Bache Global Series (in liquidation) (RCS No. B )

Transcription

1 Bache Global Series (in liquidation) (RCS No. B ) INVESTMENT COMPANY WITH VARIABLE CAPITAL (SOCIÉTÉ D INVESTISSEMENT À CAPITAL VARIABLE) ORGANIZED UNDER THE LAWS OF THE GRAND DUCHY OF LUXEMBOURG FINAL REPORT OF THE LIQUIDATOR FOR THE PERIOD FROM JANUARY 21, 2015 TO JULY 6, 2015 COMPANY: BACHE GLOBAL SERIES

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3 Bache Global Series (in liquidation) (RCS No. B ) SUB-FUND: BACHE GLOBAL SERIES ALTERNATIVE BENCHMARK COMMODITY INDEX SM FINAL REPORT OF THE LIQUIDATOR FOR THE PERIOD FROM JANUARY 21, 2015 TO JULY 6, 2015 Final Report of the Liquidator 3 Statement of Changes in Net Assets 4 Statement of Operations 5 Liquidation Opening Balance 6 Statement of Net Assets and Liabilities 8 Report of the Réviseur d`entreprises agréé on the liquidation accounts 9 Partners 10 1

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5 Bache Global Series Alternative Benchmark Commodity Index SM (in liquidation) / Final Report of the Liquidator for the period from January 21, 2015 to July 6, 2015 Final Report of the Liquidator to the shareholders of Bache Global Series (in Liquidation) 1. Purpose of the report The purpose of the final report is to inform the shareholders of Bache Global Series (in liquidation) (hereinafter referred to as the Company ) about the progress and the termination of the liquidation. 2. Legal Situation The Company was incorporated on June 26, The Extraordinary General Meeting of the Company held on January 20, 2015 appointed as Liquidator the limited liability company Oppenheim Asset Management Services S.à r.l., having its registered office at 2, Boulevard Konrad Adenauer, L-1115 Luxembourg, registered with the R.C.S. Luxembourg under number B , represented by Mr. Sascha Steinhardt, in relation to the liquidation of the Company. The Liquidator has the broadest powers as set out in articles 144 and following of the co-ordinated law on commercial companies of August 10, He can also accomplish all deeds foreseen in article 145 of the Law without the prior authorization of the shareholder s meeting in cases where it is required. 4. Contracts All existing contracts to which the Company was a party to have been terminated. 5. Conclusion The liquidator requests the shareholders to agree to: 1. The report of the auditor to the liquidation. 2. Approval of the liquidator s report and on the liquidation accounts. 3. Discharge to the liquidator and auditor to the liquidation. 4. Closing of the liquidation. 5. Determination of the place where the books and records of the Company (in liquidation) will be kept for a period of five years. 6. Delegation of powers. Luxembourg, July 6, 2015 For Bache Global Series, SICAV (in liquidation) The Liquidator, Oppenheim Asset Management Services S.à r.l., represented by Sascha Steinhardt The Liquidator is dispensed from keeping an inventory and can refer to the accounts of the Company. The Liquidator shall not receive any remuneration for his role. 3. Organization of the work After his appointment on January 20, 2015 the Liquidator immediately sought to realize all assets of the Company and to ascertain all liabilities of the Company to enable it to close the liquidation as soon as it was practicable Liquidation accounts Copies of the liquidation accounts for the period from January 21, 2015 to July 6, 2015 are attached Current assets The current assets as at July 6, 2015 for a total amount of USD ,97 included USD ,97 cash on current accounts with Sal. Oppenheim jr. & Cie. Luxembourg S.A Payment of liquidation proceeds to the shareholders Payment to the shareholders will be made on July 6,

6 Bache Global Series Alternative Benchmark Commodity Index SM (in liquidation) / Final Report of the Liquidator for the period from January 21, 2015 to July 6, 2015 THE KEY FACTS Investment Policy mainly transferable securities and money market instruments German Security code Category A Shares AIC A0MNR7 Category A Shares AIAD A0MNR9 Category B Shares BIC A0MNSD Category D Shares DIC A1H86A ISIN-Code Category A Shares AIC LU Category A Shares AIAD LU Category B Shares BIC LU Category D Shares DIC LU Fund currency USD Currency of Category Category A Shares AIC USD Category A Shares AIAD USD Category B Shares BIC EUR Category D Shares DIC GBP Date of inception Category A Shares AIC Category A Shares AIAD Category B Shares BIC Category D Shares DIC Financial year Reporting period DEVELOPMENT OF THE FUND OVER THE LAST 3 YEARS VALUES AT THE END OF THE FINANCIAL YEAR/PERIOD Financial period Total Net Assets (in USD) , , ,27 STATEMENT OF CHANGES IN NET ASSETS (IN USD) FOR THE PERIOD FROM TO Net assets at the beginning of the reporting period ,06 Subscriptions A Shares AIC Subscriptions A Shares AIA Subscriptions B Shares BIC Subscriptions D Shares DIC Redemptions A Shares AIC Redemptions A Shares AIAD Redemptions B Shares BIC Redemptions D Shares DIC Total proceeds from share transaction Neutralisation of income equalisation Net result ,18 Realized profit/loss on investments ,72 on commodity sw aps ,64 Net change in the unrealized appreciation/ depreciation on investments 106,37 on commodity sw aps ,38 Net income/loss from operations ,79 Total net assets at the end of the financial period ,27 DEVELOPMENT OF THE NAV OVER THE LAST 3 YEARS VALUES AT THE END OF THE FINANCIAL YEAR/PERIOD Financial period NAV per share AIC AIAD BIC DIC 1) (in USD) (in USD) (in EUR) (in GBP) ,57 71,56 69,40 67, , ,74 64, , ,87 59,10 1) Category D shares DIC started with first NAV calculation on

7 Bache Global Series Alternative Benchmark Commodity Index SM (in liquidation) / Final Report of the Liquidator for the period from January 21, 2015 to July 6, 2015 STATEMENT OF OPERATIONS (IN USD) FOR THE PERIOD FROM TO Income Interest on bank deposits 266,17 Income on investments Income equalisation Total income 266,17 Expenses Management fee ,06 Custodian fee -590,05 Taxe d'abonnement -78,73 Other expenses ,51 Equalisation on expenses Total expenses ,35 Net result ,18 Realized profit/loss ,36 Net change in the unrealized appreciation/depreciation ,75 Net income/loss from operations ,79 5

8 Bache Global Series Alternative Benchmark Commodity Index SM (in liquidation) / Final Report of the Liquidator for the period from January 21, 2015 to July 6, 2015 LIQUIDATION OPENING BALANCE Interest Price in Market Value %*) of Currency Quantity Securities description rate Currency (USD) net assets % Securities listed on an official stock exchange or traded in on another regulated market Bonds USD Freddie Mac , ,78 9,80 USD IBRD , ,44 34,83 USD USA Treas. Bill 99, ,60 35,38 Total bonds ,82 8 Total Securities listed on an official stock exchange or traded in on another regulated market ,82 8 Other securities Investment funds USD Short Term Inv. Co. (G.S.) PLC USD Liquidity Portfolio -I- 1, ,10 9,25 Total investment funds ,10 9,25 Total Other securities ,10 9,25 Total portfolio (at cost: USD ,24) ,92 89,26 Bank deposits ,20 18,06 Other assets Interest on bank deposits 6,44 Other assets 2.657,17 0,14 Total other assets 2.663,61 0,14 Total assets ,73 107,46 Liabilities Management fee -778,79-0,04 Custodian fee -75,72 Taxe d'abonnement -391,11-0,02 Liabilities on commodity swaps ,38-4,15 Liquidation costs ,67-3,25 Total liabilities ,67-7,46 Total net assets ,

9 Bache Global Series Alternative Benchmark Commodity Index SM (in liquidation) / Final Report of the Liquidator for the period from January 21, 2015 to July 6, 2015 LIQUIDATION OPENING BALANCE - COMMODITY SWAPS AS OF Description / Counter- Unrealized Underlying Currency Payer Receiver party Notional Gain/Loss Maturity (USD) (USD) Alternative Benchmark Commodity USD 0,70% Macquarie 1) , Index Excess Return SWAP (*2) Commodity (Macquarie Group) Customized Prod.16E Index Unrealized result on commodity swaps ,38 There is no amount on collaterals calculated. As at no collateral is hold by the fund. 1) Macquarie Bank Limited *2) Composition of the Index as of Commodity Sector Sector Corn Agriculture Grains 5,50% Soybeans Agriculture Grains 6,00% Wheat Agriculture Grains 3,10% Live Cattle Agriculture Livestock 3,30% Lean Hogs Agriculture Livestock 2,60% Coffee Agriculture Softs 2,50% Cotton Agriculture Softs 2,50% Sugar Agriculture Softs 2,50% WTI Energy Crude Oil 12,30% Brent Crude Energy Crude Oil 12,70% NaturalGas Energy Natural Gas 5,90% Heating Oil Energy Refined Products 4,00% Gas Oil Energy Refined Products 12,50% Gasoline Energy Refined Products 4,00% Aluminum Metals Industrial Metal 2,50% Copper Metals Industrial Metal 4,20% Nickel Metals Industrial Metal % Zinc Metals Industrial Metal 2,50% Gold Metals Precious Metal 8,90% Silver Metals Precious Metal 2,50% 10% *) The rounding down of the percentage in the calculation can result in marginal rounding differences. 7

10 Bache Global Series Alternative Benchmark Commodity Index SM (in liquidation) / Final Report of the Liquidator for the period from January 21, 2015 to July 6, 2015 STATEMENT OF NET ASSETS AND LIABILITIES Market Value %*) of Position (USD) net assets Total investment Portfolio Bank deposits ,97 103,37 Total assets ,97 103,37 Liabilities Taxe d`abonnement -469,84-0,03 Liabilities from liquidation costs ,86-3,34 Total Liabilities ,70-3,37 Total net assets ,27 10 Category A Shares AIC: Accumulation Institutional Investors Shares Net asset value per share (in USD) 42,73 Number of shares outstanding ,009 Category A Shares AIAD: Annual Distribution Institutional Investors Shares Net asset value per share (in USD) 7 Number of shares outstanding 0,045 Category B Shares BIC: Accumulation Institutional Investors Shares Net asset value per share (in EUR) 66,87 Number of shares outstanding 95,231 Category D Shares DIC: Accumulation Institutional Investors Shares Net asset value per share (in GBP) 59,10 Number of shares outstanding 10 All assets and liabilities not expressed in USD are converted into USD at the exchange rates: Euro EUR 0, = USD 1 British Pound EUR 0, = USD 1 *) The rounding down of the percentage in the calculation can result in marginal rounding differences. 8

11 pwc Report of the Réviseur d entreprises agréé on the liquidation accounts To the Shareholders of Bache Global Series (in liquidation) We have reviewed the accompanying final report of the liquidator and the liquidation accounts of Bache Global Series (in liquidation) dated July 6, 2015 for the period from January 21, 2015 to July 6, The liquidation accounts consist of the statement of net assets and liabilities, the statement of operations and the statement of changes in net assets. The report of the Liquidator and the liquidation accounts are the responsibility of the Liquidator. Our responsibility is to issue, based on our review, a report on these liquidation accounts and ensure that the descriptive part of the Liquidator s report is in accordance with the liquidation accounts. We do not express any opinion on the quality of the management of the Liquidator. We conducted our review in accordance with the professional standard adopted by the Commission de Surveillance du Secteur Financier applicable to liquidations. This professional standard requires that we plan and perform a review to obtain moderate assurance as to whether the liquidation accounts are free from material misstatement. Our review is limited primarily to inquiries of the Liquidator and analytical procedures applied to financial data, and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believe that: The attached liquidation accounts do not give a true and fair view ofthe liquidation transactions in conformity with the Luxembourg legal and regulatory requirements; 0 The descriptive part of the Liquidator s report is not in accordance with the liquidation accounts. PricewaterhouseCoopers, Société cooperative Luxembourg, July 6, 2015 Represented by / Carsten Brengel PricewaterhouseCoopers, Société coopérative, 2, rue Gerhard Mercator, B.P. 1443, L 1014 Luxembourg T: , F: , Cabinet de réuision agréé. Expert-comptable (autorisation gouvernementale n 1o028256) R.C.S. Luxembourg B TVA LU

12 Bache Global Series Alternative Benchmark Commodity Index SM (in liquidation) / Final Report of the Liquidator for the period from January 21, 2015 to July 6, 2015 Partners COMPANY: Bache Global Series (in liquidation) c/o Oppenheim Asset Management Services S.à r.l. 2, Boulevard Konrad Adenauer L-1115 Luxembourg 10

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14 Bache Global Series Société d investissement à capital variable 2, Boulevard Konrad Adenauer 1115 Luxembourg Luxembourg Phone Fax