Raiffeisen Euro Corporates

Transcription

1 Annual fund report Financial year The 2011 Austrian Investment Fund Act (InvFG) came into force on 1 September The terms used in this report comply with InvFG 2011 while the statutory references in the fund regulations relate to InvFG 1993 since the fund regulations were approved on the basis of the legal situation applicable at the time of the fund s licensing. From 1 September 2011 these references will be treated as references to corresponding provisions of InvFG Note: The audit opinion issued by KPMG Austria AG only applies for the full German-language version.

2 Table of contents General fund information... 3 Fund characteristics... 3 Legal notice... 4 Fund details in EUR... 5 Units in circulation... 6 Fund details in EUR for last 3 financial years... 6 Development of the fund assets and income statement in EUR... 7 Performance in financial year (fund performance)... 7 Development of fund assets... 8 Fund result in EUR... 9 A. Realized fund result... 9 B. Unrealized closing price... 9 C. Income adjustment... 9 Appropriation of fund result in EUR Capital market report Fund investment policy report Makeup of fund assets in EUR Portfolio of investments in EUR Calculation method for overall risk Audit opinion Tax treatment Fund regulations Financial year: 1 February January

3 Report for the financial year from 1 February 2012 to 31 January 2013 is a bond fund under the Austrian Investment Fund Act. Its investment goal is regular income. The fund mainly invests (at least 51 % of its fund assets) in euro-denominated corporate bonds in higher rating classes (investment grade, i.e. a minimum rating of Baa3 from Moody s, BBB- from Standard & Poor s or BBB- from Fitch). The fund may also invest in other bonds and money market instruments issued by sovereigns, companies or supranational issuers etc., in other securities, in units in investment funds and in sight deposits and deposits at notice. The fund is actively managed and is not limited by means of a benchmark. General fund information Tranche Launch date ISIN ISIN income-distributing (R) (A) 14/5/2001 AT ISIN income-distributing (S) (A) 1/8/2011 AT0000A0PG42 ISIN income-retaining (R) (T) 14/5/2001 AT ISIN full income-retaining (outside Austria) (R) (VTA) 29/10/2002 AT ISIN savings fund income-distributing (R) (A) 14/5/2001 AT ISIN savings fund income-retaining (R) (T) 14/5/2001 AT Fund characteristics Fund currency: Financial year: Distribution/payment/reinvestment date: EU directive compliance: Fund type: Max. management fee for the fund: Target group: Custodian bank: Management company: Fund management: Auditor: EUR 1 February 31 January 15 April EU directive-compliant investment fund pursuant to InvFG (UCITS) Target fund (up to 10 % subfunds) R tranche: 0.72 % (excluding any performance-related fee) S tranche: 1.25 % (excluding any performance-related fee) Public fund Raiffeisen Bank International AG Raiffeisen Kapitalanlage-Gesellschaft m.b.h. Schwarzenbergplatz 3, A-1010 Vienna Tel , Fax Companies register number: w Raiffeisen Kapitalanlage-Gesellschaft m.b.h. KPMG Austria AG Financial year: 1 February January

4 Legal notice All data and information has been compiled and checked with the greatest care. No liability or guarantee can be assumed for the recentness, correctness and completeness of the information provided. We consider the sources used to be reliable. The software used performs calculations on the basis of more than the two decimal places displayed. Minor discrepancies cannot be ruled out due to further calculations using published results. The value of a unit is calculated by dividing the entire value of the investment fund inclusive of its income by the number of units. The total value of the investment fund is calculated on the basis of the current market prices of the securities, money market instruments and subscription rights in the fund plus the value of the fund s financial investments, cash holdings, credit balances, receivables and other rights net of its payables. That value will be calculated by the custodian bank. The net assets are calculated in accordance with the following principles: a) In principle, the value of assets quoted or traded on a stock market or on another regulated market will be determined on the basis of the most recently available price. b) Where an asset is not quoted or traded on a stock market or another regulated market or where the price for an asset quoted or traded on a stock market or another regulated market does not appropriately reflect its actual market value, the prices provided by reliable data providers or, alternatively, market prices for equivalent securities or other recognized valuation methods shall be used. Financial year: 1 February January

5 Dear unitholder, Raiffeisen Kapitalanlage-Gesellschaft m.b.h. is pleased to present its annual fund report for for the financial year from 1 February 2012 to 31 January Fund details in EUR 31/1/ /1/2013 Fund assets 164,800, ,010, Net asset value/unit (R) (A) Issue price/unit (R) (A) Net asset value/unit (S) (A) Issue price/unit (S) (A) Net asset value/unit (R) (T) Issue price/unit (R) (T) Net asset value/unit (R) (VTA) Issue price/unit (R) (VTA) /4/ /4/2013 Distribution/unit (R) (A) Distribution/unit (S) (A) Outpayment/unit (R) (T) Reinvestment/unit (R) (T) Reinvestment/unit (R) (VTA) Distribution/unit (S) (A) 15/2/ /3/ /5/ /6/ /7/ /8/ /9/ /10/ /11/ /12/ /1/ The distribution will occur free-of-charge at the fund s paying agents. Payment will be made by the custodian banks. Financial year: 1 February January

