# - Euro High Yield Bond
### Financial Statements as at 30 April 2018
Statement of net assets as at 30 April 2018
Expressed in EUR
| Assets |  | 606,129,362 |
| --- | --- | --- |
| Investments at market value | Note 2b | 547,557,578 |
| Acquisition cost |  | 543,917,454 |
| Cash at bank |  | 44,118,398 |
| Time deposits |  | 6,211,364 |
| Interest receivable |  | 7,507,528 |
| Receivable on sale of investments |  | 604,505 |
| Receivable on subscriptions |  | 129,989 |
| Liabilities |  | 20,714,778 |
| Bank overdrafts |  | 46 |
| Payable on purchase of investments |  | 14,041,273 |
| Repurchase agreements | Note 9 | 6,211,115 |
| Payable on redemptions |  | 106,481 |
| Unrealised loss on forward currency exchange contracts | Note 2e | 3,337 |
| Investment management and administrative fees payable |  | 326,597 |
| Other liabilities |  | 25,929 |
| Net asset value |  | 585,414,584 |

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 | 3,727,295.27 | 900,423.15 | 1,413,176.46 | 3,214,541.96 |
| Distribution shares | 3,480,790.38 | 28,500.00 | 125,456.00 | 3,383,834.38 |
| GC Shares EUR Capitalisation shares | 30,925.07 | 15,078.47 | 18,975.18 | 27,028.36 |
| R Shares EUR Capitalisation shares | 2,958,544.80 | 594,372.23 | 1,091,947.45 | 2,460,969.58 |
| Distribution shares | 477,311.36 | 22,615.47 | 94,288.56 | 405,638.27 |
| R Shares CHF [H] Capitalisation shares | 5,172.41 | 205.45 | 984.22 | 4,393.64 |
| P Shares EUR Capitalisation shares | 3,709,518.30 | 5,871,633.74 | 4,563,463.00 | 5,017,689.04 |
| Distribution shares | 30,579,614.37 | 4,894,896.96 | 9,656,461.86 | 25,818,049.47 |
| P15 Shares EUR Distribution shares | 1,907,302.00 | 71,300.00 | 187,400.00 | 1,791,202.00 |

| Period ended as at: | 30 April 2018 | 31 October 2017 | 31 October 2016 |
| --- | --- | --- | --- |
| EUR | 585,414,584 | 677,167,934 | 467,722,358 |

Statistics
Total Net Assets
| I Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Capitalisation shares |  |  |  |
| Number of shares | 3,214,541.96 | 3,727,295.27 | 4,050,531.63 |
| Net asset value per share Distribution shares | 29.85 | 30.07 | 28.19 |

| Number of shares | 3,383,834.38 | 3,480,790.38 | 807,511.00 |
| --- | --- | --- | --- |
| Net asset value per share | 11.14 | 11.67 | 11.40 |
| Dividend per share | 0.45 | 0.45 | 0.59 |

| GC Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Capitalisation shares |  |  |  |
| Number of shares | 27,028.36 | 30,925.07 | - |
| Net asset value per share | 104.40 | 105.18 | - |

| R Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Capitalisation shares |  |  |  |
| Number of shares | 2,460,969.58 | 2,958,544.80 | 383,357.05 |
| Net asset value per share Distribution shares | 26.42 | 26.71 | 25.22 |

| Number of shares | 405,638.27 | 477,311.36 | 236,741.38 |
| --- | --- | --- | --- |
| Net asset value per share | 9.76 | 10.19 | 9.95 |
| Dividend per share | 0.32 | 0.33 | 0.48 |

| R Shares CHF [H] | CHF | CHF | CHF |
| --- | --- | --- | --- |
| Capitalisation shares |  |  |  |
| Number of shares | 4,393.64 | 5,172.41 | - |
| Net asset value per share | 103.36 | 104.96 | - |

| P Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Capitalisation shares |  |  |  |
| Number of shares | 5,017,689.04 | 3,709,518.30 | 4,200,017.14 |
| Net asset value per share Distribution shares | 12.87 | 12.95 | 12.10 |

| Number of shares | 25,818,049.47 | 30,579,614.37 | 22,352,335.00 |
| --- | --- | --- | --- |
| Net asset value per share | 11.41 | 11.97 | 11.69 |
| Dividend per share | 0.49 | 0.49 | 0.62 |
| es EUR Distribution shares | EUR | EUR | EUR |
| Number of shares | 1,791,202.00 | 1,907,302.00 | 1,736,000.00 |
| Net asset value per share | 11.39 | 11.93 | 11.66 |
| Dividend per share | 0.46 | 0.47 | 0.61 |

P15 Shar
| 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	 528,632,250 | 532,228,435 | 90.91 |
| Bonds	 459,352,216 | 461,672,917 | 78.86 |
| Luxembourg	 71,671,645 | 72,404,091 | 12.37 |

| 1,675,000 ARAMARK INTL FINANCE 3.125 17-25 01/04S | EUR | 1,692,515 | 1,729,237 | 0.30 |
| --- | --- | --- | --- | --- |
| 1,430,000 ARCELORMITTAL	3.00 15-21 09/04A | EUR | 1,456,025 | 1,536,535 | 0.26 |
| 820,000 ARCELORMITTAL	3.125 15-22 14/01A | EUR | 808,143 | 888,240 | 0.15 |
| 2,870,000 ARENA LUX FIN SARL 2.875 17-24 01/11S | EUR | 2,909,060 | 2,936,957 | 0.50 |
| 300,000 BMBG BOND FINANCE  3.00 16-21 15/06S | EUR | 305,625 | 305,427 | 0.05 |
| 4,720,000 CIRSA FUNDING	5.875 15-23 15/05S | EUR | 4,913,877 | 4,867,311 | 0.83 |
| 3,720,000 CIRSA FUNDING REGS  5.75 16-21 15/05A | EUR | 3,916,965 | 3,842,425 | 0.66 |
| 2,940,000 CODERE FIN LUX	6.75 16-21 01/11S | EUR | 2,960,717 | 3,087,882 | 0.53 |
| 3,003,000 CONTOURGLO POW REG 5.125 16-21 15/06S | EUR | 3,091,834 | 3,099,637 | 0.53 |
| 2,108,000 CRYSTAL ALMOND SAR 10.00 16-21 01/11S | EUR | 2,332,835 | 2,301,114 | 0.39 |
| 3,690,000 DEA FINANCE REG S  7.50 16-22 15/10S | EUR | 4,044,388 | 4,002,063 | 0.68 |
| 7,168,333 EDREAMS ODIGEO SAS  8.50 16-21 01/08S | EUR | 7,285,220 | 7,581,158 | 1.30 |
| 2,360,000 FIAT FIN TRADE	6.75 13-19 14/10A | EUR | 2,662,857 | 2,586,560 | 0.44 |
| 3,400,000 FIAT FINANCE TRADE  4.75 14-22 15/07A | EUR | 3,778,589 | 3,865,188 | 0.66 |
| 2,500,000 FIAT FINANCE TRADE  7.375 11-18 09/07A | EUR | 2,723,750 | 2,533,875 | 0.43 |
| 3,960,000 GAZPROM REGS	3.70 13-18 25/07A | EUR | 3,999,646 | 3,985,621 | 0.68 |
| 1,160,000 HANESBRANDS	3.50 16-24 15/06S | EUR | 1,226,871 | 1,222,350 | 0.21 |
| 2,800,000 INEOS GROUP HOLDIN 5.375 16-24 01/08S | EUR | 2,947,990 | 2,965,200 | 0.51 |
| 555,000 INTRALOT CAP LU	6.75 16-21 15/09S | EUR | 569,660 | 584,315 | 0.10 |
| 2,925,000 INTRALOT CAPITAL LUX 5.25 17-24 15/09S | EUR | 2,960,029 | 2,950,594 | 0.50 |
| 1,200,000 LECTA SA	6.50 16-23 01/08S | EUR | 1,256,399 | 1,233,072 | 0.21 |
| 2,310,000 MATTERHORN REGS	3.875 15-22 01/05S | EUR | 2,318,515 | 2,347,930 | 0.40 |
| 1,271,000 MATTERHORN REGS	4.00 17-27 15/11S | EUR | 1,264,926 | 1,215,241 | 0.21 |
| 2,785,000 OLIVETTI FINANCE EMTN 7.75 03-33 24/01A | EUR | 3,909,190 | 4,189,949 | 0.72 |
| 4,000,000 PRESTIGEBIDCO GMBH 6.25 16-23 15/12S | EUR | 4,138,142 | 4,284,960 | 0.73 |
| 1,080,000 SAMSONITE FINCO SARL 3.5 18-26 15/05S | EUR | 1,084,650 | 1,087,484 | 0.19 |
| 1,080,000 TELENET IV	4.875 15-27 15/07S | EUR | 1,113,227 | 1,173,766 | 0.20 |
| France |  | 55,897,729 | 56,191,759 | 9.60 |
| 2,400,000 AREVA	3.25 13-20 04/09A | EUR | 2,402,618 | 2,535,696 | 0.43 |
| 2,150,000 AREVA EMTN	3.50 10-21 22/03A | EUR | 2,247,338 | 2,298,049 | 0.39 |
| 1,400,000 AREVA EMTN	4.375 09-19 06/11A | EUR | 1,464,182 | 1,486,870 | 0.25 |
| 4,600,000 AREVA EMTN	4.875 09-24 23/09A | EUR | 5,023,740 | 5,048,959 | 0.86 |
| 2,000,000 AREVA SA	3.125 14-23 20/03A | EUR | 1,994,686 | 2,061,520 | 0.35 |
| 2,200,000 AUTODIS REGS	4.375 16-22 01/05S | EUR | 2,262,590 | 2,255,396 | 0.39 |
| 1,400,000 BANIJAY GROUP	4.00 17-22 01/07S | EUR | 1,415,561 | 1,444,282 | 0.25 |
| 270,000 BISOHO SAS REG SHS  5.875 16-23 01/05S | EUR | 289,980 | 289,553 | 0.05 |
| 1,500,000 CASINO GUICHARD	3.994 12-20 09/03A | EUR | 1,647,760 | 1,619,640 | 0.28 |
| 2,600,000 CASINO GUICHARD PER. 5.976 11-21 26/05A | EUR | 3,074,416 | 2,932,280 | 0.50 |
| 900,000 CASINO GUICHARD PERR 1.865 17-22 13/0 | EUR | 902,763 | 876,006 | 0.15 |
| 3,280,000 CROWN EURO HLDG REGS 4.00 14-22 15/07S | EUR | 3,545,105 | 3,593,437 | 0.61 |
| 1,891,000 CROWN EURO HOLDINGS 2.25 18-23 01/02S | EUR | 1,893,340 | 1,915,545 | 0.33 |
| 1,480,000 CROWN EURO HOLDINGS 3.375 15-25 15/05S | EUR | 1,520,220 | 1,534,331 | 0.26 |
| 4,530,000 ELIS SA REGS	3.00 15-22 30/04S | EUR | 4,601,292 | 4,605,243 | 0.79 |
| 435,000 FAURECIA	2.625 18-25 15/06S | EUR | 435,000 | 442,795 | 0.08 |
| 1,625,000 GIE PSA TRESORIE	6.00 03-33 19/09A | EUR | 1,958,518 | 2,082,503 | 0.36 |
| 1,167,000 GROUPE FNAC SA	3.25 16-23 30/09S | EUR | 1,186,415 | 1,217,204 | 0.21 |
| 2,050,000 LA FINAC ATALIAN S 4.00 17-24 15/05S | EUR | 2,059,524 | 1,996,475 | 0.34 |
| 1,458,000 LA FINANCIERE ATALIAN 5.125 18-25 15/05S | EUR | 1,458,000 | 1,476,954 | 0.25 |
| 917,000 NOVAFIVES SAS REGS  4.50 14-21 30/06S | EUR | 860,727 | 934,460 | 0.16 |
| 4,150,000 SFR GROUP REGS	5.375 14-22 15/05S | EUR | 4,269,920 | 4,256,614 | 0.73 |
| 2,600,000 SPIE SA	3.125 17-24 22/03A | EUR | 2,719,066 | 2,639,780 | 0.45 |
| 812,000 THREEAB OPTIQUE  4.00  17-23 01/10S | EUR | 812,626 | 768,907 | 0.13 |
| 1,600,000 VALLOUREC SA	3.25 12-19 02/08A | EUR | 1,656,419 | 1,652,800 | 0.28 |
| 2,819,000 VALLOUREC SA	6.3750 18-23 15/10S | EUR | 2,819,000 | 2,823,285 | 0.48 |
| 1,356,000 VALLOUREC SA	6.625 17-22 15/10S | EUR | 1,376,923 | 1,403,175 | 0.24 |
| United Kingdom |  | 43,795,728 | 44,506,387 | 7.60 |
| 4,660,000 ALGECO SCOTSMAN	6.50 18-23 15/02S | EUR | 4,645,114 | 4,791,785 | 0.82 |
| 260,000 ANGLO AMER CAPITAL  2.50 13-21 29/04A | EUR | 233,903 | 277,485 | 0.05 |
| 1,090,000 ANGLO AMERCAN CAPITAL 2.875 13-20 20/11A | EUR | 1,010,593 | 1,166,376 | 0.20 |
| 7,230,000 HELLENIC TELECOM	3.50 14-20 09/07A | EUR | 7,602,960 | 7,650,353 | 1.31 |
| 1,960,000 INTER GAME TECH REGS 4.75 15-23 15/02S | EUR | 2,069,071 | 2,156,980 | 0.37 |
| 3,000,000 INTER GANE TECH REGS 4.125 15-20 15/02S | EUR | 3,123,799 | 3,168,990 | 0.54 |

Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| 2,400,000 LOTTOMATICA SPA | 4.75 12-20 05/03A | EUR | 2,607,200 | 2,582,016 | 0.44 |
| --- | --- | --- | --- | --- | --- |
| 550,000 MERLIN ENTERTAINMENTS 2.75 15-22 15/03S | EUR | 573,180 | 572,341 | 0.10 |
| 3,300,000 OTE PLC	4.375 15-19 02/12A | EUR | 3,518,288 | 3,508,494 | 0.60 |
| 3,520,000 SYNLAB BONDCO PLC  6.25 15-22 01/07S | EUR | 3,707,620 | 3,661,926 | 0.63 |
| 3,422,000 TESCO CORP	1.375 14-19 01/07A | EUR | 3,459,475 | 3,473,501 | 0.59 |
| 1,180,000 TESCO CORP	2.50 14-24 01/07A | EUR | 1,175,051 | 1,258,446 | 0.21 |
| 1,460,000 THOMAS COOK FINANCE2 3.875 17-23 15/07S | EUR | 1,487,962 | 1,487,886 | 0.25 |
| 4,306,000 THOMAS COOK GRP REG S 6.25 16-22 15/06S | EUR | 4,454,881 | 4,643,203 | 0.79 |
| 850,000 TITAN GLOBAL FIN	3.50 16-21 17/06S | EUR | 900,575 | 897,073 | 0.15 |
| 2,280,000 VIRGIN MEDIA FIN	4.50 15-25 15/01S | EUR | 2,333,724 | 2,327,766 | 0.40 |
| 925,000 VIRIDIAN GRP FINANCEO 4.00 17-25 15/09S | EUR | 892,332 | 881,766 | 0.15 |
| The Netherlands |  | 74,879,635 | 75,268,517 | 12.85 |
| 3,200,000 ALTICE FINCO REGS  6.25 15-25 15/02S | EUR | 3,128,315 | 3,104,384 | 0.53 |
| 10,140,000 ALTICE REGS	7.25 14-22 15/05S | EUR | 10,084,257 | 10,080,885 | 1.71 |
| 1,910,000 CBR FASHION FINANCE 5.125 17-22 01/10S	EUR | 1,847,282 | 1,679,635 | 0.29 |
| 560,000 CONSTELLIUM EMTN REGS 4.625 14-21 15/05S	EUR | 570,360 | 567,381 | 0.10 |
| 3,380,000 DARLING GLOBAL FINAN 4.75 15-22 30/05S | EUR | 3,491,236 | 3,475,113 | 0.59 |
| 6,660,000 DIGI COMM NV REG SHS 5.00 16-23 15/10S | EUR | 6,960,624 | 7,059,267 | 1.21 |
| 2,331,000 DUFRY ONE BV	2.50 17-24 15/10S | EUR | 2,376,069 | 2,372,026 | 0.41 |
| 1,640,000 FIAT CHRYSLER A	3.75 16-24 29/03A | EUR | 1,771,128 | 1,816,152 | 0.31 |
| 1,035,000 INTERXION REGS	6.00 13-20 15/07S | EUR | 1,085,988 | 1,064,135 | 0.18 |
| 4,410,000 LGE HOLDCO VI BV	7.125 14-24 15/05S | EUR | 4,973,623 | 4,773,075 | 0.82 |
| 1,820,000 LKQ EURO HOLDINGS BV 3.625 18-26 01/04S | EUR | 1,820,000 | 1,823,185 | 0.31 |
| 1,162,000 LKQ EURO HOLDINGS BV 4.125 18-28 01/04S | EUR | 1,162,000 | 1,153,053 | 0.20 |
| 1,160,000 MAXEDA DIY HOLDING  6.125 17-22 15/07S | EUR | 1,191,642 | 1,099,564 | 0.19 |
| 2,323,000 OCI NV	5.0000 18-23 15/04S | EUR | 2,346,163 | 2,369,994 | 0.40 |
| 3,670,000 OI EUROPEAN GROUP  3.125 16-24 15/11S | EUR | 3,775,355 | 3,765,897 | 0.64 |
| 3,600,000 OI EUROPEAN GROUP BV 6.75 10-20 15/09S | EUR | 4,236,025 | 4,120,992 | 0.70 |
| 1,890,000 PETROBRAS INTL FIN  4.25 12-23 02/10A | EUR | 1,870,381 | 2,066,847 | 0.35 |
| 3,040,000 PETROBRAS INTL FIN  5.875 11-22 07/03A | EUR | 2,995,004 | 3,510,622 | 0.60 |
| 2,080,000 SAIPEM FIN INTL BV  2.625 17-25 07/01A | EUR | 2,080,514 | 2,059,824 | 0.35 |
| 1,236,000 SAIPEM FIN INTL BV  2.75 17-22 05/04A | EUR | 1,240,325 | 1,271,560 | 0.22 |
| 2,730,000 SAIPEM FIN INTL BV  3.75 16-23 08/09A | EUR | 2,881,615 | 2,902,372 | 0.50 |
| 2,530,000 SAIPEM SPA	3.00 16-21 08/03A | EUR | 2,582,905 | 2,645,798 | 0.45 |
| 3,880,000 SCHAEFFLER FINANCE  3.50 14-22 15/05S | EUR | 3,952,868 | 3,929,043 | 0.67 |
| 1,580,000 SELECTA GROUP BV  5.875 18-24 01/02S | EUR | 1,580,000 | 1,580,837 | 0.27 |
| 4,850,000 UNITED GROUP REGS  4.50 17-22 01/07S | EUR | 4,875,956 | 4,976,876 | 0.85 |
| Germany |  | 64,029,794 | 64,345,660 | 10.99 |
| 3,464,000 ADLER REAL ESTATE  1.50 17-21 06/12A | EUR | 3,454,732 | 3,480,939 | 0.59 |
| 1,795,000 ADLER REAL ESTATE  2.125 17-24 06/02A | EUR | 1,788,515 | 1,769,601 | 0.30 |
| 2,345,000 HP PELZER HOLDING  4.125 17-24 01/04S | EUR | 2,417,570 | 2,400,670 | 0.41 |
| 3,960,000 IHO VERWALTUNGS	3.25 16-23 15/09S | EUR | 4,038,594 | 4,094,125 | 0.70 |
| 2,500,000 KIRK BEAUTY ZERO REGS 6.25 15-22 15/07S | EUR | 2,733,383 | 2,607,200 | 0.45 |
| 1,610,000 KME AG	6.75 18-23 01/02S | EUR | 1,607,122 | 1,638,819 | 0.28 |
| 2,670,000 NORDEX SE	6.50 18-23 01/02S | EUR | 2,665,700 | 2,497,091 | 0.43 |
| 1,220,000 PLATIN 1426 GMBH	5.375 17-23 15/06S | EUR | 1,235,246 | 1,216,682 | 0.21 |
| 1,400,000 RAFFINERIE HEIDE GMBH 6.375 18-22 01/12S | EUR | 1,408,973 | 1,408,736 | 0.24 |
| 6,300,000 SAFARI HOLDING 5.375	17-22 30/11S | EUR | 6,320,570 | 6,474,321 | 1.11 |
| 1,720,000 SCHAEFFLER VER ZWEI 3.75 16-26 15/09S | EUR | 1,741,948 | 1,809,646 | 0.31 |
| 6,380,000 SCHAEFFLER VERWALTUNG 2.75 16-21 15/09S | EUR | 6,487,838 | 6,511,428 | 1.11 |
| 9,211,000 TELE COLOMBUS	3.875 18/25 04/05S | EUR | 9,141,274 | 9,210,999 | 1.57 |
| 1,640,000 THYSSENKRUPP	1.375 17-22 03/03A | EUR | 1,668,053 | 1,661,484 | 0.28 |
| 1,400,000 THYSSENKRUPP AG	2.75 16-21 08/03A | EUR | 1,443,132 | 1,478,806 | 0.25 |
| 2,723,000 UNITY MEDIA REGS	5.625 13-23 15/04S | EUR | 2,820,044 | 2,807,141 | 0.48 |
| 1,260,000 UNITYMEDIA HESSEN REGS 4.62515-26 15/02S | EUR | 1,341,115 | 1,388,356 | 0.24 |
| 2,550,000 UNITYMEDIA HESSEN REGS4.00 14-25 15/01S | EUR | 2,647,422 | 2,708,228 | 0.46 |
| 8,060,000 UNITYMEDIA NRW/HESSEN 6.25 13-29 15/01S | EUR | 9,068,563 | 9,181,388 | 1.57 |
| Italy |  | 40,690,247 | 40,912,517 | 6.99 |
| 2,620,000 ALMAVIVA THE ITALIAN 7.25 17-22 15/10S | EUR | 2,661,947 | 2,675,203 | 0.46 |
| 2,135,000 CMC DI RAVENNA	6.875 17-22 01/08S | EUR | 2,137,821 | 2,128,894 | 0.36 |
| 2,164,000 COOPERATIVA MURATORI 6.0 17-23 15/02S | EUR | 2,164,385 | 2,078,132 | 0.35 |
| 1,800,000 FINMEC FINANCE	4.50 13-21 19/01A | EUR | 2,006,524 | 1,998,594 | 0.34 |
| 1,500,000 LEONARDO	1.50 17-24 07/06A | EUR | 1,486,383 | 1,475,475 | 0.25 |
| 4,405,000 LKQ	3.875 16-24 01/04S | EUR | 4,693,460 | 4,662,076 | 0.80 |
| 4,890,000 N AND W GLOBAL VEND 7.00 16-23 15/10S | EUR | 5,085,791 | 5,189,366 | 0.89 |
| 2,275,000 SALINI	3.75 16-21 24/06A | EUR | 2,376,837 | 2,424,104 | 0.41 |

| Quantity	Denomination	Quotation currency | Acquisition cost | Market value | % of net assets |
| --- | --- | --- | --- |
| 3,290,000 SCHUMANN SPA	7.00 16-23 31/07S	EUR | 3,381,891 | 3,508,489 | 0.60 |
| 878,000 SNAI SPA REGS	6.375 16-21 07/11S	EUR | 905,105 | 933,472 | 0.16 |

| 1,400,000 TELECOM ITALIA EMTN 3.75 15-23 16/01A | EUR | 1,454,036 | 1,529,290 | 0.26 |
| --- | --- | --- | --- | --- |
| 900,000 TELECOM ITALIA EMTN 5.25 05-55 17/03A | EUR | 1,050,990 | 1,034,694 | 0.18 |
| 1,540,000 TELECOM ITALIA SPA  3.625 16-24 19/01A | EUR | 1,618,366 | 1,712,526 | 0.29 |
| 1,160,000 TELECOM ITALIA SPA 2.375 17-27 12/10A | EUR | 1,171,859 | 1,155,151 | 0.20 |
| 2,400,000 TELECOM ITALIA SPA 3.625 16-26 25/05A | EUR | 2,667,691 | 2,650,248 | 0.45 |
| 6,310,000 WIND TRE SPA  2.625  17-23 20/01S | EUR | 5,827,161 | 5,756,803 | 0.99 |
| Denmark | 773,880 | 736,072 | 0.13 |
| 800,000 NORICAN GROUP APS | 4.50 17-23 15/05S | EUR | 773,880 | 736,072 | 0.13 |
| Spain |  |  | 5,176,122 | 5,178,410 | 0.88 |
| 1,500,000 CELLNEX TELECOM SA | 2.875 17-25 18/04A | EUR | 1,490,160 | 1,543,515 | 0.26 |
| 650,000 ENCE ENERGIA REGS | 5.375 15-22 01/11S | EUR | 703,663 | 683,449 | 0.12 |
| 2,320,000 GRIFOLS SA	3.20 17-25 01/05S	EUR | 2,379,556 | 2,344,012 | 0.40 |
| 600,000 MASARIA INVEST REGS 5.00 17-24 15/09S	EUR | 602,743 | 607,434 | 0.10 |
| United States of America | 41,493,796 | 41,549,430 | 7.10 |
| 3,700,000 ARDAGH PACKAGING REGS 6.75 16-24 15/05Q	EUR | 4,131,474 | 4,043,249 | 0.69 |
| 5,270,000 BALL CORP	4.375 15-23 15/12S	EUR | 5,858,969 | 5,976,022 | 1.02 |
| 6,370,000 CHEMOURS CO | 6.125 16-23 15/05S | EUR | 6,716,838 | 6,682,702 | 1.14 |
| 1,840,000 COLFAX CORP | 3.25 17-25 15/05S | EUR | 1,882,965 | 1,864,601 | 0.32 |
| 1,162,000 COTY	4.0 18-23 05/04S	EUR | 1,172,220 | 1,176,142 | 0.20 |
| 2,585,000 EQUINIX INC	2.875 17-22 01/10S	EUR | 2,607,267 | 2,521,409 | 0.43 |
| 2,770,000 FEDERAL-MOGUL HOLD 4.875 17-22 15/04Q	EUR | 2,812,847 | 2,883,127 | 0.49 |
| 500,000 HUNTSMAN INT | 5.125 14-21 15/04A | EUR | 555,050 | 555,740 | 0.09 |
| 1,180,000 IMS HEALTH INC | 3.50 16-24 15/10S | EUR | 1,212,922 | 1,222,586 | 0.21 |
| 1,150,000 KRONOS INTL | 3.75 17-25 15/09S | EUR | 1,166,054 | 1,173,265 | 0.20 |
| 1,440,000 LEVI STRAUSS | 3.375 17-27 15/03S | EUR | 1,486,080 | 1,480,817 | 0.25 |
| 1,220,000 PVR CORP	3.125 17-27 15/12S	EUR | 1,226,627 | 1,214,156 | 0.21 |
| 3,715,000 QUINTILES IMS INC  3.25 17-25 15/03S | EUR | 3,731,200 | 3,783,876 | 0.65 |
| 1,230,000 QUINTILES IMS REGS  2.875 17-25 15/09S | EUR | 1,244,565 | 1,206,421 | 0.21 |
| 530,000 SPECTRUM BRANDS IN  4.00 16-26 01/10S	EUR | 541,381 | 537,102 | 0.09 |
| 1,975,000 WMG ACQUISITION	4.125 16-24 01/11S	EUR | 2,056,678 | 2,079,675 | 0.36 |
| 1,400,000 ZF NA CAPITAL	2.75 15-23 27/04A	EUR | 1,466,108 | 1,511,468 | 0.26 |
| 1,600,000 ZF NA CAPITAL	2.25 15-19 26/04A	EUR | 1,624,551 | 1,637,072 | 0.28 |
| Sweden | 4,633,412 | 4,557,379 | 0.78 |
| 540,000 CORRAL PET HLD REGS 11.75 16-21 15/05S | EUR | 572,515 | 579,955 | 0.10 |
| 3,771,000 VERISURE HLDG REGS  6.00 15-22 01/11S | EUR | 4,060,897 | 3,977,424 | 0.68 |
| Austria | 4,492,853 | 4,514,203 | 0.77 |
| 1,850,000 SAPPI PAPIER HOLDNG G 3.375 15-22 01/04S | EUR | 1,880,808 | 1,882,320 | 0.32 |
| 2,530,000 SAPPI PAPIER REGS  4.00 16-23 01/04S | EUR | 2,612,045 | 2,631,883 | 0.45 |
| Canada |  | 2,390,363 | 2,441,987 | 0.42 |
| 2,290,000 COTT FINANCE CORP  5.50 16-24 01/07S | EUR | 2,390,363 | 2,441,987 | 0.42 |
| Belgium |  | 2,813,695 | 2,785,517 | 0.48 |
| 1,390,000 BARRY CALLEBAUT	5.625 11-21 15/06A | EUR | 1,662,715 | 1,616,598 | 0.28 |
| 1,110,000 BARRY CALLEBAUT SER 2.375 16-24 24/05A	EUR | 1,150,980 | 1,168,919 | 0.20 |
| Ireland | 3,410,757 | 3,396,536 | 0.58 |
| 1,950,000 EIRCOM FINANCE DAC  4.50 16-22 31/05S | EUR | 2,001,442 | 2,000,271 | 0.34 |
| 1,300,000 SMURFIT KAPPA ACQ  3.25 14-21 01/06S | EUR | 1,409,315 | 1,396,265 | 0.24 |
| Japan | 11,983,636 | 11,757,305 | 2.01 |
| 2,233,000 SOFTBANK GROUP	4.0000 18-23 20/04S	EUR | 2,233,000 | 2,286,659 | 0.39 |
| 8,550,000 SOFTBANK GROUP CORP 3.125 17-25 19/09S	EUR | 8,281,713 | 7,998,525 | 1.37 |
| 1,350,000 SOFTBANK REGS	4.625 13-20 15/04S | EUR | 1,468,923 | 1,472,121 | 0.25 |
| Australia |  | 5,836,086 | 5,625,867 | 0.96 |
| 5,570,000 ORIGIN ENERGY	7.875 11-71 16/06S | EUR | 5,836,086 | 5,625,867 | 0.96 |
| The Netherlands Antilles | 18,277,705 | 18,275,116 | 3.12 |
| 3,540,000 TEVA PHARM FIN II  1.125 16-24 15/10A	EUR | 3,077,943 | 2,989,530 | 0.51 |
| 6,840,000 TEVA PHARMA	0.375 16-20 25/07A	EUR | 6,656,866 | 6,658,260 | 1.13 |
| 5,170,000 TEVA PHARMA FINAN  4.5 18-25 01/03S	EUR | 5,206,113 | 5,255,047 | 0.90 |
| 3,710,000 THEVA PHARMAC	1.25 15-23 31/03A	EUR | 3,336,783 | 3,372,279 | 0.58 |
| Cayman Islands | 3,510,638 | 3,572,348 | 0.61 |
| 1,430,000 UPCB FINANCE IV | 4.00 15-27 15/01S | EUR | 1,406,006 | 1,481,966 | 0.25 |
| 2,100,000 UPCB FINANCE VII | 3.625 17-29 15/06S | EUR | 2,104,632 | 2,090,382 | 0.36 |

|  | 2,773,252 | 2,826,036 | 0.48 |
| --- | --- | --- | --- |
| 4.375 15-23 05/03S | EUR | 2,773,252 | 2,826,036 | 0.48 |

