QFS SICAV - Euro Credit EUR I dis. Monthly Report Reporting Period 29/06/ /07/2018

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1 QFS SICAV - Euro Credit I dis Monthly Report Reporting Period

2 1 Contents 1 Contents 2 Performance 2.1 Performance Comparison 2.2 Relative Performance 3 Investments 3.1 Sector Distribution Credits 3.2 Detailed Sector Distribution Credits 4 Fund / Benchmark Comparison 4.1 Sectors 4.2 Countries 4.3 Ratings 4.4 Maturity 4.6 Subordination 4.7 Ratios 5 Investments 5.1 Top 10 Bond Investments 5.2 Holdings Bonds 5.3 Futures Bonds 5.4 Liquidity, other Assets and Liabilities 5.5 Detailed Analysis / Upgrades 5.6 Detailed Analysis / Downgrades 5.7 Emittentenadressen 6 Purchases And Sales of Securities 6.1 Trades 6.2 Futures, Options 7 Glossary 8 Remarks to Liquidity Risks for Bonds 9 Disclaimer Markit iboxx Corporates QFS SICAV - Euro Credit I dis Page 2 of 45

3 2.1 Performance / Performance Comparison 5.44 Fund 0.16 Markit iboxx Corporates Markit iboxx Corporates Benchmark Since inception p.a. Reporting period QFS SICAV - Euro Credit I dis Page 3 of 45

4 2.2 Performance / Relative Performance () Reporting Period Performance Current Quarter Current Year 1 Year 3 Years Performance Annualized Since Inception Risk Ratios Risk adj. Performance Volatility & TE Sharpe Ratio Inform. Ratio 3 Years since inc. since inc. since inc. Fund (net) Fund (gross)* Benchmark Difference (gross)* * performance before any non-transaction related fees 5 Years Inception Date:* 28/11/ Difference (per quarter) (in %) Performance Cumulative Performance Since: 30/04/2009 Difference in % Performance Cumulative in % Markit iboxx Corporates Benchmark Fund * Performance relative in % Performance Relative Period (Year) Fund (gross) * Total of all share classes Inception date for the "I dis" shares class (LU ) is November 28th, The information prior to this date is based on the "A dis" share class (LU ) Annulized Performance and NAV Fund (net) BM Difference (gross) NAV * ,924, ,034, ,918, ,255, ,173, ,451, ,092, ,176, ,811,803 current QFS SICAV - Euro Credit I dis Page 4 of 45

5 3.1 Investments / Sector Distribution Credits Utility 31 July June 2018 Utility Markit iboxx Corporates Industrial Financial Industrial Financial 31/07/ /06/2018 Change Financial Industrial Utility Fund % OAS SDur Fund % OAS SDur Fund % OAS SDur QFS SICAV - Euro Credit I dis Page 5 of 45

6 3.2 Investments / Detailed Sector Distribution Credits Weight Fund (in %) Change (in %) Basic Materials Communications Consumer, Cyclical Consumer, Non-cyclical Energy Financial Industrial Technology Utilities Basic Materials Communications Consumer, Cyclical Consumer, Non-cyclical Energy Financial Industrial Technology Utilities Markit iboxx Corporates /07/ /06/2018 Change Fund (in %) OAS SDur Fund (in %) OAS SDur Fund (in %) OAS SDur Basic Materials Communications Consumer, Cyclical Consumer, Non-cyclical Energy Financial Industrial Technology Utilities QFS SICAV - Euro Credit I dis Page 6 of 45

7 4.1 Fund / Benchmark Comparison / Sectors Fund Weights (in %) Deviation vs. benchmark (in %) Financial Consumer, Non-cyclical Utilities Industrial Communications Consumer, Cyclical Basic Materials Energy Technology Diversified Financial Consumer, Non-cyclical Utilities Industrial Communications Consumer, Cyclical Basic Materials Energy Technology Diversified Markit iboxx Corporates 31/07/ /06/2018 Sector Fund (%) BM (%) Active (%) Fund (%) BM (%) Active (%) Financial Consumer, Non-cyclical Utilities Industrial Communications Consumer, Cyclical Basic Materials Energy Technology Diversified QFS SICAV - Euro Credit I dis Page 7 of 45

8 4.2 Fund / Benchmark Comparison / Countries Fund Weights (in %) Deviation vs. benchmark (in %) Country 31/07/2018 United States United Kingdom France 29/06/2018 Fund (%) BM (%) Active (%) Fund (%) BM (%) Active (%) United States United Kingdom France Misc Germany Netherlands Italy Australia Finland Canada Luxembourg Sweden Denmark Spain Ireland Belgium Misc Germany Netherlands Italy Australia Finland Canada Luxembourg Sweden Denmark Spain Ireland Belgium United States United Kingdom France Misc Germany Netherlands Italy Australia Finland Canada Luxembourg Sweden Denmark Spain Ireland Belgium Markit iboxx Corporates QFS SICAV - Euro Credit I dis Page 8 of 45

9 4.3 Fund / Benchmark Comparison / Ratings Fund Weights (in %) Deviation vs. benchmark (in %) Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 < Baa3 Not Rated Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 < Baa3 Not Rated /07/ /06/2018 Average Rating Rating Fund (%) BM (%) Active (%) Fund (%) BM (%) Active (%) Rating Fund (%) BM (%) Aaa Score Baa1 Baa1 Aa Factor Baa2 (358) Baa2 (273) Aa Aa A A A Baa Baa Baa < Baa Not Rated Markit iboxx Corporates QFS SICAV - Euro Credit I dis Page 9 of 45

10 4.4 Fund / Benchmark Comparison / Maturity Fund Weights (in %) Deviation vs. benchmark (in %) Maturities (Years) 31/07/ /06/2018 Fund (%) BM (%) Active (%) Fund (%) BM (%) Active (%) Markit iboxx Corporates QFS SICAV - Euro Credit I dis Page 10 of 45

