ANNUAL REPORT from 1 April 2013 to 31 March 2014

for

HYPO CORPORATE BOND FUND Mutual Fund as per InvFG 2011 Distribution fund: ISIN AT0000701180 Distribution fund (IT): ISIN AT0000A13ZZ2 Reinvesting fund: ISIN AT0000701198

of

MASTERINVEST Kapitalanlage GmbH Landstrasser Hauptstrasse 1, Top 27 1030 Vienna

SHAREHOLDERS

SUPERVISORY BOARDS

HYPO Capital Management AG

Dr. Harald Thury, Chairman Harald P. Holzer, CFA

_____________________________________________________________________________________________________

Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft

Emmerich Schneider Vice Chairman Ulrich Fetz (since 17 June 2013) Dr Jodok Simma, financial expert (from 11 June 2012 to 16 April 2013)

_____________________________________________________________________________________________________

HYPO TIROL BANK AG

Michael Blenke, CFA

_____________________________________________________________________________________________________

Universal-Investment-Gesellschaft mbH

Oliver Harth

_____________________________________________________________________________________________________

STATE COMMISSIONER Ulrike Danzmayr

DEPUTY STATE COMMISSIONER Ilse Schmalz

DIRECTORS Andreas Müller Hannes Leitgeb

AUTHORISED SIGNATORY Walter Kitzler Karin Amon (since 16 September 2013) Peter Müller (since 16 September 2013)

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

ANNUAL REPORT FOR 13TH ACCOUNTING YEAR FROM 1 APRIL 2013 TO 31 MARCH 2014 HYPO CORPORATE BOND FUND Mutual Fund as per InvFG 2011 ISIN distribution fund: AT0000701180 ISIN distribution fund (IT): AT0000A13ZZ2 ISIN reinvesting fund: AT0000701198 Administration

MASTERINVEST Kapitalanlage GmbH, Landstrasser Hauptstrasse 1, Top 27, A-1030 Vienna

Custodian bank

Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft, Hypo-Passage 1, A-6900 Bregenz

Fund manager

HYPO TIROL BANK AG, Meraner Straße 8, A-6020 Innsbruck

A copy of a prospectus produced in accordance with section 129 of the Austrian Investment Fund Act, containing the fund's conditions, can be obtained free of charge from MASTERINVEST Kapitalanlage GmbH, A-1030 Vienna, Landstrasser Hauptstrasse 1, Top 27, Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft (custodian bank), A-6900 Bregenz, Hypo-Passage 1, and from branch offices.

DEAR UNIT HOLDER, th

HYPO CORPORATE BOND FUND, mutual fund ended its 13 accounting year in accordance with InvFG 2011 as at 31 March 2014. The fund's assets at the start of the accounting year were EUR 16,488,122.92 and totalled EUR 14,622,231.29 by the end of the year. The units in circulation changed as follows after several decreases/increases: Distribution fund 1 Distribution fund (IT) Reinvesting fund

Start of the accounting year 570,052 units 5,000 units 768,261 units

End of the accounting year 600,652 units 5,000 units 617,061 untis

th

The calculated value at the end of the 13 accounting year was EUR 9.65 per distribution unit, EUR 10.01 per distribution unit (IT) and EUR 14.23 per reinvesting unit. Since the price was first calculated by HYPO CORPORATE BOND FUND on 1 October 2001, a change of th 3.78% p.a. per distribution and reinvesting unit was achieved up to the end of the 13 accounting year. Since the price was first calculated by the distirubtion unit (IT) on 04 March 2014, a change of 0.10% p.a. was achieved (source: Österreichische Kontrollbank AG). The simplified approach is used as the method for calculating the overall risk (commitment approach). The administration fee for HYPO CORPORATE BOND FUND (distribution and reinvesting fund) was 0.75% of the fund's assets in the current accounting year (maximum management fee as per the fund's conditions is 0.75% p.a.). The administration fee for HYPO CORPORATE BOND FUND (distribution fund (IT)) was 0.09% in the partial accounting year as well as 1.25% p.a. of the fund’s assets (maximum management fee as per the fund’s condition is1.50%).

1

Partial accounting year from 04 March 2014 to 31 March 2014

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

DISTRIBUTION DATA AND PERFORMANCE DISTRIBUTION/CAPITAL GAINS TAX DEDUCTION A distribution was made per each distribution unit for the accounting year 2013/2014 as follow: Distribution: EUR 0.26 Distribution (IT): EUR 0.02 If the unit holders are subject to Austrian capital gains tax on income in accordance with section 93(2) Income Tax Act (EStG) 1998, the distribution sum, with and without option exercise notice, will be reduced per unit by the capital gains tax portion of: Distribution: EUR 0.08 Distribution (IT): EUR 0.01 The capital gains tax of EUR 0.12 per reinvesting unit is paid and handed over to the tax office where the conditions are met. The distribution of EUR 0.26 for the distribution unit and EUR 0.02 for the distribution (IT) unit and the capital gains pay-out of EUR 0.12 is made, free of charge, on 15 May 2014 against redemption of the unit certificate no. 13 (distribution and reinvesting unit) and no. 1 (distribution (IT)) at Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft, Bregenz and branches, outlets and paying agents of these bank(s).

Comparative overview of the fund's performance and the distributions/capital gains payments over the past five accounting years

Accounting year Total fund assets in EUR bn

Calculated value per unit in EUR

Distribution per unit in EUR

1

2010/2011

2011/2012

2012/2013

2013/2014

15.35

16.30

15.92

16.49

14.62

distribution

AT0000701180

9.63

9.52

9.74

9.91

9.65

distribution (IT) 1

AT0000A13ZZ2

-

-

-

-

10.01

reinvesting

AT0000701198

12.59

12.79

13.46

14.11

14.23

AT0000701180

0.36

0.34

0.38

0.41

0.26

AT0000A13ZZ2

-

-

-

-

0.02

0.12

0.11

0.11

0.10

0.12

distribution

distribution (IT) Pay-out pursuant to section 58 (2) 1 reinvesting clause InvFG in EUR Perform ance as % in accordance w ith OeKB m ethod

2009/2010

1

AT0000701198

distribution

AT0000701180

12.77

2.65

6.05

5.80

1.54

distribution (IT) 1

AT0000A13ZZ2

-

-

-

-

0.10

reinvesting

AT0000701198

12.85

2.55

6.14

5.68

1.56

____________________________________ Partial accounting year from 04 March 2014 to 31 March 2014

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

COMMENTS OF FUND MANAGEMENT Capital market performance Global economic data deteriorated and expectations regarding future economic development grew gloomier in April 2013. On top of weak data for European industrial output, China's growth figures also proved disappointing mid-month. Meanwhile, events in Italy began to dominate again, with the focus on the formation of a government and the risk of fresh elections following the appointment of the president. Giorgio Napolitano's re-election as Italy's president subsequently paved the way for a new government to be formed in late April, two months after the election, with a resulting calming effect on the markets. Yields on the capital market fell across nearly all of the main bond segments over the course of the month. However, Italy, and with it other peripheral European states such as Spain and Portugal, were the main beneficiaries as yield spreads narrowed dramatically. The global economic picture is muted, but there are clear differences at regional level. The European Central Bank reduced its key rates from 0.75% to 0.50% at the beginning of May 2013, in an attempt to counter the sluggish nature of the economy and boost lending levels, which had been falling in some areas. Despite the purchasing manager indices pointing to a gradual improvement in the health of the economy, the Eurozone remains in recession. The price increases on the bond market did not last long, however. The testimony of the Chairman of the Federal Reserve, Bernanke, speaking before the US Congress, was key in this regard. He announced that, depending on how the labour market continued to recover, it was possible that bond purchases could be scaled back at one of the forthcoming interest rate meetings. Yields duly soared, with those on ten-year German government bonds rising from around 1.20% to 1.51%. Over the course of the month, bonds experienced major price falls as a result. Money market rates persisted at a very low level. Nearly all bond markets, be they established or in the emerging markets, and both corporate and high-yield bonds, posted major losses in June 2013. This summer storm on the financial markets, which dragged equities, commodities and gold prices along in its wake, was mainly triggered by statements made by the Chairman of the US Federal Reserve. Ben Bernanke took investors by surprise when he talked about possibly shifting away from the Fed's extremely relaxed monetary policy before the end of the year. Specifically, this meant reducing or even halting the purchase of billions of dollars worth of bonds, which would signal a new era and a return to "normal yield levels". It was the speed of the markets' reaction that was surprising. From the middle of the month onwards, and in the space of just a few days, the yield on tenyear German government bonds shot up to around 1.81% with a correspondingly negative impact on prices. It took until the end of the month for the sense of unease to dissipate, and with the economic environment in the Eurozone remaining weak, the bond markets were then able to make up some of the lost ground. After the price slide on the bond markets in June 2013 triggered by comments made by the Chairman of the Federal Reserve about tightening up the Fed's extremely relaxed monetary policy, Ben Bernanke spoke out again in July 2013. This time he clarified his comments to the effect that US monetary policy would remain expansionary and that the purchase of bonds would only be scaled back gradually in response to a stabilising economic environment. Given the slow pace of improvement in the labour market situation and the low rate of inflation, we can continue to expect low money market rates and an orderly reduction in the purchase of bonds, supporting the markets. Despite what have at times been strong fluctuations on the market, the yield on ten-year German government bonds, at 1.67% at the month-end, was only minimally down on the yield at the start of the month. The month of August saw a strong rise in yields on the markets, placing the prices of long-term bonds from the core Eurozone countries in particular under intense pressure. This movement was sparked by the publication on 13 August 2013 of strong US retail sales figures, pointing to a healthy level of momentum in the overseas economy. This heightened market expectations that the Fed would soon begin cutting back its bond purchase programme. The provisional economic data for Europe issued in the middle of the month reinforced this view. GDP in the Eurozone in Q2 grew by 0.3% compared with the previous three months, bringing to an end, in Spring, the longest period of recession experienced by the euro countries. By the end of the month, yields on German government bonds were approaching the 2% mark, therefore. Meanwhile, bonds from the euro periphery were also faring comparatively well (particularly Spanish bonds), with the positive economic impetus reducing the yield gap between the peripheral countries and core Eurozone states. Any change on the money market was less marked, however, with little expectation of any imminent change to the ECB's expansionary monetary policy.

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

In September 2013, the Federal Reserve, in a surprise move, distanced itself from any imminent reduction in monthly bond purchases. The Fed also voiced its concerns that the strong rise in mortgage interest rates and in yields for long-term US government bonds over recent months could have a negative impact on the economic and labour market recovery. This boosted the bond markets. Capital market yields dipped significantly on both sides of the Atlantic over the course of the month. Yet it did not take long for new dark clouds to emerge on the horizon. Firstly, the US government was still unable to agree on a budget by the end of the month, and in mid-October 2013 came up against its borrowing limit, bringing with it the threat of insolvency. Secondly, in Italy, the signs looked just as bad, with five of Berlusconi's ministers resigning and the risk of new elections. Only after these issues have been resolved will economic fundamentals influence events again. In early October 2013, the attempt by former prime minister Silvio Berlusconi to bring down the Italian government failed. This clearly eased the pressure on yield spreads in the peripheral euro countries. Much more significant for the international capital markets, however, was the (provisional) ending of the budgetary crisis in the USA. President Obama signed the financial compromise agreed by Congress on 16 October, thereby averting the threat of government bankruptcy. In both the USA and Europe, capital market yields duly fell, given that the budgetary squabbles could have hampered the economic upturn in the USA, thus further delaying any reduction in the Federal Reserve's monthly bond purchases. In the Eurozone, October's inflation rate fell considerably, to 0.7% (year-on-year comparison), which buoyed bond prices at the end of the month. November saw the bond markets move sideways. Reassurances from various central bank members that they would be continuing to supply the markets with liquidity and low interest rates had the greatest supportive effect. Above all, the President of the European Central Bank, Mario Draghi, surprised investors by cutting key interest rates at the beginning of November, down from 0.50% to the current level of 0.25%. This move was justified on the grounds that inflation was expected to be very low. At the same time, globally solid company and economic data prevented any significant fall in capital market yields. Compared with German government bonds, the yield spreads for other core European states such as France or Austria narrowed. In contrast, the yield spreads for the peripheral euro states of Italy and Spain merely moved sideways. On the money market, interest rates tended slightly upwards towards the end of the month. After agreement was reached on a two-year US budget in December 2013, avoiding a shutdown to start the new year, the expectation was that the Federal Reserve would begin the scaling back of its regular bondbuying programme. The issue was then resolved once and for all, after a two-day meeting of the Fed, on 18 December 2013. It was decided that the monthly purchases would be tapered by USD 10 billion to USD 75 billion per month as of January, with all bond purchases on the market scheduled to stop by the end of 2014. This was the reason for capital market yields increasing significantly shortly before the year-end, causing prices to fall, particularly in the case of long-term bonds. This rise in yields was bolstered by the increasingly bright economic picture in Europe. There were no major movements on the money market, however, after both the Fed and ECB repeatedly stressed that key rates would be held at a low level for some time to come. The Federal Open Market Committee, at its meeting on 28 and 29 January 2014, decided to cut monthly asset purchases by a further USD 10 billion to USD 65 billion. This reduction, and the related fall in US liquidity, caused a major headache for the emerging markets in January. Many investors began turning their backs on these countries, triggering huge currency falls and turbulence on the capital markets. The result on the bond markets was a renewed rush towards "safe havens", among them German government bonds. Yields in the Eurozone dropped considerably through until the end of January. The rate of inflation in the euro area also helped support prices. The January figure of 0.8% was considerably lower than anticipated. The new Chair of the Federal Reserve, Janet Yellen, is continuing with the programme to scale back bond buying. However, she has not excluded the possibility of changing course again should the economic situation deteriorate. Generally, yields fell in February 2014 as the inflation figures remained weak. At the same time, the tense political stand-off between Ukraine and Russia benefited government bonds from the core euro states, which are viewed as relatively secure. Meanwhile, the upbeat market trend of recent months also continued in the peripheral euro states. In Italy, the prime minister, Enrico Letta, was replaced by Matteo Renzi in the middle of the month. The change of government was received positively on the markets, and yield spreads for Italy and other peripheral euro states narrowed further. The conflict between Ukraine and Russia was the dominant issue on the markets in March. Uncertainty surrounding the extent of Russia's desire for integration was the determining factor, with the policy direction of the former Soviet Union never far from market participants' thoughts. At any rate, Russia's sabre-rattling made investors highly risk averse, pushing prices up and yields down on the bond markets. In addition, the continued drop in inflation in the Eurozone also lent support to bond prices. According to Eurostat calculations, consumer prices in March grew by a mere 0.5% year-on-year. As investors continued to search for higher returns, the yield differentials between the individual Eurozone states (particularly between the peripheral states in southern Europe and Germany) narrowed further.

