ESPA STOCK COMMODITIES - Hozam Plaza · strategy to account for the changed conditions and a generally lower price level. Portfolio ESPA STOCK COMMODITIES was ... Chevron, BASF, Schlumberger

ESPA STOCK COMMODITIESMutual fund pursuant to the InvFG

Annual Report 2016/17

Financial Year 2016/17

Contents

General Information about the Investment Firm ........................................................................................................ 2

Development of the Fund .............................................................................................................................................. 4

Method of Calculating Overall Risk ............................................................................................................................. 5

Asset Allocation ............................................................................................................................................................. 5

Comparative Overview (in EUR) .................................................................................................................................... 6

Dividend Disbursement/Payment ................................................................................................................................ 7

Income Statement and Changes in Fund Assets ....................................................................................................... 8

1. Value Development over the Financial Year (Fund Performance)........................................................................... 8

2. Fund Result ................................................................................................................................................................. 9

3. Changes in Fund Assets............................................................................................................................................. 10

Fund Portfolio as of 28 February 2017 ....................................................................................................................... 11

Auditor’s Opinion ........................................................................................................................................................... 22

Fund Terms and Conditions........................................................................................................................................... 25

Annex to the Fund Terms and Conditions ..................................................................................................................... 28

The Austrian Investment Fund Act (Investmentfondsgesetz [InvFG]) 2011 has been in effect since 1 September 2011. Some of the provisions and legal references in the annual report still refer to the InvFG 1993.

This also applies to the Fund Terms and Conditions, which were approved on the basis of the legal conditions valid at the time of authorisation.

ESPA STOCK COMMODITIES

2

General Information about the Investment FirmThe company ERSTE-SPARINVEST Kapitalanlagegesellschaft m. b. H. Am Belvedere 1, A-1100 Vienna Telephone: +43 05 0100-19881, Fax: +43 05 0100-17102

Nominal capital EUR 4.50 million

Shareholders Erste Asset Management GmbH (81.48%) DekaBank Deutsche Girozentrale (2.87%) „Die Kärntner“ Trust-Vermögensverwaltungsgesellschaft m.b.H. & Co KG (2.87 %) NÖ-Sparkassen Beteiligungsgesellschaft m. b. H. (1.31%) Salzburger Sparkasse Bank Aktiengesellschaft (2.87%) Sieben Tiroler Sparkassen Beteiligungsgesellschaft m. b. H. (2.87%) Steiermärkische Bank und Sparkassen Aktiengesellschaft (5.73%)

Supervisory Board Wolfgang TRAINDL, Mag. (Chairman) Gerhard FABISCH, Mag. Dr. (Deputy Chairman, First Deputy) (until 9 June 2016) Gabriele SEMMELROCK-WERZER (Deputy Chairwoman, First Deputy from 9 June 2016) Franz-Nikolaus HÖRMANN, Mag. (Deputy Chairman, Second Deputy) Matthias BAUER (from 13 October 2016) Klaus BRUGGER, DDr. (until 30 October 2016) Josef PRESCHITZ (from 13 October 2016) Franz PRUCKNER, Dr. MBA Birte QUITT, Dipl. BW. (FH) (until 9 February 2016) Rupert RIEDER, Mag. Thomas SCHAUFLER, Mag. (FH) (from 10 February 2016) Reinhard WALTL, Mag. Appointed by the Works Council: Martin CECH (from 23 December 2016) Regina HABERHAUER, Mag. (FH) Dieter KERSCHBAUM, Mag. (until 22 December 2016) Gerhard RAMBERGER, Mag. (until 22 December 2016) Heinrich Hubert REINER, Ing. (from 23 December 2016) Peter RIEDERER (from 23 December 2016) Herbert STEINDORFER (until 22 December 2016) Manfred ZOUREK, Mag. (from 23 December 2016)

Managing directors Heinz BEDNAR, Mag. Markus KALLER, Mag. (from 1 April 2016 to 31 January 2017) Günther MANDL Christian SCHÖN

Prokuristen (proxies) Magdalena ARNEZEDER, Mag. (from 1 July 2016) Achim ARNHOF, Mag. Karl BRANDSTÖTTER, Mag. (until 3 February 2017) Winfried BUCHBAUER, Mag. Karl FREUDENSCHUSS Dietmar JAROSCH, Dr. Manfred LENTNER Gerold PERMOSER, Mag. Jürgen SINGER, Mag. State commissioners Erwin GRUBER Michael MANHARD, HR Dr. Auditor ERNST & YOUNG WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT MBH

Custodian bank Erste Group Bank AG

3


Information about the remuneration policy:

Number of employees (including management): 136.

Total remuneration paid to employees (including management): EUR 13,000,314, thereof fixed remuneration: EUR 10,185,711, thereof variable remuneration: EUR 2,814,603. Total remuneration paid to management, bearers of material risk, employees with control functions, and employees who are at the same pay grade as managers and bearers of material risk due to the amount of their total remuneration: EUR 7,589,300. Thereof remuneration paid to management: EUR 1,051,258, thereof remuneration paid to bearers of material risk: EUR 5,548,098, employees with control functions: EUR 989,943, and employees who are at the same pay grade as managers and bearers of material risk due to the amount of their total remuneration: EUR 0.

No investment success bonuses are paid, and no other amounts are paid directly from the investment funds.

The last audit of compliance with the requirements of the remuneration policy by the Supervisory Board revealed no deviations. There were also no material findings during the last audit by the Internal Auditing department.

The description of the calculation can be found in the company’s remuneration policy at http://www.erste-am.at/de/private_anleger/wer-sind-wir/investmentprozess.


4

Dear Shareholder,

We are pleased to present you the following report for the ESPA STOCK COMMODITIES mutual fund pursuant to the InvFG for the period from 1 March 2016 to 28 February 2017.

Development of the Fund

Market assessment

After in part dramatic declines in the prices of most exchange-traded commodities in 2014 and 2015, the prices hit their lows in the first half of 2016. This was followed by substantial price increases. After years of overproduction and diminished or barely increased demand, the markets began to move towards better balance. The prices for crude oil and iron ore are good examples and doubled in the reporting period. The prices for flat-rolled steel also rose by close to 30%. Energy and materials stocks also posted substantial price gains. The MSCI All Country World Energy Net TR in USD advanced by 26.23% in the reporting period. The MSCI All Country World Materials Net TR in USD even rose by 37.40% in the same period.

The materials sector was fundamentally restructured. The focus shifted from aggressive growth to high profitability, lower debt, and positive cash flows. The previous years showed that the business strategies were oriented towards a high price environment. After the conditions changed, managers began re-evaluating the situation, including in terms of another decline in commodity prices. In the oil sector, we invested in companies that profited strongly from the rising oil price. Oil extraction companies such as Marathon Oil, Devon Energy, and ConocoPhillips were among our picks. By contrast, we reduced our positions in refinery companies because we expected contracting margins due to increased input costs.

The gold price remained highly volatile throughout the reporting period. The price increases were driven above all by political uncertainty (Brexit referendum, US elections). These ended in the middle of the year, however, when positive indicators for the future development of the economy became more prevalent. The interest rate level rose accordingly. Share prices of gold mine operators took a similar path. We used our gold stock investments to protect against political risk.

We think that the transformation of the materials sector is a good thing. The companies have adopted a defensive strategy to account for the changed conditions and a generally lower price level.