11 4.6 Fund / Benchmark Comparison / Subordination Fund Weights (in %) Deviation vs. benchmark (in %) Senior Lower Tier 2 Tier 1 Corporate Hybrids Other Subordinated Senior Lower Tier 2 Tier 1 Corporate Hybrids Other Subordinated Markit iboxx Corporates Subordination Senior Lower Tier 2 Tier 1 Corporate Hybrids Other Subordinated 31/07/18 29/06/18 Fund (in %) BM (%) Active (%) Fund (%) BM (%) Active (%) QFS SICAV - Euro Credit I dis Page 11 of 45

12 4.7 Fund / Benchmark Comparison / Ratios Ratios relative to benchmark Ratio Fund Coupon DTS MacDuration MacDuration (with Futures) Maturity ModDuration ModDuration (with Futures) OAS Yield Yield (with Derivatives) 31/07/2018 Fund 29/06/2018 ModDuration (with Futures) MacDuration (with Futures) ModDuration MacDuration Yield Yield (with Derivatives) OAS DTS Maturity Coupon BM Active BM Active Markit iboxx Corporates Number Bonds (without Futures) 256 2, ,256 Number Issuers (without Futures) QFS SICAV - Euro Credit I dis Page 12 of 45

13 5.1 Investments / Top 10 Bond Investments Name Classification Sector Rating Market Value in US BANCORP 0.85% 06/07/24 Corporates Banks A1 3,988, WESTPAC BANKING CORP 1.45% 07/17/28 Corporates Banks Aa3 3,346, GALP GAS NATURAL DISTRIB 1.375% 09/19/23 Corporates Utilities Baa3 3,154, BLACKROCK INC 1.25% 05/06/25 Corporates Diversified Financials Aa3 3,045, WALGREENS BOOTS ALLIANCE 2.125% 11/20/26 Corporates Consumer Staples Baa2 2,908, EMIRATES TELECOM CORP 2.75% 06/18/26 Corporates Telecommunication A1 2,871, METSA BOARD OYJ 2.75% 09/29/27 Corporates Materials Baa3 2,796, TORONTO-DOMINION BANK 0.625% 07/20/23 Corporates Banks Aa3 2,701, AUTOSTRADE PER L'ITALIA 2.875% 02/26/21 Corporates Consumer Staples Baa1 2,698, EMIRATES NBD BANK PJSC 1.75% 03/23/22 Corporates Banks A3 2,695, % NAV Markit iboxx Corporates QFS SICAV - Euro Credit I dis Page 13 of 45

14 5.2 Investments / Holdings Bonds ISIN Name Australia XS XS XS XS XS XS Australia () Total Nominal Cost Current Price Market Value in AMCOR LTD 2.75% 03/22/23 700, ,814 55, Baa AMCOR LTD 4.625% 04/16/19 1,500, ,547,400-65, Baa APT PIPELINES LTD 1.375% 03/22/22 600, ,798 40, Baa COMMONWEALTH BANK AUST 5.5% 08/06/19 200, ,946-27, Baa GOODMAN AUSTRALIA FIN 1.375% 09/27/25 2,700, ,605,284-74, Baa WESTPAC BANKING CORP 1.45% 07/17/28 3,300, ,345,012 55, Aa Austria XS XS Austria () Total P/ L % NAV 9,090,254-15, OMV AG 6.25% 300, ,250 63, Baa UNIQA INSURANCE GROUP AG 6% 07/27/46 300, ,314 39, Baa Belgium BE BE BE BE BE Belgium () Total 714, , AG INSURANCE SA/NV 3.5% 06/30/47 500, ,500 13, Baa KBC GROEP NV 1.875% 03/11/27 500, ,050-6, Baa KBC GROUP NV 0.75% 03/01/22 300, , Baa KBC GROUP NV 0.75% 10/18/23 700, ,922-8, Baa KBC GROUP NV 1.625% 09/18/29 1,200, ,172,712-29, Baa British Virgin Islands XS XS British Virgin Islands () Total 3,178,597-28, SINOPEC GRP OVERSEA % 04/28/22 800, ,272 17, A STATE GRID OVERSEAS INV 1.75% 05/19/25 400, ,252 1, A Canada XS XS XS XS Canada () Total 1,220,524 18, ALIMENTATION COUCHE-TARD 1.875% 05/06/26 600, ,498 16, Baa FAIRFAX FINL HLDGS LTD 2.75% 03/29/28 2,600, ,614, Baa TORONTO-DOMINION BANK 0.625% 03/08/21 1,000, ,013,550 14, Aa TORONTO-DOMINION BANK 0.625% 07/20/23 2,700, ,701,458 4, Aa Cayman Islands XS Cayman Islands () Total 6,944,754 34, XLIT LTD 3.25% 06/29/47 300, ,449 9, Baa Denmark XS DK XS XS XS XS Denmark () Total 301,449 9, DANICA PENSION 4.375% 09/29/45 700, ,093-12, Baa NYKREDIT REALKREDIT AS 0.75% 07/14/21 2,000, ,024, Baa ORSTED A/S 1.5% 11/26/29 1,400, ,388,352-2, Baa ORSTED A/S 3% 11/06/15 400, ,244 19, Ba ORSTED A/S 4.875% 12/16/21 300, ,392-2, Baa ORSTED A/S 6.25% 06/26/13 600, , Ba ,666,777 1, QFS SICAV - Euro Credit I dis Page 14 of 45 Rating Yield Maturity Duration

