# 41
## FORWARD FOREIGN EXCHANGE CONTRACTS
As at 31 December 2018, the following forward foreign exchange contracts were outstanding:
| Currency | Counterparty |  | Currency amount | Market value EUR | % of net sub-fund assets  1 |
| --- | --- | --- | --- | --- | --- |
| USD/EUR | J.P. Morgan Securities Plc., London | Currency purchases | 25,000,000.00 | 21,850,721.12 | 18.99 |
| EUR/USD | J.P. Morgan Securities Plc., London | Currency sales | 48,000,000.00 | 41,953,384.54 | 36.45 |
| EUR/USD | Morgan Stanley & Co. Intl. Plc., London | Currency sales | 25,000,000.00 | 21,850,721.12 | 18.99 |
| FORWARD CONTRACTS |  |  |  |
|  | Holding | Obligations in EUR | % of net sub-fund assets  1 |
| Long positions |  |  |  |
| AUD |  |  |  |
| Australian Dollar Currency Future March 2019 | 41 | 5,172,073.42 | 4.49 |
|  |  | 5,172,073.42 | 4.49 |
| EUR |  |  |  |
| 10YR Euro-BTP 6% Future March 2019 | 51 | 6,515,760.00 | 5.66 |
|  |  | 6,515,760.00 | 5.66 |
| Long positions |  | 11,687,833.42 | 10.15 |
| Forward contracts |  | 11,687,833.42 | 10.15 |

- | Net sub-fund assets. Totals may differ from the actual value due to rounding differences in the individual positions.
- | See Notes to the Financial Statements.


## PURCHASES AND SALES FROM 1 JULY 2018 TO 31 DECEMBER 2018
Purchases and sales of securities, promissory note loans and derivatives carried out during the reporting period, including changes without inflows/outflows, if they are not included in the statement of investments.
ISIN	Securities	Purchases during
Sales during
the reporting period	the reporting period
| BONDS |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Listed securities |  |  |  |  |
| EUR |  |  |  |  |
| FR0013212958 | 3.750 % | Air France-KLM S.A. v.16(2022) | 0 | 700,000 |
| DE000A11QR65 | 3.000 % | Bayer AG Reg.S. EMTN Fix-to-Float v.14(2075) | 0 | 960,000 |
| DE000A14J611 | 2.375 % | Bayer AG Reg.S. EMTN Fix-to-Float v.15(2075) | 0 | 800,000 |
| FR0011697010 | 4.125 % | Electricité de France S.A. EMTN Reg.S. Fix-to-Float Perp. | 0 | 2,100,000 |
| XS1405770907 | 3.375 % | EnBW Energie Baden-Württemberg AG Reg.S. Fix-to-Float v.16(2077) | 0 | 1,200,000 |
| XS1224953882 | 4.875 % | Eurofins Scientific S.E. Fix-to-Float Perp. | 0 | 600,000 |
| DE000A2GSFF1 | 2.125 % | Evonik Industries Reg.S. Fix-to-Float v.17(2077) | 0 | 600,000 |
| XS1647481206 | 2.150 % | Indonesia Reg.S. v.17 (2024) | 0 | 300,000 |  | 42 |
| XS1591416679 | 2.625 % | K+S AG Reg.S. v.17(2023) | 0 | 900,000 |  |  |
| XS1854830889 | 3.250 % | K+S AG v.18(2024) | 1,200,000 | 1,200,000 |  |  |
| FR0013153160 | 2.750 % | Largardere S.C.A. v.16(2023) | 0 | 300,000 |  |  |
| XS1294342792 | 5.250 % | OMV AG Fix-to-Float Reg.S. Perp. | 0 | 1,340,000 |  |  |
| DE000A2LQKV2 | 1.500 % | Sixt Leasing SE EMTN v.18(2022) | 0 | 800,000 |  |  |
| DE000A2DADR6 | 1.125 % | SIXT SE v.17(2021) | 0 | 1,800,000 |  |  |
| XS1497606365 | 3.000 % | Telecom Italia S.p.A. EMTN Reg.S. v.16(2025) | 0 | 250,000 |  |  |
| XS0968913268 | 3.875 % | Volkswagen International Finance NV FRN Perp. | 0 | 800,000 |  |  |
| XS1117300837 GBP | 4.000 % | Vonovia Finance BV Fix-to-Float Reg.S. Perp. | 0 | 1,700,000 |  |  |
| XS1346646901 | 5.000 % | CYBG Plc. FRN v.16(2026) | 0 | 500,000 |  |  |
| XS1061206337 MXN | 5.750 % | TSB Banking Group Plc. EMTN Fix-to-Float v.14(2026) | 0 | 700,000 |  |  |
| MX0MGO0000L1 USD | 8.000 % | Mexico v.09(2020) | 15,000,000 | 15,000,000 |  |  |
| US71647NAP42 | 8.375 % | Petrobras Global Finance BV v.16(2021) | 0 | 2,100,000 |  |  |
| US912810RM27 | 3.000 % | United States of America v.15(2045) | 0 | 4,500,000 |  |  |