6 Units in circulation (R) A (S) A (R) T (R) VTA Units in circulation on 31/1/ , , , , Sales 344, , , , Repurchases - 73, , , , Units in circulation 691, , , , Total units in circulation on 31/1/2013 1,832, Fund details in EUR for last 3 financial years Distributing units (R) 31/1/ /1/ /1/2013 Total fund assets 210,346, ,800, ,010, Net asset value/unit Distributing units (S) 31/1/ /1/2013 Total fund assets 164,800, ,010, Net asset value/unit Reinvested units (R) 31/1/ /1/ /1/2013 Total fund assets 210,346, ,800, ,010, Net asset value/unit Fully reinvested units (R) 31/1/ /1/ /1/2013 Total fund assets 210,346, ,800, ,010, Net asset value/unit Financial year: 1 February January

7 Development of the fund assets and income statement in EUR Performance in financial year (fund performance) Distributing units (R) Net asset value per unit at start of financial year Distribution on 16/4/2012 (net asset value: EUR ) of EUR 3.61, corresponds to units Net asset value per unit at end of financial year Total value incl. units purchased through distribution ( x ) Net income/net reduction per unit 8.00 Performance of one unit during the financial year as % 7.14 Distributing units (S) Net asset value per unit at start of financial year Distribution on 15/2/2012 (net asset value: EUR ) of EUR 0.32, corresponds to units Distribution on 15/3/2012 (net asset value: EUR ) of EUR 0.32, corresponds to units Distribution on 16/4/2012 (net asset value: EUR ) of EUR 0.32, corresponds to units Distribution on 15/5/2012 (net asset value: EUR ) of EUR 0.32, corresponds to units Distribution on 15/6/2012 (net asset value: EUR ) of EUR 0.27, corresponds to units Distribution on 16/7/2012 (net asset value: EUR ) of EUR 0.27, corresponds to units Distribution on 16/8/2012 (net asset value: EUR ) of EUR 0.27, corresponds to units Distribution on 17/9/2012 (net asset value: EUR ) of EUR 0.27, corresponds to units Distribution on 15/10/2012 (net asset value: EUR ) of EUR 0.27, corresponds to units Distribution on 15/11/2012 (net asset value: EUR ) of EUR 0.27, corresponds to units Distribution on 17/12/2012 (net asset value: EUR ) of EUR 0.27, corresponds to units Distribution on 15/1/2013 (net asset value: EUR ) of EUR 0.27, corresponds to units Net asset value per unit at end of financial year Total value incl. units purchased through distribution ( x x x x x x x x x x x x ) Net income/net reduction per unit 7.21 Performance of one unit during the financial year as % 6.51 Reinvested units (R) Net asset value per unit at start of financial year Outpayment on 16/4/2012 (net asset value: EUR ) of EUR 1.20, corresponds to units Net asset value per unit at end of financial year Total value incl. units purchased through outpayment ( x ) Net income/net reduction per unit Performance of one unit during the financial year as % 7.14 Financial year: 1 February January

8 Fully reinvested units (R) Net asset value per unit at start of financial year Net asset value per unit at end of financial year Net income/net reduction per unit Performance of one unit during the financial year as % 7.12 The performance is calculated assuming wholesale reinvestment of distributed/paid-out amounts at their net asset value on the distribution/payment date. The custodian bank calculates the unit value separately for each unit certificate class. Discrepancies may arise in the annual performance figures for individual unit certificate classes. The performance is calculated by Raiffeisen Kapitalanlage-Gesellschaft m.b.h. using the method developed by OeKB (Österreichische Kontrollbank AG), on the basis of data supplied by the custodian bank (where outpayment of the redemption price is suspended, with use of indicative values). Some costs the subscription fee (not exceeding 3.00 % of the invested amount) and any redemption fee (not exceeding 0.00 % of the sold amount) are not included in the performance calculation. The following applies for units sold outside of Austria: Some costs the subscription fee (not exceeding 3.00 % of the invested amount) and any redemption fee (not exceeding 3.00 % of the sold amount) or a combination of the subscription fee and the redemption fee (not exceeding 3.00 % overall) are not included in the performance calculation. Where included in any calculation, they will accordingly result in a lower performance. Past results do not permit any reliable inferences as to the future performance of the fund. Development of fund assets Fund assets on 31/1/2012 (1,181, units) 164,800, Distribution on 16/4/2012 (EUR 3.61 x 511, distributing units (R)) - 1,844, Distribution on 15/2/2012 (EUR 0.32 x 1, distributing units (S)) Distribution on 15/3/2012 (EUR 0.32 x 23, distributing units (S)) - 7, Distribution on 16/4/2012 (EUR 0.32 x 27, distributing units (S)) - 8, Distribution on 15/5/2012 (EUR 0.32 x 29, distributing units (S)) - 9, Distribution on 15/6/2012 (EUR 0.27 x 29, distributing units (S)) - 8, Distribution on 16/7/2012 (EUR 0.27 x 29, distributing units (S)) - 7, Distribution on 16/8/2012 (EUR 0.27 x 31, distributing units (S)) - 8, Distribution on 17/9/2012 (EUR 0.27 x 31, distributing units (S)) - 8, Distribution on 15/10/2012 (EUR 0.27 x 32, distributing units (S)) - 8, Distribution on 15/11/2012 (EUR 0.27 x 34, distributing units (S)) - 9, Distribution on 17/12/2012 (EUR 0.27 x 35, distributing units (S)) - 9, Distribution on 15/1/2013 (EUR 0.27 x 38, distributing units (S)) - 10, Outpayment on 16/4/2012 (EUR 1.20 x 524, reinvested units (R)) - 629, Issuance of units 179,648, Redemption of units - 87,302, Pro rata income adjustment - 3,645, ,700, Overall fund result 18,081, Fund assets on 31/1/2013 (1,832, units) 269,010, Financial year: 1 February January

