Raiffeisen Euro Corporates - Banca · PDF fileRaiffeisen Euro Corporates is a bond fund ......

Raiffeisen Euro Corporates (Original German name: Raiffeisen-Euro-Corporates) Semi-annual fund report 2013

Semi-annual fund report: 1 February 2013 – 31 July 2013 2

Raiffeisen Euro Corporates

Table of contents General fund information ..................................................................................................................................... 3

Fund characteristics ............................................................................................................................................. 3

Legal notice ...................................................................................................................................................... 4

Fund details.......................................................................................................................................................... 5

Units in circulation ................................................................................................................................................ 5

Fund investment policy report ............................................................................................................................. 6

Makeup of fund assets in EUR ............................................................................................................................ 7

Portfolio of investments in EUR ........................................................................................................................... 8



Semi-annual fund report from 1 February 2013 to 31 July 2013

Raiffeisen Euro Corporates is a bond fund under the Austrian Investment Fund Act. Its investment goal is regular income.

The fund mainly invests (at least 51 % of its fund assets) in euro-denominated corporate bonds in higher rating classes

(investment grade, i.e. a minimum rating of Baa3 from Moody’s, BBB- from Standard & Poor’s or BBB- from Fitch). The

fund may also invest in other bonds and money market instruments issued by sovereigns, companies or supranational

issuers etc., in other securities, in units in investment funds and in sight deposits and deposits at notice. The fund is

actively managed and is not limited by means of a benchmark.

General fund information

Tranche Fund currency Tranche currency Launch date ISIN

ISIN income-distributing (R) (A) EUR EUR 14/5/2001 AT0000712518

ISIN income-distributing (S) (A) EUR EUR 1/8/2011 AT0000A0PG42

ISIN income-retaining (R) (T) EUR EUR 14/5/2001 AT0000712526

ISIN full income-retaining (outside Austria) (R) (VTA) EUR EUR 29/10/2002 AT0000712534

ISIN savings fund income-distributing (R) (A) EUR EUR 14/5/2001 AT0000712542

ISIN savings fund income-retaining (R) (T) EUR EUR 14/5/2001 AT0000712559

Fund characteristics

Financial year: 1 February – 31 January

Distribution/payment/reinvestment date: 15 April

EU directive compliance: EU directive-compliant

jointly owned fund under the 2011 Austrian Investment Fund Act (InvFG),

as amended

Max. management fee for the fund: R tranche: 0.72 %

S tranche: 1.25 %

Custodian bank: Raiffeisen Bank International AG

Management company: Raiffeisen Kapitalanlage-Gesellschaft m.b.H.

Schwarzenbergplatz 3, A-1010 Vienna

Tel. +43 1 71170-0, Fax +43 1 71170-1092

www.rcm.at

Companies register number: 83517 w

Fund management: Raiffeisen Kapitalanlage-Gesellschaft m.b.H.

Auditor: KPMG Austria AG



Legal notice

All data and information has been compiled and checked with the greatest care. No liability or guarantee can be

assumed for the recentness, correctness and completeness of the information provided. We consider the sources used

to be reliable. The software used performs calculations on the basis of more than the two decimal places displayed.

Minor discrepancies cannot be ruled out due to further calculations using published results.

The value of a unit is calculated by dividing the entire value of the investment fund inclusive of its income by the number

of units. The total value of the investment fund is calculated on the basis of the current market prices of the securities,

money market instruments and subscription rights in the fund plus the value of the fund’s financial investments, cash

holdings, credit balances, receivables and other rights net of its payables. That value will be calculated by the custodian

bank.

The net assets are calculated in accordance with the following principles:

a) In principle, the value of assets quoted or traded on a stock market or on another regulated market will be

determined on the basis of the most recently available price.

b) Where an asset is not quoted or traded on a stock market or another regulated market or where the price for an

asset quoted or traded on a stock market or another regulated market does not appropriately reflect its actual

market value, the prices provided by reliable data providers or, alternatively, market prices for equivalent securities

or other recognized valuation methods shall be used.



Dear unitholder,

Raiffeisen Kapitalanlage-Gesellschaft m. b. H. is pleased to present its semi-annual fund report for Raiffeisen Euro

Corporates for the period from 1 February 2013 to 31 July 2013.

Fund details

31/1/2013 31/7/2013

Fund assets in EUR 269,010,945.27 268,705,328.20

Net asset value/unit (R) (A) EUR 116.30 115.48

Issue price/unit (R) (A) EUR 119.79 118.94

Net asset value/unit (S) (A) EUR 114.38 114.74

Issue price/unit (S) (A) EUR 115.98 116.35

Net asset value/unit (R) (T) EUR 159.44 161.45

Issue price/unit (R) (T) EUR 164.22 166.29

Net asset value/unit (R) (VTA) EUR 174.64 177.98

Issue price/unit (R) (VTA) EUR 179.88 183.32

Units in circulation

AT0000712518

(R) A

AT0000A0PG42

(S) A

AT0000712526

(R) T

AT0000712534

(R) VTA

Units in circulation on 31/1/2013 691,961.619 39,143.254 543,978.168 557,254.605

Sales 158,146.447 9,236.508 349,566.106 177,168.549

Repurchases - 113,436.391 - 2,788.904 - 370,817.048 - 206,294.049

Units in circulation 736,671.675 45,590.858 522,727.226 528,129.105

Total units in circulation on 31/7/2013 1,833,118.864



Fund investment policy report

Raiffeisen Euro Corporates is broadly diversified and mainly invests in corporate bonds. Risk sentiment clearly improved

following the announcement from Mario Draghi, the president of the European Central Bank, that the bank would do

everything possible to defend the euro and would purchase problem countries’ government bonds. From the start of

2013 onwards, the fund accordingly increased its holdings in companies from peripheral countries, mainly through

attractively priced new issues. Financial stocks accounted for between slightly short of 5 % and 7 % of the fund’s

holdings throughout the period and provided a marginally positive contribution. Since the start of 2013, the decline in risk

premiums on corporate bonds has slowed. In general, the interest-rate level has risen slightly. Besides the stabilizing

European economy this reflects the winding-up of the US central bank’s expansionary monetary policy. Following the

attractive yields realized in previous periods, the fund achieved only marginal income in the reporting period, due to the

slight adjustment in the general interest-rate level. However, the fund outperformed the market interest rate through

successful stockpicking. The portfolio’s maturity structure was defensive for much of the period.

Overall the fund was fully invested during the period under review. The fund increased its cash holdings on a short-term

basis, in the expectation of rising risk premiums. The picture for duration strategies was positive. Besides the fund’s

successful discretionary strategy, its quantitative strategies also delivered outperformance. At the end of the period, the

fund had an average fixed interest rate just short of 4.3 years.

Securities lending transactions were entered into in order to generate additional income.



Makeup of fund assets in EUR Securities Market value %

Structured products – asset-backed securities:

EUR 2,736,756.30 1.02

Structured products:

EUR 944,190.00 0.35

Total structured products 3,680,946.30 1.37

Bonds:

EUR 244,235,486.25 90.89

Total securities 247,916,432.55 92.26

Derivative products

Valuation of financial futures - 19.93 0.00

Valuation of credit default swaps (protection seller) 11,092.35 0.00

Total derivative products 11,072.42 0.00

Bank balances

Bank balances in fund currency 17,601,850.01 6.55

Bank liabilities in foreign currency - 0.17 0.00

Total bank balances 17,601,849.84 6.55

Accruals and deferrals

Interest claims (on securities and bank balances) 3,350,890.09 1.25

Credit default swaps receivables (protection seller) 1,366.67 0.00

Total accruals and deferrals 3,352,256.76 1.25

Other items

Various fees - 176,283.37 - 0.06

Total fund assets 268,705,328.20 100.00



Portfolio of investments in EUR

Dates indicated for securities refer to the issue and redemption dates. An issuer’s right of premature redemption (where

applicable) is not specified. The securities marked with a "Y" have an open-ended maturity.

ISIN SECURITY TITLE IS VOLUME PURCHASES SALES PRICE MARKET % SHARE

PERPETUAL 31/7/2013 ADDITIONS DISPOSALS VALUE OF FUND IN PERIOD UNDER REVIEW IN EUR ASSETS

STRUCTURED PRODUCTS: ASSET-BACKED-SECURITIES IN EURO XS0557312922 3.2500 THAMES WATER KY FI. 10/16 400,000 106.620750 426,483.00 0.16 XS0548105559 4.1250 HEATHR.FUND.10/18 MTN 970,000 280,000 108.749670 1,054,871.80 0.39 XS0736300293 4.3750 HEATHR.FUND.12/19 MTN 500,000 300,000 109.999500 549,997.50 0.21 XS0171463788 4.6250 ANGLIAN W.S.F. 03/13 MTN 700,000 100.772000 705,404.00 0.26

STRUCTURED PRODUCTS IN EURO XS0558238043 4.8750 ALLIANDER 10/UND.FLR Y 900,000 1,000,000 600,000 104.910000 944,190.00 0.35

BONDS IN EURO DE000A1G85A6 0.3750 SIEMENS FINANC. 12/14 MTN 1,300,000 100,000 100.067000 1,300,871.00 0.48 XS0849620231 0.8750 NED. GASUNIE 12/15 MTN 600,000 100.270000 601,620.00 0.22 DE000A1HJLN2 1.0000 BMW US CAP 13/17 MTN 1,900,000 1,900,000 99.295570 1,886,615.83 0.70 XS0925519380 1.0000 GE CAP.EUROP. 13/17 MTN 1,250,000 1,500,000 250,000 98.821390 1,235,267.38 0.46 DE000A1R0U31 1.0000 SAP AG MTN 12/15 840,000 60,000 100.508000 844,267.20 0.31 XS0909787300 1.0000 VOLKSWAGEN INTL 13/16 MTN 3,100,000 4,000,000 900,000 99.906330 3,097,096.23 1.15 FR0011361948 1.1250 DANONE 12/17 MTN 600,000 500,000 100.064620 600,387.72 0.22 DE000A1G7EH9 1.2500 BMW US CAP 12/16 MTN 1,100,000 250,000 101.036220 1,111,398.42 0.41 FR0011437367 1.2500 DANONE 13/18 MTN 900,000 1,400,000 500,000 99.846700 898,620.30 0.33 FR0011485051 1.2500 LVMH 13/19 MTN 250,000 500,000 250,000 98.400700 246,001.75 0.09 XS0925668625 1.2500 NESTLE FIN.INTL 13/20 MTN 700,000 800,000 100,000 97.819460 684,736.22 0.25 XS0881360555 1.2500 TOYOTA MOTOR CRED13/17MTN 1,100,000 400,000 100.518480 1,105,703.28 0.41 XS0246862485 1.3460 JPMORGAN CHASE 06/18 MTN 1,500,000 300,000 300,000 97.458000 1,461,870.00 0.54 XS0933994807 1.3750 BNP PARIBAS 13/18 MTN 1,800,000 2,100,000 300,000 97.666800 1,758,002.40 0.65 FR0011513340 1.3750 DANONE 13/19 MTN 500,000 500,000 99.282670 496,413.35 0.18 XS0856023147 1.3750 INTL BUS. MACH. 12/19 1,800,000 400,000 100,000 97.938660 1,762,895.88 0.66 XS0788529096 1.3750 PACCAR FIN. 12/15 MTN 500,000 101.150000 505,750.00 0.19 XS0236075908 1.4690 CITIGROUP INC. 05/17 MTN 100,000 600,000 96.719000 96,719.00 0.04 FR0011521277 1.5000 AIR LIQUIDE FIN.13-19 MTN 2,500,000 2,600,000 100,000 98.812000 2,470,300.00 0.92 FR0011289222 1.5000 GDF SUEZ S,A, 12/17 MTN 2,200,000 1,000,000 101.268590 2,227,908.98 0.83 DE000A1G85B4 1.5000 SIEMENS FINANC. 12/20 MTN 1,300,000 200,000 750,000 98.662770 1,282,616.01 0.48 XS0794238583 1.5000 VOLKSWAGEN LEASING 12/15 900,000 2,100,000 101.374300 912,368.70 0.34 XS0921670385 1.6250 HYPO NOE NTS 13-18/6 1,100,000 1,200,000 100,000 97.582000 1,073,402.00 0.40 XS0934191114 1.7500 CARREFOUR 13/19 MTN 1,520,000 1,670,000 150,000 98.128950 1,491,560.04 0.56 DE000A1MLSR4 1.7500 DAIMLER AG.MTN 12/15 1,500,000 800,000 400,000 101.917870 1,528,768.05 0.57 DE000A1R0TN7 1.7500 DAIMLER AG.MTN 12/20 470,000 30,000 99.147950 465,995.37 0.17 XS0933505967 1.7500 FCE BANK PLC 13/18 MTN 400,000 600,000 200,000 98.106000 392,424.00 0.15 XS0828235225 1.7500 LINDE MTN 12/20 1,400,000 600,000 99.136340 1,387,908.76 0.52 XS0891393414 1.7500 NATL GRID NA 13/18 MTN 1,100,000 1,400,000 300,000 101.053650 1,111,590.15 0.41 XS0906815088 1.7500 PHILIP MORRIS INTL 13/20 1,500,000 1,500,000 98.413240 1,476,198.60 0.55 XS0940302002 1.7500 RCI BANQUE 13/16 MTN 300,000 500,000 200,000 99.773800 299,321.40 0.11 XS0760245539 1.7500 SCANIA CV 12/16 MTN 700,000 102.024000 714,168.00 0.27 XS0798788716 1.7500 TELENOR ASA 12/18 MTN 1,100,000 500,000 101.821650 1,120,038.15 0.42 XS0857214968 1.7500 XSTRATA F,DUBAI 12/16 MTN 600,000 200,000 1,000,000 99.944160 599,664.96 0.22 XS0954684972 1.8000 TOYOTA MOTOR CRED13/20MTN 1,650,000 1,650,000 99.419000 1,640,413.50 0.61 XS0861594652 1.8750 AT + T INC. 12/20 950,000 500,000 150,000 98.185210 932,759.50 0.35 XS0883560715 1.8750 BASF MTN 13/21 1,900,000 2,000,000 100,000 99.320450 1,887,088.55 0.70 XS0866278921 1.8750 CARREFOUR 12/17 MTN 800,000 500,000 101.278540 810,228.32 0.30 XS0795872901 1.8750 DT, POST FIN, 12/17 MTN 1,200,000 102.336670 1,228,040.04 0.46 XS0854400800 1.8750 ENEXIS HOLDING 12/20 MTN 800,000 100,000 98.200060 785,600.48 0.29 XS0911405784 1.8750 EVONIK IND.MTN 13/20 150,000 350,000 200,000 98.667200 148,000.80 0.06 XS0895722071 1.8750 ING BK NV 13/18 MTN 800,000 1,500,000 700,000 99.892750 799,142.00 0.30 XS0856977144 1.8750 JPMORGAN CHASE 12/19 MTN 700,000 100,000 200,000 99.107420 693,751.94 0.26 XS0911431517 1.8750 ORANGE 13/19 MTN 800,000 800,000 98.838010 790,704.08 0.29 XS0878010718 1.8750 RWE FIN. 13/20 MTN 1,150,000 98.687620 1,134,907.63 0.42 XS0862091955 1.8750 SABMILLER HLD. 12/20 MTN 1,240,000 100,000 99.216820 1,230,288.57 0.46 XS0951395317 1.8750 TOTAL CAP.CA. 13/20 MTN 2,000,000 2,400,000 400,000 99.808000 1,996,160.00 0.74 BE6243180666 2.0000 AB INBEV 12/19 MTN 1,950,000 400,000 150,000 101.388350 1,977,072.83 0.74 DE000A1MA9V5 2.0000 DAIMLER AG.MTN 12/17 400,000 103.308120 413,232.48 0.15 DE000A1TNJ97 2.0000 DAIMLER AG.MTN 13/21 500,000 500,000 98.536870 492,684.35 0.18 XS0816704125 2.0000 PROCTER GAMBLE 12/22 1,300,000 100,000 98.774040 1,284,062.52 0.48



ISIN SECURITY TITLE VOLUME PURCHASES SALES PRICE MARKET % SHARE 31/7/2013 ADDITIONS DISPOSALS VALUE OF FUND

IN PERIOD UNDER REVIEW IN EUR ASSETS

BONDS IN EURO XS0863129135 2.0000 RIO TINTO FIN. 12/20 MTN 400,000 99.011730 396,046.92 0.15 XS0760139773 2.0000 ROCHE FIN.EUROPE 12/18MTN 1,100,000 600,000 104.179960 1,145,979.56 0.43 XS0944451243 2.0000 SSE PLC 13/20MTN 400,000 900,000 500,000 99.749500 398,998.00 0.15 XS0909788290 2.0000 VOLKSWAGEN INTL 13/21 MTN 440,000 1,400,000 960,000 98.527580 433,521.35 0.16 XS0829317832 2.1250 AMGEN 12/19 700,000 100,000 100.298000 702,086.00 0.26 XS0787785715 2.1250 BHP BILLITON FIN.12/18MTN 650,000 102.217310 664,412.52 0.25 XS0729046051 2.1250 BMW FIN. NV 12/15 MTN 1,000,000 900,000 102.208090 1,022,080.90 0.38 XS0875796541 2.1250 DT.TELEK.INTL F0.13/21 MTN 1,350,000 300,000 1,150,000 99.131120 1,338,270.12 0.50 XS0856173546 2.1250 RCI BANQUE 12/14 MTN 750,000 400,000 50,000 100.893610 756,702.08 0.28 DE000A1R0U23 2.1250 SAP AG MTN 12/19 900,000 70,000 100.542000 904,878.00 0.34 XS0747743937 2.1770 BP CAPITAL MKTS 12/16 MTN 500,000 400,000 1,300,000 103.212090 516,060.45 0.19 FR0011342740 2.2500 ALSTOM S.A. 12/17 MTN 400,000 100.814000 403,256.00 0.15 XS0834386228 2.2500 BHP BILLITON FIN.12/20MTN 1,250,000 300,000 150,000 100.665220 1,258,315.25 0.47 XS0825855751 2.2500 FORTUM OYJ 12/22 MTN 600,000 100,000 97.314260 583,885.56 0.22 XS0954025267 2.2500 GE CAP.EUROP. 13/20 MTN 1,800,000 1,800,000 99.961000 1,799,298.00 0.67 FR0011462571 2.2500 GROUPE AUCHAN 13/23 MTN 700,000 1,100,000 400,000 97.790660 684,534.62 0.25 FR0011523489 2.2500 GROUPE AUCHAN 13/23 MTN 2 300,000 300,000 96.967000 290,901.00 0.11 XS0901370691 2.2500 MORGAN STANLEY 13/18 MTN 400,000 750,000 350,000 100.199900 400,799.60 0.15 XS0925599556 2.2500 WELLS FARGO 13/23 MTN 500,000 1,000,000 500,000 97.244350 486,221.75 0.18 XS0856014583 2.3750 BRIT.AMER.TOBAC.12/23 MTN 400,000 900,000 98.075850 392,303.40 0.15 XS0860583912 2.3750 IPIC GMTN 12/18 MTN REGS 1,000,000 200,000 100,000 101.500000 1,015,000.00 0.38 XS0933540527 2.3750 RABOBK NEDERLD 13/23 MTN 700,000 1,120,000 420,000 96.770920 677,396.44 0.25 XS0914292254 2.3750 SNAM 13/17 MTN 1,000,000 1,500,000 500,000 100.595320 1,005,953.20 0.37 FR0011536614 2.3750 VIVENDI S.A. 13/19 MTN 1,100,000 1,100,000 100.219000 1,102,409.00 0.41 XS0858089740 2.3750 VOLVO TREAS. 12/19 MTN 300,000 100,000 100.125000 300,375.00 0.11 FR0011452291 2.5000 ACCOR 13/19 200,000 500,000 300,000 99.220000 198,440.00 0.07 XS0830380639 2.5000 ANGLO AM. CAP. 12/18 600,000 200,000 100.660540 603,963.24 0.22 XS0923361827 2.5000 ANGLO AM. CAP. 13/21 650,000 750,000 100,000 94.387820 613,520.83 0.23 XS0954946926 2.5000 BANK AMERI. 13/20 MTN 800,000 800,000 99.216000 793,728.00 0.30 XS0802067636 2.5000 DANSKE BK 12/15 MTN 600,000 200,000 400,000 102.793200 616,759.20 0.23 XS0758419658 2.5000 HEINEKEN 12/19 MTN 700,000 100,000 103.412830 723,889.81 0.27 XS0790010747 2.5000 HUTCH.WH.E.F.12 12/17 500,000 800,000 300,000 103.002720 515,013.60 0.19 XS0858366684 2.5000 STATKRAFT 12/22 MTN 800,000 100,000 99.532780 796,262.24 0.30 XS0942094805 2.5000 SVENSKA CELL. 13/23 MTN 250,000 250,000 97.977490 244,943.73 0.09 XS0933241456 2.5000 TELENOR ASA 13/25 MTN 900,000 1,000,000 100,000 96.933500 872,401.50 0.32 XS0903136736 2.5000 TELSTRA CORP. 13/23 MTN 1,250,000 1,600,000 350,000 98.740670 1,234,258.38 0.46 XS0763122578 2.6250 ABB FIN.B.V. 12/19 MTN 400,000 100,000 104.652700 418,610.80 0.16 XS0811690550 2.6250 BERTELSMANN ANL.12/22 500,000 99.916880 499,584.40 0.19 XS0800572454 2.6250 CARLSBERG BREW. 12/19 MTN 1,100,000 1,100,000 102.810200 1,130,912.20 0.42 XS0829114999 2.6250 DONG ENERGY 12/22 MTN 500,000 100,000 98.244130 491,220.65 0.18 XS0862010625 2.6250 G4S INTERN.FIN. 12/18 830,000 200,000 900,000 97.978570 813,222.13 0.30 FR0011289230 2.6250 GDF SUEZ S.A. 12/22 MTN 600,000 200,000 101.835920 611,015.52 0.23 XS0922885362 2.6250 MICROSOFT 13/33 300,000 300,000 93.684000 281,052.00 0.10 XS0933604943 2.6250 REPSOL INTL F. 13/20 MTN 2,000,000 2,000,000 96.219050 1,924,381.00 0.72 XS0857215346 2.6250 XSTRATA F.DUBAI 12/18 MTN 2,200,000 1,500,000 300,000 99.631290 2,191,888.38 0.82 XS0934042549 2.7360 TELEFONICA EM. 13/19 MTN 600,000 1,200,000 600,000 97.870050 587,220.30 0.22 XS0953093308 2.7500 ADECCO INTL FINL S. 13/19 420,000 420,000 99.905000 419,601.00 0.16 FR0011509488 2.7500 AEROP.DE PARIS SA 13/28 800,000 800,000 97.109000 776,872.00 0.29 XS0909359332 2.7500 B.A.T. INTL FIN. 13/25MTN 1,200,000 1,300,000 100,000 98.560720 1,182,728.64 0.44 XS0847580353 2.7500 DT.TELEK.INTL F0.12/24 MTN 1,600,000 400,000 98.379880 1,574,078.08 0.59 FR0011318658 2.7500 EL. FRANCE 12-23 MTN 1,900,000 200,000 100.384200 1,907,299.80 0.71 XS0905658349 2.7500 ERDOEL-LAGERGES. 13-28 100,000 600,000 500,000 98.882000 98,882.00 0.04 XS0906815591 2.7500 PHILIP MORRIS INTL 13/25 300,000 300,000 98.540130 295,620.39 0.11 XS0956934318 2.7500 PRADA 13/18 1,500,000 1,500,000 99.750000 1,496,250.00 0.56 XS0562884733 2.7500 SCHLUMB. FIN. 10/15 MTN 500,000 104.654390 523,271.95 0.19 XS0550634355 2.7500 THALES S.A. 10/16 MTN 550,000 200,000 50,000 105.297280 579,135.04 0.22 XS0862952297 2.8750 DEUTSCHE POST MTN.12/24 600,000 620,000 100.792920 604,757.52 0.23 XS0642351505 2.8750 DT. BAHN FIN. 11/16 MTN 200,000 106.120000 212,240.00 0.08 XS0541454467 2.8750 GE CAP.EUROP. 10/15 MTN 600,000 600,000 104.213790 625,282.74 0.23 XS0811555183 2.8750 HEINEKEN 12/25 MTN 500,000 250,000 98.560940 492,804.70 0.18 XS0940711947 2.8750 IBERDROLA INTL 13/20 MTN 900,000 900,000 97.642700 878,784.30 0.33 XS0787527349 2.8750 PHILIP MORRIS INTL 12/24 400,000 100.924730 403,698.92 0.15 FR0011502830 2.8750 PLASTIC OMNIUM 13/20 600,000 800,000 200,000 96.350000 578,100.00 0.21 DE000A1UDWN 2.8750 SIEMENS FINANC. 13/28 MTN 250,000 680,000 430,000 100.093530 250,233.83 0.09 XS0843310748 2.8750 TERNA S.P.A. 12/18 MTN 300,000 100,000 600,000 102.906060 308,718.18 0.11 XS0765295828 2.8750 TEVA PHARMAC.FIN.IV 12/19 400,000 100,000 104.524590 418,098.36 0.16 XS0747744232 2.9940 BP CAPITAL MKTS 12/19 MTN 1,400,000 700,000 300,000 106.857790 1,496,009.06 0.56 FR0011531631 3.0000 ALSTOM S.A. 13/19 MTN 400,000 400,000 100.397000 401,588.00 0.15 XS0802174044 3.0000 AMERICA MOVIL 12/21 600,000 422,000 100,000 101.575000 609,450.00 0.23 XS0706245163 3.0000 BG ENERGY CAP.11/18 MTN 400,000 200,000 106.777280 427,109.12 0.16 XS0940293763 3.0000 CEZ AS 13/28 MTN 500,000 500,000 92.979580 464,897.90 0.17 FR0011156017 3.0000 GROUPE AUCHAN 11/16 MTN 500,000 600,000 100,000 106.446840 532,234.20 0.20 DE000A1PGZ82 3.0000 K+S AG ANL.12/22 300,000 300,000 98.580670 295,742.01 0.11



ISIN SECURITY TITLE IS VOLUME PURCHASES SALES PRICE MARKET % SHARE PERPETUAL 31/7/2013 ADDITIONS DISPOSALS VALUE OF FUND


BONDS IN EURO XS0794245018 3.0000 ORANGE 12/22 MTN 1,800,000 200,000 1,100,000 101.571940 1,828,294.92 0.68 XS0826189028 3.0000 TELIASONERA AB 12/27 MTN 700,000 99.643000 697,501.00 0.26 XS0924998809 3.1250 BHP BILLITON FIN.13/33MTN 150,000 300,000 150,000 96.420550 144,630.83 0.05 XS0741004062 3.1250 COMPASS GROUP 12/19 MTN 800,000 500,000 100,000 106.382250 851,058.00 0.32 XS0909369489 3.1250 CRH FINANCE 13/23 MTN 550,000 750,000 200,000 99.675990 548,217.95 0.20 FR0011147305 3.1250 GDF SUEZ S.A. 11/20 MTN 400,000 600,000 2,600,000 107.360000 429,440.00 0.16 XS0951155869 3.1250 VIER GAS TRA. MTN13/23 800,000 950,000 150,000 102.744000 821,952.00 0.31 FR0011301480 3.1570 CASINO 12/19 MTN 1,900,000 1,300,000 103.112700 1,959,141.30 0.73 XS0729046218 3.2500 BMW FIN. NV 12/19 MTN 400,000 108.768670 435,074.68 0.16 XS0875797515 3.2500 DT.TELEK.INTL F0.13/28 MTN 500,000 550,000 101.112270 505,561.35 0.19 XS0951565091 3.2500 ENI S.P.A. 13/23 MTN 1,100,000 1,700,000 600,000 100.293000 1,103,223.00 0.41 XS0811603090 3.2500 EVERYTH.EVERYWH.FIN.12/18 1,300,000 500,000 100,000 102.650510 1,334,456.63 0.50 AT0000A0X913 3.2500 KELAG 12-22 320,000 230,000 102.939000 329,404.80 0.12 XS0811124790 3.2500 KON. KPN 12/21 MTN 1,900,000 500,000 101.719440 1,932,669.36 0.72 XS0633148621 3.2500 NATL GRID USA 11/15 MTN 300,000 400,000 104.455630 313,366.89 0.12 XS0835886598 3.2500 PETROBRAS GBL FIN. 12/19 700,000 700,000 100.765000 705,355.00 0.26 XS0954302104 3.2590 AMERICA MOVIL 13/23 250,000 250,000 100.167000 250,417.50 0.09 XS0919581982 3.3744 RZD CAPITAL 13/21 1,150,000 1,250,000 100,000 95.087000 1,093,500.50 0.41 XS0821175717 3.3750 A.P.MOELLER-MAERSK 12/19 760,000 800,000 103.401000 785,847.60 0.29 XS0879082914 3.3750 FERROVIAL EMIS. 13/18 400,000 400,000 102.382760 409,531.04 0.15 XS0940284937 3.3750 FERROVIAL EMIS. 13/21 400,000 400,000 97.635130 390,540.52 0.15 XS0479542150 3.3750 GAS NATURAL CM 10/15 MTN 350,000 102.987850 360,457.48 0.13 XS0497185511 3.3750 MERCK FIN.SERV. MTN 10/15 200,000 104.382520 208,765.04 0.08 XS0832466931 3.3750 RENTOKIL INIT. 12/19 MTN 540,000 103.013170 556,271.12 0.21 XS0697395472 3.3750 TESCO PLC 11/18 MTN 200,000 350,000 108.301540 216,603.08 0.08 FR0011225127 3.3750 VINCI S.A. 12/20 MTN 800,000 106.936250 855,490.00 0.32 XS0906946008 3.3890 GAZ CAPITAL 13/20MTN REGS 500,000 2,700,000 2,200,000 98.000000 490,000.00 0.18 FR0010941690 3.5000 AREVA 10-21 MTN 550,000 50,000 102.100260 561,551.43 0.21 XS0542174395 3.5000 BANQUE PSA FIN. 10/14 MTN 400,000 350,000 100.440000 401,760.00 0.15 XS0683565476 3.5000 COMP.DE ST.-GOBAIN 11/15 600,000 105.115520 630,693.12 0.23 XS0860855930 3.5000 GTECH 12/20 400,000 200,000 103.163380 412,653.52 0.15 XS0541498837 3.5000 OPTUS FINANCE 10/20 MTN 550,000 50,000 108.240880 595,324.84 0.22 XS0853682069 3.5000 SNAM 12/20 MTN 800,000 400,000 900,000 102.624840 820,998.72 0.31 XS0593990392 3.5000 TDC A/S 11/15 MTN 300,000 500,000 104.149050 312,447.15 0.12 FR0011076447 3.5000 VIVENDI S.A. 11/15 MTN 400,000 104.900110 419,600.44 0.16 XS0866310088 3.5500 AT + T 12/32 650,000 700,000 750,000 99.847000 649,005.50 0.24 FR0010948240 3.6250 ALSTOM S.A. 10/18 400,000 700,000 700,000 105.081090 420,324.36 0.16 XS0230962853 3.6250 BERTELSMANN ANL.05/15 400,000 105.967370 423,869.48 0.16 XS0858803066 3.6250 BORD GAIS EIREANN 12/17 300,000 100,000 105.212620 315,637.86 0.12 FR0011332196 3.6250 BOUYGUES 12/23 300,000 104.221970 312,665.91 0.12 XS0630397213 3.6250 CEZ AS 11/16 MTN 500,000 106.610180 533,050.90 0.20 XS0760364116 3.6250 COMP.DE ST.-GOBAIN 12/22 500,000 102.943320 514,716.60 0.19 XS0842659343 3.6250 ENEL FIN.INTL 12/18 MTN 550,000 900,000 1,650,000 103.616440 569,890.42 0.21 XS0630382538 3.6250 SVENSKA CELL.B 11/16 300,000 107.433900 322,301.70 0.12 XS0746010908 3.6250 TELIASONERA AB 12/24 MTN 800,000 300,000 108.600460 868,803.68 0.32 XS0909788613 3.6250 ZIGGO 13/20 REGS 300,000 400,000 100,000 98.666670 296,000.01 0.11 FR0010957662 3.6410 BOUYGUES 10/19 600,000 100,000 107.583070 645,498.42 0.24 XS0540187894 3.6610 TELEFONICA EM. 10/17 MTN 1,100,000 1,100,000 2,600,000 104.296620 1,147,262.82 0.43 ES0211845260 3.7500 ABERTIS INFRA. 13-23 800,000 1,200,000 400,000 97.663410 781,307.28 0.29 XS0519903743 3.7500 AMERICA MOVIL 10/17 500,000 108.049730 540,248.65 0.20 XS0955552178 3.7500 BCO DO BRASIL SA 13/18MTN 500,000 500,000 99.050000 495,250.00 0.18 FR0011257260 3.7500 BUREAU VERITAS 12/17 400,000 104.259000 417,036.00 0.16 XS0930010524 3.7500 HUTCH.WH.EU F. 13/UND.FLR Y 3,200,000 4,660,000 1,460,000 95.583330 3,058,666.56 1.14 FR0010878991 3.7500 KERING 10/15 MTN 600,000 104.795170 628,771.02 0.23 FR0011075183 3.7500 SCHNEIDER ELECTRIC 11/18 200,000 109.957370 219,914.74 0.08 XS0625977987 3.7500 WUERTH FIN.INTL 11/18 300,000 110.152280 330,456.84 0.12 XS0452167991 3.8750 AMER.HONDA F. 09/14 MTN 550,000 50,000 103.771260 570,741.93 0.21 XS0557897203 3.8750 EDISON 10/17 MTN 1,150,000 50,000 108.458490 1,247,272.64 0.46 FR0011182641 3.8750 EL. FRANCE 12-22 MTN 1,200,000 1,000,000 700,000 110.323600 1,323,883.20 0.49 XS0914400246 3.8750 GAS NAT.FE.FI. 13/22 MTN 1,400,000 1,700,000 300,000 99.260960 1,389,653.44 0.52 XS0438140526 3.8750 GLAXOSM.CAP. MTN 09/15 1,400,000 100,000 106.229950 1,487,219.30 0.55 XS0500397905 3.8750 ORANGE 10/20 MTN 950,000 109.140180 1,036,831.71 0.39 XS0619051971 3.8750 RABOBK NEDERLD 11/16 MTN 500,000 600,000 107.662040 538,310.20 0.20 FR0010913178 3.8750 RTE EDF TRANSP. 10-22 MTN 600,000 110.190280 661,141.68 0.25 XS0593606550 3.8750 TENNET HOLDING 11/18 200,000 110.410480 220,820.96 0.08 XS0907289978 3.9610 TELEFONICA EM. 13/21 MTN 1,400,000 1,400,000 100.677940 1,409,491.16 0.52 XS0874864860 3.9870 TELEFONICA EM. 13/23 MTN 700,000 1,400,000 1,500,000 98.224780 687,573.46 0.26 FR0011215508 3.9940 CASINO 12/20 MTN 100,000 600,000 106.925420 106,925.42 0.04 XS0522407351 4.0000 BRIT.AMER.TOBAC.10/20MTN 500,000 200,000 112.062340 560,311.70 0.21 XS0546725358 4.0000 COMP.DE ST.-GOBAIN 10/18 200,000 108.968100 217,936.20 0.08 XS0473787025 4.0000 DONG ENERGY 09/16 MTN 550,000 109.115180 600,133.49 0.22 XS0210318795 4.0000 DT.TELEK.INTL F0.05/15 MTN 1,100,000 400,000 104.836860 1,153,205.46 0.43 XS0222766973 4.0000 KON. KPN 05/15 MTN 950,000 800,000 50,000 105.629870 1,003,483.77 0.37 XS0557635777 4.0000 LUXOTTICA GROUP 10/15 350,000 150,000 106.566420 372,982.47 0.14





BONDS IN EURO XS0746259323 4.0000 PGNIG FIN. 12/17 MTN 1,200,000 300,000 104.302190 1,251,626.28 0.47 XS0542369219 4.0000 RHEINMETALL AG ANL.10/17 210,000 20,000 106.484950 223,618.40 0.08 XS0436662828 4.0000 SYNGENTA FINANCE 09/14 450,000 103.203520 464,415.84 0.17 XS0767278301 4.0000 TEL.FIN.12/22 MTN 100,000 600,000 800,000 105.959500 105,959.50 0.04 XS0868458653 4.0000 TELECOM ITALIA 12/20 MTN 1,050,000 1,450,000 1,400,000 95.648920 1,004,313.66 0.37 AT0000A100E2 4.0000 WIENERBERGER ANL 13-20 390,000 2,400,000 2,010,000 100.709999 392,769.00 0.15 FR0010883058 4.1250 AUTOROUTES SUD FR. 10/20 1,050,000 111.557170 1,171,350.29 0.44 XS0438843871 4.1250 ENBW INTL FIN. 09/15 MTN 800,000 106.370750 850,966.00 0.32 XS0479541699 4.1250 GAS NATURAL CM 10/18 MTN 500,000 200,000 900,000 106.642760 533,213.80 0.20 FR0010369587 4.1250 RTE EDF TRANSP.6/16 MTN 300,000 109.760000 329,280.00 0.12 XS0606202454 4.1250 SUEDZUCKER INTL 11/18 600,000 400,000 111.608000 669,648.00 0.25 FR0011164888 4.1250 VINCI S.A. 11/17 MTN 800,000 109.530470 876,243.76 0.33 FR0011182559 4.1250 VIVENDI S.A. 12/17 MTN 300,000 1,600,000 109.131820 327,395.46 0.12 FR0010918490 4.2470 VEOLIA ENVIRONN.10/21 MTN 250,000 50,000 111.373140 278,432.85 0.10 XS0454861096 4.2500 ANGLO AM. CAP. 09/13 550,000 100.629000 553,459.50 0.21 XS0466300257 4.2500 COCA COLA HBC F.09/16 MTN 800,000 100,000 250,000 108.871300 870,970.40 0.32 XS0763379343 4.2500 EESTI ENERGIA 12/18 300,000 108.353000 325,059.00 0.12 FR0011401736 4.2500 EL. FRANCE 13/UND.FLR MTN Y 1,200,000 3,000,000 2,500,000 101.783750 1,221,405.00 0.45 XS0741137029 4.2500 ENI S.P.A. 12/20 MTN 1,500,000 700,000 600,000 110.423140 1,656,347.10 0.62 XS0767977811 4.2500 IBERDROLA INTL 12/18 MTN 400,000 400,000 107.365440 429,461.76 0.16 DE000A1C92S3 4.2500 METRO FINANCE 10/17 570,000 280,000 108.784310 620,070.57 0.23 XS0903531795 4.2500 NGG FINANCE 13/76 FLR 1,500,000 3,800,000 2,300,000 99.597500 1,493,962.50 0.56 XS0432810116 4.2500 NOVARTIS FIN. 09/16 MTN 550,000 110.134070 605,737.39 0.23 XS0835890350 4.2500 PETROBRAS GBL FIN. 12/23 500,000 100.125000 500,625.00 0.19 XS0718395089 4.2500 REPSOL INTL F. 11/16 MTN 800,000 400,000 106.330560 850,644.48 0.32 XS0428149545 4.2500 VATTENFALL 09/14 MTN 700,000 700,000 103.008000 721,056.00 0.27 XS0563106730 4.3750 A.P.MOELLER-MAERSK 10/17 300,000 300,000 109.064000 327,192.00 0.12 XS0951567030 4.3750 A2A 13/21 MTN 700,000 1,000,000 300,000 101.737000 712,159.00 0.27 XS0828749761 4.3750 ATLANTIA 12/20 MTN 1,100,000 100,000 106.856960 1,175,426.56 0.44 XS0275937471 4.3750 BRISTOL-MYERS 06/16 300,000 111.109850 333,329.55 0.12 XS0856023493 4.3750 ESB FINANCE 12/19 SER.3 700,000 800,000 100,000 108.616030 760,312.21 0.28 XS0861828407 4.3750 FINMECCANICA FIN.12/17MTN 500,000 200,000 101.273170 506,365.85 0.19 XS0207037507 4.3750 HOLCIM FIN.LUX. 04/14 MTN 250,000 104.875070 262,187.68 0.10 XS0275431111 4.3750 IMP.TOBACCO FIN. 06/13MTN 500,000 101.164000 505,820.00 0.19 FR0010754663 4.3750 LVMH 09/14 MTN 800,000 103.056000 824,448.00 0.31 XS0428147093 4.3750 SHELL INTL FIN. 09/18 MTN 200,000 114.784990 229,569.98 0.09 FR0011153006 4.3750 SOC.AUTOR.PAR.-RHIN 11/16 300,000 107.331270 321,993.81 0.12 XS0416848363 4.3750 STATOIL ASA 09/15 MTN 800,000 106.040130 848,321.04 0.32 XS0593960304 4.3750 TDC A/S 11/18 MTN 400,000 500,000 100,000 111.471050 445,884.20 0.17 XS0275759602 4.3750 WPP PLC 06/13 850,000 101.310000 861,135.00 0.32 FR0011391820 4.4500 VEOLIA ENVIR. 13/UND.FLR Y 700,000 900,000 800,000 97.275400 680,927.80 0.25 XS0201947826 4.5000 CARGILL 04/14 MTN 300,000 104.468760 313,406.28 0.12 XS0479542580 4.5000 GAS NATURAL CM 10/20 MTN 400,000 1,200,000 1,300,000 106.149110 424,596.44 0.16 XS0829209195 4.5000 IBERDROLA INTL 12/17 MTN 700,000 100,000 108.450220 759,151.54 0.28 XS0645669200 4.5000 IMP.TOBACCO FIN.11/18 MTN 500,000 112.247480 561,237.40 0.21 AT0000A0DJE7 4.5000 KELAG 2009-14 650,000 50,000 103.033000 669,714.50 0.25 XS0497186758 4.5000 MERCK FIN.SERV. MTN 10/20 560,000 240,000 115.942610 649,278.62 0.24 XS0201169439 4.5000 SANTANDER ISS. 04/19 FLR 500,000 800,000 300,000 87.000000 435,000.00 0.16 XS0412968876 4.5000 SHELL INTL FIN. 09/16 MTN 500,000 109.713150 548,565.75 0.20 XS0831389985 4.5000 TELECOM ITALIA 12/17 MTN 1,100,000 200,000 101.726870 1,118,995.57 0.42 FR0011538222 4.6250 BPCE S.A. 13/23 500,000 500,000 98.435000 492,175.00 0.18 DE000A1A55G9 4.6250 DAIMLER AG.MTN 09/14 700,000 500,000 104.428260 730,997.82 0.27 XS0445463887 4.6250 EADS FINANCE 09/16 MTN 200,000 110.971060 221,942.12 0.08 FR0010891317 4.6250 EL. FRANCE 2030 MTN 950,000 250,000 113.177470 1,075,185.97 0.40 XS0418730601 4.6250 FORTUM OYJ 09/14 MTN 550,000 50,000 102.645000 564,547.50 0.21 XS0767815599 4.6250 GLENCORE FIN.12/18 FLRMTN 300,000 200,000 1,300,000 108.685560 326,056.68 0.12 XS0542298012 4.6250 RWE AG NRA 10/UNBEFR. Y 670,000 1,200,000 930,000 101.554000 680,411.80 0.25 XS0918548644 4.6250 SOFTBANK CORP. 13/20 REGS 700,000 900,000 200,000 101.375000 709,625.00 0.26 XS0292873683 4.6250 STATKRAFT 07/17 MTN 700,000 113.438250 794,067.75 0.30 FR0011224963 4.6250 VEOLIA ENVIRONN.12/27 MTN 600,000 109.041720 654,250.32 0.24 XS0479869744 4.6500 VODAFONE GRP 10/22 MTN 1,000,000 1,000,000 115.940460 1,159,404.60 0.43 XS0628597683 4.7500 FCE BANK PLC 11/15 MTN 600,000 100,000 105.275540 631,653.24 0.23 FR0011531730 4.7500 GDF SUEZ S.A. 13/UND. FLR Y 400,000 700,000 300,000 102.940000 411,760.00 0.15 XS0466303194 4.7500 HUTCHISON WH. 09/16 100,000 1,100,000 110.506190 110,506.19 0.04 XS0303070030 4.7500 KON. KPN 07/14 MTN 850,000 50,000 103.387000 878,789.50 0.33 XS0432070752 4.7500 PFIZER INC. 09/16 2,400,000 200,000 111.115150 2,666,763.60 0.99 XS0424019437 4.7500 VERBUND-INT.FIN. 09/15MTN 400,000 106.781880 427,127.52 0.16 XS0439828269 4.7500 VERBUND-INT.FIN. 09/19MTN 200,000 115.044210 230,088.42 0.09 XS0953207759 4.8750 AMPLIFON S.P.A. 13/18 200,000 400,000 200,000 100.075000 200,150.00 0.07 XS0170386998 4.8750 CIBA SP.CH.FIN.LUX. 03/18 200,000 116.386000 232,772.00 0.09 XS0827692269 4.8750 ENEL FIN.INTL 12/20 MTN 3,500,000 2,830,000 430,000 107.064190 3,747,246.65 1.39 XS0842659426 4.8750 ENEL FIN.INTL 12/23 MTN 400,000 2,050,000 1,950,000 103.015980 412,063.92 0.15 FR0010871376 4.8750 PERNOD-RICARD 10/16 1,150,000 100,000 109.088370 1,254,516.26 0.47




UNITS/NOM. IN PERIOD UNDER REVIEW IN EUR ASSETS UNITS/NOM.

BONDS IN EURO XS0716979249 4.8750 PETROBRAS I. F. 11/18 950,000 400,000 107.325000 1,019,587.50 0.38 FR0011043124 4.8750 VALEO SA 11/18 MTN 300,000 111.959020 335,877.06 0.12 XS0453133950 4.8750 WAL-MART STRS 09/29 150,000 121.968500 182,952.75 0.07 XS0696856847 4.9670 TELEFONICA EM. 11/16 MTN 400,000 200,000 1,600,000 107.186080 428,744.32 0.16 XS0225369403 5.0000 BAYER AG 2005/2105 900,000 1,100,000 200,000 104.508400 940,575.60 0.35 XS0736488585 5.0000 CRH FINANCE 12/19 MTN 500,000 100,000 114.057800 570,289.00 0.21 XS0715437140 5.0000 IMP.TOBACCO FIN.11/19 MTN 400,000 100,000 116.100850 464,403.40 0.17 XS0412842428 5.0000 RWE FIN. 09/15 MTN 450,000 450,000 106.593120 479,669.04 0.18 FR0010775304 5.0000 SFR 09/14 300,000 104.017000 312,051.00 0.12 BE0002169358 5.0000 SOLVAY 09/15 300,000 107.537510 322,612.53 0.12 XS0169888558 5.0000 VODAFONE GRP 03/18 MTN 700,000 400,000 116.235240 813,646.68 0.30 XS0412154378 5.1250 BASF FIN.EUROPE 09/15 MTN 300,000 108.416880 325,250.64 0.12 XS0416482106 5.1250 TELIASONERA AB 09/14 MTN 300,000 102.895000 308,685.00 0.11 XS0295018070 5.1250 TESCO PLC 07/47 MTN 650,000 150,000 150,000 111.630780 725,600.07 0.27 XS0181273342 5.1250 WOLTERS KLUWER 03/14 450,000 102.248000 460,116.00 0.17 XS0276455937 5.1360 GAZ CAPITAL 06/17 MTN 930,000 100,000 70,000 106.930000 994,449.00 0.37 XS0306773234 5.2500 BRIT. TELECOM. 07/14 MTN 600,000 104.209000 625,254.00 0.23 XS0447977801 5.2500 FRAPORT AG 09/19 700,000 115.830000 810,810.00 0.30 XS0266838746 5.2500 SIEMENS FINANC. 06/66 FLR 300,000 108.480000 325,440.00 0.12 XS0214965963 5.2500 TELECOM ITALIA 05/55 MTN 600,000 77.718780 466,312.68 0.17 XS0417208161 5.2500 VATTENFALL AB 09/16 MTN 900,000 500,000 111.250820 1,001,257.38 0.37 XS0505532134 5.2500 VOTORANTIM CIM. 10/17REGS 350,000 400,000 50,000 106.765000 373,677.50 0.14 XS0303583412 5.3640 GAZ CAPITAL 07/14 MTN 500,000 104.500000 522,500.00 0.19 FR0011401751 5.3750 EL. FRANCE 13/UND.FLR MTN Y 1,500,000 1,300,000 500,000 103.160000 1,547,400.00 0.58 XS0234434222 5.3750 HENKEL FLR 2005/2104 830,000 400,000 70,000 106.241000 881,800.30 0.33 XS0307005545 5.3750 LAFARGE 07/17 MTN 400,000 400,000 106.885597 427,542.39 0.16 XS0323955541 5.3750 MERCK + CO. 07/14 400,000 50,000 105.671450 422,685.80 0.16 NL0006133175 5.3750 POSTNL N.V. 07/17 200,000 50,000 110.000170 220,000.34 0.08 XS0408095387 5.5000 E.ON INTL FIN. 09/16 MTN 2,500,000 1,000,000 200,000 111.249990 2,781,249.75 1.04 XS0456477578 5.5000 PET. MEX. 09/17 MTN 800,000 300,000 112.200000 897,600.00 0.33 DE000A1RE1Q3 5.6250 ALLIANZ SUB 2012/2042 800,000 3,400,000 2,600,000 110.115710 880,925.68 0.33 XS0415624120 5.6250 ROCHE HLDGS 09/16 MTN 1,100,000 200,000 500,000 112.688480 1,239,573.28 0.46 XS0829343598 5.6250 SSE 12/UND.FLR Y 1,000,000 500,000 300,000 106.880000 1,068,800.00 0.40 XS0304756405 5.7500 ASML HOLDING N.V. 07/17 550,000 900,000 350,000 115.160530 633,382.92 0.24 XS0602534637 5.7500 HIT FINANCE 11/18 1,000,000 100,000 112.988050 1,129,880.50 0.42 XS0352065584 5.8750 B.A.T. INTL FIN. 08/15MTN 200,000 108.404030 216,808.06 0.08 XS0433216339 6.1250 BRIT. TELECOM. 09/14 MTN 500,000 105.250590 526,252.95 0.20 XS0552327768 6.1250 ZIGGO FIN. 10/17 REGS 800,000 400,000 200,000 103.925000 831,400.00 0.31 XS0353181190 6.2500 MONDELEZ INTL 08/15 300,000 108.629030 325,887.09 0.12 XS0409318309 6.3750 TELEK.FINANZM.ANL.09/16 450,000 350,000 112.216360 504,973.62 0.19 XS0478802548 6.5000 HDLBGCEM.FIN.LU.NTS 10/15 500,000 500,000 108.910004 544,550.02 0.20 XS0497187640 6.5000 LLOYDS TSB BK 10/20 MTN 800,000 2,900,000 2,700,000 111.799800 894,398.40 0.33 XS0375220588 6.5872 DAA FINANCE PLC 08/18 450,000 850,000 400,000 116.218900 522,985.05 0.19 XS0629626663 6.7500 OMV FLR MTN 11/UND Y 400,000 600,000 200,000 111.371000 445,484.00 0.17 XS0808635436 6.8750 UNIQA INSURANC.GR. 13/43 900,000 900,000 99.000000 891,000.00 0.33 DE000CB83CF0 7.7500 COBA LT2 NACHRANG 11/21 1,000,000 2,000,000 1,000,000 104.220001 1,042,200.01 0.39 XS0405876599 8.7500 VERIZON WIREL. 08/15 300,000 118.442640 355,327.92 0.13

TOTAL SECURITIES PORTFOLIO EUR 247,916,432.55 92.26

FINANCIAL FUTURES IN EURO FGBM20130906 BOBL FUTURE AS OF 6/9/2013 -10 10 125.820000 700.00 0.00 FGBM20130906 BOBL FUTURE AS OF 6/9/2013 -10 10 125.820000 8,100.00 0.00 FGBL20130906 BUND FUTURE AS OF 6/9/2013 7 7 142.450000 -12,654.18 0.00 FGBL20130906 BUND FUTURE AS OF 6/9/2013 11 11 142.450000 -1,980.75 0.00 FGBS20130906 SCHATZ FUTURE AS OF 6/9/2013 -13 67 80 110.450000 1,495.00 0.00 FGBS20130906 SCHATZ FUTURE AS OF 6/9/2013 -27 27 110.450000 4,320.00 0.00

TOTAL FINANCIAL FUTURES 1 EUR -19.93 0.00

CREDIT DEFAULT SWAPS SELL PROTECTION IN EURO 4841 CDS_PS 20/9/10 - 20/9/15 11,092.35100 11,092.35 0.00

TOTAL CREDIT DEFAULT SWAPS EUR 11,092.35 0.00

BANK BALANCES EUR BALANCES EUR 17,601,850.01 LIABILITIES IN NON-EU CURRENCIES USD EUR -0.17 EUR 17,601,849.84 6.55

1 Price gains and losses as of cut-off date.



CURRENCY MARKET % SHARE VALUE OF FUND IN EUR ASSETS

ACCRUALS AND DEFERRALS INTEREST CLAIMS EUR 3,350,890.09 RECEIVABLES - CREDIT DEFAULT SWAPS (PROTECTION SELLER) EUR 1,366.67 EUR 3,352,256.76 1.25

OTHER ITEMS VARIOUS FEES EUR -176,283.37 -0.06

TOTAL FUND ASSETS EUR 268,705,328.20 100.00

NET ASSET VALUE PER UNIT TRANCHE R INCOME-DISTRIBUTING EUR 115.48 TRANCHE S DISTRIBUTING EUR 114.74 TRANCHE R INCOME-RETAINING EUR 161.45 TRANCHE R FULL INCOME-RETAINING EUR 177.98

UNITS IN CIRCULATION TRANCHE R INCOME-DISTRIBUTING UNITS 736,671.675 TRANCHE S DISTRIBUTING UNITS 45,590.858 TRANCHE R INCOME-RETAINING UNITS 522,727.226 TRANCHE R FULL INCOME-RETAINING UNITS 528,129.105

FROZEN SECURITIES FORMING PART OF THE PORTFOLIO OF INVESTMENTS (SECURITIES LENDING TRANSACTIONS):

ISIN SECURITY TITLE VOLUME 31/7/2013

DE000A1HJLN2 1.0000 BMW US CAP 13/17 MTN EUR 1,900,000 XS0909787300 1.0000 VOLKSWAGEN INTL 13/16 MTN EUR 2,800,000 FR0011289222 1.5000 GDF SUEZ S,A, 12/17 MTN EUR 2,200,000 BE6243180666 2.0000 AB INBEV 12/19 MTN EUR 1,900,000 XS0925599556 2.2500 WELLS FARGO 13/23 MTN EUR 500,000 FR0011509488 2.7500 AEROP.DE PARIS SA 13/28 EUR 700,000 FR0011318658 2.7500 EL. FRANCE 12-23 MTN EUR 1,700,000 XS0940711947 2.8750 IBERDROLA INTL 13/20 MTN EUR 500,000 FR0011332196 3.6250 BOUYGUES 12/23 EUR 300,000 XS0868458653 4.0000 TELECOM ITALIA 12/20 MTN EUR 700,000 XS0827692269 4.8750 ENEL FIN.INTL 12/20 MTN EUR 2,300,000 FR0011043124 4.8750 VALEO SA 11/18 MTN EUR 300,000 XS0169888558 5.0000 VODAFONE GRP 03/18 MTN EUR 300,000 XS0408095387 5.5000 E.ON INTL FIN. 09/16 MTN EUR 2,500,000 XS0433216339 6.1250 BRIT. TELECOM. 09/14 MTN EUR 500,000

EXCHANGE RATES

FOREIGN CURRENCY ASSETS WERE CONVERTED INTO EUR ON THE BASIS OF THE EXCHANGE RATES APPLICABLE ON 30/7/2013:

CURRENCY UNIT PRICE US DOLLAR 1 EUR = 1.325100 USD

FUTURES EXCHANGE KEY:

CODE STOCK EXCHANGE EUREX EUROPEAN EXCHANGE



SECURITIES PURCHASES AND SALES DURING THE PERIOD UNDER REVIEW NOT LISTED UNDER THE PORTFOLIO OF ASSETS:

ISIN SECURITY TITLE PURCHASES SALES ADDITIONS DISPOSALS

BONDS IN EURO XS0927517911 0.6020 VOLKSWAGEN BK, 13/16 VAR 1,300,000 1,300,000 XS0844535442 0.7500 NESTLE FIN.INTL 12/16 MTN 400,000 FR0011355791 1.0000 SANOFI SA 12/17 MTN 1,300,000 FR0011485275 1.0890 SOC.AUTOR..PAR.-RHIN13/16 400,000 400,000 DE000A1R1BC6 1.1250 DEUT.BOERSE ANL 13/18 1,500,000 1,500,000 XS0832873060 1.2500 GE CAP.EUROP. 12/15 MTN 900,000 XS0896158952 1.2500 RLB NOE SCHULDV.13-16/PP 900,000 900,000 DE000A1HG1J8 1.3750 ALLIANZ FIN. II 13/18 MTN 300,000 300,000 XS0916242497 1.3750 NORDEA BK 13/18 MTN 800,000 800,000 XS0836260975 1.5000 BASF MTN 12/18 400,000 XS0872705057 1.5000 BNP PARIBAS 13/18 MTN 300,000 1,100,000 DE0001102309 1.5000 BUNDANL.V.13/23 1,200,000 1,200,000 FR0011261890 1.5000 GDF SUEZ S,A, 12/16 MTN 1,300,000 XS0805500062 1.5000 NESTLE FIN.INTL 12/19 MTN 400,000 XS0802019231 1.5000 SVENSK.HDLSB. 12/15 MTN 500,000 XS0874839086 1.6250 GE CAP.EUROP. 13/18 MTN 2,300,000 LU0921853205 1.7500 NYKREDIT 13/18 MTN 480,000 480,000 XS0913868369 1.8750 BASF MTN 13/21 500,000 500,000 XS0782708456 1.8750 VOLKSWAGEN INTL 12/17 MTN 1,000,000 FR0011347590 2.0000 BPCE S.A. 12/18 MTN 700,000 XS0750684929 2.0000 GE CAP.EUROP. 12/15 MTN 200,000 XS0853679867 2.0000 SNAM 12/15 MTN 1,700,000 XS0942081570 2.0000 VIER GAS TRA. MTN13/20 300,000 300,000 XS0873793375 2.0000 VOLKSWAGEN INTL 13/20 MTN 400,000 800,000 DE000A1PGQY7 2.1250 DAIMLER AG.MTN 12/18 600,000 XS0802886894 2.1250 ING BK NV 12/15 MTN 300,000 XS0787510618 2.1250 PHILIP MORRIS INTL 12/19 400,000 XS0893363258 2.1250 SPAREBANK 1 SMN 13/18 MTN 500,000 500,000 XS0830194501 2.1250 TOTAL CAP.INTL 12/23 MTN 1,000,000 2,300,000 XS0909374133 2.1250 TOTAL CAP.INTL 13/23 MTN2 1,000,000 1,000,000 XS0801636571 2.2500 NORDEA BK 12/17 MTN 500,000 DE000A1RE1W1 2.3750 DEUT.BOERSE MTN 12/22 800,000 FR0011372622 2.3750 GROUPE AUCHAN 12/22 MTN 700,000 XS0863484035 2.3750 HAAB GUARNT,NTS 12-22 1,100,000 FR0011365220 2.5000 VIVENDI S.A. 12/20 MTN 500,000 XS0809847667 2.6250 AKZO NOBEL SE FIN. 12/22 400,000 XS0954928783 2.6250 BQUE F.C.MTL 13/21 MTN 600,000 600,000 XS0854746343 2.6250 CARLSBERG BREW. 12/22 MTN 600,000 XS0804217536 2.6250 NED. GASUNIE 12/22 MTN 200,000 XS0834367863 2.6250 OMV AG 12/22 MTN 400,000 XS0862442331 2.6250 TELENOR ASA 12/24 MTN 1,500,000 XS0817639924 2.6250 WELLS FARGO 12/22 MTN 500,000 500,000 XS0789283792 2.7500 ANGLO AM. CAP. 12/19 600,000 XS0838968849 2.7500 METSO CORP. 12/19 MTN 400,000 XS0751937185 2.7500 SECURITAS AB 12/17 MTN 200,000 XS0810622935 2.7500 WESFARMERS 12/22 MTN 700,000 XS0895249620 2.8750 BNP PARIBAS 13/23 MTN 1,800,000 1,800,000 FR0011390921 2.8750 BPCE S.A. 13/24 MTN 300,000 XS0841018004 2.8750 ORIGIN ENGY FIN. 12/19MTN 200,000 XS0953199634 3.0000 CONTINENTAL MTN 13/18 300,000 300,000 XS0820869948 3.0000 KBC IFIMA 12/16 MTN 400,000 XS0547937408 3.1000 BP CAPITAL MKTS 10/14 MTN 700,000 FR0011266527 3.1250 AEROP.DE PARIS SA 12/24 200,000 FR0011339746 3.1250 EUTELSAT S.A. 12/22 300,000 FR0011486638 3.1570 CASINO 13/19 MTN 2 200,000 200,000 XS0834385923 3.2500 BHP BILLITON FIN.12/27MTN 800,000 XS0583801997 3.2500 BMW FIN, NV 11/16 MTN 400,000 BE6254681248 3.2500 BRUSSELS AIRP.HDG 13-20 300,000 300,000 BE0002432079 3.2500 ELIA SYSTEM OP. 13-28 400,000 400,000 XS0906117980 3.2500 ENERGA FIN. 13/20 MTN 250,000 250,000 XS0944435121 3.2500 POSTE ITALIANE 13/18 MTN 300,000 300,000 XS0439816090 3.3750 BG ENERGY CAP.09/13 MTN 1,000,000 XS0494547168 3.4060 TELEFONICA EM, 10/15 MTN 700,000 XS0563739696 3.5000 ENI S.P.A. 10/18 MTN 900,000 XS0548801207 3.5000 IBERDROLA FIN. 10/16 MTN 200,000 XS0879869187 3.5000 IBERDROLA INTL 13/21 MTN 1,700,000 XS0428037666 3.5000 SANOFI SA 09/13 MTN 800,000 XS0760187400 3.5000 TELSTRA CORP. 12/22 MTN 450,000 XS0414313691 3.5000 TOTAL CAPITAL 09/14 MTN 500,000




BONDS IN EURO XS0860584308 3.6250 IPIC GMTN 12/23 MTN REGS 300,000 300,000 XS0432069747 3.6250 PFIZER INC. 09/13 700,000 XS0552375577 3.6250 TELSTRA CORP. 10/21 MTN 550,000 XS0872702112 3.7500 BBVA SEN.F.UNIP.13/18 MTN 800,000 XS0543354236 3.7500 KON. KPN 10/20 MTN 150,000 150,000 XS0433006441 3.7500 ROBERT BOSCH MTN.09/13 500,000 AT0000A0VLS5 3.8750 ANDRITZ ANL. 12-19 300,000 XS0829183614 3.8750 SNAM 12/18 MTN 300,000 300,000 IE00B4S3JD47 3.9000 IRELD 2023 3,000,000 3,000,000 XS0499243300 4.0000 CARREFOUR 10/20 MTN 700,000 FR0010961540 4.0000 EL. FRANCE 10-25 MTN 800,000 XS0954248729 4.0000 FERROV.D.ST.ITAL.13/20MTN 600,000 600,000 XS0292653994 4.0000 SLOVENIA 07/18 500,000 500,000 DE000A1R08U3 4.0000 THYSSENKRUPP MTN 13/18 2,000,000 2,000,000 DE000A1R1A91 4.0000 THYSSENKRUPP MTN 13/18 600,000 600,000 XS0271020850 4.1250 CEZ AS 06/13 200,000 XS0247626962 4.1250 NATIONAL GRID 06/13 MTN 1,300,000 XS0826634874 4.1250 RABOBK NEDERLD 12/22 MTN 300,000 600,000 XS0747771128 4.1250 TERNA S.P.A. 12/17 MTN 200,000 XS0897406814 4.2500 AQUARIUS + INVT 13/43 FLR 350,000 350,000 XS0752092311 4.2500 KON. KPN 12/22 MTN 100,000 500,000 XS0254035768 4.2500 RBS PLC 06/16 MTN 500,000 500,000 XS0291950722 4.3750 AT + T INC. 2013 1,000,000 XS0288320798 4.3750 BHP BILLITON FIN.07/14MTN 100,000 FR0010850719 4.3790 CASINO 10/17 200,000 600,000 FR0011124601 4.4720 CASINO 11/16 MTN 400,000 XS0859920406 4.5000 A2A S.P.A. 12/19 MTN 500,000 XS0495012428 4.5000 ACEA S.P.A. 10/20 400,000 XS0744125302 4.5000 ATLANTIA 12/19 MTN 600,000 900,000 FR0010326967 4.5000 BOUYGUES 06/13 250,000 BE6000104727 4.5000 ELIA SYSTEM OP. 09-13 600,000 XS0213737702 4.5000 ENERGIE OBEROEST.ANL05/25 300,000 XS0440312725 4.5000 SABMILLER 09/15 MTN 100,000 XS0695403765 4.6250 ENEL FIN.INTL 11/15 MTN 300,000 XS0828735893 4.6250 SANTANDER INTL. 12/16 900,000 1,900,000 XS0842214818 4.7100 TELEFONICA EM, 12/20 MTN 400,000 ES0211845252 4.7500 ABERTIS INFRA. 12-19 400,000 XS0616395199 4.7500 ADECCO INTL FINL S. 11/18 300,000 XS0275164084 4.7500 KON. KPN 06/17 MTN 200,000 XS0297699588 4.7500 LINDE FIN. 07/17 MTN 300,000 XS0798333802 4.8750 BANQUE PSA FIN. 12/15 MTN 200,000 700,000 XS0943371194 4.8750 DONG ENERGY 2013/3013 FLR 600,000 600,000 XS0410299357 4.8750 E.ON INTL FIN. 09/14 MTN 1,200,000 XS0733696495 4.8750 REPSOL INTL F. 12/19 MTN 700,000 FR0010612622 4.8750 RTE EDF TRANSP. 08-15 MTN 600,000 FR0011050764 4.8750 SOC.AUTOR..PAR.-RHIN11/19 200,000 XS0806449814 5.0000 SNAM 12/19 MTN 300,000 XS0878743623 5.1250 AXA S.A. 13/43 FLR MTN 300,000 1,100,000 XS0171786287 5.1250 B.A.T.HLDGS (NL) 03/13MTN 200,000 XS0363740985 5.1250 NATL GRID GAS 08/13 MTN 400,000 XS0413806596 5.1250 SIEMENS FINANC. 09/17 MTN 200,000 XS0694766279 5.2500 CARREFOUR 11/18 MTN 300,000 XS0486101024 5.2500 TELECOM ITALIA 10/22 MTN 400,000 FR0010750497 5.2500 VEOLIA ENVIRONN.09/14 MTN 400,000 XS0162878903 5.3750 INTERN. ENDESA 03/13 MTN 200,000 XS0429607640 5.3750 MAN SE.MTN 09/13 500,000 XS0356009810 5.5000 DIAGEO CAP. 08/13 MTN 300,000 XS0322977223 5.5000 E.ON INTL FIN. 07/17 MTN 1,200,000 XS0491211644 5.5000 GE CAP. TR.II 10/67 FLR 300,000 XS0306646042 5.6250 ENEL S.P.A. 07/27 MTN 250,000 1,200,000 XS0350487400 5.6250 LLOYDS TSB BK 08/18 FLR 400,000 XS0877720986 5.6250 TELEKOM AUSTR. 13-UND. 600,000 XS0831842645 5.7500 EDP FIN. 12/17 MTN 300,000 XS0808632763 5.7500 IBERDROLA INTL.13/UND.FLR 1,200,000 1,200,000 XS0162513211 5.7500 RWE AG MTN 03/33 150,000 XS0903872355 6.1250 KON. KPN 13/UND. FLR 2,300,000 2,300,000 XS0377253405 6.1250 SSE PLC 08/13 450,000 XS0943370543 6.2500 DONG ENERGY 2013/3013 FLR 450,000 450,000 XS0796069283 6.5000 BG ENERGY CAP.12/72 MTN 250,000 AT0000A107A5 6.8750 CONSTANTIA FLEXIBLES 2013 750,000 750,000 XS0849517650 6.9500 UNICREDIT 12/22 MTN 700,000 1,800,000




BONDS IN EURO XS0674277933 7.3750 ENBW AG ANL.11/72 300,000 1,200,000 FR0011439975 7.3750 PEUGEOT 13/18 MTN 1,400,000 1,400,000 XS0478803355 7.5000 HDLBGCEM.FIN.LU.NTS 10/20 300,000 300,000 XS0906837645 7.7500 TELEC.ITALIA 13/73 FLRMTN 1,500,000 1,500,000 DE000A0Z12Y2 8.0000 THYSSENKRUPP MTN 09/14 500,000

Raiffeisen Kapitalanlage-Gesellschaft m.b.H. complies with the code of conduct for the Austrian investment fund

industry 2012.

Vienna, 27 August 2013

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