ESPA BOND USA-HIGH YIELD
Mutual Fund pursuant to § 20 InvFG
Annual Report 2010/11 Financial Year 2010/11
Contents
General Information about the Investment Firm...... 2 Development of the Fund...... 3 Asset Allocation...... 4 Comparative Overview (in EUR)...... 4 Dividend Disbursement/Payment...... 5 Income Statement and Changes in Fund Assets ...... 6
1. Value Development over the Financial Year (Fund Performance)...... 6 2. Fund Result...... 6 3. Changes in Fund Assets...... 7 4. Source of the Fund Result...... 8 5. Use of the Fund Result...... 8 Fund Portfolio as of 31 July 2011 ...... 9 Unqualified Auditor’s Opinion...... 29 Fund Terms and Conditions...... 31
General Terms and Conditions...... 31 Special Fund Terms and Conditions...... 33 Annex to the Special Fund Terms and Conditions...... 38
2 ESPA BOND USA-HIGH YIELD General Information about the Investment Firm
The company ERSTE-SPARINVEST Kapitalanlagegesellschaft m. b. H. Habsburgergasse 1a, A-1010 Vienna Telephone: +43 05 0100-19881, Fax: +43 05 0100-17102
Nominal capital EUR 4.50 million
Shareholders Erste Asset Management GmbH (81.42%) DekaBank Deutsche Girozentrale (2.87%) Kärntner Sparkasse Aktiengesellschaft (2.87%) NÖ-Sparkassen Beteiligungsgesellschaft m. b. H. (1.37%) Salzburger Sparkasse Bank Aktiengesellschaft (2.87%) Sieben Tiroler Sparkassen Beteiligungsgesellschaft m. b. H. (2.87%) Steiermärkische Bank und Sparkassen Aktiengesellschaft (5.73%)
Supervisory Board Wolfgang TRAINDL, Mag. (Chairman) Gerhard FABISCH, Mag. Dr. (Deputy Chairman) Wilhelm SCHULTZE, DI (Deputy Chairman) Christian AICHINGER, Dr. Alois HOCHEGGER, Mag. (until 23.2.2011) Michael MALZER, Mag. Dr. (until 23.2.2011) Birte QUITT, Dipl. BW. (FH) (from 24.2.2011) Franz RATZ Gabriele SEMMELROCK-WERZER (from 24.2.2011) Reinhard WALTL, Mag. (from 7.9.2010) Appointed by the Works Council: Regina HABERHAUER, Mag. (FH) Dieter KERSCHBAUM, Mag. Gerhard RAMBERGER, Mag. Herbert STEINDORFER
Managing directors Heinz BEDNAR, Mag. Harald GASSER, Mag. Franz GSCHIEGL, Dr.
Prokuristen (proxies) Achim ARNHOF, Mag. (from 24.2.2011) Winfried BUCHBAUER, Mag. Harald EGGER, Mag. Oskar ENTMAYR Dietmar JAROSCH, Dr. Günther MANDL Christian SCHÖN Paul A. SEVERIN, Mag. Jürgen SINGER, Mag.
State commissioners Erwin GRUBER Michael MANHARD, HR Dr.
Auditor ERNST & YOUNG WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT MBH
Custodian bank Erste Group Bank AG
2 Financial Year 2010/11
Dear Shareholder,
We are pleased to present you the following annual report for the ESPA BOND USA-HIGH YIELD mutual fund pursuant to § 20 InvFG for the period from 1 August 2010 to 31 July 2011.
Development of the Fund
High-yield bonds achieved a good performance over the past 12 months, with a total return of 12.85% (as of 31 July 2011, benchmark: Merrill Lynch High Yield Master II Constrained Index, Euro-hedged). Returns on the high-yield market improved by an additional 123 bp and ended the period at 7.12%. The spreads, which widened by 106 bp compared to the previous financial year to reach +579 bp, are still more than 300 bp above their historical low, which in turn leaves room for further spread narrowing. All sectors in the high-yield segment posted positive returns in the reporting period thanks to industries with higher beta such as technology, gambling and chemicals, which drove the market even higher. A number of defensive sectors also saw positive developments in the reporting period, for example, the food and energy sectors. Financials continued their strong performance.
Following a record of USD 46 billion in issues in May, activity on the primary market slowed considerably in May. Numerous issuers even withdrew their offers because buyers were demanding higher spreads in order to conclude contracts. Despite the latest decline, the high-yield market has already seen 425 new issues worth USD 200 billion this year. This is even more than the record high from the previous year, which set a fast pace in terms of the dollar volume and the number of contracts. The demand for high-yield bonds remained stable in 2011, but took a drastically negative turn in June, when risk appetite waned among investors. According to Lipper, domestic high-yield retail funds lost more than USD 6 billion in one month, including a record outflow of USD 3.4 billion in one week. Demand returned in July when market sentiment improved again. For the year as a whole, high yields saw net inflows of USD 3.7 billion.
During the reporting period (31 July 2010–31 July 2011), ESPA BOND USA-HIGH YIELD was 68 bp worse than its benchmark, Merrill Lynch High Yield Master II Constrained Index, Euro-hedged. An average cash position of 4% cost the portfolio nearly 55 bp when the high-yield market recovered. The negative effects on performance were the result of an overweight position in the media and entertainment sector (-19 bp) and an underweight position in financials (-15 bp), accompanied by an FX position in the portfolio (-10 bp). At the same time, the underweighting of the building materials and construction sector and the overweighting of the gambling sector made up for part of the losses resulting from other sectors, at +10 bp and + 3 bp, respectively. Individual overweighted issuers that made a positive contribution to the performance of the portfolio included Texas Energy Future Holdings (electronics), Fortescue Metals Group (metals), Univision Communications (media/entertainment) and Freescale Holdings (technology). Issuers that had a negative influence on the portfolio included Dex One Corporation (media), Opti Canada Inc. (energy) and First Data Holdings (technology). Due to the current higher spread levels, we believe that high-yield bonds are now more attractive than they were at the beginning of the year, especially since the fundamental data have remained stable. Corporate turnover continues to grow in a number of industries. Many issuers did indeed improve their liquidity, extend their terms and lower their interest expenditures. This should lead to less credit defaults, even if economic growth slows down.
The markets were extremely volatile recently. In the US, the problem of agreeing to a higher debt ceiling, the debate about the deficit and the rating downgrade for US Treasuries to AA+ on 5 August 2011 by S&P were the main factors that raised concerns about a double dip and led to increased risk aversion among investors. We believe that the fundamental data in lending business for the fixed income market will remain in good condition. The wider spreads currently being traded on the market offer a good opportunity to add these to the preferred issuers and structures. Our general strategy has not changed. We continue to favour global bonds that profit from growth in Asia and the emerging markets. We prefer shorter-term issues and issues with a stable B and low BB rating over issues with better ratings and longer-term bonds that could be subject to interest rate risk. Our focus is on issuers that can profit from secular, non-cyclical growth, and we avoid LBOs with excessively high leverage.
3 ESPA BOND USA-HIGH YIELD Asset Allocation
31 July 2011 31 July 2010 EUR millions % EUR millions % Equities denominated in USD 0.0 0.01 0.1 0.21 Bonds denominated in GBP 1.5 1.47 - - EUR 7.6 7.39 4.6 6.73 USD* 87.8 85.36 58.8 86.02 Securities 97.0 94.23 63.5 92.96 Forward exchange agreements - 0.6 - 0.58 0.1 0.10 Cash in banks 4.5 4.36 3.4 4.99 Interest entitlements 2.0 1.99 1.3 1.95 Other deferred items - 0.0 - 0.00 - - Fund assets 102.9 100.00 68.4 100.00
* See also the footnotes under Fund Portfolio.
Comparative Overview (in EUR)
Financial year Fund assets Value change in per cent 1) 2005/06 118,456,439.47 + 0.93 2006/07 135,584,606.02 + 3.54 2) 2007/08 104,120,778.83 + 1.43 2008/09 100,648,731.72 - 3.70 2009/10 68,354,449.51 + 21.49 2010/11 102,892,794.00 + 10.93 2)
Financial year Dividend shares Non-dividend shares KESt-exempt non-dividend shares Calculated Dividend Calculated Reinvested Payout Calculated Reinvested value per disbursement value per earnings pursuant to value per KESt-exempt share share § 13 InvFG share earnings 2005/06 104.26 7.00 114.63 5.81 1.89 - - 2006/07 100.94 7.10 116.80 6.25 1.97 - - 2007/08 95.46 7.10 116.55 6.61 2.06 - - 2008/09 83.11 7.30 109.68 7.25 2.38 - - 2009/10 3) 92.85 6.00 130.60 6.04 2.40 130.60 8.44 2010/11 95.74 6.30 142.34 62.67 2.15 144.89 65.80
1) Assuming the reinvestment of all paid dividends at their nominal value on the day of disbursement. 2) The changes in the value of non-dividend shares and KESt-exempt non-dividend shares vary slightly from those of dividend shares because of rounding effects. 3) Starting on 25 May 2010, KESt-exempt non-dividend shares were issued for ESPA BOND USA-HIGH YIELD. The calculation of the changes in value is based on the value of the non-dividend shares at the beginning of the financial year and the payout made for these shares.
4 Financial Year 2010/11
Disbursement/Payment
A dividend of EUR 6.30 per share was paid for the dividend shares for the financial year 2010/11, or a total of EUR 588,086.86 for 93,347 dividend shares.
The coupon-paying bank is obligated to withhold capital gains tax in the amount of EUR 1.44 per share if the respective investor is not exempt from the payment of this tax. This dividend payment will be effected and credited on Wednesday, 2 November 2011, at
Erste Bank der oesterreichischen Sparkassen AG, Vienna, and all of its branches and the respective bank managing the Shareholder’s securities account.
An amount of EUR 62.67 per share will be reinvested for the non-dividend shares for the financial year 2010/11, which represents a total of EUR 41,267,591.52 for 658,528 non-dividend shares.
Pursuant to § 13 of the Austrian Investment Fund Act (InvFG), the applicable capital gains tax on the profit for the non- dividend shares in the amount of EUR 2.15 per share must be paid out. This amounts to a total of EUR 1,415,835.69 for 658,528 non-dividend shares. This payment will also be effected on Wednesday, 2 November 2011.
Pursuant to the penultimate sentence of § 13 of the Austrian Investment Fund Act, no capital gains tax will be paid for KESt-exempt non-dividend shares. An amount of EUR 65.80 per share will be reinvested for the KESt-exempt non- dividend shares for the financial year 2010/11, which represents a total of EUR 99,894.77 for 1,518 KESt-exempt non-dividend shares.
5 ESPA BOND USA-HIGH YIELD
Income Statement and Changes in Fund Assets 1. Value Development over the Financial Year (Fund Performance)
Calculated according to the OeKB method: per share in the fund Dividend Non-dividend KESt-exempt non- currency (EUR) not including the issue premium shares shares dividend shares Share value at the beginning of the reporting period 92.85 130.60 130.60 Disbursement on 02.11.2010 (corresponds to roughly 0.0659 shares) 1) 6.00 Subsequent disbursement on 05.11.2010 (corresponds to roughly 0.0093 shares) 2) 0.84 Payment on 02.11.2010 (corresponds to roughly 0.0179 shares) 1) 2.40 Share value at the end of the reporting period 95.74 142.34 144.89 Total value including (notional) shares gained through dividend disbursement/payment 103.00 144.89 144.89
Net earnings per share 10.15 14.29 14.29 Value development of one share in the period 3) 10.93 % 10.94 % 10.94 %
2. Fund Result
a. Realised fund result Ordinary fund result Income (without profit or loss from price changes) Interest income (excluding income adjustment) 6,408,530.24 Dividend income 17,948.54 Other income 4) 739.56 Total income (without profit or loss from price changes) 6,427,218.34 Interest paid - 1,787.33 Expenses Fees paid to Investment Firm - 884,231.36 Costs for the financial auditor - 14,131.72 Publication costs - 8,809.68 Securities account fees - 18,885.31 Custodian bank fees - 70,829.71 Costs for the external consultant 0.00 Total expenses - 996,887.78 Compensation for management costs from sub-funds 5) 0.00 Ordinary fund result (excluding income adjustment) 5,428,543.23 Realised profit or loss from price changes 6) 7) Realised gains 8) 21,035,149.21 Realised losses 9) - 10,518,840.40 Realised profit or loss from price changes (excluding income adjustment) 10,516,308.81 Realised fund result (excluding income adjustment) 15,944,852.04
6 Financial Year 2010/11
Carryover: realised fund result (excluding income adjustment) 15,944,852.04 b. Unrealised profit or loss from price changes 6) 7) Changes in the unrealised profit or loss from price changes - 7,441,345.66 Result for the reporting period 8,503,506.38 c. Income adjustment Income adjustment for income in the period 3,453,942.73 Income adjustment for profit carried forward from dividend shares 6,432.09 Overall fund result 11,963,881.20
3. Changes in Fund Assets
Fund assets at the beginning of the reporting period 10) 68,354,449.51 Disbursement/payment Disbursement (for dividend shares) on 02.11.2010 - 511,902.00 Subsequent disbursement (for dividend shares) on 05.11.2010 - 72,198.68 Payment (for non-dividend shares) on 02.11.2010 - 909,220.80 - 1,493,321.48 Issue and return of shares 24,067,784.77 Overall fund result (The fund result is shown in detail under 2) 11,963,881.20 Fund assets at the end of the reporting period 11) 102,892,794.00
7 ESPA BOND USA-HIGH YIELD
4. Source of the Fund Result
Realised fund result 12) 15,945,192.17 Income adjustment for income in the period 3,453,942.73 Income adjustment for profit carried forward from dividend shares 6,432.09 Profit carried forward from prior year 16,977,937.95 Subsequent disbursement (for dividend shares) on 05.11.2010 - 72,198.68 Costs and losses covered by fund assets 10,518,840.40 Distributable/retainable fund result 46,830,146.66
5. Use of the Fund Result
Disbursement on 02.11.2011 for 93,347 dividend shares at EUR 6.30 each 588,086.86 Reinvestment for 93,347 dividend shares at EUR 0.00 each 0.00
Payment on 02.11.2011 for 658,528 non-dividend shares at EUR 2.15 each 1,415,835.69 Reinvestment for 658,528 non-dividend shares at EUR 62.67 each 41,267,591.52
Reinvestment for 1,518 KESt-exempt non-dividend shares at EUR 65.80 each 99,894.77 Profit carried forward for dividend shares 3,458,737.82 Total use 46,830,146.66
1) Calculated value on 28.10.2010 (ex-date): One dividend share EUR 90.97, one non-dividend share EUR 134.00. 2) Calculated value on 05.11.2010 (ex-date): One dividend share EUR 90.69. 3) The changes in the value of non-dividend shares and KESt-exempt non-dividend shares vary slightly from those of dividend shares because of rounding effects. 4) The earnings reported under this item can be attributed entirely to lending fees from securities lending transactions. 5) Reimbursements (in the sense of commissions) paid by third parties are forwarded to the Investment Fund after deduction of any associated costs. Erste Bank der oesterreichischen Sparkassen AG receives 20% of the calculated commissions to cover administrative costs. 6) Realised profits and losses are not calculated precisely for the specific periods, which means that they, as is the case for the changes in the unrealised profit or loss, are not necessarily congruent with the changes in the value of the fund in the reporting period. 7) Total profit or loss from price changes without income adjustment (realised profit or loss from price changes, without income adjustment, plus changes in the unrealised profit or loss): EUR 3,074,963.20. 8) Thereof profits from transactions with derivative financial instruments: EUR 768,534.49. 9) Thereof losses from transactions with derivative financial instruments: EUR -8,185,711.18. 10) Shares outstanding at the beginning of the reporting period: 82,039 dividend shares, 464,997 non-dividend shares and 85 KESt- exempt non-dividend shares. 11) Shares outstanding at the end of the reporting period: 93,347 dividend shares, 658,528 non-dividend shares and 1,518 KESt-exempt non-dividend shares. 12) Excluding cost allocation to dividend-equivalent earnings of foreign sub-funds and to unrealised earnings from index certificates.