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

Fund policy The HYPO CORPORATE BOND Fund invests in corporate bonds issued worldwide, from any sector, with investment grade ratings. For the purposes of diversification, investments are also made in financial bonds. According to the Fund's investment aims, the proportion of securities denominated in euros is between 80% and 100% of the total Fund assets. Foreign-currency bonds primarily comprised bonds denominated in USD, accounting for more than 10%. Smaller amounts of bonds in GBP and AUD were also included in the Fund's assets. Around one third of the Fund's assets was invested in banking and insurance bonds. Subordinated financials performed very well during the period under review. The main focus of the HYPO CORPORATE BOND FUND, however, lay on corporate bonds from different industries and sectors, including energy, commodities, telecoms, consumer goods and industrial companies, as well as utilities. A small proportion of government bonds was also included in the investment portfolio. Investments were made almost exclusively in fixed-interest bonds. Bonds with variable coupons were only included on a very small scale.

Outlook The state of the global economy has improved considerably since the beginning of this year. Various leading indicators, such as the purchasing manager indices, point to a sustained improvement in the health of the economy, particularly in Europe. The core Eurozone states and peripheral euro states are also gradually moving closer to one another. The smouldering conflict between Russia and Ukraine, however, is proving to be a major burden. In the USA, economic growth this year appears to be settling at a relatively high level of around 3%. Driving this development are low commodity prices, brisk consumption following the gradual improvement in the labour market situation, and a sustained pick-up in activity on the real estate market. After the clear fall in capital market yields, bonds are expensive in our view. This means that, as the economy gathers speed again, rising yields/falling bond prices are to be expected over the medium term. This applies to long-term bonds in particular. Just recently in fact, the new Chair of the Federal Reserve, Janet Yellen, indicated that there would be a further gradual reduction in regular bond purchases over the course of 2014, with a first interest rate hike some time after the first quarter of 2015. Rising yields on the other side of the Atlantic will also place pressure on bond prices in the Eurozone. Money market interest rates can be expected to remain low as the European Central Bank continues to provide the markets with a generous supply of liquidity. It remains our goal, by broadly diversifying the Fund assets across attractive sectors and issuers, to ensure that the HYPO CORPORATE BOND FUND can achieve the best possible performance.

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

INTERNAL BALANCE SHEET AND PERFORMANCE OF THE FUND ASSETS ACCOUNTING YEAR 2013/2014 Income and expenditure statement (incl. income equalisation) (main fund) for the period from 01.04.2013 to 31.03.2014 Total I. Incom e 1. Dividends of domestic issuers 2. Dividends of foreign issuers (before w ithholding tax) 3. Interest from domestic securities 4. Interest from foreign securities (before w ithholding tax) 5. Interest from domestic liquidity investments 6. Interest from foreign liquidity investments (before w ithholding tax) 7. Income from investment fund units 8. Income from securities lending and repurchase operations 9. Foreign taxes deducted at source 10. Interest from borrow ing 11. Interest from sw aps 12. Other income

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

0.00 0.00 49,095.59 479,392.85 1,187.37 0.00 0.00 0.00 -9,686.34 -86.25 0.00 9.66

Total incom e

EUR

519,912.88

EUR

-120,425.57

EUR EUR EUR

-24,407.44 -4,800.00 15,558.91

Total expenses

EUR

-134,074.10

III. Ordinary net incom e

EUR

385,838.78

IV. Sales transactions 1. Realised profits 2. Realised losses

EUR EUR

319,239.79 -123,554.05

Net incom e from sales transactions

EUR

195,685.74

V. Net incom e for financial year

EUR

581,524.52

Total transaction costs for financial year

EUR

17,348.90

II. Expenditure 1. Management fees - Management fees - Consultancy fees - Asset management fee 2. Custodian fee 3. Audit and announcement fees 4. Other expenditure - Custody account fees - Adjustment of ordinary expenditure - Other costs - Reimbursement of administration costs from subfunds - Administration fee for reimbursements of administration costs

EUR EUR EUR

EUR EUR EUR EUR EUR

-120,425.57 0.00 0.00

0.00 16,299.86 -740.95 0.00 0.00

The transaction costs include all costs reported/paid separately for the account of the Fund during the financial year and w hich are directly related to the purchase or sale of assets. Changes in fund assets I. Value of fund assets at the beginning of the financial year 1. Income distribution for previous year/tax deduction for previous year 2. Interim income distributions 3. Cash inflow (net) a) Cash inflow from unit certificate sales a) Cash outflow from unit certificate redemptions 4. Income equalisation/Expenditure equalisation 5. Ordinary net income 6. Realised profits 7. Realised losses 8. Net change in unrealised gains/losses II. 1

Value of fund assets at the end of the financial year

EUR EUR

EUR EUR EUR EUR

2013/2014 16,538,122.92 -307,669.42 0.00 -1,834,088.00

EUR EUR EUR EUR EUR

69,633.96 385,838.78 319,239.79 -123,554.05 -425,292.69

EUR

14,622,231.29

1,206,277.50 -3,040,365.50

included initial allocation of distribution units (IT) on 04.03.2014

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

Income and expenditure statement (incl. income equalisation) (distribution units) for the period from 01.04.2013 to 31.03.2014 Total I. Fund perform ance during the accounting year 1. Net asset value per unit at the beginning of the accounting year - Income distribution/Dividend payment on 15.05.2013 - Income distribution/Dividend payment in EUR per unit - Net asset value on ex date - equivalent in units 2. Net asset value per unit at the end of the accounting year 3. Total value incl. (fictitious) units acquired through income distribution 4. Net income per unit

EUR EUR

per unit

EUR

9.91

EUR EUR EUR

9.65 10.06 0.15

0.41 9.58 0.042797

Unit perform ance during the accounting year

1.54%

II. Incom e 1. Dividends of domestic issuers 2. Dividends of foreign issuers (before w ithholding tax) 3. Interest from domestic securities 4. Interest from foreign securities (before w ithholding tax) 5. Interest from domestic liquidity investments 6. Interest from foreign liquidity investments (before w ithholding tax) 7. Income from investment fund units 8. Income from securities lending and repurchase operations 9. Foreign taxes deducted at source 10. Interest from borrow ing 11. Interest from sw aps 12. Other income

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

0.00 0.00 19,536.37 191,085.73 470.17 0.00 0.00 0.00 -3,847.45 -34.20 0.00 5.25

0.00 0.00 0.03 0.33 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00

Total incom e

EUR

207,215.87

0.35

EUR

-43,392.22

-0.07

EUR EUR EUR

-8,794.85 -1,655.67 328.69

-0.02 0.00 0.00

Total expenses

EUR

-53,514.05

-0.09

IV. Ordinary net incom e

EUR

153,701.82

0.26

V. Sales transactions 1. Realised profits 2. Realised losses

EUR EUR

127,537.52 -49,350.01

0.21 -0.08

Net incom e from sales transactions

EUR

78,187.51

0.13

VI. Net incom e for the financial year

EUR

231,889.33

0.39

EUR EUR EUR EUR

2013/2014 5,647,353.51 -230,933.32 0.00 296,274.50

EUR EUR EUR EUR EUR

2,666.30 153,701.82 127,537.52 -49,350.01 -153,952.59

EUR

5,793,297.73

III. Expenditure 1. Management fees - Management fees - Consultancy fees - Asset management fee 2. Custodian fee 3. Audit and announcement fees 4. Other expenditure - Custody account fees - Adjustment of ordinary expenditure - Other costs - Reimbursement of administration costs from subfunds - Administration fee for reimbursements of administration costs

Changes in fund assets I. Value of fund assets at the beginning of the financial year 1. Income distribution for previous year/tax deduction for previous year 2. Interim income distributions 3. Cash inflow (net) a) Cash inflow from unit certificate sales a) Cash outflow from unit certificate redemptions 4. Income equalisation/Expenditure equalisation 5. Ordinary net income 6. Realised profits 7. Realised losses 8. Net change in unrealised gains/losses II.

Value of fund assets at the end of the financial year

EUR EUR EUR

EUR EUR EUR EUR EUR

EUR EUR

-43,392.22 0.00 0.00

0.00 598.01 -269.32 0.00 0.00

1,024,174.00 -727,899.50

Cash flow statem ent Net income realised for the financial year distribution for 2014

EUR EUR

Transfer to assets

EUR

insgesam t je Anteil 231,889.33 0.39 -156,169.52 -0.26 75,719.81

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

0.13

Income and expenditure statement (incl. income equalisation) (distribution units) (IT) for the period from 04.03.2014 to 31.03.2014 Total I. Fund perform ance during the partical accounting year 1. Net asset value per unit at the beginning of the partical accounting year - Income distribution/Dividend payment - Income distribution/Dividend payment in EUR per unit EUR - Net asset value on ex date EUR - equivalent in units 2. Net asset value per unit at the end of the partical accounting year 3. Total value incl. (fictitious) units acquired through income distribution 4. Net income per unit

per unit

EUR

10.00

EUR EUR EUR

10.01 10.01 0.01

0.00 0.00 0.000000

Unit perform ance during the partical accounting year

0.10%

II. Incom e 1. Dividends of domestic issuers 2. Dividends of foreign issuers (before w ithholding tax) 3. Interest from domestic securities 4. Interest from foreign securities (before w ithholding tax) 5. Interest from domestic liquidity investments 6. Interest from foreign liquidity investments (before w ithholding tax) 7. Income from investment fund units 8. Income from securities lending and repurchase operations 9. Foreign taxes deducted at source 10. Interest from borrow ing 11. Interest from sw aps 12. Other income

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

0.00 0.00 16.09 117.00 0.40 0.00 0.00 0.00 -9.02 -0.23 0.00 0.00

0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total income

EUR

124.24

0.02

EUR

-47.14

-0.01

EUR EUR EUR

-6.35 0.00 0.00

0.00 0.00 0.00

Total expenses

EUR

-53.49

-0.01

IV. Ordinary net incom e

EUR

70.75

0.01

V. Sales transactions 1. Realised profits 2. Realised losses

EUR EUR

162.23 -23.85

0.03 0.00

Net incom e from sales transactions

EUR

138.38

0.03

VI. Net incom e for the partical financial year

EUR

209.13

0.04

EUR EUR EUR EUR

2014 50,000.00 0.00 0.00 0.00

EUR EUR EUR EUR EUR

0.00 70.75 162.23 -23.85 -138.36

EUR

50,070.77

III. Expenditure 1. Management fees - Management fees - Consultancy fees - Asset management fee 2. Custodian fee 3. Audit and announcement fees 4. Other expenditure - Custody account fees - Adjustment of ordinary expenditure - Other costs - Reimbursement of administration costs from subfunds - Administration fee for reimbursements of administration costs

EUR EUR EUR

EUR EUR EUR EUR EUR

Changes in fund assets I. Value of fund assets at the beginning of the partical financial year 1. Income distribution for previous year/tax deduction for previous year 2. Interim income distributions 3. Cash inflow (net) a) Cash inflow from unit certificate sales EUR a) Cash outflow from unit certificate redemptions EUR 4. Income equalisation/Expenditure equalisation 5. Ordinary net income 6. Realised profits 7. Realised losses 8. Net change in unrealised gains/losses II.

