# - Euro Credit Short Duration
### Financial Statements as at 30 April 2018
Statement of net assets as at 30 April 2018
Expressed in EUR
| Assets |  | 1,796,539,814 |
| --- | --- | --- |
| Investments at market value | Note 2b | 1,721,492,035 |
| Acquisition cost |  | 1,769,427,172 |
| Cash at bank |  | 31,079,521 |
| Margin deposits |  | 2,373,996 |
| Time deposits |  | 3,788,231 |
| Interest receivable |  | 27,378,458 |
| Receivable on sale of investments |  | 833,800 |
| Receivable on subscriptions |  | 9,593,773 |
| Liabilities |  | 21,779,917 |
| Payable on purchase of investments |  | 9,444,865 |
| Repurchase agreements | Note 9 | 3,883,556 |
| Payable on redemptions |  | 478,176 |
| Unrealised loss on forward currency exchange contracts | Note 2e | 6,980,218 |
| Unrealised loss on financial futures contracts | Note 2e | 176,000 |
| Investment management and administrative fees payable |  | 754,736 |
| Other liabilities |  | 62,366 |
| Net asset value |  | 1,774,759,897 |

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 | 36,684,881.16 | 14,646,022.37 | 16,692,601.03 | 34,638,302.50 |
| Distribution shares | 25,278.07 | 882.00 | 2,771.00 | 23,389.07 |
| N Shares EUR Capitalisation shares | 200.00 | 214,232.17 | 11,866.66 | 202,565.51 |
| N Shares CHF [H] Capitalisation shares | 28,884.00 | 2,350.00 | 2,925.00 | 28,309.00 |
| N Shares GBP [H] Distribution shares | 597.62 | 195.00 | 0.00 | 792.62 |
| P Shares EUR Capitalisation shares | 39,531,556.83 | 10,864,121.14 | 9,336,031.21 | 41,059,646.76 |
| Distribution shares | 78,878,589.31 | 17,340,495.55 | 12,096,369.22 | 84,122,715.64 |
| P Shares CHF [H] Capitalisation shares | 12,255.52 | 1,367.00 | 1,134.70 | 12,487.82 |
| P Shares GBP [H] Distribution shares | 14.00 | 0.55 | 0.00 | 14.55 |

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 USD [H] Capitalisation shares | 8,225.21 | 708.00 | 253.68 | 8,679.53 |
| R Shares EUR Capitalisation shares | 651,281.14 | 215,231.74 | 310,234.56 | 556,278.32 |
| Distribution shares | 5,996,409.93 | 953,892.96 | 2,641,319.43 | 4,308,983.46 |
| R Shares CHF [H] Capitalisation shares | 4,548.06 | 790.37 | 2,283.00 | 3,055.43 |
| R Shares USD [H] Capitalisation shares | 51,687.97 | 5,024.54 | 43,766.21 | 12,946.30 |

Statistics
Period ended as at:
30 April 2018
31 October 2017
31 October 2016
Total Net Assets
EUR
1,774,759,897	1,782,737,310	866,791,468
| I Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Capitalisation shares |  |  |  |
| Number of shares | 34,638,302.50 | 36,684,881.16 | 10,885,530.61 |
| Net asset value per share | 12.21 | 12.24 | 12.01 |

Distribution shares
Number of shares
23,389.07	25,278.07	-
Net asset value per share Dividend per share
982.69
29.42
1,014.74	-
-	-
| N Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Capitalisation shares |  |  |  |
| Number of shares | 202,565.51 | 200.00 | - |
| Net asset value per share | 100.16 | 100.45 | - |

| N Shares CHF [H] | CHF | CHF | CHF |
| --- | --- | --- | --- |
| Capitalisation shares |  |  |  |
| Number of shares | 28,309.00 | 28,884.00 | - |
| Net asset value per share | 100.21 | 100.95 | - |

| N Shares GBP [H] | GBP | GBP | GBP |
| --- | --- | --- | --- |
| Distribution shares |  |  |  |
| Number of shares | 792.62 | 597.62 | 10.00 |
| Net asset value per share | 98.69 | 102.58 | 100.09 |
| Dividend per share | 4.00 | 0.16 | - |

| Period ended as at: | 30 April 2018 | 31 October 2017 | 31 October 2016 |
| --- | --- | --- | --- |
| EUR | 1,774,759,897 | 1,782,737,310 | 866,791,468 |

Statistics
Total Net Assets
| P Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Capitalisation shares |  |  |  |
| Number of shares | 41,059,646.76 | 39,531,556.83 | 8,908,978.58 |
| Net asset value per share Distribution shares | 10.96 | 10.99 | 10.77 |

| Number of shares | 84,122,715.64 | 78,878,589.31 | 62,066,300.65 |
| --- | --- | --- | --- |
| Net asset value per share | 8.81 | 9.20 | 9.45 |
| Dividend per share | 0.37 | 0.43 | 0.51 |
| CHF [H] Capitalisation shares | CHF | CHF | CHF |
| Number of shares | 12,487.82 | 12,255.52 | - |
| Net asset value per share | 1,004.11 | 1,010.39 | - |
| GBP [H] Distribution shares | GBP | GBP | GBP |
| Number of shares | 14.55 | 14.00 | 1.00 |
| Net asset value per share | 986.59 | 1,026.66 | 1,001.02 |
| Dividend per share | 41.83 | 1.70 | - |
| USD [H] Capitalisation shares | USD | USD | USD |
| Number of shares | 8,679.53 | 8,225.21 | 1.00 |
| Net asset value per share | 1,047.03 | 1,038.09 | 1,001.74 |
| EUR Capitalisation shares | EUR | EUR | EUR |
| Number of shares | 556,278.32 | 651,281.14 | 10.00 |
| Net asset value per share | 101.27 | 101.70 | 100.17 |
| Distribution shares |  |  |  |

P Shares
P Shares
P Shares
R Shares
| Number of shares | 4,308,983.46 | 5,996,409.93 | 5,571,629.40 |
| --- | --- | --- | --- |
| Net asset value per share | 9.04 | 9.39 | 9.64 |
| Dividend per share | 0.29 | 0.35 | 0.43 |
| CHF [H] Capitalisation shares | CHF | CHF | CHF |
| Number of shares | 3,055.43 | 4,548.06 | - |
| Net asset value per share | 99.87 | 100.71 | - |
| USD [H] Capitalisation shares | USD | USD | USD |
| Number of shares | 12,946.30 | 51,687.97 | 210.00 |
| Net asset value per share | 104.30 | 103.38 | 100.16 |

R 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	 1,759,103,317 | 1,711,168,562 | 96.42 |
| Bonds	 1,688,273,013 | 1,641,151,513 | 92.47 |
| Luxembourg	 333,718,684 | 322,444,110 | 18.17 |

