ABSALON - fondsvermittlung24.de€¦ · ABSALON - EM Corporate Debt 0,68 0,84 0,78 ABSALON - Global High Yield 0,89 1,34 1,10 The average net leverage is shown below: Sub-fund Average

Semi-Annual Report

as of June 30, 2016

ABSALON

Société d’Investissement à Capital Variable

R.C.S. Luxembourg B 195.023

Administrative Agent:

ABSALON

Table of Contents

Organisation 3

Report of the Board of Directors 4

Techniques of Efficient Portfolio Management 4

Risk Management 5

Combined Statement of Net Assets 6

ABSALON - EM Corporate Debt

Fund Structure 7

Statement of Net Assets 8 - 12

Statement of Forward Transactions 13

Statement of Future Transactions 13

Statistical Information 14 - 15

ABSALON - Global High Yield

Fund Structure 16

Statement of Net Assets 17 - 21

Statement of Forward Transactions 22

Statement of Future Transactions 22

Statistical Information 23 - 24

Notes to the Financial Statements 25 - 28

2

ABSALON

Organisation

Registered Office Custodian, Registrar and Transfer Agent

ABSALON BROWN BROTHERS HARRIMAN (Luxembourg) S.C.A.

R.C.S. Lux B 195.023 80, route d'Esch, L - 1470 Luxembourg

15, rue de Flaxweiler, L - 6776 Grevenmacher

Distributor

Board of Directors

Absalon Capital Fondsmæglerselskab A/S

Søren Rytoft Tuborg Havnevej 19, DK - 2900 Hellerup

Chairman of the Board

Head of International Business, Absalon Capital Fondsmæglerselskab A/S

Paying Agent

Jens Philip Hage

Member of the Board BROWN BROTHERS HARRIMAN (Luxembourg) S.C.A.

Director Sales, Absalon Capital Fondsmæglerselskab A/S 80, route d'Esch, L - 1470 Luxembourg

Daniel Flück

Member of the Board Investment Manager

Head of Sales & Business Development, Universal-Investment-Luxembourg S.A.

Absalon Capital Fondsmæglerselskab A/S

Tuborg Havnevej 19, DK - 2900 Hellerup

Management Company, Domicilary and Corporate Agent

Universal-Investment-Luxembourg S.A. Auditor

R.C.S. Lux B 75.014

15, rue de Flaxweiler, L - 6776 Grevenmacher KPMG Luxembourg, Société coopérative

Cabinet de révision agréé

39, avenue John F. Kennedy, L - 1855 Luxembourg

3

ABSALON

Share class ISIN Net asset value in currency Performance of

the share price in %

ABSALON - EM Corporate Debt-R EUR LU1138630725 2.589.576,03 9,72

ABSALON - EM Corporate Debt-I EUR LU1138630998 56.143.398,25 10,07

ABSALON - Global H.YLD.-R EUR LU1138630139 2.357.908,04 4,60

ABSALON - Global H.YLD.-I EUR LU1138630212 54.565.101,08 4,93

Sub-fund Exposure in %

ABSALON - EM Corporate Debt 85,49

ABSALON - Global High Yield 88,64

As at June 30, 2016, the net assets and the performance of the share price of the sub-funds during the reporting period from January 1, 2016 until June 30, 2016 were as follows:

Techniques of Efficient Portfolio Management

The sub-funds may employ techniques and instruments relating for hedging and efficient portfolio management purposes and financial derivative instruments for hedging and efficient portfolio management and investment purposes as detailed in

the prospectus.

The exposure of derivatives used subdivided by applied techniques for the reporting period is shown in below mentioned table for OTC-derivatives.

The exposure results from the average of the daily exposure of the sub-fund in relation to the net assets of the sub-fund on the respective day.

Report of the Board of Directors

Dear Shareholders,

we hereby present to you the semi-annual report of ABSALON, together with its sub-funds ABSALON - EM Corporate Debt and ABSALON - Global High Yield.

ABSALON is organised in Luxembourg as a société d’investissement à capital variable ("SICAV") and qualifies as a collective investment undertaking under Part I of the Luxembourg law of December 17, 2010. The company qualifies as an

undertaking for collective investment in transferable securities under article 1(2) of the Directive 2009/65/EC and may therefore be offered for sale in any EU Member State, subject to registration.

The company was established on February 27, 2015 for an indefinite duration.

The company is presently structured as an umbrella fund.

4

ABSALON

Sub-fund Derivative-free reference portfolio

ABSALON - EM Corporate Debt 70% Merrill Lynch Global High Yield Index (USD); 30% JP Morgan Emerging Markets Bond Index Global Diversified (USD)

ABSALON - Global High Yield 100% JP Morgan Emerging Markets Bond Index Global Diversified (USD)

Sub-fund Minimum Maximum Average

ABSALON - EM Corporate Debt 0,68 0,84 0,78

ABSALON - Global High Yield 0,89 1,34 1,10

The average net leverage is shown below:

Sub-fund Average net leverage in %


ABSALON - Global High Yield 198,82

During the period from January 1, 2016 until June 30, 2016 the relative VaR method has been used for monitoring and measuring the global risk associated with derivatives.

The following sub-fund’s VaR ratios have been calculated daily using historical simulation based on these figures: 99% confidence level, 1-day holding period and 1-year observation period:

Risk Management

5

ABSALON

Combined Statement of Net Assets as of June 30, 2016

Market Value

in EUR

%

of Fund Assets *)

Assets

Portfolio at market value 110.697.003,44 95,71

Derivatives -795.220,89 -0,69

Cash at bank 4.155.866,54 3,59

Interest receivables 2.010.210,82 1,74

Total Assets 116.067.859,91 100,36

Liabilities

Loan Liabilities -46.430,65 -0,04

Management Company fee payable -307.028,43 -0,27

Custodian Bank fee payable -15.000,00 -0,01

Custody service expenses payable -7.500,00 -0,01

Audit fee payable -11.250,00 -0,01

Other payables -24.667,43 -0,02

Total Liabilities -411.876,51 -0,36

Total Net Assets as of June 30, 2016 115.655.983,40 100,00

*) There might be small differences due to rounding.

The Combined Statement of Net Assets and the Combined Statement of Changes in Net Assets are the sum of the Statements of each sub-

fund.

