Repurchase transactions

The UCITS capital management company may conclude repurchase transactions within the meaning of section 340b(2) of the Commercial Code, for the account of a domestic UCITS, with credit institutions or financial services institutions on the basis of standardised master agreements, only where this is provided for in the investment conditions. The repurchase transactions must have as their subject matter securities that may be acquired for the domestic UCITS under the investment conditions. The repurchase transactions may have a term of at most twelve months. The UCITS capital management company must, however, be entitled to terminate the repurchase transaction at any time. Securities taken under repurchase are counted towards the investment limits of section 206(1), (2), and (3).