Semi-annual Report - Ampega Investment AG

Semi-annual ReportC-QUADRAT Strategie AMI1 June 2013 to 30 November 2013Directive-compliant investment fundsunder German law

Semi-annual Report 1 June 2013 to 30 November 2013C-QUADRAT Strategie AMI3ContentsSemi-annual Report C-QUADRAT Strategie AMIfor the period from 1 June 2013 to 30 November 2013Notes on the activities of the Company 4Notes on the unit classes of the Fund 5Investment objectives, principles of investment and investment limits 6At a glance 7Summarised statement of assets 8Statement of assets 8Securities prices and/or market rates 10Additional information in accordance with Sec. 13 (2) InvRBV 10Exchange rates (indirect quotation) 10Market key 10Transactions concluded during the reporting period ... 11Information on the costs incurred in accordance with Sec. 41 (5) and (6) InvG 12Tax information 13Information on the investment company 14Special features for investors from Austria 15

4 Ampega Investment GmbHC-QUADRAT Strategie AMINotes on the activitiesof the CompanyDear investor,The following pages contain information about the performanceof our publicly-offered fund C-QUADRAT Strategie AMIduring the first half of the financial year from 1 June 2013 to30 November 2013.Please refer to the section “Information on the investmentcompany” for detailed information on the Management, thecomposition of the Supervisory Board, the shareholders aswell as the subscribed and paid-up capital.Cologne, December 2013Ampega Investment GmbHThe ManagementJörg BurgerManfred Köberlein

Semi-annual Report 1 June 2013 to 30 November 2013C-QUADRAT Strategie AMI5Notes on the unit classesof the FundCurrently the Company has created three different unit classesfor the Fund. Unit class EUR (t) and EUR P1 are unit classesestablished in euro currency. Unit class CZK (t) is a currencyhedgedunit class established in Czech crowns. Unit classeswith different features may be created and such units issuedat the Company’s discretion. In these cases units with thesame features respectively form a unit class. The Company’shomepage (www.ampega.de) contains further informationfor investors about the creation of different unit classes.Units may have different features in respect of the appropriationof earnings (distribution, accumulation, partial distributionand partial accumulation or short-term preliminarydistributions), the front-end fee, the currency of the unit valueincluding the use of currency hedging transactions, themanagement fee, the custodian bank fee, the distributionfee, the performance fee and the minimum investmentamount. A combination of features is possible. All units ofthe Fund have the same rights except for the differences arisingas a result of different unit classes.Assets may only be acquired for the Fund as a whole and notfor an individual unit class or group of unit classes. All unitsare equally entitled to income, price increases and proceedsof the liquidation of their respective unit class from the dayof their issue.More detailed information and details particularly referringto the calculation of unit prices upon the creation of variousunit classes are described in the detailed sales prospectus,which you can obtain from the Company free of charge.Cologne, December 2013Ampega Investment GmbHThe ManagementJörg BurgerManfred Köberlein

6 Ampega Investment GmbHC-QUADRAT Strategie AMIInvestment objectives, principles of investmentand investment limitsThe investment objective of the C-QUADRAT Strategie AMI is abalanced mix of strong growth and even returns.The C-QUADRAT Strategie AMI is growth-oriented, i.e. intendedfor investors who attach importance to both an increase invalue and earnings. In order to achieve this objective, theC-QUADRAT Strategie AMI invests in Directive-compliant securitiesfunds which focus on different investments.The investment-related focus of the unit trusts is on Germanand international blue chips. Moreover, it is possible to acquireunits in trusts that invest in German and internationalgrowth shares from industries of the future, such as communication,information technology and biotechnology.Up to 49 % of the Fund’s value might be invested in moneymarket instruments and/or bank deposits.The assets admissible pursuant to the Investment Act and theterms and conditions, that is, primarily securities, might beacquired for the Fund. In addition, investing in financial instrumentsand bank deposits as well as other assets specifiedin the Investment Act and the terms and conditions is alsopossible.Derivatives may be used for purposes of hedging, efficientportfolio management and the generation of additional returns.The value of the maximum potential market riskamounts to 200%.Cologne, December 2013Afterwards the publicly offered fund C-QUADRAT StrategieAMI invests a minimum of 51 % in units of German and/or foreignunit trusts.Ampega Investment GmbHThe ManagementJörg BurgerManfred Köberlein