15 5.2 Investments / Holdings Bonds ISIN Name Finland XS XS FI XS XS XS XS XS Finland () Total Nominal Cost Current Price Market Value in FORTUM OYJ 2.25% 09/06/22 1,900, ,025,343-18, Baa FORTUM OYJ 4% 05/24/21 500, ,990-9, Baa METSA BOARD OYJ 2.75% 09/29/27 2,600, ,736,500 11, Baa SAMPO OYJ 1.25% 05/30/25 400, , A SAMPO OYJ 1.5% 09/16/21 1,000, ,038,650 35, A SAMPO OYJ 1.625% 02/21/28 1,000, ,180 3, A TEOLLISUUDEN VOIMA OYJ 2.125% 02/04/25 200, ,826 6, Ba TEOLLISUUDEN VOIMA OYJ 2.5% 03/17/21 400, ,024 10, Ba France FR XS XS XS XS XS XS FR FR FR FR FR FR FR FR FR FR XS XS FR FR XS FR FR FR FR XS XS P/ L % NAV 8,361,489 40, ACCOR SA 2.625% 02/05/21 400, ,455 27, Baa AXA SA 3.875% 1,000, ,067,550 44, Baa AXA SA 5.125% 07/04/43 700, ,065-13, Baa AXA SA 5.25% 04/16/40 900, ,202 38, Baa BANQUE FED CRED MUTUEL 2.5% 05/25/28 500, ,140 5, Baa BNP PARIBAS 2.25% 01/11/27 500, ,700 6, Baa BNP PARIBAS 2.375% 02/17/25 100, ,590-1, Baa CREDIT MUTUEL ARKEA 3.5% 02/09/29 1,000, ,021,070-31, Baa DANONE SA 1.75% 300, ,500 3, Baa ELECTRICITE DE FRANCE SA 4.5% 11/12/40 700, ,039-83, A ELECTRICITE DE FRANCE SA 5% 400, ,844 48, Ba FONCIERE DES REGIONS 1.5% 06/21/27 900, ,312-23, Baa ICADE 1.125% 11/17/25 1,500, ,468,155-10, Baa LA BANQUE POSTALE 2.75% 04/23/26 100, ,048 1, Baa LA BANQUE POSTALE 2.75% 11/19/27 100, ,613 2, Baa MERCIALYS SA 1.787% 03/31/23 2,100, ,158,338-15, Baa MERCIALYS SA 1.8% 02/27/26 500, ,545-3, Baa ORANGE SA 5% 1,100, ,227,875 56, Baa ORANGE SA 5.25% 500, ,400 51, Baa SOCIETE FONCIERE LYONNAI 1.5% 05/29/25 1,300, ,293,227 3, Baa SOGECAP SA 4.125% 300, ,500 33, Baa SOLVAY FINANCE 5.425% 400, ,000 8, Ba SUEZ 2.875% 700, ,625-13, Baa TELEPERFORMANCE 1.5% 04/03/24 2,400, ,409,576-13, Baa THALES SA 0.75% 01/23/25 1,600, ,573,232-15, A THALES SA 0.875% 04/19/24 2,400, ,403,960 3, A TOTAL SA 2.25% 500, ,250 4, A TOTAL SA 2.625% 500, ,500 46, A Rating Yield Maturity Duration QFS SICAV - Euro Credit I dis Page 15 of 45

16 5.2 Investments / Holdings Bonds ISIN XS XS FR France () Total Name Nominal Cost Current Price Market Value in TOTAL SA 3.369% 500, ,750 15, A TOTAL SA 3.875% 500, ,500 4, A WENDEL SA 2.5% 02/09/27 1,200, ,233,286-7, Baa Germany DE000A14J9N8 DE000A2DAHN6 DE000A13R7Z7 DE000A1YCQ29 DE000A1RE1Q3 DE000A14J611 DE000A11QR73 XS XS DE000DB5DCW6 DE000A161W62 DE000DHY4739 DE000GRN0016 XS XS XS XS DE000A2GSFF1 XS DE000A2LQ5M4 DE000A12TZ95 XS XS DE000NLB8KA9 Germany () Total P/ L % NAV 26,503, , ALLIANZ SE 2.241% 07/07/45 400, ,580 4, A ALLIANZ SE 3.099% 07/06/47 100, ,327-1, A ALLIANZ SE 3.375% 500, ,000 3, A ALLIANZ SE 4.75% 500, ,750-11, A ALLIANZ SE 5.625% 10/17/42 1,000, ,181,657-19, A BAYER AG 2.375% 04/02/75 300, ,598 3, Ba BAYER AG 3.75% 07/01/74 500, ,000 4, Ba BERTELSMANN SE & CO KGAA 3% 04/23/75 100, ,125 5, Baa BERTELSMANN SE & CO KGAA 3.5% 04/23/75 100, ,150 10, Baa DEUTSCHE BANK AG 5% 06/24/20 400, ,024-44, Ba DEUTSCHE BOERSE AG 2.75% 02/05/41 300, ,000 7, A DEUTSCHE HYPOTHEKENBANK 0.625% 11/02/20 2,500, ,521,930 3, Baa DEUTSCHE KREDITBANK AG 0.75% 09/26/24 1,300, ,290, A DVB BANK SE 1% 04/25/22 2,500, ,492,225-1, Baa DVB BANK SE 1.25% 04/22/20 700, ,862-2, Baa DVB BANK SE 1.25% 06/16/23 500, ,845-3, Baa E.ON SE 1.625% 05/22/29 2,100, ,098,278 24, Baa EVONIK INDUSTRIES AG 2.125% 07/07/77 500, ,000-9, Baa FRESENIUS MEDICAL CARE A 1.5% 07/11/25 800, ,504 10, Baa HOCHTIEF AG 1.75% 07/03/25 500, ,184 5, Baa HOCHTIEF AG 2.625% 05/28/19 1,100, ,123,045-2, Baa LEG IMMOBILIEN AG 1.25% 01/23/24 800, ,288 9, Baa MERCK KGAA 3.375% 12/12/74 400, ,000 20, Baa NORDDEUTSCHE LANDESBANK 1% 01/20/21 1,300, ,311,973-1, Baa India XS India () Total 19,677,050 13, ONGC VIDESH LTD 2.75% 07/15/21 1,700, ,785,170 61, Baa Ireland XS XS XS Ireland () Total 1,785,170 61, FRESENIUS FIN IRELAND PL 2.125% 02/01/27 1,000, ,036,890-2, Baa FRESENIUS FIN IRELAND PL 3% 01/30/32 1,000, ,060,370-15, Baa KERRY GROUP FIN SERVICES 2.375% 09/10/25 2,400, ,589,624 2, Baa Italy ,686,884-14, Rating Yield Maturity Duration QFS SICAV - Euro Credit I dis Page 16 of 45

