Audited Annual report
for the period from 1 January 2010 to 31 December 2010
Ethna-AKTIV E - Investment Fund Under Luxembourg Law -
(Fonds commun de placement in accordance with part I of the Luxembourg Law of 20 December 2002 on undertakings for collective investment)
Contents
Page
Information for unit holders
2
Management and administration (until 22 November 2010)
3
Management and administration (from 23 November 2010)
4
Fund management report
5
Breakdown of Fund assets
6
Income statement of the Fund
13
Change in assets of the Fund
14
Currency breakdown of the Fund
15
Securities breakdown of the Fund
16
Sector breakdown of the securities portfolio of the Fund
17
Country breakdown of the securities portfolio of the Fund
18
Notes to the audited annual report
19
Auditors' report
24
Management fees of the target funds (unaudited)
26
Key performance data (unaudited)
26
Page 1
Information for unit holders The audited annual reports are published no later than four months after the end of each financial year and the unaudited semi-annual reports no later than 2 months after the end of the first half of the financial year. The Fund's accounting year begins on 1 January each year and ends on 31 December of that same year. Subscriptions can only be made on the basis of the latest sales prospectus and the latest simplified sales prospectus (including annexes) together with the most recently published annual report and, if more than eight months have passed since the reference date of the annual report, the latest semiannual report. The reports and the latest sales prospectus (with annexes) and the latest simplified sales prospectus can be obtained free of charge from the Custodian Bank, the Management Company, the Swiss representative and the payment and information agents.
The management board of Landesbank Baden-Württemberg, Stuttgart, decided on 3 November 2009 to sell LRI Invest S.A. The sale has now been completed. Since 23 November 2010, Augur Financial Holding V S.A. has owned all the shares of LRI Invest S.A.
The accompanying notes constitute an integral component of this report. The historic information and figures in this report do not give any indication of future performance.
Page 2
Management and administration (until 22 November 2010) Management company LRI Invest S.A. 1C, Parc d'activité Syrdall L-5365 Munsbach www.lri-invest.lu
Custodian bank / Registrar and transfer agent LBBW Luxemburg S.A. 10-12, Boulevard Roosevelt L-2450 Luxembourg www.lbbw.lu
Managing Board of the Management Company Markus Gierke Chairman and Spokesperson of the Managing Board LRI Invest S.A., Munsbach/Luxembourg
Payment and information agents in Luxembourg LBBW Luxemburg S.A. 10-12, Boulevard Roosevelt L-2450 Luxembourg www.lbbw.lu
Bernd Schlichter Member of the Managing Board LRI Invest S.A., Munsbach/Luxembourg
Supervisory Board of the Management Company Horst Marschall (Chairman) Member of the Board of Baden-Württemberg Bank Stuttgart/Germany Achim Koch (Deputy Chairman) Chairman of the Management of LBBW Asset Management Investmentgesellschaft mbH Stuttgart/Germany Manuel Köppel (member of the Supervisory Board) Landesbank Baden-Württemberg, Shareholdings Stuttgart/Germany
in the Federal Republic of Germany Landesbank Baden-Württemberg Am Hauptbahnhof 2 D-70173 Stuttgart www.lbbw.de in the Republic of Austria UniCredit Bank Austria AG Schottengasse 6-8 A-1010 Vienna www.bankaustria.at Representative and payment agent in Switzerland Société Générale Paris Zurich branch Talacker 50 CH-8021 Zurich www.sgcib.com/switzerland
Investment advisor (until 1 July 2010) ETHNA Capital Partners S.A. Sihleggstrasse 23 CH-8832 Wollerau www.ethna.ch
Auditor PricewaterhouseCoopers S.à r.l. 400, route d'Esch L-1471 Luxembourg www.pwc.com/lu
Investment advisor (from 2 July 2010) ETHNA Capital AG Sihleggstrasse 23 CH-8832 Wollerau www.ethna.ch
Page 3
Management and administration (from 23 November 2010) Management company LRI Invest S.A. 1C, Parc d'activité Syrdall *) L-5365 Munsbach www.lri-invest.lu
Custodian bank / Registrar and transfer agent LBBW Luxemburg S.A. 10-12, Boulevard Roosevelt L-2450 Luxembourg www.lbbw.lu
Managing Board of the Management Company Markus Gierke Chairman and Spokesperson of the Managing Board LRI Invest S.A., Munsbach/Luxembourg
Payment and information agents in Luxembourg LBBW Luxemburg S.A. 10-12, Boulevard Roosevelt L-2450 Luxembourg www.lbbw.lu
Bernd Schlichter Member of the Managing Board LRI Invest S.A., Munsbach/Luxembourg
Supervisory Board of the Management Company Günther P. Skrzypek (Chairman) Managing partner Augur Capital AG Frankfurt am Main, Germany Dr. Thomas Schmitt (Deputy Chairman) Managing partner Augur Capital AG Frankfurt am Main, Germany Claus Stenbaek Managing partner Keyhaven Capital Partners Ltd. London, UK Dr. Peter Haid Member of the Management Board Baden-Württembergische Bank Stuttgart/Germany Achim Koch Chairman of the Management of LBBW Asset Management Investmentgesellschaft mbH Stuttgart/Germany
in the Federal Republic of Germany Landesbank Baden-Württemberg Am Hauptbahnhof 2 D-70173 Stuttgart www.lbbw.de in the Republic of Austria UniCredit Bank Austria AG Schottengasse 6-8 A-1010 Vienna www.bankaustria.at Representative and payment agent in Switzerland: Société Générale Paris Zurich branch Talacker 50 CH-8021 Zurich www.sgcib.com/switzerland
Auditor Pricewaterhouse Coopers S.à r.l. 400, route d'Esch L-1471 Luxembourg www.pwc.com/lu
Investment advisor ETHNA Capital AG Sihleggstrasse 23 CH-8832 Wollerau www.ethna.ch
* With effect from 1 January 2011, the street name "Parc d'activité Syrdall" was changed to "rue Gabriel Lippmann" by the "Commune de Schuttrange".
Page 4
Fund management report Dear Shareholder,
It was the crisis year after the crisis, or more precisely: after the banking crisis came the economic crisis and then the government debt crisis which only partly originated from the two previous crises. Particularly in the case of Greece, it became evident that a lasting unbalanced budget is not continuously supported by the trust of the market. As was the case in earlier crises, the markets and even the "evil" speculators ("speculare" comes from the Latin word meaning: observe, explore) soon identified as the cause the policy concerning the Euro Government debt crisis. Unfortunately in the analysis of this policy, the causal events were confused such that finally the reaction to policy came very late to introduce the so-called Euro rescue umbrella as a permanent mechanism. By this point, the markets were no longer concerned about the continuing finance of Greek government debt and were also thinking about the position in Ireland, Spain and Portugal, the much-maligned "PIGS" countries. The very existence of the euro was called into question by the markets, which became clear from the fall in the external value of approximately 10% in the trade-weighted euro in 2010. Naturally the interest markets did not remain stable in this environment either. After record lows for 10-year Federal bonds of under 2.20% during the summer, interest rates rose at a record pace to 3% at the end of 2010. Such a rapid fall in value has not been seen since the beginning of the decade on the US Treasury market in 2003. In particular the connection with the so-called quantitative easing or QE II whereby the central bank buys back the country's bonds in order to keep interest rates low, and the course observed in worldwide yields of long-term government borrowing are having an effect. Apparently QE II does not appear to be working although the European Central Bank has also been practicing it since the end of 2010. The experiment continues. The equities markets rose on another front also due to the constantly upgraded predictions of the "economic experts" on the course of economic growth, not only in Germany, but also in Alpine countries. In this backdrop of highly volatile interest rates, currencies and share prices, as an investment advisor it was anything but straightforward and obvious to know how the Fund should be positioned. Particularly the momentum of the market movements, and in some cases the lack of market liquidity, represented a constant new challenge, which took a high degree of commitment to master.
Luxembourg, January 2011
The fund management
The historic information and figures in this report do not give any indication of future performance.
Page 5
Breakdown of assets of the Ethna-AKTIV E Fund as at 31 December 2010 The accompanying notes constitute an integral component of this annual report.
Category
Officially traded securities Equities Macarthur Coal Ltd. Registered Shares o.N. Nestlé S.A. Namens-Aktien SF-,10 Novartis AG Namens-Aktien SF 0,50 Panalpina Weittransp.(Hldg) AG Nam.-Aktien SF 2 Swatch Group AG, The Inhaber-Aktien SF 2,25 Syngenta AG Nam.-Aktien SF 0,10 Transocean Ltd. Nam.-Aktien SF 15 Verwaltungs-und Privat-Bank AG Inhaber-Aktien SF 10 3W Power Holdings S.A. Registered Shares no par AMADEUS FIRE AG Inhaber-Aktien o.N. ArcelorMittal S.A. Actions Nouvelles Nominat. oN Bauer AG (Schrobenhausen) Inhaber-Aktien o.N. Bilfinger Berger SE Inhaber-Aktien o.N. Celesio AG Namens-Aktien o.N. Centrosolar Group AG Bearer shares no par CENTROTEC Sustainable AG Bearer shares no par Deutsche Post AG Namens-Aktien o.N. DIC Asset AG Inhaber-Aktien o.N. Electricité de France (E.D.F.) Actions au Porteur EO -,50 IFM Immobilien AG Inhaber-Aktien o.N. K+S Aktiengesellschaft Inhaber-Aktien o.N. MAN SE Bearer ordinary shares no par Palfinger AG Inhaber-Aktien o.N, Pfeiffer Vacuum Technology AG Inhaber-Aktien o.N, Renault S.A. Actions Port. EO 3.81 Rheinmetall AG Inhaber-Aktien o.N. Salzgitter AG Bearer shares no par SBM Offshore N.V. Aandelen op naam EO -,25 Silicon Sensor Internation. AG Inhaber-Aktien o.N. STMicroelectronics N.V. Aandelen aan toonder EO 1,04 Tipp24 SE Namens-Aktien o.N. Veolia Environnement S.A. Actions au Porteur EO 5 voestalpine AG Inhaber-Aktien o.N. Aquarius Platinum Ltd. Registered Shares New DL -,05 Eurasian Natural Res. Corp. Registered Shares DL -,20 Rio Tinto PLC Registered Shares LS -,10 Storebrand ASA Navne-Aksjer NK 5 Telenor ASA Navne-Aksjer NK 6 Yara International ASA Navne-Aksjer NK 1,70 Volvo, AB Namn-Aktier B (fria) o.N. Alpha Natural Resources Inc. Registered Shares DL -,01 Arch Coal Inc. Registered Shares DL -,01 CONSOL Energy Inc. Registered Shares DL 1 Patriot Coal Corp. Registered Shares DL -,01 The Mosaic Co. Registered Shares DL -,01 Other securities BNP Paribas Capital Trust VI EO-FLR Tr.Pr.Sec. 03(13/Und.) Interest-bearing securities 5.625% EUROFIMA AD-Medium-Term Notes 2005(16) 5.750% Council of Europe Developm.Bk AD-Notes 2009(14) 5.750% Kreditanst.f.Wiederaufbau AD-Med.Term Nts. v.05(15) 5.875% Council of Europe Developm.Bk AD-Medium-Term Notes 2010(15) 6,000% Council of Europe Developm.Bk AD-Notes 2010(20) 6.000% International Bank Rec. Dev. AD-Medium-Term Notes 2010(17) 6.000% Kommunalbanken AS AD-Medium-Term Notes 2010(15) 6.000% Kreditanst.f.Wiederaufbau AD-Med.Term Nts. v.07(17) 6.000% Landwirtschaftliche Rentenbank AD-MTN S.7 v.09(14) 6.125% European Investment Bank AD-Medium-Term Notes 2007(17) 6.125% Sté Natle Chemins Fer Français AD-Medium-Term Notes 2010(15) 6.250% Bank Nederlandse Gemeenten AD-Medium-Term Notes 2010(15) 6.250% Kreditanst.f.Wiederaufbau AD-MTN v.09(19) Kangaroo 6.250% Nederlandse Waterschapsbank NV AD-Medium-Term Notes 2006(13) 6.380% Goldman Sachs Group Inc., The AD-Notes 2004(11) 6.500% European Investment Bank AD-Medium-Term Notes 2009(19) 6.500% Landwirtschaftliche Rentenbank AD-MTN S.9 v.10(17) 6.500% The Royal Bank of Scotland NV AD-FLR Notes 2006(13/18) FTF 6.750% Rabobank Nederland (Austr.Br.) AD-Notes 2009(14) 7.000% SPI (Australia) Assets Pty Ltd AD-Notes 2010(15) 8.000% BP Capital Markets PLC AD-Medium-Term Notes 2008(11) 1.625% BP Capital Markets PLC SF-Medium-Term Notes 2009(11) 2.000% General Electric Capital Corp. SF-Anl. 2010(15) 2.125% DEPFA ACS BANK SF-Medium-Term Notes 2005(17) 2.125% Tokyo El. Power Co. Inc., The SF-Anl. 2010(17) 2.375% CIF Euromortgage SF-Med.-T.Obl.Foncières 10(19) 2.375% DEPFA ACS BANK SF-Medium-Term Notes 2006(19) 2.375% Royal Bank of Scotland PLC SF-Medium-Term Notes 2005(15)
Purchases / additions
Sales/ disposals
in Reporting period
in Reporting period
Number or units or currency in 000
Balance
UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT
500,000.00 750,000.00 500,000.00 100,000.00 45,000.00 101,500.00 250,000.00 127,495.00 486,000.00 8,150.00 600,000.00 101,187.00 350,000.00 700,000.00 510,000.00 750,000.00 1,700,000.00 102,100.00 300,992.00 934,976.00 100,000.00 250,000.00 30,000.00 146,548.00 500,000.00 400,000.00 150,000,00 629,958.00 150,000,00 2,600,000.00 475,600.00 1,200,000.00 400,000.00 1,000,000.00 1,000,000.00 200,000.00 1,584,800.00 1,750,000.00 200,000.00 2,100,000.00 100,000.00 700,000.00 502,000.00 250,000.00 400,000.00
500,000.00 800,000.00 500,000.00 100,000.00 45,000.00 101,500.00 250,000.00 57,503.00 186,000.00 85,343.00 900,000.00 101,187,00 445,000.00 700,000.00 33,600.00 750,000.00 1.700,000,00 102,100.00 696,351.00 117,576.00 100,000.00 350,000.00 30,000,00 150,000.00 950,000.00 400,000.00 250,000.00 629,958,00 150,000.00 2,600,000.00 475,600.00 1,200,000.00 400,000.00 1,500,000.00 1,000,000.00 200,000.00 1,584,800.00 1,750,000.00 200,000.00 2,100,000.00 100,000,00 800,000.00 502,000.00 250,000.00 400,000.00
EUR
500.00
8,500.00
AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD CHF CHF CHF CHF CHF CHF CHF
11,000.00 15,000.00 8,000.00 10,300.00 4,000.00 7,500.00 17,000.00 22,500.00 5,500.00 7,500.00 6,500.00 8,000.00 6,000.00 19,000.00 7,000.00 9,000.00 9,000.00 18,000.00 16,000.00 5,000.00 8,000.00 4,000.00 4,000.00 8,200.00 8,500.00 4,200.00 5,350.00 20,000.00
11,000.00 15,000.00 8,000.00 20,300.00 4,000.00 7,500.00 17,000.00 22,500.00 5,500.00 7,500.00 10,500.00 8,000.00 6,000.00 19,000.00 10,000.00 9,000.00 9,000.00 18,000.00 16,000.00 8,000.00 8,000.00 4,000.00 4,000.00 6,200.00 8,500.00 4,200.00 2,350.00 5,350.00
50,000.00
10,000.00 77,193.00 300,000.00 95,000.00 420,000.00
395,359.00 17,600.00 100,000.00 3,452.00 450,000.00 100,000.00 200,000.00
250,000.00 900,000.00
100,000.00
8,000.00
10,000.00
4,000.00
3,000.00
3,000.00
Price
Market value in EUR
as % of Fund assets
AUD CHF CHF CHF CHF CHF CHF CHF EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR GBP GBP GBP NOK NOK NOK SEK USD USD USD USD USD
12.8200 54.7500 54.9500 120.5000 416.8000 273.5000 64.0500 114.8000 4.1490 28.9900 28.5100 35.3000 63.2000 18.6000 5.0700 16.0000 12.7000 8.3400 31.0250 9.3000 56.3600 88.9900 28.7450 88.0000 43.4400 60.1700 57.7700 16.7950 8.7000 7.8650 28.5900 22.2850 35.6500 3.5290 10.5300 45.8400 43.6500 94.8000 337.5000 118.5000 60.1600 35.2700 48.8100 19.7000 75.8300
4,888,431.65 32,865,196.87 21,990,168.25 9,644,459.60 15,011.741,43 22,218,473.82 12,815,926.08 11,714,557.61 2,016,414.00 236,268.50 17,106,000.00 3,571,901.10 22,120,000.00 13,020,000.00 2,585,700.00 12,000,000.00 21,590,000.00 851,514.00 9,338,276.80 8,695,276.80 5,636,000.00 22,247,500.00 862,350.00 12,896,224.00 21,720,000.00 24,068,000.00 8,665,500.00 10,580,144.61 1,305,000.00 20,449,000.00 13,597,404.00 26,742,000.00 14,260,000.00 4,096,662.19 12,223,817.75 10,642,731.36 8,854,124.23 21,234,072.05 8,639,541.07 27,692,622.02 4,523,614.38 18,564,414.13 18,424,269.31 3,703,258.12 22,807,558.41
0.25% 1.65% 1.10% 0.48% 0.75% 1.11% 0.64% 0.59% 0.10% 0.01% 0.86% 0.18% 1.11% 0.65% 0.13% 0.60% 1.08% 0.04% 0.47% 0.44% 0.28% 1.12% 0.04% 0.65% 1.09% 1.21% 0.43% 0.53% 0.07% 1.03% 0,68% 1,34% 0.72% 0.21% 0.61% 0.53% 0.44% 1.07% 0.43% 1.39% 0.23% 0.93% 0.92% 0.19% 1.14%
%
96.8950
484,475.00
0.02%
% % % % % % % % % % % % % % % % % % % % % % % % % % % %
96.3360 98.9600 98.4200 99.0450 94.5050 99.1400 99.1250 97.7990 99.7250 98.2950 100.2600 100.0550 97.7350 100.2700 100.0830 99.2260 99.9200 80.6380 100.1720 98.6500 100.3950 100.4500 101.3000 87.0000 101.3500 100.3000 85.0000 86.5000
8,081,515.55 11,320,418.01 6,004,610.84 7,780,030.49 2,882,878.21 5,670,504.45 12,851,198.73 16,781,410.08 4,182,907.42 5,622.173,04 4,969,956.35 6,104,362.30 4,472,114.20 14,529,013.72 5,342,811.76 6,810,508.07 6,858,141.68 11,069,392.09 12,223,000.95 3,761,651.97 6,125,105.72 3,215,887.03 3,243,099.61 5,709,840.23 6,894,988.24 3,371,639.05 3,639,682.99 13,846,402.58
0.41% 0.57% 0.30% 0.39% 0.14% 0.28% 0.64% 0.84% 0.21% 0.28% 0.25% 0.31% 0.22% 0.73% 0.27% 0.34% 0.34% 0.56% 0.61% 0.19% 0.31% 0.16% 0.16% 0.29% 0.35% 0.17% 0.18% 0.69%
Page 6
Category
2.500% European Investment Bank SF-Medium-Term Notes 2007(19) 2.625% General Electric Capital Corp. SF-Bonds 2010(16) 2.750% American international Grp Inc SF-Medium-Term Notes 2006(16) 2.750% BP Capital Markets PLC SF-Medium-Term Notes 2007(11) 2.875% American international Grp Inc SF-Medium-Term Notes 2007(15) 2.875% Cie de Financement Foncier SF-Obl.Foncières MTN 2009(19) 3.000% Citigroup Inc. SF-Medium-Term Notes 2007(19) 3.375% American international Grp Inc SF-Medium-Term Notes 2007(17) 5.250% Dubai Holding Commercial Opera SF-Medium-Term Notes 2008(11) 10.000% ASR Nederland N.V. EO-FLR Securities2009(19/Und.) FTF 11.250% SNS bank N.V. EO-FLR M.-T.CapSecs09(19/Und.) FTF 13.000% Lloyds TSB Bank PLC EO-FLR Cap.Secs 2009(19/Und.) FTF 3.125% European Investment Bank EO-Med.-Term Nts 2005(15)lntl 3.875% DEPFA ACS BANK EO-Med.-T. Notes 2006(16) 3.875% DEPFA ACS BANK EO-Securities 2003(13) Reg.S 3.875% KBC Ifima N.V. EO-Medium-Term Notes 2010(15) 4.100% Danske Bank AS EO-FLR Med.-T. Nts 2005(15/18) FTF 4.125% SNS Reaal Groep N.V. EO-Medium-Term Notes 2009(13) 4.235% Euroclear Finance 2 S.A. EO-FLR Notes 2005(15/Und.) FTF 4.375% DEPFA ACS BANK EO-Securities 2004(15) Reg.S 4.375% Euroclear Finance 2 S.A. EO-FLR Notes 2005(15/Und.) FTF 4.385% Lloyds TSB Bank PLC EO-FLR Cap.Secs 2005(17/Und.) FTF 4.500% Talanx Finanz (Luxemburg) S.A. EO-FLR Notes 2005(15/25) FTF 4.615% Agence Française Développement EO-FLR Obi. 2006(16/Und.) FTF 4.625% Allianz France S.A. EO-FLR Obl. 2005(15/Und.) FTF 4.747% Ethias Vie EO-FLR Nts 2005(15/Und.) FTF 4.875% BNP Paribas S.A. EO-Notes 2005(11/Und.) 4.875% DEPFA ACS BANK EO-Medium-Term Nts 2004(19) 4.875% Wendel S.A. EO-Bonds 2004(14) 5.000% Citigroup Inc. EO-Medium-Term Notes 2004(19) 5.000% Hannover Finance (Lux.) S.A. EO-FLR Notes 2005(15/Und.) FTF 5.000% J.P. Morgan Bank Luxembourg SA EO-FLR SPARC Sec. 05(15/Und.) FTF 5.125% Ageas Hybrid Financing EO-FLR Tr.Pref.Sec.06(16/Und.) FTF 5.125% EUREKO B.V. EO-FLR Securities2005(15/Und.) FTF 5.250% Fraport AG Ffm.Airport.Ser.AG IHS v.2009 (2019) 5.252% ELM B.V. EO-FLR Notes 2006(16/Und.) FTF 5.314% SL MACS PLC EO-FLR Notes 2004(15/Und.) FTF 5.625% HeidelbergCement Finance B.V. EO-Medium-Term Notes 2007(18) 5.700% Aviva PLC EO-FLR Notes 2003(15/Und.) FTF 5.750% Prudential PLC EO-FLR Notes 2001(11/21) FTF 5.767% Münchener Rückvers.-Ges. AG FLR-Nachr.-Anl. v.07(17/unb.) FTF 6.000% AEGON N.V. EO-Med.-T.Cap.Secs 06(11/Und.) 6.000% CNP Assurances S.A. EO-FLR Notes 2010(20/40) FTF 6.000% EUREKO B.V. EO-Medium-T. Nts 2006(12/Und.) 6.000% Macquarie Bank Ltd. EO-Med.-Term Nts 2010(20) 6.000% Man Group PLC EO-Med.-Term Notes 2010(15) 6.250% SNS bank N.V. EO-Medium-Term Nts 2010(20) 7.500% Deutsche Börse AG FLR-Nachrang-MTN v.08(13/38) FTF 8.000% Ageas Hybrid Financing EO-Bonds 2008(13/Und.) 8.000% ING Groep N.V. EO-Med.-T.Cap.Secs 08(13/Und.) 8.000% KBC Bank N.V. EO-Notes 2008(13/Und.) 8.375% EUREKO B.V. EO-Medium-T. Nts 2008(13/Und.) 8.500% Abengoa S.A. EO-Notes 2010(16) 9.375% Société Générale S.A. EO-FLR Bonds 2009(19/Und.) FTF 10.000% Bank Nederlandse Gemeenten TN-Medium-Term Notes 2010(14) 8.000% Coöp. Centr. Raiff.-Boerenlbk TN-Medium-Term Notes 2010(15) 8.000% European Investment Bank TN-Medium-Term Notes 2010(14) 8.000% European Investment Bank TN-Medium-Term Notes 2010(15) 9,000% European Investment Bank TN-Medium-Term Notes 2009(13) 9.000% International Bank Rec. Dev. TN-Medium-Term Notes 2010(13) 4.000% Aquarius Platinum Ltd. DL-Conv. Notes 2009(15) 6.450% GE Global Insurance Hldg Corp. DL-Notes 1999(99/19) 6.500% Lloyds TSB Bank PLC DL-Med.-Term Nts 2010(20)Reg.S 7.500% Glencore Finance Europe S.A. DL-Med.-Term Nts 2010(15/UND.) 9.500% Standard Chartered Bank DL-FLR Pref.Secs 2009(14/Und.) FTF
Organised market Equities Zenergy Power Plc Registered Shares LS -.01 Interest-bearing securities 6.250% Ontario, Provinz AD-Notes 2010(20) 3.625% Coöp. Centr Raiff.-Boerenlbk SF-Medium-Term Notes 2009(19) 4.250% Zürich Versicherungs-Ges. SF-FLR Anl. 2010(16/Und.) FTF 4.750% Helvetia Schweiz. Versicherung SF-FLR Notes 2010(15/Und.) FTF 10.000% Bank of Ireland (The Gov.&Co.) EO-Med.-Term Notes 2010(20) 10.750% Allied Irish Banks PLC EO-Medium-Term Notes 2010(17) 1.750% IVG Finance B.V. EO-Wandelanieihe 2007(17) 4.125% American General Finance Corp. EO-Notes 2006(13) 4.500% Allied Irish Banks PLC EO-Medium-Term Notes 2009(12) 4.750% Dubai Holding Commercial Opera EO-Med.-T. Notes 2007(14) 5.250% conwert Immobilien Invest SE EO-Wdl.-Anl. 2010(16) 5.625% Allied Irish Banks PLC EO-Medium-Term Notes 2009(14) 5.875% La Mondiale EO-FLR Obl. 2003(13/Und.) FTF 6.750% HDI-Gerling Lebensvers. AG FLR-Bond v.05(15/49) FTF
Number or units or currency in 000
Balance
CHF CHF CHF CHF CHF CHF CHF CHF CHF EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR TRY TRY TRY TRY TRY TRY USD USD USD USD USD
4,200.00 11,000.00 4,200.00 4,000.00 24,500.00 4,200.00 14,200.00 24,000.00 20,700.00 32,000.00 15,000.00 10,750.00 20,000.00 2,450.00 11,000.00 5,000.00 8,180.00 5,200.00 6,000.00 4,200.00 6,000.00 1,280.00 4,000.00 14,500.00 15,000.00 20,000.00 26,800.00 12,650.00 5,000.00 8,100.00 12,000.00 6,000.00 7,000.00 5,500.00 16,700.00 20,000.00 14,000.00 11,000.00 4,000.00 15,000.00 7,500.00 22,500.00 8,000.00 19,961.00 10,000.00 5,000.00 4,000.00 14,500.00 4,350.00 31,800.00 5,050.00 15,000.00 9,000.00 26,800.00 20,000.00 18,000.00 10,000.00 37,000.00 55,000.00 9,000.00 4,000.00 9,000.00 8,000.00 11,000.00 11,240.00
Purchases / additions
Sales/ disposals
in Reporting period
in Reporting period
4,200.00 11,000.00 4,200.00 4,000.00 4,500.00 4,200.00 5,480.00 7,500.00 800.00 16,314.00 15,000.00 1,600.00 20,000.00 6,500.00 5,000.00
6,000.00 4,200.00 1,600.00 1,280.00 4,000.00 14,500.00 7,500.00 20,000.00 23,800.00 2,400.00
25,000.00 8,500.00 12,000.00 7,000.00 27,000.00 14,600.00 26,000.00 4,500.00 7,400.00 20,000.00 11,500.00 13,000.00 5,000.00 15,200.00
4,000.00
2,400.00 7,000.00 5,500.00 5,000.00 4,500.00 6,000.00 4,000.00 15,000.00 4,800.00 17,700.00 8,000.00 9,900.00 10,000.00 5,000.00 4,000.00 5,000.00 4,350.00 6,000.00 3,700.00 9,300.00 9,000.00 16,800.00 20,000.00 18,000.00 10,000.00 37,000.00 63,000.00 9,000.00 6,900.00 9,000.00 8,000.00 11,000.00
UNIT 6,760,000.00 6,760,000.00 AUD CHF CHF CHF EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
50.00
25,000.00 8,500.00 12,000.00 7,000.00 27,000.00 14,600.00 26,000.00 7,400.00 15,000.00 11,500.00 4,000.00 5,000.00 15,200.00
4,000.00
4,750.00
8,000.00 2,900.00
Price
Market value in as % of EUR Fund assets
% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %
104.7000 101.7500 88.8000 100.8300 93.7500 103.6500 91.8500 91.2000 94.5000 112.8100 100.6250 117.0100 102.8671 89.7300 98.0500 97.8200 93.7500 100.3750 84.0200 96.5600 74.8770 65.0000 86.0150 92.8200 87.3000 66.0000 83.7650 87.5110 100.5250 98.1950 87.9000 75.2500 71.2500 78.6750 104.3400 87.5000 85.8970 97.9750 85.5000 99.0400 93.6250 89.4350 94.5500 79.8100 92.3350 102.7400 85.6370 105.6250 96.4250 97.3500 92.7350 100.1000 94.7850 105.3050 106.5750 101.3850 102.7880 102.5400 105.5150 105.5870 109.5139 106.8850 91.8900 103.3700 109.4050
3,519,547.44 8,958,142.24 2,985,060.29 3,228,052.65 18,383,500.53 3,484,251.12 10,438,986.99 17,518,500.55 15,656,439.54 36,099,200.00 15,093,750.00 12,578,575.00 20,573,420.00 2,198,385.00 10,785,500.00 4,891,000.00 7,668,750.00 5,219,500.00 5,041,200.00 4,055,520.00 4,492,620.00 832,000.00 3,440,600.00 13,458,900.00 13,095,000.00 13,200,000.00 22,449,020.00 11,070,141.50 5,026,250.00 7,953,795.00 10,548,000.00 4,515,000.00 4,987,500.00 4,327,125.00 17,424,780.00 17,500,000.00 12,025,580.00 10,777,250.00 3,420,000.00 14,856,000.00 7,021,875.00 20,122,875.00 7,564,000.00 15,930,874.10 9,233,500.00 5,137,000.00 3,425,480.00 15,315,625.00 4,194,487.50 30,957,300.00 4,683,117.50 15,015,000.00 8,530,650.00 28,221,740.00 10,326,179.37 8,840,982.65 4,979,626.20 18,380,163.27 28,114,555.43 4,603,702.89 3,293,874.02 7,233,309.02 5,515,561.20 8,549,977.07 9,246,582.10
0.18% 0.45% 0.15% 0.16% 0.92% 0.17% 0.52% 0.88% 0.79% 1.81% 0.76% 0.63% 1.03% 0.11% 0.54% 0.25% 0.38% 0.26% 0.25% 0.20% 0.23% 0.04% 0.17% 0.68% 0.66% 0.66% 1.13% 0.56% 0.25% 0.40% 0.53% 0.23% 0.25% 0.22% 0.87% 0.88% 0.60% 0.54% 0.17% 0.75% 0.35% 1.01% 0.38% 0.80% 0.46% 0.26% 0.17% 0.77% 0.21% 1.55% 0.23% 0.75% 0.43% 1.42% 0.52% 0.44% 0.25% 0.92% 1.41% 0.23% 0.17% 0.36% 0.28% 0.43% 0.46%
GBP
0.2575
2 020 702.71
0.10%
% % % % % % % % % % % % % %
95.7450 110.1500 103.7000 104.8500 57.3950 24.7500 74.5000 82.6250 78.6340 80.2500 109.2110 70.5940 83.7370 97.0000
18,254,402.83 7,493,665.07 9,959,805.41 5,874,316.28 15,496,650.00 3,613,500.00 19,370,000.00 3,718,125.00 5,818,916.00 16,050,000.00 12,559,265.00 9,177,220.00 4,186,850.00 14,744,000.00
0.92% 0.38% 0.50% 0.29% 0.78% 0.18% 0.97% 0.19% 0.29% 0.81% 0.63% 0.46% 0.21% 0.74%
Page 7
Purchases / additions
Number or units or currency in 000
Balance
EUR EUR EUR USD
6,350.00 3,000.00 18,400.00 3,800.00
6,350.00 3,000.00 18,400.00 3,800.00
ANT
1.350.00
1,350.00
UNIT
11,000,000.00
Sales/ disposals Price
Market value in EUR
as % of Fund assets
105.0000 104.0500 73.0100 104.7500
6,667.500,00 3,121,500.00 13,433,840.00 2,993,059.68
0.33% 0.16% 0.67% 0.15%
EUR 10,359.0500
13,984,717.50
0.70%
0.00
0.00%
1,669,318,750.15
83.74%
6,927.0000
-1,371,262.50 -1,371,262.50
-0.07% -0.07%
0.1400
-4,102.00 -4,102.00
-0.00% -0.00%
0.2000 0.4200 EUR EUR EUR
60,000.00 420,000.00 480,000.00 475,898.00 -895,364.50
0.00% 0.02% 0.02% 0.02% -0.04%
AUD 698,366.91 CAD 366,456.20 CHF 59,267.49 EUR 308,143,605.23 NOK 142,571.24 USD 228,917.97 EUR 1,371,262.50
EUR EUR EUR EUR EUR EUR EUR
532,592.65 275,587.55 47,435.93 308,143,605.23 18,248.15 172,130.42 1,371,262.50
0.03% 0.01% 0.00% 15.46% 0.00% 0.01% 0.07%
NOK
45,600,000.00
EUR EUR
5,836,489.97 316,397,352.40
0.29% 15.87%
EUR AUD EUR NOK EUR
31,398,240.57 15,289.48 3,450.50 215,840.09 648.52
EUR EUR EUR EUR EUR
31,398.240,57 11,660.15 3,450.50 27,626.06 648.52
1.58% 0.00% 0.00% 0.00% 0.00%
EUR
7,560,000.00
EUR EUR
7,560,000.00 39,001,625.80
0.38% 1.96%
CHF GBP SEK USD
-854.90 -299.32 -625.86 -1,151.30
EUR EUR EUR EUR EUR
-684.24 -347.47 -69.65 -865.70 -1,967.06
-0.00% -0.00% -0.00% -0.00% -0.00%
Other liabilities 1 )
EUR
-30,432,637.59
-1.53%
Fund assets
EUR
1,993,387,759.20
100.00*)
Unit value of the Ethna-AKTIV E -A- fund Unit value of the Ethna-AKTIV E -T- fund
EUR EUR
110.39 110.71
Ethna-AKTIV E -A- fund units in circulation Ethna-AKTIV E -T- fund units in circulation
UNIT UNIT
15,367,912.899 2,681,406.432
% %
83.74 -0.04
Category
6.875% 7.500% 8.000% 8.375%
FIL Ltd. EO-Bonds 2010(17) Conti-Gummi Finance B.V. EO-Notes 2010(10/17) Reg.S IVG Immobilien AG Sub.FLR-Bonds v.06(13/unb.) FTF Crédit Agricole S.A. DL-FLR Nts 2009(19/Und.) Reg.S FTF
Securities investment units Meilinckrodt 1 Inhaber-Anteile B o.N. Other securities Betex Group PLC Registered Shares LS -,01 Total for securities portfolio Derivatives Equity index derivatives Equity index - futures DAX Index Future 18.03.11 Total equity index derivatives Derivatives on individual securities Securities options rights Equity options Call MAN 105 21.01.11 Total security option rights Security option rights Share option certificates 3W Power Holdings S.A. WTS 01.09.12 3WPower 7,5 Deutsche Bank AG Call 10.06,11 HOCHTIEF 65 Total security option certificates Total derivatives on individual securities Total for derivatives Bank deposits, uncertificated money market instruments Bank deposits Bankkonto LBBW Luxemburg S.A. Bankkonto LBBW Luxemburg S.A. Bankkonto LBBW Luxemburg S.A. Bankkonto LBBW Luxemburg S.A. Bankkonto LBBW Luxemburg S.A. Bankkonto LBBW Luxemburg S.A. Claims from variation margin LBBW Luxemburg S.A. Fixed deposit with early call option Fixed term deposit Norddeutsche Landesbank Luxembourg S.A. Total bank deposits and uncertificated money market instruments Other assets Other interest claims Interest on securities Interest claim account Interest claim account Interest claim account Interest claim account Initial margin Initial Margin LBBW Luxemburg S.A Total for other assets Interest payable Interest payable Interest payable Interest payable Interest payable Total interest payable
Proportion of securities to Fund assets Proportion of derivatives to Fund assets
in in Reporting Reporting period period % % % %
GBP
0.0000
EUR
EUR
600.00 EUR
EUR
-293.00 EUR
EUR EUR
300,000.00 1,000,000.00
*) Small differences may occur in the calculations due to rounding. 1 ) The item "other liabilities" includes investment advisor fees, management fees, custodian bank fee, performance-related investment advisor fee, auditing costs and taxe d'abonnement.
Page 8
Liabilities from derivatives Liabilities arising from derivatives in EUR
Crcy
Contracts
Price
Crcy Price
Futures purchases DAX Index Future 18.03.11 Total futures purchases
EUR
600.00
6,927.00
1.00
103,905,000.00 103,905,000.00
Equity options Call MAN 105 21.01.11 Total equity options
EUR
100.00
88.99
1.00
2,607,407.00 2,607,407.00
Securities prices and/or market rates All assets
as at
30.12.2010
as at =1 =1 =1 =1 =1 =1 =1 =1
30.12.2010 EUR EUR EUR EUR EUR EUR EUR EUR
Exchange rates (in volume quotation) Australian dollar Canadian dollar Swiss francs Pound Sterling Norwegian krone Swedish krona Turkish Lira US dollar
(AUD) (CAD) (CHF) (GBP) (NOK) (SEK) (TRY) (USD)
1.311259 1.329727 1.249422 0.861433 7.812915 8.986148 2.064171 1.329910
Page 9
Transactions concluded during the reporting period that no longer appear in the breakdown of assets Purchases & sales of securities, investment units and promissory note loans (market classification as at the report date): Category
Officially traded securities Equities ABB Ltd. Namens-Aktien SF 1,03 AEGON N.V. Aandelen op naam(demat.)EO-,12 Ahold N.V., Kon. Aandelen aan toonder EO -,30 Alstom S.A. Actions Port. EO 7 AXA S.A. Actions Port. EO 2.29 Barrick Gold Corp. Registered Shares o.N. Bayer AG Namens-Aktien o.N. Beiersdorf AG Inhaber-Aktien o.N. Bulgari S.p.A. Azioni nom. EO 0.07 Cameco Corp. Registered Shares o.N. CNH Global N.V. Aandelen aan toonder EO 2.25 Denison Mines Corp. Registered Shares o.N. Deutsche Bank AG Namens-Aktien o.N. Deutsche Börse AG Namens-Aktien o.N. Bilfinger Berger AG Registered Shares no par Deutsche Telekom AG Namens-Aktien o.N. Dufry AG Nam.-Aktien SF 5 ECO Business-Immobilien AG Inhaber-Aktien o.N. ELMOS Semiconductor AG Inhaber-Aktien o.N. ElringKlinger AG Namens-Aktien o.N. E.ON AG Namens-Aktien o.N. Europ.Aeron.Def.+Space Co.EADS Aandelen aan toonder EO 1 France Télécom Actions Port. EO 4 freenet AG Registered shares no par GdF Suez S.A. Actions Port. EO 1 Geox S.p.A. Azioni nom. EO -,10 Goldman Sachs Group Inc., The Registered Shares DL -,01 Helvetia Holding AG Namens-Aktien SF 0,1 Klöckner & Co SE Registered shares no par Lafarge S.A. Actions au Porteur EO 4 LEONI AG Registered shares no par Lonmin PLC Registered Shares DL 1 LPKF Laser & Electronics AG Inhaber-Aktien o.N. Merck KGaA Inhaber-Aktien o.N. Nordex SE Inhaber-Aktien o.N. Oréal S.A., L'Actions Port. EO 0,2 Österreichische Post AG Inhaber-Aktien o.N. Parmalat S.p.A. Azioni nom. EO 1 Porsche Automobil Holding SE Bearer preference shares no voting rights, no par PS Beteiligungs- und Verwaltungsgesellschaft mbH & Co. KG PubliGroupe S.A. Namens-Aktien SF 1 Q-Celis SE Inhaber-Aktien o.N. RWE AG Inhaber-Stammaktien o.N. SAP AG bearer shares no par Schweizerisch.Rückvers.-Ges.AG Namens-Aktien SF 0,10 Solar Millennium AG Namens-Aktien o.N. SolarWorld AG bearer shares no par. STADA Arzneimittel AG vink.Namens-Aktien o.N. Strabag SE bearer shares no par Swisscom AG Namens-Aktien SF 1 Symrise AG Inhaber-Aktien o.N. Telekom Austria AG Inhaber-Aktien o.N. Tognum AG Inhaber-Aktien o.N. UniCredit S.p.A. Azioni nom. EO 0.50 VINCI S.A. Actions Port. EO 2,50 Volkswagen AG neue Vorzugsaktien o.St. o.N. Volkswagen AG preference shares, no voting rights, no par Wincor Nixdorf AG Inhaber-Aktien o.N. Yeli Group PLC Registered Shares LS -,01 Zurich Financial Services AG Nam.-Aktien SF 0,10 Other securities HVB Funding Trust VIII EO-FLR Tr.Pref.Sec,02(12/Und.) SG Capital Trust III EO-FLR Tr.Pref.Sec.03(13/Und.) Rights issues Volkswagen AG Bearer preemptive rights Profit-participation certificates Roche Holding AG Inhaber-Genußscheine o.N. Interest-bearing securities 10.750% Kabel Deutschland GmbH ITV v.04(09/14) ANL 1.250% Bundesrep.Deutschland Bundesschatzanw. v.2009 (2011) 1.500% Essilor Intl -Cie Génie Opt.SA EO-Conv. Obl. 2003(10) 2.125% BMW (UK) Capital PLC SF-Medium-Term Notes 2010(15) 2,375% Bank Nederlandse Gemeenten SF-Medium-Term Notes 2010(19) 2.500% DEPFA ACS BANK SF-Medium-Term Notes 2003(10) 2.500% EUROHYPO Europ.Hypothekenbk SA SF-Öff.-Pfbr. 2005(25) 2.500% Frankreich EO-BTAN 2010(15) 2.560% L-Bank Bad.-Württ.-Förderbank FLR-NK-MTN R.5270 v.2010(2013) FRN 2.625% Nordic Investment Bank NK-Medium-Term Notes 2010(13) 2.710% General Electric Capital Corp. NK-FLR Med.-Term Nts 2006(16) FRN 2.750% Belgien Königreich EO-Obl. Lin. 2010(16) Ser. 59 2.750% Niederlande EO-Anl. 2009(15) 2.875% Toyota Motor Credit Corp. SF-Medium-Term Bonds 2006(16)
Number or units or Purchases / additions currency in 000
Sales/ disposals
UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT
650,000 1,350,000 1,000,000 300.000 900,000 300,000 50,000 225,000 500,000 275,000 225,000
49,734
1,150,000 1,350,000 1,000,000 300,000 900,000 300,000 50.000 225,000 500,000 275,000 225,000 500,000 500,000 325,000 900,000 1,000,000 3.154 130,000 67,800 20,000 700,000 750,000 1,200,000 1,461,406 300,000 500,000 50,000 6,000 100,000 75,000 230,000 100,000 10,000 70,000 500,000 8,000 200,000 3,000,000 120,000 2,689,234 6,000 326,320 475,000 175.000 29,890 10,000 273,071 400,000 235,000 20,000 200,000 300,000 200,000 2,000,000 170,000 36,427 202,639 19.000 6,000,000 49,734
EUR EUR
2,000 4.000
2,000 4,000
UNIT
100,000
100.000
UNIT
300,000
300,000
EUR EUR UNIT CHF CHF CHF CHF EUR NOK NOK NOK EUR EUR CHF
2 000 40.000 10,835 2,000 5.500
2,000 40,000 10,835 2.000 5,500 9,000 3,000 15,000 50,000 82,000 25,000 10,000 11,500 1,500
500,000 325,000 900,000 1,000,000 3,154 130,000 67,800 20,000 700,000 750,000 900,000 1,461,406 300,000 500,000 50.000 6,000 100.000 75,000 230,000 100,000 70,000 500,000 8,000 3,000,000 120,000 2,689.234 6,000 326,320 475,000 175.000 29,890 273,071 400,000 235,000 20,000 200,000 100,000 200,000 2,000,000 35,000 36,427 202,639 19,000
2,100 15,000 50,000 82,000 25,000 10.000 11,500 1,500
Page 10
Category
3.000% 3.250% 3.375% 3,500% 3.500% 3.500% 3,500% 3.625% 3.625% 3.750% 3,750% 3,750% 3.750% 3.750% 3.750% 3.875% 3.900% 3.975% 4.000% 4.000% 4,000% 4.000% 4.000% 4.000% 4.000% 4.051% 4.125% 4.250% 4,250% 4.250% 4.350% 4.350% 4.375% 4.500% 4.500% 4.750% 4.750% 4.750% 4.750% 4.750% 4.750% 4.750% 4.750% 4.750% 4.800% 4.875% 5,000% 5.110% 5.125% 5.250% 5.250% 5.500% 5.500% 5.625% 5,625% 5.650% 5.750% 5.875% 5.875% 5.875% 5.875% 6.000% 6.000% 6.125% 6.125% 6.250% 6.250% 6.375% 6.375% 6.385% 6.400% 6.500% 6.500% 6.637% 6.750% 6.750% 6.750% 7.000% 7.000% 7.250% 7.375% 7.625% 7.625% 7,756%
Bank of Scotland PLC SF-Medium-Term Notes 2006(16) HSBC Finance Corp. SF-Medium-Term Notes 2006(16) DnB NOR Boligkreditt A.S. SF-Med.-Term Pfandb.2008(16) Kommunalbanken AS NK-Medium-Term Notes 2010(15) Niederlande EO-Anl. 2010(20) Österreich, Republik EO-Med.-T. Nts 2005(15) 144A Österreich, Republik EO-Med.-T, Nts 2006(21) 144A Krankenanst.lmmobil.mbH (KIG) EO-Anleihe 2010(17) Polen, Republik EO-Medium-Term Notes 2006(16) Coöp. Centr. Raiff.-Boerenlbk NK-Medium-Term Notes 2009(14) Coöp. Centr. Raiff.-Boerenlbk NK-Medium-T. Nts 2010(14) Tr.2 International Bank Rec. Dev. NK-Medium-Term Notes 2010(17) Landwirtschaftliche Rentenbank NK-Med.Term Nts 999 v.10(15) Nationwide Building Society EO-Medium-Term Notes 2010(15) Niederlande EO-Anl. 2004(14) MOL Magyar Olaj-és Gázipa.Nyrt EO-Notes 2005(15) Österreich, Republik EO-Med.-T. Nts 2005(20) 144A BAA Funding Ltd, EO-FLR MTN 08(12/14) A-5 Reg.S FTF ABN AMRO Bank N.V. EO-Medium-Term Notes 2010(15) Alstom S.A. EO-Bonds 2009(14) Alstom S.A. EO-Bonds 2010(14) Tr.2 Barclays Bank PLC EO-Medium-Term Notes 2010(17) IKB Deutsche Industriebank AG Inh.-Schv. v.06(2011) R.138 Petroplus Finance Ltd. DL-Conv. Bonds 2009(15) RCI Banque EO-Medium-Term Notes 2010(13} Comunidad Autónoma de Madrid EO-Obl. 2009(13) Oddo et Cie Entrepr.d'nvest. EO-Bonds 2010(13) Danske Bank AS EO-FLR Med.-T. Nts 2003(13/16) FTF European Investment Bank NK-Medium-Term Notes 2008(17) LeasePlan Corporation N.V. EO-Medium-Term Notes 2009(11) Danica Pension Livsforsik. A/S EO-FLR Notes 2006(11/Und.) FTF Österreich, Republik EO-Med.-Term Nts 2008(19) 144A WM Covered Bond Program EO-Asset Covered MTN 2007(14) DnB NOR Bank ASA EO-Medium-Term Notes 2009(14) Kärntner Elektrizitäts-AG EO-Anleihe 2009(14) Abu Dhabi National Energy Co. DL-Med.-Term Nts 2009(14)Reg.S ASIF III (Jersey) Ltd. EO-Medium-Term Nts 2003(13) Goldman Sachs Group Inc., The EO-Notes 2004(14) Hutchison Whmp.int.(09/16)Ltd. EO-Notes 2009(16) ING Groep N.V. EO- Med.-Term Nts 2007(17) La Poste EO-Medium-Term Notes 2009(16) Portugal, Republik EO-Obr, 2009(19) Repsol Intl Finance B.V. EO-Medium Term Notes 2007(17) VERBUND-Internat. Finance B.V. EO-Medium-Term Notes 2009(15) Portugal, Republik EO-Obr. 2010(20) Lagardère S.C.A. EO-Obl. 2009(14) Bank Nederlandse Gemeenten AD-Medium-Term Notes 2003(10) La Mondiale EO-FLR Obl. 2006(16/Und.) FTF Goldman Sachs Group Inc., The EO-Notes 2007(14) Landwirtschaftliche Rentenbank AD-MTN S.957 v.09(14) RCI Banque EO-Medium-Term Notes 2008(11) Royal Bank of Scotland PLC EO-Medium-Term Notes 2010(20) Skandinaviska Enskilda Banken EO-Med.-Term Notes 2009(14) Polen. Republik EO-Medium-Term Notes 2008(18) Renault S.A. EO-Medium-Term Notes 2010(15) Metlife of Connect.Inst.Fd.Ltd EO-Medium-Term Notes 2002(12) Zurich Finance [USA] Inc. EO-FLR Med.-T. Nts 2003(13/23) FTF Franz Haniel & Cie. GmbH MTN-Anleihe v.2010(2017) Landesbank Berlin AG Subordinated MTN-IHS v.09(19) Lloyds Banking Group PLC EO-Notes 2002(14) Rallye S.A. EO-Obl. 2010(14) Barry Callebaut Services N.V. EO-Bonds 2007(17) TU) Travel PLC LS-Conv. Notes 2009(14) Reg.S Citigroup Inc. DL-Notes 2008(18) SolarWorld AG Inh.-Schuldv.v.2010(2017) Bank Nederlandse Gemeenten AD-Medium-Term Notes 2009(15) Bank Nederlandse Gemeenten AD-Med.-T. Notes 2010(15) Tr.3 Alcatel-Lucent EO-Med.-Term Nts 2004(14) Banque PSA Finance S.A. EO-Medium-Term Notes 2009(10) LBG Capital No. 2 PLC EO-Notes 2009(20) Citigroup Inc. EO-Medium-Term Notes 2008(13) Adecco Investment (Berm.) Ltd, SF-Conv. Notes 2009(12) Renewable Energy Corp. ASA EO-Conv. Notes 2009(14) Crédit Agricole S.A. DL-FLR Nts 2007(07/Und.) Reg.S FTF Franz Haniel & Cie. GmbH MTN-Anleihe v.2009(2014) Münchener Rückvers.-Ges. AG EO-FLR Bonds 2003(13/23) FTF Thomas Cook Group PLC EO-Notes 2010(15) AEGON N.V. EO-Medium-Term Notes 2009(12) Evonik Industries AG Anleihe v.2009(2014) Bombardier Inc. EO-Notes 2006(06/16) Reg.S Linde Finance B.V. EO-FLR Bonds 2006(16/66) FTF HeidelbergCement Finance B.V. EO-Medium-Term Notes 2008(12) Rallye S.A. EO-Obl. 2009(16) Société Générale S.A. EO-FLR Bonds 2008(13/Und.) FTF
Number or units or Purchases / additions currency in 000 CHF CHF CHF NOK EUR EUR EUR EUR EUR NOK NOK NOK NOK EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD EUR EUR EUR EUR NOK EUR EUR EUR EUR EUR EUR USD EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR AUD EUR EUR AUD EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR GBP USD EUR AUD AUD EUR EUR EUR EUR CHF EUR USD EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR
80,000 5,000 11,500 5,000 3.500 8,500 83,000 83,000 30,000 15,000 6,500 20,000 2,300 10,000 3,500 4,000 4,000 10,000
1,600 2,500 150,000 5.0Q0
19,000 1,000
5.000
1,500 4,000 1,000 19,000 5,000 6,500
5,000 1,000 5,450 12,000 1,400 4,000 1,400 9,000 3,000 8,000 5,000 3,000
2,800 6,000 2,500
1,600
2,400
Sales/ disposals
1,250 940 2,000 80,000 5,000 11,500 5,000 3,500 8,500 83,000 83,000 30,000 15,000 6,500 20,000 2,300 10,000 6,324 3,500 4,000 4,000 10,000 2,000 5,500 1.600 1,000 2,500 4,000 150,000 5,000 5.000 18,000 4,500 1,250 7,000 15,000 1,000 8,000 5,000 4,500 5,000 5,000 6,000 4,000 1,500 15,000 4,000 1,000 2,000 19,000 5,000 6,500 6,000 10,400 5,000 1,000 11,000 5,450 17,000 5,300 1,400 12,500 6,400 9,000 3.000 8,000 5,000 4.000 3,000 12,800 3,500 2,800 6,000 2,500 5,200 13,500 1,600 1,000 10,000 1,300 4,500 10.200 3,000 2,400
Page 11
Category
7.875% Gerresheimer Holdings GmbH Notes v.05(10/15) Reg.S 8.000% Logwin AG EO-Notes 2004(08/12) Reg.S 8.500% Air Berlin PLC EO-Schuldverschr. 2010(15) 8.500% Conti-Gummi Finance B.V. EO-Notes 2010(10/15) Reg.S 9.375% UniCredit S.p.A. EO-FLR Non.Cum.Bds 10(20/Und.) FTF Renault SA EUR 10/15 Securities investment units db x-tr. ST.600 BKS SHO.DAI. Inhaber-Anteile 1C o.N. db x-t. STX600 Ba.RES.SHT DAI. Inhaber-Anteile 1C o.N.
Number or units or Purchases / additions currency in 000 EUR EUR EUR EUR EUR
UNIT UNIT
600 4,000 6,000 4,000 2,400
Sales/ disposals
600 75 4.000 6,000 4,000 2,400
107,000 80,000
Page 12
Consolidated income statement of Ethna-AKTIV E fund for the period 1.1.10 to 31.12.10 Interest income from securities Withholding tax on interest income Dividend income Withholding tax on dividends Interest from deposits Ordinary earnings equalisation Total income Performance-related investment fee Investment advisor fee Management fee Taxe d'abonnement Custodian bank fee Publishing costs Auditing costs Registrar and transfer agent fee Interest expenses Other expenses Ordinary cost netting Total expenses Ordinary net income
EUR 51,916,898.82 -17,851.02 2,925,178.63 -698,700.89 500,304.74 25,842,553.56 80,468,383.84 -22,373,832.28 -19,726,417.06 -1,972,641.64 -735,056.07 -669,650.10 -59,336.26 -12,880.00 -10,728.09 -8,766.32 -180,535.62 -25,578,045.34 -71,327,888.78 9,140,495.06
Income statement of Ethna-AKTIV E -A- fund for the period 1.1.10 to 31.12.10 Interest income from securities Withholding tax on interest income Dividend income Withholding tax on dividends Interest from deposits Ordinary earnings equalisation Total income Performance-related investment fee Investment advisor fee Management fee Taxe d'abonnement Custodian bank fee Publishing costs Auditing costs Registrar and transfer agent fee Interest expenses Other expenses Ordinary cost netting Total expenses Ordinary net income
EUR 46,461,352.84 -15,242.15 2,634,511.79 -630,796.52 441,488.04 19,600,939.24 68,492,253.24 -20,528,733.47 -17,626,771.40 -1,762,677.08 -657,575.45 -598,452.94 -54,355.22 -11,653.17 -10,186.87 -7,744.20 -162,733.26 -19,295,352.99 -60,716,236.05 7,776,017.19
Income statement of Ethna-AKTIV E -T- fund for the period 1.1.10 to 31.12.10 Interest income from securities Withholding tax on interest income Dividend income Withholding tax on dividends Interest from deposits Ordinary earnings equalisation Total income Performance-related investment fee Investment advisor fee Management fee Taxe d'abonnement Custodian bank fee Publishing costs Auditing costs Registrar and transfer agent fee Interest expenses Other expenses Ordinary cost netting Total expenses Ordinary net income
EUR 5,455,545.98 -2,608.87 290,666.84 -67,904.37 58,816.70 6,241,614.32 11,976,130.60 -1,845,098.81 -2,099,645.66 -209,964.56 -77,480.62 -71,197.16 -4,981.04 -1,226.83 -541.22 -1,022.12 -17,802.36 -6,282,692.35 -10,611,652.73 1,364,477.87
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Changes in assets Ethna-AKTIV E fund EUR Fund assets at start of year Distributions in previous year Inflows of funds Outflows of funds
EUR 679,281,618.99 -2,638,102.56
1,421,884,278.87 -215,853,874.00
Net inflows and outflows of funds Ordinary income/cost netting Ordinary net income incl. ordinary income/cost netting Extraordinary income/cost netting Net realised gains and losses incl. extraordinary income/cost netting Net change in unrealised profits and losses
1,206,030,404.87 -264,508.22 9,140,495.06 -26,013,010.56 66,272,296.31 61,578,565.31
Fund assets at end of year
1,993,387,759.20
Comparative annual performance of Ethna-AKTIV E -ADate 31.12.2010
Units in issue 15,367,912.899
Currency EUR
Fund assets 1,696,524,618.62
Unit price 110.39
31.12.2009
6,572,925.279
EUR
661,888,989.84
100.70
31.12.2008
3,355,902.336
EUR
297,506,121.57
88.65
Comparative annual performance of Ethna-AKTIV E -TDate 31.12.2010
Units in issue 2,681,406.432
Currency EUR
Fund assets 296,863,140.58
Unit price 110.71
31.12.2009
172,717.607
EUR
17,392,629.15
100.70
Page 14
Currency breakdown of the Ethna-AKTIV E Fund
EUR CHF AUD USD TRY NOK GBP SEK CAD
Market value in million EUR 1,239.23 276.10 191.85 105.51 79.14 44.61 28.98 27.69 0.28
Total
1,993.39
Currency
as % of fund assets 62.18% 13.85% 9.62% 5.29% 3.97% 2.24% 1.45% 1.39% 0.01% 100.00%
Market value in million EUR 1400.00
1200.00
1000.00
800.00
600.00
400.00
200.00
CAD
SEK
GBP
NOK
TRY
USD
AUD
CHF
EUR
0.00
Page 15
Summary of security categories of Ethna-AKTIV E Fund Market value in million EUR 1,064.12 590.74 13.98 0.48
Securities category Interest-bearing securities Equities Securities investment units Other securities Total
as % of fund assets 53.39% 29.63% 0.70% 0.02%
1,669.32
83.74%
Market value in million EUR 1200.00
1000.00
800.00
600.00
400.00
200.00
Other securities
Interest-bearing securities
Equities
Income securities
0.00
Page 16
Sector summary of securities held by Ethna-AKTIV E fund Market value in million EUR 773.15 220.18 176.40 140.55 107.26 44.31 36.08 30.12 23.40 117.87
Sectors Corporate bonds Municipalities, states, cantons Commodities Industrial companies Consumer goods Collateralised bonds Utilities Financial services Oil and gas Other sectors Total
as % of fund assets 38.79% 11.05% 8.85% 7.05% 5.38% 2.22% 1.81% 1.51% 1.17% 5.91%
1669.32
83.74%
Market value in million EUR
900.00 800.00 700.00 600.00 500.00 400.00 300.00 200.00 100.00
Other sectors
Oil and gas
Financial services
Utilities
Collateralised bonds
Consumer goods
Industrial companies
Commodities
Municipalities, states, cantons
Corporate bonds
0.00
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Country summary of securities held by Ethna-AKTIV E fund
Netherlands Germany Federal Republic France USA Switzerland UK Europ. Investment Bank Ireland Luxembourg Other countries
Market value in million EUR 303.47 279.33 171.11 154.28 130.38 114.91 88.00 71.57 74.38 281.89
Total
1,669.32
Country
as % of fund assets 15.24% 14.01% 8.58% 7.74% 6.54% 5.76% 4.41% 3.59% 3.73% 14.14% 83.74%
Market value in million EUR
350.00 300.00 250.00 200.00 150.00 100.00 50.00 Other sectors
Luxembourg
Ireland
Europ. Investment Bank
Great Britain
Switzerland
USA
France
Federal Republic of Germany
Netherlands
0.00
Page 18
Notes to the audited annual report as at 31 December 2010 General information Ethna-AKTIV E (the "Fund") is an investment fund consisting of securities and other assets established under Luxembourg law in the form of a mutual fund ("fonds commun de placement"). The Fund was established on 28 January 2002 for an indefinite term under Part I of the Luxembourg law of 30 March 1988 on undertakings for collective investment. Effective 7 October 2005, the Fund was transformed into an investment fund with segregated assets in accordance with Part I of the Law of 20 December 2002 (the “Law of 20 December 2002”). This report was drawn up in accordance with Luxembourg practice. Valuation and accounting policies 1.
The value of a unit ("unit value") is denominated in the currency ("fund currency") specified in the Special Regulations for the Fund in question. It is calculated under the supervision of the Custodian Bank by the Management Company or by a third party on behalf of the Management Company on each day specified in the Special Regulations for the Fund ("valuation day"). If the Special Regulations do not specify otherwise, every bank working day in Luxembourg, with the exception of 24 and 31 December each year, is deemed a valuation day. The unit value of the Fund is calculated by dividing the net assets of the Fund by the number of units of this Fund in circulation on the valuation day. Fractional unit values are calculated to three decimal places.
2.
The assets in each Fund portfolio are valued according to the following principles: a)
The open units of target funds held in a Fund are valued at the most recently available redemption price.
b)
The value of cash holdings or bank deposits, certificates of deposit and outstanding receivables, expenses paid in advance, cash dividends, and interest declared or accrued but not yet received is equal to the full amount of the item, unless it is likely that the amount cannot be paid or received in full; in this case, an appropriate discount is applied in order to obtain the actual value.
c)
The value of assets listed or traded on a stock exchange is calculated on the basis of the last available price on the stock exchange that is normally the principal market for this security. If a security or other asset is listed on more than one stock exchange, the price used for the asset is the last selling price on the stock exchange or regulated market that is the principal market for the asset.
d)
The value of assets traded on another regulated market (according to the definition in Article 4 of the Management Regulations) is calculated on the basis of the most recently available price.
e)
Where an asset is not listed or traded on a stock exchange or on any other regulated market, or where the prices determined in the regulations in (b) or (c) for assets listed or traded on a stock exchange or other market as mentioned above do not reflect the actual market value of the relevant assets appropriately, the value of such assets is determined on the basis of the reasonably predictable selling price following a careful assessment or in the case of a fund, what would probably be achieved on redemption (fair value). In this case, the Management Company uses appropriate and recognised valuation models and principles in accordance with recognised practice.
f)
The realisable value of forwards or options that are not traded on stock exchanges or other organised markets is equivalent to the net liquidation value determined in accordance with the Managing Board's guidelines on a basis consistently applied to all the different kinds of contracts. The liquidation value of futures or options that are traded on stock exchanges or other organised markets is calculated on the basis of the most recently available trading price of those contracts on the stock exchanges or organised markets on which these futures or options from the fund are traded. In the event that a future, a forward or an option cannot be realised on a day for which the net asset value has been calculated, the valuation basis for such a contract is specified by the Managing Board in an appropriate and reasonable manner. Swaps are valued at the market value determined for them based on the applicable changes in interest rates.
g)
The value of money market instruments that are not listed on a stock exchange or traded on another regulated market and which have fewer than 397 days or more than 90 days to run before maturity, is equal to the nominal value plus the interest they have accrued. Money market instruments with a remaining term of maximum 90 days are determined on the basis of amortisation costs equivalent to the approximate market value.
h)
Interest swaps are valued at their market value taking the applicable interest movements into account.
i)
All other securities or other assets are valued at their appropriate market value which is determined in good faith and in accordance with a procedure established by the Management Company.
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The value of all assets and liabilities which are not denominated in the Fund currency is converted to this currency at the exchange rates most recently available from a major bank. If such exchange rates are not available, the exchange rate is determined in good faith and in accordance with a procedure established by the Managing Board. The Management Company can permit other valuation methods at its discretion if it considers this suitable in the interests of a more appropriate valuation of a Fund asset. In the event of significant changes on the relevant stock exchanges and/or markets since the unit value was calculated, the Management Company can decide to calculate the unit value again on the same day. Under these circumstances all the applications for subscriptions or redemptions received for this valuation day are settled at the asset value first determined for this day. Applications for subscriptions and redemptions which are received after 6 pm of the previous bank working day in Luxembourg can be settled at the second net asset value determined on this day; applications received after the second net asset value has been determined can be settled at the third net asset value determined on this day and so on. 3.
In accordance with Article 5 paragraph 2 of the Management Regulations, two classes of units have been created for the Fund. The following details apply to the calculation of the unit value: a)
The unit value is calculated separately for each unit class in accordance with the criteria listed in paragraph 1 of this Article.
b)
The inflow of funds due to the issue of units increases the percentage of the unit class in question in the total net asset value of the Fund. The outflow of funds due to the redemption of units decreases the percentage of the unit class in question of the total net asset value of the Fund.
4.
Earnings equalisation is performed for the Fund. The earnings equalisation is applied to each class of unit separately.
5.
In the event of applications to redeem large amounts which cannot be met from available funds or permissible loans for the Fund in question, the Management Company can determine the unit value on the basis of the prices on the valuation day on which it makes the necessary purchase of securities for the Fund; this also applies to subscription applications for the Fund made at the same time.
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Costs 1.
The Management Company receives for managing the Fund a fee of up to 0.15% p.a. (currently 0.15% p.a.) which must be calculated quarterly based on the Fund's average net assets during the relevant quarter and is payable quarterly in arrears.
2.
The investment advisor receives a fixed fee of 1.50% p.a. which must be calculated quarterly in arrears on the basis of the Fund's average net assets during the relevant quarter and is payable quarterly in arrears. In addition to this fixed fee, the investment advisor receives a performance fee of 20% of the performance exceeding 5%, which is payable on an annual basis at the end of the year. The growth in value will be calculated in accordance with the net capital growth method i.e. the calculation is made for the Fund based on the net asset value applicable at the end of the last financial year in which profits were last distributed. During the first year of issue of the units, the calculation will be based on the initial issue price. If a net reduction in value is recorded in a financial year, this will be carried forward to the next financial year for the purpose of calculating the performance fee, and taken into consideration in that no performance fee is paid if the unit value is below the level at which there was cause to pay a performance fee on the last occasion.
3.
The Custodian Bank receives a remuneration of up to 0.05% p.a. (currently 0.05% p.a.), which is calculated quarterly in arrears on the basis of the average net fund assets during the relevant quarter and is payable quarterly in arrears.
Total Expense Ratio The Total Expense Ratio (TER) expresses the total expenses and fees (excluding transaction costs incurred) as a percentage of the average assets of the Fund at the end of each month during a financial year. Unit class Ethna-AKTIV E Ethna-AKTIV E
A T
Total Expense Ratio at 31 December 2010 (excluding performance fee) 1.72% 1.65%
Total Expense Ratio at 31 December 2010 (including performance fee) 3.40% 2.87%
In accordance with relevant international customs, the TER includes costs occurring on the level of the investment fund (without transaction costs). The special fund held other investment units during the financial year ("Target Funds"), so other costs, fees and payments may have occurred at target fund level. Portfolio Turnover Rate The Portfolio Turnover Rate is calculated according to the following method. Total value of the securities purchases in a reporting period = X Total value of the securities sales in a reporting period = Y Total 1 = Total value of the securities transactions = X + Y Total value of the subscriptions in a period under review = Z Total value of the redemptions in a period under review = R Total 2 = Total value of unit certificate transactions = Z + R Monthly average net asset value = M Portfolio Turnover Rate = [(Total 1 - Total 2)/M] · 100 The portfolio turnover rate quantifies the range of transactions on the fund portfolio level. A portfolio turnover rate approaching zero shows that transactions were made to invest or disinvest inflows or outflows from subscriptions or redemptions. A negative portfolio turnover rate indicates that the sum of the subscriptions and redemptions was higher than the securities transactions in the fund portfolio. A positive portfolio turnover rate shows that the securities transactions were higher than the unit certificate transactions.
Ethna-AKTIV E
Portfolio Turnover Rate at 31 December 2010 128.40%
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Distribution policy For reinvesting units (unit class T), the Management Company intends in principle to reinvest income from the financial year in question which annually is generated in the unit of the Fund assets attributable to the unit class in question. However, the Management Company may also decide to distribute the income generated by the Fund in accordance with Article 11, no. 2 of the General Management Regulations. The Management Company decides on the precise amount and time of the distribution. The Management Company can also decide not to distribute the funds or to undertake further distributions at the end of a quarter or the half-year, for example. For distributing units (unit class A) the Management Company intends to distribute the income which is earned annually in the unit of the Fund assets attributable to the unit class in question. Such income consists in principle of ordinary net income and realised price gains. Unrealised price gains and other assets may represent such income in so far as the net assets of the Fund do not fall below the minimum stipulated in Article 1 no. 1 of the General Management Regulations as a result of the distribution.
Taxes The income from the Fund is not generally speaking taxed in the Grand Duchy of Luxembourg. However it can be subject to withholding tax or other taxes in countries in which the Fund assets are invested. Neither the Management Company nor the Custodian Bank will obtain receipts for such taxes individually or for all unit holders. Fund assets invested in the Grand Duchy of Luxembourg are subject to a tax (taxe d'abonnement) that is currently payable at the rate of 0.05% per annum of the Fund's net assets reported at the end of each quarter. This tax does not apply to the part of the Fund's assets which is invested in units of such other undertakings for collective investment which are already subject to taxe d'abonnement in accordance with the relevant provisions of Luxembourg legislation. Unit holders who are not domiciled in Luxembourg or which do not maintain a permanent establishment there are not liable to pay income tax, inheritance tax nor wealth tax on their units nor on income from units in Luxembourg. They are subject to their respective national tax regulations. EU Savings Tax Directive The guidelines on taxing interest income from other countries (2003/48/EC) was adopted on 3 June 2003 by the European Council, implemented in Luxembourg law on 21 June 2005 and came into force on 1 July 2005. It has the basic and comprehensive aim to use the exchange of information to achieve effective taxation of income in the form of interest paid to natural persons in a country different from that in which they are domiciled for tax purposes. The rates for EU withholding tax are: -15% -20% -35%
in the period from 1 July 2005 to 30 June 2008 in the period from 01 July 2008 to 30 June 2011 from 1 July 2011
The EU withholding tax does not discharge unit holders from their duty to declare interest income in their personal tax returns. The national tax regulations for the country in question apply to unit holders who are not domiciled in Luxembourg nor maintain a permanent establishment there. Investors can be taxed individually on interest income and on capital gains. Interested investors should obtain information and, if appropriate, consult an advisor concerning the laws and regulations applying to the purchase, holding and redemption of units. Unit prices and tax information The net asset value and the issue prices and redemption prices per unit are made available every bank working day in Luxembourg at the Management Company's registered offices; they are also published in the major business newspapers and can be obtained on request from the German payment agents. Unit prices and other information for the Fund, including the tax information in Article 5 paragraph 1 InvStG (Investmentsteuergesetz – Investment Tax Act) for investors resident in Germany, is available on the website of the Management Company, LRI Invest S.A., at www.lri-invest.lu.
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Applicable law, place of jurisdiction, and contract language 1.
The Management Regulations are subject to Luxembourg law. In particular, the provisions of the law of 20 December 2002 governing undertakings for collective investment apply in addition to the Management Regulations. The same applies to the legal relationships between the unit holders, the Management Company and the Custodian Bank.
2.
Any dispute between the unit holders, the Management Company and the custodian bank will be subject to the jurisdiction of the competent court in the judicial district of Luxembourg in the Grand Duchy of Luxembourg. The Management Company and the Custodian Bank are entitled to submit themselves and the Fund to the jurisdiction and law of any country in which the Fund's units are publicly distributed, provided the claims concerned are made by investors resident in the country in question and the matter relates to the Fund in question.
3.
The German text of these management regulations is binding unless otherwise expressly stated in the relevant special regulations.
Refund of an investment advisor fee In order to avoid a cascade of the fees of the group's own funds, the board of directors of Mellinckrodt 1 decided on 30 September 2010 to refund the investment advisor fees accruing to the portion of investment on Ethna-AKTIV E to the Fund. The payment was made in early 2011. Securities transactions during the financial year. During the financial year, the Ethna-AKTIV E Fund sold its investment in the unlisted company PS Beteiligungs- und Verwaltungsgesellschaft mbH & Co. KG (0.14% of the Fund's assets on the date of sale) within the group. The transaction was carried out a price of EUR 1 per unit. The Managing Board is of the opinion that this was a reasonable price. Post balance sheet events With effect from 1 January 2011, Ethna-AKTIV E Fund was transferred by the former management company LRI Invest S.A. to ETHENEA Independent Investors S.A., 9a, rue Gabriel Lippmann, L-5365 Munsbach. The following changes in service providers took effect from 1 January 2011: Function: Management company Promoter Custodian bank Central administrative agent Registrar and transfer agent Payment agent in Luxembourg Payment agent Austria
New service providers: ETHENEA Independent Investors S.A. DZ PRIVATBANK S.A. DZ PRIVATBANK S.A. DZ PRIVATBANK S.A. DZ PRIVATBANK S.A. DZ PRIVATBANK S.A. Erste Bank der österreichischen Sparkassen AG
Former service providers: LRI Invest S.A. LRI Invest S.A. LBBW Luxemburg S.A. LRI Invest S.A. LBBW Luxemburg S.A. LBBW Luxemburg S.A. UniCredit Bank Austria AG
Page 23
Auditors' report To the unit holders of Ethna-AKTIV E We have audited the accompanying financial statements of Ethna-AKTIV E in accordance with the terms of our engagement by the managing board of the management company. These annual financial statements comprise the breakdown of assets, a list of securities and other assets held as at 31 December 2010, the income statement and the changes in assets during the financial year ended on this date, a summary of the significant accounting policies used and the other notes to the information presented. Responsibility of the managing board of the Management Company for the financial statements The managing board of the management company is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg's laws and regulations on the preparation of financial statements and for internal auditing it considers necessary to allow the presentation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the "Réviseur d’entreprises agréé" It is our responsibility to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the international standards on auditing for Luxembourg of the "Commission de Surveillance du Secteur Financier". Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance that the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the "Réviseur d’entreprises agréé", including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d'entreprises agréé considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control system. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the managing board of the management company as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
PricewaterhouseCoopers S.à r.l., 400 Route d’Esch, B.P. 1443, L-1014 Luxembourg Tel: +352 4948481, F:+352 494848 2900, www.pwc.lu Cabinet de révision agréé. Accountants (government authorisation no. 00123693) R.C.S. Luxembourg B 65 477 - Share capital EUR 516 950 - VAT LU17564447
Opinion In our opinion, these financial statements comply with Luxembourg's laws and regulations on the preparation and presentation of financial statements and give a fair presentation of the financial position of Ethna-AKTIV E as at 31 December 2010 and of its financial performance and the changes in assets during the financial year ended on this date. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. PricewaterhouseCoopers S.à r.l. Represented by
Markus Mees
2 of 2
Luxembourg, 14 April 2011
Management fees of the target funds (unaudited) Name of fund db x-tr. ST.600 BKS SHO.DAI. Inhaber-Anteile 1C o.N. db x-t. STX600 Ba.RES.SHT DAI. Inhaber-Anteile 1C o.N. Meilinckrodt 1 Inhaber-Anteile B o.N.
max. management fee 0.50% 0.30% 1.00%
The target funds were bought or sold at the net asset value i.e. no front-end fees or redemption fees were paid.
Key performance data (unaudited) Unit class A (incl. reinvestment factor - calculated using the BVI method)
Ethna-AKTIV E
since launch 122.89%
2007
2008
2009
2010
1.96%
-3.90%
14.54%
9.90%
2007
2008
2009
2010
-
-
7.05%
9.94%
Unit class T
Ethna-AKTIV E
since launch 17.69%
The historic performance data is not indicative of the current or future performance. Performance data does not take account of fees and costs charged for the issue and redemption of units.
Page 26