Semi-annual Report 1 June 2013 to 30 November 2013C-QUADRAT Strategie AMI7At a glance (as of 30 November 2013)Unit class EUR (t) Unit class CZK (t) Unit class EUR P1ISIN: DE0005322218 DE000A1C4DQ3 DE000A1J3AF7Date of establishment: 9 July 2001 27 September 2011 1 April 2013Currency: euro czech crowns euroFinancial year: 1 June to 31 May 1 June to 31 May 1 June to 31 MayAppropriation of income: accumulation accumulationaccumulation(Current) front-end fee: 5,75 % 5,75 % 5,75 %Management fee (p.a.): 1,95 % 1,95 % 1,75 %Custodian bank fee (p.a.) plus VAT: 0,10 % 0,10 % 0,10 %Performance-related remuneration (p.a.) of theoutperformance (high watermark method): 10,00 % 10,00 % 10,00 %Fund assets as of 30 November 2013: EUR 30,830,523.99* EUR 30,830,523.99* EUR 30,830,523.99*Number of units in circulation as of 30 November 2013: 317,203 units 148,945.824 units 149,392.040 unitsUnit value (redemption price) as of 30 November 2013: EUR 52.79 EUR 41.79 EUR 52.63Performance (in the period under review): + 3,35 % + 3,41 % + 3,58 %* Fund assets are not classified according to unit classes.

8 Ampega Investment GmbHC-QUADRAT Strategie AMISemi-annual ReportSummarised statement of assets as of 30 November 2013Market value% ofin EURfundassetsInvestment fund units 30.746.002,27 99,73Equity funds 30.746.002,27 99,73Bank deposits 544.946,17 1,77Other items -460.424,45 -1,49Fund assets 30.830.523,99 100,00 1)1)Rounding the percentage during the calculation may have caused minor rounding differences.Statement of assets as of 30 November 2013Class designation ISIN Units and/or Holdings Purchases/ Sales/ Rate Market value % ofcurrency 30 Nov 2013 accruals disposals in EUR fundin 1,000 in the period under review assetsUnits in investment funds EUR 30.746.002,27 99,73Group investment unitsAmpega Europa Methodik AMI P(t) DE0007248627 Units 5.445 8.836 5.574 EUR 172,0600 936.866,70 3,04Non-Group investment unitsiShares DJ EURO STOXX 50 ETF DE0005933956 Units 145.002 0 0 EUR 31,1200 4.512.462,24 14,64DWS Finanzwerte DE0009769919 Units 88.237 88.237 0 EUR 50,7600 4.478.910,12 14,53iShares S&P 500 Index Fund ETF DE0002643889 Units 89.477 0 198.934 EUR 13,2430 1.184.943,91 3,84iShares MSCI Eastern Europe ETF DE000A0HGZV3 Units 59.139 200.778 141.639 EUR 21,0700 1.246.058,73 4,04Pioneer - Euroland Equity-I€ ND LU0119432846 Units 444.875 444.875 0 EUR 6,8900 3.065.188,75 9,94iShares S&P SmallCap 600 ETF DE000A0RFEB1 Units 47.810 47.810 0 EUR 32,3000 1.544.263,00 5,01AXA-US Enhanced Index Equity Alpha Fund-A IE0033609615 Units 315.836 22.047 0 USD 21,9100 5.088.210,85 16,50db x-trackers MSCI World Financials TRN Index ETF LU0540980140 Units 146.627 146.627 0 EUR 10,3900 1.523.454,53 4,94Delaware Investment US Large Cap Value Fund IA$ IE00B29QBH63 Units 196.117 196.117 0 USD 18,6300 2.686.514,49 8,71MFS Meridian Funds - European Research Fund-I1€ LU0219424131 Units 7.546 27.215 19.669 EUR 161,7500 1.220.565,50 3,96BGF-Euro-Markets Fund €D2 LU0252966485 Units 111.182 111.182 0 EUR 23,7900 2.645.019,78 8,58Threadneedle-US Contrarian Core Equities IU€ LU0757433437 Units 25.877 25.877 0 EUR 23,7100 613.543,67 1,99Total securities portfolio 30.746.002,27 99,73>>

Semi-annual Report 1 June 2013 to 30 November 2013C-QUADRAT Strategie AMI9>>Class designation ISIN Units and/or Holdings Purchases/ Sales/ Rate Market value % ofcurrency 30 Nov 2013 accruals disposals in EUR fundin 1,000 in the period under review assetsEyuity Index derivatives -373.089,76 -1,21Receivables/LiabilitiesForward currency contracts (sale)Open positionsEUR/CZK 6,29 Mio. OTC -373.089,76 -1,21Bank deposits, non-securitised money market instruments and money market funds EUR 544.946,17 1,77Bank deposits EUR 544.946,17 1,77EUR deposits with:Custodian bank EUR 496.435,90 496.435,90 1,61Deposits in non-EU/EEA currenciesCustodian bank USD 51,07 37,55 0,00Custodian bank CZK 1.325.535,01 48.472,72 0,16Other assets EUR 15.389,66 0,05Interest claims EUR 37,16 37,16 0,00Claims from distribution of target funds EUR 15.352,50 15.352,50 0,05Other liabilities 1) EUR -102.711,70 -102.724,35 -0,33Fund assets EUR 30.830.523,99 100,00 2)Unit value class EUR (t) EUR 52,79Unit value class CZK (t) EUR 41,79Unit value class EUR P1 EUR 52,63Number of units of class EUR (t) Units 317.203,000Number of units of class CZK (t) Units 148.945,824Number of units of class EUR P1 Units 149.392,040Fund assets unit class EUR (t) EUR 16.744.124,41Fund assets unit class CZK (t) EUR 6.224.493,97Fund assets unit class EUR P1 EUR 7.861.905,61Holdings of securities in the fund assets (in %) 99,73Holdings of derivatives in the fund assets (in %) -1,211)Management fee, custodian bank fee, audit fees, costs of publication and performance fee not yet paid2)Rounding the percentage during the calculation may have caused minor rounding differences.

10 Ampega Investment GmbHC-QUADRAT Strategie AMISecurities prices and/or market ratesThe Fund assets are valued on the basis of the following prices/marketrates:German and foreigninvestment unitsper 28 November 2013: Insofar as the managementcompanies have published the redemption price relevantfor this date in good time; if the redemption price for 28November 2013 had not been published by the valuationdate, the most current price published was used.All other assets per 28 November 2013Additional information in accordance with section 13 (2)Exchange rates (indirect quotation)as at 28 November 2013United States, dollar (USD) 1,36000 = 1 (EUR)Czech Republic, crowns (CZK) 27,34600 = 1 (EUR)Market keyFutures exchangesOTCOver the counterInvRBV (Investment-Rechnungslegungs- und Bewertungsverordnung, GermanInvestment Fund Accounting) and Information on the valuationprocedure in accordance with sections 22 to 26 InvRBVAll securities that are admitted to trading on stock exchanges or other organisedmarkets or are included in the latter are valued at the latest available price thatcan be classified as tradable due to the firmly defined criteria and ensures areliable valuation.The prices used are stock exchange prices, quotations on recognised informationsystems or prices from non-issuer-specific valuation systems. Units in investmentassets are valued at the latest available published redemption price of therespective investment company.Bank deposits and other assets are valued at their nominal value, time depositsare valued at their market value and liabilities are valued at the redemptionamount.The valuation is generally carried out at the latest price traded on the previous day.Assets that are not admitted to trading on an organised market or for which notradable prices can be established are valued using recognised valuation modelson the basis of observable market data. If a valuation on the basis of valuationmodels is impossible, it is carried out using other suitable price determinationprocedures.On the reporting date 30 November 2013, the Fund was 100% valued on the basisof tradable prices, 0% on the basis of suitable valuation models and 0% on thebasis of other valuation procedures.

Semi-annual Report 1 June 2013 to 30 November 2013C-QUADRAT Strategie AMI11Transactions concluded during the reporting period if they are no longer stated in the statement of assetsPurchases and sales of securities, investment units and promissory note loans (market attribution as of the reporting date)Class designation ISIN Units and/or Purchases/ Sales/currency accruals disposalsin 1,000Investment unitsNon-Group investment unitsAB - Select US Equity Portfolio-I$ LU0683600992 Units 0 117.398Allianz RCM Europe Equity Growth A LU0256839274 Units 0 3.419Baring Europe Select Trust GB0030655780 Units 71.455 71.455BGF-World Gold Fund Hedged-€A2 LU0326422689 Units 126.724 126.724F&C European SmallCap I LU0293750971 Units 329.238 329.238Fidelity-Nordic Fund A LU0922334643 Units 272.669 272.669iShares DJ Asia/Pacific Select Dividend 30 ETF DE000A0J2086 Units 0 38.671iShares FTSE/EPRA European Property Index Fund ETF DE000A0HG2Q2 Units 0 49.624JPMorgan - US Smaller Companies A$ LU0210528922 Units 202.937 202.937M&G South East Asia Fund GB0030939770 Units 0 16.403Nordea I-Nordic Equity Fund-BP-EUR LU0064675639 Units 45.048 45.048Parvest Equity Best Selection Europe-I LU0823400337 Units 7.382 7.382Pictet-Japanese Equity Opportunities I€ LU0255979238 Units 0 40.825Pioneer-US Fundamental Growth IA€ LU0347184821 Units 0 1.059Polar Cap.-Healthcare Opportunities Fund I€ IE00B3K83P04 Units 0 237.780Templeton European Growth Fund-A LU0122612848 Units 192.442 192.442Templeton-Franklin-Natural Resources ACC€ LU0300741732 Units 162.998 162.998Threadn. American Smaller Companies I€ GB00B0H6DT06 Units 984.702 984.702Threadn.-European Select Fund €2ACC GB0030810138 Units 723.780 723.780UBS Lux Roger Int. Commodity Index LU0239752115 Units 25.549 25.549UniAsiaPacific LU0100937670 Units 0 4.496UniSector:Hightech A LU0101441672 Units 30.306 30.306Class designation Units and/or Volumecurrency in 1,000in 1,000Derivatives(option premiums or volume of option transactions sold in opening transactions; purchases and sales in the case of warrants)Futures contractsEquity index futures contractsSold contracts EUR 25.164(Underlying: DJ Euro Stoxx 50, Standard & Poor‘s 500)Forward currency contracts (sale)Sale of currencies at a forward EUR 5.417CZK/EUR EUR 5.417

12 Ampega Investment GmbHC-QUADRAT Strategie AMIInformation on the costs incurred in accordancewith Sec. 41 (5) and (6) InvGManagement fee of the investment units contained in theC-QUADRAT Strategie AMI fund% p.a.AB - Select US Equity Portfolio-I$ 1,00000AXA-US Enhanced Index Equity Alpha Fund-A 0,35000Allianz RCM Europe Equity Growth A 1,50000Ampega Europa Methodik AMI P(t) 0,85000BGF-Euro-Markets Fund €D2 0,75000BGF-World Gold Fund Hedged-€A2 1,75000Baring Europe Select Trust 1,50000DWS Finanzwerte 1,25000Delaware Investment US Large Cap Value Fund IA$ 0,60000F&C European SmallCap I 2,00000Fidelity-Nordic Fund A 1,50000JPMorgan - US Smaller Companies A$ 1,50000M&G South East Asia Fund 1,50000MFS Meridian Funds - European Research Fund-I1€ 0,85000Nordea I-Nordic Equity Fund-BP-EUR 0,25000Parvest Equity Best Selection Europe-I 0,60000Pictet-Japanese Equity Opportunities I€ 0,60000Pioneer - Euroland Equity-I€ ND 0,60000Pioneer-US Fundamental Growth IA€ 1,50000Polar Cap.-Healthcare Opportunities Fund I€ 1,00000Templeton European Growth Fund-A 1,00000Templeton-Franklin-Natural Resources ACC€ 1,50000Threadn. American Smaller Companies I€ 1,50000Threadn.-European Select Fund €2ACC 1,00000Threadneedle-US Contrarian Core Equities IU€ 0,80000>>Management fee of the investment units contained in theC-QUADRAT Strategie AMI fund% p.a.UBS Lux Roger Int. Commodity Index 1,44000UniAsiaPacific 1,20000UniSector:Hightech A 1,55000db x-trackers MSCI World Financials TRN Index ETF 0,45000iShares DJ Asia/Pacific Select Dividend 30 ETF 0,59000iShares DJ EURO STOXX 50 ETF 0,15000iShares FTSE/EPRA European Property Index Fund ETF 0,40000iShares MSCI Eastern Europe ETF 0,74000iShares S&P 500 Index Fund ETF 0,40000iShares S&P SmallCap 600 ETF 0,40000No front-end fees were paid in the period under review.The information on the management fees refers to the maximum percentagecharged by the companies.Source: WM DatenserviceCologne, December 2013Ampega Investment GmbHThe ManagementJörg BurgerManfred Köberlein>>

Semi-annual Report 1 June 2013 to 30 November 2013C-QUADRAT Strategie AMI13Tax informationIn the Finnish-Swedish Manninen case relating to direct investmentin shares, the European Court of Justice ruled thatthe refusal to give credit for foreign tax on investment incomeon foreign dividends under Finnish law is not in compliancewith European Community Law. In Germany, too, only the taxon investment income attributable to German dividends, butnot foreign tax on investment income, could be credited to thepersonal tax liability of investors under application of the“imputation system” (as a rule, until the end of the 2000 periodof assessment).As regards the compatibility of the German imputation systemwith European Community Law, the European Court ofJustice ruled in its judgment on the Meilicke case (File No.C-292/04) dated 6 March 2007 with reference to a EuropeanUnion matter that the German corporation income tax imputationsystem was not in compliance with European CommunityLaw in that it did not permit credit to be given for foreigncorporation income tax. Accordingly, it is necessary that Germaninvestors who have received profits distributed by corporationswith head offices in an EU member state while the Germanimputation system was applicable can credit the foreigncorporation income tax to their German tax liability in retrospect.The procedural situation in view of the assertion of foreigntax is, however, still unclear at the moment as regardsthe investment in funds. In order to safeguard rights possiblyarising in this matter, it may be reasonable to contact your taxconsultant.

14 Ampega Investment GmbHC-QUADRAT Strategie AMIInformation on theinvestment companyInvestment companyAmpega Investment GmbHCharles-de-Gaulle-Platz 150679 CologneP.O. Box 10 16 6550456 CologneGermanyPhone +49 (221) 790 799-799Fax +49 (221) 790 799-729Email fonds@talanx.comWeb www.ampega.deLocal Court Cologne: HRB 3495VAT ID No. DE 115658034Subscribed capital: EUR 6 mn. (as of 30 November 2013)The subscribed capital has been paid up in full.ShareholdersProf. Dr. Juergen B. DongesDirector of the Institut für Wirtschaftspolitik(Institute for Economic Policy), CologneProf. Dr. Alexander KempfDirector of the Department of Business Administrationand Finance, CologneDr. Dr. Günter ScheipermeierChairman of the Board of Management ofNOBILIA-WERKE GmbH & Co., VerlManagementDr. Thomas Mann, SpokesmanMember of the Board of Management ofTalanx Asset Management GmbHJörg BurgerManfred KöberleinTalanx Asset Management GmbH (94,9 %)Alstertor Erste Beteiligungs- undInvestitionssteuerungs-GmbH & Co. KG (5,1 %)Ralf PohlCustodian BankSupervisory BoardHarry Ploemacher, ChairmanChairman of the Board of Management ofTalanx Asset Management GmbH, KölnHauck & Aufhäuser Privatbankiers KGaAKaiserstraße 24603 Frankfurt am MainGermanyDr. Immo Querner, Vice ChairmanMember of the Managing Board of Talanx AG, HannoverWalter DrefahlMember of the Managing Board ofHDI Vertriebs AG, HannoverAuditorKPMG AGWirtschaftsprüfungsgesellschaft

Semi-annual Report 1 June 2013 to 30 November 2013C-QUADRAT Strategie AMI15Special features for investorsfrom AustriaOutsourcingPaying agent and information agencyThe Company has outsourced the collateral managementto other companies. Compliance, internal audit, financialaccounting and IT-service are outsourced to other group companies.Capital Bank – GRAWE Gruppe AGBurgring 168010 GrazAustriaOutsourcing of Portfolio ManagementFiscal representativeC-QUADRAT Kapitalanlagegesellschaft AGStubenring 21010 ViennaAustriaPwC PricewaterhouseCoopers GmbHWirtschaftsprüfungs- und SteuerberatungsgesellschaftErdbergstraße 2001030 ViennaAustriaSupervisory authorityBundesanstalt für Finanzdienstleistungsaufsicht (BaFin)Lurgiallee 1260439 Frankfurt am MainGermanyInformation on any changes or amendments is provided inthe periodic semi-annual and annual reports as well as on thehome page of Ampega Investment GmbH (www.ampega.de).In Austria, the Fund is exclusively distributed by licensedbanks, licensed securities companies and/or licensed securitiesservice companies. Requests for redemption may be submittedto the Austrian paying agent. Valid sales prospectusesincluding Terms and Conditions of the Fund, annual reportsand semi-annual reports as well as any further Fund-relateddocuments, if any, can be obtained from the paying agent andinformation agency. These documents as well as further notesare available on the Company’s homepage (www.ampega.de).The issue and redemption prices are published in the Austriandaily newspaper “DIE PRESSE” on each market day. Place of jurisdictionfor any action against the investment company thatrefers to the distribution of the investment units in Austria isVienna. In addition to the information provided in accordancewith Section 126 InvG in the detailed Sales Prospectus (right ofrevocation in case of “door-to-door sales”), Section 3 KSchG(Konsumentenschutzgesetz, Austrian Consumer ProtectionAct) applies to Austrian investors.

Submitted by:Ampega Investment GmbHP.O. Box 10 16 65, 50456 Cologne, GermanyPhone +49 (221) 790 799-799Fax +49 (221) 790 799-729Email fonds@talanx.comWeb www.ampega.deA Company of Talanx