Value of fund assets at the end of the partical financial year

-47.14 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00

Cash flow statement Net income realised for the partical financial year distribution for 2014

EUR EUR

Transfer to assets

EUR

insgesam t je Anteil 209.13 0.04 -100.00 -0.02 109.13

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

0.02

Income and expenditure statement (incl. income equalisation) (reinvesting units) for the period from 01.04.2013 to 31.03.2014 Total I. Fund perform ance during the accounting year 1. Net asset value per unit at the beginning of the accounting year - Income distribution/Dividend payment on 15.05.2012 - Income distribution/Dividend payment in EUR per unit - Net asset value on ex date - equivalent in units 2. Net asset value per unit at the end of the accounting year 3. Total value incl. (f ictitious) units acquired through income distribution 4. Net income per unit

EUR EUR

per unit

EUR

14.11

EUR EUR EUR

14.23 14.33 0.22

0.10 14.13 0.007077

Unit perform ance during the accounting year

1.56%

II. Incom e 1. Dividends of domestic issuers 2. Dividends of foreign issuers (before w ithholding tax) 3. Interest f rom domestic securities 4. Interest f rom foreign securities (bef ore w ithholding tax) 5. Interest f rom domestic liquidity investments 6. Interest f rom foreign liquidity investments (before w ithholding tax) 7. Income from investment fund units 8. Income from securities lending and repurchase operations 9. Foreign taxes deducted at source 10. Interest f rom borrow ing 11. Interest f rom sw aps 12. Other income

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

0.00 0.00 29,543.13 288,190.12 716.80 0.00 0.00 0.00 -5,829.87 -51.82 0.00 4.41

0.00 0.00 0.05 0.47 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00

Total incom e

EUR

312,572.77

0.51

EUR

-76,986.21

-0.12

EUR EUR EUR

-15,606.24 -3,144.33 15,230.22

-0.03 -0.01 0.03

Total expenses

EUR

-80,506.56

-0.13

IV. Ordinary net incom e

EUR

232,066.21

0.38

V. Sales transactions 1. Realised profits 2. Realised losses

EUR EUR

191,540.04 -74,180.19

0.31 -0.12

Net incom e from sales transactions

EUR

117,359.85

0.19

VI. Net incom e for the financial year

EUR

349,426.06

0.57

EUR EUR EUR EUR

2013/2014 10,840,769.41 -76,736.10 0.00 -2,130,362.50

EUR EUR EUR EUR EUR

66,967.66 232,066.21 191,540.04 -74,180.19 -271,201.74

EUR

8,778,862.79

Cash flow statem ent Net income realised for the financial year Investment income tax payment for 2014

EUR EUR

insgesam t 349,426.06 -74,047.32

je Anteil 0.57 -0.12

Transfer to assets

EUR

275,378.74

0.45

III. Expenditure 1. Management fees - Management fees - Consultancy fees - Asset management fee 2. Custodian fee 3. Audit and announcement fees 4. Other expenditure - Custody account fees - Adjustment of ordinary expenditure - Other costs - Reimbursement of administration costs from subfunds - Administration fee for reimbursements of administration costs

Changes in fund assets I. Value of fund assets at the beginning of the financial year 1. Income distribution f or previous year/tax deduction for previous year 2. Interim income distributions 3. Cash inflow (net) a) Cash inflow f rom unit certificate sales a) Cash outf low from unit certif icate redemptions 4. Income equalisation/Expenditure equalisation 5. Ordinary net income 6. Realised profits 7. Realised losses 8. Net change in unrealised gains/losses II.

Value of fund assets at the end of the financial year

EUR EUR EUR

EUR EUR EUR EUR EUR

EUR EUR

-76,986.21 0.00 0.00

0.00 15,701.85 -471.63 0.00 0.00

182,103.50 -2,312,466.00

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

STATEMENT OF ASSETS AS AT 31 MARCH 2014, INCLUDING CHANGES IN SECURITIES HELD BETWEEN 1 APRIL 2013 AND 31 MARCH 2014 Name of security

ISIN

Shares/ units/ currency

Holding 31.03.2014

Purchases/ Sales/urrency additions disposals in the reporting period

Price

Market Value in EUR

% of NAV

Securities traded on stock exchange

EUR

12,323,204.36

84.28

Interest-bearing securities

EUR

12,323,204.36

84.28

204,591.54 211,521.80 223,334.00 233,460.00 212,062.39 248,259.59 215,881.42 206,230.38 258,022.86 295,097.64 306,150.00 287,345.00 310,043.18 245,616.78 156,017.03 235,488.00 259,104.56 219,091.02 119,908.85 220,062.00 221,353.70 219,430.80 200,620.84 251,955.63 210,200.00 260,600.00 235,902.00 152,550.00 210,492.00 173,586.04 220,890.00 267,060.00 268,457.64

1.40 1.45 1.53 1.60 1.45 1.70 1.48 1.41 1.77 2.02 2.10 1.97 2.12 1.68 1.07 1.61 1.77 1.50 0.82 1.50 1.51 1.50 1.37 1.72 1.44 1.78 1.61 1.04 1.44 1.19 1.51 1.83 1.84

5,7500 % Toyota Motor Credit Corp. AD-Medium-Term Notes 2010(14) 2,6250 % ABB Finance B.V. EO-Medium-Term Notes 2012(19) 4,0000 % Akzo Nobel N.V. EO-Medium-Term Notes 2011(18) 4,7500 % Allianz Finance II B.V. EO-Medium-Term Notes 2009(19) 2,6250 % Atlas Copco AB EO-Medium-Term Notes 2012(19) 5,6250 % Autoroutes du Sud de la France EO-Medium-Term Notes 2007(22) 3,7500 % BBVA Senior Fin. S.A.U. EO-Medium-Term Notes 2013(18) 2,6250 % Bertelsmann SE & Co. KGaA MTN-Anleihe v.2012(2022) 2,2500 % BHP Billiton Finance Ltd. EO-Medium-Term Notes 2012(20) 5,8750 % Coöp. Centr. Raiff.-Boerenlbk EO-Medium-Term Notes 2009(19) 2,0000 % Daimler AG Medium Term Notes v.13(20) 4,2500 % Deutsche Telekom Intl Fin.B.V. EO-Medium-Term Notes 2010(22) 6,5000 % DONG Energy A/S EO-Medium-Term Notes 2009(19) 5,7500 % E.ON Intl Finance B.V. EO-Medium-Term Notes 2008(20) 4,0000 % ENI S.p.A. EO-Obbl. 2009(15) 7,1250 % Erste Group Bank AG EO-Medium-Term Notes 2012(22) 2,8750 % G4S International Finance PLC EO-Medium-Term Notes 2012(17) 3,8750 % Gas Natural Fenosa Finance BV EO-Medium-Term Notes 2013(23) 5,3750 % GE Capital European Funding EO-Medium-Term Notes 2009(20) 3,6250 % Hutch.Whampoa Eur.Fin.(12)Ltd. EO-Notes 2012(22) 4,5000 % Iberdrola International B.V. EO-Medium-Term Notes 2012(17) 4,2500 % Kon. KPN N.V. EO-Medium-Term Notes 2012(22) 1,5000 % Korea Development Bank, The EO-Medium-Term Notes 2013(18) 1,7500 % LVMH Moët Henn. L. Vuitton SA EO-Med.Term Notes 2013(13/20) 2,7500 % Michelin Luxembourg SCS EO-Medium-Term Notes 2012(19) 3,0000 % MTU Aero Engines AG Inhaber-Schuldv. v.12(17) 6,0000 % Münchener Rückvers.-Ges. AG FLR-Nachr.-Anl. v.11(21/41) 1,7500 % OMV AG EO-Medium-Term Notes 2013(19) 3,2500 % Poste Italiane S.p.A. EO-Medium-Term Notes 2013(18) 4,1250 % Procter & Gamble Co., The EO-Notes 2005(20) 6,6250 % Raiffeisen Bank Intl AG EO-Medium-Term Notes 2011(21) 5,6250 % RCI Banque EO-Medium-Term Notes 2011(15) 4,3000 % Royal Bank of Scotland PLC EO-Notes 2009(16)

XS0553735076 XS0763122578 XS0719962986 DE000A1AKHB8 XS0757310270 FR0010491720 XS0872702112 XS0811690550 XS0834386228 XS0429484891 DE000A1TNK86 XS0525787874 XS0426738976 XS0361244667 IT0004503717 XS0840062979 XS0777017376 XS0875343757 XS0453908377 XS0790011398 XS0829209195 XS0752092311 XS0938197059 FR0011625441 XS0794392588 XS0787483626 XS0608392550 XS0996734868 XS0944435121 XS0237323943 XS0619437147 XS0683639933 NL0009061357

AUD 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

MASTERINVEST Kapitalanlage GmbH ı Landstraßer Hauptstraße 1, Top 27 ı 1030 Vienna ı T: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Handelsgericht Wien ı DVR: 0899291 ı UID: ATU 56163724

300 200 200 200 200 200 200 200 250 250 300 250 250 200 150 200 250 200 100 200 200 200 200 250 200 250 200 150 200 150 200 250 250

300 0 0 0 200 0 100 200 0 0 300 100 250 0 0 200 250 0 0 200 0 0 200 250 200 250 200 150 200 0 0 250 250

0 0 0 0 0 0 100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

% % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % %

101.382 105.761 111.667 116.730 106.031 124.130 107.941 103.115 103.209 118.039 102.050 114.938 124.017 122.808 104.011 117.744 103.642 109.546 119.909 110.031 110.677 109.715 100.310 100.782 105.100 104.240 117.951 101.700 105.246 115.724 110.445 106.824 107.383

Name of security

ISIN

1,8750 % RWE Finance B.V. EO-Medium-Term Notes 2013(20) 4,6250 % Santander Intl Debt S.A.U. EO-Medium-Term Notes 2012(16) 3,8750 % Snam S.p.A. EO-Medium-Term Notes 2012(18) 3,3000 % Spanien EO-Bonos 2013(16) 6,2500 % SUEZ ENVIRONNEMENT CO. S.A. EO-Medium-Term Notes 2009(19) 4,3750 % Telefonica Emisiones S.A.U. EO-Medium-Term Notes 2006(16) 4,1250 % Telenor ASA EO-Medium-Term Notes 2010(20) 4,2500 % TeliaSonera AB EO-Medium-Term Notes 2011(20) 4,1250 % Terna S.p.A. EO-Medium-Term Notes 2012(17) 3,3750 % UniCredit S.p.A. EO-Medium-Term Notes 2012(18) 6,8750 % UNIQA Insurance Group AG EO-FLR Bonds 2013(23/43) 4,7500 % Verbund AG EO-Medium-Term Notes 2009(19) 3,7500 % Würth Finance International BV EO-Notes 2011(18) 7,6250 % Citigroup Inc. LS-Medium-Term Notes 2008(18) 1,3750 % BMW US Capital LLC DL-Medium-Term Notes 2013(17) 1,6250 % BP Capital Markets PLC DL-Medium-Term Notes 2012(17) 4,3750 % GlaxoSmithkline Capital Inc. DL-Notes 2004(04/14) 4,6250 % Hutchison Whmp.Int.(09/16)Ltd. DL-Notes 2009(15) Reg.S 3,0000 % Westpac Banking Corp. DL-Notes 2010(15) 4,7500 % Woori Bank DL-Med.-Term Nts 2010(16)Reg.S

XS0878010718 XS0828735893 XS0829183614 ES00000123W5 FR0010745976 XS0241946630 XS0498175503 XS0592627003 XS0747771128 XS0863482336 XS0808635436 XS0439828269 XS0625977987 XS0355738799 DE000A1HHZ73 XS0818951989 US377372AA59 USG46726AA63 US961214BN23 US98105GAG73

Shares/ units/ currency

Holding 31.03.2014

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR GBP USD USD USD USD USD USD

150 300 250 250 200 300 200 250 300 300 200 200 200 200 200 250 400 200 200 200

Purchases/ Sales/urrency additions disposals in the reporting period 0 0 250 250 0 0 0 100 100 0 200 200 0 200 200 0 0 0 0 0

100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

% % % % % % % % % % % % % % % % % % % %

Price

Market Value in EUR

% of NAV

100.821 106.366 109.020 105.504 123.002 105.936 114.077 114.701 108.562 106.008 109.600 115.488 110.341 119.612 99.902 99.877 100.139 105.316 103.176 106.141

151,231.50 319,098.00 272,550.00 263,760.05 246,004.81 317,809.37 228,154.82 286,752.50 325,685.12 318,024.00 219,200.00 230,976.09 220,682.00 289,441.54 144,984.76 181,186.36 290,658.55 152,842.32 149,736.15 154,039.73

1.03 2.18 1.86 1.80 1.68 2.17 1.56 1.96 2.23 2.17 1.50 1.58 1.51 1.98 0.99 1.24 1.99 1.05 1.02 1.05

Securities admitted to or included on organised markets

EUR

1,718,991.16

11.76

Interest-bearing securities

EUR

1,718,991.16

11.76

270,547.50 257,491.80 249,257.17 221,836.90 203,821.80 180,987.79 183,886.77 151,161.43

1.85 1.76 1.71 1.52 1.39 1.24 1.26 1.03

30.00

0.00

30.00

0.00

14,042,225.52

96.03

3,6250 % Bord Gáis Éireann EO-Med.-Term Notes 2012(17) 2,3750 % Korea Gas Corp. EO-Medium-Term Notes 2013(19) 2,7500 % Mexiko EO-Med.-Term Nts 2013(13/23) A 4,7500 % Strabag SE EO-Schuldverschr. 2011(18) 5,2500 % MetLife Inc. LS-Notes 2005(05/20) 1,8000 % JPMorgan Chase & Co. DL-Notes 2013(18) 1,7500 % Morgan Stanley DL-Notes 2013(16) 3,5000 % Société Générale S.A. DL-Notes 2010(16) Reg.S

XS0858803066 XS0981596819 XS0916766057 AT0000A0PHV9 XS0223386417 US46625HJG65 US61746BDG86 USF8586CAM40

EUR EUR EUR EUR GBP USD USD USD

250 250 250 200 150 250 250 200

250 250 250 200 0 250 0 0

0 0 0 0 0 0 0 0

Other equity securities 0,0000 % Lehman Bros UK Cap. Fdg III LP EO-FLR Notes 2006(11/Und.)