Portfolio

ESPA STOCK COMMODITIES was 97% to 100% invested during the reporting period. The most important sectors were oil and gas, chemicals, and metals. Our investments in the metal industry and in the oil service industry made the greatest contributions to our performance. Investments in the packaging segment proved to be disadvantageous in the reporting period. Our largest positions were in Exxon Mobil, Chevron, BASF, Schlumberger, Royal Dutch Shell, BP, and Du Pont.

Overall, ESPA STOCK COMMODITIES generated a positive performance of 25.85%.

5


* Total nominal values of derivative instruments without taking into account offsetting and hedging (item 8.5. Schedule B InvFG 2011).** Total derivative risk taking offsetting and hedging into account = total of the equivalent values of the underlying assets as a percentage

of the fund assets.

Asset Allocation

28 February 2017 29 February 2016EUR millions % EUR millions %

Equities denominated inAUD 1.3 2.92 1.0 3.00GBP 3.0 7.01 3.1 9.18BRL 0.7 1.54 - -DKK 0.2 0.42 0.2 0.59EUR 5.1 11.88 4.3 12.78HKD 1.1 2.65 0.6 1.78INR 0.3 0.60 0.8 2.35IDR 0.3 0.63 - -JPY 2.2 5.18 1.1 3.28CAD 2.0 4.63 1.8 5.37KRW 0.2 0.54 0.5 1.57MXN 0.6 1.40 0.2 0.58NOK 0.5 1.23 0.8 2.42SEK - - 0.2 0.62CHF 0.8 1.74 1.7 5.28ZAR 0.2 0.48 - -TWD 0.6 1.44 0.5 1.38TRL 0.1 0.25 0.2 0.65USD 22.7 52.29 14.6 43.72

Securities 42.0 96.83 31.5 94.52Cash in banks 1.2 2.87 1.7 5.14Dividend entitlements 0.1 0.30 0.1 0.37Interest entitlements 0.0 0.00 0.0 0.00Other deferred items - 0.0 0.00 - 0.0 - 0.02Fund assets 43.3 100.00 33.3 100.00

Method of Calculating Overall Risk 1)

Method of calculating overall risk: Commitment approach

Reference assets used: –

Value at risk:

Lowest value:

Average value:

Highest value:

–

–

–

Model used: –

Leverage* when using the value-at-risk calculation method: –

Leverage** according to § 4 of the 4th

Derivatives RiskMeasurement and Reporting Regulation:

–


6

Comparative Overview (in EUR)

Financial year Fund assets

Valuedevelopment in per cent 1)

2011/12 41,462,101.19 - 11.03 2)2012/13 40,633,391.74 - 2.20 2)2013/14 34,281,408.78 - 2.66 2)2014/15 40,973,722.74 + 14.98 2)2015/16 33,283,149.32 - 21.492016/17 43,327,848.92 + 25.85 2)

Financial year Dividend shares Non-dividend shares KESt-exempt non-dividend shares

Calculated value per

share

Dividend disbursement


share

Reinvestedearnings

Payment in accordance with § 58 (2)

InvFG


share

Reinvested KESt-exempt

earnings

2011/12 106.73 2.00 111.08 14.54 0.07 111.38 14.632012/13 102.25 2.00 108.59 5.78 0.12 108.96 5.852013/14 97.60 1.50 105.62 0.00 0.00 106.08 0.002014/15 110.59 2.00 121.44 0.40 0.14 121.98 0.792015/16 85.28 2.00 95.24 4.01 0.87 95.77 5.072016/17 105.04 3.0000 118.86 6.3439 1.3505 120.53 7.8340

1) Assuming the reinvestment of all paid dividends at their nominal value on the day of disbursement. 2) The changes in the value of non-dividend shares and KESt-exempt non-dividend shares vary slightly from those of dividend shares because of

rounding effects.

7


Disbursement/payment

The disbursement or payment will be effected on or after 1 June 2017 at

Erste Group Bank AG, Vienna,

and the respective bank managing the Shareholder’s securities account.

Fund type ISIN CurrencyDisbursement/payment

KEStwith option declaration

KEStw/o option declaration Reinvestment

Dividend shares AT0000A01VR3 EUR 3.0000 1.1942 1.1942 -Non-dividend shares AT0000A01VS1 EUR 1.3505 1.3505 1.3505 6.3439KESt-exempt non-dividend shares AT0000A1E119 CZK - * - - 212.9927KESt-exempt non-dividend shares AT0000A01VT9 EUR - * - - 7.8340KESt-exempt non-dividend shares AT0000A09GW7 HUF - * - - 2,402.4988

The following disbursement or payment will be made for the financial year from 1 March 2016 to 28 February 2017.The coupon-paying bank is obligated to withhold capital gains tax from this disbursement if the respective investoris not exempt from the payment of this tax.

* Pursuant to the penultimate sentence of § 58 (2) of the Austrian Investment Fund Act, no capital gains tax will be paid.


8

Income Statement and Changes in Fund Assets1. Value Development over the Financial Year (Fund Performance)

Calculation according to the OeKB method per share in the share currency not accounting for an issue premium

AT0000A01VR3 dividend shares EURShare value at the beginning of the reporting period (98,479.498 shares) 85.28Disbursement/payment on 30.05.2016 (corresponds to roughly 0.0217 shares at a calculated value of 92.00) 2.0000Share value at the end of the reporting period (96,417.670 shares) 105.04Total value including (notional) shares gained through dividend disbursement/payment 107.32Net earnings per share 22.04Value development of one share in the period 25.85%

AT0000A01VS1 non-dividend shares EURShare value at the beginning of the reporting period (246,812.234 shares) 95.24Disbursement/payment on 30.05.2016 (corresponds to roughly 0.0084 shares at a calculated value of 104.10) 0.8700Share value at the end of the reporting period (260,908.119 shares) 118.86Total value including (notional) shares gained through dividend disbursement/payment 119.85Net earnings per share 24.61Value development of one share in the period 25.84%

AT0000A1E119 KESt-exempt non-dividend shares CZKShare value at the beginning of the reporting period (3,628.771 shares) 2,591.86Disbursement/payment 0.0000Share value at the end of the reporting period (6,056.298 shares) 3,256.77Total value including (notional) shares gained through dividend disbursement/payment 3,256.77Net earnings per share 664.91Value development of one share in the period 25.65%

AT0000A01VT9 KESt-exempt non-dividend shares EURShare value at the beginning of the reporting period (7,831.361 shares) 95.77Disbursement/payment 0.0000Share value at the end of the reporting period (9,245.908 shares) 120.53Total value including (notional) shares gained through dividend disbursement/payment 120.53Net earnings per share 24.76Value development of one share in the period 25.85%

AT0000A09GW7 KESt-exempt non-dividend shares HUFShare value at the beginning of the reporting period (2,911.754 shares) 29,700.67Disbursement/payment 0.0000Share value at the end of the reporting period (2,845.024 shares) 37,177.48Total value including (notional) shares gained through dividend disbursement/payment 37,177.48Net earnings per share 7,476.81Value development of one share in the period 25.17%

9


2. Fund Result

a. Realised fund result

Ordinary fund result

Income (without profit or loss from price changes)

Interest income (excluding income adjustment) 10.57

Dividend income 869,402.03

Other income 8) 0.00

Total income (without profit or loss from price changes) 869,412.60

Interest paid - 717.60

Expenses

Fees paid to Investment Firm - 722,800.64

Costs for the financial auditor and tax consultation - 4,069.00

Publication costs - 20,713.73

Securities account fees - 37,995.28

Custodian bank fees - 57,824.05

Costs for the external consultant 0.00

Total expenses - 843,402.70

Compensation for management costs from sub-funds 1) 0.00

Ordinary fund result (excluding income adjustment) 25,292.30

Realised profit or loss from price changes 2) 3)