8 Financial Year 2010/11 Fund Portfolio as of 31 July 2011 (including changes in securities assets from 1 August 2010 to 31 July 2011)
Security designation ISIN Interest Purch./ Sales/ Holding Price Value % share number rate additions disposals in EUR of Shares/nominal (nom. in 1,000, rounded) fund assets
Publicly traded securities
Equities denominated in USD
Issue country USA
DEX ONE CORP. DL-.001 US25212W1009 0 0 10,190 2.020000 14,324.15 0.01 Total 14,324.15 0.01 Total equities denominated in USD translated at a rate of 1.437000 14,324.15 0.01
Bonds denominated in GBP
Issue country Great Britain
CROWN NEWCO 3 11/18 REGS XS0586885500 7.000000 1,050 0 1,050 98.000000 1,175,437.13 1.14 CROWN NEWCO 3 11/19 REGS XS0586899121 8.875000 300 0 300 99.000000 339,266.11 0.33 Total 1,514,703.24 1.47 Total bonds denominated in GBP translated at a rate of 0.875419 1,514,703.24 1.47
Bonds denominated in EUR
Issue country Netherlands
ELSTER FINANCE 11/18REGS XS0617027502 6.250000 175 0 175 98.750000 172,812.50 0.17 NXP B.V./FUND. 07/13 FLR XS0298436436 4.355000 975 0 975 99.850000 755,290.83 0.73 NXP B.V./FUND. 07/15 XS0298437087 8.625000 0 0 350 104.000000 364,000.00 0.35 REFRESCO GROUP 11/18 REGS XS0626347743 7.375000 375 0 375 101.500000 380,625.00 0.37 Total 1,672,728.33 1.63
Issue country USA
LBI ESCROW 2017 144A XS0498579183 8.000000 0 0 175 109.250000 191,187.50 0.19 SPRINGLEAF FIN. 05/13 XS0229541213 3.250000 650 0 650 94.190000 612,235.00 0.60 Total 803,422.50 0.78 Total bonds denominated in EUR 2,476,150.83 2.41
Bonds denominated in USD
Issue country Bermuda
INTELSAT BERMUDA 10/17 US458204AH70 11.250000 0 0 325 107.250000 242,562.63 0.24 INTELSAT BERMUDA2017 144A US458204AF15 11.500000 675 0 675 107.875000 506,719.73 0.49 Total 749,282.36 0.73
Issue country Cayman Islands
SEAGATE HDD CAYMAN 2018 US81180WAB72 7.750000 550 400 150 105.500000 110,125.26 0.11 Total 110,125.26 0.11
9 ESPA BOND USA-HIGH YIELD
Security designation ISIN Interest Purch./ Sales/ Holding Price Value % share number rate additions disposals in EUR of Shares/nominal (nom. in 1,000, rounded) fund assets
Issue country Germany
UPC GERM.GMBH 09/17 144A US90320RAA23 8.125000 500 300 200 107.500000 149,617.26 0.15 Total 149,617.26 0.15
Issue country France
CGG VERITAS SA 07/17 US204386AK24 7.750000 0 0 200 104.250000 145,093.95 0.14 RHODIA S.A. 2020 144A US762397AS61 6.875000 475 0 475 117.500000 388,395.96 0.38 Total 533,489.91 0.52
Issue country Great Britain
VIRGIN MED.FI. 2016 US92769VAA70 9.500000 175 100 75 113.125000 59,042.28 0.06 Total 59,042.28 0.06
Issue country Canada
CASCADES 10/17 US146900AG04 7.750000 300 0 600 104.000000 434,238.00 0.42 NOVA CHEMICALS 09/16 US66977WAK53 8.375000 0 0 525 111.000000 405,532.36 0.39 NOVELIS 11/20 US67000XAM83 8.750000 1,500 700 800 110.000000 612,386.92 0.60 NOVELIS INC. 11/17 US67000XAL01 8.375000 200 100 100 108.750000 75,678.50 0.07 PRECISION DRILL.11/20 US740212AC92 6.625000 250 0 250 103.750000 180,497.56 0.18 PRECISION DRILL.2021 144A US740212AD75 6.500000 75 0 75 102.250000 53,366.39 0.05 QUEBECOR MEDIA 06/16 US74819RAG11 7.750000 160 75 85 103.500000 61,221.29 0.06 THOMPSON CR.MET. 2018 US884768AA07 7.375000 175 0 175 98.563000 120,031.49 0.12 VALEANT PHARM.INTL 2016 US91911XAR52 6.500000 250 0 250 98.250000 170,929.02 0.17 VIDEOTRON 2018 US92658TAM09 9.125000 520 200 575 112.250000 449,156.23 0.44 Total 2,563,037.76 2.49
Issue country Luxembourg
CALCIPAR 2018 144A US128690AA28 6.875000 400 0 400 100.750000 280,445.37 0.27 CONVATEC HEAL. 2018 144A US21244WAA99 10.500000 650 0 650 102.500000 463,639.53 0.45 INTELSAT JACKSON HD. 2019 US45824TAD72 7.250000 700 250 450 101.375000 317,458.25 0.31 INTELSAT JACKSON HD. 2021 US45824TAF21 7.500000 500 0 500 101.750000 354,036.19 0.34 Total 1,415,579.34 1.38
Issue country Netherlands
NXP B.V./FUND. 07/15 US62947QAG38 9.500000 500 0 500 105.875000 368,389.00 0.36 NXP B.V./FUND. 2018 144A US62947QAK40 9.750000 200 0 200 112.750000 156,924.15 0.15 SENSATA TECH. 2019 144A US81725WAF05 6.500000 850 700 150 101.000000 105,427.97 0.10 Total 630,741.12 0.61
Issue country Sweden
STENA AB 2016 US858577AP47 7.000000 0 0 500 98.750000 343,597.77 0.33 Total 343,597.77 0.33
10 Financial Year 2010/11
Security designation ISIN Interest Purch./ Sales/ Holding Price Value % share number rate additions disposals in EUR of Shares/nominal (nom. in 1,000, rounded) fund assets
Issue country Singapore
SEAGATE TECHNOL.2014 144A US81180VAA17 10.000000 725 40 685 115.750000 551,765.83 0.54 Total 551,765.83 0.54
Issue country USA
ACADEMY LTD./FIN2019 144A US004010AA24 9.250000 200 0 200 100.000000 139,178.84 0.14 ACCELENT 10/17 US00430XAD93 8.375000 475 100 375 104.000000 271,398.75 0.26 ACE CASH EXPRESS 2019 US004403AF81 11.000000 375 0 375 100.500000 262,265.14 0.25 ACTUANT 08/17 US00508XAD66 6.875000 0 150 250 102.000000 177,453.03 0.17 ADV.MICRO DEVIC 10/17 US007903AR85 8.125000 1,050 525 525 106.500000 389,091.86 0.38 AEP INDUSTR. 2019 144A US001031AG86 8.250000 225 0 225 101.000000 158,141.96 0.15 AES CORP. 08/15 US00130HBL87 7.750000 338 0 838 108.250000 631,270.01 0.61 AES CORP. 2021 144A US00130HBR57 7.375000 150 0 150 104.250000 108,820.46 0.11 ALERIS INTL INC. 06/14 US014477AD59 0.000000 0 0 200 0.010000 13.92 0.00 ALLIANCE HEALTH.SVCS10/16 US018606AL70 8.000000 815 125 690 94.500000 453,757.83 0.44 ALTRA HLDGS 09/16 US02208RAB24 8.125000 380 0 380 107.875000 285,264.44 0.28 AMC ENTERTAINM. 2020 144A US00165AAC27 9.750000 1,175 300 875 102.000000 621,085.59 0.60 AMC NETWORKS 2021 144A US00164VAA17 7.750000 350 0 350 105.500000 256,958.94 0.25 AMER.AXLE+MFG 2017 144A US02406PAG54 9.250000 0 118 57 110.375000 43,781.32 0.04 AMSTED IND. 2018 144A US032177AD96 8.125000 0 0 200 105.000000 146,137.79 0.14 APRIA HEALTHCARE 10/14 US037933AG30 12.375000 525 0 525 100.750000 368,084.55 0.36 APRIA HEALTHCARE 10/14 US037933AE81 11.250000 750 650 100 103.000000 71,677.11 0.07 AQUILEX HLDGS 10/16 US03841XAB01 11.125000 311 0 311 96.250000 208,307.24 0.20 ARAMARK CORP. 07/15 US038521AD21 8.500000 300 0 500 104.000000 361,865.00 0.35 ARAMARK HOLDINGS 2016 US03852UAA43 8.625000 150 50 100 103.000000 71,677.11 0.07 ARCH COAL 2019 144A US039380AD29 7.000000 250 0 250 104.750000 182,237.30 0.18 ARCH COAL 2021 144A US039380AF76 7.250000 250 0 250 105.125000 182,889.70 0.18 ASHTEAD CAP. 2016 144A US045054AA16 9.000000 500 350 805 104.625000 586,103.86 0.57 AVAYA 2019 144A US053499AG41 7.000000 500 250 250 97.750000 170,059.15 0.17 BAC CAPITAL TRUST VI SECS US05518F2092 5.625000 0 0 250 85.875000 149,399.79 0.15 BANKAMER. CAPITAL II 2026 US066048AA78 8.000000 0 0 225 101.000000 158,141.96 0.15 BE AEROSPACE 2018 US055381AQ03 8.500000 75 175 400 110.750000 308,281.14 0.30 BERRY PLASTICS 11/21 US085790AW31 9.750000 200 0 200 100.875000 140,396.66 0.14 BI-LO LLC/FIN. 2019 144 US088611AA61 9.250000 575 0 575 102.438000 409,894.57 0.40 BIOMET 08/17 US090613AD21 10.375000 475 650 550 109.625000 419,580.72 0.41 BLUE MERGER SUB 2019 144A US095699AA20 7.625000 550 0 550 103.000000 394,224.08 0.38 BRIGHTSTAR COR. 2016 144A US109478AA59 9.500000 950 50 900 107.500000 673,277.66 0.65 BUILDG MAT. AM. 2018 144A US120111BK49 6.875000 450 0 450 103.500000 324,112.73 0.32 BUILDG MAT. AM. 2020 144A US120111BH10 7.000000 100 0 100 105.250000 73,242.87 0.07 BUMBLE B.ACQUIS.2017 144A US120462AA47 9.000000 550 75 475 101.250000 334,681.63 0.33 BURLINGTON COAT FACT 2019 US121579AF32 10.000000 475 0 475 100.250000 331,376.13 0.32 BWAY HLDG 11/18 US12429TAB08 10.000000 200 0 200 110.500000 153,792.62 0.15 CABLEVISION SYST. 2020 US12686CBA62 8.000000 0 150 175 109.750000 133,655.18 0.13 CABLEVISION SYST.10/17 US12686CAY57 8.625000 475 150 325 110.875000 250,761.13 0.24 CAESARS ENTMT OP 10/17 US413627BL36 11.250000 675 250 425 110.000000 325,330.55 0.32 CAESARS ENTMT OP 10/18 US413627BD10 10.000000 0 0 196 89.000000 121,391.79 0.12 CALPINE 2021 144A US131347BW55 7.500000 525 0 525 103.750000 379,044.89 0.37 CAPELLA HEALTH. 2017 144A US13959RAA23 9.250000 125 150 135 106.000000 99,582.46 0.10 CARROLS 05/13 US145749AC13 9.000000 0 0 250 100.374001 174,624.22 0.17 CCH II 09/16 US12502CAS08 13.500000 0 0 513 118.250000 422,501.41 0.41
11 ESPA BOND USA-HIGH YIELD
Security designation ISIN Interest Purch./ Sales/ Holding Price Value % share number rate additions disposals in EUR of Shares/nominal (nom. in 1,000, rounded) fund assets
CCM MERGER 2035 144A US14985VAA98 8.000000 0 0 1,000 99.500000 692,414.75 0.67 CDW 10/17 US12513GAJ85 12.535000 615 150 465 108.000000 349,478.08 0.34 CDW 10/15 US12513GAC33 11.000000 875 849 26 106.250000 19,224.08 0.02 CEASARS ENTERT. 11/18 US12768RAA59 12.750000 400 75 325 101.500000 229,558.11 0.22 CEDAR F./MAGNUM M.11/18 US150191AC81 9.125000 200 0 200 109.125000 151,878.91 0.15 CENGAGE LEARN. 2015 144A US87255MAA80 10.500000 500 50 450 91.500000 286,534.45 0.28 CEQUEL COMM. 2017 144A US15672WAA27 8.625000 550 400 550 106.500000 407,620.04 0.40 CHAR.COM.OPERAT.2012 144A US161175AA23 8.000000 750 1,025 455 104.625000 331,276.10 0.32 CIT GROUP INC. NEW 09/14 US125581FU76 7.000000 1,850 200 1,650 101.375000 649,137.63 0.63 CIT GROUP INC.NEW 2015 US125581FY98 7.000000 200 0 200 100.875000 140,396.66 0.14 CIT GROUP INC.NEW 2017 US125581GA04 7.000000 1,550 0 1,550 100.500000 1,084,029.23 1.05 CITIGROUP CAP. XIII 7.875 US1730802014 1) 7.875000 6 0 6 27.070000 113,004.31 0.11 CLAYTON WILL.EN.2019 144A US969490AD32 7.750000 350 100 250 98.250000 170,929.02 0.17 CLEAN HARBORS 2016 144A US184496AG21 7.625000 450 0 450 106.813000 334,487.47 0.33 CLEAR CHANNEL 09/16 US184502BB76 10.750000 250 475 225 89.500000 140,135.70 0.14 CLEARWIRE COMM. 2015 144A US18538TAA79 12.000000 890 100 790 103.500000 568,997.91 0.55 CLEARWIRE ESCRO 2015 144A US18538AAA88 12.000000 250 0 250 103.625000 180,280.10 0.18 COLUMBUS MCKINNON 11/19 US199333AJ49 7.875000 715 0 715 104.000000 517,466.95 0.50 COMMSCOPE 2019 144A US203372AH01 8.250000 1,050 525 525 104.750000 382,698.33 0.37 COMMUNITY CH.FIN.2019 US20367QAA58 10.750000 200 0 200 103.000000 143,354.21 0.14 CORELOGIC 2021 144A US21871DAA19 7.250000 475 0 475 91.688000 303,074.46 0.29 COVANTA HLDG 2020 US22282EAD40 7.250000 550 0 550 107.614998 411,887.61 0.40 CROWN MEDIA HLDGS 2019 US228411AC89 10.500000 250 0 250 103.500000 180,062.63 0.18 CSC HLDGS LLC 09/14 US126307AA50 8.500000 700 300 400 111.750000 311,064.72 0.30 DANA HOLDING 2019 US235825AA45 6.500000 250 0 250 101.812000 177,125.96 0.17 DARLING INTL 11/18 US237266AD36 8.500000 250 0 250 110.625000 192,458.25 0.19 DAVE + BUSTER'S 10/18 US23833NAG97 11.000000 200 0 200 109.750000 152,748.78 0.15 DELPHI 2019 144A US24713EAA55 5.875000 100 0 100 101.250000 70,459.29 0.07 DELPHI 2021 144A US24713EAD94 6.125000 75 0 75 100.000000 52,192.07 0.05 DENBURY RESOURCES 2020 US24823UAG31 8.250000 300 0 300 111.250000 232,254.70 0.23 DENBURY RESOURCES 2021 US247916AC30 6.375000 300 0 300 103.500000 216,075.16 0.21 DINEEQUITY 11/18 US254423AB25 9.500000 75 0 75 110.000000 57,411.27 0.06 DISH DBS 06/13 US27876GBF46 7.000000 1,000 0 1,000 107.750000 749,826.03 0.73 DIVERSEY 10/19 US255100AA72 8.250000 425 0 425 117.500000 347,512.18 0.34 DOMTAR 2017 US257559AG94 10.750000 125 0 125 129.250000 112,430.41 0.11 DUCOMMUN 2018 144A US264147AB52 9.750000 360 0 360 102.875000 257,724.43 0.25 DUPONT FABROS TECHN.10/17 US26613TAC45 8.500000 250 250 275 110.000000 210,508.00 0.20 DYCOM INVEST. 2021 144A US267482AD98 7.125000 325 0 325 102.500000 231,819.76 0.23 ENDO PHARMACEUT.HD. 2019 US29264FAF36 7.000000 125 0 125 104.750000 91,118.65 0.09 ENDO PHARMACEUT.HD.2022 US29264FAH91 7.250000 125 0 125 105.250000 91,553.58 0.09 ENERGY FUTURE HLDGS 2019 US292680AF29 9.750000 0 525 575 102.525002 410,242.70 0.40 ENERGY TRNSFR EQ. 2020 US29273VAC46 7.500000 225 0 225 107.500000 168,319.42 0.16 ESTERLINE TECHS 11/20 US297425AH34 7.000000 400 0 400 106.250000 295,755.05 0.29 ESTERLINE TECHS 2017 US297425AF77 6.625000 0 0 250 104.000000 180,932.50 0.18 EXAMWORKS GRP 2019 144A US30066AAA34 9.000000 125 0 125 100.000000 86,986.78 0.08 FELCOR ESCROW 2019 144A US31430YAA82 6.750000 125 0 125 98.188000 85,410.58 0.08 FELCOR LODG. 10/14 US31430QBA40 10.000000 425 326 99 113.000000 77,849.69 0.08 FERRELLGAS PART. 2020 US315295AE59 8.625000 425 220 405 105.750000 298,042.80 0.29 FIRST DATA 2015 US319963AP91 9.875000 1,000 984 16 101.750000 11,329.16 0.01 FIRST DATA 2021 144A US319963BA14 12.625000 917 50 867 106.625000 643,311.59 0.63 FOREST OIL 09/14 US346091BE00 8.500000 200 0 200 109.000000 151,704.94 0.15 FOREST OIL CORP.08/19 US346091AZ48 7.250000 350 0 350 103.250000 251,478.78 0.24
