# - Crossover Credit
### Financial Statements as at 30 April 2018
Statement of net assets as at 30 April 2018
Expressed in EUR
| Assets |  | 177,309,652 |
| --- | --- | --- |
| Investments at market value | Note 2b | 168,797,148 |
| Acquisition cost |  | 168,616,136 |
| Cash at bank |  | 6,293,979 |
| Margin deposits |  | 342,961 |
| Time deposits |  | 314,832 |
| Interest receivable |  | 1,560,732 |
| Liabilities |  | 2,261,767 |
| Payable on purchase of investments |  | 1,731,552 |
| Repurchase agreements | Note 9 | 314,528 |
| Unrealised loss on forward currency exchange contracts | Note 2e | 45,119 |
| Unrealised loss on financial futures contracts | Note 2e | 85,100 |
| Investment management and administrative fees payable |  | 79,539 |
| Other liabilities |  | 5,929 |
| Net asset value |  | 175,047,885 |

Changes in number of shares outstanding from 1 November 2017 to 30 April 2018
|  | Shares outstanding as at 1 November 2017 | Shares subscribed | Shares redeemed | Shares outstanding as at 30 April 2018 |
| --- | --- | --- | --- | --- |
| P Shares EUR Capitalisation shares | 18,585,150.18 | 977,936.66 | 5,511,363.14 | 14,051,723.70 |
| Distribution shares | 69,635,994.39 | 555,063.00 | 20,451,480.00 | 49,739,577.39 |
| P Shares USD Capitalisation shares | 5,290.25 | 0.00 | 0.00 | 5,290.25 |
| R Shares EUR Capitalisation shares | 50,380.04 | 50.00 | 263.00 | 50,167.04 |
| Distribution shares | 5,420.91 | 0.00 | 4,409.00 | 1,011.91 |
| X Shares EUR Capitalisation shares | 107,532,100.01 | 0.00 | 0.00 | 107,532,100.01 |

Statistics
Period ended as at:
30 April 2018
31 October 2017
31 October 2016
Total Net Assets
EUR
175,047,885	202,708,354	174,961,341
| P Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Capitalisation shares |  |  |  |
| Number of shares | 14,051,723.70 | 18,585,150.18 | 310,776.90 |
| Net asset value per share Distribution shares | 1.03 | 1.04 | 1.00 |

| Number of shares | 49,739,577.39 | 69,635,994.39 | 66,993,673.95 |
| --- | --- | --- | --- |
| Net asset value per share | 1.00 | 1.03 | 1.00 |
| Dividend per share | 0.02 | 0.00 | - |
| USD Capitalisation shares | USD | USD | USD |
| Number of shares | 5,290.25 | 5,290.25 | 5,290.25 |
| Net asset value per share | 1.11 | 1.08 | 0.98 |
| EUR Capitalisation shares | EUR | EUR | EUR |
| Number of shares | 50,167.04 | 50,380.04 | 389,341.31 |
| Net asset value per share | 1.02 | 1.03 | 1.00 |
| Distribution shares |  |  |  |

P Shares
R Shares
| Number of shares | 1,011.91 | 5,420.91 | 27,269.27 |
| --- | --- | --- | --- |
| Net asset value per share | 1.00 | 1.03 | 1.00 |
| Dividend per share | 0.02 | 0.00 | - |
| EUR Capitalisation shares | EUR | EUR | EUR |
| Number of shares | 107,532,100.01 | 107,532,100.01 | 107,532,619.84 |
| Net asset value per share | 1.03 | 1.04 | 1.00 |

X Shares
| Quantity	Denomination	Quotation	Acquisition cost currency | Market value | % of net assets |
| --- | --- | --- |
| Transferable securities admitted to an official stock exchange listing and / or dealt in on another regulated market	 162,761,190 | 162,928,027 | 93.08 |
| Bonds	 130,584,097 | 130,440,250 | 74.52 |
| Luxembourg	 12,816,625 | 12,854,025 | 7.34 |

| 550,000 ARCELORMITTAL | 3.00 15-21 09/04A | EUR | 552,474 | 590,975 | 0.34 |
| --- | --- | --- | --- | --- | --- |
| 400,000 ARCELORMITTAL | 3.125 15-22 14/01A | EUR | 402,783 | 433,288 | 0.25 |
| 470,000 ARENA LUX FIN SARL 2.875 17-24 01/11S | EUR | 470,000 | 480,965 | 0.27 |
| 548,000 CNH INDUSTRIAL FIN  1.75 17-25 12/09A | EUR | 543,879 | 553,661 | 0.32 |
| 550,000 CONTOURGLO POW REG 5.125 16-21 15/06S | EUR | 576,385 | 567,699 | 0.32 |
| 500,000 DEA FINANCE REG S  7.50 16-22 15/10S | EUR | 542,152 | 542,285 | 0.31 |
| 600,000 FIAT FINANCE REGS  4.75 14-21 22/03A | EUR | 653,525 | 670,290 | 0.38 |
| 800,000 GAZ CAPITAL	3.60 14-21 26/02A | EUR | 848,947 | 842,160 | 0.48 |
| 750,000 GAZ CAPITAL REGS	3.125 16-23 17/11A | EUR | 784,416 | 781,928 | 0.45 |
| 500,000 GAZPROM	4.364 13-25 21/03A | EUR | 564,959 | 556,120 | 0.32 |
| 795,000 HEIDELBERGCEMENT FIN 1.75 18-28 24/04A | EUR | 786,017 | 787,408 | 0.45 |
| 1,220,000 HEIDELBERGCEMENT FIN 3.25 13-20 21/10S | EUR | 1,340,028 | 1,313,756 | 0.74 |
| 635,000 HEIDELBERGCEMENT LUX 1.625 17-26 07/04A | EUR | 632,625 | 641,756 | 0.37 |
| 600,000 INEOS GROUP HOLDIN 5.375 16-24 01/08S | EUR | 644,730 | 635,400 | 0.36 |
| 450,000 OLIVETTI FINANCE EMTN 7.75 03-33 24/01A | EUR | 685,063 | 677,012 | 0.39 |
| 140,000 SAMSONITE FINCO SARL 3.5 18-26 15/05S | EUR | 140,000 | 140,970 | 0.08 |
| 1,091,000 SES SA	1.625 18-26 | EUR | 1,085,349 | 1,085,338 | 0.62 |
| 500,000 TELENET INT FIN REGS 3.50 17-28 01/03S | EUR | 500,000 | 491,850 | 0.28 |
| 315,000 TELENET IV	4.875 15-27 15/07S | EUR | 332,325 | 342,348 | 0.20 |
| 700,000 TRAFIGURA FUNDING  5.25 13-18 29/11A | EUR | 730,968 | 718,816 | 0.41 |
| France |  | 16,129,727 | 16,081,328 | 9.20 |
| 800,000 AREVA EMTN	4.875 09-24 23/09A | EUR | 903,525 | 878,080 | 0.50 |
| 350,000 CARREFOUR	1.25 15-25 03/06A | EUR | 367,631 | 347,284 | 0.20 |
| 600,000 CASINO GUICHARD	3.994 12-20 09/03A | EUR | 642,750 | 647,856 | 0.37 |
| 400,000 CASINO GUICHARD PER. 5.976 11-21 26/05A | EUR | 468,723 | 451,120 | 0.26 |
| 990,000 CROWN EURO HLDG REGS 4.00 14-22 15/07S | EUR | 1,085,708 | 1,084,604 | 0.61 |
| 461,000 CROWN EURO HOLDINGS 2.25 18-23 01/02S | EUR | 461,000 | 466,984 | 0.27 |
| 370,000 CROWN EURO HOLDINGS 3.375 15-25 15/05S | EUR | 389,753 | 383,583 | 0.22 |
| 1,000,000 CTE CO TRANSP ELEC  1.50 17-28 29/07A | EUR | 989,709 | 997,270 | 0.57 |
| 800,000 ELIS SA	1.875 18-23 15/02A | EUR | 797,168 | 800,968 | 0.46 |
| 800,000 ELIS SA	2.875 18-26 19/06A | EUR | 800,000 | 796,528 | 0.46 |
| 420,000 ELIS SA REGS	3.00 15-22 30/04S | EUR | 424,840 | 426,976 | 0.24 |
| 283,000 FAURECIA	2.625 18-25 15/06S | EUR | 283,000 | 288,071 | 0.16 |
| 500,000 FAURECIA	3.625 16-23 15/06S | EUR | 514,780 | 524,940 | 0.30 |
| 500,000 GIE PSA TRESORIE	6.00 03-33 19/09A | EUR | 619,362 | 640,770 | 0.37 |
| 800,000 ORANGE SA	1.375 18-28 20/03A | EUR | 797,184 | 796,920 | 0.46 |
| 400,000 PERNOD RICARD	2.125 14-24 27/09A | EUR | 448,271 | 429,976 | 0.25 |
| 300,000 PSA BANQUE FRANCE  0.50 17-20 17/01A | EUR | 299,253 | 302,529 | 0.17 |
| 581,000 PSA BANQUE FRANCE  0.625 17-22 10/10A | EUR | 578,101 | 579,402 | 0.33 |
| 720,000 RCI BANQUE	1.00 16-23 17/05S | EUR | 736,770 | 727,265 | 0.42 |
| 600,000 RCI BANQUE	1.625 17-25 11/04A | EUR | 614,502 | 616,032 | 0.35 |
| 200,000 RCI BANQUE	2.25 14-21 29/03A | EUR | 217,286 | 211,520 | 0.12 |
| 574,000 RCI BANQUE SA	0.75 17-22 26/09A | EUR | 572,795 | 577,605 | 0.33 |
| 940,000 SPCM REGS	2.875 15-23 15/06S | EUR | 943,292 | 955,820 | 0.55 |
| 100,000 SPIE SA	3.125 17-24 22/03A | EUR | 100,000 | 101,530 | 0.06 |
| 400,000 VIVENDI	0.75 16-21 26/05A | EUR | 410,125 | 405,564 | 0.23 |
| 800,000 VIVENDI	0.875 17-24 18/09A | EUR | 794,936 | 793,120 | 0.45 |
| 500,000 WENDEL	2.50 15-27 09/02A | EUR | 536,750 | 524,240 | 0.30 |
| 300,000 WENDEL	2.75 14-24 10/02A | EUR | 332,513 | 324,771 | 0.19 |
| United Kingdom |  | 10,270,167 | 10,230,256 | 5.84 |
| 500,000 ANGLO AMERCAN CAPITAL 2.875 13-20 20/11A | EUR | 495,705 | 535,035 | 0.31 |
| 760,000 ANGLO AMERICAN CAP  1.50 15-20 01/04A | EUR | 731,610 | 781,386 | 0.44 |
| 500,000 ANGLO AMERICAN CAP  3.25 14-23 03/04A | EUR | 546,250 | 551,580 | 0.32 |
| 620,000 BAT INTL FIN	2.25 17-30 16/01A | EUR | 618,444 | 624,290 | 0.36 |
| 590,000 BRITISH SKY	1.875 14-23 24/11A | EUR | 632,281 | 622,279 | 0.36 |
| 1,091,000 BRITISH TELECOM	1.00 17-24 21/11A | EUR | 1,080,186 | 1,076,260 | 0.60 |
| 609,000 BRITISH TELECOM	1.50 17-27 23/06A | EUR | 604,024 | 598,988 | 0.34 |
| 500,000 IMPERIAL BRANDS FIN 1.375 17-25 27/01A | EUR | 502,850 | 500,540 | 0.29 |
| 420,000 IMPERIAL TABACCO	2.25 14-21 26/02A | EUR | 452,864 | 441,920 | 0.25 |
| 400,000 IMPERIAL TABACCO	3.375 14-26 26/02A | EUR | 481,175 | 450,404 | 0.26 |
| 460,000 INTER GAME TECH REGS 4.75 15-23 15/02S | EUR | 496,513 | 506,230 | 0.29 |
| 460,000 INTER GANE TECH REGS 4.125 15-20 15/02S | EUR | 490,805 | 485,912 | 0.28 |