17 5.2 Investments / Holdings Bonds ISIN XS XS XS XS XS XS XS XS XS XS XS XS XS Italy () Total Name Nominal Cost Current Price Market Value in A2A SPA 1.75% 02/25/25 400, ,672-2, Baa A2A SPA 3.625% 01/13/22 2,000, ,204,920-9, Baa ACEA SPA 1% 10/24/26 500, ,150-3, Baa ACEA SPA 1.5% 06/08/27 1,000, ,410-33, Baa ASSICURAZIONI GENERALI % 07/10/42 100, ,545 9, Baa ASSICURAZIONI GENERALI 4.125% 05/04/26 500, ,850-1, Baa ASSICURAZIONI GENERALI 7.75% 12/12/42 300, ,125 7, Baa AUTOSTRADE PER L'ITALIA 2.875% 02/26/21 2,500, ,668,075-1, Baa INTESA SANPAOLO SPA 4% 10/30/23 200, ,358-11, Baa INTESA SANPAOLO VITA SPA 4.75% 300, ,064 13, Ba ITALGAS SPA 1.625% 01/19/27 1,000, ,560-10, Baa LUXOTTICA GROUP SPA 3.625% 03/19/19 700, ,153-16, A TERNA SPA 1% 07/23/23 500, , Baa Jersey XS XS Jersey () Total P/ L % NAV 10,434,097-60, APTIV PLC 1.5% 03/10/25 2,600, ,576,340-21, Baa ATRIUM OPEAN REAL EST 4% 04/20/20 800, ,784 37, Baa Luxembourg XS XS XS XS XS XS XS XS Luxembourg () Total 3,424,124 16, AROUNDTOWN SA 1.625% 01/31/28 1,200, ,115,208-50, Baa AROUNDTOWN SA 2% 11/02/26 900, ,367 1, Baa AROUNDTOWN SA 2.125% 500, ,305 9, Baa DREAM GLOBAL FUNDING % 12/21/21 500, ,540-1, Baa FMC FINANCE VII SA 5.25% 02/15/21 400, ,000-1, Baa PROLOGIS INTL FUND II 2.875% 04/04/22 1,600, ,739,712 82, A RICHEMONT INTERNATIONAL 2% 03/26/38 1,000, ,004,460-3, A TALANX FINANZ AG 8.367% 06/15/42 500, ,000-16, Baa Mexico XS Mexico () Total 6,783,592 20, FOMENTO ECONOMICO MEX 1.75% 03/20/23 1,800, ,862,802 26, A Netherlands XS XS XS XS XS XS XS ,862,802 26, ABN AMRO BANK NV 2.875% 01/18/28 300, ,095 13, Baa ABN AMRO BANK NV 7.125% 07/06/22 500, ,295-14, Baa ACHMEA BV 4.25% 300, ,265 34, Baa ARGENTUM (ZURICH INS) 3.5% 10/01/46 500, ,035 42, A ASR NEDERLAND NV 5.125% 09/29/45 800, ,536 31, Baa ATF NETHERLANDS BV 3.75% 200, ,360 3, Baa BHARTI AIRTEL INTERNATIO 3.375% 05/20/21 400, ,648-3, Baa Rating Yield Maturity Duration QFS SICAV - Euro Credit I dis Page 17 of 45

18 5.2 Investments / Holdings Bonds ISIN XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS DE000A192ZH7 DE000A18V138 XS XS Name Netherlands () Total Nominal Cost Current Price Market Value in BHARTI AIRTEL INTERNATIO 4% 12/10/18 1,400, ,417,780-84, Baa COCA-COLA HBC FINANCE BV 2.375% 06/18/20 700, ,866-28, Baa ENBW INTL FINANCE BV 6.125% 07/07/39 500, ,040-13, A ONEXT NV 1% 04/18/25 1,000, ,770 2, A EXOR NV 1.75% 01/18/28 1,100, ,058,079-10, Baa IBERDROLA INTL BV 1.875% 200, ,500-1, Baa IBERDROLA INTL BV 2.875% 11/11/20 400, ,580-1, Baa ING BANK NV 3.625% 02/25/26 300, ,462-7, Baa ING GROEP NV 2% 03/22/30 700, ,865-11, Baa ING GROEP NV 2.5% 02/15/29 300, ,531-3, Baa ING GROEP NV 3% 04/11/28 500, ,085 32, Baa LYB INTERNATIONAL FINANC 1.875% 03/02/22 1,000, ,043,560 47, Baa NE PROPERTY COOPERATIEF 1.75% 11/23/24 1,600, ,503,472-58, Baa NE PROPERTY COOPERATIEF 3.75% 02/26/21 900, ,251-22, Baa NIBC BANK NV 1.5% 01/31/22 900, ,609 22, Baa NN GROUP NV 4.625% 04/08/44 300, ,634 13, Baa RELX FINANCE BV 1% 03/22/24 200, ,584 2, Baa RELX FINANCE BV 1.375% 05/12/26 400, ,112 8, Baa SABIC CAPITAL I BV 2.75% 11/20/20 1,000, ,057,500-25, A STEDIN HOLDING NV 3.25% 300, ,623 16, Baa VONOVIA FINANCE BV 0.875% 07/03/23 300, , Baa VONOVIA FINANCE BV 1.625% 12/15/20 700, ,710 13, Baa Vonovia Finance BV 4% 500, ,665 16, Baa VONOVIA FINANCE BV 4.625% 04/08/74 400, ,900-10, Baa Norway XS Norway () Total P/ L % NAV 19,513,564 4, DNB BANK ASA 1.25% 03/01/27 100, ,084-1, A Panama XS XS Panama () Total 100,084-1, CARNIVAL CORP 1.125% 11/06/19 1,100, ,115,477-13, A CARNIVAL CORP 1.625% 02/22/21 400, ,460 15, A Portugal PTBSSBOE0012 PTGGDAOE0001 Portugal () Total 1,529,937 1, BRISA CONCESSAO RODOV SA 3.875% 04/01/21 1,000, ,095,840-59, Baa GALP GAS NATURAL DISTRIB 1.375% 09/19/23 3,100, ,117,825 20, Baa Singapore XS Singapore () Total 4,213,665-39, DBS GROUP HOLDINGS LTD 1.5% 04/11/28 200, ,830 1, A Spain ,830 1, QFS SICAV - Euro Credit I dis Page 18 of 45 Rating Yield Maturity Duration

