# - Euro Credit Laufzeitfonds 2019
### Financial Statements as at 30 April 2018
Statement of net assets as at 30 April 2018
Expressed in EUR
| Assets |  | 35,227,638 |
| --- | --- | --- |
| Investments at market value | Note 2b | 29,565,680 |
| Acquisition cost |  | 30,182,614 |
| Cash at bank |  | 5,144,902 |
| Interest receivable |  | 411,344 |
| Receivable on sale of investments |  | 105,712 |
| Liabilities |  | 5,131,275 |
| Payable on redemptions |  | 5,114,500 |
| Investment management and administrative fees payable |  | 14,754 |
| Other liabilities |  | 2,021 |
| Net asset value |  | 30,096,363 |

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 Distribution shares | 8,270,000.00 | 0.00 | 6,270,000.00 | 2,000,000.00 |
| P Shares EUR Distribution shares | 3,475,000.00 | 0.00 | 2,525,000.00 | 950,000.00 |

Statistics
Period ended as at:
30 April 2018
31 October 2017
31 October 2016
Total Net Assets
EUR
30,096,363	121,956,190	122,563,296
| I Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Distribution shares |  |  |  |
| Number of shares | 2,000,000.00 | 8,270,000.00 | 8,270,000.00 |
| Net asset value per share | 10.19 | 10.37 | 10.42 |
| Dividend per share | 0.16 | 0.25 | - |

| P Shares EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Distribution shares |  |  |  |
| Number of shares | 950,000.00 | 3,475,000.00 | 3,475,000.00 |
| Net asset value per share | 10.23 | 10.41 | 10.46 |
| Dividend per share | 0.16 | 0.27 | - |

| 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	 30,182,614 | 29,565,680 | 98.24 |
| Bonds	 30,182,614 | 29,565,680 | 98.24 |
| Luxembourg	 4,332,726 | 4,116,407 | 13.68 |

| EUR | 421,529 | 423,416 | 1.41 |
| --- | --- | --- | --- |
| EUR | 521,486 | 513,310 | 1.71 |
| EUR | 976,835 | 972,515 | 3.22 |
| EUR | 978,633 | 931,600 | 3.10 |
| EUR | 851,709 | 733,051 | 2.44 |
| EUR | 582,534 | 542,515 | 1.80 |
|  | 3,365,978 | 3,249,916 | 10.80 |
| EUR | 545,437 | 517,970 | 1.72 |
| EUR | 965,235 | 955,845 | 3.18 |
| EUR | 908,573 | 863,808 | 2.87 |
| EUR | 525,474 | 494,933 | 1.64 |
| EUR | 421,259 | 417,360 | 1.39 |
|  | 4,216,841 | 4,225,245 | 14.03 |
| EUR | 867,386 | 876,240 | 2.91 |
| EUR | 207,020 | 203,896 | 0.68 |
| EUR | 337,949 | 324,006 | 1.08 |
| EUR | 945,324 | 950,697 | 3.15 |
| EUR | 964,995 | 956,861 | 3.17 |
| EUR | 894,167 | 913,545 | 3.04 |
|  | 5,368,482 | 5,253,776 | 17.45 |
| EUR | 419,478 | 410,276 | 1.36 |
| EUR | 662,639 | 643,068 | 2.14 |
| EUR | 526,875 | 514,075 | 1.71 |
| EUR | 1,014,922 | 979,199 | 3.25 |
| EUR | 963,696 | 915,776 | 3.04 |
| EUR | 949,341 | 947,790 | 3.15 |
| EUR | 831,531 | 843,592 | 2.80 |
|  | 3,012,827 | 2,911,029 | 9.67 |
| EUR | 550,675 | 535,600 | 1.78 |
| EUR | 573,504 | 551,045 | 1.83 |
| EUR | 323,883 | 318,525 | 1.06 |
| EUR | 613,656 | 572,424 | 1.90 |
| EUR | 951,109 | 933,435 | 3.10 |
|  | 1,098,289 | 1,070,664 | 3.56 |
| EUR | 234,311 | 217,040 | 0.72 |
| EUR | 863,978 | 853,624 | 2.84 |
|  | 1,069,664 | 975,483 | 3.24 |
| EUR | 372,339 | 331,569 | 1.10 |
| EUR | 697,325 | 643,914 | 2.14 |
|  | 1,884,507 | 1,898,352 | 6.31 |
| EUR | 958,585 | 977,499 | 3.25 |
| EUR | 925,922 | 920,853 | 3.06 |
|  | 1,485,788 | 1,474,244 | 4.90 |
| EUR | 607,720 | 618,084 | 2.05 |
| EUR | 878,068 | 856,160 | 2.85 |
|  | 868,118 | 847,672 | 2.82 |
| EUR | 868,118 | 847,672 | 2.82 |
|  | 870,040 | 872,368 | 2.90 |
| EUR | 870,040 | 872,368 | 2.90 |
|  | 749,285 | 862,312 | 2.87 |
| EUR | 749,285 | 862,312 | 2.87 |
|  | 842,369 | 833,008 | 2.77 |
| EUR | 842,369 | 833,008 | 2.77 |
|  | 1,017,700 | 975,204 | 3.24 |
| EUR | 1,017,700 | 975,204 | 3.24 |
|  | 30,182,614 | 29,565,680 | 98.24 |
|  |  | 5,144,902 | 17.09 |