Realised gains 4) 4,791,550.33

Realised losses 5) - 2,022,305.59

Realised profit or loss from price changes (excluding income adjustment) 2,769,244.74

Realised fund result (excluding income adjustment) 2,794,537.04

b. Unrealised profit or loss from price changes 2) 3)

Changes in the unrealised profit or loss from price changes 7) 6,088,045.52

Result for the reporting period 6) 8,882,582.56

c. Income adjustment

Income adjustment for income in the period 7,934.17

Income adjustment for profit carried forward from dividend shares - 227,633.28Overall fund result 8,662,883.45


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3. Changes in Fund Assets

Fund assets at the beginning of the reporting period 33,283,149.32

Disbursement/payment in the financial year - 429,007.39

Issue and return of shares 1,810,823.54

Overall fund result

(The fund result is shown in detail under item 2.) 8,662,883.45Fund assets at the end of the reporting period 43,327,848.92

1) Reimbursements (in the sense of commissions) paid by third parties are forwarded to the fund after deduction of any associated costs. Erste Bank der oesterreichischen Sparkassen AG receives 25% of the calculated commissions to cover administrative costs.

2) Realised profits and losses are not calculated precisely for the specific periods, which means that they, as is the case for the changes in the unrealised profit or loss, are not necessarily congruent with the changes in the value of the fund in the reporting year.

3) Total profit or loss from price changes without income adjustment (realised profit or loss from price changes, without income adjustment, plus changes in the unrealised profit or loss): EUR 8,857,290.26.

4) Thereof profits from transactions with derivative financial instruments: EUR 180,410.00. 5) Thereof losses from transactions with derivative financial instruments: EUR -1,440.00. 6) The result for the financial year includes explicitly reported transaction costs in the amount of EUR 189,170.25. 7) Thereof changes in unrealised gains EUR 3,066,617.08 and unrealised losses EUR 3,021,428.44. 8) The earnings reported under this item can be attributed to lending fees from securities lending transactions conducted with Erste Group

Bank AG in the amount of EUR 0.00, to earnings from real estate funds in the amount of EUR 0.00, and to other earnings in the amount of EUR 0.00.

11


Fund Portfolio as of 28 February 2017(including changes in securities assets from 1 March 2016 to 28 February 2017)

Security designation ISIN Purch./ Sales/ Holding Price Value % sharenumber additions disposals in EUR of

Shares/nominal (nom. in 1,000, rounded) fundassets

Publicly traded securities

Equities denominated in GBP

Issue country Great Britain

ANGLO AMERICAN DL-.54945 GB00B1XZS820 177,000 192,000 25,000 12.705 371,965.43 0.86BHP BILLITON DL-.50 GB0000566504 150,000 141,000 25,000 12.975 379,870.24 0.88BP PLC DL-.25 GB0007980591 260,000 170,000 190,000 4.536 1,009,175.44 2.33JOHNSON MATT. LS 1.101698 GB00BZ4BQC70 0 0 3,777 30.640 135,526.32 0.31TULLOW OIL PLC LS-.10 GB0001500809 350,000 230,000 120,000 2.684 377,182.61 0.87

Total issue country Great Britain 2,273,720.04 5.25Total equities denominated in GBP translated at a rate of 0.85391 2,273,720.04 5.25

Equities denominated in DKK

Issue country Denmark

NOVOZYMES A/S REG. B DK 2 DK0060336014 0 0 5,000 269.900 181,557.91 0.42Total issue country Denmark 181,557.91 0.42

Total equities denominated in DKK translated at a rate of 7.43289 181,557.91 0.42

Equities denominated in EUR

Issue country Germany

BASF SE N.P. DE000BASF111 7,000 3,500 12,500 87.900 1,098,750.00 2.54HEIDELBERGCEMENT AG N.P. DE0006047004 6,000 0 6,000 88.210 529,260.00 1.22LINDE AG N.P. DE0006483001 2,000 2,300 2,000 153.350 306,700.00 0.71SYMRISE AG BEARER N.P. DE000SYM9999 3,000 6,000 2,000 58.710 117,420.00 0.27

Total issue country Germany 2,052,130.00 4.74

Issue country France

TOTAL S.A. EO 2.50 FR0000120271 0 15,000 5,000 47.050 235,250.00 0.54Total issue country France 235,250.00 0.54

Issue country Ireland

CRH PLC EO-.32 IE0001827041 20,000 10,000 10,000 31.865 318,650.00 0.74Total issue country Ireland 318,650.00 0.74

Issue country Netherlands

ROYAL DUTCH SHELL A EO-07 GB00B03MLX29 40,000 30,000 40,000 24.380 975,200.00 2.25Total issue country Netherlands 975,200.00 2.25


12



Issue country Spain

REPSOL S.A. BEARER EO 1 ES0173516115 30,789 0 30,789 14.000 431,046.00 0.99Total issue country Spain 431,046.00 0.99

Total equities denominated in EUR 4,012,276.00 9.26

Equities denominated in INR

Issue country India

RELIANCE INDS(DEMAT) IR10 INE002A01018 0 0 15,000 1,238.050 261,945.99 0.60Total issue country India 261,945.99 0.60

Total equities denominated in INR translated at a rate of 70.89534 261,945.99 0.60

Equities denominated in JPY

Issue country Japan

TAIYO NIPPON SANSO JP3711600001 40,000 0 40,000 1,396.000 469,681.80 1.08Total issue country Japan 469,681.80 1.08

Total equities denominated in JPY translated at a rate of 118.88900 469,681.80 1.08

Equities denominated in KRW

Issue country Republic of Korea

LG CHEMICAL SW 5000 KR7051910008 0 0 1,000 283,000.000 235,532.06 0.54Total issue country Republic of Korea 235,532.06 0.54

Total equities denominated in KRW translated at a rate of 1,201.53495 235,532.06 0.54

Equities denominated in CHF

Issue country Switzerland

LAFARGEHOLCIM LTD.REG.SF2 CH0012214059 7,000 5,250 7,000 57.150 375,937.38 0.87Total issue country Switzerland 375,937.38 0.87

Total equities denominated in CHF translated at a rate of 1.06414 375,937.38 0.87

Equities denominated in TWD

Issue country Taiwan

CHINA STEEL TA 10 TW0002002003 0 0 350,000 25.800 277,488.41 0.64NAN YA PLAST. CORP. TA 10 TW0001303006 0 0 100,000 74.600 229,242.91 0.53TAIWAN CEMENT CORP. TA 10 TW0001101004 0 0 100,000 37.650 115,696.99 0.27

Total issue country Taiwan 622,428.31 1.44Total equities denominated in TWD translated at a rate of 32.54190 622,428.31 1.44

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Equities denominated in USD

Issue country Russia

LUKOIL SP.ADR RL-.025 US69343P1057 5,000 6,070 5,000 53.000 249,388.29 0.58Total issue country Russia 249,388.29 0.58

Issue country USA

MONSANTO CO. DL-.01 US61166W1018 6,000 5,000 6,000 113.830 642,744.21 1.48NEWMONT MNG CORP. DL 1.60 US6516391066 9,000 18,000 9,000 34.240 290,005.65 0.67

