# - Euro Corporate Bond
### Financial Statements as at 30 April 2018
Statement of net assets as at 30 April 2018
Expressed in EUR
| Assets |  | 291,092,499 |
| --- | --- | --- |
| Investments at market value | Note 2b | 278,953,727 |
| Acquisition cost |  | 278,621,865 |
| Cash at bank |  | 7,523,097 |
| Margin deposits |  | 413,239 |
| Interest receivable |  | 2,941,846 |
| Receivable on sale of investments |  | 1,256,838 |
| Receivable on subscriptions |  | 3,752 |
| Liabilities |  | 878,915 |
| Repurchase agreements | Note 9 | 570,083 |
| Payable on redemptions |  | 15,699 |
| Unrealised loss on forward currency exchange contracts | Note 2e | 76,748 |
| Unrealised loss on financial futures contracts | Note 2e | 107,650 |
| Investment management and administrative fees payable |  | 97,415 |
| Other liabilities |  | 11,320 |
| Net asset value |  | 290,213,584 |

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 |
| --- | --- | --- | --- | --- |
| I Shares EUR Capitalisation shares | 3,970,342.61 | 133,861.93 | 2,299,148.67 | 1,805,055.87 |
| Distribution shares | 4,478,446.38 | 188,761.90 | 536,858.28 | 4,130,350.00 |
| P Shares EUR Distribution shares | 20,061,176.80 | 455,300.00 | 2,285,700.00 | 18,230,776.80 |
| R Shares EUR Capitalisation shares | 383,751.12 | 2,110.50 | 141,894.43 | 243,967.19 |

| Period ended as at: | 30 April 2018 | 31 October 2017 | 31 October 2016 |
| --- | --- | --- | --- |
| EUR | 290,213,584 | 368,847,787 | 412,446,985 |

Statistics
Total Net Assets
| I Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Capitalisation shares |  |  |  |
| Number of shares | 1,805,055.87 | 3,970,342.61 | 7,671,230.30 |
| Net asset value per share Distribution shares | 20.05 | 20.25 | 19.68 |

| Number of shares | 4,130,350.00 | 4,478,446.38 | 159,000.00 |
| --- | --- | --- | --- |
| Net asset value per share | 11.87 | 12.19 | 12.06 |
| Dividend per share | 0.20 | 0.21 | 0.30 |
| EUR Distribution shares | EUR | EUR | EUR |
| Number of shares | 18,230,776.80 | 20,061,176.80 | 21,340,467.80 |
| Net asset value per share | 11.00 | 11.31 | 11.19 |
| Dividend per share | 0.20 | 0.21 | 0.29 |
| EUR Capitalisation shares | EUR | EUR | EUR |
| Number of shares | 243,967.19 | 383,751.12 | 1,166,682.34 |
| Net asset value per share | 18.01 | 18.26 | 17.86 |

P Shares
R 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	 266,231,011 | 266,547,180 | 91.85 |
| Bonds	 194,505,567 | 195,066,235 | 67.22 |
| Luxembourg	 9,059,605 | 8,999,386 | 3.10 |