400,000 ARCELORMITTAL	2.875 14-20 06/07A
500,000 ARCELORMITTAL REGS 3.00 14-19 25/03A
950,000 CNH INDUSTRIAL FIN  2.75 14-19 18/03A
850,000 FIAT FIN TRADE	6.75 13-19 14/10A
650,000 HEIDELBERGCEMENT FIN 8.50 09-19 31/10S
500,000 SES EMTN	4.625 10-20 09/03A
France
500,000 ALSTOM	3.00 13-19 08/07A
900,000 AREVA EMTN	4.375 09-19 06/11A
800,000 CASINO GUICHARD	3.994 12-20 09/03A
450,000 ITALCEMENTI FINANCE FL.R 10-20 19/03A
400,000 PERNOD RICARD	2.00 14-20 22/06A
United Kingdom
850,000 ANGLO AMER CAPITAL  2.75 12-19 07/06A
200,000 FCE BANK	1.875 14-19 18/04A
300,000 IMPERIAL TOBACCO EMTN 5.00 11-19 02/12A
900,000 INTER GANE TECH REGS 4.125 15-20 15/02S
900,000 OTE PLC	4.375 15-19 02/12A
900,000 TESCO CORP	1.375 14-19 01/07A
The Netherlands
400,000 EDP FINANCE REGS 34 2.625 14-19 15/04A
600,000 IBERDROLA INTL	2.875 13-20 11/11A
500,000 INTERXION REGS	6.00 13-20 15/07S
900,000 KPN NV	3.75 10-20 21/09A
800,000 OI EUROPEAN GROUP BV 6.75 10-20 15/09S
900,000 PHOENIX PIB DUTCH EMTN3.125 13-20 27/05A
800,000 REPSOL INTL FIN	2.625 13-20 28/05A
Germany
500,000 CONTINENTAL AG	3.125 13-20 09/09A
500,000 EWE AG	4.125 11-20 04/11A
300,000 FRESENIUS FINANCE BV 2.875 13-20 15/07S
550,000 FRESENIUS US FIN REGS 4.25 12-19 15/04S
900,000 THYSSENKRUPP	3.125 14-19 25/10A
Italy
200,000 ACEA REG S	4.50 10-20 16/03A
800,000 TELECOM ITALIA REGS 4.00 12-20 21/01A
Spain
300,000 GAS NATURAL REGS	6.00 12-20 27/01A
600,000 TELEFONICA EMISIONES 4.693 09-19 11/11A
United States of America
900,000 BALL	3.50 15-20 15/12S
900,000 ZF NA CAPITAL	2.25 15-19 26/04A
Ireland
600,000 FGA CAPITAL IRELAND 2.00 14-19 23/10A
800,000 SMURFIT KAPPA ACQ  4.125 13-20 30/01S
Finland
800,000 CRH FINLAND SERVICES 2.75 13-20 15/10A
Japan
800,000 SOFTBANK REGS	4.625 13-20 15/04S
Jersey Island
800,000 GLENCORE FINANCE	3.375 13-20 30/09A
Australia
800,000 ORIGIN ENERGY EMTN  2.875 12-19 11/10A
Czech Republic
900,000 EP ENERGY AS REGS  5.875 12-19 01/11S