The accompanying notes form an integral part of the semi-annual report. 6


Fund structure as at 30/06/2016

Investment Focus

Market Value

in EUR

%

of fund assets *)

I. Assets 58.934.282,52 100,34

1. Bonds 56.108.081,96 95,53

2. Derivatives -569.843,18 -0,97

3. Bank balances 2.550.763,62 4,34

4. Other Assets 845.280,12 1,44

II. Liabilities -201.308,24 -0,34

III. Fund Assets 58.732.974,28 100,00




Statement of Net Assets as at 30/06/2016

Description ISIN Shares / Holdings Currency Price Market Value %

% in 1,000 30/06/2016 in EUR of the Fund-

assets *)

Portfolio holdings EUR 56.108.081,96 95,53

Exchange-traded securities EUR 24.135.333,11 41,09

Interest-bearing securities EUR 24.135.333,11 41,09

1,8750 % Ceske Drahy AS EO-Notes 2016(23) XS1415366720 % 1.400 EUR 100,680 1.409.520,00 2,40

1,7500 % Emirates NBD PJSC EO-Medium-Term Notes 2015(22) XS1207079499 % 900 EUR 99,444 894.996,00 1,52

5,1800 % BW Offshore Ltd. NK-FLR Notes 2013(13/20-20) NO0010673841 % 4.000 NOK 74,671 321.359,10 0,55


9,4000 % Black Earth Farming Ltd. SK-Bonds 2013(17) SE0005472024 % 1.000 SEK 98,313 104.463,83 0,18

7,2500 % 361 Degrees International Ltd DL-Notes 2016(19/21) XS1415758991 % 900 USD 103,530 838.827,87 1,43

6,9500 % Alam Synergy Pte. Ltd. DL-Notes 2013(13/20) Reg.S USY00371AA53 % 500 USD 98,359 442.739,47 0,75

6,5000 % AngloGold Ashanti Holdings PLC DL-Notes 2010(10/40) US03512TAB70 % 1.050 USD 97,892 925.338,49 1,58

8,5000 % AngloGold Ashanti Holdings PLC DL-Notes 2013(13/20) US03512TAD37 % 200 USD 107,001 192.655,74 0,33

6,8750 % Ausdrill Finance Pty Ltd. DL-Notes 2012(12/19) Reg.S USQ0700QAA50 % 550 USD 90,875 449.957,24 0,77

5,1250 % Bharti Airtel Intl (NL) B.V. DL-Notes 2013(13/23) Reg.S USN1384FAA32 % 600 USD 108,677 587.020,17 1,00

3,8750 % BOC Aviation Ltd. DL-Med.-T.Nts 2016(26/26)Reg.S US09681MAB46 % 700 USD 103,254 650.683,65 1,11

7,1250 % Braskem America Finance Co. DL-Notes 2011(11/41) Reg.S USU1065PAA94 % 700 USD 94,931 598.232,81 1,02

5,7500 % Braskem Finance Ltd. DL-Notes 2011(11/21) Reg.S USG1315RAD38 % 500 USD 101,128 455.203,46 0,78

8,7500 % DNO ASA DL-Notes 2015(17/20) NO0010740392 % 1.300 USD 81,000 947.965,43 1,61

6,8500 % DP World Ltd. DL-Med.-Term Nts 2007(37)Reg.S XS0308427581 % 700 USD 108,782 685.518,55 1,17

5,7500 % ESKOM Holdings SOC Limited DL-Bonds 2011(11/21) Reg.S XS0579851949 % 600 USD 99,105 535.316,89 0,91

5,2500 % Geely Automobile Holdings Ltd. DL-Notes 2014(17/19) Reg.S USG3777BAB92 % 700 USD 104,962 661.445,80 1,13

7,5000 % Genel Energy Finance PLC DL-Notes 2014(16/19) NO0010710882 % 600 USD 75,602 408.365,14 0,70

6,7500 % Georgian Oil & Gas Corp. DL-Notes 2016(21) Reg.S XS1319820384 % 200 USD 103,948 187.158,80 0,32

4,8750 % Gold Fields Orogen Hldg. Ltd. DL-Notes 2010(20) Reg.S XS0547082973 % 900 USD 99,313 804.656,55 1,37

4,6250 % Golden Eagle Retail Group Ltd. DL-Notes 2013(23) Reg.S USG3958RAB53 % 900 USD 83,959 680.258,37 1,16

5,5000 % Gruposura Finance DL-Notes 2016(16/26) Reg.S USG42036AB25 % 650 USD 104,309 610.378,56 1,04

6,2500 % Hengdeli Holdings Ltd. DL-Bonds 2013(13/18) XS0875312364 % 1.155 USD 101,125 1.051.488,79 1,79

5,8750 % Hrvatska Elektroprivreda d.d. DL-Notes 2015(22) Reg.S XS1309493630 % 750 USD 105,230 710.501,44 1,21

2,6250 % Hyundai Capital Services Inc. DL-Notes 2015(20) Reg.S USY3815NAU55 % 700 USD 101,729 641.072,20 1,09

7,5000 % Jababeka International B.V. DL-Notes 2014(17/19) Reg.S USN4717BAC02 % 700 USD 105,407 664.250,09 1,13

7,7500 % Minerva Luxembourg S.A. DL-Notes 2013(13/23) Reg.S USL6401PAC79 % 850 USD 102,508 784.405,83 1,34

6,2500 % Pratama Agung Pte. Ltd. DL-Notes 2015(18/20) Reg.S XS1179926750 % 500 USD 102,379 460.834,53 0,78

7,7500 % PT Gajah Tunggal DL-Notes 2013(16/18) Reg.S USY71214AA14 % 1.300 USD 78,405 917.595,43 1,56

6,0000 % PT Pertamina (Persero) DL-Notes 2012(42) Reg.S USY7138AAD29 % 700 USD 101,508 639.679,51 1,09

3,5000 % RH Intl (SG) Corp. Pte Ltd. DL-Medium-Term Notes 2014(19) XS1063215310 % 580 USD 103,309 539.424,02 0,92

5,9000 % Steel Capital S.A. DL-LP MTN12(22)SeverStal Reg.S XS0841671000 % 400 USD 107,826 388.282,32 0,66

5,7500 % Tata Motors Ltd. DL-Notes 2014(24) XS1121908211 % 700 USD 105,903 667.375,77 1,14






assets *)

7,0000 % Theta Capital Pte Ltd. DL-Notes 2014(18/22) XS1054375446 % 400 USD 103,688 373.381,35 0,64

9,0000 % TiZir Ltd. DL-Notes 2012(17) NO0010660400 % 600 USD 79,500 429.420,24 0,73

4,0000 % Transnet SOC Ltd. DL-Med.-Term Nts 2012(22)Reg.S XS0809571739 % 500 USD 95,537 430.036,91 0,73

4,1250 % Tupras Turkiye Petrol Rafin.AS DL-Notes 2012(18) Reg.S XS0849020556 % 900 USD 101,520 822.542,31 1,40

6,0000 % Vedanta Resources PLC DL-Bonds 2013(19) Reg.S USG9328DAH38 % 1.000 USD 85,801 772.425,28 1,32

Securities admitted to or included in organised markets EUR 30.870.870,47 52,56


3,8750 % Arcelik A.S. EO-Notes 2014(21) XS1109959467 % 600 EUR 103,687 622.122,00 1,06

2,7500 % BRF S.A. EO-Notes 2015(15/22) Reg.S XS1242327168 % 700 EUR 98,633 690.431,00 1,18