9 Fund result in EUR A. Realized fund result Ordinary fund result Income (excl. closing price) Interest income 1 7,813, Other income (incl. tax reclaim) 4, ,817, Expenses Management fees - 1,683, Custodian bank fees - 118, Auditing expenses - 7, Tax consulting fees - 2, Custodian fee - 64, Statutory/publication expenses - 6, Fees for swaps - 1, ,884, Ordinary fund result (excl. income adjustment) 5,933, Realized closing price Profits realized from securities 7,938, Profits realized from derivative instruments 577, Losses realized from securities - 343, Losses realized from derivative instruments - 1,178, Realized closing price (excl. income adjustment) 6,993, Realized fund result (excl. income adjustment) 12,927, B. Unrealized closing price Change in unrealized closing price 1,509, C. Income adjustment Income adjustment for income during financial year 1,906, Income adjustment during financial year for profit carryovers 1,738, ,645, Overall fund result 18,081, The result for the past accounting year includes explicitly reported transaction costs in the amount of EUR 138, The fund s reporting of interest income has been amended on account of tax regulations revised as of 1 April This has not affected the fund s net asset value. Financial year: 1 February January

10 Appropriation of fund result in EUR Distribution on 15/4/2013 (EUR 3.04 x 691, distributing units (R)) 2,103, Distribution on 15/4/2013 (EUR 0.27 x 39, distributing units (S)) 10, Distribution on 15/2/2012 (EUR 0.32 x 1, distributing units (S)) Distribution on 15/3/2012 (EUR 0.32 x 23, distributing units (S)) 7, Distribution on 15/5/2012 (EUR 0.32 x 29, distributing units (S)) 9, Distribution on 15/6/2012 (EUR 0.27 x 29, distributing units (S)) 8, Distribution on 16/7/2012 (EUR 0.27 x 29, distributing units (S)) 7, Distribution on 16/8/2012 (EUR 0.27 x 31, distributing units (S)) 8, Distribution on 17/9/2012 (EUR 0.27 x 31, distributing units (S)) 8, Distribution on 15/10/2012 (EUR 0.27 x 32, distributing units (S)) 8, Distribution on 15/11/2012 (EUR 0.27 x 34, distributing units (S)) 9, Distribution on 17/12/2012 (EUR 0.27 x 35, distributing units (S)) 9, Distribution on 15/1/2013 (EUR 0.27 x 38, distributing units (S)) 10, Outpayment pursuant to 58 (2) InvFG on 15/4/2013 (EUR 1.03 x 543, reinvested units (R)) 560, Reinvested amount (R) (reinvestment) 4,234, Reinvested amount (R) (full reinvestment) 5,366, Total 12,364, Realized fund result (incl. income adjustment) 16,572, Carryover of non-distributed taxable income from previous year (S) (A) 1, Profit carryover from previous year (R) (A) 2,700, Profit carryover into following period (R) (A) 6,800, Profit carryover into following period (S) (A) 109, ,210, Total 12,364, Financial year: 1 February January

11 Capital market report Despite the overall decline in economic momentum and continuous political turmoil, most investments achieved clearly positive results in the past year, even though the debt crisis kept the financial markets in suspense at least as far as late summer. In March 2012 a haircut was recognized on Greek government bonds. At the end of the year, this was followed by further debt relief through repurchasing of bonds at an average rate of 35 % of their nominal value. For other Eurozone members too particularly Italy and Spain financing terms deteriorated so badly that the European Central Bank (ECB) rushed to their assistance in late summer. Subject to economic reforms and restructuring of public finances, the ECB offered to intervene on the secondary market on behalf of the affected Eurozone members, to achieve lower interest rates. The situation on the financial markets only calmed with the prospect of the ECB s intervention, and interest rates for Italy and Spain fell to a sustainable level. The global stock markets accordingly followed several waves in 2012: Strong price gains at the start of the year gave way to a sharp setback in the spring, due to the European sovereign debt crisis in particular. As part of a trend which began in the late summer many key equity indexes had reached new annual highs by September/October, on account of the ECB s resolute intervention to defuse the debt crisis. However, a minor setback then occurred in the period to mid-november 2012, triggered by the uncertainty over the impending US presidential election and the need to overcome the fiscal cliff. Around the turn of the year the stock exchanges then once again shot upward. Stock markets in Europe and Japan achieved significantly stronger gains than those in the USA. However, in late January 2013 stock markets the world over reached new several-year highs in some cases. The corporate bond market also had an excellent year in The high-yield segment achieved an index-level performance of around 20 %. The investment-grade sector yielded approx. 6 %. This upturn continued into the new year, before prices fell back to around the levels seen at the turn of the year. The key emerging markets stock exchanges were unable to remain immune from the international factors outlined above in They once again clearly underperformed the developed markets over the year as a whole, but generally reduced this underperformance around the turn of the year. Like many of the above-mentioned asset classes, emerging markets bonds performed extremely positively thanks to the abundant liquidity provided by the central banks. The euro/us dollar exchange rate fluctuated in 2012 in a historically narrow corridor of 15 cents, between EUR/USD 1.20 and EUR/USD However, up to late January it then moved beyond this range as the Eurozone s debt crisis was increasingly priced out. For a long time, the Swiss franc saw hardly any movement. The Swiss central bank held its currency slightly above the EUR 1.20 mark. However, in the past few weeks the Swiss franc climbed as high as EUR From the 4 th quarter of 2012 the Japanese yen drastically lost ground in anticipation of a radical loosening of Japanese monetary policy and ended the period at USD 92 and EUR 125. The price of gold clearly weakened over the course of the year: Following peak levels of around USD 1,800, by the end of the period it had settled down at USD 1,650. Financial year: 1 February January