###### Total Investments Cash Net
Quantity	Denomination	Quotation
currency
Acquisition cost
Market value
% of net assets
| Other Assets/(Liabilities) | (4,614,219) | (15.33) |
| --- | --- | --- |
| Total Net Assets | 30,096,363 | 100.00 |

|  | Geographic allocation of portfolio |  |
| --- | --- | --- |
|  | % of portfolio |
| The Netherlands |  | 17.76 |
| United Kingdom |  | 14.29 |
| Luxembourg |  | 13.92 |
| France |  | 10.99 |
| Germany |  | 9.85 |
| United States of America |  | 6.42 |
| Ireland |  | 4.99 |
| Italy |  | 3.62 |
| Czech Republic |  | 3.30 |
| Spain |  | 3.30 |
| Japan |  | 2.95 |
| Jersey Island |  | 2.92 |
| Finland |  | 2.87 |
| Australia |  | 2.82 |
|  |  | 100.00 |

Statement of Operations and Changes in Net Assets from 1 November 2017 to 30 April 2018
Expressed in EUR
| Income |  | 1,055,418 |
| --- | --- | --- |
| Interest on bonds |  | 1,055,224 |
| Other income |  | 194 |
| Expenses |  | 156,847 |
| Investment management fees | Note 3 | 138,263 |
| Depositary fees | Note 5 | 1,582 |
| Taxe d'abonnement | Note 7a | 1,512 |
| Domiciliary, administrative and transfer agency fees | Note 5 | 10,556 |
| Professional fees |  | 1,777 |
| Bank charges |  | 2,742 |
| Sundry expenses |  | 415 |
| Net income from investments |  | 898,571 |
| Net Realised gain / (loss) on: - Sales of investments | Note 2d | (549,663) |
| Net realised profit |  | 348,908 |
| Movement in net unrealised appreciation / (depreciation) on: - Investments |  | (628,796) |
| Decrease in net assets as a result of operations |  | (279,888) |
| Dividends paid | Note 6 | (1,829,260) |
| Redemption distribution shares |  | (89,750,679) |
| Decrease in net assets |  | (91,859,827) |
| Net assets at the beginning of the period |  | 121,956,190 |
| Net assets at the end of the period |  | 30,096,363 |

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

Translation (ENDE, 2018-04-30):
# - Euro Credit Laufzeitfonds 2019
### Nettovermögensaufstellung zum 30.04.2018
Bilanz zum 30.04.2018
Ausgedrückt in EUR
| Aktiva |  | 35.227.638 |
| --- | --- | --- |
| Wertpapierbestand zum Marktwert | Erläut. 2b | 29.565.680 |
| Kosten für	Anschaffung |  | 30.182.614 |
| Bankguthaben |  | 5.144.902 |
| Zinsguthaben |  | 411.344 |
| Forderungen aus dem Verkauf von Anlagen |  | 105.712 |
| Passiva |  | 5.131.275 |
| Verbindlichkeiten aus Rücknahmen |  | 5.114.500 |
| Verbindlichkeiten aus Verwaltungs- und Administrationsgebühren |  | 14.754 |
| Sonstige Verbindlichkeiten |  | 2.021 |
| Nettovermögen |  | 30.096.363 |