12 Financial Year 2010/11
Security designation ISIN Interest Purch./ Sales/ Holding Price Value % share number rate additions disposals in EUR of Shares/nominal (nom. in 1,000, rounded) fund assets
FOUND.PENNS.CL. 2014 US350472AC04 7.250000 400 0 400 101.585579 282,771.27 0.27 FREESCALE SEMICO. 2018 US35687MAT45 9.250000 500 0 700 109.500000 533,402.92 0.52 FREESCALE SEMICO. 2020 US35687MAW73 8.050000 745 375 370 101.250000 260,699.37 0.25 FREESCALE SEMICO.07/16 US35687MAP23 10.125000 650 350 300 107.250000 223,903.97 0.22 FRONTIER COMMUNICTS 10/20 US35906AAH14 8.500000 100 0 100 110.125000 76,635.35 0.07 FRONTIER COMMUNICTS 2022 US35906AAK43 8.750000 200 0 200 110.375000 153,618.65 0.15 GENON MID-ATLANTIC 00/12A US60467MAA99 8.625000 0 0 175 102.000000 10,615.37 0.01 GENON MID-ATLANTIC 01/17B US60467MAB72 9.125000 200 0 800 108.500000 540,204.70 0.53 GIANT FUNDING 2018 144A US374500AA44 8.250000 400 0 400 105.250000 292,971.47 0.28 GLATFELTER 06/16 US377316AH77 7.125000 300 0 300 103.250000 215,553.24 0.21 GMAC INC 08/12 US36186CBT99 6.625000 0 0 600 102.815000 429,290.19 0.42 GMAC INC 08/14 US36186CBW29 6.750000 0 0 375 105.000000 274,008.35 0.27 GOODMAN NETWRK.2018 144A US38239HAA32 12.125000 325 0 325 102.438000 231,679.54 0.23 GRAPHIC PACKAG. 09/17 US38869PAF18 9.500000 155 0 155 110.500000 119,189.28 0.12 GRAPHIC PACKAG. 2018 US38869PAH73 7.875000 75 0 75 109.250000 57,019.83 0.06 GREIF INC. 07/17 US397624AE75 6.750000 0 0 475 106.000000 350,382.74 0.34 GRIFFON 2018 144A US398433AE25 7.125000 175 0 175 100.375000 122,238.17 0.12 HAWKER BEECHCR. 2015 US420122AB91 8.500000 0 0 150 75.500000 78,810.02 0.08 HCA INC. 2013 US404119AH29 6.750000 200 0 200 104.375000 145,267.92 0.14 HCA INC. 2095 US197677AH07 7.500000 0 0 850 81.250000 480,601.95 0.47 HCA INC. 10/19 US404119BF53 8.500000 100 0 100 110.125000 76,635.35 0.07 HCA INC. 10/20 US404119BK49 7.250000 850 0 850 106.000000 627,000.70 0.61 HCA INC. 2014 MTN US19767QAK13 9.000000 150 0 425 108.500000 320,894.22 0.31 HCA INC. 2015 US404119AP45 6.375000 525 0 525 102.375000 374,021.40 0.36 HEALTHSOUTH CO. 2018 US421924BH35 7.250000 575 350 225 104.750000 164,013.57 0.16 HEALTHSOUTH CO. 2022 US421924BJ90 7.750000 450 100 350 106.250000 258,785.66 0.25 HERTZ CORP. 2019 144A US428040CH04 6.750000 550 0 550 100.438000 384,418.23 0.37 HEXION US F. 10/18 US428303AJ06 8.875000 325 225 100 106.500000 74,112.73 0.07 HOST H+R LP 11/20 US44107TAK25 6.000000 725 0 725 102.125000 515,244.43 0.50 HOST H+R LP 2015 US44108EAY41 6.375000 525 425 200 102.000000 141,962.42 0.14 HOST H+R LP 2019 144A US44107TAL08 5.875000 275 0 275 102.063000 195,318.89 0.19 HOVNANIAN K ENTERP. 2015 US442488BK75 11.875000 150 0 150 66.500000 69,415.45 0.07 INERGY L.P./FIN 2018 US45661TAM36 7.000000 300 50 250 102.500000 178,322.89 0.17 INGLES MARKETS 2017 US457030AG99 8.875000 600 0 600 107.750000 449,895.62 0.44 INTERAC.DATA 11/18 US45840JAB35 10.250000 650 0 650 111.500000 504,349.34 0.49 INTL LEASE FIN. 11/15 US459745FW05 8.625000 525 0 525 110.975000 405,441.02 0.39 INTL LEASE FIN. 2014 144A US459745FY60 6.500000 200 0 200 106.000000 147,529.58 0.14 INTL LEASE FIN. 2016 144A US459745GA75 6.750000 75 0 75 107.000000 55,845.51 0.05 INTL LEASE FIN. 2017 US459745GG46 8.750000 100 0 100 111.500000 77,592.21 0.08 INTL LEASE FIN. 2018 144A US459745GC32 7.125000 75 0 75 107.000000 55,845.51 0.05 INTL LEASE FIN. 2020 US459745GF62 8.250000 350 0 350 110.750000 269,746.00 0.26 ISLE OF CAPRI CAS. 2019 US464592AK08 7.750000 375 0 375 102.500000 267,484.34 0.26 JAMES RIV.ESC. 2019 144A US470357AA28 7.875000 500 0 500 101.250000 352,296.45 0.34 JMC STEEL GROUP 2018 US47759YAA73 8.250000 575 0 575 104.438000 417,897.36 0.41 KEY ENERGY 2021 US492914AS51 6.750000 300 0 300 103.000000 215,031.32 0.21 KINDRED HEALTC. 2019 144A US494578AA54 8.250000 380 0 380 99.500000 263,117.61 0.26 KOPPERS 10/19 US500605AE02 7.875000 0 0 225 107.500000 168,319.42 0.16 LAMAR MEDIA 09/14 US513075AV39 9.750000 1,100 0 1,100 115.750000 886,047.32 0.86 LEAR CORP. 2020 US521865AS49 8.125000 200 100 450 109.500000 342,901.88 0.33 LENDER PRO.SER. 2016 US52602EAC66 8.125000 125 500 250 101.250000 176,148.23 0.17 LEVEL 3 ESC. 2019 144A US527297AA36 8.125000 100 0 100 101.000000 70,285.32 0.07 LEVEL 3 FIN. 07/14 US527298AM56 9.250000 450 160 290 102.750000 207,359.08 0.20
13 ESPA BOND USA-HIGH YIELD
Security designation ISIN Interest Purch./ Sales/ Holding Price Value % share number rate additions disposals in EUR of Shares/nominal (nom. in 1,000, rounded) fund assets
LIN TELEVISION 10/18 US532776AU57 8.375000 400 0 400 107.000000 297,842.73 0.29 LINN ENERGY/FIN.2019 144A US536022AG17 6.500000 450 0 450 100.315000 314,138.83 0.31 LIVE NATION E. 2018 144A US538034AC39 8.125000 0 200 200 102.000000 141,962.42 0.14 LONGVIEW FI.P.P. 2016 US543218AA96 8.000000 175 150 25 102.750000 17,875.78 0.02 LYONDELL CHEMIC. 2018 US552078BB29 11.000000 900 200 900 113.000000 707,724.43 0.69 MAC-GRAY 05/15 US554153AC07 7.625000 0 0 445 102.125000 316,253.48 0.31 MANITOWOC CO. 2018 US563571AG32 9.500000 0 0 390 110.500000 299,895.62 0.29 MARINA DIST.FIN 11/18 US56808RAD89 9.875000 125 0 125 104.000000 90,466.25 0.09 MARINA DIST.FIN 2015 US56808RAB24 9.500000 550 250 300 105.000000 219,206.68 0.21 MARKWEST EN.PAR./FIN 2020 US570506AM70 6.750000 100 0 100 106.500000 74,112.73 0.07 MARKWEST EN.PAR./FIN 2021 US570506AN53 6.500000 500 0 500 104.250000 362,734.86 0.35 MEDASSET 2018 144A US584045AA65 8.000000 100 0 100 101.500000 70,633.26 0.07 METALS USA 06/15 US591324AJ71 11.125000 350 0 600 106.120003 443,089.78 0.43 MGM MIRAGE 2013 US552953BE00 13.000000 950 0 950 119.250000 788,361.17 0.77 MICHAEL FOODS GP2018 144A US594073AA69 9.750000 600 300 400 108.250000 301,322.20 0.29 MOMENT.PERF.MATLS 11/21 US60877UAW71 9.000000 225 0 225 103.500000 162,056.37 0.16 MOOG 2015 US615394AF02 6.250000 0 0 760 101.500000 536,812.80 0.52 MORRIS PUBL.GRP 10/14 US618270AD49 10.000000 0 3 15 93.500000 9,967.48 0.01 MTR GAMING GRP 2019 144A US553769AJ99 11.500000 250 0 250 97.000000 168,754.35 0.16 MYLAN 10/18 144A US628530AP24 6.000000 350 0 350 102.875000 250,565.41 0.24 MYLAN INC. 2017 144A US628530AK37 7.625000 350 0 350 110.750000 269,746.00 0.26 NAI ENTERT.HLDG 2017 144A US62875FAA66 8.250000 300 0 300 108.625000 226,774.53 0.22 NALCO 2017 US629855AP29 8.250000 500 100 400 112.875000 314,196.24 0.31 NAVISTAR INTL 2021 US63934EAM03 8.250000 325 85 240 108.750000 181,628.39 0.18 NEWF. EXPLOR. 2018 US651290AK47 7.125000 325 0 325 107.000000 241,997.22 0.24 NEXEO SOLUT. 2018 144A US65339VAA44 8.375000 100 0 100 104.250000 72,546.97 0.07 NIELSEN FIN./CO. 09/14 US65409QAT94 11.625000 600 340 260 116.750000 211,238.69 0.21 NII CAPITAL 2021 US67021BAE92 7.625000 275 0 275 104.875000 200,700.24 0.20 NRG ENERGY INC. 2017 US629377AX02 7.375000 0 0 475 105.000000 347,077.24 0.34 NRG ENERGY INC. 2018 144A US629377BL54 7.625000 650 175 475 102.250000 337,987.13 0.33 NRG ENERGY INC. 2020 US629377BJ09 8.250000 450 0 450 105.500000 330,375.78 0.32 NRG ENERGY INC. 2021 144A US629377BQ42 7.875000 75 0 75 102.000000 53,235.91 0.05 NTH AM.EN.ALLIANCE 2016 US65684RAA41 10.875000 350 225 125 111.000000 96,555.32 0.09 OMEGA HEALTHC. INV. 06/16 US681936AS95 7.000000 100 200 300 103.500000 216,075.16 0.21 OMEGA HEALTHC. INV.10/20 US681936AV25 7.500000 75 0 75 107.375000 56,041.23 0.05 PANTRY 2014 US698657AG82 7.750000 300 0 425 100.000000 295,755.05 0.29 PENINSULA GAMING 10/15 US707132AJ59 8.375000 250 0 250 105.750000 183,977.04 0.18 PENINSULA GAMING 2015 US707132AP10 8.375000 225 0 225 106.250000 166,362.21 0.16 PENN VA RE.PA./FI. 2018 US70788AAA60 8.250000 0 50 125 104.000000 90,466.25 0.09 PETROHAWK ENERGY 08/15 US716495AD81 7.875000 0 250 250 108.500000 188,761.31 0.18 PILGRIMS PRIDE 2018 144A US72147KAA60 7.875000 600 500 100 92.000000 64,022.27 0.06 PINAFORE 2018 144A US693492AC45 9.000000 125 0 125 109.250000 95,033.05 0.09 PIONEER NAT.RES. 2020 US723787AJ62 7.500000 0 400 350 114.089996 277,881.00 0.27 PLAINS EXPL.+ PRODTN 2016 US726505AG51 10.000000 250 0 250 113.250000 197,025.05 0.19 PLAINS EXPL.+ PRODTN 2021 US726505AK63 6.625000 225 0 225 104.750000 164,013.57 0.16 PLASTIPAK HLDGS 2015 144A US727610AD96 8.500000 0 0 200 104.125000 144,919.97 0.14 PLASTIPAK HLDGS 2019 144A US727610AE79 10.625000 170 0 170 114.000000 134,864.30 0.13 PVH CORP. 2020 US718592AK49 7.375000 0 0 150 107.750000 112,473.90 0.11 QVC 2017 144A US747262AC70 7.125000 0 0 30 107.250000 22,390.40 0.02 QVC 2019 144A US747262AA15 7.500000 0 150 350 110.750000 269,746.00 0.26 RADNET 11/18 US750492AD26 10.375000 425 0 425 102.000000 301,670.15 0.29 RAIN CII C LLC/CORP 2018 US75079RAA68 8.000000 100 0 100 104.500000 72,720.95 0.07
14 Financial Year 2010/11
Security designation ISIN Interest Purch./ Sales/ Holding Price Value % share number rate additions disposals in EUR of Shares/nominal (nom. in 1,000, rounded) fund assets