Mexico
2,700,000 CEMEX SAB DE CV
| Quantity	Denomination	Quotation currency | Acquisition cost | Market value | % of net assets |
| --- | --- | --- | --- |
| Czech Republic | 821,243 | 827,780 | 0.14 |
| 810,000 ENERGO PRO	4.00 17-22 07/12A	EUR | 821,243 | 827,780 | 0.14 |
| Floating rate bonds | 69,280,034 | 70,555,518 | 12.05 |
| Luxembourg | 4,765,696 | 4,892,281 | 0.84 |
| 1,365,000 LECTA SA	FL.R 16-22 01/08Q	EUR | 1,369,531 | 1,372,603 | 0.23 |
| 3,350,000 SES	FL.R 16-XX 02/01A	EUR | 3,396,165 | 3,519,678 | 0.61 |
| France | 15,003,553 | 15,521,393 | 2.65 |
| 1,100,000 ACCOR	FL.R 14-XX 30/06A	EUR | 1,108,027 | 1,170,653 | 0.20 |
| 1,700,000 ARKEMA SA	FL.R 14-XX 29/10A	EUR | 1,765,998 | 1,854,581 | 0.32 |
| 3,223,000 AUTODIS	FL.R 16-22 01/05S	EUR | 3,255,870 | 3,270,152 | 0.56 |
| 1,000,000 CASINO GUICHARD	FL.R 12-19 06/08A	EUR | 1,053,500 | 1,051,110 | 0.18 |
| 2,800,000 CASINO GUICHARD	FL.R 14-24 07/03A	EUR | 2,990,996 | 2,966,740 | 0.51 |
| 3,610,000 SOLVAY FINANCE SUB FL.R 15-XX 02/06A	EUR | 3,749,233 | 4,024,717 | 0.68 |
| 1,000,000 SOLVAY FINANCE SUB FL.R 15-XX 03/06A	EUR | 1,079,929 | 1,183,440 | 0.20 |
| The Netherlands | 30,004,966 | 30,958,755 | 5.28 |
| 5,000,000 GAS NAT FENOSA REGS FL.R 14-XX 30/11A	EUR | 5,194,515 | 5,384,700 | 0.91 |
| 5,870,000 KPN	FL.R 13-XX 14/09A	EUR | 6,255,536 | 6,004,893 | 1.02 |
| 1,090,000 REPSOL INTL FINANCE FL.R 15-49 29/12A	EUR | 982,193 | 1,170,562 | 0.20 |
| 4,500,000 REPSOL INTL FINANCE FL.R 15-75 25/03A	EUR | 4,246,187 | 4,954,635 | 0.85 |
| 2,420,000 SELECTA GROUP BV FL.R 18-24 01/02Q	EUR | 2,420,000 | 2,429,801 | 0.42 |
| 2,500,000 TELEFONICA EURO	FL.R 14-XX 31/03A	EUR | 2,875,000 | 2,869,800 | 0.49 |
| 2,200,000 TELEFONICA EUROPA SUB FL.R 16-XX 15/09A	EUR | 2,186,562 | 2,314,114 | 0.40 |
| 2,820,000 TENNET HOLDING BV  FL.R 17-49 12/04A	EUR | 2,906,627 | 2,894,758 | 0.49 |
| 2,915,000 UNITED GROUP BV	FL.R 17-23 01/07Q	EUR | 2,938,346 | 2,935,492 | 0.50 |
| Italy | 17,142,574 | 16,805,241 | 2.87 |
| 5,900,000 ENEL SPA	FL.R 13-74 10/01A	EUR | 6,387,280 | 6,165,381 | 1.05 |
| 1,148,000 GUALA CLOSURES REGS FL.R 16-21 15/11Q	EUR | 1,159,575 | 1,154,544 | 0.20 |
| 2,060,000 LIMACORPORATE SPA  FL.R 17-23 15/08S	EUR | 2,060,000 | 2,095,144 | 0.36 |
| 1,160,000 SCHUMANN REGS	FL.R 16-22 31/07U	EUR | 1,166,414 | 1,174,871 | 0.20 |
| 1,785,000 SNAI SPA	FL.R 16-21 07/11Q	EUR | 1,796,672 | 1,815,577 | 0.31 |
| 4,718,000 WIND TRE SPA  FL.R	17-24 20/01Q	EUR | 4,572,633 | 4,399,724 | 0.75 |
| Spain | 2,363,245 | 2,377,848 | 0.41 |
| 2,350,000 MASARIA INVEST REGS FL.R 17-24 15/09S	EUR | 2,363,245 | 2,377,848 | 0.41 |
| Other transferable securities | 15,285,204 | 15,329,143 | 2.62 |
| Bonds | 12,384,204 | 12,422,348 | 2.12 |
| The Netherlands | 7,541,694 | 7,579,446 | 1.29 |
| 2,091,000 DARLING GLOBAL FIN  3.625 18-26 15/05S	EUR | 2,091,000 | 2,122,532 | 0.36 |
| 766,000 EAGLE INT.	5.375 18-23 04/05S	EUR | 766,000 | 783,557 | 0.13 |
| 2,580,000 IPD 3 BV	4.50 17-22 15/07S	EUR | 2,599,189 | 2,636,270 | 0.45 |
| 1,150,000 UNITED GROUP BV	4.875 17-24 01/07S	EUR | 1,204,361 | 1,180,107 | 0.20 |
| 900,000 UPC HOLDING BV	3.875 17-29 15/06S	EUR | 881,144 | 856,980 | 0.15 |
| Czech Republic | 4,842,510 | 4,842,902 | 0.83 |
| 4,795,000 RESIDOMO SRD	3.375 17-24 15/10S	EUR | 4,842,510 | 4,842,902 | 0.83 |
| Floating rate bonds | 2,901,000 | 2,906,795 | 0.50 |
| France | 816,000 | 827,497 | 0.14 |
| 816,000 PAPREC HOLDING	FL.R 18-25 31/03Q	EUR | 816,000 | 827,497 | 0.14 |
| The Netherlands | 1,500,000 | 1,490,595 | 0.26 |
| 1,500,000 TELEFONICA EUROPE BV 3.00 18-XX XX/XXA	EUR | 1,500,000 | 1,490,595 | 0.26 |
| Italy | 585,000 | 588,703 | 0.10 |
| 585,000 FABRIC BC SPA	EUR | 585,000 | 588,703 | 0.10 |
| Total Investments | 543,917,454 | 547,557,578 | 93.53 |
| Cash Net |  | 50,329,715 | 8.60 |
| Other Assets/(Liabilities) |  | (12,472,710) | (2.13) |
| Total Net Assets |  | 585,414,584 | 100.00 |

|  | Geographic allocation of portfolio |  |
| --- | --- | --- |
|  | % of portfolio |
| The Netherlands |  | 21.05 |
| Luxembourg |  | 14.11 |
| France |  | 13.25 |
| Germany |  | 11.75 |
| Italy |  | 10.65 |
| United Kingdom |  | 8.13 |
| United States of America |  | 7.59 |
| The Netherlands Antilles |  | 3.34 |
| Japan |  | 2.15 |
| Spain |  | 1.38 |
| Czech Republic |  | 1.04 |
| Australia |  | 1.03 |
| Sweden |  | 0.83 |
| Austria |  | 0.82 |
| Cayman Islands |  | 0.65 |
| Ireland |  | 0.62 |
| Belgium |  | 0.51 |
| Mexico |  | 0.52 |
| Canada |  | 0.45 |
| Denmark |  | 0.13 |
|  |  | 100.00 |

Statement of Operations and Changes in Net Assets from 1 November 2017 to 30 April 2018
Expressed in EUR
| Income |  | 13,630,740 |
| --- | --- | --- |
| Interest on bonds |  | 12,914,256 |
| Bank interest |  | 454 |
| Bank interest on time deposits |  | 1,123 |
| Interest on Repurchase agreements | Note 2f | 2,173 |
| Interest on swaps |  | 711,667 |
| Other income |  | 1,067 |
| Expenses |  | 2,257,049 |
| Investment management fees | Note 3 | 1,945,329 |
| Depositary fees | Note 5 | 17,867 |
| Taxe d'abonnement | Note 7a | 43,191 |
| Domiciliary, administrative and transfer agency fees | Note 5 | 128,111 |
| Professional fees |  | 25,596 |
| Bank charges |  | 93,105 |
| Transaction costs | Note 2g | 19 |
| Sundry expenses |  | 3,831 |
| Net income from investments |  | 11,373,691 |
| Net Realised gain / (loss) on: - Sales of investments | Note 2d | 701,820 |
| - Forward currency exchange contracts |  | (20,998) |
| - Financial futures contracts |  | (10,600) |
| - Swap contracts |  | 2,701,596 |
| - Foreign exchange | Note 2c | 7,605 |
| Net realised profit |  | 14,753,114 |
| Movement in net unrealised appreciation / (depreciation) on: - Investments |  | (15,660,439) |
| - Forward currency exchange contracts |  | (463) |
| - Financial futures contracts |  | 6,300 |
| - Swap contracts |  | (4,295,920) |
| Decrease in net assets as a result of operations |  | (5,197,408) |
| Dividends paid | Note 6 | (15,516,346) |
| Subscription capitalisation shares |  | 120,141,538 |
| Subscription distribution shares |  | 57,419,733 |
| Redemption capitalisation shares |  | (131,910,962) |
| Redemption distribution shares |  | (116,689,905) |
| Decrease in net assets |  | (91,753,350) |
| Net assets at the beginning of the period |  | 677,167,934 |
| Net assets at the end of the period |  | 585,414,584 |

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

Translation (ENDE, 2018-04-30):
# - Euro High Yield Bond
Aktiva

### Nettovermögensaufstellung zum 30.04.2018
Bilanz zum 30.04.2018
Ausgedrückt in EUR
606.129.362
Wertpapierbestand zum Marktwert
Kosten für	Anschaffung
Bankguthaben Termineinlagen Zinsguthaben
Forderungen aus dem Verkauf von Anlagen Forderungen aus Zeichnungen
Passiva
Bankkredite
Verbindlichkeiten aus dem Kauf von Anlagen Pensionsgeschäfte
Verbindlichkeiten aus Rücknahmen
Nicht realisierter Verlust aus Devisentermingeschäften Verbindlichkeiten aus Verwaltungs- und Administrationsgebühren Sonstige Verbindlichkeiten
Nettovermögen
Erläut. 2b
Erläut. 9 Erläut. 2e
547.557.578
543.917.454
44.118.398
6.211.364
7.507.528
604.505
129.989
20.714.778
46
14.041.273
6.211.115
106.481
3.337
326.597
25.929
585.414.584
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 | 3.727.295,27 | 900.423,15 | 1.413.176,46 | 3.214.541,96 |
| --- | --- | --- | --- | --- |
| Anteile mit Ausschüttung | 3.480.790,38 | 28.500,00 | 125.456,00 | 3.383.834,38 |
| GC Anteile EUR Thesaurierende Anteile | 30.925,07 | 15.078,47 | 18.975,18 | 27.028,36 |
| R Anteile EUR Thesaurierende Anteile | 2.958.544,80 | 594.372,23 | 1.091.947,45 | 2.460.969,58 |
| Anteile mit Ausschüttung | 477.311,36 | 22.615,47 | 94.288,56 | 405.638,27 |
| R Anteile CHF [H] Thesaurierende Anteile | 5.172,41 | 205,45 | 984,22 | 4.393,64 |
| P Anteile EUR Thesaurierende Anteile | 3.709.518,30 | 5.871.633,74 | 4.563.463,00 | 5.017.689,04 |
| Anteile mit Ausschüttung | 30.579.614,37 | 4.894.896,96 | 9.656.461,86 | 25.818.049,47 |
| P15 Anteile EUR Anteile mit Ausschüttung | 1.907.302,00 | 71.300,00 | 187.400,00 | 1.791.202,00 |

| Ende der Periode am: | 30.04.2018 | 31.10.2017 | 31.10.2016 |
| --- | --- | --- | --- |
| EUR | 585.414.584 | 677.167.934 | 467.722.358 |
|  | EUR | EUR | EUR |
|  | 3.214.541,96 | 3.727.295,27 | 4.050.531,63 |
|  | 29,85 | 30,07 | 28,19 |
|  | 3.383.834,38 | 3.480.790,38 | 807.511,00 |
|  | 11,14 | 11,67 | 11,40 |
|  | 0,45 | 0,45 | 0,59 |
|  | EUR | EUR | EUR |
|  | 27.028,36 | 30.925,07 | - |
|  | 104,40 | 105,18 | - |
|  | EUR | EUR | EUR |
|  | 2.460.969,58 | 2.958.544,80 | 383.357,05 |
|  | 26,42 | 26,71 | 25,22 |
|  | 405.638,27 | 477.311,36 | 236.741,38 |
|  | 9,76 | 10,19 | 9,95 |
|  | 0,32 | 0,33 | 0,48 |
|  | CHF | CHF | CHF |
|  | 4.393,64 | 5.172,41 | - |
|  | 103,36 | 104,96 | - |
|  | EUR | EUR | EUR |
|  | 5.017.689,04 | 3.709.518,30 | 4.200.017,14 |
|  | 12,87 | 12,95 | 12,10 |
|  | 25.818.049,47 | 30.579.614,37 | 22.352.335,00 |
|  | 11,41 | 11,97 | 11,69 |
|  | 0,49 | 0,49 | 0,62 |
|  | EUR | EUR | EUR |
|  | 1.791.202,00 | 1.907.302,00 | 1.736.000,00 |
|  | 11,39 | 11,93 | 11,66 |
|  | 0,46 | 0,47 | 0,61 |

Statistische Angaben
Gesamtvermögen
I Anteile EUR
Thesaurierende Anteile
Anzahl Anteile Nettoinventarwert je Anteil
Anteile mit Ausschüttung Anzahl Anteile Nettoinventarwert je Anteil Dividende per Anteil
GC Anteile EUR
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
P Anteile EUR
Thesaurierende Anteile
Anzahl Anteile Nettoinventarwert je Anteil
Anteile mit Ausschüttung Anzahl Anteile Nettoinventarwert je Anteil Dividende per Anteil
P15 Anteile EUR
Anteile mit Ausschüttung Anzahl Anteile Nettoinventarwert je Anteil Dividende per 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	
528.632.250	532.228.435	90,91
| Renten |  | 459.352.216 | 461.672.917 | 78,86 |
| --- | --- | --- | --- | --- |
| Luxemburg |  | 71.671.645 | 72.404.091 | 12,37 |
| 1.675.000 ARAMARK INTL FINANCE 3.125 17-25 01/04S | EUR | 1.692.515 | 1.729.237 | 0,30 |
| 1.430.000 ARCELORMITTAL	3.00 15-21 09/04A | EUR | 1.456.025 | 1.536.535 | 0,26 |
| 820.000 ARCELORMITTAL	3.125 15-22 14/01A | EUR | 808.143 | 888.240 | 0,15 |
| 2.870.000 ARENA LUX FIN SARL 2.875 17-24 01/11S | EUR | 2.909.060 | 2.936.957 | 0,50 |
| 300.000 BMBG BOND FINANCE  3.00 16-21 15/06S | EUR | 305.625 | 305.427 | 0,05 |
| 4.720.000 CIRSA FUNDING	5.875 15-23 15/05S | EUR | 4.913.877 | 4.867.311 | 0,83 |
| 3.720.000 CIRSA FUNDING REGS 5.75 16-21 15/05A | EUR | 3.916.965 | 3.842.425 | 0,66 |
| 2.940.000 CODERE FIN LUX	6.75 16-21 01/11S | EUR | 2.960.717 | 3.087.882 | 0,53 |
| 3.003.000 CONTOURGLO POW REG 5.125 16-21 15/06S | EUR | 3.091.834 | 3.099.637 | 0,53 |
| 2.108.000 CRYSTAL ALMOND SAR 10.00 16-21 01/11S | EUR | 2.332.835 | 2.301.114 | 0,39 |
| 3.690.000 DEA FINANCE REG S  7.50 16-22 15/10S | EUR | 4.044.388 | 4.002.063 | 0,68 |
| 7.168.333 EDREAMS ODIGEO SAS 8.50 16-21 01/08S | EUR | 7.285.220 | 7.581.158 | 1,30 |
| 2.360.000 FIAT FIN TRADE	6.75 13-19 14/10A | EUR | 2.662.857 | 2.586.560 | 0,44 |
| 3.400.000 FIAT FINANCE TRADE 4.75 14-22 15/07A | EUR | 3.778.589 | 3.865.188 | 0,66 |
| 2.500.000 FIAT FINANCE TRADE 7.375 11-18 09/07A | EUR | 2.723.750 | 2.533.875 | 0,43 |
| 3.960.000 GAZPROM REGS	3.70 13-18 25/07A | EUR | 3.999.646 | 3.985.621 | 0,68 |
| 1.160.000 HANESBRANDS	3.50 16-24 15/06S | EUR | 1.226.871 | 1.222.350 | 0,21 |
| 2.800.000 INEOS GROUP HOLDIN 5.375 16-24 01/08S | EUR | 2.947.990 | 2.965.200 | 0,51 |
| 555.000 INTRALOT CAP LU	6.75 16-21 15/09S | EUR | 569.660 | 584.315 | 0,10 |
| 2.925.000 INTRALOT CAPITAL LUX 5.25 17-24 15/09S | EUR | 2.960.029 | 2.950.594 | 0,50 |
| 1.200.000 LECTA SA	6.50 16-23 01/08S | EUR | 1.256.399 | 1.233.072 | 0,21 |
| 2.310.000 MATTERHORN REGS	3.875 15-22 01/05S | EUR | 2.318.515 | 2.347.930 | 0,40 |
| 1.271.000 MATTERHORN REGS	4.00 17-27 15/11S | EUR | 1.264.926 | 1.215.241 | 0,21 |
| 2.785.000 OLIVETTI FINANCE EMTN 7.75 03-33 24/01A | EUR | 3.909.190 | 4.189.949 | 0,72 |
| 4.000.000 PRESTIGEBIDCO GMBH 6.25 16-23 15/12S | EUR | 4.138.142 | 4.284.960 | 0,73 |
| 1.080.000 SAMSONITE FINCO SARL 3.5 18-26 15/05S | EUR | 1.084.650 | 1.087.484 | 0,19 |
| 1.080.000 TELENET IV	4.875 15-27 15/07S | EUR | 1.113.227 | 1.173.766 | 0,20 |
| Frankreich |  | 55.897.729 | 56.191.759 | 9,60 |
| 2.400.000 AREVA	3.25 13-20 04/09A | EUR | 2.402.618 | 2.535.696 | 0,43 |
| 2.150.000 AREVA EMTN	3.50 10-21 22/03A | EUR | 2.247.338 | 2.298.049 | 0,39 |
| 1.400.000 AREVA EMTN	4.375 09-19 06/11A | EUR | 1.464.182 | 1.486.870 | 0,25 |
| 4.600.000 AREVA EMTN	4.875 09-24 23/09A | EUR | 5.023.740 | 5.048.959 | 0,86 |
| 2.000.000 AREVA SA	3.125 14-23 20/03A | EUR | 1.994.686 | 2.061.520 | 0,35 |
| 2.200.000 AUTODIS REGS	4.375 16-22 01/05S | EUR | 2.262.590 | 2.255.396 | 0,39 |
| 1.400.000 BANIJAY GROUP	4.00 17-22 01/07S | EUR | 1.415.561 | 1.444.282 | 0,25 |
| 270.000 BISOHO SAS REG SHS 5.875 16-23 01/05S | EUR | 289.980 | 289.553 | 0,05 |
| 1.500.000 CASINO GUICHARD	3.994 12-20 09/03A | EUR | 1.647.760 | 1.619.640 | 0,28 |
| 2.600.000 CASINO GUICHARD PER. 5.976 11-21 26/05A | EUR | 3.074.416 | 2.932.280 | 0,50 |
| 900.000 CASINO GUICHARD PERR 1.865 17-22 13/0 | EUR | 902.763 | 876.006 | 0,15 |
| 3.280.000 CROWN EURO HLDG REGS 4.00 14-22 15/07S | EUR | 3.545.105 | 3.593.437 | 0,61 |
| 1.891.000 CROWN EURO HOLDINGS 2.25 18-23 01/02S | EUR | 1.893.340 | 1.915.545 | 0,33 |
| 1.480.000 CROWN EURO HOLDINGS 3.375 15-25 15/05S | EUR | 1.520.220 | 1.534.331 | 0,26 |
| 4.530.000 ELIS SA REGS	3.00 15-22 30/04S | EUR | 4.601.292 | 4.605.243 | 0,79 |
| 435.000 FAURECIA	2.625 18-25 15/06S | EUR | 435.000 | 442.795 | 0,08 |
| 1.625.000 GIE PSA TRESORIE	6.00 03-33 19/09A | EUR | 1.958.518 | 2.082.503 | 0,36 |
| 1.167.000 GROUPE FNAC SA	3.25 16-23 30/09S | EUR | 1.186.415 | 1.217.204 | 0,21 |
| 2.050.000 LA FINAC ATALIAN S 4.00 17-24 15/05S | EUR | 2.059.524 | 1.996.475 | 0,34 |
| 1.458.000 LA FINANCIERE ATALIAN 5.125 18-25 15/05S | EUR | 1.458.000 | 1.476.954 | 0,25 |
| 917.000 NOVAFIVES SAS REGS 4.50 14-21 30/06S | EUR | 860.727 | 934.460 | 0,16 |
| 4.150.000 SFR GROUP REGS	5.375 14-22 15/05S | EUR | 4.269.920 | 4.256.614 | 0,73 |
| 2.600.000 SPIE SA	3.125 17-24 22/03A | EUR | 2.719.066 | 2.639.780 | 0,45 |
| 812.000 THREEAB OPTIQUE 4.00  17-23 01/10S | EUR | 812.626 | 768.907 | 0,13 |
| 1.600.000 VALLOUREC SA	3.25 12-19 02/08A | EUR | 1.656.419 | 1.652.800 | 0,28 |
| 2.819.000 VALLOUREC SA	6.3750 18-23 15/10S | EUR | 2.819.000 | 2.823.285 | 0,48 |
| 1.356.000 VALLOUREC SA	6.625 17-22 15/10S | EUR | 1.376.923 | 1.403.175 | 0,24 |
| Großbritannien |  | 43.795.728 | 44.506.387 | 7,60 |
| 4.660.000 ALGECO SCOTSMAN	6.50 18-23 15/02S | EUR | 4.645.114 | 4.791.785 | 0,82 |
| 260.000 ANGLO AMER CAPITAL 2.50 13-21 29/04A | EUR | 233.903 | 277.485 | 0,05 |
| 1.090.000 ANGLO AMERCAN CAPITAL 2.875 13-20 20/11A | EUR | 1.010.593 | 1.166.376 | 0,20 |
| 7.230.000 HELLENIC TELECOM	3.50 14-20 09/07A | EUR | 7.602.960 | 7.650.353 | 1,31 |
| 1.960.000 INTER GAME TECH REGS 4.75 15-23 15/02S | EUR | 2.069.071 | 2.156.980 | 0,37 |
| 3.000.000 INTER GANE TECH REGS 4.125 15-20 15/02S | EUR | 3.123.799 | 3.168.990 | 0,54 |