Total issue country USA 932,749.86 2.15Total equities denominated in USD translated at a rate of 1.06260 1,182,138.15 2.73

Total publicly traded securities 9,615,217.64 22.19

Securities admitted to organised markets

Equities denominated in AUD

Issue country Australia

AMCOR LTD AU000000AMC4 20,000 0 40,000 14.050 406,639.36 0.94BHP BILLITON DL -.50 AU000000BHP4 0 0 35,000 25.000 633,112.89 1.46RIO TINTO LTD AU000000RIO1 0 0 5,000 61.990 224,266.67 0.52

Total issue country Australia 1,264,018.92 2.92Total equities denominated in AUD translated at a rate of 1.38206 1,264,018.92 2.92

Equities denominated in BRL

Issue country Brazil

PETROLEO BRAS.SA PET. BRPETRACNOR9 50,000 0 50,000 15.960 241,397.56 0.56PETROLEO BRAS.SA PET.PFD BRPETRACNPR6 50,000 0 50,000 15.180 229,599.94 0.53VALE S.A. BRVALEACNOR0 20,000 0 20,000 32.720 197,958.10 0.46

Total issue country Brazil 668,955.60 1.54Total equities denominated in BRL translated at a rate of 3.30575 668,955.60 1.54



ROYAL DUTCH SHELL B EO-07 GB00B03MM408 20,000 20,589 30,000 21.735 763,605.06 1.76Total issue country Great Britain 763,605.06 1.76

Total equities denominated in GBP translated at a rate of 0.85391 763,605.06 1.76



ARKEMA BEARER EO10 FR0010313833 3,000 0 3,000 91.500 274,500.00 0.63Total issue country France 274,500.00 0.63


14



Issue country Luxembourg

ARCELORMITTAL S.A. NOUV. LU0323134006 70,000 50,000 20,000 8.310 166,200.00 0.38Total issue country Luxembourg 166,200.00 0.38


AKZO NOBEL EO 2 NL0000009132 5,000 0 8,000 63.310 506,480.00 1.17KONINKLIJKE DSM EO 1.50 NL0000009827 3,000 5,000 3,000 62.000 186,000.00 0.43

Total issue country Netherlands 692,480.00 1.60Total equities denominated in EUR 1,133,180.00 2.62

Equities denominated in HKD

Issue country China

CHINA PETRO.+ CHEM. H YC1 CNE1000002Q2 0 0 500,000 6.020 364,920.14 0.84PETROCHINA CO. LTD H YC 1 CNE1000003W8 0 0 300,000 5.910 214,951.30 0.50

Total issue country China 579,871.44 1.34

Issue country Hong Kong

CNOOC LTD N.P. HK0883013259 600,000 300,000 300,000 9.180 333,883.74 0.77Total issue country Hong Kong 333,883.74 0.77

Issue country Jersey

UNITED CO.RUSAL DL -.01 JE00B5BCW814 500,000 0 500,000 3.880 235,197.70 0.54Total issue country Jersey 235,197.70 0.54

Total equities denominated in HKD translated at a rate of 8.24838 1,148,952.88 2.65

Equities denominated in IDR

Issue country Indonesia

SEMEN INDON.(PERS.)RP 100 ID1000106800 400,000 0 400,000 9,625.000 271,684.79 0.63Total issue country Indonesia 271,684.79 0.63

Total equities denominated in IDR translated at a rate of 14,170.83356 271,684.79 0.63


Issue country Japan

ASAHI KASEI JP3111200006 0 0 25,000 1,094.500 230,151.65 0.53KOBE STEEL JP3289800009 50,000 150,000 50,000 1,091.000 458,831.35 1.06NIPPON STEEL+SUMITO.METAL JP3381000003 10,000 0 10,000 2,763.500 232,443.71 0.54NITTO DENKO JP3684000007 0 0 3,000 9,460.000 238,710.06 0.55SHIN-ETSU CHEM. JP3371200001 0 0 4,500 9,503.000 359,692.65 0.83TORAY IND. JP3621000003 0 0 30,000 1,005.000 253,597.89 0.59

Total issue country Japan 1,773,427.31 4.09Total equities denominated in JPY translated at a rate of 118.88900 1,773,427.31 4.09

15




Equities denominated in CAD

Issue country Canada

CDN NAT. RES LTD CA1363851017 0 0 7,000 38.090 189,454.01 0.44ENBRIDGE INC. CA29250N1050 0 0 9,000 55.900 357,477.83 0.83POTASH CORP. SAS. INC. CA73755L1076 30,000 15,000 30,000 23.040 491,132.33 1.13SILVER WHEATON CORP. CA8283361076 17,000 0 17,000 25.870 312,492.89 0.72SUNCOR ENERGY INC. CA8672241079 0 0 15,000 41.350 440,718.79 1.02TRANSCANADA CORP. CA89353D1078 0 0 5,000 61.060 216,930.99 0.50

Total issue country Canada 2,008,206.84 4.63Total equities denominated in CAD translated at a rate of 1.40736 2,008,206.84 4.63

Equities denominated in MXN

Issue country Mexico

CEMEX.CPO(2SHS A+1SHS B) MXP225611567 400,000 0 400,000 17.010 320,274.14 0.74GRUPO MEXICO B MXP370841019 0 0 100,000 60.940 286,853.41 0.66

Total issue country Mexico 607,127.55 1.40Total equities denominated in MXN translated at a rate of 21.24430 607,127.55 1.40

Equities denominated in NOK

Issue country Norway

NORSK HYDRO ASA NK 1.098 NO0005052605 0 0 100,000 47.470 534,540.77 1.23Total issue country Norway 534,540.77 1.23

Total equities denominated in NOK translated at a rate of 8.88052 534,540.77 1.23



EMS-CHEMIE HLDG BEARER SF-01CH0016440353 0 0 700 571.500 375,937.38 0.87Total issue country Switzerland 375,937.38 0.87

Total equities denominated in CHF translated at a rate of 1.06414 375,937.38 0.87

Equities denominated in ZAR

Issue country South Africa

ANGLOGOLD ASHANTI RC-.25 ZAE000043485 20,000 0 20,000 145.610 209,528.73 0.48Total issue country South Africa 209,528.73 0.48

Total equities denominated in ZAR translated at a rate of 13.89881 209,528.73 0.48

Equities denominated in TRL

Issue country Turkey

EREGLI DEM.CEL. REG. TN 1 TRAEREGL91G3 0 0 70,000 5.940 107,868.60 0.25Total issue country Turkey 107,868.60 0.25

Total equities denominated in TRL translated at a rate of 3.85469 107,868.60 0.25


16




Issue country Curacao

SCHLUMBERGER DL-.01 AN8068571086 5,000 0 17,000 80.360 1,285,639.00 2.97Total issue country Curacao 1,285,639.00 2.97


BARRICK GOLD CORP. CA0679011084 40,000 0 40,000 18.580 699,416.53 1.61ENBRIDGE INC. CA29250N1050 5,904 0 5,904 41.850 232,526.26 0.54GOLDCORP INC. CA3809564097 30,000 0 30,000 15.950 450,310.56 1.04KINROSS GOLD CORP. CA4969024047 50,000 0 50,000 3.540 166,572.56 0.38

Total issue country Canada 1,548,825.91 3.57


LYONDELLBAS.IND.A EO -.04 NL0009434992 4,000 5,000 4,000 91.240 343,459.44 0.79Total issue country Netherlands 343,459.44 0.79

Issue country Russia

NOVATEK GDR RG.S/10 RL-.1 US6698881090 5,000 0 5,000 129.500 609,354.41 1.41Total issue country Russia 609,354.41 1.41

Issue country USA

AIR PROD. CHEM. DL 1 US0091581068 4,000 0 4,000 140.470 528,778.47 1.22ALCOA CORP. N.P. US0138721065 1,800 0 1,800 34.590 58,594.01 0.14APACHE CORP. DL -.625 US0374111054 4,000 0 12,000 52.590 593,901.75 1.37BAKER HUGHES INC. DL 1 US0572241075 6,000 3,000 6,000 60.280 340,372.67 0.79BALL CORP. US0584981064 0 0 5,500 73.530 380,590.06 0.88CABOT OIL + GAS DL-.10 US1270971039 8,000 0 8,000 21.900 164,878.60 0.38CF INDS HLDGS DL-.01 US1252691001 32,000 35,000 4,000 31.420 118,275.93 0.27CHEVRON CORP. DL-.75 US1667641005 7,000 6,000 17,000 112.500 1,799,830.60 4.15COEUR MINING DL -.01 US1921085049 20,000 0 20,000 8.590 161,678.90 0.37CONOCOPHILLIPS DL-.01 US20825C1045 32,000 35,000 11,000 47.570 492,443.06 1.14DEVON ENERGY CORP. DL-.10 US25179M1036 15,000 15,000 15,000 43.360 612,083.57 1.41DOW CHEM. DL 2.50 US2605431038 10,000 5,000 15,000 62.260 878,881.99 2.03DU PONT NEMOURS DL -.30 US2635341090 7,000 0 12,000 78.540 886,956.52 2.05EASTMAN CHEM. CO. DL-.01 US2774321002 5,000 0 5,000 80.250 377,611.52 0.87ECOLAB INC. DL 1 US2788651006 0 0 3,000 123.970 350,000.00 0.81EOG RESOURCES DL-.01 US26875P1012 16,000 14,000 6,000 96.990 547,656.69 1.26EXXON MOBIL CORP. US30231G1022 3,000 6,000 34,000 81.320 2,601,995.11 6.01FREEPORT-MCMORAN INC. US35671D8570 170,000 190,000 40,000 13.400 504,423.11 1.16HALLIBURTON CO. DL 2.50 US4062161017 7,000 0 14,000 53.460 704,347.83 1.63INTL FLAVORS/FRAG.DL-.125 US4595061015 0 0 2,500 125.700 295,736.87 0.68INTL PAPER DL 1 US4601461035 0 0 5,000 52.700 247,976.66 0.57KINDER MORGAN P DL-.01 US49456B1017 0 0 15,000 21.310 300,818.75 0.69MARATHON OIL DL 1 US5658491064 105,000 95,000 10,000 16.000 150,574.06 0.35MARATHON PETROLEUM DL-.01 US56585A1025 10,000 5,000 10,000 49.600 466,779.60 1.08NATL OILWELL VARCO DL-.01 US6370711011 3,300 0 3,300 40.420 125,527.95 0.29

17




NUCOR CORP. DL-.40 US6703461052 0 0 7,000 62.570 412,187.09 0.95OCCIDENTAL PET. DL-.20 US6745991058 9,000 8,000 7,000 65.550 431,818.18 1.00PHILLIPS 66 DL-.01 US7185461040 0 3,000 7,000 78.190 515,085.64 1.19PIONEER NATURAL DL-.01 US7237871071 2,000 3,000 2,000 185.970 350,028.23 0.81PPG IND. INC. DL 1.666 US6935061076 0 0 5,000 102.430 481,978.17 1.11PRAXAIR INC. DL-.01 US74005P1049 3,000 3,100 3,000 118.710 335,149.63 0.77RANGE RES CORP. DL-.01 US75281A1097 18,000 10,000 8,000 27.620 207,942.78 0.48SEALED AIR CORP. DL-.01 US81211K1007 0 0 5,000 46.480 218,708.83 0.50SHERWIN-WILLIAMS DL 1 US8243481061 1,000 500 1,500 308.540 435,544.89 1.01SUNOCO L.P. UTS US86765K1097 0 0 3,000 25.610 72,303.78 0.17WILLIAMS COS INC. DL 1 US9694571004 20,000 0 20,000 28.340 533,408.62 1.23

Total issue country USA 17,684,870.12 40.82Total equities denominated in USD translated at a rate of 1.06260 21,472,148.88 49.56

Total securities admitted to organised markets 32,339,183.31 74.64

Breakdown of fund assets

Securities 41,954,400.95 96.83Cash in banks 1,241,837.80 2.87Dividend entitlements 131,789.10 0.30Interest entitlements 1.44 0.00Other deferred items -180.37 - 0.00Fund assets 43,327,848.92 100.00

Dividend shares outstanding AT0000A01VR3 shares 96,418.00Share value for dividend share AT0000A01VR3 EUR 105.04

Non-dividend shares outstanding AT0000A01VS1 shares 260,908.00Share value for non-dividend share AT0000A01VS1 EUR 118.86

KEST-exempt non-dividend shares outstanding AT0000A09GW7 shares 2,845.00Share value for KEST-exempt non-dividend share AT0000A09GW7 HUF 37,177.48

KEST-exempt non-dividend shares outstanding AT0000A01VT9 shares 9,246.00Share value for KEST-exempt non-dividend share AT0000A01VT9 EUR 120.53

KEST-exempt non-dividend shares outstanding AT0000A1E119 shares 6,056.00KEST-exempt non-dividend shares outstanding AT0000A1E119 CZK 3,256.77

Investor note:

The values of assets in illiquid markets may deviate from their actual selling prices.


18

Purchases and sales of securities in the reporting period not listed in the fund portfolio

Security designation ISIN Purch./ Sales/

number additions disposals

Shares/nominal (nom. in 1,000, rounded)

Publicly traded securities



CRODA INTL LS -.10357143 GB00BYZWX769 3,862 3,862CRODA INTL PLC LS -.10 GB0002335270 0 4,000MONDI PLC EO -.20 GB00B1CRLC47 0 25,000RIO TINTO PLC LS-.10 GB0007188757 10,000 35,000

Issue country Ireland

CRH PLC EO-.32 IE0001827041 0 5,000


RANDGOLD RESOURCES DL-.05 GB00B01C3S32 5,000 5,000


Issue country Germany

FUCHS PETROL.SE PREF N.P. DE0005790430 0 5,000K+S AG NA N.P. DE000KSAG888 0 10,000KWS SAAT SE N.P. DE0007074007 0 400

Issue country Spain

REPSOL S.A. -INT. CERT.- ES0673516995 30,000 30,000

Equities denominated in INR

Issue country India

ASIAN PAINTS LTD. IR 1 INE021A01026 0 35,000ULTRATECH CEMENT DEMAT. INE481G01011 0 5,000

Equities denominated in KRW

Issue country Republic of Korea

KOREA ZINC CO. SW 5000 KR7010130003 0 900

19





Equities denominated in SEK

Issue country Sweden

BOLIDEN AB SK 2 SE0000869646 15,000 30,000


Issue country USA

ALCOA INC. DL 1 US0138171014 70,000 70,000ALCOA INC. DL 1 US0138175072 23,333 23,333CALIFORNIA RES DL-.01 US13057Q1076 0 561EQT CORP. US26884L1098 12,000 12,000FMC TECHNOLOGIES DL-.01 US30249U1016 0 3,000SPECTRA ENERGY CORP. US8475601097 0 6,000

Securities admitted to organised markets

Equities denominated in AUD

Issue country Australia

ALUMINA LTD AU000000AWC3 0 150,000INCITEC PIVOT AU000000IPL1 0 100,000WORLEYPARSONS LTD. AU000000WOR2 40,000 40,000

Equities denominated in BRL

Issue country Brazil

VALE S.A. PFD A BRVALEACNPA3 30,000 30,000



GLENCORE PLC DL -.01 JE00B4T3BW64 150,000 150,000



AIR LIQUIDE BEARER EO 5.50 FR0000120073 3,000 7,000

Issue country Italy

ENI S.P.A. IT0003132476 0 30,000


20




Equities denominated in HKD

Issue country Bermuda

HUABAO INTL HLDGS HD-.10 BMG4639H1227 0 500,000


Issue country Japan

DAICEL CORP. JP3485800001 13,000 28,000SUMITOMO MET.MNG JP3402600005 30,000 30,000TOSOH CORP. JP3595200001 0 30,000

Equities denominated in CAD


BARRICK GOLD CORP. CA0679011084 20,000 20,000CENTERRA GOLD INC. CA1520061021 0 20,000FRANCO-NEVADA CORP. CA3518581051 0 3,000GOLDCORP INC. CA3809564097 12,000 12,000IMPERIAL OIL CA4530384086 0 3,000PRAIRIESKY ROYALTY LTD CA7397211086 140 140TECK RES LTD. B SUB.VTG CA8787422044 0 50,000YAMANA GOLD INC. CA98462Y1007 60,000 60,000

Equities denominated in NOK

Issue country Norway

STATOIL ASA NK 2.50 NO0010096985 0 22,000YARA INTERNATIONAL NK1.70 NO0010208051 0 4,000



GIVAUDAN SA NA SF 10 CH0010645932 100 300SIKA AG BEARER SF 0.60 CH0000587979 0 100SYNGENTA AG NA SF 0.1 CH0011037469 0 1,500

Equities denominated in ZAR

Issue country South Africa

KUMBA IRON ORE LTD RC -01 ZAE000085346 30,000 30,000

21


Vienna, 18 May 2017

ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H.Electronically signed

Inspection information: The electronic signatures in this document can be inspected at www.signaturpruefung.gv.at.Note: This document was signed with two qualified electronic signatures. A qualified electronic signature fulfils

the legal requirements of a hand-written signature, and in particular the requirements of the written form as defined in § 886 ABGB (§ 4 [1] Austrian Signature Act [Signaturgesetz]).




Equities denominated in TRL

Issue country Turkey

TUPRAS TURKIYE P.R. TN 1 TRATUPRS91E8 6,000 12,000


Issue country Bermuda

COSAN LTD A BMG253431073 50,000 50,000

Issue country USA

ANADARKO PET.CORP. DL-.10 US0325111070 13,000 13,000ARCONIC INC. DL 1 US03965L1008 5,400 5,400HESS CORP. DL 1 US42809H1077 5,000 5,000MARTIN MAR. MAT. DL-.01 US5732841060 1,500 1,500NOBLE ENERGY DL 0.01 US6550441058 0 4,000SOUTHERN COPPER DL-.01 US84265V1052 0 5,000SOUTHWESTERN EN. DL -.10 US8454671095 30,000 30,000TESORO CORP. DL-.1666 US8816091016 0 3,000VALERO ENERGY CORP.DL-.01 US91913Y1001 5,000 9,000VERSUM MATERIALS DL 1 US92532W1036 1,250 1,250WHITING PETROLEUM DL-.001 US9663871021 105,000 105,000

Unlisted securities


Issue country Spain

REPSOL S.A. E.12/16 EO 1 ES0173516107 789 789


22

Auditor’s Opinion*

Statement on the annual report

Audit opinion

We have audited the annual report prepared by ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H., Vienna, for the fund under its management

ESPA STOCK COMMODITIESmutual fund pursuant to the InvFG,

consisting of the fund portfolio as of 28 February 2017, the income statement for the financial year ending on this date, and the other information specified in Annex I Scheme B of the Austrian Investment Fund Act 2011 (InvFG 2011).

Based on the findings of our audit, we believe that the annual report satisfies the legal requirements and provides a true and fair view of the assets and financial position as of 28 February 2017 and of the earnings position of the fund for the financial year ending on this date in accordance with Austrian commercial law and the provisions of the InvFG 2011.

Basis for the audit opinion

We conducted our audit in accordance with § 49 (5) InvFG 2011 and in accordance with the Austrian principles of good auditing. These principles require the application of the International Standards on Auditing (ISA). Our responsibilities under these regulations and standards are described in the section "Responsibilities of the auditor in auditing the annual report" of our opinion. We are independent from the company as specified by the Austrian commercial and industry regulations and fulfilled our other professional obligations in accordance with these requirements. We feel that the audit evidence that we obtained is sufficient and suitable to serve as a basis for our audit opinion. Management and supervisory board responsibilities relating to the annual report

The legal representatives are responsible for preparing the annual report and for ensuring that this report provides a true and fair view of the assets and financial and earnings position of the fund in accordance with Austrian commercial law and the provisions of the InvFG 2011. The legal representatives are also responsible for implementing the internal controls that they deem necessary to facilitate the preparation of an annual report that is free from material misstatements due to error or fraud.

The supervisory board is responsible for monitoring the accounting process of the company as it applies to the fund under its management.

23


Responsibilities of the auditor in auditing the annual report

Our goals are to ascertain with sufficient certainty whether the annual report contains material misstatements due to error or fraud and to issue a statement that includes our audit opinion. Sufficient certainty is a high degree of certainty but no guarantee that an audit conducted in accordance with the Austrian standards on good auditing, which require the application of the ISA, will always discover material misstatements that may be present. Misstatements can result from fraud or errors and are considered to be material when it can be reasonably expected that individual misstatements or a combination of misstatements can influence economic decisions made by readers on the basis of this annual report.

As part of an audit conducted in accordance with the Austrian standards on good auditing, which require the application of the ISA, we exercise professional judgement and maintain professional scepticism during the entire audit process. In addition:

— We identify and assess the risks of material misstatements in the annual report due to error or fraud, plan audit steps in response to these risks, perform the planned audit steps, and collect audit evidence that is sufficient and suitable to form a basis for our audit opinion. The risk that a material misstatement resulting from fraud will remain undiscovered is greater than for misstatements resulting from error because fraudulent activity can include collusion, the falsification of documents, intentional incomplete or misleading representations, and the circumvention of internal controls.

— We familiarise ourselves with the internal control systems that are relevant for the audit to plan audit steps that are appropriate under the specific circumstances, but not so as to state an opinion on the effectiveness of the company’s internal control system.

— We assess the appropriateness of the accounting methods applied by the legal representatives and the reasonableness of the estimates made by the legal representatives in the accounts and of the associated information.

— We assess the overall presentation, the structure, and the content of the annual report including the figures as well as whether the annual report depicts the underlying transactions and events in a manner that provides a true and fair view.

— We discuss the planned scope and scheduling of the audit and any material audit findings, including material defects that we discover in the internal control system during our audit, with the supervisory board, among other issues.


24

Other information

The legal representatives are responsible for the other information. The other information includes all information in the annual report except for the fund portfolio, the income statement, the other information specified in Annex I Scheme B of the InvFG 2011, and the auditor's opinion.

Our audit opinion does not cover this other information, and we provide no assurance whatsoever for this other information.

In connection with our audit of the annual report, it is our responsibility to read this other information and to consider whether there are material discrepancies between the other information and the annual report or the information gathered by us during our audit, or if this other information appears materially incorrect in some other manner. If we come to the conclusion on the basis of our audit steps that the other information is materially incorrect, we are obligated to report this. We have nothing to report in this regard.

Vienna, 18 May 2017

ERNST & YOUNGWIRTSCHAFTSPRÜFUNGSGESELLSCHAFT m.b.H

Mag. Friedrich O. Hief ppa MMag. Roland Unterweger(Certified Public

Accountant)(Certified Public Accountant)

* In the case of the publication or dissemination of the annual report in a form that deviates from the confirmed (unabridged German) version (e.g. an abridged version or translation), reference may not be made to the auditor’s opinion or our audit without our approval.

25


Fund Terms and Conditions for ESPA STOCK COMMODITIESMutual fund pursuant to the InvFG

The Fund Terms and Conditions for ESPA STOCK COMMODITIES, mutual fund pursuant to the Austrian Investment Fund Act (Investmentfondsgesetz; InvFG) 2011 as amended, were approved by the Austrian Financial Market Authority (FMA).

The Fund is an undertaking for the collective investment of transferable securities (UCITS) and is managed by ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H. (the “Management Company” in the following), which is domiciled in Vienna.

Article 1Fund Shares

The partial ownership of the fund assets is evidenced by certificates having the characteristics of a bearer share.

The share certificates are depicted in global certificates. For this reason, individual share certificates cannot be issued.

Article 2Custodian Bank (Depositary Bank)

The custodian bank (depositary bank) appointed for the Fund is Erste Group Bank AG, Vienna.

The payment offices for share certificates are the custodian bank (depositary bank) or other payment offices mentioned in the prospectus.

Article 3Investment Instruments and Principles

The following assets may be selected for the Fund in accordance with the InvFG.

ESPA STOCK COMMODITIES is an equity fund that invests primarily, in other words at least 51% of its assets, in stocks from companies in the commodities and energy sectors in the form of directly purchased individual instruments, in other words not indirectly or directly through investment funds or through derivatives.

There are no limitations with regard to the domicile of the issuer. The Fund may purchase shares in companies with small market capitalisations or mid-sized market capitalisations as well as shares in large, strong, and important companies that are internationally known (blue chips).

The fund assets are invested in the following investment instruments in accordance with the investment focus described above.

a) Securities

Securities (including securities with embedded derivative financial instruments) comprise at least 51% of the fund assets.

b) Money market instruments

Money market instruments may comprise up to 49% of the fund assets.

c) Securities and money market instruments

The Fund may purchase securities and money market instruments that are not fully paid up as well as subscription rights for these types of instruments and other financial instruments that are not fully paid up.

Securities and money market instruments may only be purchased for the Fund when they meet the criteria regarding listing or trading on a regulated market or a securities exchange pursuant to the InvFG.

Securities and money market instruments that do not meet the criteria described in the previous paragraph may comprise up to 10% of the fund assets in total.

d) Shares in investment funds

Shares in investment funds (UCITS, UCI) may each comprise up to 10% of the fund assets and may comprise up to 10% in aggregate total, provided that the target funds themselves (UCITS, UCI) do not invest more than 10% of their fund assets in shares of other investment funds.

e) Derivative financial instruments

Derivative financial instruments can be used for hedging purposes and as part of the investment strategy, and may comprise up to 49%


26

of the fund assets.

f) Risk measurement method(s) of the Fund

The Fund applies the following risk measurement methods: Commitment approach

The commitment value is determined according to § 3 of the 4th FMA Regulation on Risk Calculation and Reporting of Derivative Instruments (4. Derivate-Risikoberechnungs- und MeldeV).

g) Demand deposits or callable deposits

Demand deposits and callable deposits with a maximum term of 12 months may comprise up to 49% of the fund assets.

There are no minimum deposit requirements.

However, in the course of the restructuring of the fund portfolio and/or in the case of the justified expectation of impending losses experienced by securities, the Fund can hold a lower proportion of securities and a higher proportion of demand deposits or callable deposits with a maximum term of 12 months.

h) Acceptance of short-term loans

The Management Company may accept short-term loans for the account of the Fund up to an amount of 10% of the total fund assets.

i) Repurchase agreements

Does not apply.

j) Securities lending

Securities lending transactions may comprise up to 30% of the fund assets.

Article 4Issue and Return Procedure

The share value shall be calculated in EUR.

The share value is calculated at the same time as the issue and return price.

Issue of shares and issue premium

The issue price will be calculated and shares issued on every exchange trading day.

The issue price shall be made up of the share value plus a premium per share amounting to up to 5.0% to cover the costs incurred by the Management Company in issuing the share, rounded up to the next cent.

There is no limit on the issue of shares in principle. However, the Management Company reserves the right to temporarily or permanently suspend the issue of share certificates.

Return of shares and return fee

The return price will be calculated and shares redeemed on every exchange trading day.

The return price is the share value rounded down to the next cent. No return fee will be charged.

Upon request by the Shareholder, his shares shall be redeemed at the current return price in return for the share certificate.

Article 5Financial Year

The financial year of the Fund is from 1 March to the last day of February.

Article 6Share Classes and Use of Earnings

The Fund features three different share classes and the corresponding certificates: dividend shares and non-dividend shares with capital gains tax withholding as well as non-dividend shares without capital gains tax withholding, with certificates being issued for one share each and also for fractional shares.

27


Use of earnings for dividend shares

The earnings generated during the financial year (interest and dividends) less all costs can be distributed as deemed appropriate by the Management Company. Dividend disbursement may be suspended taking the interests of the Shareholders into account. Dividends may also be paid at the discretion of the Management Company from earnings generated by the sale of fund assets, including subscription rights. Fund assets may be paid out in the form of dividends and interim dividends. The fund assets may not fall below the legally stipulated minimum volume for termination after dividend payments in any case.

The amounts shall be paid to the holders of dividend shares on or after 1 June of the following financial year. The remaining amount shall be carried forward.

An amount calculated in accordance with the InvFG must also be paid out on or after 1 June to cover the capital gains tax assessed by the tax authorities on the dividend-equivalent earnings from the Fund shares unless the Management Company provides suitable proof from the banks managing the corresponding securities accounts that the share certificates can only be held by Shareholders who are not subject to Austrian personal or corporate income tax or who meet the conditions for exemption from capital gains tax according to § 94 of the Austrian Income Tax Act (Einkommensteuergesetz) at the time of payment.

Use of earnings for non-dividend shares with capital gains tax withholding

The earnings generated by the Fund during the financial year less all costs will not be paid out. In the case of non-dividend shares, an amount calculated in accordance with the InvFG must be paid out on or after 1 June to cover the capital gains tax assessed by the tax authorities on the dividend-equivalent earnings from the fund shares unless the Management Company provides suitable proof from the banks managing the corresponding securities accounts that the share certificates can only be held by Shareholders who are not subject to Austrian personal or corporate income tax or who meet the conditions for exemption from capital gains tax according to § 94 of the Austrian Income Tax Act (Einkommensteuergesetz) at the time of payment.

Use of earnings for non-dividend shares without capital gains tax withholding (KESt-exempt non-dividend domestic and foreign tranche)

The earnings generated by the Fund during the financial year less all costs will not be paid out. No payment pursuant to the InvFG will be made. The reference date for the exemption from KESt payment for the profit for the year for the purposes of the InvFG shall be 1 June of the following financial year.

The Management Company shall provide suitable proof from the banks managing the corresponding securities accounts that the share certificates could only be held by Shareholders who are not subject to Austrian personal or corporate income tax or who met the conditions for exemption from capital gains tax according to § 94 of the Austrian Income Tax Act (Einkommensteuergesetz) at the time of payment.

If these requirements are not met at the time of payment, the amount calculated pursuant to the InvFG must be paid out by the bank managing the respective securities account in the form of an account credit.

Article 7Management Fee, Compensation for Expenses, Liquidation Fee

The Management Company shall receive an annual fee for its administrative activities amounting to up to 1.8% of the fund assets, which shall be accrued on a daily basis and calculated using the month-end values adjusted for the accrued fees.

The Management Company shall be entitled to compensation for all expenses incurred in the administration of the Fund.

The custodian bank shall receive a fee in the amount of 0.5% of the fund assets upon liquidation.

Further information and details about this Fund can be found in the prospectus.


28

Annex to the Fund Terms and ConditionsList of exchanges with official trading and organised markets

(As of 2014)

1. Exchanges with official trading and organised markets in the Member States of the EEA

Every Member State must maintain a current list of the authorised markets within its territory. This list must be submitted to the other Member States and the Commission.

According to this provision, the Commission is required to publish a list of the regulated markets registered with it by the Member States once per year.

Because of lower entry barriers and specialisation in different trading segments, the list of “regulated markets” is subject to significant changes. For this reason, the Commission will publish an up-to-date version of the list on its official web site in addition to the annual publication of a list in the Official Journal of the European Union.

1.1. The currently valid list of regulated markets can be found at

http://mifiddatabase.esma.europa.eu/Index.aspx?sectionlinks_id=23&language=0&pageName=REGULATED_MARKETS_Display&subsection_id=0 *)

under "Verzeichnis der Geregelten Märkte (pdf)" (List of Regulated Markets).

1.2. The following exchanges are included in the list of regulated markets:

1.2.1 Luxembourg: Euro MTF Luxembourg

1.3. Recognised markets in the EEA according to § 67 (2) 2 InvFG:

Markets in the EEA that have been classified as recognised markets by the respective supervisory authorities.

2. Exchanges in European countries outside of the EEA

2.1. Bosnia and Herzegovina: Sarajevo, Banja Luka2.2. Montenegro: Podgorica2.3. Russia: Moscow (RTS Stock Exchange), Moscow Interbank Currency Exchange (MICEX)2.4. Switzerland: SWX Swiss Exchange2.5. Serbia: Belgrade2.6. Turkey: Istanbul (only "National Market" on the stock market)

3. Exchanges in non-European countries

3.1. Australia: Sydney, Hobart, Melbourne, Perth3.2. Argentina: Buenos Aires3.3. Brazil: Rio de Janeiro, Sao Paulo3.4. Chile: Santiago3.5. China: Shanghai Stock Exchange, Shenzhen Stock Exchange3.6. Hong Kong: Hong Kong Stock Exchange3.7. India: Bombay3.8. Indonesia: Jakarta3.9. Israel: Tel Aviv3.10. Japan: Tokyo, Osaka, Nagoya, Kyoto, Fukuoka, Niigata, Sapporo, Hiroshima3.11. Canada: Toronto, Vancouver, Montreal3.12. Colombia: Bolsa de Valores de Colombia3.13. Korea: Korea Exchange (Seoul, Busan)3.14. Malaysia: Kuala Lumpur, Bursa Malaysia Berhad3.15. Mexico: Mexico City3.16. New Zealand: Wellington, Christchurch/Invercargill, Auckland3.17. Peru: Bolsa de Valores de Lima3.18. Philippines: Manila3.19. Singapore: Singapore Stock Exchange3.20. South Africa: Johannesburg3.21. Taiwan: Taipei3.22. Thailand: Bangkok3.23. USA: New York, American Stock Exchange (AMEX), New York Stock Exchange (NYSE), Los

Angeles/Pacific Stock Exchange, San Francisco/Pacific Stock Exchange, Philadelphia, Chicago, Boston, Cincinnati

3.24. Venezuela: Caracas

29


3.25. United Arab Emirates: Abu Dhabi Securities Exchange (ADX)

4. Organised markets in countries outside of the European Community

4.1. Japan: over the counter market4.2. Canada: over the counter market4.3. Korea: over the counter market4.4. Switzerland: SWX Swiss Exchange, BX Berne eXchange; over the counter market of the members of

the International Capital Market Association (ICMA), Zurich 4.5 USA: over the counter market in the NASDAQ system, over the counter market (markets

organised by NASD such as the over the counter equity market, municipal bond market, government securities market, corporate bonds and public direct participation programs), over the counter market for agency mortgage-backed securities

5. Exchanges with futures and options markets

5.1. Argentina: Bolsa de Comercio de Buenos Aires5.2. Australia: Australian Options Market, Australian Securities Exchange (ASX)5.3 Brazil: Bolsa Brasiliera de Futuros, Bolsa de Mercadorias & Futuros, Rio de Janeiro Stock

Exchange, Sao Paulo Stock Exchange5.4. Hong Kong: Hong Kong Futures Exchange Ltd.5.5. Japan: Osaka Securities Exchange, Tokyo International Financial Futures Exchange, Tokyo

Stock Exchange5.6. Canada: Montreal Exchange, Toronto Futures Exchange5.7. Korea: Korea Exchange (KRX)5.8. Mexico: Mercado Mexicano de Derivados5.9. New Zealand: New Zealand Futures & Options Exchange5.10. Philippines: Manila International Futures Exchange5.11. Singapore: The Singapore Exchange Limited (SGX)5.12. Slovakia: RM System Slovakia5.13. South Africa: Johannesburg Stock Exchange (JSE), South African Futures Exchange (SAFEX)5.14. Switzerland: EUREX5.15. Turkey: TurkDEX5.16. USA: 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)

*) To open the list, click “view all”. [The list can be found on the FMA’s web site by going to: http://www.fma.gv.at/de/unternehmen/boerse-wertpapierhandel/boerse.html

– scroll down – link to “Liste der geregelten Märkte (MiFID Database; ESMA)” – “view all”]

Unless indicated otherwise, source: ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H. Our languages of communication are German and English. Both the full prospectus and the simplified prospectus as well as the Key Investor Information (and any applicable changes to these documents) were published in Amtsblatt zur Wiener Zeitung in accordance with the provisions of the InvFG 2011 in the currently amended version and are available for free at the domicile of the Investment Firm and at the head office of the custodian bank. The exact date of the most recent publication, the languages in which the simplified prospectus and the Key Investor Information are available, and any additional locations where the documents can be obtained can be viewed on the web site www.erste-am.at.

www.erste-am.comwww.erste-am.at

Note regarding the data used

The sections Income Statement and Changes in Fund Assets, Fund Portfolio, and Tax Treatment in this annual report were prepared on the basis of data from the custodian bank for the Fund.

The data and information provided by the custodian bank were collected with the greatest possible care and were checked solely for plausibility.

Documents

ESPA STOCK COMMODITIES - Hozam Plaza · strategy to account for the changed conditions and a generally lower price level. Portfolio ESPA STOCK COMMODITIES was ... Chevron, BASF, Schlumberger