12 Fund investment policy report is broadly diversified and mainly invests in corporate bonds. Risk sentiment clearly improved following the announcement from the ECB s president, Mr. Draghi, that the bank would do everything possible to defend the euro and would purchase problem countries government bonds. From August 2012 the fund accordingly increased its holdings in companies from peripheral countries, mainly through attractively priced new issues. Financial stocks remained slightly short of 7 % of the fund s holdings throughout the period and provided a positive contribution. The decline in risk premiums enabled a highly attractive return in the reporting period. The fund was able to outperform the market interest rate through successful stockpicking. The portfolio maintained a defensive maturity structure for much of the period. The fund was generally fully invested in the reporting period. The picture for its duration strategies was mixed: While the fund s trend-following strategies and its risk-premium model were not very successful, its discretionary strategies yielded a positive contribution. At the end of the period, the fund had an average fixed interest rate just short of 4.2 years. Securities lending transactions were entered into in order to generate additional income. Financial year: 1 February January

13 Makeup of fund assets in EUR Securities Market value % Structured products asset-backed securities: EUR 2,723, Structured products: EUR 527, Total structured products 3,250, Bonds: EUR 250,689, Total securities 253,939, Derivative products Valuation of financial futures 172, Valuation of credit default swaps (protection seller) 15, Total derivative products 187, Bank balances Bank balances in fund currency 10,816, Bank liabilities in foreign currency Total bank balances 10,816, Accruals and deferrals Interest claims (on securities and bank balances) 4,065, Credit default swaps receivables (protection seller) 1, Total accruals and deferrals 4,066, Total fund assets 269,010, Financial year: 1 February January

14 Portfolio of investments in EUR Dates indicated for securities refer to the issue and redemption dates. An issuer s right of premature redemption (where applicable) is not specified. The securities marked with a "Y" have an open-ended maturity. ISIN SECURITY TITLE IS VOLUME PURCHASES SALES PRICE MARKET % SHARE PERPETUAL 31/1/2013 ADDITIONS DISPOSALS VALUE OF FUND IN PERIOD UNDER REVIEW IN EUR ASSETS STRUCTURED PRODUCTS: ASSET-BACKED-SECURITIES IN EURO XS THAMES WATER KY FI. 10/16 400, , XS HEATHR.FUND.10/18 MTN 1,250, , ,359, XS HEATHR.FUND.12/19 MTN 200, , , XS ANGLIAN W.S.F. 03/13 MTN 700, , STRUCTURED PRODUCTS IN EURO XS ALLIANDER 10/UND.FLR Y 500, , , , BONDS IN EURO DE000A1G85A SIEMENS FINANC. 12/14 MTN 1,400,000 1,650, , ,395, XS NESTLE FIN.INTL 12/16 MTN 400, , , XS NED. GASUNIE 12/15 MTN 600, , , FR SANOFI SA 12/17 MTN 1,300,000 1,500, , ,280, DE000A1R0U SAP AG MTN 12/15 900, , , FR DANONE 12/17 MTN 1,100,000 1,100, ,082, DE000A1G7EH BMW US CAP 12/16 MTN 1,350,000 1,350, ,345, XS GE CAP.EUROP. 12/15 MTN 900, , , XS TOYOTA MOTOR CRED13/17MTN 1,500,000 1,500, ,492, XS INTL BUS. MACH. 12/19 1,500,000 1,500, ,452, XS PACCAR FIN. 12/15 MTN 500, , , XS CITIGROUP INC. 05/17 MTN 700, , , , XS BASF MTN 12/18 400, , , , XS BNP PARIBAS 13/18 MTN 800,000 1,000, , , FR GDF SUEZ S,A, 12/16 MTN 1,300,000 2,800,000 1,500, ,309, FR GDF SUEZ S,A, 12/17 MTN 1,200,000 1,200, ,197, XS NESTLE FIN.INTL 12/19 MTN 400, , , , DE000A1G85B SIEMENS FINANC. 12/20 MTN 1,850,000 1,950, , ,797, XS SVENSK.HDLSB. 12/15 MTN 500, , , , XS VOLKSWAGEN LEASING 12/15 3,000,000 3,400, , ,021, XS XSTRATA F,DUBAI 12/16 MTN 1,400,000 1,400, ,379, XS GE CAP.EUROP. 13/18 MTN 2,300,000 2,660, , ,277, DE000A1MLSR DAIMLER AG.MTN 12/15 1,100,000 1,100, ,115, DE000A1R0TN DAIMLER AG.MTN 12/20 500, , , XS LINDE MTN 12/20 800,000 1,100, , , XS SCANIA CV 12/16 MTN 700,000 1,000, , , XS TELENOR ASA 12/18 MTN 1,600,000 1,700, , ,609, XS AT + T INC. 12/20 600,000 3,200,000 2,600, , XS CARREFOUR 12/17 MTN 1,300,000 1,300, ,277, XS DT, POST FIN, 12/17 MTN 1,200,000 1,720, , ,217, XS ENEXIS HOLDING 12/20 MTN 900,000 1,100, , , XS JPMORGAN CHASE 12/19 MTN 800, , , XS RWE FIN. 13/20 MTN 1,150,000 1,150, ,130, XS SABMILLER HLD. 12/20 MTN 1,340,000 1,340, ,308, XS VOLKSWAGEN INTL 12/17 MTN 1,000,000 1,000, ,010, BE AB INBEV 12/19 MTN 1,700,000 1,700, ,695, FR BPCE S.A. 12/18 MTN 700,000 1,300, , , DE000A1MA9V DAIMLER AG.MTN 12/17 400, , , , XS GE CAP.EUROP. 12/15 MTN 200, , , , XS PROCTER GAMBLE 12/22 1,400,000 1,600, , ,361, XS RIO TINTO FIN. 12/20 MTN 400, , , , XS ROCHE FIN.EUROPE 12/18MTN 1,700,000 1,700, ,743, XS SNAM 12/15 MTN 1,700,000 1,700, ,695, XS VOLKSWAGEN INTL 13/20 MTN 400, , , , XS AMGEN 12/19 800, , , XS BHP BILLITON FIN.12/18MTN 650,000 1,100, , , XS BMW FIN, NV 12/15 MTN 1,900,000 1,000, ,938, Financial year: 1 February January