| 2.400.000 LOTTOMATICA SPA	4.75 12-20 05/03A | EUR | 2.607.200 | 2.582.016 | 0,44 |
| --- | --- | --- | --- | --- |
| 550.000 MERLIN ENTERTAINMENTS 2.75 15-22 15/03S | EUR | 573.180 | 572.341 | 0,10 |
| 3.300.000 OTE PLC	4.375 15-19 02/12A | EUR | 3.518.288 | 3.508.494 | 0,60 |
| 3.520.000 SYNLAB BONDCO PLC  6.25 15-22 01/07S | EUR | 3.707.620 | 3.661.926 | 0,63 |
| 3.422.000 TESCO CORP	1.375 14-19 01/07A | EUR | 3.459.475 | 3.473.501 | 0,59 |
| 1.180.000 TESCO CORP	2.50 14-24 01/07A | EUR | 1.175.051 | 1.258.446 | 0,21 |
| 1.460.000 THOMAS COOK FINANCE2 3.875 17-23 15/07S | EUR | 1.487.962 | 1.487.886 | 0,25 |
| 4.306.000 THOMAS COOK GRP REG S 6.25 16-22 15/06S | EUR | 4.454.881 | 4.643.203 | 0,79 |
| 850.000 TITAN GLOBAL FIN	3.50 16-21 17/06S | EUR | 900.575 | 897.073 | 0,15 |
| 2.280.000 VIRGIN MEDIA FIN	4.50 15-25 15/01S | EUR | 2.333.724 | 2.327.766 | 0,40 |
| 925.000 VIRIDIAN GRP FINANCEO 4.00 17-25 15/09S | EUR | 892.332 | 881.766 | 0,15 |
| Niederlande |  | 74.879.635 | 75.268.517 | 12,85 |
| 3.200.000 ALTICE FINCO REGS  6.25 15-25 15/02S | EUR | 3.128.315 | 3.104.384 | 0,53 |
| 10.140.000 ALTICE REGS	7.25 14-22 15/05S | EUR | 10.084.257 | 10.080.885 | 1,71 |
| 1.910.000 CBR FASHION FINANCE 5.125 17-22 01/10S | EUR | 1.847.282 | 1.679.635 | 0,29 |
| 560.000 CONSTELLIUM EMTN REGS 4.625 14-21 15/05S | EUR | 570.360 | 567.381 | 0,10 |
| 3.380.000 DARLING GLOBAL FINAN 4.75 15-22 30/05S | EUR | 3.491.236 | 3.475.113 | 0,59 |
| 6.660.000 DIGI COMM NV REG SHS 5.00 16-23 15/10S | EUR | 6.960.624 | 7.059.267 | 1,21 |
| 2.331.000 DUFRY ONE BV	2.50 17-24 15/10S | EUR | 2.376.069 | 2.372.026 | 0,41 |
| 1.640.000 FIAT CHRYSLER A	3.75 16-24 29/03A | EUR | 1.771.128 | 1.816.152 | 0,31 |
| 1.035.000 INTERXION REGS	6.00 13-20 15/07S | EUR | 1.085.988 | 1.064.135 | 0,18 |
| 4.410.000 LGE HOLDCO VI BV	7.125 14-24 15/05S | EUR | 4.973.623 | 4.773.075 | 0,82 |
| 1.820.000 LKQ EURO HOLDINGS BV 3.625 18-26 01/04S | EUR | 1.820.000 | 1.823.185 | 0,31 |
| 1.162.000 LKQ EURO HOLDINGS BV 4.125 18-28 01/04S | EUR | 1.162.000 | 1.153.053 | 0,20 |
| 1.160.000 MAXEDA DIY HOLDING 6.125 17-22 15/07S | EUR | 1.191.642 | 1.099.564 | 0,19 |
| 2.323.000 OCI NV	5.0000 18-23 15/04S | EUR | 2.346.163 | 2.369.994 | 0,40 |
| 3.670.000 OI EUROPEAN GROUP 3.125 16-24 15/11S | EUR | 3.775.355 | 3.765.897 | 0,64 |
| 3.600.000 OI EUROPEAN GROUP BV 6.75 10-20 15/09S | EUR | 4.236.025 | 4.120.992 | 0,70 |
| 1.890.000 PETROBRAS INTL FIN 4.25 12-23 02/10A | EUR | 1.870.381 | 2.066.847 | 0,35 |
| 3.040.000 PETROBRAS INTL FIN 5.875 11-22 07/03A | EUR | 2.995.004 | 3.510.622 | 0,60 |
| 2.080.000 SAIPEM FIN INTL BV 2.625 17-25 07/01A | EUR | 2.080.514 | 2.059.824 | 0,35 |
| 1.236.000 SAIPEM FIN INTL BV 2.75 17-22 05/04A | EUR | 1.240.325 | 1.271.560 | 0,22 |
| 2.730.000 SAIPEM FIN INTL BV 3.75 16-23 08/09A | EUR | 2.881.615 | 2.902.372 | 0,50 |
| 2.530.000 SAIPEM SPA	3.00 16-21 08/03A | EUR | 2.582.905 | 2.645.798 | 0,45 |
| 3.880.000 SCHAEFFLER FINANCE 3.50 14-22 15/05S | EUR | 3.952.868 | 3.929.043 | 0,67 |
| 1.580.000 SELECTA GROUP BV  5.875 18-24 01/02S | EUR | 1.580.000 | 1.580.837 | 0,27 |
| 4.850.000 UNITED GROUP REGS  4.50 17-22 01/07S | EUR | 4.875.956 | 4.976.876 | 0,85 |
| Deutschland |  | 64.029.794 | 64.345.660 | 10,99 |
| 3.464.000 ADLER REAL ESTATE  1.50 17-21 06/12A | EUR | 3.454.732 | 3.480.939 | 0,59 |
| 1.795.000 ADLER REAL ESTATE  2.125 17-24 06/02A | EUR | 1.788.515 | 1.769.601 | 0,30 |
| 2.345.000 HP PELZER HOLDING  4.125 17-24 01/04S | EUR | 2.417.570 | 2.400.670 | 0,41 |
| 3.960.000 IHO VERWALTUNGS	3.25 16-23 15/09S | EUR | 4.038.594 | 4.094.125 | 0,70 |
| 2.500.000 KIRK BEAUTY ZERO REGS 6.25 15-22 15/07S | EUR | 2.733.383 | 2.607.200 | 0,45 |
| 1.610.000 KME AG	6.75 18-23 01/02S | EUR | 1.607.122 | 1.638.819 | 0,28 |
| 2.670.000 NORDEX SE	6.50 18-23 01/02S | EUR | 2.665.700 | 2.497.091 | 0,43 |
| 1.220.000 PLATIN 1426 GMBH	5.375 17-23 15/06S | EUR | 1.235.246 | 1.216.682 | 0,21 |
| 1.400.000 RAFFINERIE HEIDE GMBH 6.375 18-22 01/12S | EUR | 1.408.973 | 1.408.736 | 0,24 |
| 6.300.000 SAFARI HOLDING 5.375	17-22 30/11S | EUR | 6.320.570 | 6.474.321 | 1,11 |
| 1.720.000 SCHAEFFLER VER ZWEI 3.75 16-26 15/09S | EUR | 1.741.948 | 1.809.646 | 0,31 |
| 6.380.000 SCHAEFFLER VERWALTUNG 2.75 16-21 15/09S | EUR | 6.487.838 | 6.511.428 | 1,11 |
| 9.211.000 TELE COLOMBUS	3.875 18/25 04/05S | EUR | 9.141.274 | 9.210.999 | 1,57 |
| 1.640.000 THYSSENKRUPP	1.375 17-22 03/03A | EUR | 1.668.053 | 1.661.484 | 0,28 |
| 1.400.000 THYSSENKRUPP AG	2.75 16-21 08/03A | EUR | 1.443.132 | 1.478.806 | 0,25 |
| 2.723.000 UNITY MEDIA REGS	5.625 13-23 15/04S | EUR | 2.820.044 | 2.807.141 | 0,48 |
| 1.260.000 UNITYMEDIA HESSEN REGS 4.62515-26 15/02S | EUR | 1.341.115 | 1.388.356 | 0,24 |
| 2.550.000 UNITYMEDIA HESSEN REGS4.00 14-25 15/01S | EUR | 2.647.422 | 2.708.228 | 0,46 |
| 8.060.000 UNITYMEDIA NRW/HESSEN 6.25 13-29 15/01S | EUR | 9.068.563 | 9.181.388 | 1,57 |
| Italien |  | 40.690.247 | 40.912.517 | 6,99 |
| 2.620.000 ALMAVIVA THE ITALIAN 7.25 17-22 15/10S | EUR | 2.661.947 | 2.675.203 | 0,46 |
| 2.135.000 CMC DI RAVENNA	6.875 17-22 01/08S | EUR | 2.137.821 | 2.128.894 | 0,36 |
| 2.164.000 COOPERATIVA MURATORI 6.0 17-23 15/02S | EUR | 2.164.385 | 2.078.132 | 0,35 |
| 1.800.000 FINMEC FINANCE	4.50 13-21 19/01A | EUR | 2.006.524 | 1.998.594 | 0,34 |
| 1.500.000 LEONARDO	1.50 17-24 07/06A | EUR | 1.486.383 | 1.475.475 | 0,25 |
| 4.405.000 LKQ	3.875 16-24 01/04S | EUR | 4.693.460 | 4.662.076 | 0,80 |
| 4.890.000 N AND W GLOBAL VEND 7.00 16-23 15/10S | EUR | 5.085.791 | 5.189.366 | 0,89 |
| 2.275.000 SALINI	3.75 16-21 24/06A | EUR | 2.376.837 | 2.424.104 | 0,41 |

