R CLUB. Semi Annual report on 30 June Mutual Fund governed by French law

Transcription

1 R CLUB Semi Annual report on 30 June 2017 Mutual Fund governed by French law Management Company: Rothschild & Cie Gestion Custodian: Rothschild & Cie Banque Auditor: Ernst & Young et Autres

2 FCP R CLUB Statutory auditor s certificate of the composition of assets at 30 June 2017 ERNST & YOUNG et Autres

3 Ernst & Young et Autres Tel: +33 (0) Tour First TSA Paris - La Défense cedex R CLUB mutual fund (fonds commun de placement) Statutory auditor s certificate of the composition of assets The Manager of the Management Company As auditor of the R CLUB mutual fund and in accordance with the regulatory provisions in force on inspecting the composition of assets, we have prepared this certificate on the information appearing in the composition of assets at 30 June 2017 attached hereto. This information has been prepared under the responsibility of the management company. It is our duty, based on our verifications, to inspect this information before publication. It is our duty to give an opinion on the consistency of the information contained in the composition of assets with the knowledge we have of the Undertaking for Collective Investment acquired as part of our assignment to certify financial statements. We have carried out the verifications we deemed necessary in accordance with the professional standards and doctrine of the French National Institute of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes) related to this assignment. These verifications, which constitute neither an audit nor a limited review, consisted mainly in carrying out analytical procedures and interviews with the persons who produce and check the information given. Based on our work, we have no observation to make on the consistency of the information appearing in the document attached with the knowledge we have of the Undertaking for Collective Investment acquired as part of our assignment to certify financial statements. Paris La Défense, 26 July 2017 The Statutory Auditor ERNST & YOUNG et Autres [SIGNATURE] Bernard Charrue Simplified joint-stock company (SAS) with variable capital RCS Nanterre Auditing firm Registered office: 1-2, place des Saisons Courbevoie - Paris La Défense 1

4 Batch Report on 17/08/17 11:00:14 PAGE 25 / 80 A S S E T STATUS CONTRCT QUANTITY + CUR CURRENCY U.C.P DATE PRICE I < Fund currency > PRCT ASSET/LINE QUANTITY TYPE QTD AND PRICE TYPE COTA ASSET F BOOK COST MARKET VALUE ACCRUED INTEREST UNREALISED P&L ACT NET EQUITIES AND SIMILAR SECURITIES Equities and similar securities traded on regulated markets Equities and similar securities traded on regulated or similar markets Asset Currency CHF SWITZERLAND FRANCS CH NOVARTIS AG NOMI 40,000. P CHF M 30/06/ T 1,619, ,920, ,300, CH ROCHE HOLDING GENUSS 13,000. P CHF M 30/06/ T 1,758, ,904, ,146, Subtotal Asset Currency CHF SWITZERLAND FRANCS SUM (EUR) 3,377, ,824, ,446, AT ERSTE GRP BANK 36,000. P EUR M 30/06/ T 778, ,206, , AT WIENERBERGER AG 240,000. P EUR M 30/06/ T 3,249, ,773, ,523, DE DEUTSCHE TELEKOM 234,000. P EUR M 30/06/ T 2,968, ,678, , DE HEIDELBERGER ZEMENT 60,000. P EUR M 30/06/ T 2,864, ,080, ,215, DE RWE AG 290,000. P EUR M 30/06/ T 6,459, ,059, ,400, DE DAIMLER AG 140,000. P EUR M 30/06/ T 8,155, ,871, , DE SIEMENS AG NAMEN 47,000. P EUR M 30/06/ T 3,802, ,656, ,853, DE000CBK1001 COMMERZBANK AG 460,000. P EUR M 30/06/ T 5,586, ,797, , ES ATRESMEDIA 390,000. P EUR M 30/06/ T 3,766, ,993, , ES CAIXABANK 1,548,000. P EUR M 30/06/ T 5,907, ,470, , ES NH HOTELES EX COFIR 860,000. P EUR M 30/06/ T 3,546, ,532, , ES REPSOL 284,210. P EUR M 30/06/ T 4,284, ,808, , ES MELIA HOTELS INTL 345,000. P EUR M 30/06/ T 2,882, ,516, ,633, FI NOKIA (AB) OY 933,000. P EUR M 30/06/ T 5,000, ,996, , FI STORA ENSO AB 280,000. P EUR M 30/06/ T 1,992, ,166, ,174, FR AIR FRANCE KLM 460,000. P EUR M 30/06/ T 3,865, ,743, ,877, FR TF1 190,000. P EUR M 30/06/ T 1,858, ,329, , FR SANOFI 29,000. P EUR M 30/06/ T 1,944, ,429, , FR AXA 140,000. P EUR M 30/06/ T 2,091, ,353, ,261, FR PEUGEOT 483,000. P EUR M 30/06/ T 4,977, ,435, ,457, FR VEOLIA ENVIRONNEM. 280,000. P EUR M 30/06/ T 3,838, ,180, ,341, FR SAINT-GOBAIN 222,000. P EUR M 30/06/ T 8,050, ,385, ,335, FR CAPGEMINI 84,100. P EUR M 30/06/ T 3,523, ,609, ,086, FR SOCIETE GENERALE SA 160,000. P EUR M 30/06/ T 6,087, ,537, ,450, FR BNP PARIBAS 100,000. P EUR M 30/06/ T 4,875, ,306, ,430, FR ORANGE 117,000. P EUR M 30/06/ T 1,786, ,625, , FR AMUNDI 47,000. P EUR M 30/06/ T 2,137, ,977, , FR EDF BLOQUE 7,386. P EUR 7.04 M 30/06/ T 51, , , ,000. P EUR M 30/06/ T 1,354, ,232, , GB00B1VYCH82 THOMAS COOK GROUP 2,100,000. P GBP M 30/06/ T 3,541, ,148, ,393, IT ASSICURAZ. GENERALI 560,000. P EUR M 30/06/ T 9,066, ,069, , IT INTESA SANPAOLO SPA 2,800,000. P EUR M 30/06/ T 5,875, ,772, ,896, IT MEDIASET SPA 450,000. P EUR M 30/06/ T 1,917, ,548, , IT ENI SPA 170,000. P EUR M 30/06/ T 2,836, ,237, , IT TELECOM ITALIA ORD 8,100,000. P EUR M 30/06/ T 6,988, ,544, , IT UNICREDIT SPA 537,642. P EUR M 30/06/ T 7,633, ,790, ,157, LU ARCELORMITTAL 258,333. P EUR M 30/06/ T 2,975, ,130, ,155,