| 1,200,000 DH EUROPE FINANCE  2.50 15-25 08/07A | EUR | 1,329,600 | 1,318,860 | 0.45 |
| --- | --- | --- | --- | --- |
| 1,000,000 DH EUROPE FINANCE SA 1.20 17-27 30/06A | EUR | 1,000,800 | 989,310 | 0.34 |
| 1,000,000 GAZ CAPITAL	3.60 14-21 26/02A	EUR | 1,075,366 | 1,052,700 | 0.36 |
| 1,200,000 GAZ CAPITAL REG S  4.625 15-18 15/10A | EUR | 1,272,000 | 1,219,320 | 0.42 |
| 1,205,000 HEIDELBERGCEMENT LUX 1.625 17-26 07/04A | EUR | 1,200,493 | 1,217,821 | 0.42 |
| 1,432,000 RICHEMONT INTL	1.00 18-26 26/03A	EUR | 1,414,587 | 1,434,592 | 0.49 |
| 1,776,000 SES SA	1.625 18-26 | EUR | 1,766,759 | 1,766,783 | 0.62 |
| France |  | 31,038,872 | 31,076,875 | 10.71 |
| 500,000 ARRFP	1.875 14-25 15/01A | EUR | 518,150 | 532,460 | 0.18 |
| 2,000,000 BFCM EMTN	0.75 18-25 17/07A	EUR | 1,988,440 | 1,961,480 | 0.68 |
| 1,090,000 BFCM SUB	3.00 14-24 21/05A	EUR | 1,209,439 | 1,189,909 | 0.41 |
| 2,000,000 BNP PARIBAS CARDIF  1.00 17-24 29/11A	EUR | 1,980,815 | 1,928,860 | 0.66 |
| 2,000,000 BNP PARIBAS SA | 1.00 17-24 27/06A | EUR | 1,993,554 | 1,990,340 | 0.69 |
| 1,308,000 BNP PARIBAS SA | 1.50 17-25 17/11A | EUR | 1,307,516 | 1,322,257 | 0.46 |
| 3,000,000 BPCE SA	1.125 17-23 18/01A	EUR | 3,022,453 | 3,047,130 | 1.06 |
| 800,000 CIE DE SAINT-GOBAI 1 17-25 17/03A	EUR | 805,320 | 796,928 | 0.27 |
| 1,100,000 CNP ASSUR.	1.875 16-22 20/10A	EUR | 1,096,909 | 1,142,438 | 0.39 |
| 1,600,000 CTE CO TRANSP ELEC  1.50 17-28 29/07A	EUR | 1,583,536 | 1,595,632 | 0.55 |
| 2,500,000 EDF | 1.00 16-26 13/10A | EUR | 2,483,320 | 2,437,375 | 0.84 |
| 800,000 EDF | 1.875 16-36 13/10A | EUR | 729,600 | 727,504 | 0.25 |
| 700,000 EDF SA | 2.75 12-23 10/03A | EUR | 723,700 | 772,254 | 0.27 |
| 1,300,000 ORANGE SA	1.375 18-28 20/03A	EUR | 1,295,424 | 1,294,995 | 0.45 |
| 800,000 PERNOD RICARD	1.50 16-26 18/05A	EUR | 804,101 | 821,920 | 0.28 |
| 600,000 PSA BANQUE FRANCE  0.50 17-20 17/01A | EUR | 598,506 | 605,058 | 0.21 |
| 1,215,000 PSA BANQUE FRANCE  0.625 17-22 10/10A | EUR | 1,208,937 | 1,211,659 | 0.42 |
| 1,420,000 RCI BANQUE	1.25 15-22 08/06A | EUR | 1,418,915 | 1,459,760 | 0.50 |
| 1,000,000 RCI BANQUE	1.625 17-25 11/04A | EUR | 1,024,170 | 1,026,720 | 0.35 |
| 1,241,000 RCI BANQUE SA	0.75 17-22 26/09A | EUR | 1,238,394 | 1,248,793 | 0.43 |
| 1,200,000 SOCIETE GENERALE	0.500 17-23 13/01A	EUR | 1,195,248 | 1,179,696 | 0.41 |
| 700,000 VIVENDI | 0.75 16-21 26/05A | EUR | 695,772 | 709,737 | 0.24 |
| 1,000,000 VIVENDI | 0.875 17-24 18/09A | EUR | 993,670 | 991,400 | 0.34 |
| 1,000,000 WENDEL | 2.75 14-24 10/02A | EUR | 1,122,983 | 1,082,570 | 0.37 |
| United Kingdom | 13,356,198 | 13,330,839 | 4.59 |
| 800,000 ANGLO AMER CAPITAL  3.50 12-22 28/03A	EUR | 895,992 | 885,056 | 0.30 |
| 1,483,000 BARCLAYS PLC	0.625 17-23 14/11A	EUR | 1,479,011 | 1,453,399 | 0.50 |
| 600,000 BAT INTL FIN	2.25 17-30 16/01A	EUR | 609,510 | 604,152 | 0.21 |
| 985,000 BP CAPITAL MARKETS  0.83 16-24 19/09A | EUR | 983,740 | 982,075 | 0.34 |
| 1,000,000 BP CAPITAL MARKETS  1.00 14-26 25/09A | EUR | 1,084,177 | 1,079,590 | 0.37 |
| 1,682,000 BRITISH TELECOM	1.00 17-24 21/11A | EUR | 1,666,829 | 1,659,276 | 0.58 |
| 840,000 BRITISH TELECOM	1.125 16-23 10/03A | EUR | 842,801 | 855,338 | 0.29 |
| 1,337,000 BRITISH TELECOM	1.50 17-27 23/06A | EUR | 1,326,077 | 1,315,020 | 0.45 |
| 1,200,000 IMPERIAL BRANDS FIN 1.375 17-25 27/01A	EUR | 1,206,840 | 1,201,296 | 0.41 |
| 1,500,000 MONDI FINANCE	1.50 16-24 15/04A	EUR | 1,518,993 | 1,537,995 | 0.54 |
| 673,000 MONDI FINANCE P | 1.6250 18-26 27/04A | EUR | 670,900 | 678,532 | 0.23 |
| 1,025,000 VODAFONE GROUP | 2.20 16-26 25/08A | EUR | 1,071,328 | 1,079,110 | 0.37 |
| The Netherlands	 16,748,758 | 16,745,452 | 5.77 |
| 1,350,000 ABN AMRO BANK NV 5.75 15-25 30/06A | EUR | 1,433,970 | 1,418,715 | 0.49 |
| 1,841,000 DEUTSCHE TELEKOM I 1.375 17-27 30/01A | EUR | 1,829,883 | 1,844,627 | 0.64 |
| 1,959,000 ENEL FINANCE INTL 1.125  18-26 16/09A | EUR | 1,943,015 | 1,927,754 | 0.66 |
| 1,200,000 GAS NAT FENOSA	1.375 17-27 19/01A	EUR | 1,182,275 | 1,186,932 | 0.41 |
| 700,000 GAS NAT FENOSA FIN  2.875 14-24 11/03A	EUR | 698,138 | 776,860 | 0.27 |
| 1,900,000 ING GROUP NV	1.125 18-25 14/02A	EUR | 1,892,134 | 1,892,381 | 0.65 |
| 653,000 INNOGY FINANCE BV  1.50 18-29 31/07A	EUR | 645,066 | 632,809 | 0.22 |
| 1,100,000 JAB HOLDINGS	1.25 17-24 22/05A	EUR | 1,102,057 | 1,111,660 | 0.38 |
| 2,600,000 RABOBANK EMTN	6.875 10-20 19/03A	EUR | 3,030,844 | 2,923,908 | 1.00 |
| 1,000,000 UNILEVER NV	1.00 17-27 14/02A	EUR | 987,000 | 986,610 | 0.34 |
| 500,000 VONOVIA FINANCE BV | 1.5 18-28 14/01A | EUR | 497,195 | 487,495 | 0.17 |
| 800,000 VONOVIA FINANCE BV | 2.125 18-30 22/03A | EUR | 791,736 | 806,400 | 0.28 |
| 700,000 VONOVIA FINANCE BV | 2.25 15-23 15/12A | EUR | 715,445 | 749,301 | 0.26 |
| Switzerland | 2,104,744 | 2,133,786 | 0.74 |
| 2,090,000 UBS GROUP FUNDING  1.50 16-24 30/11A	EUR | 2,104,744 | 2,133,786 | 0.74 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| Germany |  |  | 7,224,912 | 7,232,408 | 2.49 |
| --- | --- | --- | --- | --- | --- |
| 1,200,000 DEUTSCHE BANK | 1.50 17-22 20/01A | EUR | 1,202,412 | 1,220,388 | 0.42 |
| 1,000,000 DEUTSCHE BANK AG	1.25 14-21 08/09U | EUR | 1,015,120 | 1,016,540 | 0.35 |
| 2,000,000 HANNOVER RUECK SE  1.125 18-28 18/04A | EUR | 1,984,200 | 1,973,600 | 0.68 |
| 1,800,000 MUNICH RE	6.25 12-42 26/05A | EUR | 2,171,980 | 2,176,848 | 0.75 |
| 800,000 THYSSENKRUPP AG	2.75 16-21 08/03A | EUR | 851,200 | 845,032 | 0.29 |
| Italy |  | 7,973,181 | 8,011,796 | 2.76 |
| 1,600,000 ASSICURAZ GENERALI 7.75 12-42 12/12A | EUR | 1,999,599 | 2,017,776 | 0.69 |
| 1,084,000 ATLANTIA SPA	1.625 17-25 03/02A | EUR | 1,083,350 | 1,099,751 | 0.38 |
| 736,000 A2A SPA	1.625 17-27 19/10A | EUR | 726,432 | 724,644 | 0.25 |
| 1,000,000 INTESA SAN PAOLO	8.375 09-XX 14/10A | EUR | 1,106,250 | 1,104,870 | 0.38 |
| 800,000 INTESA SANPAOLO SP 1.375 17-24 18/01A | EUR | 807,600 | 813,840 | 0.28 |
| 1,376,000 INTESA SANPAOLO SPA 1.75 18-28 20/03A | EUR | 1,365,900 | 1,363,657 | 0.47 |
| 840,000 UNICREDIT SPA	2.00 16-23 04/03A | EUR | 884,050 | 887,258 | 0.31 |
| Denmark |  | 8,030,559 | 8,027,930 | 2.77 |
| 1,060,000 CARLSBERG BREWERIES 2.50 14-24 28/05A | EUR | 1,201,945 | 1,152,867 | 0.40 |
| 2,780,000 ISS GLOBAL	1.00 15-21 07/01A | EUR | 2,783,042 | 2,845,719 | 0.99 |
| 2,136,000 ISS GLOBAL A/S	1.50 17-27 31/08A | EUR | 2,134,995 | 2,103,960 | 0.72 |
| 1,933,000 ORSTED	1.50 17-29 26/11A | EUR | 1,910,577 | 1,925,384 | 0.66 |
| Spain |  | 11,775,714 | 11,948,437 | 4.12 |
| 700,000 ABERTIS INFRAESTRUCT. 3.75 13-23 20/06A | EUR | 690,256 | 804,524 | 0.28 |
| 1,300,000 BANCO SANTANDER	1.125 18-25 17/01A | EUR | 1,297,218 | 1,280,344 | 0.44 |
| 1,100,000 BCO BILBAO VIZCAYA  0.75 17-22 11/09A | EUR | 1,093,620 | 1,102,684 | 0.38 |
| 1,000,000 MAPFRE	1.625 16-26 19/05A | EUR | 1,028,890 | 1,022,740 | 0.35 |
| 740,000 NORTEGAS ENERGIA 2.065  17-27 28/09A | EUR | 740,000 | 743,249 | 0.26 |
| 1,800,000 SANTAN CONSUMER FI 0.875 17-22 24/01A | EUR | 1,803,839 | 1,827,378 | 0.62 |
| 500,000 SANTANDER CONSUM FIN 0.90 15-20 18/02A | EUR | 500,405 | 508,595 | 0.18 |
| 1,000,000 SANTANDER CONSUMER 0.75 17-22 17/10A | EUR | 1,000,379 | 1,004,600 | 0.35 |
| 1,100,000 SANTANDER CONSUMER 1.00 16-21 26/05A | EUR | 1,097,712 | 1,126,983 | 0.39 |
| 1,000,000 SANTANDER ISSUANCES 2.50 15-25 18/03A | EUR | 1,052,990 | 1,042,550 | 0.36 |
| 1,500,000 TELEFONICA EMISIONES 1.447 18-27 22/01A | EUR | 1,470,405 | 1,484,790 | 0.51 |
| United States of America |  | 44,544,387 | 44,490,218 | 15.34 |
| 500,000 AT T	3.375 14-34 15/03A | EUR | 553,035 | 541,930 | 0.19 |
| 909,000 AT T INC	1.05 17-23 05/09A | EUR | 906,355 | 917,436 | 0.32 |
| 1,000,000 AT T INC	2.35 17/29 05/09A | EUR | 1,016,896 | 1,014,530 | 0.35 |
| 1,800,000 AT&T INC	2.65 13-21 17/12A | EUR | 1,958,269 | 1,941,156 | 0.67 |
| 1,751,000 AT&T INC	3.15 17-36 04/09A | EUR | 1,778,065 | 1,780,539 | 0.61 |
| 2,000,000 AT&T INC	3.90 17-18 23/05S | USD | 1,604,831 | 1,672,769 | 0.58 |
| 1,500,000 BANK OF AMERICA	0.75 16-23 26/07A | EUR | 1,491,834 | 1,491,510 | 0.51 |
| 1,490,000 BANK OF AMERICA	1.625 15-22 14/09A | EUR | 1,552,565 | 1,554,547 | 0.54 |
| 2,175,000 BAT CAPITAL CORP	1.125 17-23 16/11A | EUR | 2,177,042 | 2,183,700 | 0.75 |
| 1,100,000 BERKSHIRE HATHAWAY 1.125 15-27 16/03A | EUR | 1,087,357 | 1,086,756 | 0.37 |
| 400,000 BERKSHIRE HATHAWAY 1.30 16-24 15/03A | EUR | 408,160 | 413,236 | 0.14 |
| 600,000 BERKSHIRE HATHAWAY 2.15 16-28 15/03A | EUR | 666,465 | 642,276 | 0.22 |
| 810,000 CELANESE US	1.125 16-23 26/09A | EUR | 810,983 | 811,612 | 0.28 |
| 1,078,000 CELANESE US	1.25 17-25 11/025 | EUR | 1,075,952 | 1,064,805 | 0.37 |
| 1,000,000 CITIGROUP	0.75 16-23 26/10A | EUR | 992,355 | 991,090 | 0.34 |
| 1,000,000 GENERAL ELECTRIC CO 2.125 17-37 17/05A | EUR | 996,190 | 938,100 | 0.32 |
| 2,410,000 GOLDMAN SACHS GROUP 1.375 17-24 15/05A | EUR | 2,435,422 | 2,445,764 | 0.85 |
| 1,500,000 GOLDMAN SACHS GROUP 2.50 14-21 18/10A | EUR | 1,609,390 | 1,610,205 | 0.55 |
| 800,000 KINDER MORGAN INC/DEL 1.50 15-22 16/03M | EUR | 816,120 | 826,080 | 0.28 |
| 2,072,000 MCKESSON CORP	0.625 17-21 17/08A | EUR | 2,084,768 | 2,096,346 | 0.72 |
| 600,000 MCKESSON CORP	1.50 17-25 17/11A | EUR | 603,578 | 607,824 | 0.21 |
| 852,000 MCKESSON CORP	1.625 18-26 30/10A | EUR | 851,131 | 860,622 | 0.30 |
| 900,000 MONDELEZ INTL	1.625 15-27 08/03A | EUR | 901,256 | 908,595 | 0.31 |
| 1,000,000 MORGAN STANLEY	1.75 15-25 30/01A | EUR | 1,038,900 | 1,030,380 | 0.36 |
| 1,900,000 MORGAN STANLEY	1.75 16-24 11/03A | EUR | 2,004,673 | 1,971,174 | 0.68 |
| 1,000,000 MORGAN STANLEY	1.875 14-23 30/03A | EUR | 1,024,447 | 1,051,200 | 0.36 |
| 1,600,000 NATIONAL GRID NA I 1 17-24 12/07A | EUR | 1,603,352 | 1,605,584 | 0.55 |
| 2,000,000 PHILIP MORRIS EMTN  1.875 14-21 03/03A | EUR | 2,092,620 | 2,088,800 | 0.72 |
| 1,070,000 PHILIP MORRIS INTL  1.875 17-37 06/11A | EUR | 1,058,391 | 979,606 | 0.34 |
| 1,100,000 PHILIP MORRIS INTL  2.875 14-26 03/03A | EUR | 1,185,870 | 1,223,981 | 0.42 |
| 975,000 THERMO FISHER SCIEN 1.40 17-26 23/01A | EUR | 970,379 | 975,780 | 0.34 |
| 1,360,000 THERMO FISHER SCIENT 0.75 16-24 12/09A | EUR | 1,348,437 | 1,336,921 | 0.46 |
| 1,000,000 VERIZON COMM	1.625 14-24 01/03A | EUR | 1,053,220 | 1,042,640 | 0.36 |
| 2,800,000 VERIZON COMMUNICATION 1.375 17-26 27/10A | EUR | 2,786,079 | 2,782,724 | 0.97 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| Sweden |  |  | 9,371,948 | 9,552,123 | 3.29 |
| --- | --- | --- | --- | --- | --- |
| 3,400,000 ALFA LAVAL | 1.375 14-22 12/09A | EUR | 3,412,843 | 3,530,798 | 1.21 |
| 3,220,000 SCA HYGIENE AB	1.125 17-24 27/03A	EUR | 3,235,759 | 3,255,291 | 1.12 |
| 1,125,000 SKANDINAVISKA ENSK  0.50 18-23 13/03A | EUR | 1,120,196 | 1,125,799 | 0.39 |
| 1,500,000 SVENSKA CELLULOSA AB 2.50 13-23 09/06A | EUR | 1,603,150 | 1,640,235 | 0.57 |
| Norway | 1,595,637 | 1,608,503 | 0.55 |
| 900,000 SANTANDER CONSUMER 0.375 17-20 17/02A | EUR | 899,865 | 906,354 | 0.31 |
| 700,000 SANTANDER CONSUMER BK 0.75 18-23 01/03A | EUR | 695,772 | 702,149 | 0.24 |
| Portugal | 617,346 | 622,890 | 0.21 |
| 600,000 BRISA CONCESSAO RO 1.875 15-25 30/04A	EUR | 617,346 | 622,890 | 0.21 |
| Belgium | 1,915,060 | 1,911,742 | 0.66 |
| 1,070,000 ANHEUSER BUSCH INBEV 1.15 18-27 22/01A | EUR | 1,062,660 | 1,056,422 | 0.37 |
| 800,000 ANHEUSER-BUSCH INB  2.75 16-36 17/03A | EUR | 852,400 | 855,320 | 0.29 |
| Ireland | 3,631,088 | 3,660,007 | 1.26 |
| 2,000,000 AQUARIUS INVESTMENTS 4.25 13-42 02/10A | EUR | 2,236,810 | 2,281,080 | 0.78 |
| 1,396,000 ROADSTER FINANCE DAC 1.625 17-24 09/12A | EUR | 1,394,278 | 1,378,927 | 0.48 |
| Guernsey | 1,376,730 | 1,380,510 | 0.48 |
| 1,350,000 CREDIT SUISSE GR FDG 1.25 15-22 14/04A	EUR | 1,376,730 | 1,380,510 | 0.48 |
| Jersey Island | 2,126,894 | 2,156,204 | 0.74 |
| 1,200,000 GLENCORE FINANCE | 1.875 16-23 13/09A | EUR | 1,214,760 | 1,246,884 | 0.43 |
| 800,000 GLENCORE FINANCE | 3.75 14-26 01/04A | EUR | 912,134 | 909,320 | 0.31 |
| Australia |  | 8,547,837 | 8,680,995 | 2.99 |
| 2,500,000 ORIGIN ENERGY REGS  2.50 13-20 23/10A | EUR | 2,597,229 | 2,644,775 | 0.91 |
| 2,000,000 RANSURBAN FINANCE CO 2.00 15-25 28/08A | EUR | 2,067,670 | 2,095,500 | 0.72 |
| 1,900,000 SANTOS FINANCE LTD  4.125 17-27 14/09S | USD | 1,495,681 | 1,529,561 | 0.53 |
| 2,300,000 TRANSURBAN FINANCE 1.875 14-24 16/09A | EUR | 2,387,257 | 2,411,159 | 0.83 |
| Cayman Islands | 3,264,430 | 3,335,883 | 1.15 |
| 1,670,000 CK HUTCHISON FINANCE 1.25 16-23 06/04A | EUR | 1,673,314 | 1,701,262 | 0.59 |
| 1,580,000 HUTCH WHAMPOA FIN 14 1.375 14-21 31/10A | EUR | 1,591,116 | 1,634,621 | 0.56 |
| New Zealand | 2,070,132 | 2,091,507 | 0.72 |
| 2,070,000 CHORUS LTD | 1.125 16-23 18/10A | EUR | 2,070,132 | 2,091,507 | 0.72 |
| Mexico |  |  | 4,178,383 | 4,181,628 | 1.44 |
| 2,600,000 AMERICA MOVIL SAB  3.00 12-21 12/07A	EUR | 2,816,383 | 2,828,904 | 0.97 |
| 1,200,000 AMERICAN MOVIL	3.259 13-23 22/07A	EUR | 1,362,000 | 1,352,724 | 0.47 |
| British Virgin Islands | 2,445,704 | 2,441,841 | 0.84 |
| 1,500,000 SINOPEC GR OVER REGS 1.00 15-22 28/04A | EUR | 1,526,730 | 1,519,170 | 0.52 |
| 900,000 STATE GRID OVERSEAS 1.75 16-25 19/05A | EUR | 918,974 | 922,671 | 0.32 |
| Czech Republic | 1,507,448 | 1,445,275 | 0.50 |
| 1,300,000 CEZ EMTN	3.00 13-28 05/06A	EUR | 1,507,448 | 1,445,275 | 0.50 |
| Floating rate bonds | 71,725,444 | 71,480,945 | 24.63 |
| Luxembourg | 5,225,842 | 5,043,375 | 1.74 |
| 4,500,000 HANNOVER FINANCE	FL.R 10-40 14/09A	EUR | 5,225,842 | 5,043,375 | 1.74 |
| France | 25,863,757 | 25,659,946 | 8.83 |
| 1,000,000 AXA	FL.R 10-40 16/04A	EUR | 1,128,246 | 1,092,370 | 0.38 |
| 2,000,000 AXA SA	FL.R 14-XX 07/11A	EUR | 2,223,125 | 2,170,400 | 0.75 |
| 1,400,000 BPCE	FL.R 14-26 08/07A	EUR | 1,434,685 | 1,487,528 | 0.51 |
| 4,000,000 CREDIT AGRICOLE	FL.R 09-XX 26/10A	EUR | 4,560,412 | 4,437,319 | 1.52 |
| 900,000 CREDIT AGRICOLE SUB. FL.R 15-XX 13/01A | EUR | 960,021 | 973,467 | 0.34 |
| 1,200,000 CREDIT MUTUEL ARKEA FL.R 17-29 25/10A | EUR | 1,192,500 | 1,181,016 | 0.41 |
| 2,400,000 ENGIE	FL.R 13-XX 10/07A	EUR | 2,717,940 | 2,686,296 | 0.93 |
| 1,400,000 ENGIE  SUB | FL.R 14-XX 02/06A | EUR | 1,459,500 | 1,437,982 | 0.50 |
| 1,493,000 RCI BANQUE | FL.R 17-22 14/03Q | EUR | 1,495,622 | 1,507,676 | 0.52 |
| 2,500,000 SOCIETE GENE SA SUB FL.R 09-XX 04/09A	EUR | 2,952,194 | 2,799,800 | 0.95 |
| 3,030,000 TOTAL SA | FL.R 15-XX 26/02A | EUR | 3,090,776 | 3,134,717 | 1.07 |
| 2,500,000 TOTAL SA | FL.R 16-49 18/05A | EUR | 2,648,736 | 2,751,375 | 0.95 |
| United Kingdom | 677,000 | 684,339 | 0.24 |
| 677,000 HSBC HOLDING	FL.R 17-22 27/09Q	EUR | 677,000 | 684,339 | 0.24 |
| The Netherlands | 10,802,043 | 10,848,601 | 3.74 |
| 900,000 ABN AMRO BANK	FL.R 17-49 01/12S	EUR | 950,850 | 937,665 | 0.32 |
| 2,800,000 ALLIANZ FINANCE	FL.R 11-41 08/07A	EUR | 3,270,324 | 3,238,228 | 1.12 |
| 1,000,000 ENECO HOLDING SUB  FL.R 14-XX 01/12A | EUR | 1,082,000 | 1,071,100 | 0.37 |
| 400,000 IBERDROLA INTL BV  FL.R 18-XX XX/XXA | EUR | 400,000 | 405,476 | 0.14 |
| 1,300,000 ING BANK NV	FL.R 14-26 25/02A | EUR | 1,397,779 | 1,409,499 | 0.49 |
| 2,300,000 ING GROEP NV	FL.R 17-29 15/02A | EUR | 2,379,040 | 2,417,369 | 0.83 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 1,300,000 RABOBANK EMTN | FL.R 14-26 26/05A | EUR | 1,322,050 | 1,369,264 | 0.47 |
| --- | --- | --- | --- | --- | --- |
| Switzerland |  |  | 7,767,310 | 7,849,226 | 2.70 |
| 1,340,000 CREDIT SUISSE	FL.R 13-25 18/09A	EUR | 1,485,122 | 1,493,443 | 0.51 |
| 1,220,000 CREDIT SUISSE GROU FL.R 17-25 17/07A	EUR | 1,217,480 | 1,211,228 | 0.42 |
| 3,290,000 UBS AG SUB	FL.R 14-26 12/02A	EUR | 3,548,268 | 3,621,731 | 1.25 |
| 1,508,000 UBS GROUP FUNDING  FL.R 17-22 20/09Q	EUR | 1,516,440 | 1,522,824 | 0.52 |
| Germany | 4,293,665 | 4,360,197 | 1.50 |
| 1,100,000 ALLIANZ	FL.R 12-42 17/10A	EUR | 1,299,865 | 1,318,570 | 0.45 |
| 900,000 ALLIANZ SE | FL.R 13-XX 24/10A | EUR | 1,001,572 | 1,035,036 | 0.36 |
| 1,200,000 BAYER SUB	F | L.R 14-75 01/07A | EUR | 1,258,361 | 1,251,060 | 0.43 |
| 700,000 HANNOVER RE	FL.R 14-XX 26/06A	EUR | 733,867 | 755,531 | 0.26 |
| Italy | 893,000 | 885,136 | 0.30 |
| 800,000 UNICREDIT SPA EMTN  FL.R 13-25 28/10A | EUR | 893,000 | 885,136 | 0.30 |
| Denmark |  | 3,141,991 | 3,120,657 | 1.08 |
| 1,000,000 DANSKE BANK EMTN | FL.R 14-26 19/05A | EUR | 1,070,920 | 1,059,470 | 0.37 |
| 900,000 DANSKE BANK EMTN | FL.R 15-XX 06/04S | EUR | 1,013,571 | 1,008,207 | 0.35 |
| 1,000,000 ORSTED	FL.R 15-15 06/11A * | EUR | 1,057,500 | 1,052,980 | 0.36 |
| Spain |  | 1,100,000 | 1,114,058 | 0.38 |
| 1,100,000 BBVA	FL.R 17-22 12/04Q | EUR | 1,100,000 | 1,114,058 | 0.38 |
| United States of America | 3,595,988 | 3,586,115 | 1.24 |
| 569,000 BANK OF AMERICA	FL.R 17-22 07/02Q	EUR | 569,898 | 574,758 | 0.20 |
| 1,000,000 BANK OF AMERICA CO FL.R 17-25 07/02A | EUR | 1,025,195 | 1,015,130 | 0.35 |
| 1,374,000 GOLDMAN SACHS GROUP FL.R 17-22 09/09Q | EUR | 1,375,895 | 1,378,589 | 0.48 |
| 625,000 MORGAN STANLEY	FL.R 17-26 23/10A	EUR | 625,000 | 617,638 | 0.21 |
| Sweden |  |  | 2,062,520 | 2,052,512 | 0.71 |
| 1,200,000 NORDEA BANK | FL.R 16-26 07/09A | EUR | 1,210,920 | 1,208,088 | 0.42 |
| 800,000 SEB	FL.R 14-26 28/05A	EUR | 851,600 | 844,424 | 0.29 |
| Norway | 1,188,299 | 1,184,333 | 0.41 |
| 1,170,000 DNB BANK ASA	FL.R 17-27 01/03A	EUR | 1,188,299 | 1,184,333 | 0.41 |
| Austria | 1,489,599 | 1,477,775 | 0.51 |
| 1,300,000 OMV SUB	FL.R 15-XX 09/12A	EUR | 1,489,599 | 1,477,775 | 0.51 |
| Belgium | 1,003,430 | 1,008,150 | 0.35 |
| 1,000,000 KBC GROUP NV | FL.R 17-22 24/11Q | EUR | 1,003,430 | 1,008,150 | 0.35 |
| Australia |  |  | 2,621,000 | 2,606,525 | 0.90 |
| 2,500,000 ORIGIN ENERGY SUB  FL.R | 14-74 16/09S | EUR | 2,621,000 | 2,606,525 | 0.90 |
| Other transferable securities |  |  | 12,390,855 | 12,406,547 | 4.27 |
| Bonds |  |  | 8,119,545 | 8,138,479 | 2.80 |
| France |  |  | 4,483,882 | 4,492,102 | 1.54 |
| 1,700,000 CIE DE SAINT GOBAIN | 1.125 18-26 23/03A | EUR | 1,693,166 | 1,680,280 | 0.57 |
| 1,300,000 RCI BANQUE EMTN | 0.25 18-21 12/07A | EUR | 1,294,761 | 1,296,867 | 0.45 |
| 1,500,000 SANOFI	1.00 18-26 21/03A	EUR | 1,495,955 | 1,514,955 | 0.52 |
| United Kingdom | 828,640 | 830,111 | 0.29 |
| 831,000 UBS LONDON	0.625 18-23 23/04A	EUR | 828,640 | 830,111 | 0.29 |
| Germany | 598,806 | 605,934 | 0.21 |
| 600,000 SAP SE	1.00 18-26 13/03A	EUR | 598,806 | 605,934 | 0.21 |
| Spain | 1,093,873 | 1,097,063 | 0.38 |
| 1,100,000 RED ELECT FINANCE  1.25 18-27 13/03A	EUR | 1,093,873 | 1,097,063 | 0.38 |
| Cayman Islands | 1,114,344 | 1,113,269 | 0.38 |
| 1,120,000 CK HUTCHISON EU | 1.2500 18-25 13/04A | EUR | 1,114,344 | 1,113,269 | 0.38 |
| Floating rate bonds |  |  | 4,271,310 | 4,268,068 | 1.47 |
| Switzerland |  |  | 1,712,423 | 1,713,743 | 0.59 |
| 1,714,000 UBS GROUP FUNDI | FL.R 18-25 17/04A | EUR | 1,712,423 | 1,713,743 | 0.59 |
| United States of America | 1,002,800 | 1,003,650 | 0.35 |
| 1,000,000 BAT CAPITAL CORP	FL.R 17-21 16/08Q	EUR | 1,002,800 | 1,003,650 | 0.35 |
| Sweden | 1,556,087 | 1,550,675 | 0.53 |
| 1,533,000 NORDEA BANK	FL.R 18-22 07/02Q	EUR | 1,556,087 | 1,550,675 | 0.53 |
| Total Investments | 278,621,866 | 278,953,727 | 96.12 |
| Cash Net |  | 7,523,097 | 2.59 |
| Other Assets/(Liabilities) |  | 3,736,760 | 1.29 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
Total Net Assets	
290,213,584	100.00
|  | Geographic allocation of portfolio |  |
| --- | --- | --- |
|  | % of portfolio |
| France |  | 21.96 |
| United States of America |  | 17.59 |
| The Netherlands |  | 9.89 |
| United Kingdom |  | 5.32 |
| Spain |  | 5.08 |
| Luxembourg |  | 5.03 |
| Sweden |  | 4.72 |
| Germany |  | 4.37 |
| Switzerland |  | 4.19 |
| Australia |  | 4.05 |
| Denmark |  | 4.00 |
| Italy |  | 3.19 |
| Cayman Islands |  | 1.59 |
| Mexico |  | 1.50 |
| Ireland |  | 1.31 |
| Belgium |  | 1.05 |
| Norway |  | 1.00 |
| British Virgin Islands |  | 0.88 |
| Jersey Island |  | 0.77 |
| New Zealand |  | 0.75 |
| Austria |  | 0.53 |
| Czech Republic |  | 0.52 |
| Guernsey |  | 0.49 |
| Portugal |  | 0.22 |
|  |  | 100.00 |

Statement of Operations and Changes in Net Assets from 1 November 2017 to 30 April 2018
Expressed in EUR
| Income |  | 3,290,692 |
| --- | --- | --- |
| Interest on bonds |  | 3,280,856 |
| Bank interest |  | 330 |
| Interest on Repurchase agreements | Note 2f | 39 |
| Interest on swaps |  | 9,467 |
| Expenses |  | 1,531,573 |
| Investment management fees | Note 3 | 571,069 |
| Depositary fees | Note 5 | 7,780 |
| Taxe d'abonnement | Note 7a | 15,686 |
| Domiciliary, administrative and transfer agency fees | Note 5 | 63,047 |
| Professional fees |  | 11,603 |
| Bank charges |  | 30,092 |
| Transaction costs | Note 2g | 3,385 |
| Interest on swaps |  | 827,334 |
| Sundry expenses |  | 1,577 |
| Net income from investments |  | 1,759,119 |
| Net Realised gain / (loss) on: - Sales of investments | Note 2d | 1,931,096 |
| - options contracts |  | (137,500) |
| - Forward currency exchange contracts |  | (10,496) |
| - Financial futures contracts |  | 260,645 |
| - Swap contracts |  | 1,276,695 |
| - Foreign exchange | Note 2c | (150,329) |
| Net realised profit |  | 4,929,230 |
| Movement in net unrealised appreciation / (depreciation) on: - Investments |  | (7,127,667) |
| - Forward currency exchange contracts |  | (53,936) |
| - Financial futures contracts |  | (129,100) |
| - Swap contracts |  | (783,558) |
| Decrease in net assets as a result of operations |  | (3,165,031) |
| Dividends paid | Note 6 | (4,915,698) |
| Subscription capitalisation shares |  | 2,738,740 |
| Subscription distribution shares |  | 7,293,698 |
| Redemption capitalisation shares |  | (49,017,912) |
| Redemption distribution shares |  | (31,568,000) |
| Decrease in net assets |  | (78,634,203) |
| Net assets at the beginning of the period |  | 368,847,787 |
| Net assets at the end of the period |  | 290,213,584 |

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

Translation (ENDE, 2018-04-30):
# - Euro Corporate Bond
### Nettovermögensaufstellung zum 30.04.2018
Bilanz zum 30.04.2018
Ausgedrückt in EUR
| Aktiva |  | 291.092.499 |
| --- | --- | --- |
| Wertpapierbestand zum Marktwert | Erläut. 2b | 278.953.727 |
| Kosten für	Anschaffung |  | 278.621.865 |
| Bankguthaben |  | 7.523.097 |
| Einschusszahlungen |  | 413.239 |
| Zinsguthaben |  | 2.941.846 |
| Forderungen aus dem Verkauf von Anlagen |  | 1.256.838 |
| Forderungen aus Zeichnungen |  | 3.752 |
| Passiva |  | 878.915 |
| Pensionsgeschäfte | Erläut. 9 | 570.083 |
| Verbindlichkeiten aus Rücknahmen |  | 15.699 |
| Nicht realisierter Verlust aus Devisentermingeschäften | Erläut. 2e | 76.748 |
| Nicht realisierter Verlust aus Finanztermingeschäften | Erläut. 2e | 107.650 |
| Verbindlichkeiten aus Verwaltungs- und Administrationsgebühren |  | 97.415 |
| Sonstige Verbindlichkeiten |  | 11.320 |
| Nettovermögen |  | 290.213.584 |

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
| I Anteile EUR Thesaurierende Anteile | 3.970.342,61 | 133.861,93 | 2.299.148,67 | 1.805.055,87 |
| --- | --- | --- | --- | --- |
| Anteile mit Ausschüttung | 4.478.446,38 | 188.761,90 | 536.858,28 | 4.130.350,00 |
| P Anteile EUR Anteile mit Ausschüttung | 20.061.176,80 | 455.300,00 | 2.285.700,00 | 18.230.776,80 |
| R Anteile EUR Thesaurierende Anteile | 383.751,12 | 2.110,50 | 141.894,43 | 243.967,19 |

Statistische Angaben
|  | Ende der Periode am: | 30.04.2018 | 31.10.2017 | 31.10.2016 |
| --- | --- | --- | --- | --- |
| Gesamtvermögen | EUR | 290.213.584 | 368.847.787 | 412.446.985 |

I Anteile EUR
Thesaurierende Anteile
EUR	EUR	EUR
| Anzahl Anteile | 1.805.055,87 | 3.970.342,61 | 7.671.230,30 |
| --- | --- | --- | --- |
| Nettoinventarwert je Anteil | 20,05 | 20,25 | 19,68 |
| Anteile mit Ausschüttung Anzahl Anteile | 4.130.350,00 | 4.478.446,38 | 159.000,00 |
| Nettoinventarwert je Anteil | 11,87 | 12,19 | 12,06 |
| Dividende per Anteil | 0,20 | 0,21 | 0,30 |

P Anteile EUR
Anteile mit Ausschüttung
EUR	EUR	EUR
| Anzahl Anteile | 18.230.776,80 | 20.061.176,80 | 21.340.467,80 |
| --- | --- | --- | --- |
| Nettoinventarwert je Anteil | 11,00 | 11,31 | 11,19 |
| Dividende per Anteil | 0,20 | 0,21 | 0,29 |

R Anteile EUR
Thesaurierende Anteile
EUR	EUR	EUR
| Anzahl Anteile | 243.967,19 | 383.751,12 | 1.166.682,34 |
| --- | --- | --- | --- |
| Nettoinventarwert je Anteil | 18,01 | 18,26 | 17,86 |

| Menge/ Nennwert	Bezeichnung | Währung | Kosten für Anschaffung | Marktwert N | % des ettoverm. |
| --- | --- | --- | --- | --- |
| An einer amtlichen Wertpapierbörse notierte und/oder an einem s gere elten Markt gehandelte übertragbare Wertpapiere Renten Luxemburg | onstigen | 266.231.011 | 266.547.180 | 91,85 |
|  | 194.505.567 | 195.066.235 | 67,22 |
|  | 9.059.605 | 8.999.386 | 3,10 |
| 1.200.000 DH EUROPE FINANCE  2.50 15-25 08/07A | EUR | 1.329.600 | 1.318.860 | 0,45 |
| 1.000.000 DH EUROPE FINANCE SA 1.20 17-27 30/06A | EUR | 1.000.800 | 989.310 | 0,34 |
| 1.000.000 GAZ CAPITAL	3.60 14-21 26/02A | EUR | 1.075.366 | 1.052.700 | 0,36 |
| 1.200.000 GAZ CAPITAL REG S  4.625 15-18 15/10A | EUR | 1.272.000 | 1.219.320 | 0,42 |
| 1.205.000 HEIDELBERGCEMENT LUX 1.625 17-26 07/04A | EUR | 1.200.493 | 1.217.821 | 0,42 |
| 1.432.000 RICHEMONT INTL	1.00 18-26 26/03A | EUR | 1.414.587 | 1.434.592 | 0,49 |
| 1.776.000 SES SA	1.625 18-26 | EUR | 1.766.759 | 1.766.783 | 0,62 |
| Frankreich |  | 31.038.872 | 31.076.875 | 10,71 |
| 500.000 ARRFP	1.875 14-25 15/01A | EUR | 518.150 | 532.460 | 0,18 |
| 2.000.000 BFCM EMTN	0.75 18-25 17/07A | EUR | 1.988.440 | 1.961.480 | 0,68 |
| 1.090.000 BFCM SUB	3.00 14-24 21/05A | EUR | 1.209.439 | 1.189.909 | 0,41 |
| 2.000.000 BNP PARIBAS CARDIF 1.00 17-24 29/11A | EUR | 1.980.815 | 1.928.860 | 0,66 |
| 2.000.000 BNP PARIBAS SA	1.00 17-24 27/06A | EUR | 1.993.554 | 1.990.340 | 0,69 |
| 1.308.000 BNP PARIBAS SA	1.50 17-25 17/11A | EUR | 1.307.516 | 1.322.257 | 0,46 |
| 3.000.000 BPCE SA	1.125 17-23 18/01A | EUR | 3.022.453 | 3.047.130 | 1,06 |
| 800.000 CIE DE SAINT-GOBAI 1 17-25 17/03A | EUR | 805.320 | 796.928 | 0,27 |
| 1.100.000 CNP ASSUR.	1.875 16-22 20/10A | EUR | 1.096.909 | 1.142.438 | 0,39 |
| 1.600.000 CTE CO TRANSP ELEC 1.50 17-28 29/07A | EUR | 1.583.536 | 1.595.632 | 0,55 |
| 2.500.000 EDF	1.00 16-26 13/10A | EUR | 2.483.320 | 2.437.375 | 0,84 |
| 800.000 EDF	1.875 16-36 13/10A | EUR | 729.600 | 727.504 | 0,25 |
| 700.000 EDF SA	2.75 12-23 10/03A | EUR | 723.700 | 772.254 | 0,27 |
| 1.300.000 ORANGE SA	1.375 18-28 20/03A | EUR | 1.295.424 | 1.294.995 | 0,45 |
| 800.000 PERNOD RICARD	1.50 16-26 18/05A | EUR | 804.101 | 821.920 | 0,28 |
| 600.000 PSA BANQUE FRANCE  0.50 17-20 17/01A | EUR | 598.506 | 605.058 | 0,21 |
| 1.215.000 PSA BANQUE FRANCE  0.625 17-22 10/10A | EUR | 1.208.937 | 1.211.659 | 0,42 |
| 1.420.000 RCI BANQUE	1.25 15-22 08/06A | EUR | 1.418.915 | 1.459.760 | 0,50 |
| 1.000.000 RCI BANQUE	1.625 17-25 11/04A | EUR | 1.024.170 | 1.026.720 | 0,35 |
| 1.241.000 RCI BANQUE SA	0.75 17-22 26/09A | EUR | 1.238.394 | 1.248.793 | 0,43 |
| 1.200.000 SOCIETE GENERALE	0.500 17-23 13/01A | EUR | 1.195.248 | 1.179.696 | 0,41 |
| 700.000 VIVENDI	0.75 16-21 26/05A | EUR | 695.772 | 709.737 | 0,24 |
| 1.000.000 VIVENDI	0.875 17-24 18/09A | EUR | 993.670 | 991.400 | 0,34 |
| 1.000.000 WENDEL	2.75 14-24 10/02A | EUR | 1.122.983 | 1.082.570 | 0,37 |
| Großbritannien |  | 13.356.198 | 13.330.839 | 4,59 |
| 800.000 ANGLO AMER CAPITAL 3.50 12-22 28/03A | EUR | 895.992 | 885.056 | 0,30 |
| 1.483.000 BARCLAYS PLC	0.625 17-23 14/11A | EUR | 1.479.011 | 1.453.399 | 0,50 |
| 600.000 BAT INTL FIN	2.25 17-30 16/01A | EUR | 609.510 | 604.152 | 0,21 |
| 985.000 BP CAPITAL MARKETS 0.83 16-24 19/09A | EUR | 983.740 | 982.075 | 0,34 |
| 1.000.000 BP CAPITAL MARKETS 1.00 14-26 25/09A | EUR | 1.084.177 | 1.079.590 | 0,37 |
| 1.682.000 BRITISH TELECOM	1.00 17-24 21/11A | EUR | 1.666.829 | 1.659.276 | 0,58 |
| 840.000 BRITISH TELECOM	1.125 16-23 10/03A | EUR | 842.801 | 855.338 | 0,29 |
| 1.337.000 BRITISH TELECOM	1.50 17-27 23/06A | EUR | 1.326.077 | 1.315.020 | 0,45 |
| 1.200.000 IMPERIAL BRANDS FIN 1.375 17-25 27/01A | EUR | 1.206.840 | 1.201.296 | 0,41 |
| 1.500.000 MONDI FINANCE	1.50 16-24 15/04A | EUR | 1.518.993 | 1.537.995 | 0,54 |
| 673.000 MONDI FINANCE P	1.6250 18-26 27/04A | EUR | 670.900 | 678.532 | 0,23 |
| 1.025.000 VODAFONE GROUP	2.20 16-26 25/08A | EUR | 1.071.328 | 1.079.110 | 0,37 |
| Niederlande |  | 16.748.758 | 16.745.452 | 5,77 |
| 1.350.000 ABN AMRO BANK NV 5.75 15-25 30/06A | EUR | 1.433.970 | 1.418.715 | 0,49 |
| 1.841.000 DEUTSCHE TELEKOM I 1.375 17-27 30/01A | EUR | 1.829.883 | 1.844.627 | 0,64 |
| 1.959.000 ENEL FINANCE INTL 1.125 18-26 16/09A | EUR | 1.943.015 | 1.927.754 | 0,66 |
| 1.200.000 GAS NAT FENOSA	1.375 17-27 19/01A | EUR | 1.182.275 | 1.186.932 | 0,41 |
| 700.000 GAS NAT FENOSA FIN 2.875 14-24 11/03A | EUR | 698.138 | 776.860 | 0,27 |
| 1.900.000 ING GROUP NV	1.125 18-25 14/02A | EUR | 1.892.134 | 1.892.381 | 0,65 |
| 653.000 INNOGY FINANCE BV 1.50 18-29 31/07A | EUR | 645.066 | 632.809 | 0,22 |
| 1.100.000 JAB HOLDINGS	1.25 17-24 22/05A | EUR | 1.102.057 | 1.111.660 | 0,38 |
| 2.600.000 RABOBANK EMTN	6.875 10-20 19/03A | EUR | 3.030.844 | 2.923.908 | 1,00 |
| 1.000.000 UNILEVER NV	1.00 17-27 14/02A | EUR | 987.000 | 986.610 | 0,34 |
| 500.000 VONOVIA FINANCE BV 1.5 18-28 14/01A | EUR | 497.195 | 487.495 | 0,17 |
| 800.000 VONOVIA FINANCE BV 2.125 18-30 22/03A | EUR | 791.736 | 806.400 | 0,28 |
| 700.000 VONOVIA FINANCE BV 2.25 15-23 15/12A | EUR | 715.445 | 749.301 | 0,26 |
| Schweiz |  | 2.104.744 | 2.133.786 | 0,74 |
| 2.090.000 UBS GROUP FUNDING 1.50 16-24 30/11A | EUR | 2.104.744 | 2.133.786 | 0,74 |

| Menge/ Nennwert	Bezeichnung | Währung | Kosten für Anschaffung | Marktwert	% des Nettoverm. |
| --- | --- | --- | --- |
| Deutschland |  | 7.224.912 | 7.232.408 | 2,49 |
| 1.200.000 DEUTSCHE BANK	1.50 17-22 20/01A | EUR | 1.202.412 | 1.220.388 | 0,42 |
| 1.000.000 DEUTSCHE BANK AG	1.25 14-21 08/09U | EUR | 1.015.120 | 1.016.540 | 0,35 |
| 2.000.000 HANNOVER RUECK SE  1.125 18-28 18/04A | EUR | 1.984.200 | 1.973.600 | 0,68 |
| 1.800.000 MUNICH RE	6.25 12-42 26/05A | EUR | 2.171.980 | 2.176.848 | 0,75 |
| 800.000 THYSSENKRUPP AG	2.75 16-21 08/03A | EUR | 851.200 | 845.032 | 0,29 |
| Italien |  | 7.973.181 | 8.011.796 | 2,76 |
| 1.600.000 ASSICURAZ GENERALI 7.75 12-42 12/12A | EUR | 1.999.599 | 2.017.776 | 0,69 |
| 1.084.000 ATLANTIA SPA	1.625 17-25 03/02A | EUR | 1.083.350 | 1.099.751 | 0,38 |
| 736.000 A2A SPA	1.625 17-27 19/10A | EUR | 726.432 | 724.644 | 0,25 |
| 1.000.000 INTESA SAN PAOLO	8.375 09-XX 14/10A | EUR | 1.106.250 | 1.104.870 | 0,38 |
| 800.000 INTESA SANPAOLO SP 1.375 17-24 18/01A | EUR | 807.600 | 813.840 | 0,28 |
| 1.376.000 INTESA SANPAOLO SPA 1.75 18-28 20/03A | EUR | 1.365.900 | 1.363.657 | 0,47 |
| 840.000 UNICREDIT SPA	2.00 16-23 04/03A | EUR | 884.050 | 887.258 | 0,31 |
| Dänemark |  | 8.030.559 | 8.027.930 | 2,77 |
| 1.060.000 CARLSBERG BREWERIES 2.50 14-24 28/05A | EUR | 1.201.945 | 1.152.867 | 0,40 |
| 2.780.000 ISS GLOBAL	1.00 15-21 07/01A | EUR | 2.783.042 | 2.845.719 | 0,99 |
| 2.136.000 ISS GLOBAL A/S	1.50 17-27 31/08A | EUR | 2.134.995 | 2.103.960 | 0,72 |
| 1.933.000 ORSTED	1.50 17-29 26/11A | EUR | 1.910.577 | 1.925.384 | 0,66 |
| Spanien |  | 11.775.714 | 11.948.437 | 4,12 |
| 700.000 ABERTIS INFRAESTRUCT. 3.75 13-23 20/06A | EUR | 690.256 | 804.524 | 0,28 |
| 1.300.000 BANCO SANTANDER	1.125 18-25 17/01A | EUR | 1.297.218 | 1.280.344 | 0,44 |
| 1.100.000 BCO BILBAO VIZCAYA 0.75 17-22 11/09A | EUR | 1.093.620 | 1.102.684 | 0,38 |
| 1.000.000 MAPFRE	1.625 16-26 19/05A | EUR | 1.028.890 | 1.022.740 | 0,35 |
| 740.000 NORTEGAS ENERGIA 2.065 17-27 28/09A | EUR | 740.000 | 743.249 | 0,26 |
| 1.800.000 SANTAN CONSUMER FI 0.875 17-22 24/01A | EUR | 1.803.839 | 1.827.378 | 0,62 |
| 500.000 SANTANDER CONSUM FIN 0.90 15-20 18/02A | EUR | 500.405 | 508.595 | 0,18 |
| 1.000.000 SANTANDER CONSUMER 0.75 17-22 17/10A | EUR | 1.000.379 | 1.004.600 | 0,35 |
| 1.100.000 SANTANDER CONSUMER 1.00 16-21 26/05A | EUR | 1.097.712 | 1.126.983 | 0,39 |
| 1.000.000 SANTANDER ISSUANCES 2.50 15-25 18/03A | EUR | 1.052.990 | 1.042.550 | 0,36 |
| 1.500.000 TELEFONICA EMISIONES 1.447 18-27 22/01A | EUR | 1.470.405 | 1.484.790 | 0,51 |
| Vereinigte Staaten von Amerika |  | 44.544.387 | 44.490.218 | 15,34 |
| 500.000 AT T	3.375 14-34 15/03A | EUR | 553.035 | 541.930 | 0,19 |
| 909.000 AT T INC	1.05 17-23 05/09A | EUR | 906.355 | 917.436 | 0,32 |
| 1.000.000 AT T INC	2.35 17/29 05/09A | EUR | 1.016.896 | 1.014.530 | 0,35 |
| 1.800.000 AT&T INC	2.65 13-21 17/12A | EUR | 1.958.269 | 1.941.156 | 0,67 |
| 1.751.000 AT&T INC	3.15 17-36 04/09A | EUR | 1.778.065 | 1.780.539 | 0,61 |
| 2.000.000 AT&T INC	3.90 17-18 23/05S | USD | 1.604.831 | 1.672.769 | 0,58 |
| 1.500.000 BANK OF AMERICA	0.75 16-23 26/07A | EUR | 1.491.834 | 1.491.510 | 0,51 |
| 1.490.000 BANK OF AMERICA	1.625 15-22 14/09A | EUR | 1.552.565 | 1.554.547 | 0,54 |
| 2.175.000 BAT CAPITAL CORP	1.125 17-23 16/11A | EUR | 2.177.042 | 2.183.700 | 0,75 |
| 1.100.000 BERKSHIRE HATHAWAY 1.125 15-27 16/03A | EUR | 1.087.357 | 1.086.756 | 0,37 |
| 400.000 BERKSHIRE HATHAWAY 1.30 16-24 15/03A | EUR | 408.160 | 413.236 | 0,14 |
| 600.000 BERKSHIRE HATHAWAY 2.15 16-28 15/03A | EUR | 666.465 | 642.276 | 0,22 |
| 810.000 CELANESE US	1.125 16-23 26/09A | EUR | 810.983 | 811.612 | 0,28 |
| 1.078.000 CELANESE US	1.25 17-25 11/025 | EUR | 1.075.952 | 1.064.805 | 0,37 |
| 1.000.000 CITIGROUP	0.75 16-23 26/10A | EUR | 992.355 | 991.090 | 0,34 |
| 1.000.000 GENERAL ELECTRIC CO 2.125 17-37 17/05A | EUR | 996.190 | 938.100 | 0,32 |
| 2.410.000 GOLDMAN SACHS GROUP 1.375 17-24 15/05A | EUR | 2.435.422 | 2.445.764 | 0,85 |
| 1.500.000 GOLDMAN SACHS GROUP 2.50 14-21 18/10A | EUR | 1.609.390 | 1.610.205 | 0,55 |
| 800.000 KINDER MORGAN INC/DEL 1.50 15-22 16/03M | EUR | 816.120 | 826.080 | 0,28 |
| 2.072.000 MCKESSON CORP	0.625 17-21 17/08A | EUR | 2.084.768 | 2.096.346 | 0,72 |
| 600.000 MCKESSON CORP	1.50 17-25 17/11A | EUR | 603.578 | 607.824 | 0,21 |
| 852.000 MCKESSON CORP	1.625 18-26 30/10A | EUR | 851.131 | 860.622 | 0,30 |
| 900.000 MONDELEZ INTL	1.625 15-27 08/03A | EUR | 901.256 | 908.595 | 0,31 |
| 1.000.000 MORGAN STANLEY	1.75 15-25 30/01A | EUR | 1.038.900 | 1.030.380 | 0,36 |
| 1.900.000 MORGAN STANLEY	1.75 16-24 11/03A | EUR | 2.004.673 | 1.971.174 | 0,68 |
| 1.000.000 MORGAN STANLEY	1.875 14-23 30/03A | EUR | 1.024.447 | 1.051.200 | 0,36 |
| 1.600.000 NATIONAL GRID NA I 1 17-24 12/07A | EUR | 1.603.352 | 1.605.584 | 0,55 |
| 2.000.000 PHILIP MORRIS EMTN 1.875 14-21 03/03A | EUR | 2.092.620 | 2.088.800 | 0,72 |
| 1.070.000 PHILIP MORRIS INTL 1.875 17-37 06/11A | EUR | 1.058.391 | 979.606 | 0,34 |
| 1.100.000 PHILIP MORRIS INTL 2.875 14-26 03/03A | EUR | 1.185.870 | 1.223.981 | 0,42 |
| 975.000 THERMO FISHER SCIEN 1.40 17-26 23/01A | EUR | 970.379 | 975.780 | 0,34 |
| 1.360.000 THERMO FISHER SCIENT 0.75 16-24 12/09A | EUR | 1.348.437 | 1.336.921 | 0,46 |
| 1.000.000 VERIZON COMM	1.625 14-24 01/03A | EUR | 1.053.220 | 1.042.640 | 0,36 |
| 2.800.000 VERIZON COMMUNICATION 1.375 17-26 27/10A | EUR | 2.786.079 | 2.782.724 | 0,97 |

| Menge/ Nenn ert	Bezeichnung	Währung | Kosten für Anschaffung | Marktwert	% des Nettoverm. |
| --- | --- | --- |
| Schweden |  |  | 9.371.948 | 9.552.123 | 3,29 |
| 3.400.000 ALFA LAVAL	1.375 14-22 12/09A	EUR | 3.412.843 | 3.530.798 | 1,21 |
| 3.220.000 SCA HYGIENE AB	1.125 17-24 27/03A	EUR | 3.235.759 | 3.255.291	1,12 |
| 1.125.000 SKANDINAVISKA ENSK 0.50 18-23 13/03A | EUR | 1.120.196 | 1.125.799 | 0,39 |
| 1.500.000 SVENSKA CELLULOSA AB 2.50 13-23 09/06A | EUR | 1.603.150 | 1.640.235 | 0,57 |
| Norwegen 900.000 SANTANDER CONSUMER 0.375 17-20 17/02A | EUR | 1.595.637 899.865 | 1.608.503 906.354 | 0,55 0,31 |
| 700.000 SANTANDER CONSUMER BK 0.75 18-23 01/03A | EUR | 695.772 | 702.149 | 0,24 |
| Portugal 600.000 BRISA CONCESSAO RO 1.875 15-25 30/04A | EUR | 617.346 617.346 | 622.890 622.890 | 0,21 0,21 |
| Belgien |  |  | 1.915.060 | 1.911.742 | 0,66 |
| 1.070.000 ANHEUSER BUSCH INBEV 1.15 18-27 22/01A | EUR | 1.062.660 | 1.056.422 | 0,37 |
| 800.000 ANHEUSER-BUSCH INB 2.75 16-36 17/03A | EUR | 852.400 | 855.320 | 0,29 |
| Irland 2.000.000 AQUARIUS INVESTMENTS 4.25 13-42 02/10A | EUR | 3.631.088 2.236.810 | 3.660.007 2.281.080 | 1,26 0,78 |
| 1.396.000 ROADSTER FINANCE DAC 1.625 17-24 09/12A | EUR | 1.394.278 | 1.378.927 | 0,48 |
| Guernsey |  |  | 1.376.730 | 1.380.510	0,48 |
| 1.350.000 CREDIT SUISSE GR FDG 1.25 15-22 14/04A	EUR | 1.376.730 | 1.380.510	0,48 |
| Jersey Inseln |  | 2.126.894 | 2.156.204	0,74 |
| 1.200.000 GLENCORE FINANCE	1.875 16-23 13/09A | EUR | 1.214.760 | 1.246.884 | 0,43 |
| 800.000 GLENCORE FINANCE	3.75 14-26 01/04A | EUR | 912.134 | 909.320 | 0,31 |
| Australien |  |  | 8.547.837 | 8.680.995 | 2,99 |
| 2.500.000 ORIGIN ENERGY REGS 2.50 13-20 23/10A | EUR | 2.597.229 | 2.644.775 | 0,91 |
| 2.000.000 RANSURBAN FINANCE CO 2.00 15-25 28/08A | EUR | 2.067.670 | 2.095.500 | 0,72 |
| 1.900.000 SANTOS FINANCE LTD 4.125 17-27 14/09S | USD | 1.495.681 | 1.529.561 | 0,53 |
| 2.300.000 TRANSURBAN FINANCE 1.875 14-24 16/09A | EUR | 2.387.257 | 2.411.159 | 0,83 |
| Kaimaninseln 1.670.000 CK HUTCHISON FINANCE 1.25 16-23 06/04A | EUR | 3.264.430 1.673.314 | 3.335.883 1.701.262 | 1,15 0,59 |
| 1.580.000 HUTCH WHAMPOA FIN 14 1.375 14-21 31/10A | EUR | 1.591.116 | 1.634.621 | 0,56 |
| Neuseeland |  | 2.070.132 | 2.091.507 | 0,72 |
| 2.070.000 CHORUS LTD | 1.125 16-23 18/10A | EUR | 2.070.132 | 2.091.507 | 0,72 |
| Mexiko |  |  | 4.178.383 | 4.181.628 | 1,44 |
| 2.600.000 AMERICA MOVIL SAB  3.00 12-21 12/07A	EUR | 2.816.383 | 2.828.904	0,97 |
| 1.200.000 AMERICAN MOVIL	3.259 13-23 22/07A	EUR | 1.362.000 | 1.352.724	0,47 |
| Britisch Virgin Islands |  | 2.445.704 | 2.441.841 | 0,84 |
| 1.500.000 SINOPEC GR OVER REGS 1.00 15-22 28/04A | EUR | 1.526.730 | 1.519.170 | 0,52 |
| 900.000 STATE GRID OVERSEAS 1.75 16-25 19/05A | EUR | 918.974 | 922.671 | 0,32 |
| Tschechische Republik |  | 1.507.448 | 1.445.275 | 0,50 |
| 1.300.000 CEZ EMTN | 3.00 13-28 05/06A | EUR | 1.507.448 | 1.445.275 | 0,50 |
| Renten mit flexibelem Zins |  | 71.725.444 | 71.480.945 | 24,63 |
| Luxemburg |  |  | 5.225.842 | 5.043.375 | 1,74 |
| 4.500.000 HANNOVER FINANCE	FL.R 10-40 14/09A | EUR | 5.225.842 | 5.043.375 | 1,74 |
| Frankreich |  |  | 25.863.757 | 25.659.946 | 8,83 |
| 1.000.000 AXA	FL.R 10-40 16/04A	EUR | 1.128.246 | 1.092.370	0,38 |
| 2.000.000 AXA SA	FL.R 14-XX 07/11A	EUR | 2.223.125 | 2.170.400	0,75 |
| 1.400.000 BPCE	FL.R 14-26 08/07A	EUR | 1.434.685 | 1.487.528	0,51 |
| 4.000.000 CREDIT AGRICOLE	FL.R 09-XX 26/10A	EUR | 4.560.412 | 4.437.319	1,52 |
| 900.000 CREDIT AGRICOLE SUB. FL.R 15-XX 13/01A | EUR | 960.021 | 973.467 | 0,34 |
| 1.200.000 CREDIT MUTUEL ARKEA FL.R 17-29 25/10A | EUR | 1.192.500 | 1.181.016 | 0,41 |
| 2.400.000 ENGIE	FL.R 13-XX 10/07A	EUR | 2.717.940 | 2.686.296	0,93 |
| 1.400.000 ENGIE SUB | FL.R 14-XX 02/06A | EUR | 1.459.500 | 1.437.982 | 0,50 |
| 1.493.000 RCI BANQUE | FL.R 17-22 14/03Q | EUR | 1.495.622 | 1.507.676 | 0,52 |
| 2.500.000 SOCIETE GENE SA SUB FL.R 09-XX 04/09A	EUR | 2.952.194 | 2.799.800	0,95 |
| 3.030.000 TOTAL SA | FL.R 15-XX 26/02A | EUR | 3.090.776 | 3.134.717 | 1,07 |
| 2.500.000 TOTAL SA | FL.R 16-49 18/05A | EUR | 2.648.736 | 2.751.375 | 0,95 |
| Großbritannien	 677.000	684.339	0,24 |
| 677.000 HSBC HOLDING	FL.R 17-22 27/09Q | EUR | 677.000 | 684.339 | 0,24 |
| Niederlande |  | 10.802.043 | 10.848.601 | 3,74 |
| 900.000 ABN AMRO BANK	FL.R 17-49 01/12S | EUR | 950.850 | 937.665 | 0,32 |
| 2.800.000 ALLIANZ FINANCE	FL.R 11-41 08/07A | EUR | 3.270.324 | 3.238.228 | 1,12 |
| 1.000.000 ENECO HOLDING SUB  FL.R 14-XX 01/12A | EUR | 1.082.000 | 1.071.100 | 0,37 |
| 400.000 IBERDROLA INTL BV  FL.R 18-XX XX/XXA | EUR | 400.000 | 405.476 | 0,14 |
| 1.300.000 ING BANK NV	FL.R 14-26 25/02A | EUR | 1.397.779 | 1.409.499 | 0,49 |
| 2.300.000 ING GROEP NV	FL.R 17-29 15/02A | EUR | 2.379.040 | 2.417.369 | 0,83 |

| Menge/ Nenn ert	Bezeichnung	Währung | Kosten für Anschaffung | Marktwert	% des Nettoverm. |
| --- | --- | --- |
| 1.300.000 RABOBANK EMTN	FL.R 14-26 26/05A	EUR | 1.322.050 | 1.369.264	0,47 |
| Schweiz |  |  |  |  | 7.767.310 | 7.849.226 | 2,70 |
| 1.340.000 CREDIT SUISSE | FL.R 13-25 18/09A | EUR | 1.485.122 | 1.493.443 | 0,51 |
| 1.220.000 CREDIT SUISSE GROU FL.R 17-25 17/07A	EUR | 1.217.480 | 1.211.228	0,42 |
| 3.290.000 UBS AG SUB	FL.R 14-26 12/02A	EUR | 3.548.268 | 3.621.731	1,25 |
| 1.508.000 UBS GROUP FUNDING FL.R 17-22 20/09Q	EUR | 1.516.440 | 1.522.824	0,52 |
| Deutschland |  |  | 4.293.665 | 4.360.197	1,50 |
| 1.100.000 ALLIANZ	FL.R 12-42 17/10A	EUR | 1.299.865 | 1.318.570	0,45 |
| 900.000 ALLIANZ SE |  | FL.R 13-XX 24/10A | EUR | 1.001.572 | 1.035.036 | 0,36 |
| 1.200.000 BAYER SUB |  | FL.R 14-75 01/07A | EUR | 1.258.361 | 1.251.060 | 0,43 |
| 700.000 HANNOVER R | E	FL.R 14-XX 26/06A | EUR | 733.867 | 755.531 | 0,26 |
| Italien |  |  |  |  | 893.000 | 885.136 | 0,30 |
| 800.000 UNICREDIT SPA EMTN FL.R 13-25 28/10A | EUR | 893.000 | 885.136 | 0,30 |
| Dänem | rk |  |  |  | 3.141.991 | 3.120.657 | 1,08 |
| 1.000.000 DANSKE BAN | K EMTN	FL.R 14-26 19/05A | EUR | 1.070.920 | 1.059.470 | 0,37 |
| 900.000 DANSKE BAN | K EMTN	FL.R 15-XX 06/04S | EUR | 1.013.571 | 1.008.207 | 0,35 |
| 1.000.000 ORSTED | FL.R 15-15 06/11A * | EUR | 1.057.500 | 1.052.980 | 0,36 |
| Spanien |  |  |  |  | 1.100.000 | 1.114.058 | 0,38 |
| 1.100.000 BBVA | FL.R 17-22 12/04Q | EUR | 1.100.000 | 1.114.058 | 0,38 |
| Vereinigte Staaten von Amerika |  | 3.595.988 | 3.586.115	1,24 |
| 569.000 BANK OF AMERICA	FL.R 17-22 07/02Q	EUR | 569.898 | 574.758	0,20 |
| 1.000.000 BANK OF AMERICA CO FL.R 17-25 07/02A | EUR | 1.025.195 | 1.015.130 | 0,35 |
| 1.374.000 GOLDMAN SACHS GROUP FL.R 17-22 09/09Q | EUR | 1.375.895 | 1.378.589 | 0,48 |
| 625.000 MORGAN STANLEY	FL.R 17-26 23/10A | EUR | 625.000 | 617.638 | 0,21 |
| Schweden |  |  |  | 2.062.520 | 2.052.512 | 0,71 |
| 1.200.000 NORDEA BANK	FL.R 16-26 07/09A | EUR | 1.210.920 | 1.208.088 | 0,42 |
| 800.000 SEB	FL.R 14-26 28/05A | EUR | 851.600 | 844.424 | 0,29 |
| Norwegen	 1.188.299	1.184.333	0,41 |
| 1.170.000 DNB BANK ASA | FL.R 17-27 01/03A | EUR | 1.188.299 | 1.184.333 | 0,41 |
| Österreich |  |  |  | 1.489.599 | 1.477.775 | 0,51 |
| 1.300.000 OMV SUB	F | L.R 15-XX 09/12A | EUR | 1.489.599 | 1.477.775 | 0,51 |
| Belgien |  |  |  |  | 1.003.430 | 1.008.150 | 0,35 |
| 1.000.000 KBC GROUP NV | FL.R 17-22 24/11Q | EUR | 1.003.430 | 1.008.150 | 0,35 |
| Australien |  |  |  | 2.621.000 | 2.606.525 | 0,90 |
| 2.500.000 ORIGIN ENERGY SUB FL.R 14-74 16/09S	EUR | 2.621.000 | 2.606.525	0,90 |
| Sonstige übertragbare Wertpapiere |  | 12.390.855 | 12.406.547	4,27 |
| Renten |  |  |  |  | 8.119.545 | 8.138.479	2,80 |
| Frankreich |  |  |  | 4.483.882 | 4.492.102	1,54 |
| 1.700.000 CIE DE SAINT GOBAIN 1.125 18-26 23/03A	EUR | 1.693.166 | 1.680.280	0,57 |
| 1.300.000 RCI BANQUE EMTN	0.25 18-21 12/07A	EUR | 1.294.761 | 1.296.867	0,45 |
| 1.500.000 SANOFI	1.00 18-26 21/03A	EUR | 1.495.955 | 1.514.955	0,52 |
| Großbritannien |  |  | 828.640 | 830.111	0,29 |
| 831.000 UBS LONDON	0.6 | 25 18-23 23/04A | EUR | 828.640 | 830.111 | 0,29 |
| Deutschland |  |  | 598.806 | 605.934 | 0,21 |
| 600.000 SAP SE	1.00 18 | -26 13/03A | EUR | 598.806 | 605.934 | 0,21 |
| Spanien |  |  |  |  | 1.093.873 | 1.097.063 | 0,38 |
| 1.100.000 RED ELECT FINANCE | 1.25 18-27 13/03A | EUR | 1.093.873 | 1.097.063 | 0,38 |
| Kaimaninseln |  |  | 1.114.344 | 1.113.269 | 0,38 |
| 1.120.000 CK HUTCHISON EU	1.2500 18-25 13/04A	EUR | 1.114.344 | 1.113.269	0,38 |
| Renten mit flexibelem Zins |  | 4.271.310 | 4.268.068 | 1,47 |
| Schweiz |  |  |  |  | 1.712.423 | 1.713.743 | 0,59 |
| 1.714.000 UBS GROUP FUNDI	FL.R 18-25 17/04A	EUR | 1.712.423 | 1.713.743	0,59 |
| Vereinigte Staaten von Amerika |  | 1.002.800 | 1.003.650	0,35 |
| 1.000.000 BAT CAPITAL CORP	FL.R 17-21 16/08Q	EUR | 1.002.800 | 1.003.650	0,35 |
| Schweden |  |  |  | 1.556.087 | 1.550.675	0,53 |
| 1.533.000 NORDEA BANK	FL.R 18-22 07/02Q	EUR | 1.556.087 | 1.550.675	0,53 |

| Summe Anlagen | 278.621.866 | 278.953.727 | 96,12 |
| --- | --- | --- | --- |
| Barmittel |  | 7.523.097 | 2,59 |
| Sonstige Vermögenswerte/-Verbindlichkeiten |  | 3.736.760 | 1,29 |

Menge/
Nennwert	Bezeichnung	Währung
Kosten für Anschaffung
Marktwert		% des Nettoverm.
Summe Nettovermögen	
290.213.584	100,00

### Geografische Allokation des Portfolios
| Frankreich | % des Nettovermögens 21,96 |
| --- | --- |
| Vereinigte Staaten von Amerika | 17,59 |
| Niederlande | 9,89 |
| Großbritannien | 5,32 |
| Spanien | 5,08 |
| Luxemburg | 5,03 |
| Schweden | 4,72 |
| Deutschland | 4,37 |
| Schweiz | 4,19 |
| Australien | 4,05 |
| Dänemark | 4,00 |
| Italien | 3,19 |
| Kaimaninseln | 1,59 |
| Mexiko | 1,50 |
| Irland | 1,31 |
| Belgien | 1,05 |
| Norwegen | 1,00 |
| Britisch Virgin Islands | 0,88 |
| Jersey Inseln | 0,77 |
| Neuseeland | 0,75 |
| Österreich | 0,53 |
| Tschechische Republik | 0,52 |
| Guernsey | 0,49 |
| Portugal | 0,22 |


###### 	100,00
Ertrags- und Aufwandsrechnung und Veränderung des Nettovermögens vom 01.11.2017 bis 30.04.2018
Ausgedrückt in EUR
| Erträge |  | 3.290.692 |
| --- | --- | --- |
| Nettozinsen auf Renten |  | 3.280.856 |
| Bankzinsen bei Sicht |  | 330 |
| Zinsen auf Pensionsgeschäfte | Erläut. 2f | 39 |
| Swapzinsen |  | 9.467 |
| Ausgaben |  | 1.531.573 |
| Verwaltungs- und Beratergebühren | Erläut. 3 | 571.069 |
| Verwahrstellengebühr | Erläut. 5 | 7.780 |
| Taxe d'abonnement | Erläut. 7a | 15.686 |
| Domizilstellen-, Verwaltungsstellen- und Transferstellengebühren | Erläut. 5 | 63.047 |
| Honorare |  | 11.603 |
| Bankgebühren |  | 30.092 |
| Transaktionskosten | Erläut. 2g | 3.385 |
| Swapzinsen |  | 827.334 |
| Sonstige Aufwendungen |  | 1.577 |
| Erträge aus Anlagen |  | 1.759.119 |
| Realisierter Nettogewinn / -verlust aus: - Verkauf von Anlagen | Erläut. 2d | 1.931.096 |
| - Optionen |  | -137.500 |
| - Devisentermingeschäften |  | -10.496 |
| - Finanztermingeschäften |  | 260.645 |
| - Swapgeschäften |  | 1.276.695 |
| - Devisengeschäften | Erläut. 2c | -150.329 |
| Realisierter Nettogewinn |  | 4.929.230 |
| Veränderung des nicht realisierten Nettogewinns / -verlustes aus: - Anlagen |  | -7.127.667 |
| - Devisentermingeschäften |  | -53.936 |
| - Finanztermingeschäften |  | -129.100 |
| - Swapgeschäften |  | -783.558 |
| Nettovermögensabnahme durch Geschäftstätigkeit |  | -3.165.031 |
| Dividendenausschüttungen | Erläut. 6 | -4.915.698 |
| Zeichnungen kummulativer Anteile |  | 2.738.740 |
| Zeichnungen von Anteilen mit Ausschüttung |  | 7.293.698 |
| Rücknahmen kummulativer Anteile |  | -49.017.912 |
| Rücknahmen von Anteilen mit Ausschüttung |  | -31.568.000 |
| Verminderung des Nettovermögens |  | -78.634.203 |
| Nettovermögen zu Beginn der Periode |  | 368.847.787 |
| Nettovermögen am Ende der Periode |  | 290.213.584 |

Die beiliegenden Erläuterungen sind integraler Bestandteil dieses Berichtes
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