% % % % % % % %

108.219 102.997 99.703 110.918 112.306 99.768 101.366 104.158

EUR XS0243852562

EUR

Securities total

MASTERINVEST Kapitalanlage GmbH ı Landstraßer Hauptstraße 1, Top 27 ı 1030 Vienna ı T: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Handelsgericht Wien ı DVR: 0899291 ı UID: ATU 56163724

300

0

0

% EUR

0.010

Name of security

ISIN

Shares/ units/ currency

Holding 31.03.2014

Purchases/ Sales/urrency additions disposals in the reporting period

Price

Market Value in EUR

% of NAV

Bank balances, non-securitised money market instruments and money market funds

EUR

319,053.48

2.18

Bank balances Balances at Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft (G) Bregenz Balances in fund currency

EUR

319,053.48

2.18

EUR

185,737.88

185,737.88

1.27

GBP

23,376.54

28,283.77

0.19

AUD CAD JPY USD

84,985.96 60,586.28 740,399.00 3,872.97

57,168.01 39,835.81 5,217.64 2,810.37

0.39 0.27 0.04 0.02

272,330.09

1.86

272,330.09

1.86

-11,377.80

-0.08

-67.64 -9,236.66 -2,073.50

0.00 -0.06 -0.02

EUR

14,622,231.29

100.00

EUR EUR SHS

9.65 9.99 600,652

EUR EUR SHS

10.01 10.11 5,000

Balances in other EU/EWR currency Balances in non-EU/EWR currency

Other assets Dividend claims

EUR EUR

272,330.09

Other liabilities interest liabilities Management fees Custodian bank fees

EUR EUR EUR EUR

Fund assets

-67.64 -9,236.66 -2,073.50

HYPO CORPORATE BOND FUND A Unit value Issue price Number of units HYPO CORPORATE BOND FUND (IT) A Unit value Issue price Number of units

MASTERINVEST Kapitalanlage GmbH ı Landstraßer Hauptstraße 1, Top 27 ı 1030 Vienna ı T: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Handelsgericht Wien ı DVR: 0899291 ı UID: ATU 56163724

Name of security

ISIN

Shares/ units/ currency

Holding 31.03.2014

Purchases/ Sales/urrency additions disposals in the reporting period

Price

Market Value in EUR

% of NAV

HYPO CORPORATE BOND FUND T Unit value Issue price Number of units

EUR EUR SHS

Securities in fund assets (in %) Derivatives in fund assets (in %)

96.03 0.00

Minor rounding differences may occur based on the rounding of percentages in calculations. No derivatives transactions disclosable under the ESMA guidelines took place during the accounting year. Security prices and market rates The assets in the fund are valued on the basis of the last prices/market values determined. FX rates (indirect quotation) AUD CAD GBP JPY USD

14.23 14.73 617,061

per 31.03.2014 1.4866000 1.5209000 0.8265000 141.9030000 1.3781000

= 1 EUR (EUR) = 1 EUR (EUR) = 1 EUR (EUR) = 1 EUR (EUR) = 1 EUR (EUR)

There is a risk that the values of certain securities may deviate from their actual selling prices because of illiquid market conditions (valuation risk).

MASTERINVEST Kapitalanlage GmbH ı Landstraßer Hauptstraße 1, Top 27 ı 1030 Vienna ı T: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Handelsgericht Wien ı DVR: 0899291 ı UID: ATU 56163724

PURCHASES AND SALES OF SECURITIES DURING REPORTING PERIOD

THAT ARE NOT LISTED IN THE STATEMENT OF ASSETS ISIN

Description of type

Unit share or currency

Sales Sales

Sales/ disposals

250 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 100 0 0 200 0 100 250 0 100 0 0 0

250 100 150 200 200 150 150 150 200 150 100 300 200 300 200 150 100 150 200 250 200 100 200 200 250 250 150 400 200 150 150

Securities traded on stock exchange Interest-bearing securities XS0859920406 XS0307791698 XS0412154378 XS0420117383 XS0421249235 XS0749822556 XS0747743937 FR0010345181 XS0548805299 XS0683565476 XS0526903827 XS0405872762 XS0275636438 DE000DB5DCS4 US2515A0U761 XS0445463887 XS0342783692 FR0010758888 BE6000105732 XS0286175699 FR0010678185 FR0010680041 XS0794230507 US38143USC61 XS0526606537 XS0222372178 XS0366066149 IT0004690126 XS0297699588 XS0497185511 XS0472505287

4,5000 % A2A S.p.A. EO-Medium-Term Notes 2012(19) 5,3750 % B.A.T. Intl Finance PLC EO-Medium-Term Notes 2007(17) 5,1250 % BASF Finance Europe N.V. EO-Medium-Term Notes 2009(15) 4,6250 % Bayer Capital Corp. B.V. EO-Medium-Term Notes 2009(14) 6,3750 % BHP Billiton Finance Ltd. EO-Medium-Term Notes 2009(16) 3,0000 % BNP Paribas S.A. EO-Medium-Term Notes 2012(17) 2,1770 % BP Capital Markets PLC EO-Medium-Term Notes 2012(16) 4,0000 % Caisse Refinancement l'Habitat EO-Covered Bonds 2006(18) 3,3750 % Carlsberg Breweries A/S EO-Medium-Term Notes 2010(17) 3,5000 % Compagnie de Saint-Gobain S.A. EO-Medium-Term Notes 2011(15) 3,0000 % Credit Agricole (London Br.) EO-Medium-Term Notes 2010(15) 6,1250 % Credit Suisse (London Branch) EO-Medium-Term Nts 2008(14) 4,0000 % Deutsche Bahn Finance B.V. EO-Med.-Term Notes 2006(17) 2,3750 % Deutsche Bank AG Med.Term Nts.v.2013(2023) 3,4500 % Deutsche Bank AG, London Br. Notes v.2010 (2015) 4,6250 % EADS Finance B.V. EO-Medium-Term Notes 2009(16) 5,0000 % Electricité de France (E.D.F.) EO-Medium-Term Notes 2008(18) 4,5000 % Electricité de France (E.D.F.) EO-Medium-Term Notes 2009(14) 5,6250 % Elia System Operator S.A./N.V. EO-Bonds 2009(16) 4,6250 % Export-Import Bk of Korea, The EO-Bonds 2007(17) 6,8750 % GdF Suez S.A. EO-Medium-Term Notes 2008(19) 7,0000 % GdF Suez S.A. LS-Medium-Term Notes 2008(28) 2,8750 % GE Capital European Funding EO-Medium-Term Notes 2012(19) 3,6250 % Goldman Sachs Group Inc., The DL-Notes 2011(16) 4,0000 % HSBC Bank PLC EO-Medium-Term Nts 2010(21) 3,5000 % Iberdrola Finanzas S.A.U. EO-Medium-Term Notes 2005(15) 6,1250 % ING Bank N.V. EO-FLR Med.-Term Nts 08(18/23) 4,3750 % Intesa Sanpaolo S.p.A. EO-Med.-Term Hyp.Pfdbr. 11(16) 4,7500 % Linde Finance B.V. EO-Medium-Term Notes 2007(17) 3,3750 % Merck Financial Services GmbH Med.-Term Nts.v.2010 (2015) 5,1250 % Nomura Europe Finance N.V. EO-Medium-Term Nts 2009(14)

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD EUR EUR EUR EUR EUR EUR GBP EUR USD EUR EUR EUR EUR EUR EUR EUR

MASTERINVEST Kapitalanlage GmbH ı Landstraßer Hauptstraße 1, Top 27 ı 1030 Vienna ı T: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Handelsgericht Wien ı DVR: 0899291 ı UID: ATU 56163724

Volume in 1,000

ISIN

Description of type

XS0532183935 US66989HAA68 XS0422624980 FR0010039008 XS0835890350 XS0432069747 XS0972758741 XS0412968876 XS0292873683 XS0436662828 XS0418508924 XS0473928371 XS0526073290 XS0424019437 XS0731681556 XS0423888667

2,7500 % Nordea Bank AB EO-Medium-Term Notes 2010(15) 4,1250 % Novartis Capital Corp. DL-Notes 2009(14) 6,2500 % OMV AG EO-Medium-Term Notes 2009(14) 5,6250 % Orange S.A. LS-Bonds 2004(34) 4,2500 % Petrobras Global Finance B.V. EO-Notes 2012(12/23) 3,6250 % Pfizer Inc. EO-Bonds 2009(09/13) 4,6250 % Rumänien EO-Medium-Term Notes 2013(20) 4,5000 % Shell International Finance BV EO-Medium-Term Notes 2009(16) 4,6250 % Statkraft AS EO-Med.-Term Nts 2007(17) 4,0000 % Syngenta Finance N.V. EO-Medium-Term Notes 2009(14) 8,2500 % Telecom Italia S.p.A. EO-Medium-Term Nts 2009(16) 4,8750 % Telekom Slovenije d.d. EO-Bonds 2009(16) 3,5000 % UBS AG (London Branch) EO-Medium-Term Notes 2010(15) 4,7500 % Verbund AG EO-Medium-Term Notes 2009(15) 3,2500 % Volkswagen Intl Finance N.V. EO-Medium-Term Notes 2012(19) 6,5000 % Zurich Finance (USA) Inc. EO-Medium-Term Notes 2009(15)

Sales Sales

Sales/ disposals

EUR USD EUR GBP EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

0 0 0 0 250 0 200 0 0 0 0 300 0 0 0 0

150 200 100 100 250 200 200 250 250 200 250 300 150 100 200 100

EUR EUR USD EUR EUR EUR

0 200 0 0 250 0

150 200 200 100 250 100

Unit share or currency

Volume in 1,000

Securities admitted to or included on organised markets Interest-bearing securities XS0751166835 XS0863484035 US6325C1BJ78 XS0292924775 XS0937853983 XS0273766732

3,8750 % Danske Bank AS EO-Medium-Term Notes 2012(17) 2,3750 % HYPO ALPE-ADRIA-BANK INTL AG EO-Notes 2012(22) 4,3750 % National Australia Bank Ltd. DL-Med.-Term Nts 2010(20)Reg.S 4,5000 % Sodexo S.A. EO-Notes 2007(14) 2,7500 % Sumitomo Mitsui Banking Corp. EO-Medium-Term Nts 2013(23) 4,1250 % Wells Fargo & Co. EO-Notes 2006(16) Derivative Forward / futures contracts Interest rate forwards / futures purchased contracts: (underlying: EURO-BUND)

EUR

MASTERINVEST Kapitalanlage GmbH ı Landstraßer Hauptstraße 1, Top 27 ı 1030 Vienna ı T: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Handelsgericht Wien ı DVR: 0899291 ı UID: ATU 56163724

725.75

ISIN

Description of type

Unit share or currency

Vienna, on 16 July 2014 MASTERINVEST Kapitalanlage GmbH The Managing Directors

DI Andreas Müller

Dr. Hannes Leitgeb

MASTERINVEST Kapitalanlage GmbH ı Landstraßer Hauptstraße 1, Top 27 ı 1030 Vienna ı T: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Handelsgericht Wien ı DVR: 0899291 ı UID: ATU 56163724

Sales Sales

Sales/ disposals

Volume in 1,000

AUDITORS' REPORT We have audited the enclosed annual report as at 31 March 2014 of MASTERINVEST Kapitalanlage GmbH, Vienna relating to the HYPO CORPORATE BOND FUND mutual fund that it manages in accordance with InvFG 2011 for the accounting year 1 April 2013 to 31 March 2014 including bookkeeping. Responsibility of the legal representatives for the annual report, management of the specialised fund and bookkeeping The legal representatives of the management company and the custodian bank are responsible for keeping the books of account, evaluating the specialised fund, calculating any withholding taxes due, preparing the annual report and managing the specialised fund, each in accordance with the regulations of the Austrian Investment Fund Act, additional regulations in the fund's conditions and tax rules. This responsibility includes designing, implementing and maintaining an internal control system, as far as this is necessary to record and evaluate the specialised fund and to prepare the annual report, to ensure that this is free from material misstatements due to fraud or error; selecting and applying appropriate valuation methods; making estimates that appear reasonable under the prevailing circumstances. Responsibility of the bank auditor and description of nature and scope of the statutory audit of the annual report It is our responsibility to express an opinion on this annual report based on our audit. We have conducted our audit in accordance with section 49(5) of the Austrian Investment Fund Act 2011 and the regulations and accounting standards that apply in Austria for a true and fair audit of financial statements. These principles require that we adhere to the rules of professional conduct and plan and carry out the audit in such a way that we are able to assess, with sufficient certainty, that the annual report is free from material misstatements. An audit includes performing audit procedures to obtain audit evidence about the amounts and other disclosures in the annual report. The audit procedures are selected at the bank auditor's due discretion, taking into account their assessment of the risk of material misstatements due to fraud or error. When estimating risk the bank auditor considers the internal control system, insofar as this is significant for preparing the annual report and evaluating the specialised fund to decide appropriate audit procedures that take account of the circumstances, though not to issue an auditor's opinion about the effectiveness of the internal controls of the management company and the custodian bank. The audit further assesses the appropriateness of the evaluation methods employed and the key estimates that the legal representatives have made and appraises the overall information provided in the annual report. We are of the opinion that we have obtained adequate and appropriate audit evidence so that our audit represents a sufficiently secure basis for our assessment. Auditor's opinion Our audit did not give rise to any objections. In our opinion that is based on the results of our audit, the annual report for HYPO CORPORATE BOND FUND, mutual fund in accordance with InvFG 2011 meets the legal requirements as at 31 March 2014.