5 Batch Report on 17/08/17 11:00:14 PAGE 26 / 80 A S S E T STATUS CONTRCT QUANTITY + CUR CURRENCY U.C.P DATE PRICE I < Fund currency > PRCT ASSET/LINE QUANTITY TYPE QTD AND PRICE TYPE COTA ASSET F BOOK COST MARKET VALUE ACCRUED INTEREST UNREALISED P&L ACT NET NL AKZO NOBEL 47,200. P EUR M 30/06/ T 2,289, ,591, ,301, NL ROYAL PHILIPS 174,276. P EUR M 30/06/ T 3,243, ,419, ,175, NL STMI NV 513,000. P EUR M 30/06/ T 3,199, ,453, ,253, NL AIRBUS GROUP 84,000. P EUR M 30/06/ T 2,633, ,048, ,414, NL AEGON 1,265,937. P EUR M 30/06/ T 6,210, ,660, , PTBES0AM0007 BCO ESPIRITO SANTO 8,000,000. P EUR M 04/08/14 0. V 6,913, ,913, PTZON0AM0006 NOS 470,000. P EUR M 30/06/ T 2,961, ,497, , Subtotal SUM (EUR) 175,972, ,734, ,761, Asset Currency GBP UNITED KINGDOM POUNDS GB BALFOUR BEATTY 802,646. P GBP M 30/06/ T 2,086, ,470, , GB DIAGEO 72,967. P GBP M 30/06/ T 994, ,882, , GB PEARSON PLC 208,000. P GBP M 30/06/ T 1,987, ,635, , GB BP PLC 372,046. P GBP M 30/06/ T 2,095, ,873, , GB GLAXOSMITHKLINE PLC 152,079. P GBP M 30/06/ T 2,543, ,828, , GB BARCLAYS PLC 2,506,661. P GBP M 30/06/ T 7,398, ,779, ,619, Subtotal Asset Currency GBP UNITED KINGDOM POUNDS SUM (EUR) 17,106, ,469, , Asset Currency USD UNITED STATES DOLLARS JE00B4T3BW64 GLENCORE INTERNATION 1,187,000. P GBP M 30/06/ T 2,255, ,876, ,621, Equities and similar securities traded on regulated or similar markets SUM (EUR) 198,712, ,905, ,193, Equity warrants traded on regulated markets ES A3 REPSOL SA RTS ,206. P EUR 0. M 30/06/ T , , Equities and similar securities traded on regulated markets SUM (EUR) 198,712, ,019, ,307, BONDS AND SIMILAR SECURITIES Bonds and similar securities traded on regulated markets Fixed-rate bonds traded on regulated markets FR CNP ASSUR TV 2040 (366) ,000. M EUR 100. % 30/06/ , , , , XS HSBC HOLD 6%19 EMTN (366) ,000. M EUR % 30/06/ , , , , ES K0 ESPAGNE 5.85% 2022 (366) ,000,000. M EUR % 30/06/ ,769, ,824, , , FR CASI GU (366) ,000. M EUR % 30/06/ , , , , FR ERAMET 4.5% 06/11/20 (366) ,000. M EUR % 30/06/ , , , , FR ATOS ORI (366) ,000,000. M EUR % 30/06/ ,044, ,049, , FR BOLLORE (366) ,000,000. M EUR % 30/06/ ,026, ,078, , , FR TDF INFR (366) ,000,000. M EUR % 30/06/ ,022, ,109, , , FR HAVAS (366) ,000,000. M EUR % 30/06/ ,007, ,051, , , FR BURE VE (366) ,000. M EUR % 30/06/ , , , ,

6 Batch Report on 17/08/17 11:00:14 PAGE 27 / 80 A S S E T STATUS CONTRCT QUANTITY + CUR CURRENCY U.C.P DATE PRICE I < Fund currency > PRCT ASSET/LINE QUANTITY TYPE QTD AND PRICE TYPE COTA ASSET F BOOK COST MARKET VALUE ACCRUED INTEREST UNREALISED P&L ACT NET FR CNP ASS (366) ,000,000. M EUR % 30/06/ ,002, ,058, , , FR CASINO (366) ,000,000. M EUR % 30/06/ ,006, ,011, , , IT ITAL BUO (UST) ,000,000. M EUR % 30/06/ ,117, ,867, , , PTOTEAOE0021 PORTUGAL 4,95%1023 (366) ,500,000. M EUR % 30/06/ ,149, ,962, ,008, , XS LLOYDS 6.50% 03/20 (366) ,000,000. M EUR % 30/06/ ,174, ,180, , , XS BARCLAYS 6% 21 (366) ,000. M EUR % 30/06/ , , , , XS NATIONWIDE 6.75% 20 (366) ,000,000. M EUR % 30/06/ ,179, ,249, , , XS BOMBARD.6.125% 05/21 (USA) ,000,000. M EUR % 30/06/ , ,094, , , XS UNITYMEDIA 5.5% 2022 (USA) ,000. M EUR % 30/06/ , , , , XS BELDEN /23 (USA) ,200,000. M EUR % 30/06/ ,187, ,285, , , XS ELEPOR 4.875% 2020 (366) ,000,000. M EUR % 30/06/ ,116, ,181, , , XS INTESA SAN 6.625% 23 (EXA) ,000. M EUR % 30/06/ , , , , XS ISPVIT /09/18 (EXA) ,000. M EUR % 30/06/ , , , , XS FINMECCANICA 4.5% 1 (EXA) ,000,000. M EUR % 30/06/ ,083, ,151, , , XS FGA 2.875% 01/18 (366) ,000. M EUR % 30/06/ , , , , XS PETROL D.3.25% (366) ,000,000. M EUR % 30/06/ , ,062, , XS SANTAN (USA) ,000,000. M EUR % 30/06/ ,823, ,068, , , XS FIAT 4.75% (366) ,000,000. M EUR % 30/06/ ,072, ,117, , , XS CONSTELLI FIX (360) ,000,000. M EUR % 30/06/ , ,005, , , XS UNICREDIT FIX (UST) ,000,000. M EUR % 30/06/ ,734, ,062, , , XS XPO LOGI (360) ,000,000. M EUR % 30/06/ , ,046, , , XS PICA BON (360) ,000,000. M EUR % 30/06/ ,080, ,080, , XS PIRELLI I FIX (366) ,000. M EUR % 30/06/ , , , , XS INTL GAME (USA) ,000. M EUR % 30/06/ , , , , XS AUTO BRE (366) ,000,000. M EUR % 30/06/ ,028, ,066, , , XS ARCE MIT (366) ,000. M EUR % 30/06/ , , , , XS RADI ITA (EXA) ,000,000. M EUR % 30/06/ ,002, ,034, , , XS LAND HF (366) ,000. M EUR % 30/06/ , , , , XS IREN (366) ,000. M EUR % 30/06/ , , , , XS INTE SAN 7.0 PERP (UST) ,000,000. M EUR % 30/06/ ,950, ,174, , , Subtotal SUM (EUR) 99,005, ,991, ,868, ,985, Floating-rate bonds traded on regulated markets XS BES FIN FIX (999) ,000,000. M EUR % 30/06/ C 1,487, , ,473, Convertible bonds traded on regulated markets BE FORTIS BK E3R (UST) ,000. M EUR % 30/06/ , , , Bonds and similar securities traded on regulated markets SUM (EUR) 100,566, ,200, ,868, ,633,

7 Batch Report on 17/08/17 11:00:14 PAGE 28 / 80 A S S E T STATUS CONTRCT QUANTITY + CUR CURRENCY U.C.P DATE PRICE I < Fund currency > PRCT ASSET/LINE QUANTITY TYPE QTD AND PRICE TYPE COTA ASSET F BOOK COST MARKET VALUE ACCRUED INTEREST UNREALISED P&L ACT NET MONEY MARKET Money Market Instruments NDS traded on regulated markets Treasury Bills FR FRENCH REP ZCP NOL (999) ,200,000. EUR /06/ L 4,205, ,205, UNITS OF MUTUAL FUNDS French domiciliated UCITS FR R SELECTION EURO 20,000. P EUR M 29/06/ ,397, ,565, ,168, FR R CONVIC.EUROP.C EUR 90,000. P EUR M 29/06/ ,612, ,495, , FR R CONVICTION USA C 9,300. P EUR M 29/06/ ,720, ,494, , FR R COURT TERME C 1,947. P EUR M 29/06/ ,815, ,814, , FR R EURO AGGREGATE C 11, P EUR M 29/06/ ,178, ,307, , FR ELAN OBLI BEAR C EUR 9,600. P EUR M 29/06/ ,886, ,143, , FR R Euro High Yield C 3,500. P EUR M 29/06/ ,641, ,962, , Subtotal SUM (EUR) 31,253, ,783, ,530, European (EU) regulated UCITS FR R CO CONV EUR C EUR 3, P EUR M 29/06/ , , , FR R CONV. EURO C EUR 24,000. P EUR M 29/06/ ,857, ,556, , Subtotal SUM (EUR) 4,482, ,431, , UNITS OF MUTUAL FUNDS SUM (EUR) 35,735, ,214, ,479, COMMITMENTS ON FUTURES MARKETS FUTURES French Futures QUOTATION CURRCY: EUR EURO ICF N7 XPAR FCE CAC EUR M 30/06/ , , Foreign Futures QUOTATION CURRCY: EUR EURO COE U7 XEUR FGBM BOB EUR 133. M 30/06/ , , CRX U7 XEUR FGBL BUN EUR M 30/06/ , , IVG U7 XEUR FESX DJ EUR M 30/06/ , , Subtotal QUOTATION CURRCY: EUR EURO SUM (EUR) ,155, ,155, QUOTATION CURRCY: JPY JAPAN YEN INI U7 NK2 TOKYO NIK JPY M 30/06/ , , ITP U7 OSE TSE TOPIX I JPY M 30/06/ , ,

8 Batch Report on 17/08/17 11:00:14 PAGE 29 / 80 A S S E T STATUS CONTRCT QUANTITY + CUR CURRENCY U.C.P DATE PRICE I < Fund currency > PRCT ASSET/LINE QUANTITY TYPE QTD AND PRICE TYPE COTA ASSET F BOOK COST MARKET VALUE ACCRUED INTEREST UNREALISED P&L ACT NET Subtotal QUOTATION CURRCY: JPY JAPAN YEN SUM (EUR) , , QUOTATION CURRCY: USD UNITED STATES DOLLARS ISP U7 CME SP S&P USD M 30/06/ , , Foreign Futures FUTURES SUM (EUR) ,378, ,378, SUM (EUR) ,639, ,639, TREASURY Payables and Receivables Cash Coupons and Cash Dividends FR ATOS ORI P EUR /06/17 23, , GB BALFOUR BEATTY 802,646. P GBP /06/17 17, , GB GLAXOSMITHKLINE PLC 152,079. P GBP /06/17 34, , , NL USD STMICROELECTRONICS/P 513,000. P USD /06/17 23, , Cash Coupons and Cash Dividends SUM (EUR) 98, , , Margin Calls MARRCEUR ap m ROTH MM ex RCB -1,416,065. EUR ,416, ,416, MARRCJPY ap m ROTH MM ex RCB -30,689,000. JPY , , , MARRCUSD ap m ROTH MM ex RCB 19,250. USD , , Margin Calls SUM (EUR) -1,643, ,639, , Management Fees FGPFC1EUR Frais de ges.var fig -143, EUR , , FGPFC2EUR Frais de ges.var fig -82,307.6 EUR , , FGPFC3EUR Frais de ges.var fig EUR FGPFD1EUR Frais de ges.var fig -10, EUR , , FGPFD3EUR Frais de ges.var fig -3, EUR , , FGPVFC1EUR Frais de Gest. Fixe -259, EUR , , FGPVFC2EUR Frais de Gest. Fixe -229, EUR , , FGPVFC3EUR Frais de Gest. Fixe -5, EUR , , FGPVFD1EUR Frais de Gest. Fixe -36, EUR , , FGPVFD3EUR Frais de Gest. Fixe -4, EUR , , FGPVVC1EUR Frais de Gest. var. -1,332, EUR ,332, ,332, FGPVVC2EUR Frais de Gest. var. -899, EUR , , FGPVVC3EUR Frais de Gest. var. -30, EUR , , FGPVVC6EUR Frais de Gest. var EUR FGPVVD1EUR Frais de Gest. var. -182, EUR , , FGPVVD3EUR Prov FDG variables D -38, EUR , ,

9 Batch Report on 17/08/17 11:00:14 PAGE 30 / 80 A S S E T STATUS CONTRCT QUANTITY + CUR CURRENCY U.C.P DATE PRICE I < Fund currency > PRCT ASSET/LINE QUANTITY TYPE QTD AND PRICE TYPE COTA ASSET F BOOK COST MARKET VALUE ACCRUED INTEREST UNREALISED P&L ACT NET Management Fees Payables and Receivables SUM (EUR) -3,259, ,259, SUM (EUR) -4,804, ,803, , LIQUID ASSETS French Cash BQRCCHF ROTHSCHILD MM ex RCB 149, CHF , , , BQRCEUR ROTHSCHILD MM ex RCB 8,080,859.6 EUR ,080, ,080, BQRCGBP ROTHSCHILD MM ex RCB 6,627, GBP ,774, ,537, , BQRCJPY ROTHSCHILD MM ex RCB 570,638,001. JPY ,672, ,466, , BQRCNOK ROTHSCHILD MM ex RCB 104, NOK , , BQRCUSD ROTHSCHILD MM ex RCB 2,965, USD ,690, ,598, , French Cash SUM (EUR) 23,369, ,830, , Term Transactions QUOTATION CURRCY: EUR EURO A JPY EUR 10/08/17 RECU 10/08/17 5,284,000,000. JPY /06/ ,299, ,348, , VERSE 10/08/17-42,299, EUR 1. 30/06/ ,299, ,299, V USD EUR 10/08/17 RECU 10/08/17 2,214, EUR 1. 30/06/ ,214, ,214, VERSE 10/08/17-2,500,000. USD /06/ ,214, ,186, , Subtotal QUOTATION CURRCY: EUR EURO SUM (EUR) , , TREASURY LIQUID ASSETS SUM (EUR) 23,369, ,908, ,460, SUM (EUR) 18,565, ,105, ,459, FUND : R CLUB (1514 ) (EUR) 357,786, ,384, ,868, ,598,

10 Batch Report on 17/08/17 11:00:14 PAGE 31 / 80 Fund portfolio : 380,356, Coupons and dividends due : 95,966.4 Day's management fees Frais de Gest. var. : -13,359.3 EUR Frais de Gest. var. : -10, EUR Frais de Gest. var. : EUR Frais de Gest. var. : -1, EUR Prov FDG variables D : EUR Frais de ges.var fig : EUR Frais de ges.var fig : 1, EUR Frais de ges.var fig : EUR Frais de Gest. Fixe : 8, EUR Frais de Gest. Fixe : 7, EUR Frais de Gest. Fixe : EUR Frais de Gest. Fixe : 1, EUR Frais de Gest. Fixe : EUR Unit Currency Net Asset Value Number of shares NAV per unit Coefficient FX Rate Std subscr. price Std redemp. price C1 FR R CLUB -C- EUR EUR 209,552, ,300, C2 FR R CLUB F EUR EUR 145,405, , C3 FR R CLUB P EUR EUR 7,491, , , , , D1 FR R CLUB D EUR EUR 29,296, , D3 FR R CLUB -PB- EUR EUR 6,638, , , , , C7 FR PARTS CAPI R EUR Net Asset Value EUR : 398,384, Previous valuation on 29/06/17 : C1 PARTS CAPI 1 Previous N.U.V. : (EUR) Variation : % C2 PARTS CAPI 2 Previous N.U.V. : (EUR) Variation : % C3 PARTS CAPI 3 Previous N.U.V. : 1, (EUR) Variation : % D1 PARTS DIST 1 Previous N.U.V. : (EUR) Variation : % D3 PARTS DIST 3 Previous N.U.V. : 1, (EUR) Variation : %

11 Batch Report on 17/08/17 11:00:14 PAGE 32 / 80 UE Savings tax : weight and status of funds class Reporting type : TISF TIS France Official weight and status in date of 30/06/17 : Unofficial weight in date of 30/06/17 : Weight DD: 26.7 Status DD : I Weight DD: 26.7 Weight DI: Status DI : M Weight DI: Reporting type : TISL TIS Luxembourg Official weight and status in date of 30/06/17 : Unofficial weight in date of 30/06/17 : Weight DD: 26.7 Status DD : I Weight DD: 26.7 Weight DI: Status DI : M Weight DI: 32.35

12 Batch Report on 17/08/17 11:00:14 PAGE 33 / 80 FOREX RATE USED IN FUND NAV for VNI calculation for the report for previous VNI calculation variation Rate EUR in CHF : quoted : 30/06/ quoted : 29/06/ Rate EUR in GBP : quoted : 30/06/ quoted : 29/06/ Rate EUR in JPY : quoted : 30/06/ quoted : 29/06/ Rate EUR in NOK : quoted : 30/06/ quoted : 29/06/ Rate EUR in USD : quoted : 30/06/ quoted : 29/06/ Rate JPY in EUR : quoted : 30/06/ quoted : 29/06/ Rate USD in EUR : quoted : 30/06/ quoted : 29/06/ FX RATES IN REVERSE NOTATION for VNI calculation for the report for previous VNI calculation Rate CHF in EUR : quoted : 30/06/ cotation : 29/06/17 Rate GBP in EUR : quoted : 30/06/ cotation : 29/06/17 Rate JPY in EUR : quoted : 30/06/ cotation : 29/06/17 Rate NOK in EUR : quoted : 30/06/ cotation : 29/06/17 Rate USD in EUR : quoted : 30/06/ cotation : 29/06/17 Rate EUR in JPY : quoted : 30/06/ cotation : 29/06/17 Rate EUR in USD : quoted : 30/06/ cotation : 29/06/17

13 Additional Information for Investors in the Federal Republic of Germany CACEIS Bank S.A., Germany Branch, Lilienthalallee 36, D München, has undertaken the function of Paying and Information Agent in the Federal Republic of Germany (the German Paying and Information Agent ). Applications for the redemptions of shares may be sent to the German Paying and Information Agent. All payments to investors, including redemption proceeds and potential distributions may, upon request, be paid through the German Paying and Information Agent. The complete prospectus (including the key investor information documents, the detailed memorandum and the management regulations), the annual and semi-annual reports and the list of changes in the portfolio during the period under review may be obtained, free of charge in harddcopy form, at the office of the German Paying and Information Agent during normal opening hours. The issue and redemption prices of the shares and any other information to the shareholders are also available free of charge from the German Paying and Information Agent. The issue and redemption prices of the shares will be published in Germany in the Federal Gazette ( Any other information to the shareholders will be published on the fund s website