6,2770 % C10-EUR Capital SPV Ltd. EO-FLR Bonds 2007(17/Und.) XS0300179198 % 1.111 EUR 79,150 879.356,50 1,50

1,6250 % Famous Kind International Ltd. EO-Medium-Term Notes 2015(18) XS1225365482 % 500 EUR 99,208 496.040,00 0,84

3,7500 % Petróleos Mexicanos (PEMEX) EO-Med.-Term Notes 2016(16/19) XS1379157404 % 500 EUR 104,607 523.035,00 0,89

3,5000 % Votorantim Cimentos S.A. EO-Notes 2015(15/22) Reg.S XS1232126810 % 900 EUR 87,231 785.079,00 1,34

6,4500 % América Móvil S.A.B. de C.V. MN-Notes 2012(22) XS0860706935 % 12.000 MXN 96,100 562.797,39 0,96

6,8750 % ACI Airport SudAmericaS.A. DL-Notes 2015(15/16-32) Reg.S USE0351QAA07 % 850 USD 89,500 684.010,68 1,16

9,2500 % Aeropuertos Dom.Siglo XXI S.A. DL-Notes 2012(12/19) Reg.S USP0100VAA19 % 500 USD 106,812 480.788,62 0,82

7,7500 % ALROSA Finance S.A. DL-Notes 2010(20) Reg.S XS0555493203 % 700 USD 114,385 720.827,33 1,23

8,7500 % Alternatifbank AS DL-FLR Notes 2016(21/26) XS1396282177 % 700 USD 104,405 657.935,72 1,12

3,3750 % Anadolu Efes Birac.M.ve G.S.AS DL-Bonds 2012(22) Reg.S XS0848940523 % 1.000 USD 90,530 814.998,20 1,39

3,9500 % BRF S.A. DL-Notes 2013(13/23) Reg.S USP1905CAD22 % 600 USD 97,257 525.334,89 0,89

6,5000 % Cablevision S.A. DL- Notes 2016(16/21) Reg.S USP19157AR03 % 350 USD 102,095 321.689,32 0,55

4,8750 % Cencosud S.A. DL-Notes 2012(12/23) REGS USP2205JAH34 % 800 USD 102,810 740.439,32 1,26

4,6250 % Corporación Lindley S.A. DL-Notes 2013(13/21-23) Reg.S USP31442AC34 % 44 USD 103,018 40.806,55 0,07

5,1250 % EuroChem Global Invest. Ltd. DL-Loan Part.Nts12(17)EuroChem XS0863583281 % 650 USD 103,233 604.082,19 1,03

6,7500 % Evraz Group S.A. DL-Notes 2016(22) XS1405775377 % 1.200 USD 101,762 1.099.337,41 1,87

7,5000 % Geopark Lat.Am.Ltd Ag.en Chile DL-Notes 2013(13/20) Reg.S USP4833JAA45 % 700 USD 78,500 494.688,51 0,84

8,1250 % Global Liman Isletmeleri A.S. DL-Bonds 2014(18/21) Reg.S XS1132825099 % 800 USD 93,476 673.215,70 1,15

6,8720 % Global Ports Finance PLC DL-Notes 2016(16/22) Reg.S XS1319813769 % 1.100 USD 103,777 1.027.680,05 1,75

7,2500 % Grupo Elektra S.A.B. de C.V. DL-Notes 2011(11/18) Reg.S XS0655700762 % 500 USD 99,813 449.282,05 0,76

6,2500 % Grupo Kuo S.A.B. de C.V. DL-Notes 2012(12/22) 144A US40052CAB28 % 500 USD 101,041 454.811,85 0,77

7,8750 % Grupo Posadas S.A. de C.V. DL-Notes 2015(15/22) Reg.S USP4983GAQ30 % 500 USD 101,688 457.724,16 0,78

7,2500 % GTH Finance B.V. DL-Notes 2016(23/23) Reg.S XS1400710726 % 500 USD 104,457 470.188,15 0,80

5,8930 % GTL Trade Fin.Inc./Gerdau Hldg DL-Bonds 2014(14/24) Reg.S USG24422AA83 % 300 USD 88,844 239.945,98 0,41

7,2500 % GTL Trade Finance Inc. DL-Bonds 2014(43/44) Reg.S USG2440JAG07 % 750 USD 84,389 569.785,29 0,97

8,3750 % Helios Towers Fin.Netherl.B.V. DL-Notes 2014(14/19) XS1081230879 % 400 USD 94,813 341.422,40 0,58

4,5000 % Inversiones CMPC S.A. (KY Br.) DL-Notes 2012(12/22) Reg.S USP58073AA84 % 500 USD 104,442 470.120,63 0,80

6,8750 % Marfrig Holding Europe B.V. DL-Notes 2014(17/19) Reg.S USN54468AD05 % 1.200 USD 100,119 1.081.588,04 1,84






assets *)

4,8750 % Mexichem S.A.B. de C.V. DL-Notes 2012(12/22) Reg.S USP57908AD01 % 500 USD 105,698 475.774,22 0,81

5,8750 % Mexichem S.A.B. de C.V. DL-Notes 2014(14/44) Reg.S USP57908AF58 % 700 USD 92,068 580.190,85 0,99

4,7500 % Millicom Intl Cellular S.A. DL-Notes 2013(13/20) Reg.S XS0921332069 % 300 USD 100,763 272.136,30 0,46

5,5000 % Nemak S.A.B. de C.V. DL-Notes 2013(13/23) Reg.S USP9084BAD03 % 700 USD 103,788 654.047,53 1,11

5,8750 % Nexteer Automotive Group Ltd. DL-Notes 2014(14/21) Reg.S USG6501MAA39 % 700 USD 101,000 636.478,21 1,08

6,3500 % Odebrecht D.Norbe VIII/IX Ltd. DL-Notes 2010(10/11-21) Reg.S USG67106AA51 % 400 USD 28,786 81.372,02 0,14

5,3750 % Pacific Exploration&Prod.Corp. DL-Notes 2013(13/19) Reg.S USC71058AD08 % 500 USD 19,001 85.528,45 0,15

4,2040 % PhosAgro Bond Funding Ltd. DL-Ln Pt.Nts 13(18)Phos.Reg.S XS0888245122 % 700 USD 102,494 645.893,05 1,10

7,5000 % Sappi Papier Holding GmbH DL-Notes 2002(02/32) Reg.S XS0149581935 % 200 USD 90,688 163.284,12 0,28

5,3750 % SCF Capital Ltd. DL-Notes 2016(23) Reg.S XS1433454243 % 1.200 USD 101,369 1.095.091,83 1,86

6,6250 % SeaDrill Ltd. DL-Notes 2013(13/20) Reg.S USG7945EAN51 % 400 USD 43,000 154.843,36 0,26

9,8750 % Serv. Corpor. Javer SAPI de CV DL-Notes 2011(11/21) Reg.S USP8585LAC65 % 594 USD 104,175 557.075,53 0,95