Securities admitted to or included in organised markets
| EUR |  |
| --- | --- |
| XS1647100848 | 6.500 % | CMA CGM S.A. Reg.S. v.17(2022) | 0 | 750,000 |
| DE000A1TNJ22 | 5.750 % | DIC Asset AG v.13(2018) | 0 | 1,200,000 |
| XS1699848914 | 2.500 % | Dufry One BV Reg.S. v.17(2024) | 0 | 1,300,000 |
| XS1821883102 | 3.625 % | Netflix Inc. Reg.S. v.17(2027) | 650,000 | 650,000 |
| XS1493836461 USD | 4.250 % | Ziggo Secured Finance BV Reg.S. v.16(2027) | 0 | 380,000 |
| USU37818AS70 | 3.000 % | Glencore Funding LLC Reg.S. v.17(2022) | 0 | 800,000 |
| USG5002FAA42 | 4.125 % | Jaguar Land Rover Automotive DL-Notes Reg.S v.13(2018) | 0 | 1,000,000 |

| Continued – Purchases and sales between 1 July 2018 and 31 December 2018 |  |
| --- | --- |
| Derivatives | Purchases during the reporting period | Sales during the reporting period |  |
| FORWARD CONTRACTS |  |  |  |
| AUD |  |  |  |
| Australian Dollar Currency Future December 2018 | 41 | 41 |  |
| Australian Dollar Currency Future September 2018 | 42 | 42 |  |
| EUR |  |  |  |
| EUX 10YR Euro-Bund Future December 2018 | 46 | 46 |  |
| EUX 10YR Euro-Bund Future September 2018 | 87 | 87 |  |
| 10YR Euro-BTP 6% Future December 2018 | 47 | 47 |  |
| 10YR Euro-BTP 6% Future September 2018 | 61 | 30 |  |
| GBP |  |  |  |
| British Pound Currency Future December 2018 | 23 | 23 |  |
| British Pound Currency Future September 2018 | 23 | 23 |  |
| NOK |  |  | 43 |
| EUR/NOK Currency Future September 2018 | 25 | 25 |  |
| NOK/EUR Exchange Rate Future December 2018 | 25 | 25 |  |
| USD |  |  |  |
| CBT 10YR US T-Bond Note Future December 2018 | 318 | 318 |  |
| CBT 10YR US T-Bond Note Future September 2018 | 212 | 212 |  |
| UltraTreasury 6% Future December 2018 | 82 | 82 |  |
| UltraTreasury 6% Future September 2018 | 29 | 29 |  |
| US Dollar Currency Future September 2018 | 167 | 167 |  |