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 Anteile mit Ausschüttung | 8.270.000,00 | 0,00 | 6.270.000,00 | 2.000.000,00 |
| --- | --- | --- | --- | --- |
| P Anteile EUR Anteile mit Ausschüttung | 3.475.000,00 | 0,00 | 2.525.000,00 | 950.000,00 |

Statistische Angaben
|  | Ende der Periode am: | 30.04.2018 | 31.10.2017 | 31.10.2016 |
| --- | --- | --- | --- | --- |
| Gesamtvermögen | EUR | 30.096.363 | 121.956.190 | 122.563.296 |

| I Anteile EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Anteile mit Ausschüttung Anzahl Anteile | 2.000.000,00 | 8.270.000,00 | 8.270.000,00 |
| Nettoinventarwert je Anteil | 10,19 | 10,37 | 10,42 |
| Dividende per Anteil | 0,16 | 0,25 | - |

| P Anteile EUR | EUR | EUR | EUR |
| --- | --- | --- | --- |
| Anteile mit Ausschüttung Anzahl Anteile | 950.000,00 | 3.475.000,00 | 3.475.000,00 |
| Nettoinventarwert je Anteil | 10,23 | 10,41 | 10,46 |
| Dividende per Anteil | 0,16 | 0,27 | - |

| Menge/ Nennwert	Bezeichnung	Währung | Kosten für Anschaffung | Marktwert N | % des ettoverm. |
| --- | --- | --- | --- |
| An einer amtlichen Wertpapierbörse notierte und/oder an einem sonstigen geregelten Markt gehandelte übertragbare Wertpapiere Renten Luxemburg 400.000 ARCELORMITTAL	2.875 14-20 06/07A	EUR | 30.182.614 | 29.565.680 | 98,24 |
| 30.182.614 | 29.565.680 | 98,24 |
| 4.332.726 | 4.116.407 | 13,68 |
| 421.529 | 423.416 | 1,41 |
| 500.000 ARCELORMITTAL REGS 3.00 14-19 25/03A | EUR | 521.486 | 513.310 | 1,71 |
| 950.000 CNH INDUSTRIAL FIN 2.75 14-19 18/03A | EUR | 976.835 | 972.515 | 3,22 |
| 850.000 FIAT FIN TRADE	6.75 13-19 14/10A | EUR | 978.633 | 931.600 | 3,10 |
| 650.000 HEIDELBERGCEMENT FIN 8.50 09-19 31/10S | EUR | 851.709 | 733.051 | 2,44 |
| 500.000 SES EMTN	4.625 10-20 09/03A | EUR | 582.534 | 542.515 | 1,80 |
| Frankreich |  | 3.365.978 | 3.249.916 | 10,80 |
| 500.000 ALSTOM	3.00 13-19 08/07A | EUR | 545.437 | 517.970 | 1,72 |
| 900.000 AREVA EMTN	4.375 09-19 06/11A | EUR | 965.235 | 955.845 | 3,18 |
| 800.000 CASINO GUICHARD	3.994 12-20 09/03A | EUR | 908.573 | 863.808 | 2,87 |
| 450.000 ITALCEMENTI FINANCE FL.R 10-20 19/03A | EUR | 525.474 | 494.933 | 1,64 |
| 400.000 PERNOD RICARD	2.00 14-20 22/06A | EUR | 421.259 | 417.360 | 1,39 |
| Großbritannien |  | 4.216.841 | 4.225.245 | 14,03 |
| 850.000 ANGLO AMER CAPITAL 2.75 12-19 07/06A | EUR | 867.386 | 876.240 | 2,91 |
| 200.000 FCE BANK	1.875 14-19 18/04A | EUR | 207.020 | 203.896 | 0,68 |
| 300.000 IMPERIAL TOBACCO EMTN 5.00 11-19 02/12A | EUR | 337.949 | 324.006 | 1,08 |
| 900.000 INTER GANE TECH REGS 4.125 15-20 15/02S | EUR | 945.324 | 950.697 | 3,15 |
| 900.000 OTE PLC	4.375 15-19 02/12A | EUR | 964.995 | 956.861 | 3,17 |