4,1250 % Sigma Alimentos S.A. DL-Notes 2016(16/26) Reg.S USP8674JAE93 % 650 USD 101,157 591.934,19 1,01

8,2500 % SixSigma Networks Méx.SA d.CV DL-Notes 2014(17/21) Reg.S USP8704LAA63 % 500 USD 99,373 447.303,75 0,76

3,8750 % Southern Copper Corp. DL-Notes 2015(15/25) US84265VAH87 % 200 USD 99,127 178.478,57 0,30

5,8750 % Suzano Trading Ltd. DL-Notes 2010(21) Reg.S USG8600UAA19 % 300 USD 103,910 280.635,58 0,48

6,7500 % Telefónica Cel.d. Paraguay SA DL-Notes 2012(12/22) Reg.S USP90475AA57 % 650 USD 100,938 590.649,76 1,01

8,6250 % Topaz Marine S.A. DL-Notes 2013(13/18) Reg.S USL90608AA56 % 600 USD 94,993 513.105,87 0,87

6,6250 % Tupy Overseas S.A. DL-Notes 2014(19/24) Reg.S USL9326VAA46 % 1.000 USD 94,854 853.925,10 1,45

4,8750 % Turk Telekomunikasyon AS DL-Bonds 2014(24) Reg.S XS1028951264 % 900 USD 100,226 812.057,98 1,38

4,2500 % Türkiye Sise ve Cam Fabri.A.S. DL-Bonds 2013(20) Reg.S XS0927634807 % 700 USD 100,689 634.518,37 1,08

7,6250 % TV Azteca S.A.B. de C.V. DL-Med.-Term Nts13(17/20)Reg.S XS0972684954 % 1.250 USD 62,582 704.244,69 1,20

5,3750 % Volcan Compania Minera S.A.A. DL-Notes 2012(12/22) Reg.S USP98047AA42 % 1.050 USD 90,357 854.112,80 1,45

7,1250 % Zhaikmunai LLP DL-Notes 2012(16/19) Reg.S USN97716AA72 % 1.300 USD 87,892 1.028.624,41 1,75

New issue EUR 643.561,40 1,10

admission to stock exchange EUR 643.561,40 1,10

Interest-bearing securities EUR 643.561,40 1,10

8,2500 % Golden Legacy Pte Ltd. DL-Notes 2016(16/21) Reg.S USY2749KAB62 % 700 USD 102,124 643.561,40 1,10






assets *)

Unlisted securities EUR 458.316,98 0,78


0,0000 % Ceagro Agricola Ltd. DL-Notes 2010(16) Reg.S USP3465UAA62 % 500 USD 3,257 14.661,51 0,02

7,5000 % Evraz Inc. NA Canada DL-Notes 2014(14/19) Reg.S USC33378AA53 % 500 USD 98,563 443.655,47 0,76

Total securities EUR 56.108.081,96 95,53

Derivatives EUR -569.843,18 -0,97

Bank balances, non-securitised money market instruments and money market funds EUR 2.569.262,72 4,37

Bank balances EUR 2.569.262,72 4,37

Balances with Brown Brothers Harriman Trust Co. [Cayman] Ltd. (G)

deposits callable prior to maturity

1.103,28 CHF 1.019,57 0,00

153.002,33 NOK 16.461,78 0,03

16.935,73 SEK 1.799,53 0,00

Balances with Brown Brothers Harriman (Luxembourg) S.C.A. (G)

Balances in non-EU/EEA currencies

393.450,00 MXN 19.201,58 0,03

2.343,60 USD 2.109,83 0,00

Balances with Santander (GD) DE


54.727,50 EUR 54.727,50 0,09

2.511.670,57 USD 2.261.136,63 3,85

Balances with JP Morgan Securities plc (G) London

Balances in the Fund currency

35.299,69 EUR 35.299,69 0,06


40.500,00 USD 36.460,21 0,06

Balances with Brown Brothers Harriman (Luxembourg) S.C.A.


42.300,00 EUR 42.300,00 0,07


109.687,50 USD 98.746,40 0,17






assets *)

Other Assets EUR 845.280,12 1,44

Interest receivables 838.260,12 EUR 838.260,12 1,43

Incorporation Expenses 7.020,00 EUR 7.020,00 0,01

Loan liabilities EUR -18.499,10 -0,03

EUR - loans -18.499,10 EUR -18.499,10 -0,03

Liabilities EUR -201.308,24 -0,34

Management fee payable -172.360,27 EUR -172.360,27 -0,29

Custodian Bank fee payable -7.500,00 EUR -7.500,00 -0,01

Custody service expenses -3.750,00 EUR -3.750,00 -0,01

Audit fee payable -5.500,00 EUR -5.500,00 -0,01

Other payables -11.627,59 EUR -11.627,59 -0,02

Set up fee -570,38 EUR -570,38 0,00

Total net assets EUR 58.732.974,28 100,00

ABSALON-EM Corporate Debt-R EUR

Net Asset Value per share EUR 104,40

Subscription price EUR 104,40

Redemption price EUR 104,40

Number of shares in circulation shares 24.805,475

ABSALON-EM Corporate Debt-I EUR

Net Asset Value per share EUR 10.581,53

Subscription price EUR 10.581,53

Redemption price EUR 10.581,53





Derivatives as at 30/06/2016

Statement of Forward Transactions as of June 30, 2016

Ccy Amount Ccy Amount Commitment in EUR Maturity Unrealised profit/ loss in EUR Counterparty

Sell USD -47.801.662,50 Buy EUR 42.585.000,00 43.033.545,64 20/07/2016 -428.796,78 Brown Brothers Harriman & Co. New York

Total -428.796,78

Statement of Future Transactions as of June 30, 2016

Contract Description Maturity Number Ccy Cost price Market price Unrealised profit/loss Commitment in EUR

in Ccy in Ccy in EUR

FUTURE 10Y TREASURY NOTE (SYNTH.) 09.16 CBOT 21/09/2016 -30 USD 129,3256 132,9844 -98.746,40 3.591.583,90

FUTURE EURO-BOBL 09.16 EUREX 08/09/2016 -30 EUR 132,1880 133,6000 -42.300,00 4.008.000,00

Total -141.046,40

Total Derivatives -569.843,18



ABSALON-EM Corporate Debt-R EUR

Statistical information

Financial year Number of shares outstanding Total net assets Net Asset Value per share

31/12/2015 *) Shares 24.805,475 EUR 2.360.210,64 EUR 95,15

30/06/2016 Shares 24.805,475 EUR 2.589.576,03 EUR 104,40

*) Inception: 04/03/2015

Changes in the number of shares outstanding Shares

Number of shares outstanding at the beginning of the period 24.805,475

Number of shares issued 0,000

Number of shares redeemed 0,000

Number of shares outstanding at the end of the period 24.805,475



ABSALON-EM Corporate Debt-I EUR



31/12/2015 *) Shares 5.305,794 EUR 51.008.324,23 EUR 9.613,70

30/06/2016 Shares 5.305,794 EUR 56.143.398,25 EUR 10.581,53

*) Inception: 04/03/2015








Fund structure as at 30/06/2016

Investment Focus

Market Value

in EUR

%

of fund assets *)

I. Assets 57.087.146,74 100,29

1. Bonds 54.588.921,48 95,90

2. Derivatives -225.377,71 -0,40

3. Bank balances 1.558.672,27 2,74

4. Other Assets 1.164.930,70 2,04

II. Liabilities -164.137,62 -0,29

III. Fund Assets 56.923.009,12 100,00







assets *)

Portfolio holdings EUR 54.588.921,48 95,90

Exchange-traded securities EUR 32.734.869,31 57,51


6,2500 % Air France-KLM S.A. EO-FLR Notes 2015(20/Und.) FR0012650281 % 300 EUR 96,797 290.391,00 0,51

6,5000 % Barclays PLC EO-FLR Securities 14(19/Und.) XS1068574828 % 1.000 EUR 88,921 889.210,00 1,56

4,8750 % Eurofins Scientific S.E. EO-FLR Notes 2015(23/Und.) XS1224953882 % 600 EUR 99,434 596.604,00 1,05

3,3750 % Gas Natural Fenosa Finance BV EO-FLR Sec. 15(24/Und.) Reg.S XS1224710399 % 700 EUR 89,451 626.157,00 1,10

6,3750 % Groupama S.A. EO-FLR Notes 2014(24/Und.) FR0011896513 % 1.100 EUR 88,506 973.566,00 1,71

7,0000 % Intesa Sanpaolo S.p.A. EO-FLR Notes 2016(21/Und.) XS1346815787 % 800 EUR 93,526 748.208,00 1,31

5,6250 % KBC Groep N.V. EO-FLR Notes 2014(19/UND.) BE0002463389 % 500 EUR 94,938 474.690,00 0,83

6,2500 % OMV AG EO-FLR Notes 2015(25/Und.) XS1294343337 % 1.000 EUR 105,280 1.052.800,00 1,85

7,8750 % Origin Energy Finance Ltd. EO-FLR Capit. Secs 2011(18/71) XS0615236774 % 1.150 EUR 98,354 1.131.071,00 1,99

7,2500 % Outokumpu Oyj EO-Notes 2016(16/21) FI4000210646 % 700 EUR 99,938 699.566,00 1,23

4,5000 % Repsol Intl Finance B.V. EO-FLR Securities 2015(25/75) XS1207058733 % 1.000 EUR 85,304 853.040,00 1,50

8,2500 % Santos Finance Ltd. EO-FLR Notes 2010(17/70) XS0543710395 % 1.100 EUR 101,563 1.117.193,00 1,96

4,6250 % SES S.A. EO-FLR Notes 2016(22/Und.) XS1405777746 % 500 EUR 99,500 497.500,00 0,87

6,7500 % Société Générale S.A. EO-FLR Med.-T. Nts 14(21/Und.) XS0867620725 % 1.100 EUR 94,835 1.043.185,00 1,83

5,8750 % Telefónica Europe B.V. EO-FLR Secs 2014(24/Und.) XS1050461034 % 600 EUR 102,326 613.956,00 1,08

6,7500 % UniCredit S.p.A. EO-FLR Notes 2014(21/Und.) XS1107890847 % 1.000 EUR 81,195 811.950,00 1,43

3,0000 % Vattenfall AB EO-FLR Cap. Secs 2015(27/77) XS1205618470 % 400 EUR 82,227 328.908,00 0,58

4,8500 % Volvo Treasury AB EO-FLR Capit. Secs 2014(23/78) XS1150695192 % 800 EUR 100,578 804.624,00 1,41

6,4160 % Assicurazioni Generali S.p.A. LS-FLR Notes 2007(22/Und.) XS0283627908 % 700 GBP 96,358 811.875,30 1,43

6,0000 % Electricité de France (E.D.F.) LS-FLR Med.-T. Nts 13(26/Und.) FR0011401728 % 1.300 GBP 90,617 1.417.935,72 2,49

6,8750 % Nationwide Building Society LS-FLR MTN 2014(19/Und.) XS1043181269 % 250 GBP 93,793 282.237,00 0,50

7,8750 % Old Mutual PLC LS-Medium-Term Notes 2015(25) XS1312138750 % 800 GBP 102,682 988.753,01 1,74

6,6250 % PGH Capital Ltd. LS-Bonds 2015(25) XS1171593293 % 300 GBP 96,617 348.881,80 0,61

7,0000 % RWE AG FLR-Nachr.Anl.12(19/unb.)Reg.S XS0652913988 % 100 GBP 98,288 118.305,25 0,21


8,0000 % ArcelorMittal S.A. DL-Notes 2009(09/39) US03938LAP94 % 650 USD 97,616 571.213,54 1,00

7,7500 % ArcelorMittal S.A. DL-Notes 2011(11/41) US03938LAS34 % 400 USD 94,625 340.745,41 0,60

6,8750 % Ausdrill Finance Pty Ltd. DL-Notes 2012(12/19) Reg.S USQ0700QAA50 % 900 USD 90,875 736.293,66 1,29

10,0000 % Bluewater Holding B.V. DL-Bonds 2013(13/19) NO0010697485 % 1.000 USD 45,250 407.364,06 0,72

7,3750 % BNP Paribas S.A. DL-FLR Nts 2015(25/Und.) Reg.S USF1R15XK367 % 1.100 USD 98,008 970.550,95 1,71

7,1250 % Braskem America Finance Co. DL-Notes 2011(11/41) Reg.S USU1065PAA94 % 1.700 USD 94,931 1.452.851,10 2,55

7,6000 % CenturyLink Inc. DL-Notes 2009(09/39) Ser.P US156700AM80 % 300 USD 84,181 227.352,36 0,40

7,8750 % Crédit Agricole S.A. DL-FLR Nts 2014(24/Und.) Reg.S USF22797RT78 % 1.200 USD 96,131 1.038.505,58 1,82

6,2500 % Credit Suisse Group AG DL-Var.Hybranl.14(24/Und)Reg.S XS1076957700 % 1.250 USD 94,434 1.062.680,05 1,87






assets *)

8,7500 % DNO ASA DL-Notes 2015(17/20) NO0010740392 % 1.600 USD 81,000 1.166.726,68 2,05

9,0000 % Frontier Communications Corp. DL-Notes 2001(01/31) US17453BAJ08 % 1.340 USD 87,684 1.057.765,21 1,86

7,3750 % Meccanica Holdings USA Inc. DL-Notes 2009(09/39) Reg.S USU58200AB97 % 1.100 USD 106,000 1.049.693,91 1,84

8,7500 % Minerva Luxembourg S.A. DL-FLR Notes2014(19/UND.)Reg.S USL6401PAD52 % 1.000 USD 100,484 904.609,29 1,59

6,6250 % Nokia Corp. DL-Notes 2009(09/39) US654902AC90 % 600 USD 107,149 578.766,65 1,02

7,2500 % Petrobras Global Finance B.V. DL-Notes 2014(14/44) US71647NAK54 % 500 USD 82,529 371.484,52 0,65

8,3750 % Petrobras Global Finance B.V. DL-Notes 2016(16/21) US71647NAP42 % 200 USD 103,210 185.830,03 0,33

6,6250 % RWE AG FLR-Nachr.-Anl. v.15(26/75) XS1254119750 % 1.000 USD 93,330 840.205,26 1,48

6,5000 % Transocean Inc. DL-Notes 2010(10/20) US893830AY53 % 300 USD 88,900 240.097,23 0,42

6,8750 % UBS Group AG DL-FLR Bonds 2016(21/Und.) CH0317921697 % 800 USD 98,105 706.553,84 1,24

7,1250 % Vedanta Resources PLC DL-Notes 2013(23) Reg.S USG9328DAJ93 % 1.400 USD 73,750 929.510,26 1,63

Securities admitted to or included in organised markets EUR 20.809.398,07 36,56


7,0000 % Abengoa Finance S.A.U. EO-Notes 2015(20) Reg.S XS1219438592 % 1.500 EUR 4,721 70.815,00 0,12

8,8750 % Banco Bilbao Vizcaya Argent. EO-FLR Bond 2016(21/Und.) XS1394911496 % 1.000 EUR 99,244 992.440,00 1,74

7,3750 % Bank of Ireland (The Gov.&Co.) EO-FLR Notes 2015(20/Und.) XS1248345461 % 1.000 EUR 93,127 931.270,00 1,64

11,5000 % Bco Pop. Esp. SA (POPULARBAN) EO-FLR Notes 2013(18/Und.) XS0979444402 % 600 EUR 99,661 597.966,00 1,05

7,5000 % C.M.C di Ravenna S.C. EO-Notes 2014(14/21) Reg.S XS1088811432 % 400 EUR 83,686 334.744,00 0,59

6,2770 % C10-EUR Capital SPV Ltd. EO-FLR Bonds 2007(17/Und.) XS0300179198 % 900 EUR 79,150 712.350,00 1,25

6,6250 % Coöperatieve Rabobank U.A. EO-FLR Cap.Sec.2016(21/Und.) XS1400626690 % 200 EUR 100,952 201.904,00 0,35

11,7500 % Corral Petroleum Holdings AB EO-Notes 2016(19/21) Reg.S XS1400707771 % 1.100 EUR 94,985 1.044.835,00 1,84

8,8750 % Erste Group Bank AG EO-FLR Med.-T. Nts 16(21/Und.) XS1425367494 % 1.000 EUR 97,780 977.800,00 1,72

6,6250 % Grupo Isolux Corsan Fin. B.V. EO-Notes 2014(17/21) Reg.S XS1046702293 % 400 EUR 17,722 70.888,80 0,12

6,3750 % Lloyds Banking Group PLC EO-FLR Notes 2014(20/Und.) XS1043545059 % 500 EUR 93,875 469.375,00 0,82

8,5000 % Nyrstar Netherlands [Hlds]B.V. EO-Notes 2014(14/19) Reg.S XS1107268135 % 300 EUR 100,968 302.904,00 0,53

8,5000 % Rain CII Carbon LLC/Carbon C. EO-Notes 2012(16/21) Reg.S XS0867945197 % 500 EUR 77,000 385.000,00 0,68

10,5000 % Waste Italia S.p.A. EO-Notes 2014(14/19) Reg.S XS1139056037 % 900 EUR 30,625 275.625,00 0,48

6,6250 % ENEL S.p.A. LS-FLR Bonds 2014(21/76) XS1014987355 % 700 GBP 102,534 863.911,89 1,52

7,5000 % InterGen N.V. LS-Notes 2013(17/21) Reg.S XS0940701807 % 550 GBP 80,010 529.676,22 0,93

5,8006 % Tesco Property Finance 4 PLC LS-Bonds 2011(11-40) XS0588909878 % 900 GBP 94,451 1.008.754,24 1,77

6,8750 % ACI Airport SudAmericaS.A. DL-Notes 2015(15/16-32) Reg.S USE0351QAA07 % 600 USD 89,500 482.831,07 0,85

6,7220 % C10 Capital SPV Ltd. DL-FLR Debts 06(16/Und.) Reg.S USG23491AA40 % 110 USD 84,767 83.942,64 0,15

7,5000 % CenturyLink Inc. DL-Notes 2016(16/24) Ser.Y US156700BA34 % 250 USD 101,063 227.455,44 0,40

7,6500 % CenturyLink Inc. DL-Notes 2012(12/42) Ser.U US156700AT34 % 900 USD 84,688 686.160,88 1,21

7,8750 % Ensco PLC DL-Notes 2010(40) US74153QAJ13 % 1.750 USD 70,188 1.105.762,74 1,94

10,0000 % Global Ship Lease Inc. DL-Notes 2014(14/19) Reg.S USY2718TAA61 % 800 USD 88,000 633.777,46 1,11

7,2500 % GTL Trade Finance Inc. DL-Bonds 2014(43/44) Reg.S USG2440JAG07 % 1.600 USD 84,389 1.215.541,95 2,14






assets *)

7,7000 % Intesa Sanpaolo S.p.A. DL-FLR Secs 2015(25/Und.) 144A US46115HAU14 % 400 USD 87,313 314.413,04 0,55

8,2500 % Liberty Interactive LLC DL-Debts. 2000(30) US530715AJ01 % 1.100 USD 105,814 1.047.852,00 1,84

6,2500 % Meritor Inc. DL-Notes 2014(14/24) US59001KAD28 % 600 USD 85,438 461.491,72 0,81

6,9500 % Noble Holding Intern. Ltd. DL-Notes 2015(15/45) US65504LAL18 % 1.500 USD 70,732 955.149,44 1,68

7,5000 % Royal Bk of Scotld Grp PLC,The DL-FLR Nts 2015(20/Und.) US780099CJ48 % 500 USD 91,673 412.644,04 0,72

7,5000 % Sappi Papier Holding GmbH DL-Notes 2002(02/32) Reg.S XS0149581935 % 600 USD 90,688 489.852,36 0,86

7,0000 % Sprint Corp. DL-Notes 2012(12/20) US852061AR17 % 800 USD 89,188 642.329,85 1,13

7,2500 % Sprint Corp. DL-Notes 2014(14/21) US85207UAE55 % 700 USD 85,375 538.013,14 0,95

6,8750 % Titan International Inc. DL-Notes 2014(14/20) US88830MAH51 % 300 USD 85,750 231.589,85 0,41

7,5000 % Transocean Inc. DL-Notes 2001(01/31) US893830AF64 % 800 USD 66,287 477.400,07 0,84

7,7500 % Windstream Holdings Inc. DL-Notes 2011(11/21) US97381WAT18 % 500 USD 94,676 426.161,33 0,75

6,3750 % Windstream Holdings Inc. DL-Notes 2013(13/23) US97381WAZ77 % 800 USD 84,250 606.769,90 1,07

New issue EUR 388.044,00 0,68

admission to stock exchange EUR 388.044,00 0,68


8,2420 % DBB Jack-Up Services A/S EO-FLR Bonds 2015(17/16-19) NO0010751332 % 400 EUR 97,011 388.044,00 0,68

Unlisted securities EUR 656.610,10 1,15


7,5000 % Evraz Inc. NA Canada DL-Notes 2014(14/19) Reg.S USC33378AA53 % 740 USD 98,563 656.610,10 1,15

Total securities EUR 54.588.921,48 95,90






assets *)

Derivatives EUR -225.377,71 -0,40

Bank balances, non-securitised money market instruments and money market funds EUR 1.586.603,82 2,79

Bank balances EUR 1.586.603,82 2,79

Balances with Brown Brothers Harriman Trust Co. [Cayman] Ltd. (G)


1.103,28 CHF 1.019,57 0,00

364.278,96 DKK 48.964,86 0,09

24.923,61 NOK 2.681,57 0,00

1.826,59 SEK 194,09 0,00

Balances with Brown Brothers Harriman (Luxembourg) S.C.A. (G)

Balances in other EU/EEA currencies

131.916,67 GBP 158.782,70 0,28


1.953,00 USD 1.758,19 0,00

Balances with Santander (GD) DE


199.098,82 EUR 199.098,82 0,35

79.145,27 GBP 95.263,93 0,17

726.275,84 USD 653.831,33 1,15

Balances with JP Morgan Securities plc (G) London


141.233,26 EUR 141.233,26 0,25


33.750,00 USD 30.383,51 0,05

Balances with Brown Brothers Harriman (Luxembourg) S.C.A.


170.400,00 EUR 170.400,00 0,30


92.187,50 USD 82.991,99 0,15

Other Assets EUR 1.164.930,70 2,04

Interest receivables 1.157.910,70 EUR 1.157.910,70 2,03

Incorporation Expenses 7.020,00 EUR 7.020,00 0,01






assets *)

Loan liabilities EUR -27.931,55 -0,05

EUR - loans -27.931,55 EUR -27.931,55 -0,05

Liabilities EUR -164.137,62 -0,29

Management fee payable -134.668,16 EUR -134.668,16 -0,24

Custodian Bank fee payable -7.500,00 EUR -7.500,00 -0,01

Custody service expenses -3.750,00 EUR -3.750,00 -0,01

Audit fee payable -5.750,00 EUR -5.750,00 -0,01

Other payables -11.899,08 EUR -11.899,08 -0,02

Set up fee -570,38 EUR -570,38 0,00

Total net assets EUR 56.923.009,12 100,00

ABSALON - Global H.YLD.-R EUR

Net Asset Value per share EUR 95,19

Subscription price EUR 95,19

Redemption price EUR 95,19


ABSALON - Global H.YLD.-I EUR

Net Asset Value per share EUR 9.649,10

Subscription price EUR 9.649,10

Redemption price EUR 9.649,10





Derivatives as at 30/06/2016

Statement of Forward Transactions as of June 30, 2016

Ccy Amount Ccy Amount Commitment in EUR Maturity Unrealised profit/ loss in EUR Counterparty

Sell GBP -5.633.714,00 Buy EUR 7.090.000,00 6.781.071,26 20/07/2016 312.257,24 Brown Brothers Harriman & Co. New York

Buy GBP 184.392,00 Sell EUR -240.000,00 221.945,11 20/07/2016 -18.163,83 Brown Brothers Harriman & Co. New York

Sell USD -28.230.875,00 Buy EUR 25.150.000,00 25.414.903,67 20/07/2016 -253.240,32 Brown Brothers Harriman & Co. New York

Sell USD -692.167,00 Buy EUR 610.000,00 623.124,77 20/07/2016 -12.838,81 Brown Brothers Harriman & Co. New York

Total 28.014,28

Statement of Future Transactions as of June 30, 2016

Contract Description Maturity Number Ccy Cost price Market price Unrealised profit/loss Commitment in EUR

in Ccy in Ccy in EUR

FUTURE 10Y TREASURY NOTE (SYNTH.) 09.16 CBOT 21/09/2016 -25 USD 129,2944 132,9844 -82.991,99 2.992.986,59

FUTURE EURO-BOBL 09.16 EUREX 08/09/2016 -120 EUR 132,1780 133,6000 -170.400,00 16.032.000,00

Total -253.391,99

Total Derivatives -225.377,71



ABSALON - Global H.YLD.-R EUR



31/12/2015 *) Shares 24.753,475 EUR 2.252.517,91 EUR 91,00

30/06/2016 Shares 24.769,475 EUR 2.357.908,04 EUR 95,19

*) Inception: 04/03/2015








ABSALON - Global H.YLD.-I EUR



31/12/2015 *) Shares 5.794,941 EUR 53.288.395,08 EUR 9.195,68

30/06/2016 Shares 5.654,941 EUR 54.565.101,08 EUR 9.649,10

*) Inception: 04/03/2015




Number of shares redeemed -140,000



ABSALON

a.

b.

c.

d.

e.

f.

g.

The net asset value shall be determined by subtracting the total liabilities of the sub-fund or class from the total assets of such sub-fund or class in accordance with the principles laid down in the company’s articles of incorporation and in such

further valuation regulations as may be adopted from time to time by the Board of Directors.

All securities or other assets for which the valuation in accordance with the above sub-paragraphs would not be possible or practicable, or would not be representative of their fair realisation value, will be valued at their fair realisation value, as

determined in good faith and prudently pursuant to the procedures established by the Board of Directors.

Amounts determined in accordance with such valuation principles shall be translated into the currency of the sub-fund’s accounts at the respective exchange rates, using the relevant rates quoted by a bank or another first class financial institution.

2.2 Valuation of investment securities

The value of any cash in hand or on deposit, discount notes, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued and not yet received shall be deemed to be the full amount

thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such provision as the company may consider appropriate in such case to reflect the true value

thereof.

The value of all securities which are listed on an official stock exchange is determined on the basis of the last available prices. If there is more than one stock exchange on which the securities are listed, the Board of Directors may in its

discretion select the stock exchange which shall be the principal stock exchange for such purposes.

Securities traded on a regulated market are valued in the same manner as listed securities.

Securities which are not listed on an official stock exchange or traded on a regulated market shall be valued by the company in accordance with valuation principles decided by the Board of Directors, at a price no lower than the bid price and

no higher than the ask price on the relevant valuation date.

Derivatives and repurchase agreements which are not listed on an official stock exchange or traded on a regulated market shall be valued by the company in accordance with valuation principles decided by the Directors on the basis of their

marked-to-market price.

Term deposits shall be valued at their present value.

Traded options and futures contracts to which the company is a party which are traded on a stock, financial futures or other exchange shall be valued by reference to the profit or loss which would arise on closing out the relevant contract at or

immediately before the close of the relevant market.

The net asset value of each sub-fund and the net asset value of the relevant class shall be expressed in the currency of each sub-fund as described in the relevant appendix. Whilst the reporting currency of the company is the Euro, the net asset

value is made available in the currency of each sub-fund as described in the relevant appendix. The net asset value shall be determined on each valuation date separately for each share of each sub-fund and for each class dividing the total net

asset value of the relevant sub-fund and of the relevant class by the number of outstanding shares of such sub-fund and of the relevant class.

Notes to the Financial Statements

1. General

ABSALON ("the company") was constituted in the Grand Duchy of Luxembourg on February 27, 2015 in accordance with Part I of the Law of December 17, 2010. The company is organized as a variable capital Company, Société d´investissement

à capital variable ("SICAV"), under the Law of August 10, 1915 relating commercial companies. The company has been established for an indefinite period.

2. Significant Accounting Policies

The net asset value per sub-fund, net asset value per share, net asset value per class, the redemption price of shares and the issue price of shares shall be determined on each valuation date, at least twice a month. The valuation dates for each

sub-fund are indicated in the relevant appendix of the prospectus.

The company is presently structured as an umbrella fund. The reference currency of the company is the Euro (EUR).

2.1 Computation of the net asset value

25

ABSALON


a.

b.

c.

d.

e.

CHF 1,0821

DKK 7,4396

GBP 0,8308

MXN 20,4905

NOK 9,2944

SEK 9,4112

USD 1,1108

Transactions on investments in securities are booked on a trade date basis.

The liabilities of the company shall be deemed to include:

Accrued expenses which can be allocated directly to a sub-fund are charged to this sub-fund. Accrued expenses which cannot be allocated directly are divided among the sub-funds in proportion of their net assets.

For the purposes of valuation of its liabilities, the company may duly take into account all ongoing or periodic administrative and other expenses by valuing them for the entire year or any other period and by dividing the amount concerned

proportionately for the relevant fractions of such period.

all borrowings, bills and other amounts due;

all administrative expenses due or accrued including (but not limited to) the costs of its constitution and registration with regulatory authorities, as well as legal and audit fees and expenses, the costs of legal publications, the cost of listing,

prospectus, financial reports and other documents made available to shareholders, translation expenses and generally any other expenses arising from the administration of the company;

all known liabilities, due or not yet due including all matured contractual obligations for payments of money or property, including the amount of all dividends declared by the company which remain unpaid until the day these dividends revert to

the company by prescription;

any appropriate amount set aside for taxes due on the date of the valuation of the net asset value and any other provision of reserves authorised and approved by the Board; and

any other liabilities of the company of whatever kind towards third parties.

Incorporation expenses are amortised on a straight-line basis over a period of five years.

2.3 Net realised gain/loss on disposals of securities

2.6 Incorporation expenses

2.7 Allocation of accrued expenses

Amounts determined in accordance with such valuation principles shall be translated into the currency of the sub-fund’s accounts at the respective exchange rates, using the relevant rates quoted by a bank or another first class financial institution.

The realised gains or losses on disposals of securities are determined on basis of the average acquisition cost.

2.4 Foreign exchange conversion

As of June 30, 2016, positions denominated in foreign currencies were valuated at the following exchange rates:

2.5 Transactions on investments in securities

26

ABSALON


Transaction costs in EUR


ABSALON - Global High Yield 1.122,31

The company is subject to an annual tax of 0.05% p.a. for the share classes "R" (retail) and 0.01% p.a. for the share classes "I" (institutional) of the net asset value as valued at the end of each quarter, and which is payable quarterly. To the extent

that parts of the company’s assets are invested in other Luxembourg UCITS which are subject to the tax, such parts are not taxed.

8. Transaction Costs

For reporting period from January 1, 2016 until June 30, 2016

Sub-fund

7. Subscription Tax ("taxe d’abonnement")

3. Management Company fee and Administration fee

The management company receives for the sub-fund ABSALON - EM Corporate Debt remuneration in the amount of up to 1.73% p.a. and for sub-fund ABSALON - Global High Yield up to 1.48% p.a.of the net asset value of the sub-fund with a

minimum fee of up to 45,000.- EUR p.a., currently not subject to Luxembourg VAT.

4. Investment Manager fee

The investment manager receives for the sub-fund ABSALON - Global High Yield remuneration in the amount of up to 0.75% p.a. of the net asset value of the share classes I EUR and up to 1.20% p.a. of the net asset value of the share classes

R EUR. The amount of this remuneration is calculated on each valuation date, and paid to the investment manager, on a monthly basis.

5. Custodian Bank fee, Paying Agent fee, Registrar and Transfer Agent fee

The company of the above named function receives remuneration in the amount of up to 0.05% p.a. of the net asset value of each sub-fund with a minimum fee of up to 30,000.- EUR p.a. The custodian fee shall be charged to sub-fund plus

Luxembourg VAT - currently 12%, monthly on a pro rata basis. Transaction-related costs are charged separately to each individual sub-fund.

6. Domiciliary and Corporate Agency Services fee

The fee occurred during the corresponding period EUR 3,600 p.a. for Core Domiciliation Services for the SICAV and EUR 7,500 p.a. for Core Corporate Agency Services (two sub-funds included; fee for every additional sub-fund: 3,500.- EUR).

Any additional services, including Collection of data elements and compilation into Board Packs, will be subject to negotiation; in addition, like the aforementioned, any further external costs will be charged on top (and be borne by the fund).

The investment manager receives for the sub-fund ABSALON - EM Corporate Debt remuneration in the amount of up to 1.00% p.a. of the net asset value of the share classes I EUR and up to 1.45% p.a. of the net asset value of the share classes

R EUR.

27

ABSALON


The following poolfactors have been used:

Description Factor

0,99875000

0,78500000

0,98589983

Details of purchases and sales of investments are available, free of charge, from the registered office of the Fund.

9. Poolfactor

The poolfactor is a percentage of the original principal that is left to be distributed in the debt security, as represented by numerical factor that will be attached on periodic market quotes. The original principal will be multiplied by the poolfactor.

6.875ACI Airport SudAmericaS.A. DL-Notes 2015(15/16-32), USE0351QAA07

6.350% Odebrecht D.Norbe VIII/IX Ltd. DL-Notes 2010(10/11-21), USG67106AA51

5.801% Tesco Property Finance 4 PLC LS-Bonds 2011(11-40), XS0588909878

10. Changes in Portfolio Composition

28

Documents

ABSALON - fondsvermittlung24.de€¦ · ABSALON - EM Corporate Debt 0,68 0,84 0,78 ABSALON - Global High Yield 0,89 1,34 1,10 The average net leverage is shown below: Sub-fund Average