19 5.2 Investments / Holdings Bonds ISIN XS XS XS XS XS XS Spain () Total Name Nominal Cost Current Price Market Value in ACS SERVICIOS COMUNICAC 1.875% 04/20/26 1,000, ,680 6, Baa BANCO SANTANDER SA 3.125% 01/19/27 500, ,065-23, Baa BANCO SANTANDER SA 3.25% 04/04/26 400, ,356 24, Baa IBERDROLA FINANZAS SAU 4.125% 03/23/20 1,800, ,920, , Baa MERLIN PROPERTIES SOCIMI 1.875% 11/02/26 1,200, ,171,428 7, Baa RED ELECTRICA FIN SA UNI 4.875% 04/29/20 200, ,840-21, Baa Sweden XS XS XS XS XS XS XS XS XS Sweden () Total P/ L % NAV 5,244, , FASTIGHETS AB BALDER 1.875% 01/23/26 600, ,634-15, Baa FASTIGHETS AB BALDER 1.875% 03/14/25 1,400, ,398,082 11, Baa PKO BNK POLSKI (PKO FIN) 2.324% 01/23/19 400, ,104-1, A PZU FINANCE AB 1.375% 07/03/19 2,000, ,023,020 30, Baa SANDVIK AB 3% 06/18/26 600, ,408 2, Baa SECURITAS AB 2.625% 02/22/21 400, ,656-1, Baa SKANDINAVISKA ENSKILDA 1.375% 10/31/28 500, ,355 4, Baa SKANDINAVISKA ENSKILDA 2.5% 05/28/26 300, ,056 14, Baa VOLVO TREASURY AB 4.85% 03/10/78 100, ,500-1, Baa United Arab Emirates XS XS United Arab Emirates () Total 6,431,815 44, EMIRATES NBD BANK PJSC 1.75% 03/23/22 2,600, ,679,274 76, A EMIRATES TELECOM CORP 2.75% 06/18/26 2,600, ,863, , A United Kingdom XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS ,542, , AON PLC 2.875% 05/14/26 2,100, ,263,275 59, Baa AVIVA PLC 6.125% 07/05/43 300, ,362 23, Baa CENTRICA PLC 3% 04/10/76 600, ,000 17, Baa DS SMITH PLC 1.375% 07/26/24 1,000, ,510-8, Baa DS SMITH PLC 2.25% 09/16/22 2,000, ,101,820 38, Baa EXPERIAN FINANCE PLC 1.375% 06/25/26 2,400, ,400,696 4, Baa G4S INTL FINANCE PLC 1.875% 05/24/25 2,600, ,609,828-3, Baa GLAXOSMITHKLINE CAPITAL 1.25% 05/21/26 1,100, ,116,775 19, A HBOS PLC 4.5% 03/18/30 1,100, ,235,751-3, Baa HSBC HOLDINGS PLC 3% 06/30/25 200, ,334 16, Baa HSBC HOLDINGS PLC 3.125% 06/07/28 500, ,890 24, Baa HSBC HOLDINGS PLC 3.375% 01/10/24 400, ,868-11, Baa INFORMA PLC 1.5% 07/05/23 800, ,808 8, Baa ITV PLC 2% 12/01/23 300, ,951 10, Baa ITV PLC 2.125% 09/21/22 2,500, ,614,750 50, Baa LLOYDS BANK PLC 1.25% 01/13/25 500, ,465-1, A Rating Yield Maturity Duration QFS SICAV - Euro Credit I dis Page 19 of 45

20 5.2 Investments / Holdings Bonds ISIN XS XS XS XS XS XS XS XS XS XS XS Name United Kingdom () Total Nominal Cost Current Price Market Value in LLOYDS BANKING GROUP PLC 1% 11/09/23 1,300, ,295,177 2, Baa LLOYDS BANKING GROUP PLC 1.75% 09/07/28 200, , Baa LONDON STOCK EXCHANGE PL 0.875% 09/19/24 2,200, ,187,900-8, A LONDON STOCK EXCHANGE PL 1.75% 09/19/29 2,000, ,011,640 2, A MONDI FINANCE PLC 1.625% 04/27/26 900, ,717 6, Baa NATIONAL GRID PLC 4.375% 03/10/20 1,100, ,176,010-97, Baa NEX GROUP HOLDINGS PLC 3.125% 03/06/19 2,200, ,235,310-10, Baa SKY PLC 1.5% 09/15/21 1,000, ,033,470 42, Baa SMITHS GROUP PLC 2% 02/23/27 1,700, ,714,365-15, Baa SSE PLC 2.375% 500, ,925 11, Baa TRINITY ACQUISITION PLC 2.125% 05/26/22 2,100, ,189,292 67, Baa United States XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS P/ L % NAV 34,552, , ABBVIE INC 2.125% 11/17/28 1,200, ,215,792-36, Baa AMERICAN TOWER CORP 1.375% 04/04/25 2,500, ,453,600-38, Baa AMERICAN TOWER CORP 1.95% 05/22/26 100, ,802 1, Baa AT&T INC 2.45% 03/15/35 500, ,755-45, Baa AVERY DENNISON CORP 1.25% 03/03/25 2,500, ,475,275-24, Baa BANK OF AMERICA CORP 1.375% 09/10/21 2,000, ,072,620 84, A BAXTER INTERNATIONAL INC 1.3% 05/30/25 2,000, ,006,080-5, Baa BECTON DICKINSON AND CO 1% 12/15/22 500, ,660-3, Ba BECTON DICKINSON AND CO 1.401% 05/24/23 200, , Ba BECTON DICKINSON AND CO 1.9% 12/15/26 500, ,365-3, Ba BLACKROCK INC 1.25% 05/06/25 3,000, ,036,360 89, Aa BLACKSTONE HOLDINGS FINA 1% 10/05/26 1,000, ,000 2, A BLACKSTONE HOLDINGS FINA 2% 05/19/25 500, ,195-16, A BOOKING HOLDINGS INC 1.8% 03/03/27 1,800, ,835,892 4, Baa BOOKING HOLDINGS INC 2.375% 09/23/24 1,900, ,039,080 99, A CELANESE US HOLDINGS LLC 1.125% 09/26/23 500, , Baa CELANESE US HOLDINGS LLC 1.25% 02/11/25 1,200, ,179,864-4, Baa CELANESE US HOLDINGS LLC 3.25% 10/15/19 1,000, ,037,770-31, Baa CHUBB INA HOLDINGS INC 1.55% 03/15/28 1,500, ,497, A CHUBB INA HOLDINGS INC 2.5% 03/15/38 1,500, ,518,225 9, A ECOLAB INC 1% 01/15/24 1,600, ,617,952 29, Baa ECOLAB INC 2.625% 07/08/25 500, ,170 1, Baa EXPEDIA INC 2.5% 06/03/22 1,000, ,052,050 40, Ba FLOWSERVE CORPORATION 1.25% 03/17/22 800, ,672 6, Baa GENERAL ELECTRIC CO 4.125% 09/19/35 300, ,581-12, A GOLDMAN SACHS GROUP INC 2% 11/01/28 1,500, ,492, Baa Rating Yield Maturity Duration QFS SICAV - Euro Credit I dis Page 20 of 45

21 5.2 Investments / Holdings Bonds ISIN XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS XS Name United States () Total Nominal Cost Current Price Market Value in INTL FLAVOR & FRAGRANCES 1.75% 03/14/24 1,200, ,243,632 20, Baa JPMORGAN CHASE & CO 1.5% 01/27/25 2,000, ,047,360-55, A JPMORGAN CHASE & CO 3.875% 09/23/20 500, ,785 54, A KIMBERLY-CLARK CORP 0.625% 09/07/24 1,000, ,920-4, A MCDONALD'S CORP 1% 11/15/23 700, ,072-19, Baa MCDONALD'S CORP 1.5% 11/28/29 1,400, ,380,428-7, Baa MCDONALD'S CORP 2.875% 12/17/25 400, ,008-2, Baa MOHAWK INDUSTRIES INC 2% 01/14/22 1,300, ,362,491 36, Baa MONDELEZ INTERNATIONAL 2.375% 03/06/35 100, ,453 1, Baa NASDAQ INC 1.75% 05/19/23 300, ,015-8, Baa NASDAQ INC 3.875% 06/07/21 1,500, ,646,700-15, Baa PARKER-HANNIFIN CORP 1.125% 03/01/25 200, ,880 2, Baa PERKINELMER INC 0.6% 04/09/21 400, , Baa PERKINELMER INC 1.875% 07/19/26 2,500, ,532,525-18, Baa PROLOGIS O FINANCE 1.875% 01/05/29 300, ,210 1, Baa RELX CAPITAL INC 1.3% 05/12/25 1,600, ,612,416 22, Baa SYSCO CORPORATION 1.25% 06/23/23 1,200, ,233,480 38, Baa THERMO FISHER SCIENTIFIC 1.45% 03/16/27 300, ,092 1, Baa THERMO FISHER SCIENTIFIC 2% 04/15/25 1,600, ,687,424 29, Baa UNITED TECHNOLOGIES CORP 1.15% 05/18/24 1,100, ,108,513 11, A US BANCORP 0.85% 06/07/24 4,000, ,983,680-16, A WALGREENS BOOTS ALLIANCE 2.125% 11/20/26 2,800, ,867,200 19, Baa WELLS FARGO & COMPANY 2% 04/27/26 2,200, ,292,972-3, A WELLS FARGO & COMPANY 2.25% 05/02/23 1,000, ,066,940-4, A WP CAREY INC 2% 01/20/23 1,900, ,974,176 18, Baa XYLEM INC 2.25% 03/11/23 300, ,071 22, Baa P/ L % NAV 64,661, , ,624,690 1,234, Rating Yield Maturity Duration QFS SICAV - Euro Credit I dis Page 21 of 45

22 5.3 Investments / Futures Bonds Name Holdings Cost Current Price Market Value P/ L % NAV Australia AUD AU10Yr_Future_ September , AusDL3M_Future_ September , AusDL3M_Future_ December ,264, AusDL3M_Future_ March , AusDL3M_Future_ June ,422, AusDL3M_Future_ September ,738, Australia (AUD) Total Canada CAD ,656, CA10Yr_Future_ September ,955, , CanDL3M_Future_ September ,769, , CanDL3M_Future_ December ,284, CanDL3M_Future_ June ,120, , CanDL3M_Future_ September ,439, , CanDL3M_Future_ December , , Canada (CAD) Total France ,650, , FR10Yr_Future_ September ,537, , France () Total Germany ,537, , EurBund_Future_ September ,947, , Germany () Total Italy ,947, , IT10Yr_Future_ September ,527, , Italy () Total Japan JPY ,527, , JP10YrNote_Future_ September ,754, Japan (JPY) Total United Kingdom ,754, Eur3M_Future_ September ,761, Eur3M_Future_ December ,265, Eur3M_Future_ March ,757, Eur3M_Future_ September , Eur3M_Future_ December ,502, , Eur3M_Future_ March ,000, , Eur3M_Future_ June ,242, , United Kingdom GBP LongGilt_Future_ September ,989, , Sterl3M_Future_ June , Sterl3M_Future_ December ,677, , QFS SICAV - Euro Credit I dis Page 22 of 45