| 3,500,000 ALTICE FINANCE REGS 5.25 15-23 15/02S | EUR | 3,639,800 | 3,629,500 | 0.20 |
| --- | --- | --- | --- | --- |
| 8,100,000 ARCELORMITTAL	2.875 14-20 06/07A | EUR | 8,561,930 | 8,574,174 | 0.48 |
| 17,370,000 ARCELORMITTAL REGS 3.00 14-19 25/03A | EUR | 17,957,750 | 17,832,389 | 1.00 |
| 7,118,000 BMBG BOND FINANCE  3.00 16-21 15/06S | EUR | 7,297,714 | 7,246,765 | 0.41 |
| 24,960,000 CIRSA FUNDING REGS  5.75 16-21 15/05A | EUR | 26,510,089 | 25,781,434 | 1.45 |
| 2,000,000 CNH IND FIN	2.875 14-21 27/09A | EUR | 2,172,572 | 2,163,460 | 0.12 |
| 7,850,000 CNH INDUSTRIAL FIN  2.75 14-19 18/03A | EUR | 8,142,648 | 8,036,045 | 0.45 |
| 12,680,000 CODERE FIN LUX	6.75 16-21 01/11S | EUR | 12,903,704 | 13,317,804 | 0.75 |
| 17,204,000 CONTOURGLO POW REG 5.125 16-21 15/06S | EUR | 18,147,648 | 17,757,625 | 1.00 |
| 9,693,000 CRYSTAL ALMOND SAR 10.00 16-21 01/11S | EUR | 10,836,575 | 10,580,976 | 0.60 |
| 4,000,000 DEA FINANCE REG S  7.50 16-22 15/10S | EUR | 4,430,108 | 4,338,280 | 0.24 |
| 15,534,483 EDREAMS ODIGEO SAS  8.50 16-21 01/08S | EUR | 16,428,450 | 16,429,114 | 0.93 |
| 34,790,000 FIAT FIN TRADE	6.75 13-19 14/10A | EUR | 38,879,154 | 38,129,839 | 2.15 |
| 3,000,000 FIAT FINANCE REGS  4.75 14-21 22/03A | EUR | 3,345,500 | 3,351,450 | 0.19 |
| 13,100,000 FIAT FINANCE TRADE  7.375 11-18 09/07A | EUR | 14,170,024 | 13,277,505 | 0.75 |
| 16,970,000 FMC FIN III	6.50 11-18 15/09S | EUR | 19,334,560 | 17,380,335 | 0.98 |
| 4,800,000 FMC FIN VII REG S  5.25 11-21 15/02S | EUR | 5,589,680 | 5,468,784 | 0.31 |
| 7,500,000 FMC FINANCE VIII REGS 5.25 12-19 31/07S | EUR | 8,442,190 | 7,990,125 | 0.45 |
| 33,470,000 GAZ CAPITAL REG S  4.625 15-18 15/10A | EUR | 35,246,855 | 34,008,866 | 1.92 |
| 15,450,000 GAZPROM REGS	3.70 13-18 25/07A | EUR | 15,916,880 | 15,549,962 | 0.88 |
| 6,875,000 HEIDELBERG CEMENT FIN 0.50 17-21 18/01A | EUR | 6,862,763 | 6,941,000 | 0.39 |
| 8,800,000 HEIDELBERGCEMENT	9.50 11-18 15/12S | EUR | 11,102,360 | 9,329,496 | 0.53 |
| 1,000,000 HEIDELBERGCEMENT FIN 8.50 09-19 31/10S | EUR | 1,250,650 | 1,127,770 | 0.06 |
| 10,850,000 INTRALOT CAP LU	6.75 16-21 15/09S | EUR | 11,614,378 | 11,423,097 | 0.64 |
| 7,500,000 MATTERHORN REGS	3.875 15-22 01/05S | EUR | 7,714,275 | 7,623,150 | 0.43 |
| 15,960,000 MOL GROUP FINANCE  6.25 12-19 26/09S | USD | 15,748,597 | 13,761,108 | 0.78 |
| 1,615,000 TI CAPITAL	7.175 09-19 18/06S | USD | 1,471,830 | 1,394,057 | 0.08 |
| France |  | 105,113,537 | 103,981,661 | 5.86 |
| 5,500,000 AREVA	3.25 13-20 04/09A | EUR | 5,818,750 | 5,810,970 | 0.33 |
| 1,000,000 AREVA EMTN	3.50 10-21 22/03A | EUR | 1,071,250 | 1,068,860 | 0.06 |
| 20,600,000 AREVA EMTN	4.375 09-19 06/11A | EUR | 22,004,890 | 21,878,230 | 1.22 |
| 9,350,000 AUTODIS REGS	4.375 16-22 01/05S | EUR | 9,653,925 | 9,585,433 | 0.54 |
| 2,960,000 BANIJAY GROUP	4.00 17-22 01/07S | EUR | 2,960,000 | 3,053,625 | 0.17 |
| 3,400,000 CASINO GUICHARD	3.994 12-20 09/03A | EUR | 3,793,197 | 3,671,184 | 0.21 |
| 7,700,000 CASINO GUICHARD	5.731 10-18 12/11A | EUR | 8,234,694 | 7,927,381 | 0.45 |
| 5,000,000 CASINO GUICHARD PER. 5.976 11-21 26/05A | EUR | 5,930,830 | 5,639,000 | 0.32 |
| 3,500,000 CROWN EURO HLDG REGS 4.00 14-22 15/07S | EUR | 3,891,025 | 3,834,460 | 0.22 |
| 6,390,000 ELIS SA REGS	3.00 15-22 30/04S | EUR | 6,589,090 | 6,496,138 | 0.37 |
| 3,760,000 ITALCEMENTI FINANCE FL.R 10-20 19/03A | EUR | 4,380,543 | 4,135,436 | 0.23 |
| 1,700,000 NEXANS	3.25 16-21 26/05A | EUR | 1,827,500 | 1,826,990 | 0.10 |
| 6,750,000 NOVAFIVES SAS REGS  4.50 14-21 30/06S | EUR | 6,810,240 | 6,878,520 | 0.39 |
| 1,337,000 PEUGEOT	6.50 13-19 18/01A | EUR | 1,436,941 | 1,399,090 | 0.08 |
| 3,000,000 PSA BANQUE FRANCE  0.50 17-20 17/01A | EUR | 2,992,530 | 3,025,290 | 0.17 |
| 7,000,000 SFR GROUP REGS	5.375 14-22 15/05S | EUR | 7,198,250 | 7,179,830 | 0.40 |
| 8,200,000 VALLOUREC SA	3.25 12-19 02/08A | EUR | 8,439,400 | 8,470,600 | 0.48 |
| 2,030,000 VALLOUREC SA	6.625 17-22 15/10S | EUR | 2,080,482 | 2,100,624 | 0.12 |
| United Kingdom |  | 226,005,331 | 222,740,083 | 12.55 |
| 5,100,000 ALGECO SCOTSMAN	6.50 18-23 15/02S | EUR | 5,084,291 | 5,244,228 | 0.30 |
| 1,170,000 ANGLO AMERCAN CAPITAL 2.875 13-20 20/11A | EUR | 1,243,575 | 1,251,982 | 0.07 |
| 2,000,000 FCE BANK PLC	1.528 15-20 09/11 | EUR | 2,074,940 | 2,069,460 | 0.12 |
| 21,280,000 HELLENIC TELECOM	3.50 14-20 09/07A | EUR | 22,345,597 | 22,517,219 | 1.27 |
| 15,738,000 INTER GANE TECH REGS 4.125 15-20 15/02S | EUR | 16,836,498 | 16,624,522 | 0.94 |
| 24,461,000 JAG LAND ROV 144A  4.125 13-18 15/12S | USD | 20,524,588 | 20,362,639 | 1.15 |
| 28,000,000 JAGUAR LAND ROV REGS 4.125 13-18 15/12S | USD | 24,801,243 | 23,300,115 | 1.30 |
| 12,200,000 LOTTOMATICA SPA	4.75 12-20 05/03A | EUR | 13,082,740 | 13,125,248 | 0.74 |
| 2,500,000 MERLIN ENTERTAINMENTS 2.75 15-22 15/03S | EUR | 2,605,000 | 2,601,550 | 0.15 |
| 20,755,000 OTE PLC	4.375 15-19 02/12A | EUR | 22,144,545 | 22,066,301 | 1.24 |
| 3,200,000 PREMIER FOODS REGS  6.50 14-21 15/03S | GBP | 3,728,071 | 3,694,592 | 0.21 |
| 5,300,000 STONEGATE PUB CO FIN 4.875 17-22 15/03S | GBP | 6,173,405 | 6,003,041 | 0.34 |
| 3,500,000 SYNLAB BONDCO PLC  6.25 15-22 01/07S | EUR | 3,687,875 | 3,641,120 | 0.21 |
| 22,470,000 TESCO	3.375 11-18 02/11A | EUR | 23,661,472 | 22,873,786 | 1.28 |
| 15,247,000 TESCO CORP	1.375 14-19 01/07A | EUR | 15,491,019 | 15,476,467 | 0.87 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 2,500,000 TESCO EMTN | 2.125 13-20 12/11A | EUR | 2,612,615 | 2,610,375 | 0.15 |
| --- | --- | --- | --- | --- | --- |
| 9,080,000 THOMAS COOK GRP REG S 6.25 16-22 15/06S | EUR | 9,842,253 | 9,791,055 | 0.55 |
| 5,600,000 TITAN GLOBAL FIN	3.50 16-21 17/06S | EUR | 5,959,950 | 5,910,128 | 0.33 |
| 1,000,000 VIRGIN MEDIA FIN PLC 7.00 13-23 15/04S | GBP | 1,191,983 | 1,181,954 | 0.07 |
| 1,000,000 VODAFONE GROUP	0.875 15-20 17/11A | EUR | 1,022,480 | 1,020,330 | 0.06 |
| 18,100,000 WILLIAM HILL REGS  4.25 13-20 05/06S | GBP | 21,891,191 | 21,373,971 | 1.20 |
| The Netherlands |  | 211,524,686 | 206,837,782 | 11.65 |
| 3,000,000 ABN AMRO BANK EMTN 6.375 11-21 27/04A | EUR | 3,599,380 | 3,517,440 | 0.20 |
| 12,540,000 ALTICE REGS	7.25 14-22 15/05S | EUR | 12,637,325 | 12,466,892 | 0.70 |
| 4,100,000 BRENNTAG FINANCE	5.50 11-18 19/07A | EUR | 4,552,470 | 4,148,298 | 0.23 |
| 3,360,000 CBR FASHION FINANCE 5.125 17-22 01/10S | EUR | 3,244,003 | 2,954,750 | 0.17 |
| 4,000,000 CONSTELLIUM EMTN REGS 4.625 14-21 15/05S | EUR | 4,061,740 | 4,052,720 | 0.23 |
| 6,200,000 DARLING GLOBAL FINAN 4.75 15-22 30/05S | EUR | 6,511,660 | 6,374,468 | 0.36 |
| 4,000,000 EDP FINANCE	5.25 14-21 14/01S | USD | 3,773,734 | 3,460,255 | 0.19 |
| 3,500,000 EDP FINANCE EMTN	4.875 13-20 14/09A | EUR | 4,010,060 | 3,895,955 | 0.22 |
| 2,500,000 EDP FINANCE REGS 34 2.625 14-19 15/04A | EUR | 2,632,340 | 2,564,225 | 0.14 |
| 10,250,000 INTERXION REGS	6.00 13-20 15/07S | EUR | 10,683,601 | 10,538,538 | 0.59 |
| 4,000,000 KPN NV	7.50 09-19 04/02A | EUR | 4,887,760 | 4,232,200 | 0.24 |
| 2,610,000 MAXEDA DIY HOLDING  6.125 17-22 15/07S | EUR | 2,669,506 | 2,474,019 | 0.14 |
| 2,916,000 OCI NV	5.0000 18-23 15/04S | EUR | 2,947,875 | 2,974,991 | 0.17 |
| 4,000,000 OI EUROPEAN GROUP BV 4.875 13-21 31/03S | EUR | 4,538,900 | 4,440,200 | 0.25 |
| 30,317,000 OI EUROPEAN GROUP BV 6.75 10-20 15/09S | EUR | 36,058,595 | 34,704,475 | 1.96 |
| 2,000,000 PETROBRAS GLB FIN  3.75 14-21 14/01A | EUR | 2,155,225 | 2,150,680 | 0.12 |
| 1,500,000 PETROBRAS INTL FIN  5.875 11-22 07/03A | EUR | 1,735,500 | 1,732,215 | 0.10 |
| 13,680,000 PHOENIX PIB DUTCH EMTN3.125 13-20 27/05A | EUR | 14,584,210 | 14,406,408 | 0.81 |
| 10,000,000 RABOBANK EMTN	6.875 10-20 19/03A | EUR | 11,745,500 | 11,245,800 | 0.63 |
| 1,500,000 SAIPEM FIN INTL BV  2.75 17-22 05/04A | EUR | 1,563,750 | 1,543,155 | 0.09 |
| 23,380,000 SAIPEM SPA	3.00 16-21 08/03A | EUR | 24,267,583 | 24,450,103 | 1.38 |
| 13,443,000 SCHAEFFLER FINANCE 2.50 15-20 15/04S | EUR | 13,645,164 | 13,581,597 | 0.77 |
| 6,000,000 SCHAEFFLER FINANCE  3.50 14-22 15/05S | EUR | 6,103,260 | 6,075,840 | 0.34 |
| 23,255,000 UNITED GROUP REGS  4.50 17-22 01/07S | EUR | 23,584,300 | 23,863,351 | 1.34 |
| 6,000,000 VIMPELCON	5.20 13-19 13/02S | USD | 5,331,245 | 4,989,207 | 0.28 |
| Germany |  | 176,204,613 | 174,236,204 | 9.82 |
| 8,238,000 ADLER REAL ESTATE  1.50 17-21 06/12A | EUR | 8,208,658 | 8,278,284 | 0.47 |
| 7,500,000 COMMERZBANK	6.375 11-19 22/03A | EUR | 8,099,439 | 7,913,325 | 0.45 |
| 4,300,000 FRESENIUS FINANCE BV 2.875 13-20 15/07S | EUR | 4,623,996 | 4,565,525 | 0.26 |
| 350,000 FRESENIUS US FIN REGS 4.25 12-19 15/04S | EUR | 368,660 | 364,270 | 0.02 |
| 9,048,000 K S REGS	3.125 13-18 06/12A | EUR | 9,293,429 | 9,209,054 | 0.52 |
| 1,000,000 KIRK BEAUTY ZERO REGS 6.25 15-22 15/07S | EUR | 1,064,750 | 1,042,880 | 0.06 |
| 1,000,000 KME AG	6.75 18-23 01/02S | EUR | 992,000 | 1,017,900 | 0.06 |
| 3,500,000 NORDEX SE	6.50 18-23 01/02S | EUR | 3,453,175 | 3,273,340 | 0.18 |
| 1,500,000 RAFFINERIE HEIDE GMBH 6.375 18-22 01/12S | EUR | 1,518,300 | 1,509,360 | 0.09 |
| 11,059,000 SAFARI HOLDING 5.375	17-22 30/11S | EUR | 11,085,000 | 11,365,003 | 0.64 |
| 28,810,000 SCHAEFFLER VERWALTUNG 2.75 16-21 15/09S | EUR | 29,592,015 | 29,403,485 | 1.65 |
| 24,960,000 THYSSENKRUPP	3.125 14-19 25/10A | EUR | 26,289,841 | 25,887,264 | 1.46 |
| 10,900,000 THYSSENKRUPP AG	1.75 15-20 25/11A | EUR | 11,234,280 | 11,235,175 | 0.63 |
| 7,600,000 THYSSENKRUPP AG	2.75 16-21 08/03A | EUR | 8,067,950 | 8,027,804 | 0.45 |
| 25,735,000 THYSSENKRUPP AG	4.00 13-18 27/08A | EUR | 27,298,335 | 26,059,004 | 1.47 |
| 7,957,000 VOLKSWAGEN FIN	0.375 18-21 12/04A | EUR | 7,957,392 | 7,972,198 | 0.45 |
| 17,062,000 VOLKSWAGEN LEASING  0.25 17-20 05/10A	EUR | 17,057,393 | 17,112,333 | 0.96 |
| Italy | 115,126,254 | 111,427,566 | 6.28 |
| 5,000,000 ALMAVIVA THE ITALIAN 7.25 17-22 15/10S	EUR | 5,148,250 | 5,105,350 | 0.29 |
| 14,850,000 BUZZI UNICEM | 6.25 12-18 28/09A | EUR | 16,236,456 | 15,231,497 | 0.85 |
| 7,000,000 CMC DI RAVENNA | 6.875 17-22 01/08S | EUR | 7,192,640 | 6,979,980 | 0.39 |
| 3,500,000 FINMEC FINANCE | 4.50 13-21 19/01A | EUR | 3,942,880 | 3,886,155 | 0.22 |
| 13,929,000 FINMECCANICA FINANCE 5.75 03-18 12/12A | EUR | 14,922,636 | 14,426,544 | 0.81 |
| 15,000,000 INTESA SANPAOLO	6.625 08-18 08/05A | EUR | 15,235,500 | 15,019,650 | 0.85 |
| 8,000,000 INTESA SANPAOLO EMTN 5.00 09-19 23/09A | EUR | 8,719,380 | 8,510,480 | 0.48 |
| 9,400,000 SALINI	6.125 13-18 01/08A | EUR | 10,102,076 | 9,551,622 | 0.54 |
| 7,780,000 SNAI SPA REGS	6.375 16-21 07/11S | EUR | 8,198,372 | 8,271,540 | 0.47 |
| 2,000,000 TELECOM ITALIA EMTN 4.75 11-18 25/05A | EUR | 2,197,275 | 2,005,800 | 0.11 |
| 8,500,000 TELECOM ITALIA EMTN 5.375 04-19 29/01A | EUR | 9,414,115 | 8,841,700 | 0.50 |
| 1,000,000 TELECOM ITALIA EMTN 6.375 04-19 24/06A | GBP | 1,234,199 | 1,202,804 | 0.07 |
| 5,928,000 TELECOM ITALIA REGS 4.00 12-20 21/01A | EUR | 6,428,225 | 6,325,354 | 0.36 |
| 3,000,000 TELECOM ITALIA SPA  4.875 13-20 25/09A | EUR | 3,393,000 | 3,332,100 | 0.19 |
| 3,000,000 WIND TRE SPA  2.625  17-23 20/01S | EUR | 2,761,250 | 2,736,990 | 0.15 |

| Quantity	Denomination	Quotation currency | Acquisition cost | Market value | % of net assets |
| --- | --- | --- | --- |
| Spain | 2,112,000 | 2,102,920 | 0.12 |
| 2,000,000 ENCE ENERGIA REGS  5.375 15-22 01/11S	EUR | 2,112,000 | 2,102,920 | 0.12 |
| United States of America | 341,900,276 | 323,934,497 | 18.24 |

| 4,200,000 BALL | 3.50 15-20 15/12S | EUR | 4,600,420 | 4,561,662 | 0.26 |
| --- | --- | --- | --- | --- | --- |
| 17,500,000 BALL | 4.75 15-20 15/12S | USD | 15,566,901 | 14,810,979 | 0.83 |
| 2,400,000 BERKSHIRE HATHAWAY 0.50 16-20 13/03A | EUR | 2,406,128 | 2,426,328 | 0.14 |
| 4,520,000 BERKSHIRE HATHAWAY 0.25 17-21 17/01A | EUR | 4,516,926 | 4,545,312 | 0.26 |
| 7,500,000 CABLEVISION SYSTEM  8.00 10-20 15/04S | USD | 6,713,720 | 6,594,500 | 0.37 |
| 5,900,000 CELANESE CORP	3.25 14-19 15/10S	EUR | 6,272,444 | 6,182,846 | 0.35 |
| 4,000,000 CHARTER COM OPER	3.579 16-20 23/07S | USD | 3,278,423 | 3,320,146 | 0.19 |
| 4,000,000 CNH IND CAP LLC SUB 3.375 15-19 15/07S | USD | 3,421,856 | 3,316,918 | 0.19 |
| 1,500,000 COTY | 4.0 | 18-23 05/04S | EUR | 1,518,750 | 1,518,255 | 0.09 |
| 3,000,000 CSC HOLDINGS | 6.75 11-21 15/11S | USD | 2,575,117 | 2,617,439 | 0.15 |
| 25,000,000 CSC HOLDINGS | 8.625 09-19 15/02S | USD | 21,512,897 | 21,506,994 | 1.21 |
| 3,024,000 DINEGY	6.75 15-19 01/11S	USD | 2,698,070 | 2,548,099 | 0.14 |
| 17,000,000 EMC CORP | 1.875 13-18 01/06S | USD | 15,587,400 | 14,045,895 | 0.79 |
| 16,000,000 EMC CORP | 2.65 13-20 01/06S | USD | 14,145,521 | 12,901,440 | 0.73 |
| 6,270,000 FEDERAL-MOGUL HOLD 4.875 17-22 15/04Q | EUR | 6,423,805 | 6,526,067 | 0.37 |
| 17,000,000 FREEPORT MCMORAN	3.10 13-20 15/03S | USD | 13,732,729 | 13,903,360 | 0.78 |
| 22,000,000 HCA INC	3.75 14-19 15/03S | USD | 19,597,403 | 18,278,646 | 1.03 |
| 20,200,000 HCA INC	6.50 11-20 15/02S | USD | 19,788,968 | 17,534,476 | 0.99 |
| 15,000,000 HUGHES SAT SYS CORP 6.50 12-19 15/06S	USD | 13,035,097 | 12,836,658 | 0.72 |
| 8,150,000 HUNTSMAN INT | 5.125 14-21 15/04A | EUR | 9,169,988 | 9,058,562 | 0.51 |
| 1,500,000 LIMITED BRANDS | 7.00 10-20 01/05S | USD | 1,300,403 | 1,320,427 | 0.07 |
| 3,000,000 MGM RESORT	5.25 13-20 31/03S	USD | 2,636,682 | 2,553,824 | 0.14 |
| 11,000,000 MGM RESORTS INTL	8.625 12-19 01/02S | USD | 11,162,523 | 9,480,558 | 0.53 |
| 2,800,000 PHILIP MORRIS EMTN  1.875 14-21 03/03A | EUR | 2,926,028 | 2,924,320 | 0.16 |
| 25,196,801 REYNOLDS GROUP	5.75 12-20 15/10S	USD | 23,470,377 | 21,048,150 | 1.19 |
| 16,000,000 SPRINT CAP CORP | 6.90 99-19 01/05S | USD | 15,003,430 | 13,671,246 | 0.77 |
| 25,642,000 SPRINT NEXTEL | 9.00 11-18 15/11S | USD | 24,098,225 | 21,725,663 | 1.22 |
| 15,000,000 SPRINT NEXTEL GLB  7.00 12-20 15/08S	USD | 14,860,142 | 13,142,319 | 0.74 |
| 11,865,000 SYMANTEC | 4.20 10-20 15/09S | USD | 10,759,930 | 9,957,683 | 0.56 |
| 4,000,000 T MOBILE US | 6.00 14-23 01/03S | USD | 3,377,440 | 3,442,344 | 0.19 |
| 44,600,000 ZF NA CAPITAL | 2.25 15-19 26/04A | EUR | 45,742,533 | 45,633,381 | 2.57 |
| Sweden | 19,465,340 | 19,279,324 | 1.09 |
| 2,890,000 CORRAL PET HLD REGS 11.75 16-21 15/05S | EUR | 3,051,794 | 3,103,831 | 0.17 |
| 15,336,000 VERISURE HLDG REGS  6.00 15-22 01/11S | EUR | 16,413,546 | 16,175,493 | 0.92 |
| Austria | 2,063,700 | 2,034,940 | 0.11 |
| 2,000,000 SAPPI PAPIER HOLDNG G 3.375 15-22 01/04S	EUR | 2,063,700 | 2,034,940 | 0.11 |
| Portugal | 1,662,258 | 1,660,650 | 0.09 |
| 1,500,000 BRISA CONCESSAO ROD 3.875 14-21 01/04A | EUR | 1,662,258 | 1,660,650 | 0.09 |
| Belgium |  | 6,943,754 | 6,792,037 | 0.38 |
| 5,840,000 BARRY CALLEBAUT	5.625 11-21 15/06A	EUR | 6,943,754 | 6,792,037 | 0.38 |
| Ireland | 38,746,914 | 37,723,025 | 2.13 |
| 11,000,000 EIRCOM FINANCE DAC  4.50 16-22 31/05S | EUR | 11,493,837 | 11,283,580 | 0.64 |
| 400,000 FGA CAPITAL IRELAND 2.00 14-19 23/10A | EUR | 414,278 | 412,056 | 0.02 |
| 2,000,000 SMURFIT KAPPA ACQ  3.25 14-21 01/06S | EUR | 2,152,080 | 2,148,100 | 0.12 |
| 10,300,000 SMURFIT KAPPA ACQ  4.125 13-20 30/01S | EUR | 11,225,470 | 11,023,060 | 0.62 |
| 1,850,000 SMURFIT KAPPA ACQUISI 4.875 12-18 15/09S | USD | 1,736,830 | 1,536,425 | 0.09 |
| 11,240,000 SMURFIT KAPPA REGS  5.125 12-18 15/09S | EUR | 11,724,419 | 11,319,804 | 0.64 |
| Finland | 12,020,776 | 11,488,082 | 0.65 |
| 2,000,000 FORTUM OYJ EMTN	4.00 11-21 24/05A	EUR | 2,245,930 | 2,228,260 | 0.13 |
| 3,362,500 NOKIA CORPORATION  5.375 09-19 15/05S	USD | 3,363,511 | 2,844,544 | 0.16 |
| 6,350,000 NOKIA OYJ | 1 17-21 15/03A | EUR | 6,411,335 | 6,415,278 | 0.36 |
| Japan |  |  | 24,985,658 | 24,589,873 | 1.39 |
| 22,550,000 SOFTBANK REGS	4.625 13-20 15/04S	EUR | 24,985,658 | 24,589,873 | 1.39 |
| Jersey Island | 1,846,938 | 1,832,413 | 0.10 |
| 1,700,000 GLENCORE FINANCE	3.375 13-20 30/09A	EUR | 1,846,938 | 1,832,413 | 0.10 |
| Australia | 8,773,770 | 9,193,778 | 0.52 |
| 400,000 BHP BILLITON FINANCE 2.125 12-18 29/11A | EUR | 419,056 | 405,544 | 0.02 |
| 8,440,000 ORIGIN ENERGY EMTN 2.875 12-19 11/10A | EUR | 8,354,714 | 8,788,234 | 0.50 |
| The Netherlands Antilles | 31,689,355 | 31,587,804 | 1.78 |
| 32,450,000 TEVA PHARMA	0.375 16-20 25/07A | EUR | 31,689,355 | 31,587,804 | 1.78 |
| Mexico |  | 1,108,040 | 1,062,070 | 0.06 |
| 1,000,000 AMERICA MOVIL	4.125 11-19 25/10A | EUR | 1,108,040 | 1,062,070 | 0.06 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| Czech Republic | 27,261,129 | 26,202,694 | 1.48 |
| --- | --- | --- | --- |
| 2,810,000 ENERGO PRO	4.00 17-22 07/12A | EUR | 2,831,735 | 2,871,680 | 0.16 |
| 5,486,000 EP ENERGY AS REGS  5.875 12-19 01/11S | EUR | 6,014,224 | 5,944,410 | 0.33 |
| 17,380,000 EP ENERGY REGS	4.375 13-18 01/05S | EUR | 18,415,170 | 17,386,604 | 0.99 |
| Floating rate bonds |  | 70,830,304 | 70,017,049 | 3.95 |
| Luxembourg |  | 4,958,800 | 4,927,293 | 0.28 |
| 4,900,000 LECTA SA	FL.R 16-22 01/08Q | EUR | 4,958,800 | 4,927,293 | 0.28 |
| France |  | 42,588,590 | 41,846,442 | 2.36 |
| 10,293,000 AUTODIS	FL.R 16-22 01/05S | EUR | 10,479,631 | 10,443,586 | 0.59 |
| 26,500,000 CASINO GUICHARD	FL.R 12-19 06/08A | EUR | 28,573,299 | 27,854,414 | 1.57 |
| 3,520,000 RCI BANQUE SA	FL.R 16-19 18/03Q | EUR | 3,535,660 | 3,548,442 | 0.20 |
| United Kingdom |  | 7,520,258 | 7,535,382 | 0.42 |
| 3,288,000 SYNLAB BONDCO REGS  FL.R 16-22 01/07Q | EUR | 3,320,882 | 3,314,501 | 0.19 |
| 4,190,000 VODAFONE GROUP	FL.R 16-19 25/02Q | EUR | 4,199,376 | 4,220,881 | 0.23 |
| The Netherlands |  | 4,531,250 | 4,554,432 | 0.26 |
| 4,490,000 IPD 3 BV	FL.R 17-22 15/07Q | EUR | 4,531,250 | 4,554,432 | 0.26 |
| Germany |  | 801,200 | 801,768 | 0.05 |
| 800,000 VOLKSWAGEN LEASING FL.R 17-19 06/07Q | EUR | 801,200 | 801,768 | 0.05 |
| Italy |  | 10,430,206 | 10,351,732 | 0.58 |
| 4,440,000 GUALA CLOSURES REGS FL.R 16-21 15/11Q | EUR | 4,565,434 | 4,465,308 | 0.25 |
| 3,000,000 SCHUMANN REGS	FL.R 16-22 31/07U | EUR | 3,012,150 | 3,038,460 | 0.17 |
| 2,800,000 SNAI SPA	FL.R 16-21 07/11Q | EUR | 2,852,622 | 2,847,964 | 0.16 |
| Other transferable securities | 10,228,402 | 10,228,066 | 0.58 |
| Bonds |  | 8,652,402 | 8,648,236 | 0.49 |
|  | France | 2,987,460 | 2,992,770 | 0.17 |
| 3,000,000 RCI BANQUE EMTN	0.25 18-21 12/07A | EUR | 2,987,460 | 2,992,770 | 0.17 |
| United Kingdom |  | 940,442 | 880,713 | 0.05 |
| 829,000 MATALAN FINANCE	6.75 18-23 31/01S | GBP | 940,442 | 880,713 | 0.05 |
| The Netherlands |  | 4,724,500 | 4,774,753 | 0.27 |
| 772,000 EAGLE INT.	5.375 18-23 04/05S | EUR | 772,000 | 789,694 | 0.04 |
| 3,900,000 IPD 3 BV	4.50 17-22 15/07S | EUR | 3,952,500 | 3,985,059 | 0.23 |
| Floating rate bonds |  | 1,576,000 | 1,579,830 | 0.09 |
| Italy |  | 1,576,000 | 1,579,830 | 0.09 |
| 1,576,000 GAMENET GROUP SPA  FL.R 18-23 27/04Q | EUR | 1,576,000 | 1,579,830 | 0.09 |
| Shares/Units of UCITS/UCIS |  | 95,453 | 95,407 | 0.01 |
| Shares/Units in investment funds |  | 95,453 | 95,407 | 0.01 |
| France |  | 95,453 | 95,407 | 0.01 |
| 40 ODDO JOUR FCP CAP | EUR | 95,453 | 95,407 | 0.01 |
| Total Investments | 1,769,427,172 | 1,721,492,035 | 97.00 |
| Cash Net |  | 34,867,753 | 1.96 |
| Other Assets/(Liabilities) |  | 18,400,109 | 1.04 |
| Total Net Assets |  | 1,774,759,897 | 100.00 |

|  | Geographic allocation of portfolio |  |
| --- | --- | --- |
|  | % of portfolio |
| Luxembourg |  | 19.01 |
| United States of America |  | 18.82 |
| United Kingdom |  | 13.43 |
| The Netherlands |  | 12.56 |
| Germany |  | 10.17 |
| France |  | 8.65 |
| Italy |  | 7.17 |
| Ireland |  | 2.19 |
| The Netherlands Antilles |  | 1.83 |
| Czech Republic |  | 1.52 |
| Japan |  | 1.43 |
| Sweden |  | 1.12 |
| Finland |  | 0.67 |
| Australia |  | 0.53 |
| Belgium |  | 0.39 |
| Spain |  | 0.12 |
| Austria |  | 0.12 |
| Jersey Island |  | 0.11 |
| Portugal |  | 0.10 |
| Mexico |  | 0.06 |
|  |  | 100.00 |

Statement of Operations and Changes in Net Assets from 1 November 2017 to 30 April 2018
Expressed in EUR
| Income |  | 38,118,412 |
| --- | --- | --- |
| Interest on bonds |  | 38,095,036 |
| Bank interest |  | 21,602 |
| Interest on Repurchase agreements | Note 2f | 1,760 |
| Other income |  | 14 |
| Expenses |  | 4,944,054 |
| Investment management fees | Note 3 | 4,179,309 |
| Depositary fees | Note 5 | 33,764 |
| Taxe d'abonnement | Note 7a | 111,040 |
| Domiciliary, administrative and transfer agency fees | Note 5 | 376,088 |
| Professional fees |  | 69,353 |
| Bank charges |  | 154,221 |
| Transaction costs | Note 2g | 8,160 |
| Sundry expenses |  | 12,119 |
| Net income from investments |  | 33,174,358 |
| Net Realised gain / (loss) on: - Sales of investments | Note 2d | (17,235,220) |
| - Forward currency exchange contracts |  | 9,911,132 |
| - Financial futures contracts |  | (38,000) |
| - Foreign exchange | Note 2c | (9,357,604) |
| Net realised profit |  | 16,454,666 |
| Movement in net unrealised appreciation / (depreciation) on: - Investments |  | (19,142,012) |
| - Forward currency exchange contracts |  | (2,475,160) |
| - Financial futures contracts |  | (92,000) |
| Decrease in net assets as a result of operations |  | (5,254,506) |
| Dividends paid | Note 6 | (31,855,009) |
| Subscription capitalisation shares |  | 343,630,021 |
| Subscription distribution shares |  | 163,020,883 |
| Redemption capitalisation shares |  | (344,035,757) |
| Redemption distribution shares |  | (133,483,045) |
| Decrease in net assets |  | (7,977,413) |
| Net assets at the beginning of the period |  | 1,782,737,310 |
| Net assets at the end of the period |  | 1,774,759,897 |

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

Translation (ENDE, 2018-04-30):
# - Euro Credit Short Duration
### Nettovermögensaufstellung zum 30.04.2018
Bilanz zum 30.04.2018
Ausgedrückt in EUR
| Aktiva |  | 1.796.539.814 |
| --- | --- | --- |
| Wertpapierbestand zum Marktwert | Erläut. 2b | 1.721.492.035 |
| Kosten für	Anschaffung |  | 1.769.427.172 |
| Bankguthaben |  | 31.079.521 |
| Einschusszahlungen |  | 2.373.996 |
| Termineinlagen |  | 3.788.231 |
| Zinsguthaben |  | 27.378.458 |
| Forderungen aus dem Verkauf von Anlagen |  | 833.800 |
| Forderungen aus Zeichnungen |  | 9.593.773 |
| Passiva |  | 21.779.917 |
| Verbindlichkeiten aus dem Kauf von Anlagen |  | 9.444.865 |
| Pensionsgeschäfte | Erläut. 9 | 3.883.556 |
| Verbindlichkeiten aus Rücknahmen |  | 478.176 |
| Nicht realisierter Verlust aus Devisentermingeschäften | Erläut. 2e | 6.980.218 |
| Nicht realisierter Verlust aus Finanztermingeschäften | Erläut. 2e | 176.000 |
| Verbindlichkeiten aus Verwaltungs- und Administrationsgebühren |  | 754.736 |
| Sonstige Verbindlichkeiten |  | 62.366 |
| Nettovermögen |  | 1.774.759.897 |

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 | 36.684.881,16 | 14.646.022,37 | 16.692.601,03 | 34.638.302,50 |
| --- | --- | --- | --- | --- |
| Anteile mit Ausschüttung | 25.278,07 | 882,00 | 2.771,00 | 23.389,07 |
| N Anteile EUR Thesaurierende Anteile | 200,00 | 214.232,17 | 11.866,66 | 202.565,51 |
| N Anteile CHF [H] Thesaurierende Anteile | 28.884,00 | 2.350,00 | 2.925,00 | 28.309,00 |
| N Anteile GBP [H] Anteile mit Ausschüttung | 597,62 | 195,00 | 0,00 | 792,62 |
| P Anteile EUR Thesaurierende Anteile | 39.531.556,83 | 10.864.121,14 | 9.336.031,21 | 41.059.646,76 |
| Anteile mit Ausschüttung | 78.878.589,31 | 17.340.495,55 | 12.096.369,22 | 84.122.715,64 |
| P Anteile CHF [H] Thesaurierende Anteile | 12.255,52 | 1.367,00 | 1.134,70 | 12.487,82 |
| P Anteile GBP [H] Anteile mit Ausschüttung | 14,00 | 0,55 | 0,00 | 14,55 |

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 USD [H] Thesaurierende Anteile | 8.225,21 | 708,00 | 253,68 | 8.679,53 |
| --- | --- | --- | --- | --- |
| R Anteile EUR Thesaurierende Anteile | 651.281,14 | 215.231,74 | 310.234,56 | 556.278,32 |
| Anteile mit Ausschüttung | 5.996.409,93 | 953.892,96 | 2.641.319,43 | 4.308.983,46 |
| R Anteile CHF [H] Thesaurierende Anteile | 4.548,06 | 790,37 | 2.283,00 | 3.055,43 |
| R Anteile USD [H] Thesaurierende Anteile | 51.687,97 | 5.024,54 | 43.766,21 | 12.946,30 |

| Ende der Periode am: | 30.04.2018 | 31.10.2017 | 31.10.2016 |
| --- | --- | --- | --- |
| EUR | 1.774.759.897 | 1.782.737.310 | 866.791.468 |

Statistische Angaben
Gesamtvermögen
| I Anteile EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Thesaurierende Anteile Anzahl Anteile | 34.638.302,50 | 36.684.881,16 | 10.885.530,61 |
| Nettoinventarwert je Anteil | 12,21 | 12,24 | 12,01 |

Anteile mit Ausschüttung
Anzahl Anteile	23.389,07	25.278,07	-
Nettoinventarwert je Anteil Dividende per Anteil
982,69
29,42
1.014,74	-
-	-
| N Anteile EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Thesaurierende Anteile |  |  |  |
| Anzahl Anteile | 202.565,51 | 200,00 | - |
| Nettoinventarwert je Anteil | 100,16 | 100,45 | - |

| N Anteile CHF [H] | CHF | CHF | CHF |
| --- | --- | --- | --- |
| Thesaurierende Anteile Anzahl Anteile | 28.309,00 | 28.884,00 | - |
| Nettoinventarwert je Anteil | 100,21 | 100,95 | - |

| N Anteile GBP [H] | GBP | GBP | GBP |
| --- | --- | --- | --- |
| Anteile mit Ausschüttung Anzahl Anteile | 792,62 | 597,62 | 10,00 |
| Nettoinventarwert je Anteil | 98,69 | 102,58 | 100,09 |
| Dividende per Anteil | 4,00 | 0,16 | - |

| Ende der Periode am: | 30.04.2018 | 31.10.2017 | 31.10.2016 |
| --- | --- | --- | --- |
| EUR | 1.774.759.897 | 1.782.737.310 | 866.791.468 |
|  | EUR | EUR | EUR |
|  | 41.059.646,76 | 39.531.556,83 | 8.908.978,58 |
|  | 10,96 | 10,99 | 10,77 |
|  | 84.122.715,64 | 78.878.589,31 | 62.066.300,65 |
|  | 8,81 | 9,20 | 9,45 |
|  | 0,37 | 0,43 | 0,51 |
|  | CHF | CHF | CHF |
|  | 12.487,82 | 12.255,52 | - |
|  | 1.004,11 | 1.010,39 | - |
|  | GBP | GBP | GBP |
|  | 14,55 | 14,00 | 1,00 |
|  | 986,59 | 1.026,66 | 1.001,02 |
|  | 41,83 | 1,70 | - |
|  | USD | USD | USD |
|  | 8.679,53 | 8.225,21 | 1,00 |
|  | 1.047,03 | 1.038,09 | 1.001,74 |
|  | EUR | EUR | EUR |
|  | 556.278,32 | 651.281,14 | 10,00 |
|  | 101,27 | 101,70 | 100,17 |
|  | 4.308.983,46 | 5.996.409,93 | 5.571.629,40 |
|  | 9,04 | 9,39 | 9,64 |
|  | 0,29 | 0,35 | 0,43 |
|  | CHF | CHF | CHF |
|  | 3.055,43 | 4.548,06 | - |
|  | 99,87 | 100,71 | - |
|  | USD | USD | USD |
|  | 12.946,30 | 51.687,97 | 210,00 |
|  | 104,30 | 103,38 | 100,16 |

Statistische Angaben
Gesamtvermögen
P Anteile EUR
Thesaurierende Anteile
Anzahl Anteile Nettoinventarwert je Anteil
Anteile mit Ausschüttung Anzahl Anteile Nettoinventarwert je Anteil Dividende per Anteil
P Anteile CHF [H]
Thesaurierende Anteile
Anzahl Anteile Nettoinventarwert je Anteil
P Anteile GBP [H]
Anteile mit Ausschüttung Anzahl Anteile Nettoinventarwert je Anteil Dividende per Anteil
P Anteile USD [H]
Thesaurierende Anteile
Anzahl Anteile Nettoinventarwert je Anteil
R Anteile EUR
Thesaurierende Anteile
Anzahl Anteile Nettoinventarwert je Anteil
Anteile mit Ausschüttung Anzahl Anteile Nettoinventarwert je Anteil Dividende per Anteil
R Anteile CHF [H]
Thesaurierende Anteile
Anzahl Anteile Nettoinventarwert je Anteil
R Anteile USD [H]
Thesaurierende Anteile
Anzahl Anteile Nettoinventarwert je Anteil
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	
1.759.103.317	1.711.168.562	96,42
| Renten |  | 1.688.273.013 | 1.641.151.513 | 92,47 |
| --- | --- | --- | --- | --- |
| Luxemburg |  | 333.718.684 | 322.444.110 | 18,17 |
| 3.500.000 ALTICE FINANCE REGS 5.25 15-23 15/02S | EUR | 3.639.800 | 3.629.500 | 0,20 |
| 8.100.000 ARCELORMITTAL	2.875 14-20 06/07A | EUR | 8.561.930 | 8.574.174 | 0,48 |
| 17.370.000 ARCELORMITTAL REGS 3.00 14-19 25/03A | EUR | 17.957.750 | 17.832.389 | 1,00 |
| 7.118.000 BMBG BOND FINANCE  3.00 16-21 15/06S | EUR | 7.297.714 | 7.246.765 | 0,41 |
| 24.960.000 CIRSA FUNDING REGS 5.75 16-21 15/05A | EUR | 26.510.089 | 25.781.434 | 1,45 |
| 2.000.000 CNH IND FIN	2.875 14-21 27/09A | EUR | 2.172.572 | 2.163.460 | 0,12 |
| 7.850.000 CNH INDUSTRIAL FIN 2.75 14-19 18/03A | EUR | 8.142.648 | 8.036.045 | 0,45 |
| 12.680.000 CODERE FIN LUX	6.75 16-21 01/11S | EUR | 12.903.704 | 13.317.804 | 0,75 |
| 17.204.000 CONTOURGLO POW REG 5.125 16-21 15/06S | EUR | 18.147.648 | 17.757.625 | 1,00 |
| 9.693.000 CRYSTAL ALMOND SAR 10.00 16-21 01/11S | EUR | 10.836.575 | 10.580.976 | 0,60 |
| 4.000.000 DEA FINANCE REG S  7.50 16-22 15/10S | EUR | 4.430.108 | 4.338.280 | 0,24 |
| 15.534.483 EDREAMS ODIGEO SAS 8.50 16-21 01/08S | EUR | 16.428.450 | 16.429.114 | 0,93 |
| 34.790.000 FIAT FIN TRADE	6.75 13-19 14/10A | EUR | 38.879.154 | 38.129.839 | 2,15 |
| 3.000.000 FIAT FINANCE REGS  4.75 14-21 22/03A | EUR | 3.345.500 | 3.351.450 | 0,19 |
| 13.100.000 FIAT FINANCE TRADE 7.375 11-18 09/07A | EUR | 14.170.024 | 13.277.505 | 0,75 |
| 16.970.000 FMC FIN III	6.50 11-18 15/09S | EUR | 19.334.560 | 17.380.335 | 0,98 |
| 4.800.000 FMC FIN VII REG S  5.25 11-21 15/02S | EUR | 5.589.680 | 5.468.784 | 0,31 |
| 7.500.000 FMC FINANCE VIII REGS 5.25 12-19 31/07S | EUR | 8.442.190 | 7.990.125 | 0,45 |
| 33.470.000 GAZ CAPITAL REG S  4.625 15-18 15/10A | EUR | 35.246.855 | 34.008.866 | 1,92 |
| 15.450.000 GAZPROM REGS	3.70 13-18 25/07A | EUR | 15.916.880 | 15.549.962 | 0,88 |
| 6.875.000 HEIDELBERG CEMENT FIN 0.50 17-21 18/01A | EUR | 6.862.763 | 6.941.000 | 0,39 |
| 8.800.000 HEIDELBERGCEMENT	9.50 11-18 15/12S | EUR | 11.102.360 | 9.329.496 | 0,53 |
| 1.000.000 HEIDELBERGCEMENT FIN 8.50 09-19 31/10S | EUR | 1.250.650 | 1.127.770 | 0,06 |
| 10.850.000 INTRALOT CAP LU	6.75 16-21 15/09S | EUR | 11.614.378 | 11.423.097 | 0,64 |
| 7.500.000 MATTERHORN REGS	3.875 15-22 01/05S | EUR | 7.714.275 | 7.623.150 | 0,43 |
| 15.960.000 MOL GROUP FINANCE  6.25 12-19 26/09S | USD | 15.748.597 | 13.761.108 | 0,78 |
| 1.615.000 TI CAPITAL	7.175 09-19 18/06S | USD | 1.471.830 | 1.394.057 | 0,08 |
| Frankreich |  | 105.113.537 | 103.981.661 | 5,86 |
| 5.500.000 AREVA	3.25 13-20 04/09A | EUR | 5.818.750 | 5.810.970 | 0,33 |
| 1.000.000 AREVA EMTN	3.50 10-21 22/03A | EUR | 1.071.250 | 1.068.860 | 0,06 |
| 20.600.000 AREVA EMTN	4.375 09-19 06/11A | EUR | 22.004.890 | 21.878.230 | 1,22 |
| 9.350.000 AUTODIS REGS	4.375 16-22 01/05S | EUR | 9.653.925 | 9.585.433 | 0,54 |
| 2.960.000 BANIJAY GROUP	4.00 17-22 01/07S | EUR | 2.960.000 | 3.053.625 | 0,17 |
| 3.400.000 CASINO GUICHARD	3.994 12-20 09/03A | EUR | 3.793.197 | 3.671.184 | 0,21 |
| 7.700.000 CASINO GUICHARD	5.731 10-18 12/11A | EUR | 8.234.694 | 7.927.381 | 0,45 |
| 5.000.000 CASINO GUICHARD PER. 5.976 11-21 26/05A | EUR | 5.930.830 | 5.639.000 | 0,32 |
| 3.500.000 CROWN EURO HLDG REGS 4.00 14-22 15/07S | EUR | 3.891.025 | 3.834.460 | 0,22 |
| 6.390.000 ELIS SA REGS	3.00 15-22 30/04S | EUR | 6.589.090 | 6.496.138 | 0,37 |
| 3.760.000 ITALCEMENTI FINANCE FL.R 10-20 19/03A | EUR | 4.380.543 | 4.135.436 | 0,23 |
| 1.700.000 NEXANS	3.25 16-21 26/05A | EUR | 1.827.500 | 1.826.990 | 0,10 |
| 6.750.000 NOVAFIVES SAS REGS 4.50 14-21 30/06S | EUR | 6.810.240 | 6.878.520 | 0,39 |
| 1.337.000 PEUGEOT	6.50 13-19 18/01A | EUR | 1.436.941 | 1.399.090 | 0,08 |
| 3.000.000 PSA BANQUE FRANCE  0.50 17-20 17/01A | EUR | 2.992.530 | 3.025.290 | 0,17 |
| 7.000.000 SFR GROUP REGS	5.375 14-22 15/05S | EUR | 7.198.250 | 7.179.830 | 0,40 |
| 8.200.000 VALLOUREC SA	3.25 12-19 02/08A | EUR | 8.439.400 | 8.470.600 | 0,48 |
| 2.030.000 VALLOUREC SA	6.625 17-22 15/10S | EUR | 2.080.482 | 2.100.624 | 0,12 |
| Großbritannien |  | 226.005.331 | 222.740.083 | 12,55 |
| 5.100.000 ALGECO SCOTSMAN	6.50 18-23 15/02S | EUR | 5.084.291 | 5.244.228 | 0,30 |
| 1.170.000 ANGLO AMERCAN CAPITAL 2.875 13-20 20/11A | EUR | 1.243.575 | 1.251.982 | 0,07 |
| 2.000.000 FCE BANK PLC	1.528 15-20 09/11 | EUR | 2.074.940 | 2.069.460 | 0,12 |
| 21.280.000 HELLENIC TELECOM	3.50 14-20 09/07A | EUR | 22.345.597 | 22.517.219 | 1,27 |
| 15.738.000 INTER GANE TECH REGS 4.125 15-20 15/02S | EUR | 16.836.498 | 16.624.522 | 0,94 |
| 24.461.000 JAG LAND ROV 144A  4.125 13-18 15/12S | USD | 20.524.588 | 20.362.639 | 1,15 |
| 28.000.000 JAGUAR LAND ROV REGS 4.125 13-18 15/12S | USD | 24.801.243 | 23.300.115 | 1,30 |
| 12.200.000 LOTTOMATICA SPA	4.75 12-20 05/03A | EUR | 13.082.740 | 13.125.248 | 0,74 |
| 2.500.000 MERLIN ENTERTAINMENTS 2.75 15-22 15/03S | EUR | 2.605.000 | 2.601.550 | 0,15 |
| 20.755.000 OTE PLC	4.375 15-19 02/12A | EUR | 22.144.545 | 22.066.301 | 1,24 |
| 3.200.000 PREMIER FOODS REGS 6.50 14-21 15/03S | GBP | 3.728.071 | 3.694.592 | 0,21 |
| 5.300.000 STONEGATE PUB CO FIN 4.875 17-22 15/03S | GBP | 6.173.405 | 6.003.041 | 0,34 |
| 3.500.000 SYNLAB BONDCO PLC  6.25 15-22 01/07S | EUR | 3.687.875 | 3.641.120 | 0,21 |
| 22.470.000 TESCO	3.375 11-18 02/11A | EUR | 23.661.472 | 22.873.786 | 1,28 |
| 15.247.000 TESCO CORP	1.375 14-19 01/07A | EUR | 15.491.019 | 15.476.467 | 0,87 |

| 2.500.000 TESCO EMTN	2.125 13-20 12/11A | EUR | 2.612.615 | 2.610.375 | 0,15 |
| --- | --- | --- | --- | --- |
| 9.080.000 THOMAS COOK GRP REG S 6.25 16-22 15/06S | EUR | 9.842.253 | 9.791.055 | 0,55 |
| 5.600.000 TITAN GLOBAL FIN	3.50 16-21 17/06S | EUR | 5.959.950 | 5.910.128 | 0,33 |
| 1.000.000 VIRGIN MEDIA FIN PLC 7.00 13-23 15/04S | GBP | 1.191.983 | 1.181.954 | 0,07 |
| 1.000.000 VODAFONE GROUP	0.875 15-20 17/11A | EUR | 1.022.480 | 1.020.330 | 0,06 |
| 18.100.000 WILLIAM HILL REGS  4.25 13-20 05/06S | GBP | 21.891.191 | 21.373.971 | 1,20 |
| Niederlande |  | 211.524.686 | 206.837.782 | 11,65 |
| 3.000.000 ABN AMRO BANK EMTN 6.375 11-21 27/04A | EUR | 3.599.380 | 3.517.440 | 0,20 |
| 12.540.000 ALTICE REGS	7.25 14-22 15/05S | EUR | 12.637.325 | 12.466.892 | 0,70 |
| 4.100.000 BRENNTAG FINANCE	5.50 11-18 19/07A | EUR | 4.552.470 | 4.148.298 | 0,23 |
| 3.360.000 CBR FASHION FINANCE 5.125 17-22 01/10S | EUR | 3.244.003 | 2.954.750 | 0,17 |
| 4.000.000 CONSTELLIUM EMTN REGS 4.625 14-21 15/05S | EUR | 4.061.740 | 4.052.720 | 0,23 |
| 6.200.000 DARLING GLOBAL FINAN 4.75 15-22 30/05S | EUR | 6.511.660 | 6.374.468 | 0,36 |
| 4.000.000 EDP FINANCE	5.25 14-21 14/01S | USD | 3.773.734 | 3.460.255 | 0,19 |
| 3.500.000 EDP FINANCE EMTN	4.875 13-20 14/09A | EUR | 4.010.060 | 3.895.955 | 0,22 |
| 2.500.000 EDP FINANCE REGS 34 2.625 14-19 15/04A | EUR | 2.632.340 | 2.564.225 | 0,14 |
| 10.250.000 INTERXION REGS	6.00 13-20 15/07S | EUR | 10.683.601 | 10.538.538 | 0,59 |
| 4.000.000 KPN NV	7.50 09-19 04/02A | EUR | 4.887.760 | 4.232.200 | 0,24 |
| 2.610.000 MAXEDA DIY HOLDING 6.125 17-22 15/07S | EUR | 2.669.506 | 2.474.019 | 0,14 |
| 2.916.000 OCI NV	5.0000 18-23 15/04S | EUR | 2.947.875 | 2.974.991 | 0,17 |
| 4.000.000 OI EUROPEAN GROUP BV 4.875 13-21 31/03S | EUR | 4.538.900 | 4.440.200 | 0,25 |
| 30.317.000 OI EUROPEAN GROUP BV 6.75 10-20 15/09S | EUR | 36.058.595 | 34.704.475 | 1,96 |
| 2.000.000 PETROBRAS GLB FIN  3.75 14-21 14/01A | EUR | 2.155.225 | 2.150.680 | 0,12 |
| 1.500.000 PETROBRAS INTL FIN 5.875 11-22 07/03A | EUR | 1.735.500 | 1.732.215 | 0,10 |
| 13.680.000 PHOENIX PIB DUTCH EMTN3.125 13-20 27/05A | EUR | 14.584.210 | 14.406.408 | 0,81 |
| 10.000.000 RABOBANK EMTN	6.875 10-20 19/03A | EUR | 11.745.500 | 11.245.800 | 0,63 |
| 1.500.000 SAIPEM FIN INTL BV 2.75 17-22 05/04A | EUR | 1.563.750 | 1.543.155 | 0,09 |
| 23.380.000 SAIPEM SPA	3.00 16-21 08/03A | EUR | 24.267.583 | 24.450.103 | 1,38 |
| 13.443.000 SCHAEFFLER FINANCE 2.50 15-20 15/04S | EUR | 13.645.164 | 13.581.597 | 0,77 |
| 6.000.000 SCHAEFFLER FINANCE 3.50 14-22 15/05S | EUR | 6.103.260 | 6.075.840 | 0,34 |
| 23.255.000 UNITED GROUP REGS  4.50 17-22 01/07S | EUR | 23.584.300 | 23.863.351 | 1,34 |
| 6.000.000 VIMPELCON	5.20 13-19 13/02S | USD | 5.331.245 | 4.989.207 | 0,28 |
| Deutschland |  | 176.204.613 | 174.236.204 | 9,82 |
| 8.238.000 ADLER REAL ESTATE  1.50 17-21 06/12A | EUR | 8.208.658 | 8.278.284 | 0,47 |
| 7.500.000 COMMERZBANK	6.375 11-19 22/03A | EUR | 8.099.439 | 7.913.325 | 0,45 |
| 4.300.000 FRESENIUS FINANCE BV 2.875 13-20 15/07S | EUR | 4.623.996 | 4.565.525 | 0,26 |
| 350.000 FRESENIUS US FIN REGS 4.25 12-19 15/04S | EUR | 368.660 | 364.270 | 0,02 |
| 9.048.000 K S REGS	3.125 13-18 06/12A | EUR | 9.293.429 | 9.209.054 | 0,52 |
| 1.000.000 KIRK BEAUTY ZERO REGS 6.25 15-22 15/07S | EUR | 1.064.750 | 1.042.880 | 0,06 |
| 1.000.000 KME AG	6.75 18-23 01/02S | EUR | 992.000 | 1.017.900 | 0,06 |
| 3.500.000 NORDEX SE	6.50 18-23 01/02S | EUR | 3.453.175 | 3.273.340 | 0,18 |
| 1.500.000 RAFFINERIE HEIDE GMBH 6.375 18-22 01/12S | EUR | 1.518.300 | 1.509.360 | 0,09 |
| 11.059.000 SAFARI HOLDING 5.375	17-22 30/11S | EUR | 11.085.000 | 11.365.003 | 0,64 |
| 28.810.000 SCHAEFFLER VERWALTUNG 2.75 16-21 15/09S | EUR | 29.592.015 | 29.403.485 | 1,65 |
| 24.960.000 THYSSENKRUPP	3.125 14-19 25/10A | EUR | 26.289.841 | 25.887.264 | 1,46 |
| 10.900.000 THYSSENKRUPP AG	1.75 15-20 25/11A | EUR | 11.234.280 | 11.235.175 | 0,63 |
| 7.600.000 THYSSENKRUPP AG	2.75 16-21 08/03A | EUR | 8.067.950 | 8.027.804 | 0,45 |
| 25.735.000 THYSSENKRUPP AG	4.00 13-18 27/08A | EUR | 27.298.335 | 26.059.004 | 1,47 |
| 7.957.000 VOLKSWAGEN FIN	0.375 18-21 12/04A | EUR | 7.957.392 | 7.972.198 | 0,45 |
| 17.062.000 VOLKSWAGEN LEASING 0.25 17-20 05/10A | EUR | 17.057.393 | 17.112.333 | 0,96 |
| Italien |  | 115.126.254 | 111.427.566 | 6,28 |
| 5.000.000 ALMAVIVA THE ITALIAN 7.25 17-22 15/10S | EUR | 5.148.250 | 5.105.350 | 0,29 |
| 14.850.000 BUZZI UNICEM	6.25 12-18 28/09A | EUR | 16.236.456 | 15.231.497 | 0,85 |
| 7.000.000 CMC DI RAVENNA	6.875 17-22 01/08S | EUR | 7.192.640 | 6.979.980 | 0,39 |
| 3.500.000 FINMEC FINANCE	4.50 13-21 19/01A | EUR | 3.942.880 | 3.886.155 | 0,22 |
| 13.929.000 FINMECCANICA FINANCE 5.75 03-18 12/12A | EUR | 14.922.636 | 14.426.544 | 0,81 |
| 15.000.000 INTESA SANPAOLO	6.625 08-18 08/05A | EUR | 15.235.500 | 15.019.650 | 0,85 |
| 8.000.000 INTESA SANPAOLO EMTN 5.00 09-19 23/09A | EUR | 8.719.380 | 8.510.480 | 0,48 |
| 9.400.000 SALINI	6.125 13-18 01/08A | EUR | 10.102.076 | 9.551.622 | 0,54 |
| 7.780.000 SNAI SPA REGS	6.375 16-21 07/11S | EUR | 8.198.372 | 8.271.540 | 0,47 |
| 2.000.000 TELECOM ITALIA EMTN 4.75 11-18 25/05A | EUR | 2.197.275 | 2.005.800 | 0,11 |
| 8.500.000 TELECOM ITALIA EMTN 5.375 04-19 29/01A | EUR | 9.414.115 | 8.841.700 | 0,50 |
| 1.000.000 TELECOM ITALIA EMTN 6.375 04-19 24/06A | GBP | 1.234.199 | 1.202.804 | 0,07 |
| 5.928.000 TELECOM ITALIA REGS 4.00 12-20 21/01A | EUR | 6.428.225 | 6.325.354 | 0,36 |
| 3.000.000 TELECOM ITALIA SPA 4.875 13-20 25/09A | EUR | 3.393.000 | 3.332.100 | 0,19 |
| 3.000.000 WIND TRE SPA  2.625  17-23 20/01S | EUR | 2.761.250 | 2.736.990 | 0,15 |

Menge/
Nennwert	Bezeichnung	Währung
Kosten für Anschaffung
Marktwert		% des Nettoverm.
| Spanien | 2.112.000 | 2.102.920 | 0,12 |
| --- | --- | --- | --- |
| 2.000.000 ENCE ENERGIA REGS  5.375 15-22 01/11S	EUR | 2.112.000 | 2.102.920 | 0,12 |
| Vereinigte Staaten von Amerika	 341.900.276	323.934.497 | 18,24 |
| 4.200.000 BALL | 3.50 15-20 15/12S | EUR | 4.600.420 | 4.561.662 | 0,26 |
| 17.500.000 BALL | 4.75 15-20 15/12S | USD | 15.566.901 | 14.810.979 | 0,83 |
| 2.400.000 BERKSHIRE HATHAWAY 0.50 16-20 13/03A | EUR | 2.406.128 | 2.426.328 | 0,14 |
| 4.520.000 BERKSHIRE HATHAWAY 0.25 17-21 17/01A | EUR | 4.516.926 | 4.545.312 | 0,26 |
| 7.500.000 CABLEVISION SYSTEM 8.00 10-20 15/04S | USD | 6.713.720 | 6.594.500 | 0,37 |
| 5.900.000 CELANESE CORP	3.25 14-19 15/10S	EUR | 6.272.444 | 6.182.846 | 0,35 |
| 4.000.000 CHARTER COM OPER	3.579 16-20 23/07S | USD | 3.278.423 | 3.320.146 | 0,19 |
| 4.000.000 CNH IND CAP LLC SUB 3.375 15-19 15/07S | USD | 3.421.856 | 3.316.918 | 0,19 |
| 1.500.000 COTY	4.0 18-23 05/04S | EUR | 1.518.750 | 1.518.255 | 0,09 |
| 3.000.000 CSC HOLDINGS	6.75 11-21 15/11S | USD | 2.575.117 | 2.617.439 | 0,15 |
| 25.000.000 CSC HOLDINGS	8.625 09-19 15/02S | USD | 21.512.897 | 21.506.994 | 1,21 |
| 3.024.000 DINEGY	6.75 15-19 01/11S	USD | 2.698.070 | 2.548.099 | 0,14 |
| 17.000.000 EMC CORP | 1.875 13-18 01/06S | USD | 15.587.400 | 14.045.895 | 0,79 |
| 16.000.000 EMC CORP | 2.65 13-20 01/06S | USD | 14.145.521 | 12.901.440 | 0,73 |
| 6.270.000 FEDERAL-MOGUL HOLD 4.875 17-22 15/04Q | EUR | 6.423.805 | 6.526.067 | 0,37 |
| 17.000.000 FREEPORT MCMORAN	3.10 13-20 15/03S | USD | 13.732.729 | 13.903.360 | 0,78 |
| 22.000.000 HCA INC	3.75 14-19 15/03S | USD | 19.597.403 | 18.278.646 | 1,03 |
| 20.200.000 HCA INC	6.50 11-20 15/02S | USD | 19.788.968 | 17.534.476 | 0,99 |
| 15.000.000 HUGHES SAT SYS CORP 6.50 12-19 15/06S	USD | 13.035.097 | 12.836.658 | 0,72 |
| 8.150.000 HUNTSMAN INT | 5.125 14-21 15/04A | EUR | 9.169.988 | 9.058.562 | 0,51 |
| 1.500.000 LIMITED BRANDS | 7.00 10-20 01/05S | USD | 1.300.403 | 1.320.427 | 0,07 |
| 3.000.000 MGM RESORT	5.25 13-20 31/03S	USD | 2.636.682 | 2.553.824 | 0,14 |
| 11.000.000 MGM RESORTS INTL	8.625 12-19 01/02S	USD | 11.162.523 | 9.480.558 | 0,53 |
| 2.800.000 PHILIP MORRIS EMTN | 1.875 14-21 03/03A | EUR | 2.926.028 | 2.924.320 | 0,16 |
| 25.196.801 REYNOLDS GROUP | 5.75 12-20 15/10S | USD | 23.470.377 | 21.048.150 | 1,19 |
| 16.000.000 SPRINT CAP CORP	6.90 99-19 01/05S	USD | 15.003.430 | 13.671.246 | 0,77 |
| 25.642.000 SPRINT NEXTEL	9.00 11-18 15/11S	USD | 24.098.225 | 21.725.663 | 1,22 |
| 15.000.000 SPRINT NEXTEL GLB  7.00 12-20 15/08S	USD | 14.860.142 | 13.142.319 | 0,74 |
| 11.865.000 SYMANTEC | 4.20 10-20 15/09S | USD | 10.759.930 | 9.957.683 | 0,56 |
| 4.000.000 T MOBILE US | 6.00 14-23 01/03S | USD | 3.377.440 | 3.442.344 | 0,19 |
| 44.600.000 ZF NA CAPITAL | 2.25 15-19 26/04A | EUR | 45.742.533 | 45.633.381 | 2,57 |
| Schweden	 19.465.340	19.279.324 | 1,09 |
| 2.890.000 CORRAL PET HLD REGS 11.75 16-21 15/05S | EUR | 3.051.794 | 3.103.831 | 0,17 |
| 15.336.000 VERISURE HLDG REGS 6.00 15-22 01/11S | EUR | 16.413.546 | 16.175.493 | 0,92 |
| Österreich | 2.063.700 | 2.034.940 | 0,11 |
| 2.000.000 SAPPI PAPIER HOLDNG G 3.375 15-22 01/04S	EUR | 2.063.700 | 2.034.940 | 0,11 |
| Portugal | 1.662.258 | 1.660.650 | 0,09 |
| 1.500.000 BRISA CONCESSAO ROD 3.875 14-21 01/04A	EUR | 1.662.258 | 1.660.650 | 0,09 |
| Belgien |  | 6.943.754 | 6.792.037 | 0,38 |
| 5.840.000 BARRY CALLEBAUT	5.625 11-21 15/06A | EUR | 6.943.754 | 6.792.037 | 0,38 |
| Irland |  | 38.746.914 | 37.723.025 | 2,13 |
| 11.000.000 EIRCOM FINANCE DAC 4.50 16-22 31/05S | EUR | 11.493.837 | 11.283.580 | 0,64 |
| 400.000 FGA CAPITAL IRELAND 2.00 14-19 23/10A | EUR | 414.278 | 412.056 | 0,02 |
| 2.000.000 SMURFIT KAPPA ACQ  3.25 14-21 01/06S | EUR | 2.152.080 | 2.148.100 | 0,12 |
| 10.300.000 SMURFIT KAPPA ACQ  4.125 13-20 30/01S | EUR | 11.225.470 | 11.023.060 | 0,62 |
| 1.850.000 SMURFIT KAPPA ACQUISI 4.875 12-18 15/09S | USD | 1.736.830 | 1.536.425 | 0,09 |
| 11.240.000 SMURFIT KAPPA REGS 5.125 12-18 15/09S | EUR | 11.724.419 | 11.319.804 | 0,64 |
| Finnland | 12.020.776 | 11.488.082 | 0,65 |
| 2.000.000 FORTUM OYJ EMTN	4.00 11-21 24/05A	EUR | 2.245.930 | 2.228.260 | 0,13 |
| 3.362.500 NOKIA CORPORATION  5.375 09-19 15/05S	USD | 3.363.511 | 2.844.544 | 0,16 |
| 6.350.000 NOKIA OYJ	1 17-21 15/03A	EUR | 6.411.335 | 6.415.278 | 0,36 |
| Japan | 24.985.658 | 24.589.873 | 1,39 |
| 22.550.000 SOFTBANK REGS	4.625 13-20 15/04S	EUR | 24.985.658 | 24.589.873 | 1,39 |
| Jersey Inseln | 1.846.938 | 1.832.413 | 0,10 |
| 1.700.000 GLENCORE FINANCE	3.375 13-20 30/09A	EUR | 1.846.938 | 1.832.413 | 0,10 |
| Australien | 8.773.770 | 9.193.778 | 0,52 |
| 400.000 BHP BILLITON FINANCE 2.125 12-18 29/11A | EUR | 419.056 | 405.544 | 0,02 |
| 8.440.000 ORIGIN ENERGY EMTN 2.875 12-19 11/10A | EUR | 8.354.714 | 8.788.234 | 0,50 |
| Niederländische Antillen	 31.689.355	31.587.804 | 1,78 |
| 32.450.000 TEVA PHARMA	0.375 16-20 25/07A | EUR | 31.689.355 | 31.587.804 | 1,78 |
| Mexiko |  | 1.108.040 | 1.062.070 | 0,06 |
| 1.000.000 AMERICA MOVIL	4.125 11-19 25/10A | EUR | 1.108.040 | 1.062.070 | 0,06 |

Men e/
Nennwert	Bezeichnung	Währung
Kosten für Anschaffung
Marktwert		% des Nettoverm.
Menge/
| Tschechische Republik |  | 27.261.129 | 26.202.694 | 1,48 |
| --- | --- | --- | --- | --- |
| 2.810.000 ENERGO PRO	4.00 17-22 07/12A | EUR | 2.831.735 | 2.871.680 | 0,16 |
| 5.486.000 EP ENERGY AS REGS  5.875 12-19 01/11S | EUR | 6.014.224 | 5.944.410 | 0,33 |
| 17.380.000 EP ENERGY REGS	4.375 13-18 01/05S | EUR | 18.415.170 | 17.386.604 | 0,99 |
| Renten mit flexibelem Zins |  | 70.830.304 | 70.017.049 | 3,95 |
| Luxemburg |  | 4.958.800 | 4.927.293 | 0,28 |
| 4.900.000 LECTA SA	FL.R 16-22 01/08Q | EUR | 4.958.800 | 4.927.293 | 0,28 |
| Frankreich |  | 42.588.590 | 41.846.442 | 2,36 |
| 10.293.000 AUTODIS	FL.R 16-22 01/05S | EUR | 10.479.631 | 10.443.586 | 0,59 |
| 26.500.000 CASINO GUICHARD	FL.R 12-19 06/08A | EUR | 28.573.299 | 27.854.414 | 1,57 |
| 3.520.000 RCI BANQUE SA	FL.R 16-19 18/03Q | EUR | 3.535.660 | 3.548.442 | 0,20 |
| Großbritannien |  | 7.520.258 | 7.535.382 | 0,42 |
| 3.288.000 SYNLAB BONDCO REGS FL.R 16-22 01/07Q | EUR | 3.320.882 | 3.314.501 | 0,19 |
| 4.190.000 VODAFONE GROUP	FL.R 16-19 25/02Q | EUR | 4.199.376 | 4.220.881 | 0,23 |
| Niederlande |  | 4.531.250 | 4.554.432 | 0,26 |
| 4.490.000 IPD 3 BV	FL.R 17-22 15/07Q | EUR | 4.531.250 | 4.554.432 | 0,26 |
| Deutschland |  | 801.200 | 801.768 | 0,05 |
| 800.000 VOLKSWAGEN LEASING FL.R 17-19 06/07Q | EUR | 801.200 | 801.768 | 0,05 |
| Italien |  | 10.430.206 | 10.351.732 | 0,58 |
| 4.440.000 GUALA CLOSURES REGS FL.R 16-21 15/11Q | EUR | 4.565.434 | 4.465.308 | 0,25 |
| 3.000.000 SCHUMANN REGS	FL.R 16-22 31/07U | EUR | 3.012.150 | 3.038.460 | 0,17 |
| 2.800.000 SNAI SPA	FL.R 16-21 07/11Q | EUR | 2.852.622 | 2.847.964 | 0,16 |
| Sonstige übertragbare Wertpapiere |  | 10.228.402 | 10.228.066 | 0,58 |
| Renten |  | 8.652.402 | 8.648.236 | 0,49 |
| Frankreich |  | 2.987.460 | 2.992.770 | 0,17 |
| 3.000.000 RCI BANQUE EMTN	0.25 18-21 12/07A | EUR | 2.987.460 | 2.992.770 | 0,17 |
| Großbritannien |  | 940.442 | 880.713 | 0,05 |
| 829.000 MATALAN FINANCE	6.75 18-23 31/01S | GBP | 940.442 | 880.713 | 0,05 |
| Niederlande |  | 4.724.500 | 4.774.753 | 0,27 |
| 772.000 EAGLE INT.	5.375 18-23 04/05S | EUR | 772.000 | 789.694 | 0,04 |
| 3.900.000 IPD 3 BV	4.50 17-22 15/07S | EUR | 3.952.500 | 3.985.059 | 0,23 |
| Renten mit flexibelem Zins |  | 1.576.000 | 1.579.830 | 0,09 |
| Italien |  | 1.576.000 | 1.579.830 | 0,09 |
| 1.576.000 GAMENET GROUP SPA FL.R 18-23 27/04Q | EUR | 1.576.000 | 1.579.830 | 0,09 |
| Aktien/Anteile aus OGAW/OGA |  | 95.453 | 95.407 | 0,01 |
| Aktien/Anteile aus Investmentfonds |  | 95.453 | 95.407 | 0,01 |
| Frankreich |  | 95.453 | 95.407 | 0,01 |
| 40 ODDO JOUR FCP CAP | EUR | 95.453 | 95.407 | 0,01 |
| Summe Anlagen |  | 1.769.427.172 | 1.721.492.035 | 97,00 |
| Barmittel |  |  | 34.867.753 | 1,96 |
| Sonstige Vermögenswerte/-Verbindlichkeiten |  |  | 18.400.109 | 1,04 |
| Summe Nettovermögen |  |  | 1.774.759.897 | 100,00 |

Nennwert	Bezeichnung	Währung
Kosten für Anschaffung
Marktwert		% des Nettoverm.

### Geografische Allokation des Portfolios
| Luxemburg | % des Nettovermögens 19,01 |
| --- | --- |
| Vereinigte Staaten von Amerika | 18,82 |
| Großbritannien | 13,43 |
| Niederlande | 12,56 |
| Deutschland | 10,17 |
| Frankreich | 8,65 |
| Italien | 7,17 |
| Irland | 2,19 |
| Niederländische Antillen | 1,83 |
| Tschechische Republik | 1,52 |
| Japan | 1,43 |
| Schweden | 1,12 |
| Finnland | 0,67 |
| Australien | 0,53 |
| Belgien | 0,39 |
| Spanien | 0,12 |
| Österreich | 0,12 |
| Jersey Inseln | 0,11 |
| Portugal | 0,10 |
| Mexiko | 0,06 |


###### 	100,00
Ertrags- und Aufwandsrechnung und Veränderung des Nettovermögens vom 01.11.2017 bis 30.04.2018
Ausgedrückt in EUR
| Erträge |  | 38.118.412 |
| --- | --- | --- |
| Nettozinsen auf Renten |  | 38.095.036 |
| Bankzinsen bei Sicht |  | 21.602 |
| Zinsen auf Pensionsgeschäfte | Erläut. 2f | 1.760 |
| Sonstige Erträge |  | 14 |
| Ausgaben |  | 4.944.054 |
| Verwaltungs- und Beratergebühren | Erläut. 3 | 4.179.309 |
| Verwahrstellengebühr | Erläut. 5 | 33.764 |
| Taxe d'abonnement | Erläut. 7a | 111.040 |
| Domizilstellen-, Verwaltungsstellen- und Transferstellengebühren | Erläut. 5 | 376.088 |
| Honorare |  | 69.353 |
| Bankgebühren |  | 154.221 |
| Transaktionskosten | Erläut. 2g | 8.160 |
| Sonstige Aufwendungen |  | 12.119 |
| Erträge aus Anlagen |  | 33.174.358 |
| Realisierter Nettogewinn / -verlust aus: - Verkäufen von Wertpapieren des Anlagevermögens | Erläut. 2d | -17.235.220 |
| - Devisentermingeschäften |  | 9.911.132 |
| - Finanzterminkontrakten |  | -38.000 |
| - Devisengeschäften | Erläut. 2c | -9.357.604 |
| Realisierter Nettogewinn |  | 16.454.666 |
| Veränderung des nicht realisierten Nettogewinns / -verlustes aus: - Anlagen |  | -19.142.012 |
| - Devisentermingeschäften |  | -2.475.160 |
| - Finanztermingeschäften |  | -92.000 |
| Nettovermögensabnahme durch Geschäftstätigkeit |  | -5.254.506 |
| Dividendenausschüttungen | Erläut. 6 | -31.855.009 |
| Zeichnungen kummulativer Anteile |  | 343.630.021 |
| Zeichnungen von Anteilen mit Ausschüttung |  | 163.020.883 |
| Rücknahmen kummulativer Anteile |  | -344.035.757 |
| Rücknahmen von Anteilen mit Ausschüttung |  | -133.483.045 |
| Verminderung des Nettovermögens |  | -7.977.413 |
| Nettovermögen zu Beginn der Periode |  | 1.782.737.310 |
| Nettovermögen am Ende der Periode |  | 1.774.759.897 |

Die beiliegenden Erläuterungen sind integraler Bestandteil dieses Berichtes
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