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

Statements about compliance with the Austrian Investment Fund Act and the fund's conditions Pursuant to section 49(5) InvFG 2011, the audit also has to extend to whether the federal law on investment funds (Investment Fund Act) and the fund's conditions have been observed. We have conducted our audit in accordance with the principles outlined above, so that we can make a judgement with sufficient certainty that the material points of the regulations of the Investment Fund Act and the fund's conditions have been observed. Based on the information obtained during the audit the regulations of the federal law on investment funds (Investment Fund Act) and the fund's conditions have been observed. Statements about the report relating to the activities in the last accounting year We took a critical look at the reports of the directors of the management company about the activities of the last year, and these were not the subject of any special audit procedures in accordance with the principles outlined above. Our opinion therefore does not relate to this information. The reports for the year in the overall presentation match the figures given in the annual report. Vienna, 16 July 2014 PwC Wirtschaftsprüfung GmbH Auditors and tax advisors

Peter Pessenlehner Auditor

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

REPORT BY THE SUPERVISORY BOARD The Management Board has reported to the Supervisory Board on an ongoing basis during the accounting year. The Supervisory Board has overseen compliance with the legal regulations and fund conditions and quality standards of Austria's investment fund sector. PwC Wirtschaftsprüfung GmbH appointed by the annual general meeting had audited the annual report for the accounting year 2013/2014 and issued an unqualified audit certificate. The annual report by the management and the auditor's audit report have been presented to the Supervisory Board. The result of the audit undertaken by the Supervisory Board has given no cause for complaint. Vienna, July 2014 The Supervisory Board Harald Thury Chairman

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

TAX TREATMENT OF THE DISTRIBUTION AND PAY-OUT OF CAPITAL GAINS TAX ON HYPO CORPORATE BOND FUND UNITS FROM 2013/2014 Basis for taxation (tax inflow from 1 April 2012) The following reports relate solely to investors subject to unlimited tax liability in Austria (investors with a registered office, domiciled or who are normally resident in Austria). Other investors are to observe national legislation in their particular countries.

Distribution-

Distribution-

units

units (IT)

Reinvesting units

AT0000701180

AT0000A13ZZ2

AT0000701198

EUR

EUR

EUR

A. Data for tax declarations and other filings at tax offices 1. Units in private funds a) If there is an option exercise notice as a result of the deduction of capital gains tax, income from the fund is taxed in its entirety; inclusion in the tax declaration is not required. Points 1. b. to 1. f. concerning the deduction or credit of withholding tax should be observed, however. b) No option exercise notice has been issued: Income from capital assets that are not subject to the deduction of tax:

0.0000

0.0277

0.0000

0.3274

0.0298

0.4818

0.3274

0.0021

0.4818

Nominal values for deposits with option exercise notice:

0.0800

0.9935

0.1200

Nominal values for deposits without option exercise notice:

0.0800

0.9935

0.1200

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.1302

0.0437

0.1902

0.1302

0.0714

0.1902

0.3925

0.0437

0.5769

c) At the low income tax rate, the amounts listed in the following should also be included (in addition) to

1)

initiate the (partial) repayment of capital gains tax: -

Investment income from capital investments subject to final taxation at the full rate: Nominal values for deposits with option exercise notice: Nominal values for deposits without option exercise notice:

-

2)

Capital gains tax, provided it is applied to capital gains subject to final taxation:

d) Entitlement in accordance with the double taxation agreement for (partial) offset of foreign withholding tax against Austrian income tax or a refund: See point 11. in Section B. e) Tax-exempt income in accordance with the double taxation treaty (see Section B for detailed information): Entitlement to have tax-exempt income offset in accordance with the double taxation treaty or refunded against capital gains tax withheld: f)

Foreign taxes withheld abroad that can be reclaimed from the foreign tax administrations under the double taxation treaty: See point 11. in Section B.

2. Units held in the business assets and interests of sole enterprises or business partnerships (e.g. general partnership or limited commercial partnership under Austrian law) a) If there is an option exercise notice, the deduction of capital gains tax is largely subject to final taxation; only the following sums of capital gains are taxable:

3)

Points 2. c. to 2. f. concerning the offset or refund of withholding taxes

9)

should however be observed. b)

If no option exercise notice has been submitted: amount subject to taxation instead of the sum mentioned in point a: Income from capital assets that are not subject to the deduction of tax:

c)

For the low rate of income tax, to be included in the tax declaration despite final taxation to enable the (partial) refund of capital gains: -

To be considered as subject to tax instead of the sums listed in point a.

-

Capital gains tax to be offset:

4)

(with option exercise notice) and b. (without option exercise notice): For deposits with option exercise notice:

5)

0.0800

0.9935

0.1200

For deposits without option exercise notice:

5)

0.0800

0.9935

0.1200

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

d) Entitlement in accordance with the double taxation agreement to have part of foreign withholding tax offset against Austrian income tax or a refund: See point 11. in Section B. e) Tax-exempt income in accordance with the double taxation treaty (see Section B. for detailed information): Entitlement to have tax-exempt income in accordance with the double taxation treaty offset or refunded against capital gains tax withheld: f)

Foreign taxes withheld abroad that can be reclaimed from the foreign tax administrations under the double taxation treaty: see point 11. in Section B.

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

3. Units held in business assets and interests of corporations (public limited companies, limited liability companies under Austrian Law)

6)

a) Allocations: -

Distribution

-

Ordinary fund result

-

Foreign taxes deducted from foreign income:

0.2600 -

0.0000

-

0.0064

0.3761 0.0000

0.0106

-

Austrian capital gains tax deducted from dividend income:

0.0000

0.0000

0.0000

-

Ordinary sums in foreign subfunds equivalent to distributions:

0.0000

0.0000

0.0000

-

Capital gains equivalent to distributions in foreign subfunds:

0.0000

0.0000

0.0000

-

Taxable revaluation gains from property funds (80%)

0.0000

0.0000

0.0000

-

Adjustment for earnings on foreign dividend income:

-

Undistributed income subject to tax

b) Deductions: - Income from investment (in subsidiaries) in accordance with section 10 (1) clauses 1 to 4 of the Austrian Corporation Tax Act (KStG): Income from investments (in subsidiaries) in accordance with section 10 (1) clauses 5 to 6 of the Austrian Corporation Tax Act (KStG): -

-

-

-

0.0000

0.0000

0.0000

0.0000

7)

Tax-exempt income in accordance with the double taxation treaty (see Section B. for detailed information):

0.0000

0.0000

0.0000

0.0000

0.0000 0.0000

-

Income on which tax has already been paid in previous years

0.0000

Adjustment for earnings on foreign dividend income:

0.0000

0.0000

-

Income from foreign subfunds equivalent to distributions included in the distribution Distribution from fund capital

0.0000

0.0000

-

-

0.0000

0.0000

0.0000

-

9)

0.0000

0.0000

-

8)

0.0800

0.0000

0.1200

0.0000

0.0000

0.0000

0.0032

0.0000

0.0053

0.0240

0.0000

0.0396

Income in accordance with section 13 (3) sentence 1 to 4 KStG (subject to interim taxation):

0.3274

0.0160

0.4818

Taxable foreign dividends:

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0032

0.0000

0.0053

0.0240

0.0000

0.0396

c) Allowable Austrian capital gains tax against corporation tax: (NB: capital gains tax may only be offset when this has been deducted and paid to the tax office) capital gains tax on Austrian dividend income is certainly allowable d) Entitlement in accordance with the double taxation treaty to have part of foreign withholding tax offset against Austrian corporation tax:

7)

(See point 11. in Section B. for detailed information about this.) Listed in the tax declaration in this regard: Foreign income on which Austria is entitled/exercises the right of taxation e) Foreign taxes withheld abroad that can be reclaimed from the foreign tax administrations under the double taxation treaty: See point 11. in Section B.

4. Units in the assets of private foundations a) Austrian and foreign capital income:

b) Claim for reimbursement of capital gains tax on Austrian income from investments: c) Claim in accordance with the double taxation treaty to have part of foreign withholding tax offset against Austrian corporation tax:

7)

(See point 11. in Section B. for detailed information about this.) Listed in the tax declaration in this regard: Foreign income on which Austria is entitled/exercises the right of taxation d) Foreign taxes withheld abroad that can be reclaimed from the foreign administrations under the double taxation treaty: See point 11. in Section B. 1) If the capital gains tax deducted is higher than the (standard) income tax to which the income concerned accrues to the unit holder (standard taxation option). 2) In addition to the sum listed in point 1.b. 3) For the purposes of the tax declaration, distributions and distribution-equivalent income from the fund, if they have been taken into account when calculating the profit or loss, should be removed and replaced by the taxable sum stated here. 4) If the capital gains tax deducted is higher than the (standard) income tax to which the income concerned accrues to the unit holder (standard taxation option). 5) Capital gains tax on non-income gains withheld in the business assets and interests for natural persons is allowable against income tax and can be refunded. 6) a. Allocations and b. Deductions include all sums from the fund's result that must be included in the tax declaration of an incorporated firm. If the sums included here as allocations are contained within the incorporated firm's balance sheet and therefore appear in another place in its tax declaration (which is usually the case, at least as far as the fund's distributions are concerned), these sums should be left without valuation under Allocations in the tax declaration. 7) Profits from interests in EU corporate bodies (with the exception of Bulgaria, Ireland and Cyprus), Norway and from interests in foreign bodies that are comparable with a domestic body subject to section 7 (3), and for which there is comprehensive administrative assistance with the states of residence, are exempt from corporation tax for legal entities and private foundations in accordance the 2011 amendment of section 10(5) 1 sentence 5 and 6 KStG. 8) Because of the declarations of exemption in accordance with section 94 sentence 5 EStG, the deposit-holding bank makes no deduction for capital gains tax and payment to the tax office, and therefore no credit is permitted. If the sum of the deductible capital gains is attributable to domestic capital gains on Austrian dividend income (see sum above under a. Allocations), it can in any event be offset against corporation tax. 9) It is important to ensure that a corresponding reduction is made to the balance sheet item for distributions from the fund capital for taxable entities included in the balance sheet.

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

Tax treatment per distribution unit of

HYPO CORPORATE BOND FUND

All figures relate to the units in circulation on the balance sheet date and to domestic investors who are subject to unlimited tax liability. Investors whose registered office, domicile or habitual place of residence is outside Austria must observe the relevant national legislation or information about EU withholding tax in the particular case. Accounting year:

1.4.2013 31.3.2014

Distribution:

15.5.2014

ISIN:

Private investors

with option EUR

AT0000701180

1. Distribution before the deduction of capital gains tax II and III 2. Plus a) Taxes withheld at home and abroad b) Ordinary income from foreign subfunds equivalent to distributions subject to tax c) Extraordinary income from foreign subfunds equivalent to distributions liable for tax d) Taxable capital gains (50%) e) Taxable revaluation gains from property funds (80%) f) Taxable undistributed income

1)

3 Income 4 Less: a) Refunds of foreign withholding taxes from previous years b) Tax-exempt interest income and property fund income under the double taxation treaty c) Tax-exempt dividends under the double taxation treaty d) Tax-exempt in accordance with section 10 (1) sentence 1 to 4 KStG (Austrian dividends) e) Tax-exempt in accordance with section 10 (1) sentence 5 and 6 KStG (foreign dividends) f) Tax-neutral adjustment for income from dividends g) Income on which tax has already been paid in previous years h) Tax-exempt distributed capital gains i) Income from foreign subfunds equivalent to distributions included in the distribution j) Distribution from fund capital k) Loss offsetting (after balancing of extraordinary result)

2)

3)

16)

5 Remaining income 6 Of which subject to final taxation 7 Taxable income

4) 5) 16)

without option EUR

Corporate investors Natural persons (including general) with without option option EUR EUR

Legal entities

EUR

Privatefoundations within the scope of income from capital EUR

0.2600

0.2600

0.2600

0.2600

0.2600

0.2600

0.0064 0.0000 0.0000 0.0651 0.0000 0.0000

0.0064 0.0000 0.0000 0.0651 0.0000 0.0000

0.0064 0.0000 0.0000 0.1302 0.0000 0.0000

0.0064 0.0000 0.0000 0.1302 0.0000 0.0000

0.0064 0.0000 0.0000 0.1302 0.0000 0.0000

0.0064 0.0000 0.0000 0.0651 0.0000 0.0000

0.3315

0.3315

0.3966

0.3966

0.3966

0.3315

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0041 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0041 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0041 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0041 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0041 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0041 0.0000 0.0000 0.0000

0.3274

0.3274

0.3925

0.3925

0.3925

0.3274

0.3274

0.3274

0.2623

0.2623

0.0000

0.0000

0.0000

0.0000

0.1302

0.1302

0.3925

0.3274

9.65

9.65

9.65

9.65

9.65

9.65

0.0000 0.0240 0.0000 0.0240

0.0000 0.0240 0.0000 0.0240

0.0000 0.0240 0.0000 0.0240

0.0000 0.0240 0.0000 0.0240

0.0000 0.0240 0.0000 0.0240

0.0000 0.0240 0.0000 0.0240

0.0000 0.0032 0.0000 0.0032

0.0000 0.0032 0.0000 0.0032

0.0000 0.0032 0.0000 0.0032

0.0000 0.0032 0.0000 0.0032

0.0000 0.0032 0.0000 0.0032

0.0000 0.0032 0.0000 0.0032

0.0000 0.0032 0.0000 0.0032

0.0000 0.0032 0.0000 0.0032

0.0000 0.0032 0.0000 0.0032

0.0000 0.0032 0.0000 0.0032

0.0000 0.0032 0.0000 0.0032

0.0000 0.0032 0.0000 0.0032

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.2623 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0651

0.2623 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0651

0.2623 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0651

0.2623 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0651

0.2623 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0651

0.2623 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0651

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0656 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0656 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0656 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0656 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0656 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0656 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0656

0.0656

0.0656

0.0656

0.0656

0.0656

0.0000 0.0163 0.0163

0.0000 0.0163 0.0163

0.0000 0.0163 0.0163

0.0000 0.0163 0.0163

0.0000 0.0163 0.0163

0.0000 0.0163 0.0163

of which subject to interim tax

0.3274

8 Value at the end of the accounting year Detailed information 10 Foreign income on which Austria is entitled/exercises the right of taxation a) Dividends b) Interest that is subject to withholding tax c) Distributions from foreign funds that are subject to withholding tax 11 Taxes paid abroad to avoid double taxation: a) Deductible from tax payable (including matching credit, see point 18. a) for details) from equities (dividends) from bonds (interest) from foreign funds total b) rückerstattbar (Detail siehe Punkt 18. b)) from equities (dividends) from bonds (interest) from foreign funds total

6)

7) 8) 9) 10)

10) 11)

c) Neither deductible nor refundable (see point 18 c) for details) 12 Income from investments in accordance with section 10(1)/13(2) of the Austrian Corporation Tax Act (KStG) a) Austrian dividends b) Foreign dividends

12)

13 Income that is subject Austrian capital gains tax a) Interest with the exception of income under the double taxation treaty b) In accordance with tax-free interest under the double taxation treaty c) Foreign dividends d) Distributions from foreign subfunds e) Ordinary income from foreign subfunds equivalent to distributions f) Income from property funds g) Taxable revaluation gains from property funds (80%) h) Extraordinary income from foreign subfunds equivalent to distributions i) Capital gains (50%)

13) 14)15) 14) 14)15) 14)15) 14)15) 14)15) 14)15) 14)15)

14 Austrian capital gains tax I (on Austrian dividends) 15 Austrian capital gains tax II on: a) Interest with the exception of income under the double taxation treaty b) In accordance with tax-free interest under the double taxation treaty c) Foreign dividends d) Distributions from foreign subfunds e) Ordinary income from foreign subfunds equivalent to distributions f) Income from property funds g) Taxable revaluation gains from property funds (80%)

13) 2)

Austrian capital gains tax II (total) 16 Austrian capital gains tax III (on capital gains) a) Extraordinary income from foreign subfunds equivalent to distributions b) Capital gains Austrian capital gains tax III (total)

4)

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

17 Austrian capital gains tax II and III (total)

0.0800

0.0800

0.0800

0.0800

0.0800

0.0800

0.0032 0.0032

0.0032 0.0032

0.0032 0.0032

0.0032 0.0032

0.0032 0.0032

0.0032 0.0032

0.0032 0.0032

0.0032 0.0032

0.0032 0.0032

0.0032 0.0032

0.0032 0.0032

0.0032 0.0032

0.0900

0.0900

0.0900

0.0900

0.0900

0.0900

18 a) Deductible foreign taxes to point 11. a) from Italian bonds Total from bonds b) Refundable foreign taxes to point 11. b) from Italian bonds Total from bonds 19 Statement of possible EU withholding tax (only relevant for persons who do not have an unlimited tax liability)

1) EUR 0.00 per unit was neutralised by a cost surplus 2) Under section 240 (3) BAO (Bundesabgabenordnung, Austrian Fiscal Code), private investors can request a reimbursement from their tax office of investment income tax retained assessment. For business investors, tax exemption and the related offsetting of investment income tax on income tax/occurs through assessment of income tax (ESt) or corporation tax (KSt) owed. 3) Legal entities and private foundations are exempt from the corporation tax under section 10 (1) 5 and 6 KStG as amended by the AÄG (Abgabenänderungsgesetz, tax code amendment act) 2011 with respect to profit shares from participating interests in EU corporations (exception: Bulgaria, Ireland, Cyprus), from Norway and from participating interests in foreign entities comparable to domestic entities under section 7 (3) and for which comprehensive administrative assistance has been agreed with the respective countries of domicile. 4) Investment income tax retained on capital gains on business assets of natural persons is offsettable against income tax. 5) In private foundations, this amount less the foreign dividends reported under point 10 a is subject to interim taxation 6) Are taxable in private foundations (at the full rate) because the requirements for tax exemption under Section 10 KStG are not fulfilled 7) The fictitious attributable notional withholding tax (matching credit) under DTAs can only be claimed by offsetting against tax owed 8) Generally not relevant for private and business investors/natural persons, as foreign dividends are subject to deduction of investment income tax at source. In individual cases (direct claims under DTAs), these amounts can be offset in the course of income tax assessment and investment income tax can be refunded. 9) The offset amount may not exceed the Austrian income tax/corporation tax that applies proportionally to the investment income in question; sources of income other than this fund are also to be taken into consideration. 10) Retained tax is only offsettable/refundable for unit holders in possession of the certificates on the reporting date 11) The relevant DTAs permit reimbursements of the withholding tax retained in the respective source country to be requested if it cannot be offset. Reimbursement requests have to be submitted by the unit holder in question. The necessary forms are available on the homepage of the Federal Ministry of Finance (https://www.bmf.gv.at). 12) For private and business investors/natural persons, participation income is subject to deduction of KESt I and KESt II at source and therefore no longer subject to further taxation. In individual cases (when the income tax is less than the investment income tax), the amounts can be taxed through the income tax assessment and investment income tax can be (partially) offset/refunded. 13) Not applicable to business investors with an investment income tax exemption statement under section 94 no. 5 EStG (Einkommensteuergesetz, Income Tax Act) 1988. If no such exemption is held, the investment income tax, insofar as it does not result in final taxation, can be offset against the income tax/corporation tax. 14) For private investors, income is taxed at source with the deduction of KESt I and KESt II. For business investors/natural persons, final taxation is only effected for the investment income subject to KESt II. In individual cases (when the income tax is less than the investment income tax), the amounts can be taxed through the(partially) income tax assessment and investment income tax can be offset or refunded. 15) For private foundations, these amounts are subject to interim taxation (including optional portion of interest income on which the foundation cannot opt for deduction of investment income tax due to insufficient legal grounds). 16) For taxpayers required to draw up financial statements, an appropriate write-down on the carrying amount is to be recognised. 17) For business investors, there are additional non-utilised losses carried forward in an amount of EUR 0.00/unit. These may be netted within the context of the tax assessment or can be carried forward (§ 198 (2) (1) Investment Funds Act).

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

Tax treatment per distribution unit of

HYPO CORPORATE BOND FUND (IT) A

All figures relate to the units in circulation on the balance sheet date and to domestic investors who are subject to unlimited tax liability. Investors whose registered office, domicile or habitual place of residence is outside Austria must observe the relevant national legislation or information about EU withholding tax in the particular case. Accounting year:

Distribution: ISIN:

4.3.2014 31.3.2014

Private investors

15.5.2014 with option EUR

AT0000A13ZZ2

1 Distribution before the deduction of capital gains tax II and III

without option EUR

Corporate investors Natural persons (including general) with without option option EUR EUR

Legal entities

EUR

Privatefoundations within the scope of income from capital EUR

0.0200

0.0200

0.0200

0.0200

0.0200

0.0200

0.0018 0.0000 0.0000 0.0138 0.0000 0.0000

0.0018 0.0000 0.0000 0.0138 0.0000 0.0000

0.0018 0.0000 0.0000 0.0277 0.0000 0.0000

0.0018 0.0000 0.0000 0.0277 0.0000 0.0000

0.0018 0.0000 0.0000 0.0277 0.0000 0.0000

0.0018 0.0000 0.0000 0.0138 0.0000 0.0000

0.0356

0.0356

0.0495

0.0495

0.0495

0.0356

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0058 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0058 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0058 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0058 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0058 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0058 0.0000 0.0000 0.0000

5 Remaining income

0.0298

0.0298

0.0437

0.0437

0.0437

0.0298

6 Of which subject to final taxation

0.0298

0.0298

0.0160

0.0160

0.0000

0.0000

0.0000

0.0000

0.0277

0.0277

0.0437

2 Plus a) Taxes withheld at home and abroad b) Ordinary income from foreign subfunds equivalent to distributions subject to tax c) Extraordinary income from foreign subfunds equivalent to distributions liable for tax d) Taxable capital gains (50%) e) Taxable revaluation gains from property funds (80%) f) Taxable undistributed income

1)

3 Income 4 Less: a) Refunds of foreign withholding taxes from previous years b) Tax-exempt interest income and property fund income under the double taxation treaty c) Tax-exempt dividends under the double taxation treaty d) Tax-exempt in accordance with section 10 (1) sentence 1 to 4 KStG (Austrian dividends) e) Tax-exempt in accordance with section 10 (1) sentence 5 and 6 KStG (foreign dividends) f) Tax-neutral adjustment for income from dividends g) Income on which tax has already been paid in previous years h) Tax-exempt distributed capital gains i) Income from foreign subfunds equivalent to distributions included in the distribution j) Distribution from fund capital k) Loss offsetting (after balancing of extraordinary result)

7 Taxable income

2)

3)

16)

4) 5) 16)

of which subject to interim tax

0.0298 0.0298

8 Value at the end of the accounting year

10.01

10.01

10.01

10.01

10.01

10.01

0.0000 0.0051 0.0000 0.0051

0.0000 0.0051 0.0000 0.0051

0.0000 0.0051 0.0000 0.0051

0.0000 0.0051 0.0000 0.0051

0.0000 0.0051 0.0000 0.0051

0.0000 0.0051 0.0000 0.0051

0.0000 0.0009 0.0000 0.0009

0.0000 0.0009 0.0000 0.0009

0.0000 0.0009 0.0000 0.0009

0.0000 0.0009 0.0000 0.0009

0.0000 0.0009 0.0000 0.0009

0.0000 0.0009 0.0000 0.0009

0.0000 0.0009 0.0000 0.0009

0.0000 0.0009 0.0000 0.0009

0.0000 0.0009 0.0000 0.0009

0.0000 0.0009 0.0000 0.0009

0.0000 0.0009 0.0000 0.0009

0.0000 0.0009 0.0000 0.0009

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.0160 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0138

0.0160 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0138

0.0160 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0138

0.0160 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0138

0.0160 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0138

0.0160 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0138

0.9835

0.9835

0.9835

0.9835

0.9835

0.9835

0.0040 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0040 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0040 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0040 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0040 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0040 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0040

0.0040

0.0040

0.0040

0.0040

0.0040

0.0000 0.0035 0.0035

0.0000 0.0035 0.0035

0.0000 0.0035 0.0035

0.0000 0.0035 0.0035

0.0000 0.0035 0.0035

0.0000 0.0035 0.0035

Detailed information 10 Foreign income on which Austria is entitled/exercises the right of taxation a) Dividends b) Interest that is subject to withholding tax c) Distributions from foreign funds that are subject to withholding tax 11 Taxes paid abroad to avoid double taxation: a) Deductible from tax payable (including matching credit, see point 18. a) for details) from equities (dividends) from bonds (interest) from foreign funds total b) rückerstattbar (Detail siehe Punkt 18. b)) from equities (dividends) from bonds (interest) from foreign funds total

6)

7) 8) 9) 10)

10) 11)

c) Neither deductible nor refundable (see point 18 c) for details) 12 Income from investments in accordance with section 10(1)/13(2) of the Austrian Corporation Tax Act (KStG) a) Austrian dividends b) Foreign dividends

12)

13 Income that is subject Austrian capital gains tax a) Interest with the exception of income under the double taxation treaty b) In accordance with tax-free interest under the double taxation treaty c) Foreign dividends d) Distributions from foreign subfunds e) Ordinary income from foreign subfunds equivalent to distributions f) Income from property funds g) Taxable revaluation gains from property funds (80%) h) Extraordinary income from foreign subfunds equivalent to distributions i) Capital gains (50%)

13) 14) 15) 14) 14) 15) 14) 15) 14) 15) 14) 15) 14) 15) 14) 15)

14 Austrian capital gains tax I (on Austrian dividends) 15 Austrian capital gains tax II on: a) Interest with the exception of income under the double taxation treaty b) In accordance with tax-free interest under the double taxation treaty c) Foreign dividends d) Distributions from foreign subfunds e) Ordinary income from foreign subfunds equivalent to distributions f) Income from property funds g) Taxable revaluation gains from property funds (80%)

13) 2)

Austrian capital gains tax II (total) 16 Austrian capital gains tax III (on capital gains) a) Extraordinary income from foreign subfunds equivalent to distributions b) Capital gains Austrian capital gains tax III (total)

4)

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

17 Austrian capital gains tax II and III (total)

0.0100

0.0100

0.0100

0.0100

0.0100

0.0100

0.0009 0.0009

0.0009 0.0009

0.0009 0.0009

0.0009 0.0009

0.0009 0.0009

0.0009 0.0009

0.0009 0.0009

0.0009 0.0009

0.0009 0.0009

0.0009 0.0009

0.0009 0.0009

0.0009 0.0009

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

18 a) Deductible foreign taxes to point 11. a) from Italian bonds Total from bonds b) Refundable foreign taxes to point 11. b) from Italian bonds Total from bonds 19 Statement of possible EU withholding tax (only relevant for persons who do not have an unlimited tax liability)