23 5.3 Investments / Futures Bonds Name Holdings Cost Current Price Market Value P/ L % NAV Sterl3M_Future_ March ,581, , Sterl3M_Future_ June ,205, , United Kingdom (GBP) Total United States USD ,515, , EurDl3M_Future_ September , EurDl3M_Future_ December ,039, EurDl3M_Future_ March ,245, EurDl3M_Future_ June , EurDl3M_Future_ September , EurDl3M_Future_ December , EurDl3M_Future_ March ,035, EurDl3M_Future_ June ,278, , US10YrNote_Future_ September ,716, , United States (USD) Total -13,186, , ,225, , QFS SICAV - Euro Credit I dis Page 23 of 45

24 5.4 Investments / Liquidity, other Assets and Liabilities Name Cash AUD CAD GBP JPY USD Others Holdings in FX Holdings in % NAV 182, , , , ,353, ,353, , , ,080, , , , ,342, ,157, ,157, ,157, ,500, Markit iboxx Corporates QFS SICAV - Euro Credit I dis Page 24 of 45

25 5.5 Investments / Detailed Analysis / Upgrades Upgrades Ticker Titel S&P Moody's Fitch S&P Moody's Fitch KBCBB /01/22 KBCBB /18/23 KBCBB /18/29 KBCBB /11/27 TD /08/21 KBC GROUP NV 0.75% 03/01/22 KBC GROUP NV 0.75% 10/18/23 29/06/ /07/2018 BBB+ Baa1 A A- Baa1 A BBB+ Baa1 A A- Baa1 A KBC GROUP NV 1.625% 09/18/29 BBB- - A- BBB - A- KBC GROEP NV 1.875% 03/11/27 BBB- - A- BBB - A- TORONTO-DOMINION BANK 0.625% 03/08/21 AA- Aa2 AA- AA- Aa1 AA- Markit iboxx Corporates QFS SICAV - Euro Credit I dis Page 25 of 45

26 5.6 Investments / Detailed Analysis / Downgrades Downgrades Ticker Titel S&P Moody's Fitch S&P Moody's Fitch GARAN /08/19 TURKIYE GARANTI BANKASI 3.375% 07/08/19 29/06/2018 (resp. Buy) 31/07/2018 (resp. Sell) - Ba3 BBB- - Ba3 BB Markit iboxx Corporates QFS SICAV - Euro Credit I dis Page 26 of 45

27 5.7 Investments / Emittentenadressen ISIN Issuer Address BE KBC Group NV Havenlaan 2 Brussels 1080 Belgium BE KBC Group NV Havenlaan 2 Brussels 1080 Belgium BE KBC Group NV Havenlaan 2 Brussels 1080 Belgium BE KBC Group NV Havenlaan 2 Brussels 1080 Belgium BE AG Insurance SA Blvd Emile Jacqmain 53 Brussels 1000 Belgium DE000A11QR73 BAYER AG Building W 11 Leverkusen Germany DE000A12TZ95 HOCHTIEF AG Opernplatz 2 Essen Germany DE000A13R7Z7 ALLIANZ SE Koeniginstrasse 28 Munich Germany DE000A14J611 BAYER AG Building W 11 Leverkusen Germany DE000A14J9N8 ALLIANZ SE Koeniginstrasse 28 Munich Germany DE000A161W62 DEUTSCHE BOERSE AG Neue Boersenstrasse 1 Frankfurt am Main Germany DE000A18V138 Vonovia Finance BV Bramenberg 14 A-K5 Eemnes 3755 BZ Netherlands DE000A192ZH7 Vonovia Finance BV Bramenberg 14 A-K5 Eemnes 3755 BZ Netherlands DE000A1RE1Q3 ALLIANZ SE Koeniginstrasse 28 Munich Germany DE000A1YCQ29 ALLIANZ SE Koeniginstrasse 28 Munich Germany DE000A2DAHN6 ALLIANZ SE Koeniginstrasse 28 Munich Germany DE000A2GSFF1 EVONIK INDUSTRIES AG 1-11 Rellinghauser Strasse Essen Germany DE000A2LQ5M4 HOCHTIEF AG Opernplatz 2 Essen Germany DE000DB5DCW6 DEUTSCHE BANK AG Taunusanlage 12 Frankfurt am Main Germany DE000DHY4739 DEUTSCHE HYPOTHEKENBANK AG Osterstrasse 31 Hannover D Germany DE000GRN0016 DEUTSCHE KREDITBANK AG Taubenstrasse 7-9 Berlin Germany DE000NLB8KA9 NORDDEUTSCHE LANDESBANK GIROZENTRALE Friedrichswall 10 Hanover Germany DK NYKREDIT REALKREDIT A/S Kalvebod Brygge 1-3 Kobenhavn V 1780 Denmark FI METSA BOARD OYJ Revontulenpuisto 2 Espoo Finland FR ELECTRICITE DE FRANCE SA Avenue de Wagram Paris Cedex France FR ELECTRICITE DE FRANCE SA Avenue de Wagram Paris Cedex France FR ACCOR SA 82 Rue Henri Farman CS Issy-les-Moulineaux France FR LA BANQUE POSTALE SA 115 Rue de Sevres Paris Cedex France FR MERCIALYS SA 148, rue de I'universite Paris France FR SOGECAP SA Tour D2-17 bis place des Ref Paris La Defense Cedex France FR WENDEL SA 89 Rue Taitbout Paris Cedex France FR LA BANQUE POSTALE SA 115 Rue de Sevres Paris Cedex France FR ICADE Millenaire 1 35 Rue de la Gare Paris Cedex France FR CREDIT MUTUEL ARKEA SA 1 Rue Louis Lichou Lerelecq Kerhuon France FR TELEPERFORMANCE 6-8 Rue Firmin Gillot Paris France FR Suez 16, Place de l'iris Paris La Defense Cedex France FR Covivio 18 Avenue Francois Mitterrand Metz France FR DANONE SA 17 Blvd Haussmann Paris France FR THALES SA Tour Carpe Diem 31 Place des Corolles, CS 2000 Paris La Defense France FR MERCIALYS SA 148, rue de I'universite Paris France FR THALES SA Tour Carpe Diem 31 Place des Corolles, CS 2000 Paris La Defense France FR SOCIETE FONCIERE LYONNAISE SA 151 Rue Saint Honore Paris France PTBSSBOE0012 BRISA CONCESSAO RODOVIARIA SA Quinta da Torre da Aguilha Edificio Brisa Sao Domingos de Rana Portugal PTGGDAOE0001 Galp Gas Natural Distribuicao SA EC Saeo Domingos de Benfica Apartado 4070 Lisboa Portugal Markit iboxx Corporates QFS SICAV - Euro Credit I dis Page 27 of 45

28 5.7 Investments / Emittentenadressen ISIN Issuer Address XS NATIONAL GRID PLC 1-3 Strand London WC2N 5EH United Kingdom XS HBOS PLC The Mound Edinburgh EH1 1YZ United Kingdom XS GENERAL ELECTRIC CO 41 Farnsworth Street Boston MA, United States XS ENBW INTERNATIONAL FINANCE BV Schouwburgplein Rotterdam 3012CL Netherlands XS COMMONWEALTH BANK OF AUSTRALIA Ground Floor Tower Sussex Street Sydney NSW, 2000 Australia XS Orsted A/S Kraftvaerksvej 53 Skaerbaek Fredericia 7000 Denmark XS Iberdrola Finanzas SA Calle Cardenal Gardoqui 8 Bilbao Spain XS AXA SA 25 Avenue Matignon Paris France XS JPMORGAN CHASE & CO 270 Park Avenue New York NY, United States XS FMC FINANCE VII SA Luxembourg XS AMCOR LTD/AUSTRALIA 109 Burwood Road Hawthorn VIC, 3122 Australia XS Red Electrica Financiaciones SAU Paseo del Conde de Gaitanes Alcobendas (Madrid) Spain XS FORTUM OYJ PO Box 1 Espoo Finland XS LUXOTTICA GROUP SPA Piazzale Cadorna 3 Milan Italy XS TALANX FINANZ LUXEMBOURG SA 5, Rue Eugene Ruppert Luxembourg 2453 Luxembourg XS ASSICURAZIONI GENERALI SPA Piazza Duca degli Abruzzi 2 Trieste Italy XS ABN AMRO BANK NV Gustav Mahlerlaan 10 Amsterdam 1082 PP Netherlands XS FORTUM OYJ PO Box 1 Espoo Finland XS ASSICURAZIONI GENERALI SPA Piazza Duca degli Abruzzi 2 Trieste Italy XS AXA SA 25 Avenue Matignon Paris France XS AMCOR LTD/AUSTRALIA 109 Burwood Road Hawthorn VIC, 3122 Australia XS ATRIUM OPEAN REAL ESTATE LTD World Trade Center, C tower 9th floor, Strawinskylaan 941 Amsterdam 1077 XX Netherlands XS WELLS FARGO & CO 420 Montgomery Street San Francisco CA, United States XS IBERDROLA INTERNATIONAL BV Rapenburgerstraat 179D Amsterdam 1011 VM Netherlands XS Nasdaq Inc 1 Liberty Plaza 165 Broadway New York NY, United States XS Orsted A/S Kraftvaerksvej 53 Skaerbaek Fredericia 7000 Denmark XS COCA-COLA HBC FINANCE BV Radarweg 29 Amsterdam 1043 NX Netherlands XS AVIVA PLC Saint Helen's 1 Undershaft London EC3P 3DQ United Kingdom XS HSBC HOLDINGS PLC 8 Canada Square 42nd Floor London E14 5HQ United Kingdom XS Autostrade per l'italia SpA Via Alberto Bergamini 50 Rome Italy XS INTESA SANPAOLO SPA Piazza San Carlo, 156 Torino Italy XS SOLVAY FINANCE SA 25 R De Clichy Paris France XS SABIC CAPITAL I BV Zuidplein 216 Amsterdam 1077 XV Netherlands XS SECURITAS AB Lindhagensplan 70 Box Stockholm Sweden XS BHARTI AIRTEL INTERNATIONAL NETHERLANDS BV Overschiestraat 65 Amsterdam 1062 XD Netherlands XS MCDONALD'S CORP 1 McDonald's Plaza Oak Brook IL, United States XS A2A SPA Via Lamarmora, Brescia Italy XS Powszechna Kasa Oszczednosci Bank Polski SA Via Sweden XS ORANGE SA 78 rue Olivier de Serres Paris France XS BHARTI AIRTEL INTERNATIONAL NETHERLANDS BV Overschiestraat 65 Amsterdam 1062 XD Netherlands XS Vonovia Finance BV Bramenberg 14 A-K5 Eemnes 3755 BZ Netherlands XS ING BANK NV Amsterdamse Poort Bijlmerplein 888 Amsterdam 1102 MG Netherlands XS Nex Group Holdings PLC 2 Broadgate London EC2M 7UR United Kingdom XS TEOLLISUUDEN VOIMA OYJ Olkiluoto Eurajoki Finland Markit iboxx Corporates QFS SICAV - Euro Credit I dis Page 28 of 45

Fidelity Institutional Liquidity Fund GBP holdings 28th February Issuer Type Maturity Weight Value Moody's Rating Coupon Country

Fidelity Institutional Liquidity Fund GBP holdings 28th February 2018 Headline Characteristics Reporting Type Book value 1,176,897,696 BILL 2.12% WAM (days) 49 CASH 0% WAFM (days) 59 CD 28.37% Median Maturity