| 900.000 TESCO CORP	1.375 14-19 01/07A | EUR | 894.167 | 913.545 | 3,04 |
| Niederlande |  | 5.368.482 | 5.253.776 | 17,45 |
| 400.000 EDP FINANCE REGS 34 2.625 14-19 15/04A | EUR | 419.478 | 410.276 | 1,36 |
| 600.000 IBERDROLA INTL	2.875 13-20 11/11A | EUR | 662.639 | 643.068 | 2,14 |
| 500.000 INTERXION REGS	6.00 13-20 15/07S | EUR | 526.875 | 514.075 | 1,71 |
| 900.000 KPN NV	3.75 10-20 21/09A | EUR | 1.014.922 | 979.199 | 3,25 |
| 800.000 OI EUROPEAN GROUP BV 6.75 10-20 15/09S | EUR | 963.696 | 915.776 | 3,04 |
| 900.000 PHOENIX PIB DUTCH EMTN3.125 13-20 27/05A | EUR | 949.341 | 947.790 | 3,15 |
| 800.000 REPSOL INTL FIN	2.625 13-20 28/05A | EUR | 831.531 | 843.592 | 2,80 |
| Deutschland |  | 3.012.827 | 2.911.029 | 9,67 |
| 500.000 CONTINENTAL AG	3.125 13-20 09/09A | EUR | 550.675 | 535.600 | 1,78 |
| 500.000 EWE AG	4.125 11-20 04/11A | EUR | 573.504 | 551.045 | 1,83 |
| 300.000 FRESENIUS FINANCE BV 2.875 13-20 15/07S | EUR | 323.883 | 318.525 | 1,06 |
| 550.000 FRESENIUS US FIN REGS 4.25 12-19 15/04S | EUR | 613.656 | 572.424 | 1,90 |
| 900.000 THYSSENKRUPP	3.125 14-19 25/10A | EUR | 951.109 | 933.435 | 3,10 |
| Italien |  | 1.098.289 | 1.070.664 | 3,56 |
| 200.000 ACEA REG S	4.50 10-20 16/03A | EUR | 234.311 | 217.040 | 0,72 |
| 800.000 TELECOM ITALIA REGS 4.00 12-20 21/01A | EUR | 863.978 | 853.624 | 2,84 |
| Spanien |  | 1.069.664 | 975.483 | 3,24 |
| 300.000 GAS NATURAL REGS	6.00 12-20 27/01A | EUR | 372.339 | 331.569 | 1,10 |
| 600.000 TELEFONICA EMISIONES 4.693 09-19 11/11A | EUR | 697.325 | 643.914 | 2,14 |
| Vereinigte Staaten von Amerika |  | 1.884.507 | 1.898.352 | 6,31 |
| 900.000 BALL	3.50 15-20 15/12S | EUR | 958.585 | 977.499 | 3,25 |
| 900.000 ZF NA CAPITAL	2.25 15-19 26/04A | EUR | 925.922 | 920.853 | 3,06 |
| Irland |  | 1.485.788 | 1.474.244 | 4,90 |
| 600.000 FGA CAPITAL IRELAND 2.00 14-19 23/10A | EUR | 607.720 | 618.084 | 2,05 |
| 800.000 SMURFIT KAPPA ACQ  4.125 13-20 30/01S | EUR | 878.068 | 856.160 | 2,85 |
| Finnland |  | 868.118 | 847.672 | 2,82 |
| 800.000 CRH FINLAND SERVICES 2.75 13-20 15/10A | EUR | 868.118 | 847.672 | 2,82 |
| Japan |  | 870.040 | 872.368 | 2,90 |
| 800.000 SOFTBANK REGS	4.625 13-20 15/04S | EUR | 870.040 | 872.368 | 2,90 |
| Jersey Inseln |  | 749.285 | 862.312 | 2,87 |
| 800.000 GLENCORE FINANCE	3.375 13-20 30/09A | EUR | 749.285 | 862.312 | 2,87 |
| Australien |  | 842.369 | 833.008 | 2,77 |
| 800.000 ORIGIN ENERGY EMTN 2.875 12-19 11/10A | EUR | 842.369 | 833.008 | 2,77 |
| Tschechische Republik |  | 1.017.700 | 975.204 | 3,24 |
| 900.000 EP ENERGY AS REGS  5.875 12-19 01/11S | EUR | 1.017.700 | 975.204 | 3,24 |
| Summe Anlagen |  | 30.182.614 | 29.565.680 | 98,24 |
| Barmittel |  |  | 5.144.902 | 17,09 |

