclosures provided by the management company’s management in the annual fund report on its activities in the past accounting year, but these were not subject to special audit activities in accordance with the above principles. Accordingly, our audit opinion does not include an evaluation of this information. In the context of the overall picture set out in this annual fund report, the disclosures concerning the accounting year are consistent with the figures provided in the report. Vienna, April 15, 2014 Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H.

Alexander Wlasto Dr. Robert Wauschek Auditor Auditor

In case of the publication or forwarding of the annual fund report in a form which deviates from its confirmed (i.e. unabbreviated German) version (e.g. abbreviated version or translation), our audit opinion may not be cited or our audit referred to without our approval.

Annual fund report


Tax treatment Further information on the tax treatment of the fund – prepared on the basis of the audited annual fund report – may be obtained from our website, www.c-quadrat.at.

http://www.c-quadrat.at/

Fund regulations pursuant to the 2011 Austrian Investment Fund Act (InvFG)

The Austrian Financial Market Authority (FMA) has approved the fund regulations for the investment fund C-

QUADRAT ARTS Best Momentum, a Miteigentumsfonds (co-ownership fund) pursuant to the 2011 Austrian

Investment Fund Act (InvFG), as amended.

The investment fund is a fund complying with the Directive 85/611/EC and is managed by C-QUADRAT Kapitalanlage

AG (hereinafter: the “management company”) which is headquartered in Vienna.

Article 1 Fund units

The fund units are embodied in unit certificates with the character of financial instruments which are issued to bearer.

The unit certificates are represented by global certificates for each unit class. Therefore, actual securities cannot be

issued.

Article 2 Custodian bank (custodian)

The investment fund’s custodian bank (custodian) is Raiffeisen Bank International AG, Vienna.

The custodian bank (custodian) is the payment office for unit certificates.

Article 3 Investment instruments and principles

The following assets pursuant to InvFG may be selected for the investment fund.

Through units in investment funds, the investment fund may indirectly purchase global equities (with no restrictions as

to credit rating, currency or sector) and equity-equivalent securities, particularly profit-sharing certificates (with no

restrictions as to credit rating, currency or sector). Direct acquisition of global equity issues (with no restrictions as to

credit rating, currency or sector) and equity-equivalent securities is limited to 30 per cent of the fund assets.

Up to 30 per cent of the assets of the investment fund may be invested in global certificates (with no restrictions as to

credit rating, currency or sector) and index certificates.

The investment fund may invest directly or indirectly – via units of investment funds – in instruments that are linked

either directly or indirectly with the performance of an equity index, bond index or other financial index. These types of

investment funds will be allocated to the investment fund’s share of equities, with the exception of those investment

funds linked to the performance of a bond index as described above.

The investment fund may also acquire investment fund units that are geared toward reflecting, either directly or

indirectly, a neutral to inverted yield curve of the categories of securities mentioned above.

The investment fund may moreover invest in securities linked to the performance of a security reflecting another asset

such as precious metals or commodities as long as it can be ensured that no physical delivery will ensue. Therefore,

physical delivery may not be foreseen nor may a right to same exist. No derivatives in accordance with § 32 of the 4.

Derivate-Risikoberechnungs- und Meldeverordnung (4th FMA Regulation on Risk Calculation and Reporting of

Derivative Instruments) may be embedded in these securities.

Annual fund report


As a short-term defensive measure the investment fund may indirectly purchase bonds issued worldwide (any credit

rating, currency or sector) or money market instruments issued worldwide (any credit rating or currency) through units

in investment funds.

The investment fund must invest at least 70 per cent of its fund assets in units in investment funds, including demand

deposits and callable deposits.

The following investment instruments are purchased for the fund’s assets subject to compliance with the above

investment focus.

securities

Securities may comprise up to 30 per cent of the fund assets.

Money market instruments

Not applicable.

Securities and money market instruments

The acquisition of securities not fully paid in and subscription rights on such instruments or the acquisition of other

financial instruments not fully paid in shall be permitted up to a maximum of 10 per cent of the fund assets.

Securities may be acquired where they comply with the criteria for listing and trading on a regulated market or a stock

exchange pursuant to InvFG.

Securities which do not fulfill the criteria outlined in the above paragraph may account for up to 10 per cent of the

overall fund assets.

Units in investment funds

Units in investment funds (UCITS, UCI) may each amount to up to 20 per cent of the fund assets – and up to 100 per

cent of the fund assets in total – insofar as these UCITS or UCI do not for their part invest more than 10 per cent of

their fund assets in units in other investment funds.

Units in UCI may be purchased for up to 30 per cent of the fund assets in total.

Derivative instruments

Not applicable.

Investment fund’s risk measurement method:

The investment fund uses the following risk measurement method:

Commitment approach

The commitment figure is calculated pursuant to the 3rd

chapter of the 4th Austrian Derivatives Risk Calculation and

Reporting Ordinance (Derivate-Risikoberechnungs- und Meldeverordnung), as amended.

Please refer to the Prospectus for details and comments.

Annual fund report


Demand deposits and callable deposits

Sight deposits and deposits at notice with notice periods not exceeding 12 months may amount to up to 49 per cent

of the fund assets.

No minimum bank balance need be maintained.

Short-term loans

The management company may take up short-term loans of up to 10 per cent of the fund assets for account of the

investment fund.

Repurchase agreements

Not applicable.

Securities lending

Not applicable.

Investment instruments may only be acquired uniformly for the entire investment fund, not for an individual unit class

or for a group of unit classes. However, this does not apply for currency hedge transactions. These transactions may

only be entered into in relation to a single unit class. Expenses and income resulting from a currency hedge

transaction shall exclusively be allocated to the relevant unit class.

Please see the Prospectus for further information concerning Article 3.

Article 4 Issuance and redemption modalities

The unit value shall be calculated in EUR.

The value of units will be calculated on each day of stock market trading.

Issuance and subscription fee

The issue price is the unit value plus a fee per unit of up to 5.00 per cent to cover the management company’s

issuing costs, rounded up to the nearest cent.

Issue of the units shall not be limited in principle; however, the management company hereby reserves the right to

cease issuing unit certificates either temporarily or permanently.

Redemption and redemption fee

No redemption fee will be charged. The redemption price shall correspond to the unit value rounded down to the

nearest cent.

At the request of a unit holder, his unit shall be redeemed out of the investment fund at the applicable redemption

price against surrender of the unit certificate.

Annual fund report


Article 5 Accounting year

The investment fund’s accounting year is the period from January 1 to December 31.

Article 6 Unit classes and appropriation of income

Income-distributing unit certificates, income-retaining unit certificates with deduction of investment income tax at source and income-retaining unit certificates without deduction of investment income tax at source may be issued for the investment fund.

Various classes of unit certificates may be issued for this investment fund. The management company may decide to

establish unit classes or to issue units in a given unit class.

Please refer to the Prospectus for further details.

Appropriation of income for income-distributing unit certificates (income distribution)

Once costs have been covered, the income received during the past accounting year (interest and dividends) may be

distributed at the discretion of the management company. Distribution may be waived subject to due consideration of

the unit holders’ interests. The distribution of income from the sale of assets of the investment fund including

subscription rights shall likewise be at the discretion of the management company. A distribution from the fund assets

and interim distributions are also permissible.

The fund assets may not through distributions fall below the minimum volume for a termination which is stipulated by

law.

From February 15 of the following accounting year the amounts are to be distributed to the holders of income-

distributing unit certificates. Any remaining balances shall be carried forward to a new account.

In any case, from February 15 the amount calculated pursuant to InvFG shall be paid out, to be used where

applicable to meet any investment income tax commitments on the distribution-equivalent return on those unit

certificates.

Appropriation of income in case of income-retaining unit certificates with investment income tax deducted

(income retention)

The income accumulating over the accounting year that remains after the deduction of expenses shall not be

distributed. From February 15 the amount calculated pursuant to InvFG shall be paid out on income-retaining unit

certificates to be used where applicable to meet any investment income tax commitments on the distribution-

equivalent return on those unit certificates.

Appropriation of income in the event of income-retaining unit certificates without deduction of investment

income tax at source (fully reinvesting tranche for resident and non-resident investors

exempt from withholding tax)


distributed. No payment pursuant to InvFG will be made. February 15 of the following accounting year shall be the key

date pursuant to InvFG in case of failure to pay investment income tax on the annual income.

Annual fund report


The management company must ensure by furnishing evidence from the custodial account providers that at the time

of payment, the unit certificates are only held by unit holders who are either not subject to Austrian personal income

tax or corporate income tax or who fulfill the requirements for exemption pursuant to the Austrian Personal Income

Tax Act (§ 94).

If these preconditions have not been met as of the payment date, the amount calculated pursuant to InvFG shall be

paid out by the custodian in the form of credit.

Appropriation of income in the event of income-retaining unit certificates without deduction of investment

income tax at source (fully reinvesting tranche for non-resident investors exempt from

withholding tax)

Income-retaining unit certificates without deducted investment income tax shall only be sold outside Austria.


distributed. No payment pursuant to InvFG will be made.

The management company must ensure by furnishing evidence that, at the time of payment, the unit certificates are

only held by unit holders who are either not subject to Austrian personal income tax or corporate income tax or who

fulfill the requirements for exemption pursuant to the Austrian Personal Income Tax Act (§ 94).

Annual fund report


Article 7 Management fee, reimbursement of expenses,

liquidation fee

For its management activity the management company receives annual remuneration of up to 2.10 per cent of the fund assets, calculated on the basis of the values at the end of each month.

In addition, the management company receives a monthly variable management fee (performance fee, performance-

based fee) of 20 per cent of the fund’s net performance (development of the unit value) in relation to the “high water

mark”. The “high water mark” corresponds to the unit value at the end of the previous month when a performance fee

was last paid. It is continuously calculated on the basis of the average fund value and will influence the calculated net

asset value, within the scope of income. The calculation shall be based on the number of units in circulation at the end

of the relevant month.

The costs arising at the introduction of new unit classes for existing asset portfolios shall be deducted from the unit

prices of the new unit classes.

At the liquidation of the investment fund, the custodian bank shall receive remuneration amounting to 1.00 per cent of

the fund assets.

The management company is entitled to reimbursement of all expenses associated with its management of the fund.

Please refer to the Prospectus for further details.

Annual fund report


Appendix

List of stock exchanges with official trading and regulated markets

1. Stock exchanges with official trading and regulated markets in the Member States of the EEA

According to Article 16 of Directive 93/22/EEC (Investment Services Directive), each Member State is obliged to maintain an up-to-date list of its regulated markets. Such list is to be made available to the other Member States and to the European Commission.

Pursuant to the Directive, the European Commission is obliged to publish once per year a list of the regulated markets of which it has received notice.

Due to increasing deregulation and to trading segment specialization, the list of “regulated markets” is undergoing great changes. The European Commission will therefore provide an updated version on its official internet site in addition to annual publication of the list in the Official Journal of the European Communities.

1.1. The current list of regulated markets is available at:

http://mifiddatabase.esma.europa.eu/Index.aspx?sectionlinks_id=23&language=0&pageName=REGULATED_MARKETS_Display&subsection_id=0

1

1.2. The following stock exchanges are included in the list of regulated markets:

1.2.1. Luxembourg Euro MTF Luxembourg

1.3. Recognized markets in the EU pursuant to § 67 (2) item 2 InvFG:

1.3.1. United Kingdom London Stock Exchange Alternative Investment Market (AIM)

2. Stock exchanges in European countries that are not members of the EEA

2.1. Bosnia and Herzegovina: Sarajevo, Banja Luka

2.2. Croatia: Zagreb Stock Exchange

2.3. Montenegro: Podgorica

2.4. Russia: Moscow (RTS Stock Exchange); Moscow Interbank Currency Exchange

(MICEX)

2.5. Switzerland: SWX Swiss Exchange

2.6. Serbia: Belgrade

2.7. Turkey: Istanbul (for stock market, "National Market" only)

3. Stock exchanges in non-European countries

3.1. Australia: Sydney, Hobart, Melbourne, Perth

3.2. Argentina: Buenos Aires

3.3. Brazil: Rio de Janeiro, Sao Paulo

3.4. Chile: Santiago

3.5. China: Shanghai Stock Exchange, Shenzhen Stock Exchange

1 Click on “view all” to open the list. The Austrian Financial Market Authority (FMA) or the ESMA may change this link.

[You can access the list via the FMA website as follows: http://www.fma.gv.at/de/unternehmen/boerse-wertpapierhandel/boerse.html - scroll down - link “List of Regulated Markets (MiFID-Database; ESMA)” – “view all”]



http://www.fma.gv.at/de/unternehmen/boerse-wertpapierhandel/boerse.html

Annual fund report


3.6. Hong Kong Hong Kong Stock Exchange

3.7. India: Mumbai

3.8. Indonesia: Jakarta

3.9. Israel: Tel Aviv

3.10. Japan: Tokyo, Osaka, Nagoya, Kyoto, Fukuoka, Niigata, Sapporo, Hiroshima

3.11. Canada: Toronto, Vancouver, Montreal

3.12 Colombia: Bolsa de Valores de Colombia

3.13. South Korea: Korea Exchange (Seoul, Busan)

3.14. Malaysia: Kuala Lumpur, Bursa Malaysia Berhad

3.15. Mexico: Mexico City

3.16. New Zealand: Wellington, Christchurch/Invercargill, Auckland

3.17 Peru: Bolsa de Valores de Lima

3.18. Philippines: Manila

3.19. Singapore: Singapore Stock Exchange

3.20. South Africa: Johannesburg

3.21. Taiwan: Taipei

3.22. Thailand: Bangkok

3.23. USA: New York, American Stock Exchange (AMEX), New York Stock

Exchange (NYSE), Los Angeles/Pacific Stock Exchange, San Francisco/Pacific Stock Exchange, Philadelphia, Chicago, Boston, Cincinnati

3.24. Venezuela: Caracas

3.25. United Arab

Emirates: Abu Dhabi Securities Exchange (ADX)

4. Organized markets in countries that are not members of the European Community

4.1. Japan: Over the Counter Market

4.2. Canada: Over the Counter Market

4.3. South Korea: Over the Counter Market

4.4. Switzerland: SWX Swiss Exchange, BX Berne eXchange; Over the Counter Market

of the members of the International Capital Market Association (ICMA), Zurich

4.5. USA: Over the Counter Market in the NASDAQ system, Over the Counter Market

(markets organized by NASD such as Over-the-Counter Equity Market, Municipal Bond Market, Government Securities Market, Corporate Bonds and Public Direct Participation Programs) Over-the-Counter-Market for Agency Mortgage-Backed Securities

5. Stock exchanges with futures and options markets

5.1. Argentina: Bolsa de Comercio de Buenos Aires

5.2. Australia: Australian Options Market, Australian

Securities Exchange (ASX)

5.3. Brazil: Bolsa Brasiliera de Futuros, Bolsa de Mercadorias & Futuros, Rio de

Janeiro Stock Exchange, Sao Paulo Stock Exchange

5.4. Hong Kong Hong Kong Futures Exchange Ltd.

Annual fund report


5.5. Japan: Osaka Securities Exchange, Tokyo International Financial Futures

Exchange, Tokyo Stock Exchange

5.6. Canada: Montreal Exchange, Toronto Futures Exchange

5.7. South Korea: Korea Exchange (KRX)

5.8. Mexico: Mercado Mexicano de Derivados

5.9. New Zealand: New Zealand Futures & Options Exchange

5.10. Philippines: Manila International Futures Exchange

5.11. Singapore: The Singapore Exchange Limited (SGX)

5.12. Slovakia: RM System Slovakia

5.13. South Africa: Johannesburg Stock Exchange (JSE), South African Futures Exchange

(SAFEX)

5.14. Switzerland: EUREX

5.15. Turkey: TurkDEX

5.16. USA: American Stock Exchange, Chicago Board Options Exchange, Chicago,

Board of Trade, Chicago Mercantile Exchange, Comex, FINEX, Mid America Commodity Exchange, ICE Future US Inc. New York, Pacific Stock Exchange, Philadelphia Stock Exchange, New York Stock Exchange, Boston Options Exchange (BOX)

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