Menge/
Nennwert	Bezeichnung	Währung
Kosten für Anschaffung
Marktwert		% des Nettoverm.
Menge/
Nennwert	Bezeichnung	Währung
Kosten für Anschaffung
Marktwert		% des Nettoverm.
| 3.290.000 SCHUMANN SPA | 7.00 16-23 31/07S | EUR | 3.381.891 | 3.508.489 | 0,60 |
| --- | --- | --- | --- | --- | --- |
| 878.000 SNAI SPA REGS | 6.375 16-21 07/11S | EUR | 905.105 | 933.472 | 0,16 |

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1.400.000 TELECOM ITALIA EMTN 3.75 15-23 16/01A	EUR	1.454.036	1.529.290	0,26
900.000 TELECOM ITALIA EMTN 5.25 05-55 17/03A	EUR	1.050.990	1.034.694	0,18
1.540.000 TELECOM ITALIA SPA 3.625 16-24 19/01A	EUR	1.618.366	1.712.526	0,29
1.160.000 TELECOM ITALIA SPA 2.375 17-27 12/10A	EUR	1.171.859	1.155.151	0,20
2.400.000 TELECOM ITALIA SPA 3.625 16-26 25/05A	EUR	2.667.691	2.650.248	0,45
6.310.000 WIND TRE SPA  2.625  17-23 20/01S	EUR	5.827.161	5.756.803	0,99
Dänemark	
773.880	736.072	0,13
800.000 NORICAN GROUP APS 4.50 17-23 15/05S	EUR	773.880	736.072	0,13
Spanien	
5.176.122	5.178.410	0,88
1.500.000 CELLNEX TELECOM SA 2.875 17-25 18/04A	EUR	1.490.160	1.543.515	0,26
650.000 ENCE ENERGIA REGS  5.375 15-22 01/11S	EUR	703.663	683.449	0,12
2.320.000 GRIFOLS SA	3.20 17-25 01/05S	EUR	2.379.556	2.344.012	0,40
600.000 MASARIA INVEST REGS 5.00 17-24 15/09S	EUR	602.743	607.434	0,10
Vereinigte Staaten von Amerika	
41.493.796	41.549.430	7,10
3.700.000 ARDAGH PACKAGING REGS 6.75 16-24 15/05Q	EUR	4.131.474	4.043.249	0,69
5.270.000 BALL CORP	4.375 15-23 15/12S	EUR	5.858.969	5.976.022	1,02
6.370.000 CHEMOURS CO	6.125 16-23 15/05S	EUR	6.716.838	6.682.702	1,14
1.840.000 COLFAX CORP	3.25 17-25 15/05S	EUR	1.882.965	1.864.601	0,32
1.162.000 COTY	4.0 18-23 05/04S	EUR	1.172.220	1.176.142	0,20
2.585.000 EQUINIX INC	2.875 17-22 01/10S	EUR	2.607.267	2.521.409	0,43
2.770.000 FEDERAL-MOGUL HOLD 4.875 17-22 15/04Q	EUR	2.812.847	2.883.127	0,49
500.000 HUNTSMAN INT	5.125 14-21 15/04A	EUR	555.050	555.740	0,09
1.180.000 IMS HEALTH INC	3.50 16-24 15/10S	EUR	1.212.922	1.222.586	0,21
1.150.000 KRONOS INTL	3.75 17-25 15/09S	EUR	1.166.054	1.173.265	0,20
1.440.000 LEVI STRAUSS	3.375 17-27 15/03S	EUR	1.486.080	1.480.817	0,25
1.220.000 PVR CORP	3.125 17-27 15/12S	EUR	1.226.627	1.214.156	0,21
3.715.000 QUINTILES IMS INC  3.25 17-25 15/03S	EUR	3.731.200	3.783.876	0,65
1.230.000 QUINTILES IMS REGS 2.875 17-25 15/09S	EUR	1.244.565	1.206.421	0,21
530.000 SPECTRUM BRANDS IN 4.00 16-26 01/10S	EUR	541.381	537.102	0,09
1.975.000 WMG ACQUISITION	4.125 16-24 01/11S	EUR	2.056.678	2.079.675	0,36
1.400.000 ZF NA CAPITAL	2.75 15-23 27/04A	EUR	1.466.108	1.511.468	0,26
1.600.000 ZF NA CAPITAL	2.25 15-19 26/04A	EUR	1.624.551	1.637.072	0,28
Schweden	
4.633.412	4.557.379	0,78
540.000 CORRAL PET HLD REGS 11.75 16-21 15/05S	EUR	572.515	579.955	0,10
3.771.000 VERISURE HLDG REGS 6.00 15-22 01/11S	EUR	4.060.897	3.977.424	0,68
Österreich	
4.492.853	4.514.203	0,77
1.850.000 SAPPI PAPIER HOLDNG G 3.375 15-22 01/04S	EUR	1.880.808	1.882.320	0,32
2.530.000 SAPPI PAPIER REGS  4.00 16-23 01/04S	EUR	2.612.045	2.631.883	0,45
Kanada	
2.390.363	2.441.987	0,42
2.290.000 COTT FINANCE CORP  5.50 16-24 01/07S	EUR	2.390.363	2.441.987	0,42
Belgien	
2.813.695	2.785.517	0,48
1.390.000 BARRY CALLEBAUT	5.625 11-21 15/06A	EUR	1.662.715	1.616.598	0,28
1.110.000 BARRY CALLEBAUT SER 2.375 16-24 24/05A	EUR	1.150.980	1.168.919	0,20
Irland	
3.410.757	3.396.536	0,58
1.950.000 EIRCOM FINANCE DAC 4.50 16-22 31/05S	EUR	2.001.442	2.000.271	0,34
1.300.000 SMURFIT KAPPA ACQ  3.25 14-21 01/06S	EUR	1.409.315	1.396.265	0,24
Japan	
11.983.636	11.757.305	2,01
2.233.000 SOFTBANK GROUP	4.0000 18-23 20/04S	EUR	2.233.000	2.286.659	0,39
8.550.000 SOFTBANK GROUP CORP 3.125 17-25 19/09S	EUR	8.281.713	7.998.525	1,37
1.350.000 SOFTBANK REGS	4.625 13-20 15/04S	EUR	1.468.923	1.472.121	0,25
Australien	
5.836.086	5.625.867	0,96
5.570.000 ORIGIN ENERGY	7.875 11-71 16/06S	EUR	5.836.086	5.625.867	0,96
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| Niederländische Antillen 3.540.000 TEVA PHARM FIN II  1.125 16-24 15/10A | 18.277.705 EUR | 18.275.116 2.989.533. 077.943 | 3,12 0,51 |

| 6.840.000 TEVA PHARMA	0.375 16-20 25/07A | EUR | 6.656.866 | 6.658.260 | 1,13 |
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| 5.170.000 TEVA PHARMA FINAN  4.5 18-25 01/03S | EUR | 5.206.113 | 5.255.047 | 0,90 |
| 3.710.000 THEVA PHARMAC	1.25 15-23 31/03A | EUR | 3.336.783 | 3.372.279 | 0,58 |
| Kaimaninseln |  | 3.510.638 | 3.572.348 | 0,61 |
| 1.430.000 UPCB FINANCE IV	4.00 15-27 15/01S | EUR | 1.406.006 | 1.481.966 | 0,25 |
| 2.100.000 UPCB FINANCE VII  3.625 17-29 15/06S | EUR | 2.104.632 | 2.090.382 | 0,36 |
| Mexiko |  | 2.773.252 | 2.826.036 | 0,48 |
| 2.700.000 CEMEX SAB DE CV	4.375 15-23 05/03S | EUR | 2.773.252 | 2.826.036 | 0,48 |

Menge/
| Tschechische Republik |  | 821.243 | 827.780 | 0,14 |
| --- | --- | --- | --- | --- |
| 810.000 ENERGO PRO	4.00 17-22 07/12A | EUR | 821.243 | 827.780 | 0,14 |
| Renten mit flexibelem Zins |  | 69.280.034 | 70.555.518 | 12,05 |
| Luxemburg |  | 4.765.696 | 4.892.281 | 0,84 |
| 1.365.000 LECTA SA	FL.R 16-22 01/08Q | EUR | 1.369.531 | 1.372.603 | 0,23 |
| 3.350.000 SES	FL.R 16-XX 02/01A | EUR | 3.396.165 | 3.519.678 | 0,61 |
| Frankreich |  | 15.003.553 | 15.521.393 | 2,65 |
| 1.100.000 ACCOR	FL.R 14-XX 30/06A | EUR | 1.108.027 | 1.170.653 | 0,20 |
| 1.700.000 ARKEMA SA	FL.R 14-XX 29/10A | EUR | 1.765.998 | 1.854.581 | 0,32 |
| 3.223.000 AUTODIS	FL.R 16-22 01/05S | EUR | 3.255.870 | 3.270.152 | 0,56 |
| 1.000.000 CASINO GUICHARD	FL.R 12-19 06/08A | EUR | 1.053.500 | 1.051.110 | 0,18 |
| 2.800.000 CASINO GUICHARD	FL.R 14-24 07/03A | EUR | 2.990.996 | 2.966.740 | 0,51 |
| 3.610.000 SOLVAY FINANCE SUB FL.R 15-XX 02/06A | EUR | 3.749.233 | 4.024.717 | 0,68 |
| 1.000.000 SOLVAY FINANCE SUB FL.R 15-XX 03/06A | EUR | 1.079.929 | 1.183.440 | 0,20 |
| Niederlande |  | 30.004.966 | 30.958.755 | 5,28 |
| 5.000.000 GAS NAT FENOSA REGS FL.R 14-XX 30/11A | EUR | 5.194.515 | 5.384.700 | 0,91 |
| 5.870.000 KPN	FL.R 13-XX 14/09A | EUR | 6.255.536 | 6.004.893 | 1,02 |
| 1.090.000 REPSOL INTL FINANCE FL.R 15-49 29/12A | EUR | 982.193 | 1.170.562 | 0,20 |
| 4.500.000 REPSOL INTL FINANCE FL.R 15-75 25/03A | EUR | 4.246.187 | 4.954.635 | 0,85 |
| 2.420.000 SELECTA GROUP BV FL.R 18-24 01/02Q | EUR | 2.420.000 | 2.429.801 | 0,42 |
| 2.500.000 TELEFONICA EURO	FL.R 14-XX 31/03A | EUR | 2.875.000 | 2.869.800 | 0,49 |
| 2.200.000 TELEFONICA EUROPA SUB FL.R 16-XX 15/09A | EUR | 2.186.562 | 2.314.114 | 0,40 |
| 2.820.000 TENNET HOLDING BV FL.R 17-49 12/04A | EUR | 2.906.627 | 2.894.758 | 0,49 |
| 2.915.000 UNITED GROUP BV	FL.R 17-23 01/07Q | EUR | 2.938.346 | 2.935.492 | 0,50 |
| Italien |  | 17.142.574 | 16.805.241 | 2,87 |
| 5.900.000 ENEL SPA	FL.R 13-74 10/01A | EUR | 6.387.280 | 6.165.381 | 1,05 |
| 1.148.000 GUALA CLOSURES REGS FL.R 16-21 15/11Q | EUR | 1.159.575 | 1.154.544 | 0,20 |
| 2.060.000 LIMACORPORATE SPA  FL.R 17-23 15/08S | EUR | 2.060.000 | 2.095.144 | 0,36 |
| 1.160.000 SCHUMANN REGS	FL.R 16-22 31/07U | EUR | 1.166.414 | 1.174.871 | 0,20 |
| 1.785.000 SNAI SPA	FL.R 16-21 07/11Q | EUR | 1.796.672 | 1.815.577 | 0,31 |
| 4.718.000 WIND TRE SPA  FL.R	17-24 20/01Q | EUR | 4.572.633 | 4.399.724 | 0,75 |
| Spanien |  | 2.363.245 | 2.377.848 | 0,41 |
| 2.350.000 MASARIA INVEST REGS FL.R 17-24 15/09S | EUR | 2.363.245 | 2.377.848 | 0,41 |
| Sonstige übertragbare Wertpapiere |  | 15.285.204 | 15.329.143 | 2,62 |
| Renten |  | 12.384.204 | 12.422.348 | 2,12 |
| Niederlande |  | 7.541.694 | 7.579.446 | 1,29 |
| 2.091.000 DARLING GLOBAL FIN 3.625 18-26 15/05S | EUR | 2.091.000 | 2.122.532 | 0,36 |
| 766.000 EAGLE INT.	5.375 18-23 04/05S | EUR | 766.000 | 783.557 | 0,13 |
| 2.580.000 IPD 3 BV	4.50 17-22 15/07S | EUR | 2.599.189 | 2.636.270 | 0,45 |
| 1.150.000 UNITED GROUP BV	4.875 17-24 01/07S | EUR | 1.204.361 | 1.180.107 | 0,20 |
| 900.000 UPC HOLDING BV	3.875 17-29 15/06S | EUR | 881.144 | 856.980 | 0,15 |
| Tschechische Republik |  | 4.842.510 | 4.842.902 | 0,83 |
| 4.795.000 RESIDOMO SRD	3.375 17-24 15/10S | EUR | 4.842.510 | 4.842.902 | 0,83 |
| Renten mit flexibelem Zins |  | 2.901.000 | 2.906.795 | 0,50 |
| Frankreich |  | 816.000 | 827.497 | 0,14 |
| 816.000 PAPREC HOLDING	FL.R 18-25 31/03Q | EUR | 816.000 | 827.497 | 0,14 |
| Niederlande |  | 1.500.000 | 1.490.595 | 0,26 |
| 1.500.000 TELEFONICA EUROPE BV 3.00 18-XX XX/XXA | EUR | 1.500.000 | 1.490.595 | 0,26 |
| Italien |  | 585.000 | 588.703 | 0,10 |
| 585.000 FABRIC BC SPA | EUR | 585.000 | 588.703 | 0,10 |
| Summe Anlagen |  | 543.917.454 | 547.557.578 | 93,53 |
| Barmittel |  |  | 50.329.715 | 8,60 |
| Sonstige Vermögenswerte/-Verbindlichkeiten |  |  | -12.472.710 | -2,13 |
| Summe Nettovermögen |  |  | 585.414.584 | 100,00 |

Nennwert	Bezeichnung	Währung
Kosten für Anschaffung
Marktwert		% des Nettoverm.

### Geografische Allokation des Portfolios
| Niederlande | % des Nettovermögens 21,05 |
| --- | --- |
| Luxemburg | 14,11 |
| Frankreich | 13,25 |
| Deutschland | 11,75 |
| Italien | 10,65 |
| Großbritannien | 8,13 |
| Vereinigte Staaten von Amerika | 7,59 |
| Niederländische Antillen | 3,34 |
| Japan | 2,15 |
| Spanien | 1,38 |
| Tschechische Republik | 1,04 |
| Australien | 1,03 |
| Schweden | 0,83 |
| Österreich | 0,82 |
| Kaimaninseln | 0,65 |
| Irland | 0,62 |
| Belgien | 0,51 |
| Mexiko | 0,52 |
| Kanada | 0,45 |
| Dänemark | 0,13 |


###### 	100,00
Ertrags- und Aufwandsrechnung und Veränderung des Nettovermögens vom 01.11.2017 bis 30.04.2018
Ausgedrückt in EUR
| Erträge |  | 13.630.740 |
| --- | --- | --- |
| Nettozinsen auf Renten |  | 12.914.256 |
| Bankzinsen bei Sicht |  | 454 |
| Bankzinsen auf Termineinlagen |  | 1.123 |
| Zinsen auf Pensionsgeschäfte | Erläut. 2f | 2.173 |
| Swapzinsen |  | 711.667 |
| Sonstige Erträge |  | 1.067 |
| Ausgaben |  | 2.257.049 |
| Verwaltungs- und Beratergebühren | Erläut. 3 | 1.945.329 |
| Verwahrstellengebühr | Erläut. 5 | 17.867 |
| Taxe d'abonnement | Erläut. 7a | 43.191 |
| Domizilstellen-, Verwaltungsstellen- und Transferstellengebühren | Erläut. 5 | 128.111 |
| Honorare |  | 25.596 |
| Bankgebühren |  | 93.105 |
| Transaktionskosten | Erläut. 2g | 19 |
| Sonstige Aufwendungen |  | 3.831 |
| Erträge aus Anlagen |  | 11.373.691 |
| Realisierter Nettogewinn / -verlust aus: - Verkauf von Anlagen | Erläut. 2d | 701.820 |
| - Devisentermingeschäften |  | -20.998 |
| - Finanzterminkontrakten |  | -10.600 |
| - Swapgeschäften |  | 2.701.596 |
| - Devisengeschäften | Erläut. 2c | 7.605 |
| Realisierter Nettogewinn |  | 14.753.114 |
| Veränderung des nicht realisierten Nettogewinns / -verlustes aus: - Anlagen |  | -15.660.439 |
| - Devisentermingeschäften |  | -463 |
| - Finanztermingeschäften |  | 6.300 |
| - Swapgeschäften |  | -4.295.920 |
| Nettovermögensabnahme durch Geschäftstätigkeit |  | -5.197.408 |
| Dividendenausschüttungen | Erläut. 6 | -15.516.346 |
| Zeichnungen kummulativer Anteile |  | 120.141.538 |
| Zeichnungen von Anteilen mit Ausschüttung |  | 57.419.733 |
| Rücknahmen kummulativer Anteile |  | -131.910.962 |
| Rücknahmen von Anteilen mit Ausschüttung |  | -116.689.905 |
| Verminderung des Nettovermögens |  | -91.753.350 |
| Nettovermögen zu Beginn der Periode |  | 677.167.934 |
| Nettovermögen am Ende der Periode |  | 585.414.584 |

Die beiliegenden Erläuterungen sind integraler Bestandteil dieses Berichtes
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