Menge/
| Sonstige Vermögenswerte/-Verbindlichkeiten | -4.614.219 | -15,33 |
| --- | --- | --- |
| Summe Nettovermögen | 30.096.363 | 100,00 |

Nennwert	Bezeichnung	Währung
Kosten für Anschaffung
Marktwert		% des Nettoverm.

### Geografische Allokation des Portfolios
| Niederlande | % des Nettovermögens 17,76 |
| --- | --- |
| Großbritannien | 14,29 |
| Luxemburg | 13,92 |
| Frankreich | 10,99 |
| Deutschland | 9,85 |
| Vereinigte Staaten von Amerika | 6,42 |
| Irland | 4,99 |
| Italien | 3,62 |
| Spanien | 3,30 |
| Tschechische Republik | 3,30 |
| Japan | 2,95 |
| Jersey Inseln | 2,92 |
| Finnland | 2,87 |
| Australien | 2,82 |


###### 	100,00
Ertrags- und Aufwandsrechnung und Veränderung des Nettovermögens vom 01.11.2017 bis 30.04.2018
Ausgedrückt in EUR
| Erträge |  | 1.055.418 |
| --- | --- | --- |
| Nettozinsen auf Renten |  | 1.055.224 |
| Sonstige Erträge |  | 194 |
| Ausgaben |  | 156.847 |
| Verwaltungs- und Beratergebühren | Erläut. 3 | 138.263 |
| Verwahrstellengebühr | Erläut. 5 | 1.582 |
| Taxe d'abonnement | Erläut. 7a | 1.512 |
| Domizilstellen-, Verwaltungsstellen- und Transferstellengebühren | Erläut. 5 | 10.556 |
| Honorare |  | 1.777 |
| Bankgebühren |  | 2.742 |
| Sonstige Aufwendungen |  | 415 |
| Erträge aus Anlagen |  | 898.571 |
| Realisierter Nettogewinn / -verlust aus: - Verkäufen von Wertpapieren des Anlagevermögens | Erläut. 2d | -549.663 |
| Realisierter Nettogewinn |  | 348.908 |
| Veränderung des nicht realisierten Nettogewinns / -verlustes aus: - Anlagen |  | -628.796 |
| Nettovermögensabnahme durch Geschäftstätigkeit |  | -279.888 |
| Dividendenausschüttungen | Erläut. 6 | -1.829.260 |
| Rücknahmen von Anteilen mit Ausschüttung |  | -89.750.679 |
| Verminderung des Nettovermögens |  | -91.859.827 |
| Nettovermögen zu Beginn der Periode |  | 121.956.190 |
| Nettovermögen am Ende der Periode |  | 30.096.363 |

Die beiliegenden Erläuterungen sind integraler Bestandteil dieses Berichtes
SICAV ODDO BHF (früher Oddo
Compass)