Stock-exchange glossary

A KAG (commercial partnership limited by shares) is under a statutory obligation to publish annually ¿ at the latest three months after the end of the fund trading year ¿ a statement of account about each fund so as to inform investors. The report on activities includes among other things a statement of net assets, an expenses and income statement on the accounting date, as well as the amount of any distribution, supplemented by data on business and fund performance. The scope and detail of the statement of account are regulated by the Investment Fund Act, and activities reports are also inspected by the Federal Ministry of Finance. In addition, the KAG must provide a half-yearly report in the middle of the trading year.