RANGE RESOURCES 2021 US75281AAM18 5.750000 200 0 200 103.000000 143,354.21 0.14 RBS GLOBAL/REXNORD 10/18 US75524DAN03 8.500000 375 100 275 107.750000 206,202.16 0.20 REALOGY 11/17 US75605EBF60 12.000000 30 0 30 100.000000 21,033.40 0.02 RELIANT EN.PWR 2017B US75952AAF49 9.237000 0 0 625 108.000000 186,095.09 0.18 RES-CARE 11/19 US760943AM29 10.750000 150 0 150 106.750000 111,430.06 0.11 REYNOLDS GRP IS.2021 144A US761735AE94 8.250000 225 0 225 93.000000 145,615.87 0.14 RGHL US ESCROW II 2019 US74959HAB42 9.875000 225 0 225 101.560000 159,018.79 0.15 RSC EQ.R.INC./RSC 2017 US78108AAA25 10.000000 225 0 225 112.750000 176,539.67 0.17 SALEM COM.(DEL) 10/16 US794093AF17 9.625000 175 32 354 106.250000 261,743.22 0.25 SCIENT.GAMES INTL.09/19 US80874YAG52 9.250000 450 0 450 108.750000 340,553.24 0.33 SCIENTIFIC GAMES 11/18 US80874PAK57 8.125000 100 0 100 105.500000 73,416.84 0.07 SEALY MATTRESS 2016 144A US812141AP41 10.875000 500 16 484 111.750000 376,388.31 0.37 SEMINOLE TRIBE FLA 2017 US81683RAQ74 7.750000 75 0 75 103.500000 54,018.79 0.05 SERVICE CORP. INTL 06/17 US817565BF06 7.000000 0 75 125 108.500000 94,380.65 0.09 SERVICE CORP. INTL 06/18 US817565BM56 7.625000 250 0 250 111.000000 193,110.65 0.19 SERVICE CORP. INTL 2016 US817565BA19 6.750000 0 0 450 108.000000 338,204.59 0.33 SINCLAIR TELEV. 2017 144A US829259AA81 9.250000 550 200 350 110.250000 268,528.18 0.26 SITHE/INDEPEND.FDG 2013 A US829809AF99 9.000000 0 860 285 107.708000 100,212.98 0.10 SMITHFIELD FDS 2014 US832248AU28 10.000000 200 0 200 117.250000 163,187.20 0.16 SOLUTIA INC. 2020 US834376AL94 7.875000 250 150 250 109.500000 190,501.04 0.19 SPANSION 2017 144A US84649PAH82 7.875000 100 0 100 103.250000 71,851.08 0.07 SPX CORP. 09/14 US784635AL80 7.625000 0 150 450 111.000000 347,599.16 0.34 SRA INTL INC. 2019 144A US78464RAA32 11.000000 275 0 275 103.438000 197,950.24 0.19 STANDARD PACIF. 11/21 US85375CBB63 8.375000 75 0 75 99.500000 51,931.11 0.05 STANDARD PACIF. 2018 US85375CAX92 8.375000 350 0 375 101.000000 263,569.94 0.26 STATER BROS 2015 US857555AP11 7.750000 0 0 50 104.000000 36,186.50 0.04 STATER BROS 2018 144A US857555AQ93 7.375000 275 100 175 104.250000 126,957.20 0.12 STATION CASINOS 2014 US857689AR42 0.000000 0 0 375 1.500000 3,914.41 0.00 STATION CASINOS 2016 US857689AT08 0.000000 450 0 450 1.500000 4,697.29 0.00 STEEL DYNAMICS 2012 US858119AJ99 7.375000 400 0 400 105.500000 293,667.36 0.29 STEWART ENTERPR. 2019 US860370AM78 6.500000 450 0 450 101.250000 317,066.81 0.31 STHI HLDG 2018 144A US78477JAA60 8.000000 150 0 150 103.000000 107,515.66 0.10 SUNCOKE ENERGY 2019 144A US86722AAA16 7.625000 200 0 200 102.750000 143,006.26 0.14 SUNG.DATA SYS 06/15 US867363AL73 10.250000 300 400 300 103.625000 216,336.12 0.21 SUNG.DATA SYS 09/15 US867363AN30 10.625000 700 25 1,150 108.500000 868,302.02 0.84 SUSSER HLDG/FIN.10/16 US869237AE72 8.500000 600 0 600 107.000000 446,764.09 0.43 SYNIVERSE HLDGS 2019 144A US117777AA01 9.125000 605 0 605 104.750000 441,014.27 0.43 TARGA RESOURCES L.P. 2021 US87612BAG77 6.875000 925 0 925 100.500000 646,920.67 0.63 TELEFLEX 2019 US879369AB25 6.875000 125 0 125 103.250000 89,813.85 0.09 TEXAS COMP.ELECTR. 2020 US882330AM55 11.500000 600 125 475 92.688000 306,379.96 0.30 THERMON INDS 11/17 US88362RAC16 9.500000 325 64 261 109.250000 198,429.02 0.19 TPC GROUP LLC 2017 144A US87263GAA13 8.250000 325 125 200 106.750000 148,573.42 0.14 TRANS UNION/FIN 11/18 US893342AC92 11.375000 400 0 400 114.250000 318,023.66 0.31 TRANSDIGM 2018 144A US893647AN75 7.750000 575 150 425 107.000000 316,457.90 0.31 TRIMAS CORP. 2017 US896215AF70 9.750000 650 0 650 109.750000 496,433.54 0.48 UNISYS 2014 144A US909214BM98 12.750000 0 158 167 115.750000 134,518.09 0.13 V.P.LLC/V.P.INC.2019 144A US92531XAK81 8.750000 200 50 150 92.750000 96,816.28 0.09 VAIL RESORTS 2019 144A US91879QAJ85 6.500000 150 0 150 102.875000 107,385.18 0.10 VALEANT PHARMA. 2020 144A US91911XAM65 7.000000 375 0 375 97.000000 253,131.52 0.25 VERSO ESCROW 10/14 US92532BAB53 11.500000 550 56 494 106.500000 366,116.91 0.36 VISANT CORP.11/17 US92834UAB89 10.000000 500 0 500 103.875000 361,430.06 0.35 WARNER CHILC./FI. 2018 US93443TAA43 7.750000 1,325 340 985 101.750000 697,451.29 0.68
15 ESPA BOND USA-HIGH YIELD
Security designation ISIN Interest Purch./ Sales/ Holding Price Value % share number rate additions disposals in EUR of Shares/nominal (nom. in 1,000, rounded) fund assets
WESCO DISTRIBUTION 06/17 US95081QAH74 7.500000 0 0 400 102.750000 286,012.53 0.28 WESTMORELAND 2018 144A US960887AA50 10.750000 650 0 650 103.750000 469,293.67 0.46 WINDSTREAM 11/23 US97381WAU80 7.500000 275 0 275 101.625000 194,480.69 0.19 WINDSTREAM 10/20 US97381WAN48 7.750000 200 0 200 106.250000 147,877.52 0.14 WINDSTREAM 2019 US97381WAF14 7.000000 0 0 175 101.750000 123,912.67 0.12 WIRECO WORLDGRP 2017 144A US97654NAA28 9.500000 650 0 650 105.500000 477,209.46 0.46 WM FINANCE 2018 144A US92936BAB71 11.500000 325 0 325 100.000000 226,165.62 0.22 WMG ACQUISITION 09/16 US92933BAB09 9.500000 1,125 250 875 106.125000 646,203.03 0.63 Total 65,683,468.57 63.84 Total bonds denominated in USD translated at a rate of 1.437000 72,789,747.46 70.74 Total publicly traded securities 76,794,925.68 74.64
Securities admitted to organised markets
Bonds denominated in EUR
Issue country Germany
KAB.DT.VERT.ITV 11/18 R.S XS0637823864 6.500000 175 0 175 102.460000 179,305.00 0.17 KINOVE GER.11/18 REGS XS0637101139 10.000000 250 0 250 103.440000 258,600.00 0.25 MUSKETEER GMBH11/21REG.S XS0611238816 9.500000 250 0 250 104.750000 261,875.00 0.25 Total 699,780.00 0.68
Issue country Ireland
ARDAGH PACK.FIN. 10/17 XS0547007764 7.375000 200 0 200 99.000000 198,000.00 0.19 ARDAGH PACK.FIN. 10/20 XS0547019777 9.250000 100 0 100 100.000000 100,000.00 0.10 NARA CABLE FDG.10/18 REGS XS0550774870 8.875000 800 150 650 97.100000 631,150.00 0.61 ONO FINANCE 11/19 REGS XS0584389448 lent 11.125000 675 0 675 100.000000 675,000.00 0.66 Total 1,604,150.00 1.56
Issue country Luxembourg
KION FIN. 11/18 REGS XS0616432224 7.875000 100 0 100 96.000000 96,000.00 0.09 SUNRISE COMM. SA 10/17 XS0548101723 7.000000 125 0 125 103.000000 128,750.00 0.13 TELENET FIN.LUX10/20REGS XS0555929263 6.375000 300 100 200 95.000000 190,000.00 0.18 WIND ACQUIS.FIN. 10/18 XS0560905506 7.375000 300 0 300 99.000000 297,000.00 0.29 Total 711,750.00 0.69
Issue country Netherlands
CONTI-GUMMI FIN. 10/18 DE000A1A1P25 7.125000 350 0 350 103.000000 360,500.00 0.35 ZIGGO FIN. 10/17 REGS XS0552327768 6.125000 375 0 375 97.750000 366,562.50 0.36 Total 727,062.50 0.71
Issue country Austria
SAPPI PAP.HLDG 11/18 REGS XS0615932331 6.625000 100 0 100 97.865000 97,865.00 0.10 Total 97,865.00 0.10
16 Financial Year 2010/11
Security designation ISIN Interest Purch./ Sales/ Holding Price Value % share number rate additions disposals in EUR of Shares/nominal (nom. in 1,000, rounded) fund assets
Issue country Sweden
TVN FIN.CORP III 10/18 XS0557898946 7.875000 275 80 195 104.125000 203,043.75 0.20 Total 203,043.75 0.20 Total bonds denominated in EUR 4,043,651.25 3.93
Bonds denominated in USD
Issue country Liberia
ROYAL CARIB.CR. 2018 US780153AJ19 7.250000 325 0 325 106.500000 240,866.39 0.23 Total 240,866.39 0.23
Issue country USA
ALLIANT TECHSYS 2016 US018804AL88 6.750000 600 0 600 103.000000 430,062.63 0.42 ANIXTER 2015 US035287AB72 5.950000 400 0 400 101.875000 283,576.90 0.28 CELANESE US 2021 US15089QAC87 5.875000 125 0 125 105.500000 91,771.05 0.09 CLEAR CHANNEL 04/16 US184502AX06 5.500000 950 350 600 63.750000 266,179.54 0.26 DISH DBS 2021 144A US25470XAD75 6.750000 200 150 50 104.000000 36,186.50 0.04 FORD MOTOR CRED. 2016 US345397VC43 8.000000 0 0 875 114.227997 695,542.78 0.68 RANGE RESOURCES 2017 US75281AAH23 7.500000 0 0 525 106.500000 389,091.86 0.38 SPRINGLEAF FIN. 2012 MTN US02635PRT20 5.375000 650 0 650 99.250000 448,938.76 0.44 SPRINGLEAF FIN. 2015 MTN US02635PTC76 5.400000 100 50 50 92.500000 32,185.11 0.03 SPRINGLEAF FIN. 2017 MTN US85171RAA23 6.900000 195 100 95 93.000000 61,482.25 0.06 SPRINT CAPITAL 99/19 US852060AG78 6.900000 1,050 425 1,075 103.250000 772,399.10 0.75 SPRINT NEXTEL 2016 US852061AD21 6.000000 425 0 425 100.500000 297,233.82 0.29 SUPERVALU 2014 US868536AS27 7.500000 450 0 450 101.875000 319,024.01 0.31 WELLS FARGO CAP.XV UND. US949801AA23 9.750000 550 155 395 106.250000 292,058.11 0.28 YONKERS RACING 2016 144A US986141AA73 11.375000 350 0 350 108.500000 264,265.83 0.26 Total 4,679,998.25 4.55 Total bonds denominated in USD translated at a rate of 1.437000 4,920,864.64 4.78 Total securities admitted to organised markets 8,964,515.89 8.71
New issue – authorisation for official trading planned
Bonds denominated in USD
Issue country Australia
CONSOLID.MIN. 2016 144A US209504AA71 8.875000 150,000 150,000 0 0.000000 0.00 0.00 FMG RES.(AUG.06)2015 144A US30251GAA58 7.000000 100,000 100,000 0 0.000000 0.00 0.00 Total 0.00 0.00
Issue country Canada
MEG ENERGY 2021 144A US552704AA64 6.500000 350,000 0 350,000 104.000000 253,305.50 0.25 Total 253,305.50 0.25
17 ESPA BOND USA-HIGH YIELD
Security designation ISIN Interest Purch./ Sales/ Holding Price Value % share number rate additions disposals in EUR of Shares/nominal (nom. in 1,000, rounded) fund assets
Issue country Luxembourg
AGUILA 3 2018 144A US008635AA20 7.875000 250,000 0 250,000 101.940000 177,348.64 0.17 Total 177,348.64 0.17
Issue country USA
AIR MED.GR.HDGS 2018 144A US009127AA98 9.250000 75,000 75,000 0 0.000000 0.00 0.00 BRESNAN BR.HLD. 2018 144A US107342AA57 8.000000 75,000 0 75,000 103.750000 54,149.27 0.05 CALUMET SP.PROD.PRT. 2019 US131477AD36 9.375000 150,000 150,000 0 0.000000 0.00 0.00 CDW ESCROW 2019 144A 2 US12513NAC83 8.500000 200,000 200,000 0 0.000000 0.00 0.00 CLEAR CHANNEL 2021 144A US184502BF80 9.000000 650,000 650,000 0 0.000000 0.00 0.00 CRICKET COMM. 2020 144A US226566AN75 7.750000 300,000 175,000 125,000 99.000000 86,116.91 0.08 CUMULUS MEDIA 2019 144A US231082AB41 7.750000 400,000 0 400,000 96.500000 268,615.17 0.26 DONNELLEY 2018 US257867AX90 7.250000 100,000 100,000 0 0.000000 0.00 0.00 EH HOLDING 2019 144A US268520AA10 6.500000 75,000 75,000 0 0.000000 0.00 0.00 EH HOLDING 2021 144A US268520AC75 7.625000 175,000 100,000 75,000 103.250000 53,888.31 0.05 EXOPACK HLDG 2018 144A US302106AD16 10.000000 275,000 0 275,000 101.750000 194,719.90 0.19 HCA INC. 11/20 US404121AC95 6.500000 375,000 0 375,000 101.625000 265,200.94 0.26 HCA INC. 11/22 US404121AD78 7.500000 325,000 0 325,000 101.755000 230,134.83 0.22 HEXION US F. 11/20 US428303AM35 9.000000 500,000 0 500,000 104.750000 364,474.60 0.35 HUNTSMAN INTL 11/21 US44701QAX07 8.625000 175,000 0 175,000 112.250000 136,699.72 0.13 IGATE 2016 144A US45169UAA34 9.000000 250,000 250,000 0 0.000000 0.00 0.00 INTL LEASE FIN. 2016 US459745GJ84 5.750000 100,000 0 100,000 99.500000 69,241.48 0.07 INTL LEASE FIN. 2019 US459745GH29 6.250000 225,000 0 225,000 98.500000 154,227.56 0.15 JBS USA LLC/FIN.2021 144A US466112AF68 7.250000 550,000 0 550,000 99.000000 378,914.41 0.37 RSC EQ.R.INC./RSC 11/21 US78108AAE47 8.250000 150,000 0 150,000 103.500000 108,037.58 0.11 SUGARH.HSP GAM.PR.ME 2016 US865033AA21 8.625000 365,000 0 365,000 104.438000 265,273.97 0.26 Total 2,629,694.65 2.56 Total bonds denominated in USD translated at a rate of 1.437000 3,060,348.79 2.97 Total new issue – authorisation for official trading planned 3,060,348.79 2.97
Unlisted securities
Bonds denominated in EUR
Issue country Germany
UPC GERM.GMBH 09/19 144A XS0468603062 9.625000 200 0 200 107.750000 215,500.00 0.21 Total 215,500.00 0.21
Issue country Luxembourg
CAPSUGEL FIN. 11/19 144A XS0645359356 9.875000 275 0 275 102.125000 280,843.75 0.27 WIND ACQUIS.FIN.2017 144A XS0438150673 11.750000 350 0 350 110.500000 386,750.00 0.38 Total 667,593.75 0.65
Issue country Netherlands
UPC HOLDING 09/18 144A XS0425443297 9.750000 340 150 190 106.000000 201,400.00 0.20 Total 201,400.00 0.20 Total bonds denominated in EUR 1,084,493.75 1.05
18 Financial Year 2010/11
Security designation ISIN Interest Purch./ Sales/ Holding Price Value % share number rate additions disposals in EUR of Shares/nominal (nom. in 1,000, rounded) fund assets
Bonds denominated in USD
Issue country Australia
FMG RES.(AUG.06)2018 144A US30251GAC15 6.875000 775 325 450 104.250000 326,461.38 0.32 Total 326,461.38 0.32
Issue country Canada
HARVEST OPER. 2017 144A US41754WAM38 6.875000 575 0 575 104.750000 419,145.79 0.41 Total 419,145.79 0.41
Issue country USA
ACCELENT 11/17 US00430XAF42 10.000000 525 0 525 98.750000 360,777.66 0.35 AMER.ACHIEVEMT 2016 144A US02369AAG31 10.875000 225 0 225 89.375000 139,939.98 0.14 AVAYA 10/15 US053499AE92 9.750000 375 800 375 102.000000 266,179.54 0.26 AVIV HEALT.LP/C.2019 144A US053810AA56 7.750000 550 0 550 102.500000 392,310.37 0.38 CASE NEW HOLL. 09/13 US147446AP36 7.750000 520 0 520 109.500000 396,242.17 0.39 CCO HLDGS 10/18 US1248EPAL75 7.875000 150 0 150 108.750000 113,517.75 0.11 CDW ESCROW 2019 144A US12513NAA28 8.500000 850 125 725 99.750000 503,262.00 0.49 CHRYSLER GRP/CGCO 2021 US17121EAC12 8.250000 225 0 225 97.535000 152,716.60 0.15 CHRYSLERGRP LLC/INC. 2019 US17121EAA55 8.000000 200 0 200 97.375000 135,525.40 0.13 CIT GROUP INC. NEW 2014 US125577BA39 5.250000 75 0 75 100.250000 52,322.55 0.05 CNL LIFEST.P. 2019 144A US18975FAA75 7.250000 550 0 550 91.750000 351,165.62 0.34 COLT DEFENSE 09/17 US19686TAC18 8.750000 220 0 220 89.000000 136,256.09 0.13 COTT BEVERAGES 10/18 US221643AF65 8.125000 100 0 100 106.500000 74,112.73 0.07 CPI INT. ACQ. 2018 144A US12622KAA60 8.000000 400 150 250 98.313000 171,038.62 0.17 GRAH.PACK./GPC CAP.10/18 US38470RAK77 8.250000 50 0 50 107.000000 37,230.34 0.04 HCA INC. 2016 US404119AX78 9.250000 500 0 500 106.625000 370,998.61 0.36 HCA INC. 2016 US404119BA66 9.625000 200 0 200 107.000000 148,921.36 0.14 HERTZ CORP. 2018 144A US428040CC17 7.500000 75 0 75 103.750000 54,149.27 0.05 INTERLINE BRAN. 11/18 US45874QAB68 7.000000 450 0 450 103.000000 322,546.97 0.31 KENNEDY-WILSON 2019 144A US489399AB19 8.750000 250 0 250 100.500000 174,843.42 0.17 KKR GROUP FIN.CO. 2020 US48248NAA81 6.375000 600 0 600 106.879997 446,263.03 0.43 MGM RES.INTL 2020 US55303QAD25 9.000000 585 0 585 111.595000 454,301.15 0.44 OMEGA HEALTHC.INV.11/22 US681936AX80 6.750000 175 0 175 102.250000 124,521.57 0.12 PARK OHIO INDS 2021 144A US700677AM92 8.125000 275 75 200 99.500000 138,482.95 0.13 REYNOLDS GRP IN.2019 144A US74959GAA85 7.125000 400 0 400 98.250000 273,486.43 0.27 SSI INV.II/CO-ISSUER10/18 US784662AC20 11.125000 800 500 300 111.250000 232,254.70 0.23 SURGICAL CARE AFF. 2017 US86881RAB96 10.000000 200 0 400 102.500000 285,316.63 0.28 Total 6,308,683.51 6.13 Total bonds denominated in USD translated at a rate of 1.437000 7,054,290.68 6.86 Total unlisted securities 8,138,784.43 7.91
19 ESPA BOND USA-HIGH YIELD
Security designation ISIN Holding Unrealised % share number result in EUR of fund assets
Forward exchange agreements
Forward exchange agreements denominated in EUR
Issue country Austria
FXF NSPEST EUR/GBP 31.08.11 FXF_NTX_3553253 1,541,703 -13,722.40 -0.01 FXF NSPEST EUR/USD 31.08.11 FXF_NTX_3553252 88,545,429 -586,755.08 -0.57 Total -600,477.48 -0.58 Total forward exchange agreements denominated in EUR -600,477.48 -0.58 Total forward exchange agreements -600,477.48 -0.58
Breakdown of fund assets
Securities 96,958,574.79 94.23 Forward exchange agreements -600,477.48 - 0.58 Cash in banks 4,488,769.13 4.36 Interest entitlements 2,046,149.16 1.99 Other deferred items -221.60 - 0.00 Fund assets 102,892,794.00 100.00
Dividend shares outstanding shares 93,347 Non-dividend shares outstanding shares 658,528 KEST-exempt non-dividend shares outstanding shares 1,518 Share value for dividend share EUR 95.74 Share value for non-dividend share EUR 142.34 Share value for KEST-exempt non-dividend share EUR 144.89
1) Price contains deferred interest.
As of 31 July 2011, the securities marked with “lent” in the fund portfolio and the following securities were registered as lent in the following amounts and at the following fees in the securities lending system of Erste Bank der österreichischen Sparkassen AG:
Security designation ISIN Lent Fee number amount rate in % Shares/nominal (nom. in 1,000, rounded)
ONO FINANCE 11/19 REGS XS0584389448 675 0.40
Investor note:
The values of assets in illiquid markets may deviate from their actual selling prices.
20 Financial Year 2010/11
Purchases and sales of securities in the reporting period not listed in the fund portfolio
Security designation ISIN Interest rate Purch./ Sales/ number additions disposals Shares/nominal (nom. in 1,000, rounded)
Publicly traded securities
Bonds denominated in GBP
Issue country Great Britain
TOWERGATE FIN. 11/19 REGS XS0508768610 10.500000 125 125 TOWERGATE FIN.11/18 REGS XS0508768297 8.500000 125 125
Bonds denominated in EUR
Issue country Netherlands
NXP B.V./FUND. 07/13 FLR XS0298436436 4.077000 500 1,675 SENSATA TECH. 07/16 XS0286076442 9.000000 0 475
Bonds denominated in USD
Issue country Australia
FMG FINANCE PTY 2013 US30250BAA70 10.000000 0 50 FMG FINANCE PTY 2016 US30250BAC37 10.625000 0 250 MIRABELA NICKEL 2018 144A US60458PAA30 8.750000 575 575
Issue country Bermuda
DIGICEL 2017 144A US25380QAD16 8.250000 125 125 INTELSAT JACKSON HD. 2019 US458207AG29 8.500000 0 950 INTELSAT SUB. 09/15 US45822EAJ91 8.875000 0 375
Issue country Cayman Islands
SEAGATE HDD CAYMAN 2020 US81180WAA99 6.875000 150 150
Issue country France
CGG VERITAS SA 05/15 US204386AF39 7.500000 200 325
Issue country Great Britain
INEOS GR.HLDG. 2016 144A US45661YAA82 8.500000 175 175 INMARSAT FIN. 2017 144A US45763PAC05 7.375000 0 150 JAGUAR LAND R. 2021 144A US47009XAB55 8.125000 300 300 VIRGIN MED.FI. 2019 US92769VAB53 8.375000 200 200
Issue country Canada
CASCADES 10/20 US146900AL98 7.875000 0 100 MASONITE INTL 2021 144A US575384AF91 8.250000 425 425 NOVELIS INC. 2020 144A US67000XAH98 8.750000 1,350 1,350
21 ESPA BOND USA-HIGH YIELD
Security designation ISIN Interest rate Purch./ Sales/ number additions disposals Shares/nominal (nom. in 1,000, rounded)
OPTI CANADA 2014 US68383KAD19 7.875000 0 950 PRECISION DRILL.2020 144A US740212AB10 6.625000 300 300 QUEBECOR MEDIA 08/16 US74819RAK23 7.750000 125 125 TASEKO MNS 2019 US876511AB28 7.750000 375 375 VALEANT PHARM.INTL 2018 US91911XAN49 6.875000 375 375 VALEANT PHARM.INTL 2021 US91911XAQ79 6.750000 275 275 VALEANT PHARM.INTL 2022 US91911XAS36 7.250000 125 125
Issue country Mexico
SATMEX ESCROW 2017 144A US80402RAA41 9.500000 200 200
Issue country Netherlands
KOSA LX/UK FIN. 2012 144A US500657AA94 9.250000 0 764
Issue country Panama
SEVEN SEAS CRUI. 2019 US81787RAB50 9.125000 75 75
Issue country Singapore
STATS CHIPPAC 2015 144A US85771TAH77 7.500000 425 425
Issue country USA
ACCELENT 06/13 US00430XAB38 10.500000 0 300 ACCELENT 2017 144A US00430XAC11 8.375000 0 350 ACCELENT 2017 144A US00430XAE76 10.000000 925 925 ADV.MICRO DEVIC.2017 144A US007903AP20 8.125000 650 650 AES EASTERN EN. 2017 A US00104BAC46 9.000000 0 300 AFFINIA GRP 2016 144A US00828BAC90 10.750000 0 150 AFFINITY GRP 2016 144A US00826KAD90 11.500000 200 200 ALERE INC. 2018 144A US01449JAC99 8.625000 100 100 ALH FINANCE LLC 2013 US001623AB36 8.500000 0 685 ALLBRITTON COMM. 10/18 US016745AL50 8.000000 300 300 ALLBRITTON COMM.2018 144A US016745AK77 8.000000 0 300 ALLIANCE HEALTH.SVCS 2016 US018606AK97 8.000000 0 540 ALLIANT TECHSYS 2020 US018804AP92 6.875000 500 500 ALLISON TRANSM.2019 144A US019736AC15 7.125000 125 125 ALLY FINANCIAL 11/20 US02005NAJ90 7.500000 475 475 ALLY FINANCIAL 2020 144A US02005NAA81 7.500000 475 475 ALTRA HLDGS 2016 144A US02208RAA41 8.125000 0 380 AM.RENAL HLDG 2016144A US029228AA11 9.750000 150 150 AMER. INTL GRP 09/68FLR US026874BS54 8.175000 0 250 AMER.GENE.INST. 2045 144A US02637VAA61 7.570000 0 100 AMERIGAS PART./FIN. 2021 US030981AF11 6.500000 275 275 APRIA HEALTHCARE 2014 US037933AD09 11.250000 400 400 APRIA HEALTHCARE 2014 US037933AF56 12.375000 0 275 AQUILEX HLDGS 2016 144A US03841XAA28 11.125000 166 166 ARCH COAL 2020 US039380AC46 7.250000 200 200 ATKORE INTL.2018 144A US047650AA44 9.875000 150 150
22 Financial Year 2010/11
Security designation ISIN Interest rate Purch./ Sales/ number additions disposals Shares/nominal (nom. in 1,000, rounded)
AUDATEX NOR.AM. 2018 144A US05070GAA67 6.750000 250 250 BALL 2020 US058498AP16 6.750000 0 90 BE AEROSPACE 2020 US055381AR85 6.875000 75 75 BERRY PLASTICS 07/14 US085791AD33 8.875000 0 500 BERRY PLASTICS 2018 US085790AU74 9.500000 400 400 BERRY PLASTICS 2018 144A US085790AS29 9.500000 0 100 BERRY PLASTICS 2021 144A US085790AV57 9.750000 200 200 BIOMET 08/17 US090613AC48 10.000000 0 150 BREITBURN ENE.P.2020 144A US106777AA38 8.625000 200 200 BUILDG MAT. AM. 2020 144A US120111BJ75 7.500000 0 140 BUILDG MAT. AM. 2021 144A US120111BL22 6.750000 100 100 BWAY HLDG 2018 144A US12429TAA25 10.000000 200 200 CABLEVISION SYST. 2017 US12686CAX74 8.625000 0 475 CCO HLDGS 2017 144A US1248EPAR46 7.250000 125 125 CCO HLDGS 2018 144A US1248EPAJ20 7.875000 0 225 CCO HLDGS 2020 144A US1248EPAM58 8.125000 0 175 CDRT MERGER SUB 2019 144A US12513PAA75 8.125000 200 200 CEDAR F./MAGNUM M. 2018 US150191AA26 9.125000 0 200 CELLU TISS.HLD. 09/14 US151169AJ80 11.500000 285 285 CF INDUSTRIES 2018 US12527GAA13 6.875000 0 200 CF INDUSTRIES 2020 US12527GAB95 7.125000 0 325 CHAPARRAL ENERGY2021 144A US15942RAA77 8.250000 450 450 CHECKOUT HOLD. 2015 ZO US162821AA03 0.000000 125 125 CHS/COMMU.HEALTH SYS07/15 US12543DAF78 8.875000 925 925 CIT GROUP INC. NEW 09/14 US125581FU76 7.000000 1,450 2,050 CIT GROUP INC. NEW 09/15 US125581FV59 7.000000 200 200 CIT GROUP INC. NEW 2018 US125577BC94 6.625000 375 375 CITYCENTER HLDGS 2016 US178760AA28 7.625000 200 200 CLEAR CH.WORLDW.HDGS 2017 US18451QAB41 9.250000 0 345 COLT BEVERAGES 2018 144A US221643AE90 8.125000 100 100 COLT DEFENSE 2017 144A US19686TAA51 8.750000 0 220 COLUMBUS MCKINNON 2019 US199333AH82 7.875000 715 715 CONT.AIRL.PTT 2021 B US210805CV78 7.566000 0 175 CONTL AIRL.P.T.TR 2018 B US210805CC97 6.748000 0 100 CONTL AIRLINES INC. 2015 US210795PW41 6.750000 175 175 COOPER STAND.AUTOMOT.2018 US12629YAA91 8.500000 0 175 COPANO EN./FIN. 11/21 US217203AE82 7.125000 125 125 CRICKET COMM. 2020 US226566AM92 7.750000 225 225 CROWN AMER. III 2021 144A US22818VAA52 6.250000 675 675 CSC HOLDG INC. 98/18 US126304AK02 7.625000 0 200 CW MEDIA HLDGS 2015 144A US126696AA18 13.500000 450 450 CW MEDIA HLDGS 2015 144A US126696AA18 13.500000 1,450 1,450 DARLING INTL 2018 144A US237266AB79 8.500000 250 250 DAVITA 2018 US23918KAL26 6.375000 225 225 DENBURY RESOURCES 2015 US24823UAF57 7.500000 200 200 DINEEQUITY INC.2018 144A US254423AA42 9.500000 200 200 DIVERSEY HLDGS 2020 US255099AA18 10.500000 400 400 DUNKIN FINANCE 2018 144A US265516AA20 9.625000 150 150 EASTMAN KODAK 2018 US277461BH14 9.750000 150 150 ELIZAB.ARDEN 2021 144A US28660GAE61 7.375000 250 250 ENDO PHARMACEUT.HD. 2020 US29264FAC05 7.000000 175 175 ENERGY FUTURE HLDGS 2020 US292680AG02 10.000000 0 525
23 ESPA BOND USA-HIGH YIELD
Security designation ISIN Interest rate Purch./ Sales/ number additions disposals Shares/nominal (nom. in 1,000, rounded)
ESTERLINE TECHS 2020 144A US297425AG50 7.000000 0 400 EXIDE TECHNO 2018 144A US302051AP25 8.625000 75 75 EXOPACK HLDG 07/14 US302106AB59 11.250000 150 475 FERRELLGAS/FIN. 2021 144A US315292AK88 6.500000 100 100 FIDELITY NA.INF. 11/17 US31620MAB28 7.625000 125 125 FIDELITY NA.INF.2017 144A US31620MAA45 7.625000 0 200 FIDELITY NA.INF.2020 144A US31620MAC01 7.875000 0 200 FIRST DATA 2019 144A US319963BC79 7.375000 625 625 FIRST DATA 2021 144A US319963AY09 8.250000 1,892 1,892 FREESCALE SEMICO. 07/14 US35687MAM91 8.875000 0 125 FRESENIUS MED. 2021 144A US35803QAA58 5.750000 505 505 FRONTIER COMMUNICTS 2020 US35906AAG31 8.500000 0 100 FRONTIER COMMUNICTS 2022 US35906AAJ79 8.750000 0 200 GAMES MERGER 2018 144A US36467YAA38 11.000000 0 200 GCI 2021 144A US36155WAG15 6.750000 150 150 GEO GROUP INC. 2021 144A US36159RAD52 6.625000 200 200 GMAC INC 08/12 US36186CBV46 6.875000 0 400 GRAH.PACK./GPC CAP. 2018 US38470RAJ05 8.250000 50 50 GRAH.PACK./GPC CAP.05/14 US38470RAD35 9.875000 0 400 GRAY TELEVISION 10/15 US389375AE65 10.500000 1,195 1,195 GRAY TELEVISION 2015 US389375AD82 10.500000 0 725 GREAT LA.DR.+DO.NEW 2019 US390607AA75 7.375000 250 250 GXS WORLDWIDE 10/15 US36190QAB23 9.750000 225 225 GXS WORLDWIDE 2015 144A US36190QAA40 9.750000 225 225 HANESBRANDS 11/20 US410345AG72 6.375000 225 225 HANESBRANDS 2020 144A US410345AH55 6.375000 225 225 HARRAHS OPR.ESCROW 2018 US413622AC58 12.750000 0 400 HAWAIIAN TELEC. 2015 US420029AF75 0.000000 0 200 HEADWATERS 2019 144A US42210PAP71 7.625000 100 100 HEXION US F. 2020 144A US428303AK78 9.000000 400 400 HOA REST GRP 2017 144A US40432FAA84 11.250000 200 200 HUNTINGTON ING. 2018 144A US446413AA46 6.875000 250 250 HUNTSMAN INTL 07/15 US44701QAK85 7.375000 50 50 HUNTSMAN INTL 2021 144A US44701QAW24 8.625000 175 175 INERGY L.P./FIN 2018 144A US45661TAJ07 7.000000 400 400 INTERAC.DATA 2018 144A US45840JAA51 10.250000 500 900 INTERLINE BRAN. 2018 144A US45874QAA85 7.000000 400 400 INTL LEASE FIN 2012 MTN US45974VB312 5.300000 300 300 INTL LEASE FIN. 2017 144A US459745FX87 8.750000 325 325 INTL WIRE GRP 2015 144A US460933AJ31 9.750000 0 175 INVENTIV HEALTH 2018 144A US46122EAA38 10.000000 100 700 JARDEN 2022 US471109AE80 6.125000 75 75 JOHNSONDIV.HLDG 2020 144A US47926PAC05 10.500000 400 400 JOHNSONDIVERSEY 2019 144A US479269AE22 8.250000 0 225 KRATON POLYMERS 2019 144A US50077DAA28 6.750000 250 250 LANDRYS REST. 10/15 US51508LAK98 11.625000 100 100 LIFEPOINT HOSPIT. 2020 US53219LAJ89 6.625000 550 550 LIFEPOINT HOSPIT.11/20 US53219LAK52 6.625000 425 425 LIN TELEVISION 2018 144A US532776AS02 8.375000 200 400 MARINA DIST.FIN 2015 144A US56808RAA41 9.500000 675 675 MARINA DIST.FIN 2018 144A US56808RAC07 9.875000 175 175 MARKWEST EN.PAR./FIN.2018 US570506AH85 8.750000 0 100
24 Financial Year 2010/11
Security designation ISIN Interest rate Purch./ Sales/ number additions disposals Shares/nominal (nom. in 1,000, rounded)
MASCO CORP. 2020 US574599BG02 7.125000 0 40 MEDIANEWS GRP 2013 US58446MAE12 0.000000 0 100 MEDIANEWS GRP 2014 US58446MAD39 0.000000 0 75 METROPCS WIREL. 2018 US591709AK65 7.875000 200 200 MGM MIRAGE 2020 144A US552953BP56 9.000000 0 160 MICHAELS STRS 2018 144A US594087AQ16 7.750000 275 275 MIDW.GAM.BO./FIN. 2016 US59833DAA81 11.625000 0 300 MIRANT AMER.GENER. 2021 US60467PAQ72 8.500000 0 375 MOBILE MINI 07/15 US60740FAH82 6.875000 0 380 MOMENT.PERF.MATLS 2021 US60877UAU16 9.000000 300 300 MYLAN INC. 2020 144A US628530AL10 7.875000 0 300 NALCO 2019 144A US629855AQ02 6.625000 125 125 NCL CORP. 2018 144A US62886HAF82 9.500000 50 50 NEXST.BR./MI. 11/17 US65339EAB02 8.875000 275 275 NEXST.BR./MI. 2017 144A US65339EAA29 8.875000 0 475 NRG ENERGY INC. 2014 US629377AT99 7.250000 0 250 NRG ENERGY INC. 2019 144A US629377BP68 7.625000 75 75 NRG ENERGY INC. 2020 144A US629377BH43 8.250000 625 625 OASIS PETR.(NEW)2019 144A US674215AA68 7.250000 100 100 OMEGA HEALTHC. INV. 2020 US681936AU42 7.500000 0 75 OMEGA HEALTHC. INV. 2022 US681936AW08 6.750000 475 475 OVERS.SHIPHLDG GRP 2018 US690368AH88 8.125000 0 250 PALACE ENTERT. 2017 144A US696026AA11 8.875000 100 100 PARKER DRILLING 10/18 US701081AT85 9.125000 100 100 PARKER DRILLING 2018 144A US701081AS03 9.125000 0 100 PENINSULA GAMING 10/17 US707132AM88 10.750000 175 175 PETROHAWK ENERGY 10/18 US716495AL08 7.250000 225 225 PETROHAWK ENERGY 2018 US716495AK25 7.250000 225 225 PINNACLE ENT. 10/20 US723456AN90 8.750000 125 125 PINNACLE ENT. 2020 144A US723456AL35 8.750000 0 125 PLY-GEM IND. 2018 144A US729416AP29 8.250000 100 100 POLYONE 2020 US73179PAH91 7.375000 125 125 QVC 2020 144A US747262AE37 7.375000 0 25 QWEST COMM.INTL 2018 US749121CC18 7.125000 200 200 RADIOSHACK 2019 144A US750438AD56 6.750000 225 225 RADNET 2018 144A US750492AC43 10.375000 0 425 RAINB.NAT.SERV. 2014 144A US750829AB97 10.375000 175 337 RBS GLOBAL/REXNORD 2018 US75524DAL47 8.500000 0 375 REALOGY CORP. 08/14 US75605EAT73 10.500000 0 300 REALOGY CORP. 08/14 US75605EAV20 11.000000 2 30 REALOGY CORP. 2017 144A US75605EBD13 12.000000 30 30 RENTAL SERV.CO./RSC 2014 US76010RAC25 9.500000 0 175 RES-CARE 06/13 US760943AJ99 7.750000 0 325 RES-CARE 2019 144A US760943AK62 10.750000 225 225 REYNOLDS GRP IS.2021 144A US761735AC39 6.875000 100 100 ROADHOUSE FING 2017 144A US76972KAA79 10.750000 400 400 RSC EQ.R.INC./RSC 2021 US78108AAD63 8.250000 150 150 RYERS.TU.NEW 2015 US78375PAL13 12.000000 0 50 SANDRIDGE ENERGY2018 144A US80007PAC32 8.000000 0 100 SCIENTIFIC GAMES 2018 US80874PAH29 8.125000 100 100 SEARS HLDGS CORP. 2018 US812350AC00 6.625000 275 275 SENIOR HOUSING PROP. 2012 US81721MAA71 8.625000 0 900
25 ESPA BOND USA-HIGH YIELD
Security designation ISIN Interest rate Purch./ Sales/ number additions disposals Shares/nominal (nom. in 1,000, rounded)
SERENA SOFTWARE 06/16 US817492AD31 10.375000 0 400 SINCLAIR BROAD. 02/12 US829226AM12 8.000000 0 1,200 SKILLED HEALTH. 07/14 US83066RAC16 11.000000 0 300 SLM CORP. 2020 MTN US78442FEJ30 8.000000 0 175 SPEEDY CASH 2018 144A US847791AA88 10.750000 200 200 SSI INV.II/CO-ISSUER 2018 US784662AA63 11.125000 275 650 STANDARD PACIF. 10/16 US85375CAW10 10.750000 275 275 STANDARD PACIF. 2015 US85375CAT80 7.000000 0 250 STANDARD PACIF. 2018 144A US85375CAY75 8.375000 100 100 STANDARD PACIF. 2021 144A US85375CBA80 8.375000 75 75 STEWART ENTERPR. 2019 US860370AL95 6.500000 450 450 SUNG.DATA SYS 11/20 US867363AU72 7.625000 125 125 SUNG.DATA SYS 2020 144A US867363AS27 7.625000 400 400 SUPERVALU 2016 US868536AT00 8.000000 450 450 SUSSER HLDG/SUSSER F.2016 US869237AD99 8.500000 0 400 TEXAS INDUSTR. 2020 144A US882491AP81 9.250000 0 100 THERMON INDS 2017 144A US88362RAA59 9.500000 0 425 TOYS 'R' US DELAWARE 2016 US89236NAA63 7.375000 375 375 TRANS UNION/FIN 2018 144A US893342AA37 11.375000 200 600 TRANSDIGM 06/14 US893647AJ63 7.750000 0 500 TRW AUTOMOTIVE 2017 144A US87264MAB54 7.250000 0 514 TYSON FOODS 2014 US902494AS24 10.500000 75 75 UCI INTL INC. 2019 144A US90266DAA90 8.625000 250 250 UMBRELLA ACQUIS. 2015 US904201AA81 9.750000 42 848 UNISYS 2015 144A US909214BN71 14.250000 0 125 UNIT CORP. 2021 US909218AB56 6.625000 75 75 UNIVERSAL CITY DEV. 2015 US913405AD83 8.875000 0 350 UNIVERSAL CITY DEV. 2015 US913405AE66 8.875000 350 350 UNIVISION COMM. 2021 144A US914906AK86 8.500000 75 75 VERTELLUS SP.I. 2015 144A US92532JAA07 9.375000 250 250 VIANT HOLDINGD 2017 144A US92555UAA79 10.125000 0 368 VISANT CORP. 2017 144A US92834UAA07 10.000000 500 500 VISANT HLDG 06/13 US92829NAB10 8.750000 100 100 WEST CORP. 2018 144A US952355AG05 8.625000 350 350 WINDSTREAM 2023 144A US97381WAQ78 7.500000 275 275 WYNN LAS VEGAS 10/20 US983130AR66 7.750000 331 331 WYNN LAS VEGAS 2020 144A US983130AQ83 7.750000 206 331
Securities admitted to organised markets
Bonds denominated in EUR
Issue country Australia
FMG FINANCE PTY 06/13 XS0265075886 9.750000 450 450
Issue country Netherlands
EN GERMANY HOLD.10/15REGS XS0555611507 10.750000 300 300 HERTZ HOLDS NL 10/15 REGS XS0522343101 8.500000 0 700
26 Financial Year 2010/11
Security designation ISIN Interest rate Purch./ Sales/ number additions disposals Shares/nominal (nom. in 1,000, rounded)
Bonds denominated in USD
Issue country Cayman Islands
SEAGATE TECHNO. 2016 US81180RAE27 6.800000 350 350
Issue country USA
AES CORP. 2014 US00130HBC88 7.750000 0 150 AMER. GENL FIN. 2017 MTN US02635PTS29 6.900000 0 670 AMER.AXLE+MFG 2017 US02406PAF71 7.875000 0 125 AMER.INTL GRP 2016 MTN US02687QBC15 5.600000 0 255 CIT GROUP INC. NEW 09/17 US125581FX16 7.000000 1,100 1,550 FORD MOTOR CRED. 09/12 US345397VK68 7.500000 650 650 FREEP.MCMOR.C.+G. 2017 US35671DAS45 8.375000 200 200 INTL LEASE FIN 2011 MTN US45974VA249 5.750000 0 685 INTL LEASE FIN. 2012 US459745FN06 4.750000 0 100 LIMIT.BRANDS 2021 US532716AT46 6.625000 275 275 MCMORAN EXPLORATION 2014 US582411AF11 11.875000 0 400 MGM RES.INTL 09/17 US552953BJ96 11.125000 75 75 NEWF. EXPLOR. 06/16 US651290AJ73 6.625000 0 250 RITE AID 2017 US767754BL71 7.500000 0 200 SMITHFIELD FDS 2017 US832248AQ16 7.750000 145 145 SPRINT CAPITAL 01/11 US852060AJ18 7.625000 0 295 SPRINT CAPITAL 2012 US852060AS17 8.375000 0 100 SUPERVALU 2012 US868536AR44 7.500000 0 125 TEREX CORP. 2017 US880779AU73 8.000000 0 435 WINDSTREAM 06/16 US97381WAD65 8.625000 250 250
New issues
Bonds denominated in USD
Issue country Australia
CONSOLID.MIN. 2016 144A US209504AA71 8.875000 150 150 FMG RES.(AUG.06)2015 144A US30251GAA58 7.000000 100 100
Issue country USA
AIR MED.GR.HDGS 2018 144A US009127AA98 9.250000 75 75 CALUMET SP.PROD.PRT. 2019 US131477AD36 9.375000 150 150 CDW ESCROW 2019 144A 2 US12513NAC83 8.500000 200 200 CLEAR CHANNEL 2021 144A US184502BF80 9.000000 650 650 DONNELLEY 2018 US257867AX90 7.250000 100 100 EH HOLDING 2019 144A US268520AA10 6.500000 75 75 IGATE 2016 144A US45169UAA34 9.000000 250 250 BANK AMERICA DEP.PFD K US060505DR26 4,000 6,500
27 ESPA BOND USA-HIGH YIELD
Security designation ISIN Interest rate Purch./ Sales/ number additions disposals Shares/nominal (nom. in 1,000, rounded)
Unlisted securities
Bonds denominated in GBP
Issue country Great Britain
CROWN NEWCO 3 11/18 REGS XS0616016514 7.000000 300 300
Bonds denominated in EUR
Issue country Australia
FMG FINANCE PTY 06/13 XS0265132604 9.750000 0 50
Issue country France
CROWN EUROPEAN HLGS 10/18 XS0511127929 7.125000 0 400 LABCO 11/18 144A XS0577738551 8.500000 175 175
Issue country USA
MOMENT.PERF.MATLS 08/14 XS0338823601 9.000000 0 180 REYNOLDS GRP ES.2016 144A XS0463465137 7.750000 0 185
Bonds denominated in USD
Issue country USA
ABI ESCROW 2018 144A US00339KAA51 10.250000 275 275 ASSOC.MATERIALS 2017 144A US04570VAA17 9.125000 100 100 BRICKM.GR.HLDGS 2018 144A US10801PAA21 9.125000 210 210 CCO HLDGS 2021 US1248EPAU74 6.500000 300 300 CHAPARRAL ENERGY 2021 US15942RAB50 8.250000 325 325 CLEAR CH.WORLDW.HDGS10/17 US18451QAD07 9.250000 345 345 CRICKET COMM. 2020 144A US226566AL10 7.750000 225 225 GENON ES. CORP. 2018 144A US37244DAA72 9.500000 300 300 HOST H+R LP 2020 144A US44107TAJ51 6.000000 425 425 NEIMAN-MARCUS GP 06/15 US640204AG82 9.000000 0 300 NIELSEN FIN. 2018 144A US65409QAX07 7.750000 275 275 NORTEK HLDGS 2021 144A US656559BP53 8.500000 225 225 OMNOVA SOLUTIONS 2018 US682129AD30 7.875000 75 75 PITTSBURGH CL.WKS 2016 US725143AA99 8.500000 225 225 QWEST COMM.INTL 2018 144A US749121CB35 7.125000 0 200 SENECA GAMING 2018 144A US817082AF76 8.250000 150 150 SMITHFIELD FDS 2014 144A US832248AS71 10.000000 200 200 TIVERTON/RUMFORD 04/18 QOXDBM000736 0.000000 0 53
Vienna, August 2011 ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H.