## EXCHANGE RATES
Assets denominated in foreign currencies were converted into euro using the following exchange rates as at 31 December 2018.
|  | Currency |  |
| --- | --- | --- |
| Australian dollar | AUD | 1 | 1.6222 |
| British pound | GBP | 1 | 0.9022 |
| Japanese yen | JPY | 1 | 126.2433 |
| Canadian dollar | CAD | 1 | 1.5546 |
| Norwegian krone | NOK | 1 | 10.0292 |
| Polish zloty | PLN | 1 | 4.2917 |
| Swedish krona | SEK | 1 | 10.2939 |
| Swiss franc | CHF | 1 | 1.1282 |
| South African rand | ZAR | 1 | 16.5351 |
| Turkish lira | TRY | 1 | 6.0184 |
| Hungarian forint | HUF | 1 | 320.7200 |
| US dollar | USD | 1 | 1.1401 |


## UNIT CLASSES
|  | Unit class PA (EUR) | Unit class I (EUR) | Unit class XP (EUR) |
| --- | --- | --- | --- |
| Securities ID number: | 164321 | 164322 | A2H62P |
| ISIN code: | LU0159549814 | LU0159551125 | LU1714355440 |
| Initial charge: | up to 1.00% | None | None |
| Redemption fee: | None | None | None |
| Management fee: | 0.42% p.a. | 0.32% p.a. | 0.22% p.a. |
| Minimum subsequent investment: | None | EUR 75,000.00 | EUR 3,000,000.00 |
| Use of income: | distribution | accumulation | distribution |
| Currency: | EUR | EUR | EUR |
| GEOGRAPHICAL AND SECTOR BREAKDOWN  1 |
| Geographical breakdown |  |  | Sector breakdown |  |
| United States of America | 20.70 % |  | Government bonds | 34.75 % |
| Germany | 15.42 % |  | Property | 5.48 % |
| Italy | 8.26 % |  | Materials | 5.43 % |
| Australia | 5.39 % |  | Banks | 5.21 % |
| Netherlands | 3.46 % |  | Automotive & components | 4.46 % |
| Luxembourg | 3.06 % |  | Hardware & equipment | 3.94 % |
| United Kingdom | 2.71 % |  | Transport | 3.76 % |
| Ireland | 2.29 % |  | Diversified financial services | 2.87 % |
| Norway | 2.29 % |  | Food, beverages & tobacco | 2.81 % |
| Austria | 2.27 % |  | Capital goods | 2.32 % |
| Slovenia | 2.17 % |  | Utilities | 1.66 % |
| Belgium | 1.98 % |  | Other | 0.95 % |
| Czech Republic | 1.19 % |  | Energy | 0.79 % |
| Cyprus | 1.17 % |  | Insurance | 0.52 % |
| Virgin Islands (GB) | 1.14 % |  | Media | 0.40 % |
| Morocco | 0.81 % |  | Wholesale & retail | 0.32 % |
| Mexico | 0.56 % |  | Healthcare: Equipment & services | 0.09 % |
| Spain | 0.45 % |  | Securities | 75.76 % |
| Sweden | 0.44 % |  | Forward contracts | 0.15 % |
| Securities | 75.76 % |  | Cash at banks | 23.25 % |
| Forward contracts | 0.15 % |  | Balance from other receivables and payables | 0.84 % |
| Cash at banks | 23.25 % |  |  | 100.00 % |
| Balance from other receivables and payables | 0.84 % |  |  |  |
|  | 100.00 % |  |  |  |

The company is entitled to create unit classes with different rights in terms of the units. The following unit classes with the following features are currently available:

Translation (ENDE, 2018-12-31):
# 41
## DEVISENTERMINGESCHÄFTE
Zum 31. Dezember 2018 standen folgende offene Devisentermingeschäfte aus:
| Währung | Kontrahent |  | Währungsbetrag | Kurswert EUR | %-Anteil vom NTFV  1 |
| --- | --- | --- | --- | --- | --- |
| USD/EUR | J.P. Morgan Securities PLC, London | Währungskäufe | 25.000.000,00 | 21.850.721,12 | 18,99 |
| EUR/USD | J.P. Morgan Securities PLC, London | Währungsverkäufe | 48.000.000,00 | 41.953.384,54 | 36,45 |
| EUR/USD | Morgan Stanley & Co. Intl. PLC, London | Währungsverkäufe | 25.000.000,00 | 21.850.721,12 | 18,99 |
| TERMINKONTRAKTE |  |  |  |
|  | Bestand | Verpflichtungen EUR | %-Anteil vom NTFV  1 |
| Long-Positionen |  |  |  |
| AUD |  |  |  |
| Australian Dollar Currency Future März 2019 | 41 | 5.172.073,42 | 4,49 |
|  |  | 5.172.073,42 | 4,49 |
| EUR |  |  |  |
| 10YR Euro-BTP 6% Future März 2019 | 51 | 6.515.760,00 | 5,66 |
|  |  | 6.515.760,00 | 5,66 |
| Long-Positionen |  | 11.687.833,42 | 10,15 |
| Terminkontrakte |  | 11.687.833,42 | 10,15 |

1 | NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2 | Siehe Erläuterungen zum Bericht.

## ZU- UND ABGÄNGE VOM 1. JULI 2018 BIS 31. DEZEMBER 2018
Während des Berichtszeitraumes getätigte Käufe und Verkäufe in Wertpapieren, Schuldscheindarlehen und Derivaten, einschließlich Änderungen ohne Geldbewegungen, soweit sie nicht in der Vermögensaufstellung genannt sind.
ISIN	Wertpapiere	Zugänge
Abgänge
im Berichtszeitraum	im Berichtszeitraum

## ANLEIHEN
Börsengehandelte Wertpapiere
| EUR |  |
| --- | --- |
| FR0013212958 | 3,750 % | Air France-KLM S.A. v.16(2022) | 0 | 700.000 |  |  |
| DE000A11QR65 | 3,000 % | Bayer AG Reg.S. EMTN Fix-to-Float v.14(2075) | 0 | 960.000 |  |  |
| DE000A14J611 | 2,375 % | Bayer AG Reg.S. EMTN Fix-to-Float v.15(2075) | 0 | 800.000 |  |  |
| FR0011697010 | 4,125 % | Electricité de France S.A. EMTN Reg.S. Fix-to-Float Perp. | 0 | 2.100.000 |  |  |
| XS1405770907 | 3,375 % | EnBW Energie Baden-Württemberg AG Reg.S. Fix-to-Float v.16(2077) | 0 | 1.200.000 |  |  |
| XS1224953882 | 4,875 % | Eurofins Scientific S.E. Fix-to-Float Perp. | 0 | 600.000 |  |  |
| DE000A2GSFF1 | 2,125 % | Evonik Industries Reg.S. Fix-to-Float v.17(2077) | 0 | 600.000 |  |  |
| XS1647481206 | 2,150 % | Indonesien Reg.S. v.17(2024) | 0 | 300.000 |  | 42 |
| XS1591416679 | 2,625 % | K+S AG Reg.S. v.17(2023) | 0 | 900.000 |  |  |
| XS1854830889 | 3,250 % | K+S AG v.18(2024) | 1.200.000 | 1.200.000 |  |  |
| FR0013153160 | 2,750 % | Largardere S.C.A. v.16(2023) | 0 | 300.000 |  |  |
| XS1294342792 | 5,250 % | OMV AG Fix-to-Float Reg.S. Perp. | 0 | 1.340.000 |  |  |
| DE000A2LQKV2 | 1,500 % | Sixt Leasing SE EMTN v.18(2022) | 0 | 800.000 |  |  |
| DE000A2DADR6 | 1,125 % | SIXT SE v.17(2021) | 0 | 1.800.000 |  |  |
| XS1497606365 | 3,000 % | Telecom Italia S.p.A. EMTN Reg.S. v.16(2025) | 0 | 250.000 |  |  |
| XS0968913268 | 3,875 % | Volkswagen International Finance NV FRN Perp. | 0 | 800.000 |  |  |
| XS1117300837 GBP | 4,000 % | Vonovia Finance BV Fix-to-Float Reg.S. Perp. | 0 | 1.700.000 |  |  |
| XS1346646901 | 5,000 % | CYBG Plc. FRN v.16(2026) | 0 | 500.000 |  |  |
| XS1061206337 MXN | 5,750 % | TSB Banking Group Plc. EMTN Fix-to-Float v.14(2026) | 0 | 700.000 |  |  |
| MX0MGO0000L1 USD | 8,000 % | Mexiko v.09(2020) | 15.000.000 | 15.000.000 |  |  |
| US71647NAP42 | 8,375 % | Petrobras Global Finance BV v.16(2021) | 0 | 2.100.000 |  |  |
| US912810RM27 | 3,000 % | Vereinigte Staaten von Amerika v.15(2045) | 0 | 4.500.000 |  |  |