| Quantity	Denomination | Quotation currency | Acquisition cost | Market value | % of net assets |
| --- | --- | --- | --- | --- |
| 600,000 JAGUAR LAND ROVER  2.20 17-24 15/01S | EUR | 604,800 | 594,516 | 0.34 |
| 580,000 MONDI FINANCE	1.50 16-24 15/04A | EUR | 613,437 | 594,691 | 0.34 |
| 350,000 MONDI FINANCE EMTN  3.375 12-20 28/09A | EUR | 394,423 | 378,242 | 0.22 |
| 403,000 MONDI FINANCE P	1.6250 18-26 27/04A | EUR | 401,743 | 406,313 | 0.23 |
| 400,000 SKY REGS	2.25 15-25 17/11A | EUR | 436,081 | 428,940 | 0.25 |
| 620,000 VODAFONE GROUP	2.20 16-26 25/08A | EUR | 686,976 | 652,730 | 0.36 |
| The Netherlands |  | 15,840,764 | 15,797,885 | 9.03 |
| 700,000 DARLING GLOBAL FINAN 4.75 15-22 30/05S | EUR | 721,882 | 719,698 | 0.41 |
| 665,000 DEUTSCHE TELEKOM I 1.375 17-27 30/01A | EUR | 659,467 | 666,310 | 0.38 |
| 420,000 DUFRY ONE BV	2.50 17-24 15/10S | EUR | 420,000 | 427,392 | 0.24 |

| 400,000 ENEL FINANCE INTL  1.966 15-25 27/01A | EUR | 441,954 | 423,536 | 0.24 |
| --- | --- | --- | --- | --- |
| 1,085,000 ENEL FINANCE INTL 1.125  18-26 16/09A | EUR | 1,076,147 | 1,067,694 | 0.61 |
| 800,000 GAS NAT FENOSA	1.375 17-27 19/01A | EUR | 788,728 | 791,288 | 0.45 |
| 600,000 GAS NATURAL FENOSA FI 1.375 15-25 21/01A | EUR | 637,123 | 610,020 | 0.35 |
| 605,000 INNOGY FINANCE BV  1.50 18-29 31/07A | EUR | 597,649 | 586,293 | 0.33 |
| 700,000 JAB HOLDINGS	1.25 17-24 22/05A | EUR | 701,309 | 707,420 | 0.40 |
| 700,000 JAB HOLDINGS	1.75 16-23 25/05A | EUR | 728,973 | 732,452 | 0.42 |
| 300,000 KPN	3.25 12-21 01/02A | EUR | 339,228 | 325,269 | 0.19 |
| 482,000 LKQ EURO HOLDINGS BV 3.625 18-26 01/04S | EUR | 482,000 | 482,844 | 0.28 |
| 366,000 LKQ EURO HOLDINGS BV 4.125 18-28 01/04S | EUR | 366,000 | 363,182 | 0.21 |
| 527,000 OCI NV	5.0000 18-23 15/04S | EUR | 532,070 | 537,661 | 0.31 |
| 400,000 OI EUROPEAN GROUP  3.125 16-24 15/11S | EUR | 407,560 | 410,452 | 0.23 |
| 360,000 OI EUROPEAN GROUP BV 4.875 13-21 31/03S | EUR | 414,140 | 399,618 | 0.23 |
| 550,000 OI EUROPEAN GROUP BV 6.75 10-20 15/09S | EUR | 666,503 | 629,596 | 0.36 |
| 440,000 REN FINANCE	2.50 15-25 12/02A | EUR | 481,459 | 475,341 | 0.27 |
| 971,000 SAIPEM FIN INTL BV  2.625 17-25 07/01A | EUR | 971,000 | 961,581 | 0.55 |
| 608,000 SAIPEM FIN INTL BV  2.75 17-22 05/04A | EUR | 608,000 | 625,492 | 0.36 |
| 500,000 SAIPEM SPA	3.00 16-21 08/03A | EUR | 509,130 | 522,885 | 0.30 |
| 1,700,000 VOLKSWAGEN INTL FI 1.875 17-27 30/03A | EUR | 1,703,580 | 1,731,127 | 0.99 |
| 600,000 VONOVIA FINANCE BV  0.75 18-24 15/01A | EUR | 595,980 | 590,808 | 0.34 |
| 400,000 VONOVIA FINANCE BV  2.125 18-30 22/03A | EUR | 395,868 | 403,200 | 0.23 |
| 600,000 VW INTL FINANCE	1.125 17-23 02/10A | EUR | 595,014 | 606,726 | 0.35 |
| Germany |  | 11,416,200 | 11,516,224 | 6.58 |
| 628,000 ADLER REAL ESTATE  1.50 17-21 06/12A | EUR | 624,986 | 631,071 | 0.36 |
| 800,000 ADLER REAL ESTATE  1.875 18-23 27/04A | EUR | 791,168 | 789,752 | 0.45 |
| 552,000 ADLER REAL ESTATE  2.125 17-24 06/02A | EUR | 548,042 | 544,189 | 0.31 |
| 370,000 CRH FINANCE GERMANY 1.75 14-21 16/07A | EUR | 394,915 | 386,739 | 0.22 |
| 830,000 HEIDELBERGCEMENT	2.25 16-23 30/03A | EUR | 874,166 | 887,710 | 0.51 |
| 590,000 IHO VERWALTUNGS	3.25 16-23 15/09S | EUR | 589,457 | 609,983 | 0.35 |
| 350,000 SCHAEFFLER VER ZWEI 3.75 16-26 15/09S | EUR | 357,750 | 368,242 | 0.21 |
| 984,000 TELE COLOMBUS	3.875 18/25 04/05S | EUR | 976,551 | 984,000 | 0.56 |
| 1,720,000 THYSSENKRUPP	1.375 17-22 03/03A | EUR | 1,747,456 | 1,742,532 | 1.00 |
| 970,000 THYSSENKRUPP AG	2.50 15-25 25/02S | EUR | 993,072 | 1,022,555 | 0.58 |
| 840,000 UNITYMEDIA HESSEN REGS 4.62515-26 15/02S | EUR | 920,850 | 925,571 | 0.53 |
| 680,000 UNITYMEDIA NRW/HESSEN 6.25 13-29 15/01S | EUR | 758,021 | 774,608 | 0.44 |
| 439,000 VOLKSWAGEN BANK	1.25 17-25 15/12A | EUR | 435,365 | 435,312 | 0.25 |
| 660,000 VOLKSWAGEN FIN SER  0.875 18-23 12/04A | EUR | 656,733 | 659,749 | 0.38 |
| 752,000 VOLKSWAGEN LEASING 1.125 17-24 04/04A | EUR | 747,668 | 754,211 | 0.43 |
| Italy |  | 7,888,208 | 7,942,563 | 4.54 |
| 781,000 ATLANTIA SPA	1.625 17-25 03/02A | EUR | 785,911 | 792,348 | 0.45 |
| 608,000 A2A SPA	1.625 17-27 19/10A | EUR | 600,096 | 598,619 | 0.34 |
| 600,000 BUZZI UNICEM	2.125 16-23 28/04A | EUR | 617,469 | 629,808 | 0.36 |
| 550,000 FINMEC FINANCE	4.50 13-21 19/01A | EUR | 619,692 | 610,682 | 0.35 |
| 400,000 FINMECCANICA SPA	4.875 05-25 24/03A | EUR | 477,860 | 478,232 | 0.27 |
| 610,000 IREN SPA	1.50 17-27 24/10A | EUR | 599,972 | 593,933 | 0.34 |
| 700,000 LKQ	3.875 16-24 01/04S | EUR | 746,608 | 740,852 | 0.42 |
| 465,000 SALINI	3.75 16-21 24/06A | EUR | 478,541 | 495,476 | 0.28 |
| 761,000 TELECOM ITALIA	2.50 17-23 19/07A | EUR | 755,582 | 800,861 | 0.46 |
| 480,000 TELECOM ITALIA EMTN 3.75 15-23 16/01A | EUR | 514,985 | 524,328 | 0.30 |
| 600,000 TELECOM ITALIA SPA  3.00 16-25 30/09A | EUR | 647,550 | 639,960 | 0.37 |
| 820,000 TELECOM ITALIA SPA 2.375 17-27 12/10A | EUR | 813,317 | 816,571 | 0.47 |
| 250,000 WIND TRE SPA  3.125  17-25 20/01S | EUR | 230,625 | 220,893 | 0.13 |
| Denmark |  | 4,539,590 | 4,486,966 | 2.56 |
| 590,000 CARLSBERG BREWERIES 2.50 14-24 28/05A | EUR | 666,591 | 641,690 | 0.37 |
| 810,000 ISS GLOBAL	1.00 15-21 07/01A | EUR | 836,546 | 829,148 | 0.47 |
| 1,886,000 ISS GLOBAL A/S	1.50 17-27 31/08A | EUR | 1,884,265 | 1,857,710 | 1.06 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 1,163,000 ORSTED | 1.50 17-29 26/11A | EUR | 1,152,188 | 1,158,418 | 0.66 |
| --- | --- | --- | --- | --- | --- |
| Spain |  |  | 2,794,737 | 2,713,365 | 1.55 |
| 700,000 ABERTIS INFRAESTRUCT. 3.75 13-23 20/06A | EUR | 853,349 | 804,524 | 0.47 |
| 300,000 CELLNEX TELECOM REGS 2.375 16-24 16/01A | EUR | 307,482 | 305,379 | 0.17 |
| 340,000 ENCE ENERGIA REGS  5.375 15-22 01/11S | EUR | 367,625 | 357,496 | 0.20 |
| 640,000 NORTEGAS ENERGIA 2.065  17-27 28/09A | EUR | 640,000 | 642,810 | 0.37 |
| 600,000 TELEFONICA EMISION  1.46 16-26 13/04A | EUR | 626,281 | 603,156 | 0.34 |
| United States of America |  | 22,253,301 | 22,203,906 | 12.69 |
| 850,000 AT T	2.60 14-29 17/12A | EUR | 926,683 | 885,182 | 0.51 |
| 477,000 AT T INC	1.05 17-23 05/09A | EUR | 475,612 | 481,427 | 0.28 |
| 700,000 AT T INC	2.35 17/29 05/09A | EUR | 711,855 | 710,171 | 0.41 |
| 1,100,000 AT&T INC	2.65 13-21 17/12A | EUR | 1,229,436 | 1,186,262 | 0.67 |
| 1,426,000 AT&T INC	3.15 17-36 04/09A | EUR | 1,435,133 | 1,450,056 | 0.82 |
| 1,100,000 AT&T INC	3.90 17-18 23/05S | USD | 882,657 | 920,023 | 0.53 |
| 610,000 BALL CORP	4.375 15-23 15/12S | EUR | 685,948 | 691,722 | 0.40 |
| 735,000 BAT CAPITAL CORP	1.125 17-23 16/11A | EUR | 735,689 | 737,940 | 0.42 |
| 595,000 CELANESE US	1.25 17-25 11/025 | EUR | 593,870 | 587,717 | 0.34 |
| 800,000 CHEMOURS CO	6.125 16-23 15/05S | EUR | 851,600 | 839,272 | 0.48 |
| 670,000 COLFAX CORP	3.25 17-25 15/05S | EUR | 683,252 | 678,958 | 0.39 |
| 515,000 EQUINIX INC	2.875 17-22 01/10S | EUR | 519,620 | 502,331 | 0.29 |
| 780,000 EQUINIX INC	2.875 18-24 15/03S | EUR | 780,000 | 779,392 | 0.45 |
| 1,270,000 KINDER MORGAN INC/DEL 1.50 15-22 16/03M | EUR | 1,295,590 | 1,311,401 | 0.74 |
| 1,560,000 LEVI STRAUSS	3.375 17-27 15/03S | EUR | 1,612,500 | 1,604,217 | 0.91 |
| 322,000 MCKESSON CORP	0.625 17-21 17/08A | EUR | 321,588 | 325,784 | 0.19 |
| 840,000 MCKESSON CORP	1.50 17-25 17/11A | EUR | 846,048 | 850,954 | 0.49 |
| 543,000 MCKESSON CORP	1.625 18-26 30/10A | EUR | 542,446 | 548,495 | 0.31 |
| 510,000 MONDELEZ INTL	1.625 15-27 08/03A | EUR | 524,269 | 514,871 | 0.29 |
| 500,000 NATIONAL GRID NA I 1 17-24 12/07A | EUR | 496,350 | 501,745 | 0.29 |
| 490,000 PVR CORP	3.125 17-27 15/12S | EUR | 490,000 | 487,653 | 0.28 |
| 932,000 QUINTILES IMS INC  3.25 17-25 15/03S | EUR | 932,000 | 949,279 | 0.54 |
| 600,000 SILGAN HOLDING INC 3.25 17-25 15/03S | EUR | 619,320 | 614,610 | 0.35 |
| 1,010,000 THERMO FISHER	2.00 14-25 15/04A | EUR | 1,086,272 | 1,065,318 | 0.61 |
| 545,000 THERMO FISHER SCIEN 1.40 17-26 23/01A | EUR | 542,417 | 545,436 | 0.31 |
| 600,000 THERMO FISHER SCIENT 0.75 16-24 12/09A | EUR | 598,368 | 589,818 | 0.34 |
| 800,000 VERIZON COMMUNICATION 1.375 17-26 27/10A | EUR | 799,040 | 795,064 | 0.45 |
| 290,000 VERIZON COMMUNICATION 2.875 17-38 15/01A | EUR | 288,353 | 293,074 | 0.17 |
| 700,000 ZF NA CAPITAL	2.75 15-23 27/04A | EUR | 747,385 | 755,734 | 0.43 |
| Sweden |  | 2,005,106 | 2,007,912 | 1.15 |
| 630,000 ALFA LAVAL	1.375 14-22 12/09A | EUR | 664,690 | 654,236 | 0.37 |
| 1,339,000 SCA HYGIENE AB	1.125 17-24 27/03A | EUR | 1,340,416 | 1,353,676 | 0.78 |
| Austria |  | 427,074 | 427,337 | 0.24 |
| 420,000 SAPPI PAPIER HOLDNG G 3.375 15-22 01/04S | EUR | 427,074 | 427,337 | 0.24 |
| Portugal |  | 99,894 | 106,100 | 0.06 |
| 100,000 BRISA CONC RODOVIARIA 2.375 17-27 10/05A | EUR | 99,894 | 106,100 | 0.06 |
| Belgium |  | 2,906,607 | 2,899,090 | 1.66 |
| 601,000 ANHEUSER BUSCH INBEV 1.15 18-27 22/01A | EUR | 596,877 | 593,373 | 0.34 |
| 840,000 ANHEUSER-BUSCH INB  2.00 16-28 17/03A | EUR | 878,590 | 884,848 | 0.51 |
| 500,000 ANHEUSER-BUSCH INB  2.75 16-36 17/03A | EUR | 528,250 | 534,575 | 0.31 |
| 420,000 BARRY CALLEBAUT SER 2.375 16-24 24/05A | EUR | 439,119 | 442,294 | 0.25 |
| 400,000 SOLVAY	2.75 15-27 02/12A | EUR | 463,771 | 444,000 | 0.25 |
| Ireland |  | 3,164,939 | 3,189,414 | 1.82 |
| 532,000 FCA CAPITAL IRELAND 1.00 17-21 15/11A | EUR | 529,686 | 542,326 | 0.31 |
| 401,000 FRESENIUS FIN IRL  3.00 17-32 30/01A | EUR | 415,535 | 428,605 | 0.24 |
| 721,000 FRESENIUS FIN REGS  0.875 17-22 31/01A | EUR | 724,381 | 731,555 | 0.42 |
| 786,000 ROADSTER FINANCE DAC 1.625 17-24 09/12A | EUR | 785,029 | 776,387 | 0.45 |
| 400,000 RZD CAPITAL PLC	4.60 14-23 06/03A | EUR | 439,730 | 442,028 | 0.25 |
| 250,000 SMURFIT KAPPA ACQ  3.25 14-21 01/06S | EUR | 270,578 | 268,513 | 0.15 |
| Finland |  | 2,058,660 | 2,029,309 | 1.16 |
| 600,000 CRH FINLAND SERVICES 2.75 13-20 15/10A | EUR | 659,421 | 635,753 | 0.36 |
| 550,000 FORTUM OYJ	2.25 12-22 06/09A | EUR | 608,075 | 588,902 | 0.34 |
| 525,000 NOKIA OYJ	2.00 17-24 15/03A | EUR | 522,155 | 530,555 | 0.30 |
| 270,000 STORA ENSO OYJ	2.50 18-28 21/03A | EUR | 269,009 | 274,099 | 0.16 |
| Japan |  | 1,660,235 | 1,668,862 | 0.95 |
| 432,000 SOFTBANK GROUP	4.0000 18-23 20/04S | EUR | 432,000 | 442,381 | 0.25 |
| 600,000 SOFTBANK GROUP CORP 3.125 17-25 19/09S | EUR | 559,980 | 561,300 | 0.32 |

| Quantity	Denomination |  | Quotation currency | Acquisition cost | Market value | % of net assets |
| --- | --- | --- | --- | --- | --- |
| 610,000 SOFTBANK REGS | 4.625 13-20 15/04S | EUR | 668,255 | 665,181 | 0.38 |

| Jersey Island | 2,517,210 | 2,563,306 | 1.46 |
| --- | --- | --- | --- |
| 700,000 GLENCORE FINANCE | 1.875 16-23 13/09A | EUR | 683,848 | 727,349 | 0.42 |
| 760,000 GLENCORE FINANCE | 2.75 14-21 01/04A | EUR | 810,539 | 808,252 | 0.45 |
| 500,000 GLENCORE FINANCE | 3.375 13-20 30/09A | EUR | 534,048 | 538,945 | 0.31 |
| 430,000 GLENCORE FINANCE | 3.75 14-26 01/04A | EUR | 488,775 | 488,760 | 0.28 |
| Hungary | 427,575 | 442,693 | 0.25 |
| 410,000 MOL HUNGARIAN OIL  2.625 16-23 28/04A	EUR | 427,575 | 442,693 | 0.25 |
| Australia | 3,249,721 | 3,208,978 | 1.83 |
| 700,000 ORIGIN ENERGY	7.875 11-71 16/06S	EUR | 743,499 | 707,021 | 0.40 |
| 590,000 ORIGIN ENERGY REGS  2.50 13-20 23/10A | EUR | 619,763 | 624,167 | 0.36 |
| 510,000 RANSURBAN FINANCE CO 2.00 15-25 28/08A | EUR | 554,676 | 534,353 | 0.31 |
| 1,200,000 SANTOS FINANCE LTD  4.125 17-27 14/09S	USD | 944,640 | 966,038 | 0.54 |
| 360,000 TRANSURBAN FINANCE 1.875 14-24 16/09A | EUR | 387,143 | 377,399 | 0.22 |
| The Netherlands Antilles |  | 1,701,541 | 1,659,559 | 0.95 |
| 650,000 TEVA PHARMA	0.375 16-20 25/07A	EUR | 649,981 | 632,730 | 0.37 |
| 420,000 TEVA PHARMA FINAN  4.5 18-25 01/03S	EUR | 420,000 | 426,909 | 0.24 |
| 660,000 THEVA PHARMAC	1.25 15-23 31/03A	EUR | 631,560 | 599,920 | 0.34 |
| Cayman Islands | 1,378,681 | 1,388,528 | 0.79 |
| 590,000 CK HUTCHISON FINANCE 0.875 16-24 03/10A | EUR | 575,468 | 580,944 | 0.33 |
| 430,000 HUTCH WHAMPOA FIN 14 1.375 14-21 31/10A | EUR | 450,968 | 444,865 | 0.25 |
| 350,000 UPCB FINANCE IV	4.00 15-27 15/01S	EUR | 352,245 | 362,719 | 0.21 |
| New Zealand | 1,030,769 | 1,040,702 | 0.59 |
| 1,030,000 CHORUS LTD | 1.125 16-23 18/10A | EUR | 1,030,769 | 1,040,702 | 0.59 |
| Mexico |  |  | 1,299,300 | 1,289,884 | 0.74 |
| 680,000 AMERICAN MOVIL | 3.259 13-23 22/07A | EUR | 771,800 | 766,544 | 0.44 |
| 500,000 CEMEX SAB DE CV | 4.375 15-23 05/03S | EUR | 527,500 | 523,340 | 0.30 |
| Brazil | 566,330 | 606,652 | 0.35 |
| 540,000 VALE EMTN	3.75 12-23 10/01A	EUR | 566,330 | 606,652 | 0.35 |
| Czech Republic | 1,872,236 | 1,811,254 | 1.03 |
| 760,000 CEZ EMTN	3.00 13-28 05/06A	EUR | 881,638 | 844,930 | 0.47 |
| 320,000 ENERGO PRO	4.00 17-22 07/12A	EUR | 320,000 | 327,024 | 0.19 |
| 590,000 EP ENERGY AS REGS  5.875 12-19 01/11S	EUR | 670,598 | 639,300 | 0.37 |
| Romania | 268,900 | 274,152 | 0.16 |
| 271,000 GLOBALWORTH RE ESTATE 3.000 18-25 29/03A	EUR | 268,900 | 274,152 | 0.16 |
| Floating rate bonds | 32,177,093 | 32,487,777 | 18.56 |
| Luxembourg | 869,090 | 872,040 | 0.50 |
| 830,000 SES	FL.R 16-XX 02/01A	EUR | 869,090 | 872,040 | 0.50 |
| France | 8,462,183 | 8,529,621 | 4.87 |
| 400,000 ACCOR	FL.R 14-XX 30/06A	EUR | 401,967 | 425,692 | 0.24 |
| 100,000 ARKEMA SA	FL.R 14-XX 29/10A	EUR | 106,762 | 109,093 | 0.06 |
| 400,000 CASINO GUICHARD	FL.R 14-24 07/03A | EUR | 426,650 | 423,820 | 0.24 |
| 600,000 DANONE SA EMTN	FL.R 17-XX 23/06A | EUR | 600,000 | 596,148 | 0.34 |
| 400,000 ELECT.DE FRANCE	FL.R 13-XX 29/01A | EUR | 423,659 | 422,004 | 0.24 |
| 300,000 ENGIE	FL.R 14-XX 02/06A | EUR | 316,875 | 327,834 | 0.19 |
| 600,000 ENGIE	FL.R 13-XX 10/07A | EUR | 680,596 | 671,574 | 0.38 |
| 600,000 ENGIE  SUB	FL.R 14-XX 02/06A	EUR | 625,116 | 616,278 | 0.35 |
| 600,000 ENGIE SA | FL.R | 18-XX XX.XXA | EUR | 596,256 | 584,862 | 0.33 |
| 840,000 RCI BANQUE |  | FL.R 17-22 14/03Q | EUR | 845,880 | 848,257 | 0.48 |
| 350,000 SOLVAY FINANCE	FL.R 13-XX 12/11A	EUR | 377,294 | 406,809 | 0.23 |
| 1,930,000 TOTAL SA | FL.R 15-XX 26/02A | EUR | 1,974,545 | 1,996,700 | 1.15 |
| 1,000,000 TOTAL SA | FL.R 16-49 18/05A | EUR | 1,086,583 | 1,100,550 | 0.64 |
| The Netherlands | 9,656,880 | 9,813,174 | 5.61 |
| 1,680,000 ENECO HOLDING SUB  FL.R 14-XX 01/12A | EUR | 1,790,530 | 1,799,447 | 1.04 |
| 600,000 GAS NAT FENOSA REGS FL.R 14-XX 30/11A | EUR | 611,141 | 646,164 | 0.37 |
| 800,000 IBERDROLA INTL	FL.R 17-XX 22/02A	EUR | 800,000 | 794,312 | 0.45 |
| 300,000 IBERDROLA INTL BV  FL.R 18-XX XX/XXA | EUR | 300,000 | 304,107 | 0.17 |
| 800,000 TELE EUR REGS SUB  FL.R 14-XX 31/03A | EUR | 864,400 | 862,088 | 0.49 |
| 1,000,000 TELEFONICA EUROPA SUB FL.R 16-XX 15/09A | EUR | 1,035,021 | 1,051,870 | 0.60 |
| 800,000 VOLKSWAGEN INTL FIN FL.R 13-XX 04/09A | EUR | 915,360 | 916,912 | 0.52 |
| 800,000 VW INTL FIN	FL.R 14-26 24/03A	EUR | 883,070 | 886,392 | 0.51 |
| 1,050,000 VW INTL FIN SUB	FL.R 14-XX 24/03A | EUR | 1,068,727 | 1,118,366 | 0.64 |
| 1,400,000 VW INTL FIN SUB	FL.R 15-XX 20/03A | EUR | 1,388,631 | 1,433,516 | 0.82 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| Germany |  | 4,629,506 | 4,666,498 | 2.67 |
| --- | --- | --- | --- | --- |
| 2,110,000 BAYER SUB	FL.R 14-75 01/07A | EUR | 2,185,382 | 2,199,780 | 1.25 |
| 1,000,000 BAYER SUB	FL.R 15-75 02/04A | EUR | 1,023,352 | 1,024,800 | 0.59 |
| 600,000 ENBW ENERGIE	FL.R 14-76 02/04A | EUR | 621,964 | 640,398 | 0.37 |
| 800,000 VOLKSWAGEN LEASING FL.R 17-21 06/07Q | EUR | 798,808 | 801,520 | 0.46 |
| Denmark |  | 2,079,195 | 2,124,100 | 1.21 |
| 990,000 ORSTED	FL.R 13-XX 26/06A ** | EUR | 1,173,660 | 1,191,109 | 0.68 |
| 600,000 ORSTED	FL.R 15-15 06/11A * | EUR | 608,625 | 631,788 | 0.36 |
| 300,000 TDC	FL.R 15-15 26/02A * | EUR | 296,910 | 301,203 | 0.17 |
| Austria |  | 1,881,225 | 1,909,740 | 1.09 |
| 1,680,000 OMV SUB	FL.R 15-XX 09/12A | EUR | 1,881,225 | 1,909,740 | 1.09 |
| Australia |  | 1,796,089 | 1,834,994 | 1.05 |
| 1,760,000 ORIGIN ENERGY SUB  FL.R 14-74 16/09S | EUR | 1,796,089 | 1,834,994 | 1.05 |
| Cayman Islands |  | 2,129,264 | 2,071,511 | 1.18 |
| 2,070,000 HUTCHISON WHAMPOA  FL.R 13-18 10/05A | EUR | 2,129,264 | 2,071,511 | 1.18 |
| Mexico |  | 673,661 | 666,099 | 0.38 |
| 300,000 AMERICA MOVIL SAB  FL.R 13-73 06/09A | EUR | 318,161 | 305,100 | 0.17 |
| 300,000 AMERICA MOVIL SAB  FL.R 13-73 06/09A | EUR | 355,500 | 360,999 | 0.21 |
| Other transferable securities | 5,854,945 | 5,869,121 | 3.35 |
| Bonds |  | 4,612,593 | 4,628,563 | 2.64 |
|  | France | 2,988,880 | 2,988,537 | 1.70 |
| 1,000,000 CIE DE SAINT GOBAIN 1.125 18-26 23/03A | EUR | 995,980 | 988,400 | 0.56 |
| 1,200,000 PEUGEOT SA	2  18-25 20/03A | EUR | 1,196,124 | 1,202,065 | 0.68 |
| 800,000 RCI BANQUE EMTN	0.25 18-21 12/07A | EUR | 796,776 | 798,072 | 0.46 |
| The Netherlands |  | 755,000 | 766,385 | 0.44 |
| 755,000 DARLING GLOBAL FIN  3.625 18-26 15/05S | EUR | 755,000 | 766,385 | 0.44 |
| Czech Republic |  | 868,713 | 873,641 | 0.50 |
| 865,000 RESIDOMO SRD	3.375 17-24 15/10S | EUR | 868,713 | 873,641 | 0.50 |
| Floating rate bonds |  | 1,242,352 | 1,240,558 | 0.71 |
| The Netherlands |  | 400,000 | 397,492 | 0.23 |
| 400,000 TELEFONICA EUROPE BV 3.00 18-XX XX/XXA | EUR | 400,000 | 397,492 | 0.23 |
| United States of America |  | 842,352 | 843,066 | 0.48 |
| 840,000 BAT CAPITAL CORP	FL.R 17-21 16/08Q | EUR | 842,352 | 843,066 | 0.48 |
| Total Investments |  | 168,616,135 | 168,797,148 | 96.43 |
| Cash Net |  |  | 6,608,811 | 3.78 |
| Other Assets/(Liabilities) |  |  | (358,074) | (0.20) |
| Total Net Assets |  |  | 175,047,885 | 100.00 |

|  | Geographic allocation of portfolio |  |
| --- | --- | --- |
|  | % of portfolio |
| France |  | 16.35 |
| The Netherlands |  | 15.86 |
| United States of America |  | 13.65 |
| Germany |  | 9.59 |
| Luxembourg |  | 8.13 |
| United Kingdom |  | 6.06 |
| Italy |  | 4.71 |
| Denmark |  | 3.92 |
| Australia |  | 2.99 |
| Cayman Islands |  | 2.05 |
| Ireland |  | 1.89 |
| Belgium |  | 1.72 |
| Spain |  | 1.61 |
| Czech Republic |  | 1.59 |
| Jersey Island |  | 1.52 |
| Austria |  | 1.38 |
| Finland |  | 1.20 |
| Sweden |  | 1.19 |
| Mexico |  | 1.16 |
| The Netherlands Antilles |  | 0.98 |
| Japan |  | 0.99 |
| New Zealand |  | 0.62 |
| Brazil |  | 0.36 |
| Hungary |  | 0.26 |
| Romania |  | 0.16 |
| Portugal |  | 0.06 |
|  |  | 100.00 |

Statement of Operations and Changes in Net Assets from 1 November 2017 to 30 April 2018
Expressed in EUR
| Income |  | 2,302,027 |
| --- | --- | --- |
| Interest on bonds |  | 2,296,199 |
| Bank interest |  | 88 |
| Bank interest on time deposits |  | 35 |
| Interest on Repurchase agreements | Note 2f | 397 |
| Interest on swaps |  | 5,308 |
| Expenses |  | 903,845 |
| Investment management fees | Note 3 | 452,813 |
| Depositary fees | Note 5 | 5,207 |
| Taxe d'abonnement | Note 7a | 8,661 |
| Domiciliary, administrative and transfer agency fees | Note 5 | 35,539 |
| Professional fees |  | 6,664 |
| Bank charges |  | 16,693 |
| Transaction costs | Note 2g | 1,702 |
| Interest on swaps |  | 375,528 |
| Sundry expenses |  | 1,038 |
| Net income from investments |  | 1,398,182 |
| Net Realised gain / (loss) on: - Sales of investments | Note 2d | 399,148 |
| - options contracts |  | (75,750) |
| - Forward currency exchange contracts |  | 236 |
| - Financial futures contracts |  | 162,661 |
| - Swap contracts |  | 567,371 |
| - Foreign exchange | Note 2c | (7,929) |
| Net realised profit |  | 2,443,919 |
| Movement in net unrealised appreciation / (depreciation) on: - Investments |  | (3,423,533) |
| - Forward currency exchange contracts |  | (45,119) |
| - Financial futures contracts |  | (83,700) |
| - Swap contracts |  | (391,779) |
| Decrease in net assets as a result of operations |  | (1,500,212) |
| Dividends paid | Note 6 | (1,399,766) |
| Subscription capitalisation shares |  | 1,010,621 |
| Subscription distribution shares |  | 561,557 |
| Redemption capitalisation shares |  | (5,674,277) |
| Redemption distribution shares |  | (20,658,392) |
| Decrease in net assets |  | (27,660,469) |
| Net assets at the beginning of the period |  | 202,708,354 |
| Net assets at the end of the period |  | 175,047,885 |

The accompanying notes form an integral part of these financial statements
SICAV ODDO BHF (formerly Oddo
Compass)

Translation (ENDE, 2018-04-30):
# - Crossover Credit
### Nettovermögensaufstellung zum 30.04.2018
Bilanz zum 30.04.2018
Ausgedrückt in EUR
| Aktiva |  | 177.309.652 |
| --- | --- | --- |
| Wertpapierbestand zum Marktwert | Erläut. 2b | 168.797.148 |
| Kosten für	Anschaffung |  | 168.616.136 |
| Bankguthaben |  | 6.293.979 |
| Einschusszahlungen |  | 342.961 |
| Termineinlagen |  | 314.832 |
| Zinsguthaben |  | 1.560.732 |
| Passiva |  | 2.261.767 |
| Verbindlichkeiten aus dem Kauf von Anlagen |  | 1.731.552 |
| Pensionsgeschäfte | Erläut. 9 | 314.528 |
| Nicht realisierter Verlust aus Devisentermingeschäften | Erläut. 2e | 45.119 |
| Nicht realisierter Verlust aus Finanztermingeschäften | Erläut. 2e | 85.100 |
| Verbindlichkeiten aus Verwaltungs- und Administrationsgebühren |  | 79.539 |
| Sonstige Verbindlichkeiten |  | 5.929 |
| Nettovermögen |  | 175.047.885 |

Veränderungen im Anteilumlauf vom 01.11.2017 bis zum 30.04.2018
Anteile im Umlauf am
01.11.2017
Ausgegebene Anteile
Zurückgekaufte Anteile
Anteile im Umlauf am
30.04.2018
| P Anteile EUR Thesaurierende Anteile | 18.585.150,18 | 977.936,66 | 5.511.363,14 | 14.051.723,70 |
| --- | --- | --- | --- | --- |
| Anteile mit Ausschüttung | 69.635.994,39 | 555.063,00 | 20.451.480,00 | 49.739.577,39 |
| P Anteile USD Thesaurierende Anteile | 5.290,25 | 0,00 | 0,00 | 5.290,25 |
| R Anteile EUR Thesaurierende Anteile | 50.380,04 | 50,00 | 263,00 | 50.167,04 |
| Anteile mit Ausschüttung | 5.420,91 | 0,00 | 4.409,00 | 1.011,91 |
| X Anteile EUR Thesaurierende Anteile | 107.532.100,01 | 0,00 | 0,00 | 107.532.100,01 |

Statistische Angaben
|  | Ende der Periode am: | 30.04.2018 | 31.10.2017 | 31.10.2016 |
| --- | --- | --- | --- | --- |
| Gesamtvermögen | EUR | 175.047.885 | 202.708.354 | 174.961.341 |

P Anteile EUR
Thesaurierende Anteile
EUR	EUR	EUR
| Anzahl Anteile | 14.051.723,70 | 18.585.150,18 | 310.776,90 |
| --- | --- | --- | --- |
| Nettoinventarwert je Anteil | 1,03 | 1,04 | 1,00 |
| Anteile mit Ausschüttung Anzahl Anteile | 49.739.577,39 | 69.635.994,39 | 66.993.673,95 |
| Nettoinventarwert je Anteil | 1,00 | 1,03 | 1,00 |
| Dividende per Anteil | 0,02 | 0,00 | - |

P Anteile USD
Thesaurierende Anteile
USD	USD	USD
| Anzahl Anteile | 5.290,25 | 5.290,25 | 5.290,25 |
| --- | --- | --- | --- |
| Nettoinventarwert je Anteil | 1,11 | 1,08 | 0,98 |

R Anteile EUR
Thesaurierende Anteile
EUR	EUR	EUR
| Anzahl Anteile | 50.167,04 | 50.380,04 | 389.341,31 |
| --- | --- | --- | --- |
| Nettoinventarwert je Anteil | 1,02 | 1,03 | 1,00 |
| Anteile mit Ausschüttung Anzahl Anteile | 1.011,91 | 5.420,91 | 27.269,27 |
| Nettoinventarwert je Anteil | 1,00 | 1,03 | 1,00 |
| Dividende per Anteil | 0,02 | 0,00 | - |

X Anteile EUR
Thesaurierende Anteile
EUR	EUR	EUR
| Anzahl Anteile | 107.532.100,01 | 107.532.100,01 | 107.532.619,84 |
| --- | --- | --- | --- |
| Nettoinventarwert je Anteil | 1,03 | 1,04 | 1,00 |

Menge/
Nennwert	Bezeichnung	Währung
An einer amtlichen Wertpapierbörse notierte und/oder an einem sonstigen
Kosten für Anschaffung
Marktwert		% des Nettoverm.
geregelten Markt gehandelte übertragbare Wertpapiere	
162.761.190	162.928.027	93,08
| Renten |  | 130.584.097 | 130.440.250 | 74,52 |
| --- | --- | --- | --- | --- |
| Luxemburg |  | 12.816.625 | 12.854.025 | 7,34 |
| 550.000 ARCELORMITTAL	3.00 15-21 09/04A | EUR | 552.474 | 590.975 | 0,34 |
| 400.000 ARCELORMITTAL	3.125 15-22 14/01A | EUR | 402.783 | 433.288 | 0,25 |
| 470.000 ARENA LUX FIN SARL 2.875 17-24 01/11S | EUR | 470.000 | 480.965 | 0,27 |
| 548.000 CNH INDUSTRIAL FIN 1.75 17-25 12/09A | EUR | 543.879 | 553.661 | 0,32 |
| 550.000 CONTOURGLO POW REG 5.125 16-21 15/06S | EUR | 576.385 | 567.699 | 0,32 |
| 500.000 DEA FINANCE REG S  7.50 16-22 15/10S | EUR | 542.152 | 542.285 | 0,31 |
| 600.000 FIAT FINANCE REGS  4.75 14-21 22/03A | EUR | 653.525 | 670.290 | 0,38 |
| 800.000 GAZ CAPITAL	3.60 14-21 26/02A | EUR | 848.947 | 842.160 | 0,48 |
| 750.000 GAZ CAPITAL REGS	3.125 16-23 17/11A | EUR | 784.416 | 781.928 | 0,45 |
| 500.000 GAZPROM	4.364 13-25 21/03A | EUR | 564.959 | 556.120 | 0,32 |
| 795.000 HEIDELBERGCEMENT FIN 1.75 18-28 24/04A | EUR | 786.017 | 787.408 | 0,45 |
| 1.220.000 HEIDELBERGCEMENT FIN 3.25 13-20 21/10S | EUR | 1.340.028 | 1.313.756 | 0,74 |
| 635.000 HEIDELBERGCEMENT LUX 1.625 17-26 07/04A | EUR | 632.625 | 641.756 | 0,37 |
| 600.000 INEOS GROUP HOLDIN 5.375 16-24 01/08S | EUR | 644.730 | 635.400 | 0,36 |
| 450.000 OLIVETTI FINANCE EMTN 7.75 03-33 24/01A | EUR | 685.063 | 677.012 | 0,39 |
| 140.000 SAMSONITE FINCO SARL 3.5 18-26 15/05S | EUR | 140.000 | 140.970 | 0,08 |
| 1.091.000 SES SA	1.625 18-26 | EUR | 1.085.349 | 1.085.338 | 0,62 |
| 500.000 TELENET INT FIN REGS 3.50 17-28 01/03S | EUR | 500.000 | 491.850 | 0,28 |
| 315.000 TELENET IV	4.875 15-27 15/07S | EUR | 332.325 | 342.348 | 0,20 |
| 700.000 TRAFIGURA FUNDING  5.25 13-18 29/11A | EUR | 730.968 | 718.816 | 0,41 |
| Frankreich |  | 16.129.727 | 16.081.328 | 9,20 |
| 800.000 AREVA EMTN	4.875 09-24 23/09A | EUR | 903.525 | 878.080 | 0,50 |
| 350.000 CARREFOUR	1.25 15-25 03/06A | EUR | 367.631 | 347.284 | 0,20 |
| 600.000 CASINO GUICHARD	3.994 12-20 09/03A | EUR | 642.750 | 647.856 | 0,37 |
| 400.000 CASINO GUICHARD PER. 5.976 11-21 26/05A | EUR | 468.723 | 451.120 | 0,26 |
| 990.000 CROWN EURO HLDG REGS 4.00 14-22 15/07S | EUR | 1.085.708 | 1.084.604 | 0,61 |
| 461.000 CROWN EURO HOLDINGS 2.25 18-23 01/02S | EUR | 461.000 | 466.984 | 0,27 |
| 370.000 CROWN EURO HOLDINGS 3.375 15-25 15/05S | EUR | 389.753 | 383.583 | 0,22 |
| 1.000.000 CTE CO TRANSP ELEC 1.50 17-28 29/07A | EUR | 989.709 | 997.270 | 0,57 |
| 800.000 ELIS SA	1.875 18-23 15/02A | EUR | 797.168 | 800.968 | 0,46 |
| 800.000 ELIS SA	2.875 18-26 19/06A | EUR | 800.000 | 796.528 | 0,46 |
| 420.000 ELIS SA REGS	3.00 15-22 30/04S | EUR | 424.840 | 426.976 | 0,24 |
| 283.000 FAURECIA	2.625 18-25 15/06S | EUR | 283.000 | 288.071 | 0,16 |
| 500.000 FAURECIA	3.625 16-23 15/06S | EUR | 514.780 | 524.940 | 0,30 |
| 500.000 GIE PSA TRESORIE	6.00 03-33 19/09A | EUR | 619.362 | 640.770 | 0,37 |
| 800.000 ORANGE SA	1.375 18-28 20/03A | EUR | 797.184 | 796.920 | 0,46 |
| 400.000 PERNOD RICARD	2.125 14-24 27/09A | EUR | 448.271 | 429.976 | 0,25 |
| 300.000 PSA BANQUE FRANCE  0.50 17-20 17/01A | EUR | 299.253 | 302.529 | 0,17 |
| 581.000 PSA BANQUE FRANCE  0.625 17-22 10/10A | EUR | 578.101 | 579.402 | 0,33 |
| 720.000 RCI BANQUE	1.00 16-23 17/05S | EUR | 736.770 | 727.265 | 0,42 |
| 600.000 RCI BANQUE	1.625 17-25 11/04A | EUR | 614.502 | 616.032 | 0,35 |
| 200.000 RCI BANQUE	2.25 14-21 29/03A | EUR | 217.286 | 211.520 | 0,12 |
| 574.000 RCI BANQUE SA	0.75 17-22 26/09A | EUR | 572.795 | 577.605 | 0,33 |
| 940.000 SPCM REGS	2.875 15-23 15/06S | EUR | 943.292 | 955.820 | 0,55 |
| 100.000 SPIE SA	3.125 17-24 22/03A | EUR | 100.000 | 101.530 | 0,06 |
| 400.000 VIVENDI	0.75 16-21 26/05A | EUR | 410.125 | 405.564 | 0,23 |
| 800.000 VIVENDI	0.875 17-24 18/09A | EUR | 794.936 | 793.120 | 0,45 |
| 500.000 WENDEL	2.50 15-27 09/02A | EUR | 536.750 | 524.240 | 0,30 |
| 300.000 WENDEL	2.75 14-24 10/02A | EUR | 332.513 | 324.771 | 0,19 |
| Großbritannien |  | 10.270.167 | 10.230.256 | 5,84 |
| 500.000 ANGLO AMERCAN CAPITAL 2.875 13-20 20/11A | EUR | 495.705 | 535.035 | 0,31 |
| 760.000 ANGLO AMERICAN CAP 1.50 15-20 01/04A | EUR | 731.610 | 781.386 | 0,44 |
| 500.000 ANGLO AMERICAN CAP 3.25 14-23 03/04A | EUR | 546.250 | 551.580 | 0,32 |
| 620.000 BAT INTL FIN	2.25 17-30 16/01A | EUR | 618.444 | 624.290 | 0,36 |
| 590.000 BRITISH SKY	1.875 14-23 24/11A | EUR | 632.281 | 622.279 | 0,36 |
| 1.091.000 BRITISH TELECOM	1.00 17-24 21/11A | EUR | 1.080.186 | 1.076.260 | 0,60 |
| 609.000 BRITISH TELECOM	1.50 17-27 23/06A | EUR | 604.024 | 598.988 | 0,34 |
| 500.000 IMPERIAL BRANDS FIN 1.375 17-25 27/01A | EUR | 502.850 | 500.540 | 0,29 |
| 420.000 IMPERIAL TABACCO	2.25 14-21 26/02A | EUR | 452.864 | 441.920 | 0,25 |
| 400.000 IMPERIAL TABACCO	3.375 14-26 26/02A | EUR | 481.175 | 450.404 | 0,26 |
| 460.000 INTER GAME TECH REGS 4.75 15-23 15/02S | EUR | 496.513 | 506.230 | 0,29 |
| 460.000 INTER GANE TECH REGS 4.125 15-20 15/02S | EUR | 490.805 | 485.912 | 0,28 |

| 600.000 JAGUAR LAND ROVER  2.20 17-24 15/01S | EUR | 604.800 | 594.516 | 0,34 |
| --- | --- | --- | --- | --- |
| 580.000 MONDI FINANCE	1.50 16-24 15/04A | EUR | 613.437 | 594.691 | 0,34 |
| 350.000 MONDI FINANCE EMTN 3.375 12-20 28/09A | EUR | 394.423 | 378.242 | 0,22 |
| 403.000 MONDI FINANCE P	1.6250 18-26 27/04A | EUR | 401.743 | 406.313 | 0,23 |
| 400.000 SKY REGS	2.25 15-25 17/11A | EUR | 436.081 | 428.940 | 0,25 |
| 620.000 VODAFONE GROUP	2.20 16-26 25/08A | EUR | 686.976 | 652.730 | 0,36 |
| Niederlande |  | 15.840.764 | 15.797.885 | 9,03 |
| 700.000 DARLING GLOBAL FINAN 4.75 15-22 30/05S | EUR | 721.882 | 719.698 | 0,41 |
| 665.000 DEUTSCHE TELEKOM I 1.375 17-27 30/01A | EUR | 659.467 | 666.310 | 0,38 |
| 420.000 DUFRY ONE BV	2.50 17-24 15/10S | EUR | 420.000 | 427.392 | 0,24 |
| 400.000 ENEL FINANCE INTL  1.966 15-25 27/01A | EUR | 441.954 | 423.536 | 0,24 |
| 1.085.000 ENEL FINANCE INTL 1.125 18-26 16/09A | EUR | 1.076.147 | 1.067.694 | 0,61 |
| 800.000 GAS NAT FENOSA	1.375 17-27 19/01A | EUR | 788.728 | 791.288 | 0,45 |
| 600.000 GAS NATURAL FENOSA FI 1.375 15-25 21/01A | EUR | 637.123 | 610.020 | 0,35 |
| 605.000 INNOGY FINANCE BV 1.50 18-29 31/07A | EUR | 597.649 | 586.293 | 0,33 |
| 700.000 JAB HOLDINGS	1.25 17-24 22/05A | EUR | 701.309 | 707.420 | 0,40 |
| 700.000 JAB HOLDINGS	1.75 16-23 25/05A | EUR | 728.973 | 732.452 | 0,42 |
| 300.000 KPN	3.25 12-21 01/02A | EUR | 339.228 | 325.269 | 0,19 |
| 482.000 LKQ EURO HOLDINGS BV 3.625 18-26 01/04S | EUR | 482.000 | 482.844 | 0,28 |
| 366.000 LKQ EURO HOLDINGS BV 4.125 18-28 01/04S | EUR | 366.000 | 363.182 | 0,21 |
| 527.000 OCI NV	5.0000 18-23 15/04S | EUR | 532.070 | 537.661 | 0,31 |
| 400.000 OI EUROPEAN GROUP 3.125 16-24 15/11S | EUR | 407.560 | 410.452 | 0,23 |
| 360.000 OI EUROPEAN GROUP BV 4.875 13-21 31/03S | EUR | 414.140 | 399.618 | 0,23 |
| 550.000 OI EUROPEAN GROUP BV 6.75 10-20 15/09S | EUR | 666.503 | 629.596 | 0,36 |
| 440.000 REN FINANCE	2.50 15-25 12/02A | EUR | 481.459 | 475.341 | 0,27 |
| 971.000 SAIPEM FIN INTL BV 2.625 17-25 07/01A | EUR | 971.000 | 961.581 | 0,55 |
| 608.000 SAIPEM FIN INTL BV 2.75 17-22 05/04A | EUR | 608.000 | 625.492 | 0,36 |
| 500.000 SAIPEM SPA	3.00 16-21 08/03A | EUR | 509.130 | 522.885 | 0,30 |
| 1.700.000 VOLKSWAGEN INTL FI 1.875 17-27 30/03A | EUR | 1.703.580 | 1.731.127 | 0,99 |
| 600.000 VONOVIA FINANCE BV 0.75 18-24 15/01A | EUR | 595.980 | 590.808 | 0,34 |
| 400.000 VONOVIA FINANCE BV 2.125 18-30 22/03A | EUR | 395.868 | 403.200 | 0,23 |
| 600.000 VW INTL FINANCE	1.125 17-23 02/10A | EUR | 595.014 | 606.726 | 0,35 |
| Deutschland |  | 11.416.200 | 11.516.224 | 6,58 |
| 628.000 ADLER REAL ESTATE  1.50 17-21 06/12A | EUR | 624.986 | 631.071 | 0,36 |
| 800.000 ADLER REAL ESTATE  1.875 18-23 27/04A | EUR | 791.168 | 789.752 | 0,45 |
| 552.000 ADLER REAL ESTATE  2.125 17-24 06/02A | EUR | 548.042 | 544.189 | 0,31 |
| 370.000 CRH FINANCE GERMANY 1.75 14-21 16/07A | EUR | 394.915 | 386.739 | 0,22 |
| 830.000 HEIDELBERGCEMENT	2.25 16-23 30/03A | EUR | 874.166 | 887.710 | 0,51 |
| 590.000 IHO VERWALTUNGS	3.25 16-23 15/09S | EUR | 589.457 | 609.983 | 0,35 |
| 350.000 SCHAEFFLER VER ZWEI 3.75 16-26 15/09S | EUR | 357.750 | 368.242 | 0,21 |
| 984.000 TELE COLOMBUS	3.875 18/25 04/05S | EUR | 976.551 | 984.000 | 0,56 |
| 1.720.000 THYSSENKRUPP	1.375 17-22 03/03A | EUR | 1.747.456 | 1.742.532 | 1,00 |
| 970.000 THYSSENKRUPP AG	2.50 15-25 25/02S | EUR | 993.072 | 1.022.555 | 0,58 |
| 840.000 UNITYMEDIA HESSEN REGS 4.62515-26 15/02S | EUR | 920.850 | 925.571 | 0,53 |
| 680.000 UNITYMEDIA NRW/HESSEN 6.25 13-29 15/01S | EUR | 758.021 | 774.608 | 0,44 |
| 439.000 VOLKSWAGEN BANK	1.25 17-25 15/12A | EUR | 435.365 | 435.312 | 0,25 |
| 660.000 VOLKSWAGEN FIN SER 0.875 18-23 12/04A | EUR | 656.733 | 659.749 | 0,38 |
| 752.000 VOLKSWAGEN LEASING 1.125 17-24 04/04A | EUR | 747.668 | 754.211 | 0,43 |
| Italien |  | 7.888.208 | 7.942.563 | 4,54 |
| 781.000 ATLANTIA SPA	1.625 17-25 03/02A | EUR | 785.911 | 792.348 | 0,45 |
| 608.000 A2A SPA	1.625 17-27 19/10A | EUR | 600.096 | 598.619 | 0,34 |
| 600.000 BUZZI UNICEM	2.125 16-23 28/04A | EUR | 617.469 | 629.808 | 0,36 |
| 550.000 FINMEC FINANCE	4.50 13-21 19/01A | EUR | 619.692 | 610.682 | 0,35 |
| 400.000 FINMECCANICA SPA	4.875 05-25 24/03A | EUR | 477.860 | 478.232 | 0,27 |
| 610.000 IREN SPA	1.50 17-27 24/10A | EUR | 599.972 | 593.933 | 0,34 |
| 700.000 LKQ	3.875 16-24 01/04S | EUR | 746.608 | 740.852 | 0,42 |
| 465.000 SALINI	3.75 16-21 24/06A | EUR | 478.541 | 495.476 | 0,28 |
| 761.000 TELECOM ITALIA	2.50 17-23 19/07A | EUR | 755.582 | 800.861 | 0,46 |
| 480.000 TELECOM ITALIA EMTN 3.75 15-23 16/01A | EUR | 514.985 | 524.328 | 0,30 |
| 600.000 TELECOM ITALIA SPA 3.00 16-25 30/09A | EUR | 647.550 | 639.960 | 0,37 |
| 820.000 TELECOM ITALIA SPA 2.375 17-27 12/10A | EUR | 813.317 | 816.571 | 0,47 |
| 250.000 WIND TRE SPA  3.125  17-25 20/01S | EUR | 230.625 | 220.893 | 0,13 |
| Dänemark |  | 4.539.590 | 4.486.966 | 2,56 |
| 590.000 CARLSBERG BREWERIES 2.50 14-24 28/05A | EUR | 666.591 | 641.690 | 0,37 |
| 810.000 ISS GLOBAL	1.00 15-21 07/01A | EUR | 836.546 | 829.148 | 0,47 |
| 1.886.000 ISS GLOBAL A/S	1.50 17-27 31/08A | EUR | 1.884.265 | 1.857.710 | 1,06 |

Menge/
Nennwert	Bezeichnung	Währung
Kosten für Anschaffung
Marktwert		% des Nettoverm.
| Menge/ Nennwert	Bezeichnung | Währung | Kosten für Anschaffung | Marktwert	% des Nettoverm. |
| --- | --- | --- | --- |
| 1.163.000 ORSTED	1.50 17-29 26/11A | EUR | 1.152.188 | 1.158.418 | 0,66 |
| Spanien |  | 2.794.737 | 2.713.365 | 1,55 |
| 700.000 ABERTIS INFRAESTRUCT. 3.75 13-23 20/06A | EUR | 853.349 | 804.524 | 0,47 |
| 300.000 CELLNEX TELECOM REGS 2.375 16-24 16/01A | EUR | 307.482 | 305.379 | 0,17 |
| 340.000 ENCE ENERGIA REGS  5.375 15-22 01/11S | EUR | 367.625 | 357.496 | 0,20 |
| 640.000 NORTEGAS ENERGIA 2.065 17-27 28/09A | EUR | 640.000 | 642.810 | 0,37 |
| 600.000 TELEFONICA EMISION 1.46 16-26 13/04A | EUR | 626.281 | 603.156 | 0,34 |
| Vereinigte Staaten von Amerika |  | 22.253.301 | 22.203.906 | 12,69 |
| 850.000 AT T	2.60 14-29 17/12A | EUR | 926.683 | 885.182 | 0,51 |
| 477.000 AT T INC	1.05 17-23 05/09A | EUR | 475.612 | 481.427 | 0,28 |
| 700.000 AT T INC	2.35 17/29 05/09A | EUR | 711.855 | 710.171 | 0,41 |
| 1.100.000 AT&T INC	2.65 13-21 17/12A | EUR | 1.229.436 | 1.186.262 | 0,67 |
| 1.426.000 AT&T INC	3.15 17-36 04/09A | EUR | 1.435.133 | 1.450.056 | 0,82 |
| 1.100.000 AT&T INC	3.90 17-18 23/05S | USD | 882.657 | 920.023 | 0,53 |
| 610.000 BALL CORP	4.375 15-23 15/12S | EUR | 685.948 | 691.722 | 0,40 |
| 735.000 BAT CAPITAL CORP	1.125 17-23 16/11A | EUR | 735.689 | 737.940 | 0,42 |
| 595.000 CELANESE US	1.25 17-25 11/025 | EUR | 593.870 | 587.717 | 0,34 |
| 800.000 CHEMOURS CO	6.125 16-23 15/05S | EUR | 851.600 | 839.272 | 0,48 |
| 670.000 COLFAX CORP	3.25 17-25 15/05S | EUR | 683.252 | 678.958 | 0,39 |
| 515.000 EQUINIX INC	2.875 17-22 01/10S | EUR | 519.620 | 502.331 | 0,29 |
| 780.000 EQUINIX INC	2.875 18-24 15/03S | EUR | 780.000 | 779.392 | 0,45 |
| 1.270.000 KINDER MORGAN INC/DEL 1.50 15-22 16/03M | EUR | 1.295.590 | 1.311.401 | 0,74 |
| 1.560.000 LEVI STRAUSS	3.375 17-27 15/03S | EUR | 1.612.500 | 1.604.217 | 0,91 |
| 322.000 MCKESSON CORP	0.625 17-21 17/08A | EUR | 321.588 | 325.784 | 0,19 |
| 840.000 MCKESSON CORP	1.50 17-25 17/11A | EUR | 846.048 | 850.954 | 0,49 |
| 543.000 MCKESSON CORP	1.625 18-26 30/10A | EUR | 542.446 | 548.495 | 0,31 |
| 510.000 MONDELEZ INTL	1.625 15-27 08/03A | EUR | 524.269 | 514.871 | 0,29 |
| 500.000 NATIONAL GRID NA I 1 17-24 12/07A | EUR | 496.350 | 501.745 | 0,29 |
| 490.000 PVR CORP	3.125 17-27 15/12S | EUR | 490.000 | 487.653 | 0,28 |
| 932.000 QUINTILES IMS INC  3.25 17-25 15/03S | EUR | 932.000 | 949.279 | 0,54 |
| 600.000 SILGAN HOLDING INC 3.25 17-25 15/03S | EUR | 619.320 | 614.610 | 0,35 |
| 1.010.000 THERMO FISHER	2.00 14-25 15/04A | EUR | 1.086.272 | 1.065.318 | 0,61 |
| 545.000 THERMO FISHER SCIEN 1.40 17-26 23/01A | EUR | 542.417 | 545.436 | 0,31 |
| 600.000 THERMO FISHER SCIENT 0.75 16-24 12/09A | EUR | 598.368 | 589.818 | 0,34 |
| 800.000 VERIZON COMMUNICATION 1.375 17-26 27/10A | EUR | 799.040 | 795.064 | 0,45 |
| 290.000 VERIZON COMMUNICATION 2.875 17-38 15/01A | EUR | 288.353 | 293.074 | 0,17 |
| 700.000 ZF NA CAPITAL	2.75 15-23 27/04A | EUR | 747.385 | 755.734 | 0,43 |
| Schweden |  | 2.005.106 | 2.007.912 | 1,15 |
| 630.000 ALFA LAVAL	1.375 14-22 12/09A | EUR | 664.690 | 654.236 | 0,37 |
| 1.339.000 SCA HYGIENE AB	1.125 17-24 27/03A | EUR | 1.340.416 | 1.353.676 | 0,78 |
| Österreich |  | 427.074 | 427.337 | 0,24 |
| 420.000 SAPPI PAPIER HOLDNG G 3.375 15-22 01/04S | EUR | 427.074 | 427.337 | 0,24 |
| Portugal |  | 99.894 | 106.100 | 0,06 |
| 100.000 BRISA CONC RODOVIARIA 2.375 17-27 10/05A | EUR | 99.894 | 106.100 | 0,06 |
| Belgien |  | 2.906.607 | 2.899.090 | 1,66 |
| 601.000 ANHEUSER BUSCH INBEV 1.15 18-27 22/01A | EUR | 596.877 | 593.373 | 0,34 |
| 840.000 ANHEUSER-BUSCH INB 2.00 16-28 17/03A | EUR | 878.590 | 884.848 | 0,51 |
| 500.000 ANHEUSER-BUSCH INB 2.75 16-36 17/03A | EUR | 528.250 | 534.575 | 0,31 |
| 420.000 BARRY CALLEBAUT SER 2.375 16-24 24/05A | EUR | 439.119 | 442.294 | 0,25 |
| 400.000 SOLVAY	2.75 15-27 02/12A | EUR | 463.771 | 444.000 | 0,25 |
| Irland |  | 3.164.939 | 3.189.414 | 1,82 |
| 532.000 FCA CAPITAL IRELAND 1.00 17-21 15/11A | EUR | 529.686 | 542.326 | 0,31 |
| 401.000 FRESENIUS FIN IRL  3.00 17-32 30/01A | EUR | 415.535 | 428.605 | 0,24 |
| 721.000 FRESENIUS FIN REGS 0.875 17-22 31/01A | EUR | 724.381 | 731.555 | 0,42 |
| 786.000 ROADSTER FINANCE DAC 1.625 17-24 09/12A | EUR | 785.029 | 776.387 | 0,45 |
| 400.000 RZD CAPITAL PLC	4.60 14-23 06/03A | EUR | 439.730 | 442.028 | 0,25 |
| 250.000 SMURFIT KAPPA ACQ  3.25 14-21 01/06S | EUR | 270.578 | 268.513 | 0,15 |
| Finnland |  | 2.058.660 | 2.029.309 | 1,16 |
| 600.000 CRH FINLAND SERVICES 2.75 13-20 15/10A | EUR | 659.421 | 635.753 | 0,36 |
| 550.000 FORTUM OYJ	2.25 12-22 06/09A | EUR | 608.075 | 588.902 | 0,34 |
| 525.000 NOKIA OYJ	2.00 17-24 15/03A | EUR | 522.155 | 530.555 | 0,30 |
| 270.000 STORA ENSO OYJ	2.50 18-28 21/03A | EUR | 269.009 | 274.099 | 0,16 |
| Japan |  | 1.660.235 | 1.668.862 | 0,95 |
| 432.000 SOFTBANK GROUP	4.0000 18-23 20/04S | EUR | 432.000 | 442.381 | 0,25 |
| 600.000 SOFTBANK GROUP CORP 3.125 17-25 19/09S | EUR | 559.980 | 561.300 | 0,32 |

| 610.000 SOFTBANK REGS | 4.625 13-20 15/04S | EUR | 668.255 | 665.181 | 0,38 |
| --- | --- | --- | --- | --- | --- |
| Jersey Inseln |  |  | 2.517.210 | 2.563.306 | 1,46 |
| 700.000 GLENCORE FINANCE	1.875 16-23 13/09A | EUR | 683.848 | 727.349 | 0,42 |
| 760.000 GLENCORE FINANCE	2.75 14-21 01/04A | EUR | 810.539 | 808.252 | 0,45 |
| 500.000 GLENCORE FINANCE	3.375 13-20 30/09A | EUR | 534.048 | 538.945 | 0,31 |
| 430.000 GLENCORE FINANCE	3.75 14-26 01/04A | EUR | 488.775 | 488.760 | 0,28 |
| Ungarn |  |  |  | 427.575 | 442.693 | 0,25 |
| 410.000 MOL HUNGARIAN | OIL  2.625 16-23 28/04A | EUR | 427.575 | 442.693 | 0,25 |
| Australien |  |  | 3.249.721 | 3.208.978 | 1,83 |
| 700.000 ORIGIN ENERGY	7.875 11-71 16/06S	EUR | 743.499 | 707.021	0,40 |
| 590.000 ORIGIN ENERGY REGS 2.50 13-20 23/10A | EUR | 619.763 | 624.167 | 0,36 |
| 510.000 RANSURBAN FINANCE CO 2.00 15-25 28/08A | EUR | 554.676 | 534.353 | 0,31 |
| 1.200.000 SANTOS FINANCE LTD 4.125 17-27 14/09S	USD | 944.640 | 966.038	0,54 |
| 360.000 TRANSURBAN FINANCE 1.875 14-24 16/09A | EUR | 387.143 | 377.399 | 0,22 |
| Niederländische Antillen |  | 1.701.541 | 1.659.559 | 0,95 |
| 650.000 TEVA PHARMA	0.375 16-20 25/07A	EUR | 649.981 | 632.730	0,37 |
| 420.000 TEVA PHARMA FINAN  4.5 18-25 01/03S | EUR | 420.000 | 426.909 | 0,24 |
| 660.000 THEVA PHARMAC	1.25 15-23 31/03A | EUR | 631.560 | 599.920 | 0,34 |
| Kaimaninseln	 1.378.681	1.388.528	0,79 |
| 590.000 CK HUTCHISON FINANCE 0.875 16-24 03/10A | EUR | 575.468 | 580.944 | 0,33 |
| 430.000 HUTCH WHAMPOA FIN 14 1.375 14-21 31/10A | EUR | 450.968 | 444.865 | 0,25 |
| 350.000 UPCB FINANCE IV	4.00 15-27 15/01S | EUR | 352.245 | 362.719 | 0,21 |
| Neuseeland	 1.030.769	1.040.702	0,59 |
| 1.030.000 CHORUS LTD |  | 1.125 16-23 18/10A | EUR | 1.030.769 | 1.040.702 | 0,59 |
| Mexiko |  |  |  | 1.299.300 | 1.289.884 | 0,74 |
| 680.000 AMERICAN MOVIL | 3.259 13-23 22/07A | EUR | 771.800 | 766.544 | 0,44 |
| 500.000 CEMEX SAB DE CV | 4.375 15-23 05/03S | EUR | 527.500 | 523.340 | 0,30 |
| Brasilien |  |  |  | 566.330 | 606.652 | 0,35 |
| 540.000 VALE EMTN |  | 3.75 12-23 10/01A | EUR | 566.330 | 606.652 | 0,35 |
| Tschechische Republik |  | 1.872.236 | 1.811.254	1,03 |
| 760.000 CEZ EMTN	3.00 13-28 05/06A	EUR | 881.638 | 844.930	0,47 |
| 320.000 ENERGO PRO	4.00 17-22 07/12A	EUR | 320.000 | 327.024	0,19 |
| 590.000 EP ENERGY AS REGS  5.875 12-19 01/11S	EUR | 670.598 | 639.300	0,37 |
| Rumänien |  |  | 268.900 | 274.152	0,16 |
| 271.000 GLOBALWORTH RE ESTATE 3.000 18-25 29/03A	EUR | 268.900 | 274.152	0,16 |
| Renten mit flexibelem Zins |  | 32.177.093 | 32.487.777 | 18,56 |
| Luxemburg |  |  | 869.090 | 872.040 | 0,50 |
| 830.000 SES	FL.R 16-XX 02/01A	EUR | 869.090 | 872.040	0,50 |
| Frankreich |  |  | 8.462.183 | 8.529.621	4,87 |
| 400.000 ACCOR	FL.R 14-XX 30/06A	EUR | 401.967 | 425.692	0,24 |
| 100.000 ARKEMA SA	FL.R 14-XX 29/10A	EUR | 106.762 | 109.093	0,06 |
| 400.000 CASINO GUICHARD	FL.R 14-24 07/03A | EUR | 426.650 | 423.820 | 0,24 |
| 600.000 DANONE SA EMTN	FL.R 17-XX 23/06A | EUR | 600.000 | 596.148 | 0,34 |
| 400.000 ELECT.DE FRANCE	FL.R 13-XX 29/01A | EUR | 423.659 | 422.004 | 0,24 |
| 300.000 ENGIE	FL.R 14-XX 02/06A | EUR | 316.875 | 327.834 | 0,19 |
| 600.000 ENGIE	FL.R 13-XX 10/07A | EUR | 680.596 | 671.574 | 0,38 |
| 600.000 ENGIE SUB	FL.R 14-XX 02/06A	EUR | 625.116 | 616.278	0,35 |
| 600.000 ENGIE SA | FL.R | 18-XX XX.XXA | EUR | 596.256 | 584.862 | 0,33 |
| 840.000 RCI BANQUE |  | FL.R 17-22 14/03Q | EUR | 845.880 | 848.257 | 0,48 |
| 350.000 SOLVAY FINANCE	FL.R 13-XX 12/11A	EUR | 377.294 | 406.809	0,23 |
| 1.930.000 TOTAL SA | FL.R 15-XX 26/02A | EUR | 1.974.545 | 1.996.700 | 1,15 |
| 1.000.000 TOTAL SA | FL.R 16-49 18/05A | EUR | 1.086.583 | 1.100.550 | 0,64 |
| Niederlande	 9.656.880	9.813.174	5,61 |
| 1.680.000 ENECO HOLDING SUB  FL.R 14-XX 01/12A | EUR | 1.790.530 | 1.799.447 | 1,04 |
| 600.000 GAS NAT FENOSA REGS FL.R 14-XX 30/11A | EUR | 611.141 | 646.164 | 0,37 |
| 800.000 IBERDROLA INTL	FL.R 17-XX 22/02A	EUR | 800.000 | 794.312	0,45 |
| 300.000 IBERDROLA INTL BV  FL.R 18-XX XX/XXA | EUR | 300.000 | 304.107 | 0,17 |
| 800.000 TELE EUR REGS SUB FL.R 14-XX 31/03A | EUR | 864.400 | 862.088 | 0,49 |
| 1.000.000 TELEFONICA EUROPA SUB FL.R 16-XX 15/09A | EUR | 1.035.021 | 1.051.870 | 0,60 |
| 800.000 VOLKSWAGEN INTL FIN FL.R 13-XX 04/09A | EUR | 915.360 | 916.912 | 0,52 |
| 800.000 VW INTL FIN	FL.R 14-26 24/03A	EUR | 883.070 | 886.392	0,51 |
| 1.050.000 VW INTL FIN SUB	FL.R 14-XX 24/03A | EUR | 1.068.727 | 1.118.366 | 0,64 |
| 1.400.000 VW INTL FIN SUB	FL.R 15-XX 20/03A | EUR | 1.388.631 | 1.433.516 | 0,82 |

Menge/
Nennwert	Bezeichnung	Währung
Kosten für Anschaffung
Marktwert		% des Nettoverm.
| Menge/ Nennwert	Bezeichnung | Währung | Kosten für Anschaffung | Marktwert	% des Nettoverm. |
| --- | --- | --- | --- |
| Deutschland |  | 4.629.506 | 4.666.498 | 2,67 |
| 2.110.000 BAYER SUB	FL.R 14-75 01/07A | EUR | 2.185.382 | 2.199.780 | 1,25 |
| 1.000.000 BAYER SUB	FL.R 15-75 02/04A | EUR | 1.023.352 | 1.024.800 | 0,59 |
| 600.000 ENBW ENERGIE	FL.R 14-76 02/04A | EUR | 621.964 | 640.398 | 0,37 |
| 800.000 VOLKSWAGEN LEASING FL.R 17-21 06/07Q | EUR | 798.808 | 801.520 | 0,46 |
| Dänemark |  | 2.079.195 | 2.124.100 | 1,21 |
| 990.000 ORSTED	FL.R 13-XX 26/06A ** | EUR | 1.173.660 | 1.191.109 | 0,68 |
| 600.000 ORSTED	FL.R 15-15 06/11A * | EUR | 608.625 | 631.788 | 0,36 |
| 300.000 TDC	FL.R 15-15 26/02A * | EUR | 296.910 | 301.203 | 0,17 |
| Österreich |  | 1.881.225 | 1.909.740 | 1,09 |
| 1.680.000 OMV SUB	FL.R 15-XX 09/12A | EUR | 1.881.225 | 1.909.740 | 1,09 |
| Australien |  | 1.796.089 | 1.834.994 | 1,05 |
| 1.760.000 ORIGIN ENERGY SUB FL.R 14-74 16/09S | EUR | 1.796.089 | 1.834.994 | 1,05 |
| Kaimaninseln |  | 2.129.264 | 2.071.511 | 1,18 |
| 2.070.000 HUTCHISON WHAMPOA  FL.R 13-18 10/05A | EUR | 2.129.264 | 2.071.511 | 1,18 |
| Mexiko |  | 673.661 | 666.099 | 0,38 |
| 300.000 AMERICA MOVIL SAB  FL.R 13-73 06/09A | EUR | 318.161 | 305.100 | 0,17 |
| 300.000 AMERICA MOVIL SAB  FL.R 13-73 06/09A | EUR | 355.500 | 360.999 | 0,21 |
| Sonstige übertragbare Wertpapiere |  | 5.854.945 | 5.869.121 | 3,35 |
| Renten |  | 4.612.593 | 4.628.563 | 2,64 |
| Frankreich |  | 2.988.880 | 2.988.537 | 1,70 |
| 1.000.000 CIE DE SAINT GOBAIN 1.125 18-26 23/03A | EUR | 995.980 | 988.400 | 0,56 |
| 1.200.000 PEUGEOT SA	2  18-25 20/03A | EUR | 1.196.124 | 1.202.065 | 0,68 |
| 800.000 RCI BANQUE EMTN	0.25 18-21 12/07A | EUR | 796.776 | 798.072 | 0,46 |
| Niederlande |  | 755.000 | 766.385 | 0,44 |
| 755.000 DARLING GLOBAL FIN 3.625 18-26 15/05S | EUR | 755.000 | 766.385 | 0,44 |
| Tschechische Republik |  | 868.713 | 873.641 | 0,50 |
| 865.000 RESIDOMO SRD	3.375 17-24 15/10S | EUR | 868.713 | 873.641 | 0,50 |
| Renten mit flexibelem Zins |  | 1.242.352 | 1.240.558 | 0,71 |
| Niederlande |  | 400.000 | 397.492 | 0,23 |
| 400.000 TELEFONICA EUROPE BV 3.00 18-XX XX/XXA | EUR | 400.000 | 397.492 | 0,23 |
| Vereinigte Staaten von Amerika |  | 842.352 | 843.066 | 0,48 |
| 840.000 BAT CAPITAL CORP	FL.R 17-21 16/08Q | EUR | 842.352 | 843.066 | 0,48 |
| Summe Anlagen |  | 168.616.135 | 168.797.148 | 96,43 |
| Barmittel |  |  | 6.608.811 | 3,78 |
| Sonstige Vermögenswerte/-Verbindlichkeiten |  |  | -358.074 | -0,20 |
| Summe Nettovermögen |  |  | 175.047.885 | 100,00 |


### Geografische Allokation des Portfolios
| Frankreich | % des Nettovermögens 16,35 |
| --- | --- |
| Niederlande | 15,86 |
| Vereinigte Staaten von Amerika | 13,65 |
| Deutschland | 9,59 |
| Luxemburg | 8,13 |
| Großbritannien | 6,06 |
| Italien | 4,71 |
| Dänemark | 3,92 |
| Australien | 2,99 |
| Kaimaninseln | 2,05 |
| Irland | 1,89 |
| Belgien | 1,72 |
| Spanien | 1,61 |
| Tschechische Republik | 1,59 |
| Jersey Inseln | 1,52 |
| Österreich | 1,38 |
| Finnland | 1,20 |
| Schweden | 1,19 |
| Mexiko | 1,16 |
| Niederländische Antillen | 0,98 |
| Japan | 0,99 |
| Neuseeland | 0,62 |
| Brasilien | 0,36 |
| Ungarn | 0,26 |
| Rumänien | 0,16 |
| Portugal | 0,06 |


###### 	100,00
Ertrags- und Aufwandsrechnung und Veränderung des Nettovermögens vom 01.11.2017 bis 30.04.2018
Ausgedrückt in EUR
| Erträge |  | 2.302.027 |
| --- | --- | --- |
| Nettozinsen auf Renten |  | 2.296.199 |
| Bankzinsen bei Sicht |  | 88 |
| Bankzinsen auf Termineinlagen |  | 35 |
| Zinsen auf Pensionsgeschäfte | Erläut. 2f | 397 |
| Swapzinsen |  | 5.308 |
| Ausgaben |  | 903.845 |
| Verwaltungs- und Beratergebühren | Erläut. 3 | 452.813 |
| Verwahrstellengebühr | Erläut. 5 | 5.207 |
| Taxe d'abonnement | Erläut. 7a | 8.661 |
| Domizilstellen-, Verwaltungsstellen- und Transferstellengebühren | Erläut. 5 | 35.539 |
| Honorare |  | 6.664 |
| Bankgebühren |  | 16.693 |
| Transaktionskosten | Erläut. 2g | 1.702 |
| Swapzinsen |  | 375.528 |
| Sonstige Aufwendungen |  | 1.038 |
| Erträge aus Anlagen |  | 1.398.182 |
| Realisierter Nettogewinn / -verlust aus: - Verkauf von Anlagen | Erläut. 2d | 399.148 |
| - Optionen |  | -75.750 |
| - Devisentermingeschäften |  | 236 |
| - Finanztermingeschäften |  | 162.661 |
| - Swapgeschäften |  | 567.371 |
| - Devisengeschäften | Erläut. 2c | -7.929 |
| Realisierter Nettogewinn |  | 2.443.919 |
| Veränderung des nicht realisierten Nettogewinns / -verlustes aus: - Anlagen |  | -3.423.533 |
| - Devisentermingeschäften |  | -45.119 |
| - Finanztermingeschäften |  | -83.700 |
| - Swapgeschäften |  | -391.779 |
| Nettovermögensabnahme durch Geschäftstätigkeit |  | -1.500.212 |
| Dividendenausschüttungen | Erläut. 6 | -1.399.766 |
| Zeichnungen kummulativer Anteile |  | 1.010.621 |
| Zeichnungen von Anteilen mit Ausschüttung |  | 561.557 |
| Rücknahmen kummulativer Anteile |  | -5.674.277 |
| Rücknahmen von Anteilen mit Ausschüttung |  | -20.658.392 |
| Verminderung des Nettovermögens |  | -27.660.469 |
| Nettovermögen zu Beginn der Periode |  | 202.708.354 |
| Nettovermögen am Ende der Periode |  | 175.047.885 |

Die beiliegenden Erläuterungen sind integraler Bestandteil dieses Berichtes
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