Bednar Gasser Gschiegl
28 Financial Year 2010/11
Unqualified Auditor’s Opinion*
We have audited the attached annual report as of 31 July 2011 prepared by ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H. for the fund under its management designated ESPA BOND USA-HIGH YIELD, mutual fund pursuant to § 20 InvFG, for the financial year from 1 August 2010 to 31 July 2011, including the accounting records for the fund. The annual report was prepared on the basis of the legal conditions valid as of the end of the reporting period pursuant to InvFG 1993 as amended.
Management responsibility for the annual report, managing the fund assets and accounting
The legal representatives of the Management Company and the custodian bank are responsible for maintaining the fund’s accounting records, valuing the fund assets, calculating withholding taxes, preparing the annual report and managing the fund assets, all in accordance with the provisions of the InvFG, the supplementary provisions in the fund terms and conditions, and the tax regulations. This responsibility includes: designing, implementing and maintaining an internal control system as needed for documenting and valuing the fund assets and for preparing the annual report in such a way that ensures that the report is free of material misstatements resulting from intentional or unintentional errors; the selection and application of suitable valuation methods; and the completion of estimates deemed appropriate in accordance with the prevailing conditions.
Auditor responsibility and description of the type and scope of the mandatory audit of the annual report
It is our responsibility to state an opinion on this report on the basis of our audit.
We conducted our audit in accordance with § 49 paragraph 5 InvFG 2011, in accordance with the legal requirements that apply in Austria, and in accordance with Austrian generally accepted accounting principles. These principles obligate us to follow the standards of our profession and to plan and conduct our audit in a way that enables us to ascertain with a reasonable degree of certainty whether or not the annual report is free of material misstatements.
An audit includes the completion of audit steps to obtain evidence of the amounts and other information disclosed in the annual report. These steps must be selected by the auditor at his or her own discretion and taking into account the auditor’s expectations of the risk of material misstatements resulting from intentional or unintentional errors. In assessing this risk, the auditor considers the internal control system as it is relevant for the preparation of the annual report and the valuation of the fund assets so as to be able to select audit steps that are appropriate for the specific situation. An ascertainment of the effectiveness of the Management Company’s or custodian bank’s internal control system is not part of the audit. The audit also includes an assessment of the appropriateness of the applied valuation methods and material estimates made by management, as well as evaluating the overall presentation of the annual report.
We believe that we have collected sufficient and suitable evidence over the course of our audit, and that our audit provides a sufficient basis for our opinion.
29 ESPA BOND USA-HIGH YIELD
Audit opinion
Our audit revealed no cause for objection. Based on the information obtained during the audit, we believe that the annual report as of 31 July 2011 for ESPA BOND USA-HIGH YIELD, mutual fund pursuant to § 20 InvFG, complies with the legal requirements.
Statements regarding compliance with the Austrian Investment Fund Act and the fund terms and conditions
In accordance with § 49 paragraph 5 InvFG 2011, the audit must also include a determination of whether the provisions of the Austrian Investment Fund Act (Investmentfondsgesetz, InvFG) and the fund terms and conditions were complied with. We conducted our audit according to the aforementioned principles in such a way that we are able to form an opinion with sufficient certainty as to whether the provisions of the InvFG and the fund terms and conditions were complied with in general.
According to the information obtained during the audit, the provisions of the Austrian Investment Fund Act and the fund terms and conditions were complied with.
Statements regarding the report on activities in the reporting period
The descriptions included in the annual report by the management of the Management Company about the activities in the reporting period were examined critically by us, but were not subject to special audit steps according to the aforementioned principles. Therefore, our audit opinion is not based on this information. Overall, the descriptions regarding the reporting period are in line with the figures indicated in the annual report.
Vienna, 18 October 2011
ERNST & YOUNG WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT
Mag. Ernst Schönhuber Dr. Robert Wauschek (Certified Public (Certified Public Accountant) Accountant)
* In the case of the publication or dissemination of the annual report with our auditor's opinion in a form that deviates from the confirmed (unabridged German) version (e.g. an abridged version or translation), reference may not be made to the auditor’s opinion or our audit without our approval.
30 Financial Year 2010/11 Fund Terms and Conditions for ESPA BOND USA-HIGH YIELD Mutual Fund pursuant to § 20 InvFG
General Terms and Conditions governing the contractual relationship between the Shareholders and ERSTE-SPARINVEST KAG (hereinafter the "Investment Firm") for the mutual funds administered by the Investment Firm, which are only valid in combination with the Special Fund Terms and Conditions issued for each individual fund:
§ 1 Basic Terms
The Investment Firm is subject to the provisions of the 1993 Austrian Investment Fund Act as amended (hereinafter "InvFG").
§ 2 Fund Shares
1. Ownership in the assets held by the Investment Fund is divided into equal shares.
The number of shares is unlimited.
2. The partial ownership of the fund assets is evidenced by certificates having the characteristics of a security.
Fund shares may be issued as different classes of shares in accordance with the Special Fund Terms and Conditions.
The shares are depicted as global certificates (§ 24 Austrian Securities Deposit Act [Depotgesetz] as amended) and/or as effective individual shares.
3. Every purchaser of a share acquires proportionate ownership of all assets contained in the Investment Fund in accordance with the share of ownership assigned to the share. Every purchaser of a fraction of a global certificate acquires proportionate ownership of all assets contained in the Investment Fund in accordance with his fractional ownership of the global certificate.
4. The Investment Firm shall be permitted to split the shares in the fund with the approval of its Supervisory Board and issue additional share certificates to the Shareholders or replace the old share certificates with new ones when the Investment Firm deems that such a split would be in the interests of the Shareholders on the basis of the calculated share value (§ 6).
§ 3 Share Certificates and Global Certificates
1. The share certificates are bearer shares.
2. The global certificates bear the original signature of a managing director or a duly authorised employee of the custodian bank and the original or facsimile signature of two managing directors of the Investment Firm.
3. The individual share certificates bear the original signature of a managing director or a duly authorised employee of the custodian bank and the original or facsimile signature of two managing directors of the Investment Firm.
§ 4 Administration of the Investment Fund
1. The Investment Firm shall be authorised to dispose of the assets in the Investment Fund and to exercise the rights associated with ownership of these assets. In this, it shall act in its own name for the account of the Shareholders. It shall protect the interests of the Shareholders and the integrity of the market, shall exercise the prudence of an ordinary and conscientious businessman as defined by § 84 paragraph 1 Austrian Stock Corporation Act (Aktiengesetz), and shall comply with the provisions of the InvFG and the fund terms and conditions.
The Investment Firm shall be authorised to employ third parties in the management of the Investment Fund and shall be authorised to permit such third parties to dispose of the fund assets in the name of the Investment Firm or in their own name for the account of the Shareholders.
2. The Investment Firm shall not be permitted to grant loans or enter into guarantee commitments of any kind for the account of the Investment Fund.
3. Assets in the Investment Fund may not be pledged or subject to liens of any kind, provided as collateral or transferred to another party except in those cases explicitly permitted in the Special Fund Terms and Conditions.
4. The Investment Firm shall not be permitted to sell securities, money market instruments or other financial investments pursuant to §§ 20 and 21 InvFG that are not fund assets at the time of sale for the account of the Investment Fund.
31 ESPA BOND USA-HIGH YIELD
§ 5 Custodian Bank
The custodian bank (§ 13) appointed pursuant to § 23 InvFG shall manage the deposit and other accounts of the Investment Fund and shall exercise all other functions specified for it in the InvFG and in the fund terms and conditions.
§ 6 Issue and Share Value
1. The custodian bank shall calculate the value (share value) of a single share for every class of share certificate and publish the issue and return price (§ 7) every time that a share is issued or returned, but in any case at least twice per month.
The value of a share shall be determined by dividing the total value of the Investment Fund including earnings by the number of shares. The custodian bank shall determine the total value of the Investment Fund on the basis of the prices of the securities and subscription rights contained in the Investment Fund plus the value of the money market instruments and financial investments, cash and cash equivalents, account balances, claims and other rights held by the Investment Fund, less any liabilities.
The prices of the securities shall be based on the last-known exchange or other set prices as per § 7 paragraph 1 InvFG.
2. The issue price shall be made up of the share value plus a premium per share to cover the costs incurred by the Investment Firm in issuing the share. The resulting price shall be rounded up. The amount of this premium and the rules for rounding are specified in the Special Fund Terms and Conditions (§ 25).
3. In accordance with § 18 InvFG in connection with § 10 paragraph 3 Austrian Capital Market Act (Kapitalmarktgesetz, KMG), the issue and return prices for every class of share certificate will be published in a business or daily newspaper that is published within Austria and has sufficient circulation and/or in electronic form on the web site of the issuing Investment Firm.
§ 7 Return
1. Upon request by the Shareholder, his shares shall be redeemed at the current return price. In this event, the share certificate, outstanding coupons and the renewal certificate shall also be collected if necessary.
2. The return price shall be the value of one share less a discount and/or rounded down as specified in the Special Fund Terms and Conditions (§ 25). The payment of the return price and the calculation and publication of the return price as specified in § 6 may be suspended temporarily when the Austrian Financial Market Authority is informed of this fact and made dependent on the sale of assets in the Investment Fund and the receipt of the proceeds from the sale of assets by the Investment Firm under extraordinary conditions and when this is deemed necessary to protect justified Shareholder interests.
This shall especially apply when the Investment Fund has invested 5% or more of its total value in assets whose valuations clearly do not correspond to their actual values as a result of political or economic conditions, and not only in individual cases.
§ 8 Accounting
1. The Investment Firm shall publish an annual report pursuant to § 12 InvFG within four months after the end of the Investment Fund's financial year.
2. The Investment Firm shall publish a semi-annual report pursuant to § 12 InvFG within two months after the end of the first six months of the Investment Fund's financial year.
3. The annual report and the semi-annual report shall be made available for viewing at the offices of the Investment Firm and at the custodian bank. § 9 Forfeiture of Earnings
Shareholder entitlements to the payment of their proportionate earnings shall expire after five years. After the lapse of this period, the earnings shall be treated as earnings generated by the Investment Fund.
§ 10 Publication
All notices pertaining to the share certificates, except for the notices pertaining to the calculated share values under § 6, are governed by § 10 of the Austrian Capital Market Act (Kapitalmarktgesetz, KMG). Publication can take place
- by full printing in Amtsblatt zur Wiener Zeitung, or
- by making a sufficient number of copies of the notice available at the Investment Firm and the payment offices free of charge and printing the date of publication and the locations where the notice can be obtained in Amtsblatt zur Wiener Zeitung, or
- in electronic form on the web site of the issuing Investment Firm pursuant to § 10 paragraph 3 item 3 KMG.
§ 11 Amendment of the Fund Terms and Conditions
The Investment Firm shall be authorised to amend the fund terms and conditions with the approval of the Supervisory Board and the approval of the custodian bank. The amendments must also be approved by the Austrian Financial Market Authority. The amendments
32 Financial Year 2010/11 must be published. Such amendments shall take effect on the date indicated in the published notice, but in any case no earlier than three months after publication.
§ 12 Termination and Liquidation
1. The Investment Firm shall be authorised to terminate the administration of the Investment Fund after obtaining approval from the Financial Market Authority with a period of notice of at least six months, or immediately upon publication of a corresponding public notice (§ 10) if the fund assets fall below EUR 370,000.
2. If the Investment Firm loses its right to administer the Investment Fund, the administration or liquidation of the fund shall be handled in accordance with the provisions of the InvFG.
§ 12a Merger or Transfer of Fund Assets
The Investment Firm shall, in compliance with § 3 paragraph 2 and § 14 paragraph 4 InvFG, be authorised to merge the assets of the Investment Fund with the assets of other investment funds, to transfer the assets of the Investment Fund to another investment fund, or to incorporate assets from other investment funds into the portfolio of the Investment Fund.
Special Fund Terms and Conditions for ESPA BOND USA-HIGH YIELD, mutual fund pursuant to § 20 InvFG (the “Investment Fund” in the following).
The Investment Fund is compliant with Directive 85/611/EEC.
§ 13 Custodian Bank
The custodian bank is Erste Bank der oesterreichischen Sparkassen AG, Vienna.
§ 14 Payment and Submission Offices, Share Certificates
1. The payment and submission office for the share certificates and coupons is Erste Bank der oesterreichischen Sparkassen AG, Vienna, and all of its branches.
2. The Investment Fund features three different share classes and the corresponding certificates: dividend shares, non-dividend shares with capital gains tax withholding and non-dividend shares without capital gains tax withholding, with certificates being issued for one share each.
Non-dividend shares without capital gains tax deduction are not sold in Austria.
The share certificates are depicted in global certificates. For this reason, individual share certificates cannot be issued.
3. As the share certificates are depicted in global certificates, the dividend payments according to § 28 and the payouts according to § 29 are made by the bank managing the Shareholder's securities account.
§ 15 Investment Instruments and Principles
1. The Investment Firm shall be authorised as defined by §§ 4, 20 and 21 InvFG and §§ 16ff of the fund terms and conditions to purchase all types of securities, money market instruments and other liquid financial investments for the Investment Fund, provided that the principle of risk diversification is maintained and no justified Shareholder interests are violated.
2. The fund assets are invested according to the following investment policy principles:
a) the Investment Fund invests predominantly in bonds issued by North American companies (with no sector restrictions) that are denominated in USD for the most part and that are no longer included in the investment grade segment according to assessments by recognised rating agencies, but in the speculative grade segment or a comparable segment due to their lower credit ratings (high- yield bonds)*).
b) in order to demarcate the investment universe (in part), shares in investment funds according to § 17 of these fund terms and conditions may make up no more than 10% of the fund assets of ESPA BOND USA-HIGH YIELD.
c) investments in assets according to § 18 of these fund terms and conditions play a minor role.
d) the Investment Firm reserves the right to invest in other assets as per item 1 to a limited extent in addition to those specified in letters a) through c).
e) derivative instruments in accordance with § 19 and § 19a of these fund terms and conditions will be purchased for risk mitigation (hedging) purposes and also for speculative purposes. Derivatives held for hedging purposes play a major role relative to the total net value of the fund assets, and derivatives held for speculative purposes a minor role.
33 ESPA BOND USA-HIGH YIELD
Within the framework of the hedging concept, the Investment Firm tries, among other things, to hedge the USD currency risk versus the EUR to the greatest extent possible using appropriate strategies.
Interest-rate derivatives are used to a limited extent for hedging and speculative purposes.
3. If securities and money market instruments containing an embedded derivative are purchased for the Investment Fund, the Investment Firm must take this into account in compliance with §§ 19 and 19a. Investments in index-based derivatives are not taken into account in the investment limits in § 20 paragraph 3 items 5, 6, 7 and 8d InvFG.
4. Securities or money market instruments issued or guaranteed by a Member State including its political subdivisions, by a non-Member State or by international organisations with a public sector character in which one or more Member States are members may make up more than 35% of the Investment Fund provided that the Investment Fund assets are invested in at least six different instruments, but an investment in one instrument may not make up more than 30% of the total Investment Fund assets.
*) See also Section II, item 13 of the Fund Prospectus.
§ 16 Exchanges and Organised Markets
1. Securities and money market instruments may only be purchased for the Investment Fund when they
- are listed or traded on a regulated market pursuant to § 2 item 37 of the Austrian Banking Act (BWG), or
- are traded on another recognised, regulated securities market in a Member State that is open to the public and that is functioning properly, or
- are officially listed on one of the non-Member State exchanges listed in the Annex, or
- are traded on another recognised, regulated securities market in a non-Member State as listed in the Annex that is open to the public and that is functioning properly, or
- when the issue terms include the obligation to apply for public listing or admission for trading on one of the above-named exchanges or admission for trading on one of the above-mentioned other markets, and approval is granted by no later than one year after the issue of the security.
2. Money market instruments that are not traded on a regulated market and that are customarily traded on the money market, that are liquid and whose value can be determined exactly at any time may be purchased for the Investment Fund if the instrument or the issuer itself is subject to the legal deposit and investor protection regulations and the instrument
- was issued or is guaranteed by a national, regional or municipal political entity or the central bank of a Member State, the European Central Bank, the European Union, or the European Investment Bank, a non-Member State, or, if it is a federal state, a member state of the federation, or an international organisation with public sector character and of which at least one Member State is a member, or
- was issued by a company whose securities are traded on one of the regulated markets listed under item 1, with the exception of new issues, or
- was issued or is guaranteed by an institution that is subject to supervisory regulations according to the criteria set forth in Community law, or that was issued or is guaranteed by an institution that is subject to and complies with supervisory regulations that in the opinion of the Financial Market Authority are at least as strict as those laid down in Community law, or
- was issued by another party belonging to a category approved by the Financial Market Authority, provided that equivalent investor protection regulations apply to investments in these instruments, and provided that the issuer is either a business entity with capital stock of at least EUR 10 million that prepares and publishes its annual financial statements in accordance with the regulations of Directive 78/660/EEC, or is another legal entity that is responsible for finance management in a group of one or more listed companies, or is a legal entity that finances the collateralisation of debt by using a line of credit granted by a bank.
3. A total of 10% of the fund assets may be invested in securities and money market instruments not meeting the requirements of items 1 and 2.
§ 17 Shares in Investment Funds
1. Shares in investment funds (investment funds and open investment companies) that fulfil the requirements of Directive 85/611/EEC (UCITS) may together with the investment funds specified in the following item 2 make up no more than 10% of the Investment Fund assets in total, provided that the target funds themselves do not invest more than 10% of their fund assets in shares of other investment funds.
2. Shares in investment funds which do not meet the requirements of Directive 85/611/EEC (UCITS) and whose sole purpose is
- to invest money contributed by a group of investors for their joint account in securities and other liquid financial investments under the principles of risk diversification, and
34 Financial Year 2010/11
- whose shares can be redeemed or paid out directly or indirectly from the assets of the investment fund upon request by the shareholder,
may make up a maximum of 10% of the Investment Fund assets in total together with the investment funds described in the previous item 1, provided that
a) these target funds do not invest more than 10% of their fund assets in shares in other investment funds, and
b) these are approved under legal regulations that place them under regulatory supervision that in the opinion of the Financial Market Authority is equivalent to that proscribed by Community law and there is sufficient certainty of collaboration between the authorities, and
c) the protection afforded to the Shareholders is equivalent to that afforded to shareholders of investment funds that meet the requirements of Directive 85/611/EEC (UCITS), and that are in particular equivalent to the requirements of Directive 85/611/EEC in terms of regulations for the separate management of special assets, the acceptance of loans, the granting of loans, and the short selling of securities and money market instruments, and
d) semi-annual and annual reports are published on the activities of the fund, and these reports provide a clear picture of the assets, liabilities, earnings and transactions in the reporting period.
3. The Investment Firm may also purchase for the Investment Fund shares in other investment funds that are directly or indirectly administered by the Investment Firm or by a firm that is associated with the Investment Firm by way of joint administration or control or through a direct or indirect material equity interest.
4. The Investment Fund may hold shares in any single fund up to an amount of 10% of the Investment Fund assets.
§ 18 Demand Deposits or Callable Deposits
1. The Investment Fund may hold bank deposits in the form of demand deposits or callable deposits for a maximum term of 12 months. No minimum or maximum limits apply to bank deposits.
2. The provisions in item 1 are general in nature. The Investment Fund may purchase assets outlined in item 1 in accordance with the investment principles in § 15.
§ 19 Derivative Financial Instruments
1. Derivative financial instruments, including equivalent instruments settled in cash, may be purchased for the Investment Fund when they are traded on one of the regulated markets specified in § 16, and when the underlying values are securities, money market instruments or other liquid financial investments as defined in § 15 or financial indices, interest rates, exchange rates or currencies in which the Investment Fund is permitted to invest according to its investment principles (§ 15).
2. The overall risk associated with the derivative instruments may not exceed the total net value of the Investment Fund assets. In calculating the risk, the fair values of the underlying instruments, the default risk, future market fluctuations, and the time available to liquidate the positions must be taken into account.
3. The Investment Fund may hold derivative financial instruments within the limits specified by § 20 paragraph 3 items 5, 6, 7, 8a and 8d InvFG as part of its investment strategy, provided that the overall risk of the underlying instruments does not exceed these investment limits.
4. The provisions in items 1 to 3 are general in nature. The Investment Fund may purchase financial instruments outlined in item 1 in accordance with the investment principles in § 15.
§ 19a OTC Derivatives
1. The Investment Fund may purchase derivative financial instruments that are not traded on an exchange (OTC derivatives) provided that
a) the underlying instruments are among those described in § 19 item 1,
b) the counterparties are banks subject to supervision and from a category approved by ordinances enacted by the Financial Market Authority,
c) the OTC derivatives are subject to reliable and transparent daily valuation and can be sold, liquidated, or settled by means of an offsetting transaction at a reasonable fair value at any time at the initiative of the Investment Fund,
d) they are held within the limits specified in § 20 paragraph 3 items 5, 6, 7, 8a and 8d InvFG and the overall risk of the underlying instruments does not exceed these investment limits.
2. The default risk for OTC derivative transactions by the Investment Fund may not exceed the following levels:
35 ESPA BOND USA-HIGH YIELD
a) 10% of the Investment Fund assets when the counterparty is a bank,
b) otherwise 5% of the fund assets.
3. The provisions in items 1 and 2 are general in nature. The Investment Fund may purchase financial instruments outlined in item 1 in accordance with the investment principles in § 15.
§ 19b Value at Risk
Does not apply. § 20 Loans
The Investment Firm may accept short-term loans for the account of the Investment Fund up to an amount of 10% of the total fund assets.
§ 21 Repurchase Agreements
The Investment Firm is authorised within the investment limits laid down in the InvFG to purchase assets for the account of the Investment Fund containing an obligation on the part of the seller to purchase the assets back at a specific time in the future and at a specific price.
§ 22 Interest Rate Swaps
The Investment Firm is permitted to exchange variable interest rate entitlements for fixed interest rate entitlements and vice-versa within the investment limits proscribed by the InvFG provided that the interest payments to be made are offset by interest entitlements of the same kind from assets in the fund portfolio.
§ 23 Foreign Currency Swaps
The Investment Firm is permitted to exchange fund assets for fund assets denominated in a different currency within the investment limits proscribed by the InvFG.
§ 24 Securities Lending
The Investment Firm is authorised within the investment limits laid down in the InvFG to sell securities up to an amount of 30% of the total Investment Fund assets to another party through a recognised securities lending system for a limited time under the condition that the third party is obligated to return the securities after an agreed period of time.
§ 25 Issue and Return Procedure
The share value shall be calculated in EUR in accordance with § 6.
The issue premium to cover the costs incurred by the Investment Firm in issuing the share shall be 3.5%; the resulting amount will be rounded up to the next cent to determine the final issue price. The return price is the share value.
There is no limit on the issue of shares in principle. However, the Investment Firm reserves the right to temporarily or permanently suspend the issue of share certificates.
§ 26 Financial Year
The financial year of the Investment Fund is from 1 August to 31 July of the following calendar year.
§ 27 Administration Fee, Compensation for Expenses
The Investment Firm shall receive an annual fee for its administrative activities amounting to up to 1.2% of the fund assets as calculated using the month-end values; but at least up to EUR 2,180 per month in any case.
The Investment Firm shall also be entitled to compensation for all expenses incurred in the administration of the Investment Fund, especially costs for mandatory publications, custodial fees, fees charged by the custodian bank, auditing and consulting costs, and costs for the preparation of period-end financial statements.
Besides the fees to which the Investment Firm is entitled, an annual fee amounting to up to 0.45% of the fund assets as calculated using the month-end values shall be paid from the fund assets to an external fund manager appointed in accordance with § 3 (3) InvFG.
§ 28 Use of Earnings for Dividend Shares
The earnings generated during a financial year shall, after deduction of all costs, be distributed in full to the holders of dividend shares when these earnings arise from interest and dividends received by the fund. If such earnings are the result of the sale of fund assets, these shall be distributed to the holders of dividend shares at the discretion of the Investment Firm, with the non-disbursed amount being carried forward. In both cases, the dividend payment shall be effected on or after 1 November of the following financial year, against collection of the coupon if necessary.
36 Financial Year 2010/11
§ 29 Use of Earnings for Non-Dividend Shares with Capital Gains Tax Withholding
The earnings generated by the Investment Fund during the financial year less all costs will not be paid out. In the case of non-dividend shares, an amount calculated in accordance with § 13 sentence 3 InvFG must also be paid out on or after 1 November to cover the capital gains tax assessed by the tax authorities on the dividend-equivalent earnings from the Investment Fund shares.
§ 29a Use of Earnings for Non-Dividend Shares without Capital Gains Tax Withholding (KESt-exempt non-dividend foreign tranche)
The earnings generated by the Investment Fund during the financial year less all costs will not be paid out. No payment pursuant to § 13 sentence 3 InvFG will be made.
The Investment Firm shall provide suitable proof to the banks managing the corresponding securities accounts that the share certificates could only be held by Shareholders who are not subject to Austrian personal or corporate income tax or who met the conditions for exemption from capital gains tax according to § 94 of the Austrian Income Tax Act (Einkommensteuergesetz) at the time of payment.
§ 30 Liquidation
The custodian bank shall receive a fee in the amount of 0.5% of the fund assets upon liquidation.
37 ESPA BOND USA-HIGH YIELD
Annex to the Special Fund Terms and Conditions List of exchanges with official trading and organised markets (As of October 2007)
1. Exchanges with official trading and organised markets in the Member States of the EEA
According to Article 16 of Directive 93/22/EEC (Investment Services Directive), every Member State must maintain a current list of the authorised markets within its territory. This list must be submitted to the other Member States and the Commission.
According to this provision, the Commission is required to publish a list of the regulated markets registered with it by the Member States once per year.
Because of lower entry barriers and specialisation in different trading segments, the list of "regulated markets" is subject to significant changes. For this reason, the Commission will publish an up-to-date version of the list on its official web site in addition to the annual publication of a list in the Official Journal of the European Union.
The currently valid list of regulated markets can be found at http://www.fma.gv.at/cms/site//attachments/2/0/2/CH0230/CMS1140105592256/listegeregmaerkte.pdf under "Verzeichnis der Geregelten Märkte (pdf)" (List of Regulated Markets).
1.2 The following exchanges are included in the list of regulated markets:
1.2.1 Finland: OMX Nordic Exchange Helsinki 1.2.2 Sweden: OMX Nordic Exchange Stockholm AB 1.2.3 Luxembourg: Euro MTF Luxembourg
1.3. Recognised markets in the EU according to § 20 paragraph 3 item 1 lit. b InvFG:
1.3.1 Great Britain: London Stock Exchange Alternative Investment Market (AIM)
2. Exchanges in European countries outside of the EEA
2.1 Bosnia and Herzegovina: Sarajevo 2.2 Republika Srpska, BiH: Banja Luka 2.3 Croatia: Zagreb, Varaždin 2.4 Switzerland: SWX Swiss Exchange 2.5 Serbia and Montenegro: Belgrade 2.6 Turkey: Istanbul (only “National Market” on the stock market) 2.7 Russia: Moscow (RTS Stock Exchange)
3. 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 3.6 Hong Kong: Hong Kong Stock Exchange 3.7 India: Bombay 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 Korea: Seoul 3.13 Malaysia: Kuala Lumpur 3.14 Mexico: Mexico City 3.15 New Zealand: Wellington, Christchurch/Invercargill, Auckland 3.16 Philippines: Manila 3.17 Singapore: Singapore Stock Exchange 3.18 South Africa: Johannesburg 3.19 Taiwan: Taipei 3.20 Thailand: Bangkok 3.21 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 3.22 Venezuela: Caracas
38 Financial Year 2010/11
4. Organised markets in countries outside of the European Community
4.1 Japan: over the counter market 4.2 Canada: over the counter market 4.3 Korea: over the counter market 4.4 Switzerland: SWX Swiss Exchange, BX Berne eXchange; over the counter market of the members of the International Securities Market Association (ISMA), Zurich 4.5 USA: Over the counter market in the NASDAQ system, over the counter market (markets organised by NASD such as the 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. Exchanges with futures and options markets
5.1 Argentina: Bolsa de Comercio de Buenos Aires 5.2 Australia: Australian Options Market, Sydney Futures Exchange Limited 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. 5.5 Japan: Osaka Securities Exchange, Tokyo International Financial Futures Exchange, Tokyo Stock Exchange 5.6 Canada: Montreal Exchange, Toronto Futures Exchange 5.7 Korea: Korea Futures Exchange 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: Singapore International Monetary Exchange 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, New York Futures Exchange, Pacific Stock Exchange, Philadelphia Stock Exchange, New York Stock Exchange, Boston Options Exchange (BOX)
39 According to § 43 paragraph 1 of the 1993 InvFG, we hereby inform you that a prospectus pursuant to § 6 paragraph 1 of the InvFG can be viewed at the domicile of the Investment Firm and at the head office of the custodian bank, Erste Bank der oesterreichischen Sparkassen AG. The publication date of this prospectus and the places where copies can be obtained were announced in Amtsblatt zur Wiener Zeitung on 18 December 2009. www.sparinvest.com www.erstesparinvest.at