15 ISIN SECURITY TITLE VOLUME PURCHASES SALES PRICE MARKET % SHARE 31/1/2013 ADDITIONS DISPOSALS VALUE OF FUND IN PERIOD UNDER REVIEW IN EUR ASSETS BONDS IN EURO DE000A1PGQY DAIMLER AG.MTN 12/18 600, , , XS DT,TELEK,INTL F0,13/21 MTN 2,200,000 2,370, , ,133, XS ING BK NV 12/15 MTN 300, , , , XS PHILIP MORRIS INTL 12/19 400, , , XS RCI BANQUE 12/14 MTN 400, , , , DE000A1R0U SAP AG MTN 12/19 970, , , XS TOTAL CAP.INTL 12/23 MTN 1,300,000 1,800, , ,266, XS BP CAPITAL MKTS 12/16 MTN 1,400,000 1,400, ,438, FR ALSTOM S.A. 12/17 MTN 400, , , XS BHP BILLITON FIN.12/20MTN 1,100,000 1,100, ,101, XS FORTUM OYJ 12/22 MTN 700, , , , XS NORDEA BK 12/17 MTN 500, , , , XS BRIT.AMER.TOBAC.12/23 MTN 1,300,000 1,300, ,261, DE000A1RE1W DEUT.BOERSE MTN 12/22 800,000 1,600, , , FR GROUPE AUCHAN 12/22 MTN 700, , , , XS HAAB GUARNT,NTS ,100,000 2,900,000 1,800, ,090, XS IPIC GMTN 12/18 MTN REGS 900, , , XS VOLVO TREAS. 12/19 MTN 400, , , XS XSTRATA F,DUBAI 12/18 MTN 1,000,000 1,000, , XS ANGLO AM. CAP. 12/18 400, , , XS DANSKE BK 12/15 MTN 800,000 1,700, , , XS HEINEKEN 12/19 MTN 800,000 1,550, , , XS STATKRAFT 12/22 MTN 900, , , FR VIVENDI S.A MTN 500, , , , XS ABB FIN.B.V. 12/19 MTN 500, , , XS AKZO NOBEL SE FIN. 12/22 400, , , , XS BERTELSMANN ANL.12/22 500,000 1,000, , , XS CARLSBERG BREW. 12/22 MTN 600, , , XS DONG ENERGY 12/22 MTN 600, , , XS G4S INTERN.FIN. 12/18 1,530,000 1,530, ,505, FR GDF SUEZ S,A, 12/22 MTN 800,000 2,000,000 1,200, , XS NED. GASUNIE 12/22 MTN 200, , , , XS OMV AG 12/22 MTN 400, , , , XS TELENOR ASA 12/24 MTN 1,500,000 2,100, , ,472, XS ANGLO AM. CAP. 12/19 600, , , XS DT,TELEK,INTL F0.12/24 MTN 1,200,000 1,800, , ,160, FR EL. FRANCE MTN 1,700,000 2,800,000 1,100, ,677, XS METSO CORP. 12/19 MTN 400, , , , XS SCHLUMB. FIN. 10/15 MTN 500, , , XS SECURITAS AB 12/17 MTN 200, , , , XS THALES S.A. 10/16 MTN 400, , , XS WESFARMERS 12/22 MTN 700, , , FR BPCE S.A. 13/24 MTN 300, , , , XS DEUTSCHE POST MTN.12/24 1,220,000 1,220, ,228, XS DT. BAHN FIN. 11/16 MTN 200, , , XS HEINEKEN 12/25 MTN 750, , , , XS ORIGIN ENGY FIN. 12/19MTN 200, , , XS PHILIP MORRIS INTL 12/24 400, , , XS TERNA S.P.A. 12/18 MTN 800, , , XS TEVA PHARMAC.FIN.IV 12/19 500, , , , XS BP CAPITAL MKTS 12/19 MTN 1,000,000 1,650, , ,059, XS AMERICA MOVIL 12/21 278,000 1,100, , , XS BG ENERGY CAP.11/18 MTN 600, , XS FRANCE TELECOM 12/22 MTN 2,700,000 3,000, , ,736, XS KBC IFIMA 12/16 MTN 400, , , , XS TELIASONERA AB 12/27 MTN 700, , , , XS BP CAPITAL MKTS 10/14 MTN 700, , , , FR AEROP.DE PARIS SA 12/24 200, , , , XS COMPASS GROUP 12/19 MTN 400, , , , FR EUTELSAT S.A. 12/22 300, , , , FR GDF SUEZ S,A, 11/20 MTN 2,400,000 1,500, , ,535, FR CASINO 12/19 MTN 600, , , XS BHP BILLITON FIN.12/27MTN 800,000 1,520, , , XS BMW FIN, NV 11/16 MTN 400, , XS BMW FIN, NV 12/19 MTN 400, , , XS DT,TELEK,INTL F0,13/28 MTN 1,050,000 1,250, , ,014, Financial year: 1 February January

16 ISIN SECURITY TITLE VOLUME PURCHASES SALES PRICE MARKET % SHARE 31/1/2013 ADDITIONS DISPOSALS VALUE OF FUND IN PERIOD UNDER REVIEW IN EUR ASSETS BONDS IN EURO XS EVERYTH.EVERYWH.FIN.12/18 900,000 1,000, , , AT0000A0X KELAG , , , , XS KON. KPN 12/21 MTN 1,400,000 2,100, , ,379, XS NATL GRID USA 11/15 MTN 700, , , XS A.P.MOELLER-MAERSK 12/19 1,560,000 1,560, ,605, XS BG ENERGY CAP.09/13 MTN 1,000, ,012, XS GAS NATURAL CM 10/15 MTN 350, , , , XS MERCK FIN.SERV. MTN 10/15 200, , XS RENTOKIL INIT. 12/19 MTN 540, , , XS TESCO PLC 11/18 MTN 550, , , FR VINCI S.A. 12/20 MTN 800, , , XS TELEFONICA EM, 10/15 MTN 700, , , , FR AREVA MTN 600, , , XS BANQUE PSA FIN. 10/14 MTN 750,000 1,350,000 1,100, , XS COMP.DE ST.-GOBAIN 11/15 600, , XS ENI S.P.A. 10/18 MTN 900, , , , XS IBERDROLA FIN. 10/16 MTN 200, , , , XS IBERDROLA INTL 13/21 MTN 1,700,000 2,600, , ,664, XS LOTTOMATICA GROUP 12/20 600, , , XS OPTUS FINANCE 10/20 MTN 600, , XS SANOFI SA 09/13 MTN 800, , XS SNAM 12/20 MTN 1,300,000 1,600, , ,300, XS TDC A/S 11/15 MTN 800, , XS TELSTRA CORP. 12/22 MTN 450, , , , XS TOTAL CAPITAL 09/14 MTN 500, , FR VIVENDI S.A. 11/15 MTN 400, , XS AT + T 12/32 700,000 1,460, , , FR ALSTOM S.A. 10/18 400, , XS BERTELSMANN ANL.05/15 400, , , XS BORD GAIS EIREANN 12/17 200, , , FR BOUYGUES 12/23 300, , , , XS CEZ AS 11/16 MTN 500, , , XS COMP.DE ST.-GOBAIN 12/22 500, , , , XS ENEL FIN.INTL 12/18 MTN 1,300,000 1,840, , ,314, XS PFIZER INC. 09/13 700, , , XS SVENSKA CELL.B 11/16 300, , , XS TELIASONERA AB 12/24 MTN 500,000 1,200, , , XS TELSTRA CORP. 10/21 MTN 550, , , FR BOUYGUES 10/19 700, , , , XS TELEFONICA EM, 10/17 MTN 2,600,000 1,950,000 1,050, ,617, XS AMERICA MOVIL 10/17 500, , XS BBVA SEN.F.UNIP.13/18 MTN 800,000 1,200, , , FR BUREAU VERITAS 12/17 400,000 1,000, , , FR PPR 10/15 MTN 600, , , XS ROBERT BOSCH MTN.09/13 500, , FR SCHNEIDER ELECTRIC 11/18 200, , , XS WUERTH FIN.INTL 11/18 300, , XS AMER.HONDA F. 09/14 MTN 600, , , AT0000A0VLS ANDRITZ ANL , , , , XS EDISON 10/17 MTN 1,200,000 1,700,000 1,000, ,286, FR EL. FRANCE MTN 900,000 1,700,000 2,300, , XS FRANCE TELECOM 10/20 MTN 950, , , ,038, XS GLAXOSM.CAP. MTN 09/15 1,500, , , ,605, XS JPMORGAN CHASE 06/18 MTN 1,500,000 1,500, , ,432, XS RABOBK NEDERLD 11/16 MTN 1,100,000 2,300,000 1,200, ,184, FR RTE EDF TRANSP MTN 600, , , XS TENNET HOLDING 11/18 200, , XS TELEFONICA EM, 13/23 MTN 800, , , FR CASINO 12/20 MTN 700,000 1,000, , , XS BRIT.AMER.TOBAC.10/20MTN 700, , , XS CARREFOUR 10/20 MTN 700, , , XS COMP.DE ST.-GOBAIN 10/18 200, , , , XS DONG ENERGY 09/16 MTN 550, , , XS DT,TELEK,INTL F0.05/15 MTN 1,500, , ,580, FR EL. FRANCE MTN 800, , , XS KON. KPN 05/15 MTN 200, , , , Financial year: 1 February January

17 ISIN SECURITY TITLE IS VOLUME PURCHASES SALES PRICE MARKET % SHARE PERPETUAL 31/1/2013 ADDITIONS DISPOSALS VALUE OF FUND IN PERIOD UNDER REVIEW IN EUR ASSETS BONDS IN EURO XS LUXOTTICA GROUP 10/15 500, , , XS PGNIG FIN. 12/17 MTN 1,500,000 1,500, ,568, XS RHEINMETALL AG ANL.10/17 230, , XS SYNGENTA FINANCE 09/14 450, , XS TEL.FIN.12/22 MTN 300, , , , XS TELECOM ITALIA 12/20 MTN 1,000,000 1,000, , FR AUTOROUTES SUD FR. 10/20 1,050, , ,153, XS CEZ AS 06/13 200, , XS ENBW INTL FIN. 09/15 MTN 800, , , XS GAS NATURAL CM 10/18 MTN 1,200, , , ,235, XS GLENCORE FIN.12/18 FLRMTN 1,400,000 1,600, , ,491, XS NATIONAL GRID 06/13 MTN 1,300, ,306, XS RABOBK NEDERLD 12/22 MTN 300,000 1,500,000 1,200, , FR RTE EDF TRANSP.6/16 MTN 300, , , XS SUEDZUCKER INTL 11/18 200, , XS TERNA S.P.A. 12/17 MTN 200,000 1,050, , , FR VINCI S.A. 11/17 MTN 800, , FR VIVENDI S.A. 12/17 MTN 1,900,000 1,100, , ,043, FR VEOLIA ENVIRONN.10/21 MTN 300, , , XS ANGLO AM. CAP. 09/13 550, , XS COCA COLA HBC F.09/16 MTN 950,000 1,150, , ,012, XS EESTI ENERGIA 12/18 300, , , FR EL. FRANCE 13/UND.FLR MTN Y 700,000 1,100, , , XS ENI S.P.A. 12/20 MTN 1,400,000 2,300, , ,539, XS IBERDROLA INTL 12/18 MTN 800,000 2,200,000 1,400, , XS KON. KPN 12/22 MTN 400,000 1,200, , , DE000A1C92S METRO FINANCE 10/17 850, , , XS NOVARTIS FIN. 09/16 MTN 550, , XS PETROBRAS GBL FIN. 12/23 500, , , XS REPSOL INTL F. 11/16 MTN 1,200,000 1,000,000 1,300, ,257, XS VATTENFALL 09/14 MTN 1,400, , , ,461, XS AT + T INC ,000, ,004, XS ATLANTIA 12/20 MTN 1,200,000 1,200, ,244, XS BHP BILLITON FIN.07/14MTN 100, , XS BRISTOL-MYERS 06/16 300, , XS FINMECCANICA FIN.12/17MTN 700, , , , XS HOLCIM FIN.LUX. 04/14 MTN 250, , XS IMP.TOBACCO FIN. 06/13MTN 500, , , FR LVMH 09/14 MTN 800, , XS SHELL INTL FIN. 09/18 MTN 200, , , FR SOC.AUTOR.PAR.-RHIN 11/16 300, , XS STATOIL ASA 09/15 MTN 800, , , , XS WPP PLC 06/13 850, , FR CASINO 10/17 400, , , FR VEOLIA ENVIR. 13/UND.FLR Y 600, , , , FR CASINO 11/16 MTN 400, , XS A2A S.P.A. 12/19 MTN 500, , , , XS ACEA S.P.A. 10/20 400, , XS ATLANTIA 12/19 MTN 300,000 1,700,000 1,400, , FR BOUYGUES 06/13 250, , XS CARGILL 04/14 MTN 300, , BE ELIA SYSTEM OP , , XS ENERGIE OBEROEST.ANL05/25 300, , XS GAS NATURAL CM 10/20 MTN 500,000 1,100, , , XS IBERDROLA INTL 12/17 MTN 800,000 1,400, , , XS IMP.TOBACCO FIN.11/18 MTN 500, , AT0000A0DJE KELAG , , XS MERCK FIN.SERV. MTN 10/20 800, , , , XS SABMILLER 09/15 MTN 100, , , XS SHELL INTL FIN. 09/16 MTN 500, , XS TELECOM ITALIA 12/17 MTN 900,000 1,300, , , DE000A1A55G DAIMLER AG.MTN 09/14 1,200, , ,269, XS EADS FINANCE 09/16 MTN 200, , , , FR EL. FRANCE 2030 MTN 1,200, , ,347, XS ENEL FIN.INTL 11/15 MTN 300, , , , XS FORTUM OYJ 09/14 MTN 600, , XS RWE AG NRA 10/UNBEFR. Y 400, , , , XS SANTANDER INTL. 12/16 1,000,000 2,000,000 1,000, ,031, Financial year: 1 February January

18 ISIN SECURITY TITLE IS VOLUME PURCHASES SALES PRICE MARKET % SHARE PERPETUAL 31/1/2013 ADDITIONS DISPOSALS VALUE OF FUND IN PERIOD UNDER REVIEW IN EUR ASSETS BONDS IN EURO XS STATKRAFT 07/17 MTN 700, , , , FR VEOLIA ENVIRONN.12/27 MTN 600, , , , XS TELEFONICA EM, 12/20 MTN 400,000 1,400,000 1,000, , ES ABERTIS INFRA , , , , XS ADECCO INTL FINL S. 11/18 300, , , XS FCE BANK PLC 11/15 MTN 700, , , XS HUTCHISON WH. 09/16 1,200, , , ,338, XS KON. KPN 06/17 MTN 200, , , , XS KON. KPN 07/14 MTN 900, , , XS LINDE FIN. 07/17 MTN 300, , , XS PFIZER INC. 09/16 2,600,000 1,100, ,899, XS VERBUND-INT.FIN. 09/15MTN 400, , , XS VERBUND-INT.FIN. 09/19MTN 200, , , XS BANQUE PSA FIN. 12/15 MTN 500,000 1,400, , , XS CIBA SP.CH.FIN.LUX. 03/18 200, , , XS E.ON INTL FIN. 09/14 MTN 1,200, ,000 1,200, ,248, XS ENEL FIN.INTL 12/20 MTN 1,100,000 1,400, , ,157, XS ENEL FIN.INTL 12/23 MTN 300, , , , FR PERNOD-RICARD 10/16 1,250, , ,369, XS PETROBRAS I. F. 11/18 1,350, , , ,470, XS REPSOL INTL F. 12/19 MTN 700, , , , FR RTE EDF TRANSP MTN 600, , , , FR SOC.AUTOR..PAR.-RHIN11/19 200, , , , FR VALEO SA 11/18 MTN 300, , , , XS WAL-MART STRS 09/29 150, , , XS TELEFONICA EM, 11/16 MTN 1,800,000 1,100, , ,903, XS CRH FINANCE 12/19 MTN 600, , , , XS IMP.TOBACCO FIN.11/19 MTN 500, , , , XS RWE FIN. 09/15 MTN 900, , , , FR SFR 09/14 300, , , XS SNAM 12/19 MTN 300,000 1,500,000 1,200, , BE SOLVAY 09/15 300, , XS VODAFONE GRP 03/18 MTN 1,100, , ,282, XS AXA S.A. 13/43 FLR MTN 800,000 1,250, , , XS B.A.T.HLDGS (NL) 03/13MTN 200, , , XS BASF FIN.EUROPE 09/15 MTN 300, , XS NATL GRID GAS 08/13 MTN 400, , XS SIEMENS FINANC. 09/17 MTN 200, , , XS TELIASONERA AB 09/14 MTN 300, , XS TESCO PLC 07/47 MTN 650, , , XS WOLTERS KLUWER 03/14 450, , XS GAZ CAPITAL 06/17 MTN 900, , , XS BRIT. TELECOM. 07/14 MTN 600, , , XS CARREFOUR 11/18 MTN 300, , XS FRAPORT AG 09/19 700, , , XS SIEMENS FINANC. 06/66 FLR 300, , , , XS TELECOM ITALIA 05/55 MTN 600, , XS TELECOM ITALIA 10/22 MTN 400, , , , XS VATTENFALL AB 09/16 MTN 400, , , FR VEOLIA ENVIRONN.09/14 MTN 400, , , , XS GAZ CAPITAL 07/14 MTN 500, , , FR EL. FRANCE 13/UND.FLR MTN Y 700, , , XS HENKEL FLR 2005/ , , , , XS INTERN. ENDESA 03/13 MTN 200, , , XS MAN SE.MTN 09/13 500, , , XS MERCK + CO. 07/14 450, , NL POSTNL N.V. 07/17 250, , XS DIAGEO CAP. 08/13 MTN 300, , XS E.ON INTL FIN. 07/17 MTN 1,200, , , ,403, XS E.ON INTL FIN. 09/16 MTN 1,700,000 1,700, ,905, XS GE CAP. TR.II 10/67 FLR 300, , , , XS PET. MEX. 09/17 MTN 500, , XS ENEL S.P.A. 07/27 MTN 950, , , XS LLOYDS TSB BK 08/18 FLR 400, , , , XS ROCHE HLDGS 09/16 MTN 1,400,000 1,255,000 1,255, ,591, XS SSE 12/UND.FLR Y 800,000 1,000, , , XS TELEKOM AUSTR. 13-UND. Y 600, , , , XS EDP FIN. 12/17 MTN 300, , , , Financial year: 1 February January