An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere
| EUR |  |
| --- | --- |
| XS1647100848 | 6,500 % | CMA CGM S.A. Reg.S. v.17(2022) | 0 | 750.000 |
| DE000A1TNJ22 | 5,750 % | DIC Asset AG v.13(2018) | 0 | 1.200.000 |
| XS1699848914 | 2,500 % | Dufry One BV Reg.S. v.17(2024) | 0 | 1.300.000 |
| XS1821883102 | 3,625 % | Netflix Inc. Reg.S. v.17(2027) | 650.000 | 650.000 |
| XS1493836461 USD | 4,250 % | Ziggo Secured Finance BV Reg.S. v.16(2027) | 0 | 380.000 |
| USU37818AS70 | 3,000 % | Glencore Funding LLC Reg.S. v.17(2022) | 0 | 800.000 |
| USG5002FAA42 | 4,125 % | Jaguar Land Rover Automotive DL-Notes Reg.S v.13(2018) | 0 | 1.000.000 |

| Fortsetzung – Zu- und Abgänge vom 1. Juli 2018 bis 31. Dezember 2018 |  |
| --- | --- |
| Derivate | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum |  |
| TERMINKONTRAKTE |  |  |  |
| AUD |  |  |  |
| Australian Dollar Currency Future Dezember 2018 | 41 | 41 |  |
| Australian Dollar Currency Future September 2018 | 42 | 42 |  |
| EUR |  |  |  |
| EUX 10YR Euro-Bund Future Dezember 2018 | 46 | 46 |  |
| EUX 10YR Euro-Bund Future September 2018 | 87 | 87 |  |
| 10YR Euro-BTP 6% Future Dezember 2018 | 47 | 47 |  |
| 10YR Euro-BTP 6% Future September 2018 | 61 | 30 |  |
| GBP |  |  |  |
| Britische Pound Currency Future Dezember 2018 | 23 | 23 |  |
| Britische Pound Currency Future September 2018 | 23 | 23 |  |
| NOK |  |  | 43 |
| EUR/NOK Currency Future September 2018 | 25 | 25 |  |
| NOK/EUR Devisenkurs Future Dezember 2018 | 25 | 25 |  |
| USD |  |  |  |
| CBT 10YR US T-Bond Note Future Dezember 2018 | 318 | 318 |  |
| CBT 10YR US T-Bond Note Future September 2018 | 212 | 212 |  |
| UltraTreasury 6% Future Dezember 2018 | 82 | 82 |  |
| UltraTreasury 6% Future September 2018 | 29 | 29 |  |
| US Dollar Currency Future September 2018 | 167 | 167 |  |


## DEVISENKURSE
Für die Bewertung von Vermögenswerten in fremder Währung wurde zum nachstehenden Devisenkurs zum
31. Dezember 2018 in Euro umgerechnet.
|  | Währung |  |
| --- | --- | --- |
| Australischer Dollar | AUD | 1 | 1,6222 |
| Britisches Pfund | GBP | 1 | 0,9022 |
| Japanischer Yen | JPY | 1 | 126,2433 |
| Kanadischer Dollar | CAD | 1 | 1,5546 |
| Norwegische Krone | NOK | 1 | 10,0292 |
| Polnischer Zloty | PLN | 1 | 4,2917 |
| Schwedische Krone | SEK | 1 | 10,2939 |
| Schweizer Franken | CHF | 1 | 1,1282 |
| Südafrikanischer Rand | ZAR | 1 | 16,5351 |
| Türkische Lira | TRY | 1 | 6,0184 |
| Ungarischer Forint | HUF | 1 | 320,7200 |
| US-Dollar | USD | 1 | 1,1401 |


## ANTEILKLASSEN
|  | Anteilklasse PA (EUR) | Anteilklasse I (EUR) | Anteilklasse XP (EUR) |
| --- | --- | --- | --- |
| WP-Kenn-Nr.: | 164321 | 164322 | A2H62P |
| ISIN-Code: | LU0159549814 | LU0159551125 | LU1714355440 |
| Ausgabeaufschlag: | bis zu 1,00 % | keiner | keiner |
| Rücknahmeabschlag: | keiner | keiner | keiner |
| Verwaltungsvergütung: | 0,42 % p. a. | 0,32 % p. a. | 0,22 % p. a. |
| Mindestfolgeanlage: | keine | 75.000,00 EUR | 3.000.000,00 Euro |
| Ertragsverwendung: | ausschüttend | thesaurierend | ausschüttend |
| Währung: | EUR | EUR | EUR |
| GEOGRAFISCHE UND WIRTSCHAFTLICHE AUFTEILUNG  1 |
| Geografische Länderaufteilung |  |  | Wirtschaftliche Aufteilung |  |
| Vereinigte Staaten von Amerika | 20,70 % |  | Staatsanleihen | 34,75 % |
| Deutschland | 15,42 % |  | Immobilien | 5,48 % |
| Italien | 8,26 % |  | Roh-, Hilfs- & Betriebsstoffe | 5,43 % |
| Australien | 5,39 % |  | Banken | 5,21 % |
| Niederlande | 3,46 % |  | Automobile & Komponenten | 4,46 % |
| Luxemburg | 3,06 % |  | Hardware & Ausrüstung | 3,94 % |
| Vereinigtes Königreich | 2,71 % |  | Transportwesen | 3,76 % |
| Irland | 2,29 % |  | Diversifizierte Finanzdienste | 2,87 % |
| Norwegen | 2,29 % |  | Lebensmittel, Getränke & Tabak | 2,81 % |
| Österreich | 2,27 % |  | Investitionsgüter | 2,32 % |
| Slowenien | 2,17 % |  | Versorgungsbetriebe | 1,66 % |
| Belgien | 1,98 % |  | Sonstiges | 0,95 % |
| Tschechische Republik | 1,19 % |  | Energie | 0,79 % |
| Zypern | 1,17 % |  | Versicherungen | 0,52 % |
| Jungferninseln (GB) | 1,14 % |  | Medien | 0,40 % |
| Marokko | 0,81 % |  | Groß- und Einzelhandel | 0,32 % |
| Mexiko | 0,56 % |  | Gesundheitswesen: Ausstattung & Dienste | 0,09 % |
| Spanien | 0,45 % |  | Wertpapiervermögen | 75,76 % |
| Schweden | 0,44 % |  | Terminkontrakte | 0,15 % |
| Wertpapiervermögen | 75,76 % |  | Bankguthaben | 23,25 % |
| Terminkontrakte | 0,15 % |  | Saldo aus sonstigen Forderungen und | 0,84 % |

Die Gesellschaft ist berechtigt, Anteilklassen mit unterschiedlichen Rechten hinsichtlich der Anteile zu bilden. Derzeit bestehen die folgenden Anteilklassen mit den Ausgestaltungsmerkmalen: