SEMIANNUAL REPORT from 1 April 2016 to 30 September 2016

for the

HYPO Rendite Plus Mutual Fund as per InvFG 2011 Distribution fund: ISIN AT0000A0JP56 Distribution fund (IT): ISIN AT0000A14008 Reinvesting fund: ISIN AT0000633078 Full Reinvesting fund: ISIN AT0000633086

of

MASTERINVEST Kapitalanlage GmbH Landstraßer Hauptstraße 1, Top 27 1030 Vienna

SEMIANNUAL REPORT ON THE 14TH FISCAL YEAR FROM 1 APRIL 2016 TO 30 SEPTEMBER 2016 Hypo Rendite Plus Mutual Fund as per InvFG 2011 Distribution fund: ISIN AT0000A0JP56 Distribution fund (IT): ISIN AT0000A14008 Reinvesting fund: ISIN AT0000633078 Full Reinvesting fund: ISIN AT0000633086

Manager

MASTERINVEST Kapitalanlage GmbH, Landstraßer Hauptstraße 1, Top 27, A-1030 Wien

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

DEAR UNIT HOLDER, HYPO Rendite Plus, Mutual Fund as per InvFG 2011 (hereinafter referred to as HYPO Rendite Plus), completed the first half-year of its 14th fiscal year on September, 30st 2016. The fund’s assets at the start of the fiscal year amounted to EUR 26,896,614.30 and totalled EUR 26,483,353.55 by the end of the first half-year. The units in circulation and the calculated value have changed as: Start of fiscal year units in circulation Distribution fund

End of first half-year

calculated value

units in circulation

calculated value

412,574

12.86

387,124

13.08

5,050

10.21

5,550

10.41

Reinvesting fund

984,557

13.28

966,157

13.70

Full Reinvesting fund

575,938

14.70

531,688

15.28

Distribution fund (IT)

At the end of September 2016, the change compared to the beginning of April 2016 for the fiscal half-year (taking capital gains tax payment from April 17th, 2016 into account) totalled 3.94 % per distribution share, 3.66 % per distribution share (IT), 3.95 % per Reinvesting share and 3.95 % per Full Reinvesting share.

HYPO Rendite Plus MASTERINVEST Kapitalanlage GmbH ı Landstraßer Hauptstraße 1, Top 27 ı 1030 Wien 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

COMMENTS OF THE FUND MANAGER Capital market performance April, however, saw the trend of falling yields reverse as euro sovereigns came under pressure, which pushed up yields. Somewhat better economic indicators and rising commodity prices had a negative effect in particular. Conversely, corporate bonds were in comparatively high demand. On 21 April the ECB announced that in future it would also be purchasing certain corporate bonds in addition to sovereigns. Capital market yields in the eurozone fell sharply during the month of May, particularly at the beginning of the month. This was primarily in response to the European Commission reducing its growth forecasts for the eurozone to 1.6 % for 2016 and 1.8 % for 2017. Developments on the capital markets in June were dominated by the vote by the British on the 23rd on whether to remain in or leave the European Union. Contrary to the expectations of most market participants, a majority – around 52 % – of British people voted to withdraw from the EU. Following the announcement of the result there was a sell-off on stock markets, while bonds seen as safe saw a massive increase in demand. Capital market yields dropped sharply as a result. In July, German sovereign yields rose significantly in the middle of the month, while sovereign yield premiums in the peripheral eurozone countries narrowed as sharply as those of most corporate bonds. September was marked by a high variability in market yields. After a significant increase in yields at the beginning of the month, the narrative in the following weeks was once again of falling yields and rising bond prices. Most market participants expected base rates in the US to remain low in response to the country’s weak economic data. Headwinds were, however, experienced by sovereigns in countries in the euro periphery.

Fund policy HYPO Rendite Plus is designed to be a solid Euro basic investment for the medium term. Bonds in the foreign currencies DKK, SEK, NOK, CHF and GBP can also be added to the mix. Alongside government bonds and European Pfandbriefe, selected financial assets and also a small allocation of corporate debt with good ratings (investment grade) also feature in the fund's investment universe. The duration of the fund moves according to market estimates within a range of 2 to 6 years. The asset allocation as at end September 2016 comprised: Around 60 % of the fund volume is in the financial sector (particularly banking and insurance bonds), with around 13 % in government bonds. The remainder was distributed among corporate bonds from the utilities, telecommunications, consumer, commodities and industrial goods sectors. The largest weighting of any country was made up of bonds from France, the Netherlands, the United Kingdom and Austria. Foreign-currency bonds served as a source of income and a diversifier. The largest weighting in the fund was given to the Norwegian krone at 5.5 %, and Swedish krone was also weighted significantly at 2.3 %. Investment was almost exclusively in fixed-interest securities, although bonds with variable coupons were also employed to a very limited extent.

Outlook The global economic outlook is solid and GDP growth is slightly improving. Even in most developing countries the economy is stabilising after some difficult years. Consumption in the eurozone continues to grow. The German Ifo index continued to climb in September after the slump following the Brexit vote, a sign that most companies are apparently expecting a "golden autumn". Because of the increase in energy prices, inflation in the eurozone also continued to rise, from 0.2 % in August to 0.4 % in September. As a consequence of the rising oil price the trend of increasing inflation is set to continue in the next few months; we expect a rise of up to 1-1.5 % by the beginning of 2017. This is still significantly below the European Central Bank's target rate of "below, but close to 2 %". Nevertheless, given the profusion of negative yields on the capital market, this situation is a critical factor in pushing up yields. We expect the Fed to hike interest rates again in December, whilst the ECB is set to discuss its first increase in interest rates at the end of 2017 at the earliest. All in all though, the coming months will be challenging for the capital markets and volatility may well turn out higher.

HYPO Rendite Plus MASTERINVEST Kapitalanlage GmbH ı Landstraßer Hauptstraße 1, Top 27 ı 1030 Wien 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

STATEMENT OF ASSETS AS AT 30 SEPTEMBER 2016, INCLUDING CHANGES IN SECURITIES HELD BETWEEN 1 APRIL 2016 AND 30 SEPTEMBER 2016 Description of type

ISIN

Shares/ units/ currency

Holding 30.09.2016

Purchases/ Sales/urrency additions disposals in the reporting period

Price

Market value in EUR

% of NAV

Securities traded on stock exchange

EUR

18,752,835.83

70.81

Interest-bearing securities

EUR

18,752,835.83

70.81

621,390.00 610,000.00 509,175.00 515,605.00 502,650.00 496,040.00 549,795.00 573,945.00 510,855.00 814,365.00 563,010.00 523,430.00 516,450.00 308,970.00 508,905.00 524,395.00 530,845.00 518,735.00 513,665.00 346,749.00 529,760.00 517,760.00 269,892.50 658,950.00 523,165.00 273,762.50 835,860.00 558,060.00 543,120.00 510,165.00 496,490.00 550,230.00 1,419,334.72

2.35 2.30 1.92 1.95 1.90 1.87 2.08 2.17 1.93 3.08 2.13 1.98 1.95 1.17 1.92 1.98 2.00 1.96 1.94 1.31 2.00 1.96 1.02 2.49 1.98 1.03 3.16 2.11 2.05 1.93 1.87 2.08 5.36

5,0000 % ABN AMRO Bank N.V. EO-Medium-Term Notes 2012(22) 10,0000 % ASR Nederland N.V. EO-FLR Securities2009(19/Und.) 3,8750 % AXA S.A. EO-FLR Med.-T. Nts 14(25/Und.) 1,8750 % Barclays PLC EO-Medium-Term Notes 2016(21) 0,0000 % Belgien, Königreich EO-FLR Nts 2013(18) Ser. 70 2,2500 % BNP Paribas S.A. EO-Medium-Term Notes 2016(27) 3,0000 % Bque Fédérative du Cr. Mutuel EO-Medium-Term Notes 2014(24) 2,3750 % Credit Agricole S.A. (Ldn Br.) EO-Medium-Term Notes 2014(24) 1,5000 % Eastern Creat.Inv.II.Hldg Ltd. EO-Medium-Term Notes 2015(19) 2,8750 % Elenia Finance Oyj EO-Medium-Term Notes 2013(20) 4,7500 % Engie S.A. EO-FLR Notes 2013(21/Und.) 2,6250 % G4S International Finance PLC EO-Medium-Term Notes 2012(18) 5,2500 % Glencore Finance (Canada) Ltd. EO-Medium-Term Notes 2007(17) 2,0000 % Lagardère S.C.A. EO-Obl. 2014(14/19) 2,8750 % Landesbank Baden-Württemberg Nachr.FLR-MTN R.746 14(21/26) 3,1250 % Lanschot Bankiers N.V., F. van EO-Medium-Term Notes 2013(18) 2,6250 % Leeds Building Society EO-Medium-Term Notes 2014(21) 1,1250 % Macquarie Bank Ltd. EO-Med.-Term Nts 2015(22) 2,0000 % mFinance France S.A. EO-Medium-Term Notes 2014(21) 3,8750 % Nasdaq Inc. EO-Notes 2013(13/21) 4,6250 % NN Group N.V. EO-FLR Bonds 2014(24/44) 1,2500 % RCI Banque EO-Med.-Term Notes 2015(15/22) 2,6250 % Sinopec Grp Over.Dev.2013 Ltd. EO-Bonds 2013(20) Reg.S 2,2500 % Société Foncière Lyonnaise SA EO-Obl. 2015(15/22) 3,1250 % Standard Chartered PLC EO-Medium-Term Notes 2014(24) 3,7500 % TDC A/S EO-Medium-Term Nts 2012(12/22) 5,5000 % The Royal Bank of Scotland NV EO-Notes 2009(19) 6,8750 % UNIQA Insurance Group AG EO-FLR Bonds 2013(23/43) 3,1250 % Vonovia Finance B.V. EO-Anl. 2013(13/19) 1,5000 % Vorarlberger Landes- u. Hypobk EO-Med.-Term Notes 2014(19) 1,0000 % Wells Fargo & Co. EO-Medium-Term Notes 2016(27) 6,7500 % Wendel S.A. EO-Bonds 2011(18) 2,0000 % Norwegen, Königreich NK-Anl. 2012(23)

NL0009980945 NL0009213545 XS1069439740 XS1385051112 BE0000330390 XS1470601656 XS1069549761 XS1069521083 XS1258496790 XS1005068587 FR0011531730 XS0862010625 XS0305188533 FR0012161362 XS1072249045 XS0940685091 XS1050840724 XS1169353338 XS1143974159 XS0942100388 XS1054522922 FR0012759744 XS0982303785 FR0013053030 XS1140857316 XS0752467497 NL0009054907 XS0808635436 DE000A1HNW52 XS1070100257 XS1463043973 FR0011036979 NO0010646813

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 NOK

MASTERINVEST Kapitalanlage GmbH ı Landstraßer Hauptstraße 1, Top 27 ı 1030 Wien 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

500 500 500 500 500 500 500 500 500 750 500 500 500 300 500 500 500 500 500 300 500 500 250 600 500 250 750 500 500 500 500 500 12,000

0 0 500 500 500 500 500 0 0 0 0 500 0 0 500 0 0 0 0 0 0 0 0 0 0 250 0 0 0 0 500 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,000

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

124.278 122.000 101.835 103.121 100.530 99.208 109.959 114.789 102.171 108.582 112.602 104.686 103.290 102.990 101.781 104.879 106.169 103.747 102.733 115.583 105.952 103.552 107.957 109.825 104.633 109.505 111.448 111.612 108.624 102.033 99.298 110.046 106.210

Description of type

ISIN

2,5000 % Schweden, Königreich SK-Loan 2014(25) Nr. 1058

SE0005676608

Shares/ units/ currency SEK

Holding 30.09.2016

4,000

Purchases/ Sales/urrency additions disposals in the reporting period 0

0

%

Price

Market value in EUR

% of NAV

122.091

507,312.11

1.92

Securities admitted to or included on organised markets

EUR

6,866,379.75

25.93

Interest-bearing securities

EUR

6,866,379.75

25.93

515,575.00 306,810.00 540,810.00 532,390.00 514,925.00 520,315.00 489,300.00 515,500.00 526,200.00 558,347.50 278,319.25 504,305.00 309,372.00 539,995.00 214,216.00

1.95 1.16 2.04 2.01 1.94 1.96 1.85 1.95 1.99 2.11 1.05 1.90 1.17 2.04 0.81

1,1250 % Achmea Bank N.V. EO-Medium-Term Notes 2015(22) 3,3750 % Best in Prkg - Konzernfin.GmbH EO-Anleihe 2016(23) 1,6250 % Chile, Republik EO-Bonds 2014(25) 1,7500 % Emirates Telecommunic. Grp Co. EO-Medium-Term Notes 2014(21) 1,5000 % Grand City Properties S.A. EO-Bonds 2015(15/25) 2,0000 % Harman Finance Intern. S.C.A. EO-Notes 2015(15/22) 5,2500 % Irish Life Assurance PLC EO-FLR Notes 2007(17/Und.) 2,3750 % Jefferies Group LLC EO-Medium-Term Notes 2014(20) 2,3750 % Metrovacesa S.A. EO-Med.-Term Nts 2016(16/22) 2,7500 % Mexiko EO-Med.-Term Nts 2013(13/23) A 2,7500 % Peru EO-Bonds 2015(26) 1,4350 % Talent Yield (Euro) Ltd. EO-Notes 2015(15/20) Reg.S 2,6250 % UniCredit Bank Austria AG EO-Medium-Term Notes 2013(18) 5,5000 % Vienna Insurance Group AG EO-FLR Med.-T. Nts 2013(23/43) 2,2500 % voestalpine AG EO-Medium-Term Notes 2014(21)

XS1222422856 AT0000A1HQ07 XS1151586945 XS1077882121 XS1220083551 XS1238991480 XS0285885009 XS1069522057 XS1416688890 XS0916766057 XS1315181708 XS1224976826 XS0881544281 AT0000A12GN0 AT0000A19S18

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

500 300 500 500 500 500 500 500 500 500 250 500 300 500 200

0 300 0 0 0 0 500 0 500 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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

103.115 102.270 108.162 106.478 102.985 104.063 97.860 103.100 105.240 111.670 111.328 100.861 103.124 107.999 107.108

Securities total

EUR

25,619,215.58

96.74

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

EUR

495,004.82

1.87

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

EUR

495,004.82

1.87

EUR

353,255.42

353,255.42

1.33

GBP NOK SEK

3,613.17 402,147.62 893,221.38

4,177.56 44,784.08 92,787.76

0.02 0.17 0.35

382,692.58

1.45

382,692.58

1.45

Balances in other EU/EWR currency

other assets Dividend claims

EUR EUR

MASTERINVEST Kapitalanlage GmbH ı Landstraßer Hauptstraße 1, Top 27 ı 1030 Wien 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

382,692.58

Description of type

ISIN

Shares/ units/ currency

Holding 30.09.2016

Other liabilities Interest liabilities Management fees Custodian bank fees Custody fee Administration fee

Purchases/ Sales/urrency additions disposals in the reporting period

Market value in EUR

% of NAV

-13,559.43

-0.05

-167.22 -11,072.56 -386.60 -220.92 -1,712.13

0.00 -0.04 0.00 0.00 -0.01

EUR

26,483,353.55

100.00

EUR EUR STK

13.70 14.11 966,157

EUR EUR STK

15.28 15.74 531,688

EUR EUR STK

13.08 13.47 387,124

EUR EUR STK

10.41 10.51 5,550

EUR EUR EUR EUR EUR EUR

Fund assets

-167.22 -11,072.56 -386.60 -220.92 -1,712.13

Price

HYPO Rendite Plus T Unit value Issue price Number of units HYPO Rendite Plus VT Unit value Issue price Number of units HYPO Rendite Plus A Unit value Issue price Number of units HYPO Rendite Plus (IT) A Unit value Issue price Number of units Securities in fund assets (in %) Derivatives in fund assets (in %) Minor rounding differences may occur based on the rounding of percentages in calculations. Repurchase agreements, securities lending and total return swaps must not be used for this fund.

MASTERINVEST Kapitalanlage GmbH ı Landstraßer Hauptstraße 1, Top 27 ı 1030 Wien 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

96.74 0.00

Description of type

ISIN

Shares/ units/ currency

Holding 30.09.2016

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) GBP NOK SEK

as of 30.09.2016 0.8649000 = 1 EUR (EUR) 8.9797000 = 1 EUR (EUR) 9.6265000 = 1 EUR (EUR)

The valuation of assets in low-liquidity markets may differ from their effective sale prices.

MASTERINVEST Kapitalanlage GmbH ı Landstraßer Hauptstraße 1, Top 27 ı 1030 Wien 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/ Sales/urrency additions disposals in the reporting period

Price

Market value in EUR

% of NAV

PURCHASES AND SALES OF SECURITIES DURING REPORTING PERIOD

THAT ARE NOT LISTED IN THE STATEMENT OF ASSETS Description of type

ISIN

Shares/ units/ currency

Purchases/ additions

Sales/ disposals

Securities traded on stock exchange Interest-bearing securities 2,1250 % Bca Monte dei Paschi di Siena EO-Mortg.Covered MTN 2015(25) 4,5500 % BPCE S.A. EO-Obl. 2008(18) 4,0000 % Österreich, Republik EO-Med.-T. Notes 2006(16) 144A 9,3750 % RSA Insurance Group PLC LS-FLR Nts 2009(19/39) 2,8750 % Rumänien EO-Med.-T. Nts 2016(28) Reg.S 2,1500 % Spanien EO-Obligaciones 2015(25) 7,7500 % Standard Chartered Bank LS-Medium-Term Notes 2008(18) 2,1250 % Wells Fargo & Co. LS-Medium-Term Notes 2015(22)

IT0005151854 FR0010576454 AT0000A011T9 XS0429467961 XS1420357318 ES00000127G9 XS0355789271 XS1221677476

EUR EUR EUR GBP EUR EUR GBP GBP

0 0 0 0 500 0 0 0

500 500 500 500 500 500 250 250

ES0211845260 XS1189263400 PTRELYOE0002 XS0953958641

EUR EUR EUR EUR

0 0 0 0

500 500 250 750

Securities admitted to or included on organised markets Interest-bearing securities 3,7500 % Abertis Infraestructuras S.A. EO-Obl. 2013(23) 1,1250 % Nordea Bank AB EO-Medium-Term Notes 2015(25) 6,2500 % REN-Redes Energ.Nacionais SGPS EO-Notes 2012(16) 3,7500 % SPP Infrastructure Fing B.V. EO-Notes 2013(20)

Vienna, November 2016 MASTERINVEST Kapitalanlage GmbH The Managing Directors

DI Andreas Müller

Dr. Hannes Leitgeb

MASTERINVEST Kapitalanlage GmbH ı Landstraßer Hauptstraße 1, Top 27 ı 1030 Wien 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