1) EUR 0.00 per unit was neutralised by a cost surplus 2) Under section 240 (3) BAO (Bundesabgabenordnung, Austrian Fiscal Code), private investors can request a reimbursement from their tax office of investment income tax retained assessment. For business investors, tax exemption and the related offsetting of investment income tax on income tax/occurs through assessment of income tax (ESt) or corporation tax (KSt) owed. 3) Legal entities and private foundations are exempt from the corporation tax under section 10 (1) 5 and 6 KStG as amended by the AÄG (Abgabenänderungsgesetz, tax code amendment act) 2011 with respect to profit shares from participating interests in EU corporations (exception: Bulgaria, Ireland, Cyprus), from Norway and from participating interests in foreign entities comparable to domestic entities under section 7 (3) and for which comprehensive administrative assistance has been agreed with the respective countries of domicile. 4) Investment income tax retained on capital gains on business assets of natural persons is offsettable against income tax. 5) In private foundations, this amount less the foreign dividends reported under point 10 a is subject to interim taxation 6) Are taxable in private foundations (at the full rate) because the requirements for tax exemption under Section 10 KStG are not fulfilled 7) The fictitious attributable notional withholding tax (matching credit) under DTAs can only be claimed by offsetting against tax owed 8) Generally not relevant for private and business investors/natural persons, as foreign dividends are subject to deduction of investment income tax at source. In individual cases (direct claims under DTAs), these amounts can be offset in the course of income tax assessment and investment income tax can be refunded. 9) The offset amount may not exceed the Austrian income tax/corporation tax that applies proportionally to the investment income in question; sources of income other than this fund are also to be taken into consideration. 10) Retained tax is only offsettable/refundable for unit holders in possession of the certificates on the reporting date 11) The relevant DTAs permit reimbursements of the withholding tax retained in the respective source country to be requested if it cannot be offset. Reimbursement requests have to be submitted by the unit holder in question. The necessary forms are available on the homepage of the Federal Ministry of Finance (https://www.bmf.gv.at). 12) For private and business investors/natural persons, participation income is subject to deduction of KESt I and KESt II at source and therefore no longer subject to further taxation. In individual cases (when the income tax is less than the investment income tax), the amounts can be taxed through the income tax assessment and investment income tax can be (partially) offset/refunded. 13) Not applicable to business investors with an investment income tax exemption statement under section 94 no. 5 EStG (Einkommensteuergesetz, Income Tax Act) 1988. If no such exemption is held, the investment income tax, insofar as it does not result in final taxation, can be offset against the income tax/corporation tax. 14) For private investors, income is taxed at source with the deduction of KESt I and KESt II. For business investors/natural persons, final taxation is only effected for the investment income subject to KESt II. In individual cases (when the income tax is less than the investment income tax), the amounts can be taxed through the(partially) income tax assessment and investment income tax can be offset or refunded. 15) For private foundations, these amounts are subject to interim taxation (including optional portion of interest income on which the foundation cannot opt for deduction of investment income tax due to insufficient legal grounds). 16) For taxpayers required to draw up financial statements, an appropriate write-down on the carrying amount is to be recognised. 17) For business investors, there are additional non-utilised losses carried forward in an amount of EUR 0.00/unit. These may be netted within the context of the tax assessment or can be carried forward (§ 198 (2) (1) Investment Funds Act).

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

Tax treatment per reinvesting unit of

HYPO CORPORATE BOND FUND

All figures relate to the units in circulation on the balance sheet date and to domestic investors who are subject to unlimited tax liability. Investors whose registered office, domicile or habitual place of residence is outside Austria must observe the relevant national legislation or information about EU withholding tax in the particular Accounting year:

1.4.2013 31.3.2014

Payment

15.5.2014

ISIN:

Private investors

with option EUR

AT0000701198

1 Ordinary fund income

without option EUR

Corporate investors Natural persons (including general) with without option option EUR EUR

Legal entities

EUR

Privatefoundations within the scope of income from capital assets EUR

0.3761

0.3761

0.3761

0.3761

0.3761

0.3761

0.0106 0.0000 0.0000 0.0951 0.0000

0.0106 0.0000 0.0000 0.0951 0.0000

0.0106 0.0000 0.0000 0.1902 0.0000

0.0106 0.0000 0.0000 0.1902 0.0000

0.0106 0.0000 0.0000 0.1902 0.0000

0.0106 0.0000 0.0000 0.0951 0.0000

0.4818

0.4818

0.5769

0.5769

0.5769

0.4818

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

5 Remaining income

0.4818

0.4818

0.5769

0.5769

0.5769

0.4818

6 Of which already taxed at source

0.4818

0.4818

0.3867

0.3867

0.0000

0.0000

0.0000

0.0000

0.1902

0.1902

0.5769

0.4818

2 Plus: a) Domestic and foreign withholding tax retained b) Taxable ordinary distribution-equivalent income from foreign subfunds c) Taxable extraordinary distribution-equivalent income from foreign subfunds after Loss offsetting d) Taxable capital gains (50%) after loss offsetting e) Taxable appreciation gains from real estate funds (80%)

1)

3 Income 4 Less: a) Refunded foreign withholding tax from previous years b) Tax-free income from interest and real estate funds under DBAs c) Tax-free dividends under DTAs d) Tax-free under section 10 (1) 1 to 4 KStG (domestic dividends) e) Tax-free under section 10 (1) 5 and 6 / section 13 (2) KStG (foreign dividends) f) Tax-neutral income equalisation on dividends g) Income already taxed in earlier years h) Loss offsetting (after balancing of extraordinary result)

7 Taxable income

2)

3)

4) 5)

Of which subject to interim taxation

0.4818

8 Net asset value at end of financial year

14.23

14.23

14.23

14.23

14.23

14.23

0.0000 0.0396 0.0000 0.0396

0.0000 0.0396 0.0000 0.0396

0.0000 0.0396 0.0000 0.0396

0.0000 0.0396 0.0000 0.0396

0.0000 0.0396 0.0000 0.0396

0.0000 0.0396 0.0000 0.0396

0.0000 0.0053 0.0000 0.0053

0.0000 0.0053 0.0000 0.0053

0.0000 0.0053 0.0000 0.0053

0.0000 0.0053 0.0000 0.0053

0.0000 0.0053 0.0000 0.0053

0.0000 0.0053 0.0000 0.0053

0.0000 0.0053 0.0000 0.0053

0.0000 0.0053 0.0000 0.0053

0.0000 0.0053 0.0000 0.0053

0.0000 0.0053 0.0000 0.0053

0.0000 0.0053 0.0000 0.0053

0.0000 0.0053 0.0000 0.0053

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.0000 0.0000 0.0000

0.3867 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0951

0.3867 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0951

0.3867 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0951

0.3867 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0951

0.3867 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0951

0.3867 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0951

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0967 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0967 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0967 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0967 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0967 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0967 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000

0.0967

0.0967

0.0967

0.0967

0.0967

0.0967

Detailed information 10 Foreign income taxable/declarable under Austrian tax law a) Dividends b) Interest subject to deduction of withholding tax c) Income distributions from foreign investment funds subject to withholding tax 11 To avoid double taxation, the following applies to taxes paid abroad: a) offsettable (including matching credit, for details see point 18a) from shares (dividends) from bonds (interest) from foreign investment funds total b) refundable (for details see point 18b) from shares (dividends) from bonds (interest) from foreign investment funds total

6)

7) 8) 9) 10)

10) 11)

c) Neither deductible nor refundable (see point 18 c) for details) 12 Participation income under section 37 (4) EStG/section 10 (1) KStG/section 13 (2) KStG a) Domestic dividends b) Foreign dividends

12)

13 Income subject to domestic investment income tax deduction a) Interest, excluding DTAs income b) Tax-free interest under DTAs c) Foreign dividends d) Income distributions of foreign subfunds e) Ordinary distribution-equivalent income from foreign subfunds f) Income from real estate funds g) Appreciation gains from real estate funds (80%) h) Extraordinary distribution-equivalent income from foreign subfunds i) Capital gains (20%)

13) 14) 15) 14) 14) 15) 14) 15) 14) 15) 14) 15) 14) 15) 14) 15)

14 Austrian KEST I (Kapitalertragssteuer, capital gains tax) (on domestic dividends) 15 Austrian KEST II on: a) Interest, excluding DTAs income b) Tax-free interest under DTAs c) Foreign dividends d) Income distributions of foreign subfunds e) Ordinary distribution-equivalent income from foreign subfunds f) Income from real estate funds g) Appreciation gains from real estate funds (80%) Austrian KEST II (total)

13) 2)

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

16 Austrian KEST III (on capital gains) a) Extraordinary distribution-equivalent income from foreign subfunds b) Capital gains Austrian KEST III (total) 17 Austrian KEST II and III (total)

4) 0.0000 0.0238 0.0238

0.0000 0.0238 0.0238

0.0000 0.0238 0.0238

0.0000 0.0238 0.0238

0.0000 0.0238 0.0238

0.0000 0.0238 0.0238

0.1200

0.1200

0.1200

0.1200

0.1200

0.1200

0.0053 0.0053

0.0053 0.0053

0.0053 0.0053

0.0053 0.0053

0.0053 0.0053

0.0053 0.0053

0.0053 0.0053

0.0053 0.0053

0.0053 0.0053

0.0053 0.0053

0.0053 0.0053

0.0053 0.0053

0.1300

0.1300

0.1300

0.1300

0.1300

0.1300

18 a) Deductible foreign taxes to point 11. a) from Italian bonds Total from bonds b) Refundable foreign taxes to point 11. b) from Italian bonds Total from bonds 19 Indicate any EU withholding tax retained (only relevant for taxpayers without unlimited tax liability) 1) 2)

3)

4) 5) 6) 7) 8) 9) 10) 11)

12)

13) 14)

15) 16) 17)

EUR 0.00 per unit was neutralised by a cost surplus Under section 240 (3) BAO (Bundesabgabenordnung, Austrian Fiscal Code), private investors can request a reimbursement from their tax office of investment income tax retained assessment. For business investors, tax exemption and the related offsetting of investment income tax on income tax/occurs through assessment of income tax (ESt) or corporation tax (KSt) owed. Legal entities and private foundations are exempt from the corporation tax under section 10 (1) 5 and 6 KStG as amended by the AÄG (Abgabenänderungsgesetz, tax code amendment act) 2011 with respect to profit shares from participating interests in EU corporations (exception: Bulgaria, Ireland, Cyprus), from Norway and from participating interests in foreign entities comparable to domestic entities under section 7 (3) and for which comprehensive administrative assistance has been agreed with the respective countries of domicile. Investment income tax retained on capital gains on business assets of natural persons is offsettable against income tax. In private foundations, this amount less the foreign dividends reported under point 10 a is subject to interim taxation Are taxable in private foundations (at the full rate) because the requirements for tax exemption under Section 10 KStG are not fulfilled The fictitious attributable notional withholding tax (matching credit) under DTAs can only be claimed by offsetting against tax owed Generally not relevant for private and business investors/natural persons, as foreign dividends are subject to deduction of investment income tax at source. In individual cases (direct claims under DTAs), these amounts can be offset in the course of income tax assessment and investment income tax can be refunded. The offset amount may not exceed the Austrian income tax/corporation tax that applies proportionally to the investment income in question; sources of income other than this fund are also to be taken into consideration. Retained tax is only offsettable/refundable for unit holders in possession of the certificates on the reporting date The relevant DTAs permit reimbursements of the withholding tax retained in the respective source country to be requested if it cannot be offset. Reimbursement requests have to be submitted by the unit holder in question. The necessary forms are available on the homepage of the Federal Ministry of Finance (https://www.bmf.gv.at). For private and business investors/natural persons, participation income is subject to deduction of KESt I and KESt II at source and therefore no longer subject to further taxation. In individual cases (when the income tax is less than the investment income tax), the amounts can be taxed through the income tax assessment and investment income tax can be (partially) offset/refunded. Not applicable to business investors with an investment income tax exemption statement under section 94 no. 5 EStG (Einkommensteuergesetz, Income Tax Act) 1988. If no such exemption is held, the investment income tax, insofar as it does not result in final taxation, can be offset against the income tax/corporation tax. For private investors, income is taxed at source with the deduction of KESt I and KESt II. For business investors/natural persons, final taxation is only effected for the investment income subject to KESt II. In individual cases (when the income tax is less than the investment income tax), the amounts can be taxed through the(partially) income tax assessment and investment income tax can be offset or refunded. For private foundations, these amounts are subject to interim taxation (including optional portion of interest income on which the foundation cannot opt for deduction of investment income tax due to insufficient legal grounds). For taxpayers required to draw up financial statements, an appropriate write-down on the carrying amount is to be recognised. For business investors, there are additional non-utilised losses carried forward in an amount of EUR 0.00/unit. These may be netted within the context of the tax assessment or can be carried forward (§ 198 (2) (1) Investment Funds Act).

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı Tel.: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 I EU VAT: ATU 56163724

TERMS AND CONDITIONS valid from 04.03.2014

for

HYPO CORPORATE BOND FUND Mutual Fund as per InvFG 2011 HYPO CORPORATE BOND FUND - Income: ISIN AT0000701180 HYPO CORPORATE BOND FUND - Accumulation: ISIN AT0000701198 HYPO CORPORATE BOND FUND (IT) - Income: ISIN AT0000A13ZZ2

of

MASTERINVEST Kapitalanlage GmbH Landstrasser Hauptstrasse 1, Top 27 1030 Vienna

The Terms and Conditions for the investment fund HYPO CORPORATE BOND FUND, a mutual fund pursuant to the Austrian Investment Funds Act (InvFG) 2011, as amended, were approved by the Austrian Financial Market Authority (FMA). The investment fund is a Directive-compliant fund and shall be managed by MASTERINVEST Kapitalanlage GmbH (hereinafter referred to as "Asset Management Company") with headquarters in Vienna.

ARTICLE 1

CO-OWNERSHIP UNITS

The co-ownership units shall be incorporated in certificates of ownership (unit certificates), which have the legal nature of securities. The unit certificates shall be issued as bearer certificates. The unit certificates shall be issued in the form of global certificates for each unit class. Separate certificates shall therefore not be issued.

ARTICLE 2

CUSTODIAN BANK

The Custodian Bank appointed for the investment fund is Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft, Bregenz. The paying agent for unit certificates shall be the Custodian Bank or any other paying agent specified in the prospectus.

ARTICLE 3

INVESTMENT INSTRUMENTS AND PRINCIPLES

The following assets may be selected for the investment fund pursuant to InvFG. The investment fund shall invest at least 51% of fund assets in euro-denominated global investment-grade corporate bonds from any sector in the form of directly acquired individual securities, that is, assets shall not be acquired indirectly or directly through an investment fund or through a derivative. In addition, government bonds issued worldwide or other bonds as well as investments in foreign currencies may be acquired. The share of securities denominated in euros may be 100% of fund assets. The following investment instruments shall be acquired for the fund in compliance with the investment focus set out above.

Securities Securities (including securities with embedded derivative instruments) may be acquired to the extent permitted by law.

Money market instruments Money market instruments may account for up to 49% of fund assets.

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı T: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 ı UID: ATU 56163724 2

Securities and money market instruments The acquisition of non-fully-paid-up securities or money market instruments and of subscription rights to such instruments or of other non-fully-paid-up financial instruments is permitted for up to 10% of fund assets. Securities and money market instruments may be acquired provided they comply with the criteria with regard to listing or trading on a regulated market or securities exchange pursuant to InvFG.

Securities and money market instruments which do not comply with the criteria specified in the above paragraph may account for a total of up to 10% of fund assets.

Units in investment funds Units in investment funds (UCITS, UCI) may each account for up to 10% of fund assets and in total up to 10% of fund assets, provided that these funds (UCITS, UCI) in turn do not invest more than 10% of their respective fund assets in units of other investment funds. Units in UCIs may account for a total of up to 10% of fund assets.

Derivative instruments Derivative instruments may be used as part of the investment strategy and account for up to 49% of fund assets, and may also be used for hedging.

Risk measurement method(s) used by the investment fund: The investment fund uses the following risk measurement methods: Commitment approach The commitment value is calculated pursuant to Section 3 of the 4th FMA Regulation on Risk Calculation and Reporting of Derivative Instruments, as amended. The total risk of derivative instruments not used for hedging purposes may not exceed 90% of the total net value of fund assets. Details and explanations can be found in the prospectus.

Sight or notice deposits Sight and notice deposits with a maximum term of 12 months may account for up to 49% of fund assets. No minimum bank deposit shall apply. Adjustments to fund portfolios and/or the reasonable expectation that the value of securities will fall can mean that the share of securities falls below the target values and that the investment fund has a higher share of sight or notice deposits with a maximum term of 12 months. Temporary loans The Asset Management Company may take out temporary loans on behalf of the investment fund provided these do not exceed 10% of fund assets.

Repurchase agreements Not applicable. HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı T: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 ı UID: ATU 56163724 3

Securities lending Not applicable.

The purchase of investment instruments is permitted only in respect of the entire investment fund and not merely for one single unit class or group of unit classes. However, this shall not apply to currency hedges. These may be concluded for the exclusive benefit of one single unit class. Expenses and income generated from the currency hedge shall be allocated exclusively to the corresponding unit class.

Further details on Article 3 can be found in the prospectus.

ARTICLE 4

ISSUANCE AND REDEMPTION PRICE

The unit value shall be calculated in euros. The unit value shall be calculated simultaneously with the issue and redemption price.

Issuance and subscription fee The calculation of the issue price and the issuance shall be made on an Austrian bank working day. The issue price is comprised of the unit price plus a subscription fee per unit in the amount of -

up to 3.50% for HYPO CORPORATE BOND FUND (A) and HYPO CORPORATE BOND FUND (T) or up to 1.00% for HYPO CORPORATE BOND FUND (IT) (A)

to cover the issuance costs incurred by the Asset Management Company, rounded to the nearest cent in accordance with standard commercial practice. The issuance of units shall not be limited as a matter of principle, but the Asset Management Company reserves the right to suspend, temporarily or permanently, the issue of unit certificates. The Asset Management Company has the sole discretion to decide whether to apply a graduated scale for the issuance subscription fee.

Redemption and redemption fee The calculation of the redemption price and the redemption shall be made on an Austrian bank working day. The redemption price shall be determined in line with the unit value. No redemption fee shall apply. At the request of a unit holder, his unit shall be redeemed at the respective redemption price against surrender of the unit certificate. The Asset Management Company reserves the right to suspend redemption and payment.

ARTICLE 5

FINANCIAL YEAR

The accounting year of the investment fund shall run from 1 April to 31 March.

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı T: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 ı UID: ATU 56163724 4

ARTICLE 6

UNIT CLASSES AND APPROPRIATION OF INCOME

Income units and accumulation units with capital gains tax deduction may be issued for the investment fund. Various classes of unit certificate can be issued for this investment fund. The establishment of unit classes and the issuance of units of a particular unit class shall be at the discretion of the Asset Management Company. Further details can be found in the prospectus. Appropriation of earnings from income units (distribution) Once costs have been covered, the income earned during the accounting year (interest and dividends) can be distributed at the discretion of the Asset Management Company. Taking account of the interest of unit holders, distribution may not occur. The distribution of income derived from the sale of assets in the investment fund, including subscription rights, is also at the discretion of the Asset Management Company. A distribution from the fund assets and interim distributions are permitted. Fund assets may under no circumstances fall below the minimum specified by law for termination. The sums must be paid to the holders of income unit certificates from 15 May of the following accounting year, and any remaining income shall be carried forward to new account. In any case, starting 15 May the amount calculated pursuant to InvFG must be paid out that is to be used, if applicable, to cover the capital gains tax due on the distribution-equivalent income of the unit certificate.

Appropriation of income for accumulation units with capital gains tax deduction (accumulation) The income accrued over the accounting year after costs shall not be distributed. In the case of accumulation units, starting 15 May the amount calculated pursuant to InvFG must be paid out that is to be used, if applicable, to cover the capital gains tax due on the distribution-equivalent income of the unit certificate.

ARTICLE 7

MANAGEMENT FEE, REIMBURSEMENT OF EXPENSES, PROCESSING FEE

The Asset Management Company shall receive an annual fee in respect of its asset management activities -

up to 0.75% of fund assets for HYPO CORPORATE BOND FUND (A) and HYPO CORPORATE BOND FUND (T) or

-

up to 1.50% of fund assets for HYPO CORPORATE BOND FUND (IT) (A)

calculated on the basis of month-end values. The Asset Management Company has the sole discretion to decide whether to apply a graduated scale for the asset management fee.The Asset Management Company shall be entitled to reimbursement for all expenses arising to it through the course of its asset management. The costs for the introduction of new unit classes for existing funds shall be charged on unit prices for the new unit classes. On liquidation of the investment fund, the Custodian Bank shall receive a fee of 0.50% of fund assets. Further details can be found in the prospectus.

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı T: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 ı UID: ATU 56163724 5

APPENDIX List of the stock exchanges with official trading and of organised markets

1. Stock exchanges with official trading and organised markets in the Member States of the EEA In accordance with article 16 of Directive 93/22/EEC (Investment Services Directive), each Member State must maintain a list of the markets it has authorised. This list should be forwarded to the other Member States and the Commission. Under this regulation, the Commission is obliged to publish once a year a list of the regulated markets notified to it. Due to reduced entry barriers and the trading segments' specialisation, the list of the regulated markets is subject to large-scale changes. The Commission will therefore, along with the annual publication of the list in the Official Journal of the European Union, make an updated version of the list available on its official website.

1.1 The up-to-date official list of regulated markets is available on http://mifiddatabase.esma.europa.eu/Index.aspx?sectionlinks_id=23&language=0&pageName=REGULA 1 TED_MARKETS_Display&subsection_id=0 1.2 The following stock exchanges are to be incorporated into the list of regulated markets: 1.2.1.

Luxembourg

Euro MTF Luxembourg

1.3. Pursuant to section 67 para 2 item 2 InvFA recognised markets in the EU: 1.3.1

United Kingdom

London Stock Exchange Alternative Investment Market (AIM)

2. Stock exchanges in European countries which are not members of the EEA: 2.1. 2.2. 2.3. 2.4.

Bosnia Herzegovina: Croatia: Montenegro: Russia:

Sarajevo, Banja Luka Zagreb Stock Exchange Podgorica Moscow (RTS Stock Exchange); Moscow Interbank Currency Exchange (MICEX) SWX Swiss-Exchange Belgrade Istanbul (only "National Market" stock market)

2.5. 2.6. 2.7.

Switzerland: Serbia: Turkey:

3.

Stock exchanges in non-European countries:

3.1. 3.2. 3.3. 3.4. 3.5. 3.6. 3.7. 3.8. 3.9. 3.10.

Australia: Argentina: Brazil: Chile: China: Hong Kong: India: Indonesia: Israel: Japan:

Sydney, Hobart, Melbourne, Perth Buenos Aires Rio de Janeiro, Sao Paulo Santiago Shanghai Stock Exchange, Shenzhen Stock Exchange Hong Kong Stock Exchange Mumbai Jakarta Tel Aviv Tokyo, Osaka, Nagoya, Kyoto, Fukuoka, Niigata, Sapporo, Hiroshima

1

Open the list on the button "view all". The link may be changed by the Austrian Financial Market Authority and European Sales & Marketing Association. [You can find the following link in its current form on the FMA homepage:

http://www.fma.gv.at/de/unternehmen/boerse-wertpapierhandel/boerse.html - scroll to - Link “Liste der geregelten Märkte (MiFID Database; ESMA)“ – “view all“]. HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı T: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 ı UID: ATU 56163724 6

3.11. 3.12. 3.13. 3.14. 3.15. 3.16. 3.17. 3.18. 3.19. 3.20. 3.21. 3.22. 3.23.

Canada: Columbia Korea: Malaysia: Mexico: New Zealand: Peru Philippines: Singapore: South Africa: Taiwan: Thailand: USA:

3.24. 3.25.

Venezuela: United Arab Emirates:

Toronto, Vancouver, Montreal Bolsa de Valores de Colombia Korea Exchange (Seoul, Busan) Kuala Lumpur, Bursa Malaysia Berhad Mexico City Wellington, Christchurch/Invercargill, Auckland Bolsa de Valores de Lima Manila Singapore Stock Exchange Johannesburg Taipei Bangkok 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 Caracas Abu Dhabi Securities Exchange (ADX)

4. Organised markets in countries outside the European Community: 4.1. 4.2. 4.3. 4.4.

Japan: Canada: Korea: Switzerland:

Over the Counter Market Over the Counter Market Over the Counter Market SWX-Swiss Exchange, BX Berne eXchange; Over the Counter Market members of the International Capital Market Association (ICMA), Zurich4.5. USA: Over the Counter Market in the NASDAQSystem, Over the Counter Market (markets organised by NASD such as 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 dealing in futures and options markets: 5.1. 5.2.

Argentina: Australia:

5.3.

Brazil:

5.4. 5.5.

Hong Kong: Japan:

5.6. 5.7. 5.8. 5.9. 5.10. 5.11. 5.12. 5.13.

Canada: Korea: Mexico: New Zealand: Philippines: Singapore: Slovakia: South Africa:

5.14. 5.15. 5.16.

Switzerland: Turkey: USA:

Bolsa de Comercio de Buenos Aires Australian Options Market, Australian Securities Exchange (ASX) Bolsa Brasiliera de Futuros, Bolsa de Mercadorias & Futuros, Rio de Janeiro Stock Exchange, Sao Paulo Stock Exchange Hong Kong Futures Exchange Ltd. Osaka Securities Exchange, Tokyo International Financial Futures Exchange, Tokyo Stock Exchange Montreal Exchange, Toronto Futures Exchange Korea Exchange (KRX) Mercado Mexicano de Derivados New Zealand Futures & Options Exchange Manila International Futures Exchange The Singapore Exchange Limited (SGX) RM-System Slovakia Johannesburg Stock Exchange (JSE), South African Futures Exchange (SAFEX) EUREX TurkDEX American Stock Exchange, Chicago Board Options Exchange, Chicago, Board of Trade, Chicago Mercantile Exchange, Comex, FINEX, Mid America Commodity Exchange, ICE Future US Inc. New York,Pacific Stock Exchange, Philadelphia Stock Exchange, New York Stock Exchange, Boston Options Exchange (BOX)

HYPO CORPORATE BOND FUND MASTERINVEST Kapitalanlage GmbH ı Landstrasser Hauptstrasse 1, Top 27 ı 1030 Vienna ı T: +43 1 533 76 68-0 [email protected] ı www.masterinvest.at ı FN 80746w ı Vienna Commercial Court ı DVR: 0899291 